sachs and the raiders went to the nfl and it was announced that goldman sachs was going to finance the deal even if addalson got out addalson is was not thrilled with that and made for already bad negotiations worse and the gold man folks realize that where the bread was really buttered went to addalson this morning and said don't worry, sheldon, we are getting out too. put it this way. sheldon was going to put in 600 million-dollars. there is no too many people that can do that. >>> back in the bay area, the fortress investment group headed by ronnie lott issued a statement once again making the case for its stadium proposal in oakland. the group says the bottom line is if the raiders want to stay in oakland we are more than ready to be a partner in making that happen. the only problem is that davis doesn't appear willing to truly partner with anyone. that would involve giving up control of ownership in exchange for the money and that's had the negotiations have bogged down. of course the nfl owners will meet in march and expected to vote on a deal and if the raiders don't have a fina

. >> goldman sachs says without adelson it won't provide backup financing either. joe phon i didn't says there is a large funding gap now. >> it's a too early to call the idea of las vegas raiders dead in the water. another major obstacle surfaced in the plan of mark davis to have a $2 billion stadium built there. sheldon adelson committed to a third of the financing pulled out of the dole. the raiders said they had backup financing in the event that happened, provided by the goldman sachs group, the contingent involved in adelson in the project. that leaves at best a $600 million hole in the deal. the climate in las vegas may have been poisoned. adelson used his influence with the nevada legislature to get $750 million of public money committed to the deal. john r alston is editor of the nevada independent. >> after goldman sachs and the raiders went to the nfl and it was announced that goldman sachs was going to finance this deal even if adelson got out, adelson was not thrilled with that. made already bad negotiating worse as goldman folks realized where their b

thanks to goldman sachs' heath terry. it was supposed to be the day the company explains how much trouble of nuclear business was in, and we have that and more, two hours after the expected time of the report. toshiba says they needed another month for regulators and for them to finalize their earnings. it dropped another provisional report, chock-full of surprises. it will take another $6 billion write-down of its nuclear units and stop building new nuclear plans and may sell that business altogether. it may sell a majority stake in its memory chip business, once considered one of toshiba's few bright spots. here is toshiba's chairman, who is resigning. stick around, to hear from the man who made the payment at the loved by -- beloved by millennials. this is bloomberg. ♪ >> we are watching amazon web services unveiling amazon c hime. it will exist with competing products. 7% after then announcement of that new competition from amazon. we stay with amazon. to its the ingredients secret sauce, specifically how much money

he is now creating an administration that looks like goldman sachs. the effects of this trump executive order plan is insidious because they don't have the immediate, tangible ffect. the executive order on visas and immigration, immediate effect, immediate push back, immediate reduction in the immediate ffect. obamacare, people will see it if it is repealed. they will know it immediately. what about changing dodd-frank? well, as our leader pointed out, a "wall street journal" article today says that they are on target to cut by 100 billion dollars the amount of capital in the six largest banks that they are required to hold. and allow that money to go to shareholders and management. but what does that mean? it won't have an immediate effect. the next effect will be in the economic downturn when those banks have $100 billion less in cushion and yet those loaning money to the giant banks, they are not taking a higher rate of return. they don't think there is a greater risk because they believe that in the next economic downturn, without the 100 billion

after he left goldman sachs, mr. mnuchin started a hedge fund, doom capital which explored investing in a financial instrument called life settlements made up of life insurance policies purchased from cash-strepped seniors. the investor had a plan to pay the premiums on the policies until the seniors died, at which point they would cash in on the insurance claims. so let's be clear here. under mr. mnuchin's plan, the sooner seniors died, the more money his hedge fund would make. and while the market for this product collapsed before mr. mnuchin could cash in, we have to ask ourselves, is this the type of leader that we want at the helm of our economy? do we really want a treasury secretary who had a plan to p get rich off of dying seniors? that brings us to the end of 2008 and early 2009. wall street had bought our economy to the brink of collapse. 13.2 million americans were facing unemployment. home values were plummeting, having fallen 12.5% in just one quarter. and where was mr. mnuchin? he was negotiating the de

he has been on wall street for 17 years, at goldman sachs. he is very well—qualified. it is not necessarily a problem. it is just that we did have the president, donald trump, say that he was trying to drain the swamp. there is a lot of criticism that many people from goldman sachs are in his administration. this is on p1 more. —— simply one more. administration. this is on p1 more. -- simply one more. in that job he would have to do what all the others have to do with their dealings, their businesses, if he has shares in goldman sachs, surely he cannot keep those? during his confirmation hearings he had to admit that he had forgotten hearings he had to admit that he had fo rg otte n to hearings he had to admit that he had forgotten to declare $100 million in assets. i see. so in the same way that you might forget you have a £5 note in your pocket, that happened for him. but it was an oversight, not deliberate. what is interesting, you just touched on the s word, sanctions. given what we have just seen, also in the last few hours, with mr flynn resigning, so the u

