Previously recalled cars. The dispute may depend on fraud. Joining me now with matt miller. But talk about the most recent recall. Put this in perspective. Comparednot anything to the 2. 6 million that were recalled in the case that everyone is concerned about. It is a small number of suvs. They are 2014 models. They are doing this as quickly as possible. Before anyone is killed, for. Xample, and an accident are if would not surprise me 2014 is a record year for recalls in the industry. They are not necessarily a bad thing. Not every car is going to come out perfect. Will be problems. You want the manufacturer to recall the car if there are issues. I have never had of a problem for which the car as we was recalled. I am assuming this will be a case for most of the people driving. Bill, this leads into your area of expertise. The victims of the faulty engine recall versus those seeking there is newes. Gm and old gm. Claimsexplicitly took on for personal injury and death. They did not take on liability for economic damage. The time you spend schlepping around getting a car fixed was the decline in value of a car. Who would want to buy a cobalt if youre afraid that it will be a death threat. That is a large part for economic damages. New gm did not take on that liability. You have said that the reporting has been way off base. Yes. Both sides are both shoveling tons of forstmann aware. Very polite monday morning way of saying something else. [laughter] plaintiffs and gm are saying the opposite. The plaintiffs do not have to prove fraud. Why are they going after fraud . Few can prove fraud, your damages are a lot higher. What they have to prove first is the gm knew about the defects and did not notify the people until they can file claims in the 2009 bankruptcy. If gm knew andnow if gm time, it doeshem not give them a claim against new gm, it gives them a claim against old gm. Judge may tell them, you have to go on to state courts or federal courts and establish successor ship. You have to prove that new gm is the successor to old gm. That very possibly might be different issues because state laws are different, if it comes down that way. I wonder how much of this is sort of theatrical play for the court of public opinion. Feinberg has gotten involved. Im sure he wants to make a deal he they go to court wants to make a broad sweeping deal they can wrap up everything and put to bed all of these claims. You are exactly right. To come upffs want the a smoking gun and reputation damage to gm after that would be awful. The ideal situation is to get this thing settled before there is more reputational damage for gm. What is the shortterm overhang on the stock and its reputation . Up almosts were still 7 . We did not see the fall off. I dont think that you saw decadel effect of the recalls, if we can call them that. You may see a bigger effect in , the company is separated fairly well. Is going to mistake a chevy cobalt for chevy and paula impala. The quality of what they are building now cannot be compared to what they were building in 2006. On the other hand, investors are concerned about the overhang. The ticket 1. 3 billiondollar charge in the First Quarter for this. I do not think anyone thinks that is as near as much as they will pay in the long term. We have to leave it there. You so much for clarifying the case. We do have some breaking news. Olivia sterns is breaking it down from the newsroom target is saying that their ceo and is now stepping down. It is effective immediately. In his place, the ceo John Mulligan will be stepping up to read he will become the president , as well. Of the board will step in as nonexecutive chairman. Theyre asking for the ceo to stay home with target as an advisor. These changes are effective immediately. The target ceo stepping down and the president and chairman of the board is in his place. Cfo John Mulligan. Moving and shaking, president obama will get a chance to show off his talents as a stand up comedian. At the white house correspondents dinner. I am happy to be here even though i am a little jetlagged from a trip to malaysia. Go to tohs we have to get cnn coverage today. Msnbc is here. Fair a little overwhelmed. They have never seen an obvious an audience this big today. Brothers have used a shadowy rightwing organization as a front to get a table tonight to rid fellow, fox news. Im kidding. Lets face it, fox, youll miss me when im gone. It will be harder to convince the American People that hillary was born in kenya. He was pretty funny. I have to say. Peter cook joins us. Did you get some cool selfies at the nerd prom . I did get some pretty cool selfies. Most of them i did not recognize unless they played in the nfl. It is the weekend we hate to love in the words of the washington post. Is excessive, overthetop, but it is a lot of fun. There were a lot of good moments. I stayed out a little bit too late, i have to admit. Thing that stood out to me was president obama suggesting that Hillary Clinton could win the nomination in 2016. It was the lead story on meet the press yesterday. What did you make of that . She was the missing piece to the puzzle. It was one of those moments. She had a big moment in there on saturday night. Jewel mckale mchale spoofed as well on hillary and the president. Puzzle the missing piece. I thought they can you joke was the highlight. Governor christie did not have a great light. Night. Any jokes that really fell flat . It has to be hard. President to comedian. He has a future as a comedian. , i do not think he is going to be as funny as he could be the year before. But he is. I would definitely not want that job. No, core comedian for me. Your you, peter cook returning to one editors spoof of the white house correspondents dinner. This out julia louis tries dreyfus. That makes no sense. And give a cap. I got my just. And this hair. Thanks