mr. wallace seems to think is some sort of television news organization. mccarthy, town supervisor of sydney, new york, in delaware county, has set some sort of record about islam-aphobia. the town supervisor mccarthy is trying to get the town attorney to sue a little community and force it to dig up the bodies of a handful of muslims buried there. to quote him, they just came in and buried the bodies and didn't go through -- there's no funding there. it's not a standard kind of deal. it's going to be a liability to the town. mccarthy adds, i don't know what the exact law is. in fact, there is no law. no local or state laws cover cemeteries on private land plus the city approved that cemetery five years ago and state troopers have been there to confirm everything is aboveboard and the town government of sydney, new york, wants them desecrated and the bodies exhumed. maybe they are muslim zombies just waiting to jump out of the ground and do something terrible to that prime target of sydney freaking new york. it is only 38 miles from binghamton. the town su

mrs. wallace, i had a question about the first grant of $750,000 from lowe's. it looks like it is sort of transferring from the previous -- let me try to think about this. was this a previous enrichment through home depot and now threw lowe's? >> right. >> on the grant, i see their act be c.e.o. is cedina holmes. there were some concerns when the previous director, derrick tolliver, was let go abruptly. what is the status of that? >> i am not able to speak to that, only in general. i know they are searching for a new executive director. i can speak to this grant, however. their spending rate and status has remained very consistent, inline with their performance. in fact, as they have moved through this process, working with lowe's -- as you said, it previously was an agreement with home depot -- that y.c.d. had that, and it was transferred to lowe's as the facility actually changed. they have actually exceeded their hiring goals with regard to retail employment both for folks in the main targeted neighborhood as well as the surrounding neighborhoods. i know the

mr. louis marcotte -- he said, louis, i am not going to let wallace get in the way of me becoming a federal judge and getting appointed for the rest of his life to set aside his conviction. wait until it happens and then i will do it. in short with regard to article 4, the evidence will show that judge porteous sought to conceal material information from the senate and did so in a calculated manner precisely with the intent to confound the senate in the exercise that the confirmation responsibilities. the record confirms marcotte's testimony. judge porteous did wait until after confirmed by the senate and before he was sworn in to set aside wallace's conviction. judge porteous said if he society the set aside were discovered it might derail his nomination appear to have been justified. after he wame a federal judge the marcott's did not continue prix cicely. judge porteous could not do as much and they accordingly did less for him. they took him to lunch los frequently. however, even if the relationship slowed down it did not come to an end. you will hear that judge porteous was influential

mr. wallace? >> i am full of surprises today. >> it is called chairman discipline. >> something simpler working from the outside. [talking over each other] >> thank you, mr. chairman. thank you for coming. i would like to explore something called the discount window a little bit. my understanding of the purpose of the discount window for banks is it is an opportunity for a bank to take assets that are not liquid and provide them as collateral to the fed and the fed in turn monetizes them and use that cash to meet its obligations. one of the purposes of that is to address runs. when a bank is facing runs, assuming it is solvent, it can present collateral, including loans, which are liquid, to the fed and if the fed judges those loans have some value given an appropriate discount, it provides cash to the bank to meet the loans, to meet the obligations. the fact that the fed is doing that is very influential with the market. people say as long as i can make these withdrawals, that is in a run and the

mr. wallace? >> i am full of surprises today. >> it is called chairman discipline. >> something simpler working from the outside. [talking over each other] >> thank you, mr. chairman. thank you for coming. i would like to explore something called the discount window a little bit. my understanding of the purpose of the discount window for banks is it is an opportunity for a bank to take assets that are not liquid and provide them as collateral to the fed and the fed in turn monetizes them and use that cash to meet its obligations. one of the purposes of that is to address runs. when a bank is facing runs, assuming it is solvent, it can present collateral, including loans, which are liquid, to the fed and if the fed judges those loans have some value given an appropriate discount, it provides cash to the bank to meet the loans, to meet the obligations. the fact that the fed is doing that is very influential with the market. people say as long as i can make these withdrawals, that is in a run and the

