thank you. >> francis gorman. mr. chairman, that's the last person who has turned in a speaker card. if there is anybody else who wishes to speak, you could please turn in a speaker card. >>> okay, thank you very much. i have been a tour guide in san francisco for the last 15 years. i am a member of the san francisco tour guide guild, but i'm not speaking on their behalf because we are all independent. however, i had done walking tours in north beach, so, i'm familiar with that and they've been my most successful people. love the area. as a matter of fact, [speaker not understood] has been a lovely stop there. but i haven't gone through that neighborhood, but i can imagine what she's going through. whenever you open a magazine and the san francisco travel is promoting the city, they're promoting all our neighborhoods. i also conduct tours for folks in motor coach to get from one side of the city to the other. please keep in mind that columbus avenue is a major artery. when i take us around the city and i need to move

daniel liss and peter gorman who is a psychologist by training and shared with the important departments at the university of chicago before he took the shot of a couple years ago. >> is it coincidental uses direct consignment was that on purpose? >> he has a personal passion for the school because of his family connections. >> i can come in the american university, or who runs the? >> faculty air missile easterners. the vast majority of students. >> is it associated with religion, another school? >> is deliberately secular nonsectarian. >> what does it cost to go their four-year? >> i have no idea. >> what would it cost and reverend bliss this day. >> i don't thought that either come over 10 and open a store not offspring and delete, but to people of all ethnicities, classes and that's its appeal, it's mary. >> how is it viewed in the middle east and how is it the reverend bliss opened it? >> all-star with the chronologically earlier one first. there's a lot of suspicion when the school opened in the 1860s. this is run by christian missionaries, americans who didn't have very deep roots

gorman, he sees the stock trading at .58 times price to book and this is a place where this is significant a company that is struggling with its old business model. so, this makes sense. i would call it possible fast. >> okay. karen? >> well, creative on a book basis, wouldn't shock me if they did. but i have to think bank of america would submit. >> buy-back, okay. mike, in the options world, sometimes stocks you can see a dividend being priced in. are you seeing any of that sort of action within the banks? well, i think we continue to see some optimism for share prices. maybe not as much speculation on dividends as we had in the past. and one of the reasons is that the expectation in the past was always that you would see regular dividends and now we see so much activity going on with special dividends and the options adjust options for that. so, i think it has a lot of options a little bit perplexed on how to play it best. we saw a lot of activity going into a couple of months ago, but now, we're seeing less of that and now, instead, it's mostly just bullish bets, hoping for something t

remember james gorman writes a letters to his employees giving them a link, go scream at your congressman representatives. it's coming up. >> you wonder at what point this becomes a crutch, an excuse for companies to miss estimates on earnings. the way many retailers will say, the weather it kept people away from the. movie theaters. the fiscal cliff kept people from buying or service-oriented industries. >> first of all, let's take one sector, defense. very long term projects, right? the defense layoffs right off the bat if we go over the fiscal cliff, 600,000 people work in the defense industries. the top 14 or 15 companies, 600,000. right off the bat, 40,000 jobs get cut. >> i agree. >> those cuts continue into 2013, 2014 because of the nature of these long-term projects. this will ripple through the economy. not just defense. it's going to hit sentiment. it's going to hit -- because it's all layoffs. >> i agree. there will be others that will come through but i think they'll be using it as a crutch at some point as well. you have more coming up next hour. >> we really want to get into

he's the head track and field coach at bishop gorman catholic high school, for 24 years, leading his team to 10 state track and field championships and has helped 150 athletes earn scholarships. he's also been the tyler citizen of the year winning the t.b. butler award. his work towards spanning race and religion and all types of barriers is balanced and listed accomplishments would take all day to read. he has blessed our town, our district, our state, and our country. it is an honor and inspiration to know him and count him as friend. i look forward so to having my friend as visiting chaplain today at noon eastern time when he opens the official part of this session in congress. god bless america and god bless jerome milton. thank you. the speaker pro tempore: the chair recognizes the gentleman from california, mr. mcnerney, for five minutes. mr. north carolina americany: -- mr. mcnerney: this morning i rise about two things i care passionately about. wind energy and veterans. i spent more than 20 years in the wind industry as a technology development engineer. in those days we saw

you heard them speak up last week, and gorman sent and e-mail to two brokers urging them to force congressdo a balancedded approach, stealing a line from president obama. what's interesting about the issues is it looks like wall street is now teaming up with the president, despite the fact they supported mitt romney. they are now teaming up -- >> eating you, crawling back? >> looks like they are forcing -- they are forcing the issue, and, basically, supporting the president's position on this for higher taxes on those upper brackets. little bit of background on tom. he was a senior executive at morgan stanley in a very big democratic operative, a senioo executive, then to be hillary clinton's number two of secretary of state, and rumored, rumor, it's in the wall street washington nexus, that if jack lew is treasury secretary, highly likely if you read the tea leaves, he gets jack's job as the chief of staff. interesting meeting. this guy is a key player in the obama administration. you know, there's lots of taj about coming back to wall street. he likes it down there, and he likes working

. >> isn't that the business that james gorman has taken this company into? >> yes. it's like citi.. the business has changed. i think in this environment, do you want to own that retail business? what do you think the net gross margins are at smith barney? >> it's impossible to say. >> they don't tell you. and i don't know that it's that profitable of a business. i know a lot of f.a.'s as you do, that business is under a lot of pressure. the big houses keep coming back to them, raising the minimums, taking economics out and what they're really telling you is unless you're a 5 million or 10 million dollar client they don't want you. >> where are you in the housing market vis-a-vis the mortgage business? >> well, at carrington we're looking for 5 million, maybe 5.1 million home sales next year. volumes will probably be down. we agree with the mortgage bankers association, simply because the financing wave is going to taper off. the obama administration is talking about refinancing again. i think you're going to see some proposals coming out of there. but the government is 90% of the