i want to thank wells fargo for your leadership. they understand the issues that our city has, certainly in the southeast neighborhoods where we have had a record number of foreclosures, in part, driven by the lack of small businesses and the ability to get loans. many of us that the board of supervisors want to ensure this program gets as big as possible. i want to thank the mayor for your commitment. i hope in the term we are serving together, we figure out how to surpass the $5 million number. if we look to get this through the board as quickly as possible and eating many more soul food breakfasts at places like brenda's. [applause] >> thank you. the last time i was at an event for the revolving loan fund was in my district at a place called mission cheese. it is a very successful small business and i understand it is repaying its loan. this is one of those programs where you can invest a small amount of money and get a big bang for your buck. i also want to compliment the mayor and the full board. lots of time you hear politicia

did wells fargo think twice about how they'd handle their next foreclosure victim after norman was so blue as had oh as far as we can tell the answer is no at least not as long as the profits keep rolling this is genuinely psychopathic behavior norman russo put a gun to himself this month but he's not the one who really pulled the trigger corporate psychopaths did and any one of us could be the next norman russo as long as our nation continues this embrace of free market psychopathic corporate capitalism it's time to look for something new it's time to build a new economy that puts shareholder profits behind the well being of customers workers and communities right now the best alternative out there is the worker cooperative model business is owned by the workers were profits are shared and decisions are democratized over a billion people around the world do business with a cooperative and here in the united states there are over eleven thousand worker own cooperatives employing more americans there are members of the entire private sector labor movement you can see the success of the

so in two thousand and seven wells fargo's salesman decided to prey on one of their customers norman russo according to court documents the bank approached the russos about changing their mortgage from the fixed rate that they had a nice stable mortgage safe mortgage to an adjustable rate mortgage an arm rizzo's stressed that they were really only interested in a fixed rate loan and that they wanted to pay the exact same payments throughout the right the life of their loan but they trusted the bank which was a big mistake so when wells fargo told them the new industry standard is adjustable rate mortgages and they could save more than six hundred dollars a month and mortgage payments and that the worst case scenario would be an increase of only a few dollars dollars on their monthly payments according to alternate the russos gave in to the salesman and took the new mortgage but as alternate reports a few years later in two thousand and nine the russos knew that they were stuck with a bad deal their new interest rate was higher than it was before two thousand and seven and even before

wells fargo started it eight years ago. [applause] my name is lesley, and i am a senior vice president of the san francisco chamber of commerce. my partner is steve adams, the president of the small business commission. we had the honor of cochairing small business week again this year, our second year running. and do was add flavors of san francisco last night? all right, thank you so much. you made it really amazing. we had a lot of small businesses, incredible restaurants, and all of the small business resource providers mated just extraordinary this year, many are saying the best ever. thank you for that. we celebrate small business week every year as a san francisco community, to celebrate, honor, and support small businesses that really bring the texture and the distinguished experiences in the neighborhoods. they bring the jobs. they put people to work. [applause] and then make our neighborhoods special. innovation is growing every day from the people in this room and small businesses across san francisco. >> and we

next is marked with wells fargo. >> hello, i work for wells fargo bank. i cover the northern california region. i usually focus on about $350 -- $350,000 of sbe loans. last year, for 2010, i did 43 loans. so we are lending. i usually focus on six different types of loans. start-ups, business acquisitions, real estate purchases with ti's, working capital, a partner buyouts, business expansion. when i am looking at a potential loan, i use the standard five c's of credit. the first one is character. what we are looking for is a minimum score around 640. we would like to say no recent bankruptcy foreclosures, bankruptcies, tax liens. if we see a loan that has been modified, we would like to see a reason it was modified, what ever reason it may be. it cannot be, i did not want to pay that payment any more. the second c, conditions. basically, how precise will the money be used? we are looking at a business plan. when you look at a business plan, that is just a start up. we are looking to see where there will be the need for lending. if you are an existing busi

another big partner is wells fargo. it is the largest sba lender in the country for several years running. [applause] >> we areeally excited to be with all of you tonight to celebrate small business week and especially the winners tonight. we are committed to small businesses. we love small business and big business. thank you for the acknowledgement. in the first six months of the fiscal year, wells fargo has been the no. 1 sba small lender in california and the country. we are excited about that. i want to tell you about a local after we have going on in san francisco. that is our small business neighborhood renovation program. we work with local organizations. we funded the renovation of three local businesses who applied for assistance at no cost to them. i want to recognize those businesses here tonight. the renovations are complete. the business owners are here. they are from ja and k grocery and others. if you could stand, congratulations. [applause] we had an independent panel. we had a lot of fun. we judged the

