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Agricultural secretary. We begin with new u. S. Sanctions targeting russian officials. What is the reaction . So far we have the u. S. Releasing its list of seven new individuals, most of them considered from these close to and on the ee, you side 15 names of individuals to a list of 55. Sanctions include some high profile people, and tech, theead of raw companies themselves were not sanctioned. Some that we heard last week might be were not. Rallied on this news in russia, and we saw the recovery to a sixweek high. We also saw some traders saying this wast sanctioned light, less than it. Will any of this change president putins behavior . I do think this immediately will, and Even Administration officials who spoke to us this morning i knowledge data must. Acknowledged as much. Theyre trying to get closer and closer to putin himself. As much as president barack they ing thantarget personally, this is closing in on his inner circle. The is nothing to be about ukraine only. They are trying to signal the more he expands what he is doing of the more people it will get for him and russias economy. How might president clinton then retaliate putin then retaliate . That is the wild card because russia can italian in serious ways. We know about the dependence of europeans on russian gas and energy. Precious metals and cyber warfare that they could do. Expected to match the u. S. Moves and an equal level, and they could keep it coming up a for a couple of more years. Thank you for joining us on the latest between the russia and the ukraine and the u. S. Tom bill sachs book to my colleague about the longoverdue need for Immigration Reform. The reality is we are not doing as much as we could in because we simply do not have the hands to do so. It will help to reduce the deficit, it will ensure social security, it is long overdue. Our agriculture correspondent joins me now from washington. Good secretary vilsack seem at all optimistic about the chances for legislation . He was deathly definitely upbeat about the chances this year. Necessity, a a coalition coalescing around this bill, and some of the forces that have been pushing against Immigration Reform, a lot of the Tea Party Movement within the house of representatives might not be as strong as it was a year ago for this of reason that primary filing deadlines are hitting across the unit is dates. A lot of Tea Party Challengers are not materializing in the primaries. With the farm bill passed to backing fabric of a what is the usdas focus rightnow . One key part is a limitation of this farm bill. It is a big piece of complex legislation, and people want to select with their program will be. The other issue is looking broadly at the world economy. Some Investment Opportunities they are trying to do in raleigh ruralca were al america. More broadbased prosperity across america. What are some of the early signs that were now seeing in this years planting season . If you take a look at bloomberg analyst, there will be report from the usda this afternoon, they expect the corn 21 planted today which is better than five percent a year ago. That looked like a good bump for the colored crop corn crop. Right now the thighs look to the good, we will always see how the weather revolves. One area markets have been watching closely, it has been the situation in ukraine. Did secretary vilsack have anything to say about that . This goes back to what endure was talking about earlier we were talking about earlier. As toughions are not as a lot of old respecting them to baby the same thing happened in the commodity markets. We have got up four days in a row wheat has gone up four days in a row. Arboriculture grows but it joining us from washington. Thank you. The conference is a fourday event that rings people together were gets things done. Erik schatzker and Stephanie Ruhle are joined by karen steffi terence duffy. Thank you very much. Kerry duffy is here with us today terry duffy is here with us today. Have said that you are offended by the notion that the equity market is ranked. A notion that is propagated by Michael Lewis. Why do you say offended . When you have a market that is up 500 in 25 years and is hard to call that rig. Market that has given people the opportunity to create wealth and also to create jobs through the marketplace to raise capital. Rails could you do that in the world but in america and the greatest Financial System in the world . I take offense to calling that rig when you see the superpower that we have become. You have come out and said that in order to fix the market we need to fix the pool. Bottom line what i what i said was that if he needed true transparency in pricing you needed the entire product traded in one location or only a couple of locations. When you have 40 of the market that is not showing with value of the product isnt as hard to get credibility on the value of that price. A vertical silo in the futures industry. Everyone has to come to the cme group in and out. You do not have fragmentation of the market. And think it is very important. When we have a small block trades. Business is this is done off exchange. Some people would say that the dynamics of the Derivatives Market and the futures market are different than the cash equity market. You know well why Institutional Investments trade on dark tools. They feel if they show their liquid equity markets they will get a lousy price. For so many of these investors the point of