s.e.c. to consider getting better data, getting better transparency so we can evaluate what the proper policy alternatives or choices are. sen. warner: i know my time is up. mr. chairman, i hope we'll look at the questions around best execution because i frankly have seen evidence there is manipulation going on and it would be a isn't well worth this committee looking into. >> senator hagity from tennessee is recognized for five minutes. >> there is an important part of our oversight and great opportunity to reaffirm support for retail investors in united states capital markets and maintaining their fairness and order efficiency and global competitiveness. before turning to the specific market events that led to hearing we must not lose sight that our financial markets are the envy of the world. they are the most ever and deliver the greatest liquidity at lowest cost of capital. they finance our great opportunities by connecting retail and institutional investors with american individuals an

the cftc and the s.e.c. has a long history of collaboration in financial market regulation and the working group created through this legislation will continue to build on this good work. digital assets present unique new questions for regulators. how and where do these assets fit into the existing regulatory regime? what new standards are needed to continue to meet our bedrock principle of consumer, customer protection? where do the cftc and s.e.c. need to adjust their regulations to address the novel features and purposes of digital assets? while both the cftc and the s.e.c. are hard at work on applying their statutory responsibilities and regulations to these digital assets, the disruptive novel nature of these new types of assets demand a more holistic examination. this working group with its mix of cftc, s.e.c. and non-governmental members will be well placed to examine these important questions. the eliminating barriers to innovation act is a step forward in providing clear rules of the road for the cr

for the april fool's prank gone wrong the s.e.c.and whether it actually broke any securities laws remember, many news outlets, including us and the ap said the company lied to them about whether or not it was real is it real yeah, it's real. it wasn't real now they're getting investigated by the s.e.c you go, voltswagen "worldwide exchange" is back right after this did you know that petco, is now a health and wellness company? i adore their groomers and their vets our physical, social, and mental health cared for in one place. ♪ petco. the health and wellness company. shiny coat, clear eyes, good energy. we handsome boys need high quality dog food to live to be old, distinguished boys. petco. the health and wellness company. the first survivor of alzheimer's disease is out there. and the alzheimer's association is going to make it happen. but we won't get there without you. join the fight with the alzheimer's association. i really hope that this vaccine can get me one step closer to him. to a huge wedding. to give high fives to our

what are you hearing is a friendlier s.e.c.why we're seeing so much activity in the etf space? >> it would be tough to comment on why, you know, other folks are wanting to move forward with bitcoin etfs other than that clearly in the investment community, and you know this as well as anyone, bk people are excited about bitcoin and they know that bitcoin is here to stay for grayscale, though, this is nothing new. our announcement today really just trails on what we've been working on you know, we first started working with the s.e.c. in 2016 and spent the better part of 2017 in registration for us this is just a reminder to the investment community of our commitment to making sure this does eventually convert to an etf >> michael, great to speak with you. hope you'll keep us boasted on this. >> will do thanks for having me >> michael sonnenshein of grayscale. brian kelly, let's say you're out there and you're observing the gbtc had historically to itself traded at a premium to net asset value. you bought wind it was trading at a

and will the s.e.c. approve an etf linked to bitcoin. kate rooney will get us started.moment for the industry c coinbase will be the first company to go public, but competition is so far one of the headwinds. the list of competitors has gotten a lot longer recently mainstream names like paypal, square, robinhood allow crypto-trading it was started back in 2012, the company now has 56 million users. its competitors are looking for a slice of that high-margin trading business coy coinbase is already all entirely from trading fees. reliance is also about afocus. analysts i'm talking to say order are likely to try to come in and offer cheaper guys, back to you. >> thank you very much, kate stick around with us we want to talk about the regulatory policy might look like the cryptocouncil for innovation hopes to answer some of those questions. gus, thank you for joining us. there's a lot to talk about, but we're all focused on coinbase going public, potentially a $100 billion valuation, which frankly blows my mind. does this make sense to you? >> well, thanks for having me on

s.e.c.nd others to better align the interests. this is, i would argue, one of the better aligned spac transactions so far. >> the context of the transaction is interesting given the s.e.c. looking into the issue of the accounting basis should be counted as liabilities. spacs or de-spac companies trade not well if you look at the draft kings and yesterday's session they felt the pressure of potential s.e.c. overhang which is backing up the pipeline for spacs to come the s.e.c. is telling some people they won't approve any other spac transactions until the warrant issue is vresolved there is that trouble in spac land this is not just pre-pandemic levels record monthly demand for riders and also monthly bookings for food delivery. so, it looks bright in terms of this particular space. >> it's a pretty incredible thing. you are right. s.e.c. issuing that statement has lots of people concerned that's on the de-spac side the other is the disclosures which so many spacs require because they are unp

