. >> i saw the other person. >> can you stand up all the underwriter's. >> this is the co- managing underwriter from braxton ton. >> i want to know i never saw that you saw the muni bond before the commission. >> just for your information we stated this people had acquired the original underwriter's so this is essentially the same team and the lead underwriter left the agency and anna stepped in very competently. >> commissioner mondejar questions. >> i don't know who can answer my question can you speak probably for - could you speak to the selection of the underwriter's i'm sorry. i'm so bad with names so speak to the selection of the underwriter's they were the team that did this in 2005 am i correct? >> that's correct. i'll bring up mr. diego rivera yes, ma'am e he will to talk about the process but we issued on a rfp to the cities pool the city maintenance a pool of underwriter's so 7 firms - 4 from submitted proposals >> okay. i'm new to the commission i just wanted to, you know, find out what the process was and continue the same process in the selection of all of our consultants and ven

goldman sachs is the lead underwriter.t matters so much being the lead underwriter, they have other ipos in the pipeline including this alibaba thing. so you remember a couple years ago -- more than a couple years ago, about ten -- liz: are you going to say jack rudman? >> jack rudman, those analysts were all investigated by elliott spitzer and the sec, the former new york attorney general, and eliot spitzer created this thing where it was supposed to remove conflicts of interest from wall street. well, they still exist. liz: let's just explain that. analysts sit far from the investor bankers -- >> allegedly. liz: we think twitter is not a good business model right now, say analysts. the investor banker guys are trying to get the twitter business, so they're supposed to be separated. >> right. but the analysts really don't say that, and here's why. the analysts are paid by the deal as well. [laughter] so what they do, it's a combined effort, and right now we have every major firm largely mum on all this tech stuff. i mean,

so, the net effect is, what we want is, true underwriting, good underwriting, buying mortgages what happenedt 50 years. david: can't that underwriting be done in the private sector? do we have to have these sort of weird alien, these government/private enterprises? >> it should be done in the private sector, you're exactly right, david. basically in the private sector the originators of the mortgages should underwrite them properly. then they should put them up for sale to companies like fannie and freddie and fannie and freddie should do their own underwriting individually of each loan. if they think the loan is appropriate, they should purchase it. i think if that happens, then you know, the taxpayer will not find themselves at risk. rather the taxpayer will collect a huge amount of money because the taxpayer today owns fannie and freddie. david: at the same time that you're sort of agreeing with the administration and medical watt on this issue of fannie and freddie, you disagree with so-called consumer financial protection. you think some of the regs that have gone along with that really

>> there are no speaker cards. >> any questions or comments on this. >> i want to know the underwriters. >> commissioner singh the bond underwriters is not present we didn't ask them to come because the bond issuance meeting is on the 15th. >> what's the bond. >> we're seeing the market as 5 and a half percentage but we'll know more in july when we had had bond issuance. >> i know that how - >> i'm sorry. >> they lent out the bond. >> 50 years. >> thirty years. >> all right. thank you. >> thank you questions or comments excellent madam secretary what is our next action. chair is the consideration thoughtful on resolution that calls for the

what is interesting, what underwriters are doing, sources tell us in the underwriting community they continue to push for the new york stock exchange over nasdaq as the listing venue. very interesting thing. this decision could be made any day now, any week now. the ipo is expected to come back in july and august but they're going to do a road show. they may do the s-1 filing next week. this thing thing the are upper is hitting the road -- rubber is hitting the road. the underwriters continue to push new york stock exchange. not that they don't like nasdaq or chief bob greifeld, but the two technology snafus, one on facebook, remember the exchange was down three hours? melissa: right. >> there ask too much reputational risk. if you pick nasdaq, and there is another screw-up it will hurt your company reputation alley. facebook shares didn't recover until recently. went down to almost $20 a share. a lot of people believe it was on a slow start and that snafu that occurred in 2012. that is what is going on right now. bob greifeld ceo of nasdaq is out there still trying to push the nasda

underwriters. >> commissioner singh the bond underwriters is not present we didn't ask them to come because the bond issuance meeting is on the 15th. >> what's the bond. >> we're seeing the market as 5 and a half percentage but we'll know more in july when we had had bond issuance. >> i know that how - >> i'm sorry. >> they lent out the bond. >> 50 years. >> thirty years. >> all right. thank you. >> thank you questions or comments excellent madam secretary what is our next action. chair is the consideration thoughtful on resolution that calls for the proposed interest >> madam chair close the public hearing. >> i'd like to close the public hearing and move on to the next item. i see you got the elbow it that what happened >> it's the situation of the property owner to consider the proposed changes and item six g adapting a resolution calling special election to amend and restate the message and methods of the appropriate time of the special tax city and county of san francisco number 7 the shipyard phase one improvements hunters point is in the special project area 35, 2014 madam chair. >>

and research and ipos and underwriting. but guess what? know, i've been talking to people at the big wall street firms, and this is kind of interesting, i may have seen one report, and i think it was from bank of america, but i have not seen any reports from any of the big wall street firms saying, investors, watch out, because we have a tech bubble, and stay away from some of the big names. and, you know, what's interesting is testify been basically mum when it comes to the pricing, the bursting of this tech bubble where you've seen shares of companies like twitter, but all that basically go down big time. we should point out that goldman sachs this january said a $65 -- set a $65 price target on twitter. where's it trading right now? $39 and heading lower. under 40, that's pretty interesting. it's up a little bit today, but it's below 40 which is kind of an interesting level for twitter. we've been talking, me and julie, my producer, that a lot of analysts think this thing is going to 30, and don't get into it until it hits 30. but we de

and [inaudible] as the comanager working together to underwrite the transaction. that day the commission authorized a certain corps bond documents, which include a fiscal agent agreement, an escrow and deposit and trust agreement and bond issuance agreement. pursuant to that we went to the oversight board which gave their approval on the bond issuance in 2008 and that has been approved. on may 6 there were no objection to the landowners or owners of the shipyard. and so the election was held and the vote is voted to have the commission and approve an amendment in the cfds rmas and the commission conducted a first reading of the two ordinances to left vi special taxes on ordinance for cfd 7 and 8. today is the second reading to lower taxes for cfd 7 and 8. followed today's meeting we'll be back before the commission and following that? july we'll take steps to close out the line of credit. that concludes the staff renation. presentation. >> we will be taking action on these items as well as public comment so if there's public comment on either. >> i have two speake

we should point out that underwriters have been prodding alibaba to pick the new york stock exchange. but nasdaq is fighting back. this week rubber met the road. two of the top officials from both exchanges were at alibaba's headquarters in hong kong. i will say one other thing of. this is essentially last big thing that duncan neiderauer will do at new york stock exchange trying to win this. adam: charlie has been ahead of this. you called neared yourer's retirement. >> yeah. adam: where is it best for alibaba to go, do you think? >> alibaba is interesting play. i'm not sure where they list will make that much of a difference for the retail consumer. big thing anyone who wants to participate in the growth of chinese middle class will be looking to that stock. i don't think they care where it lists. adam: retail consumers will not have opportunity to get in on this for months. >> not for months. the thing our reporters looked at, they're basically saying audited accounts are not necessarily that good. wherever you is you don't want to be associated with it when it finally blows up. ad

still got to give the sort of odds on to nyse because so many of the underwriters have said you shouldsaying, they've got it under control. listen, facebook is still a nasdaq stock -- liz: and it's down beautifully. >> twitter's a new york stock exchange stock. what's happened with twitter? liz: yeah, that high of $72 -- >> and now crashing. so we should point out -- liz: that's not the index lister's fault. >> of course. liz: sounds good, but it has nothing to do -- >> we just want to screw with -- [laughter] we should point out that kind of the interesting things, and i would stress to everybody read my story on foxbusiness.com, i get into a lot of this stuff. this is duncan's last official action, essentially, as the head of the nyse now that it's been gobbled up by the computer compe atlanta, the intercontinental exchange. i mean, this is the last thing he's going to do -- liz: and i don't see jeff sprecher schmoozing up the chinese very good. >> that, to me, you've got to give an edge to nasdaq. alibaba was expected to pick its listing by now. it has not. they expect it within the

