the mylan became mylan -- the epipen became mylan's first billion dollars drug, $4 million in net sales revenue, one drug over the last decade and rebate the discounts. my my my. also engaged in a massive marketing campaign. according to information obtained by the committee mylan spent $100 million for advertising and marketing for epipen last year alone. then came the price increases. when mylan acquired epipen in 2007 the cost of two epipens was about $100. in 2012 they raised the price to $218,000 and in 2014 they raised it again. see the pattern? they raised it again to $350. in 2015 they were on a roll, $260, and now it is $608. the price of epipen shot up exponentially. and fellow executives at mylan. and $2.45 million for financial reports. the compensation has soared to $18 million, a 50% increase. mylan's chairman got even more, $22.5 million in 2014 alone. after the public backlash the most recent price increase would expand assistance programs. this is the same playbook other companies use, price increases finally spark outrage, the patient assistance program and make as muc

i would like to highlight two facts about mylan. first, we aren't the kind of pharmaceutical companies that offers only a handful of companies, in fact, we are the exact opposite. over the last 55 years we have grown to offer more than 2,700 products, predominantly generics made at more than 50 manufacturing facilities. capable of producing up to 80 billion doses annually and we see the need to do more. this year alone we will invest approximately $1.2 billion in research and development and manufacturing or roughly 3 million a day to bring affordable access to many more complex products such as insulins and bio similars. second our business is predicated on high volumes of hundreds of products. in the u.s. alone we offer a portfolio of 635 products which translated last year to more than 21 billion doses available to patients at an average price to mylan of 25 cents. over the last decade mylan's medicines have reduced the u.s. healthcare cost by approximately $180 billion. this is an epipen. it may look simple, but it is actually q

i would like to highlight two facts about mylan. first, we aren't the kind of pharmaceutical companies that offers only a handful of companies, in fact, we are the exact opposite. over the last 55 years we have grown to offer more than 2,700 products, predominantly generics made at more than 50 manufacturing facilities. capable of producing up to 80 billion doses annually and we see the need to do more. this year alone we will invest approximately $1.2 billion in research and development and manufacturing or roughly 3 million a day to bring affordable access to many more complex products such as insulins and bio similars. second our business is predicated on high volumes of hundreds of products. in the u.s. alone we offer a portfolio of 635 products which translated last year to more than 21 billion doses available to patients at an average price to mylan of 25 cents. over the last decade mylan's medicines have reduced the u.s. healthcare cost by approximately $180 billion. this is an epipen. it may look simple, but it is actually q

i would like to highlight two facts about mylan.irst, we aren't the kind of niche pharmaceutical companies that offers only a handful of products. in fact, we are the exact opposite. over the last 55 years we have grown to offer more than 2,700 products, predominantly generics made at more than 50 manufacturing facilities. capable of producing up to 80 billion doses annually and we see the need to do more. this year alone we will invest approximately $1.2 billion in research and development and manufacturing or roughly $3 million a day to bring affordable access to many more complex products such as insulins and bio similars. second, our business is predicated on high volumes of hundreds of products. in the u.s. alone we offer a portfolio of 635 products which translated last year to more than 21 billion doses available to patients, at an average price to mylan of 25 cents. over the last decade mylan's medicines have reduced the u.s. healthcare cost by approximately $180 billion. this is an epipen. it may look simple, but it is actu

more bad news for mylan.r 1/2 the company has been hit with a class-action lawsuit over epipen price increases. the suit, we understand, was filed in an ohio county court today and this on top of the fact that earlier new york attorney general eric schneiderman took out his sword and started slashing. he is launching an antitrust investigation into mylan over a possible monopoly at schools, just in time for back to the school season. you know schools are required by law to have epipens in there and mylan's ceo, heather bresch, who said just a week 1/2 ago, i'm just as frustrated, really? where is she now? because she is apparently canceling all kinds of appearances at different health care conferences. the farm see ceo in defense mode while desperately trying to control the company's pr disaster after her company jacked up the price of life saving autoinjector epipen by 550%. as sticker shock intensifies and mylan attempts to quell public outrage with discounties on overpriced generics, my next guest bass the

