and some e-mails clients asked to goldman how they could owe more clout to goldman when the client ensured the mortgage market which was declining in value. in the end short-sellers did not offer to sell their short at a lower price. instead most would even shorter in goldman abandoned its effort to squeeze the marketer even after goldman abandoned efforts, some investors were harmed by the lower prices. this is my question. chairman gensler goes to george, with a short squeeze in the commodities markets, with this type of attempted short squeeze intin the mortgage-backed securities market trouble you? number one. as either as a conflict of interest, or as manipulation on the part of goldman. mr. gensler. >> are you sure you did want to chrmanhree to go? [laughter] >> no, more seriousness. the not familiar enough with the facts and this is the first time i've seen the documents of course now.e in the futures markets manipulation relates to intent and to distort a price. there's a four factor test about price manipulation to the dodd-frank bill actually for chili i think broadness that and

tony goldman put his wealth into soho in 1975 and again on to south beach in 1985. now what's taking hold here is being planned for warehouse districts in kansas city, buffalo and des moines. >> the trends of the united states is that the jobs are going elsewhere, so these buildings are becoming obsolete in a lot of ways. they are, though, great boxes for restaurants, for galleries, for creative spaces. >> reporter: alan shulman is a professor of architecture at the university of miami. >> i think that what's really unique about wynnewood is that it's building its renaissance on a base of artists and galleries. >> reporter: an artist once said to live a creative life, you have to lose your fear of being wrong. here in wynnewood, that's now a mantra. kerry sanders, nbc news, miami. >>> that's "nbc nightly news" for this saturday. i'm lester holt reporting from new york. i'll see you tomorrow morning on "today" then right back here tomorrow evening. good night. captions by vitac www.vitac.com >>> a blast of winter weather strikes the bay area packing rain and lots of

the goldman analysis calls the sector overweight, pointing to expectations of demand for bank loans will start growing, thanks to an improving economy. the analysts also think longer term interest rates will drift higher. that helps banks, because they can borrow using short-term bonds and then charge more for longer term loans. goldman also thinks banks will be allowed to raise dividends after passing another stress test next year. among the stocks it thinks will be first to raise their dividends, j.p. morgan, u.s. bancorp, wells fargo, and p.n.c. all four saw nice rallies today. one other note of bullishness on the sector from this opinion. it also points to a strong stock market as helping about the trading operations of banks. if that forecast holds, it may mean better business for the exchanges. we saw a pop in several exchange stocks, including futures exchanges c.m.e. group. we did learn today november trading volume was the third busiest at the c.m.e. analysts have been increasing their earnings estimates for the company. this is a six-month high for the stock. another place wher

and on behalf of richard goldman, can we make that from the entire board? president chiu: the objection, that shall be the case. >> supervisor elsbernd. that concludes rollcall for introductions. president chiu: i think we should go back to item 17. we are prepared to discuss local hiring. it is my intention to go to the

and on behalf of richard goldman, can we make that from the entire board? president chiu: the objection, that shall be the case. >> supervisor elsbernd. that concludes rollcall for introductions. president chiu: i think we should go back to item 17. we are prepared to discuss local hiring. it is my intention to go to the 3:00 special orders on the oral succession -- mayoral succession. item 17 has already been read. supervisor avalos: i am proud to present before you, legislation that will create a new local hiring program for san francisco. the publicly funded -- my interest in this legislation is long standing. i come from the family of a union member. i have worked in programs serving young people that are looking for employment experience. the earliest experience was that a conservation corps in san francisco. i got a job back in january of 1993 working with many people from different parts of san francisco with high unemployment rates. young people from the western addition, hot young people that have felt they did not have quite a ramp into the constr

