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tv   Bloomberg Markets  Bloomberg  June 17, 2015 12:00pm-1:01pm EDT

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interest rate today, but the markets will be listening close before hints of a possible for -- september with westoff. >> then we will have an interview about the future of virtual reality devices from the e3 contras in los angeles. >> for hank greenberg, vindication is not enough. he wants the money as well. he wants against the government. ♪ pimm: welcome. i am pimm fox. betty: i am betty liu. we are slightly higher but marginally. we are rating 2 -- waiting to
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read with the fed has to say about the hearing. 19 points, the s&p higher as well. really .4%. oil prices are taking a bit of a dip. we have supply numbers out in the u.s. hopefully more supply than was expected. causing nymex oil to drop 1.3%. gold futures are also lower down by .5%. pimm: let's look at how the market is performing right now. a little bit of selling right now. everybody is waiting for the release of meeting minutes are let's take a look at what the u.s. dollar is doing against currency pairs. a little bit of a decline. the end, the dollar strengthens against the yen. a pound sterling also showing constraint against the dollar. time to show the top stories
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across the bloomberg terminal at this hour. waiting to hear with total reserve says about the prospect of higher interest rate. janet yellen approved the meeting today. betting the central bank will keep the key rate near zero here the speculation is that the federal reserve will raise rates in september. jenny yellen will hold a news conference today at 2:30 p.m. and we will have a live coverage. greece's prime minister says you is noblame him if there additional bailout money. he says his government will say that they can know if his creditor -- creditors demands are unacceptable. tootiations are close breaking down. the former goldman sachs chief benomist thinks a deal can reached. he talked about it on charlie rose. >> there is a lot going on. along thatmed all
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there will be some kind of deal. obviously right now, that seems to the outrageous to say. paymentsece could miss on its debt if there is no deal by the end of the month. you can watch all of the interview tonight on charlie rose right here on bloomberg tv. microsoft is shuffling its management team and several big names are leaving the company. president is vice one of them, the former chief executive of no kid, and chief insights officer mark penn is leaving. several other executives will depart. plus, microsoft is forming a new team, the windows and devices group. and fedex is cutting its forecast this year. the operator of the largest cargo airline says gdp will rise from 2.1% in down
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an earlier forecast. fedex reported profit that missed analyst estimates. the stock is lower. apply forer americans mortgages last week. it fell 5.5%. higher interest rates may be one reason. the average 30 year mortgage has climbed in the last two weeks. it is now 4.2%. inclays ended trading mortgage bonds issued before the financial crisis. the firm will no longer regularly by and so securities, which lack government backing. allocatingy arms is resources to other areas. allergan already made the wrinkle treatment botox. it is now getting -- four double-shift. $2.1 billion. it makes the only approved, nonsurgical treatment for a double chin.
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it also has an experimental the marrow -- male pattern baldness. speaking of baldness, donald trump. a campaign contribution from rock i kneel. -- from neil young. ♪ young's 1989s classic, rocking in the free world. his manager says use of the song was not authorized for the kickoff of donald trump's campaign. young says he supports bernie sanders. tromp has another story. who'd you believe here? if you pay the license, he can use it. pimm: they have to show the certificate. trump is a billionaire.
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he can afford it. coming up in the next half hour, the great prime minister said he is ready to assume responsibility for the consequences of rejecting an unfair deal with creditors. why: we will then look at -- growing. the chief executive could get $131 million if he loses his job in a takeover. we will talk with the ceo and cofounder about the future of virtual reality devices in l.a. a lot of cool things coming out from this conference. of course, we are standing by for today's big federal reserve announcement. the probability for a rate hike today is low. betty: listening closely to everything janet yellen says, and i on a possible rate hike in september. bloomberg news has been covering this story throughout the day. here are some of the highlights.
