Sie sind auf Seite 1von 334

AC@;6E@7C6663@@<

5($/,=$d2

'($'628/6

1,.2/$,9$6,/,(9,&+*2*2/
$87+25
635()$&(
727+(),5673257,212)7+,6:25.
6HFRQG(GLWLRQSXEOLVKHGLQ
)URPWKH$XWKRUWRWKH5HDGHU
5HDGHUZKRVRHYHURUZKHUHVRHYHU\RXEHDQGZKDWVRHYHUEH\RXU
VWDWLRQZKHWKHUWKDWRIDPHPEHURIWKHKLJKHUUDQNVRIVRFLHW\RU
WKDWRIDPHPEHURIWKHSODLQHUZDONVRIOLIH,EHJRI\RXLI*RG
VKDOOKDYHJLYHQ\RXDQ\VNLOOLQOHWWHUVDQGP\ERRNVKDOOIDOOLQWR
\RXUKDQGVWRH[WHQGWRPH\RXUDVVLVWDQFH
)RULQWKHERRNZKLFKOLHVEHIRUH\RXDQGZKLFKSUREDEO\\RXKDYH
UHDGLQLWVILUVWHGLWLRQWKHUHLVSRUWUD\HGDPDQZKRLVDW\SH
WDNHQIURPRXU5XVVLDQ(PSLUH7KLVPDQWUDYHOVDERXWWKH5XVVLDQODQG
DQGPHHWVZLWKIRONRIHYHU\FRQGLWLRQIURPWKHQREO\ERUQWRWKH
KXPEOHWRLOHU+LP,KDYHWDNHQDVDW\SHWRVKRZIRUWKWKHYLFHVDQG
WKHIDLOLQJVUDWKHUWKDQWKHPHULWVDQGWKHYLUWXHVRIWKH
1

FRPPRQSODFH5XVVLDQLQGLYLGXDODQGWKHFKDUDFWHUVZKLFKUHYROYH
DURXQGKLPKDYHDOVREHHQVHOHFWHGIRUWKHSXUSRVHRIGHPRQVWUDWLQJ
RXUQDWLRQDOZHDNQHVVHVDQGVKRUWFRPLQJV$VIRUPHQDQGZRPHQRIWKH
EHWWHUVRUW,SURSRVHWRSRUWUD\WKHPLQVXEVHTXHQWYROXPHV3UREDEO\
PXFKRIZKDW,KDYHGHVFULEHGLVLPSUREDEOHDQGGRHVQRWKDSSHQDV
WKLQJVFXVWRPDULO\KDSSHQLQ5XVVLDDQGWKHUHDVRQIRUWKDWLVWKDW
IRUPHWROHDUQDOOWKDW,KDYHZLVKHGWRGRKDVEHHQLPSRVVLEOHLQ
WKDWKXPDQOLIHLVQRWVXIILFLHQWO\ORQJWREHFRPHDFTXDLQWHGZLWK
HYHQDKXQGUHGWKSDUWRIZKDWWDNHVSODFHZLWKLQWKHERUGHUVRIWKH
5XVVLDQ(PSLUH$OVRFDUHOHVVQHVVLQH[SHULHQFHDQGODFNRIWLPH
KDYHOHGWRP\SHUSHWUDWLQJQXPHURXVHUURUVDQGLQDFFXUDFLHVRI
GHWDLOZLWKWKHUHVXOWWKDWLQHYHU\OLQHRIWKHERRNWKHUHLV
VRPHWKLQJZKLFKFDOOVIRUFRUUHFWLRQ)RUWKHVHUHDVRQV,EHJRI\RX
P\UHDGHUWRDFWDOVRDVP\FRUUHFWRU'RQRWGHVSLVHWKHWDVNIRU
KRZHYHUVXSHULRUEH\RXUHGXFDWLRQDQGKRZHYHUORIW\\RXUVWDWLRQ
DQGKRZHYHULQVLJQLILFDQWLQ\RXUH\HVP\ERRNDQGKRZHYHUWULIOLQJ
WKHDSSDUHQWODERXURIFRUUHFWLQJDQGFRPPHQWLQJXSRQWKDWERRN,
LPSORUH\RXWRGRDV,KDYHVDLG$QG\RXWRR2UHDGHURIORZO\
HGXFDWLRQDQGVLPSOHVWDWXV,EHVHHFK\RXQRWWRORRNXSRQ\RXUVHOI
DVWRRLJQRUDQWWREHDEOHLQVRPHIDVKLRQKRZHYHUVPDOOWRKHOSPH
(YHU\PDQZKRKDVOLYHGLQWKHZRUOGDQGPL[HGZLWKKLVIHOORZPHQ
ZLOOKDYHUHPDUNHGVRPHWKLQJZKLFKKDVUHPDLQHGKLGGHQIURPWKHH\HV
RIRWKHUVDQGWKHUHIRUH,EHJRI\RXQRWWRGHSULYHPHRI\RXU
FRPPHQWVVHHLQJWKDWLWFDQQRWEHWKDWVKRXOG\RXUHDGP\ERRNZLWK
DWWHQWLRQ\RXZLOOKDYH127+,1*WRVD\DWVRPHSRLQWWKHUHLQ
)RUH[DPSOHKRZH[FHOOHQWLWZRXOGEHLIVRPHUHDGHUZKRLV
VXIILFLHQWO\ULFKLQH[SHULHQFHDQGWKHNQRZOHGJHRIOLIHWREH
DFTXDLQWHGZLWKWKHVRUWRIFKDUDFWHUVZKLFK,KDYHGHVFULEHGKHUHLQ
ZRXOGDQQRWDWHLQGHWDLOWKHERRNZLWKRXWPLVVLQJDVLQJOHSDJHDQG
XQGHUWDNHWRUHDGLWSUHFLVHO\DVWKRXJKOD\LQJSHQDQGSDSHUEHIRUH
KLPKHZHUHILUVWWRSHUXVHDIHZSDJHVRIWKHZRUNDQGWKHQWR
UHFDOOKLVRZQOLIHDQGWKHOLYHVRIIRONZLWKZKRPKHKDVFRPHLQ
FRQWDFWDQGHYHU\WKLQJZKLFKKHKDVVHHQZLWKKLVRZQH\HVRUKDV
KHDUGRIIURPRWKHUVDQGWRSURFHHGWRDQQRWDWHLQVRIDUDVPD\
WDOO\ZLWKKLVRZQH[SHULHQFHRURWKHUZLVHZKDWLVVHWIRUWKLQWKH
ERRNDQGWRMRWGRZQWKHZKROHH[DFWO\DVLWVWDQGVSLFWXUHGWRKLV
PHPRU\DQGODVWO\WRVHQGPHWKHMRWWLQJVDVWKH\PD\LVVXHIURP
KLVSHQDQGWRFRQWLQXHGRLQJVRXQWLOKHKDVFRYHUHGWKHHQWLUH
ZRUN<HVKHZRXOGLQGHHGGRPHDYLWDOVHUYLFH2IVW\OHRUEHDXW\
RIH[SUHVVLRQKHZRXOGQHHGWRWDNHQRDFFRXQWIRUWKHYDOXHRID
ERRNOLHVLQLWVWUXWKDQGLWVDFWXDOLW\UDWKHUWKDQLQLWVZRUGLQJ
1RUZRXOGKHQHHGWRFRQVLGHUP\IHHOLQJVLIDWDQ\SRLQWKHVKRXOG
IHHOPLQGHGWREODPHRUWRXSEUDLGPHRUWRGHPRQVWUDWHWKHKDUP

UDWKHUWKDQWKHJRRGZKLFKKDVEHHQGRQHWKURXJKDQ\ODFNRIWKRXJKW
RUYHULVLPLOLWXGHRIZKLFK,KDYHEHHQJXLOW\,QVKRUWIRUDQ\WKLQJ
DQGIRUHYHU\WKLQJLQWKHZD\RIFULWLFLVP,VKRXOGEHWKDQNIXO
$OVRLWZRXOGEHDQH[FHOOHQWWKLQJLIVRPHUHDGHULQWKHKLJKHU
ZDONVRIOLIHVRPHSHUVRQZKRVWDQGVUHPRWHERWKE\OLIHDQGE\
HGXFDWLRQIURPWKHFLUFOHRIIRONZKLFK,KDYHSLFWXUHGLQP\ERRN
EXWZKRNQRZVWKHOLIHRIWKHFLUFOHLQZKLFKKHKLPVHOIUHYROYHV
ZRXOGXQGHUWDNHWRUHDGP\ZRUNLQVLPLODUIDVKLRQDQGPHWKRGLFDOO\
WRUHFDOOWRKLVPLQGDQ\PHPEHUVRIVXSHULRUVRFLDOFODVVHVZKRPKH
KDVPHWDQGFDUHIXOO\WRREVHUYHZKHWKHUWKHUHH[LVWVDQ\UHVHPEODQFH
EHWZHHQRQHVXFKFODVVDQGDQRWKHUDQGZKHWKHUDWWLPHVWKHUHPD\
QRWEHUHSHDWHGLQDKLJKHUVSKHUHZKDWLVGRQHLQDORZHUDQG
OLNHZLVHWRQRWHDQ\DGGLWLRQDOIDFWLQWKHVDPHFRQQHFWLRQZKLFKPD\
RFFXUWRKLP WKDWLVWRVD\DQ\IDFWSHUWDLQLQJWRWKHKLJKHUUDQNV
RIVRFLHW\ZKLFKZRXOGVHHPWRFRQILUPRUWRGLVSURYHKLV
FRQFOXVLRQV DQGODVWO\WRUHFRUGWKDWIDFWDVLWPD\KDYHRFFXUUHG
ZLWKLQKLVRZQH[SHULHQFHZKLOHJLYLQJIXOOGHWDLOVRISHUVRQV RI
LQGLYLGXDOPDQQHUVWHQGHQFLHVDQGFXVWRPV DQGDOVRRILQDQLPDWH
VXUURXQGLQJV RIGUHVVIXUQLWXUHILWWLQJVRIKRXVHVDQGVRIRUWK 
)RU,QHHGNQRZOHGJHRIWKHFODVVHVLQTXHVWLRQZKLFKDUHWKHIORZHU
RIRXUSHRSOH,QIDFWWKLVYHU\UHDVRQWKHUHDVRQWKDW,GRQRW\HW
NQRZ5XVVLDQOLIHLQDOOLWVDVSHFWVDQGLQWKHGHJUHHWRZKLFKLWLV
QHFHVVDU\IRUPHWRNQRZLWLQRUGHUWREHFRPHDVXFFHVVIXODXWKRULV
ZKDWKDVXQWLOQRZSUHYHQWHGPHIURPSXEOLVKLQJDQ\VXEVHTXHQW
YROXPHVRIWKLVVWRU\
$JDLQLWZRXOGEHDQH[FHOOHQWWKLQJLIVRPHRQHZKRLVHQGRZHGZLWK
WKHIDFXOW\RILPDJLQLQJDQGYLYLGO\SLFWXULQJWRKLPVHOIWKHYDULRXV
VLWXDWLRQVZKHUHLQDFKDUDFWHUPD\EHSODFHGDQGRIPHQWDOO\
IROORZLQJXSDFKDUDFWHU
VFDUHHULQRQHILHOGDQGDQRWKHUE\WKLV,
PHDQVRPHRQHZKRSRVVHVVHVWKHSRZHURIHQWHULQJLQWRDQGGHYHORSLQJ
WKHLGHDVRIWKHDXWKRUZKRVHZRUNKHPD\EHUHDGLQJZRXOGVFDQHDFK
FKDUDFWHUKHUHLQSRUWUD\HGDQGWHOOPHKRZHDFKFKDUDFWHURXJKWWR
KDYHDFWHGDWDJLYHQMXQFWXUHDQGZKDWWRMXGJHIURPWKHEHJLQQLQJV
RIHDFKFKDUDFWHURXJKWWRKDYHEHFRPHRIWKDWFKDUDFWHUODWHUDQG
ZKDWQHZFLUFXPVWDQFHVPLJKWEHGHYLVHGLQFRQQHFWLRQWKHUHZLWKDQG
ZKDWQHZGHWDLOVPLJKWDGYDQWDJHRXVO\EHDGGHGWRWKRVHDOUHDG\
GHVFULEHG+RQHVWO\FDQ,VD\WKDWWRFRQVLGHUWKHVHSRLQWVDJDLQVW
WKHWLPHZKHQDQHZHGLWLRQRIP\ERRNPD\EHSXEOLVKHGLQDGLIIHUHQW
DQGDEHWWHUIRUPZRXOGJLYHPHWKHJUHDWHVWSRVVLEOHSOHDVXUH
2QHWKLQJLQSDUWLFXODUZRXOG,DVNRIDQ\UHDGHUZKRPD\EHZLOOLQJ
WRJLYHPHWKHEHQHILWRIKLVDGYLFH7KDWLVWRVD\,ZRXOGEHJRI

KLPWRVXSSRVHZKLOHUHFRUGLQJKLVUHPDUNVWKDWLWLVIRUWKH
EHQHILWRIDPDQLQQRZD\KLVHTXDOLQHGXFDWLRQRUVLPLODUWRKLP
LQWDVWHVDQGLGHDVRUFDSDEOHRIDSSUHKHQGLQJFULWLFLVPVZLWKRXW
IXOOH[SODQDWLRQDSSHQGHGWKDWKHLVGRLQJVR5DWKHUZRXOG,DVN
VXFKDUHDGHUWRVXSSRVHWKDWEHIRUHKLPWKHUHVWDQGVDPDQRI
LQFRPSDUDEO\LQIHULRUHQOLJKWHQPHQWDQGVFKRROLQJDUXGHFRXQWU\
EXPSNLQZKRVHOLIHWKURXJKRXWKDVEHHQSDVVHGLQUHWLUHPHQWD
EXPSNLQWRZKRPLWLVQHFHVVDU\WRH[SODLQHDFKFLUFXPVWDQFHLQ
GHWDLOZKLOHQHYHUIRUJHWWLQJWREHDVVLPSOHRIVSHHFKDVWKRXJKKH
ZHUHDFKLOGDQGDWHYHU\VWHSWKHUHZHUHDGDQJHURIHPSOR\LQJWHUPV
EH\RQGKLVXQGHUVWDQGLQJ6KRXOGWKHVHSUHFDXWLRQVEHNHSWFRQVWDQWO\
LQYLHZE\DQ\UHDGHUXQGHUWDNLQJWRDQQRWDWHP\ERRNWKDWUHDGHU
V
UHPDUNVZLOOH[FHHGLQZHLJKWDQGLQWHUHVWHYHQKLVRZQH[SHFWDWLRQV
DQGZLOOEULQJPHYHU\UHDODGYDQWDJH
7KXVSURYLGHGWKDWP\HDUQHVWUHTXHVWEHKHHGHGE\P\UHDGHUVDQG
WKDWDPRQJWKHPWKHUHEHIRXQGDIHZNLQGVSLULWVWRGRDV,GHVLUH
WKHIROORZLQJLVWKHPDQQHULQZKLFK,ZRXOGUHTXHVWWKHPWRWUDQVPLW
WKHLUQRWHVIRUP\FRQVLGHUDWLRQ,QVFULELQJWKHSDFNDJHZLWKP\QDPH
OHWWKHPWKHQHQFORVHWKDWSDFNDJHLQDVHFRQGRQHDGGUHVVHGHLWKHUWR
WKH5HFWRURIWKH8QLYHUVLW\RI6W3HWHUVEXUJRUWR3URIHVVRU
6KHYLUHYRIWKH8QLYHUVLW\RI0RVFRZDFFRUGLQJDVWKHRQHRUWKH
RWKHURIWKRVHWZRFLWLHVPD\EHWKHQHDUHUWRWKHVHQGHU
/DVWO\ZKLOHWKDQNLQJDOOMRXUQDOLVWVDQGOLWWHUDWHXUVIRUWKHLU
SUHYLRXVO\SXEOLVKHGFULWLFLVPVRIP\ERRNFULWLFLVPVZKLFKLQVSLWH
RIDVSLFHRIWKDWLQWHPSHUDQFHDQGSUHMXGLFHZKLFKLVFRPPRQWRDOO
KXPDQLW\KDYHSURYHGRIWKHJUHDWHVWXVHERWKWRP\KHDGDQGWRP\
KHDUW,EHJRIVXFKZULWHUVDJDLQWRIDYRXUPHZLWKWKHLUUHYLHZV
)RULQDOOVLQFHULW\,FDQDVVXUHWKHPWKDWZKDWVRHYHUWKH\PD\EH
SOHDVHGWRVD\IRUP\LPSURYHPHQWDQGP\LQVWUXFWLRQZLOOEHUHFHLYHG
E\PHZLWKQDXJKWEXWJUDWLWXGH

'($'628/6

3$57,

&+$37(5,
7RWKHGRRURIDQLQQLQWKHSURYLQFLDOWRZQRI1WKHUHGUHZXSD
VPDUWEULWFKNDDOLJKWVSULQJFDUULDJHRIWKHVRUWDIIHFWHGE\
EDFKHORUVUHWLUHGOLHXWHQDQWFRORQHOVVWDIIFDSWDLQVODQGRZQHUV
SRVVHVVHGRIDERXWDKXQGUHGVRXOVDQGLQVKRUWDOOSHUVRQVZKR
UDQNDVJHQWOHPHQRIWKHLQWHUPHGLDWHFDWHJRU\,QWKHEULWFKNDZDV
VHDWHGVXFKDJHQWOHPDQDPDQZKRWKRXJKQRWKDQGVRPHZDVQRW
LOOIDYRXUHGQRWRYHUIDWDQGQRWRYHUWKLQ$OVRWKRXJKQRW
RYHUHOGHUO\KHZDVQRWRYHU\RXQJ+LVDUULYDOSURGXFHGQRVWLULQ
WKHWRZQDQGZDVDFFRPSDQLHGE\QRSDUWLFXODULQFLGHQWEH\RQGWKDWD
FRXSOHRISHDVDQWVZKRKDSSHQHGWREHVWDQGLQJDWWKHGRRURID
GUDPVKRSH[FKDQJHGDIHZFRPPHQWVZLWKUHIHUHQFHWRWKHHTXLSDJH
UDWKHUWKDQWRWKHLQGLYLGXDOZKRZDVVHDWHGLQLW/RRNDWWKDW
FDUULDJHRQHRIWKHPVDLGWRWKHRWKHU7KLQN\RXLWZLOOEHJRLQJ
DVIDUDV0RVFRZ",WKLQNLWZLOOUHSOLHGKLVFRPSDQLRQ%XWQRW
DVIDUDV.D]DQHK"1RQRWDVIDUDV.D]DQ:LWKWKDWWKH
FRQYHUVDWLRQHQGHG3UHVHQWO\DVWKHEULWFKNDZDVDSSURDFKLQJWKH
LQQLWZDVPHWE\D\RXQJPDQLQDSDLURIYHU\VKRUWYHU\WLJKW
EUHHFKHVRIZKLWHGLPLW\DTXDVLIDVKLRQDEOHIURFNFRDWDQGDGLFNH\
IDVWHQHGZLWKDSLVWROVKDSHGEURQ]HWLHSLQ7KH\RXQJPDQWXUQHGKLV
KHDGDVKHSDVVHGWKHEULWFKNDDQGH\HGLWDWWHQWLYHO\DIWHUZKLFKKH
FODSSHGKLVKDQGWRKLVFDS ZKLFKZDVLQGDQJHURIEHLQJUHPRYHGE\
WKHZLQG DQGUHVXPHGKLVZD\2QWKHYHKLFOHUHDFKLQJWKHLQQGRRU
LWVRFFXSDQWIRXQGVWDQGLQJWKHUHWRZHOFRPHKLPWKHSROHYRLRU
ZDLWHURIWKHHVWDEOLVKPHQWDQLQGLYLGXDORIVXFKQLPEOHDQGEULVN
PRYHPHQWWKDWHYHQWRGLVWLQJXLVKWKHFKDUDFWHURIKLVIDFHZDV
LPSRVVLEOH5XQQLQJRXWZLWKDQDSNLQLQRQHKDQGDQGKLVODQN\IRUP
FODGLQDWDLOFRDWUHDFKLQJDOPRVWWRWKHQDSHRIKLVQHFNKHWRVVHG
EDFNKLVORFNVDQGHVFRUWHGWKHJHQWOHPDQXSVWDLUVDORQJDZRRGHQ
JDOOHU\DQGVRWRWKHEHGFKDPEHUZKLFK*RGKDGSUHSDUHGIRUWKH
JHQWOHPDQ
VUHFHSWLRQ7KHVDLGEHGFKDPEHUZDVRITXLWHRUGLQDU\
DSSHDUDQFHVLQFHWKHLQQEHORQJHGWRWKHVSHFLHVWREHIRXQGLQDOO
SURYLQFLDOWRZQVWKHVSHFLHVZKHUHLQIRUWZRURXEOHVDGD\
WUDYHOOHUVPD\REWDLQDURRPVZDUPLQJZLWKEODFNEHHWOHVDQG
FRPPXQLFDWLQJE\DGRRUZD\ZLWKWKHDSDUWPHQWDGMRLQLQJ7UXHWKH
GRRUZD\PD\EHEORFNHGXSZLWKDZDUGUREH\HWEHKLQGLWLQDOO
SUREDELOLW\WKHUHZLOOEHVWDQGLQJDVLOHQWPRWLRQOHVVQHLJKERXU
ZKRVHHDUVDUHEXUQLQJWROHDUQHYHU\SRVVLEOHGHWDLOFRQFHUQLQJWKH
ODWHVWDUULYDO7KHLQQ
VH[WHULRUFRUUHVSRQGHGZLWKLWVLQWHULRU
/RQJDQGFRQVLVWLQJRQO\RIWZRVWRUH\VWKHEXLOGLQJKDGLWVORZHU
KDOIGHVWLWXWHRIVWXFFRZLWKWKHUHVXOWWKDWWKHGDUNUHGEULFNV

RULJLQDOO\PRUHRUOHVVGLQJ\KDGJURZQ\HWGLQJLHUXQGHUWKH
LQIOXHQFHRIDWPRVSKHULFFKDQJHV$VIRUWKHXSSHUKDOIRIWKH
EXLOGLQJLWZDVRIFRXUVHSDLQWHGWKHXVXDOWLQWRIXQIDGLQJ
\HOORZ:LWKLQRQWKHJURXQGIORRUWKHUHVWRRGDQXPEHURIEHQFKHV
KHDSHGZLWKKRUVHFROODUVURSHDQGVKHHSVNLQVZKLOHWKHZLQGRZVHDW
DFFRPPRGDWHGDVELWHQWVKLN>@FKHHNE\MRZOZLWKDVDPRYDU>@WKH
ODWWHUVRFORVHO\UHVHPEOLQJWKHIRUPHULQDSSHDUDQFHWKDWEXWIRU
WKHIDFWRIWKHVDPRYDUSRVVHVVLQJDSLWFKEODFNOLSWKHVDPRYDUDQG
WKHVELWHQWVKLNPLJKWKDYHEHHQWZRRIDSDLU
>@$QXUQIRUEUHZLQJKRQH\WHD
>@$QXUQIRUEUHZLQJRUGLQDU\WHD
'XULQJWKHWUDYHOOHU
VLQVSHFWLRQRIKLVURRPKLVOXJJDJHZDVEURXJKW
LQWRWKHDSDUWPHQW)LUVWFDPHDSRUWPDQWHDXRIZKLWHOHDWKHUZKRVH
UDJJHGQHVVLQGLFDWHGWKDWWKHUHFHSWDFOHKDGPDGHVHYHUDOSUHYLRXV
MRXUQH\V7KHEHDUHUVRIWKHVDPHZHUHWKHJHQWOHPDQ
VFRDFKPDQ
6HOLIDQ DOLWWOHPDQLQDODUJHRYHUFRDW DQGWKHJHQWOHPDQ
VYDOHW
3HWUXVKNDWKHODWWHUDIHOORZRIDERXWWKLUW\FODGLQDZRUQ
RYHUDPSOHMDFNHWZKLFKIRUPHUO\KDGJUDFHGKLVPDVWHU
VVKRXOGHUV
DQGSRVVHVVHGRIDQRVHDQGDSDLURIOLSVZKRVHFRDUVHQHVV
FRPPXQLFDWHGWRKLVIDFHUDWKHUDVXOOHQH[SUHVVLRQ%HKLQGWKH
SRUWPDQWHDXFDPHDVPDOOGLVSDWFKER[RIUHGZRRGOLQHGZLWKELUFK
EDUNDERRWFDVHDQG ZUDSSHGLQEOXHSDSHU DURDVWIRZODOORI
ZKLFKKDYLQJEHHQGHSRVLWHGWKHFRDFKPDQGHSDUWHGWRORRNDIWHUKLV
KRUVHVDQGWKHYDOHWWRHVWDEOLVKKLPVHOILQWKHOLWWOHGDUNDQWHURRP
RUNHQQHOZKHUHDOUHDG\KHKDGVWRUHGDFORDNDEDJIXORIOLYHU\DQG
KLVRZQSHFXOLDUVPHOO3UHVVLQJWKHQDUURZEHGVWHDGEDFNDJDLQVWWKH
ZDOOKHFRYHUHGLWZLWKWKHWLQ\UHPQDQWRIPDWWUHVVDUHPQDQWDV
WKLQDQGIODW SHUKDSVDOVRDVJUHDV\ DVDSDQFDNHZKLFKKHKDG
PDQDJHGWREHJRIWKHODQGORUGRIWKHHVWDEOLVKPHQW
:KLOHWKHDWWHQGDQWVKDGEHHQWKXVVHWWLQJWKLQJVVWUDLJKWWKH
JHQWOHPDQKDGUHSDLUHGWRWKHFRPPRQSDUORXU7KHDSSHDUDQFHRIFRPPRQ
SDUORXUVRIWKHNLQGLVNQRZQWRHYHU\RQHZKRWUDYHOV$OZD\VWKH\
KDYHYDUQLVKHGZDOOVZKLFKJURZQEODFNLQWKHLUXSSHUSRUWLRQVZLWK
WREDFFRVPRNHDUHLQWKHLUORZHUJURZQVKLQ\ZLWKWKHIULFWLRQRI
FXVWRPHUV
EDFNVPRUHHVSHFLDOO\ZLWKWKDWRIWKHEDFNVRIVXFKORFDO
WUDGHVPHQDVRQPDUNHWGD\VPDNHLWWKHLUUHJXODUSUDFWLFHWRUHVRUW
WRWKHORFDOKRVWHOU\IRUDJODVVRIWHD$OVRSDUORXUVRIWKLVNLQG
LQYDULDEO\FRQWDLQVPXWW\FHLOLQJVDQHTXDOO\VPXWW\FKDQGHOLHUD
QXPEHURISHQGHQWVKDGHVZKLFKMXPSDQGUDWWOHZKHQHYHUWKHZDLWHU
VFXUULHVDFURVVWKHVKDEE\RLOFORWKZLWKDWUD\IXORIJODVVHV WKH

JODVVHVORRNLQJOLNHDIORFNRIELUGVURRVWLQJE\WKHVHDVKRUH DQGD
VHOHFWLRQRIRLOSDLQWLQJV,QVKRUWWKHUHDUHFHUWDLQREMHFWVZKLFK
RQHVHHVLQHYHU\LQQ,QWKHSUHVHQWFDVHWKHRQO\RXWVWDQGLQJ
IHDWXUHRIWKHURRPZDVWKHIDFWWKDWLQRQHRIWKHSDLQWLQJVDQ\PSK
ZDVSRUWUD\HGDVSRVVHVVLQJEUHDVWVRIDVL]HVXFKDVWKHUHDGHUFDQ
QHYHULQKLVOLIHKDYHEHKHOG$VLPLODUFDULFDWXULQJRIQDWXUHLVWR
EHQRWHGLQWKHKLVWRULFDOSLFWXUHV RIXQNQRZQRULJLQSHULRGDQG
FUHDWLRQ ZKLFKUHDFKXVVRPHWLPHVWKURXJKWKHLQVWUXPHQWDOLW\RI
5XVVLDQPDJQDWHVZKRSURIHVVWREHFRQQRLVVHXUVRIDUWIURP,WDO\
RZLQJWRWKHVDLGPDJQDWHVKDYLQJPDGHVXFKSXUFKDVHVVROHO\RQWKH
DGYLFHRIWKHFRXULHUVZKRKDYHHVFRUWHGWKHP
7RUHVXPHKRZHYHURXUWUDYHOOHUUHPRYHGKLVFDSDQGGLYHVWHGKLV
QHFNRIDSDUWLFRORXUHGZRROOHQVFDUIRIWKHNLQGZKLFKDZLIHPDNHV
IRUKHUKXVEDQGZLWKKHURZQKDQGVZKLOHDFFRPSDQ\LQJWKHJLIWZLWK
LQWHUPLQDEOHLQMXQFWLRQVDVWRKRZEHVWVXFKDJDUPHQWRXJKWWREH
IROGHG7UXHEDFKHORUVDOVRZHDUVLPLODUJDXGVEXWLQWKHLUFDVH
*RGDORQHNQRZVZKRPD\KDYHPDQXIDFWXUHGWKHDUWLFOHV)RUP\SDUW,
FDQQRWHQGXUHWKHP+DYLQJXQIROGHGWKHVFDUIWKHJHQWOHPDQRUGHUHG
GLQQHUDQGZKLOVWWKHYDULRXVGLVKHVZHUHEHLQJJRWUHDG\FDEEDJH
VRXSDSLHVHYHUDOZHHNVROGDGLVKRIPDUURZDQGSHDVDGLVKRI
VDXVDJHVDQGFDEEDJHDURDVWIRZOVRPHVDOWHGFXFXPEHUDQGWKH
VZHHWWDUWZKLFKVWDQGVSHUSHWXDOO\UHDG\IRUXVHLQVXFK
HVWDEOLVKPHQWVZKLOVW,VD\WKHVHWKLQJVZHUHHLWKHUEHLQJZDUPHG
XSRUEURXJKWLQFROGWKHJHQWOHPDQLQGXFHGWKHZDLWHUWRUHWDLO
FHUWDLQIUDJPHQWVRIWLWWOHWDWWOHFRQFHUQLQJWKHODWHODQGORUGRIWKH
KRVWHOU\WKHDPRXQWRILQFRPHZKLFKWKHKRVWHOU\SURGXFHGDQGWKH
FKDUDFWHURILWVSUHVHQWSURSULHWRU7RWKHODVWPHQWLRQHGLQTXLU\WKH
ZDLWHUUHWXUQHGWKHDQVZHULQYDULDEO\JLYHQLQVXFKFDVHVQDPHO\0\
PDVWHULVDWHUULEO\KDUGPDQVLU&XULRXVWKDWLQHQOLJKWHQHG
5XVVLDVRPDQ\SHRSOHFDQQRWHYHQWDNHDPHDODWDQLQQZLWKRXW
FKDWWHULQJWRWKHDWWHQGDQWDQGPDNLQJIUHHZLWKKLP1HYHUWKHOHVVQRW
$//WKHTXHVWLRQVZKLFKWKHJHQWOHPDQDVNHGZHUHDLPOHVVRQHVIRU
KHLQTXLUHGZKRZDV*RYHUQRURIWKHWRZQZKR3UHVLGHQWRIWKH/RFDO
&RXQFLODQGZKR3XEOLF3URVHFXWRU,QVKRUWKHRPLWWHGQRVLQJOH
RIILFLDORIQRWHZKLOHDVNLQJDOVR WKRXJKZLWKDQDLURIGHWDFKPHQW
WKHPRVWH[DFWSDUWLFXODUVFRQFHUQLQJWKHODQGRZQHUVRIWKH
QHLJKERXUKRRG:KLFKRIWKHPKHLQTXLUHGSRVVHVVHGVHUIVDQGKRZ
PDQ\RIWKHP"+RZIDUIURPWKHWRZQGLGWKRVHODQGRZQHUVUHVLGH":KDW
ZDVWKHFKDUDFWHURIHDFKODQGRZQHUDQGZDVKHLQWKHKDELWRISD\LQJ
IUHTXHQWYLVLWVWRWKHWRZQ"7KHJHQWOHPDQDOVRPDGHVHDUFKLQJ
LQTXLULHVFRQFHUQLQJWKHK\JLHQLFFRQGLWLRQRIWKHFRXQWU\VLGH:DV
WKHUHKHDVNHGPXFKVLFNQHVVDERXWZKHWKHUVSRUDGLFIHYHUIDWDO
IRUPVRIDJXHVPDOOSR[RUZKDWQRW"<HWWKRXJKKLVVROLFLWXGH

FRQFHUQLQJWKHVHPDWWHUVVKRZHGPRUHWKDQRUGLQDU\FXULRVLW\KLV
EHDULQJUHWDLQHGLWVJUDYLW\XQLPSDLUHGDQGIURPWLPHWRWLPHKHEOHZ
KLVQRVHZLWKSRUWHQWRXVIHUYRXU,QGHHGWKHPDQQHULQZKLFKKH
DFFRPSOLVKHGWKLVODWWHUIHDWZDVPDUYHOORXVLQWKHH[WUHPHIRU
WKRXJKWKDWPHPEHUHPLWWHGVRXQGVHTXDOWRWKRVHRIDWUXPSHWLQ
LQWHQVLW\KHFRXOG\HWZLWKKLVDFFRPSDQ\LQJDLURIJXLOHOHVV
GLJQLW\HYRNHWKHZDLWHU
VXQGLYLGHGUHVSHFWVRPXFKVRWKDW
ZKHQHYHUWKHVRXQGVRIWKHQRVHUHDFKHGWKDWPHQLDO
VHDUVKHZRXOG
VKDNHEDFNKLVORFNVVWUDLJKWHQKLPVHOILQWRDSRVWXUHRIPDUNHG
VROLFLWXGHDQGLQTXLUHDIUHVKZLWKKHDGVOLJKWO\LQFOLQHGZKHWKHU
WKHJHQWOHPDQKDSSHQHGWRUHTXLUHDQ\WKLQJIXUWKHU$IWHUGLQQHUWKH
JXHVWFRQVXPHGDFXSRIFRIIHHDQGWKHQVHDWLQJKLPVHOIXSRQWKH
VRIDZLWKEHKLQGKLPRQHRIWKRVHZRROFRYHUHGFXVKLRQVZKLFKLQ
5XVVLDQWDYHUQVUHVHPEOHQRWKLQJVRPXFKDVDFREEOHVWRQHRUDEULFN
IHOOWRVQRULQJZKHUHDIWHUUHWXUQLQJZLWKDVWDUWWRFRQVFLRXVQHVV
KHRUGHUHGKLPVHOIWREHFRQGXFWHGWRKLVURRPIOXQJKLPVHOIDWIXOO
OHQJWKXSRQWKHEHGDQGRQFHPRUHVOHSWVRXQGO\IRUDFRXSOHRI
KRXUV$URXVHGHYHQWXDOO\E\WKHZDLWHUKHDWWKHODWWHU
V
UHTXHVWLQVFULEHGDIUDJPHQWRISDSHUZLWKKLVQDPHKLVVXUQDPHDQG
KLVUDQN IRUFRPPXQLFDWLRQLQDFFRUGDQFHZLWKWKHODZWRWKH
SROLFH DQGRQWKDWSDSHUWKHZDLWHUOHDQLQJIRUZDUGIURPWKH
FRUULGRUUHDGV\OODEOHE\V\OODEOH3DXO,YDQRYLWFK&KLFKLNRY
&ROOHJLDWH&RXQFLOORU/DQGRZQHU7UDYHOOLQJRQ3ULYDWH$IIDLUV7KH
ZDLWHUKDGMXVWWLPHWRDFFRPSOLVKWKLVIHDWEHIRUH3DXO,YDQRYLWFK
&KLFKLNRYVHWIRUWKWRLQVSHFWWKHWRZQ$SSDUHQWO\WKHSODFH
VXFFHHGHGLQVDWLVI\LQJKLPDQGWRWHOOWKHWUXWKLWZDVDWOHDVW
XSWRWKHXVXDOVWDQGDUGRIRXUSURYLQFLDOFDSLWDOV:KHUHWKHVWDULQJ
\HOORZRIVWRQHHGLILFHVGLGQRWJUHHWKLVH\HKHIRXQGKLPVHOI
FRQIURQWHGZLWKWKHPRUHPRGHVWJUH\RIZRRGHQRQHVZKLFK
FRQVLVWLQJIRUWKHPRVWSDUWRIRQHRUWZRVWRUH\V DGGHGWRWKH
UDQJHRIDWWLFVZKLFKSURYLQFLDODUFKLWHFWVORYHVRZHOO ORRNHG
DOPRVWORVWDPLGWKHH[SDQVHVRIVWUHHWDQGLQWHUYHQLQJPHGOH\VRI
EURNHQRUKDOIILQLVKHGSDUWLWLRQZDOOV$WRWKHUSRLQWVHYLGHQFHRI
PRUHOLIHDQGPRYHPHQWZDVWREHVHHQDQGKHUHWKHKRXVHVVWRRG
FURZGHGWRJHWKHUDQGGLVSOD\HGGLODSLGDWHGUDLQEOXUUHGVLJQERDUGV
ZKHUHRQERRWVRIFDNHVRUSDLUVRIEOXHEUHHFKHVLQVFULEHG$UVKDYVNL
7DLORUDQGVRIRUWKZHUHGHSLFWHG2YHUDVKRSFRQWDLQLQJKDWVDQG
FDSVZDVZULWWHQ9DVVLOL7KHGRURY)RUHLJQHUZKLOHDWDQRWKHU
VSRWDVLJQERDUGSRUWUD\HGDELOOLDUGWDEOHDQGWZRSOD\HUVWKH
ODWWHUFODGLQIURFNFRDWVRIWKHNLQGXVXDOO\DIIHFWHGE\DFWRUVZKRVH
SDUWLWLVWRHQWHUWKHVWDJHGXULQJWKHFORVLQJDFWRIDSLHFHHYHQ
WKRXJKZLWKDUPVVKDUSO\FURRNHGDQGOHJVVOLJKWO\EHQWWKHVDLG
ELOOLDUGSOD\HUVZHUHWDNLQJWKHPRVWFDUHIXODLPEXWVXFFHHGLQJRQO\
LQPDNLQJDERUWLYHVWURNHVLQWKHDLU(DFKHPSRULXPRIWKHVRUWKDG

ZULWWHQRYHULW7KLVLVWKHEHVWHVWDEOLVKPHQWRILWVNLQGLQWKH
WRZQ$OVRDOIUHVFRLQWKHVWUHHWVWKHUHVWRRGWDEOHVKHDSHGZLWK
QXWVVRDSDQGJLQJHUEUHDG WKHODWWHUEXWOLWWOHGLVWLQJXLVKDEOH
IURPWKHVRDS DQGDWDQHDWLQJKRXVHWKHUHZDVGLVSOD\HGWKHVLJQRI
DSOXPSILVKWUDQVIL[HGZLWKDJDII%XWWKHVLJQPRVWIUHTXHQWO\WR
EHGLVFHUQHGZDVWKHLQVLJQLDRIWKH6WDWHWKHGRXEOHKHDGHGHDJOH
QRZUHSODFHGLQWKLVFRQQHFWLRQZLWKWKHODFRQLFLQVFULSWLRQ
'UDPVKRS $VIRUWKHSDYLQJRIWKHWRZQLWZDVXQLIRUPO\EDG
7KHJHQWOHPDQSHHUHGDOVRLQWRWKHPXQLFLSDOJDUGHQVZKLFKFRQWDLQHG
RQO\DIHZVRUU\WUHHVWKDWZHUHSRRUO\VHOHFWHGUHTXLULQJWREH
SURSSHGZLWKRLOSDLQWHGWULDQJXODUJUHHQVXSSRUWVDQGDEOHWRERDVW
RIDKHLJKWQRJUHDWHUWKDQWKDWRIDQRUGLQDU\ZDONLQJVWLFN<HW
UHFHQWO\WKHORFDOSDSHUKDGVDLG DSURSRVRIDJDOD WKDW7KDQNVWR
WKHHIIRUWVRIRXU&LYLO*RYHUQRUWKHWRZQKDVEHFRPHHQULFKHGZLWKD
SOHDVDXQFHIXOORIXPEUDJHRXVVSDFLRXVO\EUDQFKLQJWUHHV(YHQRQWKH
PRVWVXOWU\GD\WKH\DIIRUGDJUHHDEOHVKDGHDQGLQGHHGJUDWLI\LQJZDV
LWWRVHHWKHKHDUWVRIRXUFLWL]HQVSDQWLQJZLWKDQLPSXOVHRI
JUDWLWXGHDVWKHLUH\HVVKHGWHDUVLQUHFRJQLWLRQRIDOOWKDWWKHLU
*RYHUQRUKDVGRQHIRUWKHP
1H[WDIWHULQTXLULQJRIDJHQGDUPHDVWRWKHEHVWZD\VDQGPHDQVRI
ILQGLQJWKHORFDOFRXQFLOWKHORFDOODZFRXUWVDQGWKHORFDO
*RYHUQRUVKRXOGKH &KLFKLNRY KDYHQHHGRIWKHPWKHJHQWOHPDQZHQW
RQWRLQVSHFWWKHULYHUZKLFKUDQWKURXJKWKHWRZQ(QURXWHKHWRUH
RIIDQRWLFHDIIL[HGWRDSRVWLQRUGHUWKDWKHPLJKWWKHPRUH
FRQYHQLHQWO\UHDGLWDIWHUKLVUHWXUQWRWKHLQQ$OVRKHEHVWRZHG
XSRQDODG\RISOHDVDQWH[WHULRUZKRHVFRUWHGE\DIRRWPDQODGHQZLWK
DEXQGOHKDSSHQHGWREHSDVVLQJDORQJDZRRGHQVLGHZDONDSURORQJHG
VWDUH/DVWO\KHWKUHZDURXQGKLPDFRPSUHKHQVLYHJODQFH DVWKRXJK
WRIL[LQKLVPLQGWKHJHQHUDOWRSRJUDSK\RIWKHSODFH DQGEHWRRN
KLPVHOIKRPH7KHUHJHQWO\DLGHGE\WKHZDLWHUKHDVFHQGHGWKH
VWDLUVWRKLVEHGURRPGUDQNDJODVVRIWHDDQGVHDWLQJKLPVHOIDW
WKHWDEOHFDOOHGIRUDFDQGOHZKLFKKDYLQJEHHQEURXJKWKLPKH
SURGXFHGIURPKLVSRFNHWWKHQRWLFHKHOGLWFORVHWRWKHIODPHDQG
FRQQHGLWVWHQRXUVOLJKWO\FRQWUDFWLQJKLVULJKWH\HDVKHGLGVR
<HWWKHUHZDVOLWWOHLQWKHQRWLFHWRFDOOIRUUHPDUN$OOWKDWLW
VDLGZDVWKDWVKRUWO\RQHRI.RW]HEXH
V>@SOD\VZRXOGEHJLYHQDQG
WKDWRQHRIWKHSDUWVLQWKHSOD\ZDVWREHWDNHQE\DFHUWDLQ
0RQVLHXU3RSOHYLQDQGDQRWKHUE\DFHUWDLQ0DGHPRLVHOOH=LDEORYD
ZKLOHWKHUHPDLQLQJSDUWVZHUHWREHILOOHGE\DQXPEHURIOHVV
LPSRUWDQWSHUVRQDJHV1HYHUWKHOHVVWKHJHQWOHPDQSHUXVHGWKHQRWLFH
ZLWKFDUHIXODWWHQWLRQDQGHYHQMRWWHGGRZQWKHSULFHVWREHDVNHG
IRUVHDWVIRUWKHSHUIRUPDQFH$OVRKHUHPDUNHGWKDWWKHELOOKDG

EHHQSULQWHGLQWKHSUHVVRIWKH3URYLQFLDO*RYHUQPHQW1H[WKH
WXUQHGRYHUWKHSDSHULQRUGHUWRVHHLIDQ\WKLQJIXUWKHUZDVWREH
UHDGRQWKHUHYHUVHVLGHEXWILQGLQJQRWKLQJWKHUHKHUHIROGHGWKH
GRFXPHQWSODFHGLWLQWKHER[ZKLFKVHUYHGKLPDVDUHFHSWDFOHIRU
RGGVDQGHQGVDQGEURXJKWWKHGD\WRDFORVHZLWKDSRUWLRQRIFROG
YHDODERWWOHRISLFNOHVDQGDVRXQGVOHHS
>@$*HUPDQGUDPDWLVW  ZKRDOVRILOOHGVXQGU\SRVWVLQWKH
VHUYLFHRIWKH5XVVLDQ*RYHUQPHQW
7KHIROORZLQJGD\KHGHYRWHGWRSD\LQJFDOOVXSRQWKHYDULRXV
PXQLFLSDORIILFLDOVDILUVWDQGDYHU\UHVSHFWIXOYLVLWEHLQJSDLG
WRWKH*RYHUQRU7KLVSHUVRQDJHWXUQHGRXWWRUHVHPEOH&KLFKLNRY
KLPVHOILQWKDWKHZDVQHLWKHUIDWQRUWKLQ$OVRKHZRUHWKHULEDQG
RIWKHRUGHURI6DLQW$QQDDERXWKLVQHFNDQGZDVUHSRUWHGWRKDYH
EHHQUHFRPPHQGHGDOVRIRUWKHVWDU)RUWKHUHVWKHZDVODUJHDQG
JRRGQDWXUHGDQGKDGDKDELWRIDPXVLQJKLPVHOIZLWKRFFDVLRQDO
VSHOOVRINQLWWLQJ1H[W&KLFKLNRYUHSDLUHGWRWKH9LFH*RYHUQRU
V
DQGWKHQFHWRWKHKRXVHRIWKH3XEOLF3URVHFXWRUWRWKDWRIWKH
3UHVLGHQWRIWKH/RFDO&RXQFLOWRWKDWRIWKH&KLHIRI3ROLFHWR
WKDWRIWKH&RPPLVVLRQHURI7D[HVDQGWRWKDWRIWKHORFDO'LUHFWRU
RI6WDWH)DFWRULHV7UXHWKHWDVNRIUHPHPEHULQJHYHU\ELJZLJLQ
WKLVZRUOGRIRXUVLVQRWDYHU\HDV\RQHEXWDWOHDVWRXUYLVLWRU
GLVSOD\HGWKHJUHDWHVWDFWLYLW\LQKLVZRUNRISD\LQJFDOOVVHHLQJ
WKDWKHZHQWVRIDUDVWRSD\KLVUHVSHFWVDOVRWRWKH,QVSHFWRURI
WKH0XQLFLSDO'HSDUWPHQWRI0HGLFLQHDQGWRWKH&LW\$UFKLWHFW
7KHUHDIWHUKHVDWWKRXJKWIXOO\LQKLVEULWFKNDSOXQJHGLQPHGLWDWLRQ
RQWKHVXEMHFWRIZKRPHOVHLWPLJKWEHZHOOWRYLVLW+RZHYHUQRWD
VLQJOHPDJQDWHKDGEHHQQHJOHFWHGDQGLQFRQYHUVDWLRQZLWKKLVKRVWV
KHKDGFRQWULYHGWRIODWWHUHDFKVHSDUDWHRQH)RULQVWDQFHWRWKH
*RYHUQRUKHKDGKLQWHGWKDWDVWUDQJHURQDUULYLQJLQKLVWKH
*RYHUQRU
VSURYLQFHZRXOGFRQFHLYHWKDWKHKDGUHDFKHG3DUDGLVHVR
YHOYHW\ZHUHWKHURDGV*RYHUQRUVZKRDSSRLQWFDSDEOHVXERUGLQDWHV
KDGVDLG&KLFKLNRYDUHGHVHUYLQJRIWKHPRVWDPSOHPHHGRISUDLVH
$JDLQWRWKH&KLHIRI3ROLFHRXUKHURKDGSDVVHGDPRVWJUDWLI\LQJ
UHPDUNRQWKHVXEMHFWRIWKHORFDOJHQGDUPHU\ZKLOHLQKLV
FRQYHUVDWLRQZLWKWKH9LFH*RYHUQRUDQGWKH3UHVLGHQWRIWKH/RFDO
&RXQFLO QHLWKHURIZKRPKDGDV\HWULVHQDERYHWKHUDQNRI6WDWH
&RXQFLOORU KHKDGWZLFHEHHQJXLOW\RIWKHJDXFKHULHRIDGGUHVVLQJ
KLVLQWHUORFXWRUVZLWKWKHWLWOHRI<RXU([FHOOHQF\DEOXQGHUZKLFK
KDGQRWIDLOHGWRGHOLJKWWKHP,QWKHUHVXOWWKH*RYHUQRUKDGLQYLWHG
KLPWRDUHFHSWLRQWKHVDPHHYHQLQJDQGFHUWDLQRWKHURIILFLDOVKDG
IROORZHGVXLWE\LQYLWLQJKLPRQHRIWKHPWRGLQQHUDVHFRQGWRD
WHDSDUW\DQGVRIRUWKDQGVRIRUWK

10

2IKLPVHOIKRZHYHUWKHWUDYHOOHUKDGVSRNHQOLWWOHRULIKHKDG
VSRNHQDWDQ\OHQJWKKHKDGGRQHVRLQDJHQHUDOVRUWRIZD\DQGZLWK
PDUNHGPRGHVW\,QGHHGDWPRPHQWVRIWKHNLQGKLVGLVFRXUVHKDG
DVVXPHGVRPHWKLQJRIDOLWHUDU\YHLQLQWKDWLQYDULDEO\KHKDGVWDWHG
WKDWEHLQJDZRUPRIQRDFFRXQWLQWKHZRUOGKHZDVGHVHUYLQJRIQR
FRQVLGHUDWLRQDWWKHKDQGVRIKLVIHOORZVWKDWLQKLVWLPHKHKDG
XQGHUJRQHPDQ\VWUDQJHH[SHULHQFHVWKDWVXEVHTXHQWO\KHKDGVXIIHUHG
PXFKLQWKHFDXVHRI7UXWKWKDWKHKDGPDQ\HQHPLHVVHHNLQJKLVOLIH
DQGWKDWEHLQJGHVLURXVRIUHVWKHZDVQRZHQJDJHGLQVHDUFKLQJIRU
DVSRWZKHUHLQWRGZHOOZKHUHIRUHKDYLQJVWXPEOHGXSRQWKHWRZQLQ
ZKLFKKHQRZIRXQGKLPVHOIKHKDGFRQVLGHUHGLWKLVERXQGHQGXW\WR
HYLQFHKLVUHVSHFWIRUWKHFKLHIDXWKRULWLHVRIWKHSODFH7KLVDQG
QRPRUHZDVDOOWKDWIRUWKHPRPHQWWKHWRZQVXFFHHGHGLQOHDUQLQJ
DERXWWKHQHZDUULYDO1DWXUDOO\KHORVWQRWLPHLQSUHVHQWLQJKLPVHOI
DWWKH*RYHUQRU
VHYHQLQJSDUW\)LUVWKRZHYHUKLVSUHSDUDWLRQVIRU
WKDWIXQFWLRQRFFXSLHGDVSDFHRIRYHUWZRKRXUVDQGQHFHVVLWDWHGDQ
DWWHQWLRQWRKLVWRLOHWRIDNLQGQRWFRPPRQO\VHHQ7KDWLVWRVD\
DIWHUDEULHISRVWJUDQGLDOQDSKHFDOOHGIRUVRDSDQGZDWHUDQG
VSHQWDFRQVLGHUDEOHSHULRGLQWKHWDVNRIVFUXEELQJKLVFKHHNV
ZKLFKIRUWKHSXUSRVHKHVXSSRUWHGIURPZLWKLQZLWKKLVWRQJXH DQG
WKHQRIGU\LQJKLVIXOOURXQGIDFHIURPWKHHDUVGRZQZDUGVZLWKD
WRZHOZKLFKKHWRRNIURPWKHZDLWHU
VVKRXOGHU7ZLFHKHVQRUWHGLQWR
WKHZDLWHU
VFRXQWHQDQFHDVKHGLGWKLVDQGWKHQKHSRVWHGKLPVHOILQ
IURQWRIWKHPLUURUGRQQHGDIDOVHVKLUWIURQWSOXFNHGRXWDFRXSOH
RIKDLUVZKLFKZHUHSURWUXGLQJIURPKLVQRVHDQGDSSHDUHGYHVWHGLQD
IURFNFRDWRIELOEHUU\FRORXUHGFKHFN7KHUHDIWHUGULYLQJWKURXJKEURDG
VWUHHWVVSDUVHO\OLJKWHGZLWKODQWHUQVKHDUULYHGDWWKH*RYHUQRU
V
UHVLGHQFHWRILQGLWLOOXPLQDWHGDVIRUDEDOO%DURXFKHVZLWK
JOHDPLQJODPSVDFRXSOHRIJHQGDUPHVSRVWHGEHIRUHWKHGRRUVDEDEHO
RISRVWLOOLRQV
FULHVQRWKLQJRIDNLQGOLNHO\WREHLPSUHVVLYHZDV
ZDQWLQJDQGRQUHDFKLQJWKHVDORQWKHYLVLWRUDFWXDOO\IRXQG
KLPVHOIREOLJHGWRFORVHKLVH\HVIRUDPRPHQWVRVWURQJZDVWKH
PLQJOHGVKHHQRIODPSVFDQGOHVDQGIHPLQLQHDSSDUHO(YHU\WKLQJ
VHHPHGVXIIXVHGZLWKOLJKWDQGHYHU\ZKHUHIOLWWLQJDQGIODVKLQJ
ZHUHWREHVHHQEODFNFRDWVHYHQDVRQDKRWVXPPHU
VGD\IOLHV
UHYROYHDURXQGDVXJDUORDIZKLOHWKHROGKRXVHNHHSHULVFXWWLQJLW
LQWRFXEHVEHIRUHWKHRSHQZLQGRZDQGWKHFKLOGUHQRIWKHKRXVHFURZG
DURXQGKHUWRZDWFKWKHPRYHPHQWVRIKHUUXJJHGKDQGVDVWKRVHPHPEHUV
SO\WKHVPRNLQJSHVWOHDQGDLU\VTXDGURQVRIIOLHVERUQHRQWKH
EUHH]HHQWHUEROGO\DVWKRXJKIUHHRIWKHKRXVHDQGWDNLQJ
DGYDQWDJHRIWKHIDFWWKDWWKHJODUHRIWKHVXQVKLQHLVWURXEOLQJWKH
ROGODG\
VVLJKWGLVSHUVHWKHPVHOYHVRYHUEURNHQDQGXQEURNHQ
IUDJPHQWVDOLNHHYHQWKRXJKWKHOHWKDUJ\LQGXFHGE\WKHRSXOHQFHRI

11

VXPPHUDQGWKHULFKVKRZHURIGDLQWLHVWREHHQFRXQWHUHGDWHYHU\VWHS
KDVLQGXFHGWKHPWRHQWHUOHVVIRUWKHSXUSRVHRIHDWLQJWKDQIRUWKDW
RIVKRZLQJWKHPVHOYHVLQSXEOLFRISDUDGLQJXSDQGGRZQWKHVXJDU
ORDIRIUXEELQJERWKWKHLUKLQGTXDUWHUVDQGWKHLUIRUHDJDLQVWRQH
DQRWKHURIFOHDQLQJWKHLUERGLHVXQGHUWKHZLQJVRIH[WHQGLQJWKHLU
IRUHOHJVRYHUWKHLUKHDGVDQGJURRPLQJWKHPVHOYHVDQGRIIO\LQJRXW
RIWKHZLQGRZDJDLQWRUHWXUQZLWKRWKHUSUHGDWRU\VTXDGURQV,QGHHG
VRGD]HGZDV&KLFKLNRYWKDWVFDUFHO\GLGKHUHDOLVHWKDWWKH*RYHUQRU
ZDVWDNLQJKLPE\WKHDUPDQGSUHVHQWLQJKLPWRKLV WKH*RYHUQRU
V
ODG\<HWWKHQHZO\DUULYHGJXHVWNHSWKLVKHDGVXIILFLHQWO\WR
FRQWULYHWRPXUPXUVRPHVXFKFRPSOLPHQWDVPLJKWILWWLQJO\FRPHIURPD
PLGGOHDJHGLQGLYLGXDORIDUDQNQHLWKHUH[FHVVLYHO\KLJKQRU
H[FHVVLYHO\ORZ1H[WZKHQFRXSOHVKDGEHHQIRUPHGIRUGDQFLQJDQG
WKHUHPDLQGHURIWKHFRPSDQ\IRXQGLWVHOISUHVVHGEDFNDJDLQVWWKH
ZDOOV&KLFKLNRYIROGHGKLVDUPVDQGFDUHIXOO\VFUXWLQLVHGWKH
GDQFHUV6RPHRIWKHODGLHVZHUHGUHVVHGZHOODQGLQWKHIDVKLRQ
ZKLOHWKHUHPDLQGHUZHUHFODGLQVXFKJDUPHQWVDV*RGXVXDOO\EHVWRZV
XSRQDSURYLQFLDOWRZQ$OVRKHUHDVHOVHZKHUHWKHPHQEHORQJHGWR
WZRVHSDUDWHDQGGLVWLQFWFDWHJRULHVRQHRIZKLFKFRPSULVHGVOHQGHU
LQGLYLGXDOVZKRIOLWWLQJDURXQGWKHODGLHVZHUHVFDUFHO\WREH
GLVWLQJXLVKHGIURPGHQL]HQVRIWKHPHWURSROLVVRFDUHIXOO\VR
DUWLVWLFDOO\JURRPHGZHUHWKHLUZKLVNHUVVRSUHVHQWDEOHWKHLURYDO
FOHDQVKDYHQIDFHVVRHDV\WKHPDQQHURIWKHLUGDQFLQJDWWHQGDQFH
XSRQWKHLUZRPHQIRONVRJOLEWKHLU)UHQFKFRQYHUVDWLRQDVWKH\
TXL]]HGWKHLUIHPDOHFRPSDQLRQV$VIRUWKHRWKHUFDWHJRU\LW
FRPSULVHGLQGLYLGXDOVZKRVWRXWRURIWKHVDPHEXLOGDV&KLFKLNRY
WKDWLVWRVD\QHLWKHUYHU\SRUWO\QRUYHU\OHDQ EDFNHGDQGVLGOHG
DZD\IURPWKHODGLHVDQGNHSWSHHULQJKLWKHUDQGWKLWKHUWRVHH
ZKHWKHUWKH*RYHUQRU
VIRRWPHQKDGVHWRXWJUHHQWDEOHVIRUZKLVW
7KHLUIHDWXUHVZHUHIXOODQGSOXPSVRPHRIWKHPKDGEHDUGVDQGLQQR
FDVHZDVWKHLUKDLUFXUOHGRUZDYHGRUDUUDQJHGLQZKDWWKH)UHQFK
FDOOWKHGHYLOPD\FDUHVW\OH2QWKHFRQWUDU\WKHLUKHDGVZHUH
HLWKHUFORVHFURSSHGRUEUXVKHGYHU\VPRRWKDQGWKHLUIDFHVZHUH
URXQGDQGILUP7KLVFDWHJRU\UHSUHVHQWHGWKHPRUHUHVSHFWDEOH
RIILFLDOVRIWKHWRZQ,QSDVVLQJ,PD\VD\WKDWLQEXVLQHVVPDWWHUV
IDWPHQDOZD\VSURYHVXSHULRUWRWKHLUOHDQHUEUHWKUHQZKLFKLV
SUREDEO\WKHUHDVRQZK\WKHODWWHUDUHPRVWO\WREHIRXQGLQWKH
3ROLWLFDO3ROLFHRUDFWLQJDVPHUHFLSKHUVZKRVHH[LVWHQFHLVD
SXUHO\KRSHOHVVDLU\WULYLDORQH$JDLQVWRXWLQGLYLGXDOVQHYHU
WDNHDEDFNVHDWEXWDOZD\VDIURQWRQHDQGZKHUHVRHYHULWEHWKH\
VLWILUPO\DQGZLWKFRQILGHQFHDQGGHFOLQHWREXGJHHYHQWKRXJKWKH
VHDWFUDFNDQGEHQGZLWKWKHLUZHLJKW)RUFRPHOLQHVVRIH[WHULRUWKH\
FDUHQRWDUDSDQGWKHUHIRUHDGUHVVFRDWVLWVOHVVHDVLO\RQWKHLU
ILJXUHVWKDQLVWKHFDVHZLWKILJXUHVRIOHDQHULQGLYLGXDOV<HW

12

LQYDULDEO\IDWPHQDPDVVWKHJUHDWHUZHDOWK,QWKUHH\HDUV
WLPHD
WKLQPDQZLOOQRWKDYHDVLQJOHVHUIZKRPKHKDVOHIWXQSOHGJHG
ZKHUHDVZHOOSUD\ORRNDWDIDWPDQ
VIRUWXQHVDQGZKDWZLOO\RX
VHH")LUVWRIDOODVXEXUEDQYLOODDQGWKHQDODUJHUVXEXUEDQYLOOD
DQGWKHQDYLOODFORVHWRDWRZQDQGODVWO\DFRXQWU\HVWDWHZKLFK
FRPSULVHVHYHU\DPHQLW\7KDWLVWRVD\KDYLQJVHUYHGERWK*RGDQG
WKH6WDWHWKHVWRXWLQGLYLGXDOKDVZRQXQLYHUVDOUHVSHFWDQGZLOO
HQGE\UHWLULQJIURPEXVLQHVVUHRUGHULQJKLVPRGHRIOLIHDQG
EHFRPLQJD5XVVLDQODQGRZQHULQRWKHUZRUGVDILQHJHQWOHPDQZKR
GLVSHQVHVKRVSLWDOLW\OLYHVLQFRPIRUWDQGOX[XU\DQGLVGHVWLQHGWR
OHDYHKLVSURSHUW\WRKHLUVZKRDUHSXUSRVLQJWRVTXDQGHUWKHVDPHRQ
IRUHLJQWUDYHO
7KDWWKHIRUHJRLQJUHSUHVHQWVSUHWW\PXFKWKHJLVWRI&KLFKLNRY
V
UHIOHFWLRQVDVKHVWRRGZDWFKLQJWKHFRPSDQ\,ZLOOQRWDWWHPSWWR
GHQ\$QGRIWKRVHUHIOHFWLRQVWKHXSVKRWZDVWKDWKHGHFLGHGWRMRLQ
KLPVHOIWRWKHVWRXWHUVHFWLRQRIWKHJXHVWVDPRQJZKRPKHKDG
DOUHDG\UHFRJQLVHGVHYHUDOIDPLOLDUIDFHVQDPHO\WKRVHRIWKH3XEOLF
3URVHFXWRU DPDQZLWKEHHWOLQJEURZVRYHUH\HVZKLFKVHHPHGWREH
VD\LQJZLWKDZLQN&RPHLQWRWKHQH[WURRPP\IULHQGIRU,KDYH
VRPHWKLQJWRVD\WR\RXWKRXJKLQWKHPDLQWKHLURZQHUZDVDPDQ
RIJUDYHDQGWDFLWXUQKDELW RIWKH3RVWPDVWHU DQ
LQVLJQLILFDQWORRNLQJLQGLYLGXDO\HWDZRXOGEHZLWDQGD
SKLORVRSKHU DQGRIWKH3UHVLGHQWRIWKH/RFDO&RXQFLO DPDQRIPXFK
DPLDELOLW\DQGJRRGVHQVH 7KHVHWKUHHSHUVRQDJHVJUHHWHG&KLFKLNRY
DVDQROGDFTXDLQWDQFHDQGWRWKHLUVDOXWDWLRQVKHUHVSRQGHGZLWKD
VLGHORQJ\HWDVXIILFLHQWO\FLYLOERZ$OVRKHEHFDPHDFTXDLQWHG
ZLWKDQH[WUHPHO\XQFWXRXVDQGDSSURDFKDEOHODQGRZQHUQDPHG0DQLORY
DQGZLWKDODQGRZQHURIPRUHXQFRXWKH[WHULRUQDPHG6REDNHYLWFKWKH
ODWWHURIZKRPEHJDQWKHDFTXDLQWDQFHE\WUHDGLQJKHDYLO\XSRQ
&KLFKLNRY
VWRHVDQGWKHQEHJJLQJKLVSDUGRQ1H[W&KLFKLNRY
UHFHLYHGDQRIIHURIDFXWLQDWZKLVWDQGDFFHSWHGWKHVDPHZLWK
KLVXVXDOFRXUWHRXVLQFOLQDWLRQRIWKHKHDG6HDWLQJWKHPVHOYHVDWD
JUHHQWDEOHWKHSDUW\GLGQRWULVHWKHUHIURPWLOOVXSSHUWLPHDQG
GXULQJWKDWSHULRGDOOFRQYHUVDWLRQEHWZHHQWKHSOD\HUVEHFDPHKXVKHG
DVLVWKHFXVWRPZKHQPHQKDYHJLYHQWKHPVHOYHVXSWRDUHDOO\VHULRXV
SXUVXLW(YHQWKH3RVWPDVWHUDWDONDWLYHPDQE\QDWXUHKDGQRVRRQHU
WDNHQWKHFDUGVLQWRKLVKDQGVWKDQKHDVVXPHGDQH[SUHVVLRQRI
SURIRXQGWKRXJKWSXUVHGKLVOLSVDQGUHWDLQHGWKLVDWWLWXGH
XQFKDQJHGWKURXJKRXWWKHJDPH2QO\ZKHQSOD\LQJDFRXUWFDUGZDVLW
KLVFXVWRPWRVWULNHWKHWDEOHZLWKKLVILVWDQGWRH[FODLP LIWKH
FDUGKDSSHQHGWREHDTXHHQ 1RZROGSRSDGLD>@DQG LIWKHFDUG
KDSSHQHGWREHDNLQJ 1RZSHDVDQWRI7DPERY7RZKLFK
HMDFXODWLRQVLQYDULDEO\WKH3UHVLGHQWRIWKH/RFDO&RXQFLOUHWRUWHG

13

$K,KDYHKLPE\WKHHDUV,KDYHKLPE\WKHHDUV$QGIURPWKH
QHLJKERXUKRRGRIWKHWDEOHRWKHUVWURQJHMDFXODWLRQVUHODWLYHWRWKH
SOD\ZRXOGDULVHLQWHUSRVHGZLWKRQHRUDQRWKHURIWKRVHQLFNQDPHV
ZKLFKSDUWLFLSDQWVLQDJDPHDUHDSWWRDSSO\WRPHPEHUVRIWKH
YDULRXVVXLWV,QHHGKDUGO\DGGWKDWWKHJDPHRYHUWKHSOD\HUVIHOO
WRTXDUUHOOLQJDQGWKDWLQWKHGLVSXWHRXUIULHQGMRLQHGWKRXJKVR
DUWIXOO\DVWROHWHYHU\RQHVHHWKDWLQVSLWHRIWKHIDFWWKDWKH
ZDVZUDQJOLQJKHZDVGRLQJVRRQO\LQWKHPRVWDPLFDEOHIDVKLRQ
SRVVLEOH1HYHUGLGKHVD\RXWULJKW<RXSOD\HGWKHZURQJFDUGDW
VXFKDQGVXFKDSRLQW1RKHDOZD\VHPSOR\HGVRPHVXFKSKUDVHDV
<RXSHUPLWWHG\RXUVHOIWRPDNHDVOLSDQGWKXVDIIRUGHGPHWKH
KRQRXURIFRYHULQJ\RXUGHXFH,QGHHGWKHEHWWHUWRNHHSLQDFFRUG
ZLWKKLVDQWDJRQLVWVKHNHSWRIIHULQJWKHPKLVVLOYHUHQDPHOOHG
VQXIIER[ DWWKHERWWRPRIZKLFKOD\DFRXSOHRIYLROHWVSODFHG
WKHUHIRUWKHVDNHRIWKHLUVFHQW ,QSDUWLFXODUGLGWKHQHZFRPHUSD\
DWWHQWLRQWRODQGRZQHUV0DQLORYDQG6REDNHYLWFKVRPXFKVRWKDWKLV
KDVWHWRDUULYHRQJRRGWHUPVZLWKWKHPOHGWRKLVOHDYLQJWKH
3UHVLGHQWDQGWKH3RVWPDVWHUUDWKHULQWKHVKDGH$WWKHVDPHWLPH
FHUWDLQTXHVWLRQVZKLFKKHSXWWRWKRVHWZRODQGRZQHUVHYLQFHGQRW
RQO\FXULRVLW\EXWDOVRDFHUWDLQDPRXQWRIVRXQGLQWHOOLJHQFHIRU
KHEHJDQE\DVNLQJKRZPDQ\SHDVDQWVRXOVHDFKRIWKHPSRVVHVVHGDQG
KRZWKHLUDIIDLUVKDSSHQHGDWSUHVHQWWREHVLWXDWHGDQGWKHQ
SURFHHGHGWRHQOLJKWHQKLPVHOIDOVRDVWKHLUVWDQGLQJDQGWKHLU
IDPLOLHV,QGHHGLWZDVQRWORQJEHIRUHKHKDGVXFFHHGHGLQIDLUO\
HQFKDQWLQJKLVQHZIULHQGV,QSDUWLFXODUGLG0DQLORYDPDQVWLOOLQ
KLVSULPHDQGSRVVHVVHGRIDSDLURIH\HVZKLFKVZHHWDVVXJDU
EOLQNHGZKHQHYHUKHODXJKHGILQGKLPVHOIXQDEOHWRPDNHHQRXJKRIKLV
HQFKDQWHU&ODVSLQJ&KLFKLNRYORQJDQGIHUYHQWO\E\WKHKDQGKH
EHVRXJKWKLPWRGRKLP0DQLORYWKHKRQRXURIYLVLWLQJKLVFRXQWU\
KRXVH ZKLFKKHGHFODUHGWROLHDWDGLVWDQFHRIQRWPRUHWKDQILIWHHQ
YHUVWVIURPWKHERXQGDULHVRIWKHWRZQ DQGLQUHWXUQ&KLFKLNRY
DYHUUHG ZLWKDQH[FHHGLQJO\DIIDEOHERZDQGDPRVWVLQFHUHKDQGVKDNH
WKDWKHZDVSUHSDUHGQRWRQO\WRIXOILOKLVIULHQG
VEHKHVWEXWDOVR
WRORRNXSRQWKHIXOILOOLQJRILWDVDVDFUHGGXW\,QWKHVDPHZD\
6REDNHYLWFKVDLGWRKLPODFRQLFDOO\$QGGR\RXSD\0(DYLVLW
DQGWKHQSURFHHGHGWRVKXIIOHDSDLURIERRWVRIVXFKGLPHQVLRQVWKDW
WRILQGDSDLUWRFRUUHVSRQGZLWKWKHPZRXOGKDYHEHHQLQGHHG
GLIILFXOWPRUHHVSHFLDOO\DWWKHSUHVHQWGD\ZKHQWKHUDFHRIHSLF
KHURHVLVEHJLQQLQJWRGLHRXWLQ5XVVLD
>@3ULHVW
VZLIH
1H[WGD\&KLFKLNRYGLQHGDQGVSHQWWKHHYHQLQJDWWKHKRXVHRIWKH
&KLHIRI3ROLFHDUHVLGHQFHZKHUHWKUHHKRXUVDIWHUGLQQHUHYHU\

14

RQHVDWGRZQWRZKLVWDQGUHPDLQHGVRVHDWHGXQWLOWZRR
FORFNLQWKH
PRUQLQJ2QWKLVRFFDVLRQ&KLFKLNRYPDGHWKHDFTXDLQWDQFHRIDPRQJ
RWKHUVDODQGRZQHUQDPHG1R]GUHYDGLVVLSDWHGOLWWOHIHOORZRI
WKLUW\ZKRKDGQRVRRQHUH[FKDQJHGWKUHHRUIRXUZRUGVZLWKKLVQHZ
DFTXDLQWDQFHWKDQKHEHJDQWRDGGUHVVKLPLQWKHVHFRQGSHUVRQ
VLQJXODU<HWDOWKRXJKKHGLGWKHVDPHWRWKH&KLHIRI3ROLFHDQGWKH
3XEOLF3URVHFXWRUWKHFRPSDQ\KDGQRVRRQHUVHDWHGWKHPVHOYHVDWWKH
FDUGWDEOHWKDQERWKWKHRQHDQGWKHRWKHURIWKHVHIXQFWLRQDULHV
VWDUWHGWRNHHSDFDUHIXOH\HXSRQ1R]GUHY
VWULFNVDQGWRZDWFK
SUDFWLFDOO\HYHU\FDUGZKLFKKHSOD\HG7KHIROORZLQJHYHQLQJ
&KLFKLNRYVSHQWZLWKWKH3UHVLGHQWRIWKH/RFDO&RXQFLOZKRUHFHLYHG
KLVJXHVWVHYHQWKRXJKWKHODWWHULQFOXGHGWZRODGLHVLQDJUHDV\
GUHVVLQJJRZQ8SRQWKDWIROORZHGDQHYHQLQJDWWKH9LFH*RYHUQRU
VD
ODUJHGLQQHUSDUW\DWWKHKRXVHRIWKH&RPPLVVLRQHURI7D[HVD
VPDOOHUGLQQHUSDUW\DWWKHKRXVHRIWKH3XEOLF3URVHFXWRU DYHU\
ZHDOWK\PDQ DQGDVXEVHTXHQWUHFHSWLRQJLYHQE\WKH0D\RU,QVKRUW
QRWDQKRXURIWKHGD\GLG&KLFKLNRYILQGKLPVHOIIRUFHGWRVSHQGDW
KRPHDQGKLVUHWXUQWRWKHLQQEHFDPHQHFHVVDU\RQO\IRUWKHSXUSRVHV
RIVOHHSLQJ6RPHKRZRURWKHUKHKDGODQGHGRQKLVIHHWDQG
HYHU\ZKHUHKHILJXUHGDVDQH[SHULHQFHGPDQRIWKHZRUOG1RPDWWHU
ZKDWWKHFRQYHUVDWLRQFKDQFHGWREHDERXWKHDOZD\VFRQWULYHGWR
PDLQWDLQKLVSDUWLQWKHVDPH'LGWKHGLVFRXUVHWXUQXSRQ
KRUVHEUHHGLQJXSRQKRUVHEUHHGLQJKHKDSSHQHGWREHSHFXOLDUO\
ZHOOTXDOLILHGWRVSHDN'LGWKHFRPSDQ\IDOOWRGLVFXVVLQJZHOOEUHG
GRJVDWRQFHKHKDGUHPDUNVRIWKHPRVWSHUWLQHQWNLQGSRVVLEOHWR
RIIHU'LGWKHFRPSDQ\WRXFKXSRQDSURVHFXWLRQZKLFKKDGUHFHQWO\
EHHQFDUULHGRXWE\WKH([FLVH'HSDUWPHQWLQVWDQWO\KHVKRZHGWKDWKH
WRRZDVQRWZKROO\XQDFTXDLQWHGZLWKOHJDODIIDLUV'LGDQRSLQLRQ
FKDQFHWREHH[SUHVVHGFRQFHUQLQJELOOLDUGVRQWKDWVXEMHFWWRRKH
ZDVDWOHDVWDEOHWRDYRLGFRPPLWWLQJDEOXQGHU'LGDUHIHUHQFHRFFXU
WRYLUWXHFRQFHUQLQJYLUWXHKHKDVWHQHGWRGHOLYHUKLPVHOILQDZD\
ZKLFKEURXJKWWHDUVWRHYHU\H\H'LGWKHVXEMHFWLQKDQGKDSSHQWREH
WKHGLVWLOOLQJRIEUDQG\ZHOOWKDWZDVDPDWWHUFRQFHUQLQJZKLFKKH
KDGWKHVRXQGHVWRINQRZOHGJH'LGDQ\RQHKDSSHQWRPHQWLRQ&XVWRPV
RIILFLDOVDQGLQVSHFWRUVIURPWKDWPRPHQWKHH[SDWLDWHGDVWKRXJKKH
WRRKDGEHHQERWKDPLQRUIXQFWLRQDU\DQGDPDMRU<HWDUHPDUNDEOH
IDFWZDVWKHFLUFXPVWDQFHWKDWKHDOZD\VFRQWULYHGWRWHPSHUKLV
RPQLVFLHQFHZLWKDFHUWDLQUHDGLQHVVWRJLYHZD\DFHUWDLQDELOLW\VR
WRNHHSDUHLQXSRQKLPVHOIWKDWQHYHUGLGKLVXWWHUDQFHVEHFRPHWRR
ORXGRUWRRVRIWRUWUDQVFHQGZKDWZDVSHUIHFWO\EHILWWLQJ,QD
ZRUGKHZDVDOZD\VDJHQWOHPDQRIH[FHOOHQWPDQQHUVDQGHYHU\
RIILFLDOLQWKHSODFHIHOWSOHDVHGZKHQKHVDZKLPHQWHUWKHGRRU
7KXVWKH*RYHUQRUJDYHLWDVKLVRSLQLRQWKDW&KLFKLNRYZDVDPDQRI
H[FHOOHQWLQWHQWLRQVWKH3XEOLF3URVHFXWRUWKDWKHZDVDJRRGPDQRI

15

EXVLQHVVWKH&KLHIRI*HQGDUPHU\WKDWKHZDVDPDQRIHGXFDWLRQWKH
3UHVLGHQWRIWKH/RFDO&RXQFLOWKDWKHZDVDPDQRIEUHHGLQJDQG
UHILQHPHQWDQGWKHZLIHRIWKH&KLHIRI*HQGDUPHU\WKDWKLV
SROLWHQHVVRIEHKDYLRXUZDVHTXDOOHGRQO\E\KLVDIIDELOLW\RI
EHDULQJ1D\HYHQ6REDNHYLWFKZKRDVDUXOHQHYHUVSRNHZHOORI$1<
21(VDLGWRKLVODQN\ZLIHZKHQRQUHWXUQLQJODWHIURPWKHWRZQKH
XQGUHVVHGDQGEHWRRNKLPVHOIWREHGE\KHUVLGH0\GHDUWKLV
HYHQLQJDIWHUGLQLQJZLWKWKH&KLHIRI3ROLFH,ZHQWRQWRWKH
*RYHUQRU
VDQGPHWWKHUHDPRQJRWKHUVDFHUWDLQ3DXO,YDQRYLWFK
&KLFKLNRYZKRLVD&ROOHJLDWH&RXQFLOORUDQGDYHU\SOHDVDQWIHOORZ
7RWKLVKLVVSRXVHUHSOLHG+PDQGWKHQGHDOWKLPDKHDUW\NLFNLQ
WKHULEV
6XFKZHUHWKHIODWWHULQJRSLQLRQVHDUQHGE\WKHQHZFRPHUWRWKHWRZQ
DQGWKHVHRSLQLRQVKHUHWDLQHGXQWLOWKHWLPHZKHQDFHUWDLQ
VSHFLDOLW\RIKLVDFHUWDLQVFKHPHRIKLV WKHUHDGHUZLOOOHDUQ
SUHVHQWO\ZKDWLWZDV SOXQJHGWKHPDMRULW\RIWKHWRZQVIRONLQWRD
VHDRISHUSOH[LW\

&+$37(5,,
)RUPRUHWKDQWZRZHHNVWKHYLVLWRUOLYHGDPLGDURXQGRIHYHQLQJ
SDUWLHVDQGGLQQHUVZKHUHIRUHKHVSHQW DVWKHVD\LQJJRHV DYHU\
SOHDVDQWWLPH)LQDOO\KHGHFLGHGWRH[WHQGKLVYLVLWVEH\RQGWKH
XUEDQERXQGDULHVE\JRLQJDQGFDOOLQJXSRQODQGRZQHUV0DQLORYDQG
6REDNHYLWFKVHHLQJWKDWKHKDGSURPLVHGRQKLVKRQRXUWRGRVR<HW
ZKDWUHDOO\LQFLWHGKLPWRWKLVPD\KDYHEHHQDPRUHHVVHQWLDOFDXVH
DPDWWHURIJUHDWHUJUDYLW\DSXUSRVHZKLFKVWRRGQHDUHUWRKLVKHDUW
WKDQWKHPRWLYHZKLFK,KDYHMXVWJLYHQDQGRIWKDWSXUSRVHWKH
UHDGHUZLOOOHDUQLIRQO\KHZLOOKDYHWKHSDWLHQFHWRUHDGWKLV
SUHIDWRU\QDUUDWLYH ZKLFKOHQJWK\WKRXJKLWEHPD\\HWGHYHORSDQG
H[SDQGLQSURSRUWLRQDVZHDSSURDFKWKHGHQRXHPHQWZLWKZKLFKWKH
SUHVHQWZRUNLVGHVWLQHGWREHFURZQHG 
2QHHYHQLQJWKHUHIRUH6HOLIDQWKHFRDFKPDQUHFHLYHGRUGHUVWRKDYH
WKHKRUVHVKDUQHVVHGLQJRRGWLPHQH[WPRUQLQJZKLOH3HWUXVKND
UHFHLYHGRUGHUVWRUHPDLQEHKLQGIRUWKHSXUSRVHRIORRNLQJDIWHUWKH
SRUWPDQWHDXDQGWKHURRP,QSDVVLQJWKHUHDGHUPD\FDUHWREHFRPH
PRUHIXOO\DFTXDLQWHGZLWKWKHWZRVHUYLQJPHQRIZKRP,KDYHVSRNHQ
1DWXUDOO\WKH\ZHUHQRWSHUVRQVRIPXFKQRWHEXWPHUHO\ZKDWIRON
FDOOFKDUDFWHUVRIVHFRQGDU\RUHYHQRIWHUWLDU\LPSRUWDQFH<HW
GHVSLWHWKHIDFWWKDWWKHVSULQJVDQGWKHWKUHDGRIWKLVURPDQFHZLOO

16

QRW'(3(1'XSRQWKHPEXWRQO\WRXFKXSRQWKHPDQGRFFDVLRQDOO\
LQFOXGHWKHPWKHDXWKRUKDVDSDVVLRQIRUFLUFXPVWDQWLDOLW\DQG
OLNHWKHDYHUDJH5XVVLDQVXFKDGHVLUHIRUDFFXUDF\DVHYHQD*HUPDQ
FRXOGQRWULYDO7RZKDWWKHUHDGHUDOUHDG\NQRZVFRQFHUQLQJWKH
SHUVRQDJHVLQKDQGLWLVWKHUHIRUHQHFHVVDU\WRDGGWKDW3HWUXVKND
XVXDOO\ZRUHDFDVWRIIEURZQMDFNHWRIDVL]HWRRODUJHIRUKLPDV
DOVRWKDWKHKDG DFFRUGLQJWRWKHFXVWRPRILQGLYLGXDOVRIKLV
FDOOLQJ DSDLURIWKLFNOLSVDQGDYHU\SURPLQHQWQRVH,Q
WHPSHUDPHQWKHZDVWDFLWXUQUDWKHUWKDQORTXDFLRXVDQGKHFKHULVKHGD
\HDUQLQJIRUVHOIHGXFDWLRQ7KDWLVWRVD\KHORYHGWRUHDGERRNV
HYHQWKRXJKWKHLUFRQWHQWVFDPHDOLNHWRKLPZKHWKHUWKH\ZHUHERRNV
RIKHURLFDGYHQWXUHRUPHUHJUDPPDUVRUOLWXUJLFDOFRPSHQGLD$V,
VD\KHSHUXVHGHYHU\ERRNZLWKDQHTXDODPRXQWRIDWWHQWLRQDQGKDG
KHEHHQRIIHUHGDZRUNRQFKHPLVWU\ZRXOGKDYHDFFHSWHGWKDWDOVR
1RWWKHZRUGVZKLFKKHUHDGEXWWKHPHUHVRODFHGHULYHGIURPWKHDFW
RIUHDGLQJZDVZKDWHVSHFLDOO\SOHDVHGKLVPLQGHYHQWKRXJKDWDQ\
PRPHQWWKHUHPLJKWODXQFKLWVHOIIURPWKHSDJHVRPHGHYLOVHQWZRUG
ZKHUHRIKHFRXOGPDNHQHLWKHUKHDGQRUWDLO)RUWKHPRVWSDUWKLV
WDVNRIUHDGLQJZDVSHUIRUPHGLQDUHFXPEHQWSRVLWLRQLQWKHDQWHURRP
ZKLFKFLUFXPVWDQFHHQGHGE\FDXVLQJKLVPDWWUHVVWREHFRPHDVUDJJHG
DQGDVWKLQDVDZDIHU,QDGGLWLRQWRKLVORYHRISRULQJRYHUERRNV
KHFRXOGERDVWRIWZRKDELWVZKLFKFRQVWLWXWHGWZRRWKHUHVVHQWLDO
IHDWXUHVRIKLVFKDUDFWHUQDPHO\DKDELWRIUHWLULQJWRUHVWLQKLV
FORWKHV WKDWLVWRVD\LQWKHEURZQMDFNHWDERYHPHQWLRQHG DQGD
KDELWRIHYHU\ZKHUHEHDULQJZLWKKLPKLVRZQSHFXOLDUDWPRVSKHUHKLV
RZQSHFXOLDUVPHOODVPHOOZKLFKILOOHGDQ\ORGJLQJZLWKVXFK
VXEWOHW\WKDWKHQHHGHGEXWWRPDNHXSKLVEHGDQ\ZKHUHHYHQLQD
URRPKLWKHUWRXQWHQDQWHGDQGWRGUDJWKLWKHUKLVJUHDWFRDWDQGRWKHU
LPSHGLPHQWDIRUWKDWURRPDWRQFHWRDVVXPHDQDLURIKDYLQJEHHQ
OLYHGLQGXULQJWKHSDVWWHQ\HDUV1HYHUWKHOHVVWKRXJKDIDVWLGLRXV
DQGHYHQDQLUULWDEOHPDQ&KLFKLNRYZRXOGPHUHO\IURZQZKHQKLVQRVH
FDXJKWWKLVVPHOODPLGWKHIUHVKQHVVRIWKHPRUQLQJDQGH[FODLPZLWK
DWRVVRIKLVKHDG7KHGHYLORQO\NQRZVZKDWLVXSZLWK\RX6XUHO\
\RXVZHDWDJRRGGHDOGR\RXQRW"7KHEHVWWKLQJ\RXFDQGRLVWRJR
DQGWDNHDEDWK7RWKLV3HWUXVKNDZRXOGPDNHQRUHSO\EXW
DSSURDFKLQJEUXVKLQKDQGWKHVSRWZKHUHKLVPDVWHU
VFRDWZRXOGEH
SHQGHQWRUVWDUWLQJWRDUUDQJHRQHDQGDQRWKHUDUWLFOHLQRUGHU
ZRXOGVWULYHWRVHHPZKROO\LPPHUVHGLQKLVZRUN<HWRIZKDWZDVKH
WKLQNLQJDVKHUHPDLQHGWKXVVLOHQW"3HUKDSVKHZDVVD\LQJWRKLPVHOI
0\PDVWHULVDJRRGIHOORZEXWIRUKLPWRNHHSRQVD\LQJWKHVDPH
WKLQJIRUW\WLPHVRYHULVDOLWWOHZHDULVRPH2QO\*RGNQRZVDQGVHHV
DOOWKLQJVZKHUHIRUHIRUDPHUHKXPDQEHLQJWRNQRZZKDWLVLQWKH
PLQGRIDVHUYDQWZKLOHKLVPDVWHULVVFROGLQJKLPLVZKROO\
LPSRVVLEOH+RZHYHUQRPRUHQHHGEHVDLGDERXW3HWUXVKND2QWKH

17

RWKHUKDQG&RDFKPDQ6HOLIDQ
%XWKHUHOHWPHUHPDUNWKDW,GRQRWOLNHHQJDJLQJWKHUHDGHU
V
DWWHQWLRQLQFRQQHFWLRQZLWKSHUVRQVRIDORZHUFODVVWKDQKLPVHOI
IRUH[SHULHQFHKDVWDXJKWPHWKDWZHGRQRWZLOOLQJO\IDPLOLDULVH
RXUVHOYHVZLWKWKHORZHURUGHUVWKDWLWLVWKHFXVWRPRIWKHDYHUDJH
5XVVLDQWR\HDUQH[FOXVLYHO\IRULQIRUPDWLRQFRQFHUQLQJSHUVRQVRQWKH
KLJKHUUXQJVRIWKHVRFLDOODGGHU,QIDFWHYHQDERZLQJDFTXDLQWDQFH
ZLWKDSULQFHRUDORUGFRXQWVLQKLVH\HVIRUPRUHWKDQGRWKHPRVW
LQWLPDWHRIUHODWLRQVZLWKRUGLQDU\IRON)RUWKHVDPHUHDVRQWKH
DXWKRUIHHOVDSSUHKHQVLYHRQKLVKHUR
VDFFRXQWVHHLQJWKDWKHKDV
PDGHWKDWKHURDPHUH&ROOHJLDWH&RXQFLOORUDPHUHSHUVRQZLWKZKRP
$XOLF&RXQFLOORUVPLJKWFRQVRUWEXWXSRQZKRPSHUVRQVRIWKHJUDGHRI
IXOO*HQHUDO>@ZRXOGSUREDEO\EHVWRZRQHRIWKRVHJODQFHVSURSHUWRD
PDQZKRLVFULQJLQJDWWKHLUDXJXVWIHHW:RUVHVWLOOVXFKSHUVRQVRI
WKHJUDGHRI*HQHUDODUHOLNHO\WRWUHDW&KLFKLNRYZLWKVWXGLHG
QHJOLJHQFHDQGWRDQDXWKRUVWXGLHGQHJOLJHQFHVSHOOVGHDWK
>@,QWKLVFDVHWKHWHUP*HQHUDOUHIHUVWRDFLYLOJUDGHHTXLYDOHQW
WRWKHPLOLWDU\UDQNRIWKHVDPHWLWOH
+RZHYHULQVSLWHRIWKHGLVWUHVVIXOQHVVRIWKHIRUHJRLQJ
SRVVLELOLWLHVLWLVWLPHWKDW,UHWXUQHGWRP\KHUR$IWHULVVXLQJ
RYHUQLJKWWKHQHFHVVDU\RUGHUVKHDZRNHHDUO\ZDVKHGKLPVHOI
UXEEHGKLPVHOIIURPKHDGWRIRRWZLWKDZHWVSRQJH DSHUIRUPDQFH
H[HFXWHGRQO\RQ6XQGD\VDQGWKHGD\LQTXHVWLRQKDSSHQHGWREHD
6XQGD\ VKDYHGKLVIDFHZLWKVXFKFDUHWKDWKLVFKHHNVLVVXHGRI
DEVROXWHO\VDWLQOLNHVPRRWKQHVVDQGSROLVKGRQQHGILUVWKLV
ELOEHUU\FRORXUHGVSRWWHGIURFNFRDWDQGWKHQKLVEHDUVNLQRYHUFRDW
GHVFHQGHGWKHVWDLUFDVH DWWHQGHGWKURXJKRXWE\WKHZDLWHU DQG
HQWHUHGKLVEULWFKND:LWKDORXGUDWWOHWKHYHKLFOHOHIWWKH
LQQ\DUGDQGLVVXHGLQWRWKHVWUHHW$SDVVLQJSULHVWGRIIHGKLVFDS
DQGDIHZXUFKLQVLQJULP\VKLUWVVKRXWHG*HQWOHPDQSOHDVHJLYHD
SRRURUSKDQDWULIOH3UHVHQWO\WKHGULYHUQRWLFHGWKDWDVWXUG\
\RXQJUDVFDOZDVRQWKHSRLQWRIFOLPELQJRQWRWKHVSODVKERDUG
ZKHUHIRUHKHFUDFNHGKLVZKLSDQGWKHEULWFKNDOHDSWIRUZDUGZLWK
LQFUHDVHGVSHHGRYHUWKHFREEOHVWRQHV$WODVWZLWKDIHHOLQJRI
UHOLHIWKHWUDYHOOHUVFDXJKWVLJKWRIPDFDGDPDKHDGZKLFKSURPLVHG
DQHQGERWKWRWKHFREEOHVWRQHVDQGWRVXQGU\RWKHUDQQR\DQFHV$QG
VXUHHQRXJKDIWHUKLVKHDGKDGEHHQEXPSHGDIHZPRUHWLPHVDJDLQVW
WKHERRWRIWKHFRQYH\DQFH&KLFKLNRYIRXQGKLPVHOIERZOLQJRYHU
VRIWHUJURXQG2QWKHWRZQUHFHGLQJLQWRWKHGLVWDQFHWKHVLGHVRI
WKHURDGEHJDQWREHYDULHGZLWKWKHXVXDOKLOORFNVILUWUHHVFOXPSV
RI\RXQJSLQHWUHHVZLWKROGVFDUUHGWUXQNVEXVKHVRIZLOGMXQLSHU

18

DQGVRIRUWK3UHVHQWO\WKHUHFDPHLQWRYLHZDOVRVWULQJVRIFRXQWU\
YLOODVZKLFKZLWKWKHLUFDUYHGVXSSRUWVDQGJUH\URRIV WKHODWWHU
ORRNLQJOLNHSHQGHQWHPEURLGHUHGWDEOHFORWKV UHVHPEOHGUDWKHU
EXQGOHVRIROGIDJJRWV/LNHZLVHWKHFXVWRPDU\SHDVDQWVGUHVVHGLQ
VKHHSVNLQMDFNHWVFRXOGEHVHHQ\DZQLQJRQEHQFKHVEHIRUHWKHLUKXWV
ZKLOHWKHLUZRPHQIRONIDWRIIHDWXUHDQGVZDWKHGRIERVRPJD]HGRXW
RIXSSHUZLQGRZVDQGWKHZLQGRZVEHORZGLVSOD\HGKHUHDSHHULQJ
FDOIDQGWKHUHWKHXQVLJKWO\MDZVRIDSLJ,QVKRUWWKHYLHZZDV
RQHRIWKHIDPLOLDUW\SH$IWHUSDVVLQJWKHILIWHHQWKYHUVWVWRQH
&KLFKLNRYVXGGHQO\UHFROOHFWHGWKDWDFFRUGLQJWR0DQLORYILIWHHQ
YHUVWVZDVWKHH[DFWGLVWDQFHEHWZHHQKLVFRXQWU\KRXVHDQGWKHWRZQ
EXWWKHVL[WHHQWKYHUVWVWRQHIOHZE\DQGWKHVDLGFRXQWU\KRXVHZDV
VWLOOQRZKHUHWREHVHHQ,QIDFWEXWIRUWKHFLUFXPVWDQFHWKDWWKH
WUDYHOOHUVKDSSHQHGWRHQFRXQWHUDFRXSOHRISHDVDQWVWKH\ZRXOGKDYH
FRPHRQWKHLUHUUDQGLQYDLQ7RDTXHU\DVWRZKHWKHUWKHFRXQWU\
KRXVHNQRZQDV=DPDQLORYNDZDVDQ\ZKHUHLQWKHQHLJKERXUKRRGWKH
SHDVDQWVUHSOLHGE\GRIILQJWKHLUFDSVDIWHUZKLFKRQHRIWKHPZKR
VHHPHGWRERDVWRIDOLWWOHPRUHLQWHOOLJHQFHWKDQKLVFRPSDQLRQDQG
ZKRZRUHDZHGJHVKDSHGEHDUGPDGHDQVZHU
3HUKDSV\RXPHDQ0DQLORYNDQRW=$PDQLORYND"
<HV\HV0DQLORYND
0DQLORYNDHK":HOO\RXPXVWFRQWLQXHIRUDQRWKHUYHUVWDQGWKHQ
\RXZLOOVHHLWVWUDLJKWEHIRUH\RXRQWKHULJKW
2QWKHULJKW"UHHFKRHGWKHFRDFKPDQ
<HVRQWKHULJKWDIILUPHGWKHSHDVDQW<RXDUHRQWKHSURSHUURDG
IRU0DQLORYNDEXW=$PDQLORYNDZHOOWKHUHLVQRVXFKSODFH7KH
KRXVH\RXPHDQLVFDOOHG0DQLORYNDEHFDXVH0DQLORYNDLVLWVQDPHEXW
QRKRXVHDWDOOLVFDOOHG=$PDQLORYND7KHKRXVH\RXPHDQVWDQGV
WKHUHRQWKDWKLOODQGLVDVWRQHKRXVHLQZKLFKDJHQWOHPDQOLYHV
DQGLWVQDPHLV0DQLORYNDEXW=$PDQLORYNDGRHVQRWVWDQG
KHUHDERXWVQRUHYHUKDVVWRRG
6RWKHWUDYHOOHUVSURFHHGHGLQVHDUFKRI0DQLORYNDDQGDIWHUGULYLQJ
DQDGGLWLRQDOWZRYHUVWVDUULYHGDWDVSRWZKHQFHWKHUHEUDQFKHGRII
DE\URDG<HWWZRWKUHHRUIRXUYHUVWVRIWKHE\URDGKDGEHHQ
FRYHUHGEHIRUHWKH\VDZWKHOHDVWVLJQRIDWZRVWRULHGVWRQHPDQVLRQ
7KHQLWZDVWKDW&KLFKLNRYVXGGHQO\UHFROOHFWHGWKDWZKHQDIULHQG
KDVLQYLWHGRQHWRYLVLWKLVFRXQWU\KRXVHDQGKDVVDLGWKDWWKH
GLVWDQFHWKHUHWRLVILIWHHQYHUVWVWKHGLVWDQFHLVVXUHWRWXUQRXW

19

WREHDWOHDVWWKLUW\
1RWPDQ\SHRSOHZRXOGKDYHDGPLUHGWKHVLWXDWLRQRI0DQLORY
VDERGH
IRULWVWRRGRQDQLVRODWHGULVHDQGZDVRSHQWRHYHU\ZLQGWKDWEOHZ
2QWKHVORSHRIWKHULVHOD\FORVHO\PRZQWXUIZKLOHGLVSRVHGKHUH
DQGWKHUHDIWHUWKH(QJOLVKIDVKLRQZHUHIORZHUEHGVFRQWDLQLQJ
FOXPSVRIOLODFDQG\HOORZDFDFLD$OVRWKHUHZHUHDIHZ
LQVLJQLILFDQWJURXSVRIVOHQGHUOHDYHGSRLQWHGWLSSHGELUFKWUHHV
ZLWKXQGHUWZRRIWKHODWWHUDQDUERXUKDYLQJDVKDEE\JUHHQFXSROD
VRPHEOXHSDLQWHGZRRGHQVXSSRUWVDQGWKHLQVFULSWLRQ7KLVLVWKH
7HPSOHRI6ROLWDU\7KRXJKW/RZHUGRZQWKHVORSHOD\DJUHHQFRDWHG
SRQGJUHHQFRDWHGSRQGVFRQVWLWXWHDIUHTXHQWVSHFWDFOHLQWKH
JDUGHQVRI5XVVLDQODQGRZQHUVDQGODVWO\IURPWKHIRRWRIWKH
GHFOLYLW\WKHUHVWUHWFKHGDOLQHRIPRXOG\ORJEXLOWKXWVZKLFKIRU
VRPHREVFXUHUHDVRQRUDQRWKHURXUKHURVHWKLPVHOIWRFRXQW8SWR
WZRKXQGUHGRUPRUHGLGKHFRXQWEXWQRZKHUHFRXOGKHSHUFHLYHD
VLQJOHOHDIRIYHJHWDWLRQRUDVLQJOHVWLFNRIWLPEHU7KHRQO\WKLQJ
WRJUHHWWKHH\HZDVWKHORJVRIZKLFKWKHKXWVZHUHFRQVWUXFWHG
1HYHUWKHOHVVWKHVFHQHZDVWRDFHUWDLQH[WHQWHQOLYHQHGE\WKH
VSHFWDFOHRIWZRSHDVDQWZRPHQZKRZLWKFORWKHVSLFWXUHVTXHO\WXFNHG
XSZHUHZDGLQJNQHHGHHSLQWKHSRQGDQGGUDJJLQJEHKLQGWKHPZLWK
ZRRGHQKDQGOHVDUDJJHGILVKLQJQHWLQWKHPHVKHVRIZKLFKWZR
FUDZILVKDQGDURDFKZLWKJOLVWHQLQJVFDOHVZHUHHQWDQJOHG7KHZRPHQ
DSSHDUHGWRKDYHFDXVHRIGLVSXWHEHWZHHQWKHPVHOYHVWREHUDWLQJRQH
DQRWKHUDERXWVRPHWKLQJ,QWKHEDFNJURXQGDQGWRRQHVLGHRIWKH
KRXVHVKRZHGDIDLQWGXVN\EOXURISLQHZRRGDQGHYHQWKHZHDWKHU
ZDVLQNHHSLQJZLWKWKHVXUURXQGLQJVVLQFHWKHGD\ZDVQHLWKHUFOHDU
QRUGXOOEXWRIWKHJUH\WLQWZKLFKPD\EHQRWHGLQXQLIRUPVRI
JDUULVRQVROGLHUVZKLFKKDYHVHHQORQJVHUYLFH7RFRPSOHWHWKH
SLFWXUHDFRFNWKHUHFRJQLVHGKDUELQJHURIDWPRVSKHULFPXWDWLRQV
ZDVSUHVHQWDQGLQVSLWHRIWKHIDFWWKDWDFHUWDLQFRQQHFWLRQZLWK
DIIDLUVRIJDOODQWU\KDGOHGWRKLVKDYLQJKDGKLVKHDGSHFNHGEDUHE\
RWKHUFRFNVKHIODSSHGDSDLURIZLQJVDSSHQGDJHVDVEDUHDVWZR
SLHFHVRIEDVWDQGFURZHGORXGO\
$V&KLFKLNRYDSSURDFKHGWKHFRXUW\DUGRIWKHPDQVLRQKHFDXJKWVLJKW
RIKLVKRVW FODGLQDJUHHQIURFNFRDW VWDQGLQJRQWKHYHUDQGDKDQG
SUHVVLQJRQHKDQGWRKLVH\HVWRVKLHOGWKHPIURPWKHVXQDQGVRJHWD
EHWWHUYLHZRIWKHDSSURDFKLQJFDUULDJH,QSURSRUWLRQDVWKHEULWFKND
GUHZQHDUHUDQGQHDUHUWRWKHYHUDQGDKWKHKRVW
VH\HVDVVXPHGDPRUH
DQGPRUHGHOLJKWHGH[SUHVVLRQDQGKLVVPLOHDEURDGHUDQGEURDGHU
VZHHS
3DXO,YDQRYLWFKKHH[FODLPHGZKHQDWOHQJWK&KLFKLNRYOHDSWIURP

20

WKHYHKLFOH1HYHUVKRXOG,KDYHEHOLHYHGWKDW\RXZRXOGKDYH
UHPHPEHUHGXV
7KHWZRIULHQGVH[FKDQJHGKHDUW\HPEUDFHVDQG0DQLORYWKHQFRQGXFWHG
KLVJXHVWWRWKHGUDZLQJURRP'XULQJWKHEULHIWLPHWKDWWKH\DUH
WUDYHUVLQJWKHKDOOWKHDQWHURRPDQGWKHGLQLQJURRPOHWPHWU\WR
VD\VRPHWKLQJFRQFHUQLQJWKHPDVWHURIWKHKRXVH%XWVXFKDQ
XQGHUWDNLQJEULVWOHVZLWKGLIILFXOWLHVLWSURPLVHVWREHDIDUOHVV
HDV\WDVNWKDQWKHGHSLFWLQJRIVRPHRXWVWDQGLQJSHUVRQDOLW\ZKLFK
FDOOVEXWIRUDZKROHVDOHGDVKLQJRIFRORXUVXSRQWKHFDQYDVWKH
FRORXUVRIDSDLURIGDUNEXUQLQJH\HVDSDLURIGDUNEHHWOLQJ
EURZVDIRUHKHDGVHDPHGZLWKZULQNOHVDEODFNRUDILHU\UHGFORDN
WKURZQEDFNZDUGVRYHUWKHVKRXOGHUDQGVRIRUWKDQGVRIRUWK<HW
VRQXPHURXVDUH5XVVLDQVHUIRZQHUVWKDWWKRXJKFDUHIXOVFUXWLQ\
UHYHDOVWRRQH
VVLJKWDTXDQWLW\RIRXWUHSHFXOLDULWLHVWKH\DUHDV
DFODVVH[FHHGLQJO\GLIILFXOWWRSRUWUD\DQGRQHQHHGVWRVWUDLQ
RQH
VIDFXOWLHVWRWKHXWPRVWEHIRUHLWEHFRPHVSRVVLEOHWRSLFNRXW
WKHLUYDULRXVO\VXEWOHWKHLUDOPRVWLQYLVLEOHIHDWXUHV,QVKRUW
RQHQHHGVEHIRUHGRLQJWKLVWRFDUU\RXWDSURORQJHGSURELQJZLWK
WKHDLGRIDQLQVLJKWVKDUSHQHGLQWKHDFXWHVFKRRORIUHVHDUFK
2QO\*RGFDQVD\ZKDW0DQLORY
VUHDOFKDUDFWHUZDV$FODVVRIPHQ
H[LVWVZKRPWKHSURYHUEKDVGHVFULEHGDVPHQXQWRWKHPVHOYHVQHLWKHU
WKLVQRUWKDWQHLWKHU%RJGDQRIWKHFLW\QRU6HOLIDQRIWKHYLOODJH
$QGWRWKDWFODVVZHKDGEHWWHUDVVLJQDOVR0DQLORY2XWZDUGO\KHZDV
SUHVHQWDEOHHQRXJKIRUKLVIHDWXUHVZHUHQRWZDQWLQJLQDPLDELOLW\
EXWWKDWDPLDELOLW\ZDVDTXDOLW\LQWRZKLFKWKHUHHQWHUHGWRRPXFKRI
WKHVXJDU\HOHPHQWVRWKDWKLVHYHU\JHVWXUHKLVHYHU\DWWLWXGH
VHHPHGWRFRQQRWHDQH[FHVVRIHDJHUQHVVWRFXUU\IDYRXUDQGFXOWLYDWH
DFORVHUDFTXDLQWDQFH2QILUVWVSHDNLQJWRWKHPDQKLVLQJUDWLDWLQJ
VPLOHKLVIOD[HQKDLUDQGKLVEOXHH\HVZRXOGOHDGRQHWRVD\:KDW
DSOHDVDQWJRRGWHPSHUHGIHOORZKHVHHPV\HWGXULQJWKHQH[WPRPHQW
RUWZRRQHZRXOGIHHOLQFOLQHGWRVD\QRWKLQJDWDOODQGGXULQJWKH
WKLUGPRPHQWRQO\WRVD\7KHGHYLODORQHNQRZVZKDWKHLV$QG
VKRXOGWKHUHDIWHURQHQRWKDVWHQWRGHSDUWRQHZRXOGLQHYLWDEO\
EHFRPHRYHUSRZHUHGZLWKWKHGHDGO\VHQVHRIHQQXLZKLFKFRPHVRIWKH
LQWXLWLRQWKDWQRWKLQJLQWKHOHDVWLQWHUHVWLQJLVWREHORRNHGIRU
EXWRQO\DVHULHVRIZHDULVRPHXWWHUDQFHVRIWKHNLQGZKLFKDUHDSWWR
IDOOIURPWKHOLSVRIDPDQZKRVHKREE\KDVRQFHEHHQWRXFKHGXSRQ
)RUHYHU\PDQ+$6KLVKREE\2QHPDQ
VPD\EHVSRUWLQJGRJVDQRWKHU
PDQ
VPD\EHWKDWRIEHOLHYLQJKLPVHOIWREHDORYHURIPXVLFDQG
DEOHWRVRXQGWKHDUWWRLWVLQPRVWGHSWKVDQRWKHU
VPD\EHWKDWRI
SRVLQJDVDFRQQRLVVHXURIUHFKHUFKHFRRNHU\DQRWKHU
VPD\EHWKDWRI
DVSLULQJWRSOD\UROHVRIDNLQGKLJKHUWKDQQDWXUHKDVDVVLJQHGKLP

21

DQRWKHU
V WKRXJKWKLVLVDPRUHOLPLWHGDPELWLRQ PD\EHWKDWRI
JHWWLQJGUXQNDQGRIGUHDPLQJWKDWKHLVHGLI\LQJERWKKLVIULHQGV
KLVDFTXDLQWDQFHVDQGSHRSOHZLWKZKRPKHKDVQRFRQQHFWLRQDWDOOE\
ZDONLQJDUPLQDUPZLWKDQ,PSHULDODLGHGHFDPSDQRWKHU
VPD\EH
WKDWRISRVVHVVLQJDKDQGDEOHWRFKLSFRUQHUVRIIDFHVDQGGHXFHVRI
GLDPRQGVDQRWKHU
VPD\EHWKDWRI\HDUQLQJWRVHWWKLQJVVWUDLJKWLQ
RWKHUZRUGVWRDSSUR[LPDWHKLVSHUVRQDOLW\WRWKDWRIDVWDWLRQPDVWHU
RUDGLUHFWRURISRVWV,QVKRUWDOPRVWHYHU\PDQKDVKLVKREE\RU
KLVOHDQLQJ\HW0DQLORYKDGQRQHVXFKIRUDWKRPHKHVSRNHOLWWOH
DQGVSHQWWKHJUHDWHUSDUWRIKLVWLPHLQPHGLWDWLRQWKRXJK*RGRQO\
NQRZVZKDWWKDWPHGLWDWLRQFRPSULVHG1RUFDQLWEHVDLGWKDWKHWRRN
PXFKLQWHUHVWLQWKHPDQDJHPHQWRIKLVHVWDWHIRUKHQHYHUURGHLQWR
WKHFRXQWU\DQGWKHHVWDWHSUDFWLFDOO\PDQDJHGLWVHOI:KHQHYHUWKH
EDLOLIIVDLGWRKLP,WPLJKWEHZHOOWRKDYHVXFKDQGVXFKDWKLQJ
GRQHKHZRXOGUHSO\<HVWKDWLVQRWDEDGLGHDDQGWKHQJRRQ
VPRNLQJKLVSLSHDKDELWZKLFKKHKDGDFTXLUHGGXULQJKLVVHUYLFHLQ
WKHDUP\ZKHUHKHKDGEHHQORRNHGXSRQDVDQRIILFHURIPRGHVW\
GHOLFDF\DQGUHILQHPHQW<HVLWLV127DEDGLGHDKHZRXOG
UHSHDW$JDLQZKHQHYHUDSHDVDQWDSSURDFKHGKLPDQGUXEELQJWKHEDFN
RIKLVQHFNVDLG%DULQPD\,KDYHOHDYHWRJRDQGZRUNIRUP\VHOI
LQRUGHUWKDW,PD\HDUQP\REURN>@"KHZRXOGVQDSRXWZLWKSLSHLQ
PRXWKDVXVXDO<HVJRDQGQHYHUWURXEOHKLVKHDGDVWRZKHWKHU
WKHSHDVDQW
VUHDOREMHFWPLJKWQRWEHWRJRDQGJHWGUXQN7UXHDW
LQWHUYDOVKHZRXOGVD\ZKLOHJD]LQJIURPWKHYHUDQGDKWRWKH
FRXUW\DUGDQGIURPWKHFRXUW\DUGWRWKHSRQGWKDWLWZRXOGEHLQGHHG
VSOHQGLGLIDFDUULDJHGULYHFRXOGVXGGHQO\PDWHULDOLVHDQGWKHSRQG
DVVXGGHQO\EHFRPHVSDQQHGZLWKDVWRQHEULGJHDQGOLWWOHVKRSVDV
VXGGHQO\DULVHZKHQFHSHGODUVFRXOGGLVSHQVHWKHSHWW\PHUFKDQGLVHRI
WKHNLQGZKLFKSHDVDQWU\PRVWQHHG$QGDWVXFKPRPHQWVKLVH\HVZRXOG
JURZZLQQLQJDQGKLVIHDWXUHVDVVXPHDQH[SUHVVLRQRILQWHQVH
VDWLVIDFWLRQ<HWQHYHUGLGWKHVHSURMHFWVSDVVEH\RQGWKHVWDJHRI
GHEDWH/LNHZLVHWKHUHOD\LQKLVVWXG\DERRNZLWKWKHIRXUWHHQWK
SDJHSHUPDQHQWO\WXUQHGGRZQ,WZDVDERRNZKLFKKHKDGEHHQUHDGLQJ
IRUWKHSDVWWZR\HDUV,QJHQHUDOVRPHWKLQJVHHPHGWREHZDQWLQJLQ
WKHHVWDEOLVKPHQW)RULQVWDQFHDOWKRXJKWKHGUDZLQJURRPZDVILOOHG
ZLWKEHDXWLIXOIXUQLWXUHDQGXSKROVWHUHGLQVRPHILQHVLONHQPDWHULDO
ZKLFKFOHDUO\KDGFRVWQRLQFRQVLGHUDEOHVXPWZRRIWKHFKDLUVODFNHG
DQ\FRYHULQJEXWEDVWDQGIRUVRPH\HDUVSDVWWKHPDVWHUKDGEHHQ
DFFXVWRPHGWRZDUQKLVJXHVWVZLWKWKHZRUGV'RQRWVLWXSRQWKHVH
FKDLUVWKH\DUHQRW\HWUHDG\IRUXVH$QRWKHUURRPFRQWDLQHGQR
IXUQLWXUHDWDOODOWKRXJKDIHZGD\VDIWHUWKHPDUULDJHLWKDGEHHQ
VDLG0\GHDUWRPRUURZOHWXVVHWDERXWSURFXULQJDWOHDVWVRPH
7(0325$5<IXUQLWXUHIRUWKLVURRP$OVRHYHU\HYHQLQJZRXOGVHH
SODFHGXSRQWKHGUDZLQJURRPWDEOHDILQHEURQ]HFDQGHODEUXPD

22

VWDWXHWWHUHSUHVHQWDWLYHRIWKH7KUHH*UDFHVDWUD\LQODLGZLWK
PRWKHURISHDUODQGDULFNHW\ORSVLGHGFRSSHULQYDOLGH<HWRIWKH
IDFWWKDWDOOIRXUDUWLFOHVZHUHWKLFNO\FRDWHGZLWKJUHDVHQHLWKHU
WKHPDVWHURIWKHKRXVHQRUWKHPLVWUHVVQRUWKHVHUYDQWVVHHPHGWR
HQWHUWDLQWKHOHDVWVXVSLFLRQ$WWKHVDPHWLPH0DQLORYDQGKLVZLIH
ZHUHTXLWHVDWLVILHGZLWKHDFKRWKHU0RUHWKDQHLJKW\HDUVKDG
HODSVHGVLQFHWKHLUPDUULDJH\HWRQHRIWKHPZDVIRUHYHURIIHULQJ
KLVRUKHUSDUWQHUDSLHFHRIDSSOHRUDERQERQRUDQXWZKLOH
PXUPXULQJVRPHWHQGHUVRPHWKLQJZKLFKYRLFHGDZKROHKHDUWHG
DIIHFWLRQ2SHQ\RXUPRXWKGHDUHVWWKXVUDQWKHIRUPXODDQGOHW
PHSRSLQWRLWWKLVWLWELW<RXPD\EHVXUHWKDWRQVXFKRFFDVLRQV
WKHGHDUHVWPRXWKSDUWHGLWVOLSVPRVWJUDFLRXVO\)RUWKHLUPXWXDO
ELUWKGD\VWKHSDLUDOZD\VFRQWULYHGVRPHVXUSULVHSUHVHQWLQWKH
VKDSHRIDJODVVUHFHSWDFOHIRUWRRWKSRZGHURUZKDWQRWDQGDVWKH\
VDWWRJHWKHURQWKHVRIDKHZRXOGVXGGHQO\DQGIRUVRPHXQNQRZQ
UHDVRQOD\DVLGHKLVSLSHDQGVKHKHUZRUN LIDWWKHPRPHQWVKH
KDSSHQHGWREHKROGLQJLWLQKHUKDQGV DQGKXVEDQGDQGZLIHZRXOG
LPSULQWXSRQRQHDQRWKHU
VFKHHNVVXFKDSURORQJHGDQGODQJXLVKLQJ
NLVVWKDWGXULQJLWVFRQWLQXDQFH\RXFRXOGKDYHVPRNHGDVPDOOFLJDU
,QVKRUWWKH\ZHUHZKDWLVNQRZQDVDYHU\KDSS\FRXSOH<HWLWPD\
EHUHPDUNHGWKDWDKRXVHKROGUHTXLUHVRWKHUSXUVXLWVWREHHQJDJHGLQ
WKDQOHQJWK\HPEUDFLQJVDQGWKHSUHSDULQJRIFXQQLQJVXUSULVHV<HV
PDQ\DIXQFWLRQFDOOVIRUIXOILOPHQW)RULQVWDQFHZK\VKRXOGLWEH
WKRXJKWIRROLVKRUORZWRVXSHULQWHQGWKHNLWFKHQ":K\VKRXOGFDUHQRW
EHWDNHQWKDWWKHVWRUHURRPQHYHUODFNVVXSSOLHV":K\VKRXOGD
KRXVHNHHSHUEHDOORZHGWRWKLHYH":K\VKRXOGVORYHQO\DQGGUXQNHQ
VHUYDQWVH[LVW":K\VKRXOGDGRPHVWLFVWDIIEHVXIIHUHGLQLQGXOJHLQ
ERXWVRIXQFRQVFLRQDEOHGHEDXFKHU\GXULQJLWVOHLVXUHWLPH"<HWQRQH
RIWKHVHWKLQJVZHUHWKRXJKWZRUWK\RIFRQVLGHUDWLRQE\0DQLORY
V
ZLIHIRUVKHKDGEHHQJHQWO\EURXJKWXSDQGJHQWOHQXUWXUHDVZH
DOONQRZLVWREHDFTXLUHGRQO\LQERDUGLQJVFKRROVDQGERDUGLQJ
VFKRROVDVZHNQRZKROGWKHWKUHHSULQFLSDOVXEMHFWVZKLFK
FRQVWLWXWHWKHEDVLVRIKXPDQYLUWXHWREHWKH)UHQFKODQJXDJH D
WKLQJLQGLVSHQVDEOHWRWKHKDSSLQHVVRIPDUULHGOLIH SLDQRSOD\LQJ
DWKLQJZKHUHZLWKWREHJXLOHDKXVEDQG
VOHLVXUHPRPHQWV DQGWKDW
SDUWLFXODUGHSDUWPHQWRIKRXVHZLIHU\ZKLFKLVFRPSULVHGLQWKH
NQLWWLQJRISXUVHVDQGRWKHUVXUSULVHV1HYHUWKHOHVVFKDQJHVDQG
LPSURYHPHQWVKDYHEHJXQWRWDNHSODFHVLQFHWKLQJVQRZDUHJRYHUQHG
PRUHE\WKHSHUVRQDOLQFOLQDWLRQVDQGLGLRV\QFUDFLHVRIWKHNHHSHUVRI
VXFKHVWDEOLVKPHQWV)RULQVWDQFHLQVRPHVHPLQDULHVWKHUHJLPHQ
SODFHVSLDQRSOD\LQJILUVWDQGWKH)UHQFKODQJXDJHVHFRQGDQGWKHQ
WKHDERYHGHSDUWPHQWRIKRXVHZLIHU\ZKLOHLQRWKHUVHPLQDULHVWKH
NQLWWLQJRIVXUSULVHVKHDGVWKHOLVWDQGWKHQWKH)UHQFKODQJXDJH
DQGWKHQWKHSOD\LQJRISLDQRVVRGLYHUVHDUHWKHV\VWHPVLQIRUFH

23

1RQHWKHOHVV,PD\UHPDUNWKDW0DGDPH0DQLORY
>@$QDQQXDOWD[XSRQSHDVDQWVSD\PHQWRIZKLFKVHFXUHGWRWKHSD\HU
WKHULJKWRIUHPRYDO
%XWOHWPHFRQIHVVWKDW,DOZD\VVKULQNIURPVD\LQJWRRPXFKDERXW
ODGLHV0RUHRYHULWLVWLPHWKDWZHUHWXUQHGWRRXUKHURHVZKR
GXULQJWKHSDVWIHZPLQXWHVKDYHEHHQVWDQGLQJLQIURQWRIWKH
GUDZLQJURRPGRRUDQGHQJDJHGLQXUJLQJRQHDQRWKHUWRHQWHUILUVW
3UD\EHVRJRRGDVQRWWRLQFRQYHQLHQFH\RXUVHOIRQP\DFFRXQWVDLG
&KLFKLNRYB,BZLOOIROORZ<28
1R3DXO,YDQRYLWFKQR<RXDUHP\JXHVW$QG0DQLORYSRLQWHG
WRZDUGVWKHGRRUZD\
0DNHQRGLIILFXOW\DERXWLW,SUD\XUJHG&KLFKLNRY,EHJRI\RX
WRPDNHQRGLIILFXOW\DERXWLWEXWWRSDVVLQWRWKHURRP
3DUGRQPH,ZLOOQRW1HYHUFRXOG,DOORZVRGLVWLQJXLVKHGDQGVR
ZHOFRPHDJXHVWDV\RXUVHOIWRWDNHVHFRQGSODFH
:K\FDOOPH
GLVWLQJXLVKHG
P\GHDUVLU",EHJRI\RXWRSURFHHG
1D\EH<28SOHDVHGWRGRVR
$QGZK\"
)RUWKHUHDVRQZKLFK,KDYHVWDWHG$QG0DQLORYVPLOHGKLVYHU\
SOHDVDQWHVWVPLOH
)LQDOO\WKHSDLUHQWHUHGVLPXOWDQHRXVO\DQGVLGHZD\VZLWKWKHUHVXOW
WKDWWKH\MRVWOHGRQHDQRWKHUQRWDOLWWOHLQWKHSURFHVV
$OORZPHWRSUHVHQWWR\RXP\ZLIHFRQWLQXHG0DQLORY0\
GHDU3DXO,YDQRYLWFK
8SRQWKDW&KLFKLNRYFDXJKWVLJKWRIDODG\ZKRPKLWKHUWRKHKDG
RYHUORRNHGEXWZKRZLWK0DQLORYZDVQRZERZLQJWRKLPLQWKH
GRRUZD\1RWZKROO\RIXQSOHDVLQJH[WHULRUVKHZDVGUHVVHGLQD
ZHOOILWWLQJKLJKQHFNHGPRUQLQJGUHVVRISDOHFRORXUHGVLONDQGDV
WKHYLVLWRUHQWHUHGWKHURRPKHUVPDOOZKLWHKDQGVWKUHZVRPHWKLQJ
XSRQWKHWDEOHDQGFOXWFKHGKHUHPEURLGHUHGVNLUWEHIRUHULVLQJIURP
WKHVRIDZKHUHVKHKDGEHHQVHDWHG1RWZLWKRXWDVHQVHRISOHDVXUH

24

GLG&KLFKLNRYWDNHKHUKDQGDVOLVSLQJDOLWWOHVKHGHFODUHGWKDW
VKHDQGKHUKXVEDQGZHUHHTXDOO\JUDWLILHGE\KLVFRPLQJDQGWKDWRI
ODWHQRWDGD\KDGSDVVHGZLWKRXWKHUKXVEDQGUHFDOOLQJKLPWRPLQG
<HVDIILUPHG0DQLORYDQGHYHU\GD\6+(KDVVDLGWR0(
:K\
GRHVQRW\RXUIULHQGSXWLQDQDSSHDUDQFH"

:DLWDOLWWOHGHDUHVW
,
KDYHDOZD\VUHSOLHG

7ZLOOQRWEHORQJQRZEHIRUHKHFRPHV
$QG\RX
+$9(FRPH\RX+$9(KRQRXUHGXVZLWKDYLVLW\RX+$9(EHVWRZHG
XSRQXVDWUHDWDWUHDWGHVWLQHGWRFRQYHUWWKLVGD\LQWRDJDODGD\
DWUXHELUWKGD\RIWKHKHDUW
7KHLQWLPDWLRQWKDWPDWWHUVKDGUHDFKHGWKHSRLQWRIWKHRFFDVLRQ
EHLQJGHVWLQHGWRFRQVWLWXWHDWUXHELUWKGD\RIWKHKHDUWFDXVHG
&KLFKLNRYWREHFRPHDOLWWOHFRQIXVHGZKHUHIRUHKHPDGHPRGHVWUHSO\
WKDWDVDPDWWHURIIDFWKHZDVQHLWKHURIGLVWLQJXLVKHGRULJLQQRU
GLVWLQJXLVKHGUDQN
$K\RX$5(VRLQWHUUXSWHG0DQLORYZLWKKLVIL[HGDQGHQJDJLQJ
VPLOH<RXDUHDOOWKDWDQGPRUH
+RZOLNH\RXRXUWRZQ"TXHULHG0DGDPH+DYH\RXVSHQWDQDJUHHDEOH
WLPHLQLW"
9HU\UHSOLHG&KLFKLNRY7KHWRZQLVDQH[FHHGLQJO\QLFHRQHDQG,
KDYHJUHDWO\HQMR\HGLWVKRVSLWDEOHVRFLHW\
$QGZKDWGR\RXWKLQNRIRXU*RYHUQRU"
<HV,6KHQRWDPRVWHQJDJLQJDQGGLJQLILHGSHUVRQDJH"DGGHG0DQLORY
+HLVDOOWKDWDVVHQWHG&KLFKLNRY,QGHHGKHLVDPDQZRUWK\RI
WKHJUHDWHVWUHVSHFW$QGKRZWKRURXJKO\KHSHUIRUPVKLVGXW\
DFFRUGLQJWRKLVOLJKWV:RXOGWKDWZHKDGPRUHOLNHKLP
$QGWKHWDFWIXOQHVVZLWKZKLFKKHJUHHWVHYHU\RQHDGGHG0DQLORY
VPLOLQJDQGKDOIFORVLQJKLVH\HVOLNHDFDWZKLFKLVEHLQJWLFNOHG
EHKLQGWKHHDUV
4XLWHVRDVVHQWHG&KLFKLNRY+HLVDPDQRIWKHPRVWHPLQHQW
FLYLOLW\DQGDSSURDFKDEOHQHVV$QGZKDWDQDUWLVW1HYHUVKRXOG,KDYH
WKRXJKWKHFRXOGKDYHZRUNHGWKHPDUYHOORXVKRXVHKROGVDPSOHUVZKLFK
KHKDVGRQH6RPHVSHFLPHQVRIKLVQHHGOHZRUNZKLFKKHVKRZHGPHFRXOG
QRWZHOOKDYHEHHQVXUSDVVHGE\DQ\ODG\LQWKHODQG

25

$QGWKH9LFH*RYHUQRUWRRKHLVDQLFHPDQLVKHQRW"LQTXLUHG
0DQLORYZLWKUHQHZHGEOLQNLQJVRIWKHH\HV
:KR"7KH9LFH*RYHUQRU"<HVDPRVWZRUWK\IHOORZUHSOLHG
&KLFKLNRY
$QGZKDWRIWKH&KLHIRI3ROLFH",VLWQRWDIDFWWKDWKHWRRLVLQ
WKHKLJKHVWGHJUHHDJUHHDEOH"
9HU\DJUHHDEOHLQGHHG$QGZKDWDFOHYHUZHOOUHDGLQGLYLGXDO:LWK
KLPDQGWKH3XEOLF3URVHFXWRUDQGWKH3UHVLGHQWRIWKH/RFDO&RXQFLO,
SOD\HGZKLVWXQWLOWKHFRFNVXWWHUHGWKHLUODVWPRUQLQJFURZ+HLVD
PRVWH[FHOOHQWIHOORZ
$QGZKDWRIKLVZLIH"TXHULHG0DGDPH0DQLORY,VVKHQRWDPRVW
JUDFLRXVSHUVRQDOLW\"
2QHRIWKHEHVWDPRQJP\OLPLWHGDFTXDLQWDQFHDJUHHG&KLFKLNRY
1RUZHUHWKH3UHVLGHQWRIWKH/RFDO&RXQFLODQGWKH3RVWPDVWHU
RYHUORRNHGXQWLOWKHFRPSDQ\KDGUXQWKURXJKWKHZKROHOLVWRIXUEDQ
RIILFLDOV$QGLQHYHU\FDVHWKRVHRIILFLDOVDSSHDUHGWREHSHUVRQVRI
WKHKLJKHVWSRVVLEOHPHULW
'R\RXGHYRWH\RXUWLPHHQWLUHO\WR\RXUHVWDWH"DVNHG&KLFKLNRYLQ
KLVWXUQ
:HOOPRVWRILWUHSOLHG0DQLORYWKRXJKDOVRZHSD\RFFDVLRQDO
YLVLWVWRWKHWRZQLQRUGHUWKDWZHPD\PLQJOHZLWKDOLWWOH
ZHOOEUHGVRFLHW\2QHJURZVDWULIOHUXVW\LIRQHOLYHVIRUHYHULQ
UHWLUHPHQW
4XLWHVRDJUHHG&KLFKLNRY
<HVTXLWHVRFDSSHG0DQLORY$WWKHVDPHWLPHLWZRXOGEHD
GLIIHUHQWPDWWHULIWKHQHLJKERXUKRRGZHUHD*22'RQHLIIRU
H[DPSOHRQHKDGDIULHQGZLWKZKRPRQHFRXOGGLVFXVVPDQQHUVDQG
SROLWHGHSRUWPHQWRUHQJDJHLQVRPHEUDQFKRIVFLHQFHDQGVR
VWLPXODWHRQH
VZLWV)RUWKDWVRUWRIWKLQJJLYHVRQH
VLQWHOOHFWDQ
DLULQJ,WLW$WDORVVIRUIXUWKHUZRUGVKHHQGHGE\UHPDUNLQJ
WKDWKLVIHHOLQJVZHUHDSWWRFDUU\KLPDZD\DIWHUZKLFKKHFRQWLQXHG
ZLWKDJHVWXUH:KDW,PHDQLVWKDWZHUHWKDWVRUWRIWKLQJ
SRVVLEOH,IRURQHFRXOGILQGWKHFRXQWU\DQGDQLVRODWHGOLIH
SRVVHVVHGRIJUHDWDWWUDFWLRQV%XWDVPDWWHUVVWDQGVXFKDWKLQJLV

26

127SRVVLEOH$OOWKDW,FDQPDQDJHWRGRLVRFFDVLRQDOO\WRUHDG
DOLWWOHRI$6RQRIWKH)DWKHUODQG
:LWKWKHVHVHQWLPHQWV&KLFKLNRYH[SUHVVHGHQWLUHDJUHHPHQWDGGLQJ
WKDWQRWKLQJFRXOGEHPRUHGHOLJKWIXOWKDQWROHDGDVROLWDU\OLIHLQ
ZKLFKWKHUHVKRXOGEHFRPSULVHGRQO\WKHVZHHWFRQWHPSODWLRQRIQDWXUH
DQGWKHLQWHUPLWWHQWSHUXVDORIDERRN
1D\EXWHYHQ7+$7ZHUHZRUWKQRWKLQJKDGQRWRQHDIULHQGZLWK
ZKRPWRVKDUHRQH
VOLIHUHPDUNHG0DQLORY
7UXHWUXHDJUHHG&KLFKLNRY:LWKRXWDIULHQGZKDWDUHDOOWKH
WUHDVXUHVLQWKHZRUOG"
3RVVHVVQRWPRQH\
DZLVHPDQKDVVDLG
EXW
UDWKHUJRRGIULHQGVWRZKRPWRWXUQLQFDVHRIQHHG

<HV3DXO,YDQRYLWFKVDLG0DQLORYZLWKDJODQFHQRWPHUHO\VZHHW
EXWSRVLWLYHO\OXVFLRXVDJODQFHDNLQWRWKHPL[WXUHZKLFKHYHQ
FOHYHUSK\VLFLDQVKDYHWRUHQGHUSDODWDEOHEHIRUHWKH\FDQLQGXFHD
KHVLWDQWSDWLHQWWRWDNHLW&RQVHTXHQWO\\RXPD\LPDJLQHZKDW
KDSSLQHVVZKDW3(5)(&7KDSSLQHVVVRWRVSHDNWKHSUHVHQWRFFDVLRQ
KDVEURXJKWPHVHHLQJWKDW,DPSHUPLWWHGWRFRQYHUVHZLWK\RXDQGWR
HQMR\\RXUFRQYHUVDWLRQ
%XW:+$7RIP\FRQYHUVDWLRQ"UHSOLHG&KLFKLNRY,DPDQ
LQVLJQLILFDQWLQGLYLGXDODQGEH\RQGWKDWQRWKLQJ
2K3DXO,YDQRYLWFKFULHGWKHRWKHU3HUPLWPHWREHIUDQNDQGWR
VD\WKDW,ZRXOGJLYHKDOIP\SURSHUW\WRSRVVHVVHYHQD3257,21RI
WKHWDOHQWVZKLFK\RXSRVVHVV
2QWKHFRQWUDU\,VKRXOGFRQVLGHULWWKHKLJKHVWKRQRXULQWKHZRUOGLI
7KHOHQJWKVWRZKLFKWKLVPXWXDORXWSRXULQJRIVRXOZRXOGKDYH
SURFHHGHGKDGQRWDVHUYDQWHQWHUHGWRDQQRXQFHOXQFKHRQPXVWUHPDLQD
P\VWHU\
,KXPEO\LQYLWH\RXWRMRLQXVDWWDEOHVDLG0DQLORY$OVR\RX
ZLOOSDUGRQXVIRUWKHIDFWWKDWZHFDQQRWSURYLGHDEDQTXHWVXFKDV
LVWREHREWDLQHGLQRXUPHWURSROLWDQFLWLHV":HSDUWDNHRIVLPSOH
IDUHDFFRUGLQJWR5XVVLDQFXVWRPZHFRQILQHRXUVHOYHVWRVKWFKL>@
EXWZHGRVRZLWKDVLQJOHKHDUW&RPH,KXPEO\EHJRI\RX
>@&DEEDJHVRXS

27

$IWHUDQRWKHUFRQWHVWIRUWKHKRQRXURI\LHOGLQJSUHFHGHQFH&KLFKLNRY
VXFFHHGHGLQPDNLQJKLVZD\ LQ]LJ]DJIDVKLRQ WRWKHGLQLQJURRP
ZKHUHWKH\IRXQGDZDLWLQJWKHPDFRXSOHRI\RXQJVWHUV7KHVHZHUH
0DQLORY
VVRQVDQGER\VRIWKHDJHZKLFKDGPLWVRIWKHLUSUHVHQFHDW
WDEOHEXWQHFHVVLWDWHVWKHFRQWLQXHGXVHRIKLJKFKDLUV%HVLGHWKHP
ZDVWKHLUWXWRUZKRERZHGSROLWHO\DQGVPLOHGDIWHUZKLFKWKH
KRVWHVVWRRNKHUVHDWEHIRUHKHUVRXSSODWHDQGWKHJXHVWRIKRQRXU
IRXQGKLPVHOIHVFRQVHGEHWZHHQKHUDQGWKHPDVWHURIWKHKRXVHZKLOH
WKHVHUYDQWWLHGXSWKHER\V
QHFNVLQELEV
:KDWFKDUPLQJFKLOGUHQVDLG&KLFKLNRYDVKHJD]HGDWWKHSDLU$QG
KRZROGDUHWKH\"
7KHHOGHVWLVHLJKWUHSOLHG0DQLORYDQGWKH\RXQJHURQHDWWDLQHG
WKHDJHRIVL[\HVWHUGD\
7KHPLVWRFOHXVZHQWRQWKHIDWKHUWXUQLQJWRKLVILUVWERUQZKR
ZDVHQJDJHGLQVWULYLQJWRIUHHKLVFKLQIURPWKHELEZLWKZKLFKWKH
IRRWPDQKDGHQFLUFOHGLW2QKHDULQJWKLVGLVWLQFWO\*UHHNQDPH WR
ZKLFKIRUVRPHXQNQRZQUHDVRQ0DQLORYDOZD\VDSSHQGHGWKH
WHUPLQDWLRQHXV &KLFKLNRYUDLVHGKLVH\HEURZVDOLWWOHEXW
KDVWHQHGWKHQH[WPRPHQWWRUHVWRUHKLVIDFHWRDPRUHEHILWWLQJ
H[SUHVVLRQ
7KHPLVWRFOHXVUHSHDWHGWKHIDWKHUWHOOPHZKLFKLVWKHILQHVW
FLW\LQ)UDQFH
8SRQWKLVWKHWXWRUFRQFHQWUDWHGKLVDWWHQWLRQXSRQ7KHPLVWRFOHXVDQG
DSSHDUHGWREHWU\LQJKDUGWRFDWFKKLVH\H2QO\ZKHQ7KHPLVWRFOHXV
KDGPXWWHUHG3DULVGLGWKHSUHFHSWRUJURZFDOPHUDQGQRGKLVKHDG
$QGZKLFKLVWKHILQHVWFLW\LQ5XVVLD"FRQWLQXHG0DQLORY
$JDLQWKHWXWRU
VDWWLWXGHEHFDPHZKROO\RQHRIFRQFHQWUDWLRQ
6W3HWHUVEXUJUHSOLHG7KHPLVWRFOHXV
$QGZKDWRWKHUFLW\"
0RVFRZUHVSRQGHGWKHER\
&OHYHUOLWWOHGHDUEXUVWRXW&KLFKLNRYWXUQLQJZLWKDQDLURI
VXUSULVHWRWKHIDWKHU,QGHHG,IHHOERXQGWRVD\WKDWWKHFKLOG
HYLQFHVWKHJUHDWHVWSRVVLEOHSRWHQWLDOLWLHV

28

<RXGRQRWNQRZKLPIXOO\UHSOLHGWKHGHOLJKWHG0DQLORY7KH
DPRXQWRIVKDUSQHVVZKLFKKHSRVVHVVHVLVH[WUDRUGLQDU\2XU\RXQJHU
RQH$ONLGLVQRWVRTXLFNZKHUHDVKLVEURWKHUZHOOQRPDWWHUZKDW
KHPD\KDSSHQXSRQ ZKHWKHUXSRQDFRZEXJRUXSRQDZDWHUEHHWOHRU
XSRQDQ\WKLQJHOVH KLVOLWWOHH\HVEHJLQMXPSLQJRXWRIKLVKHDG
DQGKHUXQVWRFDWFKWKHWKLQJDQGWRLQVSHFWLW)RU+,0,DP
UHVHUYLQJDGLSORPDWLFSRVW7KHPLVWRFOHXVDGGHGWKHIDWKHUDJDLQ
WXUQLQJWRKLVVRQGR\RXZLVKWREHFRPHDQDPEDVVDGRU"
<HV,GRUHSOLHG7KHPLVWRFOHXVFKHZLQJDSLHFHRIEUHDGDQG
ZDJJLQJKLVKHDGIURPVLGHWRVLGH
$WWKLVPRPHQWWKHODFTXH\ZKRKDGEHHQVWDQGLQJEHKLQGWKHIXWXUH
DPEDVVDGRUZLSHGWKHODWWHU
VQRVHDQGZHOOLWZDVWKDWKHGLGVR
VLQFHRWKHUZLVHDQLQHOHJDQWDQGVXSHUIOXRXVGURSZRXOGKDYHEHHQ
DGGHGWRWKHVRXS$IWHUWKDWWKHFRQYHUVDWLRQWXUQHGXSRQWKHMR\VRI
DTXLHWOLIHWKRXJKRFFDVLRQDOO\LWZDVLQWHUUXSWHGE\UHPDUNVIURP
WKHKRVWHVVRQWKHVXEMHFWRIDFWLQJDQGDFWRUV0HDQZKLOHWKHWXWRU
NHSWKLVH\HVIL[HGXSRQWKHVSHDNHUV
IDFHVDQGZKHQHYHUKHQRWLFHG
WKDWWKH\ZHUHRQWKHSRLQWRIODXJKLQJKHDWRQFHRSHQHGKLVPRXWK
DQGODXJKHGZLWKHQWKXVLDVP3UREDEO\KHZDVDPDQRIJUDWHIXOKHDUW
ZKRZLVKHGWRUHSD\KLVHPSOR\HUVIRUWKHJRRGWUHDWPHQWZKLFKKHKDG
UHFHLYHG2QFHKRZHYHUKLVIHDWXUHVDVVXPHGDORRNRIJULPQHVVDV
IL[LQJKLVH\HVXSRQKLVYLVDYLVWKHER\VKHWDSSHGVWHUQO\XSRQ
WKHWDEOH7KLVKDSSHQHGDWDMXQFWXUHZKHQ7KHPLVWRFOHXVKDGELWWHQ
$ONLGRQWKHHDUDQGWKHVDLG$ONLGZLWKIURZQLQJH\HVDQGRSHQ
PRXWKZDVSUHSDULQJKLPVHOIWRVRELQSLWHRXVIDVKLRQXQWLO
UHFRJQLVLQJWKDWIRUVXFKDSURFHHGLQJKHPLJKWSRVVLEO\EHGHSULYHG
RIKLVSODWHKHKDVWHQHGWRUHVWRUHKLVPRXWKWRLWVRULJLQDO
H[SUHVVLRQDQGIHOOWHDUIXOO\WRJQDZLQJDPXWWRQERQHWKHJUHDVH
IURPZKLFKKDGVRRQFRYHUHGKLVFKHHNV
(YHU\QRZDQGDJDLQWKHKRVWHVVZRXOGWXUQWR&KLFKLNRYZLWKWKH
ZRUGV<RXDUHHDWLQJQRWKLQJ\RXKDYHLQGHHGWDNHQOLWWOHEXW
LQYDULDEO\KHUJXHVWUHSOLHG7KDQN\RX,KDYHKDGPRUHWKDQHQRXJK
$SOHDVDQWFRQYHUVDWLRQLVZRUWKDOOWKHGLVKHVLQWKHZRUOG
$WOHQJWKWKHFRPSDQ\URVHIURPWDEOH0DQLORYZDVLQKLJKVSLULWV
DQGOD\LQJKLVKDQGXSRQKLVJXHVW
VVKRXOGHUZDVRQWKHSRLQWRI
FRQGXFWLQJKLPWRWKHGUDZLQJURRPZKHQVXGGHQO\&KLFKLNRYLQWLPDWHG
WRKLPZLWKDPHDQLQJORRNWKDWKHZLVKHGWRVSHDNWRKLPRQDYHU\
LPSRUWDQWPDWWHU

29

7KDWEHLQJVRVDLG0DQLORYDOORZPHWRLQYLWH\RXLQWRP\VWXG\
$QGKHOHGWKHZD\WRDVPDOOURRPZKLFKIDFHGWKHEOXHRIWKHIRUHVW
7KLVLVP\VDQFWXPKHDGGHG
:KDWDSOHDVDQWDSDUWPHQWUHPDUNHG&KLFKLNRYDVKHH\HGLW
FDUHIXOO\$QGLQGHHGWKHURRPGLGQRWODFNDFHUWDLQ
DWWUDFWLYHQHVV7KHZDOOVZHUHSDLQWHGDVRUWRIEOXHLVKJUH\FRORXU
DQGWKHIXUQLWXUHFRQVLVWHGRIIRXUFKDLUVDVHWWHHDQGDWDEOHWKH
ODWWHURIZKLFKERUHDIHZVKHHWVRIZULWLQJSDSHUDQGWKHERRNRI
ZKLFK,KDYHEHIRUHKDGRFFDVLRQWRVSHDN%XWWKHPRVWSURPLQHQW
IHDWXUHRIWKHURRPZDVWREDFFRZKLFKDSSHDUHGLQPDQ\GLIIHUHQW
JXLVHVLQSDFNHWVLQDWREDFFRMDUDQGLQDORRVHKHDSVWUHZQDERXW
WKHWDEOH/LNHZLVHERWKZLQGRZVLOOVZHUHVWXGGHGZLWKOLWWOHKHDSV
RIDVKDUUDQJHGQRWZLWKRXWDUWLILFHLQURZVRIPRUHRUOHVV
WLGLQHVV&OHDUO\VPRNLQJDIIRUGHGWKHPDVWHURIWKHKRXVHDIUHTXHQW
PHDQVRISDVVLQJWKHWLPH
3HUPLWPHWRRIIHU\RXDVHDWRQWKLVVHWWHHVDLG0DQLORY+HUH
\RXZLOOEHTXLHWHUWKDQ\RXZRXOGEHLQWKHGUDZLQJURRP
%XW,VKRXOGSUHIHUWRVLWXSRQWKLVFKDLU
,FDQQRWDOORZWKDWREMHFWHGWKHVPLOLQJ0DQLORY7KHVHWWHHLV
VSHFLDOO\UHVHUYHGIRUP\JXHVWV:KHWKHU\RXFKRRVHRUQRXSRQLW
\RX0867VLW
$FFRUGLQJO\&KLFKLNRYREH\HG
$QGDOVROHWPHKDQG\RXDSLSH
1R,QHYHUVPRNHDQVZHUHG&KLFKLNRYFLYLOO\DQGZLWKDQDVVXPHG
DLURIUHJUHW
$QGZK\"LQTXLUHG0DQLORYHTXDOO\FLYLOO\EXWZLWKDUHJUHWWKDW
ZDVZKROO\JHQXLQH
%HFDXVH,IHDUWKDW,KDYHQHYHUTXLWHIRUPHGWKHKDELWRZLQJWRP\
KDYLQJKHDUGWKDWDSLSHH[HUFLVHVDGHVLFFDWLQJHIIHFWXSRQWKH
V\VWHP
7KHQDOORZPHWRWHOO\RXWKDWWKDWLVPHUHSUHMXGLFH1D\,ZRXOG
HYHQJRVRIDUDVWRVD\WKDWWRVPRNHDSLSHLVDKHDOWKLHUSUDFWLFH
WKDQWRWDNHVQXII$PRQJLWVPHPEHUVRXUUHJLPHQWQXPEHUHGD
OLHXWHQDQWDPRVWH[FHOOHQWZHOOHGXFDWHGIHOORZZKRZDVVLPSO\

30

,1&$3$%/(RIUHPRYLQJKLVSLSHIURPKLVPRXWKZKHWKHUDWWDEOHRU
SDUGRQPH LQRWKHUSODFHV+HLVQRZIRUW\\HWQRPDQFRXOGHQMR\
EHWWHUKHDOWKWKDQKHKDVDOZD\VGRQH
&KLFKLNRYUHSOLHGWKDWVXFKFDVHVZHUHFRPPRQVLQFHQDWXUHFRPSULVHG
PDQ\WKLQJVZKLFKHYHQWKHILQHVWLQWHOOHFWFRXOGQRWFRPSDVV
%XWDOORZPHWRSXWWR\RXDTXHVWLRQKHZHQWRQLQDWRQHLQZKLFK
WKHUHZDVDVWUDQJHRUDWDOOHYHQWV5$7+(5DVWUDQJHQRWH)RU
VRPHXQNQRZQUHDVRQDOVRKHJODQFHGRYHUKLVVKRXOGHU)RUVRPH
HTXDOO\XQNQRZQUHDVRQ0DQLORYJODQFHGRYHU+,6
+RZORQJLVLWLQTXLUHGWKHJXHVWVLQFH\RXODVWUHQGHUHGD
FHQVXVUHWXUQ"
2KDORQJORQJWLPH,QIDFW,FDQQRWUHPHPEHUZKHQLWZDV
$QGVLQFHWKHQKDYHPDQ\RI\RXUVHUIVGLHG"
,GRQRWNQRZ7RDVFHUWDLQWKDW,VKRXOGQHHGWRDVNP\EDLOLII
)RRWPDQJRDQGFDOOWKHEDLOLII,WKLQNKHZLOOEHDWKRPHWRGD\
%HIRUHORQJWKHEDLOLIIPDGHKLVDSSHDUDQFH+HZDVDPDQRIXQGHU
IRUW\FOHDQVKDYHQFODGLQDVPRFNDQGHYLGHQWO\XVHGWRDTXLHW
OLIHVHHLQJWKDWKLVIDFHZDVRIWKDWSXII\IXOOQHVVDQGWKHVNLQ
HQFLUFOLQJKLVVOLWOLNHH\HVZDVRIWKDWVDOORZWLQWZKLFKVKRZV
WKDWWKHRZQHURIWKRVHIHDWXUHVLVZHOODFTXDLQWHGZLWKDIHDWKHU
EHG,QDWULFHLWFRXOGEHVHHQWKDWKHKDGSOD\HGKLVSDUWLQOLIH
DVDOOVXFKEDLOLIIVGRWKDWRULJLQDOO\D\RXQJVHUIRIHOHPHQWDU\
HGXFDWLRQKHKDGPDUULHGVRPH$JDVKNDRIDKRXVHNHHSHURUD
PLVWUHVV
VIDYRXULWHDQGWKHQKLPVHOIEHFRPHKRXVHNHHSHUDQG
VXEVHTXHQWO\EDLOLIIDIWHUZKLFKKHKDGSURFHHGHGDFFRUGLQJWRWKH
UXOHVRIKLVWULEHWKDWLVWRVD\KHKDGFRQVRUWHGZLWKDQGVWRRGLQ
ZLWKWKHPRUHZHOOWRGRVHUIVRQWKHHVWDWHDQGDGGHGWKHSRRUHU
RQHVWRWKHOLVWRIIRUFHGSD\HUVRIREURNZKLOHKLPVHOIOHDYLQJKLV
EHGDWQLQHR
FORFNLQWKHPRUQLQJDQGZKHQWKHVDPRYDUKDGEHHQ
EURXJKWGULQNLQJKLVWHDDWOHLVXUH
/RRNKHUHP\JRRGPDQVDLG0DQLORY+RZPDQ\RIRXUVHUIVKDYH
GLHGVLQFHWKHODVWFHQVXVUHYLVLRQ"
+RZPDQ\RIWKHPKDYHGLHG":K\DJUHDWPDQ\7KHEDLOLII
KLFFRXJKHGDQGVODSSHGKLVPRXWKOLJKWO\DIWHUGRLQJVR

