we were able to negotiate with wells fargo bank for a lower basis point on fees, but wells fargo had the most changes to their authority. we were able to negotiate fees down. they have the highest credit rating amongst the six banks. with the letter of credit, wells fargo bank's would be responsible to pay for interest and principles on the investment holders. with a lot of credit that is an investment, the investors would be looking to the authority to pay when the commercial paper rolls come due. we are also providing enclosures to the item. the letter of credit reimbursement agreement was reinstated and include in the item in update. with that, i am looking to reaffirm the executive director authorization to substitute the commercial paper program, allowing the authority to amend and update the associated documents with commercial paper programs. supervisor wiener: thank you. colleagues, questions or comments? ok. is there any public comment? seeing no one, public comment is closed. colleagues, can we move this forward with a positive recommendation? >> i had one item that i forgot

susan, ella, a and katy from wells fargo bank, and adam and allison of strauss events. [applause] >> and thank you very much to our sponsors who make this week- long bigger and more meaningful to small business every year, starting with our title and presenting sponsor wells fargo, of entrepreneur sponsor sfmta. if you have seen that we have been able to promote small business to where we needed the attention. we wanted small business to know we were throwing a party and a weeklong celebration and a week- long opportunity to educate and inspire a small business. visa, at&t advertising solutions, a constant contact. recology, pacific gas and electric company, kaiser permanente, zero, chevron, and vertical response. >> t-mobile, microsoft office -- office 365, dynatech, veriphone, and our principal sponsor, it aaa flag and banner, fedex, and strauss event. seven by seven magazines, the bay citizens, san francisco business times, san francisco bay guardian, in the bay area reporter. let's get our sponsors and media sponsors a round of applause. [applause] >> we are here to

depending on whether you feel your credit situation is where you want to go to a bank like wells fargo or another regulated bank, and line of credit, or work for a working- capital type of loan, which is something you look to do, the opportunity fund. you probably want to try both avenues. as far as your credit scores, everyone realizes, everyone here has a credit score. the first thing any lender will look at is your credit score. after looking at that, they all do not do the same thing with it. an opportunity fund will look at your story in addition to your score. some are limited to your score, that if it is above or below a certain threshold, and they are may not work with you. not every one of the lenders is going to see your situation the same, so you should be shopping. >> [inaudible] >> you can do contract financing. that exists. but a line of credit is probably what you're looking for. >> thank you, marc. i have a question from the audience about a burgeoning market. any avenues for san francisco medical cannabis dispensaries? open to the panel. >> in terms of financing? i can

[applause] >> i am representing wells fargo bank. wells fargo believes in affordable housing and making sure they invest in the communities in which they have a presence. they have both here in san francisco. that is part of the reason we are participating in this project. more importantly, the city, the redevelopment agency, and chp allow us to participate in the project. this project would never happen without incredible leadership that occurs at the city level. the mayor's office of housing and redevelopment agency have the foresight to say supported housing for people who might not otherwise be able to live in this wonderfully developing neighborhood -- it is because of their support that this is occurring. that is sort of an only in san francisco. i congratulate the city government for doing that. for a bank, is tough to find borrowers you feel, but it will take something to a conclusion. bridge is a wonderful non-profit developer. we have done many projects with them. they have great expertise in construction. chp is a wonderful

there was bank of america and a tiny little atm-only wells fargo branch. today, there are -- as you know, five banks in the five blocks between diamond and church street. there are two financial services companies, brokerages, and six real estate offices. in the 20 years i have been there, as the neighborhood gets wealthier, there are wealth extraction industries moving in. i do not find fault with the bank here. i would like to see bank of america or wells fargo removed from the neighborhood and them allowed in that space. they are harry potter to voldemort. my concern is the space taken over, is a happy, locally owned juice bar, frequented by the fire people. it was a not-very-good frozen yogurt shop. i am concerned, as the little shops leave the valley, and more financial services move in, we've lost the neighborhood character and just serve a dollar. that is my objection, not to the company, but the fact we don't need another wealth extraction industry in this neighborhood. >> the next speaker? >> my name is patrick monk, a registered nurse with special

