morgan stanley and goldman sachs -- goldman sachs have been the connect. there is m&a to think about. it is come tentative among the top three, morgan stanley, goldman sachs, and jpmorgan. at the same time, for goldman, they have to work on a lot of the consumer initiatives. david: and get trading back on track. >> i would say that to investment bankers at the top that goldman would be one of the biggest trading houses in the world. david: thank you for that report. now today's brief. let's start with you, david. a second day in a row. you have relocated from north carolina and south carolina. >> i'm in the eastern part of north carolina, but fail, 90 minutes inland from the coast. we are serving to see gusts of wind here and there. we are seeing the leaves blowing a lot harder. people are moving with more intensity to get where they are getting going. david: it went from a category 3 to a category 2. is there a less sense of urgency on the part of the people in the business is in getting ready? >> i am not seeing less urgency. looks like people are still

mentioned -- caller mentioned the goldman hearings. in goldman,rought and they turned out to have been selling a package of these securities, which they knew were becausebut they did it one of their big customers wanted to bet against them. placeis a way to actually t that aial be security will go down. this guy wanted to do that. they created a package of stinky loans, which they did it intentionally so this guy could make money. he did. the senators called up the goldman people and said how could you do that? how could you put out a security that you knew were stinky so that a customer could make money on that. they say, we just do this. this is what we do on wall street. it was like the senators and the guys from goldman are from venus and mars. they were talking past each other. the guys at goldman say we do this all day every day. we try to screw the other traders may that is what we do. -- traders. that is what we do. senators were saying this is immoral. don't deal saying we in morality. i want to sell it. he wants to buy it. i

where do these changes fit in to the broader story of goldman sachs? sridhar: the largest story has been over the last year, 18 months, we have seen an extraordinary change where a lot of folks closest to the currency of lloyd blankfein have been breasted the side or do not have --important role, and -- pushed to the side or do not have an important role. as a result, you have seen movement. vonnie: they are obviously close to him but at the same time he has a specific bent in investment banking. there's goldman beef up its investment banking as a result of these changes? sridhar: if you go back a few years, trading revenues for goldman sachs were a giant share of where the bank made money. that is not the case anymore. you have more equal among asset management, trade, the investment bank. goldman will become more like a traditional bank that will be lending money and making money through asset management to work with clients. an important company, just not as important as before. is they are becoming more variety of where they can pull their money fr

let's bring in gene goldman.s week, what is the message you take forward? the news about president saying green light 200 billion tariffs on chinese goods only scared for the markets for a moment. >> the markets are definitely searching for direction. the markets are almost like a mountain climber. 110 markets moving with a strong economy. you have less headwinds, less ox occidental again, deeper and harder steps. you have political elections coming up. the news this morning basically midterms elections, legal topics are subject of midterm elections. that is very important. liz: utilities, health care, consumer staples. with all the breaking news, are you buying stocks here, yes or no? >> we're saying it has been a defensive rotation into those three sectors. our most favored sector today is technology. technology year-over-year, earnings up 35%. more importantly think about artificial intelligence. artificial intelligence will be the big driver. [closing bell rings] >> like electricity in the 18 '90s. it will be

time for a buzz kill check out shares of goldman.sted the longest losing strategic since going public in 199. it's the second worst performing dow stock of the year. what's wrong with goldman. >> they are getting away from proprietiary trading in a major way and focusing on fee-based businesses and frankly they are not getting the same multiple. i think goldman should be trading higher and price to book if you put at 1.8 multiple on the book value get about $$320 stock. but given the fact that they are getting away from core competency at least over the last ten years you have to wonder do they deserve the 19.8? i think they do. but the fact that now there is rumblings they are not getting into cryptocurrency, no bit askcoin desk they don't want to be in any business construed at risk taking. >> is it specific to goldman morgan stanley is under pressure big asset manager and t. roe and back rock rolling over it's the problem that rates are stuck. and the operating businesses aren't what they could be. >> yeah, except for the goldman

they could be worth $10 trillion rbc analyst mitch is with us >> the move by goldman seems to includehe institutionalinvestors have cold feet about bit coin because of regulatory issues should this be a concern for bitcoin investors? >> i don't think it's a really big concern. first of all, the institutional investors that have been involved for the last five years or so is still involved in the space and still tracking very closely. what i think goldman is having a hard time with is they can't find a way to get institutional investors to invest and they're investing in a circle which is essentially a competitor to coin base, right? so they are able to get trading flows in the retail side, but the institutional side is very difficult and so i think what they're realizing now is probably the next step to get them and they're waiting now for a bitcoin etf to be approved >> you first came on the show with the initial report and that was that bitcoin and the ecosystem could be a trillion dollars. have you pared that back at all? have you adjusted to that given the developments that you've

