david sachs, the former ceo of paypal, thank you so much for joining us. supported governor newsom's run two weeks ago. why are you calling for him to be recalled now? david: california today is not doing very well. we have the highest poverty rate in the country, the highest unemployment in the country, the most homelessness, we have the worst air quality because of poor fire management. we have the second worst. crime is exploding due to lax enforcement, on top of all of that, we have the highest tax rates in the country. that is driving successful business innovators and entrepreneurs out of the state. we saw elon musk go to texas. perhaps the most important entrepreneur of our generation. losing these kinds of companies will haunt california for generations. i think people are really feeling it in recent polls. 53% of californians say they are thinking about leaving the state. 63% of california's believe the american dream is dead here. i think it is time to reappraise and take stock of where we are and make some changes. emily: the governors lockdowns

goldman sachs ceo david solomon speaking to sonali basak earlier.ing to take a look at different areas that could see a lot of change in 2021. today we are going to focus on the fed and financial regular. going us now is the man you want to hear from, former fed governor dan tarullo. he was a memory of the board of governors was possible for as he was a member of the board of governors responsible for regulating -- he was a member of the board of governors responsible for regulating markets. the fed in some ways is going to be paralyzed because they are in essence supporting asset prices. where do you stand on that conversation? dan: well, i don't think there's for of a good option anything but a lot of monetary policy accommodation now and for some time to come. so if one wants to talk about tightening monetary policy to avoid asset bubbles, i don't think that is a direction that many people would want to go. but what it does tell us is that the fed and indeed the rest of the financial regulators do need to be vigilant about financial stresses and

annmarie: that was ceo david solomon, goldman sachs chairman and to add a disclaimer, michael bloombergr and majority owner of bloomberg lp is cochair of the goldman sachs 10,000 small businesses advisory council. we had breaking news in georgia. nbc is projecting raphael warnock is going to defeat incumbent kelly loeffler in the georgia senate special runoff, one of the two seats up for grabs. that, he would make history as the first black senator from georgia. this is coming from nbc news. networksaiting other to come with their projections but for now, nbc is projecting that seat will go to warnock, the democrat. take charge,udis the kingdom announcing a cut in crude production. a bold move which sent crude prices surging. that story next. this is bloomberg. ♪ manus: it's "daybreak: europe." i'm manus cranny in dubai. saudi arabia has stunned the market by announcing a crude oil production cut of a million barrels a day in february and march. it was a sovereign decision. what does that mean? energy ando our commodities editor for north africa and the middle east paul wallace. they st

goldman sachs, but was so important back to 1869 is that at one point goldman sachs was a small business. things have changed for davidolomon, it is front and center. with esther solomon, our son ali bostick. -- with esther solomon, our cinelli bostick -- sonali bostick . sonali: goldman sachs said more than 30% of businesses didn't know they could survive. what is at stake here? david: thank you for having me. i am thrilled to be with you on the screen morning. small businesses are a vitally important part of our economy and important in terms of how they employ families and communities that we live and operate in. they have been so badly hit by the pandemic and they need help. some help has come and more is needed. one of the things we are trying to do is to let congress know there are a number of things small businesses still need help and support on. they can still see the light at the end of the tunnel but they still need help. sonali: a lot of this is about stimulus and joe biden has called the current package a down payment. what is the david solomon plan? of the things we have done over the course of the last

in celebration of small business with david solomon of goldman sachs. here is mr.his shop. >> we have a number of businesses, we have our big corporate investment bank with our businesses that serve govern institutions, sales and trading. our clients have been very active. we expect that to continue. we are a significant asset manager around the world. we think there's a lot of opportunity for us to continue to help our clients. that's an area of growth for us. in addition, we have consumer wealth business that we are trying to grow so we can serve a broader array of clients with respect to all their financial and digital. we are focused the growth -- focused on the growth of that business. we see opportunities as we move forward. help our clients manage their financial needs. >> even after a pandemic is still have this excess capital. what will you do with all of that? >> we are making assessments in our business and that requires capital. we have not been able to return capital to shareholders this year because we took that action with a number of other large ban

sachs. ceo david solomon spoke with bloomberg today about the firm's investment bank. >> we obviously have ourorporate investment bank, with government served institutions, corporate clients, investment sales and trading. there are clients given the uncertainty in the world that has been very active, and we expect that to continue. ritika: that is your business flash. guy: thank you very much, indeed. we went for a very long time in which client activity was incredibly muted, and now completely turning that on its head, accelerating, and that volatility becoming a profit driver for many banks. you do wonder whether or not that continues into next year, and whether we are going to see that being such a big driver. there are some that suggest that elevated volatility is with us for a while. others starting to make that short vol trade again. alix: it is also interesting as you have seen a bank like goldman sachs move towards borrowing and lending because that is where they think it is really going to be, and all of a sudden, the investment bank trading just comes roaring back when you have kind

david solomon goldman sachs ceo, he says "for years, our democracy has been -- has built a reservoirgoodwill around the world a important benefits for our citizens. recently we have squandered that goodwill at an alarming pace. and today's attack on the u.s. capitol does further damage." ally ofhwarzman, an donald trump, he was pointed. "the insurrection, his words, that follow the president's remarks today is appalling and the democratic values we hold dear. i am shocked and horrified by this mobs attempt to undermine our constitution." he reiterated what he said less in -- last november, the outcome of the election is very clear and there must be a peaceful transition of power. we got similar comments coming from michael corbett of citigroup. he's disgusted. bank of america's brian moynihan also using the word appalling. larry fink called in assault on our nations democracy and the will of the american people. and world leaders as well. boris johnson saying this. " disgraceful scenes of the u.s. congress. the u.s. stance for democracy around the world and it is now vital there shou

goldman sachs' chief executive david solomon will get a $10 million dollar pay cut for the bank's involvements an investment fund set up by the malaysian government that lost billions due to fraudulent activity. goldman sachs called its involvement in the scandal an "institutional failure". the international monetary fund hopes the global economy will receive a "vaccine—powered" pick—up later this year. this, it believes, would boost global growth to 5.5% for 2021. the forecast upgrade is not entirely down to national roll outs of vaccination programmes. there's also government stimulus measures in play, especially in the united states and japan. even so, the imf�*s chief economist — geeta gopinath — wants to see greater distribution of the vaccines for poorer nations. and then you have a terribly iniquitous distribution of vaccines. we have nations unlikely to get vaccines before 2022 or later. and, you know, that has to be the priority for the international community, to provide funding to covax, to find there is covering for logistics. we know that from these new virus strains that we are

sachs. an interview with the ceo david -- urging urging with government aid for small businesses across theates. he spoke with my colleague in washington. a small businesses are such vitally important part of our economy and are so important in terms of how they take care of families that we all -- and communities that we live and operate in. they were so badly affected by the pandemic and they need help. some help has come, but more is needed. doing by picketing is letting congress know there are a number of things that small businesses need help and support on to get to the other side. they can see a light at the end of the tunnel, but they need help getting to the other side. >> a lot of this is about stimulant -- stimulus. joe biden has called this package a down payment. what does david solomon think we need? that wene of the things have done over the last few months given that we have been -- we have gone out and surveyed them. we have talked to them. we created 10,000 small business voices which is an advocacy group. we asked them what you need help with. if you look at the placards

the larry finks of the world, the david solomons of goldman sachs, james goldman of morgan stanley andman of nasdaq. last year with, or again, there was basically a boy coot. -- boycott. this year everything's forgotten. liz, back to you. liz: yeah. short memories. yeah, interesting. charlie, thank you. good report. charlie gasparino. okay, forget fortnite and call of duty, gamestop becoming the center point of the biggest battle in the market right now. andrew left, the same short seller -- famed short seller, fending off hackers after his apocalyptic $20 short call. shares leveling up in epic fashion as ryan cohen of chewy founder fame joins in the fray. even if you don't own the stock, what's happening here is important for you as an investor to understand. with the closing bell ringing in 29 minutes and the dow down 12 the 6, gamestop coarsing higher, we've got two top players in this short-selling war. they're facing off when we come back, don't go away. ♪ ♪ get real-time insights in your customized view of the market. it's smarter trading technology for smarter trading decisions.

we really didn't get to goldman sachs other than noting the stock price up let's do it as the mad dash. >> david important as the presentation the presentation i think reads like this is why we deserve special status on wall street. what we do, clients turn to goldman sachs in times of disruption it's very much of a throwback to look, we're the adviser to the stars, stars meaning the people who spend the most money and they talk about much stickier assets. they have a page no emphasis on the marcus kind of robin hood aspect, but i think they broke that out, you'd be surprised as how well it's doing. but i think it's the steady progress toward medium goals 13%, it's -- it's double what we thought they could be. it's amazing there's a page, reaffirm strategic direction. operate more efficiently this is very different than many of the other banks this is a broad sweeping we are better than you think analysis and i'm with it. i think they are better than they think their wealth management is good. trading is good. it's their market. it's goldman's market. >> and -- >> net interest income -- >> well,

goldman sachs chairman and ceo david solomon is in washington to lobby lawmakers on behalf of small businessesi'm thrilled to be with you this morning. >> i want to get to small business in a second. i want to ask you about a letter you signed yesterday. you were one of 200 business leaders who signed it calling on congress to accept the electoral college results. in that letter you wrote that attempts to thwart or delay this process run counter to the essential tenants of our democracy. there should be no further delay in the orderly transfer of power. what made you sign on to that? >> well, i think right now the discussions around moving forward are very, very important. i congratulated the vice president-elect and now the president-elect back in november after the election, and with all the issues we have as we're trying to move past the pandemic and move forward to help people who need help around the country, i think it's time to move forward and get focused on the issues at hand. >> there is another round of stimulus money coming to small businesses but many of them, 90%, have already us

david solomon of goldman sachs also weighing in, i spoke to him yesterday, he said the behavior in washington, d.c. today is unacceptable and completely undermines who we are as a nation now, i talked to former imf chief economist, the former governor of the bank of india. he tells me there are global implications to what happened. the world looks to the united states as a beacon of democracy, which is a reason to trust the markets and have faith that the rule of law would be expected. what is happening today weakens that trust, worse, it undermines the fight against authoritarians around the world almost 30 years ago, as a reporter, i watched the storming of the white house in russia in moscow but communists opposing democracy. a big question was the importance of democracy, and the economy, and i never thought i would have to report that story in the united states but the reaction of business leaders shows they understand how markets and businesses rely on democratic stability and the peaceful transfer of power, and joe, to come back to your question there, david solomon told me he thinks t

i would not be a seller of goldman sachs if i owned the stock even though it is down. davidyou very much. appreciate it. >> thank you. charles: are there headwinds for this market? what is out there? a new survey that finds investors are flagging price bubbles. these are professional investors. we have details for you. plus the last trades you must consider before the closing bell. we'll be right back. living with metastatic breast cancer means being relentless. because every day matters. and having more of them is possible with verzenio, the only one of its kind proven to help you live significantly longer when taken with fulvestrant, regardless of menopause. verzenio + fulvestrant is for hr+, her2- metastatic breast cancer that has progressed after hormone therapy. diarrhea is common, may be severe, or cause dehydration or infection. at the first sign, call your doctor, start an anti-diarrheal, and drink fluids. before taking verzenio, tell your doctor about any fever, chills, or other signs of infection. verzenio may cause low white blood cell counts, which may cause seri

vaccinate a million people in the next six months yes that tepper is david tepper owner of the panthers one of my old teachers at goldman sachsgo. but will they be able to do it i don't know it's a big task. let's take a closer look with darius adamcheck chairman and ceo of honeywell. to learn more about this north carolina initiative. welcome back to "mad money" and thank you for doing this >> thank you, jim. thank you. it's nice to be back as always and this is something i have a great deal of passion about personally so it's easy for me to do. like you and probably like many others i've been watching these vaccination rates and it's a little heartbreaking the pharma companies did a great job bringing us these vaccines and we really need to get them into people's arms as quickly as we possibly can. you couple that with the fact that the covid era is upon us like never before. the infection rates are the highest we've ever seen them we have to dramatically accelerate the rate of vaccinations >> so what exactly did you do? i know north carolina has not been very about so far i think there are a lot of people, wealthy people,

sachs and the morgan stanleys. it wasn't. zions bank is killing it. so i think the point here is to go granular, like you said. david appreciate it. happy new year, my friend. we did some good work last year, and people really, really respect your opinions and thoughts. >>> all right, folks, market's hanging in this there pretty good. again, we've got a country that's going through some things, but the stock market in many ways, liz claman, tells us maybe things are going to be okay. liz: yep. and the same as yesterday with, a although we never know how the stock market interprets big moments that are historic like what we saw yesterday, charles. thank you very much. charles: yeah. liz: exactly 24 hours ago this was the scene on capitol hill. clashes between protesters and capitol hill police putting a full stop on the electoral college vote count and sending congress into a full lockdown. a breach in capitol hill security resulting in one woman shot dead, three others losing their lives. 68 arrests and more than 50 policemen injured, several of them hospitalized. two live pipe bombs also found near the rnc and dnc

sachs. i'm going to stay with that position as it approaches its previous all-time high of 275. i think davidon has positioned the company properly for a highly volatile environment and an environment that might work well and a play on a dollar strengtheni strengthening. >> goldman upgrated to overweight over at barclays. price target goes from 362 to 270. getting love elsewhere jimmy, what about you, jim lebenthal. >> thanks, scottie it's kind of hackneyed to say bar bell but that's what i'm doing. qualcomm is in a litigation sweet spot there's nothing going on, nobody is suing them and the number of hand sets had been a this is where it's supposed to sign. i really need to see what the fourth quarter earnings were to decide if they're actually performing or not. this is where early economic expansion, not just cars but pick-up trucks, that's where they make their money. if they ever spin out the cruise division, this could be at least 50% higher bryn, how about you? >> paypal and viper energy so paypal to me is so fascinating and ch pay pal created a huge new revenue team, when they allowed

ask nicholas wealth management president david nicholas and key advisor group president eddie ghabour. i want to point out one fact here. according to goldman sachsfolks, late to the party retail investor absolutely crushing the s&p 500. so maybe they're on to something. maybe all of this noise we're hearing out of wall street is sour grapes. eddie, your twitter handle, is the common sense bull, so do these small investors are they doing the right thing in the microcap rally, is that scaring you? >> no, it is not, actually. i think right now we're in a goldilocks scenario, my opinion, i think 2021 for the risk assets are may have the biggest year in our lifetime as long as i've been doing this and what tells me that is all this doubt that continues to be the rhetoric, amount of cash, how they're positioned is opposite what they're saying. when you look at the vix staying in the 20s, that is not euphoria in the market. so there is a lot of room to run. i expect a short-term pullback first quarter, more than likely based on some economic data but with the stimulus getting ready to come in, prices continue to inplate, those higher risk will be the o

. ♪ david: let's talk about a topic, a favorite topic for many people, not all. bonuses. bankers at goldman sachsedly set for the biggest bonus bumps across the region. citigroup may receive a smaller compensation. let's bring in our senior editor talk us through these. what are the main drivers behind what looked to be hefty increases in pay? >> it is all about yields. we saw almost a 90% bump last year. morgan stanley and goldman both led that. they were also leaders in m&a work. the bonuses will likely vary across sectors with the biggest payouts expected for bankers who work in technology. the trading side has been really busy as well with the bonus pool rising at about 20% at morgan stanley, for example. haslinda: is it happening all banks in the region? jonas: i mean, no. we're seeing much smaller increases at the more traditional commercial banks. jp morgan and citigroup are seeing much smaller increases in their bonuses. banks are looking to somewhat temper payouts. they are mindful that it does not look good to have massive paydays during a very difficult time for many people around the

when you buy a stock, we own a travel trust, goldman sachs, bought it at 200 it just -- it just rallied a level -- almost 50%. davidothing has really happened in goldman, it is just a perception that maybe goldman is worth more than it was. i don't tend to like that kind of buying. >> that gets back to the idea, is it sustainable? if so, that is the question, i guess, can -- at the end of this year, are we going to be talking about the significant rally overall in the financials? >> there is no reason to believe that changes in washington have anything that is good to say we discussed senator warren yesterday, not a fan of the banks. i think the numbers will matter immensely. i don't think stocks sell off on numbers as much as we thought. but this is a new level of pricing that we were back here for bank of america, jpmorgan was very high. goldman sachs, morgan stanley, they changed their model so i could see they could be worth more but if the stocks don't digest, let's say they're not the value that they represented even three months ago. >> yeah. well, carl, financials, along with any number of other sectors tha

sachs says the broader equity market should not be at risk. "the pockets of the market have recently appeared to demonstrate investor behavior consistent with bubblelike behavior." david costin joins us now. it is always good to catch up with you. where are we seeing the access? we talked about gamestop, the options market, the robinhood traders, the reddit traders. david: thank you for inviting me to participate today. the areas of access in aggregate -- of access in aggregate are relatively small in terms of -- of excess in aggregate are relatively small in terms of the size of the market. where that might spill into a much larger trend that would be a concern, if you go from a regulatory point of view or from a market index, asset allocation type of perfective, you see stocks where the share price are less than a dollar, so the penny stocks. you see an amount of activity there is very high, but in aggregate, these and vigil securities don't amount to a very significant part of the overall market. if you look at companies that have negative earnings, which would always be a concern if share prices are rising a lot, but the company isn't making a lot of money, when y

