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September 23, 2008
I have said for the past year on BreakPoint that much of the financial crisis we are facing stems from moral failure—moral failure on the part of greedy Wall Street speculators, and moral failure on the part of ordinary Americans who bit off more mortgage than they could chew. And all of that is true.
But there is another cause of this crisis that we cannot ignore: the near-incestuous relationship between politicians and big-time government-supported financial institutions.
The near collapse and buyout of Fannie Mae and Freddie Mac are prime examples of Washington corruption. For at least a decade, a few brave politicians have sought to reform these quasi-governmental behemoths, only to be beaten back by political powerbrokers. Why? Because, as they say, money talks.
Few politicians are unsullied. According to Politico.com, Fannie and Freddie spent more than $200 million lobbying Congress over the past decade. Among politicians, Barack Obama ranked number three in terms of campaign contributions received from the two agencies—more than $100,000. His chief advisor in the vice-presidential vetting process is a former CEO of Fannie Mae.
As for John McCain, to his credit, he has called for reform of both corporations. But according to the New York Times, his campaign manager "was paid more than $30,000 a month for five years as president of an advocacy group set up" by Fannie and Freddie "to defend them against stricter regulations."
So what did Fannie and Freddie get for their lobbying efforts? Political cover and huge compensation packages for their executives, like Franklin Raines, who received $91 million over a seven-year period. And they were pushed by House Financial Services Chairman Barney Frank to dive into the incredibly risky sub-prime mortgage business.
Why would Frank and other politicians encourage that? Well, according to a recent Wall Street Journal article, Congressman Frank "pushed through" an "affordable housing" trust fund in the Congress, a fund that "siphons off . . . as much as $500 million a year each" from Fannie and Freddie profits to another "fund that politicians can then disburse to their favorite special interests."
So while the politicians were busy padding their cozy little nests, the chickens have come home to roost, and U. S. taxpayers—you and I—need hip waders.
The first step in the cleanup is a massive $700 billion plan proposed by Treasury Secretary Henry Paulson. The government will buy up bad loans, some of which may be re-sold over time. The plan is necessary to stave off financial collapse.
Of course the people who are going to steer this plan through Congress are the very characters who brought us this crisis. And they are already looking for political and financial goodies they can hang on to the plan.
I've got a better idea. Those who steered Fannie and Freddie into the ground should return to the taxpayers their ridiculous compensation. And if there's criminality involved—either with corrupt executives or elected leaders—then let's have some indictments.
Listen in to "BreakPoint" over the next few days for more of my thoughts on the financial crisis and what we can do to reform the financial system, the government—and yes, even ourselves.
Chuck Colson's daily BreakPoint commentary airs each weekday on more than one thousand outlets with an estimated listening audience of one million people. BreakPoint provides a Christian perspective on today's news and trends via radio, interactive media, and print.
BreakPoint WorldView magazine is now available for FREE online. Sign up today!
From BreakPoint, July 31, 2008, posted with permission of Prison Fellowship, www.breakpoint.org.


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About Us
The Australian Embassy in Vienna and Permanent Mission to the UN is accredited to Austria, Bosnia and Herzegovina, Hungary, Kosovo, Slovakia, Slovenia, and to the International Organisations in Vienna.
Head of Mission
Ambassador Dr Brendon Hammer commenced his appointment in October 2016. Dr Brendon Hammer is the Australian Ambassador to Austria, Bosnia-Herzegovina, Hungary, Kosovo, the Slovak Republic, and Slovenia. Dr Hammer is Australia's Resident Representative and Governor on the Board of Governors of the International Atomic Energy Agency (IAEA), and Australia's Permanent Representative to the United Nations in Vienna, as well as Australia's Permanent Representative to the Comprehensive Test Ban Treaty Organisation (CTBTO) Preparatory Commission.
Embassy Contact Details
For Embassy office hours, contact details of the Australian Consulate Bosnia and Herzegovina, Canadian Embassy Budapest, Australian Consulate Slovenia, Visa & Migration Section, and 24-hour consular emergency service, please refer to the Contact us page.
Embassy Public Holidays 2017
Monday, 2 January 2017 - New Year's Day (in lieu)
Friday, 6 January 2017 - Epiphany
Thursday, 26 January 2017 - Australia Day
Friday, 14 April 2017 - Good Friday
Monday, 17 April 2017 - Easter Monday
Monday, 1 May 2017 - May Day
Thursday, 25 May 2017 - Ascension
Monday, 5 June 2017 - Whit Monday
Thursday, 15 June 2017 - Corpus Christi
Tuesday, 15 August 2017 - Assumption
Thursday, 26 October 2017 - Austrian National Day
Wednesday, 1 November 2017 - All Saints
Monday, 25 December 2017 - Christmas Day
Tuesday, 26 December 2017 - Boxing Day
About the Australian Government
A gateway to all government agencies and services.
Department of Foreign Affairs and Trade (DFAT)
Department of Immigration and Border Protection (DIBP)
Australian Trade Commission (Austrade)
Australian Nuclear Science and Technology Organisation (ANSTO)
The Counsellor (Nuclear) at the Australian Embassy and Permanent Mission represents ANSTO in the IAEA and Europe.
For further information, please contact Mrs Kath Smith at: email@example.com
Australian Safeguards and Non-Proliferation Office (ASNO)
Australian Radiation Protection and Nuclear Safety Organisation (ARPANSA)

subset: commoncrawl


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Current Newswire:
Chrome's mission: Making Windows obsoleteNov 23, 2009, 16:03 (2 Talkback[s])
(Other stories by Steven J. Vaughan-Nichols)
WEBINAR: On-Demand
No-Size-Fits-All! An Application-Down Approach for Your Cloud Transformation REGISTER >
[ Thanks to Steven J. Vaughan-Nichols for this link. ]
"First, for those who think that Chrome is simply a failure from the word go, their reasoning is pathetically flawed. Chrome will fail because it's based on Linux they argue. What century are these people from?
Related Stories:
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This is a sample lovely Azzrian shared with me.
Well I am surprised because the tea description mentions a brewing time of 2 min and I have 4 minutes on the Butiki teas little bag…I did it 4 minutes so not sure what is the correct time finally.
This is not my favorite Butiki teas, for a black tea I found it a little too weak even if the delicate flavour of almond is very pleasant.The cinnamon is really a second role here.
My almond tea reference is Pleine Lune from Mariage Frères – the almond flavour is a totally different one with Almond Indulgence,a sweeter almond.
This is a nice tea but this one won't go in my shopping list (thanks god because on 3 Butiki teas tasted I already added 2 on my shopping list !)


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As a single-sex school, OSS is not eligible for state funding. We rely on the community -- every gift, large or small, is important -- Thank You! Contact Director of Advancement Georgie Goulding, at firstname.lastname@example.com or 508.994.1255, to discuss how you can help OSS.
Making Waves
What's Happening at OSS? We are making waves in the education of middle school girls. Click here for recent school news stories and pictures!
Our Sisters' School opened in 2008 as a tuition-free independent school for girls, in grades 5 to 8, from low-income families. Our mission is to educate and inspire middle school girls from the Greater New Bedford area to reach their full potential in a safe, supportive and challenging environment. We have no religious affiliation. We are named after a few bold, brave women called Sister Sailors who joined expeditions on whaling ships in the early 1800's.
Experiential learning activities both in and outside the classrooms help our students develop excellent skills for success in high school, college and beyond. We offer many opportunities for girls to be leaders in the school community and continually strive to build self-esteem and respect for others.
Our Sisters' School is 100% privately funded and relies on the generosity of our donors. Massachusetts law prohibits state funding for single-sex education, yet many families prefer an all girls learning environment for their daughters during middle school. Evidence supports the fact that when you educate a girl, you educate the next generation. We are doing just that!
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BHP Billiton has struck a $US15.1 billion deal to merge with Petrohawk Energy, deepening its involvement in the booming shale gas industry in the United States.
"The premium is there to get the deal done. Strategically it makes a lot of sense and ticks a number of boxes in terms of strategic positioning, tier one assets in a first world country, buying into a commodity exposure that has got more upside than downside.
"They are paying a bit to secure that growth but the jury's still out on whether too much. It's clearly an asset base that has a lot of potential.
"The nature of those assets is that they need a large amount of capital and provide the owners growth for a number of years, we are talking 15 to 20 years minimum. In a medium to longer term sense it looks like a very good acquisition."
"[It's] in line with their stated objectives of acquiring first-tier assets and mature assets, so it looks quite good for that, and looks good that they're consolidating fairly well into alternative energy.
"We were a bit worried this morning that it would come off a bit given the premium, and we don't really know whether it's a good deal or not. But they did announce they will be seeking to do further capital management programs.
"They didn't give an idea about what it was going to be, but I suppose every time they say that people think they are going to buy back a plc line and sometimes they come up with something different. But I would say that it would have to be the plc line.
"The size of it isn't something to be worried about though and I wouldn't rule them out making further acquisitions in that space.
"Also it looks like Woodside is out of play now ... We've had a long volatility position in Woodside based on either something like this happening, further cost blowouts or BHP launching a takeover for Woodside.
"We had a classic position where it's going to move one way or the other. Now it's down 1.7 per cent today so I think the market is reacting to the BHP takeover news."