entry ultimately determine how much money you make on the point of exit. I understand that. Should have the anonymity you want to have to do your trades. At the same time, how do you know you would not get a better price if you put it all together, versus having a fragmented or the very same people would say, and i am playing devils advocate, that under the National Market system we have now it is not possible. It will require a regulatory change to allow trains to happen in a fashion the gives somebody who is trying to exchange or at thet by and large volume prices of execution. We look at the equity market and im not an expert so i do not want to pretend like i am i am interviewed as an futures, but when you look at the markets based market space, i look at these spreads that are being traded today. You have to look at thsiis even in dark pools. The cmel buy that but is being accused of selling order in relation to highfrequency traders. What do you make on that . They are not being accused of that. Theres is a lawsuit out there that say we sell our market data like every other exchange, and it comes out at one price and people can determine how they want to receive it. No different then in the old days on the phone and radio. People are saying we are selling it to highfrequency traitors and not telling the rest of the world. That is not true. If people pay to get the data faster there is several different methods for it comes out of one speech everybody, and is up to the providers to decide how they want to see that data. You go to, however you decide to whoever you produced that data from its how it comes out. Theou have had to deal with problem highfrequency traded just like other marketplaces. Have you had to make investments in the knology and computerization technology and computerization . What they were saying on 60 minutes were somebody might have a benefit and a cold location for an hour location facility and recorded at the same exact length so nobody has a greater impact. Did 60 minutes reach out to you to comment on the other side of his claim . It did not. That is interesting. Do you feel like after watching it was really onesided and there was not an opportunity for you or your peers to have your voices heard . It was about the equity markets and not the futures market. I was happy to watch it. They did not reach out to me about but i would be happy to go on and show them the difference is as i have since the. N. Market, in the same race that the cash market was in, is that over and we are on a level Playing Field . It went from 5 billion to 1 billion today. The revenues have shrunk dramatically. In the markets have become so efficient, that is why a look at Market Structure is used to say if theres really problems we should address them. If Michael Lewis is correct, and im not saying he is not for starters, i am a Firm Believer if theyre giving way orders they should be punished. What is the ideal stock market configuration look like . It is hard to stay. We have to have the same level Playing Field. Unfortunately it is a fragmented market. People can buy him one exchange is a leading other, but what is really important is to have the Regulatory Oversight on all levels of all exchanges. Is the cme going to get into the cash equity business . We have stayed away from cash equity forever. Again, we have diversified our company dramatically, openended stage yesterday in london. An new clearinghouse, a new exchange in london, we are continuing to broaden our horizons around the world. Thank you for joining us. The chairman of the cme group, once the roles largest derivatives runs the Worlds Largest renter market. D ervatives market. Thank you. Coming up, republican congressman workings of president obamas lack of followthrough on the socalled red line has been bolted vladimir putin. My interview when we continue in just a moment. Round ofn the latest sanctions against russia. Earlier i spoke to republican congressman peter king, chairman of the house counterterrorism and intelligence committee. I asked him what effect these good have on russia and vladimir putin. I think these will have an impact, as far as deterring investors in putting their money into russia. It has had some impact so far. I know some people, we actually believe, they actually have food money. Ey putins thepeople around him have power in russia. The people who are close to him politically and personally. This is something we have to do and hope the president and the eu keep the pressure on. What do you think that is . Imir putins motivation in his mind he was to rebuild as much of the russian empire as he can. Is an extremegb, russian nationalist, and devastated by the collapse of the soviet union. Even now in the face of International Condemnation and sanctions, he had to know this was coming. I do not know. I think he felt that the Obama Administration i do not want to be partisan, but when he sees that there is a redline with syria that is not enforced, this began with ukraine. He talked a tough line and did not follow through. So he thought he would push as far as he could. What should the United States be doing right now that it is not doing . We should have imposed the sanctions sooner. I pick we should make it clear that we are going to theatically increase reduction in exporting of liquefied natural gas and were going to do this over the next five or 15 years and we have to. This will cut into the almost russian monopoly that they have. The first fewough