text:
Old National Bancorp (NYSE:ONB)
Annual Shareholders' Meeting Conference Call
May 9, 2013 10:00 am ET
Larry E. Dunigan - Chairman
Robert G. Jones - President and Chief Executive Officer
Larry E. Dunigan
Good morning. Welcome to the Old National Bancorp Annual Shareholders Meeting. We're really pleased you could join us today and special welcome to those who are connected over the Internet. I'm equally glad to have you with us also.
I'm Larry Dunigan, Chairman of the Board. I think I see some retired executives in the audience, so I would like to take just a minute to introduce, if I may. (Inaudible) President of the Corporation a few years ago. You can see Wayne Henning. Wayne Henning retired as a Senior Executive Vice President of Apple Inc., retired lot of people call on Spielo International. Thank you for being with us. We appreciate it.
We have our three proposals and a proxy this year that required shareholder votes, election to Board of Directors, non-binding advisory proposal on Executive Compensation and ratification of our independent outside auditors are following. What I like to do is to take each of those proposals one at a time, but first Jeff Knight, our Corporate Secretary advice and he responding that those have been cast often notice to each shareholder advising on today's meeting, but there is a quorum present necessary to conduct today's meeting. And as more than majority of these outstanding shares, we cast for these three proposals for these three proposals. Starting with the election of the directors, I am enormously pleased to announce the each director has been elected for this coming year. If I may, I would like to take a moment to introduce each of these directors, so you get a chance to see them as I get to see them all the time.
Alan Braun. Alan is Chairman of the Finance Committee, it's a fairly new committee that was started about two years ago and it looks at the budget for the corporation, it looks at monthly financials, it looks at quarterly financials, and a very busy committee, and Alan does an outstanding job as a person of that committee. Myself, I'm Chairman of the Corporate Governance Committee. Niel Ellerbrook. Neil is Chairman of the Compensation Committee; a committee that looks at compensation for the entire corporation, another committee that has a lot of responsibility and takes a lot of time. Andy Goebel. Andy is Chairman of the Audit Committee.
As you can imagine, a company this size and all the additional requirements that continue to come down from Washington D.C., that is a committee that keeps us all busy, busier than we like to be often times. Bob Jones, and you will see Bob, who will come out in just a few minutes. That's Phelps Lambert, Phelps is the Chairman of the Funds Management Committee, very complex committee, it looks at the funds of the corporation and how best to invest them. Art McElwee, and our newest director Randy Shepard, [Audio dip] Kelly Stanley, Kelly is a Chairman of our Community and Social Responsibility Committee. Committee that's responsible for each of our area that we have banking locations. And Linda White, Linda is a Chairperson of our Risk and Credit Policy Committee, Committee that has very long arduous meetings with a lot of complex issues that she has to deal within her committee.
Thank you all very much. I know, I have said this before and I can't say it enough, I am so enormously fortunate to be able to serve with these confident and outstanding individuals. It's a real life's pleasure for me to be able to do that.
Last November, Marjorie Soyugenc, former Director lost her by pulmonary illness that she had got for years. Marj had been a Director for 19 years in the corporation. She has been a Chairperson of the Social Responsibility Committee. It's a committee that she dearly loved and did an outstanding job on that committee. It was one that she was really uniquely qualified to be the Chairperson of that because of her experiences President of Welborn Hospital, and President of Welborn Foundation.
When I think Marj, I think if someone who had a keen and reluctant, who was able to always get right to the point of an issue and ask the right question at the right time. I guess the (inaudible) I think Marjorie is a dignified and first class lady. For us Marjorie is a Director. We will really miss her most of us as of. The two remaining proposals that were in your proxy that required shareholder growth is the advisory non-binding proposal on Executive Compensation and the ratification of Crowe Horwath, as your outstanding independent audit company before our corporation.
I'm pleased to say that both of those proposals asked and so what includes the business portion of our meeting this morning. So I will adjourn the business portion. And a couple of other things I would like tell you chat with your about, one is just a couple of things that you will be really pleased to know if you hadn't already heard. Institutional Shareholder Services better known as ISO, is an independent non-profit proxy advisory firm that looks at the proxies of 100s and 100s of public corporations, really bow down into these proxies and they take a look at each one who have executive compensation would make up shareholder risk and the audit function of each company and there is s a turn, risk of companies two the shareholders in that company.
Those kind of offer the rating, those kind of offer the rating goes between one which is a best way keeping here which means you had the lowest risk as any other companies they look at all the way up to 10, which is the worst you can get and the most risk, million other way to say it's GE Money, 911 because we are in deep trouble.
And believe it or not when we looked at the 32 peer banks that we always compare ourselves to in regard to business issues throughout the whole year. The average for those peer banks, the average four was 5.42 versus our 1, and they were three of those banks that had 10.
I think that gave you some idea of how far we are of another one score. I think the year in a row from national banks then designated as one of most asset sales companies in the world.
We are in only 142 companies with this designation throughout the world and there is only one bank in the United States with this designation (inaudible). I can't – it's hard for me to understand the significance of the honor it is for your company to have this designation of one of the most ethical companies in the entire world. I conclude my presentation this morning, before I want to take just a quick moment to say thank you. Thank you for your support, loyalty and thank you for being shareholders with Old National Bancorp. My pleasure now to introduce to our President and CEO, Bob Jones.
Robert G. Jones
All these days, I'd like to be inside the room when we had the business portion, so I can really see what's going when my (inaudible) sometimes. Let me begin by paralleling Larry's remarks and thanking each and everyone of you for your support and thank you for being here. It's not always first time you think I'm going to go to a shareholder meeting. But we do deeply appreciate your support and for those of you joined us on the internet, we appreciate your support as well. And I'll just I guess, for one second; Larry does a wonderful job of thanking the board and thanking all of you. Let me on behalf of the Board and management thank you Larry for nine year of a tremendous job as our Chairman, 30 plus years as a Board member. I've said it before, we would not be here today if it were not Larry Dunigan. So Larry on behalf of all of us, thank you very much.
Is this our history with this meeting? We always start by recognizing the most important assets we have as a company and that's our people. Last year your associates volunteered 93,000 hours in your community. It really made a difference. Last year, your company was awarded the volunteer match award which identified the best employee volunteer program in the country. I think that's a real testament to your associates. They do a tremendous job and they make a real difference.
Today, I'm going to recognize four individuals who are kind of symbolic of everybody in the company and I'll begin by recognizing Wayne Henning, volunteer of the year award winner. Wayne, I told you two things. You are supposed to sit next to the person that wins the award and you are supposed to smile. Mr. Old National, that'd be quite good, but anyways. Larry introduced Wayne and I think everybody here in Evansville clearly knows Wayne Henning. He is Mr. Old National. Wayne is the first one that calls when we do something good. He is the first one who defend us when it's not so good. He still believes doing well and he is truly Mr. Old National.
In every year we like to recognize somebody that is kind of symbolic, kind of represents Wayne and this year we are proud to recognize Sam Taylor. Sam is here with his wife Lea, over here in the right. Lea, in my family I know that my wife does most of the work. So you could see stand with him if you want it. You're like my wife, she wants to hide in the corner. So, yeah. Sam is a branch manager for us in Owensboro, Kentucky. He himself volunteered 360 hours last year mostly focused on financial literacy. His goal in Owensboro is to take those folks that maybe don't have a good of graph for the financial mechanics of banking and saving and budgeting and all the things that are important to lift the most needy out of the challenges of poverty and he has taken upon himself to make that change. So Sam, thank you for all you do and I appreciate your efforts in Owensboro.