you keep trying to convince us that mylan is doing a great favor, but mylan is making money. but to come in and to say that some of the things that you have said, it just makes me, you know, feel that maybe you do not think we are that bright. and that is a sad commentary. so thank you very much, and we look forward to receiving your answers. and documents. >> we will be following up both of you within 10 days. committee stands adjourned. thank you. >> thanks, buddy. >> announcer: tonight at 9:00, afterwards -- >> the budget problem is such a mess. five or six people will decide the budget for the next month. announcer: talking about his career and academics as well as his political philosophy in his book "american underdog." he is interviewed by the former chair of the republican national committee. >> if the people vote, the key is here supposed to be a democratic republic. that does not mean you have to win every race, but that there is a fair process. if the votes are far more flowers in your fiscal hawk, you lose. >> once more, we will have a government of, by and for th

mylan has bee investigated before, paying a settlement in 2009.hey asked the justice department to respond to their letter by october 12th. for "nightly businessreport,"m . >>> still ahead, why some federal offic are concerned about more election-related cyber at ♪ >>> two federal officials in two days have warned of cyber security threats ahead of the presidenti today fbi director james comey told lawmakers that over the past month, voter registration databases in states across the country have come under a >> any hacking in connection with this nation's election system is something we take extraordy seriously. the whole of government. and so it is something the fbi is spending a lot of time on right now to try and understand. what are they up to and what does it involve and what's the scope of it to equip the president to decide upon the apprope response. >> and just yesterday, the head said a number of curi states have asked for help to secure their syste >> in the run up to the november 8th election, we have been working with state election of

we estimated our net, what would come to mylan would be 200. after you take costs of goods out of that and epipen-related cost, it will certainly be less than the $50 that we talked about today around the profit per pen that mylan receives on the brand. >> i think you answered this question but sit important. i want to be on the record. walk me through the costs all the way down to what mylan gets for treating it as a name brand versus treating it as an authorized generic. >> sure. so this is the math of -- you can see the wholesale acquisition, mylan revenue of 274 minus cost of goods, minus the direct cost, which is the $100 or $50 per pen. and what we've said for the generic, wholesale agriculture is 300, mylan received 200, less cost of goods, less epipen-related costs. so it will be substantially less than the $50 of profit per pen that we receive on the brand. >> thank you, mr. chair. >> thank you. just one question. >> following up on what he said. it seems like you would be taking a loss. when you go to generic. it seems like you would

you keep trying to convince us that mylan is doing a great favor, but mylan is making money. but to come in and to say that some of the things that you have said, it just makes me, you know, feel that maybe you do not think we are that bright. and that is a sad commentary. so thank you very much, and we look forward to receiving your answers. and documents. >> we will be following up both of you within 10 days. committee stands adjourned. thank you. >> thanks, buddy. >> the presidential inauguration is about four months away. preparations around the u.s. capitol have begun. members of house and senate leadership to heart in a ceremonial groundbreaking today, inmering in the first nail what will become the state really 45th president of the united states will be sworn into office on january 20, 2017. let us have a look. if we could please pick up our hammers, and join me in driving the first nail for the presidential inaugural platform. let us do that on three. 1, 2, 3. [hammering] [laughter] [hammering] [applause] >> well done. >> that video from our capitol hill producer. fo

you're removing relationships with mylan?ractual issues that we can't resolve until the end of the year but moving forward, we are going to be independent of any producer or marketer in the epinephrine space. liz: how much will it cost you? what kind of money are you out doing that? it's a brave move. i'm sure many of your people might appreciate the move but does this leave with you a financial hole? >> well, it is money that we won't have to support our programs but it's something we felt that we needed to do regardless of how much money was involved. liz: do you think the ceo, heather bresch should step down? i'm only repeating what some people have said about the situation. not so much from the past but how the near past mishandled this situation so badly. and worse going on another business network, cnbc, saying she is more quote, frustrated than anybody. that is hard to believe for some people who have children, either who have died because they didn't have access to epipens or who have children who suffer from these fa

and that mylan is paying its executives far more, for example.ou have already testified that you earned $18 million. that's last year. i understand you earned $2.45 million in 2007. so you got a hefty increase. but from 2.5 less than 10 years ago to 18 million last year. that's the figure? >> i am blessed and fortunate to have not only financially, but to have worked with this company for 25 years and to -- >> can i ask this? what have you done to earn a 671% increase? what have you done to earn that kind of increase? >> well, i believe mylan has done a tremendous amount. >> i'm asking what you have done. i'm interested in your compensation. what have you done to earn that kind of an increase, 671% increase, in less than 10 years? >> i would say with starting to save the u.s. in the last 10 years over $180 billion. our products alone have saved this country $180 billion. >> i'm talking about this product. >> i'm talking about mylan, but my compensation -- >> i'm talking about this product, ms. bresch. is your compensation based on what you have d

