in general, to the lenders, what type of vanity do you traditionally see approach you for loans, an llc, corp., and who is liable, for whose borrowing the money? >> as a micro lender, we expect the principles, the corporate form, to provide guarantees. >> personal guarantees. >> the same. 20% ownership in the company. [inaudible] >> [inaudible] >> i heard something about sba guaranteed loans. maybe i missed something. does that have to do with the sba guaranteeing the entity? >> the question on the

in general, to the lenders, what type of vanity do you traditionally see approach you for loans, an llc, corp., and who is liable, for whose borrowing the money? >> as a micro lender, we expect the principles, the corporate form, to provide guarantees. >> personal guarantees. >> the same. 20% ownership in the company. [inaudible] >> [inaudible]

cortiish's involvement not the giants the accordingly the commission does nottish an llc.,, -- to beody doubts that the giant are a great baseball team but everybody knows that the giant are not a development company capable of developing this new property with million dollars of new opposites and retail square footage. sever company retail companies spent hundreds of thousands of dollars putting to the a proposal that may only benefit the giants the giant may bring in another development company but that development company did not win the competition and would be offering a new product and the case law is clear on this and i'll give you an example you can't ask bidders to submit work for a computer processing program only to end up awarding the contract to the bidder that gives you pens and utensils because it's the partner that makes the word processing programs is nowhere to be found that is whose going on here. giant may have been part of a winning team but what she said, they are bringing to the table and what they are bringing now is insurmountable deviation the city law and a

in general, to the lenders, what type of vanity do you traditionally see approach you for loans, an llc, corp., and who is liable, for whose borrowing the money? >> as a micro lender, we expect the principles, the corporate form, to provide guarantees. >> personal guarantees. >> the same. 20% ownership in the company. [inaudible] >> [inaudible] >> i heard something about sba guaranteed loans. maybe i missed something. does that have to do with the sba guaranteeing the entity? >> the question on the sba guaranteeing a entity as the order of the business, whether it is a corporation or partnership, for any small business lending, you should expect to be guaranteeing that long personally. as a small-business owner, from a lender's point of view, we want to see that you are as invested in the business as you are asking the bank to be. the idea that non recourse loans, the way you describe it, loans that you get without having yourself personally liable is not the way it works. you should assume you will guarantee the loan regardless of the structure of your business. the good news, though,

. >> yes it's an llc. basically a domestic striler.ified. 55% of the reserves are gas. and 45% are liquids. the stock has pulled back here to $36 a share. we figure the breakup value conservatively is between 40 and 45 and you're getting paid while you eight. you get an 8% dividend yield and this drill big growth internally of 5% to 6% and the nice thing is, even if people are worried about natural gas, their hedge for this year over $5 per mcf and $95 a barrel of oil 100% of their production. >> hmm. what about titan international? that's a construction company? you also like? >> it's not really construction. it served the construction and ad markets. they produce the big wheels, the rims, the undercarriages, their biggest customer is deere but they supply people like cat and cub owed today. they made acquisitioacquisition. they'll earn 265 to 270. it's a $20 stock selling just under eight times expected earnings. the return on equity is excellent, 24%, return on total capital is 18% and they're well positioned. if you're ray believer

in any city there will be an industrial park, llc, with maybe 200, 300 employees. they file taxes as individuals. most of the top tax rates are businesses. when we go above 50% in most states, 44.8% in this country, most of our competitors are real -- are taxing at rates lower than we are, how are we expecting to create jobs when we tax the engine of job growth, small businesses, at 55% in this state? >> if we look at who the taxpayers are and where the revenue goes in, but i am from new york and a lot of it goes to revenue and to the law. i think that we have a lot of tax proposals that would make taxes easier. the right way to target it is to do things that target investment. not the kind of income that drives people into that bracket in most cases. >> all right. >> thank you, mr. chairman. director, as i indicated in my opening statement, i think it is an important achievement in the budget to reach primary balance by the year 2017 to begin to stabilize the problem. i also indicated that i think we need to work together, especially to take action now on what wil

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cia covert operations officer and president of diligence llc, it's a global intelligence and security firm. so in your line of work, you keep an like this. >> yes. jon: there are islamic militants who have been moving to the south, right, in algeria? >> this is a -- there's so many layers here, and i don't want to get lost in the weeds, but i think it's important for everyone to understand the context of this. the leaders of this particular hostage after taking incident at this very remote gas facility jointly operated by a norwegian company and bp, that's why there's so many foreign nationalities. but the leaders cut their teeth when the soviets occupied afghanistan, and after that they moved to various jihad causes including in algeria. the algerian military fought what was called the armed islamic group in the '90s, and that was involved in operations in algeria as far as back as the '90s. it was one of the ugliest, nastiest, most violent situations i've ever seen. jon: ruthless. >> ruthless situation. but what it meant was eventually after hundreds of thousands of lives were taken, eventually they got the extremists for th