it may have actually been acquired by goldman or was about to be acquired by goldman, but it was a separatepany and managed separately. and eventually, as a result of joining j aron, i started getting integrated into the goldman sachs firm. did you ever meet, and have you ever met the person who turned you down at goldman? i knew who it was, and it was-- that person still here? no, no, that's-- this is 35, 36 years ago. for many years after i got to j aron/goldman sachs, there would be no one threatened by being at odds with me. it took me a while to work my way up the letterhead. you wound up as the vice chairman of goldman sachs. well, you know-- it took a number of years. it may have been a blink looking back, but living through it, it wasn't so quick. i got more involved in the equity business, got in charge of sales and trading, and then 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. but trading business are ones where you can lose a lot of money very quickly, so you were always, i a

i do think goldman sachs is struggling. in the slides there has been a juniorfication of staff. a 13% decline in management and increase and associates. there are a lot of questions this raises. jonathan: other than weathering the storm because they have a different customer mix, a bigger corporate client base as well and we have seen that in the investment baker's ultimate across wall street. does goldman have to go after other banks' customers on wall street clients? and: they made their bread butter in mergers, acquisitions, trading, making market, and dealing with hedge funds. jpmorgan or bank of america has a huge lending clientele. they have done well on the backs of investment grade bond issue, they have gotten international bond deals. goldman sachs has a good position in till volatility picks at, until then they have to deal with exit until angst. they have tried to establish themselves as a tech leader. alix: in consumer lending. david: how much is cyclical, how much is differentiating among banks? eddie: i think

a former goldman goldman sachs executive i'll give him a little bit of leeway on this because when you world is so different and the truth is the president's world is very different it's it's where the company paid through these things. it's part of the kickback so is some of this just the culture shock of washington it's just so assumed you go hey can i use the goldman sachs i'm getting engaged i'm a big seller i mean i would just assume goldman sachs runs out of this government anyway the you know with the amount of lobbying money they've spent over the years they probably you know didn't bar the judge but you know hey you know they really are the ones who run this country anyways so it was it like was it really a big of a shock i mean. what. what is true look goldman sachs is like room this country tragically with the amount of money and control and lead all their former executives getting these jobs like treasury secretary i mean it's crazy plus when you look at the cost of these things but i mean the air force first of all the u.s. air force that he was requesting cost about twent

she is a necessarily saying she regrets it going to goldman going toshe regrets goldman sachs.saying it looks bad. david: she was saying it was designed to be interesting, but wasn't newsworthy. sheshe shed light on why didn't reveal what was in the speeches? >> no. it was revealed from wikileaks. podestaart of the emails. hillary said to goldman sachs, there is a bias against people who are rich and successful. she was not the way talking to voters during the campaign. it was a different town and a -- tone and a different message. i would be interested if clinton and republicans and other democrats started being open and honest about how differently they sound when they are talking to wall street banks of versus the populace. david: how has goldman sachs weathered all of this? when i talk to them, they talk a positive thing that someone who works there would going to government and do well. how has this drew a lot of talent? >> goldman is doing just fine. "theook club -- we read power broker." he once told bloomberg, he tore it in half. caro also wrote this biography of lbj, t

goldman sachs, embarking on a turnaround strategy.e getting a boost after harvey schwartz settled out trading unit.core the firm planning to close market share gaps, increase its financing footprint and attract new clients. alix steel is here with more. alix: i am here with harvey schwartz himself. pretend i did not watch her presentation because i was on television, give me the cliff notes. harvey: today's presentation was a response to investors who were saying two things, what is the growth strategy, what is -- identified sic $5 billion that has marginal are always of 30%. we also spent time talking about fixed income. our position in the marketplace, what we have done with the business over the last several years, taking resources of the business and we identified $1 billion as part of the collective strategy. billion fic revenue, that does not sound that much. harvey: one thing that is core to the whole group discussion, we made a series of assumptions. one assumption is, the environment does not change. we felt that was the way

