when i became a partner with goldman sachs, i was taken aside.y said, "when you run your life, and at the end of your life somebody writes an obituary about you, if there are nine paragraphs, no more than three should talk about goldman sachs." so you should have a more diverse life. you should do things after goldman, like public service. i would say, in general, we never publicized what we did anywhere. you never saw goldman sachs commercials or advertisements, or even our name on our building. after the crisis, we realized that one of the things we didn't do is we didn't communicate enough with the public to let them know who we were, and what our contribution was to society. it wasn't really an emphasis to say, "ah-ha, we're entrepreneurial. we've never not been--" uh, sorry, philanthropic. philanthropic. we've never not been. personally you have been involved in a number of philanthropic things yourself, but in terms of public service, would you go into government and follow your predecessors as secretary of treasury or something like that?

and also my point the last afraid of the guy goldman sachs is just. dumb about social skills or not understanding how government works but the people who literally are up there going no one will notice nobody care when my father was was mayor part you had city council member at the time like you know having city work crews come out to cut down the guy's shrubs and his front yard you know i mean like you know totally misusing city dollars and tax dollars and things like that and you see that staten island had a case that was very interesting not that long ago and part of this is you know the demise of local papers that really covered this kind of stuff and dedicated local news services that really cover local elections and local politics on a much higher level but. staten island district attorney's office it was discovered the political appointee that was working there had discovered they had to spend nearly half a million dollars on sports tickets vacations to the bahamas and a collection of exotic knives look we've all been there or laid them already

coming up, harvey shorts, z,ldman sachs -- schwart goldman sachs' president and co-coo.e in coconut grove. you hear the word "hurricane," this is what you expect to see and sadly, irma did not disappoint. we are in coconut grove, on the game day and it took one of the main hits in miami, yachts tossed around like toy boats. mayor may's 92 feet long and could be headed to the scrap heap. if water got below the waterline and into the engine, that boat would cost $10 million or $20 million to replace, is effectively garbage. that is the same case for several multimillion dollar yachts in this marina. there are probably 100 if not more sailboats washed ashore. the yard to have insurance and many of the sailboats do not. it is a huge rebuilding effort. it will take at least two weeks to rebuild these docs. one of the docks that was wiped out is that an organization called the shake a leg organization for mentally and physically disabled children and adults and military veterans, their votes were taken out and who knows whether they will have the money to rebuild. this is just

joining me, the cohead of high-yield at goldman sachs. joining us, mark from timko in -- from timko in newport beach, california. this will be a great reset into the fourth quarter this year. rachel, let me start with you. bring up this chart if you can, daniel. this is an equity chart. brian belsky, an equity guy, you look at the equity quiet -- there is bond quiet as well. we are at a historic monthly low in the mix. vix. the how big a headache is that for you at goldman sachs? rachel: we think volatility is due to rise in the course of the next year. it is likely to be the result of the beginning of tapering. we are coming out next week with a client piece subtitle of which is the long unwinding road. global banks will be unwinding, not from the same starting point, but it will begin to tighten financial conditions into next year between the financial tightening conditions and the potential for political risk and policy risks, there is likely to be higher volatility and therefore the for the chief the spreads will be higher. tom: the b

for more, we're joined by jeffrey sachs, special advisor -- jeffrey sachs university , professor andirector of the center for sustainable development at columbia university. sachs is a leading economist and the author of many books, including most recently "building the new american economy: smart, fair, and sustainable." the book's foreword is by bernie sanders. jeff sachs, welcome to democracy now! you were there. start with north korea and take it from there. >> horrifying. there was a shutter in the room. no president of the united states has declared from the podium of the united nations general assembly that the u.s. is ready to totally destroy a country. it was absolutely shocking. the whole speech was grotesque, in my view. amy: why? >> because it was militaristic. it was filled with grievance, with bias, with ignorance. trump is a very dangerous man. there is no question about it. he individually a very dangerous man and the united states right now is a very dangerous country. nermeen: what was the response among other member states and other people present in the general as