"It's the second deal in that shale gas in the US that BHP has made recently so they're obviously building a portfolio in the area and they see significant growth from the information they provided.
"They say with the acquisition they can grow the oil and gas production by 10 per cent a year over the next nearly 10 years.
"BHP has a lot of cash they are looking to invest it and this is where they can see they can grow a major business, that's their plan.
"The proof of the pudding will be in whether they can deliver on their plans they've got in place for that business.
"The shale gas business has taken off pretty rapidly in the US and there seems to be some concerns over there about that type of business, but BHP seems confident that what they've bought is good and they can deliver on it."
"The issue is that BHP is spinning off a bucket-load of free cash flow, as is Rio and other resource companies. So what they're doing is buying strategic assets that they think might be of use to them in the future at some point.
"You have to ask yourself the rationale behind it – what are the other options they could have pursued? Is that money better just doing nothing for the moment, or is that money better deployed by putting it into serious product improvements within existing assets?
"The reality is that BHP is now so big that there's no-one really left to buy unless they go for someone else like Vale who is also massive.
"So I would think, if you're so massive, and the market is hot, so wouldn't it be better to be spending money in R&D, productivity, making my existing assets in every single case the best performing asset in the world?"
"The key issue for the market to digest is whether this has cancelled out a share buyback, which the market is still hoping will be announced at the full-year results.
"They're really investing to create a long-term growth platform in this shale gas. It's not something that will deliver near-term earnings.
"Us and the market will be doing some work looking for comfort around that strategy. They've signalled previously they would like to expand in the shale gas area, but it's a bit of a surprise they have bought something quite so big, people weren't expecting that."
"Clearly they are paying a lot more than the market was willing to ascribe to the shares just a day ago.
"But the actual value depends on how quickly you can fund expansion and that depends on how much capital you have.
"While the headline multiple might look high, the actual value will be ultimately determined by the production growth rates that comes out of these assets.
"I think one of the main attractions for BHP is that they are quite capital hungry and therefore better suited to significant companies that need capital resources to generate value.
"The headline multiples look high when you consider they are paying 60 per cent more but I think value comes down to the production growth profile and that will only be realised in time."
Mr Chilton told Reuters he believed BHP felt secure about the premium being paid and was positioning itself for a US economic rebound.
"Their view on their first shale buy was they were buying at bottom-of-the-cycle prices. I guess they see value here.
"With oil prices where they are, it's pretty hard to find opportunities that are not fully priced.
"If you have any confidence in an eventual US economic recovery, that would be a positive. I don't think BHP wants to be seen to be buying something at the top of the market, so I think they should feel fairly safe buying this."
The Australian Financial Review


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Empirical evidence on the relationships between concentration and profitability in Latin American banking
There has been growth in globalization as a result of increased liberalization. This has also resulted in an increase in the role of financial institutions, such as banks. It is the purpose of this study to test Classen's (2001) hypothesis that increase foreign bank presence has positive welfare implications and that the functioning of national banking markets are improved as a result. Using financial data for 2003 this paper will examine the influence of foreign bank entry on Latin American domestic markets.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
|Date of creation:
|Publication status:
|Published in American Business Review No.1.Vol.XX(2010): pp. 87-96
|Contact details of provider:
| Postal: Ludwigstraße 33, D-80539 Munich, Germany
Phone: +49-(0)89-2180-2459
Fax: +49-(0)89-2180-992459
Web page: https://mpra.ub.uni-muenchen.de
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Kumbhakar, Subal C, et al, 2001.
"The Effects of Deregulation on the Performance of Financial Institutions: The Case of Spanish Savings Banks,"
Journal of Money, Credit and Banking,
Blackwell Publishing, vol. 33(1), pages 101-120, February.
- Subal C. Kumbhakar & Ana Lozano-Vivas & C. A. Knox Lovell & Iftekhar Hasan, 1999. "The Effects of Deregulation on the Performance of Financial Institutions: The Case of Spanish Savings Banks," New York University, Leonard N. Stern School Finance Department Working Paper Seires 99-064, New York University, Leonard N. Stern School of Business-.
- Claessens, Stijn & Demirguc-Kunt, Asli & Huizinga, Harry, 1998. "How does foreign entry affect the domestic banking market?," Policy Research Working Paper Series 1918, The World Bank. Full references (including those not matched with items on IDEAS)
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Employment Screening Resources (ESR) Business and Principal Searches offer in-depth research that covers a broad range of checks and will provide you with information that can be crucial to decision making. These searches can assist in vetting potential clients, prospects, partners, investment opportunities, joint ventures, members of the board of directors, vendors, and in many other business situations. These services are provided with the understanding that ESR makes no conclusions, opinions, or recommendations on the findings and subjects of the report.
The included services in the Business Search and Principal Standard Packages are a starting point for the depth you wish the searches to go. Each one can be customized as needed by employing the Additional Searches and Service features. These packages generally do not require consent of the businesses or the individuals, though consent is required for a few of the Additional Searches and Services. These searches may reveal other corporations, partnerships, businesses, and principals that are affiliated with the primary searched company or individual. When this happens you are in total control of deciding how deep you wish ESR to follow the trail.
For more information, Contact ESR.
Domestic Integrity Checks for Business Entities
PRIMARY Business SearchES
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Links to Items of Interest:
- "The Safe Hiring Manual" by Lester Rosen
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Montreal, QC – Originally published on November 18, 2014 – Just days after opening a show for hip hop veterans Mobb Deep, … Read More »
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Montreal, QC – Reps Up's own Blicky keeps the new music coming with the release of this visual for his freestyle over … Read More »
Blicky – Zoo ft. muGz [Audio]
Montreal, QC – Two of Real City's brightest talents Blicky (formerly known as I.Blast) and muGz team up turn up on this … Read More »
Blicky – B*tch I'm Back [Video]
Montreal, QC – While fans await his new album C'est La Vie, Reps Up's own Blicky (formerly known as I.Blast) hits the … Read More »
Blicky – Revival [Video]
Montreal, QC – Reps Up's own Blicky (formerly known as I.Blast) is back today with a new visual off his upcoming C'est … Read More »
Remembrance Day: 2 years since the loss of Matt "Dutch" Garner [News]
Montreal, QC – On November 11, 2011, Montreal and Canadian hip-hop were robbed of one of it's biggest supporters. Matt "Dutch" Garner, … Read More »
@MiniGotchu – The Mixtape: Volume 2 [Mixtape]
Montreal, QC – So I'm not gonna explain this every time I drop a tape but for those whose who don't know, … Read More »
@MiniGotchu – The Mixtape [Mixtape]
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Montreal, QC – Dope new visuals from Reps Up / R Music Ent. recording artist, I.Blast. This is the Dirtwork-produced "Money Is … Read More »
I.Blast – I'm A Rep ft. Anon & Loss One [Video]
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Montreal, QC – The multi-talented producer and artist, Uness releases his latest project titled D.O.A. (Dead or Alive). Uness has worked with … Read More »
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text: Until a few days ago I had my Wii working fine to the internet, through a Belkin router. Having switched my ISP to BT, I now have a BTHomeHub2 - 2JZP router. I have used the same process as I did with the Belkin (though with the appropriate key) and the Wii detects the router OK, but try as I might I cannot get it to connect. Instead I keep getting error 51330 - not a lot of help. Would appreciate help in resolving this problem. Thanks


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Moms and dads, it's time to unglue your eyes from your cell phones and put it away when out walking! Not only is it rude to the people you're out with and prevents you from enjoying the moment, it may mean a nasty injury coming your way. A new study published in August 2013 issue of the journal Accident Analysis and Prevention shows that injuries from walking while using cell phones, or "distracted walking," have sharply increased in recent years.
Similar to drivers, pedestrians are less aware of their situations, don't pay attention, and engage in more unsafe behavior when talking and texting on their cell phones.
Using data from hospital emergency room visits from 2004 to 2010, the study shows that since 2005, the number of injuries from distracted walking because of cell phones has more than doubled. In 2005, there were 256 injuries tied to walking while using cell phones. In 2010, there were over 1,500. At the same time, the overall number of pedestrian injuries has dropped, from 97,000 to 41,000 between 2004 and 2010. The people with the highest rate of injuries were males and those under 31 years of age.
"If current trends continue, I wouldn't be surprised if the number of injuries to pedestrians caused by cell phones doubles again between 2010 and 2015," Jack Nasar, one of the study's researchers and professor of city and regional planning at The Ohio State University, said in a statement (via the Huffington Post).
Hopefully, people become more aware of the dangers of talking and texting while walking. Parents out with their children especially need to put the phone away, as it can put their children in harms way. Most of us moms and dads are already scatterbrained and sleep-deprived as it is, we certainly don't need another thing distracting us!
Have you ever accidentally hurt yourself because you were distracted by your phone while walking? Tell us in the comments below!
Photo credit: Flickr


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Hollywood is currently going nuts "re-imagining" anything and everything with a pulse, so it probably come as no surprise that when they got a hold of a comic book like "Legends", they immediately jumped on it. The suits doing the jumping this time are Brian Grazer and Ron Howard, the duo behind Imagine Entertainment, who have acquired Radical Publishing's "Legends", a comic book that re-imagines famous fairytale characters as decidedly more badass versions of their well-known personas.
From Radical Publishing:
You think you know them… Think again!
