this was underwritten by more than $60 million in federal funds. unfortunately, expired september of last year. we revive the program using more than $9 million of state, local, and federal funds to help the same pool of unemployed job seekers. two-thirds of the program has been successful. we've been able to place over 460 people in public sector, subsidized positions, as well as with our nonprofit partners in the city. i think the shortcoming of jobsnow2 was on the private sector side. we initially designed the program to offer private sector, principally small businesses, $2,500 to hire an individual. we had about 70 placements, and with the help of my colleague who is standing behind me and my staff, we doubled the subsidy amount. that is what we are announcing today, that small businesses -- or any business in the private sector in san francisco -- can avail themselves of $5,000 in a wage subsidy, provided they hire an individual screens through us and referred to them. there is room for probably 300 or more placements through the fiscal year.

again, underwritten with the same $9 million. we were successful on the start of sides. we want to open up to the private sector more. -- we were successful on those two sides. >> [unintelligible] >> scott may want to address this as well, but the $2,500 may be was not enough of an incentive, and we think doubling it to 5000 -- especially for small businesses that have thin margins to take advantage. we do -- starting a new program, we were uncertain about the demand on the client side. we kept the match quite low with the total money we had. we are quite confident giving the remainder of the budget we have, that we can place 300 folks. scott wants to add as well. >> i think trent is totally right about increasing from $2,500 to $5,000. but the other aspect of what we're doing this today is to get this out to the small business community. i sent out an e-mail to about 500 small businesses. i got 70 to 80 responses. most of them did not know it existed. >> [unintelligible] so, the $5,000 only covers you so far. maybe the business doesn't pay. you know, $10,000 -- >> carol

captioning by vitac, underwritten by fireman's fund >>> i don't want to see more billions in borrowing, legal maneuvers that are questionable, and a budget that will not stand the test of time. >> governor brown reluctantly vetoes his own party's state budget proposal. a day after it was approved by democrats before the constitutional deadline. judge van walker's ruling to overturn the ban on gay marriage has been upheld in the appeal filed by proposition 8 supporters. >>> and san jose police officers agreed to a 10% pay cut in the face of the budget crisis to save jobs as the crime rate rises. and performer anna deavere smith on her one-woman show "let me down easy" coming up next. ♪ >>> good evening. i'm belva davis, and welcome to "this week in northern california." joining me now on our news panel are bobby white, reporter for "the wall street journal." josh richman, legal and political affairs reporter for the "oakland tribune." and john myers, sacramento bureau chief for kqed public radio from the capitol. john myers, it's been a hot place up there in sacramento. more than weathe

speaking on behalf of an institution that rights well underwritten and secured loans in our business loan portfolio, our delinquencies are here. i think we are ok. we are able to continue writing loans. we are maxed out as i stated in the beginning. we continue to look for opportunities to serve the business speaker -- business people in our community regardless of delinquency status. >> how do you manage the risk associated with business loans and your institution during these difficult economic times? >> a couple of comments were made about the big multimillion- dollar loans. we have a couple balls that are sizable. the largest one is probably $3 million. the majority of our loans are diversified among small-business owners who are looking for the $50,000 where the $250,000 loans. i would say that 85% of my loan portfolio this within the national average of approximately $233,000. we diversify amount collateral is agent for real-estate, equipment -- very few on receivables. we are conservative on who we underwrite two. we look at all the businesses that come in and look for lending

captioning by vitac, underwritten by fireman's fund >>> in sacramento, controller john chiang says lawmaker paychecks are not in the mail and the wait for a balanced budget continues. a troubling number of california schools face insolvency. could new proposals stabilize state funding for education? a shakeup at muni leaves the bay area's largest transit agency poised for big changes. and the effect of global warming on our treasured national parks. coming up next. >>> good evening, everyone, i'm scott shafer sitting in tonight for belva davis. welcome to "this week in northern california." joining me on our news panel tonight is rachel gordon, city hall reporter for "the san francisco chronicle." ana tintocalis, education reporter from the "california report" on kqed public radio and wyatt buchanan. sacramento bureau reporter for "the san francisco chronicle." wyatt, let's begin with you. it's been a few days since state legislators found out they're not going to get paid until they passed a balanced budget. how do they like working for free? >> they don't. nobody is happy about this decis

captioning by vitac, underwritten by fireman's fund

centers, glenn seboring learning consortium and part of the commonwealth's club good lit series underwritten by the bernard hoseher foundation and you can find it on the internet at commonwealthclub.org. i'm -- i'll be your moderator for tonight's program and it's my pleasure to introduce our special gift richard north patterson acclaimed of several novels. mr. partisan has written a new book "the devil's light" which explores the idea of a nuclear threat from al-qaeda. what happens when al-qaeda steals a bomb and tries to detonate it on the tenth anniversary of 9/11. mr. patterson answers that in a thriller that features of lineup of interesting characters including a u.s. intelligence figure named brook chandler who may or may not save the day. mr. patterson was a lawyer before becoming a lawyer serving at one point as an assistant attorney general for the state of ohio. he also worked as a lawyer with the securities and exchange commission. he has been chairman of the organization common cause and has written for such publications as the times of london and the "washington post." many of

yesterday at the harvard club in new york city as part of a seri of conversations in collabation underwritten the royal bank of canada. here is that conversation. >> let me begin with the question of whether greece will have to default on its sovereign bt and what are the ramifications if it does. >> the chances of greece not defaulting are very small. >> you mean by that-- fame, portugal, ireland. >> the problem that you have is that it's extremely unlikely that the political system will work in such a manner as to create the type of finances which will solve this problem. what you are having to do is get a fiscal consolidation, meaning that all of the affairs and that relate to budgets are governed by some central council which everyone adheres to. once you do that, you're very close to political integration. and i think the possibilities of that are virtually nil. so at some point the arithmetic is such that the probabilities are such that there is default out there probably sooner rather tn later. there's going to be a vote of confidence on pap andre u in a matter -- pap and drew in a mat

with on price and in many cases we do see increased to risk and loans that are not able to be underwritten in a safe and sound manner, taken on in some cases in the credit unions and the restrictions that are in place are there for a reason. they would like to enjoy their tax-exempt status and continue to do so, those goods -- restriction should remain in place that i would be the first to say, i would welcome all credit unions to make a subchapter s election to pass those taxes onto their members just like i pass on subchapter s community bank and our shareholders do pay the tax. we do not pay tax at the corporate level but our shareholders they that same federal tax them in our case at quite a high rate so i would encourage you to make that election and go ahead and support that tax and if they want to do that than engage in commercial lending as they see fit. >> thank you mr. wilcox. mr. cheney and mr. lussier, it appears that the level of illiquid member business loans and charge-offs have increased. does the current economic climate dissuade you from underwriting member business loans

including pools of securities backed only by poorly underwritten subprime and mortgages. when the financial crisis hit, the repo markets froze causing a massive contraction in available credit. the dodd-frank act fundamentally reforms the wholesale funding markets by providing strong authority for the federal reserve to regulate financial market utilities and critical payments clearing and settlement activities, to set new rules for capital, collateral and margin requirements and to establish uniformed prudential standards for the market. they are coupled with basic changes for liquidity markets for major financial institutions for basel iii rules. constant liquidity to the market and reforms to the deposit insurance firms. these reforms will have the effect of taxing short-term liabilities, and forcing forms to internalize more of the costs of this funding system. at the same time, sec changes to the regulation of money market mutual funds under rule 2a-7 will means such funds have somewhat stronger liquidity positions. the act also transforms regulation of the last majo

talking about all the issues around the innovation economy, and we've been lucky to have this work underwritten by intel and in partnership with the pbs news hour, boapt of which -- both of which are great privileges. without further adieu, i want to welcome ambassador kirk and margaret warner and welcome the intel who demonstrated interest over the years and we really appreciate it and everyone does too. aisle pass it to doug, and thank you for being here. >> thank you, jamie, and thank you all for being here this afternoon. a special appreciation, of course, to ambassador kirk and margaret warner for leading the discussion this afternoon. this is the latest of events that intel and the news hour joined to discuss the crucial policies to be addressed if the united states is going to stay at the forefront of the global economy. today's discussion will focus on trade issues. from the perspective of a company like intel, there's something artificial about thinking of issue the in the conventional way as if they with issues regarding the boundaries between one nation's economy and the economies of

completely revamped into very thin agencies that do targeted missions for very well on record -- underwritten loans. host: well would be eliminated from their portfolio? guest: there were one of the most aggressive lobbying forces on capitol hill. people talk in awe about the armies of lobbyists. there are getting and the subprime mortgages, fannie and freddie and anything that involves a government should have nothing to do with subprime and alt-a mortgages. they should be a small agency that helps americans get 30-year fixed mortgages. host: there is a proposal to end fannie and freddie and have more government-sponsored enterprises that have to compete. guest: it is an interesting idea and there are a lot of discussions out there, from eliminated all, get the government totally out of the housing market, which would be a very dramatic shift. at the end of the day, when in the american people understand what that means about the affordability of housing, i do not think that will be excepted. i have not dive deep into this proposal but think it is headed in the right direction. this would be