interestingly, goldman sachs, viewed as one of the stronger banks during the crisis, actually was one of the heaviest borrowers, a total of $615 billion. this despite the fact that several times during the crisis, goldman sachs' ceo said they didn't need help. >>> keep an eye on pepsi today. they agreed to buy a stake in a russian food and beverage company for $3.8 billion. >>> and finally, proof you can sell anything. the coffin that once held lee harvey oswald, president john f. kennedy's presumed killer, issing with auctioned by a ft. worth, texas, funeral homeowner. bidding is expected to go as high as $100,000. not necessarily something for the mantle. >>> coming up, the pistons misfire against the heat. there's trouble in sin tinselto tinseltown. and the freshman dominate the top ten battle. plus, michael jordan's son came up with the moves last night that would make any father proud. your early morning sports headlines are just ahead. >>> one big storm has exited the east coast. now the west coast is next. your thursday forecast is coming u' w"earat today." 3q lysol knows you w

goldman's 8 yes desk decided they would offer -- goldman's asset desk decided they would offer cds's. was large enough, they planned to move in and purchase the cds's themselves. this squeeze was described in exibit 3-a which is a self evaluation done by a goldman trader at the abs desk that participated in that activity. i will include that in the record at the time. on page 15, the bottom of the first paragraph. "in may as we remained as negative as ever, the market was trading very short. after the short squeeze causing capitulation of the shorts. this seemed doable. when the news came in, we stopped waiting for teh shorts and just reinitiated them ourselves.' the trader denied they ever intended to squeece the -- squeeze the market.in may 2007m, , the manager of the abs desk wrote emails encouraging the squeezing of the market. in the first dated may 25th. these should be in front of you. "we should offer a named protection to cause pain." "we should start killing the named shorts. let's pick high quality stuff and offer protection. this will have people demoralized." he also deni

. >>> top discuss at goldman sachs are getting a big belated payday. the ceo lloyd blankfine is expected to collect $24 million in stock next month. it is a delayed payoff from last year and goldman's record setting 2007 bonuses. >>> holiday travel is expected to rise about 3% during the christmas to new year's period. aaa predicts more than 92 million people will travel 50 miles or more during that time. americans are also expected to spend 3.5% more on their travel plans this year than last. and that's your money watch. for more, head to cbsmoneywatch.com. >>> airlines are raking in record profits as you heard. yet the cost of flying continues to climb. >> some startling new odds that suggest you may suffer a heart attack just if one of your family members has had one. >> it is all about howard and snow in the forecast. >> i love you. >> weather watch. snow coming today. snow lovers will be happy today. westmoreland county, virginia, the only closing we have. you guys have closed school for today in the northern neck. westmoreland county, virginia, w

and to be interesting to see whether or not there is any sort of information directly related to goldman sachs and john paulson who did meet in athens as we reported here on the kaiser report prior to this bailout of these swaps positions yeah well goldman doesn't i think just say it was part and parcel of what they're consulting of blah blah blah blah you know because there's no rule of law on wall street there's no concept that they always take take the attitude that if it takes break the law quote unquote that it's not their problem it's the problem the lawmakers haven't passed a lot of laws and modify the laws fast enough to keep up with their genius over there doing god's work well and to you know stay with that theme of nasty surprises being pulled out of a hat whenever it's necessary another nasty surprise from ireland anglo and a i b via the e.c. so max this was in the european commission we found out from the. press release date issued in the past week or so that hidden in this press release anglo irish bank will furthermore receive a guaranteed cover certain off balance sheet l

. >> reporter: goldman sax >> reporter: goldman sax estimates the package of tax cuts and tax credits would enhance economic growth next year by as much as 1%. moody's predicts it would bring the unemployment rate down from around 10% to 8.5. but it's the two-year $900 billion price tag, more expensive than the stimulus, which has democrats hung up. along with cuts in the estate tax for the rich, which they argue does nothing for the economy. >> there's some things i think i would make the bill much better and i'm going to work on those. >> reporter: but in that meeting late today the vice president told house democrats this is the deal, take it or leave it. so it's not clear how many changes harry reid or anyone else can make. >> couric: nancy cordes, reporting from capitol hill tonight. one politician applauding the compromise on tax cuts, new york city mayor michael bloomberg. who also today gave a speech about how the government can create more jobs. later in an exclusive interview i asked him what he thinks it will take to get the unemployment rate down. >> build confidence, ther