and to say goodness is awful time but goldman sachs may be up.i'm one of the many stories of people who were fired and that's what led to where i was because it forced me to rethink about what i was doing and i was passionate about economic policy so it is not like overnight i bail a policy writer and started putting out books i took a jobs a fund raiser to raise money and work for nonprofit to raise the money -- to pay bills so that i could read an write on night and and so now i used to think i was lazy. turns out i wasn't lazy but doing wrong job. it is nothing for me to work all weekend and nothing for me to work -- dawn until dusk every day for weeks at a time writing books. is it something reenforces skill and intelligence and so as the book makes clear, i'm telling my story in describing what people can be. >> here's john camny most recent book end of work why your passion can become your job. you're watching booktv on c-span. >> you can watch this and all other booktv programs from the fast 20 years at booktv.org. type the authors name an

what hurt a lot about goldman, goldman was one of its advisers.he adviser was out of coverage, suspended coverage. we will see what morgan stanley bring back coverage at. as soon as they come back, they basically say hey, we will cut the stock price target down to about $200 a share and say this is going to be a rocky six months for the company. you know, liz, i tell you, i take no joy out of, you know, attacking this company, because i think elon musk wants to do the right thing. wants to do the right thing. but i will tell you, the numbers increasingly don't add up. production numbers, he's got a huge bill come due by the end of the year if he doesn't -- if the stock is below $350 a share. he has to pay $1 billion to convertible bond holders in cash. i don't think he has that on his balance sheet. we should point out one of the things we were talking about when we were covering the bankers dealing with him and thinking about going public and how they were pitching it is that they were all talking about a recapitalization. they may have to find n

it will be known as marcus by goldman sachs, after the bank's founder, mark uth goldman.lier, we spoke to managing director des mcdaid. we have talked to thousands of customers, and we asked them what they thought of goldman sachs, and they thought of goldman sachs, and the message we got it was the prestigious band cover and recognise games. who did you ask? we ask thousands of savers, from £1 £2000 across uk. when you look at those names, fined $5 billion for profiting from the financial crisis. he got to be of $10 billion from the us tragedy. the us attorney general described the bank has serious misconduct. you said you sold —— z you sold mortgages you knew were likely to fail. why should anyone trust you? there is no doubt that we learned a lot, and many banks had to change. one of the things we have a simple products. we are offering a really simple savings account, with no catches, no fees. you can move your money when you like, and you can your money when you like, and you ca n start your money when you like, and you can start with a plan. that simplicity and tran

goldman sachs is a giant in the world of investment trading and the fa ct world of investment tradingt that they were planning on the opening of trading desk in the world of cryptocurrencies lent that world a great deal of credibility, but one business insider has reported the bank is now backing away from those plans. at a tech conference in san francisco, the chief a natural office of the goldman sachs called that report fake news. nonetheless, the values of those currencies have been taking a nosedive, falling between ten and 20% over the last two days. dr stephanie hare, independent technology expert joins me now. good morning to you. stephanie, what problem does cryptocurrency solve? we have got lots of currencies of our there, why do we need a whole other basket of currencies?” our there, why do we need a whole other basket of currencies? i think it is probably worth going back to the origin, the history of cryptocurrencies. 0ne the origin, the history of cryptocurrencies. one of the unique selling points of this cryptocurrency, one is the very fact that it cryptocurrency, one i

this stock, goldman, had a huge run-up in the last several weeks. bigger than some of the competitors like morgan stanley, jp morgan. that's goldman at the top. it's been coming down a little faster here. a little of outperformance a few weeks ago. now it's coming back down. that's the -- to be expected remember what is moving the markets. bear in mind, the four things we keep emphasizing, number one is china and the trade wars, and that's heating up. that's what's moving the markets. the dollar a month ago been quieter recently tech leadership, i say it's down, but the not out. you saw that today tech doing well. how about the fed rate hikes that's the fourth issue. well, it's not too disruptive at least not yet. zbhiez, back to you. >> the man who overseas the world's biggest hedge fund firing off a warning shot. bridgewater's ray dalio speaking on "squawk box" earlier today about where he sees us in the economy. we're where interest rates are being staged maybe we have two more years, i would say, into the cycle. something like that. it won't be

