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Jessica Seinfeld Gossip
Jessica Seinfeld gossip, latest news, photos, and video.
Smutty Social Media, Thursday October 8, 2015
FameFlynet, Wenn
Taraji and Terrence laugh off the feud rumours. As I said after the Emmys, I don't believe there is a feud, simply because I don't think Taraji would put up with Terrence's f-ckery. 😂😂😂😂😂😂😂 #DummysWastedPaperAndInkOnthatBS 😂😂😂💋💋💋 watch #Empire tonight Full Story
Smutty Social Media, Wednesday August 19, 2015
"What the f-ck am I supposed to do with this? It's not even peeled." – what that kid is thinking. Almost back to school! #JessicaAlba handed out fruits and veggies to kindergarteners at an @Honest event. (Photo credit: Charley Gallay/Getty Images for The Honest Company) Full Story
Smutty Social Media, Friday July 24, 2015
Andreas Rentz/ Manfred Schmid/ Getty Images
Beyonce wishes Michelle Williams a happy birthday – do you think Beyonce is a good gift giver? Or does she give you coupons for 22 Days Nutrition? Happy birthday my belle!! @realmichellew Full Story
Smutty Social Media, Thursday April 9, 2015
Sandra Bernhard and Lorraine Bracco be still my f-cking heart!!! Lets hear it for the girls, Lorraine Bracco & @sandragbernhard 💁! Cheers to these amazing two. #WWHL Full Story
Lunch with Gwyneth & the Seinfelds
Michael Buckner/ Jason Kempin/ Getty Images
Gwyneth Paltrow was out in LA yesterday supporting her very good friends, Jessica and Jerry Seinfeld, at the Inaugural Los Angeles Fatherhood Lunch to benefit Baby Buggy. They've been close for years. They hang out together in the Hamptons. They compare stone wood whatever pizza ovens in the backyard. Full Story
Gwyneth & Martin Lawrence
How did Gwyneth Paltrow cope this first weekend of Martin Lawrence? G's letting her friends do her talking. Jessica Seinfeld posted a photo on Instagram yesterday with the caption: "I have never met anyone with more true and loyal best friends than this baby girl 👶👸. Full Story
Gwyneth the Developer
Blayze/ Splash, Dimitrios Kambouris/ Getty
After not punking in pink at the MET Gala, Gwyneth Paltrow made an appearance at the Apple Store in Soho yesterday with her friend Jessica Seinfeld, wife of Jerry, and one of the best bitch-facers in the business. Look at her, in the shot I'm including below, straight on, with her head sort of tilted. Full Story
Natural GOOP's party for Jake
Paul Zimmerman / Getty Images
Co-hosted with the Seinfelds, Jessica and Jerry, in the Hamptons, of course. Where else? It's August. That's where you find the right people in August, didn't you know? You can see evidence of a proper Hamptons summer all over G's face. I worry about her skin though. I hope her SPF is strong enough. Full Story
Gwyneth Paltrow ELLE September 2011
If you don't like Gwyneth, and many of you don't, there's a lot you'll find annoying in her new spread for ELLE's September issue. If, however, you're like me and can appreciate Gwyneth at her best which is, naturally, better than you, this is one of her finest. Full Story
The Ultimate Annoying-off?
So have you watched it yet? I wasn't kidding. You thought Gwyneth Paltrow was annoying. And then you put her in a room with Jessica Seinfeld and turn the camera on and… I'm obsessed with this. Sometimes you can't believe people can be so far up their own asses, you can't pull your eyes away. Full Story
GOOPy Q&A
This week's GOOP newsletter is a Q&A. Unfortunately she doesn't answer any of the best questions we send her. Like: did you and Jennifer Aniston hold hands and cut down Angelina Jolie the entire time you were in Morocco? Or... Give us some examples of how you made Scarlett Johansson feel inferior on the set of Iron Man 2. Full Story


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STOCKTON - Police arrested a parolee at large who was armed with a handgun when officers apprehended him Tuesday in central Stockton, authorities said.
Officers spotted 35-year-old Benny Nichols near East Oak and North Union streets about 12:55 p.m., police said. Nichols fled on a bicycle and attempted to jump a fence before being taken into custody, authorities said. Officers found a loaded .22-caliber revolver in his pocket, police said.
Nichols was arrested on suspicion of resisting arrest and unlawful possession of a firearm, and for a felony no-bail warrant, authorities said.
Location, ST | website.com

subset: commoncrawl


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Idaho Rules of Civil Procedure Rule 26(b)(5)(B). Privileged Information Produced.
When a party produces information without intending to waive a claim of privilege it may, within a reasonable time, notify any party that received the information of its claim of privilege. After being notified, a party must promptly return, sequester, or destroy the specified information and any copies. The producing party must comply with Rule 26(b)(5)(A) with regard to the information and preserve it pending a ruling by the court.
(Adopted March 17, 2006, effective July 1, 2006.)


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Sperry Top Sider Bluefish Preschool Casual Shoes
Buy Online & Pick Up In-Store
Comfortable options with season-inspired colors that will fit every fashion wave you may be riding. Constructed of a leather upper, 360 lacing and removable molded footbed with heel cup for added comfort.
- Preschool Sperry slip on shoes


text: What makes Dethklok unique among gimmick bands (which is not an insult, merely a fact,) is that the "band" plays the role totally straight. Most metal fans' exposure to the blend of comedy and metal comes through bands like GWAR or Haunted Garage, who make no secret of their over-the-top motives. Even the mighty Spinal Tap played up their persona, skillfully reveling in and mocking the signature characteristics of metal.


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The sun was shining, baseballs were jumping off bats and former Cincinnati Reds stars Bret Boone, Don Gullett and Leo Cardenas were in attendance; all in all, day one of the 20th annual Reds Legends Youth Baseball Clinic at VFW Field Wednesday was a success.
"God is smiling on us today," said camp director Mike Wagner.
Behind home plate, a pair of banners read "20th Anniversary" and "Cincinnati Reds Legends: Never Give Up On A Dream." Among a table covered in Reds memorabilia was a yearbook and others items that reflected on the camp's previous 19 years.
Article Photos
JORDAN HOLLAND The Marietta Times
Former Cincinnati Reds player Bret Boone, provides infield instructions to youngers at the 20th annual Reds Legends Youth Baseball Clinic at VFW Field Wednesday.
JORDAN HOLLAND The Marietta Times
Former Reds' lefty Don Gullett, right, talks about pitching with youngsters Wednesday.
"Twenty, that's a special number. That's a lot of years," Wagner said. "A lot of people, regardless of what it is, they get discouraged if they don't hit a 20-year anniversary. When you hit 20 years, that's special. We wanted to celebrate it up. I would like to do another 20 more.
"I'm close to 50 now, so I don't know what my health is going to be like, but if my health stays there I'd like to be out here another 20."
To kick off the camp, Mayor Joe Matthews presented Wagner and his staff with a proclamation recognizing 20 years of service in the community.
"Mayor Matthews was very gracious," Wagner said.
"It's nice when you get recognized, especially by the city, for what you've done in the community. I think that was special and I really appreciate him doing that."
Following the opening ceremony, the area's youth got the dream-come-true opportunity to learn from three of the top players to ever compete for the Reds organization.
Camp regulars Cardenas and Gullett offered instruction in hitting and pitching, respectively, while Boone focused on coaching up the middle infield positions.
Boone, a gold glove second baseman in the major leagues, enjoyed the chance to be around the game again.
"It brings you back," Boone said. "This is the game I've played my whole life until recently.
"I miss playing. I wish I could still play, you know, but there's a reason players retire."
Boone, a resident of San Diego, Calif., said flying across the country to participate in Wagner's camp was definitely a good decision.
"I live in San Diego and, believe me, yesterday I wasn't excited about getting on a plane and coming to Marietta, Oh. But once you get here and you start to talk to these kids...I like giving back. This game's been really good to me and I've got a lot to give to the game. If I can come out here and help one kid today, then it was worth my trip here."
Boone is a third-generation baseball player, his grandfather Ray and his father Bob both spending time in the big leagues. His younger brother Aaron is also a former Red and current ESPN baseball analyst, while Bob managed Cincinnati from 2001 to 2003. Needless to say, Bret Boone knows plenty about America's pastime.
"I've been talking to five-year-olds and I've been talking to freshmen in college," Boone said, "so you're gonna have a range of people's attention. But you know, I'm just here to give them what I was given and pass a little knowledge along. Like I said, if one kid can take something out of this and be better for it, then my job is done."
Camp resumes today when former Cincinnati outfielder Eric Davis, a 1990 World Series champion with the Reds, comes to town.