joining me, the cohead of high-yield at goldman sachs. joining us, mark from timko in -- from timko in newport beach, california. this will be a great reset into the fourth quarter this year. rachel, let me start with you. bring up this chart if you can, daniel. this is an equity chart. brian belsky, an equity guy, you look at the equity quiet -- there is bond quiet as well. we are at a historic monthly low in the mix. vix. the how big a headache is that for you at goldman sachs? rachel: we think volatility is due to rise in the course of the next year. it is likely to be the result of the beginning of tapering. we are coming out next week with a client piece subtitle of which is the long unwinding road. global banks will be unwinding, not from the same starting point, but it will begin to tighten financial conditions into next year between the financial tightening conditions and the potential for political risk and policy risks, there is likely to be higher volatility and therefore the for the chief the spreads will be higher. tom: the b

sentiment's really par on goldman right now, the but valuation statement reflects it. the stock's down year-to-date, so i think the market's missing is that fix is no longer the driver of goldman sachs. investment banking and investment management is actually leading the show here and when you think about the valuation of the company, you're missing out on eight multiple businesses but beating on 15 multiple businesses. pi i think there's a couple things here with goldman, sentiment is poor, valuation, it's attractive seasonally, it's a gad time to buy brokers. heading into the fall and year end is traditionally a good time to go long but i think the story is a bit misunderstood with fit not being the driver and investment in lending is somewhat of a business unit there that investors don't like. but part of the reality is there is about a third of those revenues are traditional lending. so we think there's a sum of the parts valuation luift heare, ifw place the income into peers. >> you do raise the price target today, but it makes me smile, because it's only by three

it's brilliantly written by jane goldman, looking film it is.tly written byjane goldman, who looking film it is. it's brilliantly written by jane goldman, who adapted the novel. it's a complicated novel to put on screen. i really liked it. danny mayes was wonderful. i think you'll enjoy. it it is gorery. it is gorier than it. there is gothic gore in there. you see, there's a line between that and being scared out of your wits. actually, here's what you should do, see both of them and then tell me which you enjoyed the most. good plan mark, back—to—back, with a bottle of gin to get me through it! i shouldn't advocate that, this might be on in the morning. we'll edit that bit, right. let's talk about the dvd. yeah, actually blu—ray, shock treatment has come to blu—ray. shock treatment is the sequel to rocky horror. it was described as an equal, not prequel oi’ described as an equal, not prequel or sequel. it's a mess, described as an equal, not prequel orsequel. it's a mess, no described as an equal, not prequel or sequel. it's a mess, no question

goldman. miss suarez. >> thank you, chairman thune, ranking member nelson and members of the committee. i'm honored to be here on behalf of the center for missing and exploited children. please let me say how pleased i am to appear alongside law enforcement and the technology industry. we could not sustain its mission to protect children without the heroic efforts of law enforcement to remove children from danger and prosecute those who harm them including the ongoing work of attorney general becerra to protect children on backpage.com and just as important the technology industry to support child safety online. technology companies such as google, facebook, noft and others have devoted tremendous resources to reduce child sexual exploitation on their platforms. we have been designated by congress on national issues of exploiting children including issues of child sex trafficking. according to our experience we have stopped sesta and insure just for sex trafficking victims and hold online vict

goldman. >> chairman thune, thank you and members of the committee. honored to be here today on behalf of the national center for missing and exploited children. first, let me say how pleased i am to appear alongside most valued partners representing law enforcement and the technology industry. could not sustain its mission to protect children without the heroic efforts of law enforcement to remove children from danger and prosecute those who harm them including the ongoing work of attorney general basera to protect children in the prosecution of backpage.com. just important are the significant contributions of the technology industry to support child safety online. technology company such as google, facebook, microsoft and others have devoted tremendous resources to reduce child sexual exploitation on their platforms. designated as the national clearinghouse on issues related to missing and exploited children including victims of child sex trafficking. based on our experience, ncmec has reduc

