i profoundly believe in the concept of vanguard, successful vanguard, educated, technological vanguard that drives the world ahead. i mean, people. i mean corporations. i mean schools. i mean universities, and the real guard, the forgotten ones, the ones that don't even have food on the table, that ones that don't have opportunity, the ones that are not educated, it's an obligation and convenience of the vanguard to take care of the real guard and to keep that gap as close as possible because if not what happens? this rear guard, if it's hungry, if it's extreme poverty, if it's desperate, they will jump any wall. they will women any sea. and why do we want this side of the equation, the loss and hope that they can have progress so it's important for the vanguard to keep close to the rear guard. and this is what nations are doing to be compassionate, to bring them in, to bring education to them, to bring opportunities to them, and that's what works and that's what will work to the future. so walls don't work, and that will keep happening if we don't attend this. the u.s. congress has si

successful vanguard, educated technological vanguard that drives the world ahead. i mean, people, i mean corporations, i mean schools, i mean universities, the and the rear guard, the forgotten ones, the ones that don't have food on the table, the ones that don't have opportunity. that don't have educated, it's an obligation and continuance of the vanguard to take care of the rear and to keep that guard as close as possible because if not, what happens? this rear guard, if it's hungry, if it's extreme poverty, if it's desperate, they will jump any wall. they will swim any sea the mediterranean, gulf of mexico or whatever. they will jump your fence in your home. so why do we want this side of the equation to loose all hope that they can progress. so it's an obligation and a continuing obligation of the vanguards to keep close to the rear guards and this is what corporations are doing and this is what businesses are doing to be compacted to bring them in, to bring education to them, to bring opportunities to them and that's what works and that's what will work to the

alexis gray from vanguard stays with us. is part of the professional team that analyzes markets. the former ecb director, general of market operations joins us at 9:30 a.m. u.k. time. he can explain the rules associated with omt. never used, never tested yet. this is bloomberg. ♪ manus: it has just gone 10:20 a.m. here, 7:20 a.m. in london. are seeing a drop in yield in government bonds, rise in price in the cash market. we have a big auction coming to the market today. over the past five days, you can see the exponential move yesterday, reversing that. that offers bringing paper to the market today. are you brave? is liquidity a concern for you? that was the concern yesterday. so, you are seeing quite a move in the short and this morning as we go to the market. euro stoxx 50, turned it around. up by 1/8 of a percent. let's see the banks as btp's rally. will that give shoring up to the banks that we saw battered yesterday? euro-yen, one for the pros. lost --res, the dow yesterday. sinceggest one-day drop april 24. the market

does it change vanguard's view on turkey?e to say important message we reinforce with our investors is to invest for the long-term, not to pay attention to short-term volatility, the noise in the marketplace. i would describe a lot of what is happening now as noise if you are a long-term investor. the same way we treat our clients, we treat our businesses that way. we're going to ignore the short-term volatility in these markets because we think these are going to be fantastic markets to be in, particularly for someone like vanguard. francine: are you investing longer-term in turkey specifically or are you talking about emerging markets overall? jim: emerging markets more broadly. little bitive me a of your take on these emerging economies. one of the concerns that we've been picking up is, since the financial crisis a lot of emerging economies have built up dollar debt. rises, how vulnerable does it make these economies? about think if you think the currency changes over long , these currency fluctuations tend to balance out

our exclusive with vanguard, coming up. this is bloomberg. ♪ yvonne: i'm yvonne man in hong kong.: i'm haidi lun in sydney. you are watching "daybreak australia." china is set to be prepared to approve qualcomm's $43 billion if it wins assurances that the u.s. will lift its ban on his et. -- on zte. the deal has been pending for 18 months of but has recently been overshadowed by washington's ban on zte on national security grounds. yvonne: chinese electric car startup neo is said to have filed for an ipo in the u.s. it is planning a share sale that could raise around $2 billion with orders taken this summer or early autumn. u.s. first time share sales have billion, on- $1.8 pace to top $4 billion through the whole of 2017. haidi: singapore wants to move beyond ride-him into becoming the everyday app for consumers. it is exploring new services such as food delivery and insurance for freelance workers. groep agreed in march to buy uber's southeast asia operations and uber eats. yvonne: the world's largest mutual fund manager says outside the u.s., china is at the top of the list in

