tavis: what is the future of the house of goldman sachs? > ironically, except for the public relations, they have never been better positioned, because they have fewer competitors. bear stearns is gone. morgan stanley is focusing on their brokerage business by and large. goldman stands. when you combine that with the fact that bell -- now they are a bank holding company and that they have access to the federal reserve bank, which they had a hand in establishing 100 years earlier, we are subsidizing their business plan, which has not changed that much. tavis: i am curious as to how they address the issues of race and gender. it has been a suspect at times, to say. am i being generous? >> yes. women have been treated horribly up to the present day. there are a number of lawsuits pending against the firm. i tell the incredible story of a stanford business school student in the 1970's there was black and try to get a job at goldman sachs and got very far, thought he was going to get a job, and that he was told that the interview was over and tha

this business was golden it was a client of goldman sachs i mean there are fraudsters look at this facebook deal and he saw the state of art but goldman violated s.t.c. laws they offered a facebook insider deal to more than five hundred investors the f.c.c. what was their response that they say oh risk prosecute goldman you broke the law now there f.t.c. said maybe we should revise the law to accommodate all the facts so that's the problem goldman sachs can break the law if lloyd blankfein went down to the post office any slit some old ladies threw out he would get off scot free because he would say to prosecute me a systemic rats risk to prosecute me it's a threat to national security and if i push comes to shove i'm going to change the law and make c.e.o. of wall street bankers legal to slit all ladies throats they are untouchable it's worse than the mafia these guys are absolutely on top of all their cancer and you've got to purge him. so the michigan democrat also said federal prosecutor should review whether to bring perjury charges against goldman sachs c.e.o. officer lloyd blankfein

global financial crisis led by the global financial terrorists and they are in the news today max goldman sachs misled congress after duping clients says levin senator levin alleges that goldman tried to artificially depress the mortgage market in two thousand and seven to amass a short positions and goes on to detail structured securities to goldman marketed to investors saying the firm's interests were aligned with fairest only they weren't why would goldman deny what is so obvious that they were engaged in a huge short in the year two thousand and seven why would they deny it. because they get expensive their clients in the used to be you should practice is to do it that's right the firm allegedly knowingly and let's be honest they sirup pitcher slay so old mr eleven calls them deals to people knowing that they would collapse in value they made bets against the collapsing value and they made a mockery of their clients why anyone goes. business with goldman who's a client of goldman sachs i mean there are fraudsters look at his facebook deal or no he saw the state there are but they all been

the hudson-anderson cdo shows how goldman sachs used this to transfer assets, as is a favored client, and make a $1 billion gain and profit at the direct expense of the clients who invested in the goldman cdo's. the case study shows how conflicts of interest related to proprietary investments led goldman sachs to conceal its adverse financial interests to potential -- from potential investors and place it and it took interests above those of its clients. that is a pretty damaging kind of a finding. there are pages of evidence that is between these findings to support it. something that is totally new in here is that goldman sachs attempted what is called a short squeeze. that information will also be discussed by staff. that is laid out in this report between pages 386-430. i will just give you a couple of quotes from some of the e-mails or flavor. -- for flavor. page 46. excuse me, the bottom of page 425. this is a self evaluation of one of the traders on the desk that ran this operation. here is what he wrote. in may, while we were remaining as negative as ever on the fundamental of

but one of wall street's biggest names wasn't among them-- goldman sachs. the investment bank's first quarter profits were down 21%. goldman earned $1.56 a share, a big drop from the $5.59 it earned a year ago. still, the results were much stronger than analysts expected. suzanne pratt takes a look at some of the speed bumps on the road ahead for goldman. >> reporter: this is a familiar image when you hear the words "goldman sachs." that's c.e.o. lloyd blankfein on the far left, testifying before congress early last year about who gets blamed for the financial crisis. fast forward to today, when goldman reported its latest quarterly results. the numbers were okay, not stellar, yet the giant investment bank continues to prove it's weathered the financial crisis and recession pretty well. nevertheless, goldman is now facing new headwinds, including a tarnished reputation. but suzanne mcgee, author of "chasing goldman sachs," says the bank should be most concerned about its rival, j.p. morgan chase. >> it's been profiting quietly from all the hullabaloo surroun

six and a half to over forty dollars in the last few months since november we make the market goldman sachs says their market maker j.p. morgan says oh we have liquidity there for hoops you got to beat that up they don't now jack we make the market we're pushing the price of silver to five hundred dollars an ounce of you know what now the rumor is that a russian billionaire of course somebody who watches the show is trying to corner the silver market like warren buffett tried in one nine hundred ninety eight like the hulk brothers tried back in one nine hundred eighty but is this man and the price is going a lot higher will it then drop no because the dollar is being rejected as the world reserve currency we're going back to a precious metal standard and that high that gold and silver achieve will be the permanent plateau apart works the global economy will be real or contented in the end it's. created. as a server talk to me good next we're going to get to those rumors but i think those rumors are actually being spread by the obama administration and to me geitner but because we're going t

