Plus, why lindsey vonn will take off once she returns from injury. All that and more over the next hour, but first, headlines with su keenan. Thank you. New Jersey Governor Chris Christie gave his state of the state speech today. Told lawmakers to move beyond the traffic scandal. What has occurred does not. Efine us or our state this administration and this allow the will not work that needs to be done to improve the peoples lives in new jersey to be delayed for any reason. And federal officials the bridge into scandal and the Hurricane Sandy ad campaign that featured chris christie. Settlements were paid by jpmorgan with ties to the Bernie Madoff ponzi scheme. Wells fargo reported record end of your profits. The numbers were all stirred by a onetime gain. Bell, General Motors announced a . 30 per share quarterly stock dividend, the 2008. Since july, yesterday, the Financial Officers said investors should expect this. Those are the top headlines. Thank you. This afternoon, Charter Communications held a Conference Call reacting to time warner rejection of charters 61 billion takeover bid. To theeeney listened call and joins me now with details. What did you hear on that call . We heard the team make the case that time warner had seriously under managed time warner assets over the last half decade. The Charter Management Team is in a position to really take those assets and really maximize the value of those assets. Charter is trying to make the case for shareholders that assets would be in a much better position being managed by charter. What about charter . Do you think they are going to higher bid . A time warner says they want a significantly higher bid. The rumor in the marketplace is approximately 160 per share, well above where the stock is trading today and well above charters initial deal. I think it will be somewhere in between. One of the issues is how much cash charter has to come up with. How much cash will shareholders demand . Right now, the deal consist of 83 in cash. My sense is that charter will have to raise that to reduce the amount of stock they will ultimately have to buy from the company. What about charters largest shareholder . What is he up to . He surprised everybody almost a year ago when he came back to the u. S. After doing a very credible consolidation job in the european cable business. He came back and said the u. S. Cable Business Needs more consolidation. He put his money where his mouth is. He bought a 27 stake in liberty. He said charter would be his deal to consolidate cable in the United States even further. The biggest, fastest way to do that is with time warner cable. Thanks. Now back to todays banker and earnings. Todays banker earnings. What happened in the quarter and what might this mean from an investor perspective . We saw a couple of things happen. We will talk about litigation but revenue fell at both jpmorgan and wells fargo. Going into 2014, what investors is going to want to see revenue growth. That might not happen until shortterm rates go up, which not happen until 2015. Loan growth. See they want to see mortgage fees going back up. A big reason why revenue fell in the quarter. It is not just cost cuts. They want to see revenue. As you mentioned, kerry is going to talk about litigation. How is this going to impact earnings . Jpmorgan took about a 1 billion loss related to litigation. 850 million of that was just due to the made off the bernie made off settlement. That is taking a significant share out of the profits of the banks. We are going to see this happening in other banks, too. 23 billion in legal costs. Absolutely. That is a big one, right . Is that something you can even anticipate . You can to a sense, but i dont think anybody really anticipated that jpmorgan would have to pay 13 billion to solve mortgage probes. That is a tremendous amount of money in more than half of their legal reserve. When are we going to start to see banking revenues rise again . That is a great question. Shortterm revenues are a big part of that. And of course, we have economists who do not forecast that happening until 2015. It could be touch and go from here on out for the next year or so. Before we go, i have to ask you about the timeline. I think a lot of banks are highly motivated to get these legal cases, investigations and probes. They have really piled up over the last year and they want to get them cleared out as soon as possible. Fingers crossed we see them cleared out and 2014 and then move on to better earnings. Kerry geithner and laura mars neck, ladies, thanks so much. Banks, bank of new york mellon, charter one, citizen bank and inc. Of america have joined forces with jpmorgan to help them avoid fraud. Mr. Foxx joins me from washington. Thank you for your time. I appreciate you being here. How can banks avoid fraud . What we have seen is coming into 2014, just in the last quarter alone, we have seen about a 40 uptick in the number of banks utilizing Technology Tools to both cut costs and reduce the exposure to fraud. When my colleague was just talking about the blowback from 23 billion in legal fees, that is an astounding number. It is a number that almost is unfathomable. What we have seen as a real commitment this year, moving into 2014, of the number of adoptbeginning to Technology Tools to help reduce their exposure to fraud. Banks have been involved in some form or fashion or even just named in a fraud that pulls them into litigation in order to clear their name. We are starting to see a real commitment on their part to adopting Technology Tools to limit their exposure to these frauds. How has your patent helped . We dont have 6800 patents like ibm got this year, but we have our own. We