31

<HV,LPDJLQHGWKDWWREHWKHFDVHFRUURERUDWHG0DQLORY,QIDFW
D9(5<JUHDWPDQ\VHUIVKDYHGLHG+HWXUQHGWR&KLFKLNRYDQG
UHSHDWHGWKHZRUGV
+RZPDQ\IRULQVWDQFH"DVNHG&KLFKLNRY
<HVKRZPDQ\"UHHFKRHG0DQLORY
+2:PDQ\"UHHFKRHGWKHEDLOLII:HOOQRRQHNQRZVWKHH[DFW
QXPEHUIRUQRRQHKDVNHSWDQ\DFFRXQW
4XLWHVRUHPDUNHG0DQLORY,VXSSRVHGWKHGHDWKUDWHWRKDYHEHHQ
KLJKEXWZDVLJQRUDQWRILWVSUHFLVHH[WHQW
7KHQZRXOG\RXEHVRJRRGDVWRKDYHLWFRPSXWHGIRUPH"VDLG
&KLFKLNRY$QGDOVRWRKDYHDGHWDLOHGOLVWRIWKHGHDWKVPDGHRXW"
<HV,ZLOODGHWDLOHGOLVWDJUHHG0DQLORY
9HU\ZHOO
7KHEDLOLIIGHSDUWHG
)RUZKDWSXUSRVHGR\RXZDQWLW"LQTXLUHG0DQLORYZKHQWKHEDLOLII
KDGJRQH
7KHTXHVWLRQVHHPHGWRHPEDUUDVVWKHJXHVWIRULQ&KLFKLNRY
VIDFH
WKHUHGDZQHGDVRUWRIWHQVHH[SUHVVLRQDQGLWUHGGHQHGDVWKRXJKLWV
RZQHUZHUHVWULYLQJWRH[SUHVVVRPHWKLQJQRWHDV\WRSXWLQWRZRUGV
7UXHHQRXJK0DQLORYZDVQRZGHVWLQHGWRKHDUVXFKVWUDQJHDQG
XQH[SHFWHGWKLQJVDVQHYHUEHIRUHKDGJUHHWHGKXPDQHDUV
<RXDVNPHVDLG&KLFKLNRYIRUZKDWSXUSRVH,ZDQWWKHOLVW:HOO
P\SXUSRVHLQZDQWLQJLWLVWKLVWKDW,GHVLUHWRSXUFKDVHDIHZ
SHDVDQWV$QGKHEURNHRIILQDJXOS
%XWPD\,DVN+2:\RXGHVLUHWRSXUFKDVHWKRVHSHDVDQWV"DVNHG
0DQLORY:LWKODQGRUPHUHO\DVVRXOVIRUWUDQVIHUPHQWWKDWLVWR
VD\E\WKHPVHOYHVDQGZLWKRXWDQ\ODQG"
,ZDQWWKHSHDVDQWVWKHPVHOYHVRQO\UHSOLHG&KLFKLNRY$QG,ZDQW
GHDGRQHVDWWKDW
:KDW"([FXVHPHEXW,DPDWULIOHGHDI5HDOO\\RXUZRUGVVRXQG

32

PRVWVWUDQJH
$OOWKDW,DPSURSRVLQJWRGRUHSOLHG&KLFKLNRYLVWRSXUFKDVH
WKHGHDGSHDVDQWVZKRDWWKHODVWFHQVXVZHUHUHWXUQHGE\\RXDV
DOLYH
0DQLORYGURSSHGKLVSLSHRQWKHIORRUDQGVDWJDSLQJ<HVWKHWZR
IULHQGVZKRKDGMXVWEHHQGLVFXVVLQJWKHMR\VRIFDPDUDGHULHVDW
VWDULQJDWRQHDQRWKHUOLNHWKHSRUWUDLWVZKLFKRIROGXVHGWRKDQJ
RQRSSRVLWHVLGHVRIDPLUURU$WOHQJWK0DQLORYSLFNHGXSKLVSLSH
DQGZKLOHGRLQJVRJODQFHGFRYHUWO\DW&KLFKLNRYWRVHHZKHWKHU
WKHUHZDVDQ\WUDFHRIDVPLOHWREHGHWHFWHGRQKLVOLSVZKHWKHULQ
VKRUWKHZDVMRNLQJ%XWQRWKLQJRIWKHVRUWFRXOGEHGLVFHUQHG2Q
WKHFRQWUDU\&KLFKLNRY
VIDFHORRNHGJUDYHUWKDQXVXDO1H[W0DQLORY
ZRQGHUHGZKHWKHUIRUVRPHXQNQRZQUHDVRQKLVJXHVWKDGORVWKLV
ZLWVZKHUHIRUHKHVSHQWVRPHWLPHLQJD]LQJDWKLPZLWKDQ[LRXV
LQWHQWQHVV%XWWKHJXHVW
VH\HVVHHPHGFOHDUWKH\FRQWDLQHGQRVSDUN
RIWKHZLOGUHVWOHVVILUHZKLFKLVDSWWRZDQGHULQWKHH\HVRI
PDGPHQ$OOZDVDVLWVKRXOGEH&RQVHTXHQWO\LQVSLWHRI0DQLORY
V
FRJLWDWLRQVKHFRXOGWKLQNRIQRWKLQJEHWWHUWRGRWKDQWRVLW
OHWWLQJDVWUHDPRIWREDFFRVPRNHHVFDSHIURPKLVPRXWK
6RFRQWLQXHG&KLFKLNRYZKDW,GHVLUHWRNQRZLVZKHWKHU\RXDUH
ZLOOLQJWRKDQGRYHUWRPHWRUHVLJQWKHVHDFWXDOO\QRQOLYLQJEXW
OHJDOO\OLYLQJSHDVDQWVRUZKHWKHU\RXKDYHDQ\EHWWHUSURSRVDOWR
PDNH"
0DQLORYIHOWWRRFRQIXVHGDQGFRQIRXQGHGWRGRDXJKWEXWFRQWLQXH
VWDULQJDWKLVLQWHUORFXWRU
,WKLQNWKDW\RXDUHGLVWXUELQJ\RXUVHOIXQQHFHVVDULO\ZDV
&KLFKLNRY
VQH[WUHPDUN
,"2KQR1RWDWDOOVWDPPHUHG0DQLORY2QO\SDUGRQPH,GRQRW
TXLWHFRPSUHKHQG\RX<RXVHHQHYHUKDVLWIDOOHQWRP\ORWWR
DFTXLUHWKHEULOOLDQWSROLVKZKLFKLVVRWRVSHDNPDQLIHVWLQ\RXU
HYHU\PRYHPHQW1RUKDYH,HYHUEHHQDEOHWRDWWDLQWKHDUWRI
H[SUHVVLQJP\VHOIZHOO&RQVHTXHQWO\DOWKRXJKWKHUHLVDSRVVLELOLW\
WKDWLQWKHHUXWWHUDQFHVZKLFKKDYHMXVWIDOOHQIURP\RXUOLSV
WKHUHPD\OLHVRPHWKLQJHOVHFRQFHDOHGLWPD\HTXDOO\EH
WKDWHU\RXKDYHEHHQSOHDVHGVRWRH[SUHVV\RXUVHOIIRUWKHVDNHRI
WKHEHDXW\RIWKHWHUPVZKHUHLQWKDWH[SUHVVLRQIRXQGVKDSH"
2KQRDVVHUWHG&KLFKLNRY,PHDQZKDW,VD\DQGQRPRUH0\

33

UHIHUHQFHWRVXFKRI\RXUSOHDVDQWVRXOVDVDUHGHDGZDVLQWHQGHGWR
EHWDNHQOLWHUDOO\
0DQLORYVWLOOIHOWDWDORVVWKRXJKKHZDVFRQVFLRXVWKDWKH0867
GRVRPHWKLQJKH0867SURSRXQGVRPHTXHVWLRQ%XWZKDWTXHVWLRQ"7KH
GHYLODORQHNQHZ,QWKHHQGKHPHUHO\H[SHOOHGVRPHPRUHWREDFFR
VPRNHWKLVWLPHIURPKLVQRVWULOVDVZHOODVIURPKLVPRXWK
6RZHQWRQ&KLFKLNRYLIQRREVWDFOHVWDQGVLQWKHZD\ZHPLJKW
DVZHOOSURFHHGWRWKHFRPSOHWLRQRIWKHSXUFKDVH
:KDW"2IWKHSXUFKDVHRIWKHGHDGVRXOV"
2IWKH
GHDG
VRXOV"2KGHDUQR/HWXVZULWHWKHPGRZQDV/,9,1*
RQHVVHHLQJWKDWWKDWLVKRZWKH\ILJXUHLQWKHFHQVXVUHWXUQV1HYHU
GR,SHUPLWP\VHOIWRVWHSRXWVLGHWKHFLYLOODZJUHDWWKRXJKKDV
EHHQWKHKDUPZKLFKWKDWUXOHKDVZURXJKWPHLQP\FDUHHU,QP\H\HV
DQREOLJDWLRQLVDVDFUHGWKLQJ,QWKHSUHVHQFHRIWKHODZ,DP
GXPE
7KHVHODVWZRUGVUHDVVXUHG0DQLORYQRWDOLWWOH\HWVWLOOWKHPHDQLQJ
RIWKHDIIDLUUHPDLQHGWRKLPDP\VWHU\%\ZD\RIDQVZHUKHIHOOWR
VXFNLQJDWKLVSLSHZLWKVXFKYHKHPHQFHWKDWDWOHQJWKWKHSLSHEHJDQ
WRJXUJOHOLNHDEDVVRRQ,WZDVDVWKRXJKKHKDGEHHQVHHNLQJRILW
LQVSLUDWLRQLQWKHSUHVHQWXQKHDUGRIMXQFWXUH%XWWKHSLSHRQO\
JXUJOHGHWSUDHWHUHDQLKLO
3HUKDSV\RXIHHOGRXEWIXODERXWWKHSURSRVDO"VDLG&KLFKLNRY
1RWDWDOOUHSOLHG0DQLORY%XW\RXZLOO,NQRZH[FXVHPHLI,
VD\ DQG,VD\LWRXWRIQRVSLULWRISUHMXGLFHQRU\HWDV
FULWLFLVLQJ\RXUVHOILQDQ\ZD\ \RXZLOO,NQRZH[FXVHPHLI,VD\
WKDWSRVVLEO\WKLVHUWKLVHU6&+(0(RI\RXUV
WKLVHU75$16$&7,21RI\RXUVPD\IDLODOWRJHWKHUWRDFFRUGZLWK
WKH&LYLO6WDWXWHVDQG3URYLVLRQVRIWKH5HDOP"
$QG0DQLORYZLWKDVOLJKWJHVWXUHRIWKHKHDGORRNHGPHDQLQJO\LQWR
&KLFKLNRY
VIDFHZKLOHGLVSOD\LQJLQKLVHYHU\IHDWXUHLQFOXGLQJKLV
FORVHO\FRPSUHVVHGOLSVVXFKDQH[SUHVVLRQRISURIXQGLW\DVQHYHU
EHIRUHZDVVHHQRQDQ\KXPDQFRXQWHQDQFHXQOHVVRQWKDWRIVRPH
SDUWLFXODUO\VDSLHQW0LQLVWHURI6WDWHZKRLVGHEDWLQJVRPH
SDUWLFXODUO\DEVWUXVHSUREOHP
1HYHUWKHOHVV&KLFKLNRYUHMRLQHGWKDWWKHNLQGRIVFKHPHRUWUDQVDFWLRQ

34

ZKLFKKHKDGDGXPEUDWHGLQQRZD\FODVKHGZLWKWKH&LYLO6WDWXWHVDQG
3URYLVLRQVRI5XVVLDWRZKLFKKHDGGHGWKDWWKH7UHDVXU\ZRXOGHYHQ
%(1(),7E\WKHHQWHUSULVHVHHLQJLWZRXOGGUDZWKHUHIURPWKHXVXDO
OHJDOSHUFHQWDJH
:KDWWKHQGR\RXSURSRVH"DVNHG0DQLORY
,SURSRVHRQO\ZKDWLVDERYHERDUGDQGQRWKLQJHOVH
7KHQWKDWEHLQJVRLWLVDQRWKHUPDWWHUDQG,KDYHQRWKLQJWRXUJH
DJDLQVWLWVDLG0DQLORYDSSDUHQWO\UHDVVXUHGWRWKHIXOO
9HU\ZHOOUHPDUNHG&KLFKLNRY7KHQZHQHHGRQO\WRDJUHHDVWRWKH
SULFH
$VWRWKHSULFH"EHJDQ0DQLORYDQGWKHQVWRSSHG3UHVHQWO\KHZHQW
RQ6XUHO\\RXFDQQRWVXSSRVHPHFDSDEOHRIWDNLQJPRQH\IRUVRXOV
ZKLFKLQRQHVHQVHDWOHDVWKDYHFRPSOHWHGWKHLUH[LVWHQFH"6HHLQJ
WKDWWKLVIDQWDVWLFZKLPRI\RXUV LI,PD\VRFDOOLW" KDVVHL]HG
XSRQ\RXWRWKHH[WHQWWKDWLWKDV,RQP\VLGHVKDOOEHUHDG\WR
VXUUHQGHUWR\RXWKRVHVRXOV81&21',7,21$//<DQGWRFKDUJHP\VHOI
ZLWKWKHZKROHH[SHQVHVRIWKHVDOH
,VKRXOGEHJUHDWO\WREODPHLI,ZHUHWRRPLWWKDWDVVRRQDV
0DQLORYKDGSURQRXQFHGWKHVHZRUGVWKHIDFHRIKLVJXHVWEHFDPH
UHSOHWHZLWKVDWLVIDFWLRQ,QGHHGJUDYHDQGSUXGHQWDPDQWKRXJK
&KLFKLNRYZDVKHKDGPXFKDGRWRUHIUDLQIURPH[HFXWLQJDOHDSWKDW
ZRXOGKDYHGRQHFUHGLWWRDJRDW DQDQLPDOZKLFKDVZHDOONQRZ
ILQGVLWVHOIPRYHGWRVXFKH[HUWLRQVRQO\GXULQJPRPHQWVRIWKHPRVW
HFVWDWLFMR\ 1HYHUWKHOHVVWKHJXHVWGLGDWOHDVWH[HFXWHVXFKD
FRQYXOVLYHVKXIIOHWKDWWKHPDWHULDOZLWKZKLFKWKHFXVKLRQVRIWKH
FKDLUZHUHFRYHUHGFDPHDSDUWDQG0DQLORYJD]HGDWKLPZLWKVRPH
PLVJLYLQJ)LQDOO\&KLFKLNRY
VJUDWLWXGHOHGKLPWRSOXQJHLQWRD
VWUHDPRIDFNQRZOHGJHPHQWRIDYHKHPHQFHZKLFKFDXVHGKLVKRVWWRJURZ
FRQIXVHGWREOXVKWRVKDNHKLVKHDGLQGHSUHFDWLRQDQGWRHQGE\
GHFODULQJWKDWWKHFRQFHVVLRQZDVQRWKLQJDQGWKDWKLVRQHGHVLUH
EHLQJWRPDQLIHVWWKHGLFWDWHVRIKLVKHDUWDQGWKHSV\FKLFPDJQHWLVP
ZKLFKKLVIULHQGH[HUFLVHGKHLQVKRUWORRNHGXSRQWKHGHDGVRXOV
DVVRPXFKZRUWKOHVVUXEELVK
1RWDWDOOUHSOLHG&KLFKLNRYSUHVVLQJKLVKDQGDIWHUZKLFKKH
KHDYHGDSURIRXQGVLJK,QGHHGKHVHHPHGLQWKHULJKWPRRGIRU
RXWSRXULQJVRIWKHKHDUWIRUKHFRQWLQXHGQRWZLWKRXWDULQJRI
HPRWLRQLQKLVWRQH,I\RXEXWNQHZWKHVHUYLFHZKLFK\RXKDYH

35

UHQGHUHGWRDQDSSDUHQWO\LQVLJQLILFDQWLQGLYLGXDOZKRLVGHYRLGERWK
RIIDPLO\DQGNLQGUHG)RUZKDWKDYH,QRWVXIIHUHGLQP\WLPH,D
GULIWLQJEDUTXHDPLGWKHWHPSHVWXRXVELOORZVRIOLIH":KDWKDUU\LQJV
ZKDWSHUVHFXWLRQVKDYH,QRWNQRZQ"2IZKDWJULHIKDYH,QRWWDVWHG"
$QGZK\"6LPSO\EHFDXVH,KDYHHYHUNHSWWKHWUXWKLQYLHZEHFDXVH
HYHU,KDYHSUHVHUYHGLQYLRODWHDQXQVXOOLHGFRQVFLHQFHEHFDXVHHYHU
,KDYHVWUHWFKHGRXWDKHOSLQJKDQGWRWKHGHIHQFHOHVVZLGRZDQGWKH
KDSOHVVRUSKDQ$IWHUZKLFKRXWSRXULQJ&KLFKLNRYSXOOHGRXWKLV
KDQGNHUFKLHIDQGZLSHGDZD\DEULPPLQJWHDU
0DQLORY
VKHDUWZDVPRYHGWRWKHFRUH$JDLQDQGDJDLQGLGWKHWZR
IULHQGVSUHVVRQHDQRWKHU
VKDQGVLQVLOHQFHDVWKH\JD]HGLQWRRQH
DQRWKHU
VWHDUILOOHGH\HV,QGHHG0DQLORY&28/'QRWOHWJRRXU
KHUR
VKDQGEXWFODVSHGLWZLWKVXFKZDUPWKWKDWWKHKHURLQTXHVWLRQ
EHJDQWRIHHOKLPVHOIDWDORVVKRZEHVWWRZUHQFKLWIUHHXQWLO
TXLHWO\ZLWKGUDZLQJLWKHREVHUYHGWKDWWRKDYHWKHSXUFKDVH
FRPSOHWHGDVVSHHGLO\DVSRVVLEOHZRXOGQRWEHDEDGWKLQJZKHUHIRUH
KHKLPVHOIZRXOGDWRQFHUHWXUQWRWKHWRZQWRDUUDQJHPDWWHUV7DNLQJ
XSKLVKDWWKHUHIRUHKHURVHWRPDNHKLVDGLHXV
:KDW"$UH\RXGHSDUWLQJDOUHDG\"VDLG0DQLORYVXGGHQO\UHFRYHULQJ
KLPVHOIDQGH[SHULHQFLQJDVHQVHRIPLVJLYLQJ$WWKDWPRPHQWKLV
ZLIHVDLOHGLQWRWKHURRP
,V3DXO,YDQRYLWFKOHDYLQJXVVRVRRQGHDUHVW/L]DQND"VKHVDLG
ZLWKDQDLURIUHJUHW
<HV6XUHO\LWPXVWEHWKDWZHKDYHZHDULHGKLP"KHUVSRXVHUHSOLHG
%\QRPHDQVDVVHUWHG&KLFKLNRYSUHVVLQJKLVKDQGWRKLVKHDUW,Q
WKLVEUHDVWPDGDPZLOODELGHIRUHYHUWKHSOHDVDQWPHPRU\RIWKH
WLPHZKLFK,KDYHVSHQWZLWK\RX%HOLHYHPH,FRXOGFRQFHLYHRIQR
JUHDWHUEOHVVLQJWKDQWRUHVLGHLIQRWXQGHUWKHVDPHURRIDV
\RXUVHOYHVDWDOOHYHQWVLQ\RXULPPHGLDWHQHLJKERXUKRRG
,QGHHG"H[FODLPHG0DQLORYJUHDWO\SOHDVHGZLWKWKHLGHD+RZ
VSOHQGLGLWZRXOGEHLI\RX','FRPHWRUHVLGHXQGHURXUURRIVR
WKDWZHFRXOGUHFOLQHXQGHUDQHOPWUHHWRJHWKHUDQGWDONSKLORVRSK\
DQGGHOYHWRWKHYHU\URRWRIWKLQJV
<HVLW:28/'EHDSDUDGLVDLFDOH[LVWHQFHDJUHHG&KLFKLNRYZLWKD
VLJK1HYHUWKHOHVVKHVKRRNKDQGVZLWK0DGDPH)DUHZHOOVXGDULQD
KHVDLG$QGIDUHZHOOWR<28P\HVWHHPHGKRVW'RQRWIRUJHWZKDW
,KDYHUHTXHVWHG\RXWRGR

36

5HVWDVVXUHGWKDW,ZLOOQRWUHVSRQGHG0DQLORY2QO\IRUDFRXSOH
RIGD\VZLOO\RXDQG,EHSDUWHGIURPRQHDQRWKHU
:LWKWKDWWKHSDUW\PRYHGLQWRWKHGUDZLQJURRP
)DUHZHOOGHDUHVWFKLOGUHQ&KLFKLNRYZHQWRQDVKHFDXJKWVLJKWRI
$ONLGDQG7KHPLVWRFOHXVZKRZHUHSOD\LQJZLWKDZRRGHQKXVVDUZKLFK
ODFNHGERWKDQRVHDQGRQHDUP)DUHZHOOGHDUHVWSHWV3DUGRQPHIRU
KDYLQJEURXJKW\RXQRSUHVHQWVEXWWRWHOO\RXWKHWUXWK,ZDVQRW
XQWLOP\YLVLWDZDUHRI\RXUH[LVWHQFH+RZHYHUQRZWKDW,VKDOOEH
FRPLQJDJDLQ,ZLOOQRWIDLOWREULQJ\RXJLIWV7KHPLVWRFOHXVWR
\RX,ZLOOEULQJDVZRUG<RXZRXOGOLNHWKDWZRXOG\RXQRW"
,VKRXOGUHSOLHG7KHPLVWRFOHXV
$QGWR\RX$ONLG,ZLOOEULQJDGUXP7KDWZRXOGVXLW\RXZRXOGLW
QRW"$QGKHERZHGLQ$ONLG
VGLUHFWLRQ
=HWKDGUXPOLVSHGWKHER\KDQJLQJKLVKHDG
*RRG7KHQDGUXPLWVKDOOEH68&+DEHDXWLIXOGUXP:KDWD
WXUUUUXLQJDQGDWUDWDWDWDLQJ\RXZLOOEHDEOHWRNLFNXS
)DUHZHOOP\GDUOLQJ$QGNLVVLQJWKHER\
VKHDGKHWXUQHGWR
0DQLORYDQG0DGDPHZLWKWKHVOLJKWVPLOHZKLFKRQHDVVXPHVEHIRUH
DVVXULQJSDUHQWVRIWKHJXLOHOHVVPHULWVRIWKHLURIIVSULQJ
%XW\RXKDGEHWWHUVWD\3DXO,YDQRYLWFKVDLGWKHIDWKHUDVWKH
WULRVWHSSHGRXWRQWRWKHYHUDQGDK6HHKRZWKHFORXGVDUH
JDWKHULQJ
7KH\DUHRQO\VPDOORQHVUHSOLHG&KLFKLNRY
$QG\RXNQRZ\RXUZD\WR6REDNHYLWFK
V"
1R,GRQRWDQGVKRXOGEHJODGLI\RXZRXOGGLUHFWPH
,I\RXOLNH,ZLOOWHOO\RXUFRDFKPDQ$QGLQYHU\FLYLOIDVKLRQ
0DQLORYGLGVRHYHQJRLQJVRIDUDVWRDGGUHVVWKHPDQLQWKHVHFRQG
SHUVRQSOXUDO2QKHDULQJWKDWKHZDVWRSDVVWZRWXUQLQJVDQGWKHQ
WRWDNHDWKLUG6HOLIDQUHPDUNHG:HVKDOOJHWWKHUHDOOULJKW
VLUDQG&KLFKLNRYGHSDUWHGDPLGDSURIRXQGVDOYRRIVDOXWDWLRQVDQG
ZDYLQJVRIKDQGNHUFKLHIVRQWKHSDUWRIKLVKRVWDQGKRVWHVVZKR
UDLVHGWKHPVHOYHVRQWLSWRHLQWKHLUHQWKXVLDVP

37

)RUDORQJZKLOH0DQLORYVWRRGIROORZLQJWKHGHSDUWLQJEULWFKNDZLWK
KLVH\HV,QIDFWKHFRQWLQXHGWRVPRNHKLVSLSHDQGJD]HDIWHUWKH
YHKLFOHHYHQZKHQLWKDGEHFRPHORVWWRYLHZ7KHQKHUHHQWHUHGWKH
GUDZLQJURRPVHDWHGKLPVHOIXSRQDFKDLUDQGVXUUHQGHUHGKLVPLQGWR
WKHWKRXJKWWKDWKHKDGVKRZQKLVJXHVWPRVWH[FHOOHQWHQWHUWDLQPHQW
1H[WKLVPLQGSDVVHGLPSHUFHSWLEO\WRRWKHUPDWWHUVXQWLODWODVWLW
ORVWLWVHOI*RGRQO\NQRZVZKHUH+HWKRXJKWRIWKHDPHQLWLHVRID
OLIHRIIULHQGVKLSDQGRIKRZQLFHLWZRXOGEHWROLYHZLWKD
FRPUDGHRQVD\WKHEDQNRIVRPHULYHUDQGWRVSDQWKHULYHUZLWKD
EULGJHRIKLVRZQDQGWREXLOGDQHQRUPRXVPDQVLRQZLWKDIDFDGH
ORIW\HQRXJKHYHQWRDIIRUGDYLHZWR0RVFRZ2QWKDWIDFDGHKHDQG
KLVZLIHDQGIULHQGZRXOGGULQNDIWHUQRRQWHDLQWKHRSHQDLUDQG
GLVFXVVLQWHUHVWLQJVXEMHFWVDIWHUZKLFKLQDILQHFDUULDJHWKH\
ZRXOGGULYHWRVRPHUHXQLRQRURWKHUZKHUHZLWKWKHLUSOHDVDQW
PDQQHUVWKH\ZRXOGVRFKDUPWKHFRPSDQ\WKDWWKH,PSHULDO*RYHUQPHQW
RQOHDUQLQJRIWKHLUPHULWVZRXOGUDLVHWKHSDLUWRWKHJUDGHRI
*HQHUDORU*RGNQRZVZKDWWKDWLVWRVD\WRKHLJKWVZKHUHRIHYHQ
0DQLORYKLPVHOIFRXOGIRUPQRLGHD7KHQVXGGHQO\&KLFKLNRY
V
H[WUDRUGLQDU\UHTXHVWLQWHUUXSWHGWKHGUHDPHU
VUHIOHFWLRQVDQGKH
IRXQGKLVEUDLQSRZHUOHVVWRGLJHVWLWVHHLQJWKDWWXUQDQGWXUQWKH
PDWWHUDERXWDVKHPLJKWKHFRXOGQRWSURSHUO\H[SODLQLWVEHDULQJ
6PRNLQJKLVSLSHKHVDWZKHUHKHZDVXQWLOVXSSHUWLPH

&+$37(5,,,
0HDQZKLOH&KLFKLNRYVHDWHGLQKLVEULWFKNDDQGERZOLQJDORQJWKH
WXUQSLNHZDVIHHOLQJJUHDWO\SOHDVHGZLWKKLPVHOI)URPWKHSUHFHGLQJ
FKDSWHUWKHUHDGHUZLOOKDYHJDWKHUHGWKHSULQFLSDOVXEMHFWRIKLV
EHQWDQGLQFOLQDWLRQVZKHUHIRUHLWLVQRPDWWHUIRUZRQGHUWKDWKLV
ERG\DQGKLVVRXOKDGHQGHGE\EHFRPLQJZKROO\LPPHUVHGWKHUHLQ7R
DOODSSHDUDQFHVWKHWKRXJKWVWKHFDOFXODWLRQVDQGWKHSURMHFWVZKLFK
ZHUHQRZUHIOHFWHGLQKLVIDFHSDUWRRNRIDSOHDVDQWQDWXUHVLQFH
PRPHQWDULO\WKH\NHSWOHDYLQJEHKLQGWKHPDVDWLVILHGVPLOH,QGHHG
VRHQJURVVHGZDVKHWKDWKHQHYHUQRWLFHGWKDWKLVFRDFKPDQHODWHG
ZLWKWKHKRVSLWDOLW\RI0DQLORY
VGRPHVWLFVZDVPDNLQJUHPDUNVRID
GLGDFWLFQDWXUHWRWKHRIIKRUVHRIWKHWURLND>@DVNHZEDOG7KLV
VNHZEDOGZDVDNQRZLQJDQLPDODQGPDGHRQO\DVKRZRISXOOLQJ
ZKHUHDVLWVFRPUDGHVWKHPLGGOHKRUVH DED\DQGNQRZQDVWKH
$VVHVVRURZLQJWRKLVKDYLQJEHHQDFTXLUHGIURPDJHQWOHPDQRIWKDW
UDQN DQGWKHQHDUKRUVH DURDQ ZRXOGGRWKHLUZRUNJDOODQWO\DQG
HYHQHYLQFHLQWKHLUH\HVWKHSOHDVXUHZKLFKWKH\GHULYHGIURPWKHLU

38

H[HUWLRQV
>@7KUHHKRUVHVKDUQHVVHGDEUHDVW
$K\RXUDVFDO\RXUDVFDO,
OOJHWWKHEHWWHURI\RXHMDFXODWHG
6HOLIDQDVKHVDWXSDQGJDYHWKHOD]\RQHDFXWZLWKKLVZKLS<28
NQRZ\RXUEXVLQHVVDOOULJKW\RX*HUPDQSDQWDORRQ7KHED\LVDJRRG
IHOORZDQGGRHVKLVGXW\DQG,ZLOOJLYHKLPDELWRYHUKLVIHHG
IRUKHLVDKRUVHWREHUHVSHFWHGDQGWKH$VVHVVRUWRRLVDJRRG
KRUVH%XWZKDWDUH<28VKDNLQJ\RXUHDUVIRU"<RXDUHDIRROVR
MXVWPLQGZKHQ\RX
UHVSRNHQWR
7LVJRRGDGYLFH,
PJLYLQJ\RX\RX
EORFNKHDG$K<RX&$1WUDYHOZKHQ\RXOLNH$QGKHJDYHWKHDQLPDO
DQRWKHUFXWDQGWKHQVKRXWHGWRWKHWULR*HHXSP\EHDXWLHVDQG
GUHZKLVZKLSJHQWO\DFURVVWKHEDFNVRIWKHVNHZEDOG
VFRPUDGHVQRW
DVDSXQLVKPHQWEXWDVDVLJQRIKLVDSSURYDO7KDWGRQHKH
DGGUHVVHGKLPVHOIWRWKHVNHZEDOGDJDLQ
'R\RXWKLQNKHFULHGWKDW,GRQ
WVHHZKDW\RXDUHGRLQJ"<RX
FDQEHKDYHTXLWHGHFHQWO\ZKHQ\RXOLNHDQGPDNHDPDQUHVSHFW\RX
:LWKWKDWKHIHOOWRUHFDOOLQJFHUWDLQUHPLQLVFHQFHV
7KH\ZHUH1,&(IRONWKRVHIRONDWWKHJHQWOHPDQ
V\RQGHUKH
PXVHG,'2ORYHDFKDWZLWKDPDQZKHQKHLVDJRRGVRUW:LWKD
PDQRIWKDWNLQG,DPDOZD\VKDLOIHOORZZHOOPHWDQGJODGWRGULQND
JODVVRIWHDZLWKKLPRUWRHDWDELVFXLW2QH&$1
7KHOS
UHVSHFWLQJDGHFHQWIHOORZ)RULQVWDQFHWKLVJHQWOHPDQRIPLQHZK\
HYHU\RQHORRNVXSWRKLPIRUKHKDVEHHQLQWKH*RYHUQPHQW
V
VHUYLFHDQGLVD&ROOHJLDWH&RXQFLOORU
7KXVVROLORTXLVLQJKHSDVVHGWRPRUHUHPRWHDEVWUDFWLRQVXQWLOKDG
&KLFKLNRYEHHQOLVWHQLQJKHZRXOGKDYHOHDUQWDQXPEHURILQWHUHVWLQJ
GHWDLOVFRQFHUQLQJKLPVHOI+RZHYHUKLVWKRXJKWVZHUHZKROO\RFFXSLHG
ZLWKKLVRZQVXEMHFWVRPXFKVRWKDWQRWXQWLODORXGFODSRIWKXQGHU
DZRNHKLPIURPKLVUHYHULHGLGKHJODQFHDURXQGKLP7KHVN\ZDV
FRPSOHWHO\FRYHUHGZLWKFORXGVDQGWKHGXVW\WXUQSLNHEHJLQQLQJWREH
VSULQNOHGZLWKGURSVRIUDLQ$WOHQJWKDVHFRQGDQGDQHDUHUDQGD
ORXGHUSHDOUHVRXQGHGDQGWKHUDLQGHVFHQGHGDVIURPDEXFNHW
)DOOLQJVODQWZLVHLWEHDWXSRQRQHVLGHRIWKHEDVNHWZRUNRIWKHWLOW
XQWLOWKHVSODVKLQJVEHJDQWRVSXUWLQWRKLVIDFHDQGKHIRXQG
KLPVHOIIRUFHGWRGUDZWKHFXUWDLQV ILWWHGZLWKFLUFXODURSHQLQJV
WKURXJKZKLFKWRREWDLQDJOLPSVHRIWKHZD\VLGHYLHZ DQGWRVKRXW
WR6HOLIDQWRTXLFNHQKLVSDFH8SRQWKDWWKHFRDFKPDQLQWHUUXSWHGLQ
WKHPLGGOHRIKLVKDUDQJXHEHWKRXJKWKLPWKDWQRWLPHZDVWREHORVW

39

ZKHUHIRUHH[WUDFWLQJIURPXQGHUWKHER[VHDWDSLHFHRIROGEODQNHW
KHFRYHUHGRYHUKLVVOHHYHVUHVXPHGWKHUHLQVDQGFKHHUHGRQKLV
WKUHHIROGWHDP ZKLFKLWPD\EHVDLGKDGVRFRPSOHWHO\VXFFXPEHGWR
WKHLQIOXHQFHRIWKHSOHDVDQWODVVLWXGHLQGXFHGE\6HOLIDQ
VGLVFRXUVH
WKDWLWKDGWDNHQWRVFDUFHO\SODFLQJRQHOHJEHIRUHWKHRWKHU 
8QIRUWXQDWHO\6HOLIDQFRXOGQRWFOHDUO\UHPHPEHUZKHWKHUWZRWXUQLQJV
KDGEHHQSDVVHGRUWKUHH,QGHHGRQFROOHFWLQJKLVIDFXOWLHVDQG
GLPO\UHFDOOLQJWKHOLHRIWKHURDGKHEHFDPHILOOHGZLWKDVKUHZG
VXVSLFLRQWKDW$9(5</$5*(180%(5RIWXUQLQJVKDGEHHQSDVVHG%XW
VLQFHDWPRPHQWVZKLFKFDOOIRUDKDVW\GHFLVLRQD5XVVLDQLVTXLFN
WRGLVFRYHUZKDWPD\FRQFHLYDEO\EHWKHEHVWFRXUVHWRWDNHRXU
FRDFKPDQSXWDZD\IURPKLPDOOXOWHULRUUHDVRQLQJDQGWXUQLQJWRWKH
ULJKWDWWKHQH[WFURVVURDGVKRXWHG+LP\EHDXWLHVDQGVHWRII
DWDJDOORS1HYHUIRUDPRPHQWGLGKHVWRSWRWKLQNZKLWKHUWKHURDG
PLJKWOHDGKLP
,WZDVORQJEHIRUHWKHFORXGVKDGGLVFKDUJHGWKHLUEXUGHQDQG
PHDQZKLOHWKHGXVWRQWKHURDGEHFDPHNQHDGHGLQWRPLUHDQGWKH
KRUVHV
WDVNRISXOOLQJWKHEULWFKNDKHDYLHUDQGKHDYLHU$OVR
&KLFKLNRYKDGWDNHQDODUPDWKLVFRQWLQXHGIDLOXUHWRFDWFKVLJKWRI
6REDNHYLWFK
VFRXQWU\KRXVH$FFRUGLQJWRKLVFDOFXODWLRQVLWRXJKW
WRKDYHEHHQUHDFKHGORQJDJR+HJD]HGDERXWKLPRQHYHU\VLGHEXW
WKHGDUNQHVVZDVWRRGHQVHIRUWKHH\HWRSLHUFH
6HOLIDQKHH[FODLPHGOHDQLQJIRUZDUGLQWKHEULWFKND
:KDWLVLWEDULQ"UHSOLHGWKHFRDFKPDQ
&DQ\RXVHHWKHFRXQWU\KRXVHDQ\ZKHUH"
1REDULQ$IWHUZKLFKZLWKDIORXULVKRIWKHZKLSWKHPDQEURNH
LQWRDVRUWRIHQGOHVVGUDZOLQJVRQJ,QWKDWVRQJHYHU\WKLQJKDGD
SODFH%\HYHU\WKLQJ,PHDQERWKWKHYDULRXVHQFRXUDJLQJDQG
VWLPXODWLQJFULHVZLWKZKLFK5XVVLDQIRONXUJHRQWKHLUKRUVHVDQGD
UDQGRPXQSUHPHGLWDWHGVHOHFWLRQRIDGMHFWLYHV
0HDQZKLOH&KLFKLNRYEHJDQWRQRWLFHWKDWWKHEULWFKNDZDVVZD\LQJ
YLROHQWO\DQGGHDOLQJKLPRFFDVLRQDOEXPSV&RQVHTXHQWO\KHVXVSHFWHG
WKDWLWKDGOHIWWKHURDGDQGZDVEHLQJGUDJJHGRYHUDSORXJKHGILHOG
8SRQ6HOLIDQ
VPLQGWKHUHDSSHDUHGWRKDYHGDZQHGDVLPLODULQNOLQJ
IRUKHKDGFHDVHGWRKROGIRUWK
<RXUDVFDOZKDWURDGDUH\RXIROORZLQJ"LQTXLUHG&KLFKLNRY

40

,GRQ
WNQRZUHWRUWHGWKHFRDFKPDQ:KDWFDQDPDQGRDWDWLPHRI
QLJKWZKHQWKHGDUNQHVVZRQ
WOHWKLPHYHQVHHKLVZKLS"$QGDV
6HOLIDQVSRNHWKHYHKLFOHWLOWHGWRDQDQJOHZKLFKOHIW&KLFKLNRYQR
FKRLFHEXWWRKDQJRQZLWKKDQGVDQGWHHWK$WOHQJWKKHUHDOLVHGWKH
IDFWWKDW6HOLIDQZDVGUXQN
6WRSVWRSRU\RXZLOOXSVHWXVKHVKRXWHGWRWKHIHOORZ
1RQREDULQUHSOLHG6HOLIDQ+2:FRXOG,XSVHW\RX"7RXSVHW
SHRSOHLVZURQJ,NQRZWKDWYHU\ZHOODQGVKRXOGQHYHUGUHDPRIVXFK
FRQGXFW
+HUHKHVWDUWHGWRWXUQWKHYHKLFOHURXQGDOLWWOHDQGNHSWRQGRLQJ
VRXQWLOWKHEULWFKNDFDSVL]HGRQWRLWVVLGHDQG&KLFKLNRYODQGHGLQ
WKHPXGRQKLVKDQGVDQGNQHHV)RUWXQDWHO\6HOLIDQVXFFHHGHGLQ
VWRSSLQJWKHKRUVHVDOWKRXJKWKH\ZRXOGKDYHVWRSSHGRIWKHPVHOYHV
VHHLQJWKDWWKH\ZHUHXWWHUO\ZRUQRXW7KLVXQIRUHVHHQFDWDVWURSKH
HYLGHQWO\DVWRQLVKHGWKHLUGULYHU6OLSSLQJIURPWKHER[KHVWRRG
UHVWLQJKLVKDQGVDJDLQVWWKHVLGHRIWKHEULWFKNDZKLOH&KLFKLNRY
WXPEOHGDQGIORXQGHUHGDERXWLQWKHPXGLQDYDLQHQGHDYRXUWR
ZULJJOHFOHDURIWKHVWXII
$K\RXVDLG6HOLIDQPHGLWDWLYHO\WRWKHEULWFKND7RWKLQNRI
XSVHWWLQJXVOLNHWKLV
<RXDUHDVGUXQNDVDORUGH[FODLPHG&KLFKLNRY
1RQREDULQ'UXQNLQGHHG":K\,NQRZP\PDQQHUVWRRZHOO$ZRUG
RUWZRZLWKDIULHQGWKDWLVDOOWKDW,KDYHWDNHQ$Q\RQHPD\WDON
ZLWKDGHFHQWPDQZKHQKHPHHWVKLP7KHUHLVQRWKLQJZURQJLQWKDW
$OVRZHKDGDVQDFNWRJHWKHU7KHUHLVQRWKLQJZURQJLQD
VQDFNHVSHFLDOO\DVQDFNZLWKDGHFHQWPDQ
:KDWGLG,VD\WR\RXZKHQODVW\RXJRWGUXQN"DVNHG&KLFKLNRY
+DYH\RXIRUJRWWHQZKDW,VDLGWKHQ"
1RQREDULQ+2:FRXOG,IRUJHWLW",NQRZZKDWLVZKDWDQGNQRZ
WKDWLWLVQRWULJKWWRJHWGUXQN$OOWKDW,KDYHEHHQKDYLQJLVD
ZRUGRUWZRZLWKDGHFHQWPDQIRUWKHUHDVRQWKDW
:HOOLI,OD\WKHZKLSDERXW\RX\RX
OONQRZWKHQKRZWRWDONWRD
GHFHQWIHOORZ,
OOZDUUDQW
$V\RXSOHDVHEDULQUHSOLHGWKHFRPSODFHQW6HOLIDQ6KRXOG\RX

41

ZKLSPH\RXZLOOZKLSPHDQG,VKDOOKDYHQRWKLQJWRFRPSODLQRI
:K\VKRXOG\RXQRWZKLSPHLI,GHVHUYHLW"
7LVIRU\RXWRGRDV\RX
OLNH:KLSSLQJVDUHQHFHVVDU\VRPHWLPHVIRUDSHDVDQWRIWHQSOD\VWKH
IRRODQGGLVFLSOLQHRXJKWWREHPDLQWDLQHG,I,KDYHGHVHUYHGLW
EHDWPH:K\VKRXOG\RXQRW"
7KLVUHDVRQLQJVHHPHGDWWKHPRPHQWLUUHIXWDEOHDQG&KLFKLNRYVDLG
QRWKLQJPRUH)RUWXQDWHO\IDWHKDGGHFLGHGWRWDNHSLW\RQWKHSDLU
IRUIURPDIDUWKHLUHDUVFDXJKWWKHEDUNLQJRIDGRJ3OXFNLQJXS
FRXUDJH&KLFKLNRYJDYHRUGHUVIRUWKHEULWFKNDWREHULJKWHGDQGWKH
KRUVHVWREHXUJHGIRUZDUGDQGVLQFHD5XVVLDQGULYHUKDVDWOHDVW
WKLVPHULWWKDWRZLQJWRDNHHQVHQVHRIVPHOOEHLQJDEOHWRWDNH
WKHSODFHRIH\HVLJKWKHFDQLIQHFHVVDU\GULYHDWUDQGRPDQG\HW
UHDFKDGHVWLQDWLRQRIVRPHVRUW6HOLIDQVXFFHHGHGWKRXJKSRZHUOHVV
WRGLVFHUQDVLQJOHREMHFWLQGLUHFWLQJKLVVWHHGVWRDFRXQWU\KRXVH
QHDUE\DQGWKDWZLWKVXFKDFHUWDLQW\RILQVWLQFWWKDWLWZDVQRW
XQWLOWKHVKDIWVKDGFROOLGHGZLWKDJDUGHQZDOODQGWKHUHE\PDGHLW
FOHDUWKDWWRSURFHHGDQRWKHUSDFHZDVLPSRVVLEOHWKDWKHVWRSSHG
$OOWKDW&KLFKLNRYFRXOGGLVFHUQWKURXJKWKHWKLFNYHLORISRXULQJ
UDLQZDVVRPHWKLQJZKLFKUHVHPEOHGDYHUDQGDK6RKHGLVSDWFKHG
6HOLIDQWRVHDUFKIRUWKHHQWUDQFHJDWHVDQGWKDWSURFHVVZRXOGKDYH
ODVWHGLQGHILQLWHO\KDGLWQRWEHHQVKRUWHQHGE\WKHFLUFXPVWDQFH
WKDWLQ5XVVLDWKHSODFHRID6ZLVVIRRWPDQLVIUHTXHQWO\WDNHQE\
ZDWFKGRJVRIZKLFKDQLPDOVDQXPEHUQRZSURFODLPHGWKHWUDYHOOHUV

SUHVHQFHVRORXGO\WKDW&KLFKLNRYIRXQGKLPVHOIIRUFHGWRVWRSKLV
HDUV1H[WDOLJKWJOHDPHGLQRQHRIWKHZLQGRZVDQGILOWHUHGLQD
WKLQVWUHDPWRWKHJDUGHQZDOOWKXVUHYHDOLQJWKHZKHUHDERXWVRIWKH
HQWUDQFHJDWHVZKHUHXSRQ6HOLIDQIHOOWRNQRFNLQJDWWKHJDWHVXQWLO
WKHEROWVRIWKHKRXVHGRRUZHUHZLWKGUDZQDQGWKHUHLVVXHGWKHUHIURP
DILJXUHFODGLQDURXJKFORDN
:KRLVWKDWNQRFNLQJ":KDWKDYH\RXFRPHIRU"VKRXWHGWKHKRDUVH
YRLFHRIDQHOGHUO\ZRPDQ
:HDUHWUDYHOOHUVJRRGPRWKHUVDLG&KLFKLNRY3UD\DOORZXVWR
VSHQGWKHQLJKWKHUH
2XWXSRQ\RXIRUDSDLURIJDGDERXWVUHWRUWHGWKHROGZRPDQ$
ILQHWLPHRIQLJKWWREHDUULYLQJ:HGRQ
WNHHSDQKRWHOPLQG\RX
7KLVLVDODG\
VUHVLGHQFH
%XWZKDWDUHZHWRGRPRWKHU":HKDYHORVWRXUZD\DQGFDQQRWVSHQG
WKHQLJKWRXWRIGRRUVLQVXFKZHDWKHU

42

1RZHFDQQRW7KHQLJKWLVGDUNDQGFROGDGGHG6HOLIDQ
+ROG\RXUWRQJXH\RXIRROH[FODLPHG&KLFKLNRY
:KR$5(\RXWKHQ"LQTXLUHGWKHROGZRPDQ
$GYRULDQLQ>@JRRGPRWKHU
>@$PHPEHURIWKHJHQWU\FODVV
6RPHKRZWKHZRUGGYRULDQLQVHHPHGWRJLYHWKHROGZRPDQIRRGIRU
WKRXJKW
:DLWDPRPHQWVKHVDLGDQG,ZLOOWHOOWKHPLVWUHVV
7ZRPLQXWHVODWHUVKHUHWXUQHGZLWKDODQWHUQLQKHUKDQGWKHJDWHV
ZHUHRSHQHGDQGDOLJKWJOLPPHUHGLQDVHFRQGZLQGRZ(QWHULQJWKH
FRXUW\DUGWKHEULWFKNDKDOWHGEHIRUHDPRGHUDWHVL]HGPDQVLRQ7KH
GDUNQHVVGLGQRWSHUPLWRIYHU\DFFXUDWHREVHUYDWLRQEHLQJPDGHEXW
DSSDUHQWO\WKHZLQGRZVRQO\RIRQHKDOIRIWKHEXLOGLQJZHUH
LOOXPLQDWHGZKLOHDTXDJPLUHLQIURQWRIWKHGRRUUHIOHFWHGWKHEHDPV
IURPWKHVDPH0HDQZKLOHWKHUDLQFRQWLQXHGWREHDWVRQRURXVO\GRZQ
XSRQWKHZRRGHQURRIDQGFRXOGEHKHDUGWULFNOLQJLQWRDZDWHUEXWW
QRUIRUDVLQJOHPRPHQWGLGWKHGRJVFHDVHWREDUNZLWKDOOWKH
VWUHQJWKRIWKHLUOXQJV2QHRIWKHPWKURZLQJXSLWVKHDGNHSW
YHQWLQJDKRZORIVXFKHQHUJ\DQGGXUDWLRQWKDWWKHDQLPDOVHHPHGWR
EHKRZOLQJIRUDKDQGVRPHZDJHUZKLOHDQRWKHUFXWWLQJLQEHWZHHQWKH
\HOSLQJVRIWKHILUVWDQLPDONHSWUHVWOHVVO\UHLWHUDWLQJOLNHD
SRVWPDQ
VEHOOWKHQRWHVRIDYHU\\RXQJSXSS\)LQDOO\DQROGKRXQG
ZKLFKDSSHDUHGWREHJLIWHGZLWKDSHFXOLDUO\UREXVWWHPSHUDPHQWNHSW
VXSSO\LQJWKHSDUWRIFRQWUDEDVVRVRWKDWKLVJURZOVUHVHPEOHGWKH
UXPEOLQJRIDEDVVVLQJHUZKHQDFKRUXVLVLQIXOOFU\DQGWKHWHQRUV
DUHULVLQJRQWLSWRHLQWKHLUHIIRUWVWRFRPSDVVDSDUWLFXODUO\KLJK
QRWHDQGWKHZKROHERG\RIFKRULVWHUVDUHZDJJLQJWKHLUKHDGVEHIRUH
DSSURDFKLQJDFOLPD[DQGWKLVFRQWUDEDVVRDORQHLVWXFNLQJKLV
EHDUGHGFKLQLQWRKLVFROODUDQGVLQNLQJDOPRVWWRDVTXDWWLQJ
SRVWXUHRQWKHIORRULQRUGHUWRSURGXFHDQRWHZKLFKVKDOOFDXVHWKH
ZLQGRZVWRVKLYHUDQGWKHLUSDQHVWRFUDFN1DWXUDOO\IURPDFDQLQH
FKRUXVRIVXFKH[HFXWDQWVLWPLJKWUHDVRQDEO\EHLQIHUUHGWKDWWKH
HVWDEOLVKPHQWZDVRQHRIWKHXWPRVWUHVSHFWDELOLW\7RWKDWKRZHYHU
RXUGDPSFROGKHURJDYHQRWDWKRXJKWIRUDOOKLVPLQGZDVIL[HG
XSRQEHG,QGHHGWKHEULWFKNDKDGKDUGO\FRPHWRDVWDQGVWLOOEHIRUH
KHOHDSWRXWXSRQWKHGRRUVWHSPLVVHGKLVIRRWLQJDQGFDPHZLWKLQDQ
DFHRIIDOOLQJ7RPHHWKLPWKHUHLVVXHGDIHPDOH\RXQJHUWKDQWKH

43

ILUVWEXWYHU\FORVHO\UHVHPEOLQJKHUDQGRQKLVEHLQJFRQGXFWHGWR
WKHSDUORXUDFRXSOHRIJODQFHVVKRZHGKLPWKDWWKHURRPZDVKXQJ
ZLWKROGVWULSHGFXUWDLQVDQGRUQDPHQWHGZLWKSLFWXUHVRIELUGVDQG
VPDOODQWLTXHPLUURUVWKHODWWHUVHWLQGDUNIUDPHVZKLFKZHUH
FDUYHGWRUHVHPEOHVFUROOVRIIROLDJH%HKLQGHDFKPLUURUZDVVWXFN
HLWKHUDOHWWHURUDQROGSDFNRIFDUGVRUDVWRFNLQJZKLOHRQWKH
ZDOOKXQJDFORFNZLWKDIORZHUHGGLDO0RUHKRZHYHU&KLFKLNRYFRXOG
QRWGLVFHUQIRUKLVH\HOLGVZHUHDVKHDY\DVWKRXJKVPHDUHGZLWK
WUHDFOH3UHVHQWO\WKHODG\RIWKHKRXVHKHUVHOIHQWHUHGDQHOGHUO\
ZRPDQLQDVRUWRIQLJKWFDS KDVWLO\SXWRQ DQGDIODQQHOQHFNZUDS
6KHEHORQJHGWRWKDWFODVVRIODG\ODQGRZQHUVZKRDUHIRUHYHU
ODPHQWLQJIDLOXUHVRIWKHKDUYHVWDQGWKHLUORVVHVWKHUHE\WRWKH
FODVVZKRGURRSLQJWKHLUKHDGVGHVSRQGHQWO\DUHDOOWKHZKLOH
VWXIILQJPRQH\LQWRVWULSHGSXUVHVZKLFKWKH\NHHSKRDUGHGLQWKH
GUDZHUVRIFXSERDUGV,QWRRQHSXUVHWKH\ZLOOVWXIIURXEOHSLHFHV
LQWRDQRWKHUKDOIURXEOHVDQGLQWRDWKLUGWFKHWYHUWDFKNL>@
DOWKRXJKIURPWKHLUPLHQ\RXZRXOGVXSSRVHWKDWWKHFXSERDUGFRQWDLQHG
RQO\OLQHQDQGQLJKWVKLUWVDQGVNHLQVRIZRRODQGWKHSLHFHRIVKDEE\
PDWHULDOZKLFKLVGHVWLQHGVKRXOGWKHROGJRZQEHFRPHVFRUFKHGGXULQJ
WKHEDNLQJRIKROLGD\FDNHVDQGRWKHUGDLQWLHVRUVKRXOGLWIDOOLQWR
SLHFHVRILWVHOIWREHFRPHFRQYHUWHGLQWRDQHZGUHVV%XWWKHJRZQ
QHYHUGRHVJHWEXUQWRUZHDURXWIRUWKHUHDVRQWKDWWKHODG\LVWRR
FDUHIXOZKHUHIRUHWKHSLHFHRIVKDEE\PDWHULDOUHSRVHVLQLWV
XQPDGHXSFRQGLWLRQXQWLOWKHSULHVWDGYLVHVWKDWLWEHJLYHQWRWKH
QLHFHRIVRPHZLGRZHGVLVWHUWRJHWKHUZLWKDTXDQWLW\RIRWKHUVXFK
UXEELVK
>@3LHFHVHTXDOLQYDOXHWRWZHQW\ILYHNRSHFNV DTXDUWHURID
URXEOH 
&KLFKLNRYDSRORJLVHGIRUKDYLQJGLVWXUEHGWKHKRXVHKROGZLWKKLV
XQH[SHFWHGDUULYDO
1RWDWDOOQRWDWDOOUHSOLHGWKHODG\%XWLQZKDWGUHDGIXO
ZHDWKHU*RGKDVEURXJKW\RXKLWKHU:KDWZLQGDQGZKDWUDLQ<RXFRXOG
QRWKHOSORVLQJ\RXUZD\3UD\H[FXVHXVIRUEHLQJXQDEOHWRPDNH
EHWWHUSUHSDUDWLRQVIRU\RXDWWKLVWLPHRIQLJKW
6XGGHQO\WKHUHEURNHLQXSRQWKHKRVWHVV
ZRUGVWKHVRXQGRIDVWUDQJH
KLVVLQJDVRXQGVRORXGWKDWWKHJXHVWVWDUWHGLQDODUPDQGWKHPRUH
VRVHHLQJWKDWLWLQFUHDVHGXQWLOWKHURRPVHHPHGILOOHGZLWKDGGHUV
2QJODQFLQJXSZDUGVKRZHYHUKHUHFRYHUHGKLVFRPSRVXUHIRUKH
SHUFHLYHGWKHVRXQGWREHHPDQDWLQJIURPWKHFORFNZKLFKDSSHDUHGWR
EHLQDPLQGWRVWULNH7RWKHKLVVLQJVRXQGWKHUHVXFFHHGHGD

44

ZKHH]LQJRQHXQWLOSXWWLQJIRUWKLWVEHVWHIIRUWVWKHWKLQJVWUXFN
WZRZLWKDVPXFKFODWWHUDVWKRXJKVRPHRQHKDGEHHQKLWWLQJDQLURQ
SRWZLWKDFXGJHO7KDWGRQHWKHSHQGXOXPUHWXUQHGWRLWVULJKWOHIW
ULJKWOHIWRVFLOODWLRQ
&KLFKLNRYWKDQNHGKLVKRVWHVVNLQGO\DQGVDLGWKDWKHQHHGHGQRWKLQJ
DQGVKHPXVWQRWSXWKHUVHOIDERXWRQO\IRUUHVWZDVKH
ORQJLQJWKRXJKDOVRKHVKRXOGOLNHWRNQRZZKLWKHUKHKDGDUULYHG
DQGZKHWKHUWKHGLVWDQFHWRWKHFRXQWU\KRXVHRIODQGRZQHU
6REDNHYLWFKZDVDQ\WKLQJYHU\JUHDW7RWKLVWKHODG\UHSOLHGWKDWVKH
KDGQHYHUVRPXFKDVKHDUGWKHQDPHVLQFHQRJHQWOHPDQRIWKHQDPH
UHVLGHGLQWKHORFDOLW\
%XWDWOHDVW\RXDUHDFTXDLQWHGZLWKODQGRZQHU0DQLORY"FRQWLQXHG
&KLFKLNRY
1R:KRLVKH"
$QRWKHUODQGHGSURSULHWRUPDGDP
:HOOQHLWKHUKDYH,KHDUGRIKLP1RVXFKODQGRZQHUOLYHV
KHUHDERXWV
7KHQZKR$5(\RXUORFDOODQGRZQHUV"
%REURY6YLQLQ.DQDSDWLHY.KDSDNLQ7UHSDNLQDQG3OLHVKDNRY
$UHWKH\ULFKPHQ"
1RQRQHRIWKHP2QHRIWKHPPD\RZQWZHQW\VRXOVDQGDQRWKHU
WKLUW\EXWRIJHQWU\ZKRRZQDKXQGUHGWKHUHDUHQRQH
&KLFKLNRYUHIOHFWHGWKDWKHKDGLQGHHGIDOOHQLQWRDQDULVWRFUDWLF
ZLOGHUQHVV
$WDOOHYHQWVLVWKHWRZQIDUDZD\"KHLQTXLUHG
$ERXWVL[W\YHUVWV+RZVRUU\,DPWKDW,KDYHQRWKLQJIRU\RXWR
HDW6KRXOG\RXFDUHWRGULQNVRPHWHD"
,WKDQN\RXJRRGPRWKHUEXW,UHTXLUHQRWKLQJEH\RQGDEHG
:HOODIWHUVXFKDMRXUQH\\RXPXVWLQGHHGEHQHHGLQJUHVWVR\RX
VKDOOOLHXSRQWKLVVRID)HWLQLDEULQJDTXLOWDQGVRPHSLOORZVDQG

45

VKHHWV:KDWZHDWKHU*RGKDVVHQWXV$QGZKDWGUHDGIXOWKXQGHU(YHU
VLQFHVXQVHW,KDYHKDGDFDQGOHEXUQLQJEHIRUHWKHLNRQLQP\
EHGURRP0\*RG:K\\RXUEDFNDQGVLGHVDUHDVPXGG\DVDERDU
V
+RZHYHUKDYH\RXPDQDJHGWRJHWLQWRVXFKDVWDWH"
7KDW,DPQRWKLQJZRUVHWKDQPXGG\LVLQGHHGIRUWXQDWHVLQFHEXW
IRUWKH$OPLJKW\,VKRXOGKDYHKDGP\ULEVEURNHQ
'HDUGHDU7RWKLQNRIDOOWKDW\RXPXVWKDYHEHHQWKURXJK+DG,
QRWEHWWHUZLSH\RXUEDFN"
,WKDQN\RX,WKDQN\RXEXW\RXQHHGQRWWURXEOH0HUHO\EHVRJRRG
DVWRWHOO\RXUPDLGWRGU\P\FORWKHV
'R\RXKHDUWKDW)HWLQLD"VDLGWKHKRVWHVVWXUQLQJWRDZRPDQZKR
ZDVHQJDJHGLQGUDJJLQJLQDIHDWKHUEHGDQGGHOXJLQJWKHURRPZLWK
IHDWKHUV7DNHWKLVFRDWDQGWKLVYHVWDQGDIWHUGU\LQJWKHPEHIRUH
WKHILUHMXVWDVZHXVHGWRGRIRU\RXUODWHPDVWHUJLYHWKHPDJRRG
UXEDQGIROGWKHPXSQHDWO\
9HU\ZHOOPLVWUHVVVDLG)HWLQLDVSUHDGLQJVRPHVKHHWVRYHUWKH
EHGDQGDUUDQJLQJWKHSLOORZV
1RZ\RXUEHGLVUHDG\IRU\RXVDLGWKHKRVWHVVWR&KLFKLNRY
*RRGQLJKWGHDUVLU,ZLVK\RXJRRGQLJKW,VWKHUHDQ\WKLQJHOVH
WKDW\RXUHTXLUH"3HUKDSV\RXZRXOGOLNHWRKDYH\RXUKHHOVWLFNOHG
EHIRUHUHWLULQJWRUHVW"1HYHUFRXOGP\ODWHKXVEDQGJHWWRVOHHS
ZLWKRXWWKDWKDYLQJEHHQGRQH
%XWWKHJXHVWGHFOLQHGWKHSURIIHUHGKHHOWLFNOLQJDQGRQKLV
KRVWHVVWDNLQJKHUGHSDUWXUHKDVWHQHGWRGLYHVWKLPVHOIRIKLV
FORWKLQJERWKXSSHUDQGXQGHUDQGWRKDQGWKHJDUPHQWVWR)HWLQLD
6KHZLVKHGKLPJRRGQLJKWDQGUHPRYHGWKHZHWWUDSSLQJVDIWHUZKLFK
KHIRXQGKLPVHOIDORQH1RWZLWKRXWVDWLVIDFWLRQGLGKHH\HKLVEHG
ZKLFKUHDFKHGDOPRVWWRWKHFHLOLQJ&OHDUO\)HWLQLDZDVDSDVW
PLVWUHVVLQWKHDUWRIEHDWLQJXSVXFKDFRXFKDQGDVWKHUHVXOWKH
KDGQRVRRQHUPRXQWHGLWZLWKWKHDLGRIDFKDLUWKDQLWVDQN
ZHOOQLJKWRWKHIORRUDQGWKHIHDWKHUVVTXHH]HGRXWRIWKHLUSURSHU
FRQILQHVIOHZKLWKHUDQGWKLWKHULQWRHYHU\FRUQHURIWKHDSDUWPHQW
1HYHUWKHOHVVKHH[WLQJXLVKHGWKHFDQGOHFRYHUHGKLPVHOIRYHUZLWKWKH
FKLQW]TXLOWVQXJJOHGGRZQEHQHDWKLWDQGLQVWDQWO\IHOODVOHHS
1H[WGD\LWZDVODWHLQWKHPRUQLQJEHIRUHKHDZRNH7KURXJKWKH
ZLQGRZWKHVXQZDVVKLQLQJLQWRKLVH\HVDQGWKHIOLHVZKLFK
RYHUQLJKWKDGEHHQURRVWLQJTXLHWO\RQWKHZDOOVDQGFHLOLQJQRZ

46

WXUQHGWKHLUDWWHQWLRQWRWKHYLVLWRU2QHVHWWOHGRQKLVOLSDQRWKHU
RQKLVHDUDWKLUGKRYHUHGDVWKRXJKLQWHQGLQJWRORGJHLQKLVYHU\
H\HDQGDIRXUWKKDGWKHWHPHULW\WRDOLJKWMXVWXQGHUKLVQRVWULOV
,QKLVGURZV\FRQGLWLRQKHLQKDOHGWKHODWWHULQVHFWVQHH]HG
YLROHQWO\DQGVRUHWXUQHGWRFRQVFLRXVQHVV+HJODQFHGDURXQGWKH
URRPDQGSHUFHLYHGWKDWQRWDOOWKHSLFWXUHVZHUHUHSUHVHQWDWLYHRI
ELUGVVLQFHDPRQJWKHPKXQJDOVRDSRUWUDLWRI.XWX]RY>@DQGDQRLO
SDLQWLQJRIDQROGPDQLQDXQLIRUPZLWKUHGIDFLQJVVXFKDVZHUHZRUQ
LQWKHGD\VRIWKH(PSHURU3DXO>@$WWKLVPRPHQWWKHFORFNXWWHUHG
LWVXVXDOKLVVLQJVRXQGDQGVWUXFNWHQZKLOHDZRPDQ
VIDFHSHHUHG
LQDWWKHGRRUEXWDWRQFHZLWKGUHZIRUWKHUHDVRQWKDWZLWKWKH
REMHFWRIVOHHSLQJDVZHOODVSRVVLEOH&KLFKLNRYKDGUHPRYHGHYHU\
VWLWFKRIKLVFORWKLQJ6RPHKRZWKHIDFHVHHPHGWRKLPIDPLOLDUDQG
KHVHWKLPVHOIWRUHFDOOZKRVHLWFRXOGEH$WOHQJWKKHUHFROOHFWHG
WKDWLWZDVWKHIDFHRIKLVKRVWHVV+LVFORWKHVKHIRXQGO\LQJFOHDQ
DQGGU\EHVLGHKLPVRKHGUHVVHGDQGDSSURDFKHGWKHPLUURU
PHDQZKLOHVQHH]LQJDJDLQZLWKVXFKYHKHPHQFHWKDWDFRFNZKLFK
KDSSHQHGDWWKHPRPHQWWREHQHDUWKHZLQGRZ ZKLFKZDVVLWXDWHGDWQR
JUHDWGLVWDQFHIURPWKHJURXQG FKXFNOHGDVKRUWVKDUSSKUDVH
3UREDEO\LWPHDQWLQWKHELUG
VDOLHQWRQJXH*RRGPRUQLQJWR\RX
&KLFKLNRYUHWRUWHGE\FDOOLQJWKHELUGDIRRODQGWKHQKLPVHOI
DSSURDFKHGWKHZLQGRZWRORRNDWWKHYLHZ,WDSSHDUHGWRFRPSULVHD
SRXOWHUHU
VSUHPLVHV$WDOOHYHQWVWKHQDUURZ\DUGLQIURQWRIWKH
ZLQGRZZDVIXOORISRXOWU\DQGRWKHUGRPHVWLFFUHDWXUHVRIJDPHIRZOV
DQGEDUQGRRUIRZOVZLWKDPRQJWKHPDFRFNZKLFKVWUXWWHGZLWK
PHDVXUHGJDLWDQGNHSWVKDNLQJLWVFRPEDQGWLOWLQJLWVKHDGDV
WKRXJKLWZHUHWU\LQJWROLVWHQWRVRPHWKLQJ$OVRDVRZDQGKHU
IDPLO\ZHUHKHOSLQJWRJUDFHWKHVFHQH)LUVWVKHURRWHGDPRQJDKHDS
RIOLWWHUWKHQLQSDVVLQJVKHDWHXSD\RXQJSXOOHWODVWO\VKH
SURFHHGHGFDUHOHVVO\WRPXQFKVRPHSLHFHVRIPHORQULQG7RWKLVVPDOO
\DUGRUSRXOWU\UXQDOHQJWKRISODQNLQJVHUYHGDVDIHQFHZKLOH
EH\RQGLWOD\DNLWFKHQJDUGHQFRQWDLQLQJFDEEDJHVRQLRQVSRWDWRHV
EHHWURRWVDQGRWKHUKRXVHKROGYHJHWDEOHV$OVRWKHJDUGHQFRQWDLQHG
DIHZVWUD\IUXLWWUHHVWKDWZHUHFRYHUHGZLWKQHWWLQJWRSURWHFWWKHP
IURPWKHPDJSLHVDQGVSDUURZVIORFNVRIZKLFKZHUHHYHQWKHQZKHHOLQJ
DQGGDUWLQJIURPRQHVSRWWRDQRWKHU)RUWKHVDPHUHDVRQDQXPEHURI
VFDUHFURZVZLWKRXWVWUHWFKHGDUPVVWRRGUHDUHGRQORQJSROHVZLWK
VXUPRXQWLQJRQHRIWKHILJXUHVDFDVWRIIFDSRIWKHKRVWHVV
V
%H\RQGWKHJDUGHQDJDLQWKHUHVWRRGDQXPEHURISHDVDQWV
KXWV7KRXJK
VFDWWHUHGLQVWHDGRIEHLQJDUUDQJHGLQUHJXODUURZVWKHVHDSSHDUHG
WR&KLFKLNRY
VH\HWRFRPSULVHZHOOWRGRLQKDELWDQWVVLQFHDOO
URWWHQSODQNVLQWKHLUURRILQJKDGEHHQUHSODFHGZLWKQHZRQHVDQG
QRQHRIWKHLUGRRUVZHUHDVNHZDQGVXFKRIWKHLUWLOWVKHGVDVIDFHG
KLPHYLQFHGHYLGHQFHRIDSUHVHQFHRIDVSDUHZDJJRQLQVRPHFDVHV

47

DOPRVWDQHZRQH
>@$5XVVLDQJHQHUDOZKRLQVWRXWO\RSSRVHG1DSROHRQDWWKH
EDWWOHRI%RURGLQR
>@7KHODWHHLJKWHHQWKFHQWXU\
7KLVODG\RZQVE\QRPHDQVDSRRUYLOODJHVDLG&KLFKLNRYWR
KLPVHOIZKHUHIRUHKHGHFLGHGWKHQDQGWKHUHWRKDYHDWDONZLWKKLV
KRVWHVVDQGWRFXOWLYDWHKHUFORVHUDFTXDLQWDQFH$FFRUGLQJO\KH
SHHSHGWKURXJKWKHFKLQNRIWKHGRRUZKHQFHKHUKHDGKDGUHFHQWO\
SURWUXGHGDQGRQVHHLQJKHUVHDWHGDWDWHDWDEOHHQWHUHGDQG
JUHHWHGKHUZLWKDFKHHUIXONLQGO\VPLOH
*RRGPRUQLQJGHDUVLUVKHUHVSRQGHGDVVKHURVH+RZKDYH\RX
VOHSW"6KHZDVGUHVVHGLQEHWWHUVW\OHWKDQVKHKDGEHHQRQWKH
SUHYLRXVHYHQLQJ7KDWLVWRVD\VKHZDVQRZZHDULQJDJRZQRIVRPH
GDUNFRORXUDQGODFNHGKHUQLJKWFDSDQGKDGVZDWKHGKHUQHFNLQ
VRPHWKLQJVWLII
,KDYHVOHSWH[FHHGLQJO\ZHOOUHSOLHG&KLFKLNRYVHDWLQJKLPVHOI
XSRQDFKDLU$QGKRZDUH<28JRRGPDGDP"
%XWSRRUO\P\GHDUVLU
$QGZK\VR"
%HFDXVH,FDQQRWVOHHS$SDLQKDVWDNHQPHLQP\PLGGOHDQGP\
OHJVIURPWKHDQNOHVXSZDUGVDUHDFKLQJDVWKRXJKWKH\ZHUHEURNHQ
7KDWZLOOSDVVWKDWZLOOSDVVJRRGPRWKHU<RXPXVWSD\QR
DWWHQWLRQWRLW
*RGJUDQWWKDWLW0$<SDVV+RZHYHU,KDYHEHHQUXEELQJP\VHOI
ZLWKODUGDQGWXUSHQWLQH:KDWVRUWRIWHDZLOO\RXWDNH",QWKLVMDU
,KDYHVRPHRIWKHVFHQWHGNLQG
([FHOOHQWJRRGPRWKHU7KHQ,ZLOOWDNHWKDW
3UREDEO\WKHUHDGHUZLOOKDYHQRWLFHGWKDWIRUDOOKLVH[SUHVVLRQVRI
VROLFLWXGH&KLFKLNRY
VWRQHWRZDUGVKLVKRVWHVVSDUWRRNRIDIUHHUD
PRUHXQFHUHPRQLRXVQDWXUHWKDQWKDWZKLFKKHKDGDGRSWHGWRZDUGV
0DGDP0DQLORY$QGKHUH,VKRXOGOLNHWRDVVHUWWKDWKRZVRHYHUPXFK
LQFHUWDLQUHVSHFWVZH5XVVLDQVPD\EHVXUSDVVHGE\IRUHLJQHUVDW

48

OHDVWZHVXUSDVVWKHPLQDGURLWQHVVRIPDQQHU,QIDFWWKHYDULRXV
VKDGHVDQGVXEWOHWLHVRIRXUVRFLDOLQWHUFRXUVHGHI\HQXPHUDWLRQ$
)UHQFKPDQRUD*HUPDQZRXOGEHLQFDSDEOHRIHQYLVDJLQJDQG
XQGHUVWDQGLQJDOOLWVSHFXOLDULWLHVDQGGLIIHUHQFHVIRUKLVWRQHLQ
VSHDNLQJWRDPLOOLRQDLUHGLIIHUVEXWOLWWOHIURPWKDWZKLFKKH
HPSOR\VWRZDUGVDVPDOOWREDFFRQLVWDQGWKDWLQVSLWHRIWKH
FLUFXPVWDQFHWKDWKHLVDFFXVWRPHGWRFULQJHEHIRUHWKHIRUPHU:LWK
XVKRZHYHUWKLQJVDUHGLIIHUHQW,Q5XVVLDQVRFLHW\WKHUHH[LVW
FOHYHUIRONZKRFDQVSHDNLQRQHPDQQHUWRDODQGRZQHUSRVVHVVHGRI
WZRKXQGUHGSHDVDQWVRXOVDQGLQDQRWKHUWRDODQGRZQHUSRVVHVVHGRI
WKUHHKXQGUHGDQGLQDQRWKHUWRDODQGRZQHUSRVVHVVHGRIILYH
KXQGUHG,QVKRUWXSWRWKHQXPEHURIDPLOOLRQVRXOVWKH5XVVLDQ
ZLOOKDYHUHDG\IRUHDFKODQGRZQHUDVXLWDEOHPRGHRIDGGUHVV)RU
H[DPSOHVXSSRVHWKDWVRPHZKHUHWKHUHH[LVWVDJRYHUQPHQWRIILFHDQG
WKDWLQWKDWRIILFHWKHUHH[LVWVDGLUHFWRU,ZRXOGEHJRI\RXWR
FRQWHPSODWHKLPDVKHVLWVDPRQJKLVP\UPLGRQV6KHHUQHUYRXVQHVVZLOO
SUHYHQW\RXIURPXWWHULQJDZRUGLQKLVSUHVHQFHVRJUHDWDUHWKH
SULGHDQGVXSHULRULW\GHSLFWHGRQKLVFRXQWHQDQFH$OVRZHUH\RXWR
VNHWFKKLP\RXZRXOGEHVNHWFKLQJDYHULWDEOH3URPHWKHXVIRUKLV
JODQFHLVDVWKDWRIDQHDJOHDQGKHZDONVZLWKPHDVXUHGVWDWHO\
VWULGH<HWQRVRRQHUZLOOWKHHDJOHKDYHOHIWWKHURRPWRVHHNWKH
VWXG\RIKLVVXSHULRURIILFHUWKDQKHZLOOJRVFXUU\LQJDORQJ SDSHUV
KHOGFORVHWRKLVQRVH OLNHDQ\SDUWULGJH%XWLQVRFLHW\DQGDWWKH
HYHQLQJSDUW\ VKRXOGWKHUHVWRIWKRVHSUHVHQWEHRIOHVVHUUDQNWKDQ
KLPVHOI WKH3URPHWKHXVZLOORQFHPRUHEHFRPH3URPHWKHXVDQGWKHPDQ
ZKRVWDQGVDVWHSEHORZKLPZLOOWUHDWKLPLQDZD\QHYHUGUHDPWRIE\
2YLGVHHLQJWKDWHDFKIO\LVRIOHVVHUDFFRXQWWKDQLWVVXSHULRUIO\
DQGEHFRPHVLQWKHSUHVHQFHRIWKHODWWHUHYHQDVDJUDLQRIVDQG
6XUHO\WKDWLVQRW,YDQ3HWURYLWFK"\RXZLOOVD\RIVXFKDQGVXFKD
PDQDV\RXUHJDUGKLP,YDQ3HWURYLWFKLVWDOOZKHUHDVWKLVPDQLV
VPDOODQGVSDUH,YDQ3HWURYLWFKKDVDORXGGHHSYRLFHDQGQHYHU
VPLOHVZKHUHDVWKLVPDQ ZKRHYHUKHPD\EH LVWZLWWHULQJOLNHD
VSDUURZDQGVPLOLQJDOOWKHWLPH<HWDSSURDFKDQGWDNHDJRRGORRN
DWWKHIHOORZDQG\RXZLOOVHHWKDWLV,6,YDQ3HWURYLWFK$ODFN
DODFNZLOOEHWKHRQO\UHPDUN\RXFDQPDNH
/HWXVUHWXUQWRRXUFKDUDFWHUVLQUHDOOLIH:HKDYHVHHQWKDWRQ
WKLVRFFDVLRQ&KLFKLNRYGHFLGHGWRGLVSHQVHZLWKFHUHPRQ\ZKHUHIRUH
WDNLQJXSWKHWHDSRWKHZHQWRQDVIROORZV
<RXKDYHDQLFHOLWWOHYLOODJHKHUHPDGDP+RZPDQ\VRXOVGRHVLW
FRQWDLQ"
$OLWWOHOHVVWKDQHLJKW\GHDUVLU%XWWKHWLPHVDUHKDUGDQG,

49

KDYHORVWDJUHDWGHDOWKURXJKODVW\HDU
VKDUYHVWKDYLQJSURYHGD
IDLOXUH
%XW\RXUSHDVDQWVORRNILQHVWURQJIHOORZV0D\,HQTXLUH\RXUQDPH"
7KURXJKDUULYLQJVRODWHDWQLJKW,KDYHTXLWHORVWP\ZLWV
.RURERWFKNDWKHZLGRZRID&ROOHJLDWH6HFUHWDU\
,KXPEO\WKDQN\RX$QG\RXU&KULVWLDQQDPHDQGSDWURQ\PLF"
1DVWDVLD3HWURYQD
1DVWDVLD3HWURYQD7KRVHDUHH[FHOOHQWQDPHV,KDYHDPDWHUQDODXQW
QDPHGOLNH\RXUVHOI
$QG<285QDPH"TXHULHGWKHODG\0D\,WDNHLWWKDW\RXDUHD
*RYHUQPHQW$VVHVVRU"
1RPDGDPUHSOLHG&KLFKLNRYZLWKDVPLOH,DPQRWDQ$VVHVVRU
EXWDWUDYHOOHURQSULYDWHEXVLQHVV
7KHQ\RXPXVWEHDEX\HURISURGXFH"+RZ,UHJUHWWKDW,KDYHVROGP\
KRQH\VRFKHDSO\WRRWKHUEX\HUV2WKHUZLVH<28PLJKWKDYHERXJKW
LWGHDUVLU
,QHYHUEX\KRQH\
7KHQ:+$7GR\RXEX\SUD\"+HPS",KDYHDOLWWOHRIWKDWE\PH
EXWQRWPRUHWKDQKDOIDSRRG>@RUVR
>@)RUW\5XVVLDQSRXQGV
1RPDGDP,WLVLQRWKHUZDUHVWKDW,GHDO7HOOPHKDYH\RXRI
ODWH\HDUVORVWPDQ\RI\RXUSHDVDQWVE\GHDWK"
<HVQRIHZHUWKDQHLJKWHHQUHVSRQGHGWKHROGODG\ZLWKDVLJK
6XFKDILQHORWWRRDOOJRRGZRUNHUV7UXHRWKHUVKDYHVLQFHJURZQ
XSEXWRIZKDWXVHDUH7+(<"0HUHVWULSOLQJV:KHQWKH$VVHVVRU
ODVWFDOOHGXSRQPH,FRXOGKDYHZHSWIRUWKRXJKWKRVHZRUNPHQRI
PLQHDUHGHDG,KDYHWRNHHSRQSD\LQJIRUWKHPDVWKRXJKWKH\ZHUH
VWLOODOLYH$QGRQO\ODVWZHHNP\EODFNVPLWKJRWEXUQWWRGHDWK6XFK
DFOHYHUKDQGDWKLVWUDGHKHZDV
:KDW"$ILUHRFFXUUHGDW\RXUSODFH"

50

1RQR*RGSUHVHUYHXVDOO,WZDVQRWVREDGDVWKDW<RXPXVW
XQGHUVWDQGWKDWWKHEODFNVPLWK6(7+,06(/)RQILUHKHJRWVHWRQ
ILUHLQKLVERZHOVWKURXJKRYHUGULQNLQJ<HVDOORIDVXGGHQWKHUH
EXUVWIURPKLPDEOXHIODPHDQGKHVPRXOGHUHGDQGVPRXOGHUHGXQWLOKH
KDGWXUQHGDVEODFNDVDSLHFHRIFKDUFRDO<HWZKDWDFOHYHU
EODFNVPLWKKHZDV$QGQRZ,KDYHQRKRUVHVWRGULYHRXWZLWKIRU
WKHUHLVQRRQHWRVKRHWKHP
,QHYHU\WKLQJWKHZLOORI*RGPDGDPVDLG&KLFKLNRYZLWKDVLJK
$JDLQVWWKHGLYLQHZLVGRPLWLVQRWIRUXVWRUHEHO3UD\KDQGWKHP
RYHUWRPH1DVWDVLD3HWURYQD
+DQGRYHUZKRP"
7KHGHDGSHDVDQWV
%XWKRZFRXOG,GRWKDW"
4XLWHVLPSO\6HOOWKHPWRPHDQG,ZLOOJLYH\RXVRPHPRQH\LQ
H[FKDQJH
%XWKRZDP,WRVHOOWKHPWR\RX",VFDUFHO\XQGHUVWDQGZKDW\RX
PHDQ$P,WRGLJWKHPXSDJDLQIURPWKHJURXQG"
&KLFKLNRYSHUFHLYHGWKDWWKHROGODG\ZDVDOWRJHWKHUDWVHDDQGWKDW
KHPXVWH[SODLQWKHPDWWHUZKHUHIRUHLQDIHZZRUGVKHLQIRUPHGKHU
WKDWWKHWUDQVIHURUSXUFKDVHRIWKHVRXOVLQTXHVWLRQZRXOGWDNH
SODFHPHUHO\RQSDSHUWKDWWKHVDLGVRXOVZRXOGEHOLVWHGDVVWLOO
DOLYH
$QGZKDWJRRGZRXOGWKH\EHWR\RX"DVNHGKLVKRVWHVVVWDULQJDW
KLPZLWKKHUH\HVGLVWHQGHG
7KDWLV0<DIIDLU
%XWWKH\DUH'($'VRXOV
:KRVDLGWKH\ZHUHQRW"7KHPHUHIDFWRIWKHLUEHLQJGHDGHQWDLOV
XSRQ\RXDORVVDVGHDGDVWKHVRXOVIRU\RXKDYHWRFRQWLQXHSD\LQJ
WD[XSRQWKHPZKHUHDV0<SODQLVWRUHOLHYH\RXERWKRIWKHWD[DQG
RIWKHUHVXOWDQWWURXEOH12:GR\RXXQGHUVWDQG"$QG,ZLOOQRWRQO\
GRDV,VD\EXWDOVRKDQG\RXRYHUILIWHHQURXEOHVSHUVRXO,VWKDW
FOHDUHQRXJK"

51

<HVEXW,GRQRWNQRZVDLGKLVKRVWHVVGLIILGHQWO\<RXVHH
QHYHUEHIRUHKDYH,VROGGHDGVRXOV
4XLWHVR,WZRXOGEHDVXUSULVLQJWKLQJLI\RXKDG%XWVXUHO\\RX
GRQRWWKLQNWKDWWKHVHGHDGVRXOVDUHLQWKHOHDVWZRUWKNHHSLQJ"
2KQRLQGHHG:K\VKRXOGWKH\EHZRUWKNHHSLQJ",DPVXUHWKH\DUH
QRWVR7KHRQO\WKLQJZKLFKWURXEOHVPHLVWKHIDFWWKDWWKH\DUH
'($'
6KHVHHPVDWUXO\REVWLQDWHROGZRPDQZDV&KLFKLNRY
VLQZDUG
FRPPHQW/RRNKHUHPDGDPKHDGGHGDORXG<RXUHDVRQZHOOEXW\RX
DUHVLPSO\UXLQLQJ\RXUVHOIE\FRQWLQXLQJWRSD\WKHWD[XSRQGHDG
VRXOVDVWKRXJKWKH\ZHUHVWLOODOLYH
2KJRRGVLUGRQRWVSHDNRILWWKHODG\H[FODLPHG7KUHHZHHNV
DJR,WRRNDKXQGUHGDQGILIW\URXEOHVWRWKDW$VVHVVRUDQGEXWWHUHG
KLPXSDQG
7KHQ\RXVHHKRZLWLVGR\RXQRW"5HPHPEHUWKDWDFFRUGLQJWRP\
SODQ\RXZLOOQHYHUDJDLQKDYHWREXWWHUXSWKH$VVHVVRUVHHLQJWKDW
LWZLOOEH,ZKRZLOOEHSD\LQJIRUWKRVHSHDVDQWVB,BQRW<28
IRU,VKDOOKDYHWDNHQRYHUWKHGXHVXSRQWKHPDQGKDYHWUDQVIHUUHG
WKHPWRP\VHOIDVVRPDQ\ERQDILGHVHUIV'R\RXXQGHUVWDQG$7
/$67"
+RZHYHUWKHROGODG\VWLOOFRPPXQHGZLWKKHUVHOI6KHFRXOGVHHWKDW
WKHWUDQVDFWLRQZRXOGEHWRKHUDGYDQWDJH\HWLWZDVRQHRIVXFKD
QRYHODQGXQSUHFHGHQWHGQDWXUHWKDWVKHZDVEHJLQQLQJWRIHDUOHVW
WKLVSXUFKDVHURIVRXOVLQWHQGHGWRFKHDWKHU&HUWDLQO\KHKDGFRPH
IURP*RGRQO\NQHZZKHUHDQGDWWKHGHDGRIQLJKWWRR
%XWVLU,KDYHQHYHULQP\OLIHVROGGHDGIRONRQO\OLYLQJRQHV
7KUHH\HDUVDJR,WUDQVIHUUHGWZRZHQFKHVWR3URWRSRSRYIRUDKXQGUHG
URXEOHVDSLHFHDQGKHWKDQNHGPHNLQGO\IRUWKH\WXUQHGRXWVSOHQGLG
ZRUNHUVDEOHWRPDNHQDSNLQVRUDQ\WKLQJHOVH
<HVEXWZLWKWKHOLYLQJZHKDYHQRWKLQJWRGRGDPQLW,DPDVNLQJ
\RXRQO\DERXW'($'IRON
<HV\HVRIFRXUVH%XWDWILUVWVLJKW,IHOWDIUDLGOHVW,VKRXOG
EHLQFXUULQJDORVVOHVW\RXVKRXOGEHZLVKLQJWRRXWZLWPHJRRG
VLU<RXVHHWKHGHDGVRXOVDUHZRUWKUDWKHUPRUHWKDQ\RXKDYH

52

RIIHUHGIRUWKHP
6HHKHUHPDGDP :KDWDZRPDQLWLV +2:FRXOGWKH\EHZRUWK
PRUH"7KLQNIRU\RXUVHOI7KH\DUHVRPXFKORVVWR\RXVRPXFKORVV
GR\RXXQGHUVWDQG"7DNHDQ\ZRUWKOHVVUXEELVK\DUWLFOH\RXOLNHD
SLHFHRIROGUDJIRUH[DPSOH7KDWUDJZLOO\HWIHWFKLWVSULFHIRU
LWFDQEHERXJKWIRUSDSHUPDNLQJ%XWWKHVHGHDGVRXOVDUHJRRGIRU
127+,1*$7$//&DQ\RXQDPHDQ\WKLQJWKDWWKH\$5(JRRGIRU"
7UXHWUXHWKH\$5(JRRGIRUQRWKLQJ%XWZKDWWURXEOHVPHLVWKH
IDFWWKDWWKH\DUHGHDG
:KDWDEORFNKHDGRIDFUHDWXUHVDLG&KLFKLNRYWRKLPVHOIIRUKH
ZDVEHJLQQLQJWRORVHSDWLHQFH%OHVVKHUKHDUW,PD\DVZHOOEH
JRLQJ6KHKDVWKURZQPHLQWRDSHUIHFWVZHDWWKHFXUVHGROGVKUHZ
+HWRRNDKDQGNHUFKLHIIURPKLVSRFNHWDQGZLSHGWKHSHUVSLUDWLRQ
IURPKLVEURZ<HWKHQHHGQRWKDYHIORZQLQWRVXFKDSDVVLRQ0RUH
WKDQRQHUHVSHFWHGVWDWHVPDQUHYHDOVKLPVHOIZKHQFRQIURQWHGZLWKD
EXVLQHVVPDWWHUWREHMXVWVXFKDQRWKHUDV0DGDP.RURERWFKNDLQ
WKDWRQFHKHKDVJRWDQLGHDLQWRKLVKHDGWKHUHLVQRJHWWLQJLW
RXWRIKLP\RXPD\SO\KLPZLWKGD\OLJKWFOHDUDUJXPHQWV\HWWKH\
ZLOOUHERXQGIURPKLVEUDLQDVDQLQGLDUXEEHUEDOOUHERXQGVIURPD
IODJVWRQH1HYHUWKHOHVVZLSLQJDZD\WKHSHUVSLUDWLRQ&KLFKLNRY
UHVROYHGWRWU\ZKHWKHUKHFRXOGQRWEULQJKHUEDFNWRWKHURDGE\
DQRWKHUSDWK
0DGDPKHVDLGHLWKHU\RXDUHGHFOLQLQJWRXQGHUVWDQGZKDW,VD\
RU\RXDUHWDONLQJIRUWKHPHUHVDNHRIWDONLQJ,I,KDQG\RXRYHU
VRPHPRQH\ILIWHHQURXEOHVIRUHDFKVRXOGR\RXXQGHUVWDQG"LWLV
021(<QRWVRPHWKLQJZKLFKFDQEHSLFNHGXSKDSKD]DUGRQWKHVWUHHW
)RULQVWDQFHWHOOPHKRZPXFK\RXVROG\RXUKRQH\IRU"
)RUWZHOYHURXEOHVSHUSRRG
$K7KHQE\WKRVHZRUGVPDGDP\RXKDYHODLGDWULIOLQJVLQXSRQ
\RXUVRXOIRU\RXGLG127VHOOWKHKRQH\IRUWZHOYHURXEOHV
%\WKH/RUG*RG,GLG
:HOOZHOO1HYHUPLQG+RQH\LVRQO\KRQH\1RZ\RXKDGFROOHFWHG
WKDWVWXIILWPD\EHIRUD\HDUDQGZLWKLQILQLWHFDUHDQGODERXU
<RXKDGIXVVHGDIWHULW\RXKDGWURWWHGWRDQGIUR\RXKDGGXO\
IUR]HQRXWWKHEHHVDQG\RXKDGIHGWKHPLQWKHFHOODUWKURXJKRXWWKH

53

ZLQWHU%XWWKHVHGHDGVRXOVRIZKLFK,VSHDNDUHTXLWHDQRWKHU
PDWWHUIRULQWKLVFDVH\RXKDYHSXWIRUWKQRH[HUWLRQVLWZDV
PHUHO\*RG
VZLOOWKDWWKH\VKRXOGOHDYHWKHZRUOGDQGWKXVGHFUHDVH
WKHSHUVRQQHORI\RXUHVWDEOLVKPHQW,QWKHIRUPHUFDVH\RXUHFHLYHG
VR\RXDOOHJH WZHOYHURXEOHVSHUSRRGIRU\RXUODERXUEXWLQWKLV
FDVH\RXZLOOUHFHLYHPRQH\IRUKDYLQJGRQHQRWKLQJDWDOO1RUZLOO
\RXUHFHLYHWZHOYHURXEOHVSHULWHPEXW),)7((1DQGURXEOHVQRWLQ
VLOYHUEXWURXEOHVLQJRRGSDSHUFXUUHQF\
7KDWWKHVHSRZHUIXOLQGXFHPHQWVZRXOGFHUWDLQO\FDXVHWKHROGZRPDQWR
\LHOG&KLFKLNRYKDGQRWDGRXEW
7UXHKLVKRVWHVVUHSOLHG%XWKRZVWUDQJHO\EXVLQHVVFRPHVWRPH
DVDZLGRZ3HUKDSV,KDGEHWWHUZDLWDOLWWOHORQJHUVHHLQJWKDW
RWKHUEX\HUVPLJKWFRPHDORQJDQG,PLJKWEHDEOHWRFRPSDUHSULFHV
)RUVKDPHPDGDP)RUVKDPH7KLQNZKDW\RXDUHVD\LQJ:KRHOVH,
ZRXOGDVNZRXOGFDUHWREX\WKRVHVRXOV":KDWXVHFRXOGWKH\EHWR
DQ\RQH"
,IWKDWLVVRWKH\PLJKWFRPHLQXVHIXOWR0(PXVHGWKHROG
ZRPDQDORXGDIWHUZKLFKVKHVDWVWDULQJDW&KLFKLNRYZLWKKHUPRXWK
RSHQDQGDIDFHRIQHUYRXVH[SHFWDQF\DVWRKLVSRVVLEOHUHMRLQGHU
'HDGIRONXVHIXOLQDKRXVHKROGKHH[FODLPHG:K\ZKDWFRXOG\RX
GRZLWKWKHP"6HWWKHPXSRQSROHVWRIULJKWHQDZD\WKHVSDUURZVIURP
\RXUJDUGHQ"
7KH/RUGVDYHXVEXWZKDWWKLQJV\RXVD\VKHHMDFXODWHGFURVVLQJ
KHUVHOI
:HOO:+$7FRXOG\RXGRZLWKWKHP"%\WKLVWLPHWKH\DUHVRPXFK
ERQHVDQGHDUWK7KDWLVDOOWKHUHLVOHIWRIWKHP7KHLUWUDQVIHUWR
P\VHOIZRXOGEH213$3(5RQO\&RPHFRPH$WOHDVWJLYHPHDQ
DQVZHU
$JDLQWKHROGZRPDQFRPPXQHGZLWKKHUVHOI
:KDWDUH\RXWKLQNLQJRI1DVWDVLD3HWURYQD"LQTXLUHG&KLFKLNRY
,DPWKLQNLQJWKDW,VFDUFHO\NQRZZKDWWRGR3HUKDSV,KDGEHWWHU
VHOO\RXVRPHKHPS"
:KDWGR,ZDQWZLWKKHPS"3DUGRQPHEXWMXVWZKHQ,KDYHPDGHWR\RX

54

DGLIIHUHQWSURSRVDODOWRJHWKHU\RXEHJLQIXVVLQJDERXWKHPS+HPSLV
KHPSDQGWKRXJK,PD\ZDQWVRPHZKHQ,1(;7YLVLW\RX,VKRXOG
OLNHWRNQRZZKDW\RXKDYHWRVD\WRWKHVXJJHVWLRQXQGHUGLVFXVVLRQ
:HOO,WKLQNLWDYHU\TXHHUEDUJDLQ1HYHUKDYH,KHDUGRIVXFKD
WKLQJ
8SRQWKLV&KLFKLNRYORVWDOOSDWLHQFHXSVHWKLVFKDLUDQGELGKHUJR
WRWKHGHYLORIZKLFKSHUVRQDJHHYHQWKHPHUHPHQWLRQWHUULILHGKHU
H[WUHPHO\
'RQRWVSHDNRIKLP,EHJRI\RXVKHFULHGWXUQLQJSDOH0D\
*RGUDWKHUEOHVVKLP/DVWQLJKWZDVWKHWKLUGQLJKWWKDWKHKDV
DSSHDUHGWRPHLQDGUHDP<RXVHHDIWHUVD\LQJP\SUD\HUV,
EHWKRXJKWPHRIWHOOLQJP\IRUWXQHE\WKHFDUGVDQG*RGPXVWKDYH
VHQWKLPDVDSXQLVKPHQW+HORRNHGVRKRUULEOHDQGKDGKRUQVORQJHU
WKDQDEXOO
V
,ZRQGHU\RXGRQ
WVHH6&25(6RIGHYLOVLQ\RXUGUHDPV0HUHO\RXW
RI&KULVWLDQFKDULW\KHKDGFRPHWR\RXWRVD\
,SHUFHLYHDSRRU
ZLGRZJRLQJWRUDFNDQGUXLQDQGOLNHO\VRRQWRVWDQGLQGDQJHURI
ZDQW
:HOOJRWRUDFNDQGUXLQ\HV\RXDQGDOO\RXUYLOODJH
WRJHWKHU
7KHLQVXOWVH[FODLPHGWKHROGZRPDQJODQFLQJDWKHUYLVLWRULQ
WHUURU
,VKRXOGWKLQNVRFRQWLQXHG&KLFKLNRY,QGHHG,FDQQRWILQGZRUGV
WRGHVFULEH\RX7RVD\QRPRUHDERXWLW\RXDUHOLNHDGRJLQD
PDQJHU<RXGRQ
WZDQWWRHDWWKHKD\\RXUVHOI\HW\RXZRQ
WOHW
DQ\RQHHOVHWRXFKLW$OOWKDW,DPVHHNLQJWRGRLVWRSXUFKDVH
FHUWDLQGRPHVWLFSURGXFWVRI\RXUVIRUWKHUHDVRQWKDW,KDYHFHUWDLQ
*RYHUQPHQWFRQWUDFWVWRIXOILO7KLVODVWKHDGGHGLQSDVVLQJDQG
ZLWKRXWDQ\XOWHULRUPRWLYHVDYHWKDWLWFDPHWRKLPDVDKDSS\
WKRXJKW1HYHUWKHOHVVWKHPHQWLRQRI*RYHUQPHQWFRQWUDFWVH[HUFLVHGD
SRZHUIXOLQIOXHQFHXSRQ1DVWDVLD3HWURYQDDQGVKHKDVWHQHGWRVD\LQ
DWRQHWKDWZDVDOPRVWVXSSOLFDWRU\
:K\VKRXOG\RXEHVRDQJU\ZLWKPH"+DG,NQRZQWKDW\RXZHUHJRLQJ
WRORVH\RXUWHPSHULQWKLVZD\,VKRXOGQHYHUKDYHGLVFXVVHGWKH
PDWWHU
1RZRQGHUWKDW,ORVHP\WHPSHU$QHJJWRRPDQ\LVQRJUHDWPDWWHU
\HWLWPD\SURYHH[FHHGLQJO\DQQR\LQJ

55

:HOOZHOO,ZLOOOHW\RXKDYHWKHVRXOVIRUILIWHHQURXEOHVHDFK
$OVRZLWKUHJDUGWRWKRVHFRQWUDFWVGRQRWIRUJHWPHLIDWDQ\WLPH
\RXVKRXOGILQG\RXUVHOILQQHHGRIU\HPHDORUEXFNZKHDWRUJURDWVRU
GHDGPHDW
1R,VKDOO1(9(5IRUJHW\RXPDGDPKHVDLGZLSLQJKLVIRUHKHDG
ZKHUHWKUHHVHSDUDWHVWUHDPVRISHUVSLUDWLRQZHUHWULFNOLQJGRZQKLV
IDFH7KHQKHDVNHGKHUZKHWKHULQWKHWRZQVKHKDGDQ\DFTXDLQWDQFH
RUDJHQWZKRPVKHFRXOGHPSRZHUWRFRPSOHWHWKHWUDQVIHUHQFHRIWKH
VHUIVDQGWRFDUU\RXWZKDWVRHYHUHOVHPLJKWEHQHFHVVDU\
&HUWDLQO\UHSOLHG0DGDPH.RURERWFKND7KHVRQRIRXUDUFKSULHVW
)DWKHU&\ULOKLPVHOILVDODZ\HU
8SRQWKDW&KLFKLNRYEHJJHGKHUWRDFFRUGWKHJHQWOHPDQLQTXHVWLRQD
SRZHURIDWWRUQH\ZKLOHWRVDYHH[WUDWURXEOHKHKLPVHOIZRXOGWKHQ
DQGWKHUHFRPSRVHWKHUHTXLVLWHOHWWHU
,WZRXOGEHDILQHWKLQJLIKHZHUHWREX\XSDOOP\PHDODQGVWRFN
IRUWKH*RYHUQPHQWWKRXJKW0DGDPHWRKHUVHOI,PXVWHQFRXUDJHKLP
DOLWWOH7KHUHKDVEHHQVRPHGRXJKVWDQGLQJUHDG\VLQFHODVWQLJKW
VR,ZLOOJRDQGWHOO)HWLQLDWRWU\DIHZSDQFDNHV$OVRLWPLJKWEH
ZHOOWRWU\KLPZLWKDQHJJSLH:HPDNHWKHQQLFHO\KHUHDQGWKH\GR
QRWWDNHORQJLQWKHPDNLQJ
6RVKHGHSDUWHGWRWUDQVODWHKHUWKRXJKWVLQWRDFWLRQDVZHOODVWR
VXSSOHPHQWWKHSLHZLWKRWKHUSURGXFWVRIWKHGRPHVWLFFXLVLQHZKLOH
IRUKLVSDUW&KLFKLNRYUHWXUQHGWRWKHGUDZLQJURRPZKHUHKHKDG
VSHQWWKHQLJKWLQRUGHUWRSURFXUHIURPKLVGLVSDWFKER[WKH
QHFHVVDU\ZULWLQJSDSHU7KHURRPKDGQRZEHHQVHWLQRUGHUWKH
VXPSWXRXVIHDWKHUEHGUHPRYHGDQGDWDEOHVHWEHIRUHWKHVRID
'HSRVLWLQJKLVGLVSDWFKER[XSRQWKHWDEOHKHKHDYHGDJHQWOHVLJKRQ
EHFRPLQJDZDUHWKDWKHZDVVRVRDNHGZLWKSHUVSLUDWLRQWKDWKHPLJKW
DOPRVWKDYHEHHQGLSSHGLQDULYHU(YHU\WKLQJIURPKLVVKLUWWRKLV
VRFNVZDVGULSSLQJ0D\VKHVWDUYHWRGHDWKWKHFXUVHGROG
KDUULGDQKHHMDFXODWHGDIWHUDPRPHQW
VUHVW7KHQKHRSHQHGKLV
GLVSDWFKER[,QSDVVLQJ,PD\VD\WKDW,IHHOFHUWDLQWKDWDWOHDVW
620(RIP\UHDGHUVZLOOEHFXULRXVWRNQRZWKHFRQWHQWVDQGWKH
LQWHUQDODUUDQJHPHQWVRIWKDWUHFHSWDFOH:K\VKRXOG,QRWJUDWLI\
WKHLUFXULRVLW\"7REHJLQZLWKWKHFHQWUHRIWKHER[FRQWDLQHGD
VRDSGLVKZLWKGLVSRVHGDURXQGLWVL[RUVHYHQFRPSDUWPHQWVIRU
UD]RUV1H[WFDPHVTXDUHSDUWLWLRQVIRUDVDQGER[>@DQGDQLQNVWDQG
DVZHOODV VFRRSHGRXWLQWKHLUPLGVW DKROORZRISHQVVHDOLQJZD[

56

DQGDQ\WKLQJHOVHWKDWUHTXLUHGPRUHURRP/DVWO\WKHUHZHUHDOOVRUWV
RIOLWWOHGLYLVLRQVERWKZLWKDQGZLWKRXWOLGVIRUDUWLFOHVRID
VPDOOHUQDWXUHVXFKDVYLVLWLQJFDUGVPHPRULDOFDUGVWKHDWUH
WLFNHWVDQGWKLQJVZKLFK&KLFKLNRYKDGODLGE\DVVRXYHQLUV7KLV
SRUWLRQRIWKHER[FRXOGEHWDNHQRXWDQGEHORZLWZHUHERWKDVSDFH
IRUPDQXVFULSWVDQGDVHFUHWPRQH\ER[WKHODWWHUPDGHWRGUDZRXW
IURPWKHVLGHRIWKHUHFHSWDFOH
>@7RVHUYHDVEORWWLQJSDSHU
&KLFKLNRYVHWWRZRUNWRFOHDQDSHQDQGWKHQWRZULWH3UHVHQWO\KLV
KRVWHVVHQWHUHGWKHURRP
:KDWDEHDXWLIXOER[\RXKDYHJRWP\GHDUVLUVKHH[FODLPHGDVVKH
WRRNDVHDWEHVLGHKLP3UREDEO\\RXERXJKWLWLQ0RVFRZ"
<HVLQ0RVFRZUHSOLHG&KLFKLNRYZLWKRXWLQWHUUXSWLQJKLVZULWLQJ
,WKRXJKWVR2QH&$1JHWJRRGWKLQJVWKHUH7KUHH\HDUVDJRP\
VLVWHUEURXJKWPHDIHZSDLUVRIZDUPVKRHVIRUP\VRQVDQGWKH\ZHUH
VXFKH[FHOOHQWDUWLFOHV7RWKLVGD\P\ER\VZHDUWKHP$QGZKDWQLFH
VWDPSHGSDSHU\RXKDYH VKHKDGSHHUHGLQWRWKHGLVSDWFKER[ZKHUH
VXUHHQRXJKWKHUHOD\DIXUWKHUVWRUHRIWKHSDSHULQTXHVWLRQ 
:RXOG\RXPLQGOHWWLQJPHKDYHDVKHHWRILW",DPZLWKRXWDQ\DW
DOODOWKRXJK,VKDOOVRRQKDYHWREHSUHVHQWLQJDSOHDWRWKHODQG
FRXUWDQGSRVVHVVQRWDPRUVHORISDSHUWRZULWHLWRQ
8SRQWKLV&KLFKLNRYH[SODLQHGWKDWWKHSDSHUZDVQRWWKHVRUWSURSHU
IRUWKHSXUSRVHWKDWLWZDVPHDQWIRUVHUILQGHQWXULQJDQGQRWIRU
WKHIUDPLQJRISOHDV1HYHUWKHOHVVWRTXLHWKHUKHJDYHKHUDVKHHW
VWDPSHGWRWKHYDOXHRIDURXEOH1H[WKHKDQGHGKHUWKHOHWWHUWR
VLJQDQGUHTXHVWHGLQUHWXUQDOLVWRIKHUSHDVDQWV8QIRUWXQDWHO\
VXFKDOLVWKDGQHYHUEHHQFRPSLOHGOHWDORQHDQ\FRSLHVRILWDQG
WKHRQO\ZD\LQZKLFKVKHNQHZWKHSHDVDQWV
QDPHVZDVE\KHDUW
+RZHYHUKHWROGKHUWRGLFWDWHWKHP6RPHRIWKHQDPHVJUHDWO\
DVWRQLVKHGRXUKHURVRVWLOOPRUHGLGWKHVXUQDPHV,QGHHG
IUHTXHQWO\RQKHDULQJWKHODWWHUKHKDGWRSDXVHEHIRUHZULWLQJWKHP
GRZQ(VSHFLDOO\GLGKHKDOWEHIRUHDFHUWDLQ3HWHU6DYHOLHY
1HXYD]KDL.RULWR:KDWDVWULQJRIWLWOHVLQYROXQWDULO\KH
HMDFXODWHG7RWKH&KULVWLDQQDPHRIDQRWKHUVHUIZDVDSSHQGHG.RURYL
.LUSLWFKDQGWRWKDWRIDWKLUG.ROHVR,YDQ+RZHYHUDWOHQJWK
WKHOLVWZDVFRPSLOHGDQGKHFDXJKWDGHHSEUHDWKZKLFKODWWHU
SURFHHGLQJFDXVHGKLPWRFDWFKDOVRWKHDWWUDFWLYHRGRXURIVRPHWKLQJ
IULHGLQIDW

57

,EHVHHFK\RXWRKDYHDPRUVHOPXUPXUHGKLVKRVWHVV&KLFKLNRY
ORRNHGXSDQGVDZWKDWWKHWDEOHZDVVSUHDGZLWKPXVKURRPVSLHVDQG
RWKHUYLDQGV
7U\WKLVIUHVKO\PDGHSLHDQGDQHJJFRQWLQXHG0DGDPH
&KLFKLNRYGLGVRDQGKDYLQJHDWHQPRUHWKDQKDOIRIZKDWVKHRIIHUHG
KLPSUDLVHGWKHSLHKLJKO\,QGHHGLWZDVDWRRWKVRPHGLVKDQG
DIWHUKLVGLIILFXOWLHVDQGH[HUWLRQVZLWKKLVKRVWHVVLWWDVWHGHYHQ
EHWWHUWKDQLWPLJKWRWKHUZLVHKDYHGRQH
$QGDOVRDIHZSDQFDNHV"VXJJHVWHG0DGDPH
)RUDQVZHU&KLFKLNRYIROGHGWKUHHWRJHWKHUDQGKDYLQJGLSSHGWKHPLQ
PHOWHGEXWWHUFRQVLJQHGWKHORWWRKLVPRXWKDQGWKHQZLSHGKLV
PRXWKZLWKDQDSNLQ7ZLFHPRUHZDVWKHSURFHVVUHSHDWHGDQGWKHQKH
UHTXHVWHGKLVKRVWHVVWRRUGHUWKHEULWFKNDWREHJRWUHDG\,Q
GLVSDWFKLQJ)HWLQLDZLWKWKHQHFHVVDU\LQVWUXFWLRQVVKHRUGHUHGKHU
WRUHWXUQZLWKDVHFRQGEDWFKRIKRWSDQFDNHV
<RXUSDQFDNHVDUHLQGHHGVSOHQGLGVDLG&KLFKLNRYDSSO\LQJKLPVHOI
WRWKHVHFRQGFRQVLJQPHQWRIIULHGGDLQWLHVZKHQWKH\KDGDUULYHG
<HVZHPDNHWKHPZHOOKHUHUHSOLHG0DGDPH<HWKRZXQIRUWXQDWHLW
LVWKDWWKHKDUYHVWVKRXOGKDYHSURYHGVRSRRUDVWRKDYHSUHYHQWHGPH
IURPHDUQLQJDQ\WKLQJRQP\%XWZK\VKRXOG\RXEHLQVXFKDKXUU\WR
GHSDUWJRRGVLU"6KHEURNHRIIRQVHHLQJ&KLFKLNRYUHDFKIRUKLV
FDS7KHEULWFKNDLVQRW\HWUHDG\
7KHQLWLVEHLQJJRWVRPDGDPLWLVEHLQJJRWVRDQG,VKDOOQHHG
DPRPHQWRUWZRWRSDFNP\WKLQJV
$V\RXSOHDVHGHDUVLUEXWGRQRWIRUJHWPHLQFRQQHFWLRQZLWK
WKRVH*RYHUQPHQWFRQWUDFWV
1R,KDYHVDLGWKDW1(9(5VKDOO,IRUJHW\RXUHSOLHG&KLFKLNRY
DVKHKXUULHGLQWRWKHKDOO
$QGZRXOG\RXOLNHWREX\VRPHODUG"FRQWLQXHGKLVKRVWHVVSXUVXLQJ
KLP
/DUG"2KFHUWDLQO\:K\QRW"2QO\RQO\,ZLOOGRVR$127+(5WLPH

58

,VKDOOKDYHVRPHUHDG\DWDERXW&KULVWPDV
4XLWHVRPDGDP7+(1,ZLOOEX\DQ\WKLQJDQGHYHU\WKLQJWKH
ODUGLQFOXGHG
$QGSHUKDSV\RXZLOOEHZDQWLQJDOVRVRPHIHDWKHUV",VKDOOEHKDYLQJ
VRPHIRUVDOHDERXW6W3KLOLS
V'D\
9HU\ZHOOYHU\ZHOOPDGDP
7KHUH\RXVHHVKHUHPDUNHGDVWKH\VWHSSHGRXWRQWRWKHYHUDQGDK
7KHEULWFKNDLV127\HWUHDG\
%XWLWVRRQZLOOEHLWVRRQZLOOEH2QO\GLUHFWPHWRWKHPDLQ
URDG
+RZDP,WRGRWKDW"VDLG0DGDPH
7ZRXOGSX]]OHDZLVHPDQWRGR
VRIRULQWKHVHSDUWVWKHUHDUHVRPDQ\WXUQLQJV+RZHYHU,ZLOO
VHQGDJLUOWRJXLGH\RX<RXFRXOGILQGURRPIRUKHURQWKHER[VHDW
FRXOG\RXQRW"
<HVRIFRXUVH
7KHQ,ZLOOVHQGKHU6KHNQRZVWKHZD\WKRURXJKO\2QO\GRQRWFDUU\
KHURIIIRUJRRG$OUHDG\VRPHWUDGHUVKDYHGHSULYHGPHRIRQHRIP\
JLUOV
&KLFKLNRYUHDVVXUHGKLVKRVWHVVRQWKHSRLQWDQG0DGDPHSOXFNHGXS
FRXUDJHHQRXJKWRVFDQILUVWRIDOOWKHKRXVHNHHSHUZKRKDSSHQHGWR
EHLVVXLQJIURPWKHVWRUHKRXVHZLWKDERZORIKRQH\DQGQH[WD
\RXQJSHDVDQWZKRKDSSHQHGWREHVWDQGLQJDWWKHJDWHVDQGZKLOH
WKXVHQJDJHGVKHEHFDPHZKROO\DEVRUEHGLQKHUGRPHVWLFSXUVXLWV%XW
ZK\SD\KHUVRPXFKDWWHQWLRQ"7KH:LGRZ.RURERWFKND0DGDPH0DQLORY
GRPHVWLFOLIHQRQGRPHVWLFOLIHDZD\ZLWKWKHPDOO+RZVWUDQJHO\
DUHWKLQJVFRPSRXQGHG,QDWULFHPD\MR\WXUQWRVRUURZVKRXOGRQH
KDOWORQJHQRXJKRYHULWLQDWULFHRQO\*RGFDQVD\ZKDWLGHDVPD\
VWULNHRQH<RXPD\IDOOHYHQWRWKLQNLQJ$IWHUDOOGLG0DGDPH
.RURERWFKNDVWDQGVRYHU\ORZLQWKHVFDOHRIKXPDQSHUIHFWLRQ":DV
WKHUHUHDOO\VXFKDYHU\JUHDWJXOIEHWZHHQKHUDQG0DGDPH
0DQLORYEHWZHHQKHUDQGWKH0DGDPH0DQLORYZKRPZHKDYHVHHQ
HQWUHQFKHGEHKLQGWKHZDOOVRIDJHQWHHOPDQVLRQLQZKLFKWKHUHZHUHD
ILQHVWDLUFDVHRIZURXJKWPHWDODQGDQXPEHURIULFKFDUSHWVWKH
0DGDPH0DQLORYZKRVSHQWPRVWRIKHUWLPHLQ\DZQLQJEHKLQGKDOIUHDG
ERRNVDQGLQKRSLQJIRUDYLVLWIURPVRPHVRFLDOO\GLVWLQJXLVKHG

59

SHUVRQLQRUGHUWKDWVKHPLJKWGLVSOD\KHUZLWDQGFDUHIXOO\UHKHDUVHG
WKRXJKWVWKRXJKWVZKLFKKDGEHHQGHULJHXULQWRZQIRUDZHHNSDVW
\HWZKLFKUHIHUUHGQRWWRZKDWZDVJRLQJRQLQKHUKRXVHKROGRURQ
KHUHVWDWHERWKRIZKLFKSURSHUWLHVZHUHDWRGGVDQGHQGVRZLQJWR
KHULJQRUDQFHRIWKHDUWRIPDQDJLQJWKHPEXWWRWKHFRPLQJSROLWLFDO
UHYROXWLRQLQ)UDQFHDQGWKHGLUHFWLRQLQZKLFKIDVKLRQDEOH
&DWKROLFLVPZDVVXSSRVHGWREHPRYLQJ"%XWDZD\ZLWKVXFKWKLQJV:K\
QHHGZHVSHDNRIWKHP"<HWKRZFRPHVLWWKDWVXGGHQO\LQWRWKHPLGVW
RIRXUFDUHOHVVIULYRORXVXQWKLQNLQJPRPHQWVWKHUHPD\HQWHU
DQRWKHUDQGDYHU\GLIIHUHQWWHQGHQF\"WKDWWKHVPLOHPD\QRWKDYH
OHIWDKXPDQIDFHEHIRUHLWVRZQHUZLOOKDYHUDGLFDOO\FKDQJHGKLVRU
KHUQDWXUH WKRXJKQRWKLVRUKHUHQYLURQPHQW ZLWKWKHUHVXOWWKDW
WKHIDFHZLOOVXGGHQO\EHFRPHOLWZLWKDUDGLDQFHQHYHUEHIRUHVHHQ
WKHUH"
+HUHLVWKHEULWFKNDKHUHLVWKHEULWFKNDH[FODLPHG&KLFKLNRYRQ
SHUFHLYLQJWKDWYHKLFOHVORZO\DGYDQFLQJ$K\RXEORFNKHDGKHZHQW
RQWR6HOLIDQ:K\KDYH\RXEHHQORLWHULQJDERXW",VXSSRVHODVW
QLJKW
VIXPHVKDYHQRW\HWOHIW\RXUEUDLQ"
7RWKLV6HOLIDQUHWXUQHGQRUHSO\
*RRGE\HPDGDPDGGHGWKHVSHDNHU%XWZKHUHLVWKHJLUOZKRP\RX
SURPLVHGPH"
+HUH3HODJHDFDOOHGWKHKRVWHVVWRDZHQFKRIDERXWHOHYHQZKRZDV
GUHVVHGLQKRPHG\HGJDUPHQWVDQGFRXOGERDVWRIDSDLURIEDUHIHHW
ZKLFKIURPDGLVWDQFHPLJKWDOPRVWKDYHEHHQPLVWDNHQIRUERRWVVR
HQFUXVWHGZHUHWKH\ZLWKIUHVKPLUH+HUH3HODJHD&RPHDQGVKRZ
WKLVJHQWOHPDQWKHZD\
6HOLIDQKHOSHGWKHJLUOWRDVFHQGWRWKHER[VHDW3ODFLQJRQHIRRW
XSRQWKHVWHSE\ZKLFKWKHJHQWU\PRXQWHGVKHFRYHUHGWKHVDLGVWHS
ZLWKPXGDQGWKHQDVFHQGLQJKLJKHUDWWDLQHGWKHGHVLUHGSRVLWLRQ
EHVLGHWKHFRDFKPDQ&KLFKLNRYIROORZHGLQKHUZDNH FDXVLQJWKH
EULWFKNDWRKHHORYHUZLWKKLVZHLJKWDVKHGLGVR DQGWKHQVHWWOHG
KLPVHOIEDFNLQWRKLVSODFHZLWKDQ$OOULJKW*RRGE\HPDGDPDV
WKHKRUVHVPRYHGDZD\DWDWURW
6HOLIDQORRNHGJORRP\DVKHGURYHEXWDOVRYHU\DWWHQWLYHWRKLV
EXVLQHVV7KLVZDVLQYDULDEO\KLVFXVWRPZKHQKHKDGFRPPLWWHGWKH
IDXOWRIJHWWLQJGUXQN$OVRWKHKRUVHVORRNHGXQXVXDOO\
ZHOOJURRPHG,QSDUWLFXODUWKHFROODURQRQHRIWKHPKDGEHHQQHDWO\
PHQGHGDOWKRXJKKLWKHUWRLWVVWDWHRIGLODSLGDWLRQKDGEHHQVXFKDV

60

SHUHQQLDOO\WRDOORZWKHVWXIILQJWRSURWUXGHWKURXJKWKHOHDWKHU7KH
VLOHQFHSUHVHUYHGZDVZHOOQLJKFRPSOHWH0HUHO\IORXULVKLQJKLVZKLS
6HOLIDQVSRNHWRWKHWHDPQRZRUGRILQVWUXFWLRQDOWKRXJKWKH
VNHZEDOGZDVDVUHDG\DVXVXDOWROLVWHQWRFRQYHUVDWLRQRIDGLGDFWLF
QDWXUHVHHLQJWKDWDWVXFKWLPHVWKHUHLQVKXQJORRVHO\LQWKHKDQGV
RIWKHORTXDFLRXVGULYHUDQGWKHZKLSZDQGHUHGPHUHO\DVDPDWWHURI
IRUPRYHUWKHEDFNVRIWKHWURLND7KLVWLPHKRZHYHUWKHUHFRXOGEH
KHDUGLVVXLQJIURP6HOLIDQ
VVXOOHQOLSVRQO\WKHXQLIRUPO\XQSOHDVDQW
H[FODPDWLRQ1RZWKHQ\RXEUXWHV*HWRQZLWK\RXJHWRQZLWK\RX
7KHED\DQGWKH$VVHVVRUWRRIHOWSXWRXWDWQRWKHDULQJWKHPVHOYHV
FDOOHGP\SHWVRUJRRGODGVZKLOHLQDGGLWLRQWKHVNHZEDOGFDPH
LQIRUVRPHQDVW\FXWVDFURVVKLVVOHHNDQGDPSOHTXDUWHUV:KDWKDV
SXWPDVWHURXWOLNHWKLV"WKRXJKWWKHDQLPDODVLWVKRRNLWVKHDG
+HDYHQNQRZVZKHUHKHGRHVQRWNHHSEHDWLQJPHDFURVVWKHEDFNDQG
HYHQZKHUH,DPWHQGHUHUVWLOO<HVKHNHHSVFDWFKLQJWKHZKLSLQP\
HDUVDQGODVKLQJPHXQGHUWKHEHOO\
7RWKHULJKWHK"VQDSSHG6HOLIDQWRWKHJLUOEHVLGHKLPDVKHSRLQWHG
WRDUDLQVRDNHGURDGZKLFKWUHQGHGDZD\WKURXJKIUHVKJUHHQILHOGV
1RQRVKHUHSOLHG,ZLOOVKRZ\RXWKHURDGZKHQWKHWLPHFRPHV
:KLFKZD\WKHQ"KHDVNHGDJDLQZKHQWKH\KDGSURFHHGHGDOLWWOHIXUWKHU
7KLVZD\$QGVKHSRLQWHGWRWKHURDGMXVWPHQWLRQHG
*HWDORQJZLWK\RXUHWRUWHGWKHFRDFKPDQ7KDW'2(6JRWRWKH
ULJKW<RXGRQ
WNQRZ\RXUULJKWKDQGIURP\RXUOHIW
7KHZHDWKHUZDVILQHEXWWKHJURXQGVRH[FHVVLYHO\VRGGHQWKDWWKH
ZKHHOVRIWKHEULWFKNDFROOHFWHGPLUHXQWLOWKH\KDGEHFRPHFDNHGDV
ZLWKDOD\HURIIHOWDFLUFXPVWDQFHZKLFKJUHDWO\LQFUHDVHGWKH
ZHLJKWRIWKHYHKLFOHDQGSUHYHQWHGLWIURPFOHDULQJWKHQHLJKERXULQJ
SDULVKHVEHIRUHWKHDIWHUQRRQZDVDUULYHG$OVRZLWKRXWWKHJLUO
V
KHOSWKHILQGLQJRIWKHZD\ZRXOGKDYHEHHQLPSRVVLEOHVLQFHURDGV
ZLJJOHGDZD\LQHYHU\GLUHFWLRQOLNHFUDEVUHOHDVHGIURPDQHWDQG
EXWIRUWKHDVVLVWDQFHPHQWLRQHG6HOLIDQZRXOGKDYHIRXQGKLPVHOI
OHIWWRKLVRZQGHYLFHV3UHVHQWO\VKHSRLQWHGWRDEXLOGLQJDKHDG
ZLWKWKHZRUGV7+(5(LVWKHPDLQURDG
$QGZKDWLVWKHEXLOGLQJ"DVNHG6HOLIDQ
$WDYHUQVKHVDLG

61

7KHQZHFDQJHWDORQJE\RXUVHOYHVKHREVHUYHG'R\RXJHWGRZQ
DQGEHRIIKRPH
:LWKWKDWKHVWRSSHGDQGKHOSHGKHUWRDOLJKWPXWWHULQJDVKHGLG
VR$K\RXEODFNIRRWHGFUHDWXUH
&KLFKLNRYDGGHGDFRSSHUJURDWDQGVKHGHSDUWHGZHOOSOHDVHGZLWKKHU
ULGHLQWKHJHQWOHPDQ
VFDUULDJH

&+$37(5,9
2QUHDFKLQJWKHWDYHUQ&KLFKLNRYFDOOHGDKDOW+LVUHDVRQVIRUWKLV
ZHUHWZRIROGQDPHO\WKDWKHZDQWHGWRUHVWWKHKRUVHVDQGWKDWKH
KLPVHOIGHVLUHGVRPHUHIUHVKPHQW,QWKLVFRQQHFWLRQWKHDXWKRUIHHOV
ERXQGWRFRQIHVVWKDWWKHDSSHWLWHDQGWKHFDSDFLW\RIVXFKPHQDUH
JUHDWO\WREHHQYLHG2IWKRVHZHOOWRGRIRONRI6W3HWHUVEXUJDQG
0RVFRZZKRVSHQGWKHLUWLPHLQFRQVLGHULQJZKDWWKH\VKDOOHDWRQWKH
PRUURZDQGLQFRPSRVLQJDGLQQHUIRUWKHGD\IROORZLQJDQGZKRQHYHU
VLWGRZQWRDPHDOZLWKRXWILUVWRIDOOLQMHFWLQJDSLOODQGWKHQ
VZDOORZLQJR\VWHUVDQGFUDEVDQGDTXDQWLW\RIRWKHUPRQVWHUVZKLOH
HWHUQDOO\GHSDUWLQJIRU.DUOVEDGRUWKH&DXFDVXVWKHDXWKRUKDVEXWD
VPDOORSLQLRQ<HV7+(<DUHQRWWKHSHUVRQVWRLQVSLUHHQY\
5DWKHULWLVWKHIRONRIWKHPLGGOHFODVVHVIRONZKRDWRQH
SRVWKRXVHFDOOIRUEDFRQDQGDWDQRWKHUIRUDVXFNLQJSLJDQGDWD
WKLUGIRUDVWHDNRIVWXUJHRQRUDEDNHGSXGGLQJZLWKRQLRQVDQGZKR
FDQVLWGRZQWRWDEOHDWDQ\KRXUDVWKRXJKWKH\KDGQHYHUKDGDPHDO
LQWKHLUOLYHVDQGFDQGHYRXUILVKRIDOOVRUWVDQGJX]]OHDQGFKHZ
LWZLWKDYLHZWRSURYRNLQJIXUWKHUDSSHWLWHWKHVH,VD\DUHWKH
IRONZKRHQMR\KHDYHQ
VPRVWIDYRXUHGJLIW7RDWWDLQVXFKDFHOHVWLDO
FRQGLWLRQWKHJUHDWIRONRIZKRP,KDYHVSRNHQZRXOGVDFULILFHKDOI
WKHLUVHUIVDQGKDOIWKHLUPRUWJDJHGDQGQRQPRUWJDJHGSURSHUW\ZLWK
WKHIRUHLJQDQGGRPHVWLFLPSURYHPHQWVWKHUHRQLIWKHUHE\WKH\FRXOG
FRPSDVVVXFKDVWRPDFKDVLVSRVVHVVHGE\WKHIRONRIWKHPLGGOH
FODVV%XWXQIRUWXQDWHO\QHLWKHUPRQH\QRUUHDOHVWDWHZKHWKHU
LPSURYHGRUQRQLPSURYHGFDQSXUFKDVHVXFKDVWRPDFK
7KHOLWWOHZRRGHQWDYHUQZLWKLWVQDUURZEXWKRVSLWDEOHFXUWDLQ
VXVSHQGHGIURPDSDLURIURXJKKHZQGRRUSRVWVOLNHROGFKXUFK
FDQGOHVWLFNVVHHPHGWRLQYLWH&KLFKLNRYWRHQWHU7UXHWKH
HVWDEOLVKPHQWZDVRQO\D5XVVLDQKXWRIWKHRUGLQDU\W\SHEXWLWZDV
DKXWRIODUJHUGLPHQVLRQVWKDQXVXDODQGKDGDURXQGLWVZLQGRZVDQG
JDEOHVFDUYHGDQGSDWWHUQHGFRUQLFHVRIEULJKWFRORXUHGZRRGZKLFK

62

WKUHZLQWRUHOLHIWKHGDUNHUKXHRIWKHZDOOVDQGFRQVRUWHGZHOOZLWK
WKHIORZHUHGSLWFKHUVSDLQWHGRQWKHVKXWWHUV
$VFHQGLQJWKHQDUURZZRRGHQVWDLUFDVHWRWKHXSSHUIORRUDQGDUULYLQJ
XSRQDEURDGODQGLQJ&KLFKLNRYIRXQGKLPVHOIFRQIURQWHGZLWKD
FUHDNLQJGRRUDQGDVWRXWROGZRPDQLQDVWULSHGSULQWJRZQ7KLV
ZD\LI\RXSOHDVHVKHVDLG:LWKLQWKHDSDUWPHQWGHVLJQDWHG
&KLFKLNRYHQFRXQWHUHGWKHROGIULHQGVZKLFKRQHLQYDULDEO\ILQGVLQ
VXFKURDGVLGHKRVWHOULHVWRZLWDKHDY\VDPRYDUIRXUVPRRWK
EHVFUDWFKHGZDOOVRIZKLWHSLQHDWKUHHFRUQHUHGSUHVVZLWKFXSVDQG
WHDSRWVHJJFXSVRIJLOGHGFKLQDVWDQGLQJLQIURQWRILNRQVVXVSHQGHG
E\EOXHDQGUHGULEDQGVDFDWODWHO\GHOLYHUHGRIDIDPLO\DPLUURU
ZKLFKJLYHVRQHIRXUH\HVLQVWHDGRIWZRDQGDSDQFDNHIRUDIDFH
DQGEHVLGHWKHLNRQVVRPHEXQFKHVRIKHUEVDQGFDUQDWLRQVRIVXFK
IDGHGGXVWLQHVVWKDWVKRXOGRQHDWWHPSWWRVPHOOWKHPRQHLVERXQG
WREXUVWRXWVQHH]LQJ
+DYH\RXDVXFNLQJSLJ"&KLFKLNRYLQTXLUHGRIWKHODQGODG\DVVKH
VWRRGH[SHFWDQWO\EHIRUHKLP
<HV
$QGVRPHKRUVHUDGLVKDQGVRXUFUHDP"
<HV
7KHQVHUYHWKHP
7KHODQGODG\GHSDUWHGIRUWKHSXUSRVHDQGUHWXUQHGZLWKDSODWHD
QDSNLQ WKHODWWHUVWDUFKHGWRWKHFRQVLVWHQF\RIGULHGEDUN DNQLIH
ZLWKDERQHKDQGOHEHJLQQLQJWRWXUQ\HOORZDWZRSURQJHGIRUNDV
WKLQDVDZDIHUDQGDVDOWFHOODULQFDSDEOHRIEHLQJPDGHWRVWDQG
XSULJKW
)ROORZLQJWKHDFFHSWHGFXVWRPRXUKHURHQWHUHGLQWRFRQYHUVDWLRQZLWK
WKHZRPDQDQGLQTXLUHGZKHWKHUVKHKHUVHOIRUDODQGORUGNHSWWKH
WDYHUQKRZPXFKLQFRPHWKHWDYHUQEURXJKWLQZKHWKHUKHUVRQVOLYHG
ZLWKKHUZKHWKHUWKHROGHVWZDVDEDFKHORURUPDUULHGZKRPWKH
HOGHVWKDGWDNHQWRZLIHZKHWKHUWKHGRZU\KDGEHHQODUJHZKHWKHU
WKHIDWKHULQODZKDGEHHQVDWLVILHGDQGZKHWKHUWKHVDLG
IDWKHULQODZKDGQRWFRPSODLQHGRIUHFHLYLQJWRRVPDOODSUHVHQWDW
WKHZHGGLQJ,QVKRUW&KLFKLNRYWRXFKHGRQHYHU\FRQFHLYDEOHSRLQW
/LNHZLVH RIFRXUVH KHGLVSOD\HGVRPHFXULRVLW\DVWRWKHODQGRZQHUV
RIWKHQHLJKERXUKRRG7KHLUQDPHVKHDVFHUWDLQHGZHUH%ORFKLQ

63

3RWFKLWDHY0LQRL&KHSUDNRYDQG6REDNHYLWFK
7KHQ\RXDUHDFTXDLQWHGZLWK6REDNHYLWFK"KHVDLGZKHUHXSRQWKHROG
ZRPDQLQIRUPHGKLPWKDWVKHNQHZQRWRQO\6REDNHYLWFKEXWDOVR
0DQLORYDQGWKDWWKHODWWHUZDVWKHPRUHGHOLFDWHHDWHURIWKHWZR
VLQFHZKHUHDV0DQLORYDOZD\VRUGHUHGDURDVWIRZODQGVRPHYHDODQG
PXWWRQDQGWKHQWDVWHGPHUHO\DPRUVHORIHDFK6REDNHYLWFKZRXOG
RUGHURQHGLVKRQO\EXWFRQVXPHWKHZKROHRILWDQGWKHQGHPDQGPRUH
DWWKHVDPHSULFH
:KLOVW&KLFKLNRYZDVWKXVFRQYHUVLQJDQGSDUWDNLQJRIWKHVXFNLQJSLJ
XQWLORQO\DIUDJPHQWRILWVHHPHGOLNHO\WRUHPDLQWKHVRXQGRIDQ
DSSURDFKLQJYHKLFOHPDGHLWVHOIKHDUG3HHULQJWKURXJKWKHZLQGRZKH
VDZGUDZXSWRWKHWDYHUQGRRUDOLJKWEULWFKNDGUDZQE\WKUHHILQH
KRUVHV)URPLWWKHUHGHVFHQGHGWZRPHQRQHIOD[HQKDLUHGDQGWDOO
DQGWKHRWKHUGDUNKDLUHGDQGRIVOLJKWHUEXLOG:KLOHWKH
IOD[HQKDLUHGPDQZDVFODGLQDGDUNEOXHFRDWWKHRWKHURQHZDV
ZUDSSHGLQDFRDWRIVWULSHGSDWWHUQ%HKLQGWKHEULWFKNDVWRRGD
VHFRQGEXWDQHPSW\WXUQRXWGUDZQE\IRXUORQJFRDWHGVWHHGVLQ
UDJJHGFROODUVDQGURSHKDUQHVVHV7KHIOD[HQKDLUHGPDQORVWQRWLPH
LQDVFHQGLQJWKHVWDLUFDVHZKLOHKLVGDUNHUIULHQGUHPDLQHGEHORZWR
IXPEOHDWVRPHWKLQJLQWKHEULWFKNDWDONLQJDVKHGLGVRWRWKH
GULYHURIWKHYHKLFOHZKLFKVWRRGKLWFKHGEHKLQG6RPHKRZWKH
GDUNKDLUHGPDQ
VYRLFHVWUXFN&KLFKLNRYDVIDPLOLDUDQGDVKHZDV
WDNLQJDQRWKHUORRNDWKLPWKHIOD[HQKDLUHGJHQWOHPDQHQWHUHGWKH
URRP7KHQHZFRPHUZDVDPDQRIORIW\VWDWXUHZLWKDVPDOOUHG
PRXVWDFKHDQGDOHDQKDUGELWWHQIDFHZKRVHUHGQHVVPDGHLWHYLGHQW
WKDWLWVDFTXDLQWDQFHLIQRWZLWKWKHVPRNHRIJXQSRZGHUDWDOO
HYHQWVZLWKWKDWRIWREDFFRZDVLQWLPDWHDQGH[WHQVLYH1HYHUWKHOHVV
KHJUHHWHG&KLFKLNRYFLYLOO\DQGWKHODWWHUUHWXUQHGKLVERZ,QGHHG
WKHSDLUZRXOGKDYHHQWHUHGLQWRFRQYHUVDWLRQDQGKDYHPDGHRQH
DQRWKHU
VDFTXDLQWDQFH VLQFHDEHJLQQLQJZDVPDGHZLWKWKHLU
VLPXOWDQHRXVO\H[SUHVVLQJVDWLVIDFWLRQDWWKHFLUFXPVWDQFHWKDWWKH
SUHYLRXVQLJKW
VUDLQKDGODLGWKHGXVWRQWKHURDGVDQGWKHUHE\
PDGHGULYLQJFRRODQGSOHDVDQW ZKHQWKHJHQWOHPDQ
VGDUNHUIDYRXUHG
IULHQGDOVRHQWHUHGWKHURRPDQGWKURZLQJKLVFDSXSRQWKHWDEOH
SXVKHGEDFNDPDVVRIGLVKHYHOOHGEODFNORFNVIURPKLVEURZ7KH
ODWHVWDUULYDOZDVDPDQRIPHGLXPKHLJKWEXWZHOOSXWWRJHWKHUDQG
SRVVHVVHGRIDSDLURIIXOOUHGFKHHNVDVHWRIWHHWKDVZKLWHDV
VQRZDQGFRDOEODFNZKLVNHUV,QGHHGVRIUHVKZDVKLVFRPSOH[LRQ
WKDWLWVHHPHGWRKDYHEHHQFRPSRXQGHGRIEORRGDQGPLONZKLOHKHDOWK
GDQFHGLQKLVHYHU\IHDWXUH
+DKDKDKHFULHGZLWKDJHVWXUHRIDVWRQLVKPHQWDWWKHVLJKWRI

64

&KLFKLNRY:KDWFKDQFHEULQJV<28KHUH"
8SRQWKDW&KLFKLNRYUHFRJQLVHG1R]GUHYWKHPDQZKRPKHKDGPHWDW
GLQQHUDWWKH3XEOLF3URVHFXWRU
VDQGZKRZLWKLQDPLQXWHRUWZRRI
WKHLQWURGXFWLRQKDGEHFRPHVRLQWLPDWHZLWKKLVIHOORZJXHVWDVWR
DGGUHVVKLPLQWKHVHFRQGSHUVRQVLQJXODULQVSLWHRIWKHIDFWWKDW
&KLFKLNRYKDGJLYHQKLPQRRSSRUWXQLW\IRUGRLQJVR
:KHUHKDYH\RXEHHQWRGD\"1R]GUHYLQTXLUHGDQGZLWKRXWZDLWLQJ
IRUDQDQVZHUZHQWRQ)RUP\VHOI,DPMXVWIURPWKHIDLUDQG
FRPSOHWHO\FOHDQHGRXW$FWXDOO\,KDYHKDGWRGRWKHMRXUQH\EDFN
ZLWKVWDJHKRUVHV/RRNRXWRIWKHZLQGRZDQGVHHWKHPIRU\RXUVHOI
$QGKHWXUQHG&KLFKLNRY
VKHDGVRVKDUSO\LQWKHGHVLUHGGLUHFWLRQ
WKDWKHFDPHYHU\QHDUWREXPSLQJLWDJDLQVWWKHZLQGRZIUDPH'LG
\RXHYHUVHHVXFKDEDJRIWULFNV"7KHFXUVHGWKLQJVKDYHRQO\MXVW
PDQDJHGWRJHWKHUH,QIDFWRQWKHZD\,KDGWRWUDQVIHUP\VHOIWR
WKLVIHOORZ
VEULWFKND+HLQGLFDWHGKLVFRPSDQLRQZLWKDILQJHU%\
WKHZD\GRQ
W\RXNQRZRQHDQRWKHU"+HLV0L]KXHYP\EURWKHULQODZ
+HDQG,ZHUHWDONLQJRI\RXRQO\WKLVPRUQLQJ
-XVW\RXVHH
VDLG,
WRKLP
LIZHGRQRWIDOOLQZLWK&KLFKLNRYEHIRUHZHKDYHGRQH

+HDYHQVKRZFRPSOHWHO\FOHDQHGRXW,DP1RWRQO\KDYH,ORVWIRXU
JRRGKRUVHVEXWDOVRP\ZDWFKDQGFKDLQ&KLFKLNRYSHUFHLYHGWKDWLQ
YHU\WUXWKKLVLQWHUORFXWRUZDVPLQXVWKHDUWLFOHVQDPHGDVZHOODV
WKDWRQHRI1R]GUHY
VZKLVNHUVZDVOHVVEXVK\LQDSSHDUDQFHWKDQWKH
RWKHURQH+DG,KDGDQRWKHUWZHQW\URXEOHVLQP\SRFNHWZHQWRQ
1R]GUHY,VKRXOGKDYHZRQEDFNDOOWKDW,KDYHORVWDVZHOODVKDYH
SRXFKHGDIXUWKHUWKLUW\WKRXVDQG<HV,JLYH\RXP\ZRUGRIKRQRXU
RQWKDW
%XW\RXZHUHVD\LQJWKHVDPHWKLQJZKHQODVW,PHW\RXSXWLQWKH
IOD[HQKDLUHGPDQ<HWHYHQWKRXJK,OHQW\RXILIW\URXEOHV\RX
ORVWWKHPDOO
%XW,VKRXOGQRWKDYHORVWWKHP7+,6WLPH'RQ
WWU\WRPDNHPHRXW
DIRRO,VKRXOG127KDYHORVWWKHP,WHOO\RX+DG,RQO\SOD\HG
WKHULJKWFDUG,VKRXOGKDYHEURNHQWKHEDQN
%XW\RXGLG127EUHDNWKHEDQNUHPDUNHGWKHIOD[HQKDLUHGPDQ
1R7KDWZDVEHFDXVH,GLGQRWSOD\P\FDUGVULJKW%XWZKDWDERXW
\RXUSUHFLRXVPDMRU
VSOD\",V7+$7JRRG"
*RRGRUQRWDWOHDVWKHEHDW\RX

65

6SOHQGLGRIKLP1HYHUWKHOHVV,ZLOOJHWP\RZQEDFN/HWKLPSOD\PH
DWGRXEOHVDQGZHVKDOOVRRQVHHZKDWVRUWRIDSOD\HUKHLV)ULHQG
&KLFKLNRYDWILUVWZHKDGDJORULRXVWLPHIRUWKHIDLUZDVD
WUHPHQGRXVVXFFHVV,QGHHGWKHWUDGHVPHQVDLGWKDWQHYHU\HWKDG
WKHUHEHHQVXFKDJDWKHULQJ,P\VHOIPDQDJHGWRVHOOHYHU\WKLQJIURP
P\HVWDWHDWDJRRGSULFH,QIDFWZHKDGDPDJQLILFHQWWLPH,FDQ
W
KHOSWKLQNLQJRILWGHYLOWDNHPH%XWZKDWDSLW\<28ZHUHQRW
WKHUH7KUHHYHUVWVIURPWKHWRZQWKHUHLVTXDUWHUHGDUHJLPHQWRI
GUDJRRQVDQG\RXZRXOGVFDUFHO\EHOLHYHZKDWDORWRIRIILFHUVLW
KDV)RUW\DWOHDVWWKHUHDUHDQGWKH\GRDILQHORWRINQRFNLQJ
DERXWWKHWRZQDQGGULQNLQJ,QSDUWLFXODU6WDII&DSWDLQ3RWVLHOXHY
LVD63/(1','IHOORZ<RXVKRXOGMXVWVHHKLVPRXVWDFKH:K\KH
FDOOVJRRGFODUHW
WUDVK

%ULQJPHVRPHRIWKHXVXDOWUDVK
LVKLV
ZD\RIRUGHULQJLW$QG/LHXWHQDQW.XYVKLQQLNRYWRR+HLVDV
GHOLJKWIXODVWKHRWKHUPDQ,QIDFW,PD\VD\WKDWHYHU\RQHRIWKH
ORWLVDUDNH,VSHQWP\ZKROHWLPHZLWKWKHPDQG\RXFDQLPDJLQH
WKDW3RQRPDUHYWKHZLQHPHUFKDQWGLGDILQHWUDGHLQGHHG$OOWKH
VDPHKHLVDUDVFDO\RXNQRZDQGRXJKWQRWWREHGHDOWZLWKIRUKH
SXWVDOOVRUWVRIUXEELVKLQWRKLVOLTXRU,QGLDQZRRGDQGEXUQWFRUN
DQGHOGHUEHUU\MXLFHWKHYLOODLQ1HYHUWKHOHVVJHWKLPWRSURGXFHD
ERWWOHIURPZKDWKHFDOOVKLV
VSHFLDOFHOODU
DQG\RXZLOOIDQF\
\RXUVHOILQWKHVHYHQWKKHDYHQRIGHOLJKW$QGZKDWTXDQWLWLHVRI
FKDPSDJQHZHGUDQN&RPSDUHGZLWKLWSURYLQFLDOVWXIILVNYDVV>@
7U\WRLPDJLQHQRWPHUHO\&OLFTXRWEXWDVRUWRIEOHQGRI&OLFTXRW
DQG0DWUDGXUD&OLFTXRWRIGRXEOHVWUHQJWK$OVR3RQRPDUHYSURGXFHGD
ERWWOHRI)UHQFKVWXIIZKLFKKHFDOOV
%RQERQ
+DGLWDERXTXHWDVN
\RX":K\LWKDGWKHERXTXHWRIDURVHJDUGHQRIDQ\WKLQJHOVH\RX
OLNH:KDWWLPHVZHKDGWREHVXUH-XVWDIWHUZHKDGOHIW3QRPDUHY
V
SODFHVRPHSULQFHRUDQRWKHUDUULYHGLQWKHWRZQDQGVHQWRXWIRU
VRPHFKDPSDJQHEXWQRWDERWWOHZDVWKHUHOHIWIRUWKHRIILFHUVKDG
GUXQNHYHU\RQH:K\,P\VHOIJRWWKURXJKVHYHQWHHQERWWOHVDWDVLWWLQJ
>@$OLTXRUGLVWLOOHGIURPIHUPHQWHGEUHDGFUXVWVRUVRXUIUXLW
&RPHFRPH<RX&$1
7KDYHJRWWKURXJKVHYHQWHHQUHPDUNHGWKH
IOD[HQKDLUHGPDQ
%XW,GLG,JLYHP\ZRUGRIKRQRXUUHWRUWHG1R]GUHY
,PDJLQHZKDW\RXOLNHEXW\RXGLGQ
WGULQNHYHQ7(1ERWWOHVDWDVLWWLQJ
:LOO\RXEHWWKDW,GLGQRW"
1RIRUZKDWZRXOGEHWKHXVHRIEHWWLQJDERXWLW"

