this kind of [ bleep ] keeps going on, you guys will all be placed in lockup.dn't do what. i'm not going to listen to any stories. i'm not going to deal with anything that says who did what and people pointing fingers at each other. am i clear? all right, ladies. thank you for your attention. >> thank you. >> i hate you. >> just when all appears quiet and under control -- an outburst is heard from the neighboring segregation unit. she'screaming. >>o oh, my god. >> 3 years old. >> i wouldn't care if i did something, but they're lying. they're lying. >> bring it -- bring it -- bring it down. you got to bring it down. you have to bring it down. the only way i'm going to stay here and talk to you is you bring it down. i'm not going to let you yell at me. ultimately, the reaction i was expecting when we gave her the results of her hearing is what we got. you know, i expected her to start ranting and raving. what's the issue? >> i want to be able to call my lawyer. >> you will have the opportunity to contact your lawyer. okay? you need to -- >>s t ir. >> but you need

just last night i was watching "lockup" on tv and now i'm on lockup for real. i woke up to banging on the door. it turns out to be the detectives from the bergen county prosecutor's office and they wanted to speak with me. they had questions with a shooting of a cop. i mean, i didn't shoot the cop, but i sold the gun and that's why i'm here. no towel, nothing. don't come to this hotel, guys. they don't got [ bleep ] ready for you. >> though nunez was investigated for his connection to the gun, law enforcement authorities have yet to issue any weapons charges. >> when they came into my house they did a little search. they were looking for guns. all they found was pot, weed and 70 grams of bath salt. that's about it. >> nunez was only charged with drug possession to which he plans to plead not guilty. but he believes prosecutors are building a case against him related to the police shooting. >> i just regret it, you know what i mean? it's not even worth it. trade in a .45 caliber, $500 for a 10-foot -- what is it? 9 x 7? >> now in jail, nunez faces another demon,

of contractual lockups that give them power to require audits, oversight, some sort of certification. audits done by facebook or an outside party to ensure there was compliance. we are weeks and months into this, and facebook cannot assure us that the information is not still floating around. or that the researchers have actually destroyed them. in law school we teach students how to enforce these kinds of promises, and it does not appear that facebook has any remedies at all that are effective to discipline third-party developers that have a very broad access to consumer data. what i would like to hear from facebook is what are we going to do to control this? yogi berra's famous line was this is deja vu all over again. things were designed to avoid exactly this problem. i would like to see facebook come before the senate, as sucker is going to do next week, with a real list of things to control this part of the problem. i agree with harlan. there are lots of other problems. >> now that you bring it up, what you helped negotiate in 2011, you indicated earlier you believe it has been v

there is no lockup period.are joined now by the senior analyst for internet and consumer electronics, jitendra waral. what is the best case for spotify? jitendra: the best case is a goes smoothly in terms of volatility. they have the opportunity to sell. if you look at the strategic investors, they hold a big chunk of the company, so it is all about a supply and demand of stock and volatility. alix: walk us through what we can expect on the exchange floor. if i want to go out today and buy shares. jintendra: they will be price discovery in terms of what is supply and demand. because the volatility is unknown in terms of how much supply will come online, and we know spotify is a well-known brand, so there could be retail interest as well. hopefully they are able to pull it off. david: jitendra, as far as we know, why are they doing it? they are not raising any moneys -- any money themselves. this is a describe her goods story. -- disk -- this is a subscriber good story -- goods story. they have some momentum in

some kind of contractual lockups that give them power to require sort ofoversight, some certification of not over collection or sharing, audits done by facebook or an outside party to ensure that there was compliance. thise weeks or months into and facebook cannot assure us that the cambridge analytic data is not still floating around are the cambridge analytics or cogan, the researcher, have actually destroyed them. i teach law school. we teach students how to enforce these kinds of promises. it does not appear facebook has any remedies at all. so basically disciplined third-party apps that have broad access to consumer data. i could go on. what i would like to hear from facebook is, what are we going to do to control this. berra'se era -- yogi famous line is this is deja vu all over again. we saw these problems in 2000 11. the consent decree was designed to avoid the cambridge analytics problem. one of the things i like to see is facebook come before the senate as zuckerberg will do next week and come in with a list of things that are going to control this part of the problem. i agr