Next is our leader of the year. This is an individual that we think embellishes all the great characteristics of leadership that we like at Old National, represented by many of our board members and really folks that do make a huge difference for us. This year we are pleased to recognize Dan Doan. Dan is here with is wife Debby. I would describe Dan as a quite leader in storm. Every tough project we have, every challenging market that we have, we call Dan. So with this over 30 years, he has probably taken on every difficult task and done it with great results. Dan is in-charge of our markets in Terre Haute, Muncie, South Bend, Elkhart, Mishawaka, Columbus and Bloomington and does just an outstanding job in a, one of the best moments in my carrier is when we named, Dan as our leader there and I got to look back because this is only a few listener to winner, he just dropped his head and tears started rolling down. (Inaudible) shows the passion that he has with this company and we have for him, so Dan congratulations. That is our one vision CEO winner, this is the person that really represents the vision of the company, which is the BBBank in our local market. This year we are proud to recognize Herb Clickner, served as here with his wife Wanda.
All of those who read about the terrible Tornado in Harrisburg, Illinois ion February of last year. The first person on the seen was 5 in the morning was Herb Clickner. I spoken to Gregg and he said at the 11 Herb Clickner, I don't know how we did gotten through this. We – our own building was damaged. Herb stood there dialed the overall money and he was safe, don't worry, but we are going to make sure everything was taken care of. Herb organized our associates. Every weekend we would have folks are walking and cleaning and doing all the things was so important to make a difference in Harrisburg. And Herb, thank you for all your leadership.
Governor Pat Quinn, State of Illinois just recognized throughout the last week for the volunteer award, we are the only bank recognized, so Herb, thank you so much for your leadership. We really make for national special work team here. Every year, we like to recognize a team that has really made a difference in their community and this year we are pleased to recognize the team from Lazio markets and represented by Bob Smith, our Marketing President and Monica Philips, our Sales Manager in charge of our branches.
Our Lazio team adopted a program called WAC, Watered Adventure Camp for kids; it is the weekend camp for children with disabilities that allows them to go out and be in activities in the water whether its swimming or other activities, water skiing, (inaudible) a very small charity and they received a donation from us from our foundation for their efforts that they have given our money to WAC as well, so Bob and Monica thank you so much for our course. Again a round of applause for all our associates.
It is now my pleasure to kind of give you a glimpse backwards of 2012, first quarter of 2013 and refresh our strategy in your mind as a shareholder and I let you know how your company is doing. Again throughout my presentations, I may make statements that will be forward-looking in nature. I will identify these by words like would, could, should. They are our best estimates today, but in today's economy and today's challenges I can't guarantee what I would say will necessarily come true, we will do our best, but it is an ever evolving world.
Let's think about the banking landscape in 2012 and I could change the topic of slide and say 2013 since it hasn't changed a lot. What we see is a very slow recovery in our economy. GDP last year averaged about 2%, not grade better than the negative that we had during the deep recession, but we are starting to see some recovery in our outcome, its not significant, but it does present challenges for banking, or you see it everyday and all the banks they continue to have some challenges. Interest rates, they're your friend as a borrower, and now our friend as a bank, our low rates challenged the bank, even more of a challenges a yield curve that looks something like this. Our reserve is tipping low interest rate to almost zero, tenure yesterday was about 170, 176, very tough for banks to make money on a yield curve, it looks like that. So that presents challenges and you saw that a lot in the first quarter and lot of banks that release in the margin continue to get compressed.
Regulatory changes not less what we have affectionally called flat Tony, a flat Tony is Tony Aylsworth, who is our Head of Compliance, Tony is 5 ft 8, Tony has got 4 ft 4 of compliance changes thus from Dodd-Frank. In one year that's just non an accumulation, this is what Tony and his staff deal with in one year, I took this today, we would pass flat Tony, and I will tell you folks is probably twice as much as that coming, it cost you - a shareholders got some money for us to do this, but Mr. Dunigan said early on we are in a speed of transparency in doing things right all the time.
We have taken a very proactive approach to make sure we doing it right, but again this is the challenge and this is real change, imagine smaller banks dealing with this same thing, they don't have flat Tony, finally not a critical statement but clearly the Washington environment is difficult we are not seeing a lot of – bill get passed and we are not seeing a lot of leadership and we get a side of (inaudible), its present the real challenge particularly for bank. We would like to see some changes in that bank and return something we discussed to bring up the big bank. The variety of (inaudible) there was lot of small banks that was national and the other banks are approved in that part of the process and we are clearly paying the pain for it. And Jeff made a government relationship, does a great job of trying to educate our legislatives. It is a young cast and we will continue to try to do it but it's got its challenges.
We are always responsible to really consistency. For all of you, I can look at capacity room and seen many people have being a lot of hanging. Once I promise you, because you are not going to get a new strategy today. We believe very firmly in our strategy and we are consistent which is, we are just an old fashioned basic bank. We are growing, we are growing today. You don't do as well in the high growth economy, low growth challenging times, we outshine everybody. We believe that's like politics, at overtime you win. Our strategy is we bring in deposits in Harrisburg. Bring in deposits and carbon, you end on money in carbon. Having money announced building on that money announced. It's into those sales of those markets, we make a difference and that's how we make our money.
Old fashion, it's another George Bailey bank and Bailey has been a wonderful bank and that's the old fashion bank and that's what we believe and that's what your board affirms. I think it's a real testament to our boards of course to a distinct what the strategy. We got three strategic comparatives since 2004. First and foremost is to continually improve our risk profile. Banking at the end of the day is really how about managing the risk. We push you to make good loans; we're going to take a lot of losses making sure you don't take a lot of interest free risk.
You don't expend the durations, staying around quite risk, all about managing risk. We invest heavily in the risk management, it makes a difference for your company. It's not the sexiest thing in the world, but over the long-term, it's going to make a big difference. Next is, you're all about management discipline. How do we use your money as a shareholder? We use it properly to make sure you get the best return by doing what's right with the dollars to give us in capital. Are we taking the expense money in doing what's properly would be defensive? Doing things for the long-term and making sure that we can make a difference.
We finally add commitment to you and you're free to take imperatives is really consistent quality earnings. We want to make sure what we provide you as a shareholder is there for the long-term. We've also been working very hard over the last 8 plus year to realign our franchise to move from some of our lower growth markets and invest in some higher growth markets. It really allows us to get a little bit of growth trajectory as a company and to build market share.
In the date, banking is again managing risks, but it's also by market share. The new and dominant bank like we are in Harrisburg or Evansville, (inaudible) market, it makes a difference because you generally get that first aid bag on about every credit you want to look at, you have the ability to get most of the opportunities; market share doesn't make a difference and we work really hard. A good definition of that landscape of what we try to change, if you look at the colors and I don't expect you to be able to look at all this, but over the last eight years, we have consolidated or closed over hundred branches.
It looks like markets, we had looked at opportunities, we've looked at customer behavior and said, there is a different way to serve this client, a better way to serve the client or this is a market that has clearly changed and we consolidate over 100 branches. We've looked at markets and said you know our model just doesn't work here or we don't have enough presence in this market. In Illinois we had one branch, hard to compete with one branch. But still Tennessee, we didn't have many branches, awfully hard to compete. It didn't [work] our strategy although when we acquired Integra branches, [Bancorp] branches now (inaudible) when our company unlikely the another bank in country, another one in Chicago.
When we see the big restaurant being payment but must be the physical banking market in the country. Leading one in Chicago. And finally data number of acquisitions in hard of those markets. Requiring banks in [Southern] increased our presence in Indiana plus increased our presence in Bloomington so when the Number 1 market share we brought a bank in Columbus Indiana and we have the Number 2 of the lot of traction in the great market so. We try the even best of [directors] from though sale from consolidations in the better growth market. This is the map in 2004 you can see a heavy concentration offers Indiana gathering upon Central Indiana in addition concentration around the monthly market. Daily bank with [site] much heavier concentration on the I65 quarter those growth markets of Columbus, not it's the Bloomington, heavy investment in Northern Indiana a recent announce the acquisition in Southwest Michigan I talk about a little bit. you can see the franchise is change to dramatically.
And, I think is part of leaving you're seeing the stronger earnings of your company. You think about the landscape think how you done that, what are the taxes crashed in 2012. Thanking one and one when focused on core net income after we make more money for our shareholders, also provide more value to our shareholders by (inaudible). Term loan going down interest income to our insurance, so it was investment area service charges how will make more money and if the same time moderate expenses of cut not reduce and not the way of and how do you moderate your expenses and make sure we can make more money and in secondly we have a confident, real confidence in doing mergers and acquisitions and it has worked very well for us.
