text:
Ago on how to make a barrel wrench for less than $10. The dude used u bolts like for muffler clamps and scrap flats with a bar for tourc. Did you try a google search for homemade barrel wrench for rifles.
Does anyone make bloack that allow you to put your reciever in a vise and then tighten the barrel down with a wrench?
Reason I ask is because I have access to a heavy machinery adjustable wrench that easily adjusts to the flats on a FAL barrel, and has enough length to torque/time the barrel.
Ago on how to make a barrel wrench for less than $10. The dude used u bolts like for muffler clamps and scrap flats with a bar for tourc. Did you try a google search for homemade barrel wrench for rifles.
SOON-We already lost the war. You are the resistance.
I've used an oak block cut into two halves.
I'll probably use the wood blocks. Now if only I had more time. Maybe while I'm home on leave between duty stations.
after wanting to make my own receiver block I bought one, it was pretty cheap, I also bought a barrel vise but the wrench is easier, I use a old flat wrench not a open ended one so I don't round the edges but the suggestions above will work also
Sprat and sprat1 are one and the same.
thank you for keeping track now its 10 posts not including 169 I had before I had to re-register
"To view links or images in signatures your post count must be 10 or greater. You currently have 9 posts".
I have a copy of hotbarrel's homemade receiver wrench saved from before.
Thanks maybe since your a site administrator you can credit me the 169 previous post. just thinking out loud!
Sprat and sprat1 are one and the same.
You could modify a set of soft-jaws for the vice.
The lead or whatever they make it out of is real soft and easy to mold around rivets & stuff.
Two pieces of pine should do the trick for me, I have a wrench that won't slide off, might need a cheater bar though.
Akarl, you might be onto something. Use the cut off receiver stub to cast a lead receiver wrench. Set the stub vertically in a tin can, fill the can to the level of the stub, then use a bandsaw to flatten the sides and split the lead off the stub. Perfectly formed soft jaws for the receiver.


text: SpamCheetah is a network-level spam filtering solution built around OpenBSD greylisting, tarpit, and blacklisting. It comes with a Web interface and requires zero administration. It does not allow spam to even land in your network, thus saving you precious bandwidth. It does not have the 'false positives' problem of losing legitimate mail.

subset: commoncrawl


text:
the return of shada
Sunday, 8 December 2002 - Reported by Shaun Lyon
BBCi has revealed plans for its 40th anniversary of Doctor Who webcast: a remake by Big Finish Productions of the classic "lost" Doctor Who story Shada, written by the late Douglas Adams. "Shada" was originally abandoned due to an industrial strike, although it was eventually released on video with linking narration by Tom Baker. In this new version of "Shada", the Eighth Doctor (Paul McGann) is reunited with old friends Romana (Lalla Ward) and K-9 (John Leeson) "in a quest to track down the most dangerous book in the universe." The cast features such notables as James Fox ("A Passage to India," "The Remains of the Day") as Professor Chronotis, Andrew Sachs (best remembered as daffy waiter Manuel on "Fawlty Towers") as Skagra, Sean Biggerstaff (Oliver Wood in the "Harry Potter" films) as Chris Parsons, Hannah Gordon (presenter of UK Channel Four's "Watercolor Challenge" and originally in the Doctor Who serial "The Highlanders") as the voice of Skagra's ship, Susannah Harker ("Ultraviolet") as Clare Keightley,Melvyn Hayes ("Quatermass II," "Ain't Half Hot, Mum") as college porter Wilkin, andStuart Crossman in an unknown role. "This is a tremendously exciting project," director Nicholas Pegg told BBCi. "We've really pulled out all the stops on this one. We've had a fantastic time in the studio and I hope people will agree that we've done justice to one of the greatest writers Doctor Who was ever blessed with." Says Big Finish producer, Jason Haigh-Ellery, "This is a great opportunity to finally produce Doctor Who's most famous lost script, and a fine tribute to Douglas Adams." Lee Sullivan will produce animation for the new webcast and Gary Russell, on authority from the estate of Douglas Adams, has tailored the script to add some framing information and tie it into the story. BBCi senior producer James Goss stated on the Outpost Gallifrey Forum, "Big Finish have come up with a neat way of fitting the new Shada into continuity without messing around with the original script too much. Without going into detail, there's a short prelude set on Gallifrey, where the Doctor turns up to see Romana, explaining that they've got some unfinished business to attend to... involving a call for help from an old friend that they appear to have been somehow prevented from answering." At right, a photo from BBCi with McGann, Ward and K-9. The recording was taped in early November, and is set for debut on BBCi next spring. (Thanks to BBCi, as well as everyone who wrote in to let us know about it and the report on Biggerstaff's website)


text:
Hi, my new figures, lot of conversions (if you remember w.i.p Modern Sniper - he's ready to fight) Hope you can recognize these heroes
Best Regards
Arbogastiz wrote:Bull's eye, Peter!!! Yeah, it's definitely Cpt. Redfield and his young apprentice Piers Nivans
Peter wrote:Didn't know the figure but I did some research and I found the information! He has some family to I have been reading! Any chance they will show up?


text:
MeshFlatten for Rhino is a plug-in for Rhinoceros® 3.0 and 4.0. This plug-in gives Rhino the ability to unroll the selected mesh model. MeshFlatten for Rhino is designed to be extremely user friendly, user just select a mesh and click right-mouse button, the flatten result will be calculated automatically. Command: RsMeshFlatten
Weiguo Li, RESURF
+86 1381 5859 460


text:
The "Eyes" Have it
The current wave of anti-Semitism in Europe lends special relevance to a little-known Holocaust story which appears in the latest volume of "Aleinu Leshabeach" in Hebrew.
A Nazi officer decided to have some fun together with his comrades at the expense of a Jewish prisoner. He called him into the room where the group was gathered and said to him:
"When I was young I had an eye removed and replaced with a glass one. The surgeon did such a masterful job that no one was ever capable of detecting which of my eyes was real and which was glass. If you can correctly identify which is the glass eye you will live, but if you fail to do so you will be shot on the spot."
While all the officers chuckled with sadistic pleasure at what they viewed as an exercise in futility, the Jew marched towards his one-eyed tormentor and correctly pointed to the glass eye. When asked by the surprised Nazis how he had managed to succeed where all others had failed, he offered this explanation:
"Your hatred of Jews is so intense that it is reflected in your very eyes. When I failed to see this hatred revealed in one of your eyes, I realized it couldnt be your real one!"


