trump's at times, bombastic about bankers and he targeted goldman sachs. it is a question of how much of a positive this is going to be for wall street. -- andor deregulation they are all about less regulation. powell is talking about volcker rule -- even though it is not going to be part of the senate banking rules when it merges with the house, it is not part of the dodd-frank rollback. about taking ag less hardluck of how we use -- and impose this role. matt: the critics what less kindly say that the fox is headed for the henhouse. [laughter] vonnie: we are not going to unpack that statement, but here is a soundbite from the gentleman from oak street capital, and a personality as well. here is his reaction. >> i have lived through many goldman sachs ceos and they have been terrific. the copresidents today, david sullivan and harvey schwartz, are terrific. i assume both or one will step into lloyd's shoes and the firm will go on. he seemed cool and collected, and the stock has only gone higher. matt: this is not unusual for goldman. there had continuity

absolutely is a student of goldman sachs history. as am i. he has run gold mangman longer anyone by weinberg i'm sure they're having a fabulous quarter given ai think it's a perfect time and he's teed up his next scheduled successors i would agree with jim that they may surprise may not go with david solomon or harv harvey schwartz. they may go to marty chavez, who is a technologist. ten years younger. than those two and could be a surprise choice just as lloyd blankfein was a surprise choice when he was selected ahead of the two co-presidents at the time. >> do you give any credence to any of the points that our prior guest, dick bove made, that lloyd missed many opportunities to propel gold man tsax so a be place to petter position it for the future >> i think dick is unfortunately missing a very, very, very important point that i made in my book. i documented in my book, which is the way lloyd and his leadership at that time in 2006 and 2007 steered goldman sachs through the outset of the financial crisis made a quote unquote big short bet

♪ ♪ david: you wound up as the vice chairman of goldman sachs? lloyd: well, you know, it took a couple of years. when i was living through it, it wasn't so quick. i got involved in sales and trading and over time, i became a vice-chairman of the firm. one of several. but my particular coverage was over all the sales and trading businesses at that time. david: the trading businesses were the ones when you could lose a lot of money so quickly? so you are worried about people under you making a big mistake? how do you monitor that? lloyd: it was good training for the job i'm in now. i spend 99% of my time worrying about the 1% of things that could go wrong. it leveraged two things that are normally not virtues but are in this context. it leveraged my add and my paranoia. david: when you became vice-chairman, you were under hank paulson, the ceo. he seemed to like it. he said he was never going to go to the government. and then george w. bush eventually persuaded him, and he came back from the meeting saying he would take a job -- what did he say to

our stock of the hours goldman sachs. one of the big stories today is the wall street journal reporting that eeo lloyd blankfein could exit by the end of the year. for more perspective on the stock, abigail doolittle joins us now. we wanted to see the reaction first and what we are seeing. abigail: the stock initially dipped on the day, kind of a knee-jerk reaction, and quickly returned. some are saying this is not necessarily news. there has been some speculation that after 12 years, lloyd blankfein might down. it would seem to be, at some point, the logical way that things would go. such ason he had legendary, if you will, presence is the way he handled the financial crisis. i think this analysis in the bloomberg shows us beautifully. this is back in 2007. revenues for007 goldman sachs nearly $46 billion. look at 2000 eight, down 52%, $22 billion. a huge crash. the next year, they are higher than they had been in 2007, 100 8% revenue growth. to put that in perspective of this chart. that is a part of this man's reputati

a lot of goldman sachs ceos have been terrific. the copresidents today, david solomon and harvey schwartz, are terrific. one or both, i assume one, will step into his shoes whenever it is. i am sure the firm will go on. shery: is that the reason the stock has barely reacted, up more than 1%? >> i have been hearing more and more on wall street that people were questioning when is lloyd blankfein going to go and i do not think this was very shocking people -- shocking. people assume there would be leadership change. even with jamie dimon, this comes up once in a while. jpmorgan is still firing on all cylinders. they have not had any of the slowdown in trading or anything else that goldman has gone through. and we say jamie dimon has been around for so long, will he be there for many more years? every few years they say he will be there for five years and we do not know when the five years ends. this is not surprising with goldman. people were expecting change and it may be good if we get good, new, fresh leadership with a fresh look

you are here with lloyd been the, who's chairman of goldman sachs for 10 years. i don't think any of your predecessors stated that long. i'm sure it seemed that long. they didn't stay that long. >> let's talk about her early life. you grew up in new york city. was my anything you ever thought about? aboutou are interested when you were young boy? >> i went to school with other , i don't know what the range of possibilities were, i didn't know we weren't well-to-do. i grew up in brooklyn. >> your father worked as my father did come in the post office. my work in baltimore, yours worked in new york. >> sort the mail. >> you weren't wealthy and he went to public schools, but you obviously did pretty well because were valedictorian in your class in high school. you realize you were smarter than the average student. >> i knew the ranking high in my school, i was good at school, but i didn't know how smart i was or how i compared with other things. being good at school and being smarter to separate things. >> are you surprised you got into harvard? >> let me just take