wells fargo. together wll go far. ♪ ♪ ♪ hit the road, jack ♪ ♪ and don't you come back no more ♪ ♪ no more, no more, no more ♪ ♪ hit the road, jack ♪ ♪ and don't you come back no more ♪ [ male announcer ] want your weeds to hit the road? hit 'em with roundup extended control. one application kills weeds and puts down a barrier to stop new ones for up to four months. roundup extended control spray once. stop weeds for months. >> we are back with a battle for virginia as we move within six months of the presidential election. >> mitt romney with mchele bachmann's endorsement held campaign event in portsmouth. both men are neck-and-neck not only in polls in the state but in a campaign fund-raising. scott is following developments and is live in the newsroom. >> in some respects we are just gearing up for this battle. the president when this day by seven points last time around. he has the same margin but there is no sharing of a repeat. his team has opened 13 field offices in virginia. mitt romney on

this quarter that's dot com accounting that's that's phony baloney in my book and i think wells fargo is a poster child for accounting fraud i really do i've had problems with their disclosure from day one and i don't. care if they've got warren buffett near shareholder list it doesn't matter i think it's too good to be true what they're showing you with the s.e.c. filings and i think if you talk to other banks about the way wells fargo is behaving in the marketplace today it raises real concerns this mark this bank has almost one third market share in the national market for mortgages to the united states all the other big banks max are well below ten percent there would drawing from the market so wells fargo was the last man standing in this marketplace for mortgages both commercial and residential well let's talk about somebody who has become the self anointed representative of the too big to fail banks a man who got ninety trillion dollars on his balance sheet of derivatives and other unsecured liabilities i'm speaking of course of jamie diamond at j.p. morgan he is arguing with t

biggest banks all right let's talk about one of those banks wells fargo that made a big move into new york and the commercial and residential mortgage market. for the feeds but when you drill down a little bit what you find is that just like this carry that you discuss in terms of the interest in supporting the assets to support the interest the fees are just there to mask a deteriorating earnings picture and isn't this lehman brothers all over again well it is i've been very critical of wells fargo they had their see a photo depart last year very suddenly without explanation i think their accounting is suspect i think they're very aggressive in the way that they book fees for example if they wrote you a mortgage today max not only would they price mortgage half a point lower than any other bank would make that same loan to you but then they'll say well we're going to sell max another three and a half products from the wells fargo platform let's figure out what the total value of max is this quarter and book all the profits that we're going to earn from him over his lifetime relations

[applause] >> thank you, wells fargo. i would also like to acknowledge many other sponsors at the different levels are supporting us as heritage partners. southwest airlines, kim. they are to jiging two roundtrip tickets to the award winners this year. thank you, southwest airlines. -- they are donating two roundtrip tickets to the award winners this year. thank you to walgreens. [applause] we have new supporters with the bank of east asia. we of the downtown merchants' association, private protection services, and our returning supporters. thank you so much. [applause] i would like to bring on a special friend to our community. i have known you for many years with our work in non-profit committees. he has been an important person for the apa community and citywide. >> thank you. i guess i get to bat cleanup. i am honored to be here today. thank you for your incredible hard work. it was claudine's energy and drive and commitment to make this possible. it is so important to be visible in all of our communities and that we

buy a wells fargo, it's a safer name. they don't have some of this, perhaps more risky exposure that jpmorgan does. >> you know, wells fargo is a perfectly fine institution, but if you look at how the stocks traded through 2008, if we go into a crisis mode, u.s. bank did much better. they have a much more dialed-down risk protile. that being said, frankly i'm still in the canadian banks. i own bank of montreal. you have better unemployment numbers coming out, a better economy up in canada, and you're getting a 5% dividend as opposed to not being paid dividends for most of the banks in the u.s. i would much rather be in something like. that. >> that's a perfect segway to brian, a frequent contributor to "fast money" and the halftime report, i know you all know him well. bk, thank you for joining with us the realtime trade. you are taking the other side of patty here on wells fargo. >> i am. i have been long wells fargo for a little over a week or so now, and i'm not making any changes. if i didn't have a full position alre

