35 Burst results for "Lloyd Blankfein"

"lloyd blankfein" Discussed on Squawk Pod

Squawk Pod

08:38 min | 9 months ago

"lloyd blankfein" Discussed on Squawk Pod

"We say well when you say the. Us military introduced it. That's disinformation from the Communist Party. And we're almost left with the he said he said. Or or however you want to phrase it. Is it productive if you don't have direct evidence to to say that there's a lot of it like you're someone? Men's direct is another man circumstantial. Here's what we know for sure When we know for sure that the virus originated in Wuhan China and that the disease emanate around the world. The Chinese Communist Party covered this up. We have been working diligently and are working diligently to day to get the Chinese Communist Party to help us identify patient zero where this began. How this came to be this isn't about politics this isn't about partisanship this about protecting Americans tomorrow. This is an ongoing crisis. Are The world's epidemiologists. Still don't know the original of this fire as the reason that we continue to ask for transparency for a reliable partner in China's because it matters going forward so not only. Do we have this current pandemic. That's taking place that we still have to figure out how to get therapeutics and vaccines to market all the things that we need this information. That only the Chinese Communist Party has in its possession. They're the only ones that can help the world of this today and for our American security but we gotta make sure this doesn't happen again. You made a reference to the absence of High Quality Standards. Inside of these labs. The tennis Communist Party runs a bunch of labs inside of China. This is not the first time. There's been a risk that the SARS virus when it broke out There were leaks from their labs. We we gotta make sure that we get our arms around this not only for today but to protect the world going forward this is. This is serious business. I think the world can see enormous economic pain that has been inflicted on the globe and now quarter million lives as reported. I I would. I would argue the Chinese numbers not worth a not worth a darn as you suggested. Forty million lives destroyed as a result of what happened. Want and the Chinese government has an obligation to help us figure out how to make sure there aren't increase lives lost as we move forward. Andrew has a question is sector. Thank you Joe Mister Secretary on terms of the strategy of good morning to you of raising the rhetoric and perhaps the tensions with China one of the things we talked about it on this show over the past few days that some healthcare professionals even people within the diplomatic community have mentioned. Is that right now at least in this very moment? We are still very reliant on China for access to P P and certain supplies. It'll be necessary for for tests that we need right now and also for some of the drug development later in terms of supply chain. So what do you think? The risk is towards raising some of these issues and raising some of the tension in terms of whether that's GonNa put any of those supplies at risk or in jeopardy obligation to be truthful to the American people. This is what democracy is to. We're not raising the rhetoric. Were simply trying to protect the world from a global pandemic by sharing what we know and asking the Chinese Communist Party to do what they say they WANNA do. They say they WANNA be a nation that participates in the global economy. They say they want to be cooperative. They say they love the world. Health Organization wouldn't do the right thing. Share the information that you're required to under international health regulations with the World Health Organization. Do do what you say you're GONNA do. This isn't about rhetoric. Were trying to get the data set to save lives the what we did initially with the first day of the trade negotiations it was. It was taken positively because of the prospect for much more progress being made in subsequent negotiations secretary. Would you say that we still should be optimistic? That anything can happen. Between these. Two Countries. With with the way the rift is is widening at this point based on the pandemic. We're prepared to go work on these matters and good faith just as the trump administration's done for three years now Joe So the answer to that will turn on the decisions that the Chinese Communist Party leadership makes if they if they want to engage in the world if they want to protect property rights if they want to conduct fair and reciprocal trade. If they're interested in that which they tell us they are yeah. I think there's a path forward to do that if they choose a different path If they choose a path where they continue to operate in the way they've operated for the last twenty five years president trump's just going to say that doesn't work for the American people in the American worker and we're going to head down a different path. It will be it will ultimately be up to them. What about whether they want to conduct in a way? That is consistent with global practices. Becky secretary do you worry? About the impact on tariffs what what that impact could potentially mean for businesses and consumers here in the United States at a time when we're facing unprecedented losses of jobs. I'm most concerned that China do what's right for America's workers and employers? We've seen we've seen unfair trade relationship for an awfully long time. President trump is mayday hallmark of this administration fixing that so we can get our economy going growing doing the things that he promised he would do. All along. What the trade team ambassador lighthizer secretary she's been working on for a long time I hope we can get it done in a way. President said happy to have no tariffs no barriers non-tariff barriers free trade reciprocal trade. That's what we're shooting for. The second is getting back quickly. To to the origin of the virus there I was under the impression and Dr Fouled. She has made some comments that it has been determined that maybe it escaped from a lab. Perhaps but that the notion that it was designed or weaponized or created by the Chinese has been taken off the table but some recent comments. You had or that even that. You're not completely convinced that this wasn't actually made in a lab by the Chinese. What can you add to that? I've seen some suggest that that's what I said. They were aiming to confuse and train. Create friction inside the United States. Government are the fact. Is that the intelligence community has conducted its analysis with the information that it has an available it. It is said that this was not a man made virus. I see no reason to dispute that. The question that the Chinese Communist Party has to help the world answer is how did this come to be? Where did it come from? How did to get the wild? Where's patient zero? All the things that free freedom loving nations that want to protect life around the world which share information on? We still don't have the virus samples spite of repeated requests for it and we need the the action of the Chinese when this happened in terms of certain doctors not being able to speak out and I mean it doesn't necessarily mean they don't wasn't from the from the wet market I guess but some of the actions would certainly raise questions for for how transparent everything was. I think we gotta go ender deal a quick one for missing secretary or very quick Mister Secretary which is in terms of sharing information but in this instance also sharing drugs rim desa fear which. We're all thrilled and hope is going to help. So many people has is going to be taking control of by the federal government in terms of its distribution and the question becomes how. That's going to be prioritized. We all imagine this me prioritize within the United States but what the implications of that may be internationally as we become. More are reliant on other countries in part to help us with supply chain of the drugs in the future. Look I when we get to each of these opportunities whether it's therapeutics things like we're all the opportunities that I'm confident we will. We will generate We're we're going to work hard to make sure that we get every place that is needed whether that's here in the United States or elsewhere as president said we. We don't care WHO figures out how to solve this problem from an epidemiological standpoint. We want the whole world to resolve this crisis crisis. Okay second that echo that sentiment in the sector. I thanks once again. Thank you thank you off. Okay thanks squawk pod. We'll be right back that SQUAWK POD for today. Thank you for listening squad. Fox's hosted by Joe Kernan Becky Quick Andrew Ross Sorkin tune in weekday mornings on CNBC at six am eastern.

Chinese Communist Party Us China secretary President President trump Secretary Joe Kernan Becky Andrew Ross Sorkin Wuhan China Chinese government World Health Organization Joe Mister CNBC partner Fox
"lloyd blankfein" Discussed on Squawk Pod

Squawk Pod

08:48 min | 9 months ago

"lloyd blankfein" Discussed on Squawk Pod

"This squad pot. I'm CNBC. Producer Katie Kramer. Today on our podcast Lloyd Blankfein the former Goldman Sachs head and legendary risk manager in these special interview. I think the right thing to do is to kind of push the direction of opening up. The Economy Corona virus recovery could look like and how soon we expect it. Now some people express this as dollars versus but that's not fair it's really helped versus health because poverty. Gdp is also a health issue and secretary of State Mike Palm Pale on ending the pandemic hopefully with health question that the Chinese Communist Party has to help the world answer to have this come to be. Where did it come from? How did it get in the wild? Where's patient zero? It's Thursday may seven twenty. Twenty squad begins right good morning. Everybody welcome to Squawk box here on. Cnbc I'm becky quick. Along with Joe Kernan and Andrew. Ross sorkin another week and another three million. Americans have filed for unemployment. The ruling total now sits at thirty three and a half million people out of work. It's alarming and it's likely to grow but maybe at a slower rate. This is the lowest the weekly number has been since mid-march when the World Health Organization I declared the covert nineteen virus of these. Statistics are just a day ahead of Labor Department's monthly jobs report which is expected to reveal another grim picture of the American workforce banker and President of the Federal Reserve Bank of Minneapolis meal. Kush Qarase spoke on the today. Show this morning about just how dismal those upcoming unemployment numbers could be that bad report. Tomorrow is actually understate. How bad the damage has been because that survey asked people are you actively looking for work and a lot of people who just lost their jobs and we're all sheltering in place they're not actively looking for work so I think the number tomorrow will probably be something like sixteen or seventeen percent? I think the real number is probably around twenty three twenty four percent. It's devastating. Of course you'll have to wait for tomorrow and tomorrow squawk odd to find out if he's right but this series of questions remain. How financially devastating Kobe? For the American people. Can we mitigate that damage by reopening our economy? Sooner and what happens if reopening ends up making it worse with those questions we turn to Lloyd blankfein former Goldman Sachs. Ceo and famed risk manager at the helm. Goldman from two thousand six to two thousand eighteen. He was called arguably the world's most influential financier and though he retired and has remained mostly out of the limelight since he is not a lost his prominence when blankfein speaks Wall Street and main street. Listen up especially on twitter Lloyd. Blankfein has about one hundred and forty six thousand followers who have seen his thoughts in recent weeks about the corona virus economic impact. And we're leaders should go from here. Here's Joe Kernan kicking off. Today's conversation with the former bank. See you want to start by asking you as a risk manager? One of the best and I really believe that. Do you think the way. We're approaching reopening the country. Do you think that this is a feasible way to do it in terms of both risk Trying to minimize risk but also trying to get economy open again. I think we we`re. We're experimenting here. You know the states from the beginning of the federalist period states were always had Obviously we have a federal structure states. Make their own rules. And when it was I talked about it this was supposed to be kind of laboratories so states can do different things and then of course the copy outcomes would be would be noted and then people would move towards the best practices. I think it's to me the way wanting to value life in the way it's justaposed between life versus economics. I'd be very very reluctant to accede to anything. But I'm kind of I think the right thing to do is to kind of push direction of opening up the economy now. Some people expresses as dollars versus health. But that's not fair. It's really health versus helped because poverty. Gdp is also is also a health issue. A life expectancy goes down. If there's you know we have a bad economy. Gdp drops by a lot. I don't I wouldn't open up. I would follow the CDC guidelines. But I think the broad stroke. Let's shut everything. Down is something that we should that we are pushing against now and I think the tide is rising of that in general and I wasn't as critical as some of the states that were kind of leaning into that movement I think at the lows in the markets you also weren't quite as negative about the prospects for what what the future is going to hold and I surprised as a lot of people that the markets have recovered At this point and I'm trying to glean your thoughts through through some of the tweets. You made right at the time. I think we're I think we're in the neighborhood. It's tough to forecast. I think were in the in the realm of contingency planning neil cash carry former Goldman Sachs. Alum your cash Carey said we really don't know the damage that's been done because the unemployment numbers understated. Because people aren't some people aren't looking for jobs so they're not counted. I'm not sure that that's really what the damage is. We know we shut the economy down. The damage would be businesses. That are forever jobs that don't return and we don't really know that and we don't really know that from this unemployment number. I'm sure there's some correlation between the number of jobs lost now and the fact that fewer jobs will come back but we really don't know we really don't know that and I think we just have to as a manager. I think you have to plan for a number of contingencies here. Generally at the depths things look an unresolved crisis is always horrible. Is always bad because you mind extrapolates to new dimensions. And they're all bad. I think people generally you know just to Warren Buffett says it's every day I mean it just very resilient and flexible and people adapt. I'm not living in my job. Didn't allow me to be pollyannaish. But I do think you would know history if you don't see that that we're quite adaptive that said there is undoubtedly damage being done and on a macro GDP level and also a personal level. My heart goes out to Mr on forest built businesses and some of those businesses won't open again and you obviously were were right in in the trenches of in two thousand and eight. You understand fed action. You understand fiscal action. I'm going to read verbatim one of your tweets for maple ninth to just set this up. Not all of the bold actions in support of jobs and the economy will go smoothly and of course. Public Health will determine outcomes but Monday morning. Quarterbacks are going to have a field day but in MNUCHIN POW. We have the right folks on our economic issues at this critical time. So you figure the Fed's moves all in. I mean really shock and awe type news and also some of the fiscal programs from Mnuchin at Allen and Congress. These these were both. You think there's merit and both of those programs I think. They they acted terrifically. Undoubtedly there's GonNa be a thousand dissertations that'll be written from carols and libraries somewhere when things are calm and everyone can reflect and I'll sign fifty things that they could have done better but in the fog of war heat of battle I think they acted very quickly courageously and largely correctly. And and as somebody who used to run a big enterprise with a lot of challenges and a lot of our business was trying to predict the future trying to position companies based upon uncertainties. Where the where we're in industries go. You know it's hard to get this stuff right but somebody has to be bold and make a move and they made a move and so if you want to sit there and say you should have gone a little bit left. Thirteen degrees to starboard or something like that easy enough to do. But I'm telling you I think those did very very well. Not Everything is going to has worked perfectly. Who would expect that it would and you know you listen to some of the talking heads go at it. I think to myself. Gosh I'd like your knees knocking together. You're faced with making those decisions at that moment but Beckett and Lloyd you mentioned just your previous job what used to do in terms of thinking through risk. You're one of the best risk assessors ever. What do you think about what you'd be doing right now? If you were running that business stiller another business what you'd be doing just in terms of trying to make sure you survive this. Make.

