>> i wonder if jack lew has an account, and if he does, i wonder if he says, try to get me a lower rate if you can. >> and this is not just a problem with jack lieu, butelew levels based on the higher city and state taxes, but the combined corporate and state income tax rate right now is more like 40%. we often here the big oil companies demonized for all of the zillions of dollars they make, but the more you make, the more you are punished. exxon mobile paid $31 billion in corporate income taxes last year. these are companies that could be arguably hiring more and spreading out more and right here in this country, and that income is reported right here in the united states, but we do everything that we can to chase the companies out of the united states. >> and it is interesting that jack lew will admit that we have the highest corporate tax rates in the world, but still seems outraged that the businesses would actually try to escape the tax rates. >> not outrage at all. i in fact, i would say that you are not listening to jack lew, but changing the subject, charles. >> "fortune" magaz

. >>> jack lew calls on congress.tary says the risk of loopholes have been increasing by breaking speed. >>> and the $5 billion sale of the medical business haspira avoiding yet another tax aversion. >> you're watching "worldwide exchange" bringing you business news from around the globe. >>> if you're just tuning in, thank you for joining us on "worldwide exchange." we'll give you a look at how the markets are faring ahead of the u.s. open. futures are indicating a lower start. the s&p 500 a couple points lower with the dow jones indicating just over 16 points lower and the nasdaq 2 points lower. sentiment is dented on friday. session with talk about potential step up in sanctions from europe to t sk a if concerned. that is certainly impacting sentiment right now for investors. we also have a group of earnings coming up this week. watch out for the dow, the nasdaq and the s&p 500 up .50% in yesterday's trading session. looking at the european markets this morning, lower trade volume, but the ftse 100 is relatively up

"start your engines" >>> calling f >>> calling for a new sense of economic patriotism jack lew urged legislation blocking u.s.-based companies from moving overseas to lighten their tax load. mr. lew's letter to congressional leaders comes in response to a recent response of u.s.-based companies looking to relocate their headquarters abroad and avoid paying america's 35% corporate tax rate, the highest in the developed world. walgreen is the latest company to consider the strategy. the drugstore giant is set to acquire a european chain and move its corporate headquarters from illinois to switzerland, potentially saving hundreds of millions of dollars a year. "wall street journal" coliseum maryann and james freeman join me with more. james, what's behind this recent flurry of these tax changes acusitions overseas? why now? >> well, business has figured out that we're not going to have any reform of this insanely high tax rate. it's with the state levees, it's 40%. >> on average. >> which is double the average in europe. so, this is a massive tax bite from the federal government to u.s.

treasury secretary jack lew. we are excited.ys have the treasury kick off our delivering alpha conference. we have very excited. they are giving us a key note speech right here at the delivering alpha conference. we'll be back and carry a live conference. jim kram ler have a q & a session. check out banc of america. rortd reporting profits of 41 sent per share. >> that excluded legal expenses and was 12 cents above estimates. b of a reached a deal with aig to settle mit galgs involving mortgage back security. [bell ri] ♪ time and sales data. split-second stats. ♪ its so close to the options floor, you'll bust your brain-box. all on thinkorswim, from td ameritrade. in a we believe outshining the competition tomorrow quires challenging your business inside and out today. at cognizant, we help forward-looking companies run better and run different - to give your customers every reason to keep looking for you. so if you're ready to see opportunities and see them through, we say: let's get to work. because the future belongs to those

we've got a huge lineup coming up today, including a live key note speech with treasury secretary jack lewcretary lew plans to call on financial firm toes be more vigilant on cyber attacks. there's the issue of tax inversions. we'll have more on that coming up in just a moment. among our other headliners this morning, the man who runs florida's pension plans, ash williams. nearly every hedge fund manager is in attendance at delivering alpha today, they will be clamoring to get his business. coming up at 7:00 eastern time, we have lee cooperman. he's the only investor that has been a part of every delivering alpha event.

