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When Safe Proved Risky:
Journal of Economic PerspectivesVolume 24, Number 1Winter 2010Pages 2950;When Safe Proved Risky;Commercial Paper during the;Financial Crisis of 20072009;Marcin Kacperczyk and Philipp Schnabl;C;ommercial paper is a short-term debt instrument issued by large corporations. For issuers, commercial paper is a way of raising capital cheaply at;short-term interest rates. For investors, commercial paper offers returns;slightly higher than Treasury bills in exchange for taking on minimal credit risk.;At the beginning of 2007, commercial paper was the largest U.S. short-term debt;instrument with more than $1.97 trillion outstanding. Most of the commercial;paper was issued by the financial sector, which accounted for 92 percent of all commercial paper outstanding.;Commercial paper played a central role during the financial crisis of;20072009. Before the crisis, market participants regarded commercial paper as a;safe asset due to its short maturity and high credit rating. Two events changed this;perception. The first event began to unfold on July 31, 2007, when two Bear Stearns;hedge funds that had invested in subprime mortgages filed for bankruptcy. In the;following week, other investors also announced losses on subprime mortgages.;On August 7, 2007, BNP Paribas suspended withdrawals from its three investment;funds because of its inability to assess the value of the mortgages and other investment held by the funds. Given that similar assets served as collateral for a specific;category of commercial paperasset-backed commercial papermany investors;became reluctant to purchase asset-backed commercial paper. The total value of;asset-backed commercial paper outstanding fell by 37 percent, from $1.18 trillion;Marcin Kacperczyk and Philipp Schnabl are both Assistant Professors of Finance, Stern;School of Business, New York University, New York, New York. Kacperczyk is also a Faculty;Research Fellow, National Bureau of Economic Research, Cambridge, Massachusetts. Their;e-mail addresses are email@example.com and email@example.com.;firstname.lastname@example.com;firstname.lastname@example.com;doi=10.1257/jep.24.1.29;30;Journal of Economic Perspectives;in August 2007 to $745 billion in August 2008. Other categories of commercial;paper remained stable during this period.;The second event occurred on September 16, 2008, when the Reserve Primary;Funda large money market fund with $65 billion of assets under management;announced that it had suffered significant losses on its $785 million holdings of;Lehman Brothers commercial paper. Instead of each of its shares being worth;$1a common rule in the money market industrythe Reserve Fund announced;its shares were worth only 97 cents. In other words, the fund broke the buckan;occurrence that had happened only once before in the history of money market;funds. This news triggered the modern-day equivalent of a bank run, leading;to about $172 billion worth of redemptions from the $3.45-trillion-worth money;market fund sector. The run stopped on September 19, 2008three days after;it startedwhen the U.S. government announced that it would provide deposit;insurance to investments in money market funds. Even though the announcement;halted the run on money market funds, most funds nonetheless reduced their holdings of all types of commercial paper because they deemed them too risky. Within;one month after the Reserve Funds announcement, the total value of commercial;paper outstanding fell by 15 percent, from $1.76 trillion to $1.43 trillion.;To stop the sudden decline in commercial paper, the Federal Reserve decidedfor the first time in its historyto purchase commercial paper directly. The;Federal Reserve started purchasing commercial paper on October 26, 2008, and its;action promptly stabilized the market. By early January 2009, the Federal Reserve;was the single largest purchaser of commercial paper and owned paper worth;$357 billion, or 22.4 percent of the market, through a variety of lending facilities.;Throughout the year 2009, the Federal Reserve steadily reduced its holdings and by;October 2009 it held $40 billion of commercial paper, accounting for 3.4 percent;of the market.;We will offer an analysis of the commercial paper market during the financial crisis. First, we describe the institutional background of the commercial paper;market. Second, we analyze the supply and demand sides of the market. Third, we;examine the most important developments during the crisis of 20072009. Last;we discuss three explanations of the decline in the commercial paper market;substitution to alternative sources of financing by commercial paper issuers, adverse;selection, and institutional constraints among money market funds.;Basics of Commercial Paper;In the United States, commercial paper has been an important source of;financing since the nineteenth century. According to the Securities Industry and;Financial Markets Association, in early 2007, total U.S. short-term debt financingalso referred to as money market financingaccounted for approximately;$5 trillion. Commercial paper was the largest instrument in this market with more;than $1.97 trillion outstanding. The second-largest instrument was U.S. Treasury;Marcin Kacperczyk and Philipp Schnabl;31;bills, which accounted for $940 billion outstanding. Other important short-term;debt instruments were time deposits, repurchase agreements, short-term notes;and bankers acceptances.1;Commercial paper is usually issued at a discount to a predetermined face;value, which means that investors acquire commercial paper at a price below the;face value and receive the face value at maturity. The difference between the;purchase price and the face value is the discountthat is, the interest received on;commercial paper. In practice, the interest rate on commercial paper is a bit higher;than the interest rate on Treasury bills of the same maturity and a bit lower than;the interest rate on loans of the same maturity such as LIBOR (London Interbank;Offered Rate), the benchmark interest rate paid on short-term lending among;large banks (Stigum and Crescenzi, 2007).;Almost all commercial paper is rated by one or more nationally accredited rating agencies like Moodys, Standard & Poors, or Fitch. Commercial paper sold in;the market typically has the highest short-term rating as many market participants;either by choice or by regulationrestrict their purchases to high-quality papers.;Commercial paper is issued either via a dealer or directly by a corporation that;needs to raise capital. In August 2006, about 80 percent of commercial paper was;issued by dealers and the remaining 20 percent by corporations. Dealers charge;fees of 5 to 12.5 basis points for issuing commercial paper, the fees vary according;to the issuers credit history, issuance size, and market conditions. Dealers typically;advise issuers on pricing and they purchase positions that do not sell in the market;(Stigum and Crescenzi, 2007).;Most investors in the commercial paper market purchase the paper at issuance and hold it until maturity. Hence, there is little trading of commercial paper;in secondary markets. Instead, many investors continuously roll over maturing;commercial paper, which means that they purchase newly issued commercial;paper from the same issuer once their holdings of commercial paper mature. As;a result, issuers usually refinance the repayment of maturing commercial paper;with newly issued commercial paper. However, the need to roll over maturing;commercial paper generates the risk that investors may not be willing to refi nance maturing commercial paper. This risk is often called roll-over or liquidity;risk. In this case, the issuer needs to find financing elsewhere to repay maturing;commercial paper.;1;The commercial paper market also exists in Europe, although the market is smaller. In January 2007;according to Eurocleara consortium of the main European securities depositoriestotal value of;commercial paper outstanding in that market amounted to $691 billion. In many ways, the commercial paper market in Europe is similar to that in the United States, the key difference is that offerings;are often denominated in currencies other than the U.S. dollar. Nevertheless, many large issuers are;active in both markets and issue simultaneously in Europe and in the United States. We will focus here;on the commercial paper market in the United States, though most of our analysis also applies to the;commercial paper market in Europe.;32;Journal of Economic Perspectives;Supply Side of Commercial Paper;From the perspective of a commercial paper issuer, one benefit of commercial;paper is that the issuer can avoid registration under the Securities Act of 1933, which;is the set of rules that requires any firm issuing securities to provide a description;of the companys properties and business, of the security itself, and of corporate;management, along with financial statements. Registration is generally considered;an expensive and lengthy process. The exemption from registration for commercial;paper is usually based on Section 3(a)(3) of the 1933 Securities Act, which requires;commercial paper issuers to satisfy three criteria. First, the maturity of commercial;paper must not be more than 270 days. In practice, commercial paper typically has;far shorter maturitiesbetween one and 90 dayswith an average maturity of about;30 days. Second, commercial paper must not be targeted towards the general public.;Hence, issuers of commercial paper cater to institutional investors, usually offering;large denominations of $100,000 or more. Third, issuers of commercial paper must;only use their proceeds from issuing commercial paper to finance current assets;such as receivables or inventory. In practice, this requirement implies that firms;need to demonstrate that they have sufficient scale of current transactions to justify;the size of their commercial paper programs (Hahn, Cook, and Laroche, 1993).;As an alternative to Section 3(a)(3), issuers can also claim an exemption from;registration under Section 4(2), which restricts the sale of commercial paper to accredited investors and, in exchange, allows issuers to use the proceeds to finance long-term;assets. Issuers can also claim exemption under Section 3(a)(2), which requires commercial paper to be fully supported by a bank guarantee (FitchRatings, 2001).;Depending on the issuer, there are three categories of commercial paper;asset-backed, financial, and corporate commercial paper. For historical reasons;the last two categories are sometimes simply referred to as commercial paper.;Corporate financial paper is also referred to as nonfinancial commercial paper.;To avoid confusion, we use the term commercial paper only when we refer to all;three categories at once.;Over the last two decades, the commercial paper market has grown substantially. This growth was mostly spurred by the development of asset-backed;commercial paper, which was first issued in the 1980s. The total value of the commercial paper market in 1990 was $558 billion, of which 5.7 percent was asset-backed;commercial paper, 59.9 percent was financial commercial paper, and 34.4 percent;was corporate commercial paper. In January 2007, the total value of commercial paper accounted