it is with great pleasure that wells fargo partners with the city. we are also good partners with working solutions, have done many things with them. we are so happy they are involved in this partnership. we, at wells fargo dedicated to partner with the city of san francisco to make this once again the thriving community that it has always been. again, thank you for being here today. [applause] >> finally, i want to introduce the executive director of working solutions, along with -- where is brenda? the owner of the restaurant, who i think will be coming forward. >> good morning, such a pleasure to be here. i want to thank you, mayor lee, pa your leadership in prioritizing access to capital for small businesses, which is so crucial. i also want to think board president david chiu and scott wiener for your of leadership, as well, the board of supervisors, for continuing to part by small business needs. two years ago, working solutions was chosen to administer the city's role of the loan fund and we have successfully lent out those dollars. $665,000 le

fargo and the city to target the underserved neighborhoods. also, the wells fargo fund is a loan to the city that requires repayment. after the initial loans are made, in five years they would have to be repaid to wells fargo. regarding the administrative fee, this is a onetime fee. they will be not only administering the revolving loan fund, they would include technical assistance to all of the borrowers and applicants before, during, and after the loan is made. this would be for a term of five years and, pretty much in perpetuity of the revolving loan fund, which working solutions was able to provide for this amount of capital. the three major needs for recapitalizing or the following -- there is definitely a demand for this capital. working solutions received 25 loan agreements per month, alone. at $25,000 average per month, that would be more than half of the million dollars in financial requests. no. 2, that this part, this recapitalization is a critical component of our nation district -- of our districts strategy. we definitely need more economic tools

and non-profits, but also to the community as a whole. wells fargo bank, year in and year out, is a leader in philanthropic agencies and individuals in need. help me in welcoming to the stage, martin. [applause] >> thank you, john. good morning. i am with wells fargo community bank, and i am very pleased to be with you here today. on behalf of our team members in the san francisco bay area, wells fargo is proud for the eighth consecutive year to be the lead sponsor for this world aids day effort. our lives are not measured by the number of years or days we exist, but by what we accomplish while we live. and the good we make render. these words, spoken in 1875 by one of our company founders, -- co-founders, henry wells, are as pertinent today as they were there. as wells fargo we believe it is our responsibility to promote the long-term economic viability of our communities and enhance the quality of life of our community members. if our communities prosper, so do we as a company. we have forged a long history of supporting aids awareness, research an

fargo and the city to target the underserved neighborhoods. also, the wells fargo fund is a loan to the city that requires repayment. after the initial loans are made, in five years they would have to be repaid to wells fargo. regarding the administrative fee, this is a onetime fee. they will be not only administering the revolving loan fund, they would

wells fargo. they're asking the board to be supporting their community, supporting this family, supporting the excelsior district and to push for irresponsible bank which wells fargo is not. >> [speaking spanish] >> since wells fargo has not been helping her family or other families, she is asking the city's support in not banking with them. >> thank you. >> thank you. >> good afternoon, supervisors. i work with a housing immigrants' rights organization in san francisco and in oakland. i am here to speak in support of their being in municipal bank in san francisco and specifically due to the fact that wells fargo especially as the nation's largest servicer and has been responsible for foreclosing on millions of homes throughout the nation. bringing it back to san francisco, two things that were mentioned today. local prisons and social responsibility are things for us to think about and consider in terms of our banking relationship we have trade where the city is putting its money. the residents that kim appear are indicative of the local presence at -- wells fargo has and in addition, wells fargo has a

they want to pull it from the downtown wells fargo bank. he says he is authoring the proposal in response to the bank's role in the housing crisis that sent the economy spiraling. >> i feel this is one way in which we can make a statement and push for changes to promote the better banking practices and more equity in the society. >> but wells fargo says over the past three years wells fargo has donated more than $3 million to 89 non-profits in berkeley, and less than 2% of homeowner occupied loans in our servicing port folio have proceeded to foreclosure sale. the council wants to put its money in community banks or credit unions, but they need to know if they can handle a city the size of berkeley. >> it is possible for community banks to handle the business of the city of berkeley. >> the senior vice president points out that not all of them can offer the payment collections, the revenue sharing and the sophisticated money transfers. >> they have to be collateral liesed for the bank. we have to hold collateral. the insurance is not enough.

