shot at his job if and when he leaves, frank fleming who runs wealth management, tom call her and ruth porat, the cfo. often that puts you in a really good position. a lot of people think fleming has got the inside shot. now, i mean, he really has the inside shot. cheryl: interesting. again, morgan stanley a bank you know very, very well. thank you, sir. >> okay. cheryl: all right. the closing bell's going to ring, 18 minutes to go. we're going to stay on silicon valley here for a moment. one powerful woman that's heading there to another involved in a very ugly lawsuit there. the final scene of a shakespearean dra playing out in a san francisco courtroom right now. closing arguments in ellen powell's potentially landmark sex discrimination case. those arguments understood way right now. the stakes just got a whole lot higher. we're going to be covering thatm story. >>>ve plus, i it seems like a sw of portfolio managers are screaming buy europe. well, someone's coming on to dis say, hey, not so fast, you want

ruth porat stepping down to be cfo of google. mary thompson has more. imes. >> that's right. leaving a firm that she's called home 28 year one where porat served as investment banking, covering tech and financial firms and part of the senior management team. in a memo ceo james gorman wrote with a heavy heart we see her goal. ruth's work has been instrumental in putting morgan stanley on our front foot again. named cfo january 2010. when she joins google the tech giant will be getting an executive who not only has deep experience running a balance sheet but navigating corridors of washington, d.c. as morgan stanley's cfo she guided the firm through a changing regulatory landscape. during the financial crisis she led the team advising the treasury on handling fannie mae and freddie mac. advised new york fed on its efforts to save aig. president obama considered her for deputy secretary though porat withdrew her name. seen as a possible successor to gorman and a mentor to many especially women at the firm weep did have a chance to speak with her at morgan'

. >> yeah ruth porat is leaving morgan stanley, joining google as its new chief financial officer, makingn in tech. porat gives up that title on wall street an industry that has not yet had its first female ceo. it's unbelievable even to say that. you know it's just a small snapshot of that when i'm on ball street at the new york stock exchange there's maybe a handful of women on the floor. >> ruth porat is known as being a cost cutter budget conscious, righting the ship after the financial crisis. and google is being known for being very spendthrift. thank you so much. >>> 58 minutes past the hour. this intense search to recover remains of those on board germanwings flight 9525 crashing into the french alps. 150 people on board. "new day" picks up the recovery part of that story right now. >> the crash dt. >>> the crash site a picture of horror. >> we have no idea what happened. >> there was no mayday call. why would the pilot continue to descend into the alps? >> all 150 souls on board presumed lost. >> nobody could believe it really. you don't want to understand it. >> we've taken step

very quick mention of ruth porat soon to be a google.stanley as cfo and joining larry page and company at google. they were looking to the bloomberg terminal and found interesting numbers. he says ruth porat will have a big raise in her job because her compensation at morgan stanley was about $40 million. google cfo meantime, was compensated about $85 million during the same. -- during the same period. lisa: that is an incentive to take a move. i was optional -- i was actually looking at google and google shares are up. they made a good move according to stop. thank you so much. matt: i hope she buys a yacht or finances of film. you may not clear lights camera action as much but lucrative tax credits in states like louisiana and new york are luring filmmakers away from california along with thousands of jobs in economic the meals. california is trying to stop the bleeding by boosting tax credits for $100 million a year to over $300 million a year. is it too little and is it too late question mark let's ask amy, executive director of the

sue wagner going to the board of apple, we've got ruth porat at google. lot of movement the other way. i wonder what that means for women in power positions on wall street? >> if we look at the mba enrollment and where students want to go post-graduation, right now, silicon valley is at the top of the list. wall street is below it. >> can i just pick up the point that josh made there. if you look at the cash flow forecast for google, they're huge in what they're likely to generate moving forward if this is an indicator it's going to start increasing your return and cast shareholders people could take it to the bank. >> on the last earnings call when investors thought they heard hey, listened to pichette at that point. >> google stock reacting positive to this news up 2.5%. dennis, thanks for coming in today. josh lipton good to see you. >> no snow in california. that's another reason to go. >> no snow. >> thanks to you both. we want to get a check on the markets. trading to the positive, the dow by about 22 points. s&p up by about 2 points, nasdaq up by a

