, now, we know we've got a wholly-owned subsidiary of goldman sachs testifying, but goldman sachs' involvement goes way beyond this sub sid dear. in fact, goldman sachs stands behind several of the loan guarantees granted by doe, which don't involve the subsidiary here today. i want to insert into the record this article from "the new york times," which states that goldman sachs was also involved in the desert sunlight solar farm getting a guarantee of $1.46 billion, without objection. >> no objection. so ordered. >> so several very large companies participated in projects that received d.o.e. loan guarantees. and unfortunately, the committee's investigation has not asked many of them about their involvement. now, mr. mancini, it is my understanding your company, cogentrix, is a wholly-owned subsidiary of goldman sachs group. given that fact, what was goldman sachs' involvement in the cogentrix project in alamosa, colorado? >> congressman kucinich, to answer that question, i think you have to understand how we structured this project. we structured this project at cogentrix like w

for example goldman sachs in as bloomberg sues the airplane central bank to try to get papers that may prove the collusion between various e.u. bodies and greece in hiding greece's debt to get them into the european union this is a better story that's been around for a while now they're finally getting around to focusing on it the fact that common sacks help greece high debts goldman sachs of course a big player in causing financial disruption around the world your thoughts. well i was reading in the declaration of the head of. goldman sachs yesterday mr blankfein and he was she saying that he wishes to stay on forever so only his bank but he will be staying on forever and this reminds me that when we had our debate unfortunately i did not know that goldman sachs was advising greece not for the sake of greece but for the sake of goldman sachs so it was advise in greece of telling them how to hide some statistics to hide the real bad shape of the economy but on the other hand there was the same time apparently betting against the bonds of greece there would be two types of coun

owned subsidiary, goldman sachs testifying, but goldman sachs involvement goes way beyond this subsidiary. goldman sachs stands behind several of the loan girl an tees granted by doe that don't involve the subsidiary today. i want to insert into the record this article from the "new york times" that states that goldman sachs was involved in the desert sun light solar farm getting a guarantee of $1.46 billion without objection. >> objection. >> so several very large companies participated in projects that received doe loan guarantees and the committees have not asked about their involvement. mr. man sini, it is my understanding that your company is a wholly owned subsidiary of goldman sachs and given that fact, what was goldman sachs's involvement in the 1705 project. >> congressman is you sin itch, to answer that question, i think you have to understand how we structured this project. we structured this project like we would any other project financing further construction of a power practice ject. >> what was their involvement? >> the involvement at goldman sachs was derivative to the pr

i just want to clarify that i am a managing director of goldman sachs. i've been with the company almost 20 years. and if there are any questions that you'd like to present to goldman sachs, i would be happy here to answer those questions. so that would be unusual to draw attention to myself. but i think for the record, i need to clarify what my role is. i am not the ceo of, obviously of goldman sachs, but i would be happy to answer any questions i can. to answer the question with respect to the project that we funded, together with the government, what we did is advance the technology and took it from -- i would call it a context in which it was being applied, applied, you know, in space program, and putting in a different context, to prove that that technology could be applied on a utility scale, commercial scale project to produce green power for the citizens of colorado or citizens anywhere in the country. so one of the benefits was to prove the hypothesis that this particular type of technology could in fact be employed commercially. >> thank you an

i'm not the ceo of goldman sachs, but i'd be happy to answer questions. i took it from, i would call it a context in which it was being applied in the space program and put it in a different context to prove that technology could be applied on a utility scale, commercial scale project to produce green power for the citizens of colorado or citizens anywhere in the country fp one of the benefits was to prove the hypothesis that this particular type of technology could be deployed commercially. >> okay. i want to thank you. i just want to respond to you calling to our attention you're a managing director and that's in the commodities? >> correct. managing director in the commodities business unit. >> we want to talk to the person that runs goldman sachs. you don't run the whole company. >> i do not. once comment i think is very important to make is in respect to the d.o.e. loan program there was no political favor. >> you know what. thank you for saying that. you've just said that for the record. thank you, mr. chairman. >> let me ask you this. if the 1705 p

, now, we know we have a wholly-owned subsidiary, goldman sachs, testifying, but goldman sachs involvement goes way beyond this subsidiary. in fact, goldman sachs stands behind several of the loan guarantees granted by d.o.e., which don't involve the subsidiary here today and i want to insert it for the record from this article from "the new york times" which states that goldman sachs is also involved in the desert sunlight solar farm, getting a guarantee of $1.46 billion. without objection? >> without objection. >> so, several very large companies are dissipated in projects that received d.o.e. loan guarantees. and, unfortunately, the committee's investigation has not asked many of them about their involvement. now, mr. mancini, it is my understanding that your company is a wholly owned subsidiary of open stacks grew. given the fact, what was goldman sachs involvement in cogentrix 1705 project in colorado? >> congressman kucinich, to answer that question i think you have to understand how we structured this project. we structured this project at cogentrix like we would any oth

this committee has not requested documents from goldman sachs. or why they believe it was a good investment for the sheet or american taxpayers. both bank of america and goldman sachs could help them understand the projects and the process that our chairman condemned. both our substantial contributors with very deep pockets. who else could shed better light on whether federal loan guarantees were necessary or if politics was appropriately at play. curiously the committee has not inquired with them. that's too bad. a review of finance records would reveal that there donors to political causes who are just waiting for an opportunity to be heard from. bank of america for instance made over 555,000 in contributions to my friends and individuals including several members of the committee. i'm not saying this because i know the members of this committee and they are honest people. we have to understand the cast over the proceedings when you have bank of america and you have goldman sachs being excluded from this kind of discussion. so i haven't seen th

leader lloyd blankfein will tell charlie rose when asked about goldman sachs a siphoning of high frequency trading illegal pilfering of money from the exchange floor said no we're making a market that's code for i'm a shameless market manipulating lawbreaking larsen istic schmuck that's what that means making the market when it comes out of lloyd blankfein spyhole so one hundred percent of the time this robot beats you. just like in the market one hundred percent of the time a high frequency trading algorithm is going to be any human being for big banks score perfect sixty one day run that's in two thousand and ten max despite the running an ease in world markets for giants of america finest managed to make money from trading every single day during the first three months of the year their remarkable sixty one day streak is one for the record books perfect trading quarters on wall street are about as rare as perfect games in major league baseball there have only ever been one thousand perfect days in baseball but bank of america citi group goldman sachs and j.p. morgan produced t

danielle hrzic, good luck today, you'll be graduating from the 10,000 small businesses program from goldman sachs -- >> and goldman, by the way, a partial sponsor of today's show. we'll be right back with much more "morning joe." with the spark cash card from capital one, sven's home security gets the most rewards of any small business credit card! how does this thing work? oh, i like it! [ garth ] sven's small business earns 2% cash back on every purchase, every day! woo-hoo!!! so that's ten security gators, right? put them on my spark card! why settle for less? testing hot tar... great businesses deserve the most rewards! [ male announcer ] the spark business card from capital one. choose unlimited rewards with 2% cash back or double miles on every purchase, every day! what's in your wallet? here's your invoice. >>> i don't believe there's any cloud that hangs over me. >> well, getting back to that -- >> i think there's nothing but sunshine hanging over me. >> i had a whole bunch of thoughts, of course my children and my wife. and then i thought about mandela, dr. king, ghandi and tried to put

for more on this, let's bring in goldman sachs' chief economist on the fast line. it's a pleasure to have you on the show today. how are you? >> it's good to be on. hello. very good. >> in reading the note, are you essentially making the case that the federal reserve needs to do more than it has so far been willing to do and if it doesn't do that, then we face a real serious and potentially difficult and perhaps even devastating scenario for the markets? >> i probably wouldn't put it quite as strongly as that. i mean, i think that they do need to do more. we think they will eventually do more. we don't expect them to raise rates for well beyond 2013 but there is a bit of negative impact that is implied by the exploration or end of the twist to purchase program by the end of the year. the impact of asset purchase programs decays over time. once you stop buying there is typically a bit of restraint that comes around the same time that fiscal policy is going to turn more restrictive and so we do think that ultimately the fed is going to have to do more. >> i guess i g

kind of speculation that romney was at build a bird and here you see and here you see you know goldman sachs is the top donor of romney's campaign i mean this is kind of a one a in his rhetoric well romney represents just as a bamma does represent the oligarchy the republican party is run by an oligarchy it's why it can't be taken over by the people same with the democratic party the plutocrats run everything and as to auditing goldman sachs my emphasis would be let's take their money let's take their tax money away let's take the special loans from the federal reserve take all their privileges away and let them be in the market and let's see what happens to them i'm not for fraud in them and the government doesn't do a good job of auditing anything after all they can audit accounting and government there are not two words to go together so let's take this in the bigger picture lou you know you're saying that it kind of always has been about the idea and not really about one person but once again i mean there is a massive disappointment right now from ron paul supporters are saying saying yo

both goldman sachs and jpmorgan are playing with open hands, okay.nd they are actually both right in a way. i like wynn for the long-term most definitely. but for now, i want you to step away. there's a lot better situations out there. stay with cramer. en we got marr. i had three kids. and she became the full time mother of three. it was soccer, and ballet, and cheerleading, and baseball. those years were crazy. so, as we go into this next phase, you know, a big part of it for us is that there isn't anything on the schedule. ♪ ♪ ♪ [ male announcer ] not everything powerful has to guzzle fuel. the 2012 e-class bluetec from mercedes-benz. see your authorized mercedes-benz dealer for exceptional offers through mercedes-benz financial services. >>> it is time. it is time for the "lightning round" on cramer's "mad money." you say the name of the stock, i tell you whether to buy or sell. play until you hear this sound -- and then the "lightning round" is over. are you ready skee-daddy? it's time for the "lightning round." start with mike in california. mi

for bringing this deal to goldman sachs. simply wouldn't budge reminding me that this was goldman sachs, not some slough firm that would put its name on any company that was hot. goldman passed. within a couple of years the company failed, a victim of better technology. poor financial management. take it from me, that's why the brokerage pedigree matters. i would pass on deals done by firms that you've never heard of or have little or no track record. doesn't mean every ipo brute by a high quality firm like goldman will be a success, far from it, but it does help you weed out many failures. here's the bottom line. only after i've gone through that three step vetting process which you can learn more about in "getting back to even" would i consider what they do, what it makes, in part because it is so difficult to judge these issues. i would rather just use the quick filter i went through above before i even crack the books on the company. >>> all right. let's get to some mad mail here. this one is from vance. cramer, we are f

but goldman sachs has a lifeline.he company is in top-secret negotiations with warren buffett to invest $5 billion. the news is unexpected and will mean a certain boost to the stock. >> so, the fact that warren buffet is gonna come in with $5 billion, at the depths of the crisis, is huge, and rajaratnam has just golden information that he can trade on. >> narrator: on september 23rd, gupta and the other board members meet via teleconference to approve the deal. the government alleges that seconds after hanging up from the call, gupta dials rajaratnam on his office line -- a line that is not tapped. >> as soon as they got off the phone at 3:58, rajaratnam put in a trade order to buy 350,000 shares of goldman sachs, which was worth $43 million, and that was two minutes before the market closed. that's why they were rushing so much. they had only a few minutes to get this done. >> shares of goldman sachs this morning sharply higher. >> narrator: when the deal is announced the next day, rajaratnam sells his stock, making

this guy on the board of goldman sachs.running one of the biggest consulting firms in the united states. >> mckenzie? >> right. somebody that high level accused of wrongdoing and found guilty of it, it makes you wonder how rigged is this system? they caught this guy. how many others are out there? >> jim, yes? >> no doubt about it. there are records of amounts of cash on the sidelines. people mistrust the system anyway from the flash crash, dark pools, fhts. something like this does nothing. like catching a mouse in the house and you know there's more out there. that's it. >> you can hear the little scratchings in the floorboards. >> no question about it. >> ayyi yi. i hate ro dentds. we are waiting for the president, by the way. let's talk about greece. joe, what do you think is going to happen this weekend? how are you positioning money ahead of this weekend? >> i think as far as the short run is concerned, you have a bit of a binary outcome and things can move in the right direction. you have a relief rally or things goi

position at goldman sachs and so forth so he was able to really persuade for his company the fed into granting this status and what it means is that the company has more access to cheaper funding if it has cheaper funding it has more money to put on any betting table this is prevalent throughout the banking industry any any bank that has that kind of status has more of an inside track more of an open door into cheaper funding and that is one thing that m.f. global has now with that cheaper funding with that stamp of approval from the fed and the global was also able to make bigger trading trading transactions it was able to bring in additional customers it was able more importantly to get credit lines from the big banks and those credit lines and those big banks are what took their money when things turned sour from m.f. global first and those are the banks those are the creditors that are first in line to get anything back after the bankruptcy ahead of as you mentioned in the opening the customers right so a really important distinction and a really important change in status that th

i think goldman sachs since that investigation is down an additional 30%. jpmorgan because of the lawmaker scrutiny will follow a similar path. >> goldman sachs is different than the jpmorgan trading loss. >> i think it will clamp down on the proprietary trading. i think that's going to be paired back and hit it's earnings power. >> so you're a seller right here? >> yes. >> what should we be focused on the testimony tomorrow? >> we should be looking for the division between this issue on the hedging side, and the complexity of these larger banks and do begin to break them up. as long as it focuses on the hedge issue, we will see that trade out of the stock price, and while we might see sort term technical pressure, this issue will be resolved and we'll see upside potential. >> so you think the near term could be vulnerable, but longer term you see this is a bargain. >> yes, we see about 10% downside and then after we go through that process, we get back to the earnings level, being able to generate excess return to the capital costs they have which would be

both goldman sachs and jpmorgan are playing with open hands, okay.hey are actually both right in a way. i like wynn for the long-term most definitely. but for now, i want you to step away. there's a lot better situations out there. stay with cramer. another cup of coffee? how long is this one going to last? forty-five minutes? an hour? well... listen. 5-hour energy lasts a whole lot of hours. take one in the afternoon, and you'll feel alert and energized 'til the cows come home. it's packed with b-vitamins and nutrients to make it last. so what's it going to be, partner? 5-hour energy. wise choice. 5-hour energy. hours and hours of energy. activating protection, bear! the more you move, the more it works! [ roars ] [ screaming ] new long lasting degree with motionsense help me! keep running! so every year my family throws this great reunion in austin. but this year, i can only afford one trip and i've always wanted to learn how to surf. austin's great -- just not for surfing. so i checked out hotwire. and by booking with them, i saved enough to swing

now this committee has not receive documents from goldman sach to offer testimony about why it believed its project was a good investment for its balance sheet or for the american taxpayers. both bank f america could help the process that our chairman has condemned. boet are substantial campaign contributors with very deep pock ets. who else could shed beter light on whether federal loan guarantees were necessary. or if politics was inappropri e inappropriately at play. curly, the committee has not inquired with them. and that's too bad. it's like we're having a party here and the main guests that should be here aren't present. a review of campaign finance records would reveal that there are donors to political causes who are just waiting for an opportunity to be heard from. bank of america, for instance, made over 555,000 in contributions to my friends in the republican party's pact and individualings and several members of this committee. we have to understand the call that's cast over the proceedings when you have bank of america and goldman sachs being excluded from this kind of dis

running mate and also goldman sachs of the top donor for mitt romney's campaign i mean what do you think about this kind of one aide in the rhetoric and senator paul they are describing corporatism and all the dangers we see with ed the occupy movements concerned that the tea party is concerned with that well this is true that that throughout the political class in washington d.c. i'm sure you're not suggesting that somehow senator paul is saying that's ok it's good to be a corporatists or crony capitalism or any of those sorts of things while i am saying i mean when you just come out and blanket lee endorse someone who is a corporatist and who is getting over half a million dollars from goldman sachs i mean i don't know i'm just i'm just saying what i see. well you judge people by how they vote at least politicians what they do what they stand for rand paul would never vote for any of those sorts of things that he's endorsed candidates where he doesn't necessarily agree with every issue and i think governor romney you certainly would be one of them and i would use that instance to show

i would stay away from financials. >> not to cast aspersions on goldman sachs, i think brian did this morning. when goldman put morgan stanley on their conviction buy list, down 30% since. can you ask the question what's not to say it won't happen again with jpmorgan. >> not a guarantee. >> no. i think that's worth pointing out. pete talked about jpmorgan last night thought it was set up nicely given the way market traded yesterday in the stock. i will come back to this. i think the only bank to own in this environment u.s. bank corp., a stock that continues to trade around a 52-week high while the rest flounder. >> i was going to bring that up next, kramer was talking about that on "squawk on the street." he likes u.s. bank and it would be the one he'd take now. >> jimmy is the man. pounding on wells fargo. i'd listen to jim cramer before me. >> if you want activity and more upside, wells fargo or u.s. bank at this point in time, obviously been jpmorgan, not just talking about conviction buy. i'm talking when everybody loved it at $44 a share, everybody absolutely praising jamie dimo

they also discounted an earlier tip on goldman sachs.08, the evidence there very, very strong. our producer says mr. gupta was very composed and stoic as the verdict was read. his daughters, though, burst into tears and his wife just covered her face with her daughters consoling her and surrounding her. it's been very emotional for the family. they certainly have been very supportive for him there. they have been there every day of the trial. one of his daughters testifying in the trial talking about the fact her father had had a falling out with raj rajaratnam because he had lost money, but the jury did not find that argument terribly compelling. >> we are expecting gupta's attorney gato speak and the u.s attorney. overall impressions about the case going into it was because of the relative lack of wiretaps, especially when you compare it to the raj rajaratnam was going to make the sledding a lot tougher for the prosecution. that appears not to have been the case. >> it wasn't the case. i will tell you, they did a very good job of layin

is that i was cute but goldman sachs the largest bull applicants do you think this is real or just p.r. because goldman is suffered a little bit of a hit to the p.r. well they got the largest you know i don't know what what the situation is that the other investment banks are ok but you've got a lot of these these who piglets you know suffer from the teat and they want to go straight to goldman because they don't even know what i mean is they don't know anything they're in college they have a degree from you know dartmouth or some ivy league school or and they're like you know what let me go to goldman sachs i like to steal because i don't want to make anything because i don't know how to actually build a software system i don't object and technology hardware i don't want to work on assembly line i don't actually create real well you know do i want the money shuffling and also shuffling one around slice and dice and sorry guy you missed the boat should've been a little brother in two thousand and four it's over now ok moves over there's no more mobile bubble to pop up sorry but just in

she once worked for goldman sachs, mckinsey & company, and sumitomo bank, and now heads a management consulting firm. you'll want to read her book, "econned: how unenlightened self interest undermined democracy and corrupted capitalism." welcome to both of you. >> thanks so much. >> thank you. >> so in this particular case, what is jpmorgan's sin? that's the question representative david schweikert raised on the day of the hearing. he asked, "what sin has jpmorgan committed other than being big enough to lose billions of their own money in a quarter and still turn a $4 billion profit?" want to take a stab at answering? >> yeah, sure. their sin wasn't the loss. the sin was in being a too-big-to-fail company where we can't afford to have them go under. why are we there in the first place? if this was a company that, if it went out of business, it wouldn't affect our lives personally and wouldn't have major ramification for the economy, we wouldn't be holding hearings in the senate and the congress. we would say, fine, they lost so much, a bunch of money. too bad for them. but that's no

. >> and the one that impacted the market was the goldman sachs headline and we dropped off the s&p cash. the big level you want to watch, 1335. was resistance. now support. in we break below that, a degree with goldman's call, we go back to the recent lows. >> it does come in contrast to a call that goldman itself did make back in march where it called stocks a generational buy which should obviously say this call comes from a different department than the other call but nonetheless people inside of goldman sachs apparently seeing things a little bit differently. >> that's important to know. we did affirm there can be so many diverge ent positions on the market. hey top agree with this call. i came into june and i thought there was so much did he respond sigh two or three weeks ago and in in bipolar market tax reform it doesn't take long to switch and coming into this week i think we have the opposite, far much euphoria, far too much dependency on imminent qe. once we saw the disappointment of no imminent qe, we revert back to what's going on in the global economy and the data simply is