we have hard caps on delinquencies. depending on the type of credit, it is demanded to be charged off. we face severe regulatory scrutiny. all the regulatory -- all the regulators do look at that on a very regular basis. they are looking from a safety and soundness perspective to be certain that the banks are not only managing their delinquency, but not hiding it. it would be inconceivable for me to have a loan that is severely delinquent and be able to carry it continuously on my books for 12 months and not charge it off. i would be criticized and could possibly face enforcement orders or other things of that nature if that was a routine practice. >> with that would be -- would that be what we recall toxic assets? >> i would not want them on my books. >> senator, can i comment on that as well? credit union charge-offs or lower than banks. credit union delinquency is lower than banks. it is not a situation where credit unions are hiding delinquency by putting it in charge-offs. it has to be in there somewhere. one or th

there was no cap. but the cap, if you are a 20 million or 50 million-dollar credit union it can't justify the expense so we think raising the cap will encourage more credit unions to get involved. in terms of the types of credit unions the average member business loan is less than $250,000. most of your small business loans, not all that but most credit unions make loans to small businesses as mr. lussier said. >> mr. wilson, you probably were here earlier when chairman maths testified. she noted one way to deal with the credit crunch would be to increase the business lending cap. she noted also that access to credit remains difficult for many small businesses and entrepreneurs that depend on financial institutions for funding. why do you think that many small businesses are facing a credit crunch? >> because of the state of the economy. their cash flows are down. their collateral has been diminished. there are a number of reasons. there are people that we would have lent it landed to in the past that

more than 1 million square feet for the small-cap and about 2.6 million for the large cap. looking even further down the road, and assuming all of the pre-application cases are approved, and this probably will not happen until at the very earliest, the next allocation cycle, we do still see notable excess capacity. over 1 million square feet would remain in the small cap, and 700,000 square feet in a large. let's move now to the last part of your update today, particular projects of note. i will zoom through these with as much speed as possible, so if you are curious and would like more information, please just say so. despite the current situation with the economy, commissioners, in the past year-and-a-half or so, the city has approved more than 2 million square feet of office space. as you can see, this project are really scattered throughout the northeast part of the city, frankly, and beyond. treasure island, mission bay, south of market, the downtown core. in your most recent resolution relating to the annual limit, you asked that we as a staff follow-up on a handful o

you just heard our report about interest rate caps. will it really make a difference to help the economy if the fed goes that way. >> i think ultimately it would, susie. it's importance in quantitative easing programs to help asset prices that's been ben bernanke's main objective and the least controversial way is to keep interest rates at current level and that's what the call an extended period of time but historians and others like you just spoke to have also noted that over the past century more formal caps or ceilings have accomplished the same purpose. i think ultimately if the economy deteriorates we might just see a new form of quantitative easing three in the form of cap but not tomorrow. >> susie: you talk about the economy possibly d possibly det. are we in for another recession? >> i don't think so. much depends on the continued successful resolution of the greek and portuguese and irish crisis in terms of debt burdens. absent that i think the developing world china, asia, other strongly developing coutries in terms of grow

we have about 1.2 million square feet available in the small cap. in the review pipeline, the small private department, we know about 250,000 square feet that will be seeking allocations. this includes both projects that have already filed for an allocation and those that have yet to file. on the lower half of your screen, the large cap, we have 2.9 million square feet of office space available for allocation. the only application we have on file to use any of that space is for a 260,000 square foot office building for cpmc's proposed van ness avenue campus. we are aware of an additional 2.8 million square feet projects associated with the transbay development that have not formally requested a location yet but are in the pipeline. to sum this up, as of today, 4.1 million gross square feet total in both the small and large cap awaiting allocation. looking forward, looking ahead, even if all the projects in both the small and large caps that are currently on file were to magically be approved today, there would still be a huge

hard to tell over the life span like we've seen with market cap weighted indexes. the market cap weighted index fan was argue that this-- that those returns come at the expense of higher fees and more volatility. >> to the point of fees, because there is a price difference between the two. i mean the vanguard 500 index is pretty cheap, it's half the price essentially as the power shares etf. but still both of them are relatively low cost, below a half a percent. >> that's correct. and key word there is relative. even though the fundamental index fees might be about twice as much as the fees on a traditional market cap-weighted index, they're still half as much as an actively managed equity fund. >> tom: finally both fund does have exxon mobile as their top holding but they clearly differ from there the index fund has an el and chevron and of course the fundamental fund at&t and general electric. does this go to explain entirely the performance difference? >> yes, that has that is a big difference there in. the case of, for instance, having apple as your number two