goldman sachs, embarking on a turnaround strategy.e getting a boost after harvey schwartz settled out trading unit.core the firm planning to close market share gaps, increase its financing footprint and attract new clients. alix steel is here with more. alix: i am here with harvey schwartz himself. pretend i did not watch her presentation because i was on television, give me the cliff notes. harvey: today's presentation was a response to investors who were saying two things, what is the growth strategy, what is -- identified sic $5 billion that has marginal are always of 30%. we also spent time talking about fixed income. our position in the marketplace, what we have done with the business over the last several years, taking resources of the business and we identified $1 billion as part of the collective strategy. billion fic revenue, that does not sound that much. harvey: one thing that is core to the whole group discussion, we made a series of assumptions. one assumption is, the environment does not change. we felt that was the way

david: how has goldman sachs weathered all of this? to them, they talk a positive thing that someone who works there would going to government and do well. how has this drew a lot of talent? >> goldman is doing just fine. "theook club -- we read power broker." he once told bloomberg, he tore it in half. caro also wrote this biography of lbj, that is incredible. there are these phone call archives online, where sidney weinberg, blankfein's predecessor, is on the phone says -- i want you to recommend a treasury secretary. wler.on recommends folwe fowler went to work for goldman sachs. the connection goes back to johnson, and even earlier. wake of the in the financial crisis once people start getting angry? the ramifications have been nothing. david: thanks very much. perhaps we will be reading hillary clinton's book. head over to bloomberg.com/politics. we will hear from former u.s. ambassador to the u.n. bill richardson, ahead of the u.n. vote on new sanctions against north korea. you can catch all her interviews on the bloomberg with t

went awfully don't run out of money before anyone is famously used on wall street firms like goldman sachs who make bad bets but since they have an open cash window at the fed with unlimited funds and zero percent borrowing rates they never run out of money that's why from like all the sachs and j.p. morgan can report thirty sixty ninety one hundred twenty straight days of profits on their trading portfolios because they don't take any fricken risk what about people that are not so smart. stacey. you know i'm just responding to this story they are one of them a i realize the juxtaposition of that word and the introduction may have been confusing but you know what i meant you're talking about my first headline but yes while you were talking about this martin gayle betting technique you referred to goldman sachs but the most famous one last long-term capital management your guests in the second half jim records he was their legal counsel for a long term capital management to my eyes and he had to unwind that enormous spaghetti plate of nonsense and that's right they kept doubling down and do

how big a headache is that for you at goldman sachs? rachel: we think volatility is due to rise in the course of the next year. it is likely to be the result of the beginning of tapering. we are coming out next week with of title live which is the long and winding road. global banks will be unwinding, not from the same starting point, but it will begin to tighten financial conditions into next year between the financial tightening conditions and the potential for political risk and policy risks, there is likely to be volatility and the spreads will be higher. at timko, the basic idea of hard data, soft data, can we develop a theme? do we have enough confidence in the path of the hard data? >> you brought up a good point and the word confidence. if you look at what yellen said he hurt you and a and recent speeches, she is sounding increasingly confident and i think that is because the labor market is doing well in the u.s., the consumer is healthy, financial conditions are easy, and the global economy is doing better than a lot of people

goldman sachs says u.s.tock valuations and profit margins may have the cash may have peaked -- may have peaked. joining us now, peter oppenheimer. you.morning to you. if i'm getting worried about earning stocks, what am i looking to rotate into? peter: what are we looking to rotate into echo did you say? guy: where am i going? peter: two things i would say, first of all, in a world where we've got these extraordinarily low interest rates and high valuations across asset markets, equities are still the relatively best asset classes. in the context of the u.s. equity market being relatively flat which is our view, given its higher valuations and peak margins, other equity markets are likely out to outperform e.m. euro. we are not looking at very high return to their either but prospects are for continuation of catch-up. we have been seeing that in recent months. any tax you baking in reform into that 2600 target? think our expectation is we would get some tax reform between next year but may need tax cuts, but

hopefully don't run out of money before you won it's famously used on wall street by firms like goldman sachs who make bad bets but since they have an open cash window at the fed with unlimited funds and zero percent borrowing rates they never run out of money that's why from like all the sachs and j.p. morgan can report thirty sixty ninety one hundred twenty straight days of profits on their trading portfolios because they don't take any fricken risk what about people that are not so smart say. you know i'm just responding to this story and i am one of them may i realize that juxtaposition of that word and the introduction may have been confusing but you know what i meant you're talking about my first headline but yes while you were talking about this martin gayle betting technique you referred to goldman sachs but the most famous one last .

