he now joins larry fink and alex gorsky.gafter another a council that perhaps no longer exists. live from new york and washington, this is bloomberg. ♪ david: this is bloomberg markets: the trump economy. i'm david westin. the latest on president trump's decision to disband his advisory groups after a series of resignations. statement says, we believe the debate over foreign participation has become a distraction from our well-intentioned and sincere desire to aid vital policy discussions on how to improve the lives of everyday americans. that is steve schwarzman who has that counsel. margaret from washington. bloomberg broke the story the strategic counsel would be shutting down. the president says we are going to disband both at the same time. the ceo of johnson & johnson, larry fink saying they are resigning. this is turning into something a little bit hard to follow. when you put it all together you can safely say that a major cross-section of american executives want to signal publicly that they are not comfortable with

steve schwartzman runs a private equity firm, larry fink runs asset management firm. money for pension funds. manage money for average people as well. these are consumer-oriented businesses and running away from donald trump right now. that is not a good sign for this presidency. maria: so you're saying that this council is being disbanded and you're saying -- >> what i hear, let's be clear, my sources are telling me the press release is going to be released soon. likely to be disbanded. i don't have it fully disbanded. cnbc, we should point out and reuters are pointing out it's disbanged. i want to see it in paper before i say it is. maria: what do you hear in terms of the pressure the guys are getting? i was on the phone with a ceo yesterday and told me maria i'm getting calls nonstop, step off the board, step off the council. do you think the left is calling all of the members on all of the councils and sort of putting the heat on to say hey, you've got constituent shareholders, here's the board, what do you think? >> i can't imagine jamie dimon is going to be bull

early on larry fink and were early movers, we talked about mary barra, and steve schwartz man, early on in the conversation on monday were not as i clined to make the move to disband, but really that tuesday on both in terms of the comments that the president made doubling down -- and i mentioned it earlier. i think the comments in response to both the tweets from ken frazier at merck, and in particular at doug mcmillen at walmart, that comment that was made yesterday afternoon, that's what may have been broken the camel's back, if you will. by last flight it was relatively clear that this group did want to disband we talked about whether this president had done this voluntary. i do believe that now that we have talked to more sources that by this morning, or at least during this phone call that steve schwartzman was resigned to in fact deciding this entire thing had to end >> but just to underline, when he had fought back against the ceo of merck and walmart, that appeared to be the breaking point for some of these? >> i think the combination of doubling down on the comments tuesday

tolerance, inclusion, diversity, and speak against those who divide us, racism, bigotry larry fink also sending a memo to his employees this morning. he writes in part, while i have disagreed with the president in certain instances this year, i continued to participate in the forum because i believed it was important to have a voice at the table for investors, including our clients. unfortunately after the last few days, i concluded i could no longer in good conscious participate in the forum it wasn't just the comments that the president made over the weekend and doubling down on it tuesday afternoon, which clearly outraged many of these executives it was also the way the president treated both kim fraser in reaction to his decision to get off of the manufacturing council and then later a comment that was made about doug mcmillen's walmart after he sent a statement out to his employees condemning both the violence and the president's reaction on monday evening that's all from here >> before we let you go, andrew, and before aman. i'm going to sound cynical, but i was intrigued that wit

morgan chase, larry fink that sells mutual funds and manages pension funds or steve schwartzman that rounds la quinta hotels, they're worried about the taint of his approach and how that would affect their business. >> there's a line that gets crossed. that's when people say, okay, enough. harlan, i know you're shaking your head. let's face it, he had an opportunity to put this to bed. all he had to do is read the same statement he read before, even the one over the weekends, which he did at one point, but he didn't need to give any room for cover. any room at all to this group of people that do not represent what america is about. by missing that opportunity, he has a lot of people saying he's either undisciplined or maybe there's something else going on. they don't want to be associated with it, harlan. >> trish, the president in his defense has repeatedly unambiguously condemned the actions that took place in virginia repeatedly. he has repeatedly condemned david duke. what more does the mainstream media, what more do we on this panel want from him? >> why did he engage yesterday?

xiosave a headline from aio bets is larry fink of blackrock will remain on the economic council, or leastos is reporting that he will remain. we had comments from johnson and johnson's ceo, who said he will remain on the council as well. alex gorsky says he does respect the decision of others, but he will remain. a massivenext, engineering and construction firm is falling today on a moody's downgraded. 10 president trump's infrastructure plans boost its fortunes? from new york, this is bloomberg. ♪ scarlet: we are keeping a night on what is going on at the trump tower lobby in new york city. the president will be delivering remarks at any moment could he signed a new executive order that will reform the infrastructure permitting process. we expect a q&a session with gary cohn. we will bring you those remarks as soon as they begin. abigail: industrial engineering and services company fluor is down 1.5% today on heavy volume after a ratings downgrade by moody's, deepening its 2017 the kind to 26%. officially a bear market. joining us with maurice oliver renick. what is happening here? olive

there was a conversation that happened before yesterday's final meeting of the entire council where larry finkad gotten together or gotten some of these folks on the phone as well. there does seem to have been a concerted effort going into this meeting and to put some pressure on him to call the meeth and then of course to disband it we reported yesterday jamie dimon also was active in all of this so from what we understand it was always a comply katd situation for him given that he represented jp morgan and of course 200 ceos their job is to have a seat at the table but we're told when that meeting began he got on the call and he said it is over from his perspective and then of course the great combination with all of this, he called jared kushner to say we made the decision we have to call the president jared kushner says can you put in the press release that we're doing this all in agreement? they do it almost as a stop to him and then before they're able to even release it, he puts out his tweet. >> i'm going to jump in and add more color as well in terms of jamie dimon. he did issue a sta

blackrock ceo larry fink said events in charlottesville were nothing short of domestic terrorism which needed to be condemned unequivocally. jpmorgan boss jamie dimon said it was a leader's role to bring people together, not tear them apart. it marks a stunning rebuke for the man who pitched himself as a savvy business leader. the former treasury secretary larry summers also says those plans are probably out of the window. taxaybe there will be some cutting, but i think the reform,s for structural which was the aspiration the president laid out, are minimal at this stage. francine: let's get more with our global business correspondent, stephanie baker. we are also joined for the hour by bob janjuah and ralf preusser. thank you both for joining us. stephanie, what happens today? yesterday we had the councils being dissolved, a lot of ceo's saying, we don't agree with the response of president trump. does he regroup and refocus? stephanie: we started off with a trickle of ceo's leaving, then it turned into a torrent. he tried to get out ahead of it by disbanding the council. we are seein