, but raising the cap will enhance safety and soundness because the low cap, the cap at 12.25% is art officially -- artificially low, and there's a number of credit unions who would like to be in business lending, but they don't. business lending would diversify their portfolio, and now credit unions are probably overconcentrated in mortgage loans, and they also have a lot of car loans, and so i view business lending as an opportunity to diversify their portfolio and reduce the concentration of risk in their port portfolio and reduce the interest rates they have from long-term mortgages. i view it as a safety and soundness benefit, not as increasing the risk. >> chairman matz, what percentage of credit unions are currently at the limit, and therefore con constrained by the cap? >> there's a very small number at or near the limit. it's under 300 credit unions at our near the limit. >> out of how many credit unions? >> about 7300 credit yiewns. it's a very small number, but the cap is misleading because the cap constrains all credit unions. there's so many credit unions not making busin

>> i would very much support such a cap. a constitutional amendment it is not impossible to change it. >> nothing is impossible. >> especially at the spending cap or relative to something like potential gdp, so that we did not have a pro cyclical effect of the budget rule, then it could be very supportive. >> explain what you mean. >> if we were at full employment, then it would say how much gdp we could make, and if that is the magical use, then we will not have a problem that it suddenly gdp collapses, then we are heading this cap and we have to really reduce everything government does in the middle of the recession, which and make it harder for the automatic stabilizers to work. >> to reinforce that last point, that is absolutely correct if you had an amendment this is you must get a number in terms of government spending, some times that would work fine. but you could hit a calamity or some other kinds of problems and gdp fall by 20%, this is happening in many countries. u.s. is fortunately not had that experience recent

it took pg&e crews nearly 2 hours to cap the leak. residents have since been allowed to return home. the driver was not hurt. >>> what's under your mattress? coming up the startling number of people who have zero savings. >>> a major decision in a high- stakes gender discrimination case brought on by two bay area workers. the facts that stopped it from going forward. >> the litter, how much is traced back to fast food junkies. ,,,,,, third employee was killed on the job in less than two months. richard gonzal >>> today cal tran said they are putting all maintenance work on hold across the state after the third employee died in two weeks. he died after he was hit picking uplifter at the time. they called a safety stand down to reenforce safety procedures for its workers. the agency is also reminding drivers to watch out for caltrans employees along the roads. >>> well they are back on the road and lawmakers should find out tomorrow if they are going to get paid. state law now requires they pass a balanced budget by june 15th or for go

he obviously has a preference for played and woolen cap. he would walk into banks, demand money from the teller and he did so twice [ no audio ] within a mile and a half of each other. [ no audio ] >> we are having a little trouble with grace's audio as you can see there. that suspect shot and killed by san francisco police tonight and we will have more details on that coming up at 11 p.m. on cbs5. grace lee in san francisco. thank you very much. >>> a storage facility on the peninsula is now a murder scene. police found a middle aged man stabbed to death on the all american shelf storage property in san mateo this afternoon. officers believe it is a fairly fresh crime scene but they are investigating exactly when that homicide occurred. and they are releasing very little in the way of details at this time. they do say that it was not a random attack and it appears to be an isolated incident. >>> many parents trust their children with them but a child care program in the east bay is accused of leaving some kids unattended sometimes even los