>> got to say goldman sachs. look at dow jones industrial average down 220 points.full percentage there. the s&p and nasdaq also lower. checking out financials, goldman sachs, jpmorgan, american express, they're all in the financial group on the dow, but weighing on the dow. travelers in the insurance industry. jpmorgan down 2 1/2%. city group down 2.2%. financial hit hard while energy and utilities eke out a gain. so much because of tensions with north korea and also controversial talk about daca and what will that do to the president's agenda for tax reform, regulatory reform and the like. liz? liz: nicole, thank you very much. we have so many issues facing us as we kiss the three-day weekend good-bye as we head into september. let's call it what it is the worst month. every month of september since 1950 the dow has fallen. what are the golden areas not only will protect you from the coming volatility, which is, by the way, here already, volatility up 29% today alone, more importantly gets you perhaps turning away from the platter of disaster we've been facing? br

first of all is goldman sachs, closely behind by jaime diamond of jpmorgan. goldman sachs up today because they have been positive about their longer term turn around saying over the next three years, they can boost revenue. that's boosting that stock and all the banks are up nicely today. the other interesting point we heard from jaime diamond, much more detail when they sit down later, is on interest rate >> hold on hold up. we want to go back to brian in cupertino with headlines on apple. >> this is interesting this is what was speculated about the watch which may be a big deal the new watch that's coming out does not need a phone nearby right now, if you have an apple watch, you need to have your iphone it is tethered the new watches, which are coming out in a month, are going to be untethered they are going to be cellar specific you can leave the house with just the watch, guys they just announced seconds ago, you can stream 40 million songs from your watch to the wireless air pod. the dick tracy era is here it may move the needle for people who said i l

goldman sachs is harvey schwartz spoke with alix steel.'s listen to what he said about goldman's performance so far. of the market conditions have continued to the third quarter. low volatility. in aggregate, the firm is performing well. but it remains a challenge for us. you mentioned the september quarter is really critical for these big banks. how does it tend to set up the fourth quarter? laura: the fourth quarter is generally not the greatest quarter for fixed-income trading, it's usually one of the best. necessarily mean anything. the third quarter isn't always correlated what we will see in the fourth quarter. i want to pick up on what harvey mentioned about goldman sachs. they've talked a lot about how their fixed income debts have not been as well and their disappointed about that. there's a note out today from a thomas research -- autonomous research and they've driven the nail on deutsche bank, which is also a bank that historically had this really negative balance rating franchise. that note is really illustrated for us how imp

it's been higher for a fifth day in a row we saw a couple upgrades from jpmorgan and goldman sachs, so there's renewed interest in the german auto sector the cac 40 is up by 0.2% some degree of caution ahead of the ecb, even though we have the slight positive buin the markets by the extension of the u.s. debt limit >>> when it comes to the euro/dollar, we're tracking higher to the tune of 0.3% at 1.1950 >>> the era of cheap money should come to an end, that's despite the strong euro. that's the message from deutsche bank ceo john cryan ahead of the ecb meeting. speaking at the banking conference, cryan offered his take on mario draghi's negative rates policy >>> there were lots of criticism about his policy, but i think it achieved a positive effect but no central banker thinks permanent long-term low interest rates are permanent. >> so it's time to change now? >> i think when the market is anticipating t why not give the market a bit, then try a bit more >> goldman sachs's ceo lloyd blankfein said he is worried by some aspects of the market sector he said when yields on corporate bond

morgan goldman sachs trying to develop their own blog chain and i think doing experimenting actually even trying to create your own all quine or anything like that teaches you a lot about how amazing it is. i think that's what happened is like they went through the mechanics and the process of trying to learn how to create their own block chain and they're like. oh my god we are in trouble well year and a half ago jamie dimon was quoted as saying that bitcoin is going to eat our lunch time they they filed something like one hundred seventy patents trying to use intellectual property to swart this revolution that didn't work now they're out of missiles or out of ammunition they're just trying to bad mouth it and you know amazingly as he was badmouthing bitcoin you know a dealer in northern european territory was buying bitcoin for j.p. morgan clients yes so you know the clients are not going to listen to j.p. morgan now there's an action there's a filing by some european i think i think a swede right banker again saying we don't know for fraudulent badmouthing the securities at the sa

