Up by over half a percentage point. Lets tell you about the top three stories that were focused on this morning. They all about regulation. The top one, pfizer and allergan will be mutually terminating that 160 billion transaction following the new inversion rule changes. Sources tell cnbc that pfizer will pay allergan a 400 million breakup fee as per that tieup agreement. Both companies believe the treasury overstep the bounds of its Regulatory Authority. Sources say neither drug maker wanted to risk launching litigation against the government. President obama weighing in on the Treasury Departments new steps to stop corporate inversions. Ive been pushing for years to eliminate some of the injustices in our tax system, so im very pleased that the Treasury Department has taken new action to prevent more corporations from taking advantage of one of the most insidious tax loopholes out there and fleeing the country just to get out of paying their taxes. The president called on congress to eliminate tax loopholes that favor large corporations. In other deal news, the Justice Department is preparing to file an antitrust lawsuit to block to proposed merger between halliburton and baker hughes. Thats according to a number of reports. The deal would combine two of the worlds lthree leading oil servicers. And brokers will be forced to put clients best interests first when it comes to fees and investment choices. Labor secretary thomas perez is going to join us at 8 30 eastern time to explain how the rule will affect savers and brokers. Theres been a lot of debate about that rule change. Im not sure customers appreciated that the rule did not exist before. A lot of multinationals are not happy now. Thats true too. Because they cant do normal stuff, normal loans in this country are going to be affected. Once again, just like no analysis of the unintended consequences of doing a thing just to block pfizer. Lets talk about something happier. In sports news, the university of connecticut Womens Basketball team wrote history tuesday night by winning an unprecedented fourth Consecutive National championship in a game that was never in doubt. The huskies beat the orange by 31 points to cap off a perfect season. The uconn women have now won 75 consecutive games. The coach has now won 11 titles, which is more than any coach in mens or Womens Basketball. Right. But what came this is a pretty easy one. What team won seven Straight National titles . John wooden and the bruins. Ucla 1967 to 1973. Bill walton, et cetera. Thats before i was born. Right. And youre reading off a screen, no less. Its not like you knew it in your head. I knew it was the bruins. I was alive then, andrew. I was in high school. But ucla went undefeated a record four times. Thats impressive. I forget how many total they won. Some ridiculous number. Anybody in sports knows the most dominant team, probably either the bruins or yankees. Why did i bring it up . Unc. It probably is the yankees. Mot not this year. In political news, results are in from the wisconsin primary. Probably going to hear something about duke. John harwood yoins us now with the numbers and the fresh delegate count. Is that your analysis, john, that is the most dominant college team . Wouldnt you say ucla for that stretch . Reporter absolutely. A couple points about it. One, were talking about mens sports. The uconn women are dominant. I just dont know if there are strings of dominance like that in other sports. But in terms of mens college athletics, yes. John wooden won ten championships, seven in a row. Just an amazing performance. Thats sick. All right. Reporter shall we transition to the john wooden of the 2016 president ial campaign . Bernie almost is. Reporter there isnt one. Six out of seven. Reporter we saw last night, joe, something weve been waiting for, which is both donald trump and Hillary Clinton to get beat and beaten soundly in large states. So in wisconsin, you had donald trump losing by 14 points to ted cruz. Ted cruz really consolidating that antitrump vote, won solidly. Didnt win all the delegates but won the overwhelming majority of the delegates. On the democratic side, you had Hillary Clinton winning significantly into a majority. It was about 5346, i believe. That was a substantial victory for sanders. Not a huge delegate haul, given the democratic rules for how they allocate delegates. The question coming out of wisconsin is how much does either of these change the race. It is not necessarily obvious that ted cruzs victory over donald trump transforms the republican race. Does it make it harder for donald trump to get to 1237 . Yes, it does. The number of delegates he needs. But until ted cruz shows that he can beat donald trump on more favorable turf for trump and theres a lot of favorable turf coming up, like new york in two weeks, were not going to know if hes going to be able to deny donald trump that firstballot nomination. As for Bernie Sanders, very unlikely, given the democratic proportional delegate rules that he can catch Hillary Clinton 37 this is likely strengthening a protest campaign. But what about one that hurts her chances in the general . If this is a situation with Younger Voters drawn to him, if those voters are angry. Reporter i think you cant rule out that possibility, depending on how well the democrats can pull together after the nomination. We did see in 2008 very bitter race between barack obama and Hillary Clinton. That went on for a long time, into june. Hillary clinton was winning races at the end. You know, in a similar fashion to what were seeing in the races right now, the front runner was losing significant states. That didnt end up hurting barack obama. But that doesnt mean this could not hurt Hillary Clinton. Hillary clinton clearly has vul ner vulnerabilities. Heres my question, john. Lets say its open convention for republicans. Lets say trump is ten