text:
Testimony of Thomas E. Geyer
Commissioner of Ohio Division of Securities Chair, Securities Activities of Banks Project Group
Before the House Banking, Housing and Urban Affairs,
United States House of Representatives
February 11, 1999
- As the national voice of the state securities agencies, NASAA supports financial services reform that will continue to provide essential investor protection and strengthen the integrity of our securities markets.
- Financial services reform must be Congressionally directed, not dictated on an ad-hoc basis by federal regulators and agencies.
- NASAA strongly supports and upholds the ideals of functional regulation of securities, but it must be identical regulation, not comparable or similar regulation. We welcome banks, as well as insurance companies, into the securities business under the same complementary state/federal securities oversight system.
- The Securities and Exchange Commission and state securities regulators should be the only primary regulators of securities activities regardless of the legal structure of the entity engaging in such activities.
- NASAA believes language in Section 104 may have the unintended consequence of preempting state securities enforcement actions and wants to work with the Committee to improve this section of the bill.
- NASAA supports appropriate regulatory deference and respectfully requests that Section 111 be amended to defer to state securities regulators for certain broker/dealer exams or to examinations of state-registered advisers to avoid potentially duplicative examinations.
- The "qualified investor" definition should be amended to ensure that certain government entities receive adequate professional financial planning advice to meet the sophistication or knowledge requirements necessary to be a "qualified investor."
Chair and Members of the Committee:
I am Tom Geyer, Commissioner of Securities for the State of Ohio, and I appreciate the opportunity to discuss several important issues associated with HR 10, The Financial Services Act of 1999 ("Proposed Act") on behalf of the North American Securities Administrators Association ("NASAA")1.
I applaud your determination to hold hearings early during this session of Congress and to make enactment of HR 10 the number one priority of the House Banking Committee.
NASAA believes financial services modernization is overdue, and it is the responsibility of Congress to direct comprehensive financial services reform. The trend of the past few years toward federal regulators and agencies dictating policy that impacts existing law without congressional oversight is clearly not the most effective manner in which to reform financial services. NASAA views Congressional analysis of the current system and Congressional action to modernize regulation as the key to meaningful and lasting reform.
To that end, NASAA has appeared before Congress on a number of occasions to reiterate our strong support for congressionally directed financial services reform that will continue to provide essential investor protection and preserve faith in the integrity of our securities markets. We hope that our expertise and experience as state securities regulators will be useful to you.
With a record number of households investing in the securities markets, investor protection, which is the basis for confidence in the securities markets, should be a top priority as you move forward with this legislation.
Nearly all of the proposals to reform the social security system involve investing a portion of the trust fund in private investments. Whether or not this is the approach ultimately taken, all Americans need to understand the fundamentals of investing, the risks as well as the rewards.
Our federal counterparts at the Securities and Exchange Commission ("SEC") tend to focus upon the oversight of large corporate offerings and the globalization of the marketplace. State securities regulators, on the other hand, are closest to the investing public and serve as the local cop on the beat. We have led numerous enforcement actions especially in the area of micro-cap fraud, and are responsible for the registration and licensing of securities professionals. Most importantly, we put crooks in jail. Throughout 1996, there were 236 criminal convictions by state securities agencies2.
We have experience with streamlining regulation, and know firsthand that with true functional regulation it is possible to bifurcate without weakening regulatory oversight or unduly confusing the marketplace. Our experience of the last several years has taught us "Perfection is the enemy of the good." Therefore, we are very supportive of the Committee's efforts to achieve financial services reform even though this bill may not meet every goal of every party.
Our main message to you today is that NASAA strongly supports and upholds the ideals of functional regulation of securities activities and products. However, the regulation must be identical, not merely comparable or somewhat similar regulation to be truly "functional." We welcome banks, as well as insurance companies, into the securities business under the same complementary state/federal securities oversight system. We do not believe, for example, that banking regulators could, overnight, create enforcement divisions to monitor sales practices as the NASDR, the SEC and the states do currently. Even if they could, to do so would constitute unnecessary duplication.
Mr. Chairman, NASAA believes that the SEC and state securities regulators should be the only primary regulators of securities activities regardless of the legal structure of the entity engaging in such activities.
Residents of our states investing in securities should receive the same disclosures and have the same investor protections whether he or she invests through a broker/dealer, a bank, an insurance company or a mutual fund. Employees who sell securities should be subject to the same licensing qualifications whether their employer is a bank, an insurance company, a securities firm, or something else.
Actions taken in 1996 and 1997 by the securities divisions of the states of Texas and Florida, respectively, exemplify the benefits of functional regulation to the marketplace. Texas and Florida received numerous investor complaints regarding the sales activities of NationsSecurities, a registered broker/dealer subsidiary of NationsBank. These states alleged that NationsSecurities misrepresented the safety and risks associated with a particular investment vehicle.
In a settlement reached by the State of Texas, NationsBank was required to make offers of rescission to investors and undertake significant compliance enhancements. It also agreed to fund an extensive investor education program. This is one example of functional regulation that works. Functional regulation worked in the case of NationsBank largely because the securities activities of the bank were effected through a registered broker/dealer subsidiary.
The version of HR 10 that passed the House of Representatives on May 13, 1998, is a positive step in the direction of functional regulation. We worked closely with the House to ensure that adequate safeguards are in place to protect investors, and we enthusiastically supported the Bliley/Leach/Dingell amendment that overwhelmingly passed by a vote of 407 – 11.
a. Section 104
NASAA has adamantly fought to preserve state securities enforcement authority. With our nation's securities markets at all-time highs, state and federal regulators are faced with a potential bull market in fraud in the micro-cap market. The language in the Bliley/Leach/Dingell amendment nearly, but does not completely preserve this authority. Our concerns with respect to preservation of state antifraud authority are focused on the potential, unintended consequences surrounding Sections 104 and Section 309.
NASAA believes that the language contained in Section 104, as passed by the House, still may have the unintended consequence of preempting state securities enforcement actions. Specifically, Section 104 preempts all state law that would "prevent or significantly interfere with" the ability of an insured depository institution or wholesale financial institution ("WFI") to engage in any activity, so long as the affiliation is permitted by the Proposed Act or any other provision of federal law. See HR 10, §104(b)(1).
State antifraud authority could reasonably be argued to "significantly interfere" with a bank's insurance sales activities, thus preempting important state enforcement and licensing authority. Actions taken by the states and more recently by the SEC with respect to Robert E. Brennan, head of the now-defunct brokerage firm First Jersey Securities provide a timely "real-life" example. The SEC recently imposed an industry-wide bar against Brennan3. He subsequently agreed to pay up to $55 million to investors who accused Brennan of cheating them out of hundreds of millions of dollars4.
In the event the language contained in Section 104(a) is not amended, Brennan would be free to associate with a bank or WFI and engage in private placements of micro-cap equity securities5. This affiliation would be permissible because Brennan is not a subject of the SEC's bar. Therefore should a state securities agency attempt to deny Brennan's activities based on state enforcement cases, Brennan could reasonably argue that the state enforcement authority "significantly interferes" with his ability to affiliate with a bank.
We strongly support The Bliley/Leach/Dingell language included in the House passed version of HR 10 that would specifically preserve state antifraud authority in Section 104(b)(4). This amendment solves most, but not all, of the problem.
b. Section 104(a)
It is important to note that NASAA supports the ability of insured depository institutions and WFIs to affiliate with various entities. However, language in Section 104(a) would preempt state law if it prevents or significantly interferes with the ability of an insured depository institution or (WFI) to be affiliated with an entity as long as the affiliation is permitted by the proposed Act or elsewhere in federal law.
The current version of HR 10 could provide recidivist broker/dealers and investment advisers the ability to thwart state licensing and enforcement actions simply by affiliating with a bank. For example, in the event a state denies the registration of a financial planner, HR 10 would permit this planner to affiliate with a bank to provide advisory services through the bank. State enforcement actions could be argued to significantly interfere with the planner's ability to affiliate.
We would like to work with this Committee to ensure that existing ambiguity is eliminated and that state securities enforcement authority is preserved in its entirety. NASAA has drafted corrective language that is attached to this testimony, and we welcome the opportunity to work with you to achieve that goal.
c. Asset-Backed Securities
HR 10 includes various exceptions from the definitions of both "broker" and "dealer." The combined effect is to permit banks to engage in the offer and sale, as agent, of "traditional banking products," a definition that includes asset-backed securities. Asset-backed securities are debt securities "backed" by loan paper or other accounts receivables. The revenue stream from these underlying assets is used to make interest and principal payments owed to bondholders. The safety of the asset-backed security is directly related to the underlying revenue stream. States have seen a number of offerings of asset-backed securities that were securitized by unstable and unreliable revenue streams such as credit card receivables and used car loan agreements. NASAA does not believe that an unregistered entity should be permitted to distribute these risky securities to deposit holders that are not "qualified."
NASAA does not oppose banks' abilities to sell these securities to qualified investors, assuming that these investors are able to understand and shoulder the risk inherent with the purchase of asset-backed securities.
Our concern is not with banks selling these products to certain "qualified investors," but that few restrictions are being placed on a bank's ability to distribute the securities. NASAA believes the standard in Section 206 of HR 10 is simply too subjective to provide banks with meaningful guidance regarding which investors are "suitable" and which are not.
d. Regulatory Deference
Section 111 of the Proposed Act requires that banking regulators defer to state insurance regulators for insurance examinations, and to the SEC with respect to registered broker/dealers and SEC-registered advisers. While NASAA supports appropriate regulatory deference to reduce any burden on the regulated community, we would respectfully suggest that this list is incomplete. There is no deference to state securities regulators for certain broker/dealer exams, or to examinations of state-registered advisers.
After enactment of NSMIA, states have sole examination and inspection authority over approximately 65% of the registered investment advisers in this country. State regulators are also the primary examiners of the approximately 60,000 broker/dealer branch offices. All of these examinations are pivotal to the states' regulatory enforcement initiatives.
Banking regulators would be required to defer to the SEC with respect to the SEC's examination of SEC-registered advisers. However, banking regulators would be free to re-examine a state-registered adviser, despite the fact that state securities regulators may have just examined that adviser. The reasons for this are that, as discussed above, banking regulators are not required to defer to states, and that state-registered IAs are omitted from the definition of functionally regulated subsidiary.
This omission appears to be an oversight, but it means that state-registered advisers would not be subject to the same regulatory deference as SEC-registered advisers and would likely be subject to potentially duplicative examinations by securities and banking regulators.
This is another area where NASAA would like to work with the Committee to correct an oversight and improve the bill.
e. Qualified Investor
In general, NASAA believes that certain investors, due to their wealth, institutional nature, or sophistication do not require the protections afforded by federal and state securities laws. Other investors may not fully appreciate the risks associated with an investment in such securities and the effect that certain disclosure obligations will have on the investment.
NASAA's chief concern with respect to the definition of "qualified investor" in the Proposed Act is the inclusion of "any government or political subdivision, agency, or instrumentality of a government who owns and invests on a discretionary basis not less than $50,000,000 in investments . . . "
Many county and local governments will meet this threshold yet not possess the sophistication or knowledge to be appropriately deemed "qualified investors." Many state, county and local government pensions are advised by volunteers or elected or appointed officials who are not principally engaged in the business of investment management.
To remedy, NASAA would respectfully suggest that government entities be treated as "qualified investors" only if a registered broker/dealer, investment adviser, insurance company, or insured depository institution professionally manages the government entitites' investments. It would appear that other regulatory safeguards, existing in ERISA and elsewhere in federal, state and common law, would provide adequate protections to the participants and beneficiaries of these funds. In the alternative, these government entities should be required to own a greater quantity of investments such as $250,000,000 to increase the likelilhood that professional advisers will manage the portfolio due to its size.
Although I have raised some of NASAA's specific, but limited concerns about HR 10, I do want reiterate our strong overall support for Congressionally mandated financial services reform. Mr. Chairman, NASAA believes the current version of HR 10 is an improvement over earlier versions, and we want to work with you to ensure the bill that eventually becomes law contains no diminution of protections for our nation's investors.
a. Section 104(a)
NASAA would respectfully request that this language be amended slightly to extend to the preemptive language contained in Section 104(a). This language, similar to other language contained in the Managers Amendment, limits the ability of state enforcement authority to that preserved by NSMIA. Amended language would appear as follows:
