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with What Banks Do Adrian Blundell-Wignall, Gert Wehinger and Patrick Slovik
- Philip Booker
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1 ISSN Financial Market Trends OECD 2009 Pre-publication version for Vol. 2009/2 The Elephant in the Room: 0B The Need to Deal with What Banks Do Adrian Blundell-Wignall, Gert Wehinger and Patrick Slovik Contagion risk and counterparty failure have been the main hallmarks of the current crisis. While some large diversified banks that focused mainly on commercial banking survived very well, others suffered crippling losses. Sound corporate governance and strong riskmanagement culture should enable banks to avoid excessive leverage and risk taking. The question is whether there is a better way, via leverage rules or rules on the structures of large conglomerates, to ensure volatile investment banking functions do not dominate the future stability of the commercial banking and financial intermediation environment that is so critical for economic activity. While there is a main consensus on the need for reform of capital rules, dynamic provisioning, better co-operation for future crises, centralised trading of derivatives etc., the question is whether such reforms will be sufficient if they do not address contagion and counterparty risk directly. The world outside of policy making is waiting for a fundamental reassessment of banks business models: what banks are supposed to do and how they compete with each other. It is the elephant in the room on which some policy makers have not yet had the time or inclination to focus. This article emphasises not only the need for transparent and comparable accounting rules and for improvements in corporate governance, but also supports the imposition of a group leverage ratio to provide a binding capital constraint (that Basel riskweighted rules have been unable to achieve) and proposes a Non- Operating Holding Company Structure (NOHC) reforms that are essential to deal with contagion and counterparty risk that are so integral to the too big to fail issue. Adrian Blundell-Wignall is Special Advisor for Financial Markets and Deputy Director of the OECD Directorate for Financial and Enterprise Affairs, Gert Wehinger and Patrick Slovik are Economist and Junior Economist, respectively, in the Financial Affairs Division of the Directorate for Financial and Enterprise Affairs. The article has benefitted from comments by Carolyn Ervin and other OECD staff members. All remaining errors are those of the authors. This work is published on the responsibility of the Secretary-General of the OECD. The opinions expressed and arguments employed herein do not necessarily reflect the official views of the Organisation or of the governments of its member countries. OECD JOURNAL: FINANCIAL MARKET TRENDS VOLUME 2009 ISSUE 2 - ISSN OECD
2 I. Introduction Contagion and counterparty risk are the hallmarks of this crisis A fundamental reassessment of what banks are supposed to do and how they compete with each other is needed Reforms have to address contagion and counterparty risk directly More lifeboats are not enough Contagion risk and counterparty failure have been the main hallmarks of the current financial and economic crisis, making it very different and much more potent than those which preceded it. While some large diversified banks that focused mainly on commercial banking survived very well, financial conglomerates built on investment banking, the structuring of complex derivatives and proprietary trading as the main drivers of growth, as well as other smaller and less diversified banks, particularly those focused on mortgages, suffered crippling losses. In principle, sound corporate governance and a strong risk-management culture should enable banks to avoid excessive leverage and risk taking. But human nature being what it is, there are likely always to be some players eager to push complex products and trading beyond the sensible needs of industry and long-term investors in order to drive profits. Indeed, right now such activity is driving the rapid profit growth of some banks, with little having been learned from the past. As the system will always be hostage to the gung-ho few, the question is whether there is a better way, via leverage rules or rules on the structures of large conglomerates, to ensure volatile investment banking functions do not dominate the future stability of the commercial banking and financial intermediation environment that is so critical for economic activity. The world outside of policy making is waiting for a fundamental reassessment of what banks are supposed to do and how they compete with each other. It is the elephant in the room on which some policy makers have not yet had the time or inclination to focus. The conclusions of the G20 Pittsburgh summit in October 2009 show the main consensus on the need for reform capital rules, dynamic provisioning, better co-operation for future crises, centralised trading of derivatives and so forth (see Box 1). These initiatives are important, and will help improve prudential supervision. The question is: will such reforms be sufficient if they do not address contagion and counterparty risk directly the extent of which depends on what banks actually do in their business models. One illustration of the mood in the world of ordinary investors comes from one well-respected fund manager/commentator in a quarterly letter to clients: I can imagine the company representatives on the Titanic II design committee repeatedly pointing out that the Titanic I tragedy was a black swan event: utterly unpredictable and completely, emphatically, not caused by any failures of the ship's construction, of the company's policy, or of the captain's competence. "No one could have seen this coming" would have been their constant refrain. Their response would have been to spend their time pushing for more and improved lifeboats. In itself this is a good idea, and that is the trap: by working to mitigate the pain of the next catastrophe, we allow ourselves to downplay the real causes of the disaster and thereby invite another one. And so it is today with our efforts to redesign the financial system in order to reduce the number and severity of future crises. 1 2 OECD JOURNAL: FINANCIAL MARKET TRENDS VOLUME 2009 ISSUE 2 - ISSN OECD 2009