66

7KHQDWOHDVWZDJHUWKHJXQZKLFK\RXKDYHERXJKW
1R,DPQRWJRLQJWRGRDQ\WKLQJRIWKHNLQG
-XVWDVDQH[SHULPHQW"
1R
,WLVDVZHOOIRU\RXWKDW\RXGRQ
WVLQFHRWKHUZLVH\RXZRXOG
KDYHIRXQG\RXUVHOIPLQXVERWKJXQDQGFDS+RZHYHUIULHQG&KLFKLNRY
LWLVDSLW\\RXZHUHQRWWKHUH+DG\RXEHHQWKHUH,IHHOVXUH\RX
ZRXOGKDYHIRXQG\RXUVHOIXQDEOHWRSDUWZLWK/LHXWHQDQW.XYVKLQQLNRY
<RXDQGKHZRXOGKDYHKLWLWRIIVSOHQGLGO\<RXNQRZKHLVTXLWHD
GLIIHUHQWVRUWIURPWKH3XEOLF3URVHFXWRUDQGRXURWKHUSURYLQFLDO
VNLQIOLQWVIHOORZVZKRVKLYHULQWKHLUVKRHVEHIRUHWKH\ZLOOVSHQGD
VLQJOHNRSHFN+(ZLOOSOD\IDURRUDQ\WKLQJHOVHDQGDWDQ\WLPH
:K\GLG\RXQRWFRPHZLWKXVLQVWHDGRIZDVWLQJ\RXUWLPHRQFDWWOH
EUHHGLQJRUVRPHWKLQJRIWKHVRUW"%XWQHYHUPLQG(PEUDFHPH,OLNH
\RXLPPHQVHO\0L]KXHYVHHKRZFXULRXVO\WKLQJVKDYHWXUQHGRXW
&KLFKLNRYKDVQRWKLQJWRGRZLWKPHRU,ZLWKKLP\HWKHUHLVKH
FRPHIURP*RGNQRZVZKHUHDQGODQGHGLQWKHYHU\VSRWZKHUH,KDSSHQ
WREHOLYLQJ,PD\WHOO\RXWKDWQRPDWWHUKRZPDQ\FDUULDJHV,
SRVVHVVHG,VKRXOGJDPEOHWKHORWDZD\5HFHQWO\,ZHQWLQIRUDWXUQ
DWELOOLDUGVDQGORVWWZRMDUVRISRPDGHDFKLQDWHDSRWDQGD
JXLWDU7KHQ,VWDNHGVRPHPRUHWKLQJVDQGOLNHDIRROORVWWKHP
DOODQGVL[URXEOHVLQDGGLWLRQ:KDWDGRJLVWKDW.XYVKLQQLNRY+H
DQG,DWWHQGHGQHDUO\HYHU\EDOOLQWKHSODFH,QSDUWLFXODUWKHUH
ZDVDZRPDQGHFROOHWHHDQGVXFKDVZHOO,PHUHO\WKRXJKWWRP\VHOI

7KHGHYLOWDNHKHU
EXW.XYVKLQQLNRYLVVXFKDZDJWKDWKHVDWGRZQ
EHVLGHKHUDQGEHJDQSD\LQJKHUVWULQJVRIFRPSOLPHQWVLQ)UHQFK
+RZHYHU,GLGQRWQHJOHFWWKHGDPVHOVDOWRJHWKHUDOWKRXJK+(FDOOV
WKDWVRUWRIWKLQJ
JRLQJLQIRUVWUDZEHUULHV
%\WKHZD\,KDYHD
VSOHQGLGSLHFHRIILVKDQGVRPHFDYLDUHZLWKPH
7LVDOO,+$9(
EURXJKWEDFN,QIDFWLWLVDOXFN\FKDQFHWKDW,KDSSHQHGWREX\WKH
VWXIIEHIRUHP\PRQH\ZDVJRQH:KHUHDUH\RXIRU"
,DPDERXWWRFDOORQDIULHQG
2QZKDWIULHQG"/HWKLPJRWRWKHGHYLODQGFRPHWRP\SODFH
LQVWHDG
,FDQQRW,FDQQRW,KDYHEXVLQHVVWRGR

67

2KEXVLQHVVDJDLQ,WKRXJKWVR
%XW,+$9(EXVLQHVVWRGRDQGSUHVVLQJEXVLQHVVDWWKDW
,ZDJHUWKDW\RX
UHO\LQJ,IQRWWHOOPHZKRP\RX
UHJRLQJWRFDOOXSRQ
8SRQ6REDNHYLWFK
,QVWDQWO\1R]GUHYEXUVWLQWRDODXJKFRPSDVVDEOHRQO\E\DKHDOWK\PDQ
LQZKRVHKHDGHYHU\WRRWKVWLOOUHPDLQVDVZKLWHDVVXJDU%\WKLV,
PHDQWKHODXJKRITXLYHULQJFKHHNVWKHODXJKZKLFKFDXVHVDQHLJKERXU
ZKRLVVOHHSLQJEHKLQGGRXEOHGRRUVWKUHHURRPVDZD\WROHDSIURPKLV
EHGDQGH[FODLPZLWKGLVWHQGHGH\HV+XOOR6RPHWKLQJ+$6XSVHWKLP
:KDWLVWKHUHWRODXJKDW"DVNHG&KLFKLNRYDWULIOHQHWWOHGEXW
1R]GUHYODXJKHGPRUHXQUHVWUDLQHGO\WKDQHYHUHMDFXODWLQJ2KVSDUH
XVDOO7KHWKLQJLVVRDPXVLQJWKDW,VKDOOGLHRILW
,VD\WKDWWKHUHLVQRWKLQJWRODXJKDWUHSHDWHG&KLFKLNRY,WLV
LQIXOILOPHQWRIDSURPLVHWKDW,DPRQP\ZD\WR6REDNHYLWFK
V
7KHQ\RXZLOOVFDUFHO\EHJODGWREHDOLYHZKHQ\RX
YHJRWWKHUHIRU
KHLVWKHYHULHVWPLVHULQWKHFRXQWU\VLGH2KB,BNQRZ\RX+RZHYHU
LI\RXWKLQNWRILQGWKHUHHLWKHUIDURRUDERWWOHRI
%RQERQ
\RXDUH
PLVWDNHQ/RRNKHUHP\JRRGIULHQG/HW6REDNHYLWFKJRWRWKH
GHYLODQGFRPHWR0<SODFHZKHUHDWOHDVW,VKDOOKDYHDSLHFHRI
VWXUJHRQWRRIIHU\RXIRUGLQQHU3RQRPDUHYVDLGWRPHRQSDUWLQJ

7KLVSLHFHLVMXVWWKHWKLQJIRU\RX(YHQLI\RXZHUHWRVHDUFKWKH
ZKROHPDUNHW\RXZRXOGQHYHUILQGDEHWWHURQH
%XWRIFRXUVHKHLV
DWHUULEOHURJXH,VDLGWRKLPRXWULJKW
<RXDQGWKH&ROOHFWRURI
7D[HVDUHWKHWZRJUHDWHVWVNLQIOLQWVLQWKHWRZQ
%XWKHRQO\
VWURNHGKLVEHDUGDQGVPLOHG(YHU\GD\,XVHGWREUHDNIDVWZLWK
.XYVKLQQLNRYLQKLVUHVWDXUDQW:HOOZKDW,ZDVQHDUO\IRUJHWWLQJLV
WKLVWKDWWKRXJK,DPDZDUHWKDW\RXFDQ
WIRUJR\RXUHQJDJHPHQW,
DPQRWJRLQJWRJLYH\RXXSQRQRWIRUWHQWKRXVDQGURXEOHVRI
PRQH\,WHOO\RXWKDWLQDGYDQFH
+HUHKHEURNHRIIWRUXQWRWKHZLQGRZDQGVKRXWWRKLVVHUYDQW ZKR
ZDVKROGLQJDNQLIHLQRQHKDQGDQGDFUXVWRIEUHDGDQGDSLHFHRI
VWXUJHRQLQWKHRWKHUKHKDGFRQWULYHGWRILOFKWKHODWWHUZKLOH
IXPEOLQJLQWKHEULWFKNDIRUVRPHWKLQJHOVH 
+L3RUSK\UL%ULQJKHUHWKDWSXSS\\RXUDVFDO:KDWDSXSS\LWLV
8QIRUWXQDWHO\WKDWWKLHIRIDODQGORUGKDVJLYHQLWQRWKLQJWRHDW

68

HYHQWKRXJK,KDYHSURPLVHGKLPWKHURDQILOO\ZKLFKDV\RXPD\
UHPHPEHU,VZRSSHGIURP.KYRVWLUHY$VDPDWWHURIDFW&KLFKLNRY
KDGQHYHULQKLVOLIHVHHQHLWKHU.KYRVWLUHYRUWKHURDQILOO\
%DULQGR\RXZLVKIRUDQ\WKLQJWRHDW"LQTXLUHGWKHODQGODG\DVVKH
HQWHUHG
1RQRWKLQJDWDOO$KIULHQG&KLFKLNRYZKDWWLPHVZHKDG<HV
JLYHPHDJODVVRIYRGNDROGZRPDQ:KDWVRUWWR\RXNHHS"
$QLVHHG
7KHQEULQJPHDJODVVRILWUHSHDWHG1R]GUHY
$QGRQHIRUPHDVZHOODGGHGWKHIOD[HQKDLUHGPDQ
$WWKHWKHDWUHZHQWRQ1R]GUHYWKHUHZDVDQDFWUHVVZKRVDQJOLNH
DFDQDU\.XYVKLQQLNRYZKRKDSSHQHGWREHVLWWLQJZLWKPHVDLG
0\
ER\\RXKDGEHWWHUJRDQGJDWKHUWKDWVWUDZEHUU\
$VIRUWKHERRWKV
DWWKHIDLUWKH\QXPEHUHG,VKRXOGVD\ILIW\$WWKLVSRLQWKH
EURNHRIIWRWDNHWKHJODVVRIYRGNDIURPWKHODQGODG\ZKRERZHGORZ
LQDFNQRZOHGJHPHQWRIKLVGRLQJVR$WWKHVDPHPRPHQW3RUSK\ULD
IHOORZGUHVVHGOLNHKLVPDVWHU WKDWLVWRVD\LQDJUHDV\ZDGGHG
RYHUFRDW HQWHUHGZLWKWKHSXSS\
3XWWKHEUXWHGRZQKHUHFRPPDQGHG1R]GUHYDQGWKHQIDVWHQLWXS
3RUSK\ULGHSRVLWHGWKHDQLPDOXSRQWKHIORRUZKHUHXSRQLWSURFHHGHG
WRDFWDIWHUWKHPDQQHURIGRJV
7+(5(
6DSXSS\IRU\RXFULHG1R]GUHYFDWFKLQJKROGRILWE\WKH
EDFNDQGOLIWLQJLWXS7KHSXSS\XWWHUHGDSLWHRXV\HOS
,FDQVHHWKDW\RXKDYHQ
WGRQHZKDW,WROG\RXWRGRKHFRQWLQXHG
WR3RUSK\ULDIWHUDQLQVSHFWLRQRIWKHDQLPDO
VEHOO\<RXKDYHTXLWH
IRUJRWWHQWREUXVKKLP
,','EUXVKKLPSURWHVWHG3RUSK\UL
7KHQZKHUHGLGWKHVHIOHDVFRPHIURP"
,FDQQRWWKLQN3HUKDSVWKH\KDYHOHDSWLQWRKLVFRDWRXWRIWKH
EULWFKND

69

<RXOLDU$VDPDWWHURIIDFW\RXKDYHIRUJRWWHQWREUXVKKLP
1HYHUWKHOHVVORRNDWWKHVHHDUV&KLFKLNRY-XVWIHHOWKHP
:K\VKRXOG,":LWKRXWGRLQJWKDW,FDQVHHWKDWKHLVZHOOEUHG
1HYHUWKHOHVVFDWFKKROGRIKLVHDUVDQGIHHOWKHP
7RKXPRXUWKHIHOORZ&KLFKLNRYGLGDVKHKDGUHTXHVWHGUHPDUNLQJ
<HVKHVHHPVOLNHO\WRWXUQRXWZHOO
$QGIHHOWKHFROGQHVVRIKLVQRVH-XVWWDNHLWLQ\RXUKDQG
1RWZLVKLQJWRRIIHQGKLVLQWHUORFXWRU&KLFKLNRYIHOWWKHSXSS\
V
QRVHVD\LQJ6RPHGD\KHZLOOKDYHDQH[FHOOHQWVFHQW
<HVZLOOKHQRW"
7LVWKHULJKWVRUWRIPX]]OHIRUWKDW,PXVWVD\
WKDW,KDYHORQJEHHQZDQWLQJVXFKDSXSS\3RUSK\ULWDNHKLPDZD\
DJDLQ
3RUSK\ULOLIWHGXSWKHSXSS\DQGERUHLWGRZQVWDLUV
/RRNKHUH&KLFKLNRYUHVXPHG1R]GUHY<RX0867FRPHWRP\SODFH
,WOLHVRQO\ILYHYHUVWVDZD\DQGZHFDQJRWKHUHOLNHWKHZLQGDQG
\RXFDQYLVLW6REDNHYLWFKDIWHUZDUGV
6KDOO,RUVKDOO,QRWJRWR1R]GUHY
V"UHIOHFWHG&KLFKLNRY,V
KHOLNHO\WRSURYHDQ\PRUHXVHIXOWKDQWKHUHVW":HOODWOHDVWKHLV
DVSURPLVLQJHYHQWKRXJKKHKDVORVWVRPXFKDWSOD\%XWKHKDVD
KHDGRQKLVVKRXOGHUVDQGWKHUHIRUH,PXVWJRFDUHIXOO\LI,DPWR
WDFNOHKLPFRQFHUQLQJP\VFKHPH
:LWKWKDWKHDGGHGDORXG9HU\ZHOO,:,//FRPHZLWK\RXEXWGR
QRWOHWXVEHORQJIRUP\WLPHLVYHU\SUHFLRXV
7KDW
VULJKWWKDW
VULJKWFULHG1R]GUHY6SOHQGLGVSOHQGLG/HW
PHHPEUDFH\RX$QGKHIHOOXSRQ&KLFKLNRY
VQHFN$OOWKUHHRIXV
ZLOOJR
1RQRSXWLQWKHIOD[HQKDLUHGPDQ<RXPXVWH[FXVHPHIRU,
PXVWEHRIIKRPH
5XEELVKUXEELVK,DP127JRLQJWRH[FXVH\RX
%XWP\ZLIHZLOOEHIXULRXVZLWKPH<RXDQG0RQVLHXU&KLFKLNRYPXVW

70

FKDQJHLQWRWKHRWKHUEULWFKND
&RPHFRPH7KHWKLQJLVQRWWREHWKRXJKWRI
7KHIOD[HQKDLUHGPDQZDVRQHRIWKRVHSHRSOHLQZKRVHFKDUDFWHUDW
ILUVWVLJKWWKHUHVHHPVWROXUNDFHUWDLQJUDLQRIVWXEERUQQHVVVR
PXFKVRWKDWDOPRVWEHIRUHRQHKDVEHJXQWRVSHDNWKH\DUHUHDG\WR
GLVSXWHRQH
VZRUGVDQGWRGLVDJUHHZLWKDQ\WKLQJWKDWPD\EHRSSRVHG
WRWKHLUSHFXOLDUIRUPRIRSLQLRQ)RULQVWDQFHWKH\ZLOOGHFOLQHWR
KDYHIROO\FDOOHGZLVGRPRUDQ\WXQHGDQFHGWREXWWKHLURZQ$OZD\V
KRZHYHUZLOOWKHUHEHFRPHPDQLIHVWLQWKHLUFKDUDFWHUDVRIWVSRW
DQGLQWKHHQGWKH\ZLOODFFHSWZKDWKLWKHUWRWKH\KDYHGHQLHGDQG
FDOOZKDWLVIRROLVKVHQVLEOHDQGHYHQGDQFH\HVEHWWHUWKDQDQ\
RQHHOVHZLOOGRWRDWXQHVHWE\VRPHRQHHOVH,QVKRUWWKH\
JHQHUDOO\EHJLQZHOOEXWDOZD\VHQGEDGO\
5XEELVKVDLG1R]GUHYLQDQVZHUWRDIXUWKHUREMHFWLRQRQKLV
EURWKHULQODZ
VSDUW$QGVXUHHQRXJKQRVRRQHUKDG1R]GUHYFODSSHG
KLVFDSXSRQKLVKHDGWKDQWKHIOD[HQKDLUHGPDQVWDUWHGWRIROORZKLP
DQGKLVFRPSDQLRQ
%XWWKHJHQWOHPDQKDVQRWSDLGIRUWKHYRGND"SXWLQWKHROGZRPDQ
$OOULJKWDOOULJKWJRRGPRWKHU/RRNKHUHEURWKHULQODZ3D\
KHUZLOO\RXIRU,KDYHQRWDNRSHFNOHIW
+RZPXFK"LQTXLUHGWKHEURWKHULQODZ
:KDWVLU"(LJKW\NRSHFNVLI\RXSOHDVHUHSOLHGWKHROGZRPDQ
$OLH*LYHKHUKDOIDURXEOH7KDWZLOOEHTXLWHHQRXJK
1RLWZLOO127EDULQSURWHVWHGWKHROGZRPDQ+RZHYHUVKHWRRN
WKHPRQH\JUDWHIXOO\DQGHYHQUDQWRWKHGRRUWRRSHQLWIRUWKH
JHQWOHPHQ$VDPDWWHURIIDFWVKHKDGORVWQRWKLQJE\WKH
WUDQVDFWLRQVLQFHVKHKDGGHPDQGHGIXOO\DTXDUWHUPRUHWKDQWKH
YRGNDZDVZRUWK
7KHWUDYHOOHUVWKHQWRRNWKHLUVHDWVDQGVLQFH&KLFKLNRY
VEULWFKND
NHSWDORQJVLGHWKHEULWFKNDZKHUHLQ1R]GUHYDQGKLVEURWKHULQODZ
ZHUHVHDWHGLWZDVSRVVLEOHIRUDOOWKUHHPHQWRFRQYHUVHWRJHWKHUDV
WKH\SURFHHGHG%HKLQGWKHPFDPH1R]GUHY
VVPDOOHUEXJJ\ZLWKLWV
WHDPRIOHDQVWDJHKRUVHVDQG3RUSK\ULDQGWKHSXSS\%XWLQDVPXFKDV
WKHFRQYHUVDWLRQZKLFKWKHWUDYHOOHUVPDLQWDLQHGZDVQRWRIDNLQG

71

OLNHO\WRLQWHUHVWWKHUHDGHU,PLJKWGRZRUVHWKDQVD\VRPHWKLQJ
FRQFHUQLQJ1R]GUHYKLPVHOIVHHLQJWKDWKHLVGHVWLQHGWRSOD\QR
VPDOOUROHLQRXUVWRU\
1R]GUHY
VIDFHZLOOEHIDPLOLDUWRWKHUHDGHUVHHLQJWKDWHYHU\RQH
PXVWKDYHHQFRXQWHUHGPDQ\VXFK)HOORZVRIWKHNLQGDUHNQRZQDVJD\
\RXQJVSDUNVDQGHYHQLQWKHLUER\KRRGDQGVFKRROGD\VHDUQD
UHSXWDWLRQIRUEHLQJERQVFDPDUDGHV WKRXJKZLWKLWDOOWKH\FRPHLQ
IRUVRPHKDUGNQRFNV IRUWKHUHDVRQWKDWWKHLUIDFHVHYLQFHDQ
HOHPHQWRIIUDQNQHVVGLUHFWQHVVDQGHQWHUSULVHZKLFKHQDEOHVWKHP
VRRQWRPDNHIULHQGVDQGDOPRVWEHIRUH\RXKDYHKDGWLPHWRORRN
DURXQGWRVWDUWDGGUHVVLQJ\RXLQWKHVHFRQGSHUVRQVLQJXODU<HW
ZKLOHFHPHQWLQJVXFKIULHQGVKLSVIRUDOOHWHUQLW\DOPRVWDOZD\VWKH\
EHJLQTXDUUHOOLQJWKHVDPHHYHQLQJVLQFHWKURXJKRXWWKH\DUHD
ORTXDFLRXVGLVVLSDWHGKLJKVSLULWHGRYHUVKRZ\WULEH,QGHHGDW
WKLUW\ILYH1R]GUHYZDVMXVWZKDWKHKDGEHHQDQHLJKWHHQDQG
WZHQW\KHZDVMXVWVXFKDORYHURIIDVWOLYLQJ1RUKDGKLVPDUULDJH
LQDQ\ZD\FKDQJHGKLPDQGWKHOHVVVRVLQFHKLVZLIHKDGVRRQ
GHSDUWHGWRDQRWKHUZRUOGDQGOHIWEHKLQGKHUWZRFKLOGUHQZKRPKH
GLGQRWZDQWDQGZKRZHUHWKHUHIRUHSODFHGLQWKHFKDUJHRID
JRRGORRNLQJQXUVHPDLG1HYHUDWDQ\WLPHFRXOGKHUHPDLQDWKRPHIRU
PRUHWKDQDVLQJOHGD\IRUKLVNHHQVFHQWFRXOGUDQJHRYHUVFRUHVDQG
VFRUHVRIYHUVWVDQGGHWHFWDQ\IDLUZKLFKSURPLVHGEDOOVDQGFURZGV
&RQVHTXHQWO\LQDWULFHKHZRXOGEHWKHUHTXDUUHOOLQJDQGFUHDWLQJ
GLVWXUEDQFHVRYHUWKHJDPLQJWDEOH OLNHDOOPHQRIKLVW\SHKHKDGD
SHUIHFWSDVVLRQIRUFDUGV \HWSOD\LQJQHLWKHUDIDXOWOHVVQRUDQ
RYHUFOHDQJDPHVLQFHKHZDVERWKDEOXQGHUHUDQGDEOHWRLQGXOJHLQ
DODUJHQXPEHURILOOLFLWFXWVDQGRWKHUGHYLFHV7KHUHVXOWZDVWKDW
WKHJDPHRIWHQHQGHGLQDQRWKHUNLQGRIVSRUWDOWRJHWKHU7KDWLVWR
VD\HLWKHUKHUHFHLYHGDJRRGNLFNLQJRUKHKDGKLVWKLFNDQGYHU\
KDQGVRPHZKLVNHUVSXOOHGZLWKWKHUHVXOWWKDWRQFHUWDLQRFFDVLRQVKH
UHWXUQHGKRPHZLWKRQHRIWKRVHDSSHQGDJHVORRNLQJGHFLGHGO\UDJJHG
<HWKLVSOXPSKHDOWK\ORRNLQJFKHHNVZHUHVRUREXVWO\FRQVWLWXWHG
DQGFRQWDLQHGVXFKDQDEXQGDQFHRIUHFUHDWLYHYLJRXUWKDWDQHZ
ZKLVNHUVRRQVSURXWHGLQSODFHRIWKHROGRQHDQGHYHQVXUSDVVHGLWV
SUHGHFHVVRU$JDLQ DQGWKHIROORZLQJLVDSKHQRPHQRQSHFXOLDUWR
5XVVLD DYHU\VKRUWWLPHZRXOGKDYHHODSVHGEHIRUHRQFHPRUHKHZRXOG
EHFRQVRUWLQJZLWKWKHYHU\FURQLHVZKRKDGUHFHQWO\FXIIHGKLPDQG
FRQVRUWLQJZLWKWKHPDVWKRXJKQRWKLQJZKDWVRHYHUKDGKDSSHQHGQR
UHIHUHQFHWRWKHVXEMHFWEHLQJPDGHE\KLPDQGWKH\WRRKROGLQJWKHLU
WRQJXHV
,QVKRUW1R]GUHYZDVDVLWZHUHDPDQRILQFLGHQW1HYHUZDVKH
SUHVHQWDWDQ\JDWKHULQJZLWKRXWVRPHVRUWRIDIUDFDVRFFXUULQJ

72

WKHUHDW(LWKHUKHZRXOGUHTXLUHWREHH[SHOOHGIURPWKHURRPE\
JHQGDUPHVRUKLVIULHQGVZRXOGKDYHWRNLFNKLPRXWLQWRWKHVWUHHW
$WDOOHYHQWVVKRXOGQHLWKHURIWKRVHRFFXUUHQFHVWDNHSODFHDW
OHDVWKHGLGVRPHWKLQJRIDQDWXUHZKLFKZRXOGQRWRWKHUZLVHKDYHEHHQ
ZLWQHVVHG7KDWLVWRVD\VKRXOGKHQRWSOD\WKHIRROLQDEXIIHWWR
VXFKDQH[WHQWDVWRPDNHYHU\RQHVPLOH\RXPD\EHVXUHWKDWKHZDV
HQJDJHGLQO\LQJWRDGHJUHHZKLFKDWWLPHVDEDVKHGHYHQKLPVHOI
0RUHRYHUWKHPDQOLHGZLWKRXWUHDVRQ)RULQVWDQFHKHZRXOGEHJLQ
WHOOLQJDVWRU\WRWKHHIIHFWWKDWKHSRVVHVVHGDEOXHFRDWHGRUD
UHGFRDWHGKRUVHXQWLOLQWKHHQGKLVOLVWHQHUVZRXOGEHIRUFHGWR
OHDYHKLPZLWKWKHUHPDUN<RXDUHJLYLQJXVVRPHILQHVWXIIROG
IHOORZ$OVRPHQOLNH1R]GUHYKDYHDSDVVLRQIRULQVXOWLQJWKHLU
QHLJKERXUVZLWKRXWWKHOHDVWH[FXVHDIIRUGHG )RUWKDWPDWWHUHYHQD
PDQRIJRRGVWDQGLQJDQGRIUHVSHFWDEOHH[WHULRUDPDQZLWKDVWDURQ
KLVEUHDVWPD\XQH[SHFWHGO\SUHVV\RXUKDQGRQHGD\DQGEHJLQ
WDONLQJWR\RXRQVXEMHFWVRIDQDWXUHWRJLYHIRRGIRUVHULRXV
WKRXJKW<HWMXVWDVXQH[SHFWHGO\PD\WKDWPDQVWDUWDEXVLQJ\RXWR
\RXUIDFHDQGGRVRLQDPDQQHUZRUWK\RIDFROOHJLDWHUHJLVWUDU
UDWKHUWKDQRIDPDQZKRZHDUVDVWDURQKLVEUHDVWDQGDVSLUHVWR
FRQYHUVHRQVXEMHFWVZKLFKPHULWUHIOHFWLRQ$OOWKDWRQHFDQGRLQ
VXFKDFDVHLVWRVWDQGVKUXJJLQJRQH
VVKRXOGHUVLQDPD]HPHQW :HOO
1R]GUHYKDGMXVWVXFKDZHDNQHVV7KHPRUHKHEHFDPHIULHQGO\ZLWKD
PDQWKHVRRQHUZRXOGKHLQVXOWKLPDQGEHUHDG\WRVSUHDGFDOXPQLHV
DVWRKLVUHSXWDWLRQ<HWDOOWKHZKLOHKHZRXOGFRQVLGHUKLPVHOIWKH
LQVXOWHGRQH
VIULHQGDQGVKRXOGKHPHHWKLPDJDLQZRXOGJUHHWKLP
LQWKHPRVWDPLFDEOHVW\OHSRVVLEOHDQGVD\<RXUDVFDOZK\KDYH
\RXJLYHQXSFRPLQJWRVHHPH7KXVWDNHQDOOURXQG1R]GUHYZDVD
SHUVRQRIPDQ\DVSHFWVDQGQXPHURXVSRWHQWLDOLWLHV,QRQHDQGWKH
VDPHEUHDWKZRXOGKHSURSRVHWRJRZLWK\RXZKLWKHUVRHYHU\RXPLJKW
FKRRVH HYHQWRWKHYHU\HQGVRIWKHZRUOGVKRXOG\RXVRUHTXLUH RU
WRHQWHUXSRQDQ\VRUWRIDQHQWHUSULVHZLWK\RXRUWRH[FKDQJHDQ\
FRPPRGLW\IRUDQ\RWKHUFRPPRGLW\ZKLFK\RXPLJKWFDUHWRQDPH*XQV
KRUVHVGRJVDOOZHUHVXEMHFWVIRUEDUWHUWKRXJKQRWIRUSURILWVR
IDUDV<28ZHUHFRQFHUQHG6XFKWUDLWVDUHPRVWO\WKHRXWFRPHRID
ERLVWHURXVWHPSHUDPHQWDVLVDGGLWLRQDOO\H[HPSOLILHGE\WKHIDFW
WKDWLIDWDIDLUKHFKDQFHGWRIDOOLQZLWKDVLPSOHWRQDQGWRIOHHFH
KLPKHZRXOGWKHQSURFHHGWREX\DTXDQWLW\RIWKHYHU\ILUVW
DUWLFOHVZKLFKFDPHWRKDQGKRUVHFROODUVFLJDUOLJKWHUVGUHVVHV
IRUKLVQXUVHPDLGIRDOVUDLVLQVVLOYHUHZHUVOHQJWKVRIKROODQG
ZKHDWPHDOWREDFFRUHYROYHUVGULHGKHUULQJVSLFWXUHVZKHWVWRQHV
FURFNHU\ERRWVDQGVRIRUWKXQWLOHYHU\DWRPRIKLVPRQH\ZDV
H[KDXVWHG<HWVHOGRPZHUHWKHVHDUWLFOHVFRQYH\HGKRPHVLQFHDVD
UXOHWKHVDPHGD\VDZWKHPORVWWRVRPHPRUHVNLOIXOJDPEOHULQ
DGGLWLRQWRKLVSLSHKLVWREDFFRSRXFKKLVPRXWKSLHFHKLV

73

IRXUKRUVHGWXUQRXWDQGKLVFRDFKPDQZLWKWKHUHVXOWWKDWVWULSSHG
WRKLVYHU\VKLUWKHZRXOGEHIRUFHGWREHJWKHORDQRIDYHKLFOH
IURPDIULHQG
6XFKZDV1R]GUHY6RPHPD\VD\WKDWFKDUDFWHUVRIKLVW\SHKDYHEHFRPH
H[WLQFWWKDW1R]GUHYVQRORQJHUH[LVW$ODVVXFKDVVD\WKLVZLOOEH
ZURQJIRUPDQ\DGD\PXVWSDVVEHIRUHWKH1R]GUHYVZLOOKDYH
GLVDSSHDUHGIURPRXUNHQ(YHU\ZKHUHWKH\DUHWREHVHHQLQRXU
PLGVWWKHRQO\GLIIHUHQFHEHWZHHQWKHQHZDQGWKHROGEHLQJD
GLIIHUHQFHRIJDUPHQWV3HUVRQVRIVXSHUILFLDOREVHUYDWLRQDUHDSWWR
FRQVLGHUWKDWDPDQFODGLQDGLIIHUHQWFRDWLVTXLWHDGLIIHUHQW
SHUVRQIURPZKDWKHXVHGWREH
7RFRQWLQXH7KHWKUHHYHKLFOHVERZOHGXSWRWKHVWHSVRI1R]GUHY
V
KRXVHDQGWKHLURFFXSDQWVDOLJKWHG%XWQRSUHSDUDWLRQVZKDWVRHYHU
KDGEHHQPDGHIRUWKHJXHVW
VUHFHSWLRQIRURQVRPHZRRGHQWUHVWOHV
LQWKHFHQWUHRIWKHGLQLQJURRPDFRXSOHRISHDVDQWVZHUHHQJDJHGLQ
ZKLWHZDVKLQJWKHFHLOLQJDQGGUDZOLQJRXWDQHQGOHVVVRQJDVWKH\
VSODVKHGWKHLUVWXIIDERXWWKHIORRU+DVWLO\ELGGLQJSHDVDQWVDQG
WUHVWOHVWREHJRQH1R]GUHYGHSDUWHGWRDQRWKHUURRPZLWKIXUWKHU
LQVWUXFWLRQV,QGHHGVRDXGLEOHZDVWKHVRXQGRIKLVYRLFHDVKH
RUGHUHGGLQQHUWKDW&KLFKLNRYZKRZDVEHJLQQLQJWRIHHOKXQJU\RQFH
PRUHZDVHQDEOHGWRJDWKHUWKDWLWZRXOGEHDWOHDVWILYHR
FORFN
EHIRUHDPHDORIDQ\NLQGZRXOGEHDYDLODEOH2QKLVUHWXUQ1R]GUHY
LQYLWHGKLVFRPSDQLRQVWRLQVSHFWKLVHVWDEOLVKPHQWHYHQWKRXJKDV
HDUO\DVWZRR
FORFNKHKDGWRDQQRXQFHWKDWQRWKLQJPRUHZDVWREH
VHHQ
7KHWRXUEHJDQZLWKDYLHZRIWKHVWDEOHVZKHUHWKHSDUW\VDZWZR
PDUHV WKHRQHDJUH\DQGWKHRWKHUDURDQ DQGDFROWZKLFKODWWHU
DQLPDOWKRXJKIDUIURPVKRZ\1R]GUHYGHFODUHGWRKDYHFRVWKLPWHQ
WKRXVDQGURXEOHV
<RX1(9(5SDLGWHQWKRXVDQGURXEOHVIRUWKHEUXWHH[FODLPHGWKH
EURWKHULQODZ+HLVQ
WZRUWKHYHQDWKRXVDQG
%\*RG,','SD\WHQWKRXVDQGDVVHUWHG1R]GUHY
<RXFDQVZHDUWKDWDVPXFKDV\RXOLNHUHWRUWHGWKHRWKHU
:LOO\RXEHWWKDW,GLGQRW"DVNHG1R]GUHYEXWWKHEURWKHULQODZ
GHFOLQHGWKHRIIHU
1H[W1R]GUHYVKRZHGKLVJXHVWVVRPHHPSW\VWDOOVZKHUHDQXPEHURI

74

HTXDOO\ILQHDQLPDOV VRKHDOOHJHG KDGODWHO\VWRRG$OVRWKHUHZDV


RQYLHZWKHJRDWZKLFKDQROGEHOLHIVWLOOFRQVLGHUVWREHDQ
LQGLVSHQVDEOHDGMXQFWWRVXFKSODFHVHYHQWKRXJKLWVDSSDUHQWXVHLV
WRSDFHXSDQGGRZQEHQHDWKWKHQRVHVRIWKHKRUVHVDVWKRXJKWKH
SODFHEHORQJHGWRLW7KHUHDIWHUWKHKRVWWRRNKLVJXHVWVWRORRNDWD
\RXQJZROIZKLFKKHKDGJRWWLHGWRDFKDLQ+HLVIHGRQQRWKLQJEXW
UDZPHDWKHH[SODLQHGIRU,ZDQWKLPWRJURZXSDVILHUFHDV
SRVVLEOH7KHQWKHSDUW\LQVSHFWHGDSRQGLQZKLFKWKHUHZHUHILVK
RIVXFKDVL]HWKDWLWZRXOGWDNHWZRPHQDOOWKHLUWLPHWROLIWRQH
RIWKHPRXW
7KLVSLHFHRILQIRUPDWLRQZDVUHFHLYHGZLWKUHQHZHGLQFUHGXOLW\RQWKH
SDUWRIWKHEURWKHULQODZ
1RZ&KLFKLNRYZHQWRQ1R]GUHYOHWPHVKRZ\RXDWUXO\
PDJQLILFHQWEUDFHRIGRJV7KHKDUGQHVVRIWKHLUPXVFOHVZLOOVXUSULVH
\RXDQGWKH\KDYHMRZOVDVVKDUSDVQHHGOHV
6RVD\LQJKHOHGWKHZD\WRDVPDOOEXWQHDWO\EXLOWVKHG
VXUURXQGHGRQHYHU\VLGHZLWKDIHQFHGLQUXQ(QWHULQJWKLVUXQWKH
YLVLWRUVEHKHOGDQXPEHURIGRJVRIDOOVRUWVDQGVL]HVDQGFRORXUV
,QWKHLUPLGVW1R]GUHYORRNHGOLNHDIDWKHUORUGLQJLWRYHUKLVIDPLO\
FLUFOH(UHFWLQJWKHLUWDLOVWKHLUVWHPVDVGRJIDQFLHUVFDOO
WKRVHPHPEHUVWKHDQLPDOVFDPHERXQGLQJWRJUHHWWKHSDUW\DQGIXOO\
DVFRUHRIWKHPODLGWKHLUSDZVXSRQ&KLFKLNRY
VVKRXOGHUV,QGHHG
RQHGRJZDVPRYHGZLWKVXFKIULHQGOLQHVVWKDWVWDQGLQJRQLWVKLQG
OHJVLWOLFNHGKLPRQWKHOLSVDQGVRIRUFHGKLPWRVSLW7KDWGRQH
WKHYLVLWRUVGXO\LQVSHFWHGWKHFRXSOHDOUHDG\PHQWLRQHGDQG
H[SUHVVHGDVWRQLVKPHQWDWWKHLUPXVFOHV7UXHHQRXJKWKH\ZHUHILQH
DQLPDOV1H[WWKHSDUW\ORRNHGDWD&ULPHDQELWFKZKLFKWKRXJKEOLQG
DQGIDVWQHDULQJKHUHQGKDGWZR\HDUVDJREHHQDWUXO\PDJQLILFHQW
GRJ$WDOOHYHQWVVRVDLG1R]GUHY1H[WFDPHDQRWKHUELWFKDOVR
EOLQGWKHQDQLQVSHFWLRQRIWKHZDWHUPLOOZKLFKODFNHGWKH
VSLQGOHVRFNHWZKHUHLQWKHXSSHUVWRQHRXJKWWRKDYHEHHQ
UHYROYLQJIOXWWHULQJWRXVHWKH5XVVLDQSHDVDQW
VTXDLQW
H[SUHVVLRQ%XWQHYHUPLQGVDLG1R]GUHY/HWXVSURFHHGWRWKH
EODFNVPLWK
VVKRS6RWRWKHEODFNVPLWK
VVKRSWKHSDUW\SURFHHGHG
DQGZKHQWKHVDLGVKRSKDGEHHQYLHZHG1R]GUHYVDLGDVKHSRLQWHGWR
DILHOG
,QWKLVILHOG,KDYHVHHQVXFKQXPEHUVRIKDUHVDVWRUHQGHUWKH
JURXQGTXLWHLQYLVLEOH,QGHHGRQRQHRFFDVLRQ,ZLWKP\RZQKDQGV
FDXJKWDKDUHE\WKHKLQGOHJV

75

<RXQHYHUFDXJKWDKDUHE\WKHKLQGOHJVZLWK\RXUKDQGVUHPDUNHG
WKHEURWKHULQODZ
%XW,','UHLWHUDWHG1R]GUHY+RZHYHUOHWPHVKRZ\RXWKH
ERXQGDU\ZKHUHP\ODQGVFRPHWRDQHQG
6RVD\LQJKHVWDUWHGWRFRQGXFWKLVJXHVWVDFURVVDILHOGZKLFK
FRQVLVWHGPRVWO\RIPROHKHDSVDQGLQZKLFKWKHSDUW\KDGWRSLFN
WKHLUZD\EHWZHHQVWULSVRISORXJKHGODQGDQGRIKDUURZHG6RRQ
&KLFKLNRYEHJDQWRIHHOZHDU\IRUWKHWHUUDLQZDVVRORZO\LQJWKDW
LQPDQ\VSRWVZDWHUFRXOGEHKHDUGVTXHOFKLQJXQGHUIRRWDQGWKRXJK
IRUDZKLOHWKHYLVLWRUVZDWFKHGWKHLUIHHWDQGVWHSSHGFDUHIXOO\
WKH\VRRQSHUFHLYHGWKDWVXFKDFRXUVHDYDLOHGWKHPQRWKLQJDQGWRRN
WRIROORZLQJWKHLUQRVHVZLWKRXWHLWKHUVHOHFWLQJRUDYRLGLQJWKH
VSRWVZKHUHWKHPLUHKDSSHQHGWREHGHHSHURUWKHUHYHUVH$WOHQJWK
ZKHQDFRQVLGHUDEOHGLVWDQFHKDGEHHQFRYHUHGWKH\FDXJKWVLJKWRID
ERXQGDU\SRVWDQGDQDUURZGLWFK
7KDWLVWKHERXQGDU\VDLG1R]GUHY(YHU\WKLQJWKDW\RXVHHRQWKLV
VLGHRIWKHSRVWLVPLQHDVZHOODVWKHIRUHVWRQWKHRWKHUVLGHRI
LWDQGZKDWOLHVEH\RQGWKHIRUHVW
:+(1GLGWKDWIRUHVWEHFRPH\RXUV"DVNHGWKHEURWKHULQODZ,W
FDQQRWEHORQJVLQFH\RXSXUFKDVHGLWIRULWQHYHU86('WREH\RXUV
<HVLWLVQ
WORQJVLQFH,SXUFKDVHGLWVDLG1R]GUHY
+RZORQJ"
+RZORQJ":K\,SXUFKDVHGLWWKUHHGD\VDJRDQGJDYHDSUHWW\VXP
IRULWDVWKHGHYLONQRZV
,QGHHG":K\WKUHHGD\VDJR\RXZHUHDWWKHIDLU"
:LVHDFUH&DQQRWRQHEHDWDIDLUDQGEX\ODQGDWWKHVDPHWLPH"<HV
,:$6DWWKHIDLUDQGP\VWHZDUGERXJKWWKHODQGLQP\DEVHQFH
2K\RXU67(:$5'ERXJKWLW7KHEURWKHULQODZVHHPHGGRXEWIXO
DQGVKRRNKLVKHDG
7KHJXHVWVUHWXUQHGE\WKHVDPHURXWHDVWKDWE\ZKLFKWKH\KDGFRPH
ZKHUHDIWHURQUHDFKLQJWKHKRXVH1R]GUHYFRQGXFWHGWKHPWRKLV
VWXG\ZKLFKFRQWDLQHGQRWDWUDFHRIWKHWKLQJVXVXDOO\WREHIRXQG
LQVXFKDSDUWPHQWVVXFKWKLQJVDVERRNVDQGSDSHUV2QWKHFRQWUDU\

76

WKHRQO\DUWLFOHVWREHVHHQZHUHDVZRUGDQGDEUDFHRIJXQVWKHRQH
RIWKHPZRUWKWKUHHKXQGUHGURXEOHVDQGWKHRWKHUDERXWHLJKW
KXQGUHG7KHEURWKHULQODZLQVSHFWHGWKHDUWLFOHVLQTXHVWLRQDQG
WKHQVKRRNKLVKHDGDVEHIRUH1H[WWKHYLVLWRUVZHUHVKRZQVRPH
UHDO7XUNLVKGDJJHUVRIZKLFKRQHERUHWKHLQDGYHUWHQWLQVFULSWLRQ
6DYHOL6LELULDNRY>@0DVWHU&XWOHU7KHQFDPHDEDUUHORUJDQRQ
ZKLFK1R]GUHYVWDUWHGWRSOD\VRPHWXQHRUDQRWKHU)RUDZKLOHWKH
VRXQGVZHUHQRWZKROO\XQSOHDVLQJEXWVXGGHQO\VRPHWKLQJVHHPHGWRJR
ZURQJIRUDPD]XUNDVWDUWHGWREHIROORZHGE\0DUOERURXJKKDVJRQH
WRWKHZDUDQGWRWKLVDJDLQWKHUHVXFFHHGHGDQDQWLTXDWHGZDOW]
$OVRORQJDIWHU1R]GUHYKDGFHDVHGWRWXUQWKHKDQGOHRQH
SDUWLFXODUO\VKULOOSLWFKHGSLSHZKLFKKDGWKURXJKRXWUHIXVHGWR
KDUPRQLVHZLWKWKHUHVWNHSWXSDSURWUDFWHGZKLVWOLQJRQLWVRZQ
DFFRXQW7KHQIROORZHGDQH[KLELWLRQRIWREDFFRSLSHVSLSHVRIFOD\
RIZRRGRIPHHUVFKDXPSLSHVVPRNHGDQGQRQVPRNHGSLSHVZUDSSHGLQ
FKDPRLVOHDWKHUDQGQRWVRZUDSSHGDQDPEHUPRXQWHGKRRNDK DVWDNH
ZRQDWFDUGV DQGDWREDFFRSRXFK ZRUNHGLWZDVDOOHJHGE\VRPH
FRXQWHVVZKRKDGIDOOHQLQORYHZLWK1R]GUHYDWDSRVWKRXVHDQGZKRVH
KDQGLZRUN1R]GUHYDYHUUHGWRFRQVWLWXWHWKHVXEOLPLW\RI
VXSHUIOXLW\DWHUPZKLFKLQWKH1R]GUHYLDQYRFDEXODU\SXUSRUWHGWR
VLJQLI\WKHDFPHRISHUIHFWLRQ 
>@7KDWLVWRVD\DGLVWLQFWLYHO\5XVVLDQQDPH
)LQDOO\DIWHUVRPHKRUVG
RHXYUHVRIVWXUJHRQ
VEDFNWKH\VDWGRZQ
WRWDEOHWKHWLPHEHLQJWKHQQHDUO\ILYHR
FORFN%XWWKHPHDOGLG
QRWFRQVWLWXWHE\DQ\PHDQVWKHEHVWRIZKLFK&KLFKLNRYKDGHYHU
SDUWDNHQVHHLQJWKDWVRPHRIWKHGLVKHVZHUHRYHUFRRNHGDQGRWKHUV
ZHUHVFDUFHO\FRRNHGDWDOO(YLGHQWO\WKHLUFRPSRXQGHUKDGWUXVWHG
FKLHIO\WRLQVSLUDWLRQVKHKDGODLGKROGRIWKHILUVWWKLQJZKLFKKDG
KDSSHQHGWRFRPHWRKDQG)RULQVWDQFHKDGSHSSHUUHSUHVHQWHGWKH
QHDUHVWDUWLFOHZLWKLQUHDFKVKHKDGDGGHGSHSSHUZKROHVDOH+DGD
FDEEDJHFKDQFHGWREHVRHQFRXQWHUHGVKHKDGSUHVVHGLWDOVRLQWRWKH
VHUYLFH$QGWKHVDPHZLWKPLONEDFRQDQGSHDV,QVKRUWKHUUXOH
VHHPHGWRKDYHEHHQ0DNHDKRWGLVKRIVRPHVRUWDQGVRPHVRUWRI
WDVWHZLOOUHVXOW)RUWKHUHVW1R]GUHYGUHZKHDYLO\XSRQWKHZLQH
(YHQEHIRUHWKHVRXSKDGEHHQVHUYHGKHKDGSRXUHGRXWIRUHDFKJXHVW
DEXPSHURISRUWDQGDQRWKHURIKDXWVDXWHUQH 1HYHULQSURYLQFLDO
WRZQVLVRUGLQDU\YXOJDUVDXWHUQHHYHQSURFXUDEOH 1H[WKHFDOOHG
IRUDERWWOHRIPDGHLUDDVILQHDWLSSOHDVHYHUDILHOGPDUVKDOO
GUDQNEXWWKHPDGHLUDRQO\EXUQWWKHPRXWKVLQFHWKHGHDOHUV
IDPLOLDUZLWKWKHWDVWHRIRXUODQGHGJHQWU\ ZKRORYHJRRGPDGHLUD
LQYDULDEO\GRFWRUWKHVWXIIZLWKFRSLRXVGDVKHVRIUXPDQG,PSHULDO
YRGNDLQWKHKRSHWKDW5XVVLDQVWRPDFKVZLOOWKXVEHHQDEOHGWRFDUU\

77

RIIWKHORW$IWHUWKLVERWWOH1R]GUHYFDOOHGIRUDQRWKHUDQGDYHU\
VSHFLDOEUDQGDEUDQGZKLFKKHGHFODUHGWRFRQVLVWRIDEOHQGRI
EXUJXQG\DQGFKDPSDJQHDQGRIZKLFKKHSRXUHGJHQHURXVPHDVXUHVLQWR
WKHJODVVHVRI&KLFKLNRYDQGWKHEURWKHULQODZDVWKH\VDWWRULJKW
DQGOHIWRIKLP%XWVLQFH&KLFKLNRYQRWLFHGWKDWDIWHUGRLQJVRKH
DGGHGRQO\DVFDQW\PRGLFXPRIWKHPL[WXUHWRKLVRZQWXPEOHURXU
KHURGHWHUPLQHGWREHFDXWLRXVDQGWKHUHIRUHWRRNDGYDQWDJHRID
PRPHQWZKHQ1R]GUHYKDGDJDLQSOXQJHGLQWRFRQYHUVDWLRQDQGZDV\HWD
WKLUGWLPHHQJDJHGLQUHILOOLQJKLVEURWKHULQODZ
VJODVVWR
FRQWULYHWRXSVHWKLV &KLFKLNRY
V JODVVRYHUKLVSODWH,QWLPH
WKHUHFDPHDOVRWRWDEOHDWDUWRIPRXQWDLQDVKEHUULHVEHUULHVZKLFK
WKHKRVWGHFODUHGWRHTXDOLQWDVWHULSHSOXPVEXWZKLFKFXULRXVO\
HQRXJKVPDFNHGPRUHRIFRUQEUDQG\1H[WWKHFRPSDQ\FRQVXPHGDVRUW
RISDVW\RIZKLFKWKHSUHFLVHQDPHKDVHVFDSHGPHEXWZKLFKWKHKRVW
UHQGHUHGGLIIHUHQWO\HYHQRQWKHVHFRQGRFFDVLRQRILWVEHLQJ
PHQWLRQHG7KHPHDORYHUDQGWKHZKROHWDOHRIZLQHVWULHGWKH
JXHVWVVWLOOUHWDLQHGWKHLUVHDWVDFLUFXPVWDQFHZKLFKHPEDUUDVVHG
&KLFKLNRYVHHLQJWKDWKHKDGQRPLQGWRSURSRXQGKLVSHWVFKHPHLQ
WKHSUHVHQFHRI1R]GUHY
VEURWKHULQODZZKRZDVDFRPSOHWHVWUDQJHU
WRKLP1RWKDWVXEMHFWFDOOHGIRUDPLFDEOHDQG35,9$7(FRQYHUVDWLRQ
1HYHUWKHOHVVWKHEURWKHULQODZDSSHDUHGWRERGHOLWWOHGDQJHU
VHHLQJWKDWKHKDGWDNHQRQERDUGDIXOOFDUJRDQGZDVQRZHQJDJHG
LQGRLQJQRWKLQJRIDPRUHPHQDFLQJQDWXUHWKDQSLFNLQJKLVQRVH
$WOHQJWKKHKLPVHOIQRWLFHGWKDWKHZDVQRWDOWRJHWKHULQD
UHVSRQVLEOHFRQGLWLRQZKHUHIRUHKHURVHDQGEHJDQWRPDNHH[FXVHVIRU
GHSDUWLQJKRPHZDUGVWKRXJKLQDWRQHVRGURZV\DQGOHWKDUJLFWKDWWR
TXRWHWKH5XVVLDQSURYHUEKHPLJKWDOPRVWKDYHEHHQSXOOLQJDFROODU
RQWRDKRUVHE\WKHFODVSV
1RQRFULHG1R]GUHY,DP127JRLQJWROHW\RXJR
%XW,0867JRUHSOLHGWKHEURWKHULQODZ'RQ
WGU\WRKLQGHU
PH<RXDUHDQQR\LQJPHJUHDWO\
5XEELVK:HDUHJRLQJWRSOD\DJDPHRIEDQNHU
1RQR<RXPXVWSOD\LWZLWKRXWPHP\IULHQG0\ZLIHLVH[SHFWLQJ
PHDWKRPHDQG,PXVWJRDQGWHOOKHUDOODERXWWKHIDLU<HV,
0867JRLI,DPWRSOHDVHKHU'RQRWWU\WRGHWDLQPH
<RXUZLIHEH%XWKDYH\RX5($//<DQLPSRUWDQWSLHFHRIEXVLQHVV
ZLWKKHU"
1RQRP\IULHQG7KHUHDOUHDVRQLVWKDWVKHLVDJRRGDQGWUXVWIXO

78

ZRPDQDQGWKDWVKHGRHVDJUHDWGHDOIRUPH7KHWHDUVVSULQJWRP\
H\HVDV,WKLQNRILW'RQRWGHWDLQPH$VDQKRQRXUDEOHPDQ,VD\
WKDW,PXVWJR2IWKDW,GRDVVXUH\RXLQDOOVLQFHULW\
2KOHWKLPJRSXWLQ&KLFKLNRYXQGHUKLVEUHDWK:KDWXVHZLOOKH
EHKHUH"
9HU\ZHOOVDLG1R]GUHYWKRXJKGDPQLW,GRQRWOLNHIHOORZVZKR
ORVHWKHLUKHDGV7KHQKHDGGHGWRKLVEURWKHULQODZ$OOULJKW
7KHWXN>@2II\RXJRWR\RXUZLIHDQG\RXUZRPDQ
VWDONDQGPD\WKH
GHYLOJRZLWK\RX
>@$MHHULQJDSSHOODWLRQZKLFKRZHVLWVRULJLQWRWKHIDFWWKDW
FHUWDLQ5XVVLDQVFKHULVKDSUHMXGLFHDJDLQVWWKHLQLWLDOFKDUDFWHU
RIWKHZRUGQDPHO\WKH*UHHNWKHWDRU7+
'RQRWLQVXOWPHZLWKWKHWHUP7KHWXNUHWRUWHGWKHEURWKHULQODZ
7RKHU,RZHP\OLIHDQGVKHLVDGHDUJRRGZRPDQDQGKDVVKRZQPH
PXFKDIIHFWLRQ$WWKHYHU\WKRXJKWRILW,FRXOGZHHS<RXVHHVKH
ZLOOEHDVNLQJPHZKDW,KDYHVHHQDWWKHIDLUDQGWHOOKHUDERXWLW
,PXVWIRUVKHLVVXFKDGHDUJRRGZRPDQ
7KHQRII\RXJRWRKHUZLWK\RXUSDFNRIOLHV+HUHLV\RXUFDS
1RJRRGIULHQG\RXDUHQRWWRVSHDNRIKHUOLNHWKDW%\VRGRLQJ
\RXRIIHQGPHJUHDWO\,VD\WKDWVKHLVDGHDUJRRGZRPDQ
7KHQUXQDORQJKRPHWRKHU
<HV,DPMXVWJRLQJ([FXVHPHIRUKDYLQJEHHQXQDEOHWRVWD\
*ODGO\ZRXOG,KDYHVWD\HGEXWUHDOO\,FDQQRW
7KHEURWKHULQODZUHSHDWHGKLVH[FXVHVDJDLQDQGDJDLQZLWKRXW
QRWLFLQJWKDWKHKDGHQWHUHGWKHEULWFKNDWKDWLWKDGSDVVHGWKURXJK
WKHJDWHVDQGWKDWKHZDVQRZLQWKHRSHQFRXQWU\3HUPLVVLEO\ZHPD\
VXSSRVHWKDWKLVZLIHVXFFHHGHGLQJOHDQLQJIURPKLPIHZGHWDLOVRI
WKHIDLU
:KDWDIRROVDLG1R]GUHYDVVWDQGLQJE\WKHZLQGRZKHZDWFKHGWKH
GHSDUWLQJYHKLFOH<HWKLVRIIKRUVHLVQRWVXFKDEDGRQH)RUD
ORQJWLPHSDVW,KDYHEHHQZDQWLQJWRJHWKROGRILW$PDQOLNHWKDW
LVVLPSO\LPSRVVLEOH<HVKHLVD7KHWXNDUHJXODU7KHWXN
:LWKWKDWWKH\UHSDLUHGWRWKHSDUORXUZKHUHRQ3RUSK\ULEULQJLQJ

79

FDQGOHV&KLFKLNRYSHUFHLYHGWKDWKLVKRVWKDGSURGXFHGDSDFNRI
FDUGV
,WHOO\RXZKDWVDLG1R]GUHYSUHVVLQJWKHVLGHVRIWKHSDFN
WRJHWKHUDQGWKHQVOLJKWO\EHQGLQJWKHPVRWKDWWKHSDFNFUDFNHGDQG
DFDUGIOHZRXW+RZZRXOGLWEHLIWRSDVVWKHWLPH,ZHUHWRPDNH
DEDQNRIWKUHHKXQGUHG"
&KLFKLNRYSUHWHQGHGQRWWRKDYHKHDUGKLPEXWUHPDUNHGZLWKDQDLURI
KDYLQJMXVWUHFROOHFWHGDIRUJRWWHQSRLQW
%\WKHZD\,KDGRPLWWHGWRVD\WKDW,KDYHDUHTXHVWWRPDNHRI
\RX
:KDWUHTXHVW"
)LUVWJLYHPH\RXUZRUGWKDW\RXZLOOJUDQWLW
:KDWLVWKHUHTXHVW,VD\"
7KHQ\RXJLYHPH\RXUZRUGGR\RX"
&HUWDLQO\
<RXUZRUGRIKRQRXU"
0\ZRUGRIKRQRXU
7KLVWKHQLVP\UHTXHVW,SUHVXPHWKDW\RXKDYHDODUJHQXPEHURI
GHDGVHUIVZKRVHQDPHVKDYHQRW\HWEHHQUHPRYHGIURPWKHUHYLVLRQ
OLVW"
,KDYH%XWZK\GR\RXDVN"
%HFDXVH,ZDQW\RXWRPDNHWKHPRYHUWRPH
2IZKDWXVHZRXOGWKH\EHWR\RX"
1HYHUPLQG,KDYHDSXUSRVHLQZDQWLQJWKHP
:KDWSXUSRVH"
$SXUSRVHZKLFKLVVWULFWO\P\RZQDIIDLU,QVKRUW,QHHGWKHP

80

<RXVHHPWRKDYHKDWFKHGDYHU\ILQHVFKHPH2XWZLWKLWQRZ:KDW
LVLQWKHZLQG"
+RZFRXOG,KDYHKDWFKHGVXFKDVFKHPHDV\RXVD\"2QHFRXOGQRWYHU\
ZHOOKDWFKDVFKHPHRXWRIVXFKDWULIOHDVWKLV
7KHQIRUZKDWSXUSRVHGR\RXZDQWWKHVHUIV"
2KWKHFXULRVLW\RIWKHPDQ+HZDQWVWRSRNHKLVILQJHUVLQWRDQG
VPHOORYHUHYHU\GHWDLO
:K\GR\RXGHFOLQHWRVD\ZKDWLVLQ\RXUPLQG"$WDOOHYHQWVXQWLO
\RX'2VD\,VKDOOQRWPRYHLQWKHPDWWHU
%XWKRZZRXOGLWEHQHILW\RXWRNQRZZKDWP\SODQVDUH"$ZKLPKDV
VHL]HGPH7KDWLVDOO1RUDUH\RXSOD\LQJIDLU<RXKDYHJLYHQPH
\RXUZRUGRIKRQRXU\HWQRZ\RXDUHWU\LQJWREDFNRXWRILW
1RPDWWHUZKDW\RXGHVLUHPHWRGR,GHFOLQHWRGRLWXQWLO\RXKDYH
WROGPH\RXUSXUSRVH
:KDWDP,WRVD\WRWKHIHOORZ"WKRXJKW&KLFKLNRY+HUHIOHFWHGIRU
DPRPHQWDQGWKHQH[SODLQHGWKDWKHZDQWHGWKHGHDGVRXOVLQRUGHUWR
DFTXLUHDEHWWHUVWDQGLQJLQVRFLHW\VLQFHDWSUHVHQWKHSRVVHVVHG
OLWWOHODQGHGSURSHUW\DQGRQO\DKDQGIXORIVHUIV
<RXDUHO\LQJVDLG1R]GUHYZLWKRXWHYHQOHWWLQJKLPILQLVK<HV
\RXDUHO\LQJP\JRRGIULHQG
&KLFKLNRYKLPVHOISHUFHLYHGWKDWKLVGHYLFHKDGEHHQDFOXPV\RQHDQG
KLVSUHWH[WZHDN,PXVWWHOOKLPVWUDLJKWRXWKHVDLGWRKLPVHOIDV
KHSXOOHGKLVZLWVWRJHWKHU
6KRXOG,WHOO\RXWKHWUXWKKHDGGHGDORXG,PXVWEHJRI\RXQRW
WRUHSHDWLW7KHWUXWKLVWKDW,DPWKLQNLQJRIJHWWLQJPDUULHG%XW
XQIRUWXQDWHO\P\EHWURWKHG
VIDWKHUDQGPRWKHUDUHYHU\DPELWLRXV
SHRSOHDQGGRQRWZDQWPHWRPDUU\KHUVLQFHWKH\GHVLUHWKH
EULGHJURRPWRRZQQRWOHVVWKDQWKUHHKXQGUHGVRXOVZKHUHDV,RZQEXW
DKXQGUHGDQGILIW\DQGWKDWQXPEHULVQRWVXIILFLHQW
$JDLQ\RXDUHO\LQJVDLG1R]GUHY
7KHQORRNKHUH,KDYHEHHQO\LQJRQO\WRWKLVH[WHQW$QG&KLFKLNRY
PDUNHGRIIXSRQKLVOLWWOHILQJHUDPLQXWHSRUWLRQ

81

1HYHUWKHOHVV,ZLOOEHWP\KHDGWKDW\RXKDYHEHHQO\LQJWKURXJKRXW
&RPHFRPH7KDWLVQRWYHU\FLYLORI\RX:K\VKRXOG,KDYHEHHQ
O\LQJ"
%HFDXVH,NQRZ\RXDQGNQRZWKDW\RXDUHDUHJXODUVNLQIOLQW,VD\
WKDWLQDOOIULHQGVKLS,I,SRVVHVVHGDQ\SRZHURYHU\RX,VKRXOG
KDQJ\RXWRWKHQHDUHVWWUHH
7KLVUHPDUNKXUW&KLFKLNRYIRUDWDQ\WLPHKHGLVOLNHGH[SUHVVLRQV
JURVVRURIIHQVLYHWRGHFHQF\DQGQHYHUDOORZHGDQ\RQHQRQRWHYHQ
SHUVRQVRIWKHKLJKHVWUDQNWREHKDYHWRZDUGVKLPZLWKDQXQGXH
PHDVXUHRIIDPLOLDULW\&RQVHTXHQWO\KLVVHQVHRIXPEUDJHRQWKH
SUHVHQWRFFDVLRQZDVXQERXQGHG
%\*RG,:28/'KDQJ\RXUHSHDWHG1R]GUHY,VD\WKLVIUDQNO\
DQGQRWIRUWKHSXUSRVHRIRIIHQGLQJ\RXEXWVLPSO\WRFRPPXQLFDWHWR
\RXP\IULHQGO\RSLQLRQ
7RHYHU\WKLQJWKHUHDUHOLPLWVUHWRUWHG&KLFKLNRYVWLIIO\,I\RX
ZDQWWRLQGXOJHLQVSHHFKHVRIWKDWVRUW\RXKDGEHWWHUUHWXUQWRWKH
EDUUDFNV
+RZHYHUDIWHUDSDXVHKHDGGHG
,I\RXGRQRWFDUHWRJLYHPHWKHVHUIVZK\QRW6(//WKHP"
6(//WKHP"B,BNQRZ\RX\RXUDVFDO<RXZRXOGQ
WJLYHPHYHU\PXFK
IRUWKHP:28/'\RX"
$QLFHIHOORZ/RRNKHUH:KDWDUHWKH\WR\RX"6RPDQ\GLDPRQGVHK"
,WKRXJKWVRB,BNQRZ\RX
3DUGRQPHEXW,FRXOGZLVKWKDW\RXZHUHDPHPEHURIWKH-HZLVK
SHUVXDVLRQ<RXZRXOGJLYHWKHPWRPHIDVWHQRXJKWKHQ
2QWKHFRQWUDU\WRVKRZ\RXWKDW,DPQRWDXVXUHU,ZLOOGHFOLQH
WRDVNRI\RXDVLQJOHNRSHFNIRUWKHVHUIV$OOWKDW\RXQHHGGRLV
WREX\WKDWFROWRIPLQHDQGWKHQ,ZLOOWKURZLQWKHVHUIVLQ
DGGLWLRQ
%XWZKDWVKRXOGB,BZDQWZLWK\RXUFROW"VDLG&KLFKLNRYJHQXLQHO\

82

DVWRQLVKHGDWWKHSURSRVDO
:KDWVKRXOG<28ZDQWZLWKKLP":K\,KDYHERXJKWKLPIRUWHQ
WKRXVDQGURXEOHVDQGDPUHDG\WROHW\RXKDYHKLPIRUIRXU
,DVN\RXDJDLQRIZKDWXVHFRXOGWKHFROWSRVVLEO\EHWRPH",DP
QRWWKHNHHSHURIDEUHHGLQJHVWDEOLVKPHQW
$K,VHHWKDW\RXIDLOWRXQGHUVWDQGPH/HWPHVXJJHVWWKDW\RXSD\
GRZQDWRQFHWKUHHWKRXVDQGURXEOHVRIWKHSXUFKDVHPRQH\DQGOHDYH
WKHRWKHUWKRXVDQGXQWLOODWHU
%XW,GRQRWPHDQWREX\WKHFROWGDPQKLP
7KHQEX\WKHURDQPDUH
1RQRUWKHURDQPDUH
7KHQ\RXVKDOOKDYHERWKWKHPDUHDQGWKHJUH\KRUVHZKLFK\RXKDYH
VHHQLQP\VWDEOHVIRUWZRWKRXVDQGURXEOHV
,UHTXLUHQRKRUVHVDWDOO
%XW\RXZRXOGEHDEOHWRVHOOWKHPDJDLQ<RXZRXOGEHDEOHWRJHW
WKULFHWKHLUSXUFKDVHSULFHDWWKHYHU\ILUVWIDLUWKDWZDVKHOG
7KHQVHOOWKHPDWWKDWIDLU\RXUVHOIVHHLQJWKDW\RXDUHVRFHUWDLQ
RIPDNLQJDWULSOHSURILW
2K,VKRXOGPDNHLWIDVWHQRXJKRQO\,ZDQW<28WREHQHILW
E\WKHWUDQVDFWLRQ
&KLFKLNRYGXO\WKDQNHGKLVLQWHUORFXWRUEXWFRQWLQXHGWRGHFOLQH
HLWKHUWKHJUH\KRUVHRUWKHURDQPDUH
7KHQEX\DIHZGRJVVDLG1R]GUHY,FDQVHOO\RXDFRXSOHRIKLGHV
DTXLYHUHDUVZHOOSULFNHGFRDWVOLNHTXLOOVULEVEDUUHOVKDSHG
DQGSDZVVRWXFNHGXSDVVFDUFHO\WRJUD]HWKHJURXQGZKHQWKH\UXQ
2IZKDWXVHZRXOGWKRVHGRJVEHWRPH",DPQRWDVSRUWVPDQ
%XW,:$17\RXWRKDYHWKHGRJV/LVWHQ,I\RXZRQ
WKDYHWKH
GRJVWKHQEX\P\EDUUHORUJDQ
7LVDVSOHQGLGLQVWUXPHQW$VDPDQ
RIKRQRXU,FDQWHOO\RXWKDWZKHQQHZLWFRVWPHILIWHHQKXQGUHG

83

URXEOHV:HOO\RXVKDOOKDYHLWIRUQLQHKXQGUHG
&RPHFRPH:KDWVKRXOG,ZDQWZLWKDEDUUHORUJDQ",DPQRWD
*HUPDQWRJRKDXOLQJLWDERXWWKHURDGVDQGEHJJLQJIRUFRSSHUV
%XWWKLVLVTXLWHDGLIIHUHQWNLQGRIRUJDQIURPWKHRQHZKLFK
*HUPDQVWDNHDERXWZLWKWKHP<RXVHHLWLVD5($/RUJDQ/RRNDW
LWIRU\RXUVHOI,WLVPDGHRIWKHEHVWZRRG,ZLOOWDNH\RXWRKDYH
DQRWKHUYLHZRILW
$QGVHL]LQJ&KLFKLNRYE\WKHKDQG1R]GUHYGUHZKLPWRZDUGVWKHRWKHU
URRPZKHUHLQVSLWHRIWKHIDFWWKDW&KLFKLNRYZLWKKLVIHHW
SODQWHGILUPO\RQWKHIORRUDVVXUHGKLVKRVWDJDLQDQGDJDLQWKDW
KHNQHZH[DFWO\ZKDWWKHRUJDQZDVOLNHKHZDVIRUFHGRQFHPRUHWR
KHDUKRZ0DUOERURXJKZHQWWRWKHZDU
7KHQVLQFH\RXGRQ
WFDUHWRJLYHPHDQ\PRQH\IRULWSHUVLVWHG
1R]GUHYOLVWHQWRWKHIROORZLQJSURSRVDO,ZLOOJLYH\RXWKH
EDUUHORUJDQDQGDOOWKHGHDGVRXOVZKLFK,SRVVHVVDQGLQUHWXUQ\RX
VKDOOJLYHPH\RXUEULWFKNDDQGDQRWKHUWKUHHKXQGUHGURXEOHVLQWR
WKHEDUJDLQ
/LVWHQWRWKHPDQ,QWKDWFDVHZKDWVKRXOG,KDYHOHIWWRGULYH
LQ"
2K,ZRXOGVWDQG\RXDQRWKHUEULWFKND&RPHWRWKHFRDFKKRXVHDQG
,ZLOOVKRZ\RXWKHRQH,PHDQ,WRQO\QHHGVUHSDLQWLQJWRORRND
SHUIHFWO\VSOHQGLGEULWFKND
7KHUDPSLQJLQFRUULJLEOHGHYLOWKRXJKW&KLFKLNRYWRKLPVHOIDVDW
DOOKD]DUGVKHUHVROYHGWRHVFDSHIURPEULWFKNDVRUJDQVDQGHYHU\
VSHFLHVRIGRJKRZHYHUPDUYHOORXVO\EDUUHOULEEHGDQGWXFNHGXSRI
SDZ
$QGLQH[FKDQJH\RXVKDOOKDYHWKHEULWFKNDWKHEDUUHORUJDQDQG
WKHGHDGVRXOVUHSHDWHG1R]GUHY
,PXVWGHFOLQHWKHRIIHUVDLG&KLFKLNRY
$QGZK\"
%HFDXVH,GRQ
W:$17WKHWKLQJV,DPIXOOXSDOUHDG\
,FDQVHHWKDW\RXGRQ
WNQRZKRZWKLQJVVKRXOGEHGRQHEHWZHHQJRRG

84

IULHQGVDQGFRPUDGHV3ODLQO\\RXDUHDPDQRIWZRIDFHV
:KDWGR\RXPHDQ\RXIRRO"7KLQNIRU\RXUVHOI:K\VKRXOG,DFTXLUH
DUWLFOHVZKLFK,GRQ
WZDQW"
6D\QRPRUHDERXWLWLI\RXSOHDVH,KDYHTXLWHWDNHQ\RXUPHDVXUH
%XWVHHKHUH6KRXOG\RXFDUHWRSOD\DJDPHRIEDQNHU",DPUHDG\WR
VWDNHERWKWKHGHDGVRXOVDQGWKHEDUUHORUJDQDWFDUGV
1RWROHDYHDQLVVXHWRFDUGVPHDQVWRVXEPLWRQHVHOIWRWKH
XQNQRZQVDLG&KLFKLNRYFRYHUWO\JODQFLQJDWWKHSDFNZKLFK1R]GUHY
KDGJRWLQKLVKDQGV6RPHKRZWKHZD\LQZKLFKKLVFRPSDQLRQKDGFXW
WKDWSDFNVHHPHGWRKLPVXVSLFLRXV
:K\
WRWKHXQNQRZQ
"DVNHG1R]GUHY7KHUHLVQRVXFKWKLQJDV
WKH
XQNQRZQ
6KRXOGOXFNEHRQ\RXUVLGH\RXPD\ZLQWKHGHYLONQRZV
ZKDWDKDXO2KOXFNOXFNKHZHQWRQEHJLQQLQJWRGHDOLQWKH
KRSHRIUDLVLQJDTXDUUHO+HUHLVWKHFXUVHGQLQHXSRQZKLFKWKH
RWKHUQLJKW,ORVWHYHU\WKLQJ$OODORQJ,NQHZWKDW,VKRXOGORVHP\
PRQH\6DLG,WRP\VHOI
7KHGHYLOWDNH\RX\RXIDOVHDFFXUVHG
FDUG

-XVWDV1R]GUHYXWWHUHGWKHZRUGV3RUSK\ULHQWHUHGZLWKDIUHVKERWWOH
RIOLTXRUEXW&KLFKLNRYGHFOLQHGHLWKHUWRSOD\RUWRGULQN
:K\GR\RXUHIXVHWRSOD\"DVNHG1R]GUHY
%HFDXVH,IHHOLQGLVSRVHGWRGRVR0RUHRYHU,PXVWFRQIHVVWKDW,
DPQRJUHDWKDQGDWFDUGV
:+<DUH\RXQRJUHDWKDQGDWWKHP"
&KLFKLNRYVKUXJJHGKLVVKRXOGHUV%HFDXVH,DPQRWKHUHSOLHG
<RXDUHQRJUHDWKDQGDW$1<7+,1*,WKLQN
:KDWGRHVWKDWPDWWHU"*RGKDVPDGHPHVR
7KHWUXWKLVWKDW\RXDUHD7KHWXNDQGQRWKLQJHOVH2QFHXSRQD
WLPH,EHOLHYHG\RXWREHDJRRGIHOORZEXWQRZ,VHHWKDW\RXGRQ
W
XQGHUVWDQGFLYLOLW\2QHFDQQRWVSHDNWR\RXDVRQHZRXOGWRDQ
LQWLPDWHIRUWKHUHLVQRIUDQNQHVVRUVLQFHULW\DERXW\RX<RXDUHD
UHJXODU6REDNHYLWFKMXVWVXFKDQRWKHUDVKH

85

)RUZKDWUHDVRQDUH\RXDEXVLQJPH"$P,LQDQ\ZD\DWIDXOWIRU
GHFOLQLQJWRSOD\FDUGV"6HOOPHWKRVHVRXOVLI\RXDUHWKHPDQWR
KHVLWDWHRYHUVXFKUXEELVK
7KHIRXOILHQGWDNH\RX,ZDVDERXWWRKDYHJLYHQWKHPWR\RXIRU
QRWKLQJEXWQRZ\RXVKDQ
WKDYHWKHPDWDOOQRWLI\RXRIIHUPH
WKUHHNLQJGRPVLQH[FKDQJH+HQFHIRUWK,ZLOOKDYHQRWKLQJWRGRZLWK
\RX\RXFREEOHU\RXGLUW\EODFNVPLWK3RUSK\ULJRDQGWHOOWKH
RVWOHUWRJLYHWKHJHQWOHPDQ
VKRUVHVQRRDWVEXWRQO\KD\
7KLVGHYHORSPHQW&KLFKLNRYKDGKDUGO\H[SHFWHG
$QGGR\RXDGGHG1R]GUHYWRKLVJXHVWJHWRXWRIP\VLJKW
<HWLQVSLWHRIWKLVKRVWDQGJXHVWWRRNVXSSHUWRJHWKHUHYHQWKRXJK
RQWKLVRFFDVLRQWKHWDEOHZDVDGRUQHGZLWKQRZLQHVRIILFWLWLRXV
QRPHQFODWXUHEXWRQO\ZLWKDERWWOHZKLFKUHDUHGLWVVROLWDU\KHDG
EHVLGHDMXJRIZKDWLVXVXDOO\NQRZQDVYLQRUGLQDLUH:KHQVXSSHU
ZDVRYHU1R]GUHYVDLGWR&KLFKLNRYDVKHFRQGXFWHGKLPWRDVLGHURRP
ZKHUHDEHGKDGEHHQPDGHXS
7KLVLVZKHUH\RXDUHWRVOHHS,FDQQRWYHU\ZHOOZLVK\RX
JRRGQLJKW
/HIWWRKLPVHOIRQ1R]GUHY
VGHSDUWXUH&KLFKLNRYIHOWLQDPRVW
XQHQYLDEOHIUDPHRIPLQG)XOORILQZDUGYH[DWLRQKHEODPHGKLPVHOI
ELWWHUO\IRUKDYLQJFRPHWRVHHWKLVPDQDQGVRZDVWHGYDOXDEOHWLPH
EXWHYHQPRUHGLGKHEODPHKLPVHOIIRUKDYLQJWROGKLPRIKLV
VFKHPHIRUKDYLQJDFWHGDVFDUHOHVVO\DVDFKLOGRUDPDGPDQ2ID
VXUHW\WKHVFKHPHZDVQRWRQHZKLFKRXJKWWRKDYHEHHQFRQILGHGWRD
PDQOLNH1R]GUHYIRUKHZDVDZRUWKOHVVIHOORZZKRPLJKWOLHDERXW
LWDQGDSSHQGDGGLWLRQVWRLWDQGVSUHDGVXFKVWRULHVDVZRXOGJLYH
ULVHWR*RGNQRZVZKDWVFDQGDOV7KLVLVLQGHHGEDG&KLFKLNRYVDLG
WRKLPVHOI,KDYHEHHQDQDEVROXWHIRRO&RQVHTXHQWO\KHVSHQWDQ
XQHDV\QLJKWWKLVXQHDVLQHVVEHLQJLQFUHDVHGE\WKHIDFWWKDWD
QXPEHURIVPDOOEXWYLJRURXVLQVHFWVVRIHDVWHGXSRQKLPWKDWKH
FRXOGGRQRWKLQJEXWVFUDWFKWKHVSRWVDQGH[FODLP7KHGHYLOWDNH
\RXDQG1R]GUHYDOLNH2QO\ZKHQPRUQLQJZDVDSSURDFKLQJGLGKHIDOO
DVOHHS2QULVLQJKHPDGHLWKLVILUVWEXVLQHVV DIWHUGRQQLQJ
GUHVVLQJJRZQDQGVOLSSHUV WRFURVVWKHFRXUW\DUGWRWKHVWDEOHIRU
WKHSXUSRVHRIRUGHULQJ6HOLIDQWRKDUQHVVWKHEULWFKND-XVWDVKH
ZDVUHWXUQLQJIURPKLVHUUDQGKHHQFRXQWHUHG1R]GUHYFODGLQD
GUHVVLQJJRZQDQGKROGLQJDSLSHEHWZHHQKLVWHHWK

86

+RVWDQGJXHVWJUHHWHGRQHDQRWKHULQIULHQGO\IDVKLRQDQG1R]GUHY
LQTXLUHGKRZ&KLFKLNRYKDGVOHSW
)DLUO\ZHOOUHSOLHG&KLFKLNRYEXWZLWKDWRXFKRIGU\QHVVLQKLV
WRQH
7KHVDPHZLWKP\VHOIVDLG1R]GUHY7KHWUXWKLVWKDWVXFKDORWRI
QDVW\EUXWHVNHSWFUDZOLQJRYHUPHWKDWHYHQWRVSHDNRILWJLYHVPH
WKHVKXGGHUV/LNHZLVHDVWKHHIIHFWRIODVWQLJKW
VGRLQJVDZKROH
VTXDGURQRIVROGLHUVVHHPHGWREHFDPSLQJRQP\FKHVWDQGJLYLQJPHD
IORJJLQJ8JK$QGZKRPDOVRGR\RXWKLQN,VDZLQDGUHDP"<RXZRXOG
QHYHUJXHVV:K\LWZDV6WDII&DSWDLQ3RWVLHOXHYDQG/LHXWHQDQW
.XYVKLQQLNRY
<HVWKRXJK&KLFKLNRYWRKLPVHOIDQG,ZLVKWKDWWKH\WRRZRXOG
JLYH\RXDSXEOLFWKUDVKLQJ
,IHOWVRLOOZHQWRQ1R]GUHY$QGMXVWDIWHU,KDGIDOOHQDVOHHS
VRPHWKLQJ','FRPHDQGVWLQJPH3UREDEO\LWZDVDSDUW\RIKDJ
IOHDV1RZGUHVV\RXUVHOIDQG,ZLOOEHZLWK\RXSUHVHQWO\)LUVWRI
DOO,PXVWJLYHWKDWVFRXQGUHORIDEDLOLIIDZLJJLQJ
&KLFKLNRYGHSDUWHGWRKLVRZQURRPWRZDVKDQGGUHVVZKLFKSURFHVV
FRPSOHWHGKHHQWHUHGWKHGLQLQJURRPWRILQGWKHWDEOHODLGZLWK
WHDWKLQJVDQGDERWWOHRIUXP&OHDUO\QREURRPKDG\HWWRXFKHGWKH
SODFHIRUWKHUHUHPDLQHGWUDFHVRIWKHSUHYLRXVQLJKW
VGLQQHUDQG
VXSSHULQWKHVKDSHRIFUXPEVWKURZQRYHUWKHIORRUDQGWREDFFRDVKRQ
WKHWDEOHFORWK7KHKRVWKLPVHOIZKHQKHHQWHUHGZDVVWLOOFODGLQD
GUHVVLQJJRZQH[SRVLQJDKDLU\FKHVWDQGDVKHVDWKROGLQJKLVSLSH
LQKLVKDQGDQGGULQNLQJWHDIURPDFXSKHZRXOGKDYHPDGHDPRGHO
IRUWKHVRUWRISDLQWHUZKRSUHIHUVWRSRUWUD\JHQWOHPHQRIWKHOHVV
FXUOHGDQGVFHQWHGRUGHU
:KDWWKLQN\RX"KHDVNHGRI&KLFKLNRYDIWHUDVKRUWVLOHQFH$UH
\RXZLOOLQJ12:WRSOD\PHIRUWKRVHVRXOV"
,KDYHWROG\RXWKDW,QHYHUSOD\FDUGV,IWKHVRXOVDUHIRUVDOH,
ZLOOEX\WKHP
,GHFOLQHWRVHOOWKHP6XFKZRXOGQRWEHWKHFRXUVHSURSHUEHWZHHQ
IULHQGV%XWDJDPHRIEDQNHUZRXOGEHTXLWHDQRWKHUPDWWHU/HWXV
GHDOWKHFDUGV
,KDYHWROG\RXWKDW,GHFOLQHWRSOD\

87

$QG\RXZLOOQRWDJUHHWRDQH[FKDQJH"
1R
7KHQORRNKHUH6XSSRVHZHSOD\DJDPHRIFKHVV,I\RXZLQWKH
VRXOVVKDOOEH\RXUV7KHUHDUHORWZKLFK,VKRXOGOLNHWRVHHFURVVHG
RIIWKHUHYLVLRQOLVW+L3RUSK\UL%ULQJPHWKHFKHVVERDUG
<RXDUHZDVWLQJ\RXUWLPH,ZLOOSOD\QHLWKHUFKHVVQRUFDUGV
%XWFKHVVLVGLIIHUHQWIURPSOD\LQJZLWKDEDQN,QFKHVVWKHUHFDQ
EHQHLWKHUOXFNQRUFKHDWLQJIRUHYHU\WKLQJGHSHQGVXSRQVNLOO,Q
IDFW,ZDUQ\RXWKDW,FDQQRWSRVVLEO\SOD\ZLWK\RXXQOHVV\RXDOORZ
PHDPRYHRUWZRLQDGYDQFH
7KHVDPHZLWKPHWKRXJKW&KLFKLNRY6KDOO,RUVKDOO,QRWSOD\
WKLVIHOORZ",XVHGQRWWREHDEDGFKHVVSOD\HUDQGLWLVDVSRUWLQ
ZKLFKKHZRXOGILQGLWPRUHGLIILFXOWWREHXSWRKLVWULFNV
9HU\ZHOOKHDGGHGDORXG,:,//SOD\\RXDWFKHVV
$QGVWDNHWKHVRXOVIRUDKXQGUHGURXEOHV"DVNHG1R]GUHY
1R:K\IRUDKXQGUHG":RXOGLWQRWEHVXIILFLHQWWRVWDNHWKHPIRUILIW\"
1R:KDWZRXOGEHWKHXVHRIILIW\"1HYHUWKHOHVVIRUWKHKXQGUHG
URXEOHV,ZLOOWKURZLQDPRGHUDWHO\ROGSXSS\RUHOVHDJROGVHDO
DQGZDWFKFKDLQ
9HU\ZHOODVVHQWHG&KLFKLNRY
7KHQKRZPDQ\PRYHVDUH\RXJRLQJWRDOORZPH"
,V7+$7WREHSDUWRIWKHEDUJDLQ":K\QRQHRIFRXUVH
$WOHDVWDOORZPHWZR
1RQRQH,P\VHOIDPRQO\DSRRUSOD\HU
B,BNQRZ\RXDQG\RXUSRRUSOD\VDLG1R]GUHYPRYLQJDFKHVVPDQ
,QIDFWLWLVDORQJWLPHVLQFHODVW,KDGDFKHVVPDQLQP\KDQG
UHSOLHG&KLFKLNRYDOVRPRYLQJDSLHFH

88

$KB,BNQRZ\RXDQG\RXUSRRUSOD\UHSHDWHG1R]GUHYPRYLQJD
VHFRQGFKHVVPDQ
,VD\DJDLQWKDWLWLVDORQJWLPHVLQFHODVW,KDGDFKHVVPDQLQP\
KDQG$QG&KLFKLNRYLQKLVWXUQPRYHG
$KB,BNQRZ\RXDQG\RXUSRRUSOD\UHSHDWHG1R]GUHYIRUWKHWKLUG
WLPHDVKHPDGHDWKLUGPRYH$WWKHVDPHPRPHQWWKHFXIIRIRQHRI
KLVVOHHYHVKDSSHQHGWRGLVORGJHDQRWKHUFKHVVPDQIURPLWVSRVLWLRQ
$JDLQ,VD\VDLG&KLFKLNRYWKDW
WLVDORQJWLPHVLQFHODVW%XW
KLORRNKHUH3XWWKDWSLHFHEDFNLQLWVSODFH
:KDWSLHFH"
7KLVRQH$QGDOPRVWDV&KLFKLNRYVSRNHKHVDZDWKLUGFKHVVPDQ
FRPLQJLQWRYLHZEHWZHHQWKHTXHHQV*RGRQO\NQRZVZKHQFHWKDW
FKHVVPDQKDGPDWHULDOLVHG
1RQRVKRXWHG&KLFKLNRYDVKHURVHIURPWKHWDEOH,WLV
LPSRVVLEOHWRSOD\ZLWKDPDQOLNH\RX3HRSOHGRQ
WPRYHWKUHHSLHFHV
DWRQFH
+RZ
WKUHHSLHFHV
"$OOWKDW,KDYHGRQHLVWRPDNHDPLVWDNHWR
PRYHRQHRIP\SLHFHVE\DFFLGHQW,I\RXOLNH,ZLOOIRUIHLWLWWR
\RX
$QGZKHQFHKDVWKHWKLUGSLHFHFRPH"
:KDWWKLUGSLHFH"
7KHRQHQRZVWDQGLQJEHWZHHQWKHTXHHQV"

7LVRQHRI\RXURZQSLHFHV6XUHO\\RXDUHIRUJHWWLQJ"
1RQRP\IULHQG,KDYHFRXQWHGHYHU\PRYHDQGFDQUHPHPEHUHDFK
RQH7KDWSLHFHKDVRQO\MXVWEHFRPHDGGHGWRWKHERDUG3XWLWEDFN
LQLWVSODFH,VD\
,WVSODFH":KLFK,6LWVSODFH"%XW1R]GUHYKDGUHGGHQHGDJRRG
GHDO,SHUFHLYH\RXWREHDVWUDWHJLVWDWWKHJDPH
1RQRJRRGIULHQG<28DUHWKHVWUDWHJLVWWKRXJKDQXQVXFFHVVIXO

89

RQHDVLWKDSSHQV
7KHQRIZKDWDUH\RXVXSSRVLQJPHFDSDEOH"2IFKHDWLQJ\RX"
,DPQRWVXSSRVLQJ\RXFDSDEOHRIDQ\WKLQJ$OOWKDW,VD\LVWKDW,
ZLOOQRWSOD\ZLWK\RXDQ\PRUH
%XW\RXFDQ
WUHIXVHWRVDLG1R]GUHYJURZLQJKHDWHG<RXVHHWKH
JDPHKDVEHJXQ
1HYHUWKHOHVV,KDYHDULJKWQRWWRFRQWLQXHLWVHHLQJWKDW\RXDUH
QRWSOD\LQJDVDQKRQHVWPDQVKRXOGGR
<RXDUHO\LQJ\RXFDQQRWWUXWKIXOO\VD\WKDW

7LV\RXZKRDUHO\LQJ
%XW,KDYH127FKHDWHG&RQVHTXHQWO\\RXFDQQRWUHIXVHWRSOD\EXW
PXVWFRQWLQXHWKHJDPHWRDILQLVK
<RXFDQQRWIRUFHPHWRSOD\UHWRUWHG&KLFKLNRYFROGO\DVWXUQLQJ
WRWKHFKHVVERDUGKHVZHSWWKHSLHFHVLQWRFRQIXVLRQ
1R]GUHYDSSURDFKHG&KLFKLNRYZLWKDPDQQHUVRWKUHDWHQLQJWKDWWKH
RWKHUIHOOEDFNDFRXSOHRISDFHV
,:,//IRUFH\RXWRSOD\VDLG1R]GUHY,WLVQRXVH\RXPDNLQJD
PHVVRIWKHFKHVVERDUGIRU,FDQUHPHPEHUHYHU\PRYH:HZLOOUHSODFH
WKHFKHVVPHQH[DFWO\DVWKH\ZHUH
1RQRP\IULHQG7KHJDPHLVRYHUDQG,SOD\\RXQRPRUH
<RXVD\WKDW\RXZLOOQRW"
<HV6XUHO\\RXFDQVHHIRU\RXUVHOIWKDWVXFKDWKLQJLV
LPSRVVLEOH"
7KDWFRFNZRQ
WILJKW6D\DWRQFHWKDW\RXUHIXVHWRSOD\ZLWKPH
$QG1R]GUHYDSSURDFKHGDVWHSQHDUHU
9HU\ZHOO,'2VD\WKDWUHSOLHG&KLFKLNRYDQGDWWKHVDPH
PRPHQWUDLVHGKLVKDQGVWRZDUGVKLVIDFHIRUWKHGLVSXWHZDVJURZLQJ
KHDWHG1RUZDVWKHDFWRIFDXWLRQDOWRJHWKHUXQZDUUDQWHGIRU1R]GUHY
DOVRUDLVHGKLVILVWDQGLWPD\EHWKDWRQHRIKHUKHUR
VSOXPS

90

SOHDVDQWORRNLQJFKHHNVZRXOGKDYHVXVWDLQHGDQLQGHOLEOHLQVXOWKDG
QRWKH &KLFKLNRY SDUULHGWKHEORZDQGVHL]LQJ1R]GUHYE\KLV
ZKLUOLQJDUPVKHOGWKHPIDVW
3RUSK\UL3DYOXVKNDVKRXWHG1R]GUHYDVPDGO\KHVWURYHWRIUHHKLPVHOI
2QKHDULQJWKHZRUGV&KLFKLNRYERWKEHFDXVHKHZLVKHGWRDYRLG
UHQGHULQJWKHVHUYDQWVZLWQHVVHVRIWKHXQHGLI\LQJVFHQHDQGEHFDXVH
KHIHOWWKDWLWZRXOGEHRIQRDYDLOWRKROG1R]GUHYDQ\ORQJHUOHW
JRRIWKHODWWHU
VDUPVEXWDWWKHVDPHPRPHQW3RUSK\ULDQG3DYOXVKND
HQWHUHGWKHURRPDSDLURIVWRXWUDVFDOVZLWKZKRPLWZRXOGEHXQZLVH
WRPHGGOH
'R\RXRUGR\RXQRWLQWHQGWRILQLVKWKHJDPH"VDLG1R]GUHY
*LYHPHDGLUHFWDQVZHU
1RLWZLOOQRWEHSRVVLEOHWRILQLVKWKHJDPHUHSOLHG&KLFKLNRY
JODQFLQJRXWRIWKHZLQGRZ+HFRXOGVHHKLVEULWFKNDVWDQGLQJUHDG\
IRUKLPDQG6HOLIDQHYLGHQWO\DZDLWLQJRUGHUVWRGUDZXSWRWKH
HQWUDQFHVWHSV%XWIURPWKHURRPWKHUHZDVQRHVFDSHVLQFHLQWKH
GRRUZD\ZDVSRVWHGWKHFRXSOHRIZHOOEXLOWVHUYLQJPHQ
7KHQLWLVDV,VD\"<RXUHIXVHWRILQLVKWKHJDPH"UHSHDWHG
1R]GUHYKLVIDFHDVUHGDVILUH
,ZRXOGKDYHILQLVKHGLWKDG\RXSOD\HGOLNHDPDQRIKRQRXU%XWDV
LWLV,FDQQRW
<RXFDQQRWHK\RXYLOODLQ"<RXILQGWKDW\RXFDQQRWDVVRRQDV\RX
ILQGWKDW\RXDUHQRWZLQQLQJ"7KUDVKKLP\RXIHOORZV$QGDVKH
VSRNH1R]GUHYJUDVSHGWKHFKHUU\ZRRGVKDQNRIKLVSLSH&KLFKLNRY
WXUQHGDVZKLWHDVDVKHHW+HWULHGWRVD\VRPHWKLQJEXWKLV
TXLYHULQJOLSVHPLWWHGQRVRXQG7KUDVKKLPDJDLQVKRXWHG1R]GUHY
DVKHUXVKHGIRUZDUGLQDVWDWHRIKHDWDQGSHUVSLUDWLRQPRUHSURSHU
WRDZDUULRUZKRLVDWWDFNLQJDQLPSUHJQDEOHIRUWUHVV7KUDVKKLP
DJDLQKHVKRXWHGLQDYRLFHOLNHWKDWRIVRPHKDOIGHPHQWHGOLHXWHQDQW
ZKRVHGHVSHUDWHEUDYHU\KDVDFTXLUHGVXFKDUHSXWDWLRQWKDWRUGHUV
KDYHKDGWREHLVVXHGWKDWKLVKDQGVVKDOOEHKHOGOHVWKHDWWHPSW
GHHGVRIRYHUSUHVXPSWXRXVGDULQJ6HL]HGZLWKWKHPLOLWDU\VSLULW
KRZHYHUWKHOLHXWHQDQW
VKHDGEHJLQVWRZKLUODQGEHIRUHKLVH\H
WKHUHIOLWVWKHLPDJHRI6XYRURY>@+HDGYDQFHVWRWKHJUHDW
HQFRXQWHUDQGLPSXOVLYHO\FULHV)RUZDUGP\VRQVFULHVLW
ZLWKRXWUHIOHFWLQJWKDWKHPD\EHVSRLOLQJWKHSODQRIWKHJHQHUDO
DWWDFNWKDWPLOOLRQVRIULIOHVPD\EHSURWUXGLQJWKHLUPX]]OHV

91

WKURXJKWKHHPEUDVXUHVRIWKHLPSUHJQDEOHWRZHULQJZDOOVRIWKH
IRUWUHVVWKDWKLVRZQLPSRWHQWDVVDXOWPD\EHGHVWLQHGWREH
GLVVLSDWHGOLNHGXVWEHIRUHWKHZLQGDQGWKDWDOUHDG\WKHUHPD\KDYH
EHHQODXQFKHGRQLWVZKLVWOLQJFDUHHUWKHEXOOHWZKLFKLVWRFORVHIRU
HYHUKLVYRFLIHURXVWKURDW+RZHYHULI1R]GUHYUHVHPEOHGWKH
KHDGVWURQJGHVSHUDWHOLHXWHQDQWZKRPZHKDYHMXVWSLFWXUHGDV
DGYDQFLQJXSRQDIRUWUHVVDWOHDVWWKHIRUWUHVVLWVHOILQQRZD\
UHVHPEOHGWKHLPSUHJQDEOHVWURQJKROGZKLFK,KDYHGHVFULEHG$VD
PDWWHURIIDFWWKHIRUWUHVVEHFDPHVHL]HGZLWKDSDQLFZKLFKGURYH
LWVVSLULWLQWRLWVERRWV)LUVWRIDOOWKHFKDLUZLWKZKLFK
&KLFKLNRY WKHIRUWUHVVLQTXHVWLRQ VRXJKWWRGHIHQGKLPVHOIZDV
ZUHVWHGIURPKLVJUDVSE\WKHVHUIVDQGWKHQEOLQNLQJDQGQHLWKHU
DOLYHQRUGHDGKHWXUQHGWRSDUU\WKH&LUFDVVLDQSLSHVWHPRIKLV
KRVW,QIDFW*RGRQO\NQRZVZKDWZRXOGKDYHKDSSHQHGKDGQRWWKH
IDWHVEHHQSOHDVHGE\DPLUDFOHWRGHOLYHU&KLFKLNRY
VHOHJDQWEDFN
DQGVKRXOGHUVIURPWKHRQVODXJKW6XGGHQO\DQGDVXQH[SHFWHGO\DV
WKRXJKWKHVRXQGKDGFRPHIURPWKHFORXGVWKHUHPDGHLWVHOIKHDUGWKH
WLQNOLQJQRWHVRIDFROODUEHOODQGWKHQWKHUXPEOHRIZKHHOV
DSSURDFKLQJWKHHQWUDQFHVWHSVDQGODVWO\WKHVQRUWLQJDQGKDUG
EUHDWKLQJRIDWHDPRIKRUVHVDVDYHKLFOHFDPHWRDVWDQGVWLOO
,QYROXQWDULO\DOOSUHVHQWJODQFHGWKURXJKWKHZLQGRZDQGVDZDPDQ
FODGLQDVHPLPLOLWDU\JUHDWFRDWOHDSIURPDEXJJ\$IWHUPDNLQJDQ
LQTXLU\RUWZRLQWKHKDOOKHHQWHUHGWKHGLQLQJURRPMXVWDWWKH
MXQFWXUHZKHQ&KLFKLNRYDOPRVWVZRRQLQJZLWKWHUURUKDGIRXQG
KLPVHOISODFHGLQDERXWDVDZNZDUGDVLWXDWLRQDVFRXOGZHOOEHIDOOD
PRUWDOPDQ
>@7KHJUHDW5XVVLDQJHQHUDOZKRDIWHUZLQQLQJIDPHLQWKH6HYHQ
<HDUV
:DUPHWZLWKGLVDVWHUZKHQDWWHPSWLQJWRDVVLVWWKH
$XVWULDQVDJDLQVWWKH)UHQFKLQ
.LQGO\WHOOPHZKLFKRI\RXLV0RQVLHXU1R]GUHY"VDLGWKHXQNQRZQ
ZLWKDJODQFHRISHUSOH[LW\ERWKDWWKHSHUVRQQDPHG ZKRZDVVWLOO
VWDQGLQJZLWKSLSHVKDQNXSUDLVHG DQGDW&KLFKLNRY ZKRZDVMXVW
EHJLQQLQJWRUHFRYHUIURPKLVXQSOHDVDQWSUHGLFDPHQW 
.LQGO\WHOO0(ZKRP,KDYHWKHKRQRXURIDGGUHVVLQJ"UHWRUWHG
1R]GUHYDVKHDSSURDFKHGWKHRIILFLDO
,DPWKH6XSHULQWHQGHQWRI5XUDO3ROLFH
$QGZKDWGR\RXZDQW"
,KDYHFRPHWRIXOILODFRPPLVVLRQLPSRVHGXSRQPH7KDWLVWRVD\

92

,KDYHFRPHWRSODFH\RXXQGHUDUUHVWXQWLO\RXUFDVHVKDOOKDYH
EHHQGHFLGHG
5XEELVK:KDWFDVHSUD\"
7KHFDVHLQZKLFK\RXLQYROYHG\RXUVHOIZKHQLQDGUXQNHQFRQGLWLRQ
DQGWKURXJKWKHLQVWUXPHQWDOLW\RIDZDONLQJVWLFN\RXRIIHUHGJUDYH
RIIHQFHWRWKHSHUVRQRI/DQGRZQHU0DNVLPRY
<RXOLH7R\RXUIDFH,WHOO\RXWKDWQHYHULQP\OLIHKDYH,VHW
H\HVXSRQ/DQGRZQHU0DNVLPRY
*RRGVLUDOORZPHWRUHSUHVHQWWR\RXWKDW,DPD*RYHUQPHQWRIILFHU
6SHHFKHVOLNHWKDW\RXPD\DGGUHVVWR\RXUVHUYDQWVEXWQRWWRPH
$WWKLVSRLQW&KLFKLNRYZLWKRXWZDLWLQJIRU1R]GUHY
VUHSO\VHL]HG
KLVFDSVOLSSHGEHKLQGWKH6XSHULQWHQGHQW
VEDFNUXVKHGRXWRQWR
WKHYHUDQGDKVSUDQJLQWRKLVEULWFKNDDQGRUGHUHG6HOLIDQWRGULYH
OLNHWKHZLQG

&+$37(59
&HUWDLQO\&KLFKLNRYZDVDWKRURXJKFRZDUGIRUDOWKRXJKWKHEULWFKND
SXUVXHGLWVKHDGORQJFRXUVHXQWLO1R]GUHY
VHVWDEOLVKPHQWKDG
GLVDSSHDUHGEHKLQGKLOORFNVDQGKHGJHURZVRXUKHURFRQWLQXHGWR
JODQFHQHUYRXVO\EHKLQGKLPDVWKRXJKHYHU\PRPHQWH[SHFWLQJWRVHHD
VWHUQFKDVHEHJLQ+LVEUHDWKFDPHZLWKGLIILFXOW\DQGZKHQKHWULHG
KLVKHDUWZLWKKLVKDQGVKHFRXOGIHHOLWIOXWWHULQJOLNHDTXDLO
FDXJKWLQDQHW
:KDWDVZHDWWKHIHOORZKDVWKURZQPHLQWRKHWKRXJKWWRKLPVHOI
ZKLOHPDQ\DGLUHDQGIRUFHIXODVSLUDWLRQSDVVHGWKURXJKKLVPLQG
,QGHHGWKHH[SUHVVLRQVWRZKLFKKHJDYHYHQWZHUHPRVWLQHOHJDQWLQ
WKHLUQDWXUH%XWZKDWZDVWREHGRQHQH[W"+HZDVD5XVVLDQDQG
WKRURXJKO\DURXVHG7KHDIIDLUKDGEHHQQRMRNH%XWIRUWKH
6XSHULQWHQGHQWKHUHIOHFWHG,PLJKWQHYHUDJDLQKDYHORRNHGXSRQ
*RG
VGD\OLJKW,PLJKWKDYHYDQLVKHGOLNHDEXEEOHRQDSRRODQG
OHIWQHLWKHUWUDFHQRUSRVWHULW\QRUSURSHUW\QRUDQKRQRXUDEOHQDPH
IRUP\IXWXUHRIIVSULQJWRLQKHULW LWVHHPHGWKDWRXUKHURZDV
SDUWLFXODUO\DQ[LRXVZLWKUHJDUGWRKLVSRVVLEOHLVVXH 
:KDWDVFXUY\EDULQPXVHG6HOLIDQDVKHGURYHDORQJ1HYHUKDYH,

93

VHHQVXFKDEDULQ,VKRXOGOLNHWRVSLWLQKLVIDFH
7LVEHWWHUWR
DOORZDPDQQRWKLQJWRHDWWKDQWRUHIXVHWRIHHGDKRUVHSURSHUO\$
KRUVHQHHGVKLVRDWVWKH\DUHKLVSURSHUIDUH(YHQLI\RXPDNHDPDQ
SURFXUHDPHDODWKLVRZQH[SHQVHGRQ
WGHQ\DKRUVHKLVRDWVIRUKH
RXJKWDOZD\VWRKDYHWKHP
$QHTXDOO\SRRURSLQLRQRI1R]GUHYVHHPHGWREHFKHULVKHGDOVRE\WKH
VWHHGVIRUQRWRQO\ZHUHWKHED\DQGWKH$VVHVVRUFOHDUO\RXWRI
VSLULWVEXWHYHQWKHVNHZEDOGZDVZHDULQJDGHMHFWHGDLU7UXHDW
KRPHWKHVNHZEDOGJRWQRQHEXWWKHSRRUHUVRUWVRIRDWVWRHDWDQG
6HOLIDQQHYHUILOOHGKLVWURXJKZLWKRXWKDYLQJILUVWFDOOHGKLPD
YLOODLQEXWDWOHDVWWKH\:(5(RDWVDQGQRWKD\WKH\ZHUHVWXII
ZKLFKFRXOGEHFKHZHGZLWKDFHUWDLQDPRXQWRIUHOLVK$OVRWKHUHZDV
WKHIDFWWKDWDWLQWHUYDOVKHFRXOGLQWUXGHKLVORQJQRVHLQWRKLV
FRPSDQLRQV
WURXJKV HVSHFLDOO\ZKHQ6HOLIDQKDSSHQHGWREHDEVHQW
IURPWKHVWDEOH DQGDVFHUWDLQZKDW7+(,5SURYHQGHUZDVOLNH%XWDW
1R]GUHY
VWKHUHKDGEHHQQRWKLQJEXWKD\7KDWZDVQRWULJKW$OO
WKUHHKRUVHVIHOWJUHDWO\GLVFRQWHQWHG
%XWSUHVHQWO\WKHPDOFRQWHQWVKDGWKHLUUHIOHFWLRQVFXWVKRUWLQD
YHU\UXGHDQGXQH[SHFWHGPDQQHU7KDWLVWRVD\WKH\ZHUHEURXJKW
EDFNWRSUDFWLFDOLWLHVE\FRPLQJLQWRYLROHQWFROOLVLRQZLWKD
VL[KRUVHGYHKLFOHZKLOHXSRQWKHLUKHDGVGHVFHQGHGERWKDEDEHORI
FULHVIURPWKHODGLHVLQVLGHDQGDVWRUPRIFXUVHVDQGDEXVHIURPWKH
FRDFKPDQ$K\RXGDPQHGIRROKHYRFLIHUDWHG,VKRXWHGWR\RX
ORXGHQRXJK'UDZRXW\RXROGUDYHQDQGNHHSWRWKHULJKW$UH\RX
GUXQN"6HOLIDQKLPVHOIIHOWFRQVFLRXVWKDWKHKDGEHHQFDUHOHVVEXW
VLQFHD5XVVLDQGRHVQRWFDUHWRDGPLWDIDXOWLQWKHSUHVHQFHRI
VWUDQJHUVKHUHWRUWHGZLWKGLJQLW\:K\KDYH\RXUXQLQWR86"'LG
\RXOHDYH\RXUH\HVEHKLQG\RXDWWKHODVWWDYHUQWKDW\RXVWRSSHG
DW":LWKWKDWKHVWDUWHGWREDFNWKHEULWFKNDLQWKHKRSHWKDWLW
PLJKWJHWFOHDURIWKHRWKHU
VKDUQHVVEXWWKLVZRXOGQRWGRIRUWKH
SDLUZHUHWRRKRSHOHVVO\LQWHUWZLQHG0HDQZKLOHWKHVNHZEDOGVQXIIHG
FXULRXVO\DWKLVQHZDFTXDLQWDQFHVDVWKH\VWRRGSODQWHGRQHLWKHU
VLGHRIKLPZKLOHWKHODGLHVLQWKHYHKLFOHUHJDUGHGWKHVFHQHZLWK
DQH[SUHVVLRQRIWHUURU2QHRIWKHPZDVDQROGZRPDQDQGWKHRWKHUD
GDPVHORIDERXWVL[WHHQ$PDVVRIJROGHQKDLUIHOOGDLQWLO\IURPD
VPDOOKHDGDQGWKHRYDORIKHUFRPHO\IDFHZDVDVVKDSHO\DVDQHJJ
DQGZKLWHZLWKWKHWUDQVSDUHQWZKLWHQHVVVHHQZKHQWKHKDQGVRID
KRXVHZLIHKROGDQHZODLGHJJWRWKHOLJKWWROHWWKHVXQ
VUD\V
ILOWHUWKURXJKLWVVKHOO7KHVDPHWLQWPDUNHGWKHPDLGHQ
VHDUVZKHUH
WKH\JORZHGLQWKHVXQVKLQHDQGLQVKRUWZKDWZLWKWKHWHDUVLQKHU
ZLGHRSHQDUUHVWLQJH\HVVKHSUHVHQWHGVRDWWUDFWLYHDSLFWXUHWKDW
RXUKHUREHVWRZHGXSRQLWPRUHWKDQDSDVVLQJJODQFHEHIRUHKHWXUQHG

94

KLVDWWHQWLRQWRWKHKXEEXEZKLFKZDVEHLQJUDLVHGDPRQJWKHKRUVHV
DQGWKHFRDFKPHQ
%DFNRXW\RXURRNRI1L]KQL1RYJRURGWKHVWUDQJHUV
FRDFKPDQ
VKRXWHG6HOLIDQWLJKWHQHGKLVUHLQVDQGWKHRWKHUGULYHUGLGWKH
VDPH7KHKRUVHVVWHSSHGEDFNDOLWWOHDQGWKHQFDPHWRJHWKHU
DJDLQWKLVWLPHJHWWLQJDOHJRUWZRRYHUWKHWUDFHV,QIDFWVR
SOHDVHGGLGWKHVNHZEDOGVHHPZLWKKLVQHZIULHQGVWKDWKHUHIXVHGWR
VWLUIURPWKHPHOHHLQWRZKLFKDQXQIRUHVHHQFKDQFHKDGSOXQJHGKLP
/D\LQJKLVPX]]OHORYLQJO\XSRQWKHQHFNRIRQHRIKLV
UHFHQWO\DFTXLUHGDFTXDLQWDQFHVKHVHHPHGWREHZKLVSHULQJVRPHWKLQJ
LQWKDWDFTXDLQWDQFH
VHDUDQGZKLVSHULQJSUHWW\QRQVHQVHWRRWR
MXGJHIURPWKHZD\LQZKLFKWKDWFRQILGDQWNHSWVKDNLQJKLVHDUV
$WOHQJWKSHDVDQWVIURPDYLOODJHZKLFKKDSSHQHGWREHQHDUWKHVFHQH
RIWKHDFFLGHQWWDFNOHGWKHPHVVDQGVLQFHDVSHFWDFOHRIWKDWNLQG
LVWRWKH5XVVLDQPX]KLNZKDWDQHZVSDSHURUDFOXEPHHWLQJLVWRWKH
*HUPDQWKHYHKLFOHVVRRQEHFDPHWKHFHQWUHRIDFURZGDQGWKH
YLOODJHGHQXGHGHYHQRILWVROGZRPHQDQGFKLOGUHQ7KHWUDFHVZHUH
GLVHQWDQJOHGDQGDIHZVODSVRQWKHQRVHIRUFHGWKHVNHZEDOGWRGUDZ
EDFNDOLWWOHDIWHUZKLFKWKHWHDPVZHUHVWUDLJKWHQHGRXWDQG
VHSDUDWHG1HYHUWKHOHVVHLWKHUVKHHUREVWLQDF\RUYH[DWLRQDWEHLQJ
SDUWHGIURPWKHLUQHZIULHQGVFDXVHGWKHVWUDQJHWHDPDEVROXWHO\WR
UHIXVHWRPRYHDOHJ7KHLUGULYHUODLGWKHZKLSDERXWWKHPEXWVWLOO
WKH\VWRRGDVWKRXJKURRWHGWRWKHVSRW$WOHQJWKWKHSDUWLFLSDWRU\
HIIRUWVRIWKHSHDVDQWVURVHWRDQXQSUHFHGHQWHGGHJUHHRIHQWKXVLDVP
DQGWKH\VKRXWHGLQDQLQWHUPLWWHQWFKRUXVWKHDGYLFH'R\RX
$QGUXVKDWDNHWKHKHDGRIWKHWUDFHKRUVHRQWKHULJKWZKLOH8QFOH
0LWDLPRXQWVWKHVKDIWKRUVH*HWXS8QFOH0LWDL8SRQWKDWWKH
OHDQORQJDQGUHGEHDUGHG8QFOH0LWDLPRXQWHGWKHVKDIWKRUVHLQ
ZKLFKSRVLWLRQKHORRNHGOLNHDYLOODJHVWHHSOHRUWKHZLQGHUZKLFKLV
XVHGWRUDLVHZDWHUIURPZHOOV7KHFRDFKPDQZKLSSHGXSKLVVWHHGV
DIUHVKEXWQRWKLQJFDPHRILWDQG8QFOH0LWDLKDGSURYHGXVHOHVV
+ROGRQKROGRQVKRXWHGWKHSHDVDQWVDJDLQ'R\RX8QFOH0LWDL
PRXQWWKHWUDFHKRUVHZKLOH8QFOH0LQDLPRXQWVWKHVKDIWKRUVH
:KHUHXSRQ8QFOH0LQDLDSHDVDQWZLWKDSDLURIEURDGVKRXOGHUVD
EHDUGDVEODFNDVFKDUFRDODQGDEHOO\OLNHWKHKXJHVDPRYDULQZKLFK
VELWHQLVEUHZHGIRUDOODWWHQGLQJDORFDOPDUNHWKDVWHQHGWRVHDW
KLPVHOIXSRQWKHVKDIWKRUVHZKLFKDOPRVWVDQNWRWKHJURXQGEHQHDWK
KLVZHLJKW12:WKH\ZLOOJRDOOULJKWWKHPX]KLNVH[FODLPHG
/D\LWRQKRWOD\LWRQKRW*LYHWKDWVRUUHOKRUVHWKHZKLSDQG
PDNHKLPVTXLUPOLNHDNRUDPRUD>@1HYHUWKHOHVVWKHDIIDLULQQR
ZD\SURJUHVVHGZKHUHIRUHVHHLQJWKDWIORJJLQJZDVRIQRXVH8QFOHV
0LWDLDQG0LQDL%27+PRXQWHGWKHVRUUHOZKLOH$QGUXVKDVHDWHG

95

KLPVHOIXSRQWKHWUDFHKRUVH7KHQWKHFRDFKPDQKLPVHOIORVWSDWLHQFH
DQGVHQWWKHWZR8QFOHVDERXWWKHLUEXVLQHVVDQGQRWEHIRUHLWZDV
WLPHVHHLQJWKDWWKHKRUVHVZHUHVWHDPLQJLQDZD\WKDWPDGHLWFOHDU
WKDWXQOHVVWKH\ZHUHILUVWZLQGHGWKH\ZRXOGQHYHUUHDFKWKHQH[W
SRVWKRXVH6RWKH\ZHUHJLYHQDPRPHQW
VUHVW7KDWGRQHWKH\PRYHG
RIIRIWKHLURZQDFFRUG
>@$NLQGRIODUJHJQDW
7KURXJKRXW&KLFKLNRYKDGEHHQJD]LQJDWWKH\RXQJXQNQRZQZLWKJUHDW
DWWHQWLRQDQGKDGHYHQPDGHRQHRUWZRDWWHPSWVWRHQWHULQWR
FRQYHUVDWLRQZLWKKHUEXWZLWKRXWVXFFHVV,QGHHGZKHQWKHODGLHV
GHSDUWHGLWZDVDVLQDGUHDPWKDWKHVDZWKHJLUO
VFRPHO\SUHVHQFH
WKHGHOLFDWHIHDWXUHVRIKHUIDFHDQGWKHVOHQGHURXWOLQHRIKHUIRUP
YDQLVKIURPKLVVLJKWLWZDVDVLQDGUHDPWKDWRQFHPRUHKHVDZRQO\
WKHURDGWKHEULWFKNDWKHWKUHHKRUVHV6HOLIDQDQGWKHEDUHHPSW\
ILHOGV(YHU\ZKHUHLQOLIH\HVHYHQLQWKHSODLQHVWWKHGLQJLHVW
UDQNVRIVRFLHW\DVPXFKDVLQWKRVHZKLFKDUHXQLIRUPO\EULJKWDQG
SUHVHQWDEOHDPDQPD\KDSSHQXSRQVRPHSKHQRPHQRQZKLFKLVVR
HQWLUHO\GLIIHUHQWIURPWKRVHZKLFKKDYHKLWKHUWRIDOOHQWRKLVORW
(YHU\ZKHUHWKURXJKWKHZHERIVRUURZRIZKLFKRXUOLYHVDUHZRYHQ
WKHUHPD\VXGGHQO\EUHDNDFOHDUUDGLDQWWKUHDGRIMR\HYHQDV
VXGGHQO\DORQJWKHVWUHHWRIVRPHSRRUSRYHUW\VWULFNHQYLOODJH
ZKLFKRUGLQDULO\VHHVQRXJKWEXWDIDUPZDJJRQWKHUHPD\FDPH
ERZOLQJDJRUJHRXVFRDFKZLWKSODWHGKDUQHVVSLFWXUHVTXHKRUVHVDQG
DJOLWWHURIJODVVVRWKDWWKHSHDVDQWVVWDQGJDSLQJDQGGRQRW
UHVXPHWKHLUFDSVXQWLOORQJDIWHUWKHVWUDQJHHTXLSDJHKDVEHFRPH
ORVWWRVLJKW7KXVWKHJROGHQKDLUHGPDLGHQPDNHVDVXGGHQ
XQH[SHFWHGDSSHDUDQFHLQRXUVWRU\DQGDVVXGGHQO\DVXQH[SHFWHGO\
GLVDSSHDUV,QGHHGKDGLWQRWEHHQWKDWWKHSHUVRQFRQFHUQHGZDV
&KLFKLNRYDQGQRWVRPH\RXWKRIWZHQW\VXPPHUVDKXVVDURUDVWXGHQW
RULQJHQHUDODPDQVWDQGLQJRQWKHWKUHVKROGRIOLIHZKDWWKRXJKWV
ZRXOGQRWKDYHVSUXQJWRELUWKDQGVWLUUHGDQGVSRNHQZLWKLQKLP
IRUZKDWDOHQJWKRIWLPHZRXOGKHQRWKDYHVWRRGHQWUDQFHGDVKH
VWDUHGLQWRWKHGLVWDQFHDQGIRUJRWDOLNHKLVMRXUQH\WKHEXVLQHVV
VWLOOWREHGRQHWKHSRVVLELOLW\RILQFXUULQJORVVWKURXJK
OLQJHULQJKLPVHOIKLVYRFDWLRQWKHZRUOGDQGHYHU\WKLQJHOVHWKDW
WKHZRUOGFRQWDLQV
%XWLQWKHSUHVHQWFDVHWKHKHURZDVDPDQRIPLGGOHDJHDQGRI
FDXWLRXVDQGIULJLGWHPSHUDPHQW7UXHKHSRQGHUHGRYHUWKHLQFLGHQW
EXWLQPRUHGHOLEHUDWHIDVKLRQWKDQD\RXQJHUPDQZRXOGKDYHGRQH
7KDWLVWRVD\KLVUHIOHFWLRQVZHUHQRWVRLUUHVSRQVLEOHDQG
XQVWHDG\6KHZDVDFRPHO\GDPVHOKHVDLGWRKLPVHOIDVKHRSHQHG

96

KLVVQXIIER[DQGWRRNDSLQFK%XWWKHLPSRUWDQWSRLQWLV,VVKH
DOVRD1,&('$06(/"2QHWKLQJVKHKDVLQKHUIDYRXUDQGWKDWLV
WKDWVKHDSSHDUVRQO\MXVWWRKDYHOHIWVFKRRODQGQRWWRKDYHKDG
WLPHWREHFRPHZRPDQO\LQWKHZRUVHUVHQVH$WSUHVHQWWKHUHIRUHVKH
LVOLNHDFKLOG(YHU\WKLQJLQKHULVVLPSOHDQGVKHVD\VMXVWZKDW
VKHWKLQNVDQGODXJKVPHUHO\ZKHQVKHIHHOVLQFOLQHG6XFKDGDPVHO
PLJKWEHPDGHLQWRDQ\WKLQJRUVKHPLJKWEHWXUQHGLQWRZRUWKOHVV
UXEELVK7KHODWWHU,VXUPLVHIRUWUXGJLQJDIWHUKHUVKHZLOOKDYHD
IRQGPRWKHUDQGDEHY\RIDXQWVDQGVRIRUWKSHUVRQVZKRZLWKLQD
\HDUZLOOKDYHILOOHGKHUZLWKZRPDQLVKQHVVWRWKHSRLQWZKHUHKHU
RZQIDWKHUZRXOGQ
WNQRZKHU$QGWRWKDWWKHUHZLOOEHDGGHGSULGH
DQGDIIHFWDWLRQDQGVKHZLOOEHJLQWRREVHUYHHVWDEOLVKHGUXOHVDQG
WRUDFNKHUEUDLQVDVWRKRZDQGKRZPXFKVKHRXJKWWRWDONDQGWR
ZKRPDQGZKHUHDQGVRIRUWK(YHU\PRPHQWZLOOVHHKHUJURZLQJ
WLPRURXVDQGFRQIXVHGOHVWVKHEHVD\LQJWRRPXFK)LQDOO\VKHZLOO
GHYHORSLQWRDFRQILUPHGSUHYDULFDWRUDQGHQGE\PDUU\LQJWKHGHYLO
NQRZVZKRP&KLFKLNRYSDXVHGDZKLOH7KHQKHZHQWRQ<HW,VKRXOG
OLNHWRNQRZZKRVKHLVDQGZKRKHUIDWKHULVDQGZKHWKHUKHLVD
ULFKODQGRZQHURIJRRGVWDQGLQJRUPHUHO\DUHVSHFWDEOHPDQZKRKDV
DFTXLUHGDIRUWXQHLQWKHVHUYLFHRIWKH*RYHUQPHQW6KRXOGKHDOORZ
KHURQPDUULDJHDGRZU\RIVD\WZRKXQGUHGWKRXVDQGURXEOHVVKH
ZLOOEHDYHU\QLFHFDWFKLQGHHG6KHPLJKWHYHQVRWRVSHDNPDNHD
PDQRIJRRGEUHHGLQJKDSS\
,QGHHGVRDWWUDFWLYHO\GLGWKHLGHDRIWKHWZRKXQGUHGWKRXVDQG
URXEOHVEHJLQWRGDQFHEHIRUHKLVLPDJLQDWLRQWKDWKHIHOWDWZLQJHRI
VHOIUHSURDFKEHFDXVHGXULQJWKHKXEEXEKHKDGQRWLQTXLUHGRIWKH
SRVWLOOLRQRUWKHFRDFKPDQZKRWKHWUDYHOOHUVPLJKWEH%XWVRRQWKH
VLJKWRI6REDNHYLWFK
VFRXQWU\KRXVHGLVVLSDWHGKLVWKRXJKWVDQG
IRUFHGKLPWRUHWXUQWRKLVVWRFNVXEMHFWRIUHIOHFWLRQ
6REDNHYLWFK
VFRXQWU\KRXVHDQGHVWDWHZHUHRIYHU\IDLUVL]HDQGRQ
HDFKVLGHRIWKHPDQVLRQZHUHH[SDQVHVRIELUFKDQGSLQHIRUHVWLQWZR
VKDGHVRIJUHHQ7KHZRRGHQHGLILFHLWVHOIKDGGDUNJUH\ZDOOVDQGD
UHGJDEOHGURRIIRULWZDVDPDQVLRQRIWKHNLQGZKLFK5XVVLDEXLOGV
IRUKHUPLOLWDU\VHWWOHUVDQGIRU*HUPDQFRORQLVWV$QRWLFHDEOH
FLUFXPVWDQFHZDVWKHIDFWWKDWWKHWDVWHRIWKHDUFKLWHFWKDGGLIIHUHG
IURPWKDWRIWKHSURSULHWRUWKHIRUPHUKDYLQJPDQLIHVWO\EHHQD
SHGDQWDQGGHVLURXVRIV\PPHWU\DQGWKHODWWHUKDYLQJZLVKHGRQO\IRU
FRPIRUW&RQVHTXHQWO\KH WKHSURSULHWRU KDGGLVSHQVHGZLWKDOO
ZLQGRZVRQRQHVLGHRIWKHPDQVLRQDQGKDGFDXVHGWREHLQVHUWHGLQ
WKHLUSODFHRQO\DVPDOODSHUWXUHZKLFKGRXEWOHVVZDVLQWHQGHGWR
OLJKWDQRWKHUZLVHGDUNOXPEHUURRP/LNHZLVHWKHDUFKLWHFW
VEHVW
HIIRUWVKDGIDLOHGWRFDXVHWKHSHGLPHQWWRVWDQGLQWKHFHQWUHRIWKH

97

EXLOGLQJVLQFHWKHSURSULHWRUKDGKDGRQHRILWVIRXURULJLQDO
FROXPQVUHPRYHG(YLGHQWO\GXUDELOLW\KDGEHHQFRQVLGHUHGWKURXJKRXW
IRUWKHFRXUW\DUGZDVHQFORVHGE\DVWURQJDQGYHU\KLJKZRRGHQIHQFH
DQGERWKWKHVWDEOHVWKHFRDFKKRXVHDQGWKHFXOLQDU\SUHPLVHVZHUH
SDUWLDOO\FRQVWUXFWHGRIEHDPVZDUUDQWHGWRODVWIRUFHQWXULHV1D\
HYHQWKHZRRGHQKXWVRIWKHSHDVDQWU\ZHUHZRQGHUIXOLQWKHVROLGLW\
RIWKHLUFRQVWUXFWLRQDQGQRWDFOD\ZDOORUDFDUYHGSDWWHUQRU
RWKHUGHYLFHZDVWREHVHHQ(YHU\WKLQJILWWHGH[DFWO\LQWRLWVULJKW
SODFHDQGHYHQWKHGUDZZHOORIWKHPDQVLRQZDVIDVKLRQHGRIWKH
RDNZRRGXVXDOO\WKRXJKWVXLWDEOHRQO\IRUPLOOVRUVKLSV,QVKRUW
ZKHUHYHU&KLFKLNRY
VH\HWXUQHGKHVDZQRWKLQJWKDWZDVQRWIUHHIURP
VKRGG\PDNHDQGZHOODQGVNLOIXOO\DUUDQJHG$VKHDSSURDFKHGWKH
HQWUDQFHVWHSVKHFDXJKWVLJKWRIWZRIDFHVSHHULQJIURPDZLQGRZ2QH
RIWKHPZDVWKDWRIDZRPDQLQDPREFDSZLWKIHDWXUHVDVORQJDQGDV
QDUURZDVDFXFXPEHUDQGWKHRWKHUWKDWRIDPDQZLWKIHDWXUHVDV
EURDGDQGDVVKRUWDVWKH0ROGDYLDQSXPSNLQV NQRZQDVJRUOLDQNL
ZKHUHRIEDODOODLNLWKHVSHFLHVRIOLJKWWZRVWULQJHGLQVWUXPHQW
ZKLFKFRQVWLWXWHVWKHSULGHDQGWKHMR\RIWKHJD\\RXQJIHOORZRI
WZHQW\DVKHVLWVZLQNLQJDQGVPLOLQJDWWKHZKLWHQHFNHG
ZKLWHERVRPHGPDLGHQVZKRKDYHJDWKHUHGWROLVWHQWRKLVORZSLWFKHG
WLQNOLQJDUHIDVKLRQHG7KLVVFUXWLQ\PDGHERWKIDFHVZLWKGUHZDQG
WKHUHFDPHRXWRQWRWKHHQWUDQFHVWHSVDODFTXH\FODGLQDJUH\
MDFNHWDQGDVWLIIEOXHFROODU7KLVIXQFWLRQDU\FRQGXFWHG&KLFKLNRY
LQWRWKHKDOOZKHUHKHZDVPHWE\WKHPDVWHURIWKHKRXVHKLPVHOI
ZKRUHTXHVWHGKLVJXHVWWRHQWHUDQGWKHQOHGKLPLQWRWKHLQQHUSDUW
RIWKHPDQVLRQ
$FRYHUWJODQFHDW6REDNHYLWFKVKRZHGRXUKHURWKDWKLVKRVWH[DFWO\
UHVHPEOHGDPRGHUDWHVL]HGEHDU7RFRPSOHWHWKHUHVHPEODQFH
6REDNHYLWFK
VORQJIURFNFRDWDQGEDJJ\WURXVHUVZHUHRIWKHSUHFLVH
FRORXURIDEHDU
VKLGHZKLOHZKHQVKXIIOLQJDFURVVWKHIORRUKH
PDGHDFULVVFURVVPRWLRQRIWKHOHJVDQGKDGLQDGGLWLRQD
FRQVWDQWKDELWRIWUHDGLQJXSRQKLVFRPSDQLRQ
VWRHV$VIRUKLVIDFH
LWZDVRIWKHZDUPDUGHQWWLQWRIDSLDWRN>@3HUVRQVRIWKLV
NLQGSHUVRQVWRZKRVHGHVLJQLQJQDWXUHKDVGHYRWHGQRWPXFKWKRXJKW
DQGLQWKHIDVKLRQLQJRIZKRVHIUDPHVVKHKDVXVHGQRLQVWUXPHQWVVR
GHOLFDWHDVDILOHRUDJLPOHWDQGVRIRUWKDUHQRWXQFRPPRQ6XFK
SHUVRQVVKHPHUHO\URXJKKHZV2QHFXWZLWKDKDWFKHWDQGWKHUH
UHVXOWVDQRVHDQRWKHUVXFKFXWZLWKDKDWFKHWDQGWKHUH
PDWHULDOLVHVDSDLURIOLSVWZRWKUXVWVZLWKDGULOODQGWKHUH
LVVXHVDSDLURIH\HV/DVWO\VFRUQLQJWRSODQHGRZQWKHURXJKQHVV
VKHVHQGVRXWWKDWSHUVRQLQWRWKHZRUOGVD\LQJ7KHUHLVDQRWKHU
OLYHFUHDWXUH6REDNHYLWFKZDVMXVWVXFKDUDJJHGFXULRXVO\SXW
WRJHWKHUILJXUHWKRXJKWKHDERYHPRGHOZRXOGVHHPWRKDYHEHHQ

98

IROORZHGPRUHLQKLVXSSHUSRUWLRQWKDQLQKLVORZHU2QHUHVXOWZDV
WKDWKHVHOGRPWXUQHGKLVKHDGWRORRNDWWKHSHUVRQZLWKZKRPKHZDV
VSHDNLQJEXWUDWKHUGLUHFWHGKLVH\HVWRZDUGVVD\WKHVWRYH
FRUQHURUWKHGRRUZD\$VKRVWDQGJXHVWFURVVHGWKHGLQLQJURRP
&KLFKLNRYGLUHFWHGDVHFRQGJODQFHDWKLVFRPSDQLRQ+HLVDEHDU
DQGQRWKLQJEXWDEHDUKHWKRXJKWWRKLPVHOI$QGLQGHHGWKH
VWUDQJHFRPSDULVRQZDVLQHYLWDEOH,QFLGHQWDOO\6REDNHYLWFK
V
&KULVWLDQQDPHDQGSDWURQ\PLFZHUH0LFKDHO6HPHQRYLWFK2IKLVKDELW
RIWUHDGLQJXSRQRWKHUSHRSOH
VWRHV&KLFKLNRYKDGEHFRPHIXOO\DZDUH
ZKHUHIRUHKHVWHSSHGFDXWLRXVO\DQGWKURXJKRXWDOORZHGKLVKRVWWR
WDNHWKHOHDG$VDPDWWHURIIDFW6REDNHYLWFKKLPVHOIVHHPHG
FRQVFLRXVRIKLVIDLOLQJIRUDWLQWHUYDOVKHZRXOGLQTXLUH,KRSH,
KDYHQRWKXUW\RX"DQG&KLFKLNRYZLWKDZRUGRIWKDQNVZRXOGUHSO\
WKDWDV\HWKHKDGVXVWDLQHGQRLQMXU\
>@$FRSSHUFRLQZRUWKILYHNRSHFNV
$WOHQJWKWKH\UHDFKHGWKHGUDZLQJURRPZKHUH6REDNHYLWFKSRLQWHGWR
DQDUPFKDLUDQGLQYLWHGKLVJXHVWWREHVHDWHG&KLFKLNRYJD]HGZLWK
LQWHUHVWDWWKHZDOOVDQGWKHSLFWXUHV,QHYHU\VXFKSLFWXUHWKHUH
ZHUHSRUWUD\HGHLWKHU\RXQJPHQRU*UHHNJHQHUDOVRIWKHW\SHRI
0RYURJRUGDWR FODGLQDUHGXQLIRUPDQGEUHDFKHV .DQDULVDQG
RWKHUVDQGDOOWKHVHKHURHVZHUHGHSLFWHGZLWKDVROLGLW\RIWKLJK
DQGDZHDOWKRIPRXVWDFKHZKLFKPDGHWKHEHKROGHUVLPSO\VKXGGHUZLWK
DZH$PRQJWKHPWKHUHZHUHSODFHGDOVRDFFRUGLQJWRVRPHXQNQRZQ
V\VWHPDQGIRUVRPHXQNQRZQUHDVRQILUVWO\%DJUDWLRQ>@WDOODQG
WKLQDQGZLWKDFOXVWHURIVPDOOIODJVDQGFDQQRQEHQHDWKKLPDQG
WKHZKROHVHWLQWKHQDUURZHVWRIIUDPHVDQGVHFRQGO\WKH*UHHN
KHURLQH%REHOLQDZKRVHOHJVORRNHGODUJHUWKDQGRWKHZKROHERGLHV
RIWKHGUDZLQJURRPGDQGLHVRIWKHSUHVHQWGD\$SSDUHQWO\WKHPDVWHU
RIWKHKRXVHZDVKLPVHOIDPDQRIKHDOWKDQGVWUHQJWKDQGWKHUHIRUH
OLNHGWRKDYHKLVDSDUWPHQWVDGRUQHGZLWKQRQHEXWIRONRIHTXDO
YLJRXUDQGUREXVWQHVV/DVWO\LQWKHZLQGRZDQGVXVSHFWHGFKHHNE\
MRZOZLWK%REHOLQDWKHUHKXQJDFDJHZKHQFHDWLQWHUYDOVWKHUHSHHUHG
IRUWKDZKLWHVSRWWHGEODFNELUG/LNHHYHU\WKLQJHOVHLQWKH
DSDUWPHQWLWERUHDVWURQJUHVHPEODQFHWR6REDNHYLWFK:KHQKRVWDQG
JXHVWKDGEHHQFRQYHUVLQJIRUWZRPLQXWHVRUVRWKHGRRURSHQHGDQG
WKHUHHQWHUHGWKHKRVWHVVDWDOOODG\LQDFDSDGRUQHGZLWKULEDQGV
RIGRPHVWLFFRORXULQJDQGPDQXIDFWXUH6KHHQWHUHGGHOLEHUDWHO\DQG
KHOGKHUKHDGDVHUHFWDVDSDOP
>@$5XVVLDQJHQHUDOZKRIRXJKWDJDLQVW1DSROHRQDQGZDVPRUWDOO\
ZRXQGHGDW%RURGLQR

99

7KLVLVP\ZLIH7KHRGXOLD,YDQRYQDVDLG6REDNHYLWFK
&KLFKLNRYDSSURDFKHGDQGWRRNKHUKDQG7KHIDFWWKDWVKHUDLVHGLW
QHDUO\WRWKHOHYHORIKLVOLSVDSSULVHGKLPRIWKHFLUFXPVWDQFHWKDW
LWKDGMXVWEHHQULQVHGLQFXFXPEHURLO
0\GHDUDOORZPHWRLQWURGXFH3DXO,YDQRYLWFK&KLFKLNRYDGGHG
6REDNHYLWFK+HKDVWKHKRQRXURIEHLQJDFTXDLQWHGERWKZLWKRXU
*RYHUQRUDQGZLWKRXU3RVWPDVWHU
8SRQWKLV7KHRGXOLD,YDQRYQDUHTXHVWHGKHUJXHVWWREHVHDWHGDQG
DFFRPSDQLHGWKHLQYLWDWLRQZLWKWKHNLQGRIERZXVXDOO\HPSOR\HGRQO\
E\DFWUHVVHVZKRDUHSOD\LQJWKHUROHRITXHHQV1H[WVKHWRRNDVHDW
XSRQWKHVRIDGUHZDURXQGKHUKHUPHULQRJRZQDQGVDWWKHUHDIWHU
ZLWKRXWPRYLQJDQH\HOLGRUDQH\HEURZ$VIRU&KLFKLNRYKHJODQFHG
XSZDUGVDQGRQFHPRUHFDXJKWVLJKWRI.DQDULVZLWKKLVIDWWKLJKVDQG
LQWHUPLQDEOHPRXVWDFKHDQGRI%REHOLQDDQGWKHEODFNELUG)RUIXOO\
ILYHPLQXWHVDOOSUHVHQWSUHVHUYHGDFRPSOHWHVLOHQFHWKHRQO\VRXQG
DXGLEOHEHLQJWKDWRIWKHEODFNELUG
VEHDNDJDLQVWWKHZRRGHQIORRURI
WKHFDJHDVWKHFUHDWXUHILVKHGIRUJUDLQVRIFRUQ0HDQZKLOH
&KLFKLNRYDJDLQVXUYH\HGWKHURRPDQGVDZWKDWHYHU\WKLQJLQLWZDV
PDVVLYHDQGFOXPV\LQWKHKLJKHVWGHJUHHDVDOVRWKDWHYHU\WKLQJZDV
FXULRXVO\LQNHHSLQJZLWKWKHPDVWHURIWKHKRXVH)RUH[DPSOHLQRQH
FRUQHURIWKHDSDUWPHQWWKHUHVWRRGDKD]HOZRRGEXUHDXZLWKDEXOJLQJ
ERG\RQIRXUJURWHVTXHOHJVWKHSHUIHFWLPDJHRIDEHDU$OVRWKH
WDEOHVDQGWKHFKDLUVZHUHRIWKHVDPHSRQGHURXVXQUHVWIXORUGHUDQG
HYHU\VLQJOHDUWLFOHLQWKHURRPDSSHDUHGWREHVD\LQJHLWKHU,
WRRDPD6REDNHYLWFKRU,DPH[DFWO\OLNH6REDNHYLWFK
,KHDUGVSHDNRI\RXRQHGD\ZKHQ,ZDVYLVLWLQJWKH3UHVLGHQWRIWKH
&RXQFLOVDLG&KLFKLNRYRQSHUFHLYLQJWKDWQRRQHHOVHKDGDPLQGWR
EHJLQDFRQYHUVDWLRQ7KDWZDVRQ7KXUVGD\ODVW:HKDGDYHU\
SOHDVDQWHYHQLQJ
<HVRQWKDWRFFDVLRQ,ZDVQRWWKHUHUHSOLHG6REDNHYLWFK
:KDWDQLFHPDQKHLV
:KRLV"LQTXLUHG6REDNHYLWFKJD]LQJLQWRWKHFRUQHUE\WKHVWRYH
7KH3UHVLGHQWRIWKH/RFDO&RXQFLO
'LGKHVHHPVRWR\RX"7UXHKHLVDPDVRQEXWKHLVDOVRWKH
JUHDWHVWIRROWKDWWKHZRUOGHYHUVDZ

100

&KLFKLNRYVWDUWHGDOLWWOHDWWKLVPRUGDQWFULWLFLVPEXWVRRQSXOOHG
KLPVHOIWRJHWKHUDJDLQDQGFRQWLQXHG
2IFRXUVHHYHU\PDQKDVKLVZHDNQHVV<HWWKH3UHVLGHQWVHHPVWREH
DQH[FHOOHQWIHOORZ
$QGGR\RXWKLQNWKHVDPHRIWKH*RYHUQRU"
<HV:K\QRW"
%HFDXVHWKHUHH[LVWVQRJUHDWHUURJXHWKDQKH
:KDW"7KH*RYHUQRUDURJXH"HMDFXODWHG&KLFKLNRYDWDORVVWR
XQGHUVWDQGKRZWKHRIILFLDOLQTXHVWLRQFRXOGFRPHWREHQXPEHUHGZLWK
WKLHYHV/HWPHVD\WKDW,VKRXOGQHYHUKDYHJXHVVHGLW3HUPLWPH
DOVRWRUHPDUNWKDWKLVFRQGXFWZRXOGKDUGO\VHHPWREHDURXW\RXU
RSLQLRQKHVHHPVVRJHQWOHDPDQ$QGLQSURRIRIWKLV&KLFKLNRY
FLWHGWKHSXUVHVZKLFKWKH*RYHUQRUNQLWWHGDQGDOVRH[SDWLDWHGRQ
WKHPLOGQHVVRIKLVIHDWXUHV
+HKDVWKHIDFHRIDUREEHUVDLG6REDNHYLWFK:HUH\RXWRJLYHKLP
DNQLIHDQGWRWXUQKLPORRVHRQDWXUQSLNHKHZRXOGFXW\RXUWKURDW
IRUWZRNRSHFNV$QGWKHVDPHZLWKWKH9LFH*RYHUQRU7KHSDLUDUH
MXVW*RJDQG0DJRJ
(YLGHQWO\KHLVQRWRQJRRGWHUPVZLWKWKHPWKRXJKW&KLFKLNRYWR
KLPVHOI,KDGEHWWHUSDVVWRWKH&KLHIRI3ROLFHZKLFKZKRPKH
'2(6VHHPWREHIULHQGO\$FFRUGLQJO\KHDGGHGDORXG)RUP\RZQ
SDUW,VKRXOGJLYHWKHSUHIHUHQFHWRWKH+HDGRIWKH*HQGDUPHU\:KDW
DIUDQNRXWVSRNHQQDWXUHKHKDV$QGZKDWDQHOHPHQWRIVLPSOLFLW\
GRHVKLVH[SUHVVLRQFRQWDLQ
+HLVPHDQWRWKHFRUHUHPDUNHG6REDNHYLWFKFROGO\+HZLOOVHOO
\RXDQGFKHDW\RXDQGWKHQGLQHDW\RXUWDEOH<HV,NQRZWKHPDOO
DQGHYHU\RQHRIWKHPLVDVZLQGOHUDQGWKHWRZQDQHVWRIUDVFDOV
HQJDJHGLQUREELQJRQHDQRWKHU1RWDPDQRIWKHORWLVWKHUHEXW
ZRXOGVHOO&KULVW<HWVWD\21(GHFHQWIHOORZWKHUHLVWKH3XEOLF
3URVHFXWRUWKRXJKHYHQ+(LIWKHWUXWKEHWROGLVOLWWOHEHWWHU
WKDQDSLJ
$IWHUWKHVHHXORJLD&KLFKLNRYVDZWKDWLWZRXOGEHXVHOHVVWRFRQWLQXH
UXQQLQJWKURXJKWKHOLVWRIRIILFLDOVPRUHHVSHFLDOO\VLQFHVXGGHQO\
KHKDGUHPHPEHUHGWKDW6REDNHYLWFKZDVQRWDWDQ\WLPHJLYHQWR

101

FRPPHQGLQJKLVIHOORZPDQ
/HWXVJRWROXQFKHRQP\GHDUSXWLQ7KHRGXOLD,YDQRYQDWRKHU
VSRXVH
<HVSUD\FRPHWRWDEOHVDLG6REDNHYLWFKWRKLVJXHVWZKHUHXSRQ
WKH\FRQVXPHGWKHFXVWRPDU\JODVVRIYRGND DFFRPSDQLHGE\VXQGU\
VQDFNVRIVDOWHGFXFXPEHUDQGRWKHUGDLQWLHV ZLWKZKLFK5XVVLDQV
ERWKLQWRZQDQGFRXQWU\SUHIDFHDPHDO7KHQWKH\ILOHGLQWRWKH
GLQLQJURRPLQWKHZDNHRIWKHKRVWHVVZKRVDLOHGRQDKHDGOLNHD
JRRVHVZLPPLQJDFURVVDSRQG7KHVPDOOGLQLQJWDEOHZDVIRXQGWREH
ODLGIRUIRXUSHUVRQVWKHIRXUWKSODFHEHLQJRFFXSLHGE\DODG\RUD
\RXQJJLUO LWZRXOGKDYHEHHQGLIILFXOWWRVD\ZKLFKH[DFWO\ ZKR
PLJKWKDYHEHHQHLWKHUDUHODWLYHWKHKRXVHNHHSHURUDFDVXDO
YLVLWRU&HUWDLQSHUVRQVLQWKHZRUOGH[LVWQRWDVSHUVRQDOLWLHVLQ
WKHPVHOYHVEXWDVVSRWVRUVSHFNVRQWKHSHUVRQDOLWLHVRIRWKHUV
$OZD\VWKH\DUHWREHVHHQVLWWLQJLQWKHVDPHSODFHDQGKROGLQJ
WKHLUKHDGVDWH[DFWO\WKHVDPHDQJOHVRWKDWRQHFRPHVZLWKLQDQDFH
RIPLVWDNLQJWKHPIRUIXUQLWXUHDQGWKLQNVWRRQHVHOIWKDWQHYHU
VLQFHWKHGD\RIWKHLUELUWKFDQWKH\KDYHVSRNHQDVLQJOHZRUG
0\GHDUVDLG6REDNHYLWFKWKHFDEEDJHVRXSLVH[FHOOHQW:LWK
WKDWKHILQLVKHGKLVSRUWLRQDQGKHOSHGKLPVHOIWRDJHQHURXVPHDVXUH
RIQLDQLD>@WKHGLVKZKLFKIROORZVVKWFKLDQGFRQVLVWVRIDVKHHS
V
VWRPDFKVWXIIHGZLWKEODFNSRUULGJHEUDLQVDQGRWKHUWKLQJV:KDW
QLDQLDWKLVLVKHDGGHGWR&KLFKLNRY1HYHUZRXOG\RXJHWVXFK
VWXIILQDWRZQZKHUHRQHLVJLYHQWKHGHYLONQRZVZKDW
>@/LWHUDOO\QXUVHPDLG
1HYHUWKHOHVVWKH*RYHUQRUNHHSVDIDLUWDEOHVDLG&KLFKLNRY
<HVEXWGR\RXNQRZZKDWDOOWKHVWXIILV0$'(2)"UHWRUWHG
6REDNHYLWFK,I\RX','NQRZ\RXZRXOGQHYHUWRXFKLW
2IFRXUVH,DPQRWLQDSRVLWLRQWRVD\KRZLWLVSUHSDUHGEXWDW
OHDVWWKHSRUNFXWOHWVDQGWKHERLOHGILVKVHHPHGH[FHOOHQW
$KLWPLJKWKDYHEHHQWKRXJKWVR\HW,NQRZWKHZD\LQZKLFKVXFK
WKLQJVDUHERXJKWLQWKHPDUNHWSODFH7KH\DUHERXJKWE\VRPHUDVFDO
RIDFRRNZKRPD)UHQFKPDQKDVWDXJKWKRZWRVNLQDWRPFDWDQGWKHQ
VHUYHLWXSDVKDUH
8JK:KDWKRUULEOHWKLQJV\RXVD\SXWLQ0DGDPH

102

:HOOP\GHDUWKDWLVKRZWKLQJVDUHGRQHDQGLWLVQRIDXOWRI
PLQHWKDWLWLVVR0RUHRYHUHYHU\WKLQJWKDWLVOHIWRYHUHYHU\WKLQJ
WKDW:( SDUGRQPHIRUPHQWLRQLQJLW FDVWLQWRWKHVORSSDLOLV
XVHGE\VXFKIRONIRUPDNLQJVRXS
$OZD\VDWWDEOH\RXEHJLQWDONLQJOLNHWKLVREMHFWHGKLVKHOSPHHW
$QGZK\QRW"VDLG6REDNHYLWFK,WHOO\RXVWUDLJKWWKDW,ZRXOGQRW
HDWVXFKQDVWLQHVVHYHQKDG,PDGHLWP\VHOI6XJDUDIURJDVPXFKDV
\RXOLNHEXWQHYHUVKDOOLWSDVV0<OLSV1RUZRXOG,VZDOORZDQ
R\VWHUIRU,NQRZRQO\WRRZHOOZKDWDQR\VWHUPD\UHVHPEOH%XWKDYH
VRPHPXWWRQIULHQG&KLFKLNRY,WLVVKRXOGHURIPXWWRQDQGYHU\
GLIIHUHQWVWXIIIURPWKHPXWWRQZKLFKWKH\FRRNLQQREOH
NLWFKHQVPXWWRQZKLFKKDVEHHQNLFNLQJDERXWWKHPDUNHWSODFHIRXU
GD\VRUPRUH$OOWKDWVRUWRIFRRNHU\KDVEHHQLQYHQWHGE\)UHQFKDQG
*HUPDQGRFWRUVDQG,VKRXOGOLNHWRKDQJWKHPIRUKDYLQJGRQHVR
7KH\JRDQGSUHVFULEHGLHWVDQGDKXQJHUFXUHDVWKRXJKZKDWVXLWV
WKHLUIODFFLG*HUPDQV\VWHPVZLOODJUHHZLWKD5XVVLDQVWRPDFK6XFK
GHYLFHVDUHQRJRRGDWDOO6REDNHYLWFKVKRRNKLVKHDGZUDWKIXOO\
)HOORZVOLNHWKRVHDUHIRUHYHUWDONLQJRIFLYLOLVDWLRQ$VLI7+$7
VRUWRIWKLQJZDVFLYLOLVDWLRQ3KHZ 3HUKDSVWKHVSHDNHU
V
FRQFOXGLQJH[FODPDWLRQZRXOGKDYHEHHQHYHQVWURQJHUKDGKHQRWEHHQ
VHDWHGDWWDEOH )RUP\VHOI,ZLOOKDYHQRQHRILW:KHQ,HDWSRUN
DWDPHDOJLYHPHWKH:+2/(SLJZKHQPXWWRQWKH:+2/(VKHHS
ZKHQJRRVHWKH:+2/(RIWKHELUG7ZRGLVKHVDUHEHWWHUWKDQD
WKRXVDQGSURYLGHGWKDWRQHFDQHDWRIWKHPDVPXFKDVRQHZDQWV
$QGKHSURFHHGHGWRSXWSUHFHSWLQWRSUDFWLFHE\WDNLQJKDOIWKH
VKRXOGHURIPXWWRQRQWRKLVSODWHDQGWKHQGHYRXULQJLWGRZQWRWKH
ODVWPRUVHORIJULVWOHDQGERQH
0\ZRUGUHIOHFWHG&KLFKLNRY7KHIHOORZKDVDSUHWW\JRRGKROGLQJ
FDSDFLW\
1RQHRILWIRUPHUHSHDWHG6REDNHYLWFKDVKHZLSHGKLVKDQGVRQKLV
QDSNLQ,GRQ
WLQWHQGWREHOLNHDIHOORZQDPHG3OXVKNLQZKRRZQV
HLJKWKXQGUHGVRXOV\HWGLQHVZRUVHWKDQGRHVP\VKHSKHUG
:KRLV3OXVKNLQ"DVNHG&KLFKLNRY
$PLVHUUHSOLHG6REDNHYLWFK6XFKDPLVHUDVQHYHU\RXFRXOG
LPDJLQH(YHQFRQYLFWVLQSULVRQOLYHEHWWHUWKDQKHGRHV$QGKH
VWDUYHVKLVVHUYDQWVDVZHOO

103

5HDOO\"HMDFXODWHG&KLFKLNRYJUHDWO\LQWHUHVWHG6KRXOG\RXWKHQ
VD\WKDWKHKDVORVWPDQ\SHDVDQWVE\GHDWK"
&HUWDLQO\7KH\NHHSG\LQJOLNHIOLHV
7KHQKRZIDUIURPKHUHGRHVKHUHVLGH"
$ERXWILYHYHUVWV
2QO\ILYHYHUVWV"H[FODLPHG&KLFKLNRYIHHOLQJKLVKHDUWEHDWLQJ
MR\RXVO\2XJKWRQHZKHQOHDYLQJ\RXUJDWHVWRWXUQWRWKHULJKWRU
WRWKHOHIW"
,VKRXOGEHVRUU\WRWHOO\RXWKHZD\WRWKHKRXVHRIVXFKDFXU
VDLG6REDNHYLWFK$PDQKDGIDUEHWWHUJRWRKHOOWKDQWR
3OXVKNLQ
V
4XLWHVRUHVSRQGHG&KLFKLNRY0\RQO\UHDVRQIRUDVNLQJ\RXLV
WKDWLWLQWHUHVWVPHWREHFRPHDFTXDLQWHGZLWKDQ\DQGHYHU\VRUWRI
ORFDOLW\
7RWKHVKRXOGHURIPXWWRQWKHUHVXFFHHGHGLQWXUQFXWOHWV HDFKRQH
ODUJHUWKDQDSODWH DWXUNH\RIDERXWWKHVL]HRIDFDOIHJJV
ULFHSDVWU\DQGHYHU\FRQFHLYDEOHWKLQJZKLFKFRXOGSRVVLEO\EHSXW
LQWRDVWRPDFK7KHUHWKHPHDOHQGHG:KHQKHURVHIURPWDEOH
&KLFKLNRYIHOWDVWKRXJKDSRRG
VZHLJKWZHUHLQVLGHKLP,QWKH
GUDZLQJURRPWKHFRPSDQ\IRXQGGHVVHUWDZDLWLQJWKHPLQWKHVKDSHRI
SHDUVSOXPVDQGDSSOHVEXWVLQFHQHLWKHUKRVWQRUJXHVWFRXOG
WDFNOHWKHVHSDUWLFXODUGDLQWLHVWKHKRVWHVVUHPRYHGWKHPWRDQRWKHU
URRP7DNLQJDGYDQWDJHRIKHUDEVHQFH&KLFKLNRYWXUQHGWR6REDNHYLWFK
ZKRSURQHLQDQDUPFKDLUVHHPHGDIWHUKLVSRQGHURXVPHDOWREH
FDSDEOHRIGRLQJOLWWOHEH\RQGEHOFKLQJDQGJUXQWLQJHDFKVXFKJUXQW
RUEHOFKQHFHVVLWDWLQJDVXEVHTXHQWVLJQLQJRIWKHFURVVRYHUWKH
PRXWK DQGLQWLPDWHGWRKLPDGHVLUHWRKDYHDOLWWOHSULYDWH
FRQYHUVDWLRQFRQFHUQLQJDFHUWDLQPDWWHU$WWKLVPRPHQWWKHKRVWHVV
UHWXUQHG
+HUHLVPRUHGHVVHUWVKHVDLG3UD\KDYHDIHZUDGLVKHVVWHZHGLQ
KRQH\
/DWHUODWHUUHSOLHG6REDNHYLWFK'R\RXJRWR\RXUURRPDQG3DXO
,YDQRYLWFKDQG,ZLOOWDNHRIIRXUFRDWVDQGKDYHDQDS

104

8SRQWKLVWKHJRRGODG\H[SUHVVHGKHUUHDGLQHVVWRVHQGIRUIHDWKHU
EHGVDQGFXVKLRQVEXWKHUKXVEDQGH[SUHVVHGDSUHIHUHQFHIRU
VOXPEHULQJLQDQDUPFKDLUDQGVKHWKHUHIRUHGHSDUWHG:KHQVKHKDG
JRQH6REDNHYLWFKLQFOLQHGKLVKHDGLQDQDWWLWXGHRIZLOOLQJQHVVWR
OLVWHQWR&KLFKLNRY
VEXVLQHVV2XUKHUREHJDQLQDVRUWRIGHWDFKHG
PDQQHUWRXFKLQJOLJKWO\XSRQWKHVXEMHFWRIWKH5XVVLDQ(PSLUHDQG
H[SDWLDWLQJXSRQWKHLPPHQVLW\RIWKHVDPHDQGVD\LQJWKDWHYHQWKH
(PSLUHRI$QFLHQW5RPHKDGEHHQRIFRQVLGHUDEO\VPDOOHUGLPHQVLRQV
0HDQZKLOH6REDNHYLWFKVDWZLWKKLVKHDGGURRSLQJ
)URPWKDW&KLFKLNRYZHQWRQWRUHPDUNWKDWDFFRUGLQJWRWKHVWDWXWHV
RIWKHVDLG5XVVLDQ(PSLUH ZKLFK\LHOGHGWRQRQHLQJORU\VRPXFKVR
WKDWIRUHLJQHUVPDUYHOOHGDWLW SHDVDQWVRQWKHFHQVXVOLVWVZKRKDG
HQGHGWKHLUHDUWKO\FDUHHUVZHUHQHYHUWKHOHVVRQWKHUHQGHULQJRIQHZ
OLVWVUHWXUQHGHTXDOO\ZLWKWKHOLYLQJWRWKHHQGWKDWWKHFRXUWV
PLJKWEHUHOLHYHGRIDPXOWLWXGHRIWULIOLQJXVHOHVVHPHQGDWLRQV
ZKLFKPLJKWFRPSOLFDWHWKHDOUHDG\VXIILFLHQWO\FRPSOH[PHFKDQLVPRI
WKH6WDWH1HYHUWKHOHVVVDLG&KLFKLNRYWKHJHQHUDOHTXLW\RIWKLV
PHDVXUHGLGQRWREYLDWHDFHUWDLQDPRXQWRIDQQR\DQFHWRODQGRZQHUV
VLQFHLWIRUFHGWKHPWRSD\XSRQDQRQOLYLQJDUWLFOHWKHWD[GXHXSRQ
DOLYLQJ+HQFH RXUKHURFRQFOXGHG KH &KLFKLNRY ZDVSUHSDUHG
RZLQJWRWKHSHUVRQDOUHVSHFWZKLFKKHIHOWIRU6REDNHYLWFKWR
UHOLHYHKLPLQSDUWRIWKHLUNVRPHREOLJDWLRQUHIHUUHGWR LQ
SDVVLQJLWPD\EHVDLGWKDW&KLFKLNRYUHIHUUHGWRKLVSULQFLSDOSRLQW
RQO\JXDUGHGO\IRUKHFDOOHGWKHVRXOVZKLFKKHZDVVHHNLQJQRW
GHDGEXWQRQH[LVWHQW 
0HDQZKLOH6REDNHYLWFKOLVWHQHGZLWKEHQWKHDGWKRXJKVRPHWKLQJOLNHD
WUDFHRIH[SUHVVLRQGDZQHGLQKLVIDFHDVKHGLGVR2UGLQDULO\KLV
ERG\ODFNHGDVRXORULIKHGLGSRVVHVDVRXOKHVHHPHGWRNHHSLW
HOVHZKHUHWKDQZKHUHLWRXJKWWRKDYHEHHQVRWKDWEXULHGEHQHDWK
PRXQWDLQV DVLWZHUH RUHQFORVHGZLWKLQDPDVVLYHVKHOOLWV
PRYHPHQWVSURGXFHGQRVRUWRIDJLWDWLRQRQWKHVXUIDFH
:HOO"VDLG&KLFKLNRYWKRXJKQRWZLWKRXWDFHUWDLQWUHPRURI
GLIILGHQFHDVWRWKHSRVVLEOHUHVSRQVH
<RXDUHDIWHUGHDGVRXOV"ZHUH6REDNHYLWFK
VSHUIHFWO\VLPSOHZRUGV
+HVSRNHZLWKRXWWKHOHDVWVXUSULVHLQKLVWRQHDQGPXFKDVWKRXJK
WKHFRQYHUVDWLRQKDGEHHQWXUQLQJRQJUDLQ
<HVUHSOLHG&KLFKLNRYDQGWKHQDVEHIRUHVRIWHQHGGRZQWKH
H[SUHVVLRQGHDGVRXOV

105

7KH\DUHWREHIRXQGVDLG6REDNHYLWFK:K\VKRXOGWKH\QRWEH"
7KHQRIFRXUVH\RXZLOOEHJODGWRJHWULGRIDQ\WKDW\RXPD\FKDQFH
WRKDYH"
<HV,VKDOOKDYHQRREMHFWLRQWR6(//,1*WKHP$WWKLVSRLQWWKH
VSHDNHUUDLVHGKLVKHDGDOLWWOHIRULWKDGVWUXFNKLPWKDWVXUHO\
WKHZRXOGEHEX\HUPXVWKDYHVRPHDGYDQWDJHLQYLHZ
7KHGHYLOWKRXJKW&KLFKLNRYWRKLPVHOI+HUHLVKHVHOOLQJWKH
JRRGVEHIRUH,KDYHHYHQKDGWLPHWRXWWHUDZRUG
$QGZKDWDERXWWKHSULFH"KHDGGHGDORXG2IFRXUVHWKHDUWLFOHV
DUHQRWRIDNLQGYHU\HDV\WRDSSUDLVH
,VKRXOGEHVRUU\WRDVNWRRPXFKVDLG6REDNHYLWFK+RZZRXOGD
KXQGUHGURXEOHVSHUKHDGVXLW\RX"
:KDWDKXQGUHGURXEOHVSHUKHDG"&KLFKLNRYVWDUHGRSHQPRXWKHGDW
KLVKRVWGRXEWLQJZKHWKHUKHKDGKHDUGDULJKWRUZKHWKHUKLVKRVW
V
VORZPRYLQJWRQJXHPLJKWQRWKDYHLQDGYHUWHQWO\VXEVWLWXWHGRQHZRUG
IRUDQRWKHU
<HV,VWKDWWRRPXFKIRU\RX"VDLG6REDNHYLWFK7KHQKHDGGHG
:KDWLV\RXURZQSULFH"
0\RZQSULFH",WKLQNWKDWZHFDQQRWSURSHUO\KDYHXQGHUVWRRGRQH
DQRWKHUWKDW\RXPXVWKDYHIRUJRWWHQRIZKDWWKHJRRGVFRQVLVW:LWK
P\KDQGRQP\KHDUWGR,VXEPLWWKDWHLJKWJULYQLSHUVRXOZRXOGEHD
KDQGVRPHD9(5<KDQGVRPHRIIHU
:KDW"(LJKWJULYQL"
,QP\RSLQLRQDKLJKHURIIHUZRXOGEHLPSRVVLEOH
%XW,DPQRWDVHOOHURIERRWV
1R\HW\RXIRU\RXUSDUWZLOODJUHHWKDWWKHVHVRXOVDUHQRWOLYH
KXPDQEHLQJV"
,VXSSRVH\RXKRSHWRILQGIRROVUHDG\WRVHOO\RXVRXOVRQWKH
FHQVXVOLVWIRUDFRXSOHRIJURDWVDSLHFH"
3DUGRQPHEXWZK\GR\RXXVHWKHWHUP
RQWKHFHQVXVOLVW
"7KH

106

VRXOVWKHPVHOYHVKDYHORQJVLQFHSDVVHGDZD\DQGKDYHOHIWEHKLQG
WKHPRQO\WKHLUQDPHV1RWWRWURXEOH\RXZLWKDQ\IXUWKHUGLVFXVVLRQ
RIWKHVXEMHFW,FDQRIIHU\RXDURXEOHDQGDKDOISHUKHDGEXWQR
PRUH
<RXVKRXOGEHDVKDPHGHYHQWRPHQWLRQVXFKDVXP6LQFH\RXGHDOLQ
DUWLFOHVRIWKLVNLQGTXRWHPHDJHQXLQHSULFH
,FDQQRW0LFKDHO6HPHQRYLWFK%HOLHYHPH,FDQQRW:KDWDPDQ
FDQQRWGRWKDWKHFDQQRWGR7KHVSHDNHUHQGHGE\DGYDQFLQJDQRWKHU
KDOIURXEOHSHUKHDG
%XWZK\KDQJEDFNZLWK\RXUPRQH\"VDLG6REDNHYLWFK2IDWUXWK,
DPQRWDVNLQJPXFKRI\RX$Q\RWKHUUDVFDOWKDQP\VHOIZRXOGKDYH
FKHDWHG\RXE\VHOOLQJ\RXROGUXEELVKLQVWHDGRIJRRGJHQXLQHVRXOV
ZKHUHDV,VKRXOGEHUHDG\WRJLYH\RXRIP\EHVWHYHQZHUH\RXEX\LQJ
RQO\QXWNHUQHOV)RULQVWDQFHORRNDWZKHHOZULJKW0LFKLHY1HYHUZDV
WKHUHVXFKDRQHWREXLOGVSULQJFDUWV$QGKLVKDQGLZRUNZDVQRWOLNH
\RXU0RVFRZKDQGLZRUNJRRGRQO\IRUDQKRXU1RKHGLGLWDOO
KLPVHOIHYHQGRZQWRWKHYDUQLVKLQJ
&KLFKLNRYRSHQHGKLVPRXWKWRUHPDUNWKDWQHYHUWKHOHVVWKHVDLG
0LFKLHYKDGORQJVLQFHGHSDUWHGWKLVZRUOGEXW6REDNHYLWFK
V
HORTXHQFHKDGJRWWRRWKRURXJKO\LQWRLWVVWULGHWRDGPLWRIDQ\
LQWHUUXSWLRQ
$QGORRNWRRDW3UREND6WHSDQWKHFDUSHQWHUKLVKRVWZHQWRQ,
ZLOOZDJHUP\KHDGWKDWQRZKHUHHOVHZRXOG\RXILQGVXFKDZRUNPDQ
:KDWDVWURQJIHOORZKHZDV+HKDGVHUYHGLQWKH*XDUGVDQGWKH/RUG
RQO\NQRZVZKDWWKH\KDGJLYHQIRUKLPVHHLQJWKDWKHZDVRYHUWKUHH
DUVKLQVLQKHLJKW
$JDLQ&KLFKLNRYWULHGWRUHPDUNWKDW3URENDZDVGHDGEXW
6REDNHYLWFK
VWRQJXHZDVERUQHRQWKHWRUUHQWRILWVRZQYHUELDJHDQG
WKHRQO\WKLQJWREHGRQHZDVWROLVWHQ
$QG0LOXVKNLQWKHEULFNOD\HU+HFRXOGEXLOGDVWRYHLQDQ\KRXVH
\RXOLNHG$QG0DNVLP7HOLDWQLNRYWKHERRWPDNHU$Q\WKLQJWKDWKH
GURYHKLVDZOLQWREHFDPHDSDLURIERRWVDQGERRWVIRUZKLFK\RX
ZRXOGEHWKDQNIXODOWKRXJKKH:$6DELWIRXORIWKHPRXWK$QG
(UHPL6RURNRSOHFKLQWRR+HZDVWKHEHVWRIWKHORWDQGXVHGWRZRUN
DWKLVWUDGHLQ0RVFRZZKHUHKHSDLGDWD[RIILYHKXQGUHGURXEOHV
:HOO7+(5(
6DQDVVRUWPHQWRIVHUIVIRU\RXDYHU\GLIIHUHQW
DVVRUWPHQWIURPZKDW3OXVKNLQZRXOGVHOO\RX

107

%XWSHUPLWPHDWOHQJWKSXWLQ&KLFKLNRYDVWRXQGHGDWWKLVIORRG
RIHORTXHQFHWRZKLFKWKHUHDSSHDUHGWREHQRHQG3HUPLWPH,VD\
WRLQTXLUHZK\\RXHQXPHUDWHWKHWDOHQWVRIWKHGHFHDVHGVHHLQJWKDW
WKH\DUHDOORIWKHPGHDGDQGWKDWWKHUHIRUHWKHUHFDQEHQRVHQVHLQ
GRLQJVR
$GHDGERG\LVRQO\JRRGWRSURSDIHQFHZLWK
VD\VWKH
SURYHUE
2IFRXUVHWKH\DUHGHDGUHSOLHG6REDNHYLWFKEXWUDWKHUDVWKRXJK
WKHLGHDKDGRQO\MXVWRFFXUUHGWRKLPDQGZDVJLYLQJKLPIRRGIRU
WKRXJKW%XWWHOOPHQRZZKDWLVWKHXVHRIOLVWLQJWKHPDVVWLOO
DOLYH"$QGZKDWLVWKHXVHRIWKHPWKHPVHOYHV"7KH\DUHIOLHVQRW
KXPDQEHLQJV
:HOOVDLG&KLFKLNRYWKH\H[LVWWKRXJKRQO\LQLGHD
%XWQR127RQO\LQLGHD,WHOO\RXWKDWQRZKHUHHOVHZRXOG\RX
ILQGVXFKDIHOORZIRUZRUNLQJKHDY\WRROVDVZDV0LFKLHY+HKDGWKH
VWUHQJWKRIDKRUVHLQKLVVKRXOGHUV$QGZLWKWKHZRUGV
6REDNHYLWFKWXUQHGDVWKRXJKIRUFRUURERUDWLRQWRWKHSRUWUDLWRI
%DJUDWLRQDVLVIUHTXHQWO\GRQHE\RQHRIWKHSDUWLHVLQDGLVSXWH
ZKHQKHSXUSRUWVWRDSSHDOWRDQH[WUDQHRXVLQGLYLGXDOZKRLVQRWRQO\
XQNQRZQWRKLPEXWZKROO\XQFRQQHFWHGZLWKWKHVXEMHFWLQKDQGZLWK
WKHUHVXOWWKDWWKHLQGLYLGXDOLVOHIWLQGRXEWZKHWKHUWRPDNHD
UHSO\RUZKHWKHUWREHWDNHKLPVHOIHOVHZKHUH
1HYHUWKHOHVV,&$1127JLYH\RXPRUHWKDQWZRURXEOHVSHUKHDG
VDLG&KLFKLNRY
:HOODV,GRQ
WZDQW\RXWRVZHDUWKDW,KDYHDVNHGWRRPXFKRI\RX
DQGZRQ
WPHHW\RXKDOIZD\VXSSRVHIRUIULHQGVKLS
VVDNHWKDW\RX
SD\PHVHYHQW\ILYHURXEOHVLQDVVLJQDWV"
*RRGKHDYHQVWKRXJKW&KLFKLNRYWRKLPVHOI'RHVWKHPDQWDNHPH
IRUDIRRO"7KHQKHDGGHGDORXG7KHVLWXDWLRQVHHPVWRPHDVWUDQJH
RQHIRULWLVDVWKRXJKZHZHUHSHUIRUPLQJDVWDJHFRPHG\1RRWKHU
H[SODQDWLRQZRXOGPHHWWKHFDVH<HW\RXDSSHDUWREHDPDQRIVHQVH
DQGSRVVHVVHGRIVRPHHGXFDWLRQ7KHPDWWHULVDYHU\VLPSOHRQH7KH
TXHVWLRQLVZKDWLVDGHDGVRXOZRUWKDQGLVLWRIDQ\XVHWRDQ\
RQH"
,WLVRIXVHWR<28RU\RXZRXOGQRWEHEX\LQJVXFKDUWLFOHV
&KLFKLNRYELWKLVOLSDQGVWRRGDWDORVVIRUDUHWRUW+HWULHGWR

108

VD\LQJVRPHWKLQJDERXWIDPLO\DQGGRPHVWLFFLUFXPVWDQFHVEXW
6REDNHYLWFKFXWKLPVKRUWZLWK
,GRQ
WZDQWWRNQRZ\RXUSULYDWHDIIDLUVIRU,QHYHUSRNHP\QRVH
LQWRVXFKWKLQJV<RXQHHGWKHVRXOVDQG,DPUHDG\WRVHOOWKHP
6KRXOG\RXQRWEX\WKHP,WKLQN\RXZLOOUHSHQWLW
7ZRURXEOHVLVP\SULFHUHSHDWHG&KLFKLNRY
&RPHFRPH$V\RXKDYHQDPHGWKDWVXP,FDQXQGHUVWDQG\RXUQRW
OLNLQJWRJREDFNXSRQLWEXWTXRWHPHDERQDILGHILJXUH
7KHGHYLOIO\DZD\ZLWKKLPPXVHG&KLFKLNRY+RZHYHU,ZLOODGG
DQRWKHUKDOIURXEOH$QGKHGLGVR
,QGHHG"VDLG6REDNHYLWFK:HOOP\ODVWZRUGXSRQLWLVILIW\
URXEOHVLQDVVLJQDWV7KDWZLOOPHDQDVKHHUORVVWRPHIRUQRZKHUH
HOVHLQWKHZRUOGFRXOG\RXEX\EHWWHUVRXOVWKDQPLQH
7KHROGVNLQIOLQWPXWWHUHG&KLFKLNRY7KHQKHDGGHGDORXGZLWK
LUULWDWLRQLQKLVWRQH6HHKHUH7KLVLVDVHULRXVPDWWHU$Q\RQH
EXW\RXZRXOGEHWKDQNIXOWRJHWULGRIWKHVRXOV2QO\DIRROZRXOG
VWLFNWRWKHPDQGFRQWLQXHWRSD\WKHWD[
<HVEXWUHPHPEHU DQG,VD\LWZKROO\LQDIULHQGO\ZD\ WKDW
WUDQVDFWLRQVRIWKLVNLQGDUHQRWJHQHUDOO\DOORZHGDQGWKDWDQ\RQH
ZRXOGVD\WKDWDPDQZKRHQJDJHVLQWKHPPXVWKDYHVRPHUDWKHU
GRXEWIXODGYDQWDJHLQYLHZ
+DYHLW\RXURZQDZD\VDLG&KLFKLNRYZLWKDVVXPHGLQGLIIHUHQFH
$VDPDWWHURIIDFW,DPQRWSXUFKDVLQJIRUSURILWDV\RXVXSSRVH
EXWWRKXPRXUDFHUWDLQZKLPRIPLQH7ZRDQGDKDOIURXEOHVLVWKH
PRVWWKDW,FDQRIIHU
%OHVV\RXUKHDUWUHWRUWHGWKHKRVW$WOHDVWJLYHPHWKLUW\
URXEOHVLQDVVLJQDWVDQGWDNHWKHORW
1RIRU,VHHWKDW\RXDUHXQZLOOLQJWRVHOO,PXVWVD\JRRGGD\WR
\RX
+ROGRQKROGRQH[FODLPHG6REDNHYLWFKUHWDLQLQJKLVJXHVW
VKDQG
DQGDWWKHVDPHPRPHQWWUHDGLQJKHDYLO\XSRQKLVWRHVVRKHDYLO\
LQGHHGWKDW&KLFKLNRYJDVSHGDQGGDQFHGZLWKWKHSDLQ

109

,%(*\RXUSDUGRQVDLG6REDNHYLWFKKDVWLO\(YLGHQWO\,KDYH
KXUW\RX3UD\VLWGRZQDJDLQ
1RUHWRUWHG&KLFKLNRY,DPPHUHO\ZDVWLQJP\WLPHDQGPXVWEH
RII
2KVLWGRZQMXVWIRUDPRPHQW,KDYHVRPHWKLQJPRUHDJUHHDEOHWR
VD\$QGGUDZLQJFORVHUWRKLVJXHVW6REDNHYLWFKZKLVSHUHGLQKLV
HDUDVWKRXJKFRPPXQLFDWLQJWRKLPDVHFUHW+RZDERXWWZHQW\ILYH
URXEOHV"
1RQRQRH[FODLPHG&KLFKLNRY,ZRQ
WJLYH\RXHYHQD48$57(5
RIWKDW,ZRQ
WDGYDQFHDQRWKHUNRSHFN
)RUDZKLOH6REDNHYLWFKUHPDLQHGVLOHQWDQG&KLFKLNRYGLGWKHVDPH
7KLVODVWHGIRUDFRXSOHRIPLQXWHVDQGPHDQZKLOHWKH
DTXLOLQHQRVHG%DJUDWLRQJD]HGIURPWKHZDOODVWKRXJKPXFKLQWHUHVWHG
LQWKHEDUJDLQLQJ
:KDWLV\RXURXWVLGHSULFH"DWOHQJWKVDLG6REDNHYLWFK
7ZRDQGDKDOIURXEOHV
7KHQ\RXVHHPWRUDWHDKXPDQVRXODWDERXWWKHVDPHYDOXHDVD
ERLOHGWXUQLS$WOHDVWJLYHPH7+5((URXEOHV
1R,FDQQRW
3DUGRQPHEXW\RXDUHDQLPSRVVLEOHPDQWRGHDOZLWK+RZHYHUHYHQ
WKRXJKLWZLOOPHDQDGHDGORVVWRPHDQG\RXKDYHQRWVKRZQDYHU\
QLFHVSLULWDERXWLW,FDQQRWZHOOUHIXVHWRSOHDVHDIULHQG,
VXSSRVHDSXUFKDVHGHHGKDGEHWWHUEHPDGHRXWLQRUGHUWRKDYH
HYHU\WKLQJLQRUGHU"
2IFRXUVH
7KHQIRUWKDWSXUSRVHOHWXVUHSDLUWRWKHWRZQ
7KHDIIDLUHQGHGLQWKHLUGHFLGLQJWRGRWKLVRQWKHPRUURZDQGWR
DUUDQJHIRUWKHVLJQLQJRIDGHHGRISXUFKDVH1H[W&KLFKLNRY
UHTXHVWHGDOLVWRIWKHSHDVDQWVWRZKLFK6REDNHYLWFKUHDGLO\DJUHHG
,QGHHGKHZHQWWRKLVZULWLQJGHVNWKHQDQGWKHUHDQGVWDUWHGWR
LQGLWHDOLVWZKLFKJDYHQRWRQO\WKHSHDVDQWV
QDPHVEXWDOVRWKHLU
ODWHTXDOLILFDWLRQV

110

0HDQZKLOH&KLFKLNRYKDYLQJQRWKLQJHOVHWRGRVWRRGORRNLQJDWWKH
VSDFLRXVIRUPRIKLVKRVWDQGDVKHJD]HGDWKLVEDFNDVEURDGDV
WKDWRIDFDUWKRUVHDQGDWWKHOHJVDVPDVVLYHDVWKHLURQVWDQGDUGV
ZKLFKDGRUQDVWUHHWKHFRXOGQRWKHOSLQZDUGO\HMDFXODWLQJ
7UXO\*RGKDVHQGRZHG\RXZLWKPXFK7KRXJKQRWDGMXVWHGZLWKQLFHW\
DWOHDVW\RXDUHVWURQJO\EXLOW,ZRQGHUZKHWKHU\RXZHUHERUQDEHDU
RUZKHWKHU\RXKDYHFRPHWRLWWKURXJK\RXUUXVWLFOLIHZLWKLWV
WLOOLQJRIFURSVDQGLWVWUDGLQJZLWKSHDVDQWV"<HWQR,EHOLHYH
WKDWHYHQLI\RXKDGUHFHLYHGDIDVKLRQDEOHHGXFDWLRQDQGKDGPL[HG
ZLWKVRFLHW\DQGKDGOLYHGLQ6W3HWHUVEXUJ\RXZRXOGVWLOOKDYH
EHHQMXVWWKHNXODN>@WKDW\RXDUH7KHRQO\GLIIHUHQFHLVWKDW
FLUFXPVWDQFHVDVWKH\VWDQGSHUPLWRI\RXUSROLVKLQJRIIDVWXIIHG
VKRXOGHURIPXWWRQDWDPHDOZKHUHDVLQ6W3HWHUVEXUJ\RXZRXOGKDYH
EHHQXQDEOHWRGRVR$OVRDVFLUFXPVWDQFHVVWDQG\RXKDYHXQGHU\RX
DQXPEHURISHDVDQWVZKRP\RXWUHDWZHOOIRUWKHUHDVRQWKDWWKH\DUH
\RXUSURSHUW\ZKHUHDVRWKHUZLVH\RXZRXOGKDYHKDGXQGHU\RX
WFKLQRYQLNV>@ZKRP\RXZRXOGKDYHEXOOLHGEHFDXVHWKH\ZHUH127
\RXUSURSHUW\$OVR\RXZRXOGKDYHUREEHGWKH7UHDVXU\VLQFHDNXODN
DOZD\VUHPDLQVDPRQH\JUXEEHU
>@9LOODJHIDFWRURUXVXUHU
>@6XERUGLQDWHJRYHUQPHQWRIILFLDOV
7KHOLVWLVUHDG\VDLG6REDNHYLWFKWXUQLQJURXQG
,QGHHG"7KHQSOHDVHOHWPHORRNDWLW&KLFKLNRYUDQKLVH\HRYHU
WKHGRFXPHQWDQGFRXOGQRWEXWPDUYHODWLWVQHDWQHVVDQGDFFXUDF\
1RWRQO\ZHUHWKHUHVHWIRUWKLQLWWKHWUDGHWKHDJHDQGWKH
SHGLJUHHRIHYHU\VHUIEXWRQWKHPDUJLQRIWKHVKHHWZHUHMRWWHG
UHPDUNVFRQFHUQLQJHDFKVHUI
VFRQGXFWDQGVREULHW\7UXO\LWZDVD
SOHDVXUHWRORRNDWLW
$QGGR\RXPLQGKDQGLQJPHWKHHDUQHVWPRQH\"VDLG6REDNHYLWFK"
<HV,GR:K\QHHGWKDWEHGRQH"<RXFDQUHFHLYHWKHPRQH\LQDOXPS
VXPDVVRRQDVZHYLVLWWKHWRZQ
%XWLWLVDOZD\VWKHFXVWRP\RXNQRZDVVHUWHG6REDNHYLWFK
7KHQ,FDQQRWIROORZLWIRU,KDYHQRPRQH\ZLWKPH+RZHYHUKHUH
DUHWHQURXEOHV

111

7HQURXEOHVLQGHHG"<RXPLJKWDVZHOOKDQGPHILIW\ZKLOH\RXDUH
DERXWLW
2QFHPRUH&KLFKLNRYVWDUWHGWRGHQ\WKDWKHKDGDQ\PRQH\XSRQKLP
EXW6REDNHYLWFKLQVLVWHGVRVWURQJO\WKDWWKLVZDVQRWVRWKDWDW
OHQJWKWKHJXHVWSXOOHGRXWDQRWKHUILIWHHQURXEOHVDQGDGGHGWKHPWR
WKHWHQDOUHDG\SURGXFHG
.LQGO\JLYHPHDUHFHLSWIRUWKHPRQH\KHDGGHG
$UHFHLSW":K\VKRXOG,JLYH\RXDUHFHLSW"
%HFDXVHLWLVEHWWHUWRGRVRLQRUGHUWRJXDUGDJDLQVWPLVWDNHV
9HU\ZHOOEXWILUVWKDQGPHRYHUWKHPRQH\
7KHPRQH\",KDYHLWKHUH'R\RXZULWHRXWWKHUHFHLSWDQGWKHQWKH
PRQH\VKDOOEH\RXUV
3DUGRQPHEXWKRZDP,WRZULWHRXWWKHUHFHLSWEHIRUH,KDYHVHHQ
WKHFDVK"
&KLFKLNRYSODFHGWKHQRWHVLQ6REDNHYLWFK
VKDQGZKHUHXSRQWKHKRVW
PRYHGQHDUHUWRWKHWDEOHDQGDGGHGWRWKHOLVWRIVHUIVDQRWHWKDW
KHKDGUHFHLYHGIRUWKHSHDVDQWVWKHUHZLWKVROGWKHVXPRI
WZHQW\ILYHURXEOHVDVHDUQHVWPRQH\7KLVGRQHKHFRXQWHGWKHQRWHV
RQFHPRUH
7KLVLVDYHU\2/'QRWHKHUHPDUNHGKROGLQJRQHXSWRWKHOLJKW
$OVRLWLVDWULIOHWRUQ+RZHYHULQDIULHQGO\WUDQVDFWLRQRQH
PXVWQRWEHWRRSDUWLFXODU
:KDWDNXODNWKRXJKW&KLFKLNRYWRKLPVHOI$QGZKDWDEUXWH
EHDVW
7KHQ\RXGRQRWZDQWDQ\:20(1VRXOV"TXHULHG6REDNHYLWFK
,WKDQN\RXQR
,FRXOGOHW\RXKDYHVRPHFKHDSVD\DVEHWZHHQIULHQGVDWDURXEOH
DKHDG"
1R,VKRXOGKDYHQRXVHIRUWKHP

112

7KHQWKDWEHLQJVRWKHUHLVQRPRUHWREHVDLG7KHUHLVQR
DFFRXQWLQJIRUWDVWHV
2QHPDQORYHVWKHSULHVWDQGDQRWKHUWKH
SULHVW
VZLIH
VD\VWKHSURYHUE
&KLFKLNRYURVHWRWDNHKLVOHDYH2QFHPRUH,ZRXOGUHTXHVWRI\RX
KHVDLGWKDWWKHEDUJDLQEHOHIWDVLWLV
2IFRXUVHRIFRXUVH:KDWLVGRQHEHWZHHQIULHQGVKROGVJRRGEHFDXVH
RIWKHLUPXWXDOIULHQGVKLS*RRGE\HDQGWKDQN\RXIRU\RXUYLVLW,Q
DGYDQFH,ZRXOGEHJWKDWZKHQHYHU\RXVKRXOGKDYHDQKRXURUWZRWR
VSDUH\RXZLOOFRPHDQGOXQFKZLWKXVDJDLQ3HUKDSVZHPLJKWEHDEOH
WRGRRQHDQRWKHUIXUWKHUVHUYLFH"
1RWLI,NQRZLWUHIOHFWHG&KLFKLNRYDVKHPRXQWHGKLVEULWFKND
1RW,VHHLQJWKDW,KDYHKDGWZRDQGDKDOIURXEOHVSHUVRXO
VTXHH]HGRXWRIPHE\DEUXWHRIDNXODN
$OWRJHWKHUKHIHOWGLVVDWLVILHGZLWK6REDNHYLWFK
VEHKDYLRXU,QVSLWH
RIWKHPDQEHLQJDIULHQGRIWKH*RYHUQRUDQGWKH&KLHIRI3ROLFHKH
KDGDFWHGOLNHDQRXWVLGHULQWDNLQJPRQH\IRUZKDWZDVZRUWKOHVV
UXEELVK$VWKHEULWFKNDOHIWWKHFRXUW\DUG&KLFKLNRYJODQFHGEDFNDQG
VDZ6REDNHYLWFKVWLOOVWDQGLQJRQWKHYHUDQGDKDSSDUHQWO\IRUWKH
SXUSRVHRIZDWFKLQJWRVHHZKLFKZD\WKHJXHVW
VFDUULDJHZRXOGWXUQ
7KHROGYLOODLQWREHVWLOOVWDQGLQJWKHUHPXWWHUHG&KLFKLNRY
WKURXJKKLVWHHWKDIWHUZKLFKKHRUGHUHG6HOLIDQWRSURFHHGVRWKDW
WKHYHKLFOH
VSURJUHVVVKRXOGEHLQYLVLEOHIURPWKHPDQVLRQWKHWUXWK
EHLQJWKDWKHKDGDPLQGQH[WWRYLVLW3OXVKNLQ ZKRVHVHUIVWRTXRWH
6REDNHYLWFKKDGDKDELWRIG\LQJOLNHIOLHV EXWQRWWROHWKLVODWH
KRVWOHDUQRIKLVLQWHQWLRQ$FFRUGLQJO\RQUHDFKLQJWKHIXUWKHUHQG
RIWKHYLOODJHKHKDLOHGWKHILUVWSHDVDQWZKRPKHVDZDPDQZKRZDV
LQWKHDFWRIKRLVWLQJDSRQGHURXVEHDPRQWRKLVVKRXOGHUEHIRUH
VHWWLQJRIIZLWKLWDQWOLNHWRKLVKXW
+LVKRXWHG&KLFKLNRY+RZFDQ,UHDFKODQGRZQHU3OXVKNLQ
VSODFH
ZLWKRXWILUVWJRLQJSDVWWKHPDQVLRQKHUH"
7KHSHDVDQWVHHPHGQRQSOXVVHGE\WKHTXHVWLRQ
'RQ
W\RXNQRZ"TXHULHG&KLFKLNRY
1REDULQUHSOLHGWKHSHDVDQW

113

:KDW"<RXGRQ
WNQRZVNLQIOLQW3OXVKNLQZKRIHHGVKLVSHRSOHVR
EDGO\"
2IFRXUVH,GRH[FODLPHGWKHIHOORZDQGDGGHGWKHUHWRDQ
XQFRPSOLPHQWDU\H[SUHVVLRQRIDVSHFLHVQRWRUGLQDULO\HPSOR\HGLQ
SROLWHVRFLHW\:HPD\JXHVVWKDWLWZDVDSUHWW\DSWH[SUHVVLRQ
VLQFHORQJDIWHUWKHPDQKDGEHFRPHORVWWRYLHZ&KLFKLNRYZDVVWLOO
ODXJKLQJLQKLVEULWFKND$QGLQGHHGWKHODQJXDJHRIWKH5XVVLDQ
SRSXODFHLVDOZD\VIRUFLEOHLQLWVSKUDVHRORJ\

&+$37(59,
&KLFKLNRY
VDPXVHPHQWDWWKHSHDVDQW
VRXWEXUVWSUHYHQWHGKLPIURP
QRWLFLQJWKDWKHKDGUHDFKHGWKHFHQWUHRIDODUJHDQGSRSXORXV
YLOODJHEXWSUHVHQWO\DYLROHQWMROWDURXVHGKLPWRWKHIDFWWKDW
KHZDVGULYLQJRYHUZRRGHQSDYHPHQWVRIDNLQGFRPSDUHGZLWKZKLFKWKH
FREEOHVWRQHVRIWKHWRZQKDGEHHQDVQRWKLQJ/LNHWKHNH\VRID
SLDQRWKHSODQNVNHSWULVLQJDQGIDOOLQJDQGXQJXDUGHGSDVVDJHRYHU
WKHPHQWDLOHGHLWKHUDEXPSRQWKHEDFNRIWKHQHFNRUDEUXLVHRQWKH
IRUHKHDGRUDELWHRQWKHWLSRIRQH
VWRQJXH$WWKHVDPHWLPH
&KLFKLNRYQRWLFHGDORRNRIGHFD\DERXWWKHEXLOGLQJVRIWKHYLOODJH
7KHEHDPVRIWKHKXWVKDGJURZQGDUNZLWKDJHPDQ\RIWKHLUURRIV
ZHUHULGGOHGZLWKKROHVRWKHUVKDGEXWDWLOHRIWKHURRIUHPDLQLQJ
DQG\HWRWKHUVZHUHUHGXFHGWRWKHULEOLNHIUDPHZRUNRIWKHVDPH,W
ZRXOGVHHPDVWKRXJKWKHLQKDELWDQWVWKHPVHOYHVKDGUHPRYHGWKHODWKV
DQGWUDYHUVHVRQWKHYHU\QDWXUDOSOHDWKDWWKHKXWVZHUHQR
SURWHFWLRQDJDLQVWWKHUDLQDQGWKHUHIRUHVLQFHWKHODWWHUHQWHUHG
LQEXFNHWIXOVWKHUHZDVQRSDUWLFXODUREMHFWWREHJDLQHGE\VLWWLQJ
LQVXFKKXWVZKHQDOOWKHWLPHWKHUHZDVWKHWDYHUQDQGWKHKLJKURDG
DQGRWKHUSODFHVWRUHVRUWWR
6XGGHQO\DZRPDQDSSHDUHGIURPDQRXWEXLOGLQJDSSDUHQWO\WKH
KRXVHNHHSHURIWKHPDQVLRQEXWVRURXJKO\DQGGLUWLO\GUHVVHGDV
DOPRVWWRVHHPLQGLVWLQJXLVKDEOHIURPDPDQ&KLFKLNRYLQTXLUHGIRU
WKHPDVWHURIWKHSODFH
+HLVQRWDWKRPHVKHUHSOLHGDOPRVWEHIRUHKHULQWHUORFXWRUKDG
KDGWLPHWRILQLVK7KHQVKHDGGHG:KDWGR\RXZDQWZLWKKLP"
,KDYHVRPHEXVLQHVVWRGRVDLG&KLFKLNRY
7KHQSUD\ZDONLQWRWKHKRXVHWKHZRPDQDGYLVHG7KHQVKHWXUQHG

114

XSRQKLPDEDFNWKDWZDVVPHDUHGZLWKIORXUDQGKDGDORQJVOLWLQWKH
ORZHUSRUWLRQRILWVFRYHULQJ(QWHULQJDODUJHGDUNKDOOZKLFK
UHHNHGOLNHDWRPEKHSDVVHGLQWRDQHTXDOO\GDUNSDUORXUWKDWZDV
OLJKWHGRQO\E\VXFKUD\VDVFRQWULYHGWRILOWHUWKURXJKDFUDFNXQGHU
WKHGRRU:KHQ&KLFKLNRYRSHQHGWKHGRRULQTXHVWLRQWKHVSHFWDFOHRI
WKHXQWLGLQHVVZLWKLQVWUXFNKLPDOPRVWZLWKDPD]HPHQW,WZRXOGVHHP
WKDWWKHIORRUZDVQHYHUZDVKHGDQGWKDWWKHURRPZDVXVHGDVD
UHFHSWDFOHIRUHYHU\FRQFHLYDEOHNLQGRIIXUQLWXUH2QDWDEOHVWRRGD
UDJJHGFKDLUZLWKEHVLGHLWDFORFNPLQXVDSHQGXOXPDQGFRYHUHG
DOORYHUZLWKFREZHEV$JDLQVWDZDOOOHDQWDFXSERDUGIXOORIROG
VLOYHUJODVVZDUHDQGFKLQD2QDZULWLQJWDEOHLQODLGZLWK
PRWKHURISHDUOZKLFKLQSODFHVKDGEURNHQDZD\DQGOHIWEHKLQGLWD
QXPEHURI\HOORZJURRYHV VWXIIHGZLWKSXWW\ OD\DSLOHRIILQHO\
ZULWWHQPDQXVFULSWDQRYHUWXUQHGPDUEOHSUHVV WXUQLQJJUHHQ DQ
DQFLHQWERRNLQDOHDWKHUFRYHUZLWKUHGHGJHVDOHPRQGULHGDQG
VKUXQNHQWRWKHGLPHQVLRQVRIDKD]HOQXWWKHEURNHQDUPRIDFKDLUD
WXPEOHUFRQWDLQLQJWKHGUHJVRIVRPHOLTXLGDQGWKUHHIOLHV WKHZKROH
FRYHUHGRYHUZLWKDVKHHWRIQRWHSDSHU DSLOHRIUDJVWZR
LQNHQFUXVWHGSHQVDQGD\HOORZWRRWKSLFNZLWKZKLFKWKHPDVWHURI
WKHKRXVHKDGSLFNHGKLVWHHWK DSSDUHQWO\ DWOHDVWEHIRUHWKHFRPLQJ
RIWKH)UHQFKWR0RVFRZ$VIRUWKHZDOOVWKH\ZHUHKXQJZLWKD
PHGOH\RISLFWXUHV$PRQJWKHODWWHUZDVDORQJHQJUDYLQJRIDEDWWOH
VFHQHZKHUHLQVROGLHUVLQWKUHHFRUQHUHGKDWVZHUHEUDQGLVKLQJKXJH
GUXPVDQGVOHQGHUODQFHV,WODFNHGDJODVVDQGZDVVHWLQDIUDPH
RUQDPHQWHGZLWKEURQ]HIUHWZRUNDQGEURQ]HFRUQHUULQJV%HVLGHLW
KXQJDKXJHJULP\RLOSDLQWLQJUHSUHVHQWDWLYHRIVRPHIORZHUVDQG
IUXLWKDOIDZDWHUPHORQDERDU
VKHDGDQGWKHSHQGHQWIRUPRID
GHDGZLOGGXFN$WWDFKHGWRWKHFHLOLQJWKHUHZDVDFKDQGHOLHULQD
KROODQGFRYHULQJWKHFRYHULQJVRGXVW\DVFORVHO\WRUHVHPEOHDKXJH
FRFRRQHQFORVLQJDFDWHUSLOODU/DVWO\LQRQHFRUQHURIWKHURRPOD\
DSLOHRIDUWLFOHVZKLFKKDGHYLGHQWO\EHHQDGMXGJHGXQZRUWK\RID
SODFHRQWKHWDEOH<HWZKDWWKHSLOHFRQVLVWHGRILWZRXOGKDYHEHHQ
GLIILFXOWWRVD\VHHLQJWKDWWKHGXVWRQWKHVDPHZDVVRWKLFNWKDW
DQ\KDQGZKLFKWRXFKHGLWZRXOGKDYHDWRQFHUHVHPEOHGDJORYH
3URPLQHQWO\SURWUXGLQJIURPWKHSLOHZDVWKHVKDIWRIDZRRGHQVSDGH
DQGWKHDQWLTXDWHGVROHRIDVKRH1HYHUZRXOGRQHKDYHVXSSRVHGWKDW
DOLYLQJFUHDWXUHKDGWHQDQWHGWKHURRPZHUHLWQRWWKDWWKHSUHVHQFH
RIVXFKDFUHDWXUHZDVEHWUD\HGE\WKHVSHFWDFOHRIDQROGQLJKWFDS
UHVWLQJRQWKHWDEOH
:KLOVW&KLFKLNRYZDVJD]LQJDWWKLVH[WUDRUGLQDU\PHVVDVLGHGRRU
RSHQHGDQGWKHUHHQWHUHGWKHKRXVHNHHSHUZKRKDGPHWKLPQHDUWKH
RXWEXLOGLQJV%XWQRZ&KLFKLNRYSHUFHLYHGWKLVSHUVRQWREHDPDQ
UDWKHUWKDQDZRPDQVLQFHDIHPDOHKRXVHNHHSHUZRXOGKDYHKDGQR

115

EHDUGWRVKDYHZKHUHDVWKHFKLQRIWKHQHZFRPHUZLWKWKHORZHU
SRUWLRQRIKLVFKHHNVVWURQJO\UHVHPEOHGWKHFXUU\FRPEZKLFKLVXVHG
IRUJURRPLQJKRUVHV&KLFKLNRYDVVXPHGDTXHVWLRQLQJDLUDQGZDLWHG
WRKHDUZKDWWKHKRXVHNHHSHUPLJKWKDYHWRVD\7KHKRXVHNHHSHUGLG
WKHVDPH$WOHQJWKVXUSULVHGDWWKHPLVXQGHUVWDQGLQJ&KLFKLNRY
GHFLGHGWRDVNWKHILUVWTXHVWLRQ
,VWKHPDVWHUDWKRPH"KHLQTXLUHG
<HVUHSOLHGWKHSHUVRQDGGUHVVHG
7KHQZHUHLVKH"FRQWLQXHG&KLFKLNRY
$UH\RXEOLQGP\JRRGVLU"UHWRUWHGWKHRWKHUB,BDPWKHPDVWHU
,QYROXQWDULO\RXUKHURVWDUWHGDQGVWDUHG'XULQJKLVWUDYHOVLWKDG
EHIDOOHQKLPWRPHHWYDULRXVW\SHVRIPHQVRPHRIWKHPLWPD\EH
W\SHVZKLFK\RXDQG,KDYHQHYHUHQFRXQWHUHGEXWHYHQWR&KLFKLNRY
WKLVSDUWLFXODUVSHFLHVZDVQHZ,QWKHROGPDQ
VIDFHWKHUHZDV
QRWKLQJYHU\VSHFLDOLWZDVPXFKOLNHWKHZL]HQHGIDFHRIPDQ\
DQRWKHUGRWDUGVDYHWKDWWKHFKLQZDVVRJUHDWO\SURMHFWHGWKDW
ZKHQHYHUKHVSRNHKHZDVIRUFHGWRZLSHLWZLWKDKDQGNHUFKLHIWR
DYRLGGULEEOLQJDQGWKDWKLVVPDOOH\HVZHUHQRW\HWJURZQGXOOEXW
WZLQNOHGXQGHUWKHLURYHUKDQJLQJEURZVOLNHWKHH\HVRIPLFHZKHQ
ZLWKDWWHQWLYHHDUVDQGVHQVLWLYHZKLVNHUVWKH\VQXIIWKHDLUDQG
SHHUIRUWKIURPWKHLUKROHVWRVHHZKHWKHUDFDWRUDER\PD\QRWEH
LQWKHYLFLQLW\1RWKHPRVWQRWLFHDEOHIHDWXUHDERXWWKHPDQZDVKLV
FORWKHV,QQRZD\FRXOGLWKDYHEHHQJXHVVHGRIZKDWKLVFRDWZDV
PDGHIRUERWKLWVVOHHYHVDQGLWVVNLUWVZHUHVRUDJJHGDQGILOWK\DV
WRGHI\GHVFULSWLRQZKLOHLQVWHDGRIWZRSRVWHULRUWDLOVWKHUH
GDQJOHGIRXURIWKRVHDSSHQGDJHVZLWKSURMHFWLQJIURPWKHPDWRUQ
QHZVSDSHU$OVRDURXQGKLVQHFNWKHUHZDVZUDSSHGVRPHWKLQJZKLFK
PLJKWKDYHEHHQDVWRFNLQJDJDUWHURUDVWRPDFKHUEXWZDV
FHUWDLQO\QRWDWLH,QVKRUWKDG&KLFKLNRYFKDQFHGWRHQFRXQWHUKLP
DWDFKXUFKGRRUKHZRXOGKDYHEHVWRZHGXSRQKLPDFRSSHURUWZR
IRUWRGRRXUKHURMXVWLFHKHKDGDV\PSDWKHWLFKHDUWDQGQHYHU
UHIUDLQHGIURPSUHVHQWLQJDEHJJDUZLWKDOPV EXWLQWKHSUHVHQWFDVH
WKHUHZDVVWDQGLQJEHIRUHKLPQRWDPHQGLFDQWEXWDODQGRZQHUDQGD
ODQGRZQHUSRVVHVVHGRIIXOO\DWKRXVDQGVHUIVWKHVXSHULRURIDOOKLV
QHLJKERXUVLQZHDOWKRIIORXUDQGJUDLQDQGWKHRZQHURIVWRUHKRXVHV
DQGVRIRUWKWKDWZHUHFUDPPHGZLWKKRPHVSXQFORWKDQGOLQHQWDQQHG
DQGXQGUHVVHGVKHHSVNLQVGULHGILVKDQGHYHU\FRQFHLYDEOHVSHFLHVRI
SURGXFH1HYHUWKHOHVVVXFKDSKHQRPHQRQLVUDUHLQ5XVVLDZKHUHWKH
WHQGHQF\LVUDWKHUWRSURGLJDOLW\WKDQWRSDUVLPRQ\

116

)RUVHYHUDOPLQXWHV3OXVKNLQVWRRGPXWHZKLOH&KLFKLNRYUHPDLQHGVR
GD]HGZLWKWKHDSSHDUDQFHRIWKHKRVWDQGHYHU\WKLQJHOVHLQWKHURRP
WKDWKHWRRFRXOGQRWEHJLQDFRQYHUVDWLRQEXWVWRRGZRQGHULQJKRZ
EHVWWRILQGZRUGVLQZKLFKWRH[SODLQWKHREMHFWRIKLVYLVLW)RUD
ZKLOHKHWKRXJKWRIH[SUHVVLQJKLPVHOIWRWKHHIIHFWWKDWKDYLQJ
KHDUGVRPXFKRIKLVKRVW
VEHQHYROHQFHDQGRWKHUUDUHTXDOLWLHVRI
VSLULWKHKDGFRQVLGHUHGLWKLVGXW\WRFRPHDQGSD\DWULEXWHRI
UHVSHFWEXWSUHVHQWO\HYHQ+(FDPHWRWKHFRQFOXVLRQWKDWWKLV
ZRXOGEHRYHUGRLQJWKHWKLQJDQGDIWHUDQRWKHUJODQFHURXQGWKH
URRPGHFLGHGWKDWWKHSKUDVHEHQHYROHQFHDQGRWKHUUDUHTXDOLWLHVRI
VSLULWPLJKWWRDGYDQWDJHJLYHSODFHWRHFRQRP\DQGJHQLXVIRU
PHWKRG$FFRUGLQJO\WKHVSHHFKPHQWDOO\FRPSRVHGKHVDLGDORXG
WKDWKDYLQJKHDUGRI3OXVKNLQ
VWDOHQWVIRUWKULIW\DQGV\VWHPDWLF
PDQDJHPHQWKHKDGFRQVLGHUHGKLPVHOIERXQGWRPDNHWKHDFTXDLQWDQFH
RIKLVKRVWDQGWRSUHVHQWKLPZLWKKLVSHUVRQDOFRPSOLPHQWV ,QHHG
KDUGO\VD\WKDW&KLFKLNRYFRXOGHDVLO\KDYHDOOHJHGDEHWWHUUHDVRQ
KDGDQ\EHWWHURQHKDSSHQHGDWWKHPRPHQWWRKDYHFRPHLQWRKLV
KHDG 
:LWKWRRWKOHVVJXPV3OXVKNLQPXUPXUHGVRPHWKLQJLQUHSO\EXWQRWKLQJ
LVNQRZQDVWRLWVSUHFLVHWHUPVEH\RQGWKDWLWLQFOXGHGDVWDWHPHQW
WKDWWKHGHYLOZDVDWOLEHUW\WRIO\DZD\ZLWK&KLFKLNRY
VVHQWLPHQWV
+RZHYHUWKHODZVRI5XVVLDQKRVSLWDOLW\GRQRWSHUPLWHYHQRIDPLVHU
LQIULQJLQJWKHLUUXOHVZKHUHIRUH3OXVKNLQDGGHGWRWKHIRUHJRLQJD
PRUHFLYLOLQYLWDWLRQWREHVHDWHG
,WLVORQJVLQFH,ODVWUHFHLYHGDYLVLWRUKHZHQWRQ$OVR,
IHHOERXQGWRVD\WKDW,FDQVHHOLWWOHJRRGLQWKHLUFRPLQJ2QFH
LQWURGXFHWKHDERPLQDEOHFXVWRPRIIRONSD\LQJFDOOVDQGIRUWKZLWK
WKHUHZLOOHQVXHVXFKUXLQWRWKHPDQDJHPHQWRIHVWDWHVWKDW
ODQGRZQHUVZLOOEHIRUFHGWRIHHGWKHLUKRUVHVRQKD\1RWIRUDORQJ
ORQJWLPHKDYH,HDWHQDPHDODZD\IURPKRPHDOWKRXJKP\RZQNLWFKHQ
LVDSRRURQHDQGKDVLWVFKLPQH\LQVXFKDVWDWHWKDWZHUHLWWR
EHFRPHRYHUKHDWHGLWZRXOGLQVWDQWO\FDWFKILUH
:KDWDEUXWHWKRXJKW&KLFKLNRY,DPOXFN\WRKDYHJRWWKURXJKVR
PXFKSDVWU\DQGVWXIIHGVKRXOGHURIPXWWRQDW6REDNHYLWFK
V
$OVRZHQWRQ3OXVKNLQ,DPDVKDPHGWRVD\WKDWKDUGO\DZLVSRI
IRGGHUGRHVWKHSODFHFRQWDLQ%XWKRZFDQ,JHWIRGGHU"0\ODQGVDUH
VPDOODQGWKHSHDVDQWU\OD]\IHOORZVZKRKDWHZRUNDQGWKLQNRI
QRWKLQJEXWWKHWDYHUQ,QWKHHQGWKHUHIRUH,VKDOOEHIRUFHGWRJR
DQGVSHQGP\ROGDJHLQURDPLQJDERXWWKHZRUOG

117

%XW,KDYHEHHQWROGWKDW\RXSRVVHVVRYHUDWKRXVDQGVHUIV"VDLG
&KLFKLNRY
:KRWROG\RXWKDW"1RPDWWHUZKRLWZDV\RXZRXOGKDYHEHHQ
MXVWLILHGLQJLYLQJKLPWKHOLH+HPXVWKDYHEHHQDMHVWHUZKRZDQWHG
WRPDNHDIRRORI\RX$WKRXVDQGVRXOVLQGHHG:K\MXVWUHFNRQWKH
WD[HVRQWKHPDQGVHHZKDWWKHUHZRXOGEHOHIW)RUWKHVHWKUHH\HDUV
WKDWDFFXUVHGIHYHUKDVEHHQNLOOLQJRIIP\VHUIVZKROHVDOH
:KROHVDOH\RXVD\"HFKRHG&KLFKLNRYJUHDWO\LQWHUHVWHG
<HVZKROHVDOHUHSOLHGWKHROGPDQ
7KHQPLJKW,DVN\RXWKHH[DFWQXPEHU"
)XOO\HLJKW\
6XUHO\QRW"
%XWLWLVVR
7KHQPLJKW,DOVRDVNZKHWKHULWLVIURPWKHGDWHRIWKHODVWFHQVXV
UHYLVLRQWKDW\RXDUHUHFNRQLQJWKHVHVRXOV"
<HVGDPQLW$QGVLQFHWKDWGDWH,KDYHEHHQEOHGIRUWD[HVXSRQD
KXQGUHGDQGWZHQW\VRXOVLQDOO
,QGHHG"8SRQDKXQGUHGDQGWZHQW\VRXOVLQDOO$QG&KLFKLNRY
V
VXUSULVHDQGHODWLRQZHUHVXFKWKDWWKLVVDLGKHUHPDLQHGVLWWLQJ
RSHQPRXWKHG
<HVJRRGVLUUHSOLHG3OXVKNLQ,DPWRRROGWRWHOO\RXOLHVIRU
,KDYHSDVVHGP\VHYHQWLHWK\HDU
6RPHKRZKHVHHPHGWRKDYHWDNHQRIIHQFHDW&KLFKLNRY
VDOPRVWMR\RXV
H[FODPDWLRQZKHUHIRUHWKHJXHVWKDVWHQHGWRKHDYHDSURIRXQGVLJK
DQGWRREVHUYHWKDWKHV\PSDWKLVHGWRWKHIXOOZLWKKLVKRVW
V
PLVIRUWXQHV
%XWV\PSDWK\GRHVQRWSXWDQ\WKLQJLQWRRQH
VSRFNHWUHWRUWHG
3OXVKNLQ)RULQVWDQFH,KDYHDNLQVPDQZKRLVFRQVWDQWO\SODJXLQJ
PH+HLVDFDSWDLQLQWKHDUP\GDPQKLPDQGDOOGD\KHGRHVQRWKLQJ
EXWFDOOPH
GHDUXQFOH
DQGNLVVP\KDQGDQGH[SUHVVV\PSDWK\XQWLO

118

,DPIRUFHGWRVWRSP\HDUV<RXVHHKHKDVVTXDQGHUHGDOOKLVPRQH\
XSRQKLVEURWKHURIILFHUVDVZHOODVPDGHDIRRORIKLPVHOIZLWKDQ
DFWUHVVVRQRZKHVSHQGVKLVWLPHLQWHOOLQJPHWKDWKHKDVD
V\PSDWKHWLFKHDUW
&KLFKLNRYKDVWHQHGWRH[SODLQWKDW+,6V\PSDWK\KDGQRWKLQJLQ
FRPPRQZLWKWKHFDSWDLQ
VVLQFHKHGHDOWQRWLQHPSW\ZRUGVDORQH
EXWLQDFWXDOGHHGVLQSURRIRIZKLFKKHZDVUHDG\WKHQDQGWKHUH
IRUWKHSXUSRVHRIFXWWLQJWKHPDWWHUVKRUWDQGRIGLVSHQVLQJZLWK
FLUFXPORFXWLRQ WRWUDQVIHUWRKLPVHOIWKHREOLJDWLRQRISD\LQJWKH
WD[HVGXHXSRQVXFKVHUIVDV3OXVKNLQ
VDVKDGLQWKHXQIRUWXQDWH
PDQQHUMXVWGHVFULEHGGHSDUWHGWKLVZRUOG7KHSURSRVDOVHHPHGWR
DVWRQLVK3OXVKNLQIRUKHVDWVWDULQJRSHQH\HG$WOHQJWKKH
LQTXLUHG
0\GHDUVLUKDYH\RXVHHQPLOLWDU\VHUYLFH"
1RUHSOLHGWKHRWKHUZDULO\EXW,KDYHEHHQDPHPEHURIWKH
&,9,/6HUYLFH
2K2IWKH&,9,/6HUYLFH"$QG3OXVKNLQVDWPRYLQJKLVOLSVDV
WKRXJKKHZHUHFKHZLQJVRPHWKLQJ:HOOZKDWRI\RXUSURSRVDO"KH
DGGHGSUHVHQWO\$UH\RXSUHSDUHGWRORVHE\LW"
<HVFHUWDLQO\LIWKHUHE\,FDQSOHDVH\RX
0\GHDUVLU0\JRRGEHQHIDFWRU,QKLVGHOLJKW3OXVKNLQORVWVLJKW
RIWKHIDFWWKDWKLVQRVHZDVFDNHGZLWKVQXIIRIWKHFRQVLVWHQF\RI
WKLFNFRIIHHDQGWKDWKLVFRDWKDGSDUWHGLQIURQWDQGZDVGLVFORVLQJ
VRPHYHU\XQVHHPO\XQGHUFORWKLQJ:KDWFRPIRUW\RXKDYHEURXJKWWRDQ
ROGPDQ<HVDV*RGLVP\ZLWQHVV
)RUWKHPRPHQWKHFRXOGVD\QRPRUH<HWEDUHO\DPLQXWHKDGHODSVHG
EHIRUHWKLVLQVWDQWDQHRXVO\DURXVHGHPRWLRQKDGDVLQVWDQWDQHRXVO\
GLVDSSHDUHGIURPKLVZRRGHQIHDWXUHV2QFHPRUHWKH\DVVXPHGD
FDUHZRUQH[SUHVVLRQDQGKHHYHQZLSHGKLVIDFHZLWKKLVKDQGNHUFKLHI
WKHQUROOHGLWLQWRDEDOODQGUXEEHGLWWRDQGIURDJDLQVWKLVXSSHU
OLS
,ILWZLOOQRWDQQR\\RXDJDLQWRVWDWHWKHSURSRVDOKHZHQWRQ
ZKDW\RXXQGHUWDNHWRGRLVWRSD\WKHDQQXDOWD[XSRQWKHVHVRXOV
DQGWRUHPLWWKHPRQH\HLWKHUWRPHRUWRWKH7UHDVXU\"
<HVWKDWLVKRZLWVKDOOEHGRQH:HZLOOGUDZXSDGHHGRISXUFKDVH

119

DVWKRXJKWKHVRXOVZHUHVWLOODOLYHDQG\RXKDGVROGWKHPWRP\VHOI
4XLWHVRDGHHGRISXUFKDVHHFKRHG3OXVKNLQRQFHPRUHUHODSVLQJ
LQWRWKRXJKWDQGWKHFKHZLQJPRWLRQRIWKHOLSV%XWDGHHGRIVXFKD
NLQGZLOOHQWDLOFHUWDLQH[SHQVHVDQGODZ\HUVDUHVRGHYRLGRI
FRQVFLHQFH,QIDFWVRH[WRUWLRQDWHLVWKHLUDYDULFHWKDWWKH\ZLOO
FKDUJHRQHKDOIDURXEOHDQGWKHQDVDFNRIIORXUDQGWKHQDZKROH
ZDJJRQORDGRIPHDO,ZRQGHUWKDWQRRQHKDV\HWFDOOHGDWWHQWLRQWR
WKHV\VWHP
8SRQWKDW&KLFKLNRYLQWLPDWHGWKDWRXWRIUHVSHFWIRUKLVKRVWKH
KLPVHOIZRXOGEHDUWKHFRVWRIWKHWUDQVIHURIVRXOV7KLVOHG
3OXVKNLQWRFRQFOXGHWKDWKLVJXHVWPXVWEHWKHNLQGRIXQFRQVFLRQDEOH
IRROZKRZKLOHSUHWHQGLQJWRKDYHEHHQDPHPEHURIWKH&LYLO6HUYLFH
KDVLQUHDOLW\VHUYHGLQWKHDUP\DQGUXQDIWHUDFWUHVVHVZKHUHIRUH
WKHROGPDQQRORQJHUGLVJXLVHGKLVGHOLJKWEXWFDOOHGGRZQEOHVVLQJV
DOLNHXSRQ&KLFKLNRY
VKHDGDQGXSRQWKRVHRIKLVFKLOGUHQ KHKDG
QHYHUHYHQLQTXLUHGZKHWKHU&KLFKLNRYSRVVHVVHGDIDPLO\ 1H[WKH
VKXIIOHGWRWKHZLQGRZDQGWDSSLQJRQHRILWVSDQHVVKRXWHGWKH
QDPHRI3URVKND,PPHGLDWHO\VRPHRQHUDQTXLFNO\LQWRWKHKDOO
DQGDIWHUPXFKVWDPSLQJRIIHHWEXUVWLQWRWKHURRP7KLVZDV
3URVKNDDWKLUWHHQ\HDUROG\RXQJVWHUZKRZDVVKRGZLWKERRWVRIVXFK
GLPHQVLRQVDVDOPRVWWRHQJXOIKLVOHJVDVKHZDONHG7KHUHDVRQZK\
KHKDGHQWHUHGWKXVVKRGZDVWKDW3OXVKNLQRQO\NHSWRQHSDLURIERRWV
IRUWKHZKROHRIKLVGRPHVWLFVWDII7KLVXQLYHUVDOSDLUZDVVWDWLRQHG
LQWKHKDOORIWKHPDQVLRQVRWKDWDQ\VHUYDQWZKRZDVVXPPRQHGWR
WKHKRXVHPLJKWGRQWKHVDLGERRWVDIWHUZDGLQJEDUHIRRWHGWKURXJKWKH
PXGRIWKHFRXUW\DUGDQGHQWHUWKHSDUORXUGU\VKRGVXEVHTXHQWO\
OHDYLQJWKHERRWVZKHUHKHKDGIRXQGWKHPDQGGHSDUWLQJLQKLVIRUPHU
EDUHIRRWHGFRQGLWLRQ,QGHHGKDGDQ\RQHRQDVOXVK\ZLQWHU
V
PRUQLQJJODQFHGIURPDZLQGRZLQWRWKHVDLGFRXUW\DUGKHZRXOGKDYH
VHHQ3OXVKNLQ
VVHUYLWRUVSHUIRUPLQJVDOWDWRU\IHDWVZRUWK\RIWKH
PRVWYLJRURXVRIVWDJHGDQFHUV
/RRNDWWKDWER\
VIDFHVDLG3OXVKNLQWR&KLFKLNRYDVKHSRLQWHGWR
3URVKND,WLVVWXSLGHQRXJK\HWOD\DQ\WKLQJDVLGHDQGLQDWULFH
KHZLOOKDYHVWROHQLW:HOOP\ODGZKDWGR\RXZDQW"
+HSDXVHGDPRPHQWRUWZREXW3URVKNDPDGHQRUHSO\
&RPHFRPHZHQWRQWKHROGPDQ6HWRXWWKHVDPRYDUDQGWKHQJLYH
0DYUDWKHNH\RIWKHVWRUHURRPKHUHLWLVDQGWHOOKHUWRJHWRXW
VRPHORDIVXJDUIRUWHD+HUH:DLWDQRWKHUPRPHQWIRRO,VWKHGHYLO
LQ\RXUOHJVWKDWWKH\LWFKVRWREHRII"/LVWHQWRZKDWPRUH,KDYH

120

WRWHOO\RX7HOO0DYUDWKDWWKHVXJDURQWKHRXWVLGHRIWKHORDIKDV
JRQHEDGVRWKDWVKHPXVWVFUDSHLWRIIZLWKDNQLIHDQG127WKURZ
DZD\WKHVFUDSLQJVEXWJLYHWKHPWRWKHSRXOWU\$OVRVHHWKDW\RX
\RXUVHOIGRQ
WJRLQWRWKHVWRUHURRPRU,ZLOOJLYH\RXDELUFKLQJ
WKDW\RXZRQ
WFDUHIRU<RXUDSSHWLWHLVJRRGHQRXJKDOUHDG\EXWD
EHWWHURQHZRQ
WKXUW\RX'RQ
WHYHQ75<WRJRLQWRWKHVWRUHURRP
IRU,VKDOOEHZDWFKLQJ\RXIURPWKLVZLQGRZ
<RXVHHWKHROGPDQDGGHGWR&KLFKLNRYRQHFDQQHYHUWUXVWWKHVH
IHOORZV3UHVHQWO\ZKHQ3URVKNDDQGWKHERRWVKDGGHSDUWHGKHIHOO
WRJD]LQJDWKLVJXHVWZLWKDQHTXDOO\GLVWUXVWIXODLUVLQFHFHUWDLQ
IHDWXUHVLQ&KLFKLNRY
VEHQHYROHQFHQRZVWUXFNKLPDVDOLWWOHRSHQWR
TXHVWLRQDQGKHKDGEHJLQWRWKLQNWRKLPVHOI$IWHUDOOWKHGHYLO
RQO\NQRZVZKRKHLVZKHWKHUDEUDJJDUWOLNHPRVWRIWKHVH
VSHQGWKULIWVRUDIHOORZZKRLVO\LQJPHUHO\LQRUGHUWRJHWVRPHWHD
RXWRIPH)LQDOO\KLVFLUFXPVSHFWLRQFRPELQHGZLWKDGHVLUHWR
WHVWKLVJXHVWOHGKLPWRUHPDUNWKDWLWPLJKWEHZHOOWRFRPSOHWH
WKHWUDQVDFWLRQ,00(',$7(/<VLQFHKHKDGQRWRYHUPXFKFRQILGHQFHLQ
KXPDQLW\VHHLQJWKDWDPDQPLJKWEHDOLYHWRGD\DQGGHDGWRPRUURZ
7RWKLV&KLFKLNRYDVVHQWHGUHDGLO\HQRXJKPHUHO\DGGLQJWKDWKH
VKRXOGOLNHILUVWRIDOOWREHIXUQLVKHGZLWKDOLVWRIWKHGHDG
VRXOV7KLVUHDVVXUHG3OXVKNLQDVWRKLVJXHVW
VLQWHQWLRQRIGRLQJ
EXVLQHVVVRKHJRWRXWKLVNH\VDSSURDFKHGDFXSERDUGDQGKDYLQJ
SXOOHGEDFNWKHGRRUUXPPDJHGDPRQJWKHFXSVDQGJODVVHVZLWKZKLFK
LWZDVILOOHG$WOHQJWKKHVDLG
,FDQQRWILQGLWQRZEXW,XVHGWRSRVVHVVDVSOHQGLGERWWOHRI
OLTXRU3UREDEO\WKHVHUYDQWVKDYHGUXQNLWDOOIRUWKH\DUHVXFK
WKLHYHV2KQRSHUKDSVWKLVLVLW
/RRNLQJXS&KLFKLNRYVDZWKDW3OXVKNLQKDGH[WUDFWHGDGHFDQWHU
FRDWHGZLWKGXVW
0\ODWHZLIHPDGHWKHVWXIIZHQWRQWKHROGPDQEXWWKDWUDVFDO
RIDKRXVHNHHSHUZHQWDQGWKUHZDZD\DORWRILWDQGQHYHUHYHQ
UHSODFHGWKHVWRSSHU&RQVHTXHQWO\EXJVDQGRWKHUQDVW\FUHDWXUHVJRW
LQWRWKHGHFDQWHUEXW,FOHDQHGLWRXWDQGQRZEHJWRRIIHU\RXD
JODVVIXO
7KHLGHDRIDGULQNIURPVXFKDUHFHSWDFOHZDVWRRPXFKIRU&KLFKLNRY
VRKHH[FXVHGKLPVHOIRQWKHJURXQGWKDWKHKDGMXVWKDGOXQFKHRQ
<RXKDYHMXVWKDGOXQFKHRQ"UHHFKRHG3OXVKNLQ1RZ7+$7VKRZV

121

KRZLQYDULDEO\RQHFDQWHOODPDQRIJRRGVRFLHW\ZKHUHVRHYHURQHPD\
EH$PDQRIWKDWNLQGQHYHUHDWVDQ\WKLQJKHDOZD\VVD\VWKDWKHKDV
KDGHQRXJK9HU\GLIIHUHQWWKDWIURPWKHZD\VRIDURJXHZKRPRQHFDQ
QHYHUVDWLVI\KRZHYHUPXFKRQHPD\JLYHKLP)RULQVWDQFHWKDW
FDSWDLQRIPLQHLVFRQVWDQWO\EHJJLQJPHWROHWKLPKDYHD
PHDOWKRXJKKHLVDERXWDVPXFKP\QHSKHZDV,DPKLVJUDQGIDWKHU$V
LWKDSSHQVWKHUHLVQHYHUDELWHRIDQ\WKLQJLQWKHKRXVHVRKHKDV
WRJRDZD\HPSW\%XWDERXWWKHOLVWRIWKRVHJRRGIRUQRWKLQJ
VRXOV,KDSSHQWRSRVVHVVVXFKDOLVWVLQFH,KDYHGUDZQRQHXSLQ
UHDGLQHVVIRUWKHQH[WUHYLVLRQ
:LWKWKDW3OXVKNLQGRQQHGKLVVSHFWDFOHVDQGRQFHPRUHVWDUWHGWR
UXPPDJHLQWKHFXSERDUGDQGWRVPRWKHUKLVJXHVWZLWKGXVWDVKH
XQWLHGVXFFHVVLYHSDFNDJHVRISDSHUVVRPXFKVRWKDWKLVYLFWLPEXUVW
RXWVQHH]LQJ)LQDOO\KHH[WUDFWHGDPXFKVFULEEOHGGRFXPHQWLQZKLFK
WKHQDPHVRIWKHGHFHDVHGSHDVDQWVOD\DVFORVHSDFNHGDVDFORXGRI
PLGJHVIRUWKHUHZHUHDKXQGUHGDQGWZHQW\RIWKHPLQDOO&KLFKLNRY
JULQQHGZLWKMR\DWWKHVLJKWRIWKHPXOWLWXGH6WXIILQJWKHOLVWLQWR
KLVSRFNHWKHUHPDUNHGWKDWWRFRPSOHWHWKHWUDQVDFWLRQLWZRXOGEH
QHFHVVDU\WRUHWXUQWRWKHWRZQ
7RWKHWRZQ"UHSHDWHG3OXVKNLQ%XWZK\"0RUHRYHUKRZFRXOG,
OHDYHWKHKRXVHVHHLQJWKDWHYHU\RQHRIP\VHUYDQWVLVHLWKHUD
WKLHIRUDURJXH"'D\E\GD\WKH\SLOIHUWKLQJVXQWLOVRRQ,VKDOO
KDYHQRWDVLQJOHFRDWWRKDQJRQP\EDFN
7KHQ\RXSRVVHVVDFTXDLQWDQFHVLQWKHWRZQ"
$FTXDLQWDQFHV"1R(YHU\DFTXDLQWDQFHZKRP,HYHUSRVVHVVHGKDV
HLWKHUOHIWPHRULVGHDG%XWVWRSDPRPHQW,'2NQRZWKH
3UHVLGHQWRIWKH&RXQFLO(YHQLQP\ROGDJHKHKDVRQFHRUWZLFHFRPH
WRYLVLWPHIRUKHDQG,XVHGWREHVFKRROIHOORZVDQGWRJRFOLPELQJ
ZDOOVWRJHWKHU<HVKLP,GRNQRZ6KDOO,ZULWHKLPDOHWWHU"
%\DOOPHDQV
<HVKLP,NQRZZHOOIRUZHZHUHIULHQGVWRJHWKHUDWVFKRRO
2YHU3OXVKNLQ
VZRRGHQIHDWXUHVWKHUHKDGJOHDPHGDUD\RIZDUPWKD
UD\ZKLFKH[SUHVVHGLIQRWIHHOLQJDWDOOHYHQWVIHHOLQJ
VSDOH
UHIOHFWLRQ-XVWVXFKDSKHQRPHQRQPD\EHZLWQHVVHGZKHQIRUDEULHI
PRPHQWDGURZQLQJPDQPDNHVDODVWUHDSSHDUDQFHRQWKHVXUIDFHRID
ULYHUDQGWKHUHULVHVIURPWKHFURZGOLQLQJWKHEDQNVDFU\RIKRSH
WKDWHYHQ\HWWKHH[KDXVWHGKDQGVPD\FOXWFKWKHURSHZKLFKKDVEHHQ

122

WKURZQKLPPD\FOXWFKLWEHIRUHWKHVXUIDFHRIWKHXQVWDEOHHOHPHQW
VKDOOKDYHUHVXPHGIRUHYHULWVFDOPGUHDGYDFXLW\%XWWKHKRSHLV
VKRUWOLYHGDQGWKHKDQGVGLVDSSHDU(YHQVRGLG3OXVKNLQ
VIDFH
DIWHULWVPRPHQWDU\PDQLIHVWDWLRQRIIHHOLQJEHFRPHPHDQHUDQGPRUH
LQVHQVLEOHWKDQHYHU
7KHUHXVHGWREHDVKHHWRIFOHDQZULWLQJSDSHUO\LQJRQWKHWDEOH
KHZHQWRQ%XWZKHUHLWLVQRZ,FDQQRWWKLQN7KDWFRPHVRIP\
VHUYDQWVEHLQJVXFKUDVFDOV
:KLWWKDWKHIHOOWRORRNLQJDOVRXQGHUWKHWDEOHDVZHOODVWR
KXUU\LQJDERXWZLWKFULHVRI0DYUD0DYUD$WOHQJWKWKHFDOOZDV
DQVZHUHGE\DZRPDQZLWKDSODWHIXORIWKHVXJDURIZKLFKPHQWLRQKDV
EHHQPDGHZKHUHXSRQWKHUHHQVXHGWKHIROORZLQJFRQYHUVDWLRQ
:KDWKDYH\RXGRQHZLWKP\SLHFHRIZULWLQJSDSHU\RXSLOIHUHU"
,VZHDUWKDW,KDYHVHHQQRSDSHUH[FHSWWKHELWZLWKZKLFK\RX
FRYHUHGWKHJODVV
<RXUYHU\IDFHWHOOVPHWKDW\RXKDYHPDGHRIIZLWKLW
:K\VKRXOG,PDNHRIIZLWKLW"
7ZRXOGEHRIQRXVHWRPHIRU,FDQ
QHLWKHUUHDGQRUZULWH
<RXOLH<RXKDYHWDNHQLWDZD\IRUWKHVH[WRQWRVFULEEOHXSRQ
:HOOLIWKHVH[WRQZDQWHGSDSHUKHFRXOGJHWVRPHIRUKLPVHOI
1HLWKHUKHQRU,KDYHVHWH\HVXSRQ\RXUSLHFH
$K:DLWDELWIRURQWKH-XGJPHQW'D\\RXZLOOEHURDVWHGE\GHYLOV
RQLURQVSLWV-XVWVHHLI\RXDUHQRW
%XWZK\VKRXOG,EHURDVWHGZKHQ,KDYHQHYHUHYHQ728&+('WKH
SDSHU"<RXPLJKWDFFXVHPHRIDQ\RWKHUIDXOWWKDQWKHIW
1D\GHYLOVVKDOOURDVW\RXVXUHHQRXJK7KH\ZLOOVD\WR\RX
%DG
ZRPDQZHDUHGRLQJWKLVEHFDXVH\RXUREEHG\RXUPDVWHU
DQGWKHQ
VWRNHXSWKHILUHVWLOOKRWWHU
1HYHUWKHOHVVB,BVKDOOFRQWLQXHWRVD\
<RXDUHURDVWLQJPHIRU
QRWKLQJIRU,QHYHUVWROHDQ\WKLQJDWDOO
:K\7+(5(LWLVO\LQJ
RQWKHWDEOH<RXKDYHEHHQDFFXVLQJPHIRUQRUHDVRQZKDWHYHU

123

$QGVXUHHQRXJKWKHVKHHWRISDSHUZDVO\LQJEHIRUH3OXVKNLQ
VYHU\
H\HV)RUDPRPHQWRUWZRKHFKHZHGVLOHQWO\7KHQKHZHQWRQ
:HOODQGZKDWDUH\RXPDNLQJVXFKDQRLVHDERXW",IRQHVD\VD
VLQJOHZRUGWR\RX\RXDQVZHUEDFNZLWKWHQ*RDQGIHWFKPHDFDQGOH
WRVHDODOHWWHUZLWK$QGPLQG\RXEULQJD7$//2:FDQGOHIRULW
ZLOOQRWFRVWVRPXFKDVWKHRWKHUVRUW$QGEULQJPHDPDWFKWRR
0DYUDGHSDUWHGDQG3OXVKNLQVHDWLQJKLPVHOIDQGWDNLQJXSDSHQ
VDWWXUQLQJWKHVKHHWRISDSHURYHUDQGRYHUDVWKRXJKLQGRXEW
ZKHWKHUWRWHDUIURPLW\HWDQRWKHUPRUVHO$WOHQJWKKHFDPHWRWKH
FRQFOXVLRQWKDWLWZDVLPSRVVLEOHWRGRVRDQGWKHUHIRUHGLSSLQJWKH
SHQLQWRWKHPL[WXUHRIPRXOG\IOXLGDQGGHDGIOLHVZKLFKWKHLQN
ERWWOHFRQWDLQHGVWDUWHGWRLQGLWHWKHOHWWHULQFKDUDFWHUVDVEROG
DVWKHQRWHVRIDPXVLFVFRUHZKLOHPRPHQWDULO\FKHFNLQJWKHVSHHGRI
KLVKDQGOHVWLWVKRXOGPHDQGHUWRRPXFKRYHUWKHSDSHUDQGFUDZOLQJ
IURPOLQHWROLQHDVWKRXJKKHUHJUHWWHGWKDWWKHUHZDVVROLWWOH
YDFDQWVSDFHOHIWRQWKHVKHHW
$QGGR\RXKDSSHQWRNQRZDQ\RQHWRZKRPDIHZUXQDZD\VHUIVZRXOG
EHRIXVH"KHDVNHGDVVXEVHTXHQWO\KHIROGHGWKHOHWWHU
:KDW"<RXKDYHVRPHUXQDZD\VDVZHOO"H[FODLPHG&KLFKLNRYDJDLQ
JUHDWO\LQWHUHVWHG
&HUWDLQO\,KDYH0\VRQLQODZKDVODLGWKHQHFHVVDU\LQIRUPDWLRQ
DJDLQVWWKHPEXWVD\VWKDWWKHLUWUDFNVKDYHJURZQFROG+RZHYHUKH
LVRQO\DPLOLWDU\PDQWKDWLVWRVD\JRRGDWFOLQNLQJDSDLURI
VSXUVEXWRIQRXVHIRUOD\LQJDSOHDEHIRUHDFRXUW
$QGKRZPDQ\UXQDZD\VKDYH\RX"
$ERXWVHYHQW\
6XUHO\QRW"
$ODV\HV1HYHUGRHVD\HDUSDVVZLWKRXWDFHUWDLQQXPEHURIWKHP
PDNLQJRII<HWVRJOXWWRQRXVDQGLGOHDUHP\VHUIVWKDWWKH\DUH
VLPSO\EXUVWLQJZLWKIRRGZKHUHDV,VFDUFHO\JHWHQRXJKWRHDW,
ZLOOWDNHDQ\SULFHIRUWKHPWKDW\RXPD\FDUHWRRIIHU7HOO\RXU
IULHQGVDERXWLWDQGVKRXOGWKH\ILQGHYHQDVFRUHRIWKHUXQDZD\V
LWZLOOUHSD\WKHPKDQGVRPHO\VHHLQJWKDWDOLYLQJVHUIRQWKHFHQVXV
OLVWLVDWSUHVHQWZRUWKILYHKXQGUHGURXEOHV

124

3HUKDSVVREXW,DPQRWJRLQJWROHWDQ\RQHEXWP\VHOIKDYHD
ILQJHULQWKLVWKRXJKW&KLFKLNRYWRKLPVHOIDIWHUZKLFKKH
H[SODLQHGWR3OXVKNLQWKDWDIULHQGRIWKHNLQGPHQWLRQHGZRXOGEH
LPSRVVLEOHWRGLVFRYHUVLQFHWKHOHJDOH[SHQVHVRIWKHHQWHUSULVH
ZRXOGOHDGWRWKHVDLGIULHQGKDYLQJWRFXWWKHYHU\WDLOIURPKLV
FRDWEHIRUHKHZRXOGJHWFOHDURIWKHODZ\HUV
1HYHUWKHOHVVDGGHG&KLFKLNRYVHHLQJWKDW\RXDUHVRKDUGSUHVVHG
IRUPRQH\DQGWKDW,DPVRLQWHUHVWHGLQWKHPDWWHU,IHHOPRYHGWR
DGYDQFH\RXZHOOWRDGYDQFH\RXVXFKDWULIOHDVZRXOGVFDUFHO\EH
ZRUWKPHQWLRQLQJ
%XWKRZPXFKLVLW"DVNHG3OXVKNLQHDJHUO\DQGZLWKKLVKDQGV
WUHPEOLQJOLNHTXLFNVLOYHU
7ZHQW\ILYHNRSHFNVSHUVRXO
:KDW",QUHDG\PRQH\"
<HVLQPRQH\GRZQ
1HYHUWKHOHVVFRQVLGHUP\SRYHUW\GHDUIULHQGDQGPDNHLW)257<
NRSHFNVSHUVRXO
9HQHUDEOHVLUZRXOGWKDW,FRXOGSD\\RXQRWPHUHO\IRUW\NRSHFNV
EXWILYHKXQGUHGURXEOHV,VKRXOGEHRQO\WRRGHOLJKWHGLIWKDWZHUH
SRVVLEOHVLQFH,SHUFHLYHWKDW\RXDQDJHGDQGUHVSHFWHGJHQWOHPDQ
DUHVXIIHULQJIRU\RXURZQJRRGQHVVRIKHDUW
%\*RGWKDWLVWUXHWKDWLVWUXH3OXVKNLQKXQJKLVKHDGDQG
ZDJJHGLWIHHEO\IURPVLGHWRVLGH<HVDOOWKDW,KDYHGRQH,KDYH
GRQHSXUHO\RXWRINLQGQHVV
6HHKRZLQVWDQWDQHRXVO\,KDYHGLYLQHG\RXUQDWXUH%\QRZLWZLOO
KDYHEHFRPHFOHDUWR\RXZK\LWLVLPSRVVLEOHIRUPHWRSD\\RXILYH
KXQGUHGURXEOHVSHUUXQDZD\VRXOIRUE\QRZ\RXZLOOKDYHJDWKHUHG
WKHIDFWWKDW,DPQRWVXIILFLHQWO\ULFK1HYHUWKHOHVV,DPUHDG\WR
DGGDQRWKHUILYHNRSHFNVDQGVRWRPDNHLWWKDWHDFKUXQDZD\VHUI
VKDOOFRVWPHLQDOOWKLUW\NRSHFNV
$V\RXSOHDVHGHDUVLU<HWVWUHWFKDQRWKHUSRLQWDQGWKURZLQ
DQRWKHUWZRNRSHFNV
3DUGRQPHEXW,FDQQRW+RZPDQ\UXQDZD\VHUIVGLG\RXVD\WKDW\RX

125

SRVVHVV"6HYHQW\"
1RVHYHQW\HLJKW
6HYHQW\HLJKWVRXOVDWWKLUW\NRSHFNVHDFKZLOODPRXQWWRWRRQO\
IRUDPRPHQWGLGRXUKHURKDOWVLQFHKHZDVVWURQJLQKLVDULWKPHWLF
ZLOODPRXQWWRWZHQW\IRXUURXEOHVQLQHW\VL[NRSHFNV>@
>@1HYHUWKHOHVV&KLFKLNRYZRXOGDSSHDUWRKDYHHUUHGVLQFHPRVW
SHRSOHZRXOGPDNHWKHVXPDPRXQWWRWZHQW\WKUHHURXEOHVIRUW\
NRSHFNV,IVR&KLFKLNRYFKHDWHGKLPVHOIRIRQHURXEOHILIW\VL[
NRSHFNV
:LWKWKDWKHUHTXHVWHG3OXVKNLQWRPDNHRXWWKHUHFHLSWDQGWKHQ
KDQGHGKLPWKHPRQH\3OXVKNLQWRRNLWLQERWKKDQGVERUHLWWRD
EXUHDXZLWKDVPXFKFDXWLRQDVWKRXJKKHZHUHFDUU\LQJDOLTXLGZKLFK
PLJKWDWDQ\PRPHQWVSODVKKLPLQWKHIDFHDQGDUULYHGDWWKH
EXUHDXDQGJODQFLQJURXQGRQFHPRUHFDUHIXOO\SDFNHGWKHFDVKLQRQH
RIKLVPRQH\EDJVZKHUHGRXEWOHVVLWZDVGHVWLQHGWROLHEXULHG
XQWLOWRWKHLQWHQVHMR\RIKLVGDXJKWHUVDQGKLVVRQLQODZ DQG
SHUKDSVRIWKHFDSWDLQZKRFODLPHGNLQVKLSZLWKKLP KHVKRXOG
KLPVHOIUHFHLYHEXULDODWWKHKDQGVRI)DWKHUV&DUSDQG3RO\FDUSWKH
WZRSULHVWVDWWDFKHGWRKLVYLOODJH/DVWO\WKHPRQH\FRQFHDOHG
3OXVKNLQUHVHDWHGKLPVHOILQWKHDUPFKDLUDQGVHHPHGDWDORVVIRU
IXUWKHUPDWHULDOIRUFRQYHUVDWLRQ
$UH\RXWKLQNLQJRIVWDUWLQJ"DWOHQJWKKHLQTXLUHGRQVHHLQJ
&KLFKLNRYPDNLQJDWULIOLQJPRYHPHQWWKRXJKWKHPRYHPHQWZDVRQO\WR
H[WUDFWIURPKLVSRFNHWDKDQGNHUFKLHI1HYHUWKHOHVVWKHTXHVWLRQ
UHPLQGHG&KLFKLNRYWKDWWKHUHZDVQRIXUWKHUH[FXVHIRUOLQJHULQJ
<HV,PXVWEHJRLQJKHVDLGDVKHWRRNKLVKDW
7KHQZKDWDERXWWKHWHD"
7KDQN\RX,ZLOOKDYHVRPHRQP\QH[WYLVLW
:KDW"(YHQWKRXJK,KDYHMXVWRUGHUHGWKHVDPRYDUWREHJRWUHDG\"
:HOOZHOO,P\VHOIGRQRWJUHDWO\FDUHIRUWHDIRU,WKLQNLWDQ
H[SHQVLYHEHYHUDJH0RUHRYHUWKHSULFHRIVXJDUKDVULVHQWHUULEO\
3URVKNDKHWKHQVKRXWHG7KHVDPRYDUZLOOQRWEHQHHGHG5HWXUQ
WKHVXJDUWR0DYUDDQGWHOOKHUWRSXWLWEDFNDJDLQ%XWQR%ULQJ
WKHVXJDUKHUHDQGB,BZLOOSXWLWEDFN

126

*RRGE\HGHDUVLUILQDOO\KHDGGHGWR&KLFKLNRY0D\WKH/RUG
EOHVV\RX+DQGWKDWOHWWHUWRWKH3UHVLGHQWRIWKH&RXQFLODQGOHW
KLPUHDGLW<HVKHLVDQROGIULHQGRIPLQH:HNQHZRQHDQRWKHUDV
VFKRROIHOORZV
:LWKWKDWWKLVVWUDQJHSKHQRPHQRQWKLVZLWKHUHGROGPDQHVFRUWHGKLV
JXHVWWRWKHJDWHVRIWKHFRXUW\DUGDQGDIWHUWKHJXHVWKDG
GHSDUWHGRUGHUHGWKHJDWHVWREHFORVHGPDGHWKHURXQGRIWKH
RXWEXLOGLQJVIRUWKHSXUSRVHRIDVFHUWDLQLQJZKHWKHUWKHQXPHURXV
ZDWFKPHQZHUHDWWKHLUSRVWVSHHUHGLQWRWKHNLWFKHQ ZKHUHXQGHU
WKHSUHWHQFHRIVHHLQJZKHWKHUKLVVHUYDQWVZHUHEHLQJSURSHUO\IHG
KHPDGHDOLJKWPHDORIFDEEDJHVRXSDQGJUXHO UDWHGWKHVDLG
VHUYDQWVVRXQGO\IRUWKHLUWKLHYLVKQHVVDQGJHQHUDOEDGEHKDYLRXUDQG
WKHQUHWXUQHGWRKLVURRP0HGLWDWLQJLQVROLWXGHKHIHOOWRWKLQNLQJ
KRZEHVWKHFRXOGFRQWULYHWRUHFRPSHQVHKLVJXHVWIRUWKHODWWHU
V
PHDVXUHOHVVEHQHYROHQFH,ZLOOSUHVHQWKLPKHWKRXJKWWRKLPVHOI
ZLWKDZDWFK,WLVDJRRGVLOYHUDUWLFOHQRWRQHRIWKRVHFKHDS
PHWDODIIDLUVDQGWKRXJKLWKDVVXIIHUHGVRPHGDPDJHKHFDQHDVLO\
JHWWKDWSXWULJKW$\RXQJPDQDOZD\VQHHGVWRJLYHDZDWFKWRKLV
EHWURWKHG
1RKHDGGHGDIWHUIXUWKHUWKRXJKW,ZLOOOHDYHKLPWKHZDWFKLQ
P\ZLOODVDNHHSVDNH
0HDQZKLOHRXUKHURZDVERZOLQJDORQJLQKLJKVSLULW6XFKDQ
XQH[SHFWHGDFTXLVLWLRQERWKRIGHDGVRXOVDQGRIUXQDZD\VHUIVKDG
FRPHDVDZLQGIDOO(YHQEHIRUHUHDFKLQJ3OXVKNLQ
VYLOODJHKHKDGKDG
DSUHVHQWLPHQWWKDWKHZRXOGGRVXFFHVVIXOEXVLQHVVWKHUHEXWQRW
EXVLQHVVRIVXFKSUHHPLQHQWSURILWDEOHQHVVDVKDGDFWXDOO\UHVXOWHG
$VKHSURFHHGHGKHZKLVWOHGKXPPHGZLWKKDQGSODFHGWUXPSHWZLVHWR
KLVPRXWKDQGHQGHGE\EXUVWLQJLQWRDEXUVWRIPHORG\VRVWULNLQJ
WKDW6HOLIDQDIWHUOLVWHQLQJIRUDZKLOHQRGGHGKLVKHDGDQG
H[FODLPHG0\ZRUGEXWWKHPDVWHU&$1VLQJ
%\WKHWLPHWKH\UHDFKHGWKHWRZQGDUNQHVVKDGIDOOHQDQGFKDQJHGWKH
FKDUDFWHURIWKHVFHQH7KHEULWFKNDERXQGHGRYHUWKHFREEOHVWRQHV
DQGDWOHQJWKWXUQHGLQWRWKHKRVWHOU\
VFRXUW\DUGZKHUHWKH
WUDYHOOHUVZHUHPHWE\3HWUXVKND:LWKRQHKDQGKROGLQJEDFNWKHWDLOV
RIKLVFRDW ZKLFKKHQHYHUOLNHGWRVHHIO\DSDUW WKHYDOHW
DVVLVWHGKLVPDVWHUWRDOLJKW7KHZDLWHUUDQRXWZLWKFDQGOHLQKDQG
DQGQDSNLQRQVKRXOGHU:KHWKHURUQRW3HWUXVKNDZDVJODGWRVHHWKH
EDULQUHWXUQLWLVLPSRVVLEOHWRVD\EXWDWDOOHYHQWVKHH[FKDQJHGD
ZLQNZLWK6HOLIDQDQGKLVRUGLQDULO\PRURVHH[WHULRUVHHPHG

127

PRPHQWDULO\WREULJKWHQ
7KHQ\RXKDYHEHHQWUDYHOOLQJIDUVLU"VDLGWKHZDLWHUDVKHOLW
WKHZD\XSVWDUWV
<HVVDLG&KLFKLNRY:KDWKDVKDSSHQHGKHUHLQWKHPHDQZKLOH"
1RWKLQJVLUUHSOLHGWKHZDLWHUERZLQJH[FHSWWKDWODVWQLJKW
WKHUHDUULYHGDPLOLWDU\OLHXWHQDQW+HKDVJRWURRPQXPEHUVL[WHHQ
$OLHXWHQDQW"
<HV+HFDPHIURP5LD]DQGULYLQJWKUHHJUH\KRUVHV
2QHQWHULQJKLVURRP&KLFKLNRYFODSSHGKLVKDQGWRKLVQRVHDQG
DVNHGKLVYDOHWZK\KHKDGQHYHUKDGWKHZLQGRZVRSHQHG
%XW,GLGKDYHWKHPRSHQHGUHSOLHG3HWUXVKND1HYHUWKHOHVVWKLVZDV
DOLHDV&KLFKLNRYZHOONQHZWKRXJKKHZDVWRRWLUHGWRFRQWHVWWKH
SRLQW$IWHURUGHULQJDQGFRQVXPLQJDOLJKWVXSSHURIVXFNLQJSLJKH
XQGUHVVHGSOXQJHGEHQHDWKWKHEHGFORWKHVDQGVDQNLQWRWKHSURIRXQG
VOXPEHUZKLFKFRPHVRQO\WRVXFKIRUWXQDWHIRONDVDUHWURXEOHG
QHLWKHUZLWKPRVTXLWRHVQRUIOHDVQRUH[FHVVLYHDFWLYLW\RIEUDLQ

&+$37(59,,
:KHQ&KLFKLNRYDZRNHKHVWUHWFKHGKLPVHOIDQGUHDOLVHGWKDWKHKDG
VOHSWZHOO)RUDPRPHQWRUWZRKHOD\RQKLVEDFNDQGWKHQVXGGHQO\
FODSSHGKLVKDQGVDWWKHUHFROOHFWLRQWKDWKHZDVQRZRZQHURIQHDUO\
IRXUKXQGUHGVRXOV$WRQFHKHOHDSWRXWRIEHGZLWKRXWVRPXFKDV
JODQFLQJDWKLVIDFHLQWKHPLUURUWKRXJKDVDUXOHKHKDGPXFK
VROLFLWXGHIRUKLVIHDWXUHVDQGHVSHFLDOO\IRUKLVFKLQRIZKLFKKH
ZRXOGPDNHWKHPRVWZKHQLQFRPSDQ\ZLWKIULHQGVDQGPRUH
SDUWLFXODUO\VKRXOGDQ\RQHKDSSHQWRHQWHUZKLOHKHZDVHQJDJHGLQ
WKHSURFHVVRIVKDYLQJ/RRNKRZURXQGP\FKLQLVZDVKLVXVXDO
IRUPXOD2QWKHSUHVHQWRFFDVLRQKRZHYHUKHORRNHGQHLWKHUDWFKLQ
QRUDWDQ\RWKHUIHDWXUHEXWDWRQFHGRQQHGKLVIORZHUHPEURLGHUHG
VOLSSHUVRIPRUURFROHDWKHU WKHNLQGRIVOLSSHUVLQZKLFKWKDQNVWR
WKH5XVVLDQORYHIRUDGUHVVLQJJRZQHGH[LVWHQFHWKHWRZQRI7RU]KRN
GRHVVXFKDKXJHWUDGH DQGFODGRQO\LQDPHDJUHVKLUWVRIDU
IRUJRWKLVHOGHUOLQHVVDQGGLJQLW\DVWRFXWDFRXSOHRIFDSHUVDIWHU
WKHIDVKLRQRID6FRWWLVKKLJKODQGHUDOLJKWLQJQHDWO\HDFKWLPHRQ

128

WKHIODWRIKLVKHHOV2QO\ZKHQKHKDGGRQHWKDWGLGKHSURFHHGWR
EXVLQHVV3ODQWLQJKLPVHOIEHIRUHKLVGLVSDWFKER[KHUXEEHGKLV
KDQGVZLWKDVDWLVIDFWLRQZRUWK\RIDQLQFRUUXSWLEOHUXUDOPDJLVWUDWH
ZKHQDGMRXUQLQJIRUOXQFKHRQDIWHUZKLFKKHH[WUDFWHGIURPWKH
UHFHSWDFOHDEXQGOHRISDSHUV7KHVHKHKDGGHFLGHGQRWWRGHSRVLW
ZLWKDODZ\HUIRUWKHUHDVRQWKDWKHZRXOGKDVWHQPDWWHUVDVZHOODV
VDYHH[SHQVHE\KLPVHOIIUDPLQJDQGIDLUFRS\LQJWKHQHFHVVDU\GHHGV
RILQGHQWXUHDQGVLQFHKHZDVWKRURXJKO\DFTXDLQWHGZLWKWKH
QHFHVVDU\WHUPLQRORJ\KHSURFHHGHGWRLQVFULEHLQODUJHFKDUDFWHUV
WKHGDWHDQGWKHQLQVPDOOHURQHVKLVQDPHDQGUDQN%\WZRR
FORFN
WKHZKROHZDVILQLVKHGDQGDVKHORRNHGDWWKHVKHHWVRIQDPHV
UHSUHVHQWLQJE\JRQHSHDVDQWVZKRKDGSORXJKHGZRUNHGDWKDQGLFUDIWV
FKHDWHGWKHLUPDVWHUVIHWFKHGFDUULHGDQGJRWGUXQN WKRXJK620(
RIWKHPPD\KDYHEHKDYHGZHOO WKHUHFDPHRYHUKLPDVWUDQJH
XQDFFRXQWDEOHVHQVDWLRQ7RKLVH\HHDFKOLVWRIQDPHVVHHPHGWR
SRVVHVVDFKDUDFWHURILWVRZQDQGHYHQLQGLYLGXDOSHDVDQWVWKHUHLQ
VHHPHGWRKDYHWDNHQRQFHUWDLQTXDOLWLHVSHFXOLDUWRWKHPVHOYHV)RU
LQVWDQFHWRWKHPDMRULW\RI0DGDPH.RURERWFKND
VVHUIVWKHUHZHUH
DSSHQGHGQLFNQDPHVDQGRWKHUDGGLWLRQV3OXVKNLQ
VOLVWZDV
GLVWLQJXLVKHGE\DFRQFLVHQHVVRIH[SRVLWLRQZKLFKKDGOHGWRFHUWDLQ
RIWKHLWHPVEHLQJUHSUHVHQWHGPHUHO\E\&KULVWLDQQDPHSDWURQ\PLF
DQGDFRXSOHRIGRWVDQG6REDNHYLWFK
VOLVWZDVUHPDUNDEOHIRULWV
DPSOLWXGHDQGFLUFXPVWDQWLDOLW\LQWKDWQRWDVLQJOHSHDVDQWKDGVXFK
RIKLVSHFXOLDUFKDUDFWHULVWLFVRPLWWHGDVWKDWWKHGHFHDVHGKDGEHHQ
H[FHOOHQWDWMRLQHU\RUVREHUDQGUHDG\WRSD\DWWHQWLRQWRKLV
ZRUN$OVRLQ6REDNHYLWFK
VOLVWWKHUHZDVUHFRUGHGZKRKDGEHHQWKH
IDWKHUDQGWKHPRWKHURIHDFKRIWKHGHFHDVHGDQGKRZWKRVHSDUHQWV
KDGEHKDYHGWKHPVHOYHV2QO\DJDLQVWWKHQDPHRIDFHUWDLQ7KHGRWRY
ZDVWKHUHLQVFULEHG)DWKHUXQNQRZQ0RWKHUWKHPDLGVHUYDQW
.DSLWROLQD0RUDOVDQG+RQHVW\JRRG7KHVHGHWDLOVFRPPXQLFDWHGWR
WKHGRFXPHQWDFHUWDLQDLURIIUHVKQHVVWKH\VHHPHGWRFRQQRWHWKDW
WKHSHDVDQWVLQTXHVWLRQKDGOLYHGEXW\HVWHUGD\$V&KLFKLNRYVFDQQHG
WKHOLVWKHIHOWVRIWHQHGLQVSLULWDQGVDLGZLWKDVLJK
0\IULHQGVZKDWDFRQFRXUVHRI\RXLVKHUH+RZGLG\RXDOOSDVV
\RXUOLYHVP\EUHWKUHQ"$QGKRZGLG\RXDOOFRPHWRGHSDUWKHQFH"
$VKHVSRNHKLVH\HVKDOWHGDWRQHQDPHLQSDUWLFXODUWKDWRIWKH
VDPH3HWHU6DYHOLHY1HXYD]KDL.RULWRZKRKDGRQFHEHHQWKHSURSHUW\RI
WKHZLQGRZ.RURERWFKND2QFHPRUHKHFRXOGQRWKHOSH[FODLPLQJ
:KDWDVHULHVRIWLWOHV7KH\RFFXS\DZKROHOLQH3HWHU6DYHOLHY,
ZRQGHUZKHWKHU\RXZHUHDQDUWLVDQRUDSODLQPX]KLN$OVR,ZRQGHU
KRZ\RXFDPHWRPHHW\RXUHQGZKHWKHULQDWDYHUQRUZKHWKHUWKURXJK

129

JRLQJWRVOHHSLQWKHPLGGOHRIWKHURDGDQGEHLQJUXQRYHUE\DWUDLQ
RIZDJJRQV$JDLQ,VHHWKHQDPH
3UREND6WHSDQFDUSHQWHUYHU\
VREHU
7KDWPXVWEHWKHKHURRIZKRPWKH*XDUGVZRXOGKDYHEHHQVR
JODGWRJHWKROG+RZZHOO,FDQLPDJLQHKLPWUDPSLQJWKHFRXQWU\ZLWK
DQD[HLQKLVEHOWDQGKLVERRWVRQKLVVKRXOGHUDQGOLYLQJRQDIHZ
JURDWV
ZRUWKRIEUHDGDQGGULHGILVKSHUGD\DQGWDNLQJKRPHD
FRXSOHRIKDOIURXEOHSLHFHVLQKLVSXUVHDQGVHZLQJWKHQRWHVLQWR
KLVEUHHFKHVRUVWXIILQJWKHPLQWRKLVERRWV,QZKDWPDQQHUFDPH\RX
E\\RXUHQG3UREND6WHSDQ"'LG\RXIRUJRRGZDJHVPRXQWDVFDIIROG
DURXQGWKHFXSRODRIWKHYLOODJHFKXUFKDQGFOLPELQJWKHQFHWRWKH
FURVVDERYHPLVV\RXUIRRWLQJRQDEHDPDQGIDOOKHDGORQJZLWKQRQH
DWKDQGEXW8QFOH0LFKDLWKHJRRGXQFOHZKRVFUDWFKLQJWKHEDFNRI
KLVQHFNDQGPXWWHULQJ
$K9DQLDIRURQFH\RXKDYHEHHQWRR
FOHYHU
VWUDLJKWZD\ODVKHGKLPVHOIWRDURSHDQGWRRN\RXUSODFH"

0DNVLP7HOLDWQLNRYVKRHPDNHU
$VKRHPDNHULQGHHG"
$VGUXQNDVD
VKRHPDNHU
VD\VWKHSURYHUEB,BNQRZZKDW\RXZHUHOLNHP\IULHQG
,I\RXZLVK,ZLOOWHOO\RX\RXUZKROHKLVWRU\<RXZHUHDSSUHQWLFHG
WRD*HUPDQZKRIHG\RXDQG\RXUIHOORZVDWDFRPPRQWDEOHWKUDVKHG
\RXZLWKDVWUDSNHSW\RXLQGRRUVZKHQHYHU\RXKDGPDGHDPLVWDNH
DQGVSRNHRI\RXLQXQFRPSOLPHQWDU\WHUPVWRKLVZLIHDQGIULHQGV$W
OHQJWKZKHQ\RXUDSSUHQWLFHVKLSZDVRYHU\RXVDLGWR\RXUVHOI
,DP
JRLQJWRVHWXSRQP\RZQDFFRXQWDQGQRWMXVWWRVFUDSHWRJHWKHUD
NRSHFNKHUHDQGDNRSHFNWKHUHDVWKH*HUPDQVGREXWWRJURZULFK
TXLFN
+HQFH\RXWRRNDVKRSDWDKLJKUHQWEHVSRNHDIHZRUGHUV
DQGVHWWRZRUNWREX\XSVRPHURWWHQOHDWKHURXWRIZKLFK\RXFRXOG
PDNHRQHDFKSDLURIERRWVDGRXEOHSURILW%XWWKRVHERRWVVSOLW
ZLWKLQDIRUWQLJKWDQGEURXJKWGRZQXSRQ\RXUKHDGGLUHVKRZHUVRI
PDOHGLFWLRQVZLWKWKHUHVXOWWKDWJUDGXDOO\\RXUVKRSJUHZHPSW\RI
FXVWRPHUVDQG\RXIHOOWRURDPLQJWKHVWUHHWVDQGH[FODLPLQJ
7KH
ZRUOGLVDYHU\SRRUSODFHLQGHHG$5XVVLDQFDQQRWPDNHDOLYLQJIRU
*HUPDQFRPSHWLWLRQ
:HOOZHOO
(OL]DEHWD9RUREHL
%XWWKDWLVD
:20$1
6QDPH+RZFRPHV6+(WREHRQWKHOLVW"7KDWYLOODLQ
6REDNHYLWFKPXVWKDYHVQHDNHGKHULQZLWKRXWP\NQRZLQJLW

*ULJRUL*RLH]KDLQH'RLHGHVK
KHZHQWRQ:KDWVRUWRIDPDQZHUH
<28,ZRQGHU":HUH\RXDFDUULHUZKRKDYLQJVHWXSDWHDPRIWKUHH
KRUVHVDQGDWLOWZDJJRQOHIW\RXUKRPH\RXUQDWLYHKRYHOIRUHYHU
DQGGHSDUWHGWRFDUWPHUFKDQGLVHWRPDUNHW":DVLWRQWKHKLJKZD\WKDW
\RXVXUUHQGHUHG\RXUVRXOWR*RGRUGLG\RXUIULHQGVILUVWPDUU\\RX
WRVRPHIDWUHGIDFHGVROGLHU
VGDXJKWHUDIWHUZKLFK\RXUKDUQHVV
DQGWHDPRIURXJKEXWVWXUG\KRUVHVFDXJKWDKLJKZD\PDQ
VIDQF\DQG
\RXO\LQJRQ\RXUSDOOHWWKRXJKWWKLQJVRYHUXQWLOZLOO\QLOO\\RX
IHOWWKDW\RXPXVWJHWXSDQGPDNHIRUWKHWDYHUQWKHUHDIWHU
EOXQGHULQJLQWRDQLFHKROH"$KRXUSHDVDQWRI5XVVLD1HYHUGR\RX

130

ZHOFRPHGHDWKZKHQLWFRPHV
$QG\RXP\IULHQGV"FRQWLQXHG&KLFKLNRYWXUQLQJWRWKHVKHHW
ZKHUHRQZHUHLQVFULEHGWKHQDPHVRI3OXVKNLQ
VDEVFRQGHGVHUIV
$OWKRXJK\RXDUHVWLOODOLYHZKDWLVWKHJRRGRI\RX"<RXDUH
SUDFWLFDOO\GHDG:KLWKHU,ZRQGHUKDYH\RXUIXJLWLYHIHHWFDUULHG
\RX"'LG\RXIDUHKDUGO\DW3OXVKNLQ
VRUZDVLWWKDW\RXUQDWXUDO
LQFOLQDWLRQVOHG\RXWRSUHIHUURDPLQJWKHZLOGVDQGSOXQGHULQJ
WUDYHOOHUV"$UH\RXE\WKLVWLPHLQJDRORUKDYH\RXWDNHQVHUYLFH
ZLWKRWKHUPDVWHUVIRUWKHWLOODJHRIWKHLUODQGV"
(UHPHL.DULDNLQ
1LNLWD9RORNLWDDQG$QWRQ9RORNLWD VRQRIWKHIRUHJRLQJ 
7RMXGJH
IURP\RXUVXUQDPHV\RXZRXOGVHHPWRKDYHEHHQERUQJDGDERXWV>@

3RSRYKRXVHKROGVHUI
3UREDEO\\RXDUHDQHGXFDWHGPDQJRRG3RSRY
DQGJRLQIRUSROLWHWKLHYLQJDVGLVWLQJXLVKHGIURPWKHPRUHYXOJDU
FXWWKURDWVRUW,QP\PLQG
VH\H,VHHPWRVHHD&DSWDLQRI5XUDO
3ROLFHFKDOOHQJLQJ\RXIRUEHLQJZLWKRXWDSDVVSRUWZKHUHXSRQ\RX
VWDNH\RXUDOOXSRQDVLQJOHWKURZ
7RZKRPGR\RXEHORQJ"
DVNVWKH
&DSWDLQSUREDEO\DGGLQJWRKLVTXHVWLRQDIRUFLEOHH[SOHWLYH
7R
VXFKDQGVXFKDODQGRZQHU
VWRXWO\\RXUHSO\
$QGZKDWDUH\RXGRLQJ
KHUH"
FRQWLQXHVWKH&DSWDLQ
,KDYHMXVWUHFHLYHGSHUPLVVLRQWRJR
DQGHDUQP\REURN
LV\RXUIOXHQWH[SODQDWLRQ
7KHQZKHUHLV\RXU
SDVVSRUW"

$W0LHVWFKDQLQ>@3LPHQRY
V

3LPHQRY
V"7KHQDUH\RX
3LPHQRYKLPVHOI"

<HV,DP3LPHQRYKLPVHOI

+HKDVJLYHQ\RXKLV
SDVVSRUW"

1RKHKDVQRWJLYHQPHKLVSDVVSRUW

&RPHFRPH

VKRXWVWKH&DSWDLQZLWKDQRWKHUIRUFLEOHH[SOHWLYH
<RXDUHO\LQJ

1R,DPQRW
LV\RXUGRJJHGUHSO\
,WLVRQO\WKDWODVWQLJKW,
FRXOGQRWUHWXUQKLPKLVSDVVSRUWEHFDXVH,FDPHKRPHODWHVR,
KDQGHGLWWR$QWLS3URFKRURYWKHEHOOULQJHUIRUKLPWRWDNHFDUH
RI

%HOOULQJHULQGHHG7KHQ+(JDYH\RXDSDVVSRUW"

1R,GLG
QRWUHFHLYHDSDVVSRUWIURPKLPHLWKHU

:KDW"
DQGKHUHWKH&DSWDLQ
VKRXWVDQRWKHUH[SOHWLYH
+RZGDUH\RXNHHSRQO\LQJ":KHUHLV<285
2:1SDVVSRUW"

,KDGRQHDOOULJKW
\RXUHSO\FXQQLQJO\
EXWPXVW
KDYHGURSSHGLWVRPHZKHUHRQWKHURDGDV,FDPHDORQJ

$QGZKDW
DERXWWKDWVROGLHU
VFRDW"
DVNVWKH&DSWDLQZLWKDQLPSROLWH
DGGLWLRQ
:KHQFHGLG\RXJHWLW"$QGZKDWRIWKHSULHVW
VFDVKER[DQG
FRSSHUPRQH\"


$ERXWWKHP,NQRZQRWKLQJ
\RXUHSO\GRJJHGO\

1HYHUDWDQ\WLPHKDYH,FRPPLWWHGDWKHIW

7KHQKRZLVLWWKDWWKH
FRDWZDVIRXQGDW\RXUSODFH"

,GRQRWNQRZ3UREDEO\VRPHRQHHOVH
SXWLWWKHUH

<RXUDVFDO\RXUDVFDO
VKRXWVWKH&DSWDLQVKDNLQJ
KLVKHDGDQGFORVLQJLQXSRQ\RX
3XWWKHOHJLURQVXSRQKLPDQG
RIIZLWKKLPWRSULVRQ

:LWKSOHDVXUH
\RXUHSO\DVWDNLQJD
VQXIIER[IURP\RXUSRFNHW\RXRIIHUDSLQFKWRHDFKRIWKHWZR
JHQGDUPHVZKRDUHPDQDFOLQJ\RXZKLOHDOVRLQTXLULQJKRZORQJWKH\
KDYHEHHQGLVFKDUJHGIURPWKHDUP\DQGLQZKDWZDUVWKH\PD\KDYH

131

VHUYHG$QGLQSULVRQ\RXUHPDLQXQWLO\RXUFDVHFRPHVRQZKHQWKH
MXVWLFHRUGHUV\RXWREHUHPRYHGIURP7VDUHY.RNVKDLNDWRVXFKDQG
VXFKDQRWKHUSULVRQDQGDVHFRQGMXVWLFHRUGHUV\RXWREHWUDQVIHUUHG
WKHQFHWR9HVLHJRQVNRUVRPHZKHUHHOVHDQG\RXJRIOLWWLQJIURPJDRO
WRJDRODQGVD\LQJHDFKWLPHDV\RXH\H\RXUQHZKDELWDWLRQ
7KH
ODVWSODFHZDVDJRRGGHDOFOHDQHUWKDQWKLVRQHLVDQGRQHFRXOG
SOD\EDENL>@WKHUHDQGVWUHWFKRQH
VOHJVDQGVHHDOLWWOH
VRFLHW\

>@7KHQDPHV.DULDNLQDQG9RORNLWDPLJKWSHUKDSVEHWUDQVODWHGDV
*DOODQWDQG/RDIHU
>@7UDGHVPDQRUFLWL]HQ
>@7KHJDPHRINQXFNOHERQHV

$EDNXP7KLURY
&KLFKLNRYZHQWRQDIWHUDSDXVH:KDWRI<28
EURWKHU":KHUHDQGLQZKDWFDSDFLW\DUH<28GLVSRUWLQJ\RXUVHOI"
+DYH\RXJRQHWRWKH9ROJDFRXQWU\DQGEHFRPHELWWHQZLWKWKHOLIHRI
IUHHGRPDQGMRLQHGWKHILVKHUPHQRIWKHULYHU"
+HUHEUHDNLQJRII&KLFKLNRYUHODSVHGLQWRVLOHQWPHGLWDWLRQ2IZKDW
ZDVKHWKLQNLQJDVKHVDWWKHUH":DVKHWKLQNLQJRIWKHIRUWXQHVRI
$EDNXP7KLURYRUZDVKHPHGLWDWLQJDVPHGLWDWHVHYHU\5XVVLDQZKHQ
KLVWKRXJKWVRQFHWXUQWRWKHMR\VRIDQHPDQFLSDWHGH[LVWHQFH"
$KZHOOKHVLJKHGORRNLQJDWKLVZDWFK,WKDVQRZJRQHWZHOYH
R
FORFN:K\KDYH,VRIRUJRWWHQP\VHOI"7KHUHLVVWLOOPXFKWREH
GRQH\HW,JRVKXWWLQJP\VHOIXSDQGOHWWLQJP\WKRXJKWVZDQGHU:KDW
DIRRO,DP
6RVD\LQJKHH[FKDQJHGKLV6FRWWLVKFRVWXPH RIDVKLUWDQGQRWKLQJ
HOVH IRUDWWLUHRIDPRUH(XURSHDQQDWXUHDIWHUZKLFKKHSXOOHG
WLJKWWKHZDLVWFRDWRYHUKLVDPSOHVWRPDFKVSULQNOHGKLPVHOIZLWK
HDXGH&RORJQHWXFNHGKLVSDSHUVXQGHUKLVDUPWRRNKLVIXUFDSDQG
VHWRXWIRUWKHPXQLFLSDORIILFHVIRUWKHSXUSRVHRIFRPSOHWLQJWKH
WUDQVIHURIVRXOV7KHIDFWWKDWKHKXUULHGDORQJZDVQRWGXHWRD
IHDURIEHLQJODWH VHHLQJWKDWWKH3UHVLGHQWRIWKH/RFDO&RXQFLOZDV
DQLQWLPDWHDFTXDLQWDQFHRIKLVDVZHOODVDIXQFWLRQDU\ZKRFRXOG
VKRUWHQRUSURORQJDQLQWHUYLHZDWZLOOHYHQDV+RPHU
V=HXVZDVDEOH
WRVKRUWHQRUWRSURORQJDQLJKWRUDGD\ZKHQHYHULWEHFDPH
QHFHVVDU\WRSXWDQHQGWRWKHILJKWLQJRIKLVIDYRXULWHKHURHVRUWR
HQDEOHWKHPWRMRLQEDWWOH EXWUDWKHUWRDIHHOLQJWKDWKHZRXOG
OLNHWRKDYHWKHDIIDLUFRQFOXGHGDVTXLFNO\DVSRVVLEOHVHHLQJWKDW

132

WKURXJKRXWLWKDGEHHQDQDQ[LRXVDQGGLIILFXOWEXVLQHVV$OVRKH
FRXOGQRWJHWULGRIWKHLGHDWKDWKLVVRXOVZHUHXQVXEVWDQWLDO
WKLQJVDQGWKDWWKHUHIRUHXQGHUWKHFLUFXPVWDQFHVKLVVKRXOGHUVKDG
EHWWHUEHUHOLHYHGRIWKHLUORDGZLWKWKHOHDVWSRVVLEOHGHOD\
3XOOLQJRQKLVFLQQDPRQFRORXUHGEHDUOLQHGRYHUFRDWDVKHZHQWKH
KDGMXVWVWHSSHGWKRXJKWIXOO\LQWRWKHVWUHHWZKHQKHFROOLGHGZLWKD
JHQWOHPDQGUHVVHGLQDVLPLODUFRDWDQGDQHDUODSSHWHGIXUFDS8SRQ
WKDWWKHJHQWOHPDQXWWHUHGDQH[FODPDWLRQ%HKROGLWZDV0DQLORY$W
RQFHWKHIULHQGVEHFDPHIROGHGLQDVWUHQXRXVHPEUDFHDQGUHPDLQHGVR
ORFNHGIRUIXOO\ILYHPLQXWHV,QGHHGWKHNLVVHVH[FKDQJHGZHUHVR
YLJRURXVWKDWERWKVXIIHUHGIURPWRRWKDFKHIRUWKHJUHDWHUSRUWLRQRI
WKHGD\$OVR0DQLORY
VGHOLJKWZDVVXFKWKDWRQO\KLVQRVHDQGOLSV
UHPDLQHGYLVLEOHWKHH\HVFRPSOHWHO\GLVDSSHDUHG$IWHUZDUGVKHVSHQW
DERXWDTXDUWHURIDQKRXULQKROGLQJ&KLFKLNRY
VKDQGDQGFKDILQJLW
YLJRURXVO\/DVWO\KHLQWKHPRVWSOHDVDQWDQGH[TXLVLWHWHUPV
SRVVLEOHLQWLPDWHGWRKLVIULHQGWKDWKHKDGMXVWEHHQRQKLVZD\WR
HPEUDFH3DXO,YDQRYLWFKDQGXSRQWKLVIROORZHGDFRPSOLPHQWRIWKH
NLQGZKLFKZRXOGPRUHILWWLQJO\KDYHEHHQDGGUHVVHGWRDODG\ZKRZDV
EHLQJDVNHGWRDFFRUGDSDUWQHUWKHIDYRXURIDGDQFH&KLFKLNRYKDG
RSHQHGKLVPRXWKWRUHSO\WKRXJKHYHQ+(IHOWDWDORVVKRZWR
DFNQRZOHGJHZKDWKDGMXVWEHHQVDLGZKHQ0DQLORYFXWKLPVKRUWE\
SURGXFLQJIURPXQGHUKLVFRDWDUROORISDSHUWLHGZLWKUHGULEDQG
:KDWKDYH\RXWKHUH"DVNHG&KLFKLNRY
7KHOLVWRIP\VRXOV
$K$QGDV&KLFKLNRYXQUROOHGWKHGRFXPHQWDQGUDQKLVH\HRYHULW
KHFRXOGQRWEXWPDUYHODWWKHHOHJDQWQHDWQHVVZLWKZKLFKLWKDGEHHQ
LQVFULEHG
,WLVDEHDXWLIXOSLHFHRIZULWLQJKHVDLG,QIDFWWKHUHZLOOEH
QRQHHGWRPDNHDFRS\RILW$OVRLWKDVDERUGHUDURXQGLWVHGJH
:KRZRUNHGWKDWH[TXLVLWHERUGHU"
'RQRWDVNPHVDLG0DQLORY
'LG<28GRLW"
1RP\ZLIH
'HDUGHDU&KLFKLNRYFULHG7RWKLQNWKDW,VKRXOGKDYHSXWKHUWR
VRPXFKWURXEOH

133

127+,1*FRXOGEHWRRPXFKWURXEOHZKHUH3DXO,YDQRYLWFKLVFRQFHUQHG
&KLFKLNRYERZHGKLVDFNQRZOHGJHPHQWV1H[WRQOHDUQLQJWKDWKHZDVRQ
KLVZD\WRWKHPXQLFLSDORIILFHVIRUWKHSXUSRVHRIFRPSOHWLQJWKH
WUDQVIHU0DQLORYH[SUHVVHGKLVUHDGLQHVVWRDFFRPSDQ\KLPZKHUHIRUH
WKHSDLUOLQNHGDUPLQDUPDQGSURFHHGHGWRJHWKHU:KHQHYHUWKH\
HQFRXQWHUHGDVOLJKWULVHLQWKHJURXQGHYHQWKHVPDOOHVWXQHYHQQHVV
RUGLIIHUHQFHRIOHYHO0DQLORYVXSSRUWHG&KLFKLNRYZLWKVXFKHQHUJ\
DVDOPRVWWROLIWKLPRIIKLVIHHWZKLOHDFFRPSDQ\LQJWKHVHUYLFH
ZLWKDVPLOLQJLPSOLFDWLRQWKDWQRWLI+(FRXOGKHOSLWVKRXOG3DXO
,YDQRYLWFKVOLSRUIDOO1HYHUWKHOHVVWKLVFRQGXFWDSSHDUHGWR
HPEDUUDVV&KLFKLNRYHLWKHUEHFDXVHKHFRXOGQRWILQGDQ\ILWWLQJ
ZRUGVRIJUDWLWXGHRUEHFDXVHKHFRQVLGHUHGWKHSURFHHGLQJWLUHVRPH
DQGLWZDVZLWKDVHQVHRIUHOLHIWKDWKHGHERXFKHGXSRQWKHVTXDUH
ZKHUHWKHPXQLFLSDORIILFHVDODUJHWKUHHVWRULHGEXLOGLQJRID
FKDON\ZKLWHQHVVZKLFKSUREDEO\V\PEROLVHGWKHSXULW\RIWKHVRXOV
HQJDJHGZLWKLQZHUHVLWXDWHG1RRWKHUEXLOGLQJLQWKHVTXDUHFRXOG
YLHZLWKWKHPLQVL]HVHHLQJWKDWWKHUHPDLQLQJHGLILFHVFRQVLVWHG
RQO\RIDVHQWU\ER[DVKHOWHUIRUWZRRUWKUHHFDEPHQDQGDORQJ
KRDUGLQJWKHODWWHUDGRUQHGZLWKWKHXVXDOELOOVSRVWHUVDQG
VFUDZOVLQFKDONDQGFKDUFRDO$WLQWHUYDOVIURPWKHZLQGRZVRIWKH
VHFRQGDQGWKLUGVWRULHVRIWKHPXQLFLSDORIILFHVWKHLQFRUUXSWLEOH
KHDGVRIFHUWDLQRIWKHDWWHQGDQWSULHVWVRI7KHPLVZRXOGSHHUTXLFNO\
IRUWKDQGDVTXLFNO\GLVDSSHDUDJDLQSUREDEO\IRUWKHUHDVRQWKDWD
VXSHULRURIILFLDOKDGMXVWHQWHUHGWKHURRP0HDQZKLOHWKHWZRIULHQGV
DVFHQGHGWKHVWDLUFDVHQD\DOPRVWIOHZXSLWVLQFHORQJLQJWRJHW
ULGRI0DQLORY
VHYHUVXSSRUWLQJDUP&KLFKLNRYKDVWHQHGKLVVWHSV
DQG0DQLORYNHSWGDUWLQJIRUZDUGWRDQWLFLSDWHDQ\SRVVLEOHIDLOXUHRQ
WKHSDUWRIKLVFRPSDQLRQ
VOHJV&RQVHTXHQWO\WKHSDLUZHUH
EUHDWKOHVVZKHQWKH\UHDFKHGWKHILUVWFRUULGRU,QSDVVLQJLWPD\EH
UHPDUNHGWKDWQHLWKHUFRUULGRUVQRUURRPVHYLQFHGDQ\RIWKDW
FOHDQOLQHVVDQGSXULW\ZKLFKPDUNHGWKHH[WHULRURIWKHEXLOGLQJIRU
VXFKDWWULEXWHVZHUHQRWWURXEOHGDERXWZLWKLQDQGDQ\WKLQJWKDWZDV
GLUW\UHPDLQHGVRDQGGRQQHGQRPHULWULFLRXVSXUHO\H[WHUQDO
GLVJXLVH,WZDVDVWKRXJK7KHPLVUHFHLYHGKHUYLVLWRUVLQQHJOLJHDQG
DGUHVVLQJJRZQ7KHDXWKRUZRXOGDOVRJLYHDGHVFULSWLRQRIWKH
YDULRXVRIILFHVWKURXJKZKLFKRXUKHURSDVVHGZHUHLWQRWWKDWKH
WKHDXWKRU VWDQGVLQDZHRIVXFKOHJDOKDXQWV
$SSURDFKLQJWKHILUVWGHVNZKLFKKHKDSSHQHGWRHQFRXQWHU&KLFKLNRY
LQTXLUHGRIWKHWZR\RXQJRIILFLDOVZKRZHUHVHDWHGDWLWZKHWKHUWKH\
ZRXOGNLQGO\WHOOKLPZKHUHEXVLQHVVUHODWLQJWRVHUILQGHQWXUHZDV
WUDQVDFWHG

134

2IZKDWQDWXUHSUHFLVHO\,6\RXUEXVLQHVV"FRXQWHUHGRQHRIWKH
\RXWKIXORIILFLDOVDVKHWXUQHGKLPVHOIURXQG
,GHVLUHWRPDNHDQDSSOLFDWLRQ
,QFRQQHFWLRQZLWKDSXUFKDVH"
<HV%XWDV,VD\,VKRXOGOLNHILUVWWRNQRZZKHUH,FDQILQGWKH
GHVNGHYRWHGWRVXFKEXVLQHVV,VLWKHUHRUHOVHZKHUH"
<RXPXVWVWDWHZKDWLWLV\RXKDYHERXJKWDQGIRUKRZPXFK7+(1
ZHVKDOOEHKDSS\WRJLYH\RXWKHLQIRUPDWLRQ
&KLFKLNRYSHUFHLYHGWKDWWKHRIILFLDOV
PRWLYHZDVPHUHO\RQHRI
FXULRVLW\DVRIWHQKDSSHQVZKHQ\RXQJWFKLQRYQLNVGHVLUHWRFXWD
PRUHLPSRUWDQWDQGLPSRVLQJILJXUHWKDQLVULJKWIXOO\WKHLUV
/RRNKHUH\RXQJVLUVKHVDLG,NQRZIRUDIDFWWKDWDOOVHUI
EXVLQHVVQRPDWWHUWRZKDWYDOXHLVWUDQVDFWHGDWRQHGHVNDORQH
&RQVHTXHQWO\,DJDLQUHTXHVW\RXWRGLUHFWPHWRWKDWGHVN2IFRXUVH
LI\RXGRQRWNQRZ\RXUEXVLQHVV,FDQHDVLO\DVNVRPHRQHHOVH
7RWKLVWKHWFKLQRYQLNVPDGHQRUHSO\EH\RQGSRLQWLQJWRZDUGVDFRUQHU
RIWKHURRPZKHUHDQHOGHUO\PDQDSSHDUHGWREHHQJDJHGLQVRUWLQJ
VRPHSDSHUV$FFRUGLQJO\&KLFKLNRYDQG0DQLORYWKUHDGHGWKHLUZD\LQ
KLVGLUHFWLRQWKURXJKWKHGHVNVZKHUHXSRQWKHHOGHUO\PDQEHFDPH
YLROHQWO\EXV\
:RXOG\RXPLQGWHOOLQJPHVDLG&KLFKLNRYERZLQJZKHWKHUWKLVLV
WKHGHVNIRUVHUIDIIDLUV"
7KHHOGHUO\PDQUDLVHGKLVH\HVDQGVDLGVWLIIO\
7KLVLV127WKHGHVNIRUVHUIDIIDLUV
:KHUHLVLWWKHQ"
,QWKH6HUI'HSDUWPHQW
$QGZKHUHPLJKWWKH6HUI'HSDUWPHQWEH"
,QFKDUJHRI,YDQ$QWRQRYLWFK
$QGZKHUHLV,YDQ$QWRQRYLWFK"

135

7KHHOGHUO\PDQSRLQWHGWRDQRWKHUFRUQHURIWKHURRPZKLWKHU
&KLFKLNRYDQG0DQLORYQH[WGLUHFWHGWKHLUVWHSV$VWKH\DGYDQFHG
,YDQ$QWRQRYLWFKFDVWDQH\HEDFNZDUGVDQGYLHZHGWKHPDVNDQFH7KHQ
ZLWKUHQHZHGDUGRXUKHUHVXPHGKLVZRUNRIZULWLQJ
:RXOG\RXPLQGWHOOLQJPHVDLG&KLFKLNRYERZLQJZKHWKHUWKLVLV
WKHGHVNIRUVHUIDIIDLUV"
,WDSSHDUHGDVWKRXJK,YDQ$QWRQRYLWFKKDGQRWKHDUGVRFRPSOHWHO\
GLGKHEXU\KLPVHOILQKLVSDSHUVDQGUHWXUQQRUHSO\,QVWDQWO\LW
EHFDPHSODLQWKDW+(DWOHDVWZDVRIDQDJHRIGLVFUHWLRQDQGQRW
RQHRI\RXUMHMXQHFKDWWHUER[HVDQGKDUXPVFDUXPVIRUDOWKRXJKKLV
KDLUZDVVWLOOWKLFNDQGEODFNKHKDGORQJDJRSDVVHGKLVIRUWLHWK
\HDU+LVZKROHIDFHWHQGHGWRZDUGVWKHQRVHLWZDVZKDWLQFRPPRQ
SDUODQFHLVNQRZQDVDSLWFKHUPXJ
:RXOG\RXPLQGWHOOLQJPHUHSHDWHG&KLFKLNRYZKHWKHUWKLVLVWKH
GHVNIRUVHUIDIIDLUV"
,WLVWKDWVDLG,YDQ$QWRQRYLWFKDJDLQORZHULQJKLVMXJVKDSHG
MRZODQGUHVXPLQJKLVZULWLQJ
7KHQ,VKRXOGOLNHWRWUDQVDFWWKHIROORZLQJEXVLQHVV)URPYDULRXV
ODQGRZQHUVLQWKLVFDQWRQ,KDYHSXUFKDVHGDQXPEHURISHDVDQWVIRU
WUDQVIHU+HUHLVWKHSXUFKDVHOLVWDQGLWQHHGVEXWWREH
UHJLVWHUHG
+DYH\RXDOVRWKHYHQGRUVKHUH"
6RPHRIWKHPDQGIURPWKHUHVW,KDYHREWDLQHGSRZHUVRIDWWRUQH\
$QGKDYH\RX\RXUVWDWHPHQWRIDSSOLFDWLRQ"
<HV,GHVLUHLQGHHGLWLVQHFHVVDU\IRUPHVRWRGRWRKDVWHQ
PDWWHUVDOLWWOH&RXOGWKHDIIDLUWKHUHIRUHEHFDUULHGWKURXJK
WRGD\"
7RGD\"2KGHDUQRVDLG,YDQ$QWRQRYLWFK%HIRUHWKDWFDQEHGRQH
\RXPXVWIXUQLVKPHZLWKIXUWKHUSURRIVWKDWQRLPSHGLPHQWVH[LVW
7KHQWRH[SHGLWHPDWWHUVOHWPHVD\WKDW,YDQ*ULJRULHYLWFKWKH
3UHVLGHQWRIWKH&RXQFLOLVDYHU\LQWLPDWHIULHQGRIPLQH

136

3RVVLEO\VDLG,YDQ$QWRQRYLWFKZLWKRXWHQWKXVLDVP%XW,YDQ
*ULJRULHYLWFKDORQHZLOOQRWGRLWLVFXVWRPDU\WRKDYHRWKHUVDV
ZHOO
<HVEXWWKHDEVHQFHRIRWKHUVZLOOQRWDOWRJHWKHULQYDOLGDWHWKH
WUDQVDFWLRQ,WRRKDYHEHHQLQWKHVHUYLFHDQGNQRZKRZWKLQJVFDQ
EHGRQH
<RXKDGEHWWHUJRDQGVHH,YDQ*ULJRULHYLWFKVDLG,YDQ$QWRQRYLWFK
PRUHPLOGO\6KRXOGKHJLYH\RXDQRUGHUDGGUHVVHGWRZKRPLWPD\
FRQFHUQZHVKDOOVRRQEHDEOHWRVHWWOHWKHPDWWHU
8SRQWKDW&KLFKLNRYSXOOHGIURPKLVSRFNHWDSDSHUDQGODLGLWEHIRUH
,YDQ$QWRQRYLWFK$WRQFHWKHODWWHUFRYHUHGLWZLWKDERRN&KLFKLNRY
DJDLQDWWHPSWHGWRVKRZLWWRKLPEXWZLWKDPRYHPHQWRIKLVKHDG
,YDQ$QWRQRYLWFKVLJQLILHGWKDWWKDWZDVXQQHFHVVDU\
$FOHUNKHDGGHGZLOOQRZFRQGXFW\RXWR,YDQ*ULJRULHYLWFK
V
URRP
8SRQWKDWRQHRIWKHWRLOHUVLQWKHVHUYLFHRI7KHPLVD]HDORWZKR
KDGRIIHUHGKHUVXFKKHDUWIHOWVDFULILFHWKDWKLVFRDWKDGEXUVWDW
WKHHOERZVDQGODFNHGDOLQLQJHVFRUWHGRXUIULHQGV HYHQDV9LUJLO
KDGRQFHHVFRUWHG'DQWH WRWKHDSDUWPHQWRIWKH3UHVHQFH,QWKLV
VDQFWXPZHUHVRPHPDVVLYHDUPFKDLUVDWDEOHODGHQZLWKWZRRUWKUHH
IDWERRNVDQGDODUJHORRNLQJJODVV/DVWO\LQ DSSDUHQWO\ VXQOLNH
LVRODWLRQWKHUHZDVVHDWHGDWWKHWDEOHWKH3UHVLGHQW2QDUULYLQJDW
WKHGRRURIWKHDSDUWPHQWRXUPRGHUQ9LUJLOVHHPHGWRKDYHEHFRPHVR
RYHUZKHOPHGZLWKDZHWKDWZLWKRXWGDULQJHYHQWRLQWUXGHDIRRWKH
WXUQHGEDFNDQGLQVRGRLQJRQFHPRUHH[KLELWHGDEDFNDVVKLQ\DV
DPDWDQGKDYLQJDGKHULQJWRLWLQRQHVSRWDFKLFNHQ
VIHDWKHU$V
VRRQDVWKHWZRIULHQGVKDGHQWHUHGWKHKDOORIWKH3UHVHQFHWKH\
SHUFHLYHGWKDWWKH3UHVLGHQWZDV127DORQHEXWRQWKHFRQWUDU\
KDGVHDWHGE\KLVVLGH6REDNHYLWFKZKRVHIRUPKDGKLWKHUWREHHQ
FRQFHDOHGE\WKHLQWHUYHQLQJPLUURU7KHQHZFRPHUV
HQWU\HYRNHG
VXQGU\H[FODPDWLRQVDQGWKHSXVKLQJEDFNRIDSDLURI*RYHUQPHQW
FKDLUVDVWKHYROXPLQRXVVOHHYHG6REDNHYLWFKURVHLQWRYLHZIURP
EHKLQGWKHORRNLQJJODVV&KLFKLNRYWKH3UHVLGHQWUHFHLYHGZLWKDQ
HPEUDFHDQGIRUDZKLOHWKHKDOORIWKH3UHVHQFHUHVRXQGHGZLWK
RVFXODWRU\VDOXWDWLRQVDVPXWXDOO\WKHSDLULQTXLUHGDIWHURQH
DQRWKHU
VKHDOWK,WVHHPHGWKDWERWKKDGODWHO\KDGDWRXFKRIWKDW
SDLQXQGHUWKHZDLVWEDQGZKLFKFRPHVRIDVHGHQWDU\OLIH$OVRLW
VHHPHGWKDWWKH3UHVLGHQWKDGMXVWEHHQFRQYHUVLQJZLWK6REDNHYLWFKRQ
WKHVXEMHFWRIVDOHVRIVRXOVVLQFHKHQRZSURFHHGHGWRFRQJUDWXODWH

137

&KLFKLNRYRQWKHVDPHDSURFHHGLQJZKLFKUDWKHUHPEDUUDVVHGRXUKHUR
VHHLQJWKDW0DQLORYDQG6REDNHYLWFKWZRRIWKHYHQGRUVDQGSHUVRQV
ZLWKZKRPKHKDGEDUJDLQHGLQWKHVWULFWHVWSULYDF\ZHUHQRZ
FRQIURQWLQJRQHDQRWKHUGLUHFW+RZHYHU&KLFKLNRYGXO\WKDQNHGWKH
3UHVLGHQWDQGWKHQWXUQLQJWR6REDNHYLWFKLQTXLUHGDIWHU+,6KHDOWK
7KDQN*RG,KDYHQRWKLQJWRFRPSODLQRIUHSOLHG6REDNHYLWFKZKLFK
ZDVWUXHHQRXJKVHHLQJWKDWDSLHFHRILURQZRXOGKDYHFDXJKWFROG
DQGWDNHQWRVQHH]LQJVRRQHUWKDQZRXOGWKDWXQFRXWKO\IDVKLRQHG
ODQGRZQHU
$K\HV\RXKDYHDOZD\VKDGJRRGKHDOWKKDYH\RXQRW"SXWLQWKH
3UHVLGHQW<RXUODWHIDWKHUZDVHTXDOO\VWURQJ
<HVKHHYHQZHQWRXWEHDUKXQWLQJDORQHUHSOLHG6REDNHYLWFK
,VKRXOGWKLQNWKDW\RXWRRFRXOGZRUVWDEHDULI\RXZHUHWRWU\D
WXVVOHZLWKKLPUHMRLQHGWKH3UHVLGHQW
2KQRVDLG6REDNHYLWFK0\IDWKHUZDVDVWURQJHUPDQWKDQ,DP
7KHQZLWKDVLJKWKHVSHDNHUDGGHG%XWQRZDGD\VWKHUHDUHQRVXFK
PHQDVKH:KDWLVHYHQDOLIHOLNHPLQHZRUWK"
7KHQ\RXGRQRWKDYHDFRPIRUWDEOHWLPHRILW"H[FODLPHGWKH
3UHVLGHQW
1RIDUIURPLWUHMRLQHG6REDNHYLWFKVKDNLQJKLVKHDG-XGJHIRU
\RXUVHOI,YDQ*ULJRULHYLWFK,DPILIW\\HDUVROG\HWQHYHULQP\
OLIHKDGEHHQLOOH[FHSWIRUDQRFFDVLRQDOFDUEXQFOHRUERLO7KDWLV
QRWDJRRGVLJQ6RRQHURUODWHU,VKDOOKDYHWRSD\IRULW$QGKH
UHODSVHGLQWRPHODQFKRO\
-XVWOLVWHQWRWKHIHOORZZDV&KLFKLNRY
VDQGWKH3UHVLGHQW
VMRLQW
LQZDUGFRPPHQW:KDWRQHDUWKKDV+(WRFRPSODLQRI"
,KDYHDOHWWHUIRU\RX,YDQ*ULJRULHYLWFKZHQWRQ&KLFKLNRYDORXG
DVKHSURGXFHGIURPKLVSRFNHW3OXVKNLQ
VHSLVWOH
)URPZKRP"LQTXLUHGWKH3UHVLGHQW+DYLQJEURNHQWKHVHDOKH
H[FODLPHG:K\LWLVIURP3OXVKNLQ7RWKLQNWKDW+(LVVWLOO
DOLYH:KDWDVWUDQJHZRUOGLWLV+HXVHGWREHVXFKDQLFHIHOORZ
DQGQRZ
$QGQRZKHLVDFXUFRQFOXGHG6REDNHYLWFKDVZHOODVDPLVHUZKR

138

VWDUYHVKLVVHUIVWRGHDWK
$OORZPHDPRPHQWVDLGWKH3UHVLGHQW7KHQKHUHDGWKHOHWWHU
WKURXJK:KHQKHKDGILQLVKHGKHDGGHG<HV,DPTXLWHUHDG\WRDFW
DV3OXVKNLQ
VDWWRUQH\:KHQGR\RXZLVKWKHSXUFKDVHGHHGVWREH
UHJLVWHUHG0RQVLHXU&KLFKLNRYQRZRUODWHU"
1RZLI\RXSOHDVHUHSOLHG&KLFKLNRY,QGHHG,EHJWKDWLI
SRVVLEOHWKHDIIDLUPD\EHFRQFOXGHGWRGD\VLQFHWRPRUURZ,ZLVK
WROHDYHWKHWRZQ,KDYHEURXJKWZLWKPHERWKWKHIRUPVRILQGHQWXUH
DQGP\VWDWHPHQWRIDSSOLFDWLRQ
9HU\ZHOO1HYHUWKHOHVVZHFDQQRWOHW\RXGHSDUWVRVRRQ7KH
LQGHQWXUHVVKDOOEHFRPSOHWHGWRGD\EXW\RXPXVWFRQWLQXH\RXU
VRMRXUQLQRXUPLGVW,ZLOOLVVXHWKHQHFHVVDU\RUGHUVDWRQFH
6RVD\LQJKHRSHQHGWKHGRRULQWRWKHJHQHUDORIILFHZKHUHWKH
FOHUNVORRNHGOLNHDVZDUPRIEHHVDURXQGDKRQH\FRPE LI,PD\OLNHQ
DIIDLUVRI*RYHUQPHQWWRVXFKDQDUWLFOH" 
,V,YDQ$QWRQRYLWFKKHUH"DVNHGWKH3UHVLGHQW
<HVUHSOLHGDYRLFHIURPZLWKLQ
7KHQVHQGKLPKHUH
8SRQWKDWWKHSLWFKHUIDFHG,YDQ$QWRQRYLWFKPDGHKLVDSSHDUDQFHLQ
WKHGRRUZD\DQGERZHG
7DNHWKHVHLQGHQWXUHV,YDQ$QWRQRYLWFKVDLGWKH3UHVLGHQWDQG
VHHWKDWWKH\
%XWILUVW,ZRXOGDVN\RXWRUHPHPEHUSXWLQ6REDNHYLWFKWKDW
ZLWQHVVHVRXJKWWREHLQDWWHQGDQFHQRWOHVVWKDQWZRRQEHKDOIRI
HLWKHUSDUW\/HWXVWKHUHIRUHVHQGIRUWKH3XEOLF3URVHFXWRUZKR
KDVOLWWOHWRGRDQGKDVHYHQWKDWOLWWOHGRQHIRUKLPE\KLVFKLHI
FOHUN=RORWXFKD7KH,QVSHFWRURIWKH0HGLFDO'HSDUWPHQWLVDOVRD
PDQRIOHLVXUHDQGOLNHO\WREHDWKRPHLIKHKDVQRWJRQHRXWWRD
FDUGSDUW\2WKHUVDOVRWKHUHDUHDOOPHQZKRFXPEHUWKHJURXQGIRU
QRWKLQJ
4XLWHVRTXLWHVRDJUHHGWKH3UHVLGHQWDQGDWRQFHGLVSDWFKHGD
FOHUNWRIHWFKWKHSHUVRQVQDPHG

