goldman's twin victories first. bank had been under a justice department investigation for more than a year, accused of betting against junk-filled subprime mortgage securities it sold to its clients. the probe followed a 2010 report by the senate permanent sub committee on investigations. it led to hearings where goldman chairman and coe lloyd blankfein tangled with the michigan democrat senator carl levin who accused the bank of wrongdoing. >> to go out and sell these securities to people and then bet against those same securities it seems to me is a fundamental conflict of interest and is raises a real ethical issue. >> he ethical, but apparently not criminal. at least for this justice department which announced thursday that it had i quote ultimately concluded that the burden of proof to bring a criminal case could not be bet based on the law and facts as they exist at this time. maybe it will change. senator levin responded to the d.o.j. announcement with a statement that read in part, and i quote. whether the

she came from goldman sachs.going to possibly regulate on what she left an likely going back to? >> bob: you put your finger on it. senator levin and tom coburn, enough evidence up there -- prima fascia evidence they broke the law. for some reason the justice department doesn't want to do it. why? you are exactly right. the securities and exchange commission are loaded with goldman people or want to be goldman people. >> eric: if they nail goldman or morgan stanley or ubs they know that job is not going to be -- >> bob: is there any way we can bust the guys? >> eric: change the rules. change the rule. if you are a regulator, you can't go to work for the banks. vice versa. >> bob: can we break goldman satchs apart? >> andrea: obama ran on. this cleaning up wall street. it's his justice department that said we are not going to do anything. his s.e.c. says we are not going to do anything. >> bob: you are not getting an argument from me. they should have been in jail a long time ago. >> greg: gibson is a small busine

sachs it's like don't you dare do anything criminal against goldman sachs but if you are goldman sachs or an executive you can steal from investors and you'll be just fine. i mean is that kind of does that illustrate this issue we're talking about yeah the cops go after the low hanging fruit let's call it what it is go off to par wall street you see how tough they get you know be a small guy on the chain or a small woman in the in the scam boy they whack you down but not a few names john cause i know and by the way the law firm that m.f. global used is attached to the attorney general and his assistant attorney generals law firm i mean what is six years old you can see through this stuff look at it one after another the game is rigged look what happened about a week ago. a jury found this guy that the feds were trying to prosecute from citi group and they let him go because they asked i wanted to know this is from the foreman of the jury i wanted to know why the bank c.e.o.'s wasn't brought up on trial i'll tell you why it's very simple they're better than us that's right they're bette

>>trace: what is goldman saying? >>reporter: a spokesman said "we are pleased that this matter is behind us." at the white house, spokesman carney did not give us much. i have to rough you to the justice department. i have not spoken to the president about this. he is very focused on taking measures that assist homeowners. >> goldman sacs has paid in other ways including $550

no perp walk for goldman sachs. no matter how hard the justice department looked, it just could not come up and make a criminal case, where does goldman go to get it's good name back. then small businesses feeling the inch and we have not driven off of it yet. goolsbee joins us, two college seniors think congress can solve problems over a cold one. they are raising slush funds for their mission. at sleep number, individualizing your sleep is at the heart of every innovation. with the sleep number bed, it's not about soft or firm. it's about support where you find it most comfortable. the magic of this bed is that you're sleeping on something that conforms to your individual shape. wow! that feels really good. you can adjust it to whatever your needs are. take it up one notch. my sleep number is 50. i'm a 45. and now, for those interested in trying memory foam, sleep number introduces our new memory foam series-the only beds that combine cradling memory foam with the amazing dual-air adjustability of the sleep number

they're all goldman sachs alums. the bill back to goldman sachs. they go back into government. -- they all go back to goldman sachs. they go back into government. it is a white house issued. >> this goes back to the media in a way. i will go back to goldman sachs if i must. remember in august when there were about 1200 people doing civil disobedience around the white house protesting the keystone pipeline. the corporate mainstream media was like this on that. imagine if 1200 tea party members hitched themselves to the date of the white house. when occupy launched in september in new york and then moved across the country, suddenly there was more attention being paid to other movements. it exposed how the media has done such a disservice to this country in the last few years by saying there was one movement in this country, the tea party. there are many other movements. the occupy wall street movement has brought into sharper relief and force the media to pay attention to other issues and movements. i could take off 10 or 15. -- tick off to enter 15