Only need to look at Bloomington, Indiana as a great example where it's worked very well. We've gone from an all-terrain in Bloomington to the dominant bank in Bloomington. A year ago in Bloomington we generated about $600,000 in commercial loans. This last quarter was over $20 million in commercial loans. That's what market share does to you, that's what our ability to do mergers and acquisition has done to create long-term shareholder value for you. Larry mentioned Alan Braun. Many of you in Evansville will Alan. A part of the responsibility of Alan's Finance Committee is to look at our M&A and make sure we are bidding right, we are doing what's right for the shareholder. Any of you who ever had the pleasure of dealing with Alan, I can guarantee that everyday he is looking out to your need as a shareholder and there is no one better making sure we are doing right on the financial stand.
So how do we do last year? We had net income of $91.7 million, it's the highest year company's earned since 2002 with a 26% increase over last year. Please remember last year in 2011 we had a 90% increase over 2010. So clearly the trajectory for earnings has gotten significantly better for your company. Loan growth is 7% in our organic loans. One the challenges that we had in the early part of 2004 through 2010, we couldn't grow along, part of that was the recession, part of it some changes we had to make in our delivery model. So we didn't do a great job of growing loans.
Last year we originated almost $1.8 billion in loan, the highest amount of loans in anyone's memory of origination and again just a great effort by all the folks in our field.
A return on year equity 8.34, the highest since 2008 and probably the number I look at it a little more return on assets and that was 104, which is the highest since 2003. But clearly your company had a very strong year last year, the growth estimates to the associate that are here in this room. I'm sure that some of you are sitting (inaudible) grew strong, you do in town, credit crisis as you know this kind of environment passed once before. Last year our net charger offs was 17 basis points, $0.21, best in your company since 1999.
So we didn't sacrifice credit quality for the growth and we will tell you that if you go back to that first strategic imperative that forth. I left the room and ask the folks that you get lending of credits I understand our cultures, we are conservative to provide your benefits, I believe not a lot of progress.
Also last year completed our acquisition of Indiana Community Banc in Columbus, Indiana. And we are now the number two in Columbus those who probably know the State of Indiana better than about anybody. So Columbus Indiana arguably is the best marketing in the state.
Headquarters of Cummins, great environment the unemployment rates below 6%. We have a lot of job growth in the Columbus and we got a great franchise with great people, we're very influenced by what we have in the Columbus Indiana market.
And again them (inaudible) I65 portal in a nice way for us. We also announced that acquisition of pending acquisition of the Bank of America branches at 23 locations going to double our presence in South Bend and Elkhart and add 20 locations in Southwest Michigan, media leverage at Michigan, Detroit. We are obvious, we are in the Southwest corner we are not close to Detroit and then a great Detroit for plenty of reason, I was born in Detroit in Michigan, but Southwest Michigan looks a lot like Columbus, Bloomington, Indianapolis and Evansville.
It is Indiana that's the choice, rate growth prospects I probably assume Michigan unemployment 6.1% it looks a lot like Bloomington. Our account having emphasis on health sciences having emphasis on economic development go all over Holland. There is an awful lot of growth and we have the real opportunity we believe to be (inaudible) bank in these markets because most of the banks have wealth. A large bank will say, we don't want to be part of Michigan, we are getting out of here and there is a lot of small banks we can come out and has real opportunity to be very successful and again to back an original point we have great people and the folks at Bank of America are going to fit in very, very well.
While I'll show you how your stock perform, this shows you a couple of things, one is we perform right about in the middle, a couple of points I'll make in the slide. This is very important to all of us, because this is how we did judge in our long-term incentive. 75% of our long term incentive is based on this chart, better our stock performs the more I get paid. I can assure that everyday I wake up 30 times a day I am checking the stock price. I know that the single most important job I have as a CEO, anybody else in this room, my associates go job to revenue, low income my job is to do this.
Last year right now 40% of the analysts have filed their stock by recommendation. I believe strongly and national the other 60% to hold you stock. Also as Mike mentioned, I think she is having (inaudible) who runs the Investor Relations program in the back of the room would gain on the top three Investor Relations Programs in the country were all small cap companies. And it's the world testament to the thing that really pass around the beginning about our transparency in doing what's right for investors. We are off to a good start in 2013, our first quarter net income grew 10% over first quarter of 2012 having the best use of the quarter as we go along 8.3% and also I've not probably talked about our pipeline continues to grow. In fact two of the most important on the company are here right now, because it has some loans to approved above and mostly who runs our bank and [Bill Morris] who runs our credit group are upstairs on the 8th floor we're doing a lot of credit. With a choice between dealing with you, approving deals and (inaudible) I made the choices as to approve loans and make money. Our answer to credit question if we have any.
Very important to have them in albeit of the recession, and I mean this is another point. If you think about the growth so we talk about the loan originations last year $1.8 billion our originations in the first quarter 2013 were up 69% in the first quarter of year ago. Some are the reflections of the comment and probably more reflection of that market share which were talking about and also the quality of our people. We're really after this, (inaudible) world that are really making a difference so that's good.
Management expense under (inaudible) leadership is been well controlled and again income first quarter up 10%, so I think that's a real sound story. Unfortunately the market didn't react as well as you'd like. We always hate this first quarter announcement because you know I am going to stand in front of you and talk about this. So you know we touched the stock price off and the analysis on the private equity and (inaudible).
So this is our performance for the first quarter, we're actually too late to close with our peers and we feel to stick to a point. The market had a bit of a negative reaction learning a lot of complexity in this company earnings has now or FDIC public loans and all these things jumped and it's difficult to understand. But once the gap understand, as we put this slide up as of yesterday for almost a tier level again.
I said I hit the rain change the slide but that's not the way we do things in this company and it's probably lost every time, but probably before the annual meeting. It started off probably between next years annual meeting and we hope that it will get back. But again we are all disappointed, frustrated with the action of the market. We've done a lot of education posts during, I think you've seen the last few days, our stock had come back.
Cash yield linear stock slight above 3 or 3.26. We did get about 10% increases in the dividend this year, again right in line with our peers in terms of the dividend. Again, if you back to the first slide we talk about consistency. You've heard me say long-term a lot. I think the best way to look at your company as a shareholders is really to look at the value overtime and this is a five year look at your stock performance where the blue line that's relative flat, as you look at this versus the two bottom line the green and the orange, that would be the F&L bank peer group and would also all the New York stock exchange financial institution so, over five years, we have out performed banks. Again, it's a longer deal. We all understand the value of our share price. We all are significant holders can see over five years we have outperformed banks again as a longer view, we all understand the value of that share places.
We all are significant holders of your shares as much as you are, so we understand again, I think this is a good way to look at that. Now this is your meeting. This is your opportunity to ask whatever is on your mind and we will answer the questions or if you just statements you want to make, please feel free. We've got microphone. All we ask is that you use the mic because we want to make sure that folks on the internet can hear – the questions not always repeat itself. Questions, comments?
Larry E. Dunigan
Hey, there's reflection up stairs on the eighth floor I will be there. So if you didn't feel like that you wanted to ask a questions here, gladly, I'll have the name tagged on. If you don't recognize, I've got the pink tie, I'm the guy with the pink tie. But please feel free to ask me a question, very excited, I don't want to repeat it. Thank you very much for your support and we've come a long way with your guidance and you support and the future is bright for your company and it's because of you associated, because of the associates, because you and mostly it's because of the straight Board of Directors.
Thank you much for your time and efforts and we'll see you all.
Question-and-Answer Session
[No Q&A session for this event]
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subset: commoncrawl


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Executive Profile*
Stephen Lyle M.D., Ph.D.
Member of Western Region Advisory Board,Catalyst Inc.
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|This person is connected to 175 board members in 2 different organizations across 2 different industries.