i am joined by my colleague, paul conley, and by a board member katie johnson, from wells fargo bank. thank you for being here. i am joined -- i am so privileged to give out an award from the san francisco economic development association or seda. we are a coalition of all the organizations in san francisco that provide small business support services to primarily lower and moderate income women and men. this is a very exciting award. this is the first time a micro- enterprise has been given an award during small business week. i would like to ask the members to raise your hands. we're working the of the -- together to provide a host of services helping people to start and grow their own businesses. tonight, the very first sfeda businurban bazarrre. [applause] we are joined by brandy and brianna, the founders and owners of urban bazaar. it is a wonderful business that speaks to the whole culture of small business in san francisco. they are artists and are creating beautiful crafts that they sell. more than that, they're bringing fair trade items to san francisco. they're bringing item

susan, ella, a and katy from wells fargo bank, and adam and allison of strauss events. [applause] >> and thank you very much to our sponsors who make this week- long bigger and more meaningful to small more meaningful to small business every year, starting

a sad commentary, too, because when we first made our approach to one of the banks, after hearing the news from wells fargo were basically told by the bank, you know, the only loans we're writing really are small business loans where the government's going to guarantee 75% of the losses. >> right. >> while i'm glad that the federal government is stepping in, it's a real sad commentary that -- >> yeah, it is, david. >> the banks have to be reinsured for the losses. my business not. the panelists you had are. are the banks too big to loan? that's my concern. >> we have to leave it there. thanks for coming on. you're right, right? privatize losses, right? publicize -- it's ridiculous. i completely agree with you. thank you. check in with us again. >> thank you for your help. >> all right. let's get a hit on the markets now if we can, please. the dow continues to sink. we are down 218 right now on the dow jones industrial average. i'm going to do a live check on the indexes to see where we are. one dow stock higher, folks. it is merck. generally walmart on days like this. today, merck. the only dow stock that'

the marchers also stopped for a brief rally in front of wells fargo bank. >> a california pizza kitchenestaurant closed because of the noro virus could reopen by weekend. officials closed it late thursday afternoon, tests revealed salad sickened about 20 people this month. and both experienced gas stro intestinal illness. >> and an apartment building had to be temporarily evacuated because of a gas leak that happened about 1:30 and there is a driver lost dronl and floon a bank out sichld crews dug around to turn off the gas. it took about two hours to shut off utilities and there is nobody hurt. >> yosemite national park is closing cabins on the valley floor because of fear that rock koz hit park visitors. a study shows the village on the wrong sifd a rock fall hazard line. why officials didn't know about this until now. >> yosemite's 2008 rock slide sent boulders barreling into curry village and led park officials to close 233 of the 600 cabins and sparked a study on rock fall danger in yosemite valley since 2008 we have new technology. we can understand rock falls better. >> the park

> final celebrations, this year some day activists are included in stops soring such as wells fargo and bank of america. they will form a new group called occupied pride. they want to know about the true meaning the pride. >> we are not just about corporate spencer. we are here about a strong program. they say not to be so quick to slam the sons source. that progress in the corp rate world could lead to success. >>> and they are starting friday morning at twin peeks, friday evening they will be back at delores park. >>> the man accused of hitting a pedestrian was not guilty. he was charged with vehicular man slaughter. he was charged with running over lights and hitting the man in across walk in cross streets. >>> he is charged in connection with two high profile. for the allege chef. he is also accused of shooting at a boyfriend and a teenage girl. >>> massive response to an early morning fire, we will have a live report coming up in just minutes. >>> one person is dead after and early morning fire, we have a crew on the scene. . >>> a decision is being made about the future of pier 29. >>>

bank in five blocks. it won't serve the vibrancy and needs of the neighborhood to have another financial institution. it sounds like a good idea. i would prefer them over wells fargo and bank of america. i urge you not to rubber-stamp the proposal, but consider the economic vitality of the neighborhood. thank you. >> afternoon, commissioners. i went to james lick jr. high. i am david -- and i am familiar with noe valley. i lived in diamond heights, and now i live in twin peaks. i banked at first republic for 18 years. i understand the concerns. when i drive there -- when i went to first republic, they donated $1000 without hesitation. they are community based. my daughter loves going for those cookies. i don't think they're the best but she likes them. my daughter wasn't invited to the ice cream social. first republic gives back to the community. they're not one of the big guys. people will come there because first republic bank is there. if there is a branch i nglen gln park, i missed it. there is not another one near where i live. i already go there and i love hanging out at marthas. i am familair with what the area has. this space that they want has been vacant

