text:
inFOCUS Quarterly
Summer 2015
inFocus Examines Asia
The JPC on
Top Research Issues and Regions
Most Viewed
Ma'an News Agency
April 22, 2013
Israeli authorities opened the Kerem Shalom goods crossing into Gaza on Monday for the limited transfer of building materials, a Palestinian Authority official told Ma'an.
The building materials are earmarked for projects already under construction, PA liaison official Raed Fattouh said. Goods for other sectors and cooking gas will also be among the goods entering Gaza on Monday.
In April, a UN agency expressed concern over heightened Israeli restrictions placed on the movement of people and goods to and from the Gaza Strip, following rocket fire in the area.
"These measures are resulting in the depletion of stocks and essential supplies, including basic foodstuffs and cooking gas, and undermine the livelihoods and rights of many vulnerable Gazan families," James W Rawley, humanitarian coordinator at the UN's Office for Coordination of Humanitarian Affairs said in a statement.
OCHA says that since February Israel imposed new restrictions on the movement of people and goods to, from and within the Gaza Strip, including a reduction in the fishing limit imposed on Gaza fishermen.
Related Topics: Gaza, Israel, Palestinians
receive the latest by email: subscribe to the free jewish policy center mailing list
Follow the Jewish Policy Center
Make your tax-deductible contribution to the JPC today
Home | About | Contact | Board | Contribute | ToS/Privacy Policy | Mobile Site | JPC on Facebook | JPC on Twitter
The Jewish Policy Center 50 F Street, NW, Suite 100, Washington, DC 20001 Tel: 202.638.2411 Fax: 202.638.6694
The Jewish Policy Center is a not-for-profit, non-partisan, 501(c)3 organization.
The opinions expressed in the pages of this website do not necessarily reflect the views of the Jewish Policy Center, its board, its members, or its staff.


text:
Following the discovery of Jaycee Duggard, the New York Times looked into the dwindling number of school kids who walked to school and found there is a heated debate over the matter. While helicopter parents may escort their wee ones the one or two blocks to class, free-range parents feel the need to cut the cord. Mamas who allow their offspring to walk alone often face the wrath of neighbors and school administrators who scold them for their decisions and require them to sign permission slips that explain their decision to allow solo journeys.
How does your child get to school each day?

subset: commoncrawl


text:
tag:blogger.com,1999:blog-7468333366019472073.post6668244490251116262..comments2015-10-04T20:37:27.430-04:00Comments on The James Scrolls: Chief Kanagatooga "Old Hop" "Standing Turkey" MoytoySharon Starrhttps://firstname.lastname@example.com:blogger.com,1999:blog-7468333366019472073.post-40346252197950981482015-07-28T22:45:07.855-04:002015-07-28T22:45:07.855-04:00im talking about the chief my name is james burles...im talking about the chief my name is james burleson if anyone needs to track it firstname.lastname@example.com:blogger.com,1999:blog-7468333366019472073.post-11378262327044233422015-07-28T22:41:08.588-04:002015-07-28T22:41:08.588-04:008th great grandfather as well granny his daughter ...8th great grandfather as well granny his daughter was married to william mcdaniel which was on my grandmothers side which after that generation become firstname.lastname@example.com:blogger.com,1999:blog-7468333366019472073.post-24268323407809821372015-04-02T18:24:21.924-04:002015-04-02T18:24:21.924-04:008th generation great grandfather on my Father'...8th generation great grandfather on my Father's side. I am excited to discover this. Lineage is coming from his daughter Su Gi Granny Hopper and through the Carter's. Up through Essary and Griffin.
Valerie Hhttp://firstname.lastname@example.com:blogger.com,1999:blog-7468333366019472073.post-60211504836677392752014-08-28T23:18:40.890-04:002014-08-28T23:18:40.890-04:00just found him as a 10th great grand father would ...just found him as a 10th great grand father would like to learn more
keith jacobsenhttp://email@example.com:blogger.com,1999:blog-7468333366019472073.post-58017122494142532582014-05-29T12:19:52.841-04:002014-05-29T12:19:52.841-04:0011th G-Grandfather (Mothers Side)11th G-Grandfather (Mothers Side)firstname.lastname@example.com:blogger.com,1999:blog-7468333366019472073.post-14862127867964320152014-01-25T18:52:24.464-05:002014-01-25T18:52:24.464-05:00Chief Kanagatoga is my 8th great grandfather. I wi...Chief Kanagatoga is my 8th great grandfather. I wish I could be peaceful like email@example.com:blogger.com,1999:blog-7468333366019472073.post-81028649714871825872013-11-13T15:18:13.049-05:002013-11-13T15:18:13.049-05:00i found out that he is also my 8th great father on...i found out that he is also my 8th great father on my grandfathers sideAngela Summershttp://firstname.lastname@example.com:blogger.com,1999:blog-7468333366019472073.post-34504163391890075572013-11-13T15:16:22.069-05:002013-11-13T15:16:22.069-05:00i found out that he is also my 8th great father on...i found out that he is also my 8th great father on my grandfathers sideAngela Summershttp://firstname.lastname@example.com:blogger.com,1999:blog-7468333366019472073.post-78994139328189524912013-06-20T20:50:19.020-04:002013-06-20T20:50:19.020-04:00I believe I just found out that Old Hop could have...I believe I just found out that Old Hop could have been my 9th great grandfather through my father's maternal firstname.lastname@example.com:blogger.com,1999:blog-7468333366019472073.post-39542555477056628542013-06-18T18:55:44.288-04:002013-06-18T18:55:44.288-04:00Found him Yesterday, Old Hop is my 8th Great GRand...Found him Yesterday, Old Hop is my 8th Great GRandfather. My Grandmother was a Choate Before she Married. I found this online and just poped in for more information if i can Find it. Somew of the supporting Records for this part of my tree are hard to find and some are very confusing. firstname.lastname@example.com:blogger.com,1999:blog-7468333366019472073.post-52511699683649717552013-06-02T20:09:33.177-04:002013-06-02T20:09:33.177-04:00I have been told all of my 70 years, that Old Hop ...I have been told all of my 70 years, that Old Hop or Standing Turkey, and Snooki Hooper were relatives of mine! Our family survived on a lot of old remedies left by the Cherokees. Many traits were left to my gggrandmother, she was a herb doctor. They were from Tennessee, Alabama, GA and NC. The names of family, Wooten, Rogers, Perkins, Floyds, Mullins, Smith, Malones, Carters, Robinson, Crums. Some times spelled, Mullings, Mullens. Essary, Ussery. Please help me as my days are drawing near.
We were told not to talk about Cherokee background.I am firstname.lastname@example.com:blogger.com,1999:blog-7468333366019472073.post-22244733729742467142013-02-10T22:24:53.022-05:002013-02-10T22:24:53.022-05:00My name is Tracy Jones and Old Hop is my 8th great...My name is Tracy Jones and Old Hop is my 8th great grandfather.
email@example.com:blogger.com,1999:blog-7468333366019472073.post-62593698412168307432013-01-08T07:25:01.322-05:002013-01-08T07:25:01.322-05:00Old Hop is my g-g-g-g-g-grandfather ... through my...Old Hop is my g-g-g-g-g-grandfather ... through my father's maternal firstname.lastname@example.com:blogger.com,1999:blog-7468333366019472073.post-91985632612455052952011-12-30T17:03:49.896-05:002011-12-30T17:03:49.896-05:00I just found out that Old Hop is a great grandfath...I just found out that Old Hop is a great grandfather. Not sure how far back yet, but it very email@example.com:blogger.com,1999:blog-7468333366019472073.post-55799775081516811982011-01-21T16:35:02.755-05:002011-01-21T16:35:02.755-05:00My name is Crystal Barnard, I've been research...My name is Crystal Barnard, I've been researching my family history and found out that Old Hop Moytoy was my 10th great grandfather. I came across your website while i was looking his information up so its really neat to see other people that are related to him as email@example.com:blogger.com,1999:blog-7468333366019472073.post-62208727407322333162010-07-21T12:53:23.085-04:002010-07-21T12:53:23.085-04:00Cherokee Chief Standing Turkey is of interest in t...Cherokee Chief Standing Turkey is of interest in this area of Cherokee history and genealogy, as is Turkeytown (more than one) near places like the present city of Newton,NC. So is the Hopi Tribe (Hop) and places like Gobbler's Knob, KY, at Viper Kentucky on a Cherokee trail into southeast Kentucky.Martin Redbirdhttp://email@example.com


