merrill has solicited and received support not only from the parents but also from local corporationsn the port of oakland. their annual model bridge building competition fills the house. caltrans engineers judge bridges made of balsa wood and glue that can hold over 100 pounds of weight. despite winning numerous awards, mr. merrill says it's really seeing the kids make sense out of physics that keeps him going. 100% of his students attend college, and many have chosen careers in engineering and science. >> 40 years of teaching in oakland, it's been a career that i wouldn't trade for anything. it's been spectacular. >> reporter: so for helping students better understand the world around them and preparing them for the real-world challenges of engineering, this week's jefferson award in the bay area goes to parker merrill. kate kelly, cbs 5. com. click the connect button at of the page - then >> you can learn more about the academy's curriculum online at cbssf.com. click the "connect" button at the top of the page then jefferson awards. >>> we'll be right back. ,,,,,,,,,,,,,,,,,,,, tak

once again, we have bank of america, merrill lynch the winning bidder. on the next slide, slides 3, you can see all three sales. some of the bonds were the largest, $603 million. we had several bidders, and bank of america/merrill lynch once again the winning bidder there. to help put this into perspective for bank of america/merrill lynch, they have been one of our largest buyers since 2006, and the enterprise has been selling a great deal of bonds. about $1.60 billion total they have purchased, including what they have just purchased. this bid was to fund our hetch- hetchy facilities as well as our water in the city. citigroup global bought those, and then our bank of america/merrill lynch bought all of the re-fundings. so we premature cheap what was adopted as part of the last budget hearing. in that model, we had an average cost of borrowing. we achieved an average overall of about 4.48%, so we are pretty close. the items that also happens, the bond sale, moody's did downgrade us given our weakness. we had thought that would occur. moody's previously

merrill says is the first step of understanding the lodgeic of engineering. >> to be able to use mattigler ex-and physics and their vocational skills north to put all that into a package of here's what engineers do. >> reporter: introducing kids to what engineers doing has been parker merrill's passion for 25 years. in 1986 he and a fellow teacher started the engineering academy at oakland tech concerned that many oakland students were failing college physics. so they developed a whole new curriculum integrating math and physics and real-world mechanics. >> you learn a whole new different way of looking at the world visualizing objects logically. yeah, it's really more of a class on logic. >> i saw that the math is all based on real life things which is better for me because i don't like the abstract. >> yesterday, i drew an isometric cube. >> reporter: 130 tenth, eleventh and twelfth graders produce real life projects in class. they start with sketches and eventually make 3-d computer models. >> these guys as a group are going to take this apart and start doing a 3-d model of the mot

we have another him as merrill's in san francisco and in tokyo, japan. she is the director of a department. thank you for your work in our district. another person is here. i am sorry if i did not get your name right. your project is on the corner of mission street. del then, a painter and muralist. thank you for your work. he creates socially conscious works. i love the mural on the corner of francis and michigan's street. i just noticed it for the first time -- at the corner of one street. thank you for that. it is really a wonderful testament to what our neighborhood is about. eric, who i do not seen here with us, who has done an amazing work over the years across san francisco. he is a native of this area and has been a resident for many years. he highlights people's struggles and raising awareness for social consciousness. daron, thanks for being here. he has roots in social activism. he is a muralist and teacher, currently a lead instructor at a youth based arts program in the mission. he has nearly all of the way throughout california and down int

spin merrill lynch off. one of the questions if they're going to downsize it's going to be what divisions, what markets do they pull out of? on that we have no guidance whatsoever. >> woodruff: whatever happens to bank of america, what does that mean for the broader american banking industry? >> it means we're short of capital. there's not enough equity in these banks to buffer against potential losses from problems that come to them from europe, for example, the banks were put back on their feet in 2008- 2009 by the bush administration and the obama administration but not with a lot of capital behind them. this is increasingly going to hold them back. what holds them back is most likely going to slow job creation as we try to keep that going. >> woodruff: is there anything to give us hope in all this? it sounds pretty bleak, what the two of you are describing. >> i think we need a shift in policy. i think you need to have stronger, more effective stress tests. the last stress test done the end of last year