drop off, the lockup time for those who helped with the ipo, has now expired.tock is neutral, jpmorgan and overall, analysts are saying the company is well positioned. inbhub is getting coverage the analyst says the company is winning this game, a clear leader in domestic space, and finally, bold economy out performing, and wells fargo expects investiture us which could unlock value. shery ahn: thank you. coming up, the japanese prime marked by rounds of golf and lavish meals -- lavish meals. the encounter will be a different story and we will tell you why next. this is bloomberg. ♪ shery ahn: this is bloomberg markets. david: we turn now to mark crumpton. thrown out a law used seriousreigners of crimes. a crime of violence was so they guess to be unconstitutional. the government doesn't have the discretion to let them stay. president trump criticizing california governor jerry brown for rejecting proposed border duties for the national guard. on twitter today, the president claimed the climate in california will worsen because of governor brown's actions. the

look, because it's not an ipo, it's not a lockup. maybe they'll have to do a secondary offering after investors get more comfortable with the stock that's fine. spotify is the kind of stock that gets cheaper. it makes it cheaper than the much-slower growing sirius 4.9. and 8.1 for netflix. with a similar growth forecast if you give spotify the same valuation, you know where the stock would be $275 compared to peers, it could turn out to be a real bargain if it goes less, you have even bigger potential spotify belongs to an elite group of companies where you don't think about paying the bill i bet growth-oriented money managers would be willing to pay a lot more for its stock yes, i do like spotify that much let's go to hunter in pennsylvania hunter >> caller: hi, mr. cramer. thank you for taking my call from here in montgomery county, p.a. >> may hoy home area, what's up >> caller: my question is about live nation. i bought the stock a few years ago. it's done well for me, but it's taken a hit since february and now the doj is going

they asked two decades ago to be sent to the same lockups that prison officials said the brothers mightonspire to escape if they were together. now corrections officials say there's no reason to keep them apart and relatives say the brothers enjoyed a heartfelt reunion behind bars. >> arthel: following the president's a big plan to dispatch thousands of national guard troops to the border. the pentagon is announcing its plan to establish a new security self that will add support to both homeland security and the border. jennifer griffin live from the pentagon with more in the story. >> as of late yesterday, the pentagon could not tell us how many national guard the white house hopes to send the mexico border but on air force one, president trump told reporters he envisioned two to 4,000 national troops at a press briefing here at the pentagon, officials could give no timeline for when the troops would be in place but they did and as they would be standing up a new planning sell here. it will demand 24/7. >> effective immediately, we are establishing a new border security support cell. t

this is a stock than 100 million shares. 170 million shares that are treatable because there is no lockupall volume is setting this 26 billion dollars valuation here for spotify and if and when these shares -- shareholders decide to sell down the road to inject a bit more volatility that they don't want to see in the stock. time for a bloomberg exclusive, apple is planning its own ships and mac computers starting as early as 2020. the move would take processes from intel. >> it is a significant move or apple, it is a defining moment for the company. it is them saying we have the need a partner to do the main engines in error most expensive and fastest computers, we will be able to do it ourselves. apple has never been a company that was to stick to other people's roadmaps. they want to do things their way. this will let without going forward. >> apple is pressing into the future, the company is working on bringing touchless control and curb screens to their iphones. curb screens? curved screens? it will look percent of the same as the amazon one. each smartphone maker, but needs to try to

