at the finance commissioner has described the three as a cartel. >> standard and poor's, moody's, and fitch all have their headquarters in the heart of manhattan. these agencies have a 95% market share of the ratings market. they decide how creditworthy countries and companies are. and they have a massive effect on the fate of europe's economies. there are plenty that want to and the stranglehold of the big three. >> is not good when the entire world is being governed by three american companies. it would be better if there were more competition. and i would be very keen to see european and asian agencies as well. the situation as it is now is not healthy and we must put and intellect. -- an end to it. >> european lawmakers helped create that unhealthy situation. the european union strengthen the role of credit agencies when it adopted the international banking agreement. the question the wisdom of that move. he helped lay the foundation for the single european currency while at the european commission. he is analyzing the efforts to save the ural -- euro. >> if they are a minimum req

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i want to thank the office of public finance, capital planning, and memorial staff for their work so far. with that, i would like to ask for the presentation. supervisor chu: thank you. i believe that we have [unintelligible] for this item. >> good morning, supervisors. not to exceed 170 in terms of financial improvements on the building. i will speak specific to the certificate of certification. this requires the city to release the assets to the trustee. and then the asset goes back to the city. we have worked with at the department to clean up the two buildings and assets. that would be the opera house as well as the veterans building. they both exceeded the paramount of the bonds and are sufficient to act as collateral deficiency. we have lived with that assumption to capitalize interest, $168.4 million. with certificates of participation, investors require funding over the amount. under state law you are required to fund a capitalized interest during the construction. . as you can see, the bond was felt in somewhere around 2012. we had planned to fund the project and made a few a

the amount would be $26 million. this is, with financing and the city is not responsible for the repayment of those bonds. indeed, they would be repaid from the longstanding tax credit program, as well as hud section 202 financing. that is a very competitive process. that financing would be used to pay the bond. we are only asking authorization to apply, and then we would come back to the board in the spring of 2012 to seek authorization to issue the bond. in terms of the project itself, 90 units of senior housing above the redevelop st. anthony's dining room at the corner of golden gate and jones. it will be a wonderful project was completed. with the redevelopment of this site, we will be able to serve more people in the tenderloin and surrounding communities. supervisor chu: just a quick question with regards to the ability, obligation to pay this back. this is not a general fund obligation? >> absolutely not. true, but financing. supervisor chu: supervisor kim? supervisor kim: i am excited about this project moving forward. i'm excited

past, the redevelopment financing package always succexceeded the ifd numbers, but i imagine we will be set a better off with redevelopment financing. but i would like to better understand those costs, how it looks. thank you. supervisor mirkarimi? supervisor mirkarimi: i am curious. what other jurisdictions in california, do you know, are looking to pay this new membership fee? >> i understand certain jurisdictions, like los angeles and oakland, the council has already adopted the intention. we are just adopting the extension of time, but they have already completed their adoption and final in tension. supervisor mirkarimi: i support this, if not everybody, the house majority does. member should certainly has its privileges. this is a strange way to keep redevelopment alive, by requiring a $26 million fee, in essence, to keep this retained. what do we get in return? >> certainly, as to provided to mention, redevelopment financing compared to other -- as supervisor chiu mentioned, redevelopment financing compared to the others can save us money. our project areas are very robust

item 10 is no longer under the jurisdiction of the budget and finance committee. contract certification of specified contacted-out services previously approved for various departments. item 11 resolution concurring with the controller's certification the services can be performed by private contractor for a lower cost than similar work performed by city and county employees for security services at the department of public health hospitals and clinics. >> thank you. just so we're clear, items number seven, eight, and 10 are no longer in the jurisdiction of the committee, because we have already acted upon them. just so you know. item number 7, 8, and 10, we already moved out of committee. so they will not be before this committee today. we started with a lot of departments and kind of walked through the presentations last week. many department came back to us on monday to talk about outstanding issues that they were not in agreement with with our budget analysts. today represents the balance of departments that have yet to come to agreement. let's begin that proces

