it may have been acquired by goldman or was about to be acquired by goldman but it was a separate company it was managed separately. eventually, as a result, i was integrated into the goldman sachs firm. david: did you ever meet a person who turned you down at goldman? lloyd: i knew who it was. david: are they still here? lloyd: no, this is 36 years ago. for many years after i got there there would be no one threatened by being at odds with me. it took me a while to work my way up the letterhead. david: did you feel like you are ready to be the ceo of goldman sachs? lloyd: i never felt like i was ready to be the ceo. i've been the ceo for 10 years and i still don't feel like i'm ready to be the ceo of goldman sachs. ♪ ♪ david: you wound up as the vice chairman of goldman sachs? lloyd: well, you know, it took a couple of years. when i was living through it, it wasn't so quick. i got involved in sales and trading and over time, i became a vice-chairman of the firm. one of several. but my particular coverage was over all the sales and trading businesses at that time. david: the trading busin

goldman.ng the same textbased, goldman has prided itself on being a technology oriented firm and having strong technology weather for trading or now they are using it for syntax, the markets which oldman is named after, which sort of competes. making small loans to people so they can pay off credit card debt and lower interest rate. whichlso have the bank their effort and a commercial bank and retail bank, but there are no retail branches like we think of. vonnie: and citibank -- >> the diminutive. 100 and -- $100 billion plus. but where like j.p. morgan and wells fargo and bank of america pay their depositors close to zero, whatever it is, 16 basis points, 20 basis points of interest, goldman is offering depositors three times, four times as much for their money. 1.05 recently. people took their money out of bank of america and moved it to goldman sachs, they would make billions more of money into their pockets. people don't do that. vonnie: $125 billion for goldman. >> talking about a pipsqu

clinton role with goldman.eech that your partners were all fired up about, right >> no, no. we entertain we hold a lot of conversations and we inject a lot of content our client base is mostly professional money managers. and so we bring in speakers. sometimes you pay speakers so we paid her as a speak tore talk to clients, not to -- >> it would have been a concert. >> well, if it was a rock star, it would have cost a bit more money. >> how about your relationship with gary cohen? is it -- how do you keep this from being a nefarious nexus, and treasury secretary ma mnuchin. these are old friends. how do you deal with that? >> it's sad for me i barely talk to them. i talk to them a lot less. you're a little bit sensitive to not wanting to -- the fact is, nibble in my job would always talk from time to time to the treasury secretary we're wunldz one of the biggest underwriters of government debt. but this is a kind of a parsing for us not only do we lose people that we would like to keep. but when they're in that

athie parnell was literally goldman sachs, a veteran of goldman sachs.ere this january and february, but he left to run for office for the first time in south carolina. i spent time with him and with film her feet, the front runner for the new jersey governor doyle race. is this because of steve cohen? or is a correlation becoming stronger? max: listen, i think the steve mnuchin is not the fit, but very importa steer -- stevens. i think that you can go back to the middle of the 20th century and find connections between goldman sachs executives and politics. if you want to be generous about it, you consent save there are people at goldman sachs who care about public policy and want to give back by running for office or being appointed to positions like eric cohen. but it's realistic to point out that connections to government are an important part of what makes goldman sachs successful. you cannot find people from morgan stanley, bank of america, or citigroup in the same numbers that you find goldman sachs people in office and running for physicians. what

you come from goldman and based your models on actuality, not a goal. is that lofty and risky, look at the kansas experiment, trickle down economics failed there. >> we do not think 3% gdp is that lofty of a goal. >> where is that coming from? >> very realistic expectations if you think where we've been in the last eight years, muddling around 2%, either side of 2% gdp, we've done it in an environment where american business has been overregulated and highly regulated. businesses have been unable to expand banks have been unable to lend. >> gary, that's not true. >> it is true. >> banks have been able to lend, you yourself when you were the president of goldman said we have a stronger balance sheet than ever. banks don't have a lending problem. >> stephanie, how to you get a strong balance sheet? you hoard cash, you don't lend. the strongest balance sheet is a cash balance sheet. >> if goldman sachs, jp morgan aren't lending, they are lending. >> they are lending to the most credit worthy borrowers in the world. you don't expand the economy by lending t

some are ticked at goldman sachs here in the u.s.ompany just buying nearly $3 billion in venezuelan bonds at a huge discount. this is a transaction that government opposition members say is a lifeline to the socialist president, but sabrina, your flip side, this could actually help get the socialists out quicker. how? >> i hope so. if the meduro goes to the bondholders rather than starving its people, it will show them as the corrupt government as we are. i wish we'd see more people protesting in the streets about the people suffering there than the paris accord. david: steve, what do you think. >> they should be paying attention, the investors, should look at. they're calling them the hunger bonds. david: it may be a bad investment, but they're doing it hoping it make money. is it right that they're doing it? perhaps it's throwing a lifeline to a bad government? >> yeah, legally they can do whatever they want. in in case with venezuela, but morally it's absolutely wrong giving this government $800 million and that money is going to

