he was an employee of the firm. ace charged him for that trade the nonemployee rate which was much higher than the employee rate. and he said to jimmy if you don't like it you can sell the stock somewhere else. so the animosity was right there right until the end i think. >> definitely an interesting relationship. thank you very much. ace greenberg dying from complications of cancer today. he was 86.

there are three of us -- actually four of us responsible for the design projects at the firm. we divide the work up among ourselves and each of us functions independently. we're not aware of -- frankly we're busy and not paying attention to what the other ones are doing. other than at operations and policy and governance level so day-to-day operations are left to the individuals. >> and one more question. why are you on the arts commission to begin with? you have been on it since when? 2009. >> 2009. it's something that i am -- i found myself to be extremely passionate about. i really feel that the quality of design in the projects of civic buildings really needs to be brought to the highest level possible. these buildings are the public face as institutions for the city, and i think it's very important that the city as great as san francisco that we have truly excellent design so it's an opportunity for me to contribute my thoughts and critique and work with the projected teams that come before us to try to make sure that we are providing the city with the best level of design

there are three of us -- actually four of us responsible for the design projects at the firm. we divide the wor

order to do that i believe that the separation of what i do for the commission, from what we do at the firm needs to be completely separated so that does involve recusing myself in all review of these projects or discussions about these projects at the commission level, and then at our firm because we're a large firm. we have about 250 people here in san francisco and the way we would do that there are separate individuals from myself, design partners and managing partners who are responsible for review and oversight of the project. i would be completely separate from any involvement within the projects. in fact the project -- one of the projects that is a current project moscone center is performed in an office space in a separate building so i don't see what is going on in a daily to day basis so the goal is to make sure that i get to continue to serve the city and also have the city benefit from the professional services that my firm could provide. >> commissioner andrews. >> mr. chow. thank you. i wanted to talk a little bit about timeline. you have been a commissioner since 2009. is th

just in terms of the number of people at the firm, a huge thing. and kind of the legacy lives on at jpmorgan, because bear stearns is within jpmorgan, and jpmorgan went from before the crisis being a competitor to now being the real dominant firm. a lot of that was driven by the acquisition of bear stearns. on street smart earlier, saying this is a guy who ultimately was a tremendous friend. you heard him and swartz saying this is someone whose word always meant his word, and i think in talking to people in lossal today, a sense of among those in the community who knew him well, and a sense that he was a really good guy is what i kept hearing over and over. >> i am hearing someone like ace greenberg or warren buffett -- there is a couple of folks that used to be around for a long , and so wall street go through a lot of changes. we do not have a lot of figures like that anymore. who are the big forces, the big personalities in the banking sector? ace is one of them. 70's and 1980's, a time of a lot of change. a lot of people before that -- it was ve

management of the firm. d it seemed like no one was even paying attention to what the traders were actually doing. >> narrator: by 1992, looking for a bigger stage to play on, cohen left gruntal with a small fortune and invested several million of it to start a hedge fund called sac capital. he would help pioneer a new kind of hedge fund. >> hedge funds have been around for decades, since the '40s. but the '90s is when they really took hold because a lot of guys decided they did not want to put up with the bureaucracy and the politics of big investment banks. they thought they were smarter than everyone else and that they could make more money if they just went out on their own. >> it was another wild day on wall street. the dow jones industrial average took off at the opening... >> it's important to remember that hedge funds weren't designed originally to outperform the market. >> wild swings in stock prices have become almost an everyday event... >> they were meant to be this uncorrelated part of your portf

the architect. it's not specific to large or small firm. it appears to me that another individual could be found in the city who is a small firm architect or merely does private projects in the city or elsewhere or public projects not in san francisco and i think that where we can avoid recusal and have full participation of members on all matters been them that should be encouraged and knowing that there's a potential conflict or issue of influence that should be avoided and another individual found. unfortunately in this case that works against the commissioner i'm sorry and so be it, so that's kind of my thinking. thanks. >> all right. i have a call for the motion. all those in favor say aye. >> aye. >> opposed? >> opposed. >> record should reflect that the request for the granting of the waiver was denied 3-1, one opposing and staff will prepare the necessary papers to reflect that decision. >> yeah. >> all right. where's my agenda? all right. number four is discussion and possible action regarding the adoption of graph regulations relat

