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tv   Bloomberg Markets  Bloomberg  June 12, 2015 1:00pm-2:01pm EDT

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this is the bloomberg market day. president obama traveled to capitol hill to make a final plea for history agenda. of my exclusive interview with dish ceo charlie ergen. what he says about the future of the satellite television company. attack against the u.s. office of personnel management may be worse than previously thought. we will speak to an expert about how governments and companies can protect themselves. betty: good afternoon, i'm betty liu. mark: i'm mark crumpton. nice interview with former president clinton the other day. betty: thank you. you are never nice to me. what did you drink today? mark: so wrong. u.s. stocks in retreat: slumping
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markets in europe after setbacks in talks between greece and its creditors, concerns the country could default on its debt. thatelloff sparked by news representatives from the imf walked away from talks with greek officials yesterday. you see on the board the s&p 500 down .75%. the dow jones, a 154-point decline. nasdaq composite is down 30 points. the price of gold is falling on this friday as well, now trading at 1000 $179 and $.70 an ounce. oil is falling for a second day. nymex crude down nearly a full percent at $60.21 a barrel. betty: a quick check on how treasuries are trading, you can see the yields are coming down slightly particularly for the 10-year. better than estimated consumer confidence numbers. in the currency markets, kind of
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an interesting scenario given the greek debt talk. the dollar is weaker right now against both the yen and the euro. let's get a look at our top stories this hour. we could be moments away from a house vote on the fast-track trade bill, debate still going on. house democratic leader nancy pelosi is speaking now. >> and ability to send their kids to college. all of it undermining the american dream. the economy has improved and the leadership of president middle class economics have not fully turned around in the country because of consumer confidence that people must have in order to invest, to spend, to inject demand into the economy, is simply not there. so my concern about all of this is about time. it is about time.
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why are we fast tracking trade and slow walking the highway bill? it is about time that people have not recovered from, again, 2008, to again have consumer confidence to turn around our consumer economy. , i think, today, we have an opportunity to slow down. we all know we want to engage in trade promotion and the rest of that, but we have to slow down. whatever the deal is with other countries, we want a better deal for america's workers. betty: a better deal for america's workers. that is house minority leader nancy pelosi on the floor urging -- her fellow democrats on the vote for the trade deal. earlier, president obama made a
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rare trip to capitol hill to appeal or votes. members of his own party are reluctant to vote for the measure and say it could cost jobs and hurt wages. that puts the president in the unusual situation of teaming up with republican. the vote is expected to be very close. even though he lost the presidential election, mitt romney is still a big draw for republican hopefuls. six unlikely candidates will be in park city, utah for his third annual retreat that brings together influential leaders in business, politics, and policy. mitt romney will be joining "with all due respect" at 5:00 eastern time. be a steve jobs moment for twitter's jack dorsey. dick costolo will be leaving and will be replaced on an interim basis by jack dorsey. he is returning to a john that he was pushed out of in 2008, just as jobs return to apple after being forced out.
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earlier we spoke to billionaire saudi prince al-waleed bin talal , who said twitter should remain public. i am against that completely. i think twitter should remain public. i think twitter is good days are yet to come. ,ight now, we are at the stage where we need an integrator of all of the products that we introduced. all integrated into one theme, poured intorything net income. now to greece, german chancellor angela merkel speaking out on the crisis. she spoke earlier in berlin calling for talks to continue. this regard to greece, either to say once more, again
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as i already did, again and again in the past, where there is a will there is a way, but the will must come from everybody. rights why i think it is that we talk to each other again and again. betty: eu officials say policymakers are now examining all scenarios, if the greece refuses to compromise, including the possibility that greece could leave the euro. are more bullish about the economy. consumer confidence rose more than forecast this month and workers are most optimistic about their prospects for bigger paychecks in seven years. economists gave credit to the stronger job market. prices at the wholesale level rose at the fastest pace in nearly three years are placed higher by a sharp jump in the cost of gas and a record increase in the cost of eggs because of an avian flu outbreak. outside of increases in those costs, core inflation remains moderate. the producer price index was up
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.5%. report from zillow shows there are still weak point in the housing market. 15% of homeowners are still underwater. that is less than half of what was three years ago, but zillow still says a healthy market would have no more than 2% underwater rate. and we are far away from that. that's a look at our top stories. coming up on the bloomberg market day, we will take a look at what books wall street's best and brightest will be reading this summer. betty: then the ceo of box tells us why he is offering free college tuition for the children of his employees. mark: european officials are preparing for the worst. great prime minister tsipras fails to make any advancements in the latest round of debt talks. dish ceo charlie ergen is known as a hard competitor, some calling him the most hated man