additionally, we are capping the potential salary at the irs cap, or a lower number. the cap is 85% from the total and 75% to keep them comparable in terms of the reduction. note that in addition, a lot of attention has been paid to the idea of premiums and whether or not they are pensionable. premiums will not be calculated on hand pensionable salary. that is already the case for overtime. supervisor elsbernd: it has changed from 24 months to 36 months? >> yes. supervisor elsbernd: can you point to other jurisdictions that are beyond 36 months? >> no, i cannot. in on aware of any jurisdiction that has more than 36 months. supervisor elsbernd: that would be the high-end? >> that has been the standard. most of these plans are created with a three-year final salary. there was a move to go to the current city employee is -- city employees, with the addition of those who have a two-year. for the maximum for miscellaneous would go from 2.3% of salary at age 62 to 3.3% at age 65. to not only -- they do not only decrease our costs, but it reflects the fact that people are in

without the cap they may have to raise prices. while banks oppose the cap arguing they will have to raise other fees if the insure passes. >>> educating the workforce. he will push for efforts to prepare americans to enter into the manufacturing industries. >>> the white house is pulling out all the stops for the first official visit during president obama's term. the president and first lady welcomed hundreds of a-listers for a state dinner for angela merkel. they enjoyed the warm weather, dining al tpres coand were treated to entertainment from the national symphony orchestra and grammy award-winning james taylor. and the menu was first class in honor of the chancellor. four-course meal of tuna tartare, vegetables from the white house gardens and petite filet and apple strudel for dessert. are we hungry? oh, man >> 4:37. tiger break the hearts of local golf fans. >>> the unusual tip that led to a search for bodies. a search for bodies. why police are looking for the we don't just make a taillight... ..we make a sculpture. we don

. >> large cap stocks are more conservative. they can weather a downturn better. they've gone up less than the more aggressive small-cap stocks so they're priced cheaper. many of them have dividends, and they have exposure to the fast- growing emerging markets. >> suzanne: tomorrow, i'll take a look at what the pros say stock investors should avoid if the economy continues to slow. >> tom: here are the stories in tonight's "n.b.r. newswheel." the european central bank today left its interest rate unchanged, but a rate hike could be coming. the bank's president, jean claude trichet, said the e.c.b. will remain vigilant against inflation threats. he used that same wording in march, just ahead of the bank's last rate hike. more weakness in the u.s. labor market: jobless claims rose unexpectedly last week, jumping by 1,000 to 427,000 claims. economists thought they'd fall by that much. and citi credit card customers, listen up: citigroup will issue thousands of replacements after hackers got customers' personal information. the security breach affects 200,000 accounts

the cap act and the 18% cap would both force us to deal with entitlements. i am heartened by the budget working group that's being led by vice president biden and that they are considering some entitlement reforms. and i hope that they can produce a product that actually will tackle entitlements and we really need to have at the end of the day the president leading on this. this group that's been put together, i hope, as i said, produce a result that will take us down a path toward tackling runaway entitlement programs. but we've got to have at the end of the day, for any of this to be accomplished, for any of this to get signed or get enacted, we have to have the president stepping in and providing leadership. and so far, mr. president, we have not seen that. the president in his budget that he submitted to congress and the subsequent budget speech he made has done little, if anything, to deal with the issue of entitlement reform. frankly, you cannot -- you cannot deal with the fiscal problems this country faces, the challenges that we face or the deep hole

it's called cut, cap and balance. let me run through "cut."se the debt ceiling until there are substantial spending cuts that would take effect 2012. define "substantial." >> we are leaving that open so we can negotiate. but we need to do something that significantly lowers spending in the short term. the second point, the cap spending, is to put controls on spending over the long term and guide it towards a balanced budget, and which is the goal to pass a budget and allow states to ratify it and allow states five years after it's ratified it takes effect. like 49 states, every year we have to make those hard decisions and balance the budget. candy, i'm convinced if we done have that requirement we're going to keep spending until our country becomes worse than greece. >> i'm convinced what you have outlined here is not going happen between now and august 2nd. so what you're saying is i don't care if the country defaults. unless we do this, i'm not voting for a debt ceiling. >> i do care if we default. but the fact is we won't. if we never rais

