taxpayer the queen cost them forty one million pounds annually to maintain meanwhile across the pond goldman sachs role in the aluminum market has cost the consumer five billion dollars over the past three years or is as the royal goldman household would have you believe that's a mere zero point zero zero two cents per can of soda pop or just twelve dollars per automobile not much when you look at it that way but size think of all the tourist money the royal families of wall street bring in now to explain all this in greater detail we turn to stacy herbert first max of all. this is going to be a controversial episode because we're going to talk about goldman sachs and the aluminum market. the british people of course call it alan minium so there are going to be hundreds of comments saying they pronounce it wrong because i don't reside in the illuminati i don't know if you allude or as a british people say aluminum. yes they're british say alan minium but it's aluminum anyway so as of two thousand and three you know all the banks on wall street looked at what happened to enron they were able to coi

before you speak max goldman sachs has replied to this new york times piece and they say they're just being market makers how would i ever guess that well this is fantastic because it's low frequency trading as opposed to high frequency trading you know high frequency trading go that will put a computer next to a new york stock exchange or front run trades in the siphon off cash and they leach out money and they are destroying the american economy that way here in detroit it's low frequency trading they put a warehouse next to the city of detroit they leach out all the money from detroit now the entire cities in receivership now the entire city of detroit is going bankrupt because folks like goldman are set up shop next door in these huge warehouses to leach money out every single day a penny a fraction of a penny at a time he chewed out like a cancer cell just leeching that money out there's lloyd blankfein leaching an enormous leech on the he's a pox on the american soldiers leeching all that money out and of course he claims market making which is false any time lloyd blankfein use

at goldman sachs in the second quarter to $1.93 billion. >> john: yes, goldman sachs have been covering their investors in goldman showers. as an interesting sidenote here, one of the reasonses that goldman is doing so well is its trade in aluminum. as of i will incorrectly pronounce it for your comfort, aluminum. for years, aluminum has helped build our airplanes. it's kept us from sipping beer out of our hands. and provided much-needed headgear for our crazy people. ( laughter ). but wall street's darling has worked out that there is gold in that there aluminum. >> hundreds of millions of times a day, thirsty americans open a can of soda, beer, or jees expemp time they do it, they pay a fraction of a penny more becauseave shrewd maneuver by goldman sachs. >> the "new york times" reporting over the weekend that goldman sachs is running a scheme to artificially inflate aluminum prices. >> john: that scheme-- to marry an elderly aluminum heiress and murder her for her money. so goldman sachs is running the classic reynold wrap grist on the american people, which means it's time for anoth

these storage costs and that's how they're profiting in this goldman sachs game so if goldman sachs is making money london metal exchange's making money and so is hong kong and technically none of this is a legal right even if it is considered stacking the cards in your favor or some would call it overreaching no it's technically legal but it gets down to a concept called regulatory arbitrage we have rules and regulations in the us and a lot of those rules and regulations do not exist in london or the city of london or even hong kong so there is. an arbitrage game to be played definitely goldman sachs is playing that out right now so it is a conflict of interest is what you are arguing i think it's a conflict of interest because we're i have no problem with speculators per se it's when these speculators are financed by the federal reserve they're given free money to play with basically we had a near zero interest rate policy by brint ben bernanke in for five years so they get all this money to play with and then they go to the federal reserve and they demand exemptions to play with thi