for $1.97 trillion, of which 56.8 percent was asset-backed;commercial paper, 34.4 percent was financial commercial paper, and 5.7 percent;was corporate commercial paper.;Asset-backed Commercial Paper;Asset-backed commercial paper is issued by off-balance-sheet conduits of large;financial institutions, where off balance sheet means that the assets and liabilities;of the conduits are not included on the financial institutions balance sheets.;When Safe Proved Risky: Commercial Paper during the Financial Crisis of 20072009;33;However, the assets are under the control of the financial institution in the sense;that the conduit is a shell company that is managed by the financial institution.;Conduits typically hold diversified portfolios of financial assets. In the 1980s;and early 1990s, most conduits only invested in short-term and medium-term assets;such as trade receivables (dues for goods sold) of the sponsoring financial institutions clients. During the late 1990s, some conduits started investing in long-term;assets, including securitized assets such as mortgage-backed securities. By the early;2000s, most conduits invested in long-term assets, some of which were originated by;the financial institutions own clients and some of which were securitized assets originated by other financial institutions. As a result of this investment strategy, conduits;developed a maturity mismatch between the long maturity of their assets and the;short maturity of their asset-backed commercial paper. This maturity mismatch;exposed conduits to roll-over risk, the risk that investors would stop refinancing the;asset-backed commercial paper. The roll-over risk makes the conduit riskier for outside investors because the conduit may go bankrupt if all investors stop refinancing;at the same time and the conduit cannot sell off its assets to repay investors.;To protect outside investors against roll-over risk, the financial institution;that manages the conduit typically provides credit guarantees to outside investors.;Under these credit guarantees, the financial institution promises to pay off maturing asset-backed commercial paper in case the conduit is unable to do so. From an;investors perspective, the combination of credit guarantees and conduits assets;substantially reduces the default risk of asset-backed commercial paper (Moodys;Investors Service, 2003).;Using data from credit rating agencies, Acharya, Schnabl, and Suarez (2009);show that, in January 2007, 296 conduits were authorized to issue asset-backed;commercial paper in the United States and Europe. The conduits were supported;by a total of 126 sponsoring financial institutions. Most sponsoring financial institutions were large commercial banksbased in the United States and Europemany;of which sponsored more than one conduit. In total, commercial banks accounted;for $903 billionor 74.8 percentof asset-backed commercial paper outstanding.;For example, the largest financial institution sponsoring conduits in the United;States was Citigroup with 16 conduits and $92.6 billion of asset-backed commercial;paper outstanding. The largest financial institution sponsoring conduits in Europe;was the Dutch Bank ABN Amro with nine conduits and $68.6 billion of assetbacked commercial paper outstanding. Besides commercial banks, large sponsors;of conduits also included structured investment groups ($182 billion), mortgage;lenders ($72 billion), and other financial institutions ($79 billion).;About 74.1 percent of outstanding commercial paper was issued by conduits;with full credit guarantees. Acharya, Schnabl, and Suarez (2009) show that full;credit guarantees are structured to avoid capital requirements required for assets;held by banks directly. They argue that the avoidance of capital requirements was;an important driver behind the growth of asset-backed commercial paper. An;additional 18.4 percent of outstanding commercial paper was issued by conduits;with extendible notes guarantees. Extendible notes guarantees are similar to full;34;Journal of Economic Perspectives;credit guarantees except that conduits can extend the commercial papers maturity;for a limited period of time. The remaining 7.5 percent was issued by structured;investment vehicles, which are conduits that issue longer-term debt in addition to;asset-backed commercial paper. Credit guarantees of structured investment vehicles;typically cover asset-backed commercial paper, but not the longer-maturity debt.;Financial Commercial Paper;Financial commercial paper is issued by large financial institutions. In contrast to asset-backed commercial paper, financial commercial paper is issued by;the institution directly and not via a conduit. Also, financial commercial paper is;unsecured and the issuer does not pledge assets as collateral. Financial commercial;paper is considered a low-risk asset because of its short maturity and the fact that its;issuers are large institutions with strong balance sheets. If the balance sheet of an;issuer deteriorates, investors usually become reluctant to roll over maturing commercial paper and the issuer has to exit the commercial paper market.;The main issuers of financial paper are foreign financial institutions, accounting for $455 billion of commercial paper in early 2007. Many foreign issuers are;U.S. subsidiaries of foreign banks, which are set up primarily to access the U.S.;commercial paper market. The two main U.S. issuers of financial commercial;paper are captive finance companies and bank-related finance companies. Captive;finance companies are subsidiaries of automobile companies or manufacturing;companies that issue commercial paper to secure financing for their parent companies (Fabozzi and Mann, 2005). In January 2007, total liabilities of captive finance;companies accounted for $1.87 trillion, of which $165 billion was commercial;paper. Some of the largest captive finance companies issuing financial commercial;paper are those owned by General Motors, General Electric, and Toyota (Stigum;and Crescenzi, 2007, Standard and Poors, 2009).;Bank-related finance companies are funding subsidiaries of large bank holding companies. Many bank holding companies use such funding subsidiaries to;issue commercial paper and pass the proceeds downstream into the bank. Bank;holding companies choose such a structure because banks themselves are usually;not allowed to issue commercial paper. Some bank holding companies also issue;commercial paper to finance nonbank activities. In January 2007, total liabilities;of bank holding companies equaled $757 billion, of which $79 billion were in;the form of commercial paper. Some of the largest bank holding companies issuing financial paper are those of Citibank and American Express (Saunders and;Cornett, 2008, Standards and Poors, 2009).;Corporate Commercial Paper;Corporate commercial paper is issued by nonfinancial businesses. In January;2007, total credit market debt of nonfinancial businesses was $9.16 trillion of which;$145 billion was commercial paper, accounting for 1.6 percent of total liabilities.;Like financial commercial paper, corporate commercial paper is unsecured and;only large, creditworthy firms with strong balance sheets can issue commercial;Marcin Kacperczyk and Philipp Schnabl;35;paper. Most issuers are in the largest size quintile of publicly traded corporations.;For these firms, commercial paper is an important source of financing, representing about 30 percent of their current liabilities (Downing and Oliner, 2007).;Among the main issuers of corporate financial paper are General Electric and;Coca-Cola (Standard and Poors, 2009).;Historically, commercial paper issuers used the proceeds from issuance to cover;their short-term financing needs for working capital and inventory. Over time, many;issuers started rolling over maturing commercial paper at regular frequencies, thus;effectively financing a constant share of their activities via commercial paper. Kahl;Shivdasani, and Wang (2008) estimate that, on average, commercial paper borrowing represents 36 percent of investment outlays among commercial paper issuers.;Demand Side of Commercial Paper;Money market funds and mutual funds are the main investors in commercial;paper. In January 2007, money market funds and mutual funds owned commercial;paper worth $767 billion, or 31.4 percent of the market, according to the Federal;Reserve Flow of Funds data. Other important investor classes were foreign investors;($299 billion), state and local governments ($205 billion), funding corporations;($198 billion), and nonfinancial corporate businesses ($109 billion). Individual;households own little commercial paper directly, but they own commercial paper;indirectly through their ownership of money market funds and mutual funds.;The dominant role of money market funds and mutual funds as commercial paper investors is relatively new. Money market funds emerged in the 1970s;as an alternative to bank deposits that paid regulated interest rates below marketdetermined rates on commercial paper. Over time, money market funds grew in size;and totaled $2.4 trillion at the start of 2007 (Federal Reserve Flow of Funds data).;An important characteristic of money market funds is that, contrary to bank;deposits, investments in money market funds were not traditionally insured by the;government. Although money market funds seek to preserve the value of an investment at $1 per share, it is possible that investors in money market funds can realize;a loss on their investments. The main risks faced by money market funds include;changes in interest rates and default on their investments (for example, defaults on;commercial paper).;To limit risks of money market fund investments, commercial paper holdings;of money market funds are regulated under Rule 2a-7 of the Investment Company;Act of 1940. Rule 2a-7 limits commercial paper holdings of money market funds to;commercial paper that carries either the highest or second-highest rating for shortterm debt from at least two of the nationally recognized credit rating agencies.;Money market funds must not hold more than 5 percent of their assets in securities of any individual issuer with the highest rating and not more than 1 percent;of their assets in securities of any individual issuer with the second-highest rating.;Also, total holdings of securities with the second-highest rating must not exceed;36;Journal of Economic Perspectives;5 percent of the funds assets. Notably, the rules requiring diversification reduce;exposure to idiosyncratic risk but cannot reduce exposure to systematic risk which;affects all commercial paper issuers at the same time.;Importantly, these regulations prevent money market funds from purchasing;long-term assets such as mortgage-backed securities. However, the availability of;asset-backed commercial paper provided money market funds with an opportunity to invest in such securities indirectly. In fact, some observers argue that the;growth of the asset-backed commercial paper market was fuelled by demand from;money market funds, which eventually spurred the rise in housing prices before;the financial crisis. As a result, the asset-backed commercial paper market enabled;transforming short-term assets into long-term assetsa function which is typically;reserved for financial institutions operating