Transcripts For FBC Mornings With Maria Bartiromo 20160909 :

Fallout of employees secretly creating millions of fake accounts to boost their pay. Futures this morning indicating a lower opening for stock prices, take a look. Decline in the u. S. , in europe mixed performances there. Take a look at the action where youre seeing loss as well. In asia overnight, the tone was set as you will see and it was mixed, nikkei average was up just a fraction, hang seng as well, the other major averages mostly low e. Amazon ready to help if you forget any of your gameday essentials. All the stories coming up this morning. Joining me to talk about maverick cochair, morgan is with us, Editorial Page Editor James Freeman here and Fox Business Network dagen mcdowell. Dagen good morning, Hillary Clinton is using her gender as a crutch to lean on and s. W. A. T. Swat and asked about do you think youre treated differently because youre a woman and she went, i dont know. Maria wow. Matt lauers performance and comments . I think its a media game to send message to other moderators to go easy on her. Thats all this criticism. Come on. She didnt have a great performance. They start hitting the moderator. Everyone is a sexist. Maria we have a lot to talk about that on the heel offense that. Coming up this morning, scott brown is with us. Former House Speaker Newt Gringrich will weigh in and nypd commissioner ray kelly is with us as well. Big program this friday morning, do stay with us. We kick it off right now this hour with our top story, new polls, new polls show a tightening race in four key swing states, Quinnipiac University polls show a dead heat 59 days ahead of the election. In florida trump and clinton are tied at 47 , take a look at North Carolina where clinton leads 47 to 42 and then theres ohio, trump is leading 46 to 45 in ohio, in pennsylvania clinton leads by 5 points. 48 to 43. Again, theres very much in the margin for error here so it is that tight across the board. I want to bring in former new york state Lieutenant Governor and trump supporter as well as political analyst and adviser to Hillary Clintons 2008 president ial campaign. Good to see you both. Your thoughts this morning on new polls. Obviously the race is tightening and donald trump has a big advantage because the economy is so important to voters and he has an economic plan that can produce 4 growth. The obamaclinton economy is sputtering along at 1. 2 growth and mrs. Clintons economic has no growth in is. Its a recession plan. Shes crisscrossing and that will, in fact, mean, directly from the federal reserve, raising Corporate Tax rates will result in substantially lower wages and income. Americans want a raise, they want more takehome pay and thats what the donald trump plan will promote. Tax cuts, regulatory relief, unfettered energy growth, more economic growth. Maria Hillary Clinton has talked about raising taxes and has talked about holding billions to account by building on obamas policies. Is that resinating with people or is she falling back in the polls because donald trump is simply doing better . Certainly the polls are tightening up but we heard from the Clinton Campaign all along that they knew this would happen and regardless if they were ahead by many points or just a few, they were going to be running as if they were from behind. Now as it relates to the plan to make sure that the economy keeps going strong, you have Hillary Clinton who has put out 100,000 words in policy positions and donald trump with a lot of empty words. Shes very specific about making sure that we have universal access to broadband by 2020, shes very specific about shes going to help small businesses. Shes very specific about shes going to help lowwage workers who have not profited from the crane esed productivity that corporations have seen. Shes very specific. Donald trump on the same stage answering similar questions, it becomes clear who has the substance and who doesnt. Maria let me get you in here because youve looked at both plans. Now, Hillary Clinton has a lot. You talk about a lot there. Dagen has made the comment that on her website is like a to z. Is it too much where we dont really know what is driving her policy whereas donald trump has been laserfocused on 15 Corporate Tax rate and moving the economic needle . Shes not promoting the biggest tax increase ever. Its a lot of small items that she hopes will be appeal to go people. Its a more complicated tax code. Its more set aside deductions, credits. Maria eight brackets. Higher investment taxes which is a jobs killer as you mentioned. Trump, do we wish there was more detail, yes. But what he has put out, very progrowth. Youre talk about big rate reductions on the corporate side. Maria morgan, also this morning we are learning that the department of justice is granting immunity river networks, the person who used bleach bit to delete clintons emails. This immunity news is coming as an fbi source tells fox news exclusively that clientons emails had multiple classified markings and her claim of not understanding doesnt check out. Is this causing the polls to tighten . Absolutely. Definitely. If you look at what is happening with the polls, its not that trump is gaining for supporters, its that people are falling out with clinton. Whats interesting what you just noted about the breaking news, the fbi director so hes not pressing charges against her, why is someone now getting immunity. Does that mean theres investigation of her senior staff . Why is he getting immunity now . Thats a big puzzling question. Maria prosecutors as doing deals in order to get something on