this leads us to equity. the campaign of the last 40 years. it's been a long and complicated struggle, and it's still going on. to get there it has required protests and innovation. many of the changes came from mary bunting's years as radcliffe's president, 1959 through '72. facing what she called, quote, the climate of unexpectation for girls, which resulted in the waste of highly talented educ e educated women power, buntings fought it. many of the changes moving women into the center of harvard's life began in her administration. a key one was pure innovation, the radcliffe institute for independent study, later the bunting, the origin of the institutions sponsoring the lecture this afternoon. beginning at the end of bunting's radcliffe years, the women's movement brought to the fore issues she had begun to address, and with this the fight of the undergraduate level became open. sparked by key reports on the status of women that began in 1971. you, my audience, are likely more familiar with the milestones than i am, but certain moments are

really the most important thing you have done is to help us clearly articulate to people how much we mean it when we say this is about equity for us. i cannot tell you how many people have said to me, this is the first time we have the chance to really talk and plan and work clearly through the equity lands. even the women did before. i do not think we communicate that well enough to people and i do not think people believed it before. since that is our universally held, most important value for public education, in san francisco, i think we could not have done that without you and we're much further along the road then we were before you came. i think you for that and for your friendship, for your work, for your commitment, and for all the fun we have had come into -- had, too. we love you and we will miss you. >> so, carlos. i feel like this is sort of a very profound, and also. -- profound moment also. i was a chairperson of the citizens' advisory committee to select the new superintendent which everyone wanted a say in what they wanted the new superintendent to be. i remember standing at the podium, pushing back on the

to catch up with us. my name is doug johnson. i'm a senior planner at the metropolitan transportation commission overseeing our programs in land use and social equity. i'm also very fortunate to be a member of the transatlantic cities network, which is a project of the german marshall fund you'll be hearing from ellen. it is a network of 25 cities, 12 in the u.s., 13 in europe, and oakland is one of those cities, but i, of course, wearing my regional hat, have looked to expand what i have been learning through the network and the opportunities that present themselves to the network and to expand that. and where better to bring a cycling delegation than to the city of san francisco, a city very much on the verge of, i think, turning the tide in favor of cycling where there are 40-some-odd, 43-plus projects waiting in the wings for the environmental lawsuits to come to a close. so it is very exciting to have the opportunity for the delegation to come here, and i think the timely honkly, could not be -- honestly, could not be better. they have spent just over a day in the city of oakland doing a bit of a bike tour, meeting with elected officials there

to the system, i.e. sutter health, applied through the system for overhead and services required. this would not include equity or cash transfers. we cannot use is to cut against the operating margin. >> let me ask you a question. what kind of transfers would be allowed under this language? >> i will let gret answeg answe. >> supervisor, the purpose here, i don't know if this will clarify, but teh purpose -- the purpose is it transfers money to that system. you have to calculate the operating margin. any money trasnferred, that cannot come out of the bottom line. you can calculate this -- with the books and records. after calculating the margin, they can make transfers as they do with normal operations. they would not serve -- >> what if the money. in a prior life. we sued pg and e corporation. the parent company -- the utility filed for bankruptcy, even though 10s of millions were funneled to the parent corporation. one entity claims financial problems, using different mechanisms. what if we don't call it a transfer, per se, but we charge them for certain services from the entire system. >> i will refer back up to the same paragrah. applied

slowing growth in europe, slowing growth in china and that led us to an opinion that we wanted to stay largely domestic with regard to equity exposure and that's kind of leaning into larger cap high quality names and especially those that pay hand sum dividend yields because in a low growth world income matters. and you can't find much income being produced today by the traditional source of that which is of course fixed income investment. >> and you've got some new picks that fit with that strategy but i want to ask you, are you conditionerred that this trade is getting pretty crowded lot of folks looking for yields in dividends at this point. >> most definitely tom. i mean granted some of the buying that's occurred in areas like real statement investment trust, matter of limited partnerships are indicative of almost an indiscriminate search for income and that has pushed some of these traditional bastions of yield to i think somewhat elevated valuations and as a consequence would either be under weighed or completely unexposed in some areas like real estate investment trusts, like for instance utility sector and even tele

that everybody can refinance and save about $3,000, money in your pocket that you can use to build back the equity spend it and local business which will further strengthen the economy. that is the difference between me and mr. romney. [applause] i believe it was the right and to do to pass health care reform. [applause] all of you know what it means to have security when it comes to your health care. a lot of folks here may already be on medicare but imagine if you have been on lucky and ended up getting laid off at the age of 55 or 57 and maybe you have had an illness and your try to get back into the workforce but it has taken a long time and you lose your health insurance. or you get a job that does not offer health insurance or maybe you are a small business person and have to go on the individual market and it turns out because of a pre-existing condition, you cannot get it. or it cost so much you cannot afford it. that is not right. that is not who we are. that's why we passed the affordable care act. it was the right thing to do. [applause] the supreme court has now spoken and we are now g

over the last 20 years one -- i don't want to say trick, but one simple mechanism that companies have used, companies like general electric, but also private equity firms, when they go in, is to say, what part of this business could be done in china, in india, in the philippines, at a fraction of the cost. let's shut down the plant in kentucky, let's move it to china. and that critique, which is of the heart of the issue about bain capital from the point of view of the obama campaign seems to be one that resonates. is it fair? >> yes. it is fair in the sense that every company in america or for that matter every part of the world, they're tasked with looking at their costs and always say to themselves, is there a way to lower our costs. you better than many -- if not everybody in the world knows we're living in a global world. and companies have to produce efficiently in order to compete. if you don't have the lowest costs you will simply fail in the marketplace. so i'm sure bain is being very good at what they did. they said how can we do this more cheaply. if it means call centers in india or manufacturing in china, so be it. that was their job

trillion pile of cash that's growing that i think in many cases will be put to use and right now is being used to buy back cheap equities. >> sam, what areas do you think have the most value right now? where do you think people should get exposure at the moment? >> well, you know, there's two areas and i think less controversial but in technology, you know, there's still a lot of innovation going on in the u.s. bringing the mobile internet with smart phones with companies like qualcomm and apple that are growing but yet aren't priced for much of that growth if any. that's exciting pap lot of the cloud play, big data which emc and others, that's coming, those are real growth drivers. health care, similar thing. people get excited about emerging markets consumption growth. u.s. health care has a lot of exposure to those areas and will be growing. again what we ask ourselves when we look at these distinct growth drivers are we paying for it? in many companies you don't have to pay any growth premium, you don't have to pay for that option. it's pretty amazing for us that companies that are growing today are priced to shrink

the collateral damage and brace yourself because this brings us to bill gross's latest note the pimco bond titan says the cult of the equity may be dying but the cult of inflation may have only just begun we'll talk to mike maloney founder of gold silver dot com about the cold and us home prices rose and made for the fourth month in a row of pointing to the s. and p. case schiller data out today look at where this that seven months just swath of other data pointing to the u.s. economy losing steam let's get to the day's capital account. we have a central bank extravaganza of meetings and front page anticipation of action this week the z.b. meets after mario druggy got markets really excited saying this last thursday these c b is ready to do whatever it takes to preserve the euro spend believe me it will be you know. now this got speculation swirling about whether the e.c.b. may resume its bond buying program now of course the boom does they poured water on this idea that very next day but according to reports people are expecting or bracing perhaps for some action and on this side of the atlantic the fed is meeting and we'

not normal for a bank to make 20% return on equity opinion we were pretending they were tech stocks. your normal bank equity usedo be bond. people kept it for the cash flow. >> bottom line who do you buy? >> like anything from u.s. bank on down dpourp homework. quality in terms of risk adjusted returns is in the smaller and medium size banks. >> christopher whalen, thank you so much for stopping by. >> my pleasure. >> german finance minister a spokesman saying this morning they received no signalling they would take any further cut. angela merkel said there's no chance she would go before german parliament and ask for a third batch of greek aid. they must await the troika report on greece. no discussion on third greek aid. that troika report will come in early september. we'll be waiting until early september for a lot of thing. german constitution approve the esm. troika report on greece. >> investors may feel like wake me up when september end. >> what happens to spanish yields while nothing else happens. >> still to come on the show, be live main drid as another region looks on course to ask for state aid. mo

to protect us. we need someone to come now because this is a possible problem. >> the next speaker? >> good afternoon, supervisors. i am jocelyn of the veteran's equity center in south of market. nussle here to speak on behalf of the seniors and, many of them live in s.r.o.'s. many of them live on social security. one issue we have come across our the graft bars. there are very essential for the seniors. they are crucial to the daily living. if they break their backs -- it is important to have this instituted because prevention is really the key here. safety has been something very consistent and i am concerned that they have brought this up with their fear of being harassed in the building. we have the recommendations that have been brought forth, and adults with disabilities live in safe and healthy places. thank you very much. >> the next speaker? >> i am ellen helms. i came to work on a couple of things. among them is out to get money together, and maybe you will listen to this. this is not trained properly. they will cheat the tenants, with children who are worse than that. this is very unsophisticated, and they have seen the managers, and just

to talk batman. >> we are. >>> first joining us, regional economist at cib research. good to see you. thanks so much for joining us. here we are, equity investors seem to have gotten a little more relaxed on the eurozone debt crisis. here we are, spanish borrowing costs, a record in the euro area for the five-year. the ten-year still around 7%. and most people expecting a full sovereign bailout by the end of the year. >> yeah, very much so. i think at this moment, us here in asia haven't had anything from the european side, because they have enough m&a activities down here, companies starting to report, it doesn't look half bad. so i think we temporarily, i think, decided to look on the bright side of life first. but i suspect come next week, we'll be focusing on europe again as a reminder that things are still wobbly out there in the real world. >> i'm curious what you make given that you're in singapore of this news or these rumors, i guess, that there might be a tie-up with the london stock exchange. >> yeah, i think -- well, we first heard it was -- oh, well, it wasn't a huge surprise because the singapore stock exchange has been

to pay when shoppers use their cards. andrew? >>> coming up, we're going to talk about finding value in this global slowdown, pimco's head of global equitiesringing us his forecasts for earnings and picks for your portfolio to weather the economic storm and relief in site for corn farmers? cnbc's jane wells will be joining us from iowa with an update on the corn crop and a closely watched weather report after this. [ male announcer ] let's level the playing field. ing ing. >>> welcome back, everybody. rupert murdoch's former newspaper boss rebekah brooks will be joined with phone hacking offenses. the ex-media chief and six other former "news of the world" journalists and staff are also to be charged. >>> keep an eye on shares of u.p.s. today. the companies earnings and revenue falling short of expectations. the shipping giant is also cutting the full year view. it's now talking about a much lower number than the street had been anticipating. it's citing increasing uncertainty in the global economy, and you can see right now that is going to take quite a bit off the stock. the bid is at 75.10, ask at 75.22, after the stock closed at 77in'

trading with what's been going on on wall street to bring us up to the exits quite well yes to of course for the president's day exactly while u.s. equities actually rebounding from the sessions low in fact the dow and the nasdaq a both trading in the block this hour the dow being flat to positive let's see the numbers there. we'll see the numbers in just a second and as you can see they are posting modest gains recovering from disappointing data that came out earlier in the day it showed that the services sector has slowed down to the lowest level since twenty that's definitely morning traders now on to europe equities there closed in the red the much anticipated e.c.v. rate cut didn't help your chief banker mario draw you gave a press conference to comment on the decision and it seems like his gloomy outlook on the eurozone economy overshadowed the cut itself charles robertson from relays of capital in london told us the e.c.b. was long overdue. it's not going to make found much difference it's a psychological boost if anything but the markets of pretty well priced in a twenty five basis point rate cut now. i would have thought they sho

to us from boston. john, welcome back into the war room. >> thank you jennifer. >> you bet. now, we are not just contending with the nra. we are contending with wall street private equity billionaires who are hoping to profit from acquiring these gun manufacturers. how dangerous is all of this intertwined interest? >> i think it's really dangerous, and it's quite ironic because if you go to the nra website, you will see wayne lapierre, the ceo of the nra who makes over half a million dollars a year, and he is the lobbyist in all effect for the gun lobby, and all of the gun manufacturers and he rails against these elitist billion airs on wall street who are trying to take the guns away in fact, he is in bed with stephen fineberg who runs this cerebus group. the gun manufacturers are unregulated t prohibited from regulating toy guns and teddy bears. the real guns that will result in 83 americans dead today, 150 shot every day, 30,000 americans killed every year. there are no manufacturing or marketing standards. so this is a sharp merchant of death on wall street that recognizes a huge opportunity. so unregulated product. >> let me just ask you about this apparent discon

if you start a small business you are likely going to use a home equity loan. what i am going to do and did he offer any specifics? no, he didn't, other than target federal dollars to each student when it comes to education, and so mitt romney has a lot more to do on that, but i will say this to mitt romney. you better get your act together to understand as a people you are also trying to get votes from, non-naacp members in the red states have some of the worst education schools out there, have some of the worst health care out there and it will be interesting to see if he is willing to have an honest conversation in a real plan to deal with that even among his red state supporters >> got to go. i love the tie you're rocking and the square. good to see you. keeping them honest. roland martin, cnn contributor and host of what is it, tell me the name. >> washington on tv cable net. >> i prefer the ascot but that's just me. >> i will rock that next time. >> the studio is gone and the cameras are off and you can still here roland. >> thank you. >> a woman leaps in

few things i want to mention is in regards to the seventh period day and doing that around equity, we wouldn't be asking for much a.p. classes. we are really using that opportunity to help those students that don't have those chances to really deeply understand the work that they have to get through and rigor. building a foundation and taken the more rigorous courses later on in their schedule, it doesn't benefit them if they've gotten even a c. that's a struggle to move on to an advanceed class from a c. that doesn't mean you mastered the topic. which often is passing but unacceptable you see private apologies and we want to be clear with students they need to deeply understand before moving forward in the seventh period day would help support that. i'm grateful the youth commission came out and spoke about credit recovery. those are paramount and we need to offer real credit recovery. online courses don't help when you have missed getting the substantive back and forth with an in-person teacher. if you don't have that interaction where you're able to ask questions as a student and get information and listen to your peers in the classroom and w

." >> carl rubenstein joins to us talk private equity, the global economy and making money in a sidewaysest breaking market news as the second hour of "squawk box" begins right now. ♪ good morning, everybody, welcome back to "squawk box" here on cnbc. i'm becky quick along with andrew ross sorkin. joe will be back with us tomorrow. we've been keeping on eye on the futures, right now relatively flat, not a lot happening, we're waiting to hear what happens from the ecb and the fed this week. >>> euro group chief jean claude juncker is promising leaders will decide in the coming days what measures to take. his comments fom mario draghi last week the central bank will do whatever it takes to save the euro. >>> tim geithner will meet with draghi and german finance minister wolf shang scha wolfgang schavel later this week. >>> and the trial begins with apple versus samsung, with a patent dispute over the iphone and ipad. samsung is countering apple is doing the stealing and some of the technology at issue has been in industry standards for years. >>> investors want to watch this week's economi

to. look i'm a private equity guy, i'm aware of some of these ways to use the tax codes. >> do you have anaccount? >> basically, getting an interest-free loan from uncle sam. on the taxes on all of that money until he brings it home. i think these are absolutely fair game. >> well, i think what's fair game about romney, is that he was a very effective governor of massachusetts. he was very effective governor when we brought the olympics to salt lake city. he has done a lot of things that sh shows that he knows how to manage situations. this president has never run anything. his inability to communicate with the congress, which is just astounding when you meet people there that say, they haven't met with him 3 1/2, four years that he's been president. there was a front-page story on "new york times," he hadn't had a single conversation with the president in 18 months. this president doesn't know how to work government and this is critical. >> that's off the point. to me, it's 100 degrees in washington today. i do not begrudge anyone a vacation. i would love to be on a vacation right now. bu

us. mitt romney has a story to tell about dynamism. income private equityeans essentially what you're doing is you're a guy who is taking on corporate insiders. you're taking failing companies, infusing them with cash, so they can then take on fat and lazy incumbents. and that's ultimately a good thing for consumers. it tends to lower prices. it drives productivity gains. here's the thing. that's a very big and complicated idea to explain. from the romney campaign's perspective, they think they don't have the room, the media echo chamber in order to get that story across. rather, they have to fight 30-second sound bite to 30-second sound bite. that's why they feel they can't tell that story about why dynamism is good. >> he's not sitting down and doing in depth interviews on these interviews. >> he's afraid -- >> right, but the only way to represent is to sit down and do one and take the tough questions and then come out -- >> look, requires a level of trust on the part of your intermarketer. i think a lot of republicans believe they're not going to get a f

to the banks a us subsidiary based in new york h.s.b.c. as management has acknowledged lapses of compliance and a promise to fix them and let's now check out the equity markets to see how european equities are reacting to all those in negative news and actually what we're seeing there is that the book see in london has slipped into the negative territory over the past couple of hours but the dax is managing to stay above the line and that's who mainly thanks to energy and banking stocks that are doing quite well it's worth mentioning that h.s.b.c. these shares are losing value in london but they were and the positive territory for most of the morning trade investors are positioning themselves for the day's main event the much anticipated speech of the fed reserve chairman ben bernanke he'll be addressing congress later in the day traders hope he'll hint that more stimuli are on the way for the world's largest economy now moving on to what's going on here in russia the markets remain on phase to buy older trouble and europe has to gains for the r.t.s. this hour as you can see that's despite the latest stats that show that the country's industrial prod

