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As I'm sure most of you already know, I have a solid love affair with Spansih brand, Hoss Intropia. I love walking into their beautifully laid out stores to find pieces that at first glance I usually wouldn't consider, but once taken into the dressing room, I suddenly fall for. I recently collaborated with the brand again to bring you a 'Playing Dress Up' post where I styled four completely different looks that can work for numerous occasions, and the best part? We're giving you the chance to win one of my favourite pieces from the series of looks below, this fabulous guipure lace skirt. All you have to do is follow this link to the Hoss Intropia page, like and comment on the picture. The giveaway ends on June 21st so enter now for your chance to win!
For my first look, I paired the stunning guipure lace skirt with a silk and linen sweater, straw handmade clutch and studded sandals.
Look number two is all about being casual yet chic, I love a good pair of pyjama pants so I was instantly drawn to this sporty pair and I dressed it up with a leopard print cross body and heels.
Look number three is so fun, we centered the entire outfit around this fabulous straw hat which is available in store, and styled a pleated dress, linen sweater and bib necklace.
For the final look we kept the shoot in store, as it's just so pretty! I opted for an embellished Miguel Palacio (again not something I would normally go for but once I wore it, it was hard to get me out of it!) This dress is available in store and was paired with the nude studded sandals.
I'm so excited to be offering all you fabulous people the chance to win a make over and styling session (worth £200) with me at the new Park House River Island store! All you have to do is tweet about the opening using the tag #RIParkHouse for your chance to win and you could be at the new store on June 8th getting your fabulous on with me.
The competition closes on Wednesday June 6th where a winner will be announced via Twitter, (we'll be counting the entries through the hashtag so make sure you use it!) I'm so excited to see all your tweets and even if you don't win make sure you stop by, there's lots of great things in store including manicures by Barry M, free gifts with every purchase (while stocks last) and vouchers for the first 50 customers!
Enter now by using our tweet box below:
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Win a River Island Styling Session worth £200 with Five Five Fabulous #RIParkHouse
Natalya and I have teamed up with Juicy Couture to give one of our fabulous readers their very own track as well as a styling session with me and Natalya in the Juicy Couture Regent St store. Tweet us with the hashtag #StayOnTrack and tell us which is your favourite style, is it the slim pant, boot leg or classic cut? You have until May 19th so enter now for your chance to win! (Entrants must be London based or able to make their own way to the Juicy Couture Regent St store.)
tweetly_use = true;
Win a Juicy Couture Modern Track and Styling Session with Five Five Fabulous


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Successful district training seminars require planning and attention to details. Make every effort to conduct a smooth, enjoyable and professionally-run training session. The training will be successful if you do the following:
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subset: commoncrawl


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FavSlider Responsive Slideshow
Responsive slideshow module adapted for Joomla! from FlexSlider 2
Editor's Note
- This extension requires registration to download.
A smart slideshow that adapts and resizes itself to desktop and mobile devices.
The module is compatible with Safari 4+, Chrome 4+, Firefox 3.6+, Opera 10+, and IE7+. iOS and Android devices are also supported.
The module has an extensive set of parameters for easy and fast customization:
- Slider Type
- Load jQuery
- Transition Effect
- Cycling Speed
- URLs Target
- Arrow Navigation
- Control Navigation
- Autorun
- Randomize
- Animation Loop
- Pause On Hover
- Keyboard Navigation
- MouseNav
Each slide has a set of 4 parameters:
1) Show Slide
2) Slide Location
3) Slide Link
4) Slide Caption
Credits: WooThemes for FlexSlider 2
Reviews: 14
1) Ability to add more than 10 slides, or even better add a folder.
2) When you show a Portait image the image streches way too much in order to fit to the width, an option to stretch up to 100% of the page/div size whould be nice.
Other than that, it's really, really great. Thumbs up!
Reviews: 9


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Call to Book 01 485 3835
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For decades Spain's Costa Del Sol, or 'Sun Coast', has been the go-to destination for sun, sea and sand worshippers. After just three hours on a plane, you can relax on the beach or by the pool of your all-star accommodation before seeking out the region's bona fide Spanish culture and lifestyle for yourself. Costa Del Sol holidays provide the best of both worlds, so pack your sunnies and grab your flip flops, because whether you're exploring or relaxing you're bound to enjoy soaking up some Spanish charm.
You're never too far from the beach on Costa Del Sol holidays, and since the sand sweeps further than the horizon does, you'll always find a sunny spot to top up your tan. Torremolinos is the go-to place for lazy days along the beach and fun-filled nights. Further South, Marbella is a polished port where jet-setters come to play and giant yachts are commonplace. In contrast to both, Mijas is a more bohemian and typically Andalusian area. Despite rapid expansion in recent decades, it still retains an air of the classical, picturesque Spain and is a quieter option for a place to spend your holidays to Costa del Sol.
The benefits of Costa Del Sol holidays are well known; year round good weather, a tourism industry that caters for your every whim, and accommodation to suit all tastes and budgets to name just a few. Families, couples and groups will all find something suitable. In fact, the Costa Del Sol is such a well-oiled machine that no matter you're looking for, you'll be spoiled for choice.
Andalusian food is a delight, and one of the best reasons to visit. Traditional Spanish restaurants and tapas bars all serve hearty provincial cuisine such as tortillas, paella, and pescalito frito – fish fried in breadcrumbs. Spanish wine also has a worldwide reputation and a drive along the coast will reveal acres of vineyards, orchards and orange groves.
Once you've had enough sun for the day, spend your nights partaking in some traditional Spanish entertainment like flamenco dancing or enjoying some tapas dishes at the bar; rock up and take a seat and rub shoulders with the locals. For those who are looking to party while on holidays in Costa del Sol, there are plenty of trendy bars and cool clubs to dance the night away.
Hotel Rincon Andaluz
Our rating based on criteria such as location & facilities
from €27.72 pp
Fuengirola Beach Aparthotel
from €13.83 pp
Marconfort Beach Club Hotel
from €31.61 pp
Mediterraneo Apartments
Nerja, Costa Del Sol
Based on 2 sharing, Self catering, 7 nts, from Dublin
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Flight + hotel from €160.52 pp
Vista de Rey
Benalmadena, Costa Del Sol
Flight + hotel from €184.50 pp
Kristal Hotel
Torremolinos, Costa Del Sol
Based on 2 sharing, Room only, 7 nts, from Shannon
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Flight + hotel from €246.00 pp
Hotel Chaparil
Based on 2 sharing, Room only, 7 nts, from Dublin
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Flight + hotel from €267.53 pp
CLC Benal Beach
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Based on 2 sharing, Self catering, 7 nts
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Hotel from €81.66 pp
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The rocker reveals his political views – no conflict diamonds – at the NME Awards. Plus: Blake Lively, Denise Richards, Carrie Ann Inaba and more
Credit: Patricia Schlein/ WENN
Published: Thursday Apr 24, 2008 | 05:25 PM EDT
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Blake Lively works the Laura Ashley-meets-Scarlett O'Hara look as the Gossip Girl star gets set to shoot a wedding scene in New York City on Wednesday.
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The dining adventure begins with a passion for great food, infused with globally inspired bold flavors and recipes, freshness and quality ingredients and the flair of wood-fired and wok cooking styles. Value has always been the underlying theme of the Elephant Bar offering large portions, appealing presentation and great value for money.
From the moment guests enter the door, they are treated to a broad array of tempting exotic and classic drinks... adventures in themselves. The tropical appeal of the decor creates a comfortable and enjoyable dining environment.
American, western, and pan-pacific foods. The upscale restaurants are decorated around an African safari theme, with wildlife motifs including zebra-striped ceilings and leopard-print carpets. The customer is at the heart of the Elephant Bar Restaurant's business philosophy, with a real dedication to delivering more than a unique dining experience, but rather a unique dining adventure.
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- May be used individually or stacked horizontally on worksurface or on 10" SOTO™ Shelf
- A small indent allows user to easily view materials while boxes are stacked
- Also accomodates SOTO™ Storage Box Set of 3
- Made of seamless ABS Plastic with high gloss finish
The SOTO Personal Box is a perfect home for any variety of business and personal items. The Personal Box is part of the SOTO collection, a cohesive set of tools that help the workplace and its workers come together.
