robert frank tells us how bad it has been it is tuesday, september 27th. are watching "worldwide exchange" here on cnbc >>> welcome back i'm frank holland in for brian sullivan let's get right to the markets and your money look. we mentioned futures are green across the board of off highs of the session. dow could open up 150 points the s&p and nasdaq about 1% higher in the pre-market you have to continue to watch that >>> moving on to other parts of the market this morning. including the oil market right now, excuse me the bond market first. the 10-year treasury at 3.848. still inverted yield curve now to the oil market. crude currently. sitting at -- up higher by 1%. wti at below $78 a barrel. let's get a check on the morning top stories. pipp pippa stevens has more >> ford is asking for a new trial after the georgia jury reached a settlement last month in the case of the fatal rollover sdaccident this was over a crash in 2014 that killed four people. the roof design of the truck faulty and prone to collapse in the rollover ford said it wasn't allowed to

robert frank joining us with a look at a cool ipo, if anything for the cars. >> porsche aiming for a market cap of volkswagen, twice the market cap of ferrari. the bull case is that porsche like ferrari is a luxury brand and should get a luxury multiple porsche margins of over 25%. that is massive in the car world. makes about 300,000 cars a year, profits were up 22% just in the first half now, several big investors like the qatar investment authority already pledging to buy big blocks of stock. that bodes well for demand, but there are governance concerns. it's a complicated ownership structure with a porsche family keeping voting control through a special class of shares, public investors will get non-voting shares on top of, that the ceo of volkswagen, oliver bluma, he's going to remain the ceo of porsche. many shareholders opposing those dual roles you've got recession fears, the energy crisis in europe, all those questions hanging over the stock. ferrari was seen as the model here that stock up three and a half times since it went public in 2016 ferrari struggling down 26%. bria

robert frank joins us with that story. esdays, new york city is getting back to the office the average office occupancy last week was 47%. that's a huge jump from the 38% from the week before by far the highest since the pandemic wednesday actually hit 57.5% with big drop-offs on monday and friday new york's subways, buses and commuter rails hit a post-covid record as well on wednesday. the subway carried 3.7 million people that's about 63% of pre-pandemic levels the same goes for buses. the number of workers who are still fully remote also down, only 16% that's down from 28% this spring three days a week seems to be the new normal a survey of employers by their partnership for new york city found that 77% of employers are going to stay hybrid most are going to be three days a week by the end of this year only 11% will be in the office five days a week it also varies by industry real estate companies are expecting 82% of attendance. they're the biggest by the end of the year. financial services also up there at 61% the tech

robert frank, london real estate looking cheap again?e is an upside to the british currency problem an apartment in nottinghill cost $1.3 million today it's $1.1 million. due to the weaker pound. you add in the decline in home prices in the uk, you now have discounts of 20% or more steve schwartzman of blackstone bought a 2500-acre estate in west london for $80 million. the number of u.s. buyers now looking in the uk is up over 20%. they're looking at everything from 400,000 in london to big estates. the combined price in currency drops give you discounts of over 50% in neighborhoods like knight's bridge and nottinghill. this georgian town house has 11 bedrooms, nine baths, an indoor pool price tag $28 million, that's $5 million less because of the currency swings. this 1900-acre estate adlington hall can be yours for $33 million. it's been in the same family for 700 years. six farms, 27 homes, and it was once owned by king henry iii brian, you save over $6 million just on the currency >> 700 years in the same -- i was happy to find a ca

robert frank joins us.t's happening in europe how much investor appetite is there going to be for this ipo >> yeah. sara, what's happening in the markets and with ipos very difficult time to come out with one of the biggest ipos in recent history certainly in the auto market. now on the bull case this is a chance to own one of the most storied names in the auto sector that gold porsche badge is a profit machine it's got margins of 22 to 25%. in the auto world that is massive. you know, they had -- they're expecting sales this year of around 38 billion euros onlyon production, but around 300,000 cars qatar trying to buy large blocks of stock on the governance side you have the family that's going to control this through a special block of voting shares the public shareholders will get nonvoting shares that's an issue. second issue the ceo of volkswagen will also be the ceo of porsche and for investors who really want these companies separate, it's a problem to have the ceo running both companies the devil wi