when i decided to leave goldman sachs, the first stock i bought was heinz. why?sented a call and a great management team that could deliver earnings through thick and thin it was moving from the first world to the third world we used to call it that. plus, at a time when the japanese were nipping at our compani companies, i was confident that we would never have asian ketchup on the picnic table. but what i didn't count on was the performance demands on the hedge fund manager class as long as i was at goldman sachs recommending stocks, i could suggest my clients buy more of them that wasn't wrong, and would run the risk of losing a client. but performance management has its own set of rules and it was learning them on the nigh that re -- fly that got me down on my luck just buying stock because you knew it was terrific didn't matter to my new investors they wanted daily performance. and i started my fund at a time when the economy was just beginning to heat up heinz was a tapele with a good dividend what i didn't understand is when the economy heats up, people du

jim keenan of blackrock, rachel golder of goldman sachs, and esel at pimco.l, bloomberg had a great article on the frenzy in your world of loans. describe how institutions by loans. -- buy loans. loans are seen as a higher-quality opportunity set, a safer way of getting yield. there has been a massive issuance in the last few years, but most of it has been refinancing, a lot of it absorbed by clo's. ferro would not have done that, what is clo? collateralized loan obligations. the bank loans have a floating rate. tom: we have jim keenan. explain floating-rate versus fixed-rate, and why you need to 2018?ow as you go into jim: it is around the duration risk. fixed income has a variability of rate risk associated with it. bank runs give you credit risk that are tagged to the front end relative to what you would get in fixed income. the bank loans, the secured market is giving you a good return profile. what we talked about before is the volatility has been low. whether you are looking at loans are high-yield or emerging markets, the underlying economy at low grow

ofare joined by the managing fundamental equity at goldman sachs asset management.ou for coming in. i thought it was going to be quiet. northe to talk about korea, but markets taking this one in stride, a measured reaction. you put out this latest report, will it last is the title. will it last? >> we were trying to help clients understand the growth environment and world capital markets. taking a step back, one of our in a is we would be synchronous growth environment and have all regions of the world going together come and that would be good for risk assets. that has happened. while there are challenging geopolitical headlines, underlying growth has been robust in the broadest environment in the last five years. on the back of that, we like equity over credit and credit over rates. positive,e to be very and the good news is that that strong growth environment has supported earnings, so this year as an equity investor, i'm interested in the fact we have the first year of double-digit earnings growth in global markets then in the last five years. that is the good n

we worked together at goldman sachs, we were in the same partner class at goldman sachs we're workingery closely together on taxes. i was with him yesterday on the hill we'll be back on the hill this afternoon. we'll both be at the white house for a dinner with the president tonight on tax reform. and let me just say, i appreciate working with him. >> you mentioned the taxes, you're helping us to get into all of the different areas we want to go the kumbaya moment, i don't know, that's one of your words that you use a lot >> yes >> senator schumer, speaker pelosi, does that -- that the president had recently, did that change the dynamics in your view of how to approach tax reform? >> not at all. so i would say, first of all, i give the president a lot of credit we were in the middle of two major hurricanes we needed to get money to the states we were in the middle of having the dliebt limit. and the president was very clear. he wanted to cut a deal, he wanted to cut a deal quickly we moved the debt limit substantially further back we had to fund the government. we were running out of

that's what saved goldman sachs where he works.hs was essentially done if they didn't do qe and b they didn't give him some money but when they build bailed out aig that was a backdoor bailout for goldman sachs for a lot of reasons which we don't have enough time to explain. all that stimulus that kevin warsh and can conjunction with paul geithner bailed out goldman sachs but here's what we do now. one person that is highly unlikely to get reappointed this janet yellen. that's the one thing when you talk to republicans about what's in the presence had and what is and his advisers that is what they are going to do here, yellen's term ends next year. it's doubtful that she's going to get appointed. that's more doubtful than gary cohn. the point is to be made here i'm not saying gary cohn is getting it but i'm telling you he's not out yet. the white house pushes back a lock on him being out of the white house totally. that he somehow going to get blown out and we should point out there's no decision made and i can tell you this name t