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STOCKTON - The Stockton Police Department and other law enforcement agencies around the world will take to Twitter for a 24-hour Tweet-a-thon beginning at 8 a.m. Friday.
The purpose of the Tweet-a-thon is to promote law enforcement, its use of social media and issues police face, event organizers said. Participating agencies will tweet using #poltwt. More than 150 agencies from the United States, Canada, Britain, Sweden, Iceland and Australia are expected to participate.
Location, ST | website.com


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LAKE TAHOE - The Tahoe Regional Planning Agency, along with federal, state and local partners, have launched a new Tahoe Basin environmental newspaper entitled Tahoe In Depth. The inaugural issue was mailed to every property owner in the Lake Tahoe Basin last week.
This free publication is designed to keep Lake Tahoe homeowners, residents and visitors abreast of the wide variety of activities taking place to protect and restore the Lake Tahoe Basin.
"Our goal is not only to foster environmental stewardship among visitors and residents, but also to give them ideas for how they can better experience the wonders and beauty of Lake Tahoe," said Julie Regan, TRPA's chief of external affairs and the editor of Tahoe In Depth.
Readers will find information on several new park facilities in the Lake Tahoe Basin, how to environmentally landscape their properties and create defensible space around their homes, articles on Lake Tahoe's famed clarity, the Regional Plan Update and innovative environmental projects designed to restore and protect Lake Tahoe and its ecosystem.
"We are pleased to be a partner in the publication of Tahoe In Depth and for the opportunity to highlight the restoration and conservation of Lake Tahoe native species as well as the importance of preventing invasive species in the Lake Tahoe Basin," said Ted Koch, U.S. Fish and Wildlife's Nevada state supervisor.
Funding and contributing partners include the US Forest Service, US Fish and Wildlife Service, Nevada Division of State Lands and the Tahoe Regional Planning Agency.
Agencies contributing content to the publication include U.S. EPA, Bureau of Reclamation, Tahoe Resource Conservation District, the Lahontan Regional Water Quality Control Board, the California Tahoe Conservancy and the University of California Cooperative Extension.
"Tahoe In Depth will play a critical role in informing Lake Tahoe residents and visitors about the initiatives underway to protect and restore the Lake Tahoe Basin, and, most importantly, how they can help," said Nancy Gibson, forest supervisor of the USFS Lake Tahoe Basin Management Unit. "We encourage everyone to take a few minutes to read and enjoy this important new publication."
Members of the public can pick up a free copy of Tahoe In Depth at the following locations: Lake Tahoe Visitors Authority and Explore Tahoe in South Lake Tahoe; Tahoe City PUD and Tahoe City Visitors Information Center in Tahoe City; and the Tahoe Environmental Research Center and Incline Village/Crystal Bay Visitors Bureau in Incline Village. A PDF of the publication can be downloaded at www.trpa.org as well as on many of the partner agencies' websites.


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Crusaders' Brown runs wild vs. Hearts
WATERBURY — Senior tailback Adrian Brown wanted to have a break-out game Friday night, and he followed through on his weeklong predictions to his Holy Cross High football teammates.
Brown rushed for a career-high 262 yards on 23 carries and scored four touchdowns, including two in the fourth quarter, to lead the Crusaders to a 52-20 victory over Sacred Heart at Municipal Stadium.
"Right from the get-go, I knew that Adrian was ready," said Holy Cross quarterback Kristian Harmeling. "When he has that look, you know that you have to give him the ball because good things will happen."
Brown rushed for touchdowns of 6 and 20 yards in the first half and added TD runs of 30 and 40 yards in the fourth quarter.
"I knew that this game was going to be a battle and I had to do my part," said Brown. "My offensive line blocked great, our receivers blocked great downfield and our quarterback made all of the right reads. I have to thank them because I couldn't have done any of it without them."
Asked which touchdown run was his favorite, Brown said, "I liked them all. Everyone worked hard to help get me into the end zone."
"Adrian is a joy to block for," said Holy Cross center George Smith. "I can't wait to block for him next week."
Holy Cross coach Mike Giampetruzzi liked what he saw from Brown.
"Adrian is a real physical back," said Giampetruzzi. "He likes to make contact and is able to get positive yards. His vision seems to be getting better and he's making good decisions on when to make cuts."
Brown wasn't alone in the offensive surge for the Crusaders (5-2, 3-1 Copper), who played without wide receiver Isaiah Wright. Sophomore Andrew Bialoglowy rushed for two touchdowns and sophomore Gerron Pendarvis added a 66-yard scamper.
"It's real nice to give different kids touches," said Giampetruzzi. "I knew that we
See CROSS, Page 5C
had to score a lot of points because Sacred Heart is so talented. We had to eat up the clock and score as many times as we could."
Also, junior place-kicker Kyle Broderick booted his first field goal of the season, of 33 yards on the final play of the first half, upping the margin to 31-6. The play was set up when tight end Tom Rinaldi made a leaping catch for a 32-yard gain with 6.7 seconds left in the half, allowing Holy Cross to use its final timeout.
Right before the scoring drive, Smith had back-to-back sacks to stall a Hearts' opportunity.
"I was able to rush right up the middle and came through a double-team," said Smith. "That really pumped me up."
The Hearts (3-4) rallied in the third quarter. Sacred Heart quarterback Javon Martin connected with David Whitney on a 10-yard TD pass in the third quarter. After Sacred Heart regained possession, the play of the night occurred. Sacred Heart's Shyquon Thompson was on the receiving end of a 96-yard touchdown reception from Martin in the third quarter.
The Hearts' first TD came on a 55-yard fumble recovery by Jacquan Overbey.
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SAN JOSE -- Bishop Patrick McGrath apologized during a family Mass on Sunday for "a failure at the diocese level" that gave permission to a convicted child molester to volunteer at the Saint Frances Cabrini parish festival last month.
"I take full responsibility," McGrath told the congregation from the podium moments before the service began at Cabrini, located on Camden Avenue in San Jose. "I pledge to you I will do everything in my power to make sure this doesn't happen again."
Although the bishop said he hoped his remarks and a letter he included in the parish bulletin would "answer some of your questions," neither explained how or why a letter was written and signed by someone at the diocese vouching for pedophile Mark Gurries. The 51-year-old engineer, married to a former teacher at Saint Frances Cabrini, was convicted just two years ago of "lewd and lascivious conduct" on a minor under 14 years old. He served nearly a year in county jail and remains on probation. The victim was a relative.
"As a matter of record, it was a mistake that allowed Mr. Gurries to be a parish volunteer and to be present at the festival," the bishop wrote in the letter included in the bulletin. "Our policy is clear: No one who has been found guilty of sexual abuse of a minor or vulnerable adult can be hired or allowed to be a volunteer that involves children, young people or vulnerable adults."
McGrath, 67, the bishop of the San Jose Diocese since 1998, said he was "deeply troubled, and I apologize to you that this policy was not followed." In the letter, McGrath also offered special commendation to the group of parents who recognized Gurries at the parish festival and argued vehemently with the parish priest until Gurries was escorted off campus by a sheriff's deputy.
"How this happened is still a matter of continuing investigation on the diocesan level," the bishop's letter said. "Even before that investigation is concluded, I want to assure you that we will never knowingly allow such an occurrence to be repeated in the Diocese of San Jose."
John Borrelli, a parent at Saint Frances Cabrini who confronted the parish pastor about Gurries on the night of the festival and spoke on the record to this newspaper about what happened, said "it made me feel very good for the bishop to see what we tried to do that night was correct."
Mystery letter
McGrath said he has met with Santa Clara County Sheriff Laurie Smith, who offered to meet with concerned parents at the school from 2 p.m. to 6 p.m. on Nov. 27. At a later date, the diocese and the sheriff's office will also host a community awareness presentation focusing on Megan's Law and requirements for sex registrants.
According to the California Penal Code, registered sex offenders may be allowed on school grounds if they have written permission from the chief administrative official of that school. Without such permission, a registered sex offender can be convicted of a misdemeanor for being on school grounds.
The school principal told parents in a letter last week that no one from the school administration had given permission. However, the parish priest, the Rev. Lieu Vu, told angry parents at the festival that Gurries had a letter giving him permission, that he had a right to be there and should be forgiven. That letter came from the diocese but has not been made public. It remains unclear who signed it and who authorized it.
The incident resonated throughout the Catholic community, especially in light of years of priest sex abuse scandals and cover-ups by church officials locally and across the country.
It is unclear why Gurries, whose wife no longer works at the school nor has any children there, would request to be a volunteer, although he may have been a member of the parish. He worked the sound system at the festival on Oct. 6.
"There's still questions as to why this person wrote the letter," Borrelli said. "Who wrote this mysterious letter. Who approved such a thing. These people have to be held responsible for what happened."
Listed sex offender
Borrelli's daughter, 19-year-old Melanie Borrelli, was home from college and working the festival with her parents and when she spotted Gurries, whom she had heard was a pedophile.
She Googled his name on her smartphone and found his photo on the Megan's List of sex offenders and showed her parents. A group of parents then asked Vu to oust Gurries from campus, but Vu said Gurries had a letter and a right to be there.
It took about five hours of tension and yelling before a sheriff's deputy, who was working as security at the festival, escorted him from the school grounds. In interviews with this paper, parents said that after the incident, they demanded answers from the parish and school, but never received any until a story about the incident involving Gurries was published in the paper.
Vu officiated at Mass on Sunday and delivered a sermon about Thanksgiving, but did not mention the incident.
McGrath, who appeared in church wearing a black clerical suit and collar, ended his brief comments to the congregation with this:
"I ask for your prayer, and I ask God to bless us all."
Borrelli firmly believes the diocese still must publicly answer questions about the letter, including who authorized it and who knew a sex offender had clearance to volunteer on campus.
"They need to come forth and tell the parents what happened and why and that it's never going to happen again," Borrelli said. "The parents that believe in the school, we all deserve this. I'm not going to leave and go elsewhere. I'm trying to clean up the problems at that school."