you come from goldman sachs, one of the biggest offenders. there's not a bigger offender on wall street the goldman sachs. what has happened is they had taken the power of the individual person in these small town, big towns, cities, it makes it so much harder for them to become a not, to grow their business, to hire more people. and let's put on top of that now what obama did with the health --e, where people are afraid they have to pay taxes, employers have to pay taxes where you keep that our stuff to 32 hours. the other thing with china, the best thing we could do with china, we had china now in a weak spot. china is going to military come up or what we could do was take all or american companies out of china, where they are not manufacturing, and that country will fall from within like russia did. but the banking, you are too close to it. coming from goldman sachs, all you think about our large banks. it is the small banks, son, the small banks make the big banks big. will stop you there because you put a lot of issues on the table and g

and how goldman sachs is evolving. lloyd blankfein himself said in 2015 on a podcast that goldman sachs is a technology company. how are you adapting? are you having to hire far more technologists and engineers than bankers at the moment? >> we clearly like everyone are using technology and our business more than we would 15 years ago. it is easy to go look at the equity trading business 15 years, the way people traded equities was voice to voice, person to person, and now there vast system of connectivity and people trade equities electronically, so that is a mastership obviously in the staff you need, the people you need, and the systems you need. that is going on in most aspects of the business. the firm itself obviously adapts to those environments, and we hire all kinds of people. we have a diverse workforce, and we obviously need different talent. we have increased the number of stem graduates because there is more engineering work, coding work, and we look to make technology investment that can lever our ability

a conversation with goldman sachs chief officer. still to come, former nsa alexander joins us to discuss the new administration's approach to cybersecurity. check us out on the radio. you can now listen on the bloomberg radio app. this is bloomberg. ♪ ♪ back to: will come "best of bloomberg technology." u.s. officials are investigating the extent of contact between president trump's advisers and russia's intelligence agency. the developments are just the latest example of national concern about russia's capabilities and influence on u.s. national security. we spoke with retired four-star general and director of the nsa, keep. keith. >> i don't want to get out in front of the president, not having seen the executive order. getting the i.t. and potential ready, about getting the government and industry working together. those are all in the right venue. it is what our nation needs to get started. the key thing that you see in his approach is that he is delivering on a campaign promise. he will take cybersecurity seriously and will

lloyd blankfein said goldman sachs is a technology company. are you hiring more technologists and engineers than bankers? >> we clearly are using technology and our business more than we would 15 years ago. it is easy to go look at the equity trading business 15 years ago. it was voice to voice, person to a fast and now there is system of connectivity and people trade equities electronically, so that is a in the people and systems you need. aspectsgoing on in most of the business. the firm adapt to those environments, and we have a diverse workforce, and we obviously need different talent. we have increased the number of stem graduates because there is more engineering work, coding work, and we look to make technology investment that can lever our ability to serve our clients, so we need more of those people. it is a diverse group of people that puts us in the best position to service our clients. as we discussed, the quality of our people and ability to attract great people to differentiate the firm is important to our overall business. carol

and how goldman sachs is evolving. lloyd blankfein himself said back 2015 on a podcast that goldman sachs is a technology company. how are you adapting? are you having to hire far more technologists and engineers than bankers at the moment? >> we clearly like everyone are using technology and our business more than we would 15 years ago. it is easy to go look at the equity trading business 15 years, the way people traded equities was voice to voice, person to person, and now there is a fast system of connectivity and people trade equities electronically, so that is a mastership obviously in the staff you need, the people you need, and the systems you need. that is going on in most aspects of the business. the firm itself obviously adapts to those environments, and we hire all kinds of people. we have a diverse workforce, and we obviously need different talent. we have increased the number of stem graduates because there is more engineering work, coding work, and we look to make technology investment that can lever our

in fact he has appointed some ex— goldman sachs people to his cabinet. some! you see is a friend of wall street, one of the biggest complaints against hillary clinton was that she was too close to wall street. some of the talk she gave in private to some of the big institutions. i think at the last count i think there were six former goldman sachs employees in donald trump's cabinet, extended or the closer knit one. indeed, the leading economic adviser is one of these ex— goldman sachs people. continuing with that trump conversation and the protest in the uk. another angle, another element. john bercow, the speaker of the house of commons, says, we will not allow him to speak or address mps in the houses of parliament when he comes for a state visit. does he have that power? as i understand john doco is supposed to be political in ——john bercow is supposed to be politically independent and it seems there are certain key holders of westminster hall, one of the places the president might address parliament. this is a political minefield for theresa may and

