staunch ally jack welch. and new york city's domestic diva, martha stewart. >> you do not want to char your food. >> i like blackened food. keeping america's food great. ♪ >> welcome to the jungle. the legds dare slash from his wild days and nights at guns n roses. prime time exclusive. this is piers morgan tonight. good evening, our big story tonight, the bain up politics, look admit romney blasting president on private equity. >> it's no wonder so many of his own supporters are asking him to wage this war on job creators. make no mistake, you won't get up every day and wonder if the president is on your side. >> no surprise, but there was a big applause line for the business people in the audience. governor romney also spoke out to "time" magazine that his policies would bring the unemployment rate down to 6% in four years. the man who can tell us if that's achievable. all the raging stories in the world of business and politics right now, jack welsh. how are you? >> great, it's great to be here. >> i'm very excited you're here. from lots of people i would say are less qualified pontificating on all the issues. this started the bain capital furor, i think it's a really significant one, is the clear dividing line, it was never going to be about gay marriage, this election, it was always going to be about the economy. and now you have the dividing line. president obama says that mitt romn romney's record at bain was destructive, it cost jobs, it was profit profit'reing, and mi romney says no u i turned jobs around. i'm proud of it. your wife worked at bain, you're a romney supporter now, you said that on this show. but tell me about the argument over private equity. >> i have worked in private equity for the last 12 years also. let me just say this, if i were romney, i would say bring it on, mr. president, i got three things i want to talk to you about, regarding private equity. one is private equity companies don't buy jewels. they buy broken businesses, or often businesses that big companies don't want. so what do they have to do? they have to deal with the balance sheet, which is often a mess. and they have to deal with the strategy of the broken business. so that's number one. after going in and dealing with those tough problems, what has america got the problem with right now, a strategy and a balance sheet. great experience. he's done it with hundreds of companies. >> has he always done the right thing for those companies? >> maybe not, maybe 20% that they say haven't worked out. but you're taking broken companies, take the steel company that they like to advertise about now, that steel company would never have gone ten years in the 1990s without an investment to keep it going. this was a dead business. >> what about joe biden's claim that just because you can run a company like bain, it doesn't make you any more fit than a plumber to run the presidency. >> that's an outrageous comment, but he doesn't like plumbers, that's a different argument. let's make the second point along with strategy and balance sheet. >> it doesn't mean -- >> let's go tool lent. let's go to talent. when you take over a broken company, you've got to put talent in. what does the president have to do in office? he's got to put talent in. he won't have a secretary of energy like we have now that doesn't have any idea about business or how to drill and get things. all he wants to do is raise the price of gasoline. he'll put talent in these jobs. so you'll staff better. >> i hear what you say. >> i want you to hear what i say. >> i hear it loud and clear. but here's part of the problem that i think the republicans have, many people blame the policies that were conducted by republicans for eight years, or the financial crisis that engulfed america and the world. how does mitt romney distance himself from what happened before? because you can't blame obama for all that. >> he talks about his qualifications. i just gave you a strategy, balance sheet and talent. and what does a private equity company do when it buys these companies, it globalizes them. so he's been dealing with governments, he's been dealing with the nuts and bolts of running a company globalably. they ought to be talking about these great characteristics that will be a leader. >> what is the problem they are with perception, that wall street has fueled a lot of the greed and naked capitalism at its worst which brought america to its knees. >> he didn't have any association with that. that's just ridiculous. he ought to talk about his qualifications and private equity gives him incredible breadth of qualifications, along with being governor of a state and other things. i mean without questions, the idea of being embarrassed because you're in private equity, is the silliest argument in the world. >> be honest, jack. >> when am i not honest. >> on this particular question that i'm going to ask you, when people criticize mitt romney over the approach he takes, when he uses bain as job creation. that's not why any company buys a company. they don't buy it to create jobs, they biuy it to turn it around and make a profit. >> that's correct. i think the job