lloyd blankfein's face in that ad. >> and goldman sachs in particular. >> specifically goldman sachs and the fact if clinton had won because of sanders and warren, it would have been very hard for her to appoint any goldman people because they would have gone crazy. here we have two and possibly working on three. >> and then, of course, the lovely irony of bernie sanders and elizabeth warren who were campaigning so hard against all of trump's on the campaign trail and now they're upset he's breaking those promises. >> because everything feels like a bait and switch. when you run the ad that this very steve bannon inflected idea that it's the globalist plutocrats that are robbing the working class then you put mnuchin in as the head of treasury. >> he is the former president of one west bank, the chairman, sorry of one west bank, he oversaw a whole bunch of foreclosures, there's wilbur ross who just got appointed as commerce secretary who is like even richer than both of them combined who is a corporate raider. they make money by firing people, not by hiring people. this is the classi

goldman sachs owns ted cruz. and fun fact -- they keep him in a terrarium. [ light laughter ] so, trump slammed his rivals for being controlled by goldman sachs. well, you'll never guess who he chose to fill the two most important economic jobs in his administration. oh, you already guessed. we, watch this anyway. >> presint-elect donald trump has chosen former goldman sachs banker steve mnunchin to be the secretary of treasury. >> steve mnunchin spent 17 years at goldman sachs. goldman sachs president and chief erating officer gary cohn as the directo in that role, cohn will be one of mr. trump's top economic advisors. >> seth: better make room for th terrarium. [ light laughter ] and mnunchin isn't just y banker, he's the elite of the elite. for example he founded dune capital management, a hedge fund named after the dunes near his beach house in the hamptons. drove a porsche in college and a classmate once told mnunchin, quote, "you put the douche in fiduciary." [ laughter ] a pretty sweet burn that was no dou

sachs and now he will be joining steve bannon, former goldman sachs colleague, the current leader was at trump tower yesterday, and apparently tucci is going to have a job there as well. john: he was known for palling around with goldman sachs, so does this not smell of hypocrisy? max: i think if you list the reasons why hillary clinton lost, people assume she was close socially and ideologically with wall street, people were suspicious that she would bring all of her wall street friends. by the way, hillary clinton does have wall street friends. john: donald trump has a lot of wall street friends, too. max: he does. but this morning, i made calls to hedge fund managers and bank executives, do you think trump supporters who loved it when he attacked wall street, do you think they will be disappointed? do you think they will be angry? their attitudes were like, please. john: let's talk about what i mentioned early in the show, a mortgage lender in california that has been accused of closing in a pernicious way on homeowners, accused of redlining. max: steve mnuchin told us he was sitti

on wednesday, goldman sachs stock jumped 3.6% to an eight-year high. this all comes after trump campaigned on an anti-establishment message often publicly criticizing his opponents for their ties to goldman sachs. here's trump speaking about ted cruz 10 months ago. mr. trump: he wanted to say, i will protect you from goldman sachs. i will protect you from citibank. i'mi will protect you -- robin hood and i'm this wonderful senator and i'm going to protect you from these banks, then he is sparring for the banks. his personal guarantees. low interest loans. he got low-interest loans. now he is going to go after goldman sachs? it doesn't work that way. samples tohs own remember that, folks. nermeen: on wednesday, democratic senator sherrod brown of ohio, the ranking member of the senate banking committee, criticized donald trump for picking former goldman sachs executive steven mnuchin to be treasury secretary. brown said -- "president-elect trump campaigned against big money's power in washington and accused wall street and hedge funds of getting away wi

is that goldman sachs-- he was on the goldman sachs do not fly list!" this is the kind of client we do not want at goldman sachs." >> reporter: how do you know that? >> because i wrote a book about goldman sachs and i know that, from talking to people at goldman sachs, that he is the poster child for the kind of client they don't want to do business with. mainly because he would borrow all this money from wall street to build his casinos, and then didn't pay it back! >> reporter: one big bank that did lend to trump in recent years was deutsche bank, in 2005, to build the trump international hotel and tower in chicago. steve mnuchin's hedge fund also lent money to the project. in 2008, at the height of the financial crisis, a big payment came due. >> we're talking $330 million dollars payment that was due, he just decided he didn't want to pay it. he sued deutsche bank as well as all the other lenders, including steve mnuchin's dune capital, claiming that he didn't have to pay the money back because an act of god had occurred, this financial crisis, caus

