of markets to tell us to commit an act of suicide whether it's jim jones in guyana or you have lloyd blankfein of goldman sachs their lead in their cult leaders into a suicide cult and market making the liquidity is code for drink the cyanide blow your brains out wipe out a village kill everybody that's and they're doing a fantastic job what you mentioned flash crashes and that's in the next headline relating to high frequency trading see if he sees chilton high speed traders likely made money on twitter hack attack so this was of course the twitter hack attack where a.p.'s twitter account was hacked and it tweeted out that there were two explosions at the white house and barack obama had been injured the markets dove two hundred billion dollars wiped off the market cap he said quote it's likely that high frequency traders made money on the way down and the way up but there are undoubtedly were folks who got caught lost money and then couldn't get back in he said so again the ball's keep on popping out the balls keep on popping out but i'm going to go home and get the rest of my savings and do

ladies and gentlemen, join me in thanking lloyd blankfein.applause] [captioning performed by national captioning institute] [captions copyright national cable satellite corp. 2013] >> the british house of commons is in recess this week. prime minister's questions will return may 15. this wednesday, c-span will bring you live coverage of the official state opening of parliament and the queen's speech, which officially begins the new session. >> president obama gave his first commencement address of the year on sunday. to the graduating class of the ohio state university in columbus, ohio, where he was awarded an honorary degree. he became the third sitting president to deliver a commencement speech at ohio state, including presidents ford and george w. bush. scheduled to speak at two other commencement ceremonies later this month, in atlanta at morehouse college, and the u.s. naval academy. this is about 25 minutes. [applause]

making in liquidity or the excuses they use over and over we play that a few years ago where lloyd blankfein of goldman sachs was interviewed by charlie rose he said that their market makers are just providing liquidity to the market all these fraudulent c.d.o. is that was just market liquidity they they had no position blith master she was now under investigation for rigging energy markets she just said the same thing about silver a few years ago she said we're just providing. aditi where market makers we don't take any position we don't profit from any position in the article they say proponents say eliminating the ability of parties and a trade to get information slightly in advance could lead to less liquid markets because some firms would be inclined to trade less due to the greater risk right well if they were adding liquidity and making markets then we wouldn't have the problem flash crashes flash crashes exist because there is no genuine liquidity beneath the current bid and offer prices of these many many markets around the world and the term making a market or liquidity when it com

join me in a particularly warm welcome for lloyd blankfein. [applause] ♪ >> thank you for that. >> it was reflecting on the luncheon today, and remarking at ted's expression of our gratitude to jpmorgan for sponsoring the lunch. it reflect a kinder, gentler wall street that they would sponsor lunch for the head of goldman sachs. [laughter] >> i know it is a big group. but no one told jaime that i am eating his lunch. it gets very upset. [laughter] we will rely on the honor system. >> let's talk about the u.s. economy. that is a good place to start. with so much else, the picture is pretty mixed. on the one hand, we have seen some improvements. that has got to be admitted. certainly that is reflected in the equity markets recent performance. in addition, unemployment looks unacceptably high, is at a four- year low. the housing market shows some signs of recovery. durable goods orders have been negatives too -- recent job growth has weakened. a lot of people have stopped looking for jobs, we know. consumer confidence numbers have been shaky. wha

let's listen to lloyd blankfein earlier today. >> there is uncertainty now, but i don't think spectacularly more than in other periods that i've grown into now. but the recent history is really what's getting everybody nervous. >> mr. blankfein basically had a rafael nadal serve that he could have smashed and said regulation is worse. but he said, yeah, it's there, but we just deal with it. is that what you see? >> well, i think, like any ceo, he's very careful about his words when he's in public. and regulation, you know, after the financial crisis, dodd/frank and, you know, obviously he's very involved in many different rules that have to be written. so there's less new legislation coming, but there's lots of new rules being written. so it's very active from that perspective, and i think some of the backlog -- we're already three years past dodd/frank coming to light. you know, that backlog has put a real -- a lot of pressure on many different regulatory bodies to get the rulemaking out in time. and the good news is, i think they're being very thoughtful about the changes, because there a

