it will take all publicly available data and any data available from already existing -- >> could you pull your mike up just a little bit? i think some members are having difficulty hearing. thank you. >> my apologies. >> in stage two, it will look at all publicly available data as well as any data already available to regulators and try to provide in-depth analysis to how that firm might or might not pose a threat to financial stability. >> leading up to the stage three question, which you have here on page five, which says whether the company's material financial distress or nature, scope, size, scale, so on and so forth, could pose a threat to the u.s. financial stability, that's a judgment that is both subjective and objective? how would you characterize that judgment? >> the council used, in stage three the firm will be notified that it is under consideration by the council. the firm will have an opportunity to provide any arguments, information or data that it feels will be useful to the council in making its determination. the council may also ask the firm -- >> let me stop you

the first stage is based on publicly available data and easily calculatable metrics in order to provide greater clarity to the public about the types of entities that the council is likely to want to examine further in stages two and three. however, the council is very clear that it wants to look in stages two and three on a firm by firm basis and the rule and guidance layout a specific framework for it to do so. interconnectedness is one of the elements that the council will be looking at in stages two and in stages three, but it is one of six broad categories of frameworks. the others are size, interconnected -- size, substitutability, leverage. >> how did you find interconnectedness? >> so the council does not believe after much analysis work that there is a single metric or formula that can measure interconnectedness. the council believes that rather than try and have a one size measure fit all interconnectedness is simply one of the measures it must look at and different firms might be interconnected in different ways which is why you can't have a formula for calculating that facto

stage provides clarity and consistency by using uniform quantitative threshholds, based on publicly-available data. to screen out other firms. it's very explicit in stages two and three that the council plans to look at all, to take an individualized look at each particular naub bank financial company under consideration. to look at all of its activities, all of its businesses, the types of business it is in. the types of activities it engages in. so that it can, take into account the specific factors of that firm, of that industry and coming up with a final proposal for the council. >> thank you, mr. gibson. >> so we have made it clear in our proposal that we do intend to tailor the standards to the characteristics of the companies designated by the council. what we've proposed is a single set of standards that's applying to both the bank holding companies and the nonbank companies. but we have said that once the firms are designated, we will consider tailoring the standards and the dodd-frank act explicitly gives us the authority to do that. now we understand there's some nonbank companies for w

ultimately, we have to use what's publicly available data, and a lot of it is as old as june 2008.ncial crisis hit in the fall of 2008. >> whitney believes the states will find a way to honor their debts, but she's afraid that some local governments, which depend on their state for 1/3 of their revenues, will get squeezed as the states are forced to tighten their belts. she's convinced that some cities and counties will be unable to meet their obligations to municipal bondholders who finance their debt. the state of pennsylvania had to rescue the city of harrisburg, its capitol, from defaulting on hundreds of millions of dollars in debt for an incinerator project. >> there's not a doubt in my mind that you will see a spate of municipal bond defaults. >> how many is a spate? >> you could see 50 sizable defaults, 50 to 100 sizeable defaults--more. this will amount to hundreds of billions of dollars worth of defaults. >> municipal bonds have long been considered to be among the safest investments, bought by small investors saving for retirement and held in huge numbers by big banks. e

second actually only to google in terms of publicly available data on total mobile advertising.e a clear leader there. we continue to see advertisers wanting to be where their consumers are. they know that's on mobile. and they're moving quickly to have those conversations that they want to have with consumers on mobile. >> is desktop going to be a part of your business at all in the next five years? does it continue to be vibrant? or is it sort of something that you kind of slough off? >> we continue to see growth on the desktop, but clearly at a much lower level. and again, radio's historically consumed, you know, not in kind of offices to some degree but most of radio consumption is in the car, in the home, on the go. so we've always known -- in fact, pandora has been on mobile phones now over five years. we've been focusing on mobile literally since the very moment that we launched the service. >> can you and are you taking advertising dollars away from the terrestrial radio providers? >> i think more and more that is the case. we are competing for those advertisers. that's

available for us in our country. and its impact on drinking water. it's been scoped publicly with peer review of the scoping of the document and right now we're in the data collection phase. we've said we'll be rolling out some interim data and information as we get it and probably the earliest we'll see that is towards the end of this calendar year. this study is scheduled to be completed in about a year from then. so it will be completed some time in 20 -- this is 2012, right? 2013. so we've also -- we just put out, finalized, rules for air emissions. if any of you have heard me speak before, i say all the time that natural gas is tremendous opportunity for our country, especially when it comes to carbon pollution, but it needs to be done, as the president would say, safely and responsibly. one of the areas that has potential to be of concern if not addressed by the states and federal government is air emissions. right now, we inadvertently emit a lot of natural gas in the process of finishing and completing the natural gas wells. natural gas is a greenhouse gas. it's much more potent than co2 although shorter lived. from the standpoint of our planet a

people are buying in the private market, what kind of data and internal numbers were available to them relative to the numbers that came out publiclyrs had different access to information with the facebook opportunity. it was an extremely consumer facing name. they understood the product, most investors utilized the product and able to value it based on their access? the distinction between being public and private today. if you're private, how much data? were there revenue numbers? did people know the profit numbers? were there metrics made available as a part of buying into these shares or totally done on a blind basis? >> throughout the market's four year history, there was certainly information disclosed politically about facebook and their operating success and investors were able to rely on that and other information they were able to get directly on their own. >> obviously, facebook was the biggie. am i correct understanding you still have twitter, foursquare, dropbox. where are you seeing the most investor interest there? >> facebook was a unique situation for us where investors were able to value the business based on publ