s.e.c. is considering new rules.ccording too bloomberg, the regulator is exploring how to increase transparency for the types of dirivitive bets that led to the scandal and the short bets like gamestop this year in the meantime, a new spac deal in the works smartrent.com that sells tech to apartment owners and developers is looking to go public through a spac merger that could value the company at $2.2 billion. it is used in about 180,000 locations throughout the u.s. and canada according to the journal, the deal could close as soon as today. >>> and disney reaching a deal with sony pictures to bring new spider-man movies to streaming services and tv networks after they he play on netflix in 2023. not just "spider-man" but older sony films the company said it will add a significant number of sony titles to hulu starting in june. you know, i have to say i like watching movies at home better than the movies these days i'm a total convert. >> that's a lot easier it is probably cheaper of the i like the marvel movies, be

we know the s.e.c. is taking a look at this but there may be an outcome of this that there will be more transparency in the swap market especially given the risk undertaken by the firms as well. we saw the loss of 2 billion we don't know what the loss will be at credit suisse. but according to bloomberg, they are now, there's some questions about their chief risk officer and whether she is going to be able to continue with that firm. so we're still seeing the fallout from this, and of course, we haven't heard anything from the man behind it all at archegos. >> he did say it was a challenging quarter, david. >> yes >> but i got to use that word. i mean because i think it really captures, perfectly, how challenges it was. and carl, one thing that did happen, if you go back to the tape of our show, every day, there was this moment where david would say, by the way, viacom's up again, and i mean i would be like, it was almost his personal gamestop, too, i mean david, you're like wall street faber, and that'

we'll talk about the spac collapse transactions coming to a near halt amid a potential s.e.c. crackdown. and just overall cooling of interest carl, for that product, at least as of now. the liquidity providers as they say, karl, not quite there anymore. >> the charts are going to be interesting for some of our viewers to look at we'll start with netflix this morning, guys. jim, we went into the pit last night with pretty muted expectations but i'm not sure if the street was counting on some of the sub guidance we got so much. >> i don't care so much about the guidance as the at tute and the attitude was once again terrific i know this is an attitudinal stock. and they had ninny gusta, a fidelity analyst who asked a series of hard question, a series of questions harder than most wall street analysts and the answer, things are on track, and the biggest competitors are linear tv and youtube, 800 million tvs outside of china, so therefore, that's what we're going to get, the actual content was constrained by covid, we did pull through, pull-through mentioned three times, but in th

>> the short answer, this s.e.c. statement will create even more paperwork. they are basically saying that it should be treated as liability rather than equity. everybody, in whatever stage there spac is in, pending or a spac that has announced a deal and is waiting for closing, they will all have to go back and look at the accounting and correct them if they made an error. this has always been the case. that would mean that all the auditors and lawyers have to put their head together and make sure the next is going to be right. caroline: the sec singing this has always been the case. is this demonstrative of the sec getting more more worried? crystal: in the past few weeks, we have seen more communications from the sec about the spac market. the spac market had a very good run for perhaps 16, 18 months. it has been the past month or two with regulator direction or guidance on deals. as a result, things have really calmed down. these spac's that have gone public have traded below $10. newly public companies are not trading as well as they used to. not getting

it will take to enact any of those potential regulations, but i also think sheila's point about the s.e.c. needing to work on the disclosure issues is really important as well. because she made the point not just the disclosure for the banks but disclosure for shareholders they enjoyed the ride up in viacom i didn't i left way to early. maybe that leaves me bitter, i don't know but i think it is important to know who has what and that is important for the banks to know because i can't imagine they knew the full extent of the exposure that they had now some of that is on them. and then the last thing, i'm wondering if the people who they stuffed the trades to, where all of the this backfires and this is a little bit of pay back. i don't know could be all of that said, i'm long banks going into next week when they start reporting. >> coming up, elon musk and kathy wood chitchatting on twitter, where else. what the two said that got us talking. those details next but first snapping higher, the social media stock and will atvestors get ghosted. th trade more when "fast money" returns mfortabl

one's going to run a benefit for wall street, so whenever i go down to washington and meet with the s.e.cry is either over regulated or the burdens are too great, they all start to roll their eyes. >> reporter: but in december 2008. >> if you work on a trading desk, stop what you're doing for a second. >> reporter: bernard madoff became a household name. >> the fbi arrested him this morning after he told senior employees yesterday that his business was a giant ponzi scheme >> tonight as much as $50 billion is gone, vanished. >> reporter: from madoff clients around the world including celebrities like steven spielberg, kevin bacon, and elie wiesel, and regular investors who lost everything. >> i just kept saying this can't be this just is not happening >> reporter: madoff confessed he hadn't made a single trade in years, critics like investigator harry markopolos earned the ultimate i told you so. >> i gift wrapped and delivered the largest ponzi scheme in history to them and somehow they couldn't be bothered to conduct a thorough investigation. >> reporter: the stain of the madoff scandal