goldman sachs raising target on $150 from 133. the new phone to have software for is needed for and take reality. does their passwords. also hoping it will have wireless charging. others predicting the most expensive model could cost more than $1000. would that be a psychological barrier for consumers? we will see. trade do after your name at the minute is coming back to playboy. they stopped using models in its magazine website tiered, that the son of playboy founder hugh hefner thought that was a mistake and he became the chief creative officer to bring back new photos and also bringing back the playboy philosophy. for those who like to read the articles, the read the articles, the rest of the planet does. lauren: affect the word on that cover. make it as normal. the country's third largest wireless carrier to report revenue as more customers sign up for service. t-mobile will release its result before the bell. velocity up from discovery communications. analysts looking for the owner of discovery channel and animal planet thank

lloyd blankfein said goldman sachs is a technology company. are you hiring more technologists and engineers than bankers? >> we clearly are using technology and our business more than we would 15 years ago. it is easy to go look at the equity trading business 15 years ago. it was voice to voice, person to person, and now there is a fast system of connectivity and people trade equities electronically, so that is a massive shift in the people and systems you need. that is going on in most aspects of the business. the firm adapt to those environments, and we have a diverse workforce, and we obviously need different talent. we have increased the number of stem graduates because there is more engineering work, coding work, and we look to make technology investment that can lever our ability to serve our clients, so we need more of those people. it is a diverse group of people that puts us in the best position to service our clients. as we discussed, the quality of our people and ability to attract great people to differentiate the firm is important

that financing was to be provided by the goldman sachs group. today comes word goldman sachs commitment was contingent on adelson's involvement in the project. that leaves at best a $600 million hole in the deal. additionally the climate in las vegas may have been poisoned. adelson used his considerable influence with the nevada legislature to get $750 million of public money committed to the deal. john rolston is the editor of nevada independent who wrote a column yesterday detailing the break downs of negotiations between adelson and davis. >> after goldman sachs and the raiders went to the nfl and it was announced goldman sachs was going to finance this deal even if adelson got out he was not thrilled with that. it made bad negotiations worse. the goldman folks realizing where their bread was really buttered went to adelson this morning and said don't worry we'll get through. >> reporter: in addition to understanding the relationship with goldman sachs, davis may also have underestimated the influence of major casino owners have over the las

goldman sachs shares shattering a 10—year record hitting a new closing high. is there any stopping the trump trade rally? this isa trump stopping the trump trade rally? this is a trump trade squared, right? there's been a couple of personnel moves that the market picks up on which looked very favourable to goldman sachs. the first is that the presence of gary cowan, the former president of goldman sachs, is donald trump's right—hand man when it comes to advising on industry and financial regulation. the second yesterday was the resignation of a very respected man called down to rouleau from the federal reserve who was a bit of a regulatory hawks at the confluence of those moves suggest to the market that the regulation will go in goldman sachs' favour. and the man who was confirmed, or 17 years at goldman sachs. it is a very well-connected firm! especially now! thank you for joining us. that's it from business live today. there will be more business news throughout the day on the bbc live webpage and on world business report. we'll see you again tomorrow. he

caroline: my conversation with goldman sachs co-chief opperating officer david solomon. still to calm, former nsa chief and ceo general keith alexander joins us to discuss the new administration's approach to cybersecurity, next. and if you like bloomberg news, check us out on the radio. you can listen on the bloomberg radio app, bloomberg.com, and in the u.s. on sirius xm. this is bloomberg. ♪ ♪ caroline: welcome back to the "best of bloomberg technology". i'm caroline hyde. u.s. officials are investigating the extent of contact between president trump advisors and russian intelligence agents in need up to the election. 2016this after trump's newly appointed national security adviser michael flynn stepped down this week. the developments are the latest example of national concern about russia's cyber capabilities and influence on u.s. national security. we spoke with retired four-star general and former director of the nsa keith alexander. he is now at the helm of ironnet town forrity, and in the industry's conference. general alexander: one of the things, i don't w

goldman sachs backed out too. we explore the next steps on the four on two. >> the oakland raiders head to las vegas and it hit a roadblock. the billionaire casino tycoon is out. today we are learning that goldman sachs is out as well. so with no financing secured, at least at this time, where does this leave the raiders. rick valotta is a reporter with the las vegas review journal and spent a lot of time covering the project. thank you for joining us. >> thanks for having me on. >> the prospects for moving to las vegas were looking good. what happened? >> the raiders placed in the hands the las vegas authority the lease agreement and the casino mogul did not know anything about it and eventually he removed himself from the process. >> there was this thinking that goldman sachs would stay in it. >> yeah, goldman sachs had told the stadium board that they could finance things without mr. allison that played into this because mr. allison felt he needed to be a part of it. he ga i -- got this increase and was left ha