- Dimensions:
- Overall Depth: 9"
- Overall Width: 9"
- Overall Height: 2"
- Shipping Box Dimensions: 9"W x 2"H x 9"D
- Delivery Weight: 0.25 lbs
- Style Number DSPB
- Color Arctic White and Black
- Construction ABS plastic
- Weight 0.25 lbs
- Dimensions 9" W x 2" H x 9" D
Application Freestanding only
SOTO - Cableway
from $89.10
SOTO - Utility Box
from $26.10
SOTO - Tool Box
from $26.10
SOTO - Storage Boxes
from $26.10
SOTO - Rail
from $125.10
SOTO - Pile Box
from $26.10
SOTO - Personal Box
from $26.10
SOTO - Letter Box
from $26.10
SOTO - LED Task Light
from $188.10
SOTO - File Box
from $26.10
SOTO™ II - Functional Screen
from $152.10
SOTO™ II - Mobile Caddy
from $251.10
SOTO™ II - Cable Clip (pkg. of 5)
from $17.10
SOTO™ II - Personal Hook (pkg. of 5)
from $17.10
SOTO Laptop Shelf
from $89.10
FedEx Ground:
Free FedEx shipping & returns. More Info »
White Glove Delivery & Installation:
This service includes a delivery appointment, inside delivery, assembly, installation & removal of all packing materials for our products that are larger or require special assembly. See pricing details, starting at $199. All sales on this product are final. More Info »
Inside Delivery Only:
This service is provided for our larger items that do not require professional assembly. The delivery agent will place items inside your door, but will not move items to your room of choice. See pricing details, starting at $99. All sales on this product are final. More Info »


text: U.S. Laws Protecting Polar Bears 'Based on Deeply Flawed Study' Print article Send a Tip by Nick Hallett 26 Mar 2014 post a comment U.S. laws protecting polar bears are based on a deeply flawed study that even the authors now admit has problems. The decision to list the polar bear as "threatened" under the Endangered Species Act (ESA) was based on a 2006 study that said polar bear numbers had fallen, and the survival rate for cubs was declining. But leading zoologist Dr Susan Crockford now says the study failed to take into account the fact polar bears can simply move outside the study area. If a polar bear could not be rediscovered after being tagged, it was assumed to be dead. The group who conducted the study have themselves acknowledged this, admitting that the polar bear population may be faring better than they originally predicted. As Dr Crockford writes on her blog: What's shocking is that the PBSG [Polar Bear Study Group] have now admitted that the 'movement of bears' issue essentially invalidates the 2006 population estimate and the much-touted 'reduced survival of cubs.' The reduced survival of cubs data from that SB study was a critical component of the argument that US bears were already being negatively impacted by global warming and thus, should be listed as 'threatened' under the ESA (US Fish & Wildlife Service 2008). Ecologist Jim Steele also points out that the method used in the study is "impossible for highly migratory polar bears": Unlike other species that defend a territory with reliable resources, polar bears never defend territories. They walk and swim across great distances and will congregate wherever the Arctic's ever-shifting food supply becomes most abundant. Therefore, trying the measure the polar bear population in just one particular area makes no sense, as can simply move in and out the area. Last year, a U.S. court reaffirmed the "threatened" status of polar bears under the Endangered Species Act, using the study to say that it could become endangered due to the impact global warming will have on its arctic habitat. The U.S. Circuit Court of Appeals in Washington DC upheld the status, saying that criticism amounted to "nothing more than competing views on policy and science". The Alaska Department of Law, who wanted the "threatened" status lifted, argued that polar bears are pests who, as well as threatening towns, also threaten the exploration for gas and oil. The LA Times reports that the Department wrote that the current law offers a vision in which "Alaska's resources are locked up, our economy languishes, we lose population and we lack the capacity to maintain schools, roads, bridges, harbors and airports.... It is imperative that this latter vision does not become a reality." In the same article, the LA Times said: "There are still about 25,000 polar bears around the world, many of them in relatively healthy populations, but scientists fear that climate change is rapidly affecting their ability to sustain those numbers after the next half-century." Now those fears have been laid to rest, the basis for labelling polar bears as "threatened" is gone. The question now arises of how much longer the U.S. government will continue to enforce a law that has no basis in fact.


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I´d be the first to say that any protection is better none, but soft armor like this will not protect against rifle bullets, only relatively slow pistol ammunition. Crazed shooters would likely take this into account and choose their weapon accordingly. I also share OP´s concerns about the proposed implementations of this idea and question whether hiding under a bullet-resistant blanket would be more effective than running and dodging.
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I have an idea, how about arming two or three teachers in the school.
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All this massive violence coincides with the meteoric rise of liberalism. Just a few decades ago, almost nobody had a photo ID, few people locked their houses, and you could walk into any public school anywhere. No schools had guards.Get rid of the run-away liberism, and the violence will go away too.
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How about some protection from the absolute crap they´re learning in school?
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I bet Linus will have difficulty with them.
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First, there´s no such thing as "bulletproof". As another poster pointed out they might work against smaller caliber handgun ammo, but rifle or high power handgun, not so much. And making it orange or bright red makes it a target to a shooter, not a protective blanket.Second, can anyone list the "74 school shootings" referenced by Bloomies Gun Grabbers? I can´t....
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So, the nuts will use bombs instead.
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The blanket idea is stupid and expensive. The cost of armed guards is very expensive.Armed staff is a good alternative, but many don´t feel comfortable with staff members carrying weapons and there is the possibility of them being overpowered or just careless, ironically providing a firearm to the assailant.I propose hiding several lock boxes containing firearms around the campus. Staff members who elect to take special training would be issued a key for the boxes along with knowledge of their locations.A sign indicating that the school is protected by lethal response should be prominently displayed. A potential shooter now knows he has to contend with the possibility that any staff member may be armed in moments. This will probably deter most shooters from trying, it will slow down any who continue as they must now be cautions, and they may even be taken down by one of the weapons.Also, I would include a bright lightweight vest in each lock box with the firearm to allow easy identification if needed when the police arrive.
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Nothing attracts an armed terrorist, like a gun free zone. How many police stations have been attacked?
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People have always been fascinated with ghost sightings and intrigued by haunting and scary stories. While most claim they do not believe in ghosts or haunted houses, there seems to be an abundance of people who will readily admit that they have experienced some supernatural occurrence or know someone who has. There are happenings in the world that we cannot explain even if it is a coffee cup not being where we think we left it or things that go bump in the night. Try as we might to explain those things that scare us, we still seek them out whether it is through movies, haunted houses or visiting places that others believe to be infiltrated with the unexplained and scary.
5225 Sample Road
Huntersville, NC 28078
(704) 875-2312
The Latta family is said to haunt this historic plantation that it built and owned for years before the family's death. Patrons and employees have reported a variety of strange occurrences at the plantation even during guided tours. Noises can be heard in the attic as if children were running and playing and a cane of one of the family members suddenly started moving on its own as it was being shown to a tour group. Employees have reported that they have had doors and windows slam shut as well as seeing shadows walk down the hall. The most disturbing thing is people standing in the windows, yet there is no one in the room.
Related: Take $10 off your order of $30 or more PLUS always a free shipping option at Halloween Express!
Queens University of Charlotte
1900 Selwyn Ave.
Charlotte, NC 28274
(704) 337-2200
There are three sites on the campus of Queens University that are said to be haunted and students swear that the rumors of each are true. The Wallace Dorm is said to be inhabited by a poltergeist with cold spots in a corner of the dorm rooms. Cold spots usually indicate that a spiritual presence is about. Noises are often heard that range from banging to papers being tossed about. Albright Dorm is said to be haunted by the ghost of a woman who was distraught when her parents did not approve of her relationship with another woman and she hanged herself. The tormented girl is said to knock on and slam doors. In the dead of the night, if you wander into the Courtyard, you can allegedly see a hanging body, hear screams and see ghostly Civil War-era soldiers milling about.
Sally's Bridge
Popular Tent Road
Concord, NC 28025
According to legend, a young lady named Sally was driving at night during a heavy rain and went off the bridge into a creek. Sally could not find her baby in the swollen creek and eventually both of them drowned. Driving across the bridge late at night, many have reported seeing a woman frantically looking for her baby, even knocking on car windows or appearing beside the car pleading for help. Those who stop on the bridge will have Sally accost them to help her find her baby. There are several versions of the "haunted bridge" scenario floating about with most of them being dismissed as folk tales and urban legends, but many swear that on certain nights, you can see Sally searching for her baby.
Related: Charlottes Most Haunted Places
Spencer Mountain
222 Spencer Mountain Road
Gastonia, NC 28056
Spencer Mountain is said to be one of the most haunted places in the Charlotte area with some of the apparitions being somewhat hostile or presenting themselves as violent. Some have said they have observed a woman holding the head of a baby in each hand and there is a spirit that follows them through the house. Sarah seems to be the most active spirit on the property, having been seen following people, sitting at the well and she can appear in full or just as a floating spirit. Spencer Mountain is said to be haunted by at least three ghosts, two men and a lady, presumably Sarah, but there have also been sightings of ghostly children milling about.
Lincoln Academy
119 Lincoln Academy Road
Gastonia, NC 28086
Though the school has now been razed, the story of Kathleen Smiley, who was violated and murdered, lingers on with her spirit. An horrific end to such a young life has made the Lincoln Academy and the site where it used to sit one of the most eerie places in Charlotte. If you wander the grounds at night, it is said that you can feel the presence of someone or something lurking about. If you cross the bridge nearby, you do not want to stop and linger because your car will stall and will not start again. Lincoln Academy may be long gone but the legend that surrounds it lives on.
Related: Best Bookstores In Charlotte


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The 2011 Observer Music Award Winners
By Pete Freedman
The Best Of Dallas 2011: Food, Bars and More
By Dallas Observer
The Best of Dallas 2011: The Ultimate Guide
By Dallas Observer
Exonerated prisoners say their lawyers are ripping them off.