ahead of cruz or Something Like that. So trump is number one, but nowhere near the number he needs. Then you have cruz. Then you have kasich way at the bottom. Is it possible if trump had more they could suddenly decide on cruz even though he had less . And number two, if they didnt pick trump or cruz, would they go to kasich just because he hung in there, or would they go to paul ryan . Just say, look, if were going to go to someone thats so far down, you didnt really win it, won one state or something, would they really go to one of the three that stayed in, or with the push for paul ryan, would they go to paul ryan . I still think kasich i dont know how you arrive at kasich. I kind of agree with your analysis. If its not trump or cruz, and i think a strong likelihood is it will be one of those people, but if its not going to be one of those two, i would think that republican delegates would be more likely to make the jump to the fresh face that carl rove has been talking about lately, and thats likely to be paul ryan. Ryan says i wont take it and we had the back and forth. I talked to him about this a couple weeks ago. He first said, i hadnt thought about that and who knows whats going to happen. Later he was stronger in saying, no, no, its going to be one of the people running. I think if you get to a jump ball deal where delegatings are flee to do whatever they want and Party Leaders can try to steer that result, i would think that a ryan candidacy would hold more appeal than a john kasich one. I would assume whoever gets put up loses at that point, just by default. Why would you want to let yourself be that straw man . Reporter why would paul ryan want to do that . Yeah. Reporter because its ever politicians dream to get nominated for president without having to run. And you think hillary is this dominating candidate. I think if you get to the point where youre putting up somebody who wasnt enon the ballot, it means the whole thing is so broken. Its gotten weirder and weirder. Reporter but andrew, the way Party Leaders would look at it is paul ryan could fix a lot of things in a hurry. This is somebody whos been vetted, who ran as a Vice President ial nominee four years ago who is very popular within his party. He has a great presentation. Hes got a great personality. People like him. If it does happen, hes just getting ahead of the game preemptively to bolster hillary. Are the gloves off though . Cl clinton said last night cruz is just a trojan horse. Reporter becky r you saying the gloves were on before . Well, at least it seemed to me there were time where is it looked like they were working together. Trump going into the rnc last week. At this point, no more illusions or pretending. Reporter i think everything is contingent on results. Donald trumps demeanor and behavior. If he goes into new york and finds hes losing, youre going to see a different donald trump than if he lives up to these we got to go. 3540 says theyre going to bolt if its not trump. The question is, would the republican nominee absolutely need all of them to be totally energized, to show up, or would just getting half of them that said, okay, ill go for paul ryan and independents. So you wonder whether they could get enough of those trump people that are disenfranchised to actually show up and vote for whoever they put up if its not trump. I think paul ryan, hed probably get enough of them to beat a weak democratic candidate in Hillary Clinton. We dont know whether shes going to be i saw the other day she was at a restaurant and comey was they said, heres your server for today. Reporter did somebody write that joke for you . No, it was in the post. It was a cartoon. All right, harwood. Thank you. We have two more experts here. These guys walk the walk. Former United States senate jedd greg, who was a senator and a governor. Then former new mexico governor bill richardson, whos also done so many things. Were you good at all of them, bill, or just couldnt find your niche . U. N. Chief, all this. I think you were good at all of them, right . Well, yeah, but i couldnt hold a job, so i kept changing every two, three years. Right. But i tried for the big one. I didnt do too well, but thanks for having me as an expert on the president ial race. I lasted through two primaries, but thank you. I dont know what to call you. Anyway, im going to call you senator, jedd greg. Ill call you governor, bill richardson. So are you now back in the Clinton Family full on . Are you totally back with them . Or are they still mad from the barack obama thing . Are you back in there totally . Well, yeah, im supporting her, although i was seven years in the wood shed. But im out of it. Im supporting her. I think shes by far the best candidate, foreign policy, domestic policy, family. You mean just among democrats . Between her and bernie . Yes, im totally for her. I think shes going to be a fine president. I think shes going to win too. You do . Okay. So senator, weve been back and forth. Do you think its different than last time we spoke when it was almost how do you say it, andrew . Fate acomply. I dont think were anywhere close to that this time. Last time when we finished our conversation, i mentioned i thought paul ryan was the dark horse. I just heard you have a great discussion with john on that point. This is clooerly not resolved. It appears to me its going to go to convention thats open. I dont see how trump gets to the number before the convention. Hes going to have the most delegates. If hes within 100, hell probably be nominated at the convention. You wont help prepredict what would happen . If its not trump or cruz, how do they get to kasich . Wouldnt you just go to paul ryan at that point . If youre going to elect someone, paul ryan is only behind kasich in delegates like ten. Because thats all kasich has. 143. Kasich is its legitimate that kasich is staying in because