>> john: did you read that story about goldman sachs? >> yes.y're artificially inflating prices through storage. >> john: just to be clear, elliot, you understood it. >> obviously, i'm eight and a half. >> john: right, right. ( cheers and applause ). anything else? >> what goldman sachs is doing is worse than cooties. >> john: it is worse than cooties, elliot. thank you, elliot. >> by the way, when is john coming back. >> john: jon stewart is coming back in a few weeks. >> oh, thank god. ( cheers and applause ). >> john: i've got-- ( laughter ) she's just saying what america is thinking. relax. i've got to say, now that you think about it, the new version of monopoly is actually perfect. you just move pieces of metal around and around in a circle, collecting money whenever you want, and it's guaranteed that nobody is going to jail. ( cheers and applause ) e righ be righ ( cheers and applause ) welcome back. congress becomes the least productive in history, having passed just 15 bildz. what we wanted to know what, kind of person aspiers to be a m

goldman sachs, goldman claims british landlords.hey are trying to find out if the power house is playing a game of musical warehouses. a high chance of landing a good job. the type of job may surprise you. "countdown to the closing bell" starts right now. ♪ liz: good afternoon, everyone. i am liz claman. charlie gasparino has the latest details on this story. it affects a lot of people. steve cohen pushing back. the e-mail was sent back in 2008. improperly obtained. they made a trade right after that. $2.7 billion deals. cisco wants to take on the cyber security business. right now, shares of cisco are down just a penny. we are all over the story. we need to get to the earnings report that so many of you are going to be watching. that, of course, is apple. now, well, here is the sad tale. up about 30% over the past year. here to break down the numbers, she'll love. she is on the story. educate our viewers. >> how many iphones did apple sell in the quarter? apple is still an iphone company. that, of course, is what everyone will be w

at goldman sachs in the second quarter to $1.93 billion. >> john: yes, goldman sachs have been coveringstors in goldman showers. as an interesting sidenote here, one of the reasonses that goldman is doing so well is its trade in aluminum. as of i will incorrectly pronounce it for your comfort, aluminum. for years, aluminum has helped build our airplanes. it's kept us from sipping beer out of our hands. and provided much-needed headgear for our crazy people. ( laughter ). but wall street's darling has worked out that there is gold in that there aluminum. >> hundreds of millions of times a day, thirsty americans open a can of soda, beer, or jees expemp time they do it, they pay a fraction of a penny more becauseave shrewd maneuver by goldman sachs. >> the "new york times" reporting over the weekend that goldman sachs is running a scheme to artificially inflate aluminum prices. >> john: that scheme-- to marry an elderly aluminum heiress and murder her for her money. so goldman sachs is running the classic reynold wrap grist on the american people, which means it's time for another

goldman sachs, part of the reason was this goldman sachs note. they raised the price to 84 bucks a share. they also laid out three scenarios. the best case scenario got goldman to $113 a share which is about 11% below where the stock closed in yesterday's session. karen, yesterday you were on the show. we didn't show you in that clip because you didn't want any part of it. >> right. >> today you are in the trade. >> we talked about it in the middle of the day and it was already starting to completely unravel. i said i'm out of the money, july puts, this is not a trade i would put a bunch of money in because could they be zero, absolutely. for sure these could turn out to be zero but i thought when you have this broken momentum trade who knows. goldman came up with three different valuation. who knows at this point? it's really made up -- not that the numbers are made up but the valuation you make it up so who knows where it could go. >> we did call steve grasso for a trade update. >> did it go to voice mail? >> no. we e-mailed us back and said he

earnings going on, and so right now, we're watching three names right there, johnson & johnson, goldman sachs, and coca-cola. all three mi goldman pulmod back 1.8%, had the quarterly profit, and the stock reacted negatively despite the investment banking. johnson & johnson good on drugs and medical di vices and that did well ultimately. coca-cola, on the other hand, didn't do as well as expected leaving the cfo noting saying the economy, globally for europe and asia affected them and north american sales did not do well alternately saying the foreign exchange rates hurt their numbers and weather, big into weather in a big way reading through the notes, but they grew year over year, but not as much as they hoped. lori: thank you for that. dennis: a vocal critic, kansas fed reserve president telling our peter barnes thoughts on when the fed should taper the bond purchasing program, and peter joins us from kansas city with more on the exclusive with the fed president, peter? >> hey, dennis, thanks, no question that esther georgements something done sooner rather than later on tapering quantitati