are goldman sachs and the trump administration closer now?k before the election that goldman didn't do very much business with trump. bill: did any business with trump was the majority investor in a real estate up -- enterprise. look at lloyd blankfein, who just started tweeting as a result of trump getting out of the paris climate accord, those have been very negative tweet. leaderlankfein, as the and embodiment of the firm, is clearly against the trump administration. anna: but he's happy he's got his people there. bill: we talked about that. i'd say it was a blessing and a curse for him. on the one hand, he knows gary, he can call him up. on the other hand ever since the financial crisis, goldman has been enduring a lot of the ire of the nation as a sort a sort of symbol of all that wall street did wrong supposedly during the financial lead up, it's not like the old days when he could call of hank paulson as the crisis was unfolding. scrutinizing things so closely, calling up gary or dena is not something he wants to be seen doing. david:

vo: as a goldman sachs president, phil murphy made his fortune in a rigged system. jersey machine has lined up with murphy and his millions. leaders should stand for the people, not the political machine. as a prosecutor, at treasury, and as head of the brennan center, i've taken on the powerful - from the mafia, to the nra, to the dark money that poisons our politics. i'll be nobody's governor but yours. >> good afternoon it is sunday, june 4 i'm nydia han along with gray hall. >> here's a look at the stories we're following on "action news." >>> police make multiple arrests in connection with the deadly terror attack in london. >> 24 hours after the attack what it means for the benefit concert in manchester. >>> a two-year-old boy is dead

it was heavily promoted by goldman sachs.ed to get my father to buy stock, but he would hear nothing of it. i asked him why. he said because no one goes there. i told him that was impossible it was way too highly rated by goldman. my father said all right let's take a trip to franklin mills, a giant outlet mall outside of philadelphia. my father used to go there to see if merchants needed misboxes and bags there was a gantos he said we're going to camp out in front of the store there and make a judgment ourselves whether anybody goes in and out. we sat there for hours and hours talking and watching only about a dozen people entered the darn store and i couldn't recall if person coming out with a bag i shorted the company that monday wall street research can be very wrong. gantos made me skeptical i am offering a way that this show can bolster the process i try to imagine my mother being a caller i try to keep the skepticism of the gantos lesson my father taught me. so you can understand the process of good investing. most of

. >>> and we're pleased to welcome goldman sachs new president and chief executive officer harvey schwartz who is with us here at the new york stock exchange. we'll talk with him exclusively about financial reform, the latest round of the stress tests which, by the way, are coming out a little more than an hour from now a lot to talk with harvey coming up in a little bit here. >>> let's begin though with the health care stocks rising after senate republicans released their discussion draft of the bill kayla tausche joins us from washington with some key takeaways. kayla. >> the discussion draft is seen as an opening volley for the senate side piggybacking off the house plan using tax credits to replace the affordable care act mandates and reoperation virtually all of its taxes, but some key differences are there credits on the tax side are based on income, not on age. the plan elongates medicate expansion with bigger cuts overall when it eventually phases it out and upholds payments to insurers to offset plan costs for those low-income enrollees. the u.s. chamber of commerce says, quote, w

goldman sachs as a broker will be in the middle of every deal and will get a commission. now we have gary kohn at the white house, former head of goldman sachs, it was reported was supporter in the middle of us staying in the paris climate treaty. it seems i'm accused of representing economic interest, when i think i'm representing consumer's interest. there is an obvious conflict of interest for people who come out of organizations like goldman sachs. as for the satellite measurements, i defer on that. host: this is john from new mexico. republican line. caller: hello, thank you for taking my call. it's great to talk to you. i would just like to mention that the iscc report was wrong. they had a report to university some ten years ago. i'm telling you that the 777 climate change concert saying that al gore did the whole documentary that al gore did, it was wrong. none of that has come to past. many scientists have jumped back from climate change. said, maybe it's over time in climate. what we have done here is we have elected a president as part of his platform was not t