they are paying ruth porat to google. she is known as one of the most powerful women. and she is coming from morgan stanley where she learned $10 million. >>> it is being called a rising global health threat, and tomorrow the white house will reveal a plan for the super bug plan. the centers of disease control wants to reveal a plan to battle antibiotic resistance. it goes from doctors' visits to the food. they are resistant of the drug resistance each year leading to 23,000 deaths. >>> well, it is balmy outside, and how warm outside? >> well, we have temperatures outside, and few isolated 70s after the heat today and in case you missed it, we did not only go into the 80s, but gill roi at 94 and napa is one de degree away from tying the all-time heat record for the month of march, and san francisco up to 84 and it is not nearly as hot tomorrow, and we will see the onshore winds into the coastline and that is impacting the conditions mainly into san francisco, but as we know about living in the bay area, a small change in san francisco can set off a world of difference

will wall street stop doing good things, it'll stop making money, as much money, and people like ruth poratl leave. she's a casualty of dodd-frank -- cheryl: and she was supposedly in line to be the ceo before he came along. >> well, i think she was in there. now, i always think james had the inside track, but there are, essentially, three people before she left that were, that had a shot at his job if and when he leaves, frank fleming who runs wealth management, tom call her and ruth porat, the cfo. often that puts you in a really good position. a lot of people think fleming has got the inside shot. now, i mean, he really has the inside shot. cheryl: interesting. again, morgan stanley a bank you know very, very well. thank you, sir. >> okay. cheryl: all right. the closing bell's going to ring, 18 minutes to go. we're going to stay on silicon valley here for a moment. one powerful woman that's heading there to another involved in a very ugly lawsuit there. the final scene of a shakespearean dra playing out in a san francisco courtroom right now. closing arguments in ellen powell's potential

it has just disclosed what it's going to pay its incoming cfo, ruth porat. ake a base salary of $5 million. that's modest compared to other cfos. but google will pay ruth a special one-time signing bonus of $5 million. it could be returned if ruth terminates her employment with google before the one-year anniversary of her start date. google has agreed to make the following stock grants to porat. $25 million in stock and it will be given in the first calendar month following the month of which she was hired. also, a $40 million biannual grant starting to be paid in 2016, and that will vest on a quarterly basis between the years 2016 and 2019. google will also assist ruth porat with any relocation expenses and will be eligible to participate in a compensation program generally available to google's executive officers. so $650,000 base salary, $5 million signing bonus, and another $65 million in stock grants, vesting in the next few quarters through the year, about 2019, it looks like, melissa. >> dom chu, thanks a lot. karen, finer, what do you make of this pa

ruth porat worked at morgan stanley for 28 years. she's been the cfo there since 2010. streeter to defect the silicon valley. her hiring comes at a time when google and other tech companies are under fire for hiring and promoting women. >>> well losses in utilities pushed the stocks lower. the dow lost 104 points yesterday, the s&p fell nearly 13, and the nasdaq finished 16 points lower. >>> a private equity firm, 3g capital, is reportedly in talks to buy kraft foods. kraft stocks soared following a possible purchase. "the wall street journal" says the deal is likely to be valued alt around $40 billion. 3g bought heinz back in 2013 and would likely merge the two well known food companies. >> federal workers and retirees owe billions in back taxes. the irs says they owed more than $3.5 billion in taxes last year. that's a $2 billion increase over the previous year. workers in housing have had the highest delinquency rate. workers at the treasury department had the lowest, but compared to the general public federal workers are more likely to pay their taxes. >>> a new stu

maybe ruth porat has the answers here. a new cfo coming in at google. >>> let's look at greece. sources telling reuters the country could run out of money as soon as april 20th. can athens and eu leaders come to an agreement before it's too late? >> reporter: it's a scary date isn't it? once again it starts to put a deadline in as far as these negotiations for greece to get a new deal. you know the story here the new greek government has said we want to change the narrative as far as austerity is concerned, and the european union at this point still continues to make the case well you've got to do some of the heavy lifting, too, we cannot finance your debt. there is talk of a new package being on the table before monday. maybe we'll get some progress on this. otherwise, it looks like it's going to be very tough for greece up to this april 20th deadline. back to you. >> geoff, thanks very much. >>> still ahead on "way too early," a first look at surveillance video showing secret service agents hitting a white house barricade. congress wants to see more. is the secret service hold

