john paulson who shorted subprime and made of millions or as a hedge fund now he has long fannie and freddie along with some other hedge funds who bought preferred shares to match uncle sam's investment senator bob corker characterized the stock as a lottery ticket but that hasn't stopped a run up in price of over one hundred seventy percent in the last few months just last week at fannie mae and now they will repay the treasury fifty nine billion dollars for bailout money it took during the crisis but this is a one off event that's only possible because of an anti-doping change and deferred tax asset good luck mr paulson. and the bloomberg a to stand ten ten years as financial heavyweights engage in dialogue with the embroiled market data provider clients including of china's central bank the federal reserve and the f.d.a. have inquired about data confidentiality issues and j.p. morgan short of problems itself is having serious dialogues with bloomberg and is considering its options and sheep executive of bloomberg lp has personally reached out to three hundred clients and apologize

remember john paulson no it not hank paulson bush's treasury secretary who pushed hard i'm talking about john paulson who shorted subprime and made of millions or as a hedge fund now he's long fannie and freddie along with some other hedge funds who bought preferred shares to match uncle sam's investment senator bob corker characterized the stock as a lottery ticket but that hasn't stopped a run up in price of over one hundred seventy percent in the last few months just last week of fannie mae and now as they will repay the treasury fifty nine billion dollars for bailout money it took during the crisis but this is a one off event that's only possible because of an intel to change and deferred tax asset good luck mr paulson. and the bloomberg a to stand over ten ten years as financial heavyweights engage in dialogue with the embroiled market data provider clients including of china's central bank the federal reserve and the f.d.a. if you have inquired about data confidentiality issues in j.p. morgan short of problems itself is having serious dialogues with bloomberg and is considering its

remember john paul's know it not hank paulson bush's treasury secretary who pushed hard i'm talking about john paulson who shorted subprime and made of millions or as a hedge fund now he's long fannie and freddie along with some other hedge funds who bought preferred shares to match uncle sam's investment senator bob corker characterized the stock as a lottery ticket but that hasn't stopped a run up in price of over one hundred seventy percent in the last few months just last week at fannie mae and now say it will repay the treasury fifty nine billion dollars for bailout money it took during the crisis but this is a one off event that's only possible because of an entire change and deferred tax asset good luck mr paulson. and the bloomberg a standalone ten ten years as financial heavyweights engage in dialogue with the embroiled market data provider clients including of china's central bank the federal reserve and the f.d.a. if you have inquired about data confidentiality issues in j.p. morgan short of problems itself is having serious dialogues with bloomberg and is considering its optio

you can go back to hank paulson. some of this just logic dictated.nd some of what we z you know, you go back to sea paulson talk about. >> the the emergency made it possible to do it. >> the administration disagreed with a lot of things. for instance we thought sheila baird did a pretty good job and have done a good job with the f.d.i.c. giving them resolution authority, no oversight committee. >> see there's a story. >> well, i said-- . >> rose: the -- say we're ready to fire her. >> no, but it isn't bipartisan. there was a little best-- paulson didn't like her, bernanke. >> yound and i both called the president and the white house after initiation of the administration and said you ought to keep sheila baird. >> i said they look like a bunch of 12-year-olds in the tree house say nothing girls allowed. and she was very good. >> we listened to her a lot and she had a major impact. >> she is influential. >> very important. >> by the way she is a republican, a bob dole republican employee, and george w. bush appointee. the republicans who repudiated al

about john paulson who shorted subprime and made a million or as a hedge fund now he's long fannie and freddie along with some other hedge funds who bought preferred shares to match uncle sam's investment senator bob corker characterized the stock as a lottery ticket but that hasn't stopped a run up in price of over one hundred seventy percent in the last few months just last week of fannie mae announced it will repay the treasury fifty nine billion dollars for bailout money it took during the crisis but this is a one off event that's only possible because of an intel to change and deferred tax asset good luck mr paulson. and the bloomberg a to to stamboul.

