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

truck yeah care is actually goldman sachs is the fall of the c.f. he's is involved in greece is involved in italy is involved in all of them j.p. morgan is mark involved when i meet and they these conferences and they meet to collude and fix prices and steal money and then that governments will impose austerity measures to help pay for the money that's been stolen. well according to the article here successful litigation by the c f.t.c. against an executive at a failed financial firm would be a rare win for the u.s. government agency which just struggle to hold senior bankers to account for alleged misbehavior in recent years notice how one point six billion euros could go missing or were dollars in this case and it's all alleged that tens of billions of euros that went missing from the greek government accounts and now the italian government accounts it's all alleged misbehavior and misconduct. for i remember correctly in the case of grace and dale's mother they turned up to some billion euros or something and they're suddenly magically appeared ou

do you think the big banks like goldman sachs played a.i.g. for a patsy?hat they did. >> lewis calls the goldman sachs-a.i.g. deal one of the original sins of the looming financial crisis. other wall street firms were so jealous of the goldman deal; they got a.i.g. to insure another $30 billion of what turned out to be worthless securities. but lewis thinks the fiasco had more to do with wall street's stupidity than corruption. didn't understand these things. >> not well enough. they--they... i mean, there's a wonderful little vignette in the big short about a leading bond trader. he was subprime mortgage bond trader at morgan stanley, a fellow named howie hubler, who manages to lose somewhere between--it's hard to know-- but $7 billion and $12 billion in a matter of six or eight months, more than any single trader has ever lost in the history of wall street, and no one knows his name. >> according to lewis, at the end of 2006 and the beginning of 2007, when the commercial bank j.p. morgan became the first to recognize the danger and fled the subprime mark

one of these companies was the investment bank of goldman sachs. in 2005, we discovered goldman sachs had used about $60 million of shareholder money to purchase 800,000 acres of land at the bottom of the world at tierra del fuego, and then donated the land to a green group called the wildlife conservation society. we took our complaint to the goldman shareholder meeting, which was the last one for hank paulson, a fearsome wall street personality who was later treasury secretary. we turned a 10-minute meeting into a one hour nightmare. paulson was not only the ceo of goldman sachs, he was also the chairman of the nature conservancy. paulson's son was a trustee of the wildlife conservation society, the group that picked up the acreage. that was only the tip of the iceberg. we learned the whole sordid history of this tract of land and its nightmarish intersection with sustainability. the land had been purchased by a washington state timber company named trillium. the ceo of that company turned out to be rather green for a timber company ceo. he had p

. >> you said banks, does goldman sachs fall into that category is this. >> it's a bank. let me tell you something. i love the people there. i love gary and the whole place. i think the stock has treaded water for the last week, week and a half. it should make a push towards 168. i like it. >> lastly starbucks leading off once again, shares of the coffee giant hitting an all time high in today's session. mike? >> we were talking relative to names like duncan. let's bear in mind this company is the second largest publicly traded company in the country. it's worth $50 billion, half the size of mcdonald's. i wonder how much longer growth can keep up. i still like the stock but i'd wait for a pull back before i would add.

he is the son of an immigrant, colgate alumnus and former goldman sachs partner. this is almost 20 minutes. [applause] >> we will look at the videotape later. welcome, everybody. what an honor for me to be here. it has been a great day already. somebody won the powerball jackpot, we don't know who yet. we think murray just $120.-- won $20. we will go to the videotape later and check it out. for breakfast, i had what i now could the breakfast of champions, yogurt. i recommend the raspberry. in 1981, i sat where you guys sit today. that is a decade before most of you who are graduating today were born. i sat with my parents, my classmates, and my golden retriever. some of you will get your diplomas from your parents or some relatives today, my golden

morgan goldman sachs or citibank as an institution they're committing fraud but i think really the deal breaker here the deal clincher if you well would be on an institutional level that of the central banks including the bank of england they're bringing in mark carney who's a fraudster from the moment of do you say go from the bank of canada and i think this will light the blue paper of complete insurrection in the u.k. because he's going to start printing money with reckless abandon inflation is going to start raging and wages are stagnant and dropping and if you thought the poll tax riots were hot and. whoa we're going to. ever covered one guy's report don't want. your job more. so in the united states if say some occupy wall street protesters were going to be meeting in front of bank of america to protest these crimes these ongoing crimes those protesters would be met with pepper spray to the face gas tear gas thrown at them was so why are these bankers allowed to walk calmly in there and continue committing these crimes and so you mentioned that part of this criminality is covered

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

my first job at goldman sachs, a person from colgate helped me get that job. i ended up having a chance to pay it forward a little bit in the campaign for colgate being on the trustees and now being with you today. i have to tell you, i never dreamed i would be here. when i was sitting where you were sitting, i did not think i would be the commencement speaker here ever, given the feedback i have gotten from some of my friends, i would say there were other people who agreed with me. [laughter] maybe i should have. the american dream teaches us that anything is possible. i believe i am a product of that american dream. i am reminded of a story that happened a few years ago. we were doing a day for entrepreneurs at the exchange and snoop dogg was there with think is now snoop lion. i bet many of you were not thinking he would be quoted in a commencement speech, but he gave some really good advice that was elegantly simple. we are on the podium, he is about to ring the opening bell at the new york stock exchange, a successful entrepreneur in his own right, and on

>> the board meetings. >> let's talk about the goldman sachs and warren buffett investment. >> looks circumstantial but there is no link? >> there is -- that is the right to actually there was a case in 2008 credit suisse they could not at trial showed that many had gone to the baker. there was no benefit. they were trying to an alleged there was a man in pakistan he was kicking it back to the credits we spanker but there was no actual display of its. benefit is a very nebulous term with insider-trading it doesn't have to be many handover in suitcases with business ties lead to greater business. >> host: that there were no suitcases of cash so this is not as exciting a trial as the previous one. >> simple psychological question with a financial failure because of that he was determined to prove the exact opposite and then all the grief came from there? >> he came from very humble roots and with his father kim not a jail there is this rea doing this from memory something like 10,000 in debt which is an enormous amount for that time. but again the talk that he gave that columbia he sai

learn how to debar goldman sachs from doing business with oakland. that would not happen if there were not community pressure to do so. and the neptune siociety wants o build a cream tore yul nematori oakland airport. oakland airport cream tore yul. they we -- crematorium. they were able to get a permit. not go through the proper channel. if they were going to put if it of in the hills or an enflaf that was affluent or white. where people will speak up. so we had people from teenagers to one senior citizen, 97 years old. show up at the meeting. there were over 100 people. 57 of them showed up to sign the speaker cards. it was something that the elected officials took note of. they voted unanimously to extend the conditional use permit. that would not have happened if a bunch of people sitting there quietly, and let this thing go on without raising their voice. >> right. a lot of people coming together. one person like you. keep it going out in the community. being a mentor. it is something you have taken to heart because you have had mentors. >> ther

cheryl: a key guy. >> reporter: and is not just anybody how lot of people a saying goldman sachs is makingt. no comment from goldman, no comment from morgan stanley. to be honest with you, don't read too much into this, his new -- this guy has lots of clients, not just sac. he did not deny that sac was as big client. i'll tell you, everyone thinks that is a charitable way of looking at it. they think this is somewhat of a bet. cheryl: you mentioned to rudy guiliani. he was back there working early on. i was sitting with him when the news crossed. >> reporter: one of the big pioneers of commodities trading. people forget this guy was a big deal on wall street. then he got indicted and fled the country. it was interesting. he was pardoned, but he never really -- cheryl: bill clinton pardon to number 40 left office. >> reporter: think it was eric holder. that is -- reading of subjects. a lot of pressure right now for the ira's and an essay, but it's interesting. all of those. right now, listen, it's a sleepy story. i got the story and a bar that was a very sleepy last night. this was a big to

goldman sachs can take advantage of that.here's a lot of trading going on, a lot of people getting in and out. the problem is if that volatility continues it starts to reduce the issuance of corporate debt and we're starting to see that. you probably get a pop up to 180 or so and then i would take some off the table. >> you said banks, does goldman sachs fall into that category is this. >> it's a bank. let me tell you something. i love the people there. i love gary and the whole place. i think the stock has treaded water for the last week, week and a half. it should make a push towards 168. i like it. >> lastly starbucks leading off once again, shares of the coffee giant hitting an all time high in today's session. mike? >> we were talking relative to names like duncan. let's bear in mind this company is the second largest publicly traded company in the country. it's worth $50 billion, half the size of mcdonald's. i wonder how much longer growth can keep up. i still like the stock but i'd wait for a pull back before i would a

you know at a goldman sachs it's i think i can just specify that it's a lot more about teamwork and some of the other places it's more about more the individual so. they're very different in nature they're all successful in what they're successful at and the negatives you know they you know there's a lot more regular regulatory scrutiny now and i think some of those cultures are more conservative in nature and some of the more not so conservative right now i think in order to succeed with regulatory environment being what it is you have to be. a lot more cautious very well thank you so much for joining us this is kyle harrington herrington capital management thank you so much. and stay tuned because up next we dig into the final print of money market reform what's in store for this two point three billion dollar industry that nearly imploded in the last financial crisis then a prime interest producer bob inglis and i have those dots weren't the all over the five apology major that are best or worst suited for the financial industry. wealthy british sign on the sign. is no time to read th

for an enormous fee but it's not available to any american unless they're a partner of goldman sachs as part of this new a neo american. kleptocracy slash aristocracy that really is a shameful it's as an american myself with the roots of go back three hundred years when i see you larry also i vomit in shame in a way he he a pet of mice is what was possible used to be possible it is no longer possible but that makes me think for these students spending one hundred thousand dollars on a university of wisconsin madison education for the four year degree why not buy up some patents and then troll everybody and take down the economy and innovation you know this is the end of the american dream in mind as well join in the locust behavior because one study shows that fourteen p.a.'s these patents assertion entities had total revenues of seven point six billion dollars from two thousand to two thousand and twelve but the pat in suits they initiated were associated with eighty seven point six billion dollars decrease in the share value of defendant companies right while you make a good point

see who is a former interests he used to work at goldman sachs and he's sort of had a change of heart he's been a very very effective regulator so i do think that with key people like that there is a shot but you're right to ask the question because the game is definitely rigged against us and because of the way that money influences politics there is a lot of strong incentive for reg sorry for people in congress to also do the will of the banks we see that in something i wrote about in my articles scott garrett is a representative in the house he received over half a million dollars from wall street and they told him very explicitly to put as much pressure as possible on the sea f.t.c. so i don't know without addressing the money in politics issue if we're going to be able to have strong regulations but as long as we have keep people in there like gensler we have a chance for the white house is is basically trying to scam where as we speak well we'll get back in just a minute but i want to get to the swaps jurisdiction certainty act which passed the house last week expected to curb t

and she doesn't have the experience that gensler has she only worked at goldman sachs for a short amount of time and not in a derivatives division and so i think they might be trying to run out the clock dr bring in someone who might be more favorable to wall street so that's the danger we have here right now with the f.c.c. chairman gary gensler he was recently chastised by the. own obvious of inspectors. general for failures related to the handling of the m.f. global failure. now as you said term is up in december do you think he's just a way. a fact of at all it is current position he certainly has some cards to play and he still has power in his current role but i think that people are trying as much as possible to slow him down to make him as ineffective as they can because they know he is a strong advocate for financial reform i think he has maybe a few cards left that he can throw down on the table this july twelfth deadline is perhaps one of them but time is running out and certainly the white house has not stood behind him if they were really interested in financial reform i thi

goldman sachs up solidly today. ceo lloyd blankfein. a good chunk of the business initiative goes to the city of new orleans. of course the financial industry goldman chairman and ceo lloyd blankfein along with new orleans mayor. so to the small business initiative in a moment. but first, lloyd, let me start by getting your take on what is going on in terms of the recent moves and federal reserve. do you think the market initially misunderstood what the fed is -- all of a sudden we have nervousness, then three days of rally or don't pay attention to the near term moves. >> the mark set big. and not homeogenius. bernanke said we will be data reflective but it is based on growth specifically then well ease ourselves, taper ourselves off of quantitative easing. he said potentially by the end of the year. not necessarily if the data doesn't support it. but otherwise -- and that's what he said. the market of course, took this as, oh, my god, the first moment. and it would be an avalanche. and that doesn't have to necessarily be the case. >> i

it's been a day of hot air here of prime interest but let's not jump the gun let's talk about goldman sachs all right well what does too big to fail exist all only five years since the financial crisis began goldman sachs. yes it does act according to author simon johnson and read the latest squid report on bond market pricing don't worry we won't report that's when i said. vampire squid. well there's this raises an interesting question and i think yes it does ok all the big banks and their lawyers david spoke and some other groups they're pushing back against this idea too big to fill in naples the banks to make more money but they're not even acknowledging that too big to fail exists because and that's ridiculous right because a lot of these firms have been systematically important financial institutions subsidies and goldman itself in this report finally acknowledges that too big to fail exists so well if you ask david stockman he said it's all made up well you know david stockman says a lot of things a lot of with with which i agree but i would say on the goldman front it's pretty inter

david: but you look at some financials, david, like goldman sachs, for example, reaching new highs todaymean, financials in particular would seem to me even though they are at their peak right now, i would be kind of worried because you don't know exactly how these rising interest rates are going to affect them, do you? >> well, you know, when we look at the financials, and that has been one of our most favored sectors for 2013 as i talked about back on the show in february, several months ago, we love the financials. it's been an unloved sector. but with the recovery in housing, the economy that is growing, albeit slow, and with the increase in interest rates we're seeing that net interest margin increase, and that's going to help the banks, help the financials -- david: but, david, let meejust push back a little on that because they are stuck with all of these, so many households have renegotiated their mortgages down to record low levels, and these banks are stuck with those record low level payments for the next 20, 30 years. >> they're stuck, yeah, they're stuck with some of those,

goldman sachs. we'll be right back. stay with us. >> rose: tim turlly is here, he's chairman and c.e.o. of ernst & young. the firm is a global leader in tax and advisory services with 170,000 employees worldwide. under his watch, it's more than doubled revenue. he has steered the company through trying times within the profession, including the enron era, corporate scandals and the financial crisis. after 35 years at ernst & young, he retire on june 30. i'm pleased to have him here at this table for the first time. welcome. >> great to be here. >> rose: so how many years in the accounting business? >> well, for me it's been 36 plus years at ernst & young, fall the same firm. it's been just wonderful. >> rose: how has it changed other than the clear impact of technology? >> oh, my gosh. i'd say probably the biggest shifts have been around the capital shift that we're all seeing in the world, and so the business is much more global than it's ever been before. the demographic shift that we our all seeing so dramatically. t