we've been speaking with ruth porat, cfo of morgan stanley.l be talking to susie huang. back to you. >> thank you so much. >>> earlier this morning folks, we asked you to tweet us about stories you'd like to hear more about or maybe things we've missed. we will cover your responses in our new keep squawking segment. that is next. >>> and later this morning, melinda gates will be here. she'll break down a report on the rights of opportunities for girls and women around the world. stick around. "squawk box" will be right back. the power of active management. every day, our teams collaborate around the world to actively uncover, discuss and debate investment opportunities. which leads to better decisions for our clients. it's a uniquely collaborative approach you won't find anywhere else. put our global active management expertise to work for you. mfs. there is no expertise without collaboration. can it make a dentist appointment when my teeth are ready? ♪ ♪ can it tell the doctor how long you have to wear this thing? ♪ ♪ can it tell the flight a

and guess how much google's new cfo, ruth porat's, making in her first seven months on the job?s a big number. we'll give you details exactly how much in a minute. >>> let's get to the broader market here. the government reporting fourth quarter gdp expanded at a 2.2% pace unchanged from last month's estimate. corporate profits fell in the period while consumer spending up 4.4%. date coming as oil prices lower and stocks look to avoid a fifth consecutive day of losses jim. as we come to the end of the quarter, of course we've got, what, two more trading days next week the institutions like to come in today, they don't -- they know the government's not that cool, and moving up stock prices in the last 15 minutes of the end of a quarter, so that's a little skulduggery but does tend to happen. i think this week is a week where people took stock and said we ran too much we ran too much after the fed, we ran too much in biotech, maybe there was a bubble. we ran too much in the industrials. there's a lot of questions that were raised this week and the answers were not resolved in favo

ruth porat may be leaving morgan stanley for google. 70 million reasons ruth porat may be leaving morganey for google. you get paid a lot more on the west coast, it seems. lisa: paradise lost in puerto rico. legislators want to hold a referendum which would allow the islands to default. our next guest has a piece of advice for puerto rico bond investors, get out now. she is the ceo of envision capital management. how are you? thanks for joining us. why do you want people to get out now? guest: well, i think this is a feeder complete -- a fair accompli. -- a fait accompli. i care about the little guy who has debt. puerto rico has been mismanaged for decades. projections of revenue have never met their goals. you have 13.7% unemployment. all they have done for years is paper over their problems. now the rubber is meeting the road. i want the little guy to say, ok, i have to take my lyrics and take my lumps -- my licks and my lumps. this is going to be the biggest default we had ever seen in muni land. matt: what can puerto rico refinance this debt like a normal government? why not continue

the same thing with ruth porat.is the job of the chief financial officer, two people that have played that game at the very highest level. alex: where -- what does this say about morgan stanley? michael: they named jim crews the new cfo. they are in a much more stable spot. they are better able to handle the transition at this point. they have kind of got their strategy. they are steady and moving toward that 10% that investors want to see some progress. alex: to your point, we are done. the worst is over. we are going to move on. is it a kind of tipping point? with that michael: it does -- tipping point without? michael: it does kind of -- they have reached a lot of their targets in terms of funding, in terms of building up the capital. i think on that point, it does kind of close the book a little bit. alex: cory, you mentioned all that cash that google might have to spend. but a lot of that money could be overseas. what might porat be able to do to get that money back and use it here in the u.s.? cory: it might n

morgan stanley chief financial officer ruth porat will become the new cfo at google. she is no stranger to the take -- tech industry. she is a longtime tech banker. she worked closely with former analyst mary meeker. she is the second high-profile banker to become a technical cfo in recent months. the question is, is this the latest trend, leaving wall street for silicon valley? steve, this is an interesting move. i don't know if it says more about wall street or more about google. steve: it is an interesting move. the hot topics right now are deals, and gender diversity is a super hot topic. google choosing a woman to be the cfo is very powerful, but it's an opportunity for any cfo to take on. there's so much going on with google right now. cory: i looked at the balance sheets of both companies and google has 40% more cash and equivalents. it's hard to imagine going from morgan stanley to a bigger financial powerhouse, but she has done that. steve: absolutely. if you look at the diversity of the opportunity she has and the different opportunities, it's got to be exci

