try university of goldman sachs.es, today the members of the very first graduating group of the 10,000 businesses program of goldman sachs graduated here at key hogue ga -- cuyahoga count community college in cleveland. here is one of the guys that got to give them the intellectual push is gary cohn, chief operating officer of goldman sachs. >> it is a pleasure. liz: it is. i saw you beaming. 36 small business owners got up there and graduated after an left -- 11-week program. what is better they learned up there than a columbia mba or harvard? >> they learned the practical realities of running a small business. it is not just 11 weeks of classroom work, long days and on the weekend of last courtroom week. as you can tell from the 36 graduates up there they became colleagues with each other and used each other's goods, they used each other's services. they coached each other and mentored each other and helped each other through a variety of problems and issues they will have going forward. liz: they bounced off each

they're all goldman sachs alums. the bill back to goldman sachs. they go back into government. -- they all go back to goldman sachs. they go back into government. it is a white house issued. >> this goes back to the media in a way. i will go back to goldman sachs if i must. remember in august when there were about 1200 people doing civil disobedience around the white house protesting the keystone pipeline. the corporate mainstream media was like this on that. imagine if 1200 tea party members hitched themselves to the date of the white house. when occupy launched in september in new york and then moved across the country, suddenly there was more attention being paid to other movements. it exposed how the media has done such a disservice to this country in the last few years by saying there was one movement in this country, the tea party. there are many other movements. the occupy wall street movement has brought into sharper relief and force the media to pay attention to other issues and movements. i could take off 10 or 15. -- tick off to enter 15

goldman sachs was the last large private firm on wall street. when you are a private partnership your partners' incentives are much more aligned with clients. if you do a deal with the government of libya and it ruins your reputation and people pull money from your firm, you will feel immediate pain because your capital is tied up. when these firms became public it became much harder to take ownership of the problem. i do think that it is an issue. it is hard to go back in time and privatized firms, but when they were private incentives were aligned. i think client interest was better served and banks were less dangerous because they were less big. the reason banks became public is because of this move in the to create what i call these banking supermarkets like citigroup. in order to compete every investment bank had to get bigger by getting public funding. if we could go back in time and reverse glass-steagall being repealed, reverse the derivatives being deregulated, reverse the leverage issues, in my opinion i do not think we would have had

sachs technology conference. guess who is there? the ceo of goldman sachs. first on cnn with scott wapner, you won't want to miss that. stick around. ♪ [ cows moo ] [ sizzling ] more rain... [ thunder rumbles ] ♪ [ male announcer ] when the world moves... futures move first. learn futures from experienced pros with dedicated chats and daily live webinars. and trade with papermoney to test-drive the market. ♪ all on thinkorswim. from td ameritrade. >>> all right. the dow about 100 points away from its all-time high. can you see four stocks down on the dow. unitedhealth, pfizer, cisco and coen. don't forget ceo goldman sachs, lloyd blankfein is your guest right after this break, live from the goldman sachs technology conference. how did he get in? we're back after this. it's delicious. so now we've turned her toffee into a business. my goal was to take an idea and make it happen. i'm janet long and i formed my toffee company through legalzoom. i never really thought i would make money doing what i love. [ robert ]

tracy: it is graduation day for some goldman sachs new programs.rogram helping small business owners and liz claman will introduce us to two graduates next. ashley: very good. first, let's look how the good ol' u.s. dollar is doing right now. the dow is drifting lower but the euro up against the dollar but all the other occur ren sis down against the greenback. we'll be right back. this is $100,000. we asked total strangers to watch it for us. thank you so much. i appreciate it. i'll be right back. they didn't take a dime. how much in fees does your bank take to watch your money? if your bank takes more money than a stranger, you need an ally. ally bank. your money needs an ally. >> announcer: you never know when, but thieves can steal your identity and turn your life upside down. >> hi. >> hi you know, i can save you 15% today if you open up a charge card account with us. >> you just read my mind. >> announcer: just one little piece of information and they can open bogus accounts, stealing your credit, your money and ruining your reputation. that'