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Times past for Feb. 1
February 1, 2013
25 years ago - The Ku Klux Klan held a rally in Matamoras and St. Marys, W.Va. One hundred to 300 people attended the heavily policed rally. The Klan said they would be back for rallies in the future....
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In Washington, Friends of Fannie, Freddie Are Multiplying
Investors in Fannie Mae and Freddie Mac appear to be building a more vocal and organized support network in Washington weeks ahead of a key Senate vote to consider legislation that would overhaul the companies.
On Monday, a new tax-exempt group calling itself the Coalition for Mortgage Security said it would campaign for legislation that protects the rights of investors in the bailed-out mortgage-finance companies. The group echoed the position of many hedge funds and other investors that are suing the government over its oversight of the companies, arguing that changes to their government bailout agreements violated property rights.
The group, which isn't identifying any of its members or donors, uses language on its website that is strikingly similar to the Obama administration and Senate lawmakers who are advancing a bipartisan bill to a committee vote later this month. The group says it wants a bill that "responsibly winds down Fannie Mae and Freddie Mac."
But that language obscures a fundamental disagreement: the group doesn't support the Senate bill, offered last month by Sens. Tim Johnson (D., S.D.) and Mike Crapo (R., Idaho), which would enshrine the Obama administration's 2012 policy to prevent the firms from recapitalizing themselves.
The administration began requiring the firms to send all of their profits to the Treasury as dividend payments last year. Investors, including prominent hedge funds and institutional investors, that began buying the firms' stock after many others left it for dead in 2008 say the changes amounted to illegal self-dealing between the Treasury and the firms' federal regulator. The Treasury is fending off more than a dozen lawsuits.
The new coalition describes itself as a "bipartisan, grassroots organization." It is organized under section 501(c)4 of the tax code, meaning it is tax exempt so long as it is primarily engaged in promoting social welfare and doesn't have to disclose its donors. Such vehicles have become a popular way for special interests to spend large sums on political campaigns with fewer disclosures.
The group says it has made a "significant" digital advertising purchase in media outlets this week. It has hired SKDKnickerbocker, the public relations firm co-founded by Anita Dunn, a former top White House communications official, and has named as its director Ken Blackwell, a Republican politician who served as Ohio's state treasurer and secretary of state.
In an interview, Mr. Blackwell wouldn't discuss the group's members, including potential support from large investors in Fannie and Freddie. "I've never been known to carry anybody's water but the water of home buyers and responsible players who understand the importance of homeownership in our country," he said.
Mr. Blackwell said the group didn't support the Johnson-Crapo bill, which the Senate Banking Committee is set to vote on as soon as April 29.
"We have an obligation to work with members of Congress to come up with an alternative," he said. Of the broader debate to overhaul the nation's $10 trillion mortgage market, he added, "this is not going to be a 50-yard sprint. This is going to be a marathon."
Last week, a conservative seniors group, the 60 Plus Association, began a $1.6 million television and radio advertising campaign against the Johnson-Crapo bill, targeting seven senators that have voiced support for a housing-finance overhaul. That group also hasn't disclosed its support and isn't required to do so.
Meanwhile, two other groups have sprung forward to defend shareholders. One is led by Ralph Nader, a longtime critic and investor in the companies, and is called Shareholder Respect. A separate group, called Investors Unite, is being led by Tim Pagliara, chief executive officer of CapWealth Advisors, a wealth management firm that invested in Fannie and Freddie shares after their collapse. Those groups are organizing meetings on Capitol Hill this week between individual shareholders and lawmakers.
Fannie and Freddie, which don't make loans but instead buy them from lenders, were taken over by the U.S. during the 2008 financial crisis as losses soared. As the housing market has rebounded and reversed losses, the firms have become very profitable. The companies have sent nearly $203 billion to the Treasury as dividend payments after requiring $188 billion in infusions. Those payments don't reduce the $188 billion that the government is owed.
What do the companies themselves think about all of this? It's hard to tell because executives haven't been allowed to lobby or do anything else that could be perceived as political persuasion by their federal regulator.
The chief executives of both companies have said they hope Congress will address the fate of their companies soon—being in limbo has created all sorts of staff recruitment and retention issues—but they've otherwise avoided directly commenting on specific legal or policy issues.
Large investors that have invested in the companies' common and preferred shares include Pershing Square Capital Management LP, Fairholme Capital Management LLC, Claren Road Asset Management LLC, Paulson & Co. Inc. and Perry Capital LLC.