3 Box 1. G20 Pittsburgh summary of financial reform proposals The G20 summit in Pittsburgh concluded that the revision of capital rules (higher and better quality capital, with a leverage ratio and perhaps countercyclical buffer) would be finalised by end-2010 and implemented by end Better liquidity risk measurement and management will be encouraged, and institutional risk management standards will be strengthened. Disclosure will be enhanced, with off-balance sheet positions taken into account. Oversight of credit rating agencies has increased and accounting standards should be unified. Market practices and underwriting standards in particular have become better regulated. The centralised clearing of CDS contracts and the trading of standardised OTC derivatives on exchanges is to be completed by end OTC derivative contracts should be reported to trade repositories and non-centrally cleared contracts should be subject to higher capital requirements. Compensation standards aim to align compensation with long-term value creation (equity incentives and claw-backs being favoured and guaranteed bonuses discouraged). Transparency, independence of compensation committees and supervisory review with the possibility of penalty (via capital requirements). Supervisory colleges and contingency planning for coordination between supervisors and firms for crisis management involving major cross-border firms, a legal framework for crisis intervention and improved information sharing in times of stress. The hope was also expressed that: We should develop resolution tools and frameworks for the effective resolution of financial groups to help mitigate the disruption of financial institution failures and reduce moral hazard in the future. Our prudential standards for systemically important institutions should be commensurate with the costs of their failure. The FSB should propose by the end of October 2010 possible measures including more intensive supervision and specific additional capital, liquidity, and other prudential requirements. Source: Leaders' statement, the Pittsburgh Summit, 25 September 2009, available at The structure of large financial conglomerates are the focus of this paper This paper focuses on those large financial conglomerates without whose involvement this crisis may well have been avoided, at least in terms of the scale and force that that policy makers have had to address. It looks at some aspects of the ship s design, and explores the idea that the equity culture in banking came to dominate the credit culture in what firms actually do. Common regulatory structures permit very different business models with widely divergent risk and loss profiles. Banks that grew their balance sheets rapidly via derivatives-based products that must be valued at fair value through profit or loss are a distinctive feature of the current crisis. Indeed, they appear to be at the heart of the reason why banks can be too big to fail. In looking at reform priorities, this paper emphasises the need for a binding group leverage ratio (which would dominate Basel risk weighting) and a non-operating holding company conglomerate structure with legally separated (siloed) capital for subsidiaries, without which contagion risk cannot properly be addressed. OECD JOURNAL: FINANCIAL MARKET TRENDS VOLUME 2009 ISSUE 2 - ISSN OECD
4 II. The equity culture : conglomerate growth through securities and derivatives It may be helpful to look at institutions that did relatively well during the crisis One important clue to what a safer future financial system might look like can be found by looking at what large systemically important banks actually do. Some countries operating openly on the global financial system, like Australia, Canada, Chile and Brazil avoided having to bail out their banks with capital injections. Within crisis countries, some banks did very well: for the purposes of this study, Santander is included as one example amongst many others of a bank that fully participates in commercial banking and the structuring of products, but so far has done so in a well-balanced and-risk controlled way. As was the case with countries affected by the crisis, countries (and banks) that avoided the crisis also had to deal with: the same global regulatory and capital rules, the same accounting firms and credit rating agencies, similar tax distortions, the same derivatives including OTC and structured products, and the same senior staff bonus mechanisms. Furthermore, banks in these countries did not have more capital than their US counterparts had. to find out what factors helped them to perform better: what banks do is important Poor incentives created by regulatory and tax loopholes and bonus systems certainly contributed to the crisis being exploited by some though not all banks. So while increased capital and regulatory reform are important, something else seems to have been at work in many banks and even some financial systems that enabled them to survive the crisis without government capital injections and securities purchases. The same regulations, accounting standards and rating procedures appear to have been compatible with very different bank business models and performance. If what banks do, for given capital and other rules, is also important in explaining the crisis, then this, too, may need to be addressed the elephant in the room so far put to one side. Contrasting banking conglomerate asset and liability composition Too big to fail banks figured prominently in the crisis Figure 1 shows the main components of the balance sheets of seven banking conglomerates, all of which are very large in their own country. The contrasts are striking. Citigroup, Bank of America, UBS, Barclays and Deutsche Bank all belong to countries that have figured prominently in the crisis. Of around USD 1.1 trillion of bank losses and write-downs admitted to in this crisis, these five alone account for USD 333 billion, or 30% of the total. 2 They are all within a group of banks that are widely acknowledged as too big to fail. The governments of the countries in which these banks operate the United States, Switzerland, the United Kingdom and Germany have had to put together massive packages of aid, involving direct capital injections, asset purchases, loans and guarantees, on an unprecedented scale. These four countries (along 4 OECD JOURNAL: FINANCIAL MARKET TRENDS VOLUME 2009 ISSUE 2 - ISSN OECD 2009
5 with the Netherlands, Belgium and Luxembourg) also happen to be those dominant in the world of investment banking. The balance sheet components of these banks can be compared with those of countries where systemically important banks received no direct aid: Westpac in Australia and Santander in Spain though the other large Australian banks and most Canadian banks have a similar structure. The salient features are as follows: Figure 1. Consolidated balance sheet structure of conglomerates In per cent of assets 90 % B of Am Citi Barclays UBS Deutsche Westpac Santander Note: For Citi and Bank of America, unconsolidated VIEs are included as balance sheet items for fair value through profit or loss. This adjustment is not made for the European banks, where getting the gross exposures of SPEs is more difficult. However, the maximum loss exposures reported suggest SPE off-balance sheet exposure is less. See note to Table 1 for definitions of VIEs and SPEs. Source: Company reports. The investment banking component of banks in crisis countries is very large Deposit funding is more predominant in Australian, Spanish (and Canadian) banks Loans to businesses (for productive investments) and to households (for mortgages and consumption) are shown in the first set of bars. In the case of the five large banks in crisis countries this commercial banking component of their business is fairly small. Direct loans which generate more reliable cash flows (and to which amortised cost accounting applies), are very much larger in the institutions that received no direct aid: the Westpac and Santander examples (all of the other large Australian and Canadian banks have similar balance sheet structures). The innovative banks have built their balance sheets up quickly in recent years with securitised assets pools containing imbedded derivatives, as shown in the second set of bars referring to derivatives and securities at fair value through profit or loss. 3 Activities on the asset side of the balance sheet are funded primarily out of deposits and longer-term borrowing on the liabilities side in the case of the Australian, Spanish (and Canadian) banks. Deposit funding is relatively stable, and long in duration with predictable cash flows. Wholesale bond funding often from global markets is also longer in duration and requires the maintenance of a OECD JOURNAL: FINANCIAL MARKET TRENDS VOLUME 2009 ISSUE 2 - ISSN OECD