highs and lows of the part and how highly ranked that executive is at the firm. the more shares they're buying, better timed it previously, the better that company does in the future after you see that type of inkaindicator coming through >> how to you feel about the market overall? smart cap was your best pa performing one. and this had turbulence this week. how should we think? >> given where they are now, indicator for predicting where the market is going as a whole, how many insiders are buys across the market versus selling. a little more buying than tripiccal but a bifurcated market. industrials, consumer staples types of firms and more in the story stocks, tesla, facebook. >> what about the market in general? carl icahn yesterday made cautious comments. there are others in the past. ten days or so. spoken more kauscasually where think the market is heading's do you think they're heading towards the correction everybody is talking about and waiting for seemingly forever? >> i think the fed is driving everything. key a multiples roughly in line with historica

and the private security firm blackwater is once again at the center of controversy a new report reveals that a top manager threatened the life of a government investigator in iraq the latest on the scandal coming up. and the iraq crisis expands with an announcement from isis militants the jihad or scroope has declared the establishment of a new islamic state extending from syria to iraq and more on this development later in the show. it's monday june thirtieth eight pm in washington d.c. our military and you're watching r.t. america. we begin tonight in ukraine where the cease fire has come to an end ukrainian president petro poroshenko announced that he wouldn't extend a unilateral. protests in eastern ukraine originally declared about ten days ago the ceasefire had seen bursts of violence between both to date on the latest as it becomes available also in the region a russian camera man for channel one t.v. was shot by military forces in the eastern region of donetsk he along with other journalists were on a bus with a group of women traveling. duty take a look at the minutes after the

the rest. will be every week. without international and its lucrative shale gas reserves u.s. energy firm chevron has started to leave the northeast romania and though the government claims the technology is safe the public is still uneasy about the controversial industry. that some of the locals who might have to pay the consequences of the drilling. this family gets everything from the.

in iraq threatened to kill a state department official who was looking into the wrong doings at the firm we she used to be called black water the new york times published a report which claims that the manager gloated there was little investigators could do about it because blackwater was so heavily involved in u.s. work and the document indicates that blackwater's top manager in a low even tone of voice told one of the government's agents that he could kill him without blinking an eye state department investigators who were in iraq to curb further investigation they described staff of the notorious security firm as out of control and that it was operating above the law but the american embassy sided with blackwater former state department official peter found beer and told us washington knew about their reckless and dangerous behavior the state department was so afraid of its mission in iraq being slowed down or delayed by replacing blackwater as a contractor that they were willing to accept almost any standards of behavior out of the company in order to continue the contract even thoug

generally speaking, this is because the u.s. firms face a high old country tax on the private countries where the competitors faced no home country tax on the foreign profits. yet no country operates either pre- or delete could he make up your worldwide or facilitate the indefinite diva role of the home country tax on the foreign profits under the worldwide system pendulum swings back to the pure territorial system. likewislikewise, as eligibilitye dividend exception is appropriately restricted, the pendulum swings back to the worldwide system. this means it is possible for the well-designed territorial system to be at least if not more as burdensome and a poorly designed worldwide system that we have today. but it suggests u.s. firms are adapted indefinite diva role. one study finds that financially unconstrained u.s. firms should get as much income as those operating under territorial systems. also there is no evidence that the tax burden depends on how the foreign profits are taxed in the home country of its parents to the editor i

this is the opener of a firm connecting businesses in need. in the last three needs the firm's assets grew 40% to 170 million. >> just in the past several months i've been to little rock arkansas, louisville kentucky, there are a lot of places where this takes route. >> reporter: wealthy investors can afford to take a chance. not a luxury the average american might have. >> i can afford not to get my money back. it's not my retirement funds. >> most local investors offer loans between 5-10% and use property as a collateral. >> having a relationship gives borrowers much-needed flexibility, as she found out disease. >> i knew what my lender would say. it would be to come up with a solution. >> personal loans like canootson's are the norm, an increasingly used tool is a direct offering, known as the do it yourself ipo or dpo. >> for entrepreneurs, there's so much of savings you can invest to make the vision a reality. dpos ask businesses to sell better equity to members of the community. cutting edge capital helped 11 businesses complete dmos. 25

