sun trust app was exceptional.ompany talks about them in their earnings presentations, nothing. sun trust says it's the number one. if you go to google and search for various permutations, it's bank of america. bank of america is gaining new clients and not just millenniums. where are they coming from simple, other banks. not just first-time accounts transfer accounts, wealthy or established accounts, the best kind to have yet bank of america is using its tech experience to take market share across the board that's why i think the sun trust/bbt may be about playing digital defense than offense it's about giving the combined company the chance to scale and less in brick and mortar in order to keep them happy and get new clients. keep them from migrating to bank of america they don't get it at all they're bank analysts. they don't know what crm is? they think it's a stock symbol or the cloud or service now after merged entity, that's what happens, my conclusion if you want to understand the future of the banking busi

bb & t is the one that's purchasing sun trust in a $28.2 billion all stock deal. listen, work with me here. sun trust shareholders will get 1.295bb & t shares, that works out to a 7% premium based on wednesday's closing. but price, you can see bb & t is jumping about 3%, sun trust up 9.5%, and it is right now standing at $64.31. regional banks getting swept up in the excitement and the hype, perhaps whetting the appetite for potential m & a elsewhere. speaking of which as we see, citizens, key corps, comerica, peoples united. investors get hungry for that kind of deal and for chipotle mexican grill stock. that stock is surging double digits in this final hour of trade, up nearly 13% after the company beat same store restaurant sales estimates. the mexican fast food chain was dogged by quality issues in the past. remember that? but online orders and new marketing campaigns and they put in new safety plans, really helped chipotle results in the fourth quarter and helped add confidence in the company. so as investors devour chipotle, that stock now stands at $593 and

bb&t ceo billy king and sun trust's ceo join us from north carolina thanks to you both for being withet me begin with you. both you and mr. rogers have certainly fairly recently outlined your views of going it alone and the strength of boast your franchises, and why is now the right time, and how did this actually come to fruition given, of course, that both of you certainly have seen a very strong path ahead for both of your companies as independent? >> well, we've both been very laser focused on organic growth because frankly that is the best way for any company to growth itself from a quality and a profitability perspective. and to be honest that's the only thing you can really control but at the same time bill and i have talked for a long time from an industry perspective about the changes in our industry, and the tremendous increase in the need for technological investment to be able to provide the level of digital capabilities that our clients now demand our clients now demand what i call realtime satisfaction they want what they want when they want it right here right now, and

what they want wednesday morning right here right now the only thing happening in real time is the sun trust the wondering if you can really handle being this evil. or if he forgot he lock this kid in the car these type of mergers result in increased wealth for c.e.o.'s company layoffs and a further consolidation of banks which for smaller community banks to close the complete opposite of what lawmakers claimed they could spend it why didn't anyone warn us that's what happened this bill will increase the likelihood that american taxpayers will be on the hook for another bailout that was a woman who told us something was a bad idea and once again no one listened just like when marge simpson said building a monorail in springfield instead of fixing existing infrastructure was a bad idea. in the case of this law that mob was a bipartisan group that included thirty three house democrats and seventeen senate democrats who voted for it including senator jon tester of montana and now former senators joe donnelly of indiana and heidi heitkamp of morphic ota who according to the center for responsive

, sun trust did -- bbt, sun trust, sun trust has the headquarters in charlotte said they'll maintainsence you got georgia tech and emerson there. that has been a jobs magnet, sun trust. >> these are the ways you create jobs and create economic activity, sustains the cities. i don't completely follow -- there is an anti-union element, i should say pro union element here that certainly feels that amazon is not. you had the city council speaker of new york city excoriate the amazon representative a couple of weeks ago for their lack of support for unions but i don't know how you -- as somebody who grew up here in queens, in the '70s, really don't want to go back there. >> one last point on amazon, journal puts on page one a piece about bezos and basically how he went from as they put it private family man to hollywood party magnate and i guess there is some takeaways in terms of how apparently close bezos is emotionally to the studios, to amazon studios and how he reached out to the tolkinest state. >> and transfor natimation and whether or not it is distracting. >> full disclosure, i'm