. >> goldman sachs says strategy for the fixed factor. >> broad series of issues across the firm, identified5 million. >> europe's a bank are preparing for a barrage of challenges. >> i don't think anybody and an investment bank for client will say they have it all figured out. >> ceo's chair insights in exclusive interviews. >> we are slowly heading back to normalization. >> when trade stops, work starts. >> the auto industry looks electric. >> this is a long-term trend. it will get stronger. >> straight ahead on bloomberg best. ♪ scarlet: hello and welcome, i'm scarlet fu, your weekly review for weekly business news and analysis from bloomberg television around the world. the week began with attention focused on florida, region still under siege from a powerful storm. weakened as itma moved past cap, leaving millions of people without power and millions displaced. >> we are getting a sense about how long it will take for people to get a grasp on the damages. 130, 135, 140 mile per hour winds. they will have to wait to get into aircraft. helicopters and planes to survey the area before they

when you don't run out of money before you what is famously used on wall street firms like goldman sachs who make bad bets but since they have an open cash window at the fed fund limited funds with zero percent borrowing they never run out of money that's why i like all that sachs and j.p. morgan can report thirty sixty ninety one hundred twenty straight days of profits on their training as they don't take any fricken risk what about people that are not so smart. welcome back to the program hollywood star morgan freeman has targeted russia in an unusual video for its oppose it meddling in the u.s. presidential election we have been attacked. imagine this movie script of former k.g.b. spy angry at the collapse of his motherland plus of course the real big lead he sets his sights on his sworn into the united states. stands by and this is no. eclipse promotes the committee to investigate russia and ukraine created by artists but question marks are being raised over who is behind the project is daniel holkins takes a closer look. hollywood legend morgan freeman is those stranger to dramatic

i heard of the concept when i was at training at goldman sachs. i had been buying individual stocks more myself and others before i got to goldman in '83 at the time i was walking financial news network between classes at harvard university. when i could, i would run over the library where they had reports about stocks it's so nostalgic to look back to what i would do next after i found a stock i liked. i would ask the librarian for a microfiche of the firm's s.e.c. filings. these are pieces of plastic that you stuck in a machine where you read the filings everything now is instant and up dated. the imperfections on the market were legion. now everyone can know everything i would spend all week trying to find one stock that i thought would work one stock that would be good for one week, nfor anyone to invest for anyone to run wit. then i would take my answering machine, and give a 20-second wrap on the stock. answering machines k you imagine? same with answering services talk about jobs that aren't coming back, no matter who is the president. i wo

we'll be getting the view of goldman sachs when we come back. my name is jeff sheldon, and i'm the founder of ugmonk. before shipstation it was crazy. it's great when you see a hundred orders come in, a hundred orders come in, but then you realize i've got a hundred orders i have to ship out. shipstation streamlined that wh the order data, the weights of , everything is seamlessly put into shipstation, so when we print the shipping ll everything's pretty much done. it's so much easier so now, we're ready, bring on t. shipstation. the number one ch of online sellers. go to shipstation.com/tv and get two months free. want sure!ck? alright, looks like we've got chips, popcorn, pretzels? pretzels! plain, sourdough, spicy, sesame, honey mustard, chocolate covered, peanut butter filled, this one's in german, it says, "reindfleisch?" plain. great. so what are we gonna watch? oh! show me fall tv. check out the best of the best hand-picked fall shows on xfinity x1, online, and the xfinity stream app. thirsty? >>> welcome back to the show let's just sho

this week, goldman sachs unveiled a strategy to turn around its fixed income trade business.chulz discussed it on bloomberg television in an exclusive interview with alix steel. >> on growth, we outlined a broad series of initiatives across the firm, identified $5 billion, which has margins of 30%. within that discussion, we spent time talking about fixed income. our position in the marketplace, what we have done with the business over the last years, taking resources out of the business, and identified a billion-dollar for growth opportunity. that is part of the $5 billion collective strategy. alix: let's start with fic. if you are looking at net $1 million over the next years, to someone like me, that does not sound like that much. >> we assume nothing in the environment changes, and we went through business by business, fic, banking, and identified market revenue opportunities across the next three years. the total to $5 billion, but these are achievable because they grow our client footprint and they are accreted to the firm. these are not new. these have been underway an

this week, goldman sachs unveiled a strategy to turn around its fixed income trade business.chulz discussed it on bloomberg television in an exclusive interview with alix steel. >> on growth, we outlined a broad series of initiatives across the firm, identified $5 billion, which has margins of 30%. within that discussion, we spent time talking about fixed income. our position in the marketplace, what we have done with the business over the last years, taking resources out of the business, and identified a billion-dollar for growth opportunity. that is part of the $5 billion collective strategy. alix: let's start with fic. if you are looking at net $1 billion over the next years, to someone like me, that does not sound like that much. >> we assume nothing in the environment changes, and we went through business by business, fic, banking, and identified market revenue opportunities across the next three years. the total to $5 billion, but these are achievable because they grow our client footprint and they are accreted to the firm. these are not new. these have been underway an