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SACRAMENTO -- Critics and many political observers might see California's bullet train project as nearly dead, but state officials made clear Thursday that the train is still heading down the rails at full speed.
Under siege following court rulings, Dan Richard, the chairman of the state's High-Speed Rail Authority, said the state still plans to break ground as early as next month on the largest public works project in California history.
Sacramento Superior Court Judge Michael Kenny decided last week that nearly $8.6 billion in bond money California needs to construct the first section of the rail line are off limits until the state proves it can pay for the $68.4 billion project. The only other cash the state has to finance the project is $3.3 billion in federal funds that are also at risk because of the rulings.
But Richards insisted to reporters Thursday that "nothing in those rulings changes our ability to move forward. We're ready to build this project."
Jack Pitney, a politics professor at Claremont McKenna College, compared Richard's response to a scene from the 1978 film "Animal House" when a young ROTC officer, played by Kevin Bacon, tried to calm rioting students by softly telling them: "All is well. All is well." Seconds later, he was knocked over and trampled by the students.
Acting as if the San Francisco-to-Los Angeles rail line's future is not threatened this time around is irrational and foolish, Pitney said.
"A lot of people are politically and economically invested in this project. A lot of careers and reputations are at stake," he said. "The people supporting the project don't want to make any concessions to their opponents for fear that it will stall for good."
But Richard said the project championed by Gov. Jerry Brown was not in jeopardy and even denied the judge's rulings qualified as a delay. He said emphatically that the authority will comply with the orders, but he could not explain how, noting that the board would discuss strategy in a closed-door meeting Thursday afternoon.
"We see a pathway forward with this project, even though I can't stand here today and tell you exactly what we're going to do," Richard said.
Even before last week's rulings by Kenny, the project had been mocked as a "train to nowhere" because the state had only enough funding to build about 120 miles of track, from the Fresno-Madera area to the northern outskirts of Bakersfield.
In another bit of bad news for the rail authority this week, a federal regulatory agency ruled that it must complete additional planning before work can begin in Fresno, where a multibillion-dollar construction contract has already been awarded. The decision by the Surface Transportation Board will likely drive up the cost for that portion of the rail project.
This is not the first time the authority -- which has already spent almost $1 billion on the project -- has played down the significance of a setback others have deemed as a fatal blow.
Michael Brady, a San Francisco attorney who represents Kings County and filed the lawsuit that resulted in last week's rulings, said Richard's comments and tone are consistent with what's he's heard from the authority before.
"He pretends not to appreciate the significance of a setback like this one, but I know he's totally full of it," Brady said. "Right now, they're in a serious box."
The judge's requirements will be so time consuming and expensive for the authority to complete that it may be "impossible" for the state to comply, Brady said.
Kenny ruled that the state must draft a new funding plan and complete more environmental analysis before he will allow the authority to spend any state bond money, which California voters approved in a 2008 ballot measure.
The judge last week also denied the state's request to "validate" the sale of the bonds.
In the ruling, Kenny scolded the authority's finance committee for rubber-stamping the board's request to issue the bonds without enough proof that the action was necessary.
Richard on Thursday also announced that the state will repeat its effort to get the judge's approval, and he directed the authority's staff to begin researching what the state must do to be successful this time.
"We're directing staff to start a new validation action," Richard said. "We're going down that path.
Contact Jessica Calefati at 916-441-2101. Follow her at Twitter.com/Calefati.


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The world's first 8-core desktop processor from AMD. Unlocked and ready for action.
We call it the new AMD FX 8-Core Processor Black Edition and it's unlocked for your overclocking pleasure.1 Experience unmatched multitasking and pure core performance with the industry's first 32nm 8-core desktop processor featuring the all-new "Bulldozer" architecture. Get the speed you crave with AMD Turbo CORE Technology to push your core frequencies to the limit when you need it most. Go beyond the limits of maximum speed with easy-to-use AMD OverDrive™ and AMD Catalyst Control Center™ software suites. But the best part of all? You'll get all this impressive performance at an unbelievable price. You'll be asking yourself "what competition?" in no time.
- Multiplier Unlocked
- Eight Core Technology
- 3.60GHz Clock Speed
- 4.20GHz Turbo Clock Speed
- 5.2 GT/s System Bus
- AM3+ Socket
- 8MB L2 Cache
- 8MB L3 Cache
- 64-Bit Technology
- Voltage: 0.9375v - 1.4125v
- 32nm technology
- Integrated memory controller upto 29.8GB/sec
- Support upto 1866MHz DDR3
- HyperTransport 3.0 Technology
- AMD Virtualization (AMD-V) Technology
- 3 Year Warranty
- Heatsink & Fan Included
- Product Description
- AMD Black Edition AMD FX 8150 / 3.6 GHz processor
- Product Type
- Processor
- Processor Type
- Number of Cores
- 8-core
- 64-bit Computing
- Yes
- Compatible Processor Socket
- Socket AM3+
- Processor Qty
- 1
- Clock Speed
- 3.6 GHz
- Max Turbo Speed
- 4.2 GHz
- Manufacturing Process
- 32 nm
- Compatible Slots
- 1 x processor - Socket AM3+
- Product Type
- Processor
- Type / Form Factor
- Number of Cores
- 8-core
- Cache Memory Details
- L1 - 384 KB - 8 x 48 KB , L2 - 8 MB - 8 x 1 MB , L3 - 8 MB
- 64-bit Computing
- Yes
- Processor Qty
- 1
- Clock Speed
- 3.6 GHz
- Max Turbo Speed
- 4.2 GHz
- Compatible Processor Socket
- Socket AM3+
- Manufacturing Process
- 32 nm
- Thermal Design Power
Cache Memory
- Installed Size
Expansion / Connectivity
- Compatible Slots
- 1 x processor - Socket AM3+
- Included Accessories
- Heat sink
- Package Type
- AMD Processor in a Box (PIB)
Customer reviews
Write a review for the AMD FX-8150 AM3+ 3.6GHz 16MB 125W here!
Excellent CPU
Reviewed by Rob . Review Posted 03/07/2012
I was like many cautious about getting this CPU, what with Intel fanboys across the world declaring it not worthy before anyones really used it.
Let me say that this CPU is amazing, no slow down at all in game and general multitasking.
There are 2 things to remember when you look at all the benchmark comparison reviews.
1. This CPU is not fully utilised by any software at this momment in time (most software is only just making use of quad cores). When things like Crysis 3 come out we will see this CPU enter its prime.
2. benchmarking software only looks at core performance or how fast a CPU is not how much "load" a core can take. For example a sports car is much faster than a large lorry, but which one will carry more boxes?. Eventually the Intel CPUS this is being compared to will hit "the wall". where as this Bulldozer won't.
On a final note where else can you get 8 cores (easily overclocked to 4.4Ghz per core) for £159 with £20 rebate from AMD?
Don't question it, buy it!!!
- Overall
- Ease of use
- Value for money
The opinions expressed in this reviews section are those of our customers and not of BT Shop. Nothing contained herein amends BT Shop's terms and conditions.


