you point, jamie dimon is not a flashy guy. he's not like one of these hedge fund tycoons who is very flashy about his wealth. but if he had $20 billion, he might be a bit more. as you point out in your story, he has been criticized for being tone deaf, though, right, to the hole inequality issue? bill: absolutely. if you look at the value of their derivatives, he is personified sort of like the fatcat banker. the cliche. the fact that he is a billionaire is only going to add more flame to that. pimm: one last point about the in linepay package, with other chief executives of large banks. it's the biggest bank in the country. he and lloyd blankfein jockey for who gets paid the most in any given year. years,look over the people like sandy weil, whom you mentioned, and bruce wasserstein , other pure banker types have also crossed the billion dollar threshold. you know, if jamie dimon is not able to cross that threshold after all that he has done, you kind of wonder -- it's a lot of money. we're not going to feel sorry for the guy

ceo jamie dimon said he unexpectedly died this morning.s the former head of the firm's investment bank. in a statement, jamie dimon said "jimmy was a great friend, mentor, leader to me and so ,"ny others he was only 62 years old. changing its management team with several big names leaving the company. one of them is a former bigwig at nokia. several other executives will also depart. microsoft is forming a new team called the windows and devices group will stop -- group. at&t would slow down internet speeds after consumers used a certain amount of data. at&t said it will vigorously dispute the allegations. pier 1 imports reported after the bell and matched earnings per share at eight cents. however, the company missed slightly on revenue. pier 1 reestimate of its forecast -- reiterated its estimated forecast. and donald trump should not expect a campaign contribution from rock icon neil young. here is why. ♪ alix: that is young's 1989 in'in the free world" and he is a canadian citizen who says he supports bernie sanders. but trump sell --

she has been tracking jamie dimon for years. there are two big buckets.ock, worth about $480 million. that is roughly half of his wealth. the other half is essentially an investment portfolio he did for the most part with stock from citigroup sales. the good thing about being fired from citigroup, which jamie dimon was back in 1998, is that he sold way before it crashed. he was lucky and away. -- in a way. olivia: make the case that he is worth the money. the crisis but a big dent in all of the banks and stock performance. worth $1.1 billion? yes, because his valuation is its own justification. there are people worth more. this is a guy who was not sold or atock in jpmorgan, least that is what they say, et at all. i think he takes it very seriously. olivia: how do the other bank ceos stack up? hugh: they are feeling a little bit small today, i don't know. think about a ceo level jobs. these guys do not last very long. , makingo a billionaire $20 million a year, you have to do it for a long time. monahan has been the ceo for five years and had lesser jobs

as i have pointed out a few times, when jamie dimon first came to j.p.n chase, one of his earlier shareholder meetings or investment a meetings, he said j.p. morgan stock should be $100 a share. now, it's $61. ride to be a tough j.p. morgan shareholder during the last five or so years. wonder, he is a popper compared to some of his colleagues. schwarzman worth $20 billion. -- it makes you wonder, why doesn't he just strike out on his own and be worth 10 times that? >> he feels like this is what he is supposed to do, this is what he was meant to do. he built citigroup and rebuilt banc one and now is rebuilding j.p. morgan chase. when he retires, he might think about doing something like that. i don't think this is a guy that lusts after $30 million. is it unusual for someone to have this kind of money be in 40% stock? >> it's not unusual. you want your ceo to be aligned with the interest of the company. not a flashy guy. conservatively standard of life. he's not like one of these hedge fund tycoons. in, but if he had $20 million, maybe he would have more.

i think jamie dimon is an exception.e did at bank one and jpmorgan, he built a shareholder value and it brings into a generous reward. stephanie: could one make the argument that maybe the regulators would may be able to do as good of a job because the agencies cannot hire top talent because they cannot pay for them? >> i do not think that is really of it -- at issue here. it is a question of ceo compensation, how ceo's's are rewarded. there have been changes in the way that shares for example stock options are doled out since the days when much of the wealth was a emulated at citigroup. >> member he is well-paid but not the highest-paid ceo in america. a lot of wealth he had came from the depreciation of stock he had along the way. that is what this is all about. he creates that much shareholder value, it is a titled to be compensated for it. stephanie: i want to bring the bloomberg intelligence chief u.s. economist, my four little -- former colleague. give us your latest carl. karl: -- carl: trade deficit narrowed quit

