first off, your reaction when you heard about jamie dimon's throat cancer? betty, i am a human being too, so we are all aware this type of thing could happen. it is horrible, i wish the best, and i hope he requires -- recovers quickly. >> as he was saying, it was detected early, it is curable, and he will be working throughout. there are questions about who will succeed him, and he noted they have succession plans for the immediate future, in three years, and in five years. had thisst time we conversation about succession at jpmorgan was one jamie dimon was president obama's favorite banker and people were thinking he might be the next treasury secretary at some point. stated, and aons successor was, sort of, anointed, and of course, that discussion faded and that person eventually left jpmorgan. now, once again we are in this discussion, and people are talking about the head of asset management, and gordon smith, who runs the commercial management, and of course, the coo who used to run the investment bank is a perennial person that people talk about. >> so, they do have a deep bench, bill, or what are your concerns? >> they have had a heat bench in the past. there has been a lot of turnover in the executive suite. ismy lee, who you mentioned, coming back from wherever he was to speak to people. he has been there for a very long time. >> right. >> he is a vice chairman, but he is not likely to become ceo of the firm unless the short term is very short-term. look, there are 200,000 people at jpmorgan chase. they have talent. people do leave. they lost mike cavanaugh to carlyle group. they lost other senior executives recently. these three people that people generally talk about our very talented, but whether they could be ceo of jpmorgan chase, i do not know. who could be ceo of jpmorgan chase? it is a booking with. -- behemoth. >> jamie dimon was clear in what is going on with him and what his treatment will like, and he mentioned there is a deep bench to succeed him if that is necessary. riskdless, does this becoming a distraction for jpmorgan. does inn, of course it the same way that it became a distraction for apple with steve jobs getting ill. jamie dimon it so closely associated -- jamie dimon is so closely associated with jpmorgan, their leader for 10 years, not the same way as steve jobs was with apple, but he is the longest-serving ceo on wall street at the moment. figure, a a public leader, of course, it raises questions. many potential successors to him have left the firm, so it does raise questions. look, they are out in front of it. i have talked about it early. >> yeah. >> they will deal with it. >> it is not the first time we have heard from other ceo's disclosing their own illnesses, you mentioned steve jobs, and i'm thinking about in motion a -- bob benmosche. correct he did a great job in -- >> he did a great job and they had a successful succession plan put in place. it is terrible that this is happening. hopefully he beats this. he said he will and he can. he is obviously a fighter. we all know that. he was a boxer at some point, a pugilist himself. they do have a deep edge. 200,000 plus people. bill, thank you for joining us on this. lubricant into being editor -- bloomberg pinch-hitting editor bill cohan. -- contributing editor bill cohan. moving and shaking, and -- moving and shaking, former french president nicolas sarkozy. investors want to know if his political party got political funding from moammar gadhafi, and they are looking into money he received from an air to the l'oreal fortune. a lawyer says it will not hold up. nicolas sarkozy has been hinting that he might run on -- run for office again. in washington, president obama announced this week he would use executive action to reform immigration after roadblocks in congress left no chance this year. at that clinton global initiative in denver, willow bay spoke with bill clinton about the subject. >> immigration reform is really important. it is also really important to our values. we have always been a nation of immigrants and if we walk away from it, it will hurt us economically, and all the people that think that it will make them happy will not, so i predict we will become more or less polarized by shutting our barriers. i think it is more important to create opportunities and then aggregate our differences. >> tonight at 9:00 30 -- 9:30 p.m. eastern time, do not miss our full interview with former president the clinton and other leaders about ideas -- bill clinton and other leaders about ideas to spur growth. t-mobile is accused of profiting from bogus fees. we are in d.c. with more on that onry, turning the tables t-mobile. what are they being accused of? >> that is exactly right -- it is called cramming, a practice where the phone carrier faces charges on a consumer's bill for services offered by a third-party company without telling them. yet in the case of t-mobile, the federal trade commission says that at least as far back as 2009 through 2013, the carrier placed unauthorized third-party charges for things like flirting tips, horror scopes, and celebrity gossip. it earned hundreds of millions of dollars. this disregarded telltale signs of fraud, ignored complaints, hd deceptively hit charges -- id charges on bills. the ceo said the ftc complaint was unfounded and without merit and that it is misdirected because it is the third-party providers that should be held accountable and taking to twitter he tweeted -- so, this lobbyists big carrier in washington work. the fcc is adding fuel to the fire, announcing they are also investigating customer complaint and is coordinating a probe with the fc -- ftc. >> is the irony lost on him at all, yang yang? >> not at all, because they have been marketing themselves as the un carrier. fightinge t-mobile is harder than any other carrier to change the way the industry works. he says they are the ones being singled out when everyone else is guilty of this. win or lose, this was just filed in federal court yesterday. it was not good for t-mobile's image. the ftc has taken action against three companies for cramming but t-mobile is the first to be identified in a major suit like this. >> yang yang, thank you so much. yang yang in washington. did you see the match? the world cup match between the u.s. and elgin, 100 -- and ium.'ll jim -- belg 120 minutes of drama. eric chemi, everyone was glued to the screen. >> is a good thing it was not during market hours. we saw what we thought we were going to see, a low-scoring game . it was 0-0 at the end of 90 and that was the opportunity for the u.s.. it was a super defensive game. there was not scoring until the very end. it played out at the end. tim howard will probably get an endorsement deal. saves, more than any goalie has ever had in a world cup game in recorded history. belgium hadlgin -- so many shots, it was only a matter of time. whenwas thinking about you it went into overtime because you said once it gets into had a better u.s. chance. >> they almost pulled it off. they had a shot, 50/50. ium will play argentina next. .rgentina is the favorite argentina is a better team than belgium and that will be a really good game. >> does this change the odds are all about who might win the world cup? >> overall it is still brazil. there are only eight teams left. everyone who is in it, their numbers go up. brazil is at the top, germany and argentina are at the top, and belgium has a 10% chance. if you look at europe and latin america, it is a 50/50 shot. they each have four teams in the final eight. still number one for sure. >> thank you, eric chemi. for the latest productions, had to bloomberg.com/rio. coming up, remember when apple used to have the coolest ads out there? the company seems to be struggling, looking for its inner madman. how is it going to capture the glory days? stephanie ruhle got a tour of the daytona us the way at a hundred 70 miles an hour. ♪ >> well, it is jobs week and we are just getting the adp private payrolls report number -- 281,000 jobs created in the private sector, that is better than expected. economics editor michael mckee, you have been digging through these numbers. ?ike >> better than expected is putting it mildly. people were wondering if we could continue the run of strong job growth with mixed numbers, but it looks like the companies are still hiring, at least that is what adp finds. 