they did recover $550 million from goldman sachs. man does not pay that money likely unless there is a good case. if they lose. -- if they lose, i think it will be bad if they lost. againstec lost a case , therecutive last summer is a much bigger spotlight on this case. badsec has suffered publicity from the nato scandal. there is criticism that it failed to prevent some of the things that happened in the 2008 meltdown. i think it is going to be a problem if they lose. bob van voris, thank you for your time. willin washington dc there be a special ceremony that includes president obama taking a look at the korean war. this will highlight the 16 year anniversary of the armistice that was signed. our next segment is going to take a look at some of the details of the war and what led to the signing on this day back in 1953. is with george washington university and he will talk about what this means for the modern day. "american history tv" today, special coverage of this event. we will leave you with a little bit of that and we will take

of the volcker rule that says banks cannot gamble with customer money lloyd blankfein said his goldman sachs doing this but guess what he did it we just learned that the firm found a loophole to keep doing it anyway over a billion dollars worth we'll learn how this is possible and how it might add we talked to the partner of public citizen finally we have eliot spitzer who resigned in disgrace in two thousand and eight just as applied anshul panic was heating up well he's back and he's looking to oversee new york one hundred forty billion dollars city pension plan he won't be able to bring charges of being schooled right so. find out what's in your prime interest. you might. elementary school lesson how would bill becomes a law the law or statute is an act of by congress it's usually somewhat vague by design but what happens after it's passed it's up to government regulators to make specific rules or regulations to implement the law this rule making process goes on usually with the help of the very entities that are being regulated now that's why j.p. morgan attends all those meetings with t

and goldman sachs tops them all. the wall street firm earned $1.93 billion, which amounts to $3.70 per share, easily beating out estimates of $2.87 per share. goldman's nearly tripled its revenue from investing in bonds. labor rights groups are engaging in a new kind of budget battle. visa and mcdonald's are catching criticism for an employee budget plan. the financial literacy guide was released in 2008 but is gaining renewed attention as fast food workers throughout the nation fight for better wages. the site is meant as a tool to help employees manage a budget on low wages; however, critics of the guide say it is unrealistic. bob bruno, a labor professor at university of illinois at chicago, says the budget recommendations should not be focusing on financial literacy. "that's not the problem. and yet that is what is implied here with this solution. frankly, low-wage workers will rely on social service groups and advocacy groups to make it from one paycheck to the next. it's really not financial literacy that they

of the volcker rule that says banks cannot gamble with customer money lloyd blankfein said his goldman sachs doing this but guess what he did it we just learned that the firm found a loophole to keep doing it anyway over a billion dollars worth we'll learn how this is possible and how it might add we talked to part naylor a public citizen finally we have eliot spitzer who resigned in disgrace in two thousand and eight just as applied anshul panic was heating up well he's back and he's looking to oversee new york one hundred forty billion dollars city pension plan he won't be able to bring charges or things cool right so. find out what's in your prime interest. you by it. elementary school lesson how would bill becomes a law the law or statute is an act of by congress it's usually somewhat vague by design but what happens after it's passed it's up to government regulators to make specific rules or regulations to implement the law this rule making process goes on usually with the help of the very entities that are being regulated now that's why j.p. morgan attends all those meetings with the c

just to do with it what to do away with obamacare that and more into night's politics and also goldman sachs is working very hard to screw over the american people yet again we'll talk with economist richard wolffe about the latest way that wall street is raking in billions at the expense of you and me and mobility is alive and well in america and much to the dismay of this nation's founding fathers more on that in tonight's guilty take. we're opening tonight with a special edition of our green report carbon in our atmosphere is a principal driver of climate change and there's a massive amount of carbon locked up in the earth's northern polar region so nasa has decided to find out exactly how much carbon is in the arctic region and how stable or unstable it might be and how it's reacting to global climate change joining me now for more on this is dr charles miller research scientist and principal investigator of the carbon in arctic reservoirs vulnerability experiments . car of a five year nasa led field campaign studying how climate change is affecting the arctic's carbon cycle dr dr miller