julie: the big companies you are talking about. >> vanguard is 11 basis points.x times more than a vanguard etf. it is not just that you have one product skewing the average. broadave 130 etf's, offering of products. they're playing in that higher-end spectrum. julie: they are taking in money. >> that beautiful chart of flows, 20 basis points or less. they are quite the opposite. most of their flows are going to the more expensive products. managerin active getting in this business from i want to study what they are doing. they are barking the big -- bucking the biggest trend. julie: how are they doing it? >> they have a couple things working at the same time. performance always helps. tech ends up getting a lot of attention, but this product, you don't hear about it a lot. fdn, and internet etf. over the past two years it is the best-performing tech etf out there. you don't hear about it a lot. the other thing that has helped with them is the active etf business. when you think active etf's, that is not where your mind goes first. you think about pimco and these

not that african-americans accepted the status quote but young people are usually seen as the vanguard. susan: tell me a story or two of real characters that struck you. jon: they are all characters. susan: you must have a favorite that will help people understand what the project is about. --an jon: there's the young girl named susan. she overhears snippets of her family's talking about republicans, and northerners, abolitionists. she assumes evolutionists must be some kind of monsters living in the woods. be sometionists must kind of monsters living in the woods. it is an example of how young people do not always understand the examples and ideology. they are concerned, but not necessarily based on understanding the issues of the time. susan: what happened to her? jon: she became more engaged in allah takes, the civil war broke out, she had to engage in this world. -- she became more and gauged in all of this. the civil war broke out. she had to engage in this world. susan: where is this preserved? jon: many researchers and preservationists have done a great job. whenever i look at a

let's bring in alexis gray of vanguard.et's start with this chart, this is opposite pmi services manufacturing, the cop positive today falling to the lowest -- composite falling. are we writing -- are we right to look to the data and not get too upset the fact we came off the highs from 2017? >> they slow down any data in the last couple of months is in part due to temporary factors, the weather, a cold snap, and perhaps or permanent, you have to consider the euro area was growing at double been rate by the end of last year at 2.5%. that would be difficult to sustain. some of this will be more permanent but we should get a slight rebound in the second quarter data. mark: are you feeling as relaxed on growth as you are about inflation with the inflation data, core rate, failing to move above 1%, hugging .6% the best part of years. will this cause consternation within the quarter was of the ecb? alexis: we will get a rebound in the inflation data which may be affected by the weather and the timing. it is a bit of a headache f

i believe in vanguard successful educated and technological vanguard that drives the world ahead. corporations in schools and universities. the forgotten ones, the ones that don't even have food on the table, the ones that don't have -- the ones not educated have an obligation and convenience of the band got to kick care of the rearguard and to keep that as close as possible because no matter what happens this rear guard, if it's hungry or extreme property or desperate, they will jump any wall. they will swim any see whether mediterranean gulf of mexico or whatever. they will jump your friends in your homes so why do we want this side of the equation to loss of all hope of making progress. it's an obligation of the advance guard to keep close of the rearguard. this is what corporations to become positive and bring them in and bring education to them and bring opportunities and that will work for the future so walls don't and that will keep happening if we don't attend this u.s. congress has the bill presented by senator mccain and kennedy 60 years ago and is the right answer to th

we've been in the vanguard of 2025 before it existed, because we strove to put a spin on education. and i'm referring to strengths, preferences, interests and needs. those of you that are familiar with the individuals with disabilities education improvement act of 2004 are aware that when you plan for transitions for students with special needs, you must consider students' strengths, preferences, interests and needs. and that to me is about blended learning. that to me is about tailoring education to each and every child at the core mission of our work here at san francisco unified. with all that being spun -- said, i would like to invite dr. matthews here to go ahead and cast us off. i want to thank you, all, for the recognition. those of you in the trenches, know what it's like. and those that do not, i encourage you to come check us out and get in partnership with your community. we could sure use your help. thank you. [applause] >> thank you. >> have a great evening. >> thank you. >> thank you. appreciate you. >> our second award winner this evening is the resource specialist te

