Cachannel 26 andsfgovtv will st. Comments will be available by calling 18882045984. Dial the access code 3501008. Then press pound and press pound again. When you are connected, dial 1 and 0 to be adde added to the qo speak. All callers will remain on mute until their line is open. Everyone should account for time delays and speaking discrepancies between live coverage and streaming. Best practice call from quiet location, speak slowly and turndown your television or radio. You may have submit Public Comment in either of the following ways. Email me. If you submit via email it will be in the legislative file as part of the matter. Written comments may be sent through the u. S. Post office to city hall. 1 Carleton Place room 244, San Francisco, california 94102. That concludes my remarks. Thank you very much. Can you please call item 1. Would you like me to call the roll first . Yes, please. Chairperson fewer. Present. Commissioner pollock. Here. Commissioner haney. Present. Commissione
Good morning. The meeting will come to order. Welcome to the thursday, april 16th meeting of the government audit and Oversight Committee. I am the chair of the committee joined by aaron peskin and Committee Member matt haney. Thank you to the clerk, john carroll. I would like to thank sfgovtv for staffing the meeting. Mr. Clerk, do you have any announcements. Yes, due to the covid19 Health Emergency and to protect Board Members the board of supervisors legislative chamber and Committee Room are closed. Members will be participating in this meeting remotely as if they were physically present. Comments will be available for each item on the agenda cable channel 26 and sfgovtv are streaming the number on the screen. Each speaker is allowed two minutes to speak. Comments or opportunities to speak during the Public Comment period are available by calling 888 2045984. Use the access code. That is 3501008. After you have entered the access code you will press the pound symbol and the pound s
A congressional hearing in which case that will. Well break down the shake up at one of americas largest banks a lot to get here on a very busy day so lets get started. On oil lost as much as a 3rd of its value monday in its biggest drop since 1901 gold war fell to 30. 00 to 30. 00 per barrel as saudi arabia launched a price war with russia after the 2 failed to come to an agreement at its vienna meeting russia declined to agree to production cuts that have artificially kept Oil Prices Steady officially russia said it wants to wait and see what the Coronavirus Impact on demand is before agrees to cuts on officially russia is angry about u. S. Sanctions of Russian Energy Company Rosneft and attempts to stop the north stream to pipeline to germany by flooding the market and sinking prices russia sees an opportunity to crush the us shale industry which is dangerously levered to the hilt russia is also fed up with cutting production outputs timeout that time while u. S. Shell producers eac
Demand a Global Movement to divest from fossil fuel and crushing debt loads the industry has about 86000000000. 00 of rated debt due the next 4 years and as analysts have warned before below 50. 00 per barrel Many Companies will be unable to service their debt obligations this in turn has the Banking Sector as these Companies Start defaulting big banks including j. P. Morgan city Group Wells Fargo and goldman are down between 9 to 13 percent today as the selling pressure intensified across all sectors u. S. Markets triggered a 15 minute halt at the am the dow fell over a 1000 points as investors continued to seek safer assets the yield on the 10 year dropped below 0. 5 percent for the 1st time ever in the history crude prices have become a bigger problem for the markets than the coronavirus now as itll be virtually impossible for the s. N. P. To bounce when the Energy Sector is down 15 percent. Interestingly enough gold the defacto safety asset is not spiking instead it is trading flat
Warned before below 50. 00 per barrel Many Companies will be unable to service their debt obligations this in turn has the Banking Sector as these Companies Start defaulting big banks including j. P. Morgan city Group Wells Fargo and goldman are down between 9 to 13 percent today as the selling pressure intensified across all sectors u. S. Markets triggered a 15 minute halt at the am the dow fell over a 1000 points as investors continued to seek safer assets the yield on the 10 year dropped below 0. 5 percent for the 1st time ever in the history crude prices have become a bigger problem for the markets than the coronavirus now as it will be virtually impossible for the s. N. P. To bounce when the Energy Sector is down 15 percent interesting way enough gold that defacto safety asset is not spiking instead it is trading flat someone down indicating that people are selling with. Well prejudice this type of broad based sell off is indicative of a cash crunch and that leverage funds are rec