text:
Drivers of long-term business value
Stakeholders, stats, and strategy
The assumption that environmental, social, and governance (ESG) issues are not financially material is no longer supported by the statistical evidence.
Executive summary
Stakeholders have always mattered to a company. However, in an age of increasing transparency, any stakeholder—including many that may not have been considered stakeholders a few years ago—can act, and many do.1 How stakeholders view a company, what they expect of the company, and how they understand the company's impact on society and the environment matters to business value. A growing number of shareholders agree. For example, positive community relations have had a significant effect on mining companies' financial valuations, emerging as a key factor in production alongside investments in capital and labor. Today, a broader range of stakeholders are raising the bar on business performance.
Determining the value of environmental, social, and governance (ESG) issues to multiple stakeholders is becoming central to how many companies craft their sustainability strategy and report on their performance. This opens the door to a new vision of the business objective: enlightened value maximization, which seeks greater alignment between various stakeholders to generate long-term business value.
If a business's objective is to seek and maximize total value for all its constituents, then it is essential to understand what value means for stakeholders, and what value a company gains (or loses) from how stakeholders (including shareholders) perceive its actions. Stakeholder perception of value itself is not based solely upon objective outcomes but also in part upon social constructs, such as whether the company follows the UN Declaration of Human Rights. Stakeholders may also be biased regarding a company's ESG performance, viewing it through their own lens based on how they perceive risk.
Without a deeper understanding of stakeholder judgement, a company risks being adrift in a vast sea of information, facing difficulty in crafting a strategic response and mapping a course to long-term business value creation. This paper seeks to shed light on stakeholders, taken as a whole, and when they might have a material economic impact on the company and thereby impact valuations. While demonstrating that ESG performance does matter for financial valuation in the near term, statistical evidence also points a way to long-term business value creation—not only for senior executives but also for shareholders who seek to identify companies that are committed to creating long-term value.
What is at stake?
Friedman vs. Freeman
In 1962 Nobel laureate Milton Friedman declared, "There is one and only one social responsibility of business—to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud."2 Simply put, Friedman was saying that maximizing shareholder value is the business objective. Managers can choose to pursue activities with a social angle, including investments in "shared value,"3 as long as these generate profit.
Two decades later, Edward Freeman laid out his stakeholder theory of corporate management: Stakeholders include any group or individual that can affect or is affected by the achievement of an organization's objectives.4 He professed that even as a company pursues profitability, it needs to create "as much value as possible for multiple stakeholders, without resorting to trade-offs."5 Freeman believes that the business objective should be to augment the greater good for the many. Stakeholder theory is commonly used as an argument for why the interests of stakeholders, such as communities and employees, should be considered along with those of shareholders.
In the United States, the debate on the role of business in society dates back at least to the Great Depression, when two legal scholars squared off in the Harvard Law Review. One argued that the corporation is solely the property of its owners (that is, shareholders) and should be managed in their interests. The other contended that a corporation is a social institution that also bears a social responsibility.6 Today, as we emerge from the Great Recession, advocates for the "greater good" of business continue to argue that a company needs to earn its social license to operate every day and that unsustainable business practices will ultimately fail. On the other hand, challengers of the stakeholder-centric view of the corporation cite Friedman.
A new goal: Enlightened value maximization
Not everyone accepts the dichotomy, however. In the view of noted business and finance scholar Michael Jensen, if the focus is on long-term performance, then the apparent contradiction is resolved. According to Jensen, "It is obvious that we cannot maximize the long-term market value of an organization if we ignore or mistreat any important constituency." Enlightened value maximization means that a business should "get the most out of society's limited resources" while returning greater value to society, that is, maximizing total value creation for all important constituencies of the firm (investors, employees, customers, suppliers, and local communities).7 Business value is created in a context that is based on what both the company and its stakeholders value.8 Consequently, the pursuit of stakeholder value and a healthy environment helps a business maximize its financial value.
"If the unity of the corporate body is real, then there is reality and not simply legal fiction in the proposition that the managers of the unit are fiduciaries for it and not merely for its individual members, that they are… trustees for an institution [with multiple constituents] rather than attorneys for the stockholders." —E. Merrick Dodd, Jr., Harvard Law Review, 1932
In practical terms, Jensen's vision means a business can, and should, adopt a broader approach to value maximization for a wide range of stakeholders, not just shareholder value. Specifically, enlightened value maximization incorporates value created for employees (through HR policies), for the community (through investment in the community), for suppliers (through resource efficiency gains), and for the environment (through ecosystem enhancement and protection), among many others. There is no one-size-fits-all strategy, however. Each company's strategic objectives will vary according to its industry, business model, value proposition, product portfolio, and competitive playing field.
A second practical implication of Jensen's vision is that when senior managers consider the interests of their stakeholders, including shareholders, these interests need not be at odds. Any trade-offs between a company's various stakeholders ought to be resolved, at least in part, by focusing on the business objective of long-term value maximization; as we explain later, better alignment can increase market value. Management needs to consult with representatives of key stakeholder groups (internal and external) and consider how, when, why, and by how much an ESG issue might impact the business.9 Identification of key stakeholders also needs to consider the company's industry, business model, value proposition, product portfolio, and competitive playing field.
Stakeholders: The new scorekeepers
When Freeman first proposed his stakeholder theory in 1984, the concept of corporate social responsibility was not well formulated, nor was there much talk of sustainability in the private sector until the 1992 Earth Summit.10 Scientific understanding of and ability to measure the impact of industrial activity on the planet and public health were nascent. Without the Internet, our global society was much less transparent.
Today the situation could not be more different. We are tracking the rise in greenhouse gas (GHG) concentrations in the atmosphere, we can measure toxic chemicals in human blood and in the foods we consume, and we are counting the demise of many species. A wide range of stakeholders are keeping score of corporate impact on society and the environment, and, by seizing the megaphone of the Internet, challenging corporate leaders to reframe their objectives and beliefs.11
There are innumerable examples of how stakeholders impact a company's operations, from regulatory pressures to consumer boycotts and concerns over labor issues, including those in the supply chain. A company's business partners (for example, suppliers, logistics partners, retailers, and other large customers with multiyear contracts) are also making new demands of management. In many cases, this can impact valuation and for several years, particularly when business disruption occurs. Research of 827 incidents of supply chain disruption finds a drop of up to 40 percent in stock returns of the companies making the announcement.12 In fact, much of the underperformance occurs in the year before the announcement, on the day of the announcement, and during the following year—showing that the stock market anticipates the bad news (sometimes six months in advance). Furthermore, these are long-tailed risks that can lead to deteriorating performance for at least two years after the disruption and are often associated with lower operating income and sales growth, and higher costs. The research also finds an average 13.5 percent higher equity risk, particularly in the firm-specific component of risk. For some companies and some ESG issues, such risks may affect at least 5 percent of the company's revenues—a commonly used threshold to determine what is financially material and ought to be disclosed.13
Freeman's definition implies that virtually anyone and anything can affect or be affected by the decisions and actions of a company. Yet not all ESG issues raised by stakeholders are likely to be material to a company, though many may be relevant. Figure 1, drawn from our prior research, shows how materiality can be applied in the context of ESG issues, starting with the action of stakeholders based upon their perception of a company's ESG performance.14 Here the probability (P) of stakeholder action (for example, a protest) is conditional on whether the stakeholders perceive a company as either creating or destroying (what they) value: P(action)|P(value creation or destruction). We suggest that those ESG issues with the greatest probability of having a material impact on the company and its valuation in a given time frame should be disclosed, in other words, those issues that lie on or above a materiality frontier—the border between issues likely to be material or not (see figure 2).
Beyond the likelihood of financial impacts due to business interruption (described earlier), consumer boycotts, or loss of license to operate, there can also be reputational or brand impacts. These may not pose a direct threat to a company's cash flow but may affect enterprise value, even if these impacts are below the materiality frontier. They should therefore also be carefully evaluated in a materiality determination. Given research on market value, it is likely that valuation impacts associated with the brand exceed those associated with reputation.15 In the remainder of this paper, we explore how stakeholders (including shareholders) can impact a company's cost of doing business, license to operate, reputation, and brand value.
Ask yourself:
Which ESG issues are the most likely to be material for my company?
How do my company's business model, industry, reputation, media presence, brand, and sustainability program maturity influence which ESG issues may be material?
Statistics: Business on sustainability
While enlightened value maximization has a certain logical appeal and may be required in today's transparent and information-rich world, it raises an obvious question: Do shareholders and business leaders reflect this in their beliefs and behaviors?
There are signs that shareholders increasingly pay attention to ESG performance. Since the United Nations Principles for Responsible Investment (UN PRI) were introduced in 2006, over 1,000 financial services firms (including asset owners, investment managers, and professional service partners) have signed on, jointly managing over $30 trillion in assets.16 In 2012, nearly one out of every nine dollars under professional management in the United States ($3.74 trillion) fell under socially responsible investment—11 percent of the $33.3 trillion in total assets under management in the United States.17 Since 1995 the responsible investment category has seen steady and exponential growth.
Many commentators believe we are reaching the tipping point18 where investor interest in corporate ESG performance is sufficient to affect valuations. Several years ago, researchers predicted that this is more likely once 20 percent of managed funds incorporate aspects of corporate ESG performance, which was predicted to cause a drop in stock prices of firms with poor ESG performance and an increase in their cost of capital.19 Today the combined $30 trillion in UN PRI signatory assets under management constitutes approximately 20 percent of the world's capital. We should not be surprised to see changes in market value based upon ESG performance.
Indeed, statistical analysis of the response to new information on a company's environmental performance reveals that the average capital market participant is already paying attention. An MIT research study of publicly traded US companies over a 30-year time span (1980–2009) showed that stock prices dropped an average of 0.65 percent within the two-day window following the release of negative environmental news—possibly driven by investor expectations that the company will face diminished cash flows. Furthermore, investors reacted more strongly to negative environmental news with each passing decade.20
Positive news on a company's environmental behavior produced an average increase of 0.84 percent in stock price. However, over time, positive investor response to good environmental news has been tapering off. This suggests that shareholders are increasingly biased against companies with poor environmental performance, and less impressed with (that is, more demanding of) stronger performers. This behavior seems to be tracking a skewed view of value that has been identified in many situations by researchers in behavioral finance—a concept we build on later in this paper.
Underlying these changes is the growth in data on corporate ESG performance, along with greater data accessibility. The number of "green" business news stories grew from less than 160 in 2000 to over 1,700 in 2007.21 Research on users of ESG data on a Bloomberg terminal shows that equity and fixed-income investors are interested in ESG performance and GHG emissions in particular.22 Both sell-side firms (broker dealers) and buy-side firms (hedge funds, insurance firms, pension funds, and money managers) are interested in ESG performance and are trying to integrate ESG data in valuation models.23
Shareholders interested in ESG performance today have many more investment options. The first ESG tilted index, the Domini 400 Social Index, was launched in 1990. Today, there are many more sustainability indices issued by private index providers (such as Dow Jones or MSCI) and by world stock exchanges (see figure 3). Many stock exchanges issue a sustainability index to specifically encourage corporate disclosure of non-financial performance and ESG indicators in particular.24
Growing shareholder interest is also evident in the number of shareholder resolutions filed targeting an ESG issue (see figure 4). The 35 lead filers in 2011 collectively managed over $500 billion in assets.25 In the 2011 proxy season, resolutions addressing social and environmental issues comprised the largest portion (40 percent) of all shareholder proposals that came to a vote. Furthermore, 31.6 percent of all corporate responsibility resolutions got at least 30 percent shareholder support—a level at which many boards begin to respond. Most of these resolutions called on companies to issue a sustainability report and disclose more information on exposure to climate change risks.26
According to empirical research, shareholder resolutions can pressure companies in the S&P 500 index to increase ESG disclosure more effectively than regulations can. Companies targeted by a shareholder resolution are 62 percent more likely to disclose GHG emission data, especially if their industry is already under scrutiny for GHG emission levels and has been targeted by multiple resolutions. In contrast, the likelihood of GHG disclosure is only 24 percent when a company is faced with the possibility of regulated disclosure of GHG emissions (at the state level).27
Corporate managers
The perceived importance of sustainability is resonating with business leaders. A recent Deloitte survey of 208 global CFOs from 10 countries found that over 70 percent are currently fully or periodically involved in all aspects of sustainability strategy and governance at their firm.28 The majority believe that sustainability factors have an impact on compliance and risk management, and foresee changes in financial accounting and reporting. Over 75 percent of surveyed CFOs view communicating on sustainability issues to shareholders and institutional investors as important.
A survey of UN Global Compact member CEOs found that 93 percent view sustainability as a critical driver of their company's future success, and up to 81 percent responded that sustainability is an important factor in strategy and operations.29 By 2020, these CEOs expect sustainability to be fully integrated into corporate capabilities, processes, and systems, and across global supply chains and subsidiaries. Motivated to build their company's brand, trust, and reputation, these CEOs believe sustainability activities can positively impact their company's valuation by driving revenue growth and reducing costs, though making that connection is still opaque for most managers. Most CEOs surveyed have difficulty communicating the value proposition for ESG management to financial analysts.
Ask yourself:
Do shareholders consider my company's ESG performance in their investment decisions?
Do shareholder resolutions increasingly target my company or my industry peers?
Do I think stakeholders (increasingly) impact shareholder preferences and affect my valuations?
Can I influence my valuations by disclosing ESG information?
Similarly, 70 percent of 3,000 corporate executives surveyed say that sustainability is permanently on their management agendas, despite current economic uncertainty.30 Driven by investors, NGOs, consumer preferences, and rising social media platforms, two-thirds of respondents believe that a commitment to sustainability is necessary to remain competitive. Similarly, three-quarters of respondents to another recent global survey 31 believe companies should consider socially responsible investors and NGOs when crafting their sustainability strategy (see figure 5)—with good reason. Preliminary research indicates that when shareholder activists file a resolution related to a company's environmental performance, its financial performance—measured with Tobin's Q ratio (market value divided by book value of assets)—declines.32 We can deduce that the average investor believes the company is riskier and a less attractive investment.
In combination, these research findings indicate that ESG performance is influencing shareholder beliefs and behaviors. This is reflected in changes in share price and cost of capital, and it may also be changing the beliefs of corporate leaders.
Moving up: From value destruction to value creation
Finding the value in ESG management is becoming central to how many companies craft their sustainability strategy: very much in the spirit of enlightened value maximization.33 Based on its experience with stakeholders, ABN AMRO adopted a value-based framework (see figure 6). The bank traced its trajectory from the late 1990s, when it was targeted by NGOs (for example, Friends of the Earth, known as FOE) for its investments in mining and paper companies, to a growing commitment to the protection of forests and sensitive ecosystems. In 2003, ABN AMRO partnered with other banks 34 to set up principles for financing projects in the mining, forestry, and energy sectors, culminating in the Equator Principles on the management of social and environmental risks in project finance. ABN AMRO identified a shift from value destruction to loss avoidance (that is, risk management) and to value creation with new product development in carbon markets.
The question is: How might this same journey appear to stakeholders? Stakeholder judgment is likely to be based on perceptions of how a company's actions either add or destroy value. Adopting Jensen's line of questioning: How do stakeholders perceive better or worse performance on a variety of ESG issues? Given this perception, how will they respond to changes in ESG performance? Can these decisions be anticipated, or are stakeholder actions unpredictable?
