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tv   Squawk Alley  CNBC  May 27, 2014 11:00am-12:01pm EDT

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joining us this morning john steinberg, kayla tausche. guy, hope you had good long weekend. what a week it's going to be with this conference in california. >> i'm so bummed i'm not going to be there. i'll have to be remote. >> it's going to end up right here on this program, a lot of it. apple meets the jetsons, according the ft, the giant renovating a new software programs that would turn the new phone into a lights and securities and other appliances. and a broader push into home automation. according to the ft taking on a bunch of players who've already gotten start odd this mission. >> and honeywell has a wifi connected thermostat as well. so everybody is going into that layer. i think software and ease of use
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wlb what differentiates it. you have mobile desk top, car, home. that he has are the four battle grounds. >> the direction google is going is by buying the hardware and seeking to connect it that way. apple is apparently by a software platform. do you think our appliances need to get smarter before something like that works? >> it you would think apple goes into the hardware and google into the software. i think google is trying to build prototypes of what can be done with embedded android demos. and apple has shown what apple is do. it's really a question of where each needs to be able to develop in order to be able to compete. >> does this involve opposition? >> apple one doesn't. there is a whole usable by apple line of products where on head phones and things of that nature. where people can say it can works with ios so now hardware
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acquisitiones on the horizon. >> head phones, where would they get oi inform those. >> and it does bring into to mind beats. >> i think ultimately apple had bought nest. it was a natural transition to do. and i feel like beats is a little bit of a let down that. merger has still not been confo confirmed and there is so much discussion about it now. the request e is hindering the ability to happen with all the rumor and the speculation going around. >> things were assume but not in concrete. >> and you will have a lot of the heavy hitters at this conference. it will be interesting to see what if anything they can make move on this. >> google is thinking about the buying drop cam. a collective camera start up. to moving into nest that makes
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senator thermostats and smoke alarms. we talked to drop cam ceo and we asked if he saw himself an collision course with google and nest. >> when i comes to google nestky definitely see them wanting to get into our space and them waning to get into our space. we think cameras are the one of the most complicated things in the home so we have a good head start. >> that smirk makes a lot of the sense now. the smirk an on his face. >> if he agreed to be ever sold to google. it was a natural question to ask and you have wonder at this point maybe a deal already in the works. >> and this is the drop cam. 130 bucks. you put them anywhere in your house. you are able to stream video, check for kids. look for thieves all that kind of stuff.
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it makes sense that google has do that. people don't think about google right now as a company like this. them making this acquisition, showing it works great with android. gives a whole other realm of hardware people to use android in their systems like this. >> how do you keep your kids from not disabling this. >> there are no buttons. or you just put them high up more something like. >> it brings jokes about people hacking thermostats and my garage door opener on its own and that kind of thing. >> yep. >> are you more bull issish on home as an eco system or the car? >> i would do mobile, desk top, car and home. what places do people need their environment uberized. in the home there is a lot of things you can do relatively conveniently with a desk top. so it's not as important as the car. apple announced car play before
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this home initiative so they have the same ranking. >> also stuff do while you are not in your home. maybe at the office or in your car. >> i never found that compelling like i need to turn on the lights before i get home or turn i don't quite buy that. >> what concerns me is ultimate lie google is a company that mines information about its users and uses that to turn around and sell advertising. are we worried they should start collecting information from inside our homes? >> the google log in is the -- i think people are much more comfortable locking in with google identity than say their itunes or even facebook. so there are significant securiticious. but i think the google log in is the strength for them getting into this stuff. >> google is already keeping its eye on you. what could it potentially pull off with the help of a drop cam?
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tweet us and we'll get your responses later in the show. in the meantime a new story on spotfy. >> a word from spotfy's blog saying they have been hacked but to a limited basis. only one user's data has been accessed. did not include password or payment information. nonetheless they are launching an investigation. apparently people who access it on android and those users are going to be directed to download on update which also means they would have to down download their whole play list. but this online music service confirming it's been the victim of some unauthorized access to its systems. particularly those who use it on android. >> dow is up 81 now. a slow and steady climb this morning. nasdaq in rally mode too.