not that the african-americans accepted the status quo, but young people are usually seen as the vanguard, pushing more and more to challenge racist political laws throughout the country. susan: since you work with personal diaries tell me about , stories that struck you. you must have a favorite among them that will help people understand the project is about. jon: there is a young girl growing up in a slaveowning family. right before the civil war. she was eight years old. she overheard snippets from her parents talking about the coming conflict, talking about republicans, northerners, abolitionists. she assumed abolitionists must be some kind of monster living in the woods. it is a beautiful example of how these young people are absorbing political messages and connected to the conversation, but they do not always understand issues or the ideologies. there are piecing together this engagement that is concerned but not based on understanding the issues at the time. susan: what happened to her? jon: she got more and more engaged in politics over time. the civil war broke out and she had

the vanguard effect is in full display with issuers competing against each other on low fees.ist says 1mdb doesn't deserve to have the high ground. goldman sachs teaming up with paula jones, a way to attract big assets to socially

the vanguard effect is in full display with issuers competing against each other on low fees.t says 1mdb doesn't deserve to have the high ground. goldman sachs

the world's biggest portfolio manager no one has ever heard of -- jerry riley of vanguard.ersees more than a trillion dollars and is only mission is to match the s&p 500.

the world's biggest portfolio manager that no one has ever heard of -- gerry o'rilley of vanguard.sees more than a trillion dollars and his only mission is to match the s&p 500. millennials are a generation

washington that's almost like like a real recrudescence of the view of the soviet union we are the vanguard of all progressive humanity peace progress is socialism archy's peace progress and human rights and then we're right and everybody else takes their cue from us i think that kind of arrogance unfortunately is very standard this goes beyond in my opinion just simple patriotism love of country and even a sense that our values are something that are dear to us this seems to set up a kind of amount to limit this attitude that we set up on high and judge everybody else and unfortunately this has been all too familiar not certainly just under this administration but i would say at least since nine hundred ninety one when the cold war ended through the bill clinton george bush and barack obama administration. it is often international their republican dominated u.s. senate intelligence committee has concluded that donald trump was elected with the help of the russians it comes off the house intelligence panel which also has a republican majority absolved the trump team of any collusion. the r

the world's biggest portfolio manager no one has ever heard of -- gerry o'rilley of vanguard.ore than a trillion dollars and is only mission is to match the s&p 500. millennials are a generation that cannot be ignored, and there is an etf that is tracking their spending habits, everything fr

still two fund companies higher up vanguard and blackrock is number two.is now number two. it even bumped out blackrock must be vanguard and then berkshire hathaway and then blackrock. so even with that, they're not the biggest. we'll see what happens as apple starts to buy in stock. >> amazing to think carl icahn owned about $3 billion and we were talking about him all the time pd now 43 >> becky, can i just ask you one more question about another buffett investment you talked to the ceo of kraft heinz this morning they never talk to the media they're so media shy very secretive i was wondering your take and impression after speaking with him about their capability and the likelihood they'll make another deal since their failed bid for unilever >> i have never spoken with bernardo hess before this. this was the first time so i didn't know what to expect or what to take he was more open with their plans and i thought answered just about every question i could throw his way. it did sound like he's eager and potentially taking on more acquisitions he said or

students right now are the vanguards. but there are masses of people in new york around columbia.contradiction between support action and your own particular kind of oppression, which is what we talk about. >> close our streets, open the , and force the removal of over 8000 people from their homes. >> why is the community action white, butrimarily the residence of the tenements that columbia has systematically are primarily minority families? the deliberate creation of a white ghetto. >> we don't want to be arrested. >> get in the wagon. >> you are free to leave. >> i don't want to be arrested. >> go to riverside drive if you don't want to be arrested. >> we wanted to show solidarity and the six strike leaders decided to suspend. >> get out of this building. if this building is not cleared out in the next 10 minutes, we will give you specific instructions. >> a three vote majority decided to stay. >> strike! strike! strike! >> we have no alternative but to call the police. you will be immediately suspended. [applause] >> a lot of the people left hamilton because they didn't want t