text:
Using Twitter for Business
- On October 19, 2011
Since Twitter was founded by Jack Dorsey, Biz Stone, and Evan Williams in March 2006, both consumers and businesses have been growing and learning together on how best to use this new mass communication tool. Of course Twitter is the micro blogging service that limits 'tweets' to a 140 character limit. The real question is: […]Read More


text:
FXFOWLE designs new key public building in the Kingdom of Saudi Arabia
FXFOWLE has six active projects within the King Abdullah Financial District (KAFD), an ambitious 55 million-sq-ft mixed-use urban community located in Riyadh, Saudi Arabia. The firm's latest project is the Museum of the Built Environment, a new key public building that explores the important role that social, economical and environmental issues play in the development of the Kingdom and the greater region.
The museum is sited on a large plaza bisected by a sunken Wadi, a pedestrian park that flows through the KAFD development. Over 340,000 sq ft is dedicated to museum functions, including permanent and temporary galleries, a 150-seat auditorium and a destination restaurant and terrace. The museum serves as a primary transportation hub for the area, housing a monorail station at its +2 level. For pedestrians it includes connections to neighbouring parcels through a site-wide network of public skywalks at the +1 level.
The Saudi Arabian world heritage sites of Madain Saleh and At-Turaif inspired the museum's formal concepts of erosion and chiseling of a crystal rock. The programmatic distribution is expressed in the massing by creating greater solidity and opacity on the museum's upper levels while maintaining transparency on the lower public levels. The building's façade on the upper levels incorporates prismatic laminated glass panels which create a varied textural quality and allow day light at select controlled locations. Excavation work is currently underway on the Museum, with an anticipated building completion in 2012.


