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people indicted on the charges of arrests. top officials reportedly took millions of dollars in bribes. erik: that could mean big trouble for some of the biggest rands in the world. sponsors include adidas, coca-cola, and visa. >> what is next for the embattled fifa president? the future of the global soccer federation is very much in doubt. good morning, welcome to the "bloomberg market day." ahead for a big hour you, we're looking at one of the biggest corruption scandals in the history of sports. 30 minutes from now loretta lynch will announce charges
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detailing a quarter century of wrongdoing in international stocker. officess raided fifa's and these people are alleged to have accepted tens of billions in bribes when choosing host cities and selling marketing rights. olivia: an incredible story that we will be covering throughout the hour, but u.s. equities are actually rising right now thanks to better than -- better than expecting -- better than expected earnings. we also want to show you what is happening to the dow, extending its rally this week after stronger economic data. goods tog from durable consumer prices coming in stronger than expected signals from the fed that a rate hike will indeed come this year. let's take you straight to the top stories at this hour. bailout talks with greece are going nowhere. greece will probably miss this
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week's deadline for deal with creditors. international officials told luber that greece is not close to reaching an agreement with the imf and european commission. they need more bailout funds so that they can repay their creditors the loan coming up next month. bank of america may wind up making more cuts in the trading business after the first order dropped 20% in the fourth quarter and today brian moynihan spoke at a conference hosted by steve bernstein and said there may have to be more cuts and expenses. environment stays as flat as it feels, we will have to keep looking at expense going down to one level on decent returns, working it down again for the next couple of years. a grim future indeed. moynihan said that involving -- resolving all the legal cases involving mortgages was the biggest accomplishment.
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olivia: mcdonald's mired in a sales slump, they will know best and will now no longer put up monthly sales figures. they will have same-store sales for june and then they will stop providing the data. u.s. sales have fallen for six straight quarters. tiffany's found a way to offset the impact of the stronger dollar. raise prices and introduce new products area first-quarter earnings beat analysts estimates. the strong dollar has reduced the value of their fees really get the bulk of the revenue. erik: regulators have clear the way for a huge takeover in the cigarette industry. they approved reynolds american's purchase of laura lark. reynolds will have to sell for brands, including winston and salem to the british tobacco company, imperial tobacco. rico has been sold. they publish the tech site "the verge." it was created last year by former wall street journal
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reporters and had built up a following on the journal that they had reported. the republican presidential field gets more crowded today, if you can believe it. rick santorum is set to announce he is running for the white house. he would be the seventh eclair republican candidate. cyber crooks have gone after the irs. but they did not have to hack into the system to do the damage. they use the website to steal information from 100,000 taxpayers and filed fake tax returns and got up to $15 million in refunds. officials say that they have removed the website function that allowed them access. the nhl eastern conference finals are headed to a winner take all showdown. scored threeor goals for the rangers friday
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night at madison square garden. those are your top stories. are you dying, eric? are you doing everything you can to get tickets? iivia: i really -- erik: really wanted to get tickets and i wanted to see the series go to a game seven. i was transfixed. the best goalie in hockey right now. just amazing. the big story today is not hockey, it fifa. bol, soccer, whatever you want to call it, the roundup in switzerland came as the u.s. justice department indicted 14 people on racketeering and wire launderingoney conspiracy charges. the spokesman says the federation is cooperating with authorities. , this is for fifa good.
