try university of goldman sachs.es, today the members of the very first graduating group of the 10,000 businesses program of goldman sachs graduated here at key hogue ga -- cuyahoga count community college in cleveland. here is one of the guys that got to give them the intellectual push is gary cohn, chief operating officer of goldman sachs. >> it is a pleasure. liz: it is. i saw you beaming. 36 small business owners got up there and graduated after an left -- 11-week program. what is better they learned up there than a columbia mba or harvard? >> they learned the practical realities of running a small business. it is not just 11 weeks of classroom work, long days and on the weekend of last courtroom week. as you can tell from the 36 graduates up there they became colleagues with each other and used each other's goods, they used each other's services. they coached each other and mentored each other and helped each other through a variety of problems and issues they will have going forward. liz: they bounced off each

they're all goldman sachs alums. the bill back to goldman sachs. they go back into government. -- they all go back to goldman sachs. they go back into government. it is a white house issued. >> this goes back to the media in a way. i will go back to goldman sachs if i must. remember in august when there were about 1200 people doing civil disobedience around the white house protesting the keystone pipeline. the corporate mainstream media was like this on that. imagine if 1200 tea party members hitched themselves to the date of the white house. when occupy launched in september in new york and then moved across the country, suddenly there was more attention being paid to other movements. it exposed how the media has done such a disservice to this country in the last few years by saying there was one movement in this country, the tea party. there are many other movements. the occupy wall street movement has brought into sharper relief and force the media to pay attention to other issues and movements. i could take off 10 or 15. -- tick off to enter 15

a couple things i will say -- the professor mentioned the op- ed i wrote about goldman sachs. everything i said i very much believe is true to the industry. i do not think -- goldman is a smart firm and excellent firm at what it does. i do not think it practices are very different to the industry more broadly. when i wrote the book and the op-ed, i was using my career there as a view of what i think has become conflicted in the industry. the second thing i would say, i think a lot of people would would want to classify my views or this talk as in the occupy wall street camp or a different type of camp. i would say, i am very much a capitalist. i just have the view that free markets imply that the playing field is fair and there aren't a lot of conflicts of interest. a big thesis of my book and what i was trying to get across in the op-ed is the fact that capitalism, at least in the financial industry, i no longer think is on an even playing field. i think advantages aren't stacked in favor of banks and against -- are stacked in favor of banks and against their clients. i will g

don't forget ceo goldman sachs, lloyd blankfein is your guest right after this break, live from the goldman technology conference. how did he get in? we're back after this. it's delicious. so now we've turned her toffee into a business. my goal was to take an idea and make it happen. i'm janet long and i formed my toffee company through legalzoom. i never really thought i would make money doing what i love. [ robert ] we created legalzoom to help people start their business and launch their dreams. go to legalzoom.com today and make your business dream a reality. at legalzoom.com we put the law on your side. [ laughs ] now this is a test drive. whoa! you really feel all 335 foot-pounds of torque. it's chevy truck month! silverado was also recognized for the lowest cost of ownership. hey, what are you gonna do with it? end table. oh. [ male announcer ] it's chevy truck month. now get 0% financing for 60 months, plus trade up to get $1,750 total allowance on a silverado all-star edition. or trade up and choose customer cash plus option package discount for a total value of $7,250. tdd#: 1-800

as i mentioned gary cohn the president of goldman sachs will join us live 4:00 p.m. ging interview about the 10,000 business program. taking what normally would be a company like goldman which always does gigantic deals, really focusing on small business, making an effort to create jobs in this nation. on top of it, we'll get to the good stuff. what does he think about equities and treasurys. he is an old commodities guy. we'll ask him about commodities and much, much more. 4:00 p.m. eastern, a sit-down long form interview with gary cohn. 3:00 p.m. eastern, the storm, nothing got hit here in cleveland but cleveland's business which is a huge one, first energy, millions of customers up and undo the northeast coast got affected by the storm over the weekend. we've got the ceo, tony alexander, live in a fox business exclusive. a lot happening here in cleveland. we'll see you in a bit. tracy: thank you very much, liz claman. we'll see you soon. ashley: breaking news, look at oil closing up for the day. up $1.31 at $97.03 a barrel. that is a gain of more than 1%. oil is st

goldman sachs the underwater because goldman sachs held bonds on the balance sheet that were backed upg credit default swap. there we have it, an interesting debate. you kind of and the banks if you and the marketing. they need that for their clients. this goes back to maybe these guys should just be smaller. when you are small comic and take risks. you don't love the entire financial system. some of this is clearly, logic dictates each be making market. whatever. liz: this is good. charlie: you like it? you don't like the tide? tie? liz: it is not that i don't, this just works. hide the gold chains that little lower. charlie: people with gold chains get the job done. liz: thank you. the closing bell ringing in 29 minutes. as big pharma faces a patent cliff every day of their lives, many big name brand drugs go off patent this year, how much of the drug maker have to gain, and should you be investing in this cliff? coming up after the break, newly formed and branded company. a fox business exclusive. great, everybody made it. we all work remotely so this is a big deal, our first full t

former goldman sachs director rajat gupta is sentenced to time behind bars. convicted last may of leaking boardroom secrets to a hedge fund, gupta was ordered to reimburse goldman sachs $6.2 million and spend two years in prison. goldman sachs had asked to be reimbursed for $6.9 million, the amount it spent on outside counsel for gupta's defense. entrepreneurs are welcoming ipos. a new study by kpmg finds 66% of entrepreneurs expect higher ipo activity in 2013. investors note there are possible roadblocks such as market volatility and fallout from popular ipos last year. however, the majority think the improving economy will pave the way for sectors like technology, healthcare, life sciences and energy to dive into the market. weight watchers needs to watch its pay according to many of the company's employees. the new york times is reporting that despite annual profits exceeding $250 million, many employees make less than minimum wage. further fueling the anger is speculation that the reason for the low pay is because the weight watchers workforce is predomin

goldman sachs is a big believer in small business. in fact the investment banking giant had its first graduating class of entrepreneurs. liz claman is on the scene in cleveland covering the event. what do you have for us? liz: live from the community college, yes, goldman sachs 10,000 small businesses, graduating with brand new ideas in their minds put in there by goldman sachs. we're covering that story. at 4:00 p.m. eastern we have gary kohn of goldman sachs, he's the president. but first speaking of first, first energy a gigantic utility that's based in the cleveland area. we will get the very latest on the updates as far as the power outages are concerned. guess what? they were prepared this time. stay tuned. we're coming up with tony alexander, fox business excu exclusi exclusive. he's the ceo of first energy. twins. i didn't see them coming. i have obligations. cute obligations, but obligations. i need to rethink the core of my portfolio. what i really need is sleep. introducing the ishares core, building blocks for the heart of

. >>> at the goldman sachs internet conference, ebay ceo donahoe is wrap ugh up.his is one of your largest holdings. >> ebay, their growth is actually accelerating. >> you look at the number of users using the market platform that's ebb sk accelerating. look at the number of users on payment platform accelerating and revenue accelerating qe-3 to q4. the nice thing they're doing i like the name, they're enabling a lot of merchants to get onto the internet and helping them with that process. if you believe it the papal offline opportunity could be big in the future. i'm not as big a believer on that but could happen in the future. >> what do you see right now at ebay? >> i think when it comes to payments, they're doing interesting things with offline. i'm concerned about the traction. i use papal and the reason to lay out papal opposed to credit card hasn't quite connected and haven't heard a lot about them their square competitor. i haven't seen the momentum in gsi. you hope them positioning that as arms dealer for retailers versus amazon. i wonder if there's somet

it was grounded for a global investigation into battery fires. >>> goldman sachs and melissa myers will be at the white house advising president obama on his economic agenda. >>> the cost for next year's winter olympics in sochi has ridge. about 5% more. and the first ice castle hotel is now open for business. with just the bare necessities goes for $85,000 a night. >>> back on this continent, the royal canadian mint is no longer making or distributing pennies. the one cent coin costs 1.6 cents to produce. okay. i understand. >>> beer produced beer from electrical electrical. you heard me right. >>> plus, some police officers get the boot for goofing off while on the job. we'll have details next. >>> all right now to some stories that caught our eye this morning. we begin in south florida where internal affairs taped miami police grabbing coffee and kissing civilians instead of answering emergency calls like this one about an unconscious 5-year-old. >> 5-year-old not alert. [ inaudible ] >> the police department fired these officers for not responding and disciplined several other offic

. >>> a federal judge has ordered former goldman sachs director rajat gupta, to pay the bank $6 millionor legal expenses connected to his insider trading case. he was accused leaking news about goldman to raj rajaratnam. >>> new jersey governor chris christie is expected to sign an online gambling bill by the end of the day. early this month governor christie vetoed a online gambling bill saying he would support a new version with some changes. that is the latest from the fox business network, giving you the power to prosper lori: who's next? that's the question being tossed around inside goldman sachs these days. senior executives there debate whether current ceo lloyd blankfein will stay at the firm indefinitely. everything comes to an end at some point i suppose. melissa: that's right. lori: who will replace blankfein when he does leave? charlie gasparino has the inside details on goldman's executive plan. charlie. >> ten years can be a long time. lori: in this business for sure. good point. >> lloyd is 65 years old. my phone is ringing. lori: who is on the phone? who is calling, you

i want them to be along the lines of jpmorgan, goldman sachs.hey have a reputation on theline and that makes them less likely to bring a clunker public. you can take this as a fairly good seal after previously for the enterprise. why am i telling you this? let me tell you a story. in the '80s, i personally helped to work with the financing of a young company started by some brilliant people out of m.i.t., called thinking machines. they had a computer that could calculate data faster than any other company in the world. when they decided to bring the company public, i was able to convince them to use goldman sachs as a deal manager. only one problem. i couldn't convince goldman sachs to put the name on the deal, despite the immense fees that an ipo brings to a firm. the analyst at the time that would have followed the company, pored over the financials and looked at the product and made a judgment that the company, while having short-term momentum, would not have any staying power. i was aghast. i stood to make a big six-figure ticket. that's whe

spinning spinning i mean honestly it will be dead don't kid yourself i mean because right now goldman sachs are thinking well the person is dead on the second spend we've got spins number three through seven to consider we can collateralized those spends we can monetize those spends we can sell forward the value of the corpses are spinning through the death spins and sell that forward to other clients who are hedging against the fact that they might be dead or alive or partially dead or alive at any given moment time and then sell that to a bank as a hedge against their position owning some kind of collateralized debt obligation based on another corpse or dead people that they murdered by with outdated mortgages and basically talk or see and they're going to make another fee on this so they always make money all right stacy ever thanks so much for being on the kaiser report thank you. for the second half i'll be speaking to economist constantine. well into the future to the finish as world class athletes descend on sochi brand new olympic venues are kept safe by high tech sensors behind the

people saw in this white house favoritism towards goldman sachs and the banks. the problem was the left populism has not emerged until now. for too long, many felt with the bomb in the white house that things would be sorted out. that is where movements become important. every administration in modern times has had to deal with insurgency's or movements on its left and right. reagan in many ways was a movement president. i say that with contempt for what he did in damage to this country. you need to see the pendulum has now swung. the tea party in many ways has lost a lot of this mojo because of overreach. it is out of sync with the values of so many people. we could have seen that in the summer of 2009. one of tea party people stood up and said "government, take your hands off my medicare." you see how internalized those programs are. >> who does not want to watch a car wreck? >> it has done a lot of damage. >> this tweet says the obama administration is responsible for the tea party. >> it opened a backing tree that hot summer of 2009 -- it opened up a vacuum

and goldman sachs hitting levels not seen since early 2011. the s&p financial index is trading at the highest level since the lehman crisis. liz: housing stocks building big gains today. shares got a lift after some home improvement product maker, masco, reported better than expected earnings. the gains led by hovnanian, and that group pushing the philadelphia housing index sector, and here it is. look at that. a nice move there. that's a five-year high, once again. david: our friend is cheering, 11% gain on hovnanian. we're going to talk about action in the currency markets as we get set for the g20 meeting later this week, i believe that's thursday. the yen gaining against all 16 of its peers on comments from g7 officials, some members expressed concern about the country's excessive moves in their currency, but all currency markets have been wild this past week. liz: speaking of wild, we've got a wild earnings report after the bill. tangor outlets, bull low wild wings, we're going to have those numbers as soon as they are released. plus, in

an analyst at goldman sachs says he thinks so. he says it highlights apple's significant capabilities for increased capital allocation. what are traders citying about it? steve grasso is standing by on the floor of the new york stock exchange. welcome back. >> thank you. >> bottom line, this note says the chances of apple returning cash is better than ever maybe right now. >> that's it right there. with the conversation started, it's been on everyone's mind about where this cash is going to be allocated to. it got the conversation on the front burner once again. apple has jumped from that 4$43 level around january 24, 25th. it's brought the dialogue into the annual investor meeting. people want to know where it's going. people are excited about it. you're not going to sell the stock ahead of that meeting, you're not going to sell the stock until you find out buyback, dividend, what the story is. >> did einhorn just put a floor under the stock? >> i don't know about a floor. but going into the meeting, going into february 27th, i t

of goldman sachs and you're starting to imagine the world that the occupy movement is trying to bring into being we know always going to greet us not about unanimity we don't be like that duke ellington jazz orchestra. everybody got their own voice and even duke is not the conductor he just didn't put the money to others but it does sound like he did it. johnny and i just yes that's democracy in action at the deepest level experiencing the horizontal community and culture and organization. so radicalizing for people and continues to be. because it draws such a stark contrast up against what they're fighting and actually in their minds clarifies what they're up against more than somebody. more than it would be clarified if somebody got up and tried to clarify it for thanks to occupy wall street but there's a lot of new ways of organizing which is not just calling people to participate in something you came up with but giving people the opportunity to create themselves and to be part of a regional brainstorming about what to do so there's a feel empowered in this moment and it's also i

now we are up to the professional grade and my time when i started at goldman sachs. s before i got a job. i've got a ton of history. you can always get the skinny of my goldman days by studying at the university of hard knocks. i will try to teach you how to make money by the events at goldman. first, that is where i began making money, the ability to build a portfolio from the ground up. i had the best teachers in the world. hardly an hour went by when i didn't hear a great new idea walking down the halls. but i really learned from my customers. wealthy individuals can and do beat the market quite regularly. i wasn't allowed to invest anyone else's money with my own ideas unless i could convince people to act on it. i learned how important it was to talk over a story with the individual. can you do that to someone if you were picking a stock? you had to know your stuff. i knew that stocks go down. if the stocks went down they would be mine. what else did i learn? it was at goldman sachs i figured out how humbling the business could be. when an idea went against you,

among his biggest donors, goldman sachs, masterminds of the mortgage-backed securities that almost sank the world economy. cantor's also the third largest recipient of money from the national rifle association in the house, which is one reason he's such a "big gun" there. senator robert menendez, democrat of new jersey, may be in hot water. he's currently under investigation for allegations that he improperly intervened with government agencies on behalf of a big donor. and there's fred upton, republican from michigan, chairman of the house energy and commerce committee. what a coincidence. the oil and gas industry is one of his top donors, helping him raise the $4 million dollars he spent last year to win re-election. senator kirsten gillibrand and senator chuck schumer, democrats of new york, have wall street as a constituent and patron. her biggest contributors include jpmorgan chase, morgan stanley, goldman sachs, and law firms that have advised them. his top donors include securities and investment firms, lawyers and legal firms, and lobbyists. and there are fleeting glances of som

we've been listening to tim cook speak at the goldman sachs technology and internet conference. about 15 minutes. mr. cook said something interesting when asked about acquisitions. he was asked by the goldman analyst leading this chat today, if theas s in the business model against big acquisitions. that factors into the conversation what apple may do with its cash. tim cook said they looked at large companies, they didn't pass our test. he went on to say, though, they have looked at more than one. found that a little bit interesting. the mere fact that he mentioned that, the fact that apple has at least times looked at acquisitions. the big company that's out there that people talked about, apple should go buy that, apple hasn't quite found that one yet. he also addressed david einhorn directly saying they will consider greenlight's proposal. but he called it a silly side show. we'll bring you the headlines as soon as they cross. tim cook in addressing that they have looked at more than one, a large company, in the past for an acquisition, i find that quite interesting. >> can

of goldman sachs and you're starting to imagine the world that the occupy movement is trying to bring into being we know always going to greet us not about unanimity we don't be like that duke ellington jazz orchestra. everybody got their own voice and the duke is not the conductor he just didn't put the money no other but he did gonzalez he did it. johnny and i just yes that's democracy in action at the deepest level experiencing the horizontal community and culture and organization. so radicalized him for three years to be surrounded by them because it draws such a stark contrast against what they're fighting and actually in their minds clarifies what they're up against more than somebody. more than it would be clarified if somebody got up and tried to clarify it for thanks to occupy wall street there is a lot of new ways of organizing which is not just calling people to participate in something you came up with but giving people the opportunity to create them selves and to be part of a regional brainstorming about what to do so that they feel empowered in this moment and it's also

of goldman sachs and you're starting to imagine the world that the occupy movement is trying to bring into being always going to greet us not about unanimity we don't be like a duke ellington jazz orchestra. everybody's got their own voice and even duke is not the conductor he just didn't put so much of it but it doesn't it it. just is not just yes that's good luck or think and action at the deepest level experiencing the horizontal community and culture and organization. so radicalizing for people and continues to be so radicalizing because it draws such a stark contrast up against what they're fighting and actually in their minds clarifies what they're up against more and then somebody. more than it would be clarified if somebody got up and tried to clarify it for you thanks to occupy wall street there is a lot of new ways of organizing which is not just calling people to participate in something you came up with but giving people the opportunity to create for themselves and to be a very original brainstorming about what to do so that they feel empowered in this movement it's also i

of goldman sachs and you're starting to imagine the world that the occupy movement is trying to bring into being it was going to be just not a good enough we will be like a duke ellington just. everybody's got the only thing we need to do just not to conduct that he just put so much not. just yes that's democracy in action but loving experiencing the horizontal community and culture and organization. so radicalizing for two point continues to be surrounded by because it draws such a stark contrast up against what they're fighting and actually in their minds clarifies what they're up against more and then somebody. more than it would be clarified if somebody got up and tried to clarify it for thanks to occupy wall street there's a lot of new ways of organizing which is not just calling people to participate in something you came up with but giving people the opportunity to create for yourself and to be there in a regional brainstorming about what to do so that they feel empowered in this moment and it's also i think. finally put the kybosh. let's organize a rally on a saturday in washi

of goldman sachs and you're starting to imagine the world that the occupy movement is trying to bring into being we know always going to greet us not about you. the we will be looking at duke ellington janet. got the only thing we need to do just note the conductor he just didn't put the money. just yes that's democracy in action at the local level experiencing the horizontal community and culture and organization. was so radicalized for three years to be surrounded by because it draws such a stark contrast against what they're fighting and actually in their minds clarifies what they're up against more and then somebody. more than it would be clarified if somebody got up and tried to clarify it for thanks to occupy wall street there's a lot of new ways of organizing which is not just calling people to participate in something you came up with but giving people the opportunity to create yourself and to be. a regional brainstorming about what to do so that they feel empowered in this moment and it's also i think. finally put the kybosh on let's organize a rally on a saturday in washingt