The ipo has an initial registration of 100 million in the company is seeking to go public. Jp morgan, citigroup, and barclays are the lead underwriters. It makes wearable cameras that can be used during a variety of activities. To acquirein talks twitch. It allows video gamers to stream and watch their game play for about 1 billion. Wants president obama to curb surveillance techniques. His letter comes after new greenwalds from glenn accusing the nsa to hacking into a criminal before it is shipped to foreign customers. He said it would undermine confidence in the industry. You will join us live wednesday on bloomberg west. We have some breaking news to tell you about. Eric holder will be holding a press conference any minute now on the criminal charge filed against Credit Suisse and we will take you there will live. The service swiss bank has agreed to feel plead guilty to a tax charge. Conspiring to help american citizens invade income tax by using secret tax account. We talkingney are about here . Rex were talking between multiple regulators, over 2 billion regulators 2 billion. That money is a major issue but the idea of an international bank, not a subsidiary and not Small Holding company. The bank itself pleading guilty and agreed to plead guilty in a u. S. Court in virginia is a major deal. Something that my kids have been wary of the possibility of. We are talking about Arthur Andersen back in the enron days which basically imploded. The cultivate guilty plea, they will wait until after markets closed to file these charges. News conference youll see the old thought about what regulators were running due to soften the landing for Credit Suisse. Every week deal going on in the Justice Department right now. When to stand the ceo and chairman will not lose their jobs and this is the first time that the parent of any of a Major Financial Institution has admitted to a crime. Why now . Rex this was a major push by senior u. S. Just this department officials. The attorney general has had if a cold time with the public up fix it up being a major way or say executives from wall street to jail areas in the wake of the 2008 financial races. Was, this is about tax evasion. That about soured mortgage bonds. What you have seen over the last six to eight months is a different posture in the department. Theyre going after banks for please. With libor. Y used not going after lowlevel officials area theyre going after the banks this is a shift in the dynamic from the highest levels. One of the reasons for the change, they have been working closely with ike regulators to ensure that if these charges are brought the company is not collapse and investors should not pull their money in the market. What the attorney general says tonight about how the Justice Department has worked this out with your you lose will be interesting and longhorn to how the market exist tomorrow. Were suing for eric holder to deliver this press conference in washington. Thanks to Phil Mattingly for that i a. Pro hasntioned, go filed for an ipo. And joins me now from new york create we use them on the set. I use them to shoot my kid. Interestingvery lifestyle. How do the numbers look . Rex numbers are impressive. It hinted at the fact that they were planning to go public but now we get something we can sink our teeth into. What you see is all the stories about your friend having a over or i have work. There are some strong financials behind that created 985 million last year. A. O a profitable, profitable company. Goproer companies do what does. They have an advantage, the idea of this lifestyle rant. The realization that people can use these cameras for surfing and all sorts of fun stuff. To get those kinds of shots and maybe you could not give before. Almost like they have that early advantage and go to with what thishapter of could be. His Company Wants to go beyond this is a company that has video that is consumed in a big way. This and we will see you what happens to the ability to do Something Like they wantthey will to be a brand and a media brand at that. Dont consumers on the video that they shoot . They create their own studios to go out and shoot their own videos. They repackaged these programs. They want people to should this video because that is one of the ways that you quickly learn about the story. So one of laws video and you have these amazing stories. Tieds some of the footage to the red old brand. There are opportunities to on this lifestyle category in the same way that you used to have Cable Networks or focus on different sporting events. Will the. If you are offering media maybe that is a higher margin business. He showed me this amazing video that he shot of a family trip to the beach and i decided to buy one but how often is that going to be repeated . If there is that concern they will push the idea of Industries Using this in a bigger way. Whether it is police and Fire Departments to try to avoid concerns on that front. You can tune in for that. We would will be back talking about face book coming out. Welcome back to bloomberg west. Striking a deal to acquire direct tv. The price, 48. 5 early in dollars. 