investigators also said goldman secretly bet against its investors.sot - sen. levin says: "...he report tells the inside story of an economic assault that cost millions of americans their jobs and their homes while wiping out investors, good businesses and markets." coburn did not comment on d-o-j's decision, but levin blasted goldman in a statement - quote: "...its actions did immense harm to its clients, and helped create the financial crisis that nearly plunged us into a second great depression..." at the white house, press secretary jay carney ducked a question. pot - carney says: "... i would have to refer you to the justice department, and i have not spoken to the president about this. he is very focused on taking measures that assist homeowners." goldman has paid a price in terms of a $550 million fine to settle with the s-e-c and its stock price and reputation were damaged. analysts say there have been lessons learned.sot - haines says: "... the market plus the regulators combined make it very unlikely that this kind of behavior will happen again anytime soon."emanuel s

. >>> a victory for goldman sachs. they will not prosecute the wall street firm for their role in the mortgage crisis. it came after a scathing report that included accusations that goldman sachs deceived investors about high risk mortgage securities and met against the positions. for more on this and other headlines, we go live to london. good morning. >> good morning, thomas. explosive language. i wonder if you recall when the senate committee was meeting and they uncovered e-mails for goldman sachs talking about the derivatives and the junk and it's crap and they were being sold on to clients. as it turns out, the justice department not able to really pin them down on this. a huge sigh of relief over at goldman sax. it's not the only case where they haven't had to pay a third of the fine. the sec not able to pin them down on mortgage-backed security transactions. goldman sachs comes through this latest round a-ok at this point. let's step away from goldman sachs and the relief feeling over there and talk about ikea,

as you know, when they wound the trades that night they did so with goldman sachs.man sachs took the other side of that trade helping knight sell off the accidental purchases of about 150 stocks and resulted in the $440 million charge i'm being told. in other words, goldman sachs has been mentioned as a possible advise tore knight trying to seek cash or a possible deal, something to help them get out of this cash crunch they're in. as a result of these erroneous trades. but as well, goldman sachs played an unseen part in helping to unwind the trades on wednesday and in three days' time with t plus 3 settlement rules, they have to play goldman $440 million. there's questions i'm told as to whether knight comes up with the cash. the deal is fluid. they reached an agreement on wednesday night in principle but whether or not it goes through is whether knight secures the cash position. they have the weekend and monday to make this agreement with goldman sachs an official one. >> hey, kate, can i ask you a quick question. could goldman not extend to them a further line of

because of course jamie dimon will be the new treasury secretary geithner will move over as head of goldman sachs or something and when they make that news they make that announcement you know the public outrage will be there for a few seconds i'll be like oh my god another banks or another revolving door another political bank's third trifecta we're all going to get financially hoodwinked once again then they'll put this great photo up of jamie with the people in ohio as cardigan sweater and golf club you know shaking hands hello i'm a normal person i'm not a an automatic blah program to steal all your money and destroy your family no no i'm a human being i'm jamie doran and i'm going to join three secretaries ok so let's move on from there so jamie diamond said we scapegoat each other we point fingers which i kind of think is him seeing all the farmers along the highway on his bus tour saying there's the guy jamie diamond he's the one that took our money from emma global so let's move to another part of the heartland of america an important voting state nevada vegas billboard with suicide

justice department says so there you have it look at the we were you peasants out there it wasn't goldman sachs who defrauded you investors and you pension funds around the world with their abacus deal yes they were selling you toxic products but it's your fault of course there's not a problem of justice there's not a problem of justice going to cover wall street because i don't know this guy our caller he's to head of it what does he do all day but because of those does he actually do a gosh darn thing to go after criminals i mean you've got truckloads of evidence piling up outside the white house there where every things is pat and it's nothing but pure evidence without any reasonable doubt pure scavengers from the will of the wall from sea to shining sea the live up of the book cougars eric. what's wrong with you are you value. but there are some do gooders out there some guys with some programs to sell you who are seeking to help you all how do you spot the next big banking scandal there's a new company out there called digital reasoning and it says it can help financial institutions

next, q&a with julianna goldman. then, congressman ron paul. >> this week on "q&a," our guess is julianna goldman, white house correspondent for bloomberg news. >> julianna goldman, white house correspondent for bloomberg news, if you were in front of a college class and you had to define for them what journalism is, what would you say? >> storytelling. i think journey -- i think journalism is getting beneath the surface, asking questions, developing a story, and informing the public. >> how long have you been interested in that? >> since a young age. my mom likes to tell stories of so even in young , days in elementary school, i think i pretty much alternated between being a journalist and being a veterinarian. >> what was the path for you? where did it start? >> i think, looking back so many years, it might be an unconventional past, but i think in today's world and what the news industry has become, i do not know there really is a conventional path. i wrote for my high school newspaper. i wrote for my college news

goldman sachs not enough evidence.t thank you as always for joining us. >> good evening. >> one more example of washington failing. >> yes absolutely. it wasn't like this decision wasn't expected. most people thought that they would eventually decide not to prosecute goldman sachs but it's an incredible disappoint because the levin sub committee did an enormous amount of working work that gift wrapped for the justice department, and they chose not to do nothing at all. >> eliot: the senator levin report that you failed to, and they investigated the entirety of the mortgage fraud, and september over a wrath of cases to justice and they haven't done it. >> they haven't done a single thing. it would be one thing if they decided let's put our chips in one pile and go after one big fish and we'll make them our signature case, but they didn't do anything. >> eliot: especially as you point out in your article. you know that i love your articles, and the metaphors that you use are always poignant and essential in understanding

>>trace: what is goldman saying? >>reporter: a spokesman said "we are pleased that this matter is behind us." at the white house, spokesman carney did not give us much. i have to rough you to the justice department. i have not spoken to the president about this. he is very focused on taking measures that assist homeowners. >> goldman sacs has paid in other ways including $550 million to settle with the s.e.c. and analysts note that the stock dropped 15 percent. the hope is, with regulations, the fine, the embarrassment, will keep this from happening again. trace? >>trace: mike, thank you from washington. thank you. is clicking "like" on facebook a matter of free speech? a man would lost his job because of it says "yes," and he is take his case to federal court. that is next. >> couple of passengers in a small plane brought their cameras to record their flight. but the flight landed a lot sooner than they expected. it did not end well. it's something you're born with. and inspires the things you choose to do. you do w

but the goldman sachs of the world were all in demint and big government itself mandated the purchase of the credit default swaps and others that brought down the economy. it is not pro capitalist to support goldman sachs in their embrace with the department of treasury. >> host: is supply-side economics it dead? >> it is true economics. i am excited to have mitt romney run for president. bain capital is one of the foundation's the of supply-side economics. say it applied it to business to show the most effective way of four businesses to gain market share. because costs dropped by 200 tora 30% with a total units sold part of the economy is the scope and scale. this is the foundation of supply-side economics. you reduce costs across the economy and the united states can expand the global share for orwell's. that is why supply-side economics works. not by balancing the budget or overcoming debt were a gimmick. it'll 52 human creativity. that is a surprise. if you could plan you would nine need it. >> host: can mitt romney use the phrase politically supply-side economics? >> i think he

let's watch. >> julianna goldman. >> thank you. your budget relies on revenue from tax increases to moultrie national corporations that ship jobs overseas. if you could not get it through a democratic congress, why will -- why do you think you will be able to get it through now? >> that look like it was -- >> yes. at the news conferences, they tend to be wires, prince, -- prints, and the network. >> you are talking not just to me. does the president have control in that room and does he only call on people that are not going to disagree with him? >> i do not think so. i do not think he goes into those press conferences and says, i will not call on somebody who disagrees with me. i think there are so many people who are in the press conferences who approach it and think, we are going to call on the network, the print organization, and the wires, because there is a limited amount of time. they are more steep than the issues, the people who cover a state in and day out -- day in and day out. the president comes in there and for the mo

a major victory for goldman sachs. justice department announced thursday it will not prosecute goldman or its employees for their role in the wall street meltdown. a senate subcommittee found goldman sold mortgage securities full of hidden risks, but the d.o.j. couldn't prove it was a crime. >>> reuters has learned federal regulators warned the nation's big banks more than two years ago. get a survival plan ready if they're faced with another crisis, and don't expect washington to rescue them. >>> america's trade deficit dropped to its lowest level in a year and a half thanks in part to lower prices on foreign oil. >>> well, here's a shocker for you. the nation's airlines are doing things right. this year has been the best record for on-time performance and not losing luggage. >>> well, the ceo of e-trade is out. he was canned midway through his contract after a 16% plunge in net income. >>> england's famed manchester united soccer club went public thursday, but its ipo failed to make the goal that many expected, selli

global but i mean he he was a goldman sachs c.e.o. and kind of. fallout i guess you could say in the years after the financial crisis who could you build a case against. you know i think the investigation is the most recent and unfortunately i think given how much time has elapsed since the since the actions of the financial crisis perhaps best opportunity to start putting people in handcuffs i mean this is been so this is the facts that we already know are some of the most you know blatant attempts to manipulate one of the world's most important interest rates in the world and the conduct seems pretty clear and it seems like it does lead its way up the ladder so i certainly hope to see some movement in those cases but it's also hard to get too excited too optimistic given the formants we've seen today do you think as a prosecutor that there could be criminal charges related to libel manipulation that you could build for c.e.o.'s of firms that were found to have traders manipulating it. you know that's a real question of how they approach these ca

goldman settled a separate case with the s.e.c. last summer, paying $550 million to put to bed charges it defrauded investors. again, it was about subprime mortgage securities, and this was back in 2010. it happened to be the biggest penalty a wall street company has ever paid to the s.e.c. deb? >> alison, i think i read somewhere that a goldman spokesperson was quoted as saying they are happy they can put this behind them. but can they face potential future charges? >> yeah. i mean, the firm is safer now. but it's not completely out of the woods. the justice department does say that if any additional or new evidence comes out, it certainly doesn't prevent the department from making a different determination. deb? >> all right. alison kosik for us at the stock exchange. we'll come back to you a little later on. >>> well, curiosity has only been on mars a few days, and it's already getting an upgrade. nasa planning to update the rover's software, which will take about four days. meanwhile, we're getting a new look at the surface of

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

latest firm to escape prosecution goldman sachs. chief congressional correspondent mike emanuel on the decision. >> reporter: after announcing a year investigation looking in causes of the financial meltdown would not lead to prosecution of goldman sachs or the employees the firm expressed a sigh of relief. question are pleased that the matter is behind us." the justice investigation prompt by bipartisan senate report by democrat carl levin and tom coburn. they found goldman marketed four set of complex mortgage securities to banks and other investors and didn't tell clients they were risky. investigators also said goldman secretly bet against the investors. >> the report steps the inside story. of an economic assault that cost million of americans their jobs and their homes, while wiping out investors good businesses and markets. >> coburn did not comment on d.o.j. decision but levin blasted goldman in a statement. "its actions did immense harm to clients and helped create the financial crisis that nearly plunged us to a second gre

when we come back, goldman sachs say they have deals and what they say in the e-mails.is is really crappy for our client. what happened today? the government let them off the hook. of course! i'll give you the details when we come back. chewy, oatie, gooeyness... and, and...and then the awards started coming in, and i became addicted to the fame. topped with chocolaty drizzle... and fraudulence. i'm in deep, babe. you certainly are. [ male announcer ] fiber one. fiber beyond recognition. double miles you can "actually" use. but with those single mile travel cards... [ bridesmaid ] blacked out... but i'm a bridesmaid. oh! "x" marks the spot she'll never sit. but i bought a dress! a toast... ...to the capital one venture card. fly any airline, any flight, anytime. double miles you can actually use. what a coincidence? what's in your wallet? [ all screaming ] watch the elbows ladies. >> cenk: in this edition of the aggressive progressive we go after goldman sachs and the government. how is that for fun. you remember that goldman sachs had a terrible deals where they ripped

a committee concluded goldman sold mortgage-related investments to clients but didn't tell clients goldmant the investments. yesterday better than expected report on jobless claims. at the new york stock exchange, i'm jane king. >>> next, it is an early morning for south bay families, free baquero -- free backpack give away. >>> ahead, the 9ers making the trip to candlestick park, traffic impact and lesson quarterback alex >>> 9ers giants back in town outside lands san jose jazz festival can you pack anything else in this weekend? >>> let's check in with mike for the forecast. >>> ready for some football? >> i am. >> i wanted to say it to both of you. good morning here's a look at live doppler quiet. first we start at the coast cool, cloudy, mid 50s, sunshine noon and 4:00, top out 60 to 67, back into the 50s more clouds 7:00. clouds spill into the bay 7:00, 50s. sunshine around noon up to 78° top out 88° at 4:00 back into the 70s by 7:00 inland we have to be most careful today mild now from 49 up in santa rosa to 63 in antioch. in the 90s by noon and around 100 through 4:00 and still near

[video clip]. >> julianna goldman. >> thank you mr. president. your budget relies on revenue from tax increases to multinational corporations that ship jobs overseas and on increases on oil and gas industry. you've been calling on this for years. if you couldn't get it through a democratic congress, why do you think you will be able to get it through now? doesn't it blind your push for deficit neutral corporate tax reform? >> over your shoulder, i saw a man named john gizzy. i wonder he get questions in at those news conferences, conservative. >> no, i haven't heard him get a question. the news conferences tend to be wire, print and network. >> again, you're talking not just to me, you're talking about college class and you explain to them. the president have control in that room and does he only call on people least not going to disagree with? >> no, i don't think so. i don't think he goes into press conferences and say i'm not going to call on somebody who disagrees with me. i think there are so many people who are in the press conferences that

. >>> goldman sachs off the hook this morning. the justice department finding no viable basis to bring charges. a congressional report had accused the big bank of misleading clients by selling mortgage related securities while at the same time betting that they'd lose value. think about the 2008 mortgage plunge. well, senators also said the bank misled congress during its investigation. the decision is turning many heads. alison kosik is live at the new york stock exchange. break it down for us. no charges. >> no charges, deb. this comes at the end of a year-long review of this case after a two-year congressional investigation. senators carl levyn and tom coburn both allege that goldman made huge profits by marketing securities backed by subprime mortgages while betting against them, playing both sides of the fence to make sure the firm wouldn't lose money. we know now that the subprime mortgages were not safe, and in fact were at the core of the housing collapse that drove the u.s. economy into recession. the justice department,

% >>> new tonight at 11:00, the justice department will not prosecute goldman sacks nor its employees in a financial fraud investigation even though a senate panel found that goldman marketed mortgage securities to banks and other investors. fail to tell them the securities were risky. goldman secretly bet against investor positions and deceived investors about positions all in order to move the risk to the investors. >> new tonight at 11:00, jerry brown said mitt romney aught to rethink his comments about california. after comparing the golden state to struggling european countries. in case you missed the comments by romney, here they are. >> if entrepreneurs and business people around the world and here at home think that at some point america is going to become like greece or like spain or italy or like california, i'm just kidding about that one. why they will have a hard time investing in america. >> in southern california today, governor brown dismissed romney's comments as inaccurate. in light of california's manageable debt burden and economic wealth. the governor went on to s