goldman shuffled to the path. goldman sullivan -- john waldron becomes the firm's next president and coo. asian stocks compound gains. the russian central bank is expected to follow the ecb and boe in holding rates steady after turkey's hike. carney's warning. he is said to tell ministers that and no deal brexit could lead to a 35% plunge in home prices and would force the central bank to drive up rates. welcome to "daybreak europe." 6:00 a.m. in london. thean get you up on markets. the msci asia-pacific index ending the week on a high. a second day of gains. emerging markets as well performing pretty well. we have the rate hike from the turkish central bank. a hike, a surprise upside of 625 basis points on that one week repo rate. we saw the turkish lira rally as much as 5%. we are seeing weakening in this section. 6.14 is where we trade. weaker by .9%. if we look at what the dollar is doing, it is heading for a weekly loss. biggest weekly loss since a february, i believe. we got the u.s. inflation print coming i

goldman sachs warns there remain more pain to come. games, russia and china demonstrate the unity with a joint military exercise. we are live at the eastern economic forum. a dose of realism. the pound jumps as a deal is achievable but michel barnier warns there are three major areas of disagreement. ♪ nejra: good morning, everybody, from hong kong to dubai, from lagos to london. we are seeing a little bit of quarters optimism in asian equities. the index mapping eight days of losses which was the longest losing streak since december 2017. tensions,e of trade perhaps an opportunity to buy these markets. 111.41.en trades at we are up 3/10 of 1%. the bloomberg dollar index overall pretty much unchanged. the yen is one of the g10 currencies at the moment weakening against the dollar. barnier from michel that a brexit deal is possible in the next eight weeks. cable holding on to the 130 handle. the two-year yield -- i know we look at the 10 year, but the two-year yield at its highest since 2008. 2.71%. keeping an eye on emerging markets as

our chief european economist at goldman sachs going to be joining us.ng about what is happening in the economy right now. and we have another exclusive interview coming up. this is bloomberg. ♪ francine: judgment day for argentina. the present waits the u.s. market response to yesterday's emergency matters -- measures. leadersusiness, italy's discuss their 2019 spending plans after the deputy prime minister suggest he will push eu rules to the limit. bus carney questioned, the bank governor faces eu leaders today as speculation

we have breaking news about goldman sachs.ship of goldman sachs is coming to focus. david solomon is new ceo. >> buddy john has been working with david solomon. we reported he would be rising. he goes back to the bear days with david solomon. it has been a long time coming. when you are ceo, you want new people at the helm. the current cfo will be taking charge of the trading desk. stephen scherr

the bank went bust we speak to rolling stone journalist in all the time be who famously described goldman sachs as a great find by a squid wrapped around the face of humanity plus she's following through on the crisis was she still thinks she's a ring on the people of this to be the leader of western europe's largest labor movement gets only a blairite accusation of racism in response to his grilling of minority u.k. government leaders are racism a plus for this week's papers it's arrogance with a consolation for the pint at lehman brothers the american war monger john bolton well the simple coming up in today's going underground but first today marks ten years to the day that the self-styled musters of the universe got that comeuppance or rather the entire western world was crashed by an economic model centered on financial services that were built on sand within days as the financial contagion spread u.k. labor iraq was supporting chancellor gordon brown claim to have saved the world by setting the stage for austerity policies that continue today we not only save the world save the bank

morgan stanley down 10 goldman sachs down 10. blackrock down 20. ben fringe lynn down 35.et managers not working. >> are they that important to the market let's take the issue with that at this point. >> second or third biggest by weight in the s&p but in terms of life blood of the system the most important sector by frp and they're not acting well, a plain simple sort of. >> it's incredible the market has been able to do what it's been able to do without virtually any participation from the financials >> there are two components to the success for financials one which we commonly talk about which is their interest margins which you expect with rising rates would improve. but the other of course is the fundamentals of the business which includes among other things kmerpgs loan growth, the housing market, those types of things the luxury housing mechanic at the least seems in many markets to have peaked a bit you know, those types of weeks o weak viss if sm we reached peak auto that's an area of heavy finance. speaking to that spp to dan's trade out to november right now th

decent nows out of goldman decent out of jp morgan, citi, on the fundamental front the stocks couldn'tly. wells fargo i don't know if you checked this process it broke the uptrend that it's been in from the april lows, the regulators are still all over that jamie dimon gets in a match with the president. >> goldman was down for like ten straight days. >> i look at it and say to myself i'm not certain what they're not going to be able to say on q 3 earnings in october that takes it up i think you define it with put spreads out to november which really catch the bulk of the components of the xlf. and i'll just get to the trade it's pretty simple here. option prices are relatively cheap in the xlf today trading at 28, 20, buy it at 28, 26 put spread. paying 40 cents for that buying one of the november 28 points. for 58 cents, selling november 26s at breaks even at 26.60ic up to 160 between 27.604 that's a four to one payout. i like the risk reward you i'll speaking you speak to the the charts and if the fundamental news gets worse, these stocks are going down. >> i mean, look, what we kno

