or they're union managers, or they're pension fund managers, or they're mutual fund managers. but they themselves are agents running to quarterly returns and liable to lose their job if the market stays irrational. and i don't think our discussion of the interplay between financial markets and financial firms has really understood that fact. >> but i would 100% e agree. i think a big driver in some of this that has not been examined to the extent that it has is this sort of institutionalization of our retirement system where there are all sorts of governance failings in the pension fund industry that lead to that short termism. i do want to ask what i think is sort of a macro question given that part of the title of the book is fail or failure. um, i depress i want to ask -- i guess i want to ask, we repeatedly see places like citibank where we've bailed it out three times so far. so the economists in there; you know, wants to ask the question are we being overly optimistic thinking that firms are going to be able to change their culture to one that discuss encourage that disp

fund managers?> we actually put together an index for the first time which shows 66 or 67 women managers, and as you said it showed that they outperformed their male counterparts by 6.6 percentage points through september of 2012. >> now i know some of this is a generalization. you know, you hear a lot about women versus men, and some people like to say women are a little more conservative, and they are longer-term thinking. some of that is a generalization, but what would you attribute to this? what do you attribute that we are looking at these numbers, that women are better manageers? >> two things that we noted as part of the report. firstly a lot of psychological evidence that women tend to be slightly risk averse and looking at the market and the volatility, it very well may be women, if true, slightly less risk averse may be better managers. and secondly, women managers have a tendency to run smaller pools of capital so it may as well be that their ability to be in and out of the markets are m

>> what's ahead, sue, is three more managers. fixed income manager of the year.lternative strategies manager of the year. we will find out what that means. and asset allocator of the year. let me welcome them back to the stage. when we come back, morningstar manager of the year awards. . male announcer ] this is karen and jeremiah. they don't know it yet, but they're gonna fall in love, get married, have a couple of kids, [ children laughing ] move to the country, and live a long, happy life together where they almost never fight about money. [ dog barks ] because right after they get married, they'll find some retirement people who are paid on salary, not commission. they'll get straightforward guidance and be able to focus on other things, like each other, which isn't rocket science. it's just common sense. from td ameritrade. humans -- sometimes life trips us up. and sometimes we trip ourselves up. but that's okay. at liberty mutual insurance, we can untrip you as you go through your life with personalized policies and discounts when you need them most. just c

that does not happen without incredibly good management, personnel management and i.t. systems to make it work. harlan kelly is responsible for all of that. [applause] >> good afternoon. first, i would like to thank spur and mfac for this prestigious award. also, ed harrington for nominating me. also, a special thanks to my family. mason, kelly, tray, my wife, naomi, my sister joy, and my mother-in-law. they have been supporting me for a long time. behind this individual all board, there's a team of people that are responsible for making things happen. just for a moment, i want the puc to raise their hand and give a shout. we have a lot of folks who really committed in making the systems wwork. again, we have billions of dollars that we are entrusted with delivering in a timely way, which needs to be within budget. systems like this will really elevate and make it really transparent that we are delivering these programs in a very conscious and deliberate way so we can save the ratepayers' money. with that, i just want to thank you guys for this award. thank you. [applau

of emergency management calls for service. so quickly to acknowledge that none of this would be done without the work of the justis and the justis council. they worked around the clock when the servers were down. the justis governance council participants -- they attend every one of our council meetings and provide valuable guidance and recommendations from the police department i will acknowledge susan -- andrew and rodrigo castillo. at this time if you have any questions? >> thank you very much, this is an important part of the puzzle with the justis ringing together information of the law-enforcement, district attorney's office and the support network understand and have an idea what the statistics are. this is incredible. thank you so much for your efforts. >> thank you. >> commissioner turman: the fiscal year data on the mock-up goes back to 2010. does your data go back further than that? >> it goes back further than that. there is data going further back. >> within your portal? >> the data does exist; we just did not sho