ahead, jamie dimon is taking on senator elizabeth warren again.ally he is saying about one of offstreet's fiercest critics. -- wall street's fiercest critics. ♪ olivia: bloomberg news confront big changes are coming in fox. we talked about reports and now bloomberg is indeed reporting thatfox is set to plan james murdoch will succeed rupert murdoch as the ceo of the company. there has been a lot of moving around and shakeups in terms of thelial relationships and management of 21st century fox. over the past several years, james murdoch, the son of rupert murdoch, was implicated in the phone hacking scandal in the u.k.. then called into -- it seemed as though he was back and went around this time last year or last spring or so. he was named the co-chief operating officer with his other brother. way potentially paved the for this. executive chase carey has also been someone who has talked about to take over the role. speculation up until now. it looks like now, that is more clearly the succession plan for murdoch. we do not know the timing yet of hi

like i said, the call now should be in to jamie, jamie dimon.ecause i know jack dorsey and her very close. what are you recommending to jack dorsey to do to take this company forward, to get adults in the room, and what do you see as the future. my guess is jamie's saying get a sheryl sandberg in there right now. she's very good, she's very operational, and she did a great job at facebook. assess your business going forward, and you need to sell. is this a netscape? is twitter netscape or is it google? i don't know. i mean, i like using it, but i don't know -- i'm not an expert. melissa: let's explore that for a second because facebook was able to expand into mobile users. that was the real challenge, and they did that successfully, and people said they were dying on the vine. no. they were able to go out there and expand into mobile, and even though the younger kids aren't using facebook any longer and ask your grandmother's kind of on it, they still have to -- >> and your grandmother makes money, okay? your grandmother has money. i think that'

in a statement, jamie dimon said jimmy was a great friend, leader, and mentor to me and so many others was a master of his craft he was in comparable force of nature. years oh.was only 62 microsoft is reshuffling its management team with several big names leaving the company. the executive vice president is one of them, a former ceo of nokia. several other executives will also depart plus microsoft is forming a new -- a new team call the windows and devices. regulators are hitting at&t with a 100 million dollar fine over its unlimited data plan. the fcc said the company would lowdown internet be after consumers used a certain amount of data. it will vigorously dispute the allegations. pier 1 imports reported after the bell and matched estimates with earnings-per-share of eight cents. however the company missed lightly on revenue, trailing estimates. pier 1 reiterated its 2016 $.83-80 seven cents. donald trump should not expect a campaign contribution from rock icon neil young. here is why. ♪ that is his 1989 classic, "rocking in the free world there go his manager said it was not doldr

jamie dimon joining another elite group. jpmorgan ceo is the latest financial executive to have a net worth of more than $1 billion. is it a club he nearly wants to be a part of though? cnbc's robert frank is here to explain. hey, robert. >> i wouldn't mind being a part of that club kelly. generally speaking ceos who didn't start their own companies rarely become billionaires but jamie dimon is now one of them. bloomberg saying today that the ceo and chairman of jpmorgan chase is now worth over $1 billion, thanks in large part to his jpmorgan shares. his shares valued at just around $500 million. he has real estate worth over $30 million, and the rest comes from his compensation and investing the proceeds from his previous stint at citi group. dimon has, to be sure created a lot of shareholder wealth since becoming ceo. $110 billion, to be exact. the share is up more than 70% since he took over in 2004. dimon is not the first professional manager to become a billionaire. that title belongs to roberto goizueto. and jimmy cayn

and jamie dimon sexist thing. if i called connell "connell" that's okay.owell "dagen", that's sexist. >> nuts. with xfinity from comcast you can manage your account anytime, anywhere on any device. just sign into my account to pay bills manage service appointments and find answers to your questions. you can even check your connection status on your phone. now it's easier than ever to manage your account. get started at xfinity.com/myaccount >> you know, there's a reason why your rent prices have doubled and tripled in some cases and scrambled eggs is about to become a luxury in in country. you have the bird flu, 47 million chickens and turkeys have been killed and trying to get a handle on this. there's going to be an important senate agriculture committee on this. how big and widespread this problem is. it's one of the things behind the big, big run up in food prices. you factor eggs in the equation they didn't move up so much, but they've moved up a great deal. all right, you've heard the big brouhaha that jamie dimon and liz warren going at each other.

guest: jamie dimon built his career starting with sandy at citibank. the mergers built into one of the biggest banks at the time. in 1998 sandy fire jamie and he that were sold shares a total of $110 million. that share sale accrued in ,ddition to all of his salaries and a variety of other investments have accrued to happen million dollars. on top of that, he went to bank one, then two jpmorgan when it acquired banc one. he was running that company. and the equity there. angie: is this a reflection of the man's success in the industry? how common is it for ceos to become billionaires? guest: his mentor was also a billionaire at that time. citigroupefore the stocks collapse. it is not as common. it is not as common now. it usually the ones that do become billionaires have built companies. they are entrepreneurs. it is a rare case that this happens. dimonuld army that jamie of build it through a series acquisitions, the biggest banks we have seen. guest: indeed. thank you for that. francisco.out of san coming up next, mixed signals. the fed says the econ