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highest interim in nearly two months and being led by some of the old familiar momentum names. look at priceline, tesla, expedia. facebook. and month to day i was looking back at the best performers, netflix is number two. the beginning of may you would have been hard pressed to find people willing to make that bet. >> but a lot of the recovery between the end of the april and where we are now. as steep slides starting the beginning of march. nasdaq is still 125 pint points from its all time closing high. >> and we'll see. it could have have wide ranging effects on companies that aren't even public. >> alibaba is going to pull a lot of funds out of the existing. i assume that will have a negative impact on some of these names. >> markets will be front and center for most of the day on a day like today. in the meantime it is a big
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we're here. live at codes conference starting tomorrow morning. and the guest list. look at this. ceos of twitter, dropbox, blackberry, and we'll give you updates on the keynotes. you mentioned had beats executives. all expected to speak. and i think they have a night cap event. just for night cap. because you need that at the end of a long day. >> absolutely. >> and karen swift and the wall, looks like a lot of the socializing going on as well. >> and right here tomorrow. don't miss that. later on on squawk alley the future of the internet from one of the people who designed the front page. alexis o han will join us. and talk about why a lot of start-ups are moving to the big apple.
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are you look phenotype a job of the zep pas. and the reverend jackson on his message to apple, facebook google and twitter. you are watching squawk alley. ♪ [ bell ringing, applause ] five tech stocks with more than a 10%... change in after-market trading. ♪ all the tech stocks with a market cap... of at least 50 billion... are up on the day. 12 low-volume stocks... breaking into 52-week highs. six upcoming earnings plays... that recently gapped up. [ male announcer ] now the world is your trading floor. get real-time market scanning wherever you are with the mobile trader app. from td ameritrade. with the mobile trader app. ♪ ♪fame, makes a man with take things over♪ app. ♪fame, lets him loose, hard to swallow♪ ♪fame, puts you there where things are hollow♪
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check out what's happening with refr bed technology. seeking a meeting with the board of directors. said the results of last thursday's annual meeting sent a clear message to stop entrenching and engage. and the company rejected their offer earlier this year. that stock currently up about 1%. back over to you carl. >> thanks a lot. our next guest placed ads around the d.c. area urging citizens to call the fcc and save the internet. on the heels of this action we're joined by alexis ohannia. great to have you back. >> great to be here. >> it is a call to action to the fcc. >> it is indeed. and this is crowd funded. i got people all over the
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country to chip in and get these billboards up. and now the is time for action. top firms all writing letters to chairman wheeler. and we hope we can get the internet classified as the utility we all know it to be. >> so his attempts to calm the critics at this house hearing last week not enough for you. >> no. he's talking the talk but he hasn't been walking it. the proposal on the 706 does not do enough to explicitly stop any kinds of the stratification of the internet. fast lanes and slow lanes. what makes it work, what made it possible for me to start a stau start-up from my dorm room was that all bits were traded equally and it was a level playing field and wae want to keep it that way. >> most people think about reddit as that conversation site as a message board. but they tweeted that approximately approximately 45 years of video are launched every single week.
