goldman sachs faces a fifteen million dollars penalty if they break this deal with goldman sachs oakland though is there any not to invest in goldman sachs again. so what happened was the oakland city council voted unanimously to break the deal with goldman sachs the city would be required as i mentioned earlier to pay a fifteen million dollars penalty fee if they break a deal with goldman they made back in one thousand nine hundred eighty eight the deal locked in the interest rate at the time but the problem with that is the federal reserve set interest rates much lower after the financial crisis and this was done to help struggling cities like oakland tackle the debt but oakland has been still been forced by goldman sachs to pay the higher rate costing the city of four million dollars a year and oakland is sick of paying wall street at the expense of police teachers and other public services such as oakland stand a chance against the big bank to talk about this joining me now is dr lou's caliber organizer for the coalition to stop goldman sachs' welcome there lose so why i know that yo

a >> there should be no sympathy for goldman sachs. we should be doing everything to try to bring this matter forward. >> what is the matter? oakland city council votes to end its contract with goldman sachs that locked into a financial deal that cost the city millions. all of that and more coming up. this is "democracy now!," democracynow.org, the war and peace report. i'm amy goodman. a record-setting heat wave in the eastern u.s. is starting to ease after two weeks of scorching temperatures. the heat wave has been blamed for causing at least 74 deaths from the midwest to the east coast, including 18 people around chicago and 13 people in maryland. all-time highs hit major cities including philadelphia, washington, said louis, indianapolis, and louisville, with more than 4500 heat records broken overall. dry conditions and a lack of rain are also devastating corn crops across the plains, which faces its worst drought in 25 years. although eastern states will see a respite, western states are facing a potential heat wave that could br

could happen on wall street feeding frenzy seen if wall street sues itself over libel or yes goldman sachs and morgan stanley are among financial firms that may bring lawsuits against their biggest rivals as regulators on three continents examined whether other banks manipulated the london interbank offered rate known as libel or said bradley hince an analyst with sanford c. bernstein and company now the only reason why they would do this according to hints is that goldman sachs and morgan stanley manage money market funds so they by law would be a blight too he however says that they wouldn't want to have to do this because they want cordial relationships with the other banks. well as if the law ever stop these guys from doing whatever it is they want to do but now they're hiding behind the skirt of the law suddenly when it suits them just like remember back during the crisis. they were not a bank they wanted to get on benefits of not being a bank and then when the crisis that they just thought oh no we are a bank and you know they they treat the law as a plastic a movable feast you know

the same time these things are happening oakland is paying five million dollars a year to goldman sachs but its annual debt deficit is four point one billion or so dollars so it seemed to us that it would make more sense to reinvest this money back into the city than the throw it down the rabbit hole that is the pocket of goldman sachs and honoring a deal that was a fraudulent deal from its inception and why don't you kind of blame goldman sachs and the big banks for putting the city in this crisis this economic crisis to begin with why do you point your finger at them. well is because they came to the city with these with these financially very complicated financial deals these complicated financial instruments knowing that the people that they were presenting them to were not financial wizards are experts and this pattern has been borne out him in municipalities all around the united states and they got people to sign on to things that they really didn't know what they were doing when oakland got into its goldman sachs' relationship interestingly enough the man who is now our governor

bernstein and company now the only reason why they would do this according to him is that goldman sachs and morgan stanley manage money market funds so they by law would be a blight to he however says that they wouldn't want to have to do this because they want cordial relationships with the other banks. well as if the law ever stop these guys from doing whatever it is they want to do but now they're hiding behind the skirt of the law suddenly when it suits them just like remember back during the crisis. they were not a bank they wanted to go on benefits of not being a bank and then when the crisis that they just thought oh no we are a bank and you know they they treat the law as a plastic a movable feast you know as whatever they write the laws and so when we're talking about wednesday if they go to like what's going on they write new laws in front of obama just rubber stamps now max in fact a former goldman sachs partner who is now a finance professor at new york university's stern school of business says that plaintiffs would face difficulties such as proving how much money they lost