a million. I also love that. The Vice President and president obama are powerless when it comes to being in the driver seat. Megan hughes is here to explain. I dont have a drivers license. I am kind of Like Congress right now. Why cant they drive . What is the security issue . One to become president or Vice President come your keys are gone, effectively. Secret Service Agents are trained in defensive driving. This is something they have been very strict about since the jfk assassination. We see the entourage of vehicles all the time. Gm cadillac limo known as the beast, the president is on the move. The president of the Vice President really do not drive, at least on the open road. The Vice President really does seem to miss it. He did address the north American Auto show in detroit. He said that was one of the negatives about joining the president ial field. There is one overwhelming reason not to run for president. [laughter] that 060 in 3. 4 seconds. [laughter] 3. 4 seconds this comes out of the hole like a bullet, man. I could hardly wait to take on my friend porsche. Im serious. We do know the president strove once in 2010 and 2012. Once was around the white house, once after touring an assembly line. Secretary of state Hillary Clinton recently said that she had not driven in 18 years. Beat. Otally have her though the drive somewhere . There are some president s really cannot give it up. They were barred from the open road. So they drove around the properties. You had george w. Bush in his pickup truck on his ranch. Reagan often drove on his ranch in santa barbara. The fourwheel drive g. Jeep. You just have to keep it on your property. You do not have to give it up altogether. Thank you so much. Megan hughes in washington. Coming up, it was the most expensive house on the market. We will show you what you will actually get when you are willing to spend nine figures. Returning for a limited run on fox. We will look at the network strategy. You are watching in the loop live. I am alix steel. Jack bauer lives. Joining me now with more is paul sweeney. You have never seen 24 . I think i alien . Will get sucked in this time. The first season was absolutely the best. Why bring Something Back in the form of a miniseries . It is a great character, a great series. The movie industry brings back sequels and prequels all the time. Why not television . Fox is bringing it back as a shorter series. 12 episodes. I think that reflects the fact that people, viewers have a ofrter time horizon with all the Programming Options that are out there. Aey are simply trying to do smaller, shorter duration series. That is where viewing habits have evolved. Is Binge Viewing where we are going . Is this what we can continue to expect . I think we will see more and more of this. Network television has become more of a yearround strategy of programming. Were starting to see more and more Networks Program around the whole calendar so that they have more flexibility to introduce a shorter series, longer series, flexibility to vary the format. Weeku dont want to wait a to binge for you. They want to keep alive. What was 24 like one of first started versus now . What is the tv landscape . It has dramatically changed. We have the internet, viewing a video of video. We have netflix. There are lots of different ways to watch tv. There is Binge Viewing, which did not exist back when 24 started. They want to make it an Event Television so that they can get more live viewing and charge higher advertising rates. Any word on how advertisers are been responding . They respond well to miniseries very well. Hbo had a successful run with you detect to. Under the dome true detect ive. under the dome was also very successful. We will see how this one goes. It is certainly very high profile. The reviews have been pretty mixed. Im a little concerned. Paul sweeney of bloomberg industries. Gets ready tobaba file for what may be the biggest ipo. Maybe Rupert Murdoch is just a romantic at heart. Wait until you see what he bought. You are watching in the loop live on Bloomberg Television. Top stories. Down as ceo will step chairman, president , and chief executive. The chief Financial Officer will serve as the interim ceo. The sales and reputation have taken a hit since hackers stole data on millions of customers. Asian stocks slid overnight following group boards that showed that chinas manufacturing contracted for a fourth straight month. Slowdown could be deepening. Quartereporting first earnings that topped it estimates. What he thinks past the hour means bloomberg is on the markets. Markets correspondent Olivia Sterns has more. Silver futures are trading higher this morning. Theyre extending the rally they had on friday. I am joined by bloomberg trade expert greg bender. Greg, it has been a pretty wild ride this year. What is really driving the price of silver right now . A couple of different place right now. We are having a big balance off of 19 support. It is technically oversold, but not on absolute basis, but also relatively to gold. The gold to silver ratio is a bit higher. Is that something the traders want . Gold is the main focus in the Precious Metals market. Silver is also looked at relative to gold so it is extremely important. Obviously it is not central banks, it is industrial demand. Looked at as an safe haven, a currency play. Silver is very industrial. It also draws a lot of spec you wouldve interest in a lot of retail flow as well. How are you trading silver . It is the poor mans gold. You have to look at silver as a cheap, safe haven play. We have seen it in tents a fine in the ukraine association. Seen it intensifying in the ukraine situation. Then the medical side of things. Silver, it is a major antibacterial product. Uses of different medical for silver are continuing. We are continuing to see demand pickup. It should go from here. What is your trade . I think you look at the calls. 