By Brantley Hargrove
By City of Ate
Presenting: The Best of Dallas Readers Poll!
By Dallas Observer Staff
Smoke's Tim Byres Menu for City of Ate's Supper Club
By Seth Cohn
Flaming Lips' Wayne Coyne On Regionalism, Gummy Skulls...
By Pete Freedman
Not sure how so many brand-new, still-shrinkwrapped, kick-ass discs end up in the "used" bin at CD Source. And guess what? We don't really care. Even with Universal's recent decision to drop CD prices, you can't beat getting a $9 copy of the latest, say, Mary J. Blige disc the same week it's out. You can't. Seriously. Don't even try. Wait, what're you doing? What'd we just say? Don't make us get out of this chair. It won't be pretty.


text: Custom T-Shirts for farrout observatory Astronomers in the daylight by Dennis - over 5 years ago "Our group of amateur astronomy folks wanted a shirt to wear to functions. CustomInk provided what we needed at a great price and in a timely manner." view full details Back to the top


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Over at the DC Bar, SEC staffer James Lopez took a look at how the first IPO prospectus in the United States measured up to the requirements imposed by the commision today. That would have been in 1791, for the Society for Establishing Useful Manufactures (SUM), which was going to build a manufacturing district. A taste:
today's IPO prospectus includes a discussion of the most significant factors that make the offering speculative or risky, pursuant to Item 503 of Reg. S–K. The SUM prospectus' third paragraph consists of the following sentence: "The dearness of labour and the want of Capital are the two great objections to the success of manufactures in the United States." Well, then, that's clear and concise. In a few additional paragraphs the SUM prospectus focuses on each of these challenges in detail. For example, as for needing labor it states that "emigrants may be engaged on reasonable terms in countries where labour is cheap, and brought over to the United States," and that "women and even children in the populous parts of the Country may be rendered auxiliary to undertakings of this nature."
HT: Corp Counsel.
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The DC Circuit rather shockingly threw out the SEC's conflict minerals rule ONLY because it compelled publicly traded companies to speak about the issue in their securities filings, which it concluded violated the First Amendment. EDIT: This means that the parts of the rule that require reporting but not a statement that goods are "not DRC conflict free," might still be okay. Bainbridge has takes here and here, Jonathan Adler here, Matt Levine here.
But, you are thinking, the SEC compels companies to do a million things in their securities filings! Does the very existence of a disclosure regime violate the First Amendment? The court's novel theory was that it is okay to mandate disclosures that aim to prevent consumer deception (so the books of publicly traded companies could be opened to investors), but any other goal must have more than a rational basis to be sustainable.
It is a crazy theory. Warning labels, origin labels, nutrition labels, mandatory agricultural marketing schemes, they don't involve consumer deception, and they're okay. And maybe this reveals a lack of adoration for the First Amendment, but if Congress could prohibit companies from using conflict minerals, which it surely can, then requiring them instead to disclose the use is both less burdensome and possibly more efficient. Why would we want a legal system that does not permit disclosure regimes, thereby requiring command and control?
Some other observations:
- One judge wanted the court to wait for a ruling in a related case going en banc before the now democratically controlled circuit, and the two majority judges declined to do so because now the SEC and the petitioners could participate in the en banc. Unless the new Obama judges on the court cannot hear the en banc, this seems like a request for a quick reversal.
- Also interesting, the court didn't bullet proof the opinion. The SEC survived the adlaw challenges, and the very controversial cost-benefit analysis requirement the DC Circuit has started imposing, though that is likely to change very soon, on the agency. There is only one ground for reversal here: disclosure is unconstitutional.
- There is a difference between speech and conduct in the First Amendment, but the other big thing the SEC does in foreign policy is corrupt practices prosecutions (bribes paid to foreign government officials, that is). Could that be affected by the holding of this opinion, were it to stand? It sure isn't consumer protection.
- One of my many pet theories about why people care about constitutional law, though they often overdo it, is the sense that stare decisis is only sort of a good way to think about the subject. Conservative judges clearly love commercial speech, and have been using it to reverse some settled doctrines that have been in place for decades. I doubt a single securities lawyer thought that this was a plausible holding by the Court. Some smarter on the subject than I were clearly surprised. Let's see if it lasts.
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Over at DealBook, I've got a look at the low-key rejection of Rajat Gupta's criminal appeal:
Judge Jed Rakoff, who presided over Mr. Gupta's trial, demanded in another case that the government proffer "cold, hard, solid facts, established either by admissions or by trials" in enforcement proceedings against financial firms. He has called for more prosecutions over the crisis, and expressed a desire to see wrongdoing exposed in court. Other trial judges have also expressed some sympathy for public sanctions expressed through judicial orders.
But powerful and influential appellate judges have indicated less interest in sending this sort of a message. The Court of Appeals for the Second Circuit indicated in another case that it thought that Judge Rakoff had been too insistent on admissions of wrongdoing. And, as the opinion in Mr. Gupta's appeal suggests, the court seems disinclined to make strong statements about appropriate business conduct when it could do so.
For more, head that way!
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Image: Flickr
In my last post—also a shameless plug for my recent article, "Boilerplate Shock"—I argued that boilerplate terms governing securities could serve as a trigger that transforms an isolated credit event into the risk of a broader systemic failure. I'll now briefly explain why I see this danger—which I call "boilerplate shock"—as a general problem in securities regulation, not just some quirky feature of Eurozone sovereign debt (the focus of the paper and post). Any market where securities are governed by uniform boilerplate terms is vulnerable to boilerplate shock.
The nature of this phenomenon—systemic risk—is of course familiar, but its source in contract language is a little unintuitive. How could private contracts unravel an entire securities market or the world economy?
Coordination around uniform standards.
In the back of our mind most of us probably still conceive of contracting as an activity that occurs among two, or perhaps a few, individuals or firms. But when standard terms are used by virtually all actors within a given market, it's worth considering the collective impact of those terms as a distinct phenomenon.
Coordination's benefits are well known. Consider uniform traffic signals. But coordination can also compound the effects of bad individual decisions.
As Charles Whitehead has argued, widespread "destructive coordination" among banks during the precrisis days helped generate systemic risks. When the credit markets froze, for example, firms using the same risk management formulas reacted in the same way at the same time. This helped transform isolated events into systemic ones—e.g., Lehman, the canonical example of a failure that triggered a de facto coordinated panic.
A similar risk, I argue, is present where participants in a securities market rely on the same standardized contract terms. Whether they were intended to or not, these terms will often control what happens in the event of certain legal emergencies, like a country departing the euro or Lehman declaring bankruptcy.
For example, if an effort by Greece to pay its bonds in "new drachmas" is rejected because of Boilerplate Contract Terms A and B, the market will surely be concerned that Terms A and B also govern the bonds of similarly situated borrowers, like Spain, Italy, etc. You'll see that the borrowing premium the "peripheral" euro countries (the uppermost five lines: Ireland, Italy, Greece (biggest spike), Portugal, Spain) paid versus richer euro countries (Germany, France, the Netherlands, the three lowest lines) zoomed higher as worry over a Greece exit gripped markets in late 2011/early 2012, and again (to a lesser extent) because of Cyprus exit talk in early 2013:
Bloomberg. Click to enlarge.
Moreover, this panic occurred against a backdrop of unduly rosy assumptions (namely, that a departing euro country could convert its bonds into a new currency and thereby avoid default, a likely contagion trigger). I argue that the uniformity of boilerplate across these bonds would intensify these problems significantly since it's likely to result in a declaration of default.
To my mind, this demonstrates that boilerplate securities contracts, in the aggregate, can be systemically significant. "Boilerplate Shock" introduces this concept and offers a modest proposal to mitigate its dangers in the Eurozone.
Beyond the euro, what about the risks of boilerplate shock in general?
Boilerplate shock is probably an inherent and permanent risk in any securities market.
Securities contracts are quintessential candidates for boilerplate. They are used by sophisticated parties for repeat or similar transactions and are drafted quickly—sometimes in three and a half minutes. The (correct) assumption is that they are more efficient for the parties that use them.
I'd like to begin thinking about how contracts can be drafted with a view to systemic risk mitigation, or at least to avoid exacerbating existing risks. But I think this is a hard problem that lacks an off-the-shelf solution:
- The nature of the risk is that it is a byproduct, not the result of intentional choices about risk allocation. This is the reason for the information-forcing default rule I propose in the Eurozone.
- The risk is also an externality: it is severe because of its collective impact. The parties do not bear the primary risk that uniform contracts will result in a meltdown, and in the unlikely event a crash happens (1) no individual party will be to blame and (2) at least one party to the initial transaction (the initial purchaser of a bond, for example) will probably no longer hold the asset, because most systemically significant securities are actively traded on the secondary market.
But banning or discouraging boilerplate is not the answer:
- The risk that a bunch of assets governed by the same terms will plummet in value is not only an externality. Risk allocation among parties might improve if scrutiny of existing securities boilerplate improves. The terms can evolve.