creation was not the smartsest case to make. >> but creating jobs that last, durable jobs that's what he does. i have been involved with him over 12 years now, we have not had a busted company. we have taken broken companies and taken them forward and they're now flourishing. you don't create skads of jobs, but you create good paying jobs in a continuing industry. >> do you think this will be the key battleground, the ideological dispute we're now seeing over this? >> if it is, romney ought to wipe it out. when you look at those things i gave you for the qualifications, compare it to someone who was handing out leaf lets as a community organizer, then global experience of doing all this, piers, it's not even close. >> again, i come back to the problem with mitt romney and perception. for whatever reason, the public look at him in america and they see a very wealthy guy, they see him as kind of a corporate fat cat, for want of a better phrase. a lot of it -- some of his own gaffs and things that he had. they're like, well, okay, this is all very well, he's a very rich guy, who made himself very rich building this company. that's not what we want from the president. what we want from the president is to help us get jobs, not for him to get even richer. >> that's what private equity does, it creates jobs in companies that would have gone under. these companies, you don't get a great jewel and invest in it. you get a broken company, you invest in it and you make it alive. you take a dead carcass and put oxygen into it and keep it alive. that's what private equity does, is it a big job creator? no, but does it keep jobs, piers, yes? >> this is something i did with howard shulsz from starbucks. a very interesting concept he came in which i want to ask you. >> i don't believe you can sustain a singular enterprise just on profit. it's a shallow goal, i don't think you can endure, i don't think you can attract great, great people. i think the best part of business is frying to create the balance between profitability and a social conscience. >> i find that really fascinating. he called it moral capitalism. and to illustrate it, he's opening in georgia, we could source it out. there's no comparison when him and apple because he does coffee. he must produce more cups i would imagine than anybody in the world. so again, the argument applies equally to a lot of american companies, when he talks about moral capitalism, what is your instinctively reaction to that? >> i like what he says because guess who he stands with, he stands with starbucks, a highly successful, profitable company. you can't do the moral thing from a broken wagon. you can't do it so. the idea of not having successful highly profitable companies who can give back -- when i retired from ge, we had 50,000 of our employees measuring stushts in the inner city, all those things. we could do that. do you think general motors could have done that at that time? not that they weren't just as good a people as we were, they were broke. so you want your company to be profitable. so you can give back. you can't give back from an empty wagon. >> what about the concept which i have pushed a lot and some businessmen freak out when i say it, about companies like apple who outsource a lot of their work now to places like china, deliberately bringing it back at a financial cost to them short-term, but actually for the benefit of america as a country. >> you want apple to be as successful as they can be, then apple can take those resources it gets and pay it out as it sees fit. it can pay taxes, it can donate to great charities. when i ran united ways for years. when i went around to busted companies and knocked on their door for money, the ceo would say, i'm sorry, i can't help you out this year, come back next year. when i went to companies that were winning, that's why winning is good. >> okay, let's talk about winning, facebook has launched to huge hysteria and taken a huge fall. mark zuckerberg in a prearranged deal made a billion dollars charactering in some shares. there are issues about morgan stanley and their role in all this. what is your opinion of the whole ipo launch of facebook this week? >> ugly. it turned out that greed overtook rational behavior. and they had it priced right, it looks like, and they had the right amount of stock being put out, it los angeles like, the way the stock has leveled out today, it looks like that was right. and what happened was at the last minute, they jumped in and went for too much stock at too high a price. and because of that, there's a black eye all over it. >> which leads me to the situation at jpmorgan, massive losses there, we don't know quite how big. again, you talked about leadership, the leader of jpmorgan, what has gone wrong there, how after everything that we have been through in the last three years, could a company make that kind of loss without a pardony. >> how did the gsa guys go to hawaii and have themselves a party? why didn't barack obama stop that right away? barack obama dealt with it once he learned of it. >> how has jamie -- >> how now he's got to shift his emphasis from all the people