♪ ♪ david: you wound up as the vice chairman of goldman sachs? lloyd: well, you know, it took a couple of years. when i was living through it, it wasn't so quick. i got involved in sales and trading and over time, i became a vice-chairman of the firm. one of several. but my particular coverage was over all the sales and trading businesses at that time. david: the trading businesses were the ones when you could lose a lot of money so quickly? so you are worried about people under you making a big mistake? how do you monitor that? lloyd: it was good training for the job i'm in now. i spend 99% of my time worrying about the 1% of things that could go wrong. it leveraged two things that are normally not virtues but are in this context. it leveraged my add and my paranoia. david: when you became vice-chairman, you were under hank paulson, the ceo. he seemed to like it. he said he was never going to go to the government. and then george w. bush eventually persuaded him to become secretary, and he came back from the meeting saying he would take a job --

the silver lining here is it's very easy comps for goldman sachs. just the elimination of the worst performance in the commodities unit since goldman has been a public firm, just by going somewhere back to normal, goldman is going to look relatively decent in 2018. vonnie: the executive management committee has more from the sales and trading side of things. is that one of the reasons why an investment banker is tapped to be ceo, so there would be a mix? mr. mayo: lloyd blankfein started as a traitor -- trader and trading has been lousy at goldman. no one is happy with the trading. now you have david solomon from the banking side, a banker will have goldman sachs. he does have some trading experience, albeit at lower levels before he was head of banking. but there is a little switch from trader to banker. and that's a sign of the times. some of the decline in trading is cyclical and you're seeing volatility come back out, but some of the decline in trading is structural says the financial crisis, reducing risk levels. vonnie: what makes them so spec

many of them positive on goldman sachs. i remember back in those early days, the financial crisis, when it was naming the vampire -- when blankfein in the public i did not have a good reputation, he was seen as a villain. what ingesting, i guess part of it is the bank change and part of it is the environment changing. a we have seen him in public lot more obviously over the past few years. this has been arguably one of fascinating decades on wall street. a sort of post crisis, post dodd-frank, dealing with a regulatory environment. and when you think about all the top jobs at the bank, there are really only two -- only two guys left standing. >> you mentioned david solomon is tech savvy. really boosting his talent in that department. this is a different goldman sachs that has his eye on a lot of different businesses. >> when you look at what goldman is doing, what jpmorgan is doing, thinking holistically yout their own businesses, think about what jpmorgan is doing in terms of health care. these banks are not the banks of o

most of the people in that business at goldman sachs are career goldman sachs people. david solomon was one of the rare partners, one of the rare individuals hired as a partner outside of the firm in 1999. right, erik schatzker. thank you for all of that wonderful contacts. we appreciate it. goldman is up one and a half percent, and of course the market of fire. goldman higher than the broader market. shery: it is time for the bloomberg business flash. dropbox has set a price range for its ipo. the filesharing company plans to sell 46 million shares for $22 billion. at the high end of that range, $100uld drop off at million. one of vmware's biggest investors wants to end talks with dell about a reverse merger. he argues that it would be a turbo deal for -- terrible deal for shareholders. he is trying to bring all of the pieces off his empire together under one publicly traded groups. that is your business flash update. right investors are cpiing their sights on data. joining us now with what to , someone who knows a little bit about debt options, matthew mcclellan. let

goldman sachs was a great firm when i got here. and hopefully, it will be a great firm when i leave. and so what i want to contribute is i want to make -- i want to leave the firm at least as good, but let me be more ambitious, stronger than it was when i found it, more influential. important, but given what we have had to work our way through, i would like to leave the firm as being viewed as important and a positive influence to the american economy and culture. so we still have work left to , do. ♪ ♪ nejra: two months on we look at how they are living with the a good landmark legislation and what's next. howard davies makes his first testimony to both houses of roy oswalt an testimony to both houses of congress, will it be a focus? goal is his and brexit in the city. how leaving the e.u. could it's a go impact the london's growing tech sector. welcome to "bloomberg markets: you will rules and returns." we dive into the regulatory will challenges of financial

for goldmanpments sachs. david solomon will become the president of the company elevating solomon over harvey schwartz as the eventual successor to lloyd blankfein. stephen, it seems like just the other day we were talking about lloyd blankfein potentially stepping down. it was the other day. this announcement coming immediately afterwards suggests this is going to be lloyd successor. showed blankfein himself one questions on twitter friday saying my demise maybe over reported. with this move it seems like it steps up. blankfein would lead by the end of the year. this probably steps it up sooner. vonnie: david solomon has been hiding in plain view. stephen: he djs. vonnie: he's had wine stolen and tells everyone about it. what do we know about his professional life? he's in line to be the head of goldman sachs. he's been super successful. he's been a little more -- blankfein has been more reluctant to cut back goldman sachs. one story i heard about solomon job a few given the years ago of going to some goldma