text:
New York City's new system of teacher evaluation and development.
We're looking for great teachers, principals, administrators, executives, and more. Join us today.
Joel Klein – City's Longest-Serving Chancellor and First to be Directly Accountable for Schools' Performance – Departs to Tackle Challenges Outside Government After Eight Years of Unprecedented Gains
Black's 15 Years Leading Hearst Magazines, 8 Years Building USA Today and 4 As the First Woman Publisher of a Major Weekly – New York – Key Preparation for One of the Toughest Management Jobs at Any Level of Government
Mayor Michael R. Bloomberg today appointed Cathleen P. Black, a highly-respected leader in one of New York City's central industries as the next Chancellor of New York City's Schools and charged her with building on Chancellor Joel Klein's historic success turning around the nation's largest school system. Over the past eight years, longer than any other Schools Chancellor has served, Klein transformed New York City's long-dysfunctional public school system into one that the Obama administration has hailed as a national model, with higher graduation rates, a narrowed achievement gap between black and Hispanic students and their white and Asian peers, significant progress on National Assessment of Educational Progress test results and lower crime. The Mayor selected Black to follow Klein as Chancellor because of her unique experience building on successes and leading teams to even greater achievements, including her stewardship of Hearst Magazines for the last decade and a half. Black is also widely credited with building USA Today into an unprecedented success in her eight years there, and broke through an important gender barrier in 1979 when she became the first publisher of a weekly consumer magazine, New York. New York City has never had a female Schools Chancellor.
"Joel Klein's extraordinary service to the 1.1 million children and young adults who attend our public schools has secured him a place as a landmark, transformational civic leader in our City's long history – but for some time now, I've known that he was ready to move on. I asked Joel to stay until we could identify a successor – someone with the ability and experience to build on his success, and help take our schools to the next level – and I couldn't be happier to say that we have found someone who is superlatively qualified to do that," said Mayor Bloomberg. "Cathie Black is a superstar manager who has succeeded spectacularly in the private sector. She is brilliant, she is innovative, she is driven – and there is virtually nobody who knows more about the needs of the 21st century workforce for which we need to prepare our kids."
"Our schools are vastly better than they were just eight years ago when the Mayor took office and Chancellor Klein joined his Administration," said Ms. Black. "Their passion for improving the educational opportunities of our students has lifted the bar higher than anyone could ever have imagined, and my main goal will be to build on the work that has been accomplished during the Bloomberg Administration, and Chancellor Klein's tenure. I want to thank the Mayor for the privilege of joining his Administration and the great team of people who carry out the City's mission each and every day."
"I want to thank Mayor Bloomberg for giving me the best job of my life and for being there every step of the way in the effort to improve education for our students," said Chancellor Klein. "Public schools in New York City changed my own life and it has been a rare privilege to serve the kids and families of this city during the past eight years. I am thrilled that the Mayor has selected Cathie Black, a distinguished leader, to move this work forward."
When Chancellor Klein accepted the job as the first New York City schools Chancellor to be directly accountable for improving New York City public schools, he committed to the Mayor that he would stay for up to two terms. Under Chancellor Klein's leadership New York City ended social promotion, and the City's graduation rate has increased for eight straight years, reaching a historic high of 63 percent in 2009. New York City students also out-gained students in the rest of the State and the nation on the National Assessment of Educational Progress (NAEP). Scores for City students increased by 11 points in fourth-grade reading, 11 points in fourth-grade math, and 7 points in eighth-grade math. On the NAEP exam, ten points represents a full year of additional learning. Chancellor Klein also developed a robust accountability system centered on annual Progress Reports that award letter grades to schools based on students' academic achievement and progress, implemented Fair Student Funding to bring long-overdue transparency and equity to school budgets, and eliminated the so-called Rubber Rooms.
Since 2002, the New York City Department of Education has created 474 new schools and created 113,000 public school seats to reduce overcrowding, while investing billions of dollars to improve existing school facilities. This year alone, 17,656 additional seats came online – the largest number created for a single school year since the creation of the School Construction Authority. And between 2001 and 2009, major crime in schools fell 44 percent and violent crime in schools fell 32 percent. As of June 2010, violent crime in schools was down nearly 8 percent and major crime was down 6 percent compared with the prior year.
The Mayor also credited Deputy Mayor Dennis Walcott, Department of Education Chief Operating Officer Sharon Greenberger, and the many talented and committed educators at the Department of Education including Deputy Chancellors Laura Rodriguez, Shael Suransky, and Eric Nadelstern for these gains. This appointment is pending a waiver by State Education Commissioner David Steiner.
First as President, and then as Chairman of Hearst Magazines, Black led a team of some 2,000 employees producing more than 200 local editions of 14 magazines in more than 100 countries. Under her leadership, Hearst had record-breaking years – they built on decades of success with titles like Cosmopolitan, Esquire, Good Housekeeping, Harper's Bazaar, Marie Claire, Popular Mechanics, Redbook, and Town & Country, introduced highly-acclaimed new titles like O, The Oprah Magazine and created digital platforms that were inconceivable in 1995. As the media industry has tackled digital changes, Hearst Magazines has been widely-regarded as being at the forefront of that evolution.
While at Hearst, Black was a member of the team that oversaw the construction of the 46-story Hearst Tower that was erected on the six-story base near Columbus Circle that Randolph Hearst had built in 1928. The Hearst Tower, which was the first skyscraper to break ground in New York City after September 11, 2001, won several awards and was New York City's first LEED Gold skyscraper.
For eight years beginning in 1983, Black served as President and Publisher of USA Today, and then Executive Vice President of the paper's parent company, helping personnel from Gannett publications coast to coast and from across the publishing industry build a nationwide newspaper that few expected to last. Black started her career in advertising sales with Holiday and the then-new Ms. Magazine, and broke new ground when she became the first female publisher of a weekly consumer magazine, New York, in 1979.
From 1991 to 1996, Black served as President and Chief Executive Officer of the Newspaper Association of America, merging two disparate organizations into one non-profit that represented the needs of thousands of publishers before the Federal government and the American people.


text:
The World's Number One Terrorist State
I've come to the conclusion we live in a mad, topsy-turvy world, Orwellian in its essence – where war is peace, lies is truth, and slavery is freedom.
I didn't always think this way. But events since 2001 have taken a decidedly nasty turn for the worse, with the emergence of the "war on terror". What's so disturbing of course is that this so-called war on terror is actually a war of terror – against all freedom-loving people.
And the perpetrator is none other than the world's self-acclaimed "land of the free" – the USA.
If one defines "terror" as targeting civilians in order to achieve political ends, which is the usual and accepted definition, then the USA began terrorising the planet long before 2001. In fact, the history of US belligerence around the world is mind-blowing, once one opens one's eyes and sees the truth of the matter.
But what's worse, is that all this aggressive behaviour has been done in the name of "freedom".
If you're skeptical about this assertion, then I urge you to read the following essay by Anthony Gregory for some shocking enlightenment:
Hiroshima, Nagasaki, And The US Terror State
Powered by Facebook Comments


text:
Andre Ayew's holidays made better by vital Marseille win
By Ameenu Shardow
Andre Ayew intends enjoying his brief holidays in Ghana after powering Olympique Marseille to their final win of 2012 over the weekend.
The Ghana international's towering header on the stroke of halftime was enough to hand Les Phoceens the vital win over Saint Etienne on Sunday.
The win sees Elie Baup's side move join top in Ligue 1 on 38 points – the same as leaders PSG and second-placed Olympique Lyon.
Ayew will now take a brief time out before joining the Black Stars team for the pre-2013 Nations Cup camp in Abu Dhabi.
He now says the hard fought win – the final for Marseille in 2012 will make his relaxation in Ghana even more better.
"It's a tough game, but we knew that," he said.
"We scored before the break, it boosted us a lot.
"We wanted to leave the game in St-Etienne, as a very strong collective team haven encountered some difficulties in recent times.
"And this galvanized the team, we players do something good this season, we try to prove it every game.
"But hopefully we will not implode and should continue to work.
"All games like this, we must learn to feed and learn. Progress is needed especially in the final third. Now we will enjoy the holidays."
Watch video of Andre Ayew's goal below


text:
In This Section
Journal Forum
Synthetic Reverberator - January 1960
1 comment
Multichannel Sound Reproduction Quality Improves with Angular Separation of Direct and Reflected Sounds - June 2015
1 comment
Clean Audio for TV broadcast: An Object-Based Approach for Hearing-Impaired Viewers - April 2015
2 comments
AES E-Library
Spectral Stereo Surround Sound Pan-Pot
A surround sound pan-pot which allows 360° horizontal virtual imaging is described. The design basis is that of spectral stereo theory rather than the (averaged) measured head related transfer functions used in current virtual imaging systems. The principal advantage being the achievement of natural sounding virtual images with significantly reduced computational requirements for virtual imaging filter realization.
Click to purchase paper or login as an AES member. If your company or school subscribes to the E-Library then switch to the institutional version. If you are not an AES member and would like to subscribe to the E-Library then Join the AES!
This paper costs $20 for non-members, $5 for AES members and is free for E-Library subscribers.
Learn more about the AES E-Library
Start a discussion about this paper!


text:
dog.com > Treats > Biscuits & Cookies > Item # 494494
promotional discount applied. Cart total will reflect savings.
Quantity discount will reflect in cart.
Sometimes, manufacturers require that products be advertised only at their suggested prices.
When we choose to sell these items for less, we display the sale price only in the cart. To see the price, click Add to Cart.
One-time delivery
Save time with Auto Ship
Deliver Every:
2 Weeks
3 Weeks
4 Weeks
5 Weeks
6 Weeks
7 Weeks
8 Weeks
1 Month
2 Months
3 Months
6 Months
Dog.com Doggie Box
Now: $24.99
Busy Buddy Kibble Nibble Dog Toy
Starting at: $12.49
Busy Buddy Tug-A-Jug
Starting at: $10.99
Busy Buddy Buddy Berries Dog Treat
Now: $3.49
Busy Buddy Twist n' Treat
Starting at: $7.49
Product Summary:
Busy Buddy® Buddy OHs Dog Treats
The perfect stuffable delight for Busy Buddy® toys and other treat dispensing toys, Busy Buddy® Buddy OHs are also great as a training reward.
Item Specifications:
4.5 oz.
Chicken Meal, Potato Starch, Oat Hulls, Alfalfa, Natural Chicken Flavoring, Salt, Yucca Schidigera Extract, Mixed Tocopherols (Mixed Preservatives), Rosemary Extract.
Guaranteed Analysis:
Buster Food Cube
Stewart Freeze Dried Beef Liver Dog Treat
Starting from: $4.99
Atomic Treat Ball Dog Toy
Starting at: $6.99
IQ Treat Ball Dog Toy
SPOT Vinyl Hot Dog Squeaker Dog Toy
Now: $2.59
Busy Buddy Barnacle Treat Dispensing Dog Toy
Product Reviews by Customers
This item is not eligible for Canadian shipping.
Some items everyday price is so low we can't discount or we have marked down the item to a final sale price. These select items will not be included in your order total when determining if your order qualifies for a promotional event.


