we have to ask why has mayor ed lee appointed a speculator to the pension board in san francisco. city workers should ask that question. why is the mayor appointing a speculator of hedge funds who sells hedge funds to the pension board to the city and county of san francisco. especially when a state agency said they're no longer going to invest in hedge funds. so why are we going in the office of direction which is a largest [inaudible] as a matter of fact in after after, the directors refuse to get in touch with them and ask them why they made that decision so i think the board as a whole needs to take this decision and needs to reject -- first of all, accept having a full board meeting and reject her appointment. thank you. >> and again, i want to reminds everyone that the public comment we're taking right now on item 63 is board of supervisors should meet such as the ones provided previously must be reserved for items 46 and 47. at this time we're only taking public comment on whether the board should convene as a committee as a whole. >> i hope you do and i hope it's a thor re

i want to thank you for your unanimous vote to ask the pension board to invest in the fossil fuels. that was such a different time. during the nearly two years since that spring 2012 vote the retirement board has done little but waffle and mumble about how risky it might be. i've been to those meetings, i speak from experience. the world has moved forward around them and the reason to divest in momentum to do them have grown spectacularly. the reasons that i think motivate it had board of supervisors to vote was

i want to thank you for your unanimous vote to ask the pension board to invest in the fossil fuels. that was such a different time. during the nearly two years since that spring 2012 vote the retirement board has done little but waffle and mumble about how risky it might be. i've been to those meetings, i speak from experience. the world has moved forward around them and the reason to divest in momentum to do them have grown spectacularly. the reasons that i think motivate it had board of supervisors to vote was the reality of climate change and the scientific news keeps getting more terrible in the 20 months since you vote. we're now in a race to save the world from the worst case scenario frs climate change divest ment as this retirement board was asked to do. another aspect that's change td since april of 2013 is the new energy landscape. even a few years ago -- it's here. renewable cheap energy is seriously impacking traditional power generation an power companies. in the u.s. coke brothers -- i could go on about that. the third is the carbon bubble. more and more authority, the

paskin-jordan i was surprised but pleased to hear he her tell the board she'll be a leader on fossil fuel for this pension plan we can't afford to wait for action the retirement board activated level one proxy voting 11 months ago that clearly has had no effect on the 2 hundred copies from the investment procedure in the meantime we're in the middle of a massive grauth drought we're witnessing the fall of oil prices on the effect of global warming because the of unburdenable assets the effect is much larger the short window of fund we have to protect the fossil fund is rapidly closings and this board is doing absolutely absolutely importing and exporting nothing it is long past the time for engagement it is critical to mention that ms. paskin-jordan and after all you commissioners recognize that supporting hvrdz is completely at odds with deinvestment as well as being risky high fees hedge funds are not transparent and undoubtedly holding fossil fuel the board of supervisors has directed you to divest not invest in fossil fuels thank you. >> thank you. >> welcome david. >> david williams i have here i'd l

pension fund. normally shareholders only have the power to boat for board candidates. olders do not generally nominate executives. new york's pension system is targeting 75 companies that include household names like ebay, exxon mobil, netflix, chipotle, price line, and staples. new york's comptroller is demanding that they adopt the three and three rule. giving them the right to nominate new candidates. the measure could increase the value of u.s. public companies, thereby benefiting the nest eggs of millions of americans. >> there's good corporate governance and less risk, so that's praised into the company. if the markets as a whole rose because of higher corporate governance standards, that would flow into your pension. in egregious cases where there's poor corporate governance, it would be unlikely that a number of investors could ban together. >> reporter: the three and three rule was proposed after enron collapsed. nows of people lost their life savings. many people blamed poor oversight by the company's board of directors. supporters say it will help influence i

pension. >> across the board, you have so many portfolio companies.iven the market volatility, do you feel like you want to hold off on ipo's right now? >> defending what the market says. if the market opened for ipo's, we will take advantage of it. most of our exits are not through ipo's but through trade fails up ipo's are a small part of the way we exit. it is an important part, but not the most of what in part. >> david, when you look at your portfolio companies, do you see evidence of an accelerating company or do you see leakage from china and europe causing the u.s. recovery to decelerate? >> we own roughly 80 companies in the u.s. through our various portfolios, and we correlate the data with gdp and other macroeconomic factors and based on that right now, we think the u.s. economy is going to grow about 3.5% this year which is a lot what the imf has that, they set about 3.4%, and we think that number is roughly likely. the numbers contained, we are january 21 but we do not know whether there will be some deleterious thing happening around the