the resolution was simple yet very strongly worded saying if goldman sachs refuses to terminate the swap agreement without terminations fees or penalty within sixty days and they will be excluded from any future business with the city of oakland basically of goldman sachs doesn't do it the city says in the city will pull all of its business out of a bank which is a whole heck of a lot of money it's a threat that the bank has to listen to and a threat that other cities need to need to issue their own point is no city in america should be doing business with the bankers on wall street who proven time and time again they're only interested in looting instead cities across the nation should be investing their assets in local banks and local credit unions local institutions that actually care about and are derived from the communities that they belong to rather than only caring about short term profits for out of state sure. that's been a central theme coming out of the occupy movement since last fall calling on citizens and communities to move their money out of the big banks and into l

morgan chase and a slew of other banks including goldman sachs. the city needed a new sewer system which was estimated to cost two hundred fifty million dollars but thanks to a crummy financing deal with the bank's toure's and the corruption of a handful of elected officials the cost of that sewer project swelled to three billion dollars like the banks have done to so many unsuspecting homeowners they sold the county alone for the sewer that came with one of those adjustable or exploding interest rates the county would pay a low interest rate that it could afford for a few years and then the rate would just blow up and surprise that's exactly what happened and when the rates went up the city couldn't afford to make the payments on that loan and they were wiped out by the millions of dollars in fees at the bank charged just to do the deal so after furlough in city workers cutting back on cops on the street and turning off city lights just to pay off the bank's chairs jefferson county eventually filed for bankruptcy one of the first american countie

but he looks at his résumé and says, "i was kicked out of goldman sachs.kicked out of being the governor. i still have something to prove." >> and he wanted to come back to wall street and prove that his partners had been wrong about getting rid of him at ldman sachs. and he was going to show them. >> i'm really excited about the opportunity to lead mf global. >> i thought it was great. the stock price jumped. and corzine was a dynamic character. >> we're going to work very hard to get the earnings back on track. >> from the military to goldman sachs to governor. i mean, i get it, you know. he's going to have political connections. this is going to be great for the company, you know. so i was sipping the kool-aid at that time. >> narrator: mf global was a well-established commodities brokerage, a spin-off from the old british powerhouse, man financial. >> it was basically a commodities and futures trading and investing firm. clients would come there saying they want to make trades in the commodities industry or the futures industry-- buy pork bellies, buy

goldman sachs runs one of the largest commodities index in the world. and i've spent 20 years in places like africa, and i know what happens when wheat prices increase by 100%. children starve. and i knew i was going to get arrested because, you know, i was, i covered the famine in sudan and was in these huge u.n. tents and feeding stations trying to save. and you know, the people who die in famines were usually elderly and children. the place was, i mean, everyone had tuberculosis. i have scars in my lungs from tuberculosis, which i successfully fought off. and those are sort of the whispers of the dead. all those children and others who couldn't didn't have the ability to go in front of a place like goldman sachs and condemn them. >> but surely those people, as you were arrested, there were people working for goldman sachs looking down from the windows -- >> they were taking pictures -- >> taking pictures, laughing. surely you don't think they would wish that outcome in africa or anywhere else, right? >> well, it's moral fragmentation. i mean, they bl

see the commodity futures trading corporation which is by the way run by gary gensler former goldman sachs guy says two wrongs make a right if you commit to greed just criminal actions then pass mall fine and by the way that money will probably end up on the posit practically spank and you can continue doing what you've been doing in the criminal justice system if you're involved in a conspiracy it's always worse here the c. of t.c. is noting that this conduct occurred regularly and was pervasive in addition the attempts to manipulate included barclays traders asking other banks to assist in manipulating europe or as well as barclays aiding attempts by other banks to manipulate us dollar libel or in europe or in addition certain barclays euro swaps traders led at the time by a senior trader coordinated with an aided and abetted traders at other banks in each other's attempts to manipulate europe or even scheming to impact europe or on key standardized dates where many derivatives contracts are settled or reset but it's racketeering they're bringing in other banks they're cool looting so no