goldman sachs trimmed its estimates by .8%. other firms have taken down theirs as well but still have growth for the quarter coming in at roughly 2%, maybe a little higher. >>> most economists see fourth quarter numbers moving up, getting a lift as the rebuilding begins. >>> getting the power back on in florida is key to getting that state's economy moving again. millions are still in the dark following hurricane irma. but as jackie deangelis reports, turn lights is a massive undertakin >> reporter: power companies in florida being put to the test, by irma. across the state, about 6.5 million customers without electricity initially. crews working swiftly to bring that number down to about 3.5 million today. >> irma was basically an equal opportunity destroyer. there's parts of our southern territory in the central florida that we're going to have to actually rebuild part of that. that's going to take a lot longer than a simple restoration. >> reporter: chris and his team at duke energy knew they would be challenged. florida's s

i'm going to use it at goldman sachs next year one thousand three. heard me serious tell us about it up. so that it could use it but it would do our duty louis a horrible human being as if they're and yeah i love that i love the idea that they only get paid him for his speech right for. this is money for first speech as if lloyds had a car like faces go in iowa boy i hope obama just four hundred down to with this speech and tells us how to be strong leaders i hope he does oh i hope it's a good speech nowadays they probably tell him up front we don't give a crap what you say not at all just go up there fart on the microphone. stand three rajel the nuclear codes when we're not even listening where not even listen and we're just paying you whopper alpinist of fraud the american people all right. but here's the thing that that is the acceptable way for our presidents to pillage this country we've agreed on that but trump's new tax plan is another level so it's president's tax proposal limits to taxes that mostly benefit the wealthy and cuts a third tax r

limited funds at zero percent borrowing rates they never run out of money that's why i like all that sachs and j.p. morgan can report thirty sixty ninety one hundred twenty straight days of profits on their trading portfolio as they don't take any fricken risk what about people that are not so smart. prescribe medication is widespread on the us market and a frequent cause of death at that point in my life i just felt like everything was ashes my family was literally coming unglued i had actually planned. to commit suicide watch who has met you don't you to prison so commonly used we were doing what the doctors told us to do we were being responsible and want the real so. the fix. was for strictly alter what i did was a cocktail of legal drugs. just because some things leak it's sent. to. plan the welcome to all to party in germany goes to the polls next sunday in the elections that most probably won't change much and yet mean a whole lot and that's because the country which was once blamed for destroying europe is now tasked with saving it how well are the germans culkin in balancing their

. >> goldman sachs says strategy to fix troubles.dentified $5 billion, which has marginalizes of 30%. >> europe's a bank are preparing for a barrage of challenges. >> i think we will have fragmentation and consolidation at the same time. >> i don't think anybody and an investment bank for client will say they have it all figured out. >> from ibm to alibaba, ceo's insights in exclusive interviews. >> we are slowly heading back to normalization. >> i believe when trade stops, work starts. >> the future of the auto industry looks electric. >> this is a long-term trend. something we see will be a move that will get stronger. >> it is all straight ahead on "bloomberg best." ♪ scarlet: hello and welcome, i'm scarlet fu. this is "bloomberg best," your weekly review for weekly business news and analysis from bloomberg television around the world. the week began with attention focused on florida, region still under siege from a powerful storm. >> hurricane irma weakened as it moved past tampa, leaving 5.8 million people without power and mill

coming up tomorrow, an exclusive interview with the goldman sachs president and co-ceo of.ing: 30 a.m. eastern time. this is bloomberg. ♪ first wordme for news. officials in georgia say at least one person has been killed as a result of hurricane irma. the death has been confirmed in worth county. the storm has also been blamed on two deaths in florida. the toll is expected to rise. the trump administration is back at the supreme court, asking justices to endorse enforcement ona straight n-- strict ban refugees. the appellate ruling could take effect as soon as tomorrow and could apply to up to 24,000 refugees. president trump's former strategist says firing fbi director james comey was the biggest mistake in political history. steve bannon said there is no doubt if comey had not been fired there would be no special counsel investigating the trump campaign's ties with russia. you can see that tomorrow on charlie rose. saudi arabia said it is open to expanding opec's production deal again. the partners agree to keep all options open. the cutback agreement expires next march.

