sachs down at various times. think that you mentioned during the panic of 1907 they had troubles, they had troubles, serious troubles in the great depression. they had their penn central bankruptcy to contend with which almost brought them down, as i understand it. they had serious troubles in 1994 when interest rates went up precipitously. so it seemed to me that once you get into your history of goldman, you find that goldman's been battered around the ears just like the rest of us by the financial markets and the economy although they do, definitely, seem to have landed on their feet better than an awful lot of, well, the rest of us and most other wall street firms. so perhaps that's what you mean. but i wasn't sure, i wasn't convinced that you believe goldman sachs rules the world. i mean, i think you must -- i sense that you realize that there's weaknd there too. weakness there too. >> guest: well, first of all, you know, subtitles of books are created for many different reasons. it is catchy. and i think th

i want to be clear this is a book about a goldman sachs. so once the player involved, say bob rubin, you know, did interview clinton down in little rock, sort of blessed him and had fund raisers and stuff like that, once bob reubin left the stage of goldman sachs and became the national economic, head of the national economic council in january of 1993, basically that was the end of bob ruben in my book. so i have to keep going on my narrative focus is who was left behind at goldman and what they did, how they have to sort of clean up the mess that bob rubin had left behind and then became the story of what happened in '93 and '94 of the firm when they almost ran out of business. hank paulson, interested in politics. the senior partner of goldman sachs and then was left alone when reubin went to washington and then eight years later i ron ackley steve got offered, steve friedman got offered the same job and the white house that bob rubin had in the national economic council you could come and work in the white house and that is exactly what

article for rolling stone the people versus goldman sachs of course you worked goldman sachs as a managing director and i also want to bring into this little discussion some comments made by a wall street bucket shop that goes by the name of stone street advisors. in the in the story about me that stoned street advisors is takes exception to one of the things they bring up right away is lloyd blankfein c.e.o. of goldman sachs of course is being accused by carl levin a lying before congress and lying to its clients your thoughts on carl levin's accusation the lloyd blankfein was lying to his clients and was he lying to congress with respect to his clients and those are some points that were brought up by levin and also in in math article there was an issue around certain deals one for example was hudson where goldman in order to get clients to buy those deals indicated that it would be taking a position on the side of those same clients within those same deals so the hudson deal for example was a one point two billion dollar deal goldman was going to take a sliver of a six million dollars p

pair of us citi group commerce bank credit suisse first boston deutsche bank goldman sachs h.s.b.c. morgan stanley world bank of scotland u.b.s. wells fargo credit agricole and society in general and i know baby i know paul sternum up to go if you do a terrorist or defrosting with roman the ocean all right stacy we're thank so much for being on the kaiser report thank you max don't go away much more coming your way. stay right there. well i'll go back to the kaiser record i'm max kaiser time now to go to athens greece and talk with doctors care aka's told brass who is suing goldman sachs j.p. morgan and others for their role in the financial assassination of greece doctor took ross welcome to the kaiser report high marks are you that have to grant you are suing not only j.p. morgan and goldman sachs but you're suing the entire financial kit and caboodle even the intermediaries that deal with these fraudulent securities the the broker dealers the derivative traders you're going after the whole spectrum of fraud is that not correct this is. people who are defined as a sword in the fig

pair of us citi group commerce bank credit suisse first boston deutsche bank goldman sachs h.s.b.c. morgan stanley world bank of scotland u.b.s. wells fargo credit agricole and society in general and i know baby i know ball turn up to go home to do a terrorist or defrosting thrown in the ocean all right stacy we're thank so much for being on the book cause or report thank you max. don't go away much more coming your way stay right there. hungry for the full story we've gone to. the biggest issues get a human voice face to face with the news makers on the t.v. . news sky. looking forward to be held in say. pain and suffering will never be forgotten. as well as the joy of liberation. your spring of nineteen forty five on our team. and i'll go back to the kaiser report i'm max kaiser found out to go to athens greece and talk with a doctor to care out goes told brass who is doing goldman sachs j.p. morgan and others for their role in the financial assassination of greece dr tubb ross welcome to the kaiser report i must tell you that for grosse you are stealing not only j.p. morgan ing g