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butfor image or reputation, in terms of cleaning out, in terms of the process, this is good. brendan has been covering the story all morning from brazil. for over a decade, he cowrote a recent cover story for bloomberg businessweek about the fifa president, sepp blatter , entitled "a league of his own." sepp blatter is due to be reelected. at least that was the expectation and assumption until today. friday they are holding elections on friday. do you have any sense from your contacts that fifa will postpone this event to give members time to digest what we've learned this morning? >> no. there is suggestion that the european camp, which has
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publicly opposed him and is supporting his opponent would like to perhaps table a motion to postpone the election because they think it's untenable to have an election under the circumstances, but the impression that i get from fifa is full steam ahead. he thinks he has the full support to be elected. it is not us, the media, the critics account, it is the 209 members who have been impervious to criticism in the past and he thinks he has the said or. we can feel scandalized, europeans can feel scandalized, but still that comes down to about 55 votes, all told. what do the rest of those votes 02 sepp blatter? ?- votes owe to sepp blatter
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at an you are looking organization that generates about $5 billion every four years from the world cup. much of that money is distributed in an unequal level to countries as disparate as guam, guadeloupe, germany and china. if you are a football official in some backwater getting more than $1 million to run a football federation, you have nothing to be upset about as far as the way they are concerned and that is the dynamic at play when we look at their direction. how do you explain to people how sepp blatter has managed to be teflon? this organization has been at the center of global scandals, outrageous accusations of bribery and even this morning he is not indicted. as they set earlier this morning, if you did not know if heit, he should go,
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did know about it, he should go. how is he teflon? tariq: it has to do with how fifa is structured and how sepp operates. he is one of the best political operators i've ever seen. geopolitically he knows the way the wind is blowing. he knows where to build alliances and cut people loose. he has honed those skills for 40 .ears at fifa when it comes to the organization it is one that everybody knows. everyone is aware of the world cup, but it's also very local, small, and inward looking. he has sought to build allies where he needs and has made sure that he would not be directly implicated in any of the wrongdoing that we have heard, bribery allegations over world the awarding of tv contracts, etc.. he may have been aware of this stuff and as he keeps saying, he does not choose his cabinet,
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they are handed to him. he says there are sport devils and we have to deal with those consequences. in spite of him, he is trying to be a transparent leader but he has been given these row and has always survived because no one has been able to lay a finger on him. fbi investigation from the has been going on for more than three years. you would imagine that the amount of evidence that they would have uncovered over that time and yet sepp blatter has not been fingered in the probe. speaking to the dexterity of the the imself >> the f looked into the central american, south american u.s. federations and their involvement in the possibility of kick ax. there is another parallel going on here to the swiss justice department, which is looking directly into fifa. they are moving that forward.
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what hope is there that that might bear fruit? isiq: the swiss one especially interesting and i will speculate, if you will allow me. this follows them handing a --sier compiled by mike are by michael garcia, the former u.s. state attorney into the voting process for the 2018 and 2022 world cup's. he quit saying that he was not treated well and that there was not enough evidence to suggest the vote should be run again. they passed this evidence to the swiss prosecutor's office, who is saying that there are suggestions of criminal involvement in criminal activity and how the bids behave. that was extremely interesting and perhaps in terms of the future and what most football fans will be concerned about where the world cup will be played, that could there a bigger resemblance to what we see in the united states.
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, we will leave it there. he couplers football -- he covers football for us brilliantly here at bloomberg. more coming from the press conference in brooklyn, and i want to hear if she says anything about sepp blatter. erik: let's not forget about brendan. he's been reading about fifa in german. brendan: that development money ,hat tariq was talking about that's $214 million per year. olivia: doesn't it make sense for a nonprofit to have $1.5 billion in cash reserves? brendan: they have investment income in their annual report. olivia: and they refuse to line itemize sepp blatter's salary. olivia: we have got to leave it erik: -- erik: we have got to
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leave it there -- erik: we have got to leave it there. more on the corruption scandal rocking the world of international soccer, fifa, can it ever recover? ♪
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good morning, welcome back to "market data go erik: let's take you -- market day." tok: let's take you over julie hyman. julie: airports showing big declines, take a look at the big session and how these are trading.
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jetblue, american airlines, all rebounding at least a little bit as i mentioned from big declines. take a look at the satellite bloomberg terminal year to date. a mye the terminal of screen. this piece here was january 26, that's when the airlines traded as a group at the highest and 2001. they really have been climbing over the past several years. they had capacity than had been helped recently by lower oil prices. since then we'd seen a steady decline and yesterday the index entered a bear market before the rebound as it declined at least 20%. so, he is feeling the pain. watching those declines i was reminded that there are a lot of high-profile hedge fund managers who speak to the airlines. appaloosa, he did exit his state in american airlines as of the latest filing but he still
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holds a substantial stake in delta, ual, and jetblue. owns alaska's firm air, which he also cut. leon cooperman, as well, he holds ual also. so, we will see if we see an adjustment whether or not they will hang tight. much,: thank you so julie. top stories this morning, in london ford is offering drivers a chance to share cars. one-way rides with guaranteed parking. i'd love to know how that works. it is their attempt to tap into the growing market for on demand driving. others, like bmw have been building programs at citibank to offer car rentals by the minute. once again burger king is number two. the chain be wendy's last year to regain their place as the second-biggest fast food chain in the u.s.. they added more menu items and focused on value.
