Declared and the storm a make its way north tonight and washington, d. C. Make it four inches and new york city may get three inches. More than 2500 flights have been canceled already today. A fiveyearold wire fox terrier named sky won best in show at the westminster drug show last night. He was among the Westminster Dog Show last night. No prize money but he gets a trophy and the large ribbon and a steak lunch at sardis in time square. It is fashion week and Westminster Dog Show, beauty week in new york. I never liked those kind of dog before but i like him. He looks pretty good. It has been a busy 24 hours in washington, d. C. John boehner threw in the towel and allow the clean debt ceiling increase to pass the house. President obama hosted a star studded steak dinner in honor of french president francois holland. Peter cook was too busy covering the debt ceiling to get an invite. No invite . I did not get my invite. Julianna goldman represented us at the dinner. The republicans finally said yes to something . It is a big moment. It is a strategic retreat for john banner and the republicans. He looked at the situation and decided it was not worth the fight on the floor, the possibility of another crisis where republicans would get blamed to be told his team that we will put this clean debt ceiling increase out there. 28 republicans actually voted for and we will get the issue off the table in this made year collection. In the midterm election. Obama care will be the issue and he says they will improve their numbers in congress if we get this off the table. It now moves over to the senate where we could get a vote as soon as today. Handful of republicans will have to join with democrats but that is the expectation. This could be wrapped up by the end of today. There is no doubt about the outcome in the senate. Does the handful of republicans, ted cruz is demanding another 60 vote threshold. He will likely get that but that means moderate republicans will have to join with democrats. You would not want to be one of those and go back to your home state and explain this boat. Some of them will have to do it. At the end of the day, we will get north of 60 but not a lot more. This gets this issue past the midterm election. March of 2015 is the next time we will fight this again. Has the templates been set . Will democrats assume the way this works every time . Unlike michelle obama, you are not rocking Carolina Herrera but is everybody speaking french in d. C. This morning . Did any real business come out of that dinner . A lot of Party Business last night. You are skeptical of the effect of these state dinners. Everyone had a good time including the president of france who celebrated what he said turned into a dance club last night. The place looked great. The food was great. They had american caviar from illinois. They had dry aged ribeye from colorado, some cheese from friends in vermont. The president celebrated his guest, the president of france with a toast. We americans have grown to love all things french, the films, the food, the wine, especially the wine. Love ourof all, we french friends because we have stood together for our freedom for more than 200 years. There was a little bit of business, at least business people. Sk was attending the state dinner last night. We had Julianna Goldman there, elon musk, who else was there mary j. Blige was the entertainment last night. There is giuliana, looking good. Host we had the merck ceo and a number of business leaders. There is a big focus on france on business and then he goes on to silicon valley. He wants to bring that back to france. Had married obama mary j. Blige perform at the google artie. Party. She performed for about 30 minutes and everyone was dancing. I want to see them bust a move. Thank you very much. French enter view the finance minister at 3 p. M. Today. If you dont want to watch it, you can stream it live on your ipad. When we come back, our guest is for the hour, Sallie Krawcheck joins us. You are watching in the loop congo on bloomberg television, streaming on your phone, your tablet, and bloomberg. Com. We will talk about our star guest. She climbed on wall street. This is Sallie Krawcheck. Sallie krawcheck is the highes ranking woman wall street history. Her meteoric rise from covering the banks as an analyst at Sanford Bernstein to running one as the cfo of citigroup is the stuff of industry legend. The ascent was not without its views. At the height out of the financial crisis after warring with vikram pandit. She was then running Merrill Lynch after its acquisition by bank of america. She ran Wealth Management for bank of america until Brian Moynihan illuminated her position in a shakeup. Sallie krawcheck battled her way to the top of a maledominated industry twice. Bet on is making a new women. An owns a 85 broads, organization to connect women in the work licensure is mapping out a new strategy for wall streets female rising stars. Sallie krawcheck is in the loop. It, thinkou have about your meteoric rise on wall street and still, we do not see a woman running a bang. We have janet yellen running the running gm and Hillary Clinton could be the next president. We have not gone sideways, we have gone backwards because this is what happens during crises. What i saw when i was on wall street is it is not getting rid of people who are different from itbecause they have cooties, is more i know the numbers around diversity and it adds to Business Results in theory but we are in a crisis mode and i need that person who i can trust today. They have an africanamerican ceo and they will have an Indian American and they understand the advantages of diversity unless it comes to gender. Then