definitely make sure that people are aware through the self-directed brokerage they can authorize prudential to actually collect fees on their behavior from the registered advisors i wanted to give you an update what we expect by the end of the year we'll have the forms online and again at least make people aware it's available. >> it could increase the folks with are using the self-directed options andcommissioner driscoll. >> the imcredential costs it is basically, it but if members wish to take advantage to deal with the situation like pimco could the example one their lout and two a fee to pay and those hairs in the brokerage windows are using retail shares not institutional shares and several fees off of the members number one they may have to pay more but that's their choose. >> thank you, everyone call item 14 and item 14 is discussion item educational presentation by the itself office of the city attorney and the reporting requirements. >> i'd like to introduce deputy city attorney from our ethnics team amending. >> thank you very much so the rules and information i want to talk abou

>>tcnj >>tcnj, princeton university college of new jersey, ryder opening ceremonies were at the prudential center the devils gave us the arena for for free >>what was that like the opening ceremony? >>it was tremendous i mean we had 20,000 people in there >>20,000? >>the athletes their families and all these partners were there >>where did they come from? the athletes? give perspective we're showing video but we >>they're coming from all 50 states around the country >>all 50 states? >>all 50 states we had over 3,500 athletes but one of the really cool things that happened during the week leading up to the games was in tribute to our athletes we had the empire state building lit in our colors on sunday night the opening >>look at that there it is right there the picture so wait new york was involved? >>we had the honor of ringing the nasdaq closing bell with athletes from connecticut in new york and new jersey >>there you guys are... so new york payed tribute to us >>exactly >>that's right >>and to the games and i think it shows you that once everybody understood how big these games were th

greg peters of prudential. you put on a trade today in high yield. >> yeah.y we tried to buy more today. north atlantic drilling which has been a disaster on the equity side but they will make good on the bonds. but it's interesting, capital flows so much more quickly around the world and you hear howard mark saying i want to start buying energy high yield or a carlisle and they could raise practically unlimited amounts of money. i think it will be very hard to pick the bottom. i know i will not be. i'm certain i am not be able to pick the bottom there. >> listen i think it's too early. if you're just buying hyg it's too early and tough to get exposure out of that. the risk is the yield spread gets to a point where it's no longer profitable for companies to issue bonds and buyback stocks. that's why you're concerned. >> time for pops and drops. movers of the day, pop fo for petsmart. >> what's more interesting what does that mean for the brick and mortar. an interesting note out reaffirms the moves we've seen. the space had a nice day. look at costco, best bu

there is a practical reason, a theoretical reason, and juries prudential reason. i'll start with the theory that's what i was describing. the deep common law heritage in this country that we have always followed in the best exposition of that is in the court's chief case is that the criminal law's presume to be definite and knowable. all kinds of settings whether it be punishing somebody for violating the law or any other actions, citizens or the government engages in, we always assume a correct understanding of the law even if it's later construed by our courts in a way that wasn't exactly -- >> isn't it strange to cite that proposition. didn't the court hold in chief in the circumstances there, the law wouldn't be a defense? >> because of a special statutory exception that congress had written. the beginning of part 2 of cheek is what i'm relying on whether it's aparagraph or two that sets out with numerous citations this principle, justice holmes described and many others, that the criminal law is presumed to be definite and knowable. once you take that presump

most recent happened at the prudential saving bank at 17th and brought monday morning. the other robberies happened in center city and mt. airy. if you recognize that man call the police. >>> a central bucks west high school guidance counselor will not face charges over a facebook post. quote on marry kate blank evenberg's page if my child cannot get to the eagles game due to protesters i will personally shoot everyone of them. you have been warned, idiots. it was directed at protesters upset with the deaths in ferguson missouri and new york city. they were staging a die in outside lincoln financial field. today the montgomery county d.a. told "eyewitness news" that the post was ill advised but not criminal. she's currently on paid leave from her job. >>> meanwhile tonight the the mayor of the st. louis suburb of berkley is calling for calm after a deadly shooting of a 18 year-old black man by a white the police officer. this shooting touched off renewed protest in the community near ferguson where michael brown was shot and killed by an officer in august. police say a

.] >> corporate funding for "washington week" is provided by prudential. additional funding is provided by the annenberg foundation, the corporation for public broadcasting, and by contributions to pbs stations you.viewers like thank you. ♪ >> 30 years ago, the concept of moving surplus perishable foods was an entirely new one. there were no transportation systems like this anywhere in the country. only later, after many organizations used it as a model because they wanted to introduce the program into their city did groups come together and start to refer to themselves as food rescue. >> we have had physicians who come back 50, 60, seven years -- 70 years after graduation. they even remember the name of their cadaver. most student groups name their cadavers. they become close and form a bond. the cadaver we have is named pi because she is cadaver 314.