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the results was sales rose while sales at wendy's fell. to put it in perspective, mcdonald's u.s. sales are four times more than either burger king or wendy's. it is a great time for the great white way. broadway shows broke attendance and box office records in the year that ended sunday. their top 40 theaters drew more than 13 million people and sold one point third -- $1.3 billion in tickets. the top-selling musical was the lion king. in less than 15 minutes we will be taking you live to a justice department news conference in brooklyn where loretto lynch will discuss her look into corruption at fifa. 14 people have been indicted on charges of racketeering and money laundering. in the moment we will be talking to the founder and ceo of reputation.com as we try to bring him up from skype.
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let's just go back to what we've learned. 14 indictments. weston remains. the big question, of course, is where sepp blatter, who was due to be reelected president this friday, that election is , shocking manybt americans and some europeans, but perhaps not so shocking to people elsewhere around the world. soccer is a global sport. despite the fact of them ,eing mired in this corruption global brands still want to sponsor the world cup regardless of, and maybe this is a question for michael, is fifa too big to fail? too attractive as a brand you want to get behind? no matter what happens you want to sponsor it? michael is with us now,
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the senior see eo and founder of reputation.com. you publicly called for sepp blatter's retirement last year on bloomberg. is he perhaps too big to fail? michael: there's only one thing that you can discuss when you look at monopolies like this. monopolies without accountability except to of broad and diffuse organization. it's without accountability almost entirely. one, it could be dissolved, which won't happen in this case. number two, the entire management could be overturned. looking at what's going on with the u.s. term pursuing the indictments, it seems that the racketeering and organized indictment squads, these guys go after the mobsters.
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they are building a case as close to the head as they can. they have already got he pleased that they are reporting and announcing on today. the closer that they get to sepp blatter, the closer he will have to get to resigning. it just smells terrible. erik: hang on a second. the problem here is that reputation does not seem to be enough. people have been casting aspersions on him and a cure -- accusing him and officials of corruption for years, and yet they remain in place, at least all of them did until today. is it going to take the money? adidas put out a statement this morning saying that they expect the highest conduct of ethics and compliance from their partners. a veiled threat that they might pull sponsorship, though they are not saying so.
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michael: it does confirm just how much reputation does not matter to these guys, but i think an indictment would move these guys. the closer it gets to being did knowt sepp blatter or should have known, the closer it gets to him being impossible to sustain what his current course and speed is. i suspect that they are going after the game and hunting big game with a big elephant gun. the racketeering market out of the u.s. justice department -- i'm not as persuaded about the swiss commitment to transparency , but i am fairly convinced of our own national interest -- perhaps because we care so little about the game as a country. i think that as they start to climb the totem pole 10 of the 23 executive members of fee for -- fifa are being questioned
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about the decision. 43% of the deciders are being questioned and interrogated formally about this decision-making process. if that turns out to be reworked or revisited, i think it will look even worse. indictments feel different when they come down. it's incredible that they have been impervious to this point. thank you, michael. incredible.lly is this organization, it's shameful, they frame the hopes of little children around the world but are so associated with corruption. coca-cola,t, adidas, they will always be right there with the world cup because it is too big of an opportunity. we will be taking you to the justice department news conference live at 10:30. stick with us live on bloomberg "market day."
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olivia: welcome back to the
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bloomberg "market day." attorneyiting on general loretta lynch on the unbelievable breaking news overnight the 14 people were indicted on charges of racketeering, wire fraud, money laundering, can there is sees and attending to a written -- enrich themselves through the corruption of international soccer. the west, championing the rule of law and the right to run a corruption free business and on the other -- in the other camp, the rest of the world where corruption and bribery are the way that is this gets done. to be: lots of questions answered. stay tuned. that press announcement is coming up. ♪
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olivia: good morning. welcome back to the "bloomberg market day." let's get straight to this
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morning's top headlines erie iraqi forces on the attack operations in the city of rome body. militants outnumber 10 to one from the city last week. shiite and sunni fighters are now joining in the counterattack . one militia group says they have already arrested hundreds of militants. a new plan calls for countries migrants to take in from africa and the middle east. up to 40,000 syrians and refugees who arrive in italy and greece will be moved to other countries, lasting only for two years. italy and greece have taken and the bulk of a new wave of you daft -- new wave of refugees. faculty and students may be allowed to carry concealed handguns on campus there. house approved the measure, lawmakers say that armed students could fight back in the event of a mass. the university of texas
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chancellor says that arming students could be dangerous. heading back to a familiar place, ron james, going back to the nba finals. the final score , this will be the fifth time that he has played in the final fifth. no nba player has done that in almost 50 years. golden state leads the series three games to one. those, folks, are your top headlines for the moment. back to the corruption scandal rocking the world of international soccer, we are waiting for the just department news conference officially announcing indictments against 14 people. in the meantime i want to bring , he has beeneeley following the scandals for years. what are you going to be
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listening or? brendan: first of all i want to understand better the cooperation between the swiss and the u.s., two separate investigations moving in parallel, how long have they been working together? the goes backence to 1991. the swiss investigation is more recent than based on a report put together by fee for and then buried -- by fifa and then buried. second, how far will they pull on thread to unravel the sweater? people have already gone states evidence with a new list of people who have been indicted. what will they get for them? or question you have been asking all morning is -- where does it think thata: does he loretta lynch will actually name sepp blatter? erik: i highly doubt it. if she were going to name him, he would have been indicted -- that's what i suspect.
