i want to thank wells fargo for your leadership. they understand the issues that our city has, certainly in the southeast neighborhoods where we have had a record number of foreclosures, in part, driven by the lack of small businesses and the ability to get loans. many of us that the board of supervisors want to ensure this program gets as big as possible. i want to thank the mayor for your commitment. i hope in the term we are serving together, we figure out how to surpass the $5 million number. if we look to get this through the board as quickly as possible and eating many more soul food breakfasts at places like brenda's. [applause] >> thank you. the last time i was at an event for the revolving loan fund was in my district at a place called mission cheese. it is a very successful small business and i understand it is repaying its loan. this is one of those programs where you can invest a small amount of money and get a big bang for your buck. i also want to compliment the mayor and the full board. lots of time you hear politicia

wells fargo is the building on this street.he door is continually blocked off by pro terses who locked arms and, in some case, chained themselves to the door. for the most part, police are allowing those protesters to stay in the doorway. the issue came when they wanted to clear two doorways on the other side of this building. they said for fire safety reasons. they wanted to make sure that employees could get in and out. when those protesters would not leave from those doorways, they got arrested. up the street, i want to show you goldman sachs. they are still outthere somewhere on the corner and that is where arrests have been pavement police at one point did rush up the street because tensions arose between the crowd and police. there is an event right now. there are protests planned this evening as well. this is a national day of protest for the occupy movement. they expect this to be the largest occupation of the financial district in terms of protest since 2003 when there was an antiwar protest in this financial district.

next is marked with wells fargo. >> hello, i work for wells fargo bank. i cover the northern california region. i usually focus on about $350 -- $350,000 of sbe loans. last year, for 2010, i did 43 loans. so we are lending. i usually focus on six different types of loans. start-ups, business acquisitions, real estate purchases with ti's, working capital, a partner buyouts, business expansion. when i am looking at a potential loan, i use the standard five c's of credit. the first one is character. what we are looking for is a minimum score around 640. we would like to say no recent bankruptcy foreclosures, bankruptcies, tax liens. if we see a loan that has been modified, we would like to see a reason it was modified, what ever reason it may be. it cannot be, i did not want to pay that payment any more. the second c, conditions. basically, how precise will the money be used? we are looking at a business plan. when you look at a business plan, that is just a start up. we are looking to see where there will be the need for lending. if you are an existing busi

. >> tom: from citi to wells fargo and other big banks, we talk with a top banking analyst about the best stocks to buy now. it's "nightly business report" for tuesday, january 17. this is "nightly business report" with susie gharib and tom hudson. "nightly business report" is made possible by: captioning sponsored by wpbt >> susie: good evening, everyone. a tale of two banks today-- citigroup's quarterly profits tumbled, but wells fargo posted a record fourth quarter. tom, this is a key week for earnings with lots of reports from financials. >> tom: susie, between today's results and j.p. morgan's disappointing numbers friday, this is a shaky start to earnings season for banks. looking at citi, the banking giant earned 38 cents a share, an 11% drop from a year ago and way below what analysts were expecting. revenues fell to $17 billion. even though citi made more loans, its investment banking business did not do well. but at wells fargo, profits jumped to 73 cents a share, a penny better than estimates, even though revenues slipped, but were still higher than wall street expectation

. >>> the berkeley city council is considering dropping wells fargo as the city's bank. some council members say wells fargo is one of the banks at the heart of the mortgage meltdown and financial crisis. berkeley has used the san francisco based bank since 2004. wells fargo says they have strength in the community by dough flatting $3 million to nonprofits. the berkeley council is requesting the city manager evaluate the impact of dropping wells fargo and report back by may 1. >> the epa today said that columbus foods has agreed to pay nearly $700,000 in fines and upgrade its refrigeration system at its facility in south san francisco. the agreement stems from two early morning accidental releases of ammonia back in 2009. in one of the incident, 17 people were hospitalized and 30 others needed medical help. >> had it happened just few hours later, and there was three day care centers very proximate to the incident, and it could have been significantly worse. >> epa officials say the company has been extreme leigh compliant in working with the agency to solve the safety

more and more people are losing their homes. >> wells fargo issued this statement. in the past year less than 2% of homeowners have proceeded to foreclosure sale. bank of america did not respond. protesters blocked access to this atm. some customers were not happy about that. police moved in. marches in the downtown area continued throughout the afternoon. and again, protestors left here about 20 minutes ago. they're marching somewhere in the financial district. but again, we just started to get a lot of rain here so that may change. >> and abc 7 is live tonight at that big march and rally to cap off demonstrations. >> this is pouring here and that hasn't stopped some of the brave protestors from assembling here in the shadow of a bank of america building they say represents everything that the 1% stands for and everything they hate the 1% for. i'm going to step out of the way to we can see marchers now are preparing to march down montgomery street. there is a laundry list of complaints including folks who are protesting some new presidential power, some think the n

chaining themselves to the entrances to the wells fargo building.seven arrested with when concerns for occupants trumped those of the occupiers. >> we explained it was for public safety people had to get out of the building in an emergency. when they didn't do that we gave them a few minutes the identifies came in without incident arrested those folks. >> reporter: those still chained to other doors told us they too are willing to be arrested. >> banks are not being responsible. we are tired of being foreclosed. getting in so much debt, student debt as well, it is just time to change the system. >> reporter: the attempt to shutdown wells fargo building partial success it kept some from getting to work. few wanted to talk. one man did. you are all right with it? >> for the moment. >> reporter: back out here on california and montgomery, a slew of police vehicles. a sheriff pad day wagon, police paddy wagon, a number of police vehicles as police move in coming up montgomery toward california you have a number of police in riot gear. they are not clear

chaining themselves to the entrances to the wells fargo building.seven arrested with when concerns for occupants trumped those of the occupiers. >> we explained it was for public safety people had to get out of the building in an emergency. when they didn't do that we gave them a few minutes the identifies came in without incident arrested those folks. >> reporter: those still chained to other doors told us they too are willing to be arrested. >> banks are not being responsible. we are tired of being foreclosed. getting in so much debt, student debt as well, it is just time to change the system. >> reporter: the attempt to shutdown wells fargo building partial success it kept some from getting to work. few wanted to talk. one man did. you are all right with it? >> for the moment. >> reporter: back out here on california and montgomery, a slew of police vehicles. a sheriff pad day wagon, police paddy wagon, a number of police vehicles as police move in coming up montgomery toward california you have a number of police in riot gear. they are not clear

wells fargo hasn't been acting fairly.hey have been foreclosing on people. >> reporter: but police did have to move in saying the chains put people working inside the building in danger because some fire exits were being blocked. >> we asked the demonstrators to clear those areas and they didn't. >> reporter: this protestor said his tablet camera was damaged during the scuffle with police. >> threw me back to the ground, pulled the camera into him and stomped on it a couple of times and then kicked it out into the street for me to get it. >> we are the 99%! and we're too big to fail ♪ >> reporter: "occupy" protestors rallied outside the federal appeals court at 7th and mission streets calling for constitutional changes so that corporations can no longer spend unlimited amounts of money on political campaigns. and a flash mob descended in the plaza at 555 california street as a means of protest through performancee art. >>> screaming ] >> reporter: now, for its part, wells fargo bank says its main priority wad protecting th

it is with great pleasure that wells fargo partners with the city. we are also good partners with working solutions, have done many things with them. we are so happy they are involved in this partnership. we, at wells fargo dedicated to partner with the city of san francisco to make this once again the thriving community that it has always been. again, thank you for being here today. [applause] >> finally, i want to introduce the executive director of working solutions, along with -- where is brenda? the owner of the restaurant, who i think will be coming forward. >> good morning, such a pleasure to be here. i want to thank you, mayor lee, pa your leadership in prioritizing access to capital for small businesses, which is so crucial. i also want to think board president david chiu and scott wiener for your of leadership, as well, the board of supervisors, for continuing to part by small business needs. two years ago, working solutions was chosen to administer the city's role of the loan fund and we have successfully lent out those dollars. $665,000 l

las que invierten en centros de detencion para indocumentad os....acusaron una vez mas al banco wells fargos. viani nunez/manifestant e 42:51 todos los trabajadores que venimos a este pais estamos cansados de tanta humillacion, injusticia 43:00 wells fargo dijo que no tiene inversiones en estas companias, y que puede haber una confusion pues si podrian servir como administradores....respecto a la crisis hipotecaria, dijeron que el ano pasado solo 2 por ciento de sus prestamos terminaron en embargos...sin embargo la indignacion de la gente tiene muchos angulos.... petra medina/trabajador a de campo de golf 12:03 nos quieren quitar la aseguranza y tambien nos quieren quitar la union, pero nosotros estamos luchando para salir adelante y vamos a ganar 12:12 aunque hubo varios puntos de protesta no se vieron tantos manifestantes como en ocasiones pasadas...algunos culparon al clima y reiteraron que van a regresar. 34:07 vamos a seguir regresando hasta que ellos nos den lo que la gente merece 34:11 pilar nino telemundo top vo ---y a pesar de que la protesta de los indignados se desarrollo pacific

now, sometimes i will find that for wells fargo.home is about $234 under water. >> do you think that it will be a situation for them? do you think that it will happen for your case? >> i think that it will be highlighted, the fact that, you know, we will be arrested. sometime today. for the fact that we have done nothing wrong. but they will change the housing market and destroy the bank system. there's no accountability. the regulators, they are not prosecuting. they are not even doing that criminally, prosecuting the banks. that's wrong. >> okay. all right, thank you. >> yes. >> okay, so now, this is the situation for you here and that they will be staying here. everyone has been talking and they are prepared to be arrested as you can tell, they chained themselves to the door. they have various chains in different ways to keep themselves from leaving. san francisco police, they are standing by. now, actually, we with paint over here. you can see across the street. the firefighters are all standing by. at this point, they are not d

. >> reporter: he assumes since it was wells fargo they were responsible for refunding the money but when he went back to the branch he was shocked. >> they said sorry, call your bank. if this situation wells fargo is just the middle man and doesn't have the control over the money. >> reporter: federal regulations prevents them from dealing directly with stan because he isn't their customer. he first has to contact his bank, bank corp which issued his we pay card and then they have to contact wells fargo, all the while he is waiting for his money and because it's a prepaid debit card there is no promise he will >> reporter: who is responsible? >> with a prepaid card you don't get the same legal protections so you don't have a guarantee from any of them. >> reporter: she explained debit cards linked to individual accounts are protected but prepaid ones didn't exist when those no written. >> it's the same thing over and over. technology moves faster than the law. >> reporter: the consumers union is calling on the government to update those regulations and sam hope that will make it eas

i do have one question for wells fargo. what are the typical rules for applying for sba loan of less than $50,000? how much money do we need to have in your bank to apply for a loan? >> i am on the smaller side of the bank. i am a transaction guy. i do not technically require one to have an account to do a loan with. what i look for, i generally start at 100,000 and up. when it is a requirement of 50,000 or less, i tend to call of the micro guys to help me out. that is right in their box. for us, the capacity for us to do the smaller side is not there as much as it is for them. on getting a loan through my side of the bank, i do not require an account to do that. we would like to have it, but i do not require it. >> last question for the opportunity fund and a critic representative. are you a cdfi? is san francisco and s.p.a. in support of cdfi's being established in san francisco? >> yes, we are. we were founded in 1999 with a small business loan. that is how we started our tenderloin office. >> opportunity fund is a certi

las que invierten en centros de detencion para indocumentad os....acusaron una vez mas al banco wells fargolas. viani nunez/manifestant e 42:51 todos los trabajadores que venimos a este pais estamos cansados de tanta humillacion, injusticia 43:00 wells fargo dijo que no tiene inversiones en estas companias, y que puede haber una confusion pues si podrian servir como administradores....respecto a la crisis hipotecaria, dijeron que el ano pasado solo 2 por ciento de sus prestamos terminaron en embargos...sin embargo la indignacion de la gente tiene muchos angulos.... petra medina/trabajador a de campo de golf 12:03 nos quieren quitar la aseguranza y tambien nos quieren quitar la union, pero nosotros estamos luchando para salir adelante y vamos a ganar 12:12 aunque hubo varios puntos de protesta no se vieron tantos manifestantes como en ocasiones pasadas...algunos culparon al clima y reiteraron que van a regresar. 34:07 vamos a seguir regresando hasta que ellos nos den lo que la gente merece 34:11 pilar nino telemundo take vo ---maestros de la universidad de california en berkeley impidieron q

the servicer, the citi mortgages, the wells fargos, those guys don't own these loans.hey're owned by investors. the servicers merely act in a self- -- with their own self-interest in mind. a recent article came out written by the national law center, the national consumer law center that basically concluded that morning companies, mortgage servicers make more money foreclosing on a home than they do modify ago mortgage. anyways the problem. >> all right. i want to bring in a real estate professor at columbia university's school of business. he's in new york for us. welcome to the program. you've heard about what's happening in florida, around the rest of the country. how does florida compare with what's happening around the rest of the country and the frustration with the banks? is it misplaced frustration? is it because it's a whole new system? the whole skiecuritization problem, will we ever get out of this if we don't fix the foreclosure thing? >> i think clearly securitization is the real problem. if you look at the data on the practices of privately securityized m

. >> wells fargo in hot water with the justice department. , here's he details linda bell.he's live from bloomberg head quarters in new york. recall last week president obama announced an investigation into the misconduct in mortgage loans. the justice department has subpoenaed 11 financial firms. that includes wells fargo, which biggest mortgage lender in the country. >> we may get closer to reaching settlement on that ongoing foreclosure. states have until this friday to decide whether or not to accept a settlement that may total as much as $25 million. don't meet your goals at work, you don't get a bonus, right? representative tells bloomberg that senior executives should be penalized if they fail to meet contracting goals for small businesses. >> today is valentine's day. many people are opening their their wallet to the ones they love. i'll have that story coming up. >> i'm linda bell reporting for abc 7 news. >> 4:36 is your time this morning. degrees.king at 43 off to a warm start. it will be a nice day. parts of central virginia were shaking last night. we'll have d

some members say wells fargo is at the heart of the financial crisis.ells fargo points out it has donated $3 million to berkeley's non-profit. >>> mosquito tow regulators say it could cause some big problems against the battle of clean water act. >> it prevents them from fogging, those are now officially protected waterways. >> it will increase dramatically -- dramatically for us. >> now the problems do not end there. this unceasebly warm -- unseasonably warm weather could lead to a lot of west nile virus in the area. >>> three things columbus salami is being ordered to do. >>> and the hit box coming up on the hit record. some are talking about a guest appearance. . >>> its decision to reopen interstate i-75 where the crash occurred, the road was closed for more than three hours after heavy smoke from a nearby brush fire and heavy fog combined to make it passible. the highway patrol defends its decision saying the visibility was clear enough but deter waited rapidly. >>> a salami company will pay fines after an ammonia leak. they must overall their refr

we have no idea how many are affected but wells fargo will pay nearly a million dollars in restitution to those who use wachovia or golden west. those companies were bought out by wells fargo and they got in trouble for not fully exploiting how an adjustable rate mortgage works. >>> wegman's is coming to column but athe supermarket will open in mid june at the intersection of snowden and mcgall road and they are looking for workers. you have to apply online. they have competitive pay, robust scholarship program, each lent benefits and flexible scheduling. to give you the size of this, it's actually two floor parking garage. this is the fifth store to each near maryland. >>> take a look at our temperatures tonight. not bad compared to the last couple nights. 29 in baltimore. we are below freezing now but it took all evening to get here and through the day, nice warm up into the mid 40s tomorrow we add another five to eight degrees ending up in the 50s and no wind out there tonight so at least there's no wind chill factor overnight and there will be a cold start in the morning with just

last but not least, we have our conditional lender represented here by wells fargo. mark cyrus is the senior fda banker for the region -- the senior sba banker. he held businesses choose the best loans for the growing business and focus on a comprehensive understanding of their goals for their business. mark is responsible for helping entrepreneurs with sba loans every step of the way. i would like each of you to speak a little bit about what your organization does and, more importantly, address the audience here and let them know what your looking for when you are hoping to fund their loan. we will start with you, mark. >> absolutely. thank you. i want to thank speaker pelosi for putting this together. i want to thank all of the of for coming out on a smell it -- snowy san francisco date. [laughter] we've been told we should get us know when we go back outside. not sure what to expect. second, i thank speaker pelosi for all the work she did to support the jobs act and before that, the stimulus bill, the original american recovery act bill that allows sba to be able

. >> reporter: he assumed since it was a wells fargo atn they were responsible for refunding the money. when he went back he was shocked. >> they said sorry, call your bank. >> in this situation wells fargo is just the middle man and doesn't have the primary control over the money. >> reporter: federal regulations actually prevent wells fargo from dealing directly with him because he isn't there customer. he has to contact his bank and then they have to contact wells fargo all the weigh sam is still waiting for his money and because is he using a prepaid debit card there is no guarantee he will. >> who is responsible forgetting him his money? >> with the prepaid card you don't get the same legal protections. you don't have the legal guarantees from any of them. >> reporter: she explains debit cards linked to individual bank accounts are protected under federal regular layings but prepaid cards didn't exist when the regular layings were written. >> it's the same over and over. technology moves faster than the law. >> reporter: the consumers union is now calling on the government to upda

we have retail, wells fargo is located in this location. there branch. we have to other retail spaces on the ground level and there is a number of other retail tenants in that corridor. that it also impacts. and so the crowd control, i brought some pictures to reference. >> you can swing the mike to make it more comfortable for yourself. >> this is kind of foggy. this is the san bueno, one of the food trucks that has a permit there. right outside the wells for aerospace. you can -- wells fargo space. the krona blocks the sidewalk access. we have also seen where people with disabilities have trouble getting around this crowd which creates issues for us. it is a path of travel for us. that is sampson, this is bush in front of our building. this is directly in front of our building. we colored this curb white to make this a 15 minute parking because this was in front of the entryway. they have moved to this corner. it blocks the access. president goh: can erase the projector so that the fuller picture shows? is there anyway -- >> the other thing would be, t

you can -- wells fargo space. the krona blocks the sidewalk access. we have also seen where people with disabilities have trouble getting around this crowd which creates issues for us. it is a path of travel for us. that is sampson, this is bush in front of our building. this is directly in front of our building. we colored this curb white to make this a 15 minute parking because this was in front of the entryway. they have moved to this corner. it blocks the access. president goh: can erase the projector so that the fuller picture shows? is there anyway -- >> the other thing would be, this is a photo of the wall around the building on the corner where they park. this is, if you went out and look at it, this right here, we spend 15 20,000 -- $15,000 to $20,000 a year to maintain this of -- sidewalk. we have to keep it clean. we are spending $15,000 to $20,000 a year to clean the walls because people are standing there in line and waiting for their order and they have their feet against the wall. and now it is to the point where it is damaging our wall

protestors also chained several doors to one of wells fargo bank's main corporate offices saying they are tried to send a clear message. >> as part of the 99%, we want what's fair and wells fargo hasn't been acted fairly foreclosing on people. >> reporter: police did have to move in saying the chains put people working inside the building in danger because some fire exits were being blocked. >> we asked the demonstrators to clear those areas and they didn't. >> reporter: this protestor says his tablet camera was damaged during the scuffle with police. >> threw me back to the ground, pulled the camera into them and stomped ton a couple of times and then kicked it out into the street for me it go get it. >> we are the 99% and we're too big too fail ♪ >> reporter: "occupy" protestors rallied outside the federal appeals court at 7th and mission streets. protestors are calling for constitutional changes so that corporations can no longer spend unlimited amounts of money on political campaigns. and a flash mob descended in the plaza at 555 california street as a means of protest through per