* * *
(c) Subsections (a) and (b) shall not be construed as affecting the jurisdiction of the securities commission (or any agency or office performing like functions) of any State, under the laws of such State, to investigate and bring enforcement actions, consistent with section 18(c) of the Securities Act of 1933, with respect to fraud or deceit or unlawful conduct by any person, in connection with securities or securities transactions.
* * *
b. Section 309
Section 309 preempts all state laws that would "prevent or significantly interfere with the ability of any insurer [or an affiliate] . . . to become a financial holding company or to acquire control of an insured depository institution." NASAA's concern is focused on the affiliate of the insurer, which could be a state-registered broker-dealer or investment adviser, and the ability of this language to preempt states' ability to grant or deny registration to such entities. In the event a state revokes registration of a brokerdealer due to insolvency, for example, NASAA is concerned that the language contained in 309 could be used by an insurer or affiliate to argue that the lawful state action is one that would "prevent or significantly interfere" with the insurer's affiliate to "become a financial holding company."
Similar, yet somewhat narrower, concerns exist with respect to Sections 309(2) and (3). NASAA would respectfully suggest that any bill introduced by the Senate in the 105th Congress contain language similar to that proposed with respect to Section 104, above. This language could appear as follows:
* * *
(4) Subsections (1), (2), and (3) shall not be construed as affecting the jurisdiction of the securities commission (or any agency or office performing like functions) of any State, under the laws of such State, to investigate and bring enforcement actions, consistent with section 18(c) of the Securities Act of 1933, with respect to fraud or deceit or unlawful conduct by any person, in connection with securities or securities transactions.
* * *
NASAA is concerned that the standard for certain types of "qualified investors" is inconsistent with the stated goal of providing necessary and appropriate protections for investors.
a. Governmental Entities as Qualified Investors
NASAA is concerned that many county and local governments will meet the $50,000,000 threshold yet not possess the sophistication or knowledge to be appropriately deemed "qualified investors." This relatively low standard and the absence of any required professional management make this part of the definition, NASAA believes, inadequate. Many state, county, and local government pensions are advised by volunteers, or elected or appointed officials that are not principally engaged in the business of investment management. Requiring that professionals manage the investments, or that the investments be of a size where the fund will be professionally managed as a matter of course, would greatly decrease the likelihood that entities that sell to qualified investors will later become defendants in securities suits alleging unsuitable recommendations or other violations of the securities laws.
To remedy, NASAA would respectfully suggest that governmental entities be treated as "qualified investors" only if a registered broker/dealer, investment adviser, insurance company, or insured depository institution professionally manages the investments. In the alternative, NASAA would respectfully suggest that this classification of qualified investor be required to own and invest a greater quantity of investments, such as $250 million. This higher threshold would greatly increase the likelihood that professional advisers manage the portfolio, due to its size. Language addressing this issue could appear as follows:
* * *
(iii) any governmental or political subdivision, agency, or instrumentality of a government who owns and invests on a discretionary basis not less (I) than $250,000,000 in investments, or (II) than $50,000,000, provided that the investments are managed by (AA) a bank (as defined in paragraph (6) of this subsection)6; (BB) a savings and loan association (as defined in section 3(b) of the Federal Deposit Insurance Act), (CC) a broker, dealer, or insurance company (as defined in section 2(a)(13) of the Securities Act of 1933), (DD) an investment adviser registered under the Investment Advisers Act of 1940 or with any state, or (EE) a foreign bank (as defined in section 1(b)(7) of the International Banking Act of 1978).
* * *
Proposed exceptions from the definitions of both "broker" and "dealer" would permit banks to engage in the underwriting of certain asset-backed securities. Proposed '34 Act § 3(a)(5)(C)(iii) (Section 202 of the Proposed Act). This exception is coupled with another exception from the definition of "broker" that permits banks to engage in the offer and sale, as agent, of "traditional banking products," a definition which includes asset-backed securities.
It is NASAA's understanding that, while broad exceptions exist for banks under the '34 Act, these products would still be subject to registration under Section 5 of the Securities Act of 1933 ("'33 Act"). As such, the bank/issuer/distributor/seller of these products could avail itself of the panoply of exemptions from registration, most notably Regulation D, Rule 5067. Rule 506 would permit banks to engage in the nonpublic offer and sale of these securitzed loan pools to existing depositholders, assuming they met the "qualified investor" standard or were otherwise permissible purchasers.
NASAA does not oppose banks' abilities to sell these securities to certain investors, assuming that these investors are able to understand and shoulder the risks inherent with the purchase of asset-backed securities. Additionally, NASAA believes that these investors are able, either independently or through an investment professional, to understand fully the potential conflict of interest present when a bank securitizes its own loan portfolio, prices these securities without the assistance of an independent underwriter, and sells them to bank depositors. NASAA's concern is not with banks selling these products to certain "qualified investors," but that banks can sell these "traditional banking products" to anyone who, in the bank's estimation, has an opportunity "evaluate the information available, as determined under generally applicable banking standards and guidelines." HR 10, § 206(a)(1)(E). This language would appear exceedingly subjective and placing little real restrictions on a bank's ability to distribute the securities. NASAA believes this standard is simply too subjective to provide banks with meaningful guidance regarding which purchasers are "suitable" and which are not.
a. "Traditional Banking Product"
NASAA concurs that many of the products covered by Proposed Section 206 are, in fact, "traditional" banking products. Banks offering and selling these products would be excepted from registration as a broker or dealer, and the securities products will typically be exempt from the registration requirements of the '33 Act. NASAA would respectfully suggest that the scope of what is a "traditional banking product" be narrowly tailored to avoid an adverse impact on investors or on non-bank broker/dealer firms competing with banks for the similar market share.
NASAA is concerned with Section 206(a)(1)(E) of the Proposed Act, which would permit fractionalized interests in loan portfolios and other bank assets to be considered "traditional banking products." NASAA would note that banks have been in the business of creating and distributing such securities products for little over a decade8. This short history would not appear to qualify as "traditional." It is worth noting that, when banks began packaging and selling these securitized revenue streams, the Dow Jones Industrial Average ("DJIA") was approximately 20009. Yesterday the DJIA closed at over at 870010.
Today, collateralized mortgage obligations and other "securitized" income streams are subject to the independent due diligence of the investment banking firm that creates, prices, and ultimately distributes the securities to investors. The independent "check" undertaken by third party grantors is crucial to assuring that the banks are not packaging these products to shift the risk of bad loans, defaulting mortgages, or insolvent borrowers onto investors. States have denied the registration and taken enforcement actions regarding certain offerings of securitized used car loans and other types of risky, unpredictable, securitized revenue streams.
NASAA believes that these potentially unstable products be distributed only to those individuals that can legitimately appreciate and shoulder the risks associated with investing in these securities. The "qualified investor" standard defined in Proposed '34 Act Section 3(a)(55), assuming NASAA's suggested amendment, could be an appropriate standard. NASAA objects, however, to the language at Proposed Section 206(E)(ii), which would essentially create a "self-policing" mechanism for banks themselves, without any quantitative standards, to determine whether an investor is suitable. It should be noted that broker-dealer firms are subject to more rigorous and effective "suitability" rules limiting the range of possible investors in these asset-backed products11. NASAA would contend that this language essentially "undoes" many of the protections built into the definition of "qualified investor," as contained in the Proposed Act.
b. Suggested Revision
In the event Section 206(a)(1)(E) remains in the Proposed Act, NASAA suggests that
this language be amended to limit potential purchasers to those "qualified investors,"
assuming the definition contained in Section 207 of the Proposed Act, and strike the
remainder of Section 206(a)(1)(E)(ii) of the Proposed Act:
* * *
a participation in a loan which the bank or an affiliate of the bank (other than a broker or dealer) funds, participates, or owns that is sold to qualified investors.
* * *
Alternatively, in the event the Proposed Act would permit asset-backed securities to be sold to unaccredited, unsophisticated investors, NASAA would respectfully suggest that the "dealer" exception for these products be eliminated. This elimination would be consistent with Section 18(b)(3) of the '33 Act, as amended by NSMIA, which creates a class of covered securities for those securities sold exclusively to "qualified purchasers."12 In doing so, the bank would be required to create the product through a guarantor trust arrangement with an investment bank. NASAA believes this independent "check" is crucial to structuring, pricing, and distributing the securities in a manner consistent with current practices and fair to investors.
Section 111 of the Proposed Act amends Section 5(c) of the Bank Holding Company Act of 1956 ("BHCA") by requiring that banking regulators defer to state insurance regulators with respect to insurance examinations, and to the SEC with respect to registered broker/dealers and SEC-registered advisers. While NASAA supports appropriate regulatory deference to reduce any burden on the regulated community, NASAA would respectfully suggest that this list is somewhat incomplete. There is no deference to state securities regulators for certain broker/dealer exams, or to examinations of state-registered advisers.
Revising BHCA Section 5(c)(5)(B) to defer to state securities regulators, where appropriate, will not alone correct this oversight. The definition of "functionally regulated depository institution" would also have to be amended. NASAA would respectfully note that state-registered advisers are inappropriately omitted from this list. The effect of this omission is to require the Board, to the extent possible, to defer to an SEC examination of an adviser subject to federal registration, but essentially to forbid the same deference to state securities regulators with respect to a state-registered adviser. This oversight means that state-registered advisers would not be subject to the same regulatory deference as SEC-registered advisers, which means that they would be more apt to be subject to potentially duplicative examinations by securities and banking regulators.
To remedy what appears to be merely an oversight, NASAA would respectfully suggest that this language be amended as follows:
"(c) REPORTS AND EXAMINATIONS.—
* * *
"(C) DEFINITION.—For purposes of this subsection, the term
'functionally regulated nondepository institution' means—
"(i) a broker or dealer registered under the Securities Exchange Act of 1934;
"(ii) an investment adviser registered under the Investment Advisers Act of 1940 or with any State, with respect to the investment advisory activities of such investment adviser and activities incidental to such investment advisory activities; . . . .
* * *
* * *
"(E) DEFERENCE TO OTHER EXAMINATIONS.—The Board shall, to the fullest extent possible, address the circumstances which might otherwise permit or require an examination by the Board by forgoing an examination and instead reviewing the reports of examination made of
"(i) any registered broker or dealer by or on behalf of the
Securities and Exchange Commission;
"(ii) any registered investment adviser properly registered
by or on behalf of either the Securities and Exchange Commission or any state;
"(iii) any licensed insurance company by or on behalf of any state regulatory authority responsible for the supervision of insurance companies; and
"(iv) any other subsidiary that the Board finds to be comprehensively supervised by a Federal or State authority.
"(A) IN GENERAL.—The Board shall not, by regulation, guideline, order or otherwise, prescribe or impose any capital or capital adequacy rules, guidelines, standards, or requirements on any subsidiary of a financial holding company that is not a depository institution and —
"(i) is in compliance with applicable capital requirements of another Federal regulatory authority (including the Securities and Exchange Commission) or State insurance authority; or
"(ii) is properly registered as an investment adviser under the Investment Advisers Act of 1940 or with any State.
* * *
"(5) FUNCTIONAL REGULATION OF SECURITIES AND INSURANCE ACTIVITIES. — The Board shall defer to—
"(A) the Securities and Exchange Commission with regard to all interpretations of, and the enforcement of, applicable Federal securities laws relating to the activities, conduct, and operations of registered brokers, dealers, investment advisers, and investment companies;
"(B) the relevant state securities authorities with regard to all interpretations of, and the enforcement of, applicable state securities laws relating to the activities, conduct, and operations or registered brokers, dealers, and investment advisers; and
"(C) the relevant State insurance authorities with regard to all interpretations of, and the enforcement of, applicable State insurance
1The oldest international organization devoted to investor protection, the North American Securities Administrators Association, Inc., was organized in 1919. It is a voluntary association with a membership consisting of the 65 state, provincial and territorial securities administrators in the 50 states, the District of Columbia, Canada, Mexico and Puerto Rico. In the United States, NASAA is the voice of the 50 state securities agencies responsible for grass-roots investor protection and efficient capital formation.
21996 NASAA Enforcement Survey (on file with NASAA).
3In re First Jersey Securities, Inc., SEC Admin. Proc. File No. 3-8699, 05/29/98.
4See The Washington Post, June 10, 1998, C14.
5Brennan is prohibited from participating in the offer or sale of penny stock that, by definition, would cover a portion, but not all of, the micro-cap market.
6The '34 Act defines the term "bank" at Section 3(a)(6).
8The case that authorized specifically banks' ability to distribute these asset-backed securities was decided in 1989. SIA v. Sec. Pac. Nat'l Bank, 885 F.2d 1034 (2d Cir. 1989).
9See Dow Jones Averages, 1980-1989, <http://indexes.dowjones.com/chrt1980.html> (visited 06/10/98).
10See <http://www.bloomberg.com/welcome.html> (visited 06/22/98).
11To the extent the securities are offered publicly and are not "covered securities" issuers are also required to comply with the "suitability" requirements contained in the NASAA Statement of Policy Regarding Asset Backed Securities, NASAA Reports (CCH) ¶ 501 (Nov. 1995) (for non-investment grade securities, a minimum gross income of $45,000 or minimum net worth of $150,000, exclusive of home furnishings, and automobile).
1215 USC § 77r(b)(3) (1997).
February 11, 1999


