that medallion would be a transferable medallion. if we were to remove the bundle of property rights we would have to compensate the owner. >> that is if we did not allow them to sell it. >> an individual would gain the right to sell the medallion as to us selling it directly. is that essentially how that would occur? >> we have about 16 individuals who were ready to sell their medallions tomorrow. >> i continue to be confused. i guess i have a concern about the fact that we may have to repurchase a medallion with money that we never received. but i understand that this is an unlikely event hoping that we would be hampering the transfer ability. >> i think we pick up that liability if we do not allow the purchaser to subsequently sell that medallion in the future. >> now if the market price on medallions were to go down, that would be all the more reason for the board to continue to allow those particular medallions to be transferable because they could transfer at whatever the market price was at that time or whatever the appropriat

to say that these are free medallions, every time i hear the word free medallion, i think about the 18 years or 17 years that i served this city. i was arrested twice on false charges by the police. taxi detail and so forth, you know. the taxi commission after five days wanting to revoke my medallion after i worked 17 years, without hesitation. they suspended it and wanted to revoke it in five days. but those were false charges. so i hardly think it is free. they don't teach that in college, ok. there is no college in the world expect london. one. not any in the u.s. to learn you have to go through the paces and survive. nobody thinks they will be a cabdriver the rest of their life. they do it to make a living and find out it is not that bad. then it gets worse and worse and worse. you get tired of it after a while. to say that it is free is a ridiculous under statement. we worked years to get these medallions. i don't agree. i think you are ruining

holders for the use of the medallions. in this regard you basically have a failsafe situation where if someone were to default and couldn't make the payments, rather than going back to the city, the companies are willing to run the medallions until they find another purchaser and basically cover the payments to the credit union that they would need to secure their loan. certainly this is something that's been researched for a while. i am excited to be where we are. i think it will benefit the community. the drivers have an opportunity now to have a stake in this business. i would ask you to support this before you. >> gosh. after months and months of town hall meetings, careful discussion of all of the items, bringing in partners from the lenders and so forth and making sure that we have everything tied, we are told now what if there is a lawsuit against you that is successful. as you all know now the taxicab business is extremely lito my knowledgius. and if you waited for to make sure that nobody would sue you you would n

on condition that said medallion be suspended for one year with adoption of findings at a later time. president peterson: the appellant does not like the findings. i don't know if anybody is here, is anybody here representing mr. hollis? they were very well apprised of this evening, i explained that if they had no objection they could come here. they do not appear to be here. >> and there is nothing in writing specific to their objections? >> she did not believe that the allegations supported the ultimate decision to suspend and revoke. president peterson: nothing more specific than that? >> mr. hollis double checked that the time would go for 10 days? they're waiting to request a rehearing. president peterson: is there any public comment on these findings? scene 9, the matter is submitted. -- seeing none, thematter -- the matter is submitted. commissioner garcia: i move that we adopt as written. >> on the motion to adopt the findings with no changes. commissioner fung: aye. commissioner goh: aye. president peterson: aye. commissioner hwang: aye. 5-0 to adopt. >> item #5 has been wit

power ♪ >> steve: the medallion of power!arry gibbons, the medallion of power. and finally, "house" is most americans' favorite doctor. con, "house" is the only doctor most americans can afford to see. [ laughter ] [ cheers and applause ] there you go. that's the "pros and cons" everybody. we'll be right back with more "late night." [ cheers and applause ] ♪ ♪ [ cheers and applause ] ♪ [ instrumental: rock ] [ announcer ] on rare occasions, opposites can coexist. introducing the sport hybrid. [ engine revving ] ♪ night and day ♪ you are the one ♪ only you beneath the moon ♪ or under the sun the combination only honda could engineer. the all-new cr-z sport hybrid. or does frizz make you start over? pantene knows thick hair absorbs more moisture, so we customized a pro-v system to make smooth stay into the second day. frizzy to smooth system. pantene. healthy makes it happen. the pantene re-invention is here. introducing the new pantene custom solutions. with options for your unique hair structure. thick, fine, curly or color.

and that is briefly with now sort of us having wrapped up or begun to wrap up the switch in the medallion issuance process, i think we need to look very carefully, as i've discussioned, with director ford and chairman nolan and the deputy director is the issue of peak time taxi cabs and how we use the flexibility given to us by prop a to meet what i view is two very significant demands, related demands. one, there is a huge demand for consumer usage on friday and saturday nights and other peak times, certain holidays, certain event days. and given that demand there is a demand for drivers who want to drive that shift. and so what i suggest we do much in the way before to have significant community and industry input but to look at how we can together put a proposal, molding medallion drivers to drive those peak time shifts and allow the color schemes become corrective to meet the needs of the consumers who want cabs at those times. so i look forward to working with the chairman and staff on that. chairman nolan: would members consent or perhaps we could schedule sometime the next meeting

-- that have a cab medallion. you don't have that. it could be anything. we don't know. vice president mazzucco: thank you. >> this is a difficult report for me and i see benefits to the patrol specials, looking at the report. it certainly paints a disturbing portrait regarding violations of the rules, oversight. the commission is not equipped to do oversight. and the liability. those are concerns. but let me ask you this, can you explain how the patrol specials can keep their business if they're not in the commission? >> we would suggest is something that goes a little against the rules. the rules state a patrol special cannot be secured a guard or have a security company at the same time. one of the things we would suggest to the commission and the department is to have some type of transition time, where is the patrol special is interested in keeping their account that they can in fact apply for their guard card and obtain that while still being a patrol special. if it were to do that tomorrow, that would be ag

and that these beats can be sold among themselves similar to taxi medallions, and that means there are some may be 4 -- 42 beats or geographic areas of the city now that are not covered by pafrol specials. and if that understanding is correct, then does that lead us to the point that some of the neighborhoods that have hadded benefit where police officers have to go to a particular location then those neighborhoods where the businesses can't afford police specials wouldn't have access to police specials are at a disadvantage for the lack of access? >> you talked about something really important. this negotiation of paying for police services -- this notion of paying for police services is not a system you want to be endorsing. people pay taxes. you have the police department. they breaux provide services consistently. that's not a good thing to be happening in the city. if vings choose to have additional security, they are -- if vings choose to have additional scurt, they are welcome to it. you have this notion that t1 you have this notion that the sfp depfment isn't quite up to muster

moving on to the next item, which is item 4b, revocation of taxi medallion and color scheme permit, requesting appeal of 09-144. on july 14, 2010, the board voted 4-1, commissioner hwang dissenting, to uphold the revocation of. on august 18, the board voted 5- 0 to adopt findings. hold on one second, please. mr. hollis, you may begin. >> i am not very good at public speaking, so basically i am going to read a prepared statement. i am the owner of executive taxi. think for a minute how desperate i had to be to resort to filing a lawsuit against the texas commission. i had tried everything else within reason to try to get them to understand that small-cap companies are important and have a right to exist. i had written numerous letters to the taxi commissioners. i wrote the supervisors. i even wrote the mayor. i described by the existing rules were unfair and did not work for small cab companies. all cabot companies start small. the taxi commission continue to make rules that only work for companies with 10 or more cabs. bad things will happen to the industry. i made several appearances at taxi

. >> i can get cash for this gold medallion. >> reporter: why is the price of gold so high right now? >> demand. global demand. and they want a better currency. i view gold as a currency just as dollars or euros or yen. >> reporter: paul rodski is a partner of asset management in new york. he says given the deep uncertainty of the economy, and the concerns many have that what the government is doing is not working, buying gold makes sense. the scenario you describe is apocalyptic. >> i don't think so. >> reporter: the end of paper currency? >> well, you know, that's only been around for 39 years. and that's what most people don't realize. >> reporter: the past few years, certainly, have been a good time to get into gold. ten years ago, gold was selling for about $270 an ounce. in 2007, just as the subprime mortgage crisis hit, it was under $700 for an ounce. more than $500 below where it closed today. all that action for a lump of earth. >> gold is no special qualities to it. it has no intrinsic value at all. just like dollars or euros or yen have no intrinsic value to them. but for 5

from discarded heirlooms to ever hopeful prospectors -- >> i can get cash for this gold medallion. >>eporter: those commercials on tv, gold's record rise has inspired a new wave of investors. >> at bul, ion trading in manhattan, isaac says small investors are buying from him rather than risk putting their money into volatile markets. >> investors are worried about investing and what's going to hold value. so they're buying gold. >> reporter: it's happened before, during the great depression, and again as a recession gripped america in the 1980s. gold prices soared, then plummeted as the economy stabilize. still today's numbers are staggering. since the dow's peak in 2007, it's dropped 25%. in that same period, gold has surged. up 70%. your portfolio is what? >> gold. >> reporter: it's been a great run for terry mason. beyond his 401(k) at work, he invested his family's entire savings in gold. what he views as a safe haven. what about gold makes you feel secure? >> i don't have to worry about whether the government makes a bad choice that might affect the economy negatively. >> reporte