. >> eric: would you have handled an investigation like that if you had a suspect in the lockup?> absolutely not. you don't offer immunity to everybody that could become a target in the investigation as they did in this case. you certainly -- even if you do offer immunity, you are still going to capture the information and what is said in the meeting by actually documenting the meeting. they failed to do that. >> eric: do you think the fix was in? he defends himself and said it was handled appropriately and that's the way it was done. >> i don't know how anyone cannot believe that the fix was in when he goes on television in july and announces that -- he hasn't discussed any of this with the doj. the attorney general's office. and he goes on television and lays out the investigation and then puts on the a.g.'s hat, jumps out of his lane and says nobody should take this for prosecution. now he's the prosecutor as well as the finder of fact. it's very bizarre from a criminal investigator's standpoint. >> do you intend to read the book? what are they talking about in washington when

the critics but we've got to start somewhere because people are being locked up and maintained in lockuple we're having these kind of beltway debates or academic debates. >> absolutely. the mass incarceration epidemic began with nixon's war on drugs in 1971 and proceeded unabated largely for 45 plus years. you're not going to reverse it with just the wave of one legislative magic wand. we have to continue to chip at it aggressively until we can unravel the whole system. that's why we think a first step in the right direction is helping those individuals who are currently incarcerated get access to the type of programming that will allow them to be job ready upon release, go back home and be productive citizens and bring together a coalition that can continue to do this work until we can finally break the back of the prison industrial complex. >> well, we're going to be watching. i remember when president obama came in office, he had newt gingrich and i tour on education and i know how uncomfortable that was for both of us and the flack we both took. i know where you sit now working with

now back to "lockup." >>> welcome back to "dateline extra."fter jody scharf fell to her death a new prosecutor was brought in. what could he uncover? here again is chris jansing. >> what's stuck in his mind -- >> time is an invisible but crucial player for both sides. >> 16 years. sometimes it hurts a case. memories fade. evidence is lost. witnesses die. but time can also put evidence in a new light. such was the case in the trial of stephen scharf accused of killing his wife nearly two decades ago. >> there is no statute of limitations on murder. >> the prosecutor promised the evidence would tell a story as simple as it was brutal. a husband determined to avoid a costly divorce lured his wife to the edge of a cliff and forced her off it. >> if he has lied he is guilty. >> the state marshaled some familiar facts to tell its story starting with the crime scene where the prosecutor said the cliffs showed no sign of an accidental tumble. >> no debris, no clothing, no blood, no hair, no tissue. >> and then there was the husband himself, cool and c

stock that has over 100 million shares. 170 million shares that are treatable because there is no lockupvolume is setting this $26 billion valuation here for spotify and if and when these shareholders decide to sell down the road to inject a bit more volatility that they don't want to see in the stock. ♪ >> time for a bloomberg exclusive. apple is planning its own chips in mac computers starting as early as 2020. the move would take processes from intel. >> it is a significant move or apple. it is very much a defining moment for the company. it is them saying we don't need a partner anymore to do the main engines in our most expensive, fastest computers. we will be able to do it ourselves. apple has never been a company that wants to stick to other people's roadmaps. they want to do things their way. this will very much allow for that going forward. >> apple is pressing into the future. he company is working to bring touchless control and curved screens to their iphones. curved screens? >> yes. >> what is this? >> we have seen this already with samsung. relatively speaking, all smartphon

same with ackman, they have lockup periods so you can't pull the money out.: one eighth at a time. >> for pershing square. here's what i know, that people at both of the funds are bracing for massive redemptions. as of now they are saying they're going to stick it out. they're going to stay in the business, but there does come a point where enough's enough and you manage your own money, and some of the things that i hear is that both guys, einhorn and ackman have a lot of money, the employees of ackman's firm have $5 billion in the fund, it's a substantial hedge fund if you took out the outside money, you know, they're clearly talking inside these shops about them becoming family offices. now they say that's not the case now, they have no plans but if it keeps going the way it's going not stopping, they got issues. that's where it is. it's an amazing fall from grace from where they were nine years ago, amazing story. liz: we are hearing breaking news of 5. 3-magnitude earthquake near los angeles am the lapd tweeted -- they also said please keep 911 lines open