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in hollywood for his tough tactics. is alsohat reputation well known internally, that he is hard to work for. something that billionaires is china to change in his second stint as the leader of the satellite-tv company. atsked him in my interview his denver headquarters how he responds to critics who say he's a tough boss. we have changed what we need to change. i think i'm a really easy guide to work for and with, if you are a high achiever and want to achieve something. you areust want a job, probably not going to like it too much. a culture fors those people who want to achieve something and there is some uncertainty, as you know, as we talk about what you can do with wireless. shareholders don't know, there is uncertainty, so it takes him bribery for some long-term thinking. employees want to know what will happen tomorrow but we don't always know, so it is special --
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it takes trust in your management, it takes a bit of spirit to work here because you don't always know where you will go. you are not in a training program, so you have to be more of a self-starter. for those people that like that, you can start -- we have people that started in the warehouses that are now executives. people who started in the call center who are now executives. people achieving their own internal potential. to write aou were management book, what with the title be? charlie: i could not write a book, number one, but i do think , the culture of a company is important. companies do not have a track record of surviving the founder. the ones that do have a culture that carries on. it is not to say a culture would not evolve and change over time, but the culture is what carries on, not the people. once you establish a culture,
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you have always got to hire and train into the culture. we have made some mistakes in the past where maybe we got complacent and did not do enough of a job upfront making sure what people understood what the culture was all about. but it is really a good place for people to work if they want to accomplish something. satellite -- we did not know how to spell satellite but we launched only one of them so far. none of us knew anything about it and now we have some of the best test -- experts in the industry. they were just college kids are coming from another company, and so forth. what people say it is they can make a difference and they can make decision to do things quickly. with a lot of companies it is a lot of data, analyzing, a lot of meetings without a lot of decision. here, we move pretty quick. the negative part of it is we
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have high expectations. if you are not some of you used to high expectations, you are not as comfortable here. my kids would be in the relay at the track meet at school. the kid who came in first and the one that came in last, they all come metals for participating. we do not do that here. you do not get a medal for participation. betty: so that all feel good attitude that you hear about, that everybody wins, create a happy work environment -- that is not exactly -- haveie: i think you should a happy work environment. i don't think everyone in a for-profit corporation wins. there are people that are more valuable than others, which is why some are paid more than others. certainly, the title and the pay and the responsibilities drive people to success and to achieve things. but you can have that and have a
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happy environment read a lot of companies have been able to do that. we are not perfect at that yet. we are not as good as we can be at that yet. betty: that was dish chairman and ceo charlie ergen. it's very interesting, we were talking about the interview. how he thinks and how he manages. one of the things charlie does at the company is he signs all of the major checks because that is a way for him to have a handle on what is going on. mark: it's interesting because he says you need to have high expectations to work there. for us, is not a job but a career. that define something that you love to do. i think he wants career-minded people, not just people that want to go there and get the paycheck. betty: he said, if this is just a job to you, then you don't belong at dish. one thing that i thought was interesting, this was off-camera -- he mentioned this mountain
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hike that he puts together for interns and says it is a great metaphor for working at dish. mark: mental toughness and physical toughness. betty: and can you follow instructions, can you show up on time, can you help others if they are falling back? he is able to evaluate people on thebasis by taking them on site. believe me, i don't want to go, but it is pretty tough. mark: still ahead, it is down to the wire for president obama's trade bill. betty: the vote in the house is scheduled to vote at this hour. we will have the latest from washington after the break. ♪
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betty: welcome back to the bloomberg market day. in washington, the house is about to vote on president obama's trade agenda. the president meant when democrats in a last-minute effort to get their support. nancy pelosi calling the and-track bill unnecessary unhelpful. peter cook is standing by on the hill. tell us the latest on her remarks. basically, the president's staunchest defender among house democrats for years as just abandon him on the issue of trade. nancy pelosi in the house a short time ago, telling everyone that she will vote no on a related trade bill and that will effectively blow up the president's fast track trade authority to execute a trade deal and one perhaps later in
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the administration with europe. this is a major blow to a present who was counting on these initiatives to be his biggest economic initiatives of his second term. here is some of what nancy pelosi said short time ago, making the case for effectively delaying the trade agenda. >> i was hopeful from the start of the discussions that we could find a path to yes for the fast-track legislation that was being put forth. some bumps in the road along the way, some potholes along the way . unfortunately, i think sinkholes as well. but that doesn't mean that road cannot be repaired. i just believe that it must be lengthened. she says she thinks the house can come back, work with the senate, and perhaps improve the fast-track trade legislation to their satisfaction, make sure it is more in the interest of american workers. this is a blow to the president.
