goldman sachs is no exception.venue and a beat on etf's to lower estimates and a miss on trading revenue. i will dig into the statement and take a look at some of the market reaction. return on average equity, 6.4% which is pretty dismal. bill cohen is with us. and laura keller joins us as well. sachs had already had its estimate cut substantially. this is a miss off of estimate that were down dramatically. they did apparently beat on the etf line after bringing it down like 50%. it was a tough quarter. quarter as the eighth largest drop in the dow in history, -- it took a lot of people by surprise. you would think wall street traders might pick up on this somehow or beeper aired. that's what you are seeing in numbers across the board especially on trading. morgan stanley and goldman sachs don't have other sources of revenue to help them out in situations like this. goldman sachs always had a reputation for being smarter than everyone else and being better traders. i am curious to see whether in the trading busines

goldman sachs is investigating itself.alaysian attorney general just said he cleared the prime minister of any wrongdoing but the swiss thanks for billion dollars is missing and he was investigators subpoenaed 10 leistner. , he important to point out was amazing at connections. he really will himself into the fabric of money and power in malaysia and those connections were an amazing thing and he got paid a lot of money. those connections were also what help to bring him down. >> how odd of keeping is this what the goldman sachs style? not a lot of flash and publicity. i remember speaking with john whitehead, a former cohead. he wrote this list that started as a memo, a formal -- an informal list of commandments. was important people like important people. are you one? [laughter] -- one thing you liked about the story is when goldman exports that recipe into emerging markets, those connections have become pretty complicated pretty quickly. the prime minister of malaysia was also the head of one mdb and was a friend of 10 l

that's not what goldman sachs is.tially, like guy said, a premier hedge fund that happens to be traded out in the world, in my opinion. you can't compare them. they're not like jamie dimon and -- >> they're not a hedge fund anymore. >> that's the core of it. >> that was their bread and butter. >> that's part of the lag. >> when the crisis was there, they had to technically become a bank. that is obviously really hamstrung them. i think it is the premier franchise. it's a lumpy kind of business. it's not working right now. but i think over time it will. >> real quickly, the advisory business that morgan stanley is involved in, it's been a score. but i've got it tell you something, there's department of justice stuff coming down that will put the cramps on that entire industry. so again, don't be so fast to judge goldman sachs. it may appear -- >> well, they're wrong. >> he's wrong to criticize goldman sachs' lack of -- in the last decade. compared to morgan stanley, it's not even close. >> down 90%. >> you wonder why -

goldman sachs should be a much different company but it is not. in other words, the whole process of saying hey, you can lose all the money you want in the stock because basically, other people have lost money in similar stocks. but other people have not lost money in financial companies. this is considered to be one of the top six, if you will, companies in the industry along with jpmorgan, where you didn't lose money. you made mon. >> dick, i have to run. lastly, you say that they should have made a transformational change. those are your words. what should that change be today? >> well, i think it's pretty clear that if the company wants to continue to double down on trading, that may not be the right place to put -- remember, they raised $38.5 billion and doubled down on businesses that were declining in size. i think that the area where you are going to find upside is in two places. number one, you are going to find it in investment banking which i think has a very bright and very strong future. number two, in traditional banking. remember, t

up to $110 billion in the banks doesn't include the extra 5 billion for goldman sachs. take a wild guess how much you think, the intention of this went to consumers who were directly affected. the total does not includethe goldman back some today. more like 115 billion. how much do you think went to consumers? >> ilec s. maybe 25%. i notice i didn't get anything. i don't think you did. i'm hoping it's a decent amount, but i doubt it. washington was the day when it comes to things like this. >> it was supposed to be 44 billion. it's worked out to be 15 billion. where did the rest of the money go? thank you my friend very, very much. we are on top of this throughout the next two hours. we will be awaiting the new york attorney general. i have a feeling the punishment door is not closed. there are others that do this in the justice department looked at doing something else on a grander scale. that is a little bit later. for now the fallout on the delicate rollout. how much do you want to say the delegates in your state? let's say your state doesn't have a primary or caucus

