david: investment on behalf of goldman or yourself? jean: on behalf of goldman. i was a good goldman soldier. david: each time he said we don't need your money or what? jean: yes, because there were lines of investors waiting and they were faster. the process from goldman is actually quite strict. so i failed. but i always wanted to do something. and this thing seems, to me, to have a huge impact. i thought, why don't i just join him? david: how big was the company in 2014 when you joined? jean: let me see, it was valued at around $500 million, and 700 people, and the only product we had was the taxi hailing app. when i joined, a lot of my friends or family advised me not, because china is very competitive and people think so much uncertainty. david: what do you say to the people who advise you not to join now? do you ever see them and say, if i had listened to you, i would still be at goldman? did you ever say that? jean: i hesitated. i hesitated. when i sat down with the founder, i said, if you don't let me invest in you, let me join you, he did not back off, w

david: on behalf of goldman or yourself? jean: on behalf of goldman. i was a very good goldman soldier. david: and he said we don't need your money or what? jean: yeah. you know the due diligence process from goldman is quite strict. i always wanted to build something. me, to be aseems to huge impact. i thought why don't i join him? david: how big was the company when you join? $500 it was valued around million and 700 people and the only product we had was the taxi hailing app. when i joined, and a lot of my friends or my family advised me not because china is very competitive. people think there is so much uncertainty. david: what do you say to the people who advise not to join now? do you see them and say, if i had listened tilo you, i would still be at goldman? jean: i hesitated. , if youat down and said do not let me invest, let me join you and he did not back off which was a surprise. i hesitated when people advised me not to. tibet together. it was a soul-searching trip and after that i made up my mind. david: what position did you join it? jean

when i went to goldman sachs, it was 1974. the firm had a couple of loss years. i was interested in working on financial issues and working with clients. i was interested in markets. david: when you were a goldman, you were not a person who bought your own private plane. you were not a person who had a big house in the hamptons? hank: no, we continued to live in the same house we built when i was making $36,000 a year. when i go skiing, it is a place -- it is not a place where fancy people go. david: with climate change, is it your view, is it due to human activity or wouldn't it have occurred without human activity? hank: david, it's been well documented that it is largely caused by human conduct. this poses an enormous risk for our economic security, for our social stability. i see climate risk as the single biggest and most certain and formidable risk that mankind faces. david: do you think the paris accord, which the current administration has pulled the u.s. out of -- technically, we don't go out of it for another year or so -- those people in the government

goldman sachs selling apple and a big a-block. a is for apple we have a lot more to do in fact, we have a lot more to do on cnbc tonight not only are we going two hours live that's right jim is off today so we have a two-hour "fast money." we'll roll right into our special, continued coverage of "markets in turmoil" right here on cnbc. on deck here on "fast money," why you need to pay attention to two things with oil and what each of those things might be telling you right now. plus, an interview that you do not want to miss california governor gavin newsom's efforts on the states trying to get its once golden economy back in business the california governor coming up live here on cnbc's "fast money. we've got a lot more to do and we'll be right back right after we'll be right back right after this achiuest room, so you can live with us. oooh, well... i'm good at my condo. oh. i love her condo. nana throws the best parties. well planned, well invested, well protected. voya. be confident to and through retirement. >> welcome back t

toit was almost accidental join goldman. -- in researchh i goldman and i thought it was fascinating. i decided i wanted to apply for a full-time job. that is why i ended up in the investment banking division in hong kong. >> he went to hong kong and stayed there for 12 years and became a managing director. most people would say life cannot be much better than that. you are on your way up to the very top. why did you choose to leave? a lot of people ask me that, especially when i resigned from goldman. believesaid i cannot you are doing the taxi company. when i first moved back to beijing, i found myself struggling in the street with my three young children. you need tobeijing have a license. it is hard to get -- it is a lottery system. and it is really hard to hail a taxi. >> that company was started in 2012? 2013.et the founder in i wanted to make an investment at the beginning. i tried three times and failed three times. >> on behalf of goldman or yourself? >> on behalf of goldman. >> and he said we don't need your money or what? >> yeah. you know the due diligence process from gol

jean: it was almost accidental to join goldman. i did a summer intern in the research division as an i.t. engineer in hong kong. i thought it was fascinating, what people are doing. i decided i wanted to apply for a full-time job. that's why i ended up in the investment banking division in hong kong. david: you stayed in hong kong 12 years and became a managing director. jean: yes. david: most people would say if you are a managing director at goldman, life can be much better, so you are up to you -- up to the top. why did you leave? jean: a lot of people asked me especially when i resigned from said i, my ex-boss there can't believe you're drawing a taxi company. when i first moved back to beijing, i found myself struggling up the street with my three young children. i did not have a license plate to drive in beijing, and it is hard to get because it is a lottery system. it is really hard to hail a taxi. and then i met didi at that time, a very young company. david: it started in 2012? jean: yes. i met the founder in 2013 when it

goldman sachs down by about 1.5%. provisions for credit losses swelling by $937 million, as they also have two allowances for credit losses coming in at $32 billion. one loss preserves eating into profits, something very similar to we saw from bank of america, wells fargo and jp morgan. bank of america profit plunging 45%. they are allocating $4.76 billion for loan losses. that is the most since 2010. we will have more on those bank earnings. walter todd of greenwood capital will be joining me after the break. this is bloomberg. ♪ ♪ alix: welcome to "bloomberg daybreak: americas." i'm alix steel. citi out with earnings. attorneys coming in light at $1.05 a share -- earnings coming share.t at $1.05 a came inst to credit $7.13 billion. the ceo saying they do have a very strong position on capital, as well as liquidity. that 87% ofut employees are working remotely. bank ofn and america, there's been a lot of articles about them having employees come into the office. ofy have a $21 billion worth new credit facilities

shoqat: at goldman sachs --shoqat bunglawala at goldman sachs asset management. "european open" is up next. looks like we can open and the green. 1%.pean futures up u.s. futures also strongly positive. this is bloomberg. ♪ >> good morning. welcome to bloomberg markets. this is the european open. i'm matt miller in berlin. the cac trade is less than han an hour r away. here are your top headlines. ultimate authority. president trump says he has the final say of opening the nation despite the opposition of two broad alliances of governors. investors are risk on ahead

coming up, we will speak to sheila patel of goldman sachs. u.s. futures have given up their gains, european futures firmly in the green. this is bloomberg. ♪ beyond the routine checkups. beyond the not-so-routine cases. comcast business is helping doctors provide care in whole new ways. all working with a new generation of technologies powered by our gig-speed network. because beyond technology... there is human ingenuity. every day, comcast business is helping businesses go beyond the expected. to do the extraordinary. take your business beyond. nejra: good morning from london. this is bloomberg "daybreak: europe." these are today's top stories. global coronavirus cases top 1.5 million as new york and the u.k. report their deadliest day so far. ok prime minister boris johnson remain stable in hospital. oil extends gains ahead of today's opec meeting as top producers move closer to a deal to curb output. russia says it is ready to cut by 1.6 million barrels a day. ubs expects to purport -- report first quarter profit at about $1.5 billion. the d

goldman sachs on this friday says it is time to sell apple's stock. they believe that iphone demand will continue to fall as consumers dry up and also this is interesting, guy adami, that lack of travel, the inability to physically be with each other might cause delays because engineers and product designers simply can't get together in the same room to finalize whatever it is they need to do. your take on the goldman call on apple. >> and on top of that, maybe supply chain issues which we haven't talked about which all of this sort of flies in the face of what tim mentioned the other day, some of the news out of taiwan semi clearly a mixed bag. what's my take on it it's amazing when people say something negative about apple, you might as well be insulting somebody's first child it's incredible to me how passionate people get about this stock, just generally speaking in terms of the call, you know

>> the first thing i have to say is i'm so proud of our people at goldman sachs. if you had told me even a couple months ago that we would have 98% of our employees working remotely and we'd be able to serve our clients, take care of our people, participate in the economic system, play our role as smoothly as it's going, and i won't say it's perfect there's bumps in the road, but their commitment, their flexibility, it's really been awesome, and i'm so proud of our team and what they're doing. now, obviously when you go through something like this, you know, it forces you to ask questions and think about things differently. we've certainly had certain parts of our business where people travel and they work remotely regularly but i think what's interesting is it creates a new lens to think about things that can continue to make this a very attractive place for people to work it can change the way we have our real estate footprint over time i think those are longer-term things i'm not at this point a big believer that the shakeup or the change once we get to the oth

this was something emma goldman said. she and her longtime comrade alexander berkman were put on trial in 1917 for organizing against the draft. gentlemen ofs, " the jury," because of course in those days there were no women on jerry's, and here's -- juries. and here's what she said. "gentlemen of the jury, we respect your patriotism, but may do be different kinds of patriotism? our patriotism is that of a man who loves a woman with open eyes. he is enchanted by her beauty, yet he sees her faults." it is really one of my favorite quotations, and i'm condensing it from her full speech, which i think you could pretty easily find online, because again, anything of that era without a copyright, the books are going to be on google books. if you search a few phrases from that quote, you can find the whole speech. >> thank you. i think that's a wonderful way to end. we so appreciate you being with us, adam, especially in a changed format. your willingness to be flexible is really quite extraordinary, so we thank you, all the his

yesterday, we saw that goldman was able to trade is rates got hit. his morgan stanley able to do the same thing? alison: my guess is that, coming out of this quarter, morgan stanley and goldman sachs, their credit risk is going to be seen as a support in this uncertain environment. the big question relates to loan loss provisions in the lending businesses. i think the important thing this cycle versus the prior cycle, there was a lot of balance sheet risk that brokers typically didn't take, that showed up as the prices went along. alix: alison, the earnings are out, so i am going to interrupt you. earnings coming in at one dollar and one cent -- coming in at $1.01 per share. revenue coming in at about $4 billion, sequentially a little bit lighter. in ated earnings coming $0.99. at interest income coming in $1.63 billion. equity sales and trading stronger than estimated, but million, $2.4 billion. at $2.2 billion. investment banking, $1.63 billion, also moderately better than estimated. the stock is down by almost 2% in premarket. there pretax margin

goldman saying a violent rebalancing in u.s. production is coming. citigroup says if global storage loosens more quickly, wti could be chased to the bottom. the u.s. has information that north korean leader kim jong-un was in critical condition after surgery last week according to an official. not knownt status is and the trump administration is seeking more details. last weekent surgery and has now not recovered. back at.k., hitting criticism that there are encouraging signs the pandemic is slowing. set to of parliament are return and at the top of the agenda, scrutinizing the response by the government to the outbreak. israeli prime minister benjamin netanyahu and his rival have reached a power-sharing agreement bringing the country closer to emerging from political paralysis. he had previously refused to serve with netanyahu but he cited changed circumstances. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. manus? says mayrry kudlow could turn out to be th

tom: with us is jeff currie of goldman sachs. i have been watching the collapse of ethanol and hydrocarbons, but far more interesting is sugar indra bill -- in brazil buttressed up against the challenges of politics and the riau -- real. give us the goldman sachs call that links into a diminishing brazilian real. jeff: the entire commodity complex is facing a similar story. the supply is sticky to the downside. the demand has collapsed in the current environment. now,ook at the plantings they are likely to suggest a normal harvest in the northern hemisphere across the complex if you look at ethanol -- complex. if you look at ethanol, demand has collapsed. it is not just the demand of demand. is the food sugar is not big enough to offset that, so the key is some of the agriculture commodities, particularly corn, you are looking up historical carry outs which argues more downside. one exception in the commodity complex talking about food and agriculture really is the livestock market. there, you have enough supply that the risks wi

a note from goldman suggesting major economies will shrink by 35%, almost four times more severe than the impact of the 2008 great financial crisis. from that note, goldman economist says though the number of new coronavirus cases appears to be slowing globally, that is probably a direct consequence of social distancing and could reverse quickly if people just went back to work. for more now, i'm joined by wedge advisors, i've got to say when you have calls like that about the idea that we could see a plunge in activity, you wonder why markets are as optimistic as they are, what are they pricing in >> the markets are very optimistic right now they may be outrunning the fed a little bit and looking at a recovery that has not yet happened we are forgetting about the collateral damage on main street economic growth is on the margin banks lend when they are comfortable. people bid up. they return those multiples to what we saw a few months ago we don't have that right now we are going to have a different economic system of sorts where banks are going to require more collateral and not len

goldman sachs initiated coverage because they say it is a buy. they're saying it is outperformance, first mover advantage and outperformance in technology which they say is above the rest. 865, stu. you could have gotten in few weeks ago at 350 or so. stuart: right. that was a low 1/2, wasn't it, down to 350. they're talking about 865. that is amazing. it is up 30 bucks today. susan, thanks very much. ashley, come in please, what is this about abbott labs? they have a third test, what is it, third test for the virus, is it? ashley: they do. testing blood for antibodies. a million tests go out by end of the week. four million by the end. month and they want to get a better idea the antibody, how long does it stay in your system around does it provide immunity? it is part of a very important test in order to find ultimately the vaccine. but abbott lab sending out the virus screening, antibody screening, today hopefully to get a better idea how this virus works. stuart: ashley, isn't major league baseball, aren't they going to be, i hate to say guin

goldman sachs saying u.s. stocks probably hit bottom because of what the firm called the "whatever it takes approach of policymakers." goldman removing its production in the near term that the s&p 500 could fall to 2000. softbank will pay the price for some of those ill-fated tech bets. the japanese company forecasting a $12.5 billion operating loss in the fiscal year that just ended after writing down the value of investments in --panies such as and wework such as uber and wework. the world's oil producers agreeing to a historic output thatfter a week of talks involved the opec+ coalition and g20. now, questions as to whether it to shrink the massive glut of oil. alix: for more now, i am joined by mark rossano, c6 capital holdings founder and ceo. i have no doubt that you are really skeptical of this deal, but before we get to that, $23 for wti. what is your favorite trade? mark: at this point, i think you can start to pressure it to the downside. i think u.s. enp's are going to struggle. i mean, they were st

goldman ended the day -- [inaudible] let's listen to what the ceo of goldman had to say about the future. rishaad: let's move things along and have a look at what else is moving. we've got bridgewater associates saying the virus pandemic will force a new order and could cost the world economy trillions of dollars. the cochairman and the co-ceo's ray dalio, i'm sure you have all heard of him. he told us that u.s. stimulus measures so far are actually appropriate, but the thing is he says more will be needed. >> the holes to income in the united states we estimate somewhere in the vicinity of $5 trillion in the hole in the world economy is probably somewhere in the vicinity of $20 trillion, and we look at particularly who has what holes and how they will be filled. the economy as a result of this, so the real economy, which is good services production, and the world over the next year, will probably have a hole of maybe 4% or 5%, which is a bigger -- this is a bigger event that the 2008 financial crisis, theit is most comparable to 1930 to 1945 period of time in terms of, you know, the siz

on the other hand, you see goldman sachs up on the day. there is a real preference when it comes to wall street businesses as trading volumes hold steady and underwriting hold steady and debt markets to come back when it comes to the big institutions. romaine: what are the expectations of lending going forward? sonali: like i was saying when it came to the provisions, we did see billions of dollars inked at all of the consumer banks. what does that mean when it comes down to how long this lasts? at the end of the year, if this lasts beyond the gdp we see at the end of the year, we see all of the banks doing their part to help customers through the down part, but -- the downturn, but if they keep seeing loan-loss is rise, how long will they continue to lend as the question? weigh theple start to effects of the coronavirus even after the shutdown. with that said, larger businesses seem to have more access to debt markets today. we are waiting to see that trickle into a much riskier part of the debt market. scarlet: i am glad you bring up the

it is not just goldman sachs. a lot of the other investment firms are trying to raise a lot of money because they see in investing opportunity, an opportunity to finance companies. they are desperate for cash bid it is an opportunity unlike anything we have seen in more than a decade, going back to the previous financial crisis. you have a virus stricken economy across the world right now where a lot of the distressed companies, you have to wonder if they will be able to survive. even the number of healthy companies are in peril. a lot of investors including goldman sachs are trying to figure out if they raise cash right now, if they can provide financing opportunities that helps these companies get a bridge to get them past the economic downturn. that is where they see the opportunity. that is why goldman sachs has drawn up the plan to raise funds. goldman is unique on wall street. unlike any of its peers, it has a huge investing business and it has been raising a number of funds where it would look to deploy cli

goldman sachs has woken up and decided that tesla is a buy. they put out a buy recommendation and of course, that is putting a little bit of skip in elon's step. goldman has some other thoughts in mind and they are not necessarily good ones they have to focus on right now. their profits plunged. citigroup and bank of america as well, they all came out with numbers and it has been certainly a very difficult time, and it's heavily weighing on the stocks at this hour. goldman shares are the only ones, though, in the green at this hour after its revenue beat expectations, despite quarterly earnings being sliced in half. goldman is up a quarter of a percent. citigroup down 5.33%. bank of america down 6%. what are america's banks thinking of right now? the financial giants have been playing this balancing game between keeping their own houses in order while at the same time trying desperately to help small businesses. charlie, they were a little late, some of the big ones, on desperately trying, but they are getting on board now. what are they think

romaine: you were just listening to our exclusive interview with christina minnis at goldman sachs. let's turn back to the covid-19 crisis. are an95 masks, if you health care worker or first responder, these are the masks a lot of those folks depend on. masks, isker of those now suing the middlemen who sell those masks, claiming that some are inflating the prices. joining us now, susan decker. great to hear from you. explain to me exactly why 3m needed to essentially sue the people who are selling the masks. >> 3m has been very vocal about the fact that they say, we are not trying to profit over this, only charging usual rates. these were companies that had one to new york city and one to california, charginge have masks, over what 3m was charging and calling themselves authorized distributors. 3m said, they are not affiliated with us, this is a trademark infringement, and they filed a lawsuit against them. all that,aving said what can be done? what can states do about it? >> states can't do a whole lot. they are the ones in these bidding wars. there have been calls to say -- [inaud

during the last financial crisis in 2008, he bought up preferred shares of goldman sachs and general electric which paid back berkshire in a most handsome way so all of you seeking clues as to what the oracle of omaha has been doing with the cash pile may get answers at the berkshire virtual annual meeting. it will happen on may 2nd without the huge crowd of 35,000 to 40,000 people. the markets are kicking off a major earnings week on a sour note. four dow members and 31 companies in the s&p 500 are set to report this week, including major banks jpmorgan, wells fargo, morgan stanley, bank of america, citigroup and goldman. earnings per share for these financial names are expected to fall an average 24% from just a year ago. speaking of goldman sachs, the financial institution has now decided that the worst of the market rout is apparently behind us so goldman is abandoning its near-term downside s&p level of 2,000 and reiterating its year-end target of 3,000. s&p 500 stands right now at, i don't know, let me see, sorry, my computer as we found in many of these cases, the s&p stands a

the key features the credit cards for the consumer and sectors like energy within commercial goldman sachs's percentage around 2.4%. it's a less relevant metric for them importantly today, bank of america's cfo struck a slightly more optimistic tone in terms of whether or not provisions will get worse from here compared to jpmorgan's cfo yesterday >> could be meaningfully higher in aggregate in the next several quarters relative to what we took in the first quarter. >> in terms of the question about what's the likely reserve bill in the future if we thought we were going to have to add more reserve build in the future, we would have put it into this quarter >> goldman sachs also struck a slightly more constructive tone on their call today, and it's the best of today's earnings reporters. bank of america the worst, but that was because of poor net interest income guidance for the second quarter if we look at all of them year to date, the investment banks, goldman sachs and morgan stanley, who report tomorrow, are the outperformers, which makes sense. they have less lending that could

emily: talk to us about what happened in goldman-s portfolio. -- goldman's portfolio. trading surpassed expectations. what happened there? sonali: when it comes to bank of america, wells fargo, jp morgan, they had a -- they have a huge exposure to the consumer. wasman sachs, trading skyrocketing among high volumes. marketsility to create and liquidity in this market really showed up. they are less exposed to the consumer. if you have is that goldman sachs and then morgan stanley reporting tomorrow, the investment banks are showing an ability to show up and find ways to do deals in a market. that is finding ways for corporate clients to get liquidity. last night.you saw deals are still happening. it is not the type of deals you would think. so much for you that update. -- to so slow headline -- to slow hiring for the rest of the year. the ceo has outlined these plans in a memo to the company. we will monitor these headlines as they come in. the u.s. justice department is continuing to track disinformation campaigns being waged against the united states discord.actors to

we look ahead for results from goldman sachs. this is bloomberg. ♪ nejra: this is bloomberg daybreak: europe. manus cranny in dubai. let's get to bank earnings. u.s. lenders grapple with an economic standstill. a staggeringe amount of capital for bad loans. jpmorgan and wells fargo hosted their highest low loss provision in a decade, setting aside more than $12 billion to cover default. droppingreported a job first-quarter provision of a $.3 billion. in 2019, it's a $6.8 billion increase and a jump of four -- 450%. goldman sachs is reporting today and we will be watching out for low loss provisions but also its trading income which is expected to rise 3%. we spoke to the cfo was wells fargo -- of wells fargo. >> as it relates to loan losses, that's right. there's a new accounting standard that came in in this quarter. our provision isn't terribly different as a result for this quarter. estimatione of loan but we analyzed our allowance under the old gap and under the new gap and came to a similar outcome. the difference in this

on a day where the market are granny smith green, apple is red delicious red, after goldman sachs cut the tech titan, they said apple shares rsl, get rid of them, they believe the iphone will drop 36% in the june quarter and goldman analyst also cut apples types underpriced target from $200 to $233. it stands right now down 3% to $238 in change. and goldman also believes the growth in apple services business will begin to slow substantially next year. we are watching apple shares, but boeing is picking up apples lack, the aircraft maker says it is going to begin resuming production of its commercial aircraft at the seattle area facilities as early as next week. even news that ge aircraft with canceled orders were 69 boeing jet, these are 737 max jets because it's reevaluating its order books at the moment due to the coronavirus, it is not hurting boeing right now, stock is up 12 and how% in ge is a good hire as well. let's flip it over to check the pulse of the fitness sector, president trump's plan to allow health clubs to reopen with new protocols, it is helping shares of planet fit

a managing director at goldman sachs and isui now at kkr, at the big private equity firm. finance remains at one of the areas that is really one of the hardest for women. she did talk about that one of the things she finds herself doing much of her time is just encouraging young women, and telling them it's okay. recognize that you are amazing. recognize you can do good work. and don't let anybody stop s you. it may well be that you are right that there's a higher bar for women. >> define genius from your perspective because we are having a hard time grappling with the definition as it relates to your books and your perspective and in the broader women's perspective.

that is more than goldman sachs. softbank is now forecasting a loss of $12.5 billion for the year ending in march. the japanese company has written down the value of investments in companies, including the office rental startup wework and oneweb, which filed bankruptcy last month. apollo's global management flagship credit hedge fund is scoring gains this year. they profited from well-timed shorts and purchases of high-grade debt during the panic. it had been quickly amassing holdings in investment read paper in march before the market rallied after the fed intervened. that is your bloomberg business flash. royal is holding gains today. oil was holding gains today. bloomberg opinion editor robert berg us says even a big deal in production curves can only do so much in the face of the demand shock. he argues there is unlikely to be a market recovery without an oil rally, writing the energy industry is a bond the biggest employer -- among the biggest employers in the u.s. economy. it is going to be hard for equities to

goldman sachs, david -- which happened to report today -- goldman sachs says buy tesla why? it's an industry leader in evs it's poised for long-term growth david, they love the balance sheet. it's got $6 billion in cash they have the edge, the model 3. it's shipping in volume. there's, i guess, 15% unemployment people want to snap these things up it has a battery efficiency. all in all, i think when -- when you're having about to go into a depression, when you have dramatic unemployment, what do you do you buy the stock of tesla doesn't that say it all? >> it does say it all. >> this is a blue chip >> apparently with a 1$130 billion market value up 70% this year on that note this does seem to be -- i don't want to call it the nifty fifty, there are a group of stocks in ascendance. >> i was going to do that! we were trying to make an acronym, it turned out to be a 50-letter acronym. it was a whole scrabble board. netflix, david the race is to figure out how many new netflix customers they have is it 200,000? 500,000? "tiger king. when the president was asked about "tiger king

jack: and, ben, i'm not going to make a joke here, goldman sachs. why is it looking good to you right now? >> well, carlton has a great article in this weekend's magazine about the banking sector, and goldman really stands out to me. the earnings this week that all the big banks released earnings, they weren't really taken very well. all the banks dropped. goldman dropped less. it's got a lot of investment banking, a lot fewer loans to go bad. i think in this environment just with the trading going well, it's just going to be ad good stock to own. jack: thanks, ben, jack, carlton. great ideas with. to read more, check out this week's edition at barrons.com and follow us on twitter. that's all for us. wash your hands, wear your masks. masks. see you next week on. ♪ ♪ dr. youssef: i know it is fashionable now, in many a church, preachers say people can reach god different ways. that's contrary to the word of god. the christian faith was not founded on christian ethics. the christian faith was not founded on some set of rules. the christian faith w

goldman sachs' investment portfolio took a massive hit, while bank of america and citi followed rivals in setting aside billions for loan losses. let's get into the markets with mark, our mliv managing editor. there is so much to talk about today from data to bank earnings to the strength of the dollar. i want to start their. car filled reynolds on the blog says the strength of the dollar is adding to concerns that this strengthening risk-off move could develop such that we see fresh lows in this cycle. how much is that a concern? mark: i think if we do see sustained dollar constraints again, it is a concern. the dollar plays into financial conditions around the world. i take a slightly different in that in garfield don't think the dollar moves are wearing in the short term. the dollar has calmed down in recent weeks. risees not mean they can't again and cause concerns. but to me, the dollar is a big risk at the moment. mark.good morning to you, interesting to see futures in europe and the u.s. turning around a bit. perhaps we extend the rally we have seen. quite stunning, what we have

first check out shares of goldman sachs. first told you the earnings did fall short revenue topped estimates the investment bank says it stopped purchases of its common stock in order to pour more capital and liquidity to meet the needs of its clients we're coming right back. knowing we're prepared for the future. surprise! we renovated the guest room, so you can live with us. i'm good at my condo. well planned, well invested, well protected. voya. be confident to and through retirement. aand we're here for you -ry day fespecially now,rs. doing everything possible to keep you connected. through the resilience of our network and people... we can keep learning, keep sharing, keep watching, and most of all, keep together. it's the job we've always done... it is the job we will always do. >>> researchers race for vaccines as well as therapeutics, antiviral combat covid-19 our next guest says there's something more important. joining us now why serological tests are crucial. systems found end and former ceo and founder of biofirm

jack: and, ben, i'm not going to make a joke here, goldman sachs. why is it looking good to you right now? >> well, carlton has a great article in this weekend's magazine about the banking sector, and goldman really stands out to me. the earnings this week that all the big banks released earnings, they weren't really taken very well. all the banks dropped. goldman dropped less. it's got a lot of investment banking, a lot fewer loans to go bad. i think in this environment just with the trading going well, it's just going to be ad good stock to own. jack: thanks, ben, jack, carlton. great ideas with. to read more, check out this week's edition at barrons.com and follow us on twitter. that's all for us. wash your hands, wear your masks. see you next week on ♪ ♪ >> from the fox studios in new york city, this is maria bartiromo's "wall street." maria: and happy weekend. welcome to the program that analyzes the week that was and helps position you for the week ahead. i'm maria bartiromo. coming up in just a moment, ins' managing director joins me, the

jack: and, ben, i'm not going to make a joke here, goldman sachs. why is it looking good to you right now? >> well, carlton has a great article in this weekend's magazine about the banking sector, and goldman really stands out to me. the earnings this week that all the big banks released earnings, they weren't really taken very well. all the banks dropped. goldman dropped less. it's got a lot of investment banking, a lot fewer loans to go bad. i think in this environment just with the trading going well, it's just going to be ad good stock to own. jack: thanks, ben, jack, carlton. great ideas with. to read more, check out this week's edition at barrons.com and follow us on twitter. that's all for us. wash your hands, wear your masks. see you next week on bret: it was one of the most powerful political ideas in history, a new faith for a skeptical age. they promised a world of harmony and abundance, if only property were shared by all and distributed equally. the idea was called socialism. it spread farther and faster than any religion in history. th

morgan policy and making it more difficult to get a mortgage here's what a former manager at goldman sachs says j.p. morgan made it harder to get a mortgage so they raise the bar when you standards to 20 percent down the credit rating of $700.00 plus that's interesting because boeing has a junk credit rating a credit score of $500.00 and they're allowed to borrow billions from banks and government revolution is coming funny you know it's amazing put in the context of again central banking because central banking was supposed to be the lender of last resort and central bank it was a buffer to the system so in moments of extremists like a pandemic it should be easier for people to borrow money and to acquire or to preserve wealth or to buy a house but instead it's become more difficult because the banks of the central banks are heading toward neo feudalism and we'll talk to dr michael hudson about that later meanwhile look at the interest rates for credit cards the money that is borrowed by big banks is 0 and sometimes less than. 0 j.p. morgan one point last year was paid to borrow mon

it was a great call, so i encourage more research firms to do exactly what goldman did today, which is to say listen, here's what people are saying and we're sticking by our upgrade. i thought it was very thoughtful in a period where i've not seen a lot of thought >> hmm jim, what is their reason for buying boeing? >> you'd have to believe that, yes, the 737 max has come online, people don't think that's going to happen, that the cash flow is better than what people think, that the federal government is actually going to be okay with them. now the federal government, remember, they're reluctant to say anything bailout and far more about trying to help the small and medium sized business. i have not been inclined to like boeing the reason i didn't, i cannot believe that the 737 max is still on the griddle and because we don't have a lot of air traffic, but you know what the more i think of china coming out of it and china wanting to be a world power, well they are a world power. maybe china places a big order with boeing for the rest of their planes and something good happens here for m