under strict bank regulations.;To analyze the importance of commercial paper for money market funds, we;use data provided by iMoneyNet. These data are the most comprehensive source;of money market funds asset holdings and cover, among others, all taxable money;market funds, representing 84.5 percent of money market fund holdings. We focus;on taxable money market funds because nontaxable money market funds hold;primarily tax-exempt instruments issued by state and municipal governments.;As of January 2007, there were 473 taxable money market funds holding assets;worth $1.95 trillion. About one-third of the funds were Treasury funds, which hold;almost exclusively government debt and government-backed agency debt. The;other two-thirds were prime funds that also invest in nongovernment assets such;as commercial paper. In January 2007, the largest asset class held by money market;funds was commercial paper, accounting for $634 billion or 32.5 percent of total;asset holdings. The other asset classes included government debt and governmentbacked agency debt ($585 billion), repurchase agreements ($390 billion), bank;obligations ($297 billion), and other assets ($45 billion).;Most large money market funds are geared towards institutional investors. A;study by Moodys Investor Service (2007a) shows that in January 2007, the largest 15;institutional prime funds accounted for a total of $459 billion worth of assets. Institutional prime funds hold a large number of different money market instruments;and money market funds are therefore considered well diversified. Nevertheless;money market funds are highly exposed to risks in the financial industry as whole.;Assets originated by the financial industrymeasured as the total of financial;commercial paper, structured securities, bank obligations, and repurchase agreementsaccounted for 91.4 percent of money market fund assets.;Commercial Paper during the Financial Crises;Commercial Paper and Financial Crises in Historical Perspective;Although the commercial paper market is generally a stable source of;financing, periodically there have been large and sudden declines in its size.;The most prominent example is the Penn Central failure (for discussion, see;When Safe Proved Risky: Commercial Paper during the Financial Crisis of 20072009;37;Calomiris, 1994, Calomiris, Himmelberg, and Wachtel, 1995). In June 1970, the;transportation company Penn Central declared bankruptcythe largest corporate bankruptcy up to that pointand as a result of its bankruptcy, defaulted on;its commercial paper. Once Penn Central defaulted, investors lost confidence;in other corporate commercial paper issuers and stopped refinancing maturing;commercial paper. Within three weeks of Penn Centrals bankruptcy, corporate;commercial paper outstanding dropped by more than 9 percent, from $32 billion to $29 billion. The Federal Reserve responded by lending aggressively to;banks through the discount window, which alleviated liquidity constraints and;stabilized the market.;After the Penn Central failure, and largely as a result of it, corporate commercial;paper issuers started purchasing insurance against market-wide liquidity disruptions;in the form of backup loan commitments. Within a few years after the crisis, almost;all corporate commercial paper issuers held backup loan commitments covering;100 percent of outstanding commercial paper. The loan commitments were issued;by banks through which the Federal Reserve had administered its lending during;the crisis. This arrangement improved the safety of the corporate commercial paper;market for two reasons: 1) banks have access to the discount window, and 2) banks;typically experience deposit inflows during periods of market-wide liquidity disruptions (Gatev and Strahan, 2006). However, the backup loan commitments increase;the riskiness of the financial sector as a whole because the risks of market-wide disruptions are effectively insured by the financial sector.;Similar episodes of declines in the size of commercial paper market have;occurred since Penn Central. Typically in such cases, a single commercial paper;issuer experiences a negative shock which reduces investors confidence in other;commercial paper issuers. The common element of such episodes is that they;appear suddenly and lead to large, usually temporary contractions in the market;size. For example, the failure of the energy company Enron in 2001 raised concerns;about the quality of financial reporting and led to a sharp decline in outstanding;corporate commercial paper. However, an important difference between all such;episodes and the financial crisis of 20072009 is that the former concerned the;corporate commercial paper market rather than the financial or the asset-backed;commercial paper market.;Collapse of the Asset-backed Commercial Paper Market;The decline in the asset-backed commercial paper market was triggered by;the crisis in the subprime mortgage market. Although delinquencies on subprime;mortgages had been rising through most of 2006, the financial crisis showed its;first clear signs only in summer 2007. On July 31, 2007, two Bear Stearnss hedge;funds that had invested in subprime mortgages filed for bankruptcy. A third Bear;Stearnss hedge fund suspended investors redemptions. In the following week;more news about delinquencies in subprime mortgages hit the market. On August;7, 2007, BNP Paribas halted withdrawals from its three investment funds and;suspended calculation of their net asset values.;38;Journal of Economic Perspectives;Figure 1;Commercial Paper Outstanding, January 2004October 2009;Paper outstanding (in $ billions);1,200;Asset-backed;Financial;Corporate;1,000;ABCP market;collapse;Lehmans;bankruptcy;800;600;400;200;0;9;00;/2;/7;10 009;2;7/ 09;7/ 20;7/ 9;4/ 00;2 8;7/ 00;1/ /2;/7;10 008;2;7/ 8;7/ 200;7/ 8;4/ 00;2;7/ 007;1/ /2;/7 7;10 00;2;7/ 7;7/ 200;7/ 7;4/ 200;7/ 06;1/ /20;/7 6;10 00;2;7/ 6;7/ 200;7/ 6;4/ 200;7/ 05;1/ /20;/7 5;10 00;2;7/ 05;7/ 20;7/;4/ 005;2;7/ 004;1/ /2;/7 4;10 00;2;7/ 4;7/ 200;7/ 4;4/ 200;7/;1/;Source: Authors analysis based on Federal Reserve Board data.;Note: Figure 1 shows the weekly commercial paper outstanding. The asset-backed commercial paper;(ABCP) market collapse was August 9, 2007. Lehmans bankruptcy was September 15, 2008.;As a result of these announcements, investors in asset-backed commercial;paper became concerned that the collateral backing asset-backed commercial;paper might be of a lower quality than they initially thought. Consequently, many;investors stopped refinancing maturing commercial paper, and within two days;the spread on overnight asset-backed commercial paper over the federal funds;interest rate increased from 10 basis points to 150 basis points. Because of the;credit guarantees, sponsoring financial institutions had to provide liquidity to;pay off maturing asset-backed commercial paper. This obligation raised concerns;about counterparty risk among banks and caused interbank lending rates to shoot;upwards. The crisis in asset-backed commercial paper quickly spread across the;financial sector and affected banks worldwide (Acharya and Schnabl, 2009).;As shown in Figure 1, from August 2007 to August 2008, the value of assetbacked commercial paper outstanding fell by 33.1 percent, from $1.18 trillion to;$789 billion. These numbers likely understate the actual decline in demand for;asset-backed commercial paper because credit guarantees often required sponsoring banks to purchase asset-backed commercial paper directly.;Even though asset-backed commercial paper outstanding decreased, issuance;of asset-backed commercial paper actually increased in late August 2007, as shown;in Figure 2. Average daily issuance of asset-backed commercial paper increased;from $71 billion in early August 2007 to $106 billion in early September 2007.;At the same time, however, average maturity of asset-backed commercial paper;Marcin Kacperczyk and Philipp Schnabl;39;Figure 2;Commercial Paper Issuances, January 2004October 2009;120;Paper issued (in billions);100;Asset-backed;Financial;Corporate;ABCP market;collapse;Lehmans;bankruptcy;80;60;40;20;0;9;00;/2;/2 9;10 200;2/ 9;7/ 200;2/ 9;4/ 200;2/ 08;1/ /20;/2 8;10 200;2/ 8;7/ 00;2;2/ 8;4/ 200;2/ 07;1/ 20;/;/2 7;10 200;2/ 7;7/ 200;2/ 7;4/ 200;2/ 06;1/ /20;/2 6;10 200;2/ 6;7/ 200;2/ 6;4/ 200;2/ 05;1/ 20;/;/2 5;10 200;2/ 5;7/ 200;2/ 5;4/ 200;2/ 04;1/ 20;/;/2 4;10 200;2/ 4;7/ 00;2;2/ 4;4/ 200;2/;1/;Source: Authors analysis based on Federal Reserve Board data.;Note: Figure 2 shows a five-day rolling-window average of commercial paper issuances. The assetbacked commercial paper (ABCP) market collapse was August 9, 2007. Lehmans bankruptcy was;September 15, 2008.;decreased sufficiently to more than offset the increase in issuance, thus resulting in;an overall decline in commercial paper market size. Figure 3 further shows that the;spread between overnight asset-backed commercial paper and the federal funds;interest rate spiked up shortly after the crisis started. While in the year before the;crisis the average spread equaled 3 basis points, in the year after the crisis the average spread rose to 46 basis points.;The decrease in outstanding asset-backed commercial paper, combined with;the increase in its spread, suggests that the decline was likely caused by a drop in;demand for, rather than supply of, asset-backed commercial paper. In line with this;interpretation, several money market funds reported that they had reduced their;holdings of asset-backed commercial paper to mitigate the risk of negative publicity, which could trigger withdrawals by investors (Moodys Investor Service, 2007b).;Covitz, Liang, and Suarez (2009) show that conduits with the weakest credit;guarantees had the largest difficulties in rolling over their maturing asset-backed;commercial paper. For example, from July to December 2007, total asset-backed;commercial paper issued by structured investment vehicles fell from $84 billion to;$15 billion. Acharya, Schnabl, and Suarez (2009) further demonstrate that credit;guarantees covered almost all of the maturing as
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In this paper, the procedure to optimize flat-top Arrayed Waveguide Grating (AWG) devices in terms of transmission and dispersion properties is presented. The systematic procedure consists on the stigmatization and minimization of the Light Path Function (LPF) used in classic planar spectrograph theory. The resulting geometry arrangement for the Arrayed Waveguides (AW) and the Output Waveguides (OW) is not the classical Rowland mounting, but an arbitrary geometry arrangement. Simulation using previous published enhanced modeling show how this geometry reduces the passband ripple, asymmetry and dispersion, in a design example.
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Advert Description
Cage for sale used for rat but can be used for other animals as tray on the bottom can be put in two different places to allow bars to be showing or not approximate dimensions: 60 x 92 x 47cm. Good condition, shelves not to damaged, only fault is the spring that stretches to keep door shut has stretched to long so need to be pulled through cage bar to get tight enough as seen in photo. Easily fixed by getting a new spring.
£90 to buy in stores but open to offers
Thank you for looking


