supervisor elsbernd: they are members of calpers, and so calpers says to employers all up and down the state, at your contribution for your am -- your contribution for your employee is taxed? >> yes. supervisor elsbernd: most employees have a different rate. >> yes. it is specifically in the 5% range. supervisor elsbernd: if we did not have this language, we would continue to pay the higher toppers employer contribution, but those employees -- the higher calpers employer contribution, but those employees would not have to pay an increased contribution. is that correct? >> that is correct. as we add new hires, the only section that would apply to people currently retired, they would only be paid when the retirement fund was fully funded. on new businesses -- i understand they are considered that there is some revision or elimination of the cola. it will continue to be so, and that is true for current and city employees who are already retired. in the future -- i was going to sneeze. [laughter] in the future, the supplemental colas will only be paid when the fund is fully funded. supervi

and calpers says it news corp. does not have one share, one- vote, corruption of the system. other voices want democracy and the company -- in the company. >> if i look at the with the board is structured, you may want to question the prevalence of one particular family within that board and whether there should be a greater representation of the genuinely independent executives and potentially a small representation for the family. >> besides ethical mistakes in britain, news corp. has made big business mistakes in america. it owns dow jones -- it bought at dow jones in 2007 and two years later it was worth $2.8 billion, less than their purchase price. myspace was bought for $580 million in 2005, sold for $35 million this year. but one of their largest shareholder still has huge confidence in the company. >> you have seen a business that has evolved, moving from newspapers and to other media, and moving more into a fee- based business model as opposed to advertising based. i think there is an awful lot of good steps that have been made, and i am very impressed overall with t

that group of investors includes blackrock, calpers and t. rowe price. they're asking for unspecified damages and class-action status. the suit, filed in federal court in los angeles, is a setback for bank of america, which has tried to put the subprime mess behind it by settling a number of claims. no comment from b. of a. on the lawsuit. public school teachers in detroit will take a 10% pay cut and pay more for their health care starting today in order to address the city's financial emergency. the measures are designed to save nearly $82 million. the school district is facing a deficit of more than $320 million. teachers will see the changes in their paychecks starting next month. our "market monitor" guest tonight says even though the debt mess is hanging over the markets, there are still plenty of good stock opportunities for investors. joining us now, mark luschini, chief investment strategist at janney montgomery scott. hi, mark, nice to see you. >> hi, susie. good to see you. >> susie: all right, so you heard all of our conversation about is ther

acute we know that from the wonderful treasurer of the state of california, calpers would love to have an investment opportunities in a national infrastructure bank to be a leverage for that bank. a superb idea of the members of the senate into the house. we cannot get past tim geithner who want no banks except his banks. i cannot find a smaller loan today if my life depended on it. jpmorgan gave a loan commitment mobile, whichy team mobi- is a problem. >> one of the things that this report recommends is that we move to balance our trade in five years. we need to balance our trade. the administration has set a goal of doubling exports. imports are increasing faster than exports. when you have a negative export figure, that is a drag on your economy. we have amassed a net export figures year after year. warren buffett advocated that the united states needs to adopt policies to balance its trade. people always hear china loans so much of our treasury. we are dependent on it. where does china get the money to own so much of our treasuries? we gave it to them to run these massive trade def

it is not just calper's that is looking. there is peridoxially doing deficit deal, which will actually cut the amount of fixed income debt available, there is a shortage of fixed income debt that is occurring because of the collapse of the mortgage market. that is one. two, as baby boomers approach retirement, fixed income investments become much more important to them and three, as emerging markets population enter their prime savings period, there is going to be additional flood of capital. we actually need to generate attractive, fixed income investments that a national infrastructure bank would curve in order to have a workable banking and financial system in the world. that's one thing. so, you put together what infrastructure and the infrastructure bank does. it leverages and puts to work all this idol capital. it's not just 1 to 2 trillion,ats 3 to 4 trillion when you add in all the excess liquidity that is floating out in the global economy. you crowd in like-minded amount of not just putting private capital in the d

i think we're seeing it from calpers, the california and pension fund on the west coast.tarting to see it from other institutional investors that are now saying, okay, murdoch has done very well for the company. he's been a great benefit. but is this the way a company should be run? >> fair, fair, fair questions. fair questions that i think will be raised by a lot more people as we move on. richard, thank you for being here. chrystia as well. >>> why the massive heat wave, and your air conditioner may all be intertwined when we wrap it up with my xyz, next. act my age? -why? -why? -why? [ female announcer ] we all age differently. roc® multi-correxion 4 zone moisturizer with roc®retinol and antioxidants. lines, wrinkles, and sun damage will fade. roc multi-correxion. correct what ages you. is it the new forty, i don't know. i probably feel about thirty. how is it that we don't act our age? [ marcie ] you keep us young. [ kurt ] we were having too much fun we weren't thinking about a will at that time. we have responsibilities to the kids and ourselves. we're the vargos an