. ♪ sachsy of 1974, goldman had it money-losing years.d not rank near the top in rankings of investment bankers. i picked goldman sachs because i wanted to work with a big firm, and i never wanted to live in new york. if you had asked me if i was interested in investment banking ofi was always suspicious people that came out of their mother's womb knowing they wanted to be an investment banker. they were not making huge sums in those days. i went because i was interested with substance, the idea of multitasking, working and advising clients in industries. i poured myself into my new job. ♪ thinking back on those years at goldman, i know they were intense. hank is intense. no surprise. i knew they would be demanding. i heard tales of people leaving homes before the sun came up and coming back after the kids were in bed. that was no way we were going to raise a family as far as i was concerned. hank: she said -- if you do not start coming home and helping me with the children at night, you are going to come home some night and i am going to

goldman sachs saying that is not really going to be obtainable.ow big an issue for you is oil right now? ames: it's moved up quite long way after the last few weeks and months, and i think the risk is in the near, it does go higher. to trump'st react relative aggressiveness in trying to increase supply, so there is the potential for that to happen. we don't really know the impact from the iran sanctions. it?hina going to ignore there is a lot of uncertainty about strong growth in the u.s. which could contribute to that demand pushing oil prices higher in the near term. nejra: rebalance risks more to the upside to you. could we get $100 oil by next year though? james: i think it unlikely. reserves.elease nejra: before the midterms? james: possibly so. it was ahead of the midterm elections at this stage. his current popularity rating is 25 to 40t with losing seats in the house, leaving the democrats running the house of representatives, making things difficult. this is one option where he could get traction with the voters. what concerns me for next

. >> goldman thinks it's getting worse. are we too complacent. >> no, i mean -- i agree with guy, first of all they have other bullets. guy pointed every time we talk that the chinese are in the long haul the data came out chinese has been a net seller of treasuries four out of five months. not in their best interests to dump those but they are in a position to play play a longer game. process this is not your father's trade war. >> why hasn't the market react snd you have to trade the market in front of you. i would think the market made up its mind that the u.s. does have more leverage than the chinese. >> for the moment. >> for today. >> for the moment. >> but to his point we are closer to the end. guy mentioned the -- go ahead. >> so the market is at all-time highs, totally outperformed the rest of the world. you are seeing global indicators indicating the trade war have owe is having a major effect it it has an ekt effect on the globe it achkts us it's been so long -- the revenues from the s&p -- >> the market is a for

that's the appropriate way to do it wells fargo has fundamental issues wrong so does goldman sachs. jp morgan is the most diversified with the best balance sheet. devg the highest multiple in terms of lowest discount rate. near a all-time highs. jp morgan at all-time highs with the market and you trade them all the same. regional banks outperformed for a long time if anybody is rate sensitive it's those guy. >> announcer: the vix is below 12 and peak. we do a great show friday at 5:30 with dan is the absolute star of. the vix is giving you another dunt below 12. that's sort of the level where getting long volatility is protectionist it's been right the last few years and here it is again the vix tells you everything is okay with the s&p. s&p went a great performer but the rotation i think to the banks is encouraging it can continue. >> that's an interesting point danburys up in terms of being a believer in the improvement of the global kpee or even the u.s. economy let's say. to so retail stocks for instance industrial stocks what would you rather rather. >> or would you rather. >>

goldman sachs is sounding a little more relaxed.t softer after a week of gains. .e are down three points on the we have banks up 3% on the u.s. tenure. the crate spat with china is heating up. the president is threatening to impose tariffs on $200 billion .f chinese goods isthe first point

citing goldman sachs is probably partly accou nta ble for it.ce we saw yesterday. —— so i think, longer term, in the price we saw yesterday. —— so ithink, longerterm, i in the price we saw yesterday. —— so i think, longer term, i think it is probably not that significant in terms of their long—term development. thank you very much, we are going to leave it there. and lawrence will be back in about half an hour to review the main stories being covered by the global media. so we will see him a bit later on. let's not talk about brazil. —— now. one of the front—runners in brazil's presidential election has undergone surgery after being stabbed while campaigning. the incident happened at a rally in minas gerais in the south east of the country. a warning — this report by katy watson contains shocking images. out on the campaign trail and working the crowds, we just a few weeks ago before the elections, far right presidential candidate jair bolsano was in his elements, but the celebrations came to a sudden end. mrjair bolsano suddenly gripped his che

it was mel fees and say dental fide lloyd blankfein of goldman sachs who used to be the boss of governor of the bank of england mark carney was accused of misleading congress do you think more of blankfein was lying or was he telling the truth that . well he was not being straight with the his clients in a lot of ways and we showed that in this bipartisan report and he wasn't being straight with the congress when he said that there was no massive bet against goldman's clients of some sort wall street down the city of london for what they were long before the fifteenth of september twenty eighth and it wasn't just socialist politicians like jeremy corbin a story coming those who worked in the banks themselves were coming and when they told their superiors they were sacked joining me now is paul moore author of crash bang wallop and the former head of regulatory risk and one of the biggest banks in the world h. boss paul thanks for coming back on they'll be acres of newsprint loads of stories about the ten year anniversary some people saying this isn't an accounting story a political story

