what was goldman sachs doing, is it illegal or however you want to praise it? >> it wasn't just goldman sachs, there were -- it was easier for me to say what you are complying with. >> the gap between those two is big. it was difficult to find things they were doing right. it was an embarrassment. >> give an example. >> one of the stories we talk about early on in the book, sitting down with one of the federal reserve bank of new york employees, the status of anti-money laundering program and to say very simply the rules the employees of the bank are supposed to follow to catch anybody, trying to use the bank to launder money, to make a clean, what was shocking to me if i was sitting there and taking on this information, how this employee was telling me at the same time they are doing all these things that are wrong, and all sorts of things, but at the same time trying to convince me there was nothing wrong with that but other banks did it wrong as well as i shouldn't just write about it because it is not a big deal so if you come from having come for banks to

. >> how complex are the banking laws that bank of america or goldman sachs? >> come monday -- incredibly complex thousands and thousands of regulations already in the books. i focused on international areas. so add the 50 states and all those additional as well. it is incredibly complex that it takes many years to understand what is going on. >>host: as a compliance officer with the federal reserve you were a government employee? >> yes. >>host: your focus was goldman sachs? >> correct. >>host: where we located? what work did you do? >> at the time the federal reserve assigned to work inside the building. >> that was a typical day? >> you get up really early first i would just hit the news. then afterwords go into the office to spend an enormous amount of time to go over all the policies and procedures in preparing exams and doing examination to see what is working or not working. >> were you privy to meetings? >> yes. we met with goldman sachs from different levels, mostly senior levels. >>host: what what happened? >> typically there were topics ahead of tim

particularly goldman. that's one why i'm digging in he heels on this issue about the whole decision-making process was executed on this one. too many misunderstands on this whole issue. i'm not against reducing carbon or i'm for divesting. here we are fighting over what one guideline i think beneath their own state of philosophy. to close this out, let's vote as recommended. i'll vote no. i have to deal with whatever comes up later. if i have more facts, i'll bring it back to change your mind. i'm not trying to blow up the relationship between us and generation or goldman sachs. we spent lot of time on this issue. >> you and inhad a discussion about doing it additional $500 million investment in another passive carbon constrain index opportunity just last friday. to say that we haven't filled if the deal that this $500 million to generation would preclude that doesn't square with your and my telephone discussion last friday. >> commissioner driscoll: that precludes us putting $500 billion into that strateg

now goldman sachs, goldman, deutsche banc, citi, wells fargo, all higher right now. >> that's right, deutsche banc's u.s. unit failed to receive approval from the federal reserve to move forward with its capitol hill plan and remaining 34 banks tested by the fed were approved but goldman sachs and morgan stanley will be required to maintain their payouts to levels from recent years. we've seen that with the announcements coming after the close today. so-called conditional nonobjection to their capital plan this result was actually somewhat of a surprise after the two firsts issued states last week hinting that their ability to distribute capital may be better than what appeared from the first stage of the stress test that's largely thanks to a one-time capital reduction under the new tax law. the fed also issued a conditional nonobjection for the capital plan from state street over its management of counterparty exposure under stress no firm, that their plan was rejected on quantitative grounds. deutsche banc's u.s. unit failed to show approval on qualitative grounds. that will limit

goldman sachs as far as i know, no one told me, has no bitcoin. if it does work out, i could give you the historical path to why that could have happened. i'm not in the school of saying that gee because it's uncomfortable because it's unfamiliar, this can't happen. >> no woman has run a big wall street company. you did something yesterday where you set up a $500 million initiative to help women fund managers amongst the people as a possibility. only five out of 31 on the management committee are like that. inlain to me, looking back five years, whether there will be a woman running a wall street firm. explain it. other firms have had senior women, people take different career paths. the most senior woman at goldman untilran until actually the end of this month because of the resignation. you know, sometimes people have to work harder at this and get it done. we are working very hard at this and you are right, is nobody who is that proximate. other firms may have different experiences. we have metrics in some cases at the highest level, but at the