how responsible was he leading letting the firm build up some much leverage? on this relatively solid day for wall street, t y for having me on. -- thank you for having me on. alan swarts was actually the ceo of bare when it collapsed. ceo -- heeplaced as just gave that up in december 2007, before alan schwartz came. all of these wall street firms had too much leverage. bears case, at times they were leverage 50 to one. that meant a 2% decline would why got there at 20 -- wipe out their equity. that's what happened in march of 2008, when the mortgage backed securities they had built up on their balance sheet became worth a lot less than they thought they were. >> that correction unit at the beginning, and that misstep that i made, is that something that mr. greenberg was concerned about? because he was so closely linked with the firm, that people thought he was in charge when that happened. definitely -- for our generation, he definitely was the embodiments of bear stearns. he was a rough-and-tumble. no-nonsense. he had a way of conducting himself how much it w

as opposed to just the scenarios that we have laid out. those firms need to be able to analyze their own unique and specific risks that they face. we set out a couple of scenarios, and we do detailed analysis, but what are the unique stresses that could afflict a particular firm with particular characteristics, we want to make sure they have models that will serve to analyze those situations. and they can't just use our models for that. and they need to show us that they understand what the unique stresses are that could hit those firms as well. >> i thank you, and i yield back. >> the chair now recognizes the gentleman from georgia for five minutes. >> thank you, chair yellen for being here. i want to follow up just on one of the things that mr mr. garrett -- one of your answers. you said that mr. tarullo is the federal reserve representative to the financial stability board. you're his boss, and you are the chairman of the federal reserve. and are we to really believe that the gentleman acts on his own without any direction or oversight from you? >>

right now, i've got a number of the latest russian firms trading. gazprom trading around the session today. seeing a bit of gains for the dollar ruble rate there, too. .2625. we have seen the russian currency itself gaining over the last few months or so. you can see the peak we got mid march pulling back slightly. we have that year-to-date, too, or to gains in the last couple of months. right now, i think only down around 0.4% despite the losses we saw around the march/april time. joining us is bill blain strategist at partners. we'll get to you, bill. what are these latest round of sanctions going to do? >> i think it's going to be very interesting. we've seen the russian market down slightly this morning because markets have heard this before. and i think the second thing is we're seeing this wedge that russia is trying to drive between europe and washington. and i think that is having some effect because if we think back three months ago, we were all saying, oh, this is going to be a real problem for the russian economy, they're being -- at every

in fact, the firms have now submitted a third round of plans -- >> i'm sorry, chairman. little bit confused. jpmorgan submitted a round of plans in 2012, and my understanding is that neither the fed nor the fdic said that those plans were not credible. it then submitted plans in 2013, and neither the fed nor the fdic said they were not credible. and it has submitted plans in 2014. so i'm not quite sure on whether you're saying the plans are not credible and you're continuing to talk with them and asking them to change their plans. is that the case? >> well, we're working to give

officials say they were shooting without cause and that innocent lives were lost not that it stopped the firm from getting out the lucrative contract it's believed to have assisted the cia's drone mission in pakistan but water also received millions of dollars from washington for housing u.s. troops in afghanistan. so there are more spies strains developing between germany and the united states we talk about that soon it turns out that there was a double agent in berlin is mates who's accused of feeding data to the n.s.a. you can get the full story at r.t. dot com also that this is a real structure what is it will actually it's an abandoned soviet era electricity generator that's more of a fun part maybe not like that said to be capable of powering the whole country though now it's powering power into resume instead fascinating place check my website is. right. searched for. and i would think. to try to spur jobs in business we're often told only to buy local that's kind of tricky though in this globalized world these days but one frenchman decided to try and give it a go when a concert of we

thinks the firm homage to become the government's muster. these contractors and these lobbyist are so tied up because of the revolving door that exist in washington and people moving in and out in the bush administration really in an unprecedented fashion accelerated the contracting out of basic tasks by the u.s. government writ large and i think we see that people are afraid to challenge all of these these contractors because they have tremendous influence they have quite a bit of money they're deeply tied to all of these institutions both in terms of people formerly working there and people who would like to work there when they leave so it becomes a sort of symbiotic relationship where those who are higher up on the chain in the in the level of the contractors are really on a par with those in the state department and other agencies as opposed to being viewed as actual contractors abortion and sort those who are subject to the authority of a government entity. the u.n. a state that almost two and a half thousand people were killed in iraq

