Transcripts For FBC After The Bell 20161031 : comparemela.co

FBC After The Bell October 31, 2016

Plus the head of dnc, in the middle of another debate cheating scandal. What todays batch of wikileaks now revealed. Donald trump barnstorming through michigan this hour. Election just eight stays away. Polls are tightening. David very exciting. Back to the market. Dow ending in the red for the Third Straight month is longest losing streak in five years. Fox business contributor is watching action in oil and gold from cme. And Ashley Webster on floor of new york stock exchange. Ashley before we get to anything else, you have breaking news on valeant. Go ahead. Seen stock price tumble down 12 1 2 . Word of a report from bloomberg that says u. S. Prosecutors, now focusing on Valeant Pharmaceuticals exceo, and excfo. J Michael Pierson and exceo howard schiller. They are looking into potential accounting fraud charges related to the Canadian Company hidden ties, it gets confusing but to ties to a Specialty Pharma Company that valeant secretly controlled. In other words were they funneling results through that company . That is what u. S. Prosecutors reportedly want to know. Down 12. 3 . Hitting lowest level of july of 10. That is six years ago, more than six years ago. Certainly having impact on the stock. Very quickly, as this is halloween the last day of october, wanted to bring you very quickly, the dow winners this month, if we have time. Goldman, up 10 . Bilge winner today. And also boeing up 8 1 2 . Losers, other side of verizon and intel. This is the third down month, for the dow in a row. We havent done that, havent had that long of a losing streak in five years. So, rather bit of a thud down here, on halloween. A bit spooky. Melissa especially for valeant. Oil getting hammered nearly 4 . What happened there . Basically a lot of concerns about opec credibility. I know youre shocked to hear that. Meeting in algiers this weekend turned out to be a big flop. It is really opecs fault. They were raising expectations they might be able to seal a deal to come out with specific numbers on a production cut, with opec and nonopec countries. They couldnt do it, iraq was mainly a stumbling block. They were trying to convince opec they were pumping a lot more oil than they wanted to get credit for. We saw gold go up, a little bit of fear on scary holiday trading day. Phil, thank you. Melissa thank you. Thank you. David wall street seeing a stripping of megamergers 25 million bid for baker hughes. Centurylinks 34 billion bid for level 3 communications. A small part of a historic october, which has seen over 300 billion worth of big business deals. Lido isle advisors and James Freeman of the wall street journal. Jason what im thinking, people in wall street are believing that eventually rates are going to go up. It will not be as cheap to borrow money. Get it while you can, right . Exactly. Cost cutting is the order of the day, and you took the words right now of my mouth. This is sign, i dont know if this is the best sign for the stock market, because i completelyp am in agreement to you, more Interest Rate sign Interest Rates are going up. Companies are nervous about a rising u. S. Dollar. Theyre finding everywhere way to cut their costs. David james not all the deals are going through. Regulators are cutting a lot of deals, huge deal breaker costs as well. Billions and billions of dollars worth. Dealmaking has been one big bright spot in the obama economy. Being a deal maker lawyer has been tremendous. Combination of slow growth. You dont want to invest your business, cant get ways to get more customers but you have cheap credit. David all we need, more rich lawyers, right . That is the story. In this economy who is benefiting, basically a lot of 1 ers who rang transactions. You love to see Growth Opportunities for companies, even with a decent gdp report Business Investment is not very is good. One thing you can count on mergers where you fire people. David gotcha. Melissa . Melissa homestretch much october has been kind to the stock market. Recent opening of fbi investigation into hillarys emails is seeing best returns for the year averaging a positive 1. 7 . James freeman, i will ask you, you remember we yeply this, scary drops in october. You see the rebound in the last five days, usually this stretch were seeing right here, were not getting it . Partly what you expect. Weve heard quite a bit given Donald Trumps very negative comments on trade obviously. That is a big negative for growth. We have heard a lot about how markets kind of expect and want clinton victory. But when you look at the reaction to this news over the last fourdays basically, its, its kind of a shrug of the shoulders. Maybe not the rally that you might hope for this time of year, but i dont think markets really fear a clinton loss. Melissa see, i think, jason, in the short term markets like certainty, they like Hillary Clinton because she is bought and paid for. They know what she is getting. She has done the speeches, says one thing to one group. Says what they want to hear. They feel like they count on her. You look at donald trump, it is scarier, it is unknown. He talks about redoing trade deals but in the long run you have to think he is better for growth . I think he is better for growth mainly because of his trade plans. He wants to reduce our own deficit, that makes sense, generally speaking, doing is a typically harder than saying. I also think, that james is saying markets dont fear a clinton loss. That is blatantly not true. Markets are very afraid of clinton loss short term. Melissa short term. My crystal ball tells me this, and this is the not call that rocked the world. The markets will go down 2 very, very soon. Investors should go to u. S. Dollar cash right now. Melissa interesting. David may be a