when john paulson unexpectedly bought steinway last month many on wall street wondered why a hedge funderested in musical instruments and a musical instrument maker? for the first time paulson explains why he considers himself the guardian of this american icon. >> i grew up in a family of pe yan mo players. both my sisters were serious piano players. they both as they became more accomplished players, aspired to buy a steinway and kept asking my father to buy a steinway. and we at that time they were playing on an upright piano. my father did his shopping. at the end of the day it's not something we could afford. he did do a big thing, he bought a baby grand piano and brought it home but it wasn't a steinway. i remember my sister crying at that time and i realized, you know, how powerful the draw was for musicians to play on steinway. steinway has found a home. i hope to be an owner for a long period of time. i'm under no pressure in terms of meeting any particular financial goals or earning goals. my goal in owning steinway is to first of all preserve it and to ensure the greatness is

and according to allegations was designed to fail now this is very similar to what billionaire john paulson accomplished the paulson short with the help of goldman sachs now here's what senator carl levin had to say about these types of deals. about the fact that you show hundreds of millions of that deal after your people knew it was your. are you ill you sold a customer something i don't recall selling hundreds of millions of the deal after that. now joining me to discuss as always bob and wish now bob a lower hello hello this is about the ethics and we do what i do have you time now person for most is it fair to compare the tarp to the more famous paulson paulson fund and ethically and what are the implications behind you know basically betting on something that you helped designed to fail i mean it's a simple ethical question but your ethics and wall street we can get into a long discussion you're right yes i think the deal itself was very similar between magnetar impulse and it was rather brilliant you can buy something and participate in the revenue stream of it while at the same time

investor john paulson he prays what -- praises what he calls greece's government, return to growth next year. greece of course has been crippled by six years of recession, received $325 billion worth of international bailouts which led to its government agreeing to deep spending cuts. greece is also optimistic that being able to return to financial markets after being secluded in 2010. >> the citizens have made enormous sacrifices both in terms of fiscal adjustment and in terms of living standards. however beginning this year these sacrifices begin to take hold with the first indication of greece's exit from the crisis becoming evident. the greek economy is projected to emerge from its prolonged recession and the gdp will mark a positive growth rate of .6%, primarily due to the recovery of investments and the strengthening of exports. >> doing business in the greek economy can be tough. al jazeera's john siropis reports. >> first and most important type of defense, alert squadrons of mirage 2,000, f-16. their maintenance is provided here at this rare public sector success. it has a co-p

but today, we're hearing from john paulson. plays, emphasize "play." shutdowns, debt limit, defaults. how should you position the portfolio? get your stocks, bonds, commodities advice right here, this next hour. and you'll want to tune in for this -- we're live from steinway's headquarters in queens with the classical piano sopranos the five browns. that's the next hour. >> ty, thank you so much. >>> not so far, joe, the traders are quick but not always right. last month, joe made a bearish call on netflix. let's listen. >> yesterday, my final trade was to sell netflix, which i have done. this is a momentum stock. i don't want to wake up one morning and find out it's 50 bucks lower. fundamentally, the company's in good shape, but it's very rich here and i don't want to take what i view right now as outsized risk. >> joe, so you take today's move into consideration when we had this conversation, but talk to us about it. >> first of all, i've really screwed this trade up big time. i've been trading around it over the last couple

. >> also a stock that hedge fund manager john paulson was very involved in at one point as well. >>h for that. 3d systems set to report third quarter earnings before the bell, one of the high flying stocks, a double for the year and a raiser blade model where they make the money on the cartridges so the things like waxes and materials and things that go into the printer, although all parts of their business very high margin. we spoke to the ceo on fast money and the lowest part they sell is the low printer in the 40s margin and the materials in the printers low 70s margin. those margins are spectacular the industry leader when it comes to that and they have the most market share. they've been going into commercial manufacturing as well as residential. but, of course, with such high growth in terms of the stock price, a lot of people are looking for holes in this high fire story so they look at sales growth, they book sales and sales growth when its go to a reseller, printer to a reseller and not the actual end consumer. something to be aware of. also, 37 acquisitions since 2009. so

standout amongst the greek banks we learned john paulson, hedge fund manager, aggressively into the playsfund following. alpha bank and piraeus, those are higher. after the ceo of burberry, he suggested the chinese slowdown may not be a temporary accident but new normal. she suggested, and they've cut having warned on china a year ago, shut half of the stores in china. suggesting new growth opportunities in the world, latin america and indonesia as the new china. the airlines are down, i can't work out why across europe, but many are. air france-klm, airbus. eads, as we call it, airbus, won the $9 billion contract from the japanese traditionally have always gone with boeing. >> a 2% rally for eads. >>> uncertainty over the situation in washington. one of the big reasons the fed decided not to taper in its last meeting. now in the middle of a government shutdown and staring down debt limit deadline. what happens with all of the decision function mean for the fed policy? steve liesman joins us with more on that one. >> it means what you might think, economists have the belief the fed will n

john boehner. that might be something to think about. that's what it took last time for hank paulson knows what it going to take this time. both sides are ramping up the rhetoric at this time. >> does the potential shutdown move it back a day, a week? >> the treasury saying there's not much of effect of the shut down on the date of october 17th. the treasury is processing electronic payments where the vast majority of revenue comes from for the government. the things they are not processing are checks written to the government, but that doesn't move the needle very much. >> steve liesman, thank you very much. coming up next, forecast for this year's holiday shopping season has so far been pretty upbeat. the question is whether the shutdown is changing all of that. should retailers fear the worst now? the ceo of the retailers federation will join us when we come back. so ally bank really has no hidden fees on savings accounts? no hidden fees. it's just that i'm worried about you know "hidden things." ok, why's that? well uhhh... hey daddy, what's your job? daddy's a uhh florist. are y

the financial times hoping that john paulson invest into greece's struggling banking sector.t to turn a corner it's said to have prompted big banks to lobby the government to consider speeding up the reprivatization of the sector. joe? >> joining,, beth ann bovino and from chicago, low greene, drw trading strategist. lou, what happened to the dollar? i think it's a combination of a possible debt default. i don't believe that. i think it's now that qe has pushed -- we're going well into 2014. i think that's what's hrting the dollar. there's going to be no taper. >> i think the dollar -- probably the response is more i think tied to the debt ceiling. there's so much uncertainty that's happening. then you can't tie the fact that, well, with the debt ceiling, with the bickering among politicians in dc, when are we going to see any kind of compromise on the shutdown. that means the tapering will go through into the 2013. >> you mean qe will go through? >> lou, what do you think? >> well, i think it's similar to that. the idea of the qe going through 2014 i think, you know, at some

henry paulson, john snowe. not one said that their party was crazy, stupid, insane. i'm the only one who was around saying that. >> bruce, you're in this position that i think is fairly novel. a small amount of people in this position. you're kind of apart from the conservative movement, the republican party. i think you still consider yourself a conservative. what it seems to me is that there's basically no place for people like you to stay within the conservative movement. what happens is, occasionally, someone will kind of come out and say, hey, guys, what is going on here? this party is off the rails. we are headed in a bad direction, we're not very popular. we're doing destructive things. we're denying just basic science or empirical facts about the economy. and what happens is, you get excommunicated as opposed to to having any kind of constitutional place to reform the party and change it. >> well, that's exactly correct. but what i don't understand is that just the total silence. i mean, anybody can start a twitter account, you know? >> don't i know it? >> i'

john kernen. andrew is getting ready to talk to warren buffet and hank paulson. today's top stories. president obama says that he is exasperated over the gridlock in washington. in an exclusive interview with cnbc's chief washington correspondent john harwood the president said that wall street should not dismiss the battle on capitol hill. >> i think this time is different i think they should be concerned. when you have a situation in which a faction is willing potentially to default on u.s. government obligations, then we are in trouble, and if they're willing to do it now, they'll be willing to do it later. >> we'll have much more on john's interview in a moment. >>> later that evening president obama actually met with congressional leaders at the white house. but they are still no closer to a solution. >> the president reiterated one more time tonight that he will not negotiate. we've got divided government. democrats control the white house and the senate. republicans control the house. we sent four different proposals over to our democrat colleagues in the senate. they rejected

john kernen. andrew is getting ready to talk to warren buffet and hank paulson. today's top stories. er the gridlock in washington. in an exclusive interview with cnbc's chief washington correspondent john harwood the president said that wall street should not dismiss the battle on capitol hill. >> i think this time is different i think they should be concerned. when you have a situation in which a faction is willing potentially to default on u.s. government obligations, then we are in trouble, and if they're

john weinberg ran the firm. his father, sidey weinberg had run the firm before him. liz: you were a young pup. he paid attention to you. you worked for hank paulson secretary was at goldman sachs as well. >> correct. liz: he had recommended, son, you should work for hank paulson. >> yes he did. i took his advice. the story he is known about, one of the first stories in the book, goldman committed to take the firm, take a british company public in the late 1980s. then there was a stock market crash and, all the other banks were trying to get out of this commitment to do the ipo. and the legal contractual loud him to do so and john l. weinberg said, i don't care what a legal contract said, we told these people we would do it. so i'm not basing this ethical decision on a legal contract. i'm basing it on what i told somebody. liz: so he held his word is what you're saying. then as the firm evolved through the years you call it, organizational drift where you stray away from the original culture of the firm. >> the original meanings of what john white ahead had written the other cohead with weinberg of the firm he put clients needs first. that had par