What do you want . People were desperate to hear him Say Something about Lehman Brothers and his role in it. Same old same old. It was a little bit of the same old same old. I think people were expecting more on that topic and he didnt want to go there. So the economy and all sorts of things. It wasnt one way or the other but i didnt think there was a great revelation except by the way this whole thing clearly haunts him and possibly it was a loselose situation. He is one of those brands. What can you say . You cant move on until you addressed what has happened. And can you . I dont know. But i know you cant unless you do address it. Right. It is what it is. You say its a perfect storm. Wasnt bankrupt anything that you say, well look this is lets just look at what happened. You cant deny it. He wishes he could say you should have basically the best he could have done is said you should have rescued me like everybody else. There were some things selfinflected. Remember the way that they were holding what was that big Real Estate Holding they had . On the books it was valued as some ridiculous arch stone and there was selfinflicted stuff there. But his argument was if you saved everybody else you should have saved us. If there was one bank terrible and worse than the others it was lehman at that point. You had the opportunity to try to build and send value higher. He said no. He had some opportunities. He would argue that some of those opportunities seemed like they were on the table but really werent. You know. Nothing is black and white. Heres the other big stories today. Greek talks are progressing but no details on whether theres a concrete deal forth coming. Athens is due to make a larger payment to the imf. Intel is reported to do that. It expires monday and after that intel can launch a hostile bid and theres been predictions. Half as many chip companies. Someone said that a year or two ago and then we had avago which i told becky this morning, we should have brought this up yesterday. Singapore based company, 10 tax rate. After they came back. Much easier for them to buy. Theres another one. So we prevented our guys from it but anyone still over there is still cherry picking Great American assets because of the tax rates. Because they can pay more. They can pay more which is what people said. He was making an interesting comment about how moores law used to be fast about being faster and now its about being cheaper. Cheaper. Its the huge change and biggest consequences in the mergers. Jp morgan plans to lay off 5,000 employees over the last year. The wall street journal says the bank is closing branches and slimming down operations. A few stocks to watch this morning. Gamestop with better than expected earnings held by strong shares of new releases. You can see up close to 6 . Also ulta beating the street on the bottom and the top lines and the shares of that company also rising up by 1. 9 and u. S. Based Data Center Company is buying british peer telecity group. I like it but its probably telecity. Its british. Did you know it was biopic. Its a biological picture. A biopic. I always thought it was a biopic. Its a biopic. Sounds classier. Im an idiot and i thought it was biopic. You did . You would. Because it looks like biopic. The deal to buy it is worth 3. 6 billion. Lets check on that this morning morning. Were down 37. Never got too out of hand yesterday. Another one of those sessions where it seemed like no one had my strong conviction about what to do. We ended up down about 30 points or so. In europe this morning is it summer dulldrums . Its not really. Tomorrow is the 30th. Tomorrow is the 30th. Theres 31 days in may. So monday is june 1st. Europe not good. Lets take a quick look at asia as well. Interested in shanghai. Get a bounce today . No but not much action there after the pull back earlier this week. Oil was down at 57 or so. Now up 73 cents. The ten year continues to confound obviously but if we get a negative printd on gdp you wouldnt expect it to be surging the yield. The dollar 108 or so . 109. Almost 110. No. We have time. So that has recovered a little against the dollar and finally gold back under i didnt notice but back under now 1200 at 1190. And in political news former House SpeakerDennis Hastert is indicted on bank related charges. Hes accused of structuring the withdrawal of a lot of money in small increments to evade the requirement that banks report cash transactions over 10,000. Hes also accused of lying to the fbi. John harwood joins us on set. Do we know the details of who he was paying off and for what yet . No. We know that they describe it as past misconduct. Bad acts in the indictment. He was a wrestling coach somewhere at a high school or something too. He was a teacher. He was a coach. Any reason to think it has anything to do with that . That was suggested by how the indictment was worded. It notes his previous occupation. All of this preceded the contact preceded we should wait until we know something. The conduct preceded his political career and payments came after his political career when he was making money as a lob lobbiest. Its one of the saddest things i remember hearing. Very very well liked in the congress. Became the speaker of the house after the very turbulent times. Newt gingrich was a controversial and volatile figure and hastert was somebody that people on both sides could relate to. He was a calm presence and, you know yesterday in brooklyn with senior officials of the Hillary Clinton campaign doing a briefing and after we finished this briefing everybody saw on their phones that this had happened and thats what everybody wanted to talk about because we were so shocked by it. Theres still the hastert rule isnt there . It was a term for a speakers approach to when they brought something to the floor and denny used to articulate that he wasnt going to bring something to the floor unless it had support from a majority of the majority. If most republicans for forwere for it he would bring it to the floor even