the lead underwriters are jpmorgan, chase, barkleys and deutsche bank.el's looking to refile for an ipo. this time $500 million. listing in nasdaq under ticker mik. back to you. >> same ticker, mik. >> the circle of life. it becomes distressed and people buy and here we are. is this a sign of the top again? i don't know. this is a banker's dream. >> it is, right. and probably the same lead bankers in and out. linkedin conference call wrapping up. over to morgan with the latest. >> so it's all about growth. that's what many analysts are asking about. the ceo kicking off the call by saying the stronger than expected results were powered by member engagement. the professional networks are passed 300 million members in april. only 1/3 of that 100 million in the u.s. international expansion a big part of the call. especially china. saying he's very pleased with the progress there. another big subject. talent solutions which accounted for 58% of revenues. that's its recruiting platform for job hiring. here's what he said about the growth strategy there. >> we

level station supports it appeals to many companies and institutions things like that and they underwrite the cost of bringing a station cross to them that works within the overall, you know, system but there's also presenting sponsors that can co- exist with the sponsors and that could happen, you know, presenting sponsors. and we've had one sponsor for one part not for others like boston they sponsored and there's new balance not just for balance. and then in we learned that seattle i believe has signed alaska airlines as a sponsor they're not a winner take all sponsor not like the first 5 hundred bikes there's a lot of options about the level of interest with the sponsor. any other questions >> supervisor yee. >> yeah. a quick question. i've been curious about bike stations. is there ever a time when, you know, who too many bikes coming to one place and not enough space and parking >> absolutely. >> the bike share we contract with the a company al at that they're the biking contractor and we gave them a purchase order they deployed it and have vance they'll circulate to make sure there

the underwriting was atrocious. the behaviors were awful. hindsight would indicate that of course they should not be doing that. is something, more stupid behavior could trigger a crisis. >> could i make a comment somewhat related to that? none of the issues that bothers me a lot is that when i suggest that we simplify the system and forth,lized it and so that is the objective, but the fact that we need more regulation for these institutions and the industry bothers me because if you had a simpler system and it could be supervised more directly, i think we could think about having fewer regulations and that would be very beneficial to the growth of the economy, certainly as much as allowing the largest institutions to continue to subsidize the way they are and adding more regulation, making them more public instead of private intermediaries who move capital from savers to useful investments that produce outcomes that are growing gdp rather than constraining it. wethat is a conversation could go into for a very long time, but we have someone

when you think about traditional underwriting practices, put it back in racial well below 43. that's actually a very loose standard by the lending practices. but it's in the credit score. we are such is really tight. in the early 2000s, about 12% of all origination loans in any given month had credit score of 620 or less. today, it's 23%. now the credit box as defined by the creative that fannie and freddie put out, and at least, they go down to 620. they will end at 620 but clearly we are not doing very much lending at that space or even below it. the reason gets back to what we started with, if there is this uncertainty about repurchase risk one of the best ways to avoid a repurchase is to avoid a default the one of the best ways to avoid the default is make sure you have a credit worthy barware. there's that play that i think is natural tendency we're realizing this expansion of removal of uncertainty will create more comfort to delve further down that credit card. we have to be careful in terms of knowing what is or isn't the right level. and what's normal or not because t

the underwriting was atrocious. the behaviors were awful. he benefit of behindside sight -- of hindsight would kuwait of course that was atrocious. now here's something -- more stupet behavior could trigger a crisis. >> can i make a commept? it is somewhat related to that. one of the issues that bothers me a lot is when i suggest we simplify the system, that's subtive, too, but the fact that we need more regulation more spferings for these institutions bothers me because if you had a simpler system and it could be supervised more directly, i think we could actually think about at least having fewer regulations. at would be, i think, very beneficial to the growth of the economy. simply adding more and more regulation and having them look more and more like utilities stead of private intermediaries that produce outcomes that are growing the g.d.p. rather than constraining it. >> that's a conversation we could go into for a very long time, but we have someone patiently waiting. >> 20 years ago we had 14,000 banks in the u.s. now we have about 8

overlay amount of taxes that was authorized to assist staff in the refinancing process and select an underwriter and escrow you purchase agreement and lastly the commission authorized the $40 million in a bond issuance they must be paragraphed by the oversight broadway board so they gave their approval. in addition to the r m a changes on april 1st the futuristic adjustments are noted to the parks are exempt and the second to administratively change the affordable housing parcels in phase one in the effect or event they wish to make changes in the future. the oversight board approved several changes in the month of april and today we'll they'll hold an election i've described earnestly. following today's reading it will also follow on may 20th and in july we'll follow that to call up a line of credit a to issue the bonds. this concludes the staff part of the presentation we'll go to the election >> thank you very much we're going to move on to the public hearing we'll start with any public comment if there's any on changing procedures cf d number 57 questions or comments protests from anyone. >>

they are going ahead and underwriting mortgages.hat bill ackman said saying the 30-year mortgage is such a fixture in the american economy it would get wound down if fannie and freddie got wound down. the banks are still underwriting it, only writing higher quality mortgages in order to do that. >> this is a case that people make when they want to keep fannie and freddie intact. look, if this goes away, people disagree with this, it means the end of 20 and 30-year fixed rate mortgages and the end of low-income homeownership and home prices for everybody will fall because suddenly the composition of demand is shifting. i'm curious how you guys view this whole thing, you know, from a top level portfolio point of view. what happens right now as it looks like the pendulum is swinging the other way? >> who want want to own a business like that that's funded by endless amounts of taxpayer dollars which got us into a whole lot of trouble in the first place. the reason there's not any other big players around is it was driven out of busines

obviously we saw with the housing bubble leading up to the crisis that underwriting was not where it needed to be, not writ was historically, where people had to demonstrate they had the down payment, they had the income stream, they could afford a monthly mortgage going forward, had to demonstrate they had the credit score that would allow them to qualify. that process became too easy, not just because of freddie and fannie. there were many -- freddie and fannie don't only nate mortgages. the originators were willing to give mortgages to people who didn't have down payments, who didn't necessarily have the history or the credit score that would allow them to undertake the mortgage. so i was primarily originators who made those decisions on underwriting, and then it was the purchasers of the mortgages, frayedie and fannie were part of the purchasing of the mortgages, but so were other investors, what we call private label securities. >> mr. fettig hinted at this and we have a viewer asked what happens to the 30 years mortgage if this change is enacted. is there potential change to th

it will be harder to get a mortgage approved because the underwriting criteria are being changed whichas nothing to do with the committee. >> exactly. you'd expect the mortgage approval numbers to decelerate further particularly in april when people are going to be coming across much longer lead times for actually getting a mortgage approved. it does tell us about how much inequality there is in this economy. there is an enormous amount. we saw it with the number of contracts yesterday, identified at 1.4 million. we're seeing it with wages data, where you're getting quite a lot of substantial divergence. and it really tells you that, yes, those that are wealthy are doing well. those at the bottom of the food chain, not only is housing becoming very expensive, but it's also becoming less accessible for those at the bottom end, the first-time buyers and at the bottom end. >> yes. you've got mortgage questionnaires, they're going to ask you how much you spend on getting your nails done and pet food, god knows what other sort of stuff. this is all a bit of irrelevance. because you change y

banks will not have to buy back as many loans of the thinking that banks will lower underwriting guidelineing homeownership to more folks left on outside looking in. we expect the numbers come summertime. but i'm thinking fall we'll see numbers that might look pretty darn good. liz: so we have that on tape, fall. frank, get right to it. if people are watching and thinking we want to browse but we also have wonder something now the time to buy, is it a buyer's market still? >> we always say it is a good time to buy. >> always. >> i would say yeah, it is. you know, especially with summer coming up, et cetera, you will want to out there to start looking around. keep in mind more inventories should come up as well. spring and summer show up an people put homes on market, you will have more to choose from. absolutely i think it's a great time to buy, even for you. >> that is great point, frank. strangely enough we have more who have move-down buyers we've seen over last decade. liz: hold on. define move-down buyers for our viewers. >> what we have is very interesting dichotomy in the market we