text:
Browsing Working Papers (ECON) by Title
Previous Page
Now showing items 128-147 of 228Next Page
Hvidt, Morten; Nielsen, Søren Bo (København, 2000)[More information][Less information]
URI: http://hdl.handle.net/10398/7644
Files in this item: 1wpec172000.pdf (204.1Kb)
Andersen, Steffen; Harrison, Glenn W.; Hole, Arne Risa; Rutström, E. Elisabet (Frederiksberg, 2010)[More information][Less information]
Abstract: We develop an extension of the familiar linear mixed logit model to allow for the direct estimation of parametric non-linear functions defined over structural parameters. A classic application is the estimation of coefficients of utility functions to characterize risk attitudes. There are several unexpected benefits of this extension, apart from the ability to directly estimate structural parameters of theoretical interest. URI: http://hdl.handle.net/10398/8171
Files in this item: 1wp4-2010.pdf (174.4Kb)
Andersen, Steffen; Harrison, Glenn W.; Hole, Arne Risa; Rutström, E. Elisabet (, 2009)[More information][Less information]
Abstract: Experimental data exhibit considerable individual heterogeneity. We review the econometric methods employed to characterize that heterogeneity. We pay particular attention to the trade-off between collecting and allowing for observable characteristics, such as the familiar demographics, and the use of statistical methods to allow for unobserved individual heterogeneity. We demonstrate that these tools are complementary. URI: http://hdl.handle.net/10398/7802
Files in this item: 1wp2009-6.pdf (420.1Kb)
Raimondos-Møller, Pascalis; Woodland, Alan D. (København, 2004)[More information][Less information]
Abstract: This paper examines the welfare implications of non-discriminatory tariff reforms by a subset of countries, which we term a non-preferential trading club. We show that there exist coordinated tariff reforms, accompanied by appropriate income transfers between the member countries, that unambiguously increase the welfare of these countries while leaving the welfare of non-members unaltered. In terms of economic policy implications, our results show that there exist regional, MFN-consistent arrangements that lead to Pareto improvements in world welfare. JEL code: F15. Keywords: Trading clubs, non-preferential tariff reform, Kemp-Wan-Ohyama proposition. URI: http://hdl.handle.net/10398/7540
Files in this item: 1wpec062004.pdf (262.2Kb)
Kleis Frederiksen, Niels (København, 1998)[More information][Less information]
Abstract: This note discusses the generational incidence of consumption taxes in an OLG framework. The objective is to highlight the channels through which an increase in, e.g., a VAT redistributes income across generations. It turns out that with labor supply exogenous VAT incidence is very similar to the impact of a PAYG pension system or government debt. URI: http://hdl.handle.net/10398/7578
Files in this item: 11998_5.pdf (925.5Kb)
Blomgren-Hansen, Niels (København, 2005)[More information][Less information]
Abstract: Diamond's two-period OLG growth model is based on the assumption that the stock of capital in any period is equal to the wealth accumulated in the previous period by the generation of pensioners. This stock equlibrium condition may appear an innocuous paraphrase of the ordinary macro-economic flow equilibrium condition, S = I. This is not the case. In this note I demonstrate that Diamond's solution is unstable in a monetary market economy where households and firms make independent decisions as to how much to save and how much to invest. An increase in the rate of interest above the Diamond long-run equilibrium level will cause saving to fall by more than investment and, hence, result in excess demand for loanable funds and an upward pressure on the rate of interest. However, substituting the ordinary S = I flow equilibrium condition for Diamonds stock equilibrium condition reveals that the model has another solution - the rate of interest equals the rate of growth - and that this solution is stable in a capital-based economy (contrary to the pure consumption loan model of interest suggested by Samuelson(1958)). The model has interesting implications. Diamond's model predict that an increase in rate of time preference causing the young generation to save less will reduce the capital stock and raise the rate of interest. However,the S = I based two period OLG model reveals that the old generation's consumption falls by more than the the young generation's consumption increases. Consequently, excess supply of loanable funds will drive down the rate of interest. If the rate of interest is equal to the rate of growth an increase in the time preference has no effect on the supply of loanable funds and, consequently, neither on the rate of interest or the stock of capital. Whether people prefer to consume as young or old should not be a matter of public concern (although the transition from one state to another may be). URI: http://hdl.handle.net/10398/7656
Files in this item: 1wp14-2005.pdf (193.7Kb)
hvordan får vi mest vækst for pengene?Skaksen, Jan Rose; Kirk, Jens Sand; Stephensen, Peter (Frederiksberg, 2009)[More information][Less information]
URI: http://hdl.handle.net/10398/7987
Files in this item: 1
Blomgren-Hansen, Niels (København, 1999)[More information][Less information]
URI: http://hdl.handle.net/10398/7492
Files in this item: 1wpec0899.pdf (121.5Kb)
A model of trade with several countries where local integration benefits allHansen, Bodil O.; Keiding, Hans (København, 2005)[More information][Less information]
Abstract: For the study of economic integration, it is costumary to use a three countryworld, where two of the countries may introduce forms of closer economic cooperation. In the present model, we follow this tradition but put special emphasis on the role of credit and entrepreneurship. Our model is of the standard neoclassical type, with the addition that production takes time and is subject to uncertainty. Also, firms must use the financial system in order to buy inputs; the cost of credit may differ among countries and industries, reflecting their basic patterns of uncertainty. Following the Newbery-Stiglitz approach, we show that in such model we may exhibit cases of Pareto inferior trade and, in particular, Pareto inferior economic integration. More specifically, we show that integrating countries of very different economic size may give rise to adverse effects on welfare, whereas integration of countries with a more similar economic structure and size tends to have beneficial effects for the parties. Keywords: trade, uncertainty, Pareto inferior trade, regional integration. JEL classification: F11, F15, F34 URI: http://hdl.handle.net/10398/7495
Files in this item: 1wp4-2005.pdf (124.2Kb)
a stylished model for Egypt with some numerical policy examplesRisager, Ole; Yang, Chang-Po (København, 1999)[More information][Less information]
Abstract: This paper analyzes the consequences of pursuing a less activist Government employment stabilization policy strategy in Egypt. On the basis of a fairly stylized model we find that a reduction of the Government's involvement in the economy along with an introduction of mild but binding firing regulations in the private sector may lead to a rise in total employment and to an improvement in Egypt's trade balance vis-à-vis the rest of the world. URI: http://hdl.handle.net/10398/7659
Files in this item: 11999_3.pdf (84.99Kb)
Overgaard Olesen, Jan; Risager, Ole (København, 2000)[More information][Less information]
URI: http://hdl.handle.net/10398/7502
Files in this item: 1wpec052000.pdf (210.4Kb)
Overgaard Olesen, Jan; Risager, Ole (København, 2000)[More information][Less information]
URI: http://hdl.handle.net/10398/7619
Files in this item: 1wpec042000.pdf (77.75Kb)
Hansen, Niels-Jakob Harbo; Harmenberg, Karl; Öberg, Erik; Sievertsen, Hans Henrik (Frederiksberg, 2019)[More information][Less information]
URI: http://hdl.handle.net/10398/9754
Files in this item: 1
Veugelers, Reinhilde; Schneider, Cedric (København, 2008)[More information][Less information]
Abstract: Recent policy initiatives in the EU aim at supporting so-called Young Innovative Companies (YICs). This paper provides empirical evidence from German CIS data on the innovative performances of this specific type of firms, supporting why they matter. We first characterize YICs in the sample of innovation active firms. We show that firms that combine newness, smallness and high R&D intensity, are rare in the sample of innovative firms, but achieve significantly higher innovative sales than other innovative firms, especially innovative sales that are new to the market. Not surprisingly, YICs view financial constraints, both internal and external, as an important factor hampering their innovation activities, significantly more so than other innovation active firms. This access to finance problem is an often used motive for government intervention. In Germany, subsidies schemes for innovation are general and not particularly targeted at YICs. When assessing the effectiveness of these public funding schemes for our sample firms, we find that they are not effective to increase the innovative sales of YICs, unlike the average innovative firm in our sample. URI: http://hdl.handle.net/10398/7663
Files in this item: 1wp4-2008.pdf (209.8Kb)
Lund, Lars (København, 2006)[More information][Less information]
Abstract: The Greenland infrastructure for the airborne traffic uses Kangerlussuaq, Søndre Strømfjord, as hub. New scenarios may change that, and one possibility is the construction of a large airport at Nuuk with a 3000 m runway. The trunk line will then be between Copenhagen and Nuuk. In that case the village Kangerlussuaq will be abandoned. The paper analyses the size of the economic gain to Greenland of such a change. Using official statistics and information collected for the investigation a description is made of the employment structure and the income earned in the trades represented in Kangerlussuaq. It is then discussed to which extent people do tasks that will still be needed with the new structure and to which extent they will be set free to go into alternative production. The last possibility is regarded as a saving or as an increase in resources for Greenland, and the estimate is that this gain will amount to around 40 percent of the contribution to GDP in Kangerlussuaq. The saving is modified a little by the need of some new investments in Nuuk, mostly for housing. URI: http://hdl.handle.net/10398/7507
Files in this item: 1wp1-2006.pdf (395.9Kb)
Leth Hougaard, Jens; Moreno-Ternero, Juan D.; Østerdal, Lars Peter (Frederiksberg, 2018)[More information][Less information]
Abstract: We study the optimal management of evolving hierarchies, which abound in real-life phenomena. An initiator invests into finding a subordinate, who will bring revenues to the joint venture and who will invest herself into finding another subordinate, and so on. The higher the individual investment (which is private information), the higher the probability of finding a subordinate. A transfer scheme specifies how revenues are reallocated, via upward transfers, as the hierarchy evolves. Each transfer scheme induces a game in which agents decide their investment choices. We consider two optimality notions for schemes: initiator-optimal and socially-optimal schemes. We show that the former are schemes imposing to each member a full transfer to two recipients (the predecessor and the initiator) with a constant ratio among the transfers. We show that the latter are schemes imposing full transfers to the immediate predecessors. URI: http://hdl.handle.net/10398/9701
Files in this item: 1Hierarchies-2018-12-31.pdf (511.8Kb)
Ghiglino, Christian; Tvede, Mich (København, 1999)[More information][Less information]
URI: http://hdl.handle.net/10398/7548
Files in this item: 11998_8.pdf (389.0Kb)
Sørensen, Anders (København, 2006)[More information][Less information]
Abstract: Welfare ranking of policy instruments is addressed in a two-sector Ramsey model with monopoly pricing in one sector as the only distortion. When government spending is restricted, i.e. when a government is unable or unwilling to finance the required costs for implementing the optimum policy, subsidies that directly affect investment incentives may generate higher welfare effects than the direct instrument, which is a production subsidy. The driving mechanism is that an investment subsidy may be more cost effective than the direct instrument; and that the relative welfare gain from cost effectiveness can exceed the welfare loss from introducing new distortions. Moreover, it is found that the investment subsidy is gradually phased out of the welfare maximizing policy, which may be a policy combining the two subsidies, when the level of government spending is increased. Keywords: welfare ranking, indirect and direct policy instruments, restricted government spending JEL: E61, O21, O41 URI: http://hdl.handle.net/10398/7581
Files in this item: 1wp8-2006.pdf (362.5Kb)
Blomgren-Hansen, Niels (København, 2008)[More information][Less information]
Abstract: In most countries labor is organzed in cooperating skill-speci c unions rather than in industrial unions or separately bargaining skill-speci c unions. Within an extremely simple model of a small open economy facing imperfect competition we show that this way of organizing labor can be explained as the outcome of rational (optimizing) behavior on the part of the unions and the employers. Organizing labor in local industrial cartels (regardless of skill) or a single economy wide cartel results in a real wage level that is inappropriately low both from the point of view of labor and the society as a whole unless labor has close to monopoly power in the wage setting process. Organizing labor in local or economy wide skill-speci c unions may result in a wage level that is too high. In addition, a labor market organized in non-cooperating unions is likely to be unstable. This dilemma calls for a compromise: A cartel of cooperating, independent skill-speci c unions. The degree and the form of the cooperation depend inter alia on the bargaining power of the employer, the number of skills and competing rms and the rigidity with which the unions enforce lines of demarcations. URI: http://hdl.handle.net/10398/7599
Files in this item: 1wp3-2008.pdf (467.4Kb)
Bennedsen, Morten; Schultz, Christian (København, 2003)[More information][Less information]
URI: http://hdl.handle.net/10398/7636
Files in this item: 1wpec072003.pdf (205.2Kb)
Previous Page
Now showing items 128-147 of 228Next Page