text:
He is survived by: his daughter, Jennifer Fisher Chinn of Atlanta; son, Robin Guy Fisher and wife Anne Taylor Fisher of Atlanta; daughter, Holly Fisher Cantrell and husband James C. Cantrell III of Snellville; son, Perry Scott Fisher and wife Julie Fisher of Dallas, Ga.; grandchildren, Rachael, Andrew, Steven, Claire, Alex and Nikolai; and great-grandchild, Decker.
Mr. Fisher was a U.S. Navy veteran, serving as hospital corpsman master chief for 28 years. He worked as administrator of Ridgecrest Hospital in Clayton from 1971-79. After retirement, he and his wife of 62 years, Marion Fisher, lived in Rabun County.
A memorial service will be held at 2 p.m. Saturday at Clayton First United Methodist Church. Hunter Funeral Home is in charge of funeral arrangements. An online guestbook is available at www.hunterfuneralhomega.com.
SouthCare Cremation and Funeral Society in Alpharetta was in charge of cremation services.
The Clayton Tribune, Jan. 3, 2013


text:
Join Positive Spin's Movember Mustache Team to Fight Prostate and Testicular Cancer
Join Positive Spin in raising awareness about prostate and testicular cancer. Grow or wear a mustache starting November 1 and keep it going for the full month. We need a lot of MO' Bros and MO' Sistas. Join the team today!Read More


text:
Newborn Baby Christmas Dresses (0-9 Months)
Shopping for your baby girl's first Christmas dress is one of life's greatest pleasures and at Sophia's Style your biggest problem will be deciding which equisite dress to buy! Select beatiful newborn baby Christmas dresses in the season's latest styles and colors, smocked Christmas Dresses for a traditional look and Girls Christmas Outfits for an informal look. She will look adorable her frist Christmas and - thanks to our great discount prices - you needn't worry about the cost.
Bonnie Jean Baby Girls Red White Chevron Snowman Jumper Set 3-24M
Our Price $25.99
Sale Price: $19.49


text:
Fennel – a strong, reaching 2 m in height biennial or perennial plant umbrella. Originates from southern Europe, from the Mediterranean Sea area and Asia Minor. The ancient Romans, Egyptians, Greeks, Indians and Chinese have valued him as a spice and medicine. In Central Europe it was in the Middle Ages.
Fennel leaves pinnately dissected into multiple line segments. Fragrant yellow flowers clustered in umbels. Fennel is very similar to caraway meadow. Fruit – aromatic dvusemyanki, oblong, oval, up to 8 mm.
Growing up.
Currently, fennel is cultivated by direct seeding in gardens and in the field, not only in Central Europe and the Mediterranean region, but also in North and South America, China, eastern India and the USSR. Fennel planted in fertile, well-treated, not too moist soils with sufficient limestone, warm and bright areas. In Slovakia and Moravia, it is cultivated for fruit (Fructus foeniculi). Gather the mature umbrellas, which, after drying at 35 ° C threshed.
The chemical composition.
Fruits contain 2-6% essential oil (Oleum foeniculi aetherum), 9-12% fatty oil, proteins, sugars, etc. The characteristic odor of anethole and fenchone called.
The action.
Fennel has an expectorant and disinfectant action. Used for flatulence and to improve the production of milk in nursing mothers. In folk medicine fennel is used as a tea decoction with abdominal pain, cough and insomnia.
Fennel has a spicy, sweet aroma, reminiscent of the smell of anise. Its taste is sweet and slightly spicy. The fruits are used to make flavored water, flavored alcohol syrups and medicinal teas. By distillation of them are fragrant essential oil.
In a spice used in the manufacture of liquors, confectionery, mainly cookies, pies and puddings. By law, popular in the cooking of fish, especially carp, mayonnaise, soups, sauces, and on a smaller scale and compotes. It gives a nice flavor sauerkraut, pickled cucumbers and cold dishes. New shoots and leaves, and immature umbels make more subtle flavor marinades to salads, they are used in canning cucumbers, vegetables and sauerkraut.


text:
Presented by Nobel Prize-winning scientist William Phillips
Thursday, February 12, 2015
7:30 p.m.
Bauman Auditorium
Presented by
William Phillips
Physicist, National Institute of Standards and Technology Fellow
1997 Nobel Prize in Physics
Many conventional scientists are also people with conventional religious faith. As a physicist, Phillips will discuss the ways in which scientific and religious thinking differ and what they have in common, from a perspective affirming that one can be serious about religious faith and about science. He will also consider some questions that are particularly troublesome to a Christian: Why is there suffering if God is good? What about all the terrible things done in the name of religion? What about all the good people who are on a different path of faith than Christianity?
Additional lecture
Phillips will also give a scientific talk at 3:30 p.m. in Bauman Auditorium entitled Time, Einstein and the Coolest Stuff in the Universe.
The public is invited and admission is free to both presentations.
About William Phillips
Phillips is a fellow and group leader of the Joint Quantum Institute of the University of Maryland and the National Institute of Standards and Technology. In 1997, he was jointly awarded the Nobel Prize in Physics for development of methods to cool and trap atoms with laser light, along with Steven Chu and Claude Cohen-Tannoudji. One result of the development of laser-cooling techniques was the first observation, in 1995, of the Bose-Einstein condensate, a new state of matter originally predicted 70 years earlier by Albert Einstein and the Indian physicist Satyendra Nath Bose. In this state atoms are so chilled and so slow that they, in effect, merge and behave as one single quantum entity that is much larger than any individual atom.
Among his many awards, Phillips has received the 1996 Albert A. Michelson Medal (Franklin Institute), the Presidential Rank Award and the Arthur L. Schawlaw Prize in Laser Science. He is a Fellow of the American Physical Society and the American Acadeemy of Arts and Sciences. He is a member of the prestigious U.S. National Academy of Sciences. Phillips is a Methodist laity and one of many accomplished scientists who speak on the interaction between science and Christianity.
"Many conventional scientists are also people with conventional religious faith. I, a physicist, am one example. In this talk I discuss my religious beliefs and the relationship between my view of science and my view of faith. I compare my religious and scientific understanding: While, for me, science and religion differ in many respects (e.g., the kinds of questions they address, the verifiability and falsifiability of claims), they also have common features (e.g., conclusions based on received knowledge, experience and reason). I believe in God both as the source of all the wonderful features of the universe and as a personal friend with whom I have a genuine relationship. I consider some issues that are particularly troublesome to a Christian: Why is there suffering if God is good? What about all the terrible things done in the name of religion? What about all the good people who are on a different path of faith than Christianity?"
Dalton Lecture Series
The Dalton Lecture Series is sponsored by the George Fox University Department of Biology and Chemistry. These annual lectures feature eminent scientists who are Christian. The Dalton Lecture Series was born out of a desire to not only present world-renowned scientists to George Fox students and the local community, but to show how these scientists integrate their Christianity. Contrary to all-too-common thought, it is possible for a scientist to be intellectually engaged and be a Christian!
John Dalton (1766-1844) was a Quaker scientist best known for his pioneering work in the development of modern atomic theory. He remained a faithful Quaker and educator his entire life.
The Dalton Lecture is open to the public and free of charge. The Dalton Lecture is followed by a reception and a George Fox University research student poster session.
From I-5:
From the south, take the Donald/Aurora exit (278) north of Salem. Follow the signs to Newberg. When you reach 99W, turn left.
Just past the highway split near the center of town, turn right on Meridian Street. After one block, you will see the campus on the right.
From the north, take the Tigard/Newberg exit (294) shortly after leaving Portland city limits. Stay on 99W until you reach Newberg.
At Meridian Street (just past the highway split near the center of town), turn right. Campus is on the right.
Northbound 99W (coming from McMinnville and Dundee)
From 99W, turn left on Meridian. Follow Meridian Street across southbound 99W (Hancock Street) for one block; campus is on the right.
- Download campus map
- Download parking map
- Directions for campus events at Bauman Auditorium
Driving directions to Newberg campus via Google Maps
Prior Lectures
Speaker: Dr. Bill Newsome, Harman Family Provostial Professor, Director of Bio-X NeuroVentures and Professor of Neurobiology at Stanford University.
Title: Brain, Mind and Free Will: Did My Neurons Make Me Do It?
Topic: Dr Newsome discussed the the recent neuroscience research and the links between neural mechanisms within the brain and human actions, behavior and thought. He confronted quetions about what it means to be human and also the nature of religious belief. Are we just the sum of our neurons? Does my brain shape me, or do I shape my brain? Is freedom of choice an illusion?
Bio: Dr. Bill Newsome is an investigator at the Howard Hughes Medical Institute and Professor of Neurobiology at the Stanford University School of Medicine. He received a bachelor's degree in physics from Stetson University and a PhD in biology from the California Institute of Technology.
Dr. Newsome is a leading investigator in systems and cognitive neuroscience. He has made fundamental contributions to our understanding of the neural mechanisms underlying visual perception and simple forms of decision making. Among his honors are the Rank Prize in Optoelectronics, the Spencer Award, the Distinguished Scientific Contribution Award of the American Psychological Association, the Dan David Prize of Tel Aviv University, the Karl Spencer Lashley Award of the American Philosophical Society, and the Champalimaud Vision Award.
His distinguished lectureships include the 13th Annual Marr Lecture at the University of Cambridge, the Ninth Annual Brenda Milner Lecture at McGill University, and most recently, the Distinguished Visiting Scholar lectures at the Kavli Institute of Brain and Mind, University California at San Diego. He was elected to membership in the National Academy of Sciences in 2000 and to the American Philosophical Society in 2011.
Speaker: Dr. Henry F. Schaefer III, Graham Perdue Professor of ChemistryDirector, Center for Computational Quantum Chemistry at University of Georgia
Title: The Big Bang, Stephen Hawking and God
Topic: Dr. Schaefer confronted some questions cosmology seeks to answer, such as "Is the universe eternal or does it have a beginning?" and "Is there knowable existence beyond the known dimensions of the universe?"
Bio: Dr. Henry F. Schaefer III received a BS in chemical physics from the Massachusetts Institute of Technology and a PhD in chemical physics from Stanford University, and has since received 22 honorary degrees in addition to numerous national and international awards. He has published more than 1,400 scientific articles, presented plenary lectures at more than 240 scientific conferences, and spoken at more than 50 universities.
From 1981 to 1997, he was the sixth-most highly cited chemist in the world. His research seeks to develop theoretical and computational methods to understand the movement and function of electrons in molecules and to use those theoretical methods to solve important problems in molecular quantum mechanics.
The Journal of Physical Chemistry published a special issue in honor of Dr. Schaefer on April 15, 2004. In 2009, the journal Molecular Physics published five consecutive issues in honor of Professor Schaefer. He was elected a Fellow of the American Academy of Arts and Sciences in 2004. On March 29, 2012, Professor Schaefer received the SURA Distinguished Scientist Award.
Speaker: Dr. Gerald Gabrielse, Leverett Professor of Physics, Harvard University
Title: God of Antimatter
Topic: Dr. Gabrielse introduced his research on antimatter. He addressed questions such as "What role does faith have in a scientist's life?" and "Is there more to our world than science can say?"
Bio: Dr. Gabrielse has won both Harvard's Levenson Prize for exceptional teaching and Ledlie Prize for exceptional research. He is also the recipient of the Lilienfeld Prize and the Davisson-Germer Prize of the American Physical Society, Italy's Tomassoni Prize, and Germany's Humboldt Research Award. He is a member of the U.S. National Academy of Sciences and is currently the chair of the Division of Atomic, Molecular and Optical Physics of the American Physical Society.
Dr. Gabrielse has more than 165 scientific publications. The Gabrielse research group conducts a variety of atomic, optical, elementary particle, plasma and low temperature physics experiments. Professor Gabrielse led the international TRAP team that developed the techniques to accumulate antiprotons at energies more than 1010 times lower than previously realized. The international ATRAP Collaboration, also led by Gabrielse, now uses these antiprotons to produce cold antihydrogen atoms, an important step towards comparing antihydrogen and hydrogen atoms via precise laser spectroscopy. Technological spin-offs include a patented solenoid design being used for nuclear magnetic resonance (NMR), magnetic resonance imaging (MRI) and ion cyclotron resonance (ICR), along with improved cell designs for ICR.
Speaker: Dr. Kent Thornburg, M. Lowell Edwards Chair, Professor of Cardiovascular Medicine, and Director of the Heart Research Center, Oregon Health & Sciences University
Title: New Science Wrestles An Old Problem: The Roots of Human Disease
Topic: New discoveries in science and technology have opened new windows of opportunity to explore the foundational causes of human disease. Over the past decade, our understanding of the differing roles of the human genetic code and the regulation of gene expression have shown how vulnerabilities for disease arise and are passed from one generation to the next. The emerging picture will ultimately change the practice of medicine in a dramatic way.
Bio: Dr. Thornburg has served on numerous study sections and advisory boards at the National Institutes of Health. He serves on committees and boards for the American Heart Association, the National Children's Heart Foundation and other international bodies.
Dr. Thornburg leads a team of scientists who are studying how mechanical forces alter gene expression in the developing embryo heart. His models are designed to study the roles of shear and wall stresses as signals to developing cardiac structures. His laboratory team also studies fetal heart development and the roles of growth factors and signaling molecules in programming the immature heart and coronary arteries for lifelong vulnerability for disease.
He is the principal investigator on an NIH Program Project Grant entitled "Maternofetal Signaling and Lifelong Consequences;" a training grant for translational research in heart physiology; an RO1 for investigating the role of thyroid hormone on heart development; and an R24 to study placental function in monkeys on a high-fat diet. Dr. Thornburg has published well over 125 papers on pregnancy and fetal development.