level station supports it appeals to many companies and institutions things like that and they underwrite the cost of bringing a station cross to them that

i think if there is changes in government policy to make underwriting standards more lenient for first-timethat would be a bullish signal. david: do you see that coming? >> they're talking about it this week. mr. law was talking about altering standards for first-time home buyers. liz: worried that will get us back to the same bad habits that caused trouble in the first place with the housing market? >> it could. we're really in first or second inning of the entry level recovery in the house being market. i don't think standards being lowered yet. we have position in u.k. homebuilders because they changed their government policy last year to make it easier for first-time home piers to qualify for down payment to buy a home. that stimulated new home sales in the u.k. this year. we made a lot of money in u.k. homebuilders last six to 12 months. that worked. in u.s. we owned homebuilders in '11 and '12. last year was a good because they reflect ad lot of good news. you mentioned this at beginning of show, comps comparisons are getting difficult because we're in the third or fourth inning of ho

is it not a fact that fannie mae and freddie mac loosening underwriting standards involves 's?se >> as long as they continue to have -- with the risk they are taking, that is not a problem. the problem is you have two companies that are not allowed to build capital. if we end up seeing the economy , we see substantially china falling off the cliff and hurting our economy coming up two countries that will be on government life support. >> why now? to give a first speech. today was a good day for the first speech. seriousness, i think why now is because there has been concern that the credit box is to type. the recovery is covered -- running out of steam. >> what would the real reasons be? >> there is no household formation until you hit about 54 years old. is, student debt. we have record levels of people under 34 living at home with their parents. they cannot afford to move out or pay for a down payment. it gives an indication that credit availability is a small piece of the problem. >> freddie and fannie assure only two thirds of mortgages. a couple months ago it was what 90%?

they can underwrite with this and buy credits based on it, they couldn't do that with that section 9 financing. this is part of reason this is part of the solution. in terms why we are looking at rental assistance demonstration program. and the other part, the rental assistance program comes with an obligation. we will talk a little about the rehab obligations and the tenant obligations. and one of the reasons, to take part of this program, you need to be obligated for 20 years. and we have to put more money and we have to increase the housing quality in these units. therefore a part of this, and i wanted to answer the question about whether this is a demalatide demoliti demolition. absolutely not. this is a rehab program. there is no demos. this is not like (inaudible) or choice neighborhoods. so we are going through and rehabbing everything for the next 20 years. it doesn't mean that in 20 years from now or 15 years from now, we as a city decide we should improve this housing and utilize it to a higher level. but for now, this is a rehab. there is no intention for displacing anyone

obviously, we saw what the housing bubble leading up to the crisis that underwriting was not wearingd to be, not where it was historically were people had to demonstrate they had the down payment, the income stream where they could afford a mortgage going forward, a credit score that would allow them to qualify. the process became too easy, not just because of fannie and freddie. fannie and freddie, remember, do not originate the mortgages. to giveors were willing mortgages to people that did not have the down payment, that did not have the history or the credit score that would allow them to undertake the down payment. it was primarily the originators who made those decisions on underwriters, and then it was the purchasing of those mortgages, and fannie and freddie were part of those purchases, but so were other investors, private label securities. host: we have if you are asking on e-mail what would happen to the 30-year mortgage if this change were enacted. is there a penciled change? guest: that is one of the big issues. there is a debate about what would happen to the 30-year mo

when people into them saying that centennial and underwriters including scandal burton's ever pride to security have received write a letter e instructions to buy the ipo related documents to the csr see. the other his maritime experts in the us have been trying to find out why hundreds of sick and starving sea lions are once again washing up along the california coast. there were similar scenes at the end of twenty twelve when she was member of sea lions title on the same coastline many fisherman in the area say a sardine populations are poly dramatically and some experts are now claiming a link with a sea lion dance you can email me. reports from san pedro california there's not much different from the uniform and the warriors forward to this he pretty much just like the farmer gets his from the ground rose we get the real one with the sea off the east east ocean waters off the pacific west coast at the united states from southern california to alaska art offering much in the way of one particular species sardines. the price of everything. one of the press and here's one of the perth

spanish grand prix and head is the standard delighted the home pride by holding onto an early lead underwriter outpace jammies valentino rossi and teammate danny doesn't take the chequered flag in the season for the race. and in the dollar and the quick and sure what the us have become the first german women's team to win a world volleyball grand slam the pair squared up to get the chinese team when fanning when one of the final of the shanghai grand slam the germans were first card that they finally clinch the title by winning the merits and fifty nine the price they get to take home over forty thousand euro in france. that's all for now the journal thing to watch unimpeded access to education and it is for everyone. the central goal of the global community. what's the reality on the ground education for all. w's multimedia special treatments personal story and highlights extraordinary projects the world over. find out more on the internet. tw don t education for all. do. and all the air. german president joachim joke started the week by causing ripples on his visit to turkey. delta expressed

we have underwriting standards and that is just in. i think it is artie starting to have some impact. it suggests that. we are starting to see some slowing down. we do not start from a macro point of view. we start from a conduct would of you. where do the underwriting standards the two? individuals are exposed. that has started to change the market. i think we have to monitor it will stop it is too early to tell. >> ok. >> iq to martin wheatley. thank you. -- thank you to martin wheatley. >> thank you. a million dollars for a car that looks like this -- $1 million for a car that looks like this. >> good morning. welcome back. for the design-minded car buyer, a company can meet your needs. they do not do anything outside of the car. they do is state-of-the-art of the art upgrades on the inside of the car. they charge $1 million for this. we spoke to the ceo. >> the 1952 chrysler town & country station wagon. me.car inspired andidea was to restore it not do anything to the outside of the car. we are an alternative transportation company

>> we have an underwriting department. we are about diligence and transparency. can see the transactions, attended webinar, take control, just the way e*trade changed the way you were able to buy stocks from their homes. >> how is this different than buying a reit? reit, you do not get the appreciation, one of the huge advantages of buying real estate and then you have costs that are not transparent. our investors are paying less than it was two percent for assets under management, so there's not a lot of load, and more return to the individual investor. >> is it liquid? can they pull their money out at any time? >> under fcc guidelines, you have to keep your money in for a year -- sec guidelines, you have to keep your money in for a year, but in the future, imagine a secondary market where it is no different than the new york stock exchange. >> did you put your money, or out of this, now? >> two onto turnovers came to me, and it was the best idea i have heard in 10 years. >> they set up -- they said we want to crowd fun real estate? >> they said why is real esta

they are said to have removed morgan stanley as lead underwriter after learning the bank helped tyson makes the offer. two days ago pilgrim's pride made their own bid. ford said it is recalling 1.1 million sport utility vehicles to fix sensor electronic flaws. 915,000er recall covers ford escapes. that is a look at your top headlines. back to you. foods.s begin with tyson it's offer to buy hillshire brands trumps a competing bid from pilgrim's pride. joining me, chris leonard, the author of "the meat racket." akshay, i want to begin with you. what are the strategic benefits for tyson's to make a bid for hillshire brands. me on.k you for having it makes sense for tyson for a couple of reasons. they are diversified proteins manufactured. they produce chicken and pork products. those are raw materials for hillshire. there'll be some cost synergies they are. tyson under new management recently has embarked on a value added growth strategy. they want to build their brand and business. shire,ing he'lill it furthers that agenda. this management team which took over five years ago has cleaned

underwriting at other insurance businesses. they reporting operating earnings per share of $2149.hat was below wall street estimates. let's move the politics pre-president, while condemning -- let's go to politics pre-the president welcoming angela merkel. the white house correspondent phil mattingly has more on the meeting. leaders havess been outspoken about their opposition to increase sanctions. are there efforts having affect? >> they are definitely being heard by chancellor merkel. if u.s. officials, they wanted today, at least in public comments from the chancellor, she said why they are reluctant should russia continue to move forward or start to mess around scheduled,ections as there will be unity on these expansions. germany gets $50.2 billion in exports to russia. german lobby groups are counting numbers of 3000 jobs are dependent on russian trade. interest as well. there is major interest in pushing hard on angela merkel. >> doesn't germany import a lot of natural gas from russia? other issues is on the energy side of things. you heard president obama and chancellor me