elijah cummings, here's what he told mylan's ceo. >> after mylan takes our punches, they fly back toheir mansions and in their private jets and laugh all the way to the bank. while our constituents suffer, file for bankruptcy, and watch their children get sicker or die. >> reporter: representative cummings referred to martin shkresh the ceo who raised a price by 5,000%, saying when he came in after he testified he called the congressmen i am by sills and he named the same for another company, valiant. he really calling on mylan to lower the price of the drug. and in another heated exchange he had with another congressman, they asked about that decision of the $600 price and mylan's ceo said she thought it was fair. listen to this. >> we're supposed to feel because you've taken a drug you're overcharging six times what it's worth and you're going to drop the price to $300. >> sir, we were receiving $274. >> do you think you're overcharging at $600? ? >> sir, we believed it was a fair price and we have lowered the price by half? >> why did you lower it by half if you thought it was fai

recent increases to epipens have not yielded the revenue to mylan that many assume " bresch say mylan will begin selling its generic offered coupon cards and has doubled the limit for eligibility for its patient assistance program. members of congress, including iowa senator chuck grassley, say that isn't enough. "the steps that we can take is to put pressure on the food and drug administration to get other generic drugs approved that accomplish the same purpose, there's competition for mylan. " grassley says mylan has a social responsibility governor mike pence is heading back to the state's capitol this weekend. he's headlining this year's 16th annual iowa faith and freedom banquet. but right now, here's a look at morning! it's ---. wet weather is on the top of the mind today. after torrential rainfall last night, another round has moved back into the area this morning, and is unfortunately impacting the same areas as last night. as a result, flooding is a certainty, but the severity is something we'll need to assess day by day. remember to heed all warnings and evacuations over nor

mylan received 200 less cost of goods less epipen related costs. so we will be substantially less than the $50 of profit per pin that we receive on the brand. >> thank you, mr. chairman.ou. spin would the gentleman yield for one question?st >> i would be -- >> just one question. just follow up on what you said. it seems like you would beto taking a loss, unless i got my math wrong. when you go to the generic and he said you got certain costs, seems like you would be taking a loss on the generic. am i missing something? >> not a loss. i just said we would be making less than substantial less than the $50 per pen we're making today spent we would not recognize the gentleman from illinois, ms. duckworth. >> thank you, mr. chairman.ntlem i want to highlight the stories of two comes from a district. lease and bad of an eight year old son was diagnosed withhi severe food allergies before hed turned one. basic internet begin for five years and one day bryant atete something and begin foaming at the mouth and vomiting and nightmare came true. when he came

i bought some mylan today. >> mylan? >> yes. >> rails, airlines, very cheap. things you can play there. i will buy it back, lower and get longer. >> either candidate is going to boost infrastructure spend. united rentals. >> yeah. >> don't fall off your chair. >> dan! >> if this wells fargo thing hits the money center banks, you buy them. >> mr. sunshine today. still ahead. things are getting heated on capitol hill over mylan. take a listen. >> after mylan takes our punches, they'll fly back to their mansions and their private jets and laugh all the way to the bank. while our constituents suffer, file for bankruptcy and watch their children get sicker or die. >> and the hearings of mylan ceo heather bresch still under way right now. you're looking at a live shot there right now. we're listening in and will bring you the highlights later this hour. >>> and later, a man you've been waiting for, the bond king, jeff gunned lack, exactly what the fed would do today. what's he doing now? he's with us, an exclusive interview later in the show. much more "fast money"