liz: goldman sachs. >> goldman sachs alum that worked in the trump administration. it was likely that we quoted wall street sources saying lloyd blankfein may announce his retirement this year. that was we, at fox business were ahead of the story for months now. now what's crazy about the story is goldman is not commenting. i think it's perfectly natural he would leave this year. i think just based on what i heard from other wall street executives, people inside the firm, he's been contemplating him putting a date certain on retirement. remember he's 63. at the end of this year, might be 64. liz: is there a front-runner? . >> listen, i don't think it's gary cohn coming back. it may be. may be that the board likes him a lot. liz: he was well liked there? >> you know, gary is a rough guy. i don't know. liz: i just said that. >> you like him a lot because of the cleveland stuff. gary cohn is from cleveland, shaker heights i believe he grew up in. liz: i don't think so. >> you don't think so? where? liz: i'll check. >> i hear it's lower probability he could get the job.

goldman sachs will be part of that. couple years ago, goldman sachs was upgraded, a bullish call on their trading. they are like a bumblebee, so heavy, we don't understand the physics of how it flies, yet it flies. for m&a as long as you are not inbound china on the u.s. tech area. come inside the bloomberg terminal. growth.ppi lagged to chiller number in january. michael: we expect inflation to rise. did someone mention women's apparel? women's apparel actually went down in november and december. there was a step back. you can see it is a lag onth, april,xt m we will see the cell phone problems, the airfare problems, things janet yellen said are temporary, finally, we will see a rise in march, not in february. if we are able to take a dive inside the terminal. we have two charts showing small business prices, the percent of small business owners who say they have raised their prices. that is the white line. months, thethree blue line, shares that say they will raise prices, advised level since 2008. -- highest level si

back i worked for goldman sachs, just like gary -- that guy worked for goldman sachs, just like gary cohn. considering that, directionally, no one knows what's happening, if donald trump decides that he needs someone to beat up on, i have been hearing strains where it might not be wall street. what if it's big tech? the guy who made a movie about clinton cash -- his next documentary, which will debut at cannes, not during the real film festival, is about tech companies. they can smell the sense that trump may be the new wall street, the new punching bag, instead of being goldman sachs and jpmorgan, it could be amazon and apple. emily: marty was on the show yesterday during the breaking news. he talked about how he thinks the relationship between silicon valley and the white house has taken a pause, because we just don't know. what's the vibe from the tech community so far about these tariffs in particular? >> what you have to think about with silicon valley is, to the extent that we are going to look at foreign nations as kind of the enemy, that's going to have a big impact. i think

moment.ay with us for a goldman sachs up 1.5%. shock, we knewa lloyd blankfein what at some point leave but the wall street journal says he may do it by the end of this year. their story says goldman will likely follow an announcement of the departure with a quick transfer of power because the two copresidents are around. what will this do to the stock? you asked howard about this. erik: the market is telling us and nothing at the moment. hard to imagine goldman sachs trading up on the news lloyd blankfein may be preparing to leave the firm. what he appears to have been successfully as what every company wants to do and needs to do, pave the way for ceos secession. whether it will be harvey schwartz or david solomon is a question. it may be both. they have a long history of partnership in leadership. it may not be surprising if the board puts them both in place. sachs iss that goldman a firm rich in culture and the ceos job more than anything is to preserve the culture. if a client like howard says the culture is intact, that tell

he worked for goldman sachs just like gary cohn. when i hear tom talk about apple and am reminded that trump mocked apple, considering the direction, if donald trump decides he needs someone to be -- beat up on, i think you are hearing that it might not be wall street. what if it is big tech? i feel like the guy who made the clinton cash, his next documentary which will debut at con, i think is about the big tech companies. i can smell in the air the sense that the new punching bag for trump could be amazon and apple. schenker was on the show during breaking news and he talked about how he thinks the relationship between silicon valley and the white house has taken a bit of a pause because we just don't know. what is the general viable response from the tech community so far about the tariffs in particular? matt: what you have to think about with silicon valley is to the extent that we are going to look at foreign nations as the enemy, that is going to have a big impact. there are lots of different ways, and that think the biggest w

