Arrows dow futures indicated down by about 260. Weve seen down 300 this morning. Nasdaq also down sharply down by 200 points and the s p 500 down by about 37 so significant declines after two other days of losses also playing out in the treasury markets as well. If you want to take a look at what is happening there, yields have gone down, right now the ten year is yield iing below 0. a lot of this has to do with renewed lockdowns in europe. Lets get to karen cho who has more on what is happening there. Thank you very much we are witnessing losses across the markets as we contend with more news flow around more severe restrictions. Weve been hearing the last couple hour 24s that there may moves announced later on today, reports from various Media Outlets suggesting that london will move to a tier two restrictions the london mayor has spoken suggesting that the Health Secretary will reveal the changes in the house of commons. No mingling between households currently there is a rule of si
Leventhal and liz young. Liz, is this all about stimulus or are were genuinely concerned about these cases were seeing in europe . And, by the way, were doing a lot of cases here every day, too. I dont think its all about stimulus but were in the middle of a really heavyweight news cycle and its not allowing us to look out any further than about 30 days at a time. Ultimately in 30 days time the market is lower than today just on monday the s p was up 5 month to date. That didnt make common sense. Were in the middle of a highly c contentious market season and were still waiting for stimulus in the short term i think we should see a pull back here but in the longer term and even in the next three to four months, some of the fear around a blue wave has been a little overblown and the market has to weigh the two sides. On one side we might see higher tax ees and stronger regulation and on the other side some of the tariffs may be rolled back as an investor, even if we have a pullback in th
Roll call. [roll call] we have a quorum. Item 3. Were going to go into closed session. We need a motion to do that and ill ask for Public Comment after that. I move we go into closed session. Moved and seconded. Is there any Public Comment . When we come back into to Public Session ill review the Public Comment rules. All in favor say aye. Aye. Opposed first item is to report out of closed session. We need a motion. I make a motion. Second. Is there Public Comment . All those in favor say aye. Aye. Rules of Public Comment are the standard rules. Well limit testimony to three minutes on any item people may want to talk about. Please read the rules that are posted with the agenda in case you are not familiar. To start with Public Comment i will recognize mr. Winier. He called me wiener. My apologized. I wish to mention the passing of peter ash, who was the former commissioner on this board. In honor of his memory in the marine core Heritage Museum because of the service in the United Sta
Were going to go into closed session. We need a motion to do that and ill ask for Public Comment after that. I move we go into closed session. Moved and seconded. Is there any Public Comment . When we come back into to Public Session ill review the Public Comment rules. All in favor say aye. Aye. Opposed first item is to report out of closed session. We need a motion. I make a motion. Second. Is there Public Comment . All those in favor say aye. Aye. Rules of Public Comment are the standard rules. Well limit testimony to three minutes on any item people may want to talk about. Please read the rules that are posted with the agenda in case you are not familiar. To start with Public Comment i will recognize mr. Winier. He called me wiener. My apologized. I wish to mention the passing of peter ash, who was the former commissioner on this board. In honor of his memory in the marine core Heritage Museum because of the service in the United States army. I simply was to mention his memory. I t
Time is the audit that prima provides and Northern Trust. Are you familiar with this . Is that Northern Trust and prima has liquidated that they are no longer on their books, if you will . Commissioner, as i was involved in the requisition with northwestern and prima. The discrepancies in securities on books between northern and prima generally related around the securities that were moving in and out of the prima original securitization and whether or not that information was relayed timely to Northern Trust. So, for example, prima would take the exception of home loans and those would be put into a securitization. Also in some cases, prima with consultation with San Francisco would unwind some of their securitizations and prima would have possession of those and there would be delays of those arriving onto the books of the Northern Trust. That was revolved resolved in the last year because that was the work that i did. You balanced Northern Trust numbers. I made sure there were no de