And then weve got business inventories, also worth noting today, the treasury is holding a 30year bond auction at 1 00 p. M. Eastern. Some of these bond auctions have been interesting to watch. You can see this morning the 30year is yielding 3. 428 . Twitter said to be considering a shakeup of the top executives. Reporting this includes a possible shift in the duties. Ali rowghani recently had some responsibility taken off his plate. Some members of twitters top staff have been upset he sold 300,000 shares of stock last month. Twitter shares under pressure. Also insiders and cofounders jack dorsey and Evan Williams have vowed not to sell as a signal of confidence. And then the story joe was referring to at the top of the hour, a hall of fame golfer, phil mickelson, reportedly not involved in Insider Trading in the shares of clorox when icahn was attempting that unsolicited takeover in 2011. The Consumer Products company among the stocks that the feds were examining as part of the investigation into welltimed trades that mickelson and friend of his Billy Walters had made. The New York Times reports the fbi and s. E. C. Did not find evidence that mickelson traded clorox shares. Theyre said to remain under investigation on the clorox shares. He didnt even trade any . No. Nothing to do with dean foods. So why has it ballooned into this . I have an explanation for what happened. But the times reports that mickelson is not in the clear on dean foods. So that is still under investigation. Okay. But he never even traded the icahn where they walked out on the golf course. The icahn walter shares are on the other side. Again, you just figured out he never traded shares . This is two weeks after they assaulted him on a golf course . Correct. Now, unclear to me whether the s. E. C. And fbi just realized that portion of it. I believe they were always focused on dean foods and the earlier media reports were inaccurate about the clorox piece. If you read the stories very closely, and i unfortunately know too much. You know everything. So why would dean foods been on anyones radar. What went on in dean foods that would have been inside information for mickelson . Im not sure exactly what was related but there was some kind of trade made in 2011 relating to dean foods that walters and he made ahead of ahead of inside information . I dont know. Thats whats under investigation. You cant blame the messenger. Thats what happens. That seems but the connection between whats clearly wrong the connection between icahn and mickelson. And day one as we all know, icahn says i dont know this guy, i dont know anything about this, i had nothing to do with this. Having said that, i believe that the dean foods piece of it is whats under investigation. I believe the early reports on this which first came from the wall street journal on a friday evening and spurred a number of more reports on it. Id like to see they have some sort of information to find out they are doing this in a public way in the middle of a big tournament. Well, what made it so interesting was that you that it tied icahn to mickelson. It makes it much less interesting if thats not true. Who knows with dean foods whether Billy Walters had inside information. Unfortunately, we dont know. What if he said, you should buy some dean foods. We dont know enough about the there was nothing collected. Certainly whether it was an error, or not, in the fog of whatever you want to call the stories like this, they accosted him at the memorial tournament. And because people had found out about it. And the media chased into it because it sounded like a salacious story. So youd have to say it was typical, probably not great. I guess we should wait to see if the evidence is out there. Let me suggest this. I think the media ran away with a story around icahn and clorox. Whether theres real evidence around dean foods, the people involved in the matter believe there is at least something theyre investigating. Its not clear to me you could pull them off yen ragenerated by the idea middle of a tournament. Correct. But where i was going to go with this is, it doesnt i dont know if you should pull them off the golf course, or not. You could pull off the golf course related to clorox or dean foods, carl icahn, doesnt matter. It was related to the idea it had those two huge but what im suggesting, i think it has a lot more to do with the media in this particular case than it did with the actual investigation. I believe that when you read the stories, you will see over the next several days that it had to do with people inside giving Bad Information to the media. Why, i dont know. Well, the media wouldnt have done anything if they had accosted him on the golf course and now it wasnt anything to do with clorox. Trying to generate. And thats the piece i disagree with. Well, you go after a witness for two reasons, one to rattle them in a situation. And in the case of somebody like phil mickelson, you are doing it to generate negative publicity. Why did they have to go to the golf course . Not what generated the news story, though. What do you mean . Going on the golf course didnt generate the news story. Thats what generated my interest. That might have generated your interest, but not what generated the news story. You wouldnt have known. Its a very complicated it was designed to attract as much attention thats the part im not sure is accurate. They didnt do it to attract attention . But thats not how the story came out. Theres so no one wouldve seen the fbi accost him on the golf course . Thats not why they would have seen him get triple bogies on the last four holes. I know a number of people involved in this youre saying the story generated before that happened. But that happening it was not a precipitating factor in the story. It wasnt. In the original story. But then what followed afterwards, it was. That goes to what i said the media did. What the media did was related directly to what they did coming after him in the