he should want david solomon to start moving forward.wait forever. >> it will be interesting to see if other wall street banks, including jpmorgan, start to think along the same way. david: many thanks to jason kelly. coming up, the supreme court term is coming to a close and several decisions are expected in the next few weeks. if you have a bloomberg terminal, check out tv . an erect with us directly. -- interact with us directly. this is bloomberg. ♪ david: the supreme court is coming to an end, which means every monday at 10:00 we get together to see if any of those big decisions have come down that day. we welcome our supreme court reporter to see what is on deck. fittingly, he is at the steps of the supreme court. greg, welcome. it's talk about the big ones, particularly of interest to the business immunity, starting with that union case. >> this is a case involving where the government sector workers can be required to pay for part of the cost of collective representation. in 1997, the supreme court said yes, they can, as long

de-meyer, who was the personal assistant to goldman sachs' president and chief operating officer david solomon-meyer stole $1.2 million worth of fine wine from solomon between 2014 to 2016 investigators say de-meyer's job involved receiving wine shipments at solomon's manhattan apartment and then taking the bottles to his east hampton estate officials say de-meyer stole hundreds of bottles of wine including seven from the legendary french estate domaine de la romanee-conti. that's monk the most expensive in the world authorities say he sold the wine to a north carolina based dealer he found on-line solomon became sole president and chief operating officer of goldman sachs last month and is considered a frontrunner to replace lloyd blankfein. his wife told investigators back in 2016 de-meyer admitted to the solomons he stole the wine he was supposed to meet them at a bank the next day to pay them back but fled the country. de-meyer was nabbed by authorities in los angeles this year and sent to new york to face a judge back to you guys. you guys >> thank you, aditi. >> i can't help but think whe

aarlet: david solomon is known quantity in goldman sachs.that idea about trading versus the investment bank business, certainly david comes from the investment banking side, having been cohead of that division, but he is not a stranger to trading as well because of his previous position that goldman and elsewhere on wall street. talk about what he has indicated his priorities would be, not necessarily as ceo but as ceo and president of goldman? michael: he has worked on both sides of the house. more time in the investment banking area, but he is familiar with the trading business. an efforteen more of across goldman to merge those two businesses in certain ways. they took some sales teams from the commodities business and put them in investment banking to try and get more investment clients to do trading deals with them. that has long been a push, to have bankers be pitching, not just an m&a deal but also interest-rate swaps as well. so that i think will continue under him. he has definitely pushed the bond underwriting business as well. i t

with erikn schatzker's conversation with david solomon on the topic of volatility. >> i don't think in good volatility and bad volatility, but i would say that the first wherer was an environment for a variety of reasons, our clients were more active in shifting portfolios, and changing the assets they were holding in the positions, and given the strength of the franchise, they performed very, very well. the results reflected the fact that clients were more active. >> does that reflect more conviction on the client's part? -- what are they telling you terms of their conviction? >> you talked to different client and you get different convictions about different things. it is a cost-shifting landscape. there is no question in the first quarter, there was a sense that we are heading into an environment where rates were moving, and i was getting people focused on shifting where they were positioned. in terms of talking to people, high, but relatively they are cautious. the growth cycle could run for a while, but people are cognizant of the fact that asset prices have been going up and the

let's begin with erik schatzker's conversation with david solomon on the topic of volatility. ♪ thinkility and bad volatility, but when i went say is that the environmentr was an where our clients were more active in shifting around portfolios in changing some of the assets they were holding or the positions they had. in that kind of environment, given the strength of the franchise, you start to form well. you look at our returns of the first quarter, clients are more active, and we will benefit. >> does that require more conviction on the client's part? you spent a lot of time traveling, meeting clients. what are they telling you in terms of their convictions? s different clients who get different convictions about different things. it could be conviction but it also could be landscape. there's no question that the first quarter had more of a sentiment that rates were moving, we were heading toward an environment where rates are moving, and that was getting people focused on shifting. in terms of getting around and talking to people, generally speaking, people are relatively -- they

