1992 primary. >> the story i want you to tell is the important story -- there may not have been a warren burger. >> there may not have been a war in burger -- warren burger. nixon had won in oregon. democratic party battling between mccarthy and kennedy. what happens is we get to wind in late june of 1968, that ear l warren is about to resign and indeed he did resign as chief justice, contingent upon the confirmation of his successor. lyndon johnson immediately named his crony to be chief justice. you will see on the back of that book is a picture of me and nixon at the airport discussing this before nixon held a press conference at laguardia. where he said, before we got word, they should hold off naming someone -- he said, he indicated he should name someone else. but it wasn't a fait accompli. bob griffin, the senator from michigan, took up the cudgels and opposed fortis, and suddenly howard baker got out and said -- fifteen senators with nothing against fortis but we are not going to let the chief justice be appointed by the next president. that next president should appoint him. i was work

i was warren burger said that.so i give credit to the massive change in doctrine since then and i think it is something of a classic campaign and we have to hear about it. >> you are just paid the highest compliment. i think ruth bader ginsburg was the thurgood marshall. now tell us how you decided to bring the heller case and what your strategy was and what it feels like to lead to thurgood marshall's amendment. >> well, appreciate the compliment. the sad reality is all i did was simply argue the law that's been understood for centuries by great people and research and extensively by countless others. it is not a surprise that the early part of the 20th century cords were not running around striking on gun laws. it was not until the 1920s dealing with the first amendment they are enacting congress was invalidated the fact of the matter is not into very deep into the 20th century was that even unders to piece by piece, sometimes hearing their. i took a long time to litigate those issues and throughout most of our h

or, as some people are saying, it's just a big tax dodge. >> reporter: when you think of burger king, or warren buffett, you think american. now the iconic american brand and iconic investor are teaming up to move the fast food chain's headquarters out of the u.s. burger king says it's buying canadian doughnut house, tim horton's. the combined company's headquarters will be north of the border. that makes it easier for the company to write off some of its u.s. corporate taxes and avoid paying some taxes on earnings abroad. warren buffett's company, berkshire hathaway, is chipping in $3 billion to help fund the deal. critics wonder why buffett, the patriotic investor, would back the deal. >> i think we should raise taxes on the very rich. >> reporter: but now he's helping the company potentially avoid u.s. corporate taxes. it's a tactic called inversion. like most businesspeople, he says the u.s. corporate tax system needs to change so that companies don't have a reason to leave, which is what companies have been doing. burger kick is just the most recent and biggest brand name to do so. >> it's

. >>> warren buffett often described as the most successful investor ever, helping to make a deal that many would call un-american. we have the details on the burger king deal. robert? >> warren buffett and president obama have long been mutual admirers, buffett has backed the president's calls to raise taxes on the wealthy and bring more fairness to the tax code. given buffett the medal of freedom, he praised the oracle of omaha of being not only an investor, but an ethical role model. take a listen. >> today we know he's not only one of the world's richest men, but also one of the most admired and respected. unmoved by financial fads, he's doggedly sought out value, put his weight behind companies with promise, and demonstrated that integrity isn't just a good trait, it is good for business. >> well, right now they appear to be on different sides of this big debate over tax inversions, buffett is, of course, helping to finance burger king's acquisition of tim horton's which will turn burger king into a canadian company. buffett hasn't commented on inversions per say, but clearly has no qualms about exploiting the current loophole in the tax code

burger king was moving to canada. watch this. >> financed by billionaire warren buffett, burger king will purchase canadian donut chainim hortons in order to avoid paying american taxes. upon hearing about the deal president obama immediately took back warren buffett's medal of freedom. [ applause ] more news after this. >> next up, speculation this week that the u.s. led fight against isis in iraq could expand into syria led many to point out a move could put us on the same side as bashar al assad blurring the lines of which side we are on. here is jon stewart reacting to that. >> could you see as crazy as it might sound some sort of covert cooperation between the u.s. and the syrian regime of al assad in damascus? >> you know, it is [ bleep ] like this that makes you almost regret us destabilizing the region in the first place. >> i get it now. >> now we find ourselves trapped between iraq -- and assad place. are [ cheers and applause ] >> finally, if there is one thing we learned about former presidential candidate rick perry during the 2012 campaign it was that he doesn't have the best memory. who can forget the o

