the settlement the ftc entered into excused mr. zuckerberg, and all other executives at facebook from any liability, and i didn't think the investigation that we did justified that excuse. i didn't think we had a basis to say they should have no liability. at a minimum, i would have liked to see some transparency, some testimony, some documents in court that gave us better insight into whether liability was appropriate. emily: are you concerned facebook won't learn its lesson? do you think facebook will simply slide back to its original state of play, and given that there are no structural changes to the business model here, things would just go back to the way they were? rebecca: yeah, fundamentally, that is my concern. i think that is why it is important for the ftc to use the tools and resources it has, limited as those may be, to fight as hard as they can to change the behavior of companies breaking the law, and teach them a lesson that it is not worth doing it again in the future, and they can't simply pay a fine to make it go

and the ftc does a lot of of coppa.t the senate hearing overlooks that this is an area where the ftc is very active, that, public education, and changes to the rule can i think sensitize a lot of sites to the fact that they may be have certain portions of their site which are targeted to children. this is an opportunity in this new world where there has been a lot of evolution and guidance from the commission over the past 10 years that could go into the rule. >> about 10 years ago we did a panel in london, and we agreed that coppa had become this kind of global standard, that the europeans had adopted it and similarly in asia. but now we are seeing in gdpr that it is coming back at us. there are new regulatory regimes, particularly in europe, which we will now have to pay attention. what other international trends --you see, publicly and positively and negatively impact? >> this is an area, speaking as someone who co-heads a global privacy practice with lawyers in 40 countries who follow it, this is an area were different countries look at this differently. we have a first amendment

with the ftc -- what the ftc did is let the company continue and have an excuse to do things that are anti-competitive. us -- charlotte, talk to would you agree with sarah? charlotte: that is a major concern, something i hoped the ftc would do is have requirements. that is a form of data sharing but it allows competition so it is important. sally, at what point do you think the ftc would say, ok. this is a company that needs to be broken up, whether facebook or joe simon spoke to amazon in particular and the issue around third-party sellers? sally: it takes years of investigation the foreign enforcer is going to break up a company. think as i said it may be after the 2020 election to we could have a different decision maker making the ultimate decision. the concerns that he voiced about amazon are important. it is not allowed to enforce rules that it said it was not going to do in terms of low pricing on its third-party sellers in a different way. as someone who worked at the ftc, how concerning is the amazon issue in your mind? charlotte: the ftc wants to make sure competition is hap

ftc will be looking for. emily: plea former chief security officer at facebook had a pretty striking tweet -- the former chief security officer at facebook. he said he could not believe facebook did not pay more for this. >> he means that basically, this is a valuable asset that facebook is no longer allowed to share, so it's good for facebook to have this rule in place. the facebook of five or seven years ago, the one that resulted in cambridge analytica, that is no longer how facebook works today. in his current world, facebook third-partynts the apps or quizzes. it wants to keep what it has built mostly for itself. emily: you just came out with a fascinating piece yesterday about how facebook contractors are listening to audio of users talking over facebook messenger, and yet, today, the story about facebook only getting stronger. i'm wondering, why don't these bad news stories seem to hurt facebook more than they do? >> i think the reason why the bad news stories don't hurt facebook is because the enforce

we're going to take a deep dive into the ftc probe of facebook next. and bloomberg tech is live streaming on twitter. be sure to follow our global breaking news network tictoc on twitter. this is bloomberg. ♪ ♪ back to the "best of bloomberg technology." i am emily chang. we continue to follow washington targeting big tech on antitrust. the chair of the federal trade commission is weighing in. in an interview with bloomberg joe simon said his agency is , ready to get down and dirty of -- if necessary. if you have to, you do it, not ideal because it is very messy, but if you have to, you have to. remember that the sec is currently investigating facebook including its acquisitions in an antitrust probe. that is one of the big tech companies being targeted by the trump administration. to discuss in washington, charlotte joined us. before that, she was part of the ftc's anti-competitive practices committee. in new york we have sally hubbard from the open market institute. before that she served as an assistant attorney general in the antitrust bureau o