text:
A little over a month ago, Zero Hedge started an avalanche in the financial sector, and an unprecedented defense thereof by the "independent" financial media and conflicted sell side, by being simply the messenger in pointing out that the gross exposure of one Morgan Stanley to the French banking sector is $39 billion. The firestorm of protests, which naturally focused on the messenger, and not the message, attempted to refute the claims that Morgan Stanley (and many others) are overexposed to Europe (both banks and countries) by stating that gross is not net, and that when one nets out "hedges" the real exposure is far, far lower. The logic is that bilateral netting, as the principle behind this argument is called, should always work - no matter the market, and that counterparty risk, especially when it comes to hedges, should always be ignored because banks will always honor their own derivative exposure. Obviously that this failed massively when AIG had to be bailed out, to preserve precisely the tortured and failed logic of bilateral netting was completely ignored, after all things will never get that bad again, right? Well, wrong. Because the argument here is precisely what the exposure is when the chain of netting breaks, when one or more counterparties go under (such as MF Global for example, which filed bankruptcy precisely due to its hedged (?) European exposure - luckily MF was not in the business of writing CDS on European banks or else all hell would be breaking loose right now). So little by little the story was forgotten: after all when everyone says gross is not net, contrary to what history shows us all too often, everyone must be right. Today it is time to refresh this story, as none other than Bloomberg pulls the scab right off and while confirming our observations, also goes further: yes, banks are not only massively exposed to Europe, but they are in essence misrepresenting this exposure to the public by a factor of well over ten!
Bloomberg begins with some simple math: the concept that is seemingly most disturbing to the status quo, not only in Europe, but now in the US as well.
Guarantees provided by U.S. lenders on government, bank and corporate debt in those countries rose by $80.7 billion to $518 billion, according to the Bank for International Settlements. Almost all of those are credit-default swaps, said two people familiar with the numbers, accounting for two-thirds of the total related to the five nations, BIS data show.
The payout risks are higher than what JPMorgan Chase & Co. (JPM), Morgan Stanley and Goldman Sachs Group Inc. (GS), the leading CDS underwriters in the U.S., report. The banks say their net positions are smaller because they purchase swaps to offset ones they're selling to other companies.
So far so good: after all this is the same argument that not only the banks themselves, but CNBC, sell side analysts and everyone else conflicted enough to trump myth over reality has used in the past month and a half. Alas, the argument stops there, because there is a very critical second part to the argument, one which however is voiced not by a fringe blog but by a member of the, gasp, status quo itself:
With banks on both sides of the Atlantic using derivatives to hedge, potential losses aren't being reduced, said Frederick Cannon, director of research at New York-based investment bank Keefe, Bruyette & Woods Inc.
"Risk isn't going to evaporate through these trades," Cannon said. "The big problem with all these gross exposures is counterparty risk. When the CDS is triggered due to default, will those counterparties be standing? If everybody is buying from each other, who's ultimately going to pay for the losses?"
Reread the bolded text enough times until you have enough information to debunk the next time clueless advocates of Morgan Stanley and other banks scramble to say that the banks are hedged, hedged, hedged. No. THEY ARE NOT. And as the AIG debacle demonstrated, once the chain of bilateral netting breaks, whether due to the default of one AIG, one Dexia, one French or Italian bank, or whoever, absent an immediately government bailout and nationalization, which has one purpose and one purpose alone: to onboard the protection written to the nationalizing government, then GROSS BECOMES NET! This also means that should things in Europe take a turn for the worst, Morgan Stanley's $39 billion in gross exposure really is.. $39 billion in gross exposure, as we have been claiming since September 22.
For those still confused here is Bloomberg with more:
Similar hedging strategies almost failed in 2008 when American International Group Inc. couldn't pay insurance on mortgage debt. While banks that sold protection on European sovereign debt have so far bet the right way, a plan announced yesterday by Greek Prime Minister George Papandreou to hold a referendum on the latest bailout package sent markets reeling and cast doubt on the ability of his country to avert default.
Which explains why the banks are if not lying, then taking advantage of a gullible public to misrepresent their exposure by as much as a factor of ten!
Five banks -- JPMorgan, Morgan Stanley, Goldman Sachs, Bank of America Corp. (BAC) and Citigroup Inc. (C) -- write 97 percent of all credit-default swaps in the U.S., according to the Office of the Comptroller of the Currency. The five firms had total net exposure of $45 billion to the debt of Greece, Portugal, Ireland, Spain and Italy, according to disclosures the companies made at the end of the third quarter. Spokesmen for the five banks declined to comment for this story.
Well naturally the banks will represent a far lower and far more manageable number than the one which is sure to inspire nothing short of panic. We wonder: was MF Global's $6 billion in Italian exposure part of this net exposure? Does this mean that America's top banks, sans MF, have just, don't laugh, $39 billion in exposure?
So let's go back to the math to see what the real exposure is:
The CDS holdings of U.S. banks are almost three times as much as their $181 billion in direct lending to the five countries at the end of June, according to the most recent data available from BIS. Adding CDS raises the total risk to $767 billion, a 20 percent increase over six months, the data show. BIS doesn't report which firms sold how much, or to whom. A credit-default swap is a contract that requires one party to pay another for the face value of a bond if the issuer defaults.
Shhh, don't tell anyone, but not only is the total gross exposure many, many times than what the banks have represented, but inf act US banks have been aggressively selling protection in the first half of 2011!
And here is where the lies get downright surreal:
While the lenders say in their public disclosures they have so-called master netting agreements with counterparties on the CDS they buy and sell, they don't identify those counterparties. About 74 percent of CDS trading takes place among 20 dealer- banks worldwide, including the five U.S. lenders, according to data from Depository Trust & Clearing Corp., which runs a central registry for over-the-counter derivatives.
In theory, if a bank owns $50 billion of Greek bonds and has sold $50 billion of credit protection on that debt to clients while buying $90 billion of CDS from others, its net exposure would be $10 billion. This is how some banks tried to protect themselves from subprime mortgages before the 2008 crisis. Goldman Sachs and other firms had purchased protection from New York-based insurer AIG, allowing them to subtract the CDS on their books from their reported subprime holdings.
Yet what happened next is a vivid memory to all:
When prices of mortgage securities started falling in 2008, AIG was required to post more collateral to its CDS counterparties. It ran out of cash doing so, and the U.S. government took over the company. If AIG had collapsed, what the banks saw as a hedge of their mortgage portfolios would have disappeared, leading to tens of billions of dollars in losses.
"We could have an AIG moment in Europe," said Peter Tchir, founder of TF Market Advisors, a New York-based research firm that focuses on European credit markets. "Let's say Greece defaults, causing runs on other periphery debt that would trigger collateral requirements from the sellers of CDS, and one or more cannot meet the margin calls. There might be AIGs hiding out there."
Also, recalling AIG, the way most banks protect against this contingency, is to buy CDS on the counterparty itself, thereby layering netting concerns on netting concerns, and pushing even more net exposure onto the strongest credit in the link:
Banks also buy CDS on their counterparties to hedge against the risk of trading partners going bust, Duffie said. To ensure those claims are paid, the banks may be turning to institutions deemed systemically important, such as JPMorgan, according to Duffie. The bank, the largest in the U.S. by assets, accounts for a quarter of all credit derivatives outstanding in the U.S. banking system, according to OCC data.
Goldman Sachs said it had hedged itself against the collapse of AIG by buying CDS on the firm. Company documents later released by Congress showed that some of that protection was purchased from Lehman Brothers Holdings Inc. and Citigroup, firms that collapsed or were bailed out during the crisis.
However, had AIG failed, and had the full "bilateral netting" chain been broken, not only would Goldman not receive a single penny on the CDS it had bought on AIG, the firm itself would be insolvent in hours. And here is where the global bailout of the financial system stepped in: to prevent the entire chain of tens of trillions in gross CDS exposure becoming net. But that is the topic of a different post...
As for this one, the only reason why US banks represent net as the only exposure that is relevant, stems from one simple assumption:
U.S. banks are probably betting that the European Union will also rescue its lenders, said Daniel Alpert, managing partner at Westwood Capital LLC, a New York investment bank.
"There's a firewall for the U.S. banks when it comes to this CDS risk," Alpert said. "That's the EU banks being bailed out by their governments."
Sound familiar? That's right - this is the logic that MF Global used to not only layer massive "hedged" European risk, but, as latest reports demonstrate, to steal from its accounts to fund short-term liquidity shortfalls.
Where does that leave US banks, and our old favorite, Morgan Stanley?
Hedging and other ways of netting help banks report lower exposures than the full risk they might face. Morgan Stanley said last month that its net exposure in the third quarter to the debt of Spain's government, banks and companies was $499 million. The Federal Financial Institutions Examination Council, an interagency body that collects data for U.S. bank regulators and disallows some of the netting, said the New York-based firm's exposure in Spain was $25 billion in the second quarter.
The net figure for Italy was $1.8 billion, Morgan Stanley said, compared with $11 billion reported by the federal data- collection body.
Ruth Porat, 53, Morgan Stanley's chief financial officer, said during a call with investors after the earnings report last month that the data compiled by regulators didn't take into account short positions, offsetting trades or collateral collected from trading partners.
"It's the firms that don't post collateral because they're seen as more creditworthy that pose the counterparty risk," said Tchir. "Those could be insurance companies, mid-size European banks. If some of those fail to pay when the CDS is triggered, then the U.S. banks could be left holding the bag."
And when they do end up holding the bag, the number in question will be not the $46 billion represented, but the far larger triple digit one pointed out above. Which is why keep a very, very close eye on the Italian bond spread, because if Italy falls, Europe falls, and with it fall not only all the largely undercapitalized French banks (all of them), but the US banks that have not tens, but hundreds of billions of gross CDS exposure facing them, which at that point will be perfectly unhedged as all their transatlantic counterparties will be in the same boat as MF Global.
And the only thing we will hear on CNBC then is how nobody, nobody, could have possibly foreseen this happening...