he said that and wasn't going to let anybody define goldman this time around. hence, the tweeting. >> you asked him why he has been vocal. it sounds like his mission now is to communicate more broadly about the work goldman does. this is lloyd blankfein last night talking about why he's tweeting >> you're tweeting what is that all about >> you know, i agree, it's not -- for an institutional firm like us it's not that usual. you asked me about the financial crisis before. in the financial crisis, nobody knew anything about what goldman sachs did, the value we create, what we do in the communities. also, the importance we do in raising capital for people who need capital, helping them to create business, hire people, virtue of circle by hiring people as i said if this ever happens again i'm not going to allow there to be a vacuum about what we're like i'm going to have to communicate to the world more of what we do, which we've done institutionally but also there's a personal element to it, too and over the financial crisis receding a while ago, we kind of never

it could be goldman sachs putting out cautious comments .os what it has produced, a sector rotation. really interesting if we take a hop in the terminal. it is out of the election. in yellow, we have the financial. in white, we have the technology. while the s&p 500 has been about even, up 13% for a while, tech had overtaken financials as the top sector, but now we have the financials overtaking tech. financials now at 21%. 18%.ology around joe: thanks. "what did you miss?" the june fomc meeting text top billing in the week ahead. the latest economic data on retail sales and consumer inflation will also be carefully participants.ket on was the morning, we get in sales, which will give us a gate on consumer spending and more clarity on where gdp growth is headed. for more on the economy, i want to bring in andrew, founder of sÃo tomÉ research, for his take. research, for his take. when you look at how the economy is doing, what do you see going on? >> we have seen a lot of peak of everything. peak autos, payrolls. now we will have peace consu

goldman sachs down 3%.ething to watch in case they slip again today. >> on a related note, we'll watch the yields. we have a lot of economic data. adp which could be a good preview for the big jobs report tomorrow. we'll get manufacturing data and fed speak. >> that's it for "worldwide exchange." thank you very much for watching. "squawk box" comes next. you get used to food odors in your car. you think it... ...smells fine, but your passengers smell this bell dinging new febreze car with odorclear technology cleans away odors... ...for up to 30 days smells nice... breathe happy, with new febreze. >>> good morning. forget sell in may and go away, markets locking in gains as we prepare for june trading. also the longest day is coming. so bright out. amazing. except is rains every day. >>> uber opening its books, revealing a narrower loss than in the previous quarter. and a media mogul speaking out at the code conference in california. we'll bring you their comments on mergers, cord cutters and content produc

vo: as a goldman sachs president, phil murphy made his fortune in a rigged system.now the jersey machine has lined up with murphy and his millions. leaders should stand for the people, not the political machine. as a prosecutor, at treasury, and as head of the brennan center, i've taken on the powerful - from the mafia, to the nra, to the dark money that poisons our politics. i'll be nobody's governor but yours. >>> you do this, all the time, tuesday is best day to book airline tickets. >> but now there are specific dates, on the calendar when you should book the flight. >> i bet lauren cimanetti knows the dates. >> specific to tuesday. one is today, today is cheapest day of the month to fly, sorry. >> but wait, next month, next month is the most, and cheapest day is july 4th the holiday itself. >> and cheapest day and time to bucket flight. >> tuesday is better day to fly. >> look now for a flight that leaves july 4th. >> yes. >> so tuesday's are the days. >> yes, just remember tuesday. >> july 4th is a pretty good day to fly, i have done that. >> it is day after h

i asked goldman.sisted it is not about reducing the number of bankers they have working on ipo's or other deals, but freeing bankers to do more creative and deeper thinking about ipo's. how do you position a company any marketplace? how do you write about risk factors in the s-1? things like that. they say we are a long way away, if we ever get to that point, of reducing the number of thinkers they need to work on deals. vonnie: they hope the number of ipos will go up rather than the number of employees. for joining. after years of working in secret, apple ceo tim cook is sharing details about self driving technology for the first time publicly. emily chang asks cook how important the car market is to the tech giant. tim cook: i think there is a major disruption. for self driving cars, but also the electrification. if you have driven an all electric car, it is a marvelous experience. it is a marvelous experience not to stop at the gas station. ridesharing on top of this. you have kind of three vectors

so saw so many investors at goldman sachs who would never settle for average and didn't.say, let's give both a try. what's a good stock for a kid just born? pick two one with a dividend where you can reinvest and get the power of compounding going for you we often hear the term dividend aristocrats. companies that have long histories with increasing dividends, i like that let's start with 3-d m, proctor&gamble, any of them. i think of fang when i see this. why these? i think that facebook is a rapidly agreeing cite where you provide the content and they provide the ads. amazon, there's a $4 trillion market for retail goods in the world and amazon has a small fraction netflix recognizes what you want when you want it game changer why i do still like this alphabit it dominates search, which happens to be the moment you want to buy something, so the advertisers love it. there's a balance sheet of beauty and people working to sup plant or complement search and wamo these are just examples. they're about growth if you set up an an account the rules keep changing, but you can g