that financing was to be provided about it goldman sachs group. today comes word that goldman sachs commitment was contingent on addalson's involvement in the project. that leaves at best a 600 million-dollar hole in the deal. additionally the climate in las vegas may have been poisoned. addalson used his considerable influence with the nevada legislature to get 750 million- dollars of money committed to the deal. john rolston is the editor of the nevada independent that wrote a column yesterday detailing the breakdown of negotiations between addalston and davis. >> after goldman sachs and the raiders went to the nfl and it was announced that goldman sachs would finance it if addalson got out. he was not thrilled with that and made for bad negotiations worse. the goldman sachs folks realizing that where their bread was buttered went to him this morning and said don't worry, sheldon we are getting out too. >> in addition to underestimating the relationship with goldman sachs davis may have underestimated the influence of the casino scene. >> addals

as reports say that goldman sachs would only do a deal if adelson was involved. this afternoon-- i spoke with chris dobbins, who's part of the efforts to keep the raiders here... and he's hoping that with no investors, davis cashes out and walks away from the vegas plan. chris dobbins- "obviously it's taken a hit. and we are hoping that it's a permanent hit and mr. davis will realize that the oakland coliseum is the best place to keep the raiders and hopefully, we'll have a long term solution here in oakland." and after appearing to have so much support, mark davis' grand las vegas plan....may ultimately end up being a mirage. with no sheldon adelson or goldman sachs in his corner, the raiders owner...has to find a new billionaire friend that's willing to help bankroll...a 1-point-9 billion dollar stadium. davis maintains he's committed to moving, but with no way to pay for it, he may be forced to consider what ronnie lott has to offer. in a statement released today-- lott and the fortress investment group reinforced they have the land, the funding and the fans t

so let's just remember where goldman has been all along. not to disparage goldman sachs. they needed $1.7 billion. i don't know what the number is. it is probably close. and i think they'll go to the equity market. >> i think you buy on any time of capital raise. that's the time to buy. i don't know had a will come but you wait for it. >> so it is trading against that level. and then it goes back up. a week to a month. but it performs pretty well. the stock held exactly where it needed to hold. the bad news is it stopped where the bears needed. >> let's switch gears here. a market flash. the shares are trading much lower. about 10% lower. meg? >> we have a lot of news to unpack. the shares trade go down. saying 2017 earnings come in below expectations. they're looking at $6.30 to $6.65. that's versus $7.ten. the cfo is leaving the join another pharmaceutical company. they're starting a search for a permanent cfo. they've named an acting cfo. another piece of news. the company saying it will delay file of its ten k as it works some thins out. it is delaying the 10 k filing

is this a positive thing long-term for goldman sachs, or concerns? avid: we have always had culture of public service at goldman sachs. i'm proud that people have the opportunity to work at goldman sachs, they do well, then they give back to society and the community. the riverview that when people leave goldman sachs and go to washington, there is connectivity. it is almost the opposite. they have their own reputation, and they want to prove they are doing the right thing for the country that they want to serve, and they are almost more careful the other way. do i think it is a good thing? the culture of public service, people want to give back, it is good. it is a good thing for society, great when there are confident people like gary cohn serving in washington. yousef: that was the copresident david solomon speaking to caroline hyde. let's stay with the broader topic. the outgoing governor has said the core of the dodd-frank banking reforms will survive the trump administration's efforts to roll them back. >> i think it is far too early to tell wh

we have been live from the goldman sachs conference in san francisco, where the top bankers from goldman and investors converge with tech titans. , as want to get your sense an internet guru, reagan a b ubble? is this back to 1999? >> i think you look at where valuations are now, these are different companies. amazon is generating millions of dollars in operating cash flow. many of the companies that are public are trading well below the valuations you have seen historically for the internet sector as a whole. there are some spots within the private internet space, where you have valuations that have the same characteristics you have seen. even that over the last year has come off in a way that does not look like a bubble. >> let's look at amazon, disappointing fourth-quarter forecast. is amazon investing in the right areas? >> sure. if you look at two of the biggest trends in technology, the shift of retail dollars from traditional retail, what that's doing to traditional retail, and cloud computing, one of the biggest stories in technology right now. amazon is exposed to both of those.