and that mylan is paying its executives far more, for example. you have already testified that you earn $18 million. that's last year. i understand you earned $2.45 million in 2007. so you got a hefty increase. but, from 2.5, less than 10 years ago to it 18 million last year. that's the figure? >> i am blessed and fortunate to have not only financially but to have worked with this company for 25 years and to -- >> could ask you this, what have you done to certain a 671% increase? what have you done to earn that kind of increase? >> well, i believe mylan has done a tremendous amount -- >> i'm asking what you have done. i'm interested in your compensation. what have you done to earn that kind of an increase, 671% increase in less than 10 years? >> i would say starting with saving the u.s. over the last 10 years, $180 billion. our products alone have saved this country $180 billion. >> i'm talking about, i'm talking about this product. >> talking about mylan but my compensation -- >> i'm talking about this product, miss bresch, this product, what ha

if this mylan breaks 40, watch out. >> and mylan on the desk, anybody? >> important not to say everything is mylan in the space, though. it's highly reliant on the epipen product or the comp the executives are tied to growth and that had a lot to do with why -- >> one of those companies out of what could be a handful that are on the hit list, so to speak, of politicians should -- >> right, but again, the other means, in the sector, are not as highly reliant necessarily on one product. mylan is fairly unique in terms of the large drug companies. >> get right to the next story, because it's fitting to what we're talking about here. let's bring in chris raymond, with raymond james. he initiates coverage on another company today. it is abvi and with an outperform. chris, are you there? >> yes, i'm here. >> i know you don't cover mylan. i won't ask spacekly about that. i wonder how you can initiate coverage on any stock in this universe right now with such a positive rating, especially one like abvi, you could say have one of those drugs that is in the cross

drawing intense pressure on maker mylan pharmaceuticals. ceo heather brush defended the price increases but said a broader problem in health care is to blame. >> there's a list price of $608. there is a system. i laid out there are four or five hands that the product touches and companies that it goes through before it ever gets to that patient at the counter. >> reporter: brash says more than half the $600 price goes to middlemen like pharmacy benefit managers and distributors. still the company responded to the outcry by increasing its programs to help patients with co-pays. when that didn't quell pressure it took an unusual step. introducing its own generic product, identical to the bra branded epipen, at half the price. the move drew a mixed response. lawmakers continued to press for answers about the price increase in the first place. while critics say even the generic price is still much higher than epipen's price ten years ago. the most important question is can everyone who needs an epipen now afford it? we'll see as we get through

mylan has mischaracterized the epipen under rules overseeing the size of the rebates that mylan needs to medicaid. amy klobuchar you just had on participating in this as well as senator ron widen and congress man frank have a loan writing a letter to cms to try to figure out whether mylan has characterized epipen correctly. essentially characterized as a generic drug. therefore it would have to pay a lower rebate to medicate than an innovator drug. they say they are in compliancest compliance and applying for the new designation as a noninnovator product. this is a story they use today. in hillary clinton's newly unveiled plan to try to combat the rises price of drugs, spooking investors. weren't seeing that reflected across the industry. target unjustified prices on long available drugs. create a consumer response team to have the ability to intervene to make alternatives available. importing them from canada or speed up competition to market. also to impose fines. the biotech not reacting too much. maybe people are going on vacation. they think this may be a bigger deal than people

mylan has a 90% sharp of the product and they are rising the question, should there le limited on drug price hikes. meg tirrell is here with our cover story this week. >> the rice has prison 500% in the last decade. prescriptions for the allergy drug spiked during back-to-school season as they stock ahead for the school and the ye epipen price tag is drawing outrage and caught the attention of washington, drawing intention pressure on mylan. they defended the price increase. >> there is a drug price of 068 and there is a system and i laid out there are four or five hands that the prod touches and companies that it goes through >> bresch said more than half of th $600 goes to pharmacy and distributors and the help patie co-pays. when that didn't quell the pressure, they introduced the own generic product. identical to the branded epipen but at half of the price. the move drew a mixed response. lawmakers continue to press for answers about the price increase in the first place. while critics say even the higher than the price ten years ago. >> the most important question is can everyone

mylan is doing fine. but to come in and to say some of the things you've said, it just makes me feel that maybe you don't think we're that bright. and that's a sad commentary. so thank you very much. we'll look forward to receiving your answers and documents. >> yes, we will be following up with both of you within ten days. the committee stands adjourned. thank you. >>> the house oversight and government reform company has been hearing from epipen ceo heather bresch. the company is looking into a 400% price increase on the medicine. if you missed any of this hearing, you can see it in its entirety at our website, c-span.org. >>> the vice president of afghanistan told the united nations today that attacks from terrorist groups against afghan civilians are being planned from pakistan territory. his remarks are next on c-span3. local law enforcement officials testify about security challenges facing the u.s. after that, the premier of china talks about his country's economy. and later, a conversation on tech

