>> approved firm. >> qualified approved firm. >> they're already approved by hr for doing searches for us. >> yes. and short list that, bring it back to the commission, and process there. with my goal to do this as quickly and efficiently as possible, i like the aspect of working with the professions within the departments that are -- the different departments like you did in the past, commissioner walker, just to make sure we've got everything done correctly before we do send out -- before we select and do send out the job application information. so, with that, i'll ask one question. do we have a list? i don't know, pam. do we actually have a current list of the type of firms that are, as commissioner walker said, approved that we can work with immediately? >> yes. city services auditor which is part of the controller's office worked with the department of resources. and they put out an rfq, which is a request for qualifications. they have 10 firms that have been approved to use as, you know, to be able to solicit whether or not they can provide the services that we're looking for. s

twenty firms is bain capital itself so while mitt romney tries to distance himself from his old firm saying that he doesn't sit in on management decisions and investment deals that are happening today like the infamous sin saga. deal in illinois actually so america has it has a special arrangement where they're meeting on a regular basis with all of these private equity firms and getting inside knowledge on what they're working on what is the scooter store fit in alt. well that's kind of the lead to my story. you know many of these private equity firms that are partnering with tag romney owned businesses that have have business or have deals with the government and many of these businesses have been accused of misusing taxpayer money so for example the scooter store is this company that sells motorized wheelchairs and they have commercials that you can see on late night television they promise basically free scooters to anyone medicare age well h i g capital which is one of these so america private equity firms. recently bought the scooter stewart even though it's being investigated

capital private equity firms. recently bought the scooter stewart even though it's being investigated by medicare for defrauding the government for giving away these motorized scooters and billing medicare even though it's not medically necessary for many of these patients but i g. capital is betting that they can fight all of these regulatory challenges and continue making a profit and that raises the very important question where does tagg romney come in on this if he has a business relationship with the owners of the scooter store or is he going to get inside information from what the a romney administration would do in terms of changing the billing practices of medicare changing these new products best occasions that the obama administration has kicked off even to help even the health reform law has special provisions on reforming the motorized wheelchair. business so. we if romney decides to repeal health reform is he going to keep this part that requires that part of the business we don't know and if he does

and the firms, the last firm that i used when we went through this in 2007-8 time frame is also one of the prequalified. and many of the firms have experience recent, very recent and on-going meaning right now experience with the recruiting for positions high up. because these are normally only used for positions that are high up in departments. so their understanding of what in general we deal with as being a city department. so we were trying to get -- that's one of the things that helped prequalify people is if they did have some experience. i just didn't want, as you had mentioned, because this has got inherently a kind of push-pull kind of situation with the way this department works, i wanted to make sure that there was an understanding and experience within the group that, you know, we're not like the fire department. we're not like the police department. they have their own sort of thing. >> commissioner mar. >> i just wanted to thank you and the staff from moving on this in a quick manner, in a formal manner. >> okay, dep tree director, i know you are feeling very sick. thank

when the firm was going bankrupt. there's kind of a timeline here if we go back to like october twenty seventh. m.f. global had about one hundred ten million dollars of its own money placed in the customer segregated accounts that's almost known as firm access and it's there to protect customers in the case there was some kind of blow up with a major customers account so that the firm could meet its segregation requirements so during the twenty seventh is that after the run had already started on m.f. global people are pulling their money out left and right panic has already ensued the c.m.e. which is the d.s.r. zero regulator of about global comes in and says no wire transfers of the customer accounts without our permission very next day at m.f. global exacts make a five hundred million dollars manual adjustment to the calculations with no supporting documentation whatsoever and you know comparison like our firm if we make any kind of adjustment to accounts like fifty dollars we need supporting documentation for that

