interestingly, goldman sachs, viewed as one of the stronger banks during the crisis, actually was one of the heaviest borrowers, a total of $615 billion. this despite the fact that several times during the crisis, goldman sachs' ceo said they didn't need help. >>> keep an eye on pepsi today. they agreed to buy a stake in a russian food and beverage company for $3.8 billion. >>> and finally, proof you can sell anything. the coffin that once held lee harvey oswald, president john f. kennedy's presumed killer, issing with auctioned by a ft. worth, texas, funeral homeowner. bidding is expected to go as high as $100,000. not necessarily something for the mantle. >>> coming up, the pistons misfire against the heat. there's trouble in sin tinselto tinseltown. and the freshman dominate the top ten battle. plus, michael jordan's son came up with the moves last night that would make any father proud. your early morning sports headlines are just ahead. >>> one big storm has exited the east coast. now the west coast is next. your thursday forecast is coming u' w"earat today." 3q lysol knows you w

now michael bloomberg is suing the european central bank to get them to reveal that goldman sachs is the bank that cooked greece's books to get them into the euro we also told you about j.p. morgan's massive illegal silver short position we got them so scared now they're moved their illegal silver short position offshore and now a new bank in the news major financial terror is tearing up the global economy for a few quick but it's a bank of america stacy herbert tell me more yes max kaiser bank of america is in the news the first headline i have to read is just his sterile they're planning on major chaos coming major anger from the peasants coming regarding their shenanigans because the first head irene's wow bank of america bought sucks and blows u r l's for like everyone at the company so apparently bank of america is false four hundred thirty nine u r l's including things like brian moynihan sucks dot com who is the c.e.o. and then they went out of their way and bought all sorts of u.r.l.'s for other executives katherine best say it sucks dot com and she's just the global techn

caller: i disagree with you about goldman sachs. i understand they created the mortgage swaps and they bet against them failing and that is how they would make money. i blame the hedge funds and wall street for this crisis. to much speculation going on and the banks tried their best to do some things. i heard that 59 bankers were indicted. i don't know if that is true or not. what do you think? guest: i have not heard that number. i am not sure i have heard of any indictments of bank, per se. there was a major civil suit brought by the securities and exchange commission against goldman sachs that was openly settled without goldman sachs admitting or denying any responsibility. what happened there is exceedingly complicated. goldman sachs in that particular case took the position opposite of the one i think you were suggesting. they were saying that these would be good mortgages. they were not betting against the mortgages. however, the party of the other side did by credit defaults what that enable them to bet against the mortgages.

the obvious fraud i mean goldman sachs admits to the algorithmic trading and high frequency trading they admit to that their fraudulent behavior how does the the average investor get around this or did you just go with the flow well you don't go with the flow the bottom line is what is the stock market is the opportunity to buy stock at a particular price and you're buying participation in a particular company for me i was never that worried about how these large players and these potential practices came into being because if i bought a company that had great value at a price i was buying it at in due course it would do well you know what i saw whatever happened the last couple of years you know i did or an evaluation of all the the stocks that i remember telling my students about in my clients about many years ago the ones that i thought were good solid companies decent prices where are they now look five years later most of them are up triple digits see a lot of that stuff with a minute delay should that might cause you know a warping of the price in the short term but it tells the av

trading on inside information by definition what they do is trade on inside information of course goldman sachs lloyd blankfein all say well he calls it making a market that's a euphemism for breaking the law now the f.c.c. and others are coming down on these guys but i doubt it'll be more than a slap on the wrist of a small civil fine i don't think we'll see anyone it's not true because it's not a c.c. investigating this and it's not a civil matter because it's by the very nature of the fact that it's the f.b.i. . reading offices and subpoenaing people it's that's a criminal matter it'll be a criminal matter very exciting so you're in the thick of it greenwich connecticut of course is one of the big hedge fund capitals of the world the f.b.i. is crawling around looking for bad guys and so how's the feeling in there the media feel like the hedge fund managers are hiding under their desks so they're they're seeking asylum in foreign countries or what's it like well that's a very curious thing about this is that you know i watched the local news every night here and. there's nothing at all about