mortgage underwriting is challenging. at times they have publicly taken the position that loan file with any defect whatsoever regardless of whether an impact at all on the performance of the loan is a legal basis for them to put the loan back on hollander and force them to eat the whole cost of a default. particularly its it hedge. if you making hundred loans and have to raise the three or four of them can come back to you and you read avalon and not be lost the entire profitability. it is inappropriate place for him to focus at the outset. it wasn't one of the maine bottle necks. i'm very pleased to see them and just that today. >> one of the ashes of an interesting, i took that build and maintain and contract brown worked at the fha and have before and present it, but kind of changed. instead of contracting we're reducing the tax pair risk. what do you think of that move given that over the past five years to really have not seen any kind of resurgence of private -- either private mortgage backed securities with the ju

when you trying to make an ms sale, you have to take infinite troubles defined people who are to underwrite it. they are not able to prophesies what stock markets are going to be like a week ahead. you have a prudent way in which this is handled. >> order! people shouldn't gesticulate at the right honorable gentleman. fails, thosesue institutions responsible for its launch our room and. house makesr of the an important point, when you are privatizing state-owned industry, if you sell them for less than the price set out, it is written off as a failure. if you set it for anything more than the price, you are accused of undervaluing the business. that is what labor said with respect to british airways, british telecom, british aerospace. they opposed every single move to build a strong, competitive ride at sector in our country. that continues today. mr. earl would like to be a policeman but he is working part-time and can afford the tax he needs to pay. it toould like to give him if they had it. may i ask the prime minister if my constituent is capable of passing the academic, fitness and te

you can look at credit card underwriting standards and lending out there. inventory of investment banks. five have banks lost their highflying businesses? some of the most down to evil in bank continue to migrate to ivan equity firms and hedge funds. if those superstars are not in theirs eats, where will they it's delivered? they have great minds and if those great minds are not in the seats, where is it coming from? >> a lot of people still need credit to buy a tv. i am hopeful we will he revenues pick up as the economy picks up. and then they have more money, hopefully, to play -- hey there and lloyd ease. we have got a new chart in our week ricci sheet and it shows the elite of interest-rate and foreign exchange. we are those to an all-time low of ready five years. -- dirty five years. -- 35 years. more client business and more revenue with the invest in bank and money for the banks. >> the banks really have the cutity to continue to headcount? they started cutting into thousand eight. at this way, we are on the 26th round of layoffs. >> banks have done

and create their own -- eu would be doing this, whether it is miller coors or not that is really underwritingng? >> i believe so. have they helped us in creating different beer and driving us to branch out into different things? most certainly. especially on distributions and scaling our products, absolutely. would we be doing this? yes, i would say so. >> we partnered with miller brewing company over 25 years ago. we are not ashamed to say that. family made the right decision at that time in the late 1980's, and what he did was set up for future success for us to do so many things that we are now doing, and that is making 16 different styles of beer and then to be able to have the capability to introduce and be the first american brewer of shanty styles of beer is really the big idea that they have allowed us as a family to extend in our brewing. >> explain what makes something a shanty, and how is it made? >> it's very interesting, and i did not know anything about them until i went to germany for the first time and started to see some people drinking a lemonade made -- just poured into a r

when you're trying to make an immense sale, you have to take trouble to find people who are to underwrite it, and they are not able to prophesies what stock markets are going to be like a week ahead. and, therefore, the whole way, the prudent way in which to handle is for a sensible. it does if you are -- [inaudible] >> order, order. people are shouting. i know -- >> if you -- [laughter] if you fail, those institutions responsible for its launch are ruined. [shouting] >> the right minister. >> he makes an important point because when you're privatizing state-owned industries, if you sell them for less than the price set outcome it is written off as a failure and if you settle for anything more than the price you are accused of undervaluing the business. that has always been the way. as i said that is what labour said with respect to british airways, british telecom, british aerospace. they oppose every single move to build a strong competitive of private investors sector in our country, and that continues today. >> thank you, mr. speaker. mr. mitchum would like to be a policeman buddies o