i am a firm believer in staying invested. ashley: you say if it looks like a recession and walks like a recession and smells like a recession, it is probably a recession. before i get to you i want to hear what ben bernanke had to say about that recently. >> we see an economy which is expanding and employment which is one of the key indicators of recession still growing. we expect the economy to continue to grow. that is our best forecasts so we are not expecting a recession. ashley: what do you think? are we in a recession? >> i think if you look at the economic indicators in my mind you can always have numbers that say one thing or the other. are we in a technical recession? no. are we in an area of the economy where there is lack of job growth and people are struggling? where the job growth is coming we grab numbers and say we turned the corner. unemployment is structural these days. people have left the job force which is why we're seeing drops in unemployment and job growth going in the country and around the world we wi

one thing that -- i don't know if this firm will do this or not. local power and buildout has been talking about -- looks like will it probably be part of the mix. offering people shares and clean power sf, just the way that the bill that didn't pass at the state level that was going to offer people an easier way to get solar shares. this would be shares for everything. solar, wind, efficiency. the whole clean power sf program. that is going to require specific outreach to customers to offer them the share idea so that they are opting into a program that definitely will save them long-term, because they are becoming shareholders. that means even if they don't have a rooftop they can get involved or a wind source they can get involved. that is why this is so important. >> thank you, mr. brooks. any public comment? seeing none -- >> i have a comment. >> sorry, commissioner. >> i don't disagree with anything that's been said. somehow i feel there has to be a marriage with that map that we saw today. the studies we have already done before we go into a

they rarely talk about the inner workings of the firm, let alone criticize them.en months ago, a young goldman sachs vice president did just that, resigning in an article on the op-ed page of "the new york times." so an op-ed resignation, you hoped it would be a wake-up call. >> my view is the only way you force people to change a system is by saying something publicly. >> i've always wanted to tell a story about lincoln. >> stahl: steven spielberg's new film "lincoln" focuses on our 16th president's almost impossible task of passing the 13th amendment abolishing slavery. the director researched the project for 12 years and cast oscar-winning actor daniel day lewis as abraham lincoln. >> blood's been spilt to afford us this moment. now, now, now! >> i think the film is very relevant for today. it's about leadership. >> stahl: leadership. >> and about telling the truth. >> i'm steve kroft. >> i'm leslie stahl. >> i'm bob simon. >> i'm lara logan. >> i'm anderson cooper. >> i'm scott pelley. those stories tonight on "60 minutes." "ever ask somebody to lend you a foo

to firm in 2007 and 2008. the financial world is full of zero-sum games. it's one party to a currency swap wins, the other party loses. if you short a stock, your profit or loss is exactly the same as the loss or profit incurred by the entity that bought your shares. but financial reform really isn't like that. of course, in individual cases, investors and consumers of financial products may have different priorities than brokers and banks. but broadly speaking, good regulation, rooted in fundamentals that are frankly no secret, transparency, risk management, fairness, broadly benefits all stakeholders. transparent market more efficiently distribute capital. better markets bring investors and the capital into the game. properly allocated and managed to risk curbs irrational behavior that can have devastating consequences. it's really not that hard to figure out. and fortunately there are powerful individuals and entities which profit, at least in the short run, from inefficiencies and audacity's, from differen

and that's how i created the firm's first-ever maternity leave policy. >> how about that? that was 1980. secretary of state told the story at this kick-off event for the work life family month and gave birth to chelsea in 1980. >>> what can the two candidates both president obama and mitt romney learn from a president who served way back in the 1800s? the latest issue of "time" magazine says quite a lot. next, we'll discuss the cover story and how lincoln is shaping the 2012 election. trust me, this is new bayer migraine. [ male announcer ] it's the power of aspirin plus more in a triple action formula to relieve your tough migraines. new bayer migraine formula. how they'll live tomorrow. for more than 116 years, ameriprise financial has worked for their clients' futures. helping millions of americans retire on their terms. when they want. where they want. doing what they want. ameriprise. the strength of a leader in retirement planning. the heart of 10,000 advisors working with you one-to-one. together for your future. ♪ just begin with america's favorite soups. bring out