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brendan: over the next 48 hours we will find out if he is in legal peril. or political peril. we don't know that either. our respondent in rio who has been following this longer than anybody, not his words, sepp blatter will survive the apocalypse. he will be fine. erik: let's bring in our expert, pat, in sports marketing and economics. we are waiting for some dominoes the fall. you might say that one of them already has. adidas issued a statement this morning to have already seen. "the adidas group is fully committed to creating a culture that promotes the highest standards of ethics and compliance and we expect the same from our partners." you have seen such statements before. how strong is that in light of what we heard in the case for lance armstrong or even tiger
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woods? does being very different from what we've heard from the justice department this morning, the allegations of wrongdoing at fifa. pat: certainly in the cases of armstrong and tiger there was an impact to be had on those companies dropping those athletes but in this case i will be very clear, if there is wrongdoing, there has to be another vote for russia and for qatar. i believe that sponsors could have a major role in that if coca-cola, adidas, if these huge sponsors stand up and say that this is wrong and we want a level playing field, that could open the door for 2022 and the world cup to come to the united states. hang on, youik: know the sponsors well, you have observe their behavior in the sporting world. hyundai, visa, you mentioned coca-cola. that thesee chances
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companies are going to do what you say? stand up and demand a revote we held on russia and qatar? pat: i think they will wait for due diligence to take its place, but again if the legal proceedings come back and they say yes, there was wrongdoing and malfeasance in awarding these two particular bids, qatar's especially looked fishy. and i know the u.s. was one of the losing bidders for that particular world cup, but at the end of the day it was very odd that that particular country would be awarded that world cup. they had to change the date. they just said they would hold it in the winter and media companies would have to deal with the competition.
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brendan: can adidas disentangle themselves from these actions? the country that created the created the they ability to pay for these 30 or 40 years ago. could they ever disentangle themselves from the corruption? possibleink it's unless they themselves are eventually brought into the case, which remains to be seen. obviously they are hoping that won't be true, but i do believe that they have the power -- this is the most popular sport in the world, these sponsors carry a lot of weight and in the coming days we will see these other sponsors come forward similar coca-cola.from visa, i think they have the power to make an impact if fifa is found guilty. erik: as brendan will knows, so does olivia, and certainly you,
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the allegations of money laundering and racketeering that have dogged fifa for years, why is it that these steadfast sponsors have not read the word of concern until now? i think to be fair coca-cola might have said something in the past, but no one has pulled out the rug from underneath fifa. pat: with all due respect, there were some efforts on the behalf of those corporations going back a couple of years ago where they did want an investigation. worse, the investigation that took place was somewhat swept under the rug as well. erik: the michael garcia investigation. olivia: it was a 400 page investigation of nowhere. olivia: -- erik: which they have yet to release publicly. is there any hope of reform father down? looking at south american and central american
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federations. is there any hope around the world that the federation and selves could be cleaned out? there are so many allegations and proven instances of her option at that level. that once --is just as cycling felt cleaner after that happened, i hope that this -- again, if they are found guilty to have been involved in corruption and extortion that they will clean up world soccer to the greater extent that it is now. you will never get rid of all of it. there's too much corruption out there. but i think will move the sport in the right direction. rendon: can it do that ever under sepp blatter? or do they need a new president? at: i certainly don't expect them to hold a new election this friday as was scheduled. my guess is that sepp blatter will not be retained as the -- she will fifa
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not be there much longer in light of the scandal. explain, neverq bet against sepp blatter. we should have the news conference up in just a couple of minutes. brendan: i do believe that the swiss move is interesting. looking at this 400 page report, voluntarily gave up, looking exactly at the 2018 and 2022 bids, in an unprecedented move those votes were held together. it enables both collusion. hasfact that sepp blatter done so much for switzerland. is very much about the vet -- ray open about the fact that they hide his home -- high salary, but he has done so much for switzerland and the fact