gone are star wealth manager sallie krawcheck from the merrill division, also out, head of consumer banking and small business banking joe price. independent banking analyst ken thomas says one risk of the changes is they may create a new crisis of confidence in management. >> i'm afraid there could be a potential brain drain at bank of mesh where they could lose some key employees to these aggressive competitors. that's the issue we have to face head on right now. if they start losing key people, then bank of america will no longer be the bank of america. it will just be another bank in america. >> tom: but standard & poor's sees the management changes as a positive. financials analyst erik oja repeated a buy rating on bank of america today, with a $10 price target on the stock. >> bank of america is continuing to wrestle with its legacy issues, but we think that underlying it, the operational performance should be strong enough to overcome the legacy issues. >> tom: as for the stock, here's the past 30 sessions. shares spiked in late august as billionaire investor warren buffett bought in

scared and they have a right to be scared because bank of america bought up countrywide they bought up merrill lynch ok so no one knows how exposed they really are and in the case of a contracting u.s. economy that's already in the tank if you were to contract more of them to go back into recession all of a sudden all these assets that banks have on their books that their value x. people are like well what is the real value of these assets the same problem of europe you have underperforming or non-performing loans on bank books as assets that banks are holding and lending against and the concern is what happens if these things aren't worth what we think they're being worth and it could it could essentially blow up the system so bank of america is a prime example because the fact that it's so heavily exposed to the mortgage market and because it brought up merrill lynch that's a that's a big concern but it's a concern for any bank progressively because all banks are exposed to other banks and that's the contagion effect and that's the fear and the fear that's going to continue would you say tho

a lot of concern and initially was about the merrill lynch do and that led to a government bailout and a lot of congressional hearings and a lot of handwringing about what happened there. now with a countrywide deal is the one that is causing a lot of problems with all the bad mortgages they still have. there's just a lot of drama during the financial crisis. wachovia over one weekend in 2000 it was literally ready to bail and they were trying to figure out who to sell it to. initially they're going to sell to wells fargo and then they backed out. and citigroup is going to bite and then wells fargo came back with another deal. and there were moments where really wachovia was close to failing and they weren't sure what was going to happen and another deal would come through at the last minute. then went wachovia switch from citigroup to wells fargo, they're sort of a confrontation between the lawyers and citigroup say we will serve you for billions of dollars. we know, and they eventually, they eventually did. they just are not too long ago for about $109 spent what effect would that ha

. >> i totally but merrill lynch shows that corporate investment climbed and employment rose only sevenercent. they have the cash and they will not spend it on jobs until they have uncertainty. >>> and that's why we need to get rid of the regs. thank you kim. >> 1100 people added to the unemployment line as another solar company goes bust. should have bust the president's plan on green jobs? and first, the president is headed to new jersey and governor christie has firing words who want to make sure relief aid is paid for right away. we'll debate and you decide next. we believe honor is not exclusive to the military. and commitment is not limited to one's military oath. the same set of values that drive our nation's military are the ones we used to build usaa bank. from free checking to credit cards to loans, our commitment to e military, veteransand their families is without equal. ♪ visit us online to learn what makes our bank so different. usaa. we know what it means to serve. ever since that ol' broom dumped me here. oh, oh. oooh! will love ever come my way? oh my! ♪ i believe in mi

we love that he helped to get these merrill back of on the buildings. >> i know you have a busy schedule, mr. mayor, but before you leave, thank you for your decision to keep this city ticking away that it is. i want to thank many of these people. you have been around here. thank you. i know it was not easy. but what a courageous decision. we are certainly behind you. randy chopped, what can i say about randy? we have gone back and forth over 30 years, but the mural restoration is just another wonderful step -- and it is a happy step. a few months ago we were here talking about police protection, but this is a happy step. something that the tenderloin residents, the retail community, and property owners, can rejoice in. as long as we continue to work together, this tenderloin is going to get better and better. randy, again, thank you for what you did hear. >> carolyn from the mid market cbd is also here. there is a story about market and tenderloin, dark past, shared future. now we are going to have some fun hearing from the actual artist, susan cervantes. >> thank you, randy. thank you,