Violently ripped from the pages of folklore emerge the Enchanted, supernatural immortals living in a dark, steampunk, creature-infested world where nature, technology and foul magic are in constant conflict. When the twisted, burnt remains of the half-wooden, half-mechanical warrior, Pinocchio are discovered, wolf-hunter Red Hood and giant-killer Jack realize the fragile rules of their existence have been shattered. With the help of the other Enchanted (the mercenary Goldilocks and psychic exterminators Hansel and Gretel), Jack and Red team up on an adventure to stop whatever, or whoever, is destroying their powers and murdering their kind.
The comic is from writer/artist/creator Nick Percival, and is due out later this month with a special $1 issue to get people started. You can order the issue from Radical's site via the link above.
This isn't the first comic from Radical Publishing that has made the rounds in Hollywood. The publisher seems intent on turning their properties into movies, but so far, none have made it, though they've been setting up some high-profile ones all over town. For a while, John Woo was involved with their Western-as-Camelot series "Caliber", and their "Hercules: The Thracian Wars" had been getting some traction before, well, not. They also have "The Last Days of American Crime" making the development hell circuit, though honestly, who knows if it'll ever make it out.
"Legends" certainly sounds like it has the makings of a great movie, and with the Imagine Entertainment boys behind it, it's got a pretty decent chance of actually being made. Then again, so did "Caliber", and that one sorta dropped off the face of the Earth, didn't it?


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Forever Teachers
By Rebecca Downing Costello '91
"And gladly wolde he lerne, and gladly teche."
-- Geoffrey Chaucer's Canterbury Tales. Prologue, Line 308
Hamilton has changed in many ways throughout the last 50 years. New buildings erected, old ones razed, some transformed. Revisions to the curriculum. The advent of Kirkland College, and then, coeducation. Evolution -- and revolution -- in student life. But through it all was, and is, the constancy of mission: to teach.
Generations of professors have, in turn, nurtured generations of students through Hamilton before eventually moving on to new and different endeavors in their retirement. One exception, however, is a man who hasn't yet finished his mission of teaching, even after five decades in the classroom.
"The fundamentals are still exactly where they were 50 years ago. We're teaching our students how to think," said Professor of Economics Sidney Wertimer, reflecting on the day he first set foot in a Hamilton classroom. Although he officially retired in 1991, the ever energetic and engaging Wertimer continues to inspire students in his accounting course each fall and just concluded a half-century on the Hill.
As a salute to Sidney Wertimer's accomplishments and longevity, here's a look at how he and a few of his former faculty colleagues are spending their retirement years.
Sidney Wertimer
Professor of Economics, 1952-1991
Taught Introductory Economics, Accounting, Corporation and Finance, Money and Banking, and Public Finance. Still teaches Accounting every fall. Also served as associate dean of the college, 1957-1965, and provost, 1975-1980
Photo by: Dave Tewksbury
Why, after retiring in 1991, is Sidney Wertimer still in the classroom at Hamilton? Simple.
"I love teaching," he said.
Wertimer reminisced about the circumstances that brought him to Hamilton. It was the spring of 1952, and he was completing his Ph.D. at the London School of Economics.
"I got hired by telephone," he explained. "John Gambs [professor of economics] called me. The telephone line was in terrible shape. He said, 'We'd like to offer you a job with the rank of eereifworeir and the salary will be breelelelelel.' And my wife, who is an attorney, said, 'Did he make an offer?' I said, 'I don't know!' So I wrote him a letter saying, 'If you made an offer that consisted of being an assistant professor at a salary of $4,000, I accept.' And three weeks later, by slow freight, I got a letter from President McEwen confirming that.
"They never saw me, and I never saw the College, until July," Wertimer exclaimed with that ever-present twinkle in his eye. "And we've been here ever since. International phone calls can be very effective! I was only one of two in the economics department at the time."
Wertimer described what attracted him to Hamilton. "I had wanted to come to a small liberal arts college where I could meet and talk to and have dinner with people in the physics department, the music department, the English department and so forth, which is exactly what happened. It's a broadening experience to be at a place like this. "
Wertimer said that his favorite course to teach was Money and Banking. Each November he would take the class to New York City where they would spend the morning at the Federal Reserve and the afternoon at a commercial bank -- an experience that would "light up the sky for the students," and, in Wertimer's opinion, what steered many toward careers in finance and banking.
Finding the spark that ignites a student's interest is still something Wertimer pursues each fall in his "practical" accounting course. "I say in my introductory lecture, 'We're not going to turn you into accountants. We're not going to do much damage to you in one semester -- if you get interested, you can go on and do it in graduate school.' And a lot of my former students have gone into accounting. As a matter of fact, when there were what was referred to as the Big Eight accounting firms, we had a senior partner in every one of them."
When he was provost, Wertimer turned to those former students for help in remedying the College's ailing accounting system. "The College ended up with Coopers & Lybrand, and we changed the accounting system, which is essentially still in place."
Besides teaching -- and regularly donning his academic regalia to process with the faculty at Commencement and other academic exercises -- Wertimer keeps busy "doing not very much," which is part of the business of retiring. He spends time on the computer and reading. "I'm just finishing Roy Jenkins' volume on Churchill. I've read all kinds of biography, and I'm very interested in 19th-century English history. I've been reading about Wellington and Hamilton and Disraeli."
While his wife, Ellie, has taken over the gardening at their home on College Hill Road, Wertimer does all the shopping and the cooking, where he delights in trying new dishes. "I get Cook's Magazine and I have every copy."
Looking back, he said, "I've had a ball. I have often said, here I am getting paid for something I love to do. We've had an absolutely beautiful life. And for 50 years I've been at this wonderful institution; it's just terrific."
Thirty-five students have signed up for Sidney Wertimer's accounting class next fall.
Frederick Wagner
Professor of English, 1969-1995
Taught survey courses in 19th- and 20th-Century American Literature, Seminar on Faulkner and His Southern Contemporaries, British and American Drama, American Literary Autobiography, Restoration and 18th-Century Drama, English 200 and Freshman Composition
"Teaching was the center of my life," Fred Wagner said. "I put everything aside for teaching -- preparing for classes, correcting essays, having discussion groups. I never planned to retire. I suppose I had assumed one day I'd just drop dead in front of a class, and that would be it. If I hadn't had a stroke in '92, I would have kept right on teaching."
Reminiscing, he said that the course he had the most fun teaching was Faulkner and his Southern Contemporaries. "The students were always so excited about Faulkner," he said. "I didn't have to spend any time arousing their enthusiasm. And because I like autobiography, I enjoyed teaching American Literary Autobiography."
What surprised Wagner most about retiring was that "oddly enough, I don't miss it now that I've stopped doing it. It's as if I closed the door on one sort of life and started another. I've really been enjoying retirement."
Wagner spends most of his time reading. Right now that includes Beryl Bainbridge's According to Queenie, a fictionalized biography of Dr. Johnson, and the Pulitzer Prize-winning Middlesex by Jeffrey Eugenides. He also enjoys listening to National Public Radio and music on his Bose radio/CD player.
After shattering his hip and thighbone last summer, Wagner moved into an apartment in Acacia Village, a retirement community in the Utica area. Living relatively close to Clinton, however, allows him to have lunch with former colleagues and friends from Hamilton on occasion.
"I'm much better now," he noted. "This is a very nice place, and I'm doing a lot more socializing than I did at 28 Dwight. After 30 years, I've taken up bridge again. It keeps the mind active."
Channing Richardson
Professor of International Affairs, 1952-1983
Taught International Affairs, African Politics, American Foreign Policy and International Law, and The African Novel
Comfort Richardson
Assistant Professor of Physical Education, 1969-1982
Coached tennis, coordinator of sports activities at Kirkland College from 1969-78; instrumental in creating the Hamilton women's athletics program, retiring as associate director of athletics
Channing Richardson vividly remembers his first visit to Clinton in 1952.
"The guy that hired me, Landon Rockwell [associate professor of political science], was one of the nicest guys in the world," he recalled. "I was teaching at Columbia at the time, and came up during the winter. We spent the whole time listening to Bach with the snow pouring down. I didn't have any galoshes, so I borrowed the president's [McEwen]. I forgot they were his and walked home with the presidential galoshes. So I guess he hired me to get 'em back!"
After his wife, Comfort, joined the Kirkland physical education department in 1969, "we were about the only couple on the faculty that covered both colleges at the same time," Channing noted.
They now live in Kennett Square, Pa., at Crosslands, one of the Kendall retirement communities. "Being a Quaker outfit, they don't let you sit very long," Channing quipped. "We've got 80 or 90 committees doing everything you can imagine."
"A lot of it is volunteer work," Comfort explained. "We rarely have a free evening, and when we do, we sigh a great sigh of relief."
Channing continues his interest in politics and international affairs. "I'm giving talks from time to time, mostly on the Middle East. I'm reading a lot on Islamic religion," he said. "The book I have enjoyed the most is Islam Today by Ahmed. I've also been reading in the Koran and enjoy very thoroughly Karen Armstrong's The Battle for God, which is on comparative fundamentalism among Jews, Christians and Arabs."
The Richardsons also spend several months a year at their home in New Hampshire. They have, though, both given up a beloved pastime. "I used to play good tennis," Comfort said, "and when I couldn't play good tennis, I quit."