we're going to take a deep dive into the ftc probe of facebook next. and bloomberg tech is live streaming on twitter. be sure to follow our global breaking news network tictoc on twitter. this is bloomberg. ♪ - that moment you walk in the office and people are wearing the same gear, you feel a sense of connectiveness and belonging right away. our shirts from custom ink help bring us together. - [announcer] custom ink has hundreds of products to help you look and feel like a team. get started today at customink.com ♪ emily: welcome back to "the best of bloomberg technology." i'm emily chang. e're trying tow follow, washington targeting big tech on trust. in an interview with bloomberg, joe simons said his agency is ready to get down and dirty if necessary. if you have to, you have to. -- you do it. it's not ideal because it's necessary, but if you have to, you have to. remember, the ftc is investigating facebook, including its acquisitions in an antitrust probe. that is just one of the big tech companies being targeted by the trump administration. b

that is the type of thing the ftc will be looking for. ftcy: in response to the penalty on facebook, the former chief security officer at facebook had a pretty striking tweet, saying -- i can't believe facebook did not pay for more if the ftc ordered amazon to help consumers make money. bezos would leap across the checkwith a $10 billion and a massive grin. sarah: this is a valuable asset facebook is no longer able to share so it is good to have this rule in place. facebook of five or seven years ago that resulted in cambridge analytica, that is no longer how it works. and gamesy quizzes that operate on facebook, that used to be necessary to bring in more users but facebook no longer wants that. they want to keep their entire network for itself. emily: you just came out with a fascinating piece about how facebook contractors are listening to audio of users talking over facebook messenger and today, the story about facebook only getting stronger. why don't these bad news stories hurt facebook more? sally: i think the reason why the bad new

we're going to take a deep dive into the ftc probe of facebook next. and bloomberg tech is live streaming on twitter. be sure to follow our global breaking news network tictoc on twitter. this is bloomberg. ♪ from the couldn't be prouders to the wait did we just win-ners. everyone uses their phone differently. that's why xfinity mobile let's you design your own data. now you can share it between lines. mix with unlimited, and switch it up at anytime so you only pay for what you need. it's a different kind of wireless network designed to save you money. save up to $400 a year on your wireless bill. plus get $250 back when you pre-order a new samsung note. click, call or visit a store today. emily: welcome back to "bloomberg technology", i am emily chang. we continue to follow washington on antitrust. the chair of the federal trade commission is weighing in. joe simon said his agency is ready to get down and dirty of necessary. if you have to, you do it, not ideal because it's messy, but if you have to, you have to. the sec is currently investigating f

the settlement the ftc entered into excused mr. zuckerberg, and all other executives at facebook from any liability, and i didn't think the investigation that we did justified that excuse. i didn't think we had a basis to say they should have no liability. at a minimum, i would have liked to see some transparency, some testimony, some documents in court that gave us better insight into whether liability was appropriate. emily: are you concerned facebook won't learn its lesson? do you think facebook will simply slide back to its original state of play, and given that there are no structural changes to the business model here, things would just go back to the way they were? rebecca: yeah, fundamentally, that is my concern. i think that is why it is important for the ftc to use the tools and resources it has, limited as those may be, to fight as hard as they can to change the behavior of companies breaking the law, and teach them a lesson that it is not worth doing it again in the future, and they can't simply pay a fine to make it go

could the ftc do this by rule? ? whatever the agency is? >> the ftc doesn't have rulemaking authority except i think they could probably do something but they haven't really used that authority much. >> i'm just thinking about how you can make this a reality. >> absolutely. we can focus on the apps but i think they could work in conjunction with our devices as well. and if we really want these tech companies to step up i think that needs to be part of the equation as well. i know that my time is expiring. i will leave it there. i know we've got some other questions. i do think this is an area we could delve a little deeper into. there needs to be creative solutions coming from all angles and not one of just apps and the different programs that exist out there on the internet. but also finding ways that we can use our devices as a screening mechanism to protect our children, too. thank you very much to our panelists. thank you mr. chair. >> senator kennedy. >> >> mr. mckenna, if you were buying a phone today for your 14-year-old, and you wan