. >> treasury secretary jack lew says be a patriot. pay your taxes. so maybe does that mean taking legal tax breaks is unpatriotic? we'll debate it coming up. ed tablet approved to treat symptoms of bph, like needing to go frequently. tell your doctor about all your medical conditions and medicines, and ask if your heart is healthy enough for sex. do not take cialis if you take nitrates for chest pain, as it may cause an unsafe drop in blood pressure. do not drink alcohol in excess. side effects may include headache, upset stomach, delayed backache or muscle ache. to avoid long term injury, get medical help right away for an erection lasting more than four hours. if you have any sudden decrease or loss in hearing or vision, or any allergic reactions like rash, hives, swelling of the lips, tongue or throat, or difficulty breathing or swallowing, stop taking cialis and get medical help right away. ask your doctor about cialis for daily use and a free 30-tablet trial. ♪ ♪ [ male announcer ] if you can't stand the heat, get off the test track. get the mer

jack lew criticizing companies that avoid paying higher u.s. taxes. here's his quote. what we need as a nation is a new sense of economic patriotism where we all rise and fall together. give me a break. obviously, he's throwing the same playbook at corporations with people with swiss bank accounts as unseemly or un-american. public opinion, you know what? it may sway animosity to the companies, headquarters offshore. i don't think this is going to truly impact business or bottom lines. and, in fact, i asked him what would happen out of controversy. the tables are turned and that leads to real conversations about lower taxes and it's a euphemism we hear, tax reform. means different things to different people. >> what's unpatriotic is the tax code. high corporate tax rate and double taxation on earnings overseas. move your headquarters from the united states to foreign entity is really hard. you're talking about executive conversation, new corporate governance. these companies are willing to say hey, the cost benefit is better in ireland than the netherlands after incurr

and i agree with much of what doug just said but i also think that jack lew has a point. it does strike one as economically unpatriotic to invert in order to lower your tax bill. >> let's talk about what this actually means, doug, in dollar terms. a recent irs study found something like $20 billion of corporate taxes would be lost over the next decade because of inversions. what does that mean for the bottom line for the u.s.? >> i think it's hard to put a number on this. there's $3 trillion of taxes that are brought in. the corporate taxes bring in about 10% of that. i think it's very hard to predict how this corporate structuring is going to affect things. where that said, i think there's broad agreement that there needs to be corporate tax reform. >> right. corporate tax reform that does what? right now, the u.s. is at 35% but not everybody pays that? >> yeah. the rate on paper, which not everyone mays as you said, is 35%. not everyone pays, 35%, that's the highest tax rate of any country in the oed. there's vary few things where there's consensus in the u.s. right now

. >> well, it seems to mikely jack lew is a little bit out of it in terms of how the world has changedrs ago it would have been difficult to merge with a foreign company and do this sort of thing. but now everybody's operating pretty much on a global basis. you have countries like ireland that were dirt poor before it brought in its 12% corporate rate and started drawing in a lot of capital. jack lew says, well, you shouldn't be able to take advantage of all the great institutions we have here and everything. and not pay taxes. well, these companies are still going to pay taxes on what they earn in the u.s. but they are not going to have to pay those taxes as james says on the foreign earnings. and i think they feel perfectly happy to be in the netherlands or ireland or canada or the uk. >> what about the penalty he's proposing? he's trying to limit these acquisitions and moves overseas and trying to make it harder to do so and impose penalties if they do. what implications would that have how american businesses operate? assuming it passes. >> assuming it pass, there would be efforts

treasury secretary jack lew talks tough on china's currency.l you why you should pay attention to the high level talk between the two countries. >> some say the u.s. is becoming more like europe and that is hurting our economy. how do we fix that? we'll talk to an author who release ad five-point recovery plan for america, but he is from australia. adam: do we get french food with it? >>> we heard a lot about power momentum stocks but how do you actually get in on the action? we'll tell you about some investing strategies you may actually not know about. ♪ [ grunting ] i'm taking off, but, uh, don't worry. i'm gonna leave the tv on for you. and if anything happens, don't forget about the new xfinity my account app. you can troubleshoot technical issues here. if you make an appointment, you can check out the status here. you can pay the bill, too. but don't worry about that right now. okay. how do i look? ♪ thanks. [ male announcer ] troubleshoot, manage appointments, and bill pay from your phone. introducing the xfinity my account app. with the

in the latest beijing talks, jack lew says china has taken steps to adopt greater transparency. meanwhile, john kerry says it's credit cat that the u.s. and china work together on cyber security, saying both sides had a frank exchange on the topic. however, rather awkwardly, this came as news broke that chinese hackers reportedly broke into the office of personnel and management. the hackers accessed files of thousands of government workers who had applied for top secret security clearances. it's unclear how much information the hackers accessed. reports come as u.s. and chinese leaders are meeting in beijing. miranda karr joins us now. thank you so much for being here. there was talk last year of this bilateral investment treatsy opening up closed sectors. >> well, i think the focus is very much the resolved intentions this time around rather than having a major step forward in agreement. obviously, you have private security. that was a massive profit even before today's report. you know, you had five people charged with cyber crimes, basically, by the u.s. so you've got that a