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Mr. Stephen Lyle, also known as Steve, M.D., PhD serves as Vice President of Clinical Services and Laboratory Director at KEW, Inc. and served as its Molecular Diagnostics Lab Director. Mr. Lyle served as Lab Director of Predictive Biosciences; Medical Director of Catalyst Oncology; Laboratory site director for Ardais Corp. and as Harvard Vanguard Medical Associates. Mr. Lyle serves as a Member of Advisory Council at The University of Texas at Dallas The School of Management. ...
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New York, New York 10005
United States
Fax: 212-514-8470
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Alaska Air Cargo
Jason Berry
Managing Director
Alaska Airlines and Horizon Air are subsidiaries of Alaska Air Group. Together, the Seattle-based carriers transport approximately 118 million pounds of cargo annually, including mail and freight. About 23 million pounds of this is fresh Alaska seafood, which is transported to the Pacific Northwest and beyond each year. The airline serves 95 cities through an expansive network in Alaska, the Lower 48, Hawaii, Canada and Mexico.
Alaska Air Cargo: Delivering Quality for Over 80 Years
During its 80-plus year history, Alaska Airlines has distinguished itself as one of the most respected passenger and cargo carriers in the world. Its cargo division, Alaska Air Cargo, operates the most extensive air cargo network of any passenger airline on the U.S. West Coast. The cargo fleet includes five Boeing 737-400 combination passenger and cargo aircraft and one 737-400 all-cargo aircraft in addition to its fleet of 737 all-passenger aircraft. Beginning in the fall of 2016, Alaska Air Cargo begins its fleet renewal by taking delivery of its first 737-700 freighter aircraft.
Alaska Air Cargo offers unbeatable frequency to more destinations in Alaska than any other cargo carrier and serves more than 100 cargo destinations across North America. Of the 20 communities served in the state of Alaska, only three are connected to a road system. For these remote areas, air service is often the only major form of transportation and the primary means of receiving many of the goods residents and businesses need to survive.
With its premium GoldStreak™ service providing guaranteed same-or next-day deliveries, Alaska Air Cargo provides a critical service throughout its network. In 2015 the airline increased its maximum per piece weight to 150 pounds for its GoldStreak™ service. In addition, Priority and General Air Freight services are used extensively by freight forwarder customers and other shippers. Alaska Air Cargo is the first airline to require all cargo employees to go through an annual cold-chain training course to ensure that all perishable shipments receive proper attention. As a shipper of more than 30 million pounds of fresh seafood a year and other perishable goods, we take pride in our cold-chain handing abilities.
The company introduced several new destinations in 2015, including Raleigh Durham, New York-JFK, San Jose, Costa Rica, and Washington Dulles. The airline continues to see growth from a variety of West Coast destinations with new service from Orange County to Puerto Vallarta and San Jose del Cabo, Los Angeles to Baltimore and Portland to Fairbanks, among others. Hawaii is served daily with 22 nonstop flights from Anchorage and seven West Coast cities from Bellingham to San Diego.
Alaska Airlines' dedication to improving service has resulted in various awards over the years. Alaska Airlines is the #1 on-time major North American airline 2010 - 2015 as rated by FlightStats.com. The company has also been recognized for outstanding service, receiving the "Highest in Customer Satisfaction among Traditional Carriers in North America" eight years in a row in the J.D. Power and Associates North America Airline Satisfaction Study.
Alaska Air Cargo
19300 International Blvd.
Seattle, WA 98168


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It's amazing that even when you don't expect anything positive from your president, you can still be shocked by some of the things he says.
In a recent interview with a French reporter, President Obama begins to boast that if you look at the statistics, America is actually "one of the top Muslim countries in the world." He then goes on to say that because we are a Muslim nation, we need to educate ourselves on Islam.
That's right. He called America a Muslim nation.
According to the video, the USA is not even near being a top Muslim nation in the world. In fact, we are number 38 on that list.
Watch the video below and tell us what you think.


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Wild Notebook
Do you share that dream of a special place? A place more lovely, somehow more profoundly natural, than all other places? I suspect we all do, it's part of being human.
"It was miraculously lush, green, secret, and full of birds and animals ... a hare, a roebuck, a pair of wild boar mating. A hoopoe, the first he had ever seen, flew down and began feeding in a tree of wild honey-pears. He felt that in some way these creatures were tamer and more magical here than outside, so that he had a sense of trespassing."
This is a passage


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TeachMyAss - Mandi - My First Anal Sex [FullHD 1080p]
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Costume Supervisor Alison Williams celebrated her return, after four months, to the Palo Alto Children's Theatre with a semi-surprise party Wednesday afternoon.
Williams returned to work Tuesday for the first time since Jan. 24, when she and fellow employees Pat Briggs, Michael Litfin and Richard Curtis were placed on paid administrative leave pending a criminal "financial crimes" investigation.
"We're very glad you're back. It was too long," Friends of the Palo Alto Children's Theatre President Paula Collins said.
"It's wonderful to be back," Williams responded as the 25-or-so supporters raised glasses of sparkling cider in her honor. Before January, Williams spent much of her time in the theater's vast underground costume shop, well-known and loved within the theater community, but behind the scenes of public life.
In January, she became known as a criminal suspect, albeit in a convoluted and questionable case.
On Wednesday, Williams -- who has dark glasses, shoulder-length blondish hair, a trace of an accent and was carrying a small, white flower -- said she is focused on the present, being happy to return to work.
Williams co-workers Briggs and Curtis have been recommended for termination, but Williams hasn't been told what, if any, discipline she faces, former union leader Phil Plymale said Wednesday.
The administrative investigation into Williams' behavior, which is examining her compliance with the city's rules and regulations, is still ongoing, Plymale said.
On Tuesday, Williams met with Human Resources Director Russ Carlsen, Plymale said. Williams had to sign a statement that she would not talk about the case with any city employees and would not work any overtime without the permission of Community Services Director Richard James, Plymale said.
The overtime restriction is unusual and unrelated, Plymale said. Most theater employees work overtime when a show is being produced, yet now Williams won't be able to, he said.
Plymale said he can also confirm the city recommended terminating Curtis, a theater program assistant, because he accessed a theater computer during the February memorial service for Litfin, who died one week into the open criminal investigation while undergoing treatment for stomach cancer.
Plymale said Curtis had printed out a report that documented the theater's finances to show he hadn't been taking money.
Curtis also faces a second "insubordination" charge from the city. During one interview with the outside administrative investigator, Curtis was advised not to answer a question by Adolfo Reidel, the worksite organizer with the Service Employees International Union Local 521.
Plymale said the union plans to fight both charges.
Curtis has a June 5 hearing to present his defense, Plymale has said.
Theater Director Briggs is also fighting her recommended termination and will also meet with personnel leaders to present a defense.
Related material:
• Council may investigate theater investigations
• What went wrong? DA cites gaps in theater case
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Rutledge Adopts Digital You as New Internet Safety Program
SEARCY – Arkansas Attorney General Leslie Rutledge today announced that her office is adopting a new Internet safety program. Digital You is a comprehensive, interactive educational program created by AT&T and Common Sense Media to offer tools, tips, apps, guidance and community education events for people of all ages and levels of online experience to learn more about how to have a safe and secure online experience. Digital You was officially launched nationally in August 2015.
Rutledge made the announcement at a press conference at the Lightle Senior Center in Searcy along with AT&T's External Affairs Manager Rhonda Cline.
"In addition to teaching young people about Internet safety, it is a priority of mine to educate parents, grandparents, aunts, uncles and all adults about how to be smart online," said Attorney General Rutledge. "By teaming up with Common Sense Media and AT&T to utilize their technology expertise and research, educators from my office will be able to present age-appropriate Internet safety trainings not only to children but enhance our statewide outreach to teenagers, parents and senior citizens to enable them to use technology in a safe and responsible manner. Regardless of age, skills or where Arkansans live, everyone is susceptible to scams and online threats."