we're going to take a deep dive into the ftc probe of facebook next. and bloomberg tech is live streaming on twitter. be sure to follow our global breaking news network tictoc on twitter. this is bloomberg. ♪ at comcast, we didn't build the nation's largest gig-speed network just to make businesses run faster. we built it to help them go beyond. because beyond risk... welcome to the neighborhood, guys. there is reward. ♪ ♪ beyond work and life... who else could he be? there is the moment. beyond technology... there is human ingenuity. ♪ ♪ every day, comcast business is helping businesses go beyond the expected, to do the extraordinary. take your business beyond. kailey: welcome back to "bloomberg best." -- technology, i am emily chang. we continue to follow washington on antitrust. the chair of the federal trade commission is weighing in. joe simon said his agency is ready to get down and dirty of necessary. if you have to, you do it, not ideal because it's messy, but if you have to, you have to. the sec is currently investigating facebook. t

the settlement the ftc entered into excused mr. zuckerberg, and all other executives at facebook, from any liability. and i did not think the investigation we did justify that excuse. i did not think we have a basis to say no liabilities. at a minimum, i would have liked to see some transparency, some testimony, some documents in insightt gave us better -- and that gave us better insight. concerned you facebook won't learn his lesson? -- it's lesson? given that there are no structural changes, things will just go back to the way they were? >> fundamentally, that is my concern. i think that is why it is important for the ftc to use the resources they have, limited as those may be, to fight to change the behavior of companies that are breaking the law and teach them the lesson that it is not worth doing again. in the meantime, the ftc has opened an antitrust investigation into facebook. about thatu tell us investigation, or at the very least, your position on whether facebook is too big? tellfortunately, i cannot you anything about t

what exactly do we know about the ftc's lines of inquiry here? kurt: so they are going to be looking at all of the acquisitions facebook has made or at least some of them. there is many. there was dozens. we only know some of the big ones. of course, instagram, whatsapp. many other smaller acquisitions. what we are starting to here is they will be reaching out to people who were involved in those deals to try to get a sense for did facebook make these purchases, these acquisitions for the right reasons? and right now, that is really kind of a new element that has come up in the last couple hours. emily: facebook as you mentioned, they have acquired 90 companies over the last 15 years. the ftc's report of the concern about facebook's attempt to thwart the competition or buy companies that would threatened facebook's own app. i don't understand. isn't a company buying another company one of the primary reasons companies do that? because they will be competition, right? ashkan: right. so the ftc, as you know, launched in june this technology task fo

do you share the level of criticism for the ftc or what more could the ftc do in this case? >> i think particularly in the kids privacy space the jury is still out. as everybody knows in this room there is a case pending about youtube and whether they violated and what the fine is going to be and what the new obligations from going to be placed on google. that agreement has not been released and has not yet been announced so i think what they do and that particular case will be indicative of the position they are taking on how serious they are in enforcing coppa. i do want to say. we will see what they do. >> i'm sure you talk about senator markey zone proposals which "politico" mention three of them this morning. tell us in twiddling descriptions. >> three different bills, the trifecta bills if you appeared the first one is a coppa 2.0 bill which he is produced on a bipartisan basis with the republican senator from missouri what that bill would do in short is to be consistent with both california and gpr would create -- >> is that the larger acronym? >> yes arra data protec

a number of members have written letters to the ftc and the companies. atlso urge congress to look what new legislation might be helpful in addressing some of these, not only pitfalls, but new issues coming up with facial recognition, artificial intelligence, and other new technologies. thank you. i welcome any questions. morning. chairman graham, senator blumenthal, members of the committee, thank you for allowing us this opportunity to speak today. i can't think of a more noble cause than the safety and protection of our children. the safety and protection of the children. i began protect young eyes five he internet cause t is complex and diligent parents ital verwhelmed by dig choices their children are facing. through thousands of hours of research and dozens. digital examining trends we've witnessed the wonderful potential and troubling darkness that exists in the pockets of millions of young people today. today, we'll hear difficult stories, i wish they uncommon. instagram was at the number one site for grooming, finding young girls can be hunted l

