sachs willof goldman be sticking with me.l's wild ride following last week's attack on saudi oil facilities. we will hear more next. is anything actually being done? this is bloomberg. ♪ alix: oil prices had a wild ride this week. the hunt for some fuel is on. there are reports that indicate saudi arabia is looking to buy some superlight oil condensate after the wake -- condensate in the wake of attacks on its oil fields. iran is continuing to deny involvement. i am making a very serious statement that we don't want more. we don't want to engage in a military confrontation. we believe that a military confrontation based on deception is awful. it will have a lot of casualties, but we won't blink. now is yousefme "number-din, daybreak: -- "bloomberg daybreak: middle east" anchor. yousef: we barely got any chance to be able to capture some of the moments. we are looking at some of the stabilization columns, which are a critical part of the whole infrastructure. four of them were badly damaged in the attacks in the oil field, , w

nomi prins was a managing partner of bear stearns and goldman sachs this is the most expensive take out the biggest crime in world history we're talking * about a crime we can't even quantify you're talking double digit trillions of dollars yeah trillions and trillions you know we at the very beginning were pointing fingers at easy money and the central banks as papering they crime wave and that was the next clip by me brains of when i become a regular on kaiser report written many books on the subject and danny schechter this whole approach talking about really plunder the crime of our time and that's also better recurring theme for 10 years it only got worse and we're seeing now 10 years later kind of the end game as we negative interest rates for example would be an extension of what was the seed stone at that time of extraordinary overreach by central banks the theme of plunder is important because again it ties to france and all of our work is boss the out said one plunder it happens at the top it starts to trickle down this is when the mean the way at the top is plunder the whole

american are his tom sachs has a major retrospective on in germany with the spotlight on his cultures and his d.i.y. methods. october 1st is in full swing and we stopped by the visa in munich to check out one of the oldest attractions there the show variety theater marquee. well it was exactly 50 years ago on thursday that the iconic beatles album abbey road was released and people were celebrating today in london to commemorate an album that many people feel was the beatles greatest. back in 1698 shot to number one in the u.k. where it proceeded to spend a total of 17 weeks hit songs that still resonate today. and my colleague melissa holroyd has joined me in the studio thanks for coming in melissa to tell us some more big occasion for music fans obviously what's happening for this that over 3 well at abbey road studios itself at the at the at the zebra crossing that have been lodged crowds of people old day online celebrating taking lots of selfies taking lots of pitches on the crossing traffic was at a standstill people dressed up as rita the maid to made even though she's not even

the world had a goldman sachs banker former goldman sachs banker was involved in some way and make it short selling is a topic that i knew from wall street because of course i spent many years on wall street from 1992 from 1900 to the 1990 i was a stock broker paine webber oppenheimer sure silliman hutton alex brown and did they know billions of dollars worth of you know trades and naked short selling is common practice common knowledge on wall street people outside of wall street did realize you could counterfeit sell orders to drive prices down which is when they could short sales all about so this was yes counterfeiting and you had gone on in that interview to call it counterfeiting this is also the rise of bitcoin that happened just at the same time is a rejection of this fraud of this plunder of this counterfeiting and of course as he had pointed out bear stearns had collapse and j.p. morgan got to take it over for pennies on the dollar but they did inherit a massive naked short that bear stearns had of silver so this came in the viral campaign when viral globally international m

the word is they will work alongside goldman sachs, j.p. morgan, and others.x: huge win for bank of america. coming up, the ecb's anticipated rate cut. why markets are watching what the central bank will say about tiering. bank -- matt.s. brill, invesco head of investment grade credit, is next. this is bloomberg. ♪ ♪ alix: this is "bloomberg daybreak." happy busy wednesday morning. s&p futures up by just about one point, but the turn beneath the surface is what -- but the churn beneath the surface is whatever one will be paying attention to. we see the move out of momentum and into value, as small caps also rally. i did want to point out european banks, able to squeak out a rally before the ecb will probably announce a rate cut. what it means for banks and how tiering will play into that. it is a mixed dollar story and a mixed bond story. in the u.s., yields higher by about two basis points. the curve is flattening, but stays steeper. yieldsman ten-year bund moving lower by about one basis point. .ields here lower by about two oil higher, despite the fact that