exact same repair, the exact same installation job, we'll survey the firms -- all the firms and compare what their prices are. >> how widely did the prices vary? >> she vary -- they varied pretty dramatically. to install a programmable thermostat, we found prices ranging from about $200 to about $1,000 for exactly the same job. so big differences. >> is that basically the difference in the labor prices? who knows? >> really, they're marking up the part and marking up the labor and people are not shopping. >> if your air conditioning unit breaks down and it's 80 something degrees, you're going to want to get the best person. does price make the difference in the quality of repair. >> checkbook has found no relationship between price and quality among air conditioning contractors. we find this in a lot of service fields so you can actually get a very high quality firm at a very good price. that's why we spend so much time with our undercover price shopping, et cetera, so we can identify the lower priced firms that also do very well in terms of quality. >> there's some things -

if >> yeah, there's coverage of that, how rail firms, specifically the class 1 firms, working with theiric west coast partners to carry more of that traffic across what they call the american land bridge. the same thing is happening on the canadian side as well, so there's really a concerted effort to hold on to that longer-distance business, and the short run is the longer they haul it, the more money they have to make. >> the longer travels have something for them to win too. too much of the attention, probably has been solely focused on the west port's opportunity to a lose business. >> if you are not following this story, is this all going to be transparent to the american consumer? >> we're probably not going to notice it at all. the best hope we can have is one of those silent wins. 5, $0.10 off of a product in the grocery store. you know, it's going to be unspoken, and that's the name of the game in freight in general. there's a cliche that freight doesn't vote. for some ways you don't want to know about freight if you are a general consumer, but for business it is a big deal. and

analysts say that the firm managed to avoid default on wednesday because it received aid from local government. the local government realized that this would have a huge effect on the local economy. analysts say that the firm managed to avoid default on wednesday because it received aid from local government. >> i think that shanxi provincial government just want to rescue the company because they want to overcome the problem of unemployment. the unemployment importance is very serious, just damage the stability of the society. >> reporter: continuing to bail out companies to avoid defaults poses a moral hazard to the economy. the chinese premier li keqiang noted in march that he would allow a certain number of defaults to go ahead. >> translator: it's unavoidable that some financial instruments are going to suffer defaults. the government needs to strengthen its monitoring and avoid systemic financial risks. >> reporter: the expert says it's more important for the government to change the market system to stabilize the nation's economy. >> the problem here is not how to rescue one company. th

officials said they were shooting without cause and that innocent lives were lost not that it stopped the firm from getting other contracts is believed to have assisted the cia the drone mission in pakistan blackwater also got millions of dollars from the u.s. for housing troops in afghanistan. two separate attacks a neighboring coastal districts in kenya have killed at least twenty nine according to the country's interior ministry during the first assault gunmen stormed a police station releasing several detainees some of them linked to previous terror acts in the second heavily armed militants raided a training center in the village of the islamist group al shabaab says it was behind both attacks. thirty four in the year thirty four and engineers believed to have been kidnapped in libya i made the deteriorating security situation in the country on saturday night security forces and armed militias in gauged in street battles in the city of tripoli one soldier killed fighting between a pro-government forces and various armed groups has been on the rise since the downfall of colonel gadhafi in

the chaos. and mercenary maneuvers an infamous private security firm used by the u.s. for high risk military operations overseas is accused of making death threats to government officials investigating its methods. of thanks for joining us my name's neil harvey you're watching starting international. ukrainian army has resumed a full scale military crackdown on the eastern provinces attacking several cities temporary ceasefire ended overnight and kiev is refusing to extend it president petro poroshenko says there will be no more troops accusing the self-proclaimed republics of failing to abide by it. but we will advance and we will liberate. europe ukraine's armed forces the national guard and rather divisions will never use force against civilians we will never target residential areas. almost simultaneously an artillery attack was launched on the city of kramatorsk. local say they were woken by the sound of a siren signaling the shelling had resumed. emerged apparently showing the aftermath of the attack but we cannot verify those at the moment a minibus caught in th

in iraq threatened to kill a state department official who was looking into the wrong doings at the firmwhich used to be called blackwater the new york times published a report that claims the manager gloated that there was little investigators could do about it because blackwater was so heavily involved in the work there the document indicates blackwater is top manager in the low even tone of voice told one of the government agents that he could kill him without blinking an eye state department investigators who are in iraq had to curb further investigation they described the staff at the security firm as out of control saying that it was operating above the law the u.s. embassy at the time sided with blackwater former state department official peter van buren says a washington knew about the reckless and dangerous behavior state department was so afraid of its mission in iraq being slowed down or delayed by replacing blackwater as a contractor that they were willing to accept almost any standards of behavior out of the company in order to continue the contract even though they understo

disgusting now meanwhile over goldman sachs two former female employees followed a lawsuit against the firm alleging wall street sexism now the suit was first filed back in two thousand and ten but on tuesday the women asked for a judge's approval to expand the suit claiming women at the investment firm were paid less and awarded fewer promotions than male coworkers goldman says the suit is without marriage but the new filing on tuesday details allegations of rampant sexism and harassment at the firm saying quote this constellation of evidence reflects widespread concerns among women about gender bias and a boys' club atmosphere sexualization of women and in uncorrected culture of sexual harassment and assault the suit describes company sponsored visits to strip clubs and golf trips that were designed to intentionally exclude women along with a push up contest at the office how old are we and on one occasion where female v.p. was allegedly pinned against a wall and groped by a male associate who had walked her home not very hospitable and now.

the law firm asked for request in writing but it's not clear if the law firm represents cynk or introt intro biz. >> we can usually tell what a company is. we're used to filing companies all the time. we haven't found any there for this company. for what that's port. we know promoters have been active in this company and that may have helped run the stock up. remember how promoters work. they're getting some of this stock which is a very limited flow to this stock. >> building -- 23 you go -- i went to capital iq, fact, the s.e.c. filing. it says suite 400. there is no suite 400. >> yeah. we've established there, that doesn't seem anyone there. >> public company. why do we have to go on a wild goose chase. fundamentally. what does it say about the market? fundamentally it is saying this is a bull market that maybe certain aspects of this bull market have gone crazy or is this just a one crazy story? >> well, it's one crazy story. that is great reporting by cnbc. it reminds me of the great stories from years past. and as i pointed out yesterday on twitter, who is buying this garbage? y

the decision follows a recent media report that a food processing firm in shanghai used chicken meat past its expiration date. mcdonald's japan halted serving chicken mcnuggets with the ingredients processed at the firm in question beginning on monday. customers are getting increasingly concerned about the safety of the products made with chicken meat from china so they have also stopped buying chicken meat from two other chinese suppliers. the firm sells eight types of chicken products, including chicken mcnuggets and chicken burgers. until now, it procured about 40% of its chicken meat from firms in china and the rest from companies in thailand. officials say they will acquire thai chicken meat for all of their products from now on. but they say some products might run out of stock. >>> the great tsunami of march 2011 did extensive damage to hundreds of kilometers of coastal line in northeastern japan. in hachinohe, aomori prefecture on the northern tip of the mainland, a pair of gates to a sacred shrine for local fishermen was lost to the sea, or so they thought, until they receive

said they were shooting without cause and that innocent lives were lost there not that it stopped the firm from getting other lucrative contracts it's believed to have assisted the cia aides drone mission in pakistan but order also received millions of dollars from washington for housing u.s. troops in afghanistan to. reporting online there are more spy strains developing between germany and the united states check it out seed of comets turns out there was a double agent in the early mid stu's accused of feeding dated to the n.s.a. we've got the full story lined up for you there to what's this well this is of the all structures certainly it is a hugely powerful soviet era lightning generator and it's coming back online to ouch but it's powering tourism instead want to check out more about that thing it said r.t. dot com. now to try and spur jobs and businesses were often told only to buy local that's kind of tricky there are this globalized world but one frenchman tried giving it a go we caught up with him in a coster of went to find out how he third surviving soley on french made products

markets reacted as if the appointment of tim geithner to the us treasury was a positive event for the firms that he had regulated as the head of the new york fed so do you think this market reaction makes sense though. i think in hindsight it does make some sense i think what most of the market was most worried about it was either some financial institutions going under or saw financial institutions really being forced. to divest to sell. certain parts of their business. or be subject to very very tough stress tests or other tests and therefore having to raise a lot more capital and i think they probably said. you know it's going to matter who you know in this process some of these decisions are going to be made might be a little bit more favorable to the firms that have the right connections and i think the reason for that and nobody suggests that there is be explicit. corruption here and i think that's the reason why i wouldn't use the word crony capitalism i think they're the reason for that is death as is expected most people when they come up with power they appoint other people who th

