Spring 2006 Newsletter.indd - Government Accountability Project
Transcription
Spring 2006 Newsletter.indd - Government Accountability Project
(07&3/.&/5"$$06/5"#*-*5:130+&$5 6SULQJ,VVXH #SJEHJOHUIF("1 *O5IJT*TTVF )LJKWLQJ)RU7UDQVSDUHQF\ *$3&OLHQW6DYHV'RJV 6SRWOLJKWRQ5DQG\:DOOL 7RXULQJWKH9LWUL¿FDWLRQ3ODQW %UHDNWKURXJKDWWKH8QLWHG1DWLRQV $IWHU+HDY\&RQVXOWDWLRQ,QWHUQDWLRQDO%RG\$GRSWV*$3:KLVWOHEORZHU3ROLF\ $IWHUD\HDURISXVKLQJWKH8QLWHG1DWLRQVWRHQJDJHZLWKVWDIIDQGLQWHUHVWHGWKLUGSDUWLHV*$3 ZDVRI¿FLDOO\FRQVXOWHGIRUDVVLVWDQFHLQFUHDWLQJDZKLVWOHEORZHUSROLF\IRUWKHLQWHUQDWLRQDOERG\ WKLVSDVW1RYHPEHU7KHDQWLUHWDOLDWLRQSROLF\WKDW*$3FRDXWKRUHGZLWK81GUDIWHUVEHFDPH HIIHFWLYHRQ-DQXDU\2XULQFOXVLRQLQWKLVSURFHVVUHÀ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¿ $QQDQ KDV SUDLVHG *$3 IRU FRQVXOWLQJ RQ WKH ERG\¶V QHZ ZKLVWOH EORZHUSROLF\ %DVHGRQWKHEHVWZKLVWOHEORZHUSURWHFWLRQSUDFWLFHV IURPQDWLRQDODQGLQWHUQDWLRQDOODZWKLVSROLF\FUHDWHV DEHQFKPDUNIRUDOO,QWHUJRYHUQPHQWDO2UJDQL]DWLRQV ,*2V ,W LV WKH ¿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¿UVWVWHSVWRPDNHWKLVUHIRUPHIIRUWFUHGLEOHDQGHIIHFWLYH 7KHKLJKOLJKWRIWKHSROLF\LVLWVSURWHFWLRQRIWKRVHZKREHDUZLWQHVVWRFRUUXSWLRQDEXVHDQG IUDXG ,PSRUWDQWO\ WKH SROLF\ SODFHV WKH RUJDQL]DWLRQ¶V KXPDQLWDULDQ PLVVLRQ DV WKH FRUH DFWLYLW\ WR EH SURWHFWHG IURP ZURQJGRLQJ 7KXV )'$ 9HWHULQDULDQ 'U 9LFWRULD +DPSVKLUH IRXQG D DQ\RQH UHSRUWLQJ PLVFRQGXFW ELJ SUREOHP ZLWK D FDQLQH KHDUWZRUP GUXJ LQ WKDW WKUHDWHQV WKH 81 PLVVLRQ ± LW ZDV UHODWHG WR WKH GHDWKV RI RYHU SDWLHQWV LV SURWHFWHG IURP UHWDOLDWLRQ 6KH UHFRPPHQGHG WKDW WKH GUXJ EH LPPHGLDWHO\ XQGHU WKLV SROLF\ ± QRW RQO\ UHFDOOHG IURP WKH PDUNHW 8QIRUWXQDWHO\ IRU KHU WKH 81 VWDIIHUV EXW FRQWUDFWRUV SUR¿WDEOH GUXJ¶V SURGXFHU :\HWK 3KDUPDFHXWLFDOV FRQVXOWDQWVDQGFLWL]HQVDIIHFWHG WULHG WR FRXQWHU 'U +DPSVKLUH¶V FODLP E\ DWWDFNLQJ E\SURMHFWVDVZHOO KHUFKDUDFWHU 7KHQHZSROLF\DOVRUHLQIRUFHVD :KDWIROORZHGLVDWZLVWHGVWRU\DERXWDVHFUHW)'$ GH¿QLWLRQ RI ZKLVWOHEORZHU WKDW GUXJFRPSDQ\ PHHWLQJ D VPHDU FDPSDLJQ DQG DQ LVFRQVLVWHQWZLWKERWKGRPHVWLF XQMXVWL¿HG FULPLQDO LQYHVWLJDWLRQ /XFNLO\ IRU 'U DQG LQWHUQDWLRQDO ODZ,W HQVXUHV +DPSVKLUHVKHIRXQGVXSSRUWDQGDOOLHVLQ*$3DQG WKDW WKHUH DUH PXOWLSOH ZD\V WR D NH\ 86 6HQDWRU ,Q WKLV HGLWLRQ¶V )RRG 'UXJ UHSRUWZURQJGRLQJLQWHUQDOO\DQG 6DIHW\ XSGDWH UHDG WKH FKLOOLQJ VWRU\ RI D PDMRU H[WHUQDOO\ LQFOXGLQJ UHDFKLQJ SKDUPDFHXWLFDO FRUSRUDWLRQ¶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¿FH .6WUHHW1:6XLWH :DVKLQJWRQ'& 3KRQH )D[ ZZZZKLVWOHEORZHURUJ *$3:HVW&RDVW2I¿FH 7KLUG$YH6XLWH 6HDWWOH:DVKLQJWRQ 3KRQH %ULGJLQJWKH*$3LVSXEOLVKHGTXDUWHUO\ E\WKH*RYHUQPHQW$FFRXQWDELOLW\3URMHFW DQRQSUR¿WQRQSDUWLVDQDGYRFDF\ RUJDQL]DWLRQ &YFDVUJWF%JSFDUPST$PSOFS'JHIUJOHGPS5SBOTQBSFODZ *$3¶V PLVVLRQ LV WR VXSSRUW HPSOR\HHV ZKR ULVN WKHLU FDUHHUV WR UHYHDO LQIRUPDWLRQ YLWDO WR RXU FRXQWU\¶V SXEOLF KHDOWK VHFXULW\ DQG EDVLF V\VWHP RI GHPRFUDF\ ,Q WRGD\¶V SROLWLFDO FOLPDWH WKH QHHGIRUZKLVWOHEORZHUVDQGWKHOLJKWWKH\VKLQHLQWRGDUNFRUQHUVRIJRYHUQPHQWDQGFRUSRUDWLRQVLV DSSDUHQW $PHULFD KDV DQ DGPLQLVWUDWLRQ WKDW LV FRPPLWWHG WR VHFUHF\ ± ZLWKKROGLQJ LQIRUPDWLRQ HYHQ IURP &RQJUHVV7KLVDGPLQLVWUDWLRQLVWUXPSHWLQJWKHOHJDOLW\RIZLUHWDSVWKDWODFNDQ\RYHUVLJKW6HHNLQJWR DYRLGDQ\FKDOOHQJHWRLWVOHJDOLW\WKHDGPLQLVWUDWLRQLVLQVWHDGWU\LQJWRIRFXVRQWKH³GDPDJH´GRQH E\ZKLVWOHEORZHUVZKRUHOHDVHGLQIRUPDWLRQUHJDUGLQJ16$ZLUHWDSSLQJ *$3LVDPRQJWKHPDQ\ZKRVD\³1R´7KHSHRSOHZKROHDNHGWKLVLQIRUPDWLRQDUHKHURHVUHYHDOLQJ DWKUHDWWRWKHUXOHRIODZDQGWRRXUEDVLF&RQVWLWXWLRQDOIUHHGRPV5HYHDOLQJWKHVHFUHWDFWVRIWKH H[HFXWLYHEUDQFKWKHVHEUDYHVRXOVVHHNWRSURWHFW$PHULFDQVIURPLOOHJDOXQDXWKRUL]HGVS\LQJ,QWKH DEVHQFHRIDQ\MXGLFLDORYHUVLJKWWKHVHDUHWKHRQO\SHRSOHZKRFDQPDLQWDLQWKHFKHFNVDQGEDODQFHV HVVHQWLDOWRRXUGHPRFUDF\ $WWKLVGDUNPRPHQWLQKLVWRU\ZLWK LWV SDUDOOHOV WR WKH PDVVLYH FLYLOLDQ VS\LQJUHYHDOHGLQWKH¶VZKLFK OHGWRWKHSDVVDJHRI),6$$PHULFD PRVW QHHGV RXU FRXUDJHRXV WUXWK WHOOLQJFLWL]HQV ,WLVLQWKLVFRQWH[WWKDW,ZDQWWRWKDQN \RX DOO IRU \RXU VXSSRUW RI *$3 VXSSRUW ZKLFK DOORZV XV WR VSHDN RXWIRUDQGUHSUHVHQWZKLVWOHEORZHUV )XUWKHU,ZDQWWRXUJH\RXWRFRQWDFW \RXU 6HQDWRUV DQG 5HSUHVHQWDWLYH DQG H[SUHVV WR WKHP \RXU FRQFHUQ DERXW WKLV VLWXDWLRQ ZKLFK WKUHDWHQV WKH GHPRFUDWLF EDVLV RI RXU JRYHUQPHQW$OUHDG\ WKH FRXUWV DUH EHLQJDVNHGWRUXOHRQWKHOHJDOLW\RI WKH16$SURJUDP%XWRXU&RQJUHVV PXVWSOD\LWVUROHWRR±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¿YH PRQWKV DV RXU ,QWHULP ([HFXWLYH'LUHFWRU,QWKLVEULHISHULRGVKHKDVSURYHQ WREHDGHFLVLYHDQGLQQRYDWLYHOHDGHUZKRZLOOJXLGH *$3 LQ LPSOHPHQWLQJ PRUH VWUDWHJLF DSSURDFKHV IRU DGYDQFLQJ SXEOLF DFFRXQWDELOLW\ GRPHVWLFDOO\ DQG DEURDG 0DU\FRPHVWRXVZLWKDORQJDQGGLVWLQJXLVKHGUHFRUG RISXEOLFLQWHUHVWZRUNERWKDVWKHFRIRXQGHURIVHYHUDO HQYLURQPHQWDO DQG FRPPXQLW\ VHUYLFH QRQSUR¿WV DQG DVDPHGLDWRUZLWKWKH.LQJ&RXQW\'LVSXWH5HVROXWLRQ &HQWHU LQ 6HDWWOH 0DU\ KROGV D MRLQW -'0%$ GHJUHH IURPWKH8QLYHUVLW\RI:DVKLQJWRQDQGQRZGLYLGHVKHU WLPHEHWZHHQRXU6HDWWOHDQG'&RI¿FHV 7KH%RDUGRI'LUHFWRUVLVYHU\SURXGRIWKHWUHPHQGRXV SURJUHVVWKDW*$3KDVDFFRPSOLVKHGLQUHFHQWPRQWKV DQG ORRNV IRUZDUG WR EXLOGLQJ RQ WKHVH VXFFHVVHV LQ XQGHU0DU\¶VGLUHFWLRQ -DPHV&7XUQHU &KDLU*$3%RDUGRI'LUHFWRUV :HFDQQRWEOLWKHO\DFFHSWWKLVDGPLQLVWUDWLRQ¶VDVVXUDQFHVWKDWWKHLUWDFWLFVDUHRQO\EHLQJXVHGDJDLQVW WHUURULVPVXVSHFWV),6$ZDVDGRSWHGLQWKHZDNHRIWKHGLVFRYHU\RIVHFUHWDQGZLGHVSUHDGVS\LQJRQ WKH$PHULFDQSHRSOH,WLVWLPHWRVSHDNXSLQRSSRVLWLRQWRWKLVXQFKHFNHGDQGXQFRQVWUDLQHGLQYDVLRQ RIRXUULJKWVVSHFL¿FDOO\RXUULJKWWREHIUHHIURPXQODZIXOVHDUFKHVDQGRXUULJKWWRNQRZWKHWUXWK DERXWRXUFRXQWU\3OHDVHMRLQXVLQWKLVTXHVW 6LQFHUHO\ 0DU\%UXPGHU ([HFXWLYH'LUHFWRU 4BWJOH0VS1FUT ("1$MJFOU#MPXT8IJTUMFPO%BOHFSPVT%PH%SVH +ROO\ZRRGZRXOGKDYHUHMHFWHGWKLVVFULSWDVLPSODXVLEOH<HWWKH VWLOOXQIROGLQJVDJDRI)'$YHWHULQDULDQ9LFWRULD+DPSVKLUHLVDOO WRRUHDO7KDQNVLQSDUWWR*$3KRZHYHUFRUSRUDWHJLDQW:\HWK 3KDUPDFHXWLFDO¶VFDPSDLJQWRGLVFUHGLW'U+DPSVKLUHKDVEHHQ VWRSSHGLQLWVWUDFNVDQGQRZVHUYHVDVWKHFDWDO\VWIRUD6HQDWH SUREHLQWRWKHGDUNVLGHRI)'$DQGGUXJLQGXVWU\FROODERUDWLRQ $V6HQDWRU&KDUOHV*UDVVOH\5,RZDODPHQWHGRQWKHÀRRURI WKH6HQDWH³'U+DPSVKLUH¶VKDUGZRUNDQGGHGLFDWLRQWRVFLHQFH DQG GUXJ VDIHW\ SODFHG D EXOOVH\H RQ KHU UHSXWDWLRQ DQGFDUHHU´ %XWWKHWDOHJHWVZRUVH'U+DPSVKLUHZDVWKHQVXEMHFWHGWRDQ )'$FULPLQDOLQYHVWLJDWLRQDQGVWLQJRSHUDWLRQ 7KDW¶VZKHQ'U+DPSVKLUHFDPHWR*$3IRUKHOS1RZZLWKD PL[RIOHJDOFRXQVHOLQJSHUVRQDOVXSSRUWDQGDVVLVWDQFHLQPHGLD RXWUHDFKWKH:\HWK+RXVHRI&DUGVLVFROODSVLQJ (YHQ WKRXJK &90 GLG QRW SHUPLW 'U +DPSVKLUH WR SUHVHQW WKH FDVH DERXW WKH GUXJ¶V GDQJHUV WR WKH 9HWHULQDU\0HGLFLQH$GYLVRU\ &RPPLWWHH WKH &RPPLWWHH VWLOOYRWHGWRNHHS3UR+HDUW RII WKH PDUNHW :KDW¶V PRUH WKHLQWHUQDO)'$LQYHVWLJDWLRQ RI 'U +DPSVKLUH FRPSOHWHO\ H[RQHUDWHG KHU DQG WKH DJHQF\ JDYH KHU DQ DZDUG IRU KHU ZRUN RQ WKH GUXJ 7KH 1HZ <RUN 7LPHV %RVWRQ *OREH DQG RWKHUV KDYH EHHQ FKURQLFOLQJ KHU VWRU\ 0HDQZKLOH 'U +DPSVKLUH KDV WUDQVIHUUHG IURP &90 WR WKH)'$¶V&HQWHUIRU'HYLFHV DQG 5DGLRORJLFDO +HDOWK ZKHUH LQ KDSS\ FRQWUDVW WR &90 KHU FXUUHQW VXSHULRUV FRPSOHWHO\VXSSRUWKHU 'U+DPSVKLUHZRUNHGIRUWKH )'$¶V &HQWHU IRU 9HWHULQDU\ 0HGLFLQH &90 ZKHUH VKH UHYLHZHGWKHVDIHW\RIYDULRXV DQLPDO FDUH GUXJV LQFOXGLQJ :\HWK¶V 3UR+HDUW 7KH GUXJ ZDV LQLWLDOO\ DSSURYHG E\ WKH )'$ LQ WR WUHDW KHDUWZRUP LQ FDQLQHV %\ 3UR+HDUW FODLPHG VDOHVRIRYHUPLOOLRQ7KH SUREOHP DV 'U +DPSVKLUH GLVFRYHUHGZDVWKDWWKHGUXJ ZDVUHODWHGWROLYHUSUREOHPV DXWRLPPXQH GLVHDVH VHYHUH VHL]XUHV DQG RYHU GRJ $FDQLQHNLOOLQJKHDUWZRUPGUXJKDVEHHQSXOOHGRIIWKHPDUNHWWKDQNVWR*$3&OLHQW GHDWKV 7KH )'$ SUHVVHG 9LFWRULD+DPSVKLUH :\HWK WR UHFDOO WKH GUXJ ZKLFKLWGLGRQ6HSWHPEHU %XW:\HWKZDVPHUHO\ VWDOOLQJ ± LW VHW RXW WR JDLQ UHDSSURYDO IRU LWV SUR¿WDEOH GUXJ IURPDQ)'$$GYLVRU\&RPPLWWHHVODWHGWRPHHWLQODWH-DQXDU\ 1RZ LW¶V 6HQ *UDVVOH\¶V WXUQ WR GLJ XS GLUW EXW LW¶V QRW 'U +DPSVKLUHKH¶VLQYHVWLJDWLQJ/DWHODVW\HDU*UDVVOH\ZURWHWKH &(2RI:\HWKWKDW³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¶V UHYLHZ RI WKHVH DOOHJDWLRQV UDLVHV VHULRXV WKDWWKHRQO\UHDVRQ3UR+HDUWZDVRIIWKHPDUNHWZDVEHFDXVH TXHVWLRQV UHJDUGLQJ DPRQJ RWKHU WKLQJV WKH DSSURSULDWHQHVV RI RI'U+DPSVKLUHZKRKHFODLPHGKDGD¿QDQFLDOVWDNHLQDULYDO WKHDFWLRQVWDNHQE\ERWKWKH)'$DQG:\HWK´ SURGXFW $W WKDW SRLQW WKHQDFWLQJ )'$ &RPPLVVLRQHU /HVWHU &UDZIRUGJUDQWHG:\HWKDSULYDWHPHHWLQJLQZKLFKWKHFRPSDQ\ SUHVHQWHG KLP ZLWK ³LQIRUPDWLRQ´ DERXW 'U +DPSVKLUH -XVW ,QGHHG 6WD\ WXQHG IRU *UDVVOH\¶V UHSRUW LQWR ZKDW KH FDOOV WKLV ZHHNV DIWHU WKLV VHFUHW PHHWLQJ 'U +DPSVKLUH ZDV VXPPDULO\ ³VRUGLG VWRU\´ :KHQ DOO WKH IDFWV DUH RXW DQG RSHQ SHUKDSV UHPRYHGE\&90RI¿FLDOVIURPWKHUHYLHZRI3UR+HDUWZLWKRXW +ROO\ZRRGZLOORSWLRQLWDIWHUDOO H[SODQDWLRQRUDQ\RSSRUWXQLW\WRGHIHQGKHUVHOI 4QPUMJHIUPO3BOEZ8BMMJ "$POWFSTBUJPOXJUI("11SFTJEFOU-PVJT$MBSL QHJDWLYHO\ODEHOHG7KHKHDUWRIWKHPDWWHUZDVWKDWZHXVHGZKDW ZHUHWKRXJKWWREHWKHULJKWDYHQXHVDQGJRWSHQDOL]HGIRUGRLQJ ZKDWZDVULJKW 5DQG\ :DOOL GLG ZKDW KH WKRXJKW ZDV ULJKW $V D SLSH¿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¿UHG7ZLFH $MBSL +DG \RX HYHU H[SHULHQFHG VDIHW\ LVVXHV EHIRUH WKLV SDUWLFXODUMRE" 8BMMJ :HOO , VWDUWHG P\ DSSUHQWLFHVKLS LQ , ZRUNHGDWSRZHUSODQWVLQ 3KLODGHOSKLD 1HZ -HUVH\ DQG1HZ<RUNZLWKDORWRI ELJMREH[SHULHQFHUXQQLQJ FUHZV , ZRUNHG DOO RYHU WKH :HVW &RDVW IRU SDSHU PLOOV DQG UH¿QHULHV <RX DOZD\V KDG VDIHW\ LVVXHV DQG VDIHW\ SURJUDPV ,W¶V D OLWWOH PRUH SURQRXQFHG WRGD\ WKDQ LW ZDV LQ WKH V 6DIHW\ LVVXHV KDYH HYROYHGLQWRDELJJHULVVXH RYHUWKH\HDUV 7KH'2(LVVXSSRVHGWRGHIHQGZKLVWOHEORZHUVVXFKDV:DOOLZKR WU\WRPDNHWKHQDWLRQ¶VQXFOHDUIDFLOLWLHVVDIHU+RZHYHUWKH'2( FKRVH LQVWHDG WR SURWHFW WKHLU EXVLQHVV LQWHUHVWV E\ PDLQWDLQLQJ VLOHQFH DQG HYHQ SD\LQJ )OXRU¶V OHJDO FRVWV WR GHIHQG DJDLQVW :DOOL¶VODZVXLWIRUUHLQVWDWHPHQWDQGGDPDJHV,WLVHVWLPDWHGWKDW WKHDJHQF\KDVVSHQWPRUHWKDQPLOOLRQLQWD[SD\HUV¶PRQH\RQ WKHFRPSDQ\¶VEDWWOHZLWK:DOOLDQGKLVIHOORZSLSH¿WWHUV :DOOL DVNHG *$3 IRU KHOS$IWHU HLJKW \HDUV RI OHJDO KHDUWDFKH VWUHVV DQG KXPLOLDWLRQ MXVWLFH ¿QDOO\ SUHYDLOHG ZKHQ D %HQWRQ &RXQW\6XSHULRU&RXUWMXU\DZDUGHGPLOOLRQLQGDPDJHVWR :DOOLDQGWHQRWKHUSLSH¿WWHUV'HVSLWHWKLVYLFWRU\WKHEDWWOHLV QRWRYHU)OXRUKDVDSSHDOHG $MBSL ,Q \RXU RWKHU H[SHULHQFHV KDG \RX HYHUIRXQGWKHVDPHOHYHO RI UHVLVWDQFH WR VDIHW\ LVVXHV" $MBSL&DQ\RXGHVFULEHZK\\RXGHFLGHGWREORZWKHZKLVWOH LQ" 