now back to "lockup." >>> due to mature subject matter, viewer discretion is advised. >> which one?cial emergency response team of san antonio's bexar county jail has just broken up a fight. and one of the combatants is no stranger to staff. >> verlander. 704721, sir. >> for adam verlander it's the latest in a string of jail fights. this time it was with a member of los zetos, the mexican drug cartel. the fight erupted over a deal between the two inmates. the cartel member had asked verlander, a talented artist, to create a tattoo sketch for him in exchange for some commissary snacks. >> was a picture of la santa muerte, the angel of death. >> but the inmate became incensed after discovering verlander had included a hidden image in the drawing. the two lightning bolts that make up the nazi ss symbol. >> i put a bolt in there. i ain't going to lie. you see it on everything. i've got lightning bolts on my cub. on the lid of my cup. it's a white thing. this is a bad-ass picture. i put a lot of time into that picture. ty -- i really liked it. he didn't. >> verlander's latest fight comes

and now, back to "lockup" >>> due to mature subject matter, viewer discretion is advised. >>> when paulof his cell inside the hamilton county justice center in cincinnati, he sees a reminder of what could have been. he is one of the few inmates who managed to escape from the facility. >> they put me in this cell, exactly the view that i escaped from. that's ironic. but like, i came from the horseshoe. i came this way. went across the street. up the bridge right there, around the bridge. took off back there and went up that big [ bleep ] hill. and ran off. i looked and i said damn, why they didn't catch me? >> green was captured after two hours outside the facility and transferred to his fifth floor administrative segregation cell. despite his high security surroundings, green says he still escapes the jail every day in his mind. >> i meditate sometimes. astral project. i feel like when i meditate i'm not here no more. i'm locked down 23 hours a day but between 8:00 all the way up to 7:00 i'm not here. i'm gone, walking around. astral projection is a state of meditation so you can leave

now back to "lockup". >>> all right.l that we love her and that everything's going to be okay. >> officials at the tulsa county jail recognize that as the number of men and women in jail or prison continues to increase, so too does the number of parents who have left children behind. >> all right, i love you. >> it's estimated that there are more than 1.7 million american children with at least one parent behind bars. nearly twice as much as ten years earlier. the jail offers several educational and religious programs along with one designed to help parents reconnect with their kids. >> she's feeling poorly and i'm taking her a surprise. >> it's called story time. >> mama said not to speak to any strangers. >> we bring the inmates down to the library and they're able to pick out a children's book and they read it, it's recorded, and then the tape and the book is sent out to the child. despite their circumstances, despite the bad choices that they've made to come here, they still want to stay connected to their kids and,

we're dealing with north of 90% of the shares that will be available to trade there is effectively no lockupry that will be available to trade the bottom line is what we don't know is it may open at 160 for example, but we have no idea of how many people are actually going to sell at that price and that's what everybody's trying to figure out now. that's the one little x factor here we're getting close though back to you. >> all right, bob, thanks. monitoring waiting for the open from spotify now, over to the cme group joining rick santelli. >> thanks. david. back to gavin bush he said he was emotionally invested in the market emotion is huge. i referenced we're emotionally tied to the interest rate complex. i'll get to that in maia minute there are about five things that explain why stocks in general have had so much volatility. we'll start out with multiples we've had many people today, david rosenberg included, talking about it's easy to understand what's going on this year we'r lowering the multiples what can affect them maybe momentum when they're plowing through a field like it's dry h

actually was up about 20% and i should have sold it but i didn't had a great earnings report and the lockup last week so seeing some insider selling. >> still sitting in it >> i have a small position but wait for the next earnings report at the end and a may add and i'll tell you when you do. >> will you tell me also >> no. >> let's do the blitz. first up is insight. it is down sharply on pace for the worst day in 12 years. it is cancer drug failed in a phase three study. josh. >> this is like in the godfather when michael said this is the business we have chosen. if you are a single stock risk in the biotech, sometimes a trail goes wrong and you erase huge gains this is the type of name where investors understand the science and give it a few days and see if it will settle out and decide if they want to own more people casually traded it and they get hit at a trend line break and that is the story. >>> valiant. it is upgraded, but neutral to $15.5 stock. >> and only neutral because there are two positives and neg tys. higher highs and lower lows. the one negative that is keeping my trepida

