citibank is an investor. silicon valley bank is an investor, as well as microsoft and traditional venture capital. in fact, more than a billion in funding. now, a billion in funding, not to run your business, but rather to lend out. have i got that correct? >> we've financed over a billion and a half to small businesses today. >> and you're getting that money through places like citibank? >> citibank did not provide us capital. we have a warehouse -- >> of cash? >> a warehouse of cash, yeah. there's a term for a facility that we have, which we use to lend out money. we have one facility from credit suisse. >> why doesn't credit suisse lend it out? >> well, you noted we have several banks invested in the company. what we do different than a bank is how we underwrite small businesses. it is very inefficient for banks to underwrite small businesses. they do it very manually. we do it completely different. for us, the fractional cost to underwrite a small business is almost zero. >> it's essentially done on the i

blocks to do so we are pleased to be joined by phone tech expert joe duncan who formerly worked at citibank at morgan stanley joe welcome we're so glad to have you with us on the program we appreciate you spending your time and expertise with us mark when big going burst onto the scene a decade ago it was really the guts behind the block chain that was really it wasn't just because it was the entered the block chains that nearly everyone embraced it seemed that block chain was going to lend itself to like every single sector out there joe and in some fashion or form so where are we today in the development and deployment of blocked change technologies joe. you know i think you know that a common analogy we hear about where we are in the stage really of any new technology is baseball right when inning are when i think about a more useful analogy is actually a relay race what stage are we in a baton being passed from one to the next the first stage was in this case was the technologists they were working on a novel solution novel solution to a problem which was double spending because in the

citibank reporting fourth-quarter earnings earlier this morning. beating estimates on quarterly profits but missing analysts revenue estimates by $.5 billion. shares are rising at the moment more than 4%. the new york-based bank's the first release numbers this week. let's welcome allison williams. great to have you with us. let's start with a bright spots. when it comes to bond trading, it seems they have come up their top this quarter is seven years. the headline number did include some impacts from the asia hedge fund had, which which we heard about. it's not really a realize lost, it's the accrual they took in the fourth quarter. that is still worse than expected, that is still a negative indicator ahead of some of the other banks. i would say three key things. is bouncing back, earlier in the quarter, but the first quarter is much more meaningful. we just came off the seasonally weakest quarter, which is where they missed. i think the fact that pipeline looks good, and i think all of that both well. secondly, they did exceed the for your retur

this week to let pg&e enter chapter 11 bankruptcy is going to lead to them paying big banks like citibank and investors before they pay regular californians. >> reporter: the boat does not encourage the utility to raise rates. >>> a man shot in oakland this morning has died. just after 7:00 in the 900 block of 40th avenue. he was pronounced dead at the scene. no word on any suspects. also, police say that this man, juan antonio rodriguez, is behind bars, accused of breaking into 10 cars between tuesday and wednesday of this week. in the area of build in regional park. rodriguez faces 5 counts of burglary. >>> we are getting hour first look this afternoon of the last time a bay area woman was spotted before she suddenly vanished. 38-year-old crystal mahoney went missing over the weekend. friends say she suffers from a life-threatening chronic illness and fear she is in great danger. mahoney was on saturday afternoon with her dog buddy. police say her wallet and phone were found on a muni bus later that day and buddy was found wandering on grant and geary that night. her family is offering

citibank did have someone else. they mentioned a story we broke about taking a loss on one of their ethics hedge fund clients. there were some idiosyncratic report thatti's perhaps made it a little worse than otherwise, but it was a rough environment. deutsche bank would have to outperform this quarter to show anything close to neutral. tolor: we will get you back not only talk about the read through to deutsche bank, but the other u.s. banks that will be reporting later this week. that was michael moore. i want to get a check on the first word news. more.ey donohoe has courtney: president trump is dismissing a top republican senator's suggestion to reopen the federal government temporarily while he tries to reach a deal to fund his proposed border wall. senator lindsey graham says if a deal cannot be reached, the president should declare a national emergency, and as he left the white house for new orleans, president trump reporters he wants the problem solved, not just delayed. pres. trump: i have the absolute lega