ruth porat is a graduate of stanford. her hiring comes at a time when the silican valley faces criticism for being male dominated. >>> the search for a missing hiker takes an unexpected turn. hear in a woman who spent the night and was arrested after she was found. >>> we're following as san jose police search for the gunman who opened fire on a veteran officer tonight. >>> back now to the south bay where san jose police are searching for the gunman who shot and killed a veteran officer. police responded to a call of a man threatening to kill himself just before 7:00 tonight. when officers arrived on center road, they say they were met by gunfire. the officer killed still has not been identified. several law enforcement agencies are helping san jose police search for the gunman. >>> meantime messages of condolences are pouring in. this tweet is from the chp in san francisco. and we're also waiting a news conference from police on the scene. amber lee is also there. we expect to hear from the san jose police chief in just

google announced yesterday ruth porat will take over as google's chief financial officer in may. she's worked at morgan stanley since 1987 and played a major role in the government bailout in 2008. she studied economics at stanford. her father was a longtime engineer at the university. she is going to take over as google's cfo. >>> coming up next, within the last half-hour, investigators have released more information about who was onboard the germanwings plane that crashed in france yesterday. details still ahead. >>> new details on that passenger plane that crashed in france. we have just learned that two americans were aboard that plane. the germanwings ceo says of the 150 people onboard that flight, 72 were german. 35 were spanish. we know the plane went down without a distress call in the french alps. >>> last night, employees of germanwings held a candlelight vigil in germany. it is a low-fare airline. it had an unblemished safety record until yesterday's crash. the plane had its last major safety check in 2013 and had undergone regular maintenance just this week. the pilot

. >> yeah i love this story because it's about ruth porat at morgan stanley, leaving after spending threeief financial officer, making her one of the most powerful women in tech. porat gives up the title on wall street though. it's interesting that we haven't yet seen its first female ceo. i do like her mantra. she hates that phrase work/live balance. she says she likes to find a satisfying mix between work and family. >> nearsthere's no such thing. everyone knows it's never a balance. thanks so much allison. "early start" continues right now. >>> happening now, an intense search to recover remains of those on board germanwings flight 9525 crashing into the french alps. 150 people on board. investigators now examining the plane's cockpit voice recording, trying to figure out just what went wrong. live team coverage breaking down the search, the investigation and now mourning those killed.

. >> catherine: her name is ruth porat. she's getting a lot of money to make the move from wall street.to silicon valley. >> catherine: google announced her hiring.and also her fat pay package. she's getting a 70-million dollar-plus cash and stock deal. >> catherine: porat was formerly the chief financial officer of morgan stanley. she was paid well there -- but will make even more at google. >> catherine: and starting next yearmillion dollar stock grant every other year. she's a stanford graduate, by the way.and used to live in palo alto >> catherine: apple c-e-o tim cook is in a giving mood. fortune magazine says he plans to donate most of his wealth to charity. >> catherine: that's aside from paying for a nephew's college education. cook - made more than nine million dollars last year. >> catherine: he also got more than 140 awards in 20- 14. >> catherine: we're getting our first peek at apple's secret watch shops. the first photos are coming out of the specialist stores being built around the world. >> catherine: this i

ruth porat is going to google. >>> at the owner's meeting this week it was announced that the octobers would be screened for free. they installed a blackout policy. there will be no blackouts for one year. among the nominees for best television segment is our very own -- we're pulling for these guys -- "the dish" on saturday morning with anthony mace and vinita nair. the segment features talking with the chef about dishes. it will be on may 4. >>> rumors are flying about the cause of her departure. the recent exit of her has been very hush, hush. she was escorted from the building on friday february 13th. the first lady said we're grateful for her contribution over the years and wish her well. several sources said her style was not in line with the first lady's modern and clean aesthetics. >> men and women remember things so very differently. the topic is the focus of a "wall street journal" article that we told you about yesterday. why couples remember differently. couple therapist cooper is here and joins us at the table. i was so excited you were coming today. i was having marital