you saw goldman sachs.e have been waiting for the herd, the institutional herd to come and so the fact that morgan stanley and citi bank, that helps sentiment. the custody is actually probably a bigger deal. because that's the rode block. if you have more than $150 under management and you are a private fund, you can't custody your own assets you can only get sew o so big in this space with custody, institutional quality custody, regulated custody that's a big step forward. >> for more on how the latest development can make bitcoin comeback we bring in mike bell shi the ceo of bit co. >> what sort of interest have you gotten so far. >> it's been ongoing the last couple years as traditional finance started to get engaged with cryptocurrency as the mechanic has grown and spronen o shons proms for the future it's growing everywhere >> what's your guess a to who the commerce will be the first clients. >> in the spectrum of folks needing custody. there is more aggressive and less grfrs a number of hedge funds, f

they thought that they were going to be global goldman sachs-esque. from 2002 to 2007 and that ended. it's not coming back >> we should probably take a break. >> we will >> that's because someone in my ear said that. >> i heard it, too >> i was going to ignore it. >> and the juul, let's use the juul during the break. are we allowed >> here is what else is coming up >> straight ahead, one top analyst cries uncle on a key name traders have been buying and selling. the call of the day is next. >>> before the break, our data partners and what happens to shares of goldman sachs after losing 5% or more in ten days. two weeks later up 70% of the time by an average of 2.67%. for more go to cnbc.com. "the halftime report" is back in two nus.mite ♪ feel that? that's the beat of global markets, the rhythm of the world. but to us, it's the pace of tomorrow. with ingenuity, technologies, and markets expertise we create the possible. and when you do that, you don't chase the pace of tomorrow. you set it. nasdaq. rewrite tomorrow. this is moving day with the best in

goldman sachs talking about commodities saying we are getting used to the idea of trade war tensions and for that they see commodities rallying. applies toy that other asset classes as well? maybe we will stabilize on some of the stories. we continue to watch for individual movers. -- new flowtrade out of boj which has moved things around a little bit on the fixed income market. pushingll of this

david: goldman depends on trade. was an interesting "new york times was quick article on tuesday about a whistleblower and pressure from the incoming ceo leading complaints go. david: somebody went to the whistleblowing line, and lawyers said don't worry about it. he ended up leaving. alix: it has been a negative seed in the market. goldman sachs down 11 days in a row. coming up, more on the morning central-bank decision. megan greene will break down the ecb, turkey, and see yeley -- and boe. this is bloomberg. ♪ alix: central-bank bonanza. ecb keeps rates unchanged through at least the summer of 2019. boe of grace its q3 growth forecast. bracing for florence, the hurricane weakens as it moves to make landfall in the curling less -- the carolinas. wouldn warning the s&p fall into bear market if the u.s. opposed a 10% tariffs on all imports. to quantify the trade impacts. david: welcome to "bloomberg daybreak." i am david westin alongside alix steel. i think we will call it central-bank day. alix: turkey has been the

wall street giant goldman sachs is launching a savings account for uk customers.it offers 1.5% a year, that is the best rate on the market. they are calling it markets, after the bank's founder. it could prompt other banks and building societies to try and offer better rates as well. a quick look at what's trending in the business news today. from business insider, trump claims the trade war with china has had "absolutely no impact on the economy". he made the claims as part of his press conference on wednesday, despite american businesses warning about pain caused from the tariffs. ford says it has cost them $1 billion so far. from wired: "congress challenges google on china. google falls short." it says google's privacy chief ducked questions in congress about whether it's building a censored search engine for china. and an opinion piece from the financial times. economist megan greene — a friend of this programme — says italy's coalition government is playing poker with the public, the eu and the markets. that's it for the business briefing this hour. this mark

and still their trips to goldman have been tougher in the parts of the two thousand and seven season the first time off a lot see ever visited the best part of the study and their friends were attacked by two men hooligans angry at the presence of red is marked in fact in the police film star jones not post i did not mention this libel come on and off and here we are just fine and i wanted to go into one song connecticut and a lot of the security that i'm going to vanish from the me up i see on. the experience of that day unsurprisingly has made many unwilling to return to dortmund in lots of colors. cut the speech for two listenings are vital when the fought over his new job if it isn't but you didn't see me feel it is the function of getting old but i don't need money given to see me try toes and come. up some as low as this almost as a tot was being does this i don't know i just can't. you had stood at the forefront of us up a common listen when the hundred. dollars had not told us that i was welcome although it's your show and i. didn't go to this with the help of the studies tha

