tom: sonali basak, thank you so much.-hand coffee way out in the hamptons out to montauk. see how i nailed that, lisa? lisa: nailed it. when was the last time you were at the hamptons? tom: they know i am transitory, i'm not a big fan. lisa: you are above 59th street kind of guy. tom: i murmured in june, we are supposed to go up, the gentleman from rbc capital markets up the coast of maine. lisa: all the way to 97th street. [laughter] tom: i made it down to soho this weekend. but seriously, they do not have nutella lattes in maine. lisa: you are starting to feel a buzz. romaine: you walk up and down the streets here, and you can feel it. i welcome the other day up park avenue. tom: this is critical. you do this on "the close." do you see a reset and the equity market because people are assuming better growth than the caution of two months ago? romaine: absolutely, and you are hearing from strategists saying now is the time for a little bit of a re-think. we have key economic data. next week, big jobs report. lisa: is it j

evercore co-chair and co-ceo ralph schlosstein and bloomberg reporter sonali bostic -- sonali basak.y: e.u. regulators have allowed use of pfizer beyond tech for children under 12. this follows after angela merkel planned to expand vaccinations to those 12 and older. the ema perusing the pfizer vaccine for use in children ages 12 to 15. coming, amc shares soaring to the moon after more than doubling this week, helping drive meme stocks to their best week since march. we will discuss with benn eifert. this is bloomberg. ♪ ritika: this is "bloomberg markets." i'm ritika gupta. coming up -- ritika: let's check in on the first word news. president biden wants to initiate congressional spending negotiations today. the white house economic council deputy says more taxes will help fund infrastructure investments. >> in 2018, the effective tax rate was 8%. compared to the tax rate that small businesses pay, compared to the tax rate the average middle class family pays, this allows them to pay more in taxes. it will be good for those companies in the long run. ritika: it is about improving an

sonali: two things.ess taking a look at the spac model which is very interesting to see how deeply they are willing to get in terms of the nitty-gritty here. these are some of the more advanced testimonies i have seen in a while that are willing to address different parts of the law, different parts of how the financing works. how much the investors are paid as well as any filings that should be around the spac's. it is interesting to see lawmakers and the sec taking a look at these disclosures. i think clarity around this market could help it get some heat behind it once again. there is a lot of fear around what is to come. alix: and if you are able to front run anything that comes from washington, it could be harsher. this is bloomberg. ♪ ritika: it is time for the bloomberg business flash. wall street banks spend the pandemic making record profits. the micronic lawmakers want them to explain why they have not deployed more of that money to help struggling americans. the heads of the six biggest firms

also joining us is bloomberg's sonali basak.tt is talking about, this red-hot economy, what do you do with money if it is so red-hot? martin: that is the question at the moment. it is a perennial question. i think there is really no substitute for having an investing team with broad experience and deep expertise. you've really got to understand the industry and the forward dynamics. you can't just model the capital structure on a spreadsheet. sonali: there is something you are doing at 6th street, which is to take quantitative investing over to investing. so how do you see the opportunity to have it all that you did at goldman with technology over to sixth street? martin: the core of what i knew how to do is to build models for the world. that is what we did in the trading business, and that is what we are going to do in the private capital investing business, building models of companies in sectors and looking at all the things that might go well and might not because so well -- might not go so well. but you also have to unders

sonali: the short answer is yes. the thing here is that we have known for some time here, closer to jamie dimon, daniel pinto is closer and is in his late 50's. they train a wide range of employees -- think about how many people, matt, over the generations have been rumored to be potential successor to jp -- jamie dimon one day. you have those people all over the industry. charlie shark is leading wells fargo. matt james was at cerberus. you have a wide range of people here and one of these women may lead jp morgan one day, but who knows what the future looks like. at the end of the day it all depends on how long jamie dimon remains ceo of the company. matt: i was going to say, if jamie dimon ever leaves, right? ed hammond interviewed him closely the last time i paid attention to that and he said he would stay for another five years. sonali: and he says that every five years. jp morgan, the biggest bank in the country. so big, it's a market leader in so many different businesses. a big consumer business, huge credit