pair of us citi group commerce bank credit suisse first boston deutsche bank goldman sachs h.s.b.c. morgan stanley world bank of scotland u.b.s. wells fargo credit agricole and society in general you know maybe you could all turn off and go home but if you do a terrorist or defrosting thrown in the ocean all right stacie over thanks so much for being on the cause or report thank you max don't go away much more coming your way. stay right there with the lead. lead. more news today violence is once again flared up look. these are the images the world has been seeing from the streets of canada. for asians to rule the day lead. i'll come back to the kaiser report on max kaiser time now to go to athens greece and talk with dr characters told brass who is suing goldman sachs j.p. morgan and others for their role in the financial assassination of greece dr tubb ross welcome to the kaiser report hi mike starr you that should surprise you are suing not only j.p. morgan and goldman sachs but here suing the entire financial kit and caboodle even the intermediaries that deal with these fraudule

the world's largest insurance group because goldman sachs is former bank was up to their neck in. the news with the. various securitization assets and the tarp fund seven hundred billion dollars of taxpayer money was given to henry paulson carte blanche after the lehman bankruptcy so they have more or less destroyed the domestic u.s. economy the real estate debacle rolls on rolls on rolls on the unemployment grows in the u.s. there is no recovery there's not even a green shoots of recovery going on europe outside of germany in a few bright spots is is floundering in the after effects of this. financial bubble that goldman and company helped create were in there are loath or and the economic research is the one from germany today i think you're in for an r.t.s. appreciate it. colin threats are about to get a joint response to terrorism and drug trafficking of being tackled by president very different his pakistani counterpart to see feliz adare was in moscow on a four day visit the two men met in the kremlin acknowledging that both countries are suffering from international islamis

what's coming up tonight on the big picture streets of gold may be turning to hard concrete for goldman sachs c.e.o. lloyd blankfein and its former executives you have it suggests they lied about cheating their clients out of millions of dollars so how are these banks toure's able to pull off the scheme meanwhile the koch brothers university funding programs are spreading right wingers using their own cash to change clothes staff and ideas over five. universities billionaire oligarchy succeeding reshaping our country's worldview and could there be a fifty first state i'll tell you why thousands of arizona liberals are pushing for a session from the radical republicans are on the north of the state. yesterday raj rajaratnam a billionaire hedge fund manager was convicted of fraud and insider trading he faced twenty years in prison the jury found him guilty of making more than sixty million dollars based on insider information one of the only cases in the last twenty years where a big time bank was facing the music for high crimes on wall street will rogers crime had little to do with the financ

article by teddy but i can tell you i been attempted to alert those who felt the goldman sachs guys.have excrement it does not smell the goldman sachs has been overvalued for quite some time starting in two thousand in the spring of two thousand and eight i made it very clear that the amount of risk in the sex tapes and running its business in the risk of the assets are now covered by the profits of doing business from an economic perspective you know they're covered from an accounting perspective and they make a bunch of accounting earnings in the price goes up but they take significant risk . for less just because of an over the last few four years it's come the pipe and they're basically. i'm going to watch my tongue here for the first time in quite some time but goldman sachs' business model is basically to take advantage of his clients that's where the excess spread comes from and that's where they could have a. training quarter with not one loss an insider trading statistically having a quarter without one day of trading losses as was the case of dawn and j.p. morgan and bank o

talk about goldman sachs for a moment two stories have come out s. and p. just downgraded goldman sachs and we've also got a downgrade from the wall. all straight guy all day who came in and said that based on matt taibbi exposé in rolling stone magazine that the stock's price target was lowered substantially by more than forty dollars and goldman sachs case the stock is down six billion dollars already today and making reference to this matter be article did you read the matt taibbi article your analysis or financial analyst analyst did he get anything wrong in any of his analysis or is not tied me you know he's a primate he's a journalist an investigative journalist he's not a wall street guy some people might question his analysis but reggie middleton what do you say about his analysis is it accurate well to be honest i didn't get to read the latest. article by terry but i can tell you i've been attempted to alert those who felt the goldman sachs guys. have excrement it does not smell the goldman sachs is going overvalued for quite some time starting in