goldman sachs the underwater because goldman sachs held bonds on the balance sheet that were backed upg credit default swap. there we have it, an interesting debate. you kind of and the banks if you and the marketing. they need that for their clients. this goes back to maybe these guys should just be smaller. when you are small comic and take risks. you don't love the entire financial system. some of this is clearly, logic dictates each be making market. whatever. liz: this is good. charlie: you like it? you don't like the tide? tie? liz: it is not that i don't, this just works. hide the gold chains that little lower. charlie: people with gold chains get the job done. liz: thank you. the closing bell ringing in 29 minutes. as big pharma faces a patent cliff every day of their lives, many big name brand drugs go off patent this year, how much of the drug maker have to gain, and should you be investing in this cliff? coming up after the break, newly formed and branded company. a fox business exclusive. great, everybody made it. we all work remotely so this is a big deal, our first full t

former goldman sachs director rajat gupta is sentenced to time behind bars. convicted last may of leaking boardroom secrets to a hedge fund, gupta was ordered to reimburse goldman sachs $6.2 million and spend two years in prison. goldman sachs had asked to be reimbursed for $6.9 million, the amount it spent on outside counsel for gupta's defense. entrepreneurs are welcoming ipos. a new study by kpmg finds 66% of entrepreneurs expect higher ipo activity in 2013. investors note there are possible roadblocks such as market volatility and fallout from popular ipos last year. however, the majority think the improving economy will pave the way for sectors like technology, healthcare, life sciences and energy to dive into the market. weight watchers needs to watch its pay according to many of the company's employees. the new york times is reporting that despite annual profits exceeding $250 million, many employees make less than minimum wage. further fueling the anger is speculation that the reason for the low pay is because the weight watchers workforce is predomin

goldman sachs is a big believer in small business. in fact the investment banking giant had its first graduating class of entrepreneurs. liz claman is on the scene in cleveland covering the event. what do you have for us? liz: live from the community college, yes, goldman sachs 10,000 small businesses, graduating with brand new ideas in their minds put in there by goldman sachs. we're covering that story. at 4:00 p.m. eastern we have gary kohn of goldman sachs, he's the president. but first speaking of first, first energy a gigantic utility that's based in the cleveland area. we will get the very latest on the updates as far as the power outages are concerned. guess what? they were prepared this time. stay tuned. we're coming up with tony alexander, fox business excu exclusi exclusive. he's the ceo of first energy. twins. i didn't see them coming. i have obligations. cute obligations, but obligations. i need to rethink the core of my portfolio. what i really need is sleep. introducing the ishares core, building blocks for the heart of

all of a sudden, people started throwing out a rumor judge tim cook had said something at a goldman sachs conference. you and i ran it down, they don't speak at that conference until the 12th of next week. then people started focusing whether or not it was miller's comments to the "financial times." by then, the stock spiked 53 to 65, that's 453 to 465, bang. in that second period. in that stock trading regular session, it traded more than double the amount than the first hour. people were willing to jump on this thing. we want to point out to folks it wasn't tim cook sayanything, it was mr. miller who apparently spoke to the "financial times" yesterday and that interview published overnight. the people that basically played on this rumor wrote it very quickly and then got off. they rode it quickly and then got off. >> it had a high of $705. miller, one of the most respected voices within the mutual fund universe. he's had spectacular hits and perhaps more recent lin his investing career, spectacular misses as well and those shouldn't be missed. he does favor apple. >> most of is sitting

. >>> at the goldman sachs internet conference, ebay ceo donahoe is wrap ugh up.his is one of your largest holdings. >> ebay, their growth is actually accelerating. >> you look at the number of users using the market platform that's ebb sk accelerating. look at the number of users on payment platform accelerating and revenue accelerating qe-3 to q4. the nice thing they're doing i like the name, they're enabling a lot of merchants to get onto the internet and helping them with that process. if you believe it the papal offline opportunity could be big in the future. i'm not as big a believer on that but could happen in the future. >> what do you see right now at ebay? >> i think when it comes to payments, they're doing interesting things with offline. i'm concerned about the traction. i use papal and the reason to lay out papal opposed to credit card hasn't quite connected and haven't heard a lot about them their square competitor. i haven't seen the momentum in gsi. you hope them positioning that as arms dealer for retailers versus amazon. i wonder if there's somet