have created a Clearing House for confirmation. Accounting firms and banks utilize our technology to that both revenue, cash and receivables are all legitimate. What we see typically is when a fraud happens, its one of two ways. Either it is revenue recognition, or somebody has stolen the cash. Typically, that is balanced with confirmations. And the tools we have today, we can electronically confirm information so that auditors and banks know that the information is legitimate. There is also, as you know, the issue of revenue manipulation and the theft or misuse of cash within banking. Thanat harder to detect the external threat to the banks . It really depends on the level. There will always be some of the that for some time they are able to cover those activities up, but with the tools now in place, it is going to make it much more difficult for those frauds to take place over a longer time. Were really seeing movement from the old paper world where people tried to use oldschool processes. Today, were really seeing the use of Technology Tools being implemented by the banks, the banks making a Real Investment in those tools in order to ensure that those frauds dont happen at the levels we have seen historically and dont happen for nearly as long a time. About 30 seconds left. I have to ask you, you talk about new technologies. Does it still astound you that people still get away with it . There are so many ways they can get caught. Absolutely. You are on point. For most folks, when they start to think they can get away with it, they utilize some of the latest Technology Tools out there to win back cover up their tracks for a time. Tools likechnology ours, they will get caught. Onlyme cases, it might be 24 hours. Thanks for your time. We appreciate it. Thank you, mark. The war on weight. A lot of companies are developing pills designed to melt away pounds. We will talk to the maker and marketer of one next. To pharmaceutical heavyweights have joined forces to help people manage weight. Pharmaceuticals put an obesity fighting drug on the market six months ago. It is being marketed by a company that is weighing its global appeal. Lets bring in jack cooley, cofounder and ceo, and the. Resident and ceo they join me from san francisco, where theyre joining the conference. How does the drug work . It works in the brain to reduce appetite. Want to diet and find they have an insatiable hunger to pick up a piece of pie or go off their diet, this addresses their appetite and reduces it. Patients are very successful at. Osing weight we are thrilled to be able to newg this first in class chemical entity, the first when the fda has approved for the medical management of obesity since 1999. I wanted to talk about that. That is a long time. Why do you suppose it has taken so long . It is a difficult time to address. Difficult area to address. Humans are genetically programmed to gain weight. A lot of people need extra help reducing their weight, and this drug provides that extra tool for physicians and patients to be able to achieve their goals. Mr. Coates, lets talk about the potential side effects. What are they . With arally speaking, product like this, dry mouth and headache are the most common side effects. Let me talk to you about the effectiveness in terms of what patients would expect in taking it. ,atients who would take it once at 10 milligram tablet twice a up, can expect to lose to five percent of their body weight within 12 weeks. We save they do not reach those numbers, they should go back to their physician. The majority of patients will hit those targets. If they stay on, they will go on to lose additional bodyweight and the majority of those will keep that weight off for more than a year. Is this in combination with strict dietary exercise . Absolutely. The most responsible thing we can say is it is always important that patients have Good Nutrition and exercise and have good activity combined with therapy like this. Then they have the greatest chance of achieving their overall goals. We have to talk about costs. This is expensive. The numbers i saw online today but the cost upwards of 250. Are you expanding Reimbursement Coverage . Is eisais responsibility, but as he said, theyve have expanded the recovering point nicely from 30 . This year they expect to be at 50 reimbursed. That is major progress being done there. S, how to improve the dialogue between patients and their doctors about the myriad risks of obesity . Rex that is a great that is a great question. We did some work with the Obesity Coalition and the obesity society. What we found, remarkably, is that the dialogue between patients and physicians is misunderstood. Physicians believe they are making complete discussions with patients. Patients report they are not getting the information they need. We have started a program called lets have a healthy discussion, so that we can revive physicians with the tools that help them be able to explain body mass index and what does that mean to their overall health, and also, how do we engage consumers to ask the right questions of physicians. Responsibleng a role to make sure that dialogue takes place and then we can survey begin to make steady progress and a laminating this issue in the United States. In eliminating this issue in the United States. Thank you to our guests. Dillman, thanks for your time. We appreciate it. Gentlemen, thanks your time. We appreciate it. Moment, the Aviation Leasing companies 5 billion deal with aig that though change the airline industry. Stage a star of stage and screen gets ready to be honored by the screen. Ctors guild awards this is taking stock. I am Mark Crumpton in for pimm fox. Made ast month, air