new york billionaire paul singer is argentina's public enemy number one.he wants $600 million per bonds he picked up cheaply after the default for a mere $36 million. a u.s. court agreed when he demand did repayment -- demanded repayment. president cristina fernandez de kirchner uses. -- refuses. germany holds 37% of the bonds. japan, the netherlands, italy and spain also hold argentinian debt. the financial world is waiting to see who wins. >> moving onto some other news now, this summer europe has been commemorating a series of anniversaries related to this article world war i and turning points in world war ii, the dual catastrophes that of his dated europe. >> today the presidents of poland and germany opened a new exhibit here in berlin marking the anniversary of the warsaw uprising. >> veterans of the warsaw uprising traveled to berlin to mark the occasion. under the nazi regime, this area was home to german police and ss leadership. now it commemorates those who fought against the nazi occupation. it was an important chapter in polish and world hist

of people like our friend greg palast who's an investigative journalist goes down there he finds paul singer and he you know challenges sammy are about vulture capitalists you're no good ok you're in the banking industry mitch you're on the other side of this debate possibly i don't know what do you weigh in on this the the problem is there are really there are no rules anymore because the fed the e.c.b. the bank of england they've changed the game they've moved the goalposts after the game and said no no we're calling these plays back so there's a total misallocation of capital people are throwing money to chase yield and people are not assessing risk properly all the old risk managers such as myself are gone if interest rates are zero is it harder or easier to assess risk it should always be the same to assess risk but people are putting money into stuff that should be trading at twenty percent but because interest rates have been manipulated to zero what is trading below far removed the discount dividend discount model the dividend discount my viewer knew that interest rates as zero the y

you cannot write a law, a bond structure that will prevent someone like paul singer from deciding heoes not feel like accepting a default. there is a moral hazard on the part of the creditor, too. we have a money with hot money flowing into money around the world, going into sovereign bonds. if people do not feel like they have to be careful, then they will not because they can always haul it back out. >> paul singer took a risk investing in the bonds. >> you can write a contract to be what you want it to be. since 1964.d they do not really exist anymore. that is the argument from moody's and other experts that say this is a really particular situation. have the particularities of the attitude of argentina. very specific to the argentine government. the fact that they have restructured twice and refuse to improve the deal and the fact that they put the obstacles in the restructuring that would prevent people from being able to get a better deal, there is a thing called the lock law, which if you do not going to restructuring right now, you will never get paid. a problem, argentina is

. >> elliott management, the hedge fund operator by paul singer urging argentina to begin negotiatingettlement to resolve a dispute over the defaulted bond. elliott said talk should not wait until july 7 but a team of argentine delegates set to meet with a court-appointed mediator. president obama taking a price on the economy from ben bernanke today. of the whitet house luncheon. the meeting coming just one day before the u.s. jobs report. interfered --e interfered a couple of times but done with his record 31 days. said he was feeling great. good news from him. top headlines at this hour. back to you. >> a bank designed to build assets, profit and help move the business forward. connect one working to strengthen its business. combined thing -- combining with center bancorp. talk about the strategy behind the deal, frank sorrentino, chairman and chief executive of connect one. thank you for being here. as we were just talking about, cases, this has in many -- you might say why does it take six months, but in the banking world that is considered a short amount of time? >> very short.

argentina has been locked in a long-term court battle with a group of hedge funds led by paul singer.ay in a court room in ordertan, judge thomas the parties to engage in continuous the negotiation's with acorn -- court appointed mediator in an effort to avoid a default that could come next wednesday. >> will this be the first time authorities talk with the media? had met separately with the court appointed mediator. a new york lawyer. they have not negotiated together as far as anyone knows. that is what will be necessary to avert this potential disaster next week. what argentina has been saying, what is this talk that they cannot abide by the judge's orders? >> a judge ruled that argentina cannot pay on its performance 1.5 billiont pays dollars to the holders of .efaulted bonds argentina claims if they pay the one point $5 billion, there will be a raft of planes coming in after it, up to $20 billion from other holdout creditors. inalso claims that a clause the structured bonds could potentially give holders of the restructured debt the right to andm full payment if nml that group ge