139

$OVRUHTXHVWHG&KLFKLNRY,VKRXOGEHJODGLI\RXZRXOGVHQGIRU
WKHDFFUHGLWHGUHSUHVHQWDWLYHRIDFHUWDLQODG\ODQGRZQHUZLWKZKRP,
KDYHGRQHEXVLQHVV+HLVWKHVRQRID)DWKHU&\ULODQGDFOHUNLQ
\RXURIILFHV
&HUWDLQO\ZHVKDOOFDOOKLPKHUHUHSOLHGWKH3UHVLGHQW(YHU\WKLQJ
VKDOOEHGRQHWRPHHW\RXUFRQYHQLHQFHDQG,IRUELG\RXWRSUHVHQW
DQ\RIRXURIILFLDOVZLWKDJUDWXLW\7KDWLVDVSHFLDOUHTXHVWRQP\
SDUW1RIULHQGRIPLQHHYHUSD\VDFRSSHU
:LWKWKDWKHJDYH,YDQ$QWRQRYLWFKWKHQHFHVVDU\LQVWUXFWLRQVDQG
WKRXJKWKH\VFDUFHO\VHHPHGWRPHHWZLWKWKDWIXQFWLRQDU\
VDSSURYDO
XSRQWKH3UHVLGHQWWKHSXUFKDVHGHHGVKDGHYLGHQWO\SURGXFHGDQ
H[FHOOHQWLPSUHVVLRQPRUHHVSHFLDOO\VLQFHWKHPRPHQWZKHQKHKDG
SHUFHLYHGWKHVXPWRWDOWRDPRXQWWRQHDUO\DKXQGUHGWKRXVDQG
URXEOHV)RUDPRPHQWRUWZRKHJD]HGLQWR&KLFKLNRY
VH\HVZLWKDQ
H[SUHVVLRQRISURIRXQGVDWLVIDFWLRQ7KHQKHVDLG
:HOOGRQH3DXO,YDQRYLWFK<RXKDYHLQGHHGPDGHDQLFHKDXO
7KDWLVVRUHSOLHG&KLFKLNRY
([FHOOHQWEXVLQHVV<HVH[FHOOHQWEXVLQHVV
,WRRFRQFHLYHWKDW,FRXOGQRWZHOOKDYHGRQHEHWWHU7KHWUXWKLV
WKDWQHYHUXQWLODPDQKDVGULYHQKRPHWKHSLOHVRIKLVOLIH
V
VWUXFWXUHXSRQDODVWLQJERWWRPLQVWHDGRIXSRQWKHZD\ZDUGFKLPHUDV
RI\RXWKZLOOKLVDLPVLQOLIHDVVXPHDGHILQLWHHQG$QGWKDW
VDLG&KLFKLNRYZHQWRQWRGHOLYHUKLPVHOIRIDYHU\WHOOLQJ
LQGLFWPHQWRI/LEHUDOLVPDQGRXUPRGHUQ\RXQJPHQ<HWLQKLVZRUGV
WKHUHVHHPHGWROXUNDFHUWDLQODFNRIFRQYLFWLRQ6RPHKRZKHVHHPHG
VHFUHWO\WREHVD\LQJWRKLPVHOI0\JRRGVLU\RXDUHWDONLQJWKH
PRVWDEVROXWHUXEELVKDQGQRWKLQJEXWUXEELVK1RUGLGKHHYHQWKURZ
DJODQFHDW6REDNHYLWFKDQG0DQLORY,WZDVDVWKRXJKKHZHUH
XQFHUWDLQZKDWKHPLJKWQRWHQFRXQWHULQWKHLUH[SUHVVLRQ<HWKHQHHG
QRWKDYHEHHQDIUDLG1HYHURQFHGLG6REDNHYLWFK
VIDFHPRYHDPXVFOH
DQGDVIRU0DQLORYKHZDVWRRPXFKXQGHUWKHVSHOORI&KLFKLNRY
V
HORTXHQFHWRGRDXJKWEH\RQGQRGKLVDSSURYDODWLQWHUYDOVDQGVWULNH
WKHNLQGRIDWWLWXGHZKLFKLVDVVXPHGE\ORYHUVRIPXVLFZKHQDODG\
VLQJHUKDVLQULYDOU\RIDQDFFRPSDQ\LQJYLROLQSURGXFHGDQRWH
ZKHUHRIWKHVKULOOQHVVZRXOGH[FHHGHYHQWKHFDSDFLW\RIDELUG
V
WKURVWOH
%XWZK\QRWWHOO,YDQ*ULJRULHYLWFKSUHFLVHO\ZKDW\RXKDYHERXJKW"

140

LQTXLUHG6REDNHYLWFKRI&KLFKLNRY$QGZK\,YDQ*ULJRULHYLWFKGR
<28QRWDVN0RQVLHXU&KLFKLNRYSUHFLVHO\ZKDWKLVSXUFKDVHVKDYH
FRQVLVWHGRI":KDWDVSOHQGLGORWRIVHUIVWREHVXUH,P\VHOIKDYH
VROGKLPP\ZKHHOZULJKW0LFKLHY
:KDW"<RXKDYHVROGKLP0LFKLHY"H[FODLPHGWKH3UHVLGHQW,NQRZ
WKHPDQZHOO+HLVDVSOHQGLGFUDIWVPDQDQGRQRQHRFFDVLRQPDGH
PHDGUR]KNL>@2QO\RQO\ZHOOODWHO\GLGQ
W\RXWHOOPHWKDWKH
LVGHDG"
>@$VRUWRIORZIRXUZKHHOHGFDUULDJH
7KDW0LFKLHYLVGHDG"UHHFKRHG6REDNHYLWFKFRPLQJSHULORXVO\QHDU
WRODXJKLQJ2KGHDUQR7KDWZDVKLVEURWKHU0LFKLHYKLPVHOILV
YHU\PXFKDOLYHDQGLQHYHQEHWWHUKHDOWKWKDQKHXVHGWREH$Q\GD\
KHFRXOGNQRFN\RXXSDEULWFKNDVXFKDV\RXFRXOGQRWSURFXUHHYHQLQ
0RVFRZ+RZHYHUKHLVQRZERXQGWRZRUNIRURQO\RQHPDVWHU
,QGHHGDVSOHQGLGFUDIWVPDQUHSHDWHGWKH3UHVLGHQW0\RQO\ZRQGHU
LVWKDW\RXFDQKDYHEURXJKW\RXUVHOIWRSDUWZLWKKLP
7KHQWKLQN\RXWKDW0LFKLHYLVWKH21/<VHUIZLWKZKRP,KDYH
SDUWHG"1D\IRU,KDYHSDUWHGDOVRZLWK3UREND6WHSDQP\FDUSHQWHU
ZLWK0LOXVKNLQP\EULFNOD\HUDQGZLWK7HOLDWQLNRYP\ERRWPDNHU
<HVWKHZKROHORW,KDYHVROG
$QGWRWKH3UHVLGHQW
VLQTXLU\ZK\KHKDGVRDFWHGVHHLQJWKDWWKH
VHUIVQDPHGZHUHDOOVNLOOHGZRUNHUVDQGLQGLVSHQVDEOHWRDKRXVHKROG
6REDNHYLWFKUHSOLHGWKDWDPHUHZKLPKDGOHGKLPWRGRVRDQGWKXV
WKHVDOHKDGRZHGLWVRULJLQWRDSLHFHRIIROO\7KHQKHKXQJKLV
KHDGDVWKRXJKDOUHDG\UHSHQWLQJRIKLVUDVKDFWDQGDGGHG
$OWKRXJKDPDQRIJUH\KDLUV,KDYHQRW\HWOHDUQHGZLVGRP
%XWLQTXLUHGWKH3UHVLGHQWIXUWKHUKRZFRPHVLWDERXW3DXO
,YDQRYLWFKWKDW\RXKDYHSXUFKDVHGSHDVDQWVDSDUWIURPODQG",VLW
IRUWUDQVIHUPHQWHOVHZKHUHWKDW\RXQHHGWKHP"
<HV
9HU\ZHOOWKHQ7KDWLVTXLWHDQRWKHUPDWWHU7RZKDWSURYLQFHRI
WKHFRXQWU\"
7RWKHSURYLQFHRI.KHUVRQ

141

,QGHHG"7KDWUHJLRQFRQWDLQVVRPHVSOHQGLGODQGVDLGWKH3UHVLGHQW
ZKHUHXSRQKHSURFHHGHGWRH[SDWLDWHRQWKHIHUWLOLW\RIWKH.KHUVRQ
SDVWXUHV
$QGKDYH\RX08&+ODQGWKHUH"KHFRQWLQXHG
<HVTXLWHVXIILFLHQWWRDFFRPPRGDWHWKHVHUIVZKRP,KDYHSXUFKDVHG
$QGLVWKHUHDULYHURQWKHHVWDWHRUDODNH"
%RWK
$IWHUWKLVUHSO\&KLFKLNRYLQYROXQWDULO\WKUHZDJODQFHDW
6REDNHYLWFKDQGWKRXJKWKDWODQGRZQHU
VIDFHZDVDVPRWLRQOHVVDV
HYHU\WKHRWKHUVHHPHGWRGHWHFWLQLW<RXOLDU'RQ
WWHOO0(
WKDW\RXRZQERWKDULYHUDQGDODNHDVZHOODVWKHODQGZKLFK\RX
VD\\RXGR
:KLOVWWKHIRUHJRLQJFRQYHUVDWLRQKDGEHHQLQSURJUHVVYDULRXV
ZLWQHVVHVKDGEHHQDUULYLQJRQWKHVFHQH7KH\FRQVLVWHGRIWKH
FRQVWDQWO\EOLQNLQJ3XEOLF3URVHFXWRUWKH,QVSHFWRURIWKH0HGLFDO
'HSDUWPHQWDQGRWKHUVDOOWRTXRWH6REDNHYLWFKPHQZKRFXPEHUHG
WKHJURXQGIRUQRWKLQJ:LWKVRPHRIWKHPKRZHYHU&KLFKLNRYZDV
DOWRJHWKHUXQDFTXDLQWHGVLQFHFHUWDLQVXEVWLWXWHVDQGVXSHUQXPHUDULHV
KDGWREHSUHVVHGLQWRWKHVHUYLFHIURPDPRQJWKHUDQNVRIWKH
VXERUGLQDWHVWDII7KHUHDOVRDUULYHGLQDQVZHUWRWKHVXPPRQVQRW
RQO\WKHVRQRI)DWKHU&\ULOEHIRUHPHQWLRQHGEXWDOVR)DWKHU&\ULO
KLPVHOI(DFKVXFKZLWQHVVDSSHQGHGWRKLVVLJQDWXUHDIXOOOLVWRI
KLVGLJQLWLHVDQGTXDOLILFDWLRQVRQHPDQLQSULQWHGFKDUDFWHUV
DQRWKHULQDIORZLQJKDQGDWKLUGLQWRSV\WXUY\FKDUDFWHUVRIDNLQG
QHYHUEHIRUHVHHQLQWKH5XVVLDQDOSKDEHWDQGVRIRUWK0HDQZKLOHRXU
IULHQG,YDQ$QWRQRYLWFKFRPSRUWHGKLPVHOIZLWKQRWDOLWWOHDGGUHVV
DQGDIWHUWKHLQGHQWXUHVKDGEHHQVLJQHGGRFNHWHGDQGUHJLVWHUHG
&KLFKLNRYIRXQGKLPVHOIFDOOHGXSRQWRSD\RQO\WKHPHUHVWWULIOHLQ
WKHZD\RI*RYHUQPHQWSHUFHQWDJHDQGIHHVIRUSXEOLVKLQJWKH
WUDQVDFWLRQLQWKH2IILFLDO*D]HWWH7KHUHDVRQRIWKLVZDVWKDWWKH
3UHVLGHQWKDGJLYHQRUGHUVWKDWRQO\KDOIWKHXVXDOFKDUJHVZHUHWREH
H[DFWHGIURPWKHSUHVHQWSXUFKDVHUWKHUHPDLQLQJKDOIEHLQJVRPHKRZ
GHELWHGWRWKHDFFRXQWRIDQRWKHUDSSOLFDQWIRUVHUIUHJLVWUDWLRQ
$QGQRZVDLG,YDQ*ULJRULHYLWFKZKHQDOOZDVFRPSOHWHGZHQHHG
RQO\WRZHWWKHEDUJDLQ

142

)RUWKDWWRR,DPUHDG\VDLG&KLFKLNRY'R\RXEXWQDPHWKHKRXU
,ILQUHWXUQIRU\RXUPRVWDJUHHDEOHFRPSDQ\,ZHUHQRWWRVHWDIHZ
FKDPSDJQHFRUNVIO\LQJ,VKRXOGEHLQGHHGLQGHIDXOW
%XWZHDUHQRWJRLQJWROHW\RXFKDUJH\RXUVHOIZLWKDQ\WKLQJ
ZKDWVRHYHU:(PXVWSURYLGHWKHFKDPSDJQHIRU\RXDUHRXUJXHVW
DQGLWLVIRUXVLWLVRXUGXW\LWLVRXUERXQGHQREOLJDWLRQWR
HQWHUWDLQ\RX/RRNKHUHJHQWOHPHQ/HWXVDGMRXUQWRWKHKRXVHRI
WKH&KLHIRI3ROLFH+HLVWKHPDJLFLDQZKRQHHGVEXWWRZLQNZKHQ
SDVVLQJDILVKPRQJHU
VRUDZLQHPHUFKDQW
V1RWRQO\VKDOOZHIDUH
ZHOODWKLVSODFHEXWDOVRZHVKDOOJHWDJDPHRIZKLVW
7RWKLVSURSRVDOQRRQHKDGDQ\REMHFWLRQWRRIIHUIRUWKHPHUH
PHQWLRQRIWKHILVKVKRSDURXVHGWKHZLWQHVVHV
DSSHWLWH
&RQVHTXHQWO\WKHFHUHPRQ\EHLQJRYHUWKHUHZDVDJHQHUDOUHDFKLQJ
IRUKDWVDQGFDSV$VWKHSDUW\ZHUHSDVVLQJWKURXJKWKHJHQHUDO
RIILFH,YDQ$QWRQRYLWFKZKLVSHUHGLQ&KLFKLNRY
VHDUZLWKD
FRXUWHRXVLQFOLQDWLRQRIKLVMXJVKDSHGSK\VLRJQRP\
<RXKDYHJLYHQDKXQGUHGWKRXVDQGURXEOHVIRUWKHVHUIVEXWKDYH
SDLG0(RQO\DWULIOHIRUP\WURXEOH
<HVUHSOLHG&KLFKLNRYZLWKDVLPLODUZKLVSHUEXWZKDWVRUWRI
VHUIVGR\RXVXSSRVHWKHPWREH"7KH\DUHDSRRUXVHOHVVORWDQGQRW
ZRUWKHYHQKDOIWKHSXUFKDVHPRQH\
7KLVJDYH,YDQ$QWRQRYLWFKWRXQGHUVWDQGWKDWWKHYLVLWRUZDVDPDQRI
VWURQJFKDUDFWHUDPDQIURPZKRPQRWKLQJPRUHZDVWREHH[SHFWHG
:K\KDYH\RXJRQHDQGSXUFKDVHGVRXOVIURP3OXVKNLQ"ZKLVSHUHG
6REDNHYLWFKLQ&KLFKLNRY
VRWKHUHDU
:K\GLG<28JRDQGDGGWKHZRPDQ9RUREHLWR\RXUOLVW"UHWRUWHG&KLFKLNRY
9RUREHL":KRLV9RUREHL"
7KHZRPDQ
(OL]DEHW
9RUREHL
(OL]DEHW
QRW
(OL]DEHWD"

,DGGHGQRVXFKQDPHUHSOLHG6REDNHYLWFKDQGVWUDLJKWZD\MRLQHG
WKHRWKHUJXHVWV
$WOHQJWKWKHSDUW\DUULYHGDWWKHUHVLGHQFHRIWKH&KLHIRI3ROLFH
7KHODWWHUSURYHGLQGHHGDPDQRIVSHOOVIRUQRVRRQHUKDGKHOHDUQW
ZKDWZDVDIRRWWKDQKHVXPPRQHGDEULVN\RXQJFRQVWDEOHZKLVSHUHGLQ

143

KLVHDUDGGLQJODFRQLFDOO\<RXXQGHUVWDQGGR\RXQRW"DQGEURXJKW
LWDERXWWKDWGXULQJWKHWLPHWKDWWKHJXHVWVZHUHFXWWLQJIRU
SDUWQHUVDWZKLVWLQDQDGMRLQLQJURRPWKHGLQLQJWDEOHEHFDPHODGHQ
ZLWKVWXUJHRQFDYLDUHVDOPRQKHUULQJVFKHHVHVPRNHGWRQJXHIUHVK
URHDQGDSRWWHGYDULHW\RIWKHVDPHDOOSURFXUHGIURPWKHORFDO
ILVKPDUNHWDQGUHLQIRUFHGZLWKDGGLWLRQVIURPWKHKRVW
VRZQ
NLWFKHQ7KHIDFWZDVWKDWWKHZRUWK\&KLHIRI3ROLFHILOOHGWKH
RIILFHRIDVRUWRIIDWKHUDQGJHQHUDOEHQHIDFWRUWRWKHWRZQDQG
WKDWKHPRYHGDPRQJWKHFLWL]HQVDVWKRXJKWKH\FRQVWLWXWHGSDUWDQG
SDUFHORIKLVRZQIDPLO\DQGZDWFKHGRYHUWKHLUVKRSVDQGPDUNHWVDV
WKRXJKWKRVHHVWDEOLVKPHQWVZHUHPHUHO\KLVRZQSULYDWHODUGHU
,QGHHGLWZRXOGEHGLIILFXOWWRVD\VRWKRURXJKO\GLGKHSHUIRUPKLV
GXWLHVLQWKLVUHVSHFWZKHWKHUWKHSRVWPRVWILWWHGKLPRUKHWKH
SRVW0DWWHUVZHUHDOVRVRDUUDQJHGWKDWWKRXJKKLVLQFRPHPRUHWKDQ
GRXEOHGWKDWRIKLVSUHGHFHVVRUVKHKDGQHYHUORVWWKHDIIHFWLRQRI
KLVIHOORZWRZQVPHQ,QSDUWLFXODUGLGWKHWUDGHVPHQORYHKLPVLQFH
KHZDVQHYHUDERYHVWDQGLQJJRGIDWKHUWRWKHLUFKLOGUHQRUGLQLQJDW
WKHLUWDEOHV7UXHKHKDGGLIIHUHQFHVRIRSLQLRQZLWKWKHPDQG
VHULRXVGLIIHUHQFHVDWWKDWEXWDOZD\VWKHVHZHUHVNLOIXOO\DGMXVWHG
E\KLVVODSSLQJWKHRIIHQGHGRQHVMRYLDOO\RQWKHVKRXOGHUGULQNLQJD
JODVVRIWHDZLWKWKHPSURPLVLQJWRFDOODWWKHLUKRXVHVDQGSOD\D
JDPHRIFKHVVDVNLQJDIWHUWKHLUEHORQJLQJVDQGVKRXOGKHOHDUQ
WKDWDFKLOGRIWKHLUVZDVLOOSUHVFULELQJWKHSURSHUPHGLFLQH,Q
VKRUWKHERUHWKHUHSXWDWLRQRIEHLQJDYHU\JRRGIHOORZ
2QSHUFHLYLQJWKHIHDVWWREHUHDG\WKHKRVWSURSRVHGWKDWKLVJXHVWV
VKRXOGILQLVKWKHLUZKLVWDIWHUOXQFKHRQZKHUHXSRQDOOSURFHHGHGWR
WKHURRPZKHQFHIRUVRPHWLPHSDVWDQDJUHHDEOHRGRXUKDGEHHQ
WLFNOLQJWKHQRVWULOVRIWKRVHSUHVHQWDQGWRZDUGVWKHGRRURIZKLFK
6REDNHYLWFKLQSDUWLFXODUKDGEHHQJODQFLQJVLQFHWKHPRPHQWZKHQKH
KDGFDXJKWVLJKWRIDKXJHVWXUJHRQUHSRVLQJRQWKHVLGHERDUG$IWHUD
JODVVIXORIZDUPROLYHFRORXUHGYRGNDDSLHFHYRGNDRIWKHWLQWWREH
VHHQRQO\LQWKHVSHFLHVRI6LEHULDQVWRQHZKHUHRIVHDOVDUHFXWWKH
FRPSDQ\DSSOLHGWKHPVHOYHVWRNQLIHDQGIRUNZRUNDQGLQVRGRLQJ
HYLQFHGWKHLUVHYHUDOFKDUDFWHULVWLFVDQGWDVWHV)RULQVWDQFH
6REDNHYLWFKGLVGDLQLQJOHVVHUWULIOHVWDFNOHGWKHODUJHVWXUJHRQ
DQGGXULQJWKHWLPHWKDWKLVIHOORZJXHVWVZHUHHDWLQJPLQRU
FRPHVWLEOHVDQGGULQNLQJDQGWDONLQJFRQWULYHGWRFRQVXPHPRUHWKDQ
DTXDUWHURIWKHZKROHILVKVRWKDWRQWKHKRVWUHPHPEHULQJWKH
FUHDWXUHDQGZLWKIRUNLQKDQGOHDGLQJWKHZD\LQLWVGLUHFWLRQDQG
VD\LQJ:KDWJHQWOHPHQWKLQN\RXRIWKLVVWULNLQJSURGXFWRI
QDWXUH"WKHUHHQVXHGWKHGLVFRYHU\WKDWRIWKHVDLGSURGXFWRIQDWXUH
WKHUHUHPDLQHGOLWWOHEH\RQGWKHWDLOZKLOH6REDNHYLWFKZLWKDQDLU
DVWKRXJKDWOHDVW+(KDGQRWHDWHQLWZDVHQJDJHGLQSOXQJLQJKLV

144

IRUNLQWRDPXFKPRUHGLPLQXWLYHSLHFHRIILVKZKLFKKDSSHQHGWREH
UHVWLQJRQDQDGMDFHQWSODWWHU$IWHUKLVGLYRUFHIURPWKHVWXUJHRQ
6REDNHYLWFKDWHDQGGUDQNQRPRUHEXWVDWIURZQLQJDQGEOLQNLQJLQDQ
DUPFKDLU
$SSDUHQWO\WKHKRVWZDVQRWDPDQZKREHOLHYHGLQVSDULQJWKHZLQH
IRUWKHWRDVWVGUXQNZHUHLQQXPHUDEOH7KHILUVWWRDVW DVWKHUHDGHU
PD\JXHVV ZDVTXDIIHGWRWKHKHDOWKRIWKHQHZODQGRZQHURI.KHUVRQ
WKHVHFRQGWRWKHSURVSHULW\RIKLVSHDVDQWVDQGWKHLUVDIH
WUDQVIHUPHQWDQGWKHWKLUGWRWKHEHDXW\RIKLVIXWXUHZLIHD
FRPSOLPHQWZKLFKEURXJKWWRRXUKHUR
VOLSVDIOLFNHULQJVPLOH
/DVWO\KHUHFHLYHGIURPWKHFRPSDQ\DSUHVVLQJDVZHOODVDQ
XQDQLPRXVLQYLWDWLRQWRH[WHQGKLVVWD\LQWRZQIRUDWOHDVWDQRWKHU
IRUWQLJKWDQGLQWKHPHDQZKLOHWRDOORZDZLIHWREHIRXQGIRUKLP
4XLWHVRDJUHHGWKH3UHVLGHQW)LJKWXVWRRWKDQGQDLOWKRXJK\RX
PD\ZHLQWHQGWRKDYH\RXPDUULHG<RXKDYHKDSSHQHGXSRQXVE\
FKDQFHDQG\RXVKDOOKDYHQRUHDVRQWRUHSHQWRILW:HDUHLQ
HDUQHVWRQWKLVVXEMHFW
%XWZK\VKRXOG,ILJKW\RXWRRWKDQGQDLO"VDLG&KLFKLNRYVPLOLQJ
0DUULDJHZRXOGQRWFRPHDPLVVWRPHZHUH,EXWSURYLGHGZLWKD
EHWURWKHG
7KHQDEHWURWKHG\RXVKDOOKDYH:K\QRW":HZLOOGRDV\RXZLVK
9HU\ZHOODVVHQWHG&KLFKLNRY
%UDYREUDYRWKHFRPSDQ\VKRXWHG/RQJOLYH3DXO,YDQRYLWFK
+XUUDK+XUUDK$QGZLWKWKDWHYHU\RQHDSSURDFKHGWRFOLQNJODVVHV
ZLWKKLPDQGKHUHDGLO\DFFHSWHGWKHFRPSOLPHQWDQGDFFHSWHGLWPDQ\
WLPHVLQVXFFHVVLRQ,QGHHGDVWKHKRXUVSDVVHGRQWKHKLODULW\RI
WKHFRPSDQ\LQFUHDVHG\HWIXUWKHUDQGPRUHWKDQRQFHWKH3UHVLGHQW D
PDQRIJUHDWXUEDQLW\ZKHQWKRURXJKO\LQKLVFXSV HPEUDFHGWKHFKLHI
JXHVWRIWKHGD\ZLWKWKHKHDUWIHOWZRUGV0\GHDUHVWIHOORZ0\RZQ
PRVWSUHFLRXVRIIULHQGV1D\KHHYHQVWDUWHGWRFUDFNKLVILQJHUV
WRGDQFHDURXQG&KLFKLNRY
VFKDLUDQGWRVLQJVQDWFKHVRIDSRSXODU
VRQJ7RWKHFKDPSDJQHVXFFHHGHG+XQJDULDQZLQHZKLFKKDGWKHHIIHFW
RIVWLOOIXUWKHUKHDUWHQLQJDQGHQOLYHQLQJWKHFRPSDQ\%\WKLVWLPH
HYHU\RQHKDGIRUJRWWHQDERXWZKLVWDQGJLYHQKLPVHOIXSWRVKRXWLQJ
DQGGLVSXWLQJ(YHU\FRQFHLYDEOHVXEMHFWZDVGLVFXVVHGLQFOXGLQJ
SROLWLFVDQGPLOLWDU\DIIDLUVDQGLQWKLVFRQQHFWLRQJXHVWVYRLFHG
MHMXQHRSLQLRQVIRUWKHH[SUHVVLRQRIZKLFKWKH\ZRXOGDWDQ\RWKHU
WLPHKDYHVRXQGO\VSDQNHGWKHLURIIVSULQJ&KLFKLNRYOLNHWKHUHVW

145

KDGQHYHUEHIRUHIHOWVRJD\DQGLPDJLQLQJKLPVHOIUHDOO\DQGWUXO\
WREHDODQGRZQHURI.KHUVRQVSRNHRIYDULRXVLPSURYHPHQWVLQ
DJULFXOWXUHRIWKHWKUHHILHOGV\VWHPRIWLOODJH>@DQGRIWKH
EHDWLILFIHOLFLW\RIDXQLRQEHWZHHQWZRNLQGUHGVRXOV$OVRKH
VWDUWHGWRUHFLWHSRHWU\WR6REDNHYLWFKZKREOLQNHGDVKHOLVWHQHG
IRUKHJUHDWO\GHVLUHGWRJRWRVOHHS$WOHQJWKWKHJXHVWRIWKH
HYHQLQJUHDOLVHGWKDWPDWWHUVKDGJRQHIDUHQRXJKVREHJJHGWREH
JLYHQDOLIWKRPHDQGZDVDFFRPPRGDWHGZLWKWKH3XEOLF3URVHFXWRU
V
GUR]KNL/XFNLO\WKHGULYHURIWKHYHKLFOHZDVDSUDFWLVHGPDQDWKLV
ZRUNIRUZKLOHGULYLQJZLWKRQHKDQGKHVXFFHHGHGLQOHDQLQJ
EDFNZDUGVDQGZLWKWKHRWKHUKROGLQJ&KLFKLNRYVHFXUHO\LQKLV
SODFH$UULYHGDWWKHLQQRXUKHURFRQWLQXHGEDEEOLQJDZKLOHDERXWD
IOD[HQKDLUHGGDPVHOZLWKURV\OLSVDQGDGLPSOHLQKHUULJKWFKHHN
DERXWYLOODJHVRIKLVLQ.KHUVRQDQGDERXWWKHDPRXQWRIKLVFDSLWDO
1D\KHHYHQLVVXHGVHLJQRULDOLQVWUXFWLRQVWKDW6HOLIDQVKRXOGJRDQG
PXVWHUWKHSHDVDQWVDERXWWREHWUDQVIHUUHGDQGPDNHDFRPSOHWHDQG
GHWDLOHGLQYHQWRU\RIWKHP)RUDZKLOH6HOLIDQOLVWHQHGLQVLOHQFH
WKHQKHOHIWWKHURRPDQGLQVWUXFWHG3HWUXVKNDWRKHOSWKHEDULQWR
XQGUHVV$VLWKDSSHQHG&KLFKLNRY
VERRWVKDGQRVRRQHUEHHQUHPRYHG
WKDQKHPDQDJHGWRSHUIRUPWKHUHVWRIKLVWRLOHWZLWKRXWDVVLVWDQFH
WRUROORQWRWKHEHG ZKLFKFUHDNHGWHUULEO\DVKHGLGVR DQGWR
VLQNLQWRDVOHHSLQHYHU\ZD\ZRUWK\RIDODQGRZQHURI.KHUVRQ
0HDQZKLOH3HWUXVKNDKDGWDNHQKLVPDVWHU
VFRDWDQGWURXVHUVRI
ELOEHUU\FRORXUHGFKHFNLQWRWKHFRUULGRUZKHUHVSUHDGLQJWKHPRYHU
DFORWKHV
KRUVHKHVWDUWHGWRIOLFNDQGWREUXVKWKHPDQGWRILOO
WKHZKROHFRUULGRUZLWKGXVW-XVWDVKHZDVDERXWWRUHSODFHWKHPLQ
KLVPDVWHU
VURRPKHKDSSHQHGWRJODQFHRYHUWKHUDLOLQJRIWKH
JDOOHU\DQGVDZ6HOLIDQUHWXUQLQJIURPWKHVWDEOH*ODQFHVZHUH
H[FKDQJHGDQGLQDQLQVWDQWWKHSDLUKDGDUULYHGDWDQLQVWLQFWLYH
XQGHUVWDQGLQJDQXQGHUVWDQGLQJWRWKHHIIHFWWKDWWKHEDULQZDVVRXQG
DVOHHSDQGWKDWWKHUHIRUHRQHPLJKWFRQVLGHURQH
VRZQSOHDVXUHD
OLWWOH$FFRUGLQJO\3HWUXVKNDSURFHHGHGWRUHVWRUHWKHFRDWDQG
WURXVHUVWRWKHLUDSSRLQWHGSODFHVDQGWKHQGHVFHQGHGWKHVWDLUV
ZKHUHDIWHUKHDQG6HOLIDQOHIWWKHKRXVHWRJHWKHU1RWDZRUGSDVVHG
EHWZHHQWKHPDVWRWKHREMHFWRIWKHLUH[SHGLWLRQ2QWKHFRQWUDU\
WKH\WDONHGVROHO\RIH[WUDQHRXVVXEMHFWV<HWWKHLUZDONGLGQRWWDNH
WKHPIDULWWRRNWKHPRQO\WRWKHRWKHUVLGHRIWKHVWUHHWDQG
WKHQFHLQWRDQHVWDEOLVKPHQWZKLFKLPPHGLDWHO\FRQIURQWHGWKHLQQ
(QWHULQJDPHDQGLUW\FRXUW\DUGFRYHUHGZLWKJODVVWKH\SDVVHG
WKHQFHLQWRDFHOODUZKHUHDQXPEHURIFXVWRPHUVZHUHVHDWHGDURXQG
VPDOOZRRGHQWDEOHV:KDWWKHUHDIWHUZDVGRQHE\6HOLIDQDQG3HWUXVKND
*RGDORQHNQRZV$WDOOHYHQWVZLWKLQDQKRXU
VWLPHWKH\LVVXHGDUP
LQDUPDQGLQSURIRXQGVLOHQFH\HWUHPDLQLQJPDUNHGO\DVVLGXRXVWR
RQHDQRWKHUDQGHYHUUHDG\WRKHOSRQHDQRWKHUDURXQGDQDZNZDUG

146

FRUQHU6WLOOOLQNHGWRJHWKHUQHYHURQFHUHOHDVLQJWKHLUPXWXDO
KROGWKH\VSHQWWKHQH[WTXDUWHURIDQKRXULQDWWHPSWLQJWR
QHJRWLDWHWKHVWDLUVRIWKHLQQEXWDWOHQJWKHYHQWKDWDVFHQWKDG
EHHQPDVWHUHGDQGWKH\SURFHHGHGIXUWKHURQWKHLUZD\+DOWLQJEHIRUH
KLVPHDQOLWWOHSDOOHW3HWUXVKNDVWRRGDZKLOHLQWKRXJKW+LV
GLIILFXOW\ZDVKRZEHVWWRDVVXPHDUHFXPEHQWSRVLWLRQ(YHQWXDOO\KH
OD\GRZQRQKLVIDFHZLWKKLVOHJVWUDLOLQJRYHUWKHIORRUDIWHU
ZKLFK6HOLIDQDOVRVWUHWFKHGKLPVHOIXSRQWKHSDOOHWZLWKKLVKHDG
UHVWLQJXSRQ3HWUXVKND
VVWRPDFKDQGKLVPLQGZKROO\REOLYLRXVRIWKH
IDFWWKDWKHRXJKWQRWWRKDYHEHHQVOHHSLQJWKHUHDWDOOEXWLQWKH
VHUYDQW
VTXDUWHUVRULQWKHVWDEOHEHVLGHKLVKRUVHV6FDUFHO\D
PRPHQWKDGSDVVHGEHIRUHWKHSDLUZHUHSOXQJHGLQVOXPEHUDQGHPLWWLQJ
WKHPRVWUDXFRXVVQRUHVWRZKLFKWKHLUPDVWHU QH[WGRRU UHVSRQGHG
ZLWKVQRUHVRIDZKLVWOLQJDQGQDVDORUGHU,QGHHGEHIRUHORQJHYHU\
RQHLQWKHLQQKDGIROORZHGWKHLUVRRWKLQJH[DPSOHDQGWKHKRVWHOU\
OD\SOXQJHGLQFRPSOHWHUHVWIXOQHVV2QO\LQWKHZLQGRZRIWKHURRPRI
WKHQHZO\DUULYHGOLHXWHQDQWIURP5LD]DQGLGDOLJKWUHPDLQEXUQLQJ
(YLGHQWO\KHZDVDGHYRWHHRIERRWVIRUKHKDGSXUFKDVHGIRXUSDLUV
DQGZDVQRZWU\LQJRQDILIWK6HYHUDOWLPHVKHDSSURDFKHGWKHEHG
ZLWKDYLHZWRWDNLQJRIIWKHERRWVDQGUHWLULQJWRUHVWEXWHDFK
WLPHKHIDLOHGIRUWKHUHDVRQWKDWWKHERRWVZHUHVRDOOXULQJLQ
WKHLUPDNHWKDWKHKDGQRFKRLFHEXWWROLIWXSILUVWRQHIRRWDQG
WKHQWKHRWKHUIRUWKHSXUSRVHRIVFDQQLQJWKHLUHOHJDQWZHOWV
>@7KHV\VWHPE\ZKLFKLQDQQXDOURWDWLRQWZRWKLUGVRIDJLYHQ
DUHDDUHFXOWLYDWHGZKLOHWKHUHPDLQLQJWKLUGLVOHIWIDOORZ

&+$37(59,,,
,WZDVQRWORQJEHIRUH&KLFKLNRY
VSXUFKDVHVKDGEHFRPHWKHWDONRI
WKHWRZQDQGYDULRXVZHUHWKHRSLQLRQVH[SUHVVHGDVWRZKHWKHURUQRW
LWZDVH[SHGLHQWWRSURFXUHSHDVDQWVIRUWUDQVIHUPHQW,QGHHGVXFKZDV
WKHLQWHUHVWWDNHQE\FHUWDLQFLWL]HQVLQWKHPDWWHUWKDWWKH\DGYLVHG
WKHSXUFKDVHUWRSURYLGHKLPVHOIDQGKLVFRQYR\ZLWKDQHVFRUWLQ
RUGHUWRHQVXUHWKHLUVDIHDUULYDODWWKHDSSRLQWHGGHVWLQDWLRQEXW
WKRXJK&KLFKLNRYWKDQNHGWKHGRQRUVRIWKLVDGYLFHIRUWKHVDPHDQG
GHFODUHGWKDWKHVKRXOGEHYHU\JODGLQFDVHRIQHHGWRDYDLO
KLPVHOIRILWKHGHFODUHGDOVRWKDWWKHUHZDVQRUHDOQHHGIRUDQ
HVFRUWVHHLQJWKDWWKHSHDVDQWVZKRPKHKDGSXUFKDVHGZHUH
H[FHSWLRQDOO\SHDFHORYLQJIRONDQGWKDWEHLQJWKHPVHOYHVFRQVHQWLQJ
SDUWLHVWRWKHWUDQVIHUPHQWWKH\ZRXOGXQGRXEWHGO\SURYHLQHYHU\ZD\
WUDFWDEOH

147

2QHSDUWLFXODUO\JRRGUHVXOWRIWKLVDGYHUWLVHPHQWRIKLVVFKHPHZDV
WKDWKHFDPHWRUDQNDVQHLWKHUPRUHQRUOHVVWKDQDPLOOLRQDLUH
&RQVHTXHQWO\PXFKDVWKHLQKDELWDQWVKDGOLNHGRXUKHURLQWKHILUVW
LQVWDQFH DVVHHQLQ&KDSWHU, WKH\QRZOLNHGKLPPRUHWKDQHYHU
$VDPDWWHURIIDFWWKH\ZHUHFLWL]HQVRIDQH[FHSWLRQDOO\TXLHW
JRRGQDWXUHGHDV\JRLQJGLVSRVLWLRQDQGVRPHRIWKHPZHUHHYHQ
ZHOOHGXFDWHG)RULQVWDQFHWKH3UHVLGHQWRIWKH/RFDO&RXQFLOFRXOG
UHFLWHWKHZKROHRI=KXNRYVNL
V/8'0,//$E\KHDUWDQGJLYHVXFKDQ
LPSUHVVLYHUHQGHULQJRIWKHSDVVDJH7KHSLQHIRUHVWZDVDVOHHSDQG
WKHYDOOH\DWUHVW DVZHOODVRIWKHH[FODPDWLRQ3KHZ WKDWRQH
IHOWDVKHGLGVRWKDWWKHSLQHIRUHVWDQGWKHYDOOH\UHDOO\:(5(
DVKHGHVFULEHGWKHP7KHHIIHFWZDVDOVRIXUWKHUKHLJKWHQHGE\WKH
PDQQHULQZKLFKDWVXFKPRPHQWVKHDVVXPHGWKHPRVWSRUWHQWRXV
IURZQ)RUKLVSDUWWKH3RVWPDVWHUZHQWLQPRUHIRUSKLORVRSK\DQG
GLOLJHQWO\SHUXVHGVXFKZRUNVDV<RXQJ
V1LJKW7KRXJKWVDQG
(FNKDUWKDXVHQ
V$.H\WRWKH0\VWHULHVRI1DWXUHRIZKLFKODWWHU
ZRUNKHZRXOGPDNHFRSLRXVH[WUDFWVWKRXJKQRRQHKDGWKHVOLJKWHVW
QRWLRQZKDWWKH\UHIHUUHGWR)RUWKHUHVWKHZDVDZLWW\IORULG
OLWWOHLQGLYLGXDODQGPXFKDGGLFWHGWRDSUDFWLFHRIZKDWKHFDOOHG
HPEHOOLVKLQJZKDWVRHYHUKHKDGWRVD\DIHDWZKLFKKHSHUIRUPHG
ZLWKWKHDLGRIVXFKE\WKHZD\SKUDVHVDVP\GHDUVLUP\JRRG
6RDQG6R\RXNQRZ\RXXQGHUVWDQG\RXPD\LPDJLQH
UHODWLYHO\VSHDNLQJIRULQVWDQFHDQGHWFHWHUDRIZKLFK
SKUDVHVKHZRXOGDGGVDFNIXOVWRKLVVSHHFK+HFRXOGDOVRHPEHOOLVK
KLVZRUGVE\WKHVLPSOHH[SHGLHQWRIKDOIFORVLQJKDOIZLQNLQJRQH
H\HZKLFKWULFNFRPPXQLFDWHGWRVRPHRIKLVVDWLULFDOXWWHUDQFHV
TXLWHDPRUGDQWHIIHFW1RUZHUHKLVFROOHDJXHVDZLWLQIHULRUWRKLP
LQHQOLJKWHQPHQW)RULQVWDQFHRQHRIWKHPPDGHDUHJXODUSUDFWLFHRI
UHDGLQJ.DUDP]LQDQRWKHURIFRQQLQJWKH0RVFRZ*D]HWWHDQGD
WKLUGRIQHYHUORRNLQJDWDERRNDWDOO/LNHZLVHDOWKRXJKWKH\ZHUH
WKHVRUWRIPHQWRZKRPLQWKHLUPRUHLQWLPDWHPRYHPHQWVWKHLUZLYHV
ZRXOGYHU\QDWXUDOO\DGGUHVVVXFKQLFNQDPHVDV7RE\-XJ0DUPRW
)DWW\3RW%HOO\6PXWW\.LNLDQG%X]]%X]]WKH\ZHUHPHQ
DOVRRIJRRGKHDUWDQGYHU\UHDG\WRH[WHQGWKHLUKRVSLWDOLW\DQG
WKHLUIULHQGVKLSZKHQRQFHDJXHVWKDGHDWHQRIWKHLUEUHDGDQGVDOW
RUVSHQWDQHYHQLQJLQWKHLUFRPSDQ\3DUWLFXODUO\WKHUHIRUHGLG
&KLFKLNRYHDUQWKHVHJRRGIRON
VDSSURYDOZLWKKLVWDNLQJPHWKRGVDQG
TXDOLWLHVVRPXFKVRWKDWWKHH[SUHVVLRQRIWKDWDSSURYDOELGIDLUWR
PDNHLWGLIILFXOWIRUKLPWRTXLWWKHWRZQVHHLQJWKDWZKHUHYHUKH
ZHQWWKHRQHSKUDVHGLQQHGLQWRKLVHDUVZDV6WD\DQRWKHUZHHNZLWK
XV3DXO,YDQRYLWFK,QVKRUWKHFHDVHGWREHDIUHHDJHQW%XW
LQFRPSDUDEO\PRUHVWULNLQJZDVWKHLPSUHVVLRQ DPDWWHUIRUXQERXQGHG
VXUSULVH ZKLFKKHSURGXFHGXSRQWKHODGLHV3URSHUO\WRH[SODLQWKLV

148

SKHQRPHQRQ,VKRXOGQHHGWRVD\DJUHDWGHDODERXWWKHODGLHV
WKHPVHOYHVDQGWRGHVFULEHLQWKHPRVWYLYLGRIFRORXUVWKHLUVRFLDO
LQWHUFRXUVHDQGVSLULWXDOTXDOLWLHV<HWWKLVZRXOGEHDGLIILFXOW
WKLQJIRUPHWRGRVLQFHRQWKHRQHKDQG,VKRXOGEHKDPSHUHGE\P\
ERXQGOHVVUHVSHFWIRUWKHZRPHQIRONRIDOO&LYLO6HUYLFHRIILFLDOV
DQGRQWKHRWKHUKDQGZHOOVLPSO\E\WKHLQQDWHDUGXRXVQHVVRIWKH
WDVN7KHODGLHVRI1ZHUH%XWQR,FDQQRWGRLWP\KHDUWKDV
DOUHDG\IDLOHGPH&RPHFRPH7KHODGLHVRI1ZHUHGLVWLQJXLVKHG
IRU%XWLWLVRIQRXVHVRPHKRZP\SHQVHHPVWRUHIXVHWRPRYHRYHU
WKHSDSHULWVHHPVWREHZHLJKWHGDVZLWKDSOXPPHWRIOHDG9HU\
ZHOO7KDWEHLQJVR,ZLOOPHUHO\VD\DZRUGRUWZRFRQFHUQLQJWKH
PRVWSURPLQHQWWLQWVRQWKHIHPLQLQHSDOHWWHRI1PHUHO\DZRUGRU
WZRFRQFHUQLQJWKHRXWZDUGDSSHDUDQFHRILWVODGLHVDQGDZRUGRUWZR
FRQFHUQLQJWKHLUPRUHVXSHUILFLDOFKDUDFWHULVWLFV7KHODGLHVRI1
ZHUHSUHHPLQHQWO\ZKDWLVNQRZQDVSUHVHQWDEOH,QGHHGLQWKDW
UHVSHFWWKH\PLJKWKDYHVHUYHGDVDPRGHOWRWKHODGLHVRIPDQ\
DQRWKHUWRZQ7KDWLVWRVD\LQZKDWHYHUSHUWDLQHGWRWRQH
HWLTXHWWHWKHLQWULFDFLHVRIGHFRUXPDQGVWULFWREVHUYDQFHRIWKH
SUHYDLOLQJPRGHWKH\VXUSDVVHGHYHQWKHODGLHVRI0RVFRZDQG6W
3HWHUVEXUJVHHLQJWKDWWKH\GUHVVHGZLWKWDVWHGURYHDERXWLQ
FDUULDJHVLQWKHODWHVWIDVKLRQVDQGQHYHUZHQWRXWZLWKRXWWKH
HVFRUWRIDIRRWPDQLQJROGODFHGOLYHU\$JDLQWKH\ORRNHGXSRQD
YLVLWLQJFDUGHYHQXSRQDPDNHVKLIWDIIDLUFRQVLVWLQJRIDQDFHRI
GLDPRQGVRUDWZRRIFOXEVDVDVDFUHGWKLQJVRVDFUHGWKDWRQRQH
RFFDVLRQWZRFORVHO\UHODWHGODGLHVZKRKDGDOVREHHQFORVHO\DWWDFKHG
IULHQGVZHUHNQRZQWRIDOORXWZLWKRQHDQRWKHURYHUWKHPHUHIDFWRI
DQRPLVVLRQWRUHWXUQDVRFLDOFDOO<HVLQVSLWHRIWKHEHVWHIIRUWV
RIKXVEDQGVDQGNLQVIRONWRUHFRQFLOHWKHDQWDJRQLVWVLWEHFDPHFOHDU
WKDWWKRXJKDOOHOVHLQWKHZRUOGPLJKWFRQFHLYDEO\EHSRVVLEOH
QHYHUFRXOGWKHKDWFKHWEHEXULHGEHWZHHQODGLHVZKRKDGTXDUUHOOHG
RYHUDQHJOHFWHGYLVLW/LNHZLVHVWUHQXRXVVFHQHVXVHGWRWDNHSODFH
RYHUTXHVWLRQVRISUHFHGHQFHVFHQHVRIDNLQGZKLFKKDGWKHHIIHFWRI
LQVSLULQJKXVEDQGVWRJUHDWDQGNQLJKWO\LGHDVRQWKHVXEMHFWRI
SURWHFWLQJWKHIDLU7UXHQHYHUGLGDGXHODFWXDOO\WDNHSODFHVLQFH
DOOWKHKXVEDQGVZHUHRIILFLDOVEHORQJLQJWRWKH&LYLO6HUYLFHEXWDW
OHDVWDJLYHQFRPEDWDQWZRXOGVWULYHWRKHDSFRQWXPHO\XSRQKLVULYDO
DQGDVZHDOONQRZWKDWLVDUHVRXUFHZKLFKPD\SURYHHYHQPRUH
HIIHFWXDOWKDQDGXHO$VUHJDUGVPRUDOLW\WKHODGLHVRI1ZHUH
QRWKLQJLIQRWFHQVRULRXVDQGZRXOGDWRQFHEHILUHGZLWKYLUWXRXV
LQGLJQDWLRQZKHQWKH\KHDUGRIDFDVHRIYLFHRUVHGXFWLRQ1D\HYHQ
WRPHUHIUDLOW\WKH\ZRXOGDZDUGWKHODVKZLWKRXWPHUF\2QWKHRWKHU
KDQGVKRXOGDQ\LQVWDQFHRIZKDWWKH\FDOOHGWKLUGSHUVRQLVPRFFXU
DPRQJ7+(,52:1FLUFOHLWZDVDOZD\VNHSWGDUNQRWDKLQWRIZKDW
ZDVJRLQJRQEHLQJDOORZHGWRWUDQVSLUHDQGHYHQWKHZURQJHGKXVEDQG

149

KROGLQJKLPVHOIUHDG\VKRXOGKHPHHWZLWKRUKHDURIWKHWKLUG
SHUVRQWRTXRWHLQDPLOGDQGUDWLRQDOPDQQHUWKHSURYHUE:KRP
FRQFHUQVLWWKDWDIULHQGVKRXOGFRQVRUWZLWKIULHQG",QDGGLWLRQ,
PD\VD\WKDWOLNHPRVWRIWKHIHPDOHZRUOGRI6W3HWHUVEXUJWKH
ODGLHVRI1ZHUHSUHHPLQHQWO\FDUHIXODQGUHILQHGLQWKHLUFKRLFHRI
ZRUGVDQGSKUDVHV1HYHUGLGDODG\VD\,EOHZP\QRVHRU,
SHUVSLUHGRU,VSDW1RLWKDGWREH,UHOLHYHGP\QRVHWKURXJK
WKHH[SHGLHQWRIZLSLQJLWZLWKP\KDQGNHUFKLHIDQGVRIRUWK$JDLQ
WRVD\7KLVJODVVRUWKLVSODWHVPHOOVEDGO\ZDVIRUELGGHQ1R
QRWHYHQDKLQWWRVXFKDQHIIHFWZDVWREHGURSSHG5DWKHUWKH
SURSHUSKUDVHLQVXFKDFDVHZDV7KLVJODVVRUWKLVSODWHLVQRW
EHKDYLQJYHU\ZHOORUVRPHVXFKIRUPXOD
,QIDFWWRUHILQHWKH5XVVLDQWRQJXHWKHPRUHWKRURXJKO\VRPHWKLQJ
OLNHKDOIWKHZRUGVLQLWZHUHFXWRXWZKLFKFLUFXPVWDQFH
QHFHVVLWDWHGYHU\IUHTXHQWUHFRXUVHWRWKHWRQJXHRI)UDQFHVLQFHWKH
VDPHZRUGVLIVSRNHQLQ)UHQFKZHUHDQRWKHUPDWWHUDOWRJHWKHUDQG
RQHFRXOGXVHHYHQEOXQWHURQHVWKDQWKHRQHVRULJLQDOO\REMHFWHGWR
6RPXFKIRUWKHODGLHVRI1SURYLGHGWKDWRQHFRQILQHVRQH
V
REVHUYDWLRQVWRWKHVXUIDFH\HWKDUGO\QHHGLWEHVDLGWKDWVKRXOG
RQHSHQHWUDWHGHHSHUWKDQWKDWDJUHDWGHDOPRUHZRXOGFRPHWROLJKW
$WWKHVDPHWLPHLWLVQHYHUDYHU\VDIHSURFHHGLQJWRSHHUGHHSO\
LQWRWKHKHDUWVRIODGLHVZKHUHIRUHUHVWULFWLQJRXUVHOYHVWRWKH
IRUHJRLQJVXSHUILFLDOLWLHVOHWXVSURFHHGIXUWKHURQRXUZD\
+LWKHUWRWKHODGLHVKDGSDLG&KLFKLNRYQRSDUWLFXODUDWWHQWLRQWKRXJK
JLYLQJKLPIXOOFUHGLWIRUKLVJHQWOHPDQO\DQGXUEDQHGHPHDQRXUEXW
IURPWKHPRPHQWWKDWWKHUHDURVHUXPRXUVRIKLVEHLQJDPLOOLRQDLUH
RWKHUTXDOLWLHVRIKLVEHJDQWREHFDQYDVVHG1HYHUWKHOHVVQRW$//
WKHODGLHVZHUHJRYHUQHGE\LQWHUHVWHGPRWLYHVVLQFHLWLVGXHWRWKH
WHUPPLOOLRQDLUHUDWKHUWKDQWRWKHFKDUDFWHURIWKHSHUVRQZKR
EHDUVLWWKDWWKHPHUHVRXQGRIWKHZRUGH[HUFLVHVXSRQUDVFDOVXSRQ
GHFHQWIRONDQGXSRQIRONZKRDUHQHLWKHUWKHRQHQRUWKHRWKHUDQ
XQGHQLDEOHLQIOXHQFH$PLOOLRQDLUHVXIIHUVIURPWKHGLVDGYDQWDJHRI
HYHU\ZKHUHKDYLQJWREHKROGPHDQQHVVLQFOXGLQJWKHVRUWRIPHDQQHVV
ZKLFKWKRXJKQRWDFWXDOO\EDVHGXSRQFDOFXODWLRQVRIVHOILQWHUHVW
\HWUXQVDIWHUWKHZHDOWK\PDQZLWKVPLOHVDQGGRIIVKLVKDWDQG
EHJVIRULQYLWDWLRQVWRKRXVHVZKHUHWKHPLOOLRQDLUHLVNQRZQWREH
JRLQJWRGLQH7KDWDVLPLODULQFOLQDWLRQWRPHDQQHVVVHL]HGXSRQWKH
ODGLHVRI1JRHVZLWKRXWVD\LQJZLWKWKHUHVXOWWKDWPDQ\D
GUDZLQJURRPKHDUGLWZKLVSHUHGWKDWLI&KLFKLNRYZDVQRWH[DFWO\D
EHDXW\DWOHDVWKHZDVVXIILFLHQWO\JRRGORRNLQJWRVHUYHIRUD
KXVEDQGWKRXJKKHFRXOGKDYHERUQHWRKDYHEHHQDOLWWOHPRUHURWXQG

150

DQGVWRXW7RWKDWWKHUHZRXOGEHDGGHGVFRUQIXOUHIHUHQFHVWROHDQ
KXVEDQGVDQGKLQWVWKDWWKH\UHVHPEOHGWRRWKEUXVKHVUDWKHUWKDQ
PHQZLWKPDQ\RWKHUIHPLQLQHDGGLWLRQV$OVRVXFKFURZGVRIIHPLQLQH
VKRSSHUVEHJDQWRUHSDLUWRWKH%D]DDUDVDOPRVWWRFRQVWLWXWHD
FUXVKDQGVRPHWKLQJOLNHDSURFHVVLRQRIFDUULDJHVHQVXHGVRORQJ
JUHZWKHUDQNRIYHKLFOHV)RUWKHLUSDUWWKHWUDGHVPHQKDGWKHMR\
RIVHHLQJKLJKO\SULFHGGUHVVPDWHULDOVZKLFKWKH\KDGEURXJKWDW
IDLUVDQGWKHQEHHQXQDEOHWRGLVSRVHRIQRZVXGGHQO\EHFRPH
WUDGHDEOHDQGJRRIIZLWKDUXVK)RULQVWDQFHRQRQHRFFDVLRQD
ODG\DSSHDUHGDW0DVVLQDEXVWOHZKLFKILOOHGWKHFKXUFKWRDQH[WHQW
ZKLFKOHGWKHYHUJHURQGXW\WRELGWKHFRPPRQHUIRONZLWKGUDZWRWKH
SRUFKOHVWWKHODG\
VWRLOHWVKRXOGEHVRLOHGLQWKHFUXVK(YHQ
&KLFKLNRYFRXOGQRWKHOSSULYDWHO\UHPDUNLQJWKHDWWHQWLRQZKLFKKH
DURXVHG2QRQHRFFDVLRQZKHQKHUHWXUQHGWRWKHLQQKHIRXQGRQKLV
WDEOHDQRWHDGGUHVVHGWRKLPVHOI:KHQFHLWKDGFRPHDQGZKRKDG
GHOLYHUHGLWKHIDLOHGWRGLVFRYHUIRUWKHZDLWHUGHFODUHGWKDWWKH
SHUVRQZKRKDGEURXJKWLWKDGRPLWWHGWROHDYHWKHQDPHRIWKHZULWHU
%HJLQQLQJDEUXSWO\ZLWKWKHZRUGV,0867ZULWHWR\RXWKHOHWWHU
ZHQWRQWRVD\WKDWEHWZHHQDFHUWDLQSDLURIVRXOVWKHUHH[LVWHGD
ERQGRIV\PSDWK\DQGWKLVYHULW\WKHHSLVWOHIXUWKHUFRQILUPHGZLWK
URZVRIIXOOVWRSVWRWKHH[WHQWRIQHDUO\KDOIDSDJH1H[WWKHUH
IROORZHGDIHZUHIOHFWLRQVRIDFRUUHFWLWXGHVRUHPDUNDEOHWKDW,KDYH
QRFKRLFHEXWWRTXRWHWKHP:KDW,ZRXOGDVNLVWKLVOLIHRI
RXUV"LQTXLUHGWKHZULWHU
7LVQRXJKWEXWDYDOHRIZRH$QGZKDW
,ZRXOGDVNLVWKHZRUOG"
7LVQRXJKWEXWDPRERIXQWKLQNLQJ
KXPDQLW\7KHUHDIWHULQFLGHQWDOO\UHPDUNLQJWKDWVKHKDGMXVW
GURSSHGDWHDUWRWKHPHPRU\RIKHUGHDUPRWKHUZKRKDGGHSDUWHGWKLV
OLIHWZHQW\ILYH\HDUVDJRWKH SUHVXPDEO\ ODG\ZULWHULQYLWHG
&KLFKLNRYWRFRPHIRUWKLQWRWKHZLOGVDQGWROHDYHIRUHYHUWKHFLW\
ZKHUHSHQQHGLQQRLVRPHKDXQWVIRONFRXOGQRWHYHQGUDZWKHLU
EUHDWK,QFRQFOXVLRQWKHZULWHUJDYHZD\WRXQFRQFHDOHGGHVSDLUDQG
ZRXQGXSZLWKWKHIROORZLQJYHUVHV
7ZRWXUWOHGRYHVWRWKHHRQHGD\
0\GXVWZLOOVKRZFRQJHDOHGLQGHDWK
$QGFRRLQJZHDULO\WKH\
OOVD\

,QJULHIDQGORQHOLQHVVVKHGUHZKHUFORVLQJEUHDWK

7UXHWKHODVWOLQHGLGQRWVFDQEXWWKDWZDVDWULIOHVLQFHWKH
TXDWUDLQDWOHDVWFRQIRUPHGWRWKHPRGHWKHQSUHYDOHQW1HLWKHU
VLJQDWXUHQRUGDWHZHUHDSSHQGHGWRWKHGRFXPHQWEXWRQO\D
SRVWVFULSWH[SUHVVLQJDFRQMHFWXUHWKDW&KLFKLNRY
VRZQKHDUWZRXOG
WHOOKLPZKRWKHZULWHUZDVDQGVWDWLQJLQDGGLWLRQWKDWWKHVDLG
ZULWHUZRXOGEHSUHVHQWDWWKH*RYHUQRU
VEDOORQWKHIROORZLQJQLJKW

151

7KLVJUHDWO\LQWHUHVWHG&KLFKLNRY,QGHHGWKHUHZDVVRPXFKWKDWZDV
DOOXULQJDQGSURYRFDWLYHRIFXULRVLW\LQWKHDQRQ\PRXVPLVVLYHWKDWKH
UHDGLWWKURXJKDVHFRQGWLPHDQGWKHQDWKLUGDQGILQDOO\VDLGWR
KLPVHOI,6+28/'OLNHWRNQRZZKRVHQWLW,QVKRUWKHWRRNWKH
WKLQJVHULRXVO\DQGVSHQWRYHUDQKRXULQFRQVLGHULQJWKHVDPH$W
OHQJWKPXWWHULQJDFRPPHQWXSRQWKHHSLVWOH
VHIIORUHVFHQWVW\OHKH
UHIROGHGWKHGRFXPHQWDQGFRPPLWWHGLWWRKLVGLVSDWFKER[LQFRPSDQ\
ZLWKDSOD\ELOODQGDQLQYLWDWLRQWRDZHGGLQJWKHODWWHURIZKLFK
KDGIRUWKHODVWVHYHQ\HDUVUHSRVHGLQWKHVHOIVDPHUHFHSWDFOHDQG
LQWKHVHOIVDPHSRVLWLRQ6KRUWO\DIWHUZDUGVWKHUHDUULYHGDFDUGRI
LQYLWDWLRQWRWKH*RYHUQRU
VEDOODOUHDG\UHIHUUHGWR,QSDVVLQJLW
PD\EHVDLGWKDWVXFKIHVWLYLWLHVDUHQRWLQIUHTXHQWSKHQRPHQDLQ
FRXQW\WRZQVIRUWKHUHDVRQWKDWZKHUH*RYHUQRUVH[LVWWKHUHPXVW
WDNHSODFHEDOOVLIIURPWKHORFDOJHQWU\WKHUHLVWREHHYRNHGWKDW
UHVSHFWIXODIIHFWLRQZKLFKLVHYHU\*RYHUQRU
VGXH
7KHQFHIRUWKDOOH[WUDQHRXVWKRXJKWVDQGFRQVLGHUDWLRQVZHUHODLGDVLGH
LQIDYRXURISUHSDULQJIRUWKHFRPLQJIXQFWLRQ,QGHHGWKLV
FRQMXQFWLRQRIH[FLWLQJDQGSURYRFDWLYHPRWLYHVOHGWR&KLFKLNRY
GHYRWLQJWRKLVWRLOHWDQDPRXQWRIWLPHQHYHUZLWQHVVHGVLQFHWKH
FUHDWLRQRIWKHZRUOG0HUHO\LQWKHFRQWHPSODWLRQRIKLVIHDWXUHVLQ
WKHPLUURUDVKHWULHGWRFRPPXQLFDWHWRWKHPDVXFFHVVLRQRIYDU\LQJ
H[SUHVVLRQVZDVDQKRXUVSHQW)LUVWRIDOOKHVWURYHWRPDNHKLV
IHDWXUHVDVVXPHDQDLURIGLJQLW\DQGLPSRUWDQFHDQGWKHQDQDLURI
KXPEOHEXWIDLQWO\VDWLULFDOUHVSHFWDQGWKHQDQDLURIUHVSHFW
JXLOWOHVVRIDQ\DOOR\ZKDWVRHYHU1H[WKHSUDFWLVHGSHUIRUPLQJD
VHULHVRIERZVWRKLVUHIOHFWLRQDFFRPSDQLHGZLWKFHUWDLQPXUPXUV
LQWHQGHGWREHDUDUHVHPEODQFHWRD)UHQFKSKUDVH WKRXJK&KLFKLNRY
NQHZQRWDVLQJOHZRUGRIWKH*DOOLFWRQJXH /DVWO\FDPHWKH
SHUIRUPLQJRIDVHULHVRIZKDW,PLJKWFDOODJUHHDEOHVXUSULVHVLQ
WKHVKDSHRIWZLWFKLQJVRIWKHEURZDQGOLSVDQGFHUWDLQPRWLRQVRI
WKHWRQJXH,QVKRUWKHGLGDOOWKDWDPDQLVDSWWRGRZKHQKHLV
QRWRQO\DORQHEXWDOVRFHUWDLQWKDWKHLVKDQGVRPHDQGWKDWQRRQH
LVUHJDUGLQJKLPWKURXJKDFKLQN)LQDOO\KHWDSSHGKLPVHOIOLJKWO\RQ
WKHFKLQDQGVDLG$KJRRGROGIDFH,QWKHVDPHZD\ZKHQKH
VWDUWHGWRGUHVVKLPVHOIIRUWKHFHUHPRQ\WKHOHYHORIKLVKLJK
VSLULWVUHPDLQHGXQLPSDLUHGWKURXJKRXWWKHSURFHVV7KDWLVWRVD\
ZKLOHDGMXVWLQJKLVEUDFHVDQGW\LQJKLVWLHKHVKXIIOHGKLVIHHWLQ
ZKDWZDVQRWH[DFWO\DGDQFHEXWPLJKWEHFDOOHGWKHHQWU
DFWHRID
GDQFHZKLFKSHUIRUPDQFHKDGWKHQRWYHU\VHULRXVUHVXOWRIVHWWLQJD
ZDUGUREHDUDWWOHDQGFDXVLQJDEUXVKWRVOLGHIURPWKHWDEOHWRWKH
IORRU

152

/DWHUKLVHQWU\LQWRWKHEDOOURRPSURGXFHGDQH[WUDRUGLQDU\HIIHFW
(YHU\RQHSUHVHQWFDPHIRUZDUGWRPHHWKLPVRPHZLWKFDUGVLQWKHLU
KDQGVDQGRQHPDQHYHQEUHDNLQJRIIDFRQYHUVDWLRQDWWKHPRVW
LQWHUHVWLQJSRLQWQDPHO\WKHSRLQWWKDWWKH,QIHULRU/DQG&RXUW
PXVWEHPDGHUHVSRQVLEOHIRUHYHU\WKLQJ<HVLQVSLWHRIWKH
UHVSRQVLELOLW\RIWKH,QIHULRU/DQG&RXUWWKHVSHDNHUFDVWDOO
WKRXJKWVRILWWRWKHZLQGVDVKHKXUULHGWRJUHHWRXUKHUR)URP
HYHU\VLGHUHVRXQGHGDFFODPDWLRQVRIZHOFRPHDQG&KLFKLNRYIHOW
KLPVHOIHQJXOIHGLQDVHDRIHPEUDFHV7KXVVFDUFHO\KDGKH
H[WULFDWHGKLPVHOIIURPWKHDUPVRIWKH3UHVLGHQWRIWKH/RFDO&RXQFLO
ZKHQKHIRXQGKLPVHOIMXVWDVILUPO\FODVSHGLQWKHDUPVRIWKH&KLHI
RI3ROLFHZKRLQWXUQVXUUHQGHUHGKLPWRWKH,QVSHFWRURIWKH
0HGLFDO'HSDUWPHQWZKRLQWXUQKDQGHGKLPRYHUWRWKH&RPPLVVLRQHU
RI7D[HVZKRDJDLQFRPPLWWHGKLPWRWKHFKDUJHRIWKH7RZQ
$UFKLWHFW(YHQWKH*RYHUQRUZKRKLWKHUWRKDGEHHQVWDQGLQJDPRQJKLV
ZRPHQIRONZLWKDER[RIVZHHWVLQRQHKDQGDQGDODSGRJLQWKHRWKHU
QRZWKUHZGRZQERWKVZHHWVDQGODSGRJ WKHODSGRJJLYLQJYHQWWRD
\HOSDVKHGLGVR DQGDGGHGKLVJUHHWLQJWRWKRVHRIWKHUHVWRIWKH
FRPSDQ\,QGHHGQRWDIDFHZDVWKHUHWREHVHHQRQZKLFKHFVWDWLF
GHOLJKWRUDWDOOHYHQWVWKHUHIOHFWLRQRIRWKHUSHRSOH
VHFVWDWLF
GHOLJKWZDVQRWSDLQWHG7KHVDPHH[SUHVVLRQPD\EHGLVFHUQHGRQWKH
IDFHVRIVXERUGLQDWHRIILFLDOVZKHQWKHQHZO\DUULYHG'LUHFWRUKDYLQJ
PDGHKLVLQVSHFWLRQWKHVDLGRIILFLDOVDUHEHJLQQLQJWRJHWRYHU
WKHLUILUVWVHQVHRIDZHRQSHUFHLYLQJWKDWKHKDVIRXQGPXFKWR
FRPPHQGDQGWKDWKHFDQHYHQJRVRIDUDVWRMHVWDQGXWWHUDIHZ
ZRUGVRIVPLOLQJDSSURYDO7KHUHXSRQHYHU\WFKLQRYQLNUHVSRQGVZLWKD
VPLOHRIGRXEOHVWUHQJWKDQGWKRVHZKR LWPD\EH KDYHQRWKHDUGD
VLQJOHZRUGRIWKH'LUHFWRU
VVSHHFKVPLOHRXWRIV\PSDWK\ZLWKWKH
UHVWDQGHYHQWKHJHQGDUPHZKRLVSRVWHGDWWKHGLVWDQWGRRUDPDQ
SHUKDSVZKRKDVQHYHUEHIRUHFRPSDVVHGDVPLOHEXWLVPRUH
DFFXVWRPHGWRGHDOLQJRXWEORZVWRWKHSRSXODFHVXPPRQVXSDNLQGRI
JULQHYHQWKRXJKWKHJULQUHVHPEOHVWKHJULPDFHRIDPDQZKRLVDERXW
WRVQHH]HDIWHULQDGYHUWHQWO\WDNLQJDQRYHUODUJHSLQFKRIVQXII7R
DOODQGVXQGU\&KLFKLNRYUHVSRQGHGZLWKDERZDQGIHOW
H[WUDRUGLQDULO\DWKLVHDVHDVKHGLGVR7RULJKWDQGOHIWGLGKH
LQFOLQHKLVKHDGLQWKHVLGHORQJ\HWXQFRQVWUDLQHGPDQQHUWKDWZDV
KLVZRQWDQGQHYHUIDLOHGWRFKDUPWKHEHKROGHU$VIRUWKHODGLHV
WKH\FOXVWHUHGDURXQGKLPLQDVKLQLQJEHY\WKDWZDVUHGROHQWRIHYHU\
VSHFLHVRISHUIXPHRIURVHVRIVSULQJYLROHWVDQGRIPLJQRQHWWHVR
PXFKVRWKDWLQVWLQFWLYHO\&KLFKLNRYUDLVHGKLVQRVHWRVQXIIWKHDLU
/LNHZLVHWKHODGLHV
GUHVVHVGLVSOD\HGDQHQGOHVVSURIXVLRQRIWDVWH
DQGYDULHW\DQGWKRXJKWKHPDMRULW\RIWKHLUZHDUHUVHYLQFHGD
WHQGHQF\WRHPERQSRLQWWKRVHZHDUHUVNQHZKRZWRFDOOXSRQDUWIRU
WKHFRQFHDOPHQWRIWKHIDFW&RQIURQWLQJWKHP&KLFKLNRYWKRXJKWWR

153

KLPVHOI:KLFKRIWKHVHEHDXWLHVLVWKHZULWHURIWKHOHWWHU"7KHQ
DJDLQKHVQXIIHGWKHDLU:KHQWKHODGLHVKDGWRDFHUWDLQH[WHQW
UHWXUQHGWRWKHLUVHDWVKHUHVXPHGKLVDWWHPSWVWRGLVFHUQ IURP
JODQFHVDQGH[SUHVVLRQV ZKLFKRIWKHPFRXOGSRVVLEO\EHWKHXQNQRZQ
DXWKRUHVV<HWWKRXJKWKRVHJODQFHVDQGH[SUHVVLRQVZHUHWRRVXEWOH
WRRLQVXIILFLHQWO\RSHQWKHGLIILFXOW\LQQRZD\GLPLQLVKHGKLVKLJK
VSLULWV(DVLO\DQGJUDFHIXOO\GLGKHH[FKDQJHDJUHHDEOHEDQGLQDJH
ZLWKRQHODG\DQGWKHQDSSURDFKDQRWKHURQHZLWKWKHVKRUWPLQFLQJ
VWHSVXVXDOO\DIIHFWHGE\\RXQJROGGDQGLHVZKRDUHIOXWWHULQJDURXQG
WKHIDLU$VKHWXUQHGQRWZLWKRXWGH[WHULW\WRULJKWDQGOHIWKH
NHSWRQHOHJVOLJKWO\GUDJJLQJEHKLQGWKHRWKHUOLNHDVKRUWWDLORU
FRPPD7KLVWULFNWKHODGLHVSDUWLFXODUO\DGPLUHG,QVKRUWWKH\QRW
RQO\GLVFRYHUHGLQKLPDKRVWRIUHFRPPHQGDWLRQVDQGDWWUDFWLRQVEXW
DOVREHJDQWRVHHLQKLVIDFHDVRUWRIJUDQG0DUVOLNHPLOLWDU\
H[SUHVVLRQDWKLQJZKLFKDVZHNQRZQHYHUIDLOVWRSOHDVHWKH
IHPLQLQHH\H&HUWDLQRIWKHODGLHVHYHQWRRNWRELFNHULQJRYHUKLP
DQGRQSHUFHLYLQJWKDWKHVSHQWPRVWRIKLVWLPHVWDQGLQJQHDUWKH
GRRUVRPHRIWKHLUQXPEHUKDVWHQHGWRRFFXS\FKDLUVQHDUHUWRKLV
SRVWRIYDQWDJH,QIDFWZKHQDFHUWDLQGDPHFKDQFHGWRKDYHWKHJRRG
IRUWXQHWRDQWLFLSDWHDKDWHGULYDOLQWKHUDFHWKHUHYHU\QHDUO\
HQVXHGDPRVWODPHQWDEOHVFHQHZKLFKWRPDQ\RIWKRVHZKRKDGEHHQ
GHVLURXVRIGRLQJH[DFWO\WKHVDPHWKLQJVHHPHGDSHFXOLDUO\KRUULEOH
LQVWDQFHRIEUD]HQIDFHGDXGDFLW\
6RGHHSO\GLG&KLFKLNRYEHFRPHSOXQJHGLQFRQYHUVDWLRQZLWKKLVIDLU
SXUVXHUVRUUDWKHUVRGHHSO\GLGWKRVHIDLUSXUVXHUVHQPHVKKLPLQ
WKHWRLOVRIVPDOOWDON ZKLFKWKH\DFFRPSOLVKHGWKURXJKWKHH[SHGLHQW
RIDVNLQJKLPHQGOHVVVXEWOHULGGOHVZKLFKEURXJKWWKHVZHDWWRKLV
EURZLQKLVDWWHPSWVWRJXHVVWKHP WKDWKHIRUJRWWKHFODLPVRI
FRXUWHV\ZKLFKUHTXLUHGKLPILUVWRIDOOWRJUHHWKLVKRVWHVV,Q
IDFWKHUHPHPEHUHGWKRVHFODLPVRQO\RQKHDULQJWKH*RYHUQRU
VZLIH
KHUVHOIDGGUHVVLQJKLP6KHKDGEHHQVWDQGLQJEHIRUHKLPIRUVHYHUDO
PLQXWHVDQGQRZJUHHWHGKLPZLWKVXDYHH[SUHVVHPHQWDQGWKHZRUGV
6R+(5(\RXDUH3DXO,YDQRYLWFK%XWZKDWVKHVDLGQH[W,DPQRW
LQDSRVLWLRQWRUHSRUWIRUVKHVSRNHLQWKHXOWUDUHILQHGWRQHDQG
YHLQZKHUHLQODGLHVDQGJHQWOHPHQFXVWRPDULO\H[SUHVVWKHPVHOYHVLQ
KLJKFODVVQRYHOVZKLFKKDYHEHHQZULWWHQE\H[SHUWVPRUHTXDOLILHG
WKDQ,DPWRGHVFULEHVDORQVDQGDEOHWRERDVWRIVRPHDFTXDLQWDQFH
ZLWKJRRGVRFLHW\,QHIIHFWZKDWWKH*RYHUQRU
VZLIHVDLGZDVWKDW
VKHKRSHGVKHJUHDWO\KRSHGWKDW0RQVLHXU&KLFKLNRY
VKHDUWVWLOO
FRQWDLQHGDFRUQHUHYHQWKHVPDOOHVWSRVVLEOHFRUQHUIRUWKRVHZKRP
KHKDGVRFUXHOO\IRUJRWWHQ8SRQWKDW&KLFKLNRYWXUQHGWRKHUDQG
ZDVRQWKHSRLQWRIUHWXUQLQJDUHSO\DWOHDVWQRZRUVHWKDQWKDW
ZKLFKZRXOGKDYHEHHQUHWXUQHGXQGHUVLPLODUFLUFXPVWDQFHVE\WKH

154

KHURRIDIDVKLRQDEOHQRYHOHWWHZKHQKHVWRSSHGVKRUWDVWKRXJK
WKXQGHUVWUXFN
%HIRUHKLPWKHUHZDVVWDQGLQJQRWRQO\0DGDPHEXWDOVRD\RXQJJLUO
ZKRPVKHZDVKROGLQJE\WKHKDQG7KHJROGHQKDLUWKHILQHGUDZQ
GHOLFDWHFRQWRXUVWKHIDFHZLWKLWVEHZLWFKLQJRYDODIDFHZKLFK
PLJKWKDYHVHUYHGDVDPRGHOIRUWKHFRXQWHQDQFHRIWKH0DGRQQDVLQFH
LWZDVRIDW\SHUDUHO\WREHPHWZLWKLQ5XVVLDZKHUHQHDUO\
HYHU\WKLQJIURPSODLQVWRKXPDQIHHWLVUDWKHURQWKHJLJDQWLF
VFDOHWKHVHIHDWXUHV,VD\ZHUHWKRVHRIWKHLGHQWLFDOPDLGHQZKRP
&KLFKLNRYKDGHQFRXQWHUHGRQWKHURDGZKHQKHKDGEHHQIOHHLQJIURP
1R]GUHY
V+LVHPRWLRQZDVVXFKWKDWKHFRXOGQRWIRUPXODWHDVLQJOH
LQWHOOLJLEOHV\OODEOHKHFRXOGPHUHO\PXUPXUWKHGHYLORQO\NQRZV
ZKDWWKRXJKFHUWDLQO\QRWKLQJRIWKHNLQGZKLFKZRXOGKDYHULVHQWR
WKHOLSVRIWKHKHURRIDIDVKLRQDEOHQRYHO
,WKLQNWKDW\RXKDYHQRWPHWP\GDXJKWHUEHIRUH"VDLG0DGDPH6KH
LVMXVWIUHVKIURPVFKRRO
+HUHSOLHGWKDWKH+$'KDGWKHKDSSLQHVVRIPHHWLQJ0DGHPRLVHOOH
EHIRUHDQGXQGHUUDWKHUXQH[SHFWHGFLUFXPVWDQFHVEXWRQKLVWU\LQJ
WRVD\VRPHWKLQJIXUWKHUKLVWRQJXHFRPSOHWHO\IDLOHGKLP7KH
*RYHUQRU
VZLIHDGGHGDZRUGRUWZRDQGWKHQFDUULHGRIIKHUGDXJKWHU
WRVSHDNWRVRPHRIWKHRWKHUJXHVWV
&KLFKLNRYVWRRGURRWHGWRWKHVSRWOLNHDPDQZKRDIWHULVVXLQJLQWR
WKHVWUHHWIRUDSOHDVDQWZDONKDVVXGGHQO\FRPHWRDKDOWRQ
UHPHPEHULQJWKDWVRPHWKLQJKDVEHHQOHIWEHKLQGKLP,QDPRPHQWDV
KHVWUXJJOHVWRUHFDOOZKDWWKDWVRPHWKLQJLVWKHPLHQRIFDUHOHVV
H[SHFWDQF\GLVDSSHDUVIURPKLVIDFHDQGKHQRORQJHUVHHVDVLQJOH
SHUVRQRUDVLQJOHREMHFWLQKLVYLFLQLW\,QWKHVDPHZD\GLG
&KLFKLNRYVXGGHQO\EHFRPHREOLYLRXVWRWKHVFHQHDURXQGKLP<HWDOO
WKHZKLOHWKHPHORGLRXVWRQJXHVRIODGLHVZHUHSO\LQJKLPZLWK
PXOWLWXGLQRXVKLQWVDQGTXHVWLRQVKLQWVDQGTXHVWLRQVLQVSLUHGZLWKD
GHVLUHWRFDSWLYDWH0LJKWZHSRRUFXPEHUHUVRIWKHJURXQGPDNHVR
EROGDVWRDVN\RXZKDW\RXDUHWKLQNLQJRI"3UD\WHOOXVZKHUHOLH
WKHKDSS\UHJLRQVLQZKLFK\RXUWKRXJKWVDUHZDQGHULQJ"0LJKWZHEH
LQIRUPHGRIWKHQDPHRIKHUZKRKDVSOXQJHG\RXLQWRWKLVVZHHW
DEDQGRQPHQWRIPHGLWDWLRQ"VXFKZHUHWKHSKUDVHVWKURZQDWKLP%XW
WRHYHU\WKLQJKHWXUQHGDGHDGHDUDQGWKHSKUDVHVLQTXHVWLRQPLJKW
DVZHOOKDYHEHHQVWRQHVGURSSHGLQWRDSRRO,QGHHGKLVUXGHQHVV
VRRQUHDFKHGWKHSLWFKRIKLVZDONLQJDZD\DOWRJHWKHULQRUGHUWKDW
KHPLJKWJRDQGUHFRQQRLWUHZLWKHUWKH*RYHUQRU
VZLIHDQGGDXJKWHU
KDGUHWUHDWHG%XWWKHODGLHVZHUHQRWJRLQJWROHWKLPRIIVRHDVLO\

155

(YHU\RQHRIWKHPKDGPDGHXSKHUPLQGWRXVHXSRQKLPKHUHYHU\
ZHDSRQDQGWRH[KLELWZKDWVRHYHUPLJKWFKDQFHWRFRQVWLWXWHKHUEHVW
SRLQW<HWWKHODGLHV
ZLOHVSURYHGXVHOHVVIRU&KLFKLNRYSDLGQRW
WKHVPDOOHVWDWWHQWLRQWRWKHPHYHQZKHQWKHGDQFLQJKDGEHJXQEXW
NHSWUDLVLQJKLPVHOIRQWLSWRHWRSHHURYHUSHRSOH
VKHDGVDQG
DVFHUWDLQLQZKLFKGLUHFWLRQWKHEHZLWFKLQJPDLGHQZLWKWKHJROGHQ
KDLUKDGJRQH$OVRZKHQVHDWHGKHFRQWLQXHGWRSHHSEHWZHHQKLV
QHLJKERXUV
EDFNVDQGVKRXOGHUVXQWLODWODVWKHGLVFRYHUHGKHU
VLWWLQJEHVLGHKHUPRWKHUZKRZDVZHDULQJDVRUWRI2ULHQWDOWXUEDQ
DQGIHDWKHU8SRQWKDWRQHZRXOGKDYHWKRXJKWWKDWKLVSXUSRVHZDVWR
FDUU\WKHSRVLWLRQE\VWRUPIRUZKHWKHUPRYHGE\WKHLQIOXHQFHRI
VSULQJRUZKHWKHUPRYHGE\DSXVKIURPEHKLQGKHSUHVVHGIRUZDUG
ZLWKVXFKGHVSHUDWHUHVROXWLRQWKDWKLVHOERZFDXVHGWKH&RPPLVVLRQHU
RI7D[HVWRVWDJJHURQKLVIHHWDQGZRXOGKDYHFDXVHGKLPWRORVHKLV
EDODQFHDOWRJHWKHUEXWIRUWKHVXSSRUWLQJURZRIJXHVWVLQWKHUHDU
/LNHZLVHWKH3RVWPDVWHUZDVPDGHWRJLYHJURXQGZKHUHXSRQKHWXUQHG
DQGH\HG&KLFKLNRYZLWKPLQJOHGDVWRQLVKPHQWDQGVXEWOHLURQ\%XW
&KLFKLNRYQHYHUHYHQQRWLFHGKLPKHVDZLQWKHGLVWDQFHRQO\WKH
JROGHQKDLUHGEHDXW\$WWKDWPRPHQWVKHZDVGUDZLQJRQDORQJJORYH
DQGGRXEWOHVVSLQLQJWREHIO\LQJRYHUWKHGDQFLQJIORRUZKHUH
ZLWKFOLFNLQJKHHOVIRXUFRXSOHVKDGQRZEHJXQWRWKUHDGWKHPD]HVRI
WKHPD]XUND,QSDUWLFXODUZDVDPLOLWDU\VWDIIFDSWDLQZRUNLQJERG\
DQGVRXODQGDUPVDQGOHJVWRFRPSDVVVXFKDVHULHVRIVWHSVDVZHUH
QHYHUEHIRUHSHUIRUPHGHYHQLQDGUHDP+RZHYHU&KLFKLNRYVOLSSHG
SDVWWKHPD]XUNDGDQFHUVDQGDOPRVWWUHDGLQJRQWKHLUKHHOVPDGH
KLVZD\WRZDUGVWKHVSRWZKHUH0DGDPHDQGKHUGDXJKWHUZHUHVHDWHG
<HWKHDSSURDFKHGWKHPZLWKJUHDWGLIILGHQFHDQGQRQHRIKLVODWH
PLQFLQJDQGSUDQFLQJ1D\KHHYHQIDOWHUHGDVKHZDONHGKLVHYHU\
PRYHPHQWKDGDERXWLWDQDLURIDZNZDUGQHVV
,WLVGLIILFXOWWRVD\ZKHWKHURUQRWWKHIHHOLQJZKLFKKDGDZDNHQHG
LQRXUKHUR
VEUHDVWZDVWKHIHHOLQJRIORYHIRULWLVSUREOHPDWLFDO
ZKHWKHURUQRWPHQZKRDUHQHLWKHUVWRXWQRUWKLQDUHFDSDEOHRIDQ\
VXFKVHQWLPHQW1HYHUWKHOHVVVRPHWKLQJVWUDQJHVRPHWKLQJZKLFKKH
FRXOGQRWDOWRJHWKHUH[SODLQKDGFRPHXSRQKLP,WVHHPHGDVWKRXJK
WKHEDOOZLWKLWVWDONDQGLWVFODWWHUKDGVXGGHQO\EHFRPHDWKLQJ
UHPRWHWKDWWKHRUFKHVWUDKDGZLWKGUDZQEHKLQGDKLOODQGWKHVFHQH
JURZQPLVW\OLNHWKHFDUHOHVVO\SDLQWHGLQEDFNJURXQGRIDSLFWXUH
$QGIURPWKDWPLVW\YRLGWKHUHFRXOGEHVHHQJOLPPHULQJRQO\WKH
GHOLFDWHRXWOLQHVRIWKHEHZLWFKLQJPDLGHQ6RPHKRZKHUH[TXLVLWH
VKDSHUHPLQGHGKLPRIDQLYRU\WR\LQVXFKIDLUZKLWHWUDQVSDUHQW
UHOLHIGLGLWVWDQGRXWDJDLQVWWKHGXOOEOXURIWKHVXUURXQGLQJ
WKURQJ

156

+HUHLQZHVHHDSKHQRPHQRQQRWLQIUHTXHQWO\REVHUYHGWKHSKHQRPHQRQ
RIWKH&KLFKLNRYVRIWKLVZRUOGEHFRPLQJWHPSRUDULO\SRHWV$WDOO
HYHQWVIRUDPRPHQWRUWZRRXU&KLFKLNRYIHOWWKDWKHZDVD\RXQJPDQ
DJDLQLIQRWH[DFWO\DPLOLWDU\RIILFHU2QSHUFHLYLQJDQHPSW\FKDLU
EHVLGHWKHPRWKHUDQGGDXJKWHUKHKDVWHQHGWRRFFXS\LWDQGWKRXJK
FRQYHUVDWLRQDWILUVWKXQJILUHWKLQJVJUDGXDOO\LPSURYHGDQGKH
DFTXLUHGPRUHFRQILGHQFH
$WWKLVSRLQW,PXVWUHOXFWDQWO\GHYLDWHWRVD\WKDWPHQRIZHLJKWDQG
KLJKRIILFHDUHDOZD\VDWULIOHSRQGHURXVZKHQFRQYHUVLQJZLWKODGLHV
<RXQJOLHXWHQDQWVRUDWDOOHYHQWVRIILFHUVQRWDERYHWKHUDQNRI
FDSWDLQDUHIDUPRUHVXFFHVVIXODWWKHJDPH+RZWKH\FRQWULYHWREH
VR*RGRQO\NQRZV/HWWKHPEXWPDNHWKHPRVWLQDQHRIUHPDUNVDQGDW
RQFHWKHPDLGHQE\WKHLUVLGHZLOOEHURFNLQJZLWKODXJKWHUZKHUHDV
VKRXOGD6WDWH&RXQFLOORUHQWHULQWRFRQYHUVDWLRQZLWKDGDPVHODQG
UHPDUNWKDWWKH5XVVLDQ(PSLUHLVRQHRIYDVWH[WHQWRUXWWHUD
FRPSOLPHQWZKLFKKHKDVHODERUDWHGQRWZLWKRXWDFHUWDLQPHDVXUHRI
LQWHOOLJHQFH KRZHYHUVWURQJO\WKHVDLGFRPSOLPHQWPD\VPDFNRID
ERRN RIDVXUHW\WKHWKLQJZLOOIDOOIODW(YHQDZLWWLFLVPIURPKLP
ZLOOEHODXJKHGDWIDUPRUHE\KLPKLPVHOIWKDQLWZLOOE\WKHODG\
ZKRPD\KDSSHQWREHOLVWHQLQJWRKLVUHPDUNV
7KHVHFRPPHQWV,KDYHLQWHUSRVHGIRUWKHSXUSRVHRIH[SODLQLQJWRWKH
UHDGHUZK\DVRXUKHURFRQYHUVHGWKHPDLGHQEHJDQWR\DZQ%OLQGWR
WKLVKRZHYHUKHFRQWLQXHGWRUHODWHWRKHUVXQGU\DGYHQWXUHVZKLFK
KDGEHIDOOHQKLPLQGLIIHUHQWSDUWVRIWKHZRUOG0HDQZKLOH DVQHHG
KDUGO\EHVDLG WKHUHVWRIWKHODGLHVKDGWDNHQXPEUDJHDWKLV
EHKDYLRXU2QHRIWKHPSXUSRVHO\VWDONHGSDVWKLPWRLQWLPDWHWRKLP
WKHIDFWDVZHOODVWRMRVWOHWKH*RYHUQRU
VGDXJKWHUDQGOHWWKH
IO\LQJHQGRIDVFDUIIOLFNKHUIDFHZKLOHIURPDODG\VHDWHGEHKLQG
WKHSDLUFDPHERWKDZKLIIRIYLROHWVDQGDYHU\YHQRPRXVDQG
VDUFDVWLFUHPDUN1HYHUWKHOHVVHLWKHUKHGLGQRWKHDUWKHUHPDUNRU
KH35(7(1'('QRWWRKHDULW7KLVZDVXQZLVHRIKLPVLQFHLWQHYHU
GRHVWRGLVUHJDUGODGLHV
RSLQLRQV/DWHUEXWWRRODWHKHZDV
GHVWLQHGWROHDUQWKLVWRKLVFRVW
,QVKRUWGLVVDWLVIDFWLRQEHJDQWRGLVSOD\LWVHOIRQHYHU\IHPLQLQH
IDFH1RPDWWHUKRZKLJK&KLFKLNRYPLJKWVWDQGLQVRFLHW\DQGQR
PDWWHUKRZPXFKKHPLJKWEHDPLOOLRQDLUHDQGLQFOXGHLQKLV
H[SUHVVLRQRIFRXQWHQDQFHDQLQGHILQDEOHHOHPHQWRIJUDQGQHVVDQG
PDUWLDODUGRXUWKHUHDUHFHUWDLQWKLQJVZKLFKQRODG\ZLOOSDUGRQ
ZKRVRHYHUEHWKHSHUVRQFRQFHUQHG:HNQRZWKDWDW*RYHUQRU
VEDOOVLW
LVFXVWRPDU\IRUWKHRQORRNHUVWRFRPSRVHYHUVHVDWWKHH[SHQVHRIWKH
GDQFHUVDQGLQWKLVFDVHWKHYHUVHVZHUHGLUHFWHGWR&KLFKLNRY
V

157

DGGUHVV%ULHIO\WKHSUHYDLOLQJGLVVDWLVIDFWLRQJUHZXQWLODWDFLW
HGLFWRISURVFULSWLRQKDGEHHQLVVXHGDJDLQVWERWKKLPDQGWKHSRRU
\RXQJPDLGHQ
%XWDQHYHQPRUHXQSOHDVDQWVXUSULVHZDVLQVWRUHIRURXUKHURIRU
ZKLOVWWKH\RXQJODG\ZDVVWLOO\DZQLQJDV&KLFKLNRYUHFRXQWHGWRKHU
FHUWDLQRIKLVSDVWDGYHQWXUHVDQGDOVRWRXFKHGOLJKWO\XSRQWKH
VXEMHFWRI*UHHNSKLORVRSK\WKHUHDSSHDUHGIURPDQDGMRLQLQJURRPWKH
ILJXUHRI1R]GUHY:KHWKHUKHKDGFRPHIURPWKHEXIIHWRUZKHWKHUKH
KDGLVVXHGIURPDOLWWOHJUHHQUHWUHDWZKHUHDJDPHPRUHVWUHQXRXV
WKDQZKLVWKDGEHHQLQSURJUHVVRUZKHWKHUKHKDGOHIWWKHODWWHU
UHVRUWXQDLGHGRUZKHWKHUKHKDGEHHQH[SHOOHGWKHUHIURPLVXQNQRZQ
EXWDWDOOHYHQWVZKHQKHHQWHUHGWKHEDOOURRPKHZDVLQDQHOHYDWHG
FRQGLWLRQDQGOHDGLQJE\WKHDUPWKH3XEOLF3URVHFXWRUZKRPKH
VHHPHGWRKDYHEHHQGUDJJLQJDERXWIRUDORQJZKLOHSDVWVHHLQJWKDW
WKHSRRUPDQZDVJODQFLQJIURPVLGHWRVLGHDVWKRXJKVHHNLQJDPHDQV
RISXWWLQJDQHQGWRWKLVSHUVRQDOO\FRQGXFWHGWRXU&HUWDLQO\KHPXVW
KDYHIRXQGWKHVLWXDWLRQDOPRVWXQEHDUDEOHLQYLHZRIWKHIDFWWKDW
DIWHUGHULYLQJLQVSLUDWLRQIURPWZRJODVVHVRIWHDQRWZKROO\
XQGLOXWHGZLWKUXP1R]GUHYZDVHQJDJHGLQO\LQJXQPHUFLIXOO\2Q
VLJKWLQJKLPLQWKHGLVWDQFH&KLFKLNRYDWRQFHGHFLGHGWRVDFULILFH
KLPVHOI7KDWLVWRVD\KHGHFLGHGWRYDFDWHKLVSUHVHQWHQYLDEOH
SRVLWLRQDQGPDNHRIIZLWKDOOSRVVLEOHVSHHGVLQFHKHFRXOGVHHWKDW
DQHQFRXQWHUZLWKWKHQHZFRPHUZRXOGGRKLPQRJRRG8QIRUWXQDWHO\DW
WKDWPRPHQWWKH*RYHUQRUEXWWRQKROHGKLPZLWKDUHTXHVWWKDWKHZRXOG
FRPHDQGDFWDVDUELWHUEHWZHHQKLP WKH*RYHUQRU DQGWZRODGLHVWKH
VXEMHFWRIGLVSXWHEHLQJWKHTXHVWLRQDVWRZKHWKHURUQRWZRPDQ
V
ORYHLVODVWLQJ6LPXOWDQHRXVO\1R]GUHYGHVFULHGRXUKHURDQGERUH
GRZQXSRQKLP
$KP\ILQHODQGRZQHURI.KHUVRQKHFULHGZLWKDVPLOHZKLFKVHW
KLVIUHVKVSULQJURVHSLQNFKHHNVDTXLYHU+DYH\RXEHHQGRLQJPXFK
WUDGHLQGHSDUWHGVRXOVODWHO\":LWKWKDWKHWXUQHGWRWKH*RYHUQRU
,VXSSRVH\RXU([FHOOHQF\NQRZVWKDWWKLVPDQWUDIILFVLQGHDG
SHDVDQWV"KHEDZOHG/RRNKHUH&KLFKLNRY,WHOO\RXLQWKHPRVW
IULHQGO\ZD\SRVVLEOHWKDWHYHU\RQHKHUHOLNHV\RX\HVLQFOXGLQJ
HYHQWKH*RYHUQRU1HYHUWKHOHVVKDG,P\ZD\,ZRXOGKDQJ\RX<HV
E\*RG,ZRXOG
&KLFKLNRY
VGLVFRPILWXUHZDVFRPSOHWH
$QGZRXOG\RXEHOLHYHLW\RXU([FHOOHQF\ZHQWRQ1R]GUHYEXW
WKLVIHOORZDFWXDOO\VDLGWRPH
6HOOPH\RXUGHDGVRXOV
:K\,
ODXJKHGWLOO,QHDUO\EHFDPHDVGHDGDVWKHVRXOV$QGEHKROGQR

158

VRRQHUGR,DUULYHKHUHWKDQ,DPWROGWKDWKHKDVERXJKWWKUHH
PLOOLRQURXEOHV
ZRUWKRISHDVDQWVIRUWUDQVIHUPHQW)RUWUDQVIHUPHQW
LQGHHG$QGKHZDQWHGWREDUJDLQZLWKPHIRUP\'($'RQHV/RRN
KHUH&KLFKLNRY<RXDUHDVZLQH<HVE\*RG\RXDUHDQXWWHUVZLQH
,VQRWWKDWVR\RXU([FHOOHQF\",VQRWWKDWVRIULHQG3URNXUDWRU>@"
>@3XEOLF3URVHFXWRU
%XWERWKKLV([FHOOHQF\WKH3XEOLF3URVHFXWRUDQG&KLFKLNRYZHUHWRR
WDNHQDEDFNWRUHSO\7KHKDOIWLSV\1R]GUHYZLWKRXWQRWLFLQJWKHP
FRQWLQXHGKLVKDUDQJXHDVEHIRUH
$KP\ILQHVLUKHFULHG7+,6WLPH,GRQ
WPHDQWROHW\RXJR
1RQRWXQWLO,KDYHOHDUQWZKDWDOOWKLVSXUFKDVLQJRIGHDGSHDVDQWV
PHDQV/RRNKHUH<RXRXJKWWREHDVKDPHGRI\RXUVHOI<HVB,BVD\
WKDWB,BZKRDPRQHRI\RXUEHVWIULHQGV+HUHKHWXUQHGWRWKH
*RYHUQRUDJDLQ<RXU([FHOOHQF\KHFRQWLQXHG\RXZRXOGQHYHU
EHOLHYHZKDWLQVHSHUDEOHVWKLVPDQDQG,KDYHEHHQ,QGHHGLI\RXKDG
VWRRGWKHUHDQGVDLGWRPH
1R]GUHYWHOOPHRQ\RXUKRQRXUZKLFKRI
WKHWZR\RXORYHEHVW\RXUIDWKHURU&KLFKLNRY"
,VKRXOGKDYH
UHSOLHG
&KLFKLNRYE\*RG
:LWKWKDWKHWDFNOHGRXUKHURDJDLQ
&RPHFRPHP\IULHQGKHXUJHG/HWPHLPSULQWXSRQ\RXUFKHHNVD
EDLVHURUWZR<RXZLOOH[FXVHPHLI,NLVVKLPZLOO\RXQRW\RXU
([FHOOHQF\"1RGRQRWUHVLVWPH&KLFKLNRYEXWDOORZPHWRLPSULQW
DWOHDVWRQHEDLVHUXSRQ\RXUOLO\ZKLWHFKHHN$QGLQKLVHIIRUWVWR
IRUFHXSRQ&KLFKLNRYZKDWKHWHUPHGKLVEDLVHUVKHFDPHQHDUWR
PHDVXULQJKLVOHQJWKXSRQWKHIORRU
(YHU\RQHQRZHGJHGDZD\DQGWXUQHGDGHDIHDUWRKLVIXUWKHU
EDEEOLQJVEXWKLVZRUGVRQWKHVXEMHFWRIWKHSXUFKDVHRIGHDGVRXOV
KDGQRQHWKHOHVVEHHQXWWHUHGDWWKHWRSRIKLVYRLFHDQGEHHQ
DFFRPSDQLHGZLWKVXFKXSURDULRXVODXJKWHUWKDWWKHFXULRVLW\HYHQRI
WKRVHZKRKDGKDSSHQHGWREHVLWWLQJRUVWDQGLQJLQWKHUHPRWHU
FRUQHUVRIWKHURRPKDGEHHQDURXVHG6RVWUDQJHDQGQRYHOVHHPHGWKH
LGHDWKDWWKHFRPSDQ\VWRRGZLWKIDFHVH[SUHVVLYHRIQRWKLQJEXWD
GXPEGXOOZRQGHU2QO\VRPHRIWKHODGLHV DV&KLFKLNRYGLGQRWIDLO
WRUHPDUN H[FKDQJHGPHDQLQJLOOQDWXUHGZLQNVDQGDVHULHVRI
VDUFDVWLFVPLOHVZKLFKFLUFXPVWDQFHVWLOOIXUWKHULQFUHDVHGKLV
FRQIXVLRQ7KDW1R]GUHYZDVDQRWRULRXVOLDUHYHU\RQHRIFRXUVH
NQHZDQGWKDWKHVKRXOGKDYHJLYHQYHQWWRDQLGLRWLFRXWEXUVWRI
WKLVVRUWKDGVXUSULVHGQRRQHEXWDGHDGVRXOZHOOZKDWZDVRQHWR
PDNHRI1R]GUHY
VUHIHUHQFHWRVXFKDFRPPRGLW\"
1DWXUDOO\WKLVXQVHHPO\FRQWUHWHPSVKDGJUHDWO\XSVHWRXUKHURIRU

159

KRZHYHUIRROLVKEHDPDGPDQ
VZRUGVWKH\PD\\HWSURYHVXIILFLHQWWR
VRZGRXEWLQWKHPLQGVRIVDQHULQGLYLGXDOV+HIHOWPXFKDVGRHVD
PDQZKRVKRGZLWKZHOOSROLVKHGERRWVKDVMXVWVWHSSHGLQWRDGLUW\
VWLQNLQJSXGGOH+HWULHGWRSXWDZD\IURPKLPWKHRFFXUUHQFHDQGWR
H[SDQGDQGWRHQMR\KLPVHOIRQFHPRUH1D\KHHYHQWRRNDKDQGDW
ZKLVW%XWDOOZDVRIQRDYDLOPDWWHUVNHSWJRLQJDVDZU\DVD
EDGO\EHQWKRRS7ZLFHKHEOXQGHUHGLQKLVSOD\DQGWKH3UHVLGHQWRI
WKH&RXQFLOZDVDWDORVVWRXQGHUVWDQGKRZKLVIULHQG3DXO
,YDQRYLWFKODWHO\VRJRRGDQGVRFLUFXPVSHFWDSOD\HUFRXOG
SHUSHWUDWHVXFKDPDXYDLVSDVDVWRWKURZDZD\DSDUWLFXODUNLQJRI
VSDGHVZKLFKWKH3UHVLGHQWKDVEHHQWUXVWLQJDV WRTXRWHKLVRZQ
H[SUHVVLRQ KHZRXOGKDYHWUXVWHG*RG$WVXSSHUWRRPDWWHUVIHOW
XQFRPIRUWDEOHHYHQWKRXJKWKHVRFLHW\DW&KLFKLNRY
VWDEOHZDV
H[FHHGLQJO\DJUHHDEOHDQG1R]GUHYKDGEHHQUHPRYHGRZLQJWRWKHIDFW
WKDWWKHODGLHVKDGIRXQGKLVFRQGXFWWRRVFDQGDORXVWREHERUQHQRZ
WKDWWKHGHOLQTXHQWKDGWDNHQWRVHDWLQJKLPVHOIRQWKHIORRUDQG
SOXFNLQJDWWKHVNLUWVRISDVVLQJODG\GDQFHUV$V,VD\WKHUHIRUH
&KLFKLNRYIRXQGWKHVLWXDWLRQQRWDOLWWOHDZNZDUGDQGHYHQWXDOO\SXW
DQHQGWRLWE\OHDYLQJWKHVXSSHUURRPEHIRUHWKHPHDOZDVRYHUDQG
ORQJEHIRUHWKHKRXUZKHQXVXDOO\KHUHWXUQHGWRWKHLQQ
,QKLVOLWWOHURRPZLWKLWVGRRURIFRPPXQLFDWLRQEORFNHGZLWKD
ZDUGUREHKLVIUDPHRIPLQGUHPDLQHGDVXQFRPIRUWDEOHDVWKHFKDLULQ
ZKLFKKHZDVVHDWHG+LVKHDUWDFKHGZLWKDGXOOXQSOHDVDQW
VHQVDWLRQZLWKDVRUWRIRSSUHVVLYHHPSWLQHVV
7KHGHYLOWDNHWKRVHZKRILUVWLQYHQWHGEDOOVZDVKLVUHIOHFWLRQ
:KRGHULYHVDQ\UHDOSOHDVXUHIURPWKHP",QWKLVSURYLQFHWKHUHH[LVW
ZDQWDQGVFDUFLW\HYHU\ZKHUH\HWIRONJRLQIRUEDOOV+RZDEVXUG
WRRZHUHWKRVHRYHUGUHVVHGZRPHQ2QHRIWKHPPXVWKDYHKDGD
WKRXVDQGURXEOHVRQKHUEDFNDQGDOODFTXLUHGDWWKHH[SHQVHRIWKH
RYHUWD[HGSHDVDQWRUZRUVHVWLOODWWKDWRIWKHFRQVFLHQFHRIKHU
QHLJKERXU<HVZHDOONQRZZK\EULEHVDUHDFFHSWHGDQGZK\PHQ
EHFRPHFURRNHGLQVRXO,WLVDOOGRQHWRSURYLGHZLYHV\HVPD\WKH
SLWVZDOORZWKHPXSZLWKIDOODOV$QGIRUZKDWSXUSRVH"7KDWVRPH
ZRPDQPD\QRWKDYHWRUHSURDFKKHUKXVEDQGZLWKWKHIDFWWKDWVD\
WKH3RVWPDVWHU
VZLIHLVZHDULQJDEHWWHUGUHVVWKDQVKHLVDGUHVV
ZKLFKKDVFRVWDWKRXVDQGURXEOHV
%DOOVDQGJDLHW\EDOOVDQG
JDLHW\
LVWKHFRQVWDQWFU\<HWZKDWIROO\EDOOVDUH7KH\GRQRW
FRQVRUWZLWKWKH5XVVLDQVSLULWDQGJHQLXVDQGWKHGHYLORQO\NQRZV
ZK\ZHKDYHWKHP$JURZQPLGGOHDJHGPDQDPDQGUHVVHGLQEODFN
DQGORRNLQJDVVWLIIDVDSRNHUVXGGHQO\WDNHVWKHIORRUDQGEHJLQV
VKXIIOLQJKLVIHHWDERXWZKLOHDQRWKHUPDQHYHQWKRXJKFRQYHUVLQJ
ZLWKDFRPSDQLRQRQLPSRUWDQWEXVLQHVVZLOOWKHZKLOHNHHSFDSHULQJ

160

WRULJKWDQGOHIWOLNHDELOO\JRDW0LPLFU\VKHHUPLPLFU\7KHIDFW
WKDWWKH)UHQFKPDQLVDWIRUW\SUHFLVHO\ZKDWKHZDVDWILIWHHQOHDGV
XVWRLPDJLQHWKDWZHWRRIRUVRRWKRXJKWWREHWKHVDPH1RDEDOO
OHDYHVRQHIHHOLQJWKDWRQHKDVGRQHDZURQJWKLQJVRPXFKVRWKDW
RQHGRHVQRWFDUHHYHQWRWKLQNRILW,WDOVROHDYHVRQH
VKHDG
SHUIHFWO\HPSW\HYHQDVGRHVWKHH[HUWLRQRIWDONLQJWRDPDQRIWKH
ZRUOG$PDQRIWKDWNLQGFKDWWHUVDZD\DQGWRXFKHVOLJKWO\XSRQ
HYHU\FRQFHLYDEOHVXEMHFWDQGWDONVLQVPRRWKIOXHQWSKUDVHVZKLFK
KHKDVFXOOHGIURPERRNVZLWKRXWJUD]LQJWKHLUVXEVWDQFHZKHUHDVJR
DQGKDYHDFKDWZLWKDWUDGHVPDQZKRNQRZVDWOHDVW21(WKLQJ
WKRURXJKO\DQGWKURXJKWKHPHGLXPRIH[SHULHQFHDQGVHHZKHWKHUKLV
FRQYHUVDWLRQZLOOQRWEHZRUWKPRUHWKDQWKHSUDWWOHRIDWKRXVDQG
FKDWWHUER[HV)RUZKDWJRRGGRHVRQHJHWRXWRIEDOOV"6XSSRVHWKDWD
FRPSHWHQWZULWHUZHUHWRGHVFULEHVXFKDVFHQHH[DFWO\DVLWVWDQGV"
:K\HYHQLQDERRNLWZRXOGVHHPVHQVHOHVVHYHQDVLWFHUWDLQO\LV
LQOLIH$UHWKHUHIRUHVXFKIXQFWLRQVULJKWRUZURQJ"2QHZRXOG
DQVZHUWKDWWKHGHYLODORQHNQRZVDQGWKHQVSLWDQGFORVHWKHERRN
6XFKZHUHWKHXQIDYRXUDEOHFRPPHQWVZKLFK&KLFKLNRYSDVVHGXSRQEDOOV
LQJHQHUDO:LWKLWDOOKRZHYHUWKHUHZHQWDVHFRQGVRXUFHRI
GLVVDWLVIDFWLRQ7KDWLVWRVD\KLVSULQFLSDOJUXGJHZDVQRWVRPXFK
DJDLQVWEDOOVDVDJDLQVWWKHIDFWWKDWDWWKLVSDUWLFXODURQHKHKDG
EHHQH[SRVHGKHKDGEHHQPDGHWRGLVFORVHWKHFLUFXPVWDQFHWKDWKH
KDGEHHQSOD\LQJDVWUDQJHDQDPELJXRXVSDUW2IFRXUVHZKHQKH
UHYLHZHGWKHFRQWUHWHPSVLQWKHOLJKWRISXUHUHDVRQKHFRXOGQRWEXW
VHHWKDWLWPDWWHUHGQRWKLQJDQGWKDWDIHZUXGHZRUGVZHUHRIQR
DFFRXQWQRZWKDWWKHFKLHISRLQWKDGEHHQDWWDLQHG\HWPDQLVDQRGG
FUHDWXUHDQG&KLFKLNRYDFWXDOO\IHOWSDLQHGE\WKHFRXOGVKRXOGHULQJ
DGPLQLVWHUHGWRKLPE\SHUVRQVIRUZKRPKHKDGQRWDQDWRPRIUHVSHFW
DQGZKRVHYDQLW\DQGORYHRIGLVSOD\KHKDGRQO\WKDWPRPHQWEHHQ
FHQVXULQJ6WLOOPRUHRQYLHZLQJWKHPDWWHUFOHDUO\KHIHOWYH[HGWR
WKLQNWKDWKHKLPVHOIKDGEHHQVRODUJHO\WKHFDXVHRIWKH
FDWDVWURSKH
<HWKHZDVQRWDQJU\ZLWK+,06(/)RIWKDW\RXPD\EHVXUHVHHLQJ
WKDWDOORIXVKDYHDVOLJKWZHDNQHVVIRUVSDULQJRXURZQIDXOWVDQG
DOZD\VGRRXUEHVWWRILQGVRPHIHOORZFUHDWXUHXSRQZKRPWRYHQWRXU
GLVSOHDVXUHZKHWKHUWKDWIHOORZFUHDWXUHEHDVHUYDQWDVXERUGLQDWH
RIILFLDORUDZLIH,QWKHVDPHZD\&KLFKLNRYVRXJKWDVFDSHJRDWXSRQ
ZKRVHVKRXOGHUVKHFRXOGOD\WKHEODPHIRUDOOWKDWKDGDQQR\HGKLP
+HIRXQGRQHLQ1R]GUHYDQG\RXPD\EHVXUHWKDWWKHVFDSHJRDWLQ
TXHVWLRQUHFHLYHGDJRRGGUXEELQJIURPHYHU\VLGHHYHQDVDQ
H[SHULHQFHGFDSWDLQRUFKLHIRISROLFHZLOOJLYHDNQDYLVKVWDURVWDRU
SRVWER\DUDWLQJQRWRQO\LQWKHWHUPVEHFRPHFODVVLFDOEXWDOVRLQ

161

VXFKWHUPVDVWKHVDLGFDSWDLQRUFKLHIRISROLFHPD\LQYHQWIRU
KLPVHOI,QVKRUW1R]GUHY
VZKROHOLQHDJHZDVSDVVHGLQUHYLHZDQG
PDQ\RILWVPHPEHUVLQWKHDVFHQGLQJOLQHIDUHGEDGO\LQWKHSURFHVV
0HDQZKLOHDWWKHRWKHUHQGRIWKHWRZQWKHUHZDVLQSURJUHVVDQHYHQW
ZKLFKZDVGHVWLQHGWRDXJPHQWVWLOOIXUWKHUWKHXQSOHDVDQWQHVVRIRXU
KHUR
VSRVLWLRQ7KDWLVWRVD\WKURXJKWKHRXWO\LQJVWUHHWVDQG
DOOH\VRIWKHWRZQWKHUHZDVFODWWHULQJDYHKLFOHWRZKLFKLWZRXOGEH
GLIILFXOWSUHFLVHO\WRDVVLJQDQDPHVHHLQJWKDWWKRXJKLWZDVRID
VSHFLHVSHFXOLDUWRLWVHOILWPRVWQHDUO\UHVHPEOHGDODUJHULFNHW\
ZDWHUPHORQRQZKHHOV(YHQWXDOO\WKLVPRQVWURVLW\GUHZXSDWWKH
JDWHVRIDKRXVHZKHUHWKHDUFKSULHVWRIRQHRIWKHFKXUFKHVUHVLGHG
DQGIURPLWVGRRUVWKHUHOHDSWDGDPVHOFODGLQDMHUNLQDQGZHDULQJD
VFDUIRYHUKHUKHDG)RUDZKLOHVKHWKXPSHGWKHJDWHVVRYLJRURXVO\
DVWRVHWDOOWKHGRJVEDUNLQJWKHQWKHJDWHVVWLIIO\RSHQHGDQG
DGPLWWHGWKLVXQZLHOG\SKHQRPHQRQRIWKHURDG/DVWO\WKHEDULQLD
KHUVHOIDOLJKWHGDQGVWRRGUHYHDOHGDV0DGDPH.RURERWFKNDZLGRZRID
&ROOHJLDWH6HFUHWDU\7KHUHDVRQRIKHUVXGGHQDUULYDOZDVWKDWVKH
KDGIHOWVRXQHDV\DERXWWKHSRVVLEOHRXWFRPHRI&KLFKLNRY
VZKLP
WKDWGXULQJWKHWKUHHQLJKWVIROORZLQJKLVGHSDUWXUHVKHKDGEHHQ
XQDEOHWRVOHHSDZLQNZKHUHDIWHULQVSLWHRIWKHIDFWWKDWKHU
KRUVHVZHUHQRWVKRGVKHKDGVHWRIIIRUWKHWRZQLQRUGHUWROHDUQ
DWILUVWKDQGKRZWKHGHDGVRXOVZHUHIDULQJDQGZKHWKHU ZKLFKPLJKW
*RGIRUIHQG VKHKDGQRWVROGWKHPDWVRPHWKLQJOLNHDWKLUGRIWKHLU
WUXHYDOXH7KHFRQVHTXHQFHVRIKHUYHQWXUHWKHUHDGHUZLOOOHDUQIURP
DFRQYHUVDWLRQEHWZHHQWZRODGLHV:HZLOOUHVHUYHLWIRUWKHHQVXLQJ
FKDSWHU

&+$37(5,;
1H[WPRUQLQJEHIRUHWKHXVXDOKRXUIRUSD\LQJFDOOVWKHUHWULSSHG
IURPWKHSRUWDOVRIDQRUDQJHFRORXUHGZRRGHQKRXVHZLWKDQDWWLF
VWRUH\DQGDURZRIEOXHSLOODUVDODG\LQDQHOHJDQWSODLGFORDN
:LWKKHUFDPHDIRRWPDQLQDPDQ\FDSHGJUHDWFRDWDQGDSROLVKHGWRS
KDWZLWKDJROGEDQG+DVWLO\EXWJUDFHIXOO\WKHODG\DVFHQGHGWKH
VWHSVOHWGRZQIURPDNROLDVNDZKLFKZDVVWDQGLQJEHIRUHWKHHQWUDQFH
DQGDVVRRQDVVKHKDGGRQHVRWKHIRRWPDQVKXWKHULQSXWXSWKH
VWHSVDJDLQDQGFDWFKLQJKROGRIWKHVWUDSEHKLQGWKHYHKLFOH
VKRXWHGWRWKHFRDFKPDQ5LJKWDZD\7KHUHDVRQRIDOOWKLVZDVWKDW
WKHODG\ZDVWKHSRVVHVVRURIDSLHFHRILQWHOOLJHQFHWKDWVKHZDV
EXUQLQJWRFRPPXQLFDWHWRDIHOORZFUHDWXUH(YHU\PRPHQWVKHNHSW
ORRNLQJRXWRIWKHFDUULDJHZLQGRZDQGSHUFHLYLQJZLWKDOPRVW

162

VSHHFKOHVVYH[DWLRQWKDWDV\HWVKHZDVEXWKDOIZD\RQKHU
MRXUQH\7KHIURQWVRIWKHKRXVHVDSSHDUHGWRKHUORQJHUWKDQXVXDO
DQGLQSDUWLFXODUGLGWKHIURQWRIWKHZKLWHVWRQHKRVSLWDOZLWKLWV
URZVRIQDUURZZLQGRZVVHHPLQWHUPLQDEOHWRDGHJUHHZKLFKDWOHQJWK
IRUFHGKHUWRHMDFXODWH2KWKHFXUVHGEXLOGLQJ3RVLWLYHO\WKHUHLV
QRHQGWRLW$OVRVKHWZLFHDGMXUHGWKHFRDFKPDQZLWKWKHZRUGV
*RTXLFNHU$QGUXVKD<RXDUHDKRUULEO\ORQJWLPHRYHUWKHMRXUQH\
WKLVPRUQLQJ%XWDWOHQJWKWKHJRDOZDVUHDFKHGDQGWKHNROLDVND
VWRSSHGEHIRUHDRQHVWRULHGZRRGHQPDQVLRQGDUNJUH\LQFRORXUDQG
KDYLQJZKLWHFDUYLQJVRYHUWKHZLQGRZVDWDOOZRRGHQIHQFHDQGQDUURZ
JDUGHQLQIURQWRIWKHODWWHUDQGDIHZPHDJUHWUHHVORRPLQJZKLWH
ZLWKDQLQFRQJUXRXVFRDWLQJRIURDGGXVW,QWKHZLQGRZVRIWKH
EXLOGLQJZHUHDOVRDIHZIORZHUSRWVDQGDSDUURWWKDWNHSW
DOWHUQDWHO\GDQFLQJRQWKHIORRURILWVFDJHDQGKDQJLQJRQWRWKH
ULQJRIWKHVDPHZLWKLWVEHDN$OVRLQWKHVXQVKLQHEHIRUHWKHGRRU
WZRSHWGRJVZHUHVOHHSLQJ+HUHWKHUHOLYHGWKHODG\
VERVRPIULHQG
$VVRRQDVWKHERVRPIULHQGLQTXHVWLRQOHDUQWRIWKHQHZFRPHU
V
DUULYDOVKHUDQGRZQLQWRWKHKDOODQGWKHWZRODGLHVNLVVHGDQG
HPEUDFHGRQHDQRWKHU7KHQWKH\DGMRXUQHGWRWKHGUDZLQJURRP
+RZJODG,DPWRVHH\RXVDLGWKHERVRPIULHQG:KHQ,KHDUGVRPH
RQHDUULYLQJ,ZRQGHUHGZKRFRXOGSRVVLEO\EHFDOOLQJVRHDUO\
3DUDVKDGHFODUHGWKDWLWPXVWEHWKH9LFH*RYHUQRU
VZLIHVRDV,
GLGQRWZDQWWREHERUHGZLWKKHU,JDYHRUGHUVWKDW,ZDVWREH
UHSRUWHG
QRWDWKRPH

)RUKHUSDUWWKHJXHVWZRXOGKDYHOLNHGWRKDYHSURFHHGHGWREXVLQHVV
E\FRPPXQLFDWLQJKHUWLGLQJVEXWDVXGGHQH[FODPDWLRQIURPWKH
KRVWHVVLPSDUWHG WHPSRUDULO\ DQHZGLUHFWLRQWRWKHFRQYHUVDWLRQ
:KDWDSUHWW\FKLQW]VKHFULHGJD]LQJDWWKHRWKHU
VJRZQ
<HVLW,6SUHWW\DJUHHGWKHYLVLWRU2QWKHRWKHUKDQG
3UDVNRYLD7KHGRURYQDWKLQNVWKDW
,QRWKHUZRUGVWKHODGLHVSURFHHGHGWRLQGXOJHLQDFRQYHUVDWLRQRQ
WKHVXEMHFWRIGUHVVDQGRQO\DIWHUWKLVKDGODVWHGIRUD
FRQVLGHUDEOHZKLOHGLGWKHYLVLWRUOHWIDOODUHPDUNZKLFKOHGKHU
HQWHUWDLQHUWRLQTXLUH
$QGKRZLVWKHXQLYHUVDOFKDUPHU"
0\*RGUHSOLHGWKHRWKHU7KHUHKDVEHHQ68&+DEXVLQHVV,Q
IDFWGR\RXNQRZZK\,DPKHUHDWDOO"$QGWKHYLVLWRU
VEUHDWKLQJ

163

EHFDPHPRUHKXUULHGDQGIXUWKHUZRUGVVHHPHGWREHKRYHULQJEHWZHHQ
KHUOLSVOLNHKDZNVSUHSDULQJWRVWRRSXSRQWKHLUSUH\2QO\DSHUVRQ
RIWKHXQKXPDQLW\RIDWUXHIULHQGZRXOGKDYHKDGWKHKHDUWWR
LQWHUUXSWKHUEXWWKHKRVWHVVZDVMXVWVXFKDIULHQGDQGDWRQFH
LQWHUSRVHGZLWK
,ZRQGHUKRZDQ\RQHFDQVHHDQ\WKLQJLQWKHPDQWRSUDLVHRUWR
DGPLUH)RUP\RZQSDUW,WKLQNDQG,ZRXOGVD\WKHVDPHWKLQJ
VWUDLJKWWRKLVIDFHWKDWKHLVDSHUIHFWUDVFDO
<HVEXWGROLVWHQWRZKDW,KDYHJRWWRWHOO\RX
2K,NQRZWKDWVRPHSHRSOHWKLQNKLPKDQGVRPHFRQWLQXHGWKH
KRVWHVVXQPRYHGEXWB,BVD\WKDWKHLVQRWKLQJRIWKHNLQGWKDW
LQSDUWLFXODUKLVQRVHLVSHUIHFWO\RGLRXV
<HVEXWOHWPHILQLVKZKDW,ZDVVD\LQJ7KHJXHVW
VWRQHZDV
DOPRVWSLWHRXVLQLWVDSSHDO
:KDWLVLWWKHQ"
<RXFDQQRWLPDJLQHP\VWDWHRIPLQG<RXVHHWKLVPRUQLQJ,UHFHLYHG
DYLVLWIURP)DWKHU&\ULO
VZLIHWKH$UFKSULHVW
VZLIH\RXNQRZ
KHUGRQ
W\RX":HOOZKRPGR\RXVXSSRVHWKDWILQHJHQWOHPDQYLVLWRU
RIRXUVKDVWXUQHGRXWWREH"
7KHPDQZKRKDVEXLOWWKH$UFKSULHVWDSRXOWU\UXQ"
2KGHDUQR+DGWKDWEHHQDOOLWZRXOGKDYHEHHQQRWKLQJ1R/LVWHQ
WRZKDW)DWKHU&\ULO
VZLIHKDGWRWHOOPH6KHVDLGWKDWODVWQLJKW
DODG\ODQGRZQHUQDPHG0DGDPH.RURERWFKNDDUULYHGDWWKH$UFKSULHVW
V
KRXVHDUULYHGDOOSDOHDQGWUHPEOLQJDQGWROGKHURKVXFKWKLQJV
7KH\VRXQGOLNHDSLHFHRXWRIDERRN7KDWLVWRVD\DWGHDGRI
QLJKWMXVWZKHQHYHU\RQHKDGUHWLUHGWRUHVWWKHUHFDPHWKHPRVW
GUHDGIXONQRFNLQJLPDJLQDEOHDQGVRPHRQHVFUHDPHGRXW
2SHQWKH
JDWHVRUZHZLOOEUHDNWKHPGRZQ
-XVWWKLQN$IWHUWKLVKRZDQ\
RQHFDQVD\WKDWWKHPDQLVFKDUPLQJ,FDQQRWLPDJLQH
:HOOZKDWRI0DGDPH.RURERWFKND",VVKHD\RXQJZRPDQRUJRRG
ORRNLQJ"
2KGHDUQR4XLWHDQROGZRPDQ
6SOHQGLGLQGHHG6RKHLVDFWXDOO\HQJDJHGWRDSHUVRQOLNHWKDW"2QH

164

PD\KHDUWLO\FRPPHQGWKHWDVWHRIRXUODGLHVIRUKDYLQJIDOOHQLQORYH
ZLWKKLP
1HYHUWKHOHVVLWLVQRWDV\RXVXSSRVH7KLQNQRZ$UPHGZLWK
ZHDSRQVIURPKHDGWRIRRWKHFDOOHGXSRQWKLVROGZRPDQDQGVDLG

6HOOPHDQ\VRXOVRI\RXUVZKLFKKDYHODWHO\GLHG
2IFRXUVH0DGDPH
.RURERWFKNDDQVZHUHGUHDVRQDEO\HQRXJK
,FDQQRWVHOO\RXWKRVH
VRXOVVHHLQJWKDWWKH\KDYHGHSDUWHGWKLVZRUOG
EXWKHUHSOLHG

1RQR7KH\DUH127GHDG
7LV,ZKRWHOO\RXWKDW,ZKRRXJKWWR
NQRZWKHWUXWKRIWKHPDWWHU,VZHDUWKDWWKH\DUHVWLOODOLYH
,Q
VKRUWKHPDGHVXFKDVFHQHWKDWWKHZKROHYLOODJHFDPHUXQQLQJWRWKH
KRXVHDQGFKLOGUHQVFUHDPHGDQGPHQVKRXWHGDQGQRRQHFRXOGWHOO
ZKDWLWZDVDOODERXW7KHDIIDLUVHHPHGWRPHVRKRUULEOHVRXWWHUO\
KRUULEOHWKDW,WUHPEOHGEH\RQGEHOLHIDV,OLVWHQHGWRWKHVWRU\

0\GHDUHVWPDGDP
VDLGP\PDLG0DVKND
SUD\ORRNDW\RXUVHOILQ
WKHPLUURUDQGVHHKRZZKLWH\RXDUH

%XW,KDYHQRWLPHIRUWKDW

,UHSOLHG
DV,PXVWEHRIIWRWHOOP\IULHQG$QQD*ULJRULHYQDWKH
QHZV
1RUGLG,ORVHDPRPHQWLQRUGHULQJWKHNROLDVND<HWZKHQP\
FRDFKPDQ$QGUXVKDDVNHGPHIRUGLUHFWLRQV,FRXOGQRWJHWDZRUG
RXW,MXVWVWRRGVWDULQJDWKLPOLNHDIRROXQWLO,WKRXJKWKHPXVW
WKLQNPHPDG2K$QQD*ULJRULHYQDLI\RXEXWNQHZKRZXSVHW,DP
:KDWDVWUDQJHDIIDLUFRPPHQWHGWKHKRVWHVV:KDWRQHDUWKFDQWKH
PDQKDYHPHDQWE\
GHDGVRXOV
",FRQIHVVWKDWWKHZRUGVSDVVP\
XQGHUVWDQGLQJ&XULRXVO\HQRXJKWKLVLVWKHVHFRQGWLPH,KDYHKHDUG
VSHDNRIWKRVHVRXOV7UXHP\KXVEDQGDYHUVWKDW1R]GUHYZDVO\LQJ
\HWLQKLVOLHVWKHUHVHHPVWRKDYHEHHQDJUDLQRIWUXWK
:HOOMXVWWKLQNRIP\VWDWHZKHQ,KHDUGDOOWKLV
$QGQRZ

DSSDUHQWO\VDLG.RURERWFKNDWRWKH$UFKSULHVW
VZLIH
,DPDOWRJHWKHU
DWDORVVZKDWWRGRIRUWKURZLQJPHILIWHHQURXEOHVWKHPDQIRUFHG
PHWRVLJQDZRUWKOHVVSDSHU\HVPHDQLQH[SHULHQFHGGHIHQFHOHVV
ZLGRZZKRNQRZVQRWKLQJRIEXVLQHVV
7KDWVXFKWKLQJVVKRXOGKDSSHQ
75<DQGLPDJLQHP\IHHOLQJV
,QP\RSLQLRQWKHUHLVLQWKLVPRUHWKDQWKHGHDGVRXOVZKLFKPHHW
WKHH\H
,WKLQNVRWRRDJUHHGWKHRWKHU$VDPDWWHURIIDFWKHUIULHQG
V
UHPDUNKDGVWUXFNKHUZLWKFRPSOHWHVXUSULVHDVZHOODVILOOHGKHU
ZLWKFXULRVLW\WRNQRZZKDWWKHZRUGPRUHPLJKWSRVVLEO\VLJQLI\,Q
IDFWVKHIHOWGULYHQWRLQTXLUH:KDWGR<28VXSSRVHWREHKLGGHQ
EHQHDWKLWDOO"

165

1RWHOOPHZKDW<28VXSSRVH"
:KDWB,BVXSSRVH",DPDWDORVVWRFRQMHFWXUH
<HVEXWWHOOPHZKDWLVLQ\RXUPLQG"
8SRQWKLVWKHYLVLWRUKDGWRFRQIHVVKHUVHOIQRQSOXVVHGIRUWKRXJK
FDSDEOHRIJURZLQJK\VWHULFDOVKHZDVLQFDSDEOHRISURSRXQGLQJDQ\
UDWLRQDOWKHRU\&RQVHTXHQWO\VKHIHOWWKHPRUHWKDWVKHQHHGHGWHQGHU
FRPIRUWDQGDGYLFH
7KHQ7+,6LVZKDW,WKLQNDERXWWKHGHDGVRXOVVDLGWKHKRVWHVV
,QVWDQWO\WKHJXHVWSULFNHGXSKHUHDUV RUUDWKHUWKH\SULFNHG
WKHPVHOYHVXS DQGVWUDLJKWHQHGKHUVHOIDQGEHFDPHVRPHKRZPRUH
PRGLVKDQGGHVSLWHKHUQRWLQFRQVLGHUDEOHZHLJKWSRVHGKHUVHOIWR
ORRNOLNHDSLHFHRIWKLVWOHGRZQIORDWLQJRQWKHEUHH]H
7KHGHDGVRXOVEHJDQWKHKRVWHVV
$UHZKDWDUHZKDW"LQTXLUHGWKHJXHVWLQJUHDWH[FLWHPHQW
$UHDUH
7HOOPHWHOOPHIRUKHDYHQ
VVDNH
7KH\DUHDQLQYHQWLRQWRFRQFHDOVRPHWKLQJHOVH7KHPDQ
VUHDO
REMHFWLVLV72$%'8&77+(*29(5125
6'$8*+7(5
6RVWDUWOLQJDQGXQH[SHFWHGZDVWKLVFRQFOXVLRQWKDWWKHJXHVWVDW
UHGXFHGWRDVWDWHRISDOHSHWULILHGJHQXLQHDPD]HPHQW
0\*RGVKHFULHGFODSSLQJKHUKDQGV,VKRXOG1(9(5KDYHJXHVVHGLW
:HOOWRWHOO\RXWKHWUXWK,JXHVVHGLWDVVRRQDVHYHU\RXRSHQHG
\RXUPRXWK
6RPXFKWKHQIRUHGXFDWLQJJLUOVOLNHWKH*RYHUQRU
VGDXJKWHUDW
VFKRRO-XVWVHHZKDWFRPHVRILW
<HVLQGHHG$QGWKH\WHOOPHWKDWVKHVD\VWKLQJVZKLFK,KHVLWDWH
HYHQWRUHSHDW
7UXO\LWZULQJVRQH
VKHDUWWRVHHWRZKDWOHQJWKVLPPRUDOLW\KDVFRPH

166

6RPHRIWKHPHQKDYHTXLWHORVWWKHLUKHDGVDERXWKHUEXWIRUP\
SDUW,WKLQNKHUQRWZRUWKQRWLFLQJ
2IFRXUVH$QGKHUPDQQHUVDUHXQEHDUDEOH%XWZKDWSX]]OHVPHPRVW
LVKRZDWUDYHOOHGPDQOLNH&KLFKLNRYFRXOGFRPHWROHWKLPVHOILQIRU
VXFKDQDIIDLU6XUHO\KHPXVWKDYHDFFRPSOLFHV"
<HVDQG,VKRXOGVD\WKDWRQHRIWKRVHDFFRPSOLFHVLV1R]GUHY
6XUHO\QRW"
&(57$,1/<,VKRXOGVD\VR:K\,KDYHNQRZQKLPHYHQWU\WRVHOO
KLVRZQIDWKHU$WDOOHYHQWVKHVWDNHGKLPDWFDUGV
,QGHHG"<RXLQWHUHVWPH,VKRXOGQHYHUKDGWKRXJKWKLPFDSDEOHRI
VXFKWKLQJV
,DOZD\VJXHVVHGKLPWREHVR
7KHWZRODGLHVZHUHVWLOOGLVFXVVLQJWKHPDWWHUZLWKDFXPHQDQG
VXFFHVVZKHQWKHUHZDONHGLQWRWKHURRPWKH3XEOLF3URVHFXWRUEXVK\
H\HEURZVPRWLRQOHVVIHDWXUHVEOLQNLQJH\HVDQGDOO$WRQFHWKH
ODGLHVKDVWHQHGWRLQIRUPKLPRIWKHHYHQWVUHODWHGDGGXFLQJ
WKHUHZLWKIXOOGHWDLOVERWKDVWRWKHSXUFKDVHRIGHDGVRXOVDQGDVWR
WKHVFKHPHWRDEGXFWWKH*RYHUQRU
VGDXJKWHUDIWHUZKLFKWKH\
GHSDUWHGLQGLIIHUHQWGLUHFWLRQVIRUWKHSXUSRVHRIUDLVLQJWKHUHVW
RIWKHWRZQ)RUWKHH[HFXWLRQRIWKLVXQGHUWDNLQJQRWPRUHWKDQKDOI
DQKRXUZDVUHTXLUHG6RWKRURXJKO\GLGWKH\VXFFHHGLQWKURZLQJGXVW
LQWKHSXEOLF
VH\HVWKDWIRUDZKLOHHYHU\RQHPRUHHVSHFLDOO\WKH
DUP\RISXEOLFRIILFLDOVZDVSODFHGLQWKHSRVLWLRQRIDVFKRROER\
ZKRZKLOHVWLOODVOHHSKDVKDGDEDJRISHSSHUWKURZQLQKLVIDFHE\
DSDUW\RIPRUHHDUO\ULVLQJFRPUDGHV7KHTXHVWLRQVQRZWREHGHEDWHG
UHVROYHGWKHPVHOYHVLQWRWZRQDPHO\WKHTXHVWLRQRIWKHGHDGVRXOV
DQGWKHTXHVWLRQRIWKH*RYHUQRU
VGDXJKWHU7RWKLVHQGWZRSDUWLHV
ZHUHIRUPHGWKHPHQ
VSDUW\DQGWKHIHPLQLQHVHFWLRQ7KHPHQ
V
SDUW\WKHPRUHDEVROXWHO\VHQVHOHVVRIWKHWZRGHYRWHGLWVDWWHQWLRQ
WRWKHGHDGVRXOVWKHZRPHQ
VSDUW\RFFXSLHGLWVHOIH[FOXVLYHO\ZLWK
WKHDOOHJHGDEGXFWLRQRIWKH*RYHUQRU
VGDXJKWHU$QGKHUHLWPD\EH
VDLG WRWKHODGLHV
FUHGLW WKDWWKHZRPHQ
VSDUW\GLVSOD\HGIDUPRUH
PHWKRGDQGFDXWLRQWKDQGLGLWVULYDOIDFWLRQSUREDEO\EHFDXVHWKH
IXQFWLRQLQOLIHRILWVPHPEHUVKDGDOZD\VEHHQWKDWRIPDQDJLQJDQG
DGPLQLVWHULQJDKRXVHKROG:LWKWKHODGLHVWKHUHIRUHPDWWHUVVRRQ
DVVXPHGYLYLGDQGGHILQLWHVKDSHWKH\EHFDPHFOHDUO\DQGLUUHIXWDEO\
PDWHULDOLVHGWKH\VWRRGVWULSSHGRIDOOGRXEWDQGRWKHULPSHGLPHQWD

167

6DLGVRPHRIWKHODGLHVLQTXHVWLRQ&KLFKLNRYKDGORQJEHHQLQORYH
ZLWKWKHPDLGHQDQGWKHSDLUKDGNHSWWU\VWE\WKHOLJKWRIWKHPRRQ
ZKLOHWKH*RYHUQRUZRXOGKDYHJLYHQKLVFRQVHQW VHHLQJWKDW&KLFKLNRY
ZDVDVULFKDVD-HZ EXWIRUWKHREVWDFOHWKDW&KLFKLNRYKDGGHVHUWHG
DZLIHDOUHDG\ KRZWKHZRUWK\GDPHVFDPHWRNQRZWKDWKHZDVPDUULHG
UHPDLQVDP\VWHU\ DQGWKHVDLGGHVHUWHGZLIHSLQLQJZLWKORYHIRU
KHUIDLWKOHVVKXVEDQGKDGVHQWWKH*RYHUQRUDOHWWHURIWKHPRVW
WRXFKLQJNLQGVRWKDW&KLFKLNRYRQSHUFHLYLQJWKDWWKHIDWKHUDQG
PRWKHUZRXOGQHYHUJLYHWKHLUFRQVHQWKDGGHFLGHGWRDEGXFWWKHJLUO
,QRWKHUFLUFOHVWKHPDWWHUZDVVWDWHGLQDGLIIHUHQWZD\7KDWLVWR
VD\WKLVVHFWLRQDYHUUHGWKDW&KLFKLNRYGLG127SRVVHVVDZLIHEXW
WKDWDVDPDQRIVXEWOHW\DQGH[SHULHQFHKHKDGEHWKRXJKWKLPRI
REWDLQLQJWKHGDXJKWHU
VKDQGWKURXJKWKHH[SHGLHQWRIILUVWWDFNOLQJ
WKHPRWKHUDQGFDUU\LQJRQZLWKKHUDQDUGHQWOLDLVRQDQGWKDW
WKHUHDIWHUKHKDGPDGHDQDSSOLFDWLRQIRUWKHGHVLUHGKDQGEXWWKDW
WKHPRWKHUIHDULQJWRFRPPLWDVLQDJDLQVWUHOLJLRQDQGIHHOLQJLQ
KHUKHDUWFHUWDLQJQDZLQJVRIFRQVFLHQFHKDGUHWXUQHGDEODQNUHIXVDO
WR&KLFKLNRY
VUHTXHVWZKHUHXSRQ&KLFKLNRYKDGGHFLGHGWRFDUU\RXW
WKHDEGXFWLRQDOOHJHG7RWKHIRUHJRLQJRIFRXUVHWKHUHEHFDPH
DSSHQGHGYDULRXVDGGLWLRQDOSURRIVDQGLWHPVRIHYLGHQFHLQ
SURSRUWLRQDVWKHVHQVDWLRQVSUHDGWRPRUHUHPRWHFRUQHUVRIWKHWRZQ
$WOHQJWKZLWKWKHVHSHUIHFWLQJVWKHDIIDLUUHDFKHGWKHHDUVRIWKH
*RYHUQRU
VZLIHKHUVHOI1DWXUDOO\DVWKHPRWKHURIDIDPLO\DQGDV
WKHILUVWODG\LQWKHWRZQDQGDVDPDWURQZKRKDGQHYHUEHIRUHEHHQ
VXVSHFWHGRIWKLQJVRIWKHNLQGVKHZDVKLJKO\RIIHQGHGZKHQVKH
KHDUGWKHVWRULHVDQGYHU\MXVWO\VRZLWKWKHUHVXOWWKDWKHUSRRU
\RXQJGDXJKWHUWKRXJKLQQRFHQWKDGWRHQGXUHDERXWDVXQSOHDVDQWD
WHWHDWHWHDVHYHUEHIHOODPDLGHQRIVL[WHHQZKLOHIRUKLVSDUW
WKH6ZLVVIRRWPDQUHFHLYHGRUGHUVQHYHUDWDQ\WLPHWRDGPLW&KLFKLNRY
WRWKHKRXVH
+DYLQJGRQHWKHLUEXVLQHVVZLWKWKH*RYHUQRU
VZLIHWKHODGLHV
SDUW\
GHVFHQGHGXSRQWKHPDOHVHFWLRQZLWKDYLHZWRLQIOXHQFLQJLWWR
WKHLURZQVLGHE\DVVHUWLQJWKDWWKHGHDGVRXOVZHUHDQLQYHQWLRQXVHG
VROHO\IRUWKHSXUSRVHRIGLYHUWLQJVXVSLFLRQDQGVXFFHVVIXOO\
DIIHFWLQJWKHDEGXFWLRQ$QGLQGHHGPRUHWKDQRQHPDQZDVFRQYHUWHG
DQGMRLQHGWKHIHPLQLQHFDPSLQVSLWHRIWKHIDFWWKDWWKHUHE\VXFK
VHFHGHUVLQFXUUHGVWURQJQDPHVIURPWKHLUODWHFRPUDGHVQDPHVVXFKDV
ROGZRPHQSHWWLFRDWVDQGRWKHUVRIDQDWXUHSHFXOLDUO\RIIHQVLYH
WRWKHPDOHVH[
$OVRKRZHYHUPXFKWKH\PLJKWDUPWKHPVHOYHVDQGWDNHWKHILHOGWKH
PHQFRXOGQRWFRPSDVVVXFKRUGHUOLQHVVZLWKLQWKHLUUDQNVDVFRXOGWKH
ZRPHQ:LWKWKHIRUPHUHYHU\WKLQJZDVRIWKHDQWLTXDWHGDQGURXJKKHZQ

168

DQGLOOILWWLQJDQGXQVXLWDEOHDQGEDGO\DGDSWHGDQGLQIHULRUNLQG
WKHLUKHDGVZHUHIXOORIQRWKLQJEXWGLVFRUGDQGWULYLDOLW\DQG
FRQIXVLRQDQGVORYHQOLQHVVRIWKRXJKW,QEULHIWKH\GLVSOD\HG
HYHU\ZKHUHWKHPDOHEHQWWKHUXGHSRQGHURXVQDWXUHZKLFKLV
LQFDSDEOHHLWKHURIPDQDJLQJDKRXVHKROGRURIMXPSLQJWRD
FRQFOXVLRQDVZHOODVUHPDLQVDOZD\VGLVWUXVWIXODQGOD]\DQGIXOORI
FRQVWDQWGRXEWDQGHYHUODVWLQJWLPLGLW\)RULQVWDQFHWKHPHQ
VSDUW\
GHFODUHGWKDWWKHZKROHVWRU\ZDVUXEELVKWKDWWKHDOOHJHGDEGXFWLRQ
RIWKH*RYHUQRU
VGDXJKWHUZDVWKHZRUNUDWKHURIDPLOLWDU\WKDQRID
FLYLOLDQFXOSULWWKDWWKHODGLHVZHUHO\LQJZKHQWKH\DFFXVHG
&KLFKLNRYRIWKHGHHGWKDWDZRPDQZDVOLNHDPRQH\EDJZKDWVRHYHU
\RXSXWLQWRKHUVKHWKHQFHIRUWKUHWDLQHGWKDWWKHVXEMHFWZKLFK
UHDOO\GHPDQGHGDWWHQWLRQZDVWKHGHDGVRXOVRIZKLFKWKHGHYLORQO\
NQHZWKHPHDQLQJEXWLQZKLFKWKHUHFHUWDLQO\OXUNHGVRPHWKLQJWKDW
ZDVFRQWUDU\WRJRRGRUGHUDQGGLVFLSOLQH2QHUHDVRQZK\WKHPHQ
V
SDUW\ZDVVRFHUWDLQWKDWWKHGHDGVRXOVFRQQRWHGVRPHWKLQJFRQWUDU\
WRJRRGRUGHUDQGGLVFLSOLQHZDVWKDWWKHUHKDGMXVWEHHQDSSRLQWHG
WRWKHSURYLQFHDQHZ*RYHUQRU*HQHUDODQHYHQWZKLFKRIFRXUVHKDG
WKURZQWKHZKROHDUP\RISURYLQFLDOWFKLQRYQLNVLQWRDVWDWHRIJUHDW
H[FLWHPHQWVHHLQJWKDWWKH\NQHZWKDWEHIRUHORQJWKHUHZRXOGHQVXH
WUDQVIHUPHQWVDQGVHQWHQFHVRIFHQVXUHDVZHOODVWKHVHULHVRI
RIILFLDOGLQQHUVZLWKZKLFKD*RYHUQRU*HQHUDOLVDFFXVWRPHGWR
HQWHUWDLQKLVVXERUGLQDWHV$ODVWKRXJKWWKHDUP\RIWFKLQRYQLNV
LWLVSUREDEOHWKDWVKRXOGKHOHDUQRIWKHJURVVUHSRUWVDWSUHVHQW
DIORDWLQRXUWRZQKHZLOOPDNHVXFKDIXVVWKDWZHVKDOOQHYHUKHDU
WKHODVWRIWKHP,QSDUWLFXODUGLGWKH'LUHFWRURIWKH0HGLFDO
'HSDUWPHQWWXUQSDOHDWWKHWKRXJKWWKDWSRVVLEO\WKHQHZ
*RYHUQRU*HQHUDOZRXOGVXUPLVHWKHWHUPGHDGIRONWRFRQQRWH
SDWLHQWVLQWKHORFDOKRVSLWDOVZKRIRUZDQWRISURSHUSUHYHQWDWLYH
PHDVXUHVKDGGLHGRIVSRUDGLFIHYHU,QGHHGPLJKWLWQRWEHWKDW
&KLFKLNRYZDVQHLWKHUPRUHQRUOHVVWKDQDQHPLVVDU\RIWKHVDLG
*RYHUQRU*HQHUDOVHQWWRFRQGXFWDVHFUHWLQTXLU\"$FFRUGLQJO\KH
WKH'LUHFWRURIWKH0HGLFDO'HSDUWPHQW FRPPXQLFDWHGWKLVODVW
VXSSRVLWLRQWRWKH3UHVLGHQWRIWKH&RXQFLOZKRWKRXJKDWILUVW
LQFOLQHGWRHMDFXODWH5XEELVKVXGGHQO\WXUQHGSDOHRQSURSRXQGLQJ
WRKLPVHOIWKHWKHRU\:KDWLIWKHVRXOVSXUFKDVHGE\&KLFKLNRY
VKRXOG5($//<EHGHDGRQHV"DWHUULEOHWKRXJKWFRQVLGHULQJWKDW
KHWKH3UHVLGHQWKDGSHUPLWWHGWKHLUWUDQVIHUPHQWWREHUHJLVWHUHG
DQGKDGKLPVHOIDFWHGDV3OXVKNLQ
VUHSUHVHQWDWLYH:KDWLIWKHVH
WKLQJVVKRXOGUHDFKWKH*RYHUQRU*HQHUDO
VHDUV"+HPHQWLRQHGWKH
PDWWHUWRRQHIULHQGDQGDQRWKHUDQGWKH\LQWKHLUWXUQZHQWZKLWH
WRWKHOLSVIRUSDQLFVSUHDGVIDVWHUDQGLVHYHQPRUHGHVWUXFWLYH
WKDQWKHGUHDGHGEODFNGHDWK$OVRWRDGGWRWKHWFKLQRYQLNV