but goldman sachs can be in the market right now. that can really drive things in a positive way over the next six months. >> came out net exposure to spain about $3.5 billion. that's net. are you worried about the european bank problem as it pertains to jpm? >> absolutely. it's not about the direct exposures. it's about the $70 trillion of notional derivatives out there. it's still an issue that can't go away off the five big u.s. banks with that exposure. it's not off the table yet. if we could get some solvency issues resolved in europe, there could be a real rally. that's where morgan stanley would look very appealing. >> and we might also have a unicorn ride to take a little bit later on. fred cannon, thank you very much. a lot of talk about unicorn. fascinated by them. jon najarian, do you have a comment on jpm, banks, europe or minnesota in general? >> well, love minnesota. i was up here with steve grasso for a big conference that he was one of the hosts of and that a lot of big traders were up here. i think one of the takeawa

borrow rob about there's jamie diamond in his time again or lloyd blankfein over to goldman sachs and as tommy gun rob rob rob rob rob rob rob rob rob is robber barons on high frequency trading i mean if the robber barons were alive today they'd be high frequency trading and lloyd blankfein is a robber baron africans are treading well for further. evidence of this assertion of mine that they're robbing the global central banks of the credit available whatever credit remains in the system you know willie sutton said he robbed banks with the tommy gun because you can't rob a bank on charm and personality so we're going to go to a charmless guy without personality bob diamond and piece admit they let diamond slip away ahead of inquiry vote so several members of the commons treasury select committee have admitted that the banking chief was able to get away with a vase of an implausible answers during a three hour appearance before them yesterday he appeared on able to provide straight answers he repeatedly strayed off topic and at times appeared unable to understand simple questions this

jackie sachs. and any other member of the public would like to speak on this item, please come forward. >> good morning, commissioners. my name is jackie sachs. this item has come before the citizens advisory committee for the last couple of years. i have been on the advisory committee since 1997, so i am very familiar with this item. it has always been passed by the cac. let's pass this item and let everything go forward, because it is very worthwhile. thank you very much. commissioner campos: thank you. any other member of the public? seeing none, public comment is closed. unless there are other questions, can we have all roll call on this item? >> [roll call vote] the item passes. commissioner campos: the item is approved. please call item no. 6. >> i'm -- item #6 pointappoint marlena cannon to the citizens' advisory committee. commissioner campos: is there any member of the public would like to comment on item number six? seeing none, public comment is closed. this is an action item. can we tak

david, anything from goldman sachs jump out at you?ome ways, it's the larger theme which you were discussing. the changing nature of the overall business and profitability of the business. the move more aggressively into private banking. it was not a great quarter. numbers had come down, but at the end of the day, it looks pretty good, but fixed income currencies commodities, down. expenses down sharply. that's kind of the world we're living in now when it comes to the big banks and goldman figuring it out before the others. >> i thought this was a direct hit on east hampton and south hampton properties. to me, this is your chance if you're not an investment banker, go up to nantucket this weekend. there's going to be for sale signs. >> is that what you're going this weekend? >> come on. have some sympathy. >> we've got to go. carl, worst all-time sequel? >> worst all-time sequel. electric boogaloo. >> number one, staying alive. >> which i forgot existed. ♪ i want to win [ breathes deeply ] ♪ this is where the dream begins ♪ ♪ i want t

. >> investment banks such as goldman sachs were eager to lend to risky places such as greece. >> i find it hard to believe that they couldn't figure out that the greeks were cooking their books. i think they knew. in fact, i know they knew. >> and a culture of greed. >> it's actually known as casino banking. >> one loophole after another. >> you're making so much money. >> they came down here like sharks to raw meat in the water. >> "have i got a deal for you." >> "money, power and wall street." >> is anybody watching? does anybody care about this? >> the epic story of the globl financial crisis spreads. tonight frontline. >> frontline is made possible by contributions to your pbs station from viewers like you. thank you. and by the corporation for public broadcasting. major funding is provided by the john d. and catherine t. macarthur foundation, committed to building a more just, verdant, and peaceful world. and by reva and david logan, committed to investigative journalism as the guardian of the public interest. additional funding is provided by the park foundation, dedicated to heig