here today, there was a sprinkling of ashes in front of the wells fargo building not so much in a religious sense but to symbolize many dreams have turned to ashes during the foreclosure debacle. people sprinkling ashes in front of the atm machine and in front of the doors at wells fargo on california street. san francisco organizing project organized this. they had a variety of religious traditions represented, catholic, christian, episcopalian, muslim, calling to modify loans, lower interest rates and stop foreclosures are forgive those who can't afford their mortgage. they say it wasn't long ago that many banks needed help and the american people helped them out. >> in the parable of the forgiving servant, i believe the servant was given forgiveness but turned around and didn't forgive the fellow servant. i feel like that is happening in this situation. the banks were given bailouts and they are not helping the people in any way and the people are suffering. >> reporter: representatives of sfop went into the bank and tried to deliver a letter asking for help to executives. we did get a r

the country took part and here in d.c. protesters actually gathered outside of a wells fargo bank now they wanted to call attention to the fact that wells fargo is a major financer of the g.e.o.s. group which owns and runs the risk correctional institution in north carolina that is where thousands of people from right here in washington are sent to and incarcerated i know you wrote about some of the conditions and this prison and you also sort of mention why it's pretty clear that this is not viewed as a place for rehabilitation talk a little bit about this. well ridge correctional facility is an interesting because it's it's specially it's physically how does d.c. if it's so it's located in within north carolina which is something like two hundred fifty miles outside of d.c. and it's like you said it's run and operated by the geo group which is the nascent nation's second largest private prison operator so in d.c. it's interesting because back in the late ninety's congress passed a law basically moving taking the you know the responsibility for how the d.c. inmates and moving over to the federal government so that the federa

they want to pull it from the downtown wells fargo bank. he says he is authoring the proposal in response to the bank's role in the housing crisis that sent the economy spiraling. >> i feel this is one way in which we can make a statement and push for changes to promote the better banking practices and more equity in the society. >> but wells fargo says over the past three years wells fargo has donated more than $3 million to 89 non-profits in berkeley, and less than 2% of homeowner occupied loans in our servicing port folio have proceeded to foreclosure sale. the council wants to put its money in community banks or credit unions, but they need to know if they can handle a city the size of berkeley. >> it is possible for community banks to handle the business of the city of berkeley. >> the senior vice president points out that not all of them can offer the payment collections, the revenue sharing and the sophisticated money transfers. >> they have to be collateral liesed for the bank. we have to hold collateral. the fdic insurance is not en

here today there was a sprinkling of ashes in front of the wells fargo building not so much in a religious sense but to symbolize many dreams have turned to ashes during the foreclosure debacle. people sprinkling ashes in front of the atm machine and in front of the doors at wells fargo on california street. san francisco organizing project organized this. they had a variety of religious traditions represented, catholic christian episcopalian muslim calling to modify loans, lower interest rates and stop foreclosures are forgive those who can't afford their mortgage. they say it wasn't long ago that many banks needed help and the american people helped them out. >> in the parable of the forgiving servant, i believe the servant was given forgiveness but turned around and didn't forgive the fellow servant. i feel like that is happening in this situation. the banks were given bailouts and they are not helping the people in any way and the people are suffering. >> reporter: representatives of sfop went into the bank and tried to deliver a letter asking for help to executives. we did get a respo

he talked about the diversified businesses of wells fargo. oesn't have to think. >> do you want to sing the song? >> i don't want to ruin your ratings. it's an iconic symbol. seventh or eighth oldest brand in the country still in the same business. >> wells fargo's stagecoach. >> like a great clint eastwood movie or something. >>> when we come back, we'll get final thoughts from our guest host today, wells fargo ceo john stumpf. "squawk box" is coming right back. ♪ our machines help identify early stages of cancer and it's something that we're extremely proud of. you see someone who is saved because of this technology, you know that the things that you do in your life, matter. if i did have an opportunity to meet a cancer survivor, i'm sure i could take something positive away from that. [ jocelyn ] my name is jocelyn, and i'm a cancer survivor. [ mimi ] i had cancer. i have no evidence of disease now. [ erica ] i would love to meet the people that made the machines. i had such an amazing group of doctors and nurses, it would just make such a

tuesday they hit the wells fargo. the officer's reinstatement was not official until yesterday. he left the department in june after getting a pink slip and was still a civilian tuesday when he saw the robbery go down. that didn't stop him from following the suspects and calling 91. >> my initial thought was i wanted to do something. i wish i had this or that. given the situation i was in i had nothing to do but to be a better witness. >> if the officer had not been there to give a license plate and description no telling where we would be in the investigation. >>> the three were caught a couple of hours later in salinas where they remain in custody thanks to officer nasr, who is now officially back on the force. what a way to get your job back. >>> 4:45. parents beware the flaw has turned up in a popular children's play structure is a dangerous hazard. >>> u.s. postal service re s a grim budget picture how much they may -- may need to raise the price of a first class stamp to eliminate red ink. >> reporter: preparations underway for whitney houston's funeral tomorrow. who is on

you just mentioned the wells fargo yvette. today was tony bennett day in san francisco. we had the wonderful thrill and honor to have tony bennett come to city hall and equally as important was the far east, both the jazz band and choir, performed for mr. bennett. and we had 70 students from the tenderloin elementary school or attend the a iveta set on the red carpet in the vip section, which was really great for them to. and also to have seized art chavis -- cesar chavez doing a webcast. junior statesmen was in sacramento. many of our juniors and seniors attended. old school cafÉ are for students 16-22 to help them learn about being in the restaurant business, also there was a dessert and wine-pairing that enabled the kids to come and bus the tables, hosting, work alongside a pastry chef, learning to cook and serve. it was really fabulous. their next event is marked the third and it is a new orleans jazz and theme. lots of good cooking. go to the old school cafÉ website. as of this morning, there are only 30 tickets left. i want to thank the sentences go police departmen

. >>> on this ash wednesday, nearly 50 clergy members gathered outside the wells fargo bank headquartersn san francisco to protest what they call rampant foreclosure abuse. the group is calling for the bank to repent. the dramatic protest comes after last week's release of a report that found 84% of foreclosures of san francisco homes over the past three years violated at least one state foreclosure law. the protesters called for a freeze on foreclosures and did their best to urge people to move their money out of a wells fargo account. >> we are also launching a campaign and we invite our community in san francisco to move their money to lending institutions that honor our value. >> the wells fargo spokesperson says the bank has foreclosed on less than 2% of homeowners in the past year. >>> not many people like the overdraft fees charged by banks and now the government is doing something about those fees. the consumer financial protection bureau is investigating how the fees affect consumers who claim they can inflict, quote, serious economic harm. the agency will collect information to

part of that is the wells fargo amount. then there is the actual million dollars. from your perspective, why is it that we need to be at that level? you went through it quickly on your slides. from july through january of 2012, -- july of 2010 through january of 2012, we only let out so many loans and i would like to understand that rationale for the number 1.5. >> like i said, in 2009 it was like a pilot project. we did not have the capacity to be able to loan the $1 million that we are proposing now. over the last few years we have totally increased capacity to loans to a much higher capacity, from two employees to about four or five, full time, where they are able to more readily process of loans requested. definitely get the money out the door >> . supervisor chu: limitations that we have are not demand issues. -- out the door >> . supervisor chu: -- out the door quick. supervisor chu: limitations that we have are not demand issues. what is the conversion rate? >> anywhere from one to four loans. many of them turn into businesses that we are looking -- working

part of the wells fargo plan would be for our managers, part of the office of economic work force development programs. the one to one or door-to-door campaign, there would be a media outreach at the small business center job squad, but also door- to-door with managers and staff for multi-lingual, spanish, and chinese. >> -- supervisor kim: is there already a corridor meter? >> we have 11 in the neighborhood market initiative. this would be in the valley. supervisor kim: i am sorry, which one? >> of leland avenue. -- on leland avenue, lower pok lk street, third street in bay view, mission excelsior -- supervisor kim: mission street and excelsior? >> yes. lower 24th, fillmore, and terra belle. supervisor avalos: follow-up questions as well. on those corridors, or those cities that? or are they contract out? >> it is a combination. they provide oversight in those corridors. we also check out to neighborhood organizations that have the capacity to do major our reach. >> >> for the excelsior, that would be the excelsior action group. at ocean avenue, that would be the ocean avenue action associat

specifically in the southeast sector and the southern sector. wells fargosible for that. i think we should be able to craft an rfp that can address their need to provide information about how -- what they are doing to support local residents or not. how -- with the record is in terms of helping households deal with the foreclosure crisis. i would like to encourage the treasurer to do that. i really support his efforts in some many ways that he has looked at our economic system and how we can help local households to be stronger with their financial stake and -- in their future. looking at good investment practices, but i think there is one area that he can make it big difference as well. i would love to encourage the treasure to follow up with that and we can talk further as we continue before the end of the week. supervisor kim: thank you. supervisor kim? -- supervisor chu:. supervisor kim? supervisor kim: it was an issue i was interested in and it is great to find -- getting hearing on the research that has been done thus far from our budget and our treas