"Every organization attempting to accomplish something has to ask and answer the following question: What are we trying to accomplish? Or, put even more simply, when all is said and done, how do we measure better versus worse? Even more simply, how do we keep score?" —Michael C. Jensen, Business Ethics Quarterly, 2002
Decades of scholarly work in behavioral sciences (for example, behavioral economics and behavioral finance) finds that certain cognitive biases—summarized in prospect theory—are prevalent in any number of situations a human being can find herself in.35 Stakeholders, like all humans, make their judgments based on predictive cognitive biases and emotional reactions. How we make decisions in real life is not always rationally optimal. These biases can, according to research at INSEAD,36 help us understand how stakeholders perceive a company's ESG performance:
- Reference dependence: Perhaps the most important tenet of prospect theory relative to stakeholder judgments of corporate ESG performance is that people do not judge value in terms of absolute states or outcomes, but rather in terms of gains and losses relative to a reference point. Thus stakeholders are likely to view a company's ESG performance relative to their own reference point or target level. Sometimes they may be satisfied; other times, they may remain critical because the company's performance is below the reference point.
- Two more tenets of prospect theory create additional challenges for managers who expect recognition from their stakeholders. These are loss aversion (losses hurt more than gains feel good, because people have a hard time giving up something) and diminishing sensitivity (each incremental change in gains and losses is valued less). The first tenet implies that stakeholders tend to be more concerned when a company's ESG performance falls relative to a preferred level. The second tenet implies that a company that improves its ESG performance from a very low level—for example, increases energy efficiency—will be rewarded more than another one that is already performing at a higher level of energy efficiency and makes a similar-sized improvement. These two tenets lead to a value function that is curved rather than a straight line, as shown above.
Sustainable finance
Let's take another look at the challenge large global banks could face with respect to their investment decisions, this time from the perspective of stakeholders and prospect theory (see figure 7). Projects such as China's Three Gorges Dam, Indonesian palm oil plantations, the Camisea Gas Project in Peruvian Amazon, and the Chad-Cameroon pipeline galvanized activists, who launched a full-blown international campaign against funding of large, rainforest-destroying projects. Citigroup was targeted in 2000 with protests on university campuses and in front of the bank's branches across the globe. In 2003, activists gathered in Italy to draft the Collevecchio Declaration on Financial Institutions and Sustainability.
By 2003, the banks were ready to act, and drafted the Equator Principles, as noted earlier. Citi started negotiations with Rainforest Action Network (RAN) and agreed to partially cancel the financing of the Camisea pipeline project. By 2004, Citi reached the reference point prescribed by the activists, when it came to an agreement with RAN to cease funding any operations that risk degrading primary forests. Other financial institutions quickly followed. In 2005, JPMorgan Chase established an investment policy that included "no-go" zones, such as sensitive ecosystems, and set as priority the financing of Indonesian forests certified by the Forest Stewardship Council (FSC). Based on this information we can even say that Chase moved above the reference point adopted by activists into value creation. By 2006, 40 banks had adopted a revised version of the Equator Principles. The sustainable banking mandate was extended beyond protecting forests to addressing climate change with strategies such as carbon footprint reductions and investment in renewable energy.
Thus, in the perception of bank leadership and the NGO community, the banking industry moved from value destruction to greater value creation by adopting policies targeting issues of importance to stakeholders in the area of project finance and adding another business objective: pursuit of opportunities in climate change.
Old-growth forests
Another example serves to illustrate how important reference points can be to understanding stakeholder perception of a company's ESG performance. In the early 1990s, RAN, together with Greenpeace and the Natural Resources Defense Council, launched a campaign against the destruction of old-growth forests, targeting the Fortune 500 companies. These stakeholders wanted them to cease using or buying pulp and paper products sourced from old-growth forests. In other words, the reference point adopted by the stakeholders was "no old-growth wood" (see figure 8). Some Fortune 500 companies, such as Kinko's and IBM, stopped using wood and paper products from old-growth forests, moving closer to the stakeholder reference point by 1997. Home Depot—at the time the world's top seller of old-growth wood products—refused, remaining below the reference point. Starting in 1997, activists increased the pressure on Home Depot, until the company committed to phasing out products using wood from endangered forests and environmentally sensitive areas in 1999. Home Depot, along with other major home improvement retailers, committed to preferential purchasing of wood certified to the independent FSC standard, thereby exceeding the original reference point adopted by the activists—no old-growth wood.
As of 2000, Home Depot adopted a proactive approach to how it sources wood products. Between 2000 and 2003 the company pulled out of $90 million in purchases from vendors in Indonesia and other Southeast Asian countries whose supply chains could not be validated. From 2000 to 2002, Ron Jarvis, VP of merchandising and sustainability, traveled the world to understand Home Depot's suppliers and their forestry practices. Upon his return, he convened a meeting of key stakeholders and shared his findings on where Home Depot sourced its wood (of which 95 percent comes from North American forests). That experience showed that Home Depot knew more than many stakeholders about the issue, and has become a valuable resource with deep knowledge of forestry practices around the world.
The process of "stakeholder value creation" can be tied to improvements in a company's financial value. Empirical research finds that stakeholder responses to a company's actions can affect its social license to operate as well as company valuations. Asking why the value of one gold mine can differ so greatly from another, Witold Henisz and his collaborators at Wharton tested whether stakeholder engagement (conflictive or cooperative) could explain why the market valuation of 19 gold-mining companies traded at a 72 percent discount rate compared with the net present value of the gold they owned (calculated based upon the amount of gold in the ground, the cost of extraction, and the world price of gold).37 The researchers found that measures of stakeholder relations and country risk were worth twice as much as the value of the gold. Furthermore, support from the local community, government, and civil society could reduce the discount placed by financial markets on the net present value of the gold controlled by these 19 firms from 72 percent to as low as 12 percent. The research indicates that investing in the social license to operate is an important input factor to production for gold-mining companies.
Ask yourself:
Is my company's ESG performance compared to particular reference points adopted by my stakeholders?
Do I find that there are certain ESG issues where I cannot seem to win—that is, ideal-state or zero-state?
Is my company constantly being pushed to a higher level of ESG performance?
Conversely, it has been shown that poor ESG performance tends to reduce stakeholder value, as evidenced by the drop in property values around a polluting plant.38 A widening "value gap" between an industrial operation and the surrounding community is inviting trouble.
In all likelihood, analysis would identify and quantify a similar process of joint stakeholder and shareholder value creation (or destruction) in industries with a large local environmental and social impact, such as extractives, mining, forestry, or utilities.
Stakeholder value: A moving target
In addition to the challenge of identifying what level of performance stakeholders really care about (that is, the reference point), companies have to consider that stakeholders are likely to look at ESG performance from constantly shifting vantage points, or "reference states."39 To understand what a reference state might be, let's start with the status quo. Most managers tend to refer to their company's past performance, that is, the status quo, in their communication to stakeholders. Stakeholders, however, will instead tend to compare a company to its industry peers and other norms such as regulatory standards and industry policies. An action or investment undertaken by the company that exceeds the norm is more likely to be perceived as a gain in stakeholder value. For example, JPMorgan Chase established an aspirational goal through its "no-go" policy against lending to projects that threatened sensitive ecosystems. What was an aspirational goal for one company can become an industry norm (see figure 9), as more companies agree on industry-specific policies—for example, the the Equator Principles.
Sometimes stakeholder demands, such as the ideal of carbon neutrality, can be very disruptive, because they fundamentally challenge the company's business model. One example is the "zero-state" situation, such as the local community in water-scarce areas questioning the very presence of the company. Similarly, stakeholder demands led companies selling baby products containing bisphenol A (BPA, an endocrine disruptor) to withdraw these products from store shelves. It is very difficult for companies to overcome these types of zero-state situations, where stakeholders are expressing a value set that is defined by absolutes: right or wrong. Stakeholder support for the precautionary principle 40 is also an expression of such a value set. It is wise to acknowledge that such situations will arise and may require changes in corporate strategy.41
Strategy: The new rules
Avoid losses, seek gains, don't always expect applause, and adapt
Strategic consideration 1: Know your stakeholders
Investors and their advisors tend to treat ESG management as a downside risk, in part because it is costly to companies and the upside has been harder to show. Because people are more risk averse on losses, ESG performance below stakeholders' (including shareholders') reference point is likely to be more financially material than performance above the reference point. Recall that over the past 30 years investor response to positive environmental news has been diminishing, whereas investors are punishing companies more for negative news, as shown by steeper drops in stock price in more recent decades.42 We might deduce that as strong ESG performance increasingly becomes the norm, it is harder to impress even the average shareholder, who has also become more risk-averse to negative environment news.
Another equally important question is when the stakeholder response reaches a tipping point or threshold and poses a financially material risk to the company. We can deduce that this point occurs somewhere between nascent discussions and outright media campaigns, boycotts, or shareholder resolutions. For guidance we refer to the policy life cycle, as set forth by Maxwell, which identifies various phases of an ESG issue, starting with issue identification and limited awareness (see figure 10).43 As the ESG issue infiltrates various segments of our society, goes viral on social media, and flashes across traditional news media, the financial impact for an affected company tends to increase.
The first thing to note in figure 10 is the difference in costs to the company between the traditional policy life cycle—where activists and NGOs push regulators and legislators to govern company actions—and the private policy life cycle. The private policy life cycle is driven by activists who engage directly with companies and can force change and impose costs—via protests, media campaigns, and boycotts—more dramatically than regulations.
Consider, for example, the consumer response to the fish-consumption advisory issued by the US Environmental Protection Agency (EPA) in 2001 to warn of high mercury content in certain species. Many US consumers stopped buying fish, even fish deemed safe by the EPA, and canned fish sales plunged by 50 percent.44 Similarly, even though the US Food and Drug Administration concluded that bisphenol A (BPA, an endocrine disruptor) was safe in 2006, after several national newspapers reported on the potential dangers of BPA to infants and children, mothers stopped buying baby products containing BPA. While the scientific evidence of BPA risks remains inconclusive, large retailers, manufacturers, and finally, regulatory agencies effectively eliminated baby products containing BPA in North America and Europe by 2009.
A similar phased framework for understanding how to prioritize an ESG issue was developed by Novo Nordisk 45:
- Latent: Weak evidence, little awareness
- Emerging: Focus of NGO campaign and research
- Consolidating: Awareness moves into public and media; strong evidence in support
- Institutionalized: Case for issue has been made, accepted, and addressed as part of business norms or regulations
Second, private policy dynamics are speeding up in an age of social media and Internet connectivity, which has significantly reduced the costs of mobilization. For example, on September 29, 2011, Bank of America announced its plan to charge a monthly $5 debit card fee starting in 2012. Within a month, the bank backed off due to intense pressure from various stakeholders, including opinions on Twitter and Internet petitions.46
Based on the empirical record, various factors appear to influence stakeholder behavior and impacts on the business:
- Common stakeholder targets tend to be large companies in consumer products that are financially sound and heavy polluters.47 Activists also tend to target companies with a strong brand or those that are considered leaders within their industry.48
- Stakeholder protests targeting labor (for example, fair labor practices) or consumer issues (for example, product safety or performance) with more media coverage tend to have a greater negative effect on stock returns than do boycotts alone.49
- Companies with an already tainted reputation are even more susceptible to the negative effects of media attention.50
- Activists prefer to target firms that have signaled a desire to change, and often confront them with greater demands.51 Once a company has signaled a willingness to act, the bar can rise even more.
- Companies that have been targeted by a shareholder campaign, or whose industry peers have been targeted, will likely be targeted again. Similarly, boycotts are often repeatedly targeted at companies in the same industry, particularly large companies with a strong reputation. In fact, the impact on sales is less than the impact on a targeted company's reputation.52
Strategic consideration 2: Adapt
One challenge for a company is how to move across an inflection point to where it is no longer perceived as destroying value on a particular ESG issue. To navigate this territory, companies need to identify how stakeholders perceive a particular ESG issue—as relative to an external norm, industry peers, an aspirational level, ideal state, or as a zero (unacceptable) state. Managers also need to understand the reference point espoused by stakeholders on the ESG issue, which can be quantitative (for example, tons of emissions, quantities recycled, money invested) or qualitative measures of management practices (for example, labor policies).
Prospect theory tells us that the highest value gain is likely when a company moves from below-threshold ESG performance to above, as stakeholders value this transition highly. Due to "diminishing sensitivity," companies need to work harder for each incremental gain in stakeholder value. The long-run goal should be greater consensus between the business and its stakeholders around an ESG issue, because it creates value for both—that is, enlightened value maximization.
Strategic consideration 3: Disclose strategically and cultivate your ESG halo
Information is money, a relationship that applies quite often when it comes to ESG disclosure. Researchers have known for over 20 years that companies that disclose more (mandated) financial information have lower capital constraints, for the simple reason that disclosure reduces transaction costs to investors.53 Similarly, voluntary disclosure on sustainability and corporate responsibility may lower the cost of equity capital for companies with stronger ESG performance that invest in employee relations, environmental policies, and product strategies. Companies that seek to reduce their cost of capital have found that ESG disclosure can help. ESG disclosure tends to attract institutional investors with a long investment horizon. Companies with strong ESG performance have increased analyst coverage and improved forecast accuracy. Conversely, companies with poor ESG performance are less likely to maintain profitability due to regulatory, customer, and investor pressure.54
Furthermore, issuing a steady stream of positive and credible ESG performance news can create a halo effect and insulate the company somewhat from future activist pressures and a possible drop in stock price.55 Once a company has exceeded the ESG performance threshold through prudent actions, stakeholders are much more likely to be positively inclined to the company, and may even help it uphold and strengthen its ESG halo.56 This opens up new opportunities. The company can move from risk management to creating value both for its stakeholders and its investors. However, it can pay to watch the company you keep. If a competitor in your industry falters, then it is likely that activists and shareholders will monitor your company more closely and even drive down your company's market value. Thus, investing in industry policies, industry associations, and benchmarking with your industry peers is a good way to maintain a solid level of ESG performance and protect against the negative events that inevitably arise.
Stakeholders and a path to long-term business value
Not long ago, business operations were grounded in the assumption that ESG issues are not financially material, because the impacts are sometime in the future and of little consequence to current business success. As we have shown, this assumption is no longer supported by statistical evidence for a growing set of ESG issues and companies. There is value in these numbers, as evidenced by growing shareholder interest and market value effects. Stakeholders are keeping score, and companies are expected to increasingly see an impact on financial performance.
More corporate leaders are broadening their understanding of business risks—some more proactively than others. However, many managers have yet to shift their frame of reference in terms of ESG performance evaluation and disclosure. Much of the information disclosed in today's corporate sustainability reports is self-referencing and hard to interpret. An assessment of what level of ESG performance is better or worse cannot be judged relative to the company's own internal standard or its past performance, because it does not include value creation for multiple stakeholders. We suggest that the stakeholder's reference point is as important as, if not more important than, that espoused by managers.
A sound strategy requires an understanding of human nature and the biases that we bring to all decisions. With an understanding of prospect theory and stakeholders' reference points and reference states, it should become easier to predict and prevent long-tailed ESG risks. Stakeholder engagement may well help protect your license to operate and strengthen your ESG halo. Success is built, in part, upon a more holistic approach to an ESG issue, such as recognizing that child labor management is tied to educational opportunity. Finally, as more managers realize that management of ESG issues is an input factor to production and not an ad hoc undertaking and become more transparent on performance, we can expect risk reduction and lower cost of capital. Stakeholders do not merely challenge the business model; they identify opportunities for value creation.
EndnotesView all endnotes
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- Witold Henisz, Stakeholder capital and performance in tough times, Wharton School, 2011.