solomon can grow through the goldman sachs ranks. it would have been harder for him to go elsewhere. i'm sure harvey schwartz will be in huge demand. >> an investment banker is potentially ascending the thrown >> i think as jim was saying, clearly, that doesn't mean they will shut down other parts of the business far from it. as mike was saying this morning, that's the part of the business that has seen revenues grow. the rest have fallen >> trading >> or trading and others have declined. >> it's a reflection to a certain extent as to those that are ascending as to those that are not. we have had traders running the firm for a bit of time there's significance in the fact a banker will take over. >> definitely. this is the area of the business that goldman sachs is number one in the rankings through the last couple of years. trading they used to be number one and has fallen significantly. that's significant but i don't think it means they give up on training. this quarter is a great example of potentially whether their trading can com

julie: goldman sachs is in focus this week. they have been talking about it after reports that lloyd blankfein plans to step down as ceo this year. mehas an heir apparent to david solomon, and more to focus on then investment banking. diversity on wall street and at goldman in particular is an issue, and solomon agrees that goldman needs to do a better job elevating women to its top ranks. in january he told the women in corporate leadership initiative that you make progress, and progress day-to-day feels slow and you are a big organization, but you know overtime that will change. it is our job to change it." indeed, jordan, when you look at the top ranks at goldman sachs, the women are few and far between here. what they have -- what have they been doing to promote women? jordan: david solomon is likely to become the next ceo of goldman sachs, continuing a pattern of a woman not running a major u.s. bank. goldman sachs has been out in front saying they need to do better to improve women diversity. goldman sachs 10 years ago st

the chief economist at goldman sachs. back to you. vonnie: julia chatterley. she will be bringing you more from that conference in fact this hour. we will have an interview with charlie hanover from global markets research at goldman sachs at that conference. it is time to check in on first word news. reporter: south korea's president moon jae-in went to lower expectations for the summit with north korea. he said it is just a start and can be optimistic -- cannot be optimistic yet. they will brief the trump administration. u.s. officials are skeptical kim is serious about spending his -- getting rid of his nuclear weapons program. the trump administration has stepped up on illegal immigration and sued california over three state laws that interfere with federal immigration enforcement and violate the constitution. the laws restricting state and local authorities from sharing information about undocumented immigrants with federal agencies. the poor star who was paid for her silence has now sued the president. she said the nondisclosure agreement is not valid be

again, we can throw up shares of goldman sachs on this report from the wall street journal that lloyd blankfein will leave at the end of the year and goldman sachs is saying it is an over all strong day for stocks "power lunch" has that story right now. >>> i'm melissa lee. here is what is on the menu. a perfect job report for the bulls. strong gains across the economy and no wage inflation fears. does that mean all is clear for this bull market blank fine's exit reports the goldman sachs ceo is preparing to leave by the end of the year. who could take over? could gary cohn make a return? where does the stock go from here and wynn putting money on the table to make this lawsuit go away what is ahead and an exclusive with the wynn new ceo moments away "power lunch" starts right now >>> and good afternoon, everybody. welcome to "power lunch. i'm tyler mathisen a strong rally on that strong jobs report that melissa just mentioned. we're around session highs the dow up about 343 more than 300 points the nasdaq hitting a fresh all-time high. we haven't seen that in six weeks. and facebook

mnuchin has taken a very different tactic even though they come from the same goldman sachs, when you think is a more globalist background again, pointing to the fact that mnuchin said that president is not a protectionist. this underscores how broad the executive authority on trade actually is. you're seeing a lot of attempts in congress and on capitol hill to start to reign that in. unclear how far they will go any legislation that congress is going to try to pass to reign n in the president's authority still needs the president's signature to become law. even though you're hearing a lot of push back from capitol hill, the executive authority on these issues is still quite broad and very strong. >> we also asked the treasury secretary about engagement with north korea and pushback from critics of that engagement here's what he had to say. >> i would say let's look at the situation with north korea the president went through with a series of maximum pressure we've done more sanctions in the last year than the entire last ten years. and those sanctions worked so we're now sitting with

affected are over a dozen people at goldman sachs goldman sachs incidentally the place where gary cohn was before the white house he was president of that investment bank they have many many people in london and people dealing with german business in departments derivatives trade sales. apparently have been giving have been given notice that they are to move to frankfurt in some according to insiders have already signed employment contracts and this is interesting news for frankfurt a lot of renters here won't like it because of course it increases the pressure on german rents as the locals here see it but the brace yourself for the influx sleep on stage in frankfurt thank you. oh willoughby colorful plastic bricks are a new game for your smartphone many children seem to choose the latter and that's why lego sales fell for the first time since two thousand and four the danish toy makers turnover drop by eight percent to four point seven billion euros last year lego has strongly diversified in recent years moving into areas like amusement parks video games and movies but the core brick