wells fargo. together we'll go far. >> d.c. police are looking for the killer of a washington hospital center employee. >> his murder happened earlier this morning outside a bar in northwest washington. police found dwayne brisbon after he crashed his car. he had been stabbed in the neck. this is the first -- fifth homicide victim in the past four days. >> we have spikes when you have a bad week and a few weeks or you have none. but generally our homicides are down from last year. it is something that we keep our eye on. i do not think there is any cause for alarm at this point. >> investigators do not believe brisbane and his attacker knew each other. police ask anyone with information to give them a call. >> he has been on the run from the authorities since 2008. the fbi may be getting closer to catching eric toth. he is wanted on child pornography charges. >> jury selection is underway in the trial of an alleged serial stabber. he is charged with the stabbing death of a michigan man and accused of killing five people. he may

wells fargo. together we'll go far. >> you are watching abc 7 news at 11:00 with leon harris, starling, bob ryan. at 11:00, on news your side. we have new insights into a of eventsg sequence university of maryland students. police say they were the targets robbery and one of the told the 911 operator, attackers got away with hundreds of dollars. >> we are live near the scene the why people living in concerned tonight. >> they are on edge. if you look in the distance, you those lights. is one of the high rise dorms at the university of maryland. where this home invasion back in thatas neighborhood right there. neighborhood where the living there say they are this kind of thing. >> very scared feet. >> she says it is normally a safe street to raise kids. >> of this neighborhood is very quiet. " the street features single- with well-kept lawns and neighbors say the not house is the only e college students rent. no one would answer the door at t theouse to talk abou robbery. police said it involved th

well, in wells fargo, it's even more expensive. i wouldn't want to be buying an outride option because the stock has to rally 10% in two months for this thing simply to break even. like the name. i don't really like the strategy though. >> and i have to correct myself. mike was not talking about selling puts. it was another stock we were talking about. we want to define it by the risk and call. >> fair enough. let's hit the stocks versus options button one more time. do you want to buy a hundred shares of wells fargo? you're convinced by the charts. it will cost you over $3,100. mike's call purchase, on the other hand, will set you back less than $100. that's why you've got to love stocks versus options. all right. do you have a question? send us an e-mail. the address is optionsaction apz c cnbc.com. we'll answer it when we return. post trade recaps there as well. do, please, check it out. here's what's coming up next. >>> now, that's a good deal. last month cole and carter made a bearish price on priceline. they saw their profits

wells fargo. together we'll go far. ♪ ♪ ♪ hit the road, jack ♪ ♪ and don't you come back no more ♪ ♪ no more, no more, no more ♪ ♪ hit the road, jack ♪ ♪ and don't you come back no more ♪ [ male announcer ] want your weeds to hit the road? hit 'em with roundup extended control. one application kills weeds and puts down a barrier to stop new ones for up to four months. roundup extended control spray once. stop weeds for months. >> breaking news from the district. the two alarm fire burned for at least one home and we understand firefighters suffered minor injuries. we will have more on this on wjla.com. new details and the diplomatic debate over a maligned chinese activist. >> he has been offered a fellowship at a university in the united states. this case has increased tensions between the united states and china. >> it is the latest twist in a drama that threatened to dismantle a diplomatic agreement between the u.s. and china. the foreign ministry said they will allow the prominent activist to a

wells fargo. together we'll go far.

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base. -- wells fargo base.se was smeared with paint. rioters were separate from the peaceful protesters stop. >>james: here is a live, out of new york, the opening bell and a couple of minutes. we will talk more about at any minute. cour i'm really going to miss you. my new apartment isn't that far away. it's 4.2 miles away ! with this droid razr... motorola... verizon 4g lte... video... skype. you're gonna get lost. this has gps. well, that makes me feel better. me too. i'll go get two from the back. okay. this mother's day, get the droid razr by motorola. only $99.99. the lowest price ever. verizon. >>mark: it is seconds before the opening bell on wall street. stocks are dropping because of weak job reports. >>darya: out of san francisco we have team coverage continuing in this morning on turks street near golf. the building closest to me it was occupied this morning but police have brought everyone out peacefully. jackie sissel and will transfer out there this morning. >>jackie: right now it seems relatively

wells fargo.y to move. >> we have a final ruling of a story we brought to you two years ago. >> his family argued the 911 operator did not handle a carl correctly -- handle a call correctly. kris van cleave joins us. >> we did our initial report in 2010. the city posed the documents indicated there were problems. we did what we do on seven on your side, we kept asking questions until we got answers. it has been a long painful wait for this moment. a letter confirming what she had known since october 3, 2009. >> something went wrong. they are confirming it did. >> that day her husband of 30 years was working on his boat when he collapsed in full cardiac arrest. >> his sister-in-law made that call. >> i cannot tell you how frustrated and had a complete loss i felt for the nine minutes it took for the ambulance to actually get there. >> paramedics were sitting at this fire station 1 mile and a half from where he sat face down and not breathing. it would be four and a half minutes until she sent help.