"It was a beautiful life, and an important one," said Channing of their time on the Hill. "I don't think I could have stayed at doing anything else but that. The attitude and the quality of the students and the administration were of the highest, and that really made it wonderful."
"We still have a Hamilton College sticker on the back of the car," Comfort noted.
Jean D'Costa
Leavenworth Professor of English, 1980-1998
Taught English 200, Creative Writing, The Tortured Sensibility, Old English, History of the English Language, Major Caribbean Writers, and Life and Letters in England 1485-1660
"Retired" hardly seems the word to describe Jean D'Costa, who lives with her husband, David, and their cats in Weston, Fla., a suburb of Ft. Lauderdale.
Last summer, D'Costa attended the Conference of the Society for Caribbean Linguistics in Trinidad, and, she said, "Right now, I'm looking at a manuscript from my former co-author, Barbara Lalla, on Medieval English literature and post-colonialism."
Noting that she enjoys proofreading and editing, D'Costa is also editing two children's novels for Carlong, the publishing house in Kingston, Jamaica, that has also accepted for publication two of her own works for their Sandpebbles fiction series for 8- to 10-year-olds.
In the last few years, D'Costa copy-edited a number of books for the University Press of the University of the West Indies, as well a historical novel by filmmaker Perry Henzell of The Harder They Come fame. She has also continued to write fiction and poetry for adults, adolescents and children.
Volunteer work is another focus. As a member of the Service Agency for Senior Citizens of Broward County, each week she provides respite care for an Alzheimer's patient so that his wife can shop and do errands. "I'm very fond of them," she said.
She has also done a fair amount of traveling for research, family concerns and pleasure. In Costa Rica last November, she witnessed a volcano erupting ("fortunately, very gently," she quipped) and recently spent 20 days in Provence, where they experienced a mistral.
D'Costa stays in contact with Hamilton by doing some regional interviewing of faculty candidates, "which I enjoy thoroughly," she said. Reflecting on her own experiences at the College, she noted: "When I walked up those wooden polished stairs, looking into those classrooms in Root Hall during my interview in February 1980, I felt that this was a place where I could be at home. It was a lovely feeling, and I have never forgotten it."
Donald Potter
Professor of Geology, 1954-1988
Taught Introduction to Geology, Mineralogy and Petrology, Glacial Geology, Seismology and Economic Geology with an emphasis on field geology
Photo By: Dave Tewksbury
Don Potter and his wife still make their home in Clinton, in the Reservoir Road farmhouse they renovated in the early 1960s and where they raised their six children. "We're lucky to be where we are and still living in this community," he said. "We like it."
Retirement hasn't removed Potter from active fieldwork or scholarship. He's currently researching and writing the history of an Adirondack logging operation on a large family holding north of Raquette Lake.
"I'm looking at the total lumbering history from way back in the 1890s," he explained. "Who logged? Who were the lumbermen? Where did they have their lumber camps? How did they ship their logs? The whole works."
Potter also recently delivered a talk on the origin of the Adirondack wetlands at a conference in Lake Placid and conducted workshops on Adirondack geology at the Nature Conservancy. In addition, he has enjoyed leading week-long Hamilton alumni trips to Big Bend National Park in Texas, where he used to take his students for January Term field work. "I call it Trekking Big Bend. It's like a walking Elderhostel," he quipped.
In his spare time, Potter enjoys cross country skiing and has done some racing in the Tug Hill area. A former Oratorio Society member, he sings in the choir at St. James Church. "And, we get up into the Adirondacks. I read and enjoy life with my wife," he said.
Of his time at Hamilton, Potter noted that he "thoroughly enjoyed trying to interest students" in geology, especially by involving them in his research project mapping the geology of the Taconic Mountains east of Albany, and the J-Term trips to Big Bend. "To camp out in the desert for 10 days, it makes a big impression, brings you close," he said.
Charles "Lafe" Todd '33
Professor of Speech, 1959-1977
Taught Basic Speech, Rhetoric and Persuasion, and History of the Women's Rights and Antislavery Movements
Photo By: John Eisinger
"I've been pretty busy," said 91-year-old Charles "Lafe" Todd, whose recordings of migrant workers singing early American folk songs was recently released by the Library of Congress. He made the recordings in the 1940s while living in and managing a farm camp in California.
"We had recovered a lot of English ballads and early American folk songs, and that all got onto National Public Radio just last year. I did the narration on most of these and discussed the ballads," he said.
Todd lives in a "very pleasant retirement home" in Vero Beach, Fla. "I do a lot of outdoor exercise, walking around. I've done some lecturing. I still enjoy it."
Looking back on his years at Hamilton, Todd said his favorite course to teach was Early American Reform Movements. "I got more reaction from the students in that class. We discussed various movements and their histories, how they achieved success and the means of persuasion that were used by speakers in those days."
One of his proudest accomplishments was bringing Alex Haley to teach for two years in the 1970s. "He had just written the biography of Malcolm X, and I was quite fascinated by Malcolm as a public speaker," Todd noted. "Alex wrote Roots while he was with us. If you look at the last pages, you'll find his story about meeting me and my bringing him into the department. He came with his wife and daughter, and they lived right next door to us. I handled a lot of the courses on black history, and Alex was a great help to me. He was also a great influence on the campus and a great help to the black population then. We developed the Black Student Union.
"I'm a great admirer of Hamilton. I loved it as a student, and I enjoyed teaching there very much."
Rouben Cholakian
Burgess Professor of Romance Languages and Literature, 1963-1996
Taught courses in the literature of Medieval and Renaissance France; directed Hamilton's Junior Year in France program seven times
Patricia Cholakian
Associate Professor of French, 1971-1998
Taught courses on 17th-century French literature, also survey courses, 200-level business French, Contemporary France, and French Women Then and Now
Rouben and Patricia Cholakian taught in the French department for more than 30 years. Rouben directed the Junior Year in France program every fourth year, and Patricia, one of the first women on the faculty, was involved in the Faculty for Women's Concerns organization, which was created after Kirkland College merged with Hamilton.
The Cholakians moved to New York City permanently in 1997 and bought an apartment in upper Manhattan. They take advantage of the city's cultural offerings and enjoy visits from friends in Clinton, as well as occasionally from former students.
"But," Patricia is quick to point out, "we have both continued to write and to do scholarship." She recently finished a book she had been working on at Hamilton on 17th-century women's memoirs, and Rouben published a novel, Murder on the Junior Year in France, which, in part, grew out of their own experiences in Paris.
They're currently working together on a literary biography of a 16th-century Frenchwoman, Marguerite de Navarre. "She was the wife of the King of France," Rouben said, "but she was herself a considerable writer."
"We usually devote about half of each day to that," Patricia said, "and half of each day to the rest. We've made quite a few friends here. And then, of course, there's shopping and cooking."
Rouben finds himself indulging "the dilettante part of my personality, too. I do embroidery, can you imagine?" And following his great interest in music -- he fondly remembers his years as a tenor in the Oratorio Society and participating in theatrical productions on the Hill -- he is also writing a children's book with original songs.
That was a characteristic of Hamilton that Rouben said he particularly enjoyed; in addition to his role as a professor, "You could allow yourself to be all of these other things."
Edwin Lee
Professor of History, 1958-1987
Taught Asian History (his specialty is modern Japanese history), Foundations of Modern Society, Historiography and East Asian History
Photo By: Chris Hildreth
"I can see Chapel Hill from my window," said Edwin Lee, who grew up in North Carolina, graduated from Duke University and moved to the Forest at Duke retirement community in Durham 10 years ago.
He finds his setting ideal and takes advantage of many area university offerings. Having taught summer school at Columbia and Long Island universities before moving south, he has himself taken a few courses at Duke. He tries to keep up with scholarship in his discipline and has also given a few lectures.
"Classical music is my great hobby," he noted. "We have wonderful music here. I can go to a concert almost every week of the year." He is also a member of several music associations and makes a point of going to Hamilton choir concerts when the group performs in his area.
A member of a reading group at his retirement community, he said that "it seems to fall into my lap to lead the discussions. I had done this at the public library in Clinton after I retired. I don't mind, so I keep it up."
Lee is also active in the Duke University Chapel Congregation, a group that studies the month's upcoming lectionary readings. His sister and her family live nearby. "I try to keep up with my nieces and nephews and give them whatever advice they feel like taking or asking," he remarked.
Recalling his time at Hamilton, Lee mentioned that he's proud that a number of his students have gone on in the field.
"Hamilton and I were made for each other," he said. "I am not a compulsive scholar. My joy was teaching, and Hamilton emphasizes teaching." He also enjoyed the small intellectual community, for the opportunity to learn "more about other fields than you have ever known before."
Victoria Vernon
Associate Professor of Comparative Literature, 1983-2001
Taught Short Fiction, Comic Fiction, Fiction of the Future, Literature of Imperialism, Realms of Literature, Women Writers of Japan and China, Japanese Literature and Film, and World Literature
"In the beginning, you try out a whole bunch of things," Vicky Vernon said about retirement. She now lives in the foothills of the Sierra mountains in Placerville, Calif., five miles from the site where gold was discovered in 1848.
