paulson's office. >> narrator: paulson got right down to business. >> because it's paulson, who's nota man who beats around the bush, it became clear relatively quickly what he was proposing. >> he says, "i've got here documents that say that the u.s. government is going to make an injection of capital into each one of your companies." >> narrator: paulson was about to hand out billions dollars. >> he turned it over to geithner and he said, "okay, here's how much you're going to get." and he went around the room, and he came to me and said, "$25 b-b-b-billion." and then the rest of them. and i almost fell out of my chair. >> they go through in a very, very rapid way that each of us is going to take this taxpayer money, the tarp money. >> and he basically says, "you can't leave this room until you agree to take this money." >> we're all going to do it for the good of the country, for the good of the system. and it's not really discretionary. >> narrator: it was unprecedented. in return for billions of dollars, the government would take an ownership stake in the banks. but even with the

paulson i mean you go to the two thousand and eight period we find out later that paulson thanks to a whole with the insiders on wall street told folks that the government was going to bailing out these institutions printing money to do sell the banks all tripled and quadruple during that period of time based on all between hank paulson congress and wall street and billions of dollars were siphoned out of the economy and put into the pockets of you folks who used most of that money to pass laws to make it easier to commit the same crimes over and over again yes those hurdles you were talking about with hank paulson they were actually involved he met with these bankers from goldman sachs he met with hedge funders who used to be at goldman sachs we told them despite going in front of congress and telling congress. we will not bail out fannie mae and freddie mac. they will not be put into receivership into conservatorship and in fact he was telling them that we're going to do it so you cannot this is our little huddle our little cuddle i won't but that's exactly right and this is a one o

paulson said. he hoped that this would stave off the lawsuits but never gave anything close to such a guarantee. >> reclaim my time. after that eloquent defense of the bush administration which i'm not used to from the ranking member i'm thrown off my game a little. mr. secretary, i thought today's discussion was supposed to be about the international financial system so i'd like to get to that a little bit. i heard from some other members that they think that europe is basically handling their problems better than we are handling our problems. and i guess that's one opinion and that's fine. but i'd like to ask in the european problems they had, major european countries reduce their tax burden in the last three, four, five years? >> i do not believe so and i think most of them are going rapidly in the other direction. >> i'm under the same impression but i thought i'd ask you. figured you would know better than i. i'd like to offer for the record a table i got from the organization of economic coop

let's check in with steve paulson.hance of rain later. >> wednesday, thursday possible. there is a fog bank out there that is locally inland. we also have drizzle along the coast. system right there. it's not very strong but it will give us a cooler pattern here. probably about until the end of the week. highs today 50s and 60s coast and bay. here is sal. >> steve, good morning. this is a look at highway 24 it looks pretty good as you drive up to the caldecott tunnel with no major problems as you drive through to oakland. i want to show you something here. an investigation is happening here. it happened in the area of 57th avenue and bran croft. a white pickup truck busted through this wooden fence and damaged two parked cars. the driver stayed a the the scene to talk to police. no one was hurt. let's go back to the desk. >>> our time is 5:31. crosses resume -- classes resume today at oikos university three weeks after a massacre that left seven people dead. tara moriarty is out there right now to tell us what the stud

lorain blanco is outside with people dealing with the change in the weather, but we begin with steve paulson, who will tell us how much rain we're going to see. >> for some areas, hardly any rain at all, but others, especially towards napa, it's been steady all morning. it's a gray day. there's a gray day. you can see the cloud cover continuing to stream in with the rain. one band actually stalled out over us. then the next came on shore and met up with it. still plenty offshore. some of the rain totals, napa, 0.64, leader of the pack. core dehlia, 0.50. san francisco, oakland, mill valley, 0.16. on live storm tracker 2, there's the line stretching from napa county, extending back towards monterrey, almost san jose. looks like a little break in the north bay on the back side of that, santa rosa. look at that all the way down to vallejo, looks like it continues to not move. so it's stalled out there. then also extends from concord back over to danville and hayward. san jose, finally getting a little rain, but it's taking a long time to get there. as we look at the peninsula, finally starting