text:
Not much has happened since our slog of a season ended, but what did happen should be surprising to anybody.
Our first order of business was dismissing Bobby Valentine, which we did last Thursday. This is something that was entirely predictable, appropriate, and correct. We all know that he shouldn't even have been hired in the first place. It was awful. He just wasn't a good fit for our clubhouse, and the whole situation with him at the helm was completely dysfunctional. There's no need to go into specifics, but suffice it to say that there is a certain degree of professionalism that I think players and fans alike expect from a manager and that Bobby Valentine's conception of that degree differed from ours. Anyway, look for John Farrell and Tim Bogar to be on the brass's radar. Other possibilities include Torey Lovullo, former Pawtucket manager and current Jays first base coach; Joe McEwing, Other Sox bench coach; Tim Wallach, Dodgers third base coach; Brad Ausmus; and last but not least, our very own Jason Varitek. Onward and forward!
Our blockbuster deal with the Dodgers is finally done. For Nick Punto, Josh Beckett, Carl Crawford, and Adrian Gonzalez, we took on Rubby De La Rosa and Jerry Sands in addition to previously acquired James Loney, Ivan De Jesus, and Allen Webster.
Pedroia was nominated for the Hank Aaron Award.
In other news, the Pats beat the Broncos, 31-21, last week.

subset: commoncrawl


text:
hamiltonbeach.com has temporarily stopped taking orders until the 2nd week of July. We are sorry for any inconvenience. Should you require further assistance, please contact Customer Service.
We are currently upgrading our distribution centers to better serve our customers. Please shop your preferred retailer to purchase Hamilton Beach products during this time.
To be notified once online ordering is again available, please submit your email address.
From The Hamilton Beach Test Kitchen
Added by Pat
Makes: about 5 cups
Stay up-to-date on the hottest food trends with our blog, discover a new favorite dish with recipes from our Test Kitchen, access your account, and so much more.
Join over 100,000 people who receive weekly emails with recipes, coupons and more!


text:
Amerrickana Tapas Bar & Restaurant
2205 Merrick Road, Merrick
(516) 442-2188
Amerrickana Tapas Bar & Restaurant was purchased by the Jacob family only weeks ago. Haizel Jacob, who runs the operation, is a CIA (Culinary Institute of America) graduate who also trained as a chef in Singapore. Originally from Dubai, she came here as a child and grew up on Long Island. Her passion for cooking is endless and she prepares everything as if it were for her family. The previous menu remains for now, but Haizel has been tweaking some of the existing dishes and plans to add some of foods she grew up with, specifically of Mediterranean and Indian origin.
Amerrickana is a cozy spot for a date night, friends' outing, or to watch a sporting event. The intimate space holds under a dozen tables and a back-lit bar lined with wine racks. Up front are glass French doors. Ceilings are high with exposed piping, giving it a city feel.
Tapas is a term that traditionally implies appetizers of Spain, and "small plates" dominate the menu. But Amerrickana's cuisine, which also includes full entrees, is more global and fusion. You'll find at least a hint of most cuisines on the menu — American, Asian, Italian, Mediterranean, Indian, Mexican and more. There is plenty to choose for anyone. Flavors run the gamut from gentle comfort food to truly spicy. My best advice is to ask before ordering.
In contrast to the "small" theme, portions (even on the small plates) are surprisingly generous. Tapas, salads, flat breads, soups and tacos are $7 to $15. Mac & Cheese options, sliders, and boards (cheese or Italian with meats) are $7 to $17. Entrees are $12 to $22, and desserts are $6 and $7 each or $15 for a sampler. There's a substantial wine list and cocktail menu.
Homemade parmigiana potato chips in a spiral wire cone with a warm queso replaces the standard bread basket. We enjoyed White Sangria laden with assorted fruits. From the list of flatbreads (Buffalo Chicken, Roasted Vegetables, Mediterranean and others) we adored Fig & Prosciutto. The crisp flat bread is baked on site. Covering melted mozzarella was prosciutto and homemade fig jam — simply luscious. Bacon Mac & Cheese, served in an iron skillet, was outstanding — shell pasta tossed in a creamy rue base, baked with pepper jack and cheddar cheeses, sprinkled with parsley. Breaded Crab Cakes (two) were served with lemon aioli and parsley oil.
We were given a preview of the new Indian dishes. These were delicious; choose only if heat (spiciness) is your penchant. Tangy Chicken Pilaf was divided into three sections — basmati rice pilaf, morsels of chicken seasoned with sumac blend, and salad with a mayo-based dressing. Pav Bhaji, a spiced potato/red onion/tomato mash seasoned with Indian chili powder, was topped with cilantro and onions, and served with crisp homemade rolls (pav) to scoop up the mixture.
Desserts here are special. Challah Bread Pudding, made with white chocolate custard and orange zest, was brushed with rum, topped with whipped cream, and served warm in a martini glass. Banana Lumpia (a Philippine dessert also called Turon) included half bananas and brown sugar in spring roll wrappers, fried, rolled n spiced sugar, and drizzled with caramel, vanilla and chocolate sauces.
Hours are 4 to 10 p.m., Tuesday through Saturday. They plan to open in the near future for lunch and brunch, so call for new hours. Small parties can be arranged for up to 42 people, and they do catering trays to be picked up. Reservations are suggested. Changes, from décor to menu, are a work in progress.
■ White Sangria
■ Fig & Prosciutto Flat Bread
■ Mac & Cheese with Bacon
■ Crab Cakes Breaded
■ Tangy Chicken Pilaf
■ Pav Bhaji
■ Challah Bread Pudding
■ Bananas Lumpia (Turon)


text:
Alan Wolfe wrote:Had my first tomato from my garden yesterday. It's was from a determinate hybrid variety called "Better Bush." Not great, but better than anything in the supermarket.
I looked up Better Bush and it has a good write up, but doesn't appear to be available here.
I'm growing several different varieties this year, including some unusual heritage ones, but most successful and earliest again is a favourite - 'Sungold', golden cherry sized tomatoes from a cordon plant. Large producer: yesterday on one truss I counted 45 tomatoes and there are still flowers , I reckon there will be 53 tomatoes on this one truss.


text:
Hipparcos overview
Completed (1993)
Pinpointing the stars, their motion and distance, this totally European mission mapped the heavens more accurately than ever before. Its work will be refined by ESA's Gaia mission.
Hipparcos, a European mission, pinpointed the positions of more than one hundred thousand stars to high precision, and more than one million stars to lesser precision. Hipparcos turned slowly on its axis and repeatedly scanned right around the sky at different angles. It measured angles between widely separated stars, and recorded their brightness, which were often variable from one visit to the next. Each star selected for study was visited about 100 times over four years.
What's special?
Calculations from observations by the main instrument generated the Hipparcos Catalogue of 118 218 stars charted with the highest precision. An auxiliary star mapper pinpointed many more stars with lesser but still unprecedented accuracy, in the Tycho Catalogue of 1 058 332 stars. The Tycho 2 Catalogue (2000) brings the total to 2 539 913 stars, and includes 99% of all stars down to magnitude 11, almost 100 000 times fainter than the brightest star, Sirius.
Hipparcos sent a million million bits of information, radioed to ground stations in Germany, Australia, and the United States, which went into the biggest computation in the history of astronomy.
Hipparcos confirmed Einstein's prediction of the effect of gravity on star light. The mission discovered that the Milky Way is changing shape. Its data also helped predict the impact of Comet Shoemaker-Levy with Jupiter in 1994.
Scientists manufactured the mirror of the Hipparcos telescope so accurately that if it were scaled up to the size of the Atlantic Ocean, the bumps on its surface would be only 10 centimetres high.
The payload was centred around an optical all-reflective Schmidt telescope. A novel feature of the telescope was the `beam-combining' mirror, which brought the light from the two fields of view, separated by about 58 degrees and each of dimension 0.9 x 0.9 degrees, to a common focal surface. This achieved both large- and small-field measurements simultaneously. The satellite swept out great circles over the celestial sphere, and the star images from two fields of view were modulated by a highly regular grid of 2688 transparent parallel slits located at the focal surface and covering an area of 2.5 x 2.5 square centimetres.
The satellite was designed to spin slowly, completing a full revolution in just over two hours. At the same time, it was controlled so that there was a continuous slow change of direction of the axis of rotation. In this way, the telescope was able to scan the complete celestial sphere several times during its planned mission. As the telescope scanned the sky, the starlight was modulated by the slit system, and the modulated light was sampled by an image-dissector-tube detector, at a frequency of 1200 Hz. At any one time, some four or five of the selected (or programme) stars were present in the combined fields of view. The detector had a small sensitive area which covered an area of about 38 arcsec in diameter (projected on the sky). The detector could only follow the path of one star at a time. However, with rapid computer control, it could be switched to all the programme stars for short intervals of time during their passage across the field, which took about 20 seconds.
The telescope was continually determining the relative (along-scan) positions of the programme stars which appeared first in the preceding field of view and then in the following field of view due to the rotation of the satellite. In this way, astronomers obtained several comparisons with different stars. As the scans also overlapped `sideways' when the satellite axis of rotation changed on each sweep of the sky, the stars appeared again, but this time compared with other stars. In this way, a dense net of measurements of the relative angular separations of the stars was progressively built up.
In addition to the main instrument (designed to measure about one hundred thousand stars down to about 12 mag), the payload included star mappers whose function was to provide data allowing precise real-time satellite attitude determination (a task performed on board the satellite). The star mappers consisted of two sets of four slits. Each slit was set at different inclinations with respect to the scanning direction, so that the satellite attitude could be derived from the detector signals as the star images moved across the grid. The modulated light signal was converted into photon counts by the two photomultiplier tubes.
The digitised photon counts from the main detector were sent to the ground. Along with relevant attitude information from the satellite's star mappers and other house-keeping data, the relative phases of the star images present within the combined fields of view were derived. The data processing was carried out on the ground. A full analysis of the data collected during the mission lifetime led to the final catalogue of star positions, parallaxes, and proper motions.
The satellite failed to reach its proposed geostationary orbit after failure of one of its booster motors. Following a rethink by its scientists allowing for the new position, further operations proceeded normally.
There was a lot of excitement in the Hipparcos community of researchers, some of whom had worked with the project for 20 years, when Ariane lifted its precious payload into the sky. Their enthusiasm turned to disappointment, however, when the spacecraft's apogee-boost motor failed to fire. This left Hipparcos in an elongated orbit that took it through the Van Allen belts, which risked serious radiation damage to the solar panels that powered the spacecraft.
Fortunately, the panels turned out to be more resistant to radiation than expected. Over the course of several months, the European Space Agency Project Team, the European Space Operations Centre (ESOC), members of industry, and the Hipparcos scientific consortia turned their collective attention to the observational and scheduling problems posed by the highly eccentric orbit. As a result of their efforts, the mission ran successfully from November 1989 to March 1993, gathering data 60% of the time.
In Ancient Greece, Hipparchus of Nicea had become a specialist in mathematics and philosophy, but his major claim to modern fame was that he was a pioneer of the discipline of astrometry - the cataloguing of stars and the measurement of star distances. Long before the invention of the telescope, using only his eyes, he took on the daunting task of measuring the positions of the stars and planets as they passed overhead each night. He produced a catalogue of 1080 stars, each of which he described simply as 'bright' or 'small'. His star catalogue was the first of many compiled over the centuries by astronomers using ever-better instruments and techniques.
After the Renaissance, the Galilean model of the Solar System became accepted – that is, the Earth orbits around the Sun, and not the other way around. Once this was realised, a new word slipped into the science of astrometry: parallax.
Parallax is the term for the apparent change in the position of an object seen against a more distant background when the viewpoint is changed. It meant for astrometrists that you could, in theory, look at a star in Spring, wait for Autumn and look at it again when the Earth was at the opposite position in its orbit around the Sun. From the two, minutely different apparent positions of the star, you could calculate the distance to that star.
Using parallax, Sir William Herschel attempted to describe the distance to our nearest star in the late 18th century. He said "If a ship's hold contained 600 tons of dried peas and for every mile travelled, it dropped one pea, you would need 10 000 such ships to travel the distance to our nearest neighbour." Not using ships and peas, in modern terms Proxima Centauri is 4.22 light-years away.
As time has gone on, from these astrometrical measurements - all made from the Earth's surface - astronomers have derived everything from basic stellar properties to estimates for the age of the universe. By 1900, a three-dimensional view of our Galaxy had been ascertained.
In the mid-20th century, however, astrometrics had gone rather out of fashion. With telescopes on Earth limited to viewing stars through the thick layer of our atmosphere, we were reaching a limit on what we could measure. Cosmology was moving on to black holes, supernovae, dark matter, and many other mind-boggling concepts. Simply measuring and cataloguing had become a bit passé.
In 1967, a Frenchman called Pierre Lacroûte revived astrometry. Why not, he proposed, put a telescope on a satellite above the Earth's atmosphere? From there you could catalogue many more stars, find their luminosity, and measure their distance from the Sun and from each other. Astrometry can provide a better understanding about how stars evolve and this is a key to finding out many other things such as finding planets orbiting other stars and by extension, finding life beyond our Solar System. With the proposal to put a telescope in space and therefore able to measure many more stars, astrometry became fashionable again. Lacroûte's national space agency, the French CNES decided it should support his idea and proposed a plan. However, after a good deal of evaluation and planning, CNES felt it was too expensive to proceed by itself. In 1980, realising the importance to science of this idea, ESA decide to take over and finance the project, which would eventually be called Hipparcos.
The Hipparcos Science Team, consisting of experts from many ESA member States, advised ESA on all scientific aspects of the mission. The team was responsible for the overall scientific conduct of the Hipparcos project through to the completion and distribution of the final catalogues.