For one, she joined a writing group. She has been writing, mostly short stories set near her home. "When you're in an area that you haven't been in for a long time, you haven't normalized yet," she explained, "so you see the place with the outsider's eye. That makes it easier to see it, actually." In one story, "Parallel Universes," she examines the SUV culture vis-a-vis the AARP culture.
"I pick up my 12-year-old grandson from the bus," said Vernon, whose daughter and family live down the road. "I've also been doing a lot of plain old reading."
But, what has turned out to be unexpectedly time-consuming, and also very rewarding, is something she calls "ghost editing" -- editorial coaching or copy-editing for academic writers before they submit their manuscripts to their publishers.
"It turns out I'm good at it, and I enjoy doing it," she said. "It gives you the same pleasure as doing a really attentive job of grading somebody's term paper -- but then you don't have to give them a grade!
"I got my biggest satisfaction from teaching," Vernon said. "The classroom was a locus of illumination. The thing is, the light didn't just go on for the students, it went on for me. And every once in a while I get a communiqu? from a former student: 'OK, Vicky, what's it all about?!' or, 'It was you who first taught me to deconstruct reality.' It's an enormous pleasure when a former student takes the time to say, 'You really made a difference.' The life of the mind can be very breathtaking, and that's protected on a college campus."
Rebecca Downing Costello '91 is associate editor of university publications at Colgate University. A creative writing major at Hamilton, she is a former student of Professors Fred Wagner and Vicky Vernon.


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U.S. Department of Transportation
Federal Highway Administration
1200 New Jersey Avenue, SE
Washington, DC 20590
Civil Rights
Civil Rights
Title VI of the Civil Rights Act of 1964, prohibits discrimination based upon race, color, and national origin. Specifically, 42 USC 2000d states that "No person in the United States shall, on the ground of race, color, or national origin, be excluded from participation in, be denied the benefits of, or be subjected to discrimination under any program or activity receiving Federal financial assistance." The use of the word "person" is important as the protections afforded under Title VI apply to anyone, regardless of whether the individual is lawfully present in the United States or a citizen of a State within the United States. In addition to Title VI, there are other Nondiscrimination statutes that afford legal protection. These statutes include the following: Section 162 (a) of the Federal-Aid Highway Act of 1973 (23 USC 324) (sex), Age Discrimination Act of 1975 (age), and Section 504 of the Rehabilitation Act of 1973/Americans With Disabilities Act of 1990 (disability). Taken together, these requirements define an over-arching Title VI/Nondiscrimination Program. It is important to also understand that Title VI and the additional Nondiscrimination requirements are applicable to Federal programs in addition to programs receiving federal financial assistance due to the Civil Rights Restoration Act of 1987.
There are two Presidential Executive Orders that place further emphasis upon the Title VI protections of race and national origin. These are Executive Order #12898 ("Federal Actions to Address Environmental Justice in Minority Populations and Low-Income Populations") and Executive Order #13166 ("Improving Access To Services For Persons With Limited English Proficiency"). Executive Order #12898 (Environmental Justice) directs federal agencies to develop strategies to address disproportionately high and adverse human health or environmental effects of their programs on minority and low-income populations. Executive Order # 13166 (Limited-English-Proficiency) directs federal agencies to evaluate services provided and implement a system that ensures that Limited English Proficiency persons are able to meaningfully access the services provided consistent with and without unduly burdening the fundamental mission of each federal agency. Additionally, each federal agency shall ensure that recipients of federal financial assistance provide meaningful access to their Limited-English-Proficiency applicants and beneficiaries. Please note that while an Executive Order has the force of law, a lawsuit may not be brought under an Executive Order.
The United States Department of Justice under Executive Order #12250 ("Leadership and Coordination of Nondiscrimination Laws") has been directed to ensure the consistent and effective implementation of Title VI and other Nondiscrimination requirements (including Environmental Justice and Limited English Proficiency) by prohibiting discriminatory practices in Federal programs and programs receiving federal financial assistance. Under the USDOJ's Civil Rights Division, the Federal Compliance and Coordination Section (FCS) is responsible for providing assistance and oversight to the Civil Rights Offices of federal Agencies. The USDOJ's FCS has the following responsibilities: Development of Guidance Documents; Offer two-day Title VI Training Course; Provide Technical Assistance; Exercises Clearance Authority (review and clear certain federal agency documents); Referrals for Litigation; Reviews Implementation Plans; Coordination and Clearinghouse. Upon request, FHWA submits EO 12250 Reports detailing statistical data from Title VI/EJ/LEP and Section 504/ADA Programs regarding such topics as Complaints, Pre- & Post- Awards, Technical Assistance, Training, and Compliance/Monitoring Efforts.
FHWA Division Offices are responsible for ensuring that all Recipients (State Transportation Agencies) have an approved Title VI/Nondiscrimination Plan (including signed Title VI/Nondiscrimination Assurances/Agreements) and submit Annual Update Reports. Additionally, the Division Offices are responsible for ensuring that the State Transportation Agencies are implementing an effective Monitoring Program of their Subrecipients' efforts to effectively implement Title VI and the additional Nondiscrimination requirements. FHWA's National Title VI/Nondiscrimination Program Manager is responsible for coordinating the effectiveness of FHWA's monitoring activities and will partner with other Federal Program Offices and USDOT Modal Agencies (as appropriate) to address opportunities for improved implementation of the Title VI/Nondiscrimination Program.
City of Corpus Christi Title VI Voluntary Resolution Agreement
Final Harbor Bridge Replacement Project Voluntary Resolution Agreement 2-3-17
USDOJ Title VI Manual, http://www.justice.gov/crt/about/cor/coord/vimanual.pdf
Environmental Justice: Important Links
An Overview of Environmental Justice and Transportation, https://www.fhwa.dot.gov/environment/environmental_justice/overview/
US DOT 5610.2(a): Final DOT Environmental Justice Order, https://www.fhwa.dot.gov/legsregs/directives/orders/664023a.cfm
FHWA Order 66.4023A: Federal Actions to Address Environmental Justice in Minority Populations and Low-Income Populations, https://www.fhwa.dot.gov/environment/environmental_justice/ej_at_dot/orders/order_56102a/
Title VI Statute, http://www.justice.gov/crt/about/cor/coord/titlevistat.php
FHWA Guidance on Environmental Justice and NEPA, http://environment.fhwa.dot.gov/projdev/guidance_ej_nepa.asp
Questions and Answers About Environmental Justice, https://www.fhwa.dot.gov/environment/environmental_justice/faq
The FHWA maintains links to other websites, reports, publications and media tools about environmental justice, community impact assessment, public involvement and transportation. This link is a growing resource for access to such information, and includes many websites and tools about environmental justice, community impact assessment, public involvement and transportation. https://www.fhwa.dot.gov/environment/environmental_justice/resources
Executive Order 12898: Federal Actions to Address Environmental Justice in Minority Populations and Low-Income Populations (http://energy.gov/nepa/downloads/eo-12898-environmental-justice-minority-populations-and-low-income-populations)
NCHRP Report 710: Practical Approaches for Involving Traditionally Underserved Populations in Transportation Decision making (http://onlinepubs.trb.org/onlinepubs/nchrp/nchrp_rpt_710.pdf)
Nichole McWhorter
Title VI Program Team Leader
(202) 366-1396
Kevin Resler
National Title VI Program Coordinator


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May 16, 2011 BY Aaron Hope
Picking something like the "most deluxe" of New Balance classic running silhouettes would probably come down to determining the highest quality of materials on aggregate. These models all feature a certain air of sophistication and their numbers aren't perfectly sequential, but if you consider the history of the New Balance 1500 it probably wins on premium release frequency, comfort technology and, of course, the number. The NB1500 will return this fall in a couple of colorways we showed you in tradeshow preview images around the turn of the year, the red pair quite similar to La MJC's collaboration with colette from late 2010. Click through to see more of the red and purple suede New Balance 1500s and stick with Sneaker News for more in advance of the Q3 release date. via hanon.
Filed under: New Balance Running Upcoming Sneakers


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Any person, organization, or collaborative group that wants to do something to help improve diversity in the pipeline to the legal profession will benefit from using the Directory.
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Acharya Nagarjuna University - Center for Distance Education
Alleged involvement of ragging
Guntur, July 21, 2007
The Acharya Nagarjuna University suspended four postgraduate students from the University college and hostel for alleged involvement of ragging a first semester student. The victim's alleged that the three seniors, inmates of the women's hostel had forcibly asked her to sing and dance in presence of a large gathering in the hostel on July 18.
She was disturbed psychologically and got treated in the Government General Hospital and complained to the College Principal MK Durga Prasad who in turn took the matter to the Anti Ragging Committee
The Committee decided to hand down punishment to the four inmates of suspension of one week from the college and hostel for a week with a condition that they would rejoin in the presence of their parents after giving an undertaking that such kind of ragging would not be repeated such practices in future.
Notifications on this page are selective and partial. Please visit the Official Website of the University or contact the University directly for a complete list of Notifications, News, Circulars and other official releases from the University. Some topics on this page could be News items collected from the press. Such topics should not be confused with the official notifications or circulars released by the University.
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All quotes by Sean Murphy
(44 quotes found)
"A couple of penalties put us in a bind. There was the roughing-the-kicker penalty and a couple of penalties on returns that hurt us."
