i just might mention, the ends of court that you elude to was the idea of former chief justice warren burger he wanted to replicate this structure in which judges and attorneys and law professors and law students have dinner twice a month and talk about stuff. and he did it with judge sherman christensen of utah. and cliff wallace also assisted him. it's been a remarkable success. cost the government no money. and in jackson, florida sacramento california boston, they have inns of court. it has made a tremendous difference. it's made a real palpable, tangible, visible difference in the civility we have within our profession. it's been a remarkable achievement. >> that's great. that really is there to promote civility and boost professionalism. as we begin the questions, i can't help but recall the last time you all were here, i ask you how the court decides who they're going to send over to testify before us. and i think justice kennedy, you replied it's based on merit. and so you're back again. good job. let me ask you, one of the things that i know there have been a lot of work being done

was the idea of chief justice -- former chief justice warren burger. he loved all things english and he wanted to replicate this structure in which judges and attorneys and law professors and law students have dinner twice a month and talk about stuff. and he did it with judge sherman christiansen, the late judge christiansen of utah, and cliff wallace also assisted him. it's been remarkable -- it cost the government no money. and in jacksonville, florida, in sacramento, california, in boston, they have inns of court. and it has made a tremendous difference. people thought, this is an interesting idea. it's made a real, palpable, tangible difference in the civility that we have within our profession. it's been a remarkable, remarkable achievement. >> that's great. it's there to promote professionalism and they're doing a great job. as we begin the questions, i can't help but recall the last time you all were here, i asked you how the court decides who they're going to send over to testify before us. and i think justice kennedy, you replied, it's based

might mention the end of court you alluded to was the idea of chief justice, former chief justice warren burger who loved all things english and wanted to replicate the structure in which judges and attorneys and law professors and law students have dinner twice a month and talk about substance. and he did it with fed sherman christianson of utah. and it has been a remarkable adventure cutting the government no money. in jacksonville, florida, sacramento california and boston they have ends of court. it has made a tremendous difference. people thought this will be interesting but it made a visible difference in the civility we have within our profession. it has been a remarkable achievement. >> that is great. that is there to promote civility and boost professionalism and they do a great job. as we begin the questions i cannot help but recall the last time you were here i asked you how the court decides who they are going to send over to testify before us. i think justice kennedy you reply it is based on merit. so you are back again. good job. let me ask you one of the things that i know there

was the idea of chief justice -- former chief justice warren burger. he loved all things english and he wanted to replicate this structure in which judges and attorneys and law professors and law students have dinner twice a month and talk about stuff. and he did it with judge sherman christiansen, the late judge christiansen of utah, and cliff wallace also assisted him. it's been remarkable -- it cost the government no money. and in jacksonville, florida in sacramento california in boston, they have inns of court. and it has made a tremendous difference. people thought this is an interesting idea. it's made a real, palpable, tangible difference in the civility that we have within our profession. it's been a remarkable, remarkable achievement. >> that's great. it's there to promote professionalism and they're doing a great job. as we begin the questions i can't help but recall the last time you all were here, i asked you how the court decides who they're going to send over to testify before us. and i think justice kennedy you replied, it's based on mer

warren buffett helped 3g capital buy heinz. that is why they are coming together. berkshire hathaway joined up to help with the burgerit buy a canadian company back in august of 2014. we got hints they might be joining forces again. warren buffett said, we are partnering with 3g in the way we are looking to go. speculation has been right. would it he craft? would it be kellogg's? it is notable berkshire hathaway knows their stuff when it comes to ckraft. they started to just slightly reduce the overall holding. at one point they were the biggest shareholder of kraft. they started to reduce the overall exposure. they didn't like the fact kraft was selling pizza brands. warren buffett said those deals were down. it looks as though we have got belief in the company once again. now it comes to the price tag. what will they pay? we saw the spike close to 17%. check that out. the amounts are being bandied about. that is an 11% premium. investors are slightly more hopeful they might be able to get more money from 3g capital but clearly they feel it is an asset worth buying. this is a company that has a lot of experience in

they own burger team and teamed up with warren buffet three years ago. if a deal is clenched 3g may well craft with it. it is struggling for weaker demand in the u. s. they jumped 16% in after hours trade yesterday. shares of other food companies have also been increasing off the back of this news. well, mondelez up .8% today. kellogg and campbell soup up a bit. this is a very interesting story. kraft. the history of it was it split out in 2007. in 2010 it made the hostile take overs for cadbury and 2012 split out and now it's going to be the target of another take over. >> that's what makes this deal so fascinating is if you understand the history of these different players in this reported deal even if you look at 3g was a major shareholder it and assisted in the acquisition of busch and teamed up to make heinz for $23 billion and the firm had an active year. earlier this year there were rumors that 3g was looking at campbell soup companies. this is a private equity firm. one that plays an active role in the consumer food space as we're seeing with thi

burger king. >> do you remember when warren almost weekly undercut the ceo of the combined kraft mondelez. >> he used to be a shareholder at kraft. >> see there's method to his madness all along. he's been coveting kraft for a long time and heinz. >> he hinted at such. shareholder in the annual letter he did say, this was the annual letter released two years ago my friend asked berkshire to join his 3g capital group in the acquisition of heinz. goes on to praise them for this. they hold themselves in high performance standards and are never satisfied. we expect to partner with 3g in more activities. >> in the journal they didn't have the story but they said they might use heinz as the vehicle to do this. so they're doing it in some way. who is writing the check? do you know? >> we don't know. 3g has its own fund. it raised some money, private investors $5 billion including people like bill ackman as part of the fund. kraft has struggled so the question is whether 3g will be able to do to kraft what it's able to do to heinz. >> pretty good brand name. >> kraft heinz will be the company. the compa

