are you on sorkin's team?sorkin's. >> i've got a tank top that says team sorkin. coming up, is baseball still america's pasttime or is football taking over that title? we'll ask columnist george will. take a look inside his new book next on "morning joe." >> this is the best-selling book on baseball. ah! silver one. that's not a volkswagen. ♪ [ tires screech ] ♪ [ sighs ] that's two for doubting. [ chuckles ] you hit like my sister. really? i'd like to meet her. [ male announcer ] the volkswagen cc. award-winning design for just $299 a month. it's a whole new volkswagen. and a whole new game. ♪ ♪ >> goldman sachs is accused of selling mortgage-backed securities that were essentially set up to lose money. allegedly, the deals were put together in part by a hedge fund tycoon hoofs betting against them. >> what's the problem? there's nothing illegal about selling customers a product designed to fail. the chicago cubs do it every year. >> oh, that was really -- do you see? >> pulitzer prize winning columnist and c

and andrew ross sorkin of the "new york times." he is a columnist in and editor of deal book the "times" online financial report and his book "too big to fail." i am pleased to have all of them on this program. i begin with michael lewis. tell me the significance of what the earnings report and what else goldman sachs said today. michael? >> well, the earnings report sr.... it's not that surprising. they've been doing very, very well ever since the crisis. and most of wall street has been doing very well. the story that we should all be talking about is this s.e.c. lawsuit because it is really pointing to how goldman sachs is making its money. and it's not a pleasant story. if i had to guess what's going on inside goldman sachs today, it's not a celebration of their earnings but full crisis mode because the world is ganging up on them. >> rose: tell me what it is that you think is at issue here. >> this lawsuit for first t first time in my lifetime the s.e.c. has filed a lawsuit that is at the core of what goes on on wall street. i

and ross sorkin is the author of "too big to fail."s on the show tonight, gentlemen, thank you for joining us. >>> it seems to me that the president has finally got the accent right. he calls it wall street. he doesn't say financial regulation or all of these boring terms. he says, we've got to clean up wall street. we've got to stop them from stealing our money. oempbd, the republicans, thanks

andrew ross sorkin, the chief mergers and acquisitions reporter of the "new york times."artin wolf, and amity shlaes a senior fellow at the council on fellow relations, and a columnist for bloomberg. eliot, let's assume that i am a big oil company, i want to in some way mitigate the exposure i have to oil. if oil goes up, i'll do fine. what happens if oil goes down. so let's say i want to make a bet that the oil market will go down f it goes down i have -- my balance sheet doesn't look awful. i go to goldman sachs and say find me somebody who wants to take the other side of this bet. what is wrong with that? that is, in effect, what goldman sachs is charged to have done. allowing john paulson to select securities. they're denying it, i'm saying even if he did that, isn't the whole point i have this bet, find somebody to get against me. >> those on one side of the bet knows the other side of the betebet disagrees them. but goldman misrepresented how they put together the product, and that is the predicate for finding them libel. >> that's the crux of the issue. >> the crux

andrew ross sorkin there from the "new york times" and omnipresent on cnbc.ho -- what would you buy in this airline sector? who do you think's the next one to be taken out? >> it's not necessarily taken out, but i think the more rational pricing benefits jetblue. jetblue, who will be able to probably show the highest profit margins on a real recovery, will be a beneficiary. plus this code share agreement that they had last week with american airlines is a significant benefit for them. i will also say that you pointed out something important. you know what the profit margin is on charging people $45 to bring a carry-on bag? do you know what the profit margin is? >> $45. >> 100%. don't underestimate -- >> that's a math wiz. very good. >> 100%. >> and that's american dollars. >> it's a rhetorical question. >> let's catch up with more afterhour action, shall we? let's get to the prop desk and bed, bath & beyond being watched by our good friend jon najarian. >> simon, i've got bed bath & beyond beating by at least 13 cents, and the stock is up almost $2 now. certa

keeping them honest, we're joined by andrew ross sorkin, the author of "too big to fail."drew, it's pretty incredible. we heard some apologies today from bank executives, but certainly that's no comfort to so many americans who have lost their homes, lost their savings and essentially these bankers are repeating this theme that we've heard over and over again from them that the crisis was unforeseeable. but, i mean, that's not true. >> there were no real apologies today. i think that they said they were sorry. they said that they were regretful, but they were regretful, what they said was, for not being more pressient. that's what stuck with a lot of people, that it wasn't a true mea culpa. >> you would think these highly paid people, supposedly experts in this, would have had their eyes open. >> when you think about frankly the numbers, the money, and when you think about robert rubin who spoke in front of this commission today, when you think about charles prince, chuck prince, who was the ceo of the company during this time, and the amount of money that they took out of

we're joined by andrew ross sorkin of the "new york times." good morning, appeared rue. >> good morning. >> and "fortune" editor andy wells is joining us, as well. >> two andrews on the set. >> have you ever been an andrew? >> yes. family calls me andrew. >> when you're in trouble with your middle name? >> yes. we don't have to go there. >> 18 major u.s. banks reportedly mask risks. >> what a shock. >> gambling in casa blanca. "wall street journal" says the firms temporarily lowered their debt levels before reporting in the past five quarters. this makes bank balance sheets appear less risky. this includes jpmorgan, citigroup and bank of america. trades by an average of 42% at the end of each period. i thought everybody knew this. >> are you shocked? >> no. i thought this was standard operating procedure. >> right. >> but you know, they're supposed to be a little better behaved these days, right? >> well, i wonder. we're going to get jpmorgan starting next week. will they get away with it next week? >> the real question is, from a disclosure p

and "the new york times" andrew ross sorkin is author of "too big to fail." show tonight, gentlemen, thank you for joining us. it seems to me that the president has finally got the accent right. he calls it wall street. he doesn't say financial regulation or all of these boring terms. he says, we've got to clean up wall street. we've got to stop them from stealing our money. he seems to get it right. on the other hand, the republicans, thanks to the linguist, frank z,

. >> sorkin? >> yeah, andrew sorkin was here. >> i can't find anything. okay, let's check on the markets this morning. fred, i need news here, dude. news. news on reuters. news. news. all right. here's the futures. up 1.20. on the s&p. versus down one. going to be another positive session to start out. 20 points will put us above 11,000 and all will be right in the world. we come back and we go up. a lot of people have made the point that we went through up above 10,000, below 10,000, that many, many times. 10,000, but 11,000. once we got through that, it was really significant. so 11,000 will be more important than 10,000 and we're very close. so if we open up as the futures are indicating and we're going to get a lot of data from the, we told you from things like intel, google, alcoa, general electric on friday. >> we also get some economic data this week. >> you do? >> international trade data. retail sales, industrial production. >> give me that thing, sarah palin written all over your -- it's written on your cheat sheets. >> they're not on my hand. >