months, but in the longterm it is going to hurt him economically. We should definitely be stepping up military maneuvers with poland. Not just 150 troops, but with latvia, estonia, making it clear that we and nato are committed to stopping any aggression. What were doing is providing nonlethal aid to the ukrainians. should a military option be on the table . Providend we can military assistance to the ukraine military. Having said that, i would not do it until we were sure who was getting at and who was not. Grading military went in the Ukrainian Military went into Eastern Ukraine and basically surrendered. My only concern about giving it tory to the ukrainians make sure who is getting it and the russians are not controlling it. Lets switch to china if we could. Resident obama was in japan, trying to lock up that transpacific ownership. A concern has been about chinas ascendancy in the region. What are your thoughts on a transpacific ownership . Partnership . How would that affect United States . The free trade works in the Overall Economic interest of the united days. States. We need to establish ourselves as an economic force. Academically economically. To have the diplomatic component, and a military component in asia. That this type of academically it will make sure where does the house of representatives stand right now on Immigration Reform . Is anything going to get done this year, or is that a nonstarter because we are in a Midterm Election season . It is going to be difficult, but john boehner has certainly started the debate. I will workit clear with the speaker when he laid out his principles. It is getting there, the speakers try to make it that way. Whether it happens later in the year or early next year, we from a political point of view to win a National Election we have to show and make inroads into the community. What are your constituents telling you about that issue . They are divided. We are in a district that have a it is panic about hispanic component, other districts are not so much. We have a confluence know were the democrats realize to get overall reform through they have to adopt tough order controls and enforcement mechanisms. To get that we had to decide what do we do with the people who are here . Them alize them and give path to citizenship because we would be addressing the issue of the 11 million who are here, but also preventing another 11 million from coming over the next 10 or 15 years. Congressman peter king, the chairman of the counterterrorism and some intelligence committee. Coming up, we will hear from Eric Garcetti on racially charged comments allegedly made by the owner of the l. A. Clippers. Today,ff on wall street internet and Smaller Companies spreading to the market for a second day. Dow industrials up infraction. A fraction. Welcome back to the second halfhour of bottom line. We turn our focus now to donald sterling, the owner of the los angeles clippers. Adamsville versus the league is in the midst of a full investigation of racist remarks allegedly made by sterling. Garcetti has condemned those remarks, and has urged the nba to act swiftly. He joins my colleagues Erik Schatzker and jon erlichman. Thank you very much. We are here with the mayor of the city of los angeles. Thank you for being with us. Mark made it very clear where we need to begin the conversation, the scandal that has enveloped the l. A. Clippers. And has thus far left a stain on your city. You have urged the nba to take swift action. What kind of action do you believe needs to be taken . Los angeles is the most diverse place on the face of the earth over the most welcoming city everywhere, and to hear the first and foremost i want to tell the players who have been forgotten in this that we are 100 behind them. We wanted to play hard, that we love them, these players are an Amazing Group of young men and the city is fully behind them. There is no place for any company that is racist in my town. It is pretty clear that these are the comments from don sterling. To take action not only for los angeles but for this entirely. I hope they will level the highest penalties that they can, and longterm think of we can transition new ownership into this team. This team and the city cannot be held hostage by one man and his comments. I hope that he will be able to look back at what he said and own up to it if it was him. Onhave to move on, we are the move, we have diversity, we have no place for racism whatsoever. For ook a long time for her to seize her ownership cease her ownership. When this takes a long time to get the changes you want to see in place . It is not just into the league which needs to stay strong on this, but up to all of s to keep up the steady drumbeat to say this is ifptable and this i this is the perspective of someone who is a leading businessman in our city we need to move him out of that position. A lot of people over the years have highlighted the fact that you have seen a smaller number of fortune 500 companies that are headquartered in los angeles. You are a guy likes to highlight being back to basics. What are you doing to try to bring business back to the city . Ofbillions of dollars investment every month of especially International Investment we are so well positioned. Whether it is the Record Number of visitors and came last year, the lowest crime in america, or the resurgent neighborhoods like downtown l. A. Which gq and others are saying the is the hottest neighborhood in america. We have the ingredients, but