. >> new data showing managed funds. plus the one thing that has him worried more than anything else. >>> also stand by for two huge exclusive interviews heading your way. intercontinental exchange ceo jeffrey sprecher and then preet bharara will be with us as well. >>> we've got a market at the highs of the afternoon with a gain of 25 points on the industrial average. a big boat load of bank earnings coming this week. waiting to see what it was. nasdaq negative as we approach the final stretch now. all of the best levels of the afternoon. it's been negative. s&p 500 looks like this. it's a similar chart pattern. even though we're still in the negative column for the standard & poor's. >>> to the top story. is dell being boughtout? john? >> a report today said several banks have been contacted on the possibility of taking dell private. that accepted the stock up more than 11% with a market cap just shy of $20 billion. this would be an enormous deal. the underlying issue here, the pc ecosystem. dell was the poster child f

we also note on the bottom of page 5, that the management fees or the management costs of the japan center garage corporation of $319,000 in '13-14 is 11.4% of the expenditure budget of about $2.8 million. and the sfmta has explained that these management costs allocated to the japan center garage of 11.4% to the next item of the sutter stockton garage are significantly higher because the uptown parking corporation's management costs are distributed between the sutter stockton garage and the union square garage as the union square garage as you know is not before you. as it they have two garages there some economy efficiency there. one. and secondly, it is reported that the japan center garage corporation with its validation program is a more complex operation. so for that reason, the 11% in this first item significantly is the 2.8% in the second item. we also point out on page 6 of our report on june 9th, 2011 the controller's office issued a report that "leasing garages to non-profit corporations is unnecessarily costly to the city." so given the controller's june 9th, 2011 report findin

[applause] if i could say one more thing about management. you have to have a vision to know where you want to go. you have to the goals to figure out if you are accomplishing something or not. without good management, that all tends to fall by the wayside. to paraphrase an old song, without good government, it is like sitting in a rocking chair. it keeps you moving, but you go nowhere. with that, i want to thank spur and mfac. it is so important to recognize the people in the city that are so good and so creative and reward them and celebrate that good management. keep moving the city forward, folks. [applause] >> but it is not going to get this award next year. [laughter] technical difficulties. be patient. enjoy that fabulous bar. i just love landscaping. i grew up in a landscaping business. i learned to appreciate the outdoors. coming to rec and park was a natural transition. i started in may of 1998. i came in as a gardener and worked with the turf crew. i manage approximately 7,000 acres and i supervise 75 to 85 people under my direct s

here's the longest tenure manager in baseball. he brought his giants to the playoffs six times and five san francisco giants world -- pennants and upon general manager. please welcome brian saibian. >> >> thank you. i didn't think i would be nervous or emotional but i'm all of that right now. i want to thank the city of san francisco, dignitaries, lumnaries, the hall of famers, the ownership group, the coaching and training staff. today is ground hog day. we have the right to claim baseball heaven. this is the mecca of baseball, san francisco california. i think people forgot this team won 94 games in the regular season in a division that is probably as under rated as any division in sports. beat two excellent teams to win the national league and go on to detroit and unfortunately with detroit with all due respect they didn't know what they were in for. [cheers and applause] you fans, this city, this organization, this team wants all of us, or tries to make all of us better men, better people, better husbands, better friends. larr

>>> that concludes my report. >> any public comment on the report of the general manager? >>> no public comment opts the report of the general manager then we will proceed to the consent calendar any items. >> excuse me mr. president with item eight?. >> right that is right item number eight. almost forgot about you not to worry. >> thank you very much mr. president members of the commission. our chancing with bawsca i have a few items to report first of all, on the heals of your bonding success we are about to have bonding success we have received a double a minus rating on our bonds -- thank you next week i'll fly too new york and talk to loan buyers and ring the bell and we anticipate the save's very much the along the same line as yours thank you for your support and your staff support on that item. wet a meeting last thursday night the new chair of our board is ireneconel and the new vice chair is rando from city of bris obtain and they do city work with the city of bris obtain as well and we have a board policy committee it's our one standing committee and there will