, hank paulson's wife. while the nature conservancy pretended to help trillium with its project, the rest of the environmental movement formed a global alliance determined to stop trillium. lawsuits were filed. trillium persevered. the lawsuits went on for nine years, and in the end trillium emerged victorious from the litigation, but it was a pyrrhic victory. trillium had weakened to the point it had filed for bankruptcy. trillium was unable to raise money, and hank paulson and goldman sachs acquired the land. you might think that the goldman sachs would take the forest, a multibillion-dollar asset, and log it for itself. instead, hank paulson gave the land, worth billions of dollars, to the wildlife conservation society and took only a $34 million text deduction. when this was brought to the attention at the meeting, the directors fined paulson $100 million, but the dirty deed was not unwound. today the 800,000 acres remains unproductive. trillium had anticipated revenues of $150 million annually from its

that last point means he agrees at least a bit with john paulson.'s gold fund got clobbered in april leaving his fund down 47% year to date through april and scissoring its assets to roughly $500 million. although that's a small slice of his assets which are about $18 billion and comes mostly from internal investors, it's a blow that gold will benefit from money printing. elsewhere, pahlsson performed well including his recovery fund which was up about 21%, michelle, and also the enhanced -- the levered version of his merger fund which is called paulson partners enhanced up about 15%. >> lots of details in there. guys, trade this? what do you think? thoughts? >> i think the apple news from einhorn is interesting. here's a guy who's kind of been teflon recently. he got in front into doing some friendly moves. >> that's debatable. >> now comparing them to his grandmother. >> i think tim cook was going to do something with $150 bill chron. >> so lucky timing and einhorn can take credit? >> his track record speaks for itself. i just think trying to go u

but it would have been -- >> no, paulson was bad. paulson was bad. >> okay. i think of him as well meaning. >> yeah. but he was in the wrong job. he was an m&a -- >> right, right. >> and you know what m&a guys are like, right? >> yes. >> okay. i was one too. >> yes, i know. yes, right. >> moving around the world doing deals, and he didn't understand it's not the job of the treasury secretary to do deals. >> right. >> and he got himself all hot and bothered and lathered and sweaty, and all of a sudden he, basically, thought he was running the world. he did. and bush had no clue, and they were -- treasury took over. i call it an internal coup d'etat because congress was totally buffaloed they were scared to death, bernanke runs around talking about the great recession which is a lot of bs, never anywhere close to a great recession for structural reasons that i lay out. >> you've got me talked into reading the book for -- >> [inaudible conversations] >> yes, yes. >> but chapter 31 called "bernanke's false depression call." and i think i laid out pretty well the

zero eight two zero zero nine and she simply got shoved aside by tim geithner under obama and by paulson under bush because wall street was going to have its way even though sheila bair knew more about the real status of the banking system as head of the f.b.i. see as a long time practitioner of policy in washington than all the rest of these wall street characters combined and what happens that's why i call it a coup d'etat she is ignored she is told to keep quiet while the interlopers from wall street do the damage that they did. and i would i would agree that she will bear has provided great leadership with her work at the f.b.i. see and i want to get your take on the younger generation which is inheriting a very rough economic future and i don't know if may or may not be available to them yet they're paying into them they're inheriting unsustainable amounts of debt including federal debt and personal of that there is that over a trillion dollars in outstanding sick student loan debt and unemployment among young people as high as twenty seven percent you know what would be your advice

told by the panicked man in washington namely bernanke the and a couple of people on the fed and paulson and the goldman i gang running around with their hair on fire on the third floor of the treasury building just one of the great it was i called it a coup d'etat and i use the words vice of lee because effectively that's what it was washington didn't have a clue bush was in the dark the congress was buffaloed and a few people basically did a very terrible thing why i really appreciate your comments on that we recently interviewed she was bear who asked we asked her her solution for resolving the banks during a crisis and this is what she had told us. so i think the only viable strategy if one of them failed now would be to seize control the holding company continue to fund the healthy parts of arms into nickels underneath and but then put all the equity and secured debt in receivership available for loss absorption restructure. how phase of all do you think it is that have an orderly liquidation product process that doesn't pose a systemic risk and is this solution a too big to fail we