203 days till expiration. I am looking at the 20 21 call pread. You want to look at the risk reward ratio. Good balance on risk to reward. The call spread is the way to play it. You have plenty of time left. Lets put that traded to real terms. Contracty one silver the price goes up, the you have made 5,000. See another flushed to whom 19. Down below 19. Thank you so much. Our thanks to greg bender, as well, for what is driving silver prices. I want to find out where i can find the silver in my iphone. That does it for futures and focus. We will be on the markets again in 30 minutes. Number, 140 7 million. That is how much the most expensive Residential Property in the company just country just sold for. It is a beach estate in the hamptons. Rosenstein is a hedge fund manager. While. Nice property wow. Nice property. Regularly talk to Real Estate Professionals to find out where the money is flowing. A real estate confidence impact index has been put together. Great to have you here. Home. Illion make of these numbers . Big numbers. Real estate is attractive and getting more attractive. That is what we are learning from our Confidence Index as well. Where are investors putting their money in real estate . They are looking at where they are going to shift their money in real estate. They are looking to expand their portfolio holdings. What i thought was very interesting is that investors are looking to get out of triple net leases. What is that . Are typically longterm, investmentgrade leases were you have a tenant leasing a property and taking on all responsibilities. The owner basically gets a check. It is a great safe investment and has been for the last several years. It has been impacted positively. Capitalization rates will be rising. As they rise, those types of assets start to look old model a lot more like bonds. Bonds typically fall when Interest Rates rise. Ofmay be time to divest those type of foldings and a look at more actively managed real estate or real estate with more time. Risk is a relative term. There are people a if it is not trading like bond, my assumption is that it is going to be more volatile and more risky. Of course you have the upside. Risk is relative. Risk is relative, but it sounds like there could be more volatility in there. Do you get worried at all . Are investors worried about what the top might be . Index whichd this is going to come up quarterly. The First Quarter of 2014. What we have seen based on that index is that 96 of respondents believe that the market is attractive and getting more attractive. That there is a demand for more real estate and expectation. You mentioned where the demand is. Andichild families industrial. Where is the real money . It will be in inflation protected leases. Properties that have leases were you can increase rent. The apartment buildings or hotels or Industrial Assets were t. U can build it in a indexe not segregated our on geography. Were sitting in new york city. Manhattan, 147 million houses. What are you personally doing right now . We have been invested in multifamily. We are not buying retail at all. We believe that retail is over built in america. Square43 feet as feet of retail for every citizen in the u. S. Many people are now shopping on the internet. Bricks and Mortar Retail is something we have been divesting of. Like data related centers. We like medical because of the demographic shifts and population changes. Distribution is going to become more important as people shop more on the net. Is there anything youre noticing geographically in your investments . The major cities and the cinderella cities, very, very strong and getting stronger. Apartment or she ate in price . Price . Eciate in likely. Likely my husband will be so happy. Gets ready tobaba maybe do its ipo. Stole data hack that for millions of customers, targets ceo will step down immediately. More on the fallout. If filing is imminent for a filing is imminent for alib aba. The company referred to as the has Partnership Arrangements were a small group can nominate a Board Members nominate Board Members. A key distinction here. Versus Companies Like google. Investors say this is an in between solution. Structuredual class in single class share structure. Do ishey have decided to partners to nominate a majority of the board of directors, which are then approved our shareholders. This is the one key issue that gives this specific group of people or power. One class of shares, but a group within that class of shares has more power. Exactly. This was enough for the Hong Kong Exchange to say no dice, you cannot list here. Im curious about the Historical Performance of this type of thing. Isshere was a study done by that companies with a dual class of shares underperformed by about one third. Investors at t. Rowe price said that they understand, by allowing the founders with a vision to maintain control, but over the long run, we would like to see these dual class share structures disappear. Did it think that alibaba would do it . Is that enough to get the t. Rowe prices interested . You are investing in an ipo for growth. Seem to think that the partnership thing does seem to be fishy, but it is not enough for them to say, we are not going to invest in ali baba shares. There is too much Growth Potential to let any Corporate Governance issues get in the way at this stage. Is there a correlation a ipo and thelibab recent tech selloff . It is pretty proportional to the market cap valuation of alibaba. It is true that when these big ipos come into the market, especially these big tech ipos, we will see a big selloff. That is largely because the prices have to drop in the overall market. Thank you so much. I really appreciated. Will step down following a data breach at the company. We will have more on the management sha