"There's really been very intense growth in the surf charter industry, ... You wouldn't believe how many and how varied the locations are that we offer packages to — Fiji, Samoa, Maldives, Indonesia, and all over Central and South America. Even the Galapagos Islands."
"Most trips we're booking for the guys in their 30's and 40's are in the $1600-$2000 range for an all-inclusive week,"
"Namotu just exudes the exotic island experience. It has that crystal-clear water that people want for their dream surf vacation."
"This season we have been using Murrayfield and not playing many matches, but while we can afford to lose one season and still survive, if we were to lose a second season then the members would start to drift away and that would have serious consequences. That is why we want to get the funding in place as soon as possible."


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Washington, D. C. 20549
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
For the period ended March 27, 1994 Commission file number 1-6682
Rhode Island O5-0155090 - ------------------------ ------------------------------------ (State of Incorporation) (I.R.S. Employer Identification No.)
(401) 431-8697
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.
The number of shares of Common Stock, par value $.50 per share, outstanding as of April 29, 1994 was 88,051,294
Consolidated Balance Sheets
(Thousands of Dollars Except Share Data)
Mar. 27, Mar. 28, Dec. 26, Assets 1994 1993 1993 -------- -------- -------- Current assets Cash and cash equivalents $ 250,262 100,250 186,254 Marketable securities, at cost which approximates market - 50,000 - Accounts receivable, less allowance for doubtful accounts of $53,500, $53,900 and $54,200 449,981 420,057 720,442 Inventories: Finished products 203,757 172,871 183,899 Work in process 23,274 21,924 22,486 Raw materials 44,288 42,753 43,682 --------- --------- --------- Total inventories 271,319 237,548 250,067 Deferred income taxes 86,933 77,047 78,413 Prepaid expenses 63,571 70,716 65,959 --------- --------- --------- Total current assets 1,122,066 955,618 1,301,135 Property, plant and equipment, net 282,978 252,521 279,803 --------- --------- --------- Other assets Cost in excess of acquired net assets, less accumulated amortization of $71,768, $56,826 and $68,122 472,367 486,509 475,607 Other intangibles, less accumulated amortization of $89,609, $69,970 and $85,290 180,839 201,370 185,953 Other 55,100 25,786 50,520 --------- --------- --------- Total other assets 708,306 713,665 712,080 --------- --------- --------- Total assets $2,113,350 1,921,804 2,293,018 ========= ========= =========
Consolidated Balance Sheets, Continued
(Thousands of Dollars Except Share Data)
Mar. 27, Mar. 28, Dec. 26, Liabilities and Shareholders' Equity 1994 1993 1993 -------- -------- -------- Current liabilities Short-term borrowings $ 53,091 51,851 62,242 Current installments of long-term debt 3,230 690 3,236 Trade payables 102,050 107,090 170,309 Accrued liabilities 293,557 277,980 420,476 Income taxes 92,906 85,337 92,051 --------- --------- --------- Total current liabilities 544,834 522,948 748,314 Long-term debt, excluding current installments 200,479 206,152 200,510 Deferred liabilities 73,171 70,823 67,511 --------- --------- --------- Total liabilities 818,484 799,923 1,016,335 --------- --------- --------- Shareholders' equity Preference stock of $2.50 par value. Authorized 5,000,000 shares; none issued - - - Common stock of $.50 par value. Authorized 300,000,000 shares; issued 87,981,176, 87,306,626 and 87,795,251 43,991 43,653 43,898 Additional paid-in capital 299,064 289,592 296,823 Retained earnings 937,227 763,335 920,956 Cumulative translation adjustments 14,584 25,301 15,006 --------- --------- --------- Total shareholders' equity 1,294,866 1,121,881 1,276,683 --------- --------- --------- Total liabilities and shareholders' equity $2,113,350 1,921,804 2,293,018 ========= ========= =========
See accompanying condensed notes to consolidated financial statements.
Consolidated Statements of Earnings
(Thousands of Dollars Except Share Data)
Thirteen Weeks Ended -------------------- Mar. 27, Mar. 28, 1994 1993 -------- -------- Net revenues $489,133 487,036 Cost of sales 208,200 208,021 ------- ------- Gross profit 280,933 279,015 ------- ------- Expenses Amortization 8,793 8,659 Royalties, research and development 50,320 47,403 Advertising 64,559 67,837 Selling, distribution and administrative 110,290 109,559 ------- ------- Total expenses 233,962 233,458 ------- ------- Operating profit 46,971 45,557 ------- ------- Nonoperating (income) expense Interest expense 5,436 4,415 Other (income), net (1,908) (1,729) ------- ------- Total nonoperating expense 3,528 2,686 ------- ------- Earnings before income taxes and cumulative effect of change in accounting principles 43,443 42,871 Income taxes 16,726 16,291 ------- ------- Net earnings before cumulative effect of change in accounting principles 26,717 26,580 Cumulative effect of change in accounting principles (4,282) - ------- ------- Net earnings $ 22,435 26,580 ======= ======= Per common share Net earnings before cumulative effect of change in accounting principles $ .30 .30 ======= ======= Net earnings $ .25 .30 ======= ======= Cash dividends declared $ .07 .06 ======= =======
See accompanying condensed notes to consolidated financial statements.
Consolidated Statements of Cash Flows
Thirteen Weeks Ended March 27, 1994 and March 28, 1993
(Thousands of Dollars)
1994 1993 ---- ---- Cash flows from operating activities Net earnings $ 22,435 26,580 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization of plant and equipment 16,424 17,845 Other amortization 8,793 8,659 Deferred income taxes (11,023) (1,079) Change in current assets and liabilities (other than cash and cash equivalents): Decrease in accounts receivable 268,687 217,639 (Increase) in inventories (21,178) (15,226) (Increase) decrease in prepaid expenses 2,075 (13,015) (Decrease) in trade payables and accrued liabilities (193,199) (154,151) Other 4,129 (2,124) ------- ------- Net cash provided by operating activities 97,143 85,128 ------- ------- Cash flows from investing activities Additions to property, plant and equipment (19,590) (19,376) Purchase of marketable securities - (141,411) Proceeds from sale of marketable securities - 91,689 Investments and acquisitions, net of cash acquired - (4,580) Other 198 237 ------- ------- Net cash utilized by investing activities (19,392) (73,441) ------- ------- Cash flows from financing activities Net repayment of short-term borrowings (10,551) (22,909) Repayment of long-term debt (37) (11,168) Stock option and warrant transactions 2,334 2,179 Dividends paid (5,271) (4,363) ------- ------- Net cash utilized by financing activities (13,525) (36,261) ------- ------- Effect of exchange rate changes on cash (218) (1,129) ------- ------- Increase (decrease) in cash and cash equivalents 64,008 (25,703) Cash and cash equivalents at beginning of year 186,254 125,953 ------- ------- Cash and cash equivalents at end of period $250,262 100,250 ======= ======= Supplemental information Cash paid during the period for: Interest $ 2,859 4,572 Income taxes $ 20,893 14,806
See accompanying condensed notes to consolidated financial statements.
Condensed Notes to Consolidated Financial Statements
(Thousands of Dollars)
(1) In the opinion of management and subject to year-end audit, the accompanying unaudited interim financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the financial position of the Company as of March 27, 1994 and March 28, 1993, and the results of operations and cash flows for the periods then ended.
The results of operations for the thirteen week period ended March 27, 1994, are not necessarily indicative of results to be expected for the full year.
(2) The Company has several plans covering certain groups of employees which may provide benefits to such employees following their period of active employment but prior to their retirement. These plans include certain severance plans which provide benefits to employees involuntarily terminated and certain plans which continue the Company's health and life insurance contribution for employees who have left the Company's employ under terms of its long-term disability plan.
The Company adopted the provisions of Statement of Financial Accounting Standards No. 112, Employers' Accounting for Postemployment Benefits (SFAS 112) as of the beginning of the current fiscal year. SFAS 112 requires that the cost of certain postemployment benefits be accrued over the employee service period, which is a change from the Company's prior practice of recording such benefits when incurred. The effect of initially applying SFAS 112, net of a deferred tax benefit of $2,513, has been reported as the cumulative effect of a change in accounting principles, negatively impacting the Company's first quarter 1994 earnings by $4,282. The adoption of SFAS 112 is not expected to have a future significant effect on either the Company's earnings or its financial condition.
(3) Earnings per common share are based on the weighted average number of shares of common stock and dilutive common stock equivalents outstanding during each period. Common stock equivalents include stock options and warrants for the period prior to their exercise. Under the treasury stock method, the unexercised options and warrants were assumed to be exercised at the beginning of the period or at issuance, if later. The assumed proceeds were then used to purchase common stock at the average market price during the period.
For each of the reported periods the difference between primary and fully diluted earnings per share was not significant.
Management's Discussion and Analysis of Financial Condition and Results of Operations
(Thousands of dollars)
As a percentage of net revenues, advertising expense has decreased to 13.2% from 13.9% a year ago. This decrease is the composite of an increase internationally and a decrease domestically. Internationally, the Company's continuing efforts to establish certain brands is the primary cause of the increase, while domestically the decrease results primarily from a planned reduction in certain promotional toy advertising.
Selling, distribution and administrative expenses for the quarter remained constant at the 1993 level of 22.5% of net revenues.