Lloyd Blankfein Goldman Sachs risk manager Cnbc Joe Kernan World Health Organization Chinese Communist Party Goldman Producer Katie Kramer twitter Kush Qarase Ross sorkin Mike Palm Minneapolis Warren Buffett Fed stiller becky
Big Banks, Airlines, March Retail Report

MarketFoolery

11:15 min | 9 months ago

Big Banks, Airlines, March Retail Report

"It's Wednesday April fifteenth. Welcome to mark. I'm Chris Sale with me today. The one and only Andy Cross could see my friend. Hey Chris how're you doing in there? I got coffee. I'm good good to we got. We got a lot going retail. We've got airlines. We'VE GOT ENTERTAINMENT. But we're GONNA start today with the big banks because it's earning season and the as an industry. The big banks sort of lead the way Goldman Sachs and Bank of America both out with first-quarter reports Goldman Sachs profits down. Forty Nine Percent Bank of America can take some small solace in the fact that their first quarter profits. Were only down forty five. Yeah it's it's the real headline I think from the banks. Chris is just the reserve the loan loss reserves. They're taking now in this quarter so when you look across almost all the banks. That's been the biggest hit to the prophet picture. The revenues were somewhere in the flat. Picture for example Goldman revenues were flat. Gp Morgan's revenues were down like three percent wells. Fargo was down down about eighteen percent so the revenue lines weren't such the concern. It was really much more profit picture as you mentioned. And we're just seeing that show up in the earnings per share of these companies but the biggest part for that or these loan loss reserves that these companies have to the banks have to set aside in the expectation that the economic crisis. The pandemic that we're facing is going to cause some of their clients both on the consumer side and the commercial side to not pay their bills and so they had to set aside reserves for that. So when you just look at like what happened with with Goldman their earnings down forty six percent and they set aside nine hundred thirty seven million dollars this quarter. That's almost as much as they sent. Set aside for all of two thousand nineteen and that's four times the amount that aside in the first quarter of two thousand nineteen and you see the same thing across all of the the big banks. Gps set aside an additional six point. Eight billion dollars. It's four point. Four billion in the consumer side mostly for cardholders and the rest on the on the commercial side and across the entire company. That say this is ten billion more in reserves than a year ago. So you're seeing these banks really start to ramp up their preparation for what they expect to be. A very tough market of the next year I would also think in the case for every one of these banks has an investment banking arm. Goldman Sachs is the clubhouse leader and I would think that as we are in this environment where it's really hard to imagine any company going public in the next say at least two months Probably closer to four to six months That's one more thing that a bank like Goldman Sachs has to worry about. Yeah Chris absolutely right. So there's just these very high margin parts of their business that are going to start to see. Oh the fluctuations if not complete drops because that market has really started to soften. What's interesting on the Goldman side and Goldman's really going through this this reform under the new? Ceo Their new their new CEO. The bank is really kind of struggled. It's such A. It's such such known as such a class name in the banking space but the stock has actually struggled and the returns on equity have actually trailed their peers over the last few years. There's a real push by the new. Ceo David Salman to start to really invigorate Goldman Sachs again. So we had this whole plan when he became. Ceo after Lloyd Blankfein just recently and then obviously the pandemic hit so but a bright spot to Goldman or big part. Their business has always been there. Trading revenues and. That's actually been kind of a little bit of an Albatross for them over the past couple years but that actually was a bright spot in the first quarter of the same thing with J. P. Morgan Goldman's trading revenues were up twenty eight percent and JP Morgan is trading revenues. Were up thirty two percent so because of all the volatility because of all the frenetic trading activity were seen in the markets from both institutional clients and consumer clients for the big banks. It's mostly institutions were. We saw these results pop up for some of these. Larger banks like Goldman G. P. M. So that's that was one small bright spot in a quarter. That obviously is showing a lot of pain. Jp MORGAN LONG-SERVING CEO. Probably the most respected name and finances. We've talked about Jimmy Diamond. Chris who had suffered a emergency heart surgery a few months ago and came back to the job right in the middle of the as the pandemic starting to really get going. He put out his earning his his His annual letter. He talks about every year and really try to set the tone for the market ahead of what we the financial institutions and banks will see over the next year because there's obviously a lot of concern With just the just the plumbing and the financial picture of US banks. Let's move on to the airline industry because several airlines including Delta American jet blue and southwest have said that they have reached agreements with the US Treasury Department on part of that twenty five billion dollar plan for payroll grants. Obviously this is Good news for those airlines and The people who work there but it really does seem like this. I don't WanNa call it a band aid but it seems like it is a A relatively short bridge. That'll get them through the next couple of months. Hopefully but all the airlines really seemed like they have their work cut out for them Chris. I think I think bridge a bridge. If not band aid bridge I think is a good term apropos because So of the two point two trillion dollar in the stainless package that was signed into law. Last week were in late March. Now the the airlines are starting to work with the Treasury Department to figure out how they can access that and both in grants and loans and as you mentioned a pretty much all of the airlines all the major ones are going to start tapping into this and this is obviously Anita step for businesses. That are really struggling. You're seen bookings that are downed. Seventy ninety percent capacity in the company these companies have they have taken capacity out from their business both domestic and international. So it's really started. There's a heavy fixed cost and these businesses and when they have nobody flying and nobody buying tickets especially business travel which is really slow down. You're starting to see it now. Show up in the potential future of these businesses. But back to your bridge comment. I think these the airlines when I look at almost all the industries that operate and you think about the recovery patterns. I don't know if we're going to be in a v-shaped recovery or more of a U. shape slow growth recovery of both in the US and worldwide. But I do think. The airlines travel companies of all the industries. They will really be in the most flat shape recovery and I think it'll take a while for consumers to be able to come back into the travel mode get used to going back into airplanes. Get used to going back into airports. Airports Basically over the last ten twenty years have become big retail destinations. And you're seeing now foot traffic in the airports drop off a cliff and that's hurting the retail establish establishments inside these airports so that industry is just going to go along a long way to recover. They they needed this. They needed to be a tap the US government to help them support their business. Because without that you would see massive bankruptcies in the Industry Savan to the retail industry because we got the march retail report. And it was. I think every bit as bad as we were all expecting retail across the board down eight point seven percent in the month of March. That is the worst in history. Worst drop in history and context third on the list is the drop in retail that we saw in November. Two thousand eight and this was more than twice as bad in terms of percentages. And you start going through this. And the and of course the lone bright spot is grocery stores up around twenty seven percent but some of these other numbers in here you look at clothing and clothing accessory down. Fifty percent motor vehicles down twenty five percent. These are not but I kind of like we saw with the monthly jobs report for March and we knew that it was much worse because it really the only started They stopped collecting that data mid month. Same thing with retail. I mean I'm looking at one of my thoughts when I was going through. The march retail report was my God. How much worse is April GonNa? Because then we'll have a full month of this crazy was really devastating report. I guess not too surprising considering what we had seen in in late February and obviously there's our own consumer behavior but just for some context first of all that eight point seven percent number. Chris you mentioned is just a drop from February. So it's a month over month seasonally-adjusted number but historically that if you go back. They've collected this data since nineteen ninety-two if you go back. Usually that month-on-month change is in a small less than a percent change so the average is about point three five percents. So it's it's pretty tight. It's a very tight range. You're talking an average of point. Three percent with a standard deviation so changed from an average of less than a percent. So you really talking a very tight range here. You're talking last month. We saw a drop of eight point seven percent so it's significant compared to the average and not in way outside this the norm of what we see the last few decades so like you mentioned the worst number before this was in the great financial crisis when it was when when the number of fell three point eight and three point nine percent back to back. So we're talking twice as much as that drops it just context that about how significant this was just knowing wh- how we have changed as consumers. It's really pretty. It's evident and now we're seeing a show up in the number so as you mentioned some of the areas really got hit just really just a very significantly and then you see you see spots like grocery stores actually have a very significant ramp because as we continue to spend more and more at the groceries try to stock up in preparation for the quarantine that we are all facing and now still face and then you see things like food services and drinking places down twenty six percent from the month before and obviously just showing there that the real impact and that's having ripple effects because when you talk about ten to twenty percent of the global of the US employment is somehow tied to entertainment travel that area getting back to our airlines business.