tom: a little bird whispered in my ear -- maybe it was jeff currie at goldman sachs, saying goldman sachsthe european business. i am kidding. jeff is not commenting on this. richard, the press release also talks about the americas. city?ura exiting new york richard: that is not clear at this stage. nomura has said they will close some u.s. businesses. it will also use that journalistic terms for cutting in the americas. we have yet to see how that is going to play out. richard partington, thank you so much. coming up later today, the secretary of commerce. we will talk to her on the american economy on the spirit of business. also, penny pritzker on white sox and the cubs. "bloomberg surveillance." ♪ tom: across the bloomberg, further job cuts. i guess not a big deal that it is 70 people, but that is what we are seeing, not the drama of 5000 or 10,000 liked her to bank -- like deutsche bank. it is a big deal in london right now, isn't it? is, tom. it there is noise that other banks will relocate some of their top -- they are planning to cut staff in london. they are trying to trim costs t

but to the goldman sachs point, goldman sachs, what a premier franchise that is. this quarter is bad. it's one quarter, they're spring loaded, they can cut costs which we saw them do. you get a few good deals and things could turn around. i think that's very attractive here. >> we'll get into intel and their earnings and the stock fall throughout the remainder of the hour. it's another stock that people are going to focus on in the trade tomorrow morning. and decide what they want to do. >> i think that's great. netflix -- i think the stock market has done what it's supposed to do, very, very expensive companies are selling off that have competitive threats. we talk about this market like, hey, do you think it can go up? it's up 13%. i don't think of this as a market that's up 13%. i think of it as a market that's flat on the year. and we're back to some level of sanity. >> only because the move from february 11th -- >> i can do the math. >> you can look at every sector in the market since that period, whether it's materials, you know, so many of the others, almos

is anyone at goldman sachs going to jail for this? no! >> seth: why does this keep happening? do you know how easy it is to arrest someone in this country? you can get arrested for anything. like, for example, this. >> in north carolina man has been arrested. police say he failed to return a vhs tape 14 years ago. [ laughter ] >> seth: oh, sure. sure, they closed the vhs cold case, but the furby strangler remains on the loose. [ laughter ] so a guy in north carolina was arrested for not returning a vhs tape. but that actually isn't the dumbest part of the story. the dumbest part is the movie he was arrested for not returning. >> a man pulled over in a routine traffic stop, found himself behind bars over a long overdue copy of the tom green comedy, "freddy got fingered." [ laughter ] >> seth: "freddy got fingered?" quick tip for that dude, if your cell mate asks what movie it [ laughter ] uh, "the english patient." [ applause ] it was, "the english patient." so, the number of people arrested for neglecting to return tom green movies exceeds the number of wall street executives

>> at the close of the session, bernie, goldman sachs' stock was actually up more than 1%. >> seth: uht me get this straight. goldman gets fined, a few weeks worth of revenue, that total turns out to be lower because of tax deductions. and at the end of the day, their stock price goes up. at this point, i wouldn't be surprised if these were the cops the feds sent to arrest them. [ light laughter ] so the banks haven't really been punished for their role in the crisis. and on top of that, their allies in congress are still trying to roll back new rules passed after the crash. like in a senate hearing earlier this month, when republicans called a witness who critics say failed to regulate toxic mortgages as an official at the federal reserve to testify about why the new financial rules should be rolled back. and when he tried to claim there were no warning signs before the 2008 crisis, massachusetts senator, elizabeth warren let him have it. >> given your track record at the fed, why should anyone take you seriously now? >> there was simply no data provided to the fed on the statistic --

she has ties to goldman sachs, her ties to big business, so for me, this makes me so angry. need to dress up in costume and protest. >> you have been focusing more on her been on donald trump, who one might think would be more the target for a progressive protester like you, why is that> ? >> i do protest against donald trump, but i feel like the public does not understand who hillary clinton is. so i think that i am doing a public service, because people do not know her ties to big business and how entrenched she is. reporter: bernie sanders has done a lot better than people expected, but it does look like hillary clinton is probably going to get the nomination, if that does happen, can you vote for her? >> i cannot. i really read from her military stands to fracking, to ties to wall street, there is so much that i know that i do not want her. i am one of the 30% of sanders candidates that will refuse to vote for her. reporter: that is a cause of ncern for the clinton camp, that people like this might not come out and vote for her in november and that could make the general