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with have decided that they have had enough. it really says that he has out state his welcome. olivia: brennan, thank you so much. we will be back with more on " market day." and on this shocking scandal. erik: it is not shocking. it is long overdue. olivia: see you in a minute. ♪
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welcome back. it is time to get you caught up on all the market action around the world. ,et's head out to ryan chilcote who joins us from london. ryan: let me give you the lay of the land here in europe. european equity markets are all
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green, as you can see. greece is up 3.5%. that is the same story in italy. the ftse is up, it is a good day for europe when it comes to equity. perhaps even more interesting is individual stocks when it comes to the airline industry. let me show you that there. iag, the biggest or per story of the day in the last 24 hours, iag learned from the government of ireland they could either stake in aer lingus, and irish airline. both companies benefiting on the acrobat news. companyay here, this has been punished by investors for losing out on the opportunity to buy a stake in time warner cable. ,oving onto commodities here currencies, the pound, interesting day, starting up with a lot of strength and a huge bound of dollar strength sending the pound down, and it
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was the same story for the euro up in there, but then the same story right, a huge bound sending it down from a preliminary word from one greek official saying that maybe something is in the works terms of the framework deal on the staff level. interesting in any case, helping the euro towards the end of the day. back to you, julie. julie: we are also looking at some of the large movers in the united states. tiffany is the best performer in the s&p 500. exceeding analyst estimates, even though it like many competitors had been hurt or the currency conversion, as well as by people from other countries perhaps spending less and north american stores. they have nonetheless been introducing new products and that tactic seems to have worked during the quarter. should mention that year-over-year profit declined. on the other side of the coin is
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worstl kors, one of the performers this year, dragging down competitors, fossil and coach, right along with it. the forecast is disappointing investors in terms of earnings-per-share, hurt i currency fluctuations. same-store sales in north america were down by 5.8 or, where analysts had been predicting again. -- down by 5.8%, where analysts at depicting again. erik: loretta lynch has begun in brooklyn on the allegations of corruption and money laundering at fifa. we will take you straight there. loretta lynch: beginning in 1991, the then president of two regional soccer confederations under fifa, one being the confederation of north, central, and caribbean football, which included the u.s., and the south american for all confederation,
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which represented organized soccer in south america, they used their position within their respective organizations to solicit ribes from sports marketers for rights to those tournaments. they did this over and over, year after year, tournament after tournament. for example, in 2016 in the united states [indiscernible] tournamentime that will be held in the city outside south america. our investigation revealed that what should have been an -- an expression of international sportsmanship was used as a vehicle in the broader scream -- broader scheme -- broader scheme to line the pockets of executives. nearly one third of the legitimate cost. that weinal activity
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have identified did not fully involve sports marketing. around 2004 the betting began for the opportunity to host the 2010 world cup. ultimately was awarded to south africa. the first time that tournament would be held on the african continent. even for this historic event, fifa executives corrupted the process by using bribes to influence the decision. thatndictment alleged corruption and bribery extended to the 2011 presidential fifa election and agreements involving sponsorships by a major u.s. sportswear company. individualsse engaged in bribery to decide who would televise games, where they would be held and who would run the organization overseeing organized soccer worldwide. one of the most pocket -- popular sports around the world. in many instances the defendants and their co-conspirators
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planned aspects of this long-running scheme during meetings held here in the united states. they use the banking and wire facilities of the u.s. to distribute their payments and planned to profit from the scheme in large part through promotional efforts directed at the growing u.s. market or soccer. in addition to the indictment we are also revealing today the charging instruments of four individual into corporate defendants who have already put guilty to their involvement in back at hearing activities and other criminal conduct. among these are u.s. sports marketing company, a brazilian sports marketing executive and a u.s. citizen who in addition to being the former general secretary of contra cast and a member of the fifa executive committee was a beneficiary of the 2010 world cup bribery scheme. these defendants have agreed to forfeit over 100 $50 million in illegal profits that they have made from these crimes.
