first tenant anchor brewer has hired their architecture will firm and engineering firm and they're doing duo due diligence how much that will cost and it will lead to negotiations and we can't do anything until the environmental review is duplicate but once that happens in neo 15 we'll hit the ground running. strapgs plan another important piece not only for our project but for the community in the whole we're working with the transportation planning will work together with the larger effort to come up with a solution. of course, i mentioned sustainable ability we believe we have an opportunity we've mentioned before to pursue 2k3wr0u7bd breaking. fwhuns a lifetime at any point to create from the ground up substantial measures that aren't seeing none, nationally given the fact we're starting with a ground slate look at the cooling systems and the feasibility of a centralized trash collection for example. not only look at them but we have a development partner who is earnest at working them at the site. excuse me. the last two items i want to talk about. excuse me. is an early activation

e firms to date. >> great. and then like any fell commissioners into the small business thing is great i'm glad your reaching out to the champs and hopefully, you'll get other ruffles so thank you. well, i'm going to a sound like i'm echo and indict to. thank you for your presentation are i think the whole strategy of reaching out to the small businesses i know you want to make the neighborhood a little bit different so if it's going to look like every other neighborhood it's not going to be special it is to be diverse whether it's small or big but you have to have some characteristics. my other question are you considering pop up to get other folks interested in the site. you're going to tell us more but is it a specific site you're going to be picking for the skwechl >> it's not something that's ripe for parole but that is to sort of draw a visible line from pier affirmative action 48 to the bridge we could paint a green line to show where the future park would be but to take that line and send a message abou

i said don't work for a law firm. work for a financial company, sales, markets, there are opportunities out there who need a legal mind. they need someone who can write, express themselves, talk, and whatever it is, analyze like a lawyer can. >> al jazeera, new york. >> an economist at the center for american progress, a progressive think tank that researches public policy. while freelance job growth is good for business it is not necessarily a positive for the economy. sarah, good to see pup thank you for being with us. the thing that struck me in patricia's story is the cost of hiring employees. it seems to make sense to businesses if i don't have to pay this 30% more and i've got this flexibility, you can see why this trend is catching on. >> oh, yeah, it makes sense why employers want to have freelance workers. they don't have to offer them benefits. they don't have to offer them any kind of paid leave package, no vacation, no family or medical leave. no paid sick days. they don't have to pay unemployment insuranc

risk on behalf of the firm and how much did you expose the firm to in your activities? >> al jazeera, new york. >>> last year the average salary for a financial securities employee in new york was $360,000 a year. that's five times higher than four other for-profit businesses. >>> facebook got an upgrade on wall street. the stock is added to the popular s&p 500 index, which is considered to be the best representation of the broader u.s. stock market. it's inclusion in the index means that facebook will also be added to many popular mutual funds and index funds held in retirement accounts. the company's move into the s&p will happen after the close of trading on december 20th. >>> sure, the economy is improving, but a lot of americans are still getting left behind. coming up, a closer look at those who need a lift the most. you will see first hand what it's like to be homeless in america. >>> later, you may be eligible for government money you didn't even know you had. we're talking about tens of thousands of dollars for the average american family. a report you cannot a

we are a certified dbe firm as well as an lbe of san francisco and district ten. this will be an injustice to my firm if we cannot be allowed to perform on this project. i believe that the goal of the sfcta is to impact dbes as well as lbes of san francisco, and other small businesses. and in closing i believe that it is in the best interest of sfcta to award the contract to state bridge contractors for this particular project. as the lowest responsible bidder for this project as it was stated before me. thank you very much for your time. >> thank you very much. >> next speaker. >> good morning. my name is louis and i am the president of municon consultants and this is a homecoming for me and we have been in business for 23 years and one of the notable projects is 850 rolls of film photographing the san francisco city hall retrofit. we have had a long and favorable relationship with many of the contractors in san francisco and in the bay area. we have over 20 years of association with our friends brian, and dave, at golden state. these are people who have taken th