sachs now michael bloomberg is suing the european central bank to get them to reveal that goldman sachs is the bank that cooked greece's books to get them into the euro we also told you about j.p. morgan's massive illegal silver short position we got them so scared now they're moved their illegal silver short position offshore and now a new bank in the news major financial terror is tearing up the global economy for a few quick but it's a bank of america stacy herbert tell me more yes max kaiser bank of america is in the news the first headline i have to read is just his sterile they're planning on major chaos coming major anger from the peasants coming regarding their shenanigans because the first head irene's wow bank of america bought sucks and blows u r l's for like everyone at the company so apparently bank of america is false four hundred thirty nine u r l's including things like brian moynihan sucks dot com who is the c.e.o. and then they went out of their way and bought all sorts of u.r.l.'s for other executives katherine best say it sucks dot com and she's just the global techn

caller: i disagree with you about goldman sachs. i understand they created the mortgage swaps and they bet against them failing and that is how they would make money. i blame the hedge funds and wall street for this crisis. to much speculation going on and the banks tried their best to do some things. i heard that 59 bankers were indicted. i don't know if that is true or not. what do you think? guest: i have not heard that number. i am not sure i have heard of any indictments of bank, per se. there was a major civil suit brought by the securities and exchange commission against goldman sachs that was openly settled without goldman sachs admitting or denying any responsibility. what happened there is exceedingly complicated. goldman sachs in that particular case took the position opposite of the one i think you were suggesting. they were saying that these would be good mortgages. they were not betting against the mortgages. however, the party of the other side did by credit defaults what that enable them to bet against the mortgages.

training on inside information by definition what they do is trade out inside information of course goldman sachs lloyd blankfein all say well he calls it making a market that's a euphemism for breaking the law now the f.c.c. and others are coming down on these guys but i doubt it'll be more than a slap on the wrist of a small civil fine i don't think we'll see anyone that's not true because it's not the f.c.c. investigating this and it's not a civil matter because it's by the very nature of the fact that it's the f.b.i. . reading offices and subpoenaing people it's that's a criminal matter it'll be a criminal matter very exciting so you're in the thick of it greenwich connecticut of course is one of the big hedge fund capitals of the world the f.b.i. is crawling around looking for bad guys and so how's the feeling in there or the media feel like the hedge fund managers are hiding under their desks so they're they're seeking asylum in foreign countries or what's it like well that's a very curious thing about this is that you know i watch the local news every night here and. there's nothing

that is your taxpayer money at work bailing out goldman sachs. host: john, independent line. you are on the air. caller: it is georgia. anyway, i want to address the moral factor of the whole situation. my brothers in christ grafted themselves onto the tree of greed and let me explain in a little thing i have. a fool and his money are soon parted with the person who takes advantage of that awful gains wealth but loses his sold -- takes advantage of that fool gains in wealth but loses its soul. one of the histories of fannie and freddie is that i think in 2002, the republicans had been trying to get fannie and freddie into the open market, and other words, taking it out of the government. well, they got the people running fannie and freddie out of their -- there and the president has the right to put people in positions. they put the people in there that they wanted. freddie and fanny, at the time that it happened, were not buying these credit defaults swaps. what they were doing was 30-year mortgages with 10% to 20% down. what they did do. i am tell you -- the president got o

on behalf of the full board for richard goldman. >> if there any other business? we are adorned.an't. my parents say i have to be home right after work. ugh. that's so gay. totally gay. ugh. that is so emma and julia. why are you saying, "that's so emma and julia"? well, you know, when something is dumb or stupid, you say, "that's so emma and julia." who says that? everyone. announcer: imagine if who you are were used as an insult. >> i work with the department of environment and we are recycling oil. thank you. we can go into a refinery and we can use it again. they do oil changes and sell it anyway, so now they know when a ticket to a. hal>> to you have something you want to get rid of? >> why throw it away when you can reuse it? >> it can be filtered out and used for other products. >> [speaking spanish] >> it is going to be a good thing for us to take used motor oil from customers. we have a 75-gallon tank that we used and we have someone take it from here to recycle. >> so far, we have 35 people. we have collected 78 gallons, if not more. these are other locations that you c