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also announcing that agencies this morning have begun executing a search warrant at the headquarters in miami, florida. we have already reached out to their representatives this morning to ensure that the people of integrity that work there know that we stand ready to work with them to reform their practices in the wake of the actions we are taking today. earlier today the swiss authorities in zurich arrest seven of the defendants charged, including the current president. we are also in the process of seeking the apprehension of additional defendants. all of these defendants abused the u.s. financial system and violated u.s. law and intend to hold them accountable. going forward we welcome the opportunity to work with our partners around the world to work with additional co-conspirators to bring other corrupt individuals justice. today's action is a test of the
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tireless efforts of the prosecutors here in the eastern district of new york and in the field office of the fbi and irs criminal investigation division. i want to thank all of the agents, prosecutors and analysts who contributed their time and talent to this extensive investigation. i also want to recognize kelly of thisr the leadership u.s. attorney's office and i want to express my appreciation for the cooperation and assistance that we have received from our international partners. particularly the swiss authorities. the defendants arrested this morning's have a right to a fair and impartial extradition process and will receive a fair trial if brought to this country. tothis time i would like introduce the current u.s. attorney for the district of new york who will provide additional details on today's announcement.
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>> good morning. the 14 defendants in this indictment held a variety of roles in oath soccer organizations. the officials charged were responsible for developing and promoting international soccer and the marketing executives charged were hired to promote that sport. but what they did have in common was greed. to use anddrove them exploit their positions for cash. you can see here on two of the exhibits that we have that are part of your press packages today, the enterprise that is charged here. you can see fifa at the top and its confederate continental organizations underneath, including copy cast and the regional federations that are constituent members. as you know there are 209 national associations, including the united's eighth with other
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member nations. also part of the enterprise charged is the sports marketing companies. said, attorney general taken together these entities comprised an enterprise of folks who worked together for legitimate or pets, regulating and promoting international soccer. as listed in the indictment, these defendants with their co-conspirators corrupted the process and the enterprise. some of the officials charged today held many roles in these organizations. presidentbb is a vice and on the executive committee role on theholds a executive committee of the caribbean football union and president of the cayman islands for also see asian, part of the national federation of the association. rolesis position in these
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-- of trust -- erik: that news conference is being held right now in brooklyn. prosecutors led by loretta lynch, announcing an indictment in charges against 14 individuals, including senior ,fficials within fifa international soccer's governing body. captivating the world's attention this morning because, as you know, soccer, or football as some people prefer to call it, is the world's most popular sport. ovia: i want to bring our guests, brendan and pat back with us. what is your reaction? brendan: two things jumped out at me. one of them was that among the irregularities that they found were in the 2011 presidential fee for election. she did not say anything about , but he got three
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quarters of the votes in that election. interestingly she said she was looking for an additional co-conspirator working with partners around the world. we already know they're working closely this with -- swiss authorities and it will be interesting to see if there are other investigations in other areas. so far they have focused on central and south america. erik: the dollar figure that is being used by loretta rain -- loretta lynch in ill-gotten concerns only for individuals. or at least two or three companies, if i'm not mistaken, and one u.s. individual, $150 million. olivia: that's a lot of money to get a act. pat: i will reiterate what i said earlier, the corporations that back world cup, sony, visa,
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mcdonald's, coca-cola, they need to bear pressure on them to reform. i also want to see was going to happen at the 2010 world cup bidding. if it was influenced as mentioned in the press report, i want to know what happened in 2018 and 2022. i think that those need to be reopened if there was malfeasance. loretta lynch referred specifically to american sports marketing firms. she did not name them. do you know which firms she is referring to? and even if you do not, what kind of conduct is she alleging might have taken place? pat: i don't know who she is referring to. that is going to be a huge piece of news in the coming weeks and investigation goes forward. again, it simply that this is sport,ld's most popular
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so obviously sports marketing executives and administrators want to have their brand aligned with the biggest in the world and i would argue that the world cup is bigger than the olympics in terms of the significance that it holds. olivia: pat, we will have to leave it there. thank you also to brendan. and thank you, erik, for joining me. a passion fore global football, as do i. see you tomorrow. much more on "market day," moving on from the fifa scandal, looks like a recovery in retail? we will break down tiffany's, michael cores, and many more. stay with us. ♪
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olivia: good morning, it is 11:00 a.m. here in new york, and 4 p.m. in london. erik: welcome to the bloomberg market day.
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the losingy be on side of a new price war. record profits. olivia: left, it's been years since a truly devastating hurricane on the coast. when will the luck run out? erik: and the business of leather, as in, shoelaces. we will introduce you to a 150-year-old company selling tens of millions of shoelaces to some of the biggest shoe manufacturers in the world. ♪ olivia: good morning, i'm olivia sterns. mm: and i'm pimm fox.

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