middle of a tournament. Okay. Maybe not the original story, but the pickup and the follow and what happened throughout that. Yes. All of these little pieces. And doing that in the middle of the golf course was designed to make sure people followed. Thats the part well thats the part i dont think is right about that part. Chief operating officer stepping down amid a probe of the french banks operations. New yorks banking regulators having asked the c. O. O. Involving sanctions violations, i think a spokeswoman for the bank says the executive had planned to retire this year anyway and would not comment on the u. S. Proceeding. And Goldman Sachs and bain capital will pay a combined 121 million to settle their portions of a lawsuit accusing several private equity giants not to outbid each other. The preliminary settlement with former shareholders of publicly traded companies. Details were disclosed in court papers filed yesterday. Goldman will pay 67 million. And intel has lost its challenge against the record 1. 4 billion European Union find. Eu antitrust regulators handed down the fine five years ago said intel tried to block the rival by giving rebates to pc makers, dell, hp and lonovo. Its already been five years. Wow. Kind of astounding. At t is defending its directv acquisition to regulators. The deal would offer consumers access to video and a variety of media. It would save customers money by bundling services and give the Company Scale to compete with larger cable competitors. Those comments come in a filing with the fcc. With a vote set on june 19th, lets talk to about who could replace eric cantor in the leadership role with our washington correspondent john harwood. John, its funny. I remember the way the media used to portray eric cantor. We hardly knew you. And he shows a lot of class in the speech and both sides of the aisle. You know, noting some of the things that he said and, you know, boehner. Still, eric showed a lot of class yesterday. And suddenly the liberals say, wow, this is bad for president obama because now were not going to do immigration and not going to do couple of other things he was import, export, voting, what recently happened with voting and southern states. He was going to introduce something for someone for that. Now, everybody misses eric. He also gave endorsement. One of the three young mavericks that wrote that book, right . Kevin . Yeah, Kevin Mccarthy, his good buddy is his chosen candidate. He looks like the favorite to win. Do you miss him, too . I can see you even. Its funny the way that happens, isnt it . Well, look, i mean, any time somebody is defeated and shows grace in defeat, thats thats something that people react favorably to. This is the guy that says this is why we have elections and you need to suck it up. Yeah, one of obamas former spokeman last night said would it make me a jerk to remind everyone that of what president obama said to eric cantor that elections have consequences . Yep. So right. Yeah, look. I dont know if any if people are going to miss eric cantor. One of the problems that he had, and you saw this in some of the commentary from conservatives and it was also echoed on the democratic side of the aisle was that kantcanadia cantors persot one that was endearing. He could be arrogant at times. Sa sara fagan, our colleague, said he had an issue being arrogant sometimes. So all of those things contributed along with the issues, like immigration and other things to the defeat. But he looked good yesterday. And so people react to that. Yeah. It does appear. Its a really big policy for a politician as weve learned in other situations. Wow, that is the worst thing you can be. Thank god its just eric. The other thing that i was saying. But you do have to be in touch with your district to stick around. Thats what i was going to say. This is the lesson he was in washington being a big muckity muck and he forgot in northern virginia. And becky mentioned yesterday, see, i hadnt been reading. I see what people tweet and follow, and id seen her tweeting about cantor again and again. But p i didnt know she became almost a Campaign Poster child for brat. And she went out of her way to try to make a difference in this election. She seemed to mark levin and ingraham were part of the campaign. So, yes, theyre the ones that made. This was driven a lot by talk radio. Yeah, john. I, you know, mosul, number two, theyre all gone. I guess, its in the papers, obviously. But is baghdad going to fall . The people the United States left in charge of security, theyre dropping their weapons, taking off their uniforms, leaving the military vehicles that we supplied and theyre running. Its a horrible situation. Are we going to lose baghdad . Well, look. Im not there and i dont know. Will obama okay air strikes . Now it says here that the i doubt it. The iraqis are now saying they would allow. Would allow u. S. Air strikes. But will he do it . I would be stunned for the president sent military force into iraq in response to this. How will we feel about all the sacrifices made and watching this happen . Terrible. What does it mean for the future in terms of what we might or might not get involved in. Like a syrian Iraqi Alliance in that part of the world. And in a haven for jihadists and terrorists. Its a complete mess. And its destabilizing and adverse to interests. I dont know what the answer is. Wheres john kerry . A Climate Change thing . Whats he doing right now . Measuring co2 levels . Where is he . Maybe hes wind surfing, who knows. Maybe hes avoiding taxation on a yacht in rhode island. No, look. Obviously i was kidding. I dont know what the United States response is going to be. Because as you said, you know, the we undertook this war. And the premise of getting out of the war was we were turning over security to a liberated country. And they are not up to it. And that i dont know who to blame for that. But its do you think the left, you know, we shouldnt have shouldnt have gone in the