the losses we look at the deal that wouldn't have got off the ground without some help from goldman sachs and who ever said a trade war is bad for business well we will meet one garlic farmer in california is laughing all the way to the bank. one forest fire however large might be considered a natural disaster something that unfortunately happened but $80000.00 in a year in the one place something else is surely going on of course talking about the amazon rain forest where right now every minute an area the size of a football pitch is being wiped out. the problem it seems stems from the top brazil's diable scenario campaigned on a promise to open up the embers and to farming and logging and mining to strip native amazonian tribes of their land and now he's president he's defunding the bodies responsible for environmental and for cement his argument and that of some rather brazilians is that their economic growth is being held back because they can't exploit the amazon but how do you put a price and where do you even start when you consider the amazon produces about 6 percent of the world'

goldman sachs is making efforts to keep up. marty chavez, the global cohead of securities at goldman. he sat down exclusively with bloomberg's sonali basak to discuss how he's seen technology impact the trading floor. drivers,here's so many i wouldn't presume to know what is a printable driver of what you described as the secular decline, but there's a lot of things going on in the world. i would say regulatory changes a part of it. interest rates, quantitative easing for very long periods of time, the cleanup, the aftermath of the financial crisis, the rise of technology, one of the most deflationary things that data, the availability of broadly disseminated to everybody, and analytics on the data. all of these things combined. sonali: trading is still more than 1/3 of the revenue at goldman sachs. what do you think goldman becomes moving forward? how are they going to pivot into something else? martin:martin: trading, in my prediction, and who knows about the future, will remain a core business and a big business, and a major

and trimming the fat at one of the world's biggest investment banks, what goldman sachs has in stores for some of its top partners it is thursday, august 5th and "worldwide exchange" begins right now. ♪ let's go ♪ let's go >> all right, good morning, good afternoon, good evening, welcome. i'm brian sullivan thank you for joining us on "worldwide exchange. here is the stock of the day the ticker may say work. but something isn't working at least for investors right now. online messaging firm slack shares, they're down 12% right now in the after hours market. first quarterly report as a public company disappoints we'll dig more into these numbers in a moment. first, to the overall markets, where stock futures are going the opposite way, rising, dow futures up a nice 238 now. this is a report says the u.s. and china are set to resume face to face high level trade negotiations next month with preliminary talks happening as soon as next week. as stock futures go up, bonds go down, a little bit benchmark ten year note yield 1.51%. we are deinverted, i guess is the term 147, 151 what exactly

we've been doing the same thing at goldman sachs.iabilities, capital, risks more generally. >> we talked about payments going electronic and trading going electronic. we use this example the time about goldman. what do you think the role of a human is on a trading desk these days? >> there are certainly many kinds of manual activities that computers are just better at. so if you are making markets and a collection of single stocks, computers are just really good at seeing across the universe of single stocks. at the same time, there are always things that human beings do that computers do not. i don't see that actually really ever-changing. what is happening and what may be accelerating is if you were insisting on doing the same activities and doing your job in the same way you used to do it, that is not a stable career strategy. it needs to constantly be evolving. people with world-class risk judgments, people with world-class relationship skills who deeply understand the challenges of our clients, those people are only becoming mor

simple i started on commission in 1984 at cogoldman sachs, i got a cal from non-other than my motherloved the stock markets and could call for quotes. i got her interested in stocks in the early '80s and she chose to invest in the way peter lynch started to teach us back then, buy what you know and stay on top of it. she was shop income giant food which is a super progressive market and asked me if she thought it was publicly traded what i would do is something i would often tell you to do i would read up on the wall street research and marry her experiences at the chain, personal insight with the fundamentals of the grocery business goldman had what was known at the time, the acts and i would read what he had to say about giant versus the other firms he really liked i had the luxury also having a friend tommy tish from the lowes corporation that would send me a big gym bag of research that wrote about grols rygrocery stor week you like an idea through personal experience and read up about it with the best research. you match those insights with those of other firms if the acts liked