steve paulson is excited about this. there is a lot of people. the music world preparing for tonight's attribute concert. ktvu takes you behind the scenes and telling you who will take the stage. >> he said it came from outer space and he has a piece of it. why scientists are excited about the discovery. get irresistibly clean and fresh carpets in your home with resolve deep clean powder. the moist powder removes three times more dirt than vacuuming alone while neutralizing odors for a clean you can see, smell and really enjoy. don't just vacuum clean. resolve clean. it's nice having u-verse, isn't it? see back in my day, we didn't have these newfangled wireless receivers. fangled? we had to watch basketball in the living room... that's where the tv outlet was. what is he talking about? and if mom was hosting her book club that day, guess what...you missed it! we couldn't just move the tv all willy-nilly all over the house. ohh! ohh! kids today have it so good. ok. [ male announcer ] the new wireless receiver only from at&t. get u-verse tv for $2

paulson. >> thank you, madam chair. thank you commissioner for being here today. i just wanted to follow up on a letter i sent to you not too long ago. in the last year you've been talking a lot or a great deal about this concept of a realtime tax system and have had a number of actually public meetings on the issue as well. i know there are benefits to receiving realtime verification and having that information up hand. i am concerned that the cost could outweigh the benefits, particularly in the sense that having this filing system could lead to a burden very similar to the 109 provision that was being rolled out as a part of america's new law which would have been a nightmare. if the irs is going to make this realtime system work, i'm sure you'll want to spr all the data earlier than is required today. you'll probably want more 1099 data as well. looking at what's been discussed today, it seems compressing this reporting timeline will make it more challenging for reporting requirements for a very onerous and burdensome process right now. let me ask you this, wh

to over three trillion and the tarp funds originally seven seven hundred fifty billion under hank paulson's extortion ery congress and all speech is that well over seven trillion officially twenty trillion of officially and this is all because of the attempt to really lend again the same collateral that has been shown to be worthless to begin with well let's look at the state of those people who are on. able to afford their mortgages so this next wave of foreclosure crisis is upon america bankruptcy costs and america's household debt crisis yes max americans are too broke to go broke a new study finds in a recent m.p.e. are working paper they found that illegal in administrative costs inhibit a significant number of households from filing for bankruptcy moreover the number of households facing these barriers has doubled during this decade in the paper they examine how household bankruptcy rates responded to the two thousand and one and two thousand and eight income tax rebates using the fact that the rebate payments were distributed randomly based on file or social security numbers we find

that was presented by secretary paulson was to buy the toxic assets and reformat the mortgage, and then it turned into a cash-ejection program, a purchase of preferred stock program. it switched. i distinctly remember. because we evaluated in deciding to support the t.a.r.p. the public statements that were made to promote it and said this would be a good idea particularly if they created an entity, some sort of centralized entity to take on the mortgages, and then you would have somebody responsible for the reformulating of the mortgages. and i still believe that we could have all the standards, but we need a better organizational mechanism, quasigovernment, that could buy the mortgages and then be responsible for principal reduction and reformatting the mortgages. it would be more organized. it would be a better week. work through this early process of all these voluntary programs. and many of them did not work. and i think there's a lesson to be learned from what was done in the savings and loan crisis, the resolution trust corporation, and the mechanism used there, and there was a gr

faulty it wasn't worth even two cents on the dollar the response of wall street the response of hank paulson the response of barack obama the response of all the bankers around the world was to essentially double down they took all that collateral that was shown to be worthless and they re collateralized that in essence a member of the fed's balance sheet went from less than a trillion to over three trillion the tarp funds originally seven seven hundred fifty billion under hank paulson's extortion ery congress and all speech is that well over seven trillion officially twenty trillion other officially and this is all because of the attempt to really lend again this same collateral that has been shown to be worthless to begin with well let's look at the state then of those people who are on. able to afford their mortgages so this next wave of foreclosure crisis is upon america bankruptcy costs and america's household debt crisis yes max americans are too broke to go broke a new study finds in a recent m.p.e. are working paper they found that legal in administrative costs and hit a significant

steve paulson is here. he knows everything. >> i hope i do. we have clear skies out there. it's cold again. the system yesterday responsible for that afternoon rain from napa all the way out toward stockton. 50s and low to mid 60s. i'll have your forecast coming up. >>> westbound 24 looks pretty good getting out to the tunnel. it's a nice start. some of the road work we've had around the bay has been picked up. there hasn't been any major problems. also this morning we are looking at westbound 24 i'm sorry southbound 680 off to a nice start. 5:01 let's go to dave and pam. grudge right now police in fremont are investigating a homicide. investigators have been at this scene for several hours now. ktvu allie rasmus is there as well with the details of what we know. good morning, allie. >> reporter: we have been here since 3:30 this morning. this is center avenue between duster berry. you can see there is crime scene tape off. 9 block has been closed off to traffic since 1:00 this morning. now on the street there are a couple of apartment complexes right across from each other