let's talk about how goldman sachs is evolving. lloyd blank find said back in 2015, goldman sachs is a technology company. do you have more engineers and bankers at the moment? >> we clearly are using technology in our business much more than we would have 10, 15 years ago. if you go back 15 years, the way people traded equities was voice to voice, person-to-person. now it is through a vast system of connectivity. that is a massive shift in the staff that you need, the assistance you need. that is going on in most aspects of the business. we hire all different kinds of people. we have a diverse workforce. we need different kinds of talent. we have increased the stem graduates we are hiring because there is more engineering work. as we look to make technology investments that can serve more clients we need those kinds of people. i would not say more versus finance majors are others that come from a business background. as you and i discussed before we came on, the quality of our people to attract great people to differentiate the fu

at goldman sachs. it's interesting because not to bash this analyst so much, judge, but he went from a neutral to a sell and price target at 140 to 190. stock is nowhere close to any of those types of things. it's really difficult to say, you know what, i'm going to listen to this analyst because he's been right the whole way. he has not been right. not even close to right. >> isn't it a relevant broader question as to whether stocks that have been up 28%, 36% and 42% -- >> trades barely -- >> ring the register? >> multiple over one right now when you look at it, where i think there are better opportunities in financials? i do. i like goldman sachs. it's had a huge run in front of it. bank of america now trades value of book. >> what is oh sxwloe the citi. citi and where it trades percentage wise, that board you had up there, it was the lagger of the big banks up in. >> it's only up 27 1/2%. >> right. but i still think that there is something, there's a reason why they've lagged but that doesn't mean t

goldman biggest win or the dow 30 on track for a record close. goldman sachs up more than 36%. since the election, it's looking healthy today. >>> up next, the nba's most famous ambassador forced into action duty to negotiate a major peace accord days ahead of the league's premiere events. what air jordan did to save charles oakley, james dolan and the nba brand. "countdown" coming right back. whether it's bringing cutting-edge wifi to 35,000 fans... or keeping a hotel's guests connected. businesses count on communication, and communication counts on centurylink. liz: we have news alert from headlocs to breaking up -- former wwe head linda mcmahon is new leader of the small business administration. the senate confirmed her in vote of 81-19. >>> madison square garden, speaking of headlocks, scene of many big fights but none bigger than last wednesday's. where former knicks star charles oakley who started to take on security guards who began to get up in his face. he ended up being handcuffed, arrested, dragged out, banned from the garden for life by nix owner and msg executive c

let's talk about how goldman sachs is evolving. lloyd blank find said back in 2015, goldman sachs is a technology company. more engineers and bankers at the moment? >> we clearly are using technology in our business much more than we would have 10, 15 years ago. the wayo back 15 years, people traded equities was voice to voice, person-to-person. now it is through a vast system of connectivity. shift in thesive staff that you need, the assistance you need. that is going on in most aspects of the business. we hire all different kinds of people. we have a diverse workforce. we need different kinds of talent. we have increased the stem graduates we are hiring because there is more engineering work. as we look to make technology investments that can serve more clients we need those kinds of people. i would not say more versus finance majors are others that come from a business background. as you and i discussed before we came on, the quality of our people to attract great people fund hasentiate the changed our business. caroline: does y

i have to close my eyes. >> goldman sachs or apple? >> goldman sachs. and i'll tell why you. for the reasons i outlined in terms of where they trade the tangible book. i think the first time will for apple against that may 2015 high, i think that's when they traded, will fail. i have to say true to what i said last night. the discipline this apple suggests take some money off the table of i think will apple pulls back before goldman does. >> can i play devil's advocate? >> why not? that's what this show is. >> we're back there the highs in april 2015. and the stock has risen will 50%. it is interesting to go back ask look. in 2012 in september, it went down 45% over the next year or so. that's when had karl icon started calling the shock. it rose 140% until it topped out in april. so 2012, it topped out. 2013 it bottomed. up for two years straight. that's a pretty dramatic rise. i guess the point that i'm trying to play devil's advocate with myself. we're back to those all time highs. and it looks like an easy one to take profits. but at the ends of the day, the last time it

goldman sachs. they're the only wall street operation that's pushing that thing. it has to make you wonder -- it's not alternate facts, the only jump is between coincidence maybe, maybe not. he's suddenly being really quiet on the thing that's the biggest part of the trade deficit, when he's invested with goldman sachs people. >> what is the read on nafta 20 years later? >> i hate to have to admit this, but trump's right, it's been pretty catastrophic. >> don't feel bad. my grandma said our broken clock is right twice a day. >> it is the case in the u.s., depending on what numbers you look, we've lost around a million jobs, there are 880,000 specific u.s. jobs certified by the u.s. government, under one narrow program, called trade adjustment assistance as lost to nafta. either offshoring to canada or imports. we have a trade deficit with the nafta countries now. you have small farmers, people, many, many tens of thousands of plants have been outsources or shut down by nafta trade. but the then is, what happened to the other countries. in mexico, you saw about 2 1

we going to hear from david solomon of goldman sachs live from the goldman sachs technology conference in san francisco. also, a conversation with a nobel laureate and new york economist, paul krugman. this is bloomberg. ♪ michael: this is "bloomberg markets." 100's, focusing on politics and policy in the new administration. let's check in on bloomberg first word news. mark crumpton has more. the: the president attacked nation's intelligence community again today on twitter, accusing the agencies of illegally leaking information to the news media. he tweeted about disclosures about his condo with russia during and after the presidential campaign. in brussels today, there was an ultimatum from the u.s. defense secretary. he told nato allies that if they do not decrease defense spending, the u.s. may alter its relationship with of them. nato countries will spend at least 2% of their gdp on defense, but many have not lived up to their commitment to the cia director met in secret with palestinian president mahmoud abbas in the west bank yesterday. that is according to palestinian officia

former number two its goldman sachs is leading the present's economic council. can the administration get a lot congress'sr without support? >> we can do quite a bit. obviously we will work with congress. i met with jeb hensarling and his committee. the house was to be very active financialhat we do in service regulation. we are going to engage the house. we are going to engage the senate. there equally interested in performing some of the regulatory processes as well. we can do quite a bit without them, but the more hope we get from congress, the better off we the job creation vehicle be more effective. not just and financial services. we are talking regulation in every industry group. when the automobile manufacturers were in your, they were talking about what they have to do with the epa and the other regulators. when the manufacturers were in here, they were talking about regulators. we will need help from the house. we will meet help from the senate. -- we will give them help from the white house. >> as he said, there is a wide panoply of issues. you know d

sachs, but this isa clinton for goldman sachs, but this is a heavy accent on the power of wall street in american government this time, because barack 0bama in the wake of the financial crisis also appointed somebody straight from the new york federal reserve and a former central banker. so this is nothing new in that sense. the revolving door between wall street and washington, dc continues to operate. mottram has not changed it, but he is going to have a go at some of the regulation that was introduced in the various laws after barack 0bama introduced in the various laws after ba rack 0bama was introduced in the various laws after barack 0bama was elected. what do you think... will he be determined as president trump is to rein them m, as president trump is to rein them in, and will congress go along with him? he will be as determined as trump is. it separated rigoletto is from the regulated somewhat, protected through the kitchen production financial bureau some consumers, and those regulations will be stripped back. progress is done on it by republicans. some of them may have rese

goldman sachs up 1.3% on the session, the best performer in the dow since election. apple as well. hurts, apple up 1.25% on the day, another record as well. said itthe day, cigna was canceling its merger with anthem. anthem said you can't terminate the acquisition, so some back-and-forth, not clear what the outcome will be of this, but and thumb closing down .1%, cigna rising .6%. joe: let's look at government bonds, action all in the u.s., the two-year and 10 year higher on the day. :00 am, testimony from janet yellen, who did not take march off the table and warned about the risks of waiting too long to hike rates, which was perceived as hawkish. let's look at an intraday chart of the 10 year, shooting up at 10:00 a.m. when that testimony hit the wire, continue to rise for a while, 2.5%, then pulling back, but the key takeaway from janet yellen is that the fed would like the option out there of being able to hike in march. julie: taking a look at current seas, in terms of the dollar on yellen's testimony, a spike in the to what we saw dollar index, ending the day higher. if you l

he criticized hillary clinton for giving speeches to goldman sachs. there is a lot of confusion because there are so many mixed messages coming out of this administration and we're trying to figure out his plans. he has basically installed a handful of not quite the same wealthy wall street financiers we assume before, but people incredibly well-off, wall street experts who have spent their entire careers in hedge funds, and private equity, big investment banks -- they are the ones advising him on what to do. it is hard to believe those people are going to be reflecting the interests of many of the voters who put trump into this position in the first place. amy: white house press secretary sean spicer described the consumer financial protection bureau as an unconstitutional agency. act is areight disastrous policy that is in ring our markets. reducing the availability of credit and crippling our economy's ability to grow and create jobs. it opposed hundreds of new on financial institutions while establishing unaccountable and unconstitutional new agen

goldman sachs changed their call. one thing i was a mention, i know you are watching it closed parliament's lower house will conclude the debate on how and when to conclude brexit. that will be fun to watch after we see what the asian banks decide in the hours ahead. rishaad: thank you for that. let's look at some corporate news. the earnings season continues in the u.s. down insales of disney the first quarter. it is a common corporate, espn. that's -- let's start off with disney. espn having a lot of issues. to quickly go through the numbers, the stock was down about two dollars on the first shortfall.es also, the hard to match success of star wars: the force awakens. the latest film did not live up to the expectations. profit did beat the estimate. and, a big headline, the ceo is staying on. >> i have been with this company for 43 years, and i've been ceo for almost a dozen years. i will do what is in the best interest of this company, which is something the board will determine. if it is in their best interest for