text:
LATHROP - A 39-year-old man suffered minor injuries when he was carjacked Wednesday morning in Lathrop, the San Joaquin County Sheriff's Office said.
Deputies were dispatched to the 100 block of East Lathrop Road shortly after 1 a.m. When they arrived, the victim told them he was getting into his 2006 four-door Hyundai when someone grabbed his car keys, forced his way into the vehicle and fled north on Interstate 5, authorities said. The carjacker was described as a black man 18 to 22 years old. He was wearing a T-shirt, baseball hat and jeans, deputies said.
The victim declined medical treatment, authorities said.
Location, ST | website.com


text:
Friday, 04/05/1991
Starry Night, Portland, OR
Set 1: LandladyThe Landlady > Bouncin'Bouncing Around the Room > DividedDivided Sky, Cavern > 'A' TrainTake the 'A' Train > Reba, CDTChalk Dust Torture, Foam, Mike'sMike's Song > HydrogenI Am Hydrogen > WeekapaugWeekapaug Groove
Set 2: Rocky Top, Stash, LizardsThe Lizards, SlothThe Sloth, Dinner and a Movie > HoodHarry Hood, IDKI Didn't Know, MSOMy Sweet One, GTBTGood Times Bad Times
Encore: Fee > Oh Kee PaThe Oh Kee Pa Ceremony > SuzySuzy Greenberg
· Theme from Popeye tease in Take the 'A' Train
· Heartbreaker tease in Good Times Bad Times
Average Song Gap: 2.13
Performers: Trey Anastasio, Page McConnell, Jon Fishman, Mike Gordon
Notes: Trey teased the Popeye theme in 'A' Train and Heartbreaker in Good Times Bad Times. After Lizards, Trey congratulated the audience ("A lot of people have tried, but you're the first to have done it!") for clapping on the beat during the slow end solo. Before Fee, he repeated the compliment: "I hope you didn't think I was making fun of you ... clapping on the upbeat – wow!"
Song Distribution:
4 A Picture of Nectar
4 Lawn Boy
4 Junta
2 Stash
2 The Man Who Stepped into Yesterday
1 The White Tape
Songs by Debut Year:
This show was part of the "1991 Winter/Spring Tour."