of scandal of the day and again without imitating, it was the spirit they tried to revive in this vanguard away. so in my allegiance if that is the right word, for the following reason the japanese had a word and relationships that are considered to be typical japanese which are where people stick to one another in a tight web of mutual obligations and loyalties and so on and so forth and they are more individualistic. he was very interested in french culture and intellectual. he had a way of thinking about loyalty. some of the main actors that left she would go after them with a knife and he was deeply attracted by this world i wanted to be part of it. >> you find in this work described a kind of japanese innocence. >> not so much me, but it was much more a function of the distance so if you grew up in the midwest in the 1930s and 40s this was not a central environment with the wife or local lawyer comes to people who grew up like this it was liberating to arrive in a country like japan, which not only had left serious hangups also they were exempt in the japanese rule they had wonderful

washington that's almost like a like a real recrudescence of the view of the soviet union we are the vanguard of all progressive humanity peace progress is socialism arc east peace progress and human rights and that we are right and everybody else takes their cue from us i think that kind of arrogance unfortunately is very standard this goes beyond in my opinion just simple patriotism love of country and even a sense that our values are something that are dear to us this seems to set up a kind of amount to limpness attitude that we set up on high and judge everybody else and unfortunately this has been all too familiar not certainly just under this administration but i would say at least since nine hundred ninety one when the cold war ended through the bill clinton george bush and barack obama administration. now africa has their own promoted itself as a safari holiday destination catering in particular to what travel is with it this isn't like they are. however the reality on the ground is often less glossy safari parks the need to constantly expand their territory and that according to a ne

style, which was very easy, very approachable, very warm, even though she was absolutely at the vanguarding and supporting tony blair, she was one of the very few secretaries of state that could command the ear of people that could command the ear of people that were not close to him or did not like them. and i suppose it seems that was partly because people really could see her passion for the causes that she championed? yes, but she was a very empathetic person, as well. she was the kind of person that wanted to know what was on your mind, what you were thinking about, what was your policy? you did not get the sense was tessa that it was all about her or her agenda, she really made people feel at ease. and i think that was really part of her charm and why she was so effective in her period and years in politics. and as we've heard from many people, she was campaigning right up to the end, she had had this devastating news about her own illness, but she wa nted news about her own illness, but she wanted to use her ability, her connections, her energy that she still seemed to have left t

washington that's almost like a like a real recrudescence of the view of the soviet union we are the vanguard of all progressive humanity peace progress is socialism archy's peace progress and human rights and that we are right and everybody else takes their cue from us i think that kind of arrogance unfortunately is very standard this goes beyond in my opinion just simple patriotism love of country and even a sense that our values are something that are dear to us this seems to set up a kind of amounted to a limp this attitude that we sit up all by and judge everybody else and unfortunately this has been all too familiar not certainly just a lot of this administration but i would say at least says nine hundred ninety one when the cold war ended through the bill clinton george bush and barack obama administration. russia has issued a diplomatic memo to ukraine raising concerns about the safety of russian journalists in the country this comes after security forces raided the kiev offices of a russian media group and detained its director carol wish it. who's in charge of ria novosti she crying

that's three times less than fidelity... ...and four times less than vanguard.t, no minimums? ...no minimums. schwab has lowered the cost of investing again. introducing the lowest cost index funds in the industry with no minimums. i bet they're calling about the schwab news. schwab. a modern approach to wealth management. is it to carry cargo... greatness of an suv? or to carry on a legacy? its show of strength... or its sign of intelligence? in crossing harsh terrain... or breaking new ground? this is the mercedes-benz suv family. greatns comes in many forms. lease the glc300 for just $44a month at your local mercedes-benz dealer. mercedes-benz. the best or nothing. never owned a business.e term "small business," there's nothing small about it. are your hours small? what about your reputation, is that small? when you own your own thing, it's huge. your partnerships, even bigger. with dell small business technology advisors you'll get the one-on-one partnership you need to grow your business. because the only one who decides how big your business can be, is you