then obviously very well the deal wouldn't have happened without them i think you're right goldman sachs is involvement is actually crucial in this matter if they hadn't put their name on to the paperwork that wouldn't have really gotten this deal across but on. the smaller brokers and no and a.d.'s don't really have i think the reputation to bring about such a large financing and to bring about the support of investors to put down something like 1200000000 for this sort of deal it's it's really critical that goldman was on board on this and you know the relationship between goldman. is is a good one so you probably thought well with these 2 partners involved. the bond is relatively secure. so these investors are now going after their money and in some cases as we said hiring private detectives to figure out what on earth happened with this deal and do you think they stand much hope or i don't think you can just sort of categorize all of the investors as. trying to go after and especially not goldman i think i think the issue is that a lot of the investors are domestic people they truste

used to be listen, goldman sachs, 222 i believe was the high in july really peaked in march of 2018een the yield story that's kind of hamstrung this company overall if you get some relief, in the yield curve, a little bit of steepening, i like what david is doing here with the culture of the company this is not the goldman sachs that we all knew when we were trading against them 10 to 15 years ago. >> okay. lyft coming off a record closing low. and today deutsche bank initiating coverage on the stock with a buy rating at a $70 price target >> that's really aggressive. >> on a $40 stock. >> absolutely aggressive uber and lyft both just reported not too terribly long ago. lyft's numbers were definitely better and because they have a path to make some fun at some point in time, of the two, i'd buy that one that being said, right now it's still a no touch >> all right twitter hitting a new 52-week high despite high-profile hacks. you own the stock? >> i do own the stock. i'm still there. i was thinking of buying more. i'll wait until it pulls back. it's in the consolidation phase. polit

so you win that's great if you have an infinite amount of cash you all eventually when the goldman sachs does this all the time they always report winning trades every single day for quarter after quarter after quarter they have no risk but if you do it the overall cost of mean say we're going to keep doubling down on betting on something like deflationary lower rates to stimulate the economy but eventually you do in the case of the real economy you do run out of money you don't have an infinite credit line what we're talking about here is europe europe is the one with negative rates the united states is the only investment grade economy left with positive rates there is actually a yield they pay people there that could mark a day this is a well they are the empire of the debt pyramid they have the u.s. dollar all other currencies reference the dollar euro trades against the dollar not against any of the dollar doesn't trade against the euro if you try that open a euro bank account in america. you can't do it if you want to have a bank account here in france and deposit u.s. dollars ther

goldman sachs, morgan stanley and j.p.g to grease their wheels with saudi arabia coming raincoat. there hittin hoping to get paydn billions of fees. usually hundreds of millions. but now it's billions that could be associated with oil joint market debut. charlie gasper arena is here with exclusive an info. >> a year ago in october, the journalist was murdered, assassinated and a lot of people believe the crown prince had something to do with it. this is coming on the one-year anniversary. this is interesting this is interesting that wall street did not care, they put it aside and they did for the deal. here's what wework know in terms of the size, they will value saudi arabia, the big oil company which the train to bring public because they want to attack and other issues. it's to flow the deal and get capital. they were value the whole thing a $2 trillion. i can't tell you how much the do initially. they will understand this year is going to be the first one, this week will know the underwriters. here's what i understand

wall street we now have silicon valley is the new ok association excel like it had you know goldman sachs always their finger in every pocket type of thing they you know what you leave gold entered actually you join up with the world bank or the i am app where you become an advisor to some country and so they had this mad to be called it the vampire squid so you're detecting a shift a little shift now and that's lower value didn't tell you more about that will the new goldman sachs's you know facebook or google or. and you can see it in the way that these corporations behave you can see it in how they've tried to initially start with all these ideals like don't be evil and one little political cycle has already destroyed that you know they're no no longer doing town halls and google and i just think that they've become far too powerful too quickly in the american system based on a fiar currency and sort of these infallible central bank bankers and academics leads towards power being concentrated in the most efficient way and i think that especially in this day with the internet and our at

taylor: talking later this summer about goldman sachs trying to hide some coders as well, survey analysisthat was michael. thank you for joining me. now in japan, pushing back a lot of a mobile phone service originally set for next month. that is as shares of the e-commerce company's giant down by the most since may. a limited trial will begin october 1 and the full-scale rollout will happen between the month after that and the end of the year. coming up, huawei tries to circumvent u.s. trade sanctions by exploring gmail alternatives. more on that as well as expectations ahead for next month's u.s.-china trade talks. if you like bloomberg news, check us out on the radio. you can listen to us on the bloomberg app, bloomberg radio, and in the u.s. on sirius xm. this is bloomberg. ♪ taylor: companies affected by u.s.-china trade sanctions, huawei plans to unveil an updated phone running google's latest software in some regions. it would be huawei's first major update to the p30 pro phone since the restrictions which slashd the company to revenue projections by $10 billion. at the same time,

another way of viewing this is goldman sachs high beta momentum index.his is pointed out last week saying it's a representation of how crowded certain trades are it goes long high momentum stocks high beta and short ones not working so look at how people have been doubling and doubling down on their bets. down 5% today. it's a pretty big move it is more dramatic. going to keep an eye on the shifts you should t shifts under the surface. >> thank you for that. >>> still to come here on "closing bell," casino stocks took a dive this week on soft data and stephanie is picking a name in that space for her last chance trade that call and much more still to come here. we trust usaa more than any other company out there. they give us excellent customer service, every time. our 18 year old was in an accident. usaa took care of her car rental, and getting her car towed. all i had to take care of was making sure that my daughter was ok. if i met another veteran, and they were with another insurance company, i would tell them, you need to join usaa because they have

that stock sinking as goldman s sachs slices its price target. >> they bottom last wednesday and that was for the stock market look at this here. the ten year yield has rallied 45 basis points. this is the yields in the last week and a half. banks have led the charge in the last week and a half no surprise. first and most importantly u.s.-china trade headlines also expectations of more rate cuts i think that really strong u.s. consumer don't forget again today august retail sales and september sentiment with strong. the u.s. consumer is saving the world economy now. they've been in big demand historic highs in all of these dividend pairs, etfs including back to you. >> thank you very much what will keep fueling this record rally president and cio of castle management welcome. good to have you here. where do you think this market ends the year? higher, lower? >> i think much if not everything depends on how this american trade negotiations develop. we have said that's what's been holding the market hostage we had 3100 as the price target. if it's any indication of this is likely to pro

so apple came back and refuted goldman sachs' claims. so apple still down, but well off the lows >> great week for jpmorgan, but morgan stanley and bank of america up more in percentage terms week to date bob, thank you >> okay. >> the bond market in focus today, all week long, as well as yields have seen a major reversal dom chu is back at hq with more. dom? >> like michelle mckinnon said, it's ground zero what has been a steady downtrend for a year now reversed with a vengeance this week. those ten-year treasury notes fell and yields rose to the highest level since august 2nd at this stage. and that weekly rise in yield was the biggest since november of 2017. it's a mix of better economic data and extreme positioning by traders betting on a continued drop in rates and a rise in bond prices that led to that very violent reversal now, the low in ten-year treasury yields was 1.429 percent. that happened on september 3rd got as high as 1.99% today intraday some on wall street argue that the move is what led to those massive rotations among

goldman sachs launched the online consumer bank markets in 2016 and this year teemed up with apple on its first credit card. jpmorgan rolled out fin, the digital only bank in 2018 only to close it a year later. >> i think if you look at the way big banks are structured, they're pretty well designed to serve the needs of th top say 25% of america who have really large balances and a they want give credit products, investment services and that. when you go below that and talk to general mainstream, everyday americans, there's so much fee income that's generated by the banks. >> fees lead to profits, something that mt challenger banksme don't yet have't buildi profitable business their t next hurdle and it's not easily done with checking and savings accounts. online only banks rely on established partner banks tld ustomer deposits. that's added costs. the challenger banks mov into lending and other businesses set to further disrupt the banking landscape. the question is, will the bs baatch up? "nightly business report," deidrebo , san francisco. >>> coming up, poche goes electric >> how

the losses we look at the deal that we wouldn't of got off the ground with up some help from goldman sachs and who have a set a trade war is bad for business well we will meet one golic pharma in california there's laughing all the way to the back one forest fire however large might be considered in natural disasters something that unfortunately happened but $80000.00 in a year in the one place something else is surely going on we're of course talking about the amazon rain forest where right now every minute an area the size of a football pitch has been wiped out the problem it seems stems from the top brazil's diables a narrow campaigned on a promise to open up the m is into farming and logging and mining to strip native amazonian tribes of their land and now he's president he's defunding the bodies responsible for environmental enforcement his argument and that of some rather brazilians is that their economic growth is being held back because they can't exploit the amazon but how do you put a price and where do you even start when you consider the amazon produces about 6 percent of the w

from goldman sachs are in court in: poor today. -- and kuala lumpur today.al charges against more than a dozen current and former executives. law enforcement in the u.s. and singapore are investigating. cofounder andthe programs director and research firm. stage, how satisfied are you in the way the government and judiciary have handled the case? it has been going on for over a month now and on the heels of the trial. not any criticism to how the judiciary has handled the case. there is no inkling of any kind of political interference. is looking at the case that it is being ran properly. with. not been tampered the defense team has been able to procure the evidence. respectus issues with to the integrity of the court so far. suggest: the findings witnesses and governance. -- witnesses in governance. to what extent has the current government done that? >> the government came into power on the back of promises to investigate the issue surrounding. and to reintroduce the rule of law. the government is making good progress in these areas. they've appointed judg

then obviously very well the deal wouldn't have happened without them i think you're right goldman sachs's involvement is actually crucial in this matter if they hadn't put their name on to the paperwork. wouldn't have really gotten this deal across but on. the smaller brokers and no and a.d.'s don't really have i think the reputation to bring about such a large financing and to bring about the support of investors to put down something like 1200000000 for this sort of deal it's it's really critical that goldman was on board on this and you know the relationship between goldman. is is a good one so you probably thought well with these 2 partners involved. the bond is relatively secure. so these investors are now going after their money and in some cases as we said hiring private detectives to figure out what on earth happened with this deal and do you think they stand much hope or i don't think you can just sort of categorize all of the investors as. trying to go after and especially not goldman i think i think the issue is that a lot of the investors are domestic people they trusted the n

collecting is something very human and making them to seem to find is the basis of civilization tom sachs is the fact of this mess and he's what it's all about searching and finding he is a must for collage and specialty is. and. means to build and repair with available limited resources. so you'll find so many of these materials are. made with things. at the heart of the exhibition is the t.c. ceremony it relates to an ancient japanese ritual in which one step on very precisely after the other sacks this is a very personal the installations in 3 different rooms over like to tom sachs is no experience. it's also my tea ceremony and one of the important parts about the tradition is innovation and taishan to the current situation it's very personal experience. what the audience has personal recollections of. is not known but this is a faithful reconstruction of the original genuine fake as sex calls it hot artistic work so for me the ritual is really about making and the reward for good work is more work many many months many things at once so that the ideas can cross pollinate so that one

then obviously very well the deal wouldn't have happened without them i think you're right goldman sachs's involvement is actually crucial in this matter if they hadn't put their name on to the paperwork. wouldn't have really gotten this deal across but on. the smaller brokers and no and a.d.'s don't really have i think the reputation to bring about such a large financing and to bring about the support of investors to put down something like 1200000000 for this sort of deal it's it's really critical that goldman was on board on this and you know the relationship between goldman. is is a good one so you probably thought well with these 2 partners involved. the bond is relatively secure. so these investors are now going after their money and in some cases as we said hiring private detectives to figure out what on earth happened with this deal and do you think they stand much hope i don't think you can just sort of categorize all of the investors as. trying to go after and especially not goldman i think i think the issue is that a lot of the investors are domestic people they trusted the name

goldman sachs had a house call of lower gdp way out front of many others as well. it is all of this rationalization we will have a financial system to get to a new nominal rate, new terminal rate, a new real rate, and a new unemployment rate? it is just a different statistic from our childhood. case,t seems to be the real interest rates consistent with the neutral monetary policy is distinctly lower today and in the past. if you look at the old tailorable formulation from a real interest rates consider neutral was 2%. now people think the real interest rate consider neutral 0.5%.ser to 0% to fedprojections the publishes, the long terms nominal medium rate is 2.5%, centerpoint five inflation, much lower than in the past. >> what is your rate on gdp and how much is the president affecting that with his trade war? much is hard to know how the trade and certainty is cutting growth, but it is having negative consequences for investment spending. as tariffs get ratcheted up, it will bleed into consumers as well. >> i am pleased to say you think the neutral rate is still

is managing director of european equity strategy at goldman sachs.the forecasters away signs the hurricane will head for the u.s.. we will map out the damage and the potential path next. this is bloomberg. ♪ matt: welcome back to "bloomberg markets: the european open." i'm matt miller in berlin. we are 43 minutes into the trading day and looking at losses across the european equity indexes with the exception of the ftse. is treading water as you can see, as the pound falls to the lowest level since 2016. prime minister boris johnson's plan to take britain out of the eu with or without a deal on october 31 will be tested in parliament tonight. let's look at how it is going to shape up. parliament returns today, mps are likely to request an emergency debate, looking to pass legislation that would force johnson to delay a brexit in the event of no deal. tomorrow, his first spending review and the chancellor is likely to reveal fresh spending plans. and friday, a court case hearing will decide on whether the executive can -- parliament. monday next week

let's get back to andrew wilson from goldman sachs asset management. the ecb chief economist yesterday, saying that there is room for further rate cuts if needed. what the ecb announced, not such a big stimulus package. do you see rates going much more negative in europe? >> no. they have obviously cut rates. what was interesting around that announcement was frankly the open-ended quantitative easing announcement. i think we are getting towards the end of the ability for the ecb to cut interest rates. internally, we have a lot of discussions around the reversal rate. at what point do negative rates become harmful? i think we are getting towards the end of it. they have to leave the door open and there is certainly scope to cut more. there is an interesting pivot towards pushing governments to know more fiscal -- to do more fiscal. incentiveprovides an for governments to do norma -- do more. mario draghi was surprisingly correct around the need for fiscal policy to take some of the load here. it cannot be just on interest rates. nejra: how close are we

don't miss bloomberg's exclusive interview with goldman sachs on,live onter bloomberg.s is bloomberg. ♪ mberg. ♪ devices are like doorways that could allow hackers into your home. and like all doors, they're safer when locked. that's why you need xfinity xfi. with the xfi gateway, devices connected to your homes wifi are protected. which helps keep people outside from accessing your passwords, credit cards and cameras. and people inside from accidentally visiting sites that aren't secure. and if someone trys we'll let you know. xfi advanced security. if it's connected, it's protected. call, click, or visit a store today. >> advise her majesty to -- unlawful. >> i welcome the judgment this morning -- >> that had the effect of frustrating or preventing the ability of parliament to carry out its constitutional functions without reasonable justification. >> i strongly disagree with what the justices have found. >> and demonstrates a contempt for democracy and an abuse of power by him. >> i do not think that it is ahead.but we will go parliament will come back. anyoday is no

for american artists tom sachs has a major retrospective on in germany with the spotlight on his stop tourists and his d.i.y. that. october fest is in full swing and we stopped by that these and in munich to check out one of the oldest attractions there the szish turn variety theater marquee. well it was exactly 50 years ago on thursday that the iconic beatles album abbey road was released and people were celebrating today in london to commemorate an album that many people feel was the greatest. back in 969 it shot to number one in the u.k. where it proceeded to spend a total of 17 weeks hit songs that still resonate today. and my colleague melissa holroyd has joined me in the studio thanks for coming in melissa to tell us some more big occasion for music fans obviously.

retaining the talent has to be a factor. >> goldman sachs has seen the biggest cut.hat does not mean it is only because of what traders and bankers are getting paid. it is also a shift in basement -- in business goldman, five years ago, it was an investment bank. now, they offer credit cards. they collect deposits online. you can become a goldman depositor. you can have an account is a retail depositor. they have tried to become more of a regular retail bank they do not have offices around the country. they have added people who help them with that kind of banking. there is a big change. credit sweeps the second one. they have shifted to wealth management from trading. they have located a lot of their back office functions to local countries. deutsche bank has been trying to cut costs. probably needs to do more. they've also become more a retail bank once they acquired the postbank in germany, which is a big retail brand. there is a big retail shift. not just traders and bankers getting cuts. ofo banks doing more off retail banking. more technology. trying to lower c

american are his tom sachs has a major retrospective on in germany with the spotlight on his sculptures and his d.i.y. methods. october fest is in full swing and we stopped by the visa in munich to check out one of the oldest attractions there the show variety theater marquee. well it was exactly 50 years ago on thursday that the iconic beatles album abbey road was released and people were celebrating today in london to commemorate an album that many people feel was the beatles greatest. back in 1969 it shot to number one in the u.k. where it proceeded to spend a total of 17 weeks hit songs that still resonate today. and my colleague melissa holroyd has joined me in the studio thanks for coming in melissa to tell us some more big occasion for music fans obviously what's happening for this that over 3 well at abbey road studios itself at the at the.

the other sacks this is a very personal god the installations in 3 different rooms all relate to tom sachs is personal experience it's. it's also my tea ceremony and one of the important parts about the tradition is innovation and adaptation to the current situation it's a very personal experience. with the audiences personal recollections of plane toilets is not known but this is a faithful reconstruction of the original to genuine fake as sex calls it hot artistic work. so for me the ritual is really about making and my the reward for good work is more work many many months many things at once so that the ideas can cross pollinate so that one problem can be solved by another problem rituals and ceremonies are reflected in sex words he's work in life are a high office the central element is water the water of life at the end all food in a teacup. but sex does have a sense of irony when it comes to his passion for collecting. so this is my 1st 100 attempts these are all failures this is a cabinet of losers. this is me learning because the great privilege of being an artist is to educate an

if you think of the story goldman sachs, it was a trading powerhouse and that business has never comence the financial crisis and now goldman is trying to remake itself is a consumer and midtier corporate lender, sounds like everybody else, right nothing sexy about it. >> used to mean if you were there before, then the converter -- you had $100 million, did it not? that's why i still think, we go, goldman partner -- >> i think by culling the partnership ranks, they're trying to bring back mystique to the partnership ranks. >> you think it is a culture or we trim the expensive older people. >> it is a culture thing, an attempt to spin it as a culture thing, looking like this is something you can aspire to. it is not the same firm. those days are done. >> that's the big question >> your take is that david solomon came in and went, wow, i can make a lot more money if i don't have all this -- >> a margin issue. you have a lot of -- i think there is probably like an age discrimination suit waiting to happen here because -- >> are all these guys leaving, really, high paid or -- >> no, used