Evoke on the larger spending bill. Here is john boehner. The appropriators did a marvelous job and i wish it had been done last week but it wasnt. Here we are and im proud of the work theyve done and look forward to passing a bipartisan majority in the house and senate. Democratic leaders agreed to rollback rules preventing banks from making risky derivative trades. Senator Elizabeth Warren and others call that a giveaway to wall street. According to a person with knowledge of the matter regulators have found that Deutsche Bank and barclays may have used our rhythms on the Trading Platform to manipulate the rates last month. Algorithms on the Trading Platform to manipulate the rates last month. According to the wall street journal, ebay may hire fire as much as 10 of its workforce. The job cuts may be part of a plan to make ebay and attractive takeover target. The nfl has implemented a tougher personal conduct policy. Owners are voting to take away some disciplinary power from commissioner roger goodell. The first peertopeer Lending Company to go public begins trading today. Expecteda larger than 870 million with shares priced at 15 per share, that is above the range. Joining us now is our ipo reporter. Like they were pricing it for a pop. You would want that . People say the initial valuation was a couple of weeks ago, that valuation was priced to pop. It was conservative based on their late latest rabbit funding round and where they could have priced. They raised that price range and then priced above that range. Some of this is psychology you want people to get a sense that there is strong investor demand and one way to do that is to price it above the range. That of course makes a more expensive valuation so it is to be determined whether it is priced to pop that will find out. Tell us more about lending club and the ceo, how much does he stand to gain and what does he plan to do . He came up with this idea in 2006 when he opened a credit card statement and saw that he was being charged 70 interest while holding deposits at the same bank for about four to 5 . He said there must be some way to narrow that spread. This peertopeer lender inserting more technology and therefore making it more cost efficient. What he stands to gain is quite a lot, he is the founder of the company and it is the biggest in the industry with a 40 market share. He is looking at 200 million stake in the ipo base. Ipo andover the Alibaba Morgan Stanley was one of the underwriters as well, and they used the alibaba model . In certain ways, there are a couple differences, alibaba in terms of bankers had five bankers five or six that split the fees equally and divided the work. Lending club as a more traditional process, they had one lead bank that took the reins and that was morgan stanley. A similarity is that their Business Model they are both marketplaces which is that they hold a platform to bring two types of people based on supply and demand. Alibaba has more to do with ecommerce where lending club has more to do with finance and bringing borrowers and lenders together. It is a similar model but a completely different process. Much,. K you so moving and shaking this hour Jeffrey Smith he is at it again, he may be setting the stage for a merger of Office Supply retailers staples and office depot. He is taken a 5 stake in staples and has boosted his sake and office depot to 10 . He says the shares are undervalued and the industry has been under pressure to consolidate. And office depot are being challenged by retailers such as amazon and target which sell Office Supplies at a discount. Oil is rebounding slightly after trading near its lowest point since 2009. Look at this chart, it has been a roller coaster ride that is mostly down but the plunge also raising 1 trillion worth of global equities. Is also having an impact on the state level as well. Oilproducing states are bracing for a hardhit to tax revenue and adjusting their budgets and oils new normal may prove to be very tough to run the government. Taylor rakestraw just now and covers the municipalities. Which states are likely to be hit biggest . The ones we are looking at our alaska, new mexico, louisiana, texas and north dakota. What you need to look at is what do they forecast the price of oil heading into the budget season and what percent of their general fund revenue comes from taxes. If they forecast oil at 80 a barrel versus 100 a barrel they will have different problems Going Forward. The have to look at their general fund revenue, they get 5 of the revenue from oil or 85 , that will also vary the income tax. Those states you just mentioned, they had predicted what . 85 oil . It varies, in alaska they predicted 105 a barrel and they get 80 of the revenue from oil related taxes. On the other hand in north dakota and texas they are very conservative and had projected 80 per barrel and they only get 5 of the revenue from oil related taxes. So they are going to be doing better. You had a few states come out and revise their forecast lower. Louisiana came out last week and cut revenue by 2 because they said they had over projected the price of oil and theyre Forecasting Oil price drops for the next few years. As you light up expenses with revenue youre ok but clearly this drop is going to be a problem. I do think anybody predicted 60 oil this quick or even where it is headed, but isnt there kind of a flipside to this which is the consumers, they are spending more they are seeing lower gas prices so that has to be a benefit for the state, one thing that the states are looking at estate tax collections, oil sometimes is the word largest revenue stream for the states and incoming sales and tax revenue are one and two. When im paying less at the pump in i spending more and how does this affect my sales tax, Going Forward lets take a look at the state sales tax revenue and see if that offsets any decline in the revenue drop. Well see that the come. Becky so much taylor rates of bloomberg news, much more ahead as i mentioned the house on the verge of passing spending that would prevent the Government Shutdown will talk with one very outspoken republican congressman steve king who is voting no to the bill. Plus the mcdonalds menu going on a diet, the latest attempt to boost sagging sales at the u. S. Restaurants. As weve been counting down all week, the house is going to vote on a 1. 