lehman was bailed out and goldman sachs did pretty well.hat benefitted from the bubble formation, the housing bubble. they were the ones that got over. we ended up buying that stuff. the fed owns he's illiquid assets. the american people are losing their homes. it's economics and not legal under the constitution. i want to go back to your suggestion that you have a moral bigger megaphone. maybe can you tell us of your understanding, how far the republican leadership is willing to go with your investigation of the fed. when you talked with in-coming chairman bacchus. will you receive support from him as it goes to full committee level? >> i'm working on the assumption i will. the conversations i had with the chairman basically said you're in charge of that subcommittee. that doesn't mean that you know, the first woke in january i sunday over a subpoena for bernanke and demand he come over with a pile of papers. i don't think that would be logical. to start sending requests to their accountantas and -- accountants and other people. we want to

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and the number of instances when major firms like goldman sachs, morgan stanley and citigroup borrowed from the fed-- in some cases more than 200 times. neil irwin has been covering the fed for the "washington post" and he joins us now. >> thanks. >> brown: the first thing that jumps out is we knew this was big but we didn't quite know how big, right? >> exactly. we knew there were many billions of dollars lent during the dark days of the financial crisis in 2008/2009, the question was who was getting the money. we know the answer now is almost everybody. name a big bank, a big firm, it's on this list. >> brown: and the fed was compelled to... nobody was lending, flight so the fed was doing what is this >> what happened the financial markets shut down, the financial system was in disarray and at risk of complete collapse and the fed said, you know, we're going to step in and be the lender of last resort. we won't lend just to banks or their normal counterparties but anybody who needs money, whether it's commercial paper market-- which is a form of sherpl lending-- large industrial comp

. >> goldman sachs was fined over 20 million euros for not disclosing a u.s. investigation into 80 of its employees. in lithuania, the penalty would have been 150,000 euros. the european commission would like to change this. >> we allow member states to do this within their own societies but there is good reason for introducing some minimum standards so that standards are efficient, proportional, and act as a deterrent. >> the high levels of a shadowy dealings on financial services markets must be fought more resolutely. violations should be punished and criminal court. the commission is planning tighter regulations to our improved financial market transparency. >> a transparency is the first prerequisite for responsibility. we wanted to know who is doing what and people in the markets to more actively participating should be willing to take responsibility for their actions. >> companies and experts have until february to submit their opinions on the initiatives. any new rules will take effect in 2012. >> a big win for the german coal industry. subsidies for c

and goldman sachs 10 billion. they have paid every cent of it back?> plus interest. >> >> bill: plus interest. so we are square with them? >>. no because the fed bought their toxic assets and fanny and freddie bought a lot of these toxic assets. a trillion dollars worth at the fed. what are they really worth? mortgage backed securities? $20? $10? we don't know. >> bill: the federal agencies bought some of their garbage? >> right. we're not even on this deal. >> bill: all right. good point, stossel, that's why we have you on the program we gave them the money outright. >> forced some of them. >> bill: they paid it back. also the taxpayer bought some of their garbage investments. >> hundreds. >> bill: here are the companies that didn't have largest that haven't paid it back. a.i.g., what do they owe? >> 69 billion. >> bill: oh, that's a lot. g.m.? >> 27 billion. plus they don't have to pay taxes on their first 135 billion in profits. >> bill: chrysler? >> 14 billion. >> bill: sun trust? >> and regions financial 4 billion. >> bill: 4 billion each for tho