warren buffett has defended his decision to help in burger item king's takeover of tim horton's.thank you so much for tale taking the time to speak to us this morning. it is all about tax, isn't it? it's not about keeping the canadians happy. >> it's not all about tax. what we have here is a substantial business dooel deal going on. burger king is merging with tim horton's in canada. as a result of this memorier, there is a bit of tax timing going on and it's all about where this group is going to be headquartered. they've chosen canada as this place for tax reasons. >> but why canada? as i understand, canada isn't necessarily the most attractive tax haven in the world. for that, you'd have to go to switzerland, for example, or maybe not any more, but a couple of years ago. >> so canada is a very pettive standpoint. first and foremonths, ka flamedan corporate taxes are much less than american tanss. in america, our combined tax raise is 40% in the u.s. but the biggest point is about the way overseas profits are taxed with the canadian parent company versus a u.s. parent company.

chief justice the warned berger -- chief justice warren burger was going to save him. whatever reluctance he might have had, he also was intent that there be a unanimous decision by the supreme court that nobody, including the president of the united states, was above the law. when nixon did not want to resign, a delegation of republicans, and this is after everything is known, and he says he might be able to survive and win in the senate trial, barry goldwater, 1964 nominee of his party, the great conservative, leads the delegation of republicans in the white house, sits down for nixon, and nixon asks him, how many votes do you think i have in the senate? goldwater looks at him and says, well, you don't have mine, mr. and indicates very clearly he is going to lose. that is when nixon really realizes he cannot survive and will resign. >> the ultimate thought experiment. it hasot knowable, but not stopped us from speculating before. what if we had watergate today, and ted cruzisa instead of barry goldwater? >> newt gingrich in 1996. that was when impeachment got cheapen

. >>> forget cherry coke, billionaire warren buffett likes burger king as well. helping finance the takeover of tim hortons, latest in a series of financing deals by buffett. if he were a bank, how profitable would he be? >>> uniqlo is taking low prices into america's heartland. uniqlo almost doubling the amount of u.s. stores but does it understand the american ceo. larry meyer is our exclusive guest. "countdown to the closing bell" starts right now. . adam: good tuesday to you i'm adam shapiro in for liz claman. what slow summer week. today is a banner day for stocks both the dow and s&p 500 hit intraday records, they pulled back. the s&p on track for a record close. we will find out in 59 minutes. first above 2000. >>> nasdaq hitting a 52-week high and the russell 2000 small cap index the biggest percentage gainer, it is up almost a full percent. helping the gains, a new round of solid economic reports, consumer confidence rising more than expected. the conference board reached highest level in almost seven years, and july orders for big ticket durable goods b

. >>> warren buffett likes burgers and donuts.ll street journal" reports the billionaire will help finance burger king's takeover of tim horton's. the move comes as some on capitol hill call for a boycott of burger king if it moves its headquarters to canada for tax reasons. >>> well, california governor jerry brown signs a bill requiring smartphones to come with a kill switch. it would render phones useless if lost or stolen. smartphone thefts make up half of all of crimes in california. back to you. >> thank you, courtney. >>> rescues, firings, captains, heroes, and a whole lot more. sports is up next. >>> plus, reports that terror group isis is getting $2 million a day for fund their mission of domination. details ahead. relieving the itc. can happen instantly. vagisil max strength anti-itch wipes relieve itch and odor instantly as they cleanse. so why wait to feel comfortable? trust vagisil. the number one wipe for itch. ♪ well-a, well-a, well-a, uh! tell me more, tell me more... ♪♪ twizzlerize your summer fun with twizzlers.