he worked for goldman sachs, just like gary cohn. but when i hear tom talk about apple and am reminded that trump mocked apple, considering the direction -- nobody knows what is happening -- if donald trump decides he needs someone to be at up on, it might not be wall street. what if it is big tech? the guy who made the movie about clinton cash, his next documentary, which is going to debut at con, is about the big tech companies. i can smell in the air the sense that the new wall street, the new punching bag, instead of being goldman sachs and jpmorgan, it could be amazon and apple. emily: marty schenker was on the show yesterday during the breaking news, and he talked about how he thinks the relationship between silicon valley and the white house has taken a bit of a pause. we just don't know. what is the general vibe or response from the tech community so far? tom: what you have to think about with silicon valley is to the extent that we are going to look at foreign nations as the enemy, that is going to have a big impact. there a

power, how goldman sachs came to rule the world. we have a cnbc more importantly. that's a moniker for you, what do you make of the general story? >> well, guess what, news flash, he's going to leave goldman sachs at some point, whether it's this year or next year. i don't think it really matters. the succession has been set up, i think, i'm not convinced of that, by the way >> not convinced of which part >> i'm not convinced that it's going to be harvey or david. >> you mean marty. >> explain marty >> marty chavous, a computer scientist, he's not clearly as folliclely challenged as the others >> i was just looking up the picture. >> he's got way too much hair. >> is it receding? >> he's got hair >> no way. >> and he has japanese tattoos on his arm he's most ungoldman sachs-like but he's a very smart guy. >> what are the tattoos? >> japanese -- >> haiku or something. >> maybe a trader -- >> more of a banker? >> yes david solomon came from bear stearns which means he's not as thoroughbred as the rest of them which is important consid

emily: he was the ceo of goldman sachs. you have been an outspoken opponent of the trump administration. what do you make of this of the context and general of where we are more than one year and of this administration. are we better off or worse off? >> obviously, we are so off the path of i could even imagine. to think linearly about these things. this is not linear. i think the resignation would lead to more eternal chaos. how itbly hard to know compares to where we are today versus where we could of been a year ago whatever. generally, it is not good to see that lack of stability and steady hands of may be some of the people he was surrounded by. emily: do think it will hurt business? >> i think businesses in the market appreciate having somebody with gary cohn's background and lyrical views involved in the administration. very sort of oriented toward a growth economy and so i think this could put some risk on the policies. i think it that is what matters a lot with this type of role. who is advising the president and u

literally mocked goldman sachs on the campaign trail. that they relieved have this guide they saw as a friend, someone who could push to cut corporate taxes, and now gary cohn is gone and that is destabilizing. i talk to executives over the last 24 hours that said this freaks me out. >> let's look at apple as an example. it is still unclear if apple would be marked as an importer. what does this really mean as far as we know for apple, its products, its supply chain? apple has to be caught in the middle of this somehow, given the fact they are the world's largest, most viable company. they are importing products from china, and a lot of the supply chain is in china. apple is not going to get off scott free here. the question is, in a worst-case scenario, it certainly would be affected. a company that generates so many tens of billions of dollars a year, we have heard people talk about this as something more of a rounding error. we are talking about tens of millions of dollars. not, at the end of the day, a big factor. it really depends o

goldman sachs could see a changing of the guard. set to stepein is down as soon as the end of this year. president trump agreed to meet with kim jong-un by may of this tor in a high-stakes gamble denuclearize the regime. >> robust hiring but muted wage growth. 313,000 jobs were added to the economy last month beating the consensus by 100,000. the data quelling concerns they would have to accelerate rate hikes this year. discuss, i have to ask about wages. what happened? >> economic data doesn't go in a straight line. sign ofthink this is a a reversal of the trend we have seen. wages are slowly going higher. there is that discussion that we have slag in the labor market. -- we are still seeing a tighter and tighter labor market. number in whopping terms of job ads. can we think the president? >> for important -- for investors it is an important point. if physical peak comes it will be the middle of this year. we peak fiscal impact, should expect to see the labor market continue to do well. the question is what going on when you see t

thank you so much the latest on goldman sachs. david: now a check of the markets with abigail doolittle. in full valley, and the nasdaq 100 sharply higher, and the reason we have the nasdaq 100 here, tech heavy nasdaq indexes putting up all-time highs. the nasdaq and the nasdaq 100 put in record highs -- three major averages plus the nasdaq on paper, the weekly gains. the s&p 500 up 2%, and relative to the nasdaq, we hop on to the bloomberg and look at the one your chart of the nasdaq. have a beautiful uptrend of the average -- near-term buyers, we see volatility back in february with the 50 day moving average was light. right now we are looking at all-time highs, for the near-term and long-term buyers supporting stocks. it is worth noting that when you see big weekly swings like this, it could be more big volatility. or ahead, see upside and we will see. microsoft, amazon, and phabetout -- and alfa -- oil now higher on the week despite a bearish department of energy report, and that confirms the risk on tone. and finally, preside

not just that goldman sachs, but jpmorgan and all across. carol: more bloomberg television starts right now. ♪ mom you called? oh hi sweetie, i just want to show you something. xfinity mobile: find my phone. [ phone rings ] look at you. this tech stuff is easy. [ whirring sound ] you want a cookie? it's a drone! i know. find your phone easily with the xfinity voice remote. one more way comcast is working to fit into your life, not the other way around. ♪ emily: i'm emily chang in this is the best of "bloomberg technology." the broadcom bombshell. why went to the white house and why it failed. plus three senior executives at the road before a critical progress report for the model three goes public. plus, blockchain seizes the spotlight at sxsw.