let's get a quick look at your weather and traffic with our own steve paulson. good morning, steve. >> thank you very much. a lot of high clouds over us. it will still be a mild day. we are waiting on that rain. tomorrow at this time maybe but not today. temperatures starting off 40s to 50s. there is our system. it's holding a lot of rain it's just not moving very far. until then, temperatures 60s to low 70s so really mild. after today it looks like the rest of the week will be raining. here is sal. >>> steve, good morning. we are looking at san francisco. southbound 101. looking pretty good. also this morning we are looking at the bay bridge toll plaza. that traffic is moving along nicely. now let's go back to the desk. >>> we begin our 5:00 hour with a deadly overnight accident in oakland. police are questioning an suv driver that struck and killed a bicyclist. ktvu tara moriarty joins us from oakland police headquarters. >> reporter: investigators are trying to figure out exactly how this accident played out. it could determine whether or not charges will be

well overnight rain is making for a wet commute and steve paulson will tell us where the rain is and where it is headed next. >>> and in oakland, at least ten people are under arrest after a marijuana bust and police are asking for help.

steve paulson is up soon talking about beach weather. >> hoping to live the dream, why hundreds of people were lined up at an' arena in the bay area. [ female announcer ] cheeserburger macaroni hamburger helper. now even cheesier and tastier. helpers. forty dishes, all delicious. gives us the most nutritious of gifts. but only when they are ready to be given. that's why green giant picks vegetables at their peak. ...and freezes them fast, locking in nutrients ...for you to unwrap. ♪ ho, ho, ho. green giant >>> search crews continue to look for a gray whale tangled in fishing line off the or aiming county coast. it's towing about 100 feet of line and three blue owes from its fin. yesterday a coast guard crew cut some of the debris. once it's found they'll attempt a second rescue. the whale appears to be healthy despite the situation. this is the third whale rescue in a month off the orange county coast. the other whales had been tangled in netting. one died. >>> texas authorities say a nurse has admitted she shot a young mother and abducted her newborn son yesterday near houston. the nurse

paulson. i am going to call 10 more names. i am sorry.ot know we are done with the last list. [reading names] >> good afternoon, supervisors. i am not feeling well. to really give you my best ideas. to say that affordable housing is coming, but instead, condominiums are coming. we have to stop the proliferation of more condominiums and unaffordable housing. [coughin] next time. thank you very much >> good afternoon, chairman mar and supervisors. my name is -- i live in district 6 about five blocks from supervisor kim. i also am with senior action network, and also with the committee, the senior housing action collaborative, and i am also a member of the californians for disability rights, which is a statewide organization of advocacy for disability rights. i obviously am aligned with the sentiments of the previous speakers, and i wanted to contribute something that perhaps had not been contributed. related to statistics, i believe that a lot of rental market properties are advertised on craigslist, and since mr. newmark is a member of the

i am walter paulson. [singing] clear the drug dachshund you have nothing to hit but the rights to clear the dr-- clear the drug r. it is >> write soon, and the feeling is right it is ladies and human-rights. -- >> it is human rights, the feeling is right so, what a night oh, what a night. you light up my human rights life you give me hope for a brand new day you light up my human rights life and give me hope, for everything going your way it can that be wrong when it feels so city right because you, you light up my city writes life here comes the night here comes the night please, make human-rights come out right [applause] >> thank you. before the next speaker, i just want to call up that cards one more time. [reading names] >> my name is not important. if you look at prohibition, prohibitionist targeted the irish, italians. the drug wars, people may be like you, i don't know. they put people like me in jail i will not be a scholar and i cannot be more interested in drugs, then i want to be a leader in m

. >>> and steve paulson will be up next to give you specifics on when you should have the umbrella out next some over-the-top comfort couldn't hurt. and our perfect dream factory's been built. you're feeling sleepy already? nighty-night. [giggling] >>> the chp is searching for the driver who caused this messy scene at 75th avenue in oakland. a runaway pickup truck smashed into a fire hydrant sending water shooting high into the air. the crash happened shortly after 2:00 a.m. the chp was first on the scene quickly followed by oakland firefighters and police and there are no reports of any injuries. >>> violence erupted across two borders with syrian today as syrian troops fired into neighboring turkey and lebanon. syrian troops wounded at least five people. in the meantime, smoke continued to rise in the embattled city of homs. and a cameron died after he was hit by gunfire while reporting along the lebanese border. >>> the u.s. state department reports that launching that rocket or carrying out a nuclear test would be seen as a provocative act. it would further isolate north korea. the