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what is behavior do to follow that? how does the company respond. >> it's frightening. i don't want to even think about it. the so much of the internet usage is based on how quickly that site loads. so you can imagine a world now when certain large company, well funded ones are able to get priority over upstarts. and, you know, i look at a perfect example like netflix. i'm a shareholder but i want someone to build a better netflix. i want someone to come to me and say i skr a better idea and i want her to be able to win because it is better. because he's competing in a free and open market not because her traffic comes more slowly. >> how would you debunk the other side of the argument. which is theetz cable countries are increasingly using the amount of channels. and broad band is the only
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product they sell and they need to make money on a meters basis. what would your argument be against that. >> well these companies have been tremendously profitable thus far. and this isn't going to end that. you ask every american how much their land line means versus the internet connection. the former is a utility. the ladder one should be. >> say your fears are well founded. that you are operating in an environment that is two tiered let's say. and you are back in that dorm. how would it have been different? >> it could have been very well been the fact -- for instance, you have only a handful of the isps. the market could have decided you know the ones with the biggest dollars get the priority access. everyone else is going to be slower. reddit has nor traffic than the "new york times" or if those companies had forged
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partnerships we would have had a much smaller percentage of the market to go after. >> so cut back on user engagement or eventually funding or all of the above. >> it would have cut back on the potential traffic or even growth. it could have even stymied us from getting the firns round of the funding. and i'm looking at the companies that want to be the next netflix or the youtube. and now this becomes part of the calculus. they don't want their first income to go towards lobbying comcast to get from better priority, say. >> with when e-commerce came along you got expressed shipping if you wanted to pay extra. if you wanted an amazon prime and free shipping for entire year you are going to have to pay for it. and that's how the model evol d evolved. nobody was calling that unfair at the time. do you think that is a fair comparison? >> i don't. all of those happen in meet
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space. theres there is a physical person who has o get that package on a plane and there is a lot of the cost there. ones and zeros doesn't require that. the economics, the technology means that we're talking about something that just doesn't apply. >> isn't there a difference in markets that have competition. isn't it different there than many a monopoly market? >> think you ask the average new yorker how they feel about choices of broad band and they are probably not too thrilled. it's actually kind of the striking these companies have the such lucrative profits and yet their approval ratings are probably lower than concentration. right now the discourse is don't worry, trust us. i can't even trust them to send their cable guy on time. i don't trust them to so much more. >> you're talking to cable employees but we'll leave that for another day. >> did you hear back from the fcc? duly noted? >> what we saw was professor
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wheeler actually came out. there were actually protests camped out. professor wheeler and two other members actually came out and spoke with them. i think the fact that we have sort of title to compromise on the table now is result of the americans whether they are investors or entrepreneursh or citizens calling up and saying this is important. and. and literally dorm room start you were others happening get to compete on a level of multibillion dollar corporations. it would make those ones and zeros, all those bits be treated equally. which is what i think each and every one of us wants. >> we'll talk about the start-up scene here sh silicon valley. >> and one that started in the late' 90 but now is worhundreds
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million os of the dollars. alibaba. the ceos of the both nyfc and the nasdaq were both in hong dock pitching for this. it could end up being the biggest tech offering ever. we're seeing the competition between the exchanges certainly heating up. of course last week we had the ipo of jd showing them hey we can run one of these deals without a hitch. that is going to be an important comparison to draw to what the nyse did for twitter and apples to apples. we'll see which ends up getting it we should hear in july. >> let the battle begin. >> absolutely. >> like game of thrones. trial by combat.
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and zap poe. and interesting social skills. patterns of exclusion remain the order of the day. that the's the jesse jackson problem. and he's here to explain exactly what he means later. [ male announcer ] this is the age of knowing what you're made of.
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that is the new social network insider zappos. the online retailer has decided it will no longer post job openings. saying they are a lousy jumping off point for meaningful relationships. zappos has already proven itself to be unorthodox. they pay new employees to quit. and they have eliminated all job titles. you have given this the spin. >> no. but i have visited the campus.
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and sometimes it strikes me as the forced family fun. this idea is just too out of the box. in my opinion. >> also funny because when you are promoting someone internally you have to post that publicly for a certain number of days legally so you are seen as given a fair shot to people from the outside. i'm wondering if this is even legal. >> one of the board members said to me you can do whatever you want with the. having a social network to that you go on to to sew your zappos flare is not exactly in my .the best way. >> i'm sure we'll have influx of the invitations awaiting their response. >> simon hobbs here to countdown our close of the markets here. >> as we look at this map of the europe. it's worth bearing in mind this is the field of play now for so many american ceos. a record level of activity going
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into europe from america as people try to take advantage of the big cash piles they have overseas, or alternative to evade or avoid u.s. taxes in the future. the one going in the new direction is the new owner tft new york city stock exchange ice. i just want to take you over to paris to the french parliament. where within the hour the ceo of general electric will be given information about his attempt to take over the acquisition of austin. tomorrow he'll meet the president of france again as he attempts to push forward with that deal. also pfizer fails with the astrazeneca and bows out for another six months. the biggest winner was the intercontinental hotels.