the no lockup periods, it all comes down to supply and demand.d it fascinating when you say there is a concern about a lack of supply. it is a lack of supply, that can force the price up initially. did we lose her? i was getting so warmed up there. a lack of supply or lf of people willing to sell would be a real problem. you get a real pop in the price. is no prices covering in the betting -- beginning. >> in the end, it will balance out. >> fortunately, she is interested me. amazon? >> lots of volatility, lots of enthusiasm, we had amazon open up 2% and dip lower. they said the company is not good and then meandering and then rent 2:45, a bloomberg report saying that white house sources are not planning on taking any action here. what really stands out is yesterday we had the stock down 5%. his reports that president trump does not like the company and they would make changes, nothing fundamental has changed. right now we have the market isrply higher cause amazon waiting on his averages. quest there is no other stock that matters. not just the

is there some kind of due diligence on who's getting access to the data, some kind of contractual lockups that give them power to give audits, oversight, some certification of the opera collection and sharing, audits done by facebook or a third party to ensure there is compliance, so we are weeks and months into this. or cambridge analytics researchers have destroyed them. i teach law school and we teach students how to enforce these kinds of promises. it's basically just a fun the broad access to consumer data. i could go on, but what i would like to hear from facebook is what are we going to do to control this? the famous line was this is dÉÀa vu all over again. we solve these problems in 2011 and the dissent to create was designed to avoid the problem so one of the things i like to see is facebook come before the senate and come in with a list of things that are going to control the problem. there's lots of other problems, but in terms of providing minimal safeguards those are some of the things i want to see facebook talk about. now that you bring about the dissent victory coming to s

tale, scandal in bohemia, there is a scene where rated to getting, watson is walking along and he lockup in the apartment. he walks up and knocks on the door and sherlock invites him in the they talk for a while. manyys to watson, how steps are coming up from the ground floor? watson says i don't know. sherlock says, how many times have you walked up and down these steps? hundreds. 17 steps are coming up the ground floor. you see but you do not observe. that is what we need to do. we need to observe that. there isn't the right amount of toilet paper in venezuela. [laughter] there is not the right amount of anything in venezuela. why? they have a centrally planned state. it should be obvious, if we just observe, we could ask people that. how is it there is exactly the right amount of all these products everywhere and every moment of time, and market capitalism, and there is a shortage whatever the government tries to set a price? if you want a shortage of is a natural there disaster, make sure you have price gouging laws, which does not allow the price to rise, but demand is rising and su

but there's no lockup on everybody. >> no lockup in the past so nothing has changed so they don't seay nothing has changed. you are able to sell some of your shares. today it's something very similar to what happened in the last five years, ten years the point is investors, some of them, they want to spend more shares it's more equal. if you want to buy shares tomorrow, today, you can have access to those shares there is no lock up like the usual lock up you can have as an investor we'll see in a few hours the number. >> are you planning on selling into this? >> no, i won't sell into ipo shares. >> will you sell any shares in the next six months? what's your plan >> plan is to be with the team and decided with my team interestingly enough, when i had this conversation with daniel, i said, what -- do you have any preferences me holding my shares or sielling my shares he said, no, you do whatever you think. >> what's the valuation at -- at what number would you sell and what number wouldn't you sell? >> it's interesting. i will say that somewhere around -- so per share or -- enterprise

there needs to be some contractual lockups, and there needs to be some ways of, after the fact, makingure that the third parties behave as they promised. at the moment, facebook is simply depending on wishful thinking that third-party apps are going to do whatever is in the terms of service. but the cambridge analytica debacle has shown there really are no controls. when i use the word audit, that is what i am trying to refer to. >> from what i understand, these are really assessments, which is different. so you have the private assessor who is sort of cataloging benchmarks. there are ways for companies to game this. they will change their practices right before. for example, to look better, for the assessor, they will often not -- obviously, this is not public -- but they will also not list material changes, things that would be relevant to a consent decree. the assessor does not have access to, or the company does not tell them about it because of the timing. a formal audit would require it to be public. it would require the company to sign off on material changes of their policy and