goldman sachs forecast it will continue up. the top 1700 announced in 2011.gold is regarded as a safe for long-term investment than stocks or currencies. as investors worried about the industrialized world increasing debt burden, that is where they're putting their money. there are fewer and exploitable deposits. geologists estimate that only 47 metric tons of gold left in the ground. the shortage is adding to the upward pressure on prices. >> stock prices gold -- closed mixed on european exchanges amid the mix of mostly negative economic data out of the u.s.. we have more from the frankfurt stock exchange. >> car shares are in the limelight and investors stayed away from them. china is eliminating subsidies for the purchase of new cars. that could hurt car sales, investors think. this came a day after the minutes of the government in beijing announced that they were going to have a number of new car registrations that they will allow. investors here on the -- they are on the careful side because many professionals don't see a lot of reasons for going into th

one of the motivating factors today was a strong endorsement of financial stocks by analysts at goldman sachs. the financial select exchange traded fund jumped 2.5% on very strong volume. the goldman analysis calls the sector overweight, pointing to expectations of demand for bank loans will start growing, thanks to an improving economy. the analysts also think longer term interest rates will drift higher. that helps banks, because they can borrow using short-term bonds and then charge more for longer term loans. goldman also thinks banks will be allowed to raise dividends after passing another stress test next year. among the stocks it thinks will be first to raise their dividends, j.p. morgan, u.s. bancorp, wells fargo, and p.n.c. all four saw nice rallies today. one other note of bullishness on the sector from this opinion. it also points to a strong stock market as helping about the trading operations of banks. if that forecast holds, it may mean better business for the exchanges. we saw a pop in several exchange stocks, including futures exchanges c.m.e. group. we did learn today novembe

kathleen brown is working for goldman sachs. goalman sax spokesperson says kathleen brown will be taking on a new role as chairman of investment banking for the midwest. >>> directv says it did not do anything wrong but it will pay more than $13 million after it was accused of using misleading advertisements. attorneys general from 50 states say ads offered promotional rates of $30 a month but didn't mention the rate doubled in the second year of a 2-year contract. customers were offered channels that were never available. customers have until june 9th to file complaints that could lead to reimbursement. it's a sweet $200 million tweet for twitter. a company announced it will get that amount of money from a major silicon valley capital firm. that places the value at $3.7 billion. twitter which has more than 175 million users can use the funds to hire more people for advertising service which began this year. san francisco based company started in 2006, and has more than 350 employees up from 130 a year ago. i know you get a lot

>> jpmorgan, morgan stanley, goldman sachs, deutsche bank, see great opportunity in china because the chinese don't know how to bank. they don't care whether america has jobs, they care about profits. all the growth we have had in this recovery has gone into banking profits. half has gone into bonuses for a handful of people that work on wall street. despite the fact that the economy is growing see our wages go down. they are really lucky that hardware stores in manhattan don't sell pitchforks anymore, those gritz aristocracy from the old french revolution. >> town look though you are talking about incredibly powerful interests that would be disrupted by engaging on trade policy and banking policy, how much of a disruption would it to be a caterpillar to a jpmorgan, if the government was to step in and say we are going to make the banks smaller, going to tax the chinese currency subsidy? are we in fantasy land to think we could engage these things without a disruns that is so big somebody like barack obama doesn't want to deal with it? >> look at franklin roosevelt are. no one believe

goldman sachs was treated pretty well. we need this information. those individuals who benefited most from the bubble formation in housing and other baubles that were formed were the ones who got overextended -- bubb les were the ones who got over and send it. the american -- the ones who got overextended. it is an unfair system and it is bad economics and it is not legal under the constitution. >> that we go back to your suggestion that you have a bigger that phone with the subcommittee chairmanship. how far is the republican leadership willing to go with the investment -- with the investigation of the fed? are you in concert with the direction you are taking the subcommittee? will you receive support as it moves to the committee level? >> the conversations i had had with the chairman said i am in charge of the subcommittee. that does not mean that in the first week in january i sent over a subpoena for ben bernanke and the man he come over with a pile of papers. i do not think that would be logical. but to start sending requests to their accounta