text:
A Great Legacy and a Bright Future
Although known presently as the Bayside Church of Christ and in a strategic location near the world famous Chesapeake Bay Bridge and Tunnel along the Virginia Beach coastline, we actually have a long heritage of fellowship and existence in the Tidewater, Virginia area.
Known formerly as the Central Church of Christ, which met on Little John Drive in Norfolk, the Bayside church was first a vision of the evangelistic efforts of those who made up the Central congregation. In the summer of 1976, a 4.5-acre tract of land on Shell Road in Virginia Beach was purchased by the Central congregation, with the goal of planting another congregation in this growing section of Virginia Beach.
Two decades passed and God's providence made it possible to consider the planting of the new congregation on Shell Road. But, instead of just a small number of Central members moving to the new location as had been earlier anticipated, the leaders and members deemed it advisable to relocate the entire Central congregation to Shell Road. The Little John property in Norfolk was sold in 1996, ground was broken for the construction of new facilities on Shell Road, and the congregation began meeting temporarily at Shelton Park Elementary School, Virginia Beach.
Shortly after this the name was changed from Central Church of Christ to Bayside Church of Christ in order to reflect their new location on Shell Road in the Bayside section of Virginia Beach. Temporary offices for the church were maintained in the Bayside Commerce Park and this location along with assemblies and activities at the school became the hub of activities for the congregation during the completion of the building project on Shell Road.
In June of 1997, the members of the Bayside congregation moved into our new facilities on Shell Road, with 85 in attendance. Since that time, we have been blessed with both spiritual and numerical growth, as our current membership is 325, with an average of 245 meeting together on Sunday mornings for worship and fellowship. As well, we continue to enjoy a positive reception in Virginia Beach, and have members from all over Hampton Roads who now make up our church family.


text:
|Full link
Sapient Chain Guards BMX Bike Chains are a product that is designed with the serious BMX biker in mind. Chain Guards for BMX bike chains are designed to give you the best riding experience possible while riding your BMX bicycle by protecting your pant leg from getting caught in the chain. The Sapient Chain Guards BMX Bike Chains is designed to be bolted on to a BMX bicycle and comes with a slot for hardware access to allow for easy installation.
Chain Guards


text:
- Infowars - http://www.infowars.com -
White House Bans Paparazzi Images of Sasha and Malia Obama
Posted By kurtnimmoadmin On January 7, 2013 @ 1:18 pm In Old Infowars Posts Style,Tile,U.S. News | Comments Disabled
January 7, 2012
Editor's note: In America, where legal edicts are passed down from an imperial president and intrusive police state technology is now seen as normal by the commoners, it is illegal to publish photos of family members of the Anointed One while he spends more on a single vacation than most will earn their whole lives.
A paparazzo who took photographs of the daughters of President Barack Obama walking along a Hawaiian beach last week made a big mistake — at least, in the eyes of the Oval Office.
Because as soon as the images of Sasha and Malia were sent out to news outlets around the world, the photographer received an official letter from the White House telling him to immediately stop their release, Celebuzz has exclusively learned.
Ironically, the man was waiting for pregnant Hollywood star Jessica Simpson to leave her Kailua Beach retreat in Honolulu County when the Presidential sisters, vacationing with their famous parents in an adjacent property since Dec. 21, came walking-by.
Article printed from Infowars: http://www.infowars.com
URL to article: http://www.infowars.com/white-house-bans-paparazzi-images-of-sasha-and-malia-obama/
Click here to print.
Copyright © 2015 Infowars. All rights reserved.


text:
Video: The Ins and Outs of Authorship
The idea of authorship has the potential to change many things about how we view content, and its authors, on the web. Google's innovations with rel="author" and rel="publisher" are explored in this video, including ideas on how ecommerce companies can begin using it.
An additional topic is explored on the challenges of content ownership when authorship is enabled. Who owns the content, what happens when an author leaves the company, and how should companies handle these problems?
Click the image above to watch the video (full transcript included on video page).


text:
Amsterdam, September 18, 2008 Elsevier is pleased to announce that eight of its professional and scholarly books were honored at the annual BMA Medical Book Competition ceremony in London on September 9th 2008. An additional 19 Elsevier books were highly commended and five received commendation. In total, 640 books were entered to the BMA's competition with 130 prizes awarded with 23 first prizes, 63 highly commended prizes and 44 commended prizes. Author Richard Dawkins, Simonyi Professor for the Public Understanding of Science at the University of Oxford, presented the awards.
Elsevier's Netter's Essential Histology by William Ovalle and Patrick Nahirney won the BMA Illustrated Book Award. A new book, it presents a stunning visual overview of normal histology and will provide an important resource for medical students. Professor Ovalle noted that "In this age of information overload, curricular revision, and reduction in hours devoted to the basic sciences in medical schools around the world, the book's format and content are based on an idea whose time has come, and we are delighted that it has been recognized with this prestigious award."
Elsevier's McMinn's Clinical Atlas of Human Anatomy 6th edition by Peter Abrahams, Johannes Boon, and Jonathan Spratt with photographs by Ralph Hutchings captured first prize in the BMA Basic and Clinical Sciences Book category. This world-renowned Atlas was extensively updated in this new edition in line with modern teaching, including a DVD of clinical correlations and 1000 clinical photographs that help students make the connection from the classroom to clinical practice. Professor Peter Abrahams stated, "We are thrilled to be recognized by fellow medics but the honor is even more important as a permanent memorial to Professor Hanno Boon, one of the authors, who was murdered during the preparation of this book."
"Congratulations and warmest thanks to all of the authors, editors and Elsevier
|Contact: Ylann Schemm


text:
After the list of school websites built on SharePoint from earlier in the week, here's another handy (and subjective!) list of Ten University SharePoint websites. These websites are all public facing, and by building them on SharePoint, it means the universities can manage the content in exactly the same way as they manage their other resources - and use SharePoint's workflow to manage the publishing process. But enough of the SharePoint Content Management story - let's get down to the pictures:
Click on any of the images to link to the live website
Download the PowerPoint versions of Top 10 University SharePoint websites
FYI -- only RMU's intranet is built and maintained on SharePoint. The public-facing site you are showing is built with a proprietary CMS.
Jonathan Potts,
Senior Director, Public Relations
Robert Morris University
Thanks for info Jonathan - so now it's the Top 9, and with a 'situation vacant' for a Number 10.
Anybody any nominations?
My team built Washington University, Olin School of Business on SharePoint; take a look. www.olin.wustl.edu/.../default.aspx
So that's it - the tenth place is filled by the Olin School of Business team - with a nice looking site that makes it very easy to find the info that you need without having to hunt all over the page.
See the largest list of Internet sites built using sharepoint @ http://aka.ms/SPInternetSites where you can filter by Industry (Education - University is one of the industries).
Could you please change the name of the university on Number 8 to:
The University of Colorado Denver Business School
We are part of the University of Colorado system, but there are 3 business schools. One in Denver, one in Boulder, and one in Colorado Springs. They are different, and we would like to help your readers avoid confusion. Thanks!
Hi Rebecca,
Done - I think the confusion sat in my head too, not just the readers'!
Nice post !! These websites are all public facing, and by building them on SharePoint.THANK YOU.
Nice post !!Use SharePoint workflow to manage the publishing process.These websites are all public facing.
I would rather this list be named Ten of the 'slowest' university websites. Each website taking between 2000-5000 milliseconds to load, each with an amazing amount of dom elements due to bloated SP code. That would mean about a 2-5 seconds or longer wait on your mobile device. That is really bad and not great for the universities with the main goal of having a website is to make conversions into students of it's visitors. I've yet to see any good examples of where Sharepoint can perform like a real CMS.