we asked about an apparent short squeeze by goldman traders using the default swap. if one of your members was to attempt a short squeeze but was not successful, would you investigate this activity to determine whether it violated your rules, such as the rule about high standards of commercial honor and just and equitable principles of trade? >> absolutely. that is a scenario where i was not privy to the facts before this. there is some question about whether those were securities at the time. that pattern in the current environment, attempted trading practices with the specific manipulative attempt, would be something that would be investigated and we think could lead to further action. >> does anybody want to add anything before we bring our hearing to a close? >> i would like to just thank the chairman for investigating these very important issues. there was high quality in your opening speech and i want to encourage you to keep up the good work. >> i'm glad i gave you the opportunity to say that. [laughter] anyone else? no, i better quit while i am ahead. there m

>> and just to let you know, that they have influence on goldman sacks and one there economists say this, their armies of stockbrokers that will call their clients this weekend and say hey, our economists said this. perhaps you should get back into the market? and it is a cool person of back into the market is not the " biblical " or written in stone. and we have seen where it 49ers could go awry really quickly as just an analogy. and i am telling people now, that in the month of december so that together a portfolio ready. and most people are calling this the u.s. economy is influencing them. >> and what about barkley? >> and other research that had positive things to say. and one more thing about the market, china did not cut their interest rate. we thought they did because last week they raise their bank requirements. . >> and with his creation, and job creation, it is not exactly to thumbs up but will keep chugging along. i do not want people to be afraid of the stock market. >> what is interesting, is that historically people chart this. the president's third term is fairly typical?

. >> i'm david goldman. good afternoon, commissioners. i live at 246 sanchez street. i'm the president of the home owners association. i'm just around the corner from either location. you walk down sanchez street and turn right from where i live, you would find the old location. you turn left, you would be where ike's used to be. i'm speaking today to express my strong disapproval. i was able to follow how ike ran his business. his original location was on the north side of 16th street. in the proposed location was on the south side between sanchez and church. both locations are within 300 feet of my residence. i live on the west side between 16th and 15th. the problem the business created for us is neighbors began immediately. with a high volume of patrons all day long, long lines of people waiting as long as two hours to pick up their sandwiches would end up completely blocking access to the north side of 16th street. ike's provided no seizing all for its customers, and they ended up sprawling on the stoops and driveways of my home and my neighbors. it was a task to

. >> the government stimulus from goldman sacks, and from a monetary side, the stimulus side has certainlytype things over. it is important that that stimulus not be withdrawn, prematurely. but i actually think that there is more improvement underneath the surface in the private sector. >> the bottom of the wealthiest people in this country have joined an agreement to donate some of their money to charity. and this generous pledge. >> fame >> facebook founder, steve zuckerberg, has pledged to donate the bulk of their fortune to charity. and following suit with what bill gates, and warren buffett, they're going to give away to their charities of their choice during their lifetime. and with billionaire, steve zuckerberg of " people wait until late in their career to give back. why wait? there are so much to be done. >> and with a well, co- founder, steve case, and carl icahn. these taking the pledge are 57 people. also, david rockefeller, and ted turner, and lumber, and george lucas. and bloomberg. --and with more millionaires to hopefully sign on. >> and a walnut creek 6 80/24 split. headli

continuing on a sad note, in commemoration with the death of richard goldman, december 21, the winter solstice. we will make one of his favorite aspects of the zoo free. last but not least, we are winding down into the holidays. this is the second crew, so they won't disappear on christmas eve. but they will leave shortly after the first. you may have had santa claus at the lighting ceremony, we had these two mobile -- the zoo mobile and a number of animals. last but not least, to echo comments, if anyone does choose to come to the hospital at the zoo for treatment, and i want to warn you that you will undergo a 30 day quarantine period. president buell: can we send a few people? >> they have to have vet certificates. president buell: that might be the case. >> i also want to recognize the hard work that commissioner bonilla and commissioner lee has done. commissioner martin can attest . we want to thank commissioner lee for chairing it. with that, i conclude my report. >> is there any public comment on item number six? >> i tried to brainstorm myself , but i wanted to look at the hou

