>> guest: yes. >> host: your focus was goldman sachs? >> guest: that is correct. >> host: where are you located, what work did you do at goldman sachs? >> guest: the federal reserve assigned employees like myself towards on-site. in the goldman sachs building. >> host: what was a typical day? >> guest: you get up early in the morning. and the cable wires and newswires, in the news and afterwards go to the office and spend an enormous amount of time reading and going over there policies. and doing examinations and testing to see. >> host: were you privy to executives at goldman sachs? >> guest: at different levels, mostly senior levels. >> host: what was the process? >> guest: scheduled ahead of time, there were topics. it depended on topics at that time, what the conversation would be about. in my particular case a lot of conversations revolved around not doing right and there were a lot of them. >> host: you would see something that was not being complied with, what would you do? >> guest: what the federal reserve expected you to do, ty

. >> host: and your focus was goldman sachs? >> guest: that is correct. >> host: where were you located in what work did you do a coleman sex? >> guest: i was trying to supervise goldman sachs specifically. at the time, but on-site and then you worked inside that building. what was a typical day you get up very early in the morning and the first thing i would do is hit the news. and i would read what's going on. at the and to go into the office and spend time reading. and then going over all of the policies and all of the procedures. then preparing exams and doing these and waiting to see what is working and not. >> host: where you privy to meetings and executives? >> guest: yes. we met with goldman sachs executives from different levels. >> host: what was the process? what would happen? >> guest: for me specifically, they were scheduled ahead of time. it depended on which topic we were covering at that time and what the conversation would be about. in my case, a lot of that conversation evolved around things that they were not

and so thank goodness, goldman sachs laid me off. one of the many stories of people who were fired and that's led to where i was because force node rethink but what it was doing and i was always passionate about economic policy. so it's not a like overnight i became policy writer and start erred putting out books. took a job as a fundraiser to raise in the money, working for a nonprofit to raise the money to pay the bills so that i can read and write at night and on weekends, and so now i get -- i used to thick was lazy. i wasn't lazy. just doing the wrong job. it's not for me to work all weekend. nothing for me to work dawn until dusk every single day for weeks at a time writing books. something that reinforces my unique skills and intelligence. so as the book makes clear, i'm telling my story in describing what people can be. >> host: and here's john tamny's most recent book then, of work. why your passion can become your job. you're watching booktv on c-span chance. ... >> live on c-span2's book tv. next saturday at 10:00 a.m. eas

goldman sachs shareholders have won the right to proceed as a group in a $13 billion lawsuit claimingdefrauded them on mortgages sold before the financial crisis. they say goldman failed to disclose conflicts of interest related to investments around risky home loans. a judge in manhattan has granted a request to certify the case as a class-action. at police 22 people died when a highway bridge collapsed in the mediterranean port of genoa. a major route from northern to southern italy. rescuers fear more victims might be buried in the rubble. the bridge was built in the 1960's. the company that operates the stretch of highway says strengthening work had been underway. atlantia dropped over 10%, the biggest one-day fall since 2008. global news 24 hours a day, on air and at tictoc on twitter powered by more than 2700 journalists and analysts in more than 120 countries. i'm jessica summers. this is bloomberg. yvonne: thank you, jessica. we are counting down to some of the market opens in the asia-pacific. are in for a quiet session, a pretty welcoming sign. sophie: south korea closed for

>> i was trying to go my --dash by goldman sachs at the time. >> so what is your typical day? >> to get up pretty early in the morning. i would hit the news with the cable wires to read what is going on at the bank under or for what and then i would spend an enormous amount of time reading or they could see what is what. >> so what about those meetings leading to executives? >> that's correct. >> what would happen? >> so it depended on which topic or what the conversations would be about. a lot of the conversation and there were a lot of them. dad is not being supplied with what would you do? what the federal reserve would do and why this is not working so that enormous amount of data gathering. >> your book is called noncompliance to make that the issue for me was it was the bank employees that work as well. it is easier for me to say they were compliant than not. so give an example. >> so early on in the book with one of those believe in the 1991 that is the rules they were to follow to catch anybody that tries to use the bank to launder money. so what was shocking to me tak

he brings in all these goldman sachs guys.ight there in the white house. >> seth: and it should be noted, this is the same goldman sachs that donald trump railed against hillary clinton for giving paid speeches to. >> exactly that one. okay, so he brings in these goldman sachs people, but one of them was very special. gary cohen is -- was a major executive at goldman sachs, and he is going to be the special advisor to the president, economic advisor, to help get the tax laws changed. so goldman sachs gives gary cohen a little gift on the way out. a third of a billion dollars. i think of it as a sort of pre-bribe, and then, gary cohen goes off and writes the tax laws, helps ram them through congress, and goldman sachs makes billions of dollars off the change in the tax laws. let's call this out for what it is. corruption. pure and simple. [ cheers and applause ] >> seth: you mentioned -- you mentioned the saudis. i also want to ask about this because i feel like we are so -- we tend to get so focused on what's happening in d.c.