leaders included within the group, fbiu, the afl-cio, and also ceos of big companies like goldman sachs, coca-cola, united marriott, they're all coming together to talk about the impact of immigration. president obama wants a plan to put 11 million illegal immigrants on a path to stipulate shinn. republicans on capitol hill are worried that will happen before we secure the borders. separate from the white house meeting there's a hearing by house republicans here on capitol hill to talk about that. >> tracie potts in washington. thank you. >>> the next foreign policy debate involves the state department, iran and a monkey. iran said it launched a monkey into space last week. the pictures released before and after the alleged missions beg to differ. washington expresses doubt about any space journey. but iranian president mahmoud ahmadinejad said he would like to give it a joe. senator john mccain ran into trouble when he tweeted, quote, so ahmadinejad wants to be the first iranian in space, wasn't he just there last week? many in the twitter-verse called the wording racist. he sent anoth

i want them to be along the lines of jpmorgan, goldman sachs.hey have a reputation on theline and that makes them less likely to bring a clunker public. you can take this as a fairly good seal after previously for the enterprise. why am i telling you this? let me tell you a story. in the '80s, i personally helped to work with the financing of a young company started by some brilliant people out of m.i.t., called thinking machines. they had a computer that could calculate data faster than any other company in the world. when they decided to bring the company public, i was able to convince them to use goldman sachs as a deal manager. only one problem. i couldn't convince goldman sachs to put the name on the deal, despite the immense fees that an ipo brings to a firm. the analyst at the time that would have followed the company, pored over the financials and looked at the product and made a judgment that the company, while having short-term momentum, would not have any staying power. i was aghast. i stood to make a big six-figure ticket. that's whe

a goldman sachs person has no comment.ayment that is 60 days late climbs four tenths of 1% in interest. that is lower than where it was a year ago. holiday shopping season overtime when some borrowers put off taking care of their financial obligations. that is that's the latest from the fox business network. we are giving you the power to prosper. ashley: stocks are rebounding after having their worst day in more than three months. with all of this thinking and sagging, what should investors focus on? let's bring in the senior equity strategist with wells fargo advisors. you know, do you think the market has totally misread this? ben bernanke made it very clear that they are going to keep printing money for the foreseeable future, and the markets are responding. >> actually, i thought for sure that the markets misread it. i thought ben bernanke would set the record straight. that's laughing at the federal reserve wants to do is to make the market second-guess. are they going to keep super easy policy or keep buying bonds,

bonuses and the bonuses are paid for muslims who are these profit sharing war criminals at goldman sachs j.p. morgan and barclays bank and bury themselves after they've murdered the entire global population so that all they're doing is they're gaming the system. to build better muslims for themselves and their families as dead beat dead corpse vampire crooks. monuments to their thievery their larceny their transgressions their lawbreaking their fraud so karl marx is right the bankers have sold us the rollercoaster that will kill which is the high frequency trading algorithms right well i mean marks some good things to say i'm unfortunately you can't really compare to the current system because we've we've run a post-capitalist system we're in a something other than a capitalist system it's run by zombies and corpses and vampires who are trading transfusions of blood and volatility that other to make make it seem as though they have a pulse when they're actually just mummies and zombies and corpses and cadavers what he did predict the ultimate end would be hyper financialization hyper fin

people saw in this white house favoritism towards goldman sachs and the banks. the problem was the left populism has not emerged until now. for too long, many felt with the bomb in the white house that things would be sorted out. that is where movements become important. every administration in modern times has had to deal with insurgency's or movements on its left and right. reagan in many ways was a movement president. i say that with contempt for what he did in damage to this country. you need to see the pendulum has now swung. the tea party in many ways has lost a lot of this mojo because of overreach. it is out of sync with the values of so many people. we could have seen that in the summer of 2009. one of tea party people stood up and said "government, take your hands off my medicare." you see how internalized those programs are. >> who does not want to watch a car wreck? >> it has done a lot of damage. >> this tweet says the obama administration is responsible for the tea party. >> it opened a backing tree that hot summer of 2009 -- it opened up a vacuum