not just that goldman sachs, but jpmorgan and all across. carol: more bloomberg television starts right now. ♪ ♪ nejra: regulation rollback -- the u.s. senate passes legislation that would ease constraints on regional and community banks, but will the house go even further in slashing dodd-frank rules? going dark -- mifid ii has been implemented, but how much disruption will we see? and the future of the banking union. what there is to say about europe's future and further integration. welcome to "bloomberg markets: rules and returns." i am nejra cehic in london. rules and returns goes into the regulatory challend

not just that goldman sachs, but jpmorgan and all across. carol: more bloomberg television starts right now. ♪ ♪ david: when you have problems with weather, do you ever communicate directly with god? pm netanyahu: all the time. we used to say it was a local call, but you know, the internet changed all that. [laughter] david: the iranian agreement. you are skeptical. pm netanyahu: you either fully fix this deal, or you fully nix it. david: what is the pleasure of being prime minister? pm netanyahu: oh, investigations. [laughter] [applause] david: the israeli economy is doing quite well. pm netanyahu: if you are not investing in israel -- is anyone here not investing in israel? invest in israel! >> would you fix your tie, please? david: well, people wouldn't recognize me if my tie was fixed, but ok. just leave it this way. alright. ♪

not just that goldman sachs, but jpmorgan and all across. carol: more bloomberg television starts right now. ♪ mom, dad, can we talk? sure. what's up, son? i can't be your it guy anymore. what? you guys have xfinity. you can do this. what's a good wifi password, mom? you still have to visit us. i will. no. make that the password: "you_stillóhave_toóvisit_us." that's a good one. seems a bit long, but okay... set a memorable wifi password with xfinity my account. one more way comcast is working to fit into your life, not the other way around. >> the following program is a paid advertisement for the shark lift away speed. shark has redesigned the upper right and redefines what versatility means. the shark do a clean power lift away speed, build for ingenious innovation for life's real messes. >> so cool. >> i love it. >> shark thought of everything. >> i can never go back to the old way. >> it has

not just that goldman sachs, but jpmorgan and all across. carol: more bloomberg television starts right now. ♪ wouldulation rollbacks ease constraints on community banks, or well the house go even further? how much disruption will we see? and the future of the banking union. markets:o bloomberg rolls on returns.

that had raised this and had reported on this he said clearly yes i had a meeting with goldman sachs that was subsequently registered as that and i mean you know mr also and indeed mr kite and said look he didn't he wasn't lobbying you know for the back but i mean nobody expects it to be done as crudely as mr mr cardoza meeting commissioner chitin and saying goldman sachs want this can you deliver the fact is that you know after a single phone call he was able to have personal and direct access with a very influential commissioner and both of them acknowledged that hop was discussed was trade defense and both of those are very important issues so it's just sort of insider knowledge these networks that is why people like mr perot so people who have held high positions within the institutions are so attractive for big corporations such as goldman sachs because they have that that access that can deliver information that that may be important for their business very briefly because we're running out of time on this one what do you want to hear from the commission when they come back to

goldman sachs did very well after the financial crisis for a major reason. they were bailed out because of the aig bailout. they got some money from buffet. they were essentially the only game standing who could sit there and trade treasuries and mortgage backed securities as the fed was basically inflating its balance sheet with those and by the way, the first quarter after the financial crisis, goldman sachs made $4 billion. like a record. >> [laughter] charlie: pretty amazing so he benefited from that government bailout, but lately the last few years, he hasn't and i think what you're seeing now is goldman saying we need a change in business model. we don't think lloyd is the guy, and the real question does gary cohn come back. connell: the journal says it will be one of the two presidents. >> not david cohn. liz: [laughter] >> but the interesting thing just following up on what you're saying, charlie, is that he did terrible in a market that had no volatility. >> absolutely. >> now he's getting out when there's volatility coming back that's the contrary.