text:
Councilman Herb Wesson has officially announced that he will not run to replace Supervisor Yvonne B. Burke when her term expires next year. This announcement comes at a time when the Black community is positioning itself to maintain its political power base, which many believe is in serious trouble. Wesson, who served as Burke's chief of staff and who was a favored candidate to succeed the Supervisor, has decided that he can serve the people of Los Angeles much more effectively as the 10th District councilman.
Wesson spoke to the Los Angeles Sentinel and said, "I made a decision knowing that I had a very good chance of winning the supervisor's race, but I have some unfinished projects here and I want to finish what I started. I enjoy what I am doing and enjoy working with the other council persons here, and I think I can make a difference."
The energy and experience that Wesson brought to City Hall are punctuated with accomplishments over a wide political spectrum. Before being an elected official, Wesson worked within the halls of city and county government gaining the knowledge and experience that eventually catapulted him into state government as an assemblyman and becoming the 65th Speaker of the State Assembly, one of the most powerful positions in the state, and a heartbeat from the governor.
When Burke announced that she would not seek re-election after her current term expires, many political observers felt that Wesson would be the next in line. The Supervisor has even stated that though she has not made any commitment to support any particular candidate, she would throw her support behind Wesson if he decided to run. But his decision not to run may be an inkling into what his future plans are – that he may really want to stay in City Hall, just a bit further up the ladder.
Supervisor Burke spoke to the Sentinel and said, "I was very surprised that he was not going to run. But he loves the city of Los Angeles and obviously he feels that he has greater opportunities there and he's done it so long and he seems to be enjoying it, so I have to respect his decision." When asked if she thinks that he'll run for mayor, she responded, "I suspect that's what he has in the back of his mind."
Wesson's district was the launching pad for Tom Bradley's political career as the first African American and the longest serving mayor of the city Los Angeles, and sources say that Wesson is positioning himself to follow Bradley's footsteps. Wesson was asked if the speculation that he may run for mayor has anything to do with his decision not to run for the supervisor's seat? He replied, "Who wouldn't want to be mayor of the greatest city on the planet?"
Now that Wesson has removed himself from the race, the suspense is mounting as to who will run to replace Burke. Even though none of the potential candidates has announced their candidacy or has even publicly showed an interest in running for the Board of Supervisor, the Sentinel ran a story couple of weeks ago entitled, "Who Will Replace Supervisor Burke?" naming Wesson as the lead candidate and five other likely candidates: Congresswoman Maxine Waters, Councilman Bernard Parks, State Senator Mark Ridley-Thomas, and Councilwomen Jan Perry and Janice Hahn.
During the interview with Supervisor Burke, she was asked, "Now, who do you think will fill your seat when you retire?"
She replied, "I have no idea. I'm sure that there'll be a lot of people who will be contesting it. But you never know. We're talking about something that's a year from now and Herb (Wesson) may even be talked out of it (not running). So let's see what happens between now and next June."


text:
by Pete Mazzaccaro
After 14 years in office, 8th District Councilwoman Donna Reed Miller announced today that she will not seek re-election in 2011.
"It is time to give another person the opportunity to represent this wonderful district," Miller said in a release issued by her office this morning. "I never believed this position to be a lifetime job, and though I know I have political and physical ability to serve, it is the right time for me to move into another type of public service."
Miller also announced that she would keep her seat as the 59th Ward Democratic Leader. She has not endorsed a successor but said she would support a candidate in the Democratic primary in May.
Miller spent her entire life in Germantown and that neighborhood routinely supplied her with the votes to win crowded primary elections in the district. But Miller never enjoyed the same amount of support in Chestnut Hill. Chestnut Hill's 9th Ward Democratic Committee routinely endorsed her opponents in primary battles throughout her tenure.
"I think that we in the ward felt disconnected to her politically," said John O'Connell, the ward's Democratic Committee leader. "I like her. She is a nice woman. But, I always had the feeling that she felt Chestnut Hill was O.K., that we were fine and didn't need help the way parts of North Philadelphia Germantown and West Oak Lane did [all are part of her district]."
Although she might not have been popular in Chestnut Hill, she was not missing in action and was involved in Chestnut Hill zoning matters and attended community functions. She or someone from her staff would attend meetings in Chestnut Hill. She was particularly involved in the years-long process to replace the Germantown Avenue Bridge over the Wissahickon near Chestnut Hill College.
The field to replace her will probably be crowded. Former candidates Greg Paulmier and Cindy Bass have been rumored to be interested in another run. O'Connell recently took part in a fundraiser for Nicetown-Tioga resident Verna Tyner, former chief of staff for the late councilman David Cohen and until recently chief of staff of Councilman Bill Greenlee.
"I feel she would repreesent the entire district very well," O'Connell said.
Looking back on her service, Miller was recalled her beginnings working for David P. Richardson, a well-known and powerful state representative from Germantown.
"When I became active in community issues in my early twenties and later began working alongside leaders like the late State Representative David P. Richardson Jr., I never envisioned being in public office," Miller said in her statement. "All I wanted to do was to serve and help the community. That is all any of us wanted when we started in this many years ago. I tried to live up to the expectations that Dave and other trailblazers had for us. Though we have made great progress, Dave and others still would not be satisfied. I can only hope my successor will learn the lessons of the past as they chart our course in the future."
What do you think Donna Reed Miller's departure means for Chestnut Hill and/or the 8th District? Add your comment below.


text:
'Hall Pass' Hits The Theaters
Owen Wilson stars on the big screen in this Farelly Brothers comedy that explores two couples that attempt to save their marriages by granting a "hall pass" to each of the husbands. Also starring Jason Sudeikis, Stephen Merchant, Christina Applegate and The Office's, Jenna Fischer. Will it go as smoothly as the husbands think? Watch the trailer again here before you hit the theaters.


text:
481 members13 Likes
siew hwee kong has not received any gifts yet
Hi I saw your post on the sactennis group wall and was wondering if you were still interested in playing tennis. I'm a 3.5. I haven't played much last several years but really want to get back into it. I live in Folsom, so maybe we can meet somewhere in the middle between Folsom and Rancho Cordova? let me know at email@example.com
© 2020 Created by Mark / The Mayor. Powered by


text:
As one of Europe's leading ferry operators we recognise how important it is for our customers to have an easy and efficient way to do business with us.
Welcome to P&O Ferries' freight website. A refreshingly simple yet powerful tool allowing account holders access to book, amend and track units on over 450 departures a week, on 8 different routes, as well as providing a host of useful information. It's all just a click away.
For up to date travel information, please follow our dedicated freight Twitter account.
Using our services has never been so easy...
View our latest Coronavirus news here
For information on our sister company, please click on the link below
Please click on a link below
view our travel news »
register for a new freight account »
View our the latest BAF charges
view more items under general news »
view our latest Coronavirus info here