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the vote that is likely to show that hey to has insufficient democrats to back his agenda. the question is if republicans will fill the void and rescue fasttrack, which most support. will they provide the 218 votes needed to move this forward? that will be a tall order because there are republicans who don't want to give the president a victory on any legislation, even on the trade front. a tough road ahead for the president. mark: this is not just about the tpp. what does this mean about their overall pivot to asia? there have been a number of speakers, including the president, making the case that this is not just about trade but about america's place in the world and in the pacific, especially with a rising china. a lot of people have made the argument on the supportive side that that is why democrats should support this. at the end of the day, we will
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see how many are prepared to back him. could be as many as 20, could be fewer, but is it enough to get him over the top? it will be a big blow if he does not get it done. it will not mean that it is done with, but will certainly hurt his economic agenda for the rest of his second term. mark: peter cook from capitol hill, thank you. betty: now let's get a look at our top stories. south korea reporting a 13th death from the mers virus outbreak. have contracted the virus since it was first detected last month. the outbreak was thought to be contained but has caused widespread fears and rumors. more than 2700 schools remain closed. prosecutors say a prison employee is being questioned ofut her role in the escape two murderers. she reportedly provided them with contraband before they broke up. the manhunt for the killers enters its seventh day.
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local schools are closed and hundreds of officers are involved in the search. in france, former imf chief dominique strauss-kahn has been cleared of pimping charges. the bird clears four years of legal drama. 10 others were acquitted as well. sexallegations stem from parties held during the global financial crisis. let's go to senior markets correspondent julie hyman with a look at how wall street is performing on this friday. we are seeing lots of bread. julie: a big selloff in stocks. if you look at the three major averages, we have declined across the board for the dow, the steepest decline on a percentage basis, down .75%. twitter has been on the list all day of movers. the stock has now turned lower. down .2%. if you look at the terminal, you can see even more sharply the trajectory of the stock. when the news came out last
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night that dick costolo would be departing, the stock spiked by 10% in after-hours and then dwindled down to about 6%, and then you can see the trajectory durant -- throughout the premarket and regular session. still a lot of questions about who the new ceo will be and what the strategy will be. i also want to point out the movement in eli lilly, at a 14-year high yesterday. a note coming out that they are increasingly concerned that eli lilly is being driven higher by hopes for its all's i mistreatment it is supposed to be presenting in july. -- alzheimer's treatment it is supposed to be presenting in july. so perhaps the gain is not justified. mark: thank you, julie hyman. betty: much more ahead. on a lighter note, need a book for the beach? picks forll street's
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the summer, including bill ackman and lloyd blankfein. ♪
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mark: welcome back to the bloomberg market day. is finallyertime here and for wall street's best and brightest, that means fun, sun, and also some books. mark: we asked some heavy hitters what books were on their reading list. a look at some of their must reads. the list covers a range of genres from history to studying startups. let's start with bill ackman. bill ackman had a lot of stuff on startups and entrepreneurship. not surprising. starting a hedge fund is kind of entrepreneurial. was "zero to one:
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notes on startups, or how to build the future" written by peter thiel. sounds like a good book. the next one was "bold: how to go big, create wealth and impact the world." was "zero to one: notes on startups, or how to also sounds like a great book. betty: we had them on frequently and he talks about big ideas. he has talked a lot about elon musk in many respects. sallie krawcheck. julie: i was so excited to have her on here. one of them she has not read yet because it has not been released. it isalso sounds like a great td next book by harper lee, go set a watchmen" and "when paris went dark." it sounds like an interesting book. mark: her list includes one of our colleagues. julie: ashlee vance's new book on elon musk. elon musk is a very well-known person, and an interesting person as well. betty: and the poorly made in
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china book. lloyd blankfein? the ceo of goldman sachs majored in history at harvard, so it is no surprise that he picked the largest book, "the discoverers" which takes a deep dive into human history. and "the wright brothers" by david mccullough. betty: not light reading. julie: steve schwarzman is on the list online and he mentioned "outliers" by malcolm gladwell. a little lighter reading. majored in history at harvard, mark: summer reading for the heavy hitters. betty: i will say goodbye. mark: we will meet the ceo of boxed. ♪
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mark: breaking news this hour. you are looking at the live shot from the floor of the united states house of representatives lawmakers are voting out on the