interesting deal this week, the two regional banks, bbnt, sun trust merging in a $66 billion deal, itould be the sixth largest bank the biggest deal in ten years are i want to make a point when you're talking about forced merger or a merger that's supposedly done out of strength, a decade ago, 2008, jpmorgan was forced to buy bear stearns in march 2008 for $2 on its way to $10. the s&p was in a bit of a correction at that point it rallied 15% after that. people thought it was swept under the rug. subsequently, from may 2008 to the lows in '09, it dropped 50%. move forward to yields the u.s. treasury yield on the 10-year is at 2.63%. people were talking about 2016 that was a generation aloe we-just made a generational double top, breaking that uptrend. here's the long-term chart of the 10-year treasury yield maybe we have been in a decades-long generational topping process where yields are never going up i don't think that's good for banks here, i don't think it's good for the global economy. then lastly, let's just get to citibank here. because this is the one i was picking on in earl

bb arched & t and sun trust cog in a deal. what you need to know. sun trust is up 9% on this deal. stamps honoring the military's working dogs. we'll tell you when you can expect those stamps in stores. back in a moment. ♪ ♪ traders -- they're always looking for advantages. the smart ones look to fidelity to find them. we give you research and data-visualization tools to help identify potential opportunities. so, you can do it this way... or get everything you need to help capture investment ideas and make smarter trading decisions with fidelity for just $4.95 per online u.s. equity trade. fidelity. open an account today. ♪ to be nobody but yourself in a world which is doing it's best to make you everybody else... ♪ ♪ means to fight the hardest battle, which any human being can fight and never stop. does this sound dismal? it isn't. ♪ ♪ it's the most wonderful life on earth. ♪ ♪ maria: welcome back. a mega deal in the banking industry this morning, top story. cheryl casone with the details. cheryl: blockbuster deal to tell you about. bb&t and sun trust merging, a $66 billion all-st

so the question i have is about the sun trust and bb and and t merger. is this one going to be another rubber stamp? you have already made the decision behind closed doors before the public gets a chance to weigh in? chairman powell: no. not at all. we're going to conduct a very fair and open, transparent process. i think our obligations under the statute are clear and they are quite product. we'll be hearing from groups of all kinds. and going through our process carefully and thoroughly. senator warren: it's just in the last 3,819 merger applications, which were all approved without a single one for which you said no, this time you are going to be listening to comments from the public that might cause you to say no? i just have to say, sun trust and bbt looked at that 100% merger success rate and saw what everyone else sees. and that is that the fed works for big rich banks that want to get bigger and richer. and then everyone else pays the price for diminished competition, for worse service, for higher prices, for employee layoffs. for the risks that

chairman, thank you chairman powell for being here earlier this month two giant banks, sun trust and bbt announced they intend to merge the new too big to fail institution would have about $450 billion in assets and become the sixth largest bank in the united states. now, as you know bank acquisitions and mergers don't go through on their own, they have to be approved first by the fed. so last spring i wrote a letter asking for data on the number of merger and acquisition applications received by the fed, and the number that had been approved over the last ten years. chairman powell, when you answered my letter in may of 2018, how many mergers and acquisition applications from the banks had been received since 2006, do you remember? >> no, i don't have the number. >> 3819 sound right? >> yes >> good. and do you remember how many of those 3819 applications you denied >> no, i don't >> would zero sound right? >> if you say so >> well, you said so it is your letter. chairman powell, has the board denied any applications since you responded to my letter in may? >> i would just, if i can

. >>> for two weekends in a row, someone has robbed the same sun trust bank in rockville. now, police are trying to figure out if it's the same person. e bank is inside shady grove road. the person walked up to the teer and demanded cash. the teller believes it is the same robber. >>> a local woman is thanking a police officer for helping save her life. the officer killed two pit bulls that attacked two women. when police arrivedunthe officer the dogs on top of one of the victims. be officer shot and killeh dogs. the women were badly hurt.'s itunclear who the dogs belonged to. >> with those cheers, the new england patriot fans are celebrating a sixth super bowl win. the pats beat the l.a. rams in a 13-3 victory. nothing was going on for three. quarte the highlight of this game wasl gendaryge sin gladys knight, who kicked things off with a beautiful rendition of the national anthem. this is the way it was supposed to be. and the teams took the field. people were saying it was one of the least eventful super bowls ever. it was one of the lowest scoring super bowls in the ga'