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inbrands might be taken over. it's reported they have rejected a $10 billion offer from someone in the states. would it be starwood capital the reports aren't sure. and it's been a huge weekend with elections to the european parliament. 750 seats. the heads of state of the european union are currently meeting or will be meeting in brussels to consider now what they do with the rise of the far right notably in france and also in greece. but there is of course a silver lining within all. notably in italy the young prime minister came back over the weekend with 40% of the vote there. so a resounding vote of confidence for the current sitting italian president. for yoo ter stoear the stock ma 13%. back you do. >> here's what's happening with
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hillshire brands. pilgrims pride in this three way food fight, if you will. hillshire responded but the proposal by pilgrims pride "we continuously believe in the potential provided by the proposed transaction with pinnacle foods. consistent with it's fiduciary duties and consultation with independent financial board and legal advisers they will thoroughly review the pilgrims pride poem. hillhire try tried to buy -- this is the latest. they will thoroughly e vauvalua the transaction proposed by the pilgrims pride. >> forget silgen valley.
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silicon alley has all the connection. why a lot of the start-ups are moving to the big apple. and google considering buying drop cam. google is already keeping its eye on you. what could it potentially pull off with the help of the drop cam. tweet us at squawk alley and we'll get your responses later this hour. in today's market, a lot can happen in a second. with fidelity's guaranteed one-second trade execution, we route your order to up to 75 market centers to look for the best possible price, maybe even better than you expected. it's all part of our goal to execute your trade in one second. i'm derrick chan of fidelity investments. our one-second trade execution is one more innovative reason serious investors are choosing fidelity. call or click to open your fidelity account today.
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that's crazy, his boss said. leaving the firm? moving across the world? to join a start up. so he sent money and rented an apartment in a new land. that's crazy, his boss said. what fun is life if you're not,he said. in over 700 cities worldwide, products and services that make a citi client anywhere a citi client everywhere.
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welcome back. the co-founder of the reddit joins us once again. we talked about net neutrality. and you wanted to also comment about what happens out east versus west. >> ten years it wago it was a v different scene. and combine the growth and investment going in here. and the median apartment rate in san francisco is now higher than new york. so the big knock was it's always so expensive. it's actually cheaper to be here now. >> in the flat iron district. they said since they got their
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office space about six years ago, per square foot it's tripled. sites still not cheap to be here. and i'm wondering if you think it's harder for some of the smaller start-ups to hack it here. >> it's still cheaper than the bay which is still very expensive. and these early companies are probably working out of an apartment or many coworker spaces here. they are looking at also quality of life. and when you tell a 20 something just out of college that they are going to spend all their time working. the little bit of the time they have can be spent in new york city or in the suburbs of the new york city so i'm seeing that quality of life now that the talent and everything is here being that which pushes people over. >> your top picks. >> i'm not even going to mention a portfolio company. i'm very intrigued to see where
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buzz feed is going. you may have more insight than the rest of us. >> give us two. >> well in terms of trajectories, i think there are some sleepers. bart box is one they like. this is a company that doesn't spend a lot of time sitting in front of cameras. it's head down creating these. and it's interesting because where so many companies attempted to find this subscription model, they found it and apparently just killing it. so if you are a dog owner, take note. >> you are a the brooklyn guy? >> yes. i'm thinking of the emcee, amplify. a lot of the. >> kick starter. >> are what are the pros and cons of the being in brooklyn versus manhattan. >> i'm really biased. one you are going to be closer to an actual pro basketball team that makes it to the playoffs. i just got a lot of hate tweets from in nix fans.