several screen shots from his facebook page referencing the view from the georgetown the balcony robert frank will join us in the next hour with details >> i read the document this morning. lawsuit. it is about 16 pages from the pictures they got from his facebook where he was saying on the way to work and view from the apartment. that didn't seem to be quite as compelling as the case against micro strategy the cfo at the time counted the number of days saylor was in d.c. he said we will not continue to pay you and send you to the address in florida that puts the company in a position of peril. as a result, he cut his compensation to $1 he was taking benefits from the company. use of the private plane which totaled more than $1 million what they seem to have from the cfo from that point is the most damning thing. the cfo said we can't do this. saylor changed compensation as a result i don't know how this plays out in court what was filed against him and the charges i read this morning, that will be the more difficult thing to get around. you can say this was a facebook post and not actually l

stock market losses this year cut american wealth by nearly $10 trillion robert frank has more on that morning. hey, robert. >> good morning, carl. well from 401(k)s to family offices shareholders lost trillions in dollars of wealth this year from those market declines knew data from the federal reserve showing value of american holdings of corporate equities and mutual fund shares falling by $9.2 trillion as of july 1st add in declines since that time, probably brings it close to the $10 trillion mark. now, the top, they lost the most since they own the most stocks top 10% of americans saw their stock wealth drop by over $8 trillion this year top 1% losing $5 trillion in stock wealth about a 20% drop in keeping with the market rising home prices have helped a bit, but not nearly enough to offset stock wealth declines real estate holdings up $3 trillion this year less than a third value of the stock losses the big question is, when this negative wealth from stocks starts to affect the consumer spending of the wealthy? the total wealth top 10% still up $9 trillion since 2019, before the

[applause] >> robert andrew spencer. >> mary rubina sperando. >> frank spinelli. >> william e. >> joseph patrick spor, jr. >> klaus johannes sprockamp. >> saranya srinuan. >> fitzroy st. rose. >> michael f. stabile. >> lawrence t. stack. >> timothy m. stackpole. >> richard james stadelberger. >> eric adams stahlman. >> gregory stajk. >> alexandru liviu stan. >> corina stan. >> mary domenica stanley. >> anthony starita. >> jeffrey stark. >> derek james statkevicus. >> craig william staub. >> william v. steckman. >> eric thomas steen. >> william r. steiner. >> alexander robin steinman. >> andrew stergiopoulos. >> andrew j. stern. >> norma sterley. >> martha stevens. >> michael james stewart. >> richard stewart, jr. >> sanford m. stoller. >> lonny jay ston. >> jimmy nevill storey. >> timothy stout. >> thomas strada. >> james j. straine, jr. >> edward w. straub. >> george j. strauch, jr. >> edward thomas strauss. >> steven r. strauss. >> larry strickland. >> steven f. strobert. >> walwyn w. stuart, jr. >> benjamin suarez. >> david scott suarez. >> ramon suarez. >> yoichi sugiyama.

. >> and clearwater, robert franks repurposed his plywood protection, changing the name from 2017 irma to ian. preparation is his only option. >> you are crazy not to. it can be devastating or it could be controlled to some degree. >> police checkpoints are up and unless you have official business to do or are a resident doing last-minute prep, access to the barrier islands is denied. sandbagging underway this weekend up and down the state. much of it, bring your own shovel with long lines and flooding concerns. ian slammed into western cuba early this morning with 115 mile an hour winds and category 3 hurricane status. lot of rain, a lot of wind damage down there, and now it is marching north heading towards likely florida's west coast. it could be anywhere in the tampa bay area, sarasota county, the landfall probably about 28 hours away from now, so there still is time. we do expect the rains to begin here really soon, though, and it really is going to be a miserable day for pretty much the entire region all day long, tomorrow and into thursday. pt -- all right, back to you guys. >>

that's what robert frank does best today we're going to go downscale a little bit to a very modest 1,660are-foot house in cupertino, california that's apple's hometown. when we say modest, we mean in size, not price. the "san jose mercury news" notes that this little home that you're seeing just sold for -- wait for it -- $2.3 million. that's nearly 1,400 bucks per square feet, per foot. the paper notes the house was built in 1970 by a very popular design firm at the time. it's got a nice little backyard that they say is ready for some expansion if need by when it was built t house cost just $35,000, which probably seemed like a fortune to the buyer at the time, but it also turned out to be a one heck of an investment. think of it this way $30,000 in 1970 is the same as 270 today. the 2.3 million is 270% the s&p returned just 415% that's not including dividends, but it would still come out a likely winner. keep in mind both of those numbers are in today's dollar. on an inflation adjusted basis, including interest and tacks and maintenance, buying that little modest california home in 197