200 81,000, the strongest in quite some time. 200 81,000, the strongest in quite some time. medium businesses added 115,000 jobs. large businesses are the laggard, 49,000 jobs. 51,000 jobs were created in the goods-producing sector. 12,000 in manufacturing. adp has shown manufacturing to be week. if they are picking up jobs there, it could be a good sign for tomorrow's jobs report, which is tomorrow because of the july 4 holiday. 213,000 private sector jobs to be created. this might cause people to ratchet that number up a bit. we are already seeing a reaction in the markets. 17,000, anybody? >> thank you, michael mckee. let's turn to apple, the iconic rent that used advertisements to get consumers to envision the future. the company made its decision to bring its advertising in-house. it seems the reception from viewers has been a little bit cool. for more on apple bringing in its own inner don draper, we have ken siegel. he worked as a consultant with the company until 2008. he is also the author of "insanely simple." ken, great to see you. what do you think has happened here at apple? ? apple? >> the big thing that has is notd is steve jobs there, and the hall of fame created director is not part of the day today activities. you have a different crew on both side of the east asian -- equation. -- steve jobsjobs came together on those ads. how would you describe the apple ads these days? >> my opinion is they are smaller. my gold standard is the mac versus pc campaign. they ran for over four years, was very effective, and people would talk about them the next day. isn then -- the new stuff beautiful. >> when you mean softer, what you mean? >> it is beautifully shot, all around the world, but you do not sit around saying did you see that amazing apple ad? they are not as worthy like they used to be. as i see that, they are more about feeling good, and it is less about -- they do not go viral as much as they did, if you could call it viral in the 1980's and the 1990's when people talked about it. at that point, what does the company do? bring it in-house might be one way to take care of it, but it has its own pitfalls, right? >> that is true. it is a huge undertaking to build an agency. i do not know a lot of companies that have done it with success. an ad agency are trained professionals that do strategy and they have great leaders that have done this for, companies before. to build your own, it is a question of who is going to lead the charge. do you have the experience? you can hire a bunch of good creative people, but you do not throw them in a room and expect great things to happen. you need to leadership and the vision, and steve jobs had that day today involvement, and he at this level of taste that was they-to---ry -- and thisy involvement level of taste that was extraordinary. >> what did he exactly bring? what is it that made a difference? >> there is a great youtube video of when steve was asked about how we felt about microsoft, and he said basically they have no taste. he paused for a moment and he said i do not mean that in a little way. i mean that in a big way. that is exactly what he brought to the party. it is true. he had a level of taste -- is designed cents, his advertising ,ents, -- his design sense advertising, he would look at ideas and judge them in a genius -type way. he did not believe in focus groups. it was i love this or i hate this, and you work until he loved something. >> what does it mean for the agency, the fact that apple is not happy with them and they have taken it in-house? how do they try to win the account back? >> good question. i do not know the answer. as the rumors go, we do not know what is really going on. they compete now with in-house chains at apple, so you can only when these things by doing great work. >> you would assume that apple would say look, a little competition might yield something a lot more creative than what we have seen, or edgier. ken segall, thank you for joining us. the former creative director for apple and the author of "insanely simple." coming up, lebron james and other nba stars decide to go the free agent route. sure, they could get fat, new contracts, but it is not all about the money. ♪ >> first. bloomberg. >> you are watching "in the loop ," live on bloomberg television and streaming on your phone, tablet, and on bloomberg.com. good morning. i am that a little. -- diane betty liu. -- i am betty liu. it is 26 minutes past the hour. bloomberg tv is on the markets. equity futures have taken a turn for the higher. the private sector jobs report from adp coming in much better than expected. 200 81,000 jobs created last month, well above estimates of 200-5000. that leads -- 200-5000. that leads to tomorrow's jobs report. a controversial program that forces google and facebook and other web companies to hand over e-mail and other web traffic is legal and effective in preventing terrorist attacks, but the program needs to be revised to protect americans policy. that is the conclusion of a government oversight lord. chief washington -- board. chief washington correspondent peter cook has more on one of the programs leaked by edward snowden. >> one of his biggest regulations -- revelations. it raised questions about whether the nsa was sweeping up the e-mail of average americans as they searched for foreign terrorists, and whether major tech companies like the ones you mentioned were allowing it to happen. this report released by the privacy and civil liberties board, a bipartisan group appointed by the president and confirmed by congress, largely finds that not the case, and that the pogrom at its core is sound. overall, the information has been valuable and effective in producing useful foreign intelligence, and the board has found no evidence of intentional abuse. ,he report does go on to say however, some features outside raise program's core questions regarding the reasonableness of the program and the report goes on to spell out several recommendations for bolstering privacy protection including requiring the government to require more targeting justification. there must be a clear foreign intelligence purpose. more limits on the fbi's access. more written guidance for nsa and cia analyst and what to do when a query produces u.s. citizen communications, and more filters to exclude domestic medications in the first place, something