the issue about the olympics in london was just a tea cup. >> the goldman sachs that the u.s.nish first with 37 gold medals, and i know how much faith we have in goldman sachs these days. >> i was just going to say that. >> there will be flack at home for the american athletes. some of our lawmakers are upset because some of the uniforms are made in china and they found on their iphoned andy pads. >> and he was unable to pronounce his last name. >> you're wrong. you can pronounce it any way. >> chris, i just said, after we play the sound byte, you can call him anything you want. >> it's cheney. >> i'm comfortable with what i did, how you did it, and i'll let others judge whether they liked it or not. >> do you have any regrets? >> not really. >> chris, what say you? >> it's the same as cheney. we all check it out and we'll know what we're talking about. [ chuckling ] >> eliot: now they've got me con veined. the fraudulent issue of voter fraud. that's coming up next. she's every 5-year-old who ever jumped in a pool and didn't want to get out. ♪ ♪ every coach, every rival who ev

goldman sachs removing burberry from its conviction buy list. eye on those stocks today on the high-end fashion side. a chinese university comes out monday saying there are bad additives in their baby form layt monday, tuesday, the stock sells out 6%. then they say we read the report wrong, it's not bad. so the stock made it back today. they came out and said better current values list for mjn. they like the stock. they say 60%-plus margins are sustainable. gold is slightly lower, but gold corps is much lower. and if you look at the rest of the gold stocks, some were up, some were down, but gold corps clearly underperforming. they lowered their 2013 production guidance, and clearly, yesterday, if you recall, gold stocks were up early and faded late. keep an eye if that is a trend. we'll see again. finally, abercrombie & fitch. >> and chuck who runs goldcorp is great, but it's impossible to mine gold. i tell people, buy the gld, do not buy the individual companies. burberrys, yesterday, bf corps, they were screaming, showing you how inconsistent

morgan goldman sachs citibank and bank of american working stealing these are the five institutions that hold ninety eight percent of three hundred two trillion dollars worth of notional and derivatives that are held by all american bank holding companies all right kirby right time thanks so much for being on the kaiser report love being with you max all right that's going to do it for this edition of the kaiser report with me max kaiser and stacy herbert thank my guests rob kirby of kirby analytics if honest i mean email please do so at kaiser report r t t v dot are you. there hasn't been a thing on t.v. . it is to get the maximum political impact. the material is. journalism we. we want to present. something else.

morgan goldman sachs citibank and bank of america and morgan stanley these are the five institutions that hold ninety eight percent of three hundred two trillion dollars worth of notional and derivatives that are held by all american bank holding companies already premiere at times thanks so much for being on the kaiser report love being with you max all right that's going to do it for this edition of the kaiser report with me max kaiser and stacy herbert are a thing my guest rob kirby of kirby analytics if honest i mean email please do so at kaiser report r t t v dot ru to next on my status and buy off. i.

rubin and also in crude oil ben bernanke germany geithner the price of gold prices so for goldman sachs and. alan greenspan ok so barclays is barclays really the type of spare hours that talk about that a little bit well no actually berkeley's being a london based bank and u.s. dollar live or being an i'm so an american centric. rate reference rate it is officially posted or set in london. but u.s. dollar lie bore is an american centric and when i say american centric i'm talking about the u.s. treasury i'm talking about the u.s. federal reserve and specifically i'm talking about j.p. morgan so it's american centric it is not berkeley centric at all and that's a misnomer in. and a fallacy to say that berkley's is a herd of us dollar live more scandal right well. let me let me let me put this into another another issue because clearly they incentive to manipulate interest rates are a way to keep the bankers and business and their fractional reserve banking their ponzi schemes their non reserve banking none of these banks have any collateral j.p. morgan has no collateral damage a bank has