lehman was bailed out and goldman sachs did pretty well.hat benefitted from the bubble formation, the housing bubble. they were the ones that got over. we ended up buying that stuff. the fed owns he's illiquid assets. the american people are losing their homes. it's economics and not legal under the constitution. i want to go back to your suggestion that you have a moral bigger megaphone. maybe can you tell us of your understanding, how far the republican leadership is willing to go with your investigation of the fed. when you talked with in-coming chairman bacchus. will you receive support from him as it goes to full committee level? >> i'm working on the assumption i will. the conversations i had with the chairman basically said you're in charge of that subcommittee. that doesn't mean that you know, the first woke in january i sunday over a subpoena for bernanke and demand he come over with a pile of papers. i don't think that would be logical. to start sending requests to their accountantas and -- accountants and other people. we want to

>> he is an alum of goldman sachs when he was named the head of the commission.here was a lot of controversy and he turned out to be one of the good guys. what everybody is saying, he no longer has the votes to dominate the commission. you need three votes in the trading commission to get anything done. there only two republicans, but if there has been a roadblock, he no longer has the wherewithal to dominate the committee. >> the last point that there is no connection to his work on behalf of wall street and they give him $140,000? your thoughts? >> i was covering that business when the entire thing was being held up by scott brown this summer. if this revelation is true that he was getting $140,000 at the time that he was wiping out the 19 billion fee assessed on wall street to pay for the cost, that's a classic washington pay for play situation. for him to deny that it's comic. >> i love to see an outsider learning the ways of washington. always a pleasure, sir. >> if you like that, wait until you hear the incoming editor. wash waub and bank regulators are the

on behalf of the full board for richard goldman. >> if there any other business? we are adorned. and welcome to the december 7, 2010 meeting of the san francisco county transportation authority plans and programs committee. happy holidays to everyone. my name is david campos, the chair of the committee. we are joined by commissioner carmen chu and committee member david chu, commissioners and john avalos and bevan dufty are in route. the clerk of the committee is erica cheng. madam clerk, please call item two. >> approve the minutes of the november 16, 2010 meeting and the november 23, 2010 special meeting. commissioner campos: we have a motion from david chiu. is there any public comment? seeing none, public comment is closed. colleagues, if we can take that without objection. >>citizens advisory committee report. this is an information item. >> good morning. the cac hold a combined december and november meeting which will be held tomorrow at 6:00 p.m. to report on any actions. commissioner campos: great. i know that commissioner dufty had asked that one item be taken out of ord

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and the number of instances when major firms like goldman sachs, morgan stanley and citigroup borrowed from the fed-- in some cases more than 200 times. neil irwin has been covering the fed for the "washington post" and he joins us now. >> thanks. >> brown: the first thing that jumps out is we knew this was big but we didn't quite know how big, right? >> exactly. we knew there were many billions of dollars lent during the dark days of the financial crisis in 2008/2009, the question was who was getting the money. we know the answer now is almost everybody. name a big bank, a big firm, it's on this list. >> brown: and the fed was compelled to... nobody was lending, flight so the fed was doing what is this >> what happened the financial markets shut down, the financial system was in disarray and at risk of complete collapse and the fed said, you know, we're going to step in and be the lender of last resort. we won't lend just to banks or their normal counterparties but anybody who needs money, whether it's commercial paper market-- which is a form of sherpl lending-- large industrial comp

waverly hotel they can also tell the mill stone hotel some old country house holiday in the full old goldman tells the rembrandt the crim made the chesterfield the montague hotel the local the rubens hotel. a rally gets out of control in moscow and st petersburg as demonstrators take to the streets in honor of the killed football fans protesters clashed with riot police and dozens were detained this is all part of a commemoration march marking the good for you to who was beaten up and shot dead during a mass brawl on tuesday. practice what you preach human rights activists are challenging washington to own up to its violations before making any more promises. and ethnic tension looms over the first part of the montreal elections of the self-proclaimed republic of kosovo the serb minority says this vote is pointless as long as people live divided. the latest from the sports says kate joins us i understand a busy weekend for football as i was always absolutely yes particularly in england where we find that the top two might be playing on monday the much city do you have a chance to go joint to