institution. the measures taken to improve the fdic supervision and processes. before i began, allow me to briefly introduce myself. i am john corston, acting deputy director of the complex financial institutions branch. part of my duties are to oversee large institution programs. the fbi statuette started to resolve depository a institution is governed by the improvement act of 1991. it requires the fdic is the least costly resolution method and to minimize expenditures from the depository insurance fund. the lease cost test ends all are examples that cost analysis based on the best available information at the time. it includes an exemption to the least cost requirement for certain extraordinary circumstances under the systemic risk exception that was described by mr. alvarez. in the case of wachovia, a severe time constraints and limited available information significantly limited the ability of the fdic to develop resolution options. the ftse fell that a rapid failure of wachovia could have lo

institution. the measures taken to improve the fdic supervision and processes. before i began, allow me to briefly introduce myself. i am john corston, acting deputy director of the complex financial institutions branch. part of my duties are to oversee large institution programs. the fbi statuette started to resolve depository a institution is governed by the improvement act of 1991. it requires the fdic is the least costly resolution method and to minimize expenditures from the depository insurance fund. the lease cost test ends all are examples that cost analysis based on the best available information at the time. it includes an exemption to the least cost requirement for certain extraordinary circumstances under the systemic risk exception that was described by mr. alvarez. in the case of wachovia, a severe time constraints and limited available information significantly limited the ability of the fdic to develop resolution options. the ftse fell that a rapid failure of wachovia could have lo

that the institution should have had. the regulatory burden is important to watch. this is something that agencies need to be mindful of, particularly as it relates to a small institution. i think that our resolve was weakened at other institutions which was a mistake. >> i would like to place in the record the transcript of the interview with our staff from mr. alvarez on march 23rd, 2010. >> thank you. >> thank you for coming in and thank you for your service to our country over many years, especially through the difficult times. we have not discussed the decision to rescue bear stearns. this was the original sin because everything changed after they were rescued. another thing is, participants in the market thought that all large firms would be rescued. hough companies probably did not believe they had to raise as much capital as they might need it because they probably did not have to dilute their shareholders because the government would rescue them hom. to the reserve fund did not think they had to eliminate the com

a bigger and more complex institution to unwind. i don't see any documents or discussion along the wave about legal bars or government analysis of a shortage of collateral and i see mr. alvarez's position in march of 2009, saying the fed has wide latitude in terms of how it defines collateral. my real question for you, what was the mix of policy considerations? i understand because i've been in transactions on the private side and the public side, that there will shall legal barriers, obstacles that have to be respected, but it doesn't look as though that cut this discussion off. what were the biggest considerations, would you have saved lehman, if you had the legal authority, but in rolling up to that decision, trying to determine were they too big to fail, not too big to fail, you've already said that you thought it had significant disasterrous consequences, what were the things you were trying to weigh, the decision-making factors. >> i can only speak for myself. i don't know everybody's review on that. first of all, there was, o

fewer institutions, larger scale.and there be a challenge of political will for regulators to be as tough as they need to be. it seems to me there was and is in the company in question and that is one of resources. and adjusting resources in sheer numbers. i mean, let's be blunt about it. a lot of the wall street guys are likely spades. they're hard to catch. and you know, there's many new products. sometimes even call it innovation. as you noted, that may be a kind word in many respects. and i guess my question as to what extent was the kind of mismatch here a problem and both will be the future? and i don't just mean come you know, there's been a damning nation of the ethos of public service. it's been growing compensation deaths. in the public arena as we all know it's no picnic. and i guess my question is, what is your confidence level that we can chart resources. i saw almost no debate during dodd-frank of the talent level you need to be able to have effect of oversight. and to what extent was not a problem and w

fewer institutions, larger scale.and there be a challenge of political will for regulators to be as tough as they need to be. it seems to me there was and is in the company in question and that is one of resources. and adjusting resources in sheer numbers. i mean, let's be blunt about it. a lot of the wall street guys are likely spades. they're hard to catch. and you know, there's many new products. sometimes even call it innovation. as you noted, that may be a kind word in many respects. and i guess my question as to what extent was the kind of mismatch here a problem and both will be the future? and i don't just mean come you know, there's been a damning nation of the ethos of public service. it's been growing compensation deaths. in the public arena as we all know it's no picnic. and i guess my question is, what is your confidence level that we can chart resources. i saw almost no debate during dodd-frank of the talent level you need to be able to have effect of oversight. and to what extent was not a problem and w

in the private sector, the management of complex management institutions. as you may have alreadyapplicats crisis and what i have been calling in economic science -- that his basic economic research and analysis. i will provide a few examples of how economic principles and basic research, rather than having misled us, have significantly enhance o understanding of the crisis and are informing the regulatory response. the crisis did reveal some gaps in economists acknowledge that should be remedied. the financial crisis represented an enormously complex set of interactions, indeed, a discussion and ball abilities in the financial system and financial regulations that allow the crisis to have such devastating effects will more than fill my time this afternoon. the complexity of our financial syst and the resulting difficulties of predicting relevanc in one financial markets and how it affects one system as a whole part -- presents challenges. in retrospect, economic principles and research are quite useful for understanding key aspects of the crisis and for de

those institutions were institutions that couldn't find credit elsewhere. so we're talking about extraordinary situations, borrowers who can't get credit. >> i'm sorry to interrupt, but in lehman we did have enough room that couldn't get credit elsewhere. so, why was it excluded under 13-3, when the whole idea is to provide the quiddity to solvent institutions? >> this may be a long answer. it was not lehman's -- broker-dealer was not excluded under 13-3 because it was eligible to borrow at the term securities lending facility. >> i'm not talking about the broker-dealer. we focus only on the holding company. >> with respect to the hlding company, a couple things would need to happen. we'd need a new finding by the board of governors under section 13-3 that authorize the federal reserve to land to the holding company. it never happened. that resolution was never promulgated by the board. it was never promulgated by the board. >> yes, i'm sorry, for reasons -- that's my question. >> we were getting into early that would've been alone a bridge to nowhere and i

. >> at the world renown culinary institute of america, trainee chefs who are learning their craft in 6 cooking and baking suites are taught several things, including the fact that their day often starts early-- like 5:00 in the morning early. even before the rooster crowed, karl diehn was feeding chickens at the institute's 1.5-acre student-run farm in st. helena, 2 hours north of san francisco. >> make sure they have plenty of water. we usually change it twice, at least twice a day. >> then it's time to harvest the potatoes he planted a few months ago. >> last year, we had a lot of different crops, but we didn't have potatoes. so this season, it was definitely something that i wanted to try. >> he came to the institute from the east coast hoping to become a chef, never realizing he'd end up laboring on a farm, learning first-hand all about farming and growing local produce like squash. these colorful blossoms are harvested as well, even if they're not fully open. >> we have a dish which--it's a squash blossom risotto, and with the open ones, we just kind of stir it into the risotto

fewer institutions, larger scale.and there be a challenge of political will for regulators to be as tough as they need to be. it seems to me there was and is in the company in question and that is one of resources. and adjusting resources in sheer numbers. i mean, let's be blunt about it. a lot of the wall street guys are likely spades. they're hard to catch. and you know, there's many new products. sometimes even call it innovation. as you noted, that may be a kind word in many respects. and i guess my question as to what extent was the kind of mismatch here a problem and both will be the future? and i don't just mean come you know, there's been a damning nation of the ethos of public service. it's been growing compensation deaths. in the public arena as we all know it's no picnic. and i guess my question is, what is your confidence level that we can chart resources. i saw almost no debate during dodd-frank of the talent level you need to be able to have effect of oversight. and to what extent was not a problem and w

three hundred sixty kilometers to the southwest of the institute in krasnoyarsk. we have now reached the needed level about fourteen minutes this where oxygen is replaced by hydrogen sulfide only specific species of bacteria are able to leave under such conditions. basically as a compact of the ancient biosphere out of. the first billion was no oxygen. and the water was saturated with carbon dioxide hydrogen sulfide would we do the impact analysis for various friends is the key then apply the trends to there was a habit to. do similar lakes elsewhere but. most of us saw it the underlying principles of trends are the same. not far from sharon how casias lake should net a smaller but perhaps even more peculiar body of water and another focus for the biophysicist study. salinity is as low as half that of ocean water that can reach double average oceanic salinity for that reason it's home to a very very simple spectrum of biological diversity a short in food chain with tiny crustaceans at the top it's also a merrill mcpeak lake meaning that while most lakes frequently

let's remember that nearly all of the major financial institutions that failed were regulated institutions. let's also remember that the regulators failed to use their already broad authorities to take the necessary steps to prevent the crisis. and finally, let's remember that conflicting agency rulesed -- rules created opportunity for regulatory ash taje. by ignoring these failures and adding another level of bure crass to -- bureaucracy to our already cumbersome structure, dodd-frank could potentially create an even more complex and dysfunctional system. for example, dodd-frank instructed the s.e.c. and the cftc to jointly devise rules on derivatives. in doing so, the legislation intensifies the decades-long turf battle between the two agencies that we are quite familiar with. this likely ensures that the final rules will be more about protecting bureaucratic fiefdoms than protecting the overall financial system, thus rather than addressing the regulatory arbitrage derivatives we know a.i.g. exploited, this bill exacerbates the problem. additional-l by delegating the major policy decisio

and second, their own connection to their own institution and government so they can get things done. >> envoys do no better than anybody else if they're not backed up and supported. we've had several of those recently in the middle east all who have passed from close memory. >> the danger of, of having only special envoys is that you get mixed signals, ah, you, you get wires crossed. but at the end of the day, i think that's a risk worth taking. >> michael, you've talked about some of the negative aspects or perceived negative aspects of special envoys. it strikes me as a little bit of a tempest in a teapot. people who are watching might be saying, "who cares whether it's the secretary of state or whether it's a special envoy?" but there are distinctions as you, as you mentioned. is it a tempest in a teapot or is it a significant difference whether you appoint someone special to do some diplomacy, or whether you rely on the institutional, ah, arrangements for doing that? >> well, one of president obama's envoys, ah, once said to me, "an envoy is not an answer, an envoy is just an ins

. >> rose: on nongovernment institutions. >> nongovernment institutions, understanding that they support a vibrant and healthy and strong community up there. and that the state doesn't have all the answers. now the state is very important. and no one is suggesting, for example that we shouldn't in britain have tax-fair funded health care, tax fair funded education, welfare to work schemes. you know, as one 6 the classic functions of government like law and ford. but we are saying that there is space also for community institutions, for societal institutions as well. and that's what we mean. and it is divi think from the message of, for example, margaret thatcher's period in office where the focus was the famously on there is no such thing as society, it's the individual. and i think conservative thinking in britain has moved on from that period. and the big society encapsulates that. >> rose: and ronald reagan's philosophy was government is not the solution, it's the problem. >> and you see, i wouldn't say that. i would say that government can be part of the solution. but it can't be the

institution, and the law. with associate justice of the supreme court stephen breyer. >> if you are going to decide under law, that means people called judges will make these decisions. in difficult case of interpretation, on the borders. all right. they'll make mistakes sometimes. so you have to decide you're going to support an institution that will do things that are sometimes very unpopular. you have to decide that. i have to decide that. very unpopular. and sometimes the judges will be wrong. and are are you prepared to do that. and what i want to show people in this book is why they might be prepared to do it. and that's, i tell some stories. and i try to explain how these decisions, many of them, current how they look through my eyes. i can't say i have the secret. i can say this is how i approach different areas and try to decide them. and i don't call it politics. and i don't call it just doing the good. and i certainly don't call it deciding everything on the basis of some historical fact though hist

three hundred sixty kilometers to the southwest of the institute in krasnoyarsk. we have now reached the needed level about fourteen minutes this where oxygen is replaced by hydrogen sulfide only specific species of bacteria are able to leave under such conditions. basically as a compact of the ancient bias feel. during the first billion was no oxygen. and the water was saturated with carbon dioxide hydrogen sulfide. we do the impact analysis for various trying to is. then apply the trends to other was a habit to. be able to simulate say elsewhere but. most of us saw it the underlying principles and trends of the same. way. that a small but perhaps even more peculiar body of water and another focus for the bio physicist study. half that of ocean water that can reach double average oceanic salinity and it's home to a very very simple spectrum of biological diversity a short chain with tiny stations at the top. meaning that while most lakes frequently undergo physical layers. to spend it in place leaving oxygen depleted like we witness below the surface of. to study