tech companies are very interested in. the panel said the recommendations do not require legal changes, but it is up to congress and the administration to see if any of these ideas make sense. congress will vote this morning on a meeting -- in a meeting here in washington. >> what does this report means to the tech companies involved? >> it could be a boost for them, giving them political cover to the criticism they have been facing, especially overseas. edward snowden revealed a long list of companies that have been forced to turn over information. it was to their dismay. this report provides an independent review and it could help the companies show they are not willing partners in the government surveillance programs and it offers more transparency on the program itself, something they have all been lobbying for. the report provides details on how the information is collected and processed, the most detailed to date. it is also evident this will not satisfy all of the prism criticisms. >> thank you, peter cook, on the prism program. here are the top headlines this morning -- more problems for general motors, not a recall, but an explosion at a factory in indiana. a blast killed one worker and injured eight others. the factory is back up and running this morning. tyson foods and he'll tire brands are moving ahead with merger plans. tyson announced they will acquire all outstanding bands of -- brands avail shyer. -- hillshire. it comes after the announced it would take a fee to end the merger. the first storm of the season is put in a damper on fourth of july celebrations. byricane watches were posted the north carolina outer banks and tropical storm watches are in effect for parts of north and south carolina, virginia, and florida, expected to bring heavy rain to new york as well, just in time to spoil the weekend. as we have been reporting, miami james, the wayon he, and chris bosh, stunned , and chrisyane wade bosh donned fans by saying they would opt for free agency. as a wayhis is viewed for them to get more money, but that might be more simplistic. rosenberg by brian who teaches sports law. tell us, what else could there be besides "i want more money." >> good morning. is more considerations. the legacy of winning nba championships is a strong consideration, pacific lay those that are in the middle or late in their careers. >> how does becoming a free agent work then? >> it allows more flexibility on side, as on the player they can certainly discuss different arrangements where they could fit under the nba salary cap, but on the flipside, if a large number of individual are free agents it gives them flexibility to compile players and rosters for the upcoming season. >> we are talking about three major stars for the miami heat. clearly, they know their worth, and they know how to back a team owner up against a wall. his is not unusual that the three of them would come together and do this? >> this is an unusual fact pattern. four years ago there was a large number of free agents, but the defense was they were all coming from different teams. the anomaly here is that a large number of them were previously on the same team and they were quite successful. they made the nba finals four consecutive years, winning two out of four. >> right. it >> the difference is they all simultaneously declared for free agency. the miami heat, the composition of their roster next year could be markedly different. >> this is all speculation right now, but as a team owner, how would you respond to this? what would be the strategy here? >> that is what is interesting. so, the nba collective-bargaining agreement, the agreement between the owners and the players, certainly bars owners from collectively discussing arrangements among themselves, but it does not bar individual players or groups of players from doing that. so, certainly, the owners are at a negotiating disadvantage from that perspective, but certainly that is not cap individual owners, historically, from getting very creative in how they developed their salary cap and their roster to make sure they have a critical mass of well-compensated, and certainly top-flight players, and the miami heat are a great example of that. they have done that very successfully the last four years. >> yep. >> they have been able to bring in other players at far below market value what they would get in normal men negotiation's -- r, andlen, shane battie they contributed mightily to the success. we can to the same type of thing in the upcoming free-agent class. >> ryan rodenberg in your view, and your experience, what our star players most frustrated with in their contract? >> the frustration level could be twofold. they might not have as much certainty and among gemini in the individual contract and they might not have the type of opt out clauses we are saying with lebron james and the miami heat players. that constrains their ability to move to other teams as part of the next free-agent class. >> by the way, is this legal, among league rules for three players -- almost like a cartel of players to say we are going to do this and we are going to demand this? >> great question. i looked into this two years ago when i published an article for the harvard journal of sports entertainment law, looking into the collective-bargaining agreement to actually deem whether this type of cartel, some might call it a collusion, would be permissible under the collective-bargaining agreement, and the answer in the nba is yes . it is different in other sports. major league baseball, for example, explicitly bars this type of behavior on both the sides.nd the players' the nba is different. it is a one-way street and what the players are doing is perfectly permissible under the cba. >> very interesting. thank you so much, ryan rodenberg. sink shipsloose lips -- a lesson the ceo of tender might have to learn. we will talk about a pot shot he took at barry diller. 60 seconds, but that does not stop americans from spending money on fireworks. we have a look at that booming business. stay "in the loop." ♪ >> today's bloomberg big number is 80 million -- that is how many albums motley crew has sold worldwide. they are about to call it quits with a final tour that runs through november. the band will follow that up with a global tour that should go well into next year, but do not fret. you know these big bands. especially big hair bands. they love to go away so that they can sell more tickets in a reunion tour in just a few years. your july 4 big number is 14,000 -- that is how many fireworks will light up the sky friday night and it is big is this for retailers, local businesses, and states as well. bloomberg's alix steel has been looking into the six most of numbers. into these -- explosive numbers. >> we will spend about 100 $75 million according to the american pyrotechnics association, and that is what we will spend lighting firecrackers in our backyards, and that does not count the millions that will be spent by cities and counties on the big day. the economic slowdown, recessions at times be dammed. recessionretty much proof. we have doubled what we spend. it equates to 328 million pounds of the sparkly stuff. you can see the great recession, com crash -- it did not make a difference, and the .umber only grows revenue increased 60% in the last decade to about $328 million last year. people take