eight when the markets were crashing and you know hank paulson was all in favor of nationalizing citibank because he recognized that the systemic problems were real and that the banks needed to be taught a lesson and but barack obama overrode that notion and they went down the path of a multi trillion tanda fifteen trillion dollar bailout so is this a continuation of the two thousand and eight crisis karl just sends. the problem was bailing out goebbels by throwing money at it when they pop instead of throwing people in jail for committing criminal frauds is there you just have to blow a bigger bubble because that's the only way you do to actually make the so-called problem go away is to make bubble bigger so the next one is larger and if you remember housing the part of housing that was actually trouble was only about two percent or so of the economy it wasn't very large and yet it threatened to take down all the commercial banks and it was a result of the fact that these folks a hypothesis. didn't read up on the kitten sliced and diced and then issued all kinds of lever garbage against

you just mentioned citibank.ank said it came in around midteens, if you take out the hit from that asian hedge fund, about $180 million to. the equities revenue was what was met. even jamie dimon give a shout out to the equities team because they are usually over shadowed by fixed, but coming in a plus 15%. apparently the folks there are going to be seeing some extra bonuses. some good news for them. over to wells fargo, one of the most disappointing things, we saw the share price fall line 1.5% or so today. one of the biggest things is that wells was hoping that asset cap the feds put it in 2017 would be taken up by the first half of this year. it turns out, as tim stone is saying, it will be the end of 2019 and a lot of folks are pretty dismayed on that. the asset cap will actually be a multicore issue so it might even be beyond what they are talking about to the end of this year. on the board one more time because if we compare wells fargo and jpmorgan, who just reported, for the year of 2018, wells fargo is t

this is smart business you don't want someone to get hurt or freeze on their way to citibank there's no reason. stay home. maybe it's a promo for the app it's a smart move. >> chill >> literally >> dom, kate, courtney, thank you. between that and banana hammer >>> it's the first day of another round of face-to-face talks between the u.s. and china. will a deal get done as the march 1 deadline approaches? that's next. your employees must love you. [ chuckles ] thank you. you could say that. i love you. servicenow works for you. ♪ ♪ our new, hot, fresh breakfast will get you the readiest. (buzzer sound) holiday inn express. be the readiest. >>> talks resume between trade representatives of the u.s. and china. we're just four weeks from the deadline to raise tariffs to 25% on hundreds of billions of dollars of chinese goods what are both sides willing to put on the table let's ask bill bishop. bill, great to see you again >> thanks for having me. >> let's start with the very latest about how these talks are going. "the wall street journal" article yesterday backed off the idea there's g

joe: citibank is telling pe investors to quote why the dip?re the expected to grow an average of 4%. they say all the recession fears are overblown. let's bring in lee droge and -- leigh drogan. this has been the big question, earnings. people say stocks are cheap if earningselieve where are expected to go, but have analysts and investors taking down their earnings forecast for 2019 and beyond enough? based on the data you see and your own sense, how realistic are people right now about the earnings? leigh: i watched a little bit of financial tv today. just to see with the sentiment was out there. i hear a lot of people saying wait for earnings. i don't know if you want to be waiting for this earnings season. numbers are coming down early. where we see our consensus will lead the wall street consensus and future revision because it is more of a dynamic updating system. we are down to about 5% year-over-year growth now. caroline: in the u.s.? leigh: yes. that will continue to come down. i wouldn't be surprised if we ended around 2, 3, maybe --

citibank, top jen said they favor the short position in the euro versus the pound.s flight. the bank of japan, this is what they are saying, the jgb are focused on the difficulty on the balancing act between monetary expansion and yield curve control. there is one place to discuss many of these things, it is on the slopes of davos. it has begun. francine, good morning. francine: it has begun, it is day one, we have another four days of davos, it is pretty exciting, a lot of the talk is on the world economy. the mood is subdued and a number of heads of state not showing up in a president trump. no one from his administration will come here although we will have via satellite a conversation with mike pompeo. i am joined by the chair for institute for new economic thinking. he said we must talk about brexit. this is forefront. i am kidding. we do need to talk about brexit. that is all i keep on hearing in the corridors is brexit, the u.s. shutdown command china. out of those three, what are you the most worried about? story is thet china slowdown, the chinese are deali