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According to the Afghan Independent Human Rights Commission, U.S. and Allied forces have killed and injured more civilians than have the insurgents during Operation Moshtarak. Incredibly, the Pentagon continues to insist that this operation "protects the people." AIHRC's Feb. 23 press release reports [h/t Josh Mull, our new Afghanistan blog fellow]:
"AIHRC is concerned at the loss of life and civilian harm already caused by this operation. AIHRC found that in the first 12 days of Operation Mushtarak 28 civilians, including 13 children, were killed and approximately 70 civilians, including 30 children, were injured.
"Witnesses suggested the majority of the casualties were caused by PGF artillery and rocket-fire."
Late last year, just after the President announced his escalation, I wrote:
The president's decision to add more troops is a mistake that will result in deep costs which we cannot afford; increased U.S. casualties; and increased civilian casualties as our troop increase further raises the temperature in the conflict.
A separate update from Brookings shows that President Obama's escalation and subsequent military operations have indeed raised the temperature of the conflict, increasing the level of violence across Afghanistan:
"In terms of raw violence, the situation is at a historic worst level, with early 2010 levels of various types of attacks much higher than even last year at this time. Much of that is due to the recent Marja campaign and, more generally, the deployment of additional U.S. (and Afghan) troops to parts of the country where they have not been present before."
War does not protect civilians. War doesn't make us safer. The Afghanistan war needs to end, now.
Had enough? Join us: become a fan of Rethink Afghanistan on Facebook.


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A nice collection of podcasts has been posted on OTN under the OTN Developer Webcast Series, two of which cover WebCenter-related topics: Oracle WebCenter Spaces: Enterprise 2.0 in Action (View Online | Download), presented by Christian Hauser, and Introduction to the Oracle WebCenter Framework and Services (View Online | Download), recorded by myself.
Here is the list of all the topics covered:
- Oracle WebCenter Spaces: Enterprise 2.0 in Action: Christian Hauser, Principal Product Manager – Oracle Enterprise 2.0 & Portal Products
Bring Web 2.0 into your enterprise with Oracle WebCenter Spaces, a pre-built and customizable application that brings together the latest technology around social computing, communities, personal productivity, and ad-hoc team interactions to enable users from multiple geographies to work more effectively by eliminating or reducing duplication of efforts and content inconsistencies, sharing valuable team resources to solve business problems and tapping into new ideas.
- Introduction to the WebCenter Framework and Services: Peter Moskovits, Senior Principal Product Manager- Oracle Enterprise 2.0 & Portal Products
Discover how to break the boundaries between web-based portals and enterprise applications with Oracle WebCenter Framework, a development framework that allows you to add the different components to the portal or application when necessary thereby improving the overall application delivery and maintenance.
- Oracle Security Solutions: Amitpal Dhillon, Senior Sales Consultant, Identity Management & Security Specialist
Gain insight on how to simplify application development and focus on solving business problems with Oracle's security solutions which provide developers with a standards-based, portable, enterprise-grade security platform across Oracle Database and Oracle Fusion Middleware platform
- High Performance Computing: Arthur Tyde, Senior Manager – High Performance Computing
Understand how you can leverage on Oracle's portfolio of High Performance Computing solutions to create a secure, scalable and high-performing environment with centralized enterprise management framework, intelligent storage strategy, data synchronization and high transaction throughput.
- Manageability for Developers and DBAs: Shahid Nizami, Senior Manager – Enterprise Management Solutions
Deliver enhanced manageability and automation across both your Oracle and non-Oracle technologies while simultaneously controlling the cost of managing the systems and applications in your organization with Oracle's application management solutions. Learn how you can thoroughly test your applications before deployment, proactively monitor end-user performance, and quickly trace the cause of the performance problems.
- New Oracle Features for .NET Developers: Alex Keh & Christian Shay, Principal Product Managers – .Net Technologies
Simplify your .Net development and improve your application performance with the latest Oracle database features which includes the ability to tune your application within Visual Studio (Oracle Performance Analyzer & SQL Tuning Advisor); create, modify and administer your queues and queue tables (Advanced Queuing); and promote local transactions to distributed during run time (Promotable Transactions).
- Building a BI Application with Oracle Business Intelligence: James Nguyen, Sales Consultant – Business Intelligence
Learn how to build your own business intelligence application with Oracle Business Intelligence from our step-by-step demonstration as we walk through how to build a business intelligence repository, add a measure and calculations and create the reports and dashboards.
Filed under: WebCenter General | Tagged: enterprise 2.0, framework, podcast, services, spaces, webcenter | Leave a comment »


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"During my years of meeting Muslim believers around the world, I have been impressed with the many things we have in common in our beliefs. People of every faith have the challenge to deal with the divisive and destructive attitudes of extremism. ... 'Different Books, Common Word: Baptists and Muslims' will enhance our efforts to serve God in a troubled world. I am sure that this teaching tool, which shares actual experiences of those of different faiths respecting each other as they look for ways to work together, will be of great benefit to us all."
- Jimmy Carter, Former U.S. President
Atlanta, GA
"'Different Books, Common Word: Baptists and Muslims' manages to avoid oversimplification of today's most important and controversial debate, all-the-while staying away from both demonization and idealization. Though surprised by the kindness and grace discovered in each other, Christians and Muslims in the documentary are not blind to the bigotry of some of those who claim adherence to the same faith as the one they follow. I hope that this documentary will be used to illustrate and support sermons, Sunday school lessons, Friday addresses, and seminary classes, motivating the Church and the Mosque into demonstrations of practical love towards one another all over the world, so that when our extremists attempt to captivate our communities with their brash characterization of 'the evil other,' we will be inclined to stand up and say: 'Thank you for sharing, but my own experience finds no affinity in your discourse.'"
-Martin Accad, Associate Professor of Islamic Studies
Arab Baptist Theological Seminary, Beirut, Lebanon
School of Intercultural Studies, Fuller Theological Seminary, Pasadena, California
"I would like to extend my thanks and gratitude for your documentary on Baptist and Muslim relations. I strongly recommend the documentary. It is coming at a crucial time where fear and mistrust are unfortunately the dominant realities in Baptist-Muslim relationship. The documentary is an important educational tool that will allow us to step beyond fear and mistrust and start an honest engagement based on our common love of God and neighbor. The labeling of every Muslim as a terrorist is a disservice to Muslims around the world, but especially to Muslim neighbors in American cities and communities."
- M. Imad Damaj, President
Virginia Muslim Coalition for Public Affairs
"I just finished watching 'Different Books, Common Word' and was impressed with the balance, honesty, and grace of the presentation. It was very clear from those who were interviewed that having different faith perspectives did not negate some common human needs and desires. Thank you for a refreshing look at how people from different cultures and different religious traditions can work together positively and constructively. This is an important word to a divided world."
- Phil Lineberger, Pastor
Williams Trace Baptist Church - Sugarland, TX
"'Different Books, Common Word' provides a compelling antidote to adversarial framings of Christian-Muslim relations in our nation. The film introduces us to real-world interactions between Baptists and Muslims that humanize both communities. It clearly shows that when religious leaders earnestly seek to abide by the teachings of Jesus and Muhammad, they have the power to enhance peace and mutual respect in our society. This film should be seen in every church and mosque so that congregations can reconsider their assumptions and work towards greater harmony and cooperation based on shared core values."
- Shabbir Mansuri, Founding Director
Insitute of Religion and Civic Values — Fountain Valley, California
"When September 11, 2001 happened, and Christians were struggling to know how to respond midst the horror and confusion, our church discovered that we had no relationship with and very little knowledge about the Muslim community in Kansas City or anywhere. Since then, except for inclusive prayer and preaching and the occasional interfaith panel, little has changed. What good news to see that some Baptists have done better. 'Different Books, Common Word: Baptists and Muslims' tells five powerful and hopeful stories of Baptists and Muslims who, together, have broken through barriers of prejudice, ignorance, apathy and fear to show us all a way to the world we long for. ... These are stories of Baptists at their best. This excellent documentary avoids blame and guilt. It teaches, touches and inspires. We are guided by the wisdom and courage of everyday prophets among us. If every Baptist church would see this film, the world could change."
- Heather Entrekin, Pastor
Prairie Baptist Church —Prairie Village, Kansas
"EthicsDaily.com has produced another timely documentary. If ever there was a time when Baptists and Muslims needed to begin genuine relationships and dialogue it is today... I am grateful for the leadership of the EthicsDaily.com staff in producing this documentary. I hope you will watch your ABC listings for the times when it will air in your area."
- Jim Hill, Executive Director
Baptist General Convention of Missouri
for more information about DIFFERENT BOOKS, COMMON WORD,
contact producer cliff vaughn
615-720-7577 & firstname.lastname@example.com