, but by the time i left the firm, the way that other wall street firms are making a lot of their moneyt border on unethical. it's taking a teacher's retirement fund and overcharging them by 5 billion dollars because they don't understand the product. or walking this fine line between betting against your client without telling them about this. liz: which was the quote deal and they settled. >> it was the biggest settlement in history. that was not an isolated example. this type of idea of misleading clients and not telling them your real intentions is still going on today. while the financial media accepps this as just the way wall street works, i would like your viewers to know that this should not be accepted because this affects people through their mutual funds, 401(k)s or their pension funds. i did not write this book or story to hurt goldman sachs so much to try to remind to get it back to what it once was. liz: the day after this op-ed in new york times more than 2 billion in market cap was sliced off the company so it did hurt it. the one thing that jumped out at was the thing

firms. second, we asked for action by congress, or other authority for the agencies to fill in the gaps in the framework established by congress in the original regulatory system to cover parts of the financial system that were not covered and to allow some regulation of the shadow banking system. and third, we ask for a mechanism for implementing an orderly downsizing or unwinding of a failing firm outside of bankruptcy. so the dodd-frank act tried to address issue these requests among others. on the first one, the dodd-frank act provided to banking agencies and other agencies enhanced supervisory authority focused on financial stability. in particular commentary section 165 of the dodd-frank act, which requires more stringent standards to be applied to the large bank holding come any into firms designated as systemically importune by the financial stability oversight council. wcny-tv required enhanced standards in the standards of overrated areas, capital, liquidity, risk management, stres

lehman brothers was a fairly small firm. at least compared to the giant financial firms we have today including jp pore began, bank of america, citigroup and so on. jpmorgan, those three groups vq size of the sizf lehman brothers before it went bankrupt. and this suggests that maybe size isn't the characteristic we ought to be targeting. >> and so what are you saying? >> don't cap the size, what's the alternative if one ask concerned about this too big to fail issue. >> yeah, well, i mean there are some alternatives. one is the alternative that was embodied in the dodd frank act. and was's called the liquidation authority or 9 resolution authority for financial firms. which is designed to be a way to really put them out of existence no matter how big they are without having systemic consequences on the system. now a lot of people, myself included, are concerned that the way that particular authority was designed might not be as effective as we would want it to be. but that sort of approach is a different approach from what m

rights to claim for unfair dismissal they also have to give up their rights to redundancy payoff if the firm goes under and any right to demand flexible hours or time off for training oh this is a terrible plan coming from the slippery snake george osborne first of all they issue all this new stock to give the workers are mainly diluting all the shareholders including the new workers additionally giving away shares now historically at a time when stock markets are trading at their all time highs you know it reminds me oh not too long ago when gordon brown decided to do the nation a favor and sell half the nation's gold at an all time low of two hundred fifty dollars an ounce now years georgie porgie was born coming in and saying oh give employ your rights we'll give you stock at the tip tippy top of a bull market watch the market collapse watch is to lose your shares down to nothing this is the ultimate won't boom i mean this is ancestors are probably in america doing deals with the iroquois well these no. contracts could be extended from april and august board says they will create a new br

the chief executive says the firm aims to lawn. services for smart phones and tablets to boost revenues. some 60% of face book members use mobile devices to access their accounts. >>> mobile users now have more ways to access facebook. apple has unveiled a smaller version of the ipad to fend off its competitors. >> this is ipad --. mini. [ applause ] >> media from across the globe converged on the california product launch. the ipad mini screen measures 7.9 inches, about 20% smaller than the one on their full sized tablet. it weighs half as much. the least expensive model sells for almost $330. about 200 less than the original. apple plans to release the new device next friday in the u.s., europe, and japan. >> we told you earlier this year that you would see some incredible innovation. >> reporter: the firm now has a 70% share in the global market it created with the ipad two years ago. apple's late cofounder steve jobs was reluctant to develop a smaller version. he was concerned customers wouldn't be interested. but executives la

the firm nearly doubled in size this year to 215 employees and counting. there are openings for engineers, social media gurus, merchandisers, salespeople.. videographers, and more. so why, in this weak job market, are there so many open positions? >> there are plenty of people with the right experience, but we have a very specific sort of work hard/play hard culture here that is really right for some people and really not for others. >> reporter: it's not just thrillist that's eager to hire. in this one office building alone, there are half a dozen other tech start-ups in the same situation. zocdoc is a free online service that allows patients to find doctors who accept their insurance and book appointments instantly. they can even fill out medical forms electronically before their visit. in five years, zocdoc has grown to over 300 people. founder and c.e.o. cyrus massoumi wishes there were more. >> the one limiting factor to our growth is finding more great people. so, it's incredibly hard. i spend nearly half my time recruiting. >> reporter: to woo poten

the firm says its kindle ereaders and tablets will debut in the country. the u.s. online retailer announced on wednesday that the ereaders will hit the japanese market next month and the kindle fire tablets in december. the ereaders will cost 8,480 yen or about $106. amazon will introduce a system that lets users buy ebooks online through the tablets of other makers. amazon's top executive told nhk that the firm aims to gain market share by making its device different from its competitors. >> we don't try to make money when we sell the hardware. we have an ongoing relationship with the customer. when they buy content, ebooks, and games, and apps, and music, and so on, we make money then. >> one of japan's business leaders is urging the japanese and chinese governments once again to improve their ties through calm dialogue and diplomatic efforts. japan business federation chairman said on wednesday that the recent conflict over the senkaku islands in the east china sea made bilateral ties worse and it's starting to have a serious effect on business activities and th

morgan bought the firm i don't really think they understood what they were buying that you know they had looked at the firm for a couple of years and made some overtures about possibly buying it so they did know a lot about the firm but you know during that week they were basically given probably a day and a half to evaluate a balance sheet that was four hundred billion dollars large so you know when they bought it i don't think they knew they knew there were some holes in there but i don't think they really understood the degree to which you know they were there right now what they're looking at is you know everything from just falsified securities pools with with bad you know due diligence and and documented bad due diligence you know we have whistleblowers coming out from clayton and some of these other due diligence house is saying that they told bear stearns that the loans that they were buying were really really bad and not informing investors or you know there are some more insidious things that have gone on as well which one of them is the mortgage double dip. scheme that ter

first year associates in law firms make about the same. the women on average choose to work fewer hours than men. full-time is about 35 hours a week. and women work about. many women go in and out of the work force as they have children. and that on average reduces their average earnings. but it doesn't mean they're discriminated against. it doesn't mean that if you take two women and two men in the same job they don't end the same. they do. >> what is the paycheck fairness act, do you think it's necessary. >> the paycheck fairness act was up again voting in congress. it failed. there was a failed when -- it would require firms to report to the government the women they have on their payroll, the men they have on the payroll, how much they pay both groups, that's an attempt of the government to troy to equalize pay between groups of men and women. rather than as the law holds right now men and women in the come rabble job. they try to set equal pay for equal. which are two different things. there's no reason why groups of women and groups

the mutual fund firm says the changes will lead to shareholder savings. in january, 16 u.s.stock and balanced funds, including vanguard's largest index fund, the total stock market fund, will follow benchmarks developed by the university of chicago. six vanguard international stock funds will stop following benchmarks from msci and switch to indices operated by the ftse group based in london. >> susie: just in time for the holiday selling season, samsung can sell its galaxy tablet again in the u.s. a california federal court lifted the sales ban late yesterday. in june, a judge temporarily stopped galaxy sales as samsung and apple fought a patent case in court. in august a jury ruled the south korean company's tablet computer did not infringe on apple's patents. the galaxy 10.1 is an older model, but analysts say it still could deliver big sales for samsung over the holidays. now, what do apple, coca-cola, and ibm have in common? each earned the top three spots on interbrand's annual best global brands list. coca-cola is holding steady at number one for the 12th year in a ro