- A requirement to craft unique, artisanal terms—disclosures, subordination provisions ("flip clauses"), choice of governing law—for each individual securities transaction would be criminally inefficient.
- A requirement to craft unique contract terms might even be unjustified on risk-management terms alone, because it would increase drafting errors.
It's tricky to mitigate the risks of securities boilerplate.
Some options for places to start:
- Validation by third parties: perhaps issuers could use risk-rated contract templates. For example, see credit ratings…but see credit ratings.
- Culture: inculcate systemic risk mitigation as a professional norm among private sector lawyers? In principle, this could work. The number of lawyers who draft these contracts is pretty small. In practice, one could envision many complications.
- Insurance: encourage the development of derivatives to account for the possibility of boilerplate shock? Like some of the other solutions, this one presumes some agreement on what terms create the risk of boilerplate shock. It could also encourage new forms of moral hazard.
- Mandatory regulation: some public entity could be tasked with the mission of proactively identifying and combating the risk of boilerplate shock in contract practices. Arguably a natural choice given that the risk is an externality. Nevertheless, I'm a little skeptical. First of all, who would do it? A domestic regulator, like the SEC or CFTC, that might be dodged on jurisdictional grounds? An international institution, which is arguably more subject to capture? More generally, regulation seems like a heavy-handed first choice.
In sum, when standardized and aggregated, choices that determine legal risks—e.g., contract terms designating governing law, payment priority—can create the same hazards as choices about business risks. This suggests that contract terms should be taken seriously as possible sources of systemic risk alongside more familiar sources, like leverage and credit quality.
Securities contracts as a source of systemic risk—what do you think?
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© Disney, "Duck Tales"
I expressed concern in my last post that uniform contract terms could destabilize securities markets in unexpected ways. In a recent paper, I dub this risk "Boilerplate Shock." The paper uses boilerplate terms in Eurozone sovereign bonds as a case study, but I argue that any market in which a lot of securities are governed by uniform contract terms is vulnerable to boilerplate shock. In this post, I will focus on the Eurozone and my proposed solution to the risk of boilerplate shock there.
One major problem is that no one really knows how to deal with sovereign debt obligations denominated in a currency that still exists but is no longer used by the debtor. A partial breakup of the European Monetary Union would trigger some question marks in commercial law and private international law (among other things).
In the Eurozone sovereign lending market, bond contracts typically contain standardized language specifying:
(a) choice of governing law (often foreign), and
(b) currency of payment (euros).
The combined effect of these clauses, I argue, is to render any country that departs the euro more likely to default on its debt. Whatever the impact of the departure itself, a forced default would make things much worse for Europe and the world economy.
Leading scholars have concluded or strongly suggested that a sovereign that changes currencies can redenominate (convert) its bonds to its new currency even where the contract is governed by foreign law (e.g., Philip Wood (p. 177), Michael Gruson (p. 456), Arthur Nussbaum (pp. 353-59), Robert Hockett (passim)). As a descriptive matter, I believe this to be a mistaken interpretation of New York (and probably English) private international law and commercial law (see "Boilerplate Shock" pp. 47-67). But normatively, I agree: a sovereign should be able to redenominate its bonds under certain circumstances. Among other things, the alternative would make currency union breakups far more dangerous than they already are.
In brief:
- The prevailing consensus underestimates the risk that a departing Eurozone member's attempt to redenominate its sovereign bonds into a new currency will be ruled a default.
- Since the bonds of other struggling euro countries are largely governed by the same boilerplate terms ((a) and (b) above), this misapprehension has the potential to be particularly damaging. In addition to surprising the market (which appears to incorporate this consensus), it is likely to spread beyond the immediate debtor to the bonds of similarly situated countries that have issued under the same terms.
- Same for CDSs (which are likewise often governed by foreign law, usually New York).
- Thus, given the widespread use of terms (a) and (b), a ruling that a departing country cannot pay its euro-denominated contracts in a new currency could cause the market to demand unsustainable premiums from other weak debtors.
- This could cause Eurozone countries to lose market access. Greece is not TBTF in any sense, but some of its neighbors are—and are also too big for the EU (including the ECB) and IMF to bail out. Italy (the world's 9th largest economy) and Spain (13th) come to mind.
Thus, if my commercial law/private international law analysis is right, these boilerplate contracts could end up playing quite a big role in the event of any euro breakup.
To mitigate this risk of boilerplate shock, I suggest a new rule of contract interpretation. The proposal is detailed at pp. 67-71 of the article. I suggest commercially significant jurisdictions adopt it by statute. Here is a quick summary.
Any sovereign that:
- Belongs to an international monetary union, and
- Issues bonds in the currency of that monetary union subsequent to the adoption of this rule, and
- Leaves the monetary union and introduces its own currency,
shall retain the right to redenominate its bond obligations into its new currency, UNLESS the sovereign has affirmatively waived the right to redenominate its bonds.
You'll notice this is a default rule—merely a presumption of the right to redenominate—not a mandatory rule. It is also prospective-only: it does not apply to existing issuances. It also does not protect sovereigns that issue in foreign currency (e.g., Argentina), only those that are monetary union members and issue in the common currency (e.g., France).
The reason for these limitations is to minimize unintended consequences and near-term disruption to the market, but also to embody the relatively modest objectives of the rule. It is an information-forcing default rule that is intended to facilitate better risk management by parties. It is not a "save the world" rule.
The challenge, as I'll discuss in my next post on the paper, is not that redenomination would be ruled impermissible when it ought to be available (otherwise, that might suggest a mandatory "pro-redenomination" rule). It is that the likely effect of these boilerplate terms—to prohibit redenomination—was almost certainly not bargained for and is largely unknown to parties. This market failure has, in turn, created latent risks to the broader financial system and the existing legal tools are poorly suited to address them.
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The following post comes to us from Jill Fisch, the Perry Golkin Professor of Law at the University of Pennsylvania:
Just a few more thoughts about the event studies and question II in Halliburton. As I noted in my prior post, the level of discussion on the feasibility and mechanics of event studies was disappointing. I have explained the limitations with using event studies to address the question of price impact or price distortion for purposes of Basic. See Jill E. Fisch, The Trouble with Basic: Price Distortion after Halliburton, 90 Wash. U. L. Rev. 895, 919-21 (2013). In particular, a statement or series of statements that falsely confirm existing market expectations will not move stock price at the time it is made. An event study is incapable of measuring the effect that a counterfactual accurate disclosure would have had on the market, had it been made. A substantial number of securities fraud lawsuits present exactly this factual context. Basic itself was such a case. Basic denied the existence of merger negotiations for over a year during which time it was, in fact, involved in such negotiations. Basic's lies had little or no effect on the stock price (indeed, the price rose after two of the three denials). When the merger was subsequently announced, the stock price rose dramatically. The argument in Basic was that, had the merger negotiations been accurately disclosed at an earlier time, the stock price would have been higher. What the stock price would have been, in October 1977, if Basic had not lied, is a question that event study methodology cannot answer. This, however, is the test that Professors Henderson and Pritchard seek to have the Court impose through a requirement that plaintiffs prove price impact at class certification.
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The following post comes to us from Jill Fisch, the Perry Golkin Professor of Law at the University of Pennsylvania:
I was at the Supreme Court this morning to hear the oral argument in the Halliburton case. The debate was lively and the Justices were engaged. Two big surprises. First, the Justices devoted very little attention to the question of whether Basic should be overruled. This was a disappointment to some of the conservative lawyers who were watching the argument with me. Although Aaron Streett led off aggressively in his argument, as in Petitioner's Brief, with the statement that Basic was wrong when it was decided and more wrong now, the Justices did not seem to have much appetite for discussing this issue. Of course that doesn't mean they won't vote to overrule – it is impossible to read the Court from the questions asked at oral argument – but there was very little discussion on economic theory, fraud on the market, congressional intent, etc. Justice Kagan stopped Streett early on when he tried to argue that the Court said 10(b) was just like section 18, and asked wasn't section 9 a closer analogy, but that was about it.
There was some discussion about congressional acquiescence. Streett argued that Congress hadn't decided for or against Basic in the PSLRA. Roberts seemed mildly interested in this, but David Boies had a pretty good answer in terms of not just citing the PSLRA but also SLUSA and noting that the legislation would make little sense if class actions were eliminated. The biggest issue here was Justice Alito raising section 203 of the PSLRA in which Congress says nothing in the statute is intended to affect whether there is a private right of action. Justice Scalia critically noted that the parties did not even address section 203 in their briefs.
When Streett tried to talk about the economic arguments, saying that the economic premises for Basic have changed, CJ Roberts asked "How do I review the economic literature?" He then asked, somewhat skeptically whether Streett was suggesting that the Court "jettison" Basic because economists believe the efficient capital markets hypothesis is no longer true. Streett had trouble answering that. Several other Justices noted that the economic debate over the degree of market efficiency was beside the point, stating that prices generally respond to information. Streett did not disagree. Streett also argued that Basic was no longer right because today's traders don't rely on the integrity of market price, citing hedge funds, index funds and program traders. David Boies made use of this point when his turn came around, arguing that these new types of traders make market prices respond even more quickly to information and noting that the only information that program traders have is market price.