david. they're sick of everything >> because it went up a lot. i mean it's like goldman sachs know. >> well, p & g to your point, take a look at where the stock is right now i don't have a chart for you it is down a little less than 1% >> i mean carl, look, these companies are, we should circle back to, and people are just, you know, proctor was in that 70/90 range forever and broke out and people are saying wait a second they want to own the cars though, carl that is where the action is. i have to tell you, jim farley, he is so humble, but he is ford versus ferrari he's that guy. great movie. >> yes >> i like that one >> great picture and ford is right up there with a lot of the faang names in leading the s&p today, up about 3% or so so fairly solid market open, as we of course are just a couple of hours away from the inauguration of president biden. let's get to bob pisani. hey, bob >> good morning, guys. happy wednesday. happy inauguration day yes, the new high on the s&p 500. some of this election. some of this stimulus. and some of this frankly earnings numbers are coming

take on the industry right here charles schwab reported goldman sachs better than expected anything to say about financials in general davidinto consumers i would be i am looking for -- to over perform outperform analysts' expectations, help -- >> david good to see you this morning. thank you sair we will be right back. stay with us. the buzz right after this. giving us confidence in our future ...and in kevin's. voya. well planned. well invested. well protected. so you're a small business, or a big one. you were thriving, but then... oh. ah. okay. plan, pivot. how do you bounce back? you don't, you bounce forward, with serious and reliable internet. powered by the largest gig speed network in america. but is it secure? sure it's secure. and even if the power goes down, your connection doesn't. so how do i do this? you don't do this. we do this, together. bounce forward, with comcast business. maria: welcome back time for the morning buzz getting up close to dinosaurs from safety of your car? the jurassic qwest exhibition in pasadena rose bowl in pasadena ka featuring over 70 prehistoric creatures some as large as 50 feet

sachs banker, richard sharp, will be confirmed later this week as the next chair of the bbc trust. richard sharp recently served as an adviser to the chancellor, rishi sunak. he will succeed sir david1967 with his brother michel, who died last year. le gavroche was the first restaurant in the uk to be awarded three michelin stars. albert‘s son michel rouer said he was a mentor, and a real inspiration to budding chefs. now to an uplifting story. a missing dog has been rescued after being stuck in a 20 foot rabbit hole for 30 hours. cocker spaniel dizzy — who‘s deaf — disappeared during a walk in worcestershire with her owner, it took an appeal on social media. and ajcb digger — to get her back. charlotte wright has more. fantastic! this is the moment dizzy, the cocker spaniel, was reunited with her owner after more than 30 hours missing. yes! the pair had been for a walk at burlish top nature reserve near kidderminster on sunday evening when dizzy had suddenly vanished behind a bush. duncan flowers, a roofer from stourport, raised the alarm with the help of his sons on social media, and more than 70 volunteers joined the search. but by midnight, no luck. so the next day, duncan had

chief market strategist david nelson, first up, david, i am earnings season, this week we'll hear from banks including bank of america and goldman sachscting? who are you expecting to be the big winners this week? >> there will be lots of them. there will be lots of loser as weevil. expectations are very high. we got the message on friday. you saw three of the largest banks report robust numbers. they all got the bronx cheer. i don't think the headline number really matters right now, dagen. i think what investors are looking for is strong commentary out of the ceos, what the economy and what their business looks like on the post side of a vaccine rollout. you mentioned bank of america. i want to hear strong commentary on net interest margins, 10 of year rates are above one with a climbing yield curve that's good news for net interest margins. and for netflix, look, the good news is that free cash flow is starting to work for them. bad news, they've got a target on their back. disney as well as just about every streaming house on the planet is coming after some of their turf and some of these companies have very formidable film and tv

sachs banker, richard sharp, will be confirmed later this week as the next chair of the bbc trust. richard sharp recently served as an adviser to the chancellor, rishi sunak. he will succeed sir david said he was a mentor and a real inspiration to budding chefs. the prime minister says he had no choice but to introduce a new lockdown in england. the figures for covid infections are surging and hospitals are near breaking point. today's figures show another grim record, with more than 60,000 credit cases and more than 1000 deaths for the first time since april. bat coronavirus cases the commons has been recalled from recess for the second time, for the second time, to debate and retrospectively vote on the measures tonight. damian grammaticus reports. in a capital with soaring infection rates, mps recalled today for an extraordinary sitting. the prime ministerjust a few days ago did not foresee this lockdown happening this fast. how long are we in this for, prime minister? but n the capital, one in 30 people have been infected by the virus in just the past week. inside there was ceremony, but few to see it happen, a handful of mps present in parliament. a new year, a new variant and