that firm and have done great work but we've skimmed to pair with other. we've skmd psyched them to partner. the cob let's firm harry was the council to us when we developed the park but we've asked harry to take some the work we've hired millie and marshall who used to be the personnel on other teams. we'll have fran did dig a little bit deeper into the information >> thanks jackie think phil and jack have given you a broad oversight and i want to give you some specific example we've been working on with the port over the last few months ago we've been gathering our consultants that work with the lead consultant and the planning dependent on developing the eir are they're in the data collection mode and gathering traffic and street analysis and things like that that are the publication yesterday on the engineering side of things we have two fun items to report. phil touched on one earlier that that was the district energy so i wanted to maintain a little bit more about what district energy and pooling is. when you have as large a site and the diverse mixe

we short listed the firms and we interviewed all of the firms on october 15th. >> what does that mean? >> we reviewed all six proposals and we had a scoring based on the technical merit and the what they showed and the hours that they were intending to do and it was not cost-based in any way, and cost proposals were not reviewed at all and then, the proposals were then... and there were four different reviewers and myself, and a member from cal trans, and the member of the infrastructure and dpw who will be providing the services for their portion. >> okay. >> thank you. >> and short listed we took the top three firms and there was a large gap between the third and fourth ranked firm and so we had the top three firms come in from interview and we participated in the interview process. and we then, went through the same criteria and length of this again. and the engineers came out, and significantly on top of, all four evaluations. and so, they directed us in the engineers and their team, and as a most relevant, and best qualified. >> and the team includes, themselves, charging the ass

, and so, i am wondering if does the ta do encourage that kind of out reach to lgbt owned firms? >> yes, we do, the federal requirements do not classify them as business enterprises at this time. >> the federal government is about 30 years behind the rest of the country. >> yeah. >> but we can go above and beyond. and we do? >> yes. >> yes, vice chair we know that we got to look into that and follow that direction, thank you. >> thank you. >> great. thank you for the presentation. >> colleagues, are there any questions or comments? >> okay, in that case, we will open up item number three to public comment, is there any public comment on item three, if so, please come forward. hi. >> public comment will be two minutes. >> good morning, my name is gwen and i am a business owner ace mailing in the north east mission business area. and here in san francisco, on 16th street, i serve on the board of san francisco small business network. and the board of the san francisco chamber of commerce. and i want to personally thank the sfcta and its staff for taking a bold stand in regard to set

is that theseound firms have strong iqs.re is a strong correlation between revenue growth and shareholder return. it makes sense because when you bigoted digital, it is like working out. you find that every part of your life gets better. >> that is so inspirational. >> if you become more dated your burden, you think about a younger consumer. those kind of skills lend themselves well to all kinds of things in addition to e- commerce. what we're seeing is that firms are committee to strong digital. they have this rising tide effect. it is linked to greater returns. digital is moving to the center. we're thinking about how to make it part of the culture. >> cuccia's number one, burberry number two? >> a lot of the great wings that gucci is doing carry across the enterprise. there is enterprise value. we are finding similar scores across the enterprise. that is when a multi--- what a multi-enterprise brand wants. >> they better show it. the margins are crazy. >> they want to show that there's a reason that you have more than one

a tepid deal climate include firms who advice on mergers and acquisitions are expected to be 5% than last year. the biggest losers are bond traders. their bonuses are expected to fall 5% to 15% thanks to interest rates and wrong bets on when the feds would pull back on the economic stimulus. >> the big income traders, they guessed it wrong. >> reporter: alan johnson produces a closely watched survey of wall street compensation. according to him low risk steady generators are this year's bonus winners and should enjoy a 10% bump. >> investment banks were the highest paying firms but we've had a change, mutual funds and other things that paid at least as well if not more and that trend is likely to continue. >> reporter: while market conditions are rewarding lower risk activities regulators have also tried to force change on wall street. strong arming banks to tie executive compensation to performance. >> regulators hope to discounselor the type of short-term risk taking that many believe caused the financial crisis. ironically. it could bring more outrage on main street because it has

and the firm -- the lobbying firm thrived with the rest of the industry. >> four years later, they sold out for $40 million. now how do they make that much money in four years and the talent they bring is that they're creatures of washington? >> that's a very, very, very valuable commodity. i mean, if you can sell yourself as someone who knows how washington works, someone who has these relationships, someone who can get on the phone and get the president of the united states to pardon, you know, your fugitive client, that's a very, very marketable commodity. i mean, if you see -- if you are seen as someone who knows how this town works, someone who is a usual suspect in this town, you can dine out for years. that's why no one leaves. >> you once asked the democrat jack quinn what appealed to him about the republican ed gillespie, who became his partner when they first started bonding. and he answered? is. >> well, "ed got the joke." >> what's the joke? >> that's what i said. i said, "jack, what's the joke"" and he said, "the joke is that, well, we're all patriots." and i thought that t

it is true the firms will become small and it's been a tour of investment management firms that the costs are highly variable were primarily personnel costs and those can be reduced very quickly. so we think that has -- that argument has much merit. going on into the report, the report identifies four potential areas that may lead to systemic risk. reaching for the yield and hurting behavior. number two, redemption risk, number three, leverage and number four, failure of an investment management firm. as we mentioned before, we don't think the fourth one has much merit but let's look at the other ones. the other ones, like reaching for the yield and the redemption risk and leverage our inherent in the investment process. and placing restrictions on the systemically important firms probably wouldn't change on those types of risk in the investment process. what would happen is investors want a yield and if the large firms can't offer the yield, the ones who might be subject to enhanced regulation, the investors would just go to other firms. so in nature it is the investment process that the

those firms, together, worked on creating an index out of europe.hat we are trying to do is get the information that they deliver to us that is updated weekly and we basically replicate the index. so, they developed this about 13 months ago and we launched our fund in the last month. >> it is obviously too early to ask, but so far, so good? >> exactly. we are trying to deliver two percent, three percent above equity returns, as it is globally bas. >> i was going to say, this year if you are just giving the s&p 500 is hard to pull off. >> it would be this year, part of this is we look at how private equity firms are going to allocate capital on a sector basis. so, in times square, let's just say the market is difficult, they may not be investing as much and we will then put more cash in the portfolio. therefore, during difficult andet environments we file better protect capital than the equity markets, certainly more than listed private equity. >> how are you seeing this entirely week -- entire of private assets going? whatever category, how do you s

the firm closed.ble to escape my position with freeport before it did too much damage to my charitable trust because i did my own homework, which showed the company's profits were decelerating rapidly. still, it was my decision to follow the tailspinning hedge fund before i got into trouble. when i talk to investors about the positions they're thinking of taking so and so bought it and i know this manager is terrific. believe me, you have no idea why he bought it or even if he'll be right. even the best money managers make mistakes. if the idea goes awry, he doesn't know how things are going to be better and you shouldn't care about him. end of story. in fact, in all of the years i've been running my charitable trust, i've only found one big-name manager who's worth following, and that's nelson peltz and his partners. he's an activist investor. he tries to get management to make changes and unlock value. peltz is fabulous, giving you huge returns even after we've become public knowledge. you think tha

that are being faced by the large law firms are what firms are taking into account when conservativeing their associates. you don't want to have a situation where they pay very large bonuses an then they have to lay people off. >> conservative, they are laying people off. they've recouped some of their profits laying off a lot of staff. we had a study, we haven't updated it this year, that showed that 1.2% of total -- of bonus compensation was 1.2% of total partner compensation in post-recession 2007. last year, and again bonuses this year are the same as last year, that figure was only about.3%p. right. point 3 of a percentage point. they're physically spending less money on their associates now than before the recession. that's not just -- i don't know that -- >> why would you want to be a lawyer in this day and age. you have to come back when you update the survey. >> absolutely. >> thank you very much. appreciate it. the market right now is down about 133 points. let's go to bp. bob pisani. a lot of people thought we would see a better performance in the market when europe was ou

we're good to start with a firm getting eager.ince the five it -- financial quadrupledkstone has in size. ceo steve schwarzman wanted to get even bigger. he joined erik schatzker earlier. where does he see growth? >> wherever it all where it he is -- already is. it also isn't really slowing down. yes a couple of years ago blackstone was growing at a pace of 29% a year, this year is on track to grow at about 25% a year. not a really big slowdown if you'd consider the fact that the firm getting much, much bigger. the shorts would have told me the past that they can see like stone being twice its current trillion with half a dollars of assets under management. the question is how it gets there. is blackstone going to run into a warren buffett wobble board is going to have to start hunting elephants in order to move the needle? this is what he said when he asked him. >> are basic businesses are going to continue to grow. we find wide types of areas to go into, whether it is geographically, or with new products. part of the reason that

on monday the union is holding firm in the aftermath of a police raid on sunday the korean confederation of trade unions. the green umbrella group threatened not to protest he meets he quickly caught on the construction of the commission in response to sunday's be hundreds of riot police raided the trade unions in office. more than one hundred third union workers were taken into custody. you also said to me with awe its membership from the commission and announced that its members will participate in the ongoing strike this coming saturday despite this the government did not tune into units and can continue to demand that strip mill workers return to work. that's completely with the government cannot tolerate this any longer as he prolonged illegal strike is inconvenienced in the and affecting the national economy coal rail announced on monday that it is high around five hundred place that workers will be ready to work on january the escalator and his tech services are currently running at just seven percent of normal levels. the country's industrial sector is enough hands for carpentry

he is head of the firm investor activating and m&a practices.eans for the tech community on the west coast come and we will talk about that here on the east coast. ♪ >> facebook and twitter may be the titans of social media, but investors may be mistaking their internet hour with their internet influence. , and just done with me this hour. bob, what is your take? i'm going to guess that you think twitter is overvalued, but that is just a guess. >> you know me too well. this looks like a continuing trend that has been going for some time. as much as i hate to say, you really begin to feel like it is 2000 all over again. >> it is worth noting that you were one of the people that suffer groupon they should've taken the first bow on it -- i out offer. the stock really has shown it to be right. >> if you look at anything like a normal valuation, we had just kind of explodes. they had hoped to have earnings into -- 2013 blake shelton hatted 2013. they have approximately equal enterprise values. how do you get there? -- let's say you got an offer right

today more on top of the countries listed firms are really needs to be the moment affiliate and most are wrong by malays one benefit chile is the construction industry talks are some out as an organization of about thirty five thousand builders of ethnic and molly are aging such firms and when national works project exclusively if they got home and so desires. they're also given preference and sub contracting. the bpo centers are discussing whether to on the old flooring and the sound of domestic firms to bid on the same conditions for works projects of us up and scale. if this becomes the rule my lazy eye that sees more foreign bidders swinging large contracts chinese malays and companies could also gain a larger share of some contracts a stay at the expense of molly run firms. michael and sarah my men with guns and it did ppa. the mud resign. we of vetting of eighty one. until last fall out is one of them most local t p p l one and it's the former prime ministers still enjoys huge political influence in the country. cool and nice to be calling me in alicante. we need to distribute

," and then you list some of the firms. >> yes, i do. >> kroft: the biggest firms on wall street and conversations with people high up in those firms. >> that is correct. and the sec ignored that. >> kroft: did they call any of these people? >> all the sec had to do was pick up the phone. they never did. >> kroft: if you had executives that's--at the biggest investment houses on wall street that knew something was wrong, why do you think they didn't go to the sec? >> because people in glass houses don't throw stones. and self-regulation on wall street doesn't work. >> kroft: in january 2006, the new york office of the securities and exchange commission finally opened a case file to look into harry's allegations about bernie madoff. despite uncovering evidence that madoff had misled them about his investment activities, the sec closed the case 11 months later without ever opening a formal investigation. the staff said there was "no evidence of fraud." >> what i found out from my dealings with the sec over eight and a half years is that their people are totally untrained in finance. th