we had to become more business friendly. We cannot just let the sunshine sell this place. Where to look in her educational institutions, we are producing end, but wers and need to keep in them here. Before you were mayor, you made an appearance as the mayor on the closer. You know the entertainment business. What about what you have been doing to try to keep this film and television in the Los Angeles Area . It is our signature interestrate. But we have taken it lying down that others are taking this. To expand the tax credits we have for filming hill and see that increased fourfold this year. Office opened a filming for the first time that we never had in los angeles before. We are seeing a change, already five or six series that would not have been here have come back to l. A. Were going to swing for the fences. Can dos only so much you as the mayor of los angeles. What can the whole state due to make california and los angeles attractive for business . Still continue to attract incredible people to california. Our weather, our academic institutions, our typography we put them as one stone at a time in our backpack. We need to look at cutting taxes for key industries, and also over time make sure that were getting red tape out of the way. Our environmental law sometimes get in way of the way of deals that have nothing to do with the environment. I saw you tweeted recently when disney acquired maker studio, you have been trying to convince more startups to make los angeles their home. What kind of progress are you making on that front . L. A. Is on fire. Silicon valley is still number one for tech openings, we are ranked number three. Br ocudios, eulas ulus vr. When people focus on the old righte 500 companies, games has 1500 jobs in my city and they were not in existence five years ago. We have the tradition, we have the content, and that drives people here. You will no doubt appreciate well the degree to which l. A. Survival, its ability to thrive is dependent on water. How much of a risk that the California Drought close to the citys ability to grow beyond what you already have . The best way i would say it is that im not worried, but i am focused on this. We still consume the same amount of water as we did 30 years ago with one million more people. Toilets, showers can getting rid of all of the grass and jdl landscaping. Recycling and reusing more. Lesse using imported water and less, down 50 by 2025. Will you have to invest in solar powered desalinization . Andhat is too expensive uses too much energy. We went about 40 of our water to the ocean. Switch out ourt lawns to california friendly plants, and those things will create a different sort of infrastructure. 100 years ago we had an aqueduct that brought water from Northern California to southern california, and now it is about retaining the water that all fear and stays here. We can sustain life for many years to come. Thank you for joining us. Eric garcetti here at the global conference, back to you. Thank you. With the ruhle speaks ceo of calamos investments. We will get his take in just a moment. I know none of the details about what is taking, so i cannot comment on it. Obviously has the purpose of ning up a contract euro contractual relationship with the air force. I have not seen what it is, and obviously, our customer will have to decide how to handle that. Is jim mcnerney speaking with matt miller on the sidelines of boeings annual shareholders meeting. It is time now for todays latin america report. The United States and the philippines have signed a defense agreement. The deal seeks to counter chinas new aggressiveness and territorial disputes. More troops will be rotated in and out of the philippines but there will not be a permanent u. S. Presence. 100,000 farmers have launched a strike in columbia. A spokesman for the barber says the strike will continue indefinitely until the government helps resolve problems that includes the farmers death of more than 1 of more than 1 million. Coming up, we will have john calamos from the 2014 global conference. More now from los angeles and the 2014 global conference. Stephanie ruhle is joined by john calamos. Boss. Speaking to the you founded calamos in 1977. Talk about the opportunities then versus today. In the 1970s, it was a very volatile market. Orcas were going up and down. We are looking for ways to manage that volatility back then. That is how i got adjusted in convertibles. The markets in the 70s were quite dramatic because we had rising rates, inflation, volatility. We could be facing rising rates today. Does that concern you . Yes. We are in a very low interest environment. Now within calamos you have fixed income, equities, convertibles him and alternatives. Where do you have most of your money . We do a crosssection with significant amount of convertibles, we are building up our alternatives. What does that mean to you . The way that people are defining it is it is an alternative to fixed income and equity. What is a typical alternative investment for your team . Inan alternative we started 1991, we started what was called the Market Neutral fund. What we were doing there is we convertibles and short on stock. We were reducing the volatility, trying to take advantage of volatile markets. We also have a Long Short Fund which is an alternative. Aboutatives are all alternatives to fixed income. It is part of the Asset Allocation. You are not trying to take the risk of a long portfolio, you are trying to dampen the risk and have a suitable return for the risk you are taking. , if you look at it from an Asset Allocation point of view, when we do it Interest Rate start to go up . The alternatives provide a means to really manage Interest Rate risk. Earnings season has just kicked off. After company are beating analyst at an immense. How much credit do you get that . Do you think they are just managing us down so much that it is like jumping over a matchbox . I do not think so. I think it has really been positive that i think the companies are coming out with positive earnings . Obviously we have a winter that we need to somehow play into this. I think were watching very carefully what the earnings are coming out, and or jelly most of them have been beating their estimate so that has been positive. Are there companies youre most excited about . Yes. We do like technology, growth in there even though the market is really quite volatile in that sense. We like growth at a reasonable price, that is what we are looking for. Think cap x will hopefully start to grow and be good for a technology stocks. Emerging markets, i think it is not so much emerging markets to be in and out, but which emerging markets do you want to be in . You have to be much more selective. The philippines, mexico, indonesia. We are being in a bit more selective in which emerging markets. Are you taking a few on russia . That is not the place to be right now obviously. What is your biggest concern as you look across your portfolio . What is the biggest risk you face . Some of the things that keep me up at night are the macro factors you cannot control. What happens if this happens . It is like trying to protect 9 11. It is difficult to do. We have ant to do is, view, we are in the middle phase of the investment cycle, so we are positive going forward. Confusedt seems to be itut it, one date is growth, is back and forth. We do see opportunities here. If youre a value investor, when you look at tech for example, do you want to be in stock or do you want to stay clear . There are opportunities in tech. But which tech . Do you want to be in the momentum plays, or do you want to be in more of the growth at a reasonable price . That is where we ball. Fall . Do you have a view on the surgeon activist investing in the surge in activist investing . To each particular Company Brady want to invest in the company for the long term. That is part of investing. Get a little concerned about too much on the short term, pay me now and forget about the longterm. That is a little worrisome to me. Thank you so much. 1977, and his firm in is still kicking. Get the latest headlines at the top of the hour on Bloomberg Radio and streaming on your tablet and on bloomberg. Com. That doesnt for this edition of bottom line. Thank you for joining us. On the markets is next. Is 56 minutes past the hour that means we are on the markets. We have about an hour left until the closing bell and it looks like we are bouncing off of the lows. The nasdaq was down about 1. 5 and noticed down just about. 5 . A little indecision being seen in the markets today. Caps, take a look at 2000. Index is not just down today, but up more than four percent this year. Some investors, particularly those in hedge funds are betting it is going to continue to fall. People me now with how are betting against small caps is michael reagan. This . E we seeing is this a function of momentum stocks that people are bailing on . Caps for the poster child for this rotation out of the momentum. Down almost nine percent today from the record in march. The s ps drop was only about four percent to its lows earlier this month in april. Piling on this what looks to be smallcaps. Rend in in theory they are supposed to be outperforming early on in the Economic Cycle as the economy should be improving. That is the general thinking about all caps. Small caps. They get a lot more of the revenue from the event states that from the United States they get a lot more of the revenue from the united it, but you have to think about the harsh winter we had. Weird to see whether that softness is whether related or a sign of the jury aeration in the economy deterioration in the economy. How are we sort of seeing people play this . Shorting this, selling them, or a mixture of the two . A mixture of the two. Positioning,e the mostly hedge funds who take shorter positions on these, but the next position is about 2. 8 side,n on the bearish which is the most bearish since 2004. If you look at the individual names, the Short Interest is higher than as well. It is a little bit of both, but really heavy bets in the futures market. So the shorts that we are seeing on the small caps, they tend to leave the rest of the market. Lead the rest of the market. Is this a good sign . It should be. Someave to remember, people like the buildup and bearishness because it provides a buyer should the rebound start to happen. I would not be surprised to see a short if there is a sense of a rebound. Thank you so much. Well have more everyone. The dow trying to hold on to eanes as we head into the final hour of trading, social media and the nasdaq getting hit the hardest. I am trish regan, and street smart starts now. Welcome, everyone, to the most important hour of the session. We have 59 minutes on the clock until street smart street smart the closing bell, and inay on, more on the crisis ukraine. More sanctions related to the inner circle of president putin,

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