10 premium a uniqueaid this is opportunity that will redefine the Video Entertainment industry and create a company able to offer on goals and new content to consumers on stream onscreen. The cash deal is expected to close within a year pending approval. Matt miller joins us from new york today. Is this a good deal question mark that is for the shareholders to decide. He makes a lot of statements around the steel that i find really questionable. You justle, the quote put up there. Everything. Offers he did not need to spend 67 billion in order to do the same thing. Why are you why are they doing this . That is the great question. Is too high and historically mergers like this have failed miserably. If you look back throughout media you almost always see huge failures like aoltime warner and Deutsche Telekom and tmobile. Maybe vodafone was a successful merger but it is very high odds that you do not do well. He is eyeing a lot of very old technology. The Satellite Technology is not uses. He cutting edge this is not the leading edge of cable television. It is not the leading edge of internet use. He is paying money for customers in south america and there are a substantial number and in order to keep this asset out of the hands of his competitors it would not be too expensive if you know knew that Randall Stephenson was not willing to pay 67 million. They failed to buy tmobile which hurt quite a bit. We are seeing comcast trying to write time warner cable. Sprint could be making a bid for tmobile. At t trying to buy direct tv. Put this in the Bigger Picture for us area they all seem to be desperate. Innovate in able to order to create the new businesses that we want or need. No one is able to wait around and invest money to create businesses that would be useful. The only solution they have it seems, ceos are getting lazy. Randall stephenson will get less than 3 billion cash flow per year and the company says they pay use that to continue to the dividend, how about the 67 billion theyre spending on the deal, how long will it take to pay itself back question mark if you look at time warner and comcast and you look at this directv, if t and those companies took all the cash they are spending and reinvested it into the highspeed internet infrastructure of this country or globally, it could better serve the enduser, the consumers. The question is who wins out here, the consumer almost surely does not. The shareholder is still a question. The executives are the ones who win in the end. What about the idea of Getting Better access to video content . Are watchinge television is changing. I am not sure if youll get better access with satellite tv than you would with some of the offerings that we are seeing with the google. Some of the options that you see are the best options not going back two decades old technology. One thing you will get as a customer of direct tv that Randall Stephenson will get for at t is great content packages. Deals with the nfl. Get a 6sure you will billion or seven to the dollar price tag on that but at least you get that and some other content structures that are interesting. I cannot think you will get a much improved experience with a much improved experience with the satellite tv with the oldschool dishes. Youre much better off with super highspeed broadband create were not invest in what google is doing . I am sure you will get him at the on the show and i hope you ask him that. The question remains to be answered as to whether or not these deals will be allowed to go through. That is another concern you have to have from the consumer standpoint. If you only have 45 or six but media providers in the entire country it becomes a problem for contra competition and choice. If they do go through it will be interesting to see how successful they will be. Prices that you see are very high. Jon erlichman is with us from new york create from where you sit normally you are in hollywood in where the content is being created. What do content providers and producers think about all of this consolidation or potential consolidation . This might balance the scales. It is amazing to have to say that when youre talking about such large companies. The programmers have had their way recently with being able to get more money out of the likes of direct tv. Forcing them to think about an option like selling to a td. On. Am glad you have jon directld at t pay such a a huge price . Maybe they would have felt like they could have done this on their own. This was kind of like buying versus building. We are standing by waiting for attorney general eric holder to take the podium and we will have more on that coming up. A eric holder will be Holding Press Conference on the charge filed against Credit Suisse. The tank has pleaded guilty to conspiring to help americans evade taxes. Is ourttingly correspondent from washington. This is a single charge to evade taxes. It does not sound like that big of a deal but it certainly is. It is from a money perspective. This has been a threeyear investigation. This case has been in negotiations between the chop top justice officials. It is the change in the Justice Departments posture. Throughout these negotiations, they wanted the guilty plea. Another reason this is important, there is a definite difference. What you saw with the judge who accepted the guilty plea from Credit Suisse just a couple of minutes ago. This is not a criminal indictment. This is Credit Suisse throwing up its hands and saying we are pleading guilty. That has major ramifications when it comes to major issues like clients. Believe what they believe they have accomplished is the bank pleads guilty and it is a major deal. More than a decade since Something Like that has happened but there should not be major ramifications. You will see the attorney general go to great pains during the News Conference to state that the bank should be on good firm standing. Once that is accomplished and assuming there is no major fallout and i do not think that either side feels there would he, you could be looking at the structure of how these types of charges are brought Going Forward. Is waiting in the wings. The Justice Department feels like they have figured out a structure to give get banks to plead guilty and this is something we