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Fourteen years after Willie Kane shot a 58 at the old Randolph South Golf Course, I listened, spellbound, as he recounted every shot, with immediate recall of the clubs he used and the distances of each birdie putt.
"Sometimes at night when I can't get to sleep," he said, "I replay that round, hole-by-hole, and I always fall asleep before the back nine."
You want to dream? Shoot a 58.
There is no smart phone-video, not even a still photograph to capture Kane's historic moment. And because Randolph South was reshaped into the Dell Urich Golf Course, the old scorecard no longer hangs in the pro shop.
Now I hit a computer button and punch up "Mike Russell 59." That's it. Almost immediately, the drama and tension of a golfer treading on hallowed ground is transmitted via your laptop.
It is Willie Kane in 1989 captured for posterity.
"Mike made a 40-foot birdie putt at 16, and when we got to the 17th tee, he said, 'I need an eagle and a birdie to shoot 59,'" says Brent Newcomb, golf pro at the Stone Canyon Club and part of Russell's Saturday afternoon foursome. "I hadn't been thinking about 59 until that moment. I mean, when do you play with someone who has a chance to shoot 59? Even I got nervous then."
It's not that Mike Russell hadn't gone ridiculously low before. He won 2010 and 2011 PGA Southwest Section, Southern Chapter championships, the top pro Tucson among pros. He had shot 64 at Stone Canyon, his course, where he is director of golf operations. He had been a standout college golfer at Boise State and played dozens of sub-par rounds in minitours and pro-ams everywhere from St. Andrews to Pebble Beach.
But when he stepped to the 17th tee Saturday afternoon, 10-under par, he had taken 54 stokes. Not a bogey on the card. This was entirely new territory.
"Nothing I hit was ever 'oh, oh, get down,'" Russell remembers. "It was strange because, leading up to the day, nothing had happened to make me think 'today's going to be a great day.'"
How's this for greatness? On the 17th tee, with tension mounting, Russell hit a utility club 274 yards on the tricky par-4. The ball rolled to within 4 feet of the cup. As if on demand, the eagle half of his eagle-birdie finish was booked.
He went to the 18th tee 12-under par.
At the finishing hole, Newcomb wasn't sure if the proper demeanor was to keep a distance between himself and Russell, sort of like baseball teammates avoiding a pitcher during a no-hitter. But this wasn't a no-hitter; it was a perfect game.
Russell's tee shot at 18, a safe three iron, was dead straight, leaving 183 yards to the pin. At that moment, Dr. Mike Virro, who regularly plays in Russell's Stone Canyon foursomes, took out his smart phone and began to video the drama. Virro even began to narrate an impromptu play-by-play.
"I didn't know what to think," says Newcomb. "At first I thought it might mess with Mike, mess with the flow. I was taken aback."
Russell hit his approach shot to within 16 feet of the pin. No mess.
Once the group reached the green and putts had been measured, nobody moved nor made a sound. For 12 seconds, Russell stood over a 16-foot putt.
When do you get to be part of, or witness, a sports moment like that?
The YouTube video lasts 55 seconds, but for Mike Russell it will endure forever. After the putt at 18 dropped - Russell had an insanely low total of 23 putts - he dropped his putter, threw off his hat and sprinted to the back of the green. He jumped and punched the air.
Then he retrieved the ball and kissed it.
He had shot 31-28-59. He had two eagles and nine birdies.
"I kept thinking, 'did that really happen?'" he says now. "I've had days when I hit the ball almost as well as I did on Saturday, but I never converted on all of those putts, whether it be 4 feet or 18 feet. It's hard to fathom."
Russell became the sixth man in Tucson history to break 60. It's an elite list that began in 1977 when five-time Tucson City Amateur champion Armen Dirtadian shot 59 at Randolph South. Kane was next, a dozen years later.
By 2000, PGA Tour regular Rich Barcelo shot 59 at the relatively new Arizona National, bettered three years later, when Arizona All-American Chris Nallen shot 58 on the same course during a UA practice round.
In 2010, Skyline Country Club pro Chris Dompier chipped in for a birdie on the 18th hole at his home course, shooting 59. Now Russell makes it a Big Six.
"I've told Mike for years he could do it, break 60," says Newcomb. "I played with him when he shot 64 there, but I've never seen anybody hit the ball as well as he did Saturday. I don't know if it's possible to hit it any better. I'm glad we got it on video."
Ironically, Russell did not play in this week's Chapter Championships (won by Newcomb). He chose to stay at the pro shop and work.
"I'm almost afraid to play again," he says with a laugh. "How do you back up a round like that?"
Contact columnist Greg Hansen at email@example.com or 573-4362. On Twitter @ghansen711


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Whole Foods Market is the world's leading natural and organic foods supermarket. We take pride in our high quality standards, providing above and beyond customer service, having a knowledgeable staff, and supporting our community & environment.
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subset: commoncrawl


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Trusteer dismisses HSBC and Natwest bank hacking claims
Company says vulnerability in banking software has already been fixed
Trusteer has dismissed reports that criminals are exploiting a vulnerability in its Rapport browser-lockdown technology that is used by leading banks such as HSBC and NatWest.
Trusteer chief executive officer Mickey Boodaei told V3 that recent reports of an exploitable vulnerability in its Rapport banking service are inaccurate as it does not work, confirming the company is aware of the issue and has already taken appropriate action.
"There is no malware that incorporates this vulnerability. Moreover, Trusteer has accurate intelligence on the fraudsters who wrote, sold, and published this code, which we shared with law enforcement agencies," he said.
"This is just one out of many attempts to circumvent Rapport, which we fight on an ongoing basis. This time with great success as the group that wrote this code is most likely responsible for various fraudulent activities against UK banks."
Trusteer's Rapport technology is used by numerous financial firms, including NatWest and HSBC in the UK, and is designed to protect the banks' customers against Trojans, like the infamous Zeus.
The vulnerability was first reported on the Full Disclosure forum and reportedly lets crooks bypass the browser's lockdown security features to sneak a banking Trojan onto the victim's machine.
Reports have since emerged about a number of cybercrime forums, suggesting that criminals are already exploiting the security vulnerability. However, Trusteer said this exploit does not work.
Trusteer chief technology officer Amit Klein added that a patch fix is already available and is being automatically rolled out to all Rapport customers.
"The patch for this vulnerability is available and is being rolled out automatically to the entire Trusteer Rapport customer base. No action is required from Rapport users," he said.
"This vulnerability has no impact on Rapport's ability to block financial malware like Zeus, KINS, Carberp, Gozi, Tilon and Citadel as Rapport uses additional mechanisms, other than the mechanism impacted by this vulnerability, to block these malware strains. Furthermore, there is no financial malware to date that is trying to exploit this vulnerability."
The financial industry is one of cyber criminals' most common targets. Most recently hackers hit the NASDAQ community forum with a password-stealing cyber raid.
V3 Latest
Motorola announces Moto Z2 Force official with 'shatterproof' screen
Flagship device also supports firm's modular MotoMod add-ons
Samsung warns business customers of data-wiping My Knox issue
Comes just week after firm announced plans to bin the service
Intel leak indicates Coffee Lake will offer six-core parts with 4.3GHz boost clock
Details of a trio of Intel Coffee Lake CPUs leaked
Adobe announces the death of Flash - fixes funeral for 2020
Ding-dong Adobe Flash is dead


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Yellow Tomatoes on the Vine
August 18, 2014—Fearlessly Archived—Still a fun read; price & availability may have changed.
Yellow tomatoes are notoriously difficult. They can go from ripe to OMG-that's-mushy in the blink of an eye. And despite their vibrant hue, they very rarely offer the bold flavor of their red brethren. Until now. Our supplier has been working with various yellow tomato varieties for years, cross-breeding and hybridizing (not genetically modifying) to get all the elements in alignment. Our Yellow Tomatoes on the Vine are the result of that effort. They're firm, flavorful, and juicy - the trinity of tomato terrificness!
Trader Joe's Yellow Tomatoes on the Vine are greenhouse grown, with the aid of busy bumble bees for pollination and ladybugs for pest management. Use them absolutely anywhere you'd use tomatoes - their bold, bright color will add perky personality. We're selling them at the bold, bright price of $2.49* for each 10 ounce package of about eight Yellow Tomatoes. You'll find them in our fresh produce section.
Related Items: appetizer , salad topping , Bold Flavor ,


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BREAKING: We Missed a Picture of Obama Being Adorable with a Cute Kid10:46 pm - 12/19/2012
(fullsize is here.
This Photo of President Obama Pretending to Be Caught in Spider-Man's Web is Reason Enough to Name Him 'Person of the Year'
Earlier today, Time named President Obama "Person of the Year" — again — sparking a debate over the decision's merits.
However, included in the magazine's explanation of its choice was a line to a LightBox page featuring photos of the president snapped by official White House photographer Pete Souza — one of which does a better job of cementing the correctness of Time's selection than any 10,000-word profile can.
"President Barack Obama pretends to be caught in Spider-Man's web as he greets the son of a White House staffer in the Outer Oval Office, Oct. 26, 2012."
Is it too early to talk about a third term?