>> madam chair, members of the committee, on page six of our report, we point out the office of public finance reports, using conservative estimates, the total cost of issuing the proposed to tickets of participation would be $316,280,000. that includes the project cost and related expenses, and included the interest cost estimated at $148,165,000. annual interest rate of 5.63% on the cop's. average cost to the city general fund would be about $12,165,00 for a period of 12 years. the cost of financing the $132 million in improvements to the veterans building through the use of general obligation bonds would be an estimated $228,520,000. that is a $7 million less than the cost of funding and the improvements using the proposed cop's. furthermore because general obligation bonds are financed through property taxes, financing would have effectively have no impact on the city's general fund, whereas the proposed cop's do not include a new source of revenue and require general fund expenditures of approximately $12 million per year. however, having said that, it is reported to us that under g.o. bo

the owners must consent to a special access assessment and agree to repay the finance amount on the property tax bill. green finance sf will arrange an owner-arranged paid financing model as a vehicle to deliver capital for energy efficiency and water conservation retrofits. on a lighter note, i was happy to join the san francisco city and the arts commission on saturday during sunday streets for their free performance in the park. the performance or ski, rimsky- korsakov, and "night on bald mountain." they perform beethoven's fifth. there were lots of children. it was wonderful. i would like to plug their upcoming free performance on sunday, july 24. i hope to see lots of people out there. just as a plug for community programming of the san francisco symphony -- they provide music education for every single first through fifth grade student at every public school in the city. they were especially great in providing curriculum to -- my daughter went to the ventures in music program, and it is a wonderful program. i hope everyone supports the summer symphony performances. i will be out there

. >> obviously more money is being invested into the financing of the wars than the financing of the wounds. >> reporter: but the va says revenue from the businesses benefit the veterans. >> we have seen a commitment on the part of the va to a problem that just hasn't existed previously. >> reporter: elroy hay have fallen through the cracks, too proud to even tell his family that his army career ended up on the streets. >> reporter: so they don't know? >> no, they don't really know. >> reporter: how bad things are? >> yes. >> reporter: for now he's left to count his pennies and wonder where he'll sleep tonight. lee cowan, nbc news, los angeles. >>> when we continue here tonight, it may seem like they were little ones just yesterday, but get ready, the list is out of the most expensive colleges in this country. >>> department of education is out with the list of the most expensive colleges. the top five are mostly in new england, and fair warning here, if you see acceptance letters from any of these schools in the mailbox, be warned, take a seat, have a beverage, breathe deep through

after the fall of communism this is from a junkyard young chairman of the euro group of finance ministers this is my thesis this is what i've been saying this is the underlying reality in. all the european crises is germany is rising from the rubble of world war two and we're talking about the reappearance of the imperial germany or the fourth reich and we have a reunified germany who is now talking about greece south germany. socially what it's becoming yet then comparing south germany or greece with east germany they're simply saying well just like in east germany we took all the assets and we merge into one super power imperial. conquer conquistador european threat as we have been in the past and the thing about the euro was supposed to eliminate the german imperial threat but they figured out a way around it as a matter of fact they orchestrated the whole thing as a way to reunify germany another time when greece is being stopped or money so this guy let's call him junker because he's a junk bond salesman basically he said he's pushing junk on everybody he's taking the junk off. priva

they're living totally off the good kind rakes the greeks are financing the rest of the data transfer mechanism of imposing austerity measures in greece portugal and spain so the banks can keep the baboo in america open and of course there's china and there's japan who are financing to the tune of two trillion a year all these debts of america so is it going to feed the american population in the petting zoo or the military operations around the world it looks like a worse situation than in greece all right thanks so much for being on the kaiser report thank you max i'll go much more coming away so stay right there. but going back to the kaiser report time now to go to new york and speak with dr michael hudson dr hudson welcome back to the kaiser reports thank you very much all right dr michael hudson let's get into grace and your thoughts on greece what's happening well it says if finances become the new mode of warfare there the financial times reported that one parliament passed the agreement to surrender to europe it was done to the smell of tear gas in the sign of sirens and the