burger king buying up tim horton's with the help of warren buffett. e combined king/horton's name after buff ift. josh tweets a buffett buff a, of course. >> people misspell it, only one t, might as well. >> and the cherry coke marinated buffett burger. >> cherry coke? >> and noah tweets, buffett's billion calorie deep fried doughnut cheese burg e with a dividend fries delivered every ten minutes. >> an omaha steak reference would have been a gimme. >> expensive, though. for a fast-food company to roll out. with buffett, could probably do it. be honest. >> truffle fries, anybody? truffle? >> not satis-fries for sure. >> and kayla, over $1 trillion mark? >> it did. >> for the year. incredible. add that, plus talk about europe hemping push indexes here to fresh all-time highs for both the dow and s&p 500 today. that does it for us here on "squawk alley." hitting noontime on the east coast, land toever to the "fast money/half time report," and scott wapner. >> welcome. live from post nine, starting lineup, josh brown, and stephen weiss, and also jon and p

. >>> the real deal behind warren buffett's burger king push. are you working from home right now? watch out, yew boss may be watching you. >> that was awfully long and awkward piece of music. >>> yes, i would like a 200% return on my money. that is exactly what the s&p has given you if you got it any depths of 666 back in march of 2009. whatever you want to say about volume, it is still the best august in 14 years. this month alone the s&p is up almost 4%, and the dow has a report intraday high. let's now go to bob pisanis who is also known to rockwell. consumer confidence back at the highs of october 2007, not surprising, because many people, our viewers, going home, pulling open their statements, and it looks pri good. is the past of least resistance still higher? >> yes, it is it's continuing because of low rates. how about the what? a lot of people keep asking me, what? what's going to derail the rally? it's a very simple one. the number one rally killer would be a rapid rise in interest rates. if you see that ten-year go from 2.4 to 3.5 in some short period of time, it's over

burger king into equity in the new company. the financing issue we talked about earlier with warren buffett. ing has obtained commitments of $12.5 billion in total to finance the cash portion of the transaction, including commitments of $9.5 billion debt financing packaged by jpmorgan wells fargo. berkshire hathaway has committed $3 billion of preferred equity financing. now, interestingly, at least in the release, they're not discussing the terms of what those preferred shares look like. at least as i've seen them so far. it says berkshire is simply a financing source and will not have any participation in the management and operation of the business -- you're talking about the dairy queen issue -- >> would you not know -- >> are the preferreds convertible, can you tell me? >> i'm a -- i do not know. i do not know. it is not -- they are not -- they are not -- >> then -- >> because literally two sentences in the entire release about the warren buffett berkshire hathaway component. >> when we show the tim hortons shares quoted in u.s. dollars right now translated to canadian that's $90.41. so,

and the reason i mentioned warren buffett is because he is now helping finance burger king's

warren buffett investing in burger king's plan to merge with tim horton's. it's called inversion.vide 25% of the deal's financing. that puts him in the middle of a heated debate. lawmakers in the white house called inversions unpatriotic. >> it certainly isn't fair to the millions of middle class families in this country that don't have that option. >> the white house and others encouraging congress and others to close that loophole. >>> generation ex causing gridlock in the market. half of them are under water. that means they can't sell their homes for what they owe on their mortgages. that presents millenials from purchasing them. baby boomers can't sell their larger homes. the percentage of homeowners under water fell to 17% compared to 24% a year ago. the trend is improving, but general exers there in the center causing gridlock between millenials that can't buy in. we are genx, right? >> no one cares about gen x. >> "early start" continues right now. >>> the hunt for isis u.s. drones to fly over syria search for islamic militants. air strikes could follow, escalating america

one investor who stands to profit from the burger king deal is obama supporter warren buffett. let burger king $3 billion under lucrative 9% rate to help complete the deal. clocks to discuss the deal and what it can mean, where point by james henry,ed by an economist, lawyer, and senior advisor with the tax justice network. covers theickinson, national affairs beat for "rolling stone," and just published a new piece called "the biggest tax scam ever: some of america's top corporations are parking profits overseas and ducking hundreds of billions in taxes. and how is congress responding? it is rewarding them for ripping us off." explain what inversion is and what burger king is doing with tim hortons. >> in this case, we have basically a u.s. company that is 7000 locations here, paying a higher corporate tax rate than it would if it were a canadian company. simply by switching the corporate headquarters to canada, they can realize that gain. the company is denying that is the motivation, but in fact, because canada has a territorial corporate income tax, they would not be receiv