he built a case against goldman sachs long before anyone in congress started sniffing around.s got enough evidence to move forward with criminal charges against goldman sachs. our own eliot spitzer says in your latest article that based on that, he would be dropping subpoenas by the truckloads, but the justice department still seems reluctant to move forward. assuming the viewers today have not read the article, lay out your case in short form. >> the report is a 650-page document, and to put that in as short a hand as i can possibly make it, what they're saying is that late in 2006, goldman sachs realized they were sitting on a time bomb of toxic mortgage assets, that they conspired to unload those assets on their clients and bet against them at the same time. later on, the report also sort of lays out that in the process of investigating this issue, the senate questioned gold man. they also had -- tlebl that someone lied about these activities. megan is a part of this. megan, did he lay out a convincing case? >> i think it's tough. these cases are incredibly difficult to win

just downgraded goldman sachs and we've also got a downgrade from the wall street guy well day who came in and said that based on matt exposé in rolling stone magazine that this stock's price target was lowered substantially by more than forty dollars and goldman sachs case the stock is down six billion dollars already today and making reference to this matter be article did you read the mats i.e. b.r.t. call your analysis or financial model analyst did he get anything wrong in any of his analysis or is not tied me you know he's a primate a journalist an investigative journalist he's not a last great guy some people might question his analysis but reggie made. and what do you say about his analysis is it accurate to be honest i think it could be delayed this. article by teddy but i can tell you i've been tempted to alert those who felt the cold and said skies. have excrement and does not smell the goldman sachs has been overvalued for quite some time i'm starting in two thousand and the spring of two thousand and eight i made it very clear that the amount of risk going the sex tapes and

carl levin says criminal charges can be levied against goldman sachs. on that, subpoenas could be dropped by the truckloads but the justice department still seems reluctant to move forward. assuming the viewers today have not read the article, lay out your case in short form. >> the levin report is a 650-page document, and to put that into as short a hand as i can possibly make it, they're saying that late in 2006, goldman sachs realized they were sitting on a time bomb of toxic mortgage assets that they conspired to unload those assets on their clients and then bet against them at the same time. and then later on, the report also sort of lays out that in the process of investigating this issue, the senate questioned goeldman. they had testimony in congress and it lays out that goldman lied about it -- >> lied to congress. megan joins us. has matt laid out a convincing case? >> if you notice,e eliot spitze didn't secure a lot of subpoenas despite the convictions he laid down. he got settlements from some firms. it wasn't clear the firms had done anythin

this is the goldman sachs commodity index a market where people can place bets on what they think the price of certain commodities will be look what's in this index together the oil and food back in the day it serves a useful purpose to let farmers and airlines lock in the prices of the food in oil so they can get the book straight reduce risk budget for the next year hedge against a future drought or a future oil shortage but today thanks to the thirty years of deregulation of wall street and particularly due to the commodities futures modernization act back in one thousand nine hundred ninety thousand kilograms practically anybody can jump in this market and place bets that the price of food or oil will rise and if enough people bet on it just like you know any other stock and sure enough these prices to rise and a bunch of gangsters make a whole ton of money that's what happened in two thousand and eight so that what we're seeing unfold again today is the time to force regulations on wall street to stop them from starving the world wrecking our economy i guess prices joining me now

that is what goldman sachs did. you may be familiar with that. goldman sachs sold mortgage-backed securities to its clients and that against them and made an absolute fortune but to cover it up there was a portion of mortgage-backed securities they were bullish on and lost a little bit of money so when regulators came to fix it they said we lost a little bit too. and that was let go. but the auction rate securities scandal kicked off a bigger meltdown in 2008 because it proved once and for all to wall street that you can get away with murder. you can take people's cash. you can tell them this is cash. this is as good as treasury bonds if not better. the minutes somebody tells you you're going to get a little more interest that is the moment you want to pull back. that is one of the lessons we learned from this. a little more interest, little more risk, little more danger, a little more lying. pull back. the product machine continues to turn out similar products. i got a call recently from people living in tent communities in hawaii. in lovely haw