the money before he won is famously used on wall street by firms like goldman sachs who make bad bets but since they have an open cash window at the fed with unlimited funds at zero percent borrowing rates they never run out of money that's why from like goldman sachs and j.p. morgan can report thirty sixty ninety one hundred twenty straight days of profits on their trading portfolios because they don't take any fricken risk what about people that are not so smart. stacey. you know i'm just responding to this story i am one of them may i realize the juxtaposition of that word and the introduction may have been confusing but you know what i meant you're talking about my first headline but yes while you were talking about this martin gayle betting technique you referred to goldman sachs but the most famous one last long-term capital management here guests in the second half jim records he was their legal counsel for a long term capital management to my eyes and he had to unwind that enormous spaghetti plate of nonsense and that's right they kept doubling down and doubling down on the ru

goldman sachs says u.s.tock valuations and profit margins may have the cash may have peaked -- may have peaked. joining us now, peter oppenheimer. you.morning to you. if i'm getting worried about earning stocks, what am i looking to rotate into? peter: what are we looking to rotate into echo did you say? guy: where am i going? peter: two things i would say, first of all, in a world where we've got these extraordinarily low interest rates and high valuations across asset markets, equities are still the relatively best asset classes. in the context of the u.s. equity market being relatively flat which is our view, given its higher valuations and peak margins, other equity markets are likely out to outperform e.m. euro. we are not looking at very high return to their either but prospects are for continuation of catch-up. we have been seeing that in recent months. any tax you baking in reform into that 2600 target? think our expectation is we would get some tax reform between next year but may need tax cuts, but

julianna goldman, thank you julianna goldman, thank you both.up next, the children of 9/11 16 years later. ngon) ( ♪ ) okay, so let's... stop. don't mess it up! (squeaking) ahh-h-h! ee-e-e! ( ♪ ) all right. (chuckle) ( ♪ ) nice! ( ♪ ) come on, dad, let's go! for those who know what they're really building. always unstoppable. for those who know what they're really building. [radi♪ alarm] julie is living with metastatic breast cancer, which is breast cancer that has spread to other parts of her body. she's also taking prescription ibrance with an aromatase inhibitor, which is for postmenopausal women with hormone receptor- positive her2- metastatic breast cancer as the first hormonal based therapy. ♪ ibrance plus letrozole was significantly more effective at delaying disease progression versus letrozole. and ibrance plus letrozole shrunk tumors in over half of these patients. patients taking ibrance can develop low white blood cell counts, which may cause serious infections that can lead to death. before taking ibrance, tell your doctor if you ha

i told him that was impossible it was too highly rated by goldman. to a giant outlet mall outside of philadelphia that my father used to go as he called all merchants to see if they needed his boxes and bags my father said we're going to sit on this bench and camp out in front of gantos, and make a judgment whether anybody goes in and out. we sat there for hours and hours talking and watching, and only about a dozen people entered the store. i shorted the company that monday and stayed short pretty much until the whole thing went to zero and got liquidated wall street research can be wrong. gantos made me skeptical i never forget that exercise i'm offering a way that this show can bolster the process i try to keep the skepticism of that lesson, and figure out how i can help by presenting you the giants and the gantos. i want to show you that it suspect reckless to pick individual stocks and those who stay it is don't understand the process of firsthand experience married with research, buttressed by skepticism it increases the odds of successful stoc

emma goldman was an anarchist, with possibly one of the richest live as woman has ever led. the book is so good that in spite of the fact it weigh as lot, i carry it with me everywhere and risk losing it. >> tracy, do you consider yourself an anarchist? >> caller: no, i'm consider a myself investigator of all possibilities politically. i have come undo to believe a great deal in resisting the state, the state's power, the, the government's power over mane different aspects of our life. i think that we're practically the stupidest, brainwashedpr country that has ever existed except for third world countries that never had any education. >> that's tracy in hoboken, new jersey. thank you. let's hear from judy in boynton beach, florida. hi, judy. hi, great to speak with you. i love booktv. >> well, i guess that answers the question, where's waldo. sorry about that, judy. please go ahead. >> caller: i'm reading, rising star, the making of barack obama by david garrow i'm enjoying all the details. i had not read any obama biographies memoirs before this. this has given me a lot of