cap 5 billion deal with aig. Joining me in studio to discuss aercaps ceo. How is the deal progressing . Very well. Of course, huge effort went into it over the course of 12 months prior to closing, saw an a lot of work had been done. We expect the deal to clear Regulatory Approvals somewhere around april or may of this year. Dealy did you make this and what does it say about your thinking on where the Global Economy is headed . You are making this deal just when it seems that some of the stronger economies of the world are starting to get back on , the feet. First of all quality of the portfolio that. Hey have and its order book it has the most attractive order book in the world, the most attractive airplanes in the the 737, the 8350, the airbus. And of course, the price as well. We feel that we got exceptional value and were able to move rapidly and able to bring absolute certainty of closing to aig. Of course then you have the talent, the franchise value. There is tremendous value in the workforce. You talk about the order book. Did you see it expand or contract given what was going on in the Global Economy . For the two manufacturers overall . Yes. What we will see, i think, from the two manufacturers is that the order books they have will get delivered. What typically happens, if there are periods of volatility in the two majorsomy, the tend to reschedule with the airlines. They have never cannibalized their customer base. Boeing or airbus will say ok, with some price changes and other aspects of the deal, that is how they manage. How many offices are you planning globally . Both of us have the same global footprint. We have offices in ireland, and United States, in china, in singapore, in amsterdam. The offices are in the same locations around the globe. We are close to all of our customers. Any cities where air cap is not in now that you would like to be in . Not at in terms of physical location. We are both Large Companies already. We have presence in almost 100 companies countries already. He going too of ils stay on once the deal is done . I will be the ceo of the company. As we go forward through the next several months, we will make more announcements on the Management Team itself. How much capital has their cap raised in the last few years cap raised in the last few years . About 9e raised billion. We have a pretty competitive cost of capital. Angus kelly is the ceo. Thank you for joining us in studio. Thank you. Coming up, it is a rare feat in the entertainment world to win all four american awards. Rita marino joins us next. Welcome back. This is taking stock her. Rice General Motors says it will pay a dividend of . 30 a share, marking its first quarterly payment since july of 2000 eight. General motors is likely headed for its 16th stakeholder profit. Retailer cut its earnings forecast due to lower thanexpected sales of videogames. New hardware such as the ps for an xbox one consoles also reduced profit margins. Shares of intuit surged today as the Company Posted for luminary quarterly revenue a limoneira quarterly revenue. Preliminaryst quarterly revenue. It topped analysts estimates. The top headlines. Only 11 people have won all four major annual american entertainment awards, the annie, tonyy, emmy, grammy, and academy award. My next guest is one of them. And stage legend rita marino will soon be the recipient of the Screen Actors Guild awards time achievement award. She joins us now on taking stock. Meet you. Easure to thank you for coming on. This is an award from your peers, your fellow actors and actresses. Tell us about that. Wakes this is extraordinary. For acars are an award performance in a specific film. The Screen Actors Guild awards is an honor. What am i going to say when i accept this at this astonishing moment in my life . You have been in the business for over 60 years. Can we talk about the art when what it is to now for hispanic actors and actresses . I know you wrote in your memoir about being pigeonholed and stereotyped. You read my memoir. Wow. How great. I dont want to distract you. Yes, there is a difference. The door is ajar, however. You still have to think of why isnt it wide open . Why do we still have to push . It is not just latinos. How often do you see asian people in films and on television for that matter . You see more on television than anywhere else, but it is that kind of world. It is what i call a Jennifer Lawrence world. It is something that you have to. Onstantly fight back against how did you overcome the stereotype . My middle name is perseverance. I think you have to be able to pick yourself up and do the proverbial dusting off and moving right ahead. I dont know what else to say. I actually can even do non hispanics now. Can you imagine that . I can play a russian, jewish, queens mother. It is still not easy for a lot of people. In many actor interviews that i see on television, they say it is always about the work and there is a level of insecurity. They do one job and they say i hope that was good. I hope i get hired again. Is that what actors are about . It is a constant worry. Can you be in secure but then be onstage in front of a whole bunch of people . Thats our secret. We are all very insecure. Well, not all, but many of us are. I am certainly one of those. I will tell you this. I am not going to be insecure when i accept that astonishing award. I know exactly what i am going to say, and i have to say it in one minute. They forget i am puerto rican. Puerto ricans cannot say hello in one minute. I dont know how i am going to do this. Your fame has given you a platform. You have discussed a lot of issues in your lifetime. You were at the 1963 march on washington where Martin