jack lew wrote a letter riotism. jack lew wrote a letter today to the congressional tax writing committee. stopping american companies from relocating to take advantage of lower taxes, a practice known as invns have done roughly 50 of those inversions over the last decade and that is buying a smaller overseas competitor and then reincorporating the low tax country. announcing they would be taking advantage of their ability under the current tax code to avoid taxes by overseas reincorporation. and so the obama administration's proposal seek this by raising the threshold of ownership required for such deals from the current 20% to 50%, meaning that they would have to own 50% of the company and there are lots of problems with the obama administration thinking about so many things. but their thinking on inversions and tax avoidance is for joy or. griswold is small potatoes and secondly it seems to be at the flexion from bigger issues than all of that is part of this the president and his administration. the joint commiss

what's your assessment of this letter that jack lew sent to dave camp?know what's going to fix the situation, and it is really a threatening situation to the economy, which is we need to reform the tax code. and so his call for economic patriotism, frankly, i found insulting and meaningless, right? it's not really going to do anything to change the environment, and it's sort of implied that companies doing what they have to do to deal with a really onerous and complicated tax code to be more profitable and do what's in the best interest of their shareholders, companies doing those right things that also help them invest and grow wages and create jobs are somehow not being patriotic. and i don't think that's the right assessment of the situation at all. >> the bottom line, these companies have created tens of thousands, hundreds of thousands of jobs in this country. but their business is global. and they have customers and employees overseas, as well. the list is getting longer, maya. pfizer tried to acquire astrazeneca to move headquarters. walgreens, tr

. >> jack lew, op-ed calling for anti-inversion tax legislation. >> economic data capped off with monthlyobs report. >> dollar tree acquiring family dollar 8.5 billion, the value of family dollar 74.50 a share, 24% prepare premium to the close friday. comes more than a month after icahn called for family dollar to sell itself, thought it was going to be somebody else. >> dollar general the name for a long time, we thought because of the great synergies that deal would bring, not without antitrust impedestrianti anti-impediments but dollar general not the name, it's dollar tree. carl icahn may take credit but the approach made in march by dollar tree prior to mr. icahn publicly coming into the shares. and so we know he's got a great nose, a great feel for these kind of situations. it was previous to that that family dollar told us it was at least exploring alternatives they did open up that process in the winter. they got approached by dollar tree. the big question that everybody's asking, where is dollar general? based on conversations i've had they were aware of the process. i don't have

stuart: one quick question for you about jack lew. hey you, american corporations, pay up. otherwise, you are not economically patriotic. you say what? >> i see what is happening with our tax rates right now. we have the highest corporate tax rate in the world. we want to be number one. we should be number one. we want businesses to stay here. we want businesses to grow here. we have to reduce our tax rate. stuart: republican congressman. take you for joining us. we appreciate it. >> thank you for having me. stuart: the treasury secretary of the united states says we need a new sense of economic patriotism. those skyhigh taxes. here is my take on that. what an insult. what a missed opportunity. jack lew is saying american corporations must ring back their overseas profits. he is saying companies must stop leaving the country. if they do not pay up, he is implying that they are unpatriotic. it is worth pointing out. it is not his money that we are talking about. it is the shareholders money. it is unpatriotic to get the best deal. now

unpatriotic, tim on facebook rights, this is not a matter of patriotism, and greg tweets, who does jack leware businesses not free to do what they want with their own money. and kb writes, jack lew, the worse political economic flat-earthy, instead of fixing the punish he proposeed to punish start folks. unbelievable. >> why they are leaving is what the government should resolve. and finally, a company must do what is in its best interest. and keep those tweets and facebook posts coming, use hash tag cavuto. and thank you for watching, pick up a copy of m book. i think grateful to it will you it is hit number one. i enjoyed writing the book, i hope you enjoy reading it, thank you for watching. john: a hundred years ago americans could travel without a passport, and we didn't have to show an i.d. when buying beer or checking into a hotel, taxes were low, and businesses relatively unregulateed, america became prosperous because of that. and without a minimum wage. ys saw their wages doubled. it seems like it is either pro heub i said or mandateed. -- prohibited or mandateed. do we live in a p

also, we had jack lew, secretary lew also sent a letter to dave camp and it's a subject of a huge piece it, that depends on where you sit. where you stand on where you sit. joining us now is republican senator bob corker from tennessee he's a member of the senate banking housing and urban affairs committee and austan goolsbee is here senator and off camera i had a conversation with austan just saying begging him that if he had any influence there that if the president would just lead on tax reform, that everybody would be helped. if we made this country the place that treated capital best again and stopped disincentivizing companies we'd get job -- all the stuff that he wants to happen will happen. austan told me there's not a man on the planet right now that could do this. that could get tax reform done right now. it's impossible to do. >> well i disagree. i love austan. it looked like he had written the op-ed. now that he's out of here he's even saner than he was while he was here. he was a great public servant -- >> it's a little bit. i noticed that, too. there's hope with him. >> no