The second major surprise was the degree of attention that the Justices devoted to question II in the petition for cert. The Justices seemed quite taken by the position advocated by Professors Pritchard and Henderson (which they termed the "law professors' position) (too bad for the rest of us law professors) that plaintiffs be required to prove price impact, at the class certification stage, through an event study. Several Justices characterized modifying Basic to require that plaintiffs prove price impact as a "middle ground." They repeatedly asked detailed questions about event studies and why requiring event studies at class certification would be a big deal, especially since they are already used to establish market efficiency in some courts, as well as to prove loss causation. Justice Sotomayor for example, asked why proving price impact would be so difficult
Malcolm Stewart, arguing for the SEC, focused exclusively on retaining Basic, but was happy to sell the plaintiff's down the river on requiring proof of price impact. Perhaps the most damaging point came when he was asked by Justice Kennedy whether the plaintiffs would be hurt by a requirement that they prove price impact at class certification. Stewart said that the plaintiffs would not be hurt and might even be helped because they would be focusing on the effect of the fraud on a particular stock and not on the market generally.
Two points from the oral argument were particularly troubling. First, as Stewart's answer demonstrated, the argument was permeated with a limited understanding of how event studies work and the complexities involved in using an event study to measure price impact, particularly in the case of misrepresentations that falsely confirm continued good news. Several of the Justices seemed to think that an event study is an easy and reliable way to ascertain price impact; so if it is available, why not require it? CJ Roberts even asked Malcolm Stewart if event studies were around at the time of Basic. David Boies failed to explain the fact that, in many FOTM cases, there is no price effect at the time of the false statement and that an event study is faced with the complex or possibly scientifically impossible task of ascertaining how price would have reacted in the counterfactual situation in which the truth had been disclosed earlier. The big picture discussion of event studies also overlooked logistical issues that could turn out to be quite significant in the lower courts such as burden of proof – what happens if the economists cannot say whether or not the price was distorted to a sufficient degree of statistical significance? Boies did try to explain that the loss causation event study looks at a different event – the corrective disclosure – which is often a cleaner event for purposes of the event study methodology in that it is less likely to be affected by confounding information.
Second, Streett suggested and appeared to persuade the Justices that class certification was the end of the game – that if a class is certified, it is almost a sure win or an inevitable settlement because of the in terrorem effect of class actions. He repeatedly argued that, because the NYSE is an efficient market and therefore market efficiency is easy to prove for all NYSE-listed companies, relying on efficiency alone without also requiring price impact is not enough. Sotomayor appeared quite troubled by the fact that less than 1% of securities fraud cases go to trial and then asked David Boies what percentage of cases involve a court rejecting class certification, seeming to suggest that it is problematic if cases were not weeded out by the class certification stage. No one raised the fact that the PSLRA pleading requirement coupled with the motion to dismiss together effectively weed out a substantial number of cases at an early stage, prior to discovery and its effect on the incentives to settle. Similarly none of the lawyers focused on why price impact must be litigated at class certification or at trial – why not, alternatively, in the context of a motion for summary judgment – although Justice Ginsburg asked what difference it made at what stage price impact is litigated.
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The Supreme Court scheduled oral argument for tomorrow in Halliburton Co. v. Erica P. John Fund, Inc. (aka "Halliburton II"). This could well prove to be one of the most important securities law cases of the last 30 years, as the Court will reconsider the fraud-on-the-market presumption of Basic.
To hash through all the issues of the case -- from class certification to behavioral finance and efficient markets to statutory interpretation and stare decisis to alternative antifraud rules -- we will be having an online roundtable today and tomorrow featuring some of our regular contributors as well as a few guests.
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By now, the risk that a distressed European nation such as Greece might leave the Eurozone and thereby spark global economic calamity is well known. Regular readers of this blog may even privately relish the prominence of the issue. Not since the days of the gold standard has international monetary policy come so close to being a socially acceptable topic of dinner conversation.
As I noted in my first post, observers rightly perceive the Eurozone sovereign debt crisis to be driven by political and economic forces. But many consequences of a euro breakup would be determined by law, including sources of American (specifically New York) private law.
This is a complex issue. I try to address it more fully in a new article, "Boilerplate Shock," which I've just posted on SSRN.
In brief, and to continue picking on Greece, one key question in the event of a euro breakup would be: would a court recognize an attempt by Greece to convert its euro-denominated debt into its new currency, or would it instead insist that Greece pay in euros, the currency of contract? The answer is important because, as a practical matter, requiring payment in euro would be tantamount to forcing a default.
That's the familiar narrative, anyway. And I agree. But I believe that the ubiquity of boilerplate terms in these bonds—specifically, clauses selecting governing law (usually foreign) and currency of payment (euro)—is likely to make any dispute over redenomination even more damaging than this suggests.
In the article, I argue that the sparse literature on the question of redenominating sovereign bonds overlooks some sources—especially cases interpreting New York contract law and private international law—that, if extended to Eurozone sovereign bonds, could surprise the market and cause serious global repercussions. I argue that the reason for this is not only that the dominant view overlooks what are likely controlling sources of law. It is that standardization of contract terms across the Eurozone sovereign lending market makes the stakes of surprise that much higher.
If Greece's attempt to redenominate its bonds is declared a default, then the fact that the operative terms in Italian, Spanish, Irish, etc. sovereign bonds are the same or similar makes markets likely to demand unsustainable premiums from those countries. Capital and investor flight could be very rapid. We have seen several previews of this movie over the past few years in the Eurozone, and each time official-sector bailout institutions have saved the day. But the European Union/European Central Bank and IMF probably do not have the resources to stop a broad-based bank run of this nature, to say nothing of the political support necessary to attempt it.
Maybe none of that will happen. Nevertheless, the potential for uniform contract terms to create risk not just to individual third parties but to securities markets seems likely to grow at least as fast as those markets. Using Eurozone sovereign bonds as a case study, I introduce the term "boilerplate shock" to describe the potential for standardized contract terms—when they come to govern the entire market for a given security—to transform an isolated default on a single contract into a threat to the market of which it is a part, and, possibly, to the economy in general. My larger objective here is to foster a discussion of the potential for securities law and private-sector securities lawyers to manage (or alternatively, to contribute to) systemic risk.
I've posted an abstract below and will be returning to the subject. I look forward your comments.
Boilerplate Shock abstract:
No nation was spared in the recent global downturn, but several Eurozone countries arguably took the hardest punch, and they are still down. Doubts about the solvency of Greece, Spain, and some of their neighbors are making it more likely that the euro will break up. Observers fear a single departure and sovereign debt default might set off a "bank run" on the common European currency, with devastating regional and global consequences.
What mechanisms are available to address—or ideally, to prevent—such a disaster?
One unlikely candidate is boilerplate language in the contracts that govern sovereign bonds. As suggested by the term "boilerplate," these are provisions that have not been given a great deal of thought. And yet they have the potential to be a powerful tool in confronting the threat of a global economic conflagration—or in fanning the flames.
Scholars currently believe that a country departing the Eurozone could convert its debt obligations to a new currency, thereby rendering its debt burden manageable and staving off default. However, this Article argues that these boilerplate terms—specifically, clauses specifying the law that governs the bond and the currency in which it will be paid—would likely prevent such a result. Instead, the courts most likely to interpret these terms would probably declare a departing country's effort to repay a sovereign bond in its new currency a default.
A default would inflict damage far beyond the immediate parties. Not only would it surprise the market, it would be taken to predict the future of other struggling European countries' debt obligations, because they are largely governed by the same boilerplate terms. The possibility of such a result therefore increases the risk that a single nation's departure from the euro will bring down the currency and trigger a global meltdown.
To mitigate this risk, this Article proposes a new rule of contract interpretation that would allow a sovereign bond to be paid in the borrower's new currency under certain circumstances. It also introduces the phrase "boilerplate shock" to describe the potential for standardized contract terms drafted by lawyers—when they come to dominate the entire market for a given security—to transform an isolated default on a single contract into a threat to the broader economy. Beyond the immediate crisis in the Eurozone, the Article urges scholars, policymakers, and practitioners to address the potential for boilerplate shock in securities markets to damage the global economy.
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With a hat tip to Corp Counsel, this story about Milton Webster, board member of the Chinese firm AgFeed, who blew the whistle on his company, is really unique. He was a member of the audit committee! He thought that a name brand law firm was more conflicted than solution-oriented! He resigned, and then went to the authorities (or, at least, the paintiffs)! I don't think I've ever heard of a member of the firm's audit committee dropping a dime on the firm he directs. You'll want to read this probe by Francine McKenna, but here's the Bloomberg long read as well.
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This morning, the Wall Street Journal is reporting that Mt. Gox—until this month the world's leading market for buying and selling Bitcoin—has "disappear[ed]" from the web:
The Bitcoin exchange Mt. Gox appeared to be undergoing more convulsions Tuesday [February 25], as its website became unavailable and trading there appeared to have stopped, signaling a new stage in troubles that have dented the image of the virtual currency. . . .
