just to be clear, you're a wholly owned subsidiary of goldman-sac goldman-sachs, but if that money wasn't there, that you got from the taxpayer, would gold man say, we believe in this, we're going to put up the cash, what would you guys have done? >> remember, our first stop was to no less than ten commercial banks to see if we could get goldman-sachs from a debt percentage. >> you would not have done the project? >> we could not have done is project. a proves our point, this is not where private capital would go, but it's okay to put the taxpayer money at risk. >> which own 3% of and do not have any board seat. >> and what about excel energy, do you have a direct financial interest in that company? or an indirect financial interest in that company? >> we do not. there are funds that are managed by goldman-sachs asset management, which is much like fidelity or vanguard, that puts together a portfolio of communities for which we earn a fee that's based not on the returns of any particular company within that portfolio, but just based on the raw dollar amounts that are vested across -- >> w

would goldman say we believe in this? we're going to put up the cash. >> our first stop was to no less than ten commercial banks to see if we could get the funding from a debt perspective. >> the answer is no? you wouldn't have done it? >> we would not have done the project. the cost of capital would be too expensive. >> again, i think that proves our point. this is not where private venture capital will go but it's okay to put the taxpayer money at risk. is goldman a major investor in amanex company? are you an investor? >> my understanding is we own 3% and do not have any board seats. >> what about excel energy? do you have a direct financial interest in that company or an indirect financial interest in that company? >> we do not. there are funds that are managed by goldman sachs asset management which is like fidelity or vanguard that put together portfolios of security for investors in the mutual fund for which we earn a fee that's based not on the returns of any particular company within that portfolio but based on t

sachs, now, we know we've got a wholly-owned subsidiary of goldman sachs testifying, but goldman sachs' involvement goes way beyond this sub sid dear. in fact, goldman sachs stands behind several of the loan guarantees granted by doe, which don't involve the subsidiary here today. i want to insert into the record this article from "the new york times," which states that goldman sachs was also involved in the desert sunlight solar farm getting a guarantee of $1.46 billion, without objection. >> no objection. so ordered. >> so several very large companies participated in projects that received d.o.e. loan guarantees. and unfortunately, the committee's investigation has not asked many of them about their involvement. now, mr. mancini, it is my understanding your company, cogentrix, is a wholly-owned subsidiary of goldman sachs group. given that fact, what was goldman sachs' involvement in the cogentrix project in alamosa, colorado? >> congressman kucinich, to answer that question, i think you have to understand how we structured this project. we structured this project at cogentrix like w

owned subsidiary, goldman sachs testifying, but goldman sachs involvement goes way beyond this subsidiary. goldman sachs stands behind several of the loan girl an tees granted by doe that don't involve the subsidiary today. i want to insert into the record this article from the "new york times" that states that goldman sachs was involved in the desert sun light solar farm getting a guarantee of $1.46 billion without objection. >> objection. >> so several very large companies participated in projects that received doe loan guarantees and the committees have not asked about their involvement. mr. man sini, it is my understanding that your company is a wholly owned subsidiary of goldman sachs and given that fact, what was goldman sachs's involvement in the 1705 project. >> congressman is you sin itch, to answer that question, i think you have to understand how we structured this project. we structured this project like we would any other project financing further construction of a power practice ject. >> what was their involvement? >> the involvement at goldman sachs was derivative to the pr

sachs for example goldman sachs in as bloomberg sues the airplane central bank to try to get papers that may prove the collusion between various e.u. bodies and greece in hiding greece's debt to get them into the european union this is a better story that's been around for a while now they're finally getting around to focusing on it the fact that common sacks help greece high debts goldman sachs of course a big player in causing financial disruption around the world your thoughts. well i was reading in the declaration of the head of. goldman sachs yesterday mr blankfein and he was she saying that he wishes to stay on forever so only his bank but he will be staying on forever and this reminds me that when we had our debate unfortunately i did not know that goldman sachs was advising greece not for the sake of greece but for the sake of goldman sachs so it was advise in greece of telling them how to hide some statistics to hide the real bad shape of the economy but on the other hand there was the same time apparently betting against the bonds of greece there would be two types of coun