lulu lemon, goldman sachs brought pub leg at $18 in 2007 t.spite the 2008-2009 sell-off because of the gigantic addressable market, that initially was women, and it extended to all women, not just women athletes and some men, too. some of the best ones from 2012 to think about, organic food maker annies, discount retailer five below. enterprise software prior guide wire, salesforce.com. they all fit the three-prong test. in all these case, the trick is to recognize the size of the market the power of the competitors and try to physical out how the company is coming public is valued as similar players. deals like under armour or lulu lemon priced at significant discounts, they tend to be the good ones but are rare indeed. the bottom line to analyze the ipo, including the ob truce technology companies, rate the competitors see whether the company is profitable. make sure of the broker's pedigree. then you will know whether it's worth it to put in for the deal. "mad money" is back after the brake. . . >> well, cramerica, it's time for your tweets

happens then gary gensler remember many of us were very nervous that the president would name a goldman sachs traitor to be you know the fox guarding the hen house and he's happily surprisingly turned out to be excellent better than if you just had a boy scout who didn't really know his way or her way around goldman sachs we don't know who the replacement is hard to believe we're going to get somebody better than gensler ok with gensler kind of abdicated his role over the futures industry when he let them if global fail and forward to a supposed you know liquidation unfortunately he waited a few days to recuse himself i don't think he handled it particularly well but i'm sure that he would agree that things should have been done better i don't know the details. his relationship with corps i what he did or did not say. none in position to cast calumny on him for that sure let's talk about glass steagall this was a something that was instituted of the one nine hundred thirty s. to separate banking from investments and then it stood for decades and decades and in the late ninety's we had a bill

oversight of banks like goldman sachs and j.p. morgan both banks are accused of manipulating aluminum prices by controlling large metal warehouses part of the london metal exchange network your thoughts so basically we have banks running a racket that's screwing over companies like these big companies that other companies that use aluminum the bigger picture here is that wall street the wall street economy the fire economy finance insurance real estate used to be about ten percent of our economy now it's now twenty five to thirty percent of our economy and starting to dominate our economy and it's doing that because it's preying on all the other industries in our economy through these rockets through price manipulation through all this stuff do we want an economy that functions based on manipulated fake money or do we want to have condom either functions on actually building stuff and actually selling and buying stuff now do you kind of on your side here but i'm just going to play devil's advocate it only adds a tenth of a penny t

morgan goldman sachs i mean it's not just the u.s. it's the three biggest billion banks in london in london from both sides and bear in mind there are six billion banks clear the c.l. which is the london clearing bank system which is very serious six billion banks pretty much all of those control what's going on they clear everything in london every day. but basically so you've gotten out of this run so what happens is the fed steps in and says look we rather than expose this whole collapse and an also on top of the whole fear fear of system being in collapse what we'll do is withdraw the provide bullion to the market so borrow it and we're happy to continue to read hypothecate what we've got which is already leverage as you say people are asking for their billion back is already a problem so what they do is they see backwardation they go the only solution that we can see short term is to dump the futures price in other words they provide so much synthetic supply into the paper markets of the comics paper markets that we drop four hun

before that, goldman sachs reports before the u.s. bell this morning with analysts expecting another stellar set of figures. the investment banks beat expectations for the last four quarters. analysts are estimating a 20% increase in revenue this quarter. we also expect coca-cola to postearnings of around 63 cents a share, down from $1.21 per share for the same period last year. the company's expected to remain pretty focused on emerging markets for growth. as far as johnson & johnson is concerned, performance has been solid across all business segments with strength in pharmaceuticals, and health care. shares up over 30% in the last 12 months. and then after the bell today, we'll hear from yahoo!. not expected to dazzle. the stock has. up over 70% since marissa mayer took over. she's marking one year at the helm of the online search engine. so we'll talk about those companies. also on today's show, india's central bank unveiled new measures to prop up the rupee. we'll have the latest reaction from mumbai. greek labor unions are prote