fireworks very seriously. it is one of the things they spend on even if money is tight, and consumer firework laws have been relaxed. these are the friendliest states for fireworks, but 43 states and washington state and puerto rico allow people to buy some type of fireworks. this is helped by the fact that firework related injuries have also declined. >> who sells the most? >> the big guys are really privately held. fireworks,antom these are the guys that will sell to us when we want to buy stuff for our backyard. on the display side you have companies like pyro, spectacular, pyrotechnico. they will sell to the bigger businesses. the most popular firework is a 500 gram cake device where you like one fuse for some big action, which makes it less risky. if you want to go to the biggest allow parties, go to new york city, with a party sponsored by nashville,ton, tennessee, which has sponsors all over the place like dr. pepper and delta, or you go to vegas. these are municipalities sponsoring shows. they had to cut the budget and sponsors are picking up the slack. now i know where i can go. >> you are excited, but it is going to rain. i could detract. >> what will i do on my july 4? thank you, alix steel. coming up, daytona rising -- a behind the scenes look at the half $1 million revamp of the international speedway. do not bite the hand that feeds you. r fights thatnde fate by taking on one of his biggest investors, none other than barry diller. stay "in the loop." ♪ >> after 50 years of hosting some of the biggest crowds in sports, the daytona national speedway is getting a makeover. stephanie ruhle headed down to florida to see the transformation of one of the most iconic venues for nascar. >> daytona is rising, a half of a alien dollar revamp has taken off -- half of a billion dollar revamp has taken off. >> daytona is the flagship brand. it means a lot to our sport. if you are going to reimagine this american icon, daytona is the place to do it. >> the daytona speedway is in the midst of a three-year renovation. >> right now, the best he and the house is the top row -- seat in the house is the top row. it will wear you out. >> escalators are coming. >> there will be 40 of those bad boys. >> 40? >> 40 escalators. >> would you say they are the single biggest expense? >> the steel is the biggest expense. newaytona is installing wider seats with cupholders, but , will those units grandstands it will lose over 45,000 seats. >> you invest all of this to make it a first-class experience, wider concourses. you do not want to offer a seat that does not live up to the amenities. this is one of three concourses we are building and if there is bad weather, you can come here, stay dry, buy food and drink as well. >> concessions is not all they are selling. they are selling ad space. one of the newest sentences will be covered by daytona branding. -- toyota branding. >> when you think about nascar, if you take a see-level executive to one event to justify the budget, you are taking them to daytona. you had better make sure you have the corporate experience to match up to the budget spend. from this week, the levels we are going to build, we think there is growth for us. >> some things are not changing. >> it will be the same racetrack that the first winner raced on, that they will race on this year -- it is the amenities that we will fix. >> the corners are not changing. >> you are almost sliding down the ashwell -- as well. >> sliding down the asphalt. ruhle joins us now with more on the raceway makeover. it looks like it was just going gangbusters there with this new construction. tell me, undergoing the revamp -- what was that all about? in 1959 and they have not had a revamp since. they need to. to put it nicely, the arena is tired. there is not a single escalator. get this -- if you like your way all the way to the top, you are ready for a beer, a snack, you have to go all the way down to the bottom. you sat down with owners of football arenas -- they need to make a luxury experience because it is all about the fans. i sat down with the ceo and she said it is all about improving the fan experience. >> right, and daytona speedway is getting rid of 45,000 seats? i thought they wanted people to come. >> they do, but they have been those in attendance. like many other sports, people are happy to watch at home on the couch, barbecuing in their backyard. 50,000e getting rid of seats, but the new seats are almost twice as wide. when you are sitting at daytona, you have the headphones on, you want to have a year, you need a cupholders -- a beer, unique cupholders. nascar has more fortune 500 sponsors than any other sport. now you have signage, like you experience, toyota all over the place. >> i actually got to go in the car. i am not a driver. i did go around the track 180 miles an hour. there we go. >> 180 miles an hour? >> 180 miles an hour. >> did your hair stay in place? >> i had a helmet on. my only worry is the kids will see this and say i had to go to school and you've got to do this? >> you can watch the special today at 11:00 a.m.. she will be talking to lesa kennedy, ceo of the daytona national speedway, and greg penske as well as bob carter. we will be back in two minutes on "in the loop." ♪ >> for 30 years, hunting has luxury oats -- nicknamed the ashton martin of the high seas. we took a look. ♪ ♪ for july 4.hat in today's this verse is that -- it has not been a great week for billionaire barry diller. now tinder. and year, a supreme court ruling shut down the company, the internet tv service, and now barry diller is in a lawsuit against the company in which they are a majority owner, tinder, a dating application. that is sean rad, ceo of tinder. one of the cofounders -- one employee is suing sean rad claiming they harassed her. an obscenelso drawing involving very diller -- barry diller's initials. the company says the allegations are unfounded. a lot of that of for barry diller. he does not need it. it is 56 minutes past the hour. bloomberg tv is on the markets. are headed slightly higher. they were rallying this morning. it looks like we will get another record on the dow given the jobs numbers. adp this morning much better than expected. we are on the markets again in 30 minutes. a common, there is threat affecting the cable television world that goes well makingthe world cup, sports so powerful it could make or break multibillion-dollar deals. ♪ >> we are about 30 minutes away from the opening bell. you are "in the loop." i am betty liu. 44 dow industrial average is points away from breaking 17,000. it sounds like a done deal -- tyson foods has entered into what is called a definitive deal to buy jimmy dean sausage maker hillshire brands. two former goldman sachs employees are accusing the bank of being a boys club that discriminates against women. they want to expand their web -- lawsuit to include more former and current female employees. it was a nailbiter, but the u.s. lost its bid to stay in the world cup yesterday, losing to belgium. about 25 million americans watched last weeks match between the u.s. and portugal, more than any other soccer game ever according to nielsen, and ratings for yesterdays game might indeed rival that. it highlights the linchpin of live sports programming as two huge media mergers depend on expensive rights to broadcasting games. at&t's bid for directv and comcast's