they started q&a session in the house where mylan ceo -- >> you're very bright here. if you're collecting $274, or $275 for two right now and you're going to do the generic to save people money you're going to charge $300, your revenue goes up. how does it go down? >> that is wholesale acquisition cost is 300. we cut the wholesale acquisition. >> you only changed name. this is why we don't believe you. if the price goes from 608 to 300, your collection on that is actually higher and you're telling me your net profit is going to go down? >> sir, what i'm saying is the wholesale acquisition cost and i know i've he provided this too, if you want to put it up, the wholesale acquisition cost is what is going to 300. what we will actually receive we're estimating at 200. we believe it will be less than that. just as what we received the -- >> you said you will sell it direct. >> we offered that as option. >> how much does that cost to a consumer? $300is what you told me. >> we hope that everybody will get it through the channels of, all of the programs. the patient reduces

mylan pharmaceutic als makes the epi-pen to treat severe allergic reactions. but its price has gone from 100 than 600 dollars today. despite a public outcry, mylan's c-e-o heather bresch told the house oversight and government reform committee the price will stay the same. bresch also said there's a lot of misinformatio n spreading about the epi- pen. " concern and skepticisim about the pricing of epipens and i think many people incorrectly assume that we make $600 off of each pen. that is definitely not true. recent increases to epipens have not yielded the revenue to mylan that many assume " selling its generic version for 300 dollars. the company has also offered coupon cards and has doubled the limit for eligibility for its patient assistance program. but members of congress including iowa senator chuck grassley say that isn't enough. "the steps that we can take is to put pressure on the food and drug administration to get other generic drugs approved that accomplish the grassley says mylan has a social responsibility to lower its price. another person who

yesterday. >> removing relationships with mylan?e are contractual issues that we can't resolve until the end of the year, but moving forward we are going to be independent of any producer or marketer in the space. liz: really, that means mylan, but the pen may be mighty % -- mightier. that letter on dr. mark's facebook's page has gone viral. you, meaning heather has never performed cpr on a child, these are things that you do not do, i have done them, we do, our team has done them. a fox business exclusive. has been viewed nearly 25,000 times. why did you write it? >> you kw, came home after a shift one night and frustrat with the day. sometimes you bring things home with you, you try not to but things come home and i had two patients that day that i had to treat with epipen. i knew i had to give them a prescription. they didn't have insurance or primary care doctors and i knew they wouldn't be able to get an epipen and that was a frustrating thing for me. it's just a small frustrating part of the problem with the healthcare system

they own a big chunk of mylan in a huge chunk of wells fargo. he will speak for the very first time on what he wants to see happen with wells fargo and then of course on mylan. regulation could have solved all of this. donald trump said get rid of regulation on the banks small businesses it was part of what he revealed today as far as his new economic plan is concerned he made major moves in recent polling even before the speech. the new york times showing trump gaining on hillary clinton. closing the gap between the two of them from an eight-point difference to two points among likely voters. they jumped to a virtual high. when including third-party candidates each taking 42 percent of the vote. you are there in new york city where this speech got a lot of attention today. it certainly did. and in many of the things that donald trump talked about today he added a few more details the big picture he talked about regulation certainly that's a big part of it. the other part of is taxes and overall theme. the argument he's been making is if you cut

by then, mylan concern -- control 90% of the market and no one seemed to care. >> mylan took advantage of the >> reporter: the price has now climbed into the $600 range. two of the most angry members of the senate today -- our investigation shows they took thousands of dollars from guests who ? >> he started passing out and we burst in >> she with someone tears before a house payment ever became the measuring stick for a life-saving drugs. >>> for a can of much room can be an intimidating place leaving some to sit and eat alone. and a sixth grader who has much buddy while visiting his tallahassee middle school travis rudolph noticed him by himself and decided to sit down and eat with him. this video has gone viral. >> he is such a great role model. that is a cool thing to do. >>> you said we are on a race in the clock. >> there is secret ask is that i have. -- is not really secret. the website that allows me to see the temperatures every five minutes. the reason that it is critical is because we are trying to get to midnight staying at or above 72 degrees. all-time hottest august recor