after 720 days at this texas lockup, ethan couch this morning set to walk free. he can't outrun the outrage triggered by his 2013 drunk driving escapade that left four dead. >> we do believe it's a great injustice to the victims and their families. >> reporter: breanna mitchell was 1 of 4 killed in his drunk driving crash. her brother struggles with the suspect's release. >> if you did wrong, you are punished for what you did wrong. this isn't even close. >> reporter: on father's day weekend 2013, he piled seven kids in his father's souped-up pickup truck and police say hit 70 miles an hour down this lonely road. >> oh, lord. yes. there's another child in the ditch. oh, my god. >> reporter: in his sensational trial, his defense argued the then 16-year-old was too rich to know right from wrong. it's a so-called malady dubbed affluenza. >> affluenza. >> affluenza. >> too rich for jail. >> reporter: he was convicted, got ten years' probation. but not a single day in prison. in december 2015, couch and his mother disappeared. they were tracked down in puerto vallarta

for eric and lyle menendez, a lockup meetup. >> the prison officials allowed them to meet together for brothers became emotional and hugged each other. they're so excited to be reunited after all these years. >> reporter: lyle had been serving time in northern california but in february was transferred to erik's prison in san diego. this week, they were placed in the same facility within that prison. >> i think it's an answer to prayer. i've been praying for many, many years this would happen. >> reporter: the brothers are serving life without parole for murdering their parents inside their beverly hills mention in 1989. prosecutors say they said did it to get the family fortune, while defense lawyers say it was self-defense after a lifetime of abuse. >> sorry for your loss. >> we need to pick up our tennis gear. >> reporter: the murders received a renewed attention with a "law & order" series on nbc, devoted to the case. >> joseph lyle menendez, guilty. we find erik galen menendez guilty. >> reporter: last september, lyle speak by phone to megyn kelly. >> i have not seen erik in 17 ye

book, as we call it no one soliciting orders to buy and sell at the open finally, essentially no lockupilable to trade, add it all up and it means initial trading is likely to be more volatile than usual how are they going to set the price? the opening price will be determined by orders from broker/dealers there is no bank under any obligation to stabilize the price as is typical with an ipo. in a secondary market, it's traded to 125. this year that's not very helpful in determining the price. nkm just initiated coverage with a price target of $200 though they stress that's a 12-month target. they have no idea how it's going to open. morgan stanley hired as an adviser and supposed to provide what they're calling a reference price that will be based on the trading in the gray market, as well as fundamentals, but nobody knows if this is going to matter or not second question, what will happen once the shares start trading. we don't know there either no new shares being issued well-known company, significant retail interests, the price should rise. but you could also argue that the large n

for those that do have shares, early birds they got in, there is no lockup period.hey don't have to hold on to the shares but can immediately dump them in the market today. neil, between 165 and 170, there is trader whispering in my ear right now, it is 166 right now. there are 5.5 million shares out. that is a small portion of the total amount of shares. there is 55.7. what does spotify do? how will it possibly continue to grow in this market? let's look at comparison between spotify and pandora. i particularly use spotify, very similar services that curate services for you. spotify has lower number of unique monthly users. those that choose to use spotify spend double or almost double the amount of time listening to music, myself included because of all the curated lists. people that i have spoken to and reports that i have read, there is potential for spotify to grow into the original content world. think of like a netflix. they can produce their own podcasts, what they're doing, produce their own music and get more artists to release music like taylor swift and

regarding liquidity are only like 4% of their portfolios in alternative some of those are not -- in lockupl of money, and those individuals dramatically under earn typically have to take care of their own timent now i think u.s. government is going to start looking at what is suitable for 401(k) investors. and previous government basically said there has to be one hundred percent liquidity, and basically a prohibition on alternative assets which interestingly, have a record of barely -- at losing money and earning vastly sue perrior returns, people who need to retire, should be able to have the same availability for people who have a little more money are allowed to invest in these products maria: why not? >> it is somewhat discriminator against people who don't have much money. >> the trade are you worried about trade with china you've got the president top economic trade advisory kudlow, lighthizer headed to china treasury secretary mnuchin what is advice to them what can they get done. >> i think this has been a long time coming. and not trip per se built issue in china has been relativ