you let's get started you know reason edition of rolling stone reporter matt taibbi takes on goldman sachs and argues that it's time to put the corrupt thanking on trial he was on his show last night he had this to say about the current climate of wall street all the incentives that existed before two thousand made that led to all of this horrible being here and all these dramatic consequences that are all still in place and i think the most important thing to remember is that all this stuff happened and nobody got punished and that was that's the single biggest thing the set in to all of this happening all over again because i look at back in the last decade we clearly learn that wall street can do far more damage to our nation than any terrorist could ever dream up so why we're throwing trillions of dollars into our war on terror but not one dime to prevent a larger threat of financial collapse. well yeah i mean i think i mean i obviously think that we've spent way too much on wars and fiscally irresponsible and not enough regulating and for saying those regulations on wall street you kn

sacking goldman sachs along between right and wrong might look great at times but for financial investors it's a green all the way to the bank even to hear how foul play is lining the pockets of wall street. and manufacturing in the usa once the heart and soul of this country now just a faded memory of the middle class so will the u.s. ever be able to reassemble. and it's a tale of two princes the first founder of blackwater the second the leader of al gadhafi and as these princes prepare to create an army for hire in the u.a.e. we explore whether the contracting words used lie with the because. good evening it's tuesday may seventeenth eight pm here in washington d.c. i'm lucy captain of you're watching our team. now in a just world those who break the law by lying cheating and stealing are usually tried and prosecuted for their crimes unless of course we're talking about well heeled executives of say i don't know goldman sachs you know in his latest piece for rolling stone magazine back to the revisits the wall street firm that he once called the vampire squid and he got a case for why

look i think everybody would like to blame somebody and of course goldman sachs as the pig is a big fat target you know they just happen to be the smartest guys in the room in this case what really happened is we have deregulation in the late one nine hundred ninety s. and all the sudden all these position limits are are are negated you don't have to be a bonafide hedger anymore and what we finally have is a huge transnational problem and the g twenty is trying to figure out some way to regulate this on the national level there's thinking ok now we have to set position limits now we have to throw some light on the dark swap market but really i think the thing that's going to make the most difference is if we find we can get back to some transparency on actual grain reserves so people can really understand how much different countries are holding in their reserves opening up those markets so that we can actually get some real grain to calm down the hysteria that imaginary grain from grain futures has contributed to this mess big picture is that something that should be taking place in th

that's what goldman sachs did. you may be familiar with that scam in which they sold mortgage-backed securities to their clients, bid against them, and made absolute forchips, but to cover it up, there was a portion of the mortgage-backed securities they were bullish on and then the regulators said they lost a little bit too, and that was let go. the auction rate security scandal ticked off the bigger melt down to hit in 2008 and took everybody down because it proved once and for all to wall street that, you know what? you can get away with murder. you can take peach's cash -- people's cash. you can tell them this is cash. just as good as treasury bonds or better because it pays more interest. the minute somebody tells you you are # going to get more interest, that's the moment you want to pull back. that's one of the lessons we learned from this. a little more interest, more risk, more danger, little more lying going down the pipe there. pull back, pull back. the product machine continues to turn out similar produ

the first thing they do, goldman sachs, is hand out the $1 million bonuses all over again. it's like nothing has changed. while they're doing this, ordinary people in america who were caught at the tail end of this economic influenza are still suffering. this cannot be right. >> one of the great lines in the book and in the movie is when they're talking to him about doing something in real estate, he says -- buffett said i'm a little short on cash right now. >> about $40 billion. i don't blame him. he sees his opportunity, and he helped bail out gold man stacks. good luck to him. i blame the government that allows this system to then just start up all over againing with no penalty, no real punishment. just get on with it, guys. >> the great disconnect during this period was the idea we bailed them out and we're still living in this sort of 10%, 9% unemployment world, and, yet, we're watching not dick fuld, but many of the characters in this movie who now have huge bonuses all over again, and it doesn't feel like we've changed mying. >> we've changed nothing. you know these