details on goldman sachs there.mf has raised doubts about move's guyshe johnson joins us now with the start of the hour. good morning. guy: look at this chart. tell me if you should be excited about. i do not know. you are starting to see concern creeping back into the market again about what is happening with greece. this is the greek 10-year. as the to 9.3, as high last few weeks, but nevertheless, keep an eye on the spring meeting. later on, jack lew will meet with the germans, so we have an interesting correlation there. we have the imf fighting. we have madame christine lagarde talking the big we need to rip up the entire package be put together and renegotiate the whole thing. that would honestly because a lot of concerns. we have an editorial piece this morning from alexis tsipras in the financial times, people may question that. but it is now down to the imf. i highlight that because it is one of the stories you look at the timeframe through june and july, the brexit, was happening in big greek payments due

goldman sachs' quarterly results. blue chip names that move the markets today. >>> diamonds are forever. sothebys ready to auction off a ring chershirley temple war. ♪ on the good ship lollipop, it's a sweet trip to a candy shop ♪ >> live from new york city, this is "squawk box." ♪ >>> welcome back to "squawk box" here on cnbc. first in business worldwide. i i'm rebecca quick with joe kernen and andrew ross sorkin. the futures this morning have been higher once again after the dow closed above 18,000 for the first time since last july. both the dow and s&p are within 2% of all-time highs. right now it looks like the dow is indicated up 62 points. s&p up eight points. nasdaq looking higher by about 16. oil prices managed to close down by about 1% yesterday. and they are picking up that and more this morning. wti gaining 1.4% back at $34.30. the ten-year note. treasury market this morning looks like the ten-year yielding 1.787%. >>> today's big stories at this hour. united health group beating estimates by 9 cents repor

we had the goldman sachs results today. is that's what's carrying goldman sachs?back to financials and spaced that there is a risk on sentiment and financials have lagged. you you do to catch up? look for things that have not moved in those are the financials. we are at page 112, how long is this book? -- more are of matter matter of if we want to finish it. the first quarter was tough in this quarter is better but it looks like investors are putting fresh capital to work. etf flows have turned positive in these groups. carol: many are moving toward emerging markets. >> that's good because of the weaker dollar but over the last five days, efa the, the developed economy equities have moved like the small-cap area so people are trying to play catch-up going into the back half of the second quarter which is another couple of weeks away. cory: are there signs that something might be reaching the end of the book? will be reaching a certain witht thatcarol: we talk just about the duration and length of this bull market. we feel it's getting long in the two. does that ma

. >> next up, a tough day for goldman sachs which broadcast tougher days ahead. analyst have cut 94 cents off their estimates for goldman's first-quarter earnings and analysts predicting profits will topple with the steepest decline among all the big banks. guy? >> a lot of things working against them. investment banking revenue first quarter, down anywhere from 35% to 45% year over year. a yield curve that clearly doesn't hurt goldman as much but it still hurts them flattening out which i think will continue to happen, and the environment that they find themselves in, less ways for banks to make money. the question is valuation compelling enough now, so karen can speak. probably trades, you know, 90% of book give or take which has been cheaper than that. i think the play is you let the quarter play out and give it a couple of weeks and hope they mix and they don't really miss that often. hope they flush the stocks down to 140 and buy it. >> the stock is priced for lumpiness, right? you don't trade at a nine multiple where you're a premiere name in the business li

donald trump would love to be partners with goldman sachs. neralr election voters want most people to work at goldman sachs.hs i don't think that's going to hurt her. i'm sort of truck by the way sanders has not widened his critique. a pivotal moment in the campaign is when he didn't go after the e-mails. at that moment, he shut off an avenue. secondly, he could really go on a class critique of her, living in a fancy house, eating in fancy restaurants, she's of the 1%, and that could be a very big social but not only discreet issues like the goldman sachs' speech, on her whole life. he hasn't been as aggressive as he might be. >> woodruff: that would be taking it to a personal level, wouldn't it? >> i will say bernie sanders has been urged to go after the e-mails, and he made the decision not to. that wasn't what his candidacy and his campaign was about, is what he said. and to his credit, what everyone says, he has dominated the conversation. the movement by candidates in this race has been toward bernie sanders' positions, not towardd anybod