. >>> top discuss at goldman sachs are getting a big belated payday. the ceo lloyd blankfine is expected to collect $24 million in stock next month. it is a delayed payoff from last year and goldman's record setting 2007 bonuses. >>> holiday travel is expected to rise about 3% during the christmas to new year's period. aaa predicts more than 92 million people will travel 50 miles or more during that time. americans are also expected to spend 3.5% more on their travel plans this year than last. and that's your money watch. for more, head to cbsmoneywatch.com. >>> airlines are raking in record profits as you heard. yet the cost of flying continues to climb. >> some startling new odds that suggest you may suffer a heart attack just if one of your family members has had one. >> it is all about howard and snow in the forecast. >> i love you. >> weather watch. snow coming today. snow lovers will be happy today. westmoreland county, virginia, the only closing we have. you guys have closed school for today in the northern neck. westmoreland county, virginia, we

is gaining point three percent like in fell two point two percent in standing its losses after goldman sachs cut its ratings last week the dollar strengthened for the six day after china retrained refrain from raising interest rates despite the fact that inflation is already over five percent here in russia markets open higher monday as is gaining less than half a percent of the opening the eyes it's a still closed on friday the more the markets which has some strong gains as well. but alice say in general russian markets are getting call while while waiting for the upcoming winter holidays there's going to be less and less turnover less and less news flow i think the key event this week we're expecting. news flow from the russian depository receipts they announced a week or two ago that they were going to be trying to push those up by the end of the year their target is this week we'll see if that happens because if there is a successful listing we can expect other companies or dollars out offshore such as you have. to possibly seek listings as well in the first quarter of next year. russia

goldman sachs paying out more than $110 million in bonuses next month. including a bonus of more than $24 million for the chief executive. the investment bank took $10 billion in government bailout -- $110 billion government bailout from the government. that has to cause a little controversy. subdued trading. investors -- the same story -- they are clinging on to those eurozone worries. the whole sovereign debt issue and what will come out of the eu leaders summit which kicks off today and continues tomorrow. it will be -- will we see unified action? that is what the markets are waiting for. >> looking forward to the christmas break. thank you very much. a tragedy as we open the debate about the plight of boat people from asia. any hope of finding more survivors of of the wreck off the coast of australia is winning. they died after the wooden craft hit rocks in rough seas near christmas island. >> more harrowing pictures showing the desperate plight of the asylum seekers. when their boat was smacked against the rocks along the coastline of christmas isla

index is gaining point three percent nikon fell two point two percent extending its losses after goldman sachs rating lost me a dollar strengthening for the six day off to china refrain from raising interest rates just spiked that inflation is already set. here in russia markets and it makes on friday with the r.t.s. gaining and i'm isaac's pointing downwards miku was the biggest winner on the r.t.s. up over one percent local but the trend shedding point six percent telecom and wall snap finished point one point seven percent higher airport shares have dropped four point three percent on news of a stake sale. russian markets began strongly last week on the back of a successful world cup but slowed by middle and remain basically flat until the end of it john hazel from citibank it ought to be his preview of the coming week. we're getting we're about two weeks away from christmas three weeks away from the new year so we're getting ever closer to the holiday season as such people are going on vacation there's going to be less and less turnover the less and less news flow i think the key event thi

and to be interesting to see whether or not there is any sort of information directly related to goldman sachs and john paulson who did meet in athens as we reported here on the kaiser report prior to this bailout of these swaps positions yeah well goldman doesn't i think just say it was part and parcel of what they're consulting of blah blah blah blah you know because there's no rule of law on wall street there's no concept that they always take take the attitude that if it takes break the law quote unquote that it's not their problem it's the problem the lawmakers haven't passed a lot of laws and modify the laws fast enough to keep up with their genius over there doing god's work well and to you know stay with that theme of nasty surprises being pulled out of a hat whenever it's necessary another nasty surprise from ireland anglo and a i b via the e.c. so max this was in the european commission we found out from the. press release date issued in the past week or so that hidden in this press release anglo irish bank will furthermore receive a guaranteed cover certain off balance sheet liabili