robert frank has more.oing public, you could say we're going purpose. i know how an ipo works. i don't know how a going purpose works. >> yeah. in is so interesting patagonia founder yvon cho chouinard, donating all the voting stock into a new trust called the patagonia purpose trust. that trust will make sure patagonia sticks to its values as a socially responsible company. then all of the nonvoting stock, that's about 98% of the total stock, that's going to be donated to a new nonprofit called the hold fast collective. hold fast will receive all the company's profits and direct them to, quote, fight the environmental crisis patagonia itself is going to remain a private for-profit company valued at around $3 billion. revenues of about $1 billion a year profits of about $100 million a year ryan gelhart will remain the ceo and. the voting shares are going to be taxed since they're going into a trust the nonvoting donation may be eligible for a tax break -- actually, should not be eligible for a tax break sin

robert frank, high above central park as you see it there of course back to the markets.tech check" starts now. >>> good friday morning, welcome to "tech check," i'm carl quintanilla with deirdre bosa. we've got the volatility playbook this hour big tech cutting back while robinhood expands wh, what that means for stocks the party is over. and an inside look at celsius as the company tries a new hail mary approach to paying back its lenders. >> we've got to start with tech investors, let's call it deja

here is cnbc's robert frank. >> reporter: the audit rate for those making $1 million or more has dropped by 75% over the past decade. the irs wants to increase the rate with funding and thousands of new auditors. according to tax law, the irs has three years after your filing due date to audit your return. so, if you file the return in april 2020 , the irs could audit you . that return until april 2023. you may not know you're getting audited for a return until a year or two after it is filed . >> sometimes clients are surprised when they get the audit notice for the year that the irs asks for the prior year and subsequent years . for 2020, they may ask for 2019 or 2021 just being proud. it is surprising to clients. they say, wait, this does not make sense. it is so long ago . again, you are not out of the woods until the statute closes. >> reporter: if you avoid a lot of taxes, they can go back further. if the irs believes a return has a substantial understatement of income , they can collect at least 25% of the income, going back six years. if you reported $400,000 in income but actual

the car market having a reduction in america and robert frank with the shades pulling up with detailseing this surge lily! welcome to our third bark-ery. oh, i can tell business is going through the “woof”. but seriously we need a reliable way to help keep everyone connected from wherever we go. well at at&t we'll help you find the right wireless plan for you. so, you can stay connected to all your drivers and stores on america's most reliable 5g network. that sounds just paw-fect. terrier-iffic i labra-dore you round of a-paws at&t 5g is fast, reliable and secure for your business. this is not just laundry. this is laundry that's smarter than the dial, with ge profile smarter wash technology. more care for your cashmere. more power for your workout gear. this is smarter sensing and dispensing. fully optimized cleaning, no more guessing. getting the best out of everything that goes in. ♪♪ this is smarter cleaning. this is ge profile. >> welcome back, everybody, to "power lunch." we want to take a check on the markets with stocks at session highs right now and for that, let's go back t

are these sky high luxuries heading for a fall here's cnbc's robert frank. >> it's got six bedrooms, 11 bathrooms, two kitchens and a ballroom over 2,000 square feet with 27 foot high ceilings the terrace is the highest in the world giving you airplane like views of manhattan, the fbi boroughs, even the ocean and the hills of new jersey. the penthouse stretches over 17,000 square feet but with stocks falling and the housing market under pressure it may also be a reach. sales of ultra luxury apartments in manhattan down 38% so far this year. >> people are looking for places to put money they're looking at the volatility in the stock market and they're saying whether i have a million to put away or $250 million, real estate is a safe, tangible asset this penthouse is priced under $15,000 a square foot. so i know it sounds crazy, but relatively speaking it's priced at a great value on a price per foot basis very, very big apartment and has a lot of amenities to it. >> and those building amenities include a game room, a screening room, an indoor and outdoor pool, a spa, a private restaur