male announcer ] wells fargo.h you when you're rredy to move. >> the university is giving more than $1 million toward a child abuse research. it has created the center for the protection of children. it offers treatment for abuse children. it was created after the former assistant football coach jerry sandusky was accused of child abuse. >> marilyn's high court has ruled pitfalls are inherently dangerous. -- maryland at's high court has ruled pit bulls are inherently dangerous. >> basic couples are no more dangerous than any other breed of dog. the maryland courts disagree. >> he owns four pit bull terriers. sandberg says he is angry about the ruling that declares the pit bull terrier and inherently dangerous animal. >> major organizations will not want to take the liability of rescuing out tepals to people. they're great dogs. >> one-third of all the deaths in this country come from this particular breed. >> the court ruling stems from a baltimore case. he said it was not necessary to prove a particular pit bull

they showed the list and berkshire and wells fargo. they make up 15 to 17%. that was trading and down less than a percent at one point when they were down 9.5%. >> you want to know why they got in this? they forgot the most basic rule of all. stocks versus options. that can mean a whale of a loss and they carry unlimited risk. the put spread offers a 3-1 pay out and defines the risk to $50. no word on jamie diamond ado adopting stocks versus options i'm sure a lot of them hope he doeses. >> one week away. the road show hit the west coast and julia boorstin has the latest. there is question at this point tonight as to whether or not the ipo will happen on friday. >> facebook came out and they spoke to us and said the sec has not signed off on the latest yet they can't confirm they will could and trade a week from today. there is no reason to think that the sec won't approve the final one and won't start trading in a week. they want to make sure they didn't make it sound like they were getting ahead of themselves. i wouldn't be surprised if it didn't happen a w

just as jpmorgan was a major component, so was wells fargo. what was the activity in this vehicle today? >> it was elevated all of financials, jpmorgan more than any other. one of the things you have to deal with is index volatility will decline with the divergence. if one stock is going up and the other is going down, very little happens. if you are trying to get leverage, look at the risk-reward relationship. you are paying a quarter of the difference between the strikes. that's the kind of risk-reward we are looking for. >> that's a great point though. they showed the list and berkshire and wells fargo. they make up 15 to 17%. that was trading and down less than a percent at one point when they were down 9.5%. >> you want to know why they got in this? they forgot the most basic rule of all. stocks versus options. that can mean a whale of a loss and they carry unlimited risk. the put spread offers a 3-1 pay out and defines the risk to $50. no word on jamie dimon adopting stocks versus options i'm sure a lot of them hope he does. >> hottest i

wells fargo. together we'll go far. s things fun.lls fargo. sometimes she lets us pick out stuff we love, like sunnyd. she likes that it has 40% less sugar than most regular soda brands. we just love the taste. ♪ make today a sunny day. a day to thank me for all of the little things. like being the only one who knows how tourn on the dishwasher. happy mother's day, family. you love me. [ male announcer ] buy any kfc 10 pc meal or larger and get a free double chocolate chip cake. tuesday, may 1. around the beltway, good shape. we have a rain shower which will things nice and slick. to someg to take you of a crime scene continues in that northwest d.c. on florida avenue. this was an accident and a fatal happened in this area. scene and thathe area is closed, florida near rhode island ave. now whether with adam caskey. >> we have some areas of rain. you want your umbrella to start the day. some moderate showers toward damascus. some light rain creeping into college park. we're starting to see some areas aroundrate rain columbia, maryland on the 9

corps on j b w i know i was speaking specifically to in the case of wells fargo i know i know i mean i know. it's a great irony and so you have preemptive firings going on in america where people. have not committed a crime long ago in the past will petty crime four years ago year you can't have a job if you shoplifted but if in the recent few years you're a larson nest you're good to go right well that's your cable defrauding right if you committed a crime that was a petty crime that was a big crime and if you have a president recently for not currently committing huge white collar crime the norm wants to gap in this country but again you're not doing if you're committing big white collar crimes which is why all these big shoplifting is small beans you need to have a bigger criminal record in order to bring a monster meanwhile ron paul faced off with his nemesis his favorite nemesis the federal reserve today and a hearing about reforming it you heard me talk a little bit about it with our guest john rogers here he is talking about the fed. i think what has happened here in these let