i wore this white dress i love and they were, eenough, in all caps. >> they like to tune in and see all the new stuff. >> i don't have all the new stuff. what about you? >> there have been too many to remember. honestly i can't think of one. the most embarrassing thing is when you have you're wearing something and all of a sudden you realize you've got huge armpit stains or something. >> or bra goo. or you break a zipper or something. but -- no, i can't remember one

at one point he favored cap in trade. he is for civil unions. he looks a heck of a lot like a democrat. >> well, look at my record in the state of utah. health care reform without a mandate. of course you've got to talk about all the options. >> did you ever favor it? there have been stories out there that you did, that you wanted it. >> you'll read and hear everything. you look at what you put your signature to. we debated it enthusiastically as a state, private and public sector, we looked at every conceivable option. we came up with a model that i think deserves some national recognition. i really do. economic development, historic tax reform, flattening the tax, create be a state that was the number one economy in the america, the best managed state in america according to the pew foundation, there's a lot there that i think anyone on the conservative side would look at and like. now am i perfect in all the categories? do i favor civil unions? yeah, i favor civil unions. i don't think we've done enough in the name of equality in the area of

you're going to be taking over log cap. your response to something that drove part of our recommendation which is we cannot as a country uphold our own values if we're allowing this to go on, and we want the oversight and the commitment by subcontract res, by foreign contractors that they are not going to do this kind of stuff and state's answer was well, it's adding costs without offsetting benefits. to me, it's a huge benefit if the world sees we've cleaned up our act. can you talk about this? what you intend to do something differently? this is a major scandal for the united states. >> two points, sirs. first of all, when i carefully couched i believe in my longer statement, that we are using log cap only for life support. >> right. >> we have -- the log cap three contract in use in iraq included maintenance and other things. we have competitively awarded our own contract. >> but your next sentence says free food and fuel. >> well, that's just using as you well know from your previous up carnation taking advantage of the

if gdp collapse is spearheading the cap. we will have to reduce everything government does which to make it hard. >> just to reinforce that point. if you had an amendment that said you must sit and no. in terms of government spending and actual gdp, sometimes that might work fine. financial crisis. falls by 20 percent. this happens in many economies. the u.s. fortunately has not had that experience recently. if you had to reduce government spending to hit constitutionally the target ratio, well, you would have to do all kinds of things including not raise taxes at the worst possible moment which would be in this economic free fall. so of course once you start to find potential gdp there are issues on how you define it, who will be the arbiter. the cross-country experience with very tough and hard budget laws is there are only as good as you yourself said, the congress or the equivalent body because you can always find ways to redefine the potential circumstances. a little more lose then you might think. >> sure. i understand

and one man's priceless ball cap.ppened at toronto blue jays in kansas city, a foul ball and uses his popcorn bucket to catch it. didn't even need a baseball gloves. the fan is thrilled with the catch and didn't mind at all he may have had to get another bucket of popcorn. >> you need to watch out for that. >> and warming up? >> temperatures will be back to average and should be hacking around all through the weekend. >> giants game right here at at&t park. >> enjoy. have a great day. bye-bye. (speaking in international language) and he said unto them go ye into all of the world and preach the gospel preach the gospel  ♪very creature in the world. (applause) freshening breath? that's easy. keeping teeth strong? that's tough. so our dentist recommended act. [ male announcer ] act mouthwash restores enamel and makes teeth up to 2 times stronger. act. stronger teeth and fresher breath in every bottle.

. >> reporter: mta officials met today but cap issues were not on the agenda. they say they cannot do anything with what credit card companies charge the driver. >> we have increased their income. we are looking to increase it more. >> i can tell there are a lot less taxis out. >> reporter: passengers say the protest did not affect the ability to get downtown. >> we arrived at the airport and within minutes we had a cap. >> reporter: the mta will meet later this month to discuss whether to increase the fee and a cab ride. >>> leon panetta will become the new secretary of defense. >> the yeas are 100 and the nays are zero. >> he is the current cia director to he will replace robert gates. as defense secretary, he will oversee the troop withdrawal from afghanistan and will implement a new policy to allow gays to serve in the military. >>> david petraeus will succeed panetta in his duties. >>> tomorrow night president obama will address the nation to outline his troop withdrawal plan in afghanistan. an official says 5000 troops will come home this summer and anoth