told by the panicked man in washington namely bernanke the and a couple of people on the fed and paulson and the goldman i gang running around with their hair on fire on the third floor of the treasury building just one of the great it was i called it a coup d'etat and i use the words vice of lee because effectively that's what it was washington didn't have a clue bush was in the dark the congress was buffaloed in a field people basically did a very terrible thing why i really appreciate your comments on that we recently interviewed she was bear who asked we asked her her solution for resolving the banks during a crisis and this is what she had told us. so i think the only buyable strategy if one of them failed now would be to seize control of the holding company continue to fund the healthy parts of all the arms into nickels underneath and but then put all the equity and secured debt in receivership available for loss absorption to restructure. how feasible do you think it is that have an orderly liquidation product process that doesn't pose a systemic risk and is this solution a too bi

remember john paul's no i'm not hank paulson bush's treasury secretary who pushed hard i'm talking about john paulson who shorted subprime and made a millions or as a hedge fund now he's long fannie and freddie along with some other hedge funds who bought preferred shares to match uncle sam's investment senator bob corker characterized the stock as a lottery ticket but that hasn't stopped a run up in price of over one hundred seventy percent in the last two months just last week of fannie mae announced it will bring.

possible because of an anti-doping change and deferred tax asset good luck mr paulson. and the bloomberg data standalone ten ten years as financial heavyweights engage in dialogue with the embroiled market data provider clients including the china central bank the federal reserve and the f.d.a. if you have inquired about data confidentiality issues in j.p. morgan short of problems itself as having serious dialogues with bloomberg and is considering its options the sheep executive of bloomberg lp have personally reached out to three hundred clients and apologized and lastly age as europe's a large as banged has so far gotten off with the risk for money laundering suits and the u.s. and europe but it now faces a new money during charges and argentina is a country that hordes one in fifteen u.s. bills according to bloomberg h.s.b.c. is trouble don't in there they recently reported they will eliminate as many as fourteen thousand more jobs as they seek to cut an additional three billion dollars of cost now we remember the last time a major bank got caught neck deep and a mo

bush, jan met -- john mack, and re-paulson jr., and barack obama. now, let's look at the gallery of economic euros. carter glass, william martin, dwight eisenhower, george humphrey, it douglas dillon, william simon, paul volcker, bill clinton, paul o'neill, and sheila bair. explain that. of fiscalt 80 years monetary financial history, how we got into the mass of bubbles and the fiscal and monetary crisis of today. basically using the standard of threefold items. free-market, fiscal rectitude, which we balanced budgets, we do not make excuses for deficits because you do not think the economy is not performing up to your doctor and expectation, and not using the central bank and ordered to try to centrally manage the economy and, wall street and encourage risk-taking and all of that. these are not bad people and good people. these are good policies and bad policies in well-known careers. doctrine.rty or one individuals as examples of fiscal rectitude, and that is why clinton is on there. that is why eisenhower is on there. i have a huge problem with d

hang paulson had given us one of the ideas. believe . >> we have to take a quick break and then we're back with congressman barney frank. it's as simple as this. at bny mellon, our business is investments. managing them, moving them, making them work. we oversee 20% of the world's financial assets. and that gives us scale and insight no one else has. investment management combined with investment servicing. bringing the power of investments to people's lives. invested in the world. bny mellon. >> back now at the investor summ summit. >> you introduced the topic of fannie mae and freddie. driven in part by some accounting charges. the company got about $116 billion in bail-out money. how would you in a fannie and freddie and what do you think should happen to those two? >> clearly they should now be abolished. >> some of us did try to stop the sub prime lending. people forget that. the bill with another democrat to start sub prime lending and it was stopped by tom delay who said it was a violation of free market principle. when

steve paulson is in the weather center. first, let's go to claudine wong in knights valley, where firefighters are trying to get control of three fires. claudine? >> reporter: they are all in this direct area from where we're standing. you can see fire burning right now. we're along the fireline, just over the ridge. they are trying to create a fireline with bulldozers and rocky and goes down into a drainage area. they are trying to get in front of it. i want to take you live now to the assistant fire chief of sonoma county. do you have any idea how things are going? certainly, it's been a long morning for you guys. >> fires are pretty much in a containment mode now. the first two fires are the one that you -- the one you are at right now is the largest. it has isolated pockets that we're having trouble getting to. >> reporter: behind us, we can see the smoke coming from there. that's the second one. tell me about that one. >> that one -- we had two fires. one that involved a structure and this fire that you are looking at