are living totally off the good kind the greeks are financing the rest of the data transfer mechanism of imposing austerity measures in greece portugal and spain so the banks can get the bad things in america open and of course there's china and there's japan who are financing to the tune of two trillion a year all these debts of america so is it going to feed the american population in the petting zoo or the military operations around the world it looks like a worse situation than in greece all right thanks so much for being on the kaiser report thank you max i'll go much more coming away so stay right there. the losing team to the republic of north a city where the area is occupied by nature preserve. this time goes to the region where men flock from all over the world to the few centimeters to their self-confidence where young families are not hesitant about having a senior citizen in their family where one man's utopia turns into a real village of the shining sun welcome to the cool region. russia blows up on our team. download the official placation two i phone or i pod touch fro

the bonds. we are acting truly as conduit finance is. in the case of hunters view, the note with citibank will be repaid with a $10 million loan from the state. approximately $24 million in low-income housing tax credit equities from enterprise community investment as well as $7 million in a loan from the city's hope sf program. the budget analyst concluded that the project has no fiscal impact on the city and consequently has not issued a budget analyst report for the item. i am here as well as our bond counsel and the project sponsor if you have any questions about our transaction. thank you. supervisor cohen: i have no question. supervisor mar: might understanding is this usually comes to the budget committee and because of scheduling has come through land use. having visited the housing development a few years ago, i see how the 1956 building and the structure really needs to change, so this is the first hope sf project, i believe, and the residents really need this improvement. >> yes. we have a few others that are hopefully coming i

supervisor chu: this item was before the budget and finance committee last week. there was a suggestion to amend the legislation to allow for some clean up. i believe that the supervisors representative is here. >> thank you, supervisors. you are correct, in the last week we have been working closely with the comptroller's office on the amendments that all in your hands and then added to code for 14 annual reports. as we discussed with the controller in many cases, these reports provide redundant and overlapping information to and do not make recommendations to mitigate spending. the proposed changes moved to more rational reporting requirements to get to the goal that i mentioned. specifically, and i have copies for the public, this changes have a comptroller views costs and projections. the new annual reporting requirement would be instituted to have significantly more analysis and recommendation in the board. making better recommendations to manage them. the president suggests that these amendments be stopped. supervisor kim: is there anything that -- supervisor

all of these things are connected to the finance of our society. so we need to really get into the mentor and leadership dynamics with a bank. somebody needs to find out really what's working in our society. and i think this is where these kids are really left out. they feel they are not apart of the inner workings of our society and how it really connected our beliefs and how important they are not scheme of things. it's not just about basketball and football. they need to get with the finances of what goes on here in this society. >> thank you. next question >> yes. i had a quick comment. i wanted to follow up on communities that are outside of the regular realm of crn. we need and crn over there. i wanted to say within the last couple of youths. we have all kinds of youth cultures and we have a huge latino population. most of those kids are young. we have been having our convenes meetings. all of us agree. none of us have the structure. we need to have someone get involved with job opportunity. we need that in the t l. >> that's my comment. >> i

one of the cues that they're hoping is to provide financing for the project itself which is very important it takes money to achieve these sort of things but also we are working together on developing a very interesting data center an advanced technology data center that i believe certainly russia has no equal and so we're very excited or cluster developing that together with so it's a multi level relationship with them. and let's take a look at the markets now crude is on the rise as investors wait for reports immoral about who would show us anything towards the line for a seventh week our concerns about the prospects of global economic recovery are limiting gains asian shares are down in the last hour of trading uncertainty about the resolution of u.s. and european debt problems it's putting pressure on the markets financials were the first to suffer in tokyo no more holdings last more than two and a half for signs and the stronger young is also weighed on exporters and it's the same story in hong kong where a heavy weight has you see is that on around half a percent. and here in moscow

the italian finance minister. he has long been seen as an anchor of stability in the government, but a corruption scandal around a close adviser and disputes with cabinet colleagues have thrown his future in doubt. now investors are worried his latest austerity plan will not get through parliament, and those worries are driving up italy's borrowing costs. berlin is trying to calm things down. >> i have great confidence that the italian government will pass the budget. i spoke about parsley -- precisely that with the italian minister on the telephone yesterday. it will make it clear that italy is committed to consolidation and tackling its debt. then there was a similar message from the german finance minister. >> i have no doubt whatsoever that italy will make the right decision. >> but the stakes are high. failure in italy could blow apart europe's approach of bailing out small countries like greece in hopes of protecting big ones. >> the threat today is for the whole eurozone, so we need to find a solution. >> mi