Goldman Sachs Chris Sale J. P. Morgan Goldman United States CEO Goldman G. P. M. Jp Morgan Andy Cross Bank Of America Ceo David Salman Gp Morgan Us Treasury Department Fargo Lloyd Blankfein
"lloyd blankfein" Discussed on Boss Files with Poppy Harlow

Boss Files with Poppy Harlow

09:03 min | 1 year ago

"lloyd blankfein" Discussed on Boss Files with Poppy Harlow

"It'll be searched to mystifying data wherever you listen to podcasts once you've made your big discovery next you have to prove works in our second episode of Engineering ideas we head to Milan to talk prototyping with our Dino founder Mosima Bonzi visit Mazar dot com slash empowering innovation to watch the episode now hey everyone some exciting news to share it is our one hundredth episode of boss files it has been quite a journey and I'm glad you've been along for the ride so I just got back from our citizen by CNN conference at the live event with newsmakers across industries talking about critical issues Goldman Sachs CEO Lloyd blankfein toward me on stage and we talked about a lot he says capitalism is not dead but it must be more fair he was born and raised in Brooklyn Public Housing he made a Harvard by each sixteen and then made millions on Wall Street so he has known both sides of the proverbial tracks so how does that inform him today as America grapples with best in a faulty we also talked about his twitter feud with twenty Democratic presidential candidate Bernie Sanders check that out if you have not seen the exchange I asked him what he thinks of Sandra statement that billionaire shouldn't exist in America he told me he's opened the rich eight foreign taxes should pay more tax. I sure as heck would be willing to pay more taxes if I could buy a more a happier less polarized society for sure he also shared his thoughts about president trump's temporary the using to president trump's temperament is a net positive for the country right no it's not a bit par positive I don't anybody thinks his tongue temperament is how much is it hurting this country in the world I'm not putting words in the president's with he says it himself he has a nationalist agenda let's jump in right now to my live conversation with blood blankfein at citizen by CNN. I really appreciate you being here we've talked over the years but you're in new position you are no longer CEO of Goldman Sachs so you're free to see a little bit more about what is actually on your mind I did even I didn't remember I had to go on Google to figure out how to tie a tie do you I don't believe that okay so let's just dive right in Mark Benny off salesforce founder and CEO told me last week critically capitalism is dead is it unequivocally no it's not dead it's not dead it's we we're the envy of the developed and frankly the undeveloped underdeveloped world in terms of our of our system there's no doubt in my mind is always needed to be thinker with is no purity of classical capitalism there needs to be regulation you have people striving they shouldn't be allowed to win and monopoly is you have to be a lot of treatments and a lot of tinkering and a lot of potentially redistribution and making things fair always always always but capitalism is not dead. I would be agreed distribution that well let me ask you as a registered Democrat how do you then explain why last year according to Gallup more disturb Democrats viewed socialism positively than capitalism. I don't know I just think we haven't we had people haven't been challenged every generation has learned its own thousands that's where there are cycles in history and that's why there are business cycles and I'm not sure everybody is talking about the same thing when we're talking about a new people now talk about socialism and I'd say which aspect of socialism the socialism that had that want a progressive tax at wants to as I said for redistribute or the government pays for things that only previously rich people can afford that poor people don't get so they lose the opportunity or the type socialism where the government plays a bigger and bigger and bigger role in the economy. If it's the former we've always done that can you can argue the The taxing system should be more or less progressive etc I think there's a lot of knowledge at this point data about why you shouldn't have the government owned the means Russian do you want to pay more taxes showed you do I want to pay more tax I'd like to pay no taxes but I would like to live in a civilized world where people aren't blonde coming with torches and rakes trying to kill each other should you pay more taxes should people that have made as much money as Lloyd blankfein in the way that you made money pay more in taxes because I know you care deeply we've talked for years about it about the inequality in this country we'll talk about inequality I'm not as pessimistic as a lot of the people there they're again they're cyclical reasons why inequality goes up or down you know technological change tends to reward venture people at the expense of Labor which tends to lose its jobs in favor of machines or in this case electrons or digital things so there's site reasons for it and we have to the system has to after that you know the words we have to come together and be a country should I pay more tax I sure as heck would be willing to pay more tax if I could buy a more happier is polarized society for sure but that how would help the US I think would help the mood of the country and I think we'd get some focus on real issues that we should be doing and with real problems and real opportunities instead of everybody hacking at each other all the time to Bernie Sanders who yeah there's a history there guys we're GonNa get to it moment and the tweets the New York Times ask Bernie Sanders if he thought that billionaires in the United States should exist and he said I hope the day comes when they don't you are like borderline billionaire should billionaires exist should billionaires exists I think we should have incentives system where people could should continue to strive and the people who have proven themselves the most productive should we have the incentive to want to keep producing there's a lot of instrumentalities to make sure that we don't that we don't calcified billionaires in their position there's a state tax a progressive taxes there's a lot of ways of with it but I am not hostile to successful people who've created things that other people want and would pay for frankly that's what makes that's improved our standard of living Bernie Sanders put you on his anti endorsement lists and then you had a little bit of back and forth on twitter I said what's read what you said I don't know why Senator Sanders Pisano retiree like me I think he's always looked down on me because he grew up in a fancier neighborhood in Brooklyn there's it and then he came back and I said you know we have more in common you think to self made to self made millionaires from Brooklyn Yeah there's that also some differences in pretty stark ones but in all seriousness are there any ideas of his on the economy on equality that you actually think are good ideas listen to what people are saying and respond to it you're not guaranteed stability in the in the world what's going on in Hong Kong liquids going on another country on the okay you're not guaranteed stability you have to make accessions the issue of ideology and right or wrong but there's also the practicality of making sure that every buddy throws in and can live with the outcomes we're at a moment in time where it's so polarized that everybody's everybody is challenging the legitimacy of the outcomes that's making for a certain legitimacy and and stresses and stress in the system what ideas so that's not good so we have to I think he's right about some things and even some of the things where I would be dragged along and unnecessary ready to exceed exceed with the pragmatic fact that we have to get people to Oh throw in and have to give them more by the way that also applies to the right also that applies the way the left should look at the right we're such a divided country you'll have to listen WHO each other and work out some compromise on issues here so we all get along a little bit better so here are some ideas to do that proposed by Elizabeth Warren and Bernie Sanders there's the idea of a wealth tax which is not just an income tax it's a tax on your wealth there's the idea of Elizabeth Warren proposed having forty percent of all corporate board members. Be needed by the employees there is the idea of a Wall Street tax which is even been according to The Washington Post considered by Joe Biden I think which tells us a lot if he's thinking about that Url Kirk those good ideas there will directionally trying to accomplish estate was worth so it's hard to imagine a tax on your wealth.

Goldman Sachs Lloyd blankfein CNN CEO Bernie Sanders president trump America twitter Mosima Bonzi Brooklyn Milan founder Joe Biden Harvard Sandra founder and CEO The Washington Post Google Mark Benny
Goldman Sachs says 1MDB scandal could hit pay for top executives

Bloomberg Politics, Policy and Power

00:32 sec | 2 years ago

Goldman Sachs says 1MDB scandal could hit pay for top executives

"Goldman Sachs groups top executives now have millions of dollars at risk from the firm's one m be scandal. That's the fun that prosecutors say was rated and diverted from Malaysian development projects. Goldman had raised money for years for the fund. And the firm says it didn't know the money was being diverted. New CEO, David Solomon, got twenty three million dollars in compensation for last year. Former CEO Lloyd, blankfein got twenty point five million both figures could be clawed back depending on the outcomes of the one MD

Goldman Sachs CEO Goldman David Solomon Lloyd Blankfein Twenty Three Million Dollars One M
"lloyd blankfein" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

05:44 min | 2 years ago

"lloyd blankfein" Discussed on Bloomberg Radio New York

"Have Jason Kelly on my partner, Carol Massar. And this is Bloomberg radio. Small things. We talking. I don't know. What are we talking? We talk all the small had a listener suggests that Blake one eighty two song and Mike. Okay. Cool league. One eighty two that's very contemporary. Like user base listener base. Well, they do provide some feedback. Some good some bad. But we're going to go into that. Absolutely the sort of the nature of the beast. Anyway today looks at the smaller companies because. This report from Barclays, basically making the argument that if you look at say, the Russell two thousand index that small caps are in their words, historically, cheap. Now, they cited a number of the valuation indicators to draw that conclusion and the chart looks at two of them price to sales ratios and also price to book value. So, you know, the value of companies asset so going beyond the typical price earnings comparison, and what's interesting about if you take out percentages and just look at the ratios themselves that over several years the gap between, you know, the smaller companies and the larger ones represented by the Russell one thousand index was relatively steady. But in the last couple of years, it's sort of been drifting down, and in fact around the start of the fourth quarter. You saw the lowest price to sales and price to book in relative. Terms for the Russell two thousand since the early two thousands talking to two thousand one two thousand two now there's been a bit of a rebound since then, but still you're talking about an unusually wide gap in valuations, you know, a four point, and when you figure, you know, Russell might be trading at one time sales, the two thousand that is in the one thousand is more like to I mean, we're not talking about insignificant gap. It's it's a point that that the pullback was seen in the markets have really change either valuations and some of the various metrics in terms of how we value stocks. Absolutely. Focus on the larger companies, the smaller ones has left the likes of the Russell two thousand relatively cheap any case semi an Email. If you want to know more, I'll get you the chart desperation that goes with it and everything I do going forward. The Email address is dwilson at Bloomberg dot net. That's dwilson Bloomberg dot net. All right. So we gotta get to our next door. The most read story on the Bloomberg in the past eight hours. Sri Nadarajah is with us finance reporter up Bloomberg is who is Goldman's last million, man. Well, in many ways, this is this is a story that we've been writing about Gelman over the last six months, another senior executive leaves the what is really surprising here. And today, we broke the news that their general counsel. The legal chief is leaving the film after twenty six years is that for the last few weeks after Lloyd blankfein exit. He held a very rare mantle at the firm the man with the highest number of shares more than a million shares. And that is a dying breed. If I if you pull up the holders list, even on your Bloomberg terminal, you have Gary Cohn. One out Lloyd blankfein out now, Greg palm, the general counsel out the next best. If you see publicly disclosed figures, David Solomon, the CEO is one fifth the number of shares that the general counsel had. And so why I mean, this this is a bit of an anomaly in the sense that he's been there for a long time. And was there really in truly a different era? Look and odds are no employ will accumulate this many shares again, it's simple. He spot of the old partnership. He's part of the partnership that Goldman Sachs was always known for. He was their pre IPO may killing in that ibn. Remember, the Goldman IPO in one thousand nine hundred nine minted quite a few millionaires many times over and he was one of them a lot of that cost is gone and a generational shift is shaping across the Bank. Well, and what an interesting figure too. I mean, testified on his own in front of congress. But also, notably was right behind blade playing find you can sort of see him in a great picture that accompanies your story solve a lot of things and candidly had a little bit of work to do right there at the end of his tenure with the one scandal, which is still looming over Goldman, right? Right. And in fact, in our story, we quote Eliot Spitzer, the former governor as well as the former attorney general who really took on Wall Street, and he makes a very good point. If firm like. Goldman will always have many issues that crop up. Yes. Makes sense. Why you need a successful attorney knowledgeable person. Someone who's well. Connected in that role in Goldman suddenly had that person for the last two decades well-connected and to do that sort of job you've got to be well compensated slept in his chambers because he worked so hard in his early years, right? Right. Court clerk pellet court. Yeah. Just steal someone else's joke. When he started when he was a clerk at one of the appeals court judges chambers. He used to sleep two nights a week. Then someone said it's like he always already started the business of the most billable hours back. Then there you go. Rajon finance? Reporter most read story do wanna bring you one headline. President Trump reportedly walking out of a quote waste of time meeting with speaker Pelosi and minority leader Schumer, and it was just moments ago an hour ago that we talked about, you know, he we saw him up on Capitol Hill making comments talking about a unified GOP. He then met with Pelosi and Schumer. And then of course, that headline coming out there digging end, Carol. All right. Let's get some world and.