will see Going Forward and that is important. That was my next question. To wallan approach street. How else are we seeing this manifested and how will we see this manifest in the future . The primary case, everyones attention will shift to the npp bnp paribas. The Justice Department according to officials i have spoken to and reports on Bloomberg News has declared that they are not going to accept anything less than a guilty plea from the company. Those negotiations are ongoing and they are certainly not as nearterm as the Credit Suisse coming tonight is. What youre seeing is the u. S. Justice department at the start with these foreign banks but potentially in some other fashion Going Forward has decided that they have a pathway forward to secure guilty pleas. It would be minder standing that the attorney general eric holder as he winds down his final months in office, no one is sure when he will leave at the expectation is sometime shortly after the election that this is going to be the framework uses on all bank cases. The Justice Department has a investigations ongoing. Youre going to see a push on this front for guilty pleas from here on out without question. Credit swiss has remained largely intact as the financial crisis. Ournt to bring in editoratlarge cory johnson. How significant do you think in theilty plea is today action the Justice Department is taking . The swiss banks has have decided to cooperate. The goal is not to get the banks to change their practices but it is to get the list and names of people the Senate Committee had found. They had 10 billion and 12 billion in swiss accounts to meeting taxes engaged and we do not know what. The notion that with the cooperation that Credit Suisse would give up those accounts and get at those americans, some are living abroad and some in the u. S. , that is the ultimate goal to go after the guys who have been doing money laundering. The bank will pay six when 6 billion in penalties. Viewing the other banks what is going down today . , for creditevel suisse as cory johnson mentioned there one of a number of swiss banks of the u. S. Has been a cap. They are seeing a pathway forward. This is a surprise and very interesting finished all of this. We are continuing to wait for eric holder to deliver this News Conference in washington. Phil mattingly and cory johnson, thank you both. E after the break area rick. After the break. Bergou are watching bloom west. The u. S. Has raised the stakes in the fight with china. Our White House White house correspondent Phil Mattingly. This is a huge step for the Justice Department. Why this, why now . Rex a huge step is right. Both government officials, journalists and analysts were taken aback i the announcement of the charges against these individuals. The Justice Department has been working on cases related to these types of issues for more than a year. They have been ringing in resources from the fbi and u. S. Attorneys offices. Closed doorsind and publicly have been pointing out that this is a major problem. On some level it looks like u. S. Officials have lost patience. It was time to take action. The nature of these charges, how groundbreaking the word were underlined in a press conference. This should serve as a wakeup call. These criminal charges represent a ground reeking step forward in addressing that threat. As you say the attorney general not trying to mince words about how important this is. Something notable. Law enforcement Officials Say that this is something we will see more of Going Forward. Are these individuals if the jury finds him guilty ever going to see the inside of the u. S. Jail or is this more symbolic . It is unlikely that they would set foot in the u. S. , let alone see the inside of a jail. Very symbolic. What you heard was the top line point that you would expect. We hope the Chinese Government would cooperate and that these individuals would end up in the u. S. The foreign minister not mincing words seeing these charges are ridiculous. Asking the u. S. To correct what they have done. There is little chance you will see these individuals come over. If you needed a stronger instance of the u. S. Taking this seriously and becoming frustrated. His is the example right here eric holder taking the podium at the Justice Department. The u. S. Attorney for the Eastern District of virginia. We are here to announce a forward in our ongoing effort to protect the American People from financial misconduct and to hold accountable any individual, bank, or institution that violates our laws and abuses the public trust. Today the department of justice filed a criminal information against credit swiss, one of the largest Wealth Managers in the world. In the course of our investigation the department discovered that Credit Suisse engaged in a wideranging conspiracy to help u. S. Taxpayers if a taxes. The bank actively helped its account holders to deceive the iris by concealing assets and income in illegal, undeclared bank accounts. The secret offshore accounts were held in the names of sham entities and foundations and this conspiracy spanned decades. In the case of one wholly on subsidiary, the practice began more than a century go. Chris was not only knew about this illegal crossborder activity they willfully aided and abetted it. Hundreds of Credit Suisse employees including at the manager level conspired to help tax cheats. U. S. Taxes. In the course of these activities Credit Suisse deceive the iris, the Federal Reserve, the sec, and the u. S. Department of justice. The bank went to elaborate lengths to shield itself, its employees, and the tax cheats that it served from accountability for the criminal actions. They subverted his closure, subverted closure and destroyed bank records by limiting withdrawal amounts and using offshore credits and debit cards to repatriate funds. They failed to take even the most a six tips to ensure compliance with tax laws. When the bank began to feel pressure to correct excesses and comply with the law as a result of this investigation of which they were notified in 2010, in swiss failed to retain key documents and the loud evidence to be lost or destroyed and conducted an in adequate internal inquiry. Today i can announce that Credit Suisse has a plea agreed to plead guilty to criminal charges related to this pervasive the illegal activity. This is the largest inc. To plead bank to plead guilty in 20 years. They will pay one point 8 billion in the form of a fine of over 1. 