barack obama had his fair share of goldman sachs ex—employees, but i ta ke of goldman sachs ex—employees and he has been spending half his time recently on this, because this is a directive thatis this, because this is a directive that is coming from the white house. yes, but he's also trying to hold back trump's worst instincts on trade. that is a difficult task. he may not last do it all, because trump is quite determined and trump has brought in people like pete navarro, who is a china hawk and has been strident about china for years. they must have clashes all the time in the white house. do you think that in terms of the prospects for this, some might argue that this policy, whatever you think of it, is starting to show signs of being successful? if countries as powerful as china are anxious to find a way out of the conflict, maybe he is on to something. it depends what you mean by success. when you possess the largest economy in the world, when the dollar remains the transaction currency internationally, when you are a net importer, so you have the leverage to use tariffs, when he

told where you would rob them help you with foreign aid without making the poor he's a former goldman sachs banker. more welcome to you one of the central premises of your book is that the popular discontent that we see across the west right now for example the brics vote the election of donald trump the rise of populist parties is driven by the failure of governments to deliver economic growth yet many experts pollsters people who've studied this stuff would say bricks it wasn't driven by economics trump wasn't elected by the poor or the left behind it's a complete myth that had much more to do with culture and identity issues which you don't really address and well i don't carry on with my doctorate that i completed here at oxford a while ago in economics and so i thought there might see these issues a challenge through that lens i'm not dismissing that there might be other and you know aspects and i'll leave that to people who are focused on those areas to to make the case for that i am concerned about the economics and we do know that real wages have come down virtually every developed

goldman sachs announced it is acting as a financial advisor to tesla. not specifically mentioned whether it is related to tesla going private. tesla has been added to goldman's restricted list. the new york times is reporting that silver lake is said to be interested in investing in the tesla deal. we had heard from elon musk on monday when he tweeted, saying he was working with goldman sachs and silver lake to take tesla private. goldman sachs confirmed they are advising tesla, not specifically on taking them private. silver lake is said to be interested in investing in a tesla deal. rebels, a former cia officer, and a former -- foiled plan to overthrow the government. a saga playing out in montenegrin where the country is investigating the plot behind an attempted coup and is making some big allegations. eli lake joining us from washington with the story. we have been talking about montenegro after president trump made headlines on whether or not to protect them from a russian attack, and that it could cause world war iii. tell us about this story. ha

among the day's goldman sachs says it too wasn't on board when musk

jpmorgan jpmorgan, goldman sachs, city group all gaining. goldman and citi gaining more than 1%. next week we get the minutes from the federal open market committee. we'll see that on the 22nd. ford under pressure, yesterday hit a six-year low. the ceo came out and saying don't worry about the morgan stanley and rest of them cutting the dividend. those are baseless. the dividend is okay. it is up half a percent. home depot is higher today. we'll look at some names we're watching for. three dow components, 15 s&p 500 components and a lot of retailers on the docket over the next several days. jcpenney, walmart, dillard's nordstrom. back to you. melissa: nicole, thank you. david: corporate profits boosting stocks. small business optimism is hitting a 35-year high marking the second highest level on record. we have gary kaltbaum, kaltbaum capital management and fox news contributor and lenore hawkins, thematica research. i'm skeptical with some of the surveys but in this case it is backed up with real money and real investment. i take it seriously. >> add one part lower taxes, one pa

goldman sachs shareholders have won the right to proceed as a group and a $13 billion lawsuit that claimsfrauded the markets before the crisis. they say goldman failed to disclose information around risky home loans. a judge from manhattan has granted a request to certify the case. global news 24 hours a day on air and on tictoc on twitter powered by more than 2700 journalists and analysts in more than 120 countries. i am paul allen. this is bloomberg. coming out, a look at why yum china may be attracting interest from funds. this is bloomberg. ♪ rishaad: this is "bloomberg markets: asia." i am rishaad salamat. having a look at yum china jumping after reports of a potential bid. sources say they are part of a consortium to bring a buyout. it could be the biggest takeover of a chinese consumer form. -- firm on record. interestingng yum for these guys? story is an interesting mostly because of the potential turnaround of the business. they are struggling in the country, in the asian region, especially china. for a private equity consortium, this would represent a unique, large company in wh