tom: what is jamie dimon's constraint?bert: he has one of the strongest financial constitution -- institutions we have left. tom: was the number one advice for them to get the best practices for mr. diamond? -- four jamie dimon? tom: you have lived in germany. how is deutsche bank treated? rendon says they have two reasons they need to do. they cannot get rid of retail operations. they need the deposit. this is the real problem. they cannot do the things they need to do. robert: they go together. we have to get to the investment side. tom: we will look at commodities. all of the rate movements out there, the hallmark out there, the 10 year yield is within a hair of 2.5%. stay with us. ♪ tom: i want to get to hans nichols. in "the telegraph" -- a bond crash has been an accident waiting to happen for months. money supply aggregates have been searching all this year in europe and the u.s., setting a trap for a small army of hedge funds and prop desks trying to squeeze a few last drops out of a spent deflation trade. all of th

jamie dimon saying elizabeth warren doesn't understand global banking.t understand global banking? >> i believe he truly believes they do not understand global banking and as they do not understand the unintended consequences that have come with very, very new, stricter rules for the banking sector. for example, forcing banks to hold a lot of capital is clearly making them reluctant to do more lending. and so there's an unintended consequence. another part of dodd-frank, is something called, and i don't want to get too geeky on you, but there it's called the proprietary trading rule. the prop, prop trading. and so, let me ask you, if you are ibm and i'm jp morgan and you come to me and say, i need to make a complicated transaction, i need to sell a lot of stock. i am your banker, so i have to buy that stock. so i'm not going to just dump it on the market after i buy it and then send the stock down. i'm gonna sell it a little at a time over days, maybe over a month. so what is that? is that proprietary trading or is that acting on behalf of a customer? >>

and jamie dimon helped build two of the world's largest banks.hat has made jpmorgan ceo one of the rarest managers. is $1.4 billion and a must-have of that is in jpmorgan.. -- in jpmorgan stock. by a sale ofarted $110 million in citigroup shares. he helped create citigroup before being forced out. pimm: coming up in the next hour of the bloomberg market day, today marks the five-year -- fifth anniversary of growth for uber. we will talk about how it can maintain it rapid pace of growth. and make with -- meg whitman is pretty more industry consolidation. details on that and her plan to revamp to live packard. bloomberg exclusive interview. and in just a few minutes we will show you one of the world's most expensive timepieces. these stories and more coming up on the bloomberg markets a. olivia: shares of sorrento therapeutics are up 150% in the past 12 months. in the s&p isdex up just over 20%. pimm: it has been just over a year since janet yellen warned of stressed by uh and in biotech stocks. investors who heeded her warnings missed out on some

that's exactly what jamie dimon did.y in congress understands the global banking system better than senator elizabeth warren. she's a harvard professor. the idea that she doesn't understand is so absurd it goes beyond your average i'm going to say something mean, which he has to many, many other people. >> dictionary definite. >> i'm sure glen knows better than i do what the definition is. >> i have to let you respond to that. >> let me tell you. >> he's just going to leave it there. that's glen's line for the mansplaining. >> can i stand up for man kind. >> the gender man kind. before we label this guy a sexist. maybe he's an arrogant jerk. >> do you agree with jess? i think laid out in why specifically this is mansplaining. >> i don't think every time man starts a debate with a woman -- >> he wasn't doing that. >> it needs to be put in this sexist comment. >> jess you can respond to that. i think there's a difference. >> i was saying there are ways guys can be jerks to women. it's explaining a woman who is an expert in

sandra: jamie dimon, what he said about elizabeth warren.she fully understands the global banking system. call me. i can talk to you about it. >> warren buffett said similar in the past as well. we'll see if dimon can explain a little more about value of buybacks. sandra: emergency meeting on monday in a bid to head off a greek default and exit is from the euro as euro finance ministers failed to make a breakthrough on bailout talks yesterday in luxembourg. pro-euro demonstrators turning out yesterday in athens as nicole is reporting by the thousands calling for end to the deadlock. greek savers pulled 2 billion euros out of banks between monday and wednesday, just a three-day period since talks with. greek prime minister alexis tsipras now saying he is confident there will be a solution to the greek debt crisis that will allow the country to return to growth while staying in the eurozone. the head of the greek central bank says the country's banking system remains stable. of course the point of the central bank saying that, nicole, to lesse

senator elizabeth is fighting back from criticism from jamie dimon.hen said "i don't know if understands how the market works." now in a podcast interview, warren told huffington post that she says i fully understand this system and that's what they don't like about me. as one gained prominence of wall street's fiercest critics. and those are your top stories. fromur chief strategist oppenheimer is back with me, and we have industrials, tech, consumer discretionary, health care, and materials. i read materials and i say, what? why? of all of this, we are experiencing recovery in europe, we are seeing china increasing stimulus, we can expect that things will remain in the doldrums for materials, and curiously enough, materials is the fourth best sector of this year if we go top sector is health care, second is consumer discretionary, third-best theormer is technology, and fourth is materials, and beneath that on a year to date basis, all of the other sectors are performing under the benchmark of the s&p 500. we havee have -- alix: inflation that is rel