purchase of time warner cable. president lee berke, and ceo of lhb sports and entertainment. great to see you. affirmation, the world cup, just an affirmation of how important live sports is these days. >> it is the linchpin of the television industry. you can slice them and ice, cross platforms. they derive ratings. they are truly at the center of everybody's tv' business. >>that they have roped in a record in live streaming, a holy get -- no surprise that they broke a record in live streaming, a holy grail. >> you are seen records in live streaming for the super bowl, the olympics, it and it demonstrates you can break through within the whole authentication process for tv everywhere. >> as the suits go back to their office, they say what happened here. thehey are disappointed u.s. lost, but the winter with the world cup soccer on u.s. television. it has demonstrated its reach in the pantheon of events that can drive viewers, ratings, subscribers, buys, and as a result, ratings will go up. as it turns out, fox will be a big winner because espn broadcast this, but fox has the next two men's and women's world cups. happened here? >> everyone prepared for it -- the media wasn't as, the opportunities -- the media was in place, the opportunities were in place, and you have the opportunity to offer it up at proper viewing times for u.s. sports television audience. the u.s. game against portugal to face on a sunday afternoon at 6:00 p.m., a super bowl timeslot for people watching. correct could we see advise, 30 -- >> could we see advise, 32nd spots for world cup games rival what you see for super bowl or other events? >> i do not know if it will rival the super bowl, but the world cup is approaching the olympics, something the u.s. will engage with every four years. plus, you have a cosmopolitan, more diverse population. >> i was going to say, right, this is a much more different audience. >> yes, as a matter of fact, my neighbors across the street route for the netherlands. >> where they lonely, by the way? >> they are happy because the netherlands are still unit. the reality is you have people from around the world living in the united states rooting for the respected national -- respective national teams, and that will drive ratings in the future, but the question is what can you do between -- where can you keep up the interest in soccer? the top international leagues, particularly the premier league, is being seen on nbc and is doing well, the question is for u.s. soccer, what can you do to build the ratings and approach the level of interest you are seeing right now for the national team in the world cup. >> isn't there a more immediate problem, lee berke, that now that the u.s. national team is out, that the interest will wane pretty fast? >> naturally, the interest is going to drop, but these gains have been terrific, particularly in the knockout rounds. five of the eight, i think, have gone into extra time, and that will add to the drama in the u.s. audience, and even without the u.s. games it was the most-watched world cup ever and i think that will continue. >> we started talking about these mergers between at&t and and time warner cable, and how important broadcasting rights will be -- this means the same story, they will continue to rise? >> the fees will continue to go up. it is a conundrum for all of these media companies in that they do not have necessarily other categories that could drive ratings, purchases, buys, revenues person description unit that live sporting events could do. as a result, you see issues like directv and at&t, where directv essentially obtained the rights to sunday ticket. >> you will see with comcast, time warner, charter, interest in sports rights to drive their revenue because consumers will move from provider to provider based on the sports that are being offered up. >> lee, great to see you. thank you so much, lee berke, of lhb sports entertainment and media. moving and shaking this hour, jpmorgan ceo jamie diamond. jamie diamond says he will be starting treatment for -- moving and shaking this hour, and jpmorgan ceo jamie diamon. dimon will cut backm on travel. is 58 years old and has been ceo since 2005. he guided the bank to the financial crisis without a loss and according to a person familiar with the matter, jamie dimon has said he would like to run jpmorgan for another five years, but still his illness is raising questions about the bank's succession plan, although he says they have a deep edge. staying in banking, wall street has long been accused of being an old-fashioned boys club and we could soon get a glimpse behind the curtain if the allegations are true to their lawsuit seating to expose the inner workings of goldman sachs. -- simple tv,tups hoping to benefit from the areo lawsuit. how they hope to scoop up some former aereo customers. they "in the loop -- stay "in the loop." ♪ >> breaking news a few moments ago -- details on the new ford ceo mark fields and his compensation. fields any will pay base salary of 1.7 million dollars. willing ceo alan mulally retain his performance-based stock awards. now, aereo might have lost its high-stakes case with the supreme court, but the streaming service is not giving up yet. the ceo is calling on consumers to protest the disruption, urging them to contact local lawmakers to reverse the court's decision. a similar startup called simple loss as theres again and they are trying to scoop up former aereo customers with a six-month free offer. tv enjoy this.le aren't you dancing on the grave of a competitor, mark? >> the way i look at it is anyone in the space doing something innovative in television today, especially as we have this tremendous shift toward over-the-top video services really deserves a lot of credit in trying to really bring out -- innovation into the space. i look at the aereo ruling at something with mixed emotions. we, like aereo, and see the same opportunities -- consumers want options and opportunities for how they get their content and what devices they get it on. >> right, so how is yours different than aereo? >> simple tv is different because we put the capture point in the home, just like a traditional dvr. from there, the consumer operates the equipment. they access the television on all of the connected screens. that is different than a model where you have the capture point in a centrally located facility, which is essentially how aereo did it. >> right, and that was considered copyright violation. the fact that you have in your home, mark, you do not believe the broadcasters will go after you, that you have not violated copyright laws? >> we do not believe so, because we think we say in the same -- stay in the same area that the vcr does, the dvr, which allows you to watch live and recorded content on all of the consumer's owned devices. it is a well-trenton territory. >> this is what the ceo of aereo says is so absurd about it -- just because it is placed in a different space, in the cloud versus someone's home, suddenly his company is flouting copyright laws? do you see the same absurdity, mark? >> in some ways it is very sort of, byzantine, the way we approach all of this -- there has to be a way for companies to come in and do innovative things, especially when you're trying to deliver content to consumers. you want to do in a way where broadcasters are comfortable with it