and goldman sachs gets a tax writeoff after paying a huge settlement for misleading investors when the "cbs eveningi news" continues. your "freedom" may only go as far as your oxygen tube. (announcer)you can quit. for free help, call 1-800-quit-now. what backache? what sore wrist? advil makes pain a distant memory. nothing works faster stronger or longer what pain? advil. every insurance policy has a number. but not every insurance company understands the life behind it. for those who've served and the families that have supported them, we offer our best service in return. usaa. we know what it means to serve. get an insurance quote and see why 92% of our members plan to stay for life. it's easy to love your laxative when that lax loves your body back. only miralax hydrates, eases and softens to unblock naturally, so you have peace of mind from start to finish. love your laxative. miralax. don't let dust and allergies get between you and life's beautiful moments. most allergy pills only control one inflammatory substance. flonase controls six. and six is greater than one. flonase chang

on the upside, we have johnson and johnson and goldman sachs.ohnson & johnson reporting earnings to beat estimates. goldman sachs cutting its way to an earnings beat. we have seen that happen with a number of banks. goldman was down earlier but then turned around. ibm falling after its newer businesses like the cloud is this not making up for lagging legacy business. i also want to talk about more broadly what has been going on with the major averages because we have been looking at new highs for the year for the s&p, the dow, and the nasdaq. if you look at broader measures of stocks, you will see the have actually made record highs. the white line is the s&p 500. the blue is the total s&p 500 total return index, which includes the return with dividends. the purple line is the equal weight index, assuming all stocks in the s&p 500 would be equal weighted, that is the game that you would see. there has been a lot of complaints with the buybacks going away as they tend to do during earnings season. you would see a big buyer come out of the market.

government, and dean reynolds has more. >> reporter: news of the $5 million settlement thurst goldman sachsre of the public spotlight and the crosshairs of the presidential cam page. >> they are a fraudulent corporation. >> wall street firms engaged in massive green. >> reporter: in february morgan stanley settled for $3.2 million. wells fargo agreed to pay $1.2 billion. jpmorgan chase paid $13 billion three years ago two years ago, and bank of america coughed up a whopping $16.6 billion in 2014. goldman admitted that in bundling mortgages from sub-prime loan specialists like countrywide financial and then selling them to investors as bonds it largely failed to address financial problems it knew about. in one period during august 2006, goldman found what it called "an unurgely high percentage of loans with credit and compliance defects." when one transaction manager was asked by goldman officials, "how do we know that we caught everything?" he answered, "we don't." another responded on, "depends on what you mean by "everything." " when an outside analyst wrote a positive review of countrywi

goldman sachs is taking t cost-cutting push in years.expect them to be the lowest of any quarter in a decade. joining us now is michael moore, bloomberg's finance reporter out of london. how are investors reacting to what is going on at goldman? michael: this is certainly in reaction to the environment and what investors want typically when you have a tough environment. they want you to control what you can, and that is more on the cost side than the revenue side right now. this should be well received. jon: that is a big question, isn't it? the kind of expensive cuts we are talking about are expensive, people going down and having extravagant meals, people going from one office to another in europe. they are the types of things that they want to cut back on. is there enough space there? michael: it is not as big of a piece as taking a big chunk out of the competition or the headcount, but it is more immediate. as you mentioned, when you do a big layoff, you have severance costs and it can take almost a year until you start seeing some o