they took off gold chains and put on african medallions, and all kinds of solidarity ideas and aboutraising consciousness of their audience, and they were very special. you know, we had chuck d on the show not long ago, and at one point, he was talking about being a father and was talking about the need to keep some of this ugly music off the radio, and at that point, i asked to see his drivers license, 'cause i couldn't believe i was talking to chuck d. well, i'm--you know, some of us get old. i mean--and they change in their ideas. you know, i-- i'm much older than chuck, but i don't judge so easily people's, you know, choices, and, you know, i am a person-- i don't eat any animals. i have just kind of--you know, people would say i was a renunciate, you know, and i took all of these drugs and had all this fun, and i'm having all of this fun now, and i haven't changed at all, you know, except that i don't eat animals, and i don't do certain things that i used to because it's not in my heart to do it today, but i certainly don't want to restrict anybody. i love hearing snoop dogg's--

[ cheers and applause ] >> jimmy: and we were doing that, and we were dressed, and we had the medallionslow that. that was like -- >> yes. >> jimmy: "oh, man, we're not gonna follow this, man." [ laughter ] "this is hilarious. this is killing." >> what are you talking about? barry gibb was, like, class -- in fact, you created a classic "snl" character. >> jimmy: no, no. >> yeah. >> jimmy: you did. [ cheers and applause ] and then we came out and killed it. it was super fun. it's super good. [ singing ] anyway, you're here now. i got to talk about "social network." dude, i saw the movie. first of all, the movie is fantastic. and you are off the charts in this movie. congratulations, buddy. >> thank you, man. thank you. [ cheers and applause ] >> jimmy: so good. >> thank you. >> jimmy: and if you guys don't know, "the social network," it's about the creation of facebook and how -- right? >> yeah. yeah. >> jimmy: kind of. >> well, it's -- yeah. >> jimmy: right? it's about -- [ light laughter ] jesse eisenberg plays mark zuckerberg, who's in harvard, and he comes up with this idea for a face

. >> i can get cash for this gold medallion of me wearing a gold medallion. >> why is the price of goldal demand. and they want a better currency. i view gold as a currency just as dollars or euros or yen. >> reporter: paul bradsky is a partner with qb asset management in new york. he says that given the deep uncertainty about where this economy is heading, and the concerns many have that what the government is doing is not working, buying gold makes sense. what you're describing is apocalyptic. >> i don't think so. >> the end of paper currency? >> well, you know, that's only been around for 39 years. and that's what most people don't realize. >> reporter: the past few years certainly have been a good time to get into gold. ten years ago, gold was selling for about $270 an ounce. in 2007, just as the subprime mortgage crisis hit, an ounce of gold cost under $700. more than $500 below where it closed today. all that action for a lump of earth. >> gold has no special qualities to it. i mean, it has no intrinsic value at all, just like dollars or euros or yen have no intrinsic value to the

this june we began offering a bronze medallion, signifying a veteran status, that can be attached toprivately-purchased headstones and markers for use in civilian cemeteries. we expanded the burial policy, resulting in a plan to develop new state and national cemeteries. 10 grants were awarded to states to fund five new veterans cemeteries. va opened five new national cemeteries at a construction cost of over $89 million. 6e president's 2011 budget $251 million for cemetery maintenance and operations to support an estimated 114,000 internments next week, and 8% increase over 2010. -- next year, an 8% increase over 2010. we won the national shrines heroes deserve. less than a year ago, a roadside bomb on the outskirts of afghanistan targeted a patrol of nine army rangers out of the first battalion. the major was blown into a nearby canal, face down. the right side of his head caved in. in the ensuing gunfight, his buddies got him out. all other members of his patrol were either killed or severely wounded. following medivac, six surgeries at military hospitals in afghanistan, germany,

this june, we began offering a bronze medallion for use in the civilian cemeteries were veterans are in final rest. we expanded the burial policy resulting in a plan to develop new state and national secretary. va opened five new national cemeteries at a cost of over $89 million for construction. the 2011 budget seeks $151 million for a cemetery management and maintenance. we are providing a final resting place for the heroes of our nation, and we want those cemeteries to represent the national shrines those heroes deserve. are not the first of october, in 2009, less than one year ago, a roadside bomb targeted a patrol of the nine army rangers. one rancher was blown into a near-by tal, face down. in the ensuing gunfight, his buddies got him out. all of the members of his patrol were either killed or severely wounded following -- wounded. following insurgencies' -- , a ranger was sent to the camp the v.a. medical center. he was fully comatose in a state doctors described as "vegetative." by their own estimates, the odds for any recovery were slam, but cory, his family, his g-8 therapi