goldman sachs statement as a negative. i see concern over the border tax and whether we will get a tax cut deal as negative and yet the markets keep going on, what so you? >> i think the goldman news, stuart, is great news. i thank you, goldman sachs, when we had markets run, think the mid-2000's, the market overcooked and overdone, yes, they were right, the market ran for a couple of more years after we had the scary notions, i think this is going to propel the market higher, the more nonblefers we have in the s&p 500 fans, the more is s&p is going to go up. >> we are all jumping up on the band wagon. i have another negative, what used to be a negative headlining the wall street journal, fed eyes aggressive rate increases. why isn't that a negative? >> it's very beneath things that steve mnuchin is saying, big tax cuts coming by august, we care more about growth than deficits, that's what markets look at, not a quarter rate hike from the fed maybe in march, maybe in june. ashley: if the economy is starting to really fire

we are with abby joseph cohen of goldman sachs. this is what nobody is talking about, the idea of the deficit rolling over to a larger deficit. to $600liere looks billion, rolling over to $1 trillion. abby: let's keep in mind that some of the deterioration is related to the aging of the baby boomers. as they move into retirement years, more and more entitlements. one of the concerns that we have from the cyclical standpoint is that the budget deficit as a percentage of gdp was below 3% recently, and with some of the proposals that have been made, and of course these still need to be legislated, we may see a notable rise in the budget deficit, perhaps as much as 5% of gdp by 2020. tom: i want to show this on a chart. we come from 3% here, to 5% here, which gets you out to the deficit largeness of the 1980's. francine? francine: i want to get your take. we have been talking about the 10-year yield in the u.s., and this is 3%. larry fink of blackrock is saying that it could go either way. what camp do you stand in? abby: we are more i

look at goldman sachs, that's a $10 move in goldman sacks. by itself that will enormously impact the dow. >> thank you, bob. crazy, crazy meet. red cross is ringing the closing bell celebrating women's heart health month. we have a lot coming up on the second hour of "closing bell" here. you and welcome to the second hour of the "closing bell." i'm sara eisen in today for kelly evans. bill griffeth will be rejoining me in just a moment. let's take a look at what has been a strong day on wall street with a record close for the nasdaq. let's show you how we're shaping up here. the dow the best of the big three closing up lmt a full percent. 182 points. goldman sachs adding. s&p 500 closing up almost 3/4 of a percent. nasdaq ending up half a percent into a record close. the russell 2000 index of small caps doing the best of all of them though leaving up 1.5%. the trump rally back on financials leading the rally after president trump signed more executive orders this time scaling back financial regulation including dodd-frank. we'll discuss what

he is now creating an administration that looks like goldman sachs. the effects of this trump executive order and plan is insidious because they don't have the immediate, tangible effect. the executive order on visas and immigration, immediate effect, immediate push back, immediate reduction, at least in its immediate effect. obamacare, people will see it if it is repealed. they will know it immediately. but what about changing dodd-frank? well, as our leader pointed out, a "wall street journal" article today says that they are on target to cut by $100 billion the amount of capital in the six largest banks that they are required to hold and allow that money to go to shareholders and management. but what does that mean? it won't have an immediate effect. the next effect will be in the economic downturn when those banks have $100 billion less in cushion, and yet those loaning money to those giant banks, they are not seeking a higher rate of return. they don't think there is a greater risk because they believe that in the next economic downturn, without

the chief financial advisor comes from goldman sachs and his cabinet is filled with billionaires and wall street insiders. nother broken promise. >> i'm not going to let wall street get away with murder. wall street has caused tremendous problems for us. >> instead of cracking down on wall street, he's rolling over. that's a broken promise. >> i'm going to do what's right for the people. i'm going to do what's right for the country. not for a wall street firm. > he's had a rule to protect retirement savings from unethical investors, that's a roken promise. >> as you just saw, candidate trump told america, when you cast that ballot, just picture a wall street boardroom filled with special interests and imagine the look on their face when you tell them, you're fired. but, president trump told steve mnuchin a hedge fund manager and wall street insider with decades of experience in that boardroom, you're hired, as my treasury secretary. hat is a broken promise. candidate trump told america in 2015 that, quote, the hedge fund guys are getting away with murder. but with one of his first ex