bb&t and sun trust are combining to create one of the largest banks, making this the biggest banking deal since the financial crisis. >>> tck revolution. how amica's love affair with big vehicles is reshaping how the automakers spend and hire. those stories and much more tonight on "nightly business report" for .>> we do bid you a good evening, everybody, and welcome. stocks aid head souther investors were hit with a 1-2 punch of tradend global growth concerns. let's start with trade. the latest is that talks between the u.s. and china may not be ogressing as quick as the market would like, especially ahead of tha key tariff deadline now set for march 1st. that sparkedt concerns te trade war between the world's two largest economies will not be coming to quick resolution after all. at the close today, the dow was down 220 points. not the low of the day, though. we're at 25,169. the nasdaq was down 86. the s&p slid by 25. bob pisani has more on today's st >> a number of headlines stirret up fears ahe u.s./china trade war. just before 11:00 a.m. eastern time reports were out saying the

hbc is buying sun trust bank. it will create the country's 6th largest bank. deadline and variety reporting woody allen is suing amazon after amazon canceled his last film and his multi film deal after old allegations resurfaced that allen sexually assaulted his adopted daughter dylan. military members now deserting maduro after the embattled regime blocking food and humanitarian aid into the country. democrats are pushing socialist programs like medicare for all. exorbitant taxes and more. alexandria ocasio-cortez releasing her plans for a green new deal and how nancy pelosi makes fun of cortez. we are staying on that story next. all money managers might seem the same, but some give their clients cookie cutter portfolios. fisher investments tailors portfolios to your goals and needs. some only call when they have something to sell. fisher calls regularly so you stay informed. and while some advisors are happy to earn commissions whether you do well or not. fisher investments fees are structured so we do better when you do better. maybe that's why most of our

you have that huge deal with sun trust. i think we're finally starting to see a little something. maybe a bit of fire that we'll start seeing more of this stuff. >> younger fella can we get him in. give him a little jingle he's a sweet kid very nice. >> you're never going to forget that >> no, never >> not going there ncht here's where we are going we're going to go to break >>> next up, a big call on tesla. the thing that will really grab you is the new price target. >>> tracking unusual activity. think which way the markets think these big name stocks will move >>> before the break, our data partners at kensho on the top performing industrials after the sector jumps 10% or more in five weeks. the halftime report with scott wapner and the traders is back in two minutes to every platform. yeah, that too. i don't want any trade minimums. yeah, i totally agree, they don't have any of those. i want to know what i'm paying upfront. yes, absolutely. do you just say yes to everything? hm. well i say no to kale. mm. yeah, they say if you blanch it it's better, but that seems like a lot o

we saw the sun trust merger last week wisdom tree reportedly held talks with jp morgan there's news out today that goldman was in talks with the boutique bank and those talks fell apart over m & a. do you expect to see more mergers in 2019 and can we expect goldman to play a role in that >> obviously the dbt sun trust deal was a big deal. we played a role as adviser in that transaction i think one of the things that was interesting about it is the stocks of both companies reacted wel well, kind of ipd kating the market would see consolidation morgan stanley did an interesting add-on acquisition in the course of recent weeks. as for goldman sachs, we'll continue to look for opportunities to broaden our franchise with add-on transactions in the wealth management business, but we're focused on continuing to grow our business with respect to the initiatives we have. m & a will broadly continue at pace in this environment and financial services will have a reasonable contribution to the over sbls all m & a mix. with respect to our looking at awe boutique investment bank i'm not aware of thos

bb and t and sun trust banks rose 10% and 4% respectively after announcing a $66 billion merger forming largest u.s. bank. >>> sears lives to see another day. a bankruptcy judge approved the sale of most of sears' assets to a hedge fund controlled by eddie lampert. the decision will keep 425 stores open, it will save 45,000 jobs. the 133-year-old retailer was once the largest and most important retailer in the nation. it has struggled for decades losing business to line oonlines and billig box retailers. it had lost $12 billion since its last profitable year in 2010. >>> a little bit lighter story. if you like ice cream, and you like rum or bourbon, haagen-dazs has something new coming to the freezer aisle. it is launching a new line of seven alcohol infused ice cream treats. the spirits collection includes seven new flavors like bourbon truffle and nondairy to have fee. each contains less than half a percent of alcohol per volume. this isn't the first to add booze to its products. ben and jerry has a brand. smaller brands have been selling alcoholic sice cream for years. it will be ava