all probably think, wait a second, aren't we a federally followed, federally, you know, we have the s.e.c., i always find these as being, are you kidding me, the state of massachusetts, aren't you a member, nt aren't you part of 49 other guys but they can cause a lot of problems if you're about to come public if you're about to come public with the state of massachusetts suing you, right >> speaking of regulators, jim, there are comments out of david eihorn talking about what he called i think quasi-anarchy, ruling the markets, talking about some very small cap names and if they wanted chamath palihapitiya to stop manipulating, they should have done so with more than a slap on the wrist. and some believe with gensler confirmed this week that things will change. >> gensler is very sophisticated and i would say he's not a back hopper, i think he is going to look at the, at the morgan, i think he will look at massachusetts, and this thing by the way is not an iowa complaint, massachusetts is literally saying that, regarding options trading, they're not doing the right thing, when you see som

this economy can run before people recognize it as such. 11:00 a.m., randy pearl is speaking at an s.e.c. meeting talking about financial regulation. i wonder how much he is going to come out and talk about regulating some of the derivatives are giving more transparency around some of these trades. amazon and twitter expected to report earnings. i'm watching the stock price reaction. what exactly are they pricing in? it seems like no the really matters when it comes to the stock trading activity afterwards. jonathan: let's talk about reaction this morning. ford is down in the premarket. there is a chip shortage. can supply meet demand? they have had a cup planned production by 50%. it is going to constrain revenue. 3 billion to 4 billion is nothing compared to the fact they just posted a $90 billion quarter. tom: i like the way you partition it. combine the tech companies to conflate them and with other sectors i don't think is appropriate. certainly, the other sectors out of the pandemic and logistics issues. long beach on the west coast finally getting some a back to normal. apple and

may be affecting the climate a lot on gary gensler's plate but as of today, late today, she be the s.e.cchairman carl, back to you. >> bob, in addition to all of that, a lot of fed speak today, kaplan on the tape, and powell at noon. let's get to rick. >> yes, carl, i'm sure they're all going to be addressing inflation in one way or another. and this morning, well, interest rates are moving up a bit, and one of the reasons, yes, you guessed it, inflation, let's look at some of the charts, export prices, ex-petroleum prices on month over month import, up 0.9%. the same as in january of this year but if you look at the chart, you're going to find a higher number, you have to go back 13 years. year over year import prices up 6.9 for march. 9.5-year high. year over year export prices up 9.1% almost a 10-year high. call it transient, call it whatever you like, but the reality is, it's starting to hit home, it's hitting on not only shores here but globally and many large countries like china are going to be exporting us a little bit more. but transient or not, it's probably the only way to cur

it's got very good clarity from the irs, from treasury, from the cftc, s.e.c., and there's a whole bunchr cryptocurrencies that need more definition so i think as a country, if you think about how we approach the internet, the early internet and became a market leader in that, this government and this country has a real opportunity to be a thought leader using this technology and these new rails for money to its advantage. i think this is almost an imperative for america to get behind this, talk to their regulators, members of congress, et cetera. i've been trying to educate d.c. and other regulators about the benefits of crypto and blockchain technology for over half a decade. it's a slow process. nothing moves fast in d.c. technology far outpaces the ability for regulators to get their arms around this but engagement and proper discussions, the time is now to do that. >> well, gary gensler, new head of the s.e.c., might see a bitcoin etf, we'll see. >> thanks for having me. >>> when we come back, big blue's big beat. we will break down ibm's stronger than expected earnings and discuss

impact finances of those who follow them into a particular trade of i also spoke with amy lynch former s.e.c. regulator who said regulators have not finished looking into trading surrounding gamestop just yet so this story is not quite over from the regulatory standpoint. >> chapters continue to be written. thank you leslie. >>> anarchy in the eyes of david einhorn, guy, but freedom of speech in the eyes of others, what do you think? >> yeah, freedom of speech, absolutely listen, so right now as we sit here, tesla has a mark cap of $700 billion-ish, right. he's the ceo of that company he also has 50 million followers on twitter this is elon musk. why on january 26th after the market closes, what's the point of tweeting gamestonk with two exclamation point, it's asinine, if it is sport go shoot clays or something. two days later it traded 483 in a range of 112 to 483 i don't understand that. it's not particularly funny or clever and what purpose does it serve so i'm with einhorn. is illegal no i'm not suggesting it is is it infantile, 100% and does it have far-reaching ramifications? i'm sure

the financial housing these investment vehicles around bointd and cryptocurrencies but not seen any s.e.cgs or financials released are you generating revenue how quickly are you growing? >> we are a new company and did something novel on the otcs. our intention is the nasdaq to move up and into that marketplace so for us we saw an opportunity to get our foot in the door as a stair step to the nasdaq and to grow our brand for customers and make that available early for people who wouldn't traditionally get in on an ipo you see choke points and with the faang stocks and people with access to deal flow and the majority of the population that doesn't and wanted to do something novel and the market i think is saying if you try to package block chain in a one click we'll be there behind you so our intention is just to work hard and package something up for the customer that's meaningful and package the new new technologies we purchased a -- created an agreement for a ticketing business where we think there's just going to be a consolidation in block chain that this allows for. >> are you genera