stephanie: my message is the same thing to jamie dimon analyst with war.l you that you need to find some sort of middle ground? erik: you know what attracts honey? bears. coming up, we are taking you out to the bloomberg technology conference on the west count. stephanie: before that, i want to thank julie hyman for joining us. i'm so sorry about the canadian. ♪ erik: coming out today, what is outgoing ceo -- twitter is outgoing ceo and marissa mayer live from bloomberg's technology conference starting today at noon. the conference is underway in san francisco. the theme is the intersection the between ceo's and programming. we call it code in the company office. emily chang is the moderator. he spoke with the cofounder of airbnb. emily: we really focused on cuba and airbnb's efforts. so far, it has been a quickly growing market for them. the fastest-growing market that he talked about was china. we went in depth about the chinese opportunity. take a listen to what yet to say. >> china as a country as a source of travelers, is growing faster than any other

jamie dimon put out this quote. jimmy made a invaluable contribution to our company, clients, industry over his nearly 40 years of dedicated selfless service. he was a master of his craft but so much more. he was an imcomparable force of nature. he was orchestrating the biggest deals in the world and largely credited for developing the modern market for the loan market and it would not be unfair to say he played a bigger role in the lives of corporate america as the world ceos than just about anybody else and so many of our guests on this show. he worked for general motors and alibaba and lead in the selling of ge's assets and navigated the mergers of comcast and nbc universal as well as united airlines and con nentinental. so many people came out with support for him. jimmy was a great banker and a tremendous friend. all of his friends are terribly shocked. jimmy's wife beth and their children are in our chairs. and one of his other close friends, jimmy played a critical role in gookfacebook's history. we believed

jamie dimon caught my eye. he said earlier that shareholders note, we must be prepared for potential exit. we stress tests are company for possible repercussions resulting from such an event. reek exitssiblea g would create -- structural reforms. no panic there. joe: with us to discuss all of aulse things, we have p christopher, a wells fargo chief international strategist and tracy alloway. thanks for coming on. so, what do you make of greece? >> i'm tired of greece. they only a vacation. i think it is a combination of complacency and simply the anticipation that the europeans had this one covered. i don't think that is really accurate. mr. dimon said it better, we all the stress tests our portfolios. we need to think about how this could impact. we think the international markets will be more adversely affected than the u.s. so we, again, this is part of our theme this year that we think the u.s. will lead the way once again. so we prefer the u.s. all year. alix: does that mean it is about the fed moving the

i was just off the phone with jamie dimon and steve schwartzman.nce, a bigger than life presence. it just needs to be noted that i used to think of him as the last investment banker on wall street. he represented almost a different time. he was somebody who had relationships with not only other bankers but ceos in a way that frankly i would argue even today's bankers don't. it's just at a different level. when rupert murdoch needed to do something he called jimmy lee. when jack welch needed to do something he called jimmy lee. when brian roberts the ceo of comcast, the parent company of our network, had a deal to do he called jimmy lee. he was in the middle of the aig crisis and helped save that company. he did the gm ipo. alibaba. you think about jack ma. i'm not sure jpmorgan had any business doing that deal but he went to china and he got jack ma to do that deal. same thing with facebook. so he will be somebody who will be remembered for a very very long time. and had just such a huge impact. i think to the point you said about work. he was some

but jamie dimon cannot help himself. he has got to keep it real jamie dimon style. there is no upside. julie elizabeth warren to get even angrier and have more negative feelings toward the industry but he cannot help himself. maybe he is simply frustrated and the voice of the industry? erik: let's say for moment he is right. i'm not saying he is but let's say he is bright and elizabeth moore does not understand the global banking system and let's say other critics of regulators are right and people like d'angelo don't understand the banking or insurance system. of what bio is it to your point to actually say that publicly? stephanie: and antagonize her? there is no point whatsoever. she may not understand it, but the public does not either. erik: we need to move on. you might say it brings new meaning to keeping the family when bill gross left him go in september, the markets anticipated that the total return fund would be forced to dump some of the holdings because with bill gross' departure, everybody knew some clients would withdraw some of their -- not really de