it is using banks, including morgan stanley, golden set both -- goldman sachs.et is down to the current trade tensions. haidi: buying new classics media. ae e-book business has possible downward adjustment if earnings fall below certain levels. rishaad: tencent to remove the new monster world again just days after its launch. regulators say it failed to meet standards. failed gaming operations generating money from its key game player unknown's battleground. let's have a look at some of these movers. semiotic oh getting a kicking in the market -- semi optical getting a kick in the market. sophie: yes. we saw the profit margin come in weaker than expected as competition looks fiercer. this is casting doubt on the tech learning space. then wiping out $3.3 billion in market value. we have king soft on the radar, headed for its biggest drop on record. it may see a quarterly loss. jcl probably energy extended its --line, at a nine-year low poly energy extended its decline, at a nine-year low. haidi: an unusual addition for a number of reasons. thank you. one of the f

a spokesman for goldman sachs declined to comment.atives first overlake and tesla did not respond to requests for comment. that is your bloomberg business flash. anna: thank you, juliette saly in singapore. the u.s. session close yesterday that sheds light on investors and which stocks are getting attention from hedge funds. >> good morning. let's kick it off with warren buffett. he is putting more money into his favorite industries, banking and airlines. goldman sachs put it -- now holds more than 13 million shares as of june. this is valued at $2.9 billion. it could be worth more. bancorp, delta airlines, southwest higher in after-hours trading. putting more money into apple. this is interesting because he put a 5% stake in apple before the company made history, reaching the $1 trillion landmark. trillion, $50$1 billion u.s. we heard from other billionaire investors. boosted his stake in facebook, under $31 million u.s. this is before their disappointing earnings result. shares plunged. he also has his biggest holding in liberty bro

if you're at goldman sachs, you want to give the best tools to your programmers you want to make sure they're dealing with = and faster. you want to make sure they're secure lots of private companies here i'm on a board in d.c. called s sonotype here's a good example of how this is interactive. i was a software programmer years ago and used to write lines of code. now i would go to an open source repository probably the one governed by sonotype and download it together last year, 94 billion software components were downloaded 94 billion that's how much software is being created and how rapidly it's being created and atlasian sits on top of that

thank goodness goldman sachs laid me off.i am one of the many stories of people who were fired and that is what led to where i was. it forced me to rethink about what i was doing. i was always passionate about economic policy. overnight i became a policy writer and started putting out books. i raise the money for nonprofits. raising the money so that i could read and write at night and on weekends. i used to think i was lazy. i wasn't lazy, i was just doing the wrong job. it's nothing for me to work all weekend. it's nothing for me to work from dawn until dusk every single day writing books. as the book makes clear, i am telling my story. describing what people can be. >> the most recent book. why your passion can become your job. you are walking -- you are watching book tv on c-span. >> here is a look at some authors. our weekly author interview program includes best-selling nonfiction books and guest interviewers. former military officer examine cyber warfare and other tactics used by russia to interfere with the 2016 presi

you are you really the right person to be writing a book about growth given the association of goldman sachs i don't understand the connection the question is if you work at it institution you're part of the institution that did so much damage to the global economy and then you come in and said these are the solutions for growth the biggest hit to growth came from the banks and from goldman sachs you know what you know what you're exhibiting is a pure lack of understanding on how the global economy works. so let me just let me a five million dollars let me tell you the risk. for you know many governments not just this government in this country but also government in the united states is a good example of this they have a clear and stated policy of cold housing for this is a policy where they deliberately encourage everybody to own a house it doesn't matter what your income is and your ability this is your going to just go down as they grow up to become was to blame we're all to blame because we essentially many armed men have a special role to play i think to put a very simple question just

recently invested an undisclosed sum in iris card companies like goldman sachs making on the heels with i regard who are in charge of both the three refugees transaction iris guard was called founded by one of jordan's wealthiest families including actually are from buster. on their advisory board you've got none other than ex national security advisor to george w. bush. former head of m i six richard dearlove both of whom were advocates of the war in iraq what i think of what it's like there are guinea pigs. this is just. the fact that the boys or this kind of relation with people from. this team took part in planning the war is more than. the speaker. i had a heated exchange about this with the c.e.o. of iris guard with dealing with a highly secure technologies we would be idiots if we do not ask people who are professionals in their feud are their professionals i don't want to warn you you are asking me about your political question from thompson on the stand this is a fact if we get involved in any political statements we are not making any statements and you do not agree to do

card companies like goldman sachs making on the heels with ira scored who are in charge of the refugees transaction. of course founded by one of jordan's wealthiest families including actually a filibuster. on their advisory board you've got none other than ex national security advisor to george w. bush. former head of m i six richard dear love both of whom are advocates of the war in iraq when i think of what it's like they are guinea pigs. this is just. the fact that the boys are this kind of relation with people from the u.s. team that took part in planning the war and is more than. i had a heated exchange about this with the c.e.o. of ira scarred with dealing with highly secure technologies we would be idiots if we do not ask people who are professionals in their field and they're professionals i don't want to warn you you are asking me about a political question from town. we have any political statements we are not making any statements. because we are a man political company we have it work martin political anger started but they are not nonpolitical do you understand you do unde

it got back to us while the goldman sachs to list it had nothing to hide. lengthy litigation a seemingly unilateral decision by the us justice department sold blueprints for three d. principle guns made briefly available on the web and in the short time they were online it is thought the files were done loaded thousands of times on wednesday i texas based gun rights group published blueprints for three d. printed guns openly on the web but eight states went to court on a seattle judge then ordered the plans be taken down the battle is not over though with the man behind the blueprints comparing his mission to anti establishment activism like wiki leaks. you could cause digital radicals we believe that the internet more perfectly preserve the second and help to be its expansion what is weak you weeks for guns this was our idea a kind of see you know like our immediate purpose like wow could we be wiki leaks for guns what would that look like we found a three d. printer we said what if you could three d. printing and then share a file on the internet that wou

there were a number of goldman sachs figures that came in at the beginning.wned subsidiary of goldman sachs for a while! that's right, white house llp. barack obama had his fair share of goldman sachs ex—employees, but i take your point. and he has been spending half his time recently on this, because this is a directive that is coming from the white house. yes, but he's also trying to hold back trump's worst instincts on trade. that is a difficult task. he may not last through it all, because trump is quite determined and trump has brought in people like pete navarro, who is a china hawk and has been strident about china for years. yes, but he's also trying to hold back trump's worst instincts on trade. that is a difficult task. he may not last through it all, because trump is quite determined and trump has brought in people like pete navarro, who is a china hawk and has been strident about china for years. they must have clashes all the time in the white house. do you think that in terms of the prospects for this, some might argue that this policy, whatever

if you're at goldman sachs, you want to give the best tools to your programmers you want to make sure they're dealing with = and faster. you want to make sure they're secure lots of private companies here i'm on a board in d.c. called s sonotype here's a good example of how this is interactive. i was a software programmer years ago and used to write lines of code. now i would go to an open source repository probably the one governed by sonotype and download it together last year, 94 billion software components were downloaded 94 billion that's how much software is being created and how rapidly it's being created and atlasian sits on top of that including the management of the software development projects. >> you're thinking about facebook and all that. >> we're on the wrong track. >> it's "b" to "b. not "b" to "c. >> yes >> which is why ge is selling those assets maybe it's a good time to sell who noes we'll see. >>> when we return, jim cramer's

shares of jpmorgan, goldman sachs, citigroup, morgan stanley, wells fargo. every single name trading higher. look at goldman sachs. morgan stanley up almost 4%. big gains there. then let's take a look at u.s. auto makers. this is big with this trade deal with mexico. they are seeing big gains as the u.s. and mexico agree to increase the percentage of a car that must be sourced from imagination to move more freely across the borders of the three nations, even though canada is kind of not part of this new deal. the new deal does increase that percentage to 75% from 62.5%, so as you can see, ford, gm, fiat chrysler, all trading higher. ford up 3%. not having an agreement with mexico would have been very bad for ford. jeff flock has been reporting on that in chicago. so big news, especially when it comes to auto production in this mexico trade deal. now, this new u.s./mexico trade agreement is expected to be in place for 16 years with a review after six years. from that point, there's an option to extend the agreement for another 16 years. remember that sunset c

>> from what i understand, goldman sachs -- liz: why do you need all three?s ask that question every day. why do i need these guys? >> you know why, it's double opinions and different aspects of the deal. liz: maybe they get the funding. >> it's not exactly -- they have different clients. they have different clients on the buy side. the big funds that might invest in this. they bring different sort of attributes. also, it's kind of like getting a second opinion from a doctor in a way. have everybody look over each other. there's all that. he's got to sell it. i'm telling you. don't count your chickens before they hatched. liz: i'm telling you. get to the news! >> i did. i told you the whole thing. liz: after like a five-hour preamble. >> here's the thing. you have to give some context because some people are just like tuning in, like what's tesla. liz: i'm hearing this and i want to hear this. >> who is elon musk? you have known this guy longer than anybody. does he have red hair like you? liz: no. not at all. he's very tall. charlie, thank you. >> weird-look

now we're left with morgan stanley and goldman sachs. >> how long have you worked for lehman? >> when they declared bankruptcy, i cannot explain to you the shock and awe in the investment community. >> if lehman can go down, what does ma mean about the health of the american financial system? >> you're talking about investment banks. how have they been getting it wrong for so long? >> nothing happens until the lines of fear and greed cross. there's no better example of the lines of fear and greed crossing than the lehman bankruptcy on september 15th, 2008. the markets were fearful. >> your future, my future, our future at stake. a meltdown on wall street. the worst since 9/11. >> this is a once in a half century, probably once in a century type of event. >> is this the worst in your career? >> by far. >> because he's let lehman go. under, there's shock in the financial world that morgan stanley is going to go under and goldman sachs is going to go under. now you have panic. >> the american people can remain confident in the soundness, in

there are various regulatory changes the goldman sachs points to four reasons as to why italian banksby less italian debt in the future. it is a major issue because they theided a backstop to exciting government when they lend. it is also meant that the italian government is less problematic than the have seen because it is held by the titans to a than france's debt which is held by foreigners. is mostly held by people outside of france. it is a major issue for the thai government. >> thank you, greg. >> let's check in on the bloomberg first word news. >> jurors have begun deliberating in the trial of palmetto four. prosecutors say he earned $60 million advising politicians in ukraine. much of it from the irs and then lied to bank to get loans when money dried up. his defense countered that he was in global because he left the particulars of his finances to others. the u.s. housing industry tried to regain its footing and started the second half of this year. action rose less than forecast in july. there was a rebound in groundbreaking for both single and multifamily homes. residentia

to go around bull markets live on supply and demand these index funds soak up supply apple and goldman sachstinue to buy back their own shares apple at 6.4 billion shares in 2013 five years down to 4.8 billion goldman, 471 million shares, now 377 million. and they did that with the federal government constraining their ability to repurchase. can you imagine what goldman would do with all that cash if they were allowed to buyback put them together and you have a genuine stock shortage which stacks the deck longer term to favor the bulls. of course, if the fundamentals are bad, none of this buying power matters. but we've just seen time and again if the business is good, stocks go higher meanwhile, business is bad and often activists will take a position and help the company turn around. the stock shortage caused by buybacks and index funds gives the bulls an edge. i would be very hesitant to declare the bull dead when all this money keeps pouring in and brings it back to life pretty much every day of the week stick can with cramer. to find the best flight for me. so i'm more than confident. h

goldman sachs and jpmorgan getting in the ring.p next, charlie gasparino on fresh details as to why one of the biggest names in banking has decided to remain a spectator in the tesla privatization cage match. charlie is breaking it next on "countdown." alerts -- wouldn't you like one from the market when it might be time to buy or sell? with fidelity's real-time analytics, you'll get clear, actionable alerts about potential investment opportunities in real time. fidelity. open an account today. fidelity. pah! thano, no, no, nah.k. a bulb of light?!? aha ha ha! a flying machine? impossible! a personal' computer?! ha! smart neighborhoods running on a microgrid. a stadium powered with solar. a hospital that doesn't lose power. amazing. i like it. never gonna happen. used for batteries frome teexpired oil wells. mgx's new - pilot plant aims to produce lithium-carbonate one hundred times faster than from conventional lithium brine. mgx minerals designed to save you money. wireless network even when you've got serious binging to do. wher

andrew wilson is from goldman sachs asset management.atness of the yield curve? ndrew: it's an interesting discussion. we don't bigots a precursor to a u.s. recession. u.s. is a precursor to recession. we think it's a combination of equities going up and yields going up and bringing the discount rates. we think it is more related to long leg and bonds that has driven this flatness across the recession. there is growth momentum in the united states. you talked about 4% gdp in quarter to. -- in q2. i don't think it is a predictor or precursor to a recession in the united states. rishaad: do we have an inversion? >> we haven't. it doesn't mean there will be a recession. past, but there are enough things going on in the underlying strength of the economy that the u.s. has put in place that just keeps this growth story maintained. kathleen: when you look at global bond markets, some people are saying, there is a diversion now, with the bank of japan and ecb and others. yields have not moved much. speculation about the boj came through about y