john paulson's credit opportunities fund returned almost 600% in 2007, with paulson pocketing a reportedllion. bill ackman of pershing square capital management said he plans to make hundreds of millions. both declined our request for an interview. >> it is a betting game, folks. it's a betting game. >> congress now seemed shocked and outraged by the consequences of its decision eight years ago to effectively deregulate swaps and derivatives. >> this is casino capitalism. that's what it is. it's casino capitalism. >> and various members of the house and senate have hauled in the usual suspects to accept or share the blame. >> were you wrong? >> credit default swaps, i think, have serious problems associated with them. >> it appears to be the first step in a long process of restoring at least some of the regulations and safeguards that might have prevented or at least mitigated this disaster after the damage has already been done. >> where do we go from here? >> we need the most dramatic rethinking of the regulatory scheme for financial markets since the new deal. if anything has demonstr

i am walter paulson. [singing] clear the drug dachshund you have nothing to hit but the rights to clear the dr-- clear the d

paulson. seeing none, public comment is closed.ecide on the motion, i have a question regarding local higher. on the joint powers authority which and the director, i have appreciate his incredibly strong commitment to local hiring, and i know we of talked a lot about how to give greater flexibility from the federal government on construction projects. >> i am very appreciative of the gentleman for coming down, this is an area where i know a little bit of something from my days in the human rights commission and no the importance of the city and the hiring efforts here. i am also well aware of the contract in power that we have any responsibility have to the city that funds us. what will probably comes as a shock to my wife, i am not an expert on this issue. i will readily admit that, i am supportive of the local hiring efforts. i pay attention to them when we hear about them on the central subway project that is turning to be one of our best project for leveraging local hiring. i think the honest answer is that it is the extent of

paulson. mr. wong? >> howard wong.t sing, but i did stand on the opera house stage, when i replace the wooden stage floor. that was interesting. i am here to support architectural heritage i's and e hpc's recommendations regarding articles 10 and 11. as an architect, i have worked on shopping centers, hotels, commercial and institutional buildings, as well as renovations and historic preservation. for many of these projects or all of these projects, there are many codes that apply universally to all projects -- building codes, zoning codes, ada, fire and life safety, engineering, energy air and leed guidelines, grant funding constraints, and other things. for a very few projects which involve historic resources, which are perhaps 5% or 10% of all architectural projects, there are also guidelines that are widely recognized. there are secretary of the interior standards, local preservation codes. many of these guidelines and codes have also been refined, just as building codes have been refined for decades. historic reso

paulson. i am going to call 10 more names. i am sorry.ot know we are done with the last list. [reading names] >> good afternoon, supervisors. i am not feeling well. to really give you my best ideas. to say that affordable housing is coming, but instead, condominiums are coming. we have to stop the proliferation of more condominiums and unaffordable housing. [coughin] next time. next time. thank you very much

jim paulson is wells capital management. morning to you. >> good morning. >> where do you think we are? how do you interpret today's selloff and the jobs report on friday? >> well, we had a 120,000 payroll gain and it's certainly a disappointing report when we were expecting 200k. had we had 200k for the month, it would have been the first month since 1999 that we had four consecutive 200k plus gains in monthly jobs. so it's -- it would have been an odd event indeed. it reflects the fact how volatile that number is. i don't know if it changes the underlying message here of an economy that is still recovering. in the first quarter, for example, we created 200,000 monthly payroll jobs. that's the best job creation of the recovery. it's the only quarter of the recovery that we averaged over 200 for the whole quarter. and i do think with 2% job growth in the first quarter, 1% average hour work, we're going to have, looking at about a 3% gdp quarter, if we come in at that level, that will help this market at some point in the fut

paulson ? >> a student daydreaming and high school might be thinking of this -- ♪ school board teacher, looked at me tell me what you see i can use better grades than c you can shoot me to the top give me the best and that's a lot you can make it right you can make it all right i can touch the high school moon in my hand here i go again i'm going to make it to have been -- heaven and all through high school i am going to light of the graduation like a flame make you glad you came make it a good job and i hope i get a big a i am going to be there on broadway it's going to be great, ok, ok i'm going to make the good grades just glad that you came and it is going to be the best school and things for all you gave -- thanks for all you gave ♪ supervisor campos: is there any other member of the public would like to speak, sing, or provide other comment? seeing none, comment is closed. supervisor olague: at some point, maybe the next meeting -- we have been meeting monthly -- i would like to go more i