goldman sachs admitted to defrauding investors causing them to lose billions of dollars.oldman banksters go to jail? nope. they paid a fine and went right back to work. this is what the holder memo led to. instead of pressing criminal charges, prosecutors negotiate deferred agreement. basically the company acknowledges wrongdoing, paid the fine and pledges to improve corporate culture. nobody is punished for the crime. i could cite case after case of the deferred prosecution agreements between 2002 and 2016 the department of justice entered into more than 400 of them. executives in large corporations now know in america whatever crimes they commit, the worst that's going to happen is a fine, a fine they don't personally pay. as one retiring sec attorney put it for the powerful elite, the fines are at most a toll booth on the bankster turnpike. now as the author of a new book on the topic argues, this is a shocking corruption of our justice system and at the heart of it is insular club of elite lawyers who make their way multiple times through the revolving door between th

comments oneresting goldman sachs and government.says goldman sachs alumni and government do not look back. typically, he talks about gary cohn. he said gary -- if gary cohn got the fed chair job, he would do very well. has an that cohn unmatched view on how policy impacts the market. interesting comment to make. the fed's job is not explicitly -- there is talk that they do keep a close eye on what happens on the market as a result of policy decision. easy -- you see him speaking at that conference at germany. we will keep an eye on it and bring you headlines that come from it. earlier, john cryan spoke at the same conference and he made headlines as well speaking among other things, he called for an end to the era of cheap money in europe. interesting commentary there. in another type of financial express iserican targeting millennials with its credit card. it is the blue delta skymiles card. it is out this week. it will have no annual fee. it will offered to bank miles two mileswill offer per dollar. and delta targeting millennials

equity strategist at goldman sachs. >> thanks.ky quick joins me she hosted a panel with steven mnuchin. the topic of focus was tax reform a lot of other things. >> right tax reform had to be front and center it's something we have been thinking about, this audience is thinking about mnuchin says it's his number one priority december is the expected delivery date. of course, remember earlier this year he had a time frame that turned out to be overly aggressive >> in january, we had a plan that was lined out working with congress that we thought we could get tax reform done by august that was based upon doing health care first and doing health care fast i think as you know, health care took longer than we expected we then got into the august recess that's what pushed back tax reform the market moved i'm now incredibly hopeful we will get this done by the end of the year >> in fact, he thinks there's a possibility tax reform will not only be passed by the end of the year, but it will be retroactive to january 1 of this year. the deta

we also had news on barclay's at the conference, goldman sachs and wells fargo in the spotlight.e look set for another positive day on wall street ten heavy year treasury note was key yesterday, as i said yesterday we touched below 0.5% moving close to 2.15% yesterday and we remain around that level. so a big move, higher in yields yields it pushed the dollar higher, it pushed the equities higher, as well >> and the move continues in asia overnight the japanese nikkei after a 1.4% day the day before higher, another 1% gain overnight. 1.2, really liking that weaker yen that we've been seeing in yesterday's trading session. hong kong closed higher fractionally, same with shanghai and the south korean kospi index up about .3% the german dax is trading nearly two-month high hes right now, up another .5%. the ftse 100 is the underperformer of the region, but pretty much overall for the upper row stoxx 600 which is sort to have broad measure, it has been a pretty strong run >> the ftse is lower because the pound is higher. if we have a look at currency boards, we have cpi data coming i

can absorb i should watch the price of my bonds go down i know i just can't issue bonds of a goldman sachs every day billions and billions and that they never go down in price because the federal reserve is always going to print money to buy them that's not even remotely tied to capitalism in any stretch of the imagination that's a racket. with the spanish region of catalonia poised to vote on independence from madrid un human rights experts are voicing their concerns over the spanish government's bid to block the referendum while thousands of callahan's have shown their support for the vote some came out to oppose it. it was. i was. the spanish authorities have been stepping up their efforts to prevent the referendum from taking place fourteen reason officers have already been arrested and extra police forces have been deployed to the region but there it has ordered officers to shut down all polling stations as the central government sees the vote as legal. because the. what is being it's time to next sunday has been declared illegal by the constitutional courts and the courts are asking