bb and t and sun trust rose 10% and 4% respectively after announcing a $66 billion merger forming theee another day. a bankruptcy court approved the sale to a hedge fund controlled by eddie lampert. the decision will keep 425 stores open, save 45,000 i don't thinks. the 133-year-old retailer was once the largest retailer in the nation. it has struggled for decades losing business to line oig rons and big box retailers. >>> if you like ice cream and rum or bourbon, haagen-dazs has something new in the freezer aisle. it is launching a new line of accept alcohoseven alcohol infu treats like about yo treats. the brand isn't the first to add booze to its products. ben and jerry's launched a flavor infused with bourbon in 2017. and also smaller brands have been selling alcoholic ice cream for years. the collection will be available nationwide in april and yes, dave briggs, you must be 21 or older to buy it. >> but no bloody mary break tax variety. but i would try the bourbon praline pecan. >> two vices this one. thanks for . >>> he's an outstanding person. he'll do very well. >> the questio

earlier bbt and sun trust announced a 66 billions measure that would cost the nation's biggest bank.t's so interesting because, you know, it was the fed chief basically getting hit by elizabeth warren from the left and from the president of the united states in recent months as well. if you're just waking up, michael cohen's prepared testimony is out. he does not plan to hold back under oath. full coverage, ahead. is that for me? mhm aaaah! nooooo... nooooo... nooooo... quick, the quicker picker upper! bounty picks up messes quicker and is 2x more absorbent than the leading ordinary brand. [son loudly clears throat] sigh [mom and dad laugh] bounty, the quicker picker upper. we were paying an arm and a leg for postage. i remember setting up shipstation. one or two clicks and everything was up and running. i was printing out labels and saving money. shipstation saves us so much time. it makes it really easy and seamless. pick an order, print everything you need, slap the label onto the box, and it's ready to go. our costs for shipping were cut in half. just like that. shipstation. the

even higher with us now on where stocks going from here is keith lerner, chief market strategist at sun trustescent wealth advisers good to see you both >> good morning. >> jack, let me begin with you 2760 here, as more optimism about u.s./china trade and the border win assu border, i assume, is driving things how much do you think the rally we've had since christmas eve needs to be digested here. or is this going to create a little more fomo having reached that 200-day >> i think we were a little bit to the downside, we were at the lowest level of optimism since the financial crisis so i think some of this was a simple bounceback of reality and expectations that said, we do need to see some progress in these china trade talks. my concern, however, that this tactic, which has turned into a strategy, will likely morph into a policy, and there may be tariffs that are going to be in place indefinitely and i want to make sure that investors understand and calculate that possibility into their current assessment of the market >> and keith, to that point, that does seem to be one of the key questio

bb&t and sun trust are combining to create one of the country's largest banks, making this the biggest banking deal since the financial crisis. >>> truck revolution. how america's love affair with big vehicles is reshaping how the automakers spend and hire. those stories and much more tonight on "nightly business report" for . >>> we do bid you a good evening, everybody, and welcome. stocks did head south after investors were hit with a 1-2 pu

i haven't seen much impact at all on, for example, bb&t and sun trust. those are two stocks that are kind of on the front burner, mentioned in both hearings today as to whether or not the merger of those two would serve the communities where they may overlap and there may be some issues but those are the two areas. there's been some talk about fannie mae and freddie mac, but don't hold your breath to think that either the house or the senate with the current configuration have any real chance, i think, of reforming either one of those two gses carl z >> we'll see if he revisits mmt with ocasio-cortez in a few moments. steve, thanks. let's get back to the fed chair. >> this is the 2155. so we have comments. i think we have a dozen rules out for comment. >> that was last may that you issued a proposal. >> so if you're talking about the overall tailoring proposal this isn't the volcker rule, this is the volcker part -- >> correct it's dealing with the size of the firm's trading business rather than the size of its assets >> i'll come back to you with the ti

sun trust and bb & t are merging in a $66 billion all stock deal.p. >>> facebook are going to award bonuses to employees who do social good. ashley: oh, yeah? stuart: how do you decide what is social good? liz: i think zuckerberg wants to purposely put us all into a diabetic coma with these kinds of stories. i don't know how you define social good. i'm looking at it, studying it. is it going to be on election interference, stopping that, building products that improve people's lives. ashley: stuart and i rolling our eyes. liz: facebook is under multiple investigations. stuart: let's suppose i came out and said i think these late term abortions are absolutely unconscionable. liz: you would be blocked. stuart: i think it's a form of infanticide. should that be rewarded as a social good because i'm doing some good for somebody? liz: you might be blocked on facebook. ashley: you definitely would. liz: are they going to attack fake news or hate speech? stuart: i think we should have a whopping great big tax cut for everybody on the ground because that wo