and now the departure is expected in december david solomon is likely to take over and kate is on theam mr. salomon might assemble. hey, kate, what can you tell us? >> hey, michelle, how are you? there's a lot of uncertainty about exactly when lloyd was leave. people say he's engaged as ever doing public interviews as he did with will flash month. and might want to stay around through parts of or all of 2019 is what i was hearing originally but more recently i'm told, there is a plan for him to step down before the end of the year or at the end of the year. and one event that may take place in conjunction with his stepping down is an annual dinner for retired goldman partners that occurs in mid-december typically so that is something that may happen on or around his retirement meanwhile, of course, david solomon, who is the heir-apparent and will be named ceo when all this is put together, is putting together his own organizational chart. >> and what do you hear about that >> so i think the first and foremost question, probably, is who replaces him as president? that number two person

let's begin with erik schatzker's conversation with david solomon on the topic of volatility. >> i don'ttween good -- explain the difference between good volatility and bad volatility, but i would say that the first quarter was an environment where for a variety of reasons, our clients were more active in shifting around portfolios and changing some of the assets they were holding and the positions that they had. and in that environment, given the strength of the franchise, they performed very, very well. if you look at the returns in the first quarter, the results reflected the fact that clients were more active. >> does that reflect more conviction on the client's part? i mean, you spent a lot of time traveling around the world and meeting face-to-face with big science. what are they telling you in terms of their conviction? >> i think you talk to different clients and get different conviction about different things. it can be conviction but also a shifting landscape. i think there is no question in the first quarter that there was a sense that rates were moving and we were heading to

we spoke with david mall -- david solomon about how the retreat would mean an opportunity for the otherks. >> if a big institution steps away from the institutional should be able to benefit. we will watch and see and serve do weients well and if we should benefit if it happens. >> things could change again but deutsche bank in the last couple of years was very aggressive in getting ahead in capital markets. they wanted to build and plant the flag and build out their u.s. business. talk about what their reputation was on the street. >> they were seen as aggressive, they were seen as top bidders for talent. after the crisis they talk about being one of the survivors, being, as some people pulled away from some of these businesses, deutsche bank was still going to be there and they will gain more share. froms had gained shares them. they had to address some of the issues. both --ill benefit most? >> is so far, it is u.s. banks. as you tend to see, clients have spread out the business but jpmorgan has been the big winner. the amount of share they have gained has been pretty dramatic. >> th

who replaces david solomon will be telling about how much they might want to tweak their strategy. julia: who is optimal for you? >> david, coming from the investment banking side, investment banking is best in class at goldman. the more annuity like revenues come all three of these players, are the revenue type businesses as opposed to the trading side. it seems to make sense that someone from one of those areas. started, you said he was engaged as ever. would you expect them to disengage at any point for the final day on the job? >> absolutely not. people say someone like lloyd blankfein or other successful as this people him a they go they made a lot of money when they achieved a lot of successful what else do they need? they need what they do day to day. that is what they thrive on. aat goldman sachs has done great job at is keeping the alumni engaged. the alumni at goldman sachs is as strong as anywhere. we would expect lloyd blankfein to not be engaged day-to-day but still be available at a minimum to help out his old firm. lloyd blank find is still running it. there has been

scarlet: i think it should also be mentioned that after goldman sachs tapped david solomon to becomet, you might have a lot of shift within the personnel. have been might aligned with lloyd blankfein or harvey schwartz who left, could be moving on as well. lisa: it's also interesting because goldman has cohead subunit. now, they are going to cingular had models going forward for the security divisions. it is interesting. we will see if that lasts. let's shift to more wealth news right now. -- speaking of wealth, david tepper in the spotlight saying that he agreed to by the carolina panthers for $2.2 billion. i have to wonder, is as a vanity project or is this a savvy investment? peggy: we have seen more sophisticated investors come into the sports arena space per one of the reasons for that is media rights. we have seen people buy out sports teams for the trophy rights. we are seeing people make investments in these teams as of their entertainment industry. it's one of the few things people watch live on tv. there are a lot of meteorites. there are a lot of retail opportunities aroun