Bloomberg Goldman Russell Goldman Sachs general counsel Lloyd blankfein Carol Massar reporter attorney Barclays Jason Kelly Blake Mike Eliot Spitzer partner Pelosi Schumer Gary Cohn Rajon
"lloyd blankfein" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:19 min | 2 years ago

"lloyd blankfein" Discussed on Bloomberg Radio New York

"To the weekend edition of Bloomberg business week over the next couple of hours. We're gonna be news of the week insights from the magazine and so much more and Carol in this week's broadcast lot attack. We're talking Amazon, but decidedly low tech in a way because what they're looking for looking for people. Let's take a look at lifted an Uber right much smaller company lift but nonetheless, both of them going public and investors getting pretty excited about twenty nine thousand nine it's a high tech coke and Pepsi. I love that story. It's also the good business issue. We spend so much of the year talking about what's going wrong. Here's some companies that are doing things. Right. Plus, we take a look at Lloyd blankfein final days at Goldman Sachs. Jason, of course, clouded by the one MDP's scandal. We're talking about that Malaysian sovereign wealth fund. It's a great story, and we took a deep dive, thanks to max Abelson. But first Carol Jason no doubt about it. Twenty eighteen has been a really hard one for investors. In fact, it's been the worst drought since one thousand nine hundred one according. To some almost every asset class has lost money. It's unbelievable especially I think anyone who's looked at their 4._0._1._K late, especially if you look at the last quarter or so of twenty eighteen a lot of pain and suffering for sure if you only had some hindsight on the financial markets, if only well done authors did have hindsight. He's finance columnist for Bloomberg opinion. And he joins us now. So tell us a bit about hindsight capital tongue-in-cheek. I say it tongue-in-cheek hindsight capital LLC is a hedge fund which I have been visiting every year for the last ten years, which has the huge advantage that is invests with the benefits of hindsight's. I it puts on the traits at the beginning of the year, the puts on if you had perfect knowledge of how the year was going to work out. Now, I put some limits on it. Obviously it was allowed to leverage up or. Vigil stocks then it's retention be infinite every year. Can make back. So it has to say that the rules of the dick can only go in relatively broad asset classes, no individual stocks are individual bonds, and it can leverage up at also very critically has to show that you didn't lead hindsight to make that trade at the beginning that there was a justification for doing that trade at the beginning of the year, and I will mention just this once because some people do get disappointed this hedge fund is imaginary..

Carol Jason capital LLC Bloomberg Goldman Sachs Lloyd blankfein Amazon max Abelson Pepsi ten years
"lloyd blankfein" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:20 min | 2 years ago

"lloyd blankfein" Discussed on Bloomberg Radio New York

"Welcome to the weekend. Addition of Bloomberg BusinessWeek over the next couple of hours. We're going to bring you news of the week insights from the magazine and so much more and Carol in this week's broadcast lot attack. We're talking Amazon, but decidedly low tech in a way because what they're looking for looking for people. Let's take a look at lifted an Uber right much smaller company lift but nonetheless, both of them going public and investors getting pretty excited about twenty nine thousand nine it's a high tech coke and Pepsi. I love that story. It's also the good business issue. We spent so much of the year talking about what's going wrong. Here's some companies that are doing things. Right. Plus, we take a look at Lloyd blankfein final days at Goldman Sachs. Jason, of course, clouded by the one MDP's scandal. We're talking about that Malaysian sovereign wealth fund. It's a great story. And we took a deep dive, thanks to maximal said. But first Carol Jason no doubt about it. Two thousand eighteen is it's been a really hard one for investors. In fact, it's been the worst routes. Nineteen ninety one. According to some almost every asset class has lost money. It's unbelievable especially I think anyone who's looked at their 4._0._1._K out late, especially if you look at the last quarter or so of twenty eighteen a lot of pain and suffering for sure if you only had some hindsight the financial markets, if only well done authors did have hindsight. He's finance columnist for Bloomberg opinion. And he joins us now. So tell us a little bit about hindsight capital tiny cheek I say tongue-in-cheek, hindsight capital LLC is a hedge fund which I have been visiting every year for the last ten years, which has the huge advantage that is invests with the benefits of hindsight. I it puts on the traits at the beginning of the year, the puts on if you had perfect knowledge of how the year was going to work out. Now, I put some limits on it. Obviously it was allowed to leverage up or going vigil stocks. Then it's returns would be infinite every year can make. So it has to say that the rules of the cannoli relatively broad asset classes, no individual stocks are individual bonds, and it can leverage up and also very critically. It has to show that you didn't need hindsight to make that trade in the beginning that there was a justification for during that trade at the beginning of the year, and I will mention just this once because some people do get disappointed this hedge fund is imaginary..

Carol Jason Bloomberg BusinessWeek capital LLC Bloomberg Goldman Sachs Lloyd blankfein Pepsi Amazon ten years
Lloyd Blankfein attended key meeting with 1MDB figures

Monocle 24: The Briefing

00:52 sec | 2 years ago

Lloyd Blankfein attended key meeting with 1MDB figures

"Helped forge ties with Malaysia and its new sovereign wealth fund at the time. Now both currency. Oh, David Solomon amd as predescessor have said that the scandal was the work of a few rogue employees. And there is no indication that blankfein was also the unnamed quote high ranking executive at a later twenty thirteen meeting, which it's at the heart of the scandal. But this is a very interesting story. It is the most read story on the Bloomberg terminal this morning because of that interest where we also have news from. German steel giant. Yes. Essentially mining and energy shares are really leading the drop in European stocks today, and this is in particular because Tisan croup has lowered its profit guidance due to legal provisions now this is related to an ongoing investigation into whether it's still division colluded in price-fixing, the jabbing company now expects a just at earnings before interest in taxes of one point six billion euros. And that's

Croup David Solomon Bloomberg Malaysia Executive Blankfein Tisan
"lloyd blankfein" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:35 min | 2 years ago

"lloyd blankfein" Discussed on Bloomberg Radio New York

"It takes us oil pipeline in a victory to indigenous rights groups and environmentalists district judge. Brian Morris ruled the environmental impact assessment for transcanada's. Keystone excel pipeline fell short national environmental policy. There's another source of friction between the US and Russia Moscow hosting the Taliban at a peace conference. That will include a dozen countries. The US is sending an observer Afghanistan pressured Russia to cancel a similar meeting in September. But it will attain. This one the Afghan civil wars lasted seventeen years world leaders. Applying to France is Europe gets set to Mark the end of the first will war, British Prime Minister, Theresa May's and bells and today with the French and Belgian counterparts Shula a wreath at the graves of the first and last British soldiers killed in the conflict global news twenty four hours a day on and take talk on Twitter, powered by more than twenty seven hundred journalists and analysts in over one hundred twenty countries. I'm Ben Clarke, this is Bloomberg markets. That's very much. Ben now, Bloomberg sources say Lloyd, blankfein personally, helped forge ties with Malaysia and its new sovereign wealth fund. According to court documents, the meeting was arranged with the help of men who are now tied to the subsequent plundering of the one MD be fund a spokesman for Goldman Sachs has declined to comment on the former CEOs behalf and the Bank has said it believed proceeds of debt sales. It onto roads were for development projects for more on joined by Bloomberg finance editor, Philip logger cancer. He's with us this morning. Great job you on Philip. So how does the news of this blankfein meeting impact Goldman as it relates to its role in the one MD be solid. Well, if you look at what Goldman's been doing. It's basically been trying to create kind of differentiate between senior men's keeps senior managers sort of distant from the one to be want him to be the buckle. They have said that the work around one the fraudulent work around one in db was basically the work of rogue employees such as Tim life. Roger. Every time a senior executive is painted out as having been in touch with senior officials around one MGB, obviously that narrative gets chipped away. At so, we know now, for instance, that Lloyd blankfein with president this would media would Najeib we also know that it was Joe lo and Tim buys ner central figures in the one into be fiasco that that set this meeting up what we don't know is exactly what blankfein disgust with Najib. And obviously, you know, you could say that it's quite natural. No corporate leader return down. A meeting with a with a sitting prime minister of a country. But it certainly doesn't help the optics. Philip how important are the optics do business because of the optics while if you look at they haven't had a real presence in Malaysia for years. Now there southeast Asia Business has been you know, like scaled back they scaled it back a couple of years ago, and they haven't really gone into rebuilding mode again as as as pertains as relates to militias, obviously a tiny market for Goldman always was but the presence of blankfein at this meeting in two thousand nine definitely indicates that it was a market that they wanted to focus a little bit more on. So the business fallout certainly stairs probably hard to quantify. But as as you know, when it comes to more senior leaders being close more closely tied to the whole MGB thing. It just gets harder for Goldman Sachs to maintain this argument that we basically did not know we had a couple of rogue employees went behind our backs and they did this by. Things and we had no way to shield ourselves from that every time it comes out that a senior executive was somehow in a meeting with the principles that narrative gets a lot harder to maintain Philip how much money did Goldman Sachs actually make or all of its dealings with one and db. It's around six hundred million US dollars in fees for three bond sales. So that total about six and a half billion dollars, the fees were certainly eye-popping. And you could argue now I mean, the the initial argument from Goldman was that we took risk in in relates as it relates to getting these bond sales done. We basically warehouse to bonds, and we were the only ones who could turn around a deal like this at this at the speed that the issuer needed it. And thus the fees are market based certainly the admission by licensor that he paid bribes to get on these to get Goldman onto these bond deals et cetera et cetera. Does put that narrative a little bit in question. And I think that several Goldman executives had said that in hindsight. This is something they probably should have looked a little bit closer at fill. It very quickly. What's the next step in the investigation? So the DOJ is looking to wrap this up as you're saying are there any other local investigations what's Malaysian their their investigations all over the world Malaysia's doing, you know, obviously is investigating Jeep himself. There are warrants out for Jolo. And Roger we we broke the news yesterday that Roger among the former Goldman banker who was working closely with lichner is fighting extradition that would clearly be bad for for DOJ. If he manages to fight off extradition. The big question is worse. Joe Joe Louis at the heart of this. What does he have to say? And can they get their hands on him? All right. Bloomberg's finance editor joining us there. Philip logger. Thanks so much for talking. Through the details of this story. So we have a lot more on your markets coming up. We'll also look at what the fed did what it didn't say. I had some really funny notes actually talking to us about what it didn't say. And what that means for treasurer is straight ahead on Bloomberg daybreak Europe. Christopher appeal chief investment officer at Tavistock investment. He joins us on set. And if you'll soon be in the office, be sure to check out more great interviews on Bloomberg television by going to TV go on your Bloomberg. You know, what I'm looking forward to listening to the Disney chief executive interviews. That are David Westin. Did he talks about in parks? He also talked about this move to digital. This is Bloomberg. This is a Bloomberg market..