sachs, turned to a guy who was not only goldman sachs 17 years but is a son of a goldman sachs lifer and has a son at goldman sachs. it seems to be an anti-populous move to pick rich financ financr these jobs. >> woodruff: a statement was put out saying this is someone who made money at goldman sachs and bought a bank in california. tell us about that. >> some of the drnlings elizabeth warren and bernie sanders thinks anybody who worked for a bank shouldn't be the treasure secretary. other people feel having experience on wall street might be a good thing for treasure secretary. i think the reason mr. minuchin is controversial is not only he came from goldman sachs, which has been the center of criticism, but made a lot of money buying the bank in california, selling it, making a bundle and in between got grief because the bank was accused of being aggressive on foreclosures. so looked like he was a guy who profited off the financial crisis that caused so much harm elsewhere. >> woodruff: is that true? no. he profited because he bought a bank that was in trouble cheap, fixed it up an

sachs people, even though the ceo of goldman sachs, lloyd blankfein was in the ad with hillary clinton because of the high-dollar speeches she gave during the campaign. there's a disconnect there. that said, bob gates showing up at trump tower today, going to visit mike flynn, the incoming national security adviser. bob gates, former national security adviser. he was a sharp critic before of donald trump during the campaign. he and others from the bush years. and now he and a number of others, including condoleeza rice, others who signed that letter of other foreign policy vorz, beginning to show up to advise, to try to consult, those who are not seeking jobs, wanting to be part of the process. that says a lot from the foreign policy people i'm speaking to. they want to help. >> reporter: you're right. we saw condoleeza rice, meeting privately with vice president-elect mike pence, and saw bob gates being whisked upstairs by lieutenant general michael flynn, now national security adviser, to donald trump. you talk about his criticism, the criticism from secretary gates of donald trump.

mnuchin goldman sachs. anthony scaramucci, goldman sachs. gary cohn, goldman sachs. they are kensyians. they are kensyians. david: it is pronounced kensyians. rhymes with brain. >> you were on editorial page of probably wrote that every other sentence because you hated goldman sachs so much. david: well i don't hate goldman sachs. i hate it when there is crony capitalism. they do a lot of that. >> did you like kens syism? david: nobody here like keynesianism. >> why is this so great? david: putting words in my mouth, charlie. putting words in our mouths. >> i would like larry kudlow. david: steve forbes is coming up because you asked him, because you asked, we'll ask steve forbes. >> tell steve i said hello. david: we want to make you happy, charlie. see you in the gym. melissa: love you, mean it. david: better pump up because melissa is after you. melissa: yaw -- yeah. david: why americans are not living as long as they used to. that's a problem. melissa: already talking about down time, what president-elect donald trump says he will do on his time off, fueling even

portrayed lloyd blankfein, goldman sachs ceo, as pa of a global power structure. let's watch. >> it's a global power structure that is responsible for the economic decisions that have robbed our working class, stripped our country of its wealth, and put that money into the pockets of a handful of large corporations and political entities. >> steve mnuchin, does he fit the bill of somebody who's anti-wall street? he's part of it. >> he is someone who will come in and take mr. trump's message of economic pollism will and turn that into how we'll reform the tax code. one thing that folks might not realize is that steve mnuchin largely wrote president-elect trump's tax plan. who came up with the plan of how we're going to bring rates down for everybody. you have to get folks who know how the system works and how to turn it around, and we have wilbur ross, recommendation for commerce secretary and he'll do the same things on the trade deal to make sure we have trade deals that work for the american workers. >> but this isn't what trump ran on. he said he didn't want st

asset management.” the international arm of goldman sachs's asset management. i think when you look back at 2016 you see it as the year of volatility and surprises but there's a tendency when you apply volatility to emerging markets to throw out the baby with the bathwater. in some ways the emerging markets have been most ways the emerging markets have been m ost sta ble ways the emerging markets have been most stable in 2016 and we look at emerging markets as a tale of two cities. one has to look for the more sta ble cities. one has to look for the more stable markets where you see reform is progressing and the ones where you see less impact from some of the changes we saw in 2016. markets like india, where reforms are progressing and we see potential growth, select areas within china, like internet, the new economy, lifestyle, investments people are making, places like brazil where reforms and the new government might be making constructive change. a new report put out by your firm, your economists suggesting higher oil prices will be a boom for the global ec

people thought he would take over goldman sachs. is there something about the fact donald trump criticized the role goldman sachs has in the country, now potentially filling key economic positions with goldman people? >> well, listen, i think the cabal against the bankers is over. what mr. trump is really trying to do right now is 'it put the country together. we had a rough campaign, but he said most graciously in his speech and you can see it in his actions in terms of his outreach to so many different people, we really want to bring the country together, not just the party, not just the people that voted for mr. trump but the entire country. so what i would say and i'm in these meetings, thankfully, i'm here at trump tower talking to you, if you saw the process, the american people would be super happy about the way we are going about this and the talent that we're seeing. i think they would also be very proud about people willing to make these sorts of sacrifices to go into the government to serve them. that combination is great

being married to a woman who works for goldman sachs. on the campaign trail he was have much i'm a man of the people and goldman sachs are bad people. her concern is it was hypocrisy and the trump organization's largest debt is partly held by goldman sachs. >> shouldn't we wait and see what people do in the jobs, not just who they are? even though they come from that background and there might be some things she might agree with. >> even when hillary clinton when her speeches were revealed, she talked about putting those folks in the places because they understand the business and they understand the financial markets. and i think it' not generally a bad thing. but if trump hadn't document oh hard maybe warren wouldn't have come out so hard against him. reporter: does she have a point? >> no, she doesn't. elizabeth warren has made a career attacking wall street. she endorsed hillary clinton who is one of the biggest vessels of wall street cash. hillary clinton accepted $64 million from wall street. earlier this year the "wall street jour

he talks about how he's going to get, well, goldman sachs, i know the guys at goldman sachs. they have total, total control over him, just like they have total control over hillary clinton. >> that was donald trump back in february, with us now, the co-founder and former ceo of politico, jim vandehei, and mike allen formally announced their new media venture. we will talk to him about that. and jim serves as ceo, and also with us, washington national correspondent for bloomberg business week josh green. josh, we're going to talk to you about the new economic team. but first, jim vandehei, tell us about your new venture. very exciting news. >> we'll be launching in january. it's called axious and a new media company focused on politics, health care, and media trends which we think are the most important topics that cut across the areas anyone who is a serious news consumer cares about. an interesting twist ow how we get the content and how we deliver it, and it's an exciting time to do a new media turn. it's a much more complicated media environment. you have to become a stude

steve murphen, the pick to be treasury secretary, worked at goldman sachs. you know i'm old enough to remember when donald trump was very critical of hillary clinton's close relationship with wall street and goldman sachs during the campaign. is that a reason of concern for you? >> well, i don't know if it rises to the level of concern as far as confirmation is concerned. i'm going to wait until the hearings and see what the testimony is. what the background is. but it does strike me as an odd way of draining the swamp to bring in a new alligator from wall street. i, you know, i was critical of barack obama, frankly, eight years ago, because of the connections to wall street, in the top of his economic team. i think -- i think you need somebody with financial and fiscal experience but also some experience with main street and with ordinary americans and with businesses, not at the height of the financial center in wall street. so, like i say, i'm going to listen to the testimony, i'm not reflexively opposed to mr. mnuchin but i do think there's an irony here

part of his stump speech. >> i know the guys at goldman sachs. they have total, total, total control over him. just like they have total control over hillary clinton. but they have no control, they have no control over donald trump. i don't want their money. i don't need their money. >> now, gary cohn is the third goldman sachs alum, steve bannon and steve mnuchin both worked there before striking out on their own. jones joins a wealthy list of plutocrats. contrary to trump's claim of not needing donors' money "the washington post" reports that he's given positions to six donors who gave $12 million to the trump campaign and the republican party. i talked to a trump voter who lost her home during the financial crisis when it was foreclosed on by a bank owned at the time by steve mnuchin, trump's pick to oversea the treasury secretary. >> we believed trump would be an outsider for the first time who would work for the people like his campaign promised. my only special interest, he's quoted as saying, is to you the american people, not major donors