burger king. >> one investor supporting the deal is warren buffett. but critics say there's a catch. e that will cost the united states treasury a lot of money. >> when you think of burger king or warren buffett, you think america. ♪ have it your way at burger king ♪ >> reporter: but now, the iconic american brand and investor are teaming up to relocate the fast food chain outside of the united states. here's the deal, burger king announced its buying tim horton's and moving the combined company headquarters north of the border. that creates an opportunity for the company to write off some of its u.s. corporate taxes and avoid paying u.s. taxes on earnings abroad. buffet one of the most patriotic businessmen in the country has been highly critical of looph e loopholes for individuals. is he helping burger king avoid u.s. taxes? burger king is the biggest and latest to attempt moving its headquarters. >> it's just gotten way out of hand because tax rates are so low in certain countries, it's a crazy situation, but it's developed over the years, that part of the tax code really has to g

burger king getting a benefit from warren buffett in the tax deal.actaid® is 100% real milk? right. real milk. but it won't cause me discomfort. exactly, because it's milk without the lactose. and it tastes? it's real milk! come on, would i lie about this? [ female announcer ] lactaid. 100% real milk. no discomfort. come on, would i lie about this? wouldn't it be great if hiring plumbers, shopping online is as easy as it gets. carpenters and even piano tuners were just as simple? thanks to angie's list, now it is. start shopping online from a list of top-rated providers. visit angieslist.com today. ifyou may be muddlingble withrough allergies.nger... try zyrtec® for powerful allergy relief. and zyrtec® is different than claritin. because it starts working faster on the first day you take it. zyrtec®. muddle no more™. >>> let's get an "early start" on your money this morning. no stopping the stock market. the s&p 500 topped 2,00 for the first time yesterday. it didn't finish the day above 2,000 but managed the 29th record high close for the year. righ

let me ask you something about this warren buffett, burger king/tim horton's deal. going to escape to canada. what do we know about warren buffett's dealings in this and when did they make the decision that they weren't going to move to canada to evade taxes? >> here's the deal. they are moving corporate headquarters, the address domicile will move from miami to ontario. they say it's not tax driven, it's not motivated, it's because they are acquiring tim horton's which is the largest fast food chain and the bulk of their assets will be in canada. analysts will tell you no question about it down the road, even if not immediately, this will save burger king, tim horton's if the deal goes through on taxes. it is lower tax rates. >> so this is a classic inversion, right? >> it is a classic inversion. if they want to call it that or not, that's become a very dirty word in washington right now and comes with all sorts of political ramifications. what they're saying also in terms of the head quarter mixup thing is burger king's operational headquarters will remain in miam

it's a deal backed by billionaire warren buffet. burgerleased a statement this is not a tax-driven deal. it's about growth and creating value through accelerated expansion. steve, welcome. boy, people are all over the map on their take on this. what's your take? >> it's easy to demagogue this. the fact is burger king makes a profit in the u.s. they pay up s. corporate thanks rates. does not that change. both of those companies wants to expand in canada. it makes it easier to have expansion money to expand around the world. burger king is big in brazil. the u.s. is the only civilized country in the world that taxes profit in the u.s. and taxes from other countries. it's just changing the mailing address. for tax purposes it goes to canada. it does not deprive the u.s. on any taxes earned in the u.s. >> they will be making a lot of money in this country and they will pay the regular rate on that money. 35% in the united states, 15% in canada. corporations have been telling the u.s. government for years, you have got to lower the tax rate if

tax twenty six point five percent this is really a big story in the financial press warren buffett financing this burger king takeover of jim morton's a canadian going to change to avoid u.s. taxes and i mean we thought back to the one nine hundred sixty s. where you had a lot of young men living. we're going to go to canada to avoid fighting in the vietnam war here are the twenty fourteen here we have people who want to avoid paying for those wars because half of america tax goes to the pentagon goes to the defense budget to start these wars of convenience to continue the american empire around the world but warren buffett of course doesn't want to have to pay for those wars so he's fleeing to canada so these are financial. cowards let's talk about this more specifically we're in buffett has paid for three billion of the eleven billion dollar cost of the takeover and he in exchange gets preferred shares for that now burger king itself with seventy percent owned by three g. which is private equity firm the other bits of it were owned by bill ackman pershing square so you know it's mostly private equity

