bannon worked at goldman, mnuchin worked at goldman. gary cohn to come over to the nec is the direct transfer of the person running goldman and a

as the vice chairman of goldman sachs. lloyd: they took a number of years. it might offend a blank looking back, but there was a lot for me to get through. equity, trading and overtime i became the vice chairman of the firm, one of several but my particular coverage was over all of the sales and trading businesses at that time. david: trading businesses are the ones y could lose a lot of money very quickly so i assume you are always worried about the people under making it a mistake. lloyd: did was good training for the job i am in now. i spent 99% of my time worried about the 1% of things that could go wrong. i was pretty paranoid. it leveraged to things that normally not virtues but are in this context, it leveraged my add and paranoia. david: when you became vice chairman, you were under hank paulson who was the ceo and seem to like you and said, he was ever going to go to the government and george w. bush eventually got him to the secretary of treasury. back after the meeting, what did he say to you did you feel like y

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

result, i was integrated into the goldman sachs firm. david: did you ever meet a person who turned you down at goldman? lloyd: i knew it was. this is 36 years ago. so for many years after i got there would be no one threatened by hanging out with me. it took me a while to work my way up the ladder head. david: did you feel like you are ready to be the ceo of goldman sachs? like i wasver felt ready. i've been the ceo for 10 years and i still don't feel like i'm ready. ♪ david: he wound up as the vice chairman of goldman sachs? lloyd: it just a couple of years. when i was living through it, it wasn't so quick. sales and trading and over time, i became a vice-chairman of the firm. one of several. but my particular coverage was over all the sales and trading businesses at that time. david: those of the once when you could lose a lot of money so quickly? so you are worried about people under you making a big mistake? training for good the job i'm in now. i spend 99% of my time worrying about the 1% of things that could go wrong. things that

we sit down with goldman sachs chief strategist officer, stephen scherr at the goldman sachs conference here in new york city. wilfred. >> melissa, thanks very much, indeed. as you say, joined by stephen scherr, chief strategy officer and relatively newly appointed ceo of goldman sachs banks usa. thanks for joining us. >> thanks for having me. >> so bank stocks soaring. the attendance today at your company's own banks conference up 30% on last year. the mood very positive, indeed. is wall street back, and back with a bang? >> well, i think wall street is back. certainly the banks are back and the interest in the banks is certainly significant, as was evidenced here. i think the tone of this conference as you and i talked about was decidedly different. very upbeat, relative to where it's been over the last several years. and i think investors and the banks themselves are optimistic about the direction that the economy and the circumstances will take us. >> there's one question i wanted to hit on in particular. steve schwarzman said he felt regulation would be roll back more than he had s

goldman sachs will call "ted, this is what we want this week, make sure you get it." hillary speaks in secret to goldman sachs, sharing a private position then lies to you, the public, with her public position. >> tonight we are learning more about who else could make up the trump cabinet, which brings us to our guests here tonight gop veteran former white house communications director and notably a veteran of the mccain/palin campaign nicolle wallace is become with us. ali velshi is with us tonight and with us from washington former rnc chairman michael steele and "new york times" political reporter jeremy peters is with us from washington. jeremy, you get the leadoff slot tonight because of what you're hearing and reporting about one sarah palin. what is it? >> well, the sarah palin consideration is very, very serious, brian. you have to remember her ties to trump go well beyond her involvement in the campaign and her endorsement of him in his initial phases. she's very close to steve bannon who you referenced earlier. steve bannon was a political adviser adviser of

you should do things after goldman like public service. and i would say, in general, we never publicize what we did anywhere. we never saw goldman sachs commercials. we didn't even advertise the name of us on our building. after the crisis, we didn't communicate with the public and to let them know who we were and what our contribution was to society. it wasn't an emphasis to say we are philanthropic. we have never not been. david: personal you have been involved in philanthropy. would you ever go into secretary of treasury or something like that? lloyd: without hesitation, i would like to be wanted to do that. that i would have to think about it. in this environment, you won't argue on the point that an invitation is not likely to come. but you never know. people would say oh, i wouldn't want to do that. but of course you want to make a contribution. david: how do you define leadership? what are the examples in your mind of what it takes to be a great leader? lloyd: different leaders and different cultures require different things in diff

did you think about stepping back from goldman? lloyd: i started having what in hindsight were symptoms. they were problems that were easily explained. i had a cough, but the end of summer allergies, i thought. i had aches and pains when i exercise, but i never have been this age before. i started to lose weight but i am always trying to lose weight. i thought it was unusually disciplined this time around. when i collected all that stuff and went in to see a doctor. first saw nothing because he didn't think to test me for what i had -- prescribed allergy medicine and etc. and a couple of weeks later when it did not go away i got a cat scan and that lit up like a christmas tree and he called me up and i had lymphoma. david: when a doctor tells you you have lymphoma does he say we can treat it and there is no big problem, just a matter of treatment or did he say this could be life-threatening? lloyd: it is life-threatening for sure. there are 70 different kinds, hodgkins, non-hodgkin's, each one carries its own risk. i had the more a

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

when you lecture at goldman sachs, what do you say? abby: i would be saying the same thing that you are. stem should not be viewed first of all, as an independent area. this economy will move forward when stem get incorporated into the things that we do. so for example, about a third of the workforce at goldman sachs are people who are technologists. i believe that in almost any field right now, people who have the background in math, who understand what computers can do, and so on, really have an advantage, but that's not all. one of the things i really do worry about is the way we have devalued liberal arts. think of liberalrts as literature, history, learning to think in different ways. so we need the analytical skill of stem, but we also need the more qualitative approach. that can move out of the paradigm more easily. tom: what you have done with your work for decades -- i tried to do that on "bloomberg surveillance," is to pull history into our finance analysis. nobody does that. it's important to understand the nuances and disti

president-elect has picked a third goldman sachs member of his team. gary cohn will have the national council. in november, that's projection -- industrial projections going above estimates. in advance 10.8% while it increased 8.3% in the first 11 months of the year.

abby joseph cohen, goldman sachs senior investment strategist. we went under intense negotiation for me to do this one-hour special. i said we can do it, but for one section of this special, i have to go wonk with abby joseph cohen. we're doing that on the cf institute. graham dodd was basically an industrial book that you took the net income statement down to the bottom menu and looked at -- down to the bottom and you looked at gap earnings. where will we be one year from now or five years from now on how we do security analysis? abby: fabulous question, tom, but i want to broaden it out. tom: please. abby: number one, if we had this conversation a decade ago, we would have been talking about an accounting system in the united states that more closely paralleled the international income statements. that's not happening. number two, we are seeing from an investment analysis standpoint that a lot of our work is getting muddled because of the use of cash. in 1999 and 2000, 70% of the cash for companies in the s&p 500 went back into the company for

and goldman sachs succession plan. the bank names solomon and theartz as coo's to fill vacuum left by gary cohn, as he takes his job in washington. abigail: we are looking at flex futures in the u.s. the s&p 500 has traded in a four-point arrange overnight. it puts the down 20,000 excitement -- down 20,000 excitement on hold. perhaps longer than what some investors expected. a 10 year yield and we see bonds are rallying to some degree. forhave the 10 year down basis points, the biggest drop in about a week. perhaps the rate hike turns into event.e news finally, take a look at car related stocks. tradingmotors and ford lower as china is raising the sales tax on small cars to 7.5% to curb the big incentives. one analyst thinks is a big disappointment. hertz trading down on a management shakeup. the cl is being replaced. trader, is the top saying i am excited about hertz with cathy ath the helm. the stock is down 50% this year. work.an: great federal reserve, you have not been able to say federal reserve and "certainty" w

becoming the third goldman sachs alum to hold that role. bob ruben was the first under bill clinton. steve friedman under george w. bush. now gary cohn. and when you look broadly across the administration, you've got gary cohn at the nec, steven mnuchin, goldman alum, as treasury secretary, and steve bannon, also goldman alum, as the chief white house strategist. now, there's one cabinet post that has not been filled. there's still a lot of mystery around it. and that is secretary of state, rudy giuliani is now out of the running. donald trump put out a statement this afternoon saying that he respected rudy giuliani's decision to stay in the private sector. he would have made a good cabinet secretary. he said he would call on him for advice as appropriate. but that's got to be a big disappointment for rudy giuliani, who put in so much work as a surrogate for donald trump in the campaign. just like chris christie, who did the same, rudy giuliani is finding he is not getting the job that he wanted in this administration, guys. >> all right. j

steven mnuchin, goldman alum as treasury second re, and steve bannon, also goldman alum, as the chief white house strategist. there is one cabinet post that has not been filled, still a lot of mystery around it, and that is secretary of state, rudy guiliani out of the running. donald trump put out a statement this afternoon, saying that he respected rudy guiliani's decision to stay in the private sector, he would have made a good cabinet secretary, said he would call on him for advice as appropriate. but that's got to be a big disappointment to rudy guiliani, who put in so much work as a surrogate for donald trump in the campaign. just like chris christie, who did the same, rudy guiliani is finding he is not getting the job he wanted in this administration, guys. >> all right. john, thank you. john harwood in d.c. the trump rally has given goldman sachs more than 30% boost since the election. but the chart master over here says the stock is priced to perfection. what are you looking at? >> 30% a month is a heck of a thing. and not specific only to goldman. it's almost every other fina

goldman sachs is -- goldman sachs is close to 22%, 23%. one stock is 22% to 23% of the big move we have seen. dow has been up close to 1700 points since then. enormous influence. this is what happens to what i call the politics of construction. it matters what goes into these indexes and how you construct them. big name like goldman, heavy price. moves the indexes. elsewhere the other major factor has been this powerful momentum we've been seeing. we just keep rotating into new sectors, old names, financial stocks are doing really well as well as technology, late bloomers going in. some of the old names like consumer staples stocks holding back. if we could get pfizer, procter & gamble, johnson & johnson, we'll pass 20,000 very quickly. >> bob tasani joining us this morning. bob michael joins us along with david siebert, managing director and head of sales and trading. good morning to you both. >> good morning. >> david, earlier this morning, it was said this is so tantalizing you can almost hear guys on a buy desk say bid this up and get

abby joseph cohen, goldman sachs senior strategist. said, we can do this special, but for one section of this special, i have to go along with abby joseph cohen. was an industrial book that you took the net income statement down to the bottom menu looked at cap earnings. -- gap earnings. where will we be one year from now or five years from now on how we do security analysis? abby: fabulous question, tom, but i wanto broaden it out. number one, if we had this conversation had decade ago, we would have been talking about an accounting system in the united states that closely. old -- that closely paralleled the -- number two, we are seeing from an investment analysis standpoint that a lot of our work is getting muddled because of the use of cash. 70% of the 2000, cash for companies in the s&p 500 went back into the company for things involving growth, capital -- tom: how odd, investing in the future? --y: capital spending, r&d it is now 42%. foruch of the cash is going purchase. one of the major policy initiatives that we are hearing abo

big for goldman. they have roughly 7 billion left that they have been working to sell down but have not been sold yet. the prop trading have been subject to the ban as well. it is not clear to us how tightly that dan has been enforced in the last couple of years. you have after the donald trump election, all these financial companies leading the market but then leading into the election, they were portrayed in the best light not only by the public but donald trump specifically. they endorsed hillary clinton. they came out and said she would be a good president. specifically at goldman, there is a relationship between clinton speaking and trump supporters put out in the limelight. how does it happen the other guy gets elected -- where heump did an ad specifically targeted goldman sachs and said how terrible they are. want wantd wall street donald trump to win on the long? >> i wish i had all the answers for you. i am surprised as you guys are, as a lot of our viewers and listeners are. i think some of

her work at the cfa institute, her work for years with goldman sachs. what is the difference between what you do and what david kosten does everyday at goldman sachs. abby: first of all, i'm delighted to be here with you. tom: for the whole hour. that is great. abby: for year-end retrospective and a look ahead into the new year. i spend most of my time thinking about the intermediate to long-term outlook. david and many of my other colleagues at goldman sachs really focus in shorter term. we are trying to be helpful to our clients, and many do need that regular, hourly, daily updates. i try to step away and work with our longer-term horizon clients, including individuals, endowments, sovereign wealth funds, and so on. tom: many people watching the show into 2017 are huge abby joseph cohen fans. they are like she is always bullish. you and i know that is not true. the idea, for starters, you look brilliant into this year. you look brilliant into a seven or eight year market. can you be brilliant and be a permabull for next year? is there more caution? ab

, nobody will care they are goldman guys. they just want their economic livelihoods restored and brought back. you have a president-elect making appointments, it is during the holiday season. maybe the people who voted for him who really got behind donald trump are not watching really closely and then, come january into february, the rubber will hit the road and then we will a couple of goldman guys, let's see what they can do for me. oliver: as a reporter, i cannot think of anyone more ingrained with your sources. you have been on this beat for a while. when you talked to people on the wall street, what was their reaction to the way their own sector has been so favorable two investors the past couple of weeks? what has been amazingly facile. it was hours after the donald trump election and the election results came in and we were already talking to people who were saying this could be good for us. we could get behind this guy. the ability for them to quickly switch and get behind the winner, even though i have been doing it

i'm not into goldman sachs, i don't care about goldman sachs. >> there was a lot of stuff about goldman sachs having to do with ted cruz and later on hillary clinton. you really know trump supporters well. you have been covering them very well for months and months. do they care? can donald trump flip flop and upset them? >> there's very little he can flip flop on. you can to get inside their minds. it wasn't always what he said but how he said it and it was because he was not a politician. they trust him at this moment. i mean there's this sort of, you know, honeymoon period to be able to -- to pick whoever he wants because they trust his decision-making at this point. >> he was so anti-goldman sachs in his last commercial he had an image of the ceo of goldman sachs as an international boogie man. >> all roads lead back to goldman sachs and none of us are surprised. if you think about the voters who would be bothered by that or went to bernie sanders rallies and brought themselves around to support donald trump, they're going to be disappointed in a continu continuum. trump will get an

a lot of goldman sachs guys. donald trump not only went after hillary clinton for giving speeches at goldman sachs. there were ads. he talked about draining the swamp. now this. it is very curious, no? >> i think there are two ways to look at it. certainly when you look at hillary clinton's ties to wall street, the speeches she gave and the role it played in the campaign it is more than a little bit ironic to turn around and see the president-elect bringing in people who have the connections to wall street like that. that said, one of the themes donald trump was also stressing during the campaign and you heard him talk about it last night was the idea that through his life, through his career he's met people who have been successful in business. he's met some of the best deal makers, sharks in business throughout his career. his idea was he hasn'ted to get them together and bring them to an administration to use the skills he would argue to use the skills to fight not for their own fortunes but the fortunes of th

equity funds remains big for goldman. they have roughly 7 billion left that they have been working on selling down but have not sold yet. -- then the prop trading they have been subject to the ban, too. it is not clear to us how tightly that ban has been enforced in the last couple of years. this has got to be one of the most interesting -- oliver: this has got to be one of the most interesting stories of the years. all ofhe trump election, these financial companies were leaving the market. but obviously they were not per trade in the best light not only but by trump by -- specifically print they came out saying hillary clinton would be a good president. specifically at goldman, there was a relationship between clinton speaking at some of these places that trump supporters put out in the lead late -- and the limelight. did an ad where he targeted lloyd blankfein of goldman sachs and kind of said how terrible they all are. oliver: how does this work? did wall street want trump to win all along? dakin: it is a very good que

goldman has a deep bench of talent. we would agree that there is opportunities should he choose to move on to d.c. that somebody else very strong would take that opportunity up. we don't really think there is any risk on that side of the equation. and also look back in history how many times have d.c. really tapped goldman sachs and other wall street executives to come to d.c. to help them frame policy. >> you want to give us any inside baseball -- >> i'm not going to give you any inside baseball about my friends. i will say it's just interesting how short relatively short the stock market's memory is when it comes to the financials. what i mean by that it's not the way that they were making money ten years ago, they are not able to make money in that way today. i'm not saying there won't be regulatory shift but it is interesting to me how quickly the investors and analysts are willing to go. it will be just like before. it will not be just like before. >> i would jump in there and say that i agree it is different. ther

bannon worked at goldman, mnuchin worked at goldman. gary cohn to come over to the nec is the direct transfer of the person running goldman and a banker for 25 years to the person giving chief economic advice to the president. it's like imports goldman into the white house. >> my goodness, you cannot invent this stuff. trump's campaign against wall street, says we're not going to be in charge, we're going to take the economy back from them. he attacks his primary opponent, ted cruz, attacks hillary clinton, then he says who am i going to put in charge of the american economy? goldman sachs, at treasury, chief negotiator, as the director of the national economic council. this is a complete reversal from campaign trump who talked about taking on wall street to elected trump who is putting them straight in charge. >> you know what? anthony scaramucci on the trump transition committee he said this idea of populism and pitch forks and how much bankers i think across the ideological spectrum are loathed really in america since the financial c

yeah, goldman sachs. in is goldman sachs stock now. they hit an eight-year high today. they haven't flown this close to the sun since the financial catastrophe of 2 thousand -- 2008. good times. >> my contract with the american sloat voter begins with a plan to end government corruption and to take back our country and to take it back swiftly from the special interests who i know so well. >> one other interesting announcement today, president-elect today also named one of the billionaires from the ricketts family to be the deputy to the new billionaire commerce secretary. the ricketts family, funny story this, not that long ago they almost single sourced financing behind the presidential campaign of scott walker for president. when governor scott walker's presidential campaign died a fast and expensive death, the ricketts family briefly flirted with going never-trump. but a very interesting moment in the campaign, donald trump responded by publicly threatening the ricketts family against spending money against them. he miss spled their name in the tweet. i hear the rick

both businesses were very big for goldman before the financial crisis. stakes in hedge funds and private equity funds remained big for goldman. they still have roughly $7 billion left they have been working on selling down but haven't sold yet. and then the prop trading, they have been subject to the ban too. it is not clear to us how tightly that ban has been enforced in the last couple of years. >> this has to be one of the most interesting stories of the year where you have after the trump election, goldman is up, morgan is up, all the financial companies leading the market. but then leading into the election, obviously they weren't exactly portrayed in the best light not only by the public, but by trump specifically. they endorsed hillary clinton. they came out and said that they think she would be a good president. spkly at goldman, there is a relationship between clinton speaking at some of these places that trump supporters put out in the limelight. how is it this happen? are are and trump did an add where he specifically targeted lloyd of goldman

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

sachs in charge. >> i know the guys at goldman sachs. they have total, total, total control over him. just like they have total control over hillary clinton. >> he obviously didn't want the voters to know that he is totally controlled, lock, stock, and barrel by citibank and by goldman sachs. >> okeydokey. but if anything, trump has done cruz one better. goldman bankers don't have to have "total control." they are literal in the government itself. what's lacking so far is any economic diversity, like labor leaders or economic reformers from someone other than wall street. in fact, there aren't many normal americans, at all. think about it like this. last year, the median household income in the u.s. was $56,000. but there aren't many americans from that bracket in trump's cabinet. and to give you a sense of this disparity, consider this report from quartz, which found that trump's 17 cabinet picks have more money than 43 million households in america combined. joining me now is bill cohn, author of "money and power: how goldman sachs cam

we have inside goldman sachs -- it's okay, we have goldman sachs, an odd time to have a debate about business model when stock is going up, you think everything is hunky-dory, there is a debate among goldman sachs, they have partners and the ceo lloyd blankfein how to right size it. lloyd blankfein current management team without gary cohn, he's with donald trump right now, head of the national economic commission. lloyd blankfein wants to keep t the current size and structure of the firm. offices all over the country and the world. inside the company, many of the partners, most of the partners are actually advocating for a downsize of the firm from that level to something close to 20,000, and here's what they want to do, they want to get rid of the bankers and the far-flung offices, not have a bank in every city and state and bring it to a manageable level and focus the firm on a few key areas of production including trading, which they believe will come back, now that donald trump is president. they think they can get rid of the dodd-frank rules that prevented trading and want this

cohn has been at goldman sachs for 25 years. donald trump's shortlist for secretary of state has grown, former ford motor ceo now under consideration for the job. campaign manager kellyanne conway says he met with trump yesterday in new york to discuss the decision. refused thedge has recount. there's virtually no chance that it will change the results of th e election. donald trump defeated hillary clinton by 22,000 votes in the state. federal judge in pennsylvania but hold a hearing today on whether that recount can begin. doping,port in russian a wide-ranging conspiracy involving more than 1000 athletes across more than 30 sports. the report includes evidence corroborating large-scale sochi swaping at the olympics. the russian sports ministry has denied there is any state-sponsored doping going on. news 24 hours a day powered by more than 2600 journalists in 120 countries. federal reserve policymakers meet next time and expect the committee will raise its interest rates by a quarter of a percentage but. that will mark the fir

from goldman sachs, so does this not wreak 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: donald does, too. calls toing, i made 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: the hedge fund will have no clue what trump supporters think or feel. let's talk about what i mentioned early in the show, a mortgage lender in california that has been accused of closing closing in a- for pernicious way on homeowners, accused of redlining. max: steve mnuchin told us he was sitting in his office and i in new york in 2008 watching tv and i got the story confirmed by someone who wa

president of the goldman sachs. and we'll talk about that ahead. also we'll take you to another indiana factory owned by the same company as carrier where employees say they are hoping their jobs can be saved and asking donald trump to save 700 jobs there that he's never mentioned. at godaddy, our goal is to make you look awesome online. let's chat in football terms. this is the goal post. the end zone. the goal of every team. we know you have goals. like getting exposure for your idea or business. with godaddy website builder, you can easily create an awesome mobile-friendly, get you more exposure website. we call that...a website builder touchdown. get your free trial of website builder now. (vo) it's the holidays at verizon, and the best deals are on the best network. (both) yes! (vo) with no surprise overages, you can use your data worry free and even carry over the data you don't use. and right now get four lines and 20 gigs for only $40 per line. and, just for the holidays, get the samsung galaxy s7 edge for only $15 per month. no trade-in re

and during the campaign, he railed against goldman sachs. he mocked hillary clinton for being controlled by that bank. >> nnk gold thatm be. >> continuing guys at goldman sachs. they have total control over him. just like over hillary clinton. he talks about he will beron robin hood. he didn't disclose that he is boring overing money from goldman sachs. ett didn't wanted the owner to know that he is owned stock, block and barrel. >> i think people who voted for him said he happens to be a rich guy with a beautiful wife and all that. he is different from the rest of the guys. >> goldman sachs didn't like trump. they gave hillary clinton hundreds of thousands of dollars. the fact is trump won't control goldman sachs. he is the boss. they have good peach at goldman sachs. >> he didn't run are for sach sax. he ran against it. >> he wants to -- >> he is giving them the game. >> mnuchin is a guy he has relationship with. >>, let me give tron last word here. imagine if he said all this before the election. do you think the people who busted their b

this is the goldman case, okay? interestingly there's a good deal of overlap here with the negative view laid out by wells fargo. like wells, goldman predicts a significant increase in u.s. production next year thanks to opec's generous production cut. like wells, goldman doesn't see much upside for crude at $60 a barrel. but there is a difference here in their views. the key area where these two firms differ is the question of efficiency. the basic idea being as the price of crude goes back above $50, drillers will probably start using lower quality assets and second tier service pro-viedsers which means the old industry will become less efficient. wells thinks that the recent efficiency gains by the oil producers are simply the result of low prices and low demand for drilling services. once these companies start drilling aggressively again, they think that efficiency gain is going to vanish. goldman disagrees. this is really the fulcrum point, but it's important, people. wile they acknowledge that the companies fa

goldman's back. travelers. we also have the industrials, which had been laggards for the last week or so. boeing, ge, and apple. we could use a little help from the consumer. how about it, pfizer, proctor, coca-cola, merck. they're lagging right now. and we need them to sort of move forward and help us pass dow 20,000. thank you, my plea is in. how about since the election? we've moved 1,600 points in the dow since november 8th. and here's why. goldman, jpmorgan, and travelers, three of the five big movers are all financial stocks. united health, which has been a big mover for a long time. disney was a surprise as helping things, as well. what's the most important stock since the election and what really powered us to the dow 20,000? this is an easy one, goldman sachs. remember, the dow is a price-weighted index. goldman is the biggest price-weighted stock in the dow right now. and 400 of the 1,600 points the dow has moved since november 8th, almost 25% of the entire move since the election is due to the move u

don't we have a little overrepresentation from goldman sachs here? do they really need three people? isn't one enough? >> yeah. and i think it's four if you count bannon. >> you're right. >> it's a goldman sachs world over in the white house. we're out of time. thank you guys very much. >> coming, lisa bloom is here to talk about ohio's new heartbeat bill and why it's a huge glaring warning sign for women. that's next. he gets a lot of compliments.