text: Forthcoming CWMH events In 'Events' Forthcoming eventsPrevious events Back to 'Centre for West Midlands History' Book launch: Birmingham 850 Date08/12/2016DescriptionPresented by Dr Michael Dick and Professor Carl Chinn. A Tour through the Great Exhibition of 1851 Date14/12/2016DescriptionHistory West Midlands and Centre for West Midlands History joint event. Displaying 1 to 2 of 2


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girl crush.
Tuesday, August 24, 2010
i adore katie holmes sense of style. heck, a few years ago i even brought a pic of her rad pixie haircut to my stylist and came out looking very katie-esque.
photo via marie claire.
5 comments:
- Kate said...
hi hi rebecca! i stumbled upon your sweet little blog and couldn't help hitting the follow button! i look forward to following your adventures in the months to come!
- August 24, 2010 at 1:47 PM
- katie said...
I have always loved her style (minus a few misses here & there!). :)
- August 25, 2010 at 9:27 PM
- Rasheeda Ali said...
she always manages to look so freakin chic. jeez.
i love her.
- June 14, 2012 at 11:36 PM
- TheBeautyFile said...
She's cute, but I can't shake the whole scientology thing. I really, really can't. I think she might have been happier with Pacey.
- June 15, 2012 at 9:13 AM
- Rebeka said...
She is definitely cute! Have you ever read Suri's burn book (http://surisburnbook.tumblr.com/) it cracks me up :)
- June 18, 2012 at 11:42 PM
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text:
Language: English
Pages : 608
Description :
Deception Pakistan, the United States, and the Secret Trade in Nuclear Weapons by By Adrian Levy and Catherine Scott-Clark Free EBook Epub,Pdf, Mobi Download
On December 15, 1975, A. Q. Khan–a young Pakistani scientist working in Holland–stole top-secret blueprints for a revolutionary new process to arm a nuclear bomb. His original intention, and that of his government, was purely patriotic–to provide Pakistan a counter to India's recently unveiled nuclear device. However, as Adrian Levy and Catherine Scott-Clark chillingly relate in their masterful investigation of Khan's career over the past thirty years, over time that limited ambition mushroomed into the world's largest clandestine network engaged in selling nuclear secrets–a mercenary and illicit program managed by the Pakistani military and made possible, in large part, by aid money from the United States, Saudi Arabia, and Libya, and by indiscriminate assistance from China.
Most unnerving, the authors reveal that the sales of nuclear weapons technology to Iran, North Korea, and Libya, so much in the news today, were made with the clear knowledge of the American government, for whom Pakistan has been a crucial buffer state and ally–first against the Soviet Union, now in the "war against terror." Every successive American presidency, from Jimmy Carter to George W. Bush, has turned a blind eye to Pakistan's nuclear activity–rewriting and destroying evidence provided by its intelligence agencies, lying to Congress and the American people about Pakistan's intentions and capability, and facilitating, through shortsightedness and intent, the spread of the very weapons we vilify the "axis of evil" powers for having and fear terrorists will obtain. Deception puts our current standoffs with Iran and North Korea in a startling new perspective, and makes clear two things: that Pakistan, far from being an ally, is a rogue nation at the epicenter of world destabilization; and that the complicity of the United States has ushered in a new nuclear winter.
Based on hundreds of interviews in the United States, Pakistan, India, Israel, Europe, and Southeast Asia, Deception is a masterwork of reportage and dramatic storytelling by two of the world's most resourceful investigative journalists. Urgently important, it should stimulate debate and command a reexamination of our national priorities.
Download Links :
Links – 1:- Deception Pakistan, the United States, and the Secret Trade in Nuclear Weapons by By Adrian Levy and Catherine Scott-Clark (EPUB)
Links – 2:- Deception Pakistan, the United States, and the Secret Trade in Nuclear Weapons by By Adrian Levy and Catherine Scott-Clark (EPUB)