.] >> corporate funding for "washington week" is provided by prudential. additional funding is provided by the annenberg foundation, the corporation for public broadcasting, and by contributions to pbs stations you.viewers like thank you. >>> next on "kqed newsroom" a look back at 2014. plus, after four decades of public service, george miller reflects on his his career. >> the passage of the affordable care act is key to me. that was a huge milestone. >>> good evening. and welcome to "kqed newsroom." i'm thuy vu. tonight we reflect on the last year. joining me for the discuss are michelle quinn,

. >> suppose a police officer makes a prudential judgment and goes up here and turns off the camera and then he proceeds to act according to -- >> then why did you turn off your camera? that would be a prima facie facie case. >> what we need, john and what we don't have is reliable statistics on how many folks are killed by cops each year, were they minorities, how much crime is done by african- americans each year. how much interracial crime. the justice department should report the figures every year. >> we don't have them because the police departments don't want to report those figures. the number of killings of black men -- i've been looking for those. >> i suspect when the cameras spread, the police will gain a reputation -- >>> second question, is obama turning america into a -- what's the word we want to use here -- a surveillance state? >> obama is not doing it but it is happening. it's happening because of the technology, the drones, cameras. they captured the scene in staten island. >> drones are just apple pie compared to what we're talking about now. policemen with these ca

zp corporate funding for "washington week" is provided by -- prudential. additional funding is provided by the annenberg foundation, the corporation for public broadcasting, and by contributions to pbs stations from viewers like you. thank you. >> philadelphia, pennsylvania, is the biggest influence. there is something about the mood here. insanity, corruption, it was so beautiful to me. city now. of a normal it was not so much one when i was here. >> exceptional work across the country has been done addressing mental health issues. and it is not the standard of thinking.

. >> corporate funding for "washington week" is provided by -- prudential. additional funding is provided by the annenberg foundation, the corporation for public broadcasting and by contributions to pbs stations from viewers like you. thank you. >> be >> next on kqed newsroom. >> we want justice! >> mounting tensions across the country and in the bay area as protests continue over racially charged cases in ferguson and new york. hundreds of san jose's homeless evicted from one of the largest encampments in the country. plus diversifying high tech. empowering girls of color to embrace science and technology. so it's important for girls to have a skill set to go into the industry to change their lives by utilizing text.

zp corporate funding for "washington week" is provided by -- prudential. additional funding is provided by the annenberg foundation, the corporation for public broadcasting, and by contributions to pbs stations from viewers like you. thank you. >> next on "newsroom." bumpy road for services from uber to fly wheel, disruptive technologies changing transportation and sparking lawsuits. coverage california, reaching out to insure 2 million more in the state. plus founder of the webby awards and impact of technology in our lives. >> the key thing is that we have created. i think we need to feel like we have more agency in how we use it.

. >> corporate funding for "washington week" is provided by -- prudential additional funding is provided by the annenberg foundation, the corporation for public broadcasting and by contributions to pbs stations from viewers like you, thank you.

. >> corporate funding for "washington week" is provided by -- prudential additional funding is provided by the annenberg foundation, the corporation for public broadcasting and by contributions to pbs stations from viewers like you, thank you. >>> next on kqed news room, undercover police and drive as protests continue. the impact of this week's pineapple express, the effect and the implications of the drought. >>> plus, time for the bay area sports, the good, bad and ugly.

policy and macro prudential supervisor in a single institution to pro-moos sustainable and balanced as the people of the united kingdom. with that, i would be happy to take your questions. >> thank you very much for your patience, everyone. if you can, as usual, say your name and who you represent. >> i know you've emphasized the stress tests are very much focused on domestic risk. can you talk about the next stress tests and some of the international emerging markets risk that are now dominating market sentiment, particularly when you look at the emerging markets, two of the eight lenders and associated with that, could i ask what work is the bank doing at the moment on risks stemming particularly from rush gentleman? >> three points. first, in terms of the stress, as i said in my opening remarks, this is on the eba tests. so it wasn't purely a housing shock. we added the housing shock to the test which had a european session and a sharp back in interest rates. what isn't.captured is a more severe emerging market risk but specifically a sharper slowdown in asia. we have not set the