trying to capitalize on regulation, to call him this week in reuters. his challenge now is to gal vennize the personal people. >> hasn't there got to be some federal regulation? >> of course there has to be some. >> he's been pretty vocal about the particular regulation which ironly would have probably stopped -- >> typically i would say no, that's not the regulations that would stop this. >> if you're an average american watching this and they're saying how can a company lose over $2 billion, maybe $3 billion. >> of its own money. >> and be put down as a mistake. >> of its own money. they're going to make several billion dollars this quarter. the stakes occur all over the world every day. >> does it help the american financial system, for jpmorgan to take a huge loss. >> a smaller bank, they could have gone under with a hit like that. they were lucky that their balance sheet was so level in profit. >> because they're a very strong company. >> but they still made this catastrophic mistake. >> catastrophic would be that they made a large mistake, they handled it well to now and they're getting people on board. >> the confidence that needs to be restored to the american financial system. >> to do everything perfectly. >> but not make such massive attempts through what appears to be a naked attempt to just make a fast buck. >> we don't know that. >> what do you suspect was going on? >> i don't actually know enough to comment on that. but i do know they came clean right away, they have been very forth right about it and they're going to make mistakes, the challenge for jamie dimon is, you're knocked off the horse, how do you get back on again? and get on -- >> is he right to do that? >> absolutely. >> finally what is the state of the american economy right now, should people be feeling generally more confident? >> it's good, it's not great, we're not going to grow in the 2% to 3% range over the next quarter. >> but a lot better than three years ago? >> a lot better than three years ago. >> so obama has done a good job? do you give him credit for that? >> it's the weakest recovery we have ever had. >> what do you give him credit for in terms of the economy? >> that's a tough one for me. that's a tough one. >> i tell you what, come back another time when you have thought of an answer. >> i will. >> jack, as always, great to have you you. jash welsh from the management understand tuts. next a man with an appetite for destruction. my prime time interview with the immortal slash music mayhem axl rose. let's ring you up. mary? 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>> i was very fortunate. because the kind of addiction that i had was something that -- it was a long-term kind of a thing and getting out of that is really a struggle for a lot of people. and some people don't make it out of it. so i was very fortunate that i could finally get it together and prioritize and come out the other end in one piece, so to speak. >> we're going to discuss the new album, the new slash album. but i can't not discuss guns n and roses. i know that you sort of hailed, although it was fantastic and you sold millions of records and it was so iconic, because of the way it ended, you don't want to sit here banging on about axl rose for the rest of your life, do you? >> no. yeah, it's a lot of attention put on a lot of negative stuff and granted the negative stuff existed and might still exist or whatever. but dwelling on that stuff, all things considered, i left the band in 1996, so we're talking a pretty long amount of time that i have -- >> when was the last time you spoke to him? >> 1996. >> do you remember the last words? can you repeat them? >> it wasn't like that. the last word, basically it was just that "i'm done". >> who said that, "i'm done"? >> and wasn't necessarily me leaving the band, it was not continuing on with the new band that axle pctio axl put togethe was now at the helm of. i was given a contract to basically join his new band and it took about 24 hours before i decided, i think this is the end of the line. >> what is the single biggest offer you have had to put it all behind you and get back on a stage with each other? >> i have never been handed a specific offer. but, you know, it's -- >> seven figures, eight figures? >> i would say it starts off with seven figures, and then sometimes, it starts to get even more grandiose than that. >> is there any check that would tempt you? >> i don't think it's a matter of that, it really isn't. i think you have got a situation where nobody involved wants to revisit -- it's not just me, it's the whole, you know, the whole band. and so i don't think there's a price tag that anybody's going to put in front of us that's going to make that work, you know? >> i want to come back and i want to talk to you about what has been the greatest moment for you on a stage. you once hinted that it was a night in argentina. with 250,000 people, thunderstorm, i wonder if that's still the moment. after the break. dude you don't understand, this is my dad's car. look at the car! my dad's gonna kill me dude... 