Goldman Sachs Bloomberg Philip logger Lloyd blankfein Goldman Malaysia US senior executive Roger Europe Keystone Ben Clarke editor Taliban Joe Joe Louis Brian Morris MD Russia Moscow
Goldman drops bitcoin trading plans for now: Business Insider

CNBC's Fast Money

00:47 sec | 2 years ago

Goldman drops bitcoin trading plans for now: Business Insider

"Versatile is Wall Street. All out of love with though bitcoin fell, almost six percent today reports. Goldman Sachs decided to break up with bitcoin trading plans Bob Bassani the NYSE with more. Hi, Bob, I'm here for the music love. It was one of the big rumors that helped fuel bitcoin at its height last year that Goldman Sachs was looking to launch a crypto trading. This then CEO Lloyd blankfein tweeted about that time that it was still thinking about doing something on bitcoin, but nothing happened. And now a report from business insider says, Goldman shelving. Those plans due to regulatory concerns and bitcoin is falling in response, golden refused to confirm or deny the report, but they did issue the statement in response to client interest in various digital products. We are exploring how best to serve them in this space. At this point, we have not the conclusion on the scope of our digital

Goldman Sachs Bitcoin Goldman Bob Bassani Ceo Lloyd Blankfein SEC Nyse Golden Six Percent
Goldman CEO Lloyd Blankfein to retire, to be succeeded by Co-COO David Solomon

Chris Moore

03:54 min | 2 years ago

Goldman CEO Lloyd Blankfein to retire, to be succeeded by Co-COO David Solomon

"Trying to find. A new fair value Deborah mind has your first word headlines she joins us Deborah President Trump has reversed his denial of Russian election meddling that's after a widespread backlash including from senior members of his own party Trump now claims he, missed the one word during his news conference with President Putin in Helsinki the attended clarification comes more than twenty four hours after this comments from. Which he hadn't backed away in several subsequent. Media interviews I realized that there is. A need for some Tariffication I should have been thought it would be But I would like to clarify. Just in case it wasn't in my remarks I said the word would instead of Shannon's should have. Been I don't see any reason why Why it wouldn't be rushing the Bank. Of England is a step closer to a rate hike that's after you came playmate rose to a record and the three months through may governor Mark Carney has cited strength in the labor market and limited spare capacity as reasons to raise rates though he's not said exactly when the money markets are now pricing in an eighty percent chance of. Tightening at the bank's next meeting Goldman Sachs has. Confirmed that David Solomon will succeed Lloyd blankfein as CEO October I. Will usher in the new era only the second hand over of power and Goldman's two decades as a public company at fifty-six Solomon will be the banks oldest new leader and almost half a century blankfein has been a Goldman for thirty years he's expected to pocket almost eighty five million dollars when he finally walks away I'll be stepping down as CEO at the end of September and as. Chairman and I will retire from the firm at the end of the year Global news twenty four. Hours a. Day on air and. Take talk on Twitter powered by more than twenty seven hundred journalists and analysts in more than one hundred twenty countries I'm Deborah now this is Bloomberg Debra thank you very much, now the fed chair Jay Powell has tweaked his language as I was saying about the right path adding words for night as a caveat his description of the. Central banks. Plan, to keep hiking With. A, strong job market. Inflation close to our objective and the risks to the outlook roughly balanced c, believes that for now the best way, forward is to keep gradually raising the federal funds rate In his testimony before. The Senate banking committee Powell also spoke about. The yield curve as fears of inversion rise the shape of the curve is something we've talked about quite a lot different people think about it different ways some people think about it more than others I. Think about. It as really the question being what's what's that message from a long run rate about neutral rates Let's bring in rob Subramaniam had of. Emerging market economics for Asia excluding Japan fixed income research at the more he joins us now from a Singapore. Studio great to have you with me this. Morning my question to you is this was not a slightly more dovish fed with those two magic words four NY Yeah I actually think so I think the feds no more dovish hawkish after Powell's. Testimony to me the, full now really signal that the fed is a lot more data. Dependent than the east to be pal talked earlier about how they're, going to, move very gradually and one risk. Where they may have to celebrate the pace. Is if inflation picks up foster all financial. Stability risks grow more but he also said we might have to hike more more slowly than the, current course If the signs.

Deborah President Trump Jay Powell FED President Putin Goldman Sachs Bank Lloyd Blankfein Mark Carney Shannon CEO Helsinki Twitter Rob Subramaniam Bloomberg David Solomon Chairman Asia Solomon
Goldman Sachs, Amazon and CEO discussed on Vickie Allen and Levon Putney

Vickie Allen and Levon Putney

01:15 min | 2 years ago

Goldman Sachs, Amazon and CEO discussed on Vickie Allen and Levon Putney

"To get huge prime day savings on those amazing blink cameras President Trump moves to clarify his public undermining of American intelligence agencies that's ahead and five. Minutes said twenty-five it's money news on WCBS with Bloomberg's Tracy jonky Wall Street's completely. Turned this day around the day started with losses the Dow. At the closing bell up fifty, five points. At twenty five thousand one twenty the NASDAQ ended at, a record forty nine points at seventy eight fifty five in the s. and p. was up eleven points Wall Street's. Began smoothing out the early losses after fed chair Jay Powell expressed a willingness to slow, the pace, of interest, rate hikes if necessary investors also got over Amazon's. Early prime, day technical. Difficulties Amazon stock climbed to. Its fifth straight record the ecommerce software company fade visor. Said sales and prime days I twelve hours topped last year's by eighty nine percent a part time club DJ will be the next CEO of Goldman Sachs David Solomons fulltime job For the, past decade has been. Running the investment banking division at Goldman Sachs currency l. Lloyd blankfein is retiring at the end of September with money news at twenty five and fifty..

Goldman Sachs Amazon CEO Jay Powell Lloyd Blankfein Donald Trump Bloomberg President Trump Wcbs Eighty Nine Percent Twelve Hours
Snyder, Goldman Sachs and Powell discussed on Bloomberg Markets

Bloomberg Markets

00:55 sec | 2 years ago

Snyder, Goldman Sachs and Powell discussed on Bloomberg Markets

"The central Bank thinks the economy will remain strong. For, the next, few years Powell said he. Expects the fed will continue to gradually raise interest rates, stocks are mostly higher the Dow Jones industrials are up forty, two points or two tenths percent twenty five thousand one hundred six the NASDAQ is up forty seven point six tenths percent the s. and p. five hundred is up eleven or. Four tenths percent Goldman Sachs verified, at, succession plan David. Solomon will take. Over as chief executive when Lloyd blankfein steps down. At the end, of September the founder of Papa John's international has Reportedly had some second thoughts about, his decision to resign from the chairman's, post John Schneider step down after his use of a racial slur came to. Light now people familiar with Snyder's thinking say he. Believes the pizza chains directors mishandled the situation by. Pushing him. Aside without an investigation Jeff, Bellinger Bloomberg, radio listen is a hiring manager I've got to,.

Snyder Goldman Sachs Powell Papa John Bellinger Bloomberg FED Lloyd Blankfein Solomon John Schneider Chief Executive David Jeff Founder Chairman
"lloyd blankfein" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

04:01 min | 2 years ago

"lloyd blankfein" Discussed on Bloomberg Radio New York

"It with golden and of course we can do this with Lloyd blankfein at the top of. Their press release it, just came out I guess last time that will see Mr. blankfein there, John to me it's. An ageless question are? They a Bank are? They a Bank and do they want to? Be a Bank and it looks like they do want to be Tom because the the story of the last, year or so is the push into traditional banking in a much much bigger way than we've seen previously. From Goldman thought Lloyd blankfein comments with our John Nicolas wait a, few weeks ago sort of, a final conversation the economic club. Of New York he did exactly what. You said John he really danced around the nuances of what they would do Do and also what they would not do I think what's really interesting here is we've got a trader at the top of Goldman Sachs. And we're about to see an investment banker take after twelve years with Lloyd blankfein you get the investment banker David Solomon still waiting on the announcement Tom I, should be clear about that plenty reports got against the numbers we still don't have, the official announcement. From Goldman Sachs this morning we just have the numbers within this is the heritage of Ruben. And frankly the Weinberg family and you, know going back well over one hundred. Years and goes forward with this shift of the kind of CEO to what does west street. Look like in ten, years I don't have a clue it's a changing of the guard really, isn't it because we're. Not just expecting the? Like server changing Goldman? We're looking for a change I swear and? It's just I think more coincidental than anything Tom they've got a series of CEO's and got a certain stage, in their careers at a certain age and you expect it to be a change at the top of. The Bank and I think that's what we're saying with Lloyd blankfein, of Goldman Sachs that the, other people would point sound I. And I would not define I would. Hate to define a twelve year tenure with a one year Price performance of. The stock but it's a stock nonetheless that has underperformed for the year Underperformed through two thousand seventeen as well and many people are looking for guys. To what this Bank is going to be over the next decade week course with surveillance we know so much about Goldman Sachs. Through the research capability is, wonderful with Abby Joseph Cohen's commitment to the show young hearts he has appeared many times but I would say the research combine of the weekend, rather of the World Cup was when, we, have the two young Turks from Goldman Sachs who did their acclaim World Cup analysis John. This is what they came up as a summary of, the brain power of Goldman Sachs after back passes to the center back to the wing I thought we, found that this federal halted all that tell me your story What are you doing Come. On they nailed it they had Croatian their readjustment halfway. Through the World Cup They back Did it? Looking back, I'm sorry they nailed it with a forward vision. On Croatia I'm not sure they now the. World comfortable I think they've nowadays investment Bank. In numbers they look great for anyone just tuning getting revenue. North dollars the estimate one. Eighty four that's for the investment banking side of the business in the, second quarter fix sales and trading revenue coming at one sixty one sixty five speaking. Of nailing can we have a moment of silence? For France she's. Just John Moment of silence. For the guy from St. street in Sydney the? Absolutely nailed this Did you see the winner, of the blue bracket guy. Totally killed his name is Tim perished from State. Street and Tom looks really bracket he had the World Cup all the way through the only thing. He got wrong. Was Germany getting, to the knockout. Stage is pretty much everything, cows? He, got right had of Croatia France frost winning he got the whole thing right yeah that's really what do we do this, again in like two years in two years and the World Cup. In four years but we should get this straight in Sydney? Should commercial break Shuman, can you can you in the next, couple of days effort this guy. In. Sydney they want to get the guide martyrdom zero smarter than all of us anyway tell me, go to move on I've gotta move on because we've got to get you to the NJIT stem.

Goldman Sachs Tom I Lloyd blankfein Goldman John Croatia Sydney CEO investment banker France John Moment John Nicolas Abby Joseph Cohen NJIT New York Shuman
"lloyd blankfein" Discussed on WAFS Biz 1190

WAFS Biz 1190

01:56 min | 2 years ago

"lloyd blankfein" Discussed on WAFS Biz 1190

"Afraid of when rise in interest treated unfairly china has every reason to take the necessary counter new york say david solomon will be named the new next goldman sachs ceo this week the new york times sites people briefed on the plan to officially make him lloyd blankfein successor at the bank solomon was made sole president under blankfein back in march making him the fried writer for the ceo spot now blankfein will stay on at the bank for an interim period theresa may is again defending her plan for leaving the eu calling on voters and politicians to rally behind it or face no brexit at all riding in the mail on sunday newspaper she insists that she will not compromise the uk national interest in negotiations foreign secretary boris johnson and brechfa cheap david davis both resigned over may's plan for keeping close links the eu post brexit president trump is being advised not to use strategic petroleum reserves and has wore awards where they've run is pressing saudi arabia and other opec members to fill any supply gatt that will arise when us sanctions tail iranian crude exports tehran's opec representative says tapping the pr would be a mistake that would nearly push oil prices higher and france has won the world cup for the second time in history beating croatia four to two in the final however the bank of france is not expecting much of an economic boost it says the victory twenty years ago lifted consumer confidence but fairly affected gdp global news twenty four hours a day on air and take talk on twitter powered by more than twenty seven hundred journalists and analysts in more than one hundred twenty countries i'm deborah mouth this is bloomberg manage thank you very much president.

deborah bank of france opec david davis secretary uk theresa lloyd blankfein goldman sachs twitter croatia france china representative tehran saudi arabia trump boris johnson
Goldman to formally name David Solomon next CEO early this week - NYT

Biz 1190 Overnight featuring Bloomberg Radio

01:56 min | 2 years ago

Goldman to formally name David Solomon next CEO early this week - NYT

"Afraid of when rise in interest treated unfairly china has every reason to take the necessary counter new york say david solomon will be named the new next goldman sachs ceo this week the new york times sites people briefed on the plan to officially make him lloyd blankfein successor at the bank solomon was made sole president under blankfein back in march making him the fried writer for the ceo spot now blankfein will stay on at the bank for an interim period theresa may is again defending her plan for leaving the eu calling on voters and politicians to rally behind it or face no brexit at all riding in the mail on sunday newspaper she insists that she will not compromise the uk national interest in negotiations foreign secretary boris johnson and brechfa cheap david davis both resigned over may's plan for keeping close links the eu post brexit president trump is being advised not to use strategic petroleum reserves and has wore awards where they've run is pressing saudi arabia and other opec members to fill any supply gatt that will arise when us sanctions tail iranian crude exports tehran's opec representative says tapping the pr would be a mistake that would nearly push oil prices higher and france has won the world cup for the second time in history beating croatia four to two in the final however the bank of france is not expecting much of an economic boost it says the victory twenty years ago lifted consumer confidence but fairly affected gdp global news twenty four hours a day on air and take talk on twitter powered by more than twenty seven hundred journalists and analysts in more than one hundred twenty countries i'm deborah mouth this is bloomberg manage thank you very much president.