Management's Discussion and Analysis of Financial Condition and Results of Operations, Continued
(Thousands of dollars)
Management's Discussion and Analysis of Financial Condition and Results of Operations, Continued
(Thousands of dollars)
Cash and cash equivalents at $250,262 were approximately $100,000 higher than the aggregate of it and marketable securities at the same time in 1993. This increase is reflective of the cash generated during the prior twelve months and will be used for working capital requirements as the year progresses. Receivables, at $449,981, were above their comparable 1993 level due to a combination of factors including the mix of first quarter sales with a greater percentage being made to customers with extended payment terms. Inventories increased approximately $34,000, largely due to the lower volume of domestic sales during the first quarter and the Company's continuing efforts to have product available for immediate delivery to its customers.
Short-term borrowings at $53,091 were approximately the same as in 1993. While the Company attempts to keep its borrowings at the lowest level possible, especially when it has excess cash, the cash available and the borrowing required may be in different countries and currencies and may make it impractical to substitute one for the other. Other current liabilities increased approximately $20,500 from those of a year ago, primarily due to timing differences on payments.
As part of the traditional marketing strategies of the toy industry, many sales made early in the year are not due for payment until the fourth quarter, thus making it necessary for the Company to borrow significant amounts pending collection of these receivables. Currently, the Company has available committed unsecured lines of credit totaling approximately $450,000. It also has available uncommitted lines exceeding $850,000. The Company believes that these amounts are adequate for its needs. Of these available lines, at March 27, 1994, approximately $65,000 was in use.
PART II. Other Information
Item 1. Legal Proceedings.
Item 2. Changes in Securities.
Item 3. Defaults Upon Senior Securities.
Item 4. Submission of Matters to a Vote of Security Holders.
Item 5. Other Information.
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits.
4 Amendment No. 1 to Revolving Credit Agreement, dated as of April 1, 1994, among the Company, certain banks (the "Banks") and The First National Bank of Boston, as agent for the Banks.
11 Computation of Earnings Per Common Share - Thirteen Weeks Ended March 27, 1994 and March,28,1993.
12 Computation of Ratio of Earnings to Fixed Charges - Thirteen Weeks Ended March 27, 1994.
(b) Reports on Form 8-K
A current Report on Form 8-K dated April 13, 1994 was filed by the Company and included the Press Release dated April 13, 1994 announcing the Company's results for the current quarter. Consolidated Statements of Earnings (without notes) for the quarters ended March 27, 1994 and March 28, 1993 and Consolidated Condensed Balance Sheets (without notes) as of said dates were also filed.
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Date: May 11, 1994 By: /s/ John T. O'Neill --------------------- John T. O'Neill Executive Vice President and Chief Financial Officer (Duly Authorized Officer and Principal Financial Officer)
Quarterly Report on Form 10-Q
For the Period Ended March 27, 1994
Exhibit Index Exhibit No. Exhibits - ------- -------- 4 Amendment No. 1 to Revolving Credit Agreement 11 Statement re computation of per share earnings - thirteen weeks 12 Statement re computation of ratios
This Amendment (the "Amendment"), dated as of April 1, 1994, among Hasbro, Inc., a Rhode Island corporation (the "Borrower") and The First National Bank of Boston, The Bank of Nova Scotia, Citibank, N.A., Fleet National Bank, Continental Bank, N.A., Mellon Bank, N.A., Union Bank of Switzerland, Credit Lyonnais New York Branch, and The Toronto Dominion Bank (collectively, the "Banks") and The First National Bank of Boston, as agent for the Banks (the "Agent"), amends the Revolving Credit Agreement dated as of June 22, 1992, among the Borrower, the Banks and the Agent (as so amended and as may be further amended and in effect from time to time, the "Credit Agreement"). Capitalized terms used herein unless otherwise defined shall have the meanings set forth in the Credit Agreement.
WHEREAS, the Borrower has requested that the Banks and the Agent make certain amendments to the Credit Agreement and the Banks and the Agent are agreeable thereto upon the terms and conditions described herein; and
WHEREAS, Credit Lyonnais New York Branch and The Toronto Dominion Bank (collectively, the "Declining Banks") have determined that they do not wish to extend the Maturity Date and agree to the requested amendments to the Credit Agreement, and the Declining Banks wish to terminate their Commitments under the Credit Agreement and to have all obligations owing to them repaid in full;
NOW, THEREFORE, in consideration of the foregoing premises, the parties hereby agree as follows:
1. DEFINITIONS. Section 1 of the Credit Agreement is hereby amended as follows:
1.1.COMMITMENT FEE RATE. The following new definition shall be inserted immediately after the definition of "Commitment":
"COMMITMENT FEE RATE. (a) With respect to the Revolving Credit Commitment Fee, effective April 1, 1994, the applicable annual percentage rate set forth in the table below opposite the Debt Ratings with respect to Long Term Senior Debt of the Company then in effect, subject to the provisions set forth in clauses (i) through (iv) of the definition of "Margin":
APPLICABLE COMMITTMENT DEBT RATING FEE RATE ----------- ---------------------- Standard & Poor's Moody's -------- ------- A- or better A3 or better 0.125% BBB+ Baa1 0.15% BBB Baa2 0.1875% BBB- or below Baa3 or below 0.225%
(b) The Commitment Fee Rate will be subject to the provisions relating to Successor Rating Agency and changes in rating terminology by Standard & Poor's or Moody's as provided in the definitions of Debt Rating and Margin.
1.2.FINAL MATURITY DATE. The definition of Final Maturity Date shall be amended by substituting the date "May 31, 1997" for the date "May 31, 1996" appearing therein.
1.3.MARGIN. The definition of Margin shall be amended (a) by substituting the following table for the table appearing therein:
"DEBT RATING APPLICABLE MARGIN ----------- ----------------- Base CD Standard & Rate Eurocurrency Rate Poor's Moody's Amounts Rate Amounts Amounts - ---------- ------- ------- ------------ ------- AA- or better Aa3 or better 0% 0.30% 0.425% A or better A2 or better 0% 0.325% 0.45% A- A3 0% 0.35% 0.475% BBB+ Baa1 0% 0.35% 0.475% BBB Baa2 0% 0.41% 0.535% BBB- Baa3 0% 0.50% 0.625% Below BBB- Below Baa3 The applicable Margins for Debt Ratings of BBB-/Baa3 subject to clause (vii) below"
(b) by deleting the text of clause (v) thereof and substituting therefor the following: "notwithstanding the foregoing, at all times that the outstanding principal amount of the Loans exceeds $250,000,000 and the Debt Ratings with respect to Long Term Senior Debt of the Company are BBB+/Baa1 or below, the applicable margins with respect to Eurocurrency Rate Amounts and CD Rate Amounts will increase by 0.125%.
(c) by deleting the text of clause (vi) thereof and substituting therefor the phrase "intentionally omitted".
1.4. DELETION OF CERTAIN DEFINITIONS. The definitions of "Consolidated Current Assets", Consolidated Current Liabilities", "Consolidated Working Capital", and "Qualifying Debt to Capitalization Ratio" shall be deleted in their entirety.
2. COMMITMENT TO LEND. Section 2.1(c) of the Credit Agreement is hereby amended by deleting the table in said Section 2.1(c) and substituting therefor the following:
Amount of Commitment Bank Commitment Percentage - ---- ---------- ---------- FNBB $100,000,000 22.7272728% The Bank of Nova Scotia $ 60,000,000 13.6363636% Citibank, N.A. $ 60,000,000 13.6363636% Fleet National Bank $ 60,000,000 13.6363636% Mellon Bank, N.A. $ 60,000,000 13.6363636% Continental Bank, N.A. $ 50,000,000 11.3636364% Union Bank of Switzerland $ 50,000,000 11.3636364% ------------ ----------- $440,000,000 100%
3. REVOLVING CREDIT COMMITMENT FEE. Section 2.9(a) of the Credit Agreement is hereby amended by substituting the following for the first sentence of said Section 2.9(a):
"The Company agrees to pay to the Agent for the accounts of the Banks in accordance with their respective Commitment Percentages a revolving credit commitment fee ("Revolving Credit Commitment Fee") determined on a quarterly basis, with respect to the period from the Closing Date to the Final Maturity Date (or to the date of termination in full of the Commitments if earlier) at the annual rate equal to the Commitment Fee Rate from time to time in effect, calculated on the average daily unutilized portion of the Revolving Credit Commitment."
Section 7.5(c) is hereby amended by deleting the phrase "and evidencing the Qualifying Debt to Capitalization Ratio, if any, for the applicable period" in said Section 7.5(c).
5. FISCAL YEAR. Section 7.15 of the Credit Agreement is hereby amended by inserting the following phrase immediately after "(b)" in the fifth line thereof, "in the case of a change in fiscal year where the new fiscal year end is not within 45 days of the fiscal year end specified in the first sentence of this 7.15,".
6. CONSOLIDATED WORKING CAPITAL. Section 8.5 is hereby deleted in its entirety and the phrase "intentionally omitted" is substituted therefor.