text:
From computer glitches to smartphone mishaps, Geek Squad can save the day. Our Agents are ready and waiting to set up, support, protect and repair.
Let us help you recycle your old and unwanted electronics. Find out more Best Buy's commitment to the environment and how your province is working to make a difference.
The Parts Store has millions of parts for your appliance, electronic, and wireless device needs, so if there's something you're looking for, chances are they've got it.
With our team of experienced, non-commissioned Consultants making a claim will be less stressful. They can help you replace your lost goods quickly and easily.
Best Buy's Trade-In Program is a great way to trade your gently used electronics for a Best Buy Canada gift card that can be used in-store or online.
Never miss a deal. Sign up for the newsletter.
Join the conversation and learn more about the latest gadgets, technology, and more with Plug-In. Become a member and be a part of the community.
Discuss topics, share your tips and tricks, and check out what products everyone is raving about.
Get the latest news and reviews about technology, movies, music, and so much more.
Samsung Radiant-360 R7 Speaker Review: 360 degrees of sound
Check it out >
Looks like you didn't complete your reservation. Do you want to
provide feedback?
If you need help making your reservation, call 1-866-237-8289.
Select a delivery destination
Check store stock
1 Reviews
0 Reviews
Tell others about your experience with this product.
Pretty and practical - colors are not as intense as shown but still each pair is different. Great price for 6 pairs.
Final week of the Home Theatre Event! Find hundreds of products ON SALE
Shop Now
SAVE 10% when you pre-order any wearable tech
Pre-order Now
Baby Event Extended! Great DEALS on over 2000 baby essentials
Get Cooking Event - Final Week! Last chance to SAVE on thousands of kitchen and dining items
NEED HELP? Give us a call at 1-866-BEST-BUY (237-8289)
© 2015 Best Buy Canada Ltd. All rights reserved. For personal, noncommercial use only.


text:
How the Paycheck Fairness Act Can Help Democrats Win Elections for Years to Come
The Nation, June 4, 2012
"The latest shot across the bow in the battle for women's hearts and votes: a push for the passage of the Paycheck Fairness Act. The Senate will begin debate on the bill later today now that it's back in session, with a vote lined up for tomorrow. The bill is expected to fail, and it looked even more doomed after the House voted not to consider it on Thursday. Yet this bill doesn't just make policy sense for all the women earning less than their male counterparts. It makes political sense for Democrats, giving women a reason to head to the polls and, perhaps more important, more financial firepower to spend on political campaigns for years to come."


text:
Teardrop Belly Rings
Searching for exquisite and stylish jewelry for your belly button piercing? Here we are to offer you a wide choice of magnificent teardrop belly rings! Teardrop belly button rings look elegant and in our collection you'll find chic gemstone teardrop belly rings as well as stylish teardrop belly rings with crystals and jewels. This extravagant belly jewelry will make your outlook breathtaking and glorious. Colorful teardrop belly rings look great in gold as well as in steel and titanium. Enjoy high quality and amazing sparkle of our teardrop belly rings at the most reasonable prices! You are always welcome!
|Teardrop Belly Rings: 80 items
|Page /7 next >last >>
|Sort by Popularity | Product Name | New Products | Lower Price


text:
Holy Crap!! It lives...
Yes, Im alive. I know alot of you were concerned.
Im currently working a job in the San Diego area. Anyone else live out here?
Holy Crap!! It lives...
Im back from the Underdark!!! Let me tell you, its great to be back in the real world. IF I offend anyone from CA with the post, GOOD. Suck it up, blame your parents whatever.
dread pirate roberts, thats great!
Might be going to Mayport/Jacksonville FLA area soon. Anyone alive down there?
I'm in New Jersey if you ever get up around this way.
I live in Orlando, which is maybe an hour and a half. But t'm really busy this month. >
[quote author=Dread Pirate Roberts link=board=17;threadid=9498;start=0#msg87787 date=1092145288]
Might be going to Mayport/Jacksonville FLA area soon. Anyone alive down there?
Nope, Milwaukee here. But drop me a line if you are in Chicago. I would drive down there to shoot the shit.


text:
13 football players from Dallas-Fort Worth area in Rivals' top 250 for Class of 2014
The Rivals top 250 national recruits in the Class of 2014 features 31 players from Texas and 13 players from the Dallas-Fort Worth area.
Mansfield Timberview has two players on the list, and they are both part of a talented secondary: Ed Paris (No. 38 on the list) and Brandon Simmons (No. 200).
The other Dallas-Fort Worth schools with players on the list are Coppell, Hebron, Arlington Martin, Denton Guyer, West Mesquite, Fort Worth All Saints, Arlington Bowie, Bishop Dunne, Wylie, Skyline and Forney.
Here's the complete top 250.