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ARIN-PPML Message
[ppml] 2004-3: Global Addresses for Private Network Inter-Connectivity
- From: David Poch (David.Poch at telus.com)
- Date: Thu May 26 21:32:19 EDT 2005
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Can an ISP apply for address space under this policy as an end user of IP Addresses (for their own enterprise network, or for infrastructure that will not be connected to the internet)? If so must they use a different org ID than they use to obtain address space they reassign to their customers? -------------- next part -------------- An HTML attachment was scrubbed... URL: <http://lists.arin.net/pipermail/arin-ppml/attachments/20050526/09649729/attachment.html>


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Discover a selection of top forums visitors* secretlifexy on the internet. Come to share your passion on forums visitors* secretlifexy and meet other fans of visitors* secretlifexy. Then, why don't you create your own forum of visitors* secretlifexy ?
This is an online forum for players of One World By Night in the Dayton Dying Embers Chronicle and visitors. Please consider yourself soft proxied in all scenes.
owbn, dayton, dying, embers, online, players, world, night, chronicle, visitors, soft, proxied
A great place to ask questions, share your experiences or help other Coronado Springs visitors.
coronado, springs, pepper, market, site, centro, laguna, siestas, cafe, lounge, casitas, cabanas, ranchos, resort, maya, grill
A tale of a few visitors to Hoben, and their adventures with the TAP and beyond.
Where visitors can come and discuss the new manga "Proof of Life"
The Elemental Clan is a small, internet-based micro-nation, and while welcome to visitors, is cautious toward what you post. Please be polite!
elemental, clan, small, internet-based, micro-nation, visitors, cautious, post, polite!
This message board is for visitors of our site to ask questions and discuss topics that are not necessarily hip hop related.
ughh, general, discussion, board, this, message, visitors, site, questions, discuss, topics, that, necessarily, related
Disney Scopers are fans of everything Disney Parks around the globe. Experience the World through the eyes of visitors and fans of Disney in real time! Join the broadcasting community now!
disney, scopers, periscope, live, broadcasting, world, experience, eyes, visitors, real, time!


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On 5 March 2012, the German Ministry of Finance published an official draft for the "Jahressteuergesetz 2013" ("Annual Tax Law 2013") that contains various amendments on major German tax regulations, including Section 1 of the Foreign Tax Act ("FTA") that is the core section on transfer pricing matters.
The aim of the expected adjustments to Section 1 of the FTA is an approximation of German transfer pricing regulations towards the OECD standard as well as the harmonization of the attribution and distribution of profits in cross-border transactions for different types of investment (e.g. corporation, partnership, permanent establishment).


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Kathy Griffin Never Nailed Wozniak
Kathy Griffin is especially verbose as of late to promote the new season of My Life on the D-List. In a recent chat with Us, the red-headed Bravo star clarified the terms of her relationship with billionaire Steve Wozniak, whom she took as a date to the Emmys.
"I never f—-d him or anything!" Kathy exclaimed.
However, rumors of romantic involvement did fly, fueled by Griffin herself. The plastic-surgery-addicted comedian flashed a pretend diamond ring while accompanied by Wozniak at red carpet events.
Kathy crowed, "He didn't notice! I was like, 'Oh, by the way at the Emmys, I had on a fake engagement ring!' And he was like, 'Oh, that's very funny.' "


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- 16 total posts
- 1 review
- 2 discussions
- 8 comments
- 5 questions
Reviews & Stories
Hi all :), I'm 23 years old and I'm planning to get my second nosejob done by Dr. Philippe Dombard (from Belgium) - but it's really hard to find anything about him or reviews of patients from him. Does anyone from Europe knows about him? I want to undergo a second rhinoplasty b/c I'm not 100% satisfied with the front of my nose. It's just still to big. And I'm searching for a Dr. who does... READ MORE
Questions from MissSunshiny
Broken Capillaries and Redness on Dark Skin, Which Laser is Best?
Hello, I want to know which Laser can be used to treat broken capillaries and redness on dark skin ? I know that the YAG Laser is safe for dark skin in Hair Removal, but can it... READ MORE
aurora elos laser dark skin ?
Hello everyone, Next week I have my first treatment for hair removal by a dermatologist, but not as I thought with the NG YAG laser (the mostly used for dark skin), but with... READ MORE
Can a TCA Peel Cause an Inflammation of the Veins?
I did a TCA peel on my feet, but unfortunately it went wrong and then the skin was purple blue (did I damage my skin?) and a day later I could feel my veins, they were thicker... READ MORE
Gum Bleaching Possible?
Hi, is there a way to treat dark gums at home ? I know there are many specialist out there for this issue, but not here in Germany.. READ MORE
Is This Swelling or Will my Nose or Will It Remain So? (photo)
Dear Drs., 2 days ago I had (ethnic)(open) Rhinoplasty by a German Dr.I attached you a before and after (OP) picture. Right now I'm very sad because it looks very much like a... READ MORE
Discussions started by MissSunshiny
Can any of you recommend a Dr. for Lipo and BBL in Europe?
Hey Ladies,I'm from Germany and I'm searching for a good Dr. in EUROPE to do Lipo and BBL on me (b/c here in Germany they do all things in moderation..and I just don't... READ MORE
Looking for a Surgery Buddy , March 2016 Rio de Janeiro
Hey,I'm from Europe and will have surgery in Rio de Janeiro in March 2016.Who wants to travel with me?xo READ MORE
Recent comments from MissSunshiny
No not yet because of private problems. But I will for sure this year :) READ COMMENT
So the link was deleted but just google his name and go to google news. Dr. Contreras has even more death cases than cabral . READ COMMENT
Girl don't go to contreras. http://www.****************** READ COMMENT
Hi Emmalita. I've made up my mind and I will be going with Cabral in Aug :) Maybe we can fly together :) ? READ COMMENT
I'm also debatting whether or not to go to DR. I'm willing to but not alone :) Maybe someone here from Germany who wants to travel as well? READ COMMENT


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Dr. Jo-Ann Gross, Professor of History, achieved noteworthy success in December 2012 when she was inducted as an honorary foreign member into the Academy of Sciences of the Republic of Tajikistan.
It is a rare and prestigious honor to be inducted into this scholarly academic institution, especially as a foreign member. Dr. Gross, whose field of expertise is the history and culture of Islamic Central Asia, was nominated based on her research, publications, and, most importantly, her contributions to both broadening the understanding of Persianate culture and history in Western society, and to advancing scholarship within Tajikistan.
"My election, which I consider to be the highlight of my career," says Dr. Gross, "was for my scholarly contribution in terms of individual research, but also for my support of the educational development in Tajikistan."
She has been traveling to the region to study the history and culture since 1979, during the Soviet period. Other than longer stays during sabbaticals, she generally travels there each summer for about one month, but the time commitment varies from year to year depending on her research.
Nearly two decades ago, she founded a grant to help support the publication of scholarly works in Central Asia. This grant is the Central Eurasia Research Fund, or CERF, which publishes scholarly texts in Tajiki, Farsi, and Russian across a variety of disciplines, including history, archaeology, ethnography, poetry, sociology, art, culture, and linguistics.
Dr. Gross currently serves as Director of CERF, which hosts an annual competition for its publication funding and has published 18 books to date.
Dr. Gross is also very involved with the Association for the Study of Persianate Societies (ASPS), a non-governmental organization for researchers and scholars interested in the culture and civilization of Persian-speaking societies and related regions.
She helped open ASPS offices in Central Asia, with the most recent location in Khorog, the capital of Gorno-Badakhshan, which is a remote region of Tajikistan located in the Pamir Mountains that is often overlooked.
The Association for the Study of Persianate Societies publishes the Journal of Persianate Studies and has hosted a biennial convention since 2003, where scholars come together from Central Asia, India, Pakistan, China, Iran, Afghanistan, Europe, the Balkans, Japan, and the United States.
"This is a great opportunity, because everyone we have worked with and everyone from our branch offices comes together and exchange ideas," says Dr. Gross.
The very first biennial conference was held at the branch office in Dushanbe, the capital of Tajikistan. The next biennial conference will be held in Sarajevo, Bosnia in October 2013. In 2015, she hopes that the ASPS will come full circle and return to Tajikistan for the seventh biennial conference.
Dr. Gross also mentors Central Eurasian scholars, helping them gain access to Western scholarship in a region of the world where Western sources are very limited. For example, she recently mentored one scholar on historical methodology and current western research in that scholar's field of interest.
"It's been very exciting, gratifying and enriching for me to be able to interact with scholars in this way and to make a contribution to their development," Dr. Gross says.
Currently, Dr. Gross is working on launching a summer internship program for undergraduates from TCNJ and other U.S. colleges and universities as part of America's Unofficial Ambassadors, a citizen diplomacy initiative of the nonprofit organization Creative Learning, based in Washington D.C.
Through this initiative, students work in schools and non-governmental organizations (NGOs) in the Muslim world, where they create people-to-people partnerships that dispel stereotypes. When they return, unofficial ambassadors foster cross-cultural understanding by sharing their experiences through blogs and presentations in their communities.
There are three programs already in place: one in Morocco, one in Indonesia, and one in Zanzibar. Dr. Gross hopes to make Tajikistan the fourth program location by summer 2014.
This summer, Dr. Gross will return to Central Eurasia with seven TCNJ students for her Maymester study-tour course "Travels on the Silk Road of Central Asia," which will take place abroad in Tajikistan and Uzbekistan.
Dr. Gross first taught this Maymester course, which is linked to her spring seminar "Politics, Culture, and Identity in Central Asia," in summer 2010, and looks forward to leading the trip for a second time.
"It's exciting for me," says Dr. Gross of the Maymester course, "because it's such a big part of my life and a place that not many students have an opportunity to visit. I get the chance to introduce them to the people, land, and culture of Uzbekistan and Tajikistan, to discuss their experiences, and to share my knowledge with them."
As far as her own research goes, Dr. Gross is currently working on a book about Islamic shrines in Tajikistan, entitled Muslim Shrines and Spiritual Culture in the Perso-Islamic World. This work is under contract with I.B. Taurus Publishers and will appear in the International Library of Iranian Studies book series.
The book focuses on how sacred landscapes are created, and what written and oral traditions are connected to them.
She combines archival research, working in manuscript collections, with field research that involves visiting the shrines and interviewing people associated with them.
After visiting over 250 such shrines, she says that the kinds of shrines differ depending on location, culture and history, ranging from sacred piles of rocks to ornate buildings.
"The thing about these sacred places is that they are really living monuments," says Dr. Gross. "Whether they are built in the tenth century or recently, they continue to be modified over time. These sacred places are very much alive."
She further explains, "I'm very interested in what you could call shrine culture: How are shrines built? Why are they built? What role do they play in communities? What traditions are associated with them? What stylistic aspects are there in different regions? What role does the shrine play in local culture? In the understanding of Islam? And how does meaning change over time?"
The book is composed of a series of case studies about different shrines across the region, and how they have developed over time.
Dr. Gross has used her scholarly work in the classroom before, incorporating published articles, as well as her last book, The Letters of a Fifteenth-Century Sufi Shaykh, into seminars and other courses. She hopes to integrate this new book into her courses on Islamic history, Sufism, and Iranian and Central Asian history.
"There's very little that's been published on Tajikistan, especially on the history," she says. "There is a lot more that has been published on the politics, but on the history and culture there's not much, so I definitely want to use in the classroom, and I hope that others will too."
Other recent projects include co-editing a book about Sufism (the mystical aspect of Islam) in Central Asia, which developed out of a conference at Princeton University that she co-organized with a colleague. She also guest-edited a special issue on the Pamir region for the Journal of Persianate Studies, meant to bring attention to this important yet understudied region and its place in the broader field of Persianate studies.
Speaking about her induction into the Academy of Sciences, Dr. Gross says: "It will help me to continue the kind of work I am doing in Tajikistan now. I think the recognition will help support not only my scholarly activities, but also the collaborative efforts that I am involved with, including ASPS activities, and I think it will strengthen the links I already have."