paulson ad advantage, 4.6%. pergings -- pershing square 4.6%.mick, tweeting analysis. what do you think? >> i think we need to take a step backwards from all this, the average investor people watching your show right now, they're not sitting home with high frequency trading algorithms and computers sitting on the floor of the new york stock exchange or right next door to it an analyzing this data in milliseconds. we need to kind of think about actually reviewing how our markets actually work. you know over the last few years, the flash crashes that we've had, a lot of the volatility in the markets, are driven by the fact that, you know, the bulk of the trading that happens now is run by computers, by algorthymic trading, high frequency trading. i'm not so sure in the markets that we have today, that is really a fair place for investors in general. i think this is why you're seeing so many individual investors kind of give up and walk away because they just can't win at the game. adam: scott, he raises a very good point. we've seen retail investo

of tyranny over the markets it puts into context what happened in two thousand and eight with hank paulson remember he wanted to get through a seven hundred fifty billion dollars bailout for his buddies goldman sachs on wall street and they said had you come up with that number he said it was just a one page memo he said i looked at the market this number came up with i thought a chilling words to the seventy billion congress blocked so then they went there the next morning and they said well if congress balked at this number of this number that we simply made up basically looking at what we can get away with we're going to crush the market market craft and they force through that tarp relief program and they also come billions of dollars and that's how it was done well the international organization of security commissions concluded in october that price assessments could be vulnerable to manipulation because traders participate voluntarily meaning they may selectively submit only trades that benefit their positions so we know they do and then i want to finally. turned to this bit because

of course, if paulson is right, then michael novogratz is wrong. on cnbc, he said gold is in a classic bubble and could trade back down to 500 per ounce. that's a price not seen in about seven years. scott, back to you. >> josh lipton, thanks so much. so with the smart money taking different stances in gold, how should you invest in the money? >> george and the co-founder of graphite capital. hello to you both. >> hi, kelly, hi scott. >> the question is, given the backdrop here of some of the smart money, if you will, getting out of gold, maybe upping their position in the miners, is that a smart way to play at these levels? what would you recommend? >> i'll tell you, i've always been partial to the real gold. i've been partial to some etfs and there are a lot of etfs out there now. there are a couple of major ones. there are some that are mixed, that are part silver, part gold. but for the most part, i believe that the futures contracts and the etfs gives you the best exposure. and i'm in the steve liesman camp sometimes, but rick santelli, today,

a 10% stake again taken by john paulson. now i'm going to say the statement.i'm going to get a lot of flak for this. but paulson has not exactly been on the right side of many trades of late. so do we care? >> in that fund he has. in like the reflation, rebuild america trade, he's kind of nailed that. i mean, he's been in the banks. >> so we do care. >> yeah, look, he's a brilliant guy. not everyone has the best year or two years of their lives right after having -- you know, it's not an easy game. but he's been right about the rebuilding trade. he's owned a bunch of these home builders and banks. so why not? >> let's move on here. shares of winn resorts flying so far this year. revenue growing in both las vegas and macaw. so are the odds in favor of the stock going even higher? we're tackling that question in our street fight today. guy adami is our bull on wynn. b.k. our bear. >> if you watch casino it didn't work out well for joe pesci's character in the movie. abe rothstein was the one who walked away. chances are i'll win here. favorable trends in las veg

paulson. any other member of the public who would like to speak? >> i'm in favor of the establishment 80 there. thank you very much any other public comment if there is could you please line up to our left to our right. thank you >> i'm been a friend of steven i worked for him back in the day he takes properties in disrepair and puts a lot of time and money into making them beautiful and that's what the city needs to have. thank you very much >> next speaker please and a good afternoon community leadership aligns i want to echo would the gentleman said. those took over those properties and rehabilitated the entire building and they allow community groups to use their space for meetings for free. actively our organization had the community outreach we worked with the captain on finding a place we met with supervisor cowen and her aids and have been in constant that have of conversation. i'd urge you to support in liquor application. thank you very much >> thank you. next speaker please and good afternoon. i'm israel i'm in favor of the strasht for j