time congress is finally naming names and its six hundred forty page report the report says the goldman sachs misled clients about com and congress about the firm's bets on securities tied to the housing market all in order to profit off of the brewing financial crisis and levin says that he's now going to recommend the goldman executives including chairman and chief executive told lloyd blankfein be referred to the justice department for criminal prosecution it sounds promising and it will be american people are craving but doesn't really have any chance of coming to light joining me from our studio in new york is michael hudson staff writer with the center for public integrity and author of the monster how a gang of predatory lenders and wall street bankers fleeced america and spawned a global crisis michael thanks so much for joining us tonight i must say it's rather exciting to have congress finally pointing fingers finally saying that they're going to work for some people to the justice department for prosecutions but what are the chances we're really going to see lloyd blankfein be put

one of the things that we saw in this report is they specifically pointed a lot of fingers at goldman sachs banks for shorting investments but were they really of the only ones doing it you know do you think that this is something where you could point a lot of fingers or a lot of people who go on trial or were these banks the perfect examples because they came out relatively less scathed i guess you could say that others i mean these were in the report these were case studies these weren't the only only examples just about everyone on wall street was involved in questionable activities in the report makes a really persuasive case that fraud was the driving force behind the financial meltdown this was not an act of nature this was not something that just happened but but fraud was dry it was you know was the driving force behind all these subprime loans made on little hundred thousand dollar houses in rural minnesota and then the in then it was the driving force in the in the marketing of these multimillion dollar multibillion dollar investments that were backed by pools of subprime loans a

going back to the roman empire chevron conoco phillips as well as financial institutions like goldman sachs citigroup and bank of america and defense contractors like boeing and general electric along with a handful of other transnational giants spent over a billion dollars in the last decade lobbying congress to keep intact corporate tax loopholes a billion dollars spent just a few blocks from here on just five hundred thirty five members of congress how is this fair and how long can they get away with this and joining me now is adam smith direction communications director of public campaign and daniel harper of the weekly standard gentlemen welcome thank you. daniel and yes exxon mobil paid not that in zero nine they got a rebate of one hundred fifty six million chevron ten billion profits in two thousand and nine no taxes nineteen million dollars rebate bank of america for now have billion in profits last year paid no taxes got a two billion dollar refund you know i literally have a list here of about twenty of these i don't want to bore you with the whole thing but you get it the questi

. >> tom: his scathing report takes the shine off goldman sachs, blaming the bank for misleading clients and investors. you're watching "nightly business report" for thursday, april 14. this is "nightly business report" with susie gharib and tom hudson. "nightly business report" is made possible by: this program is made possible by contributions to your pbs station from viewers like you. thank you. captioning sponsored by wpbt >> susie: good evening, everyone. harsh words today for goldman sachs from a bipartisan senate panel investigating the financial crisis. tom, this report is different from its predecessors. it directly assigns blame to the investment bank, credit rating agencies, and regulators. >> tom: susie, the report is critical of many financial firms, but it singles out goldman for "rampant conflict of interest." the report also includes 19 recommendations to prevent a future crisis. they include requiring lenders to own at least 5% of the loans it sells to investors, strengthen bank oversight, and hold credit rating agencies accountable in civil lawsuits. >> susie: the panel

on the show we've talked about farmville facebook zingo the virtual currency goldman sachs deal that six facebook public in an illegal way just like the bank in the past as committed acts of fraud first and then gone to the government and the lawmakers and ask them to pass new laws that would be effective retroactively to cover the laws that they broke they have broken this law with a facebook deal and of course facebook on farmville and they do a deal as inka and they issue all this virtual currency which is now being used by crooks to launder money in the same way that ben bernanke used the federal reserve a lot of money the same way goldman sachs uses that aristocracy as a loan or money and i've got virtual money laundering going on right under everybody's noses and they've got billions of dollars in valuations and this will be the next huge let me make a prediction as they see what the next big crash after we've had the real estate crash of a sovereign debt crash will be the virtual market crash because in the virtual market these things are trading for billions of multi billions

a goldman sachs forecast calling for a sharp drop in oil prices, suggesting investors should take profits. >> susie: tom, goldman predicts crude prices in the u.s. could get below the $100 a barrel level over the next few months. in new york trading today, may crude futures closed at $106.25- - down $3.67. now that big drop in oil was a drag on wall street. in its biggest slide in a month, the dow tumbled 117 points, the nasdaq lost 26 and the s&p off 10. >> tom: besides energy concerns, investors were also on edge about a new batch of revised forecasts for u.s. and global economic growth and the outlook for corporate earnings reports. now among those anticipated reports this week? two of the nation's largest banks. j.p. morgan chase reports tomorrow, bank of america on friday. both are expected to show how banks, like the economy, are stuck in a holding pattern. so is now a good time to invest in financials? suzanne pratt reports. >> reporter: these days it isn't easy being a financial stock investor. sure, the cloud of uncertainty that hung over banks and brokerages from the financial c

declining goldman sachs's revenue fueled speculation the investor bank may be losing its edge.

