Now i would finish by saying a couple of words about banking unions. This is for the 18 countries in the euro zone. Weve made the European Central bank as the supervisor. It will directly supervise the largest 130 banks and then it can call up any of the other 6,000 or so if it suspects there is a problem. The whole of the eu that is all 28 Member States have the same regulations and rules for the Bank Supervision from the european supervisory agencies but the euro zone will make a further detailed supervision of its own but one suspects the Banking Authority is also charged with looking at that book to make sure they are coherent so we dont have Different Things going on whether you are inside or outside of the banking union. All the countries have their own Deposit Guarantee Scheme and we have the intensity mutual lies that in the zone that has failed at the moment. It doesnt conclude that hasnt at her because we have a common level of insurance and common system of rules and its all
[laughter] here i am, im coming from an area of the world where you have a totally different legal system for women, different from men. If youre a woman, your testimony in court is half the value of a man. Can you believe this . So if i go to court, and i am testifying and theres a man testifying, and we contradict each other, he wins because hes a man. Thats the law. That is not the culture. Thats the legal system. So when you come suddenly to america and youre confronted that youre equal, its almost like, oh, my god, im equal . How do i deal with that . Really, it took me a while for me to really feel equal. Its not easy when youre living in a prison. Its not easy to see the freedom right away. And thats why im speaking, because i love this country. Im just very grateful for this country. It gave me my freedom. [applause] so ever since after 9 11 happened, a lot of americans, remember, were saying, where are the voices of the middle eastern people to speak against jihad and to stand
Not because i was too young but im not sure what i was, so i just remember sort of vaguely coming to law and this was like this cool area, jamie boil is a very close friend and it seemed like he was just intellectually playful and too cool for anything that i did. David you note the sense of sort of gee whizness. Its the most attractive thing to me coming from fields where the general action is pistols at dawn. So this is in some sense a very strange conversation about the future of this field that has a certain sense about staking ownership intellectually in the next camp. And ryan, i think that you know that im the biggest fan of this paper ive been pushing to kind of everybody, but i believe that if we get swrout side of the conversation with the people who are part of the cyber conversation from before which notably everything here is really focused on, i think that the part of the paper thats going to be the most lasting in terms of generating the basic ideas about these new conve
Up . What is the exclusive negotiation agreement, attempted to attempted to do. It outlines the terms that were in the developers proposal. And commits ocii to negotiating exclusively with the selected development team. During that time, the ena time, the team will work on the designs and negotiate the finer, that will be executed in march of 20 is 3, and they are required to pay a 500,000 deposit to pay for the staff and legal costs. During the negotiation they have to meet the contract requirements and things like that. I just would not like to see a repeat of what happened on the tower, the transbay tower, where it came in with a tremendous price, and everybody was delighted over, and over the course of the next 18 months, kind of went down about 100 Million Dollars as i remember, and through, the Property Valuation and the market valuation that they said and i remember that the first time it went down, we were kind of in agreement, that the things were rougher than anticipated, but
And seven years of additional taxes. And or it will wave all time lines or the cfd to expedite and they will not sue the city. And for the two weeks to allow the details to be worked out and we will be looking closely at the terms of the agreement to determine that the final agreement is consistent with the terms proposed at the board of supervisors hearing on september 9th. And the proceeds, with about 665 million of that going to the tjpa. And we, the city projects, that the net of the lower escalation, and the tax payments, will result in the same revenues, to the tjpa to the cfd. And if the settlement finalized the staff, though, and will present the settlement to the board at the next Board Meeting with the resolution that will instruct the executive director whether to vote in favor of the cpd as modified at the settlement and that could occur at the october nine meeting. Thank you, and unless there are any questions from the board, moving on with my report, i have previously rep