here is hoping that ruth porat gets what she deserves. betty: thank you so much scarlet fu. china's cruising ways. this is a topic i tackle with industry leaders cruising the high seas. do not miss the mere on thursday. ♪ betty: another twist in the radioshack saga. scarlet fu has more at the breaking news desk. scarlet: standard general has exceeded in buying up the assets -- has exceeded to prevail in its buying up the assets. standard general is a hedge fund and it is radioshack's biggest shareholder. last year it provided a $535 million rescue financing package to radioshack, but it was not enough to keep radioshack from entering bankruptcy, so they entered bankruptcy, and standard bid for those assets. there is talk about radioshack selling some of its retail stores to sprint, cobranding it, and then moving over to sprint so they could keep some of those assets. standard general is said to prevail in its bid for radioshack. the electronic retailer of our youth. betty: scarlet, thank you so much. there is a new wave of consumers capturing the cruise industry's excitement

ruth porat will get $70 million after she joins morgan stanley in may.a $650,000 annual salary. those are your top headlines. tom: the new slogan continues -- the news continues this money. he has been ill with an eye ailment. harry reid, minority leader in the senate, one of only three jim and to be senate minority leader for eight years, will not seek reelection. that according to "the new york times." quite ill recently with an eye ailment. harry reid -- whatever you can say about the gentleman from nevada, eight years as minority leader. brendan: harry reid has had a long decade in the senate and as seen a lot of changes over his tenure as majority leader. ok, from the salon to the ridiculous. jimmy fallon, l rucker -- al r oker, and jared leto are among the celebrities using meerkat. it is all anybody could talk about at sxsw. investors are keen on the company. tom: howard lindzon put $12 million in this? howard: on a tuesday afternoon. brendan: but there is a competing product. twitter released its rival, periscope. that is all tom has been doing f

. >> kelly, the incoming cfo at google ruth porat was announced by a regulatory.ogle has agreed to pay a special one-time signing bonus of $5 million. that's prorated if she decides to leave within a year of starting at google. google will make equity grants a $25 million new hire grant to be made right after she starts and invest at the end of december and up quarterly thereafter. also a $40 million biannual grant starting in 2016 as well. so again, $650,000 base salary $5 million signing bonus, $25 million grant, and $40 million biannual grant from 2016 through 2019. also miscellaneous expenses. those are the details of the new compensation package at google. probably why she left to be one of the most successful people in silicon valley. >> this would seem an unlikely fit with that narrative. 12015, three months of volatility. one hedge fund said poor disclosure standards for public companies. he will make his case when we come right back. >>> volatility has been the name of the game for the market this year. my next guest said if companies disclose more inform

. >> ask what happened with google with ruth porat if they should make money on youtube. >> the porat been one day long. still wasn't bad. >> the market's still not that great. >> why not? >> well because i think that people are trying to figure out the dollar every day. every time the dollar goes up people sell the market. trying to figure out which oil companies you're going to make it or not. the whiting deal's sloshing around. you've got this grexit thing, april 20th, is greece going to get kicked out? these are sideshows that become the man attraction because we have so many macro funds. >> "the journal" decided to with biotech bubble question mark story. >> friday, deflating the bubble rapidly. >> right. i notice celgene is flat gilead is up. >> we didn't talk about sandy koufax. >> what about him? >> a bid from lexmark. >> yes, kofax -- i don't think they spell it the same way. he's k-o-u. >> one is a hall of famer. the other is a first mile touch company. >> what does ta mean. >> get the video to load on their website i would have more knowledge about the other kofax. >> that

. >>> ruth porat is leaving her job as cfo for morgan stanley to take the same position with google. it's raising hopes that the internet giant may return some of its huge cash pile to shareholder and be more disciplined on how it spends on big research projects. >>> and amy's kitchen has voluntarily recalled about 74,000 cases of frozen and prepackaged products containing spinach. there are concerns the products may have been exposed to listeria. the company says it has not received any complaints of illnesses from those products. you're up to date. that's the news update. back to you guys. >> thanks very much. i love amy's products. the tamale. you have to try it. i don't think there's any spinach of that hopefully. >> once again, spinach, something to keep an eye on there. we have 25 minutes we're keeping on eye on this market which is lower, down 80 points on the industrial average. s&p is down 9. nasdaq down 9. we're now wondering if we can close above 5,000 once again. >> yes, we are. >> we're still playing that game. >> it feels like we've gone back in time here. coming up the