the irony is that jack lew also things that we should cut the corporate tax rate.says so in his letter to house ways and means and a chairman david cap. he says congress needs to take action first to stop the inversion problem. there is an inversion problem. actually, let's open up the question to you. is there an inversion problem? >> yes. there is no doubt that tax avoidance is not a good thing. avoidswhen one entity paying taxes, it means the rest of us have to make up for the lost revenue, so you have to get the taxes somewhere else, and that can be distortionary. the second point is more important. you want corporations to be basing their location decisions not on taxes but on economic efficiency and on where it makes sense from a production point of view, not from a tax point of view. if companies are relocating overseas to avoid taxes, that is not a good thing. i am sympathetic to the president and the treasury secretary's point of view. there is a problem here and something that needs to be solved. my difficulty with it is that i think the solution they pro

treasury secretary jack lew urging lawmakers to quote, shut down abuse of our tax system! fox business's rich edson more from d.c. so abusive, unpatriotic, i can barely take it, rich. >> democrats in congress are issuing a bill to prohibit a u.s. company to merge with a foreign firm and merging taxes overseas and without changing who controls the company. the administration is on board. treasury secretary jack lew says quote in a letter, we should prevent companies from effectively renouncing their citizenship to get out of paying taxes. republicans are rejecting the idea saying congress should deal with this and other tax issues only in an overhaul of the entire tax code. house ways and means committee chairman dave camp says, quote, non-partisan experts looking ad this policy say it doesn't solve the problem. companies will continue to move overseas until we address the fact we have the highest corporate tax rate in the industrialized world. even senate finance committee chairman ron wyden, a democrat seems non-committal. saying i'm talking with my colleagues and explori

the fact that they wilderness against what seems to be a push coming from jack lew.ely trying to undo the attraction of moving your headquarters abroad. been talking about that because some people have been wondering how long it will take the u.s. to close this loophole that is making the tax evasion looking so attractive to u.s. companies. some of said that congress needs to do something. others say that there needs to be a bigger overhaul of tax legislation. you end up with this not moving anywhere. >> it is interesting. of course, we had jack le lew come out saying i want to propose a law that makes it far less attractive to move your tax rate to the u.k. to escape u.s. tax rates. i'll back date it to may. that is when the astrazeneca-pfizer deal broke. companies want to move out of the united states because their corporate tax rate is in excess of 30%. if you move to the u.k., you can cut it to 13%. astrazeneca's deal unraveled. this is one of those deals that manages to harness that. that is not seem to be a brake clause. yinghe moment, abbvie is sa a breakup fe

melissa: money goes where it is best treated. >> jack lew, surprising, worked on wall street, doesn't understand t of fiscal phonessability. you have to go where the get lowest cost of capital that. is the law. corporate law. >> one could argue the tax code is unpatriotic. >> that's true. >> a book of political favors. melissa: how about changing law retroactive to grab money from people? that is over the top. >> that is beyond amazing. melissa: the garden state could be opening its gates to illegal immigrants. speaking in political hotbed, iowa, new jersey governor chris christie says he won't be opposed to taking in children on a case-by-case basis. i mean, this was really interesting. he said, i have great empathy for the situation. frankly the administration has done an awful job of securing our border. they need to do that. but then he went on to say, you know the state would take in where other governors have said absolutely not. >> rick perry, who is not exactly a liberal, came out and said some of the same stuff during the last presidential campaign. got a lot of guff from it

cramer wrapped up with jack lew. he said everything from economic patriotism, steve, to inversions, corporate tax, cyber security. ran the gamet. >> yeah, carl, work with me on this, did lew throw the fed under the bus here? >> sounded like it. >> glad i was not the only one who heard it. cramer asked, is it appropriate for the government to comment on valuations and applause from the audience, i point out, and lew said it's appropriate for the government to comment on trends and policies, and by implications not valuations. i don't know if he thought he was responding directly to what happened with the fed and what it was yesterday with the fed calling biostocks and social media to be overstretched. that created controversy. what does the fed know about valuations? this is an important question. we'll see if janet yellen talks about it later today. there's an interesting question whether or not there's divergence between fed and treasury. by the way, importantly here, lew is the chairman of the oversight stability co