this thing is not resolved. You cant win the presidency as a republican unless you can carry ohio. He has a tremendous track record as budget chairman and as governor of ohio. Is that your guy . Almost as strong a record as bill richardson. Hes a quality guy. I think as long as he stays in, hes going to have enough delegates. Remember, you also have the rubio delegates who are undecided right now or uncommitted. Theyre like 175 delegates. So this is a very wild west situation. Its amazing. So judd, who would you prefer . Maybe you dont want to say, but do you think that the trump base, which is pretty significant, do you think theyd be so disenfranchised that they wouldnt support or turn out for either ryan or whomever or kasich . Well, two things to say there. First, you got it right. I think a large percentage of those people may be frustrated now. Some of them wont vote. If they do vote, theyre not going to vote for hillary. Theyll vote for the republican, i suspect. Secondly, the most interesting number that came out of wisconsin, 30 of the republican vote in the primary said they would not vote for trump in the general. 30 said they would not vote for cruz in the general. You cannot be elected president if you cant maintain the base, and those numbers are pretty staggering. If either of them are nominated, they have a very hard road, even against an extraordinarily weak candidate. I wouldnt be surprised if the Democratic Party didnt get thrown into some disarray here and saw joe biden come out of the back room because of the fact the Party Decides that hillary just is too weak after being beaten by sanders everywhere shes going right now. And he won the bracket. The white house bracket for the final four, biden. Yeah. All right. I wanted to turn to a political topic. I want to talk about inversions on the front page of the paper today. Here you see washington having a real impact in the business world. Pfizer dropping the allergan takeover. Guys, politically, how does this play . Governor, i assume youre with the president on this. Senator, i assume youre on the other side. Frankly, senator, in this environment, given everything thats going on, i assume its semi tough to actually go out there on a platform that says, you know what, were okay with our companies leaving the country. What the white house did and what the treasury did yesterday was pure demagoguery converted into practical action, which is going to have a significant negative impact on this economy. We have the highest Corporate Tax rates in the world. We have 2 trillion sitting overseas the companies cant get back here to invest because we have an administration that wants to have a high tax rate so they can take the money and spend it rather than having the Companies Invest it either through dividends or through expanding their companies here in the United States. This administration is the most taxhappy administration weve ever had in the history of the country. Our tax rates are reflecting that, and its affecting our competitiveness as a nation internationally, and its affecting our Economic Growth here in the United States. Governor . Well, look, im pro free trade. Im concerned about the antifree trade posture voters on both sides. But i think the economic issues, the issues of income inequality, low wages, theyre going to dominate this president ial race. This is why i think that Hillary Clinton has a new program to help small businesses. Shes got initiatives that give corporations credits for hiring workers. I think on the economic issue, shes on the right side. And i agree with the president. I do think that there are a lot of loopholes. Although like judd, i am profree trade. Im for the asian agreement. Im for nafta. Why cant you guys get together on lowering Corporate Tax . Both sides claim they want to lower the Corporate Tax. You both claim you want to do that. When i was governor of new mexico, we lowered the personal income tax, Capital Gains. I think it spurred Economic Growth. Judd has a good record there too when he was governor. Look, we need tax reform in this country. Whos holding up the train then . Well, both sides are. But what we need to address more is this lower wages, income inquality that sanders has tapped into that, trump has tapped into. I just wanted to Say Something on the democratic race. I dont want to diminish sanders victory, but Hillary Clinton, shes 250 delegates ahead. Shes got 2. 5 million more votes than sanders. Wisconsin is a great state, but 83 of the voters there, theyre white. The clinton base, minority voters, union voters. Its not as strong in wisconsin as it will be in new york, as it will be in california. I think that shes going to win the race, and im a little concerned about the tone that sanders has been taking lately. Hes been positive so far, but lately his people talking about flipping delegates, maybe not supporting her if she wins the nomination. Shes been a total statesman. So im a little worried about the tone. Polarized on all sides. Gentlemen, great to see you this morning. We always appreciate your perspective. Thank you. Coming up when we return, the minutes from the latest fed meeting released at 2 00 p. M. Traders will be watching the balance between hawks and doves on Interest Rates. Were going to talk Market Strategy after the break. Then legendary blues traveler frontman john popper is here to talk music, politics, and his new tellall memoir. Squawk box returns in a moment. 32 years at this place and now ive got 9 days left before retirement. Weve been planning for this for a long time and well keep evolving things. So dont worry. Knowing you is how edward jones makes sense of investing. Great time for a shiny floor wax, no . Not if you just put the finishing touches on your latest masterpiece. Timings important. Comcast business knows that. Thats why you can schedule an installation at a time