and that's what it's like to be an l.p. because the dynamic you describe is an unsettling long-term dynamic for long-term ecosystem health. >> but why is it happening? i know that -- on the one hand it did seem like startups were raising funding every six months or so. but critics including gil gurley who i spoke with very recently said these guys are racing back to their investors before their paper gains disappear. is that -- do you think there's -- that's -- >> that's a really important point. because right now, a lot of venture funds are looking amazing on paper. right? and in fact, one thing that's a pet peeve of mine is i get emails every day that say our fund is marked at whatever and somebody said to me the other day we had a bunch of markups. so our fund is at a 3-x cash on cash. no. it's paper on cash. and there's this moment, when i was doing public market stuff before business school we always talked about that you get -- the pit in your stop being a when a trade turns into an investment. something went bad and

until december 31, 2017, between the city and county of san francisco and potrero housing associates i, l.p., a california limited partnership; adopting findings that the conveyance is consistent with the general plan, and the eight priority policies of planning code, section 101.1; and authorizing and directing the execution of any documents necessary to implement this resolution, as defined herein. >>roll call vote please. >>[roll call vote] >>there are 11 ayes. >>the resolution is adopted unanimously. okay mme. clerk let's go to item number 33. >>item 33 is ayeeresolution retroactively authorizing the san francisco children and families commission to accept and expend an increase to the grant from the united states department of education through the california department of education in the amount of $300,000 for a total of $2,020,560 for support of an early learning quality improvement system for the period of july 1, 2012, through june 30, 2016. >>colleagues, can we take this item same house same call? without objection the resolution is adopted unanimously. item 34 please. >> item 34

until december 31, 2017, between the city and county of san francisco and potrero housing associates i, l.p., a california limited partnership; adopting findings that the conveyance is consistent with the general plan, and the eight priority policies of planning code, section 101.1; and authorizing and directing the execution of any documents necessary to implement this resolution, as defined herein. >>roll call vote please. >>[roll call vote] >>there are 11 >>the resolution is adopted unanimously. okay mme. clerk let's go to item number 33. >>item 33 is ayeeresolution retroactively authorizing the san francisco children and families commission to accept and expend an increase to the grant from the united states department of education through the california department of education in the amount of $300,000 for a total of $2,020,560 for support of an early learning quality improvement system for the period of july 1, 2012, through june 30, 2016. >>colleagues, can we take this item same house same call? without objection the resolution is adopted unanimously. item 34 please. >> item 34 is ar

banks like morgan stanley and citi group as well as bloomberg l.p.over the long-term this could all boost the economy, and these fortunes could come back, but the domestic uk financial insurance companies all these guys could benefit if those big global banks pack up and move to europe and it becomes a more domestic focused industry. but so far this has proven expensive to them not just on what they spent on the campaign, but now what it's shaved from their fortunes. >> robert, thank you very much. robert frank. >>> two hours left in the trading day now at 2:00 p.m. in the east. another big selloff underway on wall street. let's look at where the dow sits right now down 276 points, off the lows of the day but certainly not showing any signs of jumping back up off the canvas. 1728 we find the dow. the nasdaq off 2.3% at 4597. the russell 2000, the biggest drop coming in those small cap shares off more than 3%. generally those small cap stocks have less global exposure. financial stocks hit hard again, goldman sachs, j.p. morgan among big losers there

until december 31, 2017, between the city and county of san francisco and potrero housing associates i, l.p., a california limited partnership; adopting findings that the conveyance is consistent with the general plan, and the eight priority policies of planning code, section 101.1; and authorizing and directing the execution of any documents necessary to implement this resolution, as defined herein. >>roll call vote please. >>[roll call vote] >>there are 11 ayes. >>the resolution is adopted unanimously. okay mme. clerk let's go to item number 33. >>item 33 is ayeeresolution retroactively authorizing the san francisco children and families commission to accept and expend an increase to the grant from the united states department of education through the california department of education in the amount of $300,000 for a total of $2,020,560 for support of an early learning quality improvement system for the period of july 1, 2012, through june 30, 2016. >>colleagues, can we take this item same house same call? without objection the resolution is adopted unanimously. item 34 please. >> item 34