but jamie dimon has found a third way as a professional manager.oday that the ceo of jpmorgan chase is now worth $1 billion. his shares are valued at around $500 million. he has real estate worth over $30 million. the rest came from his compensation and investing the proceeds from his previous stint at citigroup. now, dimon has created a lot of shareholder value since becoming ceo. $110 billion, to be exact. the shares nearly doubled since he took over. dimon is not the first corporate manager to become a billionaire from shares in a company he didn't found or take public. that goes to roberto goizueta. the two other examples in finance, they didn't turn out so well. jimmy cayne was a billionaire before that company collapsed. dick fuld the ceo and chairman of lehman became a paper billionaire in 2007 just before lehman became the biggest bankruptcy in history. this i guarantee you will end better than those two. >> absolutely my friend robert frank. thank you so much, buddy. >> i'll leave you a voice mail. >> please don't. melissa, what do you hav

is jamie dimon right about this? jamie fan, and jamie often says what other people are thinking. and, you know i would say that that might have been an accurate statement in the past. i think it's changing dramatically. i do talk to lots of shareholders over the last six months. >> because you hear about people like blackrock and larry who's now doing his own work. >> yeah. and that's true i think of most major shareholders right now. i've probably made 30 shareholder calls in the last few months and not one of them defers completely to iss or glass lewis for their recommendations, they do their own work. i think the issue is the smaller investors and they're overwhelmed. all the news we just saw and the size of annual reports and the complexity of annual reports, it's impossible for a small investor to stwael wade through all of that and have the resources required to make their own recommendations. so i think it is an issue certainly for retail investors, for small investors. but i think the large investors now alm

jamie dimon and lloyd blankfein continue to run these banks. it would make a difference. it was in a message that you can't do that. and not only have they not been sent to jail, not only have they not had any personal indictments or convictions, they also continue to get uphold it by their shareholders, which actually isn't something -- europe has kicked out some bankers. juan: i want to bring in eric lecompte of jubilee usa network. the issue of cold. we have heard over the weekend of norway sovereign wealth fund decided to invest in coal investments. could you talk about the g-7 nations role in the issue of coal? >> the entire role of the g7, as they describe themselves, is to focus on global economic growth. when we're looking at these particular issues around divestment, i think we also see a lot of connections between what nomi was describing in terms of how the local patent system is operated as well as what gawain described as the protesters on the ground, these 2 -- trade agreements as well as overall negligence to really addressing corporal -- mobile policy issu

jpmorgan ceo jamie dimon released jamie dimon versus david saint jimmy made an indelible and a valuableontribution to our company, our people, clients and industry over his nearly 40 years of dedicated and selfless service he was an incomparable force of nature. mr. lee jay joined jpmorgan back in 1975. he was known as a pioneer syndicated lending. among the most influential bankers in this area famous for handling the biggest transaction and ipos. lee is survived by his wife beth, three children back seat, jamie and izzy and his grandchildren. meredith whitney joins us on the television to talk more about this. lasers with me as well as darius. good to talk to you. thanks for calling in. you knew jamie lee quite well over 20 years +-plus-sign wall street. can you tell us about him? >> for main street, you probably would've never heard of this guy. before i heard of this guy, i remember being in conversation with jpmorgan. of course we have jimmy lee. do you realize what a major influence he was almost draped in almost every major debt deal that went on. as evidence of that, if you went

jamie dimon is really coming back out into the public. probably right around this time. he had throat cancer. he got cheated and he is better and to that point, he is back. after talking to tampa bay lightning yesterday we have all got hockey fever tonight. game four, chicago blackhawks hosting. in chicago preparing for the big game, tampa bay released the series 2-1. i am in his corner p are i love the blackhawks. the guy seems to genuinely love hockey. he says it is ok. stephanie: of course he does -- erik: hang on a second. stephanie. he is a wealthy dude. he says it is ok if all i do is break even. he is not looking to milk the fans for tons of money. he said it is ok if i break even. yes got a real estate project pair that means the fans will probably get a better spirits -- experience. stephanie: i think they get a better experience whenever the team wins. erik: still to come, i will take you inside one of the world passes biggest energy companies. that would be chevron. ♪ ♪ erik: chevron, the second largest oil producer in the united states, is active in more than

jamie dimon said simply he was an incomparable force of nature. jimmy lee dead at 62. is been extraordinary to look at the anecdotes people have been offering up. i went back and looked at the first time he was mentioned in american banker in 1997. there were some canadian banks trying to put together a hockey game and they said no one tell jimmy lee he is going to bring pros. mike: that is a tom keene moment. there are a lot of former hockey players at work on wall street. vonnie: a lot of headlines. not only are we dealing with the after nafta of the fe -- the aftermath of the fed's statement. all of these headlights coming out of europe. the ecb and ec potentially putting together a debt relief carrot. with all that in the background we have an s&p futures up 1/4 of a percentage point. european stocks were lower, but they are rebounding from the losses. the dax down. the ftse 100 .1%. the dollar index getting kicked while it's down. the dollar index down .6%. when it comes to yield, we are seeing spreads come in a bit. thwe two year yield .6%. brendan: angela merkel