some council members say wells fargo is one. banks at the heart of the mortgage meltdown and financial crisis. in a statement, wells fargo says they want to continue the community with meetings. berkeley has banked with san francisco-based wells fargo since 2004. >>> on capitol hill, both democrats and republicans are supporting a bill to ban lawmakers from insider trading. the senate voted 93-2 yesterday to clear the way for final passage of the bill. the bill would prolib its numbers of emergency -- prohibit numbers of emergencies. >>> the polls in florida are now open. the winner of the florida primary gets all of the state's 50 delegates. coming up at 7:15, we'll have a live report on the results of the latest polls. >>> a proposal to increase the business tax for san jose's marijuana dispensaries is on today's city council agenda. currently, the tax rate for pot dispensaries is% of gross receipts. but the probablal calls for increasing the rates to 10%. city leaders will not table any action today. >>> concord police invest

>>mark: we are seeing a big rise for san francisco-based wells fargo. they just reported quarterly earnings. we are seeing a rise for the s&p, over the 1300 mark. >>darya: we are flirting with thirties' finally this morning. >>darya: the freeze warning has expired. >>jaqueline: >>erica: we are still dealing with low 20s and phrases like fairfield, santa rosa, 22 and 23 respectively there. a little bit warmer in downtown san francisco. we will make some improvement as we head into the afternoon. it is the last day of full sunshine and temperatures in the '50s. 53 expected for redwood city. the same for santa rosa in the downtown san francisco. a look at your 7 day around the bay forecast and when you can expect wet weather coming up. >>george: we are continuing to track hotspots this morning. interstates 680 southbound, we had problems with northbound and now southbound accidents. that is the reason traffic is so badly backed up and so slow. a 40 minute drive time. there should be 28 minutes headed out of walnut creek. it is getting pretty slow in the so

there is a starbucks, a wells fargo bank parking lot but is open. i have been dealing with this for 12 years. i am going to give you a couple of things. we have 30 employees. 15 our security. our patrons park close to an a block away. going back to finding out if there are incidents, you can check with the sfpd. we have been sued for having confrontations' because our security is trying to keep the neighborhood quiet because we have a condo on all four sides. they are coming across the bay. they cruised into the lot. they wait until our patrons finely go to the parking lot, and and they end up parking themselves there and start making noise. we have to send security to try to mitigate the problem and keep the noise and down a period of police and everyone puts pressure on us in that situation. sometimes if there are no altercations and we find out our customers' cars got broken into and they are crying and screaming that they lost their credit cards and purses and all about. there is an attendant in the beginning, and at 12:00 they take up and split

at one of the wells fargo buildings' exits. police say their blockade was a safety issue. >> implored them to understand that if something happened upstairs and people rushed out of the building, we can have a can castro fee. >> reporter: but police say their mission was to facilitate peaceful protests allowing demonstrators to march through the financial district blocking off streets calling it the tour of shame. and while a lot of people are inconvenienced, others are glad to see the movement is alive and well. >> i came here and said what can i do to help? >> reporter: he used to work in the financial industry. >> the rules and regulations have been kind of tilted to make the playing field for them so they can make money, take too much risk, and i think it's because they bought the politicians in washington. >> reporter: the same banks and politicians these people hope are listening today. >> we are sitting here waiting to be arrested for something we did not do wrong. >> reporter: back out here live now in san francisco's f

wells fargo stock is up over 3 percent. >>darya: coming up on the kron4 news, the latest in the allegations into the italian cruise ship captain who ran the ship aground. i also talk about the latest bridge closure in to take a live look at the cost to the bay bridge.