i got this one moving on lloyd blankfein head of goldman sachs the so-called vampire squid say what you want to about him but he has the midas touch when it comes to keeping us from afloat he got the fed to convert what was an investment banking broker into a bank holding company in two thousand and eight and voila instant access to the quiddity for goldman around the same time he got warren buffett to pony up five billion dollars right before his old goldman buddy hank paulson convince congress to ram through the seven hundred billion dollar tarp boondoggle lloyd blankfein your thoughts. banker he's got a lot of money ok i would say anybody at the too big to fail level is going to be doing bankers work except he said he was doing god's work and i just think there's too much of a juxtaposition there or i'm going to say he is a gangster i write. anything. or pretty much i have a nerd. ok all right next up we have snoop dog article. i don't even know what he is anymore he's been in jail several times for drug dealing and ninety three he was charged with access to a murder or excess or int

it's really up to chance but here the dice is loaded because as you mention a jamie diamond or lloyd blankfein they've loaded the dice they always win as they go around the board and they went up was the highest rent seeking properties imaginable they also convinced the bank that every time they pass go they get a bigger and bigger free injection of zero percent interest rate from the bank from the central bank from the federal reserve from the e.c.b. so they're really gaming the system into very important ways they're bankrupting all the competition and they're gaming the central bank to give them billions and billions of free money that's why so many people are starving to death that's why it's an economic financial hole of cost as paul moore former boss regulator has pointed out one hundred million people thrust into poverty because of the gaming of the system and rent seeking around the but hopefully board that is the city of london and wall street so they i am half has noted that they're concerned that every. single central banking government most seem to be following the us federal reser

ladies and gentlemen, join me in thanking lloyd blankfein.e] [captioning performed bynational captioning institute] [captions copyright nationalcable satellite corp. 2013] >> more from the investment company institute conference tomorrow. head ofwhite, the new the securities and exchange commission addresses the gathering. then at 10:30 tomorrow morning, en of the budget committee, kent conrad and judd gregg. a conversation about taxes and government spending. they had this extraordinary role in culture. them they were regarded as a abject failure. then in almost no time at all suddenly he was the most popular man in the country, the man who would save the union on president ofld and the united states. >> julia loved her time in the white house. she said in her memoirs that it was like a bright and beautiful dream. the most wonderful time of my life. so i think that gives you some idea of how much she enjoyed being first lady and how she felt that her husband had finally achieved the recognition he deserved. >> be part of our conversation on

ladies and gentlemen, join me in thanking lloyd blankfein. [applause] [captioning performed by national captioning institute] [captions copyright national cable satellite corp. 2013] mary jorow morning, white at the investment company institute. 8ve coverage get started at a.m. eastern on c-span 2. later in the morning, a panel discussion on the economy and fiscal policy. will hear from kent conrad and judd gregg. live on friday at 10:30 a.m. eastern also on c-span 2. an event frompan, columbia university on news coverage after mass casualty events. after that, president obama and mexican president. and defense secretary hagel talks about syria. >> ronald reagan i think massively made mistakes in defense. the defense budget is not just a waste of money in those eight years, but it is what created machineish chain -- war and created so much anger and problems throughout the world that were totally unnecessary. -- it is face interview madeimperial power. -- it made us face imperial power. the government, the state is not the solution to every p

>> narrator: in april 2010, goldman sachs ceo lloyd blankfein was summoned to the hill by senator carllevin. >> if martha stewart can go to jail, so can blankfein! >> narrator: this would be the biggest showdown between congress and a major wall street banker. >> narrator: blankfein was unapologetic. >> clients know our activities and they understand what market making is. >> do you thing they know that you think something is a piece of crap when you sell it to them and then bet against it? you think they know that? >> the nature of the principal business and market making... >> lloyd blankfein argued it was perfectly okay, that at the same time we were selling securities to you, we were betting on the fact these securities were going to go down. "but that's okay 'cause we're a market-maker and we're allowed to do that." that sounds like fraud to me. in the first half of 2007, goldman sachs sold long-position cdos to its clients, right? >> we sold... we reduced our risk. >> so you were selling cdos at the same time you were taking short positions on the same cdos? >> the best way of re