the goldman sachs of the world were all intimate with government. and the government itself was mandating the purchase of these credit default swaps and other devices, which ended up bringing down the economy. >> it is not procapitalist that support goldman sachs. and their intimate embrace with the department of the treasury. >> the bright side of economics? >> the bright side is to economics. and i actually am quite excited to have mitt romney run for president. because bain and company really was one of the providers of the foundation who supplies those economics. they applied it to business. they showed of the most effective way for businesses to gain market share was to cut their prices. and you could cut prices if your business gains market share. because costs drop by about 20 to 30% with each doubling of total units sold. your costs in general. economies of scope and scale and learning. it is called a learning curve. and this is really the foundation of economics. when you cut taxes, which is just like a prize committee reduce costs across t

>> oak lawn once a bailout from goldman sacks, is called an interest rate swaps. oakland is currently paying $4 million per year in interest to goldman sachs for bonds. the city is locked in at a fixed rate of nearly 6% while the investment bank is paying a much lower rate of 0.15%. oakland wants out but the bank is demanding a termination fee of $15.5 million. >> the $16 million termination fee is just read on top of greed. >> a spokesperson for goldman sachs says this is not about greed. the ceo said " if we are at the local level of interest rates today, that means that every fixed loan that happen before this would be advantageous to the bar were to tear that up and read bar with interest rates that are lower, i do not think is a fair thing to ask ". >> it seems like they're asking for preferential treatment even though there is always a risk when you enter into any financial agreement. >> the banks have lawyers and financial people at the table, they made tremendous mistakes. they put our country in jeopardy, financially. and yet we build them out. we want th

buy list and piper upgraded it as well. >> and goldman had 24 target.e're talking about a 17.20 stock when goldman made the move. >> is john chambers going to give the payoff with good numbers? >> i don't know we'll get anything exciting and in the options market yesterday, they told us that. they weren't thrilled in august. a split between calls and puts. if you went to september, people suspect there is something they will release that will give people optimism and maybe move this stock to the upside. 10 to 1 calls were trading yesterday. that's a real number. so yesterday they were sort of positioning. today they are positioning. don't expect a monster move. >> the stocks had a bounce here into the month here up 2% at the highs of the day today. what do you expect? >> you know, sentiment definitely appears to have shifted here both in terms of the way the stock is acting and what the sell side is saying. i think they'll hit the number but they have a pretty good history of managing that correctly. the single biggest problem with the stock and the rea

this is a big win for goldman sachs. there were charges brought down, an investigation started against the bank last year. the saint senate started that up. the doj and prosecutors say they didn't have enough evidence to convict goldman sachs or some of its employees for kind of tying mortgage- backed securities into risky bets for invest ors. so goldman is cleared and this could be a big win for other banks who might be facing similar allegations. >> there is a new national holiday and it has a school tie- in and it starts tomorrow? >> yeah, teen vogue actually decided to make a back to school holiday and that is tomorrow. back to school saturday. the reason they did that is because the back to school season is very strong. it is the second biggest after the winter holidays so after christmas and hannukah. but it is kind of all summer for some people. so they figure let's just give it a day. let's offer all of these great deals like free haircuts at j. c. beenee, 40% off autopsy taylor lost, staples, target. we can enti

the case at goldman sachs is startling. back in the bad old days of 2008, goldman sachs is accused of creating one of the worst mortgage-backed securities, a real dog with the intention of helping one of its biggest clients bet against so it when the mortgages weren't paid their big client would get very rich. the problem of course is you need someone to take the bet on the other side, actually invest and goldman sachs was accused of convincing more of its clients t not so rich ones, to take the other side of that bet. a little like giving a race horse sleeping pills and getting against him at the track. you have to have suckers bet on the horse to win if you are going to make money. prosecuting goldman sachs was, quote, not viable. a separate senate investigation ended with senators concluding much the opposite. the hot start-up pinterist signed. south bay in the midst of an apartment building boom. bob redell live in san jose where the race is on to house all of the new hires in silicon valley. good morning. >> reporter: