sachs adding the cost before you speak max goldman sachs has replied to this new york times piece and they say they're just being marketed. how would i ever guess that well this is fantastic that does is low frequency trade. as opposed to high frequency trading in high frequency trading go that will put a computer next to a new york stock exchange or front run trades in the siphon off cash and they leech out money and they are destroying the american economy that way here in detroit its low frequency trading they put a warehouse next to the city of detroit they leech out all the money from detroit now that entire city is in receivership now the entire city of detroit is going bankrupt because folks like goldman are set up shop next door in these huge warehouses to leech money out every single day a penny a fraction of a penny at a time they leech it out like a cancer cell does leeching that money out there is lloyd blankfein leeching an enormous leech on the he's a pox on the american soldiers leeching all that money at it and of course he claims market making which is false any time

to passive pension funds around the world and we know that goldman sachs. preferred clients were able to profit knowing that these things would blow up knowing that greece would blow up the same thing here is they control twenty five percent of this market the storage market so because the price of storage is baked into the aluminum cake then they are able to know whether the prices are going to rise or fall if they can they could easily make it faster delivery so that they know that the price will collapse but now the article then goes on to note that by controlling warehouses pipelines and ports banks gained valuable market intelligence investment analysts say that in turn can give them an edge when trading commodities in the stock market such an arrangement might be seen as a conflict of interest or even insider trading but in the commodities market it is perfectly legal insider trading it's overtly insider trading and of course they also have the ability to create indexes around this inside information and data that they then manipulate with another lay

at goldman sachs in the second quarter to $1.93 billion. >> john: yes, goldman sachs have been covering their investors in goldman showers. as an interesting sidenote here, one of the reasonses that goldman is doing so well is its trade in aluminum. as of i will incorrectly pronounce it for your comfort, aluminum. for years, aluminum has helped build our airplanes. it's kept us from sipping beer out of our hands. and provided much-needed headgear for our crazy people. ( laughter ). but wall street's darling has worked out that there is gold in that there aluminum. >> hundreds of millions of times a day, thirsty americans open a can of soda, beer, or jees expemp time they do it, they pay a fraction of a penny more becauseave shrewd maneuver by goldman sachs. >> the "new york times" reporting over the weekend that goldman sachs is running a scheme to artificially inflate aluminum prices. >> john: that scheme-- to marry an elderly aluminum heiress and murder her for her money. so goldman sachs is running the classic reynold wrap grist on the american people, which means it's time for anoth

these storage costs and that's how they're profiting in this goldman sachs game so if goldman sachs is making money london metal exchange's making money and so is hong kong and technically none of this is a legal right even if it is considered stacking the cards in your favor or some would call it overreaching no it's technically legal but it gets down to a concept called regulatory arbitrage we have rules and regulations in the us and a lot of those rules and regulations do not exist in london or the city of london or even hong kong so there is. an arbitrage game to be played definitely goldman sachs is playing that out right now so it is a conflict of interest is what you are arguing i think it's a conflict of interest because we're i have no problem with speculators per se it's when these speculators are financed by the federal reserve they're given free money to play with basically we had a near zero interest rate policy by brint ben bernanke in for five years so they get all this money to play with and then they go to the federal reserve and they demand exemptions to play with thi

sachs. >> the "new york times" reporting over the weekend that goldman sachs is running a scheme to artificially inflate aluminum prices. >> john: that scheme-- to marry an elderly aluminum heiress and murder her for her money. so goldman sachs is running the classic reynold wrap grist on the american people, which means it's time for another installment of john oliver's details of foreign metal pricing update. wait, wait! don't change the channel! i promise this story is worth listening to. maybe we can just juice up the opening a bit. ♪ ♪ >> john oliver's arcane details of boron group metal pricing update. ( cheers and applause ) >> john: heavy metal what, is technically classed as light metal. ahhh! no, sax has two-- goldman sachs has two separate ventures in aluminum. had oans warehouse where aluminum is stored and also trades aluminum. see if you can figure out what happens next. >> the report claims goldman's warehouse creates bottlenecks, lengthening delivery times. the bank profit from extended rent and bets made on the future of those metals by their trading arm. >> joh

goldman sachs, goldman claims british landlords. they are trying to find out if the power house is playing a game of musical warehouses. a high chance of landing a good job. the type of job may surprise you. "countdown to the closing bell" starts right now. ♪ liz: good afternoon, everyone. i am liz claman. charlie gasparino has the latest details on this story. it affects a lot of people. steve cohen pushing back. the e-mail was sent back in 2008. improperly obtained. they made a trade right after that. $2.7 billion deals. cisco wants to take on the cyber security business. right now, shares of cisco are down just a penny. we are all over the story. we need to get to the earnings report that so many of you are going to be watching. that, of course, is apple. now, well, here is the sad tale. up about 30% over the past year. here to break down the numbers, she'll love. she is on the story. educate our viewers. >> how many iphones did apple sell in the quarter? apple is still an iphone company. that, of course, is what everyone will

at goldman sachs in the second quarter to $1.93 billion. >> john: yes, goldman sachs have been covering their investors in goldman showers. as an interesting sidenote here, one of the reasonses that goldman is doing so well is its trade in aluminum. as of i will incorrectly pronounce it for your comfort, aluminum. for years, aluminum has helped build our airplanes. it's kept us from sipping beer out of our hands. and provided much-needed headgear for our crazy people. ( laughter ). but wall street's darling has worked out that there is gold in that there aluminum. >> hundreds of millions of times a day, thirsty americans open a can of soda, beer, or jees expemp time they do it, they pay a fraction of a penny more becauseave shrewd maneuver by goldman sachs. >> the "new york times" reporting over the weekend that goldman sachs is running a scheme to artificially inflate aluminum prices. >> john: that scheme-- to marry an elderly aluminum heiress and murder her for her money. so goldman sachs is running the classic reynold wrap grist on the american people, which means it's time for anoth

goldman sachs, part of the reason was this goldman sachs note. they raised the price to 84 bucks a share. they also laid out three scenarios. the best case scenario got goldman to $113 a share which is about 11% below where the stock closed in yesterday's session. karen, yesterday you were on the show. we didn't show you in that clip because you didn't want any part of it. >> right. >> today you are in the trade. >> we talked about it in the middle of the day and it was already starting to completely unravel. i said i'm out of the money, july puts, this is not a trade i would put a bunch of money in because could they be zero, absolutely. for sure these could turn out to be zero but i thought when you have this broken momentum trade who knows. goldman came up with three different valuation. who knows at this point? it's really made up -- not that the numbers are made up but the valuation you make it up so who knows where it could go. >> we did call steve grasso for a trade update. >> did it go to voice mail? >> no. we e-mailed us back and said he

it was added to the conviction buy list at goldman sachs. what was removed from the conviction buy list was ford. we're seeing ford to the downside. i can't leave out tesla. as goldman sachs is crunching numbers on automakers and crunched numbers on tesla and reduced that a bit. that is down significantly, down 13%. automakers front and center on wall street today. back to you. dennis: thank you, nicole. according to a report out today, homebuilder confidence is at a seven 1/2-year high and that is showing confidence for a housing market. jeff flock is in chicago. i bet he has a hard-hat on and usually does. jeff? >> i'm in the middle of a vacant lot. they already he can can straighted it and will start real soon. i want to start about the rental market in a second. look at this chart. going crazy the national association of homebuilders, jerry howard on fox business earlier this morning gave us one of the reasons he thinks that is happening. >> right now, i think part of increase in demand of housing sales because you're starting to see int

the sec sued goldman sachs and fabrice tourre. goldman sachs settle several months later for $550 million which was a record at the time. triale tourre went to with the case and we are two weeks into the trial now and have a week to go. host: is he a big fish in this case? big fish.is not a he was a vice president at goldman sachs, a trader unstructured products. he was only 28-year-old and supervised nobody. he worked in a vast trading ator with people sitting either elbow, one of those people. of puttingin charge together the marketing material subprimembling the 90 residential mortgage securities that were behind this abacus investment. host: what is his defense in a nutshell? guest: he's got a number of defenses. he claims he just not did not do it, he claims he did not live in the paulson role. of the says that any itestors in abacus, he said was completely transparent and you can look at the mortgage- backed bonds that were in abacus. any investor could decide for themselves whether or not to invest these are sophisticated i

and goldman sachs tops them all. the wall street firm earned $1.93 billion, which amounts to $3.70 per share, easily beating out estimates of $2.87 per share. goldman's nearly tripled its revenue from investing in bonds. labor rights groups are engaging in a new kind of budget battle. visa and mcdonald's are catching criticism for an employee budget plan. the financial literacy guide was released in 2008 but is gaining renewed attention as fast food workers throughout the nation fight for better wages. the site is meant as a tool to help employees manage a budget on low wages; however, critics of the guide say it is unrealistic. bob bruno, a labor professor at university of illinois at chicago, says the budget recommendations should not be focusing on financial literacy. "that's not the problem. and yet that is what is implied here with this solution. frankly, low-wage workers will rely on social service groups and advocacy groups to make it from one paycheck to the next. it's really not financial literacy that they

morgan chase goldman sachs deutsche bank just to name a few he also went after dick grasso the then chairman of new york stock exchange for receiving excessive compensation at the time it was listed as a not for profit exchange however this attempt was fruitless as grasso won the case in court and addition to whipping the financial services sector in line attorney general spitzer pursued cases in other industries including bringing down several prostitution rings after laying down the wall as a.g. he became the fifty fourth governor of new york but only for half a term as his terminal issues conquered him reversing the investigations on spitzer's he resigned after the f.b.i. caught him with his pants down at the mayflower hotel his stand up was revealed just a few blocks from here and what's been called at least faithful city and america he was referred to as client nine and booked his room under george fox his friend and campaign donor and a news conference he stated that he has insisted that people take responsibility for their conduct and he will ask no less of himself the investigation a

morgan chase goldman sachs deutsche bank just to name a few he also went after dick grasso the then chairman of new york stock exchange for receiving excessive compensation at the time it was listed as a not for profit exchange however this attempt was fruitless as one the case in court and addition to whipping the financial services sector in line attorney general spitzer pursued cases in other industries including bringing down several prostitution rings after laying down the wall as a.g. he became the fifty fourth governor of new york but only for half a term as his terminal issues conquered him reversing the investigations on spitzer's he resigned after the f.b.i. caught him with his pants down at the mayflower hotel his stand up was revealed just a few blocks from here and what's been called at least fateful city and america he was referred to as client nine and booked his room under george fox his friend and campaign donor and a news conference he stated that he has insisted that people take responsibility for their conduct and he will ask no less of himself the investigation and from

sachs's bottom line but while goldman sachs is profiting off this insanity you and i the american consumer are being hit right where it hurts in the wallet thanks to a special exemptions granted by the federal reserve and weak regulations of congress goldman sachs's sleazy aluminum shuffle game is perfectly legal even worse the manipulation of commodities pricing doesn't stop with aluminum big banks are making billions off everything we consume from oil to coffee joining me now for more on this great fleece scene of the american consumer is richard wolffe economist and author of numerous books including his latest democracy at work richard welcome back thank you tom glad to be here so dr wolfe how is goldman sachs pulling this thing off or why why are there not regulations that say that people who are engaged in commodities trades actually have to be counter parties to the trade they actually have to be producers or consumers i mean that's why the the commodities market was invented was it not. yes but you know big businesses have huge hoards of profits and their job is to make profits wit

lulu lemon, goldman sachs brought pub leg at $18 in 2007 t. stocks have continued to grow, despite the 2008-2009 sell-off because of the gigantic addressable market, that initially was women, and it extended to all women, not just women athletes and some men, too. some of the best ones from 2012 to think about, organic food maker annies, discount retailer five below. enterprise software prior guide wire, salesforce.com. they all fit the three-prong test. in all these case, the trick is to recognize the size of the market the power of the competitors and try to physical out how the company is coming public is valued as similar players. deals like under armour or lulu lemon priced at significant discounts, they tend to be the good ones but are rare indeed. the bottom line to analyze the ipo, including the ob truce technology companies, rate the competitors see whether the company is profitable. make sure of the broker's pedigree. then you will know whether it's worth it to put in for the deal. "mad money" is back after the brake. . . >> well, cr

oversight of banks like goldman sachs and j.p. morgan both banks are accused of manipulating aluminum prices by controlling large metal warehouses part of the london metal exchange network your thoughts so basically we have banks running a racket that's screwing over companies like these big companies that other companies that use aluminum the bigger picture here is that wall street the wall street economy the fire economy finance insurance real estate used to be about ten percent of our economy now it's now twenty five to thirty percent of our economy and starting to dominate our economy and it's doing that because it's preying on all the other industries in our economy through these rockets through price manipulation through all this stuff do we want an economy that functions based on manipulated fake money or do we want to have condom either functions on actually building stuff and actually selling and buying stuff now do you kind of on your side here but i'm just going to play devil's advocate it only adds a tenth of a penny t

morgan goldman sachs i mean it's not just the u.s. it's the three biggest billion banks in london and london from both sides of the atlantic and bearing in mind there are six billion banks clear the c.l. which is the london clearing bank system which is basically six billion banks pretty much all of those control what's going on they clear everything in london every day but basically so you've got now or this run so what happens is the fed steps in and says look we rather than expose this whole collapse and that and also on top of it the whole fear fear system being in collapse what would do is withdraw the provide bullion to the market so borrow it and we're happy to continue to read hypothecate what we've got which is already leverage as you say people are asking for their billion back is already a problem so what they do is they see backwardation they go the only solution that we can see short term is to dump the futures price in other words they provide so much synthetic supply into the paper markets of the comix paper markets tha

before that, goldman sachs reports before the u.s. bell this morning with analysts expecting another stellar set of figures. the investment banks beat expectations for the last four quarters. analysts are estimating a 20% increase in revenue this quarter. we also expect coca-cola to postearnings of around 63 cents a share, down from $1.21 per share for the same period last year. the company's expected to remain pretty focused on emerging markets for growth. as far as johnson & johnson is concerned, performance has been solid across all business segments with strength in pharmaceuticals, and health care. shares up over 30% in the last 12 months. and then after the bell today, we'll hear from yahoo!. not expected to dazzle. the stock has. up over 70% since marissa mayer took over. she's marking one year at the helm of the online search engine. so we'll talk about those companies. also on today's show, india's central bank unveiled new measures to prop up the rupee. we'll have the latest reaction from mumbai. greek labor unions are prote

was created in the first place that see it stands for commodities so his old boss at goldman sachs that would be junk or design who are going to profile today he blew up in the global and he threw the entire futures industry into disarray and mr gensler did nothing for four days then promptly recused himself from the entire matter we're going to talk about this with james cook tulis president of the commodity customer coalition in just a bit well gensler is on the way out ever had after having lost a major battle over to rivet as regulation with his fellow commissioners in just nine days a key provision that governs the ability of u.s. banks like j.p. morgan to skirt the dodd frank it will expire if the exemption is not renewed really ends and derivatives could be thrown into disarray meanwhile the latest jobs report beat expectations today good news right wrong at least for mr market because that means the fed might be getting out of the money printing business sooner than expected it's a topsy turvy world we're going to lay it all out for you today as we deliver what's in your run for

goldman sachs effectively self insures themselves. they are paying completely out of pocket. >> that's weird to self insure. i'm trying to physical out how that would even work. >> when i say self insured. >> they will take on insurance. >> they are taking on whatever the risk is involved in this. the question would become if he is convicted, whether they would then try to claw back the money. >> he doesn't look like it. did you see that picture of him? . >> he doesn't look like he will be convicted, does he? . >> no. >> he looks like i'm kind of like a celebrity. >> you saw that story yesterday. >> did you see mary thompson? . >> there she is. obnoxiously sticking that mic in the guy's face. i don't know if you saw that story. she was off to rwanda, trying to do good. >> all right. let get some instant reaction and analysis to those goldman sachs results. joining us on the news line is marty mosby. these numbers are much better than the street had been expecting. what caught you by surprise? . >> it didn't catch us by surprise. what

goldman sachs is making $4 billion from moving aluminum around. is it legally skimming the market while every consumer in the country pays the price? plus most people are fleeing detroit, so what has professionals flooding in? a couple tells us the real story that everybody else is missi. but who made money? even when they say it is not, it is always about "money." ♪ melissa: our top story tonight, and report goldman sachs is making billionat the expense of consumers by playing a shell game with aluminum. the investment banis sitting on a massive horde of aluminum shifting it from warehouse wahouse delaying shipments to customer to drive up the price we pay for everyday products. it could cost us, the conmer, $325 billion over the next several years. maybe legal, still irritating come expensive. it is all the word on wall street. i want to start with you, because i wa to explain to our audience the mechanics of how this is happening. this is aluminum it purchased on the exchange in london. goldman sachs bought the company that owns the warehouse

sachs it was the former head of goldman and it was back you a. he did that he had a politically and popular investments but nothing prevented him from putting his investments and a blind trust course on was indoctrinated into the goldman i clam in one nine hundred seventy five when he was hired as a broker trader over two decades he worked his way up to chairman and c.e.o. he's responsible for converting the firm from a private partnership to a publicly traded corporation he made about three hundred million dollars on the partnership conversion better the firm went public coast c.e.o. henry paulson forced him out and this is when he went through the revolving door and turned politics he was a democrat from new jersey in the u.s. senate for five years he then ran for governor of new jersey i've been losing his real act as governor he had up its ally from his golden days days the flowers who helped him into his position as chairman and c.e.o. of m.f. global powers own a temperance per cent stake and mask lobel and was actively engaged in the last m

thanks. >> goldman sachs responded to "the new york times" story. their statement reading in part "as part of our activities as a market maker or intermediary between buyers and sellers in commodities and commodity futures and derivatives, goldman sachs like a number of other financial institutions holds physical commodities in inventory. we hold an inventory position in a particular physical commodity for the purposes of meeting the needs of our clients. or as a hedge for positions in commodity futures or derivatives we assume as a market maker." if you understood that, you're better than me. we'll be right back. >>> #click3 will be back tomorrow. >>> coming up next, if you missed bill o'reilly's racist rant last night, i really hope you did, we're going to break it down for you and tell you what he has in common with new york city police commissioner ray kelly. that's ahead. [ male announcer ] zzzquil. it's not for colds, it's not for pain, it's just for sleep. because sleep is a beautiful thing™. zzzquil. the non-habit forming sleep-aid from th

what goldman sachs did was two brilliant moves. the banks put themselves on the board of the london metal exchange so they make a decision on whether to regulate themselves and cut the exchange in on it, and say you get 1% of the proceeds if you don't want to lose that money you keep going along with this scam. michael, when you see that, i mean, isn't it a giant dereliction to not regulate. >> this confuses me a little bit. i will say that the point you made, cenk about the fact that they trade on these commodities i think it's the smallest point but has the large evident implication. that's them getting away with setting a market, taking any fair play out. i don't care if millercoors gets fair play. it's not like it's going to be passed down. when these big companies have the experience of being an end user and dissatisfied end user like regular people do, then maybe it gets through or at least they feel a little pain. the fact that that seems criminal that they're allowed to own 80% of the market and then set the market themselv

goldman sachs setting a new price target. set 11% actually. setting a new price target for the electric car-maker. though it's raising its target to 82 from 61, it's still well below monday's close of 127. now, based on forecasts for global market share and operating margins goldman's best case scenario fortes la shares is 113. the worst case 58 so there's a pretty wide margin there. tesla stock has nearly quadrupled since the start of the year. >>> all right. arch rival time. we have big news on all four stocks. coke versus pepsi in a second and first the automakers, gm and formed. hitting a new 52 week stock and there could be an announced stock dividends by the end of the year. our auto guy is phil lebeau. why did they make this move. >> reporter: ford has been doing extremely well? >> reporter: thing they are saying a case where ford is no longer attractive and gm is. they raised the price target on both of them and that expects both of them to do well but when you look at gm, touched on a couple of points there, one, more near term cat li

at the time he still is and he's another ex goldman sachs guy an inspector general report came out and said that it was not necessary for him to recuse himself and what when he was at the helm of the c.s.c. i think one of the problems was there was a lack of leadership and the inspector general came out and they said he doesn't have to recuse themselves is gary gensler. is he that the epitome of the regulator who has not done his job. i mean look i'm no gambler fan just to play devil's advocate for one second i'm sure he was kind of damned if he was you know damned well he was all there given his relationship with i feel that if you don't refuse him then we'd be talking about how or if i got special treatment because again lerner was still involved right so i mean he even have a great option there but the timing of his refusal is a bit earlier and that he waited about four days after the bankruptcy refused well and this was after the basically see f.t.c. gave the handling of the bankruptcy. which is securities insurance company. rather than saying that the f.t.c. should be involved des

thanks. >> goldman sachs responded to "the new york times" story. their statement reading in part "as part of our activities as a market maker or intermediary between buyers and sellers in commodities and commodity futures and derivatives, goldman sachs like a number of other financial institutions holds physical commodities in inventory. we hold an inventory position in a particular physical commodity for the purposes of meeting the needs of our clients. or as a hedge for positions in commodity futures or derivatives we assume as a market maker." if you understood that, you're better than me. we'll be right back. worker's union handle more than 165 billion letters and packages a year. that's about 34 million pounds of mail every day. ever wonder what this costs you as a taxpayer? millions? tens of millions? hundreds of millions? not a single cent. the united states postal service doesn't run on your tax dollars. it's funded solely by stamps and postage. brought to you by the men and women of the american postal worker's union. [ male announcer ] we

thanks. >> goldman sachs responded to "the new york times" story. their statement reading in part "as part of our activities as a market maker or intermediary between buyers and sellers in commodities and commodity futures and derivatives, goldman sachs like a number of other financial institutions holds physical commodities in inventory. we hold an inventory position in a particular physical commodity for the purposes of meeting the needs of our clients. or as a hedge for positions in commodity futures or derivatives we assume as a market maker." if you understood that, you're better than me. we'll be right back. anced distribution systems," "and one of the most efficient trucking networks," "with safe, experienced drivers." "we work directly with manufacturers," "eliminating costly markups," "and buy directly from local farmers in every region of the country." "when you see our low prices, remember the wheels turning behind the scenes, delivering for millions of americans, everyday. "dedication: that's the real walmart" no-charge scheduled mainten

goldman sachs going to be reporting. we're expecting 2.82 earnings per share. anything above that would be nice, anything lower would be bad. >> adam, 30 seconds on the clock. what are you prepared for for tomorrow? >> netflix, amazon, apple and also wells far go. where the four we like. amazon is a juggernaut. also the fed is wimpy here. we have deception, the technicals and the stocks from the retail investors who hapt even gotten into the market. amazon, netflix is great home entertainment for everyone. apple is a sneakup party here. >> thank you very much. michael you are up. 30 seconds on the clock. what are you ready for tomorrow? >> two things. when i look at stocks like packaging corps of america is going to kick off tomorrow. we're looking at earnings forecast. we're going to see 30% increase in earnings, it's a great company. you're going to see the continued strength, dominance, commodity. it's a great stock in terms of its ability to generate north of 3% dividend yield. all the other names are going to rally in july. the other thing is leap wireless

>> tour, aka fabulous fab takes the stand, the former goldman sachs trader who has become the symbol during the financial crisis breaks his silence in court. >>> and a new retirement playbook. with interest rates near historic lows, safe investments are delivering lousy returns. tonight, find out if alternative strategies are right for you as we continue our series how to not out live your money. we have that and more on "nightly business report" for wednesday, july 24th. >>> good evening everyone. welcome. earnings jumped, revenues spike and facebook investors are friending the stock late in the day sending it up almost 20%. the social networking company report add profit of 19 cents a share, excludeing accounting charges. that easily beat expectations of 14 cents. revenues up 53% over last year and the closely watched mobile slice of it's business boomed. kayla with a bigger look. >> tyler, what is driving facebook's popularity this quarter is once the biggest worry. a year ago when facebook went public it warned it didn't know how much money it could make in advertising. this quar