joining us is the rbc capital market's head of equity sales, who is also participating. bobby, great toyou with us. wall street has always been a very charitable bunch. so this year how is the fundraising going? >> well, melissa, great to be here. so far the fundraising is going very well. we are thrilled to announce today we're through $1 million and still going. we're really excited to be the title sponsor of the rbc decathlon, which benefits the oncology unit. everything raised goes to the 20% of the kids that don't respond to traditional treatments. >> wow. most people who decide to do these events, i mean, it's a big undertaking, a big commitment of time and effort, of course. what draws you to this event, personally? >> personally, i was drawn to the fact that we're raising money for kids with cancer, and we're harnessing the competitive spirit of wall street. no greater cause. bring the greatest elements of wall street. and really, the training, the grueling training that's brought all of our people together, all of our competitors together has allowed us to raise a lot of money

community and our population that this is the one opportunity the we will be used to shift the dialogue from disparities to equities because of his obesity, obesity counseling, diabetes screening, even for kids and that is the good news it is mental health counseling and all of the preventive health service screenings for gestational diabetes to release obesity to the diseases with late if you know what i mean with cancer. all related directly and indirectly related to obesity. doctors don't do a good job at relating and making it sure that we understand that instant relationship. so that's why i am pleased to work with a lot of the medical profession groups sweetened help them understand some of the cultural dynamics as was some of the gender specific issues with maintaining a certain lifestyle and putting healthy weight management. >> as mentioned earlier today on the earlier panel. the big story is the battle around it and not so much what is in it and to sort of mention that once we find out what's in it we can use at. but what our -- you mentioned a few of them that were the things in the affordable care act t

to us. >> let me add on that. over the last several years, a lot of small businesses have relied on their personal credit as a means to support the business. also, they relied on home equity lines of credit, which in many cases do not exist anymore, also as a source for financing their business. as far as doing public contracting, one thing about public contract in that you can count on is the city of san francisco will stay in business and pay its debt, just later than you would like it to be. when you're doing public contract thing, if you will, cash cycle -- when you do the work and when you get paid is something you have to factor into your understanding of capital needs. so you have to figure that into the process. usually, that is figured into the pricing. but it is also the case that would you also probably need is a line of credit. depending on whether you feel your credit situation is where you want to go to a bank like wells fargo or another regulated bank, and line of credit, or work for a working- capital type of loan, which is something you look to do, the opportunity fund. you probably want to try both avenues. as far as your credit scores, everyone realizes

to see. >> joining us is bank equity researcher at lie brum capital and the guest host for the hour. vice president of wells management, singapore for ocbc bank. core mack, first to you, this decision a surprise? >> not really actually. there was a story in the ft overnight saying that bob diamond was threatening to reveal embarrassing details and if he was pushed. when things descend to those levels, it's inevitable that the ceo is on the way out. >>> is this story about the bba, the bank of england and those -- >> my cynical view is that he's being used as a scapegoat. if you tried to settle the issue over the last five or seven years, which is the time in which to some extent the distortions were occurring, you would start to have systemically claims. given we're in a economic slowdown, there's a reason for regulators to turn barclay's and mr. diamond into a scapegoat and hopefully the lybor issue you will die away. >> look, it was four years ago that they brought the issue to light with regulators. it's been going on for quite some time. there are at least 20 banks involved in thi

romney's financial behavior was the notion of offshore tax havens and private equity being sort of -- using offshore tax havens tot of if not white wash, i think shroud foreign money entering the united states and you seem to suggest that one of mitt romney's 1984 bain filings had investments from dubious characters, robert maxwell, eduardo pomo, a member of one of the families that sort of ruled the el salvadorian financial world. the notion that mitt romney may have been in bed with some not so savory characters to help them get money into the united states is, again, i think a real revelation as far as character when it comes to how he's conducted himself on a fiduciary level. >> yeah. aside from robert maxwell, i wasn't making any particular comments about how unsavory those particular investors were. really my point was that the investors, so you had some -- you get a list in this filing of, you know, who's investing in the fund and some of them are named people. a lot of bain capital people, bain and co-people. there are also these kind of mysterious, you know, there's a geneva trustee, panama corporations.