after my second story, i started getting offers from goldman sachs, merrill lynch. i said, i wanted to do work that was meaningful to me, so ended up working in the prison system at rikers island. i know all of that was in so many ways possible because of the work that you did. i just want to say that i honor you, respect, love everything that you have done, all the roads that you have paid to allow me to do the best things that i have done. [applause] >> 44 years apart these two stories happens. clearly, life is not the same. so i went to ask you, miss coleman, what has changed since your time? and, bryonn, after that, what has not changed? when you listen to this story 44 years later for what you sat down and fought for, what has changed? >> well, that is a difficult question. i have to say, depending on what part of the country you come from -- when i have visited and montgomery, people ask, what did they get out of the civil rights movement? one thing. the street that i lived on, instead of calling it east dixie drive, they called it claudia colvin drive. [appla

public to address the board on items of interest within the subject matter jurisdiction including the merrill appearance before the board today. however, excluding the items which have already been considered by a board committee, speakers using translation assistance will be allowed twice the amount of time to testify. if a member of the public would like a document to be displayed on the overhead projector, please clearly state such and remove the document when the screen should return to live coverage of the meeting. president chiu: we have many members of the public. again, if i could ask members of the public if you could respectful of each other's opinions. we do have a rule in the board chamber to not express support or opposition of comments that are made. with that we have the first speaker. two minutes per speaker. thank you. >> [speaking foreign language] ladies and gentlemen, as you know, i am very happy to see that our, the city mayor accepted my invitation i give him and he going with us tomorrow at 1:00 p.m. to 1:30 on market. united nations meeting. i hope and i wish that the

this was part of a merrill directive for city staff. this involves a video or fresher of what your role is. every city employee will be given some assign a fair called to assist in a disaster. another area is the safety assistance program which is a certification renewal for building inspectors and engineers required under state law and fema eligibility criteria. there are more extensive lists throughout the city departments which we maintain and it's also maintain that the state level in sacramento. part of the process is an online certification which we will go through. it involves assessing buildings, rapid assessment and engineering evaluation. all of that information is involved and very comprehensive training and is really important to get their freshers on a regular basis as things change. another important activity is a national information management system. it operates under the incident command system. these are freshers will be provided over the next year as part of a multi-year training plan based on the national preparedne

. >> he gave up power and merrill, sure, no longer independent, but merrill wasn't destroyed the way the captain refused to take his hands off the stick? >> a huge failure of leadership. three years later, you know, they are kind of beyond the point where they are angry. i don't think anybody is angry anymore. it's a little late for that, but, you know, here's the thing though. it was a bull market, okay, and -- and in bull markets organizations do stupid things, and the people at top of organizations do stupid things. if dick fuld had said we're going to sell off and divest ourselves of all our real estate businesses and going to invest in gold. >> you would have been fired. >> you would have been fired. everybody at lehman brothers would say we're going to work at morgan stanley because dick fuld has lost his mind. >> the question i have, one thing, you mentioned the bailout of bear stearns. the political environment that was at play, i mean, also one of the reasons why lehman was allowed to fall. you mentioned the moral hazard, but the moral was, you know, the administration and t

economist at bank of america/merrill lynch global research. >> an active operation twist through the middle of next year is significant. the timing i think is particularly important because it shows that the fed believes the economy will continue to warrant accommodation through the middle of next year. so they're preparing for a pretty weak trajectory of growth. i also think that types of purchases that they decide to do is significant. it's a much longer duration than we would have thought. so they're really trying to flatten out the curve. even with today's fed action i still think the economy warrants additional support from the fiscal front. however, i think it's very unlikely we'll see significant action given the debate that's happening in washington about what appropriate policy would be. in terms of the economic recovery, i'm still quite worried about the pace of recovery. i think there's downside versus growth. our current view is that there's a 40% chance the economy will fall back into recession over the next 12 months. i still think that's probably a reasonable assumptio

reporter: to be sure lower manhattan is still a thriving business district, home to goldman sachs, merrill lynch in the world financial center and the federal reserve bank of new york. but now there's bed bath & beyond, soul cycle and new schools for all those kids. so, after all the death and destruction that came on 9-11, now there's new life in taking root in lower manhattan. suzanne pratt, "nightly business report," new york. >> susie: thank you for joining us for this special: remembering the tenth anniversary of september 11. as we say goodnight, we leave you with memories and images from that day. >> it was a beautiful day. clear skies. ten years ago i had the perfect life. but i'll never forget what happened on that day. i turned around right as the plane, when i was in the taxi, hit the first time. >> the first thing i saw were papers flying and i thought to myself, there's no ticker tape parade going on in new york. i looked up and i saw that there was a hole-in-one of the towers. my instinct was to grab my camera and ran a block towards the world trade center. >> everyone was so