text:
Defence minister visited the outdoor test facility of Military Radar and Missile Systems Strategic Business units
GN Bureau | January 17, 2018
Defence minister Nirmala Sitharaman recently made her maiden visit to the Bangalore complex of Navratna defence PSU- Bharat Electronics Ltd and was briefed on both the ongoing and futuristic projects of the enterprise.
In a first, the Department of Home Science, Sri Padmavati Mahila Visvavidayalam (Women's University) Tirupati, Andhra Pradesh, recently organized an international webinar on "Nutrition and Immune System Support during COVID-19 Pandemic". Speakers included eminent national and internationa
Even as Unlock enters the second phase, the number of Covid-19 infections continues to rise to record levels and India remains No 4 in the worldwide list, yet there is glimmer of hope: its recovery rate is also rising in tandem. There are 1,27,864 recovered cases more than the active Covid-1
A long-debated idea is finally coming to fruition as the Indian railways has decided to join hands with the private sector, in running some train services to begin with. The ministry of railways has invited 'request for qualifications' (RFQ) for private participation for operatio
Democracy in India is now taken for a fact, with an unstated assumption that all our institutions are democratic and hence often our successes and more often failures are attributed to 'democracy'. However, a key frontier where democracy remains a challenge is that of local governments and that
India, facing China's aggressiveness at border, has banned 59 smartphone apps, including TikTok, as they were indulging in activities harmful to India's sovereignty and integrity. The reason cited was: "in view of information available they are engaged in activities which [
The launch of India's first human space mission, 'Gaganyaan', will not be affected by Covid-19 and preparations are going on in the right direction even amid the pandemic. This was disclosed by minister of state (independent charge) development of north eastern region (DoNE


text:
Retractable Screens
Retractable Screens Aurora Oregon – Service, Replacement & Installation
Kraft Screens services the Aurora area with a large selection of retractable screens. Our experts will help you choose the screens to match your existing decor and installers work on-site for a truly convenient experience. Our screens have easy to use latches and are made with the best materials.
Kraft Screens has been servicing Residential and Commercial customers throughout the greater Portland, Vancouver, and Salem areas since 1995. Kraft Screens is the largest screening and shading company in the Portland Metro Area. We Here at Kraft Screens values every customer and strives to set industry standards for prompt, professional service with complete customer satisfaction.


text:
by Rebecca Cantrell
Mack the Knife, performed by Lotte Lenya and Louis Armstrong, lyrics by Bertolt Brecht and music by Kurt Weill. I know it wasn't recorded until 1956, but the original Mack the Knife was first performed on stage in 1928 in Berlin, as part of The Beggar's Opera. Since Hannah had money that year, she went. And its message of violence under the smooth surface sums up what she and Germany are dealing with.
Oh, the shark has pretty teeth dear…and he shows them, pearly white
Just a jackknife has Macheath dear…and he keeps it out of sight
When the shark bites with his teeth dear, scarlet billows start to spread
Fancy gloves though wears Macheath, so there's never a trace of red.
Here's a YouTube video of Louis Armstrong singing it:
Song of a German Mother, performed by Lotte Lenya, lyrics by Bertolt Brecht and music by Kurt Weill sums up the fate of many of the mothers that Hannah stands in line with at Lichterfelde. They didn't know what was going to happen to their sons, and now they do.
My son I gave you the jackboots, and the brown shirt came from me
But had I known what I now know, I would have hanged myself from a tree
Here's Dagmar Krause on YouTube. I couldn't find Lotte Lenya.
It's Only a Paper Moon by Paul Whiteman and his Orchestra. This one I had to put in because Hannah sings it at the casino when she's in an…umm…altered state. It originally came out in 1933, so she would certainly have heard it on the radio.
Say it's only a paper moon, sailing over a cardboard sea
But it wouldn't be make believe, if you believed in me


text: The wonder that is Africa. Whether you want to shop in the bazaars of the bustling African cities, ride a camel in the African desert, or quietly spy a leopard in the wild, you'll find the experience you're looking for on one of our many vacations in Africa. Other Tour Operators may drive you by the major sights. But on a Globus Africa guided tour, we take you inside the world's most awe-inspiring places—to relive the stories that bring your destination to life. You won't just walk around the Great Pyramids of Egypt—you'll hear about the ancient Pharoahs for whom they were built. You won't just take pictures of Table Mountain—you'll ride a cable car to the top for panoramic views. Globus offers more included features than our nearest competitor, at no additional cost to you.


text:
Exploring Hydrocarbon Depletion
Plantagenet wrote:By signing the DOD order to carry out Trump's strategic decision to declare victory and pull out of Syria, Mattis is now complicit in the decision. This makes it seem like his resignation wasn't triggered by the decision to withdraw
Plantagenet wrote:The whole reason we are in Syria is Obama...
asg70 wrote:[Plant, admit it. You died years ago and this is just a bot taking your place.
Plantagenet wrote:This move by Trump is turning out to be brilliant.
Newfie wrote:Salon article, if you can stomach the adds.
https://www.salon.com/2019/01/09/god-he ... something/
ROCKMAN wrote:P - I have to chuckle at both sides of the debate over our "massive" deployment in Syria. From a purely practical standpoint I don't consider the US to have a military presence in the country
PALATINE, Ill. ― Sen. Tammy Duckworth (D-Ill.) challenged President Donald Trump to state his administration's "endgame" for military involvement in Syria following the U.S. military's missile strike on a Syrian air field last week.
Speaking to a full house of constituents at a town hall in the Chicago suburb of Palatine on Tuesday night, Duckworth was asked what was accomplished with the first direct assault on the regime of Syrian President Bashar Assad and what the long-term strategy would be.
Duckworth said that she wants to know, too ― and that Trump needs to provide those answers quickly.
"The Trump administration needs to come forward and [state] its goal. Come forward and tell us the truth," Duckworth responded.
Bottom line, I was appalled," she tells Here & Now's Jeremy Hobson of the attack. "[Trump's] unilateral decision against his military commanders and his then-secretary of defense, Secretary [James Mattis] to decide to withdraw, pull U.S. troops without any type of a plan out of Syria contributed to ISIS' increased boldness."
In his speech, Obama also said that, "while I believe I have the authority to carry out this military action without specific congressional authorization, I know that the country will be stronger if we take this course, and our actions will be even more effective."[35] Introduction of S.J. Res. 21 in the Senate soon followed.
U.S. forces have now surpassed 2,800 strikes against targets in Iraq and Syria under President Obama's war against the Islamic State, all as part of a conflict Congress has yet to specifically authorize — and amid worries lawmakers won't ever act.
Under intense pressure from Capitol Hill, Mr. Obama finally submitted a draft authorization for the use of military force against the Islamic State in February, but it's since languished, caught in the stalemate between those who want tighter restrictions and those who want the president to have as free a hand as possible.
Return to Geopolitics & Global Economics
Users browsing this forum: No registered users and 7 guests


text:
Press Releases
CKE Restaurants, Inc. Explores Canadian Expansion
Oct 6, 2005
Company Hires Consulting Firm Parker & Associates to Assist With International Expansion Plans
CARPINTERIA, Calif., Oct. 5 -- CKE Restaurants, Inc. (NYSE: CKR) announced today that it has hired Parker & Associates, one of Canada's leading marketing consulting firms specializing in franchise development, to assist with expanding CKE's Carl's Jr.(R) brand into Canada.
CKE Restaurants, Inc.'s international presence has been steadily increasing, with a combined total of 204 Carl's Jr. and Hardee's(R) quick- service restaurants currently operating in 13 countries. CKE recently closed a deal to develop 50 new Carl's Jr. franchise restaurants in the Russian Federation over the next eight years.
"Expanding into the Canadian market makes strategic sense for our Carl's Jr. brand, and we are excited to be working with Pat Parker and his team at Parker & Associates to help facilitate potential expansion," said Ned Lyerly, CKE vice president, international. "We currently have 64 Carl's Jr. restaurants in Mexico, and we think northern expansion into Canada makes logical sense."
"Canadians love a good hamburger, and Carl's Jr. is well known for its premium burgers and unique advertising," said Pat Parker, principal, Parker & Associates. "Canada represents a huge untapped market for CKE, and we believe their innovation and energy will shake up the marketplace."
As of the second fiscal quarter ended August 15, 2005, CKE Restaurants, Inc., through its subsidiaries, had a total of 3,159 franchised or company-owned restaurants in 43 states and in 13 countries, including 1,032 Carl's Jr. restaurants, 2,011 Hardee's restaurants and 100 La Salsa Fresh Mexican Grill(R) restaurants.
Matters discussed in this news release contain forward-looking statements relating to future plans and developments, financial goals and operating performance that are based on management's current beliefs and assumptions. Such statements are subject to risks and uncertainties. Factors that could cause the Company's results to differ materially from those described include, but are not limited to, whether or not restaurants will be closed and the number of restaurant closures, consumers' concerns or adverse publicity regarding the Company's products, effectiveness of operating and product initiatives and advertising and promotional efforts (particularly at the Hardee's brand), changes in economic conditions or prevailing interest rates, changes in the price or availability of commodities, availability and cost of energy, workers' compensation, employee health insurance costs and general liability premiums and claims experience, changes in the Company's suppliers' abilities to provide quality and timely products to the Company, delays in opening new restaurants or completing remodels, severe weather conditions, the operational and financial success of the Company's franchisees, franchisees' willingness to participate in our strategy, availability of financing for the Company and its franchisees, unfavorable outcomes on litigation, changes in accounting policies and practices, new legislation or government regulation (including environmental laws), the availability of suitable locations and terms for the sites designed for development, and other factors as discussed in the Company's filings with the Securities and Exchange Commission.
Forward-looking statements speak only as of the date they are made. The Company undertakes no obligation to publicly update or revise any forward- looking statement, whether as a result of new information, future events or otherwise, except as required by law or the rules of the New York Stock Exchange.
For further information, contact Ned Lyerly, Vice President, International, of CKE Restaurants, Inc., +1-314-259-6413, firstname.lastname@example.com.


text:
Organizational Talent Rankings via Baseball America
2012 (20) | 2011 (21) | 2010 (8) | 2009 (9) | 2008 (14)
2012 Affiliate Records
MLB: [93-69] AL East
AAA: [74-70] International League – Norfolk
AA: [78-64] Eastern League – Bowie
A+: [62-77] Carolina League – Frederick
A: [52-86] South Atlantic League – Delmarva
A(ss): [18-48] New York-Penn League — Aberdeen
Arizona Fall League Players — Mesa Solar Sox
Mike Belfiore (LHP); Chris Petrini (LHP); Clay Schrader (RHP); Mike Wright (RHP); Brian Ward (C); Jonathan Schoop (INF); L.J. Hoes (OF)
Graduated Prospects
Manny Machado (SS/3B); Ryan Flaherty (Util); Wei-Yin Chen (LHP)
The Run Down
The Orioles earned a spot in the postseason last year, establishing themselves as one of baseball's most surprising teams. Given the recent upgrades to their competition in the AL East, however, as well as the perennial awesomeness of certain teams in that division, it seems unlikely that they will be playing ball in Baltimore next October. In fact, oddsmakers have the O's at 10/1 odds to win the East — lowest in the division. Seems like an unfair outlook for a team that won 93 games a year ago, but I can't argue against it — the Orioles outperformed every win/loss model there was, and few would disagree that their season was one blessed by luck. What's left in Baltimore, though, is a team that's now accustomed to winning. They have a solid lineup that includes a blossoming superstar in Manny Machado, and a staff ace on the way in Dylan Bundy. And while the rest of the system isn't quite spectacular, there should be enough talent pushing through to keep the O's competitive on the field and in the trade market. They might be long-shots, but certainly don't count this club out in coming years.


text:
So on Sunday, I had a long run. Looking back, I've done many long runs in my past 'training' and I never was as nervous as I was for this 10 miler. You see, I haven't run more than 8 miles in oh, a month, and that 8 miler was basically a decision one to get back on the training plan. Alas, using the word un-prepared would be a good way to describe this 'training' I like to think that I do before a 'race'. Lots of terms used loosely in this post it seems.
Training is hard for me. I don't know why, but I always struggle with it. I guess almost knowing that no matter my time, finishing is all that matters, and finishing and having fun is much more important than a number on the clock that I'll run under after any given amount of miles in front of me.
I guess I've finally gotten in the mentality of running for fun. Anyways, back to the 10 miler. Literally going off basically no base, and realizing that I have a half in oh, two weeks, I needed to know I was physically able to run that far… which once I got to 5 miles, I thought to myself, as I usually do, two more 5Ks to go! My feet were pretty sore and I'm stiff, but other than that, I did it. It wasn't fast, but hey, sometimes just knowing that you still got that mileage in the tank is reassuring. Granted, I like to push the envelope of stupiditiy and know that it's not enough for a marathon, and yes, I will up my mileage, but starting with nothing and continuing to increse always baffles me.
How do I always know how to run? It's something that sometimes I really truly hate to do, but at the same time, I know I can always count on it to be something I CAN do. That is something I am beyond grateful for. It's said all the time, mostly on facebook and twitter, but nothing compares to that feeling you have after a run and it's true. I need to keep reminding myself that during this time that I'm in training. Saying no to staying out late, passing on that beer, trying to cut down on the bad food, will all make me feel that much better at the end a run, and when I cross that finish line in March… I know no matter what my time is, I will have had fun and another interesting journey to the finish.