goldman sachs is embarking on its deepest cost-cutting venture in years.k tries to whether a slump in trades and dealmaking. michael moore joins us now. start off with what he wants to do. ofhael: it is really kind across the board. it is headcount, travel, entertainment. they are cutting whatever they can cut. blonde -- beyond that. this is going line by line and cutting wherever they can cut. guy: this is about how long we can tease out what is happening. it feels for a similar to what we saw at j.p. morgan. hasael: he philosophy always been to take the little steps now so that we can avoid having -- feeling pressured to do something major in a year. they can keep their returns in the double digits. oft he doesn't face the type pressure you're seeing at the european bank to really get out of major businesses. that is what he is trying to avoid. when you look at how the market is reacting so far, he is knocking on the wrong door as well, isn't he? that seems to be rewarding. michael: we know the top line is looking tough right now. you have to find someth

she gave one at goldman sachs. there were several people in the audience.hey all sign disclosure? >> first, let's talk about bernie sanders amazed she gets a quarter of a million dollars per speech. bernie, this is the market at work, shall we start there? no wonder he doesn't understand it. i give speeches too. i don't give a quarter of a million. harris: you should. >> all right. [laughter]. on hillary's problem, this is self-created nightmare for her. as i understand it she got her contracts to say each of these speeches would have a transcript. usually you ask for a transcript to protect yourself. so that you've got evidence of what you actually said that others can't abuse later. so, she's got the transcripts. i think she is being very foolish in not releasing them. if she said anything that would cause her trouble, be better to get it out and deal with it, to have people think, as bernie's audience thinks she was conspiring with goldman sachs to harm poor people all over the united states. which i'm sure she was not. harris: let's talk about what it i

i want to bring in the chief economist for goldman sachs.ou hear anything today from mario draghi or the ecb that you thought was significant? >> it was pretty quiet, and that was anticipated. people were not primed for anything major. ecb on this point about the , is this going to work to get the credit flowing in the eurozone and growth accelerating? >> i do think it is helping at the margins, and i think it will help the economy continue to grow above trend. but thely 1.5%, unemployment rate has come down almost a percentage point over the past year, so i do think it will help sustain that. the unemployment rate is still above 10%. we think that is probably still a couple percentage points away from normal, so it would take quite a long time of this above trend growth to get back to normal. mario draghi is fielding criticism from german politicians for trying to connect the dots between negative interest rates and the populist party. effects can it have on monetary policy? >> i don't know if they have a lot of effects on the efficacy, but

goldman sachs says you have to get out of asian current.ing to resume declines in japan is likely to push the yuan and yen to their leak is -- weakest levels since at least 2008. developing nation exchange rates completed their strongest month since at least 1999. this is a fascinating chart showing how speculators are boosting their barest -- bearish bets on wti crude oil. hedge funds have boosted bearish wages for the first time in eight weeks, showing that money managers are losing faith in the recent rally. bearish bets rising by almost to200 contracts or 70% 75,598 position, short positions before last week were actually at the nine-month low. fell by 7% after rising for six weeks. the big news in the last 24 hours is our interview with the saudi arabia and deputy crown prince. he says that his company will freeze its output only if the iran and other major -- if and other major producers do as well. oil is down. guy: brings us nicely to what is happening to oil prices. as you say, following this about two things. butdata that mark men

goldman sachs moments ago releasing its annual letter. blankfein seeing commodity stabilization ahead and lots of consolidation. boundd trading will be when economic growth returns. we bring in erik schatzker. give us the worldview according to lloyd. erik: the cycle we are in will last for longer because so many or near thes are at zero bound of interest rates come a change from last year. last year, lloyd blankfein and gary cohen, the president and ceo saw an opportunity for some consolidation in growth. and a better outcome than where we are now. however, this caveat, a direct quote, we do not see how a world of zero or negative interest rates could possibly be the new normal. lower rate of -- economic growth is substantial particularly now that it is the world's second-largest economy and we see room for fiscal policy expansion in some countries and options for monetary policy if meaningful growth proves elusive. an undercurrent of optimism. in, ofme we are unconventional monetary policy and crazy dislocations across the world will at