i think we're seeing it from calpers, the california and pension fund on the west coast.g to see it from other institutional investors that are now saying, okay, murdoch has done a very well for the company. he's been a great benefit. but is this the way a company should be run? >> fair, fair, fair questions. fair questions that i twhhink wl be raised a lot more as we move on. richard and christa, thank you. >>> why the massive he ivive he? . roc® multi-correxion 4 zone moisturizer with roc®retinol and antioxidants. lines, wrinkles, and sun damage will fade. roc multi-correxion. correct what ages you. fiber one. uh, forgot jack's cereal. [ jack ] what's for breakfast? um... try the number one! [ jack ] yeah, this is pretty good. [ male announcer ] half a day's worth of fiber. fiber one. ♪ let me make you smile ♪ let me do a few tricks ♪ some old and then some new tricks ♪ ♪ i'm very versatile ♪ so let me entertain you ♪ and we'll have a real good time ♪ [ male announcer ] with beats audio and flash, you can experience richer music and download movies straight to the new h

and it isn't just calpers that is looking.there is paradoxically as we are debating, reducing and doing a deficit deal, which will actually count the amount of fixed income data available. there's a shortage of fixed income debt that is occurring because of the collapse of the mortgage market. one. number two, as baby rumors approach retirement, fixed income investments become much more important to them. and three, as emerging markets population into their prime saving. no, there's going to be an additional flood of capital. we actually need to generate attractive fixed income investments that a national infrastructure bank, nor to have a workable banking and financial system in the world. that's one thing. so you put together, what infrastructure and infrastructure bank does, it leverages and puts to work all this idle capital. spent it's not just one-to trigger its three-fort wayne. you add in all the excess liquidity that is floating out in global economic. you crowd in like-minded amount of not just putting private capita

he got his anthropologist out, and they get calpers out and measured the size of japanese scrolls torove that the japanese were aryans. when it came to the work, they thought basically two separate wars. they didn't even get so far as to exchange is nation on antitank guns. and then, of course, we come to the holocaust. it was again a concept error by adolf hitler to try to wipe out the jews what is also trying to fight a war on two fronts. when one looks at the statistics between 1939 and 1944, the number of people working in german factories collapsed from 39 million to 29 million, a drop of over 25%. at exactly the same time he was wiping a six minus most intelligent hard-working, productive and well educated people. it made actually no strategic sense whatsoever in terms of ideology. the jews would have thought incredibly well in the first world war. his own iron cross first class was procured for him by his adjutants who himself was jewish. and, of course, ultimately with the second world war ending because of the use of the invention that was very largely created as a result of

that the weapons, some 1 billion over 600 weapons wasn't buying them for sport hunting especially 50 calpersso, do you -- and my time is running low trying to get an answer, did you think it was a good program? it appears as though you thought it was a good program at some time. >> as i sit in my statement i acknowledge now we did make some mistakes in this initiative in this program, but i did that we will all acknowledge you are right on that. when i was in mexico i observed a lot of things coming and special agent, understanding i was told in mexico by a number of your colleagues you were not there at the time, that when they entered into the database, the tracie database on a fast and furious weapons they got a system error, in other words they didn't get a hit or miss, they got in network error. are you aware of that? so, when your agents, your federal agents with 20 or more years entered in the information that would have allowed them to contact the special the agent in phoenix, they did not get the information that would have allowed them to contact the special agent in phoenix, is th

calpers, the biggest pension fund in the u.s. called for a reform of news corp., for their support, too, from a bigger outside investor, prince al walal who says the company remains a valuable and long-term investment. as to the glimpse of the murdoch marriage provided by wendi's dramatic leap, it revealed more, how they met. >> she interpreted to me as we went around china and, you know, who wouldn't fall in love with a beautiful woman like her? >> reporter: murdoch's marriage grabbed the headlines. murdoch's marriage grabbed the headlines and no one is under any illusions. the substance hasn't changed. murdoch's empire is threatened by the deepening british investigation. >> just the beginying of all of the questions. martin fletcher in london. thank you. >>> the tsa is installing new privacy protection technology in 40 airports around the country and with the new software, when travelers pass through security, a generic body outline will be shown instead of the image of a naked body that had many flyers outraged. >>> hurricane

that the weapons, some 1 billion over 600 weapons wasn't buying them for sport hunting especially 50 calpersdo you -- and my time is running low trying to get an answer, did you think it was a good program? it appears as though you thought it was a good program at some time. >> as i sit in my statement i acknowledge now we did make some mistakes in this initiative in this program, but i did that we will all acknowledge you are right on that. when i was in mexico i observed a lot of things coming and special agent, understanding i was told in mexico by a number of your colleagues you were not there at the time, that when they entered into the database, the tracie database on a fast and furious weapons they got a system error, in other words they didn't get a hit or miss, they got in network error. are you aware of that? so, when your agents, your federal agents with 20 or more years entered in the information that would have allowed them to contact the special the agent in phoenix, they did not get the information that would have allowed them to contact the special agent in phoenix, is that c