, in those days called first national citibank, that long ago and he has his own company in californiawhen we moved from new york back home for paul who is a native, born and raised in san francisco, he came to work for another company and then he formed his own company. then they do investments in real estate and other investments, and so -- but the ranges -- i think something should be done about those ranges because the range are very far, and your children could get the wrong impression about what -- >> host: why are they -- >> guest: they should be changed. say you're home is worth between -- not your own home but you live in of the but say you have a second home, between 1 million and 5 million. well, that's big difference. you have two or three over those and you have a very big range that could be much closer to the lower but the same thing right down the line. i think it should be changed to be if there's a purpose to this, and i think there is, to be more reflective of what the assets and liabilities are best your children get the wrong impression, what is in store. >> host:

in which the financial transactions that every state needs to survive have been blocked because citibank or wells fargo have close the accounts off in as well or. two thousand and three oil rich country iraq gets devastated and it's the major oil companies that are reaping the profit two thousand and eleven libya another oil rich country gets devastated and they all oil companies are laughing you know that is an enormous interest on the part of u.s. business to get end there. what we want to avoid is shedding of blood and i told the opposition people who might personally met in caracas at the time look if you talk with the government what do you think is going to happen there are seven eight nine million committed chalis that's one of the going to do do you think they're just going to roll over do you think they're going to disappear no they are venezuelans they have rights and they are going to demand their rights so you cannot simply ignore their existence so you have to make sure that you reach some sort of a compromise it is not for me i'm an american. it's not hard made venezuelans

in which the financial transactions that every state needs to survive have been blocked because citibank or wells fargo have close the accounts off of it as well and it disquieting media campaign seeks to force observers into a preconceived view that there is a humanitarian crisis in the bolivarian republic of venezuela humanitarian crisis can be misused as a pretext for military intervention it reminds me a lot of the run up to the two thousand and three invasion of iraq we have seen here it coordinated effort to denounce them and. mother little to invoke human rights to say we need regime change because of the venezuelan people. and they're going to counter the increasingly violent yellow vests protests has been launched in front of the eleven confessed consecutive weeks of street demonstrations challenged by the ski has the details of the red scarf script. fronts and protest the two go oh me no i'm like two lovers strewing around paris in fact the french seem to love processing so much it's almost a national sport but it's a sport that has a very nasty streak the yellow vest protest g

. >> falling rates and a potentially inverted yield curve, citibank now embracing activists -- they arentering an information sharing and engagement agreement allowing for a deeper cooperation what should they try to do in my opinion? >> citi has to come clean with every european exposure they have and put it out for the market to understand the reason why it's trading below tangible book value is concerns with what they have in europe and that stems from all the problems with deutsche bank. >> this is when tim starts whining, what do you mean come clean? >> is that what tim sounds like? >> i've got to tell you, i think a big company like citi, to have these sorts of things is something investors should feel better about if the stock had to have like an 18% rally off of lows a couple of weeks, i'd say the banks are pretty well set up for decent news to rally on further, but they kind of came back a bit so to me you have a whole group where they are range bound within this last few weeks >> our colleague wilfred frost, pointing out on "the closing bell," for instance bank of america last

in which the financial transactions that every state needs to survive have been blocked because citibank or wells fargo have close the accounts off venezuela so money doesn't enter like brazil owns i don't know fifty million dollars worth of electricity delivered by then as well i'm going as one of those get its money a disquieting media campaign seeks to force observers into a preconceived view that there is a humanitarian crisis in the bolivarian republic of venezuela humanitarian crisis can be misused as a pretext for military intervention it reminds me a lot of the run up to the two thousand and three invasion of iraq we have seen here it coordinated effort to denounce them on eyes mother at all and to invoke human rights to say we need regime change because of the venezuelan people. two thousand and three oil rich country iraq gets devastated and it's the major oil companies that are reaping the profits two thousand and eleven libya another oil rich country gets devastated and the oil companies are laughing you know that is an enormous interest on the part of u.s. business to get en

in which the financial transactions that every state needs to survive have been blocked because citibank or wells fargo have close the accounts of venezuela so money doesn't enter like brazil owns i don't know fifty million dollars worth of electricity just a little or story target as well when you were just at a game. on this about your report you said that u.s. sanctions against venezuela are illegal and could amount to a crime against humanity height did you come to that conclusion in the extensive report that you carried out. because because there is a direct nexus between the sanctions and death why is there death there's mt tertian there is lack of medicine you need insulin you don't get it you die you need anti retroviral drugs you don't get them you die that has happened what we don't have is what we had back in the one nine hundred ninety s. during the sanctions against iraq unicef actually. determined that by nine hundred ninety six five hundred thousand children had died as a direct result of the sanctions regime against iraq now there are estimates of course that hundreds of

in a comfort zone a special look back because some of the key arguments could shake to discredit citibank's who was telling the truth and who was in this conflict so for sixty minutes he told the first. hey listen. that's what video game music sounded like thirty years ago. today's tracks take the experience to another level punk a sense to him talk composer or a monsoon. featured in many games his music is bound to cause problems for his fans he opens doors to. sounds good. oh genre that's so much more than just background music. video game music starts february twenty fifth on d w. how does it feel to get a second chance when i was growing up we had a family friend who was a veterinarian one day she brought home a doberman pincher that had been hit by a car but saved with surgery now dobermans have a reputation for being fierce but this one was like a teddy bear she loved everyone she met we always said that she knew she got another chance a second chance.