how do we manage risk? and from the standpoint of the taxpayer, where should we make our investments and where should we accept exposure? the problem i have put flood insurance is people that benefit from that of those that have the policies that can live in places most of us only dream about living in. you have got to understand there are a lot of people that grew up in the areas areas and they are not bit and fitting from being on the coast but one of the side effects is you are subsidizing them. housing in coastal areas where many of us cannot even afford to live there much less visit on a frequent basis yet you underwrite that risk. do you get a return on that investment? are you benefiting from that? is there enough tax being generated in the economy to offset that and when a disaster occurs are you on the hook for all the infrastructure and everything else that may be required to rebuild that community? and isha return on that exposure greater than what your payoff would he? now the taxpayer, the answ

so we have a really coordinated system when managed care comes about. so the first three services that are going to be part of managed care, at least for the long term is supports and services side are in-home supportive services, the multi-purpose senior services program, which is care management. and then the c bass program, which is the new term for adult day health, so the benefit, which stands for community-based adult services and that is an adult day health care. those three will definitely be part of managed care, but we have an opportunity to work with the health plans to say that maybe there are other ways to help people stay in the community safely and happily in their own homes and own communities.on and i have been at four different sites to ask people what are those things that you need to live safely in the community? what are things that are currently not working? what are things that really do work for you or for people that you work with, for people you provide care for? and you know, we really want to just kind of find out what those

for the managers of the multinational the tribune with claims or without foundation. many people thought that they would obtain this mine defacto. through violence and usurpation. but i think that the colombian government made the right choice and that they needed a company that had the technical capacity and experience to operate the mines i mean you know and if we didn't have any enemies unionists or others i mean i would be very worried. that would mean that our minds aren't worth much and. how do you explain the death rates received by the trade unionists not you know no the contrary would be strange you know of year there's nothing unusual about someone receiving a threat. how often have we received threats some people have offered millions were done jose said. i mean if someone receives it right here it's. we don't really want to. the sailor from tino to grand columbia was concluded four months before the end of all of our early days mandate. as a fighter for the people. who have strived for a safer more prosperous and more just country the former president left

and the manager for the past 54 years the legendary one, mike murphy. [cheers and applause] and we would also like to extend a warm welcome to all of the giants alumni that we have here today including former giants manager feleap laua and five of our hall of famers. gay lord perry, orlando si pirra, jaun, lily misconnie, and willy mays. [cheers and applause] we also want to acknowledge congresswoman nancy pelosi along with her husband. thank you so much for being here. we know how busy you with the election just a few days away so a round of applause for all of our vip and special guests. and now at this time we would also like to thank the city and county of san francisco and our community partners. we must acknowledge them. can't do it without them. bank of america, dignity health, miller coors, diamond foods, virgin america, pg&e, and sales force to help to make this civic celebration possible. we thank you. and of course we must recognize the giants broadcast partner sports bay area that brings sports to our giants fans all season long and made it

the management staff and other resources; and other jurisdictions. one thing that we want to be very careful about is we are mindful of the fact that the federal government, through hud, is auditing the agency and in thinking about the scope of this audit, we have asked the budget and legislative analysts to focus on those areas where there is intersection between what the housing authority is doing in terms of fulfilling its mandate and the city, county of san francisco. we want to make sure there is no duplication of the review being conducted by hud. at some point, once we hear from other colleagues on the committee, i will ask our budget and legislative analyst to come up and speak in greater detail about this process, and about the potential items that would be included in the scope. the last thing that i would say is that, and management audit and a performance audit is essentially about simply providing a picture for what is happening in terms of the way which an agency is serving the needs of its constituents, its residents. it is an opportun

you manage applications, you have to manage the security, availability, performance, changes, problems in that software that you bought. you can choose to do that with manual labor, which is painful and very expensive, or you can start to use software to help you do that. that has been going on for years in operations management software. what is new happening now is all the software is being delivered as a cloud service. i could give you a very simple example. once upon a time, if you wanted to make sure you have no spam on your side, you've got spam filtering software, installed it on your pc, managed it here today, nobody does that. this space is enormous, and it is just -- it has just started up. across the board -- i will end by saying we -- as i said, we are in year two of a 20-year cycle. it is no different than what we saw with client-server. in fact, for the old people in the room, and i am one of them, i will tell you i have heard all the same things we say during that era. people would say you are never going to want to run on unix. it is not scalable. it is not reliable. yo