"AT&T deeply appreciates the opportunity to work with Attorney General Rutledge on this fantastic public education initiative," said AT&T Director of External & Legislative Affairs Rhonda Cline. "AT&T launched Digital You so that people of all ages and levels of digital savvy have the resources and guidance they need to have a safe, secure and productive online experience. With educational materials for older adults, parents, teens, and individuals with disabilities, we are pleased Digital you is helping arm her office with information that will help Arkansans of all ages navigate the day to day issues that are a part of our digital experience."
The Attorney General's community educators are now offering Digital You presentations across the State to three audiences – seniors, parents and teens. The goal of the program is to help Arkansans with privacy, safety and security as they connect online.
Seniors and older adults who are digital newcomers will be given tips and tricks to learn how to use mobile devices, navigate the Internet, recognize scams, keep private information secure, back up data and more so that they can be empowered online. Parents will be given information about managing device usage, staying safe online, handling issues like cyberbullying and online reputation and protecting devices. Teenagers will be taught how to safely and responsibly navigate their digital lives.
Following the announcement, a community educator with the Attorney General's office gave a presentation to seniors at the center.
Rutledge also launched her official Snapchat account today, making her the first constitutional officer in the State to use the platform. To follow Rutledge, open the Snapchat application and search "agrutledge."
For more information about Digital You, upcoming presentations or to request a presentation in your community, please call (501) 682-2007 or visit ArkansasAG.gov.
About Attorney General Leslie Rutledge
Leslie Carol Rutledge is the 56th Attorney General of Arkansas. Elected on Nov. 4, 2014, she is the first woman and first Republican in Arkansas history to be elected to the office.
Rutledge, a native of Batesville, Arkansas, is a graduate of Southside High School, the University of Arkansas in Fayetteville and the University of Arkansas at Little Rock William H. Bowen School of Law. She began her legal career as Clerk for Arkansas Court of Appeals Judge Josephine Hart, now Associate Justice on the Arkansas Supreme Court. She was appointed Deputy Counsel for Arkansas Governor Mike Huckabee and later served as Legal Counsel on the Mike Huckabee for President Campaign. She served as a Deputy Prosecuting Attorney in Lonoke County and in subsequent service as Attorney for the State of Arkansas's Division of Children and Family Services. She also served as Deputy Counsel at the National Republican Congressional Committee before joining the Republican National Committee as Counsel. Prior to her election as Attorney General, she founded and practiced law at The Rutledge Firm, PLLC. Rutledge lives in Little Rock.


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Sounds like a convertible is in the offing. If that is indeed the case, we'd put our money on a droptop version of the company's Evora. We'll have to wait for the Geneva show to kick off on March 6, 2012, before we know for sure, but in the meantime, feel free to read the brief press release after the break.
...Lotus' philosophy has always been 'less is more'. Now, with a display of true fighting spirit, we'll take this one step further in Geneva.
Group Lotus
Something breezy, something loud, something ice-cold, and some other interesting elements
Hall 2, Stand 2230
11.15am (CET)
Because we'll blow the roof off...


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Race Office
Starting numbers must be collected at the race office in Cavalese (Congress Centre) presenting a document during the following hours:
Thursday, 26th January 3:00 - 7:00 p.m.
Friday, 27th January 9:00 a.m. - 12:00 / 3:00 - 7:00 p.m.
Saturday, 28th 9:00 a.m. - 8.30 p.m.
Applied inside the bib there is a chip timing device. It is mandatory for competitors to take care of it and to wear it during the whole race (chip on the chest).
The transponder will register the start and the finish time and the intermediate times at the different check-points.
The chip must be returned to the organisers right after the finish (penalty of 50,00 €).
The diploma with the intermediate times must be booked in advance at the race office, Palafiemme Cavlese and picked up after the race in same place. The price is 5,00 €.
The results will be available LIVE on marcialonga.it. All competitors will receive a special medal right after the finish line.
On Friday or Saturday evening, one village in turn organises the Official Opening Ceremony to which all competitors and friends are invited.
Bus service
The morning of the race the main street is temporary closed between Predazzo and Vigo di Fassa.
Competitors could use both private cars or the free buses provided by the organisation to reach the start.
Detailed bus timetables are printed on the bib envelope. Return buses are also available till 7:00 p.m.
The finish
In the finish zone the following services are available: showers, dressing-room, food station, ski deposit (only until 7.00 p.m.). All these services are available at the finish in Predazzo for the participants of the Marcialonga Light 45 Km.
Clothes sack
Clothes will be collected at the start and carried to the finish: one ticket must be fixed to a cloth, the other must be used to close the plastic sack that must be delivered to the lorry with the same colour.
The Organising Committee is not responsible for the bags left in the boxes. The participants of the Marcialonga Light 45 Km can collect their clothes at the finish in Predazzo.
Sacks not collected at the finish the day of the race can be recovered at Palafiemme in Cavalese or il Predazzo, Marcialonga office from Monday 3 p.m.
Photo Service
All the personal pictures will be published on www.fotostudio3.com and could be ordered and paid via electronic shopping cart.
International Circuits
Marcialonga is founder member of the most important cross-country ski circuits of the world: the Worldloppet, the FIS Worldloppet Cup and the Visma SkiClassics.
The Worldoppet passport stamp is available at Palafieme after the finish.
Loc. Stalimen, 4
38037 Predazzo (Tn) | Italy
Ph. +39.0462.501110
Fax. +39.0462.501120
P.Iva 01344240229
Iscrizione presso l'ufficio del Registro delle Imprese di TRENTO n.131497 del 15/11/1991 Cap. Soc. versato risultante dall'ultimo bilancio: € 3201,99


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iHerb Customer Reviews
Savings of: $6.00 (40% off)
This item has been discontinued and replaced by JAL-00892.
Similar glass tea infusers are sold for $15.95 elsewhere!
Elegant looking and easy to use
Posted by NBPT100 on Jun 27, 2013
I like this tea infuser/cup overall but I will only use it for limited situations. On the plus side this tea cup is very elegant looking and is easy to use and clean. I like the fact that it has a cover to hold in the heat or for when you want to store an unfinished cup for another time. People in previous reviews have complained about the glass being too thin. I will say it is thinner than most glass tea/coffe cups. But, It is not a very big conern to me. If the glass is tempered properly it should be tough enough. Time will tell if this holds to be true. On the other hand being thin and light, it does not sink as much heat out of the hot water as a heaveier cup would. The way this is designed, the tea is infused inside the strainer where it is insulated by a thin layer of hot water surrounding it. It is actually pretty clever. When I make tea with bulk product, I usually make a quart at a time and I use a Mason (ball) jar for the infusion part of it. Especially if it is for medicinal purposes. I will use this tea infuser/cup for a quick and easy cup of tea used for mostly enjoyment. If you can get this tea infuser/cup for around 7 dollars or less, get a couple. Otherwise wait for them to go on sale. Thanks iHerb for your Weekly Specials so I could get this for $2.95. If you found this review helpful, kindly visit my home page to see more reviews. Peace and good health.
Posted by LivKarinNorway on Jan 19, 2013
I do like this very much. Makes terrific teas, simple and elegant.
Very nice cup!
Posted by 5362083128660165072 on Feb 05, 2013
Is nice to drink out this thin glasscup.
love the way it works
Posted by Reviewer1616575 on Feb 05, 2013
this is a perfect infuser for a cup of loose leaf tea. easy to use. feels a little fragile but that's cause it's glass. i guess, it could be a little thicker which would make it feel sturdier.
Love it but fragile.
Posted by Reviewer2221911 on Mar 05, 2013
I am really liking this tea strainer. I buy tea in bulk at the local health food store and have a bunch of small plastic bags with different teas. It was a pain trying to scoop out tea with typical tea strainers, plus it was hard to get enough tea in the little ball (I like my tea strong). This works great. Can put as much tea in as I want, can easily strain things like sliced ginger, and has a lid to keep it warm. Only problem is the glass is thin and fragile. It has to be handled delicately. I'm glad I spent only $2.95 for it, as it very possibly could break.
Posted by Reviewer3283819 on Mar 16, 2013
good product, but glass is fragile so be careful when using.