three hundred sixty kilometers to the southwest of the institute in krasnoyarsk. we have now reached the needed level about fourteen minutes this where oxygen is replaced by hydrogen sulfide only specific species of bacteria are able to leave under such conditions. basically as a compact of the ancient biosphere out of. the first billion was no oxygen. and the water was saturated with carbon dioxide the hydrogen sulfide would we do the impact analysis for various trying to is. then apply the trends to the water habit to. do similar lakes elsewhere but. most of us saw it the underlying principles and trends of the same. a small. body of water and another focus for the bio physicist study. half that of ocean water can reach. it's home to a very very simple spectrum of biological diversity a short chain with tiny. physical layers. to spend it in place oxygen depleted. the surface of. to study the make up of the each of the lakes fine layers the crescent team developed their own patented hydraulic sampler with the ability to collect specimens at intervals of just five

please try to teach the next generations something about how our institutions work. and that is how we preserve what we have. which isn't so bad. >> rose: how do you think americans should approach this question of where they are goinging to locate the mosque in a constitutional framework. >> in a constitutional framework, the constitution, most people have said that this is, you know, everybody seems to be saying this is a constitutional right and so forth. and there is something we hope that will approach that as americans are when they're at their best. they say i want to know the facts. i want to know the facts. and i want to know the arguments. and i want to think about a little dispassionately. and the more emotion there is on different sides, the more it helps to be a little dispassionate to learn the facts. and to try to decide accordingly. >> rose: and that's-- courts too. >> oh, certainly,. >> rose: there is a dispassionate look at the facts. >> that think and try to think these things through, the more the emotion, the more it becomes important not to deci

numerous scholars, the brookings institution. the reality is, we have to bring back some of the spending commitments or we need to tap into a broader base of taxpayers. host: this had blinded in "the wall street journal" -- this headline in "the wall street journal" -- guest: this is a striking trend. this is the dilemma that we face. the entitlement spending is slated to grow dramatically. medicaid is a big part of that. realistically, we have to be examined those spending commitments or recognize there will have to be a broad foundation from which we pay those things. the president's approach, only increasing taxes on the top 3%, have half of the country not pay income tax, that is not a viable approach, going forward. at some point, we will face the reality on this and say, we need to reexamine the spending or we need to tax more broadly. how long it takes for that to happen, and how high the top marginal rates have gone, how much damage there will be, is yet to be seen. host: dee dee insane roberts, missouri. you disagree wit

national captioning institute --www.ncicap.org-- bob ehrlich pretends to be for the working guy... but he's not on our side. i thought i knew bob ehrlich, but then i found out... he raised property taxes on every maryland family... and business. he increased college tuition... by 40%. 40%. and i thought i knew bob ehrlich. he was against raising the minimum wage. made $2.5 million... working for a lobbying firm. $2.5 million? he's not really on my side. with this tough economy, we really need a governor on our side. es tax on everything you buy? that's in andy harris' unfair tax plan. 23% sales tax. a 23% sales tax will cut my business in half. would be devastating. andy harris' 23% sales tax absolutely makes no sense. 23% sales tax would really make things unaffordable. that's too high for the average american out here. i don't know how we would manage it really. don't like that idea. we can't afford andy harris' idea. i'm frank kratovil and i approve this message.

