at no time did the mckinsey people say to us you are not going to make it or you are not going to be successful. they identified a series of risks and some steps they recommended we take in order to mitigate those risks and in crease the likelihood that we would be successful and i think we did those things. i think a number of the concerns that kinsey expressed for example whether the hub would be working or the larger states like new york and california would succeed did not to -- prove to be a problem. the hub has worked very well in new york and california have done very well. we took very much to heart with the mckinsey people recommended that we do and we proceeded forward and tried to do the best we could to maximize the likelihood that we would be successful. >> again we looked at the mckinsey report. it was not settled. it was strongly worded in terms that there were serious problems but in that same month when you are before us you said before us you said things are fine so who on your staff told you that things were going to be okay and who informed you specifically? >> i

at no time did the mckinsey people say that we would not make it. they identified a series of risks and some steps that they recommended we take in order to mitigate those risks and increase the likelihood that we would be successful. i think we did that. a number of the concerns that mckinsey expressed, whether the hub would be working, or some of the larger states like new york -- california would 68, would succeed, we could very much to heart what the mckinsey people recommended that we do. we proceeded forward and tried to do the best they could to maximize the likelihood that we'll be successful. >> it was not subtle. it was strongly worded in terms of serious problems stop that same month you came before us and said that things were fine. who told you that things would be ok? was specifically informed you? -- who specifically informed you? >> i received regular briefings. the person i heard from the most was probably henry chao. >> despite debriefing from mckinsey, did he say that things would be ok? >> we had regular reports on the status of

>> may i speak for a moment to mckinsey? there's no question that they identified a number of risks that they saw back in april as to whether we would be successful, october. at no time did the mckinsey people say that we would not make it. they identified a series of risks and some steps that they recommended we take in order to mitigate those risks and increase the likelihood that we would be successful. i think we did that. a number of the concerns that mckinsey expressed, whether the hub would be working, or whether some of the larger states like new york and california would succeed, we could very much hear what the mckinsey people recommended that we do. we proceeded forward and tried to do the best they could to maximize the likelihood that we'll be successful. >> it was not subtle. it was strongly worded in terms of serious problems stop that same month you came before us and said that things were fine. who told you that things would be ok? who specifically informed you? >> i received regular briefings. the person i

we used to do it at mckinsey.i spoke to positive people who would speak to me, owners, operators and managers. i lived with the restaurants here. i spoke to bankers, iran my business that i wanted to convince myself, is this viable conceptually and financially? it's not philanthropy. i'm not in a career for just ego ego -- if you will. it's only after i did those three months, still it taught me very little. i so miss having a chart. legal, travel, corporate. one day when i get to the empire i will get all that back. it's been such an amazing journey, hugely gratifying and i strongly endorse it. making that change whether you call it the second act, renewal or evolution. >> we will call it evolution as it evolution as i go to maria. you are in a position where you had your dream job and everything was going so well. then because of the economic downturn you had to step back and rethink everything. how do you not let fear hold you back in a situation mike back? >> i think you have a point where it just sort of tell

. >> i saw pictures of the mckinsey party. --this is like television. live television. >we are trying to get a sense of the pulse of doubles -- davos. >> there is hans letting loose. >> cranberry juice. >> we will get back to him in a couple of minutes. you can see more of the exquisite conversation with the imf's erector -- director tonight at bloomberg at 7:30 p.m. london time. >> people dancing and looking at images, the morning-after without the music, it is cruel. >> you said in your memory, one had a sore head in davos. >> looks like the microsoft overhaul is starting to bear fruit. with more is caroline hyde. >> record quarterly sales. $24.5 billion. is $266 million per day, $11 million per hour. >> someone has been on the track you later. -- on their calculator. >> the desperation to catch up. from software into hardware, it is working. xbox was flying off the shelves. they must've sold well. that dragged up the whole hardware unit. also cloud, internet-based software. this is paying dividends. their new strategy, the reorganization of their products, the office

and so for me, i didn't just quick mckinsey and say all right, this is a. i took a leave of absence. i took a couple of months to really invest in myself. we call it early emotion. we have to tear -- we even had to do at mckinsey. i would speak to owners, operation managers. i went and lived with the restauranteur. i did the numbers inside out. i spoke to vegas. iran a business plan. i wanted to convince myself is this viable, conceptually and financially? financially? it's not philanthropy. i'm not just throwing away a career for ego to build myself up. it's only after i did those few months, still it taught me very little. i so miss having a jar. i.t., legal, travel, corporate. one day when i get to the empire i will get all of that back. but it's been such an amazing journey. hugely gratifying. and i strongly endorse, not just still but making a change, whether you call it second act, renewal, evolution can whatever. >> we will call it evolution as i go to maria. you are in a position where you have your dream job. everything was going so well and then b