Just a Leaf Tea Infuser
Posted by Reviewer2358588 on May 05, 2013
I really like this tea infuser thing: it's not extremely durable, maybe, but I'm careful with it and so far it's been fine. (4 out of 5 stars, due to it being lightweight and fragile). I notice it works great with some coarser tea, (Jiagulana/Gynostemma), but for fine blends of herb tea, the little slits can get clogged, so you have to use a spoon to stir it up, to clear the slits to allow the tea to percolate. I also find the top strainer part can be put in some other tea or coffee cups or mugs, which is very convenient and nice. For the price of $6.95, it's an excellent value.
I Enjoy This Cup
Posted by Aloha-Health on Apr 22, 2013
I really enjoy this cup. It's super convenient to steep single servings of loose tea and bagged herbal teas. The slots in the glass did get jammed up with yerba mate, but it has otherwise performed great with other loose teas. I lived in China for awhile and was told it's best to drink green tea from glass. I feel happy I'm finally doing that with this cup! One of these cups is not enough!
Just a nice tea mug
Posted by 4993152435481148289 on Jul 29, 2013
Perfect for the organic tea with the infuser.
Very occasional tea drinker
Posted by Reviewer1872953 on Aug 06, 2013
Cute, functional, but very delicate


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$19 million lottery ticket sold in Houghton
HOUGHTON (AP) – Lottery officials say a Mega Millions ticket that's worth $19 million has been sold at a store in Houghton.
The Michigan Lottery says the sole winning ticket for Tuesday evening's drawing was sold at Festival Foods in Houghton.
The winning numbers drawn were two, five, 10, 26 and 44. The Mega Ball number was 46.
There's no immediate word from the Michigan Lottery about the identity of the ticket buyer. The jackpot for Friday's drawing now drops to $12 million.


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- {{matchup.date.fullday}}{{matchup.date.month + ' ' + matchup.date.day}}
Rolen propels Reds over Cards
Scott Rolen belted a two-run homer and drove in three runs to lead the Cincinnati Reds to a 7-2 victory over the St. Louis Cardinals Sunday in the series rubber match.
The Reds won this game as +110 underdogs, while the nine runs made it OVER the posted over/under (8) set by sportsbooks.
Bronson Arroyo went the distance for the Reds, giving up two earned runs off seven hits.
Brad Penny gave up seven earned runs off 13 hits over five innings in the Cardinals loss.


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Understanding Your Own Responsibilities As A Property Manager In Britain
If you're going to buy to rent in the United Kingdom, you must understand the responsibilities you'll be accepting as a
sample eviction notice
. Authorities lay out these responsibilities and all need to be adopted to ensure you will not function afoul of the legal requirements. As an example, you have to be sure that your houses remain free of dangers and therefore are safe and sound at all times. The electric as well as gas equipment have to be accurately installed and also taken care of to be sure they're safe, plus an Energy Performance Certificate is required for the home.
Any kind of down payment paid via the tenant shall be kept in a plan that is authorized by the authorities, and also the property owner is in charge of guaranteeing the renter is without a doubt lawfully allowed to rent a house in the nation. Carbon monoxide detectors as well as
smoke sensors
have to be installed and tried, and all of the fire safety laws have to be adopted.
Understand the Housing Health and Safety Rating System (HHSRS) has got the legal right to examine homes to make sure there aren't any potential risks in the event that a survey of the neighborhood has been undertaken and, after this survey, they feel your property might be unsafe or perhaps if lodgers have asked for an analysis of this kind. Several areas are investigated during this examination and also the HHSRS might require you to generate modifications.
If and when they have not been carried out in a prompt way, the Housing Health and Safety Rating System may decide to produce these types of improvements and also give back a bill or maybe stop the home from getting used by you or maybe somebody else. They're just a few of the numerous obligations of a property owner in Britain. To find out more, click this link here. The information obtained whenever you do so will likely be of big help.
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Illinois Public Media News
In-depth reporting from WILL, NPR, the Associated Press, and other sources
Contact WILL News at firstname.lastname@example.com
(Jeff Bossert/WILL)
November 01, 2013
(A. Harrison and P. Feorino/CDC)
October 31, 2013
AIDS Scientists Encouraged By Antibodies That Hit Monkey Virus
October 31, 2013
A Marine Controversy In Afghanistan Takes A New Twist
Page 477 of 1108 pages ‹ First < 475 476 477 478 479 > Last ›
WILL Newscast audio
NPR News
Trump To Nominate Former Georgia Gov. Sonny Perdue To Head Agriculture Department
Bagwell, Raines And Rodriquez Are Elected To Baseball's Hall of Fame
Virginia Executes Convict With Drug From Anonymous Compounding Pharmacy
Dozens Of False Killer Whales Mysteriously Strand Themselves In Florida
China's First Freight Train To The U.K. Rolls Into London
Gambia Prepares For Showdown As Foreign Troops Threaten Intervention
Sotheby's Contends Painting That Sold For $842,500 Is A Fake
Orlando Police Arrest Suspect In Officer's Death, Ending Monthlong Manhunt
2016 Was The Hottest Year Yet, Scientists Declare
Secret Service, Agents Settle Over Racial Discrimination Allegations
More NPR News
WILL Highlights
A short film series examining the severe underrepresentation of African-Americans in the sciences.
Classic Mornings
Get more out of your classical music experience and check out Vic Di Geronimo's blog.
The 21st
21st century radio for the 21st state. Weekdays at 11 am on WILL-AM 580.


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First a final clarification about the Q4 2008 data from the FDIC. A reader of The IRA who is part of the regulatory community sends this comment regarding our last missive and our CNBC appearance on Tuesday with Dick Bove and Larry Kudlow.
Says the reader:
Lots of Kool-Aid drinking going on out there with the financials. Your comment on the FDIC numbers is accurate, but does not go far enough. In the fourth quarter, WaMu's contribution to JPMorgan Chase (NYSE:JPM) should be fully reflected since WaMu got absorbed during the third quarter. In the fourth quarter, NatCity and Wachovia's income, expenses and charge-offs were reset to zero on the last day of the quarter, when they changed ownership as per pushdown accounting. So NatCity and Wachovia reported one day of income and expense results in their December 31 reports. Full year earnings numbers contained 95 days of WaMu (within JPM totals) and one day each of NatCity and Wachovia. All periods contained balance sheet amounts for WaMu, NatCity, and Wachovia. Those balance sheet amounts would have been affected by pushdown accounting, and in each case, since they changed control late in the quarter, we have no way of knowing how many non-performing loans they charged-off during the quarter in which they changed ownership. But these units all either filed their own Call/TFRs each quarter, or they were consolidated in the Call report of the institution that they were merged into. What is missing is the operating loss from WaMu during July, August & most of September; and operating losses from Wachovia and NatCity during most of Q4. In addition, the write-downs from purchase accounting did not get reflected in charge-offs, thus the US banking industry earnings and charge-offs for 2008 were way worse and will never be reflected in historical stats.
So based on this input, if we consider the absence of data from WaMu, Wachovia and NatCity from the 2008 FDIC industry data, our guess is that instead of the profit of $10 billion in reported, the US banking industry in fact experienced a loss of at least that amount. Based on the anecdotal reports we have heard about Wachovia charge-offs, for example, the loss for the US banking industry in 2008 could be more than $25 billion. The only way we will ever know the truth is if the FDIC corrects the public record, again. We are going to be following up with a formal letter to the Board of the FDIC asking that they correct or at least footnote the incomplete information in the 2008 data for the US banking industry. If we can obtain the information above, informally, from FDIC officials, why is this data not part of the public record? In this way, investors, researchers and regulators will at least know what the true loss rate was for the US banking industry in 2008.
Second, for users of the professional version of the IRA Bank Monitor, we have activated our beta test version of a new pro-forma tool to support bank M&A analytics. By specifying the RSSD IDs of two bank holding companies, the Bank Monitor will combine the balance sheets and income statements of the two entities into a pro-forma profile. Please contact us for additional information.