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>> you're talking about a concert that i think it was in argentina, back in the '90s, i mentioned in the interview we did before, when it was pouring really thick rain and there was steam coming off the audience and we were playing in november and the timing was such that as soon as we went into the cords, this rainstorm started and just seeing this crowd bouncing with the rhythm of the song. >> huge outdoor crowd, quarter of a million people. >> there's a few of them. but that one was really picturesque. >> as someone who's never going to come close to that, what is the physical experience? >> the physical experience is there's the energy of the band playing a very heart felt song, you know, and then you have that interaction with an audience that's reacting to that and it's a huge amount of energy. and it's really, it's the kind of moment that makes everything that you go through in your career worthwhile. because that chemistry, that -- you know that feeling that's communicated between the audience and yourself is something that is overwhelming. >> there are people watching this who will be thinking, slash and piers could be brothers. not many people, admittedly and the reason for that actually is that you were born in trent in the north of england. your correct english name was sal hudson. do you feel remotely english? >> yeah, i feel very connected to my british roots. i mean i've got extended family in england, my dad's british obviously, and i go there all the time and whenever i'm there, i'm obviously visiting with family and stuff. and i feel very connected. i think it's something that's in the blood, or having been born there, you feel permanently connected, you know? it's weird. >> talk about the new album. you have had a very successful career since leaving guns n roses and this is by common consent at the moment, probably your best work. what was it like making an album as slash, when you could hook in whoever you like, anyone will play with you. >> that's a nice thing for you to say, but as a musician, i'm just out there, you know, trying to put together relationships, musical relationships that are really effective and it's not as easy as just calling up anybody and making it happen. i have built up a lot of really great relationships over the years and i have played with a lot of great people. >> you have played with everyone. >> not everyone. >> if you were creating a supergroup, all the talent that you have ever seen, who would it be? >> iggy pop is great. he's a great artist to work with. maybe lenny kravitz, that's a tough question. i would have to think about it for a minute. >> who would be your drummer? >> that's what i'm trying to figure out. probably quest love from the roots. he's an amazing drummer. >> no one wants to do this, who would play the other guitarist to you? >> it would be cool to jam with jack white, i have never jammed with him and i think he's say mazing. >> talking about lenny kravitz, who you mentioned earlier, this is him on my show not long ago. >> you could be brothers. and he has the same kind of nose rings and the same kind of stubble, he's cool too. >> he's a beautiful person. what you see is what you get, he's honest, he's loving. >> you two really could be brothers. you take the hair and the hat off, and the shades, there you are, twins. >> well that's very nice of you. that was really sweet, but he's a really great guy. we got to be friends years ago. and we went to the same high school together. i remember him from there. we were the only two mixed kids that i knew of in that school. but i was in what you call continuation. and he was in the regular school where the kids that have the potential to graduate and i was one of the kids who smoked cigarettes and don't have much time left at that school. and we hooked up when he had his "let love rule" album. and we actually wrote a song together. he is a great guy. >> when i talk to you about rock 'n roll excess, i can't think of a finer expert to amountize all the various parts it takes to be a rock 'n roll legend which you are, i want to know who, what, when where and why. ♪ [ male announcer ] at home, you play a lot of roles. 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[ male announcer ] ...forbusiness.com. ♪ ha ha! it's the travelocity spring into summer sale. you can save up to 50% on select hotels and vacation packages. so book your summer vacation now and save up to 50%. offer ends soon. book right now at travelocity.com. back with my special guest slash. slash, you basically, you're a rock star and i have discussed it with you before, but for the benefit of this interview, you've been clean, what, six years now? >> almost seven. >> before that moment came and you were leading this crazy life, sort of an archetypal rock star life, was it fun? because so many people come out of it and go, oh, it was terrible, i wish i had never done it. >> i don't have any regrets about any of it and it was a lot of fun. i think a lot of that whole sort of lifestyle, that freedom of being able to do whatever you want to do and having a good time however you want to do it is all great. but there's an