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What our Customers Say about our Service
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Wrong location?Change it here.
since 2005 Designer: Fati Mahdavi & Sara Naghedi Country of origin: United Kingdom
Dulles Town Circle 20166 Countryside, United States
Dulles Town Circle VA 20166 Sterling, United States
Tysons Corner Center VA 22102 McLean, United States
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Excellent luxury hotel. Easily accessible by car and has restaurants and bars nearby. Lovely furniture and great views. Good fitness area. Popular among business travelers.
Hotel Types
- Nice TV
- Luxurious Hotel
- Good fitness area
- Luxury hotel
- Good for business people
Guest Review Highlights
- Great location
- Good accessibility by car
- Average parking
- Good restaurants & bars in the area
- Wonderful sightseeing
- Great shopping
- Poor value for money
- Moderately clean pool area
- Clean rooms
- Great room


text:
FRANKLIN SQUARE - Officials say 19 people were hospitalized today following high levels of carbon monoxide at the Best Yet Market in Franklin Square.
Another 12 people were treated at the scene.
"Most people were just transported for evaluation," says Nassau Assistant Chief Fire Marshal Michael Uttaro.
According to Uttaro, there were complaints of severe nausea and headaches, as well as people vomiting at the scene – all signs common with carbon monoxide poisoning.
The grocery store remains closed, but other stores in the shopping center are open.
Investigators have not yet pinpointed the source of the carbon monoxide.
For extended Chopper 12 footage over the scene, watch the clip to the left or click News 12 Extra on Optimum TV channel 612.