text:
Colorado Rockies Roster In 2013: State Of The Union
Like us on Facebook hereFollow @mlbreports
Friday Jan.25/2013
Ryan Dana (MLB Reports Intern): Follow @ryandana1
The Colorado Rockies finished 2012 with a 64-98 record – just escaping the dreaded 100 loss season. This record was bad enough to not only get them last place in the NL West, but also give them the 3rd worst record in the National League, only better than that of the Cubs and Astros. It was the Rockies worst season to date – and the 1st time in team history they failed to have a Winning Percentage of above .400. After having a season like the Rockies did in 2012, one would hope that the only place to go is up.
The franchise was established in 1993 – and have made the playoffs 3 times ('95, '07, '09). All of these were Wild Card births, and in '07 they won the NL Pennant, before being swept by the Red Sox in the World Series. 2007 was a remarkable season though, as they won 21 of their last 22 regular season games just to get in the playoffs. It was one of the great runs in recent memory, maybe even more impressive than the '02 Athletics 20 game win streak – since this streak propelled them into the playoffs seemingly out of nowhere. To get back to the playoffs in 2013 might be a little far-fetched considering they are in a division with the reigning World Series Champs (Giants), and a team with a seemingly infinite payroll (Dodgers). It isn't far-fetched to say they will be better than last year, and could be contenders in the near future.
Carlos Gonzalez Highlights – Mature Lyrics so Parental Guidance is Advised:
The 2012 Colorado Rockies rotation was a mess to say the least. Jeff Francis was the only pitcher to eclipse the 100 IP mark, and that was only by 13 IP. They had 14 pitchers make starts for them, including Jeremy Guthrie who they traded away, and Jonathan Sanchez who they got in the deal. The lengthy career of Jamie Moyer even made a stop in Colorado in 2012. Collectively, the Rockies starters had the worst ERA in the Majors at 5.81. You can argue that pitching half their games in the launching pad that is Coors Field had a significant impact on that, but looking at the Home and Road splits they weren't terrific on the road either. As a staff, their ERA at Home was 5.97 (Last amongst MLB teams) and on the Road it fell to 4.41 (20th among ML teams). It is a considerable difference though, so this is a team where some stats may not be as telling as they are for other teams. Looking at Home/Road splits are important while analyzing the Rockies. Below is what the starting rotation might look like for Colorado in 2013.
Rotation: Jhoulys Chacin, Jorge de la Rosa, Drew Pomeranz, Juan Nicasio, Jeff Francis
This is just a projection and with a team like the Rockies, there are other names to keep an eye on as they will definitely have pitchers compete in Spring Training, and throughout the year. Tyler Chatwood and Christian Friedrich will likely pitch out of the bullpen, but certainly can start, probably will be in the battle for said position. Jhoulys Chacin has actually had a good amount of success in his young career pitching in a hitter's paradise. Chacin's first significant big league Innings Pitched came in 2010 – where he posted a 3.28 ERA in 137.1 IP. In 2011, he posted a 3.62 ERA in 194 IP. While pitching in the National League may have its advantages, Chacin did very well in these two seasons considering his age and where he pitches his home games. In 2012, Chacin took a step back from the progress he was making toward being a true ace, by missing significant time with injury – and by not pitching to the level he had in the 2 years prior. He made only 14 starts and posted a 4.43 ERA, but the mediocre performances may have partially been due to the injured shoulder/pectoral muscle that he had. GM Dan O'Dowd publicly questioned whether Chacin's winter training was up to par. If that is the case, then hopefully it is rectified this offseason and Chacin can be the leader of the Rockies staff.
Jorge de la Rosa had to get some of the worst news a pitcher can get in May of 2011. He had a torn UCL, which required Tommy John Surgery to repair. De la Rosa pitched fairly well since being traded to Colorado in '08, decreasing his ERA from 4.92 in '08 every year until it was at 3.51 at the time of his injury in '11. De la Rosa made 3 starts after coming back from the surgery in '12, with little success, but that is much too small of a sample size to get overly concerned with. The injury was really unfortunate as he was progressing into a very good pitcher, but the Rockies hope he can get back to where he left off and continue improve.
Drew Pomeranz is a very talented young Lefty, that was an integral part of the trade that sent Ubaldo Jimenez to Cleveland. Pomeranz started 22 games in his 1st Big League season with the Rockies, and fell just short of 100 IP. That is just over 4.1 Innings Pitched/Game, which will definitely need to be improved in his 2nd season as well as lowering his 4.93 ERA. The Rockies are really counting on him to make strides toward becoming a top 3 starter this year because they really don't have a lot of guys with top of the rotation stuff.
Juan Nicasio has had a rough start to his Major League career. In 2011 Nicasio got a call-up during the season and pitched well in 13 starts, until he was stuck in the head with a line drive off the bat of Ian Desmond. Then in 2012, Nicasio returned to the mound and made 11 starts with less success than 2011, but then injured his knee fielding a grounder, which required season ending surgery. I don't know what to expect from Nicasio in 2013, but it would be nice to see what he can do in a full year with good health.
Jeff Francis has been with the Rockies since he was called up in 2004 – and has accrued a career 4.86 ERA in 204 starts. Francis had a lot of success in the '06 and '07 seasons, but in all other seasons has been less than stellar. The only time other than '06 and '07 that Francis had an ERA below 5 was in his one season ('11), in Kansas City where he had a 4.82 ERA. He spent some time in the Minors during 2012 and at this point in his career; he seems to be nothing more than a 5th starter on a team who lacks a top tier rotation.
The Rockies bullpen was seemingly not the worst in 2012, but it wasn't that far off either. They had a 4.52 ERA, but to be fair, they also pitched nearly 100 more Innings than any other bullpen in baseball. Their closer Rafael Betancourt will be back and be looking to accrue even more Saves than his 31 from the 2012 campaign. He also had the best ERA (out of all relievers with more than 10 IP on the team) – with an ERA of 2.81 in his 57.2 IP.
Matt Belisle and Rex Brothers were two of the workhorses for the Rockies pen in 2012. Both had sub 4 ERAs and will be returning this year. One of the heavily used relievers for the club that won't be returning is Josh Roenicke who is now with the Twins. He led the bullpen last year with 88.2 IP – and was 2nd in ERA at 3.25. He will be sorely missed, but in light of the way the rotation is projected, the bullpen might see Tyler Chatwood and Christian Friedrich added, which would be a big boost to the relief options manager Walt Weiss has. The 2013 Rockies bullpen won't be great, but they might be able to hold some leads down if the starting pitchers can give them some. I expect that, by the numbers, the Rockies bullpen will be pretty similar to last year.
Now as I transition to talking about the Colorado lineup and hitters, I again must mention the fact that stats may be a little inflated from playing in such a hitter's park. Nevertheless, Colorado scored 758 Runs – and had a .436 Slugging % which were 6th and 4th in the MLB respectively in 2012. They also had a team .274 BA and .330 OBP which would probably be a little less affected by the thin air in Coors Field. The Batting Average was tied for the best in the Majors, and the OBP was good for 6th in the MLB. Their OPS was only behind the Yankees and Rangers, two very good hitting ball clubs. Below is a look at what the 2013 Colorado lineup might look like.
Lineup: (8) Dexter Fowler, (4) Josh Rutledge, (7) Carlos Gonzalez, (6) Troy Tulowitzki, (9) Michael Cuddyer, (3) Todd Helton, (2) Wilin Rosario, (5) Chris Nelson
Part of the strength of the Rockies lineup lies in their Outfield which includes their leadoff hitter (Dexter Fowler), their 3 hole hitter (Carlos Gonzalez), and their #5 hitter (Michael Cuddyer). Dexter Fowler is your prototypical Lead-off hitting, Center Fielder. He is coming off his best season in 2012, which has led to a lot of interest from other teams, and various trade rumors, which seem to be mostly frivolous. Anyway, Fowler had been a pretty consistent .260 hitter for his career, but made the jump all the way up to .300 in the 2012 campaign. He also improved to post career bests in OBP (.389), SLG (.474), HRs (13), RBI (53), and Hits (136). Michael Cuddyer was brought in by the Rockies last offseason and played 101 games with the club in his 1st season with them. Cuddyer had been a pretty consistent producer with the Twins over the years, but saw his production drop in 2012. The Rockies are hoping this isn't a downward trend due to age as he is now 33. They have Cuddyer under contract for 2 more years, but he has had dips in his numbers like this before and bounced back, so don't hit the panic button just yet.
Carlos Gonzalez, or CarGo, as he has come to be known, was actually the subject of a player profile written about a month ago here on MLB Reports. Definitely take a look at it for yourself, but it examined whether or not CarGo was a true superstar. I'll try not to ruin the article for you, but it makes a lot of good points that I must bring up while talking about one of the Rockies best players. Gonzalez, had a breakout year in 2010, and put together 2 very good seasons since. However, it is true, CarGo has some ridiculous Home/Road splits proving his stardom is partially the artificial cause of the Coors Field effect (if you want to read about the Coors Field effect in depth, there is a series of 3 articles already on MLB Reports as well). Not to bore you with stats that you have seen if you read the earlier CarGo article, but basically in 2012 he hit 368/.437/.609 at Home, and .234/.301/.405 on the Road. In reality, he plays half his games at home though, so he will put up some good numbers in 2013 almost certainly and be a force in the Rockies lineup. It's not like he's the only one whose stats are padded by Coors though, Dexter Fowler experienced a pretty nice boost in 2012 from a little home cooking.
At First Base, the Rockies have one of the All-Time great ballplayers. Todd Helton is a much decorated legend, who has spent his whole career with Colorado since his debut in '97, and he says he would like to stay with the club for the rest of his career. Helton may not have long left anyways, as he is 39, is on the last year of his contract with the Rockies, and has a degenerative back condition. He said he wanted to play for 3 more seasons in February of 2011, so this would be his last year if he stays true to his words. He is coming off hip surgery which forced him to miss much of 2012, and be less than his usual greatness while in the lineup. It's crazy though, in 69 games in 2012 he hit only .238, but he still had a .343 OBP. His worst career OBP was in his first season at .337. I bet he is one of Billy Beane's All-Time favorite players, and if he were to continue past this season and wanted a DH job, I'm sure Beane would hook him up. Helton will contribute positively to the Rockies like he always has, for as many games as his health will allow him in 2013. He's only 80 hits from 2,500 for his career, hopefully he can stay on the field long enough to get there.
The Rockies have one of the better Shortstops in the game in Troy Tulowitzki. He has a cannon for an arm, and has been known to flash the leather too, making him a great asset in the middle of the Rockies defense. He's also not too bad with the lumber. He only played in 47 games due to injury in 2012, but in 2011 he hit .302/.372/.544 with 30 HRs and 105 RBI. He made the ALL-Star team, won a Gold Glove, and a Silver Slugger Award in both 2010 and 2011. There is no reason to believe Tulo won't be healthy again, so the Rockies should be getting their best player back for a full season in 2013, which will help immensely.
Tulo's double play partner for 2013 will be Josh Rutledge. The 23 year old Rutledge is entering his 2nd MLB season after playing in 73 games for the Rockies last year. He tore through the Minors in about a year and a half – and hit .274/.306/469 in his debut half season in the Majors filling in for Tulowitski. Rutledge could be on the rise to stardom like Tulo had been. Both made quick work of the Minors and had success right away in the Majors. This middle infield should have Rockies fans more excited than anything else for the 2013 season.
Third Base will be occupied by Chris Nelson, and Jordan Pacheco. Chris Nelson has a career slash line of .284/.327/.427 in 191 Major League games. These are pretty similar to what he did in 649 Minor League games, so it would be a reasonable expectation that he stays around these numbers. He was about .20-.30 points above his career averages in all of those categories in 2012, but as of now I think he is a serviceable Third Baseman, nothing more, nothing less. Pacheco had a slash line of .309/.341/.421 in 132 games in the Majors in 2012. He played just 21 games in the Majors in 2011, but in his 472 Minor League games he had pretty similar stats to that of his 2012 campaign, so he too looks to be what his numbers showed last season. Pacheco is versatile and is a real luxury for the Rockies. Both Nelson and Pacheco will compete for time at 3rd it seems.
Wilin Rosario will be behind the dish in 2013 again for the Rockies. Rosario was impressive at the plate last year hitting .270, with 28 HRs, 71 RBI and 67 Runs. For a Catcher in this day and age, that is a pretty monstrous season with the wood. The Rockies also have veteran Ramon Hernandez to back up the youngster Rosario.
Looking at the Rockies roster, there are clear weaknesses, but it doesn't look like a group that would finish with the 3rd worst record in the MLB again. This is assuming better health in 2013 than in the past year, but their lineup is young and talented. They do have some talented Starting Pitchers as well, although health is a great concern there, and they do lack the elite starters that top teams generally have. Colorado's bullpen could use some work, but the teams rebuilding process might be a quick one. I trust in their lineup and defense to be above average for sure, and I think their bullpen is going to be bottom half of the league again which is worrisome, but their playoff hopes are mostly reliant on their Starting Pitchers. I don't expect a lot from Francis, but if the top 4 guys can stay healthy, and pitch to the potential they have already shown in the big leagues, they will be a solid rotation and push the Rockies back up the standings.
(*The views and opinions expressed in this report are those of the author and do not necessarily reflect the views of mlbreports.com*)
Welcome to our newest Baseball Intern: Ryan Dana:
Ryan Dana is junior studying physical education with a concentration in coaching at Bridgewater State University. He has been playing baseball since he was 7 and coaching since he was 14. Ryan wants to be a college baseball coach once he graduates. Ryan is, and always will be, a diehard Boston Red Sox fan. Secondary to baseball, he is a big health and fitness enthusiast. You can find Ryan on Twitter . Follow @ryandana1.
Please e-mail us at: email@example.com with any questions and feedback. You can follow us on Twitter and become a fan on Facebook. To subscribe to our website and have the daily Reports sent directly to your inbox, click here and follow the link at the top of our homepage.Follow @mlbreports
Like us on Facebook here
Posted on January 25, 2013, in MLB Teams: Articles and Analysis, The Rest: Everything Baseball and tagged 2007 World Series, @ryandana1 on twitter, billy beane, carlos gonzalez, chris nelson, christian friedrich, cleveland indians, colorado rockies, Coors Field, dan o'dowd, drew pomeranz, ian desmond, jamie moyer, jeff francis, Jeremy guthrie, jhoulys chacin, jonathan sanchez, jordan pacheco, jorge de la rosa, josh roenicke, josh rutledge, juan nicasio, la dodgers, matt belisle, minnesota twins, nl west, oakland athletics, rafael betancourt, ramon hernandez, red sox, rex brothers, ryan dana, san francisco giants, todd helton, Tommy John Surgery, troy tulowitzki, tyler chatwood, tyler colvin, ubaldo jimenez, Walt weiss, wilin rosario, willin rosario. Bookmark the permalink. Comments Off on Colorado Rockies Roster In 2013: State Of The Union.