Deborah Bank Of France Opec David Davis Secretary UK Theresa Lloyd Blankfein Goldman Sachs Twitter Croatia France China Representative Tehran Saudi Arabia Donald Trump Boris Johnson
China’s Meituan Dianping files for Hong Kong IPO; seeks over $4 billion: sources

Bloomberg Best

02:24 min | 2 years ago

China’s Meituan Dianping files for Hong Kong IPO; seeks over $4 billion: sources

"Is cutting the amount of cash some lenders must hold as reserves it unlocks more than one hundred billion dollars of liquidity by cutting the reserve ratio by half a percentage point effective july fifth asian stocks are taking another beating this morning investors still weighed down by trade tensions between the us and china here's the farage at state street the prospects of a trade war that play into the fed thinking they're already starting to see signs that the firms are delaying investment or firstleg hiring trade wars sending equity so far but i think there's a deeper problem that and that's with the removal of qe and farage says this will make it tough late later on for the federal reserve it's only the fed doing it so far but the others are slowing so i if you look at the kiwi come into the market a lot less than it was last year last year on average one hundred twenty five billion dollars a month now he's twenty five billion during the second half the year becomes a net drain meantime in an encouraging word for american companies the south china morning post reports that china does not plan to target american firms in china with trade reprisal actions may den paying the world's fourth most valuable startup a food delivery service in china well it has filed for an initial public offering in hong kong and revealed the scope of its losses for the first time the company unveiled a net loss of two point nine billion dollars last year in the markets the hang seng index is down six tenths of one percent and then he k is down four tenths of one percent global news twenty four hours a day live and a tick tock on twitter and powered by twenty seven hundred journalists and analysts in one hundred twenty countries in hong kong i'm brian curtis this is bloomberg you're listening to bloomberg best on bloomberg radio i'm ed baxter grosso this hour we're listening to a special interview with goldman sachs ceo lloyd blankfein and bloomberg news editor in chief john nickeled wait it took place earlier this week at the economic club of new york mallets get a look at black finds views on us interest rates and what they mean for the american economy you seem relatively sanguine about the markets and the economy but you've just run through all these political risks the oh i have a lot more the idea that it's get into trouble with brexit all these different things trump trade wars and yet the market's just say about rate rise about rising interest rates which usually have an effect on valuation how high how high do you think interest rates can go in this country.

United States China Hong Kong Twitter Brian Curtis Bloomberg Goldman Sachs Lloyd Blankfein Farage Ed Baxter Grosso CEO News Editor John Nickeled New York One Percent One Hundred Twenty Five Billio One Hundred Billion Dollars Nine Billion Dollars Twenty Four Hours
Meituan-Dianping files for Hong Kong IPO; aims to raise over $4 billion.

Bloomberg Best

03:50 min | 2 years ago

Meituan-Dianping files for Hong Kong IPO; aims to raise over $4 billion.

"At a alaska's auction this weekend i'm jan johnson and i'm bryan curtis in hong kong let's get you caught up on this hour's top business stories and the markets the us treasury is planning to heightened scrutiny of chinese investments insensitive us industry's this will fall under emergency law putting washington trade war with beijing on a potentially irreversible course the white house would target china's investment in us companies involved in new energy vehicles in robotics and aerospace asian stocks are falling this morning and the yen advanced investors are assessing prospects for continuing trade tensions between the us and china lee farage at state street the prospects for trade war that the fed thinking they're already starting to see signs that firms delaying investment or firms delaying hiring and then you have to look at markets as well you know trade wars offsetting equity so far but i think there's a deeper problem that and that's with the removal of qe meantime may twenty and paying the world's fourth most valuable startup has filed for an initial public offering in hong kong and it revealed the scope of its losses for the first time the company unveiled a net loss of two point nine billion dollars last year they joined smartphone maker shell me in targeting an ipo in hong kong shami also in profitable and lost more than a billion dollars in the first three months of two thousand eighteen alone is it expensive a question i put to ben sent of bloomberg news well it looks expensive no matter how you slice it brian you know he's seeking a premium valuation when you compare it to other smartphone makers he's seeking evaluation that's two to three times the valuation the multiple is the apple trades at so in apple is also a company that is you know at its high hardware company that on top of it does smart home gadgets services things like that and we check markets every fifteen minutes thanks hang index is down six tenths of one percent and wti crude now sixty eight dollars and thirty six cents a barrel global news twenty four hours a day and the tick tock on twitter powered by twenty seven hundred journalists and analysts in one hundred twenty countries in on call i'm brian curtis this this is bloomberg this is bloomberg best bloomberg best is about the insight and the context get from our guests it's a great way to catch up on some of the stories you might have missed on the bloomberg stories you're not going to find in any other news organizations bloomberg best bloomberg's best stories of the week powered by twenty seven hundred journalists and analysts in more than one hundred twenty countries around the world and also i'm ed baxter on this edition of bloomberg best we'll have a special hour with goldman sachs ceo lloyd blankfein with the discussion of global markets us interest rates and trade relations between the us and china i don't think we're in a suicide pact on this so i suspect that we're not going to cause the compass to collapse with a no on steroids but i do think that what's going on i do think some people have commented that this is a this is colleague negotiating pattern all this and more coming up in the next hour of bloomberg best amid heightened trade tensions between the us and china goldman sachs chief executive lloyd blankfein says the president trump's additional two hundred billion dollars and threatened tariffs will not cause a collapse of any of the world's biggest economies he spoke with bloomberg news editor in chief john mickel wait at the economic club of new york earlier this week china promising to fire back against the trump tariffs are we in a trade war are we in a huge game of chicken or is this just a side show from your point of view i'll let you know the problem is is that how many times can you be on the edge of your seat waiting to waiting for the shoe to drop it doesn't drop and how many times can you get that anxious about it.

Alaska Jan Johnson Bryan Curtis Hong Kong Two Hundred Billion Dollars Nine Billion Dollars Sixty Eight Dollars Twenty Four Hours Billion Dollars Fifteen Minutes Three Months One Percent
"lloyd blankfein" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:04 min | 2 years ago

"lloyd blankfein" Discussed on Bloomberg Radio New York

"I'm ed baxter this hour we're listening to a special interview with goldman sachs eeo lloyd blankfein and bloomberg news editor in chief john mickel wait it took place earlier this week at the economic club of new york now let's get a look at black finds views on us interest rates and what they mean for the american economy you seem relatively sanguine about the markets and the economy but you just run for all these political risks the i have a lot more the idea that it's liquid get into trouble with brexit all these different things trump trade wars and yet the market's just say about rate rise about rising interest rates which usually have an effect on valuation how high how high do you think interest rates can go in this country question for multi focal hi candidate go i mean i lived through environment when i got out of school governor shortterm government interest rates were in the in the kind of in the teens and not the low teens by the way while inflation was also above ten percent by the way while unemployment was above ten percent so these things can happen i know everybody's debating in the hands lips quivering is the fed gonna raise three times this year of four times this year and next year i remember sitting in on ninety four i remember fed raising fifty basis points in between meetings so i don't think people are braced for what the potential is if the fed feels gets beyond the curve and what would be the consequences of that and just think every bond that's been bought since interest rates have been low in training low for so long everybody wants higher interest rates so you'll have a higher return but don't forget every instrument in anybody's portfolio will then dropping value and whether you mark to market or not it will be worth less and just think of all the assets in the world that are priced off of a discount model how about real estate and almost everything else i'm you think what happened with to the to the finances of the world and economies the world because you had when you had a dramatic and unexpected and rapid dropping real estate prices.

ed baxter goldman sachs lloyd blankfein john mickel new york fed bloomberg news editor ten percent
CarMax shares jump 3.5% premarket after earnings beat estimates

Bloomberg Best

03:53 min | 2 years ago

CarMax shares jump 3.5% premarket after earnings beat estimates

"Community tax who's your tax guy delta airlines is banning pit bulls service dogs on its flights some passengers are reacting angrily to a decision by delta that is no longer allowing passengers to fly with pit bull type dogs as the airline calls them as service or support animals the airline announced the ban this week and said they were responding to growing safety concerns after several employees were bitten delta also says they are limiting passengers to a single emotional support animal fight the changes take effect on july tenth the decision has sparked an angry backlash on social media and some experts say it will be tough to figure out exactly what breeds delta means when they say pit bull type dogs i'm john stolnis superheroes have come to the rescue of hollywood this year's box office profits up six percent from this time last year thanks in part to the recordsmashing heads avengers infinity war black panther an incredible two i'm ann cates i'm doug krizner at bloomberg world headquarters in new york the us equity market finished mixed on a day when president trump threaten new tariffs this time twenty percent on cars imported from the european union not surprisingly many of the european automaker stocks traded lower auto parts suppliers also finished down bloomberg's david wells tells us if these tariffs are enacted european carmakers will face a big challenge in the us has twenty percent even for for an expensive vehicle ecommerce cities it's just very difficult to do so you ended up either eating the prophet or you have to leave the price there and just deal with less volume and then auto factories are geared up to build a certain number of cars and if they so listen at the factory tends to lose a lot of money at the same time russia threatened the us with retaliatory tariffs on steel and aluminum imports russia's said american cars could soon face higher levies we had shares in the used car retailer carmax jumping more than twelve percent the company reported earnings above estimates energy shares followed the price of crude higher wti new york was up more than five percent that's after opec reached a deal to boost output that was less than the market had anticipated however software shares fell after red hat reported disappointing results the company also dialed back it's revenue forecast shares in red hat were down more than fourteen percent the weakness in infotech pulled the nasdaq composite lower by three tenths of one percent the dow on the other hand was higher by one half of one percent and the sp finished up two tenths of one percent ups has reached a tentative labor agreement with the teamsters this is a major step toward averting a strike when the current contract expires at the end of july in late us trading the us ten year treasury quoted at a yield of two point eight nine percent global news twenty four hours a day on air and a tick tock on twitter powered by more than twenty seven hundred journalists and analysts in more than one hundred twenty countries this is bloomberg this is bloomberg best bloomberg best is about the insight and the context get from our guests it's a great way to catch up on some of the stories you might have missed on the bloomberg stories you're not going to find in any other news organizations bloomberg best bloomberg's best stories of the week powered by twenty seven hundred journalists and analysts in more than one hundred twenty countries around the world i'm also i'm at baxter on this edition of bloomberg best we'll have a special hour with goldman sachs ceo lloyd blankfein with the discussion of global markets us interest rates and trade relations between the us and china i don't think we're in a suicide pact on this so i suspect that we're not going to cause the communist collapse with a no on steroids but i do think that what's going on i think as some people have commented that this.