the prospect of true regulation coming from the s.e.c., garrett gensler, focused on this, i think weust on the projections of the companies that are acquired but of the length of the pipe, of how quick these can sell out. looking at a lot of different things that i think has put a pause on the spacs. >> he is from this world one of the things that has been incredible, you mentioned, are the projections. companies out in 2027, david >> yeah. >> i mean, they will take over the world. >> it's going to be awesome. >> the numbers that they are all putting up in 2027. >> we're going to have autonomous flying cars. >> why not >> why not >> flying pigs. >> sure. >> okay. thank you. carl >> as we go to break, guys, take a look at bitcoin, we talked about it earlier in the hour after the weekend selloff, trying to get some back, currtlup auteny bo 1 1/3%. back in a minute (vo) nobody dreams in conventional thinking. it didn't get us to the moon. it doesn't ring the bell on wall street. or disrupt the status quo. t-mobile for business uses unconventional thinking to help you realize new possibi

jon, maybe the writers actually incorporate some >> all cleared by the s.e.c.oing to be great. >>> facebook says actually apple versus small business. that's next. >>> "techcheck" is just getting started. ♪ this is the gap, that opened up when everything shut down. ♪ but entrepreneurs never stopped. ♪ and found solutions that kept them going. ♪ at u.s. bank, we can help you adapt and evolve your business, no matter what you're facing. because when you close the gap, a world of possibility opens. ♪ u.s. bank. we'll get there together. ♪ we'll get there together. hey, it's good to see you. the company we've trusted to keep us working remotely, is the same company we'll trust to bring us back together. cisco. the bridge to possible. >>> a gut check on etsy. gown grade key bank sector weight firm says still has the best long-term growth story in its reopening basket, but taking a pause as etsy's more than tripled in the past year and more than 20% up this calendar year. d? >> well, becoming major showdown in the world of tech apple's contentious ios privacy changes

merger side, and that continues to be the case the biggest news though, perhaps came recently, from the s.e.c which as we all discussed, certainly is taking a closer look at spacs. a number of different perspectives one being of course, the fees, and the responsibility of the sponsors, and something we've talked about a great deal, the projections that come along with these offerings, because remember, these are projections in a merger document, not in an s-1, and therefore, they can look at things and say things that you can't typically do as a straight ipo remember the ipo has for the spac and then the merger is done what does the s.e.c. say if we do not treat the de-spac transaction as the real ipo, our attention may be focused on the wrong place, and potentially problematic forward-looking information may be disseminated without appropriate safeguards so it goes to some of the things that we made light of, in the case of well, we're going to trade at eight times '26 revenues or 15 times '26 ebitda. these are dates that are still quite far out. these are companies that are oftentimes relat

be seen but it's certainly note worthy and it's something that reports out last night say that the s.e.cansparency and disclosure and whether that could have really prevented what we saw here. >> and that's the other piece of the puzzle that we continue to watch, the regulatory fallout, whether it is the s.e.c. taking a closer look at the u.s. or swing and a miss regulators saying they have open enforcement proceedings against credit suisse on top of by the way, the fallout last month. leslie picker, thank you. >>> meantime, the white house hosting a virtual climate summit on this earth day, our diana olick has more diana. >> president biden opened the leaders summit on climate with the announcement of a new target for the u.s., a 50 to 52% reduction from 2005 levels of greenhouse gas pollution by 2030 this is nearly twice the pledge from president obama in twi2015 he called it a moral and economic imperative. >> the health of communities throughout the world depends on it the well being of our workers depends on it. the strength of our economies depends on it. countries that take decisi

according to reuters, the s.e.c.s honing in on specific rejections used by spacs that protect against shareholder litigation >>> and new data on deal logic on the breakneck pace of ipos this year. according to the report both deal numbers and deal values are at their highest levels from the start of any year going back at least two decades, wow >>> we are just getting started. and when we come back on this busy wednesday, a major european bank shows you what's possible when you're not caught in the thick of scandal will scandal. a name to watch revealed >>> plus, on pins and needles. why shares of pinterest are taking a nosedive in the premarket. >>> and a new look in the semiconductor shortage china's market promise and the three stocks that could help make the difference. straight ahead on "worldwide exchange." to a huge wedding. to give high fives to our patients. to hug my students. with every vaccine, cvs is working to bring you one step closer to a better tomorrow. which shows will you be getting into tonight?