we've reached out to both facebook and the ftc they have no comment back to you. >> this is separate from the matter they settled over privacy a couple of weeks ago and takes it off in a different direction. >> exactly yes, so we reported a couple of months ago that the ftc was looking into whether they would be investigating facebook from an antitrust perspective they split up the investigation so the ftc was in charge of the ante trust examination of facebook then facebook disclosed last week when they settled that $5 billion fine, they also billion they disclosed the ftc was, in fact, investigating antitrust, potential antitrust violations, at the company so that's when we learned there was an antitrust work under way on behalf of the ftc this is totally separate from the $5 billion settlement that is about consumer and privacy this is about antitrust. >> thank you very much, julia boorstin >>> retail stocks hit on the iccod f these tariff headlines whh ulbe most at risk? we will dig in on that one next. (lively music) - [student] my degree from snhu has helped me tremendously. th

i thought the justice department and ftc had divided us up. now the justices say they are looking at all of them. seems to be an unseemly turf battle going on between the two. when i was there years ago, there were many sharp elbows, but it was done behind the scenes. at the end of the day, it is very bad for the agencies, capitol hill will not stand for it if they have investigations from two different agencies. it is expensive for the companies, and it doesn't look good. we don't know if anything has been done wrong at all, antitrust issues, but it is interesting in the earnings call, the cfo of facebook specifically said we may have targeting.th our ad what is the possible issue that either justice or the ftc could be looking into with ad targeting? jennifer: some of that was in response to add in regulation. first facing the general data protection regulation, which put some limitations on what they can do with data. now they are looking at a $5 billion fine and conduct measures that were instituted with the ftc with respect to violating a

. >> we just saw this recent whole kerfuffle with an ftc program around ethical treatment of animals. how do you balance that there is kind of a growing feeling that we shouldn't use real for. that we don't need to use goose down and we need to be careful about how the geese are treated clear andsaging is has always been transparent. our sources and practices are traceable and ethical and always in compliance with ethics standards. this recent issue with the ftc was grossly exaggerated in the media and peta and organizations like that used it as they do to build false narratives around that story. to set the facts straight in regards to that, the ftc never asked -- no changes of theirs were mandated. the facts are that our sources and practices have only gotten stronger over time. anything to the contrary is not true. reiss, ceot was dani of canada goose. shery: we are seeing the 10 year yield now falling to today's lows and below that 1.5% level. this would be at the lowest level since july of 2016. we continue to see this pressure on yields despite positive economic data earlier tod

so the ftc is punishing a version of facebook that no longer exists. jason: it is such a provocative idea. i loved reading this story because it turned it on its head. it made me think about this in a whole different way. you go back to the cambridge analytica story, which is part of the reason we are even talking about this. >> right. in cambridge analytica, there was a developer who used a tool to gather information on theions of people, not just people who used the quiz but their friends, and sold that data to cambridge analytica this , political consultancy. it worked for conservative campaigns including trump. that was an uproar, but that happened before 2015. the fact that facebook knew about it and did not do anything about it -- that is a big problem. but we will continue to see leaks like that from the past. these breaches of user data that will come back to haunt facebook. but the facebook of today, the facebook of the future, is not the same company. so when regulators think about how to fix the current problem of this company with tremendou

you've got the ftc investigating facebook specifically over antitrust. you have state attorneys general looking into big tech as well, and facebook decides to unveil libra. do you think they made a major miscalculation in trying to do this now? alastair: i think they have to do it. if they didn't do it now, somebody else would do it. i think the scale of their ambition is very high. they can't control some of those timings, but what has gone on in the privacy world, some of what the device manufacturers and browsers have done to control bid on ads, and some of the legislative things in europe and now in the u.s. and california, they have to. i think we are seeing a shift from the tradition of the last 10 years, selling access to people for ads. it is a dramatic change for these big tech players, especially facebook. if they don't move into this area, the revenue streams will go away. emily: when the eu says they are worried about anti-competitive behavior as it pertains to cryptocurrency, what are they worried about sense libra doesn't exist? sarah: they

emily: what is the ftc looking at with the ads to children? mark: for google shareholders, it is probably the best outcome. there is a report that complainants said youtube should move everything to the kids app, designed for kids under 13. the ftc commissioner said what if we just don't run ads on youtube videos aimed at kids? it seems like they are able to run ads, but not targeted, not using consumer digital data. emily: how much could that dent youtube? mark: we don't know. an analyst said, he estimated about 10% of youtube's kids arguably0 million, less than 10% of overall youtube sales. there are other estimates that say the kids media is a much bigger slice of pie. emily: bloombergs mark bergen. we still don't know where that ftc settlement actually landed, right? mark: the expectation is a record fine. probably north of $100 million. probably something google could shake off. emily: thank you so much. coming up, as global trade tensions escalate, some investors have found shelter in cryptocurrency, but is bitcoin really the safe haven

. >> and breaking up is hard to do the chairman of the ftc weighing in on how to separate facebook the dow and s&p in the midst of a three session win streak, moving closer to erasing all of the losses from wednesday's big sell-off with stocks set for modest open, does this signal a pause in the volatility jim what do you think about that question >> i think that that's probably wrong. i don't see a pause because at what point today do we start hearing about jackson hole and what powell is going to say and what the president is going to charge we're still dealing with a rosy hangover from the weekend talk shows where people really are buying into what larry kudlow said and it is interesting, but home depot's comments are very much like what larry kudlow said. that things are a little better than people realize. there is no recession. this is pretty good. i feel like when i hear those things, it makes me think of is the hawks on the fed are going to be gunning for no more rate cuts which obviously is not what this market wants there is -- there are hawks on there who say are we kidding

hill and with the ftc and international regulators and they have signaled that this whole project could cost a lot more than they had anticipated. because of the scrutiny they are receiving and the extra steps they may have to take to ensure the project is safe and sound. host: if facebook itself is part of the initiative, does it get more say because they are the founders? guest: right now, yes. until they decide to pass off the baton, facebook is driving the bus and is able to shape and fashion this libra ecosystem in a way that suits its interests. i assume they will negotiate with those on board with $10 million for how they shape out the margins of that system. once they go live, facebook has memberst each of the 27 and ultimately 100 members will have an equal say. even when they invest more money, the amount of say for each of those members will be capped. if one always query member builds more infrastructure -- each of these members have this investment opportunity where they can build different apps, one could argue that facebook could build a whatsapp,using through its messeng

so the ftc is punishing a version of facebook that no longer exists. jason: it is such a provocative idea. i love this story because it turned me -- it turned it on its head. you go back to the cambridge analytical story, part of the reason we are even talking about this. >> right. the cambridge analytical, there who used a tool to gather information on millions of people and solve the this-- sold that data to political consultancy. , but thatn uproar happened before 2015. the fact that facebook knew about it and did not do anything, that is a problem. but we will continue to see leaks like that from the past. these breaches of user data that will come back to haunt facebook. but the facebook of today, the facebook of the future, is not the same company. so when regulators think about how to fix the current problem of this company with tremendous power over our society and information we get, that facebook is not the one sharing data with third parties. it is not the one relying on people to make personality quizzes. in fact, it is just trying to becom

when the ftc comes and tells them you cannot share that data with anybody else, well great. facebook loves that. they are big enough now that they do not really need to rely on other companies building other kinds of products sharing their data with those in order to grow their network. fore used to be a reason facebook to share data with all of the developers of games for facebook and quizzes and all the things you remember from the facebook of five or six years ago. now the company is big enough that it does not need to rely on the ftc isk and punishing a version of facebook that no longer exists. a provocative idea and i loved reading this story because it turned it on its head and made me think about it in a different way. you go back to the cambridge analytical story, which -- a story, which is part of what we are talking about this. sarah: there was an outside developer who used it will together information on millions of people, not just people who used the quiz but their friends and sold that data to cambridge analytica. that was an uproar but that 2015.ed back befor

so now, the ftc is encouraging people to choose free credit monitoring instead of cash. we asked the ftc how itlculed t get a we'll be watching to see if congress asks that same question. here is the warning part. websites are popping up that promise to get you a cut of that equifax money, but they're a fraud. likely designed to trick you and steal your info. there's only one place to go online to check if you're part of the settlement. it's equifaxbreachs equifaxbreachsettlement.com. fair warning they need your last name and last six digit of your social security number to check your eligibility. we added a link to that site at nbcbayarea.com/responds. while you're there, let us know if you encounter any online scams. >> chris chmura looking out for us. >>> coming up on "today in the bay," a check of your monday morning forecast. >> i think i'd like for equifax to raise my credit score up. >> how come that never works we started on this monday morning, we have some low 60s as you head out the door in to a nicer ai. we'll talk about what's ahead for the rest of the week,

>> we talked and that ftc chair about this issue. the ftc is feel like in their best interest, but as i reported, there's nothing that's going to change fundamentally it occurs.ay they have new oversight on the board and maybe you people looking at privacy issues, but the way products are created at ,acebook, it still about growth still about making a bigger, stronger network. sara, thanks for joining us there. let's get a quick check of the latest business flash headlines. ongoing protests in hong kong have prompted china's biggest bank to lower its rating to strong cell. stock price has a about a third less than where it closed on monday. shery: moody's is warning exxon mobil that its credit rating may be lowered as debt piles up. the agency assigned its highest rating of aaa to exxon's proposed $7 billion offering but the outlook is under pressure because exxon is outspending cash flow in its refining businesses are underperforming. plenty more head on daybreak asia. we will cover the wild moves on the bond market. we will discuss

we've got not just the fda investigating, but also the ftc reportedly investigating. what does this mean for juul? anna: this is the latest in a series of scrutiny of this company. the cdc just came out with the damaging report showing 193 cases of serious lung disease and one death that vaping cause. -- had caused. that they were investigating that. we've got the cdc, fda, and the federal trade commission all looking closely at this product which until now has gone largely unregulated, with deadlines being pushed year to year. this comes one week before a bunch of new devices will hit the market by the parent company philip morris international. emily: phillip morris, big tobacco has its own e-cigarette products. they are coming out with the range of new devices. anna: exactly. emily: which have been approved by the fda. anna: they did get approval in april. phillip morris and altria split from each other about a decade ago and now, just after all these reports came out this week, it became clear, and they acknowledged they wanted to recombine forces to help launch t

this is the most aggressive ftc and the most aggressive ferc i have ever -- >> this was an ftc decision that was litigated, that was left over from the obama administration it is not like he's stacked -- the -- >> somebody had to recuse themselves it always has been a strange one for qualcomm but, of course, we remember it, qualcomm stock prices here has been dramatic moves on all sorts of ways, dramatic move up on the apple settlement, only to be followed not that much later by the negative ruling by judge co, now stayed >> right i actually am -- i can't believe, david, this is -- how many times, i know the ftc, the ftc, david, has gotten exactly the opposite of what president trump would be saying. basically saying, hey, listen, we're going to be as aggressive, you would think they would say, listen, we're done we're not pulling back >> in the case of qualcomm, we said the national champion 5g, the strategy of 5g did you see the huawei came up with an ai chip and saying it is equal to what nvidia -- >> not supposed to happen. not supposed to happen and in jensen huang, another thing w

the department of justice, ftc opening antitrust reviews into big tech, ftc looking at's facebook specifically. facebook, google, amazon, do you think these companies are too big? ,overnor lee: first of all washington has an opportunity and they have a role they play in the topics you are talking about. but i am a business person, who sees these companies primarily as an opportunity to create jobs. when the market allows them to grow and flourish and create more jobs, that's good for states like tennessee. if they are in our state and growing and flourishing, i think that's good. emily: what would you say to those who say these companies are stifling innovation, or need more regulation? anernor lee: i think there's appropriate place for regulation in our world. safety, forof, for protection of rights, that's really important we look at that. but government needs to stay out of businesses to the degree they can. there's a right balance there, and we have to find that balance. but i am a free market person, who believes businesses when thriving are really good for the economy and really good for