sonali:. it was interesting because we're watching for -- this is the first time the bank ceo's are in front of a democrat-controlled senate. at times it was very tense. they were being asked about their wage policies, the overdraft being charged, and what they were doing to support employees and customers who have long been left behind in a global pandemic while they return capital to shareholders. i expect some more of that tomorrow. that was something that was a concern of maxine waters, how much money was lent out versus how much was given back to investors. all in all, to answer the questions -- there was still some questions left on the table. matt: there were a couple of tense moments, allison. elizabeth warren wanted jamie dimon to hand customers to love the profits that they made last year back because of the overdraft fee waivers, the u.s. government granted these banks. i was wondering, how much do you think j.p.morgan actually saved from those federal government exemptions from ove

sonali: thank you john. pleasure to hear about your work and be in conversation with you and thank you for the opportunity. john: thank you so much for having me, this is such a great conversation. >> afterwards is available as a podcast, so listen and visit c - span .org/podcast or search cspan afterwards under podcast app and watch this and all previous afterwards interviews apple tv .org and just click the afterwards button near the top of the page. ♪ ♪♪ ♪ ♪♪ ♪ ♪♪ ♪ ♪♪ >> book tv on "c-span2" top nonfiction books and offered hundred authors every weekend and today and noon eastern, on in-depth, polite conversation with historian and ronald ragan biographer craig shirley. reagan pricing and mary ball washington predict tonight at nine eastern on afterwards, cindy mccain talks about her life to the late husband senator john mccain in a row, stronger. she's interviewed by former senator. watch boutique today on "c-span2". as part of our ongoing interview series with members of congress, the tv asked senator

sonali: i don't. lot of people made a lot of money by betting on distressed last year and that opportunity is over. tom: so the key thing is a movement of management like we've never seen before? sonali: when was the last time he saw changes this fast and hard? it is time to change jobs. we were talking to recruiters all week. kind asked for more money as people are starting to change jobs -- time to ask for more money as people are starting to change jobs. a public a firm that has grown, fill the holes as the banking system started to step back and it the last decade, and bloomberg reported weeks ago this was going to be possible. it happened much faster than expected. this is at the top level, guys. lisa: taking a step back, is this your garden-variety moving wrapper bigger paycheck or is there something larger at work? particularly with the private vestment management firms given how big they are and more mainstream and frankly, attracting more scrutiny that they have become? sonali: on one hand, t

sonali: what evidence do you have so far from your consumers?carbon offsetting as well as planting a tree every time they do a round up. so what can you -- what data can you give us to show us that consumers really care about this? andrei: first of all, we have doubled the number of our customers or aspiration members, as we call them, in the past year to over 4 million members who have signed up. we have launched plant your change, which allows customers to plant -- we launched it last april. right in the midst of the pandemic or just as it was getting started. not sure what to expect. our customers all told now across everything we're doing have planted over 10 million trees in just about a year. we are planting as many trees as there are in central park every single day. that speaks to this giant demand that people have for how they can really meet the challenge of the climate crisis in their personal lives and how they can integrate that kind of action. we are seeing that in customers coming to aspiration, wanting to do more with aspirations

bloomberg wall street reporter sonali basak covering it yesterday. she's back for round two as well. what did we take away from round one? what do we think round two is going to look like? sonali: round two is going to be longer and a little more complicated. we are expecting many more questions in many different directions. there was a little but a focus yesterday in terms of minimum-wage, about ceo pay relative to their staff, and of course, that elizabeth warren-jamie dimon dispute that really went viral about overdraft fees. elizabeth warren said jp morgan was charging customers much more than the other banks were. there's different ways to look at it. i like how alison williams a bloomberg intelligence put it. you opt into overdraft. you opt into it, and there are products you can get in which you don't pay overdraft. but the question itself is very complicated. there's five minutes to really answer every question. so whether it is more based on rhetoric and less on detail, or more details found today on how we actually move forward, i think tha