gensler at the s.e.c. is a fan. >> no, i say no way.ing i think krimt crypto is the fut all financial services and is very important to the financial ecosystem in the long term. >> we appreciate your insights today, thanks. >> thank you. >>> let's talk about the markets as we look at a day where the dow and s&p 500 have both set records. the s&p is up 1%, the nasdaq by more than that and the dow industrials sitting right there on 34,000. how about that >> right exactly. >> it's the court knee reagan effect. >> i think as wilfred would say, it's bang on, right there. >> court, great to see you thank you for watching "power lunch. "closing bell" starts right now. >> thank you both very much for that welcome to "the closing bell." i'm wilfred frost along with sara eisen another day, another record high for the dow and s&p 500. stocks firmly in the green with the nasdaq leading the pack, up more than 1% bang on 1% for the s&p 500, just above 34,000 on the dow. the economic rebound producing some very strong data this morning. retail sales s

the s.e.c. championship game and college football is scheduled to be in atlanta as well.e are definitely future events we could see mlb's move here having a no ball effect on. >> georgia's governor brian kemp responded to the decision by the league to pull the game out of atlanta. here's part of what he said. >> georgians and all americans should know what this decision means. it means cancel culture and partisan activists are coming for your business. they're coming for your game or event in your hometown. and they're coming to cancel everything from sports to how you make a living. >> i'm not sure the governor's argument holds a lot of water. i mean the major league has not canceled the all-star game. the all-star game is still going to be played. it just won't be in atlanta. >> that's exactly right. the all-star game will be moved. and there's actually precedent for this. a few years ago the nba moved the all-star game out of chicago -- i'm sorry, out of charlotte after north carolina passed hb2, which was the bathroom bill that prevented transgender individuals from c

view" you've never heard of before. [ laughter ] then, we have gary gensler position, chair of the s.e.ce stops by with fresh worms. [ laughter ] that' just - >> steve: oh oh snap >> jimmy: next, it's samantha power position, head of u.s. agency for international development. unique skill, looking like she just heard from the principal what her kids have been up to. [ laughter ] then, it's mike braun. position, senator from indiana favorite thing to say when he's having a good time, "i am having a good time." [ laughter ] and finally, we have rick scott position, senator from florida favorite food, human food. [ laughter and applause this has been "fast stats. we'll be right back with "tonight show" hashtags. come on back [ cheers and applause ♪ if you're 55 and up, t- mobile has plans built just for you. switch today and get 2 lines of unlimited and 2 free smartphones. plus you'll now get netflix on us. all this for up to 50% off vs. verizon. it's all included. 2 lines of unlimited for only $70 bucks. and this rate is fixed. you'll pay exactly $70 bucks total. this month and every month

he did one with my dad, me, eli, my dad, all s.e.c.erbacks, and that one is really cool, and then michael johnson kind of captured these, these tokens of omaha, and the helmet catch, and also did a couple that are going to raise money for tackle for cancer as well as the children's hospital in indianapolis so it's a great way to raise money for some great causes but also just to create some interest, for football fans out there, just like they did with mahomes and gronkowski, we're glad to be a part of it. >> peyton, it's morgan and we're talking talkin talking about nfts, you're part of a private investor group that bought barbecue guys.com for an example and wondering how you think about the investing landscape and whether it's cryptocurrencies or something else. >> well, like i said, i'm like everybody else trying to figure out that this is here to stay and this is part of the adjustment process i mean i'm not an expert, but i follow what happened with coinbase yesterday and it's just going to be a part of it, going forward. and so

when he manipulated tesla shares in 2018 there is no cop on the beat, specifically calling out the s.e.calways interesting, josh, when david einhorn opines on things crit channeloff and the gamestop thing. david has been a short seller throughout his whole career. he has a vested interest in that sort of didn't that was taking place within the market at that period of time. >> yeah. for the last 12 years i read every letter david has ever put out. i have a lot of respect for him and always take his view but i am not sure on the time horizon. like, i don't even think the sofi thing is closed and it may or may not have even been announced when the gamestop thing happens. but i am not 100%, so don't go by that. but that seems like a stretch. i feel like there were a lot of internet celebrities who just wanted to be involved in the uproar over gamestop and some of them were placing trades for fun and making light of the situation. i don't -- i don't know. i mean, it's -- maybe it will come out that there was more to it i just feel like it was more casual than what mr. einhorn is applying. >>

look at the operating losses totaling $900 million since 2018 in the s.e.c.eve or sustain profitability. gives larger commission than other firms. over 80% bonuses paid of six or seven figures to attract the top brokers. compass has quadruple the number of agents to 19,000 with the revenue growing by the same amount if you look at the lawsuit filed by realogy it is stealing trade information and offering competitive packages that are so inflated, compass is sure to operate at a loss and not a short-term. compass calling the claims and lawsuit part of the war of misinformation andrew, we will see when the shares actually start trading and how investors feel about this. >> robert, you have hit on what has been the big question around compass since its founding a technology company or whether it is a classic real estate company. the economics of the growth plan as you said spending an enormous amount of money attracting agents across the country. thank you for the report we will ask some of the questions directly to the ceo of compass. robert reffkin will be her