13 billion and restitution to the iris. They have admitted criminal wrongdoing in a detailed statement of fact that has been filed along side the information and they have stopped these activities are changing their Business Operations and agreed to provide critical information that will aid in our enforcement efforts so the bank and move forward in will compliance with the law. This play agreement caps a years long investigation that has already led to Law Enforcement with respect to several individuals. Since 2011 the department has indicted them employees at the Bank Including some of that some at the manager level. This announcement should send a firm and unequivocal message to anyone who would engage in dishonest or illegal financial activity at the Justice Department. We will not tolerate such activities. When a bank engages in misconduct that is this brazen it should expect that the Justice Department will pursue criminal prosecution to the fullest extent possible as has happened here. This case shows that no financial institution, no matter its size or global reach, is above the law. The department of justice conduct investigations, we will always follow the law and the facts wherever they may lead us. We will never hesitate to criminally sanction any company or individual that breaks the law. Companiesability or market share in error and will never be used as a shield from prosecution or penalty. This action should put that misguided notion definitively to rest. This resolution in todays announcements were connected in close coordination with financial regulars. The board of governors of the Federal Reserve which announced a 100 million penalty. Suisse pleading guilty in a major tax evasion case. You can watch the remarks on bloomberg. Com. We will be back after this break. Jill abramson addressed her exit from the newspaper during a commencement address this morning. Take a listen. Losing a job you love hurts is whatwork i revered makes our democracy so resilient. This is the work i will remain very much a part of. What it could mean for other senior level executives. We are joined by our guest. What are your thoughts on this firing . It is a fascinating story. It is a fascinating story. Crux of wasn to the she fired for something that a man would have gotten away with or not and i do not think we have all those details yet but a lot more will emerge in the coming weeks. She had issues with arbitrary decisionmaking, failure to bring colleagues with her, in adequate to medication with the public. Some say if she were a man with those issues she would not have been fired. There is this word pushy that has been bantered about. Which her own daughter uses. The question is, is was she a good thing or a bad thing, is it tough in a mad dash in a man and not a good thing and a woman and if that is the case there is definitely something sexist at leigh. If she was fired for performance am a fired for things that a man would have been fired for, she should have been fired. You are in new york today and everybody there is talking about this. The performance of the paper under her was solid. The New York Times is a terrific news organization. What goes on behind the scenes in the making of news can involve a lot of nuance and it is a difficult process. You can see her love of the paper. The piece retelling the story of or runury getting hit over by a truck and recovery from that and how that is the fate of so many people in new york was an interesting piece. It did not feel like like it sat well and i wonder if that was the direction she wanted more of the paper to go in. It was a personal peace and felt like it belonged in the new yorker and i wonder if that was heard direction that did not jive with the editors. What about this issue of equal pay, reports that she was not getting paid as much as her predecessor. True, does itt matter . It absolutely matters. The question is who is on the right side with this. There is base salary and pensions, the times has cut pensions recently. There is. Hump and station. It is in everyones best interest for as much of this information to come out as possible. Was paid a central part or was this a red herring that was covering up other things that were important . Are women hate as equally as . 