remains the singlemost important global institutions. we are constantly reminded of its value. the security council enacting sanctions against eye rnbs and north korea, -- iran and north korea, peacekeepers patrolling the streets of monrovia and port-au-prince. and most presently, the u.n. general assembly establishing a new entity called u.n. women, expanding opportunities for women and girls and tackle the violence and discrimination they face, but we are also constantly reminded of its limitations. it is difficult, as many of you in this audience know, for the u.n.'s 192 member states, to achieve consensus on institutional reform, including and especially reforming the security council. we believe the united states has to play a role in reforming the u.n., an we favor security council reform that enhances the u.n.'s overall performance and effectiveness and efficiency and we equally and strongly support operational reforms that enable u.n. field missions to deploy more rapidly with adequate numbers of well equipped and well trained troops and police, and with the quality of

what can be done by other institutions and what institutions are best suited to the task? three, what role can self-help play in narrowing the gap or is that discussion a counterproductive exercise in blaming the victim? four, assuming self-help is an important part of the equation, how is that properly fostered and supported or can it be? now, with regard to the role of public policy, i asked the panelists to consider an additional question, have some government programs unintentionally contributed to racial disparities or the maintenance of racial disparities that existed. and there was a previous discussion and i suppose one subquestion that falls in that category is that even if government policies play an unintended role in maintaining or contributing to disparities, are they necessarily part of the cure? . law school where she teaches social welfare, law and policies and remedies and has taught several other law school subjects. previous to that she received a medical degrees in harvard medical school and trained in the early 1980's. as impressive as that is, i might

spa-- [captioning performed by national captioning institute] [captions copyright national cable satellite corp. 2010] >> secretary of state clinton gave a wide-ranging foreign policy address discussing the nuclear programs in iran and north korea and her trip to a truce slum and at the palace -- to jerusalem and the palestinian territories. this is just over an hour. . . pan 2. >> as a reminder to one and all, the meeting is on t you nothose of familiar, we are an independent membership organization. we are a think tank and publisher. we are dedicated to increasing understanding of the world and policy changes facing the united states. we are gathered at a critical time. the last american combat troops were unjust withdrawn from iraq. 100,000 troops are helping to stabilize afghanistan. we are in the early days of the israeli-palestinian peace talks. we contend with the growing threat posed by the iranian and north korea and nuclear programs. we face climate change that defines this era and it will set up a flow of -- a set of global arrangements. there are a number of countries that have

to underpin their development to democratic institutions as an outstanding american soft zoologist i'm sorry not let's said one third to richard the nation should be higher its chances for sustainable democracy comic foundation a free society everybody. is underpinned not only by admissions of labor market principles arbitron introduce new inventions and hansen while it's live and the increasing incomes of the bold and society. there is a very specific dimension to that out prosperity. potential our ability to respond to the most difficult challenges and the anomalous heat. which hadn't actually this year made it obvious that only new technologies make it possible to overcome nitrile disastrous only new technologies with a full full engagement of people because it cannot be used without this engagement and help a friend public is of great need i would like to thank you mr bell is going to miss to lehman which all that help. he's now going to be telling republican subject of korea in the time of need for a sham or among washington the most important political territory of the poem of ge

are they coping with the global crisis we will be asking mr gregorio who is the president of the institute for energy and finance. investment forum sorts of two thousand and ten will be looking at some of the issues facing investors in russia they'll be particularly looking at the role of the state in markets regulation one of the russian think tanks he's trying to promote the free market within the country but some russian businessman argue that investors would profit from stronger state interference so the meeting in sochi will be exploring ways to square the circle. to go to thank you very much for being with us thank you thank you for coming to the studio first first of all let's compare today's forum and the two previous forums the the two thousand and ten forum is taking place when the russian economy is showing signs. recovery of course i don't like i like the fair last year especially and the one before that what does it mean in terms of the number of potential investors. or are sure our trucks investment of two cards direct and portfolio and since we are coming out of crisis we ar

the conflict between israelis and arabs is as old as this institution. and we can come back here next year, as we have for the last 60 years, and make long speeches about it. we can read familiar lists of grievances. we can table the same resolutions. we can further empower the forces of rejectionism and hate. and we can waste more time by carrying forward an argument that will not help a single israeli or palestinian child achieve a better life. we can do that. or, we can say that this time will be different -- that this time we will not let terror, or turbulence, or posturing, or petty politics stand in the way. this time, we will think not of ourselves, but of the young girl in gaza who wants to have no ceiling on her dreams, or the young boy in sderot who wants to sleep without the nightmare of rocket fire. this time, we should draw upon the teachings of tolerance that lie at the heart of three great religions that see jerusalem's soil as sacred. this time we should reach for what's best within ourselves. if we do, when we come back here next year, w