and when you see goldman start going down. it's down, what, 3% today, $6?: 3.5%. >> 3.5%. so a little more than i thought. then you know it's related to the fiscal policy agenda. but make no mistake, markets still generally like -- look at that, that's a piewj, boy. that's a puke, boy. when you don't, when it looks like it's not going to get passed and there's a headline to trade off of it on, particularly north korea, you're going to get a puke. and today that's what we had, we had a puke. now, it might come back tomorrow, but, you know, depending on the headlines. but definitely, let's make no doubt about it, this is not a nose dive. liz: you're saying that just to annoy me, but there's this: rejudger gate, gag, heave, hurl, retch. >> hurl. hurling -- wasn't that from wayne's world, hurl? liz: upchuck. >> hurling chunks -- liz: not exactly from the oxford dictionary. >> sources tell the fox business network the markets are hurling chunks of goldman sachs today. liz: that's lovely. i tried, you guys. i swear, i tried. charlie, we're both back. >> yes. more

for this fight goldman sachs optimism on market strength it cut its third quarter growth forecast for the u.s. economy after two disastrous hurricanes harvey in texas and the latest irma in florida goldman currently estimates hurricane harvey cause eighty five billion dollars in damage and arm attacks on i know there are thirty billion in losses for florida the area hit hardest is the keys the federal emergency management agency or fema says no structures there escape damage in fact officials believe one in every four homes in the keys has been destroyed and sixty five percent suffered serious damage now residents are slowly making their way back to the island but most will be without electricity and other utilities the power might not be completely turned on for seven to ten days now while property loss and evacuations are not directly accounted for in figuring out gross domestic product investment experts say hurricanes and natural disasters are naturally associated with near term slowdown in several growth indicators consumption. inventories housing and the energy sector are expect

how big a headache is that for you at goldman sachs? rachel: we think volatility is due to rise in the course of the next year. it is likely to be the result of the beginning of tapering. we are coming out next week with of title live which is the long and winding road. global banks will be unwinding, not from the same starting point, but it will begin to tighten financial conditions into next year between the financial tightening conditions and the potential for political risk and policy risks, there is likely to be volatility and the spreads will be higher. at timko, the basic idea of hard data, soft data, can we develop a theme? do we have enough confidence in the path of the hard data? >> you brought up a good point and the word confidence. if you look at what yellen said he hurt you and a and recent speeches, she is sounding increasingly confident and i think that is because the labor market is doing well in the u.s., the consumer is healthy, financial conditions are easy, and the global economy is doing better than a lot of people

vonnie: the sec hiring a goldman executive, why do that?oldman executive, probably one of the egg is winners will be compliance -- biggest winners will be compliance and this man has spent 13 years as head of goldman compliance, way more important that the bank he worked at. miss it and brexit are compliance headaches, especially for the sec which has different rules than europe when it comes to research how it is pay for and they will have to find a way to circle that square. executivesan tapping on that firm could cause criticism. >> that is for politicians to decide. if you want to bring out the big guns, you usually call goldman. mark: we will see how that a full. there to see you -- we will see how that unfolds. great to see you. catch our new program on bloomberg about the ever-changing regulatory landscape from the volcker rule to mifid. exploring the applications and opportunities of regulatory change by drawing on our own in-house expertise and industry figures on the frontline. watch it on the bloomberg this weekend. next, 35ean c

i heard of the concept when i was at training at goldman sachs. i had been buying individual stocks more myself and others before i got to goldman in '83 at the time i was walking financial news network between classes at harvard university. when i could, i would run over the library where they had reports about stocks it's so nostalgic to look back to what i would do next after i found a stock i liked. i would ask the librarian for a microfiche of the firm's s.e.c. filings. these are pieces of plastic that you stuck in a machine where you read the filings everything now is instant and up dated. the imperfections on the market were legion. now everyone can know everything i would spend all week trying to find one stock that i thought would work one stock that would be good for one week, nfor anyone to invest for anyone to run wit. then i would take my answering machine, and give a 20-second wrap on the stock. answering machines k you imagine? same with answering services talk about jobs that aren't coming back, no matter who is the president. i wo