we also want to bring in robert frank. a number of allegations here about how a very wealthy person is valuing property. how common is this sort of practice perhaps and how common is it for it to be prosecuted in this way? >> well, new york especially there's all kinds of games always being played both on the commercial and residential side to inflate values and sales and deflate those values for tax purposes what does it mean for the trump organization what does it mean for trump's financial empire and letitia james saying this is a death nel to the trump organization, but worst case he and his family are prevented from holding office in a new york based company and prevented from taking loans. even if that is the case, again a worst-case scenario, the trump organization does not depend on new york all that much compared to let's say florida, bedminster, and new jersey so even though the trump administration started and its origin is in new york, even if they get cut off from those assets there's the trump hotel in centra

. >> in clearwater, florida, robert franks repurposed his plywood protect and changed the name from hurricane irma now to ian. the plywood is up on most of the downtown section of pasa grill. sand bags are on the ground. a storm such of 10-15 feet may exceed anything those could do to protect the businesses and homes. keep in mind, category 3 ian is expected to intensify, possibly reaching a category four. but it is expected to make landfall somewhere on the west coast of florida rate wednesday as a category three. neil? >> neil: thanks, phil. doesn't my next guest know that and worry about that and try to make sure her citizens of prepared for that. this is jane castor. kind enough to join us. thanks for being with us. how are you battening down the proverbial hatches? >> well, first of all, thank you, neil, for having us here. we are clearly in preparation mode for the last several days. and as you see here, we have advised everyone to get away from the water, to evacuate in zone a, b. we have over 120 miles of coastline just in the city of tampa. people are heeding that warning. they are g

robert frank, high above central park as you see it there of course back to the markets. well, that's where we're going right now. have a graeat weekend, everybody "tech check" starts now. >>> good friday morning, welcome to "tech check," i'm carl quintanilla with deirdre bosa. we've got the volatility playbook this hour big tech cutting back while robinhood expands wh, what that means for stocks the party is over. and an inside look at celsius as the company tries a new hail mary approach to paying back its lenders. >> we've got to start with tech investors, let's call it deja vu, the nasdaq composite down yet again within inches of those june lows. key number to watch here is 10,565 that's just about 300 points away it's been a similar story for all the big tech darlings. take a look at amazon down 7% this week. google is down 4% with meta and microsoft not far behind even the broader markets have felt the impact. the s&p this morning, to 3,600 and forecasting, eventual more pain ahead senior markets commentator, michael santoli. >> the market acts as a proxy for the br

[applause] >> robert andrew spencer >> mary rubina sperando >> frank spinelli william e spitz >> josephes sprockamp saranya srinuan michael f stabile >> lawrence t stack timothy m stackpole richard james stadelberger >> eric stahlman gregory stajk >> alexandru liviu stan >> corina stan mary domenica stanley >> anthony starita >> jeffrey stark derek james statkevicus >> craig william staub >> william v steckman >> eric thomas steen >> william r steiner >> alexander steinman >> andrew stergiopoulos >> andrew stern >> martha jane stevens >> michael james stewart >> richard stewart, jr >> sanford m stoller >> lonny jay stone >> jimmy nevill storey >> timothy stout >> thomas strada >> james j straine, jr >> edward w straub >> george j strauch, jr >> edward thomas strauss >> steven r strauss >> steven f strobert >> walwyn w stuart, jr >> benjamin suarez >> david scott suarez >> ramon suarez >> yoichi sugiyama >> william christopher sugra >> daniel suhr >> david marc sullins >> christopher p sullivan >> patrick sullivan >> thomas sullivan >> hilario soriano sumaya, jr >> james joseph suozzo >>

here is robert frank. >>> the audit rate for those making $1 million or more has dropped by 75% over the past decade. the irs wants to increase that rate with its auditors. according to tax law, the irs has three years after new yourf filingand thousands of new auditors. according to tax law, the irs has three years after your filing due date to audit your returns. if you filed return in april of 2020, the irs can audit you for that return until april of 2023. you may not even know you're getting audited for a return until a year or two after it is actually filed. >> sometimes clients are surprised when they get the audit notice for the year that the irs does ask for the private prior year and subsequent year. if they're going to audit 2020, they may ask for 2019 or 2021, which was just filed and it is very surprising to clients because they are like weight. this does not make sense, it's so long ago. again, you're not out of the woods until such time as the statutes close. >> reporter: if you avoided a lot of taxes, they can go back either even further if the irsf believes your retu