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obvious get the question out of the way. a policy change today or not? >> highly unlikely. janet yellen'statement. the most issue -- most interesting issue will be what she lays out for the fall. will she get more specific? >> we are trying to figure out if it will come in september? heard me say over and over the most likely outcome would be a september hike. convinced.ite as i was able to say 70%. if greece were to blow up, if china were to devalue, i do not see the fed hiking in september. it is highly conditional. classic the fed was truly as dependent as they say they are, they would go today. we see creep up in wages, 280,000 jobs going on every month. that should go today. >> if they are truly data dependent. >> the key is not just data
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dependent here. the fed is sensitive to the ripples being sent throughout the world. >> they are trying to strike a balance between not disrupting the economic recovery, but on the other hand, not encouraging excessive risk taking that is why they embark on this unusual tightening to try to balance these two things. a lot of different opinions on what all this means if and when the fed hikes. joining us more, it is really a matter of when, we have our bloomberg reporter joe and lisa abramowicz. joe, you have gone through who will win and who will loose. who are the winners? joe: the big winner is the u.s. dollar. we will see people going more it is really the divergence between the central
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bank policies. while we, the rest of the world is even -- using. their currencies will depreciate and you have to buy something on the other end of that. it will be the u.s. dollar. we will see stuff still a lot better. they tend to be, as the u.s. dollar strengthens, people look overseas. people from the u.s. start buying foreign goods. exports are worth less. it is those two things that will benefit the most. about people who save their money? will they be winners or losers? lisa: hopefully winners. it is not clear. we told a story today about how really they will not see that quick of a benefit because of a dynamic and shorter-term bonds. they were not actually get that much more with respect to returns on their safer debt. over a longer time, they may be and to buy a treasury bond
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get 3.5%, something crazy, or 4%. pimm: cd rates. what of people who take out mortgages? >> they probably have a friend .n the fed they will go out of their way to keep mortgage rates stable as long as possible. a key factor for the u.s. economy. they need people to keep buying homes. we just have not seen enough for them to really allow the rate increased are medically. betty: the low rates have been good for homeowners or anyone in the market to buy a house. but it has also been very good for the federal government. been able to finance their deficit on cheap money. >> now it will be the opposite. we have people saying they will see about $3 trillion more interest expense, and that will hurt the federal budget. we will see another side of that coin.
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also, these companies that have been able to borrow money at low rates, if you're not taking on new loans, you are refinancing new ones at more preferable conditions. those are two of the major louvers -- losers in that column. got two pronk spirit it is not clear how much the borrowing cost will increase. the rates will not hike upwards dramatically. almost nobody forecast that unless we see unexpected inflation. if you have a gradual celebration, we will also be getting higher revenues from taxes and general business development. there is a push poll and the federal government. corporate bonds, maybe less so. pimm: lisa, when you look at the balance sheet of the federal reserve and the assets they currently hold, is there a plan for them to sell them in the market or will they be run off?
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lisa: that is a great question and people are wondering. they say right now they will let them run off. people wonder whether they will change course, especially in response to an acceleration in economic growth that is higher than expected. the fedn a final note, will be neutral on all of this? joe: if they are raising rates, they did their job. where they can start tightening again. they are losers in the sense that this is really the final bullet in the chamber. they have done everything they can. they have gone all in. if it does not work, there are very few options for what they can do. i guess you can say it is a push for them. you can say it is a draw for them. it is not really new for anybody. are winners, losers, so good job, fed. pimm: thank you both for being
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with us, joe and lisa. betty: we will have live coverage of the fed's announcement 2:00 p.m. eastern time. we will bring you janet yellen's news conference scheduled right here on bloomberg television. pimm: still ahead, announcing a to rescue greece, the economic equivalent of crying wolf. betty: protests. for their money p or do a lot of it. stay with us. ♪
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pimm: welcome back. betty: let's get a quick check at how the markets are ahead of the fed announcement.
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julie is joining us anywhere starting on groupon. julie: i am looking at under the radar today. we cannot find exactly what fundamentally is going on. it is the fourth day in a row, longest losing streak since march. down 4% today. groupon definitely has been an underperformer. at 360,lso looking chinese internet security company that trades here in the u.s. a takeover offer from investors including chairman and ceo, $77 in shares is what it is looking at. not quite at the offer price, but the company is going to review the offer. the board is going to review that offer. is another one where there is not a lot of fundamental drivers here, this actually since utilities rates are higher today. it is up by 4%, the best performer it -- performer and trading at a record.