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trade adjustment authority. they believe that is the best means to kill the fast-track authority. they have launched the last di tch effort to scuttle the president's program. we saw nancy pelosi speaking earlier. she urged her colleagues to avoid -- to vote against this red and the democrat from corey gaines said the taa is he had needed to facilitate the whole deal. they can stop this whole train revisit the most egregious provisions of fast-track. welcome back to bloomberg market day. let's go straight to your top headlines at this hour. setting aside
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another $63 million to owned a growing recall if to cut airbags. the additional cost will not affect the company's dividend or earnings forecast. honda is diktat has largest customer. to a bloomberg exclusive. ford announcing today it will return to one of the most prestigious auto races in the world with this new 4g race car based on the all new supercar that goes on sale next year. matt miller spoke with the chairman about trying to keep up with demand. cannotbad news is we build inventory because the good news is we are selling them all. production atfull ts. assembly pants -- plan we have great demand, but we are racing to keep up with it. mark: ford says his company is
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happy where we are. a 2.2 billiong dollar pretax charge because of changes to its pension plan. fedex is a dog mark to market accounting for its assigned benefit pensions and other retirement plan. those are top stories of this hour. at theup, we will look giant 4000% rally that is bringing tech stocks back to china. and the hack attack occurrimg the u.s. against office of personnel management may be worse than originally thought. we will look at the cost of keeping criminals behind bars. here is something you are not likely to see on your college application, a college tuition for your children. but it is a reality for the
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employees of boxed. his offer follows high-profile moves by companies like starbucks, fiat chrysler and google who are trying to take the sting out of higher education costs. joining me now is the ceo box. welcome to the broadcast. where are you doing this? >> thank you. personal cash my that is rolling this program out. it really is for the betterment of the employees and when i came to the country, we came from a very humble background. education was the trajectory changer for me. work in the who warehouse and around the office, and if you are not able to afford college tuition which is ever expanding in terms of price, have you ever make that
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change for your family? mark: what will this mean for the company's bottom line? >> it was very easy for the board to approve because it is coming out of my bottom line. morrell around the company is obviously boosted. but also, i would say the dedication of our team members is that much more prevalent. mark: you have been hearing these horror stories of people who have been burdened with it in debt and they are not paying it back until their 30's, 40's, and in some instances their 50's. to the real back reason why we did it, some of our people, when we first started this, they cannot afford cars for themselves. if you cannot do that, how will you ever afford $50,000 in your for your children?
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are not going, many generations down the line they will not go. that is the real factor that got me to do with one night. imaginewould that the reaction from the employees ranged from overwhelming joy to -- >> there were definitely some tears around the room. lots of people who were snarky and asked how drunk i got. i was completely sober when i thought about it. but in general, pure relation -- in relationd around the room. if i did not have access to higher education, i would not have doors available to me. i know every path is different, but i can only just from my own path of that it was so transformative for me in my own life. mark: any parameters? schoolarameters and what
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you can go to. i do not want to better you. if you're going to go to m.i.t., i will not say we are not going to pay for a mighty, go to trinity college. the only thing we do not cover is room and board. we only cover tuition. your what will this do to attention right -- retention rate? >> we had several employees who is wife's text of them saying they are never allowed to leave the company. what do you see this growing divide between the half and half, specifically in the technology world? dichotomy.e as technology as a sector, you cover a lot on your show, and it is booming by all accounts. you see a dichotomy of people who are writing that way, but those were getting left behind. i consider myself the leader of
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our company, and would fit technology, one of the other leaders in the other technological fields, we have to get back -- gift back in order to make sure that does not happen. mark: what we are seeing is you making a statement in hoping that other ceos will follow? have you gotten calls? investors were rather inspired and they wanted to put their own personal lineage of the program as well. but i have heard some of the other ceos have you not be about how does the program work, and there has been a few e-mails that have come across the inbox or markx. mark: the bottom line for units that education will make the difference, and without it your life will be poor for it. not just educationally, but -- perhapsl that for financial as well.