8BMMJ:KHQWKLVZKROHHYHQWVWDUWHG,FDQ¶WVD\,HYHQNQHZZKDW D ZKLVWOHEORZHU ZDV ,W FHUWDLQO\ ZDVQ¶W DQ\WKLQJ RQ RXU PLQGV ZKHQ WKHVH HYHQWV VWDUWHG HYROYLQJ 0\ FUHZ DQG , JRW EDFNHG LQDFRUQHUWRGRVRPHWKLQJZHGLGQ¶WWKLQNZDVULJKW:HKDGWR WDNHDVWDQGRQLW +DQIRUGSLSH¿WWHU5DQG\:DOOLZDVPRFNLQJO\FD RI-DFNLH-RKQVRQ 8BMMJ 1R , KDYH EHHQ RQ PDQ\ MREV ZKHUH WKH FRPSDQ\ MXVW GLGQ¶WWROHUDWHYLRODWLQJVDIHW\LVVXHV $MBSL6RWKLVZDVDQHZH[SHULHQFHRYHUWKHUHDW+DQIRUG" ,QWKHSLSLQJZRUOGLWLVQRWJRRGSUDFWLFHWRXVHYDOYHVWKDWDUHQRW UDWHGIRUWKHWHVWSUHVVXUHWKH\ZRXOGEHVXEMHFWWR,QRXUFDVH ZHZHUHGHDOLQJZLWKH[FHHGLQJO\KLJKSUHVVXUHV$V\RXJRIURP ORZSUHVVXUHVWRKLJKSUHVVXUHVWKHGDQJHULQFUHDVHVLPPHQVHO\ :HZHUHDVNHGWRSXWSLSHVLQDQGZHNQHZWKH\ZHUHJRLQJWREH H[FHHGLQJWKHYDOYHUDWLQJV:HSXWRXUIRRWGRZQDQGVDLGWKLVLV QRWULJKWDQGZHDUHQRWJRLQJWRGRWKDW 8BMMJ :KHQ , ¿UVW ZHQW WR +DQIRUG WKH FRQWUDFWRU ZDV .DLVHU (QJLQHHUV±)OXRUFDPHWKHQH[W\HDU:LWK.DLVHU,FDPHGRZQ VLFNZLWKFDUERQPRQR[LGHSRLVRQLQJDQG,KDGWRVSHQGKRXUV LQDQ,&8RQR[\JHQEHFDXVHWKHVDIHW\GHSDUWPHQWKDGSXWXV LQDURRPZLWKUHVSLUDWRUVLQDFRQ¿QHGVSDFHZKHUH,ZDVGRLQJ PRVWRIWKHZHOGLQJ7KHVDIHW\GHSDUWPHQWGLGDQLQYHVWLJDWLRQLQ ZKLFKDOOWKH\GLGZDVWU\WRSLQWKHFDUERQPRQR[LGHSRLVRQLQJ RQVRPHWKLQJ,ZDVGRLQJDWKRPH7KHUHZHUHWKUHHRIXVWKDWKDG WRJRWRWKHKRVSLWDO±DQGZHQHYHUVDZHDFKRWKHURIIWKHMRE 7KDWVKRXOGKDYHEHHQWKHLU¿UVWFOXH7KHQWKH\WULHGWRSLQLWRQ WKHIDFWWKDW,KDGDQHZKRPH7KH\VDLGLWKDGWREHIURPWKHJDV IURPP\QHZDSSOLDQFHV%XW,GLGQ¶WKDYHDQ\JDVDSSOLDQFHV 7KHQ WKH\ VDLG LW FDPH IURP ZRUNLQJ RQ P\ HTXLSPHQW LQ P\ VKRS:HOO,GLGQ¶WKDYHDVKRSDWWKHWLPH,WMXVWZHQWRQDQG RQ)LQDOO\DQHQYLURQPHQWDOKHDOWKIRXQGDWLRQJRWLQYROYHGZLWK $MBSL:K\GR\RXWKLQNWKHUHZDVUHVLVWDQFH" 8BMMJ , EHOLHYH ZH KDG PDQDJHUV WKDW ZHUH WLUHG RI GHDOLQJ ZLWKVDIHW\FRPSODLQWVDQGLVVXHV0DQDJHUVVWDWHGWKDWZHKDG SUHYLRXVO\FRPSODLQHGEHFDXVHRIVHYHUDOLVVXHVUHODWHGWR[UD\ H[SRVXUH:HSURSHUO\ZHQWWKURXJKDIRUXPDVDIHW\GHSDUWPHQW DQG PRQWKO\ PHHWLQJV WR UHVROYH WKHVH VDIHW\ LVVXHV ,W¶V LURQLF WKDW WKH\ JR WKURXJK DOO WKH LVVXHV WR WHOO XV ZH KDYH VDIHW\ DQG VWRSZRUNLQJ DELOLW\ EXW ZKHQ ZH XVH WKRVH ULJKWV ZH DUH WKH LQYHVWLJDWLRQ E\ WDNLQJ VDPSOHV DQG GRLQJ GLIIHUHQW WHVWLQJ &RPELQLQJWKRVHUHVXOWVZLWKP\PHGLFDOUHVXOWVWKH\SLQQHGLW RQWKHIDFWWKDWLWZDVWKHZHOGLQJDQGWKDWWKHVDIHW\GHSDUWPHQW VFUHZHGXS$IWHUWKDW,GLGQ¶WKHDUWKHHQGRILW(YHQRQHRIWKH VDIHW\PHQZDVJLYLQJPHDKDUGWLPH2QHGD\,ZDONHGLQWRD PHHWLQJDQGKHVDLG³:HOOKHUHLV0U6DIHW\´,JXHVVWKDWZDV KRZ,ZDVSHJJHG 8BMMJ<RXWU\WRUHDGWKHMXU\DQG\RXMXVWKRSH\RXKDYHPRUH JRRG GD\V WKDQ EDG RQHV ,W ZDV D YHU\ ORQJ VWUHVVIXO QHUYRXV WLPH:HQHYHUUHDOO\XQGHUVWRRGZK\)OXRUSXUVXHGLWRUZK\ WKH\WKRXJKWWKH\FRXOGZLQZLWKWKHHYLGHQFHWKDWZHKDG6RPH RI WKH MXURUV DIWHUZDUGV PDGH FRPPHQWV VWDWLQJ WKDW WKH FDVH VKRXOGQHYHUKDYHJRQHWRWULDO,WZDVDYHU\MXELODQWGD\ZKHQ WKHYHUGLFWFDPHGRZQEXW\RXORVHWKDWEHFDXVH\RXVWLOOKDYH DSSHDOVDQG\RXVWLOOKDYHQ¶WUHFRXSHG\RXUORVVHVDQG\RX¶UHVWLOO SD\LQJ$QGZH¶UHEDFNLQWKHVDPHVWUXJJOH $MBSL 7KDW LV DPD]LQJ 6R ZKDW ZDV \RXU H[SHULHQFHZKHQ\RXPHW ZLWK*$3" $MBSL ,QWHUPVRI\RXURZQWHVWLPRQ\ZKDWZDV\RXUFURVV H[DPLQDWLRQOLNH" 8BMMJ :HOO WKDW FDPH DW D YHU\ JRRG WLPH IRU XV EHFDXVH ZH FHUWDLQO\ FRXOGQ¶W DIIRUG D FDVH *$3 KHOSHG XV WR JHW WKURXJK WKH HYHQWV DQG WR OLWLJDWLRQ 7KLV WKLQJ LV VWLOO QRW RYHU :H ¿QDOO\ JRW WR D MXU\ WULDO ZLWK D IDYRUDEOHGHFLVLRQEXWZH VWLOO KDYHQ¶W ZRQ ,W FRVWV XVDOOPRQH\:HDOOKDGWR SD\ZLWKFUHGLWFDUGVWRWU\ WRSD\IRUH[SHQVHV:H¶UH VWLOO JRLQJ EDFNZDUGV LQ WKLVZKROHRUGHDO 8BMMJ :HOO WKH\ ZHUH WU\LQJ WR WULFN PH DQG WULS PH XS %XW , $MBSL *LYHQWKHIDFWWKDWLWKDVEHHQJRLQJRQIRUQHDUO\D RIWKHEXUHDXFUDF\0\IHHOLQJLVWKDWWKHSHRSOHDWWKHWRSDUHQRW QHFHVVDULO\JHWWLQJWKHFRUUHFWVFHQDULRRUFRUUHFWLQIRUPDWLRQRI ZKDWWKH\ZHUHJHWWLQJLQWR7KHPDQDJHULQWKHFRXUWURRPZKR LVOLNHWKHWKLUGYLFHSUHVLGHQWZDVQ¶WDQ\ZKHUHDURXQGGXULQJWKH \HDUVWKDWWKLVWRRNSODFH+HZDVQ¶WLQRQDQ\RIWKHGHFLVLRQV ,I\RXZDWFKHGKLPGXULQJWKHWULDOLWORRNHGOLNHWKLQJVZRXOG FRPHXSWKDWKHKHDUGIRUWKH¿UVWWLPHRUWKDWKHGLGQ¶WUHDOL]H ZHUHWUXHIDFWV,IKHKDGNQRZQWKHVHIDFWVKHPLJKWKDYHQRW KDGJRQHIRUZDUG DOOHG³0U6DIHW\´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¶WWKLQNZHFRXOGOLYHZLWKDQ\RQHJHWWLQJ KXUWRUNLOOHG+RZHYHULW¶VEHHQWRXJKRQHDFKRIWKHSLSH¿WWHUV¶ IDPLOLHV,KDYHWZRVWHSVRQVWKDW,FRXOGQHYHUDIIRUGWRWDNHRQ DQ\IDPLO\YDFDWLRQVEHFDXVHZHKDGWR¿JKWWKLVIRUWKHODVWQLQH \HDUV,QWKHIXQFWLRQDOZRUOGLWKDVEHHQFULSSOLQJIRUDOPRVWDOO RIXV 7KHUH LV D ODZ WKDW VKRXOG GHWULPHQWDOO\ DIIHFW WKH FRPSDQ\¶V 9339ROXQWDU\3URWHFWLRQ3URJUDPVVWDUVWDWXVUDWLQJDQGWKHLU LQVXUDQFHUDWLQJLIWKH\ORVH$VORQJDVWKH\NHHSLWLQOLWLJDWLRQ WKH\ GRQ¶W RI¿FLDOO\ KDYH D ORVV7KH IXQGV WKDW WKH\ RZH XV LQ GDPDJHVDUHQRWKLQJWRWKHPLQWKHELJSLFWXUHLQWHUPVRIORVLQJ ELJ FRQWUDFWV RU KDYLQJ D EODFN H\H LQ WKH LQVXUDQFH UDWLQJ DQG 933VWDWXV,QIDFWWKH\ZHUHULJKWLQWKHPLGGOHRIJRLQJIRUWKHLU 933DZDUGZKHQWKLVWKLQJEURNHRXW6RLIWKH\FDQNHHSIURP JHWWLQJDORVVLQWKHFRXUWURRPGXULQJWKHDSSOLFDWLRQSURFHVVWKHQ WKDW LV EHWWHU IRU WKHP 7KH\ FHUWDLQO\ FRXOGQ¶W EH D VWDU VWDWXV FRQWUDFWRUDQGKDYHDZKLVWOHEORZHUORVVDWWKHVDPHWLPH &RQWLQXHGRQEDFNSDJH $MBSL :KDW ZDV LW OLNH ZKHQ WKH MXU\ FDPH WKURXJK ZLWK WKHLUYHUGLFW" 8BMMJ 7KDW ZDV RQH RI WKH EHVW GD\V RI RXU OLYHV 7KDW ZDV D KLJKO\VWUHVVIXOKLJKO\HPRWLRQDOGD\IRUHYHU\ERG\,GRQ¶WWKLQN \RXKDGWRRPDQ\GD\VWKDWZHUHWKDWH[FLWLQJRUIHOWWKDWJRRG $MBSL'LG\RXH[SHFWWKHUHVXOWV" /VDMFBS1SPHSBN ("15PVST)BOGPSE7JUSJGJDBUJPO1MBOU 2Q-DQXDU\*$3VWDIIWRXUHGWKH+DQIRUGYLWUL¿FDWLRQ SODQWDWWKHLQYLWDWLRQRISODQWRI¿FLDOV7KHFRQWURYHUVLDOVLWH LVGHVLJQHGWRPL[KLJKOHYHOQXFOHDUZDVWHZLWKJODVVLQRUGHU WRPDNHLWHDVLHUWRVWRUHDQGWUDQVSRUWLQWKHIXWXUH0RVWRI WKLVKD]DUGRXVPDWHULDOFRPHVIURPPLOOLRQJDOORQVRIZDVWH FXUUHQWO\VWRUHGLQ+DQIRUG¶VDJLQJXQGHUJURXQGWDQNVZKLFK FRQWLQXDOO\WKUHDWHQWKH&ROXPELD 5LYHU ZDVWHWDQNVDUHDOUHDG\LQSODFH 7KH¿UVWEXLOGLQJYLVLWHGZDVWKHSUHWUHDWPHQWIDFLOLW\$IWHUWKH SODQW LV LQ RSHUDWLRQ WKH H[SHFWHG UDGLDWLRQ OHYHOV ZLOO EH VR JUHDWWKDWQRRQHZLOOEHDOORZHGWRJRLQRURXWRIPRVWVHFWLRQV RIWKLVEXLOGLQJ,QWKHVHVSDFHVDOOWKHZRUNZLOOEHPHFKDQL]HG DQGSHUIRUPHGUHPRWHO\WKURXJKD FRQWUROURRP :LWK XS WR JDOORQV RI WDQN ZDVWH SURFHVVHG GDLO\ WKH VDIHW\ RI WKH SUHWUHDWPHQW SODQW LV KLJKO\ XQFHUWDLQ 3URMHFW RI¿FLDOV DGPLWWHG WKDW WKH\ IDLOHG WR DQWLFLSDWH WKDW K\GURJHQ FRXOG EXLOG XS LQ WKH SLSLQJ RU FRROLQJ ULQJV DURXQG WKH WDQNV D OLWHUDOO\ H[SORVLYH SUREOHP 7KLV LV WKH W\SH RI IDLOXUH WKDW KDV GULYHQ WKH FRVWV RI WKH IDFLOLW\ VN\KLJK DQG FDXVHG VLJQL¿FDQW GHOD\V ,W UDLVHV WURXEOLQJ TXHVWLRQV DERXW WKH ULJRU RI WKH GHVLJQ DQG WKH TXDOLW\ DVVXUDQFH SURJUDP WKDW LV VXSSRVHGWRFDWFKWKHVHLVVXHV $ODUP EHOOV RQ WKLV SURMHFW VWDUWLQJ ULQJLQJ ZKHQ *$3 SXEOLVKHG D UHSRUW ZULWWHQ E\ QXFOHDU H[SHUW 5REHUW $OYDUH] WKDW SRLQWHG RXW VHYHUH GHVLJQ DQG VDIHW\ GH¿FLHQFLHV LGHQWL¿HG E\ WKH 1XFOHDU 5HJXODWRU\ &RPPLVVLRQ 15& EXW LJQRUHG E\ WKH 'HSDUWPHQW RI (QHUJ\ '2( 7KH SURMHFW KDV SURYHQ PRUH FKDOOHQJLQJ DQG