the german finance minister has said that he would like to "break the power of rating agencies and limit their influence." recent ratings have put a lien european countries like portugal under pressure. portuguese treasuries went on sale and they reached their highest yields ever. >> the government is outraged by the downgrading. the portuguese bonds have jumped started even though the government recently introduced drastic austerity measures. moody's is concerned that portugal will need a second bailout despite spending cuts and this has angered the finance minister. >> the reasoning behind this assessment is very hard to understand and even more so that it has come at this particular time. >> portugal's government says they are just getting to grips with the crisis. some economists support that view. >> things are progressing relatively well with the national budget. the deficit is falling. the measure between the eu and imf cannot be assessed properly. the rating agencies' comments are somewhat inappropriate. >> lisbon has received a 78 billion euro rescue package from the eu and imf.

if this all came to pass and it came back here to the finance committee, and we had to start doing some serious looking at where you take things out of the health care system, particularly medicare and medicaid, you want to make some suggestions? >> well, i think that similar to the discussion we had, i think that's also true with our health care system, specifically medicare and medicaid. i acknowledge one of the challenges we have and i think we have many opportunities to address the cost of medicare and medicaid and at the same time address some of the unnecessary costs and wasteful spending we're seeing. the example i gave earlier. $300 billion spent annually on unnecessary medical costs as a result of poor prescription drug compliance and adherence. so i would encourage us to look at both of those as potential solutions to that challenge, recognizing that there are things that we can do to take cost out of the system and at the same time, keep americans healthier. >> thank you. this has been a helpful hearing and as the parents of twins thank you for the diapers. >> i'm sure we hav

delegated some of his powers to vice president and the finance minister the undergoes medication the government insists is a socialist reforms are going to go ahead and this illness is leading to growing speculation as well as political future. and the grab for gold seen the precious metal reach a record sixteen hundred dollars an ounce the scramble for bill in the lead plus rises for eleven consecutive days as investors see it as more stable than the beleaguered currencies of europe and the u.s. it's likely to be on readers' minds when they meet on thursday the transept of the markets stephanie creasing debts of spain and italy. rather it seems the camp words of california are the decision making grounds for america's major policies for more than a century the wealthy and influential have been gathering there to brainstorm the foreign and domestic agenda what is christian for south trying to stake her pitch as protesters claim that economic and political issues are being decided there. it is nestled among the redwoods twenty seven hundred acres of pristine land broken down into doze

welcome to the regular meeting of the transportation authority finance committee. today i am joined by supervisor farrell, [reads names] i but like to thank [unintelligible] at sfc tv for providing access. >> item #one. approval of -- item number two, approval of minutes of the may 10, 2011 meeting. supervisor mar: any corrections? seeing no one, let's open this to public comment. seeing no one, public comment is closed. without objection, madam clerk, please call the third item. >> item #3. recommend award of two-year consultant contracts to nelson\nygaard consulting associates, fehr & peers, and dowling associates, inc., in a combined total not to exceed $400,000, for travel demand management professional services, with an option to extend for one additional year, and authorizing the executive director to negotiate contract terms and conditions. >> good morning, commissioners. item #3 begins on page 7 of your packet. this is a procurement for travel demand management services. the need was driven by a number of servicers, chief among them was the demand management

or getting some of his rice question from the finance minister on the undergoes medication the government insists it as its socialist reforms will go ahead and this is speculation about the sweetest little future. the grab for gold has seen the precious metal reach of record sixteen hundred dollars an ounce scramble for bullion has led surprise surprise is for eleven consecutive days it was nice to see a stable a little currencies of europe and us it's like it means mines when they meet on thursday and try and settle the markets on stem increasing that some nice trick. well it seems the camp of woods of california or the citizen making grounds for america's major policies for over a century are the wealthy and influential have been gathering to brainstorm a foreign domestic agenda. christine for example trying to state their pitch as protesters claim that economic and political agendas are being decided that. it is nestled among the redwoods twenty seven hundred acres of pristine land broken down into dozens of camps and for two weeks every july since the eight hundred eighty s. they've b