text:
Mouth to Mouth.
Kimball, Michael.
• Terms • Ask a Question
New York: Avon Books, Inc., 2000. First edition 8vo. 383 pp. Publication date February 8, 2000. Pictorial front cover, publicity on back cover. Suspense novel. Fine Wraps (Item ID: 11086)
- More: MYSTERY & THRILLER
- By This Author: Kimball, Michael.


text:
Press Release - 02 October 2006
With the news that online gambling looks certain to be banned in America , one online gambling company has announced it is currently undergoing a 10 per cent weekly growth rate.
While share prices of American online gambling companies are in virtual freefall, Purple Lounge is experiencing an unprecedented growth rate.
Chairman Chris Gorman announced today that what has happened in America has little or no effect on the Purple Lounge business. The States accounted for a minimal amount of our business, in fact around 0.1 per cent, he said. Since the beginning of September, we stopped taking sign-ups and bets from US players. We felt there was an air of uncertainty in that market place.
The Scandinavian and European markets remain our core business. We've recently launched in Spain and see this as an exciting emerging market
Purple Lounge's month-on-month trading results have shown growth over 350% in the second quarter of this year.
Purple Lounge's strength is in its presentation. It offers a sleek and sophisticated online gaming experience with a luxurious feel - an alternative to run-of-the-mill gambling sites, surrounded by the traditional Vegas glitz.
It isn't simply a gambling site. It also offers a wide range of lifestyle services as well as being a forum for exchanging the latest travel news and events from around the globe. The Purple Lounge casino and poker room has diverse appeal, attracting a varied range of players as well as bridging the gender and age gap, appealing to both men and women. Since the launch of Purple Lounge in November 2005, it has acquired thirty thousand registered players.
The company has also appointed top model Aylar as the new face of Purple Lounge.
On-line gambling success for Purple Lounge
- Angelica Mathews
- October 2, 2006.
Press Release - 02 October 2006
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Newegg.ca - A great place to buy computers, computer parts, electronics, software, accessories, and DVDs online. With great prices, fast shipping, and top-rated customer service - once you know, you Newegg.
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Newegg.ca - Computer Parts, Laptops, Electronics, HDTVs, Digital Cameras and More!
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The S1 mobile LED projector is designed for your on-the-go life. At just 1.18 inches (3cm) tall and weighing 0.75lbs (342g), the S1 Mobile LED Projector is the perfect portable projector for mobile professionals who need to travel light, so you can take it with you wherever you go.
Its built-in rechargeable 22Wh battery gives you up to 3 hours of cable-free projection time - that means you're free to set up the projector wherever you want without having to worry where the nearest power socket is.
The S1 can also serve as a 6000mAh power bank to charge your mobile devices even when the S1 is off.
With a best-in-class short-throw ratio, the S1 Mobile LED Projector displays a 41-inch diagonal projection just a few feet away from the screen – this lets you turn any large flat vertical surface into a display, and makes it perfect for presentations in confined spaces.
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The S1 has an HDMI / MHL port that is compatible with various IT, multimedia and mobile devices. HDMI ensures compatibility with laptops, media players and game consoles, while the Mobile High-Definition Link (MHL) lets the S1 project content from an MHL-compatible mobile device while simultaneously charging it.
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Category:New Trier High School alumni
From Wikipedia, the free encyclopedia
Alumni of New Trier High School, including the former New Trier East and New Trier West High Schools, in Winnetka and Northfield, Illinois.
Pages in category "New Trier High School alumni"
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New Jersey Supreme Court
Decided: May 4, 1934.
THERESA E. TONER, PETITIONER-RESPONDENT,v.INTERNATIONAL ASSOCIATION OF BRIDGE, STRUCTURAL AND ORNAMENTAL IRON WORKERS AND LOCAL UNION NO. 350 OF ATLANTIC CITY, RESPONDENT-APPELLANT
On appeal from a judgment of the Supreme Court, which affirmed a judgment of the Atlantic County Court of Common Pleas, on appeal from a determination of the workmen's compensation bureau. The Supreme Court based its affirmance on the reasons expressed in the opinion of Judge Smathers in the Court of Common Pleas, which opinion reads in part as follows:
For the appellant, Andrew F. Zazzali.
For the respondent, Louis M. Mallin.
The judgment under review will be affirmed, for the reasons expressed in the opinion filed in the Atlantic County Court of Common Pleas, ubi supra.
For affirmance -- THE CHIEF JUSTICE, TRENCHARD, PARKER, HEHER, VAN BUSKIRK, KAYS, HETFIELD, DEAR, DILL, JJ. 9.
For reversal -- THE CHANCELLOR, LLOYD, PERSKIE, WELLS, JJ. 4.
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Feeling nostalgic? You can still shop at our old website for a limited time by clicking here.
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Thank you for your interest in our adoptable animals. If you would like more information about this pet, see the Shelter information below. We would love to help you rescue a perfect pet!
Elijah's strong facial features hint at an Oriental short hair ancestry. This handsome little fellow, only about 6 months old, is just a doll, especially in the gentle way he snuggles with his equally adorable sister, Lizzy! Elijah and Lizzy were found on Northlanding Blvd on September 29 and brought in to the shelter.
Come meet him and his sister today (closed Tuesdays) and perhaps you will find them snuggling up high in our small colony. They seem to really love each other so if you are looking for a bonded pair of kittens, Lizzy and Elijah would be ideal! #1609-1683
Virginia Beach Animal Care & Adoption Center has wonderful pets available for adoption. As of December 6, all animals are now at the new shelter at 341 Birdneck Road. The former shelter on Leroy Drive is now closed. If you have lost a pet, please visit the shelter in person and often as lost animals arrive everyday.
Contact Information:
Virginia Beach Animal Care & Adoption Center, 341 Birdneck Road, Virginia Beach, VA 23451 Phone 757-385-4444 (x 2) NOTE: In order to help process your request for information faster, please refer to the animal's intake number, shown next to the photo, rather than the name. This will assist us in locating the information about the animal you are referring to. All our animals are up-to-date on vaccinations and if unaltered, the animal will be spayed or neutered prior to adoption. You do not have to be a resident of Va. Beach to adopt a pet. Please visit these wonderful animals today!