is there going to be a side deal between the holdout creditors led by paul singer and a group of argentine, the group that would buy that that and then figure out a way to unwind it? no deal there and talks are continuing. the other question is if the remaining holders of the foreign debt, some 30 billion in foreign debt, will they look at this credit event, this technical default and say we want to be paid in full right now? the argument from argentina 80 centurylink we have -- the argument from argentina is essentially, we have paid. here is a quote from the economy minister last night when this all went down. "people have created all kinds of euphemisms. it can't be default if we've deposited the funds. we continue to pay our debt." that's the argument from argentina and we will see whether or not this group that determines whether or not the cds will be paid out buys the argument. >> think you very much indeed, hands. -- thank you, hans. hotel thata redefines luxury and is indulging the richest of visitors from around the world. bloomberg got a look inside one of the most luxurious hot

the rest held out, including paul singer's elliott management.manded to be paid the full amount. in his case, $1.6 billion. hasourt after court, singer one, all the way up to the united states supreme court. treatment clause and argentina bonds means it couldn't be one set of bondholders and not the other. that is the crux of argentina's argument, that if it is singer for the one $6 billion, they will be on the hook for maybe $120 billion. in june, argentina tried to pay some of the money. they tried to make an interest payment to the restructured group. the u.s. judge said no, you have to pay everyone or no one. bank of new york mellon, argentina's clearing bank, to send the cash back. that beginning this 30-day grace time, the judge said, to negotiate with creditors. imagine,, as you can is not a popular man in argentina. that is where we are right now. we will see where it goes. thanks a lot. we will speak to a little bit later. hans nichols live in berlin. the german chemicals and drugs group, just crossing the bloomberg terminal. it seems as

seven percent led by paul singer and elliott management.ut and they have sued and gone through the supreme court. they have held that because of equal treatment, they have to be paid what they were owed. the argentines are holding out for payment. they call them bulges, say they are trying to destroy the country. >> how can a sovereign debt issuer be forced by the u.s. to make a payment hedge funds? can't they say, thanks for your opinion but we are not paying them, best a lot? >> they were issued under new york law in the u.s. sup and so they are subject to u.s. law which is why the seconds court of appeals had jurisdiction. >> i hate to defend the hedge fund. how come they aren't great investors when they are willing to buy your dad but when they want to get paid, then they are awful pollsters? -- vultures? they held the bonds were purchased at par. >> wasn't elliott management a later poster? >> so what if they were? >> even if they were, the law is the law and you're supposed to live up to it. the argentines don't want to pay it because

. >> and paul singer. they went to be paid $1.5 billion they say they were owed. >> the supreme court says they were owe to that, but argentina does not think so. >> argentina calls them vultures. we will speak with villem marx. >> every time i look at this, my eyes glaze over. later on "surveillance." simple answers. the new york times this morning, argentina does not need to default. they have money. >> $29 billion in foreign currency reserves. he could write a check for $1.3 billion. would make sense of it. fed policymakers, yesterday was a big fomc decision. continuing to trim the asset purchase program by $10 billion, now $25 billion. upgraded inflation. price increases are closer to the 2% target. more dovish on the job market. >> alan greenspan yesterday speaking to bloomberg, talks about the dynamics of how you taper and then get to rate increases. gradualism. >> i just tweeted the comment from stephen englander of citigroup. "no change in policy but prepp ing for a shift in dollar." >> yesterday's

. >> paul singer who is one of the gop megadonors who robert mentions in his article meeting with portmanthe republican party so that group of people will be keen on portman and if there is a space for him in the field he'll try to slot in there. i think the same sex marriage thing is going to be a significant barrier with social conservatives who matter a lot in voting in these primaries. >> right. robert and josh are staying with me. next we'll talk about whether a new generation of alex p. keatons is in america's near future. someone say burn? try alka seltzer reliefchews. they work just as fast and taste better than tums smoothies assorted fruit. mmm. amazing. yeah, i get that a lot. alka seltzer heartburn reliefchews. enjoy the relief. scheck it out.? i just saved 15% on car insurance in 15 minutes, so i took a selfie to show everyone how happy i am. really? because esurance saved me money in half that time. can i...? oh you can be in it! no need to photo-bomb me. hashbrown. selfie. yeah... that's not how it works. 15 minutes for a quote isn't how it works anymore. start with a quote