tax twenty six point five percent this is really a big story in the financial press warren buffett financing this burger king takeover of jim morton's a canadian going to change to avoid u.s. taxes and i mean we thought back to the one nine hundred sixty s. where you had a lot of young men leaving america to go to canada to avoid fighting in the vietnam war here in the twenty four to era we have people who want to avoid paying for those wars because half of america tax goes to the pen. goes the defense budget to start these wars of convenience to continue the american empire around the world but warren buffett of course doesn't want to have to pay for those wars so he's fleeing to canada so these are financial. cowards let's talk about this more specifically we're in buffett has paid for three billion of the eleven billion dollar cost of the takeover and he in exchange gets preferred shares for that now burger king itself with seventy percent owned by three which is private equity firm the other bits of it were owned by bill ackman pershing square so you know it's mostly private equity owned americans t

. >>> forget cherry coke, billionaire warren buffett likes burger king as well.ping finance the takeover of tim hortons, latest in a series of financing deals by buffett. if he were a bank, how profitable would he be? >>> uniqlo is taking low prices into america's heartland. uniqlo alst

. >> an update on burger king's purchaser of canada's tim hortons chain. the wall street journal tweets that warren buffett berkshire taxes onwill pay u.s. its burger king preferred stake. i heard of it and is expected to cover the higher u.s. tax bill. same-sex marriage laws come before court today. attorneys for the states of wisconsin and indiana will argue their case before an appeals court in chicago on why the bands should be reinstated. the bans were rolled unconstitutional two months ago. a decision by the three-judge panel could directly affect hundreds of couples who were married in june after federal butes overturned the bans before their rulings were put on hold pending appeal. president obama has designated today as women's equality day, noting women have made many advancements within the last century but his administration is "committed to turn down the barriers that still exist." the presidential designation comes on the anniversary of the formal adoption of the 19th amendment on this date in 1920, which granted women the right to vote. and those are some of the latest headlines on c

burger king buying tim hortons with more than $11.5 million with the help of financing from warren buffettf being headquartered in canada for lower taxtax. burger king said, quote. the statement goes on to say burger king corporation will continue to pay all of our federal, state, and local u.s. taxes and the whopper isn't going anywhere. warren buffett's involvement in the deal stirred controversy as well. cnbc joins us on the floor of the new york stock exchange. with burger king's statement does it end the critics that were confused? >> it's confusing. part of the deal is to move the headquarters to ontario from miami, which is where burger king is headquartered. in the statement believe they're making clear that operational headquarters are going to stay in miami. it will be interesting to see what they do moving to ontario. the reason it's not just about taxes. they do need approval from the canadian government for burger king to buy tim hortons which is the largest fast food chain in canada. canada has been pretty protective with their industry before. they're going to need burger ki

. >>> warren buffett makes a big bet on burger king's merger plans. but this morning, a u.s.enator says you should eat elsewhere. >>> plus nancy o'dell with the big emmy winner and billy crystal's emotional tribute to robin williams. >> but we begin this morning with a look at today's "eye opener," your world in 90 seconds. >> it's been reportedt tha the u.s. has begun reconnaissance strikes over syria. >> the pentagon with the fight against isis. >> syria is warning the white house that air strikes without its content will be considered an actf o aggression. >>> freed american hostage curtis has been reunited with family. >> everybody has been so supportive. >> 18-year-old michael brown was laid to rest. ergathating a church in st. louis to pay their final respects to the slain teen. >> michael n'brows blood is crying from the ground. >>> in napa, california after the earthquake -- >> it's estimated $1 billion in damage. >> where's the bathr oomkey? >> sorry, i gotta have it. >> all right. >> with great send off with the "breaking bad" series. >> to anna gunn, my television