time to buy. Billionaire investor peter thiel spoke earlier why he is backing donald trump and why regulations are killing Small Businesses. Take a listen. Sometimes big business even likes regulation because it knocks out the Small Businesses that might compete. David james, i think he makes a terrific point here, that sometimes the big businesses like the regulations because it squeezes the small guys and theyre not competition anymore, right . Why doesnt trump push this appointment on the campaign trail . He should. Obviously we see that on wall street. I think Lloyd Blankfein and Goldman Sachs and others specifically referred to the fact that the Silver Lining of all this doddfrank stuff is that barriers to entry are now very high. It is very expensive to compete in that business, and in other businesses, that have high regulation. David jason, fits perfectly into trumps lingo of you know the system is rigged in favor of the big guy. Little guy doesnt have a chance . Yeah. I mean, listen, i like peter. I like what he stands for generally speaking. He obviously has been a tremendous innovator. I think, gosh, its complex, right . Trump has this whole side of the Economic Policy which you can easily argue makes sense but peter thiel is a little bit delusional saying that we shouldnt believe everything trump says literally. He actually doesnt want to build a wall. I think that is kind of nonsense, even on a tangent very quick, james. I think main point of the speech, look, all the other voters and i dont endorse everything trump is saying. Were saying that washingtons leadership has failed. David james, jason, great to see you both guys. Thank you very much. Melissa . Melissa flood of illegal aliens pouring across the Mexican Border before the next president takes office whoever that might. Arizona congressman trent franks will tell just how bad the situation has become in his state. David really underreported story. Well get to that in a moment. There are eight days left until the election. The polls are tightening donald trump hoping to win over michigan voters. He is barnstorming through the state today. Holding another rally this hour. Melissa fbi director james comey taking heat for how he broke the clinton email news. Is he unfairly influencing the election as some are saying . Former members of the Justice Department and the fbi will weigh in. I have to give the fbi credit. That was so bad what happened originally. And it took guts for director comey to make the move that he made in light of the kind of opposition he had where theyre trying to protect her from criminal prosecution. At old dominion, we ship everything you can imagine. And everything we ship has something in common. Whether its expedited overnight. Or shipped around the globe,. Its handled by od employees who know that delivering freight. Means delivering promises. Od. Helping the world keep promises. Seconds can mean the difference between life and death. For partners in health, time is life. We have 18,000 people around the world. The microsoft cloud helps our entire staff stay connected and Work Together in real time to help those that need it. The ability to collaborate changes how we work. What we do together changes how we live. David we got it, folks. Late october pure prize came. Director comb may said they found emails pertinent to the clinton email investigation. Charlie gasparino, they have not looked at the emails to, just te met at that data, right . Right. Just the metadata i put a interesting timeline how we got Hillary Clinton being exonerated in july by james comey or retention and use of private email server, whether he broke the law or not based on evidence at hand, which essentially is reopening of the an investigation. And it began with Anthony Weiner. Here is what is interesting about it. We know what came out with Anthony Weiner. Follow the timeline. It basically started when i believe in august Anthony Weiner was supposed in a british tap lloyd for sexting a 15yearold girl in north carolina. That is state, which becomes is a federal issue over state. They investigate it right up front. They find there is legitimate cause for concern there. By the way the child abuse aspect of the department of the new York City Police department began the investigation. They find there is a legitimate complainant in the woman. That is when they handed the case over to the fbi and it became a joint case between the fbi and the new York City Police department into Anthony Wieners sexting, whether that violated federal laws or new york city laws. Remember, nypd has essentially jurisdiction over the five boroughs, not in north carolina. And it was within that context when the fbi investigators began looking at his devices which he apparently voluntarily turned over. They saw the emails in question coming to or going out of his estranged wifes email account which was on his laptop, and that as you know huma abedin, close associate of Hillary Clinton. Remember this began with the new York City Police department, an investigation into, you know, potential, i guess child abuse is the best way to put it. David yeah. He was sexting an under age girl. Thats when they found the girl was in north carolina. That they had to bring in the fbi. Thats when they got the emails in question. So, if you look at the timeline, david, i guess you and i can both conclude that if we ever thought that Anthony Weiner would have impact on the election, people would think we have needles sticking out of our arms. David thats right. This is where it goes. David that is incredible. Quickly. He is facing severe charges here. If he, if this investigation does lead to allegations and thats where we get the notion from david if he preying on underage women he should be put away a long time. This is is the allegation. It is tricky. A lot