berkshire, wells fargo. they make up 17% of the index. trading was down at less than a percent when jpmorgan was down less than .5%. >> they forget the most basic rules of all, stocks versus options. that could mean a whale of a loss. dan's put spread offers of 3-to-1 payout, unlimited losses worth 50 bucks. no word on whether he'll reduce it but i'm sure a lot of investors hope he does. the hottest ips is one week away. cnbc's julia boorstin is in palo alto with the very latest. julia, there's a question as to whether it will actually happen on friday. >> reporter: well, facebook came out and they spoke to us. they said that the s.e.c. has not officially signed off on the latest one yet, so they can't confirm that's i got going to go ahead and tried a week from today, friday, may 18. but they won't say. i think facebook just wanted to make sure they didn't make it sound like they were getting ahead of themselves. i would be surprised if it didn't happen a week from today. melissa, it's been kind of a crazy day here. mark zuckerberg, cher

that wells fargo is right over there across germantown road. march drive -- marge drives across to here, the montgomery county teachers federal credit union. she came to pay a bill and immediately the teller here spotted the bogus 100. marge's question, how can one financial institution spot a bill instantly when another one right across the street got fooled and stuck her with counterfeit. wells fargo issued a statement today saying we have processes and controls in place to detect counterfeit currency, however, on rare occasions, bills may not be identified. in these situations we work with the appropriate agencies to resolve the issue. marge is lucky because she's been a customer at wells fargo for 22 years and after some strenuous arguing, they did credit her back the $100. and the bogus bill has been turned over to authorities. lots of companies sell detectors that spot bad bills and there's a long list of tricks you can learn to prevent being the one stuck with the money. >> i wouldn't know what to look for. >> but marge wonders if a bank

begin with wells fargo. prosecutors may seek penalties. it got a file alerting bank it believes it can bring it up on claims after investigating whether or not it violated anti- discrimination laws when financing homeowners. wells fargo is in negotiations to resolve a probe last year into whether or not it directed blacks to stop problems. it is also facing a review of whether it neglected minority neighborhoods. spokesperson declined to comment on the filing. united airlines is going to the dogs. the carrier has a hub at dulles. it is changing its pet restriction policy. now more breeds aren't allowed on board including pit bulls. flat screen tvs may not be coming down in price anytime soon. more on that and why disney is a hot stock to watch. live at bloomberg i am linda bell reporting for abc 7 news. >> 64 degrees outside. >> a lot more still to come on "good morning washington." the number of delegates and mitt romney needs to clinch the nomination. >> a series of solar flares could be headed toward earth. how could -- it could affect

wells fargo. together we'll go far. featuring rickey minor

with you when you're ready to move. [ male announcer ] wells fargo. at this mood on the way to a full moon on saturday. but not seeing much of the tonight the increasing cloud cover those costs as signaling a change in the forecast. most o'clock this guy temperatures in the '50s 4645 degrees in livermore and 48 in san jose without removing this way their rain future cast and north bay in the morning it is a the precipitation for the afternoon baseball game. but seven had set as they get 3170 of rain than anticipated so not much just to let the sidelocks accept north bay. four received recorder evidence in this area of low pressure taking a bulk of the activities we need to write into the northwestern quadrant of the states of the bottom line is your weather hotlines are mostly cloudy tonight. live in developing the north bay tomorrow and that sets the stage for high pressure to build in for a sunny and warmer weekend. debitors coming into monday of the seashore lead to mid-60s on the peninsula a swing into the san clara valley where will top off at 70

wells fargo. together we'll go far. >>> there is developing news from china regarding that diplomatic standoff over blind activist chen guangcheng. the chinese government says he can apply to study abroad. chen said he was not seek ago sile up in the u.s. but yesterday indicated that he did want to come to america telling a congressional hearing by cell phone that he feared for his life. >>> a little baby in northern virginia is recovering after being taxed by the family dog. cull pep are joint sheriff's officials say the boy, less than a month old, was bitten more than 30 times by a jack russell terrier. this happened tuesday evening as the baby was in its bassinet. the boy's father came home to find the dog biting the child. >>> a virginia mother will spend more time in jail for using drywall to barricade her three young children into a room. a judge sentenced christina moore of bristow to nine years in prison and suspended all but 18 months. the girls including and 18- month-old were found barr