back with us is the ceo and chairman john thain. alking about this acquisition for the last few minutes. it is over and done with. what are you most focused on? are you that focused on a fed hike? john: no. i do not think it will impact the economy. i do not think it should surprise everyone they will just get it over with. i got the same answer with the same expression. no. if we're think, putting too much pressure on the data points, saying this will have such a few -- a huge impact, should we be so concerned? john: rates have been zero for too long. if anything, they should've already raised rates some. i do not think they will negatively impact the economy. for the financial sector, it would be better. erik: all of the money has pretty in,ump look making it difficult for guys like you to originate new credit. john: that is true. we hold a lot of cash. more money in a higher, short-term environment. erik: that is organic growth. if you can originate new credit thanks to the cheaper funding you have through the deposits, that is a

and we will bring you more of our interview with john thain.itness, the low change engines james hit the markets today. top of thet the range but is off by 9% in early trading. let's find out what the company ceo had to stay. -- say. ofwe are here on the floor the ceo of planet fitness, chris rondeau. ,ou want work to the front desk now worth over $2 billion. what you envision for planet fitness? >> we grew the model, we had great franchisees that keep on putting money back into the stores. we have 1000 gyms in the pipeline. >> what model do you expect to use, franchises or company-don't stores?- owned plan to focus on franchising. we are a franchise company. >> your ipo is at the high end of the range. now. percent in early trading. what are investors missing about your story? >> we are in it for the long haul. we have been at this for two decades. it is a good opening and i'm looking forward to the long haul. of your revenue generation, i saw that equipment is the biggest revenue generator for your company, which is surprising, considering yo

. -- john thain ♪ ♪ ♪ ♪ get excited for the 1989 world tour with exclusive behind the scenes footage,or swift's music videos, interviews, and more. xfinity is the destination for all things taylor swift. pimm: welcome back. let's take a look at some of the top headlines. in its first day as a publicly traded company, planet fitness opened down nearly 10% in the first few minutes of trading this morning. the stock has recovered much of that. it is at 1% now. priced yesterday at the top end of the range. the chief executive of planet fitness told us in the last hour that he sees lots of opportunity for expansion thanks to e-commerce killing off so many big-box stores. >> e-commerce compression has really helped our market grow. all of these big boxes are franchise isd our taking advantage of the real estate. the stock is listed on the new york stock exchange under the symbol plnt. is learning that bank of america is reviewing a paulson fund, fearing that large positions might be difficult to sell. telling financial advisors to withdraw about 80 million dollars from paulson's advantage f

mark: earlier today on bloomberg television we interviewed john thain, the ceo of cit group.s the next financial crisis is probably going to originate from online lenders such as yourself great i would like to play a bit of what he had to say. the most leveraged lending is being pushed out of the bank space into the hedge funds. if you wanted to worry about the next crisis, you would worry about that space. that is where the more leverage, the more risky pieces are going. mark: are you and other online lenders taking on the most credit risk? renaud: not at all. i think i agree on some of the bec's and hedge funds. it's actually a perfect match between assets and liabilities, 1:1. there is a lot that is risked in our system. it's also very diversified. instead of what you saw with highly dependent on the securitization market, lending is just the opposite of that. it's a marketplace with tens of thousands of investors, hundreds of thousands of dollars. very distributed, very diversified trad. mark: you have partnerships with some of the traditional banks. are those partnership

and coming up an interview with john thain formerly of merrill lynch at 3:00 p.m. "the closing bell. " ♪ approaching medicare eligibility? you may think you can put off checking out your medicare options until you're sixty-five, but now is a good time to get the ball rolling. keep in mind, medicare only covers about eighty percent of part b medical costs. the rest is up to you. that's where aarp medicare supplement insurance plans insured by unitedhealthcare insurance company come in. like all standardized medicare supplement insurance plans, they could help pay some of what medicare doesn't, saving you in out-of-pocket medical costs. you've learned that taking informed steps along the way really makes a difference later. that's what it means to go long™. call now and request this free [decision guide]. it's full of information on medicare and the range of aarp medicare supplement plans to choose from based on your needs and budget. all plans like these let you choose any doctor or hospital that accepts medicare patients, and there are no network restrictions. unit

joining us in an exclusive is john thain, chairman and ceo of cit group. welcome you to john. >> nice to be here. >> what does this deal represent for the banking industry? >> there is the first deal where we created a new cifi. there should be more consolidation in the banking industry and particularly for institution that's are below $100 billion, i think this is a good sign. >> you know it -- the talk is that you and bbnt down in north carolina are with all the acquisitions that they've been making and wanting to make recently that floodgates are going to start opening up for regional banks to continue this merger maenaa. do you agree with that? >> if you think of the compliance cost that's banks have to endure it makes sense for the institutions under $100 billion to combine. >> john thinking back on your career and wonder what reflections you may offer as we move through the post crisis period into a world of still incredibly low interest rates, a slightly weak economy and what you see as the most vibrant piece of this industry. >> we lend into the mid