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NSA stands for No Sense of Humor
The NSA: The only part of the government that actually listens. The NSA seal is protected by Public Law 86-36, which states that it is not permitted for "…any person to use the initials 'NSA,' the words 'National Security Agency' and the NSA seal without first acquiring written permission from the Director of NSA."
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eg Pyramids, tigers, Angkor Wat etc
Here are a few words from past travellers about their holiday experiences with us. There are plenty more - just browse to the destination you are interested in to read more traveller reviews
Hi Caroline
Well that's a month we have been back from India, and still taking in what an experience we had.
Many thanks for your sound advice on a private tour for our holiday.
It had the best of both worlds for us, being able to go at our pace and also being part of the larger group in the evening.
There is not one thing I could fault about the holiday, yip not called on the go tours for nothing.
Nearing the end of the holiday there were a couple of folks who said they would have liked an afternoon at the pool but I for one felt that you can do that anytime and just enjoyed soaking up the sights and sounds of India.
Nothing prepares you for India, of course over the years conditioned by the media you expect to see abject poverty and slums.
Not a bit of it, a beautiful country with beautiful people, the biggest memory I will take away with me is the people and how graceful and mannerly they were, quite humbling.
All of our guides and drivers were superb and being on a private tour I truly believe we got to find out so many more things about the country people and culture.
For instance begging, it turns out the government pay for two school uniforms per year and school dinners every day for every child. It's the parents who keep them out of school and send them out begging
Special mention to the tour guide with the larger party, Satinder. What a great guy, he included us in all of the evening activities and nothing was any trouble a real gentleman and a huge asset to your company
Our driver for I think six days was amazing. Evelyn is a nervous passenger (maybe it's my driving)but he navigated the chaos of the Indian roads with ease an absolute pleasure to have met him another huge asset to your company.
Many thanks for sorting out the move to the Red Fox it was a huge bonus being so near to the airport for our departure, if we had been at the Piccadilly and due to the Diwali festival we would have had an hour and a half drive to the airport. For the life of me I cant remember the drivers name!
Thank you for the great lines of communication during our planning and even on holiday very reassuring to know you are in safe hands
Best wishes to you and the team, hope you have a great Christmas
Hi Charlie,
You will be pleased to know that we got back safe and sound from SA.
We have had a tremendous holiday and have stayed in some fabulous places. The Illala Lodge at Victoria Falls is without doubt the best hotel we have ever stayed in. The Falls and the Game Lodges were wonderful with lots of wildlife. The Zululand battlefields were really brought to life by our guides who were also our hosts.Finishing off on the Garden Route and Cape Town was also fabulous.
We can't thank you enough
Mark Fujishige was fantastic and we had some great conversations with him about Japan and he was able to tell us so much. We enjoyed his company for the whole tour. Tour was well paced & loved the hotels.


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Settlement Reached Between Ozzy Osbourne's Ex-Mistress Michelle Pugh + Daughter Kelly Osbourne
Ozzy Osbourne's daughter Kelly was sued by his ex-mistress Michelle Pugh and now a settlement has been reached.
KISS' Paul Stanley on Music Streaming Revenue: Artists Don't Get What They Deserve
KISS frontman Paul Stanley has said artists don't get what they deserve from streaming services like Spotify.
Listen to Metallica's 'Hardwired' Played With Tones From Band's Classic Albums
Metallica's new song 'Hardwired' had fans hailing it as a return to form. Listen to the track played using tones from their first five albums to truly find out.
Devin Townsend Project Dish Out New Song 'Stormbending'
The Devin Townsend Project have released 'Stormbending,' the third single off the forthcoming 'Transcendence' album.
25 Nastiest Rock Feuds
There's been plenty of rockers who have clashed over the decades, so click through the gallery to see the 25 Nastiest Rock Feuds.
Former Threat Signal Drummer Norman Killeen Passes Away
Ex-Threat Signal drummer Norman Killeen has died at the age of 38.
Megadeth Pull Out of Paraguay Gig Mid-Show After Fans Break Barricades
Megadeth withdrew from their Paraguay show after seven songs when fans broke all three barricades which were held together by string.
Early Black Sabbath Memorabilia to Be Auctioned Off in Fall
A lot of early Black Sabbath memorabilia is set to hit auction in late September.
Jason Newsted Reflects on Metallica's 'Black Album': 'The Floodgates Just Opened'
Jason Newsted reflected on the 25th anniversary of Metallica's legendary 'Black Album,' saying 'the floodgates just opened' when the album was released.
Rob Zombie's '31' Film Coming to Select Theaters for One-Night-Only Special Event
Rob Zombie's newest horror film, '31,' will be getting a one-night-only release in select cinemas as part of a special event with extra features.


text: Good morning, Jeff, On Sun, 7 Jan 2001, Jeff Dike wrote: > daw@... said: > > If you just use a TCP client that doesn't send telnet protocol > > characters, such as netcat (/usr/bin/nc), this should work. > > Ok, I didn't know about netcat. I'll check it out. I've got an "introduction to netcat" article at: http://www.linuxmonth.com/issue4/articles/netcat/netcat.html Cheers, - Bill --------------------------------------------------------------------------- /* * Leonard, I'll tie you, draw around you a pentagram * and read this file. Aloud. */ - from kernel 2.3.40-pre6's drivers/block/DAC960.c -------------------------------------------------------------------------- William Stearns (wstearns@...). Mason, Buildkernel, named2hosts, and ipfwadm2ipchains are at: http://www.pobox.com/~wstearns LinuxMonth; articles for Linux Enthusiasts! http://www.linuxmonth.com --------------------------------------------------------------------------


text:
Today's Devotional
Run with It!Jesus is the author of life.
Top Christian Music Videos
georgeemad's FavoritesBack to georgeemad's channel.
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preached to about 5,000 youth in a day when youth
are appealed to through shallow and worldly means.
At one point in this sermon the 5,000 Youth are
clapping and yelling BUT THEN the preacher ...urbanreformer12008-03-17T00:00:00859,678 views00:58:59
- Amazingly Inspirational - Tony MelendezTony Melendez, english subtitles, vd.selfip.comjuvdm2008-03-17T00:00:00133,841 views00:05:59
- Logan, The Sky Angel Cowboy(A FrankLozano.com Production) We have had a lot of requests to replay the phone call that Pastor Mike shared during our church service on Sunday, Nov. 11th, 2007.
Here you'll find the video clip that was created just for you. We've placed the...fr8nklozano2008-03-17T00:00:00731,046 views00:02:24
- Cardboard TestimonyReal people, real life, real love and forgiveness and healing.hillsidewired2008-04-06T00:00:00323,560 views00:07:58
- Thats My King - IgniterMedia.comThe late S.M. Lockridge once presented an incredible message, describing our God and who He is. Though God can't be described with just words, this is as close as you can get this side of Heaven.
Buy Now: ignitermedia2010-10-01T23:08:42224,008 views00:03:42
- Coffee With Jesus - ChurchFuel.com
What is prayer? When you pray, who does most of the talking? Do you ever let Jesus get a word in? www.churchfuel.comchurchfuelplace2010-10-01T23:15:43115,750 views00:02:11
- Battle for PurityTestimonies to the need for purity within mens lives and how they are getting help in that struggle through the National Coalition for Purity. www.puritycoalition.orgpurityguy2010-10-02T00:02:204,005 views00:05:30


text:
TAV VS-SP: Dogfight
Latest posts by Jason (see all)
- Transformers 5 Shooting is a Wrap!Trailer Coming! - December 4, 2016
- New Pic of LG-41 Lioconvoy! - December 2, 2016
- E-Hobby Magna Convoy! - December 2, 2016
As one of those Transformers fans that missed out on the latter part of G1 toys and almost all of the comics, Dogfight came to me as a non-entity. He was so much of a non-entity that I didn't even realize he was in IDW's More Than Meets the Eye until I looked him up on the TF wiki AFTER getting […]Continue reading »