the firm started selling it in august last year in 14 countries. it costs 20% more than a standard tv but has sold three times as many. they will also release an air conditioner with a function to help prevent the spread of malaria. the model goes on sale at the end of november. >> translator: we plan to expand our lineup of products customized for the african market and increase our brand value. we want to keep working hard so that we can win a competitive share. >> the global economic slowdown has decreased south korean exports. the government along with corporations aimed to revitalize the economy by expanding business in africa. that wraps up today's report from seoul. back to tokyo. >>> the head of the japan international corporation says his agency will help improve the investment environment in iraq and assure more japanese firms can do business in the country. the president met iraq's prime minister through his first visit to the country and told the minister japanese companies are concerned about the risks of doing business in iraq. they i

the county trailing surrounding counties and high-tech firms. according to a 2009 report from the maryland department of planning, montgomery county has 4400 high-tech firms. baltimore 1700. howard county 1600. and prince george's, an estimated 1400. >> it's become a really good location. >> vocus has called prince george's home since 1992 and moved into this 93,000 square foot warehouse in beltsville last year. >> the reason we started here was, he was halfway between where we both lived. that's what brought us here. but what's kept us here is it's really a great area, provides attraction to a lot of employees. >> there are 700 employees in this building. 100 live in prince george's. the median income here at $70,000. ceo rick rudman says fewer high-tech jobs in the county is actually good for him. >> we get too many other big high-tech companies who want to compete with them, for employees, so for us, it's kind of nice right now being one of the largest, fastest growing tech companies in this area. >> the plans for this year was to hire 500 ne

his firm is a structural engineering firm, but he has been a part of many of our local nonprofits to have their projects successful in the past 20 years. i know rodrigo is a stronger performer. he is an advocate on behalf of students and he is committed to our city college and it will not lose its accreditation with rodrigo's help. [applause] for these reasons, i am presenting to you, rodrigo, as a great asset to our city college, and i want to thank him for stepping up and accepting this appointment at a time when we really need reform. thank you to you, jenny, and the two kids for supporting you as well. it is most important than ever before that we do whatever it takes to get our city college back on its feet, for the sake of current and future city college students, for their families, and for all our city residents. it is a critical institution and we are preparing our residents to compete, not just to get the degrees, not just to get the job, but as a city, we need a city college that will help us compete with all the other international cities of the world, and it happens righ

this firm -- we have a lot of long standing firms here. more than 100 years in oakland. continues to be a leader here and throughout the bay area. attorneys have played a role in many construction projects, commercial and residential development and business deals that have helped shape this community. they remind you of the importance of having a complete set of legal tools at your disposal, and the firm hit -- helps a bay area leaders litigation across multiple disciplines. land use, environmental, corporate, i.t., technology, bankruptcy, estate planning -- you got it, they are there for you. thank you. many thanks to our partner in associations to help promote this event. san francisco chamber of commerce, san francisco's center for economic development, oakland metropolitan chamber of commerce, spur, emeryville chamber of commerce, and east bay eba. thank you for partnering with us. i know i will miss some of you, but let me extend a welcome to the public officials that i have been alerted are here. from the city of san francisco, the director of the mta, the executi

was a fraction of what it had been worth you know the reality is though that the collapse of this firm had started long before that week. bear was basically number two in the subprime mortgage business it was forty five percent of their net revenues that the company and really had gotten so outsized that nobody really had a handle on what was going on in that business a bear had a reputation for being a very siloed management culture and by the time the bottom started falling out of the market you know it was way too late for them to do anything about it and at the end of that week in march of two thousand and eight tim geithner and hank paulson had engineered a shotgun marriage with j.p. morgan chase to buy the company along with a taxpayer guarantee for thirty billion dollars for it for any losses that they might incur up to that amount after the purchase although the company was eventually sold for ten dollars a share not to you know a year before it was one hundred seventy dollars per share so a lot of employees lost their life savings as well as their jobs we're talking about tens