sachs, now, we know we have a wholly-owned subsidiary, goldman sachs, testifying, but goldman sachs involvement goes way beyond this subsidiary. in fact, goldman sachs stands behind several of the loan guarantees granted by d.o.e., which don't involve the subsidiary here today and i want to insert it for the record from this article from "the new york times" which states that goldman sachs is also involved in the desert sunlight solar farm, getting a guarantee of $1.46 billion. without objection? >> without objection. >> so, several very large companies are dissipated in projects that received d.o.e. loan guarantees. and, unfortunately, the committee's investigation has not asked many of them about their involvement. now, mr. mancini, it is my understanding that your company is a wholly owned subsidiary of open stacks grew. given the fact, what was goldman sachs involvement in cogentrix 1705 project in colorado? >> congressman kucinich, to answer that question i think you have to understand how we structured this project. we structured this project at cogentrix like we would any oth

even goldman's call 1285. 1390 is the stop.looking for 1266 but he has to get through a bunch of levels. it's important to watch these technical levels and that you could in a blink of an eye be down. >> keep an eye on silver. commodity everyone stopped talking about. down hard yesterday. right on a support level talking about technicals around the 26 level. this is the area where it bounced in the past. bullish on that we were out in vegas in early may. we expect to see if that can start to get support now. >> one of the biggest hedge fund managers in canada really making his name in both gold and silver with big calls on both sides of that. drop in commodity prices should be good for retailers. oil roughly 25% over the past three months. patty edwards, what are your top trades in this space? you would think that if gas prices go below three bucks, it has to be good for the retail area. >> it certainly will help. you do have the headwinds of consumer confidence and of unemployment. that being said, if you stick with some of th

this committee has not requested documents from goldman sachs. or why they believe it was a good investment for the sheet or american taxpayers. both bank of america and goldman sachs could help them understand the projects and the process that our chairman condemned. both our substantial contributors with very deep pockets. who else could shed better light on whether federal loan guarantees were necessary or if politics was appropriately at play. curiously the committee has not inquired with them. that's too bad. a review of finance records would reveal that there donors to political causes who are just waiting for an opportunity to be heard from. bank of america for instance made over 555,000 in contributions to my friends and individuals including several members of the committee. i'm not saying this because i know the members of this committee and they are honest people. we have to understand the cast over the proceedings when you have bank of america and you have goldman sachs being excluded from this kind of discussion. so i haven't seen th

to see the commodity futures trading corporation which is by the way run by gary gensler a former goldman sachs guy says two wrongs make a right if you commit to greed just criminal actions then past mol fine and by the way that money will probably end up on deposit back to practice bank and you can continue doing what. you've been doing in the criminal justice system if you're involved in a conspiracy it's always worse here at the see if t.c. is noting that this conduct occurred regularly and was pervasive in addition the attempts to manipulate included barclays traders asking other banks to assist in manipulating europe or as well as barclays aiding attempts by other banks to manipulate u.s. dollar live or in europe or in addition certain barclays euro swaps traders led at the time by a senior trader coordinated with an aided and abetted traders at other banks in each other's attempts to manipulate europe or even scheming to impact you're a bore on t standardise dates when many derivatives contracts are settled or reset but it's racketeering they're bringing in other banks they're calle