will be tested, republicans could see changes in the way the state liquor control board is run and push for overall pension reforms. former republican governor tom ridge. >> the legislature has priorities, the governor has priorities, and how do they sit down and try to accommodate each others interests a and what do they do to get those things done. >> reporter: in his speech wolf indicated he as willing to work a across party lines, when it comes his goals, such as a attracting higher paying jobs. while in office wolf will not reside here, in the governor's residence, instead he will make the 60 minute commute every day from his home in mount wolf. in harrisburg, todd quinones, cbs-3 "eyewitness news". >>> governor wolf is getting readied for his inaugural ball in hershey where "eyewitness news" reporter diana rocco joins us live diana? >> reporter: chris, we are at the great american ballroom here at the hershey lodge in hershey where just about two hours from now the doors opened for the let's get started inaugural ball. just before 9:00 tonight the governor will take the stage and have a a few short c

the comments come as the national labor relations board sided with the union on healthcare and pensions. >>> starting tomorrow, you can take a tram ride to get around the atlantic city boardwalk. it could bring a sharp reduction to the rolling chairs currently in use on the boards. the three trams will have a soft launch this weekend while the b and b parking corporated works out the logistics of the operation. >>> the philadelphia auto show opens to the public about an hour -- opened to the public about a half-hour ago, last night a black tie tailgate gala was held to benefit children's hospital of philadelphia. >> reporter: people filed into the pennsylvania convention center for the 2015 auto show black tie tailgate it's all about the kids. proceeds benefit the neonatology division of the philadelphia hospital. >> we're hiring research people we're doing airway research and neurology research. >> reporter: glamour, glitz and fast cars food and dancing kicked off the nine-day event. people roamed 700,000 square feet. channel 6 "action news" is a proud sponsor of the event. the econom

the comments comes after the national labor relations board sided with the casino workers union on healthcare and pension benefits. >>> starting tomorrow you can get around the atlantic city boardwalk on a tram. the three trams will have a soft launch this weekend while they work out the low gist i i -- logistics for the operation. >>> ride sharing lift picked up its first customers they feature pink mustaches. it has been approved to operate in pennsylvania, but ppa considers lift an illegal taxi service. the parking service impounded one of the vehicles last night. >>> 2015 auto show opens to the public. the action cam got a sneak peek at the p-a convention center this year. 700 vehicles are under one roof. the nine-day show kicks off last night with a black tie gala. we'll have a full preview of what you will see at this year's philadelphia auto show, tune in for our special tonight at 7:00 a.m. on 6abc. >>> tell marketers phone calls are sometimes annoying, but see how one turned into a life-ing ring for one woman. -- life-saving ring for one woman. >> reporter: gusts as high as 20 miles per hour in

five hundred hundred families buy a first home or the employee pension system votes on that thank you supervisor cohen and to the retirement board as well (clapping) and my top state protective priority once again to partner with senator leno and now senator david chiu to reform the ellis act and end the speak latter eviction in our city (clapping) you know in 2012, we worked together to put forth the housing trust fund $1.3 billion for new affordable housing that was then unpredicted i thank the largest coalition but we need to do more to help our middle-income and folks that are trapped in housing let's come together on no november ballet and put together a general bond measures for working families without raising property tax in our city (clapping.) but i mean government can't solve the housing problem so this year i will propose a new investment fund let's call it an accelerate fund for housing that attracts private and philanthropic dollars for affordable housing and rebuild of our public housing sites alongside the bond and other matching fund after decades of under this and neglect on housing we made good process in 2014