what jack lew is talking about is this practice of inversion which more and more americans companies are doing. basically, they're domiciling overseas so that they can save tax dollars. why? because we have the highest corporate taxes? in the world. there are no higher corporate taxes in advanced civilized western nation than in good ol' u.s. of a. from your point of view, in washington the most effective way of combating this issue, which i think is problematic, companies leaving this country is most effective way to fight it is make it illegal or to lower taxes? >> gerri, i think you will not that surprised i think tax reform and lowering taxes is solution. trying to make it illegal or trying to yell at people and call them unpatriotic is sort of a low way of going about this. i don't think it is going to work. i agree with you, the point that you made is so important. most americans want our strong businesses to stay here. but the fact of the matter is, policies matter. the fact that we have that highest corporate income tax in the industrialized world, that has consequences. we o

jack lew wants to live foreign ownership thresholds from 20 to 50%. he will force them to stay here. will it work, dan. >> it is another bandaid. our tax system in this country is totally flawed and too many hoop loop hopes. the book is huge. the companies are -- they will find another way get out of paying taxes. we need money based on current deficit. this is serious issue. 20 billiondollars of revenue could leave the company. >> the companies following rules set for them by the pinheads in washington and pinheads are afraid of changing it. >> that is how the tax system always done. they change the rules. >> what are you talking about here, a man, jack lew, one big experience on wall street was, bob reuben's, you know, the guy that carried bob reuben's coffee to him at citigroup. this guy has no practical experience in the business world and telling companies what to do? almost absurdity point. melissa: don't call it a comeback. crocs efforts to revamp the dying brand leaving company out in the cold. they are closing as many as hundreds of its store

monetary pod, there will be a lot of questions there, including i think some to jack lew the treasurybout tax inversions, i would guess. >> absolutely. shire being the latest example of people trying to take advantage of lower tax base rejeeps, and a lot of questions about what's the proposeness? but at the same time there are national issues of job creation, europe is grappling with this right now, and how much of these jobs to we want to keep on shore? let's talk about one of the guests that you have brof into the fold, for the first time, very rare that ken griffin good public interviews, that's right, never joined us at delivering alpha before, but i'm excited. he's always sort of a barnburner. he thought wall street had a cartel mentality and we should bring glass-steagall back. this year a couple hot button issues, one of them citadel was taken to task in "flash boys" essentially rigging the market, so he did testify about this issue, griffin did last week to the senate banks committee, but i imagine he may elaborate on some of those remarks with me, with any luck, and maybe tel

area and because tomorrow at delivering alpha we expect to hear secretary of the treasury jack lew talk about inspection and cybersecurity. if you had one question to ask the treasury secretary about how the government is doing on cybersecurity, what would your question be for him? >> my biggest question in cybersecurity is obviously when will they take it more seriously? it is a huge risk, and when are they going to invest the dollars that's needed to get the infrastructure up to speed. >> you seem skeptical that the government is doing enough? >> yeah, pretty muchivities thank you very much. glad your business is looking up. we hope to have you back again, sue. >> tyler, californians, if you're caught using water in ways you're not supposed to, you'll be in serious trouble. you will also have to pay the piper. >>> plus the man behind u.s. soccer. he doesn't play, he doesn't coach, but he runs the whole thing, and he also happens to be a professor of economics at columbia university. meet the man behind it all next, and only on "power lunch." ♪ ♪ ♪ [ male announcer ] if you can't stand

treasury secretary jack lew is here. he opened up the discussions calling for more flexible curren currency. one other thing people are talking about here is whether or not the chinese and the americans will be able to finally hammer out or at least lay the groundwork for a bilateral investment treaty. there's most hope that progress will be made on that treaty as opposed to anything else. because a lot of people said that the incentives are aligned for both countries who want to see more investment in their respective countries from other companies. now, one other issue that you brought up is the economic data. that came in a bit weaker than people had expected. we saw some softer inflation numbers, consumer prices came in higher by 2.3% for june. the producer prices, which is the price of the factory gates fell yet again in negative territory by 1.1%. and a lot of this suggests the domestic economy just isn't seeing the strength that a lot of people had hoped. and so because of that, there's been, you know, a lot of de

treasury secretary, jack lew is urging the chinese to be more flexible with their currency policy. >> we support china's effort. to allow the market to play a more decisive role in the economy. moving to a market determined exchange rate will be a crucial step. >> the americans complain the chinese are keeping the value of the currency low to make exports cheaper. china's finance minister said the intervention is necessary. lou jiwei said the economy has not recovered and he said u.s. monetary policy is causing some fluctuations in china and other emerging economies. >>> u.s. magazine "fortune" has named 95 chinese firms in the list of 500 companies. "fortune" we leased the global 500 list of the top-ranked firms by revenue. the u.s. had the most with 128 companies. china came in second place with six more companies than last year. three chinese firms made the top ten. that's the most of all the countries. oil and gas producer -- group ranked thirty and china national petroleum was fourth. state grid was seventh. >>> people in finland live in one of the coldest climates on the planet.