you know hank paulson was trying to nationalize citibank but barack obama said no no no don't do that and because he's in the pockets of wall street and that's an atrocious example of corporatism in america so it seems like there's an ebb and flow between the side of governments can provide all governments can't really do anything the markets are great the markets are not any good in northern europe as you point out you do have these mixed economies and they do have results that would appear to be quite solid and enviable but it doesn't match with the american mindset because in america for example the second amendment gives everyone the right to bear arms you don't have that in northern europe people don't have the right to carry guns except maybe in switzerland so it's a lot of legal belt on that first of all the second amendment is an interpretation and up until forty years ago when the n.r.a. decided to take a different interpretation of what case law said we lived in a different world i mean they have pushed this narrative now i mean if you read the second amendment yes talks abo

will the performance of citibank set the tone for the sector.ous quarter but its stock has fallen 19% since then. other major bank shares have fallen as well, investors worried about prospects for the us economy, the federal reserve next move and a frightening yield curve. since the laws of december we have seen since the laws of december we have seen evidence of the beginning of a rebound, but will it be enough to lift trading activity? citigroup is expected to report sales of 17 points $6 billion, the results from wells fargo and jp morgan or due on tuesday. a week for banking earnings in the us, a big week for drake said. parliament voting tomorrow on theresa may's deal on brussels and there is every likelihood she will not get the vote she needs. that's why the prime minister is set to use a speech today to say that if mps don't back her plans parliament could stop the uk leaving the european union altogether. that's something the uk's international trade secretary doesn't want to happen. there are those in parliament to wa nt to there are t

it shows who holds the highest paid positions, and for citibank, it is mostly men. surprising to see the gap. it is showing women are not getting to the higher levels. this is something citigroup has struggled with. that is why they are trying to get ahead of it. >> why is this data being released publicly? >> they say they are committed to transparency and want to change this and put out targets over the summer. at the same time, a shareholder proposal was filed pressuring them to release it. they got banks and big tech companies to release some pay data, but they want this big global raw number. citigroup got ahead of that proposal and said we are just going to do it. they are withdrawing the proposal because they are satisfied. >> it is something the u.k. started. they were forced to do it. when was a pay dispersion you factored in various forces. only 1.8% of executives and senior management. >> this has been a problem with banks losing black talent. it has been a problem for eight years running. , andknow it is a problem specifically have targets for increasing

we know that narrative talking about jpmorgan and citibank.th quarter avenue -- revenue beat, the equities of were also above, that was an 11% pop. the tax rate, that was also helping. iat is just a 16% -- mentioned it was down by 15% but still in the range of the midteens that we talked about all week. one other bright spot for the bank -- flip the screen and i want to show you what is happening in terms of consumer banking. this was one of these standouts that offset. this is pushing even higher up above the $3 billion mark. this was record profits. 5%are talking about a pop of in loan growth. people taking out loans thanks to retailers. reporting,man investment banking was one of the bright spots we saw. ramy: follow me to the side of the screen. itdman sachs, in terms of was pretty sizable. ae actual came in at $4.83, $.30 beat. shares also reacting, up 9.5%. that was the biggest jump ever since 2009. is 10 years ago that we saw this jump. similar positives in terms of equities trading. was 19%, theere worst in a decade. you know what was

and citibank reports painful earnings with loan growth margins key for investors. i'm alix steel in new york. david westin is an detroit, driving cars all around. i'm kidding, what's the mood at the auto show? david: these are exciting new cars, to be sure, but it's a slightly different auto show, a lot of them talking about things you are talking about, how the economy and china is going. a little bit of a subdued element to the show this year thus far. david: walk me through those -- alix: walk me through those big names of us far. ceo,: i was talking to the mary barra, and then i talked to jim, talking about the economy and how they saw it. positive, but this is what they had to say. >> the auto business will be solid. the economy itself has signaled uneasiness, but i don't think there are any markers that would say that we are going into any kind of recession just now. will be showing more of the jim hackett interview later in the hour. we will also be talking to scott keele. we talked about the joint venture that we thought would be announced today about how b