we see bank of america and wells fargo. people rob banks more than they trump dispenser is -- rob disp ensaries. >> we get those cases. it is not a crime issue, it is a plane in issue. >> one thing i would say it is it does force competition, which i think is a good thing. there are dispenser is that are better operated than others. those are the ones that people tend to go to. having two means that only one will survive unless they are both doing a really good job. that includes testing their cannabis for mold, mildew, pesticides. making sure there is a compassionate atmosphere where people feel comfortable getting their medicine. it includes providing affordable medicine. these people are experienced. i have talked to quite a few of the former patients and los angeles. i have had nothing but good feedback. also, i have here a lot of copies of letters that came in after we filed the appeal. these are from other committee members. letters supporting the project. i will leave his hip. you are welcome to take a look. -- these

i would look at other banks, wells fargo or bank of america. jamie diamond did a phenomenal job today and fook everybody to school. i wouldn't jump in front of the trading loss. >> what sort of activity tdid yu see as jamie diamond's stock rose during testimony? >> it is interesting leading into this. call open interest right now is at an all time high over the past 52 weeks and the puts are right about the highest level. it seems to me that people are interested in making at least risk mitigated bets on it. if you compare the interest c there is no question that the options activity is more bullish there. >> coming up next, you could be getting it all wrong. an expert will reveal facts about the most popular etfs out there and could have you re-thinking your strategy. and karen has thought up a name that might make you want to have a parade. lots more straight ahead. >> want to beat the street? then you better tweet the street. now one of the most followed sites in business news. realtime updates from the traders. when you tweet us back we put

we go to cooperations -- corporations like wells fargo and bank of america. get your hands up. jamba juice. how many are you going to hire? we go to every corporation. and i want to thank eric mcdonald from united way. thank you, eric, for helping us lead 5,000 jobs this summer. [applause] he's working really well with our school district, with our families and children of youth and families departments, with all the city departments to make this commitment true, 5,000 summer jobs. and we've got a website for those of you who are asking i don't know how to get those jobs. well, we're aiming those jobs this summer at disconnected youth. and for you not to be disconnected, the website, hiresfyouth.org. get on that youth. we are serious about this. we've got jobs from all of the great companies in san francisco joined with all of the departments that you see here. we've got a lot of departments here today as well. they're here to listen. and we can answer some of the questions that you have today, we'll do that. but most importantly, we're here to listen to what you believe the pr

field so in the big picture when you walk into a retail banking establishment in a few years it's probably not going to look like your average wells fargo or bank of america that you're looking at today it's going to be more like a check cashing us a story we're going to provide a lot more services they're going to be more customer service oriented in general your payments are going to clear a lot more quickly there's no reason why a c.-h. payment should take two to three days to clear when they could easily take two to three seconds to clear if for somebody like google apple and cisco got together and redesigned the payment system well and when you walk into these new banks these new retail banks who are you going to be banking with is it going to be bank of america j.p. morgan chase or is it going to be google apple or someone else what does this mean i guess a bigger question for too big to fail banks. well it's impossible to know for sure the too big to fail banks are already sponsoring initiatives to make sure that they have their hooks in this new system it all depends on the popular blowback and the two big to fail banks people l

listed company with warren buffett as a huge shareholder they don't downgrade for example wells fargo a bank that buffett has an interest in they downgrade other countries and other banks that they are as commensurate with a pay for rating scheme that moody's itself is highly corrupt countries like germany russia they should have their own rating agencies to publish ratings of the u.k. or the u.s. to try to keep.

. >> a wells fargo or bank of america. they can't get the loan. that is going result in cancellation. loan rates will not help in that since tans. >> i don't think the housing market has womaned. regardless of what you think about the housing market, home depot, that stock will continue to win because i think the world is set up for them to win. i heard what jim said before. you might see a day or two of weakness this. i think in terms of valuation and balance sheet in terms of their mansionment, i think everything still sets up for hp. >> to me that seems like a fairly ridiculous bet. >> let's join our fast line. david made the point to us yesterday that the numbers were good but you can't draw a line through one data point and get a trend. what's the one major head wind that you see facing the industry at this point? >> i think one -- one impediment could be the labor market. the relationship. housing does better. it spins off job creation. i think the biggest impediment will be what happens on the job market side. >> many in prior housing downt