it establishes a spending cap of 18% of g.d.p. and it establishes supermajority requirements for tax increases or future debt limit increases. we will hear a number of tired arguments against the b.b.a. it's opponents will say that the amendment is not properly vetted. but we've been talking about the balanced budget amendment for decades. and if we had passed it back in 1997 when it failed by one vote short of being sent to the states for ratification, we would not be in the mess we're in today. they will say that it stacks the debt by requiring spending cuts rather than tax increases to balance the budget. this is an issue that i will address at length, but the american people understand that the solution to a spending crisis is not to give the government more money to spend, especially this government. they will say that a balanced budget amendment is unnecessary; congress just needs to do its job. but we've heard this over and over before, and the american people know that waiting for congress to balance the budget and shrink

it's called cut cap and balance. let me run through cut.ill oppose the debt ceiling until there are substantial spending cuts that would take affect 2012. define substantial. >> we are leaving that open so we can negotiate. we need to do something that significantly lowers spending in the short term. the second point, the cap spend something to put controls on spending over the long term and guide it towards a balanced budget, and which is the goal to pass a budget and allow states to ratify it and allow states after it's aratified, to take place. we have to make hard decisions and balance the budget. candy, i am convinced if we don't have that requirement, we will keep spending until our country becomes worst than greece. >> i understand what you are saying is, i don't care if the country defaults, unless we do this, i'm not voting for a debt ceiling? >> i do care if we default. >> why does the treasury secretary say it's going to be cat troughic, and why don't you believe that? >> default will do it. we won't default. we will go back to b

the proposal would cap pension benefits and raise the retirement age for city workers. they would also have to contribute more to their health and retirement plans. the mayor believes the city could save up to a billion dollars in the next decade. they're expected to vote on the proposal in the coming weeks. >>> in oakland tonight, the city council is voting on several budget proposals to close a huge budget deficit in the upcoming year. >> the oakland city council sat down tuesday evening to discuss a variety of proposals. $58million deficit is faced in the coming year and a -- in fiscal year 2013, but the council had some good news. employee unions have agreed to concessions. that will lead to a savings in the upcoming fiscal year and a $19 billion savings in 2013. that could mean that the city will decide to rehire as many as 40 police officers. what it will definitely mean is the city's libraries will remain open. >> libraries contribute to the quality of their life here in the city of oakland. with so much that goes on in oakland, they realize that our libraries ar

and one man's priceless ball cap. happened at toronto blue jays in kansas city, a foul ball and he uses his popcorn bucket to catch it. didn't even need a baseball gloves. the fan is thrilled with the catch and didn't mind at all he may have had to get another bucket of popcorn. >> you need to watch out for that. >> and warming up? >> temperatures will be back to average and should be hacking around all through the weekend. >> giants game right here at at&t park. >> enjoy. have a great day. bye-bye. never in my lifetime did i think i could walk 60 miles in 3 days. 60 miles compared to what a cancer patient goes through is a walk in the park. from the moment i registered, people started immediately supporting me. i walk with my sister. our relationship has gone to a whole new level because of training together. you meet the most wonderful, inspiring people. when you accomplish those 60 miles, it's truly life-changing. (man) register today for the... because everyone deserves a lifetime.