i can't imagine that paul singer is going away quietly.e can't go away empty handed. >> right. >> if they reach a deal today, tomorrow, next week or the week after, does it matter that they quote/unquote defaulted last night at midnight? >> it matters very little. we'll see what the markets do. even becky mentioned futures were down a little bit this morning. we're certainly going to see some ripples in the barng certainly in argentine stocks but yeah, if they resolve this quickly it will be a momentary thing. however, it's setting legal precedent. it's setting bond holder precedent. it got as far as the u.s. supreme court which did deal with a small portion of the matter, not with another. this is something that's very much capturing people's imaginations. >> kate kelly thank you. >> we were talking about the boys and girls clubs of america this morning because they launched a new initiative today called great futures. the campaign for america's kids. it's part of that campaign teaming up with some very heavy hitters in corporate america

. >> paul robeson, one of the great -- >> best -- >> african-american singers, actors. >> lawyer, rhodes scholar, football play, all american. >> player othello, broke every barrier can became a communist. you're coming out of a bad time in black america, of course. i get it. i get it. and i knew, he was a friend of my aunt's, the lawyer who said, paul, go out there and tell them you're a communist. at the height of his life he said, i'm a communist. guess what? threw him out of america. terrible, terrible, terrible. and by the time they brought him back, he was very old. very sad. >> your mother took you to see him. >> took me to see him. >> when you were a kid. >> yeah. >> what did that experience do for you? >> he was amazing. i went again into his dressing room and smelling the smells and seeing the backstage and being part of that, i knew this where i belonged. no question, this is where i have to be. >> people are discovering in part because of your book and the wonderful documentary. >> i had nothing to do with it. >> it was amazing. you had a lot to do with. it was amazing. peopl

singer roh san cash, daughter of johnny cash, testified along with singer/songwriter paul williams. >> good morning, ladies and gentlemen. the subcommittee will come to order without objection. the chair is authorized to declare recesses of the subcommittee at any time. we welcome all our witnesses today. let me get my chair adjusted here. give me a push. that's good, thank you. good morning and welcome to the second of two hearings on music licensing issues. two weeks ago this subcommittee heard from your fellow music industry representatives about their concerns with the state of music licensing copyright laws. look around the room, and i think we can conclude that you all have more than a passing, casual interest in this issue, and welcome all of you here today. at the earlier meeting, i mentioned my fondness for old time bluegrass and country. i don't know that that has bolstered the popularity across the country, probably hasn't, but i'll continue to try to do that. and i'll make my opening statement very brief, because we have a long day ahead of us. although the witnesses on in

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it reportly has full support of the sir paul mccartney, ringo star and widows of john lenon and george harrison. >>> is singerdele releasing a new album, they say yes. the awards show tweeted adele confirmed a 2015 tour after release of her third album called 25. the singer did hint about some new music on her birthday last may but representative tells the magazine there is in truth to the rumor. you just to have wait and see. i love adele though. >> no doubt. >> 6:53 lets get a last check of traffic and weather together. you are inning ising praises of the forecast, katie. >> i hope everybody will sing my praises too, and, i am just messenger i always accept cash gifts, i'm kidding. bought full day. we are looking ahead to a nice afternoon. within of the gems you want to take advantage of, comfortable, sunny, bright, and nice and warm too. owe storm scan three nice wide zoom, to show you retreat, thank goodness and good ridding toss that guy, it is new gone completely. 66 degrees is your current temperature and comfortable the at the the airport, cooler by comparison to the outlying suburbs or in the 50's in

virginia senator mark warner is on that list and usa today's editor paul singer is here now. first we should know none of this is illegal, right? >> no. it's all legal. they have taxpayer funded office budgets to pay for travel and staff. they can choose to spend that however they wish. >> they can use it on charter planes if they can't keep a schedule using commercial flights, right? >> pretty much. >> what brought you to this story? >> we were looking through expenditures and saw a bunch of charter flights and interesting that some senators from the same state were split, so mark warner was flying charter but tim kaine was not. in louisiana mary landrieu was flying charter but david bitter was not. we were intrigued to see who was flying charter and why. >> in delaware, the small states don't do it because they don't need it. >> by and large that's right. >> how much money are we talking about here? >> total about $1 million in 2013. the highest spenders, chuck schumer of new york is spending 200 some thousand dollars a year in charters as is his state mate kristen jill bra