first place . It doesnt matter if we lose it now . Do you think that will be the narrative . Well, i think, i dont know what narrative youre talking about, but i think the view of the administration is that the future of iraq is going to be settled by iraqis and not by the United States. And that was the original problem with the war that we were remaking in other countries. Foreign policy hot spots. Is it me or have there been a few . Seems like every week yeah. Quite a few. Theres stuff hitting the fan, is there not . Is there anyone monitoring all of this . Do you know . Theres a large number of people monitoring this. Just monitoring . Can i talk about the one other revolution before we go . Sure. In the house leadership. Its not going to be a dramatic change. I would expect that Kevin Mccarthy is going to become the republican leader and i would expect that steve of louisiana is going to be the one to replace him. Therell be a race, but thats the lineup that i expect to emerge from that race. And john boehner signaled to his caucus yesterday that all of the retirement rumors, dont believe it. Hes going to stick around, going to be there to try to stabilize the ship. I think some people i think some people on the right dislike cantor more than people on the left now. Its very weird. Because of the immigration thing and the amnesty. Thanks. Coming up in the next hour of squawk box, dick armey, and one of the Top Democrats on the hill House Minority whip steny hoyer is going to be here. And weve got much more straight ahead on squawk Box Including the author of how the poor can save capitalism. And the world cup kicking off today. A live report from brazil on some of the big controversy surrounding the tournament. Squawk box returns in a moment. Welcome back to squawk box. Weve got a special guest with us. The founder, chairman, ceo of operation hope and a member of president obamas Advisory Council on Financial Capability for young americans, and he has a new book out. It is called how the poor can save capitalism. Which climbed to number one on amazons best sellers list. Number nine. Number nine, i apologize. Wed love one. Were all going for one. After this. After this. Absolutely. Were hoping, john. So heres the question, this is the book. And, just answer the question. Lets put a question mark at the end of this. How the poor can save capital. How can they . They already are. 70 of Consumer Spending is this nations gdp. Buying coffee, going to breakfast in the morning, house notes, car notes. Its already being driven by the working class. And on top of that, people who make 50,000 a year or less in income put 80 , 90 of the money back into the economy versus those who have more who tend to keep more. Number one, were already saving the economy. Number two, every product that we love, cell phones, laptops, restaurants, automobiles, were originally created as toys were luxuries for the wealthy. They were commoditized. Africa, probably becoming the first wireless continent. Theyll jump right over land line phones. 700 million cell phones. People dont have running water, but they have a cell phone in africa. Thats whats driving the growth there. Cocacola is doing okay here, but kicking rear end in africa, china. And on the consumer side, the story has already been written. What we have to do now is create some demand side, some ownership of the side because entrepreneurship is dying in america. Thats the real story. More Small Business deaths than Small Business births. Why do you think that is . Gotten lazy, lost our game, we think were important. I dont know what it is. But weve lost our story line. And you dont see any action by a larger government in regulation . I think you dont think thats whats hurting any Small Businesses . I think thats the back story. Yes, i do believe that more regulation dampens growth. Look at france and how theyre treating business and what thats done to their economy and the by the way, the french president s reversing himself. Thats the back story, i think. The real story is culture. I think for 80 years, we were obsessed with ideas. You talk about them all the time. The steve jobs. Excited about an idea. The money was a byproduct. The wealth was a byproduct. Weve traded the byproduct with the product. Now you ask somebody why youre on wall street, i want to get paid. Why are you starting a business . I want to get paid. The byproduct became the product, we lost our story line. I think we lost that edge, the special sauce. Were going to get it back. Were doing hope business in a box academies. Solutions in this book, in schools to stoke young entrepreneurship energy. Do you know, if you want to high academic iq. Its called grades. You want to find out who the Canadian Hockey League players will be, theyll tell you in elementary school. You try to find the entrepreneurs, the Small Business owners, the job creators, theres no system for that k12 in america. So were its like trying to come over all these bridges coming here and nobody has a drivers license. Its like teaching business and why Business Matters and what you can do. Yes. We found, the index found that 47 of all kids in High School Want to be Small Business owners. They want to be entrepreneurs, but only 5 of kids getting a business internship, hello. Then youve got on the other hand, these numbers where Small Businesses are dying more than giving birth. And were all role modelling. I dont know your story personally, but i know your story. Youre sitting there in part because you saw a woman at so businessman, im not a genius, im role modelling, right. My mother told me she loved me, i believed it. You see urban city communities. Kids want to be rap stars, athletes and drug dealers. Theyre not dumb and not stupid. Theyre brilliant. Theyre role modelling, modelling what they see. Were all aspirational. The question is, what are you seeing as a result of your aspirations . We can turn that around. In the last ten years weve made dumb sexy. An