citibank kicking off the earnings season and the numbers were not great.lor will have more on that in a moment. european stocks are down by .6%. we saw the slump in asia. the trade data with bowling into -- the trade data riffling into asia. today's low volume session does not tell us we have reached a turning point in this rally since we have seen beginning this year. you would have thought german stocks would have been in an underperforming position, but they are not, which is interesting. maybe the bad news is priced into the german auto sector. deutsche bank remains under pressure. what we are monitoring is the brexit story as we head towards tomorrow's big votes in the house of commons, and theresa may is expected to lead. today, the pound is absolutely flat. are 30 minutes into the trading session in the u.s., and we are seeing the s&p lower. really led by tech. you start to get a little nervous. but let's look at citigroup. we were off 1% this morning. we went on the media call this morning. up 2% and we will talk more about that with jennifer. vola

morgan, citibank, j.p. and what we have from the analysts is pessimism.ve trimmed estimates for earnings per share this fourth quarter by the most any year since 2016. we have other big banks. netflix as well reporting earnings. goldman is the hardest hit among the six banks that have been downgraded. guidance --io morgan stanley three iteration of the 2018 profit goals, that seemed to likely outperform. netflix will set the trend for the faang stocks. let's go into the bloomberg, the s&p 500 on a weekly winning streak, third straight. you can find our library of charts on gtv. volatility suggests the bears will step back in, so it is not easy going. tentative rally. haidi: lots of questions for oil. friday was a falter in the rally, but up 20% since december with the two-year low. one oil minister in opec thinks it could go higher. optimism the rally is going forward. the headlines you mentioned, we have two of the biggest oil producers in opec. we have video we can show you actually predicting that oil high average $60 and go as as $70. last week was a

citibank kicks off earnings season for big banks.s is bloomberg. ♪ place, the xfinity xfi gateway. and it's strengthened by xfi pods, which plug in to extend the wifi even farther, past anything that stands in its way. ...well almost anything. leave no room behind with xfi pods. simple. easy. awesome. click or visit a retail store today. i am a techie dad.n. i believe the best technology should feel effortless. like magic. at comcast, it's my job to develop, apps and tools that simplify your experience. my name is mike, i'm in product development at comcast. we're working to make things simple, easy and awesome. mark: i'm mark crumpton. this is bloomberg first word news. at the-- a statement transportation checkpoint at terminal be closed at 3:30 p.m. local time sunday because of related to the shutdown and will remain shut all day. the ticketing counter is also closed. 300,000 federal workers must pay for the first time on friday. passengers have been told to arrive at least two hours before domestic flights due to uncertainties cau

lone growth side i like owning financials i believe in what we heard last week from the jpmorgan, citibanks. i just go back to emphasize what i said before. if markets don't make reservations with price points you can say, we're going to go to 2650. we're going to stop there and go back to 2350 that's not how the game works. there's still too much skepticism to return back to those lows so easily >> i'm with joe on u.s. focussed financials i think they are almost like utilities at this point. they will return a lot of cash in a mix of buy backs and dividends. it's not going to be a bonanza like last year i think they are okay to own you know a couple of things. the consumer is okay you probably have seen more rate hikes in the last two years than you'll see this year really don't have, in my view, any major shock that's coming for the u.s. economy that anyone can predict. japan is japan i think you can own the u.s. banks. they are really exposed to the consumer and you look at big ir ones and the credit card company, same thing. that's it. >> i agree on the financials it was beaten down in

banks and energy were so decimated last year even the slightest bit of okay news we saw from citibankniting a little bit of a fire. charles: citi was up 8% coming into the day to your point and energy stocks are also up. david, what are some of the value names you're looking at? >> certainly. it is not just confined toty. citizens financial which is an east coast bank but also has operations in the midwest is up more than 11% this year. valuation is quite compelling. loan growth, operational efficiencies i think that tells the story for many banks in in 2019. trading at significant discount. charles: [inaudible] >> sure, charles. wyndham. wyndham split off from wyndham vacations. we saw in 2018, spin-off small company stocks were down 18%. long term that is a great formula for providing value to shareholders. spin-offs are up about 8% this year. wyndham is a spin-off on hotel side. howard johnson, ramada i think represents valuation. charles: folks we have to leave it there. erin, get you on later. hopefully you come back in the show, give us ideas off the air. new warnings, artificia