6 strong credit rating to be cost effective acting as a discipline on banks. This contrasts with the large European, UK and US banks where deposit and bond funding is relatively lower and liabilities at fair value through profit or loss are very large. Some banks are like highlyleveraged hedge funds More details for three of the banks are shown in Table 1. If Westpac conforms to the structure of a bank as it is thought of by politicians and the public at large, i.e. an institution that funds itself mainly via deposits and longerterm borrowing and lends to households and to companies for investment and consumption, this is not the case of Citigroup or Deutsche Bank, whose balance sheet structure is similar to that of many large European and UK banks. On a consolidated basis these latter institutions look much more like large highlyleveraged hedge funds though we can hardly imagine any hedge fund running these sorts of structured products would risk of having a leverage ratio of almost 50 (assets versus equity), as is the case of Deutsche Bank. 4 In mid % of Deutsche Bank s balance sheet consisted of assets at fair value through profit or loss (44% in derivatives) and this was much higher earlier in the crisis. In the last 6 months alone Deutsche Bank s overall balance sheet has fallen by an eye-catching 22%. Only 15% of the balance sheet was lent directly to businesses and households. Deutsche Bank raised only 21% of its funding through deposits and 8% through long-term loans. 5 About 50% of the balance sheet is liabilities at fair value through profit or loss. Table 1. Key balance sheet and off-balance sheet ratios: Deutsche Bank, Citi, and Westpac Deutsche Bank, in EUR million Citi, in USD million Westpac, in AUD million Jun 30, 2009 Dec 31, 2008 Jun 30, 2009 Dec 31, 2008 Sep 30, 2009 Sep 30, 2008 Assets Cash-like Financial assets at fair value through profit or loss Financial assets available for sale Loans Other Liabilities Cash-like Deposits Financial liabilities at fair value through profit or loss Long-term debt Other Equity MAX. LOSS EXPOSURE TO SPE's KEY RATIOS % % % % % % Loans/Assets % Fin.assets at fair value through profit or loss/assets % Deposits/Liabilities % Long-term debt/liabilities % Other debt/liabilities Fin.liab. at fair value through profit or loss/liabilities % Equity/Assets % Off-balance sheet VIE's/Assets % n.a. n.a Off-balance sheet QSPE's/Assets % n.a. n.a Max. loss unconsol. exp VIE/Equity % Max. loss unconsol. exp VIE/Assets % Note: VIEs (Variable Interest Entities) are special purpose entities (SPEs) which must be consolidated on the balance sheet if losses arise. QSPEs (Qualifying Special Purpose Entities) are entities where risks have been fully transferred to a third party. Source: Company reports and OECD. 6 OECD JOURNAL: FINANCIAL MARKET TRENDS VOLUME 2009 ISSUE 2 - ISSN OECD 2009
7 US banks have larger off-balance sheet exposures Citigroup has a greater percentage of commercial banking on its balance sheet than Deutsche Bank, but has larger off-balance sheet exposures in the variable interest entities (VIEs) for which it remains responsible. Citigroup s VIE exposure was the equivalent of 13% of balance sheet assets in mid Deutsche Bank does not report its gross SPE exposures, but these might be around ¼ to 1/3 of that of Citigroup if the maximum loss exposure to these vehicles is any guide. 7 Deutsche Bank s report for mid-2009 shows a maximum loss exposure to unconsolidated SPEs of around 1.4% of their balance sheet, and a very high 67% of their equity. The equivalent figures for Citigroup s maximum loss exposures are 4.5% of assets and 54.3% of equity, in the middle of Citigroup of course holds more capital than the German bank. Structured credit product issuance by conglomerates Structured credit product issuance has picked up again in 2009 These products contributed to the crisis Figure 2 shows issuance by major banks of standardised structured credit products (index tranche), notional and delta adjusted. 8 Just prior to the crisis, issuance was running at USD 500 billion notional and USD 2.4 trillion a quarter when delta adjusted. It fell away sharply during the crisis in delta-adjusted terms particularly in the last quarter of However, the policies to support recovery including zero rates in some countries and massive liquidity support have generated a pick-up in this activity again in As the market rallies and spreads narrow the delta-adjusted volumes rise. With fair value accounting this flows through to profits, just as the collapse led to large losses. Authorities may be happy to see this rally, but these products (that must be accounted for at fair value) also contributed to the losses and write-downs that made this crisis so different from others. Figure 3 shows the cumulative issuance of standardised structured credit products since 2007 by the banks that issued them and accounting for almost 85 per cent of all issuance Many of these banks needed to rely on government support of various forms. Figure 4 shows the same concept for synthetic collateralised obligations (CSOs). These less standardised products are based on derivatives, such as credit default swaps (CDS), rather than requiring the bank or its SPE vehicle to buy the underlying physical assets. 9 They are even more prone to valuation difficulties and major liquidity problems during times of financial crisis. These products are a major source of risk when insurance companies, hedge funds and others acting as counterparties in the writing of CDS contracts fail. The main issuers of these CDS based products are shown in Figure 5. The most active issuers incurred large losses The banks shown in Figures 2 to 5 are responsible for USD 508 billion dollars of the USD 1.1 trillion losses admitted to by banks, some 46% of the total. If the ultimate losses resulting from the total collapse of Lehman Brothers were included (rather than the write-downs before the collapse) the total would be much higher, and these banks would be responsible for 2/3 of the higher total losses. Similarly, losses of Bear Stearns absorbed by JP Morgan will not be apparent for up to another 10 years (collateral held by the Fed in exchange for a loan of USD 30 billion). OECD JOURNAL: FINANCIAL MARKET TRENDS VOLUME 2009 ISSUE 2 - ISSN OECD
8 Figure 2. Issuance of CDO index tranche volumes Delta adjusted, quarterly USD bn Index Tranche Vols, Delta adj.($14.9trl. Cum.) Notional Source: Credit Flux, OECD. Figure 3. Issuance of CDO index tranche volumes by issuer Delta adjusted, quarterly USD bn Cum. Issuance Index Tranches by Bank Source: Credit Flux, OECD. 8 OECD JOURNAL: FINANCIAL MARKET TRENDS VOLUME 2009 ISSUE 2 - ISSN OECD 2009