paulson (clapping) >> okay. any members of the public who wish to commit or sing on item 5? >> okay public comments loss. thank you for being here. so colleagues could you have a motion to table item 5? >> already thank you very much again. i've called items 6 and 7 but before we start the presentation those are items that have been sponsored by supervisor wiener so i want to give supervisor a chance here >> thank you very much. before us today is a resolution authorizing the accusation of a property currently a parking lot on 24 street that would be converted into a public park. ? an incredible project that is a bottoms up kind of project. it's not a project where rec and park said let's do this. this is a grassroots project and built support step by step in the neighborhood in the department in city hall. this parking lot on 24 accounting street is the location of the farmer's market. it started after real foods shut adopt a number of years ago concerned residents came together to billed their own auction in the neighborhood. and i think people weren't sure lounge the farm

our meteorologist steve paulson is monitoring the wind gusts and claudine wong is right in the middle of the action in sonoma county and we can see the smoke and the wind and we understand the win and spoke is not the only problem. are you okay? >> no. i am not. >> reporter: my eyes are burning and fire continues to burn along the fire line and i will give you an idea of where we are, this is knight's valley and crews are headed down there because there is so much fire we can't see all through this area and they are trying to get in front of this area and it has picked up in the last few minutes. this fire is one of several that are burning and we came from napa, high winds are fueling a fire over there. this is one of several you are looking at just off highway 128, a lot of smoke and fire has picked up. it started from power lines which delayed the process of getting in and getting around it and the problem at this point is winds are high and as we took a walk up the road we saw much more fire up there and we know resources are a problem. this was not fire season and they were not r

paulson. >> likewise mr. sal. fog will burn off, lows down there and i would not be surprised, concord said clear, a little bit of a westerly breeze, one bigelow moves out. it is a week system here. a combination keeps it going. sunday looks like the warmest day and i think the forecast models have backed off on that but until then, no morning fog, a few high clouds, otherwise mainly low cloud deck, low-to- mid 70s for most. you could see a few upper 70s and then we will turn it around and continue it, especially inland and it looks cooler on monday. >>> it is the first officials day of potel rocking. >> yes, a pre-game show was held, this marks the first year of bottle rock which marks come med did i and friends are supplement an event. >> we felt we needed more. >> up next, joan net, tickets still a -- joan jet, tickets are still available, they range up to $500 for a v.i.p. pass. >>> time now 451. they expected -- they did not expect to find a gruesome discovery that has people asking questions. >>> a grown wom

thank you paulson and brown to speaking. colleagues any closing remarks that you supervisor mary i don't know if you want to make any comments? >> i'm really pleased at the amazing amount of coordination it's not only in san francisco that regional threats happen but i appreciate the years of planning for the america's cup and other events each year. i have a better understanding of the command structure it's very, very helpful and how we put so much thought in keeping our public save during so many of those large event. i want to thank my colleagues at the e and the public for privacy rights for individuals and to balance the need to keep the public save. i want to say that the boston marathon bombings were a shock to us and i know that our safety plans looked at we ocess appreciative that our city is uncomfortable our system to keep the public save. i hope we he can continue this conversation between annoy and the data break. i want to know that our departments are keeping us as safe as possible >> thank you supervisor. >>

paulson. >> hi i'm bob graham i'm a resident of san francisco and the bay area for thirty years. my partner and i bruce purchased a condo because it's located a block and a half from the new stadium. we - i started going to worrying games in 1962 and i'll tell you i can't wait to be able to walk over there and i hope it keeps me going another thirty years. we decided to move to san francisco in 2011. we knew with didn't want to live in a residential area we wanted to live in a neighborhood that was vibrant and had business and shops. residential a real mix. good transportation, public transportation a walking distance to downtown so we looked south beach and then the warriors announced the new arena and went counsel to the - now i understand this was a land use planning commission and entertainment and i want like to say i think this is tremendous land use planning. it has components that will draw so many people lift the city up and put us on the map. the wish from our area we could see the stadium >> thank you, mr. graham. yeah, and just for the members of the public you have t