1 trillion dollars growth will avoid a Government Shutdown by the end of the day. Republican leaders in their confident in the outcome of opposition from the right and the left hasnt out. Or this is a done deal it looks like there could be a couple surprises . Still reality is there is ,. As a, there are some conservative House Republicans , weare not going to vote know as well there are House Democrats opposed because a particular policy provisions within the bell. Bill. John boehner said it is a good bipartisan bill worth supporting. It is a monumental achievement for showing how we can work together. We can get the job done. Today is theestion math, how Many Republican defections weatherby and how Many Democrats will actually vote for the bill . If they do approve it they will also vote on a two day extension of the current resolution and that would allow the senate time to vote as soon as friday or saturday. What of the provisions that bother the democrats the most . Capping the list is the change to doddfrank, it repeals a rule that forced major banks to move out there derivative trading businesses on their depositary institutions. The banks have been lobbying for this for some time and right now your democrats saying this is a total giveaway. The person leading the charge is Elizabeth Warren. This is not about compromise, this is about reckless behavior. It is about a giveaway to the largest Financial Institutions in this country and it is up to us to say no. Upsetocrats are also very about a change in campaignfinance rules that allow people to give as much as 324,000 to Party Committees that is a tenfold increase from the current cap. The question is whether democrats are so opposed that they stand in the way and risk the possibility of a shutdown. Thank you so much, the chief washington correspondent. You been hearing from peter expressing his confidence. Tomorrow we will pass a responsible bill that keeps the government running. Without the threat of a Government Shutdown this will pose a direct challenge to the president s unilateral actions on immigration when we have new majorities in both chambers of congress. Conservative republicans still oppose the bill saying it does not do enough to stop the immigration actions and now they want to stop it. One of them is steve king of iowa was planning to vote no against the legislation, thank you so much for being back on our program. Call . T heed boehners we have heard this we will fight another day for some time. I river going back to obamacare and steering we will make it and doing it i remember going back to obamacare and hearing we will make it and doing it. It and ding it. It took us a while to get to the and we did end up with the president shutting the government down. This is different, as bader points out your party as john boehner points out your party will have control. When i analyze this from where the votes have to be we would be giving up leverage if we fund all of government except the department of Homeland Security until say february 3 seven you only have Homeland Security leverage to use. If that gets shut off and they will go forward anywhere anyway and issue the lawless edict through uscis. The president wont care if we shut down part of the funding to the department of Homeland Security and our leverage isnt there. That is the bad part am a have leverage and we should put it all into the big cr and do it very shortterm until january 30. We need to cut off all the funding to the things he has the river 20th which are the foundations of these acts. It is all a constitutional violation. I know you will vote no on the spill, how Many Republicans will stand with you . Butight now it is a yes there was an amendment to the rules Committee Last night that had 57 cosponsors and that would indicate that many of them would vote no. I offered an amendment that had some of those and some additional and most of them would vote no and some have not had a chance to sign on to anything. I would guess there is a number of 50 to 70 or more who would vote no and that would tell you the speaker will need maybe 40 democrats. I will pick the democrat votes are as reliable. There will be some drama. 50 to 70 as you say, there will be a lot of drama on whether this bill can in fact pass. We just conducted at bloomberg am a a political pull and it showed that republicans are enjoying the highest Approval Ratings in five years. In fact 45 of americans approve the gop party which is a lot higher than they have seen in years. That good will with the public by continuing to be the party of no. No . Maybe we have that higher rating because the public believes we will do what we said we were going to do. I think that is a big part of it. Goingook at the selection into november 4, there were two big things that the republicans ran on. The first was the repeal of obamacare in the second was to stop the executive amnesty of the president. When we give and both when we oath when we give an to a poll the constitution it doesnt mean when we feel like it. If we go forward to fund the lawless act of november 20 we have missed