guys >> robert, thank you very much robert frank reporting thank you for watching "power lunch" today >> "closing bell" begins right now. >>> stocks are falling hard here as yields are rising again the fed meeting is getting under way. the most important hour of trading starts now welcome, everyone, to "closing bell." i'm sara eisen take a look at where we stand in the market down across the board. the s&p 500 down 1.3%. every sector is lower right now. interestingly with this rise in yield, the two-year, ten-year note yield the ten-year, almost at 3.6. technology is faring a little better than some of the other sectors right now. you have sectors like real estate, materials, consumer discretionary and technology under pressure still tech is getting hit. the nasdaq is down 1%. there's strength in apple, for instance, tesla remains higher, even though names like amazon, microsoft and google are under a lot of pressure. check out ford here's the stock story of the day. it's at the very bottom of the s&p 500 getting crushed as the automaker joins a core russ of other firms warning about

worl here is robert frank. >> it has got six bedrooms, 11 bathrooms, two kitchens, and a ballroom that is over 2000 square feet with 27 foot high ceilings stocks falling and the housing market under pressure it may . so be the a terraces the highest in the world giving you airplane like views of manhattan, the five boroughs and even the ocean and the hills of new jersey. the penthouse of central park towers stretches over 17,000 square feet. with stocks falling in the housing market under pressure, it may also be a reach. the cells of ultra luxury apartment in manhattan down 38% so far this year. >> people are looking for places to put money. they are looking in volatility in the stock market and are staying whether i have $1 million to put away for $250 million, real estate is a safe and tangible asset. this penthouse is priced under $15,000 a square foot. i know it sounds crazy, but relatively speaking, it is priced at a great value on a price for puspa, a private restaurant and your own wine an cigar bafor shep foot all right basis. , it is a big apartment has a lot of amenities. >>

robert frank joins us now with more what could go wrong?those who didn't pay taxes, a lot audit rate for those making $1 million more has fallen the past decade with the funding, the irs looks to lift the audit rates by going back to the past the irs has three years after your filing due date to audit returns. if you filed a return in april of 2020, the irs could audit you for that return until april of 2023 if you filed early, say in march, the statute of lim limitations is still three years after that april 15th filing date it can go back further for large discrepancies. if the irs believes your return has substantial understatement of income, they can actually go back six years generally this means you omitted more than 25% of your income if you reported $400,000 of income, but earned more than $525,000, they can go back six years. also, it applies to capital gains. if you inflated the basis of the asset you sold and result of that is a 25% reduction in taxes, they can also go back six years. if they think there is real fraud, meaning mi

our robert frank has the story. >> good morning, david, michael saylor denying the allegations, saying he started filing taxes as a florida resident about ten years ago. he bought a house in miami, changed his driver's license and voter registration, but according to the ag, he actually continued living in d.c. in a 7,000 square foot penthouse or his yacht docked nearby. the complaint says that saylor bragged to hi confident dance about the plan to create the illusion of residing in florida. what's unusual is this did not come from a tax audit or from the authorities, it came from a whistle-blower complaint under the false claims agent that targets tax dodgers and rewards the whistle-blower the ag also suing microstrategies saying the company filed false returns on behalf of saylor the lawsuit claims he avoided $25 million, seeking up to $100 million in taxes and personality. sayerror or says florida is at the center of my personal and family life. microstrategies claiming the claims are false and an overreach. david, another piece of a tough year for saylor, for bitcoin and microstrat

robert frank joins us with more. >> good morning. with crisis comes opportunity.nds would cost $1.3 million you add in the decline in home prices, you have discounts now of up to 20% or more steve schwarzman of blackstone just bought a 2,500 acre estate west of london he paid 80 million pounds. he saved up to $20 million based on currency. the number of u.s. buyers looking in the uk is now up over 20%. mostly looking in london compared to the peak prices in the uk back in 2014, the combined price and currency drops give you discounts of over 50% in the nottingham hill areas and 40% in may fair. what do you get for your dollar? this georgian townhouse has 11 bedrooms, 9 bath, indoor pool, 28.5 million pounds. $5 million less for dollar buyers than a year ago this 100 acre estate comes with stables and it's 12 million pounds that saves you 2 million on currency >> wow how does that compare to new york how do prices look compared to other major markets you follow >> we have started to see -- though london a bit more price declines, new york, third quarter is not out