mr. wallace that judge porteous expressed a reservation about setting aside the conviction until his confirmation took place. can you tell us a little bit about that conversation? you said you had to press him. did he tell you why he was concerned? mr. louis marcotte: because if anyone, if the newspaper grabbed hold of it, then he would be worried that it would interfere with him being his confirmation. mr. schiff: and can you tell us what his words were how he expressed to you his concern that things might become public? .. judge porteous did, in fact, wait until after he was confirmed by the >> he concern he expressed that if he set aside were discovered it might derail his nomination appeared to have been justified. the media reported that the judge had engaged in an unlawful act. at this time they judge secured his federal judgeship. after he became a federal judge the relationship did not continue precisely as when he was a state judge. judge porteous did not continue precisely as when he was a state judge. judge porteous could not do as much for the marcottes. and they accordingly did less

mr. wallace, one question and then mr. vice chairman for closing marks and we will adjourn. >> one question and this is for mr. fuld and i still want to put words in mr. baxter mouth, but i took away from our discussion that if the fed adopted their purpose resolution under 133 that would have allowed them to take your illiquid assets a monetize them as they might do with a solvent bank, if that had occurred wouldn't lehman have been able it to survive? >> i believe so. >> thank you. >> mr. vice-chairman. >> mr. baxter, on the 133 decision was tt discretionary on part of the federal reserve? >> the decision by the board? >> yes. >> yes. >> when you have a discretionary decision you look at the consequences of the decision and you basically focus on what death. so if you go ahead and make that decision what have you done, what of the consequences following that, so if there's a required or in automatic discount for banks or the l says you have to do it than i understand is no discretion. where there is discretion you have t

mr. wallace? >> i am full of surprises today. >> it is called chairman discipline. >> something simpler working from the outside. [talking over each other] >> thank you, mr. chairman. thank you for coming. i would like to explore something called the discount window a little bit. my understanding of the purpose of the discount window for banks is it is an opportunity for a bank to take assets that are not liquid and provide them as collateral to the fed and the fed in turn monetizes them and use that cash to meet its obligations. one of the purposes of that is to address runs. when a bank is facing runs, assuming it is solvent, it can present collateral, including loans, which are liquid, to the fed and if the fed judges those loans have some value given an appropriate discount, it provides cash to the bank to meet the loans, to meet the obligations. the fact that the fed is doing that is very influential with the market. people say as long as i can make these withdrawals, that is in a run and the

it's interesting that gregory wallace, an african american man, was supposed to play mr. oge, an excentric neisei who likes literature. i thought it would be an interesting thing to do. but after a while we did a reading and we realized as good an actor as gregory is, it was pushing his limits for him to play a japanese american character in the late 40's. >> i imagine him as being much older. >> in the course of writing the play and using various actors, he became younger. this chinese actor is more like a character in his mid to late 30's, excentric, a career bachelor who is into russian literature and who fashions himself kind of patterned after the japanese artists of the 30's and 40's. he has round sort of glasses and a braid. but getting back to the question of creating characters, for example african american characters, i'm also caution -- i had written another play called johann that was about an african american gi and a japanese wife that got married in post war japan. i wrote that play 20 years ago. i wouldn't do it for about 8 years or so because i just didn'

colbert mocked the entire process and steny hoyer told wallace that colbert's bit was "not appropriate. >> i think it was an embarrassment for mr. colbert. he was -- >> well, he was called by the democratic chair of the subcommittee. >> you ask me, chris, whether the testimony was appropriate. i think it was not appropriate. >> and he should not have been called. >> well, i don't know about whether he was called, but what he had to say was not the way it should have been said. >> and i think part of the confusion is he gave written testimony, as well, that he was explaining these were difficult jobs. these are jobs that many americans don't want to take, which is why there's so much migrant labor and there should possibly be a path way for at least working papers for the immigrants who do that. >> the whole thing was a little strange to say the least, but colbert's getting plenty of people supporting him, as well. congress says that he made a mockery of the hearing process. but other people who have stood up for colbert say congress has made a mockery of the hearing process. don't blame him. >> apparently when he tried to submi