Today, volkswagen admitted it rigged 11 million cars to defraud pollution tests. The u. S. Justice department is looking into criminal charges. And heres more from kris van cleave. In my german word we have totally screwed up. Reporter volkswagens us, ceo Michael Horne has said what has become painfully clear for the u. S. Automaker. Our company was dishonest with the epa and the California Air resources board. And with all of you. Reporter the 11 million cars with software to cheat u. S. Emission standards are diesel versions of five popular models built between 2009 and 2015. The company is moving full speed to finding a fix and set aside more than 7 billion to deal with the problem. Thats half a years profits. But it is facing up to 18 billion in possible fines. The software senses when a vehicle is undergoing emission tests and reduces pollutants released. But when driven the epa found emissions 10 to 40 times above acceptable levels. The damage to volkswagen is going to last for y
And that was hed asked you about mindless austerity, mindless sequestration cuts, ndless which was both in your written testimony and your spoken testimony. Do you really mindean mindless or was that a misspeak . What i mean by that is we sspea should look to make smart cuts hould in programs that arent working. It doesnt say smart. It says mindless. The implication of mindless is that it t applies a kind of across the board one size fits all approach to cutting spending as opposed to what i think were trying to do in our budget, which is to be much mortar getted. Fair enough. But i guess the point the chairman was getting at is given that bob woodward wrote about it and he says it was the brain child of jack lew in the white house. Was the president not smart in offering that proposal . I think the history was it was something that was thought to be so bad that it would neverd neve go into effect. So i dont think anybody at the time thought it was a smart strategy for reducing our bud
Here are techstars ahead of the closing bell. Today is the busiest day on record for health care deals. Four deals already today and that is over 17 billion worth. Striking a deal for 30 billion for catamaran. And then Horizon Pharma agreeing to beat hype to buy hyperion. Tesla shares rising after elon musk set on twitter that a major new tesla product line will be unveiled april 30. He did not give any details about the products. Glenn tiltons three decade wall street career was dealt a blow by wall street regular disparate her firm had caught the 200 Million Dollars of payments to which she was in an title. The agency accused the selfproclaimed billionaire of law a fraud. In a letter of investors they disagreed with the secs claim. We have less to an hour to go. Lets go great that go right to the breaking news desk. Looking at the action up wall street area wall street. Scarlet as you mentioned it is the dows triple digit point move in over a week. Stocks are higher for everyone that
Economy. Zell not so much. And investor lynn tilton is with us live this hour. She just filed a suit against the s. E. C. Shes fighting back saying fraud charges levelled against her are absolutely false. We begin now with the American Labor market. Traders and investors positioning themselves for fridays employment report but could they be setting themselves up for a bit of a shock . Steve liesman is here to explain. Explain, stevie. Yeah mandy. There has been a lot of worrisome Economic Data these past few weeks and this morning that raises questions about the friday jobs report. Let me show you what im talking about. The adp data 189,000 coming in below the prior one and below the estimate of 225. The ism Manufacturing Survey coming in again below the estimate, below the prior, and inside that ism report wills an employment component asking manufacturers how theyre doing hiring coming in at 50. Thats the lowest since may 2013. Here are the negatives as we get ready for the friday jo
Sitting right on the 18,000 mark on a day when were up 288 points on that index, or about 1. 6 . That also makes it the outperformer of the session. Look at the s p by comparison. Up by about 1. 3 adding 23 points. The nasdaq having a decent day as well adding 53 points. Almost back at 4950 as it continues, bill to climb towards that 5,000 mark. And can we see wti oil for one second . A late, very late rally here after the state Department Said that there was a 5050 chance that we would have a deal with enron by tomorrow. I love this. When kelly and i heard that you said oh gee, only 50. Only 50 50. At least we got 50 50. So half full half empty. Either way, oil rallied, and about a one dollar day on the closer comeback really is what it was. Because it finished down. Well talk to our guests about what that means. We have energy reacting to that move. And we have the financials leading the way today. Notably jpmorgan after that barrons Weekend Edition with jamie dimon on the cover. I h