Now on to the Zombie dance party, which is already in progress. Over the past several months we have been asserting that Citigroup (NYSE:C) is insolvent and needs to be either restructured or liquidated. Now that the Obama Administration has apparently decided to publicly list the results of the bank stress tests and since C is expected to be near the bottom of the list in terms of stress test results, the question comes whether the Obama Administration will move on resolving C before the May 4, 2009 released of the stress test results. We won't even refer to the Q1 results for C released this morning because, in our view, they really do not show the true condition of the bank nor the ultimate outcome that we expect to see with this institution. As of year-end 2008, C rated an "F" in the IRA Bank Monitor with a overall Stress Index score of 21 vs. the industry average of 1.8. As of the same date, JPM's Stress Index Score was 1.3.
Unfortunately, it is becoming increasingly clear that the Obama Administration lacks the courage to resolve C. Economic policy guru Larry Summers reportedly bought the "systemic risk" argument hook, line and sinker, but the fact remains that with relatively healthy banks like JPM pricing debt at +350 to the curve, the real issue facing financials is not simply capital adequacy as the stress tests suppose, but rather the broader issue of credibility as going concerns. Even were JPM or Goldman Sachs (NYSE:GS) to actually redeem the preferred capital provided by the Treasury TARP program, none of these banks could survive today without government guarantees for their debt. One of the reasons that the Obama Administration provides for not taking action on C and other insolvent money center banks is that regulators lack the legal authority to act against a bank holding company (BHC) vs. the federally insured subsidiary banks. But this is not true. Federal regulators do have the power to compel management and board changes within BHCs. And they have two very powerful threats to use against officers and directors who do not take the "suggestion." First, the Fed and other regulators have the power to issue judicial orders and, more important, to commence enforcement actions against the officers and directors of a BHC. If you have never been the target of an enforcement litigation under Section 12 of the US Code, suffice to say that this makes civil litigation look tame. There is a rebuttable presumption of guilt and very serious civil penalties, including being barred for life as an office and director of a US financial institution.
And by the way, the judges generally defer to the regulators. We cannot imagine an officer or director of C failing to resign if given the choice between a clean exit and several years of litigation with the OCC and Fed in front of an administrative law judge in Washington. And just for added weight, we can have President Obama make the call. Second and more important, the regulators have the ultimate threat of resolution, meaning the FDIC takes control of the subsidiary banks, bankruptcy for the parent holding company, years of civil litigation for the officers and directors, and also a possible enforcement action. Remember that when the FDIC takes over a bank and suffers a loss to the Deposit Insurance Fund, it files a claim against the bankruptcy estate of the parent BHC and can, if fraud or management malfeasance is suspected, begin an enforcement action against the officers and directors.
With that background, it needs to said that the only thing standing between America and a solution to zombie banks is a lack of guts in Washington. We expect C to come it at or near the bottom of the 19 stress zombies next month. It also needs to be said that if there are not at least a few banks that "fail" the stress tests, then the process will be entirely incredible. Given this reality, how would we suggest dealing with C in such a way that minimizes the impact on the markets and the customers of C's subsidiary banks (remember C itself is a non-operating shell holding company)?
We believe there is path other than FDIC resolution for the subsidiary banks and liquidation for C that may allow the company to address the issues of capital adequacy without C's bondholders taking a total loss and without the disruption to the markets that a traditional FDIC resolutions implies. Here in general terms is how we would address the issue: First, federal regulators need to impose immediate board and management changes at C. The new officers and directors should be selected based upon their willingness to take whatever steps are necessary to address the issue of capital adequacy of C's subsidiary banks, including the sale, restructuring and even liquidation of C in its entirety.
This condition regarding the makeup of the new officers and directors is crucial to the success of what will be a voluntary restructuring process. Second, once a new management team and board are in place, then C must next formally contact the bond holders of C and invite them to form a creditors committee and enter into a negotiation to convert a significant portion of their debt into common equity. C has approximately $500 billion in long-term debt and another $400 billion in short-term debt. If roughly half of this $900 billion in debt was converted to common equity, then C's capital problems would be resolved without the need for an FDIC seizure of the group's banks, the need for further government assistance would be at an end, and more important, the bond holders would have a significantly higher probability of a recovery than in a traditional FDIC resolution. Indeed, part of the new capital proceeds from the conversion by bond holders could repay the C TARP investment in its entirety and without the need to go to the equity markets.
Third and assuming that agreement could be reached with the bond holders, then C would approach regulators and formally request their support for a voluntary Chapter 11 filing by C, essentially a prepack restructuring under the FDIC's open bank assistance where the dominant creditors, namely the C bondholders, would support a petition by C management. The FDIC would also enter the bankruptcy as a creditor and assure the Bankruptcy Court that the FDIC was supporting the process and, most important, would not seize C's bank subsidiaries. The Fed and OCC would likewise support the process via official statements to the Bankruptcy Court. The prepack agreement between C management, the creditor committee and the FDIC would make the restructuring process fast, perhaps ending in less than a year if adverse litigation in bankruptcy is avoided.
Suffice to say that with the bond holders, management and the FDIC all supporting the petition, it will be very difficult for other creditors to prevail - especially if the alternative is an FDIC resolution and a near-total loss for bond holders. To speed the decision process by bond holders, the FDIC could simply state that without full and unconditional agreement from all creditors, C will be resolved and the FDIC will commence an adverse litigation in bankrupty to recover all losses to the DIF, meaning a total loss to bond holders. Now you are probably wondering whether it is even possible for a BHC to file bankruptcy without immediately losing the control of the FDIC-insured banks.
The answer is yes and the partial example is called MCorp, a Texas BHC that was forced into bankruptcy by creditors in 1989. Click here to read the FDIC study on MCorp, which was part of the Texas oil patch collapse and one of the most costly resolutions in FDIC history. But the cost to the FDIC of partially resolving the bank subs of MCorp pales in comparison to the current government assistance to C and other zombie banks. The MCorp case was complex and very contentious. The issues involved are very different from those facing C and other troubled money center banks, but the fact remains that while the OCC declared the subsidiary banks of MCorp insolvent, after cross litigation, MCorp was able to retain five bank subsidiaries with $3.2 billion in assets. These banks operated in bankruptcy while the parent was reorganized. Indeed, as the FDIC study notes, the success of MCorp in defeating seizure of the five subsidiary banks by the FDIC "led to the section of FIRREA that added provisions related to cross guarantees. The cross guarantee provision would be used most notably in the Bank of New England resolution." In the case of MCorp, had the cross-guarantee provisions that exist today been in effect, then the FDIC would have seized all of the MCorp banks and used those assets to reduce the loss to the Deposit Insurance Fund, as required by law.
But with the case of C, the situation is the opposite, namely that by leaving C operating, albeit in bankruptcy and operating under "open bank" support, the FDIC, OCC and Fed can arguably make a case that this is the "least cost resolution" and also avoids systemic risk issues. Assuming that C's new management team and board is able to win the support of a) bond holders and b) regulators, then the way would be open to file a voluntary Chapter 11 petition and restructure C into a new format that aligns the interest of shareholders, the US government and the counterparties and customers of C's bank units.
Specifically, once in bankruptcy, C should be restructured into a unitary national bank, with all of the subsidiaries of the group moved to beneath the lead bank, in this case Citibank NA. One of the evil side effects of the BHC structure that has been illustrated by the failures of WaMu and Lehman Brothers is the reality that the customers and counterparties of the bank subsidiary are actually senior to the debt holders of the parent BHC. This tension has caused a great deal of delay and confusion in moving forward with a solution to the solvency problems facing the large zombie banks. Foreign bond holders, like the government of China, have reportedly told the Obama Administration that further losses to debt holders of US banks will result in a boycott of US Treasury auctions. Not only would the unitary structure eliminate any conflict between creditors and customers, but it would also leave the Citibank NA unit as the top-tier, publicly listed company and the issuer of all of the remaining debt and equity.