goldman sachs said this this event probably is going to knock about a point, one percentage point off of usgdp this year, up to a point, between a half

page 376, we are back to goldman sachs, it and i will refer you to that page. the hudson anderson timberwolf and abacus cdo show how goldman use these financial instruments to transfer risk associated with its high-risk assets, assisted favored clients make a 1 billion-dollar game, and profit at the direct expense of the clients that invested in the goldman cdos. in addition, the case study shows how conflicts of interest related to proprietary investments led goldman to conceal its adverse financial interest from potential investors, sell investors poor quality investments and place its financial interest before those of its clients. that is a pretty damaging kind of a finding, but there are 10 pages of evidence that are between these findings that are supported. now, something which is totally daily billion here is that goldman attended what is called a short squeeze, and that information is also going to be discussed by staff. that is laid out in this report between pages 386 and 430. i will just give you a couple quotes from some of the e-mails just for flav

senator carl levin said the goldman sachs exacts misled congress during a hearing of the collapse of the hard. housing market and he even wants federal prosecutors now to consider bringing perjury charges against goldman sachs c.e.o. lloyd blankfein and other current and former employees who all testify but somehow i have my doubts they will actually see that one happened last year the a.p. reported some financial institutions hard at wal-mart workers hairstylists and assembly line workers to sign off on foreclosures so these massive banks who made millions and billions of dollars in profits were hiring hairstylists with no prior bank experience to sign off on your foreclosures and the wall street journal reported on friday that wall street bankers have been grilled by u.s. securities regulators in recent weeks over alleged fraud in mortgage bond deals but will they face any charges or both they just be fined i think only time will tell but let's hope the law corrupt executives do start heading to prison but the obama administration takes a more active role rather than letting them a

. >>> goldman sachs gets thankds again, no ka-chick for the bling.our business headlines straight ahead. see if you agree with this year's choice by "people" magazine of the world's most beautiful woman. >>> coming up, the stanley cup playoffs begin, another walk-off in detroit and what did kobe bryant say that got him fined $100,000? you're watching "early today." >>> good morning, and welcome back to "early today." i'm veronica de la cruz. here are some of your top headlines this morning. u.s. officials are claiming a big victory against internet crime after shutting down a ring of computer thieves who stole hundreds of millions of dollars by infecting millions of pcs with malicious software. the suspects used the stolen data to carry out fraudulent wire transfers from victims' bank accounts. >>> although some may be dreading monday's tax filing deadline, a new associated press poll finds that a majority of americans, 54%, actually thinks the taxes they pay are fare. however, just 29% say taxes should be raised to cut the nation's deficit. >>> the

page 376 we're back to goldman sachs, and i'll refer you to that page. >> the hudson, anderson, timer wolf and abacus cdo show how goldman transferred risk associated with high-risk assets, assist a favored client make a $1 billion gain and profit at the direct expense of the clients that invested in the goldman cdos. in the, in addition the case study shows how conflicts of interest related to proprietary investments led goldman to conceal its adverse financial interests from potential investors, sell investors poor quality investments and place its financial interests before those of it clients. that's a pretty damning, damaging kind of a finding. but there's tens of pages of evidence that is between these findings to support it. now, something which is totally new in here is that goldman attempted what's called a short squeeze. and that information is also going to be discussed by staff. that's laid out in this report between pages 386 and 430. i'll just give you a couple quotes from some of the e-mails just to, for flavor here. >> page 426. excuse me, the bottom of page 425. this

they had all their needs we thought that it was some balancing because yes he got big money from goldman sachs to get big money from wall street oligarchs but then he got all this financial and spiritual and moral support from maybe people can do trade union movement so you would think there would be some counterbalancing and that's what we have yet to see in the two have years and of course right now this is a priest preoccupied reelection dr west our poll came out just a few weeks ago indicating that confidence among americans is at a thirty five year and that brings us to a carter era presidency i mention this because i know that you are planning an event for early april and you're calling our all americans to take part in this event from what i read is about empowering the people of this country to fight back against the corporate rule as you call it can you talk to me about this event that is actually led by my dear sister and a very distinguished professor there for instance folks. and we will be judged in the moral courage to a clerk for the fifth hundred some schools will be piping in

campaign contributions work coming from that's true it was clear and transparent and known that goldman sachs and other wall street banks were making very large political donations to obama but ordinary people gave a lot of money to yes we had all the need we thought that it was some balancing because yes he got big money from goldman sachs to get big money from wall street oligarchs but then he got all the financial and spiritual and moral support from everybody people and a trade union movement so you would think there would be some counterbalancing and that's but we have yet to see in to have years and of course right now this isn't a priest preoccupied with real action dr west our poll came out just a few weeks ago indicating that confidence among americans is at a thirty five year a lot that brings us to a carter era presidency i mention this because i know that you are planning and events for early april and you're calling on all americans to take part in this event from what i read is about empowering the people of this country to fight back against the corporate rule as you call it ta