goldman says they will probably decrease.stanley, close but not as close, will probably not ask for too much. >> the philippine central bank has raised its benchmark interest rate for the second straight month. the governor says the bank is ready to take further action. what prompted the second in quick succession rate hike? >> we have seen a deterioration in inflation in the philippines. that has been the main concern of the central bank. the bsp marginally reduced its inflation forecast to 4.5% from 4.6%. that is way above the inflation target, 2% to 4%. we have seen inflation pick up strongly. that is exacerbated by the currency slump. the peso is down .6% against the dollar. inflation dynamics is the main reason for the central bank raising its interest rates again yesterday. >> having a look at the msci, it has given argentina and saudi arabia a thumbs-up. and granted the two countries of emerging market status. they will be added to indices in about a year, joining countries like china, india, turkey, and brazil, the mo

that was the world of technology as far as goldman was concerned.: were there are a lot of african-americans in technology at the time? robert: very few. very few. i was the first on the ground focused on tech and then we decided to form a tech group and that created another nexus and dynamic of opportunity. david: your job is to convince clients to hire goldman and give them good advice. did you meet steve jobs? robert: i did not meet steve jobs personally, but i was got on the team that we actually got engaged. you may not remember, but apple was under assault. steve said, i am not coming back unless there is a different board. we fired the board, got rid of the ceo and invited him to come back. david: you are now living in san francisco, making a big success and you are buying investment banking standards, highly compensated and so forth, so what propelled you to say i will give up all of this and to start my own company? robert: as an engineer, i realized way back in my goodyear days, the impact that software really had on businesses. the thing

she was famously disgusted with goldman. she feuded with her. emma goldman represented a different kind of anarchism. i should say there are various statements. lucy parsons really believed that trade unions were the embryos of the good society. these were local voluntary associations. people would join, there would be noompetition, no wage earning and so forth. emma goldman represented a train of anarchists that focused on the liberation of artistic impulses and sexual feelings. and it's funny because goldman would, of course, argue that monogamy was a false impulse, that men and women should be free callly to express their sexual desires. and they said this had nothing to do with the class struggle, it was an idea that threatened to ram families apart because children would never know who their true fathers were if the mothers were sleeping around. but emma goldman said at one point lucy parsons, of all people, should be criticizing this new idea of sexual freedom can. because she lived her life as a sexually free person. she had, we know she

continue to see goldman sachs evolved.ave is operate globally at scale a number of businesses, and that gives us opportunity to add other businesses to that portfolio of services we provide. we are focused on that and continue to be focused on that. are their businesses we are not in now that we make it in? we will see. we are always looking at new opportunities. you mentioned cryptocurrency, we are cautious, but exploring those activities. selling futures around bitcoin, talking about doing some other activities there, but very cautiously. we think blockchain is extremely interesting, but we are also going to be cautious and we are listening to our clients and trying to help our clients. >> thank you for your time and views on goldman sachs and the road ahead. >> thank you very much. tom: thank you so much. i appreciate that conversation with mr. solomon. that with a conversation yesterday with lloyd blankfein. is ofo back on today's interest to all global wall street. right, dashcam i francine: last year we heard from th

that was the world of technology as far as goldman was concerned.id: were there are a lot of african-americans in technology at the time? robert: very few. very few. i was our first m&a banker on the ground focused on tech and then we decided to form a tech group and that created another nexus and dynamic of opportunity. david: your job is to convince clients to hire goldman and give them good advice. did you meet steve jobs? robert: i did not meet steve jobs personally, but i was on the team that we actually got engaged. you may not remember, but apple was under assault. steve said, i am not coming back unless there is a different board. we fired the board, got rid of the ceo and invited him to come back. david: you are now living in san francisco, making a big success and you are buying investment banking standards, highly compensated and so forth, so what propelled you to say i will give up all of this and to start my own company? robert: as an engineer, i realized way back in my goodyear and tire and rubber days, the impact that software really

that was the world of technology as far as goldman was concerned.re there are a lot of african-americans in technology at the time? robert: very few. david: i was the first banker on the ground to focus on tech. we decided to form a tech group. -- david: when you became wealthy, you became very involved in philanthropy. thisch of your given related to african-american causes. i would like to talk about a couple. the african-american history and culture museum, what attracted you to that cause? robert: there are two elements where we have been stained by slavery and racism. what we need to do is have a monument to the people who have put their blood into the soil that created what is the best country in the world. that important african-american people have a place to come to feel the pride of who you we are and contribute their story. any family can now digitize ,heir photographs, narrative the videography, whatever it might the it is now part of this museum. .eople will be able why did you big come such an active financial list -- david: why did yo

