and over again and who rescues us nobody there is one potential rescuer here oakshott tackles goldman sachs so liberal democrat peer lord in an interview on sky news said it's been known for some time that goldman helped greece rig the figures to get into the euro and not meet all the tests they should have done that something that lord mcdonald and i will be taking up further in the lords this brings up something first of all we've been talking about this for years now that goldman cooked greece's books as part of the fraudulent euro scheme going back to two thousand. but you know when i read the sunday times this past weekend rupert murdoch's rag they were covering this story and they said two things number one well technically it's not illegal but then later on in the story they said of course goldman sachs did rig the markets which of course is illegal so here you have the problem on the mainstream media front they've been told to leave the article by saying technically it's not legal and then later on in the article they have a crisis of conscience and they say well yes they are riggin

morgan goldman sachs reports now suggest that m.f. global is offering assets to goldman sachs in the days leading up to the firm collapse on october twenty seventh but that j.p. morgan never transferred to funds m.f. global as there was that outstanding one point two billion dollars quite a line the brokerage firm had with j.p. morgan so your thoughts on j.p. morgan's role in the m.f. global story know me well first that look at the one point two billion dollars again for a second that one point two billion is equivalent to the credit line from j.p. morgan it's also a third. of the credit lines that were available to m.f. global in general it was a significant chunk of what they needed to have in order to keep john kors zines bets going goldman sachs received some of those securities we don't know what they are because again we have inept nontransparent regulators running that part of the show that they got probably very cheaply and probably used against some of their own transactions because they also have bets with respect to europe

was that from that time onwards goldman sachs and b.p. were essentially i say joined at the head at the head they had the same chairman peter sutherland he was the head of the deputy oh very well connected he was the chairman of both organizations for twelve years and for nine hundred ninety nine. so john graham graham sorry he was also on the goldman sachs board for i think some of the most profitable years for b.p. and goldman sachs during that really sort of happy time which they had and the reason that this worked max i think was that they in essentially being very astute people. realized that they were always hedging their production they were always selling futures contracts they were always protecting themselves against the fall in the price by selling futures contracts and they had a very very big book of contracts and i remember that from my ip days this is are far back this goes whereas g.s. c.r.u. the fund which came into the market took a long term position on the other side of the market what they were doing was they were bas

and goldman sachs. that really sort of happy time which they had and the reason that this worked max i think was that they in essentially being very astute people . b.p. realized that they were always hedging their production they were always selling futures contracts they were always protecting themselves against a fall in the price by selling futures contracts and they had a very very big book of contracts i remember that from my ip day and so this is our far this goes whereas g.s. c.r.u. the fund which came into the market took a long term position on the other side of the market what they were doing was they were basically taking all or you risk and offloading the risk of holding dollars and if you think about it what b.p. were doing was laying off the risk of holding or. taking on the risk of holding dollars they were so b.p. were hedging their production and goldman sachs's customers were. protecting themselves against inflation and with that relationship which brought think broadened and deepened

made over $500 million from goldman sachs.hat's what we're angry about. because they fixed the system. they took our money. if you made your own money, god bless your heart. and the walton family is unbelievable. do you know that the six heirs of sam walton who created wal-mart have the equivalent of 100 million americans their wealth. so they have been arguing that the estate tax should be lower. why? because they need to get paid more. and when their kids, you know, are going to get the money from them, those kids didn't do anything to set up the business, but they all want to get fabulously wealthy and be even richer. they spent over $10 million, the walton family did lobbying to lower especially the estate tax. combined with the expenditure from other rich families, rich interests, that gave money to all of these politicians, well, they succeeded. in 2010, the obama administration agreed that the estate tax would be lowered from 55% to 35%. what did the walton family gain? they gained about $16.8 billion. you give $10 mill

that are tied to fraud i should be able to buy goldman sachs and j.p. morgan fraud which is a package of all their dark. change off balance sheet accounting crimes created as a listed publicly listed liquid security i should rather buy into their fraud then do all the fraud you want but i let me be participating in your fraud but you can't have one hundred percent of kleptocracy available only to the top one percent you can have a club talk or see let everyone enjoy the kleptocracy or have a free market competition free market system and let everyone enjoy the free market but don't have a club talk or see that nobody can participate in for one percent and then basically abandoned everybody else to just basically fight amongst themselves in some medieval torture center so let's look at the next headline price manipulation look for motive this is janet have a koli chicago based expert in derivatives and she's looking at the manipulation of silver prices in the seventy's by alan grier rosenberg and what it is is that he was an arbitrage your started out le