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thank you for being with us. still ahead on the bloomberg market day, hackers deal the social security numbers of federal workers. what is begun to protect our data. ♪
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mark: welcome back to the bloomberg market day. let's go straight to a check of the markets. julie hyman is standing by. to seewe continued selling today. it sparked this morning after there was no progress on greek negotiations with european officials. other major averages are trading lower, and it is a pretty bottom placed the klein -- broad-based decline.
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can see there is no green on this screen today. and that is because it is a broad-based decline, energy health care, you -- energy, health care, they are all trading lower today. energy is the worst performing group. in one of the stocks that were falling yesterday are calling again today. yesterday we had an analyst call berkeley, and also one on chesapeake energy that went down again today. if you look at what is going on with oil prices today, we have some falling or the second day in a row. this is a today chart, down 2% in less time. there is a lot of concern on supplies, and is putting oil under pressure. mark: thank you. we have breaking news. we are going back to capitol hill. standing by with
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more on the vote in congress affecting the presidents trade agenda. official,is now democrats and some republicans voting right now to oppose trade adjustment assistance, age to american workers who might be displaced by trade deals, and they are now blocking consideration of the second will giving president fast-track trade authority. a big blow to be president great is that a death knell for his trade agenda, not necessarily. counted on back he some democrats to join him in this effort, and he and nancy pelosi and other top democrats will close a lot of rank and file democrats voting against him on this. they want a better deal for american workers. this now means the president is going to have to regroup, and it will have to regroup with the house leadership.
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they can bring this back, but it is not likely to happen today. this is something they may have to revisit next week at the earliest. they will have to regroup and find the votes. mark: what happened? why did the fellow party members of the president abandoned him? peter: a lot of these democrats were never on board in the first place, and the president cannot slay them if they are feeling the pain from the votes regarding nasa back in the 1990's 20 after effective that. he cannot convince enough of them that this is the different trade deal. that is the challenge for this president. for about 40 minutes, urging them to reconsider their position. in one of them at the end the the day, he was not able to sway them. they were also just enough republicans out there who do not want to give the president in victory on anything are also standing in the way.
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it is back to square one for this president. we will see what he and john boehner are able to come up with. we could vote on this again just in the next couple of days good but my expectation is this will take a little bit longer. cook joining us live from capitol hill with the very latest on the trade agenda, seemingly going down to defeat. thank you. this week we learned that there was a massive cyber attack on the agent that stores the record of federal and ways. the office of snow management. a lot bigger than we thought. social security numbers, addresses, and a whole lot of other personal details were compromised in the attack. here to talk about how we can strengthen our cyber defenses is john christo, the ceo of triumphant, a company that makes cyber security software for the u.s. government. he joins us from washington. welcome to the broadcast and thank you for your time today. why did this happen? >> unfortunately, it is just so
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darn easy to breach computer systems, whether they are federal government systems or large enterprises like sony. is just havingle good to cyber hygiene. by that i mean making sure you do the little things like patch all of your systems. so many companies, so many agents these have old computers supporte come out of that they are just not patching them. very easy for adversaries. you do not have to have to be from overseas to do this. u.s. cyber policy, is it sophisticated enough, or we behind the curve? behind thewe're curve, because our processes take too long. when you go through a procurement, it is going to take
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18 months, there is going to be a pilot project that will take another year. by the time is implemented you're talking about three and a termsears, and in cyber that is a lifetime. so products and systems are being deployed that are obsolete as soon as they are to lloyd. -- deployed. mark: we are always two or three steps behind people who would do us harm in this space, am i wrong? >> you are not wrong, we are behind. we are not playing on a level field. it is much harder to play defense. the adversaries are playing offense, and the only have to complete one forward pass and they score. so we have to defend against everything. unfortunately we have developed quickly enough, and we are using 20th century activity to use 21st century adversaries. mark: that also but the
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question, why we are in the 21st century, and it seems that some of our adversaries and better technology than we do. look at the big companies that are in space. have been living off of antivirus software that we are all familiar with. but those products do not work anymore because they are all based on having some for prior knowledge. the bad guys are too smart. 70% to 90% of all attacks are specifically engineered to go after a company or an agency. ofk: one of the economics easing of our cyber security defenses? interestingt is
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that budgets are getting cuts left and right and the federal government, even for cyber security, we keep talking about is we're going to take some major the powere knocking grid off in the northeast during winter to get people to really pay attention to this. that is a shame. every week there is a breach. we can have our own a show about the breach of the week. mark: this is close to being happening? is this something that keeps you awake at night, and our great going off, or something being off-line and compromised? it is worrisome, because all of these systems are great vulnerable.