three weeks before you told the committee you had no question about the exchanges being ready, the mckinsey program briefed you on a number of risks facing the website and federal market place and those included late policy, delayed design and unlimited time to test the website. i mind like to know why you feel confidence telling the subcommittee everything was on track. and similar, cms's own e-mails from the summer of 2013 shows officials were worried the wb site would crash on takeoff. and you told us everyone would be able to go online, learn their subsidy and enroll starting october 1st. i thank you for being here and i know the number of times you have made yourself available to testify and i appreciate. but it seems hike you are faced with knowing about the problems or you did and didn't inform congress. promises made and promises broken are disheartening. we have spent over $6 million on the website and no warning was giving that a disaster was coming. after years of saying if you like your plan, you can keep it and the president apologized. and what about the decrease the president

mckinsey wrote, china's ecommerce specter has grown 120% each of the last ten years.doption of the internet within china today. >> a lot of people out there are interested in the companies you already hold. but how about alibaba? do you get an allocation of those shares wherever they list, here or in hong kong? >> alibaba is the grandaddy of all china internet names. it's twice the size of ebay and amazon combined. in a single day, they have a day in china, an anti-valentine's day. it's called singles day. 11/11. alibaba did $5.7 billion sales u.s. that's up 80% year over year. and is greater than cyber monday here in the u.s., 1 1/2 points. >> getting back to the question. >> so, alibaba is expected to go public this -- yeah. we're hoping the second quarter of this year. it could be valued as upwards of up to $190 billion u.s. and we have created within our index, the fast track inclusion. it will be included within 11 trading days which is faster than traditional benchmarks. >> brendan ahearn. >>> polar vortex 2.0. will it push gas up to the $5 level? >>> plus, the

is and she brande disagrees with mckinsey. >> what is the true price of stocks? >> we don't know, do we? we are going to find out. we want to get the fed out of the market. the sooner the better as far as i'm concerned so we can return to real normalized price discovery. >> will you stay invested as you await an uncertain outcome? >> absolutely, tom. there are enough danger flags out there. friendly, ben bernanke will leave office to a standing ovation based upon his record and what he had to deal with. but so did alan greenspan when he left office. bernanke's final chapter will be written for another few years. remember, 2000 five, ben bernanke said we won't have a housing problem. 2005, ben bernanke said we wouldn't have a housing problem. he gets it on youtube. >> going to go down under, firefighters fighting a 45,000 hectare -- what is a hectare? a fire sparked by the extreme heat that has been leaking during over the south of the continent. and a lot of stories about the australian open and how it is affecting the tennis players. every day this week, tempera

don barton from mckinsey. nouriel roubini and ian bremmer. people, john rice, who handles international for jeff and not just,neral electric. -- j -- >> you mentioned rouhani speaking, the sanctions were lifted that you route is not going to participate in syrian talks. what does this mean for cooperation? unimportant question. i will be doing a panel tomorrow morning. person panel, john lewis key will be in the audience, he was the lead american at the imf for years. hopkins. at johns he uses the word "macro prudential." that is not happening in basel, in banking. how are we going to jumpstart ordination? >> tom keene from davos. >> wish you were here. >> say hi to matt damon for me. we will be checking in throughout the week. act in new york, time to look at our agenda, the stories shaping the day. bm, and absolutely huge story. reporting earnings this afternoon, fourth-quarter report on news and novell is in discussions to acquire the low end server business. ibm shifting business from hardware into software. the notion of the cloud. consi

had something from mckinsey, we have a google party, i am not sure which one that is. we will have to get it from the man himself. he will tell us where the action was on friday. tonight we also have a party hosted by marissa mayer. >> that sounds like a lot of fun. i have to say, there is a bunch of guys in suits dancing there. that kind of takes the edge off things. still looks like what a lot of fun. what else have you been doing? i hear you had conversations with interesting people. >> we really have. i caught up with george soros last night and we spoke about syria, something he feels that every human being should be focused on. i also had an in depth discussion with the imf managing director, christine lagarde. part of our conversation was on iran. the leader is the first in a decade to visit davos. rouhani could struggle to achieve big ambitions for his country. relationshipet the on sound footing with appropriate review of the economy and a thorough discussion with all the monetary and budgetary authorities. >> you were saying today that he hopes that he was sa

most of the people -- mckinsey and company says only 11% in its survey of the people who have signed up for obamacare is insurance were previously uninsured. it just makes me furious. they have taken the best health care system in the world, turned it completely upside down, thrown for 5 million people out of their health insurance so far tens of millions yet more to come in order to be able to provide health insurance for a few million people that we could have provided coverage for much more sensibly and direct way and much less expensively. we are going to get even further from the goal of universal coverage. that is what other members of congress told me. i was in the galleries and i have to watch it to the bitter end. there were people saying finally we are getting to the goal of universal coverage. we are going to be further away from that. when you have tens of millions of people in small businesses about to lose their coverage, and people that have coverage last year and can afford it now and are not buying it we are going to have more as a result of this law. many of the uni