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but also it's a cheaper cost of the living. and frankly brooklyn is a neighborhood still on its way. you are getting a broader range of the people. bumping into such a range of artists and musicians. that certainly goes in the city. >> what about the labor pool itself. cost of living is one thing. but but you have to find the engineer that is going to help your company be a success. >> there is no shortage already moving to the city. graduating from top schools. and let's let's look what's happening a roosevelt island. a huge boom when that affiliate opens up. >> cornell. >> yes. turning out top talent and there is this legitimacy that the new york tech scene has that a recent graduate, even from stanford is looking for where to start the next ten years, new york is part of the conversation now. >> when talk it can public investors about the volume of traffic you see from facebook and twitter, mobile versus desk top, what are those major trends you are seeing. >> mobile is certainly rising.
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reddit still get it is a majority of the traffic from the web. some could be on us for how le optimized. and red it start ip is a way to link to other sites. a user not unlike the hashtag. created a kind of the self post. which gave birth to ask me anything interviews. >> is that a lesson for twitters. should twitter be doing more of that for engagement. >> our users did that. so it was not really a top down thing. and i think the biggest knock on twitter now is just the that the conversations are so e fell ral. it's just this dell yuj. it's good at dispatching conversations quickly but. >> we all knee very minimal amount about a bunch of topics
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and everything is too long didn't read. >> tldr, yeah. >> do you think link linkedin. >> i'm skeptical that people will wake up and be like oh i got to check out to see what's going on. that's a big difference to become more of a content destinati destination. but it is certainly in their best interest. >> we hope you'll come back. thanks for your insight. facebook, ebay, hp, google. he's been at their shareholder mien meetings calling for workplace diversity and now he's going to make his case right here. first rick, what are you watching today? >> we're going to do a bit of
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the central bank planning. not going to deal in the same strategy as the current central banks they are turning into the plumbers and it is a problem, why because the water pressure is low. i don't care how creative they are with the pipes it is not going to help. so when we come back we're going to give a potential future fed activity how they could really help the economy after the break. we can come back tomorrrow. and we promise to keep it that way. csx. how tomorrow moves. what a day. can't wait til tomorrow.
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kming up at the top of the hour, 1900 and counting with the s&p at an al time how. what should your next move be? we're going to ask mario gabelli. plus are bonds in a bubble that's about to blow up? that and much more straight ahead on the half. we'll see you in about 20, carl. >> sounds good. thanks. more controversy as start-up wrap genius co-founder has been fired from the annotation service after posting comments that were widely considered tastily on the memoirs of t os and he was fired after pressures from the company's investors
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including ben horowitz. accused of reprinting thousands of song lyrics without rp paying royalties and rap genius also for manipulating its search rankings. >> we have the red curve tape out. here is the issue. everybody now is trying to figure out if the fed really thinks that at some point in 2015 they are going to start raising rates, my question is where are they going to pack the basis points? here is the yield curve. and even though it looks steep it's pretty flat. and many thought that the long end rates would rise. why? as long rates rise you make room on the short end for the eventual rising of the overnight rate. so currently at 25 basis points
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but that is not really where it's trading. say the fed is going to come closes to that historic arch average for fed funds. say 3% they want to raise it to. they have to pack 300 basis points in here somewhere. if they put it in now they are basically going to inevert the curve. so historically the fed is late to a strengthening economy and they ultimately need to raise rates. so the long end shoots up. and then it gives them room to back in the basis points. but i don't stheem packing it in. so if the john taylor says we're supposed to overnight somewhere between 1 and 1 and 1/4% there is room for that here. what does it doo to the curve it makes it superflat. and hethat's what i'm calling f on the yield curve.