somebody else and theres no activity here, why does the fbi to this point basically given her staff a pass, several of them that knew nothing about the private server even some people that were using it. Lets remember that mrs. Clinton told the fbi that she couldnt remember whether she had ever been briefed on how to protect classified information and she failed to get her staff or aides trained in how to protect classified information despite the state Department Requirements that she do so. It does qualifies her from being president. A president is briefed every day on top secrets. How can we be competent. Maria it is out there, jae, how do you feel about this . A person who whose voice is most important is director comey, upmost respect from every single republican until the decision came out. [laughter] he even sent out another memo communicating very clearly that this was not a cliffhanger, it was a unanimous decision and has used words that you dont usually see coming from a directionor of the fbi saying that all of this stuff, what betsy is talking about there is bologne. Maria second investigation at the Clinton Foundation, ralph spoke about the foundation yesterday. Listen to this, i want to get your reaction. Anything illegal in what youve seen so far by the hillary foundation, Clinton Foundation . Not in a documented sense but unethical, so unsavory, that ought to be a serious indict itself. Maria could the Clinton Foundation investigation end in an indict for Hillary Clinton . [laughter] we are listening to ralph in 2016 . Thats not Hillary Clinton or president clintons foundation. Maria the noise or the activity around the Clinton Foundation does not look good given the fact that she did some deals with russia, with the saudis, with african countries and then her foundation has hundreds of millions of dollars. They got an a rating which is very clear. When you have 75 of the children on the planet in the world who get hiv medication, getting that through the Clinton Foundation, that is thats exactly the publicprivate independent Sector Partnership that we should be applauding, instead we are trying to rip apart the foundation when Donald Trumps foundation broke the law. They have to get it through the Clinton Foundation to believe this is anything more than clinton setting themselves up as the middleman, you have to think that all of the big wealthy countries have no idea how to give aid without routing it to Clinton Foundation in new york. We know why the money is there and we know y the clintons are getting their cut. Senators from both parties expressed their concern that it might look like she was selling influence or turning the state department into a cash machine for her foundation if she took contributions from foreign entities, companies, individuals, government while secretary of state. They asked her not to do it, she refused. She asked her to discloses the amount and she refused. Clearly her intent was obvious even before she was confirmed that she was going to use her position in government to raise a lot of money for her foundation. Maria you have to believe its begin to go resinate and its why the polls have tightened. How much attention we have paid in the Media Foundation Hillary Clinton issues versus Trump Foundation maria i see it in the wall street journal, i see it on fox. I dont see it largely out there in the Mainstream Media and the Clinton Foundation. Do i hear the Trump Foundation comments on cnn. I think we have to point to the fact that the independent arbitrators who look at foundation and say, are you doing the work that people are investing you to do, theyve gotten an a rating. They have never been they were graded last week and they passed. Maria final comments. Morgan lets say that the foundation does do great work, theres no reason why they could do to bill gates foundation. Give it to another reputable organization. Maria they are doing that if she wins, but they are announcing that they are taking donations until the election which people are questioning. Betsy, great to see you both, ladies. Coming up next wells fargo has to 185 million in fines after its employees created millions of phoney accounts just to hit sales targets to hit bonuses. We will tell you about that. Plus, outraging over the display at a walmart in florida, look at this display, why people are furious about this 9 11 themed coke display. Back in a moment minute. Asleep. Then one day, hr schedules a meeting with you out of the blue. And its the worst 19 minutes of your career. But you dont sweat it because you and your advisor have prepared for this. And when the best offer means youre moving to the middle of nowhere, the boys say they hate the idea. But you pretend its not so bad. And years later at thanksgiving, when one of them says what hes thankful for most, is this house, you realize you didnt plan for any of this you wouldnt have done it any other way. With the right financial partner, progress is possible. Afoot and lighthearted i take to the open road. Healthy, free, the world before me, the long brown path before me leading wherever i choose. The east and the west are mine. The north and the south are mine. All seems beautiful to me. Maria welcome back, north korea saying that it has conducted its fifth nuclear test. Cheryl casone with that story and the headlines now. Cheryl, good morning to you. Cheryl yeah, good morning, maria. North korea says that it conducted a higherlevel Nuclear War Head explosion. The country saying this will allow it to build stronger, smaller and lighter Nuclear Weapons at will. South koreas president called the test