goldman would argue that monogamy was a false impulse. that men and women should be free believe to express their sexual desire. in the '90s she read coiled this publicly and said it was shocking and had nothing to do with the class struggle. an idea that threatened to tear families apart because the children would never know whether true father's worth of mothers were sleeping around. emma said lucy of all people should be criticizing this new idea because she lived her life as a sexually free person. we know she had sexual relations before she met albert parsons. she had a child who died in infancy. then her marriage to parsons. he was dead only a year when she was taken up with the young german man. emma goldman would say things like you have all people should be criticizing my views of sexual liberation. she feuded with eugene so their very famous radicals who considered her hard to understand. they cannot quite pinpoint her. she was not in an ideologue. she was marvin archer. >> i admire her physical courage and getting up in front o

. >> guy, i am here for goldman sachs, 22nd financial conference. cash trade is less than 30 minutes away. ♪ >> does six plus one equal dribble? as trump feuds with his french and canadian counterparts ahead of the g-7? markets turn their attention back to trade. ben bernanke says the u.s. is aded for a we'll e. ohtani moment. and deutsche bank's chairman has discussed a merger with their holders. we are less than half an hour to the start of european cash trade this morning. this is the picture we find ourselves with. we have a negative star in asia. a similar theme in europe. down 1% here in europe. let's show you what is happening with the g.m.m. we saw some interesting action yesterday. the bond market remains focused this morning. with the fed, the e.c.b. and so many other central banks next week, that is going to be the story. let's talk about what is happening around the world. the brazilian market slammed hard yesterday. the chinese mark down 1.5% overnight in asia. the nikkei down around .6%. australia down by .2%. the brazilian down by 1.4

goldman sachs is the closest to the minimum on the supplementary leverage ratio.t mean? it doesn't sound good. >> and it's not the first time. goldman and morgan stanley come very close on the leverage numbers in the first stage, which tells us that when they are asking for their capital planning for the next four to eight quarters they have less , wiggle room to ask for huge increases. actually, according to the analyst estimates i included in my outlook this week, goldman is probably going to decrease the amount of capital it's distributing in the next two years. so that is why when you are that close, you cannot really ask for too much of an increase, and in goldman's case, they will probably decrease. morgan stanley which is also close, might not ask for too much. >> the philippine central bank has raised its benchmark for the second straight week. should it be necessary the , governor says the bank is ready to take further actions. what prompted the second in quick succession rate hike? >> we have really seen a deterioration in inflation outlook in the philip

bares,nts goldman pushing back against a prediction made by goldman.into corporate dentistry. dental companies gaining attention. -- the dental industry did not know it was $73 billion. david: dental change. joining us is jason kelly. i have to say i have a soft spot for this 1mdb story. alix: it is because he understands it. jason: you are a small category. david: they raised money for a sovereign wealth fund and it went into a lot of people's pockets. to trips a continues and drop, you have to go back to the idea for an half ill you dollars is the money we are talking about -- four and a half million dollars is the money we are talking about in the fund. it touches the u.s. and bank accounts, which is a good money story. david: movies, wolf of wall street got financed with it. jason: even yesterday on the bloomberg there was a great photo of authorities holding up these bags and now we come to goldman bankers, a fancy lunch. it just gets more and more cinematic. --id: we know what have are whatever happened to the money, goldman made quite a bit on t

that means that 40% of investors surveyed by goldman sachs think they will fair, however, the goldman47 billion in stress capital, the risk is minimal. on deutsche bank's side, the u.s. branch, all tested by the fed, was reported troubled by the fed a month ago, hence the question mark for them on the qualitative part that said, both passed last year in similar situations. the focus is on morgan stanley and goldman sachs, but they released statements to suggest they remain confident themselves, and investors are following their statements all bank share prices underperforming as of late down 5% in the last month. could today be the catalyst to turn that around one says the share price move recently probably expecting poor performance if we get consensus results to expect a jump >> what about wells fargo? any sense they are punished for bad behavior >> last year, they pass the the qualitative part of the test when four months later, there was a big punishment on them it's almost as if the fed is separating punishment from the stress tests, and they have plenty of capital, in fact, beca

