If you want to approach the witness table, that's fine. (Witness approached witness 233 4/14/09 - WHOLE - BILLS 090212, etc. table.)
He doesn't know. MR. DiSILVESTRO: Could you repeat the question? I'm sorry.
How many authorized City depositories are qualified to hold payroll deposits? MR. DiSILVESTRO: Good afternoon. My name is Mark DiSilvestro, Assistant Treasurer for Cash Management. I was part of the RFP review process, and we narrowed it down to about five that were qualified and then we ranked them. So I would say five are qualified.
Okay. I actually heard it was further narrowed to maybe two or three, but it's definitely more than one? MR. DiSILVESTRO: Yes.
So the question really is, if there's more than one authorized depository which is qualified to hold payroll deposits, while 234 4/14/09 - WHOLE - BILLS 090212, etc. I can understand that we may be only going to contract with one, what process are we taking to make sure the others are certified as payroll depositories and that systems are in place or we at least know what we need to do in case something happens with that one institution, Wachovia, which inherited the account from First Union, which inherited the account from CoreStates, which inherited the account before that? Essentially, it just shows the track of this. And I'm not saying that Wachovia shouldn't have the business now, but in this fiscal crisis in terms of the markets, Wachovia has already been taken over because it went under, and I'm pretty sure that as Wells Fargo goes, Wachovia goes, that it will not exist if Wells Fargo goes under.
And I think we'll stay on top of it to make sure that we have options. Wachovia -- Wells Fargo is one of the most strongly rated banks right now, just so that you know, but I 235 4/14/09 - WHOLE - BILLS 090212, etc. think we will continue to make sure that we're prepared for anything that does happen.
Well, they owe the federal government a little bit of money which they're having trouble coming up with right now.
Thank you. Any other questions from members of the Committee? (No response.)
The Committee will stand in recess until tomorrow, Wednesday, April the 15th at 10:00 a.m. 236 4/14/09 - WHOLE - BILLS 090212, etc. Thank you. (Committee of the Whole recessed at 3:30 p.m.) - - - 237 CERTIFICATE I HEREBY CERTIFY that the proceedings, evidence and objections are contained fully and accurately in the stenographic notes taken by me upon the foregoing matter on April 14, 2009, and that this is a true and correct transcript of same. ______________________________ MICHELE L. MURPHY RPR-Notary Public (The foregoing certification of this transcript does not apply to any reproduction of the same by any means, unless under the direct control and/or supervision of the certifying reporter.)