goldman sachs faces a fifteen million dollars penalty if they break this deal with goldman sachs oakland though is there any not to invest in goldman sachs again. so what happened was the oakland city council voted unanimously to break the deal with goldman sachs the city would be required as i mentioned earlier to pay a fifteen million dollars penalty fee if they break a deal with goldman they made back in one thousand nine hundred eighty eight the deal locked in the interest rate at the time but the problem with that is the federal reserve set interest rates much lower after the financial crisis and this was done to help struggling cities like oakland tackle the debt but oakland has been still been forced by goldman sachs to pay the higher rate costing the city of four million dollars a year and oakland is sick of paying wall street at the expense of police teachers and other public services such as oakland stand a chance against the big bank to talk about this joining me now is dr lou's caliber organizer for the coalition to stop goldman sachs' welcome there lose so why i know that yo

sachs that's the high frequency trading machine that algorithm of goldman sachs eating one hundred million dollars a day every single day for the past ten twenty years it just eats little bits of chunks out of the pension funds across america and now they look at each other and say oh it's the union members worker is the firemen it's the policemen it's the taxpayer it's your fault it's your fault they don't look at the big giant sure arc that just ate half of their fun no no they brag about the computer they put next to the new york stock exchange just deals one hundred million dollars a day through high frequency wash trading and that's then carried through with stealing in the pension account using financial pressure of the co-sponsor with the government and lloyd blankfein of course is now rumored to make a transition from wall street to government probably take over tim geithner's job so his expertise and committing massive financial fraud will be useful over there at the treasury. now here we saw the pension funds being me and now i want to say there's a shark like guy in the news reg

a >> there should be no sympathy for goldman sachs. we should be doing everything to try to bring this matter forward. >> what is the matter? oakland city council votes to end its contract with goldman sachs that locked into a financial deal that cost the city millions. all of that and more coming up. this is "democracy now!," democracynow.org, the war and peace report. i'm amy goodman. a record-setting heat wave in the eastern u.s. is starting to ease after two weeks of scorching temperatures. the heat wave has been blamed for causing at least 74 deaths from the midwest to the east coast, including 18 people around chicago and 13 people in maryland. all-time highs hit major cities including philadelphia, washington, said louis, indianapolis, and louisville, with more than 4500 heat records broken overall. dry conditions and a lack of rain are also devastating corn crops across the plains, which faces its worst drought in 25 years. although eastern states will see a respite, western states are facing a potential heat wave that could br

goldman sachs and the big banks for putting the city in this crisis this economic crisis to begin with why do you point your finger at them. well is because they came to the city with these with these financially very complicated financial deals these complicated financial instruments knowing that the people that they were presenting them to were not financial wizards are experts and this pattern has been borne out him in municipalities all around the united states and they got people to sign on to things that they really didn't know what they were doing when oakland got into its goldman sachs' relationship interestingly enough the man who is now our governor was our mayor and at the time that he was the mayor he got an oakland involved with this and coincidentally at the same time that his sister was a west coast executive for goldman sachs. but at the end of the day danielle that there was this contract that was made with goldman sachs so couldn't they just say it like this is a contract this is the agreement that we made and now you need to abide by these terms and i think we just l

sachs' resolution was simple yet very strongly worded saying that goldman sachs refuses to terminate the swap agreement without terminations fees or penalty with and sixty days and they will be excluded from any future business with the city of oakland basically of goldman sachs doesn't do it the city says in the city will pull all of its business out of the bank which is a whole heck of a lot of money it's a threat that the bank has to listen to and a threat that other cities need to need to issue their own point is no city in america should be doing business with the bankers on wall street who proven time and time again they're only interested in looting instead cities across the nation should be investing their assets in local banks and local credit unions local institutions that actually care about and are derived from the communities that they belong to rather than only caring about short term profits for out of state sure. there's been a central theme coming out of the occupy movement since last fall calling on citizens and communities to move their money out of the big banks a

sachs leader lloyd blankfein will tell charlie rose when asked about goldman sachs a siphoning of high frequency trading in a legal. offering of money from the exchange for said no we're making a market that's code for i'm a shameless market manipulating lawbreaking larsen a stick schmuck that's what that means making the market when it comes out of lloyd blankfein spyhole so one hundred percent of the time this robot beats you just like in the market one hundred percent of the time a high frequency trading algorithm is going to be any human being for big banks score perfect sixty one day run that's in two thousand and ten max despite the running an ease in world markets for giants of american finance managed to make money from trading every single day during the first three months of the year their remarkable sixty one day streak is one for the record books perfect trading quarters on wall street are about as rare as perfect games in major league baseball there have only ever been nineteen perfect days in baseball but bank of america citi group goldman sachs and j.p. morgan produced t

sachs. >> goldman sachs is an institution that worships death, the forces of thanatos, of greed, of exploitation, of destruction. >> and i still remember the picture of you and the others sitting down, locking arms, and blocking the interests of the company. what was that about? >> that was personal for me. goldman sachs runs one of the largest commodities index in the world. and i've spent 20 years in places like africa, and i know what happens when wheat prices increase by 100%. children starve. and i knew i was going to get arrested because, you know, i was, i covered the famine in sudan and was in these huge u.n. tents and feeding stations trying to save. and you know, the people who die in famines were usually elderly and children. the place was, i mean, everyone had tuberculosis. i have scars in my lungs from tuberculosis, which i successfully fought off. and those are sort of the whispers of the dead. all those children and others who couldn't didn't have the ability to go in front of a place like goldman sachs and condemn them. >> but surely those people, as you were arreste

he basically made a goldman-sized bet at a firm that was only a sliver of goldman sachs. >> narrator: they were structured as large derivative deals that allowed mf global to book profits immediately in order to right its balance sheet. >> the way that this particular thing was structured, it's a really obscure and complicated transaction, where essentially you can book the profits on the front end. >> when i make an investment, i have to wait to see how it turns out before i can book the profits. but th yhe revenues right up front. >> ...lines all were up on the quarter... >> narrator: as a result of these proprietary trades, mf global, for the first time in 18 months, began to look healthy. >> smith: were you aware of what the company was doing with the cash on hand that was in the proprietary accounts? >> never. i never knew before that they could invest money in overseas markets or sovereign debt. >> you had no knowledge that they were buying sovereign bonds? >> had i known that, i would have pulled out immediately. >> there was actually a debate internally at mf global about whet

but goldman sachs can be in the market right now. that can really drive things in a positive way over the next six months. >> came out net exposure to spain about $3.5 billion. that's net. are you worried about the european bank problem as it pertains to jpm? >> absolutely. it's not about the direct exposures. it's about the $70 trillion of notional derivatives out there. it's still an issue that can't go away off the five big u.s. banks with that exposure. it's not off the table yet. if we could get some solvency issues resolved in europe, there could be a real rally. that's where morgan stanley would look very appealing. >> and we might also have a unicorn ride to take a little bit later on. fred cannon, thank you very much. a lot of talk about unicorn. fascinated by them. jon najarian, do you have a comment on jpm, banks, europe or minnesota in general? >> well, love minnesota. i was up here with steve grasso for a big conference that he was one of the hosts of and that a lot of big traders were up here. i think one of the takeawa

goldman sachs and his tommy gun rob rob rob rob rob rob rob rob rob rob rob is robber barons on high frequency trading i mean if the robber barons were alive today they'd be high frequency trading and lloyd blankfein is a robber baron africans are very well and for further. evidence of this assertion of mine that they're robbing the global central banks of the credit available whatever credit remains in the system you know willie sutton said he robbed banks with the tommy gun because you can't rob a bank on charm and personality so we're going to go to a charmless guy without personality bob diamond and piece admit they let diamond slip away ahead of inquiry vote so several members of the commons treasury select committee have admitted that the banking chief was able to get away with a vase of an implausible answers during a three hour appearance before them yesterday he appeared on able to provide straight answers he repeatedly strayed off topic and at times appeared unable to understand simple questions this is his posing as a bimbo oh i don't know nothing oh young man over there g

. >> investment banks such as goldman sachs were eager to lend to risky places such as greece. >> i find it hard to believe that they couldn't figure out that the greeks were cooking their books. i think they knew. in fact, i know they knew. >> and a culture of greed. >> it's actually known as casino banking. >> one loophole after another. >> you're making so much money. >> they came down here like sharks to raw meat in the water. >> "have i got a deal for you." >> "money, power and wall street." >> is anybody watching? does anybody care about this? >> the epic story of the globl financial crisis spreads. tonight frontline. >> frontline is made possible by contributions to your pbs station from viewers like you. thank you. and by the corporation for public broadcasting. major funding is provided by the john d. and catherine t. macarthur foundation, committed to building a more just, verdant, and peaceful world. and by reva and david logan, committed to investigative journalism as the guardian of the public interest. additional funding is provided by the park foundation, dedicated to heig

david, anything from goldman sachs jump out at you? we kind of kicked through the numbers. >> in some ways, it's the larger theme which you were discussing. the changing nature of the overall business and profitability of the business. the move more aggressively into private banking. it was not a great quarter. numbers had come down, but at the end of the day, it looks pretty good, but fixed income currencies commodities, down. expenses down sharply. that's kind of the world we're living in now when it comes to the big banks and goldman figuring it out before the others. >> i thought this was a direct hit on east hampton and south hampton properties. to me, this is your chance if you're not an investment banker, go up to nantucket this weekend. there's going to be for sale signs. >> is that what you're going this weekend? >> come on. have some sympathy. >> we've got to go. carl, worst all-time sequel? >> worst all-time sequel. electric boogaloo. >> number one, staying alive. >> which i forgot existed. ♪ i want to win [ breathes deepl