Investors have been unable to withdraw funds from Mt. Gox since the beginning of this month. The exchange has said that a flaw in the bitcoin software allowed transaction records to be altered, potentially making possible fraudulent withdrawals. No allegations have been made of wrongdoing by the exchange, but the potential for theft has raised concern that the exchange wouldn't be able to meet its obligations.
The apparent collapse of Mt. Gox is just the latest shock to hit Bitcoin, the price of which is now off more than 50% from its December 2013 peak:
For those better acquainted with the dead-tree/dead-president variety of money, Bitcoin is a virtual currency not backed by any government. Rather than being printed or minted by a central bank, Bitcoins are created by a computer algorithm in a process known as "mining" and are stored online or on your computer. They are bought and sold on various exchanges, including until recently Mt. Gox (whose troubles have been reported for a few weeks now).
So, why use Bitcoin—which may well implode (see, e.g., here, here, here, here)—instead of a traditional state-backed currency, which in many ways is clearly superior?
There are many reasons, some of them even lawful. Bitcoins can be regarded as a medium of exchange, an investment, a political statement...or a way of avoiding capital controls and other pesky laws like bans on drug trafficking and human smuggling.
But the criminal potential of Bitcoin is probably overstated. The Chinese have gotten wise to its use for avoiding capital controls. Using Bitcoin for criminal or fraudulent activity would be difficult at scale (PDF). The Walter White method is still far and away the best way to ensure your criminal proceeds retain their value and anonymity.
I don't share the utopian fervor for Bitcoin expressed in tech and libertarian circles (see, e.g., this supposedly non-utopian cri de coeur), but it may have some positive potential as a decentralized and lower-cost electronic payments system. We'll see if that ever gets off the ground.
In the meantime, the Mt. Gox collapse is pretty huge news for Bitcoinland. Unlike the NYSE (the failure of which would be hard even to imagine), Mt. Gox does not benefit from any systemic significance and thus is unlikely to receive a lot of official-sector help. The situation has some early adopters running for the Bitcoin exits, like this leading Bitcoin evangelist.
Despite (because of?) my agnosticism on the currency, I'll be writing more about Bitcoin soon. (Mainly, I wanted to stake a claim to being the first to write about Bitcoin on The Conglomerate.) If your Palo Alto cocktail party can't wait, however, this explainer (PDF) from the ever-impressive Chicago Fed should tide you over.
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Thanks, Usha, for the introduction. Let Us rule!
I am delighted to join The Conglomerate for a brief stint. I am an enthusiastic follower of the blog and an occasional commenter, so I am thrilled to have the microphone for the next two weeks.
I have some specific topics I plan to post about but I would like to start off the discussion with a meta question. I have been writing about securities law and going to conferences for a few years, inlcuding those of the law & economics variety. At these events, I often cross paths with tax professors, and I have noticed one curious difference between tax and corporate & securities folk: tax professors like tax collectors. Overwhelmingly so. They recognize that the IRS is not perfect, but when in doubt, they generally side with the IRS, not taxpayers.
Not so for corporate and securities professors. At every milestone anniversary of the creation of the SEC someone proposes that the Commission be abolished. So I am wondering why? It could be that my samples are biased. Or it could be that both sets of people like regulators, but corporate & securities people are just grumpier and less likely to express nice things about securities regulators. Or perhaps the difference is real.
Whatever the reason, I am going to reveal my personal bias here: I like securities regulators. That does not imply that I love every idea that comes out of the SEC. But as between the regulated entities and the SEC, my default is to side with the securities regulator. What is yours?
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The SEC just charged a finance professor from Florida State and an engineering professor from Florida A&M with naked short selling, which the professors might have been doing as a kind of protest against a practice that doesn't have a very good case for illegality behind it.
But I've heard it said that it's not the crime, it's the cover-up, and the two professors spent a lot of time covering up what they were doing. Moreover, part of their point of their shorts was to not take on the expense of covering, too, which for good or ill, is something all shorts are required to do. Anyway, here's the SEC:
Colak and Kostov set their scheme in motion in early 2010 and went on to sell more than $800 million worth of call options in more than 20 companies. Their trading strategy involved purchasing and writing two pairs of options for the same underlying stock, and targeting options in hard-to-borrow securities in which the price of the put options was higher than the price of the call options. Colak and Kostov profited by avoiding the cost of instituting and maintaining the short positions caused by their paired options trading.
Sound bad? Well, the SEC didn't get an admission of guilt out of the two, and all told, they had to pay the agency $400,000 to settle the case. So not exactly throwing away the key. Not good for business school professors to be accused of violating the securities law, though. HT: Securities Docket.
UPDATE: Here's Matt Levine with a nice explanation, more careful than anything you see above, or how the scheme was meant to work, and the regulatory arbitrage implications thereof, vel non.
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Over at the FCPA Professor blog, Mike Koehler has a take on the year the SEC has had with bribery, an increasingly important remit for the agency's enforcement lawyers. The topline - action is slightly up from last year, but down from its peak a couple of years ago. Some intriguing details:
The range of SEC FCPA enforcement actions in 2013 was, on the high end, $153 million in the Total enforcement action, and on the low end, $735,000 in the Ralph Lauren enforcement action. Of the $300 million the SEC collected in 2013 corporate FCPA enforcement actions, approximately $219 million (73%) were in two enforcement actions (Total – $153 million and Weatherford – $66 million).
Two corporate FCPA enforcement actions from 2013 were SEC only (Philips Electronics and Stryker).
Of the 8 corporate enforcement actions from 2013, 3 enforcement actions were administrative actions (Philips Electronics, Total, and Stryker) and 1 action (Ralph Lauren) was a non-prosecution agreement. In other words, there was no judicial scrutiny of 50% of SEC FCPA enforcement actions from 2013. The settlement amounts in these actions comprised approximately 57% of the SEC's $300 million collected in 2013 corporate FCPA enforcement actions.
In 2013, the SEC collected approximately $208 million in disgorgement and prejudgment interest in enforcement actions that did not charge anti-bribery violations (either administrative actions that did not charge any FCPA violations or settled civil complaints that did not charge anti-bribery violations). In other words, approximately 69% of the $300 million the SEC collected in 2013 FCPA enforcement actions was no-charged bribery disgorgement.
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After over four years of work, my book Law, Bubbles, and Financial Regulation came out at the end of 2013. You can read a longer description of the book at the Harvard Corporate Governance blog. Blurbs from Liaquat Ahamed, Michael Barr, Margaret Blair, Frank Partnoy, and Nouriel Roubini are on the Routledge's web site and the book's Amazon page. The introductory chapter is available for free on ssrn.
Look for a Conglomerate book club on the book on the first week of February!
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Originally published Monday, February 28, 2011 at 2:54 PM
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Toy-maker shifts gears into sculpting career
"It has been an easy transition," he says.
Chicago Tribune
CHICAGO — Though F. Scott Fitzgerald famously observed, in notes for his unfinished novel, "The Last Tycoon," that "there are no second acts in American life," second acts are common, and in many cases more intriguing or potentially interesting than the acts that came before.
Consider Richard M. Daley, about to start his second act, and thinking of writing a book.
Or remember Norman Maclean who, after a distinguished three-decade career as a professor at the University of Chicago, sat down and wrote the magisterial "A River Runs Through It," published in 1978 and ending with some of the finest lines in American literature: "Eventually, all things merge into one, and a river runs through it. The river was cut by the world's great flood and runs over rocks from the basement of time. On some of the rocks are timeless raindrops. Under the rocks are the words, and some of the words are theirs. I am haunted by waters."
Jeffrey Breslow, 67, has been haunted by natural elements, too, and that is what he has been working with since beginning the second act of his life in 2008.
The first act was one of immense success and acclaim. For more than 40 years, he made toys and games, first working for and later becoming a partner in the firm of Marvin Glass and Associates, and then starting Big Monster Toys. From its Chicago headquarters, Big Monster Toys has produced hundreds of toys and games for companies such as Mattel, Hasbro, Milton Bradley and Fisher-Price.
The industry magazine Global Toys News estimates that Big Monster's toys have been or are in 85 percent of U.S. homes. Breslow, along with partners Howard Morrison and Rouben Terzian, were inducted into the Toy Industry Hall of Fame in 1998.
Always interested in art, Breslow did some sculpting — "dabbled" is his word — before leaving his firm.
He worked in bronze but found the process frustrating. And so he started working with wood, sugar maple mostly, that he discovered on long walks on the property he owns in Vermont. "I never cut down a living tree," he says.
He combines the trees, or parts of the trees, with rocks and sometimes water to create sculptures that are whimsical and beautiful. All are crafted in his studio at 1015 West Fulton Market in Chicago. (You can see some for yourself at jeffreybreslow.com.)
"It has been an easy transition," he says. "The biggest difference is this is an individual pursuit. The toy business is a collaborative effort. I never woke up in the middle of the night with a great idea but rather worked in concert with 35 other people to create toys.
Still, he feels greater confidence with each new piece. He has sold a number of them but realizes "for all the success I had in the toy business, in the art world I am just a beginner."
This ongoing second act is obviously rewarding on a level that transcends money and fame.
"Once I have the right section of wood, and an assortment of stones and boulders, I engage as many of my senses as possible while working on a piece," he says.
He will listen to music while he works and in so doing experiences "an intense connection between myself, the music, the wood, and the granite boulders."
Not a bad way, I imagine, to spend a day, or the rest of one's life.
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Toy-maker shifts gears into sculpting career
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Aspen Highlands, located in lovely Gresham, has spectacular views of Mt. Hood along with being surrounded by rolling countryside. Just 30 minutes from Mt. Hood our community is located close to Portland International Airport, Hwy 26 and the light-rail system. We currently offer 1, 2, and 3, bedrooms with washers and dryers included, covered parking, and a year-round jacuzzi spa. Small pets are welcomed too!
Floorplans and Pricing
1 Bedroom
|One Bedroom, One Bath
|1 Bathroom
|$780 - $805
|Room Planner
|Check Availability
2 Bedrooms
|Two Bedroom, One Bath
|1 Bathroom
|$920 - $950
|Room Planner
|Check Availability
|Two Bedroom, Two Bath
|2 Bathrooms
|$970 - $1000
|Room Planner
|Check Availability
3 Bedrooms
|Three Bedroom, Two Bath
|2 Bathrooms
|$1125 - $1135
|Room Planner
|Check Availability
Features and AmenitiesBack to Top
Special Features
- Offering 1, 2, and 3 Bedrooms
- Mt Hood Only 30 Minutes Away
- Private Patios and Decks & View of Mt Hood
- Ample Storage & Covered Parking
- Garages Available
- Close to Max, Hwy 26, I-84 & the Airport
- Full Size Washer & Dryer in Each Home
- Fitness Center, Heated Pool & Year-Round Spa
- Close to Shopping, Restaurants & Schools
- Enjoy a Movie in the Entertainment Center
- Gold Level Winner of the Habitability Achievement
- Pet Friendly Apartment Community
Community Features
- Business Center Onsite
- Club House
- Covered Lot
- Fitness Center
- Freeway Access
- Garages
- Playground
- Pool
- Public Transportation
- Smoke Free Community
- View
Apartment Amenities
- Cable or Satellite
- Carpet
- Ceiling Fan
- Dishwasher
- Extra Storage
- Garbage Disposal
- Internet Access
- Microwave
- Patio or Balcony
- Vaulted Ceiling
- Walk In Closets
- Washer Dryer In Unit
- Window Covering
Additional Information
Apartments in Community: 222
Pet Policy
Small cats or dogs (limit 30 lbs. and under) with management approval and with a deposit of $400, maximum of 2 pets. Pet Rent: $20 per month, per pet.
- Cats Allowed
- Pets Allowed
- Small Dogs Allowed
Local Schools
- Gordon Russell Middle School
- Kelly Creek Elementary School
- Sam Barlow High School
We believe school data to be accurate, but do not guarantee that. Please be sure to verify where your children will attend school before making your housing decision.
As you search for your perfect apartment, please keep in mind that rental rates (including specials and discounts) and availability are very fluid in the apartment industry. Based on many factors, the rental rates (including specials and discounts) and availability can actually change not just daily, but hourly, if not even more quickly. While our advertisers do take steps to keep their information current, the rental rates or availability you may find here now at ForRent.com may not be the same as when you contact the communities.


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More than most airport/rail connections, Chicago Transit Authority's Blue Line serving O'Hare International Airport makes me smile. I revisited that old friend as part of my trip to RSI/CMA 2012, and the service functioned as solidly as ever.
For decades, New York City Transit customers attempting to transfer to the uptown (northbound) No. 6 subway line at Bleecker Street Station (in Manhattan) from other lines had to surface, walk, and descend back into the subway system—paying for the privilege.
The Intermodal Association of North America announced Wednesday that Paul R. Bergant has won the 2012 IANA Silver Kingpin Award.
Officials in Daviess County, Ind., have tabled a motion to approve a $2.1 million passing siding near Plainville, Ind., to be used by Indiana Southern Railroad.
Dallas Area Rapid Transit 's (DART) Board of Directors on Tuesday approved a $1.07 billion budget for fiscal year 2013, resisting both fiscal and political pressure by including continued support for expanding DART's Orange and Blue lines, and continued construction towards a direct rail connection to Dallas/Fort Worth International Airport in 2014.
Canadian Pacific announced Friday that Michael Redeker has been appointed vice president and chief information officer, effective Oct. 15. Redeker was most recently chief information officer at ATB Financial.
Railway Supply Group has named Marc Trani Vice President—Sales for Unity Railway Supply and IRECO, LLC. He will be based at Railway Supply Group's Bensenville, Ill., headquarters.
Massachusetts next month expects to acquire 90 miles of rail right-of-way owned by CSX Corp., in part to improve MBTA passenger service for large portions of the state.
Years after rejecting recommendations from New Jersey rail advocates to extend PATH service directly to Newark Liberty International Airport, the Port Authority of New York & New Jersey Thursday announced its intent to study the idea of getting part of the way there, extending PATH service beyond its current terminus at Newark-Penn Station along Amtrak's Northeast Corridor to Newark Airport/Rail Station, connecting with the airport monorail system there.
U.S. freight carload traffic for the week ending Sept. 15 lagged behind the comparable week in 2011, down 2.9%, continuing a yearlong trend, the Association of American Railroads reported Thursday. Counterbalancing that was the continued strength of U.S. intermodal volume for the week, up 3.9% compared with the same week last year.
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1561 W. Sunflower Ave.
Santa Ana, CA 92704
Category: Movie Theaters
Region: Santa Ana
While belching and barfing flicks may be the current joie de vivre of the Honey Boo Boo masses, during the last great era of moviemaking (that would be the early 1990s), comedies with both brains and benevolence were still coming off the production line. Enter Bill Murray and frequent collaborator, director Harold Ramis (Caddyshack, Stripes, Ghostbusters) and a film that can pretty much be called a perfect comedy. It's also Murray's last great work (Lost in Translation, excepted) and his snarky-sardonic sourpuss who can't figure out why he's stuck in an endless loop of shitty days in a Podunk town has never been sexier. Just remember: Don't drive angry.
Wed., Feb. 6, 7:30 p.m., 2013


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What do you guys thing of an intermittent fasting recomp? I've decided to start it and will be eating maintenance calories on workout days-2700 calories (bwx14) as stated on leangains.com and 2000 calories on non-workout days.
What results can i expect as far as fat loss goes?
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RMS Support Center Power Restoration
Posted by Ken Avila on 04 August 2014 09:25 AM
Hello Everyone,
Power has been restored here at the RMS Support Center. Phone, chat, and ticket support is now available. In addition our server that handles imports and exports to the online SFTP repository is operational. The cause of the outage was not identified.
We apologize for any inconvenience.
Read more »
RMS Support Center Power Outage
Posted by Ken Avila on 04 August 2014 08:24 AM
The RMS Support Center is currently experiencing a power outage. Phone, chat, and ticket support are currently not available. In addition imports and exports will fail as the server handling the online SFTP Repository is also affected. There is no estimate of when power will be restored. We will keep you posted.
Read more »
RMS Email Notification System Update
Posted by Ken Avila on 02 June 2014 08:52 AM
The RMS Email Notification System (RENS) went down late last week but has been restarted. RENS is now processing all of the email notifications that have been sent out over the past few days. We expect RENS to catch up with all of the queued emails on Wednesday. If by Wednesday you are still not receiving email notificaitons please let us know.
Thank you for your patience.
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1 week reminder for CCASS/RMS Interface Closure
Posted by Ken Avila on 21 May 2014 09:18 AM
As many of you have heard the CPARS, ACASS, and CCASS modules are being merged into a single application under the CPARS name in order to standardize the contractor performance evaluation process across the entire Federal Government.
No new evaluations can be entered after May 28 at 11:59pm EDT. As a result the RMS/CCASS interface will be terminated as the CCASS group will no longer process the XML feed files. At this point you will be required to perform all of your edits in CCASS. No data on existing evaluations can be entered after June 27 11:59 PM EDT. All evaluations that are not COMPLETED will have their status reset to Drafted. CPARS will be offline on June 28-30. The new merged CPARS is scheduled to be operational on July 1.
CPARS is a web-enabled application that collects and manages the library of automated CPARs. CPARS is for UNCLASSIFIED use only. Classified information is not to be entered into this system. A CPAR assesses a contractor's performance and provides a record, both positive and negative, on a given contractor during a specific period of time. Each assessment is based on objective facts and supported by program and contract management data, such as cost performance reports, customer comments, quality reviews, technical interchange meetings, financial solvency assessments, construction/production management reviews, contractor operations reviews, functional performance evaluations, and earned contract incentives.
For more information visit the CPARS website. You may also open our CCASS Internface Closure document.
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RMS 3.0 Beta Update
Posted by Ken Avila on 08 May 2014 09:43 AM
The next generation of RMS, 3.0 (Beta) has been rolled out to all of the Districts and we have approximately 100 users beginning to use it.