the spending cap would be something relative to potential g.d.p. so that we wouldn't have a pro-cyclical approach to the rule then i would support it. >> potential g.d.p., explain to me what you mean. >> if we were at full implement then it would be -- full employment then it would be how much g.d.p. we could make and if that's the sort of metric we would use, how big should government be, then we won't have a problem if the g.d.p. collapses then we're hitting this cap and reduce government does in the middle of a recession which would be hard for the automatic stabilizes to work. >> dr. johnson. >> just to reinforce that last point, that's absolutely correct. if you had an amendment that said you must hit a number in terms of government spending in terms of actual g.d.p. sometimes that might work fine. you could have a calamity, financial crisis or some other kind of problem and the g.d.p. falls below 20%. and then if you had to reduce government spending to hit constitutionally the target ratio, well, you would have to do all kinds of things whic

capping premiums will reduce funds for vital medical services like emergency rooms and medical tests.t said that 85 percent of the premiums go to medical costs. premiums go up because of higher costs and paying for services that are not covered by medicare and med cap. >> it is a mistake to oversimplify in the interest of politics. regulations works and keep insurance companies honest and hold down health insurance premiums. >> there is a key hearing on the floor of the assemblyy and on to the senate as it passes. similar bills were veto-ed. if it gets there it is expected now to be signed. >> we have video that we will show you. >> this is in eldorato county. >> we have had powerful and viulentt thunderstorms rumbling in the sacramento valley and heading out to the sierra foothills is an example of the kind of air, cool and unstable and heating of the afternoon sun on the air mass is make more unstable and that produced thunderstorm funnel cloud sitings and a tornado that touched down not long ago and we'll show you what is going on in this area. tornado warning in affect until 6:45

uh-oh. [ laughter ] you won a chewed pen cap. >> higgins: whoa! ♪ you've won a chewed pen cap.w her work very well. she's one of the most famous people on the planet. want proof? she's more famous than everyone in this room, combined. [ laughter and applause ] jimmy, back to you. we're going to have to split that in half. >> jimmy: we won't have to split that one in half. would you like to turn in your present for one other prize? >> sure. >> jimmy: why don't you take home that snacket. yeah. >> oh. ♪ you've won the snacket, the world's first 100% edible jacket. out on the town and have yourself craving a snack? well, you're wearing this delicious edible jacket by food body. you won't have to look very far. just take a few bites out of your sleeve and keep on trucking. ♪ [ laughter ] >> jimmy: start eating your snacket right now. it's really delish. pretty good, right? >> yeah. >> jimmy: the whole jacket's edible. you can wear it out tonight. all right, junior. let's see what you've got here. [ drumroll ] oh, this is fantastic. you won the call of the wolf waker. >> steve: oh.

they really wanted the lowest cap possible.nd since this rule does focus on debit carts, we thought we we -- cards, we thought we would take the opportunity to remind everybody, that debit cards aren't all that good. we have five reasons on our site, cbsmoneywatch.com, why debit cards are scary. >> i was going to ask you, you know, don't retailers get nailed for just having the convenience of people using credit cards and in addition to they get nailed again if he use your debit card? is that right? >> reporter: there are two fees. credit cards and debit carts are treated differently. this ruling just deals with the debit cards. but i have to point out that small businesses have really taken it on the chin in the recession and the recovery are the ones that are most harmed by most of these rules. they will see a reduction in some of their fees but they were counting on a lot more and they're furious that the lobbying effort on the banks really has hurt them. >> all right. jill schlesinger, editor at large at cbsmoneywatch.com,

numerous issuers, trade groups, networks and individuals objected to the fee limits embodied in the cap under both alternatives and the safe harbor. however, many of these commenters recognized the app l appealed and acknowledged a pure specific standard would be difficult to implement and enforce. although many issuers argued against both alternatives, a significant number preferred alternative two, the standalone over alternative one, the framework with the safe harbor in a cap due to the second alternative's ease of come ploins. however, many of these commenters suggested raising the cap value for expanded definition and to cover the costs of a larger percentage of covered issuers. merchants uniformly supported alternative 1 as being the most consistent with the statute. merchant commenters generally preferred a more issuer specific approach because issuers would receive interchange fees tied to actual respective costs, aulg though some of these commenters acknowledged that a cap or a safe harbor would make the interchange fee structure simpler for merchants to understand which could