. >> what does a combined bb & t and sun trust threaten at this point? you have to ask yourself if you are any bank with $100 billion in assets or more, should you start to consider something like this this is certainly going to create the sixth largest bank in the united states, and i think that you should anticipate other large regional banks considering to do similar types of dealings. >> to what extent is this defensive move rather than offensive move when you see the size of investment, for example, in technology that the big guys are making is this something that needed to be done to fight back to the big guys >> i think it's part of the strategy when you can combine two companies of this size, the cost savings will be meaningful, and the only way that you can create that value on cost savings is through a combination, obviously. i think what we're seeing and we saw this, remember, our banking system back in the 1980s had over 14,000 banks. today it's 5,700 who would have imaged in 1988-1989 that chemical bank manufacturers chase manhattan, jp morg

i did think that the banks would react better to what happened yesterday with sun trust and bb&t, whichument monumental we're okay if we get some good quarters, yesterday was a really tough day. some of the quarters were terrible today we got -- we had good quarters >> not bad yesterday was notable. >> notably bad. >> double digit declines on a lot of stocks. none of them are huge market cap names. but they were significant. >> did you notice two stocks yesterday that were mostly given to me, grubhub and yum yum down $3 when we interviewed mr. creed. and then it finished unchanged grubhub down $16 and then the conference call starts and suddenly it is flat. so there are people who really are just scared to death those people worry about the 200 day and the pullback there are other people who say, listen, i'll take this case by case there does seem that we had this flood of money at the beginning and that seems to have dried up. we're about to get a flood of ipos in that space. >> post mates, speaking of the delivery space, reports suggesting a valuation of 18 versus 12 last october. >>

yesterday how the fed has accelerated its merger reviews and appears to be rubber stamping them sun trustposed merger will be approved by september, but can you assure us that the fed will not rush the process? consult with all affected parties, hold field hearings and focus on the public's interest even if it means rejecting the application? the occ unilaterally released an advance notice of proposed rule-making to modernize the community reinvestment act or cra. the fed and the fdic did not join that release. i was troubled to see the comp troller who recently said if he could not reach agrees with your agencies, the occ would go on its own with cra reform. could that be a good outcome could that lead to regulatory arbitrage by our banks and lastly a minute on diversity. i believe diversity in the federal reserve's leadership including at the reserve banks is crucial because it is hard to stay committed to all communities in the country when the leadership lacks an understanding of those communities that comes from experience that is why i and so many on this side of the aisle have enco

headline this morning, bank mergers get faster under trump, this coming after last year's deal between sun trustpolicy changes or just kind of a different tone and expectation in the market that washington is not going to attack some merger agreement? >> on an overall basis we're living in a bit more of a deregulated environment from a business standpoint. you see that on the ipo and m&a side, absent government shutdowns and things. i think with this bank merger, look, we've been talking about this for a while, that the big banks have -- are able to invest in data, technology, innovation, marketing, while the regionals can't do as much. so there's a classic synergy play with a merger of these sizes. >> you expect to see more to come it sounds like? >> i think this will be the first of quite a few that will come into the marketplace. they have to compete with the large banks. the large banks are able to do so much more from an investing standpoint. >> will we get back to normal where the u.s. has more ipos than china? >> we're trying. >.>> venture capital, you can incubate a capital, know you hav

there was a lot of criticism of the bank merge enand sun trust there were concerns about whether thequirements on the mid-size banks and stuff. so i think -- and that's not surprising you know at the moment, most of them don't have any complaints about monetary policy. so they're using the forum to kind of push the fed in the direction they want in regulation the democrats to be tougher on the banks, the republicans the opposite >> what do you think in terms of what you heard, mr. swaigel? >> like david, the lack of focus on monetary policy was striking. by nature the house is more defuse there are going to be random questions and that would be the challenge for chair powell to figure out what the underlying question in. maybe if something's not well posed. i think he showed yesterday he's really good at this testimony and addressing the concerns. so i think today will go well. it'll be interesting but it'll go well. >> david, how do you expect this inflation targeting to play out? he's not hitting his target, he has to do something. but the thing he might do could create a political