. >> don, we'll come back to you in a s.e.c. cnn's omar jimenez is at george floyd square in minneapolis at the site of this alleged crime. omar, what's it like there? >> reporter: jake, well the crowd lass started to grow here, of course, in anticipation of a verdict as you hear people start to chant as well. but when you make your way over to the spot where george floyd took some of his final breaths, you see that, of course, the memorial aspect of this is still here, but then when you pan up and look over to the left you see how many people have started to form. some of them, of course, press here in this moment, but people are anxious. they want the results in this trial. they want the verdict. one woman we spoke to who actually seems to be leading some of the chants right now said that it doesn't matter to her what the verdict is. she feels that the momentum that has been grown from the movement over the course of a little under a year now is enough to propel people forward for generations to come, and when you look over he

in these situations the s.e.c. championship will be held in atlanta in december. save this tape.ll be loud calls for that game to be moved and pressure on advertisers to pull out of that particular game or ncaa final four in houston in 2023, texas, a bad state. we have to make sure that game doesn't happen there either. every big event held in what's deemed to be a red state with suppression there will be calls to move those games and those corporations have to say we aren't going to take a position, we're not getting involved in this. look how we're helping the community instead of calling for us to boycott. it will go away if corporations stand up to these mobs. >> trace: i was talking to a buddy involved. he said the same thing you were saying. it is going to happen. they'll come for you at one point or another. be careful where you schedule these things. joe concha. always good to see you. thank you, sir. >> great to see you. >> dana: high school teacher is caught berating students on camera. >> if your parent wants to come talk to me about how i'm not doing a good enough job

that more spacs public first quarter of this year than all of 2020 combined since then we've seen the s.e.ctity, or i guess on this trend, and investors cooling, too how key is that piece of the puzzle going to be to investment banking moving forward and guidance we get? >> i could easily see spac revenues ebbing and flowing some at a record pace now really, the spacs are a result of the fact we had a record amount of investment in the private companies by individuals and primarily private equity the question, how does that get released into the public market. if not spacs, back to traditional ipos i think investment banks will be in the middle of that. it's a method of raising capital for private companies. it's not the sole pact i would not be surprised to see adjustment how it's executed, but the process of the private companies coming into market has to happen in some manner. >> seen a rise in rates. i realize we're still at near his historical lows. what does that do to mortgage lending? >> mortgage lending is still going to continue to be strong last year the mba added $4 trillion thi

something we talked about back in that interview in 2015 on bitcoin but it still looms large the new s.e.cust got voted in today we know that gary gensler is maybe a friends of crypto or at least understands the crypto community. but everyone wants to pounce here central banks, the cftc. what specifically would you welcome from regulators? and what could actually materially damage your business and the right of bitcoin in terms of regulation? >> the thing that's been extremely challenges over team with regulation of any new technology is it is very hard to predict where it is going. as regulator you are in a tough spot you have to think,m had, i should put in place safeguards right now, but if i do they might have unintended consequences that i didn't fully predict. the thing i would look for is governments around the world, potentially even the political leaders outside of regulators, waking up to the fact, as we have started to see in the united states, that this is an internet high pressure sized opportunity for every country. and one can imagine what the united states' economy might lo

viacom fiasco, that the money came in, i was so fearful, and jay clayton talked about it, the former s.e.c. chairman was saying, people should have gotten in earlier and they want more education and they know that, and it was a clarion call, good message, and i'm glad that people didn't dessert the stock market, carl there's a lot of money being made >> yes, indeed, jim. the question is whether or not it continuesto revolve around rotation or whether or not we can ride the same kinds of trades that got us here in the last thousand points or whether it's a mix of the two. >> a little bit of a mix i still want to say the cyclicals will have the best numbers when we see them the spacs have hurt what i think is kind of the great growth cohort i noticed cathie wood getting a lot of money in. and if there's 500 million shares of amc and the stock is only down 50 cents, of course, not to do it all at once, carl, that is a pretty telling sign that the market's got resilience. >> yes great interview. perfect timing to have adam aron on. >>> speaking of data, we will get to pmi numbers here, let's g

that is the log jam of these deals getting out and some cold water being thrown on some spac deals by s.e.cce. but i think there's appetite for new ideas, appetites for stocks not in people's indexes. but the ipo etf, the fact that it did so well and it seemed like an easy game never made a lot of sense there were a lot of 2-year-old ipos in there so i think the whole thing has cooled down. maybe it's going to be a little more selective in general the supply dynamic has gotten a little tough at times and it's one of the reasons that you've had 4% or 5% shakeouts we've had this year. >>> just a little two minutes left to go, looking pretty good. how about the internals? >> they're solid if you look at the new york stock exchange volume split, it's to the positive side. it's about 2-1 to the positive side so it's not as if it's one of these 80%, 90% upside days that people look for as being a real beginning of an acceleration phase of the market so that is all to the good take a look too at the internet sector, kind faang type names against the industrials. industrials have not really done a

ones to back, i think one thing that could be coming and put a little crack in the spac market is the s.e.c if we see a lot of spacs having to treat those as liabilities. it could cause volatilities in the ways these businesses have to report their earnings that's important together with interest rates that may put a little bit of a pause into amazing momentum. >> ann berry, thank you for joining us. >> thanks for having me. >>> up next on the show, your covid vaccine may be free, but is the cost actually your data critics raising the red flag on drugstore chains that are collecting a slew of personal information from people getting vaccinated at their pharmacies we'll break down the risks when "closing bell" comes right back. >>> take a look at shares of discovery. the stock down a little bit more than 4% in the extended session after our own david faber just tweeted out that credit suisse is selling 19 million discovery class a shares and 2 million class c shares it comes as the bank continues to unwind its involvement with archegos capital last week it said it would lose $5 billion i thi

. >> very interesting that he chose to engage on that, and of course the treasury, the s.e.c., one wouldgine would be involved in that, as are many of us who are reporting on it, and guys, i continue to be asking that same question, what was he thinking, the gentleman with archegos, what was he thinking could he possibly have been, as i learn a little bit more over time here in terms of just the size of the actual positions in many of these stocks which was stunning and then the fact of course, that you know, he did not disclose so much to some of the various prime brokers. and then other questions, too, what were the fees that he was paying they may have been enormous. and there may have been a reason there. and i come back, you know, again, there is so much more reporting to be done there are many out there who are obviously doing this as well i could expect that we will see more stories about what exactly went on here it did not destabilize the financial system in any way. but the role of morgan stanley as both underwriter, lead underwriter of the deal at 85 for viacom, while they had

whether uber or lyft, the com set abroach that we set up was set up by young and validated by the s.e.c these reports simply don't understand the business that we're in and i think investors like kathy expressed that. >> what about the more broad point or question, andrew, that most of your revenue by percentage is sort of plateauing or flat versus a much smaller percentage that is in fact growing very quickly is that a fair point at this stage in your life >> i don't think it is and i can't comment too specifically, in our period right now, but stay tuned until the next week and i'll be happy to share more information as soon as we can. >> every time i talk to you i've asked you the same question which is the surge in business and gamers during covid. is that coming down now that we are seeing more people go out and more people getting vaccinated, does that change the trajectory of your business? >> i think you'd see that more in console computer games. the nature of our product is an on the go entertainment solution so we saw a surge in the maybe first two to four weeks and we sue nor

what's going to happen in terms of crushing landlords and now wework, projections jim, that's what the s.e.cow, the projections that you and i talk about so often, on 25, or 26 ebitda, or sales, or whatever it may be, carl, and they can't be relied on. >> the projections are funny. >> the projections are associated with a merger, as associated with an ipo, which have very different constrictions. >> carl, they're funny the objections they make you laugh. because they're so great >> guys, we got our s&p record high and you got the 10:00 below 1 -- the 10:00 below 1.64 bob pisani. >> s&p new high and a lot of sectors in the s&p 500 new highs. very forward mood on the street and good reason. take a look at the sectors a new high in the tech sector. and broad participation in health care doing accu-steel, reits, whenever you get tech, he health care, reits, all leading and industrials, very typical into earnings season, a little bit of a weakness in the few days before bank stocks here and if you take a look at what is moving markets now. you got to admit if you look at the incentive indicators,

already exists >> yeah, there's not much i can say specifically about the honest company because of the s.e.crvation that there have been so many companies that have built themselves to a really substantial scale and revenue. many of them have gone public and done extremely well and there's still likely to be many more to come and so we used to talk about unicorns being this incredibly rare thing private companies are worth more than a billion dollars and now we're seeing those worth $10 million. they can be public and they are becoming public. >> and the honest company has jessica alba, going back to your point about influencers and celebrities. jeremy liew, have a great weekend. >> thanks so much. >>> let's send it over to mike santoli for a look at wage growth and personal savings in the u.s. >> just historic levels of personal income growth in the past quarter a lot of that was government stimulus payments but this is a measure of wage and salary growth that does not account for that it's basically job focused so it's pretty much apples to apples throughout history. this level is basicall

sherman is stepping down as soon as a successor is found they say no later than july 31st given the s.e.cve leadership to make sure the right skills, they say, are in place for the changing environment so the transition which is what the investors of gamestop has been hoping for seems to be moving at a pace, nonetheless, moving. i know many investors are hoping for a transformation joe. >> hey, andrew, i was going to look at the "squawk stack," i asked them to put the "squawk" coin in there. >> oh, nice. >> i don't know if becky has seen the new and improved "squawk" coin. she somehow is like -- is immediately went above us and sort of looking down over us i think they -- do you notice that >> i didn't have anything to do with that. >> it's like we got to watch ourselves. i don't know -- it's not really trading yet. i don't know how to actually launch this thing. do you know how to mine this, sorkin >> absolutely. we can do that during the commercial break, honestly, joe, that's how easy it is to launch these things now that becky is on the value has clearly gone up. >> already going up.