is level two have the board become more knowledgeable in that area i have for san francisco attended conferences in that area i just got back that f from one to understand the pension fund are doing in that area none that i know of have gone to level 2 so starting at level one is prudent i stektd the motion to go to level one so i have - >> to study level one. >> no. >> actually, we pulled up the notes you haven't read the notes correctly i've seen them verbatim and when it came to a vote on february 9th you weren't present at the meeting according to my notes and february 9th vote was on level one engagement which - >> colleagues. >> can the director speak. >> i have to make known we have folks from the retirement board so if folks have questions dork housing authority. >> there was a vote in october to study it and special meeting called in which the lady was present and seconded the motion if cove

the comments come after the national labor relations board sided with the union on healthcare and pension benefits. >>> acme recently sold a 9 million-dollar pick 6 lottery ticket. it received a cut for selling the ticket. so celebrate they donated # thousand dollars to -- $3,000, to community food bank and cape may county special services school and middle township fire compartment received $1,000 check. >>> still ahead on "action news" saturday morning the philadelphia auto show shifts into high gear this weekend we'll have some of the new options that will have you taking your hands off the wheels. >>> firefighters come to the rescue when a dog gets swept away by floodwaters in california. >>> meteorologist chris sowers has the exclusive accuweather seven-day forecast. don't be fooled by the sun it's cold out there. "action news" saturday morning continues in just a moment. >> new video of a dramatic rescue, a california firefighters was lowered into the swollen los angeles river. he swam to the dog and pulled it to his arms. it had a leash and color on when it was rescued. lucky, name

and this is a pension program that has promised to cut benefits 25% across the board for 20 years not a very good way to run a pension program so it ought to be reformed so will be sustainable for future. they can make their labor force decisions and all of that would be beneficial. >> tell me why you think that we should tax the earnings. >> i did not say that i wanted to. >> okay. thank you, mr. chairman. >> mr. lewis. >> thank you mr. chairman. i want to take an opportunity to congratulate you in this committee in late the gentlemen i look forward to working with you. >> thank you. >> welcome members of the panel. doctor johnson please go ahead. >> this is an issue and a problem that we encounter in many crises. this is why preventing severe financial crisis is important. so many people are dumped into the labor markets and the gentleman said that you're overwhelmed and more people do end up with stress on disability because of what has happened. so that is why dodd-frank is so important and i urge you not to lose sight of the big picture. this is why this was important also, getti

potentially closing down the pension scheme which is known to be generous across the board.key priority -- firstly competitiveness and secondly their balance sheet, thirdly regaining trust of the consumer. they are reducing their prices. in t hose stores. which helped them over christmas. now it's about getting investor trust back, too. they are not going to like the customer dividend. >> certainly not. thanks for that round of. one or two other lines coming from dave ellewis. they are going to consolidate their head office locations. reducing the footprint across the u.k. they are hiring advisers to explore the options on the company they set up -- dunny humby. nothing is definite. tesco bank is up 3% and doing quite nicely. nothing on the bank and nothing on asia so far. >> let's see what investors make of this. let's talk to the head and investments across bridge capital. good to see you. good morning. happy new year. a company that is invested in tesco in the past. you wrr short -- you were shorting tesco. >> i closed in december. my view was that the stores running to f

pension reform for voters. >> in the meantime we need to be able to do things. that will improve compensation create in send tich thousands, staying on board and to come to san jose. >> mayor liccardo have some heart. >> outside, advocates pushed for a campground for the homeless. now that the area known as the jungle has been closed. mayor liccardo talked big picture and pledged to end homelessnessen our lifetime. >> and we will tell the world, that we're from san jose. thank you. god bless you. >> also sworn in tonight. four members of the san jose city council. they will be key for mayor licardo taking the vision and making reality. terry mcsweeney. nbc bay area new. >> thank you. governor brown, three decade. lot of political haggling. today the high speed rail project fwroek ground. the $68 billion project the first of the kind. by 2029 passengers will ride from san francisco to los angeles in less than three hours. while brown says it is well worth the investment kriltices are the guy is just a waste. >> there is an amenity. an efficiency. there is a -- a sustainability on the type of fuel. there is protection of the air. there is a

and railway pension trust company wrote a letter in the latest of a for your campaign. they request a meeting of the boardf directors, and they have been requesting a meeting with no luck. joining us now is aaron boyd. let me start with you. they have been after this for some time. is this unique among pay packages? and among shareholders demanding pay package changes? >> absolutely. shareholders want to have say in issues like this. you have already seen oracle make some concessions. i think the issue here is these pension funds are not feeling heard. what they are telling us and the public is that oracle has not been receptive. oracle is not listening, not willing to sit down and talk. i think that would go a really long way towards assuaging their concerns oracle were to agree to a meeting. >> let me ask you, is this an unusual campaign by the shareholders outside of oracle? >> is a campaign we have seen that only a small handful of companies before. i think oracle is a unique company, in that the package they pay has been so consistently high for the last four years is a campaign that in going on quit

again, as everybody knows, this is a pension program that is kept actually on the books by the promise to cut benefits only 5% across the board. not a very good way to run a pension program. it ought to be reformed so will be sustainable for the future. people know what the deal will be. they will make the labor force sonoma how much they have to earn and all that will be beneficial. >> okay tell me why you think we have to tax those earnings because they party been taxed once. >> i didn't say it wanted to. i said we have to re-examine not. >> thank you, mr. chairman deerfield that. >> mr. lewis. >> thank you, mr. chairman. i want to take an opportunity to congratulate you on becoming chairman of this committee. like mr. levin, i look forward to working with you. thank you. welcome, members of the panel. dr. john said, would you like to comment on the question raised by mr. johnson? >> yes mr. lewis. this is an issue, a problem we encounter in many severe crises. this is why preventing severe financial crises because when so many people are dumped into the labor market, when so many people are dumped out of the labor market y

pension fund, and new jersey's transportation trust funds which pays for bridge and tunnel repairs. the governor may also mention ongoing rebuilding effort following hurricane sandy. >> the central bucks school board will discuss the status of a central bucks west high school guidance counselor. >> she had posted this facebook post. it was directed towards a die-in protesting grand jury decisions not to indictment people in the deaths of two african-american men. >>> well, could the ncaa restore joe paterno's ones that were stripped from his resume during the sandusky sex scandal. working toward a settlement, related to the punishment levels against the school for failing to stop sandusky, no word on specifics of the negotiations, but, any potential settlement could involve paterno's 111 wins vacated by the ncaa. now if those wins were restored the late coach would once again be the all time leader in victories among major programs. >>> well the ohio state buckeyes have made history first team ever to win the college football national championship playoffs to do it. buckeyes sophomore elliot was offensive mvp and for good reason, he ran for four touchdowns and 246 yards. ohio state started the fir

pension trust will file the letter with the fcc today. they have campaigned for years for more access to the board and oppose the compensation which totaledis 67d million last year. the funds got a proposal on to the company's proxy ballot last year to give shareholders power to nominate board districters. but it was defeated. taking a look how shares are trading down about a half percent in frankfurt. >> that's not a small amount. >> no. >>> apple reports earnings tomorrow. investors are looking for important details on china. analysts are expecting the tech giant to reveal it sold more iphones in china than in the u.s. for the first time ever. the deal signed with china mobile last year in the release of the iphone 6 in october is credited with helping it reach the milestone. now i remember that china mobile deal. it seemed to go on forever and ever. they both needed each other so badly at china mobile to get more customers. a lot of folks want the iphone there. it seemed to work out well for both. >> it's interesting for this is true. that china smartphone sales surpass the u.s. even though apple was not the first mover in china, they

this is a pension program that is kept on the books by the promise to cut benefits 25% across the board after 25 years. they ought to be reformed so it will be sustainable for the future and then be able to make labor force decisions to know how much they had to earn and how long they have to work. all that would be beneficial. >> tell me why we have to tax earnings. >> i did not say i wanted to, i said you need to re-examine that. >> thank you, mr. chairman. i yield back. >> i want to take an opportunity to congratulate you on becoming the chairman of this committee. and like mr. levin, i look forward to working with you, sir. >> thank you. >> members of the panel welcome. dr. johnson, would you like to comment on the question raised by mr. johnson? >> yes mr. lewis. this is an issue, a problem we encounter in many severe crises. this is why preventing severe financial crisis is so important, because when so many people are dumped into the labor markets, you are overwhelming the capacity to cope and more people end up on disability, a lot of them end up with stress on disability becaus