of act of recklessness. South korea not the only country to respond. China opposes north Koreas Nuclear test and will Lodge Diplomatic protest with the north korean embassy. Still china not likely to take action because says its the responsibility of south korea and the United States to respond. Well, back here at home just days before the 15th anniversary of 9 11 which is sunday a florida walmart under fire after a coke display offended people on social media. Coke display to look like the twin towers. Theres the picture of the display. Coke releasing a statement, we should say, quote, we sincerely apologized if anyone was offended or misunderstood its intent. We have replaced that display. Finally, one of the biggest stories, wells fargo slapped with 185 milliondollar fine yesterday for widespread illegal practices. Federal authorities the opening of 2 million deposited credit card accounts without customer knowledge. Employees of the bank transferred funds from authorized accounts to temporary ones. No customer consent given and this sometimes resulted in fees and insufficient funds for the current customers. Wells fargo nor confirming allegations. These employees exploited in the age of cyber hacks and it was to chase incentives, you the low interest environment, they we wanted to make cash. Maria that is just horrible. I know you make the point, james, wells fargo has a lot of employees, 200,000 employees but 5,000 cuts because of this is a big number. Its a big number. We are certainly in an area where Bank Regulators feel comfortable saying, fire that person, fire that person, but this size suggests widespread problem. Although i would just say, we may learn more about this. This is the Consumer Financial protection bureau, they really deserve no credibility or esteem. This is the group that claimed bias by guessing whether customers were white or black based on their zip codes. Maria wow. It looks bad. Maria it sure does. We will take a short break. Its been a horrible year for hedge funds but could they be making a come back after a slow tart . We will tell you how you can benefit and what is going on in terms of hedge funds, how it impacts you. Coming soon near a parking lot near you, amazon is partnering with San Francisco 49ers to making tailgate a breeze. More with mornings with maria continues. Its a very specific moment, the launch window. We have to be very precise. If were not ready when the planets are perfectly aligned, thats it. We need really tight temperature controls. Engineering, aerodynamics a split second too long could mean scrapping it all and starting over. Propulsion, Structural Analysis Maple Bourbon caramel. Thats what were working on right now. From design through production, Siemens Technology helps manufacturers meet critical deadlines. I think thisll be our biggest flavor yet. When you only have one shot, you need a whole lot of ingenuity. Across new york state, from long island to buffalo, from rochester to the hudson valley, from albany to utica, Creative Business incentives, infrastructure investment, university partnerships, and the lowest taxes in decades are creating a stronger economy and the right environment in new york state for business to thrive. Let us help grow your companys tomorrow today at business. Ny. Gov maria welcome back, markets looking lower this morning. Hedge funds advance for sixth straight month, month of august because of energy and activists strategists that led the charge. Measures hedge funds compromised of hedge funds beat the s p 501 last month. Talk about it, ken, good to see you. Thanks so much for joining us. Its been a tough performance for a lot of hedge funds, are things begin to go change or are we still in a tough period . Its improving. The end of last year was disappointing. The end of the year with the small decline, its really been a really exciting year across the board. You had the first month of the year when the s p, seems like a long time ago, but you remember the first week of february, the s p was down 10 and as it sits right now, Strong Performance from Quantitative Strategies both in january and june on brexit day when the markets were also sharply. As we see in press release, slightly ahead of Global Equities on the year. Maria dagen, as you made the point, money is coming out of hedge funds . Dagen down 15 . Investors are not happy with performance theyre getting from major players. Overall in the first half o the year investor redemptions accounted for roughly a little bit more than 1 of industry. 22billion of whats potentially 3 trilliondollar industry and i think as we look forward, we are seeing assets in total are about 2 off of the record high, so even though there has been some outflows, its really still very close to the alltime record. Maria you know what, though, james, when you look at the fact that they charge 2 and 20, very expensive structure, they have to deliver performance in order to justify structure. Recently, last couple of years, they really have not. Those big fees are what attracted so many people in into the business of running hedge funds. Markets are efficient. Where is all the money going . Its going into index funds. Dagen yeah, Exchange Traded funds. Absolutely. People are comfortable with passing, investing, im sure thats what a lot of hedge funds are hearing all of the time. [laughter] its pretty cheap compared to 2 and 20. Maria why should i pay all of that money when i could actually put my money in index fund and atf and pay miniscule fees. The 2 and 20 is something maria explain 2 and 20. 2 Management Fee and 20 Incentive Fee. Maria 20 of overa