One Percent Twenty Percent Eight Nine Percent Twenty Four Hours Fourteen Percent Twelve Percent Five Percent Six Percent Ten Year
Goldman Sachs CEO weighs in on US-China trade escalation

Wayne Cabot and Paul Murnane

01:33 min | 2 years ago

Goldman Sachs CEO weighs in on US-China trade escalation

"Any other offer combo meal symbol item at regular price babies and young kids taken away from their parents at the border are being sent to what are called tender age shelters in texas also coming to places around here we'll have more on that in five minutes right now at six fifty five let's get your bloomberg money news on wcbs from joe connolly joe dow futures are up one hundred twenty points after the dow fell almost three hundred points goldman sachs chief executive lloyd blankfein may have calmed financial markets when he said threats of tariffs make sense as a negotiating strategy and the white house thinks they have leverage to force china to make concessions because china's sales about four times more to the us than the us sales to china which is president trump's point but he could find that business and political to go she asians are different because foreign negotiations are not only about money national pride and political support within their country may be the more valuable asset than money to foreign leaders in a sign of the changing economy ge's being taken out of the dow jones average and we'll be replaced by walgreens to represent the consumer and healthcare sectors of the economy today starbucks admits they have too many stores they'll close summoned cities and open more new ones in suburbs and even though big banks have closed offices some smaller banks have been opening new branches because they're places to meet new.

Walgreens Starbucks President Trump Lloyd Blankfein Chief Executive Goldman Sachs Joe Dow Joe Connolly Bloomberg Texas GE Donald Trump United States China White House Five Minutes
"lloyd blankfein" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

01:46 min | 2 years ago

"lloyd blankfein" Discussed on Bloomberg Radio New York

"To expand the services that we provide here in asia we've talked about the potential of getting the securities joint venture up into a wholly owned entity eventually how do you see hiring patterns going i believe with gal one hundred sixty seven employees goldman sachs cow hot as about one hundred i might be wrong on the numbers but roughly three hundred and total do you see significant hiring in china i think that our business in china will continue to grow over the next decade and as grows will be required to add resources to the business the higher that i mentioned today which is obviously a very senior higher is an indication of our continued commitment to growing and investing in the business here as the business scales will continue to add to it one of the reasons we're excited about the opportunity in china's would you believe as markets open up and there's more liberalization of the capital markets here that there will be a broader opportunity to serve clients here and we want to be well positioned for these satisfied with the pace of liberalisation they've make a lot of pledges but oftentimes is the limitation that's the question i mean yes mci's is happened it's a small quota we are going to potentially get china depository receipts as well they are trying to take these steps but it's a slow process look there's there's no question that there's progress but there's no question that it's a slow process i think as you think about investing in china and building your presence here as we think about building presence here in china it's going to be very important for us that we stay committed and that we're patient and so you know what i like it to move faster of course liked him faster but we're committed and we're going to do what's necessary to move forward in the appropriate way now i'm not gonna soon that you're gonna give me a date on when lloyd blankfein retires but how you gave me one i could get you are the heirapparent he's talked about it a lot how are you already shaping the kind of goldman sachs you would like to lead.

asia china lloyd blankfein goldman sachs mci
Oracle's forecast miss overshadows cloud growth, shares fall

Bloomberg Daybreak: Asia

02:26 min | 2 years ago

Oracle's forecast miss overshadows cloud growth, shares fall

"The way that was lloyd blankfein speaking earlier in the conversation with bloomberg editor in chief john mickel three so if it's not risk on risk off maybe the the glasses either have full or or half empty well china's central bank is calling for investors to remain calm after yesterday's trade related turmoil in markets bloomberg's yvonne man tells us the pboc is also pledging to use monetary policy comprehensively if necessary governor ye gong says policymakers are prepared for outside shocks and he's urging investors to remain rational in an article on the central bank's website lease says stock market turbulence is mostly driven by sentiment any promises to be forwardlooking prepare relevant policies and use all kinds of monetary tools the has already injected sixty two billion dollars into the economy so far in june the most in any month since december of two thousand sixteen in hong kong i'm yvonne man bloomberg daybreak asia well the long running joke about a starbucks on every corner in the united states may soon come to an end that story from bloomberg's denise pellegrini starbucks announcing it's closing one hundred and fifty company operated stores in densely penetrated us markets next fiscal year that's three times the number at historically shuts down annually starbucks is switching the focus to rural suburban unless caffeinated urban neighborhoods instead and the coffee chain also says it expects comparable sales to rise just one percent this year that's way below the two point nine percent analysts were expecting and would be the worst performance in about nine years meantime bloomberg intelligence says china offers a lot of potential for the coffee chain but trade wars are currently casting a shadow over those long term prospects denise pellegrini bloomberg daybreak asia reminds me of the james g novel a death in the family one character in that books was quoted as saying where he did say i hate that feeling when the bottle is empty and you're half full speaking of filled starbucks shares were down about two percent in late us trading so another stock we're tracking in addition to oracle now we talked about oracle beating earnings and revenue estimates in what you might think was a sign of traction for its at cloud computing but oracle is forecasting profit for the current quarter that is far below what the street was expecting that maybe signaling the company is struggling to make that pivot to cloud computing oracle shares were down nearly four percent in late us trading.

Denise Pellegrini James G Yvonne John Mickel Editor In Chief Oracle Lloyd Blankfein Bloomberg United States Starbucks Asia Hong Kong Pboc China Sixty Two Billion Dollars Four Percent
Bloomberg, T and David Solomon discussed on Bloomberg Markets

Bloomberg Markets

01:46 min | 2 years ago

Bloomberg, T and David Solomon discussed on Bloomberg Markets

"The shooter was armed with his father's thirty eight and a shotgun at the at the moment there they're still searching houses and they're searching cars because they believe there's some booby traps that's another explosives still out there to be found so what do we know joe about the suspect what do we know about the toll at santa fe today we know he's seventeen we know he's in custody in santa fe's one story police station the fbi and state police are tailgating him we know we know there's ten ten people have perished there's ten folks in the hospital including cleaning the school safety officer who was shot and critically injured and that's where it stands right now bloomberg houston bureau chief joe carroll with us from santa fe high school in santa fe texas there may be mass casualties in the crash of a cuban state run airliner that had at least one hundred ten people on board that's about boeing seven thirtyseven crashed into a yucca field shortly after takeoff from havana 's international airport cuban officials say three people survived but they haven't given an official toll on who may have perished their global news twenty four hours a day on air and at tick tock on twitter powered by more than twenty seven hundred journalists and analysts in one hundred twenty countries i'm nathan hager this is bloomberg thanks nathan now with our other top stories i'm jill snyder and era will reportedly end at goldman sachs in a matter of months the new york times says ceo lloyd blankfein is likely to step down at the end of the year the report says that would clear the way for golden president david solomon to succeed blankfein he was named the firm's sole president in march sprint has removed an obstacle toward a takeover by t mobile bloomberg's gina cervetti has details the wireless carrier has one investor approval to change.

Bloomberg T David Solomon Official Thirtyseven Boeing Santa Fe Texas Santa Fe High School Bureau Chief Houston Gina Cervetti Santa Fe President Trump Ceo Lloyd Blankfein New York Times Goldman Sachs Jill Snyder Nathan Hager Twitter
Xerox Ends $6.1 Billion Fujifilm Deal In Icahn Settlement

The Bryan Crabtree Show

01:22 min | 2 years ago

Xerox Ends $6.1 Billion Fujifilm Deal In Icahn Settlement

"That the company terminates its proposed takeover by fuji film and interested in new deal with activist investor carl icahn darwin decent sources also tell us that several members of the board are likely to follow cups and out of the door icon decent happened fighting the proposed six billion dollar deal that would hand control of xerox fuji film goldman sachs is planning to double its headcount that saudi arabian has approached an unidentified state owned entity about a multibillion dollar deal staffing move would build on increases of the past two years and seal lloyd blankfein told the conference in riyadh at the trend will continue the banks regional boss was seen you nonsense goldman aims to deport principal capital through both credit and equity is warning investors to prepare for market downshift saying it's the end of easing strategist andrews sheets writes that the tailwinds off the last nine years are a bathing and policy tightening means the opposite now applies he says equities have a limited twelve months upside with rolling tops this year for credit yields and stocks bank says us and asian corporate is the tractor that was your bloomberg business flash let's get back to some of the big interviews we've been showing you this time the ceo of oil giant ad knock he's told bloomberg about plans to invest forty five billion dollars to expand its refining.

Goldman Sachs Lloyd Blankfein Riyadh Goldman Andrews Sheets CEO Bloomberg Fuji Carl Icahn Saudi Arabian Principal Forty Five Billion Dollars Six Billion Dollar Twelve Months Nine Years Two Years
JP Morgan's Dimon says U.S. economy still looks 'pretty good'

MAD MONEY W/ JIM CRAMER - Full Episode

01:22 min | 3 years ago

JP Morgan's Dimon says U.S. economy still looks 'pretty good'

"From benefits from rising rates underpay she'd investment banking this did you know that city just took over the top spot and global detonate equity on writings they not get anywhere near the credit they deserve p morgan oh come on jamie diamond classic blue chip bank badge kpm may be the best position globally if you're a big multinational company and you want to manage your cash officially under the new tax we gotta go to jp morgan that said it's the most expensive stock in the group even as it's come down nine from it's a high six weeks ago yet when you get it on a price to earnings basis as i always tell you how to value stocks on apples to apples way the darn thing sells for just twelve times this year's or any specific best of the best far as i'm concerned that's a steel versus the rest of the stock market which sells much how about goldman sachs i worked there in the in the eighties tune extremely well run company that i've you as a comeback play based on the resurgence of volatility as well as the stronger climate for banking to other standout units by the way lloyd blankfein will soon be retirements te'o and all i can say is he's a competitive fellow who's going to want to leave on a high note this backdrop should let him do so in fact you would pick bank i have to tell you i would actually void is wells fargo especially when these latest reports that it could get hit by billion dollar fine.

Jp Morgan Goldman Sachs Lloyd Blankfein Billion Dollar Six Weeks
"lloyd blankfein" Discussed on WNYC 93.9 FM

WNYC 93.9 FM

01:56 min | 3 years ago

"lloyd blankfein" Discussed on WNYC 93.9 FM

"Know you could hear it and people's voices when they talked to you you know if you talk to people in the financial system around that we're at that time people who are you know like in relatively enviable position strong competent smart experienced people you could hear their voices for the first time in my lifetime to a level of fear about the existential risk to the country to the system that i don't know how to capture it beyond that told me about the conversation you had with lloyd blankfein at one point you guys were having a conversation later who was later in the late but yeah i think you're just one thing about your point you know this thing really the run really began in the summer you just got here knows voice and we we talked about we had to talk about it and we got off the phone and i called him back in and said don't let anybody else who then your voice don't get on the phone anybody else until you get that that sense of fear anxiety voice as we were dividing up and figuring out who was going to do what because i knew so many of the players on wall street right i got out and made some calls and i remember getting joe ackerman who was the chairman and ceo of deutsche bank and he he was in new york city when i when i found him and got him on the phone to see if they might have any interest in investing in bear stearns in buying bear stearns and boy the fear in his voice and he said oh my gosh in by the no question is why should i do anything with any us investment bank and.

lloyd blankfein joe ackerman chairman and ceo deutsche bank new york
"lloyd blankfein" Discussed on KCRW