invisible line that you cross where it becomes the massive addiction thing. physical and emotional. and you become a slave to that. >> what was the thing that got you out of it, personally? >> being able to look at it from both sides, not being so out of it that i couldn't get some sort of a perspective on it. and you know, it was like enduring the detox thing was something that i didn't want to have to deal with. but, you know, towards the end of it, you know, sort of being very conscious of where i was standing with my music at that point, taking -- you know, because i didn't have the sort of umbrella of guns n roses at that point. so really it was sort of taking the initiative to get my career under control. >> at the height of your womanizing, if that's a way to describe it. >> it's an addiction unto itself. >> you chose to end up hiring a number of hotel rooms in the same hotel, for various women, none of whom nknew about each other? >> at the time that was fun. >> expensive? >> at the time it was a little bit expensive. >> now you've been with the same woman you've been with for quite some time. >> she's a remarkable woman. >> have you melt your match with her? >> when we first met, i was hooked when we first met and i tried to keep my distance from her because i knew once that relationship was seriously established, things were going to change. >> how many timings would you say in your life you have been properly in love? >> i would say properly, that was the first time. >> are you good dad? >> i really try. i mean i think i'm a great dad, but at the same time, i'm not a conventional dad either, so i'm sort of learning, just as most new dads are, how to do the right thing, but i think that i'm a pretty responsible, responsible parent, i think i'm morally sound, so i think i'm instilling the right things in my kids. >> what's the unachieved ambition, the dream that's left? do you have one? >> i don't have like an unachieved dream. i think that i'm still sort of chasing the original dream which is to make music to go out and do records and do concerts and tour and stuff. i have zone a lot of different things over the years, but what i'm doing right now, is definitely the most fun that i have had in a really long time. >> was it for you a great honor to be inducted into the hall of fame? >> yeah, of course it was a great honor. it was something that once i was there, and we were accepting the acknowledgement that i started to see things a little bit differently. going into it, it was, you know, i had a lot of mixed feelings about the whole thing. >> did you understand where axl was coming from with his protests about it all? >> i didn't even really read it. i knew what it was about and i didn't bother to really try and read into his feelings on the whole thing. i was just like, at that point, i was just confronted with, you know, a decision to make, are we going to go up and play anyway? or are we going to not go or whatever? we opted for going and it was a good experience. >> slash, it's been a great experience for me, to catch up with you again, it's a great album. slash "apocalyptic love" which is a great title. i feel a movie coming on with that. good to see you again. >> great talking to you. >> take care. coming up from a guitar god to the goddess of good food and living. martha stewart is here next. d@ at least some of your answers were muslim. >> oh, muslim? >> muslim. >> oh. >> the name albeaniac. for centuries and centuries. they were part of gingis kahn. >> bizarre scenes there. martha's new cookbook centered on the roots of america, called martha's american food. a celebration of our nation's most treasured dishes from coast to coast. this is her 77th book. >> yes. >> that's unbelievable. you've written 77 books? >> i and some of my editors have worked on a lot of these books too. but they're very, very good books, this is a wonderful book, because it not only have great recipes, but it has the back stories to a lot of these recipes. >> this is a great book, i can't get past gingas kahn, are you related to him? gingas -- i have always liked the idea of gingas kahn, and the dog is a chinese chow chow. so it might have been a dog that gingas had way back again. but the chow chows are all named after chinese emperors. >> is the whole premise of this book martha's american -- chinese martha's. >> i am 100% american. i was born in america. >> any american's 100% american. >> we are all american. and who are born here anyway, and i think once you move here and get your citizenship, you are american. it's an extraordinary place. >> it's an amazing place. i never understood why so few americans travel out of america. when you're actually here and you travel around. you see it's so different. >> america has so many different nationalities living here, so many people imposing their traditions and their family ways on the american culture. and then, they had such great indigenous ingredients to start with. look what we had here, the bouch bounty, we had comp, we had potatoes, tomatoes, blueberries, cranberrie cranberries, squash, all indigenous to the americas. >> if i pinned you down, said