an opportunity and that goes against us. We will be popular if we do our job as we said we would do our job. It takes 218 votes to block this funding to the president s lawlessness so why not now . It will take two thirds in the house and the senate to override a veto if you want to go that route. Even in your own party and among conservative voices they have been critical about who ,hey believe are rightwingers conservatives and others who they believe are undermining the progress of the gop. We are at a high here in good will among americans, no thanks to people like steve king. Post sheshington writes, there is no place in the party for remarks such as those king has muttered on immigration. She has called you antiillegal immigrant antiimmigrant as well. We know that is completely false and i dont want anyone things Jennifer Rubin knows anything. I would remind those people that have an amnesty open borders agenda that they find a way to be critical of me because they are defending their amnesty agenda. I would remind on these numbers that they dont seem to handle very well we picked up 15 seats in the house of representatives for republicans and nine seats in the senate and a majority and im having people say somehow we were punished for the shutdown the come the president committed or two months ago. We were rewarded for standing on principle and thats how it should be. You will have your ill a Freedom Summit and Chris Christie is going there your iowa Freedom Summit and Chris Christie is going thomas some people call you the king maker, who do you support . I am committed to a level Playing Field and i want people to engage and i want access to candidates and people to have access going into this. Im very much committed to the process and ive long believed you can take the best possible rom material for president raw material for president and they would not be near the president they would be after they go through the full nomination and general election process. Thank you for joining us. Steve king of iowa. The hackers are still going after sony, the embarrassing emails that keep piling up, this time against the ceo. You are watching in the loop live on Bloomberg Television. It is nearing 26 minutes past the hour. About an hour away from the opening bell. Oil prices still at those fiveyear lows. Another read on the American Consumer retail scales. It is expected to be up about half a percent month on month. We will see how black friday sales did. We are on the market again in 30 minutes. Mcdonalds is taking steps to reverse the slump in u. S. Restaurant sales. Eight items and five extra value meals. Mcdonalds sawek those sales fall almost 5 last month. Here is something to tweet about, more users than twitter. It is instagram, owned by facebook. 300 million active monthly users that beat the 284 million users that twitter claimed in october. More inside information about sony on those hacked emails. One studio executive emailed, stick by the side a river long enough and your body and the body of your enemies float by. Asked for a sitdown with the top u. S. Executives. They want to discuss cost cuts, the same thing that download had loebdemanding that dan had been demanding. For more on what will be released, paul sweeney, the director of north American Research for Bloomberg Intelligence is joining me and provides unique Realtime Research on companies and industries. Who knew that you would be analyzing the salaries of sony executives . This is a big problem for sony, not just at a corporate level but at a personal level, hollywood is kind of a small town, and incestuous town so with this type of data whether salaries are how people think about each other it gets out, it can make doing give doing business difficult. Looking at this latest batch of emails between michael mittens and his batch of emails. Dan loeb was maybe right here, that there is some mismanagement going on. What was interesting by the ceo of sony overall, he asked for this meeting between Michael Litton and himself and said on the agenda one was to streamline Sony Entertainment and the second was to modify the Compensation Plan and the third was to valuate the future of sony corp. Of america which sits atop of video games in to tame and music. All of that tells you what . I think it says tokyo is looking very hard at u. S. Businesses from a profitability perspective. When you look at the Sony Entertainment business in terms of box office it is every year number two or number three. Theyre very good at making movies. Look at the spiderman franchise. A lot of good movies get made there and a lot of people want to do business with sony that when you look at the profit margin they are about half of what their competitors are. Sonys operating margins are 6 or 7 why is that . Cost. It is always a cost issue, that is always a challenge than a very high cost business in terms of you got pay people a lot of money, you have got to pay actors a lot of money, and all the executives that manage the business. That has always been the issue. You are sony, you say, listen, i think there is at to trim their. There. To trim makes 3 million a year, double what his boss makes. What do you think of that . But that is not unusual. Following the entertainment this for over 20 years. A lot of people think wall street executives are overpaid or highly confident they did. They do not compare at all to hollywood. The executives, the big media companies, every single year among the most highly paid executives in the area, and it goes right down to the studio lot. It is a very high variable costs business. Thank you so much. We are just getting retail Sales Numbers for the month of november. We will see how black friday sales did. Much bet