WURXEOHVLWVREHIHOOWKDWMXVWDWWKLVMXQFWXUHWKHUHFDPHLQWRWKH

169

ORFDO*RYHUQRU
VKDQGVWZRGRFXPHQWVRIJUHDWLPSRUWDQFH7KHILUVWRI
WKHPFRQWDLQHGDGYLFHVWKDWDFFRUGLQJWRUHFHLYHGHYLGHQFHDQG
UHSRUWVWKHUHZDVRSHUDWLQJLQWKHSURYLQFHDIRUJHURIURXEOHQRWHV
ZKRKDGEHHQSDVVLQJXQGHUYDULRXVDOLDVHVDQGPXVWWKHUHIRUHEH
VRXJKWIRUZLWKWKHXWPRVWGLOLJHQFHZKLOHWKHVHFRQGGRFXPHQWZDVD
OHWWHUIURPWKH*RYHUQRURIDQHLJKERXULQJSURYLQFHZLWKUHJDUGWRD
PDOHIDFWRUZKRKDGWKHUHHYDGHGDSSUHKHQVLRQDOHWWHUFRQYH\LQJDOVR
DZDUQLQJWKDWLILQWKHSURYLQFHRIWKHWRZQRI1WKHUHVKRXOG
DSSHDUDQ\VXVSLFLRXVLQGLYLGXDOZKRFRXOGSURGXFHQHLWKHUUHIHUHQFHV
QRUSDVVSRUWVKHZDVWREHDUUHVWHGIRUWKZLWK7KHVHWZRGRFXPHQWV
OHIWHYHU\RQHWKXQGHUVWUXFNIRUWKH\NQRFNHGRQWKHKHDGDOO
SUHYLRXVFRQFHSWLRQVDQGWKHRULHV1RWIRUDPRPHQWFRXOGLWEH
VXSSRVHGWKDWWKHIRUPHUGRFXPHQWUHIHUUHGWR&KLFKLNRY\HWDVHDFK
PDQSRQGHUHGWKHSRVLWLRQIURPKLVRZQSRLQWRIYLHZKHUHPHPEHUHG
WKDWQRRQH5($//<NQHZZKR&KLFKLNRYZDVDVDOVRWKDWKLVYDJXH
UHIHUHQFHVWRKLPVHOIKDG\HVLQFOXGHGVWDWHPHQWVWKDWKLVFDUHHU
LQWKHVHUYLFHKDGVXIIHUHGPXFKWRWKHFDXVHRI7UXWKDQGWKDWKH
SRVVHVVHGDQXPEHURIHQHPLHVZKRZHUHVHHNLQJKLVOLIH7KLVJDYHWKH
WFKLQRYQLNVIXUWKHUIRRGIRUWKRXJKW3HUKDSVKLVOLIHUHDOO\','
VWDQGLQGDQJHU"3HUKDSVKHUHDOO\:$6EHLQJVRXJKWIRUE\VRPHRQH"
3HUKDSVKHUHDOO\+$'GRQHVRPHWKLQJRIWKHNLQGDERYHUHIHUUHGWR"
$VDPDWWHURIIDFWZKRZDVKH"QRWWKDWLWFRXOGDFWXDOO\EH
VXSSRVHGWKDWKHZDVDIRUJHURIQRWHVVWLOOOHVVDEULJDQGVHHLQJ
WKDWKLVH[WHULRUZDVUHVSHFWDEOHLQWKHKLJKHVWGHJUHH<HWZKRZDV
KH"$WOHQJWKWKHWFKLQRYQLNVGHFLGHGWRPDNHHQTXLULHVDPRQJWKRVHRI
ZKRPKHKDGSXUFKDVHGVRXOVLQRUGHUWKDWDWOHDVWLWPLJKWEHOHDUQW
ZKDWWKHSXUFKDVHVKDGFRQVLVWHGRIDQGZKDWH[DFWO\XQGHUOD\WKHP
DQGZKHWKHULQSDVVLQJKHKDGH[SODLQHGWRDQ\RQHKLVUHDO
LQWHQWLRQVRUUHYHDOHGWRDQ\RQHKLVLGHQWLW\,QWKHILUVW
LQVWDQFHWKHUHIRUHUHVRUWZDVKDGWR.RURERWFKND<HWOLWWOHZDV
JOHDQHGIURPWKDWVRXUFHPHUHO\DVWDWHPHQWWKDWKHKDGERXJKWRIKHU
VRPHVRXOVIRUILIWHHQURXEOHVDSLHFHDQGDOVRDTXDQWLW\RI
IHDWKHUVZKLOHSURPLVLQJDOVRWREX\VRPHRWKHUFRPPRGLWLHVLQWKH
IXWXUHVHHLQJWKDWLQSDUWLFXODUKHKDGHQWHUHGLQWRDFRQWUDFW
ZLWKWKH7UHDVXU\IRUODUGDIDFWFRQVWLWXWLQJIDLUO\SUHVXPSWLYH
SURRIWKDWWKHPDQZDVDURJXHVHHLQJWKDWMXVWVXFKDQRWKHUIHOORZ
KDGERXJKWDTXDQWLW\RIIHDWKHUV\HWKDGFKHDWHGIRONDOOURXQG
DQGLQSDUWLFXODUKDGGRQHWKH$UFKSULHVWRXWRIRYHUDKXQGUHG
URXEOHV7KXVWKHQHWUHVXOWRI0DGDPH
VFURVVH[DPLQDWLRQZDVWR
FRQYLQFHWKHWFKLQRYQLNVWKDWVKHZDVDJDUUXORXVVLOO\ROGZRPDQ
:LWKUHJDUGWR0DQLORYKHUHSOLHGWKDWKHZRXOGDQVZHUIRU&KLFKLNRY
DVKHZRXOGIRUKLPVHOIDQGWKDWKHZRXOGJODGO\VDFULILFHKLV
SURSHUW\LQWRWRLIWKHUHE\KHFRXOGDWWDLQHYHQDWLWKHRIWKH
TXDOLWLHVZKLFK3DXO,YDQRYLWFKSRVVHVVHG)LQDOO\KHGHOLYHUHGRQ

170

&KLFKLNRYZLWKDFXWHO\NQLWWHGEURZVDHXORJ\FRXFKHGLQWKHPRVW
FKDUPLQJRIWHUPVDQGFRXSOHGZLWKVXQGU\VHQWLPHQWVRQWKHVXEMHFW
RIIULHQGVKLSDQGDIIHFWLRQLQJHQHUDO7UXHWKHVHUHPDUNVVXIILFHG
WRLQGLFDWHWKHWHQGHULPSXOVHVRIWKHVSHDNHU
VKHDUWEXWDOVRWKH\
GLGQRWKLQJWRHQOLJKWHQKLVH[DPLQHUVFRQFHUQLQJWKHEXVLQHVVWKDW
ZDVDFWXDOO\DWKDQG$VIRU6REDNHYLWFKWKDWODQGRZQHUUHSOLHGWKDW
KHFRQVLGHUHG&KLFKLNRYDQH[FHOOHQWIHOORZDVZHOODVWKDWWKHVRXOV
ZKRPKHKDGVROGWRKLVYLVLWRUKDGEHHQLQWKHWUXHVWVHQVHRIWKH
ZRUGDOLYHEXWWKDWKHFRXOGQRWDQVZHUIRUDQ\WKLQJZKLFKPLJKW
RFFXULQWKHIXWXUHVHHLQJWKDWDQ\GLIILFXOWLHVZKLFKPLJKWDULVHLQ
WKHFRXUVHRIWKHDFWXDOWUDQVIHUPHQWRIVRXOVZRXOGQRWEH+,6IDXOW
LQYLHZRIWKHIDFWWKDW*RGZDVORUGRIDOODQGWKDWIHYHUVDQGRWKHU
PRUWDOFRPSODLQWVZHUHVRQXPHURXVLQWKHZRUOGDQGWKDWLQVWDQFHV
RIZKROHYLOODJHVSHULVKLQJWKURXJKWKHVDPHFRXOGEHIRXQGRQUHFRUG
)LQDOO\RXUIULHQGVWKHWFKLQRYQLNVIRXQGWKHPVHOYHVFRPSHOOHGWR
UHVRUWWRDQH[SHGLHQWZKLFKWKRXJKQRWSDUWLFXODUO\VDYRXU\LVQRW
LQIUHTXHQWO\HPSOR\HGQDPHO\WKHH[SHGLHQWRIJHWWLQJODFTXH\V
TXLHWO\WRDSSURDFKWKHVHUYDQWVRIWKHSHUVRQFRQFHUQLQJZKRP
LQIRUPDWLRQLVGHVLUHGDQGWRDVFHUWDLQIURPWKHP WKHVHUYDQWV
FHUWDLQGHWDLOVZLWKUHJDUGWRWKHLUPDVWHU
VOLIHDQGDQWHFHGHQWV
<HWHYHQIURPWKLVVRXUFHYHU\OLWWOHZDVREWDLQHGVLQFH3HWUXVKND
SURYLGHGKLVLQWHUURJDWRUVPHUHO\ZLWKDWDVWHRIWKHVPHOORIKLV
OLYLQJURRPDQG6HOLIDQFRQILQHGKLVUHSOLHVWRDVWDWHPHQWWKDWWKH
EDULQKDGEHHQLQWKHHPSOR\PHQWRIWKH6WDWHDQGDOVRKDGVHUYHGLQ
WKH&XVWRPV
,QVKRUWWKHVXPWRWDORIWKHUHVXOWVJDWKHUHGE\WKHWFKLQRYQLNVZDV
WKDWWKH\VWLOOVWRRGLQLJQRUDQFHRI&KLFKLNRY
VLGHQWLW\EXWWKDW
KH0867EHVRPHRQHZKHUHIRUHLWZDVGHFLGHGWRKROGDILQDOGHEDWH
RQWKHVXEMHFWRQZKDWRXJKWWREHGRQHDQGZKR&KLFKLNRYFRXOG
SRVVLEO\EHDQGZKHWKHURUQRWKHZDVDPDQZKRRXJKWWREH
DSSUHKHQGHGDQGGHWDLQHGDVQRWUHVSHFWDEOHRUZKHWKHUKHZDVDPDQ
ZKRPLJKWKLPVHOIEHDEOHWRDSSUHKHQGDQGGHWDLQ7+(0DVSHUVRQV
ODFNLQJLQUHVSHFWDELOLW\7KHGHEDWHLQTXHVWLRQLWZDVSURSRVHG
VKRXOGEHKHOGDWWKHUHVLGHQFHRIWKH&KLHIRI3ROLFHZKRLVNQRZQ
WRRXUUHDGHUVDVWKHIDWKHUDQGWKHJHQHUDOEHQHIDFWRURIWKHWRZQ

&+$37(5;
2QDVVHPEOLQJDWWKHUHVLGHQFHLQGLFDWHGWKHWFKLQRYQLNVKDGRFFDVLRQ
WRUHPDUNWKDWRZLQJWRDOOWKHVHFDUHVDQGH[FLWHPHQWVHYHU\RQHRI

171

WKHLUQXPEHUKDGJURZQWKLQQHU<HVWKHDSSRLQWPHQWRIDQHZ
*RYHUQRU*HQHUDOFRXSOHGZLWKWKHUXPRXUVGHVFULEHGDQGWKHUHFHSWLRQ
RIWKHWZRVHULRXVGRFXPHQWVDERYHPHQWLRQHGKDGOHIWPDQLIHVWWUDFHV
XSRQWKHIHDWXUHVRIHYHU\RQHSUHVHQW0RUHWKDQRQHIURFNFRDWKDG
FRPHWRORRNWRRODUJHIRULWVZHDUHUDQGPRUHWKDQRQHIUDPHKDG
IDOOHQDZD\LQFOXGLQJWKHIUDPHVRIWKH3UHVLGHQWRIWKH&RXQFLOWKH
'LUHFWRURIWKH0HGLFDO'HSDUWPHQWDQGWKH3XEOLF3URVHFXWRU(YHQD
FHUWDLQ6HPHQ,YDQRYLWFKZKRIRUVRPHUHDVRQRUDQRWKHUZDVQHYHU
DOOXGHGWRE\KLVIDPLO\QDPHEXWZKRZRUHRQKLVLQGH[ILQJHUDULQJ
ZLWKZKLFKKHZDVDFFXVWRPHGWRGD]]OHKLVODG\IULHQGVKDG
GLPLQLVKHGLQEXON<HWDVDOZD\VKDSSHQVDWVXFKMXQFWXUHVWKHUH
ZHUHDOVRSUHVHQWDVFRUHRIEUD]HQLQGLYLGXDOVZKRKDGVXFFHHGHGLQ
127ORVLQJWKHLUSUHVHQFHRIPLQGHYHQWKRXJKWKH\FRQVWLWXWHGD
PHUHVSULQNOLQJ2IWKHPWKH3RVWPDVWHUIRUPHGRQHVLQFHKHZDVDPDQ
RIHTXDEOHWHPSHUDPHQWZKRFRXOGDOZD\VVD\:(NQRZ\RX
*RYHUQRU*HQHUDOV:HKDYHVHHQWKUHHRUIRXURI\RXFRPHDQGJR
ZKHUHDV:(KDYHEHHQVLWWLQJRQWKHVDPHVWRROVWKHVHWKLUW\\HDUV
1HYHUWKHOHVVDSURPLQHQWIHDWXUHRIWKHJDWKHULQJZDVWKHWRWDO
DEVHQFHRIZKDWLVYXOJDUO\NQRZQDVFRPPRQVHQVH,QJHQHUDOZH
5XVVLDQVGRQRWPDNHDJRRGVKRZDWUHSUHVHQWDWLYHDVVHPEOLHVIRUWKH
UHDVRQWKDWXQOHVVWKHUHEHLQDXWKRULW\DOHDGLQJVSLULWWRFRQWURO
WKHUHVWWKHDIIDLUDOZD\VGHYHORSVLQWRFRQIXVLRQ:K\WKLVVKRXOG
EHVRRQHFRXOGKDUGO\VD\EXWDWDOOHYHQWVDVXFFHVVLVVFRUHGRQO\
E\VXFKJDWKHULQJVDVKDYHIRUWKHLUREMHFWGLQLQJDQGIHVWLYLW\WR
ZLWJDWKHULQJVDWFOXEVRULQ*HUPDQUXQUHVWDXUDQWV+RZHYHURQWKH
SUHVHQWRFFDVLRQWKHPHHWLQJZDV127RQHRIWKLVNLQGLWZDVD
PHHWLQJFRQYRNHGRIQHFHVVLW\DQGOLNHO\LQYLHZRIWKHWKUHDWHQHG
FDODPLW\WRDIIHFWHYHU\WFKLQRYQLNLQWKHSODFH$OVRLQDGGLWLRQWR
WKHJUHDWGLYHUJHQF\RIYLHZVH[SUHVVHGWKHUHDWWKHUHZDVYLVLEOHLQ
DOOWKHVSHDNHUVDQLQYLQFLEOHWHQGHQF\WRLQGHFLVLRQZKLFKOHGWKHP
DWRQHPRPHQWWRPDNHDVVHUWLRQVDQGDWWKHQH[WWRFRQWUDGLFWWKH
VDPH%XWRQDWOHDVWRQHSRLQWDOOVHHPHGWRDJUHHQDPHO\WKDW
&KLFKLNRY
VDSSHDUDQFHDQGFRQYHUVDWLRQZHUHWRRUHVSHFWDEOHIRUKLP
WREHDIRUJHURUDGLVJXLVHGEULJDQG7KDWLVWRVD\DOO6((0('WR
DJUHHRQWKHSRLQWXQWLODVXGGHQVKRXWDURVHIURPWKHGLUHFWLRQRI
WKH3RVWPDVWHUZKRIRUVRPHWLPHSDVWKDGEHHQVLWWLQJSOXQJHGLQWKRXJKW
B,BFDQWHOO\RXKHFULHGZKR&KLFKLNRYLV
:KRWKHQ"UHSOLHGWKHFURZGLQJUHDWH[FLWHPHQW
+HLVQRQHRWKHUWKDQ&DSWDLQ.RSHLNLQ
$QGZKRPD\&DSWDLQ.RSHLNLQEH"

172

7DNLQJDSLQFKRIVQXII ZKLFKKHGLGZLWKWKHOLGRIKLVVQXIIER[
KDOIRSHQOHVWVRPHH[WUDQHRXVSHUVRQVKRXOGFRQWULYHWRLQVHUWDQRW
RYHUFOHDQILQJHULQWRWKHVWXII WKH3RVWPDVWHUUHODWHGWKH
IROORZLQJVWRU\>@
>@7RUHSURGXFHWKLVVWRU\ZLWKDUDFLQHVVZRUWK\RIWKH5XVVLDQ
RULJLQDOLVSUDFWLFDOO\LPSRVVLEOH7KHWUDQVODWRUKDVQRW
DWWHPSWHGWKHWDVN
$IWHUILJKWLQJLQWKHFDPSDLJQRIWKHUHZDVVHQWKRPHZRXQGHG
DFHUWDLQ&DSWDLQ.RSHLNLQDKHDGVWURQJOLYHO\EODGHZKRZKHWKHURQ
GXW\RUXQGHUDUUHVWPDGHWKLQJVOLYHO\IRUHYHU\ERG\1RZVLQFHDW
.UDVQLRUDW/HLS]LJ LWPDWWHUVQRWZKLFK KHKDGORVWDQDUPDQGD
OHJDQGLQWKRVHGD\VQRSURYLVLRQZDVPDGHIRUZRXQGHGVROGLHUVDQG
KHFRXOGQRWZRUNZLWKKLVOHIWDUPDORQHKHVHWRXWWRVHHKLV
IDWKHU8QIRUWXQDWHO\KLVIDWKHUFRXOGRQO\MXVWVXSSRUWKLPVHOIDQG
ZDVIRUFHGWRWHOOKLVVRQVRZKHUHIRUHWKH&DSWDLQGHFLGHGWRJRDQG
DSSO\IRUKHOSLQ6W3HWHUVEXUJVHHLQJWKDWKHKDGULVNHGKLVOLIH
IRUKLVFRXQWU\DQGKDGORVWPXFKEORRGLQLWVVHUYLFH<RXFDQ
LPDJLQHKLPDUULYLQJLQWKHFDSLWDORQDEDJJDJHZDJJRQLQWKH
FDSLWDOZKLFKLVOLNHQRRWKHUFLW\LQWKHZRUOG%HIRUHKLPWKHUHOD\
VSUHDGRXWWKHZKROHILHOGRIOLIHOLNHDVRUWRI$UDELDQ1LJKWVD
SLFWXUHPDGHXSRIWKH1HYVNL3URVSHFW*RURNKRYDLD6WUHHWFRXQWOHVV
WDSHULQJVSLUHVDQGDQXPEHURIEULGJHVDSSDUHQWO\VXSSRUWHGRQ
QRWKLQJLQIDFWDUHJXODUVHFRQG1LQHYHK:HOOKHPDGHVKLIWWR
KLUHDORGJLQJEXWIRXQGHYHU\WKLQJVRZRQGHUIXOO\IXUQLVKHGZLWK
EOLQGVDQG3HUVLDQFDUSHWVDQGVRIRUWKWKDWKHVDZLWZRXOGPHDQ
WKURZLQJDZD\DORWRIPRQH\7UXHDVRQHZDONVWKHVWUHHWVRI6W
3HWHUVEXUJRQHVHHPVWRVPHOOPRQH\E\WKHWKRXVDQGURXEOHVEXWRXU
IULHQG.RSHLNLQ
VEDQNZDVOLPLWHGWRDIHZVFRUHFRSSHUVDQGDOLWWOH
VLOYHUQRWHQRXJKWREX\DYLOODJHZLWK$WOHQJWKDWWKHSULFHRID
URXEOHDGD\KHREWDLQHGDORGJLQJLQWKHVRUWRIWDYHUQZKHUHWKH
GDLO\UDWLRQLVDERZORIFDEEDJHVRXSDQGDFUXVWRIEUHDGDQGDVKH
IHOWWKDWKHFRXOGQRWPDQDJHWROLYHYHU\ORQJRQIDUHRIWKDWNLQG
KHDVNHGIRONZKDWKHKDGEHWWHUGR
:KDW\RXKDGEHWWHUGR"
WKH\
VDLG
:HOOWKH*RYHUQPHQWLVQRWKHUHLWLVLQ3DULVDQGWKHWURRSV
KDYHQRW\HWUHWXUQHGIURPWKHZDUEXWWKHUHLVD7(0325$5<
&RPPLVVLRQVLWWLQJDQG\RXKDGEHWWHUJRDQGVHHZKDW,7FDQGRIRU
\RX

$OOULJKW
KHVDLG
,ZLOOJRDQGWHOOWKH&RPPLVVLRQWKDW,
KDYHVKHGP\EORRGDQGVDFULILFHGP\OLIHIRUP\FRXQWU\
$QGKH
JRWXSHDUO\RQHPRUQLQJDQGVKDYHGKLPVHOIZLWKKLVOHIWKDQG VLQFH
WKHH[SHQVHRIDEDUEHUZDVQRWZRUWKZKLOH DQGVHWRXWZRRGHQOHJ
DQGDOOWRVHHWKH3UHVLGHQWRIWKH&RPPLVVLRQ%XWILUVWKHDVNHG

173

ZKHUHWKH3UHVLGHQWOLYHGDQGZDVWROGWKDWKLVKRXVHZDVLQ
1DEHUH]KQDLD6WUHHW$QG\RXPD\EHVXUHWKDWLWZDVQRSHDVDQW
VKXW
ZLWKLWVJOD]HGZLQGRZVDQGJUHDWPLUURUVDQGVWDWXHVDQGODFTXH\VDQG
EUDVVGRRUKDQGOHV5DWKHULWZDVWKHVRUWRISODFHZKLFK\RXZRXOG
HQWHURQO\DIWHU\RXKDGERXJKWDFKHDSFDNHRIVRDSDQGLQGXOJHGLQD
WZRKRXUV
ZDVK$OVRDWWKHHQWUDQFHWKHUHZDVSRVWHGDJUDQG6ZLVV
IRRWPDQZLWKDEDWRQDQGDQHPEURLGHUHGFROODUDIHOORZORRNLQJOLNH
DIDWRYHUIHGSXJGRJ+RZHYHUIULHQG.RSHLNLQPDQDJHGWRJHW
KLPVHOIDQGKLVZRRGHQOHJLQWRWKHUHFHSWLRQURRPDQGWKHUHVTXHH]HG
KLPVHOIDZD\LQWRDFRUQHUIRUIHDUOHVWKHVKRXOGNQRFNGRZQWKH
JLOGHGFKLQDZLWKKLVHOERZ$QGKHVWRRGZDLWLQJLQJUHDW
VDWLVIDFWLRQDWKDYLQJDUULYHGEHIRUHWKH3UHVLGHQWKDGVRPXFKDV
OHIWKLVEHGDQGEHHQVHUYHGZLWKKLVVLOYHUZDVKEDVLQ1HYHUWKHOHVV
LWZDVRQO\ZKHQ.RSHLNLQKDGEHHQZDLWLQJIRXUKRXUVWKDWDEUHDNIDVW
ZDLWHUHQWHUHGWRVD\
7KH3UHVLGHQWZLOOVRRQEHKHUH
%\QRZWKH
URRPZDVDVIXOORISHRSOHDVDSODWHLVRIEHDQVDQGZKHQWKH
3UHVLGHQWOHIWWKHEUHDNIDVWURRPKHEURXJKWZLWKKLPRKVXFK
GLJQLW\DQGUHILQHPHQWDQGVXFKDQDLURIWKHPHWURSROLV)LUVWKH
ZDONHGXSWRRQHSHUVRQDQGWKHQXSWRDQRWKHUVD\LQJ
:KDWGR
<28ZDQW"$QGZKDWGR<28ZDQW":KDWFDQ,GRIRU<28":KDWLV
<285EXVLQHVV"
$QGDWOHQJWKKHVWRSSHGEHIRUH.RSHLNLQDQG
.RSHLNLQVDLGWRKLP
,KDYHVKHGP\EORRGDQGORVWERWKDQDUPDQG
DOHJIRUP\FRXQWU\DQGDPXQDEOHWRZRUN0LJKW,WKHUHIRUHGDUH
WRDVN\RXIRUDOLWWOHKHOSLIWKHUHJXODWLRQVVKRXOGSHUPLWRILW
RUIRUDJUDWXLW\RUIRUDSHQVLRQRUVRPHWKLQJRIWKHNLQG"
7KHQ
WKH3UHVLGHQWORRNHGDWKLPDQGVDZWKDWRQHRIKLVOHJVZDVLQGHHGD
ZRRGHQRQHDQGWKDWDQHPSW\ULJKWVOHHYHZDVSLQQHGWRKLVXQLIRUP

9HU\ZHOO
KHVDLG
&RPHWRPHDJDLQLQDIHZGD\V
WLPH
8SRQ
WKLVIULHQG.RSHLNLQIHOWGHOLJKWHG
12:,KDYHGRQHP\MRE
KH
WKRXJKWWRKLPVHOIDQG\RXPD\LPDJLQHKRZJDLO\KHWURWWHGDORQJWKH
SDYHPHQWDQGKRZKHGURSSHGLQWRDWDYHUQIRUDJODVVRIYRGNDDQG
KRZKHRUGHUHGDFXWOHWDQGVRPHFDSHUVDXFHDQGVRPHRWKHUWKLQJVIRU
OXQFKHRQDQGKRZKHFDOOHGIRUDERWWOHRIZLQHDQGKRZKHZHQWWR
WKHWKHDWUHLQWKHHYHQLQJ,QVKRUWKHGLGKLPVHOIWKRURXJKO\ZHOO
1H[WKHVDZLQWKHVWUHHWD\RXQJ(QJOLVKODG\DVJUDFHIXODVD
VZDQDQGVHWRIIDIWHUKHURQKLVZRRGHQOHJ
%XWQR
KHWKRXJKWWR
KLPVHOI
7RWKHGHYLOZLWKWKDWVRUWRIWKLQJMXVWQRZ,ZLOOZDLW
XQWLO,KDYHGUDZQP\SHQVLRQ)RUWKHSUHVHQW,KDYHVSHQWHQRXJK

$QG,PD\WHOO\RXWKDWE\QRZKHKDGJRWWKURXJKIXOO\KDOIKLV
PRQH\ 7ZRRUWKUHHGD\VODWHUKHZHQWWRVHHWKH3UHVLGHQWRIWKH
&RPPLVVLRQDJDLQ
,VKRXOGEHJODGWRNQRZ
KHVDLG
ZKHWKHUE\QRZ
\RXFDQGRDQ\WKLQJIRUPHLQUHWXUQIRUP\KDYLQJVKHGP\EORRGDQG
VXIIHUHGVLFNQHVVDQGZRXQGVRQPLOLWDU\VHUYLFH

)LUVWRIDOO

VDLGWKH3UHVLGHQW
,PXVWWHOO\RXWKDWQRWKLQJFDQEHGHFLGHGLQ

174

\RXUFDVHZLWKRXWWKHDXWKRULW\RIWKH6XSUHPH*RYHUQPHQW:LWKRXW
WKDWVDQFWLRQZHFDQQRWPRYHLQWKHPDWWHU6XUHO\\RXVHHKRZWKLQJV
VWDQGXQWLOWKHDUP\VKDOOKDYHUHWXUQHGIURPWKHZDU"$OOWKDW,FDQ
DGYLVH\RXWRGRLVZDLWIRUWKH0LQLVWHUWRUHWXUQDQGLQWKH
PHDQZKLOHWRKDYHSDWLHQFH5HVWDVVXUHGWKDWWKHQ\RXZLOOQRWEH
RYHUORRNHG$QGLIIRUWKHPRPHQW\RXKDYHQRWKLQJWROLYHXSRQWKLV
LVWKHEHVWWKDW,FDQGRIRU\RX
:LWKWKDWKHKDQGHG.RSHLNLQD
WULIOHXQWLOKLVFDVHVKRXOGKDYHEHHQGHFLGHG+RZHYHUWKDWZDVQRW
ZKDW.RSHLNLQZDQWHG+HKDGVXSSRVHGWKDWKHZRXOGEHJLYHQD
JUDWXLW\RIDWKRXVDQGURXEOHVVWUDLJKWDZD\ZKHUHDVLQVWHDGRI

'ULQNDQGEHPHUU\
LWZDV
:DLWIRUWKHWLPHLVQRW\HW
7KXV
WKRXJKKLVKHDGKDGEHHQIXOORIVRXSSODWHVDQGFXWOHWVDQG(QJOLVK
JLUOVKHQRZGHVFHQGHGWKHVWHSVZLWKKLVHDUVDQGKLVWDLO
GRZQORRNLQJLQIDFWOLNHDSRRGOHRYHUZKLFKWKHFRRNKDVSRXUHGD
EXFNHWIXORIZDWHU<RXVHH6W3HWHUVEXUJOLIHKDGFKDQJHGKLPQRWD
OLWWOHVLQFHILUVWKHKDGJRWDWDVWHRILWDQGQRZWKDWWKHGHYLO
RQO\NQHZKRZKHZDVJRLQJWROLYHLWFDPHDOOWKHKDUGHUWRKLPWKDW
KHVKRXOGKDYHQRPRUHVZHHWVWRORRNIRUZDUGWR5HPHPEHUWKDWDPDQ
LQWKHSULPHRI\HDUVKDVDQDSSHWLWHOLNHDZROIDQGDVKHSDVVHGD
UHVWDXUDQWKHFRXOGVHHDURXQGIDFHGKROODQGVKLUWHGVQRZZKLWH
DSURQHGIHOORZRID)UHQFKFKHISUHSDULQJDGLVKGHOLFLRXVHQRXJKWR
PDNHLWWXUQWRDQGHDWLWVHOIZKLOHDJDLQDVKHSDVVHGDIUXLW
VKRSKHFRXOGVHHGHOLFDFLHVORRNLQJRXWRIDZLQGRZIRUIRROVWRFRPH
DQGEX\WKHPDWDKXQGUHGURXEOHVDSLHFH,PDJLQHWKHUHIRUHKLV
SRVLWLRQ2QWKHRQHKDQGVRWRVSHDNZHUHVDOPRQDQGZDWHUPHORQV
ZKLOHRQWKHRWKHUKDQGZDVWKHELWWHUIDUHZKLFKSDVVHGDWDWDYHUQ
IRUOXQFKHRQ
:HOO
KHWKRXJKWWRKLPVHOI
OHWWKHPGRZKDWWKH\
OLNHZLWKPHDWWKH&RPPLVVLRQEXW,LQWHQGWRJRDQGUDLVHWKHZKROH
SODFHDQGWRWHOOHYHU\EOHVVHGIXQFWLRQDU\WKHUHWKDW,KDYHDPLQG
WRGRDV,FKRRVH
$QGLQWUXWKWKLVEROGLPSHUWLQHQFHRIDPDQGLG
KDYHWKHKDUGLKRRGWRUHWXUQWRWKH&RPPLVVLRQ
:KDWGR\RXZDQW"

VDLGWKH3UHVLGHQW
:K\DUH\RXKHUHIRUWKHWKLUGWLPH"<RXKDYHKDG
\RXURUGHUVJLYHQ\RX

,GDUHVD\,KDYH
KHUHWRUWHG
EXW,DPQRW
JRLQJWREHSXWRIIZLWK7+(0,ZDQWVRPHFXWOHWVWRHDWDQGD
ERWWOHRI)UHQFKZLQHDQGDFKDQFHWRJRDQGDPXVHP\VHOIDWWKH
WKHDWUH

3DUGRQPH
VDLGWKH3UHVLGHQW
:KDW\RXUHDOO\QHHG LI,
PD\YHQWXUHWRPHQWLRQLW LVDOLWWOHSDWLHQFH<RXKDYHEHHQJLYHQ
VRPHWKLQJIRUIRRGXQWLOWKH0LOLWDU\&RPPLWWHHVKDOOKDYHPHWDQG
WKHQGRXEWOHVV\RXZLOOUHFHLYH\RXUSURSHUUHZDUGVHHLQJWKDWLW
ZRXOGQRWEHVHHPO\WKDWDPDQZKRKDVVHUYHGKLVFRXQWU\VKRXOGEH
OHIWGHVWLWXWH2QWKHRWKHUKDQGLILQWKHPHDQZKLOH\RXGHVLUHWR
LQGXOJHLQFXWOHWVDQGWKHDWUHJRLQJSOHDVHXQGHUVWDQGWKDWZHFDQQRW
KHOS\RXEXW\RXPXVWPDNH\RXURZQUHVRXUFHVDQGWU\DVEHVW\RX
FDQWRKHOS\RXUVHOI
<RXFDQLPDJLQHWKDWWKLVZHQWLQDWRQHRI

175

.RSHLNLQ
VHDUVDQGRXWDWWKHRWKHUWKDWLWZDVOLNHVKRRWLQJSHDV
DWDVWRQHZDOO$FFRUGLQJO\KHUDLVHGDWXUPRLOZKLFKVHQWWKHVWDII
IO\LQJ2QHE\RQHKHJDYHWKHPRERIVHFUHWDULHVDQGFOHUNVDUHDO
JRRGKDPPHULQJ
<RXDQG\RXDQG\RX
KHVDLG
GRQRWHYHQNQRZ
\RXUGXWLHV<RXDUHODZEUHDNHUV
<HVKHWURGHYHU\PDQRIWKHP
XQGHUIRRW$WOHQJWKWKH*HQHUDOKLPVHOIDUULYHGIURPDQRWKHURIILFH
DQGVRXQGHGWKHDODUP:KDWZDVWREHGRQHZLWKDIHOORZOLNH
.RSHLNLQ"7KH3UHVLGHQWVDZWKDWVWURQJPHDVXUHVZHUHLPSHUDWLYH

9HU\ZHOO
KHVDLG
6LQFH\RXGHFOLQHWRUHVWVDWLVILHGZLWKZKDW
KDVEHHQJLYHQ\RXDQGTXLHWO\WRDZDLWWKHGHFLVLRQRI\RXUFDVHLQ
6W3HWHUVEXUJ,PXVWILQG\RXDORGJLQJ+HUHFRQVWDEOHUHPRYHWKH
PDQWRJDRO
7KHQDFRQVWDEOHZKRKDGEHHQFDOOHGWRWKHGRRUD
FRQVWDEOHWKUHHHOOVLQKHLJKWDQGDUPHGZLWKDFDUELQHDPDQZHOO
ILWWHGWRJXDUGDEDQNSODFHGRXUIULHQGLQDSROLFHZDJJRQ
:HOO

UHIOHFWHG.RSHLNLQ
DWOHDVW,VKDQ
WKDYHWRSD\P\IDUHIRU7+,6
ULGH7KDW
VRQHFRPIRUW
$JDLQDIWHUKHKDGULGGHQDOLWWOHZD\KH
VDLGWRKLPVHOI
WKH\WROGPHDWWKH&RPPLVVLRQWRJRDQGPDNHP\RZQ
PHDQVRIHQMR\LQJP\VHOI9HU\JRRG,
OOGRVR
+RZHYHUZKDWEHFDPH
RI.RSHLNLQDQGZKLWKHUKHZHQWLVNQRZQWRQRRQH+HVDQNWRXVH
WKHSRHW
VH[SUHVVLRQLQWRWKHZDWHUVRI/HWKHDQGKLVGRLQJVQRZ
OLHEXULHGLQREOLYLRQ%XWDOORZPHJHQWOHPHQWRSLHFHWRJHWKHUWKH
IXUWKHUWKUHDGVRIWKHVWRU\1RWWZRPRQWKVODWHUWKHUHDSSHDUHGLQ
WKHIRUHVWVRI5LD]DQDEDQGRIUREEHUVDQGRIWKDWEDQGWKH
FKLHIWDLQZDVQRQHRWKHUWKDQ
$OORZPHSXWLQWKH+HDGRIWKH3ROLFH'HSDUWPHQW<RXKDYHVDLG
WKDW.RSHLNLQKDGORVWDQDUPDQGDOHJZKHUHDV&KLFKLNRY
7RVD\DQ\WKLQJPRUHZDVXQQHFHVVDU\7KH3RVWPDVWHUFODSSHGKLVKDQG
WRKLVIRUHKHDGDQGSXEOLFO\FDOOHGKLPVHOIDIRROWKRXJKODWHUKH
WULHGWRH[FXVHKLVPLVWDNHE\VD\LQJWKDWLQ(QJODQGWKHVFLHQFHRI
PHFKDQLFVKDGUHDFKHGVXFKDSLWFKWKDWZRRGHQOHJVZHUHPDQXIDFWXUHG
ZKLFKZRXOGHQDEOHWKHZHDUHURQWRXFKLQJDVSULQJWRYDQLVK
LQVWDQWDQHRXVO\IURPVLJKW
9DULRXVRWKHUWKHRULHVZHUHWKHQSURSRXQGHGDPRQJWKHPDWKHRU\WKDW
&KLFKLNRYZDV1DSROHRQHVFDSHGIURP6W+HOHQDDQGWUDYHOOLQJDERXW
WKHZRUOGLQGLVJXLVH$QGLILWVKRXOGEHVXSSRVHGWKDWQRVXFK
QRWLRQFRXOGSRVVLEO\KDYHEHHQEURDFKHGOHWWKHUHDGHUUHPHPEHUWKDW
WKHVHHYHQWVWRRNSODFHQRWPDQ\\HDUVDIWHUWKH)UHQFKKDGEHHQ
GULYHQRXWRI5XVVLDDQGWKDWYDULRXVSURSKHWVKDGVLQFHGHFODUHG
WKDW1DSROHRQZDV$QWLFKULVWDQGZRXOGRQHGD\HVFDSHIURPKLVLVODQG
SULVRQWRH[HUFLVHXQLYHUVDOVZD\RQHDUWK1D\VRPHJRRGIRONKDG
HYHQGHFODUHGWKHOHWWHUVRI1DSROHRQ
VQDPHWRFRQVWLWXWHWKH

176

$SRFDO\SWLFFLSKHU
$VDODVWUHVRUWWKHWFKLQRYQLNVGHFLGHGWRTXHVWLRQ1R]GUHYVLQFH
QRWRQO\KDGWKHODWWHUEHHQWKHILUVWWRPHQWLRQWKHGHDGVRXOVEXW
DOVRKHZDVVXSSRVHGWRVWDQGRQWHUPVRILQWLPDF\ZLWK&KLFKLNRY
$FFRUGLQJO\WKH&KLHIRI3ROLFHGLVSDWFKHGDQRWHE\WKHKDQGRID
FRPPLVVLRQDLUH$WWKHWLPH1R]GUHYZDVHQJDJHGRQVRPHYHU\LPSRUWDQW
EXVLQHVVVRPXFKVRWKDWKHKDGQRWOHIWKLVURRPIRUIRXUGD\VDQG
ZDVUHFHLYLQJKLVPHDOVWKURXJKWKHZLQGRZDQGQRYLVLWRUVDWDOO
7KHEXVLQHVVUHIHUUHGWRFRQVLVWHGRIWKHPDUNLQJRIVHYHUDOGR]HQ
VHOHFWHGFDUGVLQVXFKDZD\DVWRSHUPLWRIKLVUHO\LQJXSRQWKHPDV
XSRQKLVERVRPIULHQG1DWXUDOO\KHGLGQRWOLNHKDYLQJKLVUHWLUHPHQW
LQYDGHGDQGDWILUVWFRQVLJQHGWKHFRPPLVVLRQDLUHWRWKHGHYLOEXW
DVVRRQDVKHOHDUQWIURPWKHQRWHWKDWVLQFHDQRYLFHDWFDUGVZDV
WREHWKHJXHVWRIWKH&KLHIRI3ROLFHWKDWHYHQLQJDFDOODWWKH
ODWWHU
VKRXVHPLJKWSURYHQRWZKROO\XQSURILWDEOHKHUHOHQWHG
XQORFNHGWKHGRRURIKLVURRPWKUHZRQWKHILUVWJDUPHQWVWKDWFDPH
WRKDQGDQGVHWIRUWK7RHYHU\TXHVWLRQSXWWRKLPE\WKH
WFKLQRYQLNVKHDQVZHUHGILUPO\DQGZLWKDVVXUDQFH&KLFKLNRYKH
DYHUUHGKDGLQGHHGSXUFKDVHGGHDGVRXOVDQGWRWKHWXQHRIVHYHUDO
WKRXVDQGURXEOHV,QIDFWKH 1R]GUHY KDGKLPVHOIVROGKLPVRPHDQG
VWLOOVDZQRUHDVRQZK\KHVKRXOGQRWKDYHGRQHVR1H[WWRWKH
TXHVWLRQRIZKHWKHURUQRWKHFRQVLGHUHG&KLFKLNRYWREHDVS\KH
UHSOLHGLQWKHDIILUPDWLYHDQGDGGHGWKDWDVORQJDJRDVKLVDQG
&KLFKLNRY
VMRLQWVFKRROGD\VWKHVDLG&KLFKLNRYKDGEHHQNQRZQDV
7KH,QIRUPHUDQGUHSHDWHGO\EHHQWKUDVKHGE\KLVFRPSDQLRQVRQWKDW
DFFRXQW$JDLQWRWKHTXHVWLRQRIZKHWKHURUQRW&KLFKLNRYZDVD
IRUJHURIFXUUHQF\QRWHVWKHGHSRQHQWDVEHIRUHUHVSRQGHGLQWKH
DIILUPDWLYHDQGDSSHQGHGWKHUHWRDQDQHFGRWHLOOXVWUDWLYHRI
&KLFKLNRY
VH[WUDRUGLQDU\GH[WHULW\RIKDQGQDPHO\DQDQHFGRWHWR
WKDWHIIHFWWKDWRQFHXSRQDWLPHRQOHDUQLQJWKDWWZRPLOOLRQ
URXEOHVZRUWKRIFRXQWHUIHLWQRWHVZHUHO\LQJLQ&KLFKLNRY
VKRXVH
WKHDXWKRULWLHVKDGSODFHGVHDOVXSRQWKHEXLOGLQJDQGKDGVXUURXQGHG
LWRQHYHU\VLGHZLWKDQDUPHGJXDUGZKHUHXSRQ&KLFKLNRYKDGGXULQJ
WKHQLJKWFKDQJHGHDFKRIWKHVHVHDOVIRUDQHZRQHDQGDOVRVR
DUUDQJHGPDWWHUVWKDWZKHQWKHKRXVHZDVVHDUFKHGWKHIRUJHGQRWHV
ZHUHIRXQGWREHJHQXLQHRQHV
$JDLQWRWKHTXHVWLRQRIZKHWKHURUQRW&KLFKLNRYKDGVFKHPHGWR
DEGXFWWKH*RYHUQRU
VGDXJKWHUDQGDOVRZKHWKHULWZDVWUXHWKDWKH
1R]GUHYKDGXQGHUWDNHQWRDLGDQGDEHWKLPLQWKHDFWWKHZLWQHVV
UHSOLHGWKDWKDGKHQRWXQGHUWDNHQWRGRVRWKHDIIDLUZRXOGQHYHU
KDYHFRPHRII$WWKLVSRLQWWKHZLWQHVVSXOOHGKLPVHOIXSRQ
UHDOLVLQJWKDWKHKDGWROGDOLHZKLFKPLJKWJHWKLPLQWRWURXEOHEXW

177

KLVWRQJXHZDVQRWWREHGHQLHGWKHGHWDLOVWUHPEOLQJRQLWVWLSZHUH
WRRDOOXULQJDQGKHHYHQZHQWRQWRFLWHWKHQDPHRIWKHYLOODJH
FKXUFKZKHUHWKHSDLUKDGDUUDQJHGWREHPDUULHGWKDWRIWKHSULHVW
ZKRKDGSHUIRUPHGWKHFHUHPRQ\WKHDPRXQWRIWKHIHHVSDLGIRUWKH
VDPH VHYHQW\ILYHURXEOHV DQGVWDWHPHQWV  WKDWWKHSULHVWKDG
UHIXVHGWRVROHPQLVHWKHZHGGLQJXQWLO&KLFKLNRYKDGIULJKWHQHGKLPE\
WKUHDWHQLQJWRH[SRVHWKHIDFWWKDWKH WKHSULHVW KDGPDUULHG
0LNKDLODORFDOFRUQGHDOHUWRKLVSDUDPRXUDQG  WKDW&KLFKLNRY
KDGRUGHUHGERWKDNROLDVNDIRUWKHFRXSOH
VFRQYH\DQFHDQGUHOD\VRI
KRUVHVIURPWKHSRVWKRXVHVRQWKHURDG1D\WKHQDUUDWLYHDV
GHWDLOHGE\1R]GUHYHYHQUHDFKHGWKHSRLQWRIKLVPHQWLRQLQJFHUWDLQ
RIWKHSRVWLOOLRQVE\QDPH1H[WWKHWFKLQRYQLNVVRXQGHGKLPRQWKH
TXHVWLRQRI&KLFKLNRY
VSRVVLEOHLGHQWLW\ZLWK1DSROHRQEXWEHIRUH
ORQJWKH\KDGUHDVRQWRUHJUHWWKHVWHSIRU1R]GUHYUHVSRQGHGZLWKD
UDPEOLQJULJPDUROHVXFKDVERUHQRUHVHPEODQFHWRDQ\WKLQJSRVVLEO\
FRQFHLYDEOH)LQDOO\WKHPDMRULW\RIWKHDXGLHQFHOHIWWKHURRPDQG
RQO\WKH&KLHIRI3ROLFHUHPDLQHGWROLVWHQ LQWKHKRSHRIJDWKHULQJ
VRPHWKLQJPRUH EXWDWODVWHYHQKHIRXQGKLPVHOIIRUFHGWRGLVFODLP
WKHVSHDNHUZLWKDJHVWXUHZKLFKVDLG7KHGHYLORQO\NQRZVZKDWWKH
IHOORZLVWDONLQJDERXWDQGVRYRLFHGWKHJHQHUDORSLQLRQWKDWLW
ZDVQRXVHWU\LQJWRJDWKHUILJVRIWKLVWOHV
0HDQZKLOH&KLFKLNRYNQHZQRWKLQJRIWKHVHHYHQWVIRUKDYLQJ
FRQWUDFWHGDVOLJKWFKLOOFRXSOHGZLWKDVRUHWKURDWKHKDGGHFLGHG
WRNHHSKLVURRPIRUWKUHHGD\VGXULQJZKLFKWLPHKHJDUJOHGKLV
WKURDWZLWKPLONDQGILJMXLFHFRQVXPHGWKHIUXLWIURPZKLFKWKH
MXLFHKDGEHHQH[WUDFWHGDQGZRUHDURXQGKLVQHFNDSRXOWLFHRI
FDPRPLOHDQGFDPSKRU$OVRWRZKLOHDZD\WKHKRXUVKHPDGHQHZDQG
PRUHGHWDLOHGOLVWVRIWKHVRXOVZKLFKKHKDGERXJKWSHUXVHGDZRUN
E\WKH'XFKHVVHGHOD9DOOLHUH>@UXPPDJHGLQKLVSRUWPDQWHDXORRNHG
WKURXJKYDULRXVDUWLFOHVDQGSDSHUVZKLFKKHGLVFRYHUHGLQKLV
GLVSDWFKER[DQGIRXQGHYHU\RQHRIWKHVHRFFXSDWLRQVWHGLRXV1RU
FRXOGKHXQGHUVWDQGZK\QRQHRIKLVRIILFLDOIULHQGVKDGFRPHWRVHH
KLPDQGLQTXLUHDIWHUKLVKHDOWKVHHLQJWKDWQRWORQJVLQFHWKHUH
KDGEHHQVWDQGLQJLQIURQWRIWKHLQQWKHGUR]KNLVERWKRIWKH
3RVWPDVWHUWKH3XEOLF3URVHFXWRUDQGWKH3UHVLGHQWRIWKH&RXQFLO
+HZRQGHUHGDQGZRQGHUHGDQGWKHQZLWKDVKUXJRIKLVVKRXOGHUV
IHOOWRSDFLQJWKHURRP$WOHQJWKKHIHOWEHWWHUDQGKLVVSLULWV
URVHDWWKHSURVSHFWRIRQFHPRUHJRLQJRXWLQWRWKHIUHVKDLU
ZKHUHIRUHKDYLQJVKDYHGDSOHQWLIXOJURZWKRIKDLUIURPKLVIDFHKH
GUHVVHGZLWKVXFKDODFULW\DVDOPRVWWRFDXVHDVSOLWLQKLVWURXVHUV
VSULQNOHGKLPVHOIZLWKHDXGH&RORJQHDQGZUDSSLQJKLPVHOILQZDUP
FORWKHVDQGWXUQLQJXSWKHFROODURIKLVFRDWVDOOLHGIRUWKLQWRWKH
VWUHHW+LVILUVWGHVWLQDWLRQZDVLQWHQGHGWREHWKH*RYHUQRU
V

178

PDQVLRQDQGDVKHZDONHGDORQJFHUWDLQWKRXJKWVFRQFHUQLQJWKH
*RYHUQRU
VGDXJKWHUZRXOGNHHSZKLUOLQJWKURXJKKLVKHDGVRWKDW
DOPRVWKHIRUJRWZKHUHKHZDVDQGWRRNWRVPLOLQJDQGFUDFNLQJMRNHV
WRKLPVHOI
>@2QHRIWKHPLVWUHVVHVRI/RXLV;,9RI)UDQFH,QVKHZURWHD
ERRNFDOOHG5HIOH[LRQVVXUOD0LVHULFRUGHGH'LHXSDUXQH'DPH
3HQLWHQWH
$UULYHGDWWKH*RYHUQRU
VHQWUDQFHKHZDVDERXWWRGLYHVWKLPVHOIRI
KLVVFDUIZKHQD6ZLVVIRRWPDQJUHHWHGKLPZLWKWKHZRUGV,DP
IRUELGGHQWRDGPLW\RX
:KDW"KHH[FODLPHG<RXGRQRWNQRZPH"/RRNDWPHDJDLQDQGVHH
LI\RXGRQRWUHFRJQLVHPH
2IFRXUVH,UHFRJQLVH\RXWKHIRRWPDQUHSOLHG,KDYHVHHQ\RX
EHIRUHEXWKDYHEHHQRUGHUHGWRDGPLWDQ\RQHHOVHUDWKHUWKDQ
0RQVLHXU&KLFKLNRY
,QGHHG"$QGZK\VR"
7KRVHDUHP\RUGHUVDQGWKH\PXVWEHREH\HGVDLGWKHIRRWPDQ
FRQIURQWLQJ&KLFKLNRYZLWKQRQHRIWKDWSROLWHQHVVZLWKZKLFKRQ
IRUPHURFFDVLRQVKHKDGKDVWHQHGWRGLYHVWRXUKHURRIKLVZUDSSLQJV
(YLGHQWO\KHZDVRIRSLQLRQWKDWVLQFHWKHJHQWU\GHFOLQHGWRUHFHLYH
WKHYLVLWRUWKHODWWHUPXVWFHUWDLQO\EHDURJXH
,FDQQRWXQGHUVWDQGLWVDLG&KLFKLNRYWRKLPVHOI7KHQKHGHSDUWHG
DQGPDGHKLVZD\WRWKHKRXVHRIWKH3UHVLGHQWRIWKH&RXQFLO%XWVR
SXWDERXWZDVWKDWRIILFLDOE\&KLFKLNRY
VHQWU\WKDWKHFRXOGQRW
XWWHUWZRFRQVHFXWLYHZRUGVKHFRXOGRQO\PXUPXUVRPHUXEELVKZKLFK
OHIWERWKKLVYLVLWRUDQGKLPVHOIRXWRIFRXQWHQDQFH&KLFKLNRY
ZRQGHUHGDVKHOHIWWKHKRXVHZKDWWKH3UHVLGHQW
VPXWWHUHGZRUGV
FRXOGKDYHPHDQWEXWIDLOHGWRPDNHKHDGRUWDLORIWKHP1H[WKH
YLVLWHGLQWXUQWKH&KLHIRI3ROLFHWKH9LFH*RYHUQRUWKH
3RVWPDVWHUDQGRWKHUVEXWLQHDFKFDVHKHHLWKHUIDLOHGWREH
DFFRUGHGDGPLWWDQFHRUZDVUHFHLYHGVRVWUDQJHO\DQGZLWKVXFKD
PHDVXUHRIFRQVWUDLQWDQGFRQYHUVDWLRQDODZNZDUGQHVVDQGDEVHQFHRI
PLQGDQGHPEDUUDVVPHQWWKDWKHEHJDQWRIHDUIRUWKHVDQLW\RIKLV
KRVWV$JDLQDQGDJDLQGLGKHVWULYHWRGLYLQHWKHFDXVHEXWFRXOG
QRWGRVRVRKHZHQWZDQGHULQJDLPOHVVO\DERXWWKHWRZQZLWKRXW
VXFFHHGLQJLQPDNLQJXSKLVPLQGZKHWKHUKHRUWKHRIILFLDOVKDGJRQH
FUD]\$WOHQJWKLQDVWDWHERUGHULQJXSRQEHZLOGHUPHQWKHUHWXUQHG

179

WRWKHLQQWRWKHHVWDEOLVKPHQWZKHQFHWKDWHYHU\DIWHUQRRQKHKDG
VHWIRUWKLQVXFKH[XEHUDQFHRIVSLULWV)HHOLQJWKHQHHGRIVRPHWKLQJ
WRGRKHRUGHUHGWHDDQGVWLOOPDUYHOOLQJDWWKHVWUDQJHQHVVRIKLV
SRVLWLRQZDVDERXWWRSRXURXWWKHEHYHUDJHZKHQWKHGRRURSHQHGDQG
1R]GUHYPDGHKLVDSSHDUDQFH
:KDWVD\VWKHSURYHUE"KHEHJDQ
7RVHHDIULHQGVHYHQYHUVWVLV
QRWWRRORQJDURXQGWRPDNH
,KDSSHQHGWREHSDVVLQJWKHKRXVHVDZ
DOLJKWLQ\RXUZLQGRZDQGWKRXJKWWRP\VHOI
1RZVXSSRVH,ZHUHWR
UXQXSDQGSD\KLPDYLVLW",WLVXQOLNHO\WKDWKHZLOOEHDVOHHS

$KKD,VHHWHDRQ\RXUWDEOH*RRG7KHQ,ZLOOGULQNDFXSZLWK
\RXIRU,KDGZUHWFKHGVWXIIIRUGLQQHUDQGLWLVEHJLQQLQJWROLH
KHDY\RQP\VWRPDFK$OVRWHOO\RXUPDQWRILOOPHDSLSH:KHUHLV
\RXURZQSLSH"
,QHYHUVPRNHUHMRLQHG&KLFKLNRYGULO\
5XEELVK$VLI,GLGQRWNQRZZKDWDFKLPQH\SRW\RXDUH:KDWLV
\RXUPDQ
VQDPH"+L9DNKUDPHL&RPHKHUH
3HWUXVKNDLVKLVQDPHQRW9DNKUDPHL
,QGHHG"%XW\RX86('WRKDYHDPDQFDOOHG9DNKUDPHLGLGQ
W\RX"
1RQHYHU
2KZHOO7KHQLWPXVWEH'HUHELQ
VPDQ,DPWKLQNLQJRI:KDWD
OXFN\IHOORZWKDW'HUHELQLV$QDXQWRIKLVKDVJRQHDQGTXDUUHOOHG
ZLWKKHUVRQIRUPDUU\LQJDVHUIZRPDQDQGKDVOHIWDOOKHUSURSHUW\
WR+,0WR'HUHELQ:RXOGWKDWB,BKDGDQDXQWRIWKDWNLQGWR
SURYLGHDJDLQVWIXWXUHFRQWLQJHQFLHV%XWZK\KDYH\RXEHHQKLGLQJ
\RXUVHOIDZD\",VXSSRVHWKHUHDVRQKDVEHHQWKDW\RXJRLQIRU
DEVWUXVHVXEMHFWVDQGDUHIRQGRIUHDGLQJ ZK\1R]GUHYVKRXOGKDYH
GUDZQWKHVHFRQFOXVLRQVQRRQHFRXOGSRVVLEO\KDYHVDLGOHDVWRIDOO
&KLFKLNRYKLPVHOI %\WKHZD\,FDQWHOO\RXRIVRPHWKLQJWKDW
ZRXOGKDYHIRXQG\RXVFRSHIRU\RXUVDWLULFDOYHLQ WKHFRQFOXVLRQDV
WR&KLFKLNRY
VVDWLULFDOYHLQZDVDVEHIRUHDOWRJHWKHUXQZDUUDQWHG
RQ1R]GUHY
VSDUW 7KDWLVWRVD\\RXZRXOGKDYHVHHQPHUFKDQW
/LNKDFKHYORVLQJDSLOHRIPRQH\DWSOD\0\ZRUG\RXZRXOGKDYH
ODXJKHG$IHOORZZLWKPHQDPHG3HUHSHQGHYVDLG
:RXOGWKDW&KLFKLNRY
KDGEHHQKHUH,WZRXOGKDYHEHHQWKHYHU\WKLQJIRUKLP
 $VD
PDWWHURIIDFWQHYHUVLQFHWKHGD\RIKLVELUWKKDG1R]GUHYPHWDQ\
RQHRIWKHQDPHRI3HUHSHQGHY +RZHYHUP\IULHQG\RXPXVWDGPLW
WKDW\RXWUHDWHGPHUDWKHUEDGO\WKHGD\WKDWZHSOD\HGWKDWJDPHRI

180

FKHVVEXWDV,ZRQWKHJDPH,EHDU\RXQRPDOLFH$SURSRV,DP
MXVWIURPWKH3UHVLGHQW
VDQGRXJKWWRWHOO\RXWKDWWKHIHHOLQJ
DJDLQVW\RXLQWKHWRZQLVYHU\VWURQJIRUHYHU\RQHEHOLHYHV\RXWR
EHDIRUJHURIFXUUHQF\QRWHV,P\VHOIZDVVHQWIRUDQGTXHVWLRQHG
DERXW\RXEXW,VWXFNXSIRU\RXWKURXJKWKLFNDQGWKLQDQGWROGWKH
WFKLQRYQLNVWKDW,KDGEHHQDWVFKRROZLWK\RXDQGKDGNQRZQ\RXU
IDWKHU,QIDFW,JDYHWKHIHOORZVDNQRFNRUWZRIRUWKHPVHOYHV
<RXVD\WKDW,DPEHOLHYHGWREHDIRUJHU"VDLG&KLFKLNRYVWDUWLQJ
IURPKLVVHDW
<HVVDLG1R]GUHY:K\KDYH\RXJRQHDQGIULJKWHQHGHYHU\ERG\DV
\RXKDYHGRQH"6RPHRIRXUIRONDUHDOPRVWRXWRIWKHLUPLQGVDERXW
LWDQGGHFODUH\RXWREHHLWKHUDEULJDQGLQGLVJXLVHRUDVS\
<HVWHUGD\WKH3XEOLF3URVHFXWRUHYHQGLHGRILWDQGLVWREHEXULHG
WRPRUURZ WKLVZDVWUXHLQVRIDUDVWKDWRQWKHSUHYLRXVGD\WKH
RIILFLDOLQTXHVWLRQKDGKDGDIDWDOVWURNHSUREDEO\LQGXFHGE\WKH
H[FLWHPHQWRIWKHSXEOLFPHHWLQJ 2IFRXUVHB,BGRQ
WVXSSRVH\RX
WREHDQ\WKLQJRIWKHNLQGEXW\RXVHHWKHVHIHOORZVDUHLQDEOXH
IXQNDERXWWKHQHZ*RYHUQRU*HQHUDOIRUWKH\WKLQNKHZLOOPDNH
WURXEOHIRUWKHPRYHU\RXUDIIDLU$SURSRVKHLVEHOLHYHGWREHD
PDQZKRSXWVRQDLUVDQGWXUQVXSKLVQRVHDWHYHU\WKLQJDQGLIVR
KHZLOOJHWRQEDGO\ZLWKWKHGYRULDQHVHHLQJWKDWIHOORZVRIWKDW
VRUWQHHGWREHKXPRXUHGDELW<HVP\ZRUG6KRXOGWKHQHZ
*RYHUQRU*HQHUDOVKXWKLPVHOIXSLQKLVVWXG\DQGJLYHQREDOOV
WKHUHZLOOEHWKHYHU\GHYLOWRSD\%\WKHZD\&KLFKLNRYWKDWLVD
ULVN\VFKHPHRI\RXUV
:KDWVFKHPHWR\RXPHDQ"&KLFKLNRYDVNHGXQHDVLO\
:K\WKDWVFKHPHRIFDUU\LQJRIIWKH*RYHUQRU
VGDXJKWHU+RZHYHUWR
WHOOWKHWUXWK,ZDVH[SHFWLQJVRPHWKLQJRIWKHNLQG1RVRRQHUGLG,
VHH\RXDQGKHUWRJHWKHUDWWKHEDOOWKDQ,VDLGWRP\VHOI
$KKD
&KLFKLNRYLVQRWKHUHIRUQRWKLQJ
)RUP\RZQSDUW,WKLQN\RXKDYH
PDGHDSRRUFKRLFHIRU,FDQVHHQRWKLQJLQKHUDWDOO2QWKHRWKHU
KDQGWKHQLHFHRIDIULHQGRIPLQHQDPHG%LNXVRYVKH,6DJLUO
DQGQRPLVWDNH$UHJXODUZKDW\RXPLJKWFDOO
PLUDFOHLQPXVOLQ

:KDWRQHDUWKDUH\RXWDONLQJDERXW"DVNHG&KLFKLNRYZLWKKLVH\HV
GLVWHQGHG+2:FRXOG,FDUU\RIIWKH*RYHUQRU
VGDXJKWHU":KDWRQ
HDUWKGR\RXPHDQ"
&RPHFRPH:KDWDVHFUHWLYHIHOORZ\RXDUH0\RQO\REMHFWLQKDYLQJ
FRPHWRVHH\RXLVWROHQG\RXDKHOSLQJKDQGLQWKHPDWWHU/RRN

181

KHUH2QFRQGLWLRQWKDW\RXZLOOOHQGPHWKUHHWKRXVDQGURXEOHV,
ZLOOVWDQG\RXWKHFRVWRIWKHZHGGLQJWKHNROLDVNDDQGWKHUHOD\V
RIKRUVHV,PXVWKDYHWKHPRQH\HYHQLI,GLHIRULW
7KURXJKRXW1R]GUHY
VPDXQGHULQJV&KLFKLNRYKDGEHHQUXEELQJKLVH\HV
WRDVFHUWDLQZKHWKHURUQRWKHZDVGUHDPLQJ:KDWZLWKWKHFKDUJHRI
EHLQJDIRUJHUWKHDFFXVDWLRQRIKDYLQJVFKHPHGDQDEGXFWLRQWKH
GHDWKRIWKH3XEOLF3URVHFXWRU ZKDWHYHUPLJKWKDYHEHHQLWVFDXVH 
DQGWKHDGYHQWRIDQHZ*RYHUQRU*HQHUDOKHIHOWXWWHUO\GLVPD\HG
7KLQJVKDYLQJFRPHWRWKHLUSUHVHQWSDVVKHUHIOHFWHG,KDG
EHWWHUQRWOLQJHUKHUH,KDGEHWWHUEHRIIDWRQFH
*HWWLQJULGRI1R]GUHYDVVRRQDVKHFRXOGKHVHQWIRU6HOLIDQDQG
RUGHUHGKLPWREHXSDWGD\EUHDNLQRUGHUWRFOHDQWKHEULWFKNDDQG
WRKDYHHYHU\WKLQJUHDG\IRUDVWDUWDWVL[R
FORFN<HWWKRXJK
6HOLIDQUHSOLHG9HU\ZHOO3DXO,YDQRYLWFKKHKHVLWDWHGDZKLOHE\
WKHGRRU1H[W&KLFKLNRYELG3HWUXVKNDJHWRXWWKHGXVW\SRUWPDQWHDX
IURPXQGHUWKHEHGDQGWKHQVHWWRZRUNWRFUDPLQWRLWSHOOPHOO
VRFNVVKLUWVFROODUV ERWKFOHDQDQGGLUW\ ERRWWUHHVDFDOHQGDU
DQGDYDULHW\RIRWKHUDUWLFOHV(YHU\WKLQJZHQWLQWRWKHUHFHSWDFOH
MXVWDVLWFDPHWRKDQGVLQFHKLVRQHREMHFWZDVWRREYLDWHDQ\
SRVVLEOHGHOD\LQWKHPRUQLQJ
VGHSDUWXUH0HDQZKLOHWKHUHOXFWDQW
6HOLIDQVORZO\YHU\VORZO\OHIWWKHURRPDVVORZO\GHVFHQGHGWKH
VWDLUFDVH RQHDFKVHSDUDWHVWHSRIZKLFKKHOHIWDPXGG\IRRWSULQW 
DQGILQDOO\KDOWHGWRVFUDWFKKLVKHDG:KDWWKDWVFUDWFKLQJPD\
KDYHPHDQWQRRQHFRXOGVD\IRUZLWKWKH5XVVLDQSRSXODFHVXFKD
VFUDWFKLQJPD\PHDQDQ\RQHRIDKXQGUHGWKLQJV

&+$37(5;,
1HYHUWKHOHVVHYHQWVGLGQRWWXUQRXWDV&KLFKLNRYKDGLQWHQGHGWKH\
VKRXOG,QWKHILUVWSODFHKHRYHUVOHSWKLPVHOI7KDWZDVFKHFN
QXPEHURQH,QWKHVHFRQGSODFHRQKLVULVLQJDQGLQTXLULQJZKHWKHU
WKHEULWFKNDKDGEHHQKDUQHVVHGDQGHYHU\WKLQJJRWUHDG\KHZDV
LQIRUPHGWKDWQHLWKHURIWKRVHWZRWKLQJVKDGEHHQGRQH7KDWZDV
FKHFNQXPEHUWZR%HVLGHKLPVHOIZLWKUDJHKHSUHSDUHGWRJLYH
6HOLIDQWKHZLJJLQJRIKLVOLIHDQGPHDQZKLOHZDLWHGLPSDWLHQWO\WR
KHDUZKDWWKHGHOLQTXHQWKDGJRWWRVD\LQKLVGHIHQFH,WJRHV
ZLWKRXWVD\LQJWKDWZKHQ6HOLIDQPDGHKLVDSSHDUDQFHLQWKHGRRUZD\KH
KDGRQO\WKHXVXDOH[FXVHVWRRIIHUWKHVRUWRIH[FXVHVXVXDOO\
RIIHUHGE\VHUYDQWVZKHQDKDVW\GHSDUWXUHKDVEHFRPHLPSHUDWLYHO\

182

QHFHVVDU\
3DXO,YDQRYLWFKKHVDLGWKHKRUVHVUHTXLUHVKRHLQJ
%ORFNKHDGH[FODLPHG&KLFKLNRY:K\GLG\RXQRWWHOOPHRIWKDW
EHIRUH\RXGDPQHGIRRO":DVWKHUHQRWWLPHHQRXJKIRUWKHPWREH
VKRG"
<HV,VXSSRVHWKHUHZDVDJUHHG6HOLIDQ$OVRRQHRIWKHZKHHOVLV
LQZDQWRIDQHZW\UHIRUWKHURDGVDUHVRURXJKWKDWWKHROGW\UHLV
ZRUQWKURXJK$OVRWKHERG\RIWKHEULWFKNDLVVRULFNHW\WKDW
SUREDEO\LWZLOOQRWODVWPRUHWKDQDFRXSOHRIVWDJHV
5DVFDOVKRXWHG&KLFKLNRYFOHQFKLQJKLVILVWVDQGDSSURDFKLQJ
6HOLIDQLQVXFKDPDQQHUWKDWIHDULQJWRUHFHLYHDEORZWKHPDQ
EDFNHGDQGGRGJHGDVLGH'R\RXPHDQWRUXLQPHDQGWREUHDNDOORXU
ERQHVRQWKHURDG\RXFXUVHGLGLRW")RUWKHVHWKUHHZHHNVSDVW\RX
KDYHEHHQGRLQJQRWKLQJDWDOO\HWQRZDWWKHODVWPRPHQW\RXFRPH
KHUHVWDPPHULQJDQGSOD\LQJWKHIRRO'R\RXWKLQN,NHHS\RXMXVWWR
HDWDQGWRGULYH\RXUVHOIDERXW"<RXPXVWKDYHNQRZQRIWKLVEHIRUH"
'LG\RXRUGLG\RXQRWNQRZLW"$QVZHUPHDWRQFH
<HV,GLGNQRZLWUHSOLHG6HOLIDQKDQJLQJKLVKHDG
7KHQZK\GLGQ
W\RXWHOOPHDERXWLW"
6HOLIDQKDGQRUHSO\LPPHGLDWHO\UHDG\VRFRQWLQXHGWRKDQJKLVKHDG
ZKLOHTXLHWO\VD\LQJWRKLPVHOI6HHKRZZHOO,KDYHPDQDJHGWKLQJV
,NQHZZKDWZDVWKHPDWWHU\HW,GLGQRWVD\
$QGQRZFRQWLQXHG&KLFKLNRYJR\RXDWRQFHDQGIHWFKD
EODFNVPLWK7HOOKLPWKDWHYHU\WKLQJPXVWEHSXWULJKWZLWKLQWZR
KRXUVDWWKHPRVW'R\RXKHDU",IWKDWVKRXOGQRWEHGRQH,,,
ZLOOJLYH\RXWKHEHVWIORJJLQJWKDWHYHU\RXKDGLQ\RXUOLIH7UXO\
&KLFKLNRYZDVDOPRVWEHVLGHKLPVHOIZLWKIXU\
7XUQLQJWRZDUGVWKHGRRUDVWKRXJKIRUWKHSXUSRVHRIJRLQJDQG
FDUU\LQJRXWKLVRUGHUV6HOLIDQKDOWHGDQGDGGHG
7KDWVNHZEDOGEDULQ\RXPLJKWWKLQNLWZHOOWRVHOOKLPVHHLQJ
WKDWKHLVQRWKLQJEXWDUDVFDO"$KRUVHOLNHWKDWLVPRUHRID
KLQGUDQFHWKDQDKHOS
:KDW"'R\RXH[SHFWPHWRJR12:WRWKHPDUNHWSODFHDQGVHOOKLP"

183

:HOO3DXO,YDQRYLWFKKHLVJRRGIRUQRWKLQJEXWVKRZVLQFHE\QDWXUH
KHLVDPRVWFXQQLQJEHDVW1HYHULQP\OLIHKDYH,VHHQVXFKDKRUVH
)RRO:KHQHYHU,PD\ZLVKWRVHOOKLP,6+$//VHOOKLP0HDQZKLOH
GRQ
W\RXWURXEOH\RXUKHDGDERXWZKDWGRHVQ
WFRQFHUQ\RXEXWJRDQG
IHWFKDEODFNVPLWKDQGVHHWKDWHYHU\WKLQJLVSXWULJKWZLWKLQWZR
KRXUV2WKHUZLVH,ZLOOWDNHWKHYHU\KDLURII\RXUKHDGDQGEHDW\RX
WLOO\RXKDYHQ
WDIDFHOHIW%HRII+XUU\
6HOLIDQGHSDUWHGDQG&KLFKLNRYKLVLOOKXPRXUYHQWHGWKUHZGRZQ
XSRQWKHIORRUWKHSRLJQDUGZKLFKKHDOZD\VWRRNZLWKKLPDVDPHDQV
RILQVWLOOLQJUHVSHFWLQWRZKRPVRHYHULWPLJKWFRQFHUQDQGVSHQWWKH
QH[WTXDUWHURIDQKRXULQGLVSXWLQJZLWKDFRXSOHRIEODFNVPLWKVPHQ
ZKRDVXVXDOZHUHUDVFDOVRIWKHW\SHZKLFKRQSHUFHLYLQJWKDW
VRPHWKLQJLVZDQWHGLQDKXUU\DWRQFHPXOWLSOLHVLWVWHUPVIRU
SURYLGLQJWKHVDPH,QGHHGIRUDOO&KLFKLNRY
VVWRUPLQJDQGUDJLQJDV
KHGXEEHGWKHIHOORZVUREEHUVDQGH[WRUWLRQHUVDQGWKLHYHVKHFRXOG
PDNHQRLPSUHVVLRQXSRQWKHSDLUVLQFHWUXHWRWKHLUFKDUDFWHUWKH\
GHFOLQHGWRDEDWHWKHLUSULFHVDQGHYHQZKHQWKH\KDGEHJXQWKHLU
ZRUNVSHQWXSRQLWQRWWZRKRXUVEXWILYHDQGDKDOI0HDQZKLOHKH
KDGWKHVDWLVIDFWLRQRIH[SHULHQFLQJWKDWGHOLJKWIXOWLPHZLWKZKLFK
DOOWUDYHOOHUVDUHIDPLOLDUQDPHO\WKHWLPHGXULQJZKLFKRQHVLWVLQ
DURRPZKHUHH[FHSWIRUDOLWWHURIVWULQJZDVWHSDSHUDQGVR
IRUWKHYHU\WKLQJHOVHKDVEHHQSDFNHG%XWWRDOOWKLQJVWKHUHFRPHV
DQHQGDQGWKHUHDUULYHGDOVRWKHORQJDZDLWHGPRPHQWZKHQWKH
EULWFKNDKDGUHFHLYHGWKHOXJJDJHWKHIDXOW\ZKHHOKDGEHHQILWWHG
ZLWKDQHZW\UHWKHKRUVHVKDGEHHQUHVKRGDQGWKHSUHGDWRU\
EODFNVPLWKVKDGGHSDUWHGZLWKWKHLUJDLQV7KDQN*RGWKRXJKW
&KLFKLNRYDVWKHEULWFKNDUROOHGRXWRIWKHJDWHVRIWKHLQQDQGWKH
YHKLFOHEHJDQWRMROWRYHUWKHFREEOHVWRQHV<HWDIHHOLQJZKLFKKH
FRXOGQRWDOWRJHWKHUKDYHGHILQHGILOOHGKLVEUHDVWDVKHJD]HGXSRQ
WKHKRXVHVDQGWKHVWUHHWVDQGWKHJDUGHQZDOOVZKLFKKHPLJKWQHYHU
VHHDJDLQ3UHVHQWO\RQWXUQLQJDFRUQHUWKHEULWFKNDZDVEURXJKWWR
DKDOWWKURXJKWKHIDFWWKDWDORQJWKHVWUHHWWKHUHZDVILOLQJD
VHHPLQJO\HQGOHVVIXQHUDOSURFHVVLRQ/HDQLQJIRUZDUGLQKLVEULWFKND
&KLFKLNRYDVNHG3HWUXVKNDZKRVHREVHTXLHVWKHSURFHVVLRQUHSUHVHQWHG
DQGZDVWROGWKDWWKH\UHSUHVHQWHGWKRVHRIWKH3XEOLF3URVHFXWRU
'LVDJUHHDEO\VKRFNHGRXUKHURKDVWHQHGWRUDLVHWKHKRRGRIWKH
YHKLFOHWRGUDZWKHFXUWDLQVDFURVVWKHZLQGRZVDQGWROHDQEDFN
LQWRDFRUQHU:KLOHWKHEULWFKNDUHPDLQHGWKXVKDOWHG6HOLIDQDQG
3HWUXVKNDWKHLUFDSVGRIIHGVDWZDWFKLQJWKHSURJUHVVRIWKH
FRUWHJHDIWHUWKH\KDGUHFHLYHGVWULFWLQVWUXFWLRQVQRWWRJUHHWDQ\
IHOORZVHUYDQWZKRPWKH\PLJKWUHFRJQLVH%HKLQGWKHKHDUVHZDONHGWKH

184

ZKROHERG\RIWFKLQRYQLNVEDUHKHDGHGDQGWKRXJKIRUDPRPHQWRU
WZR&KLFKLNRYIHDUHGWKDWVRPHRIWKHLUQXPEHUPLJKWGLVFHUQKLPLQ
KLVEULWFKNDKHQHHGQRWKDYHGLVWXUEHGKLPVHOIVLQFHWKHLU
DWWHQWLRQZDVRWKHUZLVHHQJDJHG,QIDFWWKH\ZHUHQRWHYHQ
H[FKDQJLQJWKHVPDOOWDONFXVWRPDU\DPRQJPHPEHUVRIVXFKSURFHVVLRQV
EXWWKLQNLQJH[FOXVLYHO\RIWKHLURZQDIIDLUVRIWKHDGYHQWRIWKH
QHZ*RYHUQRU*HQHUDODQGRIWKHSUREDEOHPDQQHULQZKLFKKHZRXOG
WDNHXSWKHUHLQVRIDGPLQLVWUDWLRQ1H[WFDPHDQXPEHURIFDUULDJHV
IURPWKHZLQGRZVRIZKLFKSHHUHGWKHODGLHVLQPRXUQLQJWRLOHWV<HW
WKHPRYHPHQWVRIWKHLUKDQGVDQGOLSVPDGHLWHYLGHQWWKDWWKH\ZHUH
LQGXOJLQJLQDQLPDWHGFRQYHUVDWLRQSUREDEO\DERXWWKH
*RYHUQRU*HQHUDOWKHEDOOVZKLFKKHPLJKWEHH[SHFWHGWRJLYHDQG
WKHLURZQHWHUQDOIULSSHULHVDQGJHZJDZV/DVWO\FDPHDIHZHPSW\
GUR]KNLV$VVRRQDVWKHODWWHUKDGSDVVHGRXUKHURZDVDEOHWR
FRQWLQXHRQKLVZD\7KURZLQJEDFNWKHKRRGRIWKHEULWFKNDKHVDLG
WRKLPVHOI
$KJRRGIULHQG\RXKDYHOLYHG\RXUOLIHDQGQRZLWLVRYHU,QWKH
QHZVSDSHUVWKH\ZLOOVD\RI\RXWKDW\RXGLHGUHJUHWWHGQRWRQO\E\
\RXUVXERUGLQDWHVEXWDOVRE\KXPDQLW\DWODUJHDVZHOODVWKDWD
UHVSHFWHGFLWL]HQDNLQGIDWKHUDQGDKXVEDQGEH\RQGUHSURDFK\RX
ZHQWWR\RXUJUDYHDPLGWKHWHDUVRI\RXUZLGRZDQGRUSKDQV<HW
VKRXOGWKRVHMRXUQDOVEHSXWWRLWWRQDPHDQ\SDUWLFXODUFLUFXPVWDQFH
ZKLFKMXVWLILHGWKLVHXORJ\RI\RXWKH\ZRXOGEHIRUFHGWRIDOOEDFN
XSRQWKHIDFWWKDW\RXJUHZDSDLURIH[FHSWLRQDOO\WKLFNH\HEURZV
:LWKWKDW&KLFKLNRYELG6HOLIDQTXLFNHQKLVSDFHDQGFRQFOXGHG
$IWHUDOOLWLVDVZHOOWKDW,HQFRXQWHUHGWKHSURFHVVLRQIRUWKH\
VD\WKDWWRPHHWDIXQHUDOLVOXFN\
3UHVHQWO\WKHEULWFKNDWXUQHGLQWRVRPHOHVVIUHTXHQWHGVWUHHWVOLQHV
RIZRRGHQIHQFLQJRIWKHNLQGZKLFKPDUNWKHRXWVNLUWVRIDWRZQEHJDQ
WRILOHE\WKHFREEOHVWRQHVFDPHWRDQHQGWKHPDFDGDPRIWKH
KLJKURDGVXFFHHGHGWRWKHPDQGRQFHPRUHWKHUHEHJDQRQHLWKHUVLGH
RIWKHWXUQSLNHDSURFHVVLRQRIYHUVWVWRQHVURDGPHQGHUVDQGJUH\
YLOODJHVLQQVZLWKVDPRYDUVDQGSHDVDQWZRPHQDQGODQGORUGVZKRFDPH
UXQQLQJRXWRI\DUGVZLWKVHLYHIXOVRIRDWVSHGHVWULDQVLQZRUQVKRHV
ZKLFKLWPLJKWEHKDGFRYHUHGHLJKWKXQGUHGYHUVWVOLWWOHWRZQV
EULJKWZLWKERRWKVIRUWKHVDOHRIIORXULQEDUUHOVERRWVVPDOO
ORDYHVDQGRWKHUWULIOHVKHDSVRIVODJPXFKUHSDLUHGEULGJHV
H[SDQVHVRIILHOGWRULJKWDQGWROHIWVWRXWODQGRZQHUVDPRXQWHG
VROGLHUEHDULQJDJUHHQLURQFODPSHGER[LQVFULEHG7KHWK%DWWHU\
RI$UWLOOHU\ORQJVWULSVRIIUHVKO\WLOOHGHDUWKZKLFKJOHDPHG
JUHHQ\HOORZDQGEODFNRQWKHIDFHRIWKHFRXQWU\VLGH:LWKLW

185

PLQJOHGORQJGUDZQVLQJLQJJOLPSVHVRIHOPWRSVDPLGPLVWWKH
IDURIIQRWHVRIEHOOVHQGOHVVFORXGVRIURFNVDQGWKHLOOLPLWDEOH
OLQHRIWKHKRUL]RQ
$K5XVVLD5XVVLDIURPP\EHDXWLIXOKRPHLQDVWUDQJHODQG,FDQ
VWLOOVHH\RX,Q\RXHYHU\WKLQJLVSRRUDQGGLVRUGHUHGDQGXQKRPHO\
LQ\RXWKHH\HLVQHLWKHUFKHHUHGQRUGLVPD\HGE\WHPHULWLHVRIQDWXUH
ZKLFKD\HWPRUHWHPHUDULRXVDUWKDVFRQTXHUHGLQ\RXRQHEHKROGVQR
FLWLHVZLWKORIW\PDQ\ZLQGRZHGPDQVLRQVORIW\DVFUDJVQR
SLFWXUHVTXHWUHHVQRLY\FODGUXLQVQRZDWHUIDOOVZLWKWKHLU
HYHUODVWLQJVSUD\DQGURDUQREHHWOLQJSUHFLSLFHVZKLFKFRQIXVHWKH
EUDLQZLWKWKHLUVWRQ\LPPHQVLW\QRYLVWDVRIYLQHVDQGLY\DQG
PLOOLRQVRIZLOGURVHVDQGDJHOHVVOLQHVRIEOXHKLOOVZKLFKORRN
DOPRVWXQUHDODJDLQVWWKHFOHDUVLOYHU\EDFNJURXQGRIWKHVN\,Q\RX
HYHU\WKLQJLVIODWDQGRSHQ\RXUWRZQVSURMHFWOLNHSRLQWVRUVLJQDOV
IURPVPRRWKOHYHOVRISODLQDQGQRWKLQJZKDWVRHYHUHQFKDQWVRU
GHOXGHVWKHH\H<HWZKDWVHFUHWZKDWLQYLQFLEOHIRUFHGUDZVPHWR
\RX":K\GRHVWKHUHFHDVHOHVVO\HFKRDQGUHHFKRLQP\HDUVWKHVDG
VRQJZKLFKKRYHUVWKURXJKRXWWKHOHQJWKDQGWKHEUHDGWKRI\RXU
ERUGHUV":KDWLVWKHEXUGHQRIWKDWVRQJ":K\GRHVLWZDLODQGVREDQG
FDWFKDWP\KHDUW":KDWVD\WKHQRWHVZKLFKWKXVSDLQIXOO\FDUHVVDQG
HPEUDFHP\VRXODQGIOLWXWWHULQJWKHLUODPHQWDWLRQVDURXQGPH"
:KDWLVLW\RXVHHNRIPH25XVVLD":KDWLVWKHKLGGHQERQGZKLFK
VXEVLVWVEHWZHHQXV":K\GR\RXUHJDUGPHDV\RXGR":K\GRHV
HYHU\WKLQJZLWKLQ\RXWXUQXSRQPHH\HVIXOORI\HDUQLQJ"(YHQDWWKLV
PRPHQWDV,VWDQGGXPEO\IL[HGO\SHUSOH[HGO\FRQWHPSODWLQJ\RXU
YDVWQHVVDPHQDFLQJFORXGFKDUJHGZLWKJDWKHULQJUDLQVHHPVWR
RYHUVKDGRZP\KHDG:KDWLVLWWKDW\RXUERXQGOHVVH[SDQVHVSUHVDJH"
'RWKH\QRWSUHVDJHWKDWRQHGD\WKHUHZLOODULVHLQ\RXLGHDVDV
ERXQGOHVVDV\RXUVHOI"'RWKH\QRWSUHVDJHWKDWRQHGD\\RXWRRZLOO
NQRZQROLPLWV"'RWKH\QRWSUHVDJHWKDWRQHGD\ZKHQDJDLQ\RXVKDOO
KDYHURRPIRUWKHLUH[SORLWVWKHUHZLOOVSULQJWROLIHWKHKHURHVRI
ROG"+RZWKHSRZHURI\RXULPPHQVLW\HQIROGVPHDQGUHYHUEHUDWHV
WKURXJKDOOP\EHLQJZLWKDZLOGVWUDQJHVSHOODQGIODVKHVLQP\
H\HVZLWKDQDOPRVWVXSHUQDWXUDOUDGLDQFH<HVDVWUDQJHEULOOLDQW
XQHDUWKO\YLVWDLQGHHGGR\RXGLVFORVH25XVVLDFRXQWU\RIPLQH
6WRSVWRS\RXIRROVKRXWHG&KLFKLNRYWR6HOLIDQDQGHYHQDVKH
VSRNHDWURLNDERXQGRQ*RYHUQPHQWEXVLQHVVFDPHFKDWWHULQJE\DQG
GLVDSSHDUHGLQDFORXGRIGXVW7R&KLFKLNRY
VFXUVHVDW6HOLIDQIRU
QRWKDYLQJGUDZQRXWRIWKHZD\ZLWKPRUHDODFULW\DUXUDOFRQVWDEOH
ZLWKPRXVWDFKHVRIWKHOHQJWKRIDQDUVKLQDGGHGKLVTXRWD
:KDWDFXULRXVDQGDWWUDFWLYH\HWDOVRZKDWDQXQUHDOIDVFLQDWLRQ

186

WKHWHUPKLJKZD\FRQQRWHV$QGKRZLQWHUHVWLQJIRULWVRZQVDNHLVD
KLJKZD\6KRXOGWKHGD\EHDILQHRQH WKRXJKFKLOO\ LQPHOORZLQJ
DXWXPQSUHVVFORVHU\RXUWUDYHOOLQJFORDNDQGGUDZGRZQ\RXUFDS
RYHU\RXUHDUVDQGVQXJJOHFRVLO\FRPIRUWDEO\LQWRDFRUQHURIWKH
EULWFKNDEHIRUHDODVWVKLYHUVKDOOFRXUVHWKURXJK\RXUOLPEVDQGWKH
HQVXLQJZDUPWKVKDOOSXWWRIOLJKWWKHDXWXPQDOFROGDQGGDPS$VWKH
KRUVHVJDOORSRQWKHLUZD\KRZGHOLJKWIXOO\ZLOOGURZVLQHVVFRPH
VWHDOLQJXSRQ\RXDQGPDNH\RXUH\HOLGVGURRS)RUDZKLOHWKURXJK
\RXUVRPQROHQFH\RXZLOOFRQWLQXHWRKHDUWKHKDUGEUHDWKLQJRIWKH
WHDPDQGWKHUXPEOLQJRIWKHZKHHOVEXWDWOHQJWKVLQNLQJEDFNLQWR
\RXUFRUQHU\RXZLOOUHODSVHLQWRWKHVWDJHRIVQRULQJ$QGZKHQ\RX
DZDNHEHKROG\RXZLOOILQGWKDWILYHVWDJHVKDYHVOLSSHGDZD\DQG
WKDWWKHPRRQLVVKLQLQJDQGWKDW\RXKDYHUHDFKHGDVWUDQJHWRZQRI
FKXUFKHVDQGROGZRRGHQFXSRODVDQGEODFNHQHGVSLUHVDQGZKLWH
KDOIWLPEHUHGKRXVHV$QGDVWKHPRRQOLJKWJOLQWVKLWKHUDQGWKLWKHU
DOPRVW\RXZLOOEHOLHYHWKDWWKHZDOOVDQGWKHVWUHHWVDQGWKH
SDYHPHQWVRIWKHSODFHDUHVSUHDGZLWKVKHHWVVKHHWVVKRWZLWK
FRDOEODFNVKDGRZVZKLFKPDNHWKHZRRGHQURRIVORRNDOOWKHEULJKWHU
XQGHUWKHVODQWLQJEHDPVRIWKHSDOHOXPLQDU\1RZKHUHLVDVRXOWREH
VHHQIRUHYHU\RQHLVSOXQJHGLQVOXPEHU<HWQR,QDVROLWDU\
ZLQGRZDOLJKWLVIOLFNHULQJZKHUHVRPHJRRGEXUJKHULVPHQGLQJKLV
ERRWVRUDEDNHUGUDZLQJDEDWFKRIGRXJK2QLJKWDQGSRZHUVRI
KHDYHQKRZSHUIHFWLVWKHEODFNQHVVRI\RXULQILQLWHYDXOWKRZ
ORIW\KRZUHPRWHLWVLQDFFHVVLEOHGHSWKVZKHUHLWOLHVVSUHDGLQDQ
LQWDQJLEOH\HWDXGLEOHVLOHQFH)UHVKO\GRHVWKHOXOOLQJEUHDWKRI
QLJKWEORZLQ\RXUIDFHXQWLORQFHPRUH\RXUHODSVHLQWRVQRULQJ
REOLYLRQDQG\RXUSRRUQHLJKERXUWXUQVDQJULO\LQKLVFRUQHUDVKH
EHJLQVWREHFRQVFLRXVRI\RXUZHLJKW7KHQDJDLQ\RXDZDNHEXWWKLV
WLPHWRILQG\RXUVHOIFRQIURQWHGZLWKRQO\ILHOGVDQGVWHSSHV
(YHU\ZKHUHLQWKHDVFHQGDQWLVWKHGHVRODWLRQRIVSDFH%XWVXGGHQO\
WKHFLSKHUVRQDYHUVWVWRQHOHDSWRWKHH\H0RUQLQJLVULVLQJDQG
RQWKHFKLOOJUDGXDOO\SDOLQJOLQHRIWKHKRUL]RQ\RXFDQVHH
JOHDPLQJDIDLQWJROGVWUHDN7KHZLQGIUHVKHQVDQGJURZVNHHQHUDQG
\RXVQXJJOHFORVHULQ\RXUFORDN\HWKRZJORULRXVLVWKDWIUHVKQHVV
DQGKRZPDUYHOORXVWKHVOHHSLQZKLFKRQFHDJDLQ\RXEHFRPHHQIROGHG
$MROWDQGIRUWKHODVWWLPH\RXUHWXUQWRFRQVFLRXVQHVV%\QRZWKH
VXQLVKLJKLQWKHKHDYHQVDQG\RXKHDUDYRLFHFU\JHQWO\JHQWO\
DVDIDUPZDJJRQLVVXHVIURPDE\URDG%HORZHQFORVHGZLWKLQDQ
DPSOHGLNHVWUHWFKHVDVKHHWRIZDWHUZKLFKJOLVWHQVOLNHFRSSHULQ
WKHVXQOLJKW%H\RQGRQWKHVLGHRIDVORSHOLHVRPHVFDWWHUHG
SHDVDQWV
KXWVDPDQRUKRXVHDQGIODQNLQJWKHODWWHUDYLOODJH
FKXUFKZLWKLWVFURVVIODVKLQJOLNHDVWDU7KHUHDOVRFRPHVZDIWHGWR
\RXUHDUWKHVRXQGRISHDVDQWV
ODXJKWHUZKLOHLQ\RXULQQHUPDQ\RX
DUHEHFRPLQJFRQVFLRXVRIDQDSSHWLWHZKLFKLVQRWWREHZLWKVWRRG

187

2KORQJGUDZQKLJKZD\KRZH[FHOOHQW\RXDUH+RZRIWHQKDYH,LQ
ZHDULQHVVDQGGHVSRQGHQF\VHWIRUWKXSRQ\RXUOHQJWKDQGIRXQGLQ\RX
VDOYDWLRQDQGUHVW+RZRIWHQDV,IROORZHG\RXUOHDGLQJKDYH,EHHQ
YLVLWHGZLWKZRQGHUIXOWKRXJKWVDQGSRHWLFGUHDPVDQGFXULRXVZLOG
LPSUHVVLRQV
$WWKLVPRPHQWRXUIULHQG&KLFKLNRYDOVRZDVH[SHULHQFLQJYLVLRQVRID
QRWZKROO\SURVDLFQDWXUH/HWXVSHHSLQWRKLVVRXODQGVKDUHWKHP
$WILUVWKHUHPDLQHGXQFRQVFLRXVRIDQ\WKLQJZKDWVRHYHUIRUKHZDV
WRRPXFKHQJDJHGLQPDNLQJVXUHWKDWKHZDVUHDOO\FOHDURIWKHWRZQ
EXWDVVRRQDVKHVDZWKDWLWKDGFRPSOHWHO\GLVDSSHDUHGZLWKLWV
PLOOVDQGIDFWRULHVDQGRWKHUXUEDQDSSXUWHQDQFHVDQGWKDWHYHQWKH
VWHHSOHVRIWKHZKLWHVWRQHFKXUFKHVKDGVXQNEHORZWKHKRUL]RQKH
WXUQHGKLVDWWHQWLRQWRWKHURDGDQGWKHWRZQRI1YDQLVKHGIURPKLV
WKRXJKWVDVFRPSOHWHO\DVWKRXJKKHKDGQRWVHHQLWVLQFHFKLOGKRRG
$JDLQLQLWVWXUQWKHURDGFHDVHGWRLQWHUHVWKLPDQGKHEHJDQWR
FORVHKLVH\HVDQGWROROOKLVKHDGDJDLQVWWKHFXVKLRQV2IWKLVOHW
WKHDXWKRUWDNHDGYDQWDJHLQRUGHUWRVSHDNDWOHQJWKFRQFHUQLQJKLV
KHURVLQFHKLWKHUWRKH WKHDXWKRU KDVEHHQSUHYHQWHGIURPVRGRLQJ
E\1R]GUHYDQGEDOOVDQGODGLHVDQGORFDOLQWULJXHVE\WKRVHWKRXVDQG
WULIOHVZKLFKVHHPWULIOHVRQO\ZKHQWKH\DUHLQWURGXFHGLQWRDERRN
EXWZKLFKLQOLIHILJXUHDVDIIDLUVRILPSRUWDQFH/HWXVOD\WKHP
DVLGHDQGEHWDNHRXUVHOYHVWREXVLQHVV
:KHWKHUWKHFKDUDFWHUZKRP,KDYHVHOHFWHGIRUP\KHURKDVSOHDVHGP\
UHDGHUVLVRIFRXUVHH[FHHGLQJO\GRXEWIXO$WDOOHYHQWVWKHODGLHV
ZLOOKDYHIDLOHGWRDSSURYHKLPIRUWKHIDLUVH[GHPDQGVLQDKHUR
SHUIHFWLRQDQGVKRXOGWKHUHEHWKHOHDVWPHQWDORUSK\VLFDOVWDLQRQ
KLPZHOOZRHEHWLGH<HVQRPDWWHUKRZSURIRXQGO\WKHDXWKRUPD\
SUREHWKDWKHUR
VVRXOQRPDWWHUKRZFOHDUO\KHPD\SRUWUD\KLV
ILJXUHDVLQDPLUURUKHZLOOEHJLYHQQRFUHGLWIRUWKHDFKLHYHPHQW
,QGHHG&KLFKLNRY
VYHU\VWRXWQHVVDQGSOHQLWXGHRI\HDUVPD\KDYH
PLOLWDWHGDJDLQVWKLPIRUQHYHULVDKHURSDUGRQHGIRUWKHIRUPHU
DQGWKHPDMRULW\RIODGLHVZLOOLQVXFKFDVHWXUQDZD\DQGPXWWHU
WRWKHPVHOYHV3KHZ:KDWDEHDVW<HVWKHDXWKRULVZHOODZDUHRI
WKLV<HWWKRXJKKHFRXOGQRWWRVDYHKLVOLIHWDNHDSHUVRQRI
YLUWXHIRUKLVSULQFLSDOFKDUDFWHULWPD\EHWKDWWKLVVWRU\FRQWDLQV
WKHPHVQHYHUEHIRUHVHOHFWHGDQGWKDWLQLWWKHUHSURMHFWVWKHZKROH
ERXQGOHVVZHDOWKRI5XVVLDQSV\FKRORJ\WKDWLWSRUWUD\VDVZHOODV
&KLFKLNRYWKHSHDVDQWZKRLVJLIWHGZLWKWKHYLUWXHVZKLFK*RGKDV
VHQWKLPDQGWKHPDUYHOORXVPDLGHQRI5XVVLDZKRKDVQRWKHUOLNHLQ
DOOWKHZRUOGIRUKHUEHDXWLIXOIHPLQLQHVSLULWXDOLW\WKHURRWVRI
ZKLFKOLHEXULHGLQQREOHDVSLUDWLRQVDQGERXQGOHVVVHOIGHQLDO,Q

188

IDFWFRPSDUHGZLWKWKHVHW\SHVWKHYLUWXRXVRIRWKHUUDFHVVHHP
OLIHOHVVDVGRHVDQLQDQLPDWHYROXPHZKHQFRPSDUHGZLWKWKHOLYLQJ
ZRUG<HVHDFKWLPHWKDWWKHUHDULVHVLQ5XVVLDDPRYHPHQWRI
WKRXJKWLWEHFRPHVFOHDUWKDWWKHPRYHPHQWVLQNVGHHSLQWRWKH
6ODYRQLFQDWXUHZKHUHLWZRXOGEXWKDYHVNLPPHGWKHVXUIDFHRIRWKHU
QDWLRQV%XWZK\DP,WDONLQJOLNHWKLV":KLWKHUDP,WHQGLQJ",WLV
LQGHHGVKDPHIXOWKDWDQDXWKRUZKRORQJDJRUHDFKHGPDQ
VHVWDWHDQG
ZDVEURXJKWXSWRDFRXUVHRIVHYHUHLQWURVSHFWLRQDQGVREHUVROLWDU\
VHOIHQOLJKWHQPHQWVKRXOGJLYHZD\WRVXFKMHMXQHZDQGHULQJIURPWKH
SRLQW7RHYHU\WKLQJLWVSURSHUWLPHDQGSODFHDQGWXUQ$V,ZDV
VD\LQJLWGRHVQRWOLHLQPHWRWDNHDYLUWXRXVFKDUDFWHUIRUP\
KHURDQG,ZLOOWHOO\RXZK\,WLVEHFDXVHLWLVKLJKWLPHWKDWD
UHVWZHUHJLYHQWRWKHSRRUEXWYLUWXRXVLQGLYLGXDOLWLVEHFDXVH
WKHSKUDVHDPDQRIZRUWKKDVJURZQLQWRDE\ZRUGLWLVEHFDXVH
WKHPDQRIZRUWKKDVEHFRPHFRQYHUWHGLQWRDKRUVHDQGWKHUHLVQRW
DZULWHUEXWULGHVKLPDQGIORJVKLPLQDQGRXWRIVHDVRQLWLV
EHFDXVHWKHPDQRIZRUWKKDVEHHQVWDUYHGXQWLOKHKDVQRWDVKUHG
RIKLVYLUWXHOHIWDQGDOOWKDWUHPDLQVRIKLVERG\LVEXWWKHULEV
DQGWKHKLGHLWLVEHFDXVHWKHPDQRIZRUWKLVIRUHYHUEHLQJ
VPXJJOHGXSRQWKHVFHQHLWLVEHFDXVHWKHPDQRIZRUWKKDVDW
OHQJWKIRUIHLWHGHYHU\RQH
VUHVSHFW)RUWKHVHUHDVRQVGR,UHDIILUP
WKDWLWLVKLJKWLPHWR\RNHDUDVFDOWRWKHVKDIWV/HWXV\RNHWKDW
UDVFDO
2XUKHUR
VEHJLQQLQJVZHUHERWKPRGHVWDQGREVFXUH7UXHKLVSDUHQWV
ZHUHGYRULDQHEXWKHLQQRZD\UHVHPEOHGWKHP$WDOOHYHQWVD
VKRUWVTXDEIHPDOHUHODWLYHZKRZDVSUHVHQWDWKLVELUWKH[FODLPHGDV
VKHOLIWHGXSWKHEDE\+HLVDOWRJHWKHUGLIIHUHQWIURPZKDW,KDG
H[SHFWHGKLPWREH+HRXJKWWRKDYHWDNHQDIWHUKLVPDWHUQDO
JUDQGPRWKHUZKHUHDVKHKDVEHHQERUQDVWKHSURYHUEKDVLW
OLNH
QRWIDWKHUQRUPRWKHUEXWOLNHDFKDQFHSDVVHUE\
7KXVIURPWKH
ILUVWOLIHUHJDUGHGWKHOLWWOH&KLFKLNRYZLWKVRXUGLVWDVWHDQGDV
WKURXJKDGLPIURVWHQFUXVWHGZLQGRZ$WLQ\URRPZLWKGLPLQXWLYH
FDVHPHQWVZKLFKZHUHQHYHURSHQHGVXPPHURUZLQWHUDQLQYDOLGIDWKHU
LQDGUHVVLQJJRZQOLQHGZLWKODPEVNLQDQGZLWKDQDLOLQJIRRW
VZDWKHGLQEDQGDJHVDPDQZKRZDVFRQWLQXDOO\GUDZLQJGHHSEUHDWKV
DQGZDONLQJXSDQGGRZQWKHURRPDQGVSLWWLQJLQWRDVDQGER[D
SHULRGRISHUSHWXDOO\VLWWLQJRQDEHQFKZLWKSHQLQKDQGDQGLQNRQ
OLSVDQGILQJHUVDSHULRGRIEHLQJHWHUQDOO\FRQIURQWHGZLWKWKH
FRS\ERRNPD[LP1HYHUWHOODOLHEXWREH\\RXUVXSHULRUVDQG
FKHULVKYLUWXHLQ\RXUKHDUWDQHYHUODVWLQJVFUDSLQJDQGVKXIIOLQJ
RIVOLSSHUVXSDQGGRZQWKHURRPDSHULRGRIFRQWLQXDOO\KHDULQJD
ZHOONQRZQVWULGHQWYRLFHH[FODLP6R\RXKDYHEHHQSOD\LQJWKHIRRO
DJDLQDWWLPHVZKHQWKHFKLOGZHDU\RIWKHPRUWDOPRQRWRQ\RIKLV

189

WDVNKDGDGGHGDVXSHUIOXRXVHPEHOOLVKPHQWWRKLVFRS\DSHULRGRI
H[SHULHQFLQJWKHHYHUIDPLOLDUEXWHYHUXQSOHDVDQWVHQVDWLRQZKLFK
HQVXHGXSRQWKRVHZRUGVDVWKHER\
VHDUZDVSDLQIXOO\WZLVWHGEHWZHHQ
WZRORQJILQJHUVEHQWEDFNZDUGVDWWKHWLSVVXFKLVWKHPLVHUDEOH
SLFWXUHRIWKDW\RXWKRIZKLFKLQODWHUOLIH&KLFKLNRYSUHVHUYHGEXW
WKHIDLQWHVWRIPHPRULHV%XWLQWKLVZRUOGHYHU\WKLQJLVOLDEOHWR
VZLIWDQGVXGGHQFKDQJHDQGRQHGD\LQHDUO\VSULQJZKHQWKHULYHUV
KDGPHOWHGWKHIDWKHUVHWIRUWKZLWKKLVOLWWOHVRQLQD
WHOLH]VKND>@GUDZQE\DVRUUHOVWHHGRIWKHNLQGNQRZQWRKRUV\IRON
DVDVRURNDDQGKDYLQJDVFRDFKPDQWKHGLPLQXWLYHKXQFKEDFNZKR
IDWKHURIWKHRQO\VHUIIDPLO\EHORQJLQJWRWKHHOGHU&KLFKLNRY
VHUYHGDVJHQHUDOIDFWRWXPLQWKH&KLFKLNRYHVWDEOLVKPHQW)RUDGD\
DQGDKDOIWKHVRURNDFRQYH\HGWKHPRQWKHLUZD\GXULQJZKLFKWLPH
WKH\VSHQWWKHQLJKWDWDURDGVLGHLQQFURVVHGDULYHUGLQHGRII
FROGSLHDQGURDVWPXWWRQDQGHYHQWXDOO\DUULYHGDWWKHFRXQW\WRZQ
7RWKHODGWKHVWUHHWVSUHVHQWHGDVSHFWDFOHRIXQZRQWHGEULOOLDQF\
DQGKHJDSHGZLWKDPD]HPHQW7XUQLQJLQWRDVLGHDOOH\ZKHUHLQWKH
PLUHQHFHVVLWDWHGERWKWKHPRVWVWUHQXRXVH[HUWLRQVRQWKHVRURND
V
SDUWDQGWKHPRVWYLJRURXVFDVWLJDWLRQRQWKHSDUWRIWKHGULYHUDQG
WKHEDULQWKHFRQYH\DQFHHYHQWXDOO\UHDFKHGWKHJDWHVRIDFRXUW\DUG
ZKLFKFRPELQHGZLWKDVPDOOIUXLWJDUGHQFRQWDLQLQJYDULRXVEXVKHVD
FRXSOHRIDSSOHWUHHVLQEORVVRPDQGDPHDQGLUW\OLWWOHVKHG
FRQVWLWXWHGWKHSUHPLVHVDWWDFKHGWRDQDQWLTXDWHGORRNLQJYLOOD+HUH
WKHUHOLYHGDUHODWLYHRIWKH&KLFKLNRYVDZL]HQHGROGODG\ZKRZHQW
WRPDUNHWLQSHUVRQDQGGULHGKHUVWRFNLQJVDWWKHVDPRYDU2QVHHLQJ
WKHER\VKHSDWWHGKLVFKHHNDQGH[SUHVVHGVDWLVIDFWLRQDWKLV
SK\VLTXHZKHUHXSRQWKHIDFWEHFDPHGLVFORVHGWKDWKHUHKHZDVWR
DELGHIRUDZKLOHIRUWKHSXUSRVHRIDWWHQGLQJDORFDOVFKRRO$IWHU
DQLJKW
VUHVWKLVIDWKHUSUHSDUHGWREHWDNHKLPVHOIKRPHZDUGDJDLQ
EXWQRWHDUVPDUNHGWKHSDUWLQJEHWZHHQKLPDQGKLVVRQKHPHUHO\
JDYHWKHODGDFRSSHURUWZRDQG DIDUPRUHLPSRUWDQWWKLQJ WKH
IROORZLQJLQMXQFWLRQV6HHKHUHP\ER\'R\RXUOHVVRQVZHOOGRQRW
LGOHRUSOD\WKHIRRODQGDERYHDOOWKLQJVVHHWKDW\RXSOHDVH\RXU
WHDFKHUV6RORQJDV\RXREVHUYHWKHVHUXOHV\RXZLOOPDNHSURJUHVV
DQGVXUSDVV\RXUIHOORZVHYHQLI*RGVKDOOKDYHGHQLHG\RXEUDLQV
DQG\RXVKRXOGIDLOLQ\RXUVWXGLHV$OVRGRQRWFRQVRUWRYHUPXFK
ZLWK\RXUFRPUDGHVIRUWKH\ZLOOGR\RXQRJRRGEXWVKRXOG\RXGR
VRWKHQPDNHIULHQGVZLWKWKHULFKHURIWKHPVLQFHRQHGD\WKH\PD\
EHXVHIXOWR\RX$OVRQHYHUHQWHUWDLQRUWUHDWDQ\RQHEXWVHHWKDW
HYHU\RQHHQWHUWDLQVDQGWUHDWV<28/DVWO\DQGDERYHDOOHOVH
NHHSDQGVDYH\RXUHYHU\NRSHFN7RVDYHPRQH\LVWKHPRVWLPSRUWDQW
WKLQJLQOLIH$OZD\VDIULHQGRUDFRPUDGHPD\IDLO\RXDQGEHWKH
ILUVWWRGHVHUW\RXLQDWLPHRIDGYHUVLW\EXWQHYHUZLOOD.23(&.
IDLO\RXZKDWHYHUPD\EH\RXUSOLJKW1RWKLQJLQWKHZRUOGFDQQRWEH

190

GRQHFDQQRWEHDWWDLQHGZLWKWKHDLGRIPRQH\7KHVHLQMXQFWLRQV
JLYHQWKHIDWKHUHPEUDFHGKLVVRQDQGVHWIRUWKRQKLVUHWXUQDQG
WKRXJKWKHVRQQHYHUDJDLQEHKHOGKLVSDUHQWWKHODWWHU
VZRUGVDQG
SUHFHSWVVDQNGHHSLQWRWKHOLWWOH&KLFKLNRY
VVRXO
>@)RXUZKHHOHGRSHQFDUULDJH
7KHQH[WGD\\RXQJ3DYOXVKNDPDGHKLVILUVWDWWHQGDQFHDWVFKRRO%XW
QRVSHFLDODSWLWXGHLQDQ\EUDQFKRIOHDUQLQJGLGKHGLVSOD\5DWKHU
KLVGLVWLQJXLVKLQJFKDUDFWHULVWLFVZHUHGLOLJHQFHDQGQHDWQHVV2QWKH
RWKHUKDQGKHGHYHORSHGJUHDWLQWHOOLJHQFHDVUHJDUGVWKH35$&7,&$/
DVSHFWRIOLIH,QDWULFHKHGLYLQHGDQGFRPSUHKHQGHGKRZWKLQJV
RXJKWWREHZRUNHGDQGIURPWKDWWLPHIRUWKERUHKLPVHOIWRZDUGV
KLVVFKRROIHOORZVLQVXFKDZD\WKDWWKRXJKWKH\IUHTXHQWO\JDYHKLP
SUHVHQWVKHQRWRQO\QHYHUUHWXUQHGWKHFRPSOLPHQWEXWHYHQRQ
RFFDVLRQVSRFNHWHGWKHJLIWVIRUWKHPHUHSXUSRVHRIVHOOLQJWKHP
DJDLQ$OVRER\WKRXJKKHZDVKHDFTXLUHGWKHDUWRIVHOIGHQLDO2I
WKHWULIOHZKLFKKLVIDWKHUKDGJLYHQKLPRQSDUWLQJKHVSHQWQRWD
NRSHFNEXWWKHVDPH\HDUDFWXDOO\DGGHGWRKLVOLWWOHVWRUHE\
IDVKLRQLQJDEXOOILQFKRIZD[SDLQWLQJLWDQGVHOOLQJWKHVDPHDWD
KDQGVRPHSURILW1H[WDVWLPHZHQWRQKHHQJDJHGLQRWKHU
VSHFXODWLRQVLQSDUWLFXODULQWKHVFKHPHRIEX\LQJXSHDWDEOHV
WDNLQJKLVVHDWLQFODVVEHVLGHER\VZKRKDGSOHQW\RISRFNHWPRQH\
DQGDVVRRQDVVXFKRSXOHQWLQGLYLGXDOVVKRZHGVLJQVRIIDLOLQJ
DWWHQWLRQ DQGWKHUHIRUHRIJURZLQJDSSHWLWH WHQGHULQJWKHPIURP
EHQHDWKWKHGHVNDUROORISXGGLQJRUDSLHFHRIJLQJHUEUHDGDQG
FKDUJLQJDFFRUGLQJWRGHJUHHRIDSSHWLWHDQGVL]HRISRUWLRQ+HDOVR
VSHQWDFRXSOHRIPRQWKVLQWUDLQLQJDPRXVHZKLFKKHNHSWFRQILQHG
LQDOLWWOHZRRGHQFDJHLQKLVEHGURRP$WOHQJWKZKHQWKHWUDLQLQJ
KDGUHDFKHGWKHSRLQWWKDWDWWKHVHYHUDOZRUGVRIFRPPDQGWKHPRXVH
ZRXOGVWDQGXSRQLWVKLQGOHJVOLHGRZQDQGJHWXSDJDLQKHVROG
WKHFUHDWXUHIRUDUHVSHFWDEOHVXP7KXVLQWLPHKLVJDLQVDWWDLQHG
WKHDPRXQWRIILYHURXEOHVZKHUHXSRQKHPDGHKLPVHOIDSXUVHDQGWKHQ
VWDUWHGWRILOODVHFRQGUHFHSWDFOHRIWKHNLQG6WLOOPRUHVWXGLHG
ZDVKLVDWWLWXGHWRZDUGVWKHDXWKRULWLHV1RRQHFRXOGVLWPRUH
TXLHWO\LQKLVSODFHRQWKHEHQFKWKDQKH,QWKHVDPHFRQQHFWLRQLW
PD\EHUHPDUNHGWKDWKLVWHDFKHUZDVDPDQZKRDERYHDOOWKLQJV
ORYHGSHDFHDQGJRRGEHKDYLRXUDQGVLPSO\FRXOGQRWDELGHFOHYHU
ZLWW\ER\VVLQFHKHVXVSHFWHGWKHPRIODXJKLQJDWKLP&RQVHTXHQWO\
DQ\ODGZKRKDGRQFHDWWUDFWHGWKHPDVWHU
VDWWHQWLRQZLWKD
PDQLIHVWDWLRQRILQWHOOLJHQFHQHHGHGEXWWRVKXIIOHLQKLVSODFHRU
XQLQWHQWLRQDOO\WRWZLWFKDQH\HEURZIRUWKHVDLGPDVWHUDWRQFHWR
EXUVWLQWRDUDJHWRWXUQWKHVXSSRVHGRIIHQGHURXWRIWKHURRPDQG
WRYLVLWKLPZLWKXQPHUFLIXOSXQLVKPHQW$KP\ILQHIHOORZKH

191

ZRXOGVD\,
//FXUH\RXRI\RXULPSXGHQFHDQGZDQWRIUHVSHFW,
NQRZ\RXWKURXJKDQGWKURXJKIDUEHWWHUWKDQ\RXNQRZ\RXUVHOIDQG
ZLOOWDNHJRRGFDUHWKDW\RXKDYHWRJRGRZQXSRQ\RXUNQHHVDQGFXUE
\RXUDSSHWLWH:KHUHXSRQWKHZUHWFKHGODGZRXOGIRUQRFDXVHRI
ZKLFKKHZDVDZDUHEHIRUFHGWRZHDURXWKLVEUHHFKHVRQWKHIORRU
DQGJRKXQJU\IRUGD\V7DOHQWVDQGJLIWVWKHVFKRROPDVWHUZRXOG
GHFODUHDUHVRPXFKUXEELVK,UHVSHFWRQO\JRRGEHKDYLRXUDQG
VKDOODZDUGIXOOPDUNVWRWKRVHZKRFRQGXFWWKHPVHOYHVSURSHUO\HYHQ
LIWKH\IDLOWROHDUQDVLQJOHOHWWHURIWKHLUDOSKDEHWZKHUHDVWR
WKRVHLQZKRP,PD\SHUFHLYHDWHQGHQF\WRMRFXODULW\,VKDOODZDUG
QRWKLQJHYHQWKRXJKWKH\VKRXOGRXWGR6RORQKLPVHOI)RUWKHVDPH
UHDVRQKHKDGQRJUHDWORYHRIWKHDXWKRU.U\ORYLQWKDWWKHODWWHU
VD\VLQRQHRIKLV)DEOHV,QP\RSLQLRQWKHPRUHRQHVLQJVWKH
EHWWHURQHZRUNVDQGRIWHQWKHSHGDJRJXHZRXOGUHODWHKRZLQD
IRUPHUVFKRRORIKLVWKHVLOHQFHKDGEHHQVXFKWKDWDIO\FRXOGEH
KHDUGEX]]LQJRQWKHZLQJDQGIRUWKHVSDFHRIDZKROH\HDUQRWD
VLQJOHSXSLOVQHH]HGRUFRXJKHGLQFODVVDQGVRFRPSOHWHZDVWKH
DEVHQFHRIDOOVRXQGWKDWQRRQHFRXOGKDYHWROGWKDWWKHUHZDVDVRXO
LQWKHSODFH2IWKLVPHQWRU\RXQJ&KLFKLNRYVSHHGLO\DSSUDLVHGWKH
PHQWDOLW\ZKHUHIRUHKHIDVKLRQHGKLVEHKDYLRXUWRFRUUHVSRQGZLWKLW
1RWDQH\HOLGQRWDQH\HEURZZRXOGKHVWLUGXULQJVFKRROKRXUV
KRZVRHYHUPDQ\SLQFKHVKHPLJKWUHFHLYHIURPEHKLQGDQGRQO\ZKHQWKH
EHOOUDQJZRXOGKHUXQWRDQWLFLSDWHKLVIHOORZVLQKDQGLQJWKHPDVWHU
WKHWKUHHFRUQHUHGFDSZKLFKWKDWGLJQLWDU\FXVWRPDULO\VSRUWHGDQG
WKHQWREHWKHILUVWWROHDYHWKHFODVVURRPDQGFRQWULYHWRPHHWWKH
PDVWHUQRWOHVVWKDQWZRRUWKUHHWLPHVDVWKHODWWHUZDONHGKRPHZDUG
LQRUGHUWKDWRQHDFKRFFDVLRQKHPLJKWGRIIKLVFDS$QGWKHVFKHPH
SURYHGHQWLUHO\VXFFHVVIXO7KURXJKRXWWKHSHULRGRIKLVDWWHQGDQFHDW
VFKRROKHZDVKHOGLQKLJKIDYRXUDQGRQOHDYLQJWKHHVWDEOLVKPHQW
UHFHLYHGIXOOPDUNVIRUHYHU\VXEMHFWDVZHOODVDGLSORPDDQGDERRN
LQVFULEHG LQJLOWOHWWHUV )RU([HPSODU\'LOLJHQFHDQGWKH
3HUIHFWLRQRI*RRG&RQGXFW%\WKLVWLPHKHKDGJURZQLQWRDIDLUO\
JRRGORRNLQJ\RXWKRIWKHDJHZKHQWKHFKLQILUVWFDOOVIRUDUD]RU
DQGDWDERXWWKHVDPHSHULRGKLVIDWKHUGLHGOHDYLQJEHKLQGKLPDV
KLVHVWDWHIRXUZDLVWFRDWVFRPSOHWHO\ZRUQRXWWZRDQFLHQW
IURFNFRDWVDQGDVPDOOVXPRIPRQH\$SSDUHQWO\KHKDGEHHQVNLOOHG
RQO\LQ5(&200(1',1*WKHVDYLQJRINRSHFNVQRWLQ$&78$//<
35$&7,6,1*WKHDUW8SRQWKDW&KLFKLNRYVROGWKHROGKRXVHDQGLWV
OLWWOHSDUFHORIODQGIRUDWKRXVDQGURXEOHVDQGUHPRYHGZLWKKLV
RQHVHUIDQGWKHVHUI
VIDPLO\WRWKHFDSLWDOZKHUHKHVHWDERXW
RUJDQLVLQJDQHZHVWDEOLVKPHQWDQGHQWHULQJWKH&LYLO6HUYLFH
6LPXOWDQHRXVO\ZLWKKLVGRLQJVRKLVROGVFKRROPDVWHUORVW WKURXJK
VWXSLGLW\RURWKHUZLVH WKHHVWDEOLVKPHQWRYHUZKLFKKHKDGKLWKHUWR
SUHVLGHGDQGLQZKLFKKHKDGVHWVRPXFKVWRUHE\VLOHQFHDQGJRRG

192

EHKDYLRXU*ULHIGURYHKLPWRGULQNDQGZKHQQRWKLQJZDVOHIWHYHQ
IRUWKDWSXUSRVHKHUHWLUHGLOOKHOSOHVVDQGVWDUYLQJLQWRD
EURNHQGRZQFKHHUOHVVKRYHO%XWFHUWDLQRIKLVIRUPHUSXSLOVWKH
VDPHFOHYHUZLWW\ODGVZKRPKHKDGRQFHEHHQZRQWWRDFFXVHRI
LPSHUWLQHQFHDQGHYLOFRQGXFWJHQHUDOO\KHDUGRIKLVSLWLDEOHSOLJKW
DQGFROOHFWHGIRUKLPZKDWPRQH\WKH\FRXOGHYHQWRWKHSRLQWRI
VHOOLQJWKHLURZQQHFHVVDULHV2QO\&KLFKLNRYZKHQDSSHDOHGWR
SOHDGHGLQDELOLW\DQGFRPSURPLVHGZLWKDFRQWULEXWLRQRIDVLQJOH
SLDWDN>@ZKLFKKLVROGVFKRROIHOORZVVWUDLJKWZD\UHWXUQHGKLPIXOO
LQWKHIDFHDQGDFFRPSDQLHGZLWKDVKRXWRI2K\RXVNLQIOLQW$V
IRUWKHSRRUVFKRROPDVWHUZKHQKHKHDUGZKDWKLVIRUPHUSXSLOVKDG
GRQHKHEXULHGKLVIDFHLQKLVKDQGVDQGWKHWHDUVJXVKHGIURPKLV
IDLOLQJH\HVDVIURPWKRVHRIDKHOSOHVVLQIDQW*RGKDVEURXJKW\RX
EXWWRZHHSRYHUP\GHDWKEHGKHPXUPXUHGIHHEO\DQGDGGHGZLWKD
SURIRXQGVLJKRQKHDULQJRI&KLFKLNRY
VFRQGXFW$K3DYOXVKNDKRZ
DKXPDQEHLQJPD\EHFRPHFKDQJHG2QFH\RXZHUHDJRRGODGDQGJDYH
PHQRWURXEOHEXWQRZ\RXDUHEHFRPHSURXGLQGHHG
>@6LOYHUILYHNRSHFNSLHFH
<HWOHWLWQRWEHLQIHUUHGIURPWKLVWKDWRXUKHUR
VFKDUDFWHUKDG
JURZQVREODVHDQGKDUGRUKLVFRQVFLHQFHVREOXQWHGDVWRSUHFOXGH
KLVH[SHULHQFLQJDSDUWLFOHRIV\PSDWK\RUFRPSDVVLRQ$VDPDWWHURI
IDFWKHZDVFDSDEOHERWKRIWKHRQHDQGWKHRWKHUDQGZRXOGKDYH
EHHQJODGWRDVVLVWKLVROGWHDFKHUKDGQRJUHDWVXPEHHQUHTXLUHGRU
KDGKHQRWEHHQFDOOHGXSRQWRWRXFKWKHIXQGZKLFKKHKDGGHFLGHG
VKRXOGUHPDLQLQWDFW,QRWKHUZRUGVWKHIDWKHU
VLQMXQFWLRQ*XDUG
DQGVDYHHYHU\NRSHFNKDGEHFRPHDKDUGDQGIDVWUXOHRIWKHVRQ
V
<HWWKH\RXWKKDGQRSDUWLFXODUDWWDFKPHQWWRPRQH\IRUPRQH\
VVDNH
KHZDVQRWSRVVHVVHGZLWKWKHWUXHLQVWLQFWIRUKRDUGLQJDQG
QLJJDUGOLQHVV5DWKHUEHIRUHKLVH\HVWKHUHIORDWHGHYHUDYLVLRQRI
OLIHDQGLWVDPHQLWLHVDQGDGYDQWDJHVDYLVLRQRIFDUULDJHVDQGDQ
HOHJDQWO\IXUQLVKHGKRXVHDQGUHFKHUFKHGLQQHUVDQGLWZDVLQWKH
KRSHWKDWVRPHGD\KHPLJKWDWWDLQWKHVHWKLQJVWKDWKHVDYHGHYHU\
NRSHFNDQGPHDQZKLOHVWLQWHGERWKKLPVHOIDQGRWKHUV:KHQHYHUD
ULFKPDQSDVVHGKLPE\LQDVSOHQGLGGUR]KNLGUDZQE\VZLIWDQG
KDQGVRPHO\FDSDULVRQHGKRUVHVKHZRXOGKDOWDVWKRXJKGHHSLQ
WKRXJKWDQGVD\WRKLPVHOIOLNHDPDQDZDNHQLQJIURPDORQJVOHHS
7KDWJHQWOHPDQPXVWKDYHEHHQDILQDQFLHUKHKDVVROLWWOHKDLURQ
KLVEURZ,QVKRUWHYHU\WKLQJFRQQHFWHGZLWKZHDOWKDQGSOHQW\
SURGXFHGXSRQKLPDQLQHIIDFHDEOHLPSUHVVLRQ(YHQZKHQKHOHIWVFKRRO
KHWRRNQRKROLGD\VRVWURQJLQKLPZDVWKHGHVLUHWRJHWWRZRUNDQG
HQWHUWKH&LYLO6HUYLFH<HWIRUDOOWKHHQFRPLXPVFRQWDLQHGLQKLV
GLSORPDKHKDGPXFKDGRWRSURFXUHDQRPLQDWLRQWRD*RYHUQPHQW

193

'HSDUWPHQWDQGRQO\DIWHUDORQJWLPHZDVDPLQRUSRVWIRXQGIRUKLP
DWDVDODU\RIWKLUW\RUIRXUW\URXEOHVD\HDU1HYHUWKHOHVVZUHWFKHG
WKRXJKWKLVDSSRLQWPHQWZDVKHGHWHUPLQHGE\VWULFWDWWHQWLRQWR
EXVLQHVVWRRYHUFRPHDOOREVWDFOHVDQGWRZLQVXFFHVV$QGLQGHHG
WKHVHOIGHQLDOWKHSDWLHQFHDQGWKHHFRQRP\ZKLFKKHGLVSOD\HGZHUH
UHPDUNDEOH)URPHDUO\PRUQXQWLOODWHDWQLJKWKHZRXOGZLWK
LQGHIDWLJDEOH]HDORIERG\DQGPLQGUHPDLQLPPHUVHGLQKLVVRUGLG
WDVNRIFRS\LQJRIILFLDOGRFXPHQWVQHYHUJRLQJKRPHVQDWFKLQJZKDW
VOHHSKHFRXOGRQWDEOHVLQWKHEXLOGLQJDQGGLQLQJZLWKWKHZDWFKPDQ
RQGXW\<HWDOOWKHZKLOHKHFRQWULYHGWRUHPDLQFOHDQDQGQHDWWR
SUHVHUYHDFKHHUIXOH[SUHVVLRQRIFRXQWHQDQFHDQGHYHQWRFXOWLYDWHD
FHUWDLQHOHJDQFHRIPRYHPHQW,QSDVVLQJLWPD\EHUHPDUNHGWKDWKLV
IHOORZWFKLQRYQLNVZHUHDSHFXOLDUO\SODLQXQVLJKWO\ORWVRPHRI
WKHPKDYLQJIDFHVOLNHEDGO\EDNHGEUHDGVZROOHQFKHHNVUHFHGLQJ
FKLQVDQGFUDFNHGDQGEOLVWHUHGXSSHUOLSV,QGHHGQRWDPDQRIWKHP
ZDVKDQGVRPH$OVRWKHLUWRQHRIYRLFHDOZD\VFRQWDLQHGDQRWHRI
VXOOHQQHVVDVWKRXJKWKH\KDGDPLQGWRNQRFNVRPHRQHRQWKHKHDG
DQGE\WKHLUIUHTXHQWVDFULILFHVWR%DFFKXVWKH\VKRZHGWKDWHYHQ\HW
WKHUHUHPDLQVLQWKH6ODYRQLFQDWXUHDFHUWDLQHOHPHQWRISDJDQLVP
1D\WKH'LUHFWRU
VURRPLWVHOIWKH\ZRXOGLQYDGHZKLOHVWLOOOLFNLQJ
WKHLUOLSVDQGVLQFHWKHLUEUHDWKZDVQRWRYHUDURPDWLFWKH
DWPRVSKHUHRIWKHURRPJUHZQRWRYHUSOHDVDQW1DWXUDOO\DPRQJVXFK
DQRIILFLDOVWDIIDPDQOLNH&KLFKLNRYFRXOGQRWIDLOWRDWWUDFW
DWWHQWLRQDQGUHPDUNVLQFHLQHYHU\WKLQJLQFKHHUIXOQHVVRI
GHPHDQRXULQVXDYLW\RIYRLFHDQGLQFRPSOHWHQHJOHFWRIWKHXVHRI
VWURQJSRWLRQVKHZDVWKHDEVROXWHDQWLWKHVLVRIKLVFRPSDQLRQV<HW
KLVSDWKZDVQRWDQHDV\RQHWRWUHDGIRURYHUKLPKHKDGWKH
PLVIRUWXQHWRKDYHSODFHGLQDXWKRULW\D&KLHI&OHUNZKRZDVDJUDYHQ
LPDJHRIHOGHUO\LQVHQVLELOLW\DQGLQHUWLD$OZD\VWKHVDPHDOZD\V
XQDSSURDFKDEOHWKLVIXQFWLRQDU\FRXOGQHYHULQKLVOLIHKDYHVPLOHG
RUDVNHGFLYLOO\DIWHUDQDFTXDLQWDQFH
VKHDOWK1RUKDGDQ\RQHHYHU
VHHQKLPDZKLWGLIIHUHQWLQWKHVWUHHWRUDWKLVRZQKRPHIURPZKDW
KHZDVLQWKHRIILFHRUVKRZLQJWKHOHDVWLQWHUHVWLQDQ\WKLQJ
ZKDWHYHURUJHWWLQJGUXQNDQGUHODSVLQJLQWRMROOLW\LQKLVFXSVRU
LQGXOJLQJLQWKDWVSHFLHVRIZLOGJDLHW\ZKLFKZKHQLQWR[LFDWHGHYHQ
DEXUJODUDIIHFWV1RQRWDSDUWLFOHRIWKLVZDVWKHUHLQKLP1RU
IRUWKDWPDWWHUZDVWKHUHLQKLPDSDUWLFOHRIDQ\WKLQJDWDOO
ZKHWKHUJRRGRUEDGZKLFKFRPSOHWHQHJDWLYHQHVVRIFKDUDFWHUSURGXFHG
UDWKHUDVWUDQJHHIIHFW,QWKHVDPHZD\KLVZL]HQHGPDUEOHOLNH
IHDWXUHVUHPLQGHGRQHRIQRWKLQJLQSDUWLFXODUVRSULPO\SURSRUWLRQHG
ZHUHWKH\2QO\WKHQXPHURXVSRFNPDUNVDQGGLPSOHVZLWKZKLFKWKH\
ZHUHSLWWHGSODFHGKLPDPRQJWKHQXPEHURIWKRVHRYHUZKRVHIDFHVWR
TXRWHWKHSRSXODUVD\LQJ7KH'HYLOKDVZDONHGE\QLJKWWRJULQG
SHDV,QVKRUWLWZRXOGVHHPWKDWQRKXPDQDJHQF\FRXOGKDYH

194

DSSURDFKHGVXFKDPDQDQGJDLQHGKLVJRRGZLOO<HW&KLFKLNRYPDGHWKH
HIIRUW$VDILUVWVWHSKHWRRNWRFRQVXOWLQJWKHRWKHU
VFRQYHQLHQFH
LQDOOPDQQHURILQVLJQLILFDQWWULIOHVWRFOHDQLQJKLVSHQV
FDUHIXOO\DQGZKHQWKH\KDGEHHQSUHSDUHGH[DFWO\WRWKH&KLHI
&OHUN
VOLNLQJOD\LQJWKHPUHDG\DWKLVHOERZWRGXVWLQJDQG
VZHHSLQJIURPKLVWDEOHDOOVXSHUIOXRXVVDQGDQGWREDFFRDVKWR
SURFXULQJDQHZPDWIRUKLVLQNVWDQGWRORRNLQJIRUKLVKDWWKH
PHDQHVWORRNLQJKDWWKDWHYHUWKHZRUOGEHKHOGDQGKDYLQJLWUHDG\
IRUKLPDWWKHH[DFWPRPHQWZKHQEXVLQHVVFDPHWRDQHQGWREUXVKLQJ
KLVEDFNLILWKDSSHQHGWREHFRPHVPHDUHGZLWKZKLWHZDVKIURPDZDOO
<HWDOOWKLVSDVVHGDVXQQRWLFHGDVWKRXJKLWKDGQHYHUEHHQGRQH
)LQDOO\&KLFKLNRYVQLIIHGLQWRKLVVXSHULRU
VIDPLO\DQGGRPHVWLF
OLIHDQGOHDUQWWKDWKHSRVVHVVHGDJURZQXSGDXJKWHURQZKRVHIDFH
DOVRWKHUHKDGWDNHQSODFHDQRFWXUQDOGLDEROLFDOJULQGLQJRISHDV
+(5(ZDVDTXDUWHUZKHQFHDIUHVKDWWDFNPLJKWEHGHOLYHUHG$IWHU
DVFHUWDLQLQJZKDWFKXUFKWKHGDXJKWHUDWWHQGHGRQ6XQGD\VRXUKHUR
WRRNWRFRQWULYLQJWRPHHWKHULQDQHDWVXLWDQGDZHOOVWDUFKHG
GLFNH\DQGVRRQWKHVFKHPHEHJDQWRZRUN7KHVXUO\&KLHI&OHUN
ZDYHUHGIRUDZKLOHWKHQHQGHGE\LQYLWLQJ&KLFKLNRYWRWHD1RU
FRXOGDQ\PDQLQWKHRIILFHKDYHWROG\RXKRZLWFDPHDERXWWKDW
EHIRUHORQJ&KLFKLNRYKDGUHPRYHGWRWKH&KLHI&OHUN
VKRXVHDQG
EHFRPHDSHUVRQQHFHVVDU\LQGHHGLQGLVSHQVDEOHWRWKHKRXVHKROG
VHHLQJWKDWKHERXJKWWKHIORXUDQGWKHVXJDUWUHDWHGWKHGDXJKWHUDV
KLVEHWURWKHGFDOOHGWKH&KLHI&OHUN3DSHQNDDQGRFFDVLRQDOO\
NLVVHG3DSHQND
VKDQG,QIDFWHYHU\RQHDWWKHRIILFHVXSSRVHG
WKDWDWWKHHQGRI)HEUXDU\ LHEHIRUHWKHEHJLQQLQJRI/HQW WKHUH
ZRXOGWDNHSODFHDZHGGLQJ1D\WKHVXUO\IDWKHUHYHQEHJDQWR
DJLWDWHZLWKWKHDXWKRULWLHVRQ&KLFKLNRY
VEHKDOIDQGVRHQDEOHGRXU
KHURRQDYDFDQF\RFFXUULQJWRDWWDLQWKHVWRRORID&KLHI&OHUN
$SSDUHQWO\WKLVPDUNHGWKHFRQVXPPDWLRQRI&KLFKLNRY
VUHODWLRQVZLWK
KLVKRVWIRUKHKDVWHQHGVWHDOWKLO\WRSDFNKLVWUXQNDQGWKHQH[W
GD\ILJXUHGLQDIUHVKORGJLQJ$OVRKHFHDVHGWRFDOOWKH&KLHI
&OHUN3DSHQNDRUWRNLVVKLVKDQGDQGWKHPDWWHURIWKHZHGGLQJ
FDPHWRDVDEUXSWDWHUPLQDWLRQDVWKRXJKLWKDGQHYHUEHHQPRRWHG
<HWDOVRKHQHYHUIDLOHGWRSUHVVKLVODWHKRVW
VKDQGZKHQHYHUKH
PHWKLPDQGWRLQYLWHKLPWRWHDZKLOHRQWKHRWKHUKDQGIRUDOO
KLVLPPRELOLW\DQGGU\LQGLIIHUHQFHWKH&KLHI&OHUNQHYHUIDLOHGWR
VKDNHKLVKHDGZLWKDPXWWHUHG$KP\ILQHIHOORZ\RXKDYHJURZQ
WRRSURXG\RXKDYHJURZQWRRSURXG
7KHIRUHJRLQJFRQVWLWXWHGWKHPRVWGLIILFXOWVWHSWKDWRXUKHURKDGWR
QHJRWLDWH7KHUHDIWHUWKLQJVFDPHZLWKJUHDWHUHDVHDQGVZLIWHU
VXFFHVV(YHU\ZKHUHKHDWWUDFWHGQRWLFHIRUKHGHYHORSHGZLWKLQ
KLPVHOIHYHU\WKLQJQHFHVVDU\IRUWKLVZRUOGQDPHO\FKDUPRIPDQQHU

195

DQGEHDULQJDQGJUHDWGLOLJHQFHLQEXVLQHVVPDWWHUV$UPHGZLWKWKHVH
UHVRXUFHVKHQH[WREWDLQHGSURPRWLRQWRZKDWLVNQRZQDVDIDW
SRVWDQGXVHGLWWRWKHEHVWDGYDQWDJHDQGHYHQWKRXJKDWWKDW
SHULRGVWULFWLQTXLU\KDGEHJXQWREHPDGHLQWRWKHZKROHVXEMHFWRI
EULEHVVXFKLQTXLU\IDLOHGWRDODUPKLPQD\KHDFWXDOO\WXUQHGLW
WRDFFRXQWDQGWKHUHE\PDQLIHVWHGWKH5XVVLDQUHVRXUFHIXOQHVVZKLFK
QHYHUIDLOVWRDWWDLQLWV]HQLWKZKHUHH[WRUWLRQLVFRQFHUQHG+LV
PHWKRGRIZRUNLQJZDVWKHIROORZLQJ$VVRRQDVDSHWLWLRQHURUD
VXLWRUSXWKLVKDQGLQWRKLVSRFNHWWRH[WUDFWWKHQFHWKHQHFHVVDU\
OHWWHUVRIUHFRPPHQGDWLRQIRUVLJQDWXUH&KLFKLNRYZRXOGVPLOLQJO\
H[FODLPDVKHGHWDLQHGKLVLQWHUORFXWRU
VKDQG1RQR6XUHO\\RXGR
QRWWKLQNWKDW,"%XWQRQR,WLVRXUGXW\LWLVRXUREOLJDWLRQ
DQGZHGRQRWUHTXLUHUHZDUGVIRUGRLQJRXUZRUNSURSHUO\6RIDUDV
<285PDWWHULVFRQFHUQHG\RXPD\UHVWHDV\(YHU\WKLQJVKDOOEH
FDUULHGWKURXJKWRPRUURZ%XWPD\,KDYH\RXUDGGUHVV"7KHUHLVQR
QHHGWRWURXEOH\RXUVHOIVHHLQJWKDWWKHGRFXPHQWVFDQHDVLO\EH
EURXJKWWR\RXDW\RXUUHVLGHQFH8SRQZKLFKWKHGHOLJKWHGVXLWRU
ZRXOGUHWXUQKRPHLQUDSWXUHVWKLQNLQJ+HUHDWORQJODVWLVWKH
VRUWRIPDQVREDGO\QHHGHG$PDQRIWKDWNLQGLVDMHZHOEH\RQG
SULFH<HWIRUDGD\IRUWZRGD\VQD\HYHQIRUWKUHHWKHVXLWRU
ZRXOGZDLWLQYDLQVRIDUDVDQ\PHVVHQJHUVZLWKGRFXPHQWVZHUH
FRQFHUQHG7KHQKHZRXOGUHSDLUWRWKHRIILFHWRILQGWKDWKLV
EXVLQHVVKDGQRWVRPXFKDVEHHQHQWHUHGXSRQ/DVWO\KHZRXOG
FRQIURQWWKHMHZHOEH\RQGSULFH2KSDUGRQPHSDUGRQPH
&KLFKLNRYZRXOGH[FODLPLQWKHSROLWHVWRIWRQHVDVKHVHL]HGDQG
JUDVSHGWKHYLVLWRU
VKDQGV7KHWUXWKLVWKDWZHKDYH68&+D
TXDQWLW\RIEXVLQHVVRQKDQG%XWWKHPDWWHUVKDOOEHSXWWKURXJK
WRPRUURZDQGLQWKHPHDQZKLOH,DPPRVWVRUU\DERXWLW$QGZLWK
WKLVZRXOGJRWKHPRVWIDVFLQDWLQJRIJHVWXUHV<HWQHLWKHURQWKH
PRUURZQRURQWKHGD\IROORZLQJQRURQWKHWKLUGZRXOGGRFXPHQWV
DUULYHDWWKHVXLWRU
VDERGH8SRQWKDWKHZRXOGWDNHWKRXJKWDVWR
ZKHWKHUVRPHWKLQJPRUHRXJKWQRWWRKDYHEHHQGRQHDQGVXUHHQRXJK
RQKLVPDNLQJLQTXLU\KHZRXOGEHLQIRUPHGWKDWVRPHWKLQJZLOOKDYH
WREHJLYHQWRWKHFRS\LVWV:HOOWKHUHFDQEHQRKDUPLQWKDWKH
ZRXOGUHSO\$VDPDWWHURIIDFW,KDYHUHDG\DWFKHWYHUWDN>@RU
WZR2KQRQRWKHDQVZHUZRXOGFRPH1RWDWFKHWYHUWDNSHU
FRS\LVWEXWDURXEOHLVWKHIHH:KDW"$URXEOHSHUFRS\LVW"
&HUWDLQO\:KDWLVWKHUHWRJUXPEOHDWLQWKDW"2IWKHPRQH\WKH
FRS\LVWVZLOOUHFHLYHDWFKHWYHUWDNDSLHFHDQGWKHUHVWZLOOJRWR
WKH*RYHUQPHQW8SRQWKDWWKHGLVLOOXVLRQHGVXLWRUZRXOGIO\RXWXSRQ
WKHQHZRUGHURIWKLQJVEURXJKWDERXWE\WKHLQTXLU\LQWRLOOLFLW
IHHVDQGFXUVHERWKWKHWFKLQRYQLNVDQGWKHLUXSSLVKLQVROHQW
EHKDYLRXU2QFHXSRQDWLPHZRXOGWKHVXLWRUODPHQWRQH','
NQRZZKDWWRGR2QFHRQHKDGWLSSHGWKH'LUHFWRUDEDQNQRWHRQH
V

196

DIIDLUZDVVRWRVSHDNLQWKHKDW%XWQRZRQHKDVWRSD\DURXEOH
SHUFRS\LVWDIWHUZDLWLQJDZHHNEHFDXVHRWKHUZLVHLWZDVLPSRVVLEOH
WRJXHVVKRZWKHZLQGPLJKWVHW7KHGHYLOIO\DZD\ZLWKDOO

GLVLQWHUHVWHG
DQG
WUXVWZRUWK\
WFKLQRYQLNV$QGFHUWDLQO\WKH
DJJULHYHGVXLWRUKDGUHDVRQWRJUXPEOHVHHLQJWKDWQRZWKDW
EULEHWDNHUVKDGFHDVHGWRH[LVWDQG'LUHFWRUVKDGXQLIRUPO\EHFRPH
PHQRIKRQRXUDQGLQWHJULW\VHFUHWDULHVDQGFOHUNVRXJKWQRWZLWK
LPSXQLW\WRKDYHFRQWLQXHGWKHLUWKLHYLVKZD\V,QWLPHWKHUHRSHQHG
RXWWR&KLFKLNRYDVWLOOZLGHUILHOGIRUD&RPPLVVLRQZDVDSSRLQWHG
WRVXSHUYLVHWKHHUHFWLRQRID*RYHUQPHQWEXLOGLQJDQGRQKLVEHLQJ
QRPLQDWHGWRWKDWERG\KHSURYHGKLPVHOIRQHRILWVPRVWDFWLYH
PHPEHUV7KH&RPPLVVLRQJRWWRZRUNZLWKRXWGHOD\EXWIRUDVSDFHRI
VL[\HDUVKDGVRPHWURXEOHZLWKWKHEXLOGLQJLQTXHVWLRQ(LWKHUWKH
FOLPDWHKLQGHUHGRSHUDWLRQVRUWKHPDWHULDOVXVHGZHUHRIWKHNLQG
ZKLFKSUHYHQWVRIILFLDOHGLILFHVIURPHYHUULVLQJKLJKHUWKDQWKH
EDVHPHQW%XWPHDQZKLOH27+(5TXDUWHUVRIWKHWRZQVDZDULVHIRU
HDFKPHPEHURIWKH&RPPLVVLRQDKDQGVRPHKRXVHRIWKH121RIILFLDO
VW\OHRIDUFKLWHFWXUH&OHDUO\WKHIRXQGDWLRQDIIRUGHGE\WKHVRLORI
WKRVHSDUWVZDVEHWWHUWKDQWKDWZKHUHWKH*RYHUQPHQWEXLOGLQJZDV
VWLOOHQJDJHGLQKDQJLQJILUH/LNHZLVHWKHPHPEHUVRIWKH&RPPLVVLRQ
EHJDQWRORRNH[FHHGLQJO\SURVSHURXVDQGWREORVVRPRXWLQWRIDPLO\
OLIHDQGIRUWKHILUVWWLPHLQKLVH[LVWHQFHHYHQ&KLFKLNRYDOVR
GHSDUWHGIURPWKHLURQODZVRIKLVVHOILPSRVHGUHVWUDLQWDQG
LQH[RUDEOHVHOIGHQLDODQGVRIDUPLWLJDWHGKLVKHUHWRIRUHDVFHWLFLVP
DVWRVKRZKLPVHOIDPDQQRWDYHUVHWRWKRVHDPHQLWLHVZKLFKGXULQJ
KLV\RXWKKHKDGEHHQFDSDEOHRIUHQRXQFLQJ7KDWLVWRVD\FHUWDLQ
VXSHUIOXLWLHVEHJDQWRPDNHWKHLUDSSHDUDQFHLQKLVHVWDEOLVKPHQW+H
HQJDJHGDJRRGFRRNWRRNWRZHDULQJOLQHQVKLUWVERXJKWIRUKLPVHOI
FORWKRIDSDWWHUQZRUQE\QRRQHHOVHLQWKHSURYLQFHILJXUHGLQ
FKHFNVVKRWZLWKWKHEULJKWHVWRIUHGVDQGEURZQVILWWHGKLPVHOIRXW
ZLWKWZRVSOHQGLGKRUVHV ZKLFKKHGURYHZLWKDVLQJOHSDLURIUHLQV
DGGHGWRDULQJDWWDFKPHQWIRUWKHWUDFHKRUVH GHYHORSHGDKDELWRI
ZDVKLQJZLWKDVSRQJHGLSSHGLQHDXGH&RORJQHDQGLQYHVWHGLQVRDSV
RIWKHPRVWH[SHQVLYHTXDOLW\LQRUGHUWRFRPPXQLFDWHWRKLVVNLQD
PRUHHOHJDQWSROLVK
>@$VLOYHUTXDUWHUURXEOH
%XWVXGGHQO\WKHUHDSSHDUHGXSRQWKHVFHQHDQHZ'LUHFWRUDPLOLWDU\
PDQDQGDPDUWLQHWDVUHJDUGHGKLVKRVWLOLW\WREULEHWDNHUVDQG
DQ\WKLQJZKLFKPLJKWEHFDOOHGLUUHJXODU2QWKHYHU\GD\DIWHUKLV
DUULYDOKHVWUXFNIHDULQWRHYHU\EUHDVWE\FDOOLQJIRUDFFRXQWV
GLVFRYHULQJKRVWVRIGHILFLWVDQGPLVVLQJVXPVDQGGLUHFWLQJKLV
DWWHQWLRQWRWKHDIRUHVDLGILQHKRXVHVRIFLYLOLDQDUFKLWHFWXUH8SRQ