you've got an hour to live, if i did, what's the meal that you would have. what's the last thing you would want to eat? >> if i were thinking about food at that point. >> if i was very hungry and i was told that i only had an hour? i probably wouldn't be thinking about eating piers, probably good, fresh >> boiled, scrambled. just -- a good farm butter. >> the main course what would you have? >> that's my main course. >> your main course? you can't have that as your main course. >> oh, yes. >> you know what i'd have in your book? pike place fish and chips. >> again, where do you think that came from, fish and chips? >> britain. >> yeah. >> it's national dish. >> yeah. >> but you don't have mushy peas here. >> no, but a good recipe. >> a pint of beer. >> yes. >> where are the mushy peas? have they're somewhere in the book. >> do you like mushy peas? >> yeah. right out of the can, right? >> no. you make them with a pea puree. mush them up. >> i know. but i think -- >> like gravy. >> i think they were famous because there were canned. >> a terrible indictment of my national dish. >> i like canned peas. one of the few cans i might open. >> you seriously would have eggs as your last meal? >> sure. sure. a good glass of white wine. >> yes. >> or maybe a couple of bottles -- >> you wouldn't have american wine? >> depends. there are some good white wines. >> do you like burgundy? >> i love burgundy. >> i'll let you off the eggs. what were the ones that you were most excited about in here? >> the pies. i think pies are so typically american. the great apple pie. the great cherry pie. the lemon meringue pie. the shaker lemon pie. all those pies are so utterly delicious. of course, the cobblers. cobblers. the cobblers, the crisps, the pandouties. >> cobblers mean something different where i come from. >> shoes? >> or a derogatory term. which i have been called a few times. >> well, a cobbler is a crustless pie with a topping of something. either as bisquet. and they'll all fun to eat. >> i never ate a cobbler pie. >> i'll make you one some time. i'll send it over to you. apple, cherry, plum, what do you like? >> i love lemon meringue. >> that's not a cobbler. that's a pie. that's a pie or a tart. i'll make you one of those. >> you still enjoy cooking? >> oh, yeah. >> what's the most exciting new gadget you've got your hands on recently? in the cooking world. >> martha wrap. >> what's that? >> something i sort of created. >> no. >> i'm going to plug it. can i plug it? >> tell me what it is. >> okay. well, it is -- i have always, always felt that we should not be cooking in aluminum foil. so i always line my foil with parchment paper which is kind of a paper that things don't stick to and you don't get the aluminum on to your food. so i find the -- i finally found a way to fuse the parchment to the aluminum so now to -- to the foil. so now you have crimable parchment. >> i'm told this weekend is the weekend that every american gets their barbie out and are you a griller? >> i'm a careful griller. >> what's the secret to a good barbec barbecue? >> well, a lot of secrets. >> for a neanderthal cook like me. >> hot, hot fire. no flames. you don't want to char your food. no blackened food. you know, you know what i mean. >> i like blackened food. >> burned? >> well, a little black. >> maybe you're a lost cause. >> well, i'm depressing. >> do you press your hamburgers on the grill? >> yes. i like them all sort of compacted and blackened. it may go back to the day when brits were neanderthals. well, martha's american's food, a celebration of the most treasured dishes -- >> the neanderthals, they didn't have fire. >> you called me all sorts of things. been a tissue of insults flying my way. >> it's been a lot of fun. >> a lot of fun. martha stewart. i look forward to seeing your 97,000th book whenever that may be. next only in america, a jilted lover seeks justice from the woman who refused to marry him. 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[ meow ] [ male announcer ] another example of volkswagen quality. that's the power of german engineering. right now lease the 2012 jetta for $159 a month. but not how we get there. because in this business, there are no straight lines. only the twists and turns of an unpredictable industry. so the eighty-thousand employees at delta... must anticipate the unexpected. and never let the rules overrule common sense. this is how we tame the unwieldiness of air travel, until it's not just lines you see... it's the world. for tonight's only in america, love may conquer all but when it doesn't there's a fat, thatsty lawsuit to cry over. in a country 15 million cases are filed each year, one man's answer may be the most frivolous yet. meet stephen silverstein, a 29-year-old telecommunications executive from new york. he now is headed to court. he wants a fortune from the ex-fiancee after she refused to marry him after all. he's demanding that the $50,000 for the money she took from the joint account for the deposits made on the trip down the aisle. isn't it romantic? she's back at her home in san diego gave him back the $32,000 engagement ring. she denies the claimhe