washington that's almost like a like a real recrudescence of the view of the silly union we're the vanguard of all progressive humanity peace progress is socialism archy's peace progress and human rights and that we are right and everybody else takes their cue from us i think that kind of arrogance unfortunately is pretty standard well let's have a look at this another thing that he said that where he talked about aggressiveness or aggression born of righteous knowledge i mean does that potentially send a worrying signal to the rest of the world. of course of course it does this goes beyond in my opinion just simple patriotism love of country and even a sense that our values are something that are dear to us this seems to set up a kind of amounted to a limp this attitude that we sit up on high and judge everybody else and unfortunately this has been all too familiar not certainly just thought of this administration but i would say at least says nine hundred ninety one when the cold war and through the bill clinton george bush and barack obama administrations i mean is this a viewpoint the t

really feels about the moment, drizzy gushed over her while presenting her with a michael jackson vanguardward. >> she's someone -- she's someone i've been in love with since i was 22 years old. she's one of my best friends in the world. all my adult life, i've looked up to her, even though she's younger than me. >> here's what she just told "vogue." quote, having the energy around me and knowing the people who have received the award in the past made it a big deal. wading through that speech was probably the most uncomfortable part. i don't like too many compliments. >> so it wasn't really an attack. she said we don't have a relationship now, but we're not enemies either. it is what it is. >> they don't even have a friendship. >> and here's how champagne pappy can cover up his tears. using rihanna's personal makeup routine. in this video for "vogue", she admits when she's getting made up by a pro she still prefers to do some things herself. >> are you going to teach riri how to do the smoky eye? >> sarah sanders got that. the smoky eye? and of course it's the really tough stains that nobo

>> what i want you to do, i default to what warren buffett say, buy vanguard fund i want to go with warren buffett, why well what am i going to do argue with him never a great call i am helping you form the necessary investment strategies you need in your life. from young to old, meet you where you are and take you where you need to be we are beginning in the crib forget binkies, here are the two stocks you should be buying. and then teenagers have a lot to learn, but an important investing you get from them. plus, where your money should be sitting at any age stay with cramer >> announcer: don't miss a second of "mad money." follow @jimcramer on twitter have a question? tweet cramer, #madtweets send jim an e-mail to madmoney@cnbc.com or give us a call at 1-800-743-cnbc miss something head to madmoney.cnbc.com. alerts -- wouldn't you like one from the market when it might be time to buy or sell? with fidelity's real-time analytics, you'll get clear, actionable alerts about potential investment opportunities in real time. fidelity. open an account today. s. >>> welcome to a special show abo

other states around the nation that are considering this i sure you know california is always at the vanguard on these energy of renewable. energy proposals but what about other places around the country are they looking at it yeah i think there's going be a couple of states maybe new jersey maybe connecticut that might be looking at this you're definitely going to see a lot of municipalities that have the capability under their zoning and other city laws to look at this but really california is the outlier here california already has more than a million homes being powered by solar the next closest state is north carolina at about forty three thousand homes so there's nowhere in the united states that's even close to california and even from a global perspective california is really distinguishing itself as ahead of the curve on some of these issues you know we're reading some recent stories about taking agricultural lands farm fields that used to grow wheat and corn or beans now being used to. house solar farms for energy is that something we see going to see more of in the future possibly

your government a couple of days ago said this," if assad allows iran to turn syria into a military vanguardsyrian territory, he should know that would be the end of him, the end of the assad regime, his blood would be forfeit. is that you're feeling too? most of the time i follow the instructions of my prime minister and other ministers in my government, but i think again, you need to stick to our security interests. our security interest is to make sure that iran won't build a military force in syria and we will do everything in order to prevent that, in order to protect our people, that simple. assad gets it... of course it's much more complicated on a military base but it's simple on a policy issue. complicated on a military base but it's simple on a policy issuelj complicated on a military base but it's simple on a policy issue. i get that but your message to the iranian government is if the iranian buildup in syria continues, assad will be targeted? we didn't say that, i didn't hear the prime minister said that. the important thing for us... was he wrong, was it an empty threat? i'm no