that's simply not true. >> she says mylan nets only $50 per pen. the company says it will soon begin selling a generic version for $300 a pair. mylan also says it has increased its savings card program and doubled the eligibility of patients who can receive free epi-pens. patrick: a senate panel is examining the company's pricing and competition practices and the senate aging committee wants briefings on the issue. the fda says a generic version from another manufacturer is under review, but likely won't hit the ma u later. joyce: working to prevent child deaths inside a hot car. tesla has added a temperature-control function to its latest fleet. it will automatically keep the inside temperature below 105 degress fahrenheit by automatically opening vents or turning on the air conditioner as needed. a tesla spokesman says the feature will stay on for up to the vehicle. the vehicle. this is an interesting and great story. a chicago popsicle vendor who gained worldwide recognition has been given a life changing check. patrick: 89-year-old fidencio san

you get a rate hike today and people are going to be talking about mylan.pipen time you get a rate hike. you're going to say, wow, i can still get in wells because there was some discussion yesterday about gutless leadership. warren buffett has to come out and say this is not the man in charge and they've got to change their practices and if practices were additive to 5 to 10 cents a share, which he would not say, it's a nasty situation. >> so you are calling for stumpf to be forced out? >> no, i'm saying if warren buffett said he should be forced out. i've been calling for clawbacks. i don't think he should make anything. say listen, give back my salary, we're going to give back every bit. that's what he has to do. and i think he should do it. and then we move forward. >> right. >> i just think he should do it. i think it's a smart thing to do. i mean, i mentioned, i asked him three times to do it. why don't you just give it up? give it up. carrie left in july after so many years, just claw it back. hey, these are really rich people. when you're really ric

. >>> lawmakers say mylan's ceo was less than honest as she was questioned about the soaring cost of epipens, but heather breshch made one thing clear yesterday on capitol hill. the list price of the life saving allergy treatment will not be lowered. vinita nair reports. >> you put it out of reach for the average consumer. >> reporter: mylan ceo heather bresch face the bipartisanship backlash. >> i wish we could have what did you think was going to happen? >> reporter: since 2009, the price of epipens have slowly increased from 100 for a two-pack to more than $600. the 46-year-old tried to defend the spike by saying the company only makes $100 for every two-pack after costs. >> it's innovative. >> reporter: committee chairman, republican jason chaffetz. >> when the juice is a hundred and they are selling it for 600, there is some room for some pocket. >> reporter: mylan has been the focus of families complained about the skyrocketing cost. in response, it has increased a coupon. it has announced a 300 generic version for the drug. for this family, their pharmacy bill of $1,200 for tw

that's going to continue today with mylan's ceo.ay for wells fargo ceo john stumpf. i was sitting down with bill clinton just as wells fargo ceo john stumpf was appearing before lawmakers on capitol hill. here's what the former president had to say. he did share customers' and investors' surprise at the bank's blunder. >> the responsible thing is for wells fargo and our lawmakers and the press to, you know, look at the facts and do the right thing. i'll give an example. i was really surprised by this wells fargo story because if you remember, in the housing crash in 2008, wells fargo got pretty good remarks. you know? their mortgage practices were less deceptive, they had less failure, they were generally thought of as a really responsible bank. so i was totally dumbfounded when i saw that they had these employees opening all these accounts. so here's what i do, like, in your position. i would say let's try to make something good happen now. they fired all these people, but they were all lower level people. it's very difficult to be

mylan has a monopoly power.hey have about 90% of the market and it's not okay for a company that has monopoly power to engage in anti-competitive conduct or conduct designed to harm competition. one of the things we are looking at beyond the impact on the individual patient is what about the schools and other institutions that buy this drug. there's been reports that mylan may have imposed a term in the contract with school districts saying if you buy our drug and get a discount for it, then you cannot buy it from the competitor. that type of exclusive dealing clause in a contract serves to further the monopoly power of the company and puts them in a position where they can drive up prices so we are trying to look at when's the marketplace? what is -- have been the charges for the drug. what are they paying to make the drug? try to get at the root cause. >> right. >> miss swanson, it's meg tirrell. you see the situations come up with epipen and a lot of coverage of it, a lot of inquiries then start. however, we