it was warren buffett that helped finance the deal of 3-d capital getting into heinz. last year berkshire hathaway again teaming with 3g capital to help burger king by tim hortons. that is the canadian coffee and doughnut company. that merger producing a much bigger company now known as restaurant brands international. berkshire hathaway knows his stuff. they were a long-term investor. at one point, they were the biggest shareholder in kraft. they didn't really like what was going on with the cadbury buyout . warren buffett said the two deals were dumb. but it looks like his appetite is being whet again when it comes to kraft. he wants to be able to create this juggernaut they are talking about maybe mix your basques well house coffee with your baked beans on toast. the deal could be announced this week. the key question, price tag. the market capitalization of kraft is currently $36 billion but the shares after-hours spiked to a record high, closing at about 16.5 as you see on your screen. now just inches away from that peak number, just shy of 16%. the question is, what will be the price tag? we are hearing $40 billion. that is only a prem

burgers. at one point, wendy's surpassed them as the number two pas fast food. in june 2013, they orchestrated the purchase of heinz. warren buffett was involved in that. in august of 2013, the flak over the taxes, $11 billion. purchased tim hotterons. today, the 40 billion-dollar deal which won't pay dividends until 2017. >> let's bring bert into this. look at the impact of this. especially with 3g. this is a company that has been very successful in changing the landscape of the food business overall. what is their role going to be along with warren buffett in this kraft heinz merger and what does it mean for the rest of us? >> cheryl and adam, 3g will be the consolidator, this will be the first of many deals in the sector for 3g and other acquirers. 3g gets more size and sale. last night kraft sales were eclipsed by walmart by a factor of 25 to one. with this deal, 3g with heinz and kraft combined, walmart sales are only 17 times greater. so it's all size and scale and trying to be more relevant to the retail customers as well as consumers. >> okay. let's talk about what this really, really means here. we're talking abou

warren climbed into an elevator without even looking up. i think we have more fight out of this crowd. joining us harold shave burgerd tad devine is a strategist of some note, advising bernie sanders, who is also considering a -- why is everybody afraid to even put on the big gloves and say, yeah, it would be better on her answering they questions, or something slightly aggressive. >> i don't think anybody feels they'll get advantage from engagement. >> what kind of campaign will it be? >> i don't know what kind of campaign omailie will run or webb, but i think if bernie sanders decides to run -- i've worked for him, he's never attacked an opponent, never run an negative ad. >> how by comparison ads? >> no, he's going to run against something, the enormous greed that's strangling the middle class. >> who is he talking about? >> the billionaires that are buying -- >> no, which politicians? >> it's not going to be against hillary clinton. they have real differences and records that are different. for example, he voted against the iraq war, so there are drchszs, but he's not good to run a campaign, if he decides to run

burger king? olivia: yes. to your point about whether or not this was expected obviously, we knew that warren buffett said he knew he was going to be hunting for elephants and doing a big deal the ceo of kraft used to work at ripplewood, which is a private equity firm. there was a sense that kraft might be on the table because this was a new ceo that might be more open to dealmaking, versus the person that runs campbells. brendan: when we look around are there any other american consumer companies other than campbells that are waiting for this kind of a takeover? >> catalogs -- kelloggs is another one that has been speculated. i think they might wait a while before doing another one of these. they have deep pockets. they are very ambitious. if you could team up with people like warren buffett, the sky is the limit. tom: we have not been a bloomberg terminal monitor, but i think this is important. they have made a velveeta kroner. -- cronut. i think this is very important. brendan: we like velveeta cheese. tom: you give your father a stick of velveeta cheese? have you ever had it? olivia: no. brendan: i don't even

burger king with tim horton. an ipo, you're a seller but in this kay they publicly equitize ownership but they're not selling it. >> they're in it for the long hall. 3g and warren" ken goldman, he was on the call. you managed to ask the most boring question when it came to accounting metrics of the new deal. our question is there long-term growth potential for revenue growth in a very challenged packaged food industry by combining heinz and kraft? >> one word no. i don't believe that people should be looking at the deal from a revenue synergies perspective. people should look at it from a cost perspective. i think john cahill's answer is correct you get scale benefits as long as it's executed correctly. from a synergy top line per perspective perspective, we never model those in and we won't start now. >> the new company worth $84 a share. how did you get at that? what happens now considering kraft shares are just about at that point in the surge? >> in all fairness we amened that a little bit later. we wanted to add a bit of clarity on the preferred debt. we think it's worth around 80 depending on what multiple you're going to use. we're not sure it's worth mo

it was warren burger's idea. >> that's good because that does promote civility, and then doing a certainly a great job. as we begin the questions i can't help but recall last time you over here i asked you how the court decides who they're going to send over to test it before setting justice kennedy you replied it's based on merit. [laughter] so you are back again. good job. let me ask you one of the things that no there's been a lot of work being done on the building and grounds and over the last 10 years i think this committee has spent or appropriate about $120 million children first time since 1935, a lot of things were upgraded. and so i want to ask for kind of an update on how the work is done. the faÇade was redone i guess north and south. is that all complete? of one type there was a big old in the ground next to her but since i didn't buy of late everything looks nice. can you give us an update on all the work that's been done? is that completed and finished? [inaudible] >> -- reap for pushing of the building is completed. we came under budget and the project has been closed and i