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> Industry Analysis
> Research & Analysis > FDIC Quarterly
FDIC Quarterly
Privatizing Deposit Insurance: Results of the 2006 FDIC Study
The Federal Deposit Insurance Corporation (FDIC) was required by the Federal Deposit Insurance Reform Conforming Amendments Act of 2005 (FDIRCAA) to study the feasibility and consequences of privatizing deposit insurance, establishing a voluntary deposit insurance system for deposits in excess of the maximum amount of FDIC insurance, and increasing the limit on deposit insurance coverage for municipalities and other units of general local government. In February 2007, the FDIC sent its report to Congress. This article summarizes the FDIC's findings on the first issue: privatizing deposit insurance. Subsequent editions of the FDIC Quarterly will report the FDIC findings on the other two issues.
Since its inception in 1933, the federal deposit insurance system has promoted financial market stability, protecting the economy from the disruptive effects of bank failures as well as protecting the deposits of small savers. Notwithstanding the successes of the federal deposit insurance system, some have argued that a private deposit insurance system would be an improvement. The FDIC explored privatization arguments in great depth in 1998 as part of Confidence for the Future: An FDIC Symposium. After almost ten years and the enactment of the Federal Deposit Insurance Reform Act (FDIRA), the FDIC has revisited the privatization debate. This article presents the FDIC's most relevant findings.
The article begins with a review of the general arguments in favor of privatization. These generally are that privatization would diminish moral hazard, reduce unwarranted government supervision and regulation of depository institutions, and eliminate taxpayer responsibility for losses arising from systemic failure. The article next reviews specific privatization proposals and examines the validity of the assumptions underlying these proposals. The article concludes with a discussion of other considerations important to the debate about private versus public deposit insurance. These considerations include the historical record of private deposit insurance systems, the sufficiency of private capital to underwrite a private deposit insurance system, the cost of deposit insurance in the absence of the federal guarantee, and other public policy concerns.
The FDIC finds that the conclusions reached in 1998 continue to hold today––namely, that privatization is not a remedy for problems arising from deposit insurance.
Arguments for Privatizing Deposit Insurance
Privatization proponents generally maintain that the costs arising from a government–run deposit insurance system are greater than the benefits, that the problems associated with a government–run deposit insurance system are inherent and insurmountable, and that the only solution to the problems is to privatize deposit insurance. The various reasons given for this stance, as outlined in the next section, are different but overlapping and generally involve concerns about moral hazard, government supervision and regulation, and a perception that some institutions are "too big to fail."
Concerns about Moral Hazard. In the insurance context, the term "moral hazard" refers to the tendency of insured parties to take on more risk than they would if they had not been indemnified against losses. The argument is that deposit insurance reassures depositors that their money is safe and removes the incentive for depositors to critically evaluate the condition of their bank. With deposit insurance, unsound banks typically have little difficulty obtaining funds, and riskier banks can obtain funds at costs that are not commensurate with their levels of risk. Unless deposit insurance is properly priced to reflect risk, banks gain if they take on more risk because they need not pay creditors a fair risk–adjusted return. A truly risk–based assessment discourages such risky behavior.1 The moral hazard problem is particularly acute for insured depository institutions that are at or near insolvency but are allowed to operate freely because any losses are passed on to the insurer, whereas profits accrue to the owners. Thus problem institutions have an incentive to take excessive risks with insured deposits in the hope of returning to profitability.
Concerns about Government Supervision and Regulation. A major concern of some privatization proponents is the degree of government oversight they consider to be a by–product of government–sponsored deposit insurance. They argue that government–sponsored deposit insurance is responsible for intrusive regulations, product restrictions, and social obligations that are placed on insured banks and thrifts. They contend that without government–sponsored insurance there would be no need to subject banks to intense safety–and–soundness regulation and to limit the products they might offer or their business affiliations.2 They claim that the regulations made necessary by deposit insurance not only limit choices and opportunities, they also hinder rapid response to changes in the business environment and are expensive. Inasmuch as costly regulations are imposed on only one segment of the financial industry (depository institutions), insured depository institutions are less competitive than financial providers that are not so encumbered. As described in the next section, many proponents of privatization therefore seek to decouple deposit insurance from the "full faith and credit" of the U.S. government, or otherwise reduce a perceived taxpayer risk, to remove the justification for federal supervision and regulation of the banking industry.3
Concerns about "Too–Big–to–Fail" (TBTF). Privatization proponents are especially critical of the systemic–risk exception provided in the Federal Deposit Insurance Corporation Insurance Corporation Improvement Act (FDICIA) because they argue that it has the potential to shift the costs for megabank failures to the taxpayer.4 They argue that when Congress provided a statutory exception from the least–cost resolution in the case of systemic risk, it acknowledged that certain depository institutions were too big to fail. Thus, because of size or perceived importance to the financial system, large institutions' uninsured depositors and unsecured creditors are treated differently from those of smaller institutions. As long as the full–faith–and–credit backing of the U.S. Treasury supports deposit insurance, they allege that taxpayers inevitably will be responsible for any losses resulting from large bank failures.
Proposals for Privatizing Deposit Insurance: Commonalities and Differences
Consistent with concerns about moral hazard, proponents of privatization generally favor market–oriented alternatives to federal deposit insurance. One proposal would replace publicly provided deposit insurance with a system of cross–guarantees under which small groups of banks would form syndicates with joint and several liability for the deposits of banks that contracted with them.5 Another proposal would convert the FDIC into a privately owned and operated insurance company, reducing the current system's reliance on regulation and guidance.6 A third proposal would transfer ownership and management of the FDIC to the banks and would set an explicit limit on the use of deposit insurance in order to encourage market discipline.7 A fourth would retain the FDIC as a public entity but would reduce its powers.8
A common theme among these proposals is a rollback of bank supervision and regulation. Most seek to reduce the regulatory and supervisory powers of bank regulatory agencies to allow banks to become competitive, full–service providers of financial products and services. One proposal would exempt banks from federal safety–and–soundness regulations and reporting requirements, replacing them with private restrictions by member banks.9 This proposal would also abolish the FDIC and the regulatory and supervisory functions of the Federal Reserve Board (FRB), the Office of the Comptroller of the Currency (OCC), and the Office of Thrift Supervision (OTS). Another proposal would recognize well–capitalized, well–managed institutions with less extensive regulation, expanded product opportunities, and lower regulatory "taxes."10
Many proposals are particularly concerned with the issue of TBTF. Most proposals would provide deposit insurance coverage for small deposits only. All seek to protect the taxpayer from responsibility for a systemic collapse by preventing the insurer from funding a systemic–risk exception. Most proposals would eliminate the full–faith–and–credit backing of the insurer as well as the insurer's line of credit with the Treasury. However, one proposal sees the need for a bank–funded backup fund to explicitly protect insured deposits against a systemwide collapse.11
Evaluation of Privatization Claims
Can Privatization Alleviate the Moral Hazard Problem?
Proponents of privatization generally assume that the moral hazard fostered by deposit insurance can be eliminated through privatization. In fact, the problem of moral hazard is inherent in insurance itself, regardless of management or ownership. The private provision of deposit insurance does not by itself alleviate the moral hazard problem.
Although moral hazard was clearly problematic in the savings and loan crisis, subsequent improvements in federal banking regulation and supervision have given the FDIC better tools to control moral hazard. The moral hazard problem created by deposit insurance has been mitigated by capital standards, examinations, safety–and–soundness regulations, enforcement actions, and timely bank closure policies. In particular, Prompt Corrective Action (PCA), introduced under FDICIA, has been effective in preventing banks with low capital levels from taking on excessive risk in an effort to return to profitability while the FDIC bears the risk. A properly constructed risk–based premium assessment system can also address moral hazard, and the FDIRA has enhanced the FDIC's ability to manage the insurance fund and set premiums according to the riskiness of the insured entity.
Would Privatization Release the Banking Industry from Unnecessary Regulatory Constraints?
A privately funded and administered system of deposit insurance would not free the banking industry from all regulation and constraints. Many nations have privately administered deposit insurance systems and all still impose systems for bank supervision and regulation. Bank supervision predates the federal deposit insurance system. Many bank regulations do not flow from the FDIC as deposit insurer but instead are imposed by the chartering and supervisory authorities, including not only the FDIC, but the OCC, the OTS, the FRB, and state banking authorities. Much of the regulatory burden on insured institutions flows from statutes and regulations unrelated to deposit insurance. For instance, one month after the events of September 11, 2001, the USA PATRIOT Act was passed. The USA PATRIOT Act amended the Bank Secrecy Act, with which banks must comply. Several provisions and implementing rules were added to bankers' compliance obligations. Reporting requirements under such laws are unrelated to deposit insurance coverage and are unlikely to be eliminated if deposit insurance is privatized.
Public policymakers are unlikely to abandon concern for prudent banking practices if deposit insurance reverts to the private sector. In 1998, then U.S. Representative James Leach expressed this idea clearly when he noted, "Because a sound economy requires a safe and sound banking system, public liabilities exist even if public funds are not placed in jeopardy by statute."12 Even without federal deposit insurance, policymakers would remain concerned about implicit public guarantees. These concerns likely would be manifest in government regulation designed to promote the efficient operation of the financial system and ensure the protection of taxpayers and individual savers.
It is more likely that, in addition to continued public regulation, a privately owned and profit–seeking deposit insurer would demand oversight. At a minimum, any prudently operated for–profit deposit insurer would probably require adherence to best practices and would insist on access to management and site visits to monitor the condition and riskiness of the institution it insured. It is unlikely that the private insurer would rely on market–generated information alone. Virtually all insurance policies––health, life, and liability––contain restrictions and limitations on coverage as well as conditions on approval in order to control risk.
For instance, American Share Insurance Company, a private primary and excess deposit insurer to credit unions, requires monthly financial reports from its members, examines them regularly, and supervises them closely. A review of the history of state–sponsored deposit insurance plans also reveals that the more successful private insurers were extremely vigilant in regulating and supervising member banks. In the pre–Civil War Indiana plan, regarded by some as the best of the nonfederal deposit insurance plans, insured banks were branches of the State Bank of Indiana. Bank examinations were semiannual, and the directors of the State Bank had powers that exceeded those granted to bank regulators today. The State Bank of Indiana also had the authority to dictate whether banks in the state expanded or contracted the availability of credit, and on occasion it exercised this authority. In contrast (as described below), weak supervision of member banks was considered a major factor in the collapse of the Ohio, Maryland, and Rhode Island private deposit insurance plans in 1985 and 1991. It is unclear, therefore, how the change from a public to a private deposit insurance system would affect the regulatory constraints under which the banking industry operates.
Would Privatization Protect the Taxpayer from Responsibility for Losses from a Systemic Failure?
Several of the privatization proposals call for eliminating the government's ability to exercise a systemic risk exception to the least–cost resolution requirement in FDICIA. They maintain that when Congress provided a statutory exception from this requirement in the case of systemic risk, it acknowledged that certain depository institutions were too big to fail. They believe that uninsured depositors and creditors of large institutions may be treated differently than those of smaller institutions.13
Economic Policy Issue. The possibility of a systemic risk determination––which allows government intervention to prevent broader problems––is not simply a deposit insurance issue, but rather an economic issue that is best evaluated within the context of a wider public policy debate. Eliminating the possibility of a systemic risk exception would require a government commitment to allow banks––and in the broader context, other very large and important businesses––to fail even when their failure would jeopardize the stability of the U.S. financial system. If the failure of a private firm were to threaten the stability of the U.S. economy––whether that firm were a bank, a financial services company, or a nonfinancial business––it is unrealistic to assume that the government would not intervene in the national interest. History is replete with examples of such intervention.
In the United States, the federal government has provided financial assistance to avoid large corporate bankruptcies (for example, Chrysler and Lockheed), assisted the banking and financial sectors when they were threatened by the less–developed–country debt crisis in the 1980s, and provided financial aid to the Mexican government––an important trading partner––during that country's financial crisis in 1995.
More recently, ten days after the terrorist attacks of September 11, 2001, Congress passed a $15 billion package of direct cash infusion and loan guarantees to aid the domestic airline industry. Subsequently, when affordable commercial terrorism insurance became unavailable, Congress passed temporary legislation that established a federal government backstop for 90 percent of insured losses resulting from certain terrorist acts up to an annual $100 billion industry–aggregate limit.14 (In December 2005 this legislation was modified to reduce the government's potential liability.)
Foreign governments have also intervened when their financial systems are in distress. In the early 1990s, Norway and Sweden stepped in when their banking systems came under severe stress. Japan has launched several expensive bailouts of its banks in the recent past, and the so–called "East Asian Tiger" countries (South Korea, Thailand, Indonesia, and others), responding to the global currency crisis in the late 1990s, undertook massive interventions to strengthen their financial sectors. In fact, the vast majority of industrialized nations in modern history have intervened to save their largest banks as a means of protecting their financial systems.15
Reduced Potential for a Systemic Situation. Reforms enacted in 1991 as part of FDICIA make a potential bank failure substantially less likely to pose a systemic risk. Certain provisions in FDICIA were designed specifically to reduce systemic risk. They include PCA (with the establishment of capital requirements), limits on interbank credit exposures, final net settlement authority, and reinforcement of netting provisions for interbank payments. Additionally, authority provided by FDIRA has enabled the FDIC to make the premium structure more risk–focused and discourages moral hazard. Finally, the use of certain failed–bank resolution techniques, including the use of bridge banks and advance dividend payments to uninsured claimants, has mitigated some of the adverse consequences associated with bank failures. Overall, these powers and policies make it less likely that bank regulators and policymakers will need to invoke a systemic risk determination under FDICIA.
Greater Difficulty Making a Systemic Risk Determination. FDICIA also requires that in order to make a systemic risk determination and waive the least–cost requirement for resolving insolvent institutions, the Secretary of the Treasury, in consultation with the President, must determine that there would be "serious adverse effects on economic conditions or financial stability." Such a decision can be reached only after favorable written recommendations from both the FDIC Board of Directors and the Board of Governors of the Federal Reserve System, with at least two–thirds of the members of each board voting in favor of the recommendation. FDICIA further requires that the Government Accountability Office review any determination under this extraordinary exception.16 These requirements ensure that a systemic risk determination can be made only after serious discussions at the highest levels of government.
Funding the Costs of a Systemic Risk Determination. FDICIA also affords taxpayers an additional layer of protection in the event of a systemic risk determination. The law requires that banks pay a special assessment to the FDIC to recoup the amount by which the resolution cost exceeds what it would have been under the least–cost resolution requirement.17
Systemic Risk and Too Big to Fail Are Not Synonymous. Finally, it is important to emphasize that the systemic risk exception does not protect large banks from failing: large banks can still fail, with stockholders, uninsured depositors, and creditors incurring losses. FDICIA permits the FDIC to waive the least–cost resolution requirement only where there is systemic risk, which might result in more protection for uninsured depositors and unsecured creditors than under a nonsystemic bank failure. However, as mentioned above, FDICIA provisions make this scenario less likely.
Other Considerations: History, Availability, Cost, and Public Policy
Other considerations raise questions about the advisability of replacing public deposit insurance with a private system. One such consideration is the fate of past private deposit insurance systems in the United States.18 Another is the ability of private capital to underwrite a private deposit insurance system. Cost in the absence of the federal guarantee and the public policy perspective on deposit insurance also are important considerations.
History and Lessons of Private Deposit Insurance in the United States
The state of New York implemented the first deposit insurance plan in the United States in 1829, and between then and the Civil War, five other states created programs. In all these programs, the emphasis was on protecting holders of banknotes rather than depositors. Three of the insurance plans failed, and the other three vanished soon after the establishment of the National Banking System. After the panic of 1907, eight mostly midwestern states created mutual deposit insurance systems. All these plans failed by 1931. After the 1930s, at least 30 additional nonfederal insurance plans were established to protect the deposits of all depository institutions––banks, thrifts, industrial banks and industrial loan companies, and credit unions. Most of these plans failed or ceased operation during the thrift crisis of the 1980s. Others were phased out when their sponsoring states decided, after witnessing the problems elsewhere, to require federal deposit insurance for all state institutions. Today, no private provider of primary deposit insurance to banks and savings associations remains. (American Share Insurance Company continues to provide primary and excess deposit insurance to credit unions.)
With a couple of exceptions, these private deposit insurance plans were sponsored by state governments, though the states did not back the plans financially. Almost all the plans were mutual insurance funds, though three of the early plans were based on a system of mutual guarantees in which banks guaranteed one another's banknotes. One completely privately held company began insuring credit union deposits in 1962, and several private companies provided reinsurance for deposits until they left the business in the mid–1980s.
Historically, private insurance plans have had to contend with two serious issues: concentration of risk and lack of liquidity in the midst of a crisis. Nearly all private insurance plans collapsed because of the failure of one or more large insured institutions. In many of these cases, insured depositors either were not protected (or were protected only with substantial assistance from state taxpayers) or received access to their funds only after a prolonged delay.
One study of the commonalities of failed private deposit insurance systems in the United States found that these systems typically shared five characteristics: (1) free exit from the system; (2) concentration risk (the failure of large institutions often brought down the entire system); (3) fraudulent acts by regulators, banks, and politicians; (4) limited regulatory powers; and (5) inaction on the part of insurers and state regulators.19
Many of the failed systems actually had relatively high reserve ratios when their crises occurred. However, they were unable to handle the failure of a very large member of their system. The system could not ensure immediate access to depositor funds (i.e., the system was not able to fulfill the liquidity function of an insurer), and this lack of liquidity eroded public confidence, which in turn led to runs on other member banks, overwhelming the entire system. Typically, deposits were frozen, and state governments had to step into the breach. Lacking funds to cover the insured deposits immediately, the states generally repaid them over a period of time, sometimes years.
In the more recent failures of private insurance systems (Ohio and Maryland in 1985, Rhode Island in 1991), many insured depositors had to wait months––and in the case of Maryland, years––to receive the full return of their principal.20 Ohio was forced to commit $151 million of nontax revenues to support a bond issue to fund depositor claims; most Ohio depositors received full availability of their funds within six months. Maryland committed state–sponsored bond revenues sufficient to satisfy insured depositor claims over a five–year period. Some depositors did not receive their funds in full until 1989, four years after failure. Rhode Island requested and received a federal loan guarantee of the state bonds it issued to satisfy insured depositor claims. In the end, Rhode Island covered the losses on its own, and depositors eventually received their funds in full, although many had to wait at least a year after the failure of the state deposit insurance fund.
As the history of private deposit insurance systems suggests, private insurers have been unsuccessful in fulfilling all three of the responsibilities traditionally assumed by federal deposit insurance.21 A private, industry–funded deposit insurer not only needs enough resources to protect small depositors but also must be capable of providing stability to the entire banking system, especially in times of great financial and economic turmoil. Insufficient public confidence in the deposit insurance guarantee could render the system unable to prevent or stem banking panics.
There are legitimate questions as to whether any private deposit insurance system could attain or maintain the necessary level of confidence in the deposit guarantee to prevent market instability during times of financial or economic turmoil. As history has shown, the insurance system must have not only the resources to handle isolated failures but the ability to handle catastrophes. Bank failures often come in waves––with one failure building on, and leading to, another. During a crisis, a private insurance fund typically must acquire financing from the banking industry through its line of credit––or from other private sources––at a time when the entire industry and perhaps the economy is in financial trouble. This is expensive in the short run, and related interest costs can hamper attempts to recapitalize the insurance fund for many years after the crisis has passed.
It is doubtful that depositors would continue to have confidence in a depleted or weakened insurance fund unless the U.S. Treasury stood behind the deposit guarantee. As Milton Friedman notes in his 1963 monetary history of the United States, federal deposit insurance––
Availability of Private Capital
Another consideration is whether enough capital is available to underwrite private deposit systems. In the 1990s, in keeping with a provision of FDICIA, the FDIC explored the feasibility of establishing a private reinsurance system for deposit insurance.23 The resulting Marsh & McLennan study (2001) found that reinsurers had only limited interest in engaging in reinsurance agreements with the FDIC on terms acceptable to the FDIC. Doubts about the availability of sufficient private capital to fund a private deposit insurance system were reinforced by events following the terrorist attacks of September 11, 2001. As mentioned, subsequent to September 11, the private insurance/reinsurance industry required a government risk–sharing arrangement to continue providing commercial terrorism insurance. The small number of private insurance firms currently providing excess deposit insurance in the United States (as will be described in a forthcoming FDIC Quarterly article) also heightens concern about the sufficiency of private capital to support a private deposit insurance system.
Cost in the Absence of the Federal Guarantee
There is also the issue of cost. The Marsh & McLennan study found that a reinsurance company's price for excess deposit insurance coverage could be expected to be higher than if the FDIC were providing the coverage, because reinsurers' pricing would represent a free–market charge without government support.
Federal Reserve Chairman Alan Greenspan testified in 2002 about the likely cost of deposit insurance in the absence of the federal guarantee.24 He stated that realistically, the government subsidy could not be eliminated because, without it, the average premium would need to increase to such a high level to insure against the improbable case of very large losses that most depository institutions would be discouraged from offering broad insurance coverage. He made the case that in deposit insurance, unlike life or casualty insurance, each insured loss is not independent of others. Deposit–run contagion produces a far larger extreme–loss tail on the probability distribution and therefore requires substantially higher premiums to offset this risk. No private deposit insurer would ever be able to match the FDIC premium and cover its risks.
Public Policy Perspective
An issue that has been infrequently addressed in this debate is the difference between the goals of a public deposit insurance system and the goals of a privately run system.25 These differences are considerable. To maintain economic stability, public regulators historically have promoted the entry of newly chartered institutions into banking markets and have encouraged vigorous competition among banking organizations. Federal deposit insurance is available to all qualifying banks, and it is not easily terminated. In contrast, the major objective of a private system would be to maximize the profit of its deposit insurance business, not to achieve any public policy goal. Under a mutual guaranty system, one might expect members to be interested in minimizing cost, risk, and competition. To accomplish this, it would not be surprising if a mutual insurance system denied coverage to newly chartered or otherwise risky banks, or agreed to insure them only at very high rates or for very short–term contracts.26
Privatization may not eliminate moral hazard, as moral hazard is an effect of all types of insurance. Recent regulatory and statutory improvements in federal banking law have given the FDIC better tools to control moral hazard. Significant regulatory burden on banks is unrelated to deposit insurance, and this burden will not necessarily end with privatization. It is unclear how privatization would shield the taxpayer from responsibility for losses arising from a systemic crisis more completely than does current law. Government intervention in a systemic failure––to prevent broader problems––is a macroeconomic policy issue, not a deposit insurance issue. The powers and policies enacted in FDICIA and FDIRA have reduced the risk of a systemic failure as well as made it considerably more difficult to make a systemic risk determination and pass the associated costs to taxpayers. In fact, if privatization eliminates the special assessment provisions that allow the FDIC to recoup losses for a systemic risk determination from the banking industry, privatization could actually increase taxpayer exposure in a systemic crisis.
The failure of earlier private insurance systems, the availability of private capital to replace the federal guarantee, the cost of deposit insurance in the absence of the federal guarantee, as well as the public policy considerations, are other important factors in the privatization debate. A review of the record of private deposit insurance systems in the United States reveals that insufficient confidence in the private deposit insurance guarantee increased the fragility of these systems and rendered them unable to prevent panics. It is questionable whether a private insurer could enjoy a high degree of public confidence unless the government stood behind the guarantee. Additionally, the availability of private capital to underwrite a private deposit insurance system is limited––a finding reinforced by insurers' unwillingness, subsequent to September 2001, to provide terrorism insurance absent a government loss–sharing agreement. Overall, the evidence suggests that the costs of private deposit insurance would likely be prohibitively high, and it is questionable whether the goals of a private system would coincide with public policy goals.
Division of Insurance and Research
Valentine V. Craig, CFA, Senior Program Analyst,
The authors are indebted to Kenneth D. Jones and Daniel A. Nuxoll of the FDIC and Marshall Reinsdorf for their extensive earlier work on privatization which served as a basis for this article.
Bank Administration Institute and McKinsey & Company. 1996. Building Better Banks: The Case for Performance–Based Regulation. Chicago: Bank Administration Institute.
Bankers Roundtable. 1997. Deposit Insurance Reform in the Public Interest Partnering for Financial Services Modernization. Report of the Subcommittee and Working Group on Deposit Insurance Reform, Retail Issues and Deposit Insurance Committee. Washington, D.C.: Bankers Roundtable.
Caprio, Gerard, Jr., James A. Hanson, and Robert E. Litan. 2005. Financial Crises: Lessons from the Past, Preparation for the Future. Washington, DC: The Brookings Institution.
English, William B. 1993. The Decline of Private Deposit Insurance in the United States. Carnegie–Rochester Conference Series on Public Policy 38:57–128.
Federal Deposit Insurance Corporation (FDIC). 1993. Private Reinsurance Feasibility Study: Report to the Congress. Washington, DC: FDIC.
––––––. 1998. Transcript, Confidence for the Future: An FDIC Symposium, Washington, DC, January. Federal Deposit Insurance Corporation. http://www.fdic.gov/deposit/insurance/symposium/fdic15.PDF (accessed January 10, 2007).
Friedman, Milton, and Anna Jacobson Schwartz. 1963. A Monetary History of the United States, 1867–1960. Princeton, NJ: Princeton University Press.
Greenspan, Alan. 2002. Prepared Statement, Oversight Hearing on "The Federal Deposit Insurance System and Recommendation for Reform." U.S. Senate Committee on Banking, Housing, and Urban Affairs, April 23, 107th Cong. 2d, sess. http://banking.senate.gov/02_04hrg/042302/grnspan.htm (accessed January 10, 2007).
Hanc, George. 1999. Deposit Insurance Reform: State of the Debate. FDIC Banking Review 12, no. 3:1–26.
Kovacevich, Richard M. 1996. Deposit Insurance: It's Time to Cage the Monster. Federal Reserve Bank of Minneapolis Fedgazette 8, no. 2:14–15.
Marsh & McLennan Companies. 2001. Reinsurance Feasibility Study. Washington, DC: FDIC.
Todd, Walker F. 1994. Lessons from the Collapse of Three State–Chartered Private Deposit Insurance Funds. Federal Reserve Bank of Cleveland Economic Commentary (May 1): 1–5.
U.S. Congress. House. 1996. The Deposit Insurance Reform, Regulatory Modernization, and Taxpayer Protection Act of 1996. HR 4318, 104th Cong., 2nd sess.
––––––. 2005. Federal Deposit Insurance Reform Act of 2005. HR 1185, 109th Cong., 1st sess.
1 As discussed below, historically the moral hazard problem created by deposit insurance has also been mitigated by banking regulation and the supervision of depository institutions. Among the regulatory actions that have been used to reduce the risks associated with moral hazard are capital standards, examinations, safety–and–soundness regulations, and enforcement actions.
2 See Bank Administration Institute and McKinsey & Co. (1996) and Kovacevich (1996) for their arguments on deposit insurance and bank regulation.
3 See Bank Administration Institute and McKinsey & Co. (1996).
4 See Bankers Roundtable (1997).
5 Petri Proposal, introduced by Rep. Thomas E. Petri (R–WI) (U.S. Congress, House [1996]). This proposal was introduced once and was not discussed in the subsequent debate on deposit insurance reform.
6 Bank Administration Institute and McKinsey & Company (1996).
7 Kovacevich (1996).
8 Bankers Roundtable (1997).
9 Petri Proposal (U.S. Congress, House [1996]).
10 Bank Administration Institute and McKinsey & Co. (1996).
11 Petri Proposal (U.S. Congress, House [1996]).
12 Leach was speaking at the FDIC conference Confidence for the Future (FDIC [1998]).
13 See, for instance, Kovacevich (1996).
14 The federal payment is subject to an insurance company deductible. An insurer's deductible is calculated as a percentage of the value of direct earned premiums.
15 Caprio et al. (2005).
16 12 U.S.C. § 1823 (c)(4)(G)(iv) (2001).
17 12 U.S.C. § 1823(d)(4)(G)(ii) (2001). The assessment is proportional to each bank's total assets less the sum of tangible equity and subordinated debt. Larger banks rely more than smaller institutions on nondeposit liabilities for funding. Therefore, the assessment would fall more heavily on large institutions (the likely source of systemic problems) than if the assessment were charged only on domestic deposits.
18 Historically, private deposit insurance systems have acted as primary insurers (playing the FDIC's current role as insurer) or as excess deposit insurers (providing insurance in addition to the FDIC insurance limit). As discussed below, there are no longer any private primary insurers for banks and savings associations in the United States.
19 English (1993).
20 Todd (1994).
21 The responsibilities are to promote financial market stability by maintaining depositor confidence in the banking system, to protect the economy from the disruptive effects of bank failures, and to protect the deposits of small savers.
22 Friedman and Schwartz (1963), 440–42.
23 FDIC (1993). The study was conducted in three phases beginning in 1993. The final report (Marsh & McLennan Companies [2001]) was completed in December 2001.
24 Greenspan (2002).
25 Hanc (1999).
26 Ibid.
|Last Updated 07/03/2007
|Questions, Suggestions & Requests