yalman, whatow, happened with goldman sachs and morgan stanley?tio, very important for the banks, they came very close to the passing mark. this is not the stage. next week we get the results. when you're so close to the minimum numbers, if you're trying to increase your dividends and buybacks, it is likely you cannot do that. we were all worried about it. that is what the headlines and stories were and they came out with goldman and morgan stanley saying don't read too much into this, we will be able to increase our dividend buybacks because the numbers don't reflect reality. we were all confused. we are still confused. apparently, analysts estimating there might be something with the tax reform and how that has impacted not the lost scenarios but the taxes impact on capital and what it does. it is complicated. there is something going on behind the doors. we will hopefully find out more next week. alix: and some weeks it is -- in some ways it is no surprise. they have the strongest capital market divisions? yalman: we were expecting goldman and

it is not exactly what you think would be goldman.ad it, i was like, what does that mean for goldman and their returns in their profit? you pointed out, they do not care. asked lloyd blankfein was this question and he said, we are not in the lending business, we are in the numbers business. >> we are going into the consumer business, but not so much that we are chasing the consumer business that is so foreign to us. happened as as result of moving to technology, the opportunity in the consumer space has moved to us. david: what he was saying basically is we do not sit down and decide alone. we deal with big numbers and big numbers alone because we are good at that. carol: there is some concern about their exposure to subprime loans, this category of borrowers, but $3 million, they can earn that back in about six months. alix: there you go. david: india, another bankruptcy story. camederstand when mr. modi to office it was financial reform. they did an incredible bankruptcy law. carol: they have got a backlog of about 2500 cases, and t

you see the sharp break in january, and sharp break in prices and rapid increase in earnings goldmanhs suggested this trend will likely continue what goldman did raised earnings forecast for 2018 to a full 19% for the calendar year, but still see only 3% upside for stocks. why is that? the fed is tightening, generally financial conditions are tightening, and markets see huge increases in earnings and say, well, that has to be decelerating from here might be getting to the peak of earnings what's this mean for 2019? here's the deal. we dealt with earnings compression for a certain amount of time. goldman does not see it going further, but there's a push-pull in earnings growth and rates going higher also, stocks remain expensive on most measures versus history, other than versus bonds. if you think bonds stay low, you n say maybe valuations can go up a little bit -- i think 2019 is what holds the key because how much we decelerate in earnings growth in 2019, goldman said growth is only 7%, and s&p 500 earnings next year might be something that creates a little of room for downward ear

david: jason will sit down with an exclusive interview with a foreman goldman sachs -- former goldmanhairman of investment banking. coming up, decision time for comcast, disney raised its bid for fox, will comcast but in a counter bid? alix: check out tv and watch us online and click on our charts and graphics. and ask and us an ib question. check it out. this is bloomberg. ♪ david: disney made its bid for the 21st century fox assets yesterday and fox agreed and now the ball is back in comcast's urt as we it to see if they will stay in the auction. there is a great piece out and we will put a quote up from chris hughes. disney has an agreement with murdoch, but roberts has the will and tolerance for leverage, this battle may be far from over. you contributed to -- to this piece. do we think they are coming back? >> it is all up to brian roberts. it is written in comcast's articles of incorporation that he is ceo for life for as long as he wants to be there, he can. he can almost do whatever he wants. he has a controlling stake shares.class b there are natural limits to how much d

i saw nothing in this upgrade from goldman goldman's push and cigna would go up 2.4% at the same time united health group announced one of the largest buybacks i have ever seen, 100 million shares and it gives you an incredible 20% dividend boost nobody talked about it by the end day it was up 7% how about valiant? a sign that ceo -- i bet it has more momentum. ever since the president decided to get tough on trade, boeing has been traded, but today the stock came within striking distance of the highs and the darn thing is back what can i say, it is a terrific sign ceo mullenberg has been quiet on china. let me saying something, there are literally a dozen airline purchasers that would love to get in the queue you know what he is crawling about? he is calling about mars musk probably doesn't even mind as tesla stocks surged 10% on predictions that musk himself made that the company will be swimming in cash thanks to a bill schedule that is kicking in. whether or not you actually believe what musk is saying, you have to admire the guy for sheer hutspa have you heard about buying 3m, it