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I am very new to SuperLab and am trying to create the following experiment. We are presenting participants with 3 audio clips and would like them to select which one they believe is different. There are a total of 30 trials. I have tried multiple ways of setting up the experiment, but seem to be doing something wrong. Please help, data needs to be collected for student projects immediately.
Thank you,


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I recently attended confession with a new priest. I hadn't been in over a year. I had a sin I was really worried about, and he didn't seem to take it too seriously. I know it wasn't a lighthearted matter because a priest I mentioned it to before took it very seriously. I felt like this new priest was being way too kind to me. We actually ended up talking about my venial sins than this one that I think was mortal. Before confession I was having panic attacks about it, and even after saying penance, I'm continuing to have panic. I'm not eating and I can't stop crying. I don't know if it's my conscience or the fact that I've been prescribed an anti-anxiety that I've yet to take. I also don't know why he didn't tell me to do anything beyond the three our fathers he gave me. I thought I was as explicit with the sin as I could be. I'll be attending a healing mass later today, but beyond going to confession again(and it's only been a day)I don't know what to do.
|Answer by Richard Geraghty on 4/27/2017:
Dear Anon, Go with the fact that the priest gave you absolution. Otherwise you will drive yourself crazy with
scruples. Dr. Geraghty
Go with the fact that the priest gave you absolution. Otherwise you will drive yourself crazy with scruples.
Dr. Geraghty


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GCH CH Oncore Mykyna Storm
Dr Steven Keating was in Knoxville TN yesterday to call the BIS for the Tennessee Valley Kennel Club. His options were the Pointer, GCH CH Oncore Mykyna Storm, the American Foxhound, GCH CH Kiarry's Pandora's Box, the Giant Schnauzer, GCH CH Kenro's Witching Hour, the Russell Terrier, GCH CH Goldsands Columbus, the Pug, GCH CH Caper's Sirius Endeavor, the Dalmatian, GCH CH Bret D Gabriel' s Lost Art CD BN RAE RD CGC, and the Pembroke Welsh Corgi, GCH CH Riverside Get Over It.
GCH CH Caper's Sirius Endeavor
Finishing one/two were the Pointer, Stormy, and the Pug, Rufus. It was Stormy's second BIS in 14 final outings this year.


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Discussions often consist of questions and answers. Some require excessive questions in their effort to understand situations. It is critical that leaders understand the circumstances, issues and activities leading toward potential business relationships or project developments. Teams or potential business partners may be on the receiving end of the questions. Sometimes the questions are more probing and aggressive while at other times they are simple and seeking information only.
Take for example the recent barrage of questions in Poland asked of Mitt Romney on July 31, 2012. The questions got rather aggressive and sounded more like probing gaffes rather than collecting information. Reporters are always trying their hardest to get a news story even if it means creating the news. Interestingly the location of the questioning was on a site that was sacred to the country. Whether this was the issue or one of Romney's advisors got upset, the responses started to become aggressive. The result of verbal exchanges later triggered apologies from the advisor to the reporters later.
Questioning always has the potential to sound aggressive and probing. People will interpret the questions as attacking or probing based on personalities and current situations. It is not possible to be politically correct every time and it is difficult to control emotions when feeling attacked. The person asking the questions may be attacking but they may also be probing to gain a better understanding. It is in this middle ground that confusion and possible incorrect responses may arise.
Responses may equally seem aggressive or inappropriate. The person asking questions may feel clear and precise answers to questions are possible. The interpretation of the questions by the listener may be far different from the actual intent of the question. Many times when answering, the response contains information for what the listener thought was being asked. Interpretation of questions is rather common and result in answers different from what the questioner was expecting.
The ability to communicate in this difficult situation takes a greater effort because no one wants to be communicative when feeling attached. The protection mechanisms rev up and tensions become excessive. This occurs between family members, team members at work, prospective partners, and most anyone. Making an effort to understand the goals of the questions and respond to provide information that is useful and direct is very important. Listener may not accurately interpret a question and the questioner may become frustrated and start sounding more aggressive.
A good leader learns to be a good listener and to monitor the emotion of the other parties. Engaging in an exchange requires attention to detail and prevention of miscommunication or at least the correction of problems early. It is easy to look like the bad person and have those you are talking to shut down. Make every effort to listen with care and understand questions. Try to interpret when the intent is being aggressive and mean spirited and when the questions are just seeking information. Sometimes the difference is hard to detect. The overall objective is communication and understanding, not fighting.