it is off the table . Yes, the numbers speak for themselves. What i have seen is i have to have this person in the job because its so important. What we find and the Research Shows that when we are under you want itperson typically looks like you. On wall bank has women Street Committee or a Womens Initiative and all of them asked Sallie Krawcheck to the the keynote speaker. Are they a bunch of bull . I would not go that far. I think there is a genuine understanding of the importance of diversity. When i think things will truly change is when the industry begins to recognize the Market Opportunity in women. Lity fore responsibi 100 change in income over the past a cap and they are graduating from college and graduate school at a greater rate than men and women are starting businesses at a greater rate than men and women are unhappy with the Financial Services industry. We were talking earlier theres a stunning number which husbands die and we live longer than you gentlemen, im sorry to say, there are many reasons for it leave our Financial Advisors 70 of the time. Why wouldnt they have changed before their husband died . Because the two of them have the financial advisor. When i did a ton of research, we found that she will feel like the two of them are talking to each other and she feels she is outside that circle. There is an enormous opportunity in Financial Services speaking to and solving problems for women. Lets talk about income parity. Me the corcoran said to fact that women have children i thought about it and the older women get, the more challenges you face. You can Say Something has to give. As long as women are making . 70 to a mans one dollar, it will continue to be the woman. What do we do about that . By the way, i never got the memo that said it gets tougher as your kids get older. I thought if i got through the infant and toddler years, here we go. Forget about spanish homework. It gets harder. When you have more women at the top, the gender pau disparity compresses. When you have more women at the top of companies, the gender pay disparity within the company compresses. Because down from . 30 . 20 . Part of the way to solve it is get more people to the top. Getting abouts twice what her predecessor got and she has been working in the industry for a lot longer than he ever was. She is a trained engineer and she does total product schematics so it makes sense. Do you see the same kind of disparity at the top as you see in the ranks you are using an example and one example is good but its one example. But when you get to the c suite, do you see the same disparity . How do you compare . There are not that many. We talk about culture. Even if we are ready for women to lead and take charge, are we ready for men to stay home . I read an article about women on wall street who have stayat home husbands. I cringed for a moment. When i meet mena cannot tell parties and they tell me they are stayathome husbands, i can watch them tense up. Are we ready for men to stay home . When i tell women apart is that i want to be a stayathome husbands, they shy away. They are not coming in droves. Are you sure thats the reason . Im just asking. This is the truth women, even if they say they dont, of course they expect me to buy dinner. Of course on valentines day i will pay more women that more money than a woman. I dont want my husband to buy a gift for me with my money. In many ways, we continue to have these gender stereotypes. For women, in some cases for those who are fortunate, we have a number of choices and choice can be to go home or stay at work. Our Society Today is not yet as accepting of those choices for men. If achieving the performance researchhat diversity indicates exists were easy, it would be easy and we would do it. I wonder what the biological studies say when i was in the hospital, my mom hung out with me. I needed my mother. Children also need their moms. Huntingow up with men and gathering and protecting. Are we ready as adults to say i will hunt and gather . Today ands the day then the acute crises. When my son was in the hospital, you could not only out of that room. You could not pull me out of that room. My husband asked if i wanted coffee. The acute is different from the day today. We still struggle to have that balance at home between couples. A mother will kill for her young, right to bring in Sheryl Sandberg waving the flag for women more than anybody out there. This is what she said im not suggesting women are ambitious. Saying unequivocally and unapologetically that the data is clear when it comes to ambition to lead them to be the leader of whatever you are doing, men and boys outnumber girls and women. Do you agree . The Research Says it. How do you feel . I leaned an awfully far. Do you feel you are ahead of the female pack . Women,u hang out with you are the alpha female. I worked my tail off. There was no doubt that i love my job so much. And for so many years that i love working. In terms of the effort in time, a lot of it was when my babies were sleeping. You put in the time. What about women now who get rate Career Opportunities and go to graduate school and they are 30 four and they go into Investment Banking and dont see the light of day until they are 43. Then they dont have a chance to have kids. Are we ignoring that women are the most fertile when they are 19 . The smart thing i did was have my kids early. I dont know that it was smart at the time. You cannot always decide. Does an Investment Bank want to really hire a woman if they are recruiting and they need a bunch of 32yearold women and those women might be engaged or want to have kids, do they want to hire that woman knowing in the next two years she wants