and goldman sachs hitting levels not seen since early 2011. the s&p financial index is trading at the highest level since the lehman crisis. liz: housing stocks building big gains today. shares got a lift after some home improvement product maker, masco, reported better than expected earnings. the gains led by hovnanian, and that group pushing the philadelphia housing index sector, and here it is. look at that. a nice move there. that's a five-year high, once again. david: our friend is cheering, 11% gain on hovnanian. we're going to talk about action in the currency markets as we get set for the g20 meeting later this week, i believe that's thursday. the yen gaining against all 16 of its peers on comments from g7 officials, some members expressed concern about the country's excessive moves in their currency, but all currency markets have been wild this past week. liz: speaking of wild, we've got a wild earnings report after the bill. tangor outlets, bull low wild wings, we're going to have those numbers as soon as they are released. plus, in

an analyst at goldman sachs says he thinks so. he says it highlights apple's significant capabilities for increased capital allocation. what are traders citying about it? steve grasso is standing by on the floor of the new york stock exchange. welcome back. >> thank you. >> bottom line, this note says the chances of apple returning cash is better than ever maybe right now. >> that's it right there. with the conversation started, it's been on everyone's mind about where this cash is going to be allocated to. it got the conversation on the front burner once again. apple has jumped from that 4$43 level around january 24, 25th. it's brought the dialogue into the annual investor meeting. people want to know where it's going. people are excited about it. you're not going to sell the stock ahead of that meeting, you're not going to sell the stock until you find out buyback, dividend, what the story is. >> did einhorn just put a floor under the stock? >> i don't know about a floor. but going into the meeting, going into february 27th, i t

of goldman sachs and you're starting to imagine the world that the occupy movement is trying to bring into being we know always going to greet us not about unanimity we don't be like that duke ellington jazz orchestra. everybody got their own voice and even duke is not the conductor he just didn't put the money to others but it does sound like he did it. johnny and i just yes that's democracy in action at the deepest level experiencing the horizontal community and culture and organization. so radicalizing for people and continues to be. because it draws such a stark contrast up against what they're fighting and actually in their minds clarifies what they're up against more than somebody. more than it would be clarified if somebody got up and tried to clarify it for thanks to occupy wall street but there's a lot of new ways of organizing which is not just calling people to participate in something you came up with but giving people the opportunity to create themselves and to be part of a regional brainstorming about what to do so there's a feel empowered in this moment and it's also i

among his biggest donors, goldman sachs, masterminds of the mortgage-backed securities that almost sank the world economy. cantor's also the third largest recipient of money from the national rifle association in the house, which is one reason he's such a "big gun" there. senator robert menendez, democrat of new jersey, may be in hot water. he's currently under investigation for allegations that he improperly intervened with government agencies on behalf of a big donor. and there's fred upton, republican from michigan, chairman of the house energy and commerce committee. what a coincidence. the oil and gas industry is one of his top donors, helping him raise the $4 million dollars he spent last year to win re-election. senator kirsten gillibrand and senator chuck schumer, democrats of new york, have wall street as a constituent and patron. her biggest contributors include jpmorgan chase, morgan stanley, goldman sachs, and law firms that have advised them. his top donors include securities and investment firms, lawyers and legal firms, and lobbyists. and there are fleeting glances of som

ceo tim cook set to speak at the goldman sachs conference in san francisco. this comes amid concerns about apple losing smartphone market share, a legal challenge in a stock that has fallen more than 30% from its september highs. it is the stock declines that i think puts into focus why apple should do something with the cash fort. nobody was saying about the cash except it was a nice footnote and that the stockpile was growing, but now there's more pressure on the company. >> that started with david einhorn a week ago. the court case, that may be important. it doesn't appear einhorn is getting that many high-profile investors on his side. others seem to be lining up on the side of apple, if you want to take sides here. but apple is expected to at least give some sense, maybe not today, but in the not too distant future as to what it will do beyond the 98 to $110 billion that it said it needs. it was sometime back when, towards the end of the year, where they indicated that cash between $98 billion and $110 billion on march 10th was the cash balance they had,