9 Figure 4. Issuance of CSOs Delta adjusted, quarterly 900 USD bn Tot Issuance CSO's, Riskwtd($3.5trillion cum.) Notional Source: Credit Flux, OECD. Figure 5. Issuance of CSOs by issuer Delta adjusted, quarterly 900 USD bn 800 Cum. Issuance RW CSO by Bank Source: Credit Flux, OECD. OECD JOURNAL: FINANCIAL MARKET TRENDS VOLUME 2009 ISSUE 2 - ISSN OECD
10 Regulatory factors are behind explosive CDS growth from 2004 to 2007 CDS played a very large role in the losses incurred in this crisis Figure 6 shows CDS contracts in notional outstanding amounts and their net value. The truly explosive growth in CDS from 2004 to 2007 is explained by regulatory factors notably SEC rule changes in 2004 allowing investment banks to be supervised on a consolidated entities basis, which permitted a leap in leverage, as well as the growing use of CDS (that reduce risk-weighted assets) for gaming Basel weighting procedures. Netting allows counterparties to settle net positions in the event of a bankruptcy. But once volatility changes and liquidity dries up in a crisis these net positions can be enormous relative to the capital of a bank. CDS played a very large role in the losses incurred in this crisis. In practice there is no safe amount of capital that banks can reasonably hold to protect themselves from such events. Figure 6. Credit default swaps outstanding Credit Default Swaps outstanding (l.h.s.) & positive replacement value (r.h.s.) ,000 58,244 57,403 5, ,000 Notional amounts outstanding Gross market values 42,581 41,883 4,000 Billions of US dollars ,352 28,650 2,020 3,192 36,046 2,987 3,000 2,000 Billiosn of US dollars 13, ,396 10, ,000 0 Dec.2004 Jun.2005 Dec.2005 Jun.2006 Dec.2006 Jun.2007 Dec.2007 Jun.2008 Dec.2008 Jun Note: Notional amounts are all the debt exposure covered. Gross market values on the right-hand side refer to how much money would actually change hands after netting if derivatives were sold on the reporting date at prevailing market prices. Source: BIS, OECD. USD 1.6 trillion crisis related losses of financial institutions Table 2 shows losses of banks (most of which participated in the equity culture in banking), the insurance companies like AIG that wrote CDS contracts and Fannie and Freddie (that were the massive mill for mortgage securitization in the process). Losses admitted to (and excluding the payouts to AIG counterparties and the losses of the Lehman balance sheet after it collapsed) sum to USD 1.6 trillion. 10 OECD JOURNAL: FINANCIAL MARKET TRENDS VOLUME 2009 ISSUE 2 - ISSN OECD 2009
11 Table 2. Major financial institutions write-downs and credit losses Total since 2007, in USD billion a) Writedown & Loss Writedown & Loss Banks & brokers Insurance companies Citigroup Inc American International Group Wachovia Corporation ING Groep N.V Bank of America Corp Ambac Financial Group Inc 12.1 Merrill Lynch & Co Hartford Financial SVCS GRP 11.6 UBS AG 53.1 Metlife Inc 10 HSBC Holdings Plc 50.1 Prudential Financial Inc 9.2 JPMorgan Chase & Co Aegon NV 8.7 Washington Mutual Inc Swiss Re 8.3 Wells Fargo & Company 32.8 Allstate Corp 7.8 HBOS Plc 29.5 Allianz SE 7.6 Royal Bank of Scotland Group Plc 29.0 MBIA Inc 5.8 National City Corp Genworth Financial Inc-CL A 5.4 Barclays Plc 23.7 Other 58.8 Morgan Stanley 23.0 Total Credit Suisse Group AG 19.2 Government sponsored entities (US) Deutsche Bank AG 18.7 Freddie Mac BNP Paribas 17.0 Fannie Mae Other Total Total 1,099.1 GRAND TOTAL 1,601.4 a) As of 13 August 2009; write-downs and credit losses since January All the charges stem from the collapse of the U.S. subprime-mortgage market and reflect credit losses or writedowns of mortgage assets that are not subprime, as well as charges taken on leveraged-loan commitments since the beginning of They are net of financial hedges the firms used to mitigate losses and pre-tax figures unless the firm only provided after-tax numbers. Credit losses include the increase in the provisions for bad loans, impacted by the rising defaults in mortgage payments. All numbers are in billions of U.S. dollars, converted at current exchange rate if reported in another currency. Source: Bloomberg. Large US payments to settle AIG obligations Table 3 shows the amounts US authorities paid out to settle bank exposures to the single counterparty AIG during the crisis. Had the US allowed AIG to fail, it is not at all clear how well any of the banks in the table would have withstood the additional losses (Goldman Sachs included), the drain on their capital, and the indirect effects of the turmoil that would have followed in the markets to which they were exposed. The issuers of products exposed to CDS in which AIG was involved would have had a further USD 70.6 billion of direct losses and much more, potentially to the point of collapse, as the crisis would have deepened. OECD JOURNAL: FINANCIAL MARKET TRENDS VOLUME 2009 ISSUE 2 - ISSN OECD
12 Table 3. US payments to settle AIG obligations after its failure Institution Collateral postings for credit default swaps a) In USD billion Payments to securities lending counterpaties b) Total As a share of capital c) at end-2008 Goldman Sachs % Société Générale % Deutsche Bank % Barclays % Merrill Lynch % Bank of America % UBS % BNP Paribas % HSBC % [memo: Bank of America after its merger with Merrill Lynch] 12 [18.1%] a) Direct payments from AIG through end-2008 plus payments by Maiden Lane III, a financing entity established by AIG and the New York Federal Reserve Bank to purchase underlying securities. b) September 18 to December 12, c) Common equity net of goodwill; net of all intangible assets for Merrill Lynch and HSBC. Source: AIG; company reports for capital data. III. What is Too Big to Fail : size or structure? Too big to fail is defined by systemic implications not size as such A bank too big to fail might be defined as referring to a bank that has grown in a manner that its failure would have systemic implications: 10 For the country in which it operates, by interrupting commercial bank financial intermediation to such an extent that the economy and hence other financial firms would suffer significantly, or For the stability of other financial firms connected in counterparty transactions with the failing bank that would also impact the intermediation process. In this case, creditors of and investors in the bank will consider the external cost of failure to be so large that policy makers would not permit it to happen, and this will be factored in to risk premiums in all financial transactions associated with the bank. But this is not so much a question of the size of the financial firm s balance sheet as one of its structure. Banks (e.g. those shown in Figure 1) less driven by investment banking and structured products fared much better in terms of being able to absorb losses despite being very large in their domestic markets. Banks that were driven by investment banking were much more problematic in terms of contagion and counterparty risk regardless of their balance sheet size. 12 OECD JOURNAL: FINANCIAL MARKET TRENDS VOLUME 2009 ISSUE 2 - ISSN OECD 2009
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Welcome to the 2017 TdS Camp Read-a-Lot
We are happy to bring you the 1st Annual Camp Read-a-Lot!