colin coleman joining us from goldman sachs. that is up next.come back. we continue with the head of the south african office of goldman sachs. markets globally are fairly tolerant and are actively positive in emerging markets right now. benefiting from that in the totality? in thepolitical risk emerging markets, pretty much everywhere at the moment. is africa on the up or is it catching up? >> coming up from the bottom. we are not benefiting as much as we should from the global fair wind. there is significant, ongoing interest from multinational companies. we see a lot of the ceos coming and payingica attention to how they can take advantage of the long-term opportunity. people see past the short-term and that is positive. the chinese are an ongoing factor. the local countries, particularly the larger ones like nigeria are doing better at taking advantage of these very favorable conditions. matt: was losing jacob zuma as president help or hurt the case for south africa? >> i think -- he has been president now for 10 years of the agency. -- that

vo: as a goldman sachs president, phil murphy made his fortune in a rigged system. the jersey machine has lined up with murphy and his millions. leaders should stand for the people, not the political machine. as a prosecutor, at treasury, and as head of the brennan center, i've taken on the powerful - from the mafia, to the nra, to the dark money that poisons our politics. i'll be nobody's governor but yours. >>> more breaking news more reports of gun violence at this hour. we are told that shots fired at police possibly happening in the area of 9th and pinelstreets that a suspect opened fire on police in the area. we are not sure if the shots were aimed at police no injuries to officers but so far the shooting victim is not located and it's a violent morning in the city of chester as we reported at the top of the hour, a 16-year-old student shot and killed on his way to school and other reports of gun violence and the investigation continuing to an explosion of violence in chester. we'll have the latest on "action news" beginning at 4:00. that does it for "action n

vo: as a goldman sachs president, phil murphy made his fortune in a rigged system. now the jersey machine has lined up with murphy and his millions. leaders should stand for the people, not the political machine. as a prosecutor, at treasury, and as head of the brennan center, i've taken on the powerful - from the mafia, to the nra, to the dark money that poisons our politics. i'll be nobody's governor but yours. did you know slow internet can actually hold your business back? say goodbye to slow downloads, slow backups, slow everything. comcast business offers blazing fast and reliable internet that's over 6 times faster than slow internet from the phone company. say hello to internet speeds up to 250 mbps. and add phone and tv for only $34.90 more a month. call today. comcast business. built for business. >>> returning to one of our top stories tonight, the london terror attack. amid the horrific brutality, we saw the worst of humanity, but also the best as many people came together just to help. we get that part of the story from abc's eva pilgrim. >> reporter: t

vo: as a goldman sachs president, phil murphy made his fortune in a rigged system. lined up with murphy and his millions. leaders should stand for the people, not the political machine. as a prosecutor, at treasury, and as head of the brennan center, i've taken on the powerful - from the mafia, to the nra, to the dark money that poisons our politics. i'll be nobody's governor but yours. the warriors against the cavaliers. warriors came up short last time. they are using the disappointment as fuel. >> i don't want to feel what i felt last year. i'm going to do everything in my power to attack every game with that kind of perspective. we have been through a championship, you know, success story where we know what it takes to win. you have to feel the experiences as best we can. >> you can catch every game here on "6abc." game one tomorrow night, coverage begins at 8:30. >> carson wentz popularity is growing. a student at westchester high school tweeted out this picture. a few hours later, wentz posted this. will this do the trick? >> kids can party for the summer. >>

commodities, i love what goldman sachs wrote this morning, how did we get it so wrong?modities, the bonds market, the equities market, moving forward the next six months, i they don't inthat terms of moving markets. yogi: of course they matter in terms of interest rate sentiment, which impacts the bond in currency markets, which are packing capital flows. we are investors over the long-term, and the fundamental picture has not changed. the market has expected rate hikes in the u.s. for the last two or three years, and they have not delivered, which is why the bond work its have done what they have done. you have a little bit of volatility based on hawkish comments. commentsen carney's change from one week to another. one week he is hawkish, the next week he is dovish, the next week he is hawkish again. manus: is he trading his credibility chips? yogi: i think he is. i thought, are we talking to the same person? what has changed in the markets for him to change his view? inflation has flipped 2.9%, that has not changed. is stillrtainty there. -- brexit uncertainty is sti

i get what you're saying about goldman. and when you're short a stock like goldman theoretically is, not in their prop desk, the analyst, then they're the last ones to play around. i think there are easier ways to make money >> there's other names -- >> there are easier ways to lose money. easier ways to make money. >> the smh is up 18.5% year-to-date do you like chips a as a place to be. >> on a pullback, remember when you get such broad participation in one sector, namely technology, when you get it to more than 40% of their components, make a 52-week high, you want to wait for a pullback to buy but ultimately, i believe our analyst, matt ramsey, has had a buy on amd >> what is the most attractive part of the market to you today? >> banks so if you went and asked somebody if the yield curve was going to go from flat where it's currently flattening to an inversion, what would be the two sectors that consistently outperform most wouldn't say financials and info tech, but those are the two. >> but you're not looking for the

the treasury secretary and delighted that you're with us to day, secretary mnuchin, worked at goldman sachs for 17 years. mr. chairman, one of the great scandals of our time which is still impacting millions of americans today is greatest s scandal -- it caused massive unemployment in this country and people lost their homes and savings. we had financial institutions who sold mortgage bank securities that were worth less while they rip off low income and working families throughout the country. in fact, among virtually every other major finance institution as a result of their illegal activities, goldman sacks paid a fine to the federal government. instead of informing wall street which is what the president said he would do, instead of reinstating as he promised what he will do, president trump endorsed a house last week that would deregulate wall street increasing the odds of the taxpayer bail out bigger than 2008. now he's deregulating wall street. my deal of financial institut n institutions are too big to fail, it is time to break them up. now mr. chairman with a cabinet of billi

i'm talking goldman sachs. for more, i bring in max.atural route for republicans, less so for democrats. talk about archie parnell. max: the big thing going on in the united states tomorrow is a hugelyd -- ossof, popular race in georgia. not too far away in south carolina, archie parnell is up in a different congressional race. there aren't that many special elections this year, only, like, half a dozen big elections left. if archie parnell can pull it off, it will be huge. it's the seat that belonged to mick mulvaney. it's the seat that belong to frank underwood on "house of cards." julia: how well are these guys going to do? what is it about goldman sachs means there is a natural path to washington for them? max: i'm not sure archie parnell's biggest problem is golden snacks -- goldman sachs. north carolina voted for democrats for a full century until mick mulvaney come -- came along. they redrew it, some people call it gerrymandering, so it's harder to win now. go to as why goldmanites washington, not only do have gary cohn, steven m

that is why it is outperforming goldman sacks. goldman sachs is incredibly challenged by what's going on. that's stock specific. >> back in april our next guest called this space treacherous. let's bring back in dick bovey. good to have you today. >> thank you. >> hard to find too many people negative on the banks. i don't think you've changed your tune on this space. are they still treacherous? >> i think so. i think actually based on what i've just heard, they're even more treacherous than you think. first off, you have to realize that a bank is no different than any other company, it has a product. and that product is a loan. if it sells a lot of that product, the company makes a lot of money and the stock price goes up. if it can't sell that product, then the company doesn't make a lot of money and the stock doesn't do well. banks are dealing with the issue that over the last six months the ability to cell loans has evaporated. basically commercial industrial loans, which were roaring at 7%, 8% year over year gains are struggl

in the xl, goldman sachs, citigroup, also been bank of america.eavy, heavy paper so it's telling us that people are expects sort of a break to the upside ever since the xlm broke out of the financial etf from 23 to 24, when we broke above 24, it's been off to the races since. moving up toward the high. in my mind, i'm looking at a bunch of banks that have done extremely well regardless of where we're looking at rates in this point in time if rates ever work in favor of the banks, only imagine that's a feather if their cap they're doing well without that now. >> i was just going to ask, yield curve is flat. we saw some hike in the ten-year yield. not appreciable. still, these stocks are managing to move even without supposedly the most important thing. >> not really move they moved off of the low. goldman sachs is still 11% from its 52-week high i mean, obviously, it could break out. you have citibank breaking out i know bank of america is pretty well i think in general i don't think the banks act particularly well. i think when you think about som

we have gary cohn, president of goldman sachs.nd wilbur is very rich person in charge of commerce. this is the kind of person we want. the president of goldman sachs, smart, having him represent us. ( applause ) and i love all people, rich or poor, but, in those particular positions, i just don't want a poor person. does that make sense? does that make sense? ( applause ) ( audience reacts ) yeah, the federal department of (bleep), i'll have one of you guys! yay! trump, yay! ( laughter ) who is this guy? donald trump just said we need bankers to run this country and everyone applauded. right now i'm just thinking poor hillary clinton. bankers, goldman sachs bankers? that's what everyone went after her for. now trump went, yay! i imagine everything in hillary's house is bent in rage -- the spoons, the forks, bill, everyone, just bent over, like, ahhh! ( laughter ) you know, at first, i didn't get why the republicans were so ballsy with gutting america's healthcare. but after watching this rally, i finally understood their confidenc