text:
Dancing With The Stars: Week 3
(S07E06) Week three did not get off to a great start down at Dancing With The Stars HQ. The ten performances we were expecting had been reduced to nine. It seems that while training on Friday night, Misty May-Treanor suffered an injury that would keep her from performing as part of the top ten.
I could go into detail about that right here, above the jump, but I've chosen to be as annoying as the producers of the show, and drag it out until the very end of the post. So, we'll get to that later. Along with Misty's story, we also have a look at how the rest of the couples dealt with tackling the Viennese waltz and the jive. I'll also give you my guess for what it all means for Tuesday's big results show.
Susan Lucci & Tony Dovolani (Jive) When I saw that Susan had been given the jive, I thought that was a bad draw. If she would have had the Viennese waltz, she could have had a really nice followup to the rumba from last week. The jive was going to be much more difficult. To help with that, Tony took Susan to learn kicks from the Rockettes. The lesson didn't really stick. The performance was an improvement, but her dancing is still best described as reserved. Many of her moves end up being much smaller than they should and things just look pulled in. It was fun though, and she did have the best costume of the night. I don't see her being in danger this week, so she still has time to improve, but she's now in a similar position to Kim Kardashian. Will she be able to relax and embrace the dance before she gets voted off for not doing so?
Len said this is the toughest test in television, to come out week after week, and perform a different dance. He thinks Susan has kept a constant standard throughout. Bruno said Susan really got the look right tonight, commenting on her
boobs outfit. He went on, that this dance requires precision, and she looked unsteady in the steps, but she's starting to get the heat coming out. Carrie Ann disagreed with Bruno, commending Susan because she didn't notice the injury. She also added that she thought Susan looked a little timid. She wants Susan to look a little more courageous and confident when she dances. Score: 21 (7,7,7)
Lance Bass & Lacey Schwimmer (Viennese Waltz) This came along at just the right time for Lance & Lacey. If any number was going to get them to stick to the more traditional performances, it's the Viennese waltz. Trying to get in touch with Len's peer group, they rehearsed at a retirement community. When they made it to the ballroom, more traditional is just what we got. And that's a good thing. I really like the energy and freshness of what Lance & Lacey are doing, but they are straddling a line with Len, so a week off from all of that was in their best interest. And it didn't hurt their performance at all. Traditional or not, Lance is really good. Lacey gave him some complicated choreography, but he handled it well, and showed once again that he is in the upper part of the field where this competition is concerned.
Bruno said Lance & Lacey had turned prim and proper, and joked that the cast of Cocoon (Len), was going to be happy. He went on to call Lance a little heavy trying to reach the rise and fall. Carrie on thought it was fantastic. She highlighted that Lance was dancing as much as Lacey. Len joked that he stays at that retirement home when he is in LA. Then, in a very odd critique, he called the dance flatfooted, and said he didn't like the frame, but added that it was Lance's best dance so far. Score: 22 (8,7,7)
Maurice Greene & Cheryl Burke (Jive) Maurice is such a high energy guy that I thought the jive would be right in his wheelhouse. In the training video, he was struggling with the footwork, so Cheryl took him to the park to run through tires. Back in the ballroom, they kicked off the performance with Maurice jumping over Cheryl from the stage, a move we've seen her go to before. As they got into the main part of the dance, Maurice actually handled the footwork really well. Working with one of his biggest strengths, the jive really let his personality show well. All things considered, a very fun performance.
Carrie Ann called Maurice a wild untamed beast, adding that it worked perfectly in the jive. Great job. Len said this is more like it. Fast, bright, lively. Full of kicks. He thought it was Maurice's best dance. Bruno told Maurice that he can rock when he wants to. Good pace, sense of energy, and fun. He also liked the attention to detail Maurice showed. Score: 24 (8,8,8)
Rocco Dispirito & Karina Smirnoff (Viennese Waltz) Rocco kind of took it on the chin last week, and deservedly so. He didn't really try. This week Karina was trying to help him with his musicality by making him dance with a blindfold. They tied that bit into the opening of their number. This was a much better performance for Rocco, because he actually had something to do this week. That said, it wasn't the most graceful waltz. He's showing improvement, and he still has time to make some noise, but he's fallen below the top level of performers in the competition.
Len said there were elements that were very good. He liked the reversed turns, but he pointed out that Rocco does lose the timing when he gets overexcited. Bruno joked that Rocco should have kept the blindfold on. The waltz is like a light mousse, but this was like a lump of mashed potatoes. Carrie Ann disagreed, saying Rocco is the most improved of all the dancers. She likes his puppy dog quality. Score: 20 (7,7,6)
Warren Sapp & Kym Johnson (Viennese Waltz) While last week the paso doble was just right for Warren, the Viennese waltz is more of a challenge. That's a lot of guy to make look graceful. He actually managed the change really well. As soon as they went into their hold and he got into the frame I was on board. There were a couple rough bits in the transitions, but as a whole, he managed the footwork really well and he certainly didn't look like a lumbering football player. It was very smooth, and very impressive.
Bruno called it big, smooth, and beautiful. He liked how Warren captured the character of the dance. Beautifully done, and versatile. Carrie Ann said she might have a crush on Warren. The performance was like a dream come true. She called it gorgeous, and agreed that he embodies the character of each dance. Len though this would be Warren's stumbling block, but he was very impressed with the performance. He added that Warren is giving those skinny people a run for their money. Well done. Score: 25 (9,8,8)
Cody Linley & Julianne Hough (Jive) Cody got his week started off at Miley Cyrus's 16th birthday party. Those Disney/ABC folks never miss a cross-promotional opportunity. Much like Maurice, this was the dance for Cody. He's so hyper and full of energy that he should really be able to shine with the jive. They wasted no time getting into it with all kinds of crazy footwork for Cody right in the opening. This routine was a step above what many of his competitors are doing, in terms of difficulty. Cody held his own well there, and also did a nice job acting his part. He does occasionally get caught up remembering where he is in the performance, but he's coming along really well. Another impressive performance.
Carrie Ann said it was good, with high energy, but he was counting the whole time, and that's one of her pet peeves. It made it awkward. Len told Cody that he understands that it's a nerve wracking job. The first half he thought was fantastic, but then it got repetitious. Bruno agreed with Len. It started out great, but they lost it as they went along. He finished saying Cody has the talent, he has to use it. Score: 21 (7,7,7)
Toni Braxton & Alec Mazo (Viennese Waltz) The training video this week dealt with Toni's athletic ability, or lack thereof. She had a very funny bit where she said the kids used to fight over which team she would be on. "We had Toni on our team yesterday, how come we have to have her again today?" Getting to the performance, this one had a bit of the daring. It would have been really easy for Alec to do something more run of the mill, and still get really good scores. Toni's grace and ability to create beautiful moments are perfect for the dance. Instead, they tried something a little different, going with a Marie Antoinette theme. I don't think it was the right decision. The goofy costume distracted from what was an otherwise really good performance. This is what Toni does well, and they kind of hid it.
Len's advice was if it ain't broke, don't fix it. This, he didn't enjoy very much. He told Toni that she doesn't need gimmicks and things. The last refuge of bad dancers is gimmicks and props. Bruno called it a huge risk, adding that with her talent, Toni doesn' t need to overproduce. Carrie Ann liked it. She said she got it. They went way over the edge. She called it a good job all around. Score: 22 (8,7,7)
Cloris Leachman & Corky Ballas (Jive) Cloris is on the other end of the Jive. Where Maurice and Cody were built for it, this was going to be a tough one for Cloris, no matter how you stack it. The training video showed Cloris working on her endurance and Corky trying to figure out how to bring the fun back into the dance. As to the performance, what can you say at this point? It was goofy, and played for laughs, but not very well rehearsed. And that makes a difference. After the dance, Cloris told the judges she wants 1s. I'm taking it to mean she realizes that the joke is getting old too.
Bruno said to call it wacky would be the understatement of the year. The performance was beyond comprehension. Carrie Ann agreed, saying they definitely got Crazy Cloris this week. She added that what Cloris lacked in technique, she made up for in charisma. Len was cut off before he could say much. Score: 16 (6,5,5)
Brooke Burke & Derek Hough (Viennese Waltz) Brooke and Derek were having some trouble in training, fighting over Brooke's ability to remember steps. It was one of the few training videos that didn't look ridiculously staged, so it gains some points for that alone. It would seem that they patched up their problems before performance night, because the dance was wonderful. Brooke is so graceful, and has gorgeous lines when she poses. If anyone had any doubt that she is the front runner for this thing, I think she proved it with this performance.
Carrie Ann said Brooke is quickly becoming her favorite dancer. Her inner beauty comes out when she dances. Len called it the best dance of the season. Bruno said it was dazzlingly beautiful, and called it great choreography. Score: 28 (9,10,9)
Now, getting to Misty & Maks. Friday night, during training, Misty suffered an injury. She made her way out on stage with the help of some crutches. They showed the video of when it happened and the pop that came from her ankle was loud enough that it was picked up on the video. After an MRI, the result is that she ruptured her Achilles tendon. Yikes. Talking with Tom, Misty said she was excited about this week because this is the first dance she was going to be doing in sneakers.
Unfortunately, she's out of the competition. As for volleyball, she was planning on taking time off anyway. If this was going to happen, this is the best time for it. She'll be having surgery on Tuesday. They brought out Maks and Misty said she couldn't have picked a better partner. Something I agree with. I think they were going to go a long way in the competition. Maks said that Misty is a perfect person and there is not a bad bone in her body. Misty promised that when she gets healthy, she's going to come back and do the jive. I'll look forward to that.
As far as what that means for the competition, nobody is saying. My guess is that nobody will be eliminated Tuesday night, and they will combine the scores from this week, and next week, for the week four elimination. They just didn't want to say it on performance night for fear that nobody would tune in Tuesday if they knew there wasn't going to be an elimination. Looking at the competition as a whole, Brooke & Derek have separated from the pack, but Lance & Lacey, Cody & Julianne, Toni & Alec, and Warren & Kym are all giving chase.


text:
- Home Page »
- News »
- Local News »
Columnists in News
Most Popular in News
- U.S. official confirms investigation on Ute Mountain Ute reservation
- Woman claims neighbor shot breeding bull
- Area kids face hardships
- Photos: Fall's colors hitting a peak
- Briefs
- Environmentalists stop grazing on monument
- Baxstrom is charged with attempted murder
- Colorado to county: Why the tax break?
- Local 4-H members win big at Colorado State Fair
- Lt. Gov. Garcia reads to area preschoolers
No Stories