jack lew will push them to do more. lew was speaking in washington to members of the u.s.-china business council. he said the yuan needs to rise. >> we need to keep making progress getting toward a market-determined exchange race. >> lew will meet with financial officials at the u.s.-china strategic and economic dialogue. they will discuss regulatory reforms and an investment treaty, among a number of other issues. >>> managers at japanese are looking ahead and planning to invest more at their businesses. officials at the bank of japan have released a report showing that managers share that sense of optimism. bank officials check sentiment every three months. managers have revised their investment plans upward from three months ago. the officials say that is true for companies of all sizes. . they say higher corporate earnings are making business people more positive about prospects for growth. major manufacturers plan to invest 12.7% more than what they invested in the previous fiscal non year. leading non-manufacturers plan to increase 5% more. >>> tokyo shares opened hi

. >> richard, let's start with the story about treasury secretary jack lew, publishing an oped in the washington post, urging washington to close the loopholes. a way for companies to lower their corporate tax rate. lew said that we need to reform the business tax code to make the u.s. economy more competitive. >>> meantime a deal may soon be done for goldman sachs according to sources close to the situation, the investment bank is reportedly diss kusing a settlement with the finance agency for mortgage-backed. you may recall 18 lawsuits against goldman and other banks in 2011. this reported deal could cost between $1 billion and $1.25 billion. >>> the new york times editorial board reigniting the debate on legalizing marijuana. more than 40 years since congress passed the ban on pot, might be time for a review. back to you, richard. >> thank you so much. >>> some stories making news this morning. tale of two wildfires in the west, nearly 2,000 firefighters trying to put a lid on a blaze. it's now 50% contained. meanwhile smoke over yosemite national park, a nearby fire rapidly growin

>> guest: i was in the meeting with jack lew, chief of staff, and basically was accepting the president's concern and the real concern the government is going to be operating well, people who set the rules need to set standards. it was things like that, i could hear what was being basically requested. >> host: did you meet with the president or ear to the president throughout this process? >> guest: it was not. it was largely handled by staff. i did not hear from the president. >> host: you think that is appropriate? >> guest: i don't know what is appropriate. in many ways part of my story is that i am not a political analyst. i-man executive management personnel and my hat is off to the obama administration for inviting me to play us serious role in the performance and management of government, not policy, not programs but in how it works and that is where my expertise is and that is where -- that is what i'd do. politics and campaigns and various issues, who is on first in washington, i was able to avoid a lot of that because of management organizations. i ran into that a lot. >> host:

i'll ask jack lew about it at delivering alpha, you hear the republicans, you knee comprehensive.oke on washington going. how much royalty do i owe you? i and about to use the term "inversion" i didn't know you pat ended it. >> i'm going to wait to invert. >> yes, why would you want to pay taxes. >> on the royalties. >> you'll do netherlands and then dublin? >> looking at my jurisdiction. the bond pits now. rick santelli at cme group in chicago. take it away. >> good morning. you guys hit on it, you don't need economic data, which there is none today. the inversion tax issue is its own economic fundamental for any of those who have questions to why we're operating at such a neutral type speed, and jack lew, let's face it he's not going to give you unvarnished view how to fix it or why it isn't fixed but needs to be. train day of tens, up on basis point. two-day, challenging on friday's train day's highs but hasn't punched through. maybe the most important chart open it up, these are basically the highest -- excuse me, what a fraudian slip, the lowest yield closes in six weeks. loo

treasury secretary jack lew says china's currency is still undervalued.ing in washington about the u.s.-china economic relationship. barack obama says he does not mean house republicans. he plans to fix as much as the immigration system as he can by executive order. to findsked advisers the steps he can take in the next few months on immigration. the supreme court is now adjourned until october, but not before handing a big victory yesterday to private companies like hobby lobby and its pro-life supporters. that dealt a blow to obamacare. what does it mean for the president's health care law? megan hughes joins us. tell us the status update after these decisions. >> this battle over contraceptive coverage is not over. areressional sources telling me that patty murray is some options. josh earnest indicated the white house would be interested in backing something like that yesterday. assessing the decision and its legal implications. as we gather more information, we may be in a position to better consider the range of options that are available to the pre

john kerry and secretary treasury jack lew are in beijing for the first day of annual talks.rt joins us live from hong kong with the details. this is their sixth round of talks. cyber security -- what is the focus of their meeting today? is on a broad range of issues. the high-level meeting involves secretaries kerry and lew. talking about exchange rates. washington is index -- concerned. clarity on theer intervention and helen move the chinese currency. secretary kerry is talking diplomacy. the response to the maritime disputes that capture headlines. another issue is trade. they are looking to inky trade deal. obamas when president will travel to beijing. china is eager to see the meeting as success. they have a long way to go. today, the press conference where you see john kerry, speaking to the chinese -- saying the u.s. does not seek to contain china. import messages here as they try to reset the relationship. >> we have inflation numbers. break them down for us. >> consumer prices in china not coming in as strong as someone expect. we saw a piece of inflation at 2.3%. t

jack lew had an op-ed writing about this. congress, he wants to see a retroactive tax inversion law. he wrote that while the is this tax process moves forward, the pace of inversions is moving at breakneck speeds. we must attack this problem now. for you as an investor, how do you approach this kind of situation? i do you strategize to profit? -- how do you strategize to profit? paid byf taxes get consumers and individuals. only 20% as corporate. the rhetoric is bigger than the problem. the issue is fixing corporate taxes in the u.s.. it is not closing the loopholes, it is fixing the underlying process. >> do you punish or applaud a company that says, whatever with the tax reform, i'm going to try to get as much efficiency out of my own operations? >> we have been fortunate that we have had a couple of portfolio companies involved in deals. we have benefited from it. >> so you'll applaud it. >> i don't have a political of you one way or the other -- of you one way or the other -- view one way or the other. abbvie has agreed t

treasury secretary jack lew and secretary of state john kerry are both in beijing.countries are facing off the south china sea. to the markets. >> there's absolutely no reprieve to these equity markets. yesterday, 85 points the biggest one-day drop in four months. in dax had the biggest drop 44 sessions. we are continuing this momentum will stop mario draghi speaks later this evening in london. we don't really know -- the will be out as well. the momentum inequities, people are beginning to question the validity of the rally. is it time to take a little bit of her reprieve? theme is the insurers. we are paying less to cover our car insurance -- not me. for 10 straight quarters. these are insurance companies in the united kingdom. if you think the national flag carriers are having a problem, these are up. finding it a little heavy on the day. volatility is rising. that is the one message you can take away. the front page has a great article physically saying you might have shorted stock at record lows. in other words, about 2% of the s&p 500 is open and out there in

. >>> jack lew publishing an op ed in the new york post today urging congress to close the loophole on tax inversion. tax inversion is when a company moves its tax home overseas. it's become popular as a way for companies to lower their corporate tax rate. lew says we need to reform the business tax code to make the u.s. economy more competitive. >>> meantime, a deal may be done soon for goldman saks. according to sources close to the situation, the investment bank is reportedly discussing a settlement with the federal housing finance agency for mortgage-backed secures sold to fannie mae and freddie mac leading up to the federal crisis. the fhfa, as you may recall, filed 18 lawsuits against goldman and other banks in 2011. this reported deal could cost between $800 million and $1.25 billion. >>> finally, the "new york times" editorial board relighting the debate on legalizing marijuana with a published piece urging repeal of the marijuana ban. the crux of the article that has been more than 40 years since congress passed the ban on pot. may be time for review. dara, back to you. >> tha

>> i was in a meeting with jack lew, the chief of staff, and he basically was expressing the president's concerns. and there will concern is that the government is going to operating well, the people that set the rules need to set a flat standard. and it was inside that that i could hear what was being basically requested. >> did you ever meet the president or hear from the president throughout this? >> no, i did not. it was largest handled by staff but it was all handled by staff. i deducted from the president. >> do you think that is appropriate? >> i don't know what's appropriate. in many ways part of my story is that i'm not a political animal. i'm an executive management person and i could take a hat off to the obama administration for inviting me to play a serious role in the performance and management of government, not policy, not programs, but in how it worked. and that's where my expertise is, and that's where perhaps, well, that's what i do, the policy, the campaigns and the grace issues around who's on first in washington. i was able to avoid a lot of that. i ran into a buzz

>> guest: was in a meeting with jack lew the chief of staff in the last of the series of meetings that he basically was expressing the president's concern and the real concern that if the government is going to be operating well for people that set the rules need to set a platinum standard. it was since i doubt that i could hear what was being basically requested. >> host: did you ever made from the president are here from the present throughout this process? >> guest: now no, it did not and it was largely handled by staff. >> host: do you think that's appropriate? >> guest: i don't know what's appropriate. you know in many ways part of my story is that i'm not a political animal. i'm an executive management person and i have to say my hats off to the obama administration for inviting me to play a serious role in the performance and management of government. not policy, not program but in how it works and that's where my expertise is and that is where perhaps, that is what i do and the politics and the campaigns and the various issues around who is on first in washington, i was able to

looking to move their headquarters overseas to avoid america's high taxes now treasury secretary jack lew urging congress to punish these companies, but is that the best way to solve the problem? brenda buntler offers her take, brenda buntler offers her take, coming up next.s. how do i win? because we're streaming the movie that you love. well, how do i win? because we ordered that weird thing that you love from the pizza place. how do you win, dad? because i used the citi thankyou card and got two times the points on alllllll of this. well, and spending time with you guys of course. that was a better answer. the citi thankyou preferred card. earn two times the thankyou points on entertainment and dining out all with no annual fee. to apply, go to citi.com/thankyoucards. been all fun and games, here at the harrison household. but one dark, stormy evening... she needed a good meal and a good family. so we gave her purina cat chow complete. it's great because it has the four cornerstones of nutrition. everything a cat needs for the first step to a healthy, happy life. purina cat chow comple

i want your take on jack lew. president obama using fair share language.your fair share. >> that is what i would like to say to mr. lu. he and the democrats and he and the groups that they favor so well honestly believe that they are entitled to a share of what we earn. they can take it. stuart: i got what i asked for. can you, just for a second, take off your libertarian hat. you earn good money. you pay 15, 60% in your income and federal state taxes. what do you think would be a fair amount of money to be taken off of you? $1 million a day. can you do that? >> 60% is dangerous to the government. at some point, people will stop earning as much as they are earning. the government, for all the money it gives away, needs people to earn a lots of money so they can tax it. in my world -- i do not expect that world to come about tomorrow. what would be a happy compromise? it is a flat tax on the neighborhood of 15, 16, 17%. he has done the math. i have not. that is a number that is a lot more fair. stuart: i approve thoroughly. fewer young people getting marrie

now, to treasury secretary jack lew on the upcoming secretary meeting between the u.s. and china. this 45 minute event is hosted by the u.s. chamber of commerce in the u.s. china business camp -- u.s.-china business council. >> good morning. i am vice president of the u.s. china business council. on behalf of the council's president and our over 200 15 member companies, i am pleased to welcome you to this morning's program with secretary treasury jack lew. the u.s. china business council has been representing american companies doing business with china for over 40 years. during that time the economic ties between our two nations has become stronger and are now at the center of the most important bilateral relationships united states will have the century. despite these ties, american companies doing business in china face. a challenges there. at the top of the list of the issues that are important to american companies, better market access to reach more of china's expanding economy and a level playing field with chinese companies. government to government dialogue is a critical

. >> the humphrey haw kkins tuesd and wednesday is delivering -- i don't know if jack lew -- that's what you're going to hang on? he may not say that much. >> stan druckenmiller will be on, chris christie. carl icahn will be on. and we have a mystery guest. >> right. >> toward the end of the day at 5:15. you're not that excited about this one. >> no, i'm not. >> do you know who mr. guest is? >> i do. >> he's not a mystery to you. >> it's not. >> it's a mystery to me. >>> and whiting company is buying kodiak to become the largest producer in north dakota's shell. and aecom company is acquiring urs for $56.31 a share in cash totaling $4 billion. a report on friday that urs had talked with rivals and buyout firms about a potential sale. the company is under pressure from activist jana partners to op enhance shareholders. it's a german company. anyway, another -- more tax dollars are headed there. and more tax dollars are headed to germany to build a soccer team. >> they don't need the money, apparently. >> who is the sub, by the way? >>> and shire is ready to recommend a new $53 billion tak

here's the thing i'd love to ask jack lew. jack, do you have an accountant? yeah, you do. why?o find you deductions and loopholes and lower tax bills? check. guess what? corporations work the same way. you want to change this. stop the government spending, stop the regulations, lower taxes and you won't have any of this nonsense going on. companies would stay here, would build here, and america would be better off for it. >> here's the alternative point of view which i feel bound to present to you, charles, theechb you've got a smile on your face. look, we help these companies make profit. we provide all kinds of goodies for them in america. how dare they just flee. that is unpatriotic. >> where do "we" get the money from? >> taxation. >> taxation of people who work at those companies, takts yags of those companies. remember a lot of the recent deals what they call inversion, they don't necessarily change what's going on right now but they will impact future revenue on product sold outside of the country. still, these major gigantic corporations hire thousands of thousands, hun