burger king rolling back all little bit. this is an $11 billion deal down 3/4%. warreng in part by 3 billion. the ceos of both companies, burger king will stay in place and important stays in place. from the canadians not too happy about the fact that important is taken over by a foreign company but by this inversion u.s. company purchases part or whole of another company outside the country, and it is a better tax rate. that is what we will see for burger king for the merger. stuart: burger king wants the lower tax rates, go north to canada. thanks very much. a lot of aspects of this deal. we will deal with the political fallout, extreme left really fired up about this. this is senator sherrod brown of ohio who wants to boycott at the beginning, white castle based in ohio. more reaction, listen to lunch senator bernie sanders. >> it is quite visible, puts a focus on general corporate america. they feel the average american. stuart: per ernie sounded this from vermont, he is a socialist saving corporations have contempt for america. fairly extreme reaction from the left

now the mega burger deal is being backed by warren buffett, throwing $3 billion into the merger.thinks it's going to be a profit center. when good old warren talks, a lot of people listen. originally both companies said the new global head quarters would be in canada. leaving the country. this news instantly sparked outrage in the united states. burger king would have joined the growing list of u.s. companies moving overseas to do what? avoid paying taxes. this is where the adjustment has to come into. sharon brown is worked up about it, and i heard bernie sanders talk about and sherrod brown is calling for a boycott. burger king always said have it your way. my way is to support two ohio company that's haven't abandoned their country or customers. >> burger king is setting the table to make a bunch of money in our country and yet avoid paying taxes. well, it looks like public pressure and that kind of talk got to burger king because the company released a statement today saying, wait a minute. we're not moving, we're just growing. our headquarters will remain in miami. the decis

headquarters and taxes to other nations by buying a smaller company, burger king will still pay u.s. taxes on u.s. profits. and warren buffett is helping finance the burger king merger. >> this is for him an investment. but that doesn't mean it's a sound investment in terms of tax policy of the u.s. >> the real advantage of having a foreign operation lies into its international profits, which the u.s. treats differently than any other nation. >> income earned anywhere is taxable in the united states. that is in addition to companies to be headquartered here because they have to pay taxes on income they earned elsewhere. >> the alternative to that is lower the corporate tax rate and they will stay. and they'll bring back the $2 trillion that they have parked overseas to help america's economy. >> but without tax reform, the growing trend immersions will continue. >> it is a warning sign that every american company that has notd in a tax inversion will be under pressure from its shareholders. >> the u.s. used to have one of the lowest rates in the world. now it has the highest by 10 or 20 points. so nations with rates

warren buffett. >> oh, oh, oef. >> and to give financing so burgerer king can engage in a tax dodge that [ muted ] and that jack lieun come out to penalize the companies, and i wonder if having buffett in that throws a complete monkey wrench in the deal. >> well, have you heard this? >> reyes, and in the meantime, stopping the inversion, everybody says, i have to get in quickly. >> although, they will= r retroactive. >> and what is the conversation of obama and buffett? >> well, he said to buffett, you sold me down the river for 9%, and he said, yeah, well, i would have done for it 7%. >> well, it is weird, is it not? >> well, i mean, it is a tax dodge. >> and go ahead. >> charles is 100% right, warren buffett is going to do what is in his interest, and we should know that about him and admire him for it. and neil, i want to know what you think, because it is one of the situations where you say that the politics are clear herings and the politics are clear that the tax dodge is going to close, and it is going to close, because it is going to be harder for american companies to do that. >> and shouldn't it close just

so, now that this deal does have warren buffett's blessing, is he helping burger king finance the acquisitionll, he is, but will it open up the flood gates for more inversion deals, kelly? >> well, let's ask david marcus, here on the floor joining us from the deal. david, welcome. >> thanks. >> is this a tax inversion or not? >> well, it's clearly a tax inversion in that, you know, when the deal closes, burger king will be a foreign corporation, will no longer be a united states corporation, you know, which is what we mean when we use the term inversion in this context, is a u.s. company combining with a foreign company in such a way that the combined company is then incorporated overseas. >> well, that's just like relocating a corporate headquarters. that's not an inversion. >> well, yes, because you are a foreign company, and so you're subject to a different tax regime in canada or ireland or the uk than you would be as a u.s. corporation, you know, incorporated in one of the 50 states. >> how much do you think they're going to save on taxes, and how material does it have to be for that to