and in a way that delivers value to consumers. i have tremendous respect for the company, for aereo, moving into the space, trying something unique and different. it is not the course we decided to take, but i think there is no question over the next couple of years you will see more and more transition to innovative services that deliver gray television over internet. -- gray television over internet. >> how will you scale your business, then, mark ely? >> we have seen in upscaling of consumers looking for alternatives to traditional cable packages and bundle packages that are out there. we have seen a generation of folks growing up watching flicks, hulu, -- netflix, hulu, and on-demand services. we see this as a way to supplement that. naturally, we see this transition to services that consumers are looking for, that given them -- that give them flexibility. we are riding that wave with simple tv. >> we just had a conversation about live streaming sports and how important sports is now to the whole digital video area. what are your thoughts on that, and how important that is going to be for your business? >> sports, of course, it is an enormous, enormous draw for audiences, and that is one of the key draws for consumers signing up for really expensive pay tv packages. sports really does lock in a huge number of consumers, and the audience that we see are folks that typically -- you know, sports might be important, but it is also one of those things when they will look at their local broadcast stations for sports coverage, and for those that really want to see sports are the premium services, i think what we find is over time we will see some of those start to over -- open up in over-the-top direct streaming, and of course, you could always go to your friends house is in a big game you cannot get from your local broadcaster. >> mark, thank you. mark ely, the founder and ceo of simple tv. coming up, wall street's new allegations against goldman thes makes it sound like boys club old days. and forming a new super pack -- the goal is to change the way campaigns in the u.s. are funded. "in the loop" returns in two minutes. ♪ >> goldman sachs has been accused of gender discrimination and having a boys club lawsuit brought against the firm from two former female employees who are seeking to broaden the case on behalf of other workers and it includes more than a decade of discrimination. bloombergd by sheilah.eek reporter what are they alleging? >> they do not promote women fairly and transparently, that it is basically impossible for a woman to become a managing director, and as you mentioned, this noise club atmosphere. there is a story about a former goldman employee, a female, who was forced to go to a strip club where some of her colleagues wanted to entertain clients, so a lot of fairly harsh allegations come and they are trying to broaden their case. >> and not unique to goldman sachs? >> no, that is what is interesting about these claims. they have a familiar ring to them. women and other firms have made similar allegations. there is something that is different about this. in the 90's there were a lot of landmark sexist termination cases, for example, the salomon smith barney boom boom room case. they were bringing exotic dancers onto the trading floor -- this sort of thing. that kind of behavior appears to have come down. i do not think anyone really misses it, but reading this new case it gets -- you get the sense that this commission still exists, but it is much more subtle, gone underground, and is hard to fight in a way. >> i am sure goldman sachs has had a response. >> of course, they are refuting the claims, and they say it is a normal and procedural step for any class-action lawsuit and it does not change the case's lack of merit. the nine delegations, they are planning to fight it. at least that is what they are saying so far. >> are they taking any steps, even though they deny the allegations, to say hey, we do promote women, treat them equally? has taken steps. they have a diversity officer, a women's leadership network, networking opportunities for women, but the numbers are still not really impressive. i think it is something like 17% of managing directors are women. the executive committee has 34 members. only five are women. while they are doing some of the right things, it seems like something is not working. something is missing. they're not doing enough to improve the numbers at the top. >> sheelah kolhatkar, thank you for bringing us that story. bloomberg businessweek's sheelah kolhatkar. we are a few minutes away from the opening bell. we have the top 10 stocks you do not want to miss after this break. keep it here on "in the loop." ♪ >> first. bloomberg. >> welcome back. you are "in the loop." i am betty liu. it is 26 minutes past the hour. bloomberg tv is on the markets. chief markets correspondent scarlet fu has the open for you. >> good morning. we do not see a lot of movement in futures. they bounced around after the adp employment number, which was better than expected, setting us up for perhaps a decent jobs report tomorrow coming out tomorrow because of the holiday. 1.3 pointsin yesterday of 17,000. watch out for that on the open. outside of stocks, treasuries are falling on the adp report, which means higher yields. on the 10-year is the-one week. copper prices are firmer by .8%. i was looking back, copper has risen in 13 of the last 14 trading days, gaining about seven percent in that period. >> lofty gains therefore scarlet -- four copper. thank you, scarlet. scarlet fu stays with me. alix steel joined in as well. we start with bank of america, deutsche bank upgraded the stock to buy from hold and raise the price target from $18 -- $218 from it -- to $18 from 16 if the. -- $16.50. >> wrister myra squid is version. a tablet >> number eight, go pro -- shares of the wearable camera maker are falling, indicating the stock might have its first down days and its ipo last thursday. in its four trading days shares have surged 103%. >> doubling its stock price. number seven, rack space with reports of the company looking to take itself private. they have been negotiating with a private equity firm to borrow capital for a deal according to techcrunch, citing sources inside the company saying the pressures of being a public company might be too much. >> number six, shutterfly, the photo sharing website, could be getting ready to sell itself. they hired a firm to find a buyer. operations are at an early stage and it might not lead to any transaction. >> number five is twitter, the micro blogging site is promoting a new cfo. changehe fourth major this year for twitter. at the stock has tumbled more than 30% this >> and number four is google, stepping up its music business to media. a will be -- songza will be integrated in. buying --mber three, correct number three, kroger is buying into new markets and giving customers new ways to shop by buying vita cost. farms number two, closer -- hills fire farms is being brought by tyson foods. they make it official. >> and number one, better than estimated first-quarter results. constellation brands gained distribution rights from the beer business. [opening bell] now to the call on the market. in casey be -- bring crosby. she said, the fourth quarter will be the strongest this year. we still have room to run, quincy? >> i think so. pullback --nice nine >> it is hard to call a pullback nice, right? >> no, but you needed, it's healthy. -- you need it. it's healthy. it burns off the frost. we need to have this market pullback. no one feels it is normal to have a market go up, up, up. >> i have heard traders say, it's not about valuation. its emotions right now, feeling good in the market and they don't know where else to put their money. >> exactly. >> when do you expect the pullback to happen and what could prompt it? >> when a market wants to pullback, nothing can absorb it. end of july,o the end of august, that is tight -- typically dicey for the market. rise -- oilould prices could rise. that could give the market an excuse. thef the market believes fed is behind the curve. and member, janet yellen said, don't worry. i don't have to have a meeting to talk about something. i can give a speech. she used the word "uncertain" so many times. but remember, the market wants to be there first. and that could be the reason to have a pullback, a sense that the fed may have to move more quickly. >> being uncertain about the market might not be -- mean being uncertain about certain stocks. caterpillar is one of your picks. you have been -- scarlet, you have been looking at caterpillar and some of the bear cases against the company. >> that is right. outside of north america, caterpillar's machinery sales are falling by double-digits. because of weak resource industry sales. analyst at jefferies identified the risk for caterpillar as lack of clarity on when it earnings bottom out any slower than developed recovery in -- slower than expected recovery in developed market like the u.s. and slowing in china. was not saying caterpillar as a stock to pay, by the way, but as an example of the decoupling that is going on in the world markets. if you remember, the caterpillar was the darn -- the darling of the doubt when it was the china play. administered to get killed. indication -- and the numbers we arere just given, looking at the united states as the leader in growth and that is why we look at caterpillar. not because i recommend it. it is a barometer. >> you are also looking at various other barometers, including m&a and capital expenditures as well. alix steel, you are looking at that. >> you could i give that there is a lag in buyback and dividend growth. m&a activity is 50% below the peak in 2000 and 50% below its 2007 peak. that still leaves the question of capex. companies that spend the most are outperforming the s&p 500, but there's still so much cash warning -- cash orting. at the end of the order, capital expenditures were around $3 million. thought onyour capital miniatures? >> it is -- capital expenditures? >> it provides a halo effect on sectors of sectors. even though portfolio managers say we don't choose stock because we think it is a takeover market. in fact, the market does that. and it is broadening out and that is healthy. people want to bid it up. it reaches the point where companies will take up another company they don't want their competitor to take. >> and that is not healthy. >> know, and at the end of the cycle it gets plain nutty. we have been watching overall and the overall acquired shareprice is writing on the announcement. >> and that is a good barometer. >> right. capital expenditures, we need to have it if you're just looking at the economy. >> we have not seen comedies put that money to work yet. >> no, just a little bit. we've seen it in energy, but now they are pulling back. the energy companies are saying, we are going to pullback our capital expenditures. if we needed to go to that length -- if we need it to go to the next level of gdp. >> thank you. you what, we will tell they're looking for exactly with the sec. and all the details on the former french president straight ahead. ♪ let's here is a look at the top tech stories on the bloomberg west radar. target is under investigation and wants to know whether a slew and the sec -- wants to know whether a slew of companies properly handled cyberattacks. bought a large cachet of bitcoin at u.s. auction.t option -- 45 bidders submitted 63 bit this past friday according to the u.s. marshal service. the winning bid has not been disclosed, but the bundle was worth about $19 million. and shipping 26 million smart phones in the first half of this year, almost core drupal -- what it saw all year last year. the smartphone maker is currently outselling apple in china. looking for a super pack, with the primary goal of destroying how campaigns are funded. is tech getting involved in super packs now? >> we are talking about a super pack called made a, the lessig.ld of harvey he said there is a real this can end between the west coast and east coast in terms of how government should be running. take a look at this video from apple cofounder steve wozniak. to think of it as america's operating system. right now, because money has completely taken over our political system, americans off rating system -- america's operating system is severely broken. but they're hoping to handpick these candidates who are willing to change the big-money system dominated right now by a few rich donors. and true to tech, they are trying it i crowd funding. the next big goal is to raise $5 million by this fourth of july weekend. that is then going to be matched by big-money donors. but doesn't it seem odd that they are trying to fight against money by basically rating big-money? -- raising big-money? >> it does seem odd, but also very tech. they say they embrace the and -- the irony in all this. fred wilson, paypal cofounder and activist, peter teal, .inkedin cofounder reid hoffman they want to get to $12 million by the elections and funnel that money to five candidates. if you are wondering politically where they stand, they will be voting for public and -- republicans and democrats. that policy should not be shaped by who benefit financially. >> think about the eric cantor race and multiply it by five across the country. it's not that i'm saying he was decided on the basis of this issue, although brad certainly crony capitalism is a central attack on eric cantor. weis that kind of surprised would like to aspire to in five different races. lessighis takes off, says they would like to be a big player in 2014. the fourth of july weekend will be a big test for them. >> i guess so. hillary clinton probably would getting soht dead close to french president nicolas sarkozy today, but this picture on his twitter page was not just a few months ago with the former first lady. sarkozy is next. ♪ >> time now for our global outlook. france's former president nicolas sarkozy has been charged with influence peddling. anticorruption investigators have been looking into sarkozy's --paign financing and other and whether he may have had a role in arbitration settlement handled by then finance minister christine lagarde. for more, i want to bring in jacob kierkegaard, a senior fellow at the peterson inches to -- peterson institute in washington. peter, -- jacob, thank you for joining us. this is a really huge deal in this is really>> big news. this is the first time that a former president has actually been apprehended and withheld by -- and held by police. is big stuff, potential campaign contributions from none other than moammar gadhafi, and obstruction, all kinds of things. the fallout from this is that