morgan stanley and goldman, they had an initial rejection. goldman said they needed to go back and look at the average of their previous two years. those are unchanged here. overall a pass. nike is having a positive read through as well. nike coming in with a positive earnings report. north american growth for the first time in four quarters. upgrade. profit double bitcoin, you can see how much it is off trading below the $6,000 level. it has been a rough start to the year for bitcoin. mark: the stoxx 600 bank index, industry today, every group rising. down by 2.1%. the biggest monthly drop since industrymay, second in a row, t and since march. the 2.7% gain is the biggest since the second quarter. , the stoxx 600 is onn by 5% since closing generate 23rd. it is going to spin off refocusing on prescription pharmaceuticals. they will buy back up to $5 billion in shares using proceeds from the sale of its stake. shares up 7% today. the ecb keeping an eye on inflation. level. symbolic the first and we have that level for a year. the core rate is

this is what goldman sachs is going through. >> could be exciting.ee, but it could also be a sign that these guys need to reinvent themselves. >> the reason i would disagree is i still think there will be trading that's great for them. but to manage that volatility there, if they got other areas that are more consistent, i think that's going to help. >> next up, wells fargo, love it or leave her >> leave her. they've made fatal mistakes. it's a broken heart, folks and it should be. they've broken a lot of people's hearts. i'm not leaving the banks. i would rather be in jpmorgan or citibank. so bye-bye wells fargo. >> is the feds going to slap them on the wrist because of the past misdeeds? >> i think it's just management's not having their eye on the ball as far as managing the business properly. i leave it as these levels and i agree with tim. there are better alternatives within the space to buy them. >> i'm so glad this game is very clear. in the past we've had some bad ones. it seems like we're spot on here with this love it or leave it. okay. ci

. >> she was disgusted with goldman and they represented a different kind of anarchists. they believed trade unions were thforthe embryo of the society r the local voluntary associations people would join, there would be no competition or wage earning and so forth. they represented a strange that focused on the liberation of artistic impulses and feelings. it's funny because goldman would argue that monogamy was a false impulse that men andul women should be freexpress their desires t and lucy parsons requital to this idea publicly and said this had nothing to do with the class struggle. it was an idea that threatened to put the families apart because they would never know who their fathers were. but emma goldman said at one point of all people, lucy parsons should be criticizing this new idea because she lived her life as a sexually three-person. we know she had sexual relations before she met albert parsons she had a child who died in infancy and then her marriage was dead a year after she took over the immigrant and there were rumors after that so emma goldman would sa

. >> what made you want to team up with marcus by goldman sachs?natural fit for me. i think the biggest question or the most common question i get is, where do i start? how do i get my budget in order? so when marcus by goldman sachs came to me and showed me their home improvement loan, it was amazing. they offer this fixed rate no-fee home improvement loans u. and the greatest thing is, for home owners, they can use these funds however they would like, so that's a benefit. >> and for many homeowners, getting that backyard space in order is key. what do you like to do to spice up a summertime outdoor party? >> one of the biggest things i'm seeing lately is is functional is doing outdoor kitchens. you want to be in an area where you're with people. to have a prep kitchen -- >> i love an outdoor kitchen. i like everything outdoors. >>> coming up, could the "jersey shore" next cast family vacation be at the emmys? next on kron-4 news at eight: the man who police say, killed five people at the capital gazette newspaper.. has been identified.what we are

i did well in previous life, gold m goldman sachs.come back to that number so hold on to it but i mention it now because i am lucky enough to be able to do what i want to do at this stage of my life i am tempted to thinking maybe i should go back and be a hedge fund manager my late father thought i was much happier doing what i am doing now. he thought the show was terrific and was my biggest backer in what i was trying to accomplish here thanks, pop. so why talk about individual stocks this is a commercial product and the market is judge commercial products is worth something. second i do it because of six stocks national video, american agro nommics, st technology, giant food heinz and gantos get you to the point where you make furors and have more of a chance to make money longer turn if you choose to invest in individual stocks as well as index funds. index funds are preferable for the vast majority of you but i know you want to buy individual stocks anyway, or you wouldn't want watch this show. when i was growing up, my father's

you are sticking with an economic plan which goldman sachs, and whatever you think about bankers, goldmann fein represents the biggest risk to ireland's economic recovery. you are sticking with all that, are you? well, firstly, we're not arguing for an increase in corporate tax. we're arguing for harmonisation of the corporate rate rate across ireland between the two jurisdictions. secondly, we're arguing for fair taxation on a matter of simple logic. the grown—ups understand that things have to be paid for, services have to be paid for, and those with the deeper pockets and the broader shoulders carry somewhat more of the burden. and can i say, in respect to our friends at goldman sachs and to the great bankers of this world, i think that they mightjust do a little bit of self—analysis and ask themselves, honestly, what function they have served in terms of servicing the common good. because, you see, the difference between goldman sachs and the bankers and me is that i'm charged with the duty and the responsibility to act in the collective good. and do you know what that means, stephen?