so, the negative about goldman sachs ultimately forced me to figure out what i really wanted to do. i moved to washington d.c. not as an economist or writer about economics but as a fundraiser for the cato institute. my plan was to pay the bills working during the day, meeting donors. that was how is going to pay the bills so i could write at night and on the weekends and that's how i met hall. i met people like all who utterly transformed how i viewed the world and made me even more determined to become an economic commentator and gradually i did. my initial online columns, that was the other beauty of the internet boom is that it made it possible for someone like me to have a voice where before i can have once i began as a writer for the washington d.c. no one wanted to have an association with someone like me but gradually i developed a reputation, and my reputation was one of basically working against, or contradicting the conventional wisdom about economics. i felt the economics profession has lost a way that it had become about charts and formulas and percentages rather than a

the consensus is for a rate cut, but you have goldman sachs saying it could be a close call. how is this all pricing in the markets right now? reporter: markets are playing it safely. goldman sachs also saying it may be time for the rupee to be looked at as a good carry currency and it may be the rupee's time to shine. cuts from theeven r.b.i. since january 2015. if they don't move now, that is really going to surprise people. maybe we will see an abrupt turn in the rupee. yvonne: thank you. show no --mbers passenger numbers drop and southeast asians biggest carrier -- have a breakdown. talk all about about the results here that continue to get pandered. reporter: it remains turbulent for singapore air. overcapacity,th over aggressive pricing for rivals, in particular, the big three gulf carriers. they are squeezing singapore air by keeping ticket prices competitive while operating premium customers luxuries like i've it suites, caviar, designer pjs. and q3, profits dropped. they say 2017 will be no different. they will all continue to be under a lot of pressure. i want show

the reason work and sally m goldman sachs could be up more -- morgan stanley and goldman sachs could be up more, they could benefit from the potential delay. will it last, the? 5782, this is the xlf over the last five years. we see a very nice uptrend. in blue, the 200-day moving average. for the most part it is rising good right now the xlf is 50% above the moving average, the most since 2013. we can see that this etf has had a pattern of consolidating back down to the moving average and when it has been above it, we could see the financial sector get back some of the gains in the weeks ahead. finally, one market that stands out to us, the dollar. the bloomberg dollar index is on pace for the sixth weekly decline in a row, the longest-such stretch since 2010. really big move for currency. this could reflect the fact that president trump has said he favors a weaker dollar. today it seems to be much about president trump with the financial markets, joe and scarlet. joe: thanks, abigail. let's get more on those same financials. trump taking aim at financial regulations today, move appl

sachs. >> mayor libby schaaf might not have to worry about goldman sachs. they probably won't be lending the raiders $650 million after learning that adelson was no longer part of the partnership. this would leave mark davis scrambling to find new investors in vegas before the owners vote in march. paging mr. mark davis, ronnie lott online one. >>> the most important document leading up to a super bowl is the game plan. if it falls into enemy hands you're toast. colin shanahan the falcons offensessive coordinator lost his game plan for the patriots. it was mistakenly taken by a sports writer who retold the story to 95.7 the game of how team officials cracked him down. >> i said what's going on? he said you have shanahan's game plan. i said now that means he has my computer! and i -- i would rather have my computer than his game plan. one, i didn't know i had a game plan and if i did know it, i wouldn't have read it anyway. and third, if i did want to read it i wouldn't know what it said. [ laughter ] >> pretty confusing game plan. art spanner became a.5 sto

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he's out apparently so is goldman sachs. there are other billionaires floating around who might be interested but that brings us back to the original problem with the arrangement and that is it doesn't pencil out as a good investment for anybody but owner mark davis. what investor now wants to go into vegas replacing adelson running the risk of being enieem wh the man who runs the whole town. do you want to fight the king of the jupg in his jungle? ronnie lott saying, bottom line, if the raid eers want to stay i oakland we are more than ready to be a partner in making that happen. at this point all road for mark davis may lead right back to oakland. >>> new 49ers gm john lynch look ing to add some front office people with experience. done. adam peters coming over from denver as the niners vice president of personnel. peters has spent 14 seasons in the envelonfl with the patriots the broncos and has three super bowl rings. we continue with the countdown to super bowl li sunday with a look it at the quarterbacks. matt ryan and

a county commishioner in nevada is not surprised by adelson and goldman sachs backing out. she was opposed to the funding plan, especially the public portion from the beginning. the mayor of las vegas on the other hand is remaining optimistic. financially." the n-f-l is expected to vote on the relocation in march. the berkeley police department is agreeing to reforms in its use of force policy. this comes as the city has reached a settlement with protesters who sued berkeley over use of force at a black lives matter protest in 20-14. police officers will now be required to document force during protests. they are also committing to a speedy rollout of body cameras. the lawsuit claimed officers used clubs and tear gas on crowds of peaceful protesters. the berkeley police department says they were under attack by protesters throwing rock and bottles at them. police are looking for a masked man who robbed a cellphone store in pacifica. it happened at about 7:00 on saturday night at the metro pcs store on hickey boulevard. officers say a masked man entered the store and confron