197

WKDWWKHUHHQVXHGDFRPSOHWHUHVKXIIOLQJ7FKLQRYQLNVZHUHUHWLUHG
ZKROHVDOHDQGWKHKRXVHVZHUHVHTXHVWUDWHGWRWKH*RYHUQPHQWRUHOVH
FRQYHUWHGLQWRYDULRXVSLRXVLQVWLWXWLRQVDQGVFKRROVIRUVROGLHUV

FKLOGUHQ7KXVWKHZKROHIDEULFDQGHVSHFLDOO\&KLFKLNRYFDPH
FUDVKLQJWRWKHJURXQG3DUWLFXODUO\GLGRXUKHUR
VDJUHHDEOHIDFH
GLVSOHDVHWKHQHZ'LUHFWRU:K\WKDWZDVVRLWLVLPSRVVLEOHWRVD\
EXWIUHTXHQWO\LQFDVHVRIWKHNLQGQRUHDVRQH[LVWV+RZHYHUWKH
'LUHFWRUFRQFHLYHGDPRUWDOGLVOLNHWRKLPDQGDOVRH[WHQGHGWKDW
HQPLW\WRWKHZKROHRI&KLFKLNRY
VFROOHDJXHV%XWLQDVPXFKDVWKH
VDLG'LUHFWRUZDVDPLOLWDU\PDQKHZDVQRWIXOO\DFTXDLQWHGZLWKWKH
P\ULDGVXEWOHWLHVRIWKHFLYLOLDQPLQGZKHUHIRUHLWZDVQRWORQJ
EHIRUHE\GLQWRIPDLQWDLQLQJDGLVFUHHWH[WHULRUDGGHGWRDIDFXOW\
IRUKXPRXULQJDOODQGVXQGU\DIUHVKJDQJRIWFKLQRYQLNVVXFFHHGHGLQ
UHVWRULQJKLPWRPLOGQHVVDQGWKH*HQHUDOIRXQGKLPVHOILQWKHKDQGV
RIJUHDWHUWKLHYHVWKDQEHIRUHEXWWKLHYHVZKRPKHGLGQRWHYHQ
VXVSHFWVHHLQJWKDWKHEHOLHYHGKLPVHOIWRKDYHVHOHFWHGPHQILWDQG
SURSHUDQGHYHQYHQWXUHGWRERDVWRISRVVHVVLQJDNHHQH\HIRU
WDOHQW,QDWULFHWKHWFKLQRYQLNVFRQFHUQHGDSSUDLVHGKLVVSLULWDQG
FKDUDFWHUZLWKWKHUHVXOWWKDWWKHHQWLUHVSKHUHRYHUZKLFKKHUXOHG
EHFDPHDQDJHQF\IRUWKHGHWHFWLRQRILUUHJXODULWLHV(YHU\ZKHUHDQG
LQHYHU\FDVHZHUHWKRVHLUUHJXODULWLHVSXUVXHGDVDILVKHUPDQ
SXUVXHVDIDWVWXUJHRQZLWKDJDIIDQGWRVXFKDQH[WHQWGLGWKH
VSRUWSURYHVXFFHVVIXOWKDWDOPRVWLQQRWLPHHDFKSDUWLFLSDWRULQWKH
KXQWZDVVHHQWREHLQSRVVHVVLRQRIVHYHUDOWKRXVDQGURXEOHVRI
FDSLWDO8SRQWKDWDODUJHQXPEHURIWKHIRUPHUEDQGRIWFKLQRYQLNV
DOVREHFDPHFRQYHUWHGWRSDWKVRIUHFWLWXGHDQGZHUHDOORZHGWR
UHHQWHUWKH6HUYLFHEXWQRWE\KRRNRUE\FURRNFRXOG&KLFKLNRYZRUP
KLVZD\EDFNHYHQWKRXJKLQFLWHGWKHUHWRE\VXQGU\LWHPVRISDSHU
FXUUHQF\WKH*HQHUDO
VILUVWVHFUHWDU\DQGSULQFLSDOEHDUOHDGHUGLG
DOOKHFRXOGRQRXUKHUR
VEHKDOI,WVHHPHGWKDWWKH*HQHUDOZDVWKH
NLQGRIPDQZKRWKRXJKHDVLO\OHGE\WKHQRVH SURYLGHGLWZDVGRQH
ZLWKRXWKLVNQRZOHGJH QRVRRQHUJRWDQLGHDLQWRKLVKHDGWKDQLW
VWXFNWKHUHOLNHDQDLODQGFRXOGQRWSRVVLEO\EHH[WUDFWHGDQGDOO
WKDWWKHZLO\VHFUHWDU\VXFFHHGHGLQSURFXULQJZDVWKHWHDULQJXSRID
FHUWDLQGLUW\IUDJPHQWRISDSHUHYHQWKDWEHLQJHIIHFWHGRQO\E\DQ
DSSHDOWRWKH*HQHUDO
VFRPSDVVLRQRQWKHVFRUHRIWKHXQKDSS\IDWH
ZKLFKRWKHUZLVHZRXOGEHIDOO&KLFKLNRY
VZLIHDQGFKLOGUHQ ZKR
OXFNLO\KDGQRH[LVWHQFHLQIDFW 
:HOOVDLG&KLFKLNRYWRKLPVHOI,KDYHGRQHP\EHVWDQGQRZ
HYHU\WKLQJKDVIDLOHG/DPHQWLQJP\PLVIRUWXQHZRQ
WKHOSPHEXWRQO\
DFWLRQ$QGZLWKWKDWKHGHFLGHGWREHJLQKLVFDUHHUDQHZDQGRQFH
PRUHWRDUPKLPVHOIZLWKWKHZHDSRQVRISDWLHQFHDQGVHOIGHQLDO7KH
EHWWHUWRHIIHFWWKLVKHKDGRIFRXUVHWRUHPRYHWRDQRWKHUWRZQ

198

<HWVRPHKRZIRUDZKLOHWKLQJVPLVFDUULHG0RUHWKDQRQFHKHIRXQG
KLPVHOIIRUFHGWRH[FKDQJHRQHSRVWIRUDQRWKHUDQGDWWKHEULHIHVW
RIQRWLFHDQGDOORIWKHPZHUHSRVWVRIWKHPHDQHVWWKHPRVW
ZUHWFKHGRUGHU<HWEHLQJDPDQRIWKHXWPRVWQLFHW\RIIHHOLQJWKH
IDFWWKDWKHIRXQGKLPVHOIUXEELQJVKRXOGHUVZLWKDQ\WKLQJEXWQLFH
FRPSDQLRQVGLGQRWSUHYHQWKLPIURPSUHVHUYLQJLQWDFWKLVLQQDWHORYH
RIZKDWZDVGHFHQWDQGVHHPO\RUIURPFKHULVKLQJWKHLQVWLQFWZKLFK
OHGKLPWRKDQNHUDIWHURIILFHILWWLQJVRIODFTXHUHGZRRGZLWK
QHDWQHVVDQGRUGHUOLQHVVHYHU\ZKHUH1RUGLGKHDWDQ\WLPHSHUPLWD
IRXOZRUGWRFUHHSLQWRKLVVSHHFKDQGZRXOGIHHOKXUWHYHQLILQWKH
VSHHFKRIRWKHUVWKHUHRFFXUUHGDVFRUQIXOUHIHUHQFHWRDQ\WKLQJZKLFK
SHUWDLQHGWRUDQNDQGGLJQLW\$OVRWKHUHDGHUZLOOEHSOHDVHGWR
NQRZWKDWRXUKHURFKDQJHGKLVOLQHQHYHU\RWKHUGD\DQGLQVXPPHU
ZKHQWKHZHDWKHUZDVYHU\KRW(9(5<GD\VHHLQJWKDWWKHYHU\
IDLQWHVWVXVSLFLRQRIDQXQSOHDVDQWRGRXURIIHQGHGKLVIDVWLGLRXVQHVV
)RUWKHVDPHUHDVRQLWZDVKLVFXVWRPEHIRUHEHLQJYDOHWHGE\
3HWUXVKNDDOZD\VWRSOXJKLVQRVWULOVZLWKDFRXSOHRIFORYHV,Q
VKRUWWKHUHZHUHPDQ\RFFDVLRQVZKHQKLVQHUYHVVXIIHUHGUDFNLQJVDV
FUXHODVD\RXQJJLUO
VDQGVRKHOSHGWRLQFUHDVHKLVGLVJXVWDW
KDYLQJRQFHPRUHWRDVVRFLDWHZLWKPHQZKRVHWQRVWRUHE\WKH
GHFHQFLHVRIOLIH<HWWKRXJKKHEUDFHGKLPVHOIWRWKHWDVNWKLV
SHULRGRIDGYHUVLW\WROGXSRQKLVKHDOWKDQGKHHYHQJUHZDWULIOH
VKDEE\0RUHWKDQRQFHRQKDSSHQLQJWRFDWFKVLJKWRIKLPVHOILQWKH
PLUURUKHFRXOGQRWIRUEHDUH[FODLPLQJ+RO\0RWKHURI*RGEXWZKDW
DQDVW\ORRNLQJEUXWH,KDYHEHFRPHDQGIRUDORQJZKLOHDIWHUZDUGV
FRXOGQRWZLWKDQ\WKLQJOLNHVDQJIURLGFRQWHPSODWHKLVUHIOHFWLRQ
<HWWKURXJKRXWKHERUHXSVWRXWO\DQGSDWLHQWO\DQGHQGHGE\EHLQJ
WUDQVIHUUHGWRWKH&XVWRPV'HSDUWPHQW,WPD\EHVDLGWKDWWKH
GHSDUWPHQWKDGORQJFRQVWLWXWHGWKHVHFUHWJRDORIKLVDPELWLRQIRU
KHKDGQRWHGWKHIRUHLJQHOHJDQFLHVZLWKZKLFKLWVRIILFLDOVDOZD\V
FRQWULYHGWRSURYLGHWKHPVHOYHVDQGKDGDOVRREVHUYHGWKDWLQYDULDEO\
WKH\ZHUHDEOHWRVHQGSUHVHQWVRIFKLQDDQGFDPEULFWRWKHLUVLVWHUV
DQGDXQWVZHOOWRWKHLUODG\IULHQGVJHQHUDOO\<HVPRUHWKDQRQFH
KHKDGVDLGWRKLPVHOIZLWKDVLJK7+$7LVWKHGHSDUWPHQWWRZKLFK
,RXJKWWREHORQJIRUJLYHQDWRZQQHDUWKHIURQWLHUDQGDVHQVLEOH
VHWRIFROOHDJXHV,PLJKWEHDEOHWRILWP\VHOIRXWZLWKH[FHOOHQW
OLQHQVKLUWV$OVRLWPD\EHVDLGWKDWPRVWIUHTXHQWO\RIDOOKDG
KLVWKRXJKWVWXUQHGWRZDUGVDFHUWDLQTXDOLW\RI)UHQFKVRDSZKLFK
LPSDUWHGDSHFXOLDUZKLWHQHVVWRWKHVNLQDQGDSHHUOHVVIUHVKQHVVWR
WKHFKHHNV,WVQDPHLVNQRZQWR*RGDORQHEXWDWOHDVWLWZDVWREH
SURFXUHGRQO\LQWKHLPPHGLDWHQHLJKERXUKRRGRIWKHIURQWLHU6RDV,
VD\&KLFKLNRYKDGORQJIHOWDOHDQLQJWRZDUGVWKH&XVWRPVEXWIRUD
WLPHKDGEHHQUHVWUDLQHGIURPDSSO\LQJIRUWKHVDPHE\WKHYDULRXV
FXUUHQWDGYDQWDJHVRIWKH%XLOGLQJ&RPPLVVLRQVLQFHULJKWO\KHKDG

199

DGMXGJHGWKHODWWHUWRFRQVWLWXWHDELUGLQWKHKDQGDQGWKHIRUPHU
WRFRQVWLWXWHRQO\DELUGLQWKHEXVK%XWQRZKHGHFLGHGWKDWFRPH
ZKDWPLJKWLQWRWKH&XVWRPVKHPXVWPDNHKLVZD\$QGWKDWZD\KH
PDGHDQGWKHQDSSOLHGKLPVHOIWRKLVQHZGXWLHVZLWKD]HDOERUQRI
WKHIDFWWKDWKHUHDOLVHGWKDWIRUWXQHKDGVSHFLDOO\PDUNHGKLPRXW
IRUD&XVWRPVRIILFHU,QGHHGVXFKDFWLYLW\SHUVSLFXLW\DQG
XELTXLW\DVKLVKDGQHYHUEHHQVHHQRUWKRXJKWRI:LWKLQIRXUZHHNV
DWWKHPRVWKHKDGVRWKRURXJKO\JRWKLVKDQGLQWKDWKHZDV
FRQYHUVDQWZLWK&XVWRPVSURFHGXUHLQHYHU\GHWDLO1RWRQO\FRXOGKH
ZHLJKDQGPHDVXUHEXWDOVRKHFRXOGGLYLQHIURPDQLQYRLFHKRZPDQ\
DUVKLQVRIFORWKRURWKHUPDWHULDODJLYHQSLHFHFRQWDLQHGDQGWKHQ
WDNLQJDUROORIWKHODWWHULQKLVKDQGFRXOGVSHFLI\DWRQFHWKH
QXPEHURISRXQGVDWZKLFKLWZRXOGWLSWKHVFDOH$VIRUVHDUFKLQJV
ZHOOHYHQKLVFROOHDJXHVKDGWRDGPLWWKDWKHSRVVHVVHGWKHQRVHRID
YHULWDEOHEORRGKRXQGDQGWKDWLWZDVLPSRVVLEOHQRWWRPDUYHODWWKH
SDWLHQFHZKHUHZLWKKHZRXOGWU\HYHU\EXWWRQRIWKHVXVSHFWHGSHUVRQ
\HWSUHVHUYHWKURXJKRXWDGHDGO\SROLWHQHVVDQGDQLF\VDQJIURLG
ZKLFKVXUSDVVEHOLHI$QGZKLOHWKHVHDUFKHGZHUHUDJLQJDQGIRDPLQJ
DWWKHPRXWKDQGIHHOLQJWKDWWKH\ZRXOGJLYHZRUOGVWRDOWHUKLV
VPLOLQJH[WHULRUZLWKDJRRGUHVRXQGLQJVODSKHZRXOGPRYHQRWD
PXVFOHRIKLVIDFHQRUDEDWHE\DMRWWKHXUEDQLW\RIKLVGHPHDQRXU
DVKHPXUPXUHG'R\RXPLQGVRIDULQFRPPRGLQJ\RXUVHOIDVWRVWDQG
XS"RU3UD\VWHSLQWRWKHQH[WURRPPDGDPZKHUHWKHZLIHRIRQHRI
RXUVWDIIZLOODWWHQG\RXRU3UD\DOORZPHWRVOLSWKLVSHQNQLIHRI
PLQHLQWRWKHOLQLQJRI\RXUFRDW DIWHUZKLFKKHZRXOGH[WUDFW
WKHQFHVKDZOVDQGWRZHOVZLWKDVPXFKQRQFKDODQFHDVKHZRXOGKDYH
GRQHIURPKLVRZQWUDYHOOLQJWUXQN (YHQKLVVXSHULRUVDFNQRZOHGJHG
KLPWREHDGHYLODWWKHMREUDWKHUWKDQDKXPDQEHLQJVRSHUIHFW
ZDVKLVLQVWLQFWIRUORRNLQJLQWRFDUWZKHHOVFDUULDJHSROHVKRUVHV

HDUVDQGSODFHVZKLWKHUDQDXWKRURXJKWQRWWRSHQHWUDWHHYHQLQ
WKRXJKWSODFHVZKLWKHURQO\D&XVWRPVRIILFLDOLVSHUPLWWHGWRJR
7KHUHVXOWZDVWKDWWKHZUHWFKHGWUDYHOOHUZKRKDGMXVWFURVVHGWKH
IURQWLHUZRXOGZLWKLQDIHZPLQXWHVEHFRPHZKROO\DWVHDDQG
ZLSLQJDZD\WKHSHUVSLUDWLRQDQGEUHDNLQJRXWLQWRERG\IOXVKHV
ZRXOGEHUHGXFHGWRFURVVLQJKLPVHOIDQGPXWWHULQJ:HOOZHOO
ZHOO,QIDFWVXFKDWUDYHOOHUZRXOGIHHOLQWKHSRVLWLRQRID
VFKRROER\ZKRKDYLQJEHHQVXPPRQHGWRWKHSUHVHQFHRIWKHKHDGPDVWHU
IRUWKHRVWHQVLEOHSXUSRVHRIEHLQJJLYHDQRUGHUKDVIRXQGWKDWKH
UHFHLYHVLQVWHDGDVRXQGIORJJLQJ,QVKRUWIRUVRPHWLPH&KLFKLNRY
PDGHLWLPSRVVLEOHIRUVPXJJOHUVWRHDUQDOLYLQJ,QSDUWLFXODUKH
UHGXFHG3ROLVK-HZU\DOPRVWWRGHVSDLUVRLQYLQFLEOHVRDOPRVW
XQQDWXUDOZDVWKHUHFWLWXGHWKHLQFRUUXSWLELOLW\ZKLFKOHGKLPWR
UHIUDLQIURPFRQYHUWLQJKLPVHOILQWRDVPDOOFDSLWDOLVWZLWKWKHDLG
RIFRQILVFDWHGJRRGVDQGDUWLFOHVZKLFKWRVDYHH[FHVVLYHFOHULFDO

200

ODERXUKDGIDLOHGWREHKDQGHGRYHUWRWKH*RYHUQPHQW$OVRZLWKRXW
VD\LQJLWJRHVWKDWVXFKSKHQRPHQDOO\]HDORXVDQGGLVLQWHUHVWHG
VHUYLFHDWWUDFWHGJHQHUDODVWRQLVKPHQWDQGHYHQWXDOO\WKHQRWLFHRI
WKHDXWKRULWLHVZKHUHXSRQKHUHFHLYHGSURPRWLRQDQGIROORZHGWKDWXS
E\PRRWLQJDVFKHPHIRUWKHLQIDOOLEOHGHWHFWLRQRIFRQWUDEDQGLVWV
SURYLGHGWKDWKHFRXOGEHIXUQLVKHGZLWKWKHQHFHVVDU\DXWKRULW\IRU
FDUU\LQJRXWWKHVDPH$WRQFHVXFKDXWKRULW\ZDVDFFRUGHGKLPDV
DOVRXQOLPLWHGSRZHUWRFRQGXFWHYHU\VSHFLHVRIVHDUFKDQG
LQYHVWLJDWLRQ$QGWKDWZDVDOOKHZDQWHG,WKDSSHQHGWKDWSUHYLRXVO\
WKHUHKDGEHHQIRUPHGDZHOOIRXQGDVVRFLDWLRQIRUVPXJJOLQJRQ
UHJXODUFDUHIXOO\SUHSDUHGOLQHVDQGWKDWWKLVGDULQJVFKHPHVHHPHG
WRSURPLVHSURILWWRWKHH[WHQWRIVRPHPLOOLRQVRIPRQH\\HWWKRXJK
KHKDGORQJKDGNQRZOHGJHRILW&KLFKLNRYKDGVDLGWRWKH
DVVRFLDWLRQ
VHPLVVDULHVZKHQVHQWWREX\KLPRYHU7KHWLPHLVQRW
\HW%XWQRZWKDWKHKDGJRWDOOWKHUHLQVLQWRKLVKDQGVKHVHQW
ZRUGRIWKHIDFWWRWKHJDQJDQGZLWKLWWKHUHPDUN7KHWLPHLV
12:1RUZDVKHZURQJLQKLVFDOFXODWLRQVIRUZLWKLQWKHVSDFHRI
D\HDUKHKDGDFTXLUHGZKDWKHFRXOGQRWKDYHPDGHGXULQJWZHQW\
\HDUVRIQRQIUDXGXOHQWVHUYLFH:LWKVLPLODUVDJDFLW\KHKDGGXULQJ
KLVHDUO\GD\VLQWKHGHSDUWPHQWGHFOLQHGDOWRJHWKHUWRHQWHULQWR
UHODWLRQVZLWKWKHDVVRFLDWLRQIRUWKHUHDVRQWKDWKHKDGWKHQEHHQD
PHUHFLSKHUDQGZRXOGKDYHFRPHLQIRUQRWKLQJODUJHLQWKHZD\RI
WDNLQJVEXWQRZZHOOQRZLWZDVDQRWKHUPDWWHUDOWRJHWKHUDQGKH
FRXOGGLFWDWHZKDWWHUPVKHOLNHG0RUHRYHUWKDWWKHDIIDLUPLJKW
SURJUHVVWKHPRUHVPRRWKO\KHVXERUQHGDIHOORZWFKLQRYQLNRIWKH
W\SHZKLFKLQVSLWHRIJUH\KDLUVVWDQGVSRZHUOHVVDJDLQVW
WHPSWDWLRQDQGWKHFRQWUDFWFRQFOXGHGWKHDVVRFLDWLRQGXO\
SURFHHGHGWREXVLQHVV&HUWDLQO\EXVLQHVVEHJDQEULOOLDQWO\%XW
SUREDEO\PRVWRIP\UHDGHUVDUHIDPLOLDUZLWKWKHRIWUHSHDWHGVWRU\
RIWKHSDVVDJHRI6SDQLVKVKHHSDFURVVWKHIURQWLHULQGRXEOHIOHHFHV
ZKLFKFDUULHGEHWZHHQWKHLURXWHUOD\HUVDQGWKHLULQQHUHQRXJKODFH
RI%UDEDQWWRVHOOWRWKHWXQHRIPLOOLRQVRIURXEOHVZKHUHIRUH,
ZLOOQRWUHFRXQWWKHVWRU\DJDLQEH\RQGVD\LQJWKDWWKRVHMRXUQH\V
WRRNSODFHMXVWZKHQ&KLFKLNRYKDGEHFRPHKHDGRIWKH&XVWRPVDQG
WKDWKDGKHQRWDKDQGLQWKHHQWHUSULVHQRWDOOWKH-HZVLQWKH
ZRUOGFRXOGKDYHEURXJKWLWWRVXFFHVV%\WKHWLPHWKDWWKUHHRUIRXU
RIWKHVHRYLQHLQYDVLRQVKDGWDNHQSODFH&KLFKLNRYDQGKLVDFFRPSOLFH
KDGFRPHWREHWKHSRVVHVVRUVRIIRXUKXQGUHGWKRXVDQGURXEOHVDSLHFH
ZKLOHVRPHHYHQDYHUWKDWWKHIRUPHU
VJDLQVWRWDOOHGKDOIDPLOOLRQ
RZLQJWRWKHJUHDWHULQGXVWU\ZKLFKKHKDGGLVSOD\HGLQWKHPDWWHU
1RUFDQDQ\RQHEXW*RGVD\WRZKDWDILJXUHWKHIRUWXQHVRIWKHSDLU
PLJKWQRWHYHQWXDOO\KDYHDWWDLQHGKDGQRWDQDZNZDUGFRQWUHWHPSVFXW
ULJKWDFURVVWKHLUDUUDQJHPHQWV7KDWLVWRVD\IRUVRPHUHDVRQRU
DQRWKHUWKHGHYLOVRIDUGHSULYHGWKHVHWFKLQRYQLNFRQVSLUDWRUVRI

201

VHQVHDVWRPDNHWKHPFRPHWRZRUGVZLWKRQHDQRWKHUDQGWKHQWR
HQJDJHLQDTXDUUHO%HJLQQLQJZLWKDKHDWHGDUJXPHQWWKLVTXDUUHO
UHDFKHGWKHSRLQWRI&KLFKLNRYZKRZDVSRVVLEO\DWULIOH
WLSV\FDOOLQJKLVFROOHDJXHDSULHVW
VVRQDQGWKRXJKWKDW
GHVFULSWLRQRIWKHSHUVRQVRDGGUHVVHGZDVSHUIHFWO\DFFXUDWHKH
FKRVHWRWDNHRIIHQFHDQGWRDQVZHU&KLFKLNRYZLWKWKHZRUGV ORXGO\
DQGLQFLVLYHO\XWWHUHG ,WLV<28ZKRKDYHDSULHVWIRU\RXU
IDWKHUDQGWRDGGWRWKDW WKHPRUHWRLQFHQVHKLVFRPSDQLRQ <HV
PDUN\RX7+$7LVKRZLWLV<HWWKRXJKKHKDGWKXVWXUQHGWKH
WDEOHVXSRQ&KLFKLNRYZLWKDWXTXRTXHDQGWKHQFDSSHGWKDWH[SORLW
ZLWKWKHZRUGVODVWTXRWHGWKHRIIHQGHGWFKLQRYQLNFRXOGQRWUHPDLQ
VDWLVILHGEXWZHQWRQWRVHQGLQDQDQRQ\PRXVGRFXPHQWWRWKH
DXWKRULWLHV2QWKHRWKHUKDQGVRPHDYHUWKDWLWZDVRYHUDZRPDQ
WKDWWKHSDLUIHOORXWRYHUDZRPDQZKRWRTXRWHWKHSKUDVHWKHQ
FXUUHQWDPRQJWKHVWDIIRIWKH&XVWRPV'HSDUWPHQWZDVDVIUHVKDQG
DVVWURQJDVWKHSXOSRIDWXUQLSDQGWKDWQLJKWELUGVZHUHKLUHGWR
DVVDXOWRXUKHURLQDGDUNDOOH\DQGWKDWWKHVFKHPHPLVFDUULHGDQG
WKDWLQDQ\FDVHERWK&KLFKLNRYDQGKLVIULHQGKDGEHHQGHFHLYHG
VHHLQJWKDWWKHSHUVRQWRZKRPWKHODG\KDGUHDOO\DFFRUGHGKHU
IDYRXUVZDVDFHUWDLQVWDIIFDSWDLQQDPHG6KDPVKDUHY+RZHYHURQO\
*RGNQRZVWKHWUXWKRIWKHPDWWHU/HWWKHLQTXLVLWLYHUHDGHUIHUUHW
LWRXWIRUKLPVHOI7KHIDFWUHPDLQVWKDWDFRPSOHWHH[SRVXUHRIWKH
GHDOLQJVZLWKWKHFRQWUDEDQGLVWVIROORZHGDQGWKDWWKHWZR
WFKLQRYQLNVZHUHSXWWRWKHTXHVWLRQGHSULYHGRIWKHLUSURSHUW\DQG
PDGHWRIRUPXODWHLQZULWLQJDOOWKDWWKH\KDGGRQH$JDLQVWWKLV
WKXQGHUEROWRIIRUWXQHWKH6WDWH&RXQFLOORUFRXOGPDNHQRKHDGZD\DQG
LQVRPHUHWLUHGVSRWRUDQRWKHUVDQNLQWRREOLYLRQEXW&KLFKLNRYSXW
DEUDYHIDFHXSRQWKHPDWWHUIRULQVSLWHRIWKHDXWKRULWLHV
EHVW
HIIRUWVWRVPHOORXWKLVJDLQVKHKDGFRQWULYHGWRFRQFHDODSRUWLRQ
RIWKHPDQGDOVRUHVRUWHGWRHYHU\VXEWOHWULFNRILQWHOOHFWZKLFK
FRXOGSRVVLEO\EHHPSOR\HGE\DQH[SHULHQFHGPDQRIWKHZRUOGZKRKDV
DZLGHNQRZOHGJHRIKLVIHOORZV1RWKLQJZKLFKFRXOGEHHIIHFWHGE\
SOHDVDQWQHVVRIGHPHDQRXUE\PRYLQJRUDWRU\E\FORXGVRIIODWWHU\
DQGE\WKHRFFDVLRQDOLQVHUWLRQRIDFRLQLQWRDSDOPGLGKHOHDYH
XQGRQHZLWKWKHUHVXOWWKDWKHZDVUHWLUHGZLWKOHVVLJQRPLQ\WKDQ
ZDVKLVFRPSDQLRQDQGHVFDSHGDFWXDOWULDORQDFULPLQDOFKDUJH<HW
KHLVVXHGVWULSSHGRIDOOKLVFDSLWDOVWULSSHGRIKLVLPSRUWHG
HIIHFWVVWULSSHGRIHYHU\WKLQJ7KDWLVWRVD\DOOWKDWUHPDLQHGWR
KLPFRQVLVWHGRIWHQWKRXVDQGURXEOHVZKLFKKHKDGVWRUHGDJDLQVWD
UDLQ\GD\WZRGR]HQOLQHQVKLUWVDVPDOOEULWFKNDRIWKHW\SHXVHG
E\EDFKHORUVDQGWZRVHUYLQJPHQQDPHG6HOLIDQDQG3HWUXVKND<HV
DQGDQLPSXOVHRINLQGQHVVPRYHGWKHWFKLQRYQLNVRIWKH&XVWRPVDOVR
WRVHWDVLGHIRUKLPDIHZFDNHVRIWKHVRDSZKLFKKHKDGIRXQGVR
H[FHOOHQWIRUWKHIUHVKQHVVRIWKHFKHHNV7KXVRQFHPRUHRXUKHUR

202

IRXQGKLPVHOIVWUDQGHG$QGZKDWDQDFFXPXODWLRQRIPLVIRUWXQHVKDG
GHVFHQGHGXSRQKLVKHDGWKRXJKWUXHKHWHUPHGWKHPVXIIHULQJLQ
WKH6HUYLFHLQWKHFDXVHRI7UXWK&HUWDLQO\RQHZRXOGKDYHWKRXJKW
WKDWDIWHUWKHVHEXIIHWLQJVDQGWULDOVDQGFKDQJHVRIIRUWXQHDIWHU
WKLVWDVWHRIWKHVRUURZVRIOLIHKHDQGKLVSUHFLRXVWHQWKRXVDQG
URXEOHVZRXOGKDYHZLWKGUDZQWRVRPHSHDFHIXOFRUQHULQDSURYLQFLDO
WRZQZKHUHFODGLQDVWXIIGUHVVLQJJRZQKHFRXOGKDYHVDWDQG
OLVWHQHGWRWKHSHDVDQWVTXDUUHOOLQJRQIHVWLYDOGD\VRU IRUWKH
VDNHRIDEUHDWKRIIUHVKDLU KDYHJRQHLQSHUVRQWRWKHSRXOWHUHU
V
WRILQJHUFKLFNHQVIRUVRXSDQGVRKDYHVSHQWDTXLHWEXWQRWZKROO\
XVHOHVVH[LVWHQFHEXWQRWKLQJRIWKHNLQGWRRNSODFHDQGWKHUHLQZH
PXVWGRMXVWLFHWRWKHVWUHQJWKRIKLVFKDUDFWHU,QRWKHUZRUGV
DOWKRXJKKHKDGXQGHUJRQHZKDWWRWKHPDMRULW\RIPHQZRXOGKDYH
PHDQWUXLQDQGGLVFRXUDJHPHQWDQGDVKDWWHULQJRILGHDOVKHVWLOO
SUHVHUYHGKLVHQHUJ\7UXHGRZQFDVWDQGDQJU\DQGIXOORIUHVHQWPHQW
DJDLQVWWKHZRUOGLQJHQHUDOKHIHOWIXULRXVZLWKWKHLQMXVWLFHRI
IDWHDQGGLVVDWLVILHGZLWKWKHGHDOLQJVRIPHQ\HWKHFRXOGQRW
IRUEHDUFRXUWLQJDGGLWLRQDOH[SHULHQFHV,QVKRUWWKHSDWLHQFHZKLFK
KHGLVSOD\HGZDVVXFKDVWRPDNHWKHZRRGHQSHUVLVWHQF\RIWKH
*HUPDQDSHUVLVWHQF\PHUHO\GXHWRWKHVORZOHWKDUJLFFLUFXODWLRQRI
WKH7HXWRQ
VEORRGVHHPQRWKLQJDWDOOVHHLQJWKDWE\QDWXUH
&KLFKLNRY
VEORRGIORZHGVWURQJO\DQGWKDWKHKDGWRHPSOR\PXFK
IRUFHRIZLOOWRFXUEZLWKLQKLPVHOIWKRVHHOHPHQWVZKLFKORQJHGWR
EXUVWIRUWKDQGUHYHOLQIUHHGRP+HWKRXJKWWKLQJVRYHUDQGDVKH
GLGVRDFHUWDLQVSLFHRIUHDVRQDSSHDUHGLQKLVUHIOHFWLRQV
+RZKDYH,FRPHWREHZKDW,DP"KHVDLGWRKLPVHOI:K\KDV
PLVIRUWXQHRYHUWDNHQPHLQWKLVZD\"1HYHUKDYH,ZURQJHGDSRRU
SHUVRQRUUREEHGDZLGRZRUWXUQHGDQ\RQHRXWRIGRRUV,KDYH
DOZD\VEHHQFDUHIXORQO\WRWDNHDGYDQWDJHRIWKRVHZKRSRVVHVVPRUH
WKDQWKHLUVKDUH0RUHRYHU,KDYHQHYHUJOHDQHGDQ\ZKHUHEXWZKHUH
HYHU\RQHHOVHZDVJOHDQLQJDQGKDG,QRWGRQHVRRWKHUVZRXOGKDYH
JOHDQHGLQP\SODFH:K\WKHQVKRXOGWKRVHRWKHUVEHSURVSHULQJDQG
,EHVXQNDVORZDVDZRUP":KDWDP,":KDWDP,JRRGIRU"+RZFDQ,
LQIXWXUHKRSHWRORRNDQ\KRQHVWIDWKHURIDIDPLO\LQWKHIDFH"+RZ
VKDOO,HVFDSHEHLQJWRUWXUHGZLWKWKHWKRXJKWWKDW,DPFXPEHULQJWKH
JURXQG":KDWLQWKH\HDUVWRFRPHZLOOP\FKLOGUHQVD\VDYHWKDW

RXUIDWKHUZDVDEUXWHIRUKHOHIWXVQRWKLQJWROLYHXSRQ"

+HUH,PD\UHPDUNWKDWZHKDYHVHHQKRZPXFKWKRXJKW&KLFKLNRYGHYRWHG
WRKLVIXWXUHGHVFHQGDQWV,QGHHGKDGQRWWKHUHEHHQFRQVWDQWO\
UHFXUULQJWRKLVPLQGWKHLQVLVWHQWTXHVWLRQ:KDWZLOOP\FKLOGUHQ
VD\"KHPLJKWQRWKDYHSOXQJHGLQWRWKHDIIDLUVRGHHSO\
1HYHUWKHOHVVOLNHDZDU\FDWZKLFKJODQFHVKLWKHUDQGWKLWKHUWRVHH

203

ZKHWKHULWVPLVWUHVVEHQRWFRPLQJEHIRUHLWFDQPDNHRIIZLWK
ZKDWVRHYHUILUVWIDOOVWRLWVSDZ EXWWHUIDWODUGDGXFNRU
DQ\WKLQJHOVH VRRXUIXWXUHIRXQGHURIDIDPLO\FRQWLQXHGWKRXJK
ZHHSLQJDQGEHZDLOLQJKLVORWWROHWQRWDVLQJOHGHWDLOHVFDSHKLV
H\H7KDWLVWRVD\KHUHWDLQHGKLVZLWVHYHULQDVWDWHRIDFWLYLW\
DQGNHSWKLVEUDLQFRQVWDQWO\ZRUNLQJ$OOWKDWKHUHTXLUHGZDVD
SODQ2QFHPRUHKHSXOOHGKLPVHOIWRJHWKHURQFHPRUHKHHPEDUNHGXSRQ
DOLIHRIWRLORQFHPRUHKHVWLQWHGKLPVHOILQHYHU\WKLQJRQFHPRUH
KHOHIWFOHDQDQGGHFHQWVXUURXQGLQJVIRUDGLUW\PHDQH[LVWHQFH,Q
RWKHUZRUGVXQWLOVRPHWKLQJEHWWHUVKRXOGWXUQXSKHHPEUDFHGWKH
FDOOLQJRIDQRUGLQDU\DWWRUQH\DFDOOLQJZKLFKQRWWKHQSRVVHVVHG
RIDFLYLFVWDWXVZDVMRVWOHGRQYHU\VLGHHQMR\HGOLWWOHUHVSHFW
DWWKHKDQGVRIWKHPLQRUOHJDOIU\ RULQGHHGDWLWVRZQ DQG
SHUIRUFHPHWZLWKXQLYHUVDOVOLJKWVDQGUXGHQHVV%XWVKHHUQHFHVVLW\
FRPSHOOHG&KLFKLNRYWRIDFHWKHVHWKLQJV$PRQJFRPPLVVLRQVHQWUXVWHG
WRKLPZDVWKDWRISODFLQJLQWKHKDQGVRIWKH3XEOLF7UXVWHHVHYHUDO
KXQGUHGSHDVDQWVZKREHORQJHGWRDUXLQHGHVWDWH7KHHVWDWHKDG
UHDFKHGLWVSDUORXVFRQGLWLRQWKURXJKFDWWOHGLVHDVHWKURXJKUDVFDOO\
EDLOLIIVWKURXJKIDLOXUHVRIWKHKDUYHVWWKURXJKVXFKHSLGHPLF
GLVHDVHVWKDWKDGNLOOHGRIIWKHEHVWZRUNPHQDQGODVWEXWQRW
OHDVWWKURXJKWKHVHQVHOHVVFRQGXFWRIWKHRZQHUKLPVHOIZKRKDG
IXUQLVKHGDKRXVHLQ0RVFRZLQWKHODWHVWVW\OHDQGWKHQVTXDQGHUHG
KLVHYHU\NRSHFNVRWKDWQRWKLQJZDVOHIWIRUKLVIXUWKHU
PDLQWHQDQFHDQGLWEHFDPHQHFHVVDU\WRPRUWJDJHWKH
UHPDLQVLQFOXGLQJWKHSHDVDQWVRIWKHHVWDWH,QWKRVHGD\VPRUWJDJH
WRWKH7UHDVXU\ZDVDQLQQRYDWLRQORRNHGXSRQZLWKUHVHUYHDQGDV
DWWRUQH\LQWKHPDWWHU&KLFKLNRYKDGILUVWRIDOOWRHQWHUWDLQ
HYHU\RIILFLDOFRQFHUQHG ZHNQRZWKDWXQOHVVWKDWEHSUHYLRXVO\
GRQHXQOHVVDZKROHERWWOHRIPDGHLUDILUVWEHHPSWLHGGRZQHDFK
FOHULFDOWKURDWQRWWKHVPDOOHVWOHJDODIIDLUFDQEHFDUULHG
WKURXJK DQGWRH[SODLQIRUWKHEDUULQJRIIXWXUHDWWDFKPHQWVWKDW
KDOIRIWKHSHDVDQWVZHUHGHDG
$QGDUHWKH\HQWHUHGRQWKHUHYLVLRQOLVWV"DVNHGWKHVHFUHWDU\
<HVUHSOLHG&KLFKLNRY7KHQZKDWDUH\RXERJJOLQJDW"FRQWLQXHG
WKH6HFUHWDU\6KRXOGRQHVRXOGLHDQRWKHUZLOOEHERUQDQGLQWLPH
JURZXSWRWDNHWKHILUVWRQH
VSODFH8SRQWKDWWKHUHGDZQHGRQRXU
KHURRQHRIWKHPRVWLQVSLUHGLGHDVZKLFKHYHUHQWHUHGWKHKXPDQ
EUDLQ:KDWDVLPSOHWRQ,DPKHWKRXJKWWRKLPVHOI+HUHDP,
ORRNLQJDERXWIRUP\PLWWHQVZKHQDOOWKHWLPH,KDYHJRWWKHPWXFNHG
LQWRP\EHOW:K\ZHUH,P\VHOIWREX\XSDIHZVRXOVZKLFKDUH
GHDGWREX\WKHPEHIRUHDQHZUHYLVLRQOLVWVKDOOKDYHEHHQPDGHWKH
&RXQFLORI3XEOLF7UXVWPLJKWSD\PHWZRKXQGUHGURXEOHVDSLHFHIRU
WKHPDQG,PLJKWILQGP\VHOIZLWKVD\DFDSLWDORIWZRKXQGUHG

204

WKRXVDQGURXEOHV7KHSUHVHQWPRPHQWLVSDUWLFXODUO\SURSLWLRXV
VLQFHLQYDULRXVSDUWVRIWKHFRXQWU\WKHUHKDVEHHQDQHSLGHPLFDQG
JORU\EHWR*RGDODUJHQXPEHURIVRXOVKDYHGLHGRILW1RZDGD\V
ODQGRZQHUVKDYHWDNHQWRFDUGSOD\LQJDQGMXQNHWWLQJDQGZDVWLQJWKHLU
PRQH\RUWRMRLQLQJWKH&LYLO6HUYLFHLQ6W3HWHUVEXUJFRQVHTXHQWO\
WKHLUHVWDWHVDUHJRLQJWRUDFNDQGUXLQDQGEHLQJPDQDJHGLQDQ\
VRUWRIIDVKLRQDQGVXFFHHGLQJLQSD\LQJWKHLUGXHVZLWKJUHDWHU
GLIILFXOW\HDFK\HDU7KDWEHLQJVRQRWDPDQRIWKHORWEXWZRXOG
JODGO\VXUUHQGHUWRPHKLVGHDGVRXOVUDWKHUWKDQFRQWLQXHSD\LQJWKH
SROOWD[DQGLQWKLVIDVKLRQ,PLJKWPDNHZHOOQRWDIHZNRSHFNV
2IFRXUVHWKHUHDUHGLIILFXOWLHVDQGWRDYRLGFUHDWLQJDVFDQGDO,
VKRXOGQHHGWRHPSOR\SOHQW\RIILQHVVHEXWPDQZDVJLYHQKLVEUDLQ
WR86(QRWWRQHJOHFW2QHJRRGSRLQWDERXWWKHVFKHPHLVWKDWLW
ZLOOVHHPVRLPSUREDEOHWKDWLQFDVHRIDQDFFLGHQWQRRQHLQWKH
ZRUOGZLOOEHOLHYHLQLW7UXHLWLVLOOHJDOWREX\RUPRUWJDJH
SHDVDQWVZLWKRXWODQGEXW,FDQHDVLO\SUHWHQGWREHEX\LQJWKHPRQO\
IRUWUDQVIHUPHQWHOVHZKHUH/DQGLVWREHDFTXLUHGLQWKHSURYLQFHVRI
7DXULGDDQG.KHUVRQDOPRVWIRUQRWKLQJSURYLGHGWKDWRQHXQGHUWDNHV
VXEVHTXHQWO\WRFRORQLVHLWVRWR.KHUVRQ,ZLOO
WUDQVIHU
WKHPDQG
ORQJPD\WKH\OLYHWKHUH$QGWKHUHPRYDORIP\GHDGVRXOVVKDOOEH
FDUULHGRXWLQWKHVWULFWHVWOHJDOIRUPDQGLIWKHDXWKRULWLHVVKRXOG
ZDQWFRQILUPDWLRQE\WHVWLPRQ\,VKDOOSURGXFHDOHWWHUVLJQHGE\P\
RZQVXSHULQWHQGHQWRIWKH.KHUVRQLDQUXUDOSROLFHWKDWLVWRVD\E\
P\VHOI/DVWO\WKHVXSSRVHGYLOODJHLQ.KHUVRQVKDOOEHFDOOHG
&KLFKLNRYRHEHWWHUVWLOO3DYORYVNRHDFFRUGLQJWRP\&KULVWLDQQDPH
,QWKLVIDVKLRQWKHUHJHUPLQDWHGLQRXUKHUR
VEUDLQWKDWVWUDQJH
VFKHPHIRUZKLFKWKHUHDGHUPD\RUPD\QRWEHJUDWHIXOEXWIRUZKLFK
WKHDXWKRUFHUWDLQO\LVVRVHHLQJWKDWKDGLWQHYHURFFXUUHGWR
&KLFKLNRYWKLVVWRU\ZRXOGQHYHUKDYHVHHQWKHOLJKW
$IWHUFURVVLQJKLPVHOIDFFRUGLQJWRWKH5XVVLDQFXVWRP&KLFKLNRYVHW
DERXWFDUU\LQJRXWKLVHQWHUSULVH2QSUHWHQFHRIVHOHFWLQJDSODFH
ZKHUHLQWRVHWWOHKHVWDUWHGIRUWKWRLQVSHFWYDULRXVFRUQHUVRIWKH
5XVVLDQ(PSLUHEXWPRUHHVSHFLDOO\WKRVHZKLFKKDGVXIIHUHGIURPVXFK
XQIRUWXQDWHDFFLGHQWVDVIDLOXUHVRIWKHKDUYHVWDKLJKUDWHRI
PRUWDOLW\RUZKDWVRHYHUHOVHPLJKWHQDEOHKLPWRSXUFKDVHVRXOVDW
WKHORZHVWSRVVLEOHUDWH%XWKHGLGQRWWDFNOHKLVODQGRZQHUV
KDSKD]DUGKHUDWKHUVHOHFWHGVXFKRIWKHPDVVHHPHGPRUHSDUWLFXODUO\
VXLWHGWRKLVWDVWHRUZLWKZKRPKHPLJKWZLWKWKHOHDVWSRVVLEOH
WURXEOHFRQFOXGHLGHQWLFDODJUHHPHQWVWKRXJKLQWKHILUVWLQVWDQFH
KHDOZD\VWULHGE\JHWWLQJRQWHUPVRIDFTXDLQWDQFHVKLSEHWWHU
VWLOORIIULHQGVKLSZLWKWKHPWRDFTXLUHWKHVRXOVIRUQRWKLQJDQG
VRWRDYRLGSXUFKDVHDWDOO,QSDVVLQJP\UHDGHUVPXVWQRWEODPHPH

205

LIWKHFKDUDFWHUVZKRPWKH\KDYHHQFRXQWHUHGLQWKHVHSDJHVKDYHQRW
EHHQDOWRJHWKHUWRWKHLUOLNLQJ7KHIDXOWLV&KLFKLNRY
VUDWKHUWKDQ
PLQHIRUKHLVWKHPDVWHUDQGZKHUHKHOHDGVZHPXVWIROORZ$OVR
VKRXOGP\UHDGHUVJLUGDWPHIRUDFHUWDLQGLPQHVVDQGZDQWRIFODULW\
LQP\SULQFLSDOFKDUDFWHUVDQGDFWRUVWKDWZLOOEHWDQWDPRXQWWR
VD\LQJWKDWQHYHUGRWKHEURDGWHQGHQF\DQGWKHJHQHUDOVFRSHRID
ZRUNEHFRPHLPPHGLDWHO\DSSDUHQW6LPLODUO\GRHVWKHHQWU\WRHYHU\
WRZQWKHHQWU\HYHQWRWKH&DSLWDOLWVHOIFRQYH\WRWKHWUDYHOOHU
VXFKDQLPSUHVVLRQRIYDJXHQHVVWKDWDWILUVWHYHU\WKLQJORRNVJUH\
DQGPRQRWRQRXVDQGWKHOLQHVRIVPRN\IDFWRULHVDQGZRUNVKRSVVHHP
QHYHUWREHFRPLQJWRDQHQGEXWLQWLPHWKHUHZLOOEHJLQDOVRWR
VWDQGRXWWKHRXWOLQHVRIVL[VWRULHGPDQVLRQVDQGRIVKRSVDQG
EDOFRQLHVDQGZLGHSHUVSHFWLYHVRIVWUHHWVDQGDPHGOH\RIVWHHSOHV
FROXPQVVWDWXHVDQGWXUUHWVWKHZKROHIUDPHGLQUDWWOHDQGURDUDQG
WKHLQILQLWHZRQGHUVZKLFKWKHKDQGDQGWKHEUDLQRIPHQKDYH
FRQFHLYHG2IWKHPDQQHULQZKLFK&KLFKLNRY
VILUVWSXUFKDVHVZHUH
PDGHWKHUHDGHULVDZDUH6XEVHTXHQWO\KHZLOOVHHDOVRKRZWKHDIIDLU
SURJUHVVHGDQGZLWKZKDWVXFFHVVRUIDLOXUHRXUKHURPHWDQGKRZ
&KLFKLNRYZDVFDOOHGXSRQWRGHFLGHDQGWRRYHUFRPHHYHQPRUH
GLIILFXOWSUREOHPVWKDQWKHIRUHJRLQJDQGE\ZKDWFRORVVDOIRUFHVWKH
OHYHUVRIKLVIDUIOXQJWDOHDUHPRYHGDQGKRZHYHQWXDOO\WKHKRUL]RQ
ZLOOEHFRPHH[WHQGHGXQWLOHYHU\WKLQJDVVXPHVDJUDQGLRVHDQGD
O\ULFDOWHQGHQF\<HVPDQ\DYHUVWRIURDGUHPDLQVWREHWUDYHOOHGE\
DSDUW\PDGHXSRIDQHOGHUO\JHQWOHPDQDEULWFKNDRIWKHNLQG
DIIHFWHGE\EDFKHORUVDYDOHWQDPHG3HWUXVKNDDFRDFKPDQQDPHG
6HOLIDQDQGWKUHHKRUVHVZKLFKIURPWKH$VVHVVRUWRWKHVNHZEDOG
DUHNQRZQWRXVLQGLYLGXDOO\E\QDPH$JDLQDOWKRXJK,KDYHJLYHQD
IXOOGHVFULSWLRQRIRXUKHUR
VH[WHULRU VXFKDVLWLV ,PD\\HWEH
DVNHGIRUDQLQFOXVLYHGHILQLWLRQDOVRRIKLVPRUDOSHUVRQDOLW\7KDW
KHLVQRKHURFRPSRXQGHGRIYLUWXHVDQGSHUIHFWLRQVPXVWEHDOUHDG\
FOHDU7KHQ:+$7LVKH"$YLOODLQ":K\VKRXOGZHFDOOKLPDYLOODLQ"
:K\VKRXOGZHEHVRKDUGXSRQDIHOORZPDQ",QWKHVHGD\VRXUYLOODLQV
KDYHFHDVHGWRH[LVW5DWKHULWZRXOGEHIDLUHUWRFDOOKLPDQ
$&48,5(57KHORYHRIDFTXLVLWLRQWKHORYHRIJDLQLVDIDXOW
FRPPRQWRPDQ\DQGJLYHVULVHWRPDQ\DQGPDQ\DWUDQVDFWLRQRIWKH
NLQGJHQHUDOO\NQRZQDVQRWVWULFWO\KRQRXUDEOH7UXHVXFKD
FKDUDFWHUFRQWDLQVDQHOHPHQWRIXJOLQHVVDQGWKHVDPHUHDGHUZKRRQ
KLVMRXUQH\WKURXJKOLIHZRXOGVLWDWWKHERDUGRIDFKDUDFWHURI
WKLVNLQGDQGVSHQGDPRVWDJUHHDEOHWLPHZLWKKLPZRXOGEHWKH
ILUVWWRORRNDWKLPDVNDQFHLIKHVKRXOGDSSHDULQWKHJXLVHRIWKH
KHURRIDQRYHORUDSOD\%XWZLVHLVWKHUHDGHUZKRRQPHHWLQJVXFK
DFKDUDFWHUVFDQVKLPFDUHIXOO\DQGLQVWHDGRIVKULQNLQJIURPKLP
ZLWKGLVWDVWHSUREHVKLPWRWKHVSULQJVRIKLVEHLQJ7KHKXPDQ
SHUVRQDOLW\FRQWDLQVQRWKLQJZKLFKPD\QRWLQWKHWZLQNOLQJRIDQ

206

H\HEHFRPHDOWRJHWKHUFKDQJHGQRWKLQJLQZKLFKEHIRUH\RXFDQORRN
URXQGWKHUHPD\QRWVSULQJWRELUWKVRPHFDQNHURXVZRUPZKLFKLV
GHVWLQHGWRVXFNWKHQFHWKHHVVHQWLDOMXLFH<HVLWLVDFRPPRQWKLQJ
WRVHHQRWRQO\DQRYHUPDVWHULQJSDVVLRQEXWDOVRDSDVVLRQRIWKH
PRVWSHWW\RUGHUDULVHLQDPDQZKRZDVERUQWREHWWHUWKLQJVDQG
OHDGKLPERWKWRIRUJHWKLVJUHDWHVWDQGPRVWVDFUHGREOLJDWLRQVDQG
WRVHHRQO\LQWKHYHULHVWWULIOHVWKH*UHDWDQGWKH+RO\)RUKXPDQ
SDVVLRQVDUHDVQXPEHUOHVVDVLVWKHVDQGRIWKHVHDVKRUHDQGJRRQ
WREHFRPHKLVPRVWLQVLVWHQWRIPDVWHUV+DSS\WKHUHIRUHWKHPDQZKR
PD\FKRRVHIURPDPRQJWKHJDPXWRIKXPDQSDVVLRQVRQHZKLFKLVQREOH
+RXUE\KRXUZLOOWKDWLQVWLQFWJURZDQGPXOWLSO\LQLWVPHDVXUHOHVV
EHQHILFHQFHKRXUE\KRXUZLOOLWVLQNGHHSHUDQGGHHSHULQWRWKH
LQILQLWHSDUDGLVHRIKLVVRXO%XWWKHUHDUHSDVVLRQVRIZKLFKDPDQ
FDQQRWULGKLPVHOIVHHLQJWKDWWKH\DUHERUQZLWKKLPDWKLVELUWK
DQGKHKDVQRSRZHUWRDEMXUHWKHP+LJKHUSRZHUVJRYHUQWKRVH
SDVVLRQVDQGLQWKHPLVVRPHWKLQJZKLFKZLOOFDOOWRKLPDQGUHIXVH
WREHVLOHQFHGWRWKHHQGRIKLVOLIH<HVZKHWKHULQDJXLVHRI
GDUNQHVVRUZKHWKHULQDJXLVHZKLFKZLOOEHFRPHFRQYHUWHGLQWRD
OLJKWWROLJKWHQWKHZRUOGWKH\ZLOODQGPXVWDWWDLQWKHLU
FRQVXPPDWLRQRQOLIH
VILHOGDQGLQHLWKHUFDVHWKH\KDYHEHHQHYRNHG
IRUPDQ
VJRRG,QWKHVDPHZD\PD\WKHSDVVLRQZKLFKGUHZRXU
&KLFKLNRYRQZDUGVKDYHEHHQRQHWKDWZDVLQGHSHQGHQWRIKLPVHOILQ
WKHVDPHZD\PD\WKHUHKDYHOXUNHGHYHQLQKLVFROGHVVHQFHVRPHWKLQJ
ZKLFKZLOORQHGD\FDXVHPHQWRKXPEOHWKHPVHOYHVLQWKHGXVWEHIRUH
WKHLQILQLWHZLVGRPRI*RG
<HWWKDWIRONVKRXOGEHGLVVDWLVILHGZLWKP\KHURPDWWHUVQRWKLQJ
:KDWPDWWHUVLVWKHIDFWWKDWXQGHUGLIIHUHQWFLUFXPVWDQFHVWKHLU
DSSURYDOFRXOGKDYHEHHQWDNHQDVDIRUHJRQHFRQFOXVLRQ7KDWLVWR
VD\KDGQRWWKHDXWKRUSULHGRYHUGHHSO\LQWR&KLFKLNRY
VVRXOQRU
VWLUUHGXSLQLWVGHSWKVZKDWVKXQQHGDQGOD\KLGGHQIURPWKHOLJKW
QRUGLVFORVHGWKRVHRIKLVKHUR
VWKRXJKWVZKLFKWKDWKHURZRXOGKDYH
QRWKDYHGLVFORVHGHYHQWRKLVPRVWLQWLPDWHIULHQGKDGWKHDXWKRU
LQGHHGH[KLELWHG&KLFKLNRYMXVWDVKHH[KLELWHGKLPVHOIWRWKH
WRZQVPHQRI1DQG0DQLORYDQGWKHUHVWZHOOWKHQZHPD\UHVW
DVVXUHGWKDWHYHU\UHDGHUZRXOGKDYHEHHQGHOLJKWHGZLWKKLPDQGKDYH
YRWHGKLPDPRVWLQWHUHVWLQJSHUVRQ)RULWLVQRWQHDUO\VRQHFHVVDU\
WKDW&KLFKLNRYVKRXOGILJXUHEHIRUHWKHUHDGHUDVWKRXJKKLVIRUPDQG
SHUVRQZHUHDFWXDOO\SUHVHQWWRWKHH\HDVWKDWRQFRQFOXGLQJD
SHUXVDORIWKLVZRUNWKHUHDGHUVKRXOGEHDEOHWRUHWXUQXQKDUURZHG
LQVRXOWRWKDWFXOWRIWKHFDUGWDEOHZKLFKLVWKHVRODFHDQG
GHOLJKWRIDOOJRRG5XVVLDQV<HVUHDGHUVRIWKLVERRNQRQHRI\RX
UHDOO\FDUHWRVHHKXPDQLW\UHYHDOHGLQLWVQDNHGQHVV:K\VKRXOGZH
GRVR"\RXVD\:KDWZRXOGEHWKHXVHRILW"'RZHQRWNQRZIRU

207

RXUVHOYHVWKDWKXPDQOLIHFRQWDLQVPXFKWKDWLVJURVVDQG
FRQWHPSWLEOH"'RZHQRWZLWKRXURZQH\HVKDYHWRORRNXSRQPXFKWKDW
LVDQ\WKLQJEXWFRPIRUWLQJ")DUEHWWHUZRXOGLWEHLI\RXZRXOGSXW
EHIRUHXVZKDWLVFRPHO\DQGDWWUDFWLYHVRWKDWZHPLJKWIRUJHW
RXUVHOYHVDOLWWOH,QWKHVDPHIDVKLRQGRHVDODQGRZQHUVD\WRKLV
EDLOLII:K\GR\RXFRPHDQGWHOOPHWKDWWKHDIIDLUVRIP\HVWDWH
DUHLQDEDGZD\",NQRZWKDWZLWKRXW<285KHOS+DYH\RXQRWKLQJ
HOVHWRWHOOPH".LQGO\DOORZPHWRIRUJHWWKHIDFWRUHOVHWRUHPDLQ
LQLJQRUDQFHRILWDQG,VKDOOEHPXFKREOLJHGWR\RX:KHUHDIWHU
WKHVDLGODQGRZQHUSUREDEO\SURFHHGVWRVSHQGRQKLVGLYHUVLRQWKH
PRQH\ZKLFKRXJKWWRKDYHJRQHWRZDUGVWKHUHKDELOLWDWLRQRIKLVDIIDLUV
3RVVLEO\WKHDXWKRUPD\DOVRLQFXUFHQVXUHDWWKHKDQGVRIWKRVH
VRFDOOHGSDWULRWVZKRVLWTXLHWO\LQFRUQHUVDQGEHFRPH
FDSLWDOLVWVWKURXJKPDNLQJIRUWXQHVDWWKHH[SHQVHRIRWKHUV<HVOHW
EXWVRPHWKLQJZKLFKWKH\FRQFHLYHWREHGHURJDWRU\WRWKHLUFRXQWU\
RFFXUIRULQVWDQFHOHWWKHUHEHSXEOLVKHGVRPHERRNZKLFKYRLFHVWKH
ELWWHUWUXWKDQGRXWWKH\ZLOOFRPHIURPWKHLUKLGLQJSODFHVOLNHD
VSLGHUZKLFKSHUFHLYHVDIO\WREHFDXJKWLQLWVZHE,VLWZHOOWR
SURFODLPWKLVWRWKHZRUOGDQGWRVHWIRONWDONLQJDERXWLW"WKH\
ZLOOFU\:KDW\RXKDYHGHVFULEHGWRXFKHV86LV285DIIDLU,V
FRQGXFWRIWKDWNLQGULJKW":KDWZLOOIRUHLJQHUVVD\"'RHVDQ\RQH
FDUHFDOPO\WRVLWE\DQGKHDUKLPVHOIWUDGXFHG":K\VKRXOG\RXOHDG
IRUHLJQHUVWRVXSSRVHWKDWDOOLVQRWZHOOZLWKXVDQGWKDWZHDUH
QRWSDWULRWLF":HOOWRWKHVHVDJHUHPDUNVQRDQVZHUFDQUHDOO\EH
UHWXUQHGHVSHFLDOO\WRVXFKRIWKHDERYHDVUHIHUWRIRUHLJQRSLQLRQ
%XWVHHKHUH7KHUHRQFHOLYHGLQDUHPRWHFRUQHURI5XVVLDWZR
QDWLYHVRIWKHUHJLRQLQGLFDWHG2QHRIWKRVHQDWLYHVZDVDJRRGPDQ
QDPHG.LID0RNLHYLWFKDQGDPDQRINLQGO\GLVSRVLWLRQDPDQZKRZHQW
WKURXJKOLIHLQDGUHVVLQJJRZQDQGSDLGQRKHHGWRKLVKRXVHKROG
IRUWKHUHDVRQWKDWKLVZKROHEHLQJZDVFHQWUHGXSRQWKHSURYLQFHRI
VSHFXODWLRQDQGWKDWLQSDUWLFXODUKHZDVSUHRFFXSLHGZLWKD
SKLORVRSKLFDOSUREOHPXVXDOO\VWDWHGE\KLPWKXV$EHDVWKHZRXOG
VD\LVERUQQDNHG1RZZK\VKRXOGWKDWEH":K\VKRXOGQRWDEHDVW
EHERUQDVDELUGLVERUQWKDWLVWRVD\WKURXJKWKHSURFHVVRI
EHLQJKDWFKHGIURPDQHJJ"1DWXUHLVEH\RQGWKHXQGHUVWDQGLQJKRZHYHU
PXFKRQHPD\SUREHKHU7KLVZDVWKHVXEVWDQFHRI.LID0RNLHYLWFK
V
UHIOHFWLRQV%XWKHUHLQLVQRWWKHFKLHISRLQW7KHRWKHURIWKHSDLU
ZDVDIHOORZQDPHG0RIL.LIRYLWFKDQGVRQWRWKHILUVWQDPHG+HZDV
ZKDWZH5XVVLDQVFDOODKHURDQGZKLOHKLVIDWKHUZDVSRQGHULQJWKH
SDUWXULWLRQRIEHDVWVKLVWKHVRQ
VOXVW\WZHQW\\HDUROG
WHPSHUDPHQWZDVYLROHQWO\VWUXJJOLQJIRUGHYHORSPHQW<HWWKDWVRQ
FRXOGWDFNOHQRWKLQJZLWKRXWVRPHDFFLGHQWRFFXUULQJ$WRQHPRPHQW
ZRXOGKHFUDFNVRPHRQH
VILQJHUVLQKDOIDQGDWDQRWKHUZRXOGKH

208

UDLVHDEXPSRQVRPHERG\
VQRVHVRWKDWERWKDWKRPHDQGDEURDGHYHU\
RQHDQGHYHU\WKLQJIURPWKHVHUYLQJPDLGWRWKH\DUGGRJIOHGRQKLV
DSSURDFKDQGHYHQWKHEHGLQKLVEHGURRPEHFDPHVKDWWHUHGWR
VSOLQWHUV6XFKZDV0RIL.LIRYLWFKDQGZLWKLWDOOKHKDGDNLQGO\
VRXO%XWKHUHLQLVQRWWKHFKLHISRLQW*RRGVLUJRRG.LID
0RNLHYLWFKVHUYDQWVDQGQHLJKERXUVZRXOGFRPHDQGVD\WRWKHIDWKHU
ZKDWDUH\RXJRLQJWRGRDERXW\RXU0RNL.LIRYLWFK":HJHWQRUHVW
IURPKLPKHLVVRDERYHKLPVHOI7KDWLVRQO\KLVSOD\WKDWLV
RQO\KLVSOD\WKHIDWKHUZRXOGUHSO\:KDWHOVHFDQ\RXH[SHFW",W
LVWRRODWHQRZWRVWDUWDTXDUUHOZLWKKLPDQGPRUHRYHUHYHU\RQH
ZRXOGDFFXVHPHRIKDUVKQHVV7UXHKHLVDOLWWOHFRQFHLWHGEXW
ZHUH,WRUHSURYHKLPLQSXEOLFWKHZKROHWKLQJZRXOGEHFRPHFRPPRQ
WDONDQGIRONZRXOGEHJLQJLYLQJKLPDGRJ
VQDPH$QGLIWKH\GLG
WKDWZRXOGQRWWKHLURSLQLRQWRXFKPHDOVRVHHLQJWKDW,DPKLV
IDWKHU"$OVR,DPEXV\ZLWKSKLORVRSK\DQGKDYHQRWLPHIRUVXFK
WKLQJV/DVWO\0RNL.LIRYLWFKLVP\VRQDQGYHU\GHDUWRP\KHDUW
$QGEHDWLQJKLVEUHDVW.LID0RNLHYLWFKDJDLQDVVHUWHGWKDWHYHQ
WKRXJKKLVVRQVKRXOGHOHFWWRFRQWLQXHKLVSUDQNVLWZRXOGQRWEH
IRU+,0IRUWKHIDWKHUWRSURFODLPWKHIDFWRUWRIDOORXWZLWK
KLVRIIVSULQJ$QGWKLVH[SUHVVLRQRISDWHUQDOIHHOLQJXWWHUHG.LID
0RNLHYLWFKOHIW0RNL.LIRYLWFKWRKLVKHURLFH[SORLWVDQGKLPVHOI
UHWXUQHGWRKLVEHORYHGVXEMHFWRIVSHFXODWLRQZKLFKQRZLQFOXGHG
DOVRWKHSUREOHP6XSSRVHHOHSKDQWVZHUHWRWDNHWREHLQJKDWFKHG
IURPHJJVZRXOGQRWWKHVKHOORIVXFKHJJVEHRIDWKLFNQHVVSURRI
DJDLQVWFDQQRQEDOOVDQGQHFHVVLWDWHWKHLQYHQWLRQRIVRPHQHZW\SHRI
ILUHDUP"7KXVDWWKHHQGRIWKLVOLWWOHVWRU\ZHKDYHWKHVHWZR
GHQL]HQVRIDSHDFHIXOFRUQHURI5XVVLDORRNLQJWKHQFHDVIURPD
ZLQGRZLQOHVVWHUURURIGRLQJZKDWZDVVFDQGDORXVWKDQRIKDYLQJLW
6$,'RIWKHPWKDWWKH\ZHUHDFWLQJVFDQGDORXVO\<HVWKHIHHOLQJ
DQLPDWLQJRXUVRFDOOHGSDWULRWVLVQRWWUXHSDWULRWLVPDWDOO
6RPHWKLQJHOVHOLHVEHQHDWKLW:KRLIQRWDQDXWKRULVWRVSHDN
DORXGWKHWUXWK"0HQOLNH\RXP\SVHXGRSDWULRWVVWDQGLQGUHDGRI
WKHH\HZKLFKLVDEOHWRGLVFHUQ\HWVKULQNIURPXVLQJ\RXURZQDQG
SUHIHUUDWKHUWRJODQFHDWHYHU\WKLQJXQKHHGLQJO\<HVDIWHU
ODXJKLQJKHDUWLO\RYHU&KLFKLNRY
VPLVDGYHQWXUHVDQGSHUKDSVHYHQ
FRPPHQGLQJWKHDXWKRUIRUKLVGH[WHULW\RIREVHUYDWLRQDQGSUHWW\WXUQ
RIZLW\RXZLOOORRNDW\RXUVHOYHVZLWKUHGRXEOHGSULGHDQGD
VHOIVDWLVILHGVPLOHDQGDGG:HOOZHDJUHHWKDWLQFHUWDLQSDUWV
RIWKHSURYLQFHVWKHUHH[LVWVVWUDQJHDQGULGLFXORXVLQGLYLGXDOVDV
ZHOODVXQFRQVFLRQDEOHUDVFDOV
<HWZKLFKRI\RXZKHQTXLHWDQGDORQHDQGHQJDJHGLQVROLWDU\
VHOIFRPPXQLRQZRXOGQRWGRZHOOWRSUREH<2852:1VRXOVDQGWR
SXWWR<2856(/9(6WKHVROHPQTXHVWLRQ,VWKHUHQRWLQ0(DQ

209

HOHPHQWRI&KLFKLNRY")RUKRZVKRXOGWKHUHQRWEH":KLFKRI\RXLV
QRWOLDEOHDWDQ\PRPHQWWREHSDVVHGLQWKHVWUHHWE\DQDFTXDLQWDQFH
ZKRQXGJLQJKLVQHLJKERXUPD\VD\RI\RXZLWKDEDUHO\VXSSUHVVHG
VQHHU/RRNWKHUHJRHV&KLFKLNRY7KDWLV&KLFKLNRYZKRKDVMXVW
JRQHE\
%XWKHUHDUHZHWDONLQJDWWKHWRSRIRXUYRLFHVZKLOVWDOOWKHWLPH
RXUKHUROLHVVOXPEHULQJLQKLVEULWFKND,QGHHGKLVQDPHKDVEHHQ
UHSHDWHGVRRIWHQGXULQJWKHUHFLWDORIKLVOLIH
VKLVWRU\WKDWKH
PXVWDOPRVWKDYHKHDUGXV$QGDWDQ\WLPHKHLVDQLUULWDEOH
LUDVFLEOHIHOORZZKHQVSRNHQRIZLWKGLVUHVSHFW7UXHWRWKHUHDGHU
&KLFKLNRY
VGLVSOHDVXUHFDQQRWPDWWHUDMRWEXWIRUWKHDXWKRULW
ZRXOGPHDQUXLQWRTXDUUHOZLWKKLVKHURVHHLQJWKDWDUPLQDUP
&KLFKLNRYDQGKHKDYH\HWIDUWRJR
7XWWXWWXWFDPHLQDVKRXWIURP&KLFKLNRY+L6HOLIDQ
:KDWLVLW"FDPHWKHUHSO\XWWHUHGZLWKDGUDZO
:KDWLVLW":K\KRZGDUH\RXGULYHOLNHWKDW"&RPH%HVWLU\RXUVHOI
DOLWWOH
$QGLQGHHG6HOLIDQKDGORQJEHHQVLWWLQJZLWKKDOIFORVHGH\HVDQG
KDQGVZKLFKEHVWRZHGQRHQFRXUDJHPHQWXSRQKLVVRPQROHQWVWHHGVVDYH
DQRFFDVLRQDOIOLFNLQJRIWKHUHLQVDJDLQVWWKHLUIODQNVZKLOVW
3HWUXVKNDKDGORVWKLVFDSDQGZDVOHDQLQJEDFNZDUGVXQWLOKLVKHDG
KDGFRPHWRUHVWDJDLQVW&KLFKLNRY
VNQHHVDSRVLWLRQZKLFK
QHFHVVLWDWHGKLVEHLQJDZDNHQHGZLWKDFXII6HOLIDQDOVRURXVHG
KLPVHOIDQGDSSRUWLRQHGWRWKHVNHZEDOGDIHZFXWVDFURVVWKHEDFNRI
DNLQGZKLFKDWOHDVWKDGWKHHIIHFWRILQFLWLQJWKDWDQLPDOWRWURW
DQGZKHQSUHVHQWO\WKHRWKHUWZRKRUVHVIROORZHGWKHLUFRPSDQLRQ
V
H[DPSOHWKHOLJKWEULWFKNDPRYHGIRUZDUGVOLNHDSLHFHRI
WKLVWOHGRZQ6HOLIDQIORXULVKHGKLVZKLSDQGVKRXWHG+LKLDVWKH
LQHTXDOLWLHVRIWKHURDGMHUNHGKLPYHUWLFDOO\RQKLVVHDWDQG
PHDQZKLOHUHFOLQLQJDJDLQVWWKHOHDWKHUFXVKLRQVRIWKHYHKLFOH
V
LQWHULRU&KLFKLNRYVPLOHGZLWKJUDWLILFDWLRQDWWKHVHQVDWLRQRI
GULYLQJIDVW)RUZKDW5XVVLDQGRHVQRWORYHWRGULYHIDVW":KLFKRI
XVGRHVQRWDWWLPHV\HDUQWRJLYHKLVKRUVHVWKHLUKHDGDQGWROHW
WKHPJRDQGWRFU\7RWKHGHYLOZLWKWKHZRUOG"$WVXFKPRPHQWVD
JUHDWIRUFHVHHPVWRXSOLIWRQHDVRQZLQJVDQGRQHIOLHVDQG
HYHU\WKLQJHOVHIOLHVEXWFRQWUDULZLVHERWKWKHYHUVWVWRQHVDQG
WUDGHUVULGLQJRQWKHVKDIWVRIWKHLUZDJJRQVDQGWKHIRUHVWZLWK
GDUNOLQHVRIVSUXFHDQGILUDPLGZKLFKPD\EHKHDUGWKHD[HRIWKH
ZRRGFXWWHUDQGWKHFURDNLQJRIWKHUDYHQ<HVRXWRIDGLPUHPRWH

210

GLVWDQFHWKHURDGFRPHVWRZDUGVRQHDQGZKLOHQRWKLQJVDYHWKHVN\
DQGWKHOLJKWFORXGVWKURXJKZKLFKWKHPRRQLVFOHDYLQJKHUZD\VHHP
KDOWHGWKHEULHIJOLPSVHVZKHUHLQRQHFDQGLVFHUQQRWKLQJFOHDUO\
KDYHLQWKHPDSHUYDGLQJWRXFKRIP\VWHU\$KWURLNDWURLNDVZLIW
DVDELUGZKRZDVLWILUVWLQYHQWHG\RX"2QO\DPRQJDKDUG\UDFHRI
IRONFDQ\RXKDYHFRPHWRELUWKRQO\LQDODQGZKLFKWKRXJKSRRUDQG
URXJKOLHVVSUHDGRYHUKDOIWKHZRUOGDQGVSDQVYHUVWVWKHFRXQWLQJ
ZKHUHRIZRXOGOHDYHRQHZLWKDFKLQJH\HV1RUDUH\RXD
PRGLVKO\IDVKLRQHGYHKLFOHRIWKHURDGDWKLQJRIFODPSVDQGLURQ
5DWKHU\RXDUHDYHKLFOHEXWVKDSHQDQGILWWHGZLWKWKHD[HRUFKLVHO
RIVRPHKDQG\SHDVDQWRI<DURVODY1RUDUH\RXGULYHQE\DFRDFKPDQ
FORWKHGLQ*HUPDQOLYHU\EXWE\DPDQEHDUGHGDQGPLWWHQHG6HHKLP
DVKHPRXQWVDQGIORXULVKHVKLVZKLSDQGEUHDNVLQWRDORQJGUDZQ
VRQJ$ZD\OLNHWKHZLQGJRWKHKRUVHVDQGWKHZKHHOVZLWKWKHLU
VSRNHVEHFRPHWUDQVSDUHQWFLUFOHVDQGWKHURDGVHHPVWRTXLYHU
EHQHDWKWKHPDQGDSHGHVWULDQZLWKDFU\RIDVWRQLVKPHQWKDOWVWR
ZDWFKWKHYHKLFOHDVLWIOLHVIOLHVIOLHVRQLWVZD\XQWLOLW
EHFRPHVORVWRQWKHXOWLPDWHKRUL]RQDVSHFNDPLGDFORXGRIGXVW
$QG\RX5XVVLDRIPLQHDUHQRW\RXDOVRVSHHGLQJOLNHDWURLNDZKLFK
QRXJKWFDQRYHUWDNH",VQRWWKHURDGVPRNLQJEHQHDWK\RXUZKHHOVDQG
WKHEULGJHVWKXQGHULQJDV\RXFURVVWKHPDQGHYHU\WKLQJEHLQJOHIWLQ
WKHUHDUDQGWKHVSHFWDWRUVVWUXFNZLWKWKHSRUWHQWKDOWLQJWR
ZRQGHUZKHWKHU\RXEHQRWDWKXQGHUEROWODXQFKHGIURPKHDYHQ":KDW
GRHVWKDWDZHLQVSLULQJSURJUHVVRI\RXUVIRUHWHOO":KDWLVWKH
XQNQRZQIRUFHZKLFKOLHVZLWKLQ\RXUP\VWHULRXVVWHHGV"6XUHO\WKH
ZLQGVWKHPVHOYHVPXVWDELGHLQWKHLUPDQHVDQGHYHU\YHLQLQWKHLU
ERGLHVEHDQHDUVWUHWFKHGWRFDWFKWKHFHOHVWLDOPHVVDJHZKLFKELGV
WKHPZLWKLURQJLUGHGEUHDVWVDQGKRRYHVZKLFKEDUHO\WRXFKWKH
HDUWKDVWKH\JDOORSIO\IRUZDUGRQDPLVVLRQRI*RG":KLWKHUWKHQ
DUH\RXVSHHGLQJ25XVVLDRIPLQH":KLWKHU"$QVZHUPH%XWQRDQVZHU
FRPHVRQO\WKHZHLUGVRXQGRI\RXUFROODUEHOOV5HQWLQWRDWKRXVDQG
VKUHGVWKHDLUURDUVSDVW\RXIRU\RXDUHRYHUWDNLQJWKHZKROH
ZRUOGDQGVKDOORQHGD\IRUFHDOOQDWLRQVDOOHPSLUHVWRVWDQG
DVLGHWRJLYH\RXZD\


3$57,,

211

&+$37(5,
:K\GR,VRSHUVLVWHQWO\SDLQWWKHSRYHUW\WKHLPSHUIHFWLRQVRI
5XVVLDQOLIHDQGGHOYHLQWRWKHUHPRWHVWGHSWKVWKHPRVWUHWLUHG
KROHVDQGFRUQHUVRIRXU(PSLUHIRUP\VXEMHFWV"7KHDQVZHULVWKDW
WKHUHLVQRWKLQJHOVHWREHGRQHZKHQDQDXWKRU
VLGLRV\QFUDV\KDSSHQV
WRLQFOLQHKLPWKDWZD\6RDJDLQZHILQGRXUVHOYHVLQDUHWLUHGVSRW
%XWZKDWDVSRW
,PDJLQHLI\RXFDQDPRXQWDLQUDQJHOLNHDJLJDQWLFIRUWUHVVZLWK
HPEUDVXUHVDQGEDVWLRQVZKLFKDSSHDUWRVRDUDWKRXVDQGYHUVWVWRZDUGV
WKHKHLJKWVRIKHDYHQDQGWRZHULQJJUDQGO\RYHUDERXQGOHVVH[SDQVH
RISODLQDUHEURNHQXSLQWRSUHFLSLWRXVRYHUKDQJLQJOLPHVWRQH
FOLIIV+HUHDQGWKHUHWKRVHFOLIIVDUHVHDPHGZLWKZDWHUFRXUVHVDQG
JXOOLHVZKLOHDWRWKHUSRLQWVWKH\DUHURXQGHGRIILQWRVSXUVRI
JUHHQVSXUVQRZFRDWHGZLWKIOHHFHOLNHWXIWVRI\RXQJXQGHUJURZWK
QRZVWXGGHGZLWKWKHVWXPSVRIIHOOHGWUHHVQRZFRYHUHGZLWKWLPEHU
ZKLFKKDVE\VRPHPLUDFOHHVFDSHGWKHZRRGPDQ
VD[H$OVRDULYHU
ZLQGVDZKLOHEHWZHHQLWVEDQNVWKHQOHDYHVWKHPHDGRZODQGGLYLGHV
LQWRUXQOHWV DOOIODVKLQJLQWKHVXQOLNHILUH SOXQJHVUHXQLWHG
LQWRWKHPLGVWRIDWKLFNHWRIHOGHUELUWKDQGSLQHDQGODVWO\
VSHHGVWULXPSKDQWO\SDVWEULGJHVDQGPLOOVDQGZHLUVZKLFKVHHPWREH
O\LQJLQZDLWIRULWDWHYHU\WXUQ
$WRQHSDUWLFXODUVSRWWKHVWHHSIODQNRIWKHPRXQWDLQUDQJHLV
FRYHUHGZLWKELOORZ\YHUGXUHRIGHQVHUJURZWKWKDQWKHUHVWDQGKHUH
WKHDLGRIVNLOIXOSODQWLQJDGGHGWRWKHVKHOWHUDIIRUGHGE\DUXJJHG
UDYLQHKDVHQDEOHGWKHIORUDRIQRUWKDQGVRXWKVRWREHEURXJKW
WRJHWKHUWKDWWZLQHGDERXWZLWKVLQXRXVKRSWHQGULOVWKHRDNWKH
VSUXFHILUWKHZLOGSHDUWKHPDSOHWKHFKHUU\WKHWKRUQDQGWKH
PRXQWDLQDVKHLWKHUDVVLVWRUFKHFNRQHDQRWKHU
VJURZWKDQG
HYHU\ZKHUHFRYHUWKHGHFOLYLW\ZLWKWKHLUVWUDJJOLQJSURIXVLRQ$OVR
DWWKHHGJHRIWKHVXPPLWWKHUHFDQEHVHHQPLQJOLQJZLWKWKHJUHHQRI
WKHWUHHVWKHUHGURRIVRIDPDQRULDOKRPHVWHDGZKLOHEHKLQGWKH
XSSHUVWRULHVRIWKHPDQVLRQSURSHUDQGLWVFDUYHGEDOFRQ\DQGDJUHDW
VHPLFLUFXODUZLQGRZWKHUHJOHDPWKHWLOHVDQGJDEOHVRIVRPH
SHDVDQWV
KXWV/DVWO\RYHUWKLVFRPELQDWLRQRIWUHHVDQGURRIVWKHUH
ULVHVRYHUWRSSLQJHYHU\WKLQJZLWKLWVJLOGHGVSDUNOLQJVWHHSOHDQ
ROGYLOODJHFKXUFK2QHDFKRILWVSLQQDFOHVDFURVVRIFDUYHGJLOWLV
VWD\HGZLWKVXSSRUWVRIVLPLODUJLOGLQJDQGGHVLJQZLWKWKHUHVXOW
WKDWIURPDGLVWDQFHWKHJLOGHGSRUWLRQVKDYHWKHHIIHFWRIKDQJLQJ
ZLWKRXWYLVLEOHDJHQF\LQWKHDLU$QGWKHZKROHWKHWKUHHVXFFHVVLYH
WLHUVRIZRRGODQGURRIVDQGFURVVHVZKROHOLHVH[TXLVLWHO\PLUURUHG

212

LQWKHULYHUEHORZZKHUHKROORZZLOORZVJURWHVTXHO\VKDSHG VRPHRI
WKHPURRWHGRQWKHULYHU
VEDQNVDQGVRPHLQWKHZDWHULWVHOIDQG
DOOGURRSLQJWKHLUEUDQFKHVXQWLOWKHLUOHDYHVKDYHIRUPHGDWDQJOH
ZLWKWKHZDWHUOLOLHVZKLFKIORDWRQWKHVXUIDFH VHHPWREHJD]LQJ
DWWKHPDUYHOORXVUHIOHFWLRQDWWKHLUIHHW
7KXVWKHYLHZIURPEHORZLVEHDXWLIXOLQGHHG%XWWKHYLHZIURPDERYH
LVHYHQEHWWHU1RJXHVWQRYLVLWRUFRXOGVWDQGRQWKHEDOFRQ\RI
WKHPDQVLRQDQGUHPDLQLQGLIIHUHQW6RERXQGOHVVLVWKHSDQRUDPD
UHYHDOHGWKDWVXUSULVHZRXOGFDXVHKLPWRFDWFKDWKLVEUHDWKDQG
H[FODLP/RUGRI+HDYHQEXWZKDWDSURVSHFW%H\RQGPHDGRZVVWXGGHG
ZLWKVSLQQH\VDQGZDWHUPLOOVOLHIRUHVWVEHOWHGZLWKJUHHQZKLOH
EH\RQGDJDLQWKHUHFDQEHVHHQVKRZLQJWKURXJKWKHVOLJKWO\PLVW\
DLUVWULSVRI\HOORZKHDWKDQGDJDLQZLGHUROOLQJIRUHVWV DVEOXH
DVWKHVHDRUDFORXG DQGPRUHKHDWKSDOHUWKDQWKHILUVWEXW
VWLOO\HOORZ)LQDOO\RQWKHIDUKRUL]RQDUDQJHRIFKDONWRSSHG
KLOOVJOHDPVZKLWHHYHQLQGXOOZHDWKHUDVWKRXJKLWZHUHOLJKWHQHG
ZLWKSHUSHWXDOVXQVKLQHDQGKHUHDQGWKHUHRQWKHGD]]OLQJZKLWHQHVV
RILWVORZHUVORSHVVRPHSODVWHUOLNHQHEXORXVSDWFKHVUHSUHVHQW
IDURIIYLOODJHVZKLFKOLHWRRUHPRWHIRUWKHH\HWRGLVFHUQWKHLU
GHWDLOV,QGHHGRQO\ZKHQWKHVXQOLJKWWRXFKHVDVWHHSOHWRJROGGRHV
RQHUHDOLVHWKDWHDFKVXFKSDWFKLVDKXPDQVHWWOHPHQW)LQDOO\DOO
LVZUDSSHGLQDQLPPHQVLW\RIVLOHQFHZKLFKHYHQWKHIDUIDLQWHFKRHV
RISHUVRQVVLQJLQJLQWKHYRLGRIWKHSODLQFDQQRWVKDWWHU
(YHQDIWHUJD]LQJDWWKHVSHFWDFOHIRUDFRXSOHRIKRXUVRUVRWKH
YLVLWRUZRXOGVWLOOILQGQRWKLQJWRVD\VDYH/RUGRI+HDYHQEXW
ZKDWDSURVSHFW7KHQZKRLVWKHGZHOOHULQWKHSURSULHWRURIWKLV
PDQRUDPDQRUWRZKLFKDVWRDQLPSUHJQDEOHIRUWUHVVHQWUDQFH
FDQQRWEHJDLQHGIURPWKHVLGHZKHUHZHKDYHEHHQVWDQGLQJEXWRQO\
IURPWKHRWKHUDSSURDFKZKHUHDIHZVFDWWHUHGRDNVRIIHUKRVSLWDEOH
ZHOFRPHWRWKHYLVLWRUDQGWKHQVSUHDGLQJDERYHKLPWKHLUVSDFLRXV
EUDQFKHV DVLQIULHQGO\HPEUDFH DFFRPSDQ\KLPWRWKHIDFDGHRIWKH
PDQVLRQZKRVHWRSZHKDYHEHHQUHJDUGLQJIURPWKHUHYHUVHDVSHFWEXW
ZKLFKQRZVWDQGVIURQWZLVHRQWRXVDQGKDVRQRQHVLGHRILWDURZ
RISHDVDQWV
KXWVZLWKUHGWLOHVDQGFDUYHGJDEOHVDQGRQWKHRWKHU
WKHYLOODJHFKXUFKZLWKWKRVHJOLWWHULQJJROGHQFURVVHVDQGJLOGHG
RSHQZRUNFKDUPVZKLFKVHHPWRKDQJVXVSHQGHGLQWKHDLU"<HV
LQGHHGWRZKDWIRUWXQDWHLQGLYLGXDOGRHVWKLVFRUQHURIWKHZRUOG
EHORQJ",WEHORQJVWR$QGUHL,YDQRYLWFK7LHQWLHWQLNRYODQGRZQHURI
WKHFDQWRQRI7UHPDODNKDQDQGZLWKDODEDFKHORURIDERXWWKLUW\
6KRXOGP\ODG\UHDGHUVDVNRIPHZKDWPDQQHURIPDQLV7LHQWLHWQLNRY
DQGZKDWDUHKLVDWWULEXWHVDQGSHFXOLDULWLHV,VKRXOGUHIHUWKHPWR

213

KLVQHLJKERXUV2IWKHVHDPHPEHURIWKHDOPRVWH[WLQFWWULEHRI
LQWHOOLJHQWVWDIIRIILFHUVRQWKHUHWLUHGOLVWRQFHVXPPHGXS
7LHQWLHWQLNRYLQWKHSKUDVH+HLVDQDEVROXWHEORFNKHDGZKLOHD
*HQHUDOZKRUHVLGHGWHQYHUVWVDZD\ZDVKHDUGWRUHPDUNWKDWKHLVD
\RXQJPDQZKRWKRXJKQRWH[DFWO\DIRROKDVDWOHDVWWRRPXFK
FURZGHGLQWRKLVKHDG,P\VHOIPLJKWKDYHEHHQRIXVHWRKLPIRUQRW
RQO\GR,PDLQWDLQFHUWDLQFRQQHFWLRQVZLWK6W3HWHUVEXUJEXW
DOVR$QGWKH*HQHUDOOHIWKLVVHQWHQFHXQILQLVKHG7KLUGO\D
FDSWDLQVXSHULQWHQGHQWRIUXUDOSROLFHKDSSHQHGWRUHPDUNLQWKH
FRXUVHRIFRQYHUVDWLRQ7RPRUURZ,PXVWJRDQGVHH7LHQWLHWQLNRY
DERXWKLVDUUHDUV/DVWO\DSHDVDQWRI7LHQWLHWQLNRY
VRZQYLOODJH
ZKHQDVNHGZKDWKLVEDULQZDVOLNHUHWXUQHGQRDQVZHUDWDOO$OORI
ZKLFKZRXOGDSSHDUWRVKRZWKDW7LHQWLHWQLNRYZDVQRWH[DFWO\ORRNHG
XSRQZLWKIDYRXU
7RVSHDNGLVSDVVLRQDWHO\KRZHYHUKHZDVQRWDEDGVRUWRI
IHOORZPHUHO\DVWDUJD]HUDQGVLQFHWKHZRUOGFRQWDLQVPDQ\
ZDWFKHUVRIWKHVNLHVZK\VKRXOG7LHQWLHWQLNRYQRWKDYHEHHQRQHRI
WKHP"+RZHYHUOHWPHGHVFULEHLQGHWDLODVSHFLPHQGD\RIKLV
H[LVWHQFHRQHWKDWZLOOFORVHO\UHVHPEOHWKHUHVWDQGWKHQWKH
UHDGHUZLOOEHHQDEOHGWRMXGJHRI7LHQWLHWQLNRY
VFKDUDFWHUDQGKRZ
IDUKLVOLIHFRUUHVSRQGHGWRWKHEHDXWLHVRIQDWXUHZLWKZKLFKKH
OLYHGVXUURXQGHG
2QWKHPRUQLQJRIWKHVSHFLPHQGD\LQTXHVWLRQKHDZRNHYHU\ODWH
DQGUDLVLQJKLPVHOIWRDVLWWLQJSRVWXUHUXEEHGKLVH\HV$QGVLQFH
WKRVHH\HVZHUHVPDOOWKHSURFHVVRIUXEELQJWKHPRFFXSLHGDYHU\
ORQJWLPHDQGWKURXJKRXWLWVFRQWLQXDQFHWKHUHVWRRGZDLWLQJE\WKH
GRRUKLVYDOHW0LNKDLORDUPHGZLWKDWRZHODQGEDVLQ)RURQHKRXU
IRUWZRKRXUVGLGSRRU0LNKDLORVWDQGWKHUHWKHQKHGHSDUWHGWRWKH
NLWFKHQDQGUHWXUQHGWRILQGKLVPDVWHUVWLOOUXEELQJKLVH\HVDVKH
VDWRQWKHEHG$WOHQJWKKRZHYHU7LHQWLHWQLNRYURVHZDVKHG
KLPVHOIGRQQHGDGUHVVLQJJRZQDQGPRYHGLQWRWKHGUDZLQJURRPIRU
PRUQLQJWHDFRIIHHFRFRDDQGZDUPPLONRIDOORIZKLFKKHSDUWRRN
EXWVSDULQJO\ZKLOHPXQFKLQJDSLHFHRIEUHDGDQGVFDWWHULQJWREDFFR
DVKZLWKFRPSOHWHLQVRXFLDQFH7ZRKRXUVGLGKHVLWRYHUWKLVPHDO
WKHQSRXUHGKLPVHOIRXWDQRWKHUFXSRIWKHUDSLGO\FRROLQJWHDDQG
ZDONHGWRWKHZLQGRZ7KLVIDFHGWKHFRXUW\DUGDQGRXWVLGHLWDV
XVXDOWKHUHWRRNSODFHWKHIROORZLQJGDLO\DOWHUFDWLRQEHWZHHQDVHUI
QDPHG*ULJRU\ ZKRSXUSRUWHGWRDFWDVEXWOHU DQGWKHKRXVHNHHSHU
3HUILOLHYQD
*ULJRU\$K\RXQXLVDQFH\RXJRRGIRUQRWKLQJ\RXKDGEHWWHUKROG
\RXUVWXSLGWRQJXH

214

3HUILOLHYQD<HVDQGGRQ
W\RXZLVKWKDW,ZRXOG"
*ULJRU\:KDW"<RXVRWKLFNZLWKWKDWEDLOLIIRI\RXUV\RX
KRXVHNHHSLQJMDGH
3HUILOLHYQD1D\KHLVDVELJDWKLHIDV\RXDUH'R\RXWKLQNWKH
EDULQGRHVQ
WNQRZ\RX"$QGWKHUHKHLV+HPXVWKDYHKHDUG
HYHU\WKLQJ
*ULJRU\:KHUH"
3HUILOLHYQD7KHUHVLWWLQJE\WKHZLQGRZDQGORRNLQJDWXV
1H[WWRFRPSOHWHWKHKXEEXEDVHUIFKLOGZKLFKKDGEHHQFORXWHGE\
LWVPRWKHUEURNHRXWLQWRDEDZOZKLOHDERU]RLSXSS\ZKLFKKDG
KDSSHQHGWRJHWVSODVKHGZLWKERLOLQJZDWHUE\WKHFRRNIHOOWR
\HOSLQJYRFLIHURXVO\,QVKRUWWKHSODFHVRRQEHFDPHDEDEHORI
VKRXWVDQGVTXHDOVDQGDIWHUZDWFKLQJDQGOLVWHQLQJIRUDWLPHWKH
EDULQIRXQGLWVRLPSRVVLEOHWRFRQFHQWUDWHKLVPLQGXSRQDQ\WKLQJ
WKDWKHVHQWRXWZRUGWKDWWKHQRLVHZRXOGKDYHWREHDEDWHG
7KHQH[WLWHPZDVWKDWDFRXSOHRIKRXUVEHIRUHOXQFKHRQWLPHKH
ZLWKGUHZWRKLVVWXG\WRVHWDERXWHPSOR\LQJKLPVHOIXSRQDZHLJKW\
ZRUNZKLFKZDVWRFRQVLGHU5XVVLDIURPHYHU\SRLQWRIYLHZIURPWKH
SROLWLFDOIURPWKHSKLORVRSKLFDODQGIURPWKHUHOLJLRXVDVZHOODV
WRUHVROYHYDULRXVSUREOHPVZKLFKKDGDULVHQWRFRQIURQWWKH(PSLUH
DQGWRGHILQHFOHDUO\WKHJUHDWIXWXUHWRZKLFKWKHFRXQWU\VWRRG
RUGDLQHG,QVKRUWLWZDVWREHWKHVSHFLHVRIFRPSLODWLRQLQZKLFK
WKHPDQRIWKHGD\VRPXFKGHOLJKWV<HWWKHFRORVVDOXQGHUWDNLQJKDG
SURJUHVVHGEXWOLWWOHEH\RQGWKHVSKHUHRISURMHFWLRQVLQFHDIWHUD
SHQKDGEHHQJQDZHGDZKLOHDQGDIHZVWURNHVKDGEHHQFRPPLWWHGWR
SDSHUWKHZKROHZRXOGEHODLGDVLGHLQIDYRXURIWKHUHDGLQJRIVRPH
ERRNDQGWKDWUHDGLQJZRXOGFRQWLQXHDOVRGXULQJOXQFKHRQDQGEH
IROORZHGE\WKHOLJKWLQJRIDSLSHWKHSOD\LQJRIDVROLWDU\JDPHRI
FKHVVDQGWKHGRLQJRIPRUHRUOHVVQRWKLQJIRUWKHUHVWRIWKHGD\
7KHIRUHJRLQJZLOOJLYHWKHUHDGHUDSUHWW\FOHDULGHDRIWKHPDQQHU
LQZKLFKLWZDVSRVVLEOHIRUWKLVPDQRIWKLUW\WKUHHWRZDVWHKLV
WLPH&ODGFRQVWDQWO\LQVOLSSHUVDQGDGUHVVLQJJRZQ7LHQWLHWQLNRY
QHYHUZHQWRXWQHYHULQGXOJHGLQDQ\IRUPRIGLVVLSDWLRQDQGQHYHU
ZDONHGXSVWDLUV1RWKLQJGLGKHFDUHIRUIUHVKDLUDQGZRXOGEHVWRZ
QRWDSDVVLQJJODQFHXSRQDOOWKRVHEHDXWLHVRIWKHFRXQWU\VLGHZKLFK
PRYHGYLVLWRUVWRVXFKHFVWDWLFDGPLUDWLRQ)URPWKLVWKHUHDGHUZLOO

215

VHHWKDW$QGUHL,YDQRYLWFK7LHQWLHWQLNRYEHORQJHGWRWKDWEDQGRI
VOXJJDUGVZKRPZHDOZD\VKDYHZLWKXVDQGZKRZKDWHYHUEHWKHLU
SUHVHQWDSSHOODWLRQXVHGWREHNQRZQE\WKHQLFNQDPHVRIOROORSHUV
EHGSUHVVHUVDQGPDUPRWV:KHWKHUWKHW\SHLVDW\SHRULJLQDWLQJ
DWELUWKRUDW\SHUHVXOWLQJIURPXQWRZDUGFLUFXPVWDQFHVLQODWHU
OLIHLWLVLPSRVVLEOHWRVD\$EHWWHUFRXUVHWKDQWRDWWHPSWWR
DQVZHUWKDWTXHVWLRQZRXOGEHWRUHFRXQWWKHVWRU\RI7LHQWLHWQLNRY
V
ER\KRRGDQGXSEULQJLQJ
(YHU\WKLQJFRQQHFWHGZLWKWKHODWWHUVHHPHGWRSURPLVHVXFFHVVIRUDW
WZHOYH\HDUVRIDJHWKHER\NHHQZLWWHGEXWGUHDP\RIWHPSHUDPHQW
DQGLQFOLQHGWRGHOLFDF\ZDVVHQWWRDQHGXFDWLRQDOHVWDEOLVKPHQW
SUHVLGHGRYHUE\DQH[FHSWLRQDOW\SHRIPDVWHU7KHLGRORIKLV
SXSLOVDQGWKHDGPLUDWLRQRIKLVDVVLVWDQWV$OH[DQGHU3HWURYLWFK
ZDVJLIWHGZLWKDQH[WUDRUGLQDU\PHDVXUHRIJRRGVHQVH+RZWKRURXJKO\
KHNQHZWKHSHFXOLDULWLHVRIWKH5XVVLDQRIKLVGD\+RZZHOOKH
XQGHUVWRRGER\V+RZFDSDEOHKHZDVRIGUDZLQJWKHPRXW1RWD
SUDFWLFDOMRNHULQWKHVFKRROEXWDIWHUSHUSHWUDWLQJDSUDQNZRXOG
YROXQWDULO\DSSURDFKKLVSUHFHSWRUDQGPDNHWRKLPIUHHFRQIHVVLRQ
7UXHWKHSUHFHSWRUZRXOGSXWDVWHUQIDFHXSRQWKHPDWWHU\HWWKH
FXOSULWZRXOGGHSDUWZLWKKHDGKHOGKLJKHUQRWORZHUWKDQEHIRUH
VLQFHLQ$OH[DQGHU3HWURYLWFKWKHUHZDVVRPHWKLQJZKLFK
KHDUWHQHGVRPHWKLQJZKLFKVHHPHGWRVD\WRDGHOLQTXHQW)RUZDUG
\RX5LVHWR\RXUIHHWDJDLQHYHQWKRXJK\RXKDYHIDOOHQ1RW
OHFWXUHVRQJRRGEHKDYLRXUZDVLWWKHUHIRUHWKDWIHOOIURPKLVOLSV
EXWUDWKHUWKHLQMXQFWLRQ,ZDQWWRVHHLQWHOOLJHQFHDQGQRWKLQJ
HOVH7KHER\ZKRGHYRWHVKLVDWWHQWLRQWREHFRPLQJFOHYHUZLOOQHYHU
SOD\WKHIRROIRUXQGHUVXFKFLUFXPVWDQFHVIROO\GLVDSSHDUVRI
LWVHOI$QGVRIROO\GLGIRUWKHER\ZKRIDLOHGWRVWULYHLQWKH
GHVLUHGGLUHFWLRQLQFXUUHGWKHFRQWHPSWRIDOOKLVFRPUDGHVDQGHYHQ
GXQFHVDQGIRROVRIVHQLRUVWDQGLQJGLGQRWGDUHWRUDLVHDILQJHU
ZKHQVDOXWHGE\WKHLUMXQLRUVZLWKRSSUREULRXVHSLWKHWV<HW7KLVLV
WRRPXFKFHUWDLQIRONZRXOGVD\WR$OH[DQGHU7KHUHVXOWZLOOEH
WKDW\RXUVWXGHQWVZLOOWXUQRXWSULJV%XWQRKHZRXOGUHSO\
1RWDWDOO<RXVHH,PDNHLWP\SULQFLSOHWRNHHSWKHLQFDSDEOHV
IRUDVLQJOHWHUPRQO\VLQFHWKDWLVHQRXJKIRUWKHPEXWWRWKH
FOHYHURQHV,DOORWDGRXEOHFRXUVHRILQVWUXFWLRQ$QGWUXHHQRXJK
DQ\ODGRIEUDLQVZDVUHWDLQHGIRUWKLVILQLVKLQJFRXUVH<HWKHGLG
QRWUHSUHVVDOOER\LVKSOD\IXOQHVVVLQFHKHGHFODUHGLWWREHDV
QHFHVVDU\DVDUDVKWRDGRFWRULQDVPXFKDVLWHQDEOHGKLPWR
GLDJQRVHZKDWOD\KLGGHQZLWKLQ
&RQVHTXHQWO\KRZWKHER\VORYHGKLP1HYHUZDVWKHUHVXFKDQ
DWWDFKPHQWEHWZHHQPDVWHUDQGSXSLOV$QGHYHQODWHUGXULQJWKH

216

IRROLVK\HDUVZKHQIRROLVKWKLQJVDWWUDFWWKHPHDVXUHRIDIIHFWLRQ
ZKLFK$OH[DQGHU3HWURYLWFKUHWDLQHGZDVH[WUDRUGLQDU\,QIDFWWRWKH
GD\RIKLVGHDWKHYHU\IRUPHUSXSLOZRXOGFHOHEUDWHWKHELUWKGD\RI
KLVODWHPDVWHUE\UDLVLQJKLVJODVVLQJUDWLWXGHWRWKHPHQWRUGHDG
DQGEXULHGWKHQFORVHKLVH\HOLGVXSRQWKHWHDUVZKLFKZRXOGFRPH
WULFNOLQJWKURXJKWKHP(YHQWKHVOLJKWHVWZRUGRIHQFRXUDJHPHQWIURP
$OH[DQGHU3HWURYLWFKFRXOGWKURZDODGLQWRDWUDQVSRUWRIWUHPXORXV
MR\DQGDURXVHLQKLPDQKRQRXUDEOHHPXODWLRQRIKLVIHOORZV%R\VRI
VPDOOFDSDFLW\KHGLGQRWORQJUHWDLQLQKLVHVWDEOLVKPHQWZKHUHDV
WKRVHZKRSRVVHVVHGH[FHSWLRQDOWDOHQWKHSXWWKURXJKDQH[WUDFRXUVH
RIVFKRROLQJ7KLVVHQLRUFODVVDFODVVFRPSRVHGRI
VSHFLDOO\VHOHFWHGSXSLOVZDVDYHU\GLIIHUHQWDIIDLUIURPZKDW
XVXDOO\REWDLQVLQRWKHUFROOHJHV2QO\ZKHQDER\KDGDWWDLQHGLWV
UDQNVGLG$OH[DQGHUGHPDQGRIKLPZKDWRWKHUPDVWHUVLQGLVFUHHWO\
UHTXLUHRIPHUHLQIDQWVQDPHO\WKHVXSHULRUIUDPHRIPLQGZKLFK
ZKLOHQHYHULQGXOJLQJLQPRFNHU\FDQLWVHOIEHDUULGLFXOHDQG
GLVUHJDUGWKHIRRODQGNHHSLWVWHPSHUDQGUHSUHVVLWVHOIDQG
HVFKHZUHYHQJHDQGFDOPO\SURXGO\UHWDLQLWVWUDQTXLOOLW\RIVRXO
,QVKRUWZKDWHYHUDYDLOVWRIRUPDER\LQWRDPDQRIDVVXUHG
FKDUDFWHUWKDWGLG$OH[DQGHU3HWURYLWFKHPSOR\GXULQJWKHSXSLO
V
\RXWKDVZHOODVFRQVWDQWO\SXWKLPWRWKHWHVW+RZZHOOKH
XQGHUVWRRGWKHDUWRIOLIH
2IDVVLVWDQWWXWRUVKHNHSWEXWIHZVLQFHPRVWRIWKHQHFHVVDU\
LQVWUXFWLRQKHLPSDUWHGLQSHUVRQDQGZLWKRXWSHGDQWLFWHUPLQRORJ\
DQGLQIODWHGGLFWLRQDQGYLHZVFRXOGVRWUDQVPLWWRKLVOLVWHQHUVWKH
LQPRVWVSLULWRIDOHVVRQWKDWHYHQWKH\RXQJHVWSUHVHQWDEVRUEHGLWV
HVVHQWLDOHOHPHQWV$OVRRIVWXGLHVKHVHOHFWHGQRQHEXWWKRVHZKLFK
PD\KHOSDER\WREHFRPHDJRRGFLWL]HQDQGWKHUHIRUHPRVWRIWKH
OHFWXUHVZKLFKKHGHOLYHUHGFRQVLVWHGRIGLVFRXUVHVRQZKDWPD\EH
DZDLWLQJD\RXWKDVZHOODVRIVXFKGHPDUFDWLRQVRIOLIH
VILHOGWKDW
WKHSXSLOWKRXJKVHDWHGDV\HWRQO\DWWKHGHVNFRXOGEHIRUHKDQG
EHDUKLVSDUWLQWKDWILHOGERWKLQWKRXJKWDQGVSLULW1RUGLGWKH
PDVWHU&21&($/DQ\WKLQJ7KDWLVWRVD\ZLWKRXWPLQFLQJZRUGVKH
LQYDULDEO\VHWEHIRUHKLVKHDUHUVWKHVRUURZVDQGWKHGLIILFXOWLHV
ZKLFKPD\FRQIURQWDPDQWKHWULDOVDQGWKHWHPSWDWLRQVZKLFKPD\
EHVHWKLP$QGWKLVKHGLGLQWHUPVDVWKRXJKLQHYHU\SRVVLEOH
FDOOLQJDQGFDSDFLW\KHKLPVHOIKDGH[SHULHQFHGWKHVDPH
&RQVHTXHQWO\HLWKHUWKHYLJRURXVGHYHORSPHQWRIVHOIUHVSHFWRUWKH
FRQVWDQWVWLPXOXVRIWKHPDVWHU
VH\H ZKLFKVHHPHGWRVD\WRWKH
SXSLO)RUZDUGWKDWZRUGZKLFKKDVEHFRPHVRIDPLOLDUWRWKH
FRQWHPSRUDU\5XVVLDQWKDWZRUGZKLFKKDVZRUNHGVXFKZRQGHUVXSRQKLV
VHQVLWLYHWHPSHUDPHQW RQHRUWKHRWKHU,UHSHDWZRXOGIURPWKH
ILUVWFDXVHWKHSXSLOWRWDFNOHGLIILFXOWLHVDQGRQO\GLIILFXOWLHV

217

DQGWRKXQJHUIRUSURZHVVRQO\ZKHUHWKHSDWKZDVDUGXRXVDQG
REVWDFOHVZHUHPDQ\DQGLWZDVQHFHVVDU\WRGLVSOD\WKHXWPRVW
VWUHQJWKRIPLQG,QGHHGIHZFRPSOHWHGWKHFRXUVHRIZKLFK,KDYH
VSRNHQZLWKRXWLVVXLQJWKHUHIURPUHOLDEOHVHDVRQHGILJKWHUVZKRFRXOG
NHHSWKHLUKHDGVLQWKHPRVWHPEDUUDVVLQJRIRIILFLDOSRVLWLRQVDQG
DWWLPHVZKHQROGHUDQGZLVHUPHQGLVWUDFWHGZLWKWKHDQQR\DQFHVRI
OLIHKDGHLWKHUDEDQGRQHGHYHU\WKLQJRUJURZQVODFNDQGLQGLIIHUHQW
KDGVXUUHQGHUHGWRWKHEULEHWDNHUVDQGWKHUDVFDOV,QVKRUWQR
H[SXSLORI$OH[DQGHU3HWURYLWFKHYHUZDYHUHGIURPWKHULJKWURDG
EXWIDPLOLDUZLWKOLIHDQGZLWKPHQDUPHGZLWKWKHZHDSRQVRI
SUXGHQFHH[HUWHGDSRZHUIXOLQIOXHQFHXSRQZURQJGRHUV
)RUDORQJWLPHSDVWWKHDUGHQW\RXQJ7LHQWLHWQLNRY
VH[FLWDEOHKHDUW
KDGDOVREHDWDWWKHWKRXJKWWKDWRQHGD\KHPLJKWDWWDLQWKHVHQLRU
FODVVGHVFULEHG$QGLQGHHGZKDWEHWWHUWHDFKHUFRXOGKHKDYHKDG
EHIDOOKLPWKDQLWVSUHFHSWRU"<HWMXVWDWWKHPRPHQWZKHQKHKDGEHHQ
WUDQVIHUUHGWKHUHWRMXVWDWWKHPRPHQWZKHQKHKDGUHDFKHGWKH
FRYHWHGSRVLWLRQGLGKLVLQVWUXFWRUFRPHVXGGHQO\E\KLVGHDWK7KLV
ZDVLQGHHGDEORZIRUWKHER\LQGHHGDWHUULEOHLQLWLDOORVV,QKLV
H\HVHYHU\WKLQJFRQQHFWHGZLWKWKHVFKRROVHHPHGWRXQGHUJRD
FKDQJHWKHFKLHIUHDVRQEHLQJWKHIDFWWKDWWRWKHSODFHRIWKH
GHFHDVHGKHDGPDVWHUWKHUHVXFFHHGHGDFHUWDLQ7KHGRU,YDQRYLWFKZKR
DWRQFHEHJDQWRLQVLVWXSRQFHUWDLQH[WHUQDOUXOHVDQGWRGHPDQGRI
WKHER\VZKDWRXJKWULJKWO\WRKDYHEHHQGHPDQGHGRQO\RIDGXOWV7KDW
LVWRVD\VLQFHWKHODGV
IUDQNDQGRSHQGHPHDQRXUVDYRXUHGWRKLP
RQO\RIODFNRIGLVFLSOLQHKHDQQRXQFHG DVWKRXJKLQGHOLEHUDWH
VSLWHRIKLVSUHGHFHVVRU WKDWKHFDUHGQRWKLQJIRUSURJUHVVDQG
LQWHOOHFWEXWWKDWKHHGZDVWREHSDLGRQO\WRJRRGEHKDYLRXU<HW
FXULRXVO\HQRXJKJRRGEHKDYLRXUZDVMXVWZKDWKHQHYHUREWDLQHGIRU
HYHU\NLQGRIVHFUHWSUDQNEHFDPHWKHUXOHDQGZKLOHE\GD\WKHUH
UHLJQHGUHVWUDLQWDQGFRQVSLUDF\E\QLJKWWKHUHEHJDQWRWDNHSODFH
FKDPEHULQJDQGZDQWRQQHVV
$OVRFHUWDLQFKDQJHVLQWKHFXUULFXOXPRIVWXGLHVFDPHDERXWIRU
WKHUHZHUHHQJDJHGQHZWHDFKHUVZKRKHOGQHZYLHZVDQGRSLQLRQVDQG
FRQIXVHGWKHLUKHDUHUVZLWKDPXOWLWXGHRIQHZWHUPVDQGSKUDVHVDQG
GLVSOD\HGLQWKHLUH[SRVLWLRQRIWKLQJVERWKORJLFDOVHTXHQFHDQGD
]HVWIRUPRGHUQGLVFRYHU\DQGPXFKZDUPWKRILQGLYLGXDOELDV<HW
WKHLULQVWUXFWLRQDODVFRQWDLQHGQR/,)(LQWKHPRXWKVRIWKRVH
WHDFKHUVDGHDGODQJXDJHVDYRXUHGPHUHO\RIFDUULRQ7KXVHYHU\WKLQJ
FRQQHFWHGZLWKWKHVFKRROXQGHUZHQWDUDGLFDODOWHUDWLRQDQGUHVSHFW
IRUDXWKRULW\DQGWKHDXWKRULWLHVZDQHGDQGWXWRUVDQGXVKHUVFDPHWR
EHGXEEHG2OG7KHGRU&UXVW\DQGWKHOLNH$QGVXQGU\RWKHU
WKLQJVEHJDQWRWDNHSODFHWKLQJVZKLFKQHFHVVLWDWHGPDQ\DSHQDOW\

218

DQGH[SXOVLRQXQWLOZLWKLQDFRXSOHRI\HDUVQRRQHZKRKDGNQRZQ
WKHVFKRROLQIRUPHUGD\VZRXOGQRZKDYHUHFRJQLVHGLW
1HYHUWKHOHVV7LHQWLHWQLNRYD\RXWKRIUHWLULQJGLVSRVLWLRQ
H[SHULHQFHGQROHDQLQJVWRZDUGVWKHQRFWXUQDORUJLHVRIKLV
FRPSDQLRQVRUJLHVGXULQJZKLFKWKHODWWHUXVHGWRIOLUWZLWKGDPVHOV
EHIRUHWKHYHU\ZLQGRZVRIWKHKHDGPDVWHU
VURRPVQRU\HWWRZDUGV
WKHLUPRFNHU\RIDOOWKDWZDVVDFUHGVLPSO\EHFDXVHIDWHKDGFDVWLQ
WKHLUZD\DQLQMXGLFLRXVSULHVW1RGHVSLWHLWVGUHDPLQHVVKLVVRXO
HYHUUHPHPEHUHGLWVFHOHVWLDORULJLQDQGFRXOGQRWEHGLYHUWHGIURP
WKHSDWKRIYLUWXH<HWVWLOOKHKXQJKLVKHDGIRUZKLOHKLV
DPELWLRQKDGFRPHWROLIHLWFRXOGILQGQRVRUWRIRXWOHW7UXO\

WZHUHZHOOLILWKDG127FRPHWROLIHIRUWKURXJKRXWWKHWLPHWKDW
KHZDVOLVWHQLQJWRSURIHVVRUVZKRJHVWLFXODWHGRQWKHLUFKDLUVKH
FRXOGQRWKHOSUHPHPEHULQJWKHROGSUHFHSWRUZKRLQYDULDEO\FRRODQG
FDOPKDG\HWNQRZQKRZWRPDNHKLPVHOIXQGHUVWRRG7RZKDWVXEMHFWV
WRZKDWOHFWXUHVGLGWKHER\QRWKDYHWROLVWHQWROHFWXUHVRQ
PHGLFLQHDQGRQSKLORVRSK\DQGRQODZDQGRQDYHUVLRQRIJHQHUDO
KLVWRU\VRHQODUJHGWKDWHYHQWKUHH\HDUVIDLOHGWRHQDEOHWKH
SURIHVVRUWRGRPRUHWKDQILQLVKWKHLQWURGXFWLRQWKHUHWRDQGDOVR
WKHDFFRXQWRIWKHGHYHORSPHQWRIVRPHVHOIJRYHUQLQJWRZQVLQ
*HUPDQ\1RQHRIWKHVWXIIUHPDLQHGIL[HGLQ7LHQWLHWQLNRY
VEUDLQ
VDYHDVVKDSHOHVVFORWVIRUWKRXJKKLVQDWLYHLQWHOOHFWFRXOGQRW
WHOOKLPKRZLQVWUXFWLRQRXJKWWREHLPSDUWHGLWDWOHDVWWROGKLP
WKDW7+,6ZDVQRWWKHZD\$QGIUHTXHQWO\DWVXFKPRPHQWVKHZRXOG
UHFDOO$OH[DQGHU3HWURYLWFKDQGJLYHZD\WRVXFKJULHIWKDWVFDUFHO\
GLGKHNQRZZKDWKHZDVGRLQJ
%XW\RXWKLVIRUWXQDWHLQWKHIDFWWKDWDOZD\VEHIRUHLWWKHUHOLHVD
IXWXUHDQGLQSURSRUWLRQDVWKHWLPHIRUKLVOHDYLQJVFKRROGUHZ
QLJK7LHQWLHWQLNRY
VKHDUWEHJDQWREHDWKLJKHUDQGKLJKHUDQGKH
VDLGWRKLPVHOI7KLVLVQRWOLIHEXWRQO\DSUHSDUDWLRQIRUOLIH
7UXHOLIHLVWREHIRXQGLQWKH3XEOLF6HUYLFH7KHUHDWOHDVWZLOO
WKHUHEHVFRSHIRUDFWLYLW\6REHVWRZLQJQRWDJODQFHXSRQWKDW
EHDXWLIXOFRUQHURIWKHZRUOGZKLFKQHYHUIDLOHGWRVWULNHWKHJXHVW
RUFKDQFHYLVLWRUZLWKDPD]HPHQWDQGUHYHUHQFLQJQRWDZKLWWKHGXVW
RIKLVDQFHVWRUVKHIROORZHGWKHH[DPSOHRIPRVWDPELWLRXVPHQRIKLV
FODVVE\UHSDLULQJWR6W3HWHUVEXUJ ZKLWKHUDVZHNQRZWKHPRUH
VSLULWHG\RXWKRI5XVVLDIURPHYHU\TXDUWHUJUDYLWDWHVWKHUHWRHQWHU
WKH3XEOLF6HUYLFHWRVKLQHWRREWDLQSURPRWLRQDQGLQDZRUGWR
VFDOHWKHWRSPRVWSHDNVRIWKDWSDOHFROGGHFHSWLYHHOHYDWLRQZKLFK
LVNQRZQDVVRFLHW\ %XWWKHUHDOVWDUWLQJSRLQWRI7LHQWLHWQLNRY
V
DPELWLRQZDVWKHPRPHQWZKHQKLVXQFOH RQH6WDWH&RXQFLOORU2QLIUL
,YDQRYLWFK LQVWLOOHGLQWRKLPWKHPD[LPWKDWWKHRQO\PHDQVWR

219

VXFFHVVLQWKH6HUYLFHOD\LQJRRGKDQGZULWLQJDQGWKDWZLWKRXWWKDW
DFFRPSOLVKPHQWQRRQHFRXOGHYHUKRSHWREHFRPHD0LQLVWHURU
6WDWHVPDQ7KXVZLWKJUHDWGLIILFXOW\DQGDOVRZLWKWKHKHOSRIKLV
XQFOH
VLQIOXHQFH\RXQJ7LHQWLHWQLNRYDWOHQJWKVXFFHHGHGLQEHLQJ
SRVWHGWRD'HSDUWPHQW2QWKHGD\WKDWKHZDVFRQGXFWHGLQWRD
VSOHQGLGVKLQLQJKDOODKDOOILWWHGZLWKLQODLGIORRUVDQGODFTXHUHG
GHVNVDVILQHDVWKRXJKWKLVZHUHDFWXDOO\WKHSODFHZKHUHWKHJUHDW
RQHVRIWKH(PSLUHPHWIRUGLVFXVVLRQRIWKHIRUWXQHVRIWKH6WDWHRQ
WKHGD\WKDWKHVDZOHJLRQVRIKDQGVRPHJHQWOHPHQRIWKHTXLOOGULYLQJ
SURIHVVLRQPDNLQJORXGVFUDWFKLQJVZLWKSHQVDQGFRFNLQJWKHLUKHDGV
WRRQHVLGHODVWO\RQWKHGD\WKDWKHVDZKLPVHOIDOVRDOORWWHGD
GHVNDQGUHTXHVWHGWRFRS\DGRFXPHQWZKLFKDSSHDUHGSXUSRVHO\WREH
RQHRIWKHSHWWLHVWSRVVLEOHRUGHU DVDPDWWHURIIDFWLWUHODWHGWR
DVXPRIWKUHHURXEOHVDQGKDGWDNHQKDOID\HDUWRSURGXFH ZHOO
DWWKDWPRPHQWDFXULRXVDQXQZRQWHGVHQVDWLRQVHL]HGXSRQWKH
LQH[SHULHQFHG\RXWKIRUWKHJHQWOHPHQDURXQGKLPDSSHDUHGVRH[DFWO\
OLNHDORWRIFROOHJHVWXGHQWV$QGWKHIXUWKHUWRFRPSOHWHWKH
UHVHPEODQFHVRPHRIWKHPZHUHHQJDJHGLQUHDGLQJWUDVK\WUDQVODWHG
QRYHOVZKLFKWKH\NHSWKXUULHGO\WKUXVWLQJEHWZHHQWKHVKHHWVRI
WKHLUDSSRUWLRQHGZRUNZKHQHYHUWKH'LUHFWRUDSSHDUHGDVWKRXJKWR
FRQYH\WKHLPSUHVVLRQWKDWLWZDVWRWKDWZRUNDORQHWKDWWKH\ZHUH
DSSO\LQJWKHPVHOYHV,QVKRUWWKHVFHQHVHHPHGWR7LHQWLHWQLNRY
VWUDQJHDQGKLVIRUPHUSXUVXLWVPRUHLPSRUWDQWWKDQKLVSUHVHQWDQG
KLVSUHSDUDWLRQIRUWKH6HUYLFHSUHIHUDEOHWRWKH6HUYLFHLWVHOI<HV
VXGGHQO\KHIHOWDORQJLQJIRUKLVROGVFKRRODQGDVVXGGHQO\DQG
ZLWKDOOWKHYLYLGQHVVRIOLIHWKHUHDSSHDUHGEHIRUHKLVYLVLRQWKH
ILJXUHRI$OH[DQGHU3HWURYLWFK+HDOPRVWEXUVWLQWRWHDUVDVKH
EHKHOGKLVROGPDVWHUDQGWKHURRPVHHPHGWRVZLPEHIRUHKLVH\HV
DQGWKHWFKLQRYQLNVDQGWKHGHVNVWREHFRPHDEOXUDQGKLVVLJKWWR
JURZGLP7KHQKHWKRXJKWWRKLPVHOIZLWKDQHIIRUW1RQR,:,//
DSSO\P\VHOIWRP\ZRUNKRZHYHUSHWW\LWEHDWILUVW$QGKDUGHQLQJ
KLVKHDUWDQGUHFRYHULQJKLVVSLULWKHGHWHUPLQHGWKHQDQGWKHUHWR
SHUIRUPKLVGXWLHVLQVXFKDPDQQHUDVVKRXOGEHDQH[DPSOHWRWKHUHVW
%XWZKHUHDUHFRPSHQVDWLRQVWREHIRXQG"(YHQLQ6W3HWHUVEXUJ
GHVSLWHLWVJULPDQGPXUN\H[WHULRUWKH\H[LVW<HVHYHQWKRXJK
WKLUW\GHJUHHVRINHHQFUDFNLQJIURVWPD\KDYHERXQGWKHVWUHHWVDQG
WKHIDPLO\RIWKH1RUWK:LQGEHZDLOLQJWKHUHDQGWKH6QRZVWRUP:LWFK
KDYHKHDSHGKLJKWKHSDYHPHQWVDQGEHEOLQGLQJWKHH\HVDQG
SRZGHULQJEHDUGVDQGIXUFROODUVDQGWKHVKDJJ\PDQHVRIKRUVHVHYHQ
7+(1WKHUHZLOOEHVKLQLQJKRVSLWDEO\WKURXJKWKHVZLUOLQJ
VQRZIODNHVDIRXUWKIORRUZLQGRZZKHUHLQDFRV\URRPDQGE\WKH
OLJKWRIPRGHVWFDQGOHVDQGWRWKHKLVVRIWKHVDPRYDUWKHUHZLOOEH
LQSURJUHVVDGLVFXVVLRQZKLFKZDUPVWKHKHDUWDQGVRXORUHOVHD

220

UHDGLQJDORXGRIDEULOOLDQWSDJHRIRQHRIWKRVHLQVSLUHG5XVVLDQ
SRHWVZLWKZKRP*RGKDVGRZHUHGXVZKLOHWKHEUHDVWRIHDFKPHPEHURI
WKHFRPSDQ\LVKHDYLQJZLWKDUDSWXUHXQNQRZQXQGHUDQRRQWLGHVN\
*UDGXDOO\WKHUHIRUH7LHQWLHWQLNRYJUHZPRUHDWKRPHLQWKH6HUYLFH
<HWQHYHUGLGLWEHFRPHIRUKLPWKHPDLQSXUVXLWWKHPDLQREMHFWLQ
OLIHZKLFKKHKDGH[SHFWHG1RLWUHPDLQHGEXWRQHRIDVHFRQGDU\
NLQG7KDWLVWRVD\LWVHUYHGPHUHO\WRGLYLGHXSKLVWLPHDQG
HQDEOHKLPWKHPRUHWRYDOXHKLVKRXUVRIOHLVXUH1HYHUWKHOHVVMXVW
ZKHQKLVXQFOHZDVEHJLQQLQJWRIODWWHUKLPVHOIWKDWKLVQHSKHZZDV
GHVWLQHGWRVXFFHHGLQWKHSURIHVVLRQWKHVDLGQHSKHZHOHFWHGWRUXLQ
KLVHYHU\KRSH7KXVLWEHIHOO7LHQWLHWQLNRY
VIULHQGV KHKDGPDQ\
LQFOXGHGDPRQJWKHLUQXPEHUDFRXSOHRIIHOORZVRIWKHVSHFLHVNQRZQ
DVHPELWWHUHG7KDWLVWRVD\WKRXJKJRRGQDWXUHGVRXOVRIWKDW
FXULRXVO\UHVWOHVVW\SHZKLFKFDQQRWHQGXUHLQMXVWLFHQRUDQ\WKLQJ
ZKLFKLWFRQFHLYHVWREHVXFKWKH\ZHUHWKRURXJKO\XQEDODQFHGRI
FRQGXFWWKHPVHOYHVDQGZKLOHGHPDQGLQJJHQHUDODJUHHPHQWZLWKWKHLU
YLHZVWUHDWHGWKRVHRIRWKHUVZLWKWKHVFDQWLHVWRIFHUHPRQ\
1HYHUWKHOHVVWKHVHWZRDVVRFLDWHVH[HUFLVHGXSRQ7LHQWLHWQLNRYERWK
E\WKHILUHRIWKHLUHORTXHQFHDQGE\WKHIRUPRIWKHLUQREOH
GLVVDWLVIDFWLRQZLWKVRFLHW\DYHU\VWURQJLQIOXHQFHZLWKWKHUHVXOW
WKDWWKURXJKDURXVLQJLQKLPDQLQQDWHWHQGHQF\WRQHUYRXV
UHVHQWPHQWWKH\OHGKLPDOVRWRQRWLFHWULIOHVZKLFKEHIRUHKDG
HVFDSHGKLVDWWHQWLRQ$QLQVWDQFHRIWKLVLVVHHQLQWKHIDFWWKDWKH
FRQFHLYHGDJDLQVW7KHGRU7KHGRURYLWFK/LHQLWVLQ'LUHFWRURIRQHRI
WKH'HSDUWPHQWVZKLFKZDVTXDUWHUHGLQWKHVSOHQGLGUDQJHRIRIILFHV
EHIRUHPHQWLRQHGDGLVOLNHZKLFKSURYHGWKHFDXVHRIKLVGLVFHUQLQJQ
WKHPDQDKRVWRIKLWKHUWRXQPDUNHGLPSHUIHFWLRQV$ERYHDOOWKLQJV
GLG7LHQWLHWQLNRYWDNHLWLQWRKLVKHDGWKDWZKHQFRQYHUVLQJZLWKKLV
VXSHULRUV/LHQLWVLQEHFDPHRIWKHPRPHQWDVWLFNRIOXVFLRXV
VZHHWPHDWEXWWKDWZKHQFRQYHUVLQJZLWKKLVLQIHULRUVKH
DSSUR[LPDWHGPRUHWRDYLQHJDUFUXHW&HUWDLQLWLVWKDWOLNHDOO
SHWW\PLQGHGLQGLYLGXDOV/LHQLWVLQPDGHDQRWHRIDQ\RQHZKRIDLOHG
WRRIIHUKLPDJUHHWLQJRQIHVWLYDOGD\VDQGWKDWKHUHYHQJHGKLPVHOI
XSRQDQ\RQHZKRVHYLVLWLQJFDUGKDGQRWEHHQKDQGHGWRKLVEXWOHU
(YHQWXDOO\WKH\RXWK
VDYHUVLRQDOPRVWDWWDLQHGWKHSRLQWRIK\VWHULD
XQWLOKHIHOWWKDWFRPHZKDWPLJKWKH0867LQVXOWWKHIHOORZLQ
VRPHIDVKLRQ7RWKDWWDVNKHDSSOLHGKLPVHOIFRQDPRUHDQGVR
WKRURXJKO\WKDWKHPHWZLWKFRPSOHWHVXFFHVV7KDWLVWRVD\KH
VHL]HGRQDQRFFDVLRQWRDGGUHVV/LHQLWVLQLQVXFKIDVKLRQWKDWWKH
GHOLQTXHQWUHFHLYHGQRWLFHHLWKHUWRDSRORJLHVRUWROHDYHWKH
6HUYLFHDQGZKHQRIWKHVHDOWHUQDWLYHVKHFKRVHWKHODWWHUKLVXQFOH
FDPHWRKLPDQGPDGHDWHUULILHGDSSHDO)RU*RG
VVDNHUHPHPEHU
ZKDW\RXDUHGRLQJKHFULHG7RWKLQNWKDWDIWHUEHJLQQLQJ\RXU

221

FDUHHUVRZHOO\RXVKRXOGDEDQGRQLWPHUHO\IRUWKHUHDVRQWKDW\RX
KDYHQRWIDOOHQLQZLWKWKHVRUWRI'LUHFWRUZKRP\RXSUHIHU:KDWGR
\RXPHDQE\LWZKDWGR\RXPHDQE\LW":HUHRWKHUVWRUHJDUGWKLQJV
LQWKHVDPHZD\WKH6HUYLFHZRXOGILQGLWVHOIZLWKRXWDVLQJOH
LQGLYLGXDO5HFRQVLGHU\RXUFRQGXFWIRUHJR\RXUSULGHDQGFRQFHLW
DQGPDNH/LHQLWVLQDPHQGV
%XWGHDU8QFOHWKHQHSKHZUHSOLHGWKDWLVQRWWKHSRLQW7KH
SRLQWLVQRWWKDW,VKRXOGILQGDQDSRORJ\GLIILFXOWWRRIIHUVHHLQJ
WKDWVLQFH/LHQLWVLQLVP\VXSHULRUDQG,RXJKWQRWWRKDYH
DGGUHVVHGKLPDV,GLG,DPFOHDUO\LQWKHZURQJ5DWKHUWKHSRLQW
LVWKHIROORZLQJ7RP\FKDUJHWKHUHKDVEHHQFRPPLWWHGWKH
SHUIRUPDQFHRIDQRWKHUNLQGRIVHUYLFH7KDWLVWRVD\,DPWKHRZQHU
RIWKUHHKXQGUHGSHDVDQWVRXOVDEDGO\DGPLQLVWHUHGHVWDWHDQGD
IRRORIDEDLOLII7KDWEHLQJVRZKHUHDVWKH6WDWHZLOOORVHOLWWOH
E\KDYLQJWRILOOP\VWRROZLWKDQRWKHUFRS\LVWLWZLOOORVHYHU\
PXFKE\FDXVLQJWKUHHKXQGUHGSHDVDQWVRXOVWRIDLOLQWKHSD\PHQWRI
WKHLUWD[HV$V,VD\ KRZDP,WRSXWLW" ,DPDODQGRZQHUZKRKDV
SUHIHUUHGWRHQWHUWKH3XEOLF6HUYLFH1RZVKRXOG,HPSOR\P\VHOI
KHQFHIRUWKLQFRQVHUYLQJUHVWRULQJDQGLPSURYLQJWKHIRUWXQHVRIWKH
VRXOVZKRP*RGKDVHQWUXVWHGWRP\FDUHDQGWKHUHE\SURYLGHWKH6WDWH
ZLWKWKUHHKXQGUHGODZDELGLQJVREHUKDUGZRUNLQJWD[SD\HUVKRZ
ZLOOWKDWVHUYLFHRIPLQHUDQNDVLQIHULRUWRWKHVHUYLFHRID
GHSDUWPHQWGLUHFWLQJIRROOLNH/LHQLWVLQ"
2QKHDULQJWKLVVSHHFKWKH6WDWH&RXQFLOORUFRXOGRQO\JDSHIRUKH
KDGQRWH[SHFWHG7LHQWLHWQLNRY
VWRUUHQWRIZRUGV+HUHIOHFWHGDIHZ
PRPHQWVDQGWKHQPXUPXUHG
<HVEXWEXWEXWKRZFDQDPDQOLNH\RXUHWLUHWRUXVWLFDWLRQLQ
WKHFRXQWU\":KDWVRFLHW\ZLOO\RXJHWWKHUH"+HUHRQHPHHWVDWOHDVW
DJHQHUDORUDSULQFHVRPHWLPHVLQGHHGQRPDWWHUZKRP\RXSDVVLQ
WKHVWUHHWWKDWSHUVRQUHSUHVHQWVJDVODPSVDQG(XURSHDQ
FLYLOLVDWLRQEXWLQWKHFRXQWU\QRPDWWHUZKDWSDUWRILW\RXDUH
LQQRWDVRXOLVWREHHQFRXQWHUHGVDYHPX]KLNVDQGWKHLUZRPHQ:K\
VKRXOG\RXJRDQGFRQGHPQ\RXUVHOIWRDVWDWHRIYHJHWDWLRQOLNH
WKDW"
1HYHUWKHOHVVWKHXQFOH
VH[SRVWXODWLRQVIHOOXSRQGHDIHDUVIRU
DOUHDG\WKHQHSKHZZDVEHJLQQLQJWRWKLQNRIKLVHVWDWHDVDUHWUHDW
RIDW\SHPRUHOLNHO\WRQRXULVKWKHLQWHOOHFWXDOIDFXOWLHVDQGDIIRUG
WKHRQO\SURILWDEOHILHOGRIDFWLYLW\$IWHUXQHDUWKLQJRQHRUWZR
PRGHUQZRUNVRQDJULFXOWXUHWKHUHIRUHKHWZRZHHNVODWHUIRXQG
KLPVHOILQWKHQHLJKERXUKRRGRIWKHKRPHZKHUHKLVER\KRRGKDGEHHQ

222

VSHQWDQGDSSURDFKLQJWKHVSRWZKLFKQHYHUIDLOHGWRHQWKUDOWKH
YLVLWRURUJXHVW$QGLQWKH\RXQJPDQ
VEUHDVWWKHUHZDVEHJLQQLQJWR
SDOSLWDWHDQHZIHHOLQJLQWKH\RXQJPDQ
VVRXOWKHUHZHUH
UHDZDNHQLQJROGORQJFRQFHDOHGLPSUHVVLRQVZLWKWKHUHVXOWWKDWPDQ\
DVSRWZKLFKKDGORQJEHHQIDGHGIURPKLVPHPRU\QRZILOOHGKLPZLWK
LQWHUHVWDQGWKHEHDXWLIXOYLHZVRQWKHHVWDWHIRXQGKLPJD]LQJDW
WKHPOLNHDQHZFRPHUDQGZLWKDEHDWLQJKHDUW<HVDVWKHURDGZRXQG
WKURXJKDQDUURZUDYLQHDQGEHFDPHHQJXOIHGLQDIRUHVWZKHUHERWK
DERYHDQGEHORZKHVDZWKUHHFHQWXULHVROGRDNVZKLFKWKUHHPHQFRXOG
QRWKDYHVSDQQHGDQGZKHUH6LEHULDQILUVDQGHOPVRYHUWRSSHGHYHQWKH
SRSODUVDQGDVKHDVNHGWKHSHDVDQWVWRWHOOKLPWRZKRPWKHIRUHVW
EHORQJHGDQGWKH\UHSOLHG7R7LHQWLHWQLNRYDQGKHLVVXHGIURPWKH
IRUHVWDQGSURFHHGHGRQKLVZD\WKURXJKPHDGRZVDQGSDVWVSLQQH\VRI
HOGHUDQGRIROGDQG\RXQJZLOORZVDQGDUULYHGLQVLJKWRIWKH
GLVWDQWUDQJHRIKLOOVDQGFURVVLQJE\WZRGLIIHUHQWEULGJHVWKH
ZLQGLQJULYHU ZKLFKKHOHIWVXFFHVVLYHO\WRULJKWDQGWROHIWRIKLP
DVKHGLGVR KHDJDLQTXHVWLRQHGVRPHSHDVDQWVFRQFHUQLQJWKH
RZQHUVKLSRIWKHPHDGRZVDQGWKHIORRGHGODQGVDQGZDVDJDLQLQIRUPHG
WKDWWKH\DOOEHORQJHGWR7LHQWLHWQLNRYDQGWKHQDVFHQGLQJDULVH
UHDFKHGDWDEOHODQGZKHUHRQRQHVLGHOD\XQJDUQHUHGILHOGVRIZKHDW
DQGU\HDQGEDUOH\DQGRQWKHRWKHUWKHFRXQWU\DOUHDG\WUDYHUVHG
EXWZKLFKQRZVKRZHGLQVKRUWHQHGSHUVSHFWLYH DQGWKHQSOXQJHG
LQWRWKHVKDGHRIVRPHIRUNHGXPEUDJHRXVWUHHVZKLFKVWRRGVFDWWHUHG
RYHUWXUIDQGH[WHQGHGWRWKHPDQRUKRXVHLWVHOIDQGFDXJKWJOLPSVHV
RIWKHFDUYHGKXWVRIWKHSHDVDQWVDQGRIWKHUHGURRIVRIWKHVWRQH
PDQRULDORXWEXLOGLQJVDQGRIWKHJOLWWHULQJSLQQDFOHVRIWKHFKXUFK
DQGIHOWKLVKHDUWEHDWLQJDQGNQHZZLWKRXWEHLQJWROGE\DQ\RQH
ZKLWKHUKHKDGDWOHQJWKDUULYHGZHOOWKHQWKHIHHOLQJZKLFKKDG
EHHQJURZLQJZLWKLQKLVVRXOEXUVWIRUWKDQGKHFULHGLQHFVWDV\
:K\KDYH,EHHQDIRROVRORQJ":K\VHHLQJWKDWIDWHKDVDSSRLQWHG
PHWREHUXOHURIDQHDUWKO\SDUDGLVHGLG,SUHIHUWRELQGP\VHOILQ
VHUYLWXGHDVDVFULEHRIOLIHOHVVGRFXPHQWV"7RWKLQNWKDWDIWHU,
KDGEHHQQXUWXUHGDQGVFKRROHGDQGVWRUHGZLWKDOOWKHNQRZOHGJH
QHFHVVDU\IRUWKHGLIIXVLRQRIJRRGDPRQJWKRVHXQGHUPHDQGIRUWKH
LPSURYHPHQWRIP\GRPDLQDQGIRUWKHIXOILOPHQWRIWKHPDQLIROG
GXWLHVRIDODQGRZQHUZKRLVDWRQFHMXGJHDGPLQLVWUDWRUDQG
FRQVWDEOHRIKLVSHRSOH,VKRXOGKDYHHQWUXVWHGP\HVWDWHWRDQ
LJQRUDQWEDLOLIIDQGVRXJKWWRPDLQWDLQDQDEVHQWHHJXDUGLDQVKLSRYHU
WKHDIIDLUVRIVHUIVZKRP,KDYHQHYHUPHWDQGRIZKRVHFDSDELOLWLHV
DQGFKDUDFWHUV,DP\HWLJQRUDQW7RWKLQNWKDW,VKRXOGKDYHGHHPHG
WUXHHVWDWHPDQDJHPHQWLQIHULRUWRDGRFXPHQWDU\IDQWDVWLFDO
PDQDJHPHQWRISURYLQFHVZKLFKOLHDWKRXVDQGYHUVWVDZD\DQGZKLFKP\
IRRWKDVQHYHUWURGDQGZKHUH,FRXOGQHYHUKDYHHIIHFWHGDXJKWEXW

223

EOXQGHUVDQGLUUHJXODULWLHV
0HDQZKLOHDQRWKHUVSHFWDFOHZDVEHLQJSUHSDUHGIRUKLP2QOHDUQLQJ
WKDWWKHEDULQZDVDSSURDFKLQJWKHPDQVLRQWKHPX]KLNVFROOHFWHGRQ
WKHYHUDQGDKLQYHU\YDULHW\RISLFWXUHVTXHGUHVVDQGWRQVXUHDQG
ZKHQWKHVHJRRGIRONVXUURXQGHGKLPDQGWKHUHDURVHDUHVRXQGLQJ
VKRXWRI+HUHLVRXU)RVWHU)DWKHU+HKDVUHPHPEHUHGXVDQGLQ
VSLWHRIWKHPVHOYHVVRPHRIWKHROGHUPHQDQGZRPHQEHJDQZHHSLQJDV
WKH\UHFDOOHGKLVJUDQGIDWKHUDQGJUHDWJUDQGIDWKHUKHKLPVHOIFRXOG
QRWUHVWUDLQKLVWHDUVEXWUHIOHFWHG+RZPXFKDIIHFWLRQ$QGLQ
UHWXUQIRUZKDW",QUHWXUQIRUP\QHYHUKDYLQJFRPHWRVHHWKHPLQ
UHWXUQIRUP\QHYHUKDYLQJWDNHQWKHOHDVWLQWHUHVWLQWKHLUDIIDLUV
$QGWKHQDQGWKHUHKHUHJLVWHUHGDPHQWDOYRZWRVKDUHWKHLUHYHU\
WDVNDQGRFFXSDWLRQ
6RKHDSSOLHGKLPVHOIWRVXSHUYLVLQJDQGDGPLQLVWHULQJ+HUHGXFHGWKH
DPRXQWRIWKHEDUVWFKLQD>@KHGHFUHDVHGWKHQXPEHURIZRUNLQJGD\V
IRUWKHRZQHUDQGKHDXJPHQWHGWKHVXPRIWKHSHDVDQWV
OHLVXUHWLPH
+HDOVRGLVPLVVHGWKHIRRORIDEDLOLIIDQGWRRNWREHDULQJD
SHUVRQDOKDQGLQHYHU\WKLQJWREHLQJSUHVHQWLQWKHILHOGVDWWKH
WKUHVKLQJIORRUDWWKHNLOQVDWWKHZKDUIDWWKHIUHLJKWLQJRI
EDUJHVDQGUDIWVDQGDWWKHLUFRQYH\DQFHGRZQWKHULYHUZKHUHIRUH
HYHQWKHOD]\KDQGVEHJDQWRORRNWRWKHPVHOYHV%XWWKLVGLGQRWODVW
ORQJ7KHSHDVDQWLVDQREVHUYDQWLQGLYLGXDODQG7LHQWLHWQLNRY
V
PX]KLNVVRRQVFHQWHGWKHIDFWWKDWWKRXJKHQHUJHWLFDQGGHVLURXVRI
GRLQJPXFKWKHEDULQKDGQRQRWLRQKRZWRGRLWQRUHYHQKRZWRVHW
DERXWLWWKDWLQVKRUWKHVSRNHE\WKHERRNUDWKHUWKDQRXWRIKLV
SHUVRQDONQRZOHGJH&RQVHTXHQWO\WKLQJVUHVXOWHGQRWLQPDVWHUDQG
PHQIDLOLQJWRXQGHUVWDQGRQHDQRWKHUEXWLQWKHLUQRWVLQJLQJ
WRJHWKHULQWKHLUQRWSURGXFLQJWKHYHU\VDPHQRWH
>@,QWKHGD\VRIVHUIGRPWKHUDWHRIIRUFHGODERXUVRPDQ\KRXUV
RUVRPDQ\GD\VSHUZHHNZKLFKWKHVHUIKDGWRSHUIRUPIRUKLV
SURSULHWRU
7KDWLVWRVD\LWZDVQRWORQJEHIRUH7LHQWLHWQLNRYQRWLFHGWKDWRQ
WKHPDQRULDOODQGVQRWKLQJSURVSHUHGWRWKHH[WHQWWKDWLWGLGRQWKH
SHDVDQWV
7KHPDQRULDOFURSVZHUHVRZQLQJRRGWLPHDQGFDPHXS
ZHOODQGHYHU\RQHDSSHDUHGWRZRUNKLVEHVWVRPXFKVRWKDW
7LHQWLHWQLNRYZKRVXSHUYLVHGWKHZKROHIUHTXHQWO\RUGHUHGPXJVRI
YRGNDWREHVHUYHGRXWDVDUHZDUGIRUWKHH[FHOOHQFHRIWKHODERXU
SHUIRUPHG<HWWKHU\HRQWKHSHDVDQWV
ODQGKDGIRUPHGLQWRHDUDQG
WKHRDWVKDGEHJXQWRVKRRWWKHLUJUDLQDQGWKHPLOOHWKDGILOOHG
EHIRUHRQWKHPDQRULDOODQGVWKHFRUQKDGVRPXFKDVJURZQWRVWDON

224

RUWKHHDUVKDGVSURXWHGLQHPEU\R,QVKRUWJUDGXDOO\WKHEDULQ
UHDOLVHGWKDWLQVSLWHRIIDYRXUVFRQIHUUHGWKHSHDVDQWVZHUH
SOD\LQJWKHURJXHZLWKKLP1H[WKHUHVRUWHGWRUHPRQVWUDQFHEXWZDV
PHWZLWKWKHUHSO\+RZFRXOGZHQRWGRRXUEHVWIRURXUEDULQ"<RX
\RXUVHOIVDZKRZZHOOZHODERXUHGDWWKHSORXJKLQJDQGWKHVRZLQJIRU
\RXJDYHXVPXJVRIYRGNDIRURXUSDLQV
7KHQZK\KDYHWKLQJVWXUQHGRXWVREDGO\"WKHEDULQSHUVLVWHG
:KRFDQVD\",WPXVWEHWKDWDJUXEKDVHDWHQWKHFURSIURPEHORZ
%HVLGHVZKDWDVXPPHUKDVLWEHHQQHYHUDGURSRIUDLQ
1HYHUWKHOHVVWKHEDULQQRWHGWKDWQRJUXEKDGHDWHQWKH3($6$176