Currently, the QA Module is almost complete while the remainder of the program is in various stages of "construction". For those modules not yet complete, you can still utilize the data in version 2.38.
CAUTION: The RMS 3.0 database that is being used is the same "live" database that the current RMS 2.38 is using. Therefore, changes made in 3.0 will also be made in 2.38, as they are running concurrently.
Check back here for the most current information on RMS 3.0.
Interface Look and Feel
RMS 3.0 has been designed with the new Windows 8 "Metro" tile interface. To access your contract you will need to have an active CAC inserted to allow proper verification for access. Once you have entered your PIN you will see a map of the USA showing all of the districts with districts outside of the USA showing in the top right or lower left corner of the map. You then simply click on your District and a list of the District Offices and contracts will appear.
Good News is that we no longer are going to be constrained by Citrix, and all the headaches that went along with it. You will notice a much faster and responsive system once you begin using it.
For those of you wishing that RMS 2.38 would notify you "what you need to do" for a contract in RMS, you are in luck because the first thing you see when you open a contract is a list of required contract data entry actions. The actions are organized by priority from critical to informational. The second thing you see is all of the available contract screens organized into individual tiles you can click on, each reporting a relevant fact about the piece of information that particular screen manages.
Grouping / Sorting Bar
Most lists of information in RMS 3.0 now have a header bar that allows you to group information by field, sort information and filter information in a tabular list. It has functionality very similar to Excel and will allow the listed information on the screen to be exported to an Excel file on demand.
Reports in RMS 3.0 are still being developed and currently there is no replacement for the Custom Report Writer that was available in RMS 2.38. The RMS Development Team is considering options and is open to suggestions.
Import / Export
"Batch" transfer of data is no longer required. The data synchronization process in RMS 3.0 has been completely redesigned to work more like MS Outlook. When you are connected to the network your computer will have a chance to interact with "live" contract data. Whenyou are offline, your computer wil access YOUR contracts from a cache of offline data that was downloaded the last time you were connected.
When you reconnect to the network after being offline, your local copy of RMS seeks out the network server and updates the central copy of the contract with any changes you made while you were offline. If two people change the SAME data, then the last person to change it "wins". The RMS Center is still logging all changes so that they can roll things back if necessary. All of this action is automatic an invisible to the end user.
Data validation is now an integral part of the synchronization process, if data was not transmitted properly it is retransmitted until the correct result is received and acknowledged.
The amount of free space on your C: drive consumed by the offline cache can be controlled via a program setting.
A lot of work was put into the underlying data layer of RMS 3.0 to support these types of enhancements. The sychronization process first gets any critical contract record information required to work with your contract, then starts a background "trickle download" of any large file attachments to those records. If at any time you try to open an attachment that is not yet downloaded it immediately downloads the data you are looking for so it can display it quickly. If you are working offline and the data you are looking for is not in the cache it will ask you to connect online so it can download the data.
As a result, many of the modules in RMS 3.0 will now be able to support larger file attachments such as submittals and QC Reports.
Read more »


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Hope Ranch House Rental Photos and Description
3 bedroom, 3-1/2 bath, 2 acre property near private beach
One story 3 bedroom, 3-1/2 bath on 2 beautiful private oak and redwood studded acres, with specimen fruit trees, grapevines, organic gardens and rose beds. Home is tastefully furnished with antiques and art. Each bedroom has adjoining bath at opposite corners of the house to insure privacy. WiFi throughout, 3 flat screen TV's, fireplace, piano, outdoor gas grill.
- Suitability:
- Long-term Renters Welcome
- Minimum Age Limit for Renters
- limited accessibility
- non smoking only
- not suitable for children
- pets not allowed


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firstname.lastname@example.com | 408-558-4338
Chris has been practicing public accounting since 1988, specializing in international tax planning and compliance for inbound and outbound businesses. She has extensive experience with Subpart F issues, export incentives, cash planning, FATCA readiness, and treaty planning. She works closely with internal accounting and tax teams with respect to international tax planning, ASC 740 documentation and analysis, implementing and monitoring transfer pricing strategies, conducting due diligence reviews, and establishing global service platforms. Chris has worked with a variety of companies, primarily in manufacturing and government contracting sectors, and has experience with public, private equity, and closely held ownership groups.
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Our skilled professionals provide financial and operational solutions to clients around the globe. In addition to our 22 locations in the United States, our membership in the Praxity alliance offers clients access to trusted resources in more than 95 countries and territories in the major markets of North America, South America, Europe, and Asia.
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Chef TV Spot - Critics Love
Ladner Hockey
Jersey Boys TV Spot - Discover the Sound
Who's Next? - Official Mortal Kombat X Announce Trailer
Cebu Pacific Go Gaga
DubVision - Hollow (Official Music Video)
Godzilla (2014) TV Spot - Balance
A Dangerous Stealer
GS News Update: Report: PS4-Exclusive Project Beast Footage Emerges
Tennis players have a dance-off during a rain delay
Wildstar, Murdered Soul Suspect, COD DLC - New Releases
Ariana Grande "Problem" Music Video SNEAK PEEK!
Goat riding a guy riding a bike
cheer at a soccer game
Transformers: Age of Extinction (2014) TV Spot - Help
Final Fantasy III Steam Launch Trailer
Cat Asking To Be Pet
Pharrell Williams - Happy (Official Music Video)
Why You Should Always Have A Spotter
The Congress 2014 Trailer
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1/5 Photos of L - C Gluten Free Basic Flax Meal Focaccia Bread
Prep Time:
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From Laura Dolson,Your Guide to Low Carb Diets on About.com. "I call this "focaccia" because it is baked in that style - flat on a sheet pan, and then cut up into whatever sized pieces you want. It works for toast, sandwiches, and other bready uses. It is "rough" in texture like heavy whole grain breads. Since it isn't made with wheat, it doesn't have the same kind of grain as wheat breads, but the carb in flax is almost all fiber. Flax is very useful on a low carb diet, as well as being amazingly good for you."
Units: US | Metric
Serving Size: 1 (57 g)
Servings Per Recipe: 12
The following items or measurements are not included:
artificial sweetener
Every recipe, menu, tip and how-to is right here, at your service.


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Pictures Of Dannii Minogue In London In Dark Blue Dress
Dannii Minogue Looks Chic At Project D Photocall In London
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Dannii Minogue Looks Chic At Project D Photocall In London
Dannii Minogue stepped out in London yesterday for a photocall ahead of the launch of Project D's London SS 12013 Collection. Project D, which is a design collaboration between Dannii and her best friend Tabitha Somerset Webb, will be showcased later this week when London Fashion Week kicks off. Dannii certainly stole the show at the photocall, showing off her enviable figure in a dark blue glittery concoction, and sporting a big smile. Click through to see more pics of Dannii in London!
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Ultra-low-sulfur diesel futures advanced, following Brent crude and gasoil higher amid supply disruptions in Africa and the Middle East.
Diesel rose as Brent gained 0.5 percent and gasoil climbed 0.6 percent on the London ICE Futures exchange. Egypt's army-backed government declared a state of emergency in the country. Libya's Waha Oil Co. halted almost all of its 340,000-barrel-a-day output as tanks reached full capacity amid port closures.
"The European market is getting supported by the unrest we're seeing in Egypt and on the back of supply disruptions in Libya, Iraq and the Sudan," said Andy Lipow, president of Lipow Oil Associates LLC in Houston.
Ultra-low-sulfur diesel for September delivery rose 1.97 cents, or 0.7 percent, to $3.0675 a gallon at 10:39 a.m. on the New York Mercantile Exchange on trading volume that was 15 percent below the 100-day average.
ULSD's crack spread versus West Texas Intermediate crude widened 46 cents to $21.62 a barrel. The premium over Brent slipped 10 cents to $17.71 a barrel.
Members of Egypt's Muslim Brotherhood torched government headquarters in Giza and called for rallies nationwide as the death toll from a crackdown on the supporters of ousted President Mohamed Mursi rose above 500.
Gasoline for September delivery fell 0.41 cent to $2.9789 a gallon on trading volume that was 6.5 percent below the 100-day average.
The motor fuel's crack spread versus West Texas Intermediate crude narrowed 51 cents to $17.93 a barrel. Gasoline's premium over Brent slid $1.09 to $14 a barrel.
Pump prices, averaged nationwide, were unchanged at $3.539 a gallon, Heathrow, Florida-based AAA said today on its website. Prices are the lowest since July 10. The average is 17 cents below a year earlier.
To contact the reporter on this story: Barbara Powell in Dallas at firstname.lastname@example.com
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Taylor Swift and her mom! Teen Gwen Stefani! Pre-fame Pink! Check out stars' personal pics and mementos from their own archives
Credit: Courtesy Paris Hilton
Updated: Tuesday Aug 21, 2012 | 06:00 AM EDT
By: Cara Lynn Shultz
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The sisterly bonding started early! The heiress uploaded this cute shot of a young Paris holding an even-younger "baby Nicky".
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