vo: as a goldman sachs president, phil murphy made his fortune in a rigged system. the jersey machine has lined up with murphy and his millions. leaders should stand for the people, not the political machine. as a prosecutor, at treasury, and as head of the brennan center, i've taken on the powerful - from the mafia, to the nra, to the dark money that poisons our politics. i'll be nobody's governor but yours. pro-tip for making ribs: don't go it alone. get these great smoked ribs. thanks. sure. twenty minutes on the grill. and they're done. you think he cares if i smoke ribs for six hours? what? what? summer made easy at amazing prices. only at giant. donald tmeet phil murphy,by former goldman sachs bankers. another wall street banker running for governor, whose firm helped trigger the financial meltdown that put millions out of work and out of their homes. murphy's trying to buy the election, paying off new jersey bosses. my name's john wisniewski, and i'm running for governor of new jersey. john wisniewski, the son of a millwright, who uncovered the bridgegate sca

good news for emerging markets >> good point, jeff, on the china and goldman.have to strike or what could they say that would upset the markets here >> we're kind of right in line with what steve was mentioning in terms of his survey in terms of expectations but there are a lot of moving parts in this reporter with' going to get. potential for the dot plots to move, any discussion of the balance sheet unwind and sort of general tone overall so i think right now the market's going to be super sensitive to any changes in the language, because in contrast to what we saw earlier this year, the market's just a lot more vulnerable to surprises right now. you can swallow a lot more of aggressive fed and everything's looking really rosy and you're expecting a lot of trump policy. right now growth looks to be peaking and it looks like as steve was mentioning you're not going to get a lot of policy push so right now, i think the market's a lot more vulnerable surprises. that's not our base case right now. >> jeff, you know we've actually had basically a year's worth of a

stockton was the most recent last night but also city and goldman sachs remain very bullish. has been a change in recent weeks. more banks are cutting the forecast rather than talk up the creed by the end of the year. nejra: what are they basing this on? that could be an interesting reading about the frack log. that is one of the big problems at the moment. >> we have seen the decline and when you see the oil prices, you think this is hitting opec because the whole reason they can't and they want to boost prices is because of the run revenue. but now we are seeing this frack log as the biggest in a long time. that comes as the same time as a record amount of increasing. u.s. production did increase today. but you have seen a market downturn in u.s. producers as well which is a sign that the u.s. supply maybe going down. nejra: thank you to bloomberg's abigail doolittle and bloomberg's oil trading european reporter alex longley. great to have you both and fantastic to see your charts. vonnie: time now to check in on the first word news with courtney donohoe. courtney: in flint

donald tmeet phil murphy,by former goldman sachs bankers. another wall street banker running for governorwhose firm helped trigger the financial meltdown that put millions out of work and out of their homes. murphy's trying to buy the election, paying off new jersey bosses. my name's john wisniewski, and i'm running for governor of new jersey. john wisniewski, the son of a millwright, who uncovered the bridgegate scandal and exposed chris christie's corruption. the choice -- insider wall street politics or main street, new jersey, values. where are mom and dad? 'saved money on motorcycle insurance with geico! goin' up the country. love mom and dad' i'm takin' a nap. dude, you just woke up! ♪ ♪ i'm goin' up the country, baby don't you wanna go? ♪ ♪ i'm goin' up the country, baby don't you wanna go? ♪ geico motorcycle, great rates for great rides.

goldvo: as a goldman sachshose companiepresident,legal activity helped destroy our economy... phil murphy made his fortune in a rigged system. now the jersey machine has lined up with murphy and his millions. leaders should stand for the people, not the political machine. as a prosecutor, at treasury, and as head of the brennan center, i've taken on the powerful - from the mafia, to the nra, to the dark money that poisons our politics. i'll be nobody's governor but yours. but do they need help making more of their own tears? if you have chronic dry eye caused by reduced tear production due to inflammation, restasis multidose™ can help... with continued use twice a day, every day, one drop at a time. restasis multidose™ helps increase your eyes' natural ability to produce tears, which may be reduced by inflammation due to chronic dry eye. restasis multidose™ did not increase tear production in patients using anti-inflammatory eye drops or tear duct plugs. to help avoid eye injury and contamination, do not touch the bottle tip to your eye or other surfaces. wait 15 minutes after