jamie dimon had been previously diagnosed with cancer and has undergone treatment. u mentioned an anecdote about jimmy lee coming into office. betty: they were close. they were partners for decades. jamie recounted how during cancer treatment, and jimmy would walk into his office every day and give him a hug because he said -- i know you need one. these are guys who do not show emotion much. they are leaders here. it was a touching moment to see these two were not only strong stalwarts and partners, but very close friends. it was a moving tribute. when we were talking about paul tudor jones, jimmy lee mentor hundreds of people. is -- who questions is going to take his place at jpmorgan? it seems there is a very deep bench there. our thoughts and prayers are with the family and friends of jimmy lee. he was 62 years old. this is bloomberg. we will be right back. ♪ betty: this is the bloomberg market day. pimm: anthem not giving up its takeover bid for cigna. david kobani at -- rejected the bid. itsy, anthem reiterated commitment to the deal. >> this is a priority for u

tom: jamie dimon. a newly minted billionaire.tractions and let's start with janet yellen. this is about the stock market and revenue growth and earnings growth. liz ann sonders measuring the rate of change and sales and how much is brought down to your bottom line. i haven't had this discussion in ages. where is corporate earnings growth? liz ann: we managed to get into low single digits in the first quarter and that was up from an expectation of the first quarter. that improvement is the largest on record. not to a level that is terribly lp for corporate profits but it is supporting the idea that analysts said the bar too low. tom: we know currency has been challenged what is your confidence that corporations are officially getting to whatever earnings are? do you have a belief? liz ann: whether they are efficiently getting there or whether it will benefit long-term shareholder value because they have been doing it the most part. i get the question all the time you are not talking about the retail investor or the hedge fund or p

jamie dimon lectures elizabeth warren on banking. he says she doesn't understand it. >> and the drought is your fault "varney & company" is about to begin. ♪ >> >> baby you're a rich man. you live in a nice neighborhood and the president wants to engineer who your neighbors are. yes, social engineering on a grand scale, more in just a minute. several big names on the show today former senator evan bayh, what is the plan for obamacare. and a subsidized lien in a eflt wealthy area. attention dog owners we have an app for you, think of air b and b for dogs. on the show 10:45 eastern. and cheryl casone of course monica crowley. let's get to the main headline of the day that we picked president obama wants to diversify wealthy neighborhoods. blake berman in d.c. explain it to us please. >> good morning to you. the administration administration is moving forward with a plan that's according to a one on the hill trying to maybe more neighborhoods more diverse. housing and urban development would determine where that housing would be constru

we have heard this concern from everyone and janet yellen and jamie dimon.g a macroeconomic convergence, the u.s. is tightening while the -- while europe has its pedal to the metal. the study says no, stay on the sidelines. pimm: perhaps to take advantage of the liquidity price. someone's crisis is your opportunity. it is not to be unsaid, the black box, a mutual fund company, they are working to try to access additional money in times of crisis. example, borrowing money from sister mutual funds and increasing the amount of money that they would be able to borrow against holdings to meet redemption. it is not going unnoticed, and the industry is not responding. as far as investment strategy goes, if you have a situation in greece when you cannot get money out, people with money have an advantage over those who don't. olivia: are looking forward to seeing you in 10 minutes. breaking news out of vienna where the iranian nuclear talks are ongoing. the u.s. has extended its agreement until july 7 to get more time for talks. secretary john kerry and his iranian c

scarlet: we will be hearing from .ber's chief advisor mark: jamie dimon is now a billionaire.berg world headquarters in new york come on mark pocan, here with scarlet fu appeared scarlet: we have breaking news for you. the fed releasing its beige book. had to peter cook for the details. peter: this may beige book could provide jenny ellen and her colleagues at some reassurance the u.s. economy rebounded after that dismal first quarter. the anecdotal r

betty: jamie dimon wrote that he was a master of his craft but so much more.ncomparable force of nature. bymy lee's loss will be felt friends and colleagues a life, but his legacy will be forever etched on wall street. ♪ scarlet: derek jeter has stayed very busy in his life after baseball. his latest venture is telling online bullies to stop it. it's also the name of his first tech investment -- and at that allows students to anonymously report abuse to administrators in real time. joining us to discuss it is the ceo of stop it. great to see you. how did derek jeter get involved with stop it? guest: there was a mutual business relationship. we got to know one another and introduce what we were doing and the rest is history. himlet: did you bring it to ? how does this fit in with his other interests? he was interested with jeter's leaders, being ambassadors to their communities, so the synergies were great. scarlet: he has invested in this app. how has he helped you get the word out? obviously with his awareness -- what he does on the field is fantastic, but of