it was at goldman sachs i figured out how humbling the business could be. you had to get on the horn and explain whether to buy more or how to cut your losses. i also learned to let your gains run while you cut your losses. men in my class didn't know that much about stocks. they had been fabulous at their owner enterprises. i had a real estate tycoon. i had to work hard and get it right by him. he said he didn't want trades. he only wanted long-term investments. at the time i liked kimberly clark. the paper company. i told him i thought it would be terrific. he bought 8,000 shares and this was a big one. i wanted to ring the register. i thought he would thank me. but he was furious. he told me that i had said that kimberly would be good for the long-term and he wasn't the least bit interested only making $8000. he wanted to know if i was trying to churn him. just as you don't want to turn a trade into an investment, you don't want to turn an investment into a trade. you have a good one, let it run. kimberly ultimately doubled. finally understanding how to

of goldman sachs and you're starting to imagine the world that the occupy movement is trying to bring into being we know always going to greet us not about unanimity we don't be like that duke ellington jazz orchestra. everybody got their own voice and the duke is not the conductor he just didn't put the money no other but he did gonzalez he did it. johnny and i just yes that's democracy in action at the deepest level experiencing the horizontal community and culture and organization. so radicalized him for three years to be surrounded by them because it draws such a stark contrast against what they're fighting and actually in their minds clarifies what they're up against more than somebody. more than it would be clarified if somebody got up and tried to clarify it for thanks to occupy wall street there is a lot of new ways of organizing which is not just calling people to participate in something you came up with but giving people the opportunity to create them selves and to be part of a regional brainstorming about what to do so that they feel empowered in this moment and it's also

of goldman sachs and you're starting to imagine the world that the occupy movement is trying to bring into being always going to greet us not about unanimity we don't be like a duke ellington jazz orchestra. everybody's got their own voice and even duke is not the conductor he just didn't put so much of it but it doesn't it it. just is not just yes that's good luck or think and action at the deepest level experiencing the horizontal community and culture and organization. so radicalizing for people and continues to be so radicalizing because it draws such a stark contrast up against what they're fighting and actually in their minds clarifies what they're up against more and then somebody. more than it would be clarified if somebody got up and tried to clarify it for you thanks to occupy wall street there is a lot of new ways of organizing which is not just calling people to participate in something you came up with but giving people the opportunity to create for themselves and to be a very original brainstorming about what to do so that they feel empowered in this movement it's also i

of goldman sachs and you're starting to imagine the world that the occupy movement is trying to bring into being it was going to be just not a good enough we will be like a duke ellington just. everybody's got the only thing we need to do just not to conduct that he just put so much not. just yes that's democracy in action but loving experiencing the horizontal community and culture and organization. so radicalizing for two point continues to be surrounded by because it draws such a stark contrast up against what they're fighting and actually in their minds clarifies what they're up against more and then somebody. more than it would be clarified if somebody got up and tried to clarify it for thanks to occupy wall street there's a lot of new ways of organizing which is not just calling people to participate in something you came up with but giving people the opportunity to create for yourself and to be there in a regional brainstorming about what to do so that they feel empowered in this moment and it's also i think. finally put the kybosh. let's organize a rally on a saturday in washi

of goldman sachs and you're starting to imagine the world that the occupy movement is trying to bring into being we know always going to greet us not about you. the we will be looking at duke ellington janet. got the only thing we need to do just note the conductor he just didn't put the money. just yes that's democracy in action at the local level experiencing the horizontal community and culture and organization. was so radicalized for three years to be surrounded by because it draws such a stark contrast against what they're fighting and actually in their minds clarifies what they're up against more and then somebody. more than it would be clarified if somebody got up and tried to clarify it for thanks to occupy wall street there's a lot of new ways of organizing which is not just calling people to participate in something you came up with but giving people the opportunity to create yourself and to be. a regional brainstorming about what to do so that they feel empowered in this moment and it's also i think. finally put the kybosh on let's organize a rally on a saturday in washingt