coming up monday, a new report finds lloyd blankfein, the ceo of goldman sachs, is completely and totally overpaid. we take a look at ceo perfomance and pay next time on first business. from all of us here, have a great weekend. >> the following is a paid presentation forthe wen healthy hair care system, the secret to soft, lustrous, beautiful, shining hair, by celebrity hair stylist chaz dean, brought to you by guthy-renker. what does it take to get your hair this shiny, bouncy, strong, and beautiful? the wen healthy hair care system by chaz dean. >> people ask me all the time: does wen cleansing conditioner really work? i started using wen two years ago. soou

them keypress money gives it to them he buys eighty five billion dollars in assets from from lloyd blankfein and jamie diamond and a few bankers on wall street and to it looks like it. ok it looks like it's going to be a successful policy but in fact it's a faulty policy i see where you're going with this it's a very small sample so just like the inconclusive. report tosh having to do with the nonexistent crack baby problem going back to the eighty's where they use a very small sample to build a case of a huge problem you're saying that the very few people who actually benefit from quantitative easing the wall street bankers the hedge funds etc who are the first to get that money and then speculate and then profit from it and that money never makes it into general circulation and never goes into the real economy wages are down employment is down unemployment is up food stamps are up so they're i guess the economy is suffering horribly because it off very few people are benefiting so see n.b.c. for example or bloomberg they show those thirty or forty people benefiting from the crack baby sche

them keypress money and gives it to them he buys eighty five billion dollars in assets from from lloyd blankfein and jamie diamond and a few bankers on wall street and to it looks like it works for them it looks ok it looks like it's going to be a successful policy but in fact it's a faulty policy i see where you're going with this it's a very small sample so just like the inconclusive. report tog having to do with the nonexistent crack baby problem going back to the eighty's where they use a very small sample to build a case of a huge problem you're saying that the very few people who actually benefit from quantitative easing the wall street bankers the hedge funds etc who are the first to get that money and then speculate and then profit from it and that money never makes it into general circulation and never goes into the real economy wages are down employment is down unemployment is up food stamps are up so they're i guess the economy is suffering horribly because it off very few people are benefiting so see n.b.c. for example or bloomberg they show those thirty or forty people benefiting fr

morgan's jamie diamond and goldman sachs's lloyd blankfein who have cause real damage to america get off with barely a slap on the wrist just this week j.p. morgan avoided another court case that could have led to criminal charges by paying a small fine schwartz was a political organizer and internet activist you want americans to have access to a free and open internet as a result of downloading a few academic journals that he intended to make public schwartz was facing decades in prison and ultimately took his own life many say for that very reason meanwhile j.p. morgan c.e.o. jamie dimon has been alleged multiple times to have committed criminal actions including criminally withholding information from bank regulators his bank and virtually all of the other big banks forged documents politely called robo signing and lied to borrowers and even in some cases to their investors if the little guy did that he'd be in jail for years for fraud but diamond blankfein is their wall street fat cat buddies they're doing just fine and they continue to rake in multi-million dollar bonuses your

them keypress money gives it to them he buys eighty five billion dollars in assets from from lloyd blankfein and jamie diamond and a few bankers on wall street and to it looks like it works for them it looks ok it looks like it's going to be a successful policy but in fact it's a faulty policy i see where you're going with this it's a very small sample so just like the inconclusive. report tars having to do with the nonexistent crack baby problem going back to the eighty's where they use a very small sample to build a case of a huge problem you're saying that the very few people who actually benefit from quantitative easing the wall street bankers the hedge funds etc who are the first to get that money and then speculate and then profit from it and that money never makes it into general circulation and never goes into the real economy wages are down employment is down unemployment is up food stamps are up so they're i guess the economy is suffering horribly because it off very few people are benefiting so see n.b.c. for example or bloomberg they show those thirty or forty people benefiting f

ladies and gentlemen, please join me in thanking lloyd blankfein.applause] >> a special thanks to ici governors a member -- [inaudible] >> president obama today announced his selection to round out his second term cabinet. the next commerce secretary and the next u.s. trade representative. she is a businesswoman, philanthropist and a high hotel heiress it. if confirmed she would become the fourth woman serving as a secretary in president's current cabinet. meanwhile, michael frome is a former citigroup executive who served in president clinton's administration as chief of staff to treasury secretary. tonight on c-span, columbia university journalism school recently held an all day conference with reporters and activist. discussing lessons learned from the news coverage of the shootings at columbine and virginia tech and how the media cover the more recent sandy hook elementary school shooting and the boston marathon bombing. here's a look at some of that conversation. >> here we are, we were living in our backyard. it was probably better than what y

and now let's listen as paul shot stevens interviews lloyd blankfein. >> welcome. >> thank you for that> well, you know, it was reflecting on the luncheon today and remarking at ted's expression of our gratitude to jp morgan for sponsoring the lunch. it reflects a kinder gentler wall street that they would sponsor a lunch for the head of goldman sachs. [ laughter ] >> i know it's a big group. but no one tell jamie that i'm eating his lunch. it gets him very upset. so that's -- [ applause ] we will rely on the honor system. >> let's talk about the u.s. economy. >> it's a good place to start. with so much else the picture is pretty mixed. on the one hand, we have seen some improvements. that has got to be admitted. in addition, although unacceptably high, is at a four-year low. the housing market shows some signs of recovery. durable goods orders have been increasing. what are the indicators that you're watching most closely about its expectations for tomorrow? >> i think most people think that not without ris or try to. but i think we're going in the right direction. there is a lot of gr

what lessons and leadership has lloyd blankfein learned since becoming chairman of goldman sachs? >> i'll tell you. in those good years, i didn't necessarily done good and nervous as can be. it's only in hindsight that you could see how nervous. in the toughyears, i didn't exercise a lot of critical faculty. every day you came in and tried to sort things out and get through it. i think when things are going well, you love the hell out of it and when things are difficult you have your sense of duty that really takes over. in terms of leadership, i think one and this is a virtue but it's also a vice. you have to have a thick skin. it has to be thick enough to not take all of that well intended advice that would have you bend to every breeze. i remember in november '08. september '08 we have the crisis. november '08, i'm getting questioned on whether there will be any investment bank iing our year started december 1. that next year was the all time record year for goldman sacks in our businesses because it needs market. we had a higher profile so we are able to mmod you have to liste

and lloyd blankfein is going to speak in washington.nd cnbc has blankfein's q and a session exclusively. that's coming up. back to you. >> which is why we're looking so far ward to it in about 14 minutes. facebook shares higher today, but is it enough to keep the stock climbing? let's ask a man considered to be the dean of valuation. he is nyu professor damoradan. great to see you as always. >> i was afraid you were going to ask me where gold has gone. >> let's start with facebook. where's the right place for the stock to be trading? >> i think the best news that came out yesterday was that it was boring and that might sound weird, but i'd rather have a stock be boring at this stage of its life than do exciting things. i think when i looked at the earnings report and look at the revenue and earnings, the news i took away from it was that we understand the company better today than we did three months ago, six months ago. i went back and looked at my valuation about a year ago and looked at the projected revenues and they're pretty much

ladies and gentlemen, join me in thanking lloyd blankfein. [applause] [captioning performed by national captioning institute] [captions copyright national cable satellite corp. 2013] c-span's wrote to the white house, 2016, begins tonight. joe biden speaks to the democratic party's annual dinner. when we allow the 7:30 p.m. eastern. at the same time, 10 crews will be the keynote speaker at a republican party tribute to just immense. -- jim demint. >> we believe that opening up the gates of our memories bringing people closer together , to bring people to a realization that what a human being, an individual can do. i think of those who saved lives, all of these christians who saved lives while risking their own. everyone of them is a hero. >> on the 20th anniversary, i ask you to replace the director memories of those who still live with being the memories of this museum so that no one will ever forget the stories and these lessons. about howu to sink the -- to think about all the historic slurry -- storing of the holocaust reflects a story th

please join me in a particularly warm welcome for lloyd blankfein.use] >> thank you for that. >> it was reflecting on the luncheon and remarking at his expression of gratitude to jpmorgan for sponsoring the lunch. gentlercts a kinder, wall street as they would sponsor a lunch for the head of goldman sachs. but know it is a big group, nobody tell jamie i am eating his lunch. .e gets very upset we will rely on the honors system. >> let's talk about the u.s. economy. it is a good place to start, because the picture is pretty makes. on the one hand we have seen some improvements. that is reflected in the equity market's recent performance. in addition, unemployment is high. the housing market shows some sign of recovery. durable goods orders have been increasing. has weakened.wth lots of people have stopped looking for jobs, and consumer confidence numbers have been shaky. what is your sense of where the market is today and what are your expectations for tomorrow? >> i do not think i am going to break new ground. think the recovery is established, and no

coming up next, lloyd blankfein talks about financial markets and regulation, followed by the presidentobama commencement address at ohio state, university, followed by navy secretary ray mabus. on the next "washington journal," reid wilson will talk about the 2016 presidential field, followed by a reporter on how small and large businesses will be impacted by the affordable care at. then, the center for public integrity, and jim morris, discusses the help the administration. "washington journal," live at 7:00 a.m. eastern on c-span. 7:0 companythe investment institute, this is 15 -- 50 minutes. [applause] >> thanks very much. as we get started at our keynote luncheon, i would like to start by thanking very much george and his team from jpmorgan for a wonderful lunch. can you please join me in a round of applause. thank you, jpmorgan. [applause]

coming up next, lloyd blankfein talks about financial markets and regulation, followed by the president obama commencement address at ohio state, university, followed by navy secretary ray mabus. on the next "washington journal," reid wilson will talk about the 2016 presidential field, followed by a reporter on how small and large businesses will be impacted by the affordable care at. then, the center for public integrity, and jim morris, discusses the help the administration. >> the agency will face an existential dilemma. you have the open internet order, but you also have what you might think of as the death of the social contract that felt the telephone industry and cable industry. both of those were fundamentally built on the premise we give you a monopoly, you serve everybody, we have universal service and other requirements. as we move towards an all data world, the economic foundations are crumbling. , and weget into 2017 look at his tenure, whether it is judged a success or failure it will be determined on

morgan's jamie dimon and goldman sachs's lloyd blankfein have been causing real and lasting damage tothe american economy and society should no longer get off with just a slap on the wrist or a golden parachute for the united states government has to be big enough to successfully regulate the banks and hold wall street cronies accountable for their negligent action so that they can't be repeated again and again again and. our government needs to be big enough to break up monopolies and giant trans national corporations and the way teddy roosevelt william howard taft it and instead encourage the growth of small businesses on main street and in the process of breaking up the monopolies our government needs to be big enough to bring back good paying jobs home to america instead of allowing giant corporations to outsource them to third world countries where they have what pope francis correctly called slaves for labor our government needs to be big enough to provide quality affordable health care for all americans it needs to be big enough to keep the social safety net intact so that when

>> last week, i heard lloyd blankfein speak rather thoroughly about regulation.id, among other things, rather surprisingly to me, that regulation has always been here. and maybe he was just speaking because he knows who's listening, but he didn't feel that the level of regulation for specifically his company, goldman sachs, was all that much more onerous, franksly, yet, than it has been. so, paul, is that a legitimate point? >> it's not yet. >> you know, i think right now, it is a legitimate point, but i think what they're worried about is where they take it with the next step. the regulator's under a lot of political pressure from congressmen to tighten up the rules, tighten up capital liquidity rules, make them hold more debt, all these things, which is going to really hit their bottom line. >> that's the point. it's the anticipation. and every day, we have new ideas. you know, dan tarullo came out last week. he's had a new idea to do capital, you know, target to higher capital levels, as well as tie it to liquidity. the vitter bill, i mean, all the anticipatio