money so i guess though goldman sachs will have to defraud some granny somewhere to pay for these losses but gets run over by its own subprime auto leases last year last three billion dollars they also lost their c.e.o. in the past few months and two years ago however when these folks launched the subprime auto leasing program to put their badly paid drivers into new vehicles they couldn't otherwise afford they apparently did not do the math remember they started a program called exchange leasing because they were having a problem they were growing fast but they didn't have enough drivers with good cars to drive everybody who wanted a nuber well on july twenty fifteen when the exchange leasing program was announced the company gosh we're excited about how these new solutions drivers unique needs and offer more and better choices and greater flexibility than ever before their actual pitch from this exchange leasing program with a new ber at that time then goes on to say. unlike most multiyear leases that have high fees for early termination drivers who participate in exchange for a

what i disagree with is the premise that goldman sachs stock, it's worth 5% of goldman sachs' stock what's 5% positive for goldman sachs stock is if there's a lot of volatility in the market and they're making money off of it if you're going to replace gary koe cohn, tell me who's coming in. they need an adult in the room there isn't one. >> what about the general? >> i don't know the general. >> here's what else is coming up on "the halftime report". >>> the battle over adp. speaking out over his position in the stock today we'll bring you the latest. >>> plus, one invest oor who's going short. "the halftime report" with scott wapner and the traders is back in two minutes what's critical thinking like? a basketball costs $14. what's team spirit worth? (cheers) what's it worth to talk to your mom? what's the value of a walk in the woods? the value of capital is to create, not just wealth, but things that matter. morgan stanley for years, centurylink has been promising fast internet to small businesses. but for many businesses, it's out of reach. why promise something you can't deliver? com

and others but of these folks are goldman sachs suffer any losses at all remember they vanka on the government for a bailout so they could go to the government say we need to bail out the government because it's staffed by goldman sachs employees mostly. they would rubber stamp that bailout and then to pay for the bailout they'd have to go into people's financial accounts and they have to grab that money or wells fargo or go into your personal account and grab the money. isis militants have just shown to patrol base on the left and right demonise this compound. enemy troop movements have been spotted on the other side of the river. here in the only two groups of militants have joined forces. those groups to those who declare their determination so for an independent islamic state in the philippines. even after two months of funds the army keeps finding hidden weapons and explosives. not being up operations in areas where civilians used to live the now a daily occurrence. cannot know how many of those bundles but no. noise again. this is. a scene. walking dead. and it will make m

and others but of these folks are goldman sachs suffer any losses at all remember they are the government for a bailout so they could go to the government say we need a bailout and the government because it is staffed by goldman sachs employees mostly. they would rubber stamp that bailout and then to pay for the bailout they'd have to go into people's attention accounts and they have to grab that money or walls. go and balance your personal account and grab that money. and. push it and. sit it out it is. the rest of it. i think home is a place where you go back. you feel relaxed. you feel that you belong there. you are a safe. you're happy. with me that's where home is. the book i understand you. know silence and you know what you want an opinion and i know and i think stop looking you are more so than me showing on all fours and i can show john i think been talking to some of the. hall juanita more or get an education and. they're called to the classic sounds in your county most of all and then come to some sense usually and well some let's look at us and send union assignment

and others but if these folks like the goldman sachs suffer any losses at all remember they then can go in the government for a bailout so they could go to the government and say blew up we need a bailout and the government because it is staffed by goldman sachs. employees mostly trump they would rubber stamp that fail up and then to pay for the bailout they'd have to go into people's pension accounts and they'd have to grab that money or wells fargo and go into your personal account and grab that money to give to goldman sachs bankers and make them whole because they're god and i'm her just you know and out in the meantime the public infrastructure and you know the public transportation system which is taxis are part of it in new york city and chicago and washington d.c. and los angeles and never really have a taxi system but that's all been wiped out like a lot of those medallion owners certainly in new york city remember they were selling some people bought them for a million dollars and now trading at like one hundred thousand dollars which is probably even overvalued in the

