From todays apple event we start with a major selloff in the financials the biggest driver in the market with the xlf falling more than 1. 3 citi dropping 7 today under pressure that regulators could crack down on the banks Risk Management systems the stock is now down more than 12 in the past two sessions guy . Dan nathan has been talking about this for a while one of the things weve said is todays banks are much different than ten years ago theyve become utilities you have to look at them differently and you have to factor in valuations much differently. Ill say this quickly about citi right now at 45 the stock is now trading 63 of tangible book, assuming that tangible book is accurate thats levels we last saw probably in the financial crisis these are trough valuations in terms of the price of tangible book i think Warren Buffett told you everything you need to know about us banks hes obviously paring down exposures in banks i think that tells you a lot as well in terms of citi, its
Mr. Moderator, do we have any calls . There are no callers in the queue at this time. Thank you. Public comment on item 11 is closed. May i have a motion on this item . Move to approve. Second. Madame secretary, please call the role call vote. [roll call] thank you. You have five ayes. The motion carries. Thank you. Next item, please. Item 12 is authorize the general manager to negotiate and execute a memorandum of understanding with the public works department, Municipal Transportation Agency, Fire Department and Port Commission regarding the authority and responsibility for operations and maintenance of public improvements at the mission rock special use district. And approve amendments to the mission rock infrastructure plan. And deputy g. M. Michael carlin will introduce this item. So, the title of the item actually explain what is were doing here. It is a memorandum of understanding to outline responsibility and authority for each City Department as we go into port property in the
This is the special meeting of the Small Business submission on wednesday, may 27th. The meeting is called to order at 1 01 p. M. Phowe thank Media Services and sf gov tv which can be viewed on sf gov tv or livestream. Members of the public is 888 2733658 and the access code is 310745. inaudible . The members of the public will be calling in 888 2736538 and access code is 3103752. When prompted dial 120 be added to the speaker line and it will indicate that callers are entering the question and answer time but this is the Public Comment. If you call in before Public Comment is called, youll be added to the cue. Please mute the device youre listening to the meeting on. When its your time to speak, youll be prompted to do so. Its three minutes per speaker or otherwise established bit speaker. Please show the office of Small Business slide. Interest we will start with the reminder the Small Business commission can voice your concern about policies that affect the Small Businesses in San F
Item two is pledge of allegiance. I pledge allegiance to the flag of the United States of america and to the republic for which it stands, one nation, under god, indivisible, for liberty and justice for all. Item 3, a approval of minutes for the may 12, 2020 meeting. So moved. Second. All in favor. Aye. Approved. Role call vote. role call . It passes unanimously. This passes. Item 4, please be advised a member of the public has up to three minutes to make Public Comments on each agenda item unless the Court Commission adopts a shorter period on any item. Please note that the Public Comment period, the moderator will instruct dialparticipants to register comment. Audio prompts will signal to dial in. Please dial in only when the item you wish to comment on is announced. Item 5, Public Comment on items notlessed on the agenda. We will open the phone lines to the public to take Public Comment on items not listed on the agenda from members of the public who are joining us on the phone. Jen
And rh raising guidance. The next test for the tech ipo market today. As we said, oil prices are the one to watch after two oil tankers were the targets of a reported attack. The navy says it is aware of the incident and is assisting the two ships. The exact circumstances are unclear, but it could ratchet up tensions between iran and the united states. Jim, 20 of Global Consumption goes through these are straits. That area could get much hotter. Second, how little we actually oil is up a little bit. Remember, it was down 170 yesterday. I had the privilege of interviewing the dean of the the founder of pioneer. He said we will have a flare up in that area. And its not going to matter. I said when. He goes now. We are pumping so much oil. Do i take it off my screen what happens there . He said yeah. I said thats not possible. He said we are 13 million. We are going to 17 million. Anybody who needs oil, we are now the swing producer. Here we are. Maybe oil should be up more than it was do