the ftc seems to be taking a harder line with these companies. we have also seen pushback on the roche-spark deal. while they are not expecting any further asset divestitures, what will be interesting is what the ftc has to say about this amgen deal. keep in mind, amgen is also in psoriasis. that is the whole reason bristol and celgene were forced to sell otezla, because they will also have a psoriasis drug. that will be a question going forward to see how regulators respond. shery: when we talk about biotech, we worry about the regulators, and perhaps becoming a part of the 2020 campaign. rebecca: i spoke to some amgen executives after the deal, and they made sure to say, otezla's growth is from volume, the number of prescriptions, not price increases. it will be interesting. amber: thank you very much to rebecca spalding. if you missed any of the charts on the show, you can get them on gtv . from new york and toronto, this is bloomberg. ♪ from the couldn't be prouders to the wait did we just win-ners. everyone uses their phone differently

and those to give jurisdiction to the ftc and margin authorities to have standards to go crazy. so now he steps in and proposes a new agency of the ftc to give it authority to deal with margin. glass does this because he does not like a large agency doing many things. he wants a specialized security agency rather than one that does 20 other things doesn't want the fed to have anything to do with the stock market or the margin. so the sec to regulate the stock exchange brokers and they violently oppose it and it's a showdown in the senate banking committee. this is 1934 the height of roosevelt and new deal powers it's a beat ten / eight they vote to create a new agency , the sec then the margin goes to the fed and then the beats roosevelt the height of the new deal. and now the federal reserve act they obviously have been amended over time. and largely in place today. and they are largely in place today. the federal reserve act amended 1935 to give the board power that is a movement at a decentralized system and in the open market committee to decide interest rates and those from

cambridge analytica scanda w the violating a consent decree and the audit was not being done by the ftc to ensure they were complying. it was outsourced to one of the accounting firms, which clearly was not keeping up with what was going on to alloiksomething cambridge analytica to ppen. they absolutely need more resources. we need to call foa new agency that would have this sector itstraight ieyesight and would be able to not control content, but deal with the practices. ro there transparency, is it too easy to deceive h deep fakes and bots and trolls and so on? an fda of the internet, if you will. nada: thanks so much. karen: thank you. nada: yet again protesters are makingheir voices heard at hong kong's international airport. rsit is the of three full days of planned demonstrations. thousands of pro-democracy advocates are handing out leaflets to traveler explaining their complaints lagainst the governme by carrie lam. the bbc's stephen mcdonell reports. stephen: in the thousands, black-clad pro-democracy activists occupied the arrival s hall at hong kong's airport. officials allowe

telecom has closely coordinated with the ftc, fcc, and states attorneys general based on the result of this group providing referrals that in some instances have led to enforcement action. more recently, we have stepped up our coordination with the state attorneys general. working together, we can streamline the enforcement effort or these agencies. i should also say the trace back process, because of technological advancements and our own focus on it, what you to take weeks or days, we can do within hours to figure out who is generating these calls. as reflected in these principles, carriers are taking steps to require their partners to participate in trace backs and are actively monitoring their network to identify illegal call patterns to make sure customers are not making illegal calls and to identify other providers that appear to be carrying illegal traffic. neither the government or industry alone can stem the flood of fraudulent illegal robocalls. that is why u.s. telecom and the companies here today are so committed to working collaboratively with our state and federal partner

so that's what the ftc is looking at. the fda is already on this, several state attorneys general are already looking at this. there could be, with the ftc, some sort of monetary damages. it depends on what they find. juul, meanwhile, says we are fully cooperating, we are transparent with any government agency, and they do not believe they do this. however, they are really squarely under the microscope. stuart: true. ashley, thank you very much. mortgage rates. 30-year fixed averaging now 3.58%. i'm disappointed to say that's actually up a little from last week. here's the real news on mortgages, though. the default rate is at its highest level since the financial crisis. didn't know that but it's true. jerry howard, national association of home builder ceo, is with us now. can you explain that? >> we are trying to figure it out ourselves. this is really really shocking to us, i got to tell you. the economy's strong, unemployment is low, mortgage rates are low, yet we are seeing an uptick. now, the only thing i can say ab