sonali: jamie dimon every few years says he is staying on another five years. he has not announced plans to step back in any significant way. that said, it is interesting to see this get a little clearer at the top for the picture of the people who are likely to take over. a lot of people on wall street have seen this before. jamie dimon has stuck around for a long time. it leads to a lot of questions like, does he stick around a lot longer, and if not, what is his next act? will he take some kind of political role at some point, as has been rumored for quite a long time? obviously he is a huge figure. increasingly a figure in matters of u.s. policy, as we have seen in the annual letter. so no direct plans to leave anytime soon, but a cleaer picture on what their succession planning looks like. haidi: of course we know jane fraser as one of the leading women to take these leading positions on wall street. if this was to happen, how progressive would it be in terms of breaking these glass ceilings and being more representative at achieving that equality when it

sonali basak has more on these leadership changes. sonali: this is huge. gordon smith, the person who went down to washington last year when jamie dimon had his heart surgery, and he's somebody who's been a long time deputy. however, he's over 60. we knew that the reigns are going towards the next generation of this bank. think marion lake, jen pip sack. this has been a rumor elf -- a rumor mill for a very long time. what we know about jp morgan is they like to build their bench very deep so that people get a lot of different experiences. the two women are overseeing a business that serves half of all u.s. households, and it is really giving them a chance to run a business that is a heartbeat of the american economy. guy: absolutely. we've already got one woman running a big u.s. bank. it would be nice to have two. sonali: and it's funny, very similar businesses. jane fraser had also been out of that consumer business over at citigroup. guy: it is interesting to see the depth they are trying to build in terms of the skill set, understanding business from t

sonali basak has the latest. sonali: you have two new copresidents at morgan stanley.t has been two years since that spot has been open. they run the world's biggest equities business, biggest stock trading business. andy saperstein runs the biggest wealth manager in the country, just bought e*trade as well. have two others in this line of succession. the former cfo, highly renowned with investors given his spot on the earnings call, and back into thousand eight when he worked with all the banks and the heat of the financial crisis at their toughest times. so a new generation rising at morgan stanley. clearly a a succession. we are seeing a new generation rise elsewhere. -- a new line of succession. we are seeing a new generation wise elsewhere. guy: sonali, thank you very much, indeed. the iranian president hassan rouhani says world powers have accepted lifting sanctions on his country. the news inevitably having an impact on oil prices. let's find out exact a when this is going to happen, how far along we are. golnar motevalli joins us now. she covers a run for bloom

and really this show is about me writing sonali's coattails in the financial world.o thank you for bringing us this exciting interview. this is bloomberg markets, i'm matt miller. we are going to continue to cover all of the market action. we have a rally on cap today, and even bitcoin is bouncing back. this is bloomberg. ♪ ♪ matt: this is bloomberg markets. i am matt miller. it's time for our stock of the hour. for that we bring in dave wilson. ralph lauren reported a surprise profit today, sales are driving the shares to the worst trading day in a year. i have to say, this brand has accompanied me throughout my life. i don't know if it's ralph lauren or ralph lauren. dave: ralph lauren. like ken. ralph lauren. and one of the retailers that we have heard from this week, like so many of them, if you look at the quarterly results, you think great. the company had an unexpected profit. but here's the story, it's all about the retail business which accounts for most of the revenue. and sales in stores have not been open for more than year which were down. you see a decl

bloomberg's sonali basak has more.onali: you're seeing a massive growth in private equity, massive growth in private credit. kkr brought in about $15 billion in new capital, $1.6 billion in net income. at apollo, you have about $1.5 billion in net income. that is about five times what it was making at the beginning of 2019. interesting about apollo, you have mark rowan's speaking today on his first call as head of the company on his ability to grow those credit funds which is what apollo is known for. it is the biggest in that business. but the private equity business gets really interesting both at kkr and apollo. a lot of realization of assets. that means sales, ipo's, and a lot more in that pipeline where that is coming from. much more deals ahead. guy: we will look forward to your coverage of them. thank you very much indeed. the nasdaq is now down over 2%. it is getting absolutely hammered. faang stocks in particular are really under pressure. we are going to be joined by anna han, wells fargo securities equity st