the u.s. arora once worked at a firm within the t-mobile group. softbank ceo masayoshi son says arora is the best person for the job. >>> and executives at u.s. i.t. giant microsoft are preparing to make the biggest layoff in their country's history. they plan to eliminate up to 18,000 jobs. that's 14% of their workforce. the executives say they're thinking of slashing those positions over the next 12 months. they plan to make most of the cuts to the nokia mobile business. they just acquired that business in april. ceo satya nadella conducted a review of microsoft's reliance on its mainstay product, the windows operating system. he said he wants to focus more on tablet devices as well as cloud computing services. nadella told staff that the shift will be difficult, but he said microsoft has to evolve in order to survive. all right, that is going to do it for biz this hour. let's check in on the markets. >>> people in the western japanese city of osaka have enjoyed a traditional summer dance festival at a most untraditional location. ♪ >> the 60th

disgusting now meanwhile over goldman sachs two former female employees followed a lawsuit against the firm alleging wall street sexism now the suit was first filed back in two thousand and ten but on tuesday the women asked for a judge's approval to expand the suit claiming women at the investment firm were paid less and awarded fewer promotions than male coworkers goldman says the suit is without merit but the new filing on tuesday details allegations of rampant sexism and harassment at the firm saying quote this constellation of evidence reflects widespread concerns among women about gender bias and a boys' club atmosphere sexualization of women and uncorrected culture of sexual harassment and assault. the suit describes company sponsored visits to strip clubs and golf trips that were designed to intentionally exclude women along with a push up contest at the office how old are we and on one occasion where female v.p. was allegedly pinned against a wall and groped by a male associate who had walked her home not very hospitable now this is all very very bad stuff and the portion of this s

remember, i just rejoined the firm at the end of may.the building, it's actually a new building has only been since the end of may. >> if you can't be happy on the 21st floor of a new building in newport beach, then you, you know, you've got a problem. if the mood is bad on the 21st floor of the brand-new building in newport beach then you need to get rid of those people and get some new people. it must be great. >> i do get the sense, i like him a lot, i think he's a great guy. i imagine this has been a difficult time for him. >> it has. and as i said, i have a personal relationship with bill, as well as a professional. and i'm happy to talk about the professional side of things. and some areas on the personal side that i will talk about, as well. such as us bowling to the and things of that nature. but there are other things that, you know, obviously, you know, will remain confidential as they should. >> you have something -- >> well, there's a couple deals, i just want to get a little bit of reaction. >> jpmorgan? >> what jamie dimon

the firm announced the ceo of that unit is stepping down. the ceo said the performance of the division has been disappointing, adding that he would be implementing a new management structure in health care to improve the performance. >>> air france has cut its guidance, the carriers face this year could be 12% lower than previously expected. mainly as a result of overcapacity on its passenger routes as well as weak cargo demand. air france reported traffic figures which showed passenger capacity up by 1.8% in june. the firm says that the bookings for july and august showed the trend continuing on its long haul flights. and shares trading lower bringing down other airline stocks in sympathy. iag, the underperformance today down almost 5%, but also easyyet and lufthansa losing ground. >>> elsewhere, box has reportedly raise $150 million in funding from tpg. "the wall street journal" says the move will allow box to consider an ipo which has been delayed. box now intends to go public sometime this fall. >>> coming up, the u.s. economy continues

our primary consideration was to have the successor agency 3 of the firms have subsequential qualifications and one has a lower fee and was selected by the panel i'll like to introduce the partner at jones hall in fefrps of the policies providing opportunities for the s b e the panel talked about the disclosure to the two certified sbe respondents and only one had successor bond experience the panel considered that a vital concern as well as specific rating agency concerns about the pledged funds. the panel selected curtis ba barting i'd like to introduce the principle. thank you. item 5 d talked about the contract with jones hall for the issuance of the refunding bonds the maximum payment is $10,022,500 the total amount maybe lower depending on the total amount of the traction that can change according to bond issuance in the order of 8 bond but several of those bonds maybe dropping out so we structured the request for pricing to allows to reduce the fees if the transaction goes down. that's spelled out in detail of the exhibit and outlined in the memo. item 5 f authorized the special cont