text:
I. Introduction
Certain financial transactions involve ongoing economic relationships or commitments to be fulfilled in the future. For example, risk management tools such as forward contracts and swaps are based on contractual agreements between parties to transfer assets or payments at some future time. Repurchase agreements, which are important sources of liquidity in the debt markets and, to an increasing degree, in the equity markets, involve financial commitments that must be fulfilled at a later date. In these important market activities which can involve huge sums and concentrated exposures, the inability of one party to exercise its contractual "self-help" rights in the event of the insolvency of the other party could cause ripple effects by undermining the financial condition of the non-bankrupt party (and its counterparties) and the markets more generally.
Recognizing the important role of these transactions in capital formation and market liquidity and the potential for a chain reaction of insolvencies should non-bankrupt partiesí contractual self-help rights be impaired, Congress has included provisions in the Bankruptcy Code and the bank insolvency laws that expressly protect the exercise of such rights in the event of bankruptcy or insolvency. However, it has been almost ten years since the last legislative update to the safe-harbor provisions. The financial markets have evolved and matured during that time in ways that leave various transactions and parties subject to legal uncertainty. As more types of market participants have engaged in a broader range of transactions, statutory inconsistencies have surfaced that make it difficult to conclude that Congressís goal of minimizing systemic risk has been fully achieved through the existing market safe harbors. Important technical corrections are needed to minimize systemic risk in light of market developments.
The Bankruptcy Code should also be amended to protect and enhance the important role of the asset-backed securitization process. Asset securitizations, which provide a secondary market for mortgage, consumer, commercial and industrial loans and other debt obligations, are multi-stage transactions where the integrity of securities payment commitments rests on the finality of earlier transfers of underlying assets. An efficient secondary market for debt obligations lowers the cost of borrowing. Amendments to increase market efficiency and provide comfort for investors will not only enhance the development of future asset-backed securitizations, they will provide a safeguard against market turmoil should a seller of financial assets become the subject of proceedings under the Bankruptcy Code and attempt to disrupt the cash flow on assets that were securitized.
Three bills currently pending in Congress would substantially improve the statutory regime that governs financial transactions when a party fails to meet its payment obligations: the House and Senate versions of comprehensive bankruptcy reform ("The Bankruptcy Reform Act of 1999," H.R. 833 and S. 625), and the "Financial Contract Netting Improvement Act of 1999" (H.R. 1161). H.R. 833 and H.R. 1161 would harmonize the Bankruptcy Code and bank insolvency laws governing swaps, repurchase agreements, securities contacts, forward contracts, and commodity contracts. They would also provide a safe-harbor in the Bankruptcy Code for ABS transactions. S. 625 would amend only the Bankruptcy Code provisions for financial contracts and includes the same ABS protections as the House bills. The Bond Market Association urges Congress to enact the full set of bankruptcy and insolvency law changes that are needed to protect modern financial markets. These proposed changes should not raise sweeping new policy issuesóthey are entirely consistent with many statutory provisions that have already been enacted, and are in the nature of technical corrections.
II. The Current Safe Harbors Need to be Updated
A. Swap Agreements
Swap agreements are privately negotiated contracts between parties to exchange payments under specified conditions. The partiesí obligations are linked to some index, commodity price, interest rate, currency or other indication of economic value. In an interest rate swap, for example, two parties agree to exchange payments based on some agreed upon notional principal amount. However, principal does not typically change hands in a swap contract. It merely serves as the reference for the calculation of the payments to be made.
The primary purpose of swaps is risk management. The universe of parties actively engaged in swaps is expansive and growing: banks, securities firms, mutual funds, pension funds both public and private, manufacturing firms, and state and local governments, just to name a few. Virtually all significant commercial enterprises face certain risks that can be managed through the use of swaps. In the example that follows, Party B attempts to manage its exposure to changes in interest rates through the use of an interest rate swap:
Example 1.
The fundamental contractual terms in a swap for the exercise of remedies in the event of bankruptcy or insolvency provide for "close-out," "netting" and foreclosure. Close-out involves the termination of future obligations between the parties and the calculation of gain or loss. Netting involves offsetting the partiesí gains and losses to arrive at a net outstanding amount payable by one party to the other. Foreclosure involves the use of pledged assets to satisfy the net payment obligation. The ability to execute this process swiftly is key to the financial markets and the solvency of its participants due to the potential exposure a counterparty in such transactions has to market risks and the possibility of changes in the values of financial contracts and collateral due to market movements. The inability of a financial market participant to exercise these remedies promptly could impair its liquidity and solvency.
The following is a basic example of the close-out, netting and foreclosure process:
Example 2. Party A and Party B enter into two interest rate swaps at different times (Swap X and Swap Y). Both contracts contain provisions that allow for close-out, netting and foreclosure and are in effect when Party A becomes insolvent. At the time of Party Aís insolvency, Party Aís mark-to-market loss under the terms of Swap X is $30 million and its mark-to-market gain under the terms of Swap Y is $20 million. Through the process of close-out and netting, the swaps are terminated and Party A owes Party B $10 million. If Party A had pledged $15 million of collateral to Party B, Party B would foreclose on the collateral, use $10 million to satisfy Party Aís obligation, and return $5 million to Party A.
If Party A became subject to a proceeding under the Bankruptcy Code, Party B would be entitled under current law (Sections 362(b)(17) and 560 of the Bankruptcy Code) to exercise its self-help close-out, netting and foreclosure remedies as described above. If Party A were an FDIC-insured bank that became subject to a receivership (and Swaps X and Y were not transferred to a successor entity), Party B would be entitled under the Federal Deposit Insurance Act to exercise its self-help close-out, netting and foreclosure remedies as described above. In either case, if Party B were unable to exercise such remedies, its liquidity and solvency could be impaired, creating gridlock and posing the risk of systemic problems.
The swaps market has evolved since the protections for interest rate and other swaps were first put in place. Parties have learned to apply the principles of risk management in many different ways that are not expressly covered under the applicable definitions in the Bankruptcy Code and the Federal Deposit Insurance Act. As a result, the markets in some cases proceed under some degree of legal uncertainty regarding the enforceability of certain contracts, even though they are economically equivalent to other contracts that are expressly protected and pose the same risks that Congress has sought in the past to avoid.
For example, if in the above hypothetical the two swaps were equity swaps in which the payments were calculated on the basis of an equity securities index, it is not entirely clear that the transactions would fall within the market safe harbor in the Bankruptcy Code or the Federal Deposit Insurance Act for "swap agreements." If both of the parties were "financial institutions" under the Federal Deposit Insurance Corporation Improvement Act or the Federal Reserve Boardís Regulation EE and the swap agreement were a "netting contract," then Party B might (although it is not entirely clear) be able to exercise close-out, netting and foreclosure rights in respect of the equity swap transactions. If one of the parties were not a "financial institution" or the contract did not constitute a "netting contract" (for example, because it was governed by the laws of the United Kingdom), then Party B could be subject, among other things, to the risk of "cherry-picking"--the risk that Party Aís trustee or receiver would assume Swap Y and reject Swap X, leaving Party B with a $30 million claim (which would be undersecured because of the impairment of netting) and to the risk that its foreclosure on the collateral would be stayed indefinitely. This could impair Party Bís creditworthiness, which in turn could lead to its default to its counterparties. The pending legislation would minimize these risks by making clear that an equity swap is a "swap agreement," entitled to the same market safe harbors as interest swap agreements.
B. Repurchase Agreements
Repurchase agreements, also known as "repos," are contracts involving the sale and repurchase of securities or other financial assets at predetermined prices and times. Although structured and treated for legal purposes as purchases and sales, economically repos resemble secured lending transactions. In economic terms, one participant in the repo transaction (the "seller") is borrowing cash at the same time that the other participant (the "buyer") is receiving securities. The recipient of cash agrees to pay the cashóto repurchase the securitiesóat a predetermined time and price, including a price differential (the economic equivalent of interest). The buyer agrees to purchase and later resell the securities.
According to published reports, on an average day in 1998, nearly $1.4 trillion in repos were outstanding between dealers of U.S. government and federal agency securities, up from a daily average of $310 billion in 1988. Parties also routinely engage in repo transactions involving non-agency mortgage-backed securities, whole loans and other financial instruments. As a result of recent legislative changes enacted as part of the National Securities Markets Improvement Act and recent changes to federal margin regulations, repos may now involve equity securities. Participants in the repo market are diverse, including commercial banks, securities firms, thrifts, finance companies, non-financial corporations, state and local governments, mutual and money-market funds and the Federal Reserve Banks, among others.
In 1984, Congress acted to protect certain types of repos from the insolvency of market participants after the 1982 Lombard-Wall bankruptcy court decision cast uncertainty on the ability of market participants to close out their positions. According to the Senate Judiciary Committee report on the 1984 legislation, that decision had a distinct adverse effect on the financial markets. At that time, Congress granted protection only to repos involving certificates of deposit, eligible bankersí acceptances, and securities that are direct obligations of, or that are fully guaranteed as to principal and interest by, the federal government. In doing so, Congress expressly stated that repos serve a vital role in reducing borrowing costs in the markets for these securities and sought to encourage market participants to use repos with confidence.
Unfortunately, the list of instruments protected by those 1984 amendments to the Bankruptcy Code has grown outdated as market participants have entered into repos involving a wide range of financial assets. Besides repurchase agreements on government and federal agency securities, which are covered under the Bankruptcy Code and Federal Deposit Insurance Act definitions of "repurchase agreement," firms now actively engage in repurchase agreements on the foreign sovereign debt of OECD countries, whole mortgage loans, and mortgage-backed securities of many types. Under H.R. 833, H.R. 1161 and S. 625, each of these types of repurchase agreements would be covered by the market safe harbors provided in the Bankruptcy Code (they are already covered by the Federal Deposit Insurance Act and regulations thereunder). Market participants could then enter into such transactions with greater confidence that they will be easily enforceable, improving the liquidity and cost of financing in the markets for the underlying instruments, and minimizing systemic risk.
C. Securities Contracts, Forward Contracts and Commodity Contracts
Market participants enter into contractual arrangements for the sale of securities and commodities where payment and delivery obligations are fulfilled at some future date. Securities contracts, forward contracts, and commodity contracts all can take many forms, but they can also be similar from an economic perspective. "Securities contracts" include forward purchases of securities, pursuant to which the parties agree to exchange payments and securities at a fixed date in the future. "Forward contracts" include privately negotiated arrangements where one party agrees to sell a commodity to another party at a fixed price for delivery at a future date. The terms of forward contracts can closely resemble those of futures contracts (which are "commodity contracts"). However, forward contracts are not traded on commodity exchanges under standardized terms and the parties envision actual delivery of the underlying commodity.
Despite the economic similarities of securities contracts, forward contracts and commodity contracts, the Bankruptcy Code and the Federal Deposit Insurance Act are inconsistent in their treatment of these transactions. Under the Federal Deposit Insurance Act, any counterparty can close out and net obligations under all securities contracts, forward contracts or commodity contracts it may have outstanding with the FDIC-insured bank in a liquidating receivership. However, if the failing counterparty is a debtor subject to the Bankruptcy Code, the enforceability of close-out provisions depends on a number of factors, including the type of counterparty, and the type of contract involved. In order to close out and net "securities contracts," the non-bankrupt counterparty must be a "stockbroker," "financial institution" or "securities clearing agency." In order to close out and net "forward contracts," the non-defaulting party must qualify as a "forward contract merchant." A few examples illustrate these differences:
Example 3. Party A, a mutual fund, and Party B, a securities dealer, have two outstanding contracts for the purchase of securities, one that is in-the-money to Party A, one that is out-of-the-money to Party A. If Party B becomes the subject of proceedings under the Bankruptcy Code, Party A would not be able to close out the contracts and net its obligations to Party B under the out-of-the-money contract against Party Bís obligations under the in-the-money contract (unless it had acted through a bank agent). However, if it is Party A that becomes the subject of proceedings under the Bankruptcy Code, Party B would be able to close out the transactions and net its obligations. This is because Section 555 of the Bankruptcy Code allows liquidation of securities contracts only by stockbrokers, financial institutions and securities clearing agencies, none of which includes the mutual fund (unless it had acted through a bank agent).
Example 4. Now assume that in the above example Party B is an FDIC-insured depository institution. If Party B becomes the subject of receivership proceedings and the securities contracts with Party A are not transferred to a successor institution, Party A will be able to close out the transactions and net the obligations thereunder. This is because the Federal Deposit Insurance Act, since 1989, contains no counterparty restrictions.
Example 5. Party A, the mutual fund, and Party B, an affiliate of a securities dealer, have two outstanding forward foreign exchange contracts. If Party B becomes the subject of proceedings under the Bankruptcy Code, Party A would be able to close out and net the foreign exchange transactions. This is because Section 556 of the Bankruptcy Code allows liquidation of "forward contracts" (the foreign exchange transactions) by forward contract merchants, a classification that includes the mutual fund. (Note that the forward foreign exchange contracts would also be "swap agreements," and the mutual fund, as a "swap participant," could exercise its rights on that basis as well. Other "forward contracts" would not qualify as "swap agreements.")
Thus, parties of similar size who enter the markets with equal frequency and in the same manner enjoy different degrees of protection under the Bankruptcy Code and the Federal Deposit Insurance Act. This makes no sense from the point of view of the reduction of systemic risk -- the failure of these market players could trigger the same kind of chain reaction that a bank, broker-dealer or clearing agency failure could trigger. The pending legislation would improve the current situation by making certain technical definitional changes under the Bankruptcy Code (to bring it closer to the Federal Deposit Insurance Act). The amendments would expand the universe of counterparties whose contractual rights would be enforceable. In addition to stockbrokers, financial institutions, registered investment companies and securities clearing agencies, large and sophisticated market participants would be able to close out their securities contracts, forward contracts and commodity contracts against Bankruptcy Code debtors. Such counterparties would be defined as "financial participants" under the Bankruptcy Code through certain quantitative tests modeled on the Federal Reserve Boardís Regulation EE. Once amended, the counterparty limitations under the Bankruptcy Code would have a more rational scope than they do under current law.
D. Cross-Product Netting
Financial market participants often have a wide range of transactions outstanding with one another at any given time. Thus, a given partyís exposure to the risk of default by another party may be understood only by considering the total value of the payments that party expects to receive and pay under all of the various contracts. The Federal Deposit Insurance Act reflects an understanding of this and permits the netting of obligations stemming from one type of "qualified financial contract" against obligations stemming from another type of "qualified financial contract." This practice, known as "cross-product" netting, permits more rational risk management practices and allows market participants to resolve whatever problems arise from the insolvency of one of their counterparties in a more orderly fashion. Cross-product netting also reduces the likelihood of systemic risk, as it allows the non-bankrupt counterparty to crystallize its exposure and not be treated as a secured creditor with an interest in cash collateral subject to the automatic stay.
Cross-product netting is also permitted under the Bankruptcy Code, but to a lesser degree. Parties can net their obligations under securities contracts, forward contracts and commodity contracts against one another. It is unclear whether cross-product netting is permitted, however, when the contracts involved are swaps and repurchase agreements.
Example 6. Party A, a securities dealer, and Party B, a large corporation, have an outstanding securities contract that upon close-out is profitable for Party A. The parties also have an outstanding forward contract that upon close-out is profitable for Party B. When Party B becomes the subject of a proceeding under the Bankruptcy Code, Party A would be able to close out each of the contracts and offset its obligation to pay Party B under the forward against Party Bís obligation to Party A under the securities contract.
Example 7. Party A and Party B have an outstanding swap that upon close-out is profitable for Party A. The parties also have an outstanding repurchase agreement under which Party A holds securities purchased from Party B that upon close-out is profitable to Party B (i.e., the value of the securities exceeds the repurchase price). If Party B becomes the subject of proceedings under the Bankruptcy Code, Party A would not clearly be able to offset the excess repo proceeds against Party Bís outstanding obligation under the swap. At worst, Party A would be treated as a secured creditor with a security interest in the repo proceeds. Its rights could, however, be subject to the automatic stay, thereby impairing its liquidity and creating the potential for systemic risk.
There is no plausible rationale for treating cross-product netting between securities, forward and commodity contracts differently from cross-product netting between those contracts, swap agreements and repurchase agreements. These anomalies emerged over time, as various protective provisions were added to the Bankruptcy Code to protect various types of markets. (Because the "qualified financial contract" provisions of the Federal Deposit Insurance Act were enacted at the same time, no such anomalies exist in those provisions.) However, the capital markets have grown and matured to such an extent that various types of market participants now engage in many types of transactions, and it is time for the market safe harbors to be rationalized and made consistent in their application to all financial products for all participants.
Wider and more certain cross-product netting in cases of bankruptcy should allow parties to enter into additional types of transactions with the same counterparty without necessarily increasing, on a net basis, their overall credit exposure or risk to the markets as a whole. Indeed, some cross-product transactions will serve to reduce a counterpartyís overall risk, facilitating better risk management and reducing overall risk in the financial markets.
III. Mortgage- and Asset-backed Securities
The process of assembling pools of financial assets and selling securities with payments derived from the assetsí cash flows is known as "securitization." Almost any financial asset can be securitized. The earliest examples were home mortgage loans, but today financial services firms securitize car loans and leases, credit card receivables, business loans and many other assets generating current or future cash flows. The proceeds from sales of securities supported by those assets make their way back into the capital markets and become available for new lending to homeowners, car owners, consumers, businesses and myriad other borrowers. A larger supply of lendable capital means that home buyers, car buyers, consumers and companies can all borrow at lower interest costs. A simple example demonstrates the process of financial asset securitization:
Example 7. Party O originates mortgage loans with a total principal amount of $100 million and sells the whole loans to a special-purpose vehicle (an "SPV"). The SPV issues mortgage-backed securities ("MBS"), the payments on which are supported by cash flows from the mortgage loans. As borrowers make principal and interest payments on their mortgage loans, these payments pass through a servicer and eventually are distributed to the MBS investors. The proceeds of the sale of the loans by Party O to the SPV are available for new loans to home buyers.
Certain types of mortgage-backed and asset-backed transactions raise issues under the Bankruptcy Code that make them more costly or difficult to complete. The central issue in such situations is the risk that securitized assets transferred to a special-purpose vehicle, which then issues securities backed by such assets, will be considered part of the bankruptcy estate of the party selling them into the pool if that seller becomes insolvent. Such treatment could subject the cash flows from the securitized assets to the automatic stay and inhibit the timely distribution of principal and interest payments to investors in the subsequently issued asset-backed securities. It could also subject the pool of transferred assets to attack by a bankruptcy trustee who might seek to reclaim them for the bankruptís estate for the benefit of general creditors, denying beneficial holders of asset-backed securities the primary source of repayment that was intended to be provided by these securitized assets. Consider the following transaction:
Example 8. Party A originates mortgage loans with a total principal amount of $100 million and sells the loans to Party B. Party B sells two classes of asset-backed securities based on the pool. The Class A securities, totaling $90 million, have a senior claim on the cash flows generated by the mortgage loans and receive an investment-grade credit rating. The Class B securities, totaling $10 million, are subordinated to the Class A securities and not rated investment-grade. Assume Party B obtained the mortgage loans from Party A in exchange for (i) the $90 million raised through the sale of the Class A securities and (ii) the Class B certificates. If Party A becomes insolvent, Party A (as debtor-in-possession) or its trustee could attempt to recharacterize the sale of the mortgage loans as a pledge to secure a financing, based on Party Aís retention of the Class B securities. If it were successful, notwithstanding that it had received fair value at the outset of the transaction and the reasonable expectations of the investors in the Class A securities, distribution of the principal and interest payments on the loans to the investors would be subject to the automatic stay, jeopardizing timely payment to the Class A investors. Such a result would not only harm the particular investors in question, it could have a material, negative effect on the mortgage-backed and asset-backed securities markets more generally.
In order to obtain sales treatment under the relevant accounting standards, participants in mortgage-backed and asset-backed securitization transactions must obtain assurances from counsel that the sale of assets will be final under applicable bankruptcy law. Such legal advice is referred to as a "true sale opinion." Unfortunately, there is a lack of guiding judicial precedent regarding what constitutes such a true sale of assets. The considerations in the analysis are highly subjective and depend on a qualitative assessment of a wide variety of facts and circumstances. For these and other reasons, any true sale opinion will generally be a reasoned one, with various assumptions as to factual matters and conclusions that introduce an unnecessary degree of legal uncertainty in the asset-backed market. As a result, for some types of transactions, true sale opinions can be extremely difficult, costly, and in a few cases, impossible to render.
The FDIC recently released for comment a proposed Policy Statement that would clarify that, with respect to certain securitizations by FDIC-insured institutions, the FDIC would not seek to reclaim the assets the subject of the securitization. In particular, the Policy Statement "provides that subject to certain conditions, the FDIC will not attempt to reclaim, recover, or recharacterize as property of the institution or the receivership estate . . . the financial assets transferred . . . in connection with the securitization." 63 Fed. Reg. 71926 (December 30, 1998). Similar action is needed to cover transfers by market participants who later become debtors under the Bankruptcy Code. In an effort to clarify the rights of investors in asset-backed securities and bring the benefits of securitization to a broader spectrum of market activity, H.R. 833 includes a series of amendments to the Bankruptcy Code that would specifically exempt certain transferred assets from a debtorís bankruptcy estate and clarify whatever "true sale" confusion may exist. The amendments would be narrowly tailored to apply only to eligible assets transferred as part of a bona fide securitization involving the issuance of securities rated investment grade by at least one nationally recognized rating organization. Through a series of definitions, the proposed amendments would exclude from a debtorís estate any asset "to the extent that such eligible asset was transferred by the debtor, before the date of commencement of the case, to an eligible entity in connection with an asset-backed securitization."
These changes would not only reduce transaction costs for future mortgage- and asset-backed securitizations, they would minimize the likelihood that an insolvent debtor could attempt to reclaim already-securitized assets in a proceeding under the Bankruptcy Code, notwithstanding the structural safeguards designed to avoid such a result. Even if such a debtor were not successful, the possibility of recharacterization could have a significant adverse impact on the markets in mortgage- and asset-backed securities.
IV. Conclusion
The above examples illustrate the need for Congress to enact the financial contract provisions of H.R. 833, H.R. 1161 and S. 625, which would make important, but highly technical, changes to the Bankruptcy Code and the Federal Deposit Insurance Act. These changes are consistent with the existing market safe harbors in the Bankruptcy Code and the Federal Deposit Insurance Act, will encourage broader use of sound risk management techniques and help to minimize overall systemic risk.
Home | Menu | Links | Info | Chairman's Page