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Yesterday evening I was one of the guests on Al Jazeera's Inside Story programme, discussing the BlackBerry ban in the United Arab Emirates:
Tuesday, August 03, 2010
Banning BlackBerry
2 comments:
- Dave Birch said...
It was never explained why any government should be able to read anyone's e-mail (or, for that matter, anyone's mail). But anyway well done for making the point that there are plenty of other ways for terrorists to communicate securely. The ban will have absolutely no impact on crime or terrorism at all.
- 8:26 pm
- Jhon said...
These kind of stuff happens in Muslims countries, some time they ban people to not enter in their holy places. I was not expecting this from UAE
- 11:13 pm
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ED Magedson – Founder
Ripoff Report
No Flame ECIG6538 Collins Avenue #95 Miama Beach, Florida USA
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No where in the sign up did it say anything about monthly charges or a membership. He was recently charged with 109 to his card. We looked up the company on google and the first thing that comes up in the search is the website for it, second is the ripoff reports. Now that is sad.
We have called countless times and all the say is they can cancel his account but since his charge of 109 is "valid" that it can't be refunded. Despite the fact that their return policy specifically says they give refunds. But then they said they will give him a 'special offer' and refund 40 percent of the money. We didn't accept that. They currently had NO supervisors available to talk to. So currently we are waiting to call back to get a supervisor and get his money back.
I advise anyone who mistakenly orders this to keep calling and ask for a supervisor, don't believe any special offers they try to give you. In the terms and conditions they state a refund is available if you send it back within thirty days. You still have time you just need to pay for shipping. If he had known about the charges, he wouldn't have ordered it. It was not clearly on the sign up or the confirmation. You only read it in the Terms and Conditions. Get your money back!
This report was posted on Ripoff Report on 07/03/2013 10:26 AM and is a permanent record located here: http://www.ripoffreport.com/reports/no-flame-ecig/miama-beach-florida-33141/no-flame-ecig-no-clear-terms-miama-beach-florida-1064144. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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Puzzles & Brainteasers -> Riddle Challenges -> Riddle Challenge 2010 Start
Blifaloo's Riddle Challenge 2010:
Are you Smart Enough?
Over 100,000 visitors attempted to solve our last set of riddles/puzzles -- only about 5% of these folks managed to make it to the end.
Are you smart enough to make it through our newest batch of mind-benders?
We interupt this message with the following:
Riddle # 1 - Who?
Clues: Some clues are hidden on the page (like this one).
All answers will be lower case. Last names (and no caps) only for name answers.
Use Google to research the clues, and you should do fine.
If you get stuck, bookmark the riddle you are currently working on, so its easy to find your spot in the challange later on.
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Read instructions carefully. Look for hidden clues. Ctrl+A is your friend, along with Google and Wikipedia. Use the whole page, not just what appears to be the riddle/puzzle.
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Louise Fleming-Dufala writes about Fifth District Court of Appeals' decision to not allow Dan Philli
Current subscribers have full access to all online news content as part of their subscription. If you are a current subscriber, please log in with your website account information for full access. If you are a current subscriber, but have not yet registered for access to the website, please call our Circulation Department at (419)281-0581