robert frank joins us with more on that. what kind of schools are getting hit by this, robert? it's mainly the public universities, because there are more than 300,000 students from china studying in the u.s. right now their tuition and spending estimated at up to $16 billion a year but now that big money stream may be running out student visas or f1s falling by half this year compared to pre-covid. applications for the 2022 school year down 37%. political and social tensions between the u.s. and china is one reason, but visa problems and fears about china and anti-asian sentiment and gun violence also big tfactors. public universities as we just said taking the biggest financial hit since international students sometimes pay more than twice the tuition of in-state residents. ohio state losing about 1,000 or 25% of its chinese students since the pandemic michigan state losing about 350. like many schools, michigan has launched a new campaign to diversify away from china. schools no schools now looking to india, vietnam and turkey they may have to raise tuitions even more since

robert frank has the new numbers and mixed reviews. robert >> good morning, andrew.ally for new york city last week was the strongest back to office week for new york since the pandemic the average office occupancy for last week was 47%. a jump from the 38% the week before and much of the summer. wednesday hit 57.5% with dropoffs on monday and friday. the buses and rails hit a post-covid record. rails carried 3.7 million people the number of workers who were still fully remote is 60%. that is way down from 28% this past spring. three days a week is the new normal the survey of employers through the partnership with new york city found 77% of employers will stay hybrid. by the end of the year, most will be three days a week. 11% will be in the office five days a week by the end of the year it varies by industry. not surprisingly real estate companies are expecting the highest at 82% by the end of the year. financial services are 62% tech industry is much lower at the bottom at 50%. if you look nationwide, the city with the highest in-office rate now is austin, texas a

there were one-legged artists on stage, but by the way, they went on a gurney of a frank-zap and, in my opinion, robert. appeared thanks to your program. to which you came to bmw on the bmw program appeared. i went to see where the pier was built. well we have an expensive village and the pier was unfinished. well, i jumped onto the pier, but i didn’t go back and broke my leg right in the shin. well, the big tibia so bam, it sold out, they inserted a metal rod into it. i was leaving for a year, and now they pulled out the pond, and therefore, when you passed the frame at the airport, my hooves rang. i hoped so. no, i just have money. i put in an expensive metal structure. she doesn't talk like that about money , because they don't have it. play, brother, yes, thank you. let's go like this . go. last time i'm on my feet. hold on to your feet you keep me. and keep your feet. come with you today couple-couples. well done, come on, come on, legs, hold on. come on, come on. free thank you i read in one of my interviews that you are in the only band on earth that plays exactly the techniques that they learne

confidential, frank and confidential exchange of views between the highest level between state members, on the most burning issues of the regional and global agenda. our correspondent robert frantsev is in samarkand, he has all the latest information about the negotiations robert's statements, what do you know at this moment? hello natalya, the construction of a world order based on constructive cooperation and mutual respect is such a central theme of the negotiations between the russian leader and chairman of the people's republic of china xi jinping, the positions of moscow and beijing remain unchanged, and international interstate relations should be built solely on these principles. but interference in the internal affairs of the state of external players is unacceptable, as well as politics unilateral ultimatums. it must be said that the meeting of the two leaders was held in a very warm and friendly atmosphere in russia, chinese relations are at an all-time high level, are of a strategic nature in moscow, and highly value china's balanced position on the ukrainian crisis. now, relations between the two countries are developing on a large number of projects, includi

frank, she had this wonderful smile and a, i mean there is huge legacy. we can talk about another time. but that, that for me that, that's what i will remember. robert merrill, thank you very much so far. and while we're seeing live pictures there from windsor new in the castle where the coffin is expected to arrive any moment being eagerly awaited by another large crowd as well with which we've just seen. but while we wait for that, let's briefly cross over to w corresponding band here, who's standing by in central london band was the atmosphere then central and, and now after this massive service yes, there large crowds on the moves people are leaving. now, the area of buckingham palace and the mall of where the procession took place. and the people i talked to who were actually at with westminster abbey, in the and the service said they are outside kind of relief now that it's over, it's a closer for them. they say we buried the grandma of the world. it was like a feeling like burying a close relative at now people in a strolling down to the thames and the river background. it's a holiday after all. here the sun is up. so it's an, i would say it'

administration for our first panel i'd like to welcome dr robert calif fda administrator commissioner. he is joined by dr susan mayne and mr frank yannis and mr michael rogers, thank you all for bein >> good morning everybody, i want to welcome everyone to our hearing today. we have a distinguished panel of witnesses here to discuss the important food safety mission at the food and drug administration. for our first panel, i'd like to welcome dr robert califf fda administrator commissioner. this hearing will highlight not only fda's decision making with regards to food safety but also the impact those decisions have on industry and the overall food supply. the question we need to ask today is is food safety a priority of the fda? america has the safest food in all the world, but serious concerns remain about the priority that fda gives to food safety and the missteps that have led to outbreaks or critical shortages and individuals getting sick. an easy explanation is that fda does not have the resources or personnel to oversee such a massive industry. there may be some truth to that, but there is more to the story . since the pa

robert mathewson in just a moment. in the meantime, you can head to our website out to sarah ah, ah, a with frank assessments, if the united states that you're running a good program was there to build a nuclear weapon, they would assign to view by informed opinions. i believe that armenia and those are regina should have bilateral negotiations. we've been holding it that for minute time. critical debate is the commonwealth now still something that king charles will take in depth analysis of the data. global headlines inside story on al jazeera anti semitism is of evil under a labor government. it will not be tolerated in any form. what? so f, beneath the surface lies a darker side in british politics. the labor files cartoon on al jazeera, latin america is a region of wonder of joy tragedy and yes of violence. but it doesn't matter where you are. you have to be able to relate to the human condition with no country is a life and it's my job to shed light on how and why news.

robert, caliphate fda ministries are. commissioner -- he's joined by dr. susan mayne and mr. frank yiannas and mr. michael rogers. thank you all for being here this morning. the fda is charged with the critical mission of protecting america's food supply. yet recent reports have highlighted a lack of readership -- poor communication and slow governance at the agency, that have had a detrimental impact on the safety of the food that every american relies upon. this hearing will highlight not only the fda's decision-making with regard to food safety, but also the impact those decisions have on industry and the overall food supply. the question we have today's, is food safety a priority of the fda? . america has the safest food and all the, world but serious concerns remain -- gives the food safety and the missteps that have led to outbreaks or critical shortages -- the zero nation is that the fda does not have the resources or personnel to oversee such a massive industry. there may be some truth to that. but there is more to the story. since the passage of the food safety modernization act, or fsma this committee h

robert k. lift, fda administrator, commissioner. he is joined by doctor susan mayne, and mr. frank yiannas, and mr. michael rogers. thank you for being here this morning. he fda is charged with a critical mission of protecting america's food supply. yet, recent reports have highlighted a lack of leadership, poor communication, and slow governance at the agency that it had a detrimental impact on the safety of the food that every american relies upon. this hearing will highlight, not only fda's decision-making with regards to food safety, but also the impact those decisions have on industry and the overall food supply. the question we need to ask today is, is food safety a priority of the fda? america has the safest food in all the world. but serious concerns remain about the priority that fda gives to food safety and the steps that have led to outbreaks, or critical shortages and individuals getting sick. and easy explanation is that fda does not have the resources or personnel to oversee such a massive industry. there may be some truth to that, but there is more to the story. sinc

frank. [applause] assistant chief audrey lee who is a bfa founder and vice-president. [applause] chief robert is the first black san francisco fire department fire chief, also retired. [applause] and lieutenant sheila hunter, the first black female san francisco fire department firefighter. also retired. [applause] so, we again want to thank you so much for your commitment, dedication and for your service and now we're going to have the black firefighters association current president antwaan davis say a few words. >> thank you, president walton. board of supervisors. just a little more to go into it, this is our 50 year anniversary and i want to personally say thank you. i'm glad we have the ability to honor them in a facet today because without them i wouldn't be here today and without them, i couldn't create the opportunities that we went on to create, so on and so forth, so one more hand because they did mean a lot to us. [applause] it's our 50th year anniversary and i'll read an exert. it was founded by the chartered membership which is frank -- the sfbfa is a chapter of international as