text:
We look forward to offering you a stay experience unlike any other!
Exceptional rewards and benefits, fantastic savings and discounts,
the greatest convenience, VIP privileges - all this and more you can expect as a member.
We can't wait to welcome you, be it for business or pleasure,
a quick getaway or a long break. We truly hope you enjoy making
the very most of all your exciting rewards.
Activate Prokard and create online profile
Please Select:
Any idea where
you would like to go?
I'd like to have
the following facilities available:
To activate your Prokard profile please supply us with your surname and Prokard number.
GUESTS of Protea Hotels and African Pride Hotels in Johannesburg's northern suburbs don't have to fork out for extra transport if they use the speedy Gautrain to get to and from OR Tambo International Airport.
The Protea Hospitality Group hotels in that area offer a free shuttle service to and from the Gautrain station in Sandton to all their GUESTS. The hotels offering the service are the Protea Hotel Wanderers, the Protea Hotel Fire & Ice! Melrose Arch, the Protea Hotel Balalaika and the African Pride Melrose Arch Hotel.
Protea Hospitality Group Marketing and Advertising Manager Nicholas Barenblatt said the free shuttle service had been in place for the past 8 months. "It's yet another value add we offer to GUESTS staying in Protea Hotels and African Pride Hotels. It's these sorts of extras that differentiate your product from the rest and demonstrate a service attitude that goes the extra mile," he said.
Shuttles from the Gautrain Sandton station can be arranged when you make your booking at any of the above hotels.
When it comes to great getaway specials, important Protea news, and exciting upcoming events – the Protea Newsletter ensures you're always the first to know! So sign up today and make sure you never miss out!
Thank you for signing up to the newsletter
Are you a Prokard member? LOGIN
USE a Promotion Code
Please complete the following fields to generate your password.
Forgotten your Username? Please call the Prokard TEAM on 0861 11 9000 or +27 21 430 5300.