into the accounts of city of london banks only later was malfeasance identified lloyd blankfein of goldman sachs who used to be the boss of governor of the bank of england mark carney was accused of misleading congress do you think more and blankfein was lying or was he telling the truth that. well he was not being straight with his clients in a lot of ways and we showed that in his bipartisan report and he wasn't being straight with the congress when he said that there was no massive bet against goldman's clients sums all wall street down the city of london for what they were long before the fifteenth of september twenty eighth and it wasn't just socialist politicians like jeremy cool business or coming those who worked in the banks themselves saw it coming and when they told their superiors they were sacked joining me now is paul moore author of crash bang wallop and the former head of regulatory risk and one of the biggest banks in the world h. boss paul thanks for coming back on they'll be acres of newsprint loads of stories about the ten year anniversary some people saying this isn't

goldman not so positive on the space.is really weighing on some the crypto related shares as well. where we do have some strength take a look at the dollar against the yen. down .6%. having its best day since july 20. we had the big selloff for the nasdaq. the worst week since march as some investors are seeking the safety of the japanese yen. lisa: let's get the first word news with mark crumpton. office president pence's says he wasn't the author of the anonymous op-ed in the new york times. so has mike pao and dan coats. the article claimed kiev ministration officials were secretly working against donald trump. the president questioned where the -- whether the author really exists. he demanded the newspaper unveiled the writer has a matter of national security. the trump administration is the sidestepping a long-standing court agreement meaning families will be kept in detention longer. the white house says it will instead adopt regulations that will allow for changes regarding migrants illegally crossing the u.s. mexi

bank went bust we speak to rolling stone journalist in all the bow tie beat who famously described goldman sachs as a great squid wrapped around the face of humanity was seized during the crisis. was she still thinks it's three hundred people on this committee the leader of western europe's largest labor movement gets only a blairite accusation of racism in response to his grilling of minority u.k. government leaders are racism a plus for this week's papers it's arrogance with a consolation for the pint at lehman brothers the american war monger john bolton well the simple coming up in today's going underground but first today marks ten years to the day that the self-styled musters of the universe got that come up and or rather the entire western world was crashed by an economic model centered on financial services that were built on sand within days as the financial contagion spread u.k. labor iraq was supporting chancellor gordon brown claim to have saved the world by setting the stage for austerity policies that continue today we not only save the world save the banks it was. you know y

goldman's stock was down at least ten days in a row. isn't that the fear?ink it's a good move that the cfo is going back to the securities unit. he's all about technology and expenses and moving fixed income training more to the 21st century. we think that is a positive developing at goldman this week. we need to hear it from the company. there have been more appearances by david solomon as d.j.sol, more as a disc jockey than in presentations to investors >> i have a feeling we will. mike mayo, nice to see you again. >>> up next, jon and pete have unusual activity one of the stocks they're watching has surged 40% in a month. what's the options market saying now? straight ahead first a check on the dow 30. the dow is down 44 don't forget that the past can speak to the future. ♪ ♪ i'm going to be your substitute teacher. don't assume the substitute teacher has nothing to offer... same goes for a neighborhood. don't forget that friendships last longer than any broadway run. mr. president. (laughing) don't settle for your first draft. or your 10th draft. ♪ ♪ yo

we're talking about goldman sachs.s. morning. you're launching this online bank account today and in the uk, why now and why in the uk? we've been operating for 149 years and for the last two years we've offered retail banking in the us, loa ns, offered retail banking in the us, loans, savings and financial management and that's been really successful. that's because people are using technology to manage their lives and money, but they don't manage their money well so we think we can use technology to help, using the power and knowledge of goldman sachsin the power and knowledge of goldman sachs in designing simple, easy to use products and offering great value, but using technologies to pass on benefits to our customers. you will pay about 1.5%, we are so used to rubbish interest rates from the banks, you will use that to playing consistently competitive rates. we asked 3000 customers before we launched about what they wa nted before we launched about what they wanted to... 1.5%, will that last for the duration of the

shares oos goldman sachs nearly 3% to 235.58. >>> drug maker crisp therapeutics says it's planning to offer $200 million worth of common stock in a new public offering and as often happens the news of a secondary offerin initially sent sharps lower in the extended session tonight. it also finished the regular session down about 2% at 51.89. and then after the bell, soware company red hat said a rice in subscription revenue helped revenue earnings top expectations total sales missed estimates but the company gave weaker than expected guidance for the q currentrter and shares fell in the after hours. finishing the regular day up a fraction to 143.16. and the stock of the day, had to be canadian marijuana company tilray. shares of most of the cannabis-related stocks hav been on a tare lately anyway. but today it was crazy. ading in tilray had to be halted five different times during the regularsession, all do you to tremendous volatility. when all said andto done the finished up another 38% to4. . and since the initial publication offering just back on july 19th, shares of tilray e up mo