The restructured Citibank would have tangible common equity above 30% and half the debt it now supports. The BHC's interest expenses would fall dramatically and the excess capital would allow C management to quickly deal with all problem assets, sell operations and emerge from bankruptcy with a profitable, well capitalized bank. This outline does not address a number of technical issues related to the bankruptcy of a large BHC, but when you consider the alternatives - including the current approach of doing nothing being pushed on President Obama by Larry Summers, perhaps it is time to start thinking outside of the proverbial box. The US has already wasted months via inaction and political posturing. But if you understand that banks like C may very well be forced into a resolution before the end of 2009, perhaps it is time to start considering some creative alternatives before we are compelled, finally, to take effective action to start eliminating some zombies.
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TA Services Workshop: Grading, Feedback, and the Curve
TA Services
Tuesday, March 18, 2014 from 6:00 PM to 7:00 PM (EDT)
Who's Going
San Francisco, California
London, United Kingdom
Florence, Italy
Event Details
Grading is time-consuming and often thankless work. It is also one of the few ways that students can determine how well they are grasping course principles and instructors can evaluate student progress. This workshop is designed to address the various purposes of grading and strategies instructors can employ in giving students feedback. We will additionally address that controversial subject, the curve.
Objectives: By the end of this workshop, students will be able to…
• Articulate the difference between summative and formative assessments
• Design grading criteria and effective rubrics
• Provide effective feedback to students
• Identify the situations in which grading on a curve might be appropriate
When & Where
Alumni Hall
Room 815
4227 Fifth Avenue
Tuesday, March 18, 2014 from 6:00 PM to 7:00 PM (EDT)
Add to my calendar


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2013's year of gaming is coming to a close and that means Neoseeker is deep in deliberation over its "Game of the Year" award. This month, each of Neoseeker's 10 nominees for Game of the Year will be profiled. Join in the discussion, speculate on the nominees, and subtly persuade us which game deserves our highest award.
I am not the biggest fan of The Last of Us. I think the combat is a tedious, uninspired system that recycles its shooting from Uncharted, but without the energy and adventurous pacing that complements it. I found the game's dependence on cinematic cutscenes the crutch of a lazy storyteller. I also wouldn't describe the game's visuals as anything beyond adequate, well, unless you're talking about the body count and blood spillage. Yet even I have to admit that The Last of Us is one of the most meaningful and significant gaming experiences of 2013.
Rarely do video games treat their audience like adults. Now, I'm not talking bout sex, drugs, and violence, video games pack in that subject material like serving water to fish. I'm talking about assuming the player is an intelligent individual who can understand things without them being read to them via dialogue written at a 5th grade learning level. The writing of The Last of Us treats its audience with respect, and that is so rare, so precious in our industry that I could never deny its place on this list.
Why The Last of Us?
- Story of the Generation - Joel, Ellie and the entire cast of The Last of Us aren't good people, but they aren't bad people either. They're just people. People faced with circumstances no human being should ever have to face. This isn't just another adventure for them, this is their life. What's left when even hope is gone? Survival.
- Joel and Ellie - Two of the best written and best voiced characters of the generation. The amount of emotion Troy Baker is able to convey in a single sentence of Joel's dialogue is enough to force a grown man to tears... I can attest to that.
- More Than Just a Story - BioShock Infinite players will finish the game and walk away wondering what even happened in that game and will spend many nights piecing together the events that made up its conclusion. The Last of Us leaves players broken, emotionally shattered and thankful for the safety and love they have, however fleeting it may be.
- Clickers - I've never felt more in tune with what it felt like to be bitten by a zombie than when one of these guys plunged his chompers into my neck flesh. Sure, it happened 10 times in a row because there was a bugged out Clicker that saw through my stealth, but it was still very visceral. It doesn't help that I have a friend that still sneaks up behind me and prods my neck with his finger nails, all while screeching, "CLICKER."
Ultimately, I'm still of the opinion that The Last of Us was an outstanding story that Naughty Dog read through and said, "Yeah, we can make a game out of this in between Uncharted 3 and the extra time it will take us to finish the next-gen Uncharted." That shouldn't stop anyone from trying the game themselves. Gamers deserve more stories like The Last of Us, and more than that deserve to be treated like we want more stories like The Last of Us.
Neoseeker's Game of the Year 2013 Nominees
- Tomb Raider
- The Last of Us
- BioShock Infinite
- Gone Home
- Assassin's Creed IV: Black Flag
- Grand Theft Auto V
- Saints Row IV
- Path of Exile
- Papers, Please
- Metro: Last Light
Neoseeker's Game of the Year awards are decided by editors Lydia Sung and Rory Young. Follow them on Twitter at @RabidChinaGirl and @bluexy , or read their news, reviews and features every day here at Neoseeker.
Be sure to check out some top picks from our PC community as well.


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Nestled between the Pacific Ocean and the Santa Ynez mountains lies El Capitan Ranch an incredible beach side canyon resort located fifteen minutes North of downtown Santa Barbara.Built in 2001 El Capitan Canyon offers creek side cabins with full baths and designer tents with down filled comforters wet bar private fire pit just to name a few and an unbelievable back to nature experience.The canyon boasts fifteen miles of backcountry hiking and mountain biking as well as ocean sports kayaking surfing swimming scuba diving fishing and outdoor heated pool.Conference facilities include one of a kind Yurt meeting room that can accommodate from 2 to 200 people.Amenities included in room spa service on site gourmet canyon market seasonal jazz dinner concert series and an extensive childrens program.Come and experience a place so unique so close to nature yet with a level of comfort that is unsurpassed in the realm of outdoor recreating at a truly affordable price. we are a luxury camping resort offering cedar cabins and safari tents and not a traditional hotel. El Capitan Canyon is an outdoor lodging property offering cedar cabins and safari tents and not a traditional hotel.Information missing or incorrect? Tell us!Opens in a new window
El Capitan Canyon
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24 Hour Security, News Stand, Jacuzzi, Massage, Outdoor Pool, Parking, Pool, Fitness Center or Spa, Wake-up Service, Coffee Maker in Room, Golf, Private Bathroom, AM/FM Alarm Clock, Radio, Bath Tub, Cribs Available, Data port Available, Fire Place, High speed internet access, Microwave, Modem in Room, Multi-line Phone, Shower, Smoke Detectors, Phone with speaker, Telephone, Voicemail, Wireless Internet Access, Shops/Commercial Services, Boating, Fishing, Meeting/Banquet Facilities, City Center, U.S. Government Fire Safety Approved,
- Total number of rooms - 122
- Gift shops or newsstand
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- Fireplace
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Nearby Things to Do
- Fishing on site
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Hotel Policies
Check-in time starts at 16:00:00
Check-out time is 11:00:00
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One of the issues that has come up over and over again for me this semester is how to know if the WordPress theme you are choosing is a good one! 57 more words
Tags » WP Tips
WP Class Resources
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Web Design Resources #1
I have to admit that I stumble across many, many, many of my favorite design inspirations and resources through FaceBook. This is awesome list of web design resources is no exception. 38 more words
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This is the first post for my blog for WordPress class Spring 2016. On this blog I will post tips and tricks for using WP, good themes, tutorials, and great how-to's. 10 more words


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Posted in thread: Gravity of Mash runnings on 03-04-2011 at 03:16 AM
Yes, while the boil kettle was filling up. Around 42 gal I stopped introducing water to the
mash and just let it drain through with the goal of filling the kettle to 62 gal and catching
10 L of runnin...
Posted in thread: Gravity of Mash runnings on 03-03-2011 at 04:50 PM
You could have had wort channeling issues. Did the grain bed change between the 2nd and 3rd
extractions? Flowrate differences between the two extractions?The grain bed was not moved or
touched. Flowra...
Posted in thread: Gravity of Mash runnings on 03-02-2011 at 05:55 PM
Right but why?
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Brewed today. 50 gal batch rye stout. 1st 62 gal of mash runnings came out at 1080. The next 10
L of running came out at 1034 ( added mid boil to avoid boil over). The last 5L of running came
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