to have a baby . I dont know that is as much of a problem. A lot of the pipeline numbers have greater balance and we lose the women during the course of their 30 plus and 40s. I made a decision for my family and us. I was an Investment Banker in my 20 plus. When i was pregnant with my son and have my son, i made a decision that that was not the right choice for our families i became a Research Analyst. I work harder as a Research Analyst then Investment Banker but i owned my time. Inever had a client who said reject this Research Report because you did it on a saturday night after your son was sleeping, not on a thursday afternoon. It never happened. Did anybody pay you less because you work out of your home . Not to my knowledge. Tim armstrong has had some slips lately and the truth comes out when he does that. We have focused on things that are longterm human needs. If you think about the huffington post, if you think gy, its thelo biggest cultural trend in society and the third one is women and we think women are underserved on the internet. Although they are well represented on the internet about babies that cost the company too much money. The mothers that have those babies were angry about it. Remarks,e makes public he says the right things about women but when they talk about the bottom line and things that matter, its about babies and womens issues and problems. I did not hear that in his comments. He could just as easily have talked about someone who is elderly and having an issue. I did not take it as far as you did. He might be well served by not saying as much. Where moore to cover, Sallie Krawcheck, the woman knows best when comes to leadership and Womens Initiatives. We will get her thoughts on janet yellen when we come back. Welcome back. We are on every media device like most modern companies. We are on the markets. In the premarket, futures are trading lower. Acrossall it not changed the board because the moves are insignificant. Movers,s significant the Worlds Largest maker of agricultural equipment, john deere. Into higherld come levels. We are watching dr. Pepper who announced thirdquarter earnings that Beat Estimates as revenues came in shy of the analysts mark. It announced that attempts to repurchase 400 million of stock which is four percent of outstanding shares. They only announced that they could not that they definitely would. Pursedt yellen gave her public remarks to congress yesterday. If you missed her six hours of testimony, we have selected three soundbites you need to hear. I believe that i am a central banker and these are very unusual times in which Monetary Policy for quite a long time has at been able to do what taylor rule would have prescribed. For several years, that rule would have prescribed that the federal funds rate should be in negative territory which is impossible. Us better understand her remarks, Sallie Krawcheck is with us. Yesterday, youks are a woman that many people thought we would see in d. C. Around now. What did you think of her testimony . It was lengthy. T seems to be the new style was she doing her woody allen impression . No, think about the contents. It was the way she was talking. People were talking about her hair and her jacket. I think the new style here is to do as long a testimony or press conference as you can. It almost boils down to nothing to see here, move along. The comments were steady as she goes, there will be continuity and even this comment. This is along the lines of we have to continue to be creative and think creatively because we are at extremes. Alan you did not notice greenspan paused giant nose and ears and did not notice that Chris Christie is overweight, purer person that i wouldve thought. I look at men giving presentations and if they look terribly different, then i take that to heart. I was not commenting on her appearance. The way she speaks to me sounds the way woody allen stakes. I will give you that but in general, are we putting pressure on Women Leaders in the way they speak . About people hear talk about Hillary Clinton and her hair. How many hours per week do women spend on prepping themselves . I spent more time today on my hair than matt. It looks like we are transitioning from the testimony. Lets be honest, the testimony was never expected to be anything different than Ben Bernankes line. She did not change the script at all. We wanted to hear taper. What would it take for the fed to consider increasing its asset purchases again instead of just slowing down its reductions . A significant deterioration in the outlook of the job market or concerns very serious concerns that inflation would not be moving back up over time. The committee has emphasized that purchases are not on a preset course. We will continue to evaluate the evidence. Exactly, exactly as you would have expected the man with the beard to say. She does sound like woody allen. Way, ben bernanke ok, kids. It is business as usual, stay the course. With that said, we will do what we are doing until things are different and then we will look at doing Something Different stay the course. Thats what we got with janet yellen. If we wanted someone to do something tremendously different, we should have gone with someone tremendously different. She has a career in the fed and work with ben bernanke. This is a continuity issue. Just like bernanke, she wants to encourage congress to do their part. Listen to what she says of course, Monetary Policy is not a panacea. I think its absolutely appropriate for congress to consider other measures you might take in order to foster the same goals. There you go. Just like her predecessor i wish she would step out and Say Something unexpected. But the market is d