jamie dimon has proven that. the best manager in the world cannot, it's very difficult for him to manage jpmorgan. what needs to be done is it needs to be broken up. do not give a bank deposit insurance that has a securities arm. it's very easy. it's a free market -- neil: these guys have been wrestling with that at deutsche for some time. >> of course. that's why deutsche bank is going to get smaller. neil: okay. and with that, will you go that route too? >> good chance. neil: very good. we will be talking to john mack about that later in the show, also addressing what's going on at apple. another conference, 5,000 attendees there. you know the talk is that it's always something big that's got to happen at this shin dig. not necessarily, ceo tim cook is expected to speak there, but i must stress if you're looking for a new product announcement, we're told that might not be in the offing. more new music service could compete with itunes and would already be a cannibalizing service. hard to say, but when apple doe

among the winners, jpmorgan's jamie dimon and also john stumpf of wells fargo.an check out the full bracket on bloomberg.com. they went down the games, the brackets. you guys narrowed it down. mark crumpton is the voice that you are hearing. let's not tell them who the winner was. but who were the last two guys standing? john stumpf of wells fargo. it's a little chung and -- tongue-in-cheek, but it's about profitability. pery: growth and book value share which is very important when you're talking about banks. -- who isnner is going to say it? mark: it was john stumpf. this is one of those things where you look at what he has done for the bank. you look at his reputation in the wall street community. you look at all these other metrics that we used and it seemed like he was the clear winner. if some of the had told me, who do you think it was between mr. stump and mr. blankfein? most people would've said mr. blankfein. the tim out in the bloomberg brackets. betty: barely when you crunch the numbers. you have a lot coming up in the next hour. mark: it's interesti

you have everybody from jamie dimon to janet yellen worried about this issue and regulation is a bigt of it. it anis it fair to call unintended consequence of regulation? nabila: i think so. erik: i can't imagine regulators wanted to suck liquidity out of the bond market they wanted to do one thing and ended up with perhaps something else. thank you very much. at this point, olivia, i'm going to say goodbye. i've been on for two and half hours. olivia: you can take a break, great to have you could much more ahead. back in 2. olivia: welcome back to the bloomberg "market day." i am olivia sterns. we are waiting crude inventories this on the morning that bp tells us that the uss surpassed saudi arabia to become the world's largest energy producer. are rallying u.s. and we're seeing gains in energy stocks. energy rallying about 1%. we are a few moments away from the crude inventory numbers. we are expecting them to show that inventories are continuing to fall. it looks like supply as seen a little bit of relief. i want to cross over to julie hyman, unless the numbers. -- who has the num

jamie dimon that he does not a possible that could derail the u.s. economy.y than in chicago, he said the u.s. is now better than it has ever been and has the best technology in the world. on says he has legitimate concerns about leadership in washington, including senator elizabeth warren, saying, i don't know if she fully understands a global rankings this to him. want her onould not the committee. and a dialogue on the crisis in ukraine and respecting the men's accord. minsk accord. and the man by obama to lead the transportation ministration as he is concerned about rampant security cap -- gaps at the airport, saying if he is confirmed by the tenant, he willfully identified those gaps and close them. last were reports in the couple of weeks that undercover agents were able to smuggle banned items in the seven out of attempt. and marriott international said it will offer guests access to netflix on televisions in its guest rooms, allowing just netflix by signing into their existing accounts through the app on connected tvs, and guess can also sign up for a

ceo, morgan stanley's ceo, and jamie dimon was also very close. all three who didn't make the grade. the new chiefis executive of microsoft and there is no way to compare him to last year's performer. julie: he still has an 81% approval rating, which i think is pretty good. olivia: is it a ranking or didrical box they check or you learn anything on why the employees think their bosses are great? julie: the glassdoor report had some comments. it is all anonymous so you feel safe doing it. they took quotes from that. their approval rating is what was g it was. olivia: why is google's larry page such a good job? howe: they like to pay and he acted. pimm: was there any correlation between how they are paid and their standing in the survey? julie: a lot of these outperform the s&p. olivia: presumably these employees who are so happy have shares and that is why they have vested interest. companies likee airbnb, which is in public, which is on the list. you probably get equity if you work there. if your ceo's good, you probably gave him a good rating. pi

it still doesn't feel like the banking community, maybe jamie dimon, but the rest haven't to me been serious about investing in this. but maybe they will be. maybe that's a big growth area will come from. hilary: as a matter of fact, my sources have told me, what the banks are focusing on is having a handbook. is having the right disclosures ready. and the crisis management. but not really truly -- charles: so instead of prevention. ththe public aspect. >> exactly. they're really not -- but i do bet some of the more premium banks like a goldman sachs on the investment banking side, the private equity banking blackrock, blackstone, i bet they have instituted in their own internal it and they're watching their firewall. >> government in the private sector. the banks and the government are actually working very closely. they believe that an attack on the us could hit the financial markets first and foremost. a lot of dialogue going on. charles: there's no question the former world trade center was the target. it wasn't just because it was the tallest building. that was the financial hea