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Salt Lake City, over the past two years, undertook a supposedly robust study that found around 100 people who recommended that the Sugar House streetcar extend north on 1100 East to 1700 South. With the realization that a streetcar may be constructed up 1100 East, most of the business owners and nearby residents objected, and they provided one of the biggest turnouts at City Hall in a decade.
I talked to most of the business owners on 1100 East in Sugar House and almost all do not think that they will be able to survive the construction of the line. Many are women-owned small businesses. These businesses give Sugar House its character.
A streetcar on 1100 East would destroy a major safe north-south bicycling route. In a robust study of around 1,600 Portland, Ore., bicyclists, 67 percent said that they had crashed on streetcar rails. When bicyclists approached rails near to parallel, their bike tire would catch and throw the rider.
The issue is made more serious if the street is so narrow that there is no room for error to avoid obstacles that often pop up in front of bicyclists. Wet rails would also increase bicycle crashes.
Construction and operation of a streetcar on 1100 East would create more congestion and pollution. Buses stop all traffic when they stop on 1300 East and I believe that a streetcar would also back up traffic on 1100 East. Although city engineers contend that there would be enough room to allow vehicles to pass a stopped streetcar, the width of 1100 East does not seem to realistically allow that.
City employees also have mentioned several times that the increased congestion will encourage people to leave their cars and take mass transit.
Most of the streets adjacent to 1100 East are in quiet single-family-home neighborhoods. But during construction and operation of a streetcar, the adjacent streets will have much more traffic and parking problems.
Some Westminster College students want it. But Westminster officials have said that students don't need a shuttle to Wilmington (four blocks south) when they should be able to walk the four blocks. So why do we need a streetcar for the students when they should be able to walk four blocks to it?
If the streetcar is to be successful, it needs to have a great destination. The greatest destination in the area is Sugar House Park. A streetcar to Sugar House Park through Wilmington or the Shopko block would encourage special events in the park. There is higher economic development potential in that area than anywhere else on the streetcar route.
That could help pay for some, if not all, of the streetcar. Another advantage of sending the streetcar directly east to Sugar House Park is that it would remove the significant and continuing battles from the single-family home residents and small businesses that are against a streetcar on 1100 East.
Salt Lake City has done a good job of providing just one side of the proposal. The other side is the destruction of small businesses, destruction of safe bicycling, increasing congestion and continuing battles. The city needs to listen to owners of the almost 2,000 businesses and residents who have said that they are against a streetcar on 1100 East. Salt Lake should send the streetcar east to Sugar House Park.
George Chapman lives in Salt Lake City and is a big user and proponent of mass transit. He helped notify many Sugar House businesses and residents about the potential streetcar route.


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Here is the chapter from Columbia: Myths, Legends and Truths that I told you about. What if we found this? THINK of the possibilities! Something to think on...
________________________________________________________________ Chapter 7: The Lost Vigors of Columbia - Pocket Monstrosities - By. Adam Bankhurst
Back when Columbia was founded, a scientist by the name of Samuel Oak was working on a vigor that would be unlike anything seen before. His research was kept secret, and the Professor, as he was called, would work 24/7/365 without the faintest glimpse of the outside world or the incredible city that was right outside his door. It was all worth it though, for he created a way to capture enemies and use them as allies. He called this vigor Pocket Monstrosities, as you would capture an enemy, or monster, and carry them in a PokéBall that would fit in your pocket!
This PokéBall was created by focusing all the energy to the palm of your hand and creating a sphere that would serve as a "home" for the captured enemy. Once you weakened the enemy you would throw this PokéBall at them, and if successful, they would be contained in the sphere. They'd now be under your control and available to fight, for you, whenever you needed.
Here is an example of Pocket Monstrosities in action;
After the successful capture you would create an entry into a Pokédex. This device would keep track of the enemies you have caught and be a place to see all their relevant information. This would be very useful for learning more about each new ally and knowing which ones to use against other enemies.
This vigor had great potential yet its life was cut short. Professor Oak, after completing this vigor, became so obsessed with "catching them all" and becoming "the very best, like no one ever was" that it drove him mad. He ended up hurting, capturing, and even killing innocent civilians in his quest and needed to be "put down". All his research and the vigor itself was destroyed and wiped from the history books until recently, when these photos and some notes were uncovered under the floorboards of his old home.
Could Oak have hidden a stash of this Vigor somewhere on Columbia? Was it actually destroyed or is it locked up somewhere, just waiting to be found? If it is still around, let's hope it doesn't fall, once again, into the wrong hands.
What do you guys think of Pocket Monstrosities? I'm sure you have all put your Vigors into your own blog, but if you didn't, or even if you want to again, let me know your ideas below!
Adam Bankhurst is one of the co-hosts of The Gamer's Advocate. Send him all your thoughts or questions to email@example.com. You can also follow him @adambankhurst


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Even Cindy McCain Thinks Gwyneth Paltrow Should Shut Up
Perhaps Gweneth Paltrow should go out on patrol with some soldiers. Kind of like a Red Carpet in her mind I guess!
— Cindy McCain (@cindymccain) May 29, 2014
- Cindy McCain has heard Gwyneth Paltrow's comments that reading mean online comments is a "bloody, dehumanizing thing," "almost like in war" and she is not pleased. Team Cindy on this one. [US Weekly]
- Blogger Maureen O'Connor at The Cut got shipped with a bunch of other women from New York City to meet (and potentially fall in love with) single dudes in San Francisco. Somehow, she has arrived back home unscathed and ready to tell all. [NYmag.com]
- How to talk to babies about gender theory. [The Toast]
- Justin Timberlake posted a picture of himself praying at the Western Wall in Jerusalem. He hashtagged the Instagram photo #Israel and now is embroiled in an Israel/Palestine debate. [US Weekly]
- "The Real Housewives Of Beverly Hills" has cleaned house: Joyce Giraud and Carlton Gebbia are out. [People]
- Kim Kardashian wore $10 lipstick on her wedding day. Yes, that's only one zero! [Daily Mail UK]
- Meanwhile, Kim and Kanye's honeymoon has now taken them from Ireland to Prague. Might I recommend the vegetarian restaurant Radost FX and the Mucha Museum? [Daily Mail UK]
Email me at [email protected] Follow me on Twitter.


