it forces goleman out with the others. are cyclical and you are the guy who stayed around, think about morgan stanley that never left silicon valley when everyone else did. it placed you in the long run. this is the bigger risk. due onment letters are the commodities rule-making. i have a feeling they want to limit the businesses. depending on how far they are able to take that, i do not know how much of an advantage they will have. is a big risk here that some of these institutions end up in trouble like they were. we find that there are manipulations in the commodity market. >> that raises an important question. happier seeing this activity migrate out of the banking industry where there is a fair amount of transparency? >> it is positive. at the end of the day if you have a large failure, not on the physical commodities itself but a transportation, you have large failure. that becomes a call on the fed. a tanker blows up. it is owned by one of our big tanks. counterparties get nervous. they do not know the size of the l

. >> goleman sex almost died in 1928 -- goldman sachs almost died in 1928.they had a trading partner shift -- partnership in which investors invested money in the stock and trust went up to $320 and then subsequently went down to4! sidney weinberg, the chairman of goleman at the time, joined goldman in the panic of 1907 as an underling, decided if he could befriend fdr in such a manner as to help him run his 1932 campaign, he would kind of have a seat at the table. the legitimacy of goldman with respect to fdr also allowed fdr to create the first business council that sidney weinberg pushed in washington to forge relationships between the business financial community in washington and so on. lbj's choiceehind of henry fowler as a treasury secretary who then joined goldman sachs after being a treasury secretary. we had henry paulson who did the other way. bush picked him to be the treasury secretary, george w. bush, and clinton picked robert rubin coming from goldman sachs to be the treasury secretary in his administration. it started with sidney weinberg and

we know citigroup, goleman, b of a will probably report lower profits. >> there have been layoffs at all the big mortgage and to raiders. simply because rates went up. >> it is all about cost cuts right now. for them to really get any revenue growth, they need to see the overall economy improve. lending. >> our second front-page story. the second biggest of the year ipo, raised about $1.3 billion. >> i know nothing about it. >> it was taken private by private equity firms about four years ago. there is a theme about a lot of companies rushing to go public. >> waiting and waiting and waiting and now is the time. >> we are making new highs, seems like, every day. bloomberg radio plus. he walks around with like 40 perspectives is in his back. -- this he read these document. >> the rush is there because there is demand for equities. there is demand -- >> on wednesday, i look at the 12 ipos price in the past week and 5 up an average of about 40%. five out of 12. >> keene digital was not part of that, was it? our third front-page story of the morning, the ceo of mozilla resigns after being