they are calling it marcus by goldman sachs, after the bank's founder, marcus goldman.ion authority has called on ryanair to compensate passengers affected by staff strikes this week. the caa says ryanair is bound by eu law, which entitles travellers to a refund or new flight if their trip is cancelled — but the airline says it will reject any claims. ryanair has cancelled 150 of its 2,400 scheduled flights this friday — affecting some 211,000 customers. it's been a really busy week for new york. the united nations general assembly has been under way there. 0n the sidelines of the united nations general assembly, president trump has reached an agreement with japan's prime minister shinzo abe. the aim was to informally open trade talks between the two nations. sarah toms is in singapore how have those talks been going so far? well, it may not seem much. they have just agreed to open talks, but this is still a big deal at the moment. prime minister shinzo abe for the past two years has been resisting pressure to start these talks, and that's because mr abe wa nted talks,

goldman sachs has called time on the surge in indian stocks.etary-general says demand for oil is still robust enough to bring stockpiles below their five-year average. he also told bloomberg about headwinds brought on by unrelated factors, over which the energy market has little control. he rejected criticism of the cartel and the independent allies, saying the oil sector needs strong management. >> there is no viable alternative on the table. other than institutionalized and with goodncorporation partners in a permanent fashion. the world needs it. >> global news, 24 hours a day and at @tictoc on twitter, powered by over 2700 journalists and analysts in more than 120 countries. you can find more stories on the bloomberg at top . it impact of the typhoon, looks like they are at loggerheads according to the "wall street journal" report that china may decline talks over trade, seeing asian markets back in the red today. we have taken japan off the map, which closed for a public holiday. banking stocks lifted the asx 200 higher, but generally

dan goldman, thank you.et to ali velshi who is on the coast as hurricane florence continues to batter the area. ali, back to you. >> it's gotten a lot more serious here in myrtle beach, south carolina in the last 20 minutes or so. we are half an hour from high tide, but it is nowhere near where it should be. you can see the wind, the storms over there, 15 or 20 miles from coming in. you are seeing bands of rain and wind. the wind is coming this way, pushing the water out. the wind is fighting the high tide. i don't know how that is going to affect our flooding and surge. if you want to see what flooding looks like, new bern, north carolina. we have been reporting on this now over two hours. there are rescues, the national guard is out there. local authorities are out there 67 . we are in new bern, bill karins is here. what are you seeing with respect to rescues? >> the peak of the storm surge was midnight at ten feet. the water level dropped to six feet above where it should be. it's still extraordinarily hi

goldman sachs, talking about the indicator being alarmingly high.ore on that as we go through the program. lets coming up and programming during daybreak and further beyond into other european programming later on today. host of exclusive interviews coming. today's brexit show we will be speaking to the former u.k. prime minister tony blair and tensions -- while tensions between the u.s. and russia heat up we speak to my cows are done of -- juliette: u.s. president donald trump has demanded that the new york times reveal the identity of a senior official who wrote an anonymous article. he or she or others in --ernment the root of the problem is the president's immorality. >> when i won they were forced to apologize to their subscribers. they wrote a letter of apology. the first time anybody has ever done it. the covered the election incorrectly. if the feeling new york times has an anonymous editorial, can you believe it? anonymous. a gutless editorial. juliette: contagion growing louder. jpmorgan and blackrock are amongst the big wall street names

goldman sachs, they want to trade it. is a wonderful environment.wonderful, but then actual value case as a digital gold as a digital currency is really strong with these emerging markets collapsing like turkey. there is a good place for people to go now. bitcoin is one of the most volatile. the problem is going from a bear market to another very market is a bit of a problem. people are using bitcoin to good money, diversify, and then move more stable coins. the biggest, best, most appreciating coin is tether. it is very controversial. vonnie: what are the points they move off of? d.c.ng about are these coins trading at all on any of those headlines? >> right now is the dump operiod -- period. last year was the pump. it is still too speculative. i think the key thing to remember is the market gets overhyped and technology just needs to catch up to the hype. if i use the dot-com bubble as an example, it takes about two years. it usually takes about two years. we are only nine months into this one. romaine: thank you. i think we will leave it there. t