. >> and ruth porat.for google and her how empowered she is whether she's going to act on cutting back key initiatives ala, five, something charlie ergen and i did not discuss yesterday. >> i joke about google skunk works, they've come up with a great company. i hope she says we have youtube we'll monetize youtube. i hope she's doing forward thinking. not what anthony noda said. these guys are moneymakers. >> talking about making money, "stop trading" next.e power ofctive management. our teams collaborate around the world, which leads to better decisions for our clients. put our global active management expertise to work for you. mfs. there is no expertise without collaboration. can it make a dentist appointment when my teeth are ready? ♪ ♪ can it tell the doctor how long you have to wear this thing? ♪ ♪ can it tell the flight attendant to please not wake me this time? ♪ ♪ the answer is yes, it can. so, the question your customers are really asking is can your business deliver? at mfs, we believe in the p

also we saw ruth porat from morgan stanley. >> yes.at the high school and grade school level to get more girls excited about technology. >> all of all of these people one-time wonders, say, tim goetz on the top here. he did whatsapp. >> who is the up and coming guy coming out of nowhere? >> s assessment cacca. there's plenty of people charles moldow. and excel, doing well he's young. >> thank you for coming in. >> sure. >>> when we come back this morning, the street reacts to the deal of the morning. kraft is merging with ketchup maker heinz which is owned by capital and berkshire hathaway. we have the deals straight ahead. hello. i am here to offer sophisticated investing strategies. my technology can help you choose the right portfolio. monitor it. and automatically rebalance it. all without charging advisory fees, account service fees or commissions. that may be hard to compute. but i'm a computer. so trust me. it computes. say hello at intelligent.schwab.com opportunities aren't always obvious. sometimes they just drop in. cme grou

morgan stanley announcing the cfo ruth porat is leaving the firm going back to silicon valley for a roledend to five cents from 31 cents. freeport blaming impact of lower commodity price but raises the question if other companies will do the same. managing direct of managing cool and steel. what do you think? the first of many given the volatility in commodities? >> i peck so. it's not surprising with freeport. this saves them $1 billion. at today's copper prices talking about losing a couple of billion dollars free cash throw this year based where prices are. >> a steep decline in oil prices but we have not seen oil companies slicing their dividends. what they've been doing is slowing down buybacks and/or cutting cap x. >> freeport did a deal a couple years ago and have $20 billion of net debt. with the copper price it was free cash flow to run the company. they just don't have the cash flow to support the dividend. >> a 6% yield to 1% yield. would you buy the stock. >> i think this is close to the bottom. if copper prices stay where it is, we're close to the bottom on freeport. >> than

course of the last five years ruth's work has been instrumental in putting morgan stanley on our front foot again. a graduate of stanford and morton business school, porat named cfo in january 2010. when she joins google at the end of may the tech jigiant will ge an executive who not only has deep experience running a balance sheet but the corridors of washington, d.c. she guided the firm through a changing regulatory landscape. during the financial crisis she led the morgan stanley team advising treasure try on fannie and freddie mac. president obama considered her for the post of treasury deputy secretary but porat withdrew her name from consideration. she'll be replaced by jonathan pruzan. that will happen at the end of april. back to you. >> mary thaompson, thanks for that. will a dividend or buyback happen soon? martin joins us on the fast line. martin, great to have you with us. what's your naugthoughts on tha terms of capital return? >> well, i think both of those points are probably a little further off than people might like to think. i cover media entertainment stocks and obviously buybacks are a theme there. i still think google has a lot of

ruth horath as google's ceo. it's not because of her strong background only, but also because with this hire really potentially it signals for investors. porat has been at morgan stanley since 1987. she has played several key roles at the company. that includes vice chairman of investment banking. she knows how to manage very high complex institutions. there is another reason the street is applauding this hire. it might signal an increased chance of cash return sun trust bob peck says investors believe capital return is a real possibility at the search jibt which is why he says you should see that stock as gaining nearly 10%. as peck points out, that was not going to happen until a new cfo was hired and now that is a done deal. google's hire does come at a sensitive time for silicon valley. the community dealing with issues of gender discrimination in the trial of ellen powell and cliner perkins. that's sure to put pressure on other tech giants to at least be more aware of the role diversity and gender in their boardrooms. >> we're going to talk more about that with a couple of female gc's. thank you very much, josh. >> you got it. >> good t