Join us for a professional development day designed for librarians and teachers who work with children's literature, focusing on grades 2-8. Campers read and discuss new children's literature and fresh techniques to bring reading alive to students and patrons.
Thursday, August 3, 2017
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Originally posted on Steelers Depot | Last updated 7/17/13
Pittsburgh Steelers guard Ramon Foster is over in London, England this week promoting the 2013 game at Wembley Stadium against the Minnesota Vikings and he met with the media at the stadium on Tuesday. Below is a video that includes a few of his answers from the session.Foster says that the stadium is bigger than he thought it would be, and that he looks forward to playing there against the Vikings. He did, however, hint that not all of his teammates are looking forward to playing overseas this season."It's a welcomed trip," said Foster. "I think some guys look forward to it. You know you always have some guys that are not willing, or that are dreading it, but I think overall the majority of everyone likes this trip."Foster of course didn't name any names, but it's not overly surprising that a few players aren't overly excited about the trip, or more specifically perhaps, the long flight over and a change in routine.Before returning home, Foster will take part in a Fan Night on Wedn...
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1 Comment Was this review helpful to you? Yes No 82 of 92 people found the following review helpful Great slipper, size was too small By J.ugg boots new styles "Don't worry about price, just specify the computer's abilities," Jobs told him.Ugg Kids Sale "And look outside, there's even more, practically everywhere you look!" He dragged Atkinson out for a walk, pointing out car windows and billboards and street signs. It was far more than they could afford, they said." Then Minerva said, "Father, son of Saturn, King of kings, it served Aegisthus right, and so it would any one else who does as he did; but Aegisthus is neither here nor there; it is for Ulysses that my heart bleeds, when I think of his sufferings in that lonely sea-girt island, far away, poor man, from all his friends. Both in length and in width. He had checked out Commodore and decided that its leadership was "sleazy. how much do ugg boots cost When I asked Jobs directly, he became unusually quiet and hesitant.Discount Kids Ugg Boots Both in length and in width. It would turn out to be a happy marriage, one that lasted until death parted them more than forty years later. She would never again feel like a missel thrush with asafe-hidden nest." Jobs refused to go to the classes he was assigned and instead went to the ones he wanted, such as a dance class where he could enjoy both the creativity and the chance to meet girls. Apple had a counter draped in black velvet and a large pane of backlit Plexiglas with Janoff's new logo.3 Button Ugg BootsOnline Ugg Outlet Store As the other reviewer said you can simply wear one shirt underneath - for me even in temperatures down to about -2C.
23 La Cheapa distributed sheepskin boots on an Internet site from the Netherlands, describing them on its website as "100% authentic Ugg Australian boots!!!" with "UGG logo on the heel" in boxes virtually identical to Deckers packaging. ugg boots new styles Moore had tried to instill in the Homebrew an ethos of swapping and sharing rather than commerce.Ugg Australia Usa" Jobs refused to go to the classes he was assigned and instead went to the ones he wanted, such as a dance class where he could enjoy both the creativity and the chance to meet girls. He wanted to include eight slots on the Apple II for users to insert whatever smaller circuit boards and peripherals they might want. "Chrisann would get into this kind of victim mode, when she would say that Steve and I were ganging up on her," Kottke recalled. She felt almost sure that if she kept on talking and couldmake him see the garden in his mind as she had seen ithe would like it so much that he could not bear to thinkthat everybody might tramp in to it when they chose. [ugg boots new styles] Going back to England, it is unlikely that they would be challenged by suppose that mine would be examined in the usual way? It seems to me that they are taking a great risk.
" She realized that he could barely contain himself.3 Button Ugg Boots They struck a deal: He would be allowed to go for one year, but then he would transfer to De Anza Community College back home. Morgan Stanley planned to price the offering at $18, even though it was obvious the shares would quickly shoot up. More than any other of my boots the Uggs need to be treated with water repellent, though all the boots here should be sprayed to help protect them and keep them clean. Kottke found Kobun amusing. [ugg boots new styles] " Robert Friedland came to her rescue.
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The Dan Patrick Show
by: AirKast, Inc. • 54
All Android applications categories
by: AirKast, Inc. • 54
Say hello to your brand new The Dan Patrick Show app!
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Intellectual Property Law
Intellectual Property Law Questions? Ask a Lawyer
Thank you for your question. Please permit me to assist you with your concerns.That is a very good question. The answer is both 'yes' and 'no' on trademarking. Please allow me to explain.If a trademark is not formally protected, anyone can attempt to record it and trademark it. However, if the nonprofit can show that they have already obtained a 'secondary meaning' or have had this trademark widely associated with their name, then they would still be upheld as having a far stronger claim to the name, even unprotected, then the new party. In essence the new party can be sued by the nonprofit for infringement and request that the courts transfer the rights to the name back to them because they have a far stronger interest to the property. Of course the non-profit may choose to not pursue this fight and then the new entity may slowly obtain a stronger claim to the name, but at least primarily even unprotected the current non-profit has a very strong right and claim to this name.Good luck.


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Chuck Close
1940 - Present
Close's dyslexia caused him to struggle in most areas of school.
Close's parent's were supportive of the idea of him being an artist.
Close's teachers told him that he should not go to college.
Late 1960's: Large-scale photo-realistic portraits.
His neuromuscular condition prevented him from playing sports.
When Close was 11 years old, his father died and his mother was diagnosed with breast cancer.
Due to a kidney infection, Close was in bed for a year. This is when he developed a love for painting.
They advised him to consider trade school because he was talented with his hands.
Close attended the University of Washington and earned his MFA at Yale.
"If you are overwhelmed by the size of a problem, break it down into many bite-sized pieces."
Portraiture helped him cope with face- blindness.
1988: "The Event"
Close suffered the sudden rupture of a spinal artery. This left him almost entirely paralyzed.
Through physical therapy, he regained partial use of his limbs.
Straps paintbrush to his wrist
"There is no artist alive working today who gets more pleasure day in and day out, year in and year out, than I do. Period. None."
Aided by assistant and rotating easel
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When you purchase a digital subscription to Cake Central Magazine, you will get an instant and automatic download of the most recent issue.
My first attempt at cake carving. I was really pleased with the result. So was my daughter. She loved it. The cake matches her favourite bear.