if it required democratic votes. Weve seen john boehner try to stick to that rule but have to violate it in certain cases when must passed legislation had to go and you couldnt get amajority of the republicans. I want to hear what you learned with the clinton campaign. Not a lot. It was senior officials of the Campaign Calling up reporters. Its preceded in a very cautious way. She has been under wraps most of the time doing her learning tour. Listening and learning. And they talked about the ramp up thats going to occur this summer. She gives her big formal launch speech on the 13th of june. Thats a saturday and after that she is going to start doing different kinds of events and pick up the pace a little bit although its not going to be a full out sprint for awhile. Theyre emphasizing the marathon aspect of this. There are, i saw Carly Fiorinas camp making charges yesterday about how when they hold a press conference they actually take questions from the press. Does stuff like that matter . Will it impact either her favor blt favorability or pressure her to start taking questions . It matters a little but not a lot. One thing to remember about Hillary Clinton which is the most important fact is she has been known for more than 20 years. So to change the image of somebody thats been that famous for that long it takes an awful lot. People have such an accumulated storehouse of impression. They already made up their mind about what they think. Thats right. However if she is getting flak constantly for not taking questions, for not interacting with the press and being responsive to the stories out there, that creates static that interferes with her message. So its a factor. I dont think its a huge factor. I know you wont really report on the flak from the right but she is getting it shes not talking about ttp and others and Elizabeth Warren. Bernie sanders. I talked to him last week he said she was hustling money. She should be pretty familiar as former secretary of state. She ought to have an opinion. Theres no question. That is a completely political situation. Hillary clinton, remember as secretary of state was promoting the Transpacific Partnership and its being negotiated she is hiding behind the idea that we dont know the final terms. It hasnt been negotiated yet but its being negotiated by her allies. People that worked with and for her. You wonder if it doesnt make more sense to just come out in favor of it rather than having both sides attacking you. Cant have it both ways. Entering a democratic primary. She has the heat from the left Elizabeth Warren bernie sanders, Martin Omalley isnt really to the left but hell act like he is. So thats coming when he announces and so the natural reaction of a politician is to give them as brief as possible. Shes not going to embrace a deal that hurts American Workers and shell wait and see when its negotiated. Thats a shield and a dodge and i would expect that ultimately when the deal gets negotiated she will be for it but she is going to as careful as possible. I understand the position she is in but while youre trying to make no enemies you can make no friends along the way too. I couldnt agree more. It is so transapparently political. We know where she is on this issue. She was trying to she was involved in the creation of the deal. So the idea that she is studying it and not sure what she thinks im fortunate enough to get mail all day long from media matter just so i know what theyre thinking and i know how theyre handling a lot of these things and yet it was that someone that said that the clinton wealth problem was going to be similar to the romney wealth problem but they went into full damage mode that no she has stated that she cares about the middle class and romney was an isolated rich business man that didnt care about helping anyone. I think hilary needs to sue rubio for age discrimination. He keeps bringing up this 23 year difference in age. That may not play well to him. Yeah. Becky i think youre right. He looks really young too. Thats the thing. I think most voters are older. New generation fresh face that has some appeal and some power and rubio has that going for him. On the other hand, you put him on a debate stage with Hillary Clinton, he looks like a schoolboy. But she would have to talk during a debate. Yes she would. But that can backfire too. If hes expounding on isis maybe hes getting into the president ial race. There you go. One more candidate. Democrat or republican. I dont know. You tell me. No. Well i can say this he did make this one little comment in a very strange way, we need new leadership. So i dont know could have been talking about congress. Is he a democrat or republican . He was not an obama fan. That was clear. You have some of the best hair in television. You do. You have some of the best hair in television. The other comes over here to my left with joe but, you know the deal has been for years people have wondered if his hair is a t toupee. I have gotten that too. We have a toy left over from yesterday. Were going to bring this over. We are. Were going to test it out and blow it off. The kernen challenge. Ill take it. Johns is real. Yeah. Thats the real thing. Its a comb over though isnt it. Its all real baby. Im getting nervous. I may back out. In is at the end of the show . Its at the end of the show. That thing is powerful. Let me call i want to call a consultant. Well see. Thats our plan for later today. Excellent. Great to see you, john. Now you look sexy. There you go. You do man. Rolling around in the hay or something. Come over here. When we go to break. Anyway when we come back today, awarning to anyone that uses wifi on an airplane. But first heres a look back at this date in history. Excellent. Researching a hunch, and making a decision. Time for a change of menu. Research and invest with e trades browser trading. E trade. Welcome back to squawk box. The hacking of america. We reported in the past on the dangers of logging into public wifi systems that could be trapped set