economy, as of late 2012, there have been several civil suits filed against major wall street financial firms, but not a single criminal prosecution. in this edition, we look back at the 2008 financial crisis and the failure of government regulators to prosecute those who might be criminally responsible. later, lehman brothers bankruptcy investigator anton valukas shares his findings on the collapse of the giant investment bank where no senior official has ever faced charges in the biggest bankruptcy in u.s. history. but first we begin with a nine-month 60 minutes investigation looking for wall street cases that might have prosecutorial merit. in december 2011, steve kroft reported on two such cases. we begin with a woman named eileen foster, a former senior executive at countrywide financial, one of the epicenters of the crisis. >> do you believe that there are people at countrywide who belong behind bars? >> yes. >> do you want to give me their names? >> no. >> would you give their names to a grand jury if you were asked? >> yes. >> but eileen foster has never been asked, and never spoken t

place.ld is a big globalization has opened a lot of opportunities for firms like ours.e regularly take advantage of those. >> your biggest win happened right here in hilton. this is not a typical private equity story. this was not restructuring. this was you repositioning and growing a country -- company. are we going to see more of that? >> this is basically what we do in private equity, we are somewhat mischaracterized, but this is a situation where we bought this company at an admittedly high rice at that point in the cycle, there was a lot of consolidation, they were running three or four separate businesses. it was a great opportunity to expand outside the united states . merger of two companies. the foreign company had not aggressively expanded at all. our plan called for opening a lot and we have accomplished that type of execution. >> but it is not just in your real estate business. did you not have hilton investments across all funds with lp partners? >> it was a giant sized investment and part of what is important when you make investments, everyone that you m

it is not the only pe firm and making a huge investment in singh family homes. centralirst hand how market is being created. >> outside of this courthouse in lawrenceville, georgia, the auction bids fly big and fast. >> $120,000. >> 117. >> the prices may seem high, but for the multimillion dollar remake wheat g -- multimillion dollar private equity firm, this is a bargain hunt. it is part of an enormous bet on what some consider the hottest asset class on the street, america's single-family homes. the biggest players include new york private equity giant blackstone for its subsidiary, invitation homes. colony capital. in california-based american homes for rent. many of the houses they are buying were until recently homes that line to families like this. they have been struggling with monthly payments for sometime time when in late september they requested a third mortgage modification from the lender, citigroup. >> everything was supposed to be on hold. we didn't worry about it. >> after what the hardaways say was a days notice, citi mortgage sold their home t

a lot of different places. >> you have access to the top quartile of pe firms.curiosity, if somebody does not, is the asset class worth a lot? >> it is. interestingly, if you went back a few years ago, everyone said, if it is not top quartile, the asset class is not worthwhile. they have not been terrific over the last five or 10 years. >> investors have been searching. quest they have to. if you are a pension fund today, life is hard. they are underfunded. it is really hard to actually exist in today's his world and it has been driving them to alternatives. bigate equity has been a beneficiary. quest fundraising wise, this year, it is one of the four best on record, which i find interesting when the s&p 500 is up 25%. what is driving that? >> a few things. if it willre weary last. it has been a good couple of quarters, but they have been seeing the volatility has been so extraordinaire i am not sure investors have totally bought into, this is it for the long haul. private equity has been delivering more consistent rates of return over those time frames. people

meanwhile the index for small and medium size firms also improved to minus zero point one due to higher demand in the construction and service sectors finance ministry officials say the economic recovery remains on track with positive effects spreading from large firms to smaller enterprises. it's been almost three decades since the third crucial last three years rather since the focal she might die teaching nuclear accident but people in the area still fear the risk of cancer and other illnesses caused by consuming contaminated food and drink more than ten to twenty thousand people a prefix or have already been tested for internal contamination with a device called the whole body after the device was designed to test adults it can be used for infants because they're too small. in response to this problem scientists developed a new testing device for babies. nhk world smith's cornish ella reports tesco radiation exposure for infants began at the hospital and he got out there. over to his family showed up with the tax. but none of it. i have been so worried. i've been waiting a long time