sachs leader lloyd blankfein will tell charlie rose when asked about goldman sachs a siphoning of high frequency trading illegal pilfering of money from the exchange floor said no we're making a market that's code for i'm a shameless market manipulating lawbreaking larsen istic schmuck that's what that means making the market when it comes out of lloyd blankfein spyhole so one hundred percent of the time this robot beats you. just like in the markets one hundred percent of the time a high frequency trading algorithm is going to be any human being for big banks score perfect sixty one day run that's in two thousand and ten max despite the running on the ease and world markets for giants of america finest managed to make money from trading every single day during the first three months of the year their remarkable sixty one day streak is one for the record books perfect trading quarters on wall street are about as rare as perfect games in major league baseball there have only ever been nineteen perfect days in baseball but bank of america citi group goldman sachs and j.p. morgan produced

let's get straight to the goldman call. it is what's moving the market. the firm recommending a short position in the s&p with a target of 12.85 and cites the weak philly fed number of signs of economic weakness and you can cite a number of economic reports out today around the globe, european weak, the chain china data weak and our data as well. >> and the one that impacted the market was the goldman sachs headline and we dropped off the s&p cash. the big level you want to watch, 1335. was resistance. now support. in we break below that, a degree with goldman's call, we go back to the recent lows. >> it does come in contrast to a call that goldman itself did make back in march where it called stocks a generational buy which should obviously say this call comes from a different department than the other call but nonetheless people inside of goldman sachs apparently seeing things a little bit differently. >> that's important to know. we did affirm there can be so many diverge ent positions on the market. hey top agree with this call. i came into june and i

but goldman sachs has a lifeline.he company is in top-secret negotiations with warren buffett to invest $5 billion. the news is unexpected and will mean a certain boost to the stock. >> so, the fact that warren buffet is gonna come in with $5 billion, at the depths of the crisis, is huge, and rajaratnam has just golden information that he can trade on. >> narrator: on september 23rd, gupta and the other board members meet via teleconference to approve the deal. the government alleges that seconds after hanging up from the call, gupta dials rajaratnam on his office line -- a line that is not tapped. >> as soon as they got off the phone at 3:58, rajaratnam put in a trade order to buy 350,000 shares of goldman sachs, which was worth $43 million, and that was two minutes before the market closed. that's why they were rushing so much. they had only a few minutes to get this done. >> shares of goldman sachs this morning sharply higher. >> narrator: when the deal is announced the next day, rajaratnam sells his stock, making

goldman sachs is in a great position to help them. then you heard rahm emanuel tell stories about kid he had known and how they had come from nothing and be able to get into college. america's still a great country. >> rob told a story, mike barnicle, of a young girl that came to america ten years ago from mexico, her parents were selling corn on the side of the road in mexico, she comes up here, her parents still sell corn on the side of the road here now in chicago. she's graduating valedictorian and she's going to be going to northwestern, one of the finest institutions in the world, just right up the road, right up lake shore. and rahm, if he -- if rahm were a human being, he would have teared up at this point and started crying. >> he's never done that. >> but he just doesn't do that. rahm will be here as well. but we forget that. we forget that in manhattan, we forget that in washington, we forget that when we come out and start hearing these stories and they happen every day in every town across this great land. >> joe, as you

both goldman sachs and jpmorgan are playing with open hands, okay.nd they are actually both right in a way. i like wynn for the long-term most definitely. but for now, i want you to step away. there's a lot better situations out there. stay with cramer. en we got marr. i had three kids. and she became the full time mother of three. it was soccer, and ballet, and cheerleading, and baseball. those years were crazy. so, as we go into this next phase, you know, a big part of it for us is that there isn't anything on the schedule. ♪ ♪ ♪ [ male announcer ] not everything powerful has to guzzle fuel. the 2012 e-class bluetec from mercedes-benz. see your authorized mercedes-benz dealer for exceptional offers through mercedes-benz financial services. >>> it is time. it is time for the "lightning round" on cramer's "mad money." you say the name of the stock, i tell you whether to buy or sell. play until you hear this sound -- and then the "lightning round" is over. are you ready skee-daddy? it's time for the "lightning round." start with mike in california. mi