>> well, i think gary did a tremendous job at goldman sachs. he was really a stallworth through the financial crisis and beyond. i think it's great he's going to washington to really sit in the middle of economic policymaking. if you listen to gary and his public comments over the years, he's been focused on growth and the lack of growth in the economy and u.s. and globally. i expect most of his focus will be on thinking about policy that can really help get growth going in the united states and really driving more job creation and more opportunity for the broader base of the american population. so tax reform will certainly be very much in his mind. i think infrastructure spending will be something he'll spend a lot of time on. i'm sure he'll weigh on the trade dynamic. he's got very strong ties globally. he understands how global markets work. he understands the importance of global trade. so i expect he'll have a strong voice on the trade side as well. and energy. you know, we haven't really had in my mind a broad energy policy in this count

the goldman sachs ceo lloyd blankfein is happy that having former goldman bankers in government is no longer seen as a negative. gary: is stepping down to serve as head of the national economic council in the trunk administration. another goldman alum, steve mention, has been nominated to be treasury secretary. blankfein spoke in london. recognize how much it does for society to have people working in banks in government. >> blankfein appeared at a business0,000 small panel hosted by bloomberg. the new prime minister of italy has now survived a second vote in parliament. that paves the way for the government to lead the way into the next election. the democratic party does not have an absolute majority in the upper house, so he has to rely on reports from senators who could then change their minds. global news 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. i'm courtney donohoe. mark: fed decision day is here with a hike almost certain. the consensus has official sticking to a prediction of 2 hikes next year. most expect yellen to be -- g

clinton's goldman ties. >> i know the guys at goldman sachs. they have total, total control over him. just like they have total control over hillary clinton. total. they have no control over donald trump. i don't want their money. i don't need their money. they have no control. >> the top transition adviser and donald trump's campaign manager. welcome to the set. it has been a while. let me go to goldman sachs. he railed against them. three goldman sachs alum with fairly prominent positions. >> he rallied against the political influence. he said that they don't have influence over him politically and they will not have influence over him politically in the white house. they will working to w him to implement the vision. >> what would you say if hillary clinton appointed three goldman sachs guys. >> i don't remember myself being critical of president-elect obama's cabinet positions because every president has the right in the peaceful transfer of power to make his own decisions. in the case here, the first criterion is that they be qualified and

will have a trump job as well. , howlinglary clinton around with goldman sachs, -- paoli -- paling -- you list theif reasons why hillary clinton lost, people assume she was ideologically and with wall street, people were six -- suspicious that she would bring all of her wall street friends. hillary clinton does have wall street friends. john: donald trump has a lot of wall street friends, too. max: this morning i made calls than i said to hedge fund managers and bank executives, do you think trump supporters who loved it when he attacked wall street, do you think they will be disappointed? do you think they will be angry? their attitude was like please. john: let's talk about what i mentioned early in the show, a mortgage lender in california that has been accused of closing in a pernicious way on homeowners, accused of redlining. max: steve midocean -- steve mnuchin told us he was sitting in his office and got -- got the story confirmed by someone in the room within at the time, summer of 2008 watching tv in the news and he sees people lined up to pull their money out of the rank an

the gardenchange in goldman sachs. >> goldman sachs is making this move from a position of strength. >> donald trump's unconventional picks. you are going to be

here he is picking goldman sachs alumni or one concern member of goldman sachs for his economic adviser. what do you think of that? >> it is interesting how they seemed to infiltrate whether democratics or republicans. they always seem to come out smelling like a rose. i will say this, that when you look at the trump cabinet so far from the perspective of free market people you have to give them high marks. you know, pruitt with the envir environmental groups, these are top people. it was a bit of a surprise when he was named the head of the national economic council. s he is someone i know very little about. i can't tell you much about his politics because he is a bit of to a lot of us. >> that's the issue. i know goldman sachs, the economic team, they are economic advisers, that's a hot house of economics. they think government spending is the key driver of both. th -- of growth. they don't think regulation is a real problem. we couldn't find where he had a lot about where he stands on public policy. you're telling us that you don't know either wlachhat about stev? is he somebody you

goldman sachs at two-and-a-half times price to book. goldman sachs at 1.8 times makes it a 308 five $5 stock. >> it feels like everything is priced to perfection. we're -- >> would you set that -- would you have said that last week? >> i would have said it last week. but here's what i'll say. talking about drifting higher. we're drifting higher for one reason and one reason only. maybe a few reasons. this repositioning trade is massive. it can go a lot further than you expect. i do believe it's a sell at the beginning of the year. i just can't see us sustaining these levels. >> what's going to sell the market off? going to 5%? >> you know -- the fed -- no one cares about the fed. no one cares about the fed. when was the last time the market absolutely cares. >> doesn't care. doesn't care. >> >> we've got the fed next week. >> hold it, you guys! all at the same time. tim, talk. >>. >> the fed has been clearly a sideshow to elections and obviously to a story where business confidence -- look at the confidence numbers out today. consumer c

there is a change in the garden goldman sachs. >> goldman sachs is making this move from a position of strength. donald trump continues to construct his cabinet. unconventional picks have sparked conversation. >> if you are going to be president, you should have the best people sitting around the table. >> some of the sharpest minds in business share insights on the markets. >> i am probably more comfortable with shorter duration assets. i think the worries are in chinese credit growth. >> there is over exuberance about how well people are doing. >> it is all straight ahead on "bloomberg best". vonnie: hello and welcome. i am vonnie quinn. this is "bloomberg best". mostweekly review of the important business news, analysis, and interviews on bloomberg television around the world. let's start with a day by day look at the top headlines. it began with a note of optimism for oil. >> opec has sealed its first output cuts with independent producers in 15 years. andministers met in vienna agree to reduce output by 1.2 million barrels a day. saudi arabia signaled it is ready to cut production

goldman sach's people, donald trump's own rhetoric used to attack tread cruz as a pawn of goldman sachs and now one is running the treasury and another goldman sach, coo into the white house as head of the economic council there and we are are seeing a lot of surprises that maybe the base would not like. but donald trump can do a lot of anything and the base shrugs their shoulders because they trust him. >> he's full of surprising, jamie and john and thanks. >> people will trust him with their tax dollars. and we have new detail and keeping it running and the house passing a bill to fund the government through april of next year. but a push by democrats in the senate threatened to derail that deal. chief congressional correspondent mike has the details. >> reporter: hi, heather it is a stand off after the government package passed the house of representative and now the senate is threatening a shutdown. chuck schumer and democratic colleagues are meeting to figure out the next move. it would keep the government up and running through next april 28th and extend health benefits for retire

it's nothing new for employees of goldman sachs. the current president iand coo could be the next one to land a spot on fixing hundred pennsylvania avenue. lumbere this is bloomberg. ♪ david: this is bloomberg. are morning must-read today comes by way of london, but it is all about the drama being played out in new york city over trump tower. "the london times" writes about the real possibility that mr. trump will be relying heavily on the advice of goldman sachs as he moves his economic agenda forward. "with three goldman sachs now destined for top jobs under donald trump, the wall street giant is getting back into the political game on both sides of the atlantic." joining us now is a student of goldman sachs over the years, bill cohen. welcome back. this seems a little strong. they have had some conversations, it's a possibility. but tell us about the significance of this heavy reliance on goldman. what is so striking to me is that the tone is totally shifted since the election. bothk before the election, senators warren and san

goldman sachs was the most important impact yesterday putting 21 points on the dow. united technologies to the down side accounting for eight points off the index. a great run since november 8th. the futures are indicating a flat start to proceedings on the major u.s. indices. there's been some absolutely terrific moves to the upside. russell 2000 what do you think that's up? >> 16%. 146r7b8g >> 14.3. extraordinary moves. european markets look like this. banks were moving us higher, you have the ftse 100, i will call that 7,000, and the xetra dax at 11,365. both of those indices and the mib trading flat. you have a tiny bit of a down side on the cac. one story in town, it's the dollar. with multi-year highs for the dollar index, for the dollar versus the euro, for the pound. what is it trading? 124 as well. every time we see the pound come off against the greenback, we see uk blue chips rally aggressively. something those dollar earners and vice seversa. do you want to look at the bonds? >> we can do. let's fill you in on the bonds. i think there's some interesting s

goldman sachs, the 1600 points gained in the dow have been goldman sachs. the three potential interest rates, we could be facing next year. some say not worried about it, some say could this be a problem for the economy. what do you say? >> i'm not so much worried about it. i agree with teddy, the financials have upside. they recently passed the halfway recovery point from the 2007 highs and the 2009 lose. they have a lot more upside potential, and i think they're getting a bounce because we're seeing oil stabilize, that's one sector holding the banks back because they had a lot of exposure and there were bankruptcy concerns. that is alleviated, higher crude prices help out the energy stocks, some of the sectors have more upside. >> oil going towards 54. you got higher oil, might have higher gasoline, i worry about the small business. that's just me. guys, thank you very much. teddy and alan, thank you very much. >> happy new year. >> happy new year to you, we got two more trading days. >> maybe for you. i'm done. >> teddy is out. drop the mic and go. good

look at goldman sachs. goldman sachs is up by a third, 30% just since the election on november the 8th. ceo lloyd blankfein says trump not be as dangerous a president as many people thought. >> well, that's what he said in an interview with a german newspaper. he said trump is level headed, a level-headed leader, says lloyd blankfein. he's a smart guy, smart businessman, and he may turn out to be much better than anyone else that went after this job. all in all, he raptured around donald trump, he's also in rapture about his stock price. stuart: that's a complete reversal from what we saw about 35 days ago. now we're up 19, 18 points, 19,633. the nasdaq has just hit an all-time record high as well. i never thought i'd see it get back to 5,4, but it's there. >>> coca-cola chief muhtar kent stepping down, he'll continue to chair the board after he leaves the ceo role. that's up 1%, coca-cola. very slow sales at restoration hardware. that stock's taken a big, big hit. nicole, tell me about it, please. >> resto

a former goldman sachs director. they've been allowed through this process to simply have too much power. >> you're not a concern about goldman sachs executive to be a treasury secretary? >> no, i'm not they are incredibly well trained and intellige intelligent. >> does the uk have a bad relationship with the u.s. right now? or more particular to mr. trump? >> firstly, the special relationship during obama's time did splip away. i think obama looked towards germany really as being the most important country, and he saw the united kingdom as a political process rather than an independent state. i'm hoping to press the reset button on this relationship. we voted for brexit, so we will be an independent country again, an incoming president who feet positive about it. i'm positive about this relationship. one of the fehr things we can do to prove the anti-globalist movement isn't insular or smile-minded is for the u.s. and the uk to put a trade deal together. >> i do wonder, because both you and your brexit team and mr.

they didn't think goldman sachs would be up 70% from its 52-week lows, and jpmorgan. here's what i think -- not nearly the three decades. or the four or five. if you get sentiment so wrong -- where in january you had these stocks so much lower. they were down 20% on the year, now up 35% of the year. and 35% in a straight line since the election. to me, that's not a great risk/reward, in my opinion. i think sentiment maybe was too bad in q1, and now it's way, way overshot here. >> the problem is, why would you sell them? if we're readjusting, you have to ask the question, why was sentiment so bad? if you're readjusting to a world where you could see growth, gdp double from here, or substantially increase higher, if you look at the market since i've been in the marketplace, i watched dow 5,000? 10, 15? and now hopefully you see -- >> discounting mechanism, steve. when you think about it, what are they discounting right now? >> they're also looking for tax policies to change, and that puts an awful lot of money into the pockets of corporations that make out up the dow. s

he has gotten criticism from some supporters for calling up too many goldman sachs alums. the other way to look at it is many of his supporters will not care who is around them. they are not necessarily against rich people or elites, but as long as they believe they are not against these people and believe donald trump can make them rich as well. in other words, they will not mind goldman sachs alums as long as they think they can make them rich and prosperous. a year or two down the road, has donald trump delivered? has he improved stagnating wages, median incomes? the things that make people economically insecure and economically anxious to the point that trump broke the blue wall in the upper midwest because of a lot of job issues they have. i think that is the real question. scarlet: do we know how closely gary cohn as chair of economic council would work with the treasury secretary, the commerce secretary to accomplish many of donald trump stated platform goals? sahil: it is important advisory goal -- role. donald trump makes bottom line decisions and he will do so as

let's say you own goldman sachs, for instance. and you have a bunch of other -- fail weather stocks, dow jones stocks and booking profits that have gone up far, fast, you know the drill here. one may to maybe swap out of those, take some profits, not too particularly concerned about paying taxes in 2016, about you want want some exposure in the documentation, look to dia. one of the reasons you consider a stock replacement strategy here is to give you that exposure into the new year. maybe worried about a potential selloff. the idea here on a stock replacement, let's say in the goldman sachs or jpmorgan, that sort of thing. but you want to stay in the game. while also defining your risk. so let's go and look at the dow jones industrial average. this is that 10% rally in nearly a straight line. i suspect at some point in january, we're going to have a move back to those breakout levels. the other point here, this is spot fix. this track volatility on the s&p 500, obviously not the dow jones industrial average. but look at what's go

. >> we are getting a news alert out of our nation's capital on goldman sachs. >> goldman sachs is ordered to pay a $120 million penalty for what they call attempted manipulation of and false reporting of u.s. dollar isda fixed benchmark swap rates. what the cftc is saying is that goldman's unlawful conduct here involved multiple traders including the head of goldman's interest rate products trading group in the united states according to the cftc order here. in this press release just put out a few minutes ago, there's details here that goldman sachs will find embarrassing. according to the press release, they say cftc captured e-mails and audio recordings of goldman sachs traders stating manipulative goals in plain language such as directing swap broker to "spend what you need but make sure we get the print." also saying that among themselves, goldman traders described the trades as being based on the jacked price as opposed to fair price in that benchmark market, guys. back over to you. >> thank you very much. when we come back as we have said already, the dow still within reach of 20k.

midas next, the seemingly touch goldman sachs has. oliver: how some colleges tap into their connections in wall street to deliver top return. ♪ touch goldman sachs has. oliver: oliver: welcome back. carol: you can also listen to us on radio on channel 119 on s iriusxm. 9.1 fm in washington, d.c. and area. in the bay in the markets and finance section, how goldman sachs comes out on top in the incoming donald trump administration even though candidate donald trump target of the banks in the campaign trail. >> it has been quite remarkable. the stock is up something like 39% since donald trump won the u.s. presidential election. some of that, a lot of that has to do with donald trump's policies and the fact that a lot of people think he will roll back regulations on wall street. he talked about repealing dodd-frank. it is unlikely that all of that is going to get rolled back but some things will be first in line. ker has to do with hedge funds nad private equities -- and private equities. >> it is a ban on prop trading and the other is

he's been at goldman sachs for 26 years. you know, he's well versed in all things in terms of international finance. he knows kristine lagarde, angela merkel, mark carney very well. when you take a step look and look, it's controversial. another goldman sachs name donald trump is surrounding himself with and the secretary of interior is a new name he's putting out there today. >> reporter: that's right. well, first to your point about him being from goldman saks, it comes from the heels of steve mnuchin being tapped. of course, this is a president-elect who ran on a platform of draining the swamp. is he draining the swamp? that's what critics are asking today or is he putting more billionaires or people inside of wall street in these top positions. i got reaction from his supporters about that as well. two sisters, 75 years old, drove about 3 hours to be here. they say, look, he is putting people who are successful into these very important positions. on the other hand, you do have some of his supporters who say we'd really

and 200 million stake in goldman sachs. so he's going to have to unload that for conflict of interest issues. stuart: gary cohen-- >> it's popped more than 150 million since the election. he's a registered democrat, but is being applauded. he's a 25-year vet and knows what he's doing, a sharp, smart guy. stuart: goldman sachs would not allow them to contribute to donald trump's campaign, only to hillary clinton's campaign. donald trump has crossed the aisle and employing people who are heavily critical of him during the election. >> he's a good man, you see. just like the way he negotiated and strongly considered mitt romney. exactly, candidate trump is different than president-elect trump. i would say to a lot of my fellow trump supporters, i've heard angst too many goldman sachs people in the government, and goldman sachs the company is full of incredibly brilliant people. while we may not like some of what they did-- >> it's up, now it's up 103, 19,900 there it is again. there's momentum, i just feel it. it's there. >> t