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Hotfrog INDIA provides information regarding Premier ENT Clinic in Faridabad Haryana. Premier ENT Clinic is located at 231, Shubham Plaza 2nd Floor, Faridabad Haryana 121001 and provides Healthcare services. Contact them on 0129 229 1173.
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Plot No 28 Sector-27A FARIDABAD Haryana 121002
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149 sector 9 huda market FARIDABAD Haryana 121006
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Nearest station to The Good Earth
Location map of The Good Earth
Underground Stations
Pelham Street, London, South Kensington, SW7 2NB
6 mins from The Good Earth
1 Brompton Road, London, Knightsbridge, SW3 1ED
9 mins from The Good Earth
Sloane Square, London, Belgravia, SW1W 8BB
12 mins from The Good Earth
Mainline Stations
Terminus Place, London, Victoria, SW1V 1JU , Underground lines: District, Circle, Victoria
20 mins from The Good Earth
Praed Street, London, Paddington, W2 1HQ , Underground lines: Hammersmith & City, District, Circle, Bakerloo
29 mins from The Good Earth
Hotels near The Good Earth
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The London Borough of Kensington and Chelsea
Kensington and Chelsea Kensington and Chelsea is renowned for its thriving, cosmopolitan atmosphere. The borough has many famous shopping areas including the King's Road, High Street Kensington and Knightsbridge, home to Harrods. Escape the crowds with a stroll through one of several beautiful parks or visit one of the area's many amazing museums, including the Natural History Museum, the Victoria and Albert Museum and the Science Museum. Other attractions in the borough include Kensington Palace - former home of the late Diana, Princess of Wales. In the South-West of the borough is Notting Hill, one of the most attractive parts of London and home to Portobello Road Market and Europe's biggest street party, Notting Hill Carnival, which takes place at the end of August.
Hotels Near
The Good Earth
What's On Today
Near The Good Earth
The Imperial Ice Stars: Nutcracker On Ice
Dance | Until 2nd January 2017
Hyde Park 1.86 miles from The Good Earth
They've enjoyed sold-out seasons at the Royal Albert Hall and now The Imperial Ice Stars bring their version of The ...More
Winter Wonderland Open Air Ice Rink
Seasonal | Until 2nd January 2017
Hyde Park 1.86 miles from The Good Earth
Don your skates and glide around the glittering ice rink set within the hugely popular Hyde Park Winter Wonderland which ...More
Hyde Park Winter Wonderland
Seasonal | Until 2nd January 2017
Hyde Park 1.86 miles from The Good Earth
Throughout late November and December a large area of Hyde Park near Hyde Park Corner is transformed into a Winter ...More
Harrods Christmas Grotto
Kids Events | Until 24th December 2016
Harrods 1.95 miles from The Good Earth
Visiting Santa's Grotto at Harrods is a long-standing tradition at the luxury Knightsbridge store. Little ones can meet Father Christmas ...More
The Rat Pack Christmas Show
Theatre | On 3rd December 2016
Cadogan Hall 1.98 miles from The Good Earth
A festive musical show with Stephen Triffitt as Frank Sinatra, Mark Adams as Dean Martin and George Daniel Long as ...More
The Children
Theatre | Until 14th January 2017
Royal Court Theatre 1.99 miles from The Good Earth
Two retired nuclear scientists enjoy a peaceful, uncluttered existence in an isolated cottage by the sea until an old friend ...More
The Sewing Group
Theatre | Until 23rd December 2016
Royal Court Theatre 1.99 miles from The Good Earth
A woman arrives in a rural village in pre-industrial England but the close-knit community soon begins to question her motives ...More
Chinese Afternoon Tea at Harrods
Foodie Events | Until 25th April 2017
Chai Wu Harrods 2.01 miles from The Good Earth
An eastern twist on the traditional afternoon tea, Chai Wu, the elegant Chinese restaurant on the fifth floor of Harrods, ...More
Chelsea Christmas Shopping Weekend And Gourmet Gift Market
Seasonal | Until 4th December 2016
Duke of York Square 2.14 miles from The Good Earth
Community & Lifestyle, Christmas/Xmas Lights....More
Duke of York Square Christmas Lights
Seasonal | Until 23rd December 2016
Duke of York Square 2.14 miles from The Good Earth
Duke of York Square, a lovely pedestrianised area just off Sloane Square, gets in the festive spirit with a day ...More
London Hotels
From cheap budget places to stay to luxury 5 star hotels see our deals for The Good Earth hotels, including The Stafford London Hotel from 63% off.


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Gray Calfskin Paratay Medium Tote
(Never Carried)
Product Details
Authenticity code: Chloe
Authentic: New
Double top handles, 5" drop Detachable shoulder strap, 14" drop Top-zip closure One inside zip pocket Fully lined 15"W X 10"H X 6"D Made in Italy
- Exterior: New
- Interior: New
- Description of Interior: Textile Lined
- Interior Pockets: One zipper pocket
- Color: Gray
- Hardware Description: Gold Hardware
- Material: Calfskin
- Width: 15 in.
- Length: 6 in.
- Height: 10 in.
- Handle Drop: 14 in.
Product Code: 5005005
All photos are of actual item being sold. This Chloe® item is guaranteed to be authentic. Chloe is a registered trademark of Chloe. LuxeDH is not affiliated with or represents Chloe in any way or form.
All pre owned designer handbags come with a white LuxeDH dust bag. New with Tags items come with original tags attached and original designer dust bag, if applicable.


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This sweet little girl is Fatal, 3/4 of the military gang. Don't let her name fool you, she's actually a chicken. She is a 2 month old heeler mix with the biggest heart. She's a little shy at first but loves being held and loves belly rubs. She's a puppy so she will need help learning to potty outside but she's been learning very quickly to not go in the house. She loves to play and would be the perfect addition to any family.
Top Reviews
this dog is adorable i toatlly want hopefully i can get the money
Love him i toatally want him!!!!


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Thanks for another rad year at @liveatlakeview . Last night was our last night at the beach. If you still want to come check out our products, come by our shop in Meyers or grab something on our website.