70 on thee paid dollar. We do not have the sensation data for a lot of the companies we work with. They are increasingly focused on how to be billed a more Diverse Workforce and howd do they train, recruit to my development junior people to become leaders in their organizations so i think it is endemic to companies that they have not done enough to recruit a Diverse Workforce and that is something we help a lot of folks with. How does this impact the brand . I do not know that it doesnt all. It is a dominant brand for journalism. For a big newsroom putting out that report every day. , the last editor had a difficult 10 year particularly at the end so this is not the first time we have seen the New York Times run into management. It is important to note that some of the financial struggles are happening while all of this is going on. That weighed heavily in the decision and the urgency. They know that the days of the times being dropped on doorsteps is gone and they need to embrace digital. About recruiting and retention . How have employees received this . This will be telling to see what happens in the coming weeks and months because the question is was jill treated differently because she was a woman . You might see some highprofile partners and it might be tougher for the times to recruit upandcoming female executives. If she was fired for performance reasons, honestly they did the right thing and a lot of the women who work there will respect that. They will respect that jill was not treated differently because she was a woman. When in the profession, that is what they want, they want to be seen as equals and want to be treated on the same level as their male counterparts. I want that, too. Thanks so much. We will be right back with more after this quick rate. Break. Welcome back. The u. S. Is turning to technology to help keep soldiers healthy. The army has teamed up with share care to develop the army fit program. It is an online tool that has been used by more than 300,000 soldiers. Cory johnson sat down with dr. Of johnson and the ceo sharecare. Newrmy fit platform is a program that launched in january and the purpose of the platform is to house what we consider one of the best selfAssessment Tools around your total health and fitness. The army has been at this for a while like hundreds of years. What is new about this . What is new is that we enhanced the global Assessment Tool to be truly comprehensive, to represent the physical, emotional, social, family, and spiritual and with the tools that our contractors have brought to the table is to make it engaging and make the resources tied to your assessment and make it personal. And make it so that we can reach our soldiers with Important Health and fitness and wellness topics and information make itut the year and a comprehensive strategy that involves everything from email to social connectivity to applications to activity monitors. Like thats, it seems is the key. Not to get someone to log into a site once a year but we should check in on your physical health, it is good to our insurance costs. This is the world were living in. We think Patient Engagement will be the key and how do we not involve become a disease management company, by taking social and mobile technologies and inspiring digital caregiving so that dr. Johnson or soldiers and family webmd. Can be their own oftalk to me about the role fit soldiers in a lifestyle. Point. Is a great what we are learning is that to really we have to understand what is fitness and historically the army has taken somewhat of a segmented or myopic approach. What we realize is to be ready and resilient for whatever comes the way of a soldier whether it is a movement to another station or a war in another part of the world, you have to focus comprehensively on their fitness. Talk to me about that selfassessment, how it happens. It is a noble Assessment Tool and an annual requirement to do and it is voluntary and offered to the family members and the department of the army civilians. It sounds like paperwork to me. Tell me i am wrong. It used to be a check the box and go in and and to questions and get some barred graphs and we did not hear from them until they had to take it again. From 42 seconds average per visit on the last website to about 24 minutes created is going into a commercial where world where sharecare lives. How do get the soldiers engaged and so we have built on this raper that is engaging soldiers and family members. We have 2000 soldiers take the real age test. Take thead 300,000 real age test. I have seen these things. Used to be blonde. Blond. Big difference if i were to take look at the competitor. Think about sharecare as a skyscraper Forward Health and wellness. You take the real age test and get on board onto a safe social life or more we deliver content from everyone from the cdc to dr. Oz. We are doing fun stuff with the devices. Has helped me with fitness quite a bit. The idea, today was a cardio day. Your phone would wake up and say i see that you are in San Francisco. I have looked at the weather and i have gone into your account and i will play you music were you get your best times and when you finish i will give you a micropayment of todays on your real age. Andhat was dr. Dan johnson the ceo with cory johnson who was in San Francisco at the time and is in new york. In San Francisco but matt miller. A very special guest. Why are you here . Privateracing around a racetrack at napa. I thought i would drop by the office and say hello. Feel like i belong here. I am enjoying it. You have the byte. 1. 4 . The amount of Internet Usage on the web that this company twitchtv is occupying. Some of the top users of bandwidth, it is up there near the usage of facebook or amazon video. More than hbo go. There are reports that google is looking at this company. I am not a gamer. Of time playing games. Twitch can broadcast yourself laying video games or you can watch other people laying video games. Is it really that cool . It is for complete nerds. It is not that cool. As videogames games and movies mesh together more and more, it is on the french only for the the geek crew. We are trying not to miss you too much and thank you for watching. Welcome. We tie the best stories and news. Member of the data breach at target . I thought so. Does not stop shoppers from shopping. Around the world spying is alive and well