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central banks are plumbers. i think of that old three stooges where they are in the shower with all the pipes around them and no matter what do they can't fix it because there is a problem with the origination of the water. and it is similar worldwide. here is the bank of japan trying to figure out what its next act is going to be. and certainly the quantitative easing, stimulus, everything they have done have given them a bit of the inflation and helped a bit. but it wore off. if you take pain relieverreliev only work so long and b, the amount they work becomes less and less over time. ultimately they should stop all forms of the qe and raise rates to the taylor rule and let the yield curve work it out. but that's not what we're reading. we're reading the balance sheets are now the new tool they are going to use forever.
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so once again still in crisis mode and using their bag of the tricks in a much more aggressive fashion even though it doesn't seem to have made a huge difference thus far. >> when we come back this morning the reverend jesse jackson is calling out the tech industry for it's diversity problem. >> silicon valley and the tech industry have dropliplomated yon solve the most challenging complex problems in the whole world. >> is the tech industry doing enough?
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? that corporate trial by fire when every slacker gets his due. and yet, there's someone around the office who hasn't had a performance review in a while. someone whose poor performance is slowing down the entire organization. i'm looking at you phone company dsl. check your speed. see how fast your internet can be. switch now and add voice and tv for $34.90. comcast business built for business.
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>> google like facebook, twitter, google, apple, in silicon and companies have zero african americans and latinos. this is not sustainable. would urge google and the rest of the silicon valley and the tech industry to transform their leadership team, workforce and business patterns to depends on the talent and customers. >> he made an appearance at
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facebooks last week. pushing tech giants to release data about their diversity. particularly the lack of minorities at the executive level. joining us exclusive this morning. reverend. good to have you with us. >> good to be with you sir. >> you sent some letters to the big guys earlier this year. now you are showing up at the meetings. what are you pushing for snrveg. >> i want to end the opportunity inequality. these very visible companies are the fastest growing business in america in the world today have exclusive patterns relative to boards and c sweuites and employment. and we think thesh they should be reflection of the consumer base. >> so it really is a c suite
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story. the percentage of college graduates with an engineering degree or math degree who are minorities is obviously low. but that is not where you're going. >> well we were at the meeting the other day with mr. zuckerberg and the owner of the board members. no one is an engineer. only on the engineer was the founder. so we want or the partners. not just confront. we're meeting at the rainbow convention june 28-july 2. some officials from silicon with training engineers and. we have found that an african american kid coming out of stanford and a white coming out of the stanford the black kid is like lily to go home. the white to silicon valley.
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these patterns of exclusion are unsustainable and they must end. >> this issue has come up time and time again. it came up when facebook was going public that it lacked diversity, specifically at the board level. the end has been around for a long time. but i'm wondering what how are you expecting them to get there? >> well, there can be pipelines of development, just as there are pipe lines for the h1b worke workers, they bring workers in. lobbying to get more h1b workers in. it's not the same intensity of recruiting young african-american as say the hb1 workers. we fwhknow there is no talent deficit. google, for example, agreed to make public their eeo1 report.
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on the other hand, they don't want to make their eeo1 report, they're embarrassed by the numbers. that should not exist. these companies fight hard to bring in foreign guest workers. they work hard to get tax breaks and government contracts. there is some obligation under the laws of affirmative action and equal opportunity for all americans. >> it's not the first industry that you've put your sights on, reverend. i wonder, thinking back to the banks 15, 20 years ago is there an industry that responded in a way you'd like to see the tech industry respond? >> we spent a lot more time at the automotive industry, for example, the dealers on the 200 african-americans, about 300 latino americans for a long time blacks and latinos were denied access to dealerships and to supplier contracts. we went to japan just last month to meet with nissan, honda and
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toyota. honda has 1,300 dealerships, 1,100, 500 african-americans. this is a one-way trade. this huge trade deficit, we trade with them, they don't trade with us. that pattern of one-way trade must end. >> i ran into you at a meeting for citi group, we discussed the lack of diversity at that company and you were dissatisfied with some of their operations in low-income communities. i wonder to what extent you think this is a problem across all corporate america? it would seem from your activities even this year it is not localized in tech? >> it's not localized. as a matter of fact, we spend more time in the media focusing on politicians, politicians, than we do on the corporate sector of our government. the banks are engaged in lending and subprime lending and private mortgage investment schemes and they went down. we bailed the banks out.