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unless we start using some of the newer technology that is based on really understanding the dna or the atomic structure of a computer and really looking at and unless behavior, we are going to keep failing. once we use the prior knowledge techniques of the 20th century. >> right now the debate seems to iswhether cyber security effective. >> on the federal government does something like this they do it for themselves and when you callingsnds of mine, of mine that are going to get an 18 month lifelock type of policy, prevention
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we're just telling our adversaries, be patient to await 19 months, and then you can steal our personal information. mark: what is the answer then? >> the answer is deploying the best technology. too often people are worried about getting fired or buying innovative products. nobody at her got fired for ibm. millions of dollars being spent on marketing products i just do not work. we need to show some nerve and thate type of products startup companies in this country are very good at producing. mark: it's not going to have to come from the private sector? >> and we get is. i think as long as people keep deploying older computers that are not patched, you receive reach every week -- you will see a breach every week.
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mark: thank you so much for your time. we appreciate it. the u.s. house of representatives has voted to defeat a member put in place by . trade deal those voting against have enough votes for that. that will effectively kill the fast track of promotion .uthority the president must regroup and get together with some house democrats. we will follow this story and have more details as soon as we get them. market day on bloomberg television will be back in just a moment. ♪
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mark: welcome back to the bloomberg market day. the breaking news, bloombergs peter cook standing by on capitol hill after this vote. the votes to kill taa, the trade adjustment authority for that retraining program. apparently, lawmakers moving to vote on fast track as well. peter: this is a bit of a curveball, because what we had been led to believe wasn't the first vote, if that went down in the house, they would not move forward and vote on the larger issue which is the fast track trade authority for the president. but we just heard kevin mccarthy say they will, and they are right now voting on the big issue of fast track trade authority. the members in the chamber, the world is watching was so it is unclear if this is a symbol of binding will it will be
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in some way. if it is successful, they will have to send it back to the senate. we are all checking our parliament or procedure to see what is at stake. right now we are looking at a vote on the larger issue of fast track authority for the president. i see some cheering right now, and i think they may have just reached the total needed to vote in favor of fast-track. many diseases is symbolic, or binding. of symbolic,g you're talking about if the president more to get fast-track, because you will check that vote, but if you were to get that authority, it would come because of republican help. absolutely. the issue here is that the democrats, even those who favored fast-track authority, they wanted this separate trade adjustment assistance ready,
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waiting, and links to it because that would provide help for those american workers who would be hard by any free-trade deals with the pacific rim or your moving forward. these two items have been moving in tandem, that is why these have been done that way in the senate. this could be a measure of success for the present, but it is not quite clear. there is still plenty to work out. peter, thank you. we getting word that this is just a symbol of votes that will not be going to president obama for his signature. more in the much trade agenda when market sampling television continues in just a moment. ♪
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mark: it is 11:00 a.m. in san francisco, 2:00 p.m. here in new is the bloomberg market day. president obama's trip to
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capitol hill was not enough to sway the house of representatives. the fast-track bill vote denied. going to be a big weekend for the box office after 14 years, a t >> returns. t-rex returns. good afternoon, from bloomberg world headquarters in new york this is market day, i am mark crumpton here with scarlet fu. scarlet: u.s. stocks lower by at least 1%. no one wants to be long before the weekend because who couldn't


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