the issue about the olympics in london was just a tea cup. >> the goldman sachs that the u.s. will finish first with 37 gold medals, and i know how much faith we have in goldman sachs these days. >> i was just going to say that. >> there will be flack at home for the american athletes. some of our lawmakers are upset because some of the uniforms are made in china and they found on their iphoned andy pads. >> and he was unable to pronounce his last name. >> you're wrong. you can pronounce it any way. >> chris, i just said, after we play the sound byte, you can call him anything you want. >> it's cheney. >> i'm comfortable with what i did, how you did it, and i'll let others judge whether they liked it or not. >> do you have any regrets? >> not really. >> chris, what say you? >> it's the same as cheney. we all check it out and we'll know what we're talking about. [ chuckling ] >> eliot: now they've got me con veined. the fraudulent issue of voter fraud. that's coming up next. she's every 5-year-old who ever jumped in a pool and didn't want to get out. ♪ ♪ every coach, every

goldman sachs removing burberry from its conviction buy list. so, keep an eye on those stocks today on the high-end fashion side. a chinese university comes out monday saying there are bad additives in their baby form layt monday, tuesday, the stock sells out 6%. then they say we read the report wrong, it's not bad. so the stock made it back today. they came out and said better current values list for mjn. they like the stock. they say 60%-plus margins are sustainable. gold is slightly lower, but gold corps is much lower. and if you look at the rest of the gold stocks, some were up, some were down, but gold corps clearly underperforming. they lowered their 2013 production guidance, and clearly, yesterday, if you recall, gold stocks were up early and faded late. keep an eye if that is a trend. we'll see again. finally, abercrombie & fitch. >> and chuck who runs goldcorp is great, but it's impossible to mine gold. i tell people, buy the gld, do not buy the individual companies. burberrys, yesterday, bf corps, they were screaming, showing you how i

morgan goldman sachs citibank and bank of american working stealing these are the five institutions that hold ninety eight percent of three hundred two trillion dollars worth of notional and derivatives that are held by all american bank holding companies iraq army are out of time thanks so much for being on the kaiser report love being with you max all right that's going to do it for this edition of the kaiser report with me max kaiser and stacy herbert are a thing my guest rob kirby of kirby analytics if i say i mean e-mail please do so at kaiser report r t t v dot are you saying buy off. good morning from the front and clear in more mouth to feed but where will the food come from can science provide the answers to the future of under the mike.

morgan goldman sachs citibank and bank of america and morgan stanley these are the five institutions that hold ninety eight percent of three hundred two trillion dollars worth of notional and derivatives that are held by all american bank holding companies already premiere at times thanks so much for being on the kaiser report love being with you max all right that's going to do it for this edition of the kaiser report with me max kaiser and stacy herbert are a thing my guest rob kirby of kirby analytics if honest i mean email please do so at kaiser report r t t v dot ru to next on my status and buy off. i.

morgan goldman sachs citibank and bank of american working stealing these are the five institutions that hold ninety eight percent of three hundred two trillion dollars worth of notional and derivatives that are held by all american bank holding companies all right kirby right time thanks so much for being on the kaiser report love being with you max all right that's going to do it for this edition of the kaiser report with me max kaiser and stacy herbert thank my guests rob kirby of kirby analytics if honest i mean email please do so at kaiser report r t t v dot are you. there hasn't been a thing on t.v. . it is to get the maximum political impact. the material is. journalism we. we want to present. something else.

goldman sachs and morgan stanley are a little different animals. obviouslere' overlap. would you rather have that exposure, you know, for trading and investment banking and m&a? >> i would say people in general think there's more difference between jpmorgan and goldman sachs and morgan stanley than there actually is. morgan stanley, 40% of their business comes from wealth management. huge fixed income management at both places. jpmorgan is perceived to be a bank. it's really an investment bank. it has commercial banking operations, but where they make their money is not that different from goldman sachs and morgan stanley. >> jpmorgan jumped the gun on the bank stress test a while back. the conspiracy theorist in he says with all the bad news they've had, says they're going to have one humdinger of a quarter on the upside and this stock spikes by 5.5%. is that feasible? could you see that happening? >> you know, it's possible, but i think that people are going to be so unbelieving in what they report tomorrow. if they have a great quarter, people are going to think jami

goldman sachs and morgan stanley are among financial firms that may bring lawsuits against their biggest rivals as regulators on three continents examined whether other banks manipulated the london interbank offered rate known as libel or said bradley hints an analyst was censored c. bernstein and company now the only reason why they would do this according to hints is that goldman sachs and morgan stanley manage money market funds so they by law would be obliged to you. well as if the law ever stop these guys from doing whatever it is they want to do but now they're hiding behind the skirt of the law suddenly when it suits them just like remember back during the crisis goldman sachs they were not a bank they wanted to go about affairs of not being a bank and then when the crisis that they decided oh no we are a bank and you know they they treat the law as the plastic movable feast you know as whatever they write the laws themselves when we're talking about. praise for preaching freedom and the georgian leadership has cost as a fledgling democracy a success story but by the western media