you come from goldman. you base your models on actuality, not a goal. is that lofty? is it risky? look at the kansas experiment. trickle-down economics failed there. >> we do not think that 3% gdp is that lofty of a goal. >> why? >> we're setting realistic expectations. if you think where we've been in the last eight years, muddling around either side of 2% gd g, we've done it in an environment where american business has been overregulated, very highly regulated, businesses have been unable to expand, banks have been unable to lend, banks have been unable to return capital. >> that's not true. >> it is true. >> banks have been able to lend. you yourself when you ear the president of goldman have said we have a stronger balance sheet than ever. banks don't have a lending problem. middle market banks have a lending problem. >> how do you get a strong balance sheet? you hoard cash. you done lend. the strongest balance sheet in the world is a cash balance sheet. >> you mean to tell me goldman sachs, jpmorgan aren't lehning? they're lending. >> they're lending to the most creditworthy

host: today's washington post points out that a part of this rule,n the volcker goldman sachs faced aooming deadline in july. waswall street bank required to rid itself of about $6 billion in risky hedge funds. regulators fear that could hamper it during an economic downturn but now it appears goldman may be able to keep those investments after all. lawmakers passed legislation in the house to do away with the requirements altogether as part of a sweeping plan to ease banking industry rules. tell us about the volcker rule. guest: it has passed the house and it is believed it will not pass the senate. parts could be available for budget reconciliation and parts could be put into a must pass bill because it is hard to imagine you would get democrats to vote for this. democrats have not been included in these debates and discussions. there is the tone of what they want to do and then clearly there is a regulatory environment where regulators can slow paddle or delay or not enforce rules. the volker rule came from paul volker, the previous federal reserve chair, that if you are a deposit

vo: as a goldman sachs president, phil murphy made his fortune in a rigged system. now the jersey machine has lined up with murphy and his millions. leaders should stand for the people, not the political machine. as a prosecutor, at treasury, and as head of the brennan center, i've taken on the powerful - from the mafia, to the nra, to the dark money that poisons our politics. i'll be nobody's governor but yours. >> all new at 6:00. check out this surveillance video of a determined burglar who broke into a dunkin' donuts restaurant. he kicked a hole and got away with a stash of cash. so far he has not been caught. >>> so this is likely the last thing any one expected to see during yesterday's last car race at dover international speedway. a man climbing this huge fence that hovers right over the track. >> tim furlong spoke with some race fans that had a front row view of that daredevil climb. >> jimmy johnson burns down the house. he won on the track in dover sunday, this guy here lost up above it. police say 43-year-old john enphon tai made a very dangerous decisio

goldman sax talked about it. people got complacent. we all talked about the five or six stocks that have ruled the market. i do think it's rotation. i don't know if it's trailer trade now. >> i would argue it was constructive. i would argue today felt violent. you looked up. apple close to 5 amazon 4.5. i agree with steve, it felt heavial go-related. there is a lot of -- heavy algo-related. this was absolutely overblown sectors. people taking tech and as goldman pointed out, multiple house versus pointed out, today and in the last couple days, valuations are difficult. goldman says let's call it epic fang. they threw microsoft in there. it's a growth plate, a momentum plate. he rightly pointed out to a company checking on all cylinders. a lot is on the bet of the future and the growth we think they will dominate on. so you get back to reality. valuations, value over growth, a conversation we have been having for weeks. that's what today was. it doesn't scare me at either. >> but if financials and energy were difficult buys in yesterday

vo: as a goldman sachs president, phil murphy made his fortune in a rigged system.ersey machine has lined up with murphy and his millions. leaders should stand for the people, not the political machine. as a prosecutor, at treasury, and as head of the brennan center, i've taken on the powerful - from the mafia, to the nra, to the dark money that poisons our politics. i'll be nobody's governor but yours. introducing fios gigabit connection. superfast internet at an incredible price. with speeds up to 940 megs. that's 20x faster than most people have. and, it's just $79.99 a month online for 1 year. and only $5 more per month for the second year. get fios gigabit connection for $79.99 with tv, hbo for 1 year and multi-room dvr service for 2 years. all with a 2-year agreement. switch now at fiosgigabit.com. >> all right, weekend accuweather forecast. >> yes, and the weekend is looking pretty nice. certainly starting out that way. storm tracker6 live double scan showing we are dry out there. we did have a few isolated showers earlier this evening. they have moved out. s

sachs >> i own goldman sachs sack.not my favorite name. they asked for our favorite name i went with my best pick, with city >> i still think when you look at the trades versus tang bable book, that had the most upside of the napes we're looking at, but i'm in the xlf, bank of america. bank of america stock and calls. city, goldman sachs. >> come out of c car, probably the best of all the big banks. they should are b really strong in terms of their results. i think the banks go higher. after the fed, the market is telling you for whatever reason the financials it is the pause that refreshes bank of america >> give you to talk about the possibilities of regulatory relief in there. the idea that c car can go every two years or at least parts of it some relaxation of dividends there is upside for the banks. >> dow is up 88 points as we speak. it is a new all time high for the dow jones industrial average. thank you. >> all right up next, the blitz the trades on eli lily, foot locker, babah, western dig excuse me, are you