goldman sachs president david solomon says new technology has meant a number of people working on hisy desk has been -- trade desk has been slashed. he also cautioned that while the introduction of more technology into the trading business has made it more efficient for clients, it has introduced new risks. we will bring you a host of guests from the conference today including wilbur ross, tom barrick and steve ballmer. that is to bloomberg business flash. francine: the israeli prime minister says his country has documents that prove iran had a secret program to build nuclear bombs. tehran strongly denies the allegations but bob corker says these allegations -- next line >> we knew the dimensions of their program until 2003. the obama administration when they were negotiating this, the jcpoa chose not to pursue that issue. we have all known. secret -- the no biggest known secret. francine: that is bob corker. still with us, ross patel and jim o'neill. patel and jim o'neill. jim, when you look at iran, is it a geopolitics story? jim: don't know. a bit of both. it seems to me there is a

king david and king solomon autos role models everything he does is done in the name of the lord. pammy and i guess regnant three main kings reign. the corner and the kinds of this crown and the imperial honor gave the emperor of primacy over all the other kings in europe and whose more honor but not greater power all the holy roman emperors wore this crown until eighteen zero six with his highly or edition of isis. and from now on empire was part of german history sometimes as a unifying falls between the german nobility pushing for autonomy sometimes as a trigger for war and division but the notion of empire united the germans across borders and religion after the end of the holy roman empire of the german nation in the early nineteenth century. mythical notion of empire was revived in eight hundred seventy one in the second empire of the kaiser's. it was third highest tried to appropriate the regalia for itself but in the end germany faced the mockery of the victorious allies. the ruler from the saxon nobility was now king of the germans king of italy and holy roman emperor. he

hebrew bible most of it is traditionallydi attributed to king solomon so it is viewed as a great golden age of wisdom in ancient israel with king david and solomon and then the greater reflection as you go through the psalms and consider wisdom that reflects on israel's view now that they are celebrating but the psalms give a great sense of difficulty and how do we make sense out of challenges? or is god really favoring us? all these nations are around us with different practices or their own sense of ethics or morals. >>host: seth pollinger we were here in 2015 before it opened in 2017 have you been surprised of the number of thehe books that use the bible? >> i have it has been a big education for me when i came from the background of interpretation more ancient settings where the riders within the books play off of each other or express the idea of intertextuality that we see in modern literature that is an important concept but i didn't study a lot of recent literature in the bible for like most of us so to step into this i could see a different field and work with different professors that we have two advisors from baylor univer

solomon: david: --david: governance has been a headache coming to have some shareholders calling for through the directors who are up for reelection this year being voted against and someone also like to see elon give up the chairman's job and have a nonexecutive chairman go are calling for better governance and better oversight of elon musk and the company. vonnie: david welsh joining us from detroit. michael galvin has raised a record $8 billion for his new hedge fund exit this point. joining us for more. next of $6.3 billion a couple years ago, and we are talking about so many hedge funds, they're not doing that one -- not doing that well. in that context, it's even bigger than just a record number. that's very shocking. vonnie: does not seem to me the ?rice points it seems to be the sweet spot for size. an: typically they grow and become giants but they don't usually start as giants. supernova stars are not typical as the starting point. it's surprising it starts that has a longl band track record so kerley they were able to raise as much money. a time wheng in hedge funds are no