text:
Barnhome III Dog House - Small 29"L x 22"W x 21"H
Made from Structural foam, warm in winter and cooler in the summer. Semi-flat roof allows pet to stand, sit or lay on top. Rain gutter acts as a conduit to channel water away from the interior. Color: off white/gray. Available door see #29169
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$ 52.00
All prices exclude tax, plus shipping.


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Guitar Pro
7 Opinions
Version 6 has been out since April 2010. I'm running it on Lion without any issues. The GUI in version 6 (I had previously used version 5) is considerably improved. In fact, now I really enjoy working with GP, whereas I had avoided it previously. The RSE keep improving as well, enough so that I use it to create backing tracks to practice over.
nice program if it would work, realy realy unstable here (GP 5 on 10.6), it crashes like 5 times before I can open a tab :(
this needs an update fast.
UI really could use some work, but its a decent program for learning songs.
Hmm, pretty lame to be debunked when you deliver factual fucking information that's cited.
There is a new version that is compatible with Leopard.
from Guitar-Pro.com :
"Mac OS X Leopard users : Guitar Pro 5 is not compatible yet with Mac OS X 10.5. We're currently working on a fixing update which should be available in the following weeks."
The best Program for Guitar Players. There are 1000´s of songs available for the program.
So you can teach you evers Guitar Solo you always wanted to play.
My 16 year old Sons likes it too. Give it try.


text:
Turn two 6 in. diameter plain paper lanterns into masterpieces. This kit includes 2 lanterns, metal expanders, paint strip, brush, and instructions to create your own room decor.
For ages 8+
For ages 8+
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