the ceo of jpmorgan chase, jamie dimon, was questioning her knowledge saying quote, i don't know if shely understands the global banking system. that's quite a statement given that warren is a u.s. senator that helped create the consumer financial protection bureau and was a harvard law professor. here's her response. >> the problem is not that i don't understand the global banking system. the problem for these guys is that i fully understand the system and i understand how they make their money, and that's what they don't like about me. >> yep! i think she understands plenty. for example, she understands jpmorgan chase took $25 billion from the government bailout after the financial crisis and the financial crash. she understands the bank has been fined $20 billion by the government for breaking the law. she also understands the bank was taking $14 billion a year in government subsidies up until at least 2012. that's corporate welfare. she understands all of this. and she wants to do something to change it. that's why wall street is so scared of her. did mr. dimon think she'd ignore hi

liz: jamie dimon making a comment, a dear friend of jimmy lee's and jpmorgan chase ceo. jimmy made an indelible and valuable contribution to our company, our people, clients and industry over his nearly 40 years of dedicated and selfless service. when you see jimmy, and i just saw him a couple of months ago at the jpmorgan ceo summit, he has such an easy smile and enjoyed and loved what he did. >> he loved what he did. he was ambitious but never wanted to run things. he reminded me of a reporter that was a really good reporter that never wanted to be an editor, he just loved getting his hands dirty and doing deals. when i think of deal-making, i don't think of anybody else but jimmy lee. he's going to be missed by a lot of us. he was the guy that also taught us a lot. some people wouldn't pick up the phone sometimes and what was great about jimmy, he would teach but things, about how to understand things. he was a very decent man. liz: jimmy lee was 62 years old. thank you, charlie. we'll be right back. you premium like clockwork. month after month. year after year. then

melissa: very, very close to jamie dimon who is said to be devastated by this news obviously. >> yes. melissa: he did say of his friend and colleague's passing, it is with deep sorrow and a heavy heart i inform you our beloved friend and colleague jimmy lee unexpectedly passed away this morning. our prayers and thoughts with his wife beth, three children, lex sy, jamie, izzy. and hess entire family we dearly loved. jimmy was mentor to my and some others. vice chairman of our company and former head of our investment bank, jimmy made an indelible valuable contribution to our company, clients, our industry over his nearly 40 years of dedicated and selfless service. jimmy was a master of his craft. he was so much more. he was incomparable force of nature to all who had the honor of knowing him. he will be sorely missed. we love you, jimmy. for those that don't know, a truly legend on wall street everyone in the business knew. everybody is talking about this right now. >> you know, listen, wall street guys get a bad rap. some of it's deserved. jimmy lee was one of the good guys. i mean, i

i mean you can say, okay, i remember jamie dimon writing about liquidity issues in his letter to shareholdersng now. you've got a note -- or story last night related to a note from citi. the $3 trillion bond trade citi group says investors should fear. what's the deal here with how concerned investors need to be about liquidity in the bond market, the corporate bond market, and otherwise? >> i think you should always be concerned any time you hear people that are involved in the structure of trading telling you there is a liquidity problem. but in this case i also think you need a grain of salt because a lot of the people complaining about overregulation are the people who are being overregulated. and i don't know that it is a better alternative to go back to 2006-2007 where deposit institutions were de facto hedge funds and private equity funds. so i think there's probably a reasonable course somewhere in between. no regulation and too much. i think part of the process is finding it and hopefully we find it before a crisis precipitates our need to enact a brand-new dodd-frank for things that

olivia: jamie dimon put out an e-mail yesterday with a video of jimmy lee and in it he says the lastis , you have got to put your family first and the way you do it is you have to be organized. put those soccer games and teachers meetings up there with meetings with the ceo. tell us more about what it was like working with him. we had bill cohan on earlier who said he was built for making big deals. steve: having a handle on the ups and downs of any kind of deal. i worked for him on many deals. he was part of one of the largest ever done in terms of financing. jimmy was skilled at eating able to focus and keep a lot of balls in the air -- at being able to focus and keep a lot of balls in the air. i think he focused on his family at the same time, which was a huge testament. i think he lived his life how he wanted to live it. he made a difference both in his family and the company he worked with. it is a sad day. matt: thank you for joining us. steve pagliuca, friend of the late great jimmy lee. let's check in on top headlines. the mers virus surfaced entire in -- in thailand. south k