king david and i can a temple here and his son solomon built the deer. the profits pleaded, cajoled and thundered here from cradle to grave for thousands of years, jews of every extraction have had the beautiful name of this beautiful city on their lips. jews have lived here and when they didn't, they directed their prayers here. that is truth. and today, , friends, we celebre the acknowledgment of this truth by a country that has been blessed by god with global influence, the united states of america. we applaud and thank the united states of america and president donald trump for standing for the truth, if a continuously exhibiting a fearless commitment to israel on the world stage. we pray that god almighty continues to bless the united states, her people and her leaders, and we pray that other countries follow their example of affirming the jewish peoples eternal bond with this holy city. there is no more -- idea and aspirations and peace. the beauty of jerusalem as my mentor -- blessed memory once said is at its walls are unified walls. within the c

in jerusalem, king david established our nation. king solomon built our temple and it stood for many centuries. in jerusalem, jewish exiles from babylon rebuilt the temple, which stood for many more centuries. in jerusalem, the maccabees read dedicated that temple -- read dedicated that temple and reestablished jewish sovereignty in this land. and it was in jerusalem that the soldiers of israel spoke three immortal words -- the temple mount is in our hands. the spirit ofted the entire nation. we are in jerusalem, and we are here to stay. we are here in jerusalem protected by the brave soldiers of the army of israel led by our chief of staff and our brave soldiers protecting the borders of israel today. we salute them all and the .embers of our security forces we salute you all. all of you. we gather here today to celebrate another historic day in the life of the city, which i know will take its place alongside other momentous decisions in the history of our people. over a century ago, the balfour declaration recognized the right of the jewish pe

greatest test of faith and the right to be the father of our nation. , david establish the capital 3000 years ago. in jerusalem, king solomon temple that stood for many centuries. the temple stood for many more centuries. and rededicated that restored jewish sovereignty in this land. and it was here 2000 years later that the soldiers of israel spoke three immortal words. the temple mount is in our hands. words that lifted the spirit of the entire nation. we are in jerusalem and we are here to stay. we are here in jerusalem, protected by the brave soldiers in the army of israel, led by our chief of staff and our great soldiers. great soldiers protecting the border of israel as we speak today. we salute them all. and after members of the security forces, they are with us today. we salute all of you. we gather here today to celebrate another historic day in the life of this city. placei know will take its along other momentous occasions. they recognized the right of the jewish people to a national home in this land. and exactly seven years ago today, president truman became the first world leadertw to recognize the newborn jew

in jerusalem, king david establish the capital 3000 years ago. in jerusalem, king solomonhe temple that stood for many centuries. exiles from, rebuilt the temple stood for many more centuries. they rededicated that and restored jewish sovereignty in this land. and it was here 2000 years later that the soldiers of israel spoke three immortal words. the temple mount is in our hands. words that lifted the spirit of the entire nation. we are in jerusalem and we are here to stay. [applause] netanyahu: we are here in jerusalem, protected by the brave soldiers in the army of israel, led by our chief of staff and our great soldiers. our brave soldiers protecting the border of israel as we speak today. we salute them all. and members of the security forces, they are with us today. we salute all of you. we gather here today to celebrate another historic day in the life of this city. which i know will take its place along other momentous decisions in the history of our people. they recognized the right of the jewish people to a national home in this land. and exactly seven years ago

and the right to be the father of our nation in jerusalem king david established our capital three thousand years ago in jerusalem king solomon built our temple which stood for many centuries in jewels from them jewish exiles from babylon rebuild the temple which stood for many more centuries in jerusalem the maccabees rededicated that temple and restored jewish sovereignty in this land. and it was here in jerusalem some two thousand years later that the soldiers of israel spoke three immortal words a bite be done that temple mount is in our hands. words that lifted the spirit of the entire nation we are in jerusalem and we are here to state the the over the air here in jerusalem protected by the brave soldiers of the army of israel led by our chief of staff god eyes and cause and our brave soldiers our brave soldier of protecting the borders of israel as we speak today we salute them all the old and the members of our security forces the shin bet and the mossad and said is with us today we salute you all all of the old. thank you ok we've got other here today to celebrate another historic day in the life of this city which i