shares in goldman. when he had learned of the news before it was announced and another -- after another meeting 23 seconds afterwards, he again called him and he actually sold his long position in goldman. the evidence was very powerful. and it is unfortunate, but, you know, the prosecutor's cracking down on this. as far as the sentencing goes, it's very serious. he was convicted of three counts of insider trading and one count of conspiracy. the term it's a very broad range the vunlg can give him. it goes from about 17 years to 65 years. now, what the attorney will be arguing and hopefully for the client successful sli that he was a caring, family man and you should really be near the lower range, you're still talking he could -- going more than six and probably more than ten years because it was insider trading. so, i think it will go in to account. i think that the judge will take in to account his philanthropy. >> given the fact of several high profile convictions, though, does the judge still perha

for bringing this deal to goldman sachs. simply wouldn't budge reminding me that this was goldman sachs, not some slough firm that would put its name on any company that was hot. goldman passed. within a couple of years the company failed, a victim of better technology. poor financial management. take it from me, that's why the brokerage pedigree matters. i would pass on deals done by firms that you've never heard of or have little or no track record. doesn't mean every ipo brute by a high quality firm like goldman will be a success, far from it, but it does help you weed out many failures. here's the bottom line. only after i've gone through that three step vetting process which you can learn more about in "getting back to even" would i consider what they do, what it makes, in part because it is so difficult to judge these issues. i would rather just use the quick filter i went through above before i even crack the books on the company. >>> all right. let's get to some mad mail here. this one is from vance. cramer, we are f

goldman passed. within a couple of years the company failed, a victim of better technology.ake it from me, that's why the brokerage pedigree matters. i would pass on deals done by firms that you've never heard of or have little or no track record. doesn't mean every ipo brute by a high quality firm like goldman will be a success, far from it, but it does help you weed out many failures. here's the bottom line. only after i've gone through that three step vetting process which you can learn more about in "getting back to even" would i consider what they do, what it makes, in part because it is so difficult to judge these issues. i would rather just use the quick filter i went through above before i even crack the books on the company. acceler-rental. at a hertz expressrent kiosk, you can rent a car without a reservation... and without a line. now that's a fast car. it's just another way you'll be traveling at the speed of hertz. if you made a list of countries from around the world... ...with the best math scores. ...the united states would be on that list. in 25th place. let

i think you look at goldman's note today. if you go back at end of march, i believe it was, goldman came out and i think the quote was, it's the buying opportunity of a lifetime. i wanted to address keith. keith, when goldman's note came out today, did it make you say, hey, maybe i can go a little bit more invested here. don't want to be all in cash. maybe they're putting a bottom in the market. >> typically, yes, god mgoldman is a contrary indicator. at this point, i don't look to goldman sachs to tell me what to do. unless i see growth reaccelerate -- and i think there's a big whammy out there. on july 7th, china's going to report a gdp number that both they and the market is very worried about. people talk about europe, greece, whatever they want to talk about. the reality is u.s. growth, chinese growth, and german growth slowing at the same time is what i'm concerned about. >> all right. i wanted to ask you about that goldman call. you saw options that would support somebody getting behind this call. >> that's exactly rig

because goldman is suffered a little bit of a hit to the p.r. well they got the largest you know i don't know what what the situation is that the other investment banks are ok but you've got a lot of these these who piglets you know suffer from the teat and they want to go straight to goldman because they don't even know what i mean is they don't know anything they're in college they have a degree from you know dartmouth or some ivy league school or and they're like you know what let me go to goldman sachs i like to steal because i don't want to make anything because i don't know how to actually build a software system i don't object and technology hardware i don't want to work on assembly line i don't actually create real well you know do i want the money shuffling and also shuffling one around slice and dice and sorry guy you missed the boat should've been a little brother in two thousand and four it's over now ok moves over there's no more mobile bubble to pop up sorry but just in a corner alone you better learn how to code you better learn h

both goldman sachs and jpmorgan are playing with open hands, okay.hey are actually both right in a way. i like wynn for the long-term most definitely. but for now, i want you to step away. there's a lot better situations out there. stay with cramer. another cup of coffee? how long is this one going to last? forty-five minutes? an hour? well... listen. 5-hour energy lasts a whole lot of hours. take one in the afternoon, and you'll feel alert and energized 'til the cows come home. it's packed with b-vitamins and nutrients to make it last. so what's it going to be, partner? 5-hour energy. wise choice. 5-hour energy. hours and hours of energy. activating protection, bear! the more you move, the more it works! [ roars ] [ screaming ] new long lasting degree with motionsense help me! keep running! so every year my family throws this great reunion in austin. but this year, i can only afford one trip and i've always wanted to learn how to surf. austin's great -- just not for surfing. so i checked out hotwire. and by booking with them, i saved enough to swing

they also discounted an earlier tip on goldman sachs.08, the evidence there very, very strong. our producer says mr. gupta was very composed and stoic as the verdict was read. his daughters, though, burst into tears and his wife just covered her face with her daughters consoling her and surrounding her. it's been very emotional for the family. they certainly have been very supportive for him there. they have been there every day of the trial. one of his daughters testifying in the trial talking about the fact her father had had a falling out with raj rajaratnam because he had lost money, but the jury did not find that argument terribly compelling. >> we are expecting gupta's attorney gato speak and the u.s attorney. overall impressions about the case going into it was because of the relative lack of wiretaps, especially when you compare it to the raj rajaratnam was going to make the sledding a lot tougher for the prosecution. that appears not to have been the case. >> it wasn't the case. i will tell you, they did a very good job of layin

goldman passed. within a couple of years the company failed, a victim of better technology.hat's why the brokerage pedigree matters. i would pass on deals done by firms that you've never heard of or have little or no track record. doesn't mean every ipo brute by a high quality firm like goldman will be a success, far from it, but it does help you weed out many failures. here's the bottom line. only after i've gone through that three step vetting process which you can learn more about in "getting back to even" would i consider what they do, what it makes, in part because it is so difficult to judge these issues. i would rather just use the quick filter i went through above before i even crack the books on the company. 28 days of beautiful ? you can have up to 28 days of beautiful, smooth skin, with veet wax strips. veet hair coating technology removes hair as short as 1.5 millimeters... ... and leaves your skin smooth for up to 4 weeks. try getting that with a razor. with veet you'll always be putting your best skin forward. veet. what beauty feels like. also try new veet hig

he's a sell out i want to play you a clip really quickly of him talking about how we should audit goldman sachs if we could roll that really quickly this is before he joined the senate will get together very wealthy people who i think manipulate and use government to their own personal advantage and i think that's the biggest thing that would help the scum that. they want to make it out like they're just to help humanity and world government to be good for humanity guess what role government gets in their pocket the people who they don't it may be like goldman sachs and different banks that are making a lot of money off the u.s. taxpayer so the special deals are getting with the federal reserve so there he is presented talking about how we should audit goldman sachs also kind of criticizing the bill. the bird group there and we there is kind of speculation that romney was at build a bird and here you see and here you see you know goldman sachs is the top donor of romney's campaign i mean this is kind of a one a in his rhetoric well romney represents just as a bamma does represent the olig

you did have an upgrade at goldman sachs.ancial sector is at the highs of the day and even energy is getting a boost today. that sector has been so beaten down over the last several weeks. we're staying on top of every development out of europe and telling you how to play it. when we come back, we'll take our position where the euro is headed next and give you the trade ahead of the big summit later in the week. there are a lot of warning lights and sounds vying for your attention. so we invented a warning you can feel. introducing the all-new cadillac xts. available with a patented safety alert seat. when there's danger you might not see, you're warned by a pulse in the seat. it's technology you won't find in a mercedes e-class. the all-new cadillac xts has arrived, and it's bringing the future forward. this is new york state. we built the first railway, the first trade route to the west, the greatest empires. then, some said, we lost our edge. well today, there's a new new york state. one that's working to attract businesse

i didn't read that goldman piece.ly a few weeks ago that goldman was out with another piece saying that it was a great time to be in long term in equities. >> that said why buy bonds? buy stocks. >> exactly. it must be a different division of goldman with that prediction. we think stocks in general, particularly in the u.s., are pretty cheap right now. so i'd be surprised to see any kind of major market correction. >> whitney, thanks for stopping by. >> my pleasure. >> whitney tilson of t2. tim? >> he's making some great points. ultimately as a fundamental investor you hang in your positions. you should be buying weakness. the challenge for all portfolio managers and whitney, you have to decide where the market is just a place it's impossible to invest in. at tend of the day these guys do their work. they feel they own companies that can withstand that. the market forces are very challenging. >> because of such uncertainty in the markets, it's certainly been getting a lot of tweets out there. we want to answer some of

today goldman sachs, a different of goldman sachs reiterates the long good buy in equities.an sachs kind of like a bit of a split personality. >> that trading desk call from goldman yesterday, which seemed to have an impact, i would hate to thing that would encourage them. if they think they can go short and put something out or go long, they are just going to crush everybody. >> next thing you'll start seeing is e-mails from different person, big and chunky -- what is it -- did you see that story about the different e-mails? kind of a love-fest. >> the ideas that we get e-mails from the trading desk, i got that thing about 11:00 yesterday, and is goldman trying to short? or figure out how goldman is trading against you, because you need to do that. >> remember, if you're a client, you're a counter-party. look, i worked at goldman, it wasn't like that. >> when i talked to dr. j, he indicated in the options market there were trades put on that reflected that exact calls. from current levels down to 1285. we're not saying anything bad has happened, but apparently somebody has

position at goldman sachs and so forth so he was able to really persuade for his company the fed into granting this status and what it means is that the company has more access to cheaper funding if it has cheaper funding it has more money to put on any betting table this is prevalent throughout the banking industry any any bank that has that kind of status has more of an inside track more of an open door into cheaper funding and that is one thing that m.f. global has now with that cheaper funding with that stamp of approval from the fed and the global was also able to make bigger trading trading transactions it was able to bring in additional customers it was able more importantly to get credit lines from the big banks and those credit lines and those big banks are what took their money when things turned sour from m.f. global first and those are the banks those are the creditors that are first in line to get anything back after the bankruptcy ahead of as you mentioned in the opening the customers right so a really important distinction and a really important change in status that th

i think goldman sachs since that investigation is down an additional 30%. jpmorgan because of the lawmaker scrutiny will follow a similar path. >> goldman sachs is different than the jpmorgan trading loss. >> i think it will clamp down on the proprietary trading. i think that's going to be paired back and hit it's earnings power. >> so you're a seller right here? >> yes. >> what should we be focused on the testimony tomorrow? >> we should be looking for the division between this issue on the hedging side, and the complexity of these larger banks and do begin to break them up. as long as it focuses on the hedge issue, we will see that trade out of the stock price, and while we might see sort term technical pressure, this issue will be resolved and we'll see upside potential. >> so you think the near term could be vulnerable, but longer term you see this is a bargain. >> yes, we see about 10% downside and then after we go through that process, we get back to the earnings level, being able to generate excess return to the capital costs they have which would be

the note out of goldman. we got the spain, banks need. when's the most important thing you're focused on and people at home should be focused? >> you need to put those together and build a story. you know? this morning we were talking to clients as we said looks like heading lower. that's softening up the body. goldman put that is s that in a. spain not a surprise there. people need to focus what's going on over here and less europe because that stays at the looming gray cloud. >> where do we go from here? numbers today confirm qe3 and as a trader moving forward, what are your thoughts? >> they weren't bad enough. philly fed came in pretty abysmal and not bad enough to spur action after saying yesterday we'll continue it if necessary. not bad enough. the market needs to see a retracement and really test the lows. they have said they want to detach themselves from the market and not lead the markets but the economy and we need to see that strong move lower for them to be involved. >> joe greco, appreciate the time. oilt ta oil taking anoth

now this committee has not receive documents from goldman sach to offer testimony about why it believed its project was a good investment for its balance sheet or for the american taxpayers. both bank f america could help the process that our chairman has condemned. boet are substantial campaign contributors with very deep pock ets. who else could shed beter light on whether federal loan guarantees were necessary. or if politics was inappropri e inappropriately at play. curly, the committee has not inquired with them. and that's too bad. it's like we're having a party here and the main guests that should be here aren't present. a review of campaign finance records would reveal that there are donors to political causes who are just waiting for an opportunity to be heard from. bank of america, for instance, made over 555,000 in contributions to my friends in the republican party's pact and individualings and several members of this committee. we have to understand the call that's cast over the proceedings when you have bank of america and goldman sachs being excluded from this kind of dis

the customers who wants to unpack here we have just the guest to help us do it author and former goldman sachs managing director nomi prins joins us also the seven finance chiefs reportedly held a eurozone crisis conference call today as spain's treasury minister has sent up a flare saying to hell buzz that country is shut out of the bond market the treasury minister and reportedly some of spain's bankers want the ego to help recapitalize struggling banks easy for them to say a bank rescue for them comes on the backs of taxpayers and citizens will ask if anything could turn that dynamic around. and could the way one kastrup city and others are trying to fill a budget shortfall backfired could it incentivize disaster and destruction adding fuel to the fire quite literally we'll explain let's get to today's capital account . oh we have so much bad bank behavior and so little time i guess the question is where to start we have m.f. global bank of america also the government of course the treasury so why don't we start with m.f. global because the trustees of the now defunct firm have come o

my name is richard goldman, i'm a sunny side resident in my 20th year in sunny side. and i've been for most of that time ack tiff in the sunny side neighborhood association, including serving on the board as treasurer. as you know sunny side is one of the oldest neighborhood associations in san francisco. it was formed in 1974. it was primarily formed to save the sunny side conservatory from demolition of the city, as well as improvements and neighborhood cohesion. the map that i put up for you to see, that you have before you on the overhead are the boundaries of sunny side neighborhood association, as well as glenn park neighborhood association. based on both associations by lot. so i want to thank you for the important changes that you have made by including the 200 block boulevard west of baden. into district seven, back into sunny side where it belongs. the sunny side conservatory is a gem and pride of our neighborhood and also our namesake. so thank you for all the sunnyside residents that will now be able to vote in district seven, along with our neighbors on t

rumor has it they hired goldman sachs to ad vuz them on selling the company. investors hoping where there's smoke there's a buyer opportunity. who is it? the answer when optio"options a" returns. >>> options trades pumping up the action this week. digital. >> welcome back to "options action." financials getting floored today as fears of a global selloff battered the banks. but a couple of weeks dan made a bearish gain on jpmorgan. on "options action" there's just one way to avoid losing $2 billion. risk less so you can make more and that's just what dan did with his bearish bet on jpmorgan. dan bought jpmorgan shares set for a plunge. >> there's an opportunity to see this thing below 35. >> shorting the stock unless you want a whale of a loss. to define his risk he bought the put for $1. now make money dan's jpmorgan shares to fall below that put price or below 35 by june expiration. a whole buck? >> almost no excuse for it. >> that's for sure. dan showed us how to do this for less. to spend less he sold the june 34 put. he did something else. he made making m