Luther king gave his i have a dream speech. I sat not six feet away from the man. I know a lot of issues are important to you including antihunger and antipoverty. Talk about the platform of some one who is famous and how that might help other people. Foundation. Ave a im not sure i even want one. I need to go where the need is greatest now. For me, that is oakland, california. I live in berkeley. There is an enormous amount of hunger there. Only, as people would have you think, in dubai or somewhere in africa. It is happening right now in our country. People tend to either forget about that or would rather not think about it. It is my mission in life to remind everyone that it is right around the corner. . Is there more impetus now it seems like the discussion in washington now is about income inequality. That is something dr. King spoke about a 1963. He was so way ahead of his time. Is why a lot of people do not really understand what he was saying. I mean, we have such issues right now. We have Immigration Reform coming up. Someone who came from another country, is that if a forum if reform actually takes place, that it is not a watereddown version that people on the other side can call reform. To receiveet ready this award, a lot of people call you a trailblazer. When you were a little girl in the bronx, where your dreams that big . Could you even conceive of Something Like this . Who would have thunk . Truly. The first thing that comes into my head when i get something amazing like this, i go right back to puerto rico and i see that girl on the back cover of my book and i am absolutely astonished, amazed and thrilled. I am not blase about this. You really cannot wrap your hands around this, can you . It is hard. Go back to puerto rico and say look what happened to you. We have to mention that the award ceremony, Screen Actors Guild awards hum of the recipient, lifetime achievement, on at 8 00 and 10 00 eastern time on saturday. It is a pleasure to meet you. Great to meet you. You know, i have actually seen you. I have seen you, too. But that doesnt surprise me. Marino, thanks so much. Coming up, lindsey vonn discusses how her life changed after winning gold. The winter Olympic Games in russia are only 23 days away. Often this is the time when Young Athletes turn to veterans for guidance. Olympic Gold Medalist picabo street is eager to be heard. Here a bloomberg, she discussed the business of skiing, using the games as a platform for social change, and what she thinks is next for Gold Medalist lindsey vonn. With my colleague. How does life change after you win a gold medal . Your perspective of yourself can change a little bit. You believe in yourself more than you did before. Peoples perspectives of you change, and something proceeds you into the room. My reputation and mile and a cold metal preceding into the room. And my gold proceed me into the room. It adds a wow factor. It can add a disconnect if you allow it to. I have started traveling with it a lot. I take it with me and throw it not hopefuls. If you are an olympic hopeful, i will not let you touch it or wear it, its not the stanley cup. But the moms, i like to say hey, put this on your neck. Smile. S me lindsey vonn pulled out of the olympics. A lot of people are saying how can you do this . I am a ski racer. That iseen in a body broken. When you are broken, you cannot ask your body to keep you safe and 90 Miles Per Hour let alone perform. She made the inevitable right choice. She hurt herself in february of last year and did not have enough time to get all the way back. She was pushing the envelope all the way up until she made this decision. She is probably very relieved right now to have made this choice. She is sad, bombed, but she has time now to get her knee healed, get it operated on and fixed right. When she comes back, she will be dominant. What is missing the games going to mean for lindsey vonn in terms of endorsements and financial sponsorship . I dont think she has to worry about that. There will be some missed opportunities, but she already has obligations and honestly, it thinkingat she is about. She is going to be thinking about what she has to do to get back to what she loves doing, and that is ski racing. How big of a sport do you think it can be. Is there a commercial opportunity currently being missed out on . It is an interesting question. I think it depends on who is intrigued by it, who likes it, who wants to do it and who wants to make that kind of a partnership. I understand that skiing could be bigger than it is, but i also understand why it is not. If you look at the population of this country and who has skied and who hasnt, it is astronomically out of balance. I go to ski resorts and say you have to have a locals day and make everybody aware of it. It is an expensive sport, and one thing i want to do is encourage Corporate America to look at the u. S. Teams. The Olympic Committee is a not forprofit. We make it to the olympics on donor dollars and corporate partnerships. If you want to see more olympics and see athletes do better, put your money where your mouth is. You are the mother of four boys, almost as impressive as being a goldmedal athlete. Tell us how you have created an environment to encourage sportsmanship in your household. First and foremost is engaging in conversation with my kids and letting them know what is important to me and what should be important to them. Liberty Mutual Insurance group for as a spokesperson youth sports experience. Parents, coaches, kids are sending in their moments. Top 10 responsible picks moments and then we a winner. Many gay athletes are headed to a country that has been outspoken in its negative views