and others but if these folks like a goldman sachs offer any losses at all remember they've taken over the government for a bailout so they could go to the government say over blew up we need a bailout and the government because it's staffed by goldman sachs employees mostly . they would rubber stamp that bailout and then to pay for the bailout they'd have to go into people's pension accounts and they have to grab that money or wells fargo and go into your personal account and grab that money. rices militants and just chill to patrol base on the left and right when this is coming. in to the troop movements have been spotted on the other side of the river . here in the only two groups of militants who have joined forces. those groups leaders have to clear their determination so an independent is known extinct in the for the pianist ever knew. even after two months of fun. keeps finding shouldn't weapons and explosives. not being rationed in areas where civilians used to live on a daily occurrence. not implementing one for the bundle. but the noise. is a desire to. see him. walking

money so i guess though goldman sachs will have to defraud some granny somewhere to pay for these losses but gets run over by its own subprime auto leases last year last three billion dollars they also lost their c.e.o. in the past few months and two years ago however when these folks launched the subprime auto leasing program to put their badly paid drivers and new vehicles they couldn't otherwise afford they apparently did not do the math remember they started a program called exchange leasing because they were having a problem they were growing fast but they didn't have enough drivers with good cars to drive everybody who wanted a nuber well on july twenty fifteen when the exchange leasing program was announced the company gushed we're excited about how these new solutions we drivers unique needs and offer more and better choices and greater flexibility than ever before their actual pitch from this exchange leasing program with a new ber at that time then goes on to say.

for the first time ever, bloomberg philanthropy and goldman sachs will donate $10 million to goldman es. it will help set them up to grow. on top of that, we will get into the d.c. world and what the dysfunction means for their businesses as well as small businesses. it is lloyd blankfein, so i will ask a little bit about gary cohn and the fed and fixed trading turnhat might help the business around. i might miss down 22,000. jonathan: i just think he will miss it. looking forward to the conversation. futures up firmer as you are looking at the s&p 500. the euro-dollar is the big story. new highs for 2017. at one point in the session, we were seemingly approaching 1.19 it's a dolla. is a dollar weakness story that surprised many people. 2.27 is the yield on the u.s. 10 year. david: you probably know already that apple announced its third-quarter earnings and the stock shot to nearly recognize. -- record highs. joining us now is a telecom and mediatech analyst who has a buy rating on this stock. so pretty bullish. vindicated by what happened yesterday? apple is feeling badly kidded tha

for goldman sachs to make secondary market purchase, it is just the wrong thing to do. you say to yourself, is everything all about the almighty dollar? absolutely not. sometimes you need to make decisions as a business. need to make the right decision. going out and propping up the maduro regime in venezuela was not the right one. let me turn to the debt ceiling. hold on one second. maybe sarah huckabee may be talking about the debt ceiling. let's listen in. >> president is in contact with gary. will not get into deliberation on specific conversations they may have had but the president has been outspoken of condemnation of racism, bigot tricks of all forms. as long as those things exist there is more we can do. we should be looking for and we will look for ways we can do more as an administration until there is zero of those things. then there is always more that you can do. i think that just doesn't happen within the administration. i think that happens with the american people. i think the president has called on america to come together to unite. certainly througho

and others but if these folks like the goldman sachs suffer any losses at all remember they've taken over the government for a bailout so they could go to the government and say hoover blew up we need to bail out the government because it's staffed by goldman sachs employees mostly keep it out or trump and they would rubber stamp that bail out and then to pay for the bailout they'd have to go into people's punch accounts and they have to grab that money or wells fargo and go into your personal account and grab the money. that you're sudden passing i've only just learned you were a south in taken your last wrong turn. you're after caught up to you as we all knew it would i tell you i'm sorry if only i could so i write these last words in hopes to put to rest these things that i never got off my chest. i remember when we first met my life turned on each breath. but then my feeling started to change you talked about more like it was again still some more fun to feel those that didn't like to question our arc and i secretly promised to never again like. it said one does not need a

and others but if these folks like a goldman sachs offer any losses at all remember they bankingon the government for a bailout so they could go to the government and say we need a bailout and the government because it's staffed by goldman sachs employees. they would rubber stamp that bailout and then to pay for the bailout they'd have to go in the people. and they have to grab that money or wells fargo and go into your personal account and grab that money. just chilled patrols. in the truth. of the river. here in the really two groups of militants. those. determinations. in the philippines. to two months of summer to. keep funding weapons and explosives. simply. used to live on a daily occurrence. cannot no meaning want with no bundle no. noise to get in my. visit to the news or to. a seen. walking dead. in evil and evil makes my head it's in the species so much as universal. but also. to the ship between. it was suggested well and a fairly strong one there were two thousand. in the study it's a very extensive study done by a well respected scientist. do chemicals that down the

steve bannonicking to join goldman sachs.loombergtory on the in the latest edition of bloomberg businessweek. gary cohn will be a guest himself tomorrow after we get the jobs numbers. trying tod, china stabilize its relationship with the u.s. as the trump administration threatens to investigate potential intellectual property violations. this is bloomberg. ♪ david: welcome back to "bloomberg markets: the trump economy." i'm david gura. i want to correct a mistake we made earlier. oil trader andy hall is said to be closing his main hedge fund at capital management after big losses in the first half of the year. 17.3% through may. earlier today, a colleague of mine incorrectly stated the fund is also closing. it is not. china says it was a good relationship with the u.s. when it comes to intellectual property. anll, the prospect of investigation by the trump administration has raise the risk worth it for ted rigell you should from beijing. there with more is sarah macgregor. she joins me from washington, d.c. let me start by as

and others but if these folks like a goldman sachs suffer any losses at all remember they've anchored on the government for a bailout so they could go to the government and say over blew up we need to bail out aig and the government because it's staffed by goldman sachs employees mostly c.n.n. or trump they would rubber stamp that bailout and then to pay for the bailout they'd have to go into people's pension accounts and they have to grab that money or wells fargo and go into your personal account and grab that money. may not only be tiste but also did to the ship between kids sure it was approved suggested no proof and a fairly strong one there were two thousand. involved in the study it's a very extensive study done by a well respected scientist. do chemicals that down the advertising really increase the risk of cancer and i chose a means of known to use damage in the launch of test is it a shared skepticism they do not believe that that risk is seen as true by independent scientists so did the meat industry paid you for this i received some compensation for my time as well as the

and others but if these folks like a goldman sachs suffer any losses at all remember they've taken over the government for a bailout so they could go to the government and say we need to bail out and the government because it's staffed by goldman sachs employees. they would rubber stamp that and then to pay for the bailout they'd have to go into people's attention accounts and they have to grab that money or wells fargo and go into your personal account and grab that money. welcome back frustrated afghans are growing increasingly easy over the u.s. led military campaign and their country saying the civilian deaths and destruction are yielding few results in the fight against i sell. can you see the damage to. the mother in that area we didn't get any benefit from the u.s. civilian houses but they don't tug on so move they say they don't ration us to finish but in front they don't. most of the time they didn't target their valuable islamic state groups or active. i've. when the u.s. and afghan commandos came here they first dropped the mother of all bombs in the area in the last six

and others but if these folks like a goldman sachs offer any losses at all remember they think you are the government for a bailout so they could go to the government say we need a bailout and the government because it is staffed by goldman sachs employees mostly. they would rubber stamp that bailout and then to pay for the bailout they'd have to go into people's attention accounts and they have to grab that money or wells fargo and go into your personal account and grab that money. just showed patrols. in the truth. of the river. here in the really two groups of militants who joined. the. determination. in the philippines. to two months of. keeps finding hidden weapons and explosives. going up operations in areas where civilians used to live and it's. not coming up with the money like no. no if you get my. scene. walking dead. believe over it will make space the this is the spaceship. earth was maybe. we can go through the night or chopstick of the widespread censorship of anti establishment journalism and media and the us corporate power structure. this new level of censorshi

himself being a former goldman sachs banker.s lobby in the white house has no counter—power, and what is good for goldman sachs is not necessarily good for the us, as we know from the financial crisis. i think that every week is supposed to be the very worst week for the donald trump presidency. every week he is supposed to have done something that is so outrageous, this is the moment where everything will fall. i'm not sure that that is actually true because he has still got an amazing amount of support in his base and that base, as adam will know, from having covered the nixon presidency, even at the time that richard nixon was being investigated and things were really bad for him, he had a core level of about 25% or 27% support. so i think if there is that, i don't know what cowardly congressmen are going to really be willing to do very much to the president, unless people discernibly split from him. and will that point even come? has a new centre been created by hewing out more of a right—wing agenda? i don't know, we are se

and others but if these folks like a goldman sachs suffer any losses at all remember they bankingon the government for a bailout so they could go to the government and say hoover blew up we need to bail out the government because it's staffed by goldman sachs employees mostly c.n.n. or trump they would rubber stamp that bailout and then. to pay for the bailout they'd have to go into people's attention accounts and they have to grab that money or wells fargo and go into your personal account and grab the money. and book a little place called a police a key to keep. up . get in you know who are going to commit they're going to write. such will lead you to one of the joyful for the one he said i feel we should i should think almost as you pull. a low and welcome to cross talk we're all things are considered i'm peter lavelle it's probably fair to say no other american president is more controversial than donald trump was so many powerful forces arrayed against him can he succeed even stay in office we will see however legitimizing the destructive means employed against him.

and others but if these goldman sachs suffer any losses at all remember they've taken on the government for a bailout so they could go to the government say over blow up we need a bailout and the government because it's staffed by goldman sachs employees mostly cannot enter tromp they would rubber stamp that bailout and then to pay for the bailout they'd have to go into people's pension accounts and they have to grab that money or wells fargo and go into your personal account and grant that money. we all willingly accepted the risk of being shot wounded taken prisoner but noone has signed up to the flag and poisoned by our own people i've seen you so if that was loose or biological and chemical products the said do not truck tires all types of styrofoam will polystyrene these batteries trucks there was a complete denial i think at all levels of government that there was any connection between berm pits and what these brave soldiers were suffering from to compensate every soldier marine airman and sailor that was on the ground that are complaining about illnesses from their exposure from

representative of goldman sachs. matt: very interesting effect on the currency. let's take a look at the effect on futures. donald trumps warning for north korea had down across the board and these are more substantial moves in futures and we have an seeing of late. cech futures down .8 of 1%, euro 1%.ks teachers down .6 of we have not seen moves this big in a while. nd yieldso see bu coming down. investors are looking for the safety of government dead across the globe. you see that playing out in germany as well, bund yields .46%.o we have been stuck in a tight range in the last month and a half, just a half of a percent of the yield.

and others but if these folks like a goldman sachs offer any losses at all remember they've anchored on the government for a bailout so they could go to the government say we need a bailout and the government because it's staffed by goldman sachs employees mostly . they would rubber stamp that bailout and then to pay for the bailout they'd have to go into people's pension accounts and they have to grab that money or wells fargo and go into your personal account and grab the money. you're back with frustrated afghans are growing increasingly on the sea over the u.s. led military campaign in their country saying the civilian deaths destruction are wielding few results in the fight against. can you see that damaged house they were dropped the mother of all bombs in that area we didn't get any benefit from the u.s. they target civilian houses but they don't target isaw militants they say their operation is to finish high school but in fact they don't most of the time they didn't target the valley where islamic state groups are active. but. when the u.s. and afghan commandos came here the

co-ceo in germany for goldman sachs.king -- banking landscape. are there going to be more moves within the german market? talk me through your thinking in terms of the changing german banking landscape. wolfgang: there is a lot to be done and there has a lot been done. when banks go about strengthening their balance -- ts on one hand to build a stronger european taking landscape is something which we would think would make a lot of sense. you obviously have to create the conditions for that to be achieved. that has to do with the single market for banking and with the banking union that has been talked about. only if those conditions are in place, we will have more logical for combination and m&a, and therefore strengthening of european banks, which on a global scale, certainly something that should happen and which make sense to happen, given what we are seeing in the u.s. and asia and its emerging financial groups. with the disquieted deutsche bank, with the hubris you see in the institutions, are you winning business

it to 1.2% higher for the week nine straight sessions of gains in a row for the dow last week goldman, sachsad the biggest impact, best returning sector in the s&p 500. only had small gains and nasdaq was lower for the week this morning, pointing at slight gains. 23 points for the dow. ten year fresh renote, not much ending at 2.6% 2.27 on the ten year treasury note more on markets in a moment. >>> first, getting reaction from the white house. new economic sanctions against north korea. tracy potts is live with that from washington. >> reporter: good morning. reaction from north korea saying they'll take righteous action against what they think is infringement on their sovereignty, new united nations sanctions. this morning, rex tillerson at this asian conference is talking about what it is going to take listen to rex tillerson talking about the north korean nuclear program and what it will take to start negotiations. >> with respect to north korean missile launches, we'll know it when we see it we're not going to give someone a specific number of days or weeks, this is really about the spir

gary cohn is a guy who was at goldman sachs for 25 years. decade as theast firm's number two. skills that make a successful trader -- aggressive and risk-taking and relying on gut instinct and hypercompetitive. how does that translate to being a fed chair where everything is done by consensus? he speak softly. when we think about janet yellen over theast three years and going up to the hill and the market watching every word tha she says. the difference between the word moderate and modest to describe their expectations for economic growth. there is a lot. you wonder whether this kind of hyper aggressive trader is going to be a good fit to an institution that is more of an almost university setting than an investment bank? to talkdent trump loves about the u.s. stock market i record high. >> but he is not so vocal about the u.s. dollar. >> he is wrong on the currency markets. been offncy market has the dollar very hard this year. the currency market is very skeptical of donald trump's ability to push through his agenda. we saw after the election that there was a lot of euphori

and the government because goldman sachs employees. they would rubber stamp that and then to pay for the bailout they'd have to go into people's pensions. and they have to grab that money. money. welcome back and. increasingly uneasy with the u.s. led military campaign in that country civilian deaths and destruction a yielding few results in the fight against. can you see the damaged house they dropped the mother of all bombs in that area we didn't get any benefit from the u.s. they target civilian houses but they don't target eyes or militants they say their operation is to finish high school but in fact they don't most of the time they didn't target their value with islamic state groups or active. when the u.s. and afghan commandos came here they first drop the mother of all bombs in the area in the last six months they only capture one kilometer area from islamic state militants we don't know what the problems were why they didn't advance if i had two helicopters with one hundred armed men i could clear this valley of enemies in a m

to thes tenaciously oil market and to players like goldman sachs, that would be seen as a negative.hairman needs to weigh everything equally. julia: may be too dovish. scarlet: perhaps, perhaps. you mentioned that the fed is collaborative and contemplative will stop how collaborative is the fed chief's job? certainly bernanke and janet yellen worked to form consensus. but was alan greenspan that collaborative? there were no opposing votes when he was chairman. max: so cool that you bring that up, because my colleague, a wonderful federal reserve journalist, brought that very issue up herself. it is not like greenspan was mr. consensus. but i just want to point out that the chairmanship -- you are really the first among equals. be the most might prominent, but you definitely -- in the past year we have seen consensus throughout. consensus is important. joe: you never hear anything bad about gary. there is so much bad stuff said in the press and the leaks and everyone backstabbing each other. crew doese breitbart not like gary cohn, but for the most part you don't see that stuff about

in 2016 goldman sachs admitted to defrauding its investors calls in them to lose billions of dollars. goldman banks go to jail? no, they paid a fine and went to work. this is what the holder memo led to. instead of pressing criminal charges, they negotiate deferred prosecution agreements. basically the company acknowledges wrongdoing pays a find and pledges to improve their culture. but nobody's punished. i can cite case after case between 2002 and 2016, the department of justice entered into more than 400 of them. executives and large corporations know that in america whatever crimes they commit the worst that's gonna happen is a fine. a find that they don't personally pay. as one retiring attorney put it, these fines are at most a tollbooth on the turnpike. now jesse argues this is a shocking corruption of our justice system at the heart of it is elite lawyers who make their way multiple times through the revolving door between the justice department and delete -- in 2010 when the senate recommended criminal prosecution for goldman sachs ceo, he hired one of the nation's top white-c

and others but if these folks like goldman sachs suffer any losses at all remember they've taken over the government for a bailout so they could go to the government and say blew up we need to bail out the government because it's staffed by goldman sachs employees mostly. they would rubber stamp that bailout and then to pay for the bailout they'd have to go into people's pension accounts and they have to grab that money or wells fargo and go into your personal account and grab that money. isis militants have just chosen to patrol. enemy troops. to the rhythm. to troops of militants who have joined forces. those groups to do so to clear their determination for an independent state in the philippines. after two months of fun. keeps finding weapons and explosives. areas where civilians used to live a daily occurrence. not. noisy . is a busy day. walking dead. the indeed. the fisheries says he doesn't own. their. own part despite the pace of scientific breakthroughs humanity still seems to be asked far away from the age of reason as ever with religious extremism and political infanti

goldman sachs ceo lloyd blankfein says he's not worried about the banks trading roles, even after goldmanosted its worst is cap since he took over. in an interview with bloomberg, blankfein discuss the future of the fixed income business and regulatory sentiments with alix steel in baltimore. it imposed aruled little bit of a state of mind test. , but theyke positions wanted to damp down speculation. but the line between speculation, which as a word seems easily we should back off of, and market making, i.e. facilitating other people's trading, taking the other side of what your client wants to do, is also a risk-taking principal activity, and the line between the two is very blurry and indistinct. but what the volcker rule says in effect, if you're taking positions, points of view, in anticipation or in connection with a specific client operation, that's good. if you're doing it away from that specific, it's not good. if you're a market makers sitting in the desk, it's very hard to know where that distinction is. is areally makes a market million people all at the same time, buying and s

and others but if goldman sachs suffer any losses at all remember they are the government for a bailout so they could go to the government and say we need to bail out the government because by goldman sachs employees. they would rubber stamp and pay for the bailout they'd have to go into people's pensions. and they have to grab that money or wells fargo and go into your. body. again you with us here let's return to our top news story this hour because finnish police say they are treating friday's mass stabbing which left two people dead to terror and that does come after the twin terror attacks in barcelona which killed fourteen people and injured one hundred more to talk more about this we're joined now by former home office terrorism adviser. good afternoon thanks very much for coming on just as an update spain or spanish police say they have dismantled the terrorist cell in the wake of that barcelona and. attacks there how much of a terror threat are sleeper cells in europe do you think countries are most risk. or it's difficult to say really but if we look in light of rece

he is a real world understanding of the economy having been a community banker working at goldman sachsrunning hedge funds and turning around a failing bank. that, stephan is the kind of american who when called to serve stepped up. join us inhave to public service. he had done quite well in a variety of different things. he and i are in a small group that has been meeting regularly on the subject of tax reform. as he will discuss and will take questions from all of you, this process will begin to go forward after labor day. the chairman of the house ways and means committee i understand is coming in tomorrow. hearings and a process in both the house and senate we believe leading to big success for the american people. with that my friends, it's my pleasure to present to you, the secretary of the treasury of the united states, steven mnuchin. [applause] secretary mnuchin: mr. leader, thank you for having me here today. it's a pleasure to be here with all of you in kentucky. i am looking say forward to this afternoon going to fort knox. [laughter] know, fort knox was created by fdr in 19

how much of goldman sachs asset management uses the strategies?tive investment strategy team. -- ourinue to grow our assets have pulled in the last four years. we have roughly one hundred $10 billion in assets. largely because we have driven strong performance. beatingur funds are their respective peers and we are proud of that. we have good performance and assets usually flow after that. >> i know you cannot give away your secret sauce, but can you give us a sense of what a top strategy is? quantitative investing is arguably the most transparent investment style in the world. we write down in an equation what we like and what we dislike. we write down the characteristics of a company we believe will pay off. when we think about investing, there are four key pillars. we look at growing companies. most investors will look at that. we also look at the sentiment around it and the themes and trends they are associated with. that has become more important in the last few years. joe: i'm curious what you make of some of these macro veterans who when the

the arrests came as about 200 protesters gathered to denounce a conference between goldman sachs and pipeline and fossil fuel corporations. >> i am with new york communities for change in front of goldman sachs' headquarters to send a message they shohould not be funding oil and gas pipelines and collaborating with the trump administration. it shows native american people under attack by goldman sachs and the trump administration, but trying to build projects like this. and am from putnam valley we just want to show up to tell them that there is cleaner alternatives. there is solar, wind, geothermal . there is all kinds of energy. they should invest in that. >> i am from the caldwell confederate chimes for any advance. there are pipelines underneath us right now, the inbuilt right now. the nature is being harmed by pipelines right now and i am here as proof that native people will always be standing here, whether it is facing colonization through war or throrough pipelines. amy: five people were arrested at the civil nonviolent disobedience. those are some of the headlines. this is d