i want you to stay on the wells fargo case. it has zero european exposure, but it can be brought down by the xlf, the exchange traded fund that encapsulates the financials, of which wells fargo is the dominant entry. people short the xlf, knocks down wells. after the foreclosure deal i think this one's a buy if it gets brought down by greece. in fact, wells fargo's probably the single best test of how well our markets are going to weather the trojan horse that never seems to stop plaguing us. it's what i will urge you to buy if we get any resolution either way by this time next week. let's go to mark in arizona. mark. >> caller: hi, jim. a big boo-yah to you. this is mark from tucson, arizona, formerly from washington crossing, pennsylvania. >> down the block from me, chief. what's going on? >> caller: yes. with all that's going on in europe, what is your take on totale? tot. >> i like total very much. this is an underestimated company. it's very well run. has a lot of mideast exposure which worries people. yields 5.5%. total, i

the other $430,000 will come from wells fargo, with their target to be the southeast corridor, a sanruno, our mission, third street corridor, and the likes. they have always been very strong in helping out distressed areas. those are distressed areas. they have historically been. i want to personally thank wells fargo for putting up this money and joining us in this effort to focus on our small businesses. it has been part of their tradition to help out. they have always done so, but they have taken the opportunity to join us. when brenda located herself here back in 2005 -- 2007, i believe, i think we won the playoff game, even as early as back then. we had her locate here, and it has been prodded ever since she came. this is the type of small businesses want to keep on supporting, but also to mixture that we want to create these opportunities all over commercial corridors throughout the city. that is what the business commission has indicated we should do, the success of our working solutions. at is what scott once in the castro, when david wants on polk street, and in the other ar

. >> reporter: officer michael nasser wasn't working when he pulled into the wells fargo parking lot.t's when he saw three men wearing hoods and masks, run into the bank. >> just to make sure i wasn't seeing things, i watched a lady with her baby. he opened the door, looked in, and scurried away. i knew they were robbing the bank. >> reporter: nasser said in his car because he didn't have a gun. and more importantly, he didn't have a badge. he saw the men run through the parking lot and get into a getaway car. >> once i reached the vehicle, i got a license plate and was able to get a good look at the driver. at one quick second, i thought about hitting them with my car in the parking lot. but didn't think it would be a good idea. >> reporter: but the information nasser obtained led to an arrest, just two hours later in salinas. >> i wanted to do something. i wish i had this. but given the situation i was in, i had nothing else better to do than to be a good witness. >> reporter: san jose police are praising nasser, calling his actions priceless. >> that's priceless because he's saving

think we'll do business with a bank that safeguards the city's assets with a good track record of investing in our community. >> reporter: wells fargo declined a request for an interview on the subject. >> we will actively bid on this account. >> reporter: mechanics bank is headquartered in richmond much smaller than wells but community-based. wells fargo isn't active in local charities and such. >> wells can always write a bigger check than mechanics bank can write but where mechanics bank steps up to the plate is we are involved in all the activities. we're in the local nonprofits, we're on boards, we're in associations. >> reporter: sometimes bigger is better. "occupy oakland" just days after busting windows at a wells branch deposited a $20,000 check in wells fargo! it said it could get to its money faster with a big bank than a small one. >> it is conceivable that we could still continuedo business with wells fargo. >> reporter: that decision will come this spring as the issue of local banking comes more clearly into focus. berkeley may be among the first but it certainly won't be the last. we understand that peralta college bo

the fall. berkeley has been doing business with wells fargo since 2004. ing live tonight here in berkeley, i'm healther holmes, ktvu channel 2 news. >>> the highly ranked college mckenna has a cheating scandal of sorts in its hands. the school says a senior admitted falsifies entrance scores for years. for example, clairmont reported a median score of 1410 instead of 1400. >>> pier 27 will be demolishes and then rebuilt and will serve as the headquarters for the america's race. >> but this is really to me an exciting part of the kick off where you see labor people contractors, public works, all beginning to see real stuff getting done. >>> the terminal project is expected to cost $92 million, it'll be located at the intersection of embarcadero, lombard and battery street. >>> sometimes the waves are too big even for the professionals. one prosaid he went surfing and he didn't know how it happened but his dislocated his hip. >>> things are changing and bill you say some of these changes may impact the morning commute. >> looks like there will be a few sprin

the fall. berkeley has been doing business with wells fargo since 2004. ing live tonight here in berkeley, i'm healther holmes, ktvu channel 2 news. >>> the highly ranked college mckenna has a cheating scandal of sorts in its hands. the school says a senior admitted falsifies entrance scores for years. for example, clairmont reported a median score of 1410 instead of 1400. >>> pier 27 will be demolishes and then rebuilt and will serve as the headquarters for the america's race. >> but this is really to me an exciting part of the kick off where you see labor people contractors, public works, all beginning to see real stuff getting done. >>> the terminal project is expected to cost $92 million, it'll be located at the intersection of embarcadero, lombard and battery street. >>> sometimes the waves are too big even for the professionals. one prosaid he went surfing and he didn't know how it happened but his dislocated his hip. >>> things are changing and bill you say some of these changes may impact the morning commute. >> looks like there will be a few sprin

wells fargo. >> hello, i work for wells fargo bank. i cover the northern california region. i usually focus on about $350 -- $350,000 of sbe loans. last year, for 2010, i did 43 loans. so we are lending. i usually focus on six different types of loans. start-ups, business acquisitions, real estate purchases with ti's, working capital, a partner buyouts, business expansion. when i am looking at a potential loan, i use the standard five c's of credit. the first one is character. what we are looking for is a minimum score around 640. we would like to say no recent bankruptcy foreclosures, bankruptcies, tax liens. if we see a loan that has been modified, we would like to see a reason it was modified, what ever reason it may be. it cannot be, i did not want to pay that payment any more. the second c, conditions. basically, how precise will the money be used? we are looking at a business plan. when you look at a business plan, that is just a start up. we are looking to see where there will be the need for lending. if you are an existing business, we want to see the money that we g

he saw three men in hooded sweat shirts go into the wells fargo branch. they say when the men came out, he followed them, took down their license plate number and called police. officers arrested the three. he left the department last year because he was concerned about layoffs. we will hear from him tonight at 6:00. >>> two earthquakes, a wake up call on a bay area fault. >>> back here in 10 minutes, i got clouds in the forecast, maybe sprinkles. i will see you back here. -dad, why are you getting that? -that's my cereal. is there a prize in there? oh, there's a prize, all right. is it a robot? no. is it a jet plane? nope. is it a dinosaur? [ laughs ] [ male announcer ] inside every box of heart healthy cheerios are those great tasting little o's made from carefully selected oats that can help lower cholesterol. stickers? uh-uh. a superhero? ♪ kinda. [ male announcer ] and we think that's the best prize of all. ♪ >>> two rare earthquakes shook vallejo and john fowler is live where he discovered these may be the first significant quakes on this fault in 11

this was at the wells fargo bank on silver hill road in district heights december 29th. each time, his note says he has a nuclear bomb strapped to him and he will blow up the building if he doesn't get money and the teller hands over the cash. >> any time a person makes a threat at a place of business, we take it seriously. >> reporter: the serial robber hit a capital one bank on largo center drive earlier this month and this morning, he casually sauntered into the m & t bank on kirby road in clinton. the video is very clear. police are hoping that someone will be able to identify the robber and help them with a tip or lead. i'm karen gray houston, fox 5 news. >>> growing tensions between israel and iran. coming up next, we'll have detail of why israel is vowing to keep the u.s. in the dark if they decide to launch a strike. >>> we are checking more headlines in just a moment. stay with us. ahhh. so soft. time out. sweet. [ female announcer ] with charmin ultra soft, you can get that cushiony feeling you love while still using less. charmin ultra soft is designed with ext

the back. >> i wanted to ask wells fargo, what is your interest rate on a loan? >> 6%. 2.75% over prime. >> ok. the second question, is a line of credit like a payroll advancement? i am a small business. just recently got contracts in san francisco. as you say, they pay slow. i want to get a loan for $50,000, but i do not want to pay the interest. i would like to get a payroll advancement where the money is available to me, should i needed for payroll. if i should need it, i can get that money. when the city pays me back, i pay them back, but that line of credit is still there. is that what they line of credit is? >> yes, ma'am. as you have a need for something to pay -- in this case, your bills -- before you get your invoices paid, that you would be able to do that. a line of credit is typically the way that most small businesses deal with cash flow variations. when invoices are paid, you pay down your line. that is slightly different from a permit working capital loan. those businesses that need permanent working capital for their business on an ongoing basis. i

the count still voted last night to withdraw 300 million dollars from the downtown wells fargo bank. he housing crisis that the economy reeling. >> i feel this is one way which we can make a statement and push for changes to promote better banking practices and more equity in our society. >> the bank released this statement: over the past three years wells fargo has donated who are than three million dollars to 89 non-profits in berkeley. the city council wants to put the city's money in community banks or credit unions. it needs to know if they can handle assets from a city the size of berkeley. >>> mike nicco checking out our wet commute. >> you can see on the golden gate bridge even though the radar returns aren't as robust as they were earlier we have a moist atmosphere and drizzle until 9:00 this morning. good morning. let's take a look at live doppler, bulk of the radar returns moving south with the boundary creating this moist morning. a couple of hundredths is about all we are going to get but enough to make things slick this morning. we'll talk to frances dinglasan in a minut