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la-z-boy, even though sales were year-over-year, the company's same-store sales not quite as robust as estimated. shares down. look at sales more broadly. me from an economist here, economic workbench is how he created the chart on bloomberg terminal. you're looking at two measures of furniture sales. the blue line comes from the consumer spending report. salesd lines are retail for the retail sales report or you can see we have come way back from where we were during the financial crisis and the recession. ,here has been a trend lower particularly in the real spending for furniture perhaps because prices have fallen 1% in the past of months. maybe it is not just la-z-boy though we have seen companies like home depot do well as
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people are spending more to spruce up their houses. betty: you mean prices are going down? julie: overall down about 1% in the past 12 months. pimm: dollar amounts, not volume or number of la-z-boy's sold. betty: thank you. pimm: let's move to europe, the finish line keeps moving. are nothemselves waiting for another shoe to drop . betty: they are not. greecere drawing as offers more infusion spear that cannot go on indefinitely. >> greases on life support and the greek people know it. 31 billion euros has been taken out of greek ranks since november of 2014. deposits currently stand at 133 billion euros. 12 months ago, the figure was near 160 billion.
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the european is maintaining liquidity in the economy with an emergency liquidity assistance program. so far, 83 billion euros has been injected by the ecb. greece cannot agree with its creditors on the next course of treatment to the economy. unless it does, the triage could come to an end, turning off the funding and leaving greece alone. would require an emergency procedure, capital controls. controls could restrict the amount of money transferred abroad, as happened with cyprus in 2013. banks stopped cyprus from senate 20,000 euros from foreign accounts and limited daily cash withdrawals to 300 million euros. without the deal for great people, it could be bitter medicine to swallow. what will be interesting to see is how the tourist season whether it will be
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affected because of the turmoil happening in greece. they: don't you think might want to because they are taking advantage? if you are still using the same currency, it is difficult to lower prices and still maintain services and euros when you are not actually generating very much economic activity. 25%.nk it shrunk by betty: i know unemployment is well into the double digits. pimm: traditional on appointment anywhere from 22%. chief executives are riding high. betty: we will tell you how headted these are for the of the country's's biggest health insurers next. ♪
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betty: i am betty liu with pimm fox. pimm: the nation's's five merging.ealth insurers it could mean quite a healthy payout. betty: they could be in line for a huge payout should acquisitions go through. joining us now for a look at the possible golden parachutes, bloomberg news reporter who crunched the numbers for us. who gets get the biggest golden parachute here? and i crunched numbers yesterday and figured ceo virtually any could receive as much as 131 million
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dollars if the company was taken over and he was let go in the process here it pimm: why does he get paid this much? is it stock or a special agreement he has with the company? question early, it is written into employment agreements that if they're going in the case of a takeover, they get a couple of years salary and bonus and all their outstanding iniquity that invests right away and they can cash that in. that is usually the bulk of the payout. betty: what about shareholders? should they be pounding the table and angry about the huge payouts? ,> usually when mergers come up -- betty: so they are getting paid, too. classics a you want ceo's is to do what is best for the shareholders. say, doan insurance to
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what is right, if the merger is right, go ahead with it and we will make sure you are not tossed out on the street without a job and no money. pimm: you just mentioned virtually any. who else could stand to get a veritable payday? aboutut 58 million, and 26 million. compare withs this other industries? is it in line with other packages? classes obviously very big even looking across the board. a couple of reasons we have seen , he stood to receive about $67 million here a couple of months offeredland smith stables about $37 million. betty: it sounds like from now with these mergers, is that right? >> that is what we're seeing.
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pimm: golden parachutes. well done. betty: not golden handcuffs. that is a different thing. pimm: thanks very much. this half for me on hour. up, virtualg reality could be the next egg trend in video games spirit we will speak to the ceo of oculus, one of the top vr companies live from e3 in l.a.. ♪
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betty: welcome back. to the top stories on the bloomberg terminal is our. regulates -- regulators are
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hitting at&t with a fine for its unlimited data plan. downompany would slow internet speeds after consumers use a certain amount of data. at&t says it will vigorously those allegations. defense secretary ash carter says the attempt to train iraqi forces is going slowly. he says the u.s. initially envisioned training 24,000 iraqi butrity forces by this fall now he says the u.s. has received only enough recruits to train about 7000 of them. iran, the u.s., and five other ford powers remain a part the lifting of sanctions. the target date is june 30. diplomats say negotiations will probably be extended beyond that here the deadly balcony collapse in california, they are trying to determine why it took away from the fifth tour of a berkeley apartment building. six people were killed and seven were seriously hurt.
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most of the victims were visiting college students from ireland. the building was nine years old. the weight-bearing codes have been raised since then. it is day 12 and the search for the escapees. police plan to expand the search beyond that area. the manhunt has been most intense in the woods, fields, and swamps new the upstate correctional facility. authorities admit they do not know where fugitives may have gone after escaping june 6. a swiss banker reporting 63 possible acts of money laundering in an investigation of fifa's 2022 world cup bidding contest or federal prosecutors describe a huge and complex case that describes money laundering in the bidding contest. the world cup matches were awarded to russia and the tournament to guitar. att is a look at top stories this hour. much more ahead, we will look at
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signs the economic recovery in japan may be slowing down as exports rise at the slowest pace since last august. we will then look at why vindication is not enough for hank, who vowed to repeal the verdict he won against the government this week. we will look at the latest sports scandal. under investigation for allegedly hacking the internal computer networks of a rival team. hollywood takes a backseat to toeo games in l.a. this week thousands of gaming enthusiasts and executives in town for e3. is the ceo of the virtual reality headset maker bought by faith last year. josh burstein is standing by with him now. josh? josh: thanks a lot. ,he big thing for you guys
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shipping on the first quarter next year, tell us what is different about this? usually --totype is in each case, we made a number of refinements off a crescent bay prototype we have been showing in the last six to eight months. we define the weights and ergonomics. headsetan put on the and enjoy it for a long time. it was one of the biggest pieces of feedback collected. having a strap that polled against your face is good for a few minutes. we now have this new our construct -- strap architecture and it does not pull in your face and you can wear it for a long time. >> how long do you think people will be playing in a session? >> i am super sensitive in terms of getting motion sickness and i have enjoyed the latest version for 2.5 hours straight, which blew my mind. in a very good way.
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coming out of it, i felt great. i think people will be able to up tothis for even several hours, 36 minutes. >> the other things you showed were new controllers. tell us about those and how they will define the experience. >> these are touch controllers per we're showing a prototype here. and unlock redefine a whole new category of content. if you want a first person experience where you are the character and you want to look down and see hands, one of the biggest reactions we get. people look around and they are first blown away by the experience and the first thing they usually do is, when will i see my hands. now you do. touch unlocks hand presence, we truly feel this is an extension of your body, and now you see your hands. you can point to things and give people the thumbs-up. you can interact, pick up weapons and objects.
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there is a hand trigger. they are incredible. we focus a lot of ergonomics to make it really natural in your hands. they are a lot of fun. classes that were people will use from the get-go? >> no. we are bundling the xbox one gamepad. that is something worked on for several decades, iteration on the consul side. developers, gamers know it well. there is a huge category of and several genres of categories of content that can be created and played and enjoyed, like a mario edge of nowhere, a ton of the games we are showing, all built around a gamepad where you do not see your hand. you see the character front of you. there are also a lot of first-person games being made or you do not physically interact with your hands best played on the gamepad. xbox one controller is the best impact in the world. -- gamepad in the world.