morgan goldman sachs trying to develop their own blog chain and i think doing experimenting actually even trying to create your own all quine or anything like that teaches you a lot about how amazing it is. i think that's what happened is like they went through the mechanics and the process of trying to learn how to create their own block chain and they're like. oh my god we are in trouble well year and a half ago jamie dimon was quoted as saying that bitcoin is going to eat our lunch time they they filed something like one hundred seventy patents trying to use intellectual property to swart this revolution that didn't work now they're out of missiles or out of ammunition they're just trying to bad mouth it and you know amazingly as he was badmouthing bitcoin you know a dealer in northern european territory was buying bitcoin for j.p. morgan clients yes so you know the clients are not going to listen to j.p. morgan now there's an action there's a filing by some european i think i think a swede right banker again saying we don't know for fraudulent badmouthing the securities at the sa

side and fixed income side surprising goldman made money trading their own account.hat anymore the banks have had to find new way dshs >> they haven't been able do that for a while why has golden fallen so sharply behind its peer. trading has not been great any way. why is goldman behind its peers the last two, three quarters in a way it had not been since volcker came into play in 2010 >> it's a couple things. execution on their own part, and they're competing with large institutions like jpmorgan who are coming after them. the competition is fewer than 2008 you had a lot of second tier firms like bear stearns, they're all gone in a dwindling pool of revenue, the bigger firms with the bigger balance sheets can come after a firm like goldman, a trillion dollars or less is not that big what about the retail side of these banks. we have had rate hikes we have had the yield curve go up we're expecting more as we go through the year next year is the retail side of these banks attractive still or have we had the easy gains? >> retail in general for large banks is a lost l

goldman sachs is harvey schwartz spoke with alix steel.'s listen to what he said about goldman's performance so far. of the market conditions have continued to the third quarter. low volatility. in aggregate, the firm is performing well. but it remains a challenge for us. you mentioned the september quarter is really critical for these big banks. how does it tend to set up the fourth quarter? laura: the fourth quarter is generally not the greatest quarter for fixed-income trading, it's usually one of the best. necessarily mean anything. the third quarter isn't always correlated what we will see in the fourth quarter. i want to pick up on what harvey mentioned about goldman sachs. they've talked a lot about how their fixed income debts have not been as well and their disappointed about that. there's a note out today from a thomas research -- autonomous research and they've driven the nail on deutsche bank, which is also a bank that historically had this really negative balance rating franchise. that note is really illustrated for us how imp

fred goldman: "none whatsoever.w closure as - if you're reading a book and you're done you close it. you're done. a family member of a victim of violent crime doesn't get closure. that horror stays with you in your head for ever.">(grant) simpson's attonrey says, he wants to see his family and "enjoy the simple pleasures" of life... that includes eating seafood and steak, playing golf... and getting a new i-phone. (pam) the sheriff in las vegas is standing behind his officers who detained n-f-l star michael bennett last month. this is new footage of the august 26th incident...caught on surveillance video. the seattle seahawks player said police forced him to the ground at gunpoint and threatened to kill him because he is black. this after a report of gunshots at an after-hours club inside a casino hotel. sheriff joe lombardo says officers detained bennett because he was running away from the scene. the active shooter call in this case turned out to be false. authorities say, there is no evidence showing bennett was

ron goldman would he have been 49 years old. >> coming up this morning.osemite hit by substantially bigger rock fall a day after a land slide. >> two car seats in perfect condition after horrific car crash that left the family vehicle mangled we'll hear from the pennsylvania mom next. >> this car covered in thousands of clams. makes you do a double take. that's not the most interesting things about it pass. >> jim we are live here in delran new jersey friday "football frenzy" happens here at holy cross taking on floor eps. coming up next sun nfl football eagles take on charmers and merrill reese live with us don't go anywher live with us don't go anywher anywhere. >> we can see each other outside of the office once in a while. >> no, that's all right. >> all right. >> there's too much togetherness. we need a break. absence makes the heart grow fopder i think. >> i love you to death. >> well. >> we have a fun weekend coming on this friday is upon us we made it. katie says what made it is fallment starting to feel like fall. she'll have full details. >> she