toward homosexuality. How in your mind do you think the games can be used to overcome hateful views . They cannot be. We have tried in the past to make the games about something other than sport, and it has backfired. I dont think we should try again. The olympics are about sport. We dont need to use it as a platform for anything else . Do you think the Obama Administration was wrong to put two openly gay athletes on the delegation . Hard to say. Hard to say. We have seen the olympics transcend boundaries. Therefore, it is intriguing and inviting. But again, it has failed in the past and it will fail now. I dont think the olympics should be about anything other than athletes making their dreams come true. Thanks to my colleague olivia sterns. Mutuals topiberty 10 responsible sports moments of 2013, head to responsible sports. Com. Coming up, we look at the future of publishing. I will speak to the executive of a company that is helping millions of magazines transition to the digital world. Have you ever wanted to publish your own magazine . It might be easier than ever thanks to a Company Called issue. Some people say it is like youtube for publishers. Joining me now is the ceo. Interesting one because i was doing some of the research. Liken it to an ecosystem. Why . We allow magazines and newspapers to share their content and make it available on any device. Is that the benefit for publishers and readers . They are meeting online . We are connecting the audience to the content. Is not really available until we have people to read it. Have 80 million unique visitors each month reading the content. In terms of the ecosystem, i think about it as similar to youtube. Making content digital and quite hard. S youtube came along, and with one click, it was shareable. And then broadband came along and it was very easy to do that. Is it possible that consumers have used issue and havent even realized that . Yes, for two reasons. Publishers are actually embedding their content on facebook, on their own blogs, on their own sites. What issue is is the ability to. Ead the entire magazine from other it differ companies . It is one click, your content is now available anywhere you want to put it. Second, what we provide is a set of analytics and metrics so that publishers can understand who is reading it, how much time they are spending, and then consumers can very easily provide a stream of recommendations of additional content to be looking at an inspired by. But as you know, that opens it up to some criticism as well. Some of that has to do with copyright concerns. How do you deal with publications being anonymous when they sign up for the site . We make sure that people who they need to own the content themselves, and if they dont, we will take it down. Over 20,000 publications upload every single day. Ever think about an ipo . In this day and age, everyone thinks about an ipo. Focus end of the day, my is creating a company that inspires people, that creates content people care about. As we grow and expand our ability to connect, if we get to that point, we will look at it. Right now, i am just focused on getting it to people. You have worked at flickr. How did that prepare you for what you are doing now . I spent a good chunk of my career in content at one point or another. What i have learned about content, particularly communities consuming content, is that it is about making sure caring aboutd on people who do that content. Toare always looking at ways provide access to more interesting kinds of content. I have used a lot of that in terms of making sure that what we are doing is providing ways for readers to keep going deeper. Last year, issue opened offices in palo alto, california. Why Silicon Valley . Increasingly, we wanted to be in a place where we could take full advantage of technology advances. The other thing to remember is more and more publishers are folks like facebook, linkedin, yahoo . Bere is now an argument to made that the center of publishing is in Silicon Valley because of the people consuming on those platforms. Have to ask you about a comparison. Tech growth in Silicon Valley versus europe. What are you seeing . You know, its interesting. I think were breaking global boundaries. There are Great Companies being created all over the world and we now have the tools and bothilities to distribute those companies and the kinds of tools and services they are making available. If you think about us, we started in denmark by very quickly became a global company, well before i came onboard. We are seeing our biggest growth in the u. S. , brazil and mexico right now. More importantly than the specific location is the product youre making available in the way you connect with people. The ceo of issue joining us here in studio. Pleasure to meet you. Thank you. Before we go, i wanted to add another note on General Motors. We told you the automaker would pay a . 30 dividend share. Gm is also announcing that Chuck Stephens will be the next ceo, effective jaary 15. Is 56 minutes past the hour, time for on the markets, a look intraday,rds shows markets were led higher. Over oneas just percent. The Dow Jones Industrial average up 115 points today. For taking stock. Bloomberg west is next. Have a good night. Live from pier 3 in san francisco, welcome to the late edition of bloomberg west, where we cover the Global Technology and Media Companies that are reshaping our world. Im emily chang. Our focus is on innovation, technology, and the future of business. We are here all week long in new york with sam grobart. Today posh top story, we have been talking about it or hours. Been buying a company that makes digital thermostats. Not bad for a little