7. TERMINATION OF COMMITMENTS. The Commitments of each of The Toronto Dominion Bank and Credit Lyonnais New York Branch (the "Declining Banks") is hereby terminated, and from and after the effectiveness of this Amendment the Declining Banks shall not have any obligations under or in respect of, or be parties to, the
Credit Agreement or any other Loan Documents, and all references to the Banks in the Loan Documents shall be deemed not to refer to the Declining Banks. The Banks, the Borrower and the Agent all consent and agree to the termination of the Commitments of the Declining Banks, and to continuing the credit under the Credit Agreement with a reduced Total Commitment as provided in Section 2.1(b) of the Credit Agreement. The Banks and the Agent acknowledge and agree that payments shall be made to the Declining Banks to satisfy all outstanding obligations of the Borrower to the Declining Banks under the Credit Agreement, including principal, interest and fees, and that such payments shall not be shared pro rata with the Remaining Banks; provided, however, that no such payment shall discharge the liability of the Borrower with respect to any of its obligations to any Declining Bank which are expressly stated to survive the termination of the Credit Agreement.
8. CONDITIONS TO EFFECTIVENESS. The effectiveness of this Amendment No. 1 shall be conditioned upon the satisfaction of the following conditions precedent:
8.1. DELIVERY OF DOCUMENTS. (a) The Borrower shall have delivered to the Agent, contemporaneously with the execution hereof, the following, in form and substance satisfactory to the Banks:
(i) this Amendment signed by the Borrower;
(ii) certified copies of the resolutions of the Borrower approving this Amendment No. 1 and the other documents referred to herein together with Officer's Certificates as to the incumbency and true signatures of officers; and
(iii) Officer's Certificates of the Borrower certifying as to the legal existence, good standing, and qualification to do business of the Borrower.
(b) each Bank shall have delivered to the Agent this Amendment, signed by such Bank.
8.2. LEGALITY OF TRANSACTION. No change in applicable law shall have occurred as a consequence of which it shall have become and continue to be unlawful on the date this Amendment is to become effective (a) for the Agent or any Bank to perform any of its obligations under any of the Loan Documents or (b) for the Borrower to perform any of its agreements or obligations under any of the Loan Documents.
8.3. PERFORMANCE. The Borrower shall have duly and properly performed, complied with and observed in all material respects its covenants, agreements and obligations contained in the Loan Documents required to be performed, complied with or observed by it on or prior to the date this Amendment is to become effective. No event shall have occurred on or prior to the date this Amendment is to become effective and be continuing, and no condition shall exist on the date this Amendment is to become effective which constitutes a Default or Event of Default under any of the Loan Documents.
8.4. ASSIGNMENTS AND ACCEPTANCES. (i) The Toronto Dominion
Bank ("TD") shall have assigned and sold to each of Mellon Bank,
N.A. and Union Bank of Switzerland a portion of its Commitment in
the amount of $10,000,000, and Mellon Bank, N.A. and Union Bank of
Switzerland shall have assumed and accepted from TD, such portion
of TD's interests, rights and obligations under the Credit
Agreement pursuant to Assignments and Acceptances in form
satisfactory to the parties thereto, the Borrower and the Agent,
(ii) each such Assignment and Acceptance shall be in full force and effect, (iii) TD shall have delivered its Note to the Borrower for cancellation, (iv) the Borrower shall have issued to each of Mellon Bank, N.A. and Union Bank of Switzerland a Note in accordance with the terms of the Assignment and Acceptance to which such Bank is a party.
8.5. PROCEEDINGS AND DOCUMENTS. All corporate, governmental and other proceedings in connection with the transactions contemplated by this Amendment and all instruments and documents incidental thereto shall be in the form and substance reasonably satisfactory to the Agent and the Agent shall have received all such counterpart originals or certified or other copies of all such instruments and documents as the Agent shall have reasonably requested.
9. REPRESENTATIONS AND WARRANTIES. The Borrower hereby represents and warrants to the Banks as follows:
(a) The representations and warranties of the Borrower contained in the Credit Agreement, as amended hereby, were true and correct in all material respects when made and continue to be true and correct in all material respects on the date hereof, except that the financial statements referred to therein shall be the financial statements of the Borrower most recently delivered to the Agent, and except as such representations and warranties are affected by the transactions contemplated hereby;
(b) The execution, delivery and performance by the Borrower
of this Amendment and the consummation of the transactions
contemplated hereby; (i) are within the corporate powers of the
Borrower and have been duly authorized by all necessary corporate
action on the part of the Borrower, (ii) do not require any
approval, consent of, or filing with, any governmental agency or
authority, or any other person, association or entity, which bears
on the validity of this Amendment and which is required by law or
the regulation or rule of any agency or authority, or other
person, association or entity, (iii) do not violate any provisions
of any order, writ, judgment, injunction, decree, determination or
award presently in effect in which the Borrower is named, or any
provision of the charter documents or by-laws of the Borrower,
(iv) do not result in any breach of or constitute a default under any agreement or instrument to which the Borrower is a party or to which it or any of its properties are bound, including without limitation any indenture, loan or credit agreement, lease, debt instrument or mortgage, except for such breaches and defaults
which would not have a material adverse effect on the Borrower and its subsidiaries taken as a whole, and (v) do not result in or require the creation or imposition of any mortgage, deed of trust, pledge or encumbrance of any nature upon any of the assets or properties of the Borrower; and
(c) This Amendment, the Credit Agreement as amended hereby,
and the other Loan Documents constitute the legal, valid and
binding obligations of the Borrower, enforceable against the
Borrower in accordance with their respective terms, provided that
(i) enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws of general application affecting the rights and remedies of creditors, and
(ii) enforcement may be subject to general principles of equity, and the availability of the remedies of specific performance and injunctive relief may be subject to the discretion of the court before which any proceeding for such remedies may be brought.
10. NO OTHER AMENDMENTS. Except as expressly provided in this Amendment, all of the terms and conditions of the Credit Agreement, the Notes and the other Loan Documents shall remain in full force and effect.
11. EXECUTION IN COUNTERPARTS. This Amendment may be executed in any number of counterparts and by each party on a separate counterpart, each of which when so executed and delivered shall be an original, but all of which together shall constitute one instrument. In proving this Amendment, it shall not be necessary to produce or account for more than one such counterpart signed by the party against whom enforcement is sought.
12. EFFECTIVE DATE. Subject to the satisfaction of the conditions precedent set forth in 8 hereof, this Amendment shall be deemed to be effective as of the date hereof.
IN WITNESS WHEREOF, the Borrower, the Banks and the Agent have duly executed this Amendment as of the date first above written.
By:\s\ John T. O'Neill ------------------------- Title: Executive Vice President and Chief Financial Officer
BOSTON, individually and
as Agent
By:\s\ Carol A. Lovell ------------------------- Title: Director
By:\s\ Terry M. Pitcher ------------------------- Title: Vice President
By:\s\ Robert Spence ------------------------- Title: Vice President
By:\s\ Kathleen A Fitzgerald ------------------------- Title: Vice President
By:\s\ David Noda ------------------------- Title: Vice President
By:\s\ Diane P. Durnin ------------------------- Title: Vice President
By:\s\ Paul R. Morrisson ------------------------- Title: Assistant Vice President By:\s\ Dieter Hoeppli ------------------------- Title: Assistant Vice President
By:\s\ Robert Ivosevich ------------------------- Title: Senior Vice President
By:\s\ Jano Mott ------------------------- Title: Manager, Credit Administration
Computation of Earnings Per Common Share
Thirteen Weeks Ended March 27, 1994 and March 28, 1993
(Thousands of Dollars and Shares Except Per Share Data)
1994 1993 ----------------- ----------------- Fully Fully Primary Diluted Primary Diluted ------- ------- ------- ------- Net earnings before cumulative effect of change in accounting principles $26,717 26,717 26,580 26,580 Interest and amortization on 6% convertible notes, net of taxes - 1,441 - 1,464 ------ ------ ------ ------ Net earnings before cumulative effect of change in accounting principles applicable to common shares 26,717 28,158 26,580 28,044 Cumulative effect of change in accounting principles (4,282) (4,282) - - ------ ------ ------ ------ Net earnings applicable to common shares $22,435 23,876 26,580 28,044 ====== ====== ====== ====== Weighted average number of shares outstanding:(a) Outstanding at beginning of period 87,795 87,795 87,176 87,176 Actual exercise of stock options and warrants 86 86 92 92 Assumed exercise of stock options and warrants 2,219 2,276 2,371 2,371 Assumed conversion of 6% convertible notes - 5,114 - 5,114 ------ ------ ------ ------ Total 90,100 95,271 89,639 94,753 ====== ====== ====== ====== Per common share: Earnings before cumulative effect of change in accounting principles $ .30 .30 .30 .30 Cumulative effect of change in accounting principles (.05) (.05) - - ------ ------ ------ ------ Net earnings $ .25 .25 .30 .30 ====== ====== ====== ======
(a) Computation to arrive at the average number is a weighted average computation.
Computation of Ratio of Earnings to Fixed Charges Thirteen Weeks Ended March 27, 1994
(Thousands of Dollars)
Earnings available for fixed charges:
Net earnings $22,435 Add: Cumulative effect of change in accounting principles 4,282 Fixed charges 8,674 Income taxes 16,726 ------ Total $52,117 ====== Fixed Charges: Interest on long-term debt $ 2,903 Other interest charges 2,533 Amortization of debt expense 97 Rental expense representative of interest factor 3,141 ------ Total $ 8,674 ====== Ratio of earnings to fixed charges 6.01 ======