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Syria Activist Estimates 30,000 Held in Assad Jails
The Syrian government has detained more than 30,000 people since launching a deadly crackdown on opposition protests in March, a leading Syrian rights activist said Monday.
President Bashar Assad's government has turned all the country's main football stadiums into prisons, Radwan Ziadeh, co-founder of the Damascus Center for Human Rights and scholar at George Washington University in Washington, told a press conference at the U.N. headquarters.
Speaking at the launch of the Observatory for the Protection of Human Rights Defenders annual report, Ziadeh said nobody knew the exact figure for the number of detainees.
The United Nations says that more than 3,000 people have been killed.
Based on reports from activists working underground in Syria, Ziadeh said: "We have an estimate number that more than 30,000 have been detained."
"My brother is in prison since August 30 and I have no information about him." He added that he also had no news of an uncle and three cousins, one of them 14 years old, who had also been held.
"You can imagine, five relatives only from one family in one small city. This is why the number that has been detained -- 30,000 -- is an estimate number," said Ziadeh, who has been condemned by Syrian media close to the country's president.
"The Syrian regime actually cancelled the football championship because they turned over all the soccer fields to be detention centers and torture centers," he said.
The al-Fayhaa stadium in Damascus, the Assad stadium in Latakia, the main stadium in the city of city of Daraa were being used to hold thousands of prisoners, said Ziadeh.
Ziadeh said that the U.N. Security Council's failure to pass a resolution on the Syria crisis had made opponents of Assad more desperate and more ready to use guns "to defend themselves against the security forces."
Russia and China vetoed a proposed European resolution on Syria, saying there should be no threat of sanctions against Assad.
Western powers again criticized the veto at a council meeting on the Middle East on Monday.
France's U.N. ambassador Gerard Araud said that tens of thousands of activists were being held in secret in Syria.
Araud said that those who vetoed the resolution or abstained must explain to the Syrian people and international opinion "what concrete action they propose to end this blood bath."
"It is tragic that Assad's barbaric acts have recently been met by silence from this council," added U.S. ambassador Susan Rice.


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Sonic The Hedgehog Passes $200 Million At The Global Box Office
Jurassic World 3 Gets Official Name As Filming Starts
New Simpsons Movie In 'Extremely Early Phases' Of Being Made
Chris Pratt: 'Everybody' Returns For Jurassic World 3
Halo's Range of NERF Blasters are coming!
A Documentary About GoldenEye 007 Being 'Best Game Ever' Is Coming!
Rockstar hint at new game reveal, but is it GTA 6 or something else?
'Rainbow 6 Siege' Might Go Free-To-Play Permanently, States Developer
The Simpsons Hit & Run Has Been Remastered
Resident Evil 3 demo verified to be 'en route' states Capcom
Plague Inc. Removed from Sale In China
Company Invents Fart-Filtering Underpants Insert For Airplane Passengers
Electric scooters could soon be legalized in the UK
Guy Creates Traffic Jam On Google Maps By Carrying Around 99 Phones
EA Made Nearly $1 Billion Just From Microtransactions In Less Than Three Months
The Golf Ball Case: Apologized with Expensive Play station gifts
How Nintendo Switch will help you get free games every month?
Google Stadia Hands On!
Tragedy struck a woman, when a golf ball got hit into her head and she was taken to the hospital,...


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The Museum Depot at Acton holds the majority of the Museum's collections which are not on display in the main Museum in Covent Garden.
It is only open to the public for special events including our Open Weekends (held three times a year) and for pre-booked guided tours (held on some Fridays and Saturdays).
|Open Weekends
|Guided tours
The Depot houses over 320,000 items of all types, including many original works of art used for the Museum's celebrated poster collection, vehicles, signs, models, photographs, engineering drawings and uniforms. Together these form one of the most comprehensive and important records of urban transport anywhere in the world.
The Depot's main purpose is to act as a working museum store. It provides 6000 square metres of storage space in secure, environmentally controlled conditions. Here our curators and volunteers work to catalogue and conserve objects to preserve our heritage for future generations.
Getting here
Our address is:
London Transport Museum Depot
118-120 Gunnersbury Lane
Acton Town
By Underground
The closest Underground station is Acton Town (2 mins).
By Bus
The closest bus stops to the Museum Depot are Gunnersbury Lane (Acton Town station) 70 or E3.
Get bus countdown information from Transport for London >
By Car
There is no parking available at the Depot, except for disabled badge holders.


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Follow RFF News on your cell phone. Text follow rff to 40404 you will receive txt messages with RFF News
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No conf that this Hummer has anything to do w/ TAR, right?
Weihan@TERRRYAKISaw @PhilKeoghan the host from amazing race today!!!10:49AM · 29 Nov 12 · Mobile Web
Page created in 0.067 seconds with 34 queries.


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A dog has died in a plane after a United Airlines flight attendant forced the passenger carrying the pet to keep it an overhead bin.
According to passengers who witnessed the incident on the flight between Houston and New York's LaGuardia Airport, a flight attendant told a woman to place her dog (which was riding in a TSA-approved pet carrier) in an overhead bin for the rest of the flight.
Passengers reported hearing barking during the flight, but no one knew the dog had expired until the flight was over with.
Another passenger on the flight posted photos of the dead dog to Facebook, along with the story about how it happened.
"There was no sound as we landed and opened his kennel," passenger June Lara writes in a Facebook post. "There was no movement as his family called his name. I held her baby as the mother attempted to resuscitate their 10 month old puppy."
The flight attendant asked the passenger to move the bag because it was sticking out into the aisle according to witnesses.
Lara writes that after the flight landed, there were no sounds emerging from the pet carrier.
"There was no movement as his family called his name. I held her baby as the mother attempted to resuscitate their 10 month old puppy. I cried with them three minutes later as she sobbed over his lifeless body. My heart broke with theirs as I realized he was gone."
"I want to help this woman and her daughter. They lost their dog because of an @united flight attendant. My heart is broken," the image caption reads.
In a statement addressing the incident, United spokesperson wrote that pets should never be placed in an overhead bin.
"This was a tragic accident that should never have occurred, as pets should never be placed in the overhead bin. We assume full responsibility for this tragedy and express our deepest condolences to the family and are committed to supporting them. We are thoroughly investigating what occurred to prevent this from ever happening again."
The airline says they will pay for a necropsy of the dog and will refund the price of the family's tickets.
This isn't the first time United has had trouble with its furry passengers. Last August, a King Charles Spaniel named Lulu died in a cargo hold after a long delay on the tarmac. In April of last year, a giant rabbit named Simon was found dead after a United flight between London and Chicago.
The airline says it transported more than 138,000 animals in 2017, more than any other airline.


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A big part of my aggressively lazy weekend in bed is taking part in some very active online shopping . . . lol . . . and I think I've found my new sunglasses . . . assuming that the sun will shine once again on our dreary summer San Francisco!
At the very least - it's brought a shy grin to my lazy weekend . . . Elijah Wood and Shirley Manson's most excellent video for Oliver Peoples . . . .
*sporting swanky new glasses,*