you have the mylan labs grilling in the house today. ceo's mother used post to push epipens into schools. a lot to do no shortage of news on a busy wednesday. >> brian, thank you. see you soon. >>> back to the central bank extravaganza and the market impact. joining us is chris rupkey. good morning. >> good morning. >> the bank of japan getting creative here. can you explain what they did and what it means? >> number one, they didn't cut rates further into negative territory. that's good. another day, another stram bace banker seeing the limbs of their power. let's hope janet yellen and her crew can't do anything more to stimulate the economy. at least they're running out of room. we already saw this happening. 30-year yields in japan, the yield curve steepened on the talk that they might do this. that's good. it makes the banks -- it gives a cushion for the banks. the banks were very critical including our own management of the boj on january 29th when they cut rates into negative territory. it was hurting bank earnings. now this does

ira, he brought up mylan, i'm going to bring up wells fargo. they had numbers that looked good over the years because they were doing the sandbagging, a huge story. wells fargo falling nearly 4% ira and part of it may have to do with the fact that the company surround fire, they had to fire 5,000 people, and so as we look at that stock, if we can, wfc, losing about 4% at the moment. i am just wondering if now this is a house of cards that starts to fall. i don't want to overdramatize this, friday fell 406 points for the dow industrials, is it done? is it the fed saying i'm done with the flip-floping? >> i think it's all of it. the market came on and i said we have valuations in fairy land, everybody is chasing the market, nowhere else to go. now there is somewhere else to go. that's what you're feeling, a 1.73 interest rates here, the german bundis coming back dramatically. if the fed raises rates in september and likely in december. liz: it's not going to in september. we're not going to see that. >> i don't think so either. liz: yeah, i know.

that is actually not mylan's -- mylan's doing, that's the way the system works. insurance, especially government insurance, pay or pay less, if you have no insurance, you pay a ton out of pocket. >> ronnie, we'll leave it there. thanks so much for your time. we appreciate it. ronnie gow, and thanks to meg. >>> twitter is popping. disney dropping on takeover talk. we have the latest ahead. hillary clinton and donald trump often die picture edepicted as snarling. how do they change those images. >>> oil and brent up. we'll get the closing prices when "power lunch" continues. announcer: they'll test you. try to break your will. but however loud the loudness gets. however many cheese puffs may fly. you're the driver. the one in control. stand firm. just wait. [click] and move only when you hear the click that says they're buckled in for the drive. never give up till they buckle up. >>> hello, everyone. i'm sue herera. here is your cnbc news update at this hour. a second group of syrian rebel fighters have been evacuated from the central syrian city of oms, part of an

mylan's c-e-o..... on the hot seat...facing questions from congress..... as she defends the soaring price.... of the life-saving drug. and remember, chopper 13 brings you breaking news fast and first. but lit the afterburners after the fed announced it wasn't up 24 the big local gaming stocks had a good day for the most part. boyd gaming and mgm were up about 1%. caesars was on fire.. up more than 21%. wynn resorts was down about a half- percent. the market surge happened as fed chair janet yellin announced a hold on interest rates for now. the fed says the case for raising interest rates is strenghtening.. so a rate hike could still be on the way. that's in employment and household spending. the next chance for a rate hike would be after the election in december. finally.. u-n-r president marc johnson says the university's continued growth is helping to drive the reno economy. johnson says raising the level of research at the university.. and a growing student population.. are pushing u-n-r toward becoming a top- ranked school. and.. he expects the econom

mylan labs trading lower.hat company disclosing that pretax profits on the epipen were actually 60% higher than ceo heather bresh told congress last week. the pharmaceutical company's profits would be about $160. that is higher than the $100 figure the company gave congress. mylan says any lack of clarity was not intentional. >> i wonder what the response will be. >>> ad week's conference here in new york city where biggest names in the biz come to talk about the future of advertising. >> julia boorstin joins us with a special guest, michael roth. take it away. >> hi, bill. very noisy here at ad week. lots of buzz. michael roth, thank you for joining us. >> good to be here. >> the big debate is whether television can make gains as media conglomerates say it is with up front up from last year. are your clients going to get a better deal from tv advertising or digital? >> last year if you go back to the scatter, the scatter was very high in terms of cost. a lot of people didn't want to face that again this year.