goldman sachs is sent to join j.p.and wells fargo in slashing costs. ♪ francine: goldman sachs said to be embarking on its deepest cost-cutting push in years. the ceo's cuts are to employ layoffs as the bank tries to whether a slump. that is according to people with knowledge of the effort. michael moore joins us now with the rest of the details. thank you so much for coming on. what sort of measures are we talking about? >> this is kind of across-the-board, not just laying off people, cutting deeper than they normally cut this time of year, but expenses, travel, anywhere they can find cost-cutting, they are doing it. they are expected to have a drop in first-quarter revenue. francine: is this surprising? this is what all of their rivals are doing. >> in that way, it is not surprising. a said, not only are we cutting costs, we've got moorman to cut. banks are trying to wait for revenue to turn around. until then, they've got to control what they can control. had j.p. morgan kicking off earnings season from banks. on th

that's next. >>> wall street bank goldman sachs will pay $5 billion to settle claims it duped clients rotten mortgage investments that goldman knew were likely to fail. this was part of the widespread mortgage fraud that triggered the great recession in goldman is the last of the big banks to settle with the government. and dean reynolds has more on this. news of the $5 billion settlement thrust goldman sachs into the glare of the public spotlight and cross hairs of the presidential campaign. >> they're a fraudulent organization. >> the wall street firms engaged in greed, massive greed. >> reporter: in february, morgan stanley settled for $3.2 billion. wells fargo agreed to pay $1.2 billion. j.p. morgan chase, $13 billion three years ago. and bank of america coughed up a whopping $16.6 billion in 2014. goldman admitted that in bundling mortgages from subprime loan specialists like countrywide financial and selling them to investors as bonds it largely failed to address financial problems it knew about. in one period during august 2006, goldman found what it called an unusually high pe

alison: goldman sachs is the fifth bank to reach a settlement with the feds. >> nick is here. i snuck out this afternoon. it looked like a beautiful day. nick: it turned out okay. we have showers to our west. it's one of those days. cloudy this morning, some sprinkles. alison: i picked the right time to go out. nick: that's it. next time check with me so you can tell me how nice it would be. alison: how much smarter to check before i went? nick: this evening have the umbrella. there will be showers coming that's a sign of things to come. we have this system coming in. it will bring rain to the area tomorrow morning. we're getting some quick clearing tomorrow afternoon. it will be a gusty day as it was today. 65, 44. your average, really above average on the high temperature. it was nice to do that. none of the records coming anytime soon. just a little bit of trace of rain earlier. 58 now. humidity is 53 percent with a south wind at 15 miles an hour. the clouds have broken out for a little sun to come through. as we look at the radar, you'll see the showers aren't that far awa

look, ted went to princeton and harvard and his wife worked for goldman sachs. so he knows new york.

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. >>> on the "cbs money watch," goldman sachs multibillion-dollar settlement and the fastest growing light beer in america comes from south of the border. jill wagner is at the new york stock exchange with that and more. good morning, jill. >> reporter: good morning, meg. stocks on wall street were mostly unchanged. the dow lost 20 points, the s&p finished down 5 the nasdaq fell 15. >>> goldman sachs agreed to pay $5 billion to settle claims over securities leading up to the 2008 financial crisis. the government accused goldman sachs of falsely assuring investors the securities it sold were sound when it knew they were full of mortgages that were likely to fail. the deal includes no criminal sanctions or penalties. >>> the union representing some 40,000 workers at the telecommunications giant verizon authorized a strike starting tomorrow. verizon supplies local phone and internet service to millions on the east coast and cell phone service throughout verizon wireless. the workers want a new contract to increase pay, limit outsourcing and improve working conditions. their contract exp

francine: why were goldman sachs so late to the game?w they have been cutting costs around the edges, but this is the first time we are seeing them try to be more intent on cutting costs down to a big siz e. >> think i will disagree with you. i think they have been very active. 25% of their staff are based in what they call high-value locations, which to me is little value locations, because it is low-wage. salt lake city, bangalore. they haven't pushing a lot of frontline traders out and replacing them with engineers, preparing for the electronic fication of the equity markets. i think they have been very active in putting that what they call operation leverage, but they are pushing it even harder, because when the markets turn -- francine: will they do a lot more, or is this just a process of the trend continuing? >> i think it will be a continuing trend. they reached out to a number of partners, but that's normal. they like to sharpen the management pyramid so they have young people coming through and they keep refreshing the business