for burger king, it's a chance to make further inroads into the lucrative coffee and breakfast market. the price tag, $11 billion. it shows how valuable that market has become. another sign, warren buffett is buying a $3 billion piece of the company. burger king will relocate to canada which has lowerer tax rates, a move that some u.s. politicians are criticizing. burger king denies that is the reason for the move. >>> on wall street today, all three averages were up again in what has become a white hot august. the dow gained almost 30 points. nasdaq was up 13. and the s&p gained a couple of points to close above 2,000 for the first time ever. >>> still ahead tonight, record fees as the hotel industry follows the airlines. the fine print that could cost you a lot. >>> and later, the big winners on tv's biggest night. >>> we're back as promised with a cautionary tale about the price you pay. we're all familiar with the extra fees that are slapped on to the base price of airline tickets. now the hotel industry has adopted the same practice. we get more on this from nbc's ron mott. >> reporter: if the price of that hotel deal got you to book, brace yourself when you get the bill, b

. >>> burger king confirms today it's getting help from warren buffett to buy another restaurant changellionaire will help burger king finance the takeover of tim horton, a deal that could cost $10 million. the move comes as some on capitol hill calling for a boycott of burger king if it moves its headquarters to canada. >>> if you have an iphone and can't hold a charge, you can get a new battery. part of the program. it affects phones purchased between september 2012 and january 2013. if you already replaced your iphone battery, you can get a refund. >>> california becomes the first in the nation to require kill switches on new smart phones. the bill became law. if your phone is stolen, you can online from any computer, enter information and the phone will be disabled, inoperable. the senator who created this legislation said it will deter these apple pickers. >> into the head of perpetrator, not worth his time, trouble or risk, because the item he's thinking of stealing will be worthless. >>> according to consumer reports, the number of smartphone thefts in the u.s. nearly doubled bet

we heard this weekend today, yesterday that warren buffett will try to facilitate a move from headquarters of burgerto tim horton's, a canadian firm. rather than him warren buffett out. he's doing a great job. you run companies. you're there to make money. that would probably wake president obama up. instead of calling it anti-american or, you know, unpatriotic, that's what we need to do. fix the tax code. >> andrea? >> the government decided to waste $1 million of your tax money to monitor what you are saying online under the guse of preserving the base. yes, they are giving indiana university 1 billion bucks to create an al going rhythm to monitor hate speech. i think they could spend it on isis, putin or sealing the border. but no. be very careful. >> have you noticed how much of this is going on in the country? it's unbelievable. they took the patriot act and took advantage of it. they are sneaking into our back yards. it's just horrible. you guys just shouldn't do it. >> it is about 20 seconds to go on this baby. you said the patriotic was by and large a good act. >> i said except for that -- >

he said today how disappointed he is in, quote, burger king's decision to renounce it's american citizenship. billionaire investor warren buffet whose company is financing part of the deal is now in damage control over the tax breaks that burger king will get by becoming a canadian company. buffet, as you recall, is famous for calling on america's wealthy to pay their fair share to your honor sam. his participation in this deal puts him in a #wal #awkward position. burger king is the latest of a company who purchases a foreign firm and then moves into its headquarters. they continue to operate in america but by doing so they take advantage of lower tax rates outside of the united states. burger king denies that this deal is about denying uncle sam it's due. it says he's merging with tim horton because it's opening new business vistas for the company. still inversions let companies transfer money that is made outside of the united states to the parent company without paying additional u.s. taxes on income that is generated abroad. that is very important for a company like burger king that plans to expand it's business ov