s located companies thanks to goldman sachs the ultimate arbiter and purveyor of currency virtual currency nonsensical non non the polls. nonsensical not economical nonsense well the machines these high frequency trading machines typically hold the stocks for two to seven seconds realize a portion of a penny profit and repeat the process over and over the pennies accumulate into astronomically large heat estimates of the unregulated secretive industries profits for two thousand and nine ranged from two billion to five point six billion in profits so one of seconds while is longer than thanks much trust granted rights on may there that's obvious joke there coming from max kaiser but we're talking about high frequency trading i want to say that these are as the article points out you know these are not something that a mere mortal can scoop those millisecond fractional arbitrage is so what sort of market is this where it's it's just machines trading against each other the machines are in charge as we've been warning about for quite some time and the people at these banks they don't actually

s from goldman sachs and j.p. morgan they all came on the hill and were all but rated by members of congress we still haven't even seen a single one of them being prosecuted for the financial crash of two thousand and eight those people drive down the entire world economy i mean compared to that rising oil prices that's chump change. the one thing i think that we can count on is actually the oil companies i feel like right now they're on the run i mean they're desperate they don't have anywhere near the amount of clout that wall street does i mean we had the c.e.o. of conoco phillips saying that it was un-american to criticize their subsidies and obviously when you when you behave like that you're going to face public anger you're going to and you're going to actually see people start to change their opinions we saw a number of republicans during the town hall sessions held during this break very easter and actually take very fiery questions at town halls and a lot of the reverse their position they all voted in m

the morning they see how much money the machines of raked out of the global economy remember goldman sachs the high frequency trading scandal the last year it was estimated that they steal one hundred million dollars every single day through high frequency trading it's an old scam on wall street you put out a thousand trades at the end of the day the ones that are winners you take the ones that are losers you give to the pension accounts out there that are now suffering the people end up with nothing and they all end of course face down in the mud playing casino games for farmville so part of the splash they envision is that they all they all have their own unique algorithm and some of them are tied into things like twitter so they'll be looking at like any breaking news in a fraction of a second they try to get in front of it so and you also know that twitter is totally manipulated as well the trending topics from a lot of people put out fake celebrity death notices so the same thing that's last crash could be. caused technically by somebody putting out a fake tweet oh not only do the mac

you answer that yes or no but it's very difficult question for you to make big tobacco in goldman sachs before it and boy that timberwolf was one should heal how much of that should you deal if you sell to your clients after june twenty to two thousand and seven parading c.e.o.'s before congress so representatives can grill them generates press but read through a little reform this same poil companies testified in two thousand and eight and two thousand and five when gas prices spiked all those c.e.o.'s then said they did it tax incentives you all have done as major oil companies a dramatic about face this morning in two thousand and five all of you were there it was from all over all of you said you did not need tax incentives to drill for oil and today you've come and say you've got to have them when oil is that one hundred dollars a barrel i just think that position defies common sense and big. response to the extent that taxes are higher in the united states we'll look elsewhere for the extent that foreign tax credits are. even more difficult for us to compete overseas as well so wi

guilty of doing so yet these guys should be prosecuted and you know that's as you have no goldman sachs makes a living and i think it was interesting as i look back at what is going on at that time this was like a trail baby trail era where we also had kind of this you know political panic about oil and gas prices and i think my posts show it that when you are so dependent on a particular you know energy supply that is running out we know that limits head and at work and on point points are support it is going to create problems again and again and again we've got to diversify our gas regulator serve a very important purpose i mean may help markets so yes they do not see regularly who yes they do how do. you know futures market the airline is able to lock down the price of oil they're going to be able future that's a good thing right why does a speculator coming into the market say i want to take eighty percent of the oil out of their markets you guys are going to have a big against each other for driving up the price and then dumping it back in and making money how does that help the m

doing these two separate things and communicating with each other they didn't call themselves goldman sachs as us every day this is the george soros model of making money well you could argue it was that's what it's not on unlike what he did when currency markets. tide bought back in the ninety's and he has been he has said this shouldn't be legal cannot be as long as video transparency there's nothing wrong with that there's nothing wrong with having articulated it's going to people buying futures no what happened is these individuals committed fraud and they manipulated the market but it it's very different if you have enough transparency and people are engaging in this and not using inside information there's nothing wrong with it why would you can anybody be buying oil futures who's not going to take delivery of the well because they're buying those futures because they think they can make money off it and they're going to not try to manipulate the price and are just trying what happens if the middle prices are going to go that if your line will rogers you can make money off you're goin