. >> students right now are the vanguards.asses of people in areas of new york around columbia which are finally going to stop columbia. >> at some point it seems like a contradiction between support action and your own particular kind of oppression, which is what we are always talking about. but in fact -- >> when you want to impose institution -- [indiscernible] no longer will you close our streets, open the parkland, and force 100 of our buildings and force the removal of over 8000 people from their homes. >> why is the community action committee predominately white of the 8000 tenants of small hotels, sro's, and tenements that columbia has systematically displaced, only a singly selected token number of minority group families now reside in morningside heights. we force the deliberate creation of a white ghetto. >> [indiscernible] >> we don't want to be arrested. >> get in the wagon. [speaking simultaneously] >> i am. >> get in the wagon. >> get your own wagon. >> you are free to leave. >> i don't want to be arrested. i do

today, a portfolio manager that no one has ever heard of from vanguard who oversees more than a trillionlars. etf iq today. this is bloomberg. ♪ caroline: welcome back to bloomberg markets, live in boston with my cohost vonnie quinn in new york. day, taylorme of riggs. robert amedeo is head of municipal's at asset management. it's great you are here because the big news of the week was the supreme court ruling that now allows gambling. new jersey brought the case and they seem to be a clear winner. how does that affect the credit profile and how much spam -- can they benefit from the tax revenue? >> i would say the sports betting marketplace is new and potentially very large for the united states and it's one where there is a lot of optimism about the potential economic benefits especially at the state level. runners likefront new jersey and nevada which already has of hook up and running but when you look at the numbers behind the headlines, they are less robust. when you look at the state tax revenue that comes directly from ofbling, it's around 2.5% the total budget so it plays a very

this wall -- i profoundly believe in the concept of successful, educated, vanguard that drives the worldahead. schools, corporations, universities. and the forgotten ones, the ones that don't have a foot in the table, the ones that don't have opportunity or are educated, obligation inconvenience of the bodyguard to keep the others as close as possible. is what happens is if it gets hungry or if it is desperate, it would jump any wall. they would swim, they would jump your fence in your homes. so, why do we want this part of the equation? it's an obligation inconvenient obligation to keep close. this is what corporations are doing. this is what they are doing to bring education and then bring opportunities to them. that is what works. that is what we work for the future. wall street at work. and that will keep happening if we don't attend this u.s. congress have sitting there the senator kennedy and senator mccain 16 years ago. and is it the right answer to the migration issue because every country has the right to control its borders. i agree in that, that's what mexico or any nation wan

and look at the world of vanguard. this is bloomberg markets asia. ♪ haidi: getting into another round of trade talks with beijing and washington. we can talk about the myriad challenges as we attempt to navigate these competing for boththings demands sides and whether or not we will get some semblance of what a deal will look like. looking at geopolitical uncertainties. -- will the meeting between trump and korea go ahead? information coming in from new zealand. fromng at the forecast budget surplus from new zealand. 3.1 billion. and new spending on health education as well. this is as the finance minister brings out this 2018 budget with its echo on the forecast -- economic forecast as well. 3.23for this year climbing percent for next year. let's have a look at what else is going, the market action and what have we got here? the reaction to the spending and the growth forecast? sophie: we are seeing the kiwi get a boost. trading at 69.14 the qb dollar has been -- the kiwi dollar has been gaining. now we are seeing th

that's three times less than fidelity... ...and four times less than vanguard.t's next, no minimums? ...no minimums. schwab has lowered the cost of investing again. introducing the lowest cost index funds in the industry with no minimums. i bet they're calling about the schwab news. schwab. a modern approach to wealth management. >>> today about 8,000 starbucks company-owned stores in the united states will be closed during the afternoon hours for anti-bias training it will include recorded remarks from starbucks executives and the rapper kommon. the training follows last month's incident in which two african-american men in a philadelphia starbucks were arrested while they were waiting for a companion to join them usa today quotes estimates it might cost the company $12 million in lost profits. >> i think starbucks has been the vanguard trying to figure out the right way to be a stakeholder. to be a company based on, you know, that is customer oriented. this third way andrew, with a good piece out this morning in the "new york times. i applaud them what can you