goldman sachs goes away now with the announcements that they are going to be taken off.hat thel see>> but one ofions last the concerns is that it is very easy for the drivers to switch to another service. this is like the nasdaq. it is like ebay. if more sellers show up, more buyers show up, that will build a marketplace that is ironclad. the risk is one big group will go somewhere else and all overrs like lyft the world realize the fundamental architecture of the business is not as difficult -- is difficult to build but we are drawing in the drivers or riders en masse could shift market dynamics. concerns about the physical risks of passengers have come up a lot with uber and also concerns about drivers getting paid on the other side. it is going to pay them more money or allow them so on. the business goes away. vonnie: who might some of these other people on the board -- there are plenty of new ones, not just the new ceo -- -- charles sandberg also has it. >> look at>> all of the open jobs they have been unable to fill. you can add ceo to the list. like generals couns

all of these stocks that are being highlighted by goldman trading lower.s for this volatility, i took a lo at the 30-dayolatility. i have a chart of it on the mag's.erg of the faa generally, we have seen a downward trend here. volatility has come up a little bit more recently but this is basically what goldman is talking about. one of the other momentum stocks that turned sharply lower today is tech flood, those shares earlier spiked, giving them a market cap larger than that of bmw before they came down, now down by 2%. a today, thiste is after the capital form reported the federal trade commission is preparing a suit to block its acquisition by a walgreens. write in shares off sharply, 13%. fred's, which had been set to buy some of the pharmacies, and walgreens little changed here. we saw a huge drop in those rite aid shares. -- shares right when that came out. david: glencore going to explore an option, selling down to 50%, and seeking to buy rio's coal and allied stake. coming up, president trump wraps up at the white house, has called infrastructure w

corporations like goldman sachs, gary cohn has top economic advisor came out tweeting for the first time about this, because it's such a bad deal. when you have exxon, doesn't even want it. eric: that's not what i'm saying. let's bring it-- wall street says new record highs, putting in money for the future of the economic growth, not what president obama did eight years ago. it's for the future and if jessica's studies were right and there's going to be $8 trillion of lost gdp, there's no one in their right mind on wall street that would put money into that. >> it's fascinating. the piece on the startups they were going to struggle because of paris climate agreement and then you have this individual come out and basically say he's running one of the companies, oh, no, our investments are going to be fine. yes, it's disheartening that we're not part of the paris climate agreement, but clean energy, those investments are going to continue because the united states is a leader in terms of innovation, of clean energy, as well as oil and energy production. so, i think that even say that that'

research jeff perry, live from goldman's finance conference.onnie: time for our latest business flash with a look at the biggest business stories in the news right now. private equity firm has agreed irm at drug research f $5 billion, and the company was under pressure from activist investor star board capital to sell itself. rio tinto has expected -- rejected a last-minute bid from -- tore to silicone line sell a cold line to a chinese company. rio says shareholders should vote for the offer, giving it rate with tory approval and funding. -- giving it regulatory approval. >> tech stocks have to the glib in the markets highest flying industry but lately, they have becomes a low volatility they could be considered smart beta. we will be having a look. this is bloomberg. ♪ nejra: this is bloomberg markets. i am there a change in london. vonnie: in new york, i am vonnie quinn. time for our tuesday smart beta segment. here is julie hyman. >> one of the most popular categories of etf has a stranger in their midst. technology stocks. here to discuss

you know why >> thank you, sir. >> because lloyd blankfein, the ceo of goldman sachs, pete, will be on with jim cramer tonight. >> my favorite new account on twitter, by the way. >> he's a heavy tweeter. >> he's so good. >> a heavy tweeter >> so you've got to watch lloyd. if you're interested in investing anywhere in the banks, you've got to watch lloyd. >> he's awesome. >> speaking of ceos and speaking of microsoft, sachi nadella, one of those ceos, part of president trump's american technology council. it's a meeting at the white house today along with briothers eamon javers is live at the white house. this will happen late this afternoon? >> we're waiting for some of the ceos to arrive right now you were just talking about jeff bezos and showed that graphic of all the ceos that will be here jeff bezos, here in his capacity as the ceo of amazon and they've been making some big moves lately, but he also owns "the washington post" which has been report ving very aggressively on president trump and the trump administration so there's some subtext there. also some of the biggest names in