. >>> warren buffett is part of the whopper deal with burger king to buy tim hortons. the $11 billion price to purchase dan's tim hortons is to use $3 billion. it will change burger king's address to canada to save on taxes. until now buffett called companies who do such things as corporate deserters. >>> hp is recalling more than 5 million ac power cords because of possible overheating which can pose a fire and burn hazards. the cord is used for hp come pant and mini notebook computer. the company has gotten 29 reports of power cords overheating or melting or charring. >>> and american airlines are pulling their flights after contract disputes. paying orbitz for booking on the sites has become too costly. american airlines has been dropped and u.s. airlines will do it monday. if you have tickets, though, you can still make the trip. >>> coming up on the "morning news," police policy. in the wake of the michael brown shooting death, law enforcement officials defend their use of deadly force. this is the "cbs morning news." crest gaand the other, a crestwhitening toothp

for burger king, it's a chance to make further inroads into the lucrative coffee and breakfast market. the price tag, $11 billion. it shows how valuable that market has become. another sign, warren buffett is buying a $3 billion piece of the company. burger king will relocate to canada. a move some u.s. politicians are criticizing, burger king denies that is the reason for the move. >>> on wall street today, all three averages were up again in what has become a white hot august. the dow gained almost 30 points. nasdaq was up 13. and the s&p 500 gained a couple points to close above 2,000 for the first time ever. >>> still ahead tonight, record fees as the hotel industry follows the airlines. >>> the big winners on tv's biggest night. when folks think about what they get from alaska, they think salmon and energy. but the energy bp produces up here creates something else as well: jobs all over america. engineering and innovation jobs. advanced safety systems & technology. shipping and manufacturing. across the united states, bp supports more than a quarter million jobs. when we set up operation in one part of the country, people in other parts go to work. that's not a coincidence.

let's talk about burger king and tim horton and warren buffet. really? >> uh-huh.llion deal. the headline is the home of the whopper is going to be moving to ontario. at least the headquarters, from miami. that's where burger king will relocate. they'll still do business out of miami. there's a lot of talk and controversy about that. it's going to get the attention, especially on this trend we've been seeing with inversions, moving headquarters out of the united states to deal with a better tax rate. a lot of analysts come out and a lot of sources come out of this deal and say there are other major strategic reasons to get this deal done. in fact, it doesn't lower burger king's tax rate that much. it should help them in the long term. right now at least that's not the main story. they're looking at expanding tim horton's around the globe, getting into the coffee business, high margin, very good business right now. donuts, we know a lot about breakfast. taco bell is getting into it. >> why doesn't it lower the tax -- a point of a lot of these corporate inversions is

. >> the other story in the book is how we got worn burger as our chief justice-- -- warren berger as our chief justice. >> i work of richard nixon on an article. nixon would have me work on the law and order stuff and price utsandingk on -- o speechwriter -- would work on vietnam. news, about a year after our piece went out, warren berger as appellate court judge, wrote an article which was very similar to what we had said. the arguments were very similar. i took this and said, this is excellent. sentnt to did to nixon. -- i it into nixon. warren berger was appointed chief justice, i gave the press some of his thoughts. the only thing they had when this announcement broke was this. i sent that into nexen and he was impressed, but i also wasrstand later that berger at the 1948 convention. nixon might have seen him there man.se nixon was a doing -- dewey man. he was no bob taft conservative. man?s berger a taft [laughter] >> one of the great achievements in my life is the staff of the 1992 primary. >> the story i want you to tell is the important story -- there may not have been a warr

burger king but what about for shareholders? erik schatzker joins me now. you could almost smell this happening yesterday because of the involvement of one of warren buffett's favorite private equity groups. >> the resilient billionaire who will have a 51% stake in the combined burger king and tim hortons. i was going to say conspired. why would i say that? our nerd last year. you are right, you could almost smell this coming. let's talk about what it is buffett is doing. , he isn what we know now getting a $3 million preferred stake in the new company. what is that mean? they are senior to the company but junior to debt. because of the fact they are not debt,ior as unsecured they can command a higher dividend or yield. that is why buffett loves preferred equity, because it pays a yield. a has invested in the past in number of preferred deals. dow chemicals in 2008 when it acquired a special chemical maker. goldman sachs, general electric, bank of america, and contributed equity financing for the last year. we do not know if this is convertible equity like the equity he got in the dow transaction, or if this is cumulative, professional preferred stock, whic