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

the following weekend, we at lehman brothers, merrill lynch, an aig going down all at the same time. we tried very hard and we couldn't find a prop -- powers that worked to save lehman brothers. we tried. merrill lynch avoid failure because they were acquired by bank of america, its bank of america acquired lehman brothers it would of been worse because merrill lynch would gone down and would of been worse. aig was taken over under very tough terms, the ceo was replaced and essentially nationalized. we then had to have tried to -- have a treasury guarantee three. dollars trillion of money markets to avoid an implosion. when we were working to get tarp -- wamu essentially failed and was acquired by j.p. morgan. what cobia was acquired while it was failing -- wachovia was acquired. and six european nations had to nationalize certain banks. so, we made a judgment that we had to do something so dramatic and move quickly. and we were tired with dealing sequentially with one failing this edition after another and dealing with it -- dealing with it at hoc basis. so we said, how do we do som

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

. >> like a merrill lynch pamplona spain commercial.s considered a tasty treat. >> is it yummy or is it yucky? we'll let you be the judge. they are selling it at a fair in iowa, i believe. tell you what it is coming up. ,, [ male announcer ] if you're ready for more from your tv service get at&t u-verse today. at&t u-verse tv. make the switch! [ female announcer ] call now to get at&t u-verse tv for only 29 a month for six months. hd-ready dvr receiver included at no extra charge. plus, get up to 132 channels, with hbo and cinemax free for 3 months. [ male announcer ] u-verse tv lets you record up to four shows at once on a single dvr. and you can record and play back your shows from any room. [ female announcer ] call now to get at&t u-verse tv for only 29 a month for six months. hd-ready dvr receiver included at no extra charge. plus, get up to 132 channels, with hbo and cinemax free for 3 months. [ male announcer ] with u-verse tv, you get the ultimate viewing experience with 100% digital picture and sound. u-verse tv is ranked highe

of-a is talking with the blackstone group about selling real estate the bank got when it bought merrill lynch. the best dow component today was home depot, jumping more than 5%. customers are spending more per visit, helping increase sales. the company also is optimistic enough to raise its earnings outlook. here are the quarterly results, coming in three cents better than estimates. the company says it sees strength across hardware, tools and plumbing. meantime, wal-mart also turned in better than anticipated earnings, four cents ahead of estimates. same-store sales in the u.s. were a weak spot, down for the ninth straight quarter. company management says their customers continue to be "strained." shares responded nicely to the earnings and the outlook, though, up almost 4%. volume was heavy on this rally today, too. and that's tonight's "market focus." the banking business has been under pressure and scrutiny for more than three years now. it's blamed for contributing to the financial crisis, and its criticized for not doing enough to lift the economy out of the doldrums. so far this year,

commission point saying that it is totally outrageous to ask to see the loan files that people that merrill lynch's of the world the lehman brothers putting these c.e.o.'s together don't even have the loan files never looked at the loan quality finally going to compare the looting going on in the u.k. with the looting by the bankers yes when your most elite most powerful members of society. upped strategy of what the famous french economist very conservative called plundering then as he said they will develop a morality that doesn't simply permit plundering but valorize is it and when that happens the moral structures of the society will inevitably deteriorate in the upper classes that it leads to polite living. in the underclasses it leads to st louis south ok well let's follow up on this on a word so we've got looting going on in both saks strata of society now the public has demanded something like sixteen thousand police to go into strains to stop this street looting where were they and demanding similar actions to stop the bank looting that hasn't happened and the a bomb administration has fol

. >> looks like a merrill lynch ad or something. [ laughter ] >> awesome stuff, lawrence. >> we need the bulls to return, don't we? our stock market could use that. >>> hey, folks, we are looking at some patchy fog around the bay area. it's very thick at the coast but patchy at the bay, clear in the valleys right now. it looks like as we head throughout the day we are going to see more sunshine. should be a fantastic day almost a weather repeat from what we had yesterday. sunny skies in the valleys. some places hot well inland maybe creeping into some low 90s there. inside the bay you will see 60s and upper 70s into oakland and alameda. some 80s toward the santa clara valley. at the coast, patchy fog, a little sunshine there sneaking in too and temperatures in the 50s and 60s. right now fairly uniform temperatures around the bay area. 56 san jose, 55 cloudy into san francisco, 55 gray in pacifica, as well. looks like we are going to see some nice heat. if you like the hot stuff triple digits as you as you make your way into fresno and really they have not had many of those days this

he worked at merrill lynch, where he was a managing director and systems analysts. we begin with mr. hamilton. your written testimony has been a part of the record. phil free to summarize and make points. >> good morning -- feel free to summarize and make points. >> good morning. i am responsible for securitized products business. housing is a critical component of our economy. it is at the center of a virtuous circle. the u.s. mortgage market is enormous. the home mortgage market is equal in size to the total size of the u.s. bank balance sheets. their balance sheets alone cannot meet the country's need for mortgage credit. fannie mae, freddie mac, and private institutions use the process of securitization to allow for the growth of mortgage lending beyond the capacity of bank balance sheets. private securitization and agencies finance home mortgages. securitization knees to play a key role in the finance system. in this agency market, tba market is the largest component. it is key to funding mortgage lending. it is a critical role in housing in the u.s. economy. t

the bank is facing becomes of dollars in lawsuits over lawsuits related to countrywide and merrill lynch. and now it's contributing to the job decline. it's bad news for bank of america and the job market as a whole. i can't tell you how far they are down but i know it's -- >> it's down 1% at 693. >> actually -- let me run over here. we just got an updated price. it's just moved back into positive territory which i would say is a good sign for the market. maybe people are beginning to see value at $7.04 a share. >> certain lay lot to follow on wall street. carter evans joining us live. thank you. >>> with the large number of people on unemployment, many states are running out of money to keep the checks coming. coming up at 7:15, we'll have a live report with what the government is doing to help out and who will still be left out in the cold. >>> 7:0 4. overnight, a standoff with the police ended in san ramon after a man kept police at bay for several hours. now, police rushed to morning glory court yesterday afternoon after getting reports that a man had attacked his elderly mother. whe

money t is far big never order of terms of magnitude versus lehman brothers or bear stearns or merrill lynch which by itself was hard to cordon off in december 2008. imagine if entire economies in western europe fall. >> woodruff: speak of europe, americans don't usually pay that close attention to europe. but how much are people in this country going to have to continue to monitor what's happening on the continent? >> we're all connected. it's like that old new york telephone ad. the federal reserve here came out this week and pretty much telegraphed and showed its hand and said that we're going to keep rates at record lows at least until 2013. now what that is forcing people out of-- into cash but making it prohibitively difficult to be in cash. meanwhile, european investors, institutional traders, investor and the like there are piling into u.s. treasuries at the very time that you have standard & poor's saying that we're not as good for our money as we were a couple of years ago. and so that is just pushing everything down in terms of interest rates. and you see investors almost being sm