Your Teen Could Make $6,000 Interning at Facebook

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July 8 (Bloomberg) -- On today’s “The Roundup,” Trish Regan, Matt Miller, Julie Hyman, Paul Sweeney and Eric Chemi wrap up the day’s top market stories on Bloomberg Television’s “Street Smart.” (Source: Bloomberg)

President obama asks congress for $4 million to deal with the surge of illegal immigrants in the southern border, many of them unaccompanied children and the request is double what officials had previously estimated.

It will go to border patrol and temporary housing for the immigrants while their cases are judged.

Going into the midterms, you wonder how much of a political issue this will become.

This is always a hot button issue.

It seems like pressure is being put on him, he will be meeting with governor rick perry of texas, who said he did not think the president cared about this issue, rick perry said i'm not going to do the photo op and shake his hands but i will meet with him, while the president is down there.

In some ways is has been forced to the front.

It will always be a huge election issue, it has been for at least a decade or more.

There is no way to avoid it especially when this is not immigrants, this is also children.

People who traditionally have one side or the other probably feel a little bit on the fence about this.

It is politics, demographics, who will they get to vote for them, they are not at the border and it is easy to talk about, easy not to shake peoples hands and just avoid the real issues.

The race for top talent is so intense in silicon valley that tech companies are doing anything to get an edge, including hiring interns out of high school, teens as young as 16 and 17 are getting six grand a month and free housing, nearly all of the top 10 companies paying for interns are tech firms, and it used to be the plum assignment was if you were from law school or a finite -- the financial industry, but now this is tech.

As 16 or 17 years old.

So much for wall street for overpaying.

Technology and engineering talent -- high school is too far of a way to dig down, and this is all about apps.

You can see that that is where the talent is.

Facebook paid $19 million for a handful of employees.

I am not sure that they're overpaying, necessarily because these kids are incredibly valuable to tech firms, more than they would be to a market maker at the new york stock exchange back when that was the hot internship.

Because the kids know what the kids want, even better than the old 26 or 27-year-olds running these companies.

And paying the equivalent of $72,000 per year.

Kind of a bargain.

This is a lot of money to get a with free room and board and you are 16, but you are giving the companies so much.

You are talking about the 17-year-olds -- there are outliers and do they really have the social skills to understand what the market calls for?

I know that you watch silicon valley and i can't help but think that that silicon valley coder who was a teenager and he ends up under the desk in a fetal position because he made too many mistakes in the code.

I see a lot of interns that we have here at bloomberg -- who know a lot more about this than anyone else would know because they are the age to do them.

This is their generation.

Something that is our generation, a yankees fan is suing 2 yes announcers for $10 million because he was caught sleeping during a game between the bronx bombers and the boston red sox.

He was doing a little bit of cyber bullying.

Why don't we name and shame.

He is claiming emotional distress and defamation, and he is suing major league baseball and espn and the yankees.

This comes at a time when a cyber bullying law has just been overturned by the highest court in the nation, and if he was a minor -- if you listen to the tape, nothing that they say -- he alleges in his lawsuit that they called him a slob, but they don't say that.

That is the first word i thought when i saw him, without listening to anybody say that.

There are a lot of typos, this is not a guy with a lot of organized -- an organized approach with a guy with spell check.

He is just earning his own defamation.

I had not seen that and now we have all seen it.

We were talking about this earlier, doesn't this remind you of seinfeld, where george was caught eating a lot of food and the announcer was making fun of him?

That is totally that.

I can't believe you brought that up, julia is the seinfeld aficionado.

Speaking of food and stuffing your face, a sign that the cupcake rage is coming to an end, one shop has closed all of its stores after years of struggling to make money in a crowded market.

The nasdaq delisted the stock, and the company is expected to default on $14 million worth of loans and they have gone through a couple of ceos since the founder got out of the business and the tragically -- drastically reduced his stake.

I don't even like cupcakes.

There were only 165 employees and the -- they have only been around for about 10 years.

We make so much of a big deal about this but people don't want to buy cupcakes.

Gluten-free -- aren't they the largest chain ? they were.

It was a huge fad.

This was a $42 collapse -- colossal cupcake.

We have an atm across the street.

The problem is when you are selling primarily one product, -- that is the restaurant retail business.

Businesses come and go all the time based on the fad of the moment, or the restaurant concept of the moment.

But gluten-free has not helped.

So many people are going gluten-free.

Apparently they taste like cardboard.

She gave one of them -- chelsea handler gave one of them to someone for christmas and they complained that it tasted like cardboard.

Brazil is losing 5-0 to germany, they probably did something with too much gluten.

I want to talk about poker.

Vanessa is teaching the boys how to play.

She is the most successful female poker player in the history of the poker that we have recorded, with more than $10 million in earnings and today will kick off the second day of the world series of poker's main event.

She honed her skills playing at yale and she began after seeing matt damon in the movie, "rounders." this is like the poker version of war of the worlds.

This is the world series of poker.


It has become a really popular sport at ivy league schools as well.

Did you go to m.i.t.? the risk management kind of thing -- these are the kinds of people who do very well.

And he has coached a lot of the top players as well.

And was actually a phenomenal poker player who used to be a traitor.

He is a math guy.

There were a lot of guys who work in options and now they play poker.

Charlie is a big poker player, and he is in the market all the time, buying and selling.

A lot of guys and gals play poker.

That is why we did the show with david einhorn.

Do you have any women in the poker rounds?

I was there but i did not actually play.

The point is that now -- you need to bring some diversity to the poker table and there you go.

The way she plays is very aggressive because she does things people don't expect for her to do.

She plays a lot more hands and does not hold -- fold them as much.

Her mother was a wall street trader and that is where she gets her appetite for risk.

Matt, julie.

Thank you very much.

This text has been automatically generated. It may not be 100% accurate.


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