michael cohen is head of commodity -- commodities research. heard one person say, speculate that opec is going to do anything interesting. michael: you have two things going on at the meeting next week. what they will say in initial communique and what the journalists will last the ministers that are gathered. we may get sparks of excitement from what they tell the journalists after the meeting. in terms of the communique and their policy we do not expect anything to change. they're going to roll over that quota, 30 million barrels per day. what you have is a situation where they have seen their market share increase. they are out to make sure there are no longer subsidizing all the expensive producers and what you have is a situation where their market share is increased. their policy from november is working, why should they cut? what we've seen from the saudi minister from the last month demanded strong. -- demand is strong. erik: has market share increase for opec yet? there is still shale oil being pumped. oil being pumped out of heartlan

michael cohen from barclays. >>> when we come back a fake bid for avon briefly sending shares higher. green mountain shares tumbling today, down 8%. investors not impressed with the new details that the company introduced about its cold brewing process. when squawk"squawk on the street" comes back. is . >>> a phony bid for the cosmetics companies avon raising big questions about how they handle filings of public documents. the latest on that. >> simon, a good walk-through on this last night, he walked me through the process how this likely happened yesterday and the key is in getting access to the s.e.c.'s system, where this document was posted yesterday, based on apparently bogus information that was filed. according to korn anyone can get access filing an s.e.c. form i.d. you reng ster with s.e.c. they give you the credential and security codes. what korn says the s.e.c. does not check whether these are real people or real companies or not, once you get those keys to the kingdom over at the s.e.c. you can file documents on edgar. filing a fake form t.o. that's tender offer for ai vo

from an interview yesterday, michael mckee and i talking to dean maki. steve cohen's shop. the unemployment rate, here is the gloom up to 10%. a big surprise for a lot of people. the persistence and unemployment rate. maki dropped a bombshell. 4.0% unemployment -- better than 2006-2007. back to the nirvana of 1999 when letterman was younger. brendan: test results are not an accurate -- past results are not an accurate protector of the future. one of the things the obama administration has been saying is that nobody has been adding as many over that span. you see just what they were climbing back from. tom: 10%, back to the gloom. a great chart and a real bold statement. particularly from people as respected as dean maki at .72. let's continue. to london for a briefing. markets range bound, quiet and barely describing the churn across equities, bonds currencies and commodities. no one is waiting for news more than guy johnson in london. waiting to drop shoes. what is the tone in london? seems to be the banks and the drama of greece. what is that toxic mix of discussion withi

cohen wasolly -- gary on the short list. he is not commenting. the infamous former home of the late superstar michael jackson is up for sale and it could be yours $100 million. -- acre acre state estate is located north of los angeles. he turned it into a combination of use and park enzi. he stopped visiting after it was searched by police under allegations of child molestation. and spectacular new views from the tip of manhattan. the world deck -- the deck at world one trade center is open to the public. you can see 50 miles on clear days, sometimes looking down on clouds. those are your top stories. and we are waiting for the fee fifa presidential results. here's what the delegates were saying walking into the meeting earlier today. >> you think time is change -- change? is now for >> now is from blatter. >> my head says blatter will make it. know welet people cannot tolerate what has been happening at fifa. in some regards it is the beginning of the end for blatter. >> this is a secret election. secret election. we have seen crack's in the asian world. with a positive crack. scarlet: everything yo

cohen was on the short list to succeed mohamed el-erian. it never progressed beyond informal conversation. cohn a possible successor to lloyd blankfein. alix: the former home of pop star michael jackson is on sale for to $5 million. the estate once known -- $425 million. jackson bought the property in 1998 and turned it into a combination amusement park and zoo. he stopped visiting after it was searched by police investigating allegations of child molestation. jackson died at the age of 50. kind of a creep factor there. scarlet: that might be why they are having trouble selling it. alix: bingo. the biggest outbreak in u.s. history for the bird flu. piper jaffray says 30% of the egg product supply will be wiped out. how that will impact the bottom line of restaurants. scarlet: tesla shut out of the lone star state. alix: an inside jaffrey's global expansion plans. scale backlooking to annual requirements for ethanol in gasoline. it has a few in the ethanol industry up in arms as the obama administration pledges to invest up to $100 million to help expand the use of ethanol in wes, in essence saying, still back the ethanol industry. joining us is longtime ethanol industry veter

cohen made 29.6 million. something you have to keep in mind, he is the founder of that company which means he was paid a lot in equities. number two was michaeled, the big cable company owner, he pulled in $139.9 million. you have to keep in mind that media compensation tends to be very high. made -- bob iger at disney made $51.4 million. of course, most executives stand to make a lot of money when they step down. jack welch, the longtime head of general electric ceo got a package worth $470 million which in today's dollars would be worth well north of $500 million. alix: david joins us now. where are the women? i did not see any women on your magic wall. david: not my fault. being, what goes into these pay packages and why do these guys wind up getting paid so much? this: in fact, we just had at j.p. morgan and morgan stanley and that was a big focus, not just money but compensation of packages. what are you incentivizing and that is a lot of what the debate was about. mark: where the boats close? -- where the boats close? jp -- at j.p. morgan it was close but stanley morgan it was not. 51% approved it at j.p. morgan. and said it was too clo

this is according to michael cohen at barclays. he says we could see pressure from that.mberg intelligence says we have a oil waiting in the ground to come up at the right price. at $65, that could mean next to 500,000 barrels a day. rally, more production. that is the dynamic we can see in the market. mark: which companies are hedging? alix: bloomberg has found that whiting petroleum, the largest oil producer in north dakota hedged 31% of 2016 estimated output. that was from last week. overall this year, it has hedged 38%. that is up from 18%. linn energy is a similar story. they are about 80% covered now for this year. 80% hedged. they can withstand another decline in the oil price because they know what price they will be getting for their oil in the future. mark: why is oil filing today? alix: because of the general oversupply we have seen. iraq exported over 3 million barrels a day in april. there was confuse over whether iraq would be able to keep up estimates. estimates were for 4 million. we are not seeing that. due to the violence and fighting, 3 million barrels