should leave goldman sachs? the idiots. the smart people stay. i left because i had a burning desire to have my own business and my own company and to paint on my own canvas. i was very young and did not realize how hard it was. the chairman of set x had a great line. if you know how hard it was, you would into it. i am very glad i did it. i learned to evaluate talent to build a business which ultimately led to greater success with a lot of failure mixed in. that is why when i got knocked out of the white house, people said, oh my god, what a failure. that's not a failure. if you are an entrepreneur, you know how to be persistent and resilient. if you have it, you have to go for it. you have to live your life without fear. bob: i think we have a lot of questions. >> thank you for coming. my question is, you say we have to look at these politicians and accept that they are human. i want your stance on when trump had the parkland discussion, he had it written in his notes to remind himself to say, i hear you. do y

david: goldman sachs sets the stage for a ceo succession. china plans new financial regulations. broadcom's blockbuster bid for qualcomm gets blown up. >> you have to look at this as a chilling effect of m&a. >> this notion of broadcom as a chinese company is nonsense. david: trade is a trending topic. distinguished guests share important insights. >> you need access between countries, it is called fair trade. >> i think all of this talk about trade wars, i think it is overdone. >> i don't think president trump will do anything ridiculous. david: and, canadian prime minister justin trudeau insists that his country will continue pushing back against protectionism. >> we will continue to push against it in a firm and polite way because we are canadians. david: this is all straight ahead on "bloomberg best." ♪ david: hello, and welcome. i am david westin. this is "bloomberg best," your weekly review of the most important business news and analysis and interviews on bloomberg television from around the world. on friday last week, it was reported in the wall street journal that lloy

david: goldman sachs sets the stage for a ceo succession. china plans new financial regulations. broadcom's blockbuster bid for qualcomm gets blown up. >> you have to look at this as a chilling effect of m&a. >> this notion of broadcom as a chinese company is nonsense. trade is a trending topic. distinguished guests share important insights. >> you need access between countries, it is called fair trade. >> i think all of this talk about trade wars, i think it is overdone. >> i don't think president trump will do anything ridiculous. david: and, canadian prime minister justin trudeau insists that his country will continue pushing back against protectionism. >> we will continue to push against it in a firm and polite way because we are canadians. david: this is all straight ahead on "bloomberg best." ♪ david: hello, and welcome. i am david westin. this is "bloomberg best," your weekly review of the most important business news and analysis and interviews on bloomberg television from around the world. on friday last week, it was reported in the wall street journal that lloyd blank

david: goldman sachs sets best the stage for a ceo succession. broadcom's blockbuster bid for qualcomm gets blown up there we had guest: this has a chilling effect of m&a. >> this notion of broadcom as a chinese company is nonsense. guest: distinguished guests share important insight on trade. >> you need access between countries, it is called fair trade. this talk all of about trade wars, i think it is overdone. >> i don't think donald trump will do anything ridiculous. davidavid: and, canadian prime minister justin trudeau insists that his country will continue pushing back against protectionism. >> we will continue to push against it in a firm and polite way, because you are canadians. david this is all straight : ahead on "bloomberg best." ♪ david: hello, and welcome. i am david westin. this is "bloomberg best," your weekly review of the most important business news and analysis and interviews on bloomberg television from around the world. on friday last week, it was reported on the wall street journal that lloyd blankfein would step down a

sachs isf goldman speaking in boston at an event. this is happening at the boston college chief executive club. you can catch the complete event on the bloomberg. so much to follow today. from new york, this is bloomberg. ♪ shery: this is "bloomberg markets: balance of power." dowd has resigned, the president's lawyer to the malone -- robert mueller investigation. for more now, we are joined by the famous events in -- famous defense attorney, harvard law professor, into the author -- author of a book about israel. president quotes from your op-ed piece. "president trump was right when he said there never should have been a special counsel appointed." >> it is not a quote. my actual column appears on the hill. i have always been opposed to the special counsel. i was opposed in 2017, when he first was appointed. the special counsel, they are supposed to find crimes. it is inconsistent. westernhe only democracy that appoints special counsel to go after particular individuals. if you special counsel ends up not finding any crime, he ha

david: goldman sachs sets the stage for a ceo succession. china plans new frameworks for financial regulations. broadcom's blockbuster bid for qualcomm gets blown up. >> you have to look at this as a chilling effect on m&a. >> this notion of broadcom as somehow a chinese company is nonsense. david: trade is a trending topic. distinguished guests share important insights. >> you need a normalization of access between countries. it is called fair trade. >> i think all of this talk about trade wars is overdone. >> i don't think president trump for the u.s. administration will do anything ridiculous. david: and, canadian prime minister justin trudeau insists his country will keep pushing back against protectionism. >> we will continue to make these arguments in a firm but polite way because we are canadian. david: it is all straight ahead on "bloomberg best." ♪ david: hello, and welcome. i'm david westin. this is "bloomberg best," your weekly review of the most important business news, analysis, and interviews from bloomberg television from ar