she drew the citibank, the story goes she sketched it on a napkin and she was given criticism.t took me a few seconds to draw it. but it took me 32 years to learn how to draw it in a second. i think that is what is here. >> what is your hope for the march, say, this year, as opposed to what we saw last year? >> well, that's a good question. i know everybody has a new agenda. i think, you know, people are still marching for different reasons. my hope is just the unity. you know, i think it's been so powerful, because everybody has come together, not to fight, but to nice peacefully. maybe, against all of this, all that's going on, you know, fighting for human rights. and my hope would be that it just keeps moving forward. >> they say that there is an agenda attached this year. do you know much about that, as opposed to it just being a march? >> i know that they've come up with kind of a lengthy agenda, actually. i've only just skimmed it a bit. i haven't read it in depth. but it does seem like there are lgbtq things. there are just a number of new agenda items, as opposed to wha

take a look at citibank. they reported first on monday, they are uppermost 10% over -- over 10% over the past few days. they're looking to see if they could add more to that for the rest of the week. david: thank you. coming up, speaking of banks, we are waiting for jamie dimon's talk at the economic club of new york. we will bring you his remarks alive. this is bloomberg. -- his remarks alive. this is bloomberg. ♪ david: this is balance of power, i am david westin. we have been talking about what comes next in the u.k. after the defeat of theresa may's brexit deal and her likely survival of a no-confidence vote, which is coming up in an hour and a half. what is the view from the european union? we are getting that from maria, welcome. give us a sense of what we think is coming next in this back-and-forth. which is very difficult to predict. reported, the prime minister -- prime minister may is saying that she will get there tonight's confidence vote, and tomorrow, thursday, she will hold a talk with european

and citibank certainly has a very nice movement in its stock, up about 4% right now because of thoses that came out. edward, did he get into any texture when it comes to the fed's role beyond its original two mandates, which is full employment and keeping a lid on inflation? reporter: no, he stuck to those two principles, saying that they believe the economy and what they're doing can manage that. inflation has been 1.9%, last year it was around that 2% level where they say so we are not really seeing inflation. it's interesting, he did talk about the global slowdown. he said that again, the global slowdown is affecting other countries but it's not really affecting the united states at this moment. he said it could affect the united states but it's interesting, so i went on and asked him about the interest rates and now how they are flexible, meeting to meeting on those interest rates, would that mean companies would start to open up their investment again. he said that might affect global companies, possibly opening investment here in the united states. seeing that the rates would r

we kicked oaf earnings season less in focus at this point, citibank, citigroup, kicked off with rollout rest of this week. city group may have done pretty well t may have missed when it comes to revenue. beat on profits. trading revenues stablized from the 2018, heading into 2019. the markets really liked that today. bank stocks underowned. some say oversold, trading cheaply. looks to be in favor of market leadership that we're looking for. also talk about other banks set to roll out it's a financial heavy week. jpmorgan, wells fargo, reporting tomorrow, the rest of this week, we'll hear from other big financial names like goldman sachs, bank of america, morgan stanley and american express as well. all kind of trade was in focus as we kicked off this morning's session. exports in china shrinking by the most in two years. still the trade benefits with the u.s. bade on huge surplus trading with the american economy. u.s. china trade talks, this could be taken as positive as well from traders here on the floor, we mutt be pushing china closer to a u.s.-china trade deal. those companies do

it's the slowest to achieve -- to break even because it's spending and significant costs to do citibanking services and receiving below-market rate. >> president cohen: can you tell me some of the estimates. i heard along the line that there were staggering numbers. hold on. i want you to be respectful and not get too far ahead 7 the task force that hasn't signed off on the final report, so i want to say thank you for accommodating my request for this hearing, so thank you for honoring that. i'm very grateful. if i'm not mistaken, divest was $30 million? >> we did present some draft models to the task force. because it's a task force work product, we'd feel more comfortable coming back with specific figures once they've weighed in. each time we presented interim models, we've gotten substantive feedback about interest rates and time frames and so it does feel premature to present those figures today. >> president cohen: all right. so you said something in your presentation -- i wrote it down -- commercial loan funds, that that sounds like it may be viable and tangible that we could see in