it keeps the french opposition party in disarray. no matter how weak the president , he willis politically stagger on because there is no alternative. like i was going to say -- does this keep them firmly in place --the political leadership? keep him firmly in place in the blog leadership? >> i think he will face challenges within his own party. the reality is that the only from thisical winner happening to former president .arkozy is the national front here we have an outside party campaigning, at least partly, against corruption and ineptitude of the political establishment. this place right into her hands. >> could this also backfire, though, on the opposition where it said nicholas carr does the -- nicolas sarkozy up as a martyr? >> absolutely, that is certainly a risk. it is not unlike what we see -- what we have seen for a number of years in italy where berlusconi has been in all sorts of legal problems for many years and he always claimed it was politically motivated judges going after him. that gave him a lot of support among a certain segment of the population. there is a risk that exactly the same thing is going to happen in france, which is just going to continue deepening polarization. >> are there any wider implications for the rest of europe? >> i think it means that unfortunately, we are going to have a french that is politically feeble. we will have a weak president hollande. not, in my opinion, recover, but stagger on in the absence of a really credible alternative. for joiningank you us. jacob kierkegaard of the peterson institute for international economics on french politics. global, merging the german unit with were ok p.m. -- royal ok p.m.. reached $117 billion so far in 2014. for more on the action, i want to bring in our partner, matt in london. what exactly is driving this boom? adds up to an enormous boom, as you say, the biggest a a lot of which is people -- which is something a lot of people were member very fondly, but not very fondly what came afterward. few things.g a people feel good about the world, and that means companies are willing to take big risks. inversions,hat, tax u.s. companies looking to move their tax domicile to europe, that has driven a lot of transactions, particularly in the farm. and low interest rates. when money is cheap, companies feel like they can make big moves. >> how long will this continue? when is he going to end? -- when is it owing to end? >> it will continue on the conversion side until u.s. allowinge loophole companies to move their tax domicile abroad. in terms of the cheap money, this is more than a question of mna. everyone knows interest rates will go up at some point, but the big question is when. it seems like interest rates are about to go up and companies want to get their deals through the door before the door closes. >> what is so special about these tech and telecom deals? they seem to be driving a lot of the activity. >> i think there are some commonalities. we don't really think of pharma and tnt as having a lot in common, but what they do have in common is innovation. we have big companies trying to stay ahead of the next big thing am i to diversify their product. that is true whether you are selling pills or smartphones. you don't want to fall behind the curve. in tech we have seen that. in tnt more broadly in the u.s., some very big media deals, at&t and directv for example. and pharma trying to buy shyer. it is all about diversifying the pipeline, getting ahead of patents expiring. this is the disruptive innovation, if you like, catching up with the boardroom and chief executives saying they have to act. >> matt, thank you for joining the m & aand and a -- boom in the u.s. up, mohamed el-erian is joining me to break down the it means forhat the u.s. economy, and the fed. that is tomorrow, starting at 8:00 a.m. eastern time. ♪ >> it is 56 minutes past the hour and that means bloomberg television is on the market. we are minutes away from a read on factory orders and right now, makes read -- a mixed read on stocks. the dow jones is little changed from yesterday stop within three points of reaching 17,000. we are not quite there yet. look there,taking a the adp employment number was better than economists anticipated. perhaps that sets us up for a fairly decent june jobs report that comes out tomorrow because of the holiday shortened week. at 2.6 zeroyield is percent, the-about a week. and copper is 2.7%, fairly firm. ginny about seven percent during that -- gaining about seven percent during that stretch. after currencies, up falling to a two-month low. john, the thing in equity is a columnist, lack of volatility as prices climb to new highs. the federal reserve has said clearly that it will have low rates for longer, even as inflation percolates. how are you seeing that play out in currencies? of theare seeing a lot same thing in currencies. in a sense, low volatility should, in a way, be good for currencies, because that is good for the trade. you could try to fund the carry ,rade in the dollar and the yen the hero, something along those lines. we have not seen amazing results the carry trade and probably part of the reason for that is that people are not feeling like they are start -- finding strong trend. they want to fund the dollar and by the ozzie, for example, they have not had the kind of firm trends they want for that trait. >> there seems to be a lack of conviction. >> certainly. but what is holding back the dollar? -- >> what is holding back the dollar? >> when you are talking about the dollar, you're talking about any john story and a yield -- an economy story and eight yield story. as far as the economy, is like the chicago cubs. they start the year excited and then they say, wait until next year. >> except they play in a nice all part. but that is true. thate u.s. economy ash >> is true. in the u.s. economy, we are not seeing the kind of growth. what about the forecast? many of them are still holding to rise by the end of the year. but that is true, but many -- >> that is true, but many are cutting, and then saying that they will still rise. having that first-quarter weakness behind us, that gdp , weer that was not so great are getting further away from that. onhave had firmer numbers payroll, north of 200,000. perhaps i will give some strength to the dollar -- perhaps that will give some strength to the dollar. what about futures contract echo >> when we look at the cftc data on futures contracts, they are looking for the neutral. they said it in january very bullish on the dollar and got burned, sort of the way fixed income investors did, too, betting on u.s. yields to rise finally. say,people started to look, people are afraid to take a lot of risk there. >> john dietrich, thank you very much. we will be back on the market again in 30 minutes. ♪ >> live from bloomberg headquarters in new york, this is market makers with erik schatzker and stephanie ruhle. >> jpmorgan ceo will undergo treatment for throat cancer, which is raising questions about the bank's succession plans. >> wall street's version of , claims that goldman sachs is a man club, gore men's go -- where men been streaking and taking clients to strip clubs. >> looking for love in all the wrong places. the matchmaker who comes to the rescue when the richest people in the world just can't

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