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Good afternoon, everybody. Thank you for joining us as we roll out the fy 2017 Defense Budget. The Defense Budget request totals 523. 9 billion in discretionary funding for our billion in and 58. 8 overseas Contingency Operations for a total of 582 billion. That sustains the National Defense strategy and the figures conform to the budget levels found in the bipartisan budget agreement. When building this program that informs the budget that we are going to talk to you about today , secretary carter first asked partners to take a long view. How is the next 25 years going to differ from the last...

Your specific term. I just want to say this, that the word institutionalization, for these programs, is not one that weve started talking about as a community, say, in the last six months. Under the leadership of the agac, the attorney generals advisory committee, our first chairman was todd jones who had been a former u. S. Attorney in the late 1990s. He came back he said he is a recidivist came back as u. S. Attorney again starting in 2008. Todd preached from day one in institutionalization. Paul did as well, Loretta Lynch as well. Lanny wanted to respond though. I was just going to give an ...

Typically theyll get a gain an Incentive Fee on the 20 percent but not in the subsequent where were well into the next year until theyre back to where they were at the prior point and okay. So in essence their losses will offset their gain. Thats correct. One by one. Not everyone at the same time. The majority have my water marks. The claw back you get our money back if they lose money thats not the case here it is subsequent gains youre not paying an Incentive Fee. If they go out of business your toast. Thats true. Were truly sorry you lost 95 percent of our money but not sorry enough to give...

Happening we talked about the currency overlay it wasnt the same level of oh, i made a mistake i want to communicate fully those kinds of habits go a long way to get truth for the people that have the capital i want to discuss some of the comments by the unions that represent the members this was by terry that we have to trust the exerts let me give you a quote from jfk from the bay of pigs how could i have been so foolish to trust the experts we almost went to uniquely last year war so you tell meer the experts that was the whole problem with the bay of pigs everyone said hey, lets go so bewa...

The thing is my pension is guaranteed by the city not by the funding ratio the supplemental cola will do that but the city backs the promises in the charter i believe thats true of every City Employee a member of the system were trying to do something to knock out the drawdowns that occurred in 2008, and 2002 when we dropped blood two periods the discussion about the model of selection of managers it is one important document we must do we control that we must obsolete on and develop thats the guidelines we do that in the private equity if we dont state our guidelines thats where we will addre...