KCRW

02:19 min | 3 years ago

"lloyd blankfein" Discussed on KCRW

"You say you know what a crisis in a panic smell like what is a crisis smell like it's sorta described that some ways the the what was really like interests the panic but you know you could hear it and people's voices when they talk to you you know if you talk to people in the financial system around the world at that time people who were you know like in a relatively enviable position strong competent smart experienced people you could hear their voices for the first time in my lifetime to a level of fear about the x central risk to the country to the system that i don't know how to capture beyond that tell me about the conversation you had with lloyd blankfein at one point you guys were having a conversation later he was later in the late but yeah i think you're just one thing about your point you know this thing really the run really began in the summer oh seven assured that apps out and i think even though bear was terrifically scary and hugely important i think even after bear took a while and i don't think really people felt until september but well but but the i remember talking on the phone one morning lloyd yeah you just hearing his voice and we we talked about we have to talk about it then we got off the phone and i called him back in and said don't let anybody else he then your voice don't get on the phone anybody else until you get that that sense of fear anxiety voice as we were dividing up and figuring out who was going to do what because i knew so many of the players on wall street right i got out and made some calls and i remember getting joe ackerman who was the chairman and ceo of deutsche bank and he he was in new york city when i when i found him and got him on the phone to see if they might have an interest in investing in bear stearns in in buying bear stearns and boy the fear in his voice and he said oh my gosh in by the no i the question is why should i do anything with any us investment bank and this had been rippling on for for some tire been good urine says no i was just going to say that you know.

lloyd blankfein joe ackerman chairman and ceo deutsche bank new york
"lloyd blankfein" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

01:41 min | 3 years ago

"lloyd blankfein" Discussed on Bloomberg Radio New York

"So then i guess i have to go back to so so they he also has mentioned that they have mentorship programs the women you know to make sure that you're hitting all your steps to get promotions and that's just has to continue and you just have to see gains over time i remember sitting the newsroom jordan stealing from michael moore wonderful colleague who's now now my team leader who but who was the goldman sachs border and what he said we just took this line wholesale firm when he when he said it is that if something is going to change the race to replace david solomon if david solomon indeed become ceo which looks like it will happen right the race to replace him we'll have to look different than the race he just one to replace lloyd blankfein if you go from lloyd to david solomon a guy who like literally looks like lloyd blankfein striking beat out a guy who literally looks like them harvey schwartz frankly the guy that they be gary cohn he also the race but it's not funny it's not funny is serious stuff and the race whatever happens next week goldman sachs did j p morgan and wells fargo bank of america and hedge funds and private equity firms these races are just going to have to start looking different this is what's really important right entry positions right it's often fifty fifty between men and women but as it gets to the higher position you see a lot of women kind of fall away right.

team leader david solomon ceo lloyd blankfein gary cohn goldman sachs michael moore harvey schwartz wells fargo bank of america
"lloyd blankfein" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

01:57 min | 3 years ago

"lloyd blankfein" Discussed on Bloomberg Radio New York

"Women are important too corp corporate citizens citizenry and also just global economies the economy does better when women are in charge but the banks who ceos basically all say that not only are they still run by all men but the people below the leaders at some of these banks are still also all men although there are a few exceptions jp morgan for example has a couple of candidates it is at least a little bit promising right mary erdos and a few others that's right but and let's be fair where we're talking about calming because their succession plans were laid out this week so there's certainly kind of front and center for us but you're right right it's all the firms we don't see a lot of women in really prominent positions right and when we look at all the other firms it's a lot of them have under twenty five percent of women on their executive teams so that's still not too many women in a lot of data shows that you need more women in not just a token to be in position to be selected ceo about goldman ten years ago putting out lloyd blankfein going on stage and saying this is important why are we still having this conversation why haven't we seen more women get to those higher positions is it because it's a boy's club what is it i mean listen we talked to an executive coach name roy cohen jordan jordan the interview i mean literally the phrase us he's an executive coaches specializes in wall street and to goldman sachs i think was is one of his main clients right yep he says it's a boy's club and our reporting over last year has shown the ways in which wall street is not only not getting better at certain kinds of diversity for example black bankers but in some cases and it's getting worse i remember talking with you about the fact that black bankers african americans are disappearing from wall street so something isn't working and i think it's a fair enough hypothesis to put forward in two thousand eighteen there's something about powerful white men where they are still not.

mary erdos ceo lloyd blankfein executive jp morgan goldman roy cohen twenty five percent ten years
"lloyd blankfein" Discussed on Wall Street Business Network AM 760

Wall Street Business Network AM 760

01:52 min | 3 years ago

"lloyd blankfein" Discussed on Wall Street Business Network AM 760

"You in depth coverage of this week's issue of bloomberg business week in this week's broadcast look at how amazon is becoming the most terrifying company in the world to its competitors plus we find out what could happen to the economy if the us unemployment rate fell below four percent but i do have a very close relationship with lloyd blankfein of done a lot of business with him over the years and i have the greatest respect for him but as to whether he will step down i have no idea that's commerce secretary wilbur ross speaking to bloomberg about the news this week at one of the world's biggest banks it appears that lloyd blankfein has his succession plan laid out hugh saen details the news out of goldman and joins us now the cover story this week all about succession at goldman and a little bit about j p morgan these have been some of the most fascinating guys on wall street over the past decade tell us about leaders of the two preeminent american banks really the global banks and so many parallels between them as i thought you know you and i talked to that meeting that we're talking about stories first of all they started both in two thousand six within six months of each other they nobody knows this but diamond actually had a chance to work goldman sachs in the beginning of his career they rose to prominence most new yorkers right from boroughs brooklyn and queens diamond and diamond blankfein respectively and you know they both had cancer which they beat so all these parallels and in my mind i thought i was looking at a picture from them during financial crisis diamond you know sort of alpha male itself in wearing fine cracking his cheshire cat grin and i thought that's a buddy comedy we've seen that movie poster.

amazon lloyd blankfein wilbur ross goldman goldman sachs cancer bloomberg us hugh saen brooklyn cheshire four percent six months
"lloyd blankfein" Discussed on FT Banking Weekly

FT Banking Weekly

02:02 min | 3 years ago

"lloyd blankfein" Discussed on FT Banking Weekly

"Very much cut from the same cloth as lloyd blankfein of houma traded commodities trader whereas david solomon is very much from the other side of the goldman empire having been brought in from bastards of course some time ago but very much having grown up within goldman on the investment banking advisory site of the business that's right goldman likes to set up these internal contracts using one exempt from one part of the bank in another from the other and just put them head to head as like a cage match to let the most sort of shop hobart an aggressive guy guy to win and was yes he's unusual because he knows home grown from goldman he came in from best done in ninety nine and best as we will know is probably the most hungry the most aggressive bank on the street before it collapsed i'm looking this week is doing ten years on story from its collapse and it's aquisition by j p morgan just looking back over some of the big trees of ace greenberg who died a few years ago he described best people being psd's poor smart and desirous of riches and i think they would seldom wasn't very poor to start with but he suddenly demonstration very ruthless edge and they're sending very greasy polo goldman find then in terms of timing of succession as you say load blankfein dede's of a bad of cancer a few years ago there was a scare that he might have to leave on health grains but he has bands back and twelve years after taking over as goldman sachs tif executive he shows no sign of wanting to wind down that said there's a lot of speculation about maybe a handover of power for the end of this year or next we'll be official story from goldman of course you have to take these officials stories with a pinch of salt is this was a board meeting in february at which lloyd blankfein presented sort of dossier both the candidates because both had been educating for some kind of solution to his long tenure and the board agreed with blankfein that's they would sell them with the best suited to take over because goldman as we only have been pushing more towards investment banking than trading in recent years but as far as timelines concerned that's still an open question mr.

lloyd blankfein houma commodities trader david solomon goldman greenberg blankfein dede executive goldman sachs tif official twelve years ten years
Kudlow, Cnbc and Goldman Sachs discussed on Bloomberg Daybreak: Europe

Bloomberg Daybreak: Europe

02:17 min | 3 years ago

Kudlow, Cnbc and Goldman Sachs discussed on Bloomberg Daybreak: Europe

"The european stock six hundred gained just a little fool one hundreds of one percents on the euro stoxx six hundred we've had a pretty sluggish really start to the day in europe after six days of gains actually for european stocks the trade at one split twenty three twenty eight slightly weaker this morning as a german bond yields also haven't done terrible marcher this morning we're waiting really crucially the us inflation data german yells at no point six three three percents i actually pretty much flat guilios at one point four eight nine percent so slightly down in terms of uk yield two point eight seven nine percent is the yield on us ten year benchmark notes this morning again ahead of this inflation report due getting clues on the pace of federal reserve policy tightening form that it was a mixed session of course in asia political scandal hanging over the finance minister in japan taro aso and prime minister shinzo abe's administration the japanese yen was a big move for this morning currently is weak a half of one percent one oh six spot ninetythree those the markets now let's get some of our top corporate stories president trump has issued an order blocking broadcom's bid for qualcomm on the grounds of national security his decision came just hours after broadcom ceo hocktan met pentagon officials in an attempt to address washington's concerns the present statements says there's credible evidence that the takeover would see broadcom undermine quota cocom's lead in five g and therefore threaten us interests meanwhile goldman sachs is choice of david solomon to eventually succeed lloyd blankfein as winning the approval of wall street by naming solomon soul president the path is clear for him to take the helm without cozy ios when blankfein retires analysts points out that solomon ran the part of the bank that grew the most for a decade before them becoming the coo fifty months ago goldman shares rose to a new high on that news yesterday television commons as larry cudlow is the favourite to replace gary cohn was president trump's top economic advisor according to people familiar with the matter the president may name the cnbc personality to head the white house economic council within a day or so kudlow wasn't economist at best turns and served in the reagan administration.

Kudlow Cnbc Goldman Sachs Pentagon CEO Prime Minister Japan Reagan Administration White House Economic Council Advisor Gary Cohn Larry Cudlow COO Europe President Trump Lloyd Blankfein David Solomon Washington Hocktan
Future of Japan's Shinzo Abe at risk as scandal deepens

Bloomberg Daybreak: Asia

01:52 min | 3 years ago

Future of Japan's Shinzo Abe at risk as scandal deepens

"The nation's third largest lenders says the proceeds will then be used to replenish core equity tier one capital this is the biggest ever follow on share offering by any charges company that comes as chinese banks gird for more stringent accounting standards coming later this year and also us policymakers intensify their efforts to curb lending and rain and shadow banking in hong kong song i'm david ingles daybreak asia david solomon has become the next in line to replace lloyd blankfein as chief executive officer at goldman sachs it means the other top contender harvey schwartz has been passed over bloomberg's erik shot skar says that solomon came to goldman via drexel and bear stearns david solomon comes out of the high yield world leveraged finance moved into investment banking in a much broader way at goldman sachs and of course ran that business before becoming president co president of the former schwartz back in two thousand sixteen in the meantime schwartz abruptly announced his resignation it's not clear when blankfein might hand things over to solomon goldman hasn't released a timetable for blankfein retirement paul well things are getting a bit missy and japan the government says the names of the prime minister shinzo abe has wife and finance minister taro aso deleted from documents at the heart of land scandal that erupted last year ed baxter this go global news in our bloomberg nine sixty san francisco newsroom yeah paul that's exactly right finance minister tara also admits the staff in his office tampered with documents and that they have resigned ave also telling reporters at an investigation will continue to try to get to the bottom of says we understand we're in serious public scrutiny with regards to how something like this could have happened and the matter is currently being investigated ave saying that also should take some of the blame if not full responsibility he oh is now saying that also does not play as now planning to skip.

President Trump San Francisco Ed Baxter Prime Minister Japan Solomon Goldman Hong Kong Tara Taro Aso Finance Minister Shinzo Abe David Ingles Drexel Skar Bloomberg Harvey Schwartz Goldman Sachs Chief Executive Officer Lloyd Blankfein