up by hackers and cyber crooks but Security Experts are starting to sound a warning about accessing the internet through a commercial planes wifi system. Who else can see whats on your phone or your computer. Heres tom costello. Reporter if you have flown at all over the past several years theres a good chance youve gone surfing at 30,000 feet. You may assume the wifi is safe and secure but is it really . We should treat it like any other public wifi. It doesnt matter whether theyre encrypted or not. When you connect to them youre handing over your destiny of your Internet Connection to an unknown stranger. Because the airline wifi is offered by a third party through which anyone could gain access to your phone or computer. Even someone sitting next to you. This is the first screen that i noticed something was out of the ordinary. It is a red alert like this one that greeted him on a recent flight. The planes wifi wasnt surveillance cure secure. They would have gotten all the information. My user name and password potentially and then the data coming back from there. One of the largest in flight providers gogo in flight says the connections is secure but once youre surfing the web that connection is not encrypted. Past the Purchase Point gogo operates similar to any other public wifi hot spot on the ground. You may be as vulnerable in the air as on land. You can protect yourself by using something called a vpn. A Virtual Private Network that takes your information and puts it into a bubble and encrypts it. Experts say whenever youre using public wifi on a plane or coffee shop avoid accessing your Bank Account Information and sensitive emails and any social media sites with your private information and your photos. The reality is cyber crime is entirely opportunistic and every time you connect to the internet youre a target. Even at 30,000 feet its best to assume youre always being watched. Tom costello nbc news somewhere over the east coast. Thanks to tom for that. For me i use wifi on airplanes though we have talked about the problems with gogo. First of all its slow and then the more i thought about it i thought its probably not a great idea to use wifi anywhere. Right but thats the larger point. Whether youre on a plane or airport or on the street but i find myself connecting to wifi spots whenever i can. I dont. And maybe im crazy. Ill occasionally do banking things. Are you kidding . Ill send emails. I never even thought about it. So i dont know whether to turn it on our off. Right. I can get all of these but they have the block things. Why would i use somebody elses network. I would love it. For example, right around here you could be on Time Warner Cable. If youre a Time Warner Cable subscriber you can log on to wifi and get a stronger signal. Maybe im paranoid. Sounds like we should all be quite paranoid. A look back at yesterdays s p 500 winners and losers. You probably know xerox as the company thats all about printing. But did you know we also support hospitals using Electronic Health records for more than 30 million patients . Or that our Software Helps over 20 million smartphone users remotely configure email every month . Or how about processing nearly 5 billion in electronic toll payments a year . In fact, todays xerox is working in surprising ways to help companies simplify the way work gets done and life gets lived. With xerox, youre ready for real business. Hi, im Henry Winkler and im here to tell homeowners that are sixtytwo and older about a great way to live a better retirement. Its called a reverse mortgage. Call right now to receive your free dvd and booklet with no obligation. It answers questions like. How a reverse Mortgage Works how much you qualify for the ways to receive your money. And more. Plus, when you call now, youll get this magnifier with led light absolutely free when you call the experts at one reverse mortgage today, a governmentinsured reverse mortgage. It will eliminate your monthly mortgage payments and give you taxfree cash from the equity in your home and heres the best part. You still own your home. Take control of your retirement today hello. Hello. Youre on tv. Good. Someone who is obviously bald and Misery Loves Company and others saying you can prove that its real hair but what about the dye job. Men dont die their hair. Do they . Why would i not want grey hair . People are small. Its the final trading day of may. A positive month. To this point, sort of. Anyway, thats where we are. The nasdaq the biggest winner joining us now managing director and instead of talking about those averages we just saw because you are now sort of a renaissance advisor, you keep emphasizing youre an asset aloe allocator now. The big short is now the bond market. Its not a new idea but what may be a little new is how big it could be and systemic. Much bigger than mortgages and subprime. Bond yields will raise in time. But i think in my view its not just central banks. Thats the biggest factor by far. But i think also theres a fundamental supply and demand story. Older people want to have safe secure sources of income but there is tremendous demand for fixed income product and the supply is not as robust as a couple of years ago as countries have reduced their deficits so i think rates will rise but i dont think very rapidly. I think 3 is the new 6. 3 will be normal or high in the future in the same way that 6 used to be normal or a little high. But you dont think its the big short . You dont think wow theres going to be a lot of money made by finally how long is this bull market in bonds . Like 1980 . How long is that . I would go back to the early 1980s when you had double digit ten year bond yields. So you had this tremendous bull market and that is probably over and i dont think youre going to get much return out of the bond market so we are very much underweight bonds in our Asset Allocation portfolios but to call it the big short is a bit of an exaggeration. Youll get weak returns but not a collapse because again if im right about thi