goldman sachs' conference. viacom, listen, i think if you like disney at close to 15 times, you got to like viacom here at less than seven. it's trading like it's going out of business. i get that turn around isn't as well conceived as it should be, but it's turning around. >> i own both. disney and come cast not a great day for me but come cast, that was great. also, short-term, huge option paper. massive. came in on the lows. buying upside, the 40 strike calls. i like what i'm sighing there. i think maybe for now, at least a basing area for comcast >> last five years, this stock has not kis pointed. >>> coming up, irma reeking havoc and heading straight for florida. we'll get the latest plus, one of the hottest stocks of the year, ferrari getting crushed today and one trader on this desk says it has further to fall and later, the dollar hitting its lowest level since january of 2015. top strategist tells us how he's cashing in on this move. much more right after this ...it starts a chain reaction... ...that's

it's been higher for a fifth day in a row we saw a couple upgrades from jpmorgan and goldman sachs, so there's renewed interest in the german auto sector the cac 40 is up by 0.2% some degree of caution ahead of the ecb, even though we have the slight positive buin the markets by the extension of the u.s. debt limit >>> when it comes to the euro/dollar, we're tracking higher to the tune of 0.3% at 1.1950 >>> the era of cheap money should come to an end, that's despite the strong euro. that's the message from deutsche bank ceo john cryan ahead of the ecb meeting. speaking at the banking conference, cryan offered his take on mario draghi's negative rates policy >>> there were lots of criticism about his policy, but i think it achieved a positive effect but no central banker thinks permanent long-term low interest rates are permanent. >> so it's time to change now? >> i think when the market is anticipating t why not give the market a bit, then try a bit more >> goldman sachs's ceo lloyd blankfein said he is worried by some aspects of the market sector he said when yields on corporate bond

their readers demands what do you think of gerry goldman's direct attack against the oligarchs and who in the press and the daily mail how i think it was right he did it in a good humored way not enough do i not personalize why he made an important point that we've got to make sure that those billionaires who are in the media don't shape the political agenda you know they should be reporting the news of an important role to play in holding governments oppositions to account they shouldn't be dictating the political agenda the people should dictate the pace of agenda the majority of people in this country and if just five if the media discovers corbin seems to be implying that they don't have the power they used to a drug to destroy your party. what other methods will the one percent use against your life think and i've said this infringements in this way if people think we had it so often the last two years you could argue that so we haven't seen anything yet because when we're in governments. pursuing a transformative policy pursue it pursuing. in the same way the nine hundred forty f

coming up tomorrow, an exclusive interview with the goldman sachs president and co-ceo of.ing: 30 a.m. eastern time. this is bloomberg. ♪ first wordme for news. officials in georgia say at least one person has been killed as a result of hurricane irma. the death has been confirmed in worth county. the storm has also been blamed on two deaths in florida. the toll is expected to rise. the trump administration is back at the supreme court, asking justices to endorse enforcement ona straight n-- strict ban refugees. the appellate ruling could take effect as soon as tomorrow and could apply to up to 24,000 refugees. president trump's former strategist says firing fbi director james comey was the biggest mistake in political history. steve bannon said there is no doubt if comey had not been fired there would be no special counsel investigating the trump campaign's ties with russia. you can see that tomorrow on charlie rose. saudi arabia said it is open to expanding opec's production deal again. the partners agree to keep all options open. the cutback agreement expires next march.

goldman sachs admitted to defrauding investors causing them to lose billions of dollars.oldman banksters go to jail? nope. they paid a fine and went right back to work. this is what the holder memo led to. instead of pressing criminal charges, prosecutors negotiate deferred agreement. basically the company acknowledges wrongdoing, paid the fine and pledges to improve corporate culture. nobody is punished for the crime. i could cite case after case of the deferred prosecution agreements between 2002 and 2016 the department of justice entered into more than 400 of them. executives in large corporations now know in america whatever crimes they commit, the worst that's going to happen is a fine, a fine they don't personally pay. as one retiring sec attorney put it for the powerful elite, the fines are at most a toll booth on the bankster turnpike. now as the author of a new book on the topic argues, this is a shocking corruption of our justice system and at the heart of it is insular club of elite lawyers who make their way multiple times through the revolving door between th