so the question i have is about the sun trust and bb & t merger.g to be another rubber stamp? you have already made the decision behind closed doors before the public gets a chance to weigh in? >> no. not at all. no. we are going to conduct a very fair and open, transparent process. i think, you know, our obligations under the statute are clear and they are quite broad. we will be hearing from groups of all kinds and going through our process carefully and thoroughly. >> so it's just that in the last 3,819 merger applications, which were all approved without a single one for which you said no, this time you're going to be listening to comments from the public that might cause you to say no? you know, i just have to say that i bet suntrust and bb & t looked at that 100% merger success rate and saw what everyone else sees, and that is that the fed works for big, rich banks that want to get bigger and want to get richer, and then everyone else pays the price for diminished competition, for less service, for higher prices, for employee layoffs, for the

trust me. >> his resume sun matched, is unmatched, three world series titles. >> with players, the city, the fans. >> there will be a lot of tributes. i think the ultimate tribute should be, will be the hall of fame. >> reporter: indeed the end of an era for the san francisco giants. now larry baer, i asked him was this solely bruce bochy's decision? larry said it was, but i can tell you the next hiring of a manager will be done by the new baseball president. i talked to several players about bochy's departure. we'll hear from them at 6:00. back to you. >> bochy is not done with baseball, office job. in florida this afternoon.. the president told venezuelans that the united s with them. >>> president trump today issuing a warning to supporters of venezuela's president. at a speech in florida this afternoon the president told venezuelans that the united states stands with them. >> the people of venezuela are standing for freedom democracy and the united states of america is standing right by their side. has thrown its support b >> venezuela has dealt with political turmoil and humanitarian cr

. >> good public safety relies on the trust between law enforcement and the community they serve. >>> [ music playing ] ♪ here comes the sunou, all of you. how you live. what you love. [ laughter ] that's what inspired us to create america's most advanced internet. internet that puts you in charge. [ chattering ] that protects what's important. that handles everything [ group cheering ] and reaches everywhere. this is beyond wifi. this is xfi. simple. easy. awesome. xfinity. the future of awesome. . >>> they serve the public, what are think hiding. >> a fight over transparency, for decades police records have been private. now some records must and released. there's a debate if misconduct cases before this year should be disclosed. a lot of departments are blocking the release and taking the issue to court. >> california is one of the least transparent states. our team has been filing record requests to checkup on internal affairs, some departments refuse to comply with the new law. >> it's a job that's unpredictable. keep your hands up. involving choices. and decision making. stop. what are you talking about. >> put your

sun from. them and then you're down. again and once you have the money in a dummy. instead of going said trust me to get that will cost me thirty four no way would i get them one that began and send it to. act. as an artist and i don't think. people want to give them a kind of. thing. mr. generally doesn't have to mean something positive sense or want to i'm not because the boss of the. united states does that all the time it always tries to influence elections when people who are running who are friendly to the united states are running against people who are unfriendly we certainly did that all through central america and south america for many many years we know that these efforts are made repeatedly there not criminal every intelligence agency in the world she's a smart of its function to make sure that elections turn out favorably to the country and. the slogans. who was before. much of those who heard it's a preview of the. psni and we will. we will. move . move. move show you this new you will. look. more slow most of these girls will do films for good good. good go to shool so look i d

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sun light is said to be best disinfectant. let there be light. the point of oversight is for us to pursue the trust to pursue the truth and justice for the american people, to understand if lies, deceit and corruption are threatening american democracy and indeed our safety. mr. chairman, charities should not be abused as personal piggy bank. it is against the law. it's you were -- it's unfair with charities that play by the rules. is that of abuses the trump foundation. the president charitable foundation agreed to dissolve and response to ongoing investigation and lawsuit by the new york attorney general. the new york attorney general found what it called clear and repeated violations of state and federal law including repeated and willful self-dealing by the trump administration. if i understand your opening statement, in 2013, you arrange for a straw purchaser $50,000 for a portrait mr. trump painted by the artist at a charity auction. >> that's correct. >> why was the president want to bid up the price heavies paying for? >> it was all about ego. >> how was it paid for? >> i believe it was pai