. —— goldman sachs.ell—known bolton racket wall street name moving into the retail space. there is not much money to be made in that, is there? there is a bit of money to be made in that. from an overall point of view, they reckon they can suck in an extra 5 billion dollars in annual earnings asa billion dollars in annual earnings as a result of creating this bank. they studied in the united states as yea rs they studied in the united states as years ago and got a very attractive headline rate to suck in money. —— they started this in the united states. it looks like the best interest rate for instant access. so good news for savers. from one of wall street's biggest. talking of wall street's biggest. talking of wall street, a us debt could to be costlier than the military. this is a staggering article in the new york times. the debt level is go to reach $1 trillion next year. we were talking that italy with a budget busting budget will stop what about the united states? yes, for me, this is going to be

why does goldman sachs say we could see more pain ahead? >> why?the model that goldman uses where we are at a point where if you look at the where wes is a moment will see a reassessment of prices in the emerging market. then we go back to the contagion question and which of those countries within the emerging market universe are most vulnerable. events some interesting coming up in emerging markets this week with the turkish and russian interest rate issues. turkey watched the most of all of those. -- theative calm today story will change in the coming days as the events unfold and we will see more of the weakness that has been experienced in recent days. , to what extent are you impressed by the actions taken by certain countries versus others? indonesia seems to have done quite a lot. argentina has also been busy tackling the forces at work. but, turkey less so, perhaps. bilal: indonesia has followed the best textbook way of dealing with all of the us. they -- with all of this. they were preempted. they began to intervene. argentina was too late

the incoming goldman sachs team handpicks his team.s, we will talk the strength of the banking system and lehman's 10 years on with the chief executive of bnp paribas. this is bloomberg. ♪ ♪ francine: economics, finance, politics, this is "bloomberg surveillance." i'm francine lacqua here in london. hurricane florence is threatening to unleash widespread destruction as it hits the carolina coast. wind and rain have hit waterfront towns, causing floods , which could produce a debbie 11 foot search. hundreds of thousands of people have been evacuated and farmers have rushed to save crops and livestock ahead of the storm. for more on the economic impact on hurricane florence we will bring in our executive energy -- editor for energy and commodities. it is much more than oil, because it also impacts farmers, livestock. what will be at the forefront of people's minds? >> in terms of the economic impact, yes, we are obviously clearly concerned with retail side, we care about the infrastructure side, but beyond the obvious risk to human healt

goldman sachs and silver lake were advising and likely to be an investor.ting they did not simply request the information because probably those players would have given over if asked the subpoena tells you there is a degree of gravity there and i am speculating here maybe it made it easier to share the documents because they can say to musk that look, we have no choice. violated those agreements. >> exactly right so perhaps there were optics there, although i don't know how that message would have been conveyed to the s.e.c. or whether they deduced it. >> in terms of this inquiry broadening out, into what areas? is it a matter of timing and nature of the disclosures? does it stretch into other areas of corporate behavior and what musk has done? >> i asked this question when i was reporting the story and one thing i wondered about what was the that musk not only tweeted about funding secured when that wasn't nailed down but he tweeted about having advisers engage when they were not officially engaged was that a part of the investigation? the answer is it ma

goldman sachs is one of the lag guards here, charlie.wn about 1 and 2/3% at moment. >> nothing to do with this story. we're talking about what -- liz: financials are getting hammered. not hammered, they're getting hit which is interesting because a rising rate environment is supposed to be good for financials because it means they get to charge more for money they lend. >> none of the people at goldman sachs can charge for this. liz: they can't put it on expense account? >> i thought we were doing a hit on expense accounts. as we were reporting goldman sachs cracking down on expense accounts. we thought it figured out, nice thing to do to figure out exactly what you can eat there when you're working late and expense and put in an expense. by the way the expense account is something like $25. has been that way for years. here are some of the stuff you cannot expense. liz: those are carrots. wait, what? >> say you're working past 8:00, right? you have a 25-dollar allotment. not a lot of money. average meal in new york is $50. this is why t

witholemn era takes place goldman. we discussed goldman's changing of the guard next.s is bloomberg. ♪ his is bloomberg. ♪ >> this is bloomberg daybreak. a little more than a week ago, people were talking about boycotting nike because of that controversial ad featuring colin kaepernick. now shares have hit an all-time high. and maybe months before the business impact of the ad can be measured. sales are still tracking well above last year. it is the end of an era at volkswagen. they are ending production of their iconic beetle. demand for the beetle and cars like the vw golf have fallen. investment bankers at goldman sachs have completed their takeover of the firm. john solomon has named david waldron to the company. goldman's outgoing ceo lloyd blankfein steps down at the end of the month. that is your business flash. alix: this is no surprise. we all knew it was coming. eat or be eaten. at the end of the day, it is the end of an era for goldman sachs. david: there were reports that david solomon would be elevated. now we have to investment bankers at the top of this