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"Mind Reader 2 Pro" is feature enriched version of all earlier "Mind Reader" apps.
Happy Number Finding.
When I am putting a number in my mind they just don't get it. And do you know what I know how to play it better than them. They are putting each time alone and they are looking. But that's wrong. I know how to play it very well.
you know qhat im thinking and i know youre trick. still good for creeping out mates. they never experienced a actual mind f**k.
When you go to the things that say I picked 30 when you go to the other things look for 30 is in 30 is in the but when you look at your other cars that I gave you and it's not in the middle then it and it says 30 in the middle and it doesn't then that means you press nope don't think it's too obvious this is so not Magic lame-o
Nothing is there except that we have to select and touch the number on the screen and it shows my number.I hope there might be a zero star rating
I get how this app works I think its a very good app
When you put your number in and it asked you it tells how many times your numer is on there if it isnt it says it was zero do not download...
My number was 29 and they said my number is 5 their so stupid
Hey by him cut pop boo his nut shoe buy cup shoe by voe MIP dad was dagcut boo bit suck you did gasp gosy hkah
The game got everything right except once when I tricked the game by clicking yes every time
Come up with something real please. I can also do that
I let it geuss my number 1-59 and it guessed it right everytime
This game is absolutely rubbish don't waste your time just installing the game it doesn't get a single word you guess
All it does is make you choose numbers and find them.... It is kinda boring.....
So what that we knew what's going on. It helps the elderly's brain active,and amuses the kids. Besides, love apps w/o ads!
Its clever but now I know how they find out the number its stupid
Such an obvious process of elimination but it still makes me smile, a gimmick worth a look anyway, even if just for the heck of it!
I cant believe that it actually works it's amazing
Rubbish didn't get my number even once
You just show all the number in the charts
HOW does this app read my mind, it only takes 2 to 5 tries on the grid, I love it
Awsome this app is the best mind reader i tried it over and over again...and not even one it did not go wrong.......
Useful app. Really appreciate efforts.
I know your trick to find out the number on my mind
Thank's for such a cool and mysterious sick app that works awesome. Keep up the good work and making fun apps so people like me have something to do.
Hate it stupid dumb app
Almost good but i found out why out works so it's lame it shows your number you say yes it takes it off you say no then again yes then no and determined it try it by saying yes all or no alls
This app is so...crazy I suggest everyone with a phone get this..I tried it over a hundred times and it gets my number everytime
No glitches so far. Simple fun apps that's good for passing time. Keeps me awake during my journey home. ;)
It judges between numbers to define what you chose, yes and no are the thing that help determine your number. I loved it and this is the first smart thing I have ever said about math XD normally I'm wrong
Every time I think of an number and don't even say the number its always right
It just puts numembers on the chart then neroows it down to one number and that is your number
HOW does this app read my mind, it only takes 2 to 5 tries on the grid, I love it
I've tried a lot of mind readers and this one works very well
Awsome this app is the best mind reader i tried it over and over again...and not even one it did not go wrong.......
This is awesome. What will our future hold?
I changed my number midway through and it still guessed it WTF this is awesome
This game is bs it dosnt even get one number damnn dont waste your time
East mind reader app yet but I see how it dose is but still 5 stars
Very funny and wonderfull application ,keep up your work.
O clocks laid xp am el do sleep el sell co drill Clinton cm blog blog go up to up global tm to go tv tv tv tv tv tv tv tv tv h tv tv tv uh th th th th un UK UN UN UN UN UN UN


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first edition Magazine
1960 · New York
by Fredericks, Siobhan, illustrated by Eneg [pseudonym of Gene Bilbrew]
New York: Wholesale Book Corp./Mutrix books, 1960. Magazine. [62p] 5x6.75 inches, erotic trans story, letters, NO internal illustrations, mild wear, the name "Annette" in green ink followed by a symbol with numbers in red on inner covers and the number 416 on a tiny white label on cover otherwise good booklet in stapled black and white pictorial wraps. Though the subtitle calls it Fully Illustrated it is not. Only the cover is illustrated. Gene Bilbrew aka Eneg aka Bondy was an African American fetish artist from Los Angeles. Irving Klaw was the publisher of Nutrix which later became Mutrix under Ed Mishkin. Both were published out on NYC in the 1950s until Kefauver Hearings of the Senate Subcommittee on Juvenile Delinquency. (Inventory #: 208890)


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Edit Article
wikiHow to Crochet Slippers
Four Methods:PreparationsCrochet the Toe Portion of the SlipperCrochet the Bottom Portion of the SlipperFinishing TouchesCommunity Q&A
Crochet slippers are deceivingly simple to make and can usually be completed within an hour or two. They're also easy to customize according to your own foot size and sense of taste.
Part 1
1Measure your foot. This pattern, as described, will fit most women with an average foot size. You can adjust the width and length of the slipper as needed, though, creating a bigger or smaller slipper for any man, woman, or child.
- Using a tape measure, measure one foot from the back of your heel to the tip of your big toe. Mark this down as the length measurement.[1]
- If you typically need "wide width" shoes, you may also want to measure the widest part of your foot so that you can adjust the slippers accordingly. For most people, however, a width measurement is not needed.
2Choose the right yarn. Choose a heavy yarn with a tight twist. One with nylon or similarly strong fibers blended in will make an even better option.[2]
- Slippers can get worn out easily, so a strong yarn is necessary.
- The yarn should also feel soft, though, since you'll want to be comfortable when you wear the slippers.
- Any color will work, of course, so feel free to choose any color that appeals to you.
Part 2
Crochet the Toe Portion of the Slipper[3]
1Create a foundation ring. Make five chain stitches, then join the last stitch to the first using a slip stitch. This will create a small ring.
- Use a slipknot to attach the yarn to your crochet hook before you start. To make a slip knot:
- Form a loop by crossing the attached end of the yarn over the loose end.
- Grab the attached side and pull it up through the loop, creating a second loop.
- Pull to tighten the first loop around the second.
- Insert the hook into the second loop. Tighten that second loop onto the hook.
- To make a chain stitch:
- Wrap the attached side of the yarn around the tip of the hook.
- Pull this yarn-over through the loop on your hook.
- To make a slip stitch:
- Insert the hook into the designated stitch.