so he attacks hillary clinton for giving speeches, for giving speeches to goldman sachs, and then he puts the goldman sachs guys in who represent the international kabbalah of bankers that he said he was against. i'm waiting for alex jones' mind to explode. there is no consistency here, no principle here, and that's what you're stuck with anybody who supported this guy. >> i want to read these words again, that plays great before the election. now we don't care. mara theresa, no politician has ever said that about a position they advocated strongly during a campaign. he seems to be going that way, including alarming his hard core supporters by saying he will figure out something to do with the dreamers. he will figure out some way of allowing them to stay, even though several times he very specifically said they all have to leave this country. >> well, that's right. and i think this is where it becomes very difficult. there are a lot of voters who voted for donald trump saying he really didn't mean it. then there were a core group who said he means everything he says that is why i'm

runs goldman sachs. so i think that surprised me, but the fact that he was rewarding a loyalist, something in keeping with trump, and on the rex tillerson front, it's striking who he can do business with. trump described him as somebody i were make a deal with. how he's approaching the cabinet picks to say nothing about the work they'll do. if they have the difficulty of running the country is not like running a business. >> and steve mnuchin is jewish, how does that collaborate with -- >> i'm not making -- saying a specter of anti-semitism, when you have and ad that targets a global order, hurting our economy, harkening back to how hitler describes the jews and global earn prizes hurting germany in the run-up to the third reich. steve mnuchin is jewish, i'm not saying it's right, but that his anti-populist message is not in keeping with someone who's a senior executive of goldman sachs in that position, his jewishness not that much of a factor. saying that the populist message for trump was not consiste

goldman sachs guys. including the treasury secretary. his chief adviser and top strategist, he keeps bringing on more and more and more people through goldman/sachss. the goldman sachs stock is through the roof. donald trump owns millions of dollars in goldman sachs stock. trump also owns stock in the company building the dakota access pipeline. yesterday' nounsed he supports completing that pipeline, despite the protests from the indian tribes that live in its path. and their many supporters. trump's transition team sent out a briefing note saying, despite media reports about trump's investment in the pipeline company, his support for the pipeline has nothing to do with his personal investments. it looks like the president has a personal interest in it. we're going ahead with it, everybody says that's because of the stock he holds, we say that doesn't mat i. that's apparently how they're planning on dealing with these kinds of conflicts. we've been asking lots of smart people over the last couple days,

and the changing of the guarded goldman sachs. >> goldman sachs is making this move from a position of strength. >> donald trump continues to construct his cabinet. his unconventional picks spark discussion. >> if you are going to be president, you want the best people sitting around the table. >> and some of the sharpest minds in business share ideas. >> i am comfortable with shorter duration assets. >> the worry is still up in chinese credit growth. >> there is some exuberance over how people are doing. >> it is all straight ahead on "bloomberg best." hello and welcome. ," to ourbloomberg best weekly review of most important business news, announcements, and television from around the world. let's look at the top headlines. week began on a note of optimism for oil. . opec had sealed its first output cuts with independent producers in 15 years. will producers met in vienna and began to increase output by 1.2 million barrels a day, and saudi arabia has signaled it is ready to cut production more than expected, ready to cut by more than 50 million barrels per day. >> i have to say that

or you say, how about goldman sachs? >> trump stock. >> maybe you guys have some, because i would like to put it through the wringer here. >> we need a button like that. so many stocks fall into that category. >> everybody needs it. we used to do this. >> bye-bye buy. >> now we do this. >> now we do this. >> trump stock. >> excellent. thank you, jim. our own jim cramer. of course check out the full interview with the mgm ceo on "mad money." the chinese government has done so many things to these casino stocks, it's almost like whack-a-mo whack-a-mole. once the issue is out there, they come back. there's a bribery crackdown. >> once we saw stabilization in macao revenues. there was a customs cash declaration about two weeks ago. there was also something that knocked this market down. this is an opportunity. i' >> in the last few years, it seemed a lot of stuff was anticorruption. >> there was nonsmoking, there was limiting the number of tables, so many different things. >> when you're talking about atms, you're talking ab