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>> does that mean you will be able to use this with the xbox? >> you will plug it into a windows tc. part of the relationship with microsoft is to make windows 10 -- it is something we were able to do with windows 7 and eight, a lot of trickery on the display windows intoick not thinking the risk was a secondary monitor and think it was actually a vr device are a lot went into that. on windows 10, it will be natural and seamlessly are when you plug it in, it should work right out of the box. it will now be hopefully a better experience and should just work right away. is really all about the games. you are showing a bunch of new software. what makes a virtual reality game different from the game i play on the pc or the consul? >> right when you put on the
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goggles come within a few seconds, you believe you are there. you are suddenly teleported to the videogame world. games, you will look down and believe the characters, the world, the stories, are real. they will come alive like we have always dreamed. theave wanted to be inside game for decades and we now finally can be paired if you look down at the little character running around, he feels like a little toy that is alive, that you get to control. if you are in a first-person experience looking around, you are the character. as hockey pucks are coming at you, they feel real. it all feels incredibly real. it is a lot more immersive and compelling. once you try vr, it is hard to go back. yous there a specific game see as the signature game for the first generation as a consumer rotted? >> at e3, we are showing off nine games in full production that will be great experiences
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in 2016, that will launch shortly after or right alongside of the rift. graceences are made by the death great studios. some have been around for a long time. they will be really rich quality you would get on a console or expect from a high company. beautiful and will launch in 2016. betty: ok. that was in l.a. at the e3 conference. ahead, the culture of wall street has become a hot topic care we will talk about a big bank trying to change the ways to we will be back. ♪
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betty: welcome back to the bloomberg market day. i am betty liu. here is bloomberg from london. >> no signs of compromising greece. i want to show you the stock exchange, down 3% at the moment. it has dropped as much as 9% in the past two days. all sorts of comments. to assume responsibility for rejecting unfair credit -- no -- catastrophic prof
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greece cannot remain on the margin like a make-believe economy. we have got a number of countries already saying they are bracing for a breakdown in talks here we have got talks happening tomorrow in luxembourg. reach a deal for the bailout runs out here this is the stocks still hunt -- 600 closing lower today as well. the interesting thing is actually, 100% is tracked by equity benchmark. you might ask why. i will tell you first citigroup sees the equity benchmark jumping 17% through the end of the year. the reason is earnings growth but also the ecb quantitive jittersere they see about greece as temporary. i finally want to show you the big picture of the european market close. it is red across the board. back to you. betty: japan reported disappointing trade data.
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--ommon theme across it across recent months. discontinues. missingsses report estimates. singapore reports a drop. you look across the region, taiwan and southeast asia, all these places reporting reflective of this demand not yet ideal at this point. betty: i want to get straight out to julie hyman for the big story of the market day. at the head of the statement. the story of the market day waiting for the federal reserve statement and more importantly, any hints as to when rates are
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going off. investors wait. i thought it would be fun to look back and see how stocks with just perform. this is a chart on april 29, the last time we heard from the fed. by the end of the day, it had fallen by .4%. actually dipt going into the fed statement. that morning, we had gotten the latest gdp were bit -- revision which had shown the weakness in the first quarter. what about the meeting before that? that was sort of, let's take a look here. this was more a classic fed day where you really see no activity . and then the big movement once the fed statement comes out, this was march 18. at that time, it says the data does not suggest a lot of growth in that growth in fact had moderated. then people pushed expectations be for when the fed would
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raising rates. we saw a big surge in stocks and -- higher.or 2% hot now it's look and see where it is trading today. we do not have a lot of action, though it is pushing higher going into the press conference, 2.37% is where we are now. the dollar as well. we heard earlier from joe of bloomberg news. he and lisa writing a winners and losers column going into the fed statement. the dollar could be one of the winners. it is little changed right now, saying that when rates go up, the dollar could -- continue to outperform. we got a inventory report showing a drawdown, 2.7 million barrels in oil. you would think that would be good here we are seeing oil trade lower. it looks like traders are focusing on the refining capacity. refiners are refining at a lower rate than anticipated.
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signals lower demand than anticipated and means supplies will not be falling as quickly, inventories, if the refiners are not refining as as high a rate. seeing oil come under pressure with all of that. betty: thank you, julie hyman. now top stories crossing the bloomberg terminal at this hour. boeing is getting a much-needed boost to the jumbo jet program at the paris -- program. at the paris air show, a 20% upgraded to the russian cargo airline. planes value to more than $7 billion. demand has fallen for planes like the 747. 70 $6 billion in assets and overseas tax payments. it comes from the united food and workers union. it found almost all of walmart's actions owned by subsidiaries in luxembourg.
