basically came up with what was called the goldman sachs commodity index since been sold off but the g.s. c.r.i. was basically the idea that you could invest. could invest in a basket of commodities of which energy was crude oil was the biggest by far and that the genius piece of marketing which they came up with was to basically sell this to investors as what they called an inflation hedge so and they they they sold this concept of actually hedging inflation by investing directly in commodities by creating this fund the g.s. c.i. fund and then in one nine hundred ninety five what happened. was that from the time onwards goldman sachs and b.p. were essentially i say joined at the head joined at the head they have the same chairman peter sutherland he was the head of the w.t. oh. very well connected he was the chairman of both organizations for twelve years and for nine hundred ninety nine john browne lowbrow i'm sorry he was also on the goldman sachs board for i think some of the most profitable years for b.p. and goldman sachs. that really sort of happy time which they had and the reaso

very big book of contracts i remember that from my ip day and so this is our far this goes whereas g.s. c.r.u. the fund which came into the market took a long term position on the other side of the market what they were doing was they were basically taking all or you risk and offloading the risk of holding dollars and if you think about it what b.p. were doing was laying off the risk of holding or. taking on the risk of holding dollars they were so b.p. were hedging their production and goldman sachs's customers were. protecting themselves against inflation and with that relationship which brought think broadened and deepened over a period of years and in my view. difficult to say exactly what was going on. because it was all done between consenting adults you know. but i am i would be as a former regulated myself i must say i would be very interested in running back through all the interaction between those two from ninety ninety five until two thousand and eight or even even more recently they have a bit of a false laddering in fact with these two parties acting in coordination with

two years after romney left bain, g.s. declared bankruptcy. >> it just...their mind that they were going to shut it down. >> reporter: in the aftermath, 750 workers like steve morrow lost their jobs and health insurance as bain walked away with a $34 million profit. >> i just don't see him as a job creator and it kind of irks me to think that he's profiling himself that way. >> reporter: bain capital in a statement said it tried to save the steel mill-- that $100 million was invested to turn it around and upgrade its facilities but it failed when the industry was swamped by cheap steel imports. bad luck, not bad intentions, is also how romney defends decisions that led to layoffs. >> in the real world, some things don't make it. and i believe i've learned from my successes and my failures. >> reporter: romney retired from bain almost 13 years ago in order to manage the salt lake olympics. bain is still a major player in the world of private equity and romney's record there, when republicans are finished debating it, is already being studied and targeted by

concept of actually hedging inflation by investing directly in commodities by creating this fund the g.s. c.i. fund and then in ninety ninety five what happened. was that from that time onwards goldman sachs and b.p. were essentially i say joined at the head at the head they had the same chairman peter sutherland he was the head of the deputy oh very well connected he was the chairman of both organizations for twelve years and for nine hundred ninety nine. so john graham graham sorry he was also on the goldman sachs board for i think some of the most profitable years for b.p. and goldman sachs during that really sort of happy time which they had and the reason that this worked max i think was that they in essentially being very astute people. realized that they were always hedging their production they were always selling futures contracts they were always protecting themselves against the fall in the price by selling futures contracts and they had a very very big book of contracts and i remember that from my ip days this is are far back this goes whereas g.s. c.r.u. the fund which came

installations were both for domestic use of the institutes and the first installation for exports was for g.s. side which is in germany later two more were both for china one with a capacity of thirty five kilovolts the other with three hundred but this two million electron volts cooler is headed for the ula tree search center in germany the facility is part of a european union sponsored effort to better understand the fundamental hadrons most specifically the electron cooler it will be installed at the centers institute of nuclear physics cosy synchrotron at their sprawling complex elementary particles will be accelerated whipped around the synchrotron and smashed together for scientists to study and those efforts will be helped by the addition of novosibirsk cooler. and cool. what we get. or. the mentions. so once the final touches have been applied. to hopefully groundbreaking experiments the collaboration here with the germans is just a part of international effort all across the field of particle physics from asia to europe to the u.s. researchers basically have one goal in mind based on

and the first installation for exports was for g.s. which is in germany later two more were both for china one with a capacity of thirty five they other with three hundred but this. two million electron volts cooler is headed for the ula tree search center in germany the facility is part of a european union sponsored effort to better understand fundamental hadrons the most specifically the electron coolant will be installed at the centers institute of nuclear physics cosey synchrotron there sprawling complex elementary particles will be accelerated around the synchrotron and smashed together for scientists to study and those efforts will be helped by the addition of notice of beer cooler. so what we get by is this get new meaning quality and it means we. have much. momentum range very small. dimensions and this is the goal. so once the final touches have been applied this cooler will be on its way to hopefully groundbreaking experiments the collaboration here with the germans is just a part of a wider international effort all across th

years as they got more money as a private sector but they were never fully private sector they were a g.s. c. government sponsored enterprise they leverage the government's backing of them to make more and more money for themselves they hired lobbyists and they corrupted the very process that created them sallie mae the company that handles student loans bought two jets and spent two hundred fifty thousand dollars on bush's inauguration i mean this home potato has been privatized so they are semi privatized socialized because it was very exact right they they had the profit motive running them but they had the government backstop in them and that's like that's like the worst thing you can imagine it's like saying every any country well it's what the banks got right exactly just. so so the simple answer basically is we need to either what end these agents but there's a need for these agencies and there is for somebody to backstop if mortgages and i certainly think there is and one of the scary things is that there was a democratic proposal to just turn it back over to wall street banks and