now you're a former banker right so you're not just you're writing from the outside you worked at goldman sachs you know this stuff so in your book you we have a pretty interesting tale of monetary policy poor decisions and what you call quote gross negligence of their regulatory responsibilities contain to contain bank risk and fraud take us through this how did this all come about and what were the central bankers what was their ultimate goal here. well this goes back decades really but in the last decade since the financial crisis we had a situation where the major central banks in the world particular federal reserve were completely asleep at their job of being the regulatory body that is supposed to ensure the stability of financial system that is just say to secure some semblance of lack of crime of lack of broad of normalcy from the perspective of the rules that govern the types of things that banks can and cannot do and in the run up to the financial crisis of two thousand and eight as we found out the biggest banks in particular in the united states were manufacturing trillions o

the goldman sachs chairman ceo lloyd blankfein said it makes sense as a bargaining strategy.spoke in new york this week. >> this would not be the course i would have done, not necessarily recommend, but i can see what happens at times. a lot of the people who are this isng too publicly, a typical thing. which we bad thing, know from taking economic courses. publicly making these statements --ause they do business and in china and you have to pay homage to your customers in china. at the same time, when not in public, could be going to the u.s. government and saying what you are doing may not be such a bad thing. i can understand how we get to the place we get to. argument that that was acceptable at $50 billion, but now you have the prospect of a full-blown -- it has gone beyond -- >> it is not my style but if you want to show -- if you want to give someone an incentive to see the world from your point of view, it doesn't help to remind them of your negotiating position if it is a better one. if we go tit for tat, by the time you get to 100, they run out of things to apply a

seeing goldman get into this business is fascinating.ecifically in industrials, which david knows, and he says they are underpriced right now. alix: how can he compete with pe 's? there is so much money being raised in the space. it is the long-term peace and also this ibility factor of the combination of cote and goldman. they are backing him with all the assets, literally and figuratively, that come with goldman, and the dealmaking expertise. the global reach of goldman, being able to tap into those relationships to get the deal done. the globalthe one tricky thing a noncompete through 2023. apparently he needs to get a letter from honeywell anytime he goes up against something that threats to their business. alix: our non-competes even real? david: he is a straight up guy. alix: it is not like he is going to go and ruin a competitor or anything like that. let's talk about somebody else that is in the now, a traitor that bet on a boston scientific striker deal before the deal was reported. he or she bought some call options on boston s

goldman sachs the closest to the minimum. what does that mean?esn't sound good. >> is not the first time. goldman and morgan stanley come close on the leverage numbers. when they are asking for their capital planning for the next quarters, they have less wiggle room to ask for huge increases. actually, according to analyst estimates in my outlook this goinggoldman is probably to decrease the amount of capital it is distributing in the next two years. when you are that close you cannot ask for too much of an increase. will probablyhey decrease. morgan stanley, close but not as close, will probably not ask for too much. >> the philippine central bank has raised its benchmark for the second straight month. the bank is ready to take further action. what prompted the second in quick succession rate hike? >> we have seen a deterioration in inflation in the philippines. that has been the main concern of the central bank. marginally reduced its inflation forecast of 4.5% from 4.6%. that is way above the inflation 2% to 4%. we have seen inflation pick up

he is the chairman of goldman sachs. there he is. this is bloomberg. ♪

banking sector and will be joined by goldman sachs out of germany and looking at the trade war impact on currency. looking at rand, the turkish lira, this is bloomberg.