- Wrap the yarn over the hook once.
- Pull the yarn-over through all the loops on your hook and back through to the front of the stitch.
- Use a slipknot to attach the yarn to your crochet hook before you start. To make a slip knot:
2Double crochet into the ring. Chain stitch three times, then work seven double crochets into the center of your foundation ring.
- Your initial chain-three will count as the first double crochet in this step.
- Slip stitch the last double crochet to the first (i.e., the chain-three) using a slip stitch.
- To double crochet:
- Yarn over the hook.
- Insert the hook into the designated stitch.
- Yarn over the hook and pull it back through to the front of the stitch.
- Yarn over the hook again, then draw the yarn through the first two loops on the hook.
- Yarn over the hook once more, and draw it through the last two loops on the hook.
3Expand the ring outward. Chain three again, then work one double crochet into the first stitch of your previous round. Work two double crochets into each stitch after that until you reach the end of the round.
- As before, your initial chain-three counts as your first double crochet stitch.
- Join the last and first stitch of this round together with a slip stitch.
4Double crochet a similar round. Chain three again, then double crochet once into the first stitch. As before, work two double crochets into each of the stitches after that until you reach the end of the round.
- Note that you should not join the round with a slip stitch in this step. From this point on, you will crochet in a continuous spiral, starting one round directly after ending the one before it.
5Crochet additional rounds in a spiral. For your next round, work one double crochet into each stitch of the previous round. Repeat this pattern until you have made a total of nine rounds like this.
- Do not slip stitch any of the rounds together.
- If you need to make the toe portion of the slipper larger or smaller based on the width or length of your foot, now is the time to do so. This portion of the slipper should completely cover your toes. Add or subtract rows as needed to produce the right dimensions.
- Do not worry about altering the width of the rounds, even if you have a wide foot. You should be able to compensate for a larger width simply by creating additional rounds.
6Check the fit and adjust as needed. Place what you have so far over the top of your foot. Your toes should be completely covered. If they aren't covered, make additional rounds using the instructions provided in the previous step until you do have enough material to cover your toes.
- Do not cut or fasten off the yarn yet. The bottom half of the slipper will be worked directly from the top half; the two are not separate pieces.
Part 3
Crochet the Bottom Portion of the Slipper
1Double crochet around a portion of the previous round. Turn the work over to the other side, then chain three. Work one double crochet into the second stitch from the hook. After that, work one double crochet into each of the next 20 stitches.
- Do not double crochet all the way around the top of the slipper. From this point on, you will work in rows instead of full rounds.
- This portion of the slipper should be just a little longer than the width of your foot so that it can cover the bottom and sides of your foot without covering the top.
- Completing 20 double crochets should work for most feet, but you may need to add one or two if you have a wider foot. Compare your width measurement to the length of this row and adjust accordingly.
2Work another round of double crochet. Turn the work again, then make another chain of three stitches. Work one double crochet into the second stitch from the hook, then work one double crochet into each of the stitches from your previous row.
3Repeat as needed. For an average adult woman's slipper, you will need to make another six rows using the same procedure described in the previous step.
- If you need to make the slipper longer or shorter, do so now by changing the number of rows created in this step. You need enough rows to reach the narrowest part of your arch, right before the heel begins flaring out.
4Increase the stitch count in your next row. Turn the work, then chain three. Double crochet once in the first stitch from the hook, then continue making one double crochet in each stitch from the previous row. In the stitch of the row, work a second double crochet.
- At this point, you are beginning to form and widen the slipper so that it can come up and over the heel of the foot.
5Increase the stitch count again, then repeat. Turn the work, then start the next row by chaining three. Double crochet once into the second stitch from the hook, then once into each stitch from the previous row. Double crochet a second time into the last stitch of the row.
- You will need to repeat this step to complete another two rows. Instead of double crocheting twice into the last stitch for these second two rows, however, you only need to double crochet once into the last stitch.
6Add another stitch to the following row. Turn the work and chain three. Double crochet once into the first stitch from the hook, then once into each of the remaining stitches in the row. Double crochet a second time into the last stitch of the row.
7Add another stitch to the count, then repeat. Turn and chain three. Double crochet once into the second stitch from the hook and into every stitch after that until you reach the end of the row. Double crochet a second time in the last stitch of the row.
- Repeat this step once more. For this second row, however, only double crochet once into the last stitch, not twice.
8Fasten off the yarn. Cut the yarn, leaving a 10-inch (25.4-cm) tail. Pull this tail through the loop on your hook to knot and secure the yarn in place.
9Stitch up the back of the slipper. Thread the yarn tail through the eye of a yarn needle. Fold the back end of the slipper in half, bringing one back corner to the other back corner, then whipstitch the two halves together.
- When stitching, make sure that the seam will lie on the inside of the slipper.
- After sewing the end, knot the yarn and weave the excess tail into the inner portion of the slipper.
- To whipstitch:
- Insert the threaded yarn needle through the front and back loops of the edge not attached to the tail.
- Draw the needle through the next set of front and back loops on the edge of your attached end, then immediately draw it through the next set of front and back loops on the edge of your unattached end. This completes one stitch.
- Repeat as needed until you reach the end of the two edges.
Part 4
Finishing Touches
1Create a second slipper. The right and left slippers are identical when you use this pattern, so you will need to make the second slipper by following the exact same instructions used when working the first slipper.
2Add a sole. The sole of your slippers will endure more friction than anything else, so adding a separate sole can strengthen your slippers and further their lifespan. A sole will also make your slippers non-stick.[4]
- Consider buying pre-made slipper soles and attaching them to your slippers with strong fabric glue.
- Alternatively, you could cut soles out of felt, leather, or indoor rug pads and glue them onto your slippers.
- Consider brushing on multiple coats of liquid non-skid rug backing to the bottom of your slippers.
- Lastly, consider adding dots of liquid rubber coating, fabric paint, or silicone sealant to the bottom of your slippers to make them non-stick.
3Embellish your slippers as desired. You can use these slippers as they are, but if you want to personalize them, consider adding a decorative touch.
- For example, you could add a decorative trim around the opening of each slipper using a second yarn color. The simplest way to do this is to single stitch into each gap around the edge of each slipper opening.