FRVWO\ WKDQ RQFH WKRXJKW ± D IURQW SDJH 6HDWWOH 7LPHV VWRU\ LQ 'HFHPEHU XQHDUWKHG D VHFUHW $UP\ &RUSV RI (QJLQHHUV UHSRUW HVWLPDWLQJ WKHSURMHFW¶VFRVWZLOOULVHE\RYHU ELOOLRQ D SHUFHQW LQFUHDVH WR DQ HVWLPDWHG ELOOLRQ $GGLWLRQDOO\ WKH UHSRUW SUHGLFWHG D IRXU \HDU GHOD\ LQ WKH SODQW¶V RSHQLQJ $IWHU SUHWUHDWPHQW PRVW UDGLRDFWLYH ZDVWH ZLOO JR WR WKH KLJK OHYHO ZDVWH IDFLOLW\ +HUH VRPH ZDVWH ZLOO EH YLWUL¿HG DQG SXW LQWR FDQLVWHUV IRU HYHQWXDO VKLSPHQW WR D QDWLRQDO VWRUDJH &RQJUHVVLRQDO UHVSRQVH WR WKH VLWH VXFK DV <XFFD 0RXQWDLQ UHSRUW ZDV WR VODVK WKH SURMHFW¶V 6DIHW\QHHGVWREHWKHXWPRVWSULRULW\DWWKHYLWUL¿FDWLRQSODQW 8QIRUWXQDWHO\ ZLWK PXFK EXGJHWE\PLOOLRQIRU XQFHUWDLQW\ VXUURXQGLQJ WKDW OHDGLQJ %HFKWHO WR VXVSHQG PRVW SODQW¶V GLUHFWLRQ WKLV ZDVWH PD\ FRQVWUXFWLRQ DFWLYLW\ DQG OD\RII UHPDLQLQ:DVKLQJWRQVWDWHIRUVRPHWLPHSRVLQJDFRQWLQXLQJ ZRUNHUV WKUHDWWRLWVVXUURXQGLQJHQYLURQPHQW 7KLV SODQW LV WKH ODUJHVW DQG PRVW FRPSOH[ HQYLURQPHQWDO '2(KDVGHVLJQDWHGWKHZDVWHWKDWGRHVQRWJRWRWKDWEXLOGLQJ UHPHGLDWLRQHIIRUWFXUUHQWO\XQGHUZD\DQ\ZKHUHLQWKHZRUOG DV³ORZDFWLYLW\´+RZHYHUWKLVGH¿QLWLRQLVSUREOHPDWLFVLQFH ZLWKWKHSRVVLEOHH[FHSWLRQRIWKH1HZ2UOHDQVUHEXLOGLQJ LWGHYLDWHVIURPWKHVWDWXWRU\GH¿QLWLRQ'2(LVLJQRULQJWKLV *$3 VWDII LQFOXGLQJ 1XFOHDU 2YHUVLJKW 'LUHFWRU 7RP GH¿QLWLRQDQGVLPSO\UHFODVVLI\LQJWKLVPDWHULDODFFRUGLQJWRLWV &DUSHQWHUZHUHOHGRQDWRXURIWKHSODQWE\RI¿FLDOVIURPWKH RZQ FULWHULD /DZVXLWV KDYH EHHQ ¿OHG RYHU WKLV XQMXVWL¿DEOH 'HSDUWPHQWRI(QHUJ\¶V2I¿FHRI5LYHU3URWHFWLRQ253DQG HDV\¿['2(FDQDQWLFLSDWHOHJDOFKDOOHQJHVWRWKLVHIIRUWWR WKHYLWUL¿FDWLRQSODQWSURMHFWPDQDJHU&RQYHUVDWLRQVEHWZHHQ ³ODEHODZD\´LWVUHVSRQVLELOLWLHV WKH SDUWLHV WRXFKHG RQ WKH SK\VLFDO HOHPHQWV RI WUHDWPHQW $JDLQRI¿FLDOVSURYLGHG*$3ZLWKDVVXUDQFHVWKDWHYHU\WKLQJ EXLOGLQJV WKH YLWUL¿FDWLRQ SURFHVV WKH SURMHFW¶V WLPHOLQH DQG ZRXOGWXUQRXWDOULJKWDQGWKDWWKHSODQW¶V³EHVWDQGEULJKWHVW ¿QDQFLDO VWDWXV DQG HIIRUWV WR HQVXUH SODQW FUHGLELOLW\ DQG FRPPLWWHH´ PHPEHUV DUH FKHFNLQJ RYHU WKH FRQFHUQV PDGH VDIHW\ SXEOLFE\WKH$UP\&RUSVRI(QJLQHHUVUHSRUW7KHLUFRXQWHU 7KHSK\VLFDOHOHPHQWVRIWKHSURMHFWFRQVLVWRIRYHUPLOHV UHSRUW ZLOO EH DYDLODEOH LQ 0DUFK FRLQFLGLQJ ZLWK WKH '2( RISLSLQJDQGIRXUSULPDU\EXLOGLQJV0DQ\RIWKHPDLQWHQDQFH UHSRUWRQWKHODWHVWWLPHOLQHDQGFRVWDQDO\VLVRIWKHSURMHFW VWUXFWXUHV IRXQGDWLRQV ZDVWH WUDQVSRUWDWLRQ WUDFNV DQG ODUJH &RQWLQXHGRQSDJH i)BOGPSEwDPOUJOVFEGSPNQBHF $OWKRXJKRI¿FLDOVUHSHDWHGO\HPSKDVL]HGWKDWFRQVWUXFWLRQZDVEHLQJFRQGXFWHGZLWKWKHXWPRVWFRQFHUQIRUVDIHW\WKHWUXHFXOWXUH RIWKHVLWHZDVUHYHDOHGE\JUDI¿WLWKDW*$3VDZGXULQJWKHWRXU³1R&U\%DELHV$OORZHG´ZDVVSUD\SDLQWHGLQSODLQYLHZRIZRUNHU DUHDV7KLVXQGHUOLQHVDFRPPRQDWWLWXGHDW+DQIRUGDVZHOODVWKHVWURQJQHHGIRUDFXOWXUHRIVDIHW\WREHLQWURGXFHGLQWRWKHSURMHFW 4XDOLW\DVVXUDQFHRQWKLVSURMHFWLVHVVHQWLDOWRWKHZHOOEHLQJRI:DVKLQJWRQDQG2UHJRQFLWL]HQVDVDQDFFLGHQWFRXOGKDYHZLGHVSUHDG KHDOWKDQGHQYLURQPHQWDOFRQVHTXHQFHV 7KHHYLGHQFHLVLQFRQWURYHUWLEOHPLVPDQDJHPHQWGHVLJQHUURUVVKRUWFXWVDQGDUURJDQFHKDYH¿QDOO\FDXJKWXSWRWKHSURMHFWZKLFK LVQRZLQVHULRXVMHRSDUG\RIEHLQJGHIXQGHGDOWRJHWKHUE\&RQJUHVVLQDPXOWLELOOLRQGROODUZULWHRII7KH'2(KDVIDLOHGWRH[HUFLVH DGHTXDWHRYHUVLJKWDQGDSSDUHQWO\LWKDVQRLQWHQWLRQRIFKDQJLQJLWVKDELWVWRHQIRUFHDFXOWXUHRIVDIHW\ ,WLVFOHDUWR*$3WKDWJUHDWHUDFFRXQWDELOLW\DQGRYHUVLJKWDUHQHHGHGWRVDOYDJHWKLVSURMHFW$QLPSRUWDQW¿UVWVWHSLVDSLORWSODQWWKDW SURYHVWKDWWKHSURFHVVFDQEHWHFKQLFDOO\DFKLHYHGLQDVDIHPDQQHU7KHUHPXVWDOVREH15&FRQFXUUHQFHDVDUHTXLUHPHQWEHIRUHHLWKHU