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not linked to lending reinvestment. as a result they are washing capital where people's homes are driven out in poverty. we bailed out the banks. we don't bail out the victims. even a mistake might have been made by bailing out banks and not consumer, but the people are paying for the mistakes. going into the department of justice $25 billion in fines for wrongdoing but not a single criminal charge. that is rather inconsistent. >> in technology, reverend, you're dealing with companies that have seen a lot of contributions from china americans, indian-americans. to see google respond the way they have, releasing some workforce information, are you willing to give the industry a little credit and perhaps more than you would another industry? >> i think they are grossly behind. there is no -- i mean, the chairman of the board of
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microsoft, thompson, from symantec, a brilliant man, a graduate from a&m university, we're going to convene at our convention in june, june 30th. leaders from morgan state and hampton and howard and a & t and spellman and morehouse and florida and convene with the trained engineers and besides engineers, the issue of -- no blacks, latinos involved in a transaction. at every level they do business, professional services, advertising agencies, the whole range, we must be a part of the growth of america. we are americans. we deserve to be there. >> reverend jackson, appreciate your time. certainly making a slash out west. we'll keep an eye on your efforts. thank you very much. joining us from los angeles. meantime google considering buying dropcam, that connected camera start-up.
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our "squawk on the tweet" keeping its eye on you. what cop it pull off with the help ofcam? tweet us. your answers next. dow's up 62 points. oh my god! look. you need to see this. show 'em the curve. ♪ do you know what this means? the greater the curvature, the bigger the difference. [sci-fi tractor beam sound] ...sucked me right in... it's beautiful. gotta admit one thing... ...can't beat the view. ♪ introducing the world's first curved ultra high definition television from samsung.
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dan hasn't gotten me into tesla yet. can't wait to try one. >> would you try a google self-driving car? >> no. i have to drive. that's why i cut it off. right there. you know? it could be electric, but i have to drive it. >> that was indy 500 winner ryan hunter-reay on futuristic car technology. yeah to electric cars, nay to self-driving cars. the largest employer in california, auto. employing more than 600 people in the state. the figure expected to be added to by the end of 2016. >> doubling down where they enjoy doing business. >> the acceleration in that car is spectacular. it's a thing on a roller coaster. >> instant torque. no doubt. headlines out of pimco. a former executive before retiring in 2010 is rejoining
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pimco as -- this time serving on the invest committee taking on a newly created role at pimco's chief economist. sort of dates back to a different time when we had pimco and paul on a lot to talk about a much different investing environment. >> he had a great reputation. clearly pimco is still doing damage control and interesting to see what role he takes on. >> let's get to "squawk on the tweet." google considering buying dropcam, a ect canned camera start-up bringing us to this morning's "squawk on the tweet." google is already keeping its eye on you. what could it pull off with the help of a cam? no more stealing cookies from the cookie jar. help wanted ads to monitor users the via dropcam. and including other privacy questions from earlier. >> hallway view they'll do with it. navigate any of your friends' hallways before going over to their house. >> this was started to keep a neighborhood dog from using the
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restroom on the founder's lawn. you could probably still definitely use it for that. >> that's right. and dow hanging on to a 64-point gain. we'll see where it leads this afternoon. a look at markets now. scott wapner will take us through the "halftime." >> best in a month, carl. a lot of people friday left for an early holiday weekend here and missed the fact above 1,900 on the s&p for a close for the first time ever. >> yeah and europe had a good day yesterday while we were on vacation. we're playing catch-up, too. >> we are. a good day to do did. have a great rest of the day. welcome into the "halftime show." the playbook, whether fixed income is fixing for a blowup. what you need to know right now. that's right. rick realiieder with us later o. giving traders in our year-long contest and why he's sitting on so much cash. let's meet today's starting lineup. steph, pete, josh and joe at the desk. and we begin with markets.


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