as i am sure you are aware, last week, bush yield announced they are capping profits at 2% signed -- at 2% and will do some sort of reduction in cost for their employers, the city of san francisco is clearly one of their larger employers. we have thousands of employees who are members of blue shield and more likely than not, the city will either receive some sort of rebate or receive some sort of production in the cost associated with ness -- with next fiscal year's regina with blue shield. regardless of what form it comes to us, i think is fair to characterize that revenue as a onetime revenue. we would be hard-pressed to characterize it as an ongoing revenue. my question to you is -- a couple of questions. do you know if we will receive any revenue? if so, how much will it be? would you agree that one time revenue should be used for the one time express i believe it should be used for -- a onetime expenses i believe it should be used for, the onetime deposit into our retirees' health fund which is designed to attack what i believe is the city's most crippling debt, our retiree heal

is that transition going to be log cap iii or log cap iv. >> our action was supposed to be awarded on july 31. >> if you are in fact going to use log cap iv. it is consistent with a manner that we support. we took too long, but we fully support it. >> we are using rock island. >> that is very important. as you evaluate that, you are using past performance, current issues -- if you have a company that pulls all the claims out, someone ought to ask them why? it is a fair question. what is in there that caused you when you had a senior vice president of finance that said i cert legally that we are in accordance with the rules and regulations and then, lo and behold, they do not. i have a gazillion other questions. my time is up. i do want to thank you. i may have other questions i will provide to you. the last thing i want to say on the supporting side is you probably use, or maybe you are fortunate -- i guess in the best transition for you folks over there in providing notice -- i have seen that so often in our hearings being in disarray. it is nice to see people who know that to give n

follow that up with a two-run homer in the fifth and capped it off with a career game, another blast in the eighth. give that guy a raise. chris, three home runs against the yanks. reds won 10-2. >>> yesterday carlo made everything right in the world again. 13th inning, two down, sacks full, the a's brad ziggler hit justin turner with a pitch. that forced in a run. it barely grazed turner. but the mets will take it. they won it 4-3 in 13. >> last night this discussion came in handy. the umpires went to the video after a player brooks conrad appeared to hit a triple off the wall, but further review, that's a home run. chalk one up for replay. braves beat the blue jays 5-1. >>> the cardinals had trouble scoring runs facing roadway roy halladay. he threw a no-hitter. it will be a tough few weeks for the cards without pujols. the phils won it 4-0. >>> the first player in franchise history to win the award and add another piece of hardware to tim thomas's trophy case. he took home top honors. >>> finally, the u.s. soccer team punched their ticket to the final. they avenged last week's gam

we have a pension double salary cap which is 75% to 85% of the irs base. i can go into detail. . very complex. we are moving to a final compensation. for new hires, so the final pension will be calculated for new hires a son their three highest years, another fine a one-year -- not their final one year. we are eliminating what has been known as the best in retirement, also known as the annuity program, for new hires. instead we will of the service retirement option which is approximately half the cost. we're very pleased about that as well. supplemental, which is paid when the funding has earnings in excess of that which is predicted, will now be paid only when the fund is healthy enough to pay them. so, the fund will have to be fully funded to pay those supplemental cost. they will continue to be shared in payoffs, but only when the fund can afford it. also, our elected officials will be joining us in the cost sharing and paying their own retirement contributions as well. [laughter] and i'm sure they are happy about that. the health service board is in a very contentious issue b

graduation attire included cap and gown and umbrella. it launched 240 seniors. advised to dress warm but they're teenagers. >> once a dragon, always a dragon. >> reporter: but even the dragon couldn't -- on electronics and chairs. the band squeezed under tents, their teacher retiring tonight saying it's her first rainy night. >> we're going to make it work. >> oh, i had sun burns that have lasted until august from graduation before and this time i might have, you know, wet socks until august. >> from the announcers booth, a sea of umbrellas, drops falling as the speeches started. >> i had to get wet and papers get wet. >> diploma so carefully -- suffered not a drop by the time names were called. families said the weather did not shield their excitement. >> it's -- we're proud of her and it will be a great day. >> and the grad said if they remember the rain at all, it will be part of what made their milestone unique. >> we're all graduating and going our separate ways and that's what matters. >> the rain is washing away things, new beginning. it's perfect. it wor