WKHSLORWRU¿QDOSODQWLVDOORZHGWRRSHUDWH$QGDQDWLRQDORYHUVLJKWERDUGWKDWLVDFFRXQWDEOHWR&RQJUHVV±QRWWKH'2(±PXVWJXLGH WKHSODQWWRFRPSOHWLRQ7KHVWDNHVDUHVLPSO\WRRKLJKWRDIIRUGHLWKHUDQRWKHUFOHDQXSIDLOXUHRUFUHDWLRQRIDQXQVDIHIDFLOLW\ i#SFBLUISPVHIwDPOUJOVFEGSPNGSPOUQBHF PDQDJHPHQWWRVKRZWKDWDQ\DGYHUVHDFWLRQWRZDUGDZKLVWOHEORZHUZDVQRWUHWDOLDWLRQ7KHSROLF\UHTXLUHVWKDWGLVFLSOLQDU\DFWLRQEH WDNHQDJDLQVWSDUWLHVIRXQGWRKDYHFDUULHGRXWUHWDOLDWLRQEDVHGRQDZKLVWOHEORZHU¶VGLVFORVXUH )RUWKRVHZKRKDYHVXIIHUHGUHSULVDOIRUUHSRUWLQJPLVFRQGXFW±DQGDVPDQ\RISHUFHQWRIVWDIIHUVVXUYH\HGLQVDLGWKH\ IHDUHGUHSULVDO±WKLVSROLF\RIIHUVYLQGLFDWLRQDQGKRSHWKDWWKHLUVHUYLFHWRWKH81PLVVLRQZLOOKHQFHIRUWKEHDFNQRZOHGJHGDQG UHZDUGHG0DQ\FKDOOHQJHVUHPDLQKRZHYHU 6WLOO:RUNWREH'RQH 8QGHUWKHFXUUHQW81VWUXFWXUHHQIRUFHPHQWRI WKHSROLF\LVLQGRXEWDVQHLWKHUWKHLQYHVWLJDWLRQ XQLW QRU V\VWHP IRU DGMXGLFDWLQJ UHWDOLDWLRQ GLVSXWHV DUH LQGHSHQGHQW IURP FRQÀLFWV RI LQWHUHVW ± QDPHO\ WKDW KHDULQJMXGJHV UHSRUW WR PDQDJHPHQW DQG GXH SURFHVV SURWHFWLRQV DUH ODFNLQJ)XUWKHUPRUHPDQ\81ZKLVWOHEORZHUV ZLOO QRW EH DEOH WR DIIRUG WR FRQWHVW UHWDOLDWLRQ EHFDXVH WKH\ DUH QRW FXUUHQWO\ UHLPEXUVHG IRU DWWRUQH\IHHVHYHQZKHQWKH\ZLQ2QO\WKH81 *HQHUDO$VVHPEO\FDQHQVXUHFRPSOHWHSURWHFWLRQ WRZKLVWOHEORZHUVE\LQVWLWXWLQJVWUXFWXUDOUHIRUPV WKDW SURYLGH MXGLFLDO LQGHSHQGHQFH GXH SURFHVV ULJKWVDQGUHLPEXUVHPHQWRIDWWRUQH\IHHV (DFKWLPHDSURWHFWLRQSUDFWLFHLVDSSOLHGLQDQHZ DUHQDZKLVWOHEORZHUV±DQGWKHSXEOLF±ZLQ,Q 1RYHPEHU¶V )RUHLJQ 2SHUDWLRQV DSSURSULDWLRQV ODZ &RQJUHVV UHTXLUHG 86 RI¿FLDOV WR SURSRVH FHUWDLQVWUXFWXUDOUHIRUPVDWWKH:RUOG%DQNDQG VLPLODU LQVWLWXWLRQV 7KHVH SURYLGH D QXPEHU RI EHVW SUDFWLFHV LQFOXGLQJ UHLPEXUVHPHQW RI DWWRUQH\V¶ IHHV DQG DFFHVV WR H[WHUQDO ELQGLQJ DUELWUDWLRQ RU RWKHU LQGHSHQGHQW DOWHUQDWLYH GLVSXWHUHVROXWLRQ*$3FRQWLQXHVWRSURPRWHQHZ SUDFWLFHVWKDWHOHYDWHWKHVWDQGDUGVIRUSURWHFWLRQ RIULJKWVVDIHJXDUGLQJWKHSXEOLF¶VULJKWWRNQRZ KRZ WKH 8QLWHG 1DWLRQV DQG RWKHU LQWHUQDWLRQDO ERGLHVDUHRSHUDWLQJ *O)POPSPG*OEFSKJU.BSXBI B4FSWBOUJOUIF1VCMJD*OUFSFTU *$3¶VZRUNLVRQO\SRVVLEOHDQGVXFFHVVIXOEHFDXVHRIWKRVHZKRVKDUH ZLWKXVWKHLUH[SHULHQFHVMRLQLQJIRUFHVWRPDNHZKLVWOHEORZLQJVDIH,W LVWKHVHEUDYHSHRSOHZHVHHNWRKRQRUDVWKHYDQJXDUGIRULQVWLWXWLRQDO FKDQJH 7KRXJK,QGHUMLW0DUZDKKDVSDVVHGRQKLVIDPLO\FRQWLQXHVWREULQJ WROLJKWKLVVWUXJJOH±DVKHGLGZKLOHKHZDVDOLYH±WRSXUVXHJUHDWHU WUDQVSDUHQF\DWWKH$VLDQ'HYHORSPHQW%DQN$'%0DUZDKZRUNHG IRUWKH$'%IRURYHU\HDUVDVDQHFRQRPLVW+HZDVGUDZQWRWKH PLVVLRQRIWKHEDQNWRUHGXFHSRYHUW\LQ$VLDDQGWKH3DFL¿F:KHQ 0DUZDKHQFRXQWHUHGLQHTXLWLHVLQWKHPDQDJHPHQWRISHQVLRQDFWLYLWLHV WKDWEODWDQWO\IDYRUHGXSSHUPDQDJHPHQWLQWHUHVWVKHDFWHGSURSHUO\ LQEULQJLQJLWWRWKHDWWHQWLRQRIWKHSURSHUDXWKRULWLHV+LVJRRGIDLWK GLVFORVXUHRQFRVWRYHUUXQVDQGSHQVLRQIUDXGDWWKH$'%LQWKH¶V FRVWKLPKLVMRE 0DUZDKGLGDOOWKDWKHFRXOGWRDSSHDOWKLVDFWLRQEXWQHYHUUHFHLYHG MXVWLFHIURPWKH$'%+HVSHQWWKHUHVWRIKLVOLIHFDPSDLJQLQJIRU FKDQJHDWWKHEDQNDQGLQSURWHVWRIKLVWUHDWPHQWGLGQRWDFFHSWKLV SHQVLRQ$IWHUPXFKGHOLEHUDWLRQKLVIDPLO\GHFLGHGWRDFFHSW0DUZDK¶V SHQVLRQDQGXVHLWDVDIXQGWRDGYDQFHWKHFDXVHRIMXVWLFHDQGKXPDQ GLJQLW\*$3LVGHHSO\KRQRUHGWREHDPRQJWKHEHQH¿FLDULHVRIWKLV WUHPHQGRXVO\SRZHUIXOJHVWXUH 0OMJOF"SU"VDUJPOUP#FOFGJU("1 *$3 ZLOO EH DXFWLRQLQJ RII 'LYHUVLW\ D VLJQHG OLWKRJUDSKE\0HWLQ%HUHNHWOLRQ(ED\IURP0DUFK WK XQWLO DSSUR[LPDWHO\ $SULO WK 0U %HUHNHWOL ± +ROO\ZRRG¶V ³+HDOLQJ´ $UWLVW ± LV D UHQRZQHG