weak and fell two point two percent extending its losses after goldman sachs cut its ratings last week but those strengthened for the six day after china refrain from raising interest rates despite the fact that inflation is already over five percent. the russian markets ended mixed on friday with the r.t.s. gaining adam isaacs pointing downwards noisemaker was the biggest winner on the r.t.s. up over one percent bucked the trend sharing point six percent telecom n roll snapped finished one point seven percent higher air force shares have dropped four point three percent on news of a stake sale. western markets began strongly last week on the back of a successful world cup bid but slow by middle. and remain basically flat till the end of it john hazel from citibank russia gave r.t. his preview a coming week. we're getting we're about two weeks away from christmas three weeks away from the new year so we're getting ever closer to the holiday season as such people are going on vacation there's going to be less and less turnover the less and less news flow i think the key event this week

and they would have created some new banks that were not run by frickin financial jurist like goldman sachs j.p. morgan he'd lie now mervyn king told the truth but of course that information did not get into the public domain it's globalization for the bankers when it's convenient for the bankers but everyone else of course does not benefit from having globalized information except for wiki leaks and julian sun best life so dangerous by those who want to keep the system as it is by siloing information and accessible only for the most corrupt of the kleptocracy in the u.s. the u.k. and around the world the other thing that is important in this cable that was leaked is that mervyn king told us embassy officials that it was quote imperative to find a way for banks to sell off under wanted illiquid securities including mortgage backed securities without resorting to sales at distressed valuations king said sales at distressed values only serve to lower the floor to which banks must mark down their assets in predecease mark to market thereby forcing unwarranted additional write downs so they're

don't know the latest numbers that came out as we're speaking show that the five biggest banks goldman sachs morgan stanley citibank and bank of america have seen their biggest revenues ever and you've got in general the financial sector bouncing back to conditions of profit and bonuses. haven't been seen in decades in many cases the highest on record somehow this country's been persuaded that the first and foremost important thing to do is to help the super wealthy and then somehow it will trickle down on the rest well we've known that was bunk for forty years but there hasn't been i don't think a loud enough argument coming from the left to explain how that money that's pumped into the top stands tends to remain spent you've got one point eight trillion dollars sitting in private bank accounts untouched by the government keeps giving money to private employers but they keep not employing anyone and banks are sitting on that cash. and when you by contrast plug the money pour the money into the lowest part of the economy then you have a much better chance of stimulating the economy that's th

some market watchers believe the strengthening trend will continue through next year goldman sachs predicts the oil price will average one hundred dollars a barrel next year and drives further in twenty twelve but the pair of president of russian energy john you quote believe that too optimistic. i think that the current price is already fair and comfortable for those producers and consumers our analysts agree with opec experts that the only price next year will be at around the same level. that is eighty or ninety dollars our company is looking forward to these price. tags check out the markets now they're up here in russia on the back of that strong price the r.t.s. is gaining over a percent while the my six is trading point eight of a percent higher the energy sector is doing particularly well with the likes of rules and after gazprom and hydro all up strongly most per bag is the top gainer over two percent of main courses that's off to a source of russia's biggest lender said profits this year could top two hundred billion rubles considerably more official forecast. to europe where stoc

fifteen the early winter and renewed optimism over a global financial upturn a boost in the markets goldman sachsredicts by roy. averaging one hundred dollars a barrel next year and rising further in twenty twelve bagatelle a pair of presidents of russian energy giant luko says that too optimistic. i think that the current price is already fair and comfortable for those producers and consumers the beauty of our analysts agree with experts is that the price next year will be at around the same level. that is eighty or ninety dollars companies looking forward to this part. of the quick look at the markets now nasdaq and the dow have opened up point two of a percent after the people's bank of china kept interest rates unchanged wall street is now within reach of the two thousand and eight highs but general electric is down after a one point three billion dollars bid for british listed all services well stream. here it's being driven higher by miners and friends and the other top to gain is in london over three percent as the price of copper sold to record highs. russia is also in the black on the ba