. -- goldman sachs and psp investments.ound of financing brings total funding to $400 million and values the company at $1.1 billion, after they launched a new service enabling blockchain based finance. a cloud platform for the supply chain, they describe it as sales force for the supply chain. that is now offering blockchain based payment solutions. we spoke with tradeshift ceo christian lanng. christian: if you think about supply chains, they are very complicated. they have very different partners working on different -- on a single product, moving multiple tiers down. what we do is provide our customers with an internal cloud platform to run everything that happens in their supply chain. for a lot of scenarios, they need to collaborate with third parties or multi-stakeholder ecosystems where blockchain is a really good fit. for all of those scenarios, we allow them to collaborate, share data. if you have a statistic proving this has been produced in a sustainable way or free of carbon whatever you want to do, , you can s

goldman sachs, ubs, and morgan stanley cutting their target.nings fundamentals are coming under pressure. this is in the context of waning signs around some economies. this idea that six months ago synchronized economic growth. it's getting very testing with evaluations having run away in the early part of the year. >> it is not just asia at large. i'm curious why is goldman sachs advocating buying some local currency bonds in particular which places? this hastely a lot of to do with what we have seen over the past weeks weeks or so which is an almost 180 degree swing in terms of the argument are emerging markets shepherding the tightening cycle. the sense of being in the bullish standpoint from people willing to be positive on emerging markets was that they can look through the fed tightening circle that has now swung and people are starting to question with an incrementally , can assets fed stand up to the pace of this tightening? we are seeing a lot of pressure in emerging-market accept. some ofdman favoring these bonds, a lot of it has to d

francine: goldman sachs chief executive tells us that trumps tariff threats wondering about a devastating trade war, even as economists warn of devastating impacts. >> i don't think we are in a suicide pact. i don't think we will cause the economies to collapse. francine: opec collision course. iran rejects a potential compromise, putting the group on track for a clash at friday's meeting. and may stands for, the u.k. p.m. stands firm ahead of a crucial vote. ♪ good morning, welcome to "bloomberg surveillance." these are your markets. we're seeing a bit of edging sideways. we had a few earnings coming out, some guidance to look at.

finally, goldman sachs says emerging markets are a buy. we are joined by peggy collins, and the chief u.s. economist at deutsche bank.

i think goldman is up because people don't understand goldman tries to figure out the right amount they don't want any excess capital. they don't have a buyback. that was why it was one of the worst performers i think goldman sachs next week is going to turn the jets on. >> you think the buy back? >> yes they need to resolve something with the fed, to a certain extent if they're deemed to have a 3.1% reserve capacity on the doomsday scenario, that's not enough. >> what did they put out independent reserve models we expect to discuss. >> i know. who is going to win that argument >> this is not the first time they have played it close. >> okay. >> who is going to win that argument government tends to win, unless it's tesla >>well, resuming the buy back would suggest stock has reached a level. >> right. >> let's look at this. goldman stocks should be down big, if my thesis is correct. >> right it's trading with the rest of the group. >> say what you did again. >> you're right. [ laughter ] >> you wanted to hear it again. >> i had said you're and right in the same sentence it was the same s

that's why they are trading off 1.6% for morgan stanley, and goldman sachs stopped the capital buybackr last week's results so it was not a surprise, but, again, barely lower. >> barely. trading down just a couple pennies. >>> up next, we'll come back with the closing countdown >> yes and after the bell, ups averting a major strike we told you about that we'll have the latest and what it means for the company coming up on the "closing bell. what about him? let's do it. ♪ come on. this summer, add a new member to the family. at the mercedes-benz summer event. lease the glc300 for $429 a month at your local mercedes-benz dealer. mercedes-benz. the best or nothing. introducing e*trade personalized investments professionally managed portfolios customized to help meet your financial goals. you'll know what you're invested in and how it's performing. so you can spend more time floating about on your inflatable swan. [ding] >>> welcome back to the "closing bell," four minutes to go this friday afternoon, dow up 262 points, ending that eight day losing streak it had gains for all the indexes,

plus, why goldman sachs is betting big on blockchain.ding rounds, exploiting the blockchain to tackle what they say is a $9 trillion business opportunity. we will hear from the c.e.o., next. this is bloomberg. ♪ ♪ emily: facebook is planning to offer whatsapp paying services to all of india starting next week, even without a partner. fourth partner state bank of india will join once they have the system in place. this according to people familiar with the matter. the rollout shows just how urgent the race is to win market share from local rivals google and alibaba. whatsapp has more than 200 million users in india. while tencent remains one of the biggest tech firms in the world, the stock has seen dramatic swings over the last year. one hedge fund manager says he has a novel idea, to invest in tencent without taking on so much risk. the partner and founder and c.e.o. detailed the strategy to bloomberg's stephen engel. this from hong kong. take a listen. >> the stock has been bullish for so many years that people are not assigning a high