SDLQWHUZKRVHFRQWHPSRUDU\ZRUNVKDYHDSSHDUHGLQ SUHVWLJLRXV PXVHXPV DQG JDOOHULHV ZRUOGZLGH +LV ZRUNVKDYHDOVREHHQIHDWXUHGRQVXFK79VKRZVDV )ULHQGV*LOPRUH*LUOV:LOO*UDFHDQG(5 7KH OLWKRJUDSK ZKLFK LV DSSUR[LPDWHO\ ´[ ´ ZDV VLJQHG E\ WKH DUWLVW RQ 2FWREHU $FFRUGLQJWR%HUHNHWOLLWLVYDOXHGDURXQG 7ROHDUQPRUHDERXWWKHSLHFHSOHDVHYLVLW KWWSZZZPHWLQEHUHNHWOLFRPSDJHVGLYHUVLW\KWPO 7R SDUWLFLSDWH LQ WKH DXFWLRQ SOHDVH VHDUFK IRU WKH XVHU LG JRYHUQPHQWDFFRXQWDELOLW\SURMHFW RQ 'LYHUVLW\E\0HWLQ%HUHNHWOL (ED\FRPDQGHQWHUDELG,QSODFLQJ\RXUELGSOHDVH FRQVLGHUWKDWDOOSURFHHGVZLOOKHOS*$3WRUHSUHVHQW PRUHZKLVWOHEORZHUVDOORZLQJIRUJUHDWHUHIIHFWLYHQHVVWRH[SRVHZURQJGRLQJDQGWKUHDWVWRSXEOLFZHOIDUH i4QPUMJHIUwDPOUJOVFEGSPNQBHF -FHJTMBUJWF6QEBUF $MBSL 'R \RX KDYH DQ\ UHFRPPHQGDWLRQV RU DGYLFH WR SHRSOH ZKR DUH JRLQJ WKURXJK VRPHWKLQJ VLPLODU WR ZKDW \RXH[SHULHQFHGEDFNLQ¶" ("1$MJFOU7JOEJDBUFE"GUFS'JWF:FBST ,Q )HEUXDU\ WKH 86 2I¿FH RI 6SHFLDO &RXQVHO YLQGLFDWHG *$3FOLHQW5LFKDUG/HYHUQLHUIRUKLVFRQFHUQVDERXWWHUURULVW YXOQHUDELOLW\DW'HSDUWPHQWRI(QHUJ\'2(QXFOHDUIDFLOLWLHV /HYHUQLHU SDLG D KHDY\ SULFH IRU YRLFLQJ KLV FRQFHUQV ¿YH \HDUV DJR ZKHQ WKH '2( VWULSSHG KLV VHFXULW\ FOHDUDQFH DQG UHORFDWHGKLPWRDZLQGRZOHVVEDVHPHQWRI¿FHZKHUHKHZDV SXWLQFKDUJHRIWKH'2(IRUHLJQWUDYHOSURJUDP 8BMMJ -XVW IROORZ \RXU FRQVFLHQFH DQG \RXU KHDUW 7KH ¿UVW WKLQJ LV WR SUHYHQW SHRSOH IURP JHWWLQJ KXUW 7KH UHVW RI LW LV VHFRQGDU\8QIRUWXQDWHO\LWGHSHQGVRQ\RXUPDQDJHPHQWDQG ZKDW NLQG RI FRPSDQ\ \RX DUH LQ 7KDW ZLOO GHWHUPLQH KRZ EDG\RXZLOOEHUHWDOLDWHGDJDLQVW,VHHLWTXLWHRIWHQHYHQLQ QRQVDIHW\ LVVXHV DV \RX EULQJ XS FRQFHUQV ,I \RX VWLFN \RXU KHDGRXWWKHUH\RXZLOOJHW\RXUKHDGFKRSSHGRIIRQHZD\RU DQRWKHU,WKDSSHQVDOOWKHWLPH)RUWXQDWHO\VRPHSHRSOHZLOO EHZLOOLQJWRWDNHWKDWFKDQFH )ROORZLQJKLVYLQGLFDWLRQ/HYHUQLHUWHVWL¿HGDWDKHDULQJRIWKH +RXVH*RYHUQPHQW5HIRUP6XEFRPPLWWHHRQ1DWLRQDO6HFXULW\ &KDLUPDQ&KULVWRSKHU6KD\V5&7H[SUHVVHGVROLGDULW\ZLWK /HYHUQLHUFDOOLQJKLVFRQFHUQVDERXWYXOQHUDELOLWLHVWRWHUURULVWV WKURXJKRXW'2(³'HDGULJKW´ *$3LVDYHU\JRRGWKLQJWRKDYHEHFDXVHLW¶VDERXWWKHRQO\ DGYRFDWH JURXS WKDW \RX FDQ JHW LQIRUPDWLRQ IURP RU KDYH VRPHEDFNLQJIURP,W¶VDYHU\H[SHQVLYHWKLQJWR¿JKWDQGZH FHUWDLQO\ FDQ¶W GR LW ZLWKRXW VRPH JURXS OLNH *$3 WR DW OHDVW RSHQWKHGRRUVSRLQW\RXLQWKHULJKWGLUHFWLRQDQGJLYH\RX ZKDWHYHUVXSSRUWWKH\FDQ,W¶VDYHU\WRXJKURDGDQGREYLRXVO\ DORWORQJHUWKDQZHHYHUDQWLFLSDWHG*$3QHHGVPRUHVXSSRUW DQGSRZHUDQGDELJJHUYRLFHRQWKHLVVXHVEHFDXVHWKHUHDUHVR PDQ\ZKRQHHGKHOS 8QIRUWXQDWHO\ /HYHUQLHU¶V YLFWRU\ ZLWK 26& ZDV ODUJHO\ V\PEROLFEHFDXVH6SHFLDO&RXQVHO6FRWW%ORFKWDFLWO\DFFHSWHG D '2( UHSRUW WKDW GHQLHV DQ\ SUREOHPV H[LVW 7KH 6SHFLDO &RXQVHO¶V ¿QGLQJV DQG UHFRPPHQGDWLRQV ³ZHUH VWURQJ EXW DOPRVWFHUWDLQO\'2(ZLOOLJQRUHLWZLWKRXWVLJQL¿FDQWIROORZ WKURXJKIURPWKH3UHVLGHQWDQG&RQJUHVV´VDLG/HYHUQLHU
Similar documents
Samples 2011
PDGHSLFWXUHSHUIHFWFKRLFHVRQWKHLQVWUXPHQWVKHFKRVHWRXVH7KLV LVE\IDUWKHEHVWZD\,KDYHHYHUVSHQW.HHSXSWKHJRRGZRUN /HRQDUG
More informationANIMALS SURRENDERED TO ELMORE
(OPRUHKDGEHHQWROGWKDWWKHUHZHUHFDWVRQSUHPLVHEXWDVWKH FUDWLQJSURFHVVHVFDPHWRFRPSOHWLRQFDWVZHUHDFFRXQWHGIRU 7KHFUDWLQJSURFHVVZDVFUXFLDOWRFRQWDLQLQJDQGDVVHVVLQJWK...
More informationThe Arrest of Biological Time as a Bridge to Engineered Negligible
YLWULILFDWLRQVROXWLRQVKDYHVXSSRUWHGOLIHZLWKOLWWOHLQMXU\*0)DK\HWDOVXEPLW WHG IRU SXEOLFDWLRQ 7KHVH REVHUYDWLRQV LQ FRPELQDWLRQ ZLWK WKH IDFW WKDW KXPDQ V\QDSVHVDUHKD...
More information