so, i mean, some reasonable prudential -- one of the problems with these large banks, this is something that has kept us from investing in some of these large universal banks is that they're involved in so many things. you either take their word for it or not. it's hard to get into their balance sheet and understand their business. we tend to prefer the simple regional banks, businesses that we can actually understand. >> right. so, dick, i'll give you the last word. the goal here is really on part of the federal government to break apart the large banks involuntary. not forcing them to break apart. but for them to say, this isn't worth it for us. let's split our gigantic eight-headed octosquid, break them apart. is that what's going on? >> it's exactly what's going on. it'it's a big mistake. by limiting the ability of banks to lend in the marketplace, but not limiting the ability for people to want loans, you create a shadow marketplace. it has none of the protections that the banking system has. you increased risk dramatically by limiting growth of the banks. you've created tremendous

. >> announcer: this had portion of "nbc10 news" is response sponsored by prudential.ring your challenges. >>> 6:25. 16 families are out of their homes this morning after a fire in bucks county. investigators believe fire at the foxwood manor apartments in levittown started the gas explosion. they're trying to figure out what exactly caused yesterday's blast. we talked to several residents who said they heard the explosion and alerted their neighbors. >> we were sitting on the porch and a big blast happened. we saw the smoke blast out and then we went knocking on everyone's doors. >> no one was hurt. >>> good morning, i'm jillian mele i just got an update out of new jersey. that accident on 322 just cleared. it was blocking exit 2 for an an hour and 15 minutes but that is out of there. i've got an accident in delaware i'll have that coming up in a few minutes. outside to the comcast center. brittney, looks like cloudy start. >> that's right. clouds but temperatures will stay cold between 44 and 47 degrees. and in fact, we return with rain over the weekend and the full

prudential standards on the one hand. but on the other hand i'm convinced at least they enjoy the ability to borrow at lower rates, and i think it is because, again, whether you embed so many federal regulators in these financial institutions, the market is convinced the regulators will not let them fail. and this is not good for market innovation, it is not good for economic growth. frankly, it is not good for individual freedom. >> all right. so there might be one thing worse than perhaps government taking over a bank in a financial crisis and that is the crisis we saw in 2008 where it was a political fiat about who was going to be saved and who was not. the concept was created to create a rubric around winding down institutions in an orderly fashion. you agree with chairman hensarling about what he says about the dangers of fsocs? >> right. i do think we learned, especially with the aig experience, that there are some institutions that are outside the traditional regulating banking sector which can pose systemic risk.

let's bring in portfolio manager and quincy crosby market strategist at prudential financial. how does 2015 look to you at this point given the fact that we still have very low interest rates and the u.s. pretty much leading in terms of economic performance? >> so i think most portfolios for u.s. investors will be u.s.-focused, u.s.-centric. if we don't get the yields up we are probably going to see perhaps a pullback as simon suggested for utilities. they are very attractive for yield. investors still want yield. i think if there is a pullback you will see investors going in there. however, if we can continue to see the dollar gain strength the u.s. consumer gain strength look for small and big cap to finally get investors attention again as it did in parts of last year. we will be going into europe and japan as events start to push the demand up there. >> why don't you weigh in on 2015 and then i ask you both where you would put money to work. 2015 looks like low interest rates at least for the first half of the year before the fed makes a move. >> for 2015 we believe it wil

. >> i don't know what the actual jurs prudential reasoning is here.ericans are expecting the court's going to do anything but affirm -- it feels like from a political view that that fight has ended. and i think that in terms of consequence, i think social conservatives have had to cede the legal ground on this issue already. now if the supreme court would reverse, it would be a chaotic political scene and very difficult for republicans because right now republicans have the advantage. they can say, well, my heart's with you but the courts are against us. >> right. so play the other side though. the court has been very protective in many cases of states rights. >> uh-huh. >> and those who are making the argument say each state should be able to decide go to the polls and vote we want same-sex marriage -- >> well, that's where -- look what you just did to me. i don't know anything about it. >> you know everything. he knows everything about everything. chris stirewalt, thank you for coming in. >> happy new year. >> you too. you do not want to miss our ne