probably for years when facebook was coming up in, you know, the early 2010s, even some folks at the ftc now kind of admit they missed some big signs that growing this big and this dominant in terms of market power for facebook, at least, could have been a problem. you know, at the time, instagram, that acquisition and whatsapp, that acquisition, didn't seem at least to regulators that it was going to be a big deal in terms of anti-competitive behavior, but now clearly, facebook at least in the united states, controls how people contact each other on social networking and soon with this integration of their messaging services, may end up cornering the market on messaging. i think now, at least at the federal and even state levels, folks are starting to realize the problem of this bigness. >> does it matter, sarah, that the public doesn't seem to care? it's great that the states are getting together with the federal regulators, ala what happened with microsoft and that anti-trust case so long ago, but ultimately, we haven't seen the data out of acebook's most recent quarter that advertise

so now the ftc is encouraging people to choose free credit monitoring instead of cash. we asked the ftc how it calculated the woefully low $31 million figure but we did not get a response. we'll be watching to see if congress asks that same question. here's the warning part. websites are popping up that promise to get you a cut of that equifax money but they're a fraud, likely designed to trick you and steal your info. there's only one place to go online to check if you're part of the settlement. it's equifax breach last name and o your social security number to check your eligibility. while you're there, let us know if you encounter any online scams. >>> she is listening but now you can make her stop. remember, amazon admitted it saved some conversations between alexa and its customers and that could be you and helped create new features but customers say that was an invasion of their privacy. you can opt out but it will take work deleting it on the app or website. google has suspended the human review of its customers' recordings. >>> back in the news tonight, the las

the ftc looking at facebook. tech, looking at big there could be more. >> we do think about that. we have pulled back on many of the names we had, partly because of this issue, but we think it will be litigated for years and years. it took a long time to break them all bills into the baby bells. bells into the baby bells. the legal hassles, the distractions associated with it could be problematic for some companies. emily: even if a tech is broken up, it is still potentially good for investors. >> not necessarily. sometimes, you are going through the process, like microsoft did, and nothing happens. it's just a distraction. i would much prefer full attention on their businesses and not on these legal considerations. mobile was not a bad thing. -- small bell was not a bad thing. sometimes, there's a solution, meaning a breakup like that. sometimes it's just never resolved. emily: given the antitrust issue, those you political uncertainty, the volatility of the market, where are you putting your money across tech? >> we are invested in five platforms heavily. ony are all focused exp

investigating,a but the ftc. what does this mean for juul? >> this is the latest in a series of scrutiny of this company. with theust came out damaging report showing 190 three cases of serious lung disease and one death that they vaping cause. ftcave the cdc, fda, and looking closely at this product which until now has gone largely unregulated, with deadlines being pushed year to year. this comes one week before a bunch of new devices will hit the market. emily: phillip morris, big tobacco, has its on products. they are coming out with the range of new devices. >> exactly. they did get approval in april. splitp morris and altria from each other a decade ago. now just after all these reports this week, it became clear, and they acknowledged they wanted to recombine forces to help launch this new type of e-cigarette device. since 2014 inied other markets around the world. emily: just yesterday, we interviewed a researcher who was part of a study that concluded safer-cigarettes are no than traditional cigarettes. take a listen to what we had to

the ftc and google declined to comment. more now for my exclusive conversation with uber ceo. it has been two years since the former expedia executive took over the reins at uber. i spoke to him about the company's evolution as well its future, including plans for international expansion. guest: part of our business has the fight for money. if they are not deserving money, they are not going to get it. internally, there is lots of creative disruption, and if one part of our business is not carrying their own weight, we will pull back. we pulled back out of china. we turned a $2 billion investment in cash into what can be a 10 plus billion dollar stake in didi, a very big business in china as well. we are end to end looking to build a business. we are looking to build a business the right way. but if something is not working, we believe we have demonstrated the financial discipline to make the right call at the right time. emily: driver protests are not unusual. when we last visited, there was a driver protests outside. pete buttigieg was out there with them. he says gig is ano