economist at bank of america/merrill lynch global research. >> an active operation twist through the middle of next year is significant. the timing i think is particularly important because it shows that the fed believes the economy will continue to warrant accommodation through the middle of next year. so they're preparing for a pretty weak trajectory of growth. i also think that types of purchases that they decide to do is significant. it's a much longer duration than we would have thought. so they're really trying to flatten out the curve. even with today's fed action i still think the economy warrants additional support from the fiscal front. however, i think it's very unlikely we'll see significant action given the debate that's happening in washington about what appropriate policy would be. in terms of the economic recovery, i'm still quite worried about the pace of recovery. i think there's downside versus growth. our current view is that there's a 40% chance the economy will fall back into recession over the next 12 months. i still think that's probably a reasonable assumptio

extreme makeover-- like carving out its countrywide mortgage unit for a chapter 11 filing, spinning off merrill lynch or creating a litigation trust to deal with its mortgage liability. credit suisse believes what's needed is patience. >> we have an outperform rating on bank of america. the idea is that we do think it can earn in the neighborhood of $2/share by 2013 and get to, or slightly above, its tangible book value of $12.65. price target is $14. >> reporter: you may be wondering if the cost-cutting at b. of a. will mean deeper cutbacks at other big banks. most analysts say it's unlikely, unless the u.s. economy takes a serious turn for the worse. erika miller, "nightly business report," new york. >> tom: bank of america's move to cut jobs comes at the same time president obama is trying to get companies to add jobs. the president sent his $447 billion jobs bill to congress today. he says the american people need help now, urging congress to pass the bill with "no games, no politics, no delays." >> we know what will help businesses start right here and stay here and hire here. we know that

to establish policy discussions, possibly of the board of supervisors would develop a format for merrill appearance in consultation with you, with your office. i actually think we have had some substantive discussions with -- not really discussions, but presentations. i think that the format was established at a time when we had a more civilized relationship on the board of supervisors, but just curious. i think we have degenerated this question time into a very scripted exchange between the board. we often are reading our statements or questions. the responses are red, and i wonder if you would consider a more dynamic interchanged -- interchange, and i would be willing to work with board members to work have one of figuring that out. >> i am open to improving any process that might improve the process even more, indeed the public at a high level, and make sure you understand the process. i think one of the most important things besides answering is to make sure that people know how we're thinking because that is as important as the final decision, how we think and how we approach proble

today candidates will compete for the top job of mayor and several city council seats. 2011 merrill candidatesy wilson wilson and stephanie rawlings- blake and alfred griffin and havingy ann harding. -- vikki ann harding. stephanie rawlings-blake is mounting her first campaign for this office. and we caught up with the baltimore city elects director earlier this morning and here's what he has to say about voter turnout. >> i would hope to see at least 30%, 40% of the citizens come out. seems as though citizens are not motivated to come out and vote. but, we want to encourage them to come out. we are ready for you. judges are in place and all staff is in place. if they have problems, they can call the board of elections at 410-396-5550. and we will be happy to answer questions they have. >> reporter: now he also said they have well trained election judges. about 2100 of them and they are well prepared for the start of the primary election day which kicks off at 7 this morning. reporting live in downtown baltimore, sherrie johnson, abc2 news. >> again polls open in a few minutes. 9 minutes to be

hood police and a vacuum down his car and claim to follow the remnants of marijuana arrested him for merrill possession of marijuana in an attempt to suppress his movement following a two day trial in a texas court gypsy peterson was sentenced to eight years in prison for fraud north carolina's brief for jackson sure the crimes are projected site worst despite the military's dastard efforts the underground press became the might lead of the g.i. movement as the army's own recruiting slogan fun travel and adventure turned into the popular g.i. expression and. the press lead soldiers around the world and inspired many outside the military you know i grew up believing that if our flag was flying over a battlefield that we were on the side of the angels my father fought in the second world war he won awards and medals and. you know i grew up during the good wars here's this one. who steps out onto the world stage is a famous actress comes from one of the ruling class families in hollywood and makes a political decision to change sides she steps onto the side of the people and politically the vie