haidi: sonali basak, with the latest. thank you.uth korean president moonset to meet president biden on friday. we get a preview from ambassador harry harris of south korea. this is bloomberg. ♪ ♪ vonnie: you are watching "daybreak australia." u.s. treasury secretary janet yellen proposes a 15% minute global corporate tax. it aims to reduce competition to lure corporations with cheaper tax rates. it is more than the 12.5% rate proposed by the oecd, but less than the original u.s. proposal of 21%. fed chair jerome powell announces a forthcoming report on u.s. and digital currency. powell says he wants the central bank to play a leading role in developing international standards. a key focus would be how cryptocurrencies fit into the u.s. banking system. powell says cryptocurrency will not replace cash. >> we are committed at the fed to hearing a wide range of voices on this issue before any decisions on whether and how to move word with a u.s. cbd scheme. vonnie: a senior i one official says the u.s. commitment to providing more vacc

sonali: we note lawmakers are very concerned about their constituents, whether they will be able to payrtgages and whether they will be kicked out of their homes. a lot of people are also renting . a lot of that is very unclear across state lines and regions. they want to note the banks will be there at the end of the day at the late stage of this pandemic. 3 million people across the country still behind on the rent payments. you are also talking about wages , the ceo to employee ratio has been a big concern. guy: -- alix: thanks a lot. busy afternoon for you. coming up, "balance of power." head over to radio in the u.k. for the cable. this is bloomberg. ♪ in business, it's never just another day. it's the big sale, or the big presentation. the day where everything goes right. or the one where nothing does. with comcast business you get the network that can deliver gig speeds to the most businesses and advanced cybersecurity to protect every device on it— all backed by a dedicated team, 24/7. every day in business is a big day. we'll keep you ready for what's next. comcast business pow

tom: what's terrible here, sonali handed me a nutella l atte, it smells great. lisa: so where's the terrible? is it transitory? tom: for me, it's transitory. i will go back to the tang. dow futures up 136. we welcome you on this friday, a memorial day. bharat ramamurti of the white house, next. this is bloomberg. ♪ ritika: the russian hackers behind the solarwinds campaign have escalated their attacks on u.s. federal agencies, think tanks, and nongovernment organizations, according to a blog post from microsoft. in april, president biden orders sanctions against 32 russian individuals and six companies that provide support to the kremlin's hacking operations. prime minister boris johnson meeting with hungary's viktor orban. johnson has held relatively few face-to-face meetings since the coronavirus pandemic began. germany's president said today he will take a second term. he made his pitch for another five years as germany's head of state four months before the country elects a new parliament. investors swapped to safety in the past week, and the biggest additio

interviewed columbia university health education associate professor and adjunct professor of epidemiology sonali

haidi: speaking with sonali basak and joe weisenthal.t back to the environmental concerns about bitcoin in guest says there are ways cryptocurrency could become sustainable. great to have you with us. what elon musk raises is nothing new. we have all seen the headlines for how bitcoin mining takes up more electricity than some entire nations. you see it as an inflection point for how the broader crypto industry could move forward in a more sustainable way? >> thank you. the recent statements around climate concern of elon musk, the concern of artists around the climate impact of non-fungible tokens have made it clear the climate issue is something that our industry ignores at its own peril. we see the bull market -- it looks like a has been popped and is on a steep -- a deep dive right now. there is industry -- there is interesting data showing the peak was march 13 just as environment of concern was happening. we have seen major companies along with artist and everyday people who want to get involved in crypto who want to be in this fas

joining us now is bloomberg wall street correspondent sonali basak. -- joining us now is our bloombergstreet correspondent. >> first of all, it is a bit short on detail but we know they are asking questions of the bank. -- this is a cross-border issue and what is interesting is while journalists have pointed out, the meltdown did not come up today when the bank ceo's met with the senate. they are meeting tomorrow again with the house who has already asked a lot of questions about this. we know that other senators have been asking other financial regulators about this as well and a lot of money was lost. there are a lot of questions that still remain about this meltdown who was responsible and how much so much money was lost. >> beyond an airing of grievances and frustration, are we expecting any kind of regulatory outcome from this? >> the point that i had been speaking to a lot of my sources about was that this is not the big -- not the only big lever institution that we see issues with in the last 24 months. we have seen repo market issues to the point that regulators have had to ste