only 20% of cccs yield more than 10% now. the ccc part of the high-yield index, the junk of the junk, only 22% of those bonds yield more than 10%. the point is junks on -- has been going well the last 30 days. the fact that jcpenney is underperforming is a warning sign. also, if when you see cds underperformance, blowing out, it's a great warning sign for the equity. >> we bring you this story because we look at the stock price on an everyday basis and can tell you shares up, shares are down. the credit markets can be an especially good place to look for, you know, if you really want to see what's going on inside a company and how the -- have a market view of how a company is, only go back to the financial crisis for that. >> look at three our four weeks ago, morgan stanley's cds started to really underperform the rest of the financials and the rest of the investment grade and high-yield space. massive underperformance in cds. sure enough, like a week later, the stock lost 10% in literally five days. so when you see cds under

coleman advocates, community housing partnership, council of community housing organizations, democratic ccc, the dolores street community services, the filipino community center, god neighbor coalition, grassroots democratic [speaker not understood] panthers, harvey milk democratic rights committee, jobs for justice and [speaker not understood]. thank you for your work. now i'll turn it over to president chiu. >> thank you again, colleague. appreciate your indulgence in allowing us to present this collectively. today is a great day for the future of health care in san

coleman advocates, community housing partnership, council of community housing organizations, democratic ccc, the dolores street community services, the filipino community center, god neighbor coalition, grassroots democratic [speaker not understood] panthers, harvey milk democratic rights committee, jobs for justice and [speaker not understood]. thank you for your work. now i'll turn it over to president chiu. >> thank you again, colleague. appreciate your indulgence in allowing us to present this collectively. today is a great day for the future of health care in san francisco, and as i said earlier today, i very much appreciate everyone who is part of the negotiating operating room that resuscitated this critical project. and i also want to echo the thanks that have already been described. there are so many folks that we need to give credit to moving us to where we are today, starting first and foremost with the tremendous community coalition that has been working for many years across so many different policy and community areas. i, of course, also want to start by thanking our mediator

is it, a, the chinese congressional convention or the ccc, b, the communist party could he loek which

when the air expands, it cools, condenses, clouds, ccc. neato. turns out when air rises and expands, it cools by about 10 degrees celsius for every kilometer. the converse is true too. if the air all of a sudden nosedived down, it would heat up 10 degrees for every kilometer. there are parts of the world where in the middle of the winter the air sometimes is abnormally warm. and what happens, is cold mountain air nosedives down into the communities. and when it nosedives, what's it do, gang? expand or compress? - compress. - it compresses. and what compresses? does it cool or heat? - heats. - heats. and that can heat up the whole community. some of these are called chinooks. winds which-- --go up over a mountain, give off their moisture and come back down and compress, compress, and become abnormally warm and heat up the whole community. so if you compress air, you heat it. if you expand air, you cool it, kinda neat. i got a question for you. if you go about five kilometers above hawaii right now, lets say it's zero degrees celsius, freezing, fiv

we can buy anywhere with any rating between bb-plus to ccc. we go to the value.nder valued and they have appreciation left in them. >> yeah, because when you look at investment grade corporate bonds, sometimes yields are oftentimes less than 1%. >> yeah, we have seen deals come out that 75 basis points over libor, just unheard of, and with the ten year over 2% now, you know, a lot of the low bonds and long duration portfolios take a hit, so investment grade is not the place to be right now. >> and, finally, ron, are you concerned about the rally seen in equities in this so-called rotation out of fixed income into the market? >> yeah, you know, we start with fundamentals of the companies, and we're not seeing any top line growth, and we're not seeing any line growthment things are stable out there, and for a bet investor, it's fine, but equity guys, you get expansion on the moment. s, and that's not a good scenario to invest in. >> all right. very good. ron heller, ceo asset management, we appreciate it. >> thank you for having me. >> all right. well, at movie the

overall, it's up 3% over treasuries with the really lowest of the junk, the junk of the junk, ccc's up.5% year to date. now, that said, high yield companies have been doing really well, able to refinance their debt, and perspective default rates are low right now, but i'm wondering if that market's starting to look pretty overheated. dagen: bob, great talking. thank you so much. i hope to see you very, very soon. >> caller: okay, good speaking with you. dagen: bob, take care. >> caller: thank you. con cop another big story, president obama will come out expected to nominate thomas perez, current u.s. assistant attorney general to take the place of the labor secretary. dagen: this could stir up controversy on capitol hill. joining us now with reaction is "wall street "wall street journal" editorial board member, jason. you get first dibs. connell: thank you very much for the floor. the controversy vowndz, -- surrounds, what, jason? an over active secretary? >> well, the record of justice, the obama administration is tooting the fact that he oversaw lending elements at the justice depart

who was in charge of getting those reports to the ccc and we are suddenly missing february march. who is in charge of having those reports to the occ? >> it's my understanding that both risk -- >> give us the names of people if you would. who would have been would have been in charge? >> i don't have a specific verse and that but within the risk and financial organizations and end all and all contact was made with the occ. >> mr. weiland do you know the answer to that question? >> i don't. >> do do you know why this report suddenly weren't sent? >> i don't know why they weren't sent, no. >> who was in charge of sending them? >> i don't know the people who are responsible for sending reports to the regulators, the individual people. my understanding is normally as part of the financing function. >> okay. maybe we can find out later from our next witnesses as to why suddenly reports weren't being sent to the occ during those critical months. mr. weiland take a look at exhibit 47, would you? this is an e-mail dated march 2, 2012 and was sent to you by one of the quantitative analyst

agencies involved are fmf and programs like the after school lunch and the child health care program and ccc farm payment, for a service service natural resource conservation service risk management agency is 1 -- the development is the last. >> is that in any particular order? did you go from best to worst? >> i didn't use that approach looking at my notes. >> of these agencies and the six you have identified how would you compare your report this year to last year? are they new problems that come in or are they failing to address the same old problems? >> the three areas that they were noncompliant in this year were the three areas they were not complained in last year. but we did note that the improper payment rate over all went down so they are making progress. it's a big problem to address. >> thank you mr. chair. >> in a semiannual report in the congress from april to september of 2012 you you note that for ts period oig issued 176 program improvement recommendations and the usda's managers agreed on 174 of them. when an agency implements a program for improvement there reports the act