for its part, goldman sachs agreed to a settlement. it was financial manipulation hollywood couldn't resist turning into a movie. >> the whole houses market is propped up on bad loans. they will fail. >> reporter: goldman sachs was accused with tampering with the kinds of loans it was bundling and selling to investors upgrading risky loans as acceptable when an independent agency flagged them. the u.s. attorney in sacramento gave an example. >> goldman directed the vendor to change 7,467 of those loans, 29 of them, or over a quarter of the loans that were initially graded unacceptable were changed by goldman to an acceptable grade. >> reporter: it wasn't just goldman. earlier jpmorgan chase and others reached settlements for activity that began in late 2005 and stretched into early 2007. the sequoia union high school district was a victim after investing money with lehman brothers. it lost $6.7 million but recovered $31.million later. it invested funds for a bond issue for school construction. goldman sachs agreed to a $5 billion settl

we have jpmorgan kicking things off, bank of america, citigroup, goldman sachs and others. what does this indicate to you about the bank earnings? michael: i think it is one more sign that you are going to have a tough trading not just the first quarter but throughout the year. deutsche bank last month came out and said they think trading will be down for the year. all the banks who have said anything at this point have said the first quarter was particularly tough. the first quarter, at least in fixed income, is typically when -- typically the best quarter of the year. that is not a great start for the year and you see that with equities as well mark:. march was not as bad as january or february. a grim couple of months in the first quarter. michael: you saw the most volatility in those quarters -- in those months. even barclays said march was not as good as a year ago. it did not seem -- maybe the volatility will let up a bit but the activity was not there. mark: it was not just nomura that said it is reshuffling its overseas operations. citigroup saying it is cutting sta

fees from goldman sachs.zero connection there. hillary clinton, as secretary of state, well, before she took speaking fees, had no control over that. that's an attack on the obama administration. and while we're at it, i want to respond how -- >> that's not an attack on the obama administration -- >> i'm sorry! it was the -- please don't interrupt me! can i continue? lawrence, what are the rules? lawrence, what are the rules?! >> -- the united states of america again. he's not running. >> lawrence, what are the rules here. >> go ahead, barney. take 30 seconds, if you can. >> obviously a vulnerability that miss turner feels, because she was trying to bring in obama. the point is this. if you attack the people who did not bring charges against goldman sachs or any other or didn't do them sufficiently, you're attacking the obama administration. they were in charge of this. the president had a point to the attorney general. that was the obama administration. and i was very sorry to hear her denigrate the congress

now, secretary clinton was busy giving speeches to goldman sachs for $225,000 a speech. so the proper response -- the proper response in my view is we should break them up. that's what my legislation does. >> well, as you can tell, dana, he cannot come up with any example, because there is no example. and it is -- it is important -- it is important -- it's always important -- it may be inconvenient, but it's always important to get the facts straight. i stood up against the behaviors of the banks when i was a senator. i called them out on their mortgage behavior. i also was very willing to speak out against some of the special privileges they had under the tax code. when i went to the secretary of state office, the president -- president obama led the effort to pass the dodd-frank bill. that is the law. now, this is our ninth debate. in the prior eight debates, i have said we have a law. you don't just say we're upset about this. i'm upset about it. you don't just say go break them up. you have a law because we are a nation of laws. >> thank you, madam secretary. >> i su

maybe she's still worried about the 625,000 she got from goldman sachs. great report. >>> i'm watching this and i think i did tweet this is a boxing match. bernie is like the guy who sees the cut on the eye and he keeps hitting it and he's got a rack. he says that with joy. he says i got you on a rack. i got you on the $625,000 you took for those great speeches you gave. he just nails her on that stuff and he won't quit on them. >> no, that's his whole campaign and the main cut he thinks he has, the main place he thinks he has hillary bleeding -- >> that's what it was like today. >> was on money and politics. it's all about the corrupting -- >> where are the transcripts? >> everything that bernie does funnels into that one question about the corrupting influence of money. it's preventing us from getting national health care, it's preventing college education. he pounded. now if this were a boxing match i think he did cut her and she did bleed and she's the champ and you have to knock out the champ. i don't think he did quite either, although i thought he