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behind a campaign for higher wages at walmart. nearly one million people around the world became millionaires last year. at rbc wealth management seven the number of people worth one million or more rows in 2014, hitting a record 14.6 million dollars. it was the sixth straight year increase as rising stock prices lifted the value of personal wealth. that is a look at your top stories at this hour. here is a story you might want to take a cue on." goldman sachs is selling a summer intern to take the night off. banking interns are being instructed to leave the office by midnight and not return before 7:00 a.m. they can also take their saturdays off as well. are the days of all nighters at wall street over? keeping a change of clothes
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there? bad or you hear these stories about interns burning out and they feel wherever they work, the corporation measures their worth by the amount of hours they work to almost the point of exhaustion. it is a must as if you want to tell the interns, you realize your time on this earth is finite, right? you do not want them to put on your tombstone, i wish i had worked more hours. that, these are clearly ambitious people. anybody who wants to be on wall street will be ambitious. they are finding these in for -- interns are choosing to work at tech companies, or choosing to start their own tech companies. so wall street is becoming less appealing. the interns are saying, i will not work 100 hours per week anymore.
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mark: the ones who do, is it a good thing, are they trying to impress their bosses, or is it a bad thing because they do not know how to allocate their time better than that? why you should be at the office 100 hours per week? betty: the wolf of wall street mentality is prevalent. did you read the internal memo by this director, justin korn? mark: i just laughed. i snorted. some of these commandments, i recommend bringing a pillow to the office. yoga mat works well. it beats sleeping under your desk. in the very likely scenario that you do have to do that. and never take your jacket off at work. i would take it off to i do take it off.
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betty: i have seen mark crumpton without his jacket on briefly. aside, we doding hear the stories of burnout, of kids who do not see their families and friends because they make this the be-all and end-all. at some point, there has got to be a better way of doing that and the companies have got to try to make it known to these young people that there is a culture that says, you know what, you can have it both are you can go out and have a good time. betty: indeed. i know you like to have a good time. mark: nice segue. betty: we will have a good time in the next hour. will preview the fed. the global markets are trying to anticipate what chair yellen will do. at least from the people you have spoken to and i have spoken on nothing will happen raising interest rates at this meeting.
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they are expecting september and maybe later. but the market are still trying to read between the lines, or read between the dots and see what will happen. we will see what happens this next hour. betty: thank you. we will have much more on bloomberg market day. we will be right act. -- right back. ♪
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betty: welcome back to i am betty liu. as we have been reporting, hank greenberg still has a lot of fight left in him. the ceo and founder of star won his lawsuit against the u.s. government. a washington court agreeing that in turn -- the terms were cruel. but greenberg wants more than a ruling. billions in
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compensation for himself and shareholders and is willing to go back to court to get it. he will repeal this decision by the judge. it raises a question, what argument is hank greenberg have to go back to the court and say we deserve the billions of dollars we are seeking? question here is, will he have to approve the value of shares, or will he have to say, a right without remedy, is that a right at all? does here saying is, win if there is really no money >> clearly to him, it is not a true win. people close to him say he feels 275 he is representing thousand other shareholders. there is a big group that feels the same way. contention in that decision is, the judge said he believes the stoxx was going to
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go to zero. this is why the shareholder should deserve nothing. as greenberg and people close to him would argue, at the time, maybe some other bitter could r could have bidde come. maybe there were on -- was another rescue plan. are those plausible reasons to appeal this verdict? >> right. those are definitely things he might argue it plus the terms are no longer harsh. the government did turn a $22 million profit afterwards. these are all things he might bring to the table later on. after the government bailout. there is also other news. we shot -- we saw shares of the company on the back of the decision. there is other news about management positions. >> really exciting. he has been looking to retire
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for a while, we understand. chargeancock, who took last year, he has been reshaping .anagement it is a $1 billion portfolio, one of the biggest. as rates have been so low, will it be someone from wall street or someone from the insurance industry? lincoln,urers, aflac, they have brought people from wall street era goldman asset management. they have done things specifically through insurance. betty: thank you so much. much more is ahead after the break. ♪
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betty: it is 10:00 a.m. in san francisco and 1:00 a.m. in hong kong. mark: this is bloomberg market day. the fed is not expected to raise interest rates today but the
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market will be listening closely for tens of a possible september lift off. janet yellen speaks at 2:30 washington time and we will have a pre--- everything. --ty: walmart has more than we will hear how walmart is responding to this. the: you will look at latest sports scandal with the st. louis cardinals under investigation for allegedly hacking the internal consumer networks of arrival baseball team. -- of a rival baseball team. betty: good afternoon. i am betty liu. mark: i'm mark crumpton and thank you for joining us on this day. let's look at the markets. stocks


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