we also had news on barclay's at the conference, goldman sachs and wells fargo in the spotlight.e look set for another positive day on wall street ten heavy year treasury note was key yesterday, as i said yesterday we touched below 0.5% moving close to 2.15% yesterday and we remain around that level. so a big move, higher in yields yields it pushed the dollar higher, it pushed the equities higher, as well >> and the move continues in asia overnight the japanese nikkei after a 1.4% day the day before higher, another 1% gain overnight. 1.2, really liking that weaker yen that we've been seeing in yesterday's trading session. hong kong closed higher fractionally, same with shanghai and the south korean kospi index up about .3% the german dax is trading nearly two-month high hes right now, up another .5%. the ftse 100 is the underperformer of the region, but pretty much overall for the upper row stoxx 600 which is sort to have broad measure, it has been a pretty strong run >> the ftse is lower because the pound is higher. if we have a look at currency boards, we have cpi data coming i

jim keenan of blackrock, rachel golder of goldman sachs, and esel at pimco.l, bloomberg had a great article on the frenzy in your world of loans. describe how institutions by loans. -- buy loans. loans are seen as a higher-quality opportunity set, a safer way of getting yield. there has been a massive issuance in the last few years, but most of it has been refinancing, a lot of it absorbed by clo's. ferro would not have done that, what is clo? collateralized loan obligations. the bank loans have a floating rate. tom: we have jim keenan. explain floating-rate versus fixed-rate, and why you need to 2018?ow as you go into jim: it is around the duration risk. fixed income has a variability of rate risk associated with it. bank runs give you credit risk that are tagged to the front end relative to what you would get in fixed income. the bank loans, the secured market is giving you a good return profile. what we talked about before is the volatility has been low. whether you are looking at loans are high-yield or emerging markets, the underlying economy at low grow

ofare joined by the managing fundamental equity at goldman sachs asset management.ou for coming in. i thought it was going to be quiet. northe to talk about korea, but markets taking this one in stride, a measured reaction. you put out this latest report, will it last is the title. will it last? >> we were trying to help clients understand the growth environment and world capital markets. taking a step back, one of our in a is we would be synchronous growth environment and have all regions of the world going together come and that would be good for risk assets. that has happened. while there are challenging geopolitical headlines, underlying growth has been robust in the broadest environment in the last five years. on the back of that, we like equity over credit and credit over rates. positive,e to be very and the good news is that that strong growth environment has supported earnings, so this year as an equity investor, i'm interested in the fact we have the first year of double-digit earnings growth in global markets then in the last five years. that is the good n

we worked together at goldman sachs, we were in the same partner class at goldman sachs we're workingery closely together on taxes. i was with him yesterday on the hill we'll be back on the hill this afternoon. we'll both be at the white house for a dinner with the president tonight on tax reform. and let me just say, i appreciate working with him. >> you mentioned the taxes, you're helping us to get into all of the different areas we want to go the kumbaya moment, i don't know, that's one of your words that you use a lot >> yes >> senator schumer, speaker pelosi, does that -- that the president had recently, did that change the dynamics in your view of how to approach tax reform? >> not at all. so i would say, first of all, i give the president a lot of credit we were in the middle of two major hurricanes we needed to get money to the states we were in the middle of having the dliebt limit. and the president was very clear. he wanted to cut a deal, he wanted to cut a deal quickly we moved the debt limit substantially further back we had to fund the government. we were running out of

first of all is goldman sachs, closely behind by jaime diamond of jpmorgan. goldman sachs up today because they have been positive about their longer term turn around saying over the next three years, they can boost revenue. that's boosting that stock and all the banks are up nicely today. the other interesting point we heard from jaime diamond, much more detail when they sit down later, is on interest rate >> hold on hold up. we want to go back to brian in cupertino with headlines on apple. >> this is interesting this is what was speculated about the watch which may be a big deal the new watch that's coming out does not need a phone nearby right now, if you have an apple watch, you need to have your iphone it is tethered the new watches, which are coming out in a month, are going to be untethered they are going to be cellar specific you can leave the house with just the watch, guys they just announced seconds ago, you can stream 40 million songs from your watch to the wireless air pod. the dick tracy era is here it may move the needle for people who said i l