we've raised all of these issues to the general manager, nothing going on. we're asking you to exercise your proper fiscal responsibilities and oversight and to look into these matters, we also have targeted employees with excessive discipline who are also more legal liabilities to the department and to the city, we ask you to exercise your proper duties and we respectfully believe that you will be able to do so and we can get back in track. now, if that doesn't happen, -- >> let's take it from there, thank you, your time is up but we will look at them and we'll -- >> [inaudible] focus groups are also available and we hope to resolve it within the department. thank you very much. >> thank you very much. >> next speaker, please. >> good morning, my name is richard rothmans and i'm back again talking about the mother's building at the zoo and i think since last time i've been here, i've been hearing that things have been move ining the right direction and i want to thank everybody. i did get a chance to go into the building the end of november and i was really

talk about risk in this episode in the fact that with derivatives oh bankers think that they have managed to split the atom of risk from the atom of reward they keep all the reward we keep all their risk and with this i want to first look at this chart from the economist magazine now they asked a condom in the average person on the street whether or not they agree with the statement it is hard to predict stock prices one hundred percent of a condom is agreed that you cannot predict stock prices only fifty five percent of the general public agreed so forty five percent think you can predict stock prices well yes this is that they're called close or they are they become plaintiffs. economists know that you can't predict outcomes. but they tell people you know you see this all the time that they can predict outcomes and that's the snake oil that is a wonderful wacky world of wall street and the city of london and the vulnerable to this of course all these huge passion funds that end up getting their capital erased because some slick salesman said we know what's coming down the pike ignore a

if you do approve todayth i knowa we will seek approval for the transfer of money from the management reserve to the prompt from the finance committee. we are once we have secured those funds we will issue a union lateral change order to the to allow the work to continue and in the mean time we will continue to negotiate a final change or the on the record with the contractor and we are hoping that this can be englished by the enof neb and and i mentioned to you once we are done with the negotiations we will see where we stand on the cost of the cal cal calaveras and also to comply with the requirements of the california water code issue a notice of change report to the state following your approval of any changes to the projects. >> what is the total cost savings that you are projecting? >>> it's hard at this point because i have not done my assessment but on top of my head based on a cursory review i'm approaching the $60 million. but, you know, i do not want to slidfy that until we have gone through our entire review. >> and of course, that savings would be attached to the 117 mill

rafael to bone he's a manager of. an illegal mind that has developed into a small company he and his partners were employed by the former company frontino gold mines bought out by grown colombia they've set up their activity here without authorization. and i guess i'm sad because the right i couldn't understand it better everyone works on the front you know that well x. frontino not only they forced us into doing this because they fired us and they threw us out and not only got an hour or so we came to find work here. under the virgin mary's protection the miners descend three hundred meters below ground. at the mine bottom air is in short supply. so is the water good. it's better than my wife. smiles on their faces but on their backs loads way eighty kilos. six eight ten cents per day. before most slave labor that can be fatal due to cave ins and yet there's no shortage of miners wanting to work here some of them can earn up to two thousand euros a month four times the average salary in colombia. meter after meter th

; management representation; whether management consulted with other independent accountants and other financing issues. in summary we have the cooperation of management and we did not have difficulty confirming this past year's audit. current year comments include two four we saw an opportunity for strengthening internal control over financial reporting. these comments are found on page 79 of your package; item 2012-01 discusses the accounting and financial reporting for operating leases. items 2012-2 discusses ensuring that the integrity of the data are vital to the actuary is good so that the evaluation results are reliable. in the last comment is to inform the organization to start preparing for the implementation of the significant new pension accounting standards required to be implemented in a little over two years. with that this concludes my overview of the authority's 2012 financial statement and federal compliance audit. i'm available for comments and questions. >> i will ask staff to respond to the findings. these appear to be not significant findings. is that accurate? >>