prudential has made asia is priority and expand outside of into a faster growing market.nd that is were we will be watching the investor reaction, whether aviva they think is a good move by to bulk up at home at the expense of doing so abroad. >> what are the downsides and upsize? >> more money into the u.k. which is a butcher market. if the investor reaction start out this deal was fairly negative. today it looks like aviva shares were up slightly and that the be a reflection of the final price is seen as not being less than excessive. significant premium of but not astronomical premium. it is a good thing. the other outside is it improves cash flow for aviva and allows it to support dividend. it is dividend stocks. this cash yield rather than growth. >> it is all about and,. on all left -- income on all levels. get a deal done. businesseshese two together. and they are big companies and putting them together and making the execution is where the challenge lies. >> there are a lot of people. there've been suggestions, there will be layoffs at friends life after the deal

his point on macro prudential approach that the fed and others have been talking about, that requiresertain precedents in terms of what the bubbles are. macroer for you to use financial regulation to try and avoid bubbles, you have to have some sense of what those bubbles are. and no one has perfect judgment on that. we have a financial system today that even if we do have bubbles, that will happen. it has throughout history. the system is in a much stronger position today to handle that. 5, six yearsay, 4, ago. the banking system is much better capitalized. there's much more liquidity in the system. the interconnections between financial institutions are much more under control than they were say 5, 6, 7 years ago. yes, there will be bubbles. yes, they will burst. >> always great to see you. the one and only nouriel roubini and lee sachs, of course, will be with us for the hour. nouriel roubini, thank you for joining us. >> back in two minutes. ♪ >> elizabeth ward leads the charge. her target, when a president obama's appointees. we will tell you why. >> it is "market makers." imf sc

ways it defines really -- the bank of england report, no additional capital or macro prudential movesere, anything from a drop in sterling to a 35% drop in house prices. eight banks were stress tested and one had a negative offer of capital -- the cooperative. the others came through by the n,in of their chinny chin chi rbs and lloyds. they have the most exposure to the u.k. housing market and are therefore the most at risk. is like aor saying it doomsday scenario with interest christmas,.2% next that housing prices would drop 35% and equity markets would've dropped aggressively. if they took a little bit of action to help themselves at all, they needed 4.5% of the offer capital and lloyds as they have 5.3% and rbs at 5.2% but the banner headline is that rbs and lloyds have already added to their capital banks -- rbs is lloyds, ae -- rbs and very clear line in the reports. --the heart of it it is this whether you think this is the banks in the u.k. that you feel they have scenarios in extreme -- that is the essence of the report. the debate will be about dividends in 2015. >> a festiv

edward campbell is with prudential financial and he gauges the correlation and allocation of paint one in oil affects all of our portfolios. can you reaffirm i need to own stocks, given the volatility we see elsewhere? >> i think they are the best alternative among the major asset classes. with of the decline we have seen in oil prices, this is a net benefit for the global economy. if we look at all the major economies -- u.s., europe, japan, china -- they are all energy consumers. the most recent decline is going to generate more growth and inflation and that is positive for stocks. >> do you see the correlation between the other asset classes is tight enough, that it signals something we can't see? >> tight enough? >> yeah, tight enough, between commodities -- do they signal something different? >> i don't think so. >> in a research note you write that the days of 5% gdp growth weak spirits during the precrisis years are not likely to return anytime soon, as such heady rates of growth depend on rapid growth in emerging world. and then you use tom's favorite word. >> thin mints? >> m

andrew bailey who is the bank's deputy governor for prudential regulation told bloomberg that geopolitical risks are having an impact. upwe went through a period until this all-time where, to be frank, i think the low level of volatility in markets was a surprise. someone kept saying, things are going on around us, and there is very little discernible reaction in the financial markets to those events. that changed, and it changed in the early autumn of this year. it changed quite markedly in october. we have had some big movements. there are geopolitical risks going on. they are a much bigger part of the landscape now in terms of their potential impact on growth in the world economy. >> we will have more coverage of the bank of england later this morning. the minutes of the banks last monetary policy committee meeting of this year will be released at 9:30 london time. we will have analysis of that on bloomberg. >> when the greek government called a snap presidential stock market slumped. if lawmakers reject the government's nominee after three rounds, there will be a general election, whic

been characterized the sierraot as leone erroneously, as the fed using its power to regulate the prudentialects of banking to enact monetary policy. and went through the rules regulations i was attracted to what they were after and i came upon something that said that these rules, the more leverage loans that we want to limit, we want to look at them closely and squeeze them down. it applies to whether or not they have balance sheet risk at all. deal,f the best efforts these rules apply, so how can it possibly be designed to protect the banks? it's not. policyly is monetary using regulatory authority to essentially treat the banks differently from other institutions that will fill the gap created by the regulatory arbitrage, which is completely unfair. >> even if they syndicate these loans, the fed does not want them to do them? >> even if there is no obligation at all. >> here is a question for you, bill. >> takes agents. >> to judge whether the borrower will repay a loan? jamie lee or dan tarullo? no question, jimmy lee. >> no question. [laughter] is's face it, jimmy lee smart enough not