of Law Enforcement people think he will flip. David great stuff, charlie. I didnt know it started with new York City Police force. Great stuff. Appreciate it. Melissa . Melissa did fbi director james comey do the right thing . We have a former u. S. Deputy attorney general. You were part of the group that signed a letter saying you didnt think they did the right thing, you say he didnt do the right thing. You call it comeys mistaken request for transparency. How so . In our system of prosecution there is unwritten but very widely understood rule that prosecutors and investigators investigate, gather evidence and they decide if they have a case, that they can prove beyond a reasonable doubt, and if so they take it to the grand jury and bring charges. The other part of the rule that is very important to all of our rights is that if they arent ready to prove a case, the answer is, we are not going to file any charges and prosecutor then closes his or her mouth. Melissa okay. That is the uniform practice, okay . Melissa one question that is what happened in july. Melissa without question but when you go back and look at james comeys testimony when he was taken before congress and he was asked directly, what happens if you find new and compelling evidence in this case, will you reopen it . , will you let us know . He said yes. Melissa they played back the tape. It seemed like, if he didnt do that, he would face charges himself, since he swore under oath because if he found new evidence he would immediately Alert Congress . The. The problem goes back to the initial conversation that carried long after the announcement of no prosecution was made. It is also a problem to be found in any statement that would put him in a position of being, in some sense, at least in his mind dutybound to announce a shred of evidence or piece of evidence or laptop with unknown material on it comes in they want to look at. It is not within the power of the prosecutors in this country to hold forth publicly about Bad Information they have learned about people when theyre not ready to file a prosecution. If you imagine what melissa i totally hear what youre saying. I dont want to run out of time. I agree with your point. Okay. Melissa since he did it that way the first time around, didnt he need to, given maybe that was mistake, he already did it. In some sense he had to come out and correct the record since that is the way he handled it the first time around . I heard, i heard some but not all of his testimony. At least the first couple times he answered the question he said that he couldnt say for sure whether he would reopen an investigation and you would have, if he got new information, and that he would have to look at it to try to figure it out. Now if in fact he said, you may be right, im not contradicting you, if in fact he said to congress that he would tell them if he to the got anymore information, whether it was significance or not, he made a mistakes. He should have said as prosecutor were not allowed to issue public reports on the state of our investigations. Melissa boy. The net result of it here, if you put yourself in the position of a citizen who is not running for president , and you imagine that there is going to be a running commentary on an investigation when the government doesnt have the goods to file a case against you, you can imagine what a tremendous abuse of government power that is. Melissa no, definitely a fair point. Here not just unfairness to the subject of the investigation, to Hillary Clinton, it is unfair to the whole country. Because what weve now got is complete case of uncertainty about what are the facts and what consequence should they be given and nobody knows. That is why these things are not made public. That is why transparency in the status of an investigation is wrong. Melissa donald, thank you. I wish we had more time. Thanks for coming on. Interesting stuff. We appreciate your time. David . David fridays bombshell would not have been possible if it werent for the new york fbi investigating the Anthony Wiener case. Is there a disconnect between what happens in the washington and what happens in the field . Here is bill gavin, former new york fbi assistant director. You must be proud of your guys in new york, they did a really good, heroic job discovering some of these connections but, bill, wall street journal had a lead piece, detailed piece, fbi is in intern feud between Hillary Clinton probe between the political or remember ended fbi and the guys out in the field . David, i dont think, i think the word feud is a very strong word. The, i know from operational experience what goes on in new york in particularly in a matter like this is totally, daily, hourly, shared with washington, d. C. , because the supervisors there, the people in charge there, want to make sure we get a uniform product. And to think that there is some kind of a big rift. Was there some disagreement to what the director might have done back in july, certainly there was. But not to the point of insurrection. David one of the points of disagreement apparently had to do with the Clinton Foundation. A lot of agents were finding stuff revealing to them when they were investigating first the Clinton Emails and perhaps even the Anthony Wiener investigation but they were begged off by the folks in washington. That is something where the field agents wanted to go deeper and washington didnt. Well, i can assure you, that the investigation concerning the foundation is not a dead investigation. That is going to continue to go on. If there is something there, they will ferret that out and do so. David that is interesting, bill. Do you know that from talking to agents or what . I will say i have a good suspicion that is exactly what is going on

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