ask, given the disclosure requirements that we believe are going to come, given what we saw from the s.e.c given what sigh imagine will be remarkable compression over time, and as you said, more founder friendly or more company friendly, the kinds of people who are participating in these spacs flight as sponsors, big-name folks who are doing it in large part because they're collecting 21% of the spac on day one therefore the economics for them are huge, it's not going to be nearly as lucrative for them in the future and the question is, whether it's going to be worth their time >> well, i think it will be worth their time because there are a lot of people who have value to add you look at former operators who want to find a way to help a company or be part of a new company. you have growth economies who still do need to find -- find new forms of capital late stage b.c. is really expensive. to me, that's probably the biggest use case for spacs but, you know, andrew, we've seen this in hedge funds we've seen this in other parts of the industry, that as it gets more competitive, the economics

. >>> let's talk about the s.e.c.s morning they are now considering tough requirements disclosure requirements for investment firms trying to increase transparency for the bets that led to the gamestop scandal short bets and the archegos scandal and a related story. shares of credit suisse are falling hard company reporting a net loss of $275 million over the first quarter. hurt significantly in the collapse of antarrchegos capita. aside from equarchegos capital >> on an adjusted basis. >> exited 97% of the trading positions related to archegos. expects to announce additional loss of $655 million in the second quarter they will issue new shares to counter as they sell more stock to try to bolster the capitol position new requirements imposed by the b regulator. a number of investigations are going on this story is not over yet fallout continues. >> still having thoughts about the comment, andrew. here is where is -- about the virtue signaling if you are trying to promote yourself as an an anti-establishment, libertari

we're doing very well with the bitcoin fund as well to me, at some point, and i believe this, the s.e.ctf applications are in. if we're successful, we'll convert that bitcoin fund into the etf. and for me, this is a 1 to 3% play and evolutionary process for people if you're right, bitcoin trade for the capital goal, people are going to be very happy >> real quick, reporting this mosh that treasury secretary janet yellen will call for a global minimum corporate tax your thoughts on that idea >> i love the idea for secretary yellen because she's in a high tax country, but i don't see how that's going to be possible to deploy, steven you know, at the end of the day, these companies are competing for flows of capital i don't see a tax treaty coming into place right now i don't see what the give mes are for the united states to these other countries to entice them to do that. so, it's a great idea. i understand why she wants to propose that idea. she wants to keep the tax side of most of these companies in the united states. i don't see that happening >> anthony, i just want to follow up qui

top stories because as you know business never slips cryptocurrent ski exchange coin base getting s.e.ccoin the company claims more than 43 million users trading digital assets a filing last month said they reached a $private valuation of $98 billion. >>> positive movie business film np cong rakes raked in normally not home to write about the amount but it represented the best debut during the coronavirus vices in the middle of the week. it has brought in $120 million internationally. and sales get a boost when 500 regal theaters open up the first time since october this is already available on hbo plus we watched it last night in our house. perfect way to start the easter weekend. death, drugs, more thanes fighting mitch mcconnell dashing any hopes in the senate for bipartisanship on president biden's infrastructure plan. the senate minority leader saying the $2 trillion package is not getting support from our side in his words. at the same time, mcconnell vowed to oppose the broader democrat agenda under president biden saying he is fighting every step of the way because he believes i

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they open first to our populations in our s.e.c. classes. schools on this slide that are highlighted in green are the 41 sites that have been approved for reopening by d.p.h. and there are schools that are highlighted in yellow as well. and those schools follow our childcare guidance and do not require a site visit or approval from san francisco d.p.h. to reopen. these are our early education sites. the classrooms in these schools follow our m.o.u. guidelines. for next week's reopening on april 12th, the 35 schools indicated in wave one and waiver two columns are on track for reopening. the remaining two schools not highlighted, that is civic center and hilltop, those are two of our county programs, are scheduled for their facility walkthrough this is week and we anticipate that those two schools will be ready on time as well. we prepare our school facilities and to make sure that we're on track for the opening of the schools under april 19th and april 26th. next slide please, justin. when we talk about facilities' readiness to reopen, this,

they open first to our populations in our s.e.c. classes. schools on this slide that are highlighted in green are the 41 sites that have been approved for reopening by d.p.h. and there are schools that are highlighted in yellow as well. and those schools follow our childcare guidance and do not require a site visit or approval from san francisco d.p.h. to reopen. these are our early education sites. the classrooms in these schools follow our m.o.u. guidelines. for next week's reopening on april 12th, the 35 schools indicated in wave one and waiver two columns are on track for reopening. the remaining two schools not highlighted, that is civic center and hilltop, those are two of our county programs, are scheduled for their facility walkthrough this is week and we anticipate that those two schools will be ready on time as well. we prepare our school facilities and to make sure that we're on track for the opening of the schools under april 19th and april 26th. next slide please, justin. when we talk about facilities' readiness to reopen, this,