./0qçs%p a big bank, as we think of being prudentially sound, gets in big trouble.olicyholders would necessarily -- policymakers would necessarily do. i canqsjv sitly advocate for th policies that would turn out the best. certainly after the crisis, you can make the case quite clearly that are capital and leverage standards.sÑu i'm afraid thatia7Ñ dodd-frank basal have madezb1w far more complex, which i do not believe serves our economy and our nation well. and so,jxqiy to me, again, the r than done. that we have historically brunt capital in leverage stabd ards in place.pq sf you want to get the proper real estate. and i think that any objective view of history would show that as smart and as good as many of our regulators and lawmakers are, that one of the great ironies and one of the great tragedies is not just the inability to stave off, but some of the policies actually helped led to the crisis. when roughly 70, 75% of the troubled mortgages were backstopped by the federal government through fannie and freddie, the affordable housing goa goals, there were a n

if for no 0 other reason than prudential ropes we need to -- reasons we need vastly liberalize our immigration system. those are all things i was interested in getting into government to do. on the so-called conservative time. the french anarchist, declared that property is theft. and one waggish moment i turned that around and said that actually, coercive taxation is theft. it's not theft because we have elected the government so the consent of the government is a defense to that charge, but in law school and thereafter i was quite a voracious read are of hayak, who wrote the road to sir cerfdom, and if we're not careful we won't have the freedom we have. that's why a libertarian would want to be engaged in government. >> i can add a couple of things to that. one is that if go back to the origins of the republic, historians, there has always in america been a suspicion of a powerful government. it's one reason the country was formed, a kind of anticolonialism and antimonarchyism. jefferson called his enemies mono croats -- monocrats, then was called one himself. that's a long strain in our cu

look at it this watch again, met life, an insurance company, now joins companies like aig, also prudentialancial, also ge capital as non-bank institutions that are large enough to effect the overall health of the financial system. met life did say that they are going to under the dodd frank act have 30 dies seek judicial review of this decision. the company will carefully review the rationale as it considers its next stern, remember this is important, kelly, if you are designated as an sifi or systemically important financial institution that means you are subject to more regulation. back over to you guy, kelly. >> all right, dom, thank you. danny hughes what does this mean for met life from sneer how does this change the investment prospects for them? >> i think that that takes some investors to you the of that market. when you're systemically too big to fail, think that concerns certain types of investors, see some choppiness in the stock. but i think this was expected as well. they are a very large insurance company, getting larger, so i do think that that it will have some effect on th

. >> i'm not too sure it makes prudential sense to allow north carolina supreme court to put to us what is basically an abstract question. to give an answer without reference to the fact that part of the fourth amendment the -- is the good-faith exception. it bears unreasonableness. >> that is correct. this court has in cases like rodriguez dealt with mistake rightsaw just in the stage rather than the remedies stage. that is all that has been briefed in this instance. >> that is correct. >> one of the things that is different is that we are not talking about -- >> excuse me. in other cases we decide the right and the not have to decide the remedy. but this is a case in which unless the remedy is exclusion, there is no basis for us to set aside the judgment of the north carolina supreme court. unless the remedy is exclusion. it seems to me that is part of the case to reverse. if we cannot say that, we have no business reversing. if it hasn't been argued, i guess we could do that. >> got has not been argued here are below, that is correct. the difference between this case and the other is

i work for a prudential provider. i heard the comments from this morning.nted to make a comment that getting health care costs under control, i think, is a little bit more complex than just controlling the dollar that is issued out for a health care service. i wanted to make sure that whoever is overseeing those efforts in respect to states that have expanded their medical assistance, i think they need to pay close attention to how these llc's, commercial insurance is managing state money, do so. they have a ridiculous amount of power. and the change the fee schedules that the state sets to use a market-based approach for health care and what that is going to evolve into is extremely poor quality across the board. thank you very much. host: do you look into more issues besides the overall spending on health care? which metrics do you track? guest: we do. obviously, it is such a quandary for he is right or the complexity of health care in the nation and the way states and federal government funds it involves a lot of tough choices. bottom line is, what state