but those banks cannot be underwritten by the british taxpayer.i stood here last year, the uncertainty hanging over your industry was causing real damage, that it couldn't be resolved overnight, but that i owed you a process that would lead to a conclusion. and one year on i believe we are much closer to an answer on how we can achieve a successful competitive financial services and a healthy balanced economy. there is a growing consensus about what is the right culture of regulation, have international rules should apply, and were successful banks the again. first, the culture of regulation. the failure of the tripartite system is not a series of unfortunate accidents. i believe it was hardwired into their design. the decision to divide the responsibility for setting system financial risks from the responsibility or applying that assessment to particular financial institutions created a world where no one was in charge. and yet at the same time, the system required endless talks ticking and costly processes. we had the worst of both worlds. this

with debts expunged, cash infused, ownership reconstituted, sales rebates underwritten all in the midst of a recovery and u.s. auto demand, only the most incompetent operations could fail to make profits, but taxpayers are still short a minimum of $10-20 billion depending on the price of shares of gm will fetch. that is a lot of public money in the balance. nevertheless, the administration should divest as soon as possible without regard to the stock price. keeping the government's tent calls around a large -- tent cls will deter market-driven decisions possibly keeping the breaks in the recovery. yes, there will be a significant loss to the taxpayers, but the right lesson to learn is that government interventions carry real economic costs, only some of which are readily measurable. thank you. >> thank you, mr. ikenson, we appreciate the great points you made in your testimony. again, just so you know, obviously, your testimony will be part of the record. we will get that to each member so they can hear your good, your good words. i do have to leave here in a couple minutes, i'm going t

been talking abouts issues around the innovation economy, and we've been lucky to have this work underwritten by intel and do it in partnership with the pbs news hour, both of which are great privileges. without further adieu, i'd like to welcome ambassador kirk here and margaret warner and our underwriter intel who demonstrated a real interest over the past number of years, and we really appreciate it and hope everyone else does too. i'll pass it over to the vice president and general counsel of intel. thank you, doug, and thank you, everyone, for being here. >> thank you, jamie, and thank you all for being here. a special appreciation to ambassador kirk and margaret warner for agreeing to lead this discussion this afternoon. this is the latest of a series together with intel worked to organize the innovation economy and the crucial policy issues that need to be addressed if the united states is going to stay at the fore front of the global economy. today's discussion will focus on trade issues. from the perspective of a company like intel, there's something artificial about thinking about i

we want britain to be the home of some of the world's leading banks, but those banks cannot be underwritten by the british taxpayer. i said here last year that the uncertainty hanging over your industry was causing real damage, that it could not be resolved overnight, but that i owed you a process that would lead to the conclusion. one year on, i believe we are much closer to an answer on how we can achieve those successful, competitive, financial services, and a healthy balance economy -- healthy, balanced economy. there is a sense of what is the right regulation, how international rules should apply, and we're successful banks fit in. first, the culture of regulation. the failure was not a series of unfortunate accidents. i believe it was hard wired into the design. the decisions to divide the responsibilities for setting up a systemic financial risk from the responsibility for applying that assessment to particular financial institutions created a world where no one was in charge. at the same time, the system required endless box ticking and costly process is. we had the worst of both wo

underlying cdo's on the credit default swap -- not the real ones, but the synthetic ones that aig had underwritten. this was so deposed -- opposed on the grounds that it would destroy aig. ultimately, the information was disclosed and nothing happened. what happened was that we had accountability and we can go back and look at the decisions that were made in connection with the bailout. the times said it was unpleasant for the fed, i think -- at times it was unpleasant for the fed, and i think it caused some of embarrassment. but it did not cause damage to the long term economy. i was told point-blank that i was going to destroy the start program and, perhaps as a result, destroy the banking program. and of course, that did not happen. i think the banking institutions were afraid to do a rather easy and simple qualitative analysis of their capital. i think they probably should not be the recipient of any capital. i hope the lesson will be the less of aill be a reflexive tranposition that transparency is bad. by the time i left, the conversation -- the last audit i did was on citigroup and there wa

talking about the issues around the innovation economy and we've been lucky to have this work underwritten by intel and to do it in partnership with the pbs news hour, both of which are great privilege is. kirk and welcome margaret warner and also thank our underwriter intel who has demonstrated a real intellectual interest around these issues over the past couple years and we really appreciate it and hope everyone else does too. i'll pass it over to does not match, vice president and general counsel intel. welcome and thank you everyone for being here. >> thank you, jamie and thank you all for being here this afternoon. i want to express special appreciation to ambassador kirk and margaret warner of the new sewer for leading the discussion this afternoon. since the latest in the series of events that the news hour has organized to discuss a week of the innovation economy and the crucial policy issues that need to be addressed in the united states that will stay at the forefront of the global economy. today's discussion will focus on trade issues. from the perspective of a company like int