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Recently Updated Articles
- 5 Rocket Stocks for Gluttonous Turkey Day Gains
- Time to Sell These 5 'Toxic' Stocks
- 5 Earnings Short-Squeeze Plays
- 5 Must-See Charts
- 5 Stocks With Big Insider Buying
5 Rocket Stocks Ready for Blastoff - views
BALTIMORE (Stockpickr) -- And just like that, investors like stocks again.
>>5 Stocks Poised for Breakouts
This new wave of equity optimism is setting the stage for even higher price levels by the end of September. That's why we're turning to a new set of Rocket Stocks this week.
For the uninitiated, "Rocket Stocks" are our list of companies with short-term gain catalysts and longer-term growth potential. To find them, I run a weekly quantitative screen that seeks out stocks with a combination of analyst upgrades and positive earnings surprises to identify rising analyst expectations, a bullish signal for stocks in any market. After all, where analysts' expectations are increasing, institutional cash often follows.
>>5 Stocks Under $10 Set to Soar
In the last 168 weeks, our weekly list of five plays has outperformed the S&P 500 by 78.58%.
Without further ado, here's a look at this week's Rocket Stocks.
First up is chipmaker Broadcom (BRCM). The $20 billion firm is a major supplier for communications applications -- and it's speculated to be a major contributor to the iPhone 5's internals. That positioning puts Broadcom in solid positioning to capture growth in the mobile phone market, one of the fastest-growing consumer electronics segments out there right now. >>4 Chip Stocks Apple Fans Should Love One of the most attractive (and unique) attributes about Broadcom's model is the fact that the company doesn't own its own production facilities. Instead, it outsources those tasks to third parties. While that means that BRCM cedes some profitability to its manufacturing contractors, the fact that BRCM doesn't carry chip factories on its balance sheet (and their associated overhead on its income statement) means that the firm cuts a leaner profile and didn't get hit as hard by the recent pullback in the semiconductor industry.
Because Broadcom's chipsets span a range of communications standards -- including GPS, Bluetooth and Wi-Fi -- the firm was one of the first to perfect combining hardware for different technologies on a single chip. That's driven sales to space-focused firms like Apple (AAPL) who are trying to jam more and more into each device they make.
With the acquisition of a 4G wireless platform developer in 2010, the firm is plugging a big hole in its product lineup and offering a more holistic solution for handset makers. That could be a big boost for investors in 2012.
SunTrust Banks
$16 billion regional bank SunTrust Banks (STI) is a big name from the Southeast to the Mid-Atlantic, with more than 1,650 branches spread throughout its geographic footprint. The Atlanta-based banking firm is in growth mode right now, after investors got hammered by losses and equity dilution in order to shove toxic debt off of the bank's balance sheet and repay TARP. Now that the pain is over, investors should be looking to gain in the latter part of 2012. >>4 Big Bank Plays From JPMorgan After all, shares are already up more than 68% in so far this year. From a relative strength standpoint alone, this stock is already in prime position to push higher. Fundamentally, though, things look even better.
While SunTrust's exposure to markets like Florida, where housing is still struggling, was a big black mark on shares, the firm has benefitted more recently from an economic rebound in the region. The ability to grow its loan book at "new normal" values for its collateral should provide a nice backstop for STI's balance sheet going forward, and a more cost-conscious approach to banking is already showing up in the firm's widening net profit margins.
With analyst sentiment pushing higher this week, we're betting on shares.
It's been a solid year for shareholders of Ametek (AME). The $9 billion electronic instruments company has rallied more than 28% since the first trading session in 2012.
Ametek builds electronic components that range from temperature sensors to specialty motors used by original equipment manufacturers. That niche business affords AME a sticky customer base with a high switching cost, two critical factors for success in the manufacturing sector.
Like other diversified industrial firms, Ametek saw significant pressure when the recession hit and factory outputs tapered off. But the firm is more than making up for it now, with revenues far surpassing pre-recession highs last year. And all the while, the firm remained handily profitable, with net margins now weighing in at more than 13.5%. Management has done an impressive job of keeping Ametek's head well above water during the roughest economic seas.
While a growth-by-acquisition approach to business has been pricey for Ametek, the firm's balance sheet is strong, with over $300 million in cash and investments offsetting some of the company's $1.5 billion debt load. With AME's profitability giving the firm plenty of cash to throw at its debt, the firm is in solid shape to keep performing at a high level right now.
Stericycle (SRCL) is the biggest medical waste management firm in the country, providing hospitals, medical offices, and pharmaceutical firms with a way to dispose of highly regulated biologically hazardous waste. Not surprisingly, dealing with the consumables no one else wants to touch is a lucrative business, with deep profit margins and a sticky customer base.
Regulation built Stericycle's niche. Because healthcare facilities can't simply toss spent needles and bloody gauze in the trash, Stericycle was able to step in and provide a simplified way of disposing of that type of high-risk waste. With health care reform passed, Stericycle should see some attractive tailwinds at its back -- namely the transition that more patients make from hospitals to medical offices for treatment. Because medical offices are lower-volume waste producers, Stericycle can collect deeper margins for their trouble.
Stericycle enjoyed stair-step growth during the recession, posting new sales and profit highs each year despite an economic meltdown that was threatening less entrenched firms. While SCRL doesn't pay the dividend that its traditional waste management peers are known for, the firm's recession resistance and growth trajectory make it an attractive buy right now.
Rising analyst sentiment only sweetens the pot this week.
Beauty retailer Ulta (ULTA) rounds out our list this week. The $6.3 billion firm owns approximately 450 big box stores spread across more than 40 states. That geographic footprint is significant. By spreading out a relatively small number of stores across a wide area, Ulta can focus on expanding is presence in regions that have already demonstrated the best performance. Those extra data points dramatically cut down the risks of expanding the firm's scale.
Ulta is about as niche as retail gets. The firm stocks more than 20,000 different products at each store, giving customers selection that they won't find in the beauty section of a more conventional retailer. And Ulta's size also affords it some big advantages. By buying high-margin beauty items (such as brand-name fragrances) in scale, the firm is able to pass on considerable savings to its customers.
Ulta's valuation is a little bit less beautiful. The firm currently sports an earnings multiple of 45, which means that investors are already pricing in some pretty substantial growth right now. The firm will need to live up to those expectations if it wants to keep a share price in the triple-digits.
That said, a debt-free balance sheet and plenty of cash on hand help to mitigate the pricey premium that investors are doling out for shares right now. So does the room for expansion that Ulta has here in the U.S.
To see all of this week's Rocket Stocks in action, check out the Rocket Stocks portfolio at Stockpickr.
Twitter and become a fan on Facebook.-- Written by Jonas Elmerraji in Baltimore.
At the time of publication, author had no positions in stocks mentioned.
Jonas Elmerraji, based out of Baltimore, is the editor and portfolio manager of the Rhino Stock Report, a free investment advisory that returned 15% in 2008. He is a contributor to numerous financial outlets, including Forbes and Investopedia, and has been featured in Investor's Business Daily, in Consumer's Digest and on MSNBC.com.


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NEW YORK (Sep. 17)
Shimon Peres, the leader of Israel's Labor Party, told Labor Zionist Alliance leaders from the U.S. and Canada that while there are political "skirmishes" in the Labor. Party, they are not serious but rather a sign that Labor will win future elections to head the Israel government. The Labor Party is a "democratic organization," he added. He indicated that when the Israeli electorate compares the nearly 30-year record of Labor as compared with the present Likud government, the voters will return Labor to power.
Peres also asserted that the Labor Party will refuse to negotiate with the Palestine Liberation Organization which he charged goes on with terror and stands by their covenant to destroy Israel.
Peres also said that Israel is conducting serious discussions within the Socialist International to resist the advances of the PLO. When compared to European governments, he pointed out, the Socialist International is closer to Israel's position regarding the PLO than are the European governments. Peres pointed out that the Socialist International had rebuffed efforts to seat the PLO as observers to a recent Socialist International meeting.


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Edible Events hosts a Threesome with Mary Jane on Valentine's Day
Need to spice it up on February 14? How about a sultry threesome with you, your love and good ol' Mary Jane? Edible Events, which introduced its first BYOC event last month, will add some delicious twists on Valentine's Day. A Threesome with Mary Jane will start at 8 p.m. Friday, February 14, at Space Gallery, and will feature not just appetizers and an open bar, but DJs spinning music to some of the sexiest music videos of all time, as well as live nude body painting, a Valentine-making station and free shoulder massages. Tickets are $125 per person -- and it's strictly bring your own cannabis.
See also: Sneak peek: Lowdown Brewery + Kitchen opens Tuesday on Lincoln Street
Rolling on the party bus.
Loren Lorenzo
Jane West founded Edible Events as a way to bring together people in a comfortable environment to talk, eat and smoke marijuana (in a private party bus). She hosted her first party in honor of the end of prohibition of marijuana at Space Gallery last month.
"The event was more than I could have imagined," West says, "and I was aiming really high -- no pun intended. We had the chance to attend the event as well, and it was filled with different generations of people, mingling, laughing and partying it up with headliners in the Denver pot industry, and even CNN.
Butternut squash soup and bacon skewer at Edible event.
Loren Lorenzo
At Space, guests could move about, checking out the slider and quesadilla tables -- and for those who wanted something other than (or in addition to) cannabis, there was an open bar, stocked with local wine and beer. "I'm not doing this to make a bunch of money," West says. "But it is worth the fun and to make such an exclusive night out for friends -- it's the beginning for a new demographic of smokers."
In addition to this week's Valentine's Day party, West is developing more events that will coincide with First Fridays in the Old South Gaylord Street area. These will have the same concept as her BYOC (bring your own cannabis) parties, except there will be various cheese purveyors, as well as desserts from restaurants in the area.
Find more details or buy tickets to the Valentine's Day party on the Edibles Events website.
For information on dozens of culinary events around town, visit our online Food & Drink listings -- and if you have information for a culinary event you'd like included in our online calendar, send it to firstname.lastname@example.com.
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Watch out, Arnold -- the real-life action heroes are here. Act of Valor, to be released on February 24, stars current active-duty SEALs. Besides being action-packed, anyone who believes that movies should be realistic and not necessarily politically correct should see Act of Valor. In addition to reviewing the movie, American Thinker interviewed those associated with the film.
Right from the start, the movie is very intense. Mike "Mouse" McCoy and Scott Waugh, who directed and are executives of the production company, Bandito Brothers, wanted to make the first authentic action film. They cast eight SEALs to make sure their characteristics came across so that people can understand the difficulty of their missions, and how they risk their lives without any public recognition. Although they prefer to be known as the "silent warriors," the eight SEALs decided to star in the movie to make sure their stories are accurately presented. Waugh commented that each SEAL cast member had multiple deployments and was highly decorated. For realism, they all were involved in the operational planning of the movie. "They would take out a white board and plan it like a mission."
The electrifying story begins in the Philippines, where the SEALs are assigned a mission to rescue a CIA operative captured by a drug cartel. From the intelligence gathered, a plot is discovered that teams Islamic jihadists with the drug cartel to sneak suicide bombers across the Mexican border and into the U.S. McCoy made sure that all the missions in the film have actually happened in some form, including the horrific torture scene. He wanted to show that "the way those held captive overseas are tortured is mind-boggling. We felt that we pushed it as far as was graphically possible. There are really bad people who do really bad things."
Read more: http://www.americanthinker.com/2012/02/act_of_valor.html#ixzz1nJOX9qeR


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ONE down, one to go. Jamie Whincup tightened his already vice-like grip on the V8 Supercars championship that is his for the taking with yet another commanding win at Winton Motor Raceway, near Benalla, on Saturday.
Whincup's tactical triumph in the first of the weekend's two races further extended his points lead over Mark Winterbottom, whose faintest of title hopes were dashed by a strategic slip-up that saw him splutter across the finish line in fourth.
His seventh success from the past nine races - and his 12th of the season - set him up to all but clinch his fourth V8 crown in Sunday's race, needing only another win to put the championship out of all but highly improbable mathematical reach for Winterbottom.
Now ahead by 376 points, even the cautious Whincup conceded that he was now on the verge of taking an essentially unassailable lead into the final two races at Sydney Olympic Park in two weeks.
''I think tomorrow [Sunday] is going to be a huge day for the championship,'' he said. ''So one more day. I think it's all going to come down to the next 24 hours. If we can qualify well and have a clean race, tomorrow will be vital in the grand scheme of things for 2012.''
In other words, as long as he finishes well enough in this afternoon's longer 67-lap, 201km race to maintain his points margin over Winterbottom, Whincup's lead will be unbeatable regardless of what happens in the Sydney 500, where a maximum of 300 points will be available from the twin 250km season-ending races.
Even if he struck disaster on Sunday and he failed to score any points, Winterbottom would still have to win or finish very well to remain in remote contention at the Olympic Park street circuit.
Whatever happens, Whincup will continue his pursuit of victories rather than easing off for the sake of safely securing the title. ''I plan to keep doing exactly what I've been doing. It'd be stupid to change.''
In Saturday's 47-lap, 121km race, the result was effectively decided in Whincup's favour after the first lap.
From second on the grid, his Triple Eight Holden Commodore beat pole winner Winterbottom's Ford Performance Racing Falcon away at the start and was already racing away from his would-be nemesis when a melee at the second turn of the twisting 3km Winton track brought out the safety car.
Having started, like Whincup, on the harder of the two available tyre compounds, Winterbottom switched to the softer rubber.
Gambling on the extra grip and speed of the soft tyres to regain the lost ground, Winterbottom had to fight his way back from 16th while Whincup stayed at or near the front until his scheduled stop for the softer tyres on lap 27.
Winterbottom had stopped a lap earlier to refuel and continued on the same set of tyres, eking a remarkable 44 laps from them compared with Whincup's finishing stint of 19 laps.
However, although Winterbottom recovered to third place, his late charge was compromised by being short-filled with fuel, which forced him to back off in the closing stages.
Even though the race was reduced by one lap to meet the time limit, his Ford Performance Racing Falcon spluttered as it ran out of fuel on the run to the finishing line, allowing Lee Holdsworth to snatch third place in his Stone Bros Racing Falcon.
Whincup's Triple Eight teammate Craig Lowndes finished an inspired second after starting 15th.
This consolidated Lowndes' third place in the championship standings and moved him up to within a threatening 75 points of Winterbottom.


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Jute Mariner's Table Lamp
- No Longer Available -
We've covered a solid wood cylinder with a continuous wrap of natural jute and finished it with a simple metal cylinder, creating a lamp that illuminates a room but also imparts warmth and texture.
Show Details +
- 6¼" diam., 18¼"H
- Weight: 2 lbs.
Shown with white linen Slope Shade, Size C.
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Gorgeously Green: 8 Simple Steps to an Earth-Friendly Life
Not just gorgeous, but straight-from-the-hip tips about become more environmentally aware and making choices that fit your own lifestyle.
I adore Ehlert's many-hued illustrations and this story draws you right into her version of an enchanted garden. One for me, one for my toddler niece !Tags: books, Amazon, gardening, picture books, flowers, spring, flower gardens, environmental awareness, environmental consciousnessAdded 7 Years Ago from Amazon.com


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FLORHAM PARK, N.J. — Nick Mangold is getting closer to returning — slowly but surely.
The New York Jets center is questionable to play Sunday against the New England Patriots with a sprained right ankle that has sidelined him the last three games. Coach Todd Bowles announced Friday that no decision had been made on Mangold's status.
"It's been frustrating and disappointing, not being out there and not contributing," Mangold said. "I've been trying to do everything that I could behind the scenes to try to help out. It's tough. Having gone this long without playing a game isn't fun, so hopefully I'll get back as soon as I can."
Mangold was limited for...


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Kadi was used by Wits on Saturday in the Gauteng Sports Challenge and his signing for the team confirmed on Sunday by the clubs chief executive officer Jose Ferreira.
Kadi had been on the verge of signing a new deal with Greek club Veria, where he spent last season but was persuaded to return home
Kadis 17 goals took Veria to second place in the Greek second division last season and automatic promotion to the Super Division.
His goals spree contrasts with his previous year in Portugal where he scored just once and his club Portimonense were relegated.
Kadi, who started his career at Jomo Cosmos and also spent a single season at SuperSport United, left Wits in 2011 at the end of his contract, saying he wanted to prove himself overseas and use the opportunity of playing in Europe as a spring board for possible Bafana Bafana selection.
He is still to win a cap at full international level but he was a regular at under-23 level.
Kadi is originally from Polokwane and began his career at Pretoria University before Jomo Cosmos handed him his professional debut in 2005.
Wits have already added a bevy of new signings to their squad for the new season and changed their coach.


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Boot Barn Item #: 2009778
Color: Click a button belowcolor
size: Click a button below Size Chartsize
- 100% polyester
- Sleeveless
- Ethnic print
- Elastic waist band
- Hand wash cold
Bring on summer with the perfect gear. This Sleeveless Ethnic Print Dress is perfect for the summer adventure. It's lightweight, comfortable, and, most importantly, breathable against the skin. The ethnic print matches with the warm hues of summer while the boat neckline and elastic waist band will create a beautiful silhouette. Finish off your outfit with cowgirl boots for a beautiful summer outfit.
Style(s): B4J50
Lifestyle: Western
Material: Polyester
Color: Multi
Print Angie has been a dominant print-driven line for the past 20 years. The clothes exude the bohemian lifestyle of the modern woman. Patterns and color combine with fashion forward silhouettes for everyday looks that can take you from day to night. The Angie girl is a little bit of everything- casual, sophisticated, flirty, romantic, and fun-loving and she wants her clothing to reflect her ever-changing personality.


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Halloween Party Ideas
Trick or treat?! Plan a scare with a Halloween party that's both frightening and fun! Try these wickedly scary Halloween party ideas for a spooky good time.
Our first ever Celebrate Crate is chock full of spooky Halloween party inspiration! If... READ MORE
Use these delicious and festive cocktail recipes for your next adult Halloween party.... READ MORE
We have some simple yet super spooky tricks to create a great haunted house at home. READ MORE
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