- You could also crochet a fun shape or separate decoration and sew it onto your finished slippers using a yarn needle. Ideas worth considering include crochet stars, crochet hearts, and crochet flowers.
4Try on your finished slippers. Your slippers should be done and ready to wear at this point. Slip them on and enjoy.
Community Q&A
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If this question (or a similar one) is answered twice in this section, please click here to let us know.
Things You'll Need
- Crochet hook, size G (4 mm)
- Heavy weight yarn, any color, one to two skeins
- Yarn needle
- Scissors
- Tape measure
- Pre-made slipper soles, or similar product
- Fabric glue
Sources and Citations
- ↑ http://www.motherearthnews.com/diy/crochet-slippers.aspx?PageId=1#axzz35fzP8WLs
- ↑ http://www.crochetme.com/blogs/how_to_crochet/archive/2014/01/06/tips-for-crocheting-slippers.aspx
- ↑ http://zoomyummy.com/2011/01/21/how-to-make-simple-crochet-slippers/
- ↑ http://www.mooglyblog.com/make-slippers-non-slip/
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Article Info
Categories: Crochet
In other languages:
Français: crocheter des chaussons, Español: tejer pantuflas a crochet, Русский: связать крючком тапочки, Deutsch: Pantoffeln häkeln, Português: Fazer Pantufas de Crochê, Bahasa Indonesia: Merenda Selop
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|Re: help with presentation wanted
|Thu, 06 Feb 2003 14:16:05 GMT
Argyn wrote: > Thank you, all for suggestions! > > I forgot to mention the event I'm preparing to speak at. It's > egovos.org on March in Washington, DC. If someone's planning to > attend let's have a drink :) for the curious amongst us: http://www.egovos.org/march-2003/cfp-review.cgi?id=5 </Steven> -- Steven Noels http://outerthought.org/ Outerthought - Open Source, Java & XML Competence Support Center Read my weblog at http://blogs.cocoondev.org/stevenn/ stevenn at outerthought.org stevenn at apache.org --------------------------------------------------------------------- To unsubscribe, e-mail: firstname.lastname@example.com For additional commands, email: firstname.lastname@example.com
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From the author of Be a Friend: The Story of African American Music, comes this collection of songs filled with positive messages of encouragement, kindness, and sharing for our young people. Music is a way to communicate across racial, cultural, and age barriers. These catchy melodies and strong lyrics will make the listener sing these songs over and over. For Grades 1-6.
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If you go on Najee Harris' 247 page, this is what you are going to see:
Yes, that does say he is a "hard commit" to Alabama. He has been committed to the crimson tide since April 2015! So, why is there so much discussion on Harris and where he is going to go?
Let's start with the beginning of August, when Harris decided to attend a BBQ at Michigan:
This caused a little speculation.
Then in October, Najee hinted that he wasn't 100% set on Alabama in this pipe bomb:
AL.com-"I'm going to take my five visits, but I just don't know where," Harris told USA Today. "Let's say this: My mind isn't set on Alabama. I'm not 100 percent set on Alabama. I'm trying to see what else is out there for me. I'm using my visits to see. As much attention as I've gotten, I feel like I have helped my teammates get some offers, too."
Fast forward to three weeks ago when Najee started to follow a bunch of Michigan players on Instagram (this got a lot of Michigan Men VERY excited):
Najee Harris just started following Dylan McCaffrey and Corey Malone-Hatcher 👀 pic.twitter.com/Ve0oTBFzT5
— F.A.B. (@youafab) December 18, 2016
While we're all here … he's also followed Tyrone Wheatley, Andrew David and Devin Asiasi. Wouldn't invest anything into it. Just noting.
— Brandon Justice (@LandOfJustice) December 18, 2016
To get those same Michigan Men even MORE excited, Harris' brother tweeted this out:
I want my brother to go to Michigan simple as that. He can be a legend there! https://t.co/E992y3lRuB
— Malachi Harris (@Playboikai24) January 3, 2017
During all of this, Najee decided that he wasn't going to tell anyone where he is going to school, but instead he is just going to show up:
5-star RB Najee Harris: he will not make a decision public. He's ducking out after Army Bowl, and will just show up at a school.
Buckle up.
— Brandon Justice (@LandOfJustice) January 3, 2017
This spewed Alabama QB commit Tua Tagovailoa (great name) to tell everyone to CHILL OUT:
247 Sports-Alabama QB commit Tua Tagovailoa told 247Sports that Harris and him were "on the same flight," from San Antonio to Birmingham on Sunday. Harris said earlier the week he wouldn't deliver a final announcement after Saturday's U.S. Army All-American Bowl; instead he'd quietly get on a plane and show up in either Alabama or Michigan.
"Everybody is making up stories, and making up stories I think to Michigan is what everyone is saying," Tagovailoa said.
Tagovailoa has also said this week that Harris is also his scheduled roommate in Tuscaloosa.
Tracked down for confirmation in the hallways of the Grand Hyatt hotel, Harris playfully said, "What flight? I don't even know my flight."
THEN on Wednesday, a "source" told 247 that Tua was wrong AND that Harris actually has a flight to Oakland after the Army All-American Bowl.
THEN on Thursday, ANOTHER SOURCE told 247 that Harris was requesting a flight change BACK to Alabama.
(Yes, this is as confusing to me as it is to you)
After the Army All-American Bowl yesterday, Najee said this:
Najee Harris to @Birm: I still don't know where I'm going. I'm going home and I'll decide."
— Chris Kirschner (@ChrisKirschner) January 7, 2017
This quote spewed a great conversation between a Michigan and Alabama fan:
Nothing brings together two fan bases like telling an eighteen-year-old to hurry up the biggest decision of their life, so THEY can move on with their lives.
The latest turn was last night when Alabama commit Vandarius Cowan tweeted out a picture of him FaceTiming with Tua and Harris:
Oh oh oh 🤔 pic.twitter.com/xNYMvUBBhv
— Savage🐘💯 (@vandarius98) January 8, 2017
EDIT: As I finished this post, this came out:
Huge news from @DrewChamplin : Najee Harris landed in Birmingham: https://t.co/1z6aXHKxPH
— John Talty (@JTalty) January 8, 2017
This may be the end of this, but it may not….we'll see.
P.S. Najee Harris may have just executed the greatest troll in the history of CFB.


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