explains how -- the world's biggest portfolio manager that no one has ever heard of, gerry o'reilly of vanguardrsees more than $1 trillion. his only mission is to match the s&p 500. mia -- millennials

that's three times less than fidelity... ...and four times less than vanguard., no minimums? ...no minimums. schwab has lowered the cost of investing again. introducing the lowest cost index funds in the industry with no minimums. i bet they're calling about the schwab news. schwab. a modern approach to wealth management. you won't find relief here. congestion and pressure? go to the pharmacy counter for powerful claritin-d. while the leading allergy spray relieves 6 symptoms... claritin-d relieves 8, including sinus congestion and pressure. claritin-d relieves more. oh hi sweetie, i just want to show you something. xfinity mobile: find my phone. [ phone rings ] look at you. this tech stuff is easy. [ whirring sound ] you want a cookie? it's a drone! i know. find your phone easily with the xfinity voice remote. one more way comcast is working to fit into your life, not the other way around. lou: battle lines drawn on the latest front of the illegal immigration. they are pushing free healthcare for illegal immigrants. the orange county board of supervisors joinin

>> yes and they own -- you know, vanguard own cvs and walgreens, all the companies that are supposedo be competing with each other but they don't have an interest in seeing them compete they have an interest to seeing them -- >> hold. >> so collusion, basically of aiding -- >> it's not collusion. they're just working for -- >> hold on let's take one step back joseph and i may actually agree on something for a second here let's take blackrock for a second blackrock owns cvs extensively only in so far as and maybe and i don't know if i have some blackrock funds somewhere, let's just say i do. only inso fares s as i do, black is snot the owner. and they're not controlling the vote and so -- >> they do, actually >> that's what larry has wanted to do lately >> but i'm not raising my hand as a shareholder to say i want it in a different way. >> they have hundreds and hundreds of people who go out there and do corporate governance >> and you think it is in blackrock's interest for drug prices to go up? >> no question no question. why not? because they effectively are owning a portfolio of t

you spoke exclusively to vanguard and what did he say?notaid the market going far enough to curb some potentially dubious practices. he is talking about last look which is the ability to renege deal.urse -- vonnie: the code of conduct has been drawn out everybody to adhere to the code of conduct or other penalties question mark is enforceable? it is voluntary. it is a guide of do's and don'ts and it is suggested to the industry that this is the best practice. it does not have legally enforceable power. tory: what about incentives help them straighten up their act? trader you mentioned the going to jail. one of the sources says that nobody wants to go to prison during that is one of the key deterrence. the head of excess -- fx trading formally has been sentenced to two years in prison. on top of that, banks have paid $10 billion in fines. there is a big u.s. antitrust settlement, one of the biggest ever, waiting to be dispersed to clients in the fx industry. we are talking about big figures on top of the personal toll from mr. johnson. fin

they have proudly, many of them, become hostile adversaries in the vanguard of the resistance. it's gotten so bad that reporters are now engaging in full-out intimidation of the white house press folks, even threats of physical violence. again, here's april ryan from yesterday. >> why didn't he talk to the white house press office about his impacting statements about what was happening? >> the white house press office wouldn't coordinate with the president's outside legal team on legal strategies. >> you said you were blindsided. >> i actually didn't use that term. >> well, i said it. but you were blindsided by what you said. >> with all due respect, you don't know much about me in terms of what i feel and what i don't. >> the presidential spokesperson, the mouthpiece of the president of the united states to say, "you don't know me," in certain quarters in this nation. that starts a physical fight. i was very shocked. it was street. i will even go beyond that. it was gutter. >> do you know what gutter is? this twitter exchange between april ryan, a white house correspondent, an