in fact, jnj was my number one recommendation for all the years i worked at the goldman sachs. over the last decade, the stocks up just 32% with reinvested dividends. i want you to go back 20 years. guess what you get, 690% return. jnj, band-aids, up 4,805% from 1982, through a couple of bear markets. yeah, jnj is the definition of blue chip that was poorly run, especially the mcneill labs consumer biz. mcneill is located in my hometown, biggest employer. we all knew it was the single best company on earth. everybody wanted to work there. it was loyalty. i lived a mile from mr. mcneill. i never thought jnj would do this to his great company. now perrigo makes knockoff versions of mcneill's over-the-counter products. nobody wants to talk about it. maybe it's because i'm from the division. you know what i mean. i'm talking about reputational damage. you don't really realize how much a new ceo looking at things with a fresh pair of eyes can do to this company and someone could come in and really generate a return here. plus, with jnj's 4% yield, they're paying you to wait for the

running mate and also goldman sachs of the top donor for mitt romney's campaign i mean what do you think about this kind of one aide in the rhetoric and senator paul they are describing corporatism and all the dangers we see with ed the occupy movements concerned that the tea party is concerned with that well this is true that that throughout the political class in washington d.c. i'm sure you're not suggesting that somehow senator paul is saying that's ok it's good to be a corporatists or crony capitalism or any of those sorts of things while i am saying i mean when you just come out and blanket lee endorse someone who is a corporatist and who is getting over half a million dollars from goldman sachs i mean i don't know i'm just i'm just saying what i see. well you judge people by how they vote at least politicians what they do what they stand for rand paul would never vote for any of those sorts of things that he's endorsed candidates where he doesn't necessarily agree with every issue and i think governor romney you certainly would be one of them and i would use that instance to show

and that slerlted the decline and the call for goldman sachss. as far as the ratings goes,s a maria pointed out, we know they were considering action against the banks, the banks said much they may cost in collateral or payments for certain derivative contracts. this is something we know about. the question will be will there be any surprises. i want to say one thing on times. a source say it's will happen after the market close, and to support that all of the other actions that the moody's has taken. >> let's get into fixed income here, what move are you seeing? >> the markets are pretty smart about this. this is the worst down fall for the stock market in terms of triple digits since june 1st. that's ironically when we have the 145 low lose closing yield in tens. at that point they rebounded and interest rates moved higher. the context of the times we're in right now, whether it was goldman and our outlook for stocks. the two day meeting, all of this coming at a point in time when there is an anxiety in the marketplace. many times the rating ag

goldman shares fell 1.8%. but the rumored interested buyer, state street, bucked the weak tone today to end 1.5%. that made it the strongest stock in the weakest sector. no comment from either bank. energy came out of energy stocks with coal miners digging new lows. alpha natural resources plunged over 9% today alone, pushing down to a new 52-week low. shares have lost 81% of their value in the past 12 months as softening steel demand and low natural gas prices hurt demand for metallurgical and thermal coal. thermal coal is used by electricity power plants. others fall included patriot coal, down more than 13%. walter energy off 6.6% and peabody, down almost 5%. as for key coal customers, the steelmakers? a.k. steel fell sharply, down 14%. goldman sachs cut its rating to sell, expecting steel prices to remain weak. u.s. steel fell 6.5%. both are at new 52 week lows. and steel dynamics dropped almost 5%. coal wasn't the only energy source feeling the heat of selling. the european concerns continue weighing on o

goldman sachs lowering expectations for the market.e through the support levels and now here we are near the lows of the day. >> is there protection? >> pardon me? >> is there correction protection at the moment? do you make money still? >> i think that most professional traders i talked to for the last two weeks believe that the idea was to short any rally but that was a very painful trade to live through and back to where we were at the beginning of the month. so that -- with that being said, i was -- i believe that the s&p was headed towards about the 1275 level before it was a safe opportunity to buy. but if you're trying to trade around a long position, shorting them, you're giving your stocks away a little bit early. on the downside, if you're an investor, not a trader, we're traders. if you're an investor, this market you should in my opinion be adding to the portfolio. not when they're rising the way they have been. >> absolutely. panic is not an investment strategy and the vix up 13%. thank you so much, ben. >> pleasure. >>> r