bell on goldman sachs. next, we will be talking u.s. strategy with north korea. this is bloomberg. ♪ david: this is "bloomberg markets: balance of power." shery: u.s. stocks are mixed at the moment. industrials and materials leading the declines. there are gains and losses. energy and consumer stocks are rising. there was a pretty solid treasury auction. a 30-your debts, 13 billion dollars is being sold tomorrow. david: let's go to the bloomberg first word news. wilburident trump says ross will speak to european officials about tariffs on its goods. officials have not said if the tariffs are not fair to american farmers and manufacturers. muelleriller is at -- is at a crossroads. his investigation into whether president trump obstructed justice is a most finish, but he may put that aside to finish other parts of the probe. reveals other parts of the case, there is worried the investigation down. the bank for international settlements, household farming is seen as a danger in china. it may be at risk for an international crisis. jong-un is hoping to sign a peace

he worked for goldman sachs, just like gary cohn. but when i hear tom talk about apple and am reminded that trump mocked apple, considering the direction -- nobody knows what is happening -- if donald trump decides he needs someone to beat up on, it might not be wall street. what if it is big tech? the guy who made the movie about clinton cash, his next documentary, which is going to debut at cannes, is about the big tech companies. i can smell in the air the sense that the new wall street, the new punching bag, instead of being goldman sachs and jpmorgan, it could be amazon and apple. emily: marty schenker was on the show yesterday during the breaking news, and he talked about how he thinks the relationship between silicon valley and the white house has taken a bit of a pause. we just don't know. what is the general vibe or response from the tech community so far? tom: what you have to think about with silicon valley is to the extent that we are going to look at foreign nations as the enemy, that is going to have a big impact. there

. >> goldman sachs sets best reach for a ceo succession. blockbusters lot bac bid for qualcomm. >> this notion of rock, as a chinese company is nonsense -- this notion of broadcom as a chinese company is nonsense. >> you need access between countries, it is called fair trade. >> they always talk about trade wars, but i think it is overdone. >> i don't think it will do anything ridiculous. host: and, canadian prime minister justin trudeau insists that his country will continue pushing back against protectionism. >> we will be firm and polite because we are canadians. host: this is all straight ahead on "bloomberg best."♪ ♪ >> hello, and welcome. i am david westin. this is bloomberg best, your weekly review of the most important business news and analysis from around the world. on friday last week, it was reported that lloyd blankfein would step down as ceo of goldman sachs at the end of 2018. he brushed off reports on twitter, but last monday, the story came back to the four. >> more on the line of succession at goldman sachs. so solomon

david: goldman sachs sets the stage for a ceo succession. china plans new frameworks for financial regulations. broadcom's blockbuster bid for qualcomm gets blown up. >> you have to look at this as a chilling effect on m&a. >> this notion of broadcom as somehow a chinese company is nonsense. david: trade is a trending topic. distinguished guests share important insights. >> you need a normalization of access between countries. it is called fair trade. >> i think all of this talk about trade wars is overdone. >> i don't think president trump will do anything ridiculous. david: and, canadian prime minister justin trudeau insists his country will keep pushing back against protectionism. >> we will continue to make these arguments in a firm but polite way because we are canadian. david: it is all straight ahead on "bloomberg best." ♪ david: hello, and welcome. i'm david westin. this is "bloomberg best," your weekly review of the most important business news, analysis, and interviews from bloomberg television from around the world. on friday la

golden -- goldman sachs also declined to comment. arizona has ordered uber to stop operating autonomous cars after the death of a pedestrian. the governor called last week's fatal incident involving a self driver -- driving car on questionable failure. the company had already voluntarily halted all testing after the vehicle struck the woman in tempe, arizona. cfo said its first wave of electric cars will not be as profitable as combustion engine models. returns will be better than the previous battery-powered vehicles. the forecast will accelerate by 2020. he made the comments in an exclusive interview with bloomberg. >> they are going to spend $34 billion on electrification, and a thomas driving. we are serious about it. we think it is what the company looks for. we will invest in the optimization of our portfolio. combustion engines make up the majority of the market. considerng number will the task. juliette: that is your bloomberg business flash. anna: thank you. u.s. president donald trump has ordered 60 russian diplomats to lea

the coo of goldman sachs, this has been well known for a while. you have been an outspoken opponent of the trump administration. what you make of this in the context in general the year into this administration? are we better or worse off than we would be? aaron: we are so off the path where i could imagine. generally, we tend to think linearly and this has been very nonlinear. i think his resignation would lead to more internal chaos than we would already be seeing. it is hard to know where we are today versus where we could be a year ago. it is not good to see that lack of stability and steady hands of some of the people who he was surrounded by. emily: you think it will hurt business? aaron: i have no idea. businesses and the market probably appreciated someone of gary cohn's background and political views involving the administration. very pro-trade and oriented towards a growth economy, and so i think this could put risk for policies. this is what matters a lot of these roles, who is advising the president and ultimately what are the policies