FURSVDVZHOODVWKDWWKHUDLQKDGIDOOHQLQWKHPRVWFXULRXV
IDVKLRQQDPHO\LQSDWFKHV,WKDGREOLJHGWKHPX]KLNVEXWKDGVKHG
DPHUHVSULQNOLQJIRUWKHEDULQ
6WLOOPRUHGLIILFXOWGLGKHILQGLWWRGHDOZLWKWKHSHDVDQWZRPHQ
(YHUDQGDQRQWKH\ZRXOGEHJWREHH[FXVHGIURPZRUNRUVWDUWPDNLQJ
FRPSODLQWVRIWKHVHYHULW\RIWKHEDUVWFKLQD,QGHHGWKH\ZHUH
WHUULEOHIRON+RZHYHU7LHQWLHWQLNRYDEROLVKHGWKHPDMRULW\RIWKH
WLWKHVRIOLQHQKHGJHIUXLWPXVKURRPVDQGQXWVDQGDOVRUHGXFHGE\
RQHKDOIRWKHUWDVNVSURSHUWRWKHZRPHQLQWKHKRSHWKDWWKH\ZRXOG
GHYRWHWKHLUVSDUHWLPHWRWKHLURZQGRPHVWLFFRQFHUQVQDPHO\WR
VHZLQJDQGPHQGLQJDQGWRPDNLQJFORWKHVIRUWKHLUKXVEDQGVDQGWR
LQFUHDVLQJWKHDUHDRIWKHLUNLWFKHQJDUGHQV<HWQRVXFKUHVXOWFDPH
DERXW2QWKHFRQWUDU\VXFKDSLWFKGLGWKHLGOHQHVVWKH
TXDUUHOVRPHQHVVDQGWKHLQWULJXLQJDQGFDEDOOLQJRIWKHIDLUVH[
DWWDLQWKDWWKHLUKHOSPHHWVZHUHIRUHYHUFRPLQJWRWKHEDULQZLWKD
UHTXHVWWKDWKHZRXOGULGRQHRUDQRWKHURIKLVZLIHVLQFHVKHKDG
EHFRPHDQXLVDQFHDQGWROLYHZLWKKHUZDVLPSRVVLEOH
1H[WKDUGHQLQJKLVKHDUWWKHEDULQDWWHPSWHGVHYHULW\%XWRIZKDW
DYDLOZDVVHYHULW\"7KHSHDVDQWZRPDQUHPDLQHGDOZD\VWKHSHDVDQW
ZRPDQDQGZRXOGFRPHDQGZKLQHWKDWVKHZDVVLFNDQGDLOLQJDQGNHHS
SLWLIXOO\KXJJLQJWRKHUVHOIWKHPHDQDQGILOWK\UDJVZKLFKVKHKDG
GRQQHGIRUWKHRFFDVLRQ$QGZKHQSRRU7LHQWLHWQLNRYIRXQGKLPVHOI
XQDEOHWRVD\PRUHWRKHUWKDQMXVW*HWRXWRIP\VLJKWDQGPD\WKH
/RUGJRZLWK\RXWKHQH[WLWHPLQWKHFRPHG\ZRXOGEHWKDWKHZRXOG
VHHKHUHYHQDVVKHZDVOHDYLQJKLVJDWHVIDOOWRFRQWHQGLQJZLWKD
QHLJKERXUIRUVD\WKHSRVVHVVLRQRIDWXUQLSDQGGHDOLQJRXWVODSV
LQWKHIDFHVXFKDVHYHQDVWURQJKHDOWK\PDQFRXOGVFDUFHO\KDYH
FRPSDVVHG

225

$JDLQDPRQJVWRWKHUWKLQJV7LHQWLHWQLNRYFRQFHLYHGWKHLGHDRI
HVWDEOLVKLQJDVFKRROIRUKLVSHRSOHEXWWKHVFKHPHUHVXOWHGLQD
IDUFHZKLFKOHIWKLPLQVDFNFORWKDQGDVKHV,QWKHVDPHZD\KHIRXQG
WKDWZKHQLWFDPHWRDTXHVWLRQRIGLVSHQVLQJMXVWLFHDQGRI
DGMXVWLQJGLVSXWHVWKHKRVWRIMXULGLFDOVXEWOHWLHVZLWKZKLFKWKH
SURIHVVRUVKDGSURYLGHGKLPSURYHGDEVROXWHO\XVHOHVV7KDWLVWRVD\
WKHRQHSDUW\OLHGDQGWKHRWKHUSDUW\OLHGDQGRQO\WKHGHYLOFRXOG
KDYHGHFLGHGEHWZHHQWKHP&RQVHTXHQWO\KHKLPVHOISHUFHLYHGWKDWD
NQRZOHGJHRIPDQNLQGZRXOGKDYHDYDLOHGKLPPRUHWKDQDOOWKHOHJDO
UHILQHPHQWVDQGSKLORVRSKLFDOPD[LPVLQWKHZRUOGFRXOGGR+HODFNHG
VRPHWKLQJDQGWKRXJKKHFRXOGQRWGLYLQHZKDWLWZDVWKHVLWXDWLRQ
EURXJKWDERXWZDVWKHFRPPRQRQHRIWKHEDULQIDLOLQJWRXQGHUVWDQG
WKHSHDVDQWDQGWKHSHDVDQWIDLOLQJWRXQGHUVWDQGWKHEDULQDQGERWK
EHFRPLQJGLVDIIHFWHG,QWKHHQGWKHVHGLIILFXOWLHVVRFKLOOHG
7LHQWLHWQLNRY
VHQWKXVLDVPWKDWKHWRRNWRVXSHUYLVLQJWKHODERXUVRI
WKHILHOGZLWKJUHDWO\GLPLQLVKHGDWWHQWLRQ7KDWLVWRVD\QRPDWWHU
ZKHWKHUWKHVF\WKHVZHUHVRIWO\VZLVKLQJWKURXJKWKHJUDVVRUULFNV
ZHUHEHLQJEXLOWRUUDIWVZHUHEHLQJORDGHGKHZRXOGDOORZKLVH\HV
WRZDQGHUIURPKLVPHQDQGWRIDOOWRJD]LQJDWVD\DUHGELOOHG
UHGOHJJHGKHURQZKLFKDIWHUVWUXWWLQJDORQJWKHEDQNRIDVWUHDP
ZRXOGKDYHFDXJKWDILVKLQLWVEHDNDQGEHKROGLQJLWDZKLOHDV
WKRXJKLQGRXEWZKHWKHUWRVZDOORZLW1H[WKHZRXOGJODQFHWRZDUGV
WKHVSRWZKHUHDVLPLODUELUGEXWRQHQRW\HWLQSRVVHVVLRQRID
ILVKZDVHQJDJHGLQZDWFKLQJWKHGRLQJVRILWVPDWH/DVWO\ZLWK
H\HEURZVNQLWWHGDQGIDFHWXUQHGWRVFDQWKH]HQLWKKHZRXOGGULQN
LQWKHVPHOORIWKHILHOGVDQGIDOOWROLVWHQLQJWRWKHZLQJHG
SRSXODWLRQRIWKHDLUDVIURPHDUWKDQGVN\DOLNHWKHPDQLIROGPXVLF
RIZLQJHGFUHDWXUHVFRPELQHGLQDVLQJOHKDUPRQLRXVFKRUXV,QWKHU\H
WKHTXDLOZRXOGEHFDOOLQJDQGLQWKHJUDVVWKHFRUQFUDNHDQGRYHU
WKHPZRXOGEHZKHHOLQJIORFNVRIWZLWWHULQJOLQQHWV$OVRWKH
MDFNVQLSHZRXOGEHXWWHULQJLWVFURDNDQGWKHODUNH[HFXWLQJLWV
URXODGHVZKHUHLWKDGEHFRPHORVWLQWKHVXQVKLQHDQGFUDQHVVHQGLQJ
IRUWKWKHLUWUXPSHWOLNHFKDOOHQJHDVWKH\GHSOR\HGWRZDUGVWKH]HQLWK
LQWULDQJOHVKDSHGIORFNV,QIDFWWKHQHLJKERXUKRRGZRXOGVHHPWR
KDYHEHFRPHFRQYHUWHGLQWRRQHJUHDWFRQFHUWRIPHORG\2&UHDWRUKRZ
IDLULV7K\ZRUOGZKHUHLQUHPRWHUXUDOVHFOXVLRQLWOLHVDSDUW
IURPFLWLHVDQGIURPKLJKZD\V
%XWVRRQHYHQWKLVEHJDQWRSDOOXSRQ7LHQWLHWQLNRYDQGKHFHDVHG
DOWRJHWKHUWRYLVLWKLVILHOGVRUWRGRDXJKWEXWVKXWKLPVHOIXSLQ
KLVURRPVZKHUHKHUHIXVHGWRUHFHLYHHYHQWKHEDLOLIIZKHQWKDW
IXQFWLRQDU\FDOOHGZLWKKLVUHSRUWV$JDLQDOWKRXJKXQWLOQRZKH
KDGWRDFHUWDLQH[WHQWDVVRFLDWHGZLWKDUHWLUHGFRORQHORI
KXVVDUVDPDQVDWXUDWHGZLWKWREDFFRVPRNHDQGDOVRZLWKDVWXGHQW

226

RISURQRXQFHGEXWLPPDWXUHRSLQLRQVZKRFXOOHGWKHEXONRIKLV
ZLVGRPIURPFRQWHPSRUDU\QHZVSDSHUVDQGSDPSKOHWVKHIRXQGDVWLPH
ZHQWRQWKDWWKHVHFRPSDQLRQVSURYHGDVWHGLRXVDVWKHUHVWDQGFDPH
WRWKLQNWKHLUFRQYHUVDWLRQVXSHUILFLDODQGWKHLU(XURSHDQPHWKRGRI
FRPSRUWLQJWKHPVHOYHVWKDWLVWRVD\WKHPHWKRGRIFRQYHUVLQJZLWK
PXFKVODSSLQJRINQHHVDQGDJUHDWGHDORIERZLQJDQG
JHVWLFXODWLRQWRRGLUHFWDQGXQDGRUQHG6RWKHVHDQGHYHU\RQHHOVH
KHGHFLGHGWRGURSDQGFDUULHGWKLVUHVROXWLRQLQWRHIIHFWZLWKD
FHUWDLQDPRXQWRIUXGHQHVV2QWKHQH[WRFFDVLRQWKDW9DUYDU
1LNRODLHYLWFK9LVKQHSRNURPRYFDOOHGWRLQGXOJHLQDIUHHDQGHDV\
V\PSRVLXPRQSROLWLFVSKLORVRSK\OLWHUDWXUHPRUDOVDQGWKHVWDWH
RIILQDQFLDODIIDLUVLQ(QJODQG KHZDVLQDOOPDWWHUVZKLFKDGPLWRI
VXSHUILFLDOGLVFXVVLRQWKHSOHDVDQWHVWIHOORZDOLYHVHHLQJWKDWKH
ZDVDW\SLFDOUHSUHVHQWDWLYHERWKRIWKHUHWLUHGILUHHDWHUDQGRIWKH
VFKRRORIWKRXJKWZKLFKLVQRZEHFRPLQJWKHUDJH ZKHQ,VD\WKLV
QH[WKDSSHQHG7LHQWLHWQLNRYPHUHO\VHQWRXWWRVD\WKDWKHZDVQRWDW
KRPHDQGWKHQFDUHIXOO\VKRZHGKLPVHOIDWWKHZLQGRZ+RVWDQGJXHVW
H[FKDQJHGJODQFHVDQGZKLOHWKHRQHPXWWHUHGWKURXJKKLVWHHWK7KH
FXUWKHRWKHUUHOLHYHGKLVIHHOLQJVZLWKDUHPDUNRUWZRRQVZLQH
7KXVWKHDFTXDLQWDQFHFDPHWRDQDEUXSWHQGDQGIURPWKDWWLPHIRUWK
QRYLVLWRUFDOOHGDWWKHPDQVLRQ
7LHQWLHWQLNRYLQQRZD\UHJUHWWHGWKLVIRUKHFRXOGQRZGHYRWH
KLPVHOIZKROO\WRWKHSURMHFWLRQRIDJUHDWZRUNRQ5XVVLD2IWKH
VFDOHRQZKLFKWKLVFRPSRVLWLRQZDVFRQFHLYHGWKHUHDGHULVDOUHDG\
DZDUH7KHUHDGHUDOVRNQRZVKRZVWUDQJHKRZXQV\VWHPDWLFZDVWKH
V\VWHPHPSOR\HGLQLW<HWWRVD\WKDW7LHQWLHWQLNRYQHYHUDZRNHIURP
KLVOHWKDUJ\ZRXOGQRWEHDOWRJHWKHUWUXH2QWKHFRQWUDU\ZKHQWKH
SRVWEURXJKWKLPQHZVSDSHUVDQGUHYLHZVDQGKHVDZLQWKHLUSULQWHG
SDJHVSHUKDSVWKHZHOONQRZQQDPHRIVRPHIRUPHUFRPUDGHZKRKDG
VXFFHHGHGLQWKHJUHDWILHOGRI3XEOLF6HUYLFHRUKDGFRQIHUUHGXSRQ
VFLHQFHDQGWKHZRUOG
VZRUNVRPHQRWDEOHFRQWULEXWLRQKHZRXOG
VXFFXPEWRVHFUHWDQGVXSSUHVVHGJULHIDQGLQYROXQWDULO\WKHUHZRXOG
EXUVWIURPKLVVRXODQH[SUHVVLRQRIDFKLQJYRLFHOHVVUHJUHWWKDWKH
KLPVHOIKDGGRQHVROLWWOH$QGDWWKHVHWLPHVKLVH[LVWHQFHZRXOG
VHHPWRKLPRGLRXVDQGUHSHOOHQWDWWKHVHWLPHVWKHUHZRXOGXSULVH
EHIRUHKLPWKHPHPRU\RIKLVVFKRROGD\VDQGWKHILJXUHRI$OH[DQGHU
3HWURYLWFKDVYLYLGDVLQOLIH$QGVORZO\ZHOOLQJWKHWHDUVZRXOG
FRXUVHRYHU7LHQWLHWQLNRY
VFKHHNV
:KDWPHDQWWKHVHUHSLQLQJV":DVWKHUHQRWGLVFORVHGLQWKHPWKHVHFUHW
RIKLVJDOOLQJVSLULWXDOSDLQWKHIDFWWKDWKHKDGIDLOHGWRRUGHU
KLVOLIHDULJKWWRFRQILUPWKHORIW\DLPVZLWKZKLFKKHKDGVWDUWHG
KLVFRXUVHWKHIDFWWKDWDOZD\VSRRUO\HTXLSSHGZLWKH[SHULHQFHKH

227

KDGIDLOHGWRDWWDLQWKHEHWWHUDQGWKHKLJKHUVWDWHDQGWKHUHWR
VWUHQJWKHQKLPVHOIIRUWKHRYHUFRPLQJRIKLQGUDQFHVDQGREVWDFOHVWKH
IDFWWKDWGLVVROYLQJOLNHRYHUKHDWHGPHWDOKLVERXQWHRXVVWRUHRI
VXSHULRULQVWLQFWVKDGIDLOHGWRWDNHWKHILQDOWHPSHULQJWKHIDFW
WKDWWKHWXWRURIKLVER\KRRGDPDQLQDWKRXVDQGKDGSUHPDWXUHO\
GLHGDQGOHIWWR7LHQWLHWQLNRYQRRQHZKRFRXOGUHVWRUHWRKLPWKH
PRUDOVWUHQJWKVKDWWHUHGE\YDFLOODWLRQDQGWKHZLOOSRZHUZHDNHQHGE\
ZDQWRIYLULOLW\QRRQHLQVKRUWZKRFRXOGFU\KHDUWHQLQJO\WRKLV
VRXO)RUZDUGWKHZRUGIRUZKLFKWKH5XVVLDQRIHYHU\GHJUHHRI
HYHU\FODVVRIHYHU\RFFXSDWLRQRIHYHU\VFKRRORIWKRXJKWLVIRU
HYHUKXQJHULQJ
,QGHHG:+(5(LVWKHPDQZKRFDQFU\DORXGIRUDQ\RIXVLQWKH
5XVVLDQWRQJXHGHDUWRRXUVRXOWKHDOOFRPSHOOLQJFRPPDQG
)RUZDUG":KRLVWKHUHZKRNQRZLQJWKHVWUHQJWKDQGWKHQDWXUHDQG
WKHLQPRVWGHSWKVRIWKH5XVVLDQJHQLXVFDQE\DVLQJOHPDJLF
LQFDQWDWLRQGLYHUWRXULGHDOVWRWKHKLJKHUOLIH":HUHWKHUHVXFKD
PDQZLWKZKDWWHDUVZLWKZKDWDIIHFWLRQZRXOGQRWWKHJUDWHIXOVRQV
RI5XVVLDUHSD\KLP<HWDJHVXFFHHGVWRDJHDQGRXUFDOORZ\RXWK
VWLOOOLHVZUDSSHGLQVKDPHIXOVORWKRUVWULYHVDQGVWUXJJOHVWRQR
SXUSRVH*RGKDVQRW\HWJLYHQXVWKHPDQDEOHWRVRXQGWKHFDOO
2QHFLUFXPVWDQFHZKLFKDOPRVWDURXVHG7LHQWLHWQLNRYZKLFKDOPRVW
EURXJKWDERXWDUHYROXWLRQLQKLVFKDUDFWHUZDVWKHIDFWWKDWKHFDPH
YHU\QHDUWRIDOOLQJLQORYH<HWHYHQWKLVUHVXOWHGLQQRWKLQJ7HQ
YHUVWVDZD\WKHUHOLYHGWKHJHQHUDOZKRPZHKDYHKHDUGH[SUHVVLQJ
KLPVHOILQKLJKO\XQFRPSOLPHQWDU\WHUPVFRQFHUQLQJ7LHQWLHWQLNRY+H
PDLQWDLQHGD*HQHUDOOLNHHVWDEOLVKPHQWGLVSHQVHGKRVSLWDOLW\ WKDW
LVWRVD\ZDVJODGZKHQKLVQHLJKERXUVFDPHWRSD\KLPWKHLU
UHVSHFWVWKRXJKKHKLPVHOIQHYHUZHQWRXW VSRNHDOZD\VLQDKRDUVH
YRLFHUHDGDFHUWDLQQXPEHURIERRNVDQGKDGDGDXJKWHUDFXULRXV
XQIDPLOLDUW\SHEXWIXOORIOLIHDVOLIHLWVHOI7KLVPDLGHQ
VQDPH
ZDV8OLQNDDQGVKHKDGEHHQVWUDQJHO\EURXJKWXSIRUORVLQJKHU
PRWKHULQHDUO\FKLOGKRRGVKHKDGVXEVHTXHQWO\UHFHLYHGLQVWUXFWLRQ
DWWKHKDQGVRIDQ(QJOLVKJRYHUQHVVZKRNQHZQRWDVLQJOHZRUGRI
5XVVLDQ0RUHRYHUKHUIDWKHUWKRXJKH[FHVVLYHO\IRQGRIKHUWUHDWHG
KHUDOZD\VDVDWR\ZLWKWKHUHVXOWWKDWDVVKHJUHZWR\HDUVRI
GLVFUHWLRQVKHEHFDPHZKROO\ZD\ZDUGDQGVSRLOW,QGHHGKDGDQ\RQH
VHHQWKHVXGGHQUDJHZKLFKZRXOGJDWKHURQKHUEHDXWLIXO\RXQJ
IRUHKHDGZKHQVKHZDVHQJDJHGLQDKHDWHGGLVSXWHZLWKKHUIDWKHUKH
ZRXOGKDYHWKRXJKWKHURQHRIWKHPRVWFDSULFLRXVEHLQJVLQWKHZRUOG
<HWWKDWUDJHJDWKHUHGRQO\ZKHQVKHKDGKHDUGRILQMXVWLFHRUKDUVK
WUHDWPHQWDQGQHYHUEHFDXVHVKHGHVLUHGWRDUJXHRQKHURZQEHKDOI
RUWRDWWHPSWWRMXVWLI\KHURZQFRQGXFW$OVRWKDWDQJHUZRXOG

228

GLVDSSHDUDVVRRQDVHYHUVKHVDZDQ\RQHZKRPVKHKDGIRUPHUO\
GLVOLNHGIDOOXSRQHYLOWLPHVDQGDWKLVILUVWUHTXHVWIRUDOPV
ZRXOGZLWKRXWFRQVLGHUDWLRQRUVXEVHTXHQWUHJUHWKDQGKLPKHUSXUVH
DQGLWVZKROHFRQWHQWV<HVKHUHYHU\DFWZDVVWUHQXRXVDQGZKHQVKH
VSRNHKHUZKROHSHUVRQDOLW\VHHPHGWREHIROORZLQJKRWIRRWXSRQKHU
WKRXJKWERWKKHUH[SUHVVLRQRIIDFHDQGKHUGLFWLRQDQGWKHPRYHPHQWV
RIKHUKDQGV1D\WKHYHU\IROGVRIKHUIURFNKDGDVLPLODU
DSSHDUDQFHRIVWULYLQJXQWLORQHZRXOGKDYHWKRXJKWWKDWDOOKHUVHOI
ZHUHIO\LQJLQSXUVXLWRIKHUZRUGV1RUGLGVKHNQRZUHWLFHQFH
EHIRUHDQ\RQHVKHZRXOGGLVFORVHKHUPLQGDQGQRIRUFHFRXOGFRPSHO
KHUWRPDLQWDLQVLOHQFHZKHQVKHGHVLUHGWRVSHDN$OVRKHU
HQFKDQWLQJSHFXOLDUJDLWDJDLWZKLFKEHORQJHGWRKHUDORQHZDVVR
DEVROXWHO\IUHHDQGXQIHWWHUHGWKDWHYHU\RQHLQYROXQWDULO\JDYHKHU
ZD\/DVWO\LQKHUSUHVHQFHFKXUOVVHHPHGWREHFRPHFRQIXVHGDQGIDOO
WRVLOHQFHDQGHYHQWKHURXJKHVWDQGPRVWRXWVSRNHQZRXOGORVHWKHLU
KHDGVDQGKDYHQRWDZRUGWRVD\ZKHUHDVWKHVK\PDQZRXOGILQG
KLPVHOIDEOHWRFRQYHUVHDVQHYHULQKLVOLIHEHIRUHDQGZRXOGIHHO
IURPWKHILUVWDVWKRXJKKHKDGVHHQKHUDQGNQRZQKHUDWVRPH
SUHYLRXVSHULRGGXULQJWKHGD\VRIVRPHXQUHPHPEHUHGFKLOGKRRGZKHQ
KHZDVDWKRPHDQGVSHQGLQJDPHUU\HYHQLQJDPRQJDFURZGRIURPSLQJ
FKLOGUHQ$QGIRUORQJDIWHUZDUGVKHZRXOGIHHODVWKRXJKKLVPDQ
V
LQWHOOHFWDQGHVWDWHZHUHDEXUGHQ
7KLVZDVZKDWQRZEHIHOO7LHQWLHWQLNRYDQGDVLWGLGVRDQHZIHHOLQJ
HQWHUHGLQWRKLVVRXODQGKLVGUHDP\OLIHOLJKWHQHGIRUDPRPHQW
$WILUVWWKH*HQHUDOXVHGWRUHFHLYHKLPZLWKKRVSLWDEOHFLYLOLW\EXW
SHUPDQHQWFRQFRUGEHWZHHQWKHPSURYHGLPSRVVLEOHWKHLUFRQYHUVDWLRQ
DOZD\VPHUJHGLQWRGLVVHQVLRQDQGVRUHQHVVVHHLQJWKDWZKLOHWKH
*HQHUDOFRXOGQRWEHDUWREHFRQWUDGLFWHGRUZRUVWHGLQDQDUJXPHQW
7LHQWLHWQLNRYZDVDPDQRIH[WUHPHVHQVLWLYHQHVV7UXHIRUWKH
GDXJKWHU
VVDNHWKHIDWKHUZDVIRUDZKLOHGHIHUUHGWRDQGWKXV
SHDFHZDVPDLQWDLQHGEXWWKLVODVWHGRQO\XQWLOWKHWLPHZKHQWKHUH
DUULYHGRQDYLVLWWRWKH*HQHUDOWZRNLQVZRPHQRIKLVWKH&RXQWHVV
%RUGLUHYDQGWKH3ULQFHVV8]LDNLQUHWLUHG&RXUWGDPHVEXWODGLHVZKR
VWLOONHSWXSDFHUWDLQFRQQHFWLRQZLWK&RXUWFLUFOHVDQGWKHUHIRUH
ZHUHPXFKIDZQHGXSRQE\WKHLUKRVW1RVRRQHUKDGWKH\DSSHDUHGRQ
WKHVFHQHWKDQ VRLWVHHPHGWR7LHQWLHWQLNRY WKH*HQHUDO
VDWWLWXGH
WRZDUGVWKH\RXQJPDQEHFDPHFROGHUHLWKHUKHFHDVHGWRQRWLFHKLPDW
DOORUKHVSRNHWRKLPIDPLOLDUO\DQGDVWRDSHUVRQKDYLQJQR
VWDQGLQJLQVRFLHW\7KLVRIIHQGHG7LHQWLHWQLNRYGHHSO\DQGWKRXJK
ZKHQDWOHQJWKKHVSRNHRXWRQWKHVXEMHFWKHUHWDLQHGVXIILFLHQW
SUHVHQFHRIPLQGWRFRPSUHVVKLVOLSVDQGWRSUHVHUYHDJHQWOHDQG
FRXUWHRXVWRQHKLVIDFHIOXVKHGDQGKLVLQQHUPDQZDVERLOLQJ

229

*HQHUDOKHVDLG,WKDQN\RXIRU\RXUFRQGHVFHQVLRQ%\DGGUHVVLQJ
PHLQWKHVHFRQGSHUVRQVLQJXODU\RXKDYHDGPLWWHGPHWRWKHFLUFOH
RI\RXUPRVWLQWLPDWHIULHQGV,QGHHGZHUHLWQRWWKDWDGLIIHUHQFH
RI\HDUVIRUELGVDQ\IDPLOLDULW\RQP\SDUW,VKRXOGDQVZHU\RXLQ
VLPLODUIDVKLRQ
7KH*HQHUDOVDWDJKDVW$WOHQJWKUDOO\LQJKLVWRQJXHDQGKLV
IDFXOWLHVKHUHSOLHGWKDWWKRXJKKHKDGVSRNHQZLWKDODFNRI
FHUHPRQ\KHKDGXVHGWKHWHUPWKRXPHUHO\DVDQHOGHUO\PDQ
QDWXUDOO\HPSOR\VLWWRZDUGVDMXQLRU KHPDGHQRUHIHUHQFHWR
GLIIHUHQFHRIUDQN 
1HYHUWKHOHVVWKHDFTXDLQWDQFHEURNHRIIKHUHDQGZLWKLWDQ\
SRVVLELOLW\RIORYHPDNLQJ7KHOLJKWZKLFKKDGVKHGDPRPHQWDU\JOHDP
EHIRUH7LHQWLHWQLNRY
VH\HVKDGEHFRPHH[WLQJXLVKHGIRUHYHUDQGXSRQ
LWWKHUHIROORZHGDGDUNQHVVGHQVHUWKDQEHIRUH+HQFHIRUWKHYHU\WKLQJ
FRQGXFHGWRHYROYHWKHUHJLPHZKLFKWKHUHDGHUKDVQRWHGWKDWUHJLPH
RIVORWKDQGLQDFWLRQZKLFKFRQYHUWHG7LHQWLHWQLNRY
VUHVLGHQFHLQWRD
SODFHRIGLUWDQGQHJOHFW)RUGD\VDWDWLPHZRXOGDEURRPDQGDKHDS
RIGXVWEHOHIWO\LQJLQWKHPLGGOHRIDURRPDQGWURXVHUVWRVVLQJ
DERXWWKHVDORQDQGSDLUVRIZRUQRXWEUDFHVDGRUQLQJWKHZKDWQRW
QHDUWKHVRID,QVKRUWVRPHDQDQGXQWLG\GLG7LHQWLHWQLNRY
VPRGH
RIOLIHEHFRPHWKDWQRWRQO\KLVVHUYDQWVEXWHYHQKLVYHU\SRXOWU\
FHDVHGWRWUHDWKLPZLWKUHVSHFW7DNLQJXSDSHQKHZRXOGVSHQG
KRXUVLQLGO\VNHWFKLQJKRXVHVKXWVZDJJRQVWURLNDVDQGIORXULVKHV
RQDSLHFHRISDSHUZKLOHDWRWKHUWLPHVZKHQKHKDGVXQNLQWRD
UHYHULHWKHSHQZRXOGDOOXQNQRZLQJO\VNHWFKDVPDOOKHDGZKLFKKDG
GHOLFDWHIHDWXUHVDSDLURITXLFNSHQHWUDWLQJH\HVDQGDUDLVHG
FRLIIXUH7KHQVXGGHQO\WKHGUHDPHUZRXOGSHUFHLYHWRKLVVXUSULVH
WKDWWKHSHQKDGH[HFXWHGWKHSRUWUDLWRIDPDLGHQZKRVHSLFWXUHQR
DUWLVWFRXOGDGHTXDWHO\KDYHSDLQWHGDQGWKHUHZLWKKLVGHVSRQGHQF\
ZRXOGEHFRPHJUHDWHUWKDQHYHUDQGEHOLHYLQJWKDWKDSSLQHVVGLGQRW
H[LVWRQHDUWKKHZRXOGUHODSVHLQWRLQFUHDVHGHQQXLLQFUHDVHG
QHJOHFWRIKLVUHVSRQVLELOLWLHV
%XWRQHPRUQLQJKHQRWLFHGRQPRYLQJWRWKHZLQGRZDIWHUEUHDNIDVW
WKDWQRWDZRUGZDVSURFHHGLQJHLWKHUIURPWKHEXWOHURUWKH
KRXVHNHHSHUEXWWKDWRQWKHFRQWUDU\WKHFRXUW\DUGVHHPHGWRVPDFN
RIDFHUWDLQEXVWOHDQGH[FLWHPHQW7KLVZDVEHFDXVHWKURXJKWKH
HQWUDQFHJDWHV ZKLFKWKHNLWFKHQPDLGDQGWKHVFXOOLRQKDGUXQWR
RSHQ WKHUHZHUHDSSHDULQJWKHQRVHVRIWKUHHKRUVHVRQHWRWKH
ULJKWRQHLQWKHPLGGOHDQGRQHWRWKHOHIWDIWHUWKHIDVKLRQRI
WULXPSKDOJURXSVRIVWDWXDU\$ERYHWKHPRQWKHER[VHDWZHUHVHDWHG

230

DFRDFKPDQDQGDYDOHWZKLOHEHKLQGDJDLQWKHUHFRXOGEHGLVFHUQHG
DJHQWOHPDQLQDVFDUIDQGDIXUFDS2QO\ZKHQWKHHTXLSDJHKDG
HQWHUHGWKHFRXUW\DUGGLGLWVWDQGUHYHDOHGDVDOLJKWVSULQJ
EULWFKND$QGDVLWFDPHWRDKDOWWKHUHOHDSWRQWRWKHYHUDQGDKRI
WKHPDQVLRQDQLQGLYLGXDORIUHVSHFWDEOHH[WHULRUDQGSRVVHVVHGRI
WKHDUWRIPRYLQJZLWKWKHQHDWQHVVDQGDOHUWQHVVRIDPLOLWDU\PDQ
8SRQWKLV7LHQWLHWQLNRY
VKHDUWVWRRGVWLOO+HZDVXQXVHGWR
UHFHLYLQJYLVLWRUVDQGIRUWKHPRPHQWFRQFHLYHGWKHQHZDUULYDOWREH
D*RYHUQPHQWRIILFLDOVHQWWRTXHVWLRQKLPFRQFHUQLQJDQDERUWLYH
VRFLHW\WRZKLFKKHKDGIRUPHUO\EHORQJHG +HUHWKHDXWKRUPD\
LQWHUSRODWHWKHIDFWWKDWLQ7LHQWLHWQLNRY
VHDUO\GD\VWKH\RXQJ
PDQKDGEHFRPHPL[HGXSLQDYHU\DEVXUGDIIDLU7KDWLVWRVD\D
FRXSOHRISKLORVRSKHUVEHORQJLQJWRDUHJLPHQWRIKXVVDUVKDG
WRJHWKHUZLWKDQDHVWKHWHZKRKDGQRW\HWFRPSOHWHGKLVVWXGHQW
V
FRXUVHDQGDJDPEOHUZKRKDGVTXDQGHUHGKLVDOOIRUPHGDVHFUHW
VRFLHW\RISKLODQWKURSLFDLPVXQGHUWKHSUHVLGHQF\RIDFHUWDLQROG
UDVFDORIDIUHHPDVRQDQGWKHUXLQHGJDPEOHUDIRUHVDLG7KHVFRSHRI
WKHVRFLHW\
VZRUNZDVWREHH[WHQVLYHLWZDVWREULQJODVWLQJ
KDSSLQHVVWRKXPDQLW\DWODUJHIURPWKHEDQNVRIWKH7KDPHVWRWKH
VKRUHVRI.DPWFKDWND%XWIRUWKLVPXFKPRQH\ZDVQHHGHGZKHUHIRUH
IURPWKHQREOHPLQGHGPHPEHUVRIWKHVRFLHW\JHQHURXVFRQWULEXWLRQV
ZHUHGHPDQGHGDQGWKHQIRUZDUGHGWRDGHVWLQDWLRQNQRZQRQO\WRWKH
VXSUHPHDXWKRULWLHVRIWKHFRQFHUQ$VIRU7LHQWLHWQLNRY
VDGKHVLRQ
LWZDVEURXJKWDERXWE\WKHWZRIULHQGVDOUHDG\DOOXGHGWRDV
HPELWWHUHGJRRGKHDUWHGVRXOVZKRPWKHZHDUDQGWHDURIWKHLU
HIIRUWVRQEHKDOIRIVFLHQFHFLYLOLVDWLRQDQGWKHIXWXUH
HPDQFLSDWLRQRIPDQNLQGKDGHQGHGE\FRQYHUWLQJLQWRFRQILUPHG
GUXQNDUGV3HUKDSVLWQHHGKDUGO\EHVDLGWKDW7LHQWLHWQLNRYVRRQ
GLVFRYHUHGKRZWKLQJVVWRRGDQGZLWKGUHZIURPWKHDVVRFLDWLRQEXW
PHDQZKLOHWKHODWWHUKDGKDGWKHPLVIRUWXQHVRWRKDYHHQJDJHGLQ
GHDOLQJVQRWZKROO\FUHGLWDEOHWRJHQWOHPHQRIQREOHRULJLQDV
OLNHZLVHWRKDYHEHFRPHHQWDQJOHGLQGHDOLQJVZLWKWKHSROLFH
&RQVHTXHQWO\LWLVQRWWREHZRQGHUHGDWWKDWWKRXJK7LHQWLHWQLNRY
KDGORQJVHYHUHGKLVFRQQHFWLRQZLWKWKHVRFLHW\DQGLWVSROLF\KH
VWLOOUHPDLQHGXQHDV\LQKLVPLQGDVWRZKDWPLJKWHYHQ\HWEHWKH
UHVXOW
+RZHYHUKLVIHDUVYDQLVKHGWKHLQVWDQWWKDWWKHJXHVWVDOXWHGKLP
ZLWKPDUNHGSROLWHQHVVDQGH[SODLQHGZLWKPDQ\GHIHUHQWLDOSRLVHVRI
WKHKHDGDQGLQWHUPVDWRQFHFLYLODQGFRQFLVHWKDWIRUVRPHWLPH
SDVWKH WKHQHZFRPHU KDGEHHQWRXULQJWKH5XVVLDQ(PSLUHRQEXVLQHVV
DQGLQWKHSXUVXLWRINQRZOHGJHWKDWWKH(PSLUHDERXQGHGLQREMHFWV
RILQWHUHVWQRWWRPHQWLRQDSOHQLWXGHRIPDQXIDFWXUHVDQGDJUHDW

231

GLYHUVLW\RIVRLODQGWKDWLQVSLWHRIWKHIDFWWKDWKHZDVJUHDWO\
VWUXFNZLWKWKHDPHQLWLHVRIKLVKRVW
VGRPDLQKHZRXOGFHUWDLQO\QRW
KDYHSUHVXPHGWRLQWUXGHDWVXFKDQLQFRQYHQLHQWKRXUEXWIRUWKH
FLUFXPVWDQFHWKDWWKHLQFOHPHQWVSULQJZHDWKHUDGGHGWRWKHVWDWHRI
WKHURDGVKDGQHFHVVLWDWHGVXQGU\UHSDLUVWRKLVFDUULDJHDWWKH
KDQGVRIZKHHOZULJKWVDQGEODFNVPLWKV)LQDOO\KHGHFODUHGWKDWHYHQ
LIWKLVODVWKDG127KDSSHQHGKHZRXOGVWLOOKDYHIHOWXQDEOHWR
GHQ\KLPVHOIWKHSOHDVXUHRIRIIHULQJWRKLVKRVWWKDWPHHGRIKRPDJH
ZKLFKZDVWKHODWWHU
VGXH
7KLVVSHHFKDVSHHFKRIIDVFLQDWLQJERQKRPLHGHOLYHUHGWKHJXHVW
H[HFXWHGDVRUWRIVKXIIOHZLWKDKDOIERRWRISDWHQWOHDWKHUVWXGGHG
ZLWKEXWWRQVRIPRWKHURISHDUODQGIROORZHGWKDWXSE\ LQVSLWHRI
KLVSURQRXQFHGURWXQGLW\RIILJXUH VWHSSLQJEDFNZDUGVZLWKDOOWKH
HODQRIDQLQGLDUXEEHUEDOO
)URPWKLVWKHVRPHZKDWUHDVVXUHG7LHQWLHWQLNRYFRQFOXGHGWKDWKLV
YLVLWRUPXVWEHDOLWHUDU\NQRZOHGJHVHHNLQJSURIHVVRUZKRZDV
HQJDJHGLQURDPLQJWKHFRXQWU\LQVHDUFKRIERWDQLFDOVSHFLPHQVDQG
IRVVLOVZKHUHIRUHKHKDVWHQHGWRH[SUHVVERWKKLVUHDGLQHVVWR
IXUWKHUWKHYLVLWRU
VREMHFWV ZKDWHYHUWKH\PLJKWEH DQGKLV
SHUVRQDOZLOOLQJQHVVWRSURYLGHKLPZLWKWKHUHTXLVLWHZKHHOZULJKWV
DQGEODFNVPLWKV0HDQZKLOHKHEHJJHGKLVJXHVWWRFRQVLGHUKLPVHOIDW
KRPHDQGDIWHUVHDWLQJKLPLQDQDUPFKDLUPDGHSUHSDUDWLRQVWR
OLVWHQWRWKHQHZFRPHU
VGLVFRXUVHRQQDWXUDOKLVWRU\
%XWWKHQHZFRPHUDSSOLHGKLPVHOIUDWKHUWRSKHQRPHQDRIWKHLQWHUQDO
ZRUOGVD\LQJWKDWKLVOLIHPLJKWEHOLNHQHGWRDEDUTXHWRVVHGRQWKH
FUHVWVRISHUILGLRXVELOORZVWKDWLQKLVWLPHKHKDGEHHQIDWHGWR
SOD\PDQ\SDUWVDQGWKDWRQPRUHWKDQRQHRFFDVLRQKLVOLIHKDGVWRRG
LQGDQJHUDWWKHKDQGVRIIRHV$WWKHVDPHWLPHWKHVHWLGLQJVZHUH
FRPPXQLFDWHGLQDPDQQHUFDOFXODWHGWRVKRZWKDWWKHVSHDNHUZDVDOVR
DPDQRI35$&7,&$/FDSDELOLWLHV,QFRQFOXVLRQWKHYLVLWRUWRRNRXW
DFDPEULFSRFNHWKDQGNHUFKLHIDQGVQHH]HGLQWRLWZLWKDYHKHPHQFH
ZKROO\QHZWR7LHQWLHWQLNRY
VH[SHULHQFH,QIDFWWKHVQHH]HUDWKHU
UHVHPEOHGWKHQRWHZKLFKDWWLPHVWKHWURPERQHRIDQRUFKHVWUD
DSSHDUVWRXWWHUQRWVRPXFKIURPLWVSURSHUSODFHRQWKHSODWIRUPDV
IURPWKHLPPHGLDWHQHLJKERXUKRRGRIWKHOLVWHQHU
VHDU$QGDVWKH
HFKRHVRIWKHGURZV\PDQVLRQUHVRXQGHGWRWKHUHSRUWRIWKHH[SORVLRQ
WKHUHIROORZHGXSRQWKHVDPHDZDYHRISHUIXPHVNLOIXOO\ZDIWHG
DEURDGZLWKDIORXULVKRIWKHHDXGH&RORJQHVFHQWHGKDQGNHUFKLHI
%\WKLVWLPHWKHUHDGHUZLOOKDYHJXHVVHGWKDWWKHYLVLWRUZDVQRQH
RWKHUWKDQRXUROGDQGUHVSHFWHGIULHQG3DXO,YDQRYLWFK&KLFKLNRY

232

1DWXUDOO\WLPHKDGQRWVSDUHGKLPKLVVKDUHRIDQ[LHWLHVDQGDODUPV
ZKHUHIRUHKLVH[WHULRUKDGFRPHWRORRNDWULIOHPRUHHOGHUO\KLV
IURFNFRDWKDGWDNHQRQDVXJJHVWLRQRIVKDEELQHVVDQGEULWFKND
FRDFKPDQYDOHWKRUVHVDQGKDUQHVVDOLNHKDGDERXWWKHPDVRUWRI
VHFRQGKDQGZRUVHIRUZHDUHIIHFW(YLGHQWO\WKH&KLFKLNRYLDQ
ILQDQFHVZHUHQRWLQWKHPRVWIORXULVKLQJRIFRQGLWLRQV1HYHUWKHOHVV
WKHROGH[SUHVVLRQRIIDFHWKHROGDLURIEUHHGLQJDQGUHILQHPHQW
UHPDLQHGXQLPSDLUHGDQGRXUKHURKDGHYHQLPSURYHGLQWKHDUWRI
ZDONLQJDQGWXUQLQJZLWKJUDFHDQGRIGH[WHURXVO\FURVVLQJRQHOHJ
RYHUWKHRWKHUZKHQWDNLQJDVHDW$OVRKLVPLOGQHVVRIGLFWLRQKLV
GLVFUHHWPRGHUDWLRQRIZRUGDQGSKUDVHVXUYLYHGLQLIDQ\WKLQJ
LQFUHDVHGPHDVXUHDQGKHERUHKLPVHOIZLWKDVNLOOZKLFKFDXVHGKLV
WDFWIXOQHVVWRVXUSDVVLWVHOILQVXUHQHVVRIDSORPE$QGDOOWKHVH
DFFRPSOLVKPHQWVKDGWKHLUHIIHFWIXUWKHUKHLJKWHQHGE\DVQRZ\
LPPDFXODWHQHVVRIFROODUDQGGLFNH\DQGDQDEVHQFHRIGXVWIURPKLV
IURFNFRDWDVFRPSOHWHDVWKRXJKKHKDGMXVWDUULYHGWRDWWHQGD
QDPHGD\IHVWLYDO/DVWO\KLVFKHHNVDQGFKLQZHUHRIVXFKQHDW
FOHDQVKDYHQQHVVWKDWQRRQHEXWDEOLQGPDQFRXOGKDYHIDLOHGWR
DGPLUHWKHLUURXQGHGFRQWRXUV
)URPWKDWPRPHQWRQZDUGVJUHDWFKDQJHVWRRNSODFHLQ7LHQWLHWQLNRY
V
HVWDEOLVKPHQWDQGFHUWDLQRILWVURRPVDVVXPHGDQXQZRQWHGDLURI
FOHDQOLQHVVDQGRUGHU7KHURRPVLQTXHVWLRQZHUHWKRVHDVVLJQHGWR
&KLFKLNRYZKLOHRQHRWKHUDSDUWPHQWDOLWWOHIURQWFKDPEHURSHQLQJ
LQWRWKHKDOOEHFDPHSHUPHDWHGZLWK3HWUXVKND
VRZQSHFXOLDUVPHOO
%XWWKLVODVWHGRQO\IRUDOLWWOHZKLOHIRUSUHVHQWO\3HWUXVKNDZDV
WUDQVIHUUHGWRWKHVHUYDQWV
TXDUWHUVDFRXUVHZKLFKRXJKWWRKDYH
EHHQDGRSWHGLQWKHILUVWLQVWDQFH
'XULQJWKHLQLWLDOGD\VRI&KLFKLNRY
VVRMRXUQ7LHQWLHWQLNRYIHDUHG
UDWKHUWRORVHKLVLQGHSHQGHQFHLQDVPXFKDVKHWKRXJKWWKDWKLVJXHVW
PLJKWKDPSHUKLVPRYHPHQWVDQGEULQJDERXWDOWHUDWLRQVLQWKH
HVWDEOLVKHGURXWLQHRIWKHSODFH%XWWKHVHIHDUVSURYHGJURXQGOHVV
IRU3DXO,YDQRYLWFKGLVSOD\HGDQH[WUDRUGLQDU\DSWLWXGHIRU
DFFRPPRGDWLQJKLPVHOIWRKLVQHZSRVLWLRQ7REHJLQZLWKKH
HQFRXUDJHGKLVKRVWLQKLVSKLORVRSKLFDOLQHUWLDE\VD\LQJWKDWWKH
ODWWHUZRXOGKHOS7LHQWLHWQLNRYWREHFRPHDFHQWHQDULDQ1H[WLQWKH
PDWWHURIDOLIHRILVRODWLRQKHKLWWKLQJVRIIH[DFWO\E\UHPDUNLQJ
WKDWVXFKDOLIHEUHGLQDPDQDFDSDFLW\IRUKLJKWKLQNLQJ/DVWO\
DVKHLQVSHFWHGWKHOLEUDU\DQGGLODWHGRQERRNVLQJHQHUDOKH
FRQWULYHGDQRSSRUWXQLW\WRREVHUYHWKDWOLWHUDWXUHVDIHJXDUGHGDPDQ
IURPDWHQGHQF\WRZDVWHKLVWLPH,QVKRUWWKHIHZZRUGVRIZKLFKKH
GHOLYHUHGKLPVHOIZHUHEULHIEXWLQYDULDEO\WRWKHSRLQW$QGWKLV
GLVFUHWLRQRIVSHHFKZDVRXWGRQHE\KLVGLVFUHWLRQRIFRQGXFW7KDWLV

233

WRVD\ZKHWKHUHQWHULQJRUOHDYLQJWKHURRPKHQHYHUZHDULHGKLV
KRVWZLWKDTXHVWLRQLI7LHQWLHWQLNRYKDGWKHDLURIEHLQJGLVLQFOLQHG
WRWDONDQGZLWKHTXDOVDWLVIDFWLRQWKHJXHVWFRXOGHLWKHUSOD\FKHVV
RUKROGKLVWRQJXH&RQVHTXHQWO\7LHQWLHWQLNRYVDLGWRKLPVHOI
)RUWKHILUVWWLPHLQP\OLIH,KDYHPHWZLWKDPDQZLWKZKRPLWLV
SRVVLEOHWROLYH,QJHQHUDOQRWPDQ\RIWKHW\SHH[LVWLQ5XVVLD
DQGWKRXJKFOHYHUJRRGKXPRXUHGZHOOHGXFDWHGPHQDERXQGRQHZRXOG
EHKDUGSXWWRLWWRILQGDQLQGLYLGXDORIHTXDEOHWHPSHUDPHQWZLWK
ZKRPRQHFRXOGVKDUHDURRIIRUFHQWXULHVZLWKRXWDTXDUUHODULVLQJ
$Q\ZD\&KLFKLNRYLVWKHILUVWRIKLVVRUWWKDW,KDYHPHW
)RUKLVSDUW&KLFKLNRYZDVRQO\WRRGHOLJKWHGWRUHVLGHZLWKDSHUVRQ
VRTXLHWDQGDJUHHDEOHDVKLVKRVW2IDZDQGHULQJOLIHKHZDV
WHPSRUDULO\ZHDU\DQGWRUHVWHYHQIRUDPRQWKLQVXFKDEHDXWLIXO
VSRWDQGLQVLJKWRIJUHHQILHOGVDQGWKHVORZIORZHULQJRIVSULQJ
ZDVOLNHO\WREHQHILWKLPDOVRIURPWKHK\JLHQLFSRLQWRIYLHZ$QG
LQGHHGDPRUHGHOLJKWIXOUHWUHDWLQZKLFKWRUHFXSHUDWHFRXOGQRW
SRVVLEO\KDYHEHHQIRXQG7KHVSULQJORQJUHWDUGHGE\SUHYLRXVFROG
KDGQRZEHJXQLQDOOLWVFRPHOLQHVVDQGOLIHZDVUDPSDQW$OUHDG\
RYHUWKHILUVWHPHUDOGRIWKHJUDVVWKHGDQGHOLRQZDVVKRZLQJ\HOORZ
DQGWKHUHGSLQNDQHPRQHZDVKDQJLQJLWVWHQGHUKHDGZKLOHWKH
VXUIDFHRIHYHU\SRQGZDVDVZDUPRIGDQFLQJJQDWVDQGPLGJHVDQGWKH
ZDWHUVSLGHUZDVEHLQJMRLQHGLQWKHLUSXUVXLWE\ELUGVZKLFKJDWKHUHG
IURPHYHU\TXDUWHUWRWKHYDQWDJHJURXQGRIWKHGU\UHHGV(YHU\
VSHFLHVRIFUHDWXUHDOVRVHHPHGWREHDVVHPEOLQJLQFRQFRXUVHDQG
WDNLQJVWRFNRIRQHDQRWKHU6XGGHQO\WKHHDUWKEHFDPHSRSXORXVWKH
IRUHVWKDGRSHQHGLWVH\HVDQGWKHPHDGRZVZHUHOLIWLQJXSWKHLU
YRLFHLQVRQJ,QWKHVDPHZD\KDGFKRUDOGDQFHVEHJXQWREHZHDYHGLQ
WKHYLOODJHDQGHYHU\ZKHUHWKDWWKHH\HWXUQHGWKHUHZDVPHUULPHQW
:KDWEULJKWQHVVLQWKHJUHHQRIQDWXUHZKDWIUHVKQHVVLQWKHDLU
ZKDWVLQJLQJRIELUGVLQWKHJDUGHQVRIWKHPDQVLRQZKDWJHQHUDOMR\
DQGUDSWXUHDQGH[DOWDWLRQ3DUWLFXODUO\LQWKHYLOODJHPLJKWWKH
VKRXWLQJDQGVLQJLQJKDYHEHHQLQKRQRXURIDZHGGLQJ
&KLFKLNRYZDONHGKLWKHUWKLWKHUDQGHYHU\ZKHUHDSXUVXLWIRUZKLFK
WKHUHZDVDPSOHFKRLFHDQGIDFLOLW\$WRQHWLPHKHZRXOGGLUHFWKLV
VWHSVDORQJWKHHGJHRIWKHIODWWDEOHODQGDQGFRQWHPSODWHWKHGHSWKV
EHORZZKHUHVWLOOWKHUHOD\VKHHWVRIZDWHUOHIWE\WKHIORRGVRI
ZLQWHUDQGZKHUHWKHLVODQGOLNHSDWFKHVRIIRUHVWVKRZHGOHDIOHVV
ERXJKVZKLOHDWDQRWKHUWLPHKHZRXOGSOXQJHLQWRWKHWKLFNHWDQG
UDYLQHFRXQWU\ZKHUHQHVWVRIELUGVZHLJKWHGEUDQFKHVDOPRVWWRWKH
JURXQGDQGWKHVN\ZDVGDUNHQHGZLWKWKHFULVVFURVVIOLJKWRIFDZLQJ
URRNV$JDLQWKHGULHUSRUWLRQVRIWKHPHDGRZVFRXOGEHFURVVHGWR

234

WKHULYHUZKDUYHVZKHQFHWKHILUVWEDUJHVZHUHMXVWEHJLQQLQJWRVHW
IRUWKZLWKSHDPHDODQGEDUOH\DQGZKHDWZKLOHDWWKHVDPHWLPHRQH
V
HDUZRXOGEHFDXJKWZLWKWKHVRXQGRIVRPHPLOOUHVXPLQJLWVIXQFWLRQV
DVRQFHPRUHWKHZDWHUWXUQHGWKHZKHHO&KLFKLNRYZRXOGDOVRZDON
DILHOGWRZDWFKWKHHDUO\WLOODJHRSHUDWLRQVRIWKHVHDVRQDQG
REVHUYHKRZWKHEODFNQHVVRIDQHZIXUURZZRXOGPDNHLWVZD\DFURVV
WKHH[SDQVHRIJUHHQDQGKRZWKHVRZHUUK\WKPLFDOO\VWULNLQJKLV
KDQGDJDLQVWWKHSDQQLHUVOXQJDFURVVKLVEUHDVWZRXOGVFDWWHUKLV
ILVWIXOVRIVHHGZLWKHTXDOGLVWULEXWLRQDSSRUWLRQLQJQRWDJUDLQWRR
PXFKWRRQHVLGHRUWRWKHRWKHU
,QIDFW&KLFKLNRYZHQWHYHU\ZKHUH+HFKDWWHGDQGWDONHGQRZZLWK
WKHEDLOLIIQRZZLWKDSHDVDQWQRZZLWKDPLOOHUDQGLQTXLUHGLQWR
WKHPDQQHUDQGQDWXUHRIHYHU\WKLQJDQGVRXJKWLQIRUPDWLRQDVWRKRZ
DQHVWDWHZDVPDQDJHGDQGDWZKDWSULFHFRUQZDVVHOOLQJDQGZKDW
VSHFLHVRIJUDLQZDVEHVWIRUVSULQJDQGDXWXPQJULQGLQJDQGZKDWZDV
WKHQDPHRIHDFKSHDVDQWDQGZKRZHUHKLVNLQVIRONDQGZKHUHKHKDG
ERXJKWKLVFRZDQGZKDWKHIHGKLVSLJVRQ&KLFKLNRYDOVRPDGH
LQTXLU\FRQFHUQLQJWKHQXPEHURISHDVDQWVZKRKDGODWHO\GLHGEXWRI
WKHVHWKHUHDSSHDUHGWREHIHZ$QGVXGGHQO\KLVTXLFNH\HGLVFHUQHG
WKDW7LHQWLHWQLNRY
VHVWDWHZDVQRWEHLQJZRUNHGDVLWPLJKWKDYH
EHHQWKDWPXFKQHJOHFWDQGOLVWOHVVQHVVDQGSLOIHULQJDQGGUXQNHQQHVV
ZDVDEURDGDQGRQSHUFHLYLQJWKLVKHWKRXJKWWRKLPVHOI:KDWD
IRROLVWKDW7LHQWLHWQLNRY7RWKLQNRIOHWWLQJDSURSHUW\OLNHWKLV
GHFD\ZKHQKHPLJKWEHGUDZLQJIURPLWDQLQFRPHRIILIW\WKRXVDQG
URXEOHVD\HDU
$OVRPRUHWKDQRQFHZKLOHWDNLQJWKHVHZDONVRXUKHURSRQGHUHGWKH
LGHDRIKLPVHOIEHFRPLQJDODQGRZQHUQRWQRZRIFRXUVHEXWODWHU
ZKHQKLVFKLHIDLPVKRXOGKDYHEHHQDFKLHYHGDQGKHKDGJRWLQWRKLV
KDQGVWKHQHFHVVDU\PHDQVIRUOLYLQJWKHTXLHWOLIHRIWKHSURSULHWRU
RIDQHVWDWH<HVDQGDWWKHVHWLPHVWKHUHZRXOGLQFOXGHLWVHOILQ
KLVFDVWOHEXLOGLQJWKHILJXUHRID\RXQJIUHVKIDLUIDFHGPDLGHQRI
WKHPHUFDQWLOHRURWKHUULFKJUDGHRIVRFLHW\DZRPDQZKRFRXOGERWK
SOD\DQGVLQJ+HDOVRGUHDPHGRIOLWWOHGHVFHQGDQWVZKRVKRXOG
SHUSHWXDWHWKHQDPHRI&KLFKLNRYSHUKDSVDIUROLFVRPHOLWWOHER\DQG
DIDLU\RXQJGDXJKWHURUSRVVLEO\WZRER\VDQGTXLWHWZRRUWKUHH
GDXJKWHUVVRWKDWDOOVKRXOGNQRZWKDWKHKDGUHDOO\OLYHGDQGKDG
KLVEHLQJWKDWKHKDGQRWPHUHO\URDPHGWKHZRUOGOLNHDVSHFWUHRUD
VKDGRZVRWKDWIRUKLPDQGKLVWKHFRXQWU\VKRXOGQHYHUEHSXWWR
VKDPH$QGIURPWKDWKHZRXOGJRRQWRIDQF\WKDWDWLWOHDSSHQGHGWR
KLVUDQNZRXOGQRWEHDEDGWKLQJWKHWLWOHRI6WDWH&RXQFLOORUIRU
LQVWDQFHZKLFKZDVGHVHUYLQJRIDOOKRQRXUDQGUHVSHFW$KLWLVD
FRPPRQWKLQJIRUDPDQZKRLVWDNLQJDVROLWDU\ZDONVRWRGHWDFK

235

KLPVHOIIURPWKHLUNVRPHUHDOLWLHVRIWKHSUHVHQWWKDWKHLVDEOHWR
VWLUDQGWRH[FLWHDQGWRSURYRNHKLVLPDJLQDWLRQWRWKHFRQFHSWLRQRI
WKLQJVKHNQRZVFDQQHYHUUHDOO\FRPHWRSDVV
&KLFKLNRY
VVHUYDQWVDOVRIRXQGWKHPDQVLRQWRWKHLUWDVWHDQGOLNH
WKHLUPDVWHUVSHHGLO\PDGHWKHPVHOYHVDWKRPHLQLW,QSDUWLFXODU
GLG3HWUXVKNDPDNHIULHQGVZLWK*ULJRU\WKHEXWOHUDOWKRXJKDWILUVW
WKHSDLUVKRZHGDWHQGHQF\WRRXWEUDJRQHDQRWKHU3HWUXVKNDEHJLQQLQJ
E\WKURZLQJGXVWLQ*ULJRU\
VH\HVRQWKHVFRUHRIKLV 3HWUXVKND
V
WUDYHOVDQG*ULJRU\WDNLQJKLPGRZQDSHJRUWZRE\UHIHUULQJWR6W
3HWHUVEXUJ DFLW\ZKLFK3HWUXVKNDKDGQHYHUYLVLWHG DQG3HWUXVKND
VHHNLQJWRUHFRYHUORVWJURXQGE\GLODWLQJRQWRZQVZKLFKKH+$'
YLVLWHGDQG*ULJRU\FDSSLQJWKLVE\QDPLQJVRPHWRZQZKLFKLVQRWWR
EHIRXQGRQDQ\PDSLQH[LVWHQFHDQGWKHQHVWLPDWLQJWKHMRXUQH\
WKLWKHUDVDWOHDVWWKLUW\WKRXVDQGYHUVWVDVWDWHPHQWZKLFKZRXOGVR
FRPSOHWHO\IODEEHUJDVWWKHKHQFKPDQRI&KLFKLNRY
VVXLWHWKDWKHZRXOG
EHOHIWVWDULQJRSHQPRXWKHGDPLGWKHJHQHUDOODXJKWHURIWKH
GRPHVWLFVWDII+RZHYHUDV,VD\WKHSDLUHQGHGE\VZHDULQJHWHUQDO
IULHQGVKLSZLWKRQHDQRWKHUDQGPDNLQJDSUDFWLFHRIUHVRUWLQJWRWKH
YLOODJHWDYHUQLQFRPSDQ\
)RU6HOLIDQKRZHYHUWKHSODFHKDGDFKDUPRIDGLIIHUHQWNLQG7KDW
LVWRVD\HDFKHYHQLQJWKHUHZRXOGWDNHSODFHLQWKHYLOODJHD
VLQJLQJRIVRQJVDQGDZHDYLQJRIFRXQWU\GDQFHVDQGVRVKDSHO\DQG
EX[RPZHUHWKHPDLGHQVPDLGHQVRIDW\SHKDUGWRILQGLQRXU
SUHVHQWGD\YLOODJHVRQODUJHHVWDWHVWKDWKHZRXOGVWDQGIRUKRXUV
ZRQGHULQJZKLFKRIWKHPZDVWKHEHVW:KLWHQHFNHGDQGZKLWHERVRPHG
DOOKDGJUHDWURYLQJH\HVWKHJDLWRISHDFRFNVDQGKDLUUHDFKLQJWR
WKHZDLVW$QGDVZLWKKLVKDQGVFODVSLQJWKHLUVKHJOLGHGKLWKHU
DQGWKLWKHULQWKHGDQFHRUUHWLUHGEDFNZDUGVWRZDUGVDZDOOZLWKD
URZRIRWKHU\RXQJIHOORZVDQGWKHQZLWKWKHPUHWXUQHGWRPHHWWKH
GDPVHOVDOOVLQJLQJLQFKRUXV DQGODXJKLQJDVWKH\VDQJLW 
%R\DUVVKRZPHP\EULGHJURRPDQGGXVNZDVIDOOLQJJHQWO\DQGIURP
WKHRWKHUVLGHRIWKHULYHUWKHUHNHSWFRPLQJIDUIDLQWSODLQWLYH
HFKRHVRIWKHPHORG\ZHOOWKHQRXU6HOLIDQKDUGO\NQHZZKHWKHUKH
ZHUHVWDQGLQJXSRQKLVKHDGRUKLVKHHOV/DWHUZKHQVOHHSLQJDQG
ZKHQZDNLQJERWKDWQRRQDQGDWWZLOLJKWKHZRXOGVHHPVWLOOWREH
KROGLQJDSDLURIZKLWHKDQGVDQGPRYLQJLQWKHGDQFH
&KLFKLNRY
VKRUVHVDOVRIRXQGQRWKLQJRIZKLFKWRGLVDSSURYH<HV
ERWKWKHED\WKH$VVHVVRUDQGWKHVNHZEDOGDFFRXQWHGUHVLGHQFHDW
7LHQWLHWQLNRY
VDPRVWFRPIRUWDEOHDIIDLUDQGYRWHGWKHRDWV
H[FHOOHQWDQGWKHDUUDQJHPHQWRIWKHVWDEOHVEH\RQGDOOFDYLO7UXH
RQWKLVRFFDVLRQHDFKKRUVHKDGDVWDOOWRKLPVHOI\HWE\ORRNLQJ

236

RYHUWKHLQWHUYHQLQJSDUWLWLRQLWZDVSRVVLEOHDOZD\VWRVHHRQH
V
IHOORZVDQGVKRXOGDQHLJKERXUWDNHLWLQWRKLVKHDGWRXWWHUD
QHLJKWRDQVZHULWDWRQFH
$VIRUWKHHUUDQGZKLFKKDGKLWKHUWROHG&KLFKLNRYWRWUDYHODERXW
5XVVLDKHKDGQRZGHFLGHGWRPRYHYHU\FDXWLRXVO\DQGVHFUHWO\LQWKH
PDWWHU,QIDFWRQQRWLFLQJWKDW7LHQWLHWQLNRYZHQWLQDEVRUEHGO\IRU
UHDGLQJDQGIRUWDONLQJSKLORVRSK\WKHYLVLWRUVDLGWRKLPVHOI
1R,KDGEHWWHUEHJLQDWWKHRWKHUHQGDQGSURFHHGHGILUVWWRIHHO
KLVZD\DPRQJWKHVHUYDQWVRIWKHHVWDEOLVKPHQW)URPWKHPKHOHDUQW
VHYHUDOWKLQJVDQGLQSDUWLFXODUWKDWWKHEDULQKDGEHHQZRQWWRJR
DQGFDOOXSRQDFHUWDLQ*HQHUDOLQWKHQHLJKERXUKRRGDQGWKDWWKH
*HQHUDOSRVVHVVHGDGDXJKWHUDQGWKDWVKHDQG7LHQWLHWQLNRYKDGKDG
DQDIIDLURIVRPHVRUWEXWWKDWWKHSDLUKDGVXEVHTXHQWO\SDUWHGDQG
JRQHWKHLUVHYHUDOZD\V)RUWKDWPDWWHU&KLFKLNRYKLPVHOIKDG
QRWLFHGWKDW7LHQWLHWQLNRYZDVLQWKHKDELWRIGUDZLQJKHDGVRIZKLFK
HDFKUHSUHVHQWDWLRQH[DFWO\UHVHPEOHGWKHUHVW
2QFHDVKHVDWWDSSLQJKLVVLOYHUVQXIIER[DIWHUOXQFKHRQ&KLFKLNRY
UHPDUNHG
2QHWKLQJ\RXODFNDQGRQO\RQH$QGUHL,YDQRYLWFK
:KDWLVWKDW"DVNHGKLVKRVW
$IHPDOHIULHQGRUWZRUHSOLHG&KLFKLNRY
7LHQWLHWQLNRYPDGHQRUHMRLQGHUDQGWKHFRQYHUVDWLRQFDPHWHPSRUDULO\
WRDQHQG
%XW&KLFKLNRYZDVQRWWREHGLVFRXUDJHGZKHUHIRUHZKLOHZDLWLQJIRU
VXSSHUDQGWDONLQJRQGLIIHUHQWVXEMHFWVKHVHL]HGDQRSSRUWXQLW\WR
LQWHUMHFW
'R\RXNQRZLWZRXOGGR\RXQRKDUPWRPDUU\
$VEHIRUH7LHQWLHWQLNRYGLGQRWUHSO\DQGWKHUHQHZHGPHQWLRQRIWKH
VXEMHFWVHHPHGWRKDYHDQQR\HGKLP
)RUWKHWKLUGWLPHLWZDVDIWHUVXSSHU&KLFKLNRYUHWXUQHGWRWKH
FKDUJHE\UHPDUNLQJ
7RGD\DV,ZDVZDONLQJURXQG\RXUSURSHUW\,FRXOGQRWKHOS
WKLQNLQJWKDWPDUULDJHZRXOGGR\RXDJUHDWGHDORIJRRG2WKHUZLVH

237

\RXZLOOGHYHORSLQWRDK\SRFKRQGULDF
:KHWKHU&KLFKLNRY
VZRUGVQRZYRLFHGVXIILFLHQWO\WKHQRWHRI
SHUVXDVLRQRUZKHWKHU7LHQWLHWQLNRYKDSSHQHGDWWKHPRPHQWWREH
XQXVXDOO\GLVSRVHGWRIUDQNQHVVDWDOOHYHQWVWKH\RXQJODQGRZQHU
VLJKHGDQGWKHQUHVSRQGHGDVKHH[SHOOHGDSXIIRIWREDFFRVPRNH
7RDWWDLQDQ\WKLQJ3DXO,YDQRYLWFKRQHQHHGVWRKDYHEHHQERUQ
XQGHUDOXFN\VWDU
$QGKHUHODWHGWRKLVJXHVWWKHZKROHKLVWRU\RIKLVDFTXDLQWDQFHVKLS
DQGVXEVHTXHQWUXSWXUHZLWKWKH*HQHUDO
$V&KLFKLNRYOLVWHQHGWRWKHUHFLWDODQGJUDGXDOO\UHDOLVHGWKDWWKH
DIIDLUKDGDULVHQPHUHO\RXWRIDFKDQFHZRUGRQWKH*HQHUDO
VSDUW
KHZDVDVWRXQGHGEH\RQGPHDVXUHDQGJD]HGDW7LHQWLHWQLNRYZLWKRXW
NQRZLQJZKDWWRPDNHRIKLP
$QGUHL,YDQRYLWFKKHVDLGDWOHQJWKZKDWZDVWKHUHWRWDNH
RIIHQFHDW"
1RWKLQJDVUHJDUGVWKHDFWXDOZRUGVVSRNHQUHSOLHGWKHRWKHU7KH
RIIHQFHOD\UDWKHULQWKHLQVXOWFRQYH\HGLQWKH*HQHUDO
VWRQH
7LHQWLHWQLNRYZDVDNLQGO\DQGSHDFHDEOHPDQ\HWKLVH\HVIODVKHGDV
KHVDLGWKLVDQGKLVYRLFHYLEUDWHGZLWKZRXQGHGIHHOLQJ
<HWHYHQWKHQQHHG\RXKDYHWDNHQLWVRPXFKDPLVV"
:KDW"&RXOG,KDYHJRQHRQYLVLWLQJKLPDVEHIRUH"
&HUWDLQO\1RJUHDWKDUPKDGEHHQGRQH"
,GLVDJUHHZLWK\RX+DGKHEHHQDQROGPDQLQDKXPEOHVWDWLRQRI
OLIHLQVWHDGRIDSURXGDQGVZDJJHULQJRIILFHU,VKRXOGQRWKDYH
PLQGHGVRPXFK%XWDVLWZDV,FRXOGQRWDQGZRXOGQRWEURRNKLV
ZRUGV
$FXULRXVIHOORZWKLV7LHQWLHWQLNRYWKRXJKW&KLFKLNRYWRKLPVHOI
$FXULRXVIHOORZWKLV&KLFKLNRYZDV7LHQWLHWQLNRY
VLQZDUG
UHIOHFWLRQ
,WHOO\RXZKDWUHVXPHG&KLFKLNRY7RPRUURZ,P\VHOIZLOOJRDQG
VHHWKH*HQHUDO

238

7RZKDWSXUSRVH"DVNHG7LHQWLHWQLNRYZLWKDVWRQLVKPHQWDQGGLVWUXVW
LQKLVH\HV
7RRIIHUKLPDQDVVXUDQFHRIP\SHUVRQDOUHVSHFW
$VWUDQJHIHOORZWKLV&KLFKLNRYUHIOHFWHG7LHQWLHWQLNRY
$VWUDQJHIHOORZWKLV7LHQWLHWQLNRYWKRXJKW&KLFKLNRYDQGWKHQ
DGGHGDORXG<HV,ZLOOJRDQGVHHKLPDWWHQR
FORFNWRPRUURZEXW
VLQFHP\EULWFKNDLVQRW\HWDOWRJHWKHULQWUDYHOOLQJRUGHUZRXOG\RX
EHVRJRRGDVWROHQGPH\RXUNROLDVNDIRUWKHSXUSRVH"

&+$37(5,,
7LHQWLHWQLNRY
VJRRGKRUVHVFRYHUHGWKHWHQYHUVWVWRWKH*HQHUDO
V
KRXVHLQDOLWWOHRYHUKDOIDQKRXU'HVFHQGLQJIURPWKHNROLDVNDZLWK
IHDWXUHVDWWXQHGWRGHIHUHQFH&KLFKLNRYLQTXLUHGIRUWKHPDVWHURI
WKHKRXVHDQGZDVDWRQFHXVKHUHGLQWRKLVSUHVHQFH%RZLQJZLWKKHDG
KHOGUHVSHFWIXOO\RQRQHVLGHDQGKDQGVH[WHQGHGOLNHWKRVHRID
ZDLWHUFDUU\LQJDWUD\IXORIWHDFXSVWKHYLVLWRULQFOLQHGKLVZKROH
ERG\IRUZDUGDQGVDLG
,KDYHGHHPHGLWP\GXW\WRSUHVHQWP\VHOIWR\RXU([FHOOHQF\,KDYH
GHHPHGLWP\GXW\EHFDXVHLQP\KHDUW,FKHULVKDPRVWSURIRXQG
UHVSHFWIRUWKHYDOLDQWPHQZKRRQWKHILHOGRIEDWWOHKDYHSURYHG
WKHVDYLRXUVRIWKHLUFRXQWU\
7KDWWKLVSUHOLPLQDU\DWWDFNGLGQRWZKROO\GLVSOHDVHWKH*HQHUDOZDV
SURYHGE\WKHIDFWWKDWUHVSRQGLQJZLWKDJUDFLRXVLQFOLQDWLRQRIWKH
KHDGKHUHSOLHG
,DPJODGWRPDNH\RXUDFTXDLQWDQFH3UD\EHVRJRRGDVWRWDNHD
VHDW,QZKDWFDSDFLW\RUFDSDFLWLHVKDYH\RX\RXUVHOIVHHQVHUYLFH"
2IP\VHUYLFHVDLG&KLFKLNRYGHSRVLWLQJKLVIRUPQRWH[DFWO\LQ
WKHFHQWUHRIWKHFKDLUEXWUDWKHURQRQHVLGHRILWDQGUHVWLQJD
KDQGXSRQRQHRILWVDUPVRIP\VHUYLFHWKHVFHQHZDVODLGLQWKH
ILUVWLQVWDQFHLQWKH7UHDVXU\ZKLOHLWVIXUWKHUFRXUVHERUHPH
VXFFHVVLYHO\LQWRWKHHPSOR\RIWKH3XEOLF%XLOGLQJV&RPPLVVLRQRI
WKH&XVWRPV%RDUGDQGRIRWKHU*RYHUQPHQW2IILFHV%XWWKURXJKRXW
P\OLIHKDVUHVHPEOHGDEDUTXHWRVVHGRQWKHFUHVWVRISHUILGLRXV

239

ELOORZV,QVXIIHULQJ,KDYHEHHQVZDWKHGDQGZUDSSHGXQWLO,KDYH
FRPHWREHDVLWZHUHVXIIHULQJSHUVRQLILHGZKLOHRIWKHH[WHQWWR
ZKLFKP\OLIHKDVEHHQVRXJKWE\IRHVQRZRUGVQRFRORXULQJQR LI
,PD\VRH[SUHVVLW" SDLQWHU
VEUXVKFRXOGHYHUFRQYH\WR\RXDQ
DGHTXDWHLGHD$QGQRZDWOHQJWKLQP\GHFOLQLQJ\HDUV,DPVHHNLQJ
DFRUQHULQZKLFKWRHNHRXWWKHUHPDLQGHURIP\PLVHUDEOHH[LVWHQFH
ZKLOHDWWKHSUHVHQWPRPHQW,DPHQMR\LQJWKHKRVSLWDOLW\RID
QHLJKERXURI\RXUDFTXDLQWDQFH
$QGZKRLVWKDW"
<RXUQHLJKERXU7LHQWLHWQLNRY\RXU([FHOOHQF\
8SRQWKDWWKH*HQHUDOIURZQHG
/HGPHDGGSXWLQ&KLFKLNRYKDVWLO\WKDWKHJUHDWO\UHJUHWVWKDW
RQDIRUPHURFFDVLRQKHVKRXOGKDYHIDLOHGWRVKRZDSURSHUUHVSHFW
IRUIRU
)RUZKDW"DVNHGWKH*HQHUDO
)RUWKHVHUYLFHVWRWKHSXEOLFZKLFK\RXU([FHOOHQF\KDVUHQGHUHG
,QGHHGKHFDQQRWILQGZRUGVWRH[SUHVVKLVVRUURZEXWNHHSV
UHSHDWLQJWRKLPVHOI
:RXOGWKDW,KDGYDOXHGDWWKHLUWUXHZRUWKWKH
PHQZKRKDYHVDYHGRXUIDWKHUODQG

$QGZK\VKRXOGKHVD\WKDW"DVNHGWKHPROOLILHG*HQHUDO,EHDUKLP
QRJUXGJH,QIDFW,KDYHQHYHUFKHULVKHGDXJKWEXWDVLQFHUHOLNLQJ
IRUKLPDVLQFHUHHVWHHPDQGGRQRWGRXEWEXWWKDWLQWLPHKHPD\
EHFRPHDXVHIXOPHPEHURIVRFLHW\
,QWKHZRUGVZKLFK\RXKDYHEHHQJRRGHQRXJKWRXWWHUVDLG
&KLFKLNRYZLWKDERZWKHUHLVHPERGLHGPXFKMXVWLFH<HV
7LHQWLHWQLNRYLVLQYHU\WUXWKDPDQRIZRUWK1RWRQO\GRHVKH
SRVVHVVWKHJLIWRIHORTXHQFHEXWDOVRKHLVDPDVWHURIWKHSHQ
$K\HVKH'2(6ZULWHUXEELVKRIVRPHVRUWGRHVQ
WKH"9HUVHVRU
VRPHWKLQJRIWKHNLQG"
1RWUXEELVK\RXU([FHOOHQF\EXWSUDFWLFDOVWXII,QVKRUWKHLV
LQGLWLQJDKLVWRU\
$+,6725<"%XWDKLVWRU\RIZKDW"

240

$KLVWRU\RIRI)RUDPRPHQWRUWZR&KLFKLNRYKHVLWDWHG7KHQ
ZKHWKHUEHFDXVHLWZDVD*HQHUDOWKDWZDVVHDWHGLQIURQWRIKLPRU
EHFDXVHKHGHVLUHGWRLPSDUWJUHDWHULPSRUWDQFHWRWKHVXEMHFWZKLFK
KHZDVDERXWWRLQYHQWKHFRQFOXGHG$KLVWRU\RI*HQHUDOV\RXU
([FHOOHQF\
2I*HQHUDOV"2I:+$7*HQHUDOV"
2I*HQHUDOVJHQHUDOO\RI*HQHUDOVDWODUJH7KDWLVWRVD\DQGWR
EHPRUHSUHFLVHDKLVWRU\RIWKH*HQHUDOVRIRXUIDWKHUODQG
%\WKLVWLPH&KLFKLNRYZDVIORXQGHULQJEDGO\0HQWDOO\KHVSDWXSRQ
KLPVHOIDQGUHIOHFWHG*UDFLRXVKHDYHQV:KDWUXEELVK,DPWDONLQJ
3DUGRQPHZHQWRQKLVLQWHUORFXWRUEXW,GRQRWTXLWHXQGHUVWDQG
\RX,V7LHQWLHWQLNRYSURGXFLQJDKLVWRU\RIDJLYHQSHULRGRURQO\D
KLVWRU\PDGHXSRIDVHULHVRIELRJUDSKLHV"$OVRLVKHLQFOXGLQJ
$//RXU*HQHUDOVRURQO\WKRVHZKRWRRNSDUWLQWKHFDPSDLJQRI"
7KHODWWHU\RXU([FHOOHQF\RQO\WKH*HQHUDOVRIUHSOLHG
&KLFKLNRY7KHQKHDGGHGEHQHDWKKLVEUHDWK:HUH,WREHNLOOHGIRU
LW,FRXOGQRWVD\ZKDWWKDWPD\EHVXSSRVHGWRPHDQ
7KHQZK\VKRXOGKHQRWFRPHDQGVHHPHLQSHUVRQ"ZHQWRQKLVKRVW
3RVVLEO\,PLJKWEHDEOHWRIXUQLVKKLPZLWKPXFKLQWHUHVWLQJ
PDWHULDO"
+HLVDIUDLGWRFRPH\RXU([FHOOHQF\
1RQVHQVH-XVWEHFDXVHRIDKDVW\ZRUGRUWZR,DPQRWWKDWVRUWRI
PDQDWDOO,QIDFW,VKRXOGEHYHU\KDSS\WRFDOOXSRQ+,0
1HYHUZRXOGKHSHUPLWWKDW\RXU([FHOOHQF\+HZRXOGJUHDWO\SUHIHU
WREHWKHILUVWWRPDNHDGYDQFHV$QG&KLFKLNRYDGGHGWRKLPVHOI
:KDWDVWURNHRIOXFNWKRVH*HQHUDOVZHUH2WKHUZLVHWKH/RUGNQRZV
ZKHUHP\WRQJXHPLJKWKDYHODQGHGPH
$WWKLVPRPHQWWKHGRRULQWRWKHDGMRLQLQJURRPRSHQHGDQGWKHUH
DSSHDUHGLQWKHGRRUZD\DJLUODVIDLUDVDUD\RIWKHVXQVRIDLU
LQGHHGWKDW&KLFKLNRYVWDUHGDWKHULQDPD]HPHQW$SSDUHQWO\VKHKDG
FRPHWRVSHDNWRKHUIDWKHUIRUDPRPHQWEXWKDGVWRSSHGVKRUWRQ
SHUFHLYLQJWKDWWKHUHZDVVRPHRQHZLWKKLP7KHRQO\IDXOWWREH
IRXQGLQKHUDSSHDUDQFHZDVWKHIDFWWKDWVKHZDVWRRWKLQDQG
IUDJLOHORRNLQJ

241

0D\,LQWURGXFH\RXWRP\OLWWOHSHW"VDLGWKH*HQHUDOWR&KLFKLNRY
7RWHOO\RXWKHWUXWK,GRQRWNQRZ\RXUQDPH
7KDW\RXVKRXOGEHXQDFTXDLQWHGZLWKWKHQDPHRIRQHZKRKDVQHYHU
GLVWLQJXLVKHGKLPVHOILQWKHPDQQHURIZKLFK\RX\RXUVHOIFDQERDVWLV
VFDUFHO\WREHZRQGHUHGDW$QG&KLFKLNRYH[HFXWHGRQHRIKLV
VLGHORQJGHIHUHQWLDOERZV
:HOO,VKRXOGEHGHOLJKWHGWRNQRZLW
,WLV3DXO,YDQRYLWFK&KLFKLNRY\RXU([FHOOHQF\:LWKWKDWZHQWWKH
HDV\ERZRIDPLOLWDU\PDQDQGWKHDJLOHEDFNZDUGPRYHPHQWRIDQ
LQGLDUXEEHUEDOO
8OLQNDWKLVLV3DXO,YDQRYLWFKVDLGWKH*HQHUDOWXUQLQJWRKLV
GDXJKWHU+HKDVMXVWWROGPHVRPHLQWHUHVWLQJQHZVQDPHO\WKDWRXU
QHLJKERXU7LHQWLHWQLNRYLVQRWDOWRJHWKHUWKHIRROZHKDGDWILUVW
WKRXJKWKLP2QWKHFRQWUDU\KHLVHQJDJHGXSRQDYHU\LPSRUWDQW
ZRUNXSRQDKLVWRU\RIWKH5XVVLDQ*HQHUDOVRI
%XWZKRHYHUVXSSRVHGKLPWREHDIRRO"DVNHGWKHJLUOTXLFNO\
:KDWKDSSHQHGZDVWKDW\RXWRRN9LVKQHSRNURPRY
VZRUGWKHZRUGRID
PDQZKRLVKLPVHOIERWKDIRRODQGDJRRGIRUQRWKLQJ
:HOOZHOOVDLGWKHIDWKHUDIWHUIXUWKHUJRRGQDWXUHGGLVSXWHRQ
WKHVXEMHFWRI9LVKQHSRNURPRY'R\RXQRZUXQDZD\IRU,ZLVKWR
GUHVVIRUOXQFKHRQ$QG\RXVLUKHDGGHGWR&KLFKLNRYZLOO\RX
QRWMRLQXVDWWDEOH"
&KLFKLNRYERZHGVRORZDQGVRORQJWKDWE\WKHWLPHWKDWKLVH\HVKDG
FHDVHGWRVHHQRWKLQJEXWKLVRZQERRWVWKH*HQHUDO
VGDXJKWHUKDG
GLVDSSHDUHGDQGLQKHUSODFHZDVVWDQGLQJDEHZKLVNHUHGEXWOHUDUPHG
ZLWKDVLOYHUVRDSGLVKDQGDKDQGEDVLQ
'R\RXPLQGLI,ZDVKLQ\RXUSUHVHQFH"DVNHGWKHKRVW
%\QRPHDQVUHSOLHG&KLFKLNRY3UD\GRZKDWVRHYHU\RXSOHDVHLQ
WKDWUHVSHFW
8SRQWKDWWKH*HQHUDOIHOOWRVFUXEELQJKLPVHOILQFLGHQWDOO\WR
VHQGLQJVRDSVXGVIO\LQJLQHYHU\GLUHFWLRQ0HDQZKLOHKHVHHPHGVR
IDYRXUDEO\GLVSRVHGWKDW&KLFKLNRYGHFLGHGWRVRXQGKLPWKHQDQG
WKHUHPRUHHVSHFLDOO\VLQFHWKHEXWOHUKDGOHIWWKHURRP

242

0D\,SXWWR\RXDSUREOHP"KHDVNHG
&HUWDLQO\UHSOLHGWKH*HQHUDO:KDWLVLW"
,WLVWKLV\RXU([FHOOHQF\,KDYHDGHFUHSLWROGXQFOHZKRRZQV
WKUHHKXQGUHGVRXOVDQGWZRWKRXVDQGURXEOHVZRUWKRIRWKHUSURSHUW\
$OVRH[FHSWIRUP\VHOIKHSRVVHVVHVQRWDVLQJOHKHLU1RZDOWKRXJK
KLVLQILUPVWDWHRIKHDOWKZLOOQRWSHUPLWRIKLVPDQDJLQJKLV
SURSHUW\LQSHUVRQKHZLOOQRWDOORZPHHLWKHUWRPDQDJHLW$QGWKH
UHDVRQIRUKLVFRQGXFWKLVYHU\VWUDQJHFRQGXFWKHVWDWHVDV
IROORZV
,GRQRWNQRZP\QHSKHZDQGYHU\OLNHO\KHLVD
VSHQGWKULIW,IKHZLVKHVWRVKRZPHWKDWKHLVJRRGIRUDQ\WKLQJOHW
KLPJRDQGDFTXLUHDVPDQ\VRXOVDVB,BKDYHDFTXLUHGDQGZKHQKHKDV
GRQHWKDW,ZLOOWUDQVIHUWRKLPP\WKUHHKXQGUHGVRXOVDVZHOO
7KHPDQPXVWEHDQDEVROXWHIRROFRPPHQWHGWKH*HQHUDO
3RVVLEO\$QGZHUHWKDWDOOWKLQJVZRXOGQRWEHDVEDGDVWKH\DUH
%XWXQIRUWXQDWHO\P\XQFOHKDVJRQHDQGWDNHQXSZLWKKLV
KRXVHNHHSHUDQGKDVKDGFKLOGUHQE\KHU&RQVHTXHQWO\HYHU\WKLQJ
ZLOOQRZSDVVWR7+(0
7KHROGPDQPXVWKDYHWDNHQOHDYHRIKLVVHQVHVUHPDUNHGWKH
*HQHUDO<HWKRZB,BFDQKHOS\RX,IDLOWRVHH
:HOO,KDYHWKRXJKWRIDSODQ,I\RXZLOOKDQGPHRYHUDOOWKHGHDG
VRXOVRQ\RXUHVWDWHKDQGWKHPRYHUWRPHH[DFWO\DVWKRXJKWKH\ZHUH
VWLOODOLYHDQGZHUHSXUFKDVDEOHSURSHUW\,ZLOORIIHUWKHPWRWKH
ROGPDQDQGWKHQKHZLOOOHDYHPHKLVIRUWXQH
$WWKLVSRLQWWKH*HQHUDOEXUVWLQWRDURDURIODXJKWHUVXFKDVIHZ
FDQHYHUKDYHKHDUG+DOIGUHVVHGKHVXEVLGHGLQWRDFKDLUWKUHZ
EDFNKLVKHDGDQGJXIIDZHGXQWLOKHFDPHQHDUWRFKRNLQJ,QIDFW
WKHKRXVHVKRRNZLWKKLVPHUULPHQWVRPXFKVRWKDWWKHEXWOHUDQGKLV
GDXJKWHUFDPHUXQQLQJLQWRWKHURRPLQDODUP
,WZDVORQJEHIRUHKHFRXOGSURGXFHDVLQJOHDUWLFXODWHZRUGDQGHYHQ
ZKHQKHGLGVR WRUHDVVXUHKLVGDXJKWHUDQGWKHEXWOHU KHNHSW
PRPHQWDULO\UHODSVLQJLQWRVSOXWWHULQJFKXFNOHVZKLFKPDGHWKHKRXVH
ULQJDQGULQJDJDLQ
&KLFKLNRYZDVJUHDWO\WDNHQDEDFN

243

2KWKDWXQFOHEHOORZHGWKH*HQHUDOLQSDUR[\VPVRIPLUWK2K
WKDWEOHVVHGXQFOH:+$7DIRROKH
OOORRN+DKDKD'HDGVRXOV
RIIHUHGKLPLQVWHDGRIOLYHRQHV2KP\JRRGQHVV
,VXSSRVH,
YHSXWP\IRRWLQLWDJDLQUXHIXOO\UHIOHFWHG
&KLFKLNRY%XWJRRG/RUGZKDWDPDQWKHIHOORZLVWRODXJK+HDYHQ
VHQGWKDWKHGRHVQ
WEXUVWRILW
+DKDKDEURNHRXWWKH*HQHUDODIUHVK:+$7DGRQNH\WKHROG
PDQPXVWEH7RWKLQNRIKLVVD\LQJWR\RX
<RXJRDQGILW\RXUVHOI
RXWZLWKWKUHHKXQGUHGVRXOVDQG,
OOFDSWKHPZLWKP\RZQORW
0\
ZRUG:KDWDMDFNDVV
$MDFNDVV\RXU([FHOOHQF\"
<HVLQGHHG$QGWRWKLQNRIWKHMHVWRISXWWLQJKLPRIIZLWKGHDG
VRXOV+DKDKD:+$7ZRXOGQ
W,JLYHWRVHH\RXKDQGLQJKLPWKH
WLWOHGHHGV":KRLVKH":KDWLVKHOLNH",VKHYHU\ROG"
+HLVHLJKW\\RXU([FHOOHQF\
%XWVWLOOEULVNDQGDEOHWRPRYHDERXWHK"6XUHO\KHPXVWEHSUHWW\
VWURQJWRJRRQOLYLQJZLWKKLVKRXVHNHHSHUOLNHWKDW"
<HV%XWZKDWGRHVVXFKVWUHQJWKPHDQ"6DQGUXQVDZD\\RXU
([FHOOHQF\
7KHROGIRRO%XWLVKHUHDOO\VXFKDIRRO"
<HV\RXU([FHOOHQF\
$QGGRHVKHJRRXWDWDOO"'RHVKHVHHFRPSDQ\"&DQKHVWLOOKROG
KLPVHOIXSULJKW"
<HVEXWZLWKJUHDWGLIILFXOW\
$QGKDVKHDQ\WHHWKOHIW"
1RPRUHWKDQWZRDWWKHPRVW
7KHROGMDFNDVV'RQ
WEHDQJU\ZLWKPHEXW,PXVWVD\WKDWWKRXJK
\RXUXQFOHKHLVDOVRDMDFNDVV
4XLWHVR\RXU([FHOOHQF\$QGWKRXJKLWJULHYHV0(WRKDYHWR

244

FRQIHVVWKDWKHLVP\XQFOHZKDWDP,WRGRZLWKKLP"
<HWWKLVZDVQRWDOWRJHWKHUWKHWUXWK:KDWZRXOGKDYHEHHQDIDU
KDUGHUWKLQJIRU&KLFKLNRYWRKDYHFRQIHVVHGZDVWKHIDFWWKDWKH
SRVVHVVHGQRXQFOHVDWDOO
,EHJRI\RX\RXU([FHOOHQF\KHZHQWRQWRKDQGPHRYHUWKRVH
WKRVH
7KRVHGHDGVRXOVHK":K\LQUHWXUQIRUWKHMHVW,ZLOOJLYH\RX
VRPHODQGDVZHOO<HV\RXFDQWDNHWKHZKROHJUDYH\DUGLI\RXOLNH
+DKDKD7KHROGPDQ+DKDKD:+$7DIRROKH
OOORRN+DKD
KD
$QGRQFHPRUHWKH*HQHUDO
VJXIIDZVZHQWULQJLQJWKURXJKWKHKRXVH
>$WWKLVSRLQWWKHUHLVDORQJKLDWXVLQWKHRULJLQDO@

&+$37(5,,,
,I&RORQHO.RVKNDUHYVKRXOGWXUQRXWWREHDVPDGDVWKHODVWRQHLW
LVDEDGORRNRXWVDLG&KLFKLNRYWRKLPVHOIRQRSHQLQJKLVH\HVDPLG
ILHOGVDQGRSHQFRXQWU\HYHU\WKLQJHOVHKDYLQJGLVDSSHDUHGVDYHWKH
YDXOWRIKHDYHQDQGDFRXSOHRIORZO\LQJFORXGV
6HOLIDQKHZHQWRQGLG\RXDVNKRZWRJHWWR&RORQHO
.RVKNDUHY
V"
<HV3DXO,YDQRYLWFK$WOHDVWWKHUHZDVVXFKDFODWWHUDURXQGWKH
NROLDVNDWKDW,FRXOGQRWEXW3HWUXVKNDDVNHGWKHFRDFKPDQ
<RXIRRO+RZRIWHQKDYH,WROG\RXQRWWRUHO\RQ3HWUXVKND"
3HWUXVKNDLVDEORFNKHDGDQLGLRW%HVLGHVDWWKHSUHVHQWPRPHQW,
EHOLHYHKLPWREHGUXQN
1R\RXDUHZURQJEDULQSXWLQWKHSHUVRQUHIHUUHGWRWXUQLQJKLV
KHDGZLWKDVLGHORQJJODQFH$IWHUZHJHWGRZQWKHQH[WKLOOZHVKDOO
QHHGEXWWRNHHSEHQGLQJURXQGLW7KDWLVDOO
<HVDQG,VXSSRVH\RX
OOWHOOPHWKDWVLYQNKDLVWKHRQO\WKLQJWKDW
KDVSDVVHG\RXUOLSV":HOOWKHYLHZDWOHDVWLVEHDXWLIXO,QIDFW

245

ZKHQRQHKDVVHHQWKLVSODFHRQHPD\VD\WKDWRQHKDVVHHQRQHRIWKH
EHDXW\VSRWVRI(XURSH7KLVVDLG&KLFKLNRYDGGHGWRKLPVHOI
VPRRWKLQJKLVFKLQ:KDWDGLIIHUHQFHEHWZHHQWKHIHDWXUHVRID
FLYLOLVHGPDQRIWKHZRUOGDQGWKRVHRIDFRPPRQODFTXH\
0HDQZKLOHWKHNROLDVNDTXLFNHQHGLWVSDFHDQG&KLFKLNRYRQFHPRUH
FDXJKWVLJKWRI7LHQWLHWQLNRY
VDVSHQVWXGGHGPHDGRZV8QGXODWLQJ
JHQWO\RQHODVWLFVSULQJVWKHYHKLFOHFDXWLRXVO\GHVFHQGHGWKHVWHHS
LQFOLQHDQGWKHQSURFHHGHGSDVWZDWHUPLOOVUXPEOHGRYHUDEULGJHRU
WZRDQGMROWHGHDVLO\DORQJWKHURXJKVHWURDGZKLFKWUDYHUVHGWKH
IODWV1RWDPROHKLOOQRWDPRXQGMDUUHGWKHVSLQH7KHYHKLFOHZDV
FRPIRUWLWVHOI
6ZLIWO\WKHUHIOHZE\FOXPSVRIRVLHUVVOHQGHUHOGHUWUHHVDQG
VLOYHUOHDYHGSRSODUVWKHLUEUDQFKHVEUXVKLQJDJDLQVW6HOLIDQDQG
3HWUXVKNDDQGDWLQWHUYDOVGHSULYLQJWKHYDOHWRIKLVFDS(DFKWLPH
WKDWWKLVKDSSHQHGWKHVXOOHQIDFHGVHUYLWRUIHOOWRFXUVLQJERWKWKH
WUHHUHVSRQVLEOHIRUWKHRFFXUUHQFHDQGWKHODQGRZQHUUHVSRQVLEOHIRU
WKHWUHHEHLQJLQH[LVWHQFH\HWQRWKLQJZRXOGLQGXFHKLPWKHUHDIWHU
HLWKHUWRWLHRQWKHFDSRUWRVWHDG\LWZLWKKLVKDQGVRFRPSOHWH
ZDVKLVDVVXUDQFHWKDWWKHDFFLGHQWZRXOGQHYHUEHUHSHDWHG6RRQWR
WKHIRUHJRLQJWUHHVWKHUHEHFDPHDGGHGDQRFFDVLRQDOELUFKRUVSUXFH
ILUZKLOHLQWKHGHQVHXQGHUJURZWKDURXQGWKHLUURRWVFRXOGEHVHHQ
WKHEOXHLULVDQGWKH\HOORZZRRGWXOLS*UDGXDOO\WKHIRUHVWJUHZ
GDUNHUDVWKRXJKHYHQWXDOO\WKHREVFXULW\ZRXOGEHFRPHFRPSOHWH7KHQ
WKURXJKWKHWUXQNVDQGWKHERXJKVWKHUHEHJDQWRJOHDPSRLQWVRIOLJKW
OLNHJOLWWHULQJPLUURUVDQGDVWKHQXPEHURIWUHHVOHVVHQHGWKHVH
SRLQWVJUHZODUJHUXQWLOWKHWUDYHOOHUVGHERXFKHGXSRQWKHVKRUHRID
ODNHIRXUYHUVWVRUVRLQFLUFXPIHUHQFHDQGKDYLQJRQLWVIXUWKHU
PDUJLQWKHJUH\VFDWWHUHGORJKXWVRIDSHDVDQWYLOODJH,QWKHZDWHU
DJUHDWFRPPRWLRQZDVLQSURJUHVV,QWKHILUVWSODFHVRPHWZHQW\
PHQLPPHUVHGWRWKHNQHHWRWKHEUHDVWRUWRWKHQHFNZHUH
GUDJJLQJDODUJHILVKLQJQHWLQVKRUHZKLOHLQWKHVHFRQGSODFH
WKHUHZDVHQWDQJOHGLQWKHVDPHLQDGGLWLRQWRVRPHILVKDVWRXWPDQ
VKDSHGSUHFLVHO\OLNHDPHORQRUDKRJVKHDG*UHDWO\H[FLWHGKHZDV
VKRXWLQJDWWKHWRSRIKLVYRLFH/HW.RVPDPDQDJHLW\RXORXWRID
'HQLV.RVPDWDNHWKHHQGRIWKHURSHIURP'HQLV'RQ
WEHDUVRKDUG
RQLW7KRPD%ROVKR\>@*RZKHUH7KRPD0HQVKRY>@LV'DPQLWEULQJ
WKHQHWWRODQGZLOO\RX)URPWKLVLWEHFDPHFOHDUWKDWLWZDVQRW
RQKLVRZQDFFRXQWWKDWWKHVWRXWPDQZDVZRUU\LQJ,QGHHGKHKDGQR
QHHGWRGRVRVLQFHKLVIDWZRXOGLQDQ\FDVHKDYHSUHYHQWHGKLPIURP
VLQNLQJ<HVHYHQLIKHKDGWXUQHGKHDGRYHUKHHOVLQDQHIIRUWWR
GLYHWKHZDWHUZRXOGSHUVLVWHQWO\KDYHERUQHKLPXSDQGWKHVDPHLI
VD\DFRXSOHRIPHQKDGMXPSHGRQKLVEDFNWKHRQO\UHVXOWZRXOG

246

KDYHEHHQWKDWKHZRXOGKDYHEHFRPHDWULIOHGHHSHUVXEPHUJHGDQG
IRUFHGWRGUDZEUHDWKE\VSRXWLQJEXEEOHVWKURXJKKLVQRVH1RWKH
FDXVHRIKLVDJLWDWLRQZDVOHVWWKHQHWVKRXOGEUHDNDQGWKHILVK
HVFDSHZKHUHIRUHKHZDVXUJLQJVRPHDGGLWLRQDOSHDVDQWVZKRZHUH
VWDQGLQJRQWKHEDQNWROD\KROGRIDQGWRSXOODWDQH[WUDURSHRU
WZR
>@7KH(OGHU
>@7KH<RXQJHU
7KDWPXVWEHWKHEDULQ&RORQHO.RVKNDUHYVDLG6HOLIDQ
:K\"DVNHG&KLFKLNRY
%HFDXVHLI\RXSOHDVHKLVVNLQLVZKLWHUWKDQWKHUHVWDQGKHKDV
WKHUHVSHFWDEOHSDXQFKRIDJHQWOHPDQ
0HDQZKLOHJRRGSURJUHVVZDVEHLQJPDGHZLWKWKHKDXOLQJLQRIWKH
EDULQXQWLOIHHOLQJWKHJURXQGZLWKKLVIHHWKHURVHWRDQXSULJKW
SRVLWLRQDQGDWWKHVDPHPRPHQWFDXJKWVLJKWRIWKHNROLDVNDZLWK
&KLFKLNRYVHDWHGWKHUHLQGHVFHQGLQJWKHGHFOLYLW\
+DYH\RXGLQHG\HW"VKRXWHGWKHEDULQDVVWLOOHQWDQJOHGLQWKH
QHWKHDSSURDFKHGWKHVKRUHZLWKDKXJHILVKRQKLVEDFN:LWKRQH
KDQGVKDGLQJKLVH\HVIURPWKHVXQDQGWKHRWKHUWKURZQEDFNZDUGVKH
ORRNHGLQSRLQWRISRVHOLNHWKH0HGLFL9HQXVHPHUJLQJIURPKHU
EDWK
1RUHSOLHG&KLFKLNRYUDLVLQJKLVFDSDQGH[HFXWLQJDVHULHVRI
ERZV
7KHQWKDQN*RGIRUWKDWUHMRLQHGWKHJHQWOHPDQ
:K\"DVNHG&KLFKLNRYZLWKQROLWWOHFXULRVLW\DQGVWLOOKROGLQJKLV
FDSRYHUKLVKHDG
%HFDXVHRI7+,6&DVWRIIWKHQHW7KRPD0HQVKRYDQGSLFNXSWKDW
VWXUJHRQIRUWKHJHQWOHPDQWRVHH*RDQGKHOSKLP7HOHSHQ.X]PD
:LWKWKDWWKHSHDVDQWVLQGLFDWHGSLFNHGXSE\WKHKHDGZKDWZDVD
YHULWDEOHPRQVWHURIDILVK
,VQ
WLWDEHDXW\DVWXUJHRQIUHVKUXQIURPWKHULYHU"H[FODLPHG

247

WKHVWRXWEDULQ$QGQRZOHWXVEHRIIKRPH&RDFKPDQ\RXFDQWDNH
WKHORZHUURDGWKURXJKWKHNLWFKHQJDUGHQ5XQ\RXORXWRID7KRPD
%ROVKR\DQGRSHQWKHJDWHIRUKLP+HZLOOJXLGH\RXWRWKHKRXVH
DQG,P\VHOIVKDOOEHDORQJSUHVHQWO\
7KHUHXSRQWKHEDUHOHJJHG7KRPD%ROVKR\FODGLQQRWKLQJEXWDVKLUW
UDQDKHDGRIWKHNROLDVNDWKURXJKWKHYLOODJHHYHU\KXWRIZKLFKKDG
KDQJLQJLQIURQWRILWDYDULHW\RIQHWVIRUWKHUHDVRQWKDWHYHU\
LQKDELWDQWRIWKHSODFHZDVDILVKHUPDQ1H[WKHRSHQHGDJDWHLQWRD
ODUJHYHJHWDEOHHQFORVXUHDQGWKHQFHWKHNROLDVNDHPHUJHGLQWRD
VTXDUHQHDUDZRRGHQFKXUFKZLWKVKRZLQJEH\RQGWKHODWWHUWKH
URRIVRIWKHPDQRULDOKRPHVWHDG
$TXHHUIHOORZWKDW.RVKNDUHYVDLG&KLFKLNRYWRKLPVHOI
:HOOZKDWHYHU,PD\EHDWOHDVW,
PKHUHVDLGDYRLFHE\KLV
VLGH&KLFKLNRYORRNHGURXQGDQGSHUFHLYHGWKDWLQWKHPHDQZKLOH
WKHEDULQKDGGUHVVHGKLPVHOIDQGRYHUWDNHQWKHFDUULDJH:LWKDSDLU
RI\HOORZWURXVHUVKHZDVZHDULQJDJUDVVJUHHQMDFNHWDQGKLVQHFN
ZDVDVJXLOWOHVVRIDFROODUDV&XSLG
V$OVRDVKHVDWVLGHZD\VLQ
KLVGUR]KNLKLVEXONZDVVXFKWKDWKHFRPSOHWHO\ILOOHGWKHYHKLFOH
&KLFKLNRYZDVDERXWWRPDNHVRPHUHPDUNRUDQRWKHUZKHQWKHVWRXW
JHQWOHPDQGLVDSSHDUHGDQGSUHVHQWO\KLVGUR]KNLUHHPHUJHGLQWRYLHZ
DWWKHVSRWZKHUHWKHILVKKDGEHHQGUDZQWRODQGDQGKLVYRLFHFRXOG
EHKHDUGUHLWHUDWLQJH[KRUWDWLRQVWRKLVVHUIV<HWZKHQ&KLFKLNRY
UHDFKHGWKHYHUDQGDKRIWKHKRXVHKHIRXQGWRKLVLQWHQVHVXUSULVH
WKHVWRXWJHQWOHPDQZDLWLQJWRZHOFRPHWKHYLVLWRU+RZKHKDG
FRQWULYHGWRFRQYH\KLPVHOIWKLWKHUSDVVHG&KLFKLNRY
VFRPSUHKHQVLRQ
+RVWDQGJXHVWHPEUDFHGWKUHHWLPHVDFFRUGLQJWRDE\JRQHFXVWRPRI
5XVVLD(YLGHQWO\WKHEDULQZDVRQHRIWKHROGVFKRRO
,EULQJ\RXVDLG&KLFKLNRYDJUHHWLQJIURPKLV([FHOOHQF\
)URPZKRP"
)URP\RXUUHODWLYH*HQHUDO$OH[DQGHU'PLWULHYLWFK
:KRLV$OH[DQGHU'PLWULHYLWFK"
:KDW"<RXGRQRWNQRZ*HQHUDO$OH[DQGHU'PLWULHYLWFK%HWULVKHY"
H[FODLPHG&KLFKLNRYZLWKDWRXFKRIVXUSULVH
1R,GRQRWUHSOLHGWKHJHQWOHPDQ

248

&KLFKLNRY
VVXUSULVHJUHZWRDEVROXWHDVWRQLVKPHQW
+RZFRPHVWKDWDERXW"KHHMDFXODWHG,KRSHWKDW,KDYHWKHKRQRXU
RIDGGUHVVLQJ&RORQHO.RVKNDUHY"
<RXUKRSHVDUHYDLQ,WLVWRP\KRXVHQRWWRKLVWKDW\RXKDYH
FRPHDQG,DP3HWHU3HWURYLWFK3LHWXNK\HV3HWHU3HWURYLWFK
3LHWXNK
&KLFKLNRYGXPEIRXQGHGWXUQHGWR6HOLIDQDQG3HWUXVKND
:KDWGR\RXPHDQ"KHH[FODLPHG,WROG\RXWRGULYHWRWKHKRXVHRI
&RORQHO.RVKNDUHYZKHUHDV\RXKDYHEURXJKWPHWRWKDWRI3HWHU
3HWURYLWFK3LHWXNK
$OOWKHVDPH\RXUIHOORZVKDYHGRQHTXLWHULJKWSXWLQWKH
JHQWOHPDQUHIHUUHGWR'R\RX WKLVWR6HOLIDQDQG3HWUXVKND JRWR
WKHNLWFKHQZKHUHWKH\ZLOOJLYH\RXDJODVVIXORIYRGNDDSLHFH7KHQ
SXWXSWKHKRUVHVDQGEHRIIWRWKHVHUYDQWV
TXDUWHUV
,UHJUHWWKHPLVWDNHH[WUHPHO\VDLG&KLFKLNRY
%XWLWLVQRWDPLVWDNH:KHQ\RXKDYHWULHGWKHGLQQHUZKLFK,KDYH
LQVWRUHIRU\RXMXVWVHHZKHWKHU\RXWKLQN,7DPLVWDNH(QWHU,
EHJRI\RX$QGWDNLQJ&KLFKLNRYE\WKHDUPWKHKRVWFRQGXFWHGKLP
ZLWKLQZKHUHWKH\ZHUHPHWE\DFRXSOHRI\RXWKV
/HWPHLQWURGXFHP\WZRVRQVKRPHIRUWKHLUKROLGD\VIURPWKH
*\PQDVLXP>@VDLG3LHWXNK1LNRODVKDFRPHDQGHQWHUWDLQRXUJRRG
YLVLWRUZKLOH\RX$OHNVDVKDIROORZPH$QGZLWKWKDWWKHKRVW
GLVDSSHDUHG
>@6HFRQGDU\6FKRRO
&KLFKLNRYWXUQHGWR1LNRODVKDZKRPKHIRXQGWREHDEXGGLQJPDQDERXW
WRZQVLQFHDWILUVWKHRSHQHGDFRQYHUVDWLRQE\VWDWLQJWKDWDVQR
JRRGZDVWREHGHULYHGIURPVWXG\LQJDWDSURYLQFLDOLQVWLWXWLRQKH
DQGKLVEURWKHUGHVLUHGWRUHPRYHUDWKHUWR6W3HWHUVEXUJWKH
SURYLQFHVQRWEHLQJZRUWKOLYLQJLQ
,TXLWHXQGHUVWDQG&KLFKLNRYWKRXJKWWRKLPVHOI7KHHQGRIWKH
FKDSWHUZLOOEHFRQIHFWLRQHUV
DVVLVWDQWVDQGWKHERXOHYDUGV
7HOOPHKHDGGHGDORXGKRZGRHV\RXUIDWKHU
VSURSHUW\DWSUHVHQW

249

VWDQG"
,WLVDOOPRUWJDJHGSXWLQWKHIDWKHUKLPVHOIDVKHUHHQWHUHGWKH
URRP<HVLWLVDOOPRUWJDJHGHYHU\ELWRILW
:KDWDSLW\WKRXJKW&KLFKLNRY$WWKLVUDWHLWZLOOQRWEHORQJ
EHIRUHWKLVPDQKDVQRSURSHUW\DWDOOOHIW,PXVWKXUU\P\
GHSDUWXUH$ORXGKHVDLGZLWKDQDLURIV\PSDWK\7KDW\RXKDYH
PRUWJDJHGWKHHVWDWHVHHPVWRPHDPDWWHURIUHJUHW
1RQRWDWDOOUHSOLHG3LHWXNK,QIDFWWKH\WHOOPHWKDWLWLVD
JRRGWKLQJWRGRDQGWKDWHYHU\RQHHOVHLVGRLQJLW:K\VKRXOG,
DFWGLIIHUHQWO\IURPP\QHLJKERXUV"0RUHRYHU,KDYHKDGHQRXJKRI
OLYLQJKHUHDQGVKRXOGOLNHWRWU\0RVFRZPRUHHVSHFLDOO\VLQFHP\
VRQVDUHDOZD\VEHJJLQJPHWRJLYHWKHPDPHWURSROLWDQHGXFDWLRQ
2KWKHIRROWKHIRROUHIOHFWHG&KLFKLNRY+HLVIRUWKURZLQJXS
HYHU\WKLQJDQGPDNLQJVSHQGWKULIWVRIKLVVRQV<HWWKLVLVDQLFH
SURSHUW\DQGLWLVFOHDUWKDWWKHORFDOSHDVDQWVDUHGRLQJZHOODQG
WKDWWKHIDPLO\WRRLVFRPIRUWDEO\RII2QWKHRWKHUKDQGDVVRRQ
DVHYHUWKHVHODGVEHJLQWKHLUHGXFDWLRQLQUHVWDXUDQWVDQGWKHDWUHV
WKHGHYLOZLOODZD\ZLWKHYHU\VWLFNRIWKHLUVXEVWDQFH)RUP\RZQ
SDUW,FRXOGGHVLUHQRWKLQJEHWWHUWKDQWKLVTXLHWOLIHLQWKH
FRXQWU\
/HWPHJXHVVZKDWLVLQ\RXUPLQGVDLG3LHWXNK
:KDWWKHQ"DVNHG&KLFKLNRYUDWKHUWDNHQDEDFN
<RXDUHWKLQNLQJWR\RXUVHOI
7KDWIRRORID3LHWXNKKDVDVNHGPHWR
GLQQHU\HWQRWDELWHRIGLQQHUGR,VHH
%XWZDLWDOLWWOH,WZLOO
EHUHDG\SUHVHQWO\IRULWLVEHLQJFRRNHGDVIDVWDVDPDLGHQZKRKDV
KDGKHUKDLUFXWRIISODLWVKHUVHOIDQHZVHWRIWUHVVHV
+HUHFRPHV3ODWRQ0LNKDOLWFKIDWKHUH[FODLPHG$OHNVDVKDZKRKDG
EHHQSHHSLQJRXWRIWKHZLQGRZ
<HVDQGRQDJUH\KRUVHDGGHGKLVEURWKHU
:KRLV3ODWRQ0LNKDOLWFK"LQTXLUHG&KLFKLNRY
$QHLJKERXURIRXUVDQGDQH[FHOOHQWIHOORZ
7KHQH[WPRPHQW3ODWRQ0LNKDOLWFKKLPVHOIHQWHUHGWKHURRP

250

DFFRPSDQLHGE\DVSRUWLQJGRJQDPHG<DUE+HZDVDWDOOKDQGVRPHPDQ
ZLWKH[WUHPHO\UHGKDLU$VIRUKLVFRPSDQLRQLWZDVRIWKH
NHHQPX]]OHGVSHFLHVXVHGIRUVKRRWLQJ
+DYH\RXGLQHG\HW"DVNHGWKHKRVW
<HVUHSOLHG3ODWRQ
,QGHHG":KDWGR\RXPHDQE\FRPLQJKHUHWRODXJKDWXVDOO"'R,HYHU
JRWR<285SODFHDIWHUGLQQHU"
7KHQHZFRPHUVPLOHG:HOOLILWFDQEULQJ\RXDQ\FRPIRUWKHVDLG
OHWPHWHOO\RXWKDW,DWHQRWKLQJDWWKHPHDOIRU,KDGQR
DSSHWLWH
%XW\RXVKRXOGVHHZKDW,KDYHFDXJKWZKDWVRUWRIDVWXUJHRQIDWH
KDVEURXJKWP\ZD\<HVDQGZKDWFUXFLDQVDQGFDUS
5HDOO\LWWLUHVRQHWRKHDU\RX+RZFRPH\RXDOZD\VWREHVRFKHHUIXO"
$QGKRZFRPH<28DOZD\VWREHVRJORRP\"UHWRUWHGWKHKRVW
+RZ\RXDVN"6LPSO\EHFDXVH,DPVR
7KHWUXWKLV\RXGRQ
WHDWHQRXJK7U\WKHSODQRIPDNLQJDJRRG
GLQQHU:HDULQHVVRIHYHU\WKLQJLVDPRGHUQLQYHQWLRQ2QFHXSRQD
WLPHRQHQHYHUKHDUGRILW
:HOOERDVWDZD\EXWKDYH\RX\RXUVHOIQHYHUEHHQWLUHGRIWKLQJV"
1HYHULQP\OLIH,GRQRWVRPXFKDVNQRZZKHWKHU,VKRXOGILQGWLPH
WREHWLUHG,QWKHPRUQLQJZKHQRQHDZDNHVWKHFRRNLVZDLWLQJDQG
WKHGLQQHUKDVWREHRUGHUHG7KHQRQHGULQNVRQH
VPRUQLQJWHDDQG
WKHQWKHEDLOLIIDUULYHVIRU+,6RUGHUVDQGWKHQWKHUHLVILVKLQJ
WREHGRQHDQGWKHQRQH
VGLQQHUKDVWREHHDWHQ1H[WEHIRUHRQH
KDVHYHQKDGDFKDQFHWRXWWHUDVQRUHWKHUHHQWHUVRQFHDJDLQWKH
FRRNDQGRQHKDVWRRUGHUVXSSHUDQGZKHQVKHKDVGHSDUWHGEHKROG
EDFNVKHFRPHVZLWKDUHTXHVWIRUWKHIROORZLQJGD\
VGLQQHU:KDW
WLPHGRHV7+$7OHDYHRQHWREHZHDU\RIWKLQJV"
7KURXJKRXWWKLVFRQYHUVDWLRQ&KLFKLNRYKDGEHHQWDNLQJVWRFNRIWKH
QHZFRPHUZKRDVWRQLVKHGKLPZLWKKLVJRRGORRNVKLVXSULJKW
SLFWXUHVTXHILJXUHKLVDSSHDUDQFHRIIUHVKXQZDVWHG\RXWKIXOQHVV
DQGWKHER\LVKSXULW\LQQRFHQFHDQGFODULW\RIKLVIHDWXUHV1HLWKHU

251

SDVVLRQQRUFDUHQRUDXJKWRIWKHQDWXUHRIDJLWDWLRQRUDQ[LHW\RI
PLQGKDGYHQWXUHGWRWRXFKKLVXQVXOOLHGIDFHRUWROD\DVLQJOH
ZULQNOHWKHUHRQ<HWWKHWRXFKRIOLIHZKLFKWKRVHHPRWLRQVPLJKWKDYH
LPSDUWHGZDVZDQWLQJ7KHIDFHZDVDVLWZHUHGUHDPLQJHYHQWKRXJK
IURPWLPHWRWLPHDQLURQLFDOVPLOHGLVWXUEHGLW
,WRRFDQQRWXQGHUVWDQGUHPDUNHG&KLFKLNRYKRZDPDQRI\RXU
DSSHDUDQFHFDQILQGWKLQJVZHDULVRPH2IFRXUVHLIDPDQLVKDUG
SUHVVHGIRUPRQH\RULIKHKDVHQHPLHVZKRDUHO\LQJLQZDLWIRUKLV
OLIH DVKDYHFHUWDLQIRONRIZKRP,NQRZ ZHOOWKHQ
%HOLHYHPHZKHQ,VD\LQWHUUXSWHGWKHKDQGVRPHJXHVWWKDWIRU
WKHVDNHRIDGLYHUVLRQ,VKRXOGEHJODGRI$1<VRUWRIDQDQ[LHW\
:RXOGWKDWVRPHHQHP\ZRXOGFRQFHLYHDJUXGJHDJDLQVWPH%XWQRRQH
GRHVVR(YHU\WKLQJUHPDLQVHWHUQDOO\GXOO
%XWSHUKDSV\RXODFNDVXIILFLHQF\RIODQGRUVRXOV"
1RWDWDOO,DQGP\EURWKHURZQWHQWKRXVDQGGHVLDWLQV>@RIODQG
DQGRYHUDWKRXVDQGVRXOV
>@7KHGHVLDWLQ (QJOLVKDFUHV
&XULRXV,GRQRWXQGHUVWDQGLW%XWSHUKDSVWKHKDUYHVWKDVIDLOHG
RU\RXKDYHVLFNQHVVDERXWDQGPDQ\RI\RXUPDOHSHDVDQWVKDYHGLHG
RILW"
2QWKHFRQWUDU\HYHU\WKLQJLVLQVSOHQGLGRUGHUIRUP\EURWKHULV
WKHEHVWRIPDQDJHUV
7KHQWRILQGWKLQJVZHDULVRPHH[FODLPHG&KLFKLNRY,WSDVVHVP\
FRPSUHKHQVLRQ$QGKHVKUXJJHGKLVVKRXOGHUV
:HOOZHZLOOVRRQSXWZHDULQHVVWRIOLJKWLQWHUUXSWHGWKHKRVW
$OHNVDVKDGR\RXUXQKHOWHUVNHOWHUWRWKHNLWFKHQDQGWKHUHWHOO
WKHFRRNWRVHUYHWKHILVKSDVWLHV<HVDQGZKHUHKDYHWKDWJDZNRI
DQ(PHOLDQDQGWKDWWKLHIRIDQ$QWRVKNDJRWWR":K\KDYHWKH\QRW
KDQGHGURXQGWKH]DNXVNL"
$WWKLVPRPHQWWKHGRRURSHQHGDQGWKHJDZNDQGWKHWKLHILQ
TXHVWLRQPDGHWKHLUDSSHDUDQFHZLWKQDSNLQVDQGDWUD\WKHODWWHU
EHDULQJVL[GHFDQWHUVRIYDULRXVO\FRORXUHGEHYHUDJHV7KHVHWKH\
SODFHGXSRQWKHWDEOHDQGWKHQULQJHGWKHPDERXWZLWKJODVVHVDQG
SODWHIXOVRIHYHU\FRQFHLYDEOHNLQGRIDSSHWLVHU7KDWGRQHWKH

252

VHUYDQWVDSSOLHGWKHPVHOYHVWREULQJLQJLQYDULRXVFRPHVWLEOHVXQGHU
FRYHUVWKURXJKZKLFKFRXOGEHKHDUGWKHKLVVLQJRIKRWURDVWYLDQGV
,QSDUWLFXODUGLGWKHJDZNDQGWKHWKLHIZRUNKDUGDWWKHLUWDVNV
$VDPDWWHURIIDFWWKHLUDSSHOODWLRQVKDGEHHQJLYHQWKHPPHUHO\WR
VSXUWKHPWRJUHDWHUDFWLYLW\IRULQJHQHUDOWKHEDULQZDVQRORYHU
RIDEXVHEXWUDWKHUDNLQGKHDUWHGPDQZKROLNHPRVW5XVVLDQV
FRXOGQRWJHWRQZLWKRXWDVKDUSZRUGRUWZR7KDWLVWRVD\KH
QHHGHGWKHPIRUKLVWRQJXHDVKHQHHGDJODVVRIYRGNDIRUKLV
GLJHVWLRQ:KDWHOVHFRXOG\RXH[SHFW",WZDVKLVQDWXUHWRFDUHIRU
QRWKLQJPLOG
7RWKH]DNXVNLVXFFHHGHGWKHPHDOLWVHOIDQGWKHKRVWEHFDPHD
SHUIHFWJOXWWRQRQKLVJXHVWV
EHKDOI6KRXOGKHQRWLFHWKDWDJXHVW
KDGWDNHQEXWDVLQJOHSLHFHRIDFRPHVWLEOHKHDGGHGWKHUHWRDQRWKHU
RQHVD\LQJ:LWKRXWDPDWHQHLWKHUPDQQRUELUGFDQOLYHLQWKLV
ZRUOG6KRXOGDQ\RQHWDNHWZRSLHFHVKHDGGHGWKHUHWRDWKLUG
VD\LQJ:KDWLVWKHJRRGRIWKHQXPEHU"*RGORYHVDWULQLW\
6KRXOGDQ\RQHWDNHWKUHHSLHFHVKHZRXOGVD\:KHUHGR\RXVHHD
ZDJJRQZLWKWKUHHZKHHOV":KREXLOGVDWKUHHFRUQHUHGKXW"/DVWO\
VKRXOGDQ\RQHWDNHIRXUSLHFHVKHZRXOGFDSWKHPZLWKDILIWKDQG
DGGWKHUHWRWKHSXQQLQJTXLS1DSLDWRSLDW>@$IWHUGHYRXULQJDW
OHDVWWZHOYHVWHDNVRIVWXUJHRQ&KLFKLNRYYHQWXUHGWRWKLQNWR
KLPVHOI0\KRVWFDQQRWSRVVLEO\DGGWR7+(0EXWIRXQGWKDWKH
ZDVPLVWDNHQIRUZLWKRXWDZRUG3LHWXNKKHDSHGXSRQKLVSODWHDQ
HQRUPRXVSRUWLRQRIVSLWURDVWHGYHDODQGDOVRVRPHNLGQH\V$QGZKDW
YHDOLWZDV
>@2QHPRUHPDNHVILYH
7KDWFDOIZDVIHGWZR\HDUVRQPLONKHH[SODLQHG,FDUHGIRULW
OLNHP\RZQVRQ
1HYHUWKHOHVV,FDQHDWQRPRUHVDLG&KLFKLNRY
'R\RXWU\WKHYHDOEHIRUH\RXVD\WKDW\RXFDQHDWQRPRUH
%XW,FRXOGQRWJHWLWGRZQP\WKURDW7KHUHLVQRURRPOHIW
,IWKHUHEHQRURRPLQDFKXUFKIRUDQHZFRPHUWKHEHDGOHLVVHQW
IRUDQGURRPLVYHU\VRRQPDGH\HVHYHQWKRXJKEHIRUHWKHUHZDV
VXFKDFUXVKWKDWDQDSSOHFRXOGQ
WKDYHEHHQGURSSHGEHWZHHQWKH
SHRSOH'R\RXWU\WKHYHDO,VD\7KDWSLHFHLVWKHWLWELWRIDOO
6R&KLFKLNRYPDGHWKHDWWHPSWDQGLQYHU\WUXWKWKHYHDOZDVEH\RQG

253

DOOSUDLVHDQGURRPZDVIRXQGIRULWHYHQWKRXJKRQHZRXOGKDYH
VXSSRVHGWKHIHDWLPSRVVLEOH
)DQF\WKLVJRRGIHOORZUHPRYLQJWR6W3HWHUVEXUJRU0RVFRZVDLG
WKHJXHVWWRKLPVHOI:K\ZLWKDVFDOHRIOLYLQJOLNHWKLVKHZRXOG
EHUXLQHGLQWKUHH\HDUV)RUWKDWPDWWHU3LHWXNKPLJKWZHOOKDYH
EHHQUXLQHGDOUHDG\IRUKRVSLWDOLW\FDQGLVVLSDWHDIRUWXQHLQWKUHH
PRQWKVDVHDVLO\DVLWFDQLQWKUHH\HDUV
7KHKRVWDOVRGLVSHQVHGWKHZLQHZLWKDODYLVKKDQGDQGZKDWWKH
JXHVWVGLGQRWGULQNKHJDYHWRKLVVRQVZKRWKXVVZDOORZHGJODVV
DIWHUJODVV,QGHHGHYHQEHIRUHFRPLQJWRWDEOHLWZDVSRVVLEOHWR
GLVFHUQWRZKDWGHSDUWPHQWRIKXPDQDFFRPSOLVKPHQWWKHLUEHQWZDV
WXUQHG:KHQWKHPHDOZDVRYHUKRZHYHUWKHJXHVWVKDGQRPLQGIRU
IXUWKHUGULQNLQJ,QGHHGLWZDVDOOWKDWWKH\FRXOGGRWRGUDJ
WKHPVHOYHVRQWRWKHEDOFRQ\DQGWKHUHWRUHODSVHLQWRHDV\FKDLUV
,QGHHGWKHPRPHQWWKDWWKHKRVWVXEVLGHGLQWRKLVVHDWLWZDVODUJH
HQRXJKIRUIRXUKHIHOODVOHHSDQGKLVSRUWO\SUHVHQFHFRQYHUWLQJ
LWVHOILQWRDVRUWRIEODFNVPLWK
VEHOORZVVWDUWHGWRYHQWWKURXJK
RSHQPRXWKDQGGLVWHQGHGQRVWULOVVXFKVRXQGVDVFDQKDYHJUHHWHG
WKHUHDGHU
VHDUEXWVHOGRPVRXQGVDVRIDGUXPEHLQJEHDWHQLQ
FRPELQDWLRQZLWKWKHZKLVWOLQJRIDIOXWHDQGWKHVWULGHQWKRZOLQJRI
DGRJ
/LVWHQWRKLPVDLG3ODWRQ
&KLFKLNRYVPLOHG
1DWXUDOO\RQVXFKGLQQHUVDVWKDWFRQWLQXHGWKHRWKHURXUKRVW
GRHV127ILQGWKHWLPHGXOO$QGDVVRRQDVGLQQHULVHQGHGWKHUH
FDQHQVXHVOHHS
<HVEXWSDUGRQPH,VWLOOIDLOWRXQGHUVWDQGZK\\RXVKRXOGILQG
OLIHZHDULVRPH7KHUHDUHVRPDQ\UHVRXUFHVDJDLQVWHQQXL
$VIRULQVWDQFH"
)RUD\RXQJPDQGDQFLQJWKHSOD\LQJRIRQHRUDQRWKHUPXVLFDO
LQVWUXPHQWDQGZHOO\HVPDUULDJH
0DUULDJHWRZKRP"
7RVRPHPDLGHQZKRLVERWKFKDUPLQJDQGULFK$UHWKHUHQRQHLQWKHVH
SDUWV"

254

1R
7KHQZHUH,\RX,VKRXOGWUDYHODQGVHHNDPDLGHQHOVHZKHUH$QG
DEULOOLDQWLGHDWKHUHZLWKHQWHUHG&KLFKLNRY
VKHDG7KLVODVW
UHVRXUFHKHDGGHGLVWKHEHVWRIDOOUHVRXUFHVDJDLQVWHQQXL
:KDWUHVRXUFHDUH\RXVSHDNLQJRI"
2IWUDYHO
%XWZKLWKHU"
:HOOVKRXOGLWVRSOHDVH\RX\RXPLJKWMRLQPHDVP\FRPSDQLRQ
7KLVVDLGWKHVSHDNHUDGGHGWRKLPVHOIDVKHH\HG3ODWRQ<HVWKDW
ZRXOGVXLWPHH[DFWO\IRUWKHQ,VKRXOGKDYHKDOIP\H[SHQVHVSDLG
DQGFRXOGFKDUJHKLPDOVRZLWKWKHFRVWRIPHQGLQJWKHNROLDVND
$QGZKLWKHUVKRXOGZHJR"
,QWKDWUHVSHFW,DPQRWZKROO\P\RZQPDVWHUDV,KDYHEXVLQHVVWR
GRIRURWKHUVDVZHOODVIRUP\VHOI)RULQVWDQFH*HQHUDO
%HWULVWFKHYDQLQWLPDWHIULHQGDQG,PLJKWDGGDJHQHURXV
EHQHIDFWRURIPLQHKDVFKDUJHGPHZLWKFRPPLVVLRQVWRFHUWDLQRIKLV
UHODWLYHV+RZHYHUWKRXJKUHODWLYHVDUHUHODWLYHV,DPWUDYHOOLQJ
OLNHZLVHRQP\RZQDFFRXQWVLQFH,ZLVKWRVHHWKHZRUOGDQGWKH
ZKLUOLJLJRIKXPDQLW\ZKLFKLQVSLWHRIZKDWSHRSOHPD\VD\LVDV
JRRGDVDOLYLQJERRNRUDVHFRQGHGXFDWLRQ$VDPDWWHURIIDFW
&KLFKLNRYZDVUHIOHFWLQJ<HVWKHSODQLVDQH[FHOOHQWRQH,PLJKW
HYHQFRQWULYHWKDWKHVKRXOGKDYHWREHDUWKHZKROHRIRXUH[SHQVHV
DQGWKDWKLVKRUVHVVKRXOGEHXVHGZKLOHP\RZQVKRXOGEHSXWRXWWR
JUD]HRQKLVIDUP
:HOOZK\VKRXOG,QRWDGRSWWKHVXJJHVWLRQ"ZDV3ODWRQ
VWKRXJKW
7KHUHLVQRWKLQJIRUPHWRGRDWKRPHVLQFHWKHPDQDJHPHQWRIWKH
HVWDWHLVLQP\EURWKHU
VKDQGVDQGP\JRLQJZRXOGFDXVHKLPQR
LQFRQYHQLHQFH<HVZK\VKRXOG,QRWGRDV&KLFKLNRYKDVVXJJHVWHG"
7KHQKHDGGHGDORXG
:RXOG\RXFRPHDQGVWD\ZLWKP\EURWKHUIRUDFRXSOHRIGD\V"
2WKHUZLVHKHPLJKWUHIXVHPHKLVFRQVHQW
:LWKJUHDWSOHDVXUHVDLG&KLFKLNRY2UHYHQIRUWKUHHGD\V

255

7KHQKHUHLVP\KDQGRQLW/HWXVEHRIIDWRQFH3ODWRQVHHPHG
VXGGHQO\WRKDYHFRPHWROLIHDJDLQ
:KHUHDUH\RXRIIWR"SXWLQWKHLUKRVWXQH[SHFWHGO\DVKHURXVHG
KLPVHOIDQGVWDUHGLQDVWRQLVKPHQWDWWKHSDLU1RQRP\JRRGVLUV
,KDYHKDGWKHZKHHOVUHPRYHGIURP\RXUNROLDVND0RQVLHXU&KLFKLNRY
DQGKDYHVHQW\RXUKRUVH3ODWRQ0LNKDOLWFKWRDJUD]LQJJURXQG
ILIWHHQYHUVWVDZD\&RQVHTXHQWO\\RXPXVWVSHQGWKHQLJKWKHUHDQG
GHSDUWWRPRUURZPRUQLQJDIWHUEUHDNIDVW
:KDWFRXOGEHGRQHZLWKDPDQOLNH3LHWXNK"7KHUHZDVQRKHOSIRULW
EXWWRUHPDLQ,QUHWXUQWKHJXHVWVZHUHUHZDUGHGZLWKDEHDXWLIXO
VSULQJHYHQLQJIRUWRVSHQGWKHWLPHWKHKRVWRUJDQLVHGDERDWLQJ
H[SHGLWLRQRQWKHULYHUDQGDGR]HQURZHUVZLWKDGR]HQSDLUVRI
RDUVFRQYH\HGWKHSDUW\ WRWKHDFFRPSDQLPHQWRIVRQJ DFURVVWKH
VPRRWKVXUIDFHRIWKHODNHDQGXSDJUHDWULYHUZLWKWRZHULQJEDQNV
)URPWLPHWRWLPHWKHERDWZRXOGSDVVXQGHUURSHVVWUHWFKHGDFURVV
IRUSXUSRVHVRIILVKLQJDQGDWHDFKWXUQRIWKHULSSOLQJFXUUHQWQHZ
YLVWDVXQIROGHGWKHPVHOYHVDVWLHUXSRQWLHURIZRRGODQGGHOLJKWHGWKH
H\HZLWKDGLYHUVLW\RIWLPEHUDQGIROLDJH,QXQLVRQGLGWKHURZHUV
SO\WKHLUVFXOOV\HWLWZDVWKRXJKRILWVHOIWKDWWKHVNLIIVKRW
IRUZDUGELUGOLNHRYHUWKHJODVV\VXUIDFHRIWKHZDWHUZKLOHDW
LQWHUYDOVWKHEURDGVKRXOGHUHG\RXQJRDUVPDQZKRZDVVHDWHGWKLUGIURP
WKHERZZRXOGUDLVHDVIURPDQLJKWLQJDOH
VWKURDWWKHRSHQLQJ
VWDYHVRIDERDWVRQJDQGWKHQEHMRLQHGE\ILYHRUVL[PRUHXQWLO
WKHPHORG\KDGFRPHWRSRXUIRUWKLQDYROXPHDVIUHHDQGERXQGOHVVDV
5XVVLDKHUVHOI$QG3LHWXNKWRRZRXOGJLYHKLPVHOIDVKDNHDQGKHOS
OXVWLO\WRVXSSRUWWKHFKRUXVDQGHYHQ&KLFKLNRYIHOWDFXWHO\
FRQVFLRXVRIWKHIDFWWKDWKHZDVD5XVVLDQ2QO\3ODWRQUHIOHFWHG
:KDWLVWKHUHVRVSOHQGLGLQWKHVHPHODQFKRO\VRQJV"7KH\GREXW
LQFUHDVHRQH
VGHSUHVVLRQRIVSLULWV
7KHMRXUQH\KRPHZDUGZDVPDGHLQWKHJDWKHULQJGXVN5K\WKPLFDOO\WKH
RDUVVPRWHDVXUIDFHZKLFKQRORQJHUUHIOHFWHGWKHVN\DQGGDUNQHVV
KDGIDOOHQZKHQWKH\UHDFKHGWKHVKRUHDORQJZKLFKOLJKWVZHUH
WZLQNOLQJZKHUHWKHILVKHUIRONZHUHERLOLQJOLYHHHOVIRUVRXS
(YHU\WKLQJKDGQRZZHQGHGLWVZD\KRPHZDUGIRUWKHQLJKWWKHFDWWOH
DQGSRXOWU\KDGEHHQKRXVHGDQGWKHKHUGVPHQVWDQGLQJDWWKHJDWHV
RIWKHYLOODJHFDWWOHSHQVDPLGWKHWUDLOLQJGXVWODWHO\UDLVHGE\
WKHLUFKDUJHVZHUHDZDLWLQJWKHPLONSDLOVDQGDVXPPRQVWRSDUWDNH
RIWKHHHOEURWK7KURXJKWKHGXVNFDPHWKHKXPRIKXPDQNLQGDQGWKH
EDUNLQJRIGRJVLQRWKHUDQGPRUHGLVWDQWYLOODJHVZKLOHRYHUDOO
WKHPRRQZDVULVLQJDQGWKHGDUNHQHGFRXQWU\VLGHZDVEHJLQQLQJWR

256

JOLPPHUWROLJKWDJDLQXQGHUKHUEHDPV:KDWDJORULRXVSLFWXUH<HW
QRRQHWKRXJKWRIDGPLULQJLW,QVWHDGRIJDOORSLQJRYHUWKH
FRXQWU\VLGHRQIULVN\FREV1LNRODVKDDQG$OHNVDVKDZHUHHQJDJHGLQ
GUHDPLQJRI0RVFRZZLWKLWVFRQIHFWLRQHUV
VKRSVDQGWKHWKHDWUHVRI
ZKLFKDFDGHWQHZO\DUULYHGRQDYLVLWIURPWKHFDSLWDOKDGMXVW
EHHQWHOOLQJWKHPZKLOHWKHLUIDWKHUKDGKLVPLQGIXOORIKRZEHVWWR
VWXIIKLVJXHVWVZLWK\HWPRUHIRRGDQG3ODWRQZDVJLYHQXSWR
\DZQLQJ2QO\LQ&KLFKLNRYZDVDVSLFHRIDQLPDWLRQYLVLEOH<HVKH
UHIOHFWHGVRPHGD\,WRRZLOOEHFRPHORUGRIVXFKDFRXQWU\
SODFH$QGEHIRUHKLVPLQG
VH\HWKHUHDURVHDOVRDKHOSPHHWDQGVRPH
OLWWOH&KLFKLNRYV
%\WKHWLPHWKDWVXSSHUZDVILQLVKHGWKHSDUW\KDGDJDLQRYHUHDWHQ
WKHPVHOYHVDQGZKHQ&KLFKLNRYHQWHUHGWKHURRPDOORWWHGKLPIRUWKH
QLJKWKHOD\GRZQXSRQWKHEHGDQGSURGGHGKLVVWRPDFK,WLVDV
WLJKWDVDGUXPKHVDLGWRKLPVHOI1RWDQRWKHUWLWELWRIYHDO
FRXOGQRZJHWLQWRLW$OVRFLUFXPVWDQFHVKDGVREURXJKWLWDERXW
WKDWQH[WGRRUWRKLPWKHUHZDVVLWXDWHGKLVKRVW
VDSDUWPHQWDQG
VLQFHWKHLQWHUYHQLQJZDOOZDVWKLQ&KLFKLNRYFRXOGKHDUHYHU\ZRUG
WKDWZDVVDLGWKHUH$WWKHSUHVHQWPRPHQWWKHPDVWHURIWKHKRXVHZDV
HQJDJHGLQJLYLQJWKHFRRNRUGHUVIRUZKDWXQGHUWKHJXLVHRIDQ
HDUO\EUHDNIDVWSURPLVHGWRFRQVWLWXWHDYHULWDEOHGLQQHU<RXVKRXOG
KDYHKHDUG3LHWXNK
VEHKHVWV7KH\ZRXOGKDYHH[FLWHGWKHDSSHWLWHRI
DFRUSVH
<HVKHVDLGVXFNLQJKLVOLSVDQGGUDZLQJDGHHSEUHDWKLQWKH
ILUVWSODFHPDNHDSDVW\LQIRXUGLYLVLRQV,QWRRQHRIWKHGLYLVLRQV
SXWWKHVWXUJHRQ
VFKHHNVDQGVRPHYLD]LJD>@DQGLQWRDQRWKHU
GLYLVLRQVRPHEXFNZKHDWSRUULGJH\RXQJPXVKURRPVDQGRQLRQVVZHHW
PLONFDOYHV
EUDLQVDQGDQ\WKLQJHOVHWKDW\RXPD\ILQG
VXLWDEOHDQ\WKLQJHOVHWKDW\RXPD\KDYHJRWKDQG\$OVREDNHWKH
SDVWU\WRDQLFHEURZQRQRQHVLGHDQGEXWOLJKWO\RQWKHRWKHU<HV
DQGDVWRWKHXQGHUVLGHEDNHLWVRWKDWLWZLOOEHDOOMXLF\DQG
IODN\VRWKDWLWVKDOOQRWFUXPEOHLQWRELWVEXWPHOWLQWKHPRXWK
OLNHWKHVRIWHVWVQRZWKDWHYHU\RXKHDUGRI$QGDVKHVDLGWKLV
3LHWXNKIDLUO\VPDFNHGKLVOLSV
>@'ULHGVSLQDOPDUURZRIWKHVWXUJHRQ
7KHGHYLOWDNHKLPPXWWHUHG&KLFKLNRYWKUXVWLQJKLVKHDGEHQHDWK
WKHEHGFORWKHVWRDYRLGKHDULQJPRUH7KHIHOORZZRQ
WJLYHRQHD
FKDQFHWRVOHHS
1HYHUWKHOHVVKHKHDUGWKURXJKWKHEODQNHWV

257

$QGJDUQLVKWKHVWXUJHRQZLWKEHHWURRWVPHOWVSHSSHUHGPXVKURRPV
\RXQJUDGLVKHVFDUURWVEHDQVDQGDQ\WKLQJHOVH\RXOLNHVRDVWR
KDYHSOHQW\RIWULPPLQJV<HVDQGSXWDOXPSRILFHLQWRWKHSLJ
V
EODGGHUVRDVWRVZHOOLWXS
0DQ\RWKHUGLVKHVGLG3LHWXNKRUGHUDQGQRWKLQJZDVWREHKHDUGEXW
KLVWDONRIERLOLQJURDVWLQJDQGVWHZLQJ)LQDOO\MXVWDVPHQWLRQ
ZDVEHLQJPDGHRIDWXUNH\FRFN&KLFKLNRYIHOODVOHHS
1H[WPRUQLQJWKHJXHVW
VVWDWHRIUHSOHWLRQKDGUHDFKHGWKHSRLQWRI
3ODWRQEHLQJXQDEOHWRPRXQWKLVKRUVHZKHUHIRUHWKHODWWHUZDV
GLVSDWFKHGKRPHZDUGZLWKRQHRI3LHWXNK
VJURRPVDQGWKHWZRJXHVWV
HQWHUHG&KLFKLNRY
VNROLDVND(YHQWKHGRJWURWWHGOD]LO\LQWKHUHDU
IRUKHWRRKDGRYHUHDWHQKLPVHOI
,WKDVEHHQUDWKHUWRRPXFKRIDJRRGWKLQJUHPDUNHG&KLFKLNRYDV
WKHYHKLFOHLVVXHGIURPWKHFRXUW\DUG
<HVDQGLWYH[HVPHWRVHHWKHIHOORZQHYHUWLUHRILWUHSOLHG
3ODWRQ
$KWKRXJKW&KLFKLNRYWRKLPVHOILIB,BKDGDQLQFRPHRIVHYHQW\
WKRXVDQGURXEOHVDV\RXKDYH,
GYHU\VRRQJLYHWLUHGQHVVRQHLQWKH
H\H7DNH0XUD]RYWKHWD[IDUPHUKHDJDLQPXVWEHZRUWKWHQ
PLOOLRQV:KDWDIRUWXQH
'R\RXPLQGZKHUHZHGULYH"DVNHG3ODWRQ,VKRXOGOLNHILUVWWRJR
DQGWDNHOHDYHRIP\VLVWHUDQGP\EURWKHULQODZ
:LWKSOHDVXUHVDLG&KLFKLNRY
0\EURWKHULQODZLVWKHOHDGLQJODQGRZQHUKHUHDERXWV$WWKHSUHVHQW
PRPHQWKHLVGUDZLQJDQLQFRPHRIWZRKXQGUHGWKRXVDQGURXEOHVIURPD
SURSHUW\ZKLFKHLJKW\HDUVDJRZDVSURGXFLQJDEDUHWZHQW\
WKRXVDQG
7UXO\DPDQZRUWK\RIWKHXWPRVWUHVSHFW,VKDOOEHPRVWLQWHUHVWHG
WRPDNHKLVDFTXDLQWDQFH7RWKLQNRILW$QGZKDWPD\KLVIDPLO\QDPH
EH"
.RVWDQ]KRJOR
$QGKLV&KULVWLDQQDPHDQGSDWURQ\PLF"

258

&RQVWDQWLQH7KHGRURYLWFK
&RQVWDQWLQH7KHGRURYLWFK.RVWDQ]KRJOR<HVLWZLOOEHDPRVW
LQWHUHVWLQJHYHQWWRPDNHKLVDFTXDLQWDQFH7RNQRZVXFKDPDQPXVWEH
DZKROHHGXFDWLRQ
+HUH3ODWRQVHWKLPVHOIWRJLYH6HOLIDQVRPHGLUHFWLRQVDVWRWKHZD\
DQHFHVVDU\SURFHHGLQJLQYLHZRIWKHIDFWWKDW6HOLIDQFRXOGKDUGO\
PDLQWDLQKLVVHDWRQWKHER[7ZLFH3HWUXVKNDWRRKDGIDOOHQ
KHDGORQJDQGWKLVQHFHVVLWDWHGEHLQJWLHGWRKLVSHUFKZLWKDSLHFH
RIURSH:KDWDFORZQKDGEHHQ&KLFKLNRY
VRQO\FRPPHQW
7KLVLVZKHUHP\EURWKHULQODZ
VODQGEHJLQVVDLG3ODWRQ
7KH\JLYHRQHDFKDQJHRIYLHZ
$QGLQGHHGIURPWKLVSRLQWWKHFRXQWU\VLGHEHFDPHSODQWHGZLWK
WLPEHUWKHURZVRIWUHHVUXQQLQJDVVWUDLJKWDVSLVWROVKRWVDQG
KDYLQJEH\RQGWKHPDQGRQKLJKHUJURXQGDVHFRQGH[SDQVHRIIRUHVW
QHZO\SODQWHGOLNHWKHILUVWZKLOHEH\RQGLWDJDLQORRPHGDWKLUG
SODQWDWLRQRIROGHUWUHHV1H[WWKHUHVXFFHHGHGDIODWSLHFHRIWKH
VDPHQDWXUH
$OOWKLVWLPEHUVDLG3ODWRQKDVJURZQXSZLWKLQHLJKWRUWHQ
\HDUVDWWKHPRVWZKHUHDVRQDQRWKHUPDQ
VODQGLWZRXOGKDYHWDNHQ
WZHQW\WRDWWDLQWKHVDPHJURZWK
$QGKRZKDV\RXUEURWKHULQODZHIIHFWHGWKLV"
<RXPXVWDVNKLP\RXUVHOI+HLVVRH[FHOOHQWDKXVEDQGPDQWKDW
QRWKLQJHYHUIDLOVZLWKKLP<RXVHHKHNQRZVWKHVRLODQGDOVR
NQRZVZKDWRXJKWWREHSODQWHGEHVLGHZKDWDQGZKDWNLQGVRIWLPEHU
DUHWKHEHVWQHLJKERXUKRRGIRUJUDLQ$JDLQHYHU\WKLQJRQKLVHVWDWH
LVPDGHWRSHUIRUPDWOHDVWWKUHHRUIRXUGLIIHUHQWIXQFWLRQV)RU
LQVWDQFHKHPDNHVKLVWLPEHUQRWRQO\VHUYHDVWLPEHUEXWDOVRVHUYH
DVDSURYLGHURIPRLVWXUHDQGVKDGHWRDJLYHQVWUHWFKRIODQGDQG
WKHQDVDIHUWLOLVHUZLWKLWVIDOOHQOHDYHV&RQVHTXHQWO\ZKHQ
HYHU\ZKHUHHOVHWKHUHLVGURXJKWKHVWLOOKDVZDWHUDQGZKHQ
HYHU\ZKHUHHOVHWKHUHKDVEHHQDIDLOXUHRIWKHKDUYHVWRQKLVODQGV
LWZLOOKDYHSURYHGDVXFFHVV%XWLWLVDSLW\WKDW,NQRZVROLWWOH
DERXWLWDOODVWREHXQDEOHWRH[SODLQWR\RXKLVPDQ\H[SHGLHQWV
)RONFDOOKLPDZL]DUGIRUKHSURGXFHVVRPXFK1HYHUWKHOHVV
SHUVRQDOO\,ILQGZKDWKHGRHVXQLQWHUHVWLQJ

259

7UXO\DQDVWRQLVKLQJIHOORZUHIOHFWHG&KLFKLNRYZLWKDJODQFHDW
KLVFRPSDQLRQ,WLVVDGLQGHHGWRVHHDPDQVRVXSHUILFLDODVWREH
XQDEOHWRH[SODLQPDWWHUVRIWKLVNLQG
$WOHQJWKWKHPDQRUDSSHDUHGLQVLJKWDQHVWDEOLVKPHQWORRNLQJDOPRVW
OLNHDWRZQVRQXPHURXVZHUHWKHKXWVZKHUHWKH\VWRRGDUUDQJHGLQ
WKUHHWLHUVFURZQHGZLWKWKUHHFKXUFKHVDQGVXUURXQGHGZLWKKXJH
ULFNVDQGEDUQV<HVWKRXJKW&KLFKLNRYWRKLPVHOIRQHFDQVHH
ZKDWDMHZHORIDODQGRZQHUOLYHVKHUH7KHKXWVLQTXHVWLRQZHUH
VWRXWO\EXLOWDQGWKHLQWHUYHQLQJDOOH\VZHOOODLGRXWZKLOH
ZKHUHYHUDZDJJRQZDVYLVLEOHLWORRNHGVHUYLFHDEOHDQGPRUHRUOHVV
QHZ$OVRWKHORFDOSHDVDQWVERUHDQLQWHOOLJHQWORRNRQWKHLUIDFHV
WKHFDWWOHZHUHRIWKHEHVWSRVVLEOHEUHHGDQGