the government is taking people out of goldman sachs and those people are not returning to goldman sachsn they get out >> blankfein went on to list the long line of luminaries that came from goldman sachs and entered high level positions within the government. among them hank paulson who was known for his work here in china. when he talks about there shouldn't be growth at all costs, that's an interesting phrase we also talked about tax reform, the valuation of the markets, the downside risk of the market and the possibility if you get this fiscal stimulus whether from tax reform or infrastructure, there's a risk of overinflating, overheating the economy. we'll share those comments later on it's perhaps a contrarian view than you've heard elsewhere on the street >> great stuff about his tweeting we'll have to see moving forward whether he continues with this outspoken tone, which so far has kind of worked for him even though it's a big departure from a secretive confidential ceo of an investment bank in the past >> yeah. he didn't show any signs of letting down his criticism he seemed to

separately. and eventually, as a result of joining j aron, i started getting integrated into the goldman sachsm. did you ever meet, and have you ever met the person who turned you down at goldman? i knew who it was, and it was-- that person still here? no, no, that's-- this is 35, 36 years ago. for many years after i got to j aron/goldman sachs, there would be no one threatened by being at odds with me. it took me a while to work my way up the letterhead. you wound up as the vice chairman of goldman sachs. well, you know-- it took a number of years. it may have been a blink looking back, but living through it, it wasn't so quick. i got more involved in the equity business, got in charge of sales and trading, and then over time i became a vice chairman of the firm. one of several. but my particular coverage was over all the sales and trading businesses at that time. but trading business are ones where you can lose a lot of money very quickly, so you were always, i assume, worried about all the people under you making a big mistake. and how did you monitor that? it was good training for the job

but when they leave goldman sachs, they leave goldman sachs.ple have talked about the revolving door between government and industry. i would say, it's not a revolving door at goldman sachs. we're not taking a lot of people out of government. the government is taking people out of goldman sachs, and those people aren't returning to goldman sachs when they get out. >> he followed up that comment by listing a long line of luminaries among them hank paulson, treasu treasury secretary, one-time ceo of goldman, who was known for his extensive deals he did in china. so, obviously, blankfein is owning the fact goldman is a training ground for people to go and serve there country and he said it right there on the record, it is not a revolving door, it is a door that closes after they leave goldman guys, back to you. >> interesting that we just heard from gary cohn with john and lloyd with you, as it appears at least corporate america really trying to push the benefits of the tax package as we know it right now. great stuff, kayla on your ongoing trip t

goldman sachs says by the end of 2019, 3.5%. we haven't seen that since 1968. >> i think what's most important about that 3.5% number, david, is that it's coming with a higher percentage of the labor force actually working, so the labor participation rate has also been increasing, that's very important and i think that people are starting to feel better about trump. because as low as his ratings are. they're better than his counterparts in france, germany, and the u.k. david: and john, we are at the beginning, john tamny of the holiday spending season, but already we are getting record numbers, so, there's really a lot of good news afoot. >> well, yeah, spending is always and everywhere an effective production, people are producing more and they're productive and that's economic growth. i'll add that with americans, it's always-- and this is what steve said, it's always about economic growth. americans aren't terribly political people. look how many vote in american elections. americans are thankfully about producing things and

goldman sachs and now it's spilling over into the crypto world in the geo political world that's happening right yes this is a remarkable story because it's something out of sort of conspiracy theory normally the mainstream media would say this is conspiracy theory mind you they have not covered it since the intercepts posted this so here is the headline leaked documents expose stunning plan to wage financial war on terror and steal the world cup a plan for the united arab emirates to wage financial war against its gulf rival cutter was found in the task folder of an e-mail account belonging to you a bastard to the united states yousef otaiba and subsequently obtained by the interest that the economic warfare involved in attack and cutters currency using bond derivatives manipulation the plan laid out in the slide deck provided to intercept through the group global leaks was aimed at tanking cutter's economy according to documents drawn up by a bank outlining the strategy so we'll go through that strategy in a moment but it's a slide deck it's a powerpoint sort of presentation from the ban

the chairman at goldman sachs says now is not the best time for tax cuts.he comments in an exclusive interview with bloomberg. i can't see that this is the moment when you would want the most fiscal stimulus in the market, when we are kind of mostly at full employment, when gdp last registered at 3%. i don't know this is the moment you provide the biggest stimulus. juliette: global news 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. you can find more stories on the bloomberg at top . japan closed for the session today, china is just closing out its session. you have seen some weakness coming in from large caps, about .1%. we have seen the rally coming through in apple supplies in the region. kospi at a high. a fifth consecutive week of gains for the regional index. this is the picture of the apple supplier semiconductor. to $19uncement to pay up million to handle him lax biotech. net income lower than a year ago. the worst-performing stock in terms of consumer goods in india today. manus: thank you very mu

thank you very much for that and speaking of moving post bricks that american investment bank goldman sachs will have hubs in paris and frankfurt goldman c.e.o. lloyd blankfein told french newspaper le figaro that employees currently in london will be able to choose between the two cities after the u.k. leaves the e.u. the bank will also hire new staff to help fill out the offices goldman currently has six thousand employees in london the new hubs will ensure the bank's access to the e.u. single market post breaks it all financial correspondent against quarter filed this nonsense. it was that see all lloyd blankfein is claiming that some of his employees they actually might rather work in paris then and frankfurt so that might be one reason but then again it also might be that goldman sachs is looking for some leverage meaning if you have two competing offers here might negotiate and tax incentives for example goldman has done something similar when they picked the headquarter here in new york city so that might also be a reason and then looking ahead france actually might play a bigger rol

. >>> plus, a race for wall street's top job who could be the next ceo of goldman sachs.t discussion and much more on "worldwide exchange. >>> cyber monday following a record weekends of sales, we've got a roundup of all the big numbers ahead. >>> breaking overnight, publisher meredith buying time, inc. >> bali on high alert as volcanos send ash high into the sky. the details of that coming up. monday, november 27th, 2017, you're watching "worldwide exchange" on cnbc ♪ ♪ >>> good morning very warm welcome to "worldwide exchange." i'm wilfred frost. >> i'm seema mody in for sara eisen. happy cyber monday. >> to you. cyber monday a day you'll be celebrating. >> will you be celebrating or shopping online? >> i did go out on friday. we'll have to see. >> we will have a discussion meantime, take a look at global markets. our setup for today, u.s. futures indicating a slightly higher open. just keep recapping what happened on friday which was a shortened trading day. large and small cap stocks were both strong. s&p 500 index gained .2 of a percent. among the individual standout

lloyd blankfein, goldman sachs chairman and ceo and michael bloomberg, founder of bloomberg lp. i may ask them about bitcoin. jonathan: looking forward to it. 34 minutes away from the opening bell. we will bring you that. in terms of what the action is happening, it is not inequity markets. -- not in equity markets. the story in the bond market, a little something like this. yields up by a basis point. the dollar showing a bit of weakness against the euro. the opening bell, coming up. this is bloomberg. ♪

markets to wage war against country country individual the individual and we saw in greece when goldman sachs and their buddies decided to tear down that country to rip it for going to dollars of the profits john paulson got goldman sachs and now it's spilling over into the crypto world and the geopolitical world that's happening. now. she'll be even begin. to deprive them of from absolute. depends on those we need to do that with. i one up at a song we will meet today. with mr saddam i love and respect to let him get me or the here now with jamie as well one quarter of the room. now at the five day but because hillary got money but that never. see let him to make the point i meet with me in the mail room how comforting closer gave up because of me it's because he sees when i would. chose seemed wrong. just don't call. me if you have to shape out just comes to the ticket and in detroit equals betrayal. when so many find themselves worlds apart we choose to look for common ground. seen years ago i traveled across the united states exploring america's deadly love affair with the gun bad guy try

, the umni association chirning at goldman sachs say it's not going to spur that economic growth. the most have seen their pay checks leave for other countries. and that a 20% corporate rate would enable businesses to compete internationally and create jobs here in america. business round table agrees. a recent e.y. study found that if the u.s. had had a competitive corporate rate of the kind that chairman brady is proposing, the u.s. would have retained 4,700 companies that fled our borders in the last 13 years. mr. chairman, we commend this important step forward in the process and we strongly support your efforts to deliver legislation to the president's desk this year. ladies and gentlemen, house ways and means committee chairman kevin brady. [applause] he did the introducing for us. >> we have time for more questions. the most important question i have, being married to someone from houston, is where did you watch game seven? or did you really watch it? mr. brady: so we were finishing up the tax reform plan. the parade in houston is today so i have one more up the tax plan. w

markets to wage war against country trade individual the individual and we saw in greece when goldman sachs and their buddies decided to tear down that country to rip it for going to dollars at a profit john paulson. goldman sachs who now it's spilling over into the crypto world and the geopolitical were all that's happening. they all. say. yes to all this is all the good. the get. to six. years ago i traveled across the united states exploring america's deadly love affair with the gun bad guy trying to get to my family member he would had better lie. i don't i think it right there and hurting when i buy my babies says my book was published in the year two thousand more than half a million americans have been killed by foreigners in the u.s. side going out is thought to me as i did this this is a middle school we go through drills and we put ourselves in real scenarios it was interesting to see who actually got hit by the plane log on fire decided to return to the subject to track down each gun on a who i'd met and photograph those years of god i don't know this but we are not. all over the

how about goldman sachs? the alumni association that helped assemble this tax plan from goldman sachs, the children at goldman sachs, they will say no, it's not going to spur on that sort of economic growth. and thirdly the center for tax policy whose numbers in my judgment based upon the analysis that we've all done with them, stand up when you look at them. they are indicating that there might be the sugar high of growth for a year or so but you will be stuck with the debt that will be passed on to these children for a tax cut for people at the very top. now, this is as i said this is a missed opportunity, there is broad agreement, the code needing the fix, reform and changed. let's close on the stove for all of you who are going to begin to scrutinize these proposals as a go through the weekend and monday at noon time with the kickoff. in 1986, the ways and means committee took testimony from 450 witnesses. in 30 hearings. over the course of years and months, from the time that dick gephardt and bill bradl

joining me now is lloyd blankfein, ceo and chairman of goldman sachs.der and majority owner of bloomberg lp. really great to talk to you again. >> good to see you. alix: coming about this in february. >> we have had the program for quite a while. we have made it subgroups. we are in a couple dozen series -- a cities and everyone can while we convene to again catch up with the people who we have helped train, but also to bring them in and hear from them, what are the problems, opportunities, and what are there challenges that they face. we started to do this thinking that we should do it on a bigger scale, so we we are going to invite -- so we are going to invite our graduates come almost haveof them by now, and we over a couple days some seminars, breakout sessions, we will communicate what we think would be good information. we will listen to them about their concerns, whether it is regulatory, access to financing and other things. that will be the first day. on the second day we will take advantage of the fact that we are in washington and we will com

lloyd blankfein is the chairman and ceo of goldman sachs.hanks to david westin as he sat with lloyd blankfein of goldman sachs. that is at the sustainable finance -- forum in new york. he talked about taxes a little from thescal stimulus tax plan. removing some regulations could boost the economy. he talks about bubbles and says that the fed plan to unwind policies and let securities rolloff might be a good thing. he talked about a level of discomfort when it comes the big -- to bitcoin. >> a lot going on today. it is all about the bank of england. we are down for the first day back since our early october. yesterday, we closed at the highest level since august 2015. it is all about the first rate since july 2007. this is a wonderful chart showing you -- going back to 1930, the peaks and troughs. you know what has happened since the financial crisis. for the large part, 50 basis points. after brexit, it went down to 25 basis points. a chart showing you what has happened since 1930. the big reaction has been in the currency market, sterling s

to tear down that country to rip it for billions of dollars of the profits john paulson we got goldman sachs through now it's spilling over into the crypto world and the geopolitical were all that's happening. and they call me a useful idiot i mean you called me a useful idiot a useful idiot useful idiots go expressing my opinions on t.v. there's two things missed doing it behind this record is a simple strategy we attack persons instead of talking about the org what's next why stop me from getting this close to the white house i'm with a group code pink why not ban the color pink one outstretch dildo right i should be sent to the town of london because going to try to break me on the wheel but out with a long time of this sort of nonsense you don't scare me and i'll continue to voice my opinion i'll continue to speak out in good company i'm in good company you going with me you want to do this because we're a free thinker. feel french the unions lead a march through central paris raising the pressure on president controversial labor reform. meanwhile the french president hosts a meeting wit

lankfein ofh is b goldman sachs. 20% in a day does not feel like a currency. we will see. if it works out in gets more established and trades like a store value and does not move up and down 20% and there is liquidity in it, we will get to it. betty: sounds like for many folks, ink quoting -- including lloyd blankfein, it is speculative. we spoke to a tech consultant who said it is, it does represent a new wave of buying and selling. maybe wall street has to wake up to what these tech strategists are saying. paul: there was a lot of interest in the blockchain technology behind this. but in terms of the currency, perhaps not so much. valdis dombrovski says the e.u. does not consider it the currency, but a commodity. another weight in with one of my doesite questions, when this in pinch on the sovereignty of nations? let's take a listen. authorities at the global level have not yet focused on the dangers of the development of this scam. when they do, i think some people will get hurt. it was a new invention to lose mon

the banks continue to rally, goldman sachs in the lead. a lot of progress on tax reform, not to mention that the open meeting in vienna continues , and the oil extension deal cuts are being extended for another nine months. vonnie: speaking of this rally, the top performer in the s&p 500 is kroger, up 9.5%. shares soaring after a long quarter. abigail doolittle is here. this is the stock of the hour. -- kroger has and gotten busy. they put up a huge quarter, the earnings by 11%. if we hopped into the bloomberg, we can see that -- performance and why it matters. the company has been in a downturn, even ahead of the potential competition from amazon. we are seeing, many quarters ago, we had strong comp, and then declining. we are in the second game in a row. we see that this gain is better than the previous. investors say maybe they will do just fine against amazon. they had a strong quarter relative to business operations as well. the stock is down in a big way. i believe it is down more than 10% on the year. it is going to take some time f

this includes the goldman sachs --. s continues to be a widening scandal, that has wanted -- and goldman has wanted to distance himself. >> it's interesting, the investigator meetings with current and former goldman sachs employees, they didn't stress the bank itself is not the focus of the investigation. certainly, this raises questions about the dealing of singapore, as well as the u.s.. also, a willingness for the u.s. side of things as well. a lot of questions about the justice department and new york's banking regulators. the investigation didn't result in charges, though it does draw scrutiny when it comes to u.s. authorities. on for somen going time now, a couple of years. since 2015. also, if anna, another piece of news that happened a while ago that caught our eye was donald trump's twitter page. this seemed tod go off-line for a moment, lots of jokes about whether this might be russian hackers or not. twitter coming out saying it was restored, and it was because of human error. yeah. human error. twitter ran al

goldman sachs sees four rate hikes in 2018. firm says thet u.s. y is heading into next year with strong momentum. goldman has raised its u.s. growth outlook for 2018 to 2.5%. and it's an employment forecast to 3.7% -- unemployment forecast to 3.7%. times" has been told that hammond's planning billions of pounds of investment and roles that will make it easier for construction companies to build on site. they are being promised the same ownership of -- opportunities as their parents. day,l news, 24 hours a powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. . foreign and european affairs ministers gather in brussels to discuss brexit tomorrow. they will be led by the chief negotiator, coming amid a new standoff negotiation with the exit secretary, david davis, saying e.u. leaders have been unwilling to compromise. we talked with a member of the executive board at the boone just bank and asked him where talks are headed next. >> it is not at all clear whether or not we will go to phase two in december. we

with goldman sachs making the pitch ends formal papers due next month. the fiscal year ends on june 30. we are seeing shares up more than 3% this morning. league help justice the top spot in the worldwide box office for the second week owing and $113 million in 67 territories. the latest pixar animation with second claiming the top spot in america other thanksgiving debut. mexico andonth in has been a hit and china taking an $18 million of the weekend. coming up in the next hour, we have the market open coming up and we are joined to talk about the outlook of 2018. we will chat with him for the next 10 minutes or so. he has been quite bullish for thea and japan as well as bank did they could hit 32000 and 18. taking at the live pictures they looked at a volcano there after the second eruption we have seen. we are seeing that this morning. ♪ ♪ kong livem. in hong from bloomberg's asia headquarters. this is "bloomberg markets: asia." , asia-pacifics looking to build on record prices after more fresh highs on wall street. sets of another milestone, surging

whether it was goldman sachs or compass point, whether it was horizon strategy and other investors whoried to put a fine point on exactly how likely it is to get done. you can't prognosticate this current political environment. that's what we've wlelearned. >>> the big investors around the world disclosing the latest stock positions in a batch of regulatory filedi ifilings. berkshire hathaway cutting its stake in ibm and upping its stake in apple tiger global selling out of alphabet the hedge fund buying news shares of morgan stanley and increasing stakes in bank of america and jpmorgan deeper dive into all of those coming up later in the show when leslie picker joins us. >>> foxconn's third quarter profit fell 39% missing forecasts. the company is one of apple's major suppliers. the profit decline comes amid production issues that delayed the release of the iphone x. that stock down about 3% >>> lam research plans to buy back $2 billion in stock over the next 18 months the chip equipment maker is also hiking its quarterly dividend by 11%. that stock up shy of 2%. >>> carguru s third q

are moving many off their employees from london now over to frankfurt and by the way goldman sachs is going to be also the company who will organize the i.p.o. of this company. as humans is under fire here in germany for cutting thousands of jobs while making a good mother money in some of its divisions is that reasonable while the company makes good profits. here you're right there has been lots of controversial talks about this issue many politicians have already called being very irresponsible because the gas turbine business of the men's is not really profitable at all at the moment i guess we can say that's why as humans has announced that they will close to major production facilities in the state of the next need more than seven thousand people in those production facilities are at the moment in great fear that they might lose their jobs when you talk to investors though they are understanding that it's doing this decision even though business in general is doing very strong because they have zero. corps have to make sure that at the end of the year all their divisions are p

we see goldman sachs push out its top -- push out its timetable.here do you see the hit or miss cfl is there a case for typing -- for tightening? they're going to remain basically flat. if you look at the continuing factor, one thing they are going to look at inflation, that has been the weaker side. but if you look at the statement of monetary policy, what they have hinted is there talking about potentially hiking is the next move. i think the markets address household debt and leverage in the sector. and i'll think they're going to move for another couple of quarters. -- i don't think they're going to move for another couple of quarters. >> thanks to kathleen hays for joining us as well. still plenty more to come on australia. you can find in-depth analysis and today's big newsmakers on bloomberg radio. at 7into daybreak asia a.m. from hong kong. or on bloomberg radio.com. ♪ >> good morning, i am betty lou in new york. >> and i am paul allen in sydney. you're watching daybreak australia. tocould be the first woman win to australian elections. blo

because goldman sachs predicted it. goldman sachs could be beneficiary of its own market forecast. let's go to my buddy charlie gasparino. "wall street journal" james freeman is here. conservative review deneen borelli. dineen, begin with you, end with you, that the tax cuts are the great economic elixir, what do you think? >> debate around tax cuts and tax reform has sent the market up. it has been up six times with the dow over 24,000. gdp over 3% as well. so just a conversation about it. but it is all about the certainty with the market. businesses will know where we stand, where the country stand when it comes to taxes. they will know how to plan in the future. to reinvest, grow their business. neil: how do they feel baked into this was a feature that raises taxes. >> bad idea. neil: not a good thing to plan on. >> bad idea. you mentioned if there is recession. what if north korea does something bonehead that would have effect on economy that. >> is economic term, boneheaded. >> thanks. neil: james, your fine paper mentioned something interesting i hadn't even thought about. th

he has agreed to live by the end of the month and the former goldman sachs partner brush management stylessed with the culture at hsbc. stephen morris joins us now. what was wrong with his brush style? brought in with great fanfare 18 months ago, promising a new style at hsbc. it was focused on bringing in more money from the biggest low returninging loans off the balance sheet. he pushed his employees hard and it looks like he push them to art. whomain sponsor was the ceo is leaving in february. he is being replaced by one of his top managers so it looks like his style classed with the more traditional and british outlook of hsbc. mark: does this suggest that john flynn has pushed him out? maybe mark tucker, who pushed him out? be a combination of the new management team. he has few allies inside the bank so i don't think that many tears will be shed. if he was driving a market improvement, he would probably still be there. when you crush the data, the have not marched up in investment banking. mark: he still generated $2.1 billion in revenue. that's not good enough? >> it's showing a li

we heard goldman sachs note that they see for rate hikes in 2018. you say if there are any biases, yous -- might see an upside on rates in the u.s.? ahead anda little bit have one for december come although i think that is consensus by now. , so we two for next year are behind the fed, but ahead of consensus. it is certainly a space that we are watching. if i look at the history of recessions and the history of when bull markets and typically are the most common phenomenon is not buy you wish and's or the length of the cycle, it has typically been when the fed was forced because inflation went up fast and the fed was forced to hike a couple of times. that is the scenario in which stock markets would also get more affected. notre not expecting and seeing it come a but i must admit that it is one of the risk factors that we are watching the most at this point. >> thank you so much. the head of equity and credit for asia-pacific at ubs wealth management. you can get a roundup of that story and many more to get your day going in today's edition of daybr

markets to wage war against country individual the individual and we saw in greece when goldman sachs and their buddies decided to tear down that country to rip it for going to dollars of the profits john paulson got goldman sachs and now it's spilling over into the crypto world and the geopolitical world that's happening. seniors' ago i traveled across the united states exploring america's deadly love affair with the gun bad guy trying to get to one of my family members he would have better a lot better and i think they are encouraging when i buy my baby says my book was published in the year two thousand more than hoffa a million americans have been killed by phone to the u.s. how does the team yes we did this is a middle school we go through drills and we put ourselves some real scenarios it was interesting to see who actually got hit by the gun i just saw i did to return to the subject to track down each gun owner who i'd met in golf those years ago i don't know this but we are not. yet. so all this is all the. fault. it's the cradle of jazz. is america still america we have. this

forinda: goldman sachs sees fed rate hike next year. the bank says the u.s. is heading into 2018 with strong momentum that is likely to boost wages and lift inflation. goldman has lifted its outlook next year to 2.5%. says it is not opposed to removing the obamacare mandate repeals from the senate tax proposal if it would help it past beard -- it pass. the treasury secretary and white house alleged that the director the sundayll toured talk shows. the government will make a so-called offer on the brexit deal before a key summit next year. the deadlock in negotiations. linend's warrants are in with the david davis from last week. china says it is cautiously diplomatica solution can be found to stop north korea developing nuclear weapons. the ambassador said his government has done everything it can do to hold the program and the reason answer can be found if all parties engage. envoy to xi sent an north korea last week just days after discussing north korea with president trump. singapore's prime minister says growth could top 3% this year. addressing his part

goldman sachs's chief asia-pacific economist, what's going on?> i think we are seeing pretty synchronized global growth. above trend growth. we are pretty optimistic about the year ahead. rishaad: absolutely. seeing inhat we are the equity market is predicated on fundamentals, for a change. good earnings. good earnings season. decent outlooks as well for the coming quarter. the thing is, how long does that sustain the momentum? >> we still have room to grow in a lot of the world, in asia. inflation has allowed central banks to be pretty patient. we do think it's going to move higher in 2018. that's going to be a change from what we saw this year, but we don't think it's going to move higher for -- fast enough to force the hands of central banks. rishaad: what kind of interest rate hikes are you expecting out of the fed next year? >> we think the fed can hike once a quarter. they've already been doing that, if you count sleep -- if you count the announcement about the balance sheet. they have been moving. we think they will continue to move. what

we hopped into the bloomberg and take a look at a three-day chart for goldman sachs.three days of the year, very impressive. .omen sacks has lagged they've had some issues from fixed income trading. -- theythe other banks think goldman sachs could move ,igher in the next three days so perhaps a winner at the end of the year. up, rev up your engines. we're bringing you an interview america -- knows north america. >> what is your health look on whether the company will make its way to wheelers? to have you on the show. market.your largest the u.s. specifically is largely brand.d by a specific when that brand get to sniff for, the industry seems to get the flu. >> we find ourselves find a premium manufacturer. people are looking for ways to express themselves differently. we attracthing writers. >> so how many new writers? forecast. have a new will increasewe our market share in find an increase in volumes as well and that is usually driven by product. we have a new superbike coming to the market next year. >> talk about some of the product launches. us, it is really exc

tive told uss' execu commodities is continuing to be a problem for goldman sachs. on pace to be worst year for commodity trading since goldman sachs became public company. ramy: we are seeing it down by six months or so. interesting. i am curious, what is the reason of earnings,erage much of it has to do with volatility or the lack thereof. what about moving ahead? any volatility offense you are looking into? laura: in the u.s. we are looking a lot of politics. as we saw in the last fourth and third quarter, we saw when donald trump came to power, a lot of these traders, whether in equities or credit, were excited because they thought these regulatory changes would come from reform. we have not seen a lot happening on this front. there are regulatory changes that could happen. if you are a trader, you are looking at those and trying to figure out if they will be based on surprises. yvonne: i think next quarter will be even more tough because you have the base effect and all the client activity we saw during the election, and what happened there. what we have been h

lloyd blankfein, ceo of goldman sachs, and michael bloomberg, founder and majority leader of bloomberg, sat down with alix steel and discussed whether they see any value in the currency. lloyd: it is not for me, but there are a lot of things that were not for me in the past that worked out well. it workedd me that out, i could tell you why it worked out, but based on everything i know, i'm not guessing that it will work out. but i can say -- i'm not going to stand there and strident, because it might. mr. bloomberg: i think people confuse bitcoin with bitchain. there is a technology where you can have different accesses to data, different people can control it, you can see who is doing what and that sort of thing. there are places where that is a useful thing. the bloomberg system is a block chain. instead of having the users control it, we control it. but it has all the attributes of that. bitcoin is something very different. bitcoin is a whole bunch of crypto currencies that have been started and every day you have a new one. that is something very different, and whether or not the g

a goldman sachs spokesman declined to comment.ender joins deutsche bank in making these announcements before the mifid ii deadline comes into effect in january. nordea is already a systematic internalize are in cash equities, and this will add cash bonds, and derivatives. that is your regulation news roundup. nejra: thanks, ed. the london stock exchange ceo xavier rolet has hit back at critics who say that rules were bent to pave the way's for one of the world's largest ipo's. saudi officials plan to list up to 5% on one or two exchanges. but the u.k. investment association argues that 25% should be the minimum free flow level for any premium listed company in the u.k. rolet spoke exclusively to me, and he said that is simply not the case. xavier: some say there is a 25% liquidity rule as part of inclusion into the premium market. you know, i have read some of these comments. there isn't a 25% governance rule that mandates the minimum 25% liquidity. there is a liquidity test and in the past, there have been instances of companies

goldman sachs, 3m. other big names. united health.e depot now should not surprise you these are the companies that had the biggest gains for the dow in the road from 23,000 to 24,000 take a look. united health, 3m, home depot, walmart. put that together, a couple others in there. boeing, apple as well. apple seventh biggest stock by price weighting, those six contributed. all well diverse health care, industries, retail, technology, nice group decliners, smaller priced stocks what i mean. dow price weighting influenced them ge, smallest price and even though a terrible quarter, only down 32 points affecting the dow 32 points and merck one of the smaller price stocks you can see. influence not as great on the down side. a point about today. we talk about what kind of premium there is in the market for tax cuts we saw at roughly 1055 was it? senator john mccain announced he would support the tax bill, that's when the market moved up. bigger volume since then dow's move the 15 points since that announcement was made still premium for tax

tom: goldman sachs is minting millions off the short volatility trade.things you and i have seen before. are you worried there's a one-way bet on permanent quiet in the market? john: are you being rude -- jim: are you being rude about my whole -- tom: no, everybody is in trade right now. on oneo really knows -- level, i got two contradictory views. the world economy is the strongest it has been since 10 years ago with numeral eight of the 10 largest economies in the world all accelerating at the same time and we got no inflation anywhere. if you think about it from that perspective, why not lowball? the opposite i think john was handing at is that in consequence of front -- banks being friendly forever. to the day where everybody is going in the same direction, my guess is that is when it starts to rise -- vol starts to rise. francine: what is the biggest risk out there? when you look at the markets in growth, is there something you worry about we are not paying enough attention to? john: i think the things i am wearing about -- one of the things i am re

goldman sachs says the market goes up 11% next year.f america says the bull market and next year. joining us now, there is senior editor for the way in. >> you need me to settle this. but come on's cases that a pretty good chance you'll get taxed or for an early next year and has solid growth and earnings per at 14% earnings growth on 11% rise in the stock market can you actually have average value come down a little bit. if we don't get tax reform, and they see not such great performance only 5% earnings growth and starts going nowhere. stuart: but that's not bad. >> mayo is the barrenness argument. however, they describe an event during the first half of next year that looks more like a melt up. capitulation buying. people out of the game for so long suddenly seen all right, i've had it coming all right, i've had it coming getting and like all these other winners and that's the end of the rally. icd center is growth next year, certainly higher if you get corporate tax cuts. the reason the rally has to come to an end anytime soon. stua

. >>> goldman sachs is forecasting another year of 4% global growth in 2014. with em strength offsetting the slight slowdown in developed markets. as a result of steady growth and low inflation, goldman says the risk of recession is low, but the risk of market draw downs is high the co-chief markets economist from goldman sachs joins us today. thank you very much for joining us >> thank you for having me >> the goldman sachs piece was making waves over the weekend, particularly the view on the u.s. in the sense that you're calling for four rate hikes out of the fed next year market expectations are closer to two let's start with the u.s where is that strength coming from >> i think it's rotating more into investment this year. that's new i think that should be positive, accompanied by productivity looking better alongside that we expect some wage pick up and obviously with the tax incentives, there may be more consumption. on the consumer side and on the cap ex side the economy will loo healthier. >> one of your top trades is shorting ten-year treasury yields t

to tear down that country to rip it for billions of dollars of the profits john paulson we got goldman sachs with now it's spilling over into the crypto world and the geopolitical world that's happening. welcome back the diplomatic standoff between russia and the u.s. has spiraled over whether to extend a chemical weapons probe in syria that's after moscow for the second time in twenty four hours vetoed a resolution on the issue russia is calling for serious changes to how the joint investigative mechanism operates russia has no interest in finding common ground you have to stop trying to shift the blame on russia and russia has not negotiated with any of us your story this is a deliberate attempt to disinform asia and russia will not agree to any mechanism the extension of the journey is only possible for us after all the major deficiencies in its work of fixed russia's actions today and in recent weeks have been designed to delay to distract and ultimately to defeat the effort as i would have you forgotten how yesterday you killed a j i am russia is wasting our time everything happening he

goldman sachs and citibank warned of russia's reluctance to accept the cuts.was nine months, not six months, ok, so this is solid. the majority of members will agree that it will be in conformity with that. told aolm turnbull has after the banks themselves ask for an inquiry. scott morrison sang it is vital to rebuild public trust and into the political uncertainty depressing the sector. shares of the big lenders opening lower in sydney after thursday morning. global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. betty: still ahead, we are counting down to the bank of career great decision. joining ushs and with the prediction on whether thursday is the day for a rate hike. plus, the clock is ticking on a u.s. tax deal by year end as president trump claims the bill would hurt him and his wealthy friends. this is bloomberg. ♪ ♪ looking at live pictures from the floor of the u.s. senate where republican lawmakers are voting to start .he debate on that tax bill republicans do have the votes to

so actually when i met goldman sachs for the first time, we both agreed within a few minutes the onlynd result was nationalization. but it could, if we had had a resolution framework, northern rock would have been dealt with over one weekend, and it never would have become the news story it became. after the fall of lehman brothers, it was obvious that there needed to be a coordinated signal that we would do whatever was necessary to keep the financial system going. i think the move in october 2008 originated in a telephone conversation between ben bernanke and myself. and i said to him i thought it would be a good idea, since we were probably all considering a cut in interest rates, we agreed that he would speak to jean-claude trichet, and i would speak to some others, and it became a g10 movement. it took about a week to put together. we changed the time of our normal meeting so we could announce at the exact same time, this coordinated interest rate movement. i remember we informed our politicians just before we did it. >> i think the house will want to know that the governor for t