was created in the first place let's see it stands for a commodity so his old boss at goldman sachs that would be john who are going to profile today he blew up in the global and he threw the entire futures industry into disarray and mr gensler did nothing for four days then promptly recused himself from the entire matter we're going to talk about this with james cook tulis president of the commodity customer coalition in just a bit well gensler is on the way out ever had after having lost a major battle over to reduce regulation with his fellow commissioners in just nine days a key provision that governs the ability of u.s. banks like j.p. morgan to skirt the dodd frank it will expire if the exemption is not renewed brilliance and derivatives could be thrown into disarray meanwhile the latest jobs report beat expectations today good news for. wrong at least for mr market because that means the fed might be getting out of the money printing business sooner than expected it's a topsy turvy world but we're going to lay it all out for you today as we deliver what's in your mind then for. al

goldman sachs effectively self insures themselves.hey are paying completely out of pocket. >> that's weird to self insure. i'm trying to physical out how that would even work. >> when i say self insured. >> they will take on insurance. >> they are taking on whatever the risk is involved in this. the question would become if he is convicted, whether they would then try to claw back the money. >> he doesn't look like it. did you see that picture of him? . >> he doesn't look like he will be convicted, does he? . >> no. >> he looks like i'm kind of like a celebrity. >> you saw that story yesterday. >> did you see mary thompson? . >> there she is. obnoxiously sticking that mic in the guy's face. i don't know if you saw that story. she was off to rwanda, trying to do good. >> all right. let get some instant reaction and analysis to those goldman sachs results. joining us on the news line is marty mosby. these numbers are much better than the street had been expecting. what caught you by surprise? . >> it didn't catch us by surprise. what yo

goldman sachs is making $4 billion from moving aluminum around. is it legally skimming the market while every consumer in the country pays the price? plus most people are fleeing detroit, so what has professionals flooding in? a couple tells us the real story that everybody else is missi. but who made money? even when they say it is not, it is always about "money." ♪ melissa: our top story tonight, and report goldman sachs is making billionat the expense of consumers by playing a shell game with aluminum. the investment banis sitting on a massive horde of aluminum shifting it from warehouse wahouse delaying shipments to customer to drive up the price we pay for everyday products. it could cost us, the conmer, $325 billion over the next several years. maybe legal, still irritating come expensive. it is all the word on wall street. i want to start with you, because i wa to explain to our audience the mechanics of how this is happening. this is aluminum it purchased on the exchange in london. goldman sachs bought the company that owns the warehouse t

whole laws of supply and demand were upsidedown, that the wall street companies, you mentioned goldman sachse are two other banks that have been part of this, there's goldman, there's jpmorgan chase, and there's morgan stanley, i guess, for the three. that those three banks, whether it's oil or copper or aluminum, they've gamed the system and they've only been allowed to do this for around a decade and they're getting more and more inquisitive, if you will, as they gain more and more power in the marketplace. let me give you a good example. one of these, morgan stanley owns 80 tankers, 80 oil tankers and owns refining capacity. they also bet on side bets on the price of oil. so if 80 of these tankers, if some of their tankers, they decided to just not deliver oil for a period of "x" number of days and then bet on oil prices spiking because of supply and demand -- >> unbelievable. >> -- they could probably make a killing. so it's this kind of reaching into the real economy that can cause such damage in terms of stability among in the financial system, in terms of the profits they make, in ter