. >>> plus, mylan ceo does her best to stifle the fire over the epipen increase.hose stories and more when we come back. ♪ using 60,000 points from my chase ink card i bought all the framework... wire... and plants needed to give my shop... a face... no one will forget. see what the power of points can do for your business. learn more at chase.com/ink trust number one doctor recommended dulcolax see what the power of points can do foconstipated?ess. use dulcolax tablets for gentle overnight relief suppositories for relief in minutes and stool softeners for comfortable relief of hard stools. dulcolax, designed for dependable relief >>> the outrage over the skyrocketing cost of epipens took center stage on capitol hill yesterday with mylan's ceo sitting in the hot seat. congress demanding answers to the dramatic price increase. nbc's tom costello has the details. >> reporter: she may be senator joe mansion's daughter, but heather bresch found new friends on capitol hill. >> you have five executives in five years that earned nearly $300 million. >> reporter: mylan ph

recent epipen price increases have not yielded the revenue to mylan that many assume." the committee also heard from a drug expert from the f-d-a -- who says regulators are working to approve a lower-cost epi-pen by mylan's competitors. volkswageni demanding payment after the company's emission cheating scandal. they want more than 9- billion dollars in damages for the losses they sustained as a result. about 40-percent of the company's market value was wiped out. a year ago -- volkswagen admitted fitting as many as 11- million diesel vehicles worldwide, with software that could cheat emissions tests. volkswagen has already agreed to pay 15-point-3 billion in civil penalties to compensate diesel car owners in the u- costa volcano erupting again tuesday... several eruptions in recent days sending ash as high as 13-thousand-feet -- forcing officials to shut down the country's main airport. people living near the base of the volcano have not been evacuated -- but emergency plans are in place in case the eruptions become more severe. the mayor of rome is expected to pull he

the mylan story sounds like it's not going away any time soon. nancy live from london, thanks so much. >>> still ahead, new violence out of syria this morning. plus, the u.s. is blaming russia for the deadly attack on a convoy trying to deliver much needed humanitarian aid. the live report on that. >>> and the brangelina breakup with a certain friend caught up in the mix. we're back in a moment. okay, so what's r latest data say? our customer is a 21-yr-old female. heavily into basketball. wait. data just changed... now she's into disc sports. ah, no she's not. since when? since now. she's into tai chi. she found disc sports too stressful. hold on. let me ask you this... what's she gonna like six months from now? who do we have on aerial karate? steve. steve. steve. and alexis. uh, no. just steve. just steve. just sve. live busess, powered by sap. when you run live, you run simple. trust number one doctor recommended dulcolax constipated? use dulcolax tablets for gentle overnight relief suppositories for relief in minutes and stool softeners for

after mylan takes their money, they will laugh all the way to the bank. >> reporter: an fda official also testified during the hearing. congressmen want to know why it takes so long for new drugs to be approved, arguing the hurdles are blocking competition. vinita nair, cbs news, new york. >>> comingon news." a disturbing health trend. xptant mothers are dying in this country at an increased rate. we will find out why. this is the "cbs morning news." ended up together. that's just what happens when cats call the shots. new friskies tender and crunchy combo. tasty textures cats gotta have. friskies. for cats. by cats. anyone with type 2 diabetes knows how it feels to see your numbers go up, what if you could love your numbers? discover once-daily invokana?. it's the #1 prescribed sglt2 inhibitor that works to lower a1c. invokana? is a pill used along with diet and exercise to significantly lower blood sugar in adults with type 2 diabetes. and in most clinical trials, the majority reached an a1c goal of 7 percent or lower. invokana? works around the clock by sending some sugar out of y

since 2007, mylan his hate for more than $100 to $600.ght of the pr crisis, mylan has introduced a generic version to the market. the house oversight committee getting her to admit the same product is now being offered at half the price. >> was the difference in the generic version? just a name? >> it will be the same product with epinephrine autoinjector on it. >> so suddenly at a $608 now you have a generic of the generic and that's $300? >> yes. she only makes $50 per ip patent ms cap children's health in the forefront by offering free at the pens to schools by the thousands. she also downplayed the uproar surrounding the abby penned saying i believe this story got ahead of the facts. back to you in new york. cheryl: thank you, blake. the irs chief expressing regret for mistreatment of tea party groups. john koskinen saying he does not deserve to be impeached. >> i don't think anything has been done after all those pushing over the last year, year and a half. if i am in fact forced out, trying to recruit people from the premise that he