we highlighted citi and goldman sachs. citi was up and goldman sachs was up better than 2%. something that you noticed during the program, joe. >> yeah, financials lifting here. it's important. good contribution. financials have been strong for the month of january. i might add american express to my position. >> b.k., let me get your thought on some of the super regionals. >> i still think there's a little bit more left in that trade. i understand what joe t. is saying, but kre up to 28, i'm still a buyer. >> let's get to our final trades now. zach, what do you have for us? >> we've talked about both, broadcom and also qualcomm, later this week. >> do you think amazon is going to surprise after the bell to the upside? >> i think collins' points are good. they're going to do whatever they want to do today. >> way to take a position there, zach. >> i'm long the calls. >> patty? >> amazon looks interesting but i wouldn't be putting a lot in there. i would be tip-toeing into nike. >> b.k.? >> xlf. >> and regions, not saying short them. more opportunity ith

goldman sachs last year laid off 2,400 people. that's about 7% of its total workforce. in addition, major u.s. financial institutions say they will cut salaries and bonuses of their employees. goldman sachs said that total compensation for last year was down 21% from the previous year. however, compensation per employee still remains high at about $370,000 a year. >>> another major financial institution, jpmorgan chase said last week it had cut compensation for people in its investment banking section by 9%. this would make payment per employee at about $340,000. >>> high compensation at financial institutions was criticized by anti-wall street protesters last year. this also pressured banks to take these steps. . >>> tokyo share prices are rising this thursday morning following an overnight gain in new york. the nikkei index now stands higher by over 100 points at 8,653. that is a gain of 1 1/5 of a percent. the broader topix is also trading higher. sources say that buy orders are being placed on export-related issues. the move follows the overnight release of good dat

that's why the "wall street journal" story says you'll see goldman sachs in a large role, but said morgan stanley is likely to be in the lead. that should be announced pretty shortly. that's what we're expecting. >> kayla, if goldman was here, i'm sure they will say basically, it's history in the making. the question of at what point does a private deal become so public, because it is so big, something that their lawyers were kind of fighting with shoulder-to-shoulder with facebook. and at the end of the day s.e.c. called them out. but they would argue they couldn't have foreseen that would necessarily happen. it was new territory, if you like. >> exactly. i think when you're dealing with a company like facebook, which has 800-plus million users. brian sullivan just said the breakdown from the newspapers london, said each facebook user is worth about $125. you read facebook, you know what it is. it's gotten a lot of coverage for that. it was almost unavoidable, simon. but as far as the fees, they are expected to be extremely low. the size of the deal, though, it's going to be a hij ipo. m

we just heard from code pink talking about the reach of goldman sachs in investment banking.say protesters coming from all over the united states. these are going to be massive off to a slow start on this rainy friday morning. terry mcsweeney, abc7 news. >>> today's occupy protests aren't just confined to san francisco. occupy demonstrators plan to protest outside federal courthouses in more than 100 cities across the u.s., including oakland. those protests get underway at 8:00 our time. the so call occupy the courts protest is meant to call attention to a movement to overturn the supreme court decision that removed most limits on corporate and labor spending in federal elections. >>> this morning dozens of occupy cal demonstrators are continuing their marathon protests in a library. the protest began yesterday afternoon and the anthropology department's chairman made averagements with the university chancellor to allow the occupiers to stay until today. students are protesting cuts that prevent the library from being open more than five hours a day. the university says the h

of goldman sachs a former governor of new jersey the former senator of new jersey went to the head of the c f.t.c. who used to work for him and goldman sachs and said you know please let's not bring this issue up before the c.f.d. see now this is not a good time for us this is the way we make money please let's don't change the way this. rule is written and so what did gary gensler do he backed off the see if d.c. backed off they didn't change the rule and m.f. global then was able to use this customer money any way it wanted basically and now a billion two of it is gone and no one can account for m.f. global went into bankruptcy and three you know a month after of global goes into bankruptcy they passed this new rule called the m.f. global rule which restricts you know what firms like m.f. global can do with their customers money and i mean it's just every kind of connection yeah i'm sorry i'm sorry i got to go out because we have to hit a break here but. it all makes very much sense and just too little too late i guess to start regulating on what was legal and still made everything

morgan and goldman sachs. and looking at this next graphic coming up here among the regional banks you have a sun trust, u.s. bank corporate and capital one. why these? >> that's right. primarily what we want to recommend to investors is the domestic banks that can make good profits in this environment. particularly u.s. bank and capital one are top of the list on that score. if you're looking for a recovery story sun trust is one it's a solid southeast bank we think will make good progress this year. we generally want to avoid those big global players if investors want to play that and want to be invested there j.p. morgan and goldman sachs is the place to be. >> susie: on the other end you like some of the small banks. these are banks that have assets under $50 million. let's look at the list. not i'm familiar names for our viewers. cvb financial, columbia, fnb corp. -- what's the scen theme d why do you like the small ones. >> the tom is it used to be the small banks were a big disadvantage to those big pla