at the time he still is and he's another ex goldman sachs guy an inspector general report came out and said that it was not necessary for him to recuse himself and what when he was at the helm of the c.s.c. i think one of the problems was there was a lack of leadership and the inspector general came out and they said he doesn't have to recuse themselves is gary gensler. is he that the epitome of the regulator who has not done his job. i mean look i'm no gambler fan just to play devil's advocate for one second i'm sure he was kind of damned if he was you know damned well he was all there given his relationship with i feel that if you don't refuse him then we'd be talking about how or if i got special treatment because again lerner was still involved right so i mean he even have a great option there but the timing of his refusal is a bit earlier and that he waited about four days after the bankruptcy refused well and this was after the basically see f.t.c. gave the handling of the bankruptcy. which is securities insurance company. rather than saying that the f.t.c. should be involved des

what goldman sachs did was two brilliant moves. banks put themselves on the board of the london metal exchange so they make a decision on whether to regulate themselves and cut the exchange in on it, and say you get 1% of the proceeds if you don't want to lose that money you keep going along with this scam. michael, when you see that, i mean, isn't it a giant dereliction to not regulate. >> this confuses me a little bit. i will say that the point you made, cenk about the fact that they trade on these commodities i think it's the smallest point but has the large evident implication. that's them getting away with setting a market, taking any fair play out. i don't care if millercoors gets fair play. it's not like it's going to be passed down. when these big companies have the experience of being an end user and dissatisfied end user like regular people do, then maybe it gets through or at least they feel a little pain. the fact that that seems criminal that they're allowed to own 80% of the market and then set the market themselves,

we'll go to josh lipton for a market flash. >> watching goldman sachs here. ayo of clsa has lowered his rating on goldman to buy from outperform saying even if his estimates and target price aren't enough to justify the upside needed for a boy rating, down about 1.7%. sue, back to you. >> david, would you get against goldman sachs at this point? >> i wouldn't. >> i think they like the financial sector in the united states and don't see the valuations of banks being particularly expensive, and we think they will have the opportunity to raise dividends and do increased buybacks over time. >> david, things a million. good to see you again. see you again next month. >> you bet. >> michelle, down to you. >> almost five years on from the financial crisis, be a the culture of greed on wall street still persists. i'm ed shock. alarming new data you need to see. plus, mexican police capturing an alleged major drug lord. what it means for america's war on drugs? former u.s. drug czar barry mccaffrey joins us next. at a dry cleaner, we replaced people with a machine. wha

saw the trend coming before many others did, and as we're going to be hearing this week, at the goldman sachs trial, i think, which deals with the subprime shorts and paulson was involved in the goldman deals, it was incredible prescient at the time. >> yeah, incredible, kate. we'll hear directly from paulson later this week at delivering alpha. he'll be joined by nelson and carl icahn and a lot more. join us this wednesday, july 17th, for cnbc's special conference, delivering alpha, july 17th. >>> up next, shoppers beware. stores may be tracking your every footstep through your cell phone. this is for real folks. they say they're trying to enhance your shopping experience. really? we'll debate both sides of this controversial trend. >>> and later, get your wallets ready. gasoline prices may be poised to jump. we'll check in with jane wells on how they may go. back in a moment. >>> this year is more important than ever because there is a huge sea change taking place. we've been watching this great rotation where investors are coming out of bonds and moving into stocks. you need to know what t

>> tour, aka fabulous fab takes the stand, the former goldman sachs trader who has become the symbol during the financial crisis breaks his silence in court. >>> and a new retirement playbook. with interest rates near historic lows, safe investments are delivering lousy returns. tonight, find out if alternative strategies are right for you as we continue our series how to not out live your money. we have that and more on "nightly business report" for wednesday, july 24th. >>> good evening everyone. welcome. earnings jumped, revenues spike and facebook investors are friending the stock late in the day sending it up almost 20%. the social networking company report add profit of 19 cents a share, excludeing accounting charges. that easily beat expectations of 14 cents. revenues up 53% over last year and the closely watched mobile slice of it's business boomed. kayla with a bigger look. >> tyler, what is driving facebook's popularity this quarter is once the biggest worry. a year ago when facebook went public it warned it didn't know how much money it could make in advertising. this quar