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This is switzerlands number one insurer. Interim ceo guy he has been struggling to turn this around. The reality maybe coming home to roost. Anna they have been trying to equity, and other targets which were apparently thwarted. Guy lets get you the bloomberg first word. Manufacturing pmi has dropped to the lowest level in three years. In atficial reading came 49. 6 in november. Six Central Bank Interest rate cuts in your have not been enough to slow refectory manufacturing. In a historic move, the imf will to its list of reserve currencies. The euro lost the most with the changes. They Austra...

Ms. Waters. After 2007, i think that overleveraged issue sort of prove the point. And looking at the headlines the headlines read government keeps pushing mortgage guarantees as risk index rises. Heres another headline. Fhfa orders of gses to start supporting Affordable Housing trust fund. Surprisingly the year is not 2005. Its 2015. And so we find the fha today engaged in this race with fannie and freddie to see who can more swiftly cracked up the private sector, who cant assume more risk on behalf of the american taxpayer. I would just point out this is kind of a frightening race because in ...

Preferred stock Purchase Agreements were entered into with treasury, that suspended the capital of fannie and freddie. If we were building up capital i understand exactly what youre saying. But those two criteriaen dont apply anymore because they are in conservatorship. Every dime is going to the taxpayers if theres a profit. Theres statutory language here that requires an end to the allocation. I think its very straightforward. But ill close with this. Today, i along with many of my republican colleagues will reintroduce the payback the taxpayers act. And this bill will ensure that money comi...

Process in relationship with the City Treasurers Office . With the City Treasurers Office in regards to our audit procedures we do confirm and evaluate the processes and the inter departmental processes. Overall i believe the process is in place and followed by the system, set by the city and county and we have looked at that, we also confirm the balances with them and evaluate the investment pools that the department, the system does rely and have on their Financial Statement captioned. Does that answer your question in yes. So you have looked at the general process . Yes. Thank you. Any othe...

Overall i believe the process is in place and followed by the system, set by the city and county and we have looked at that, we also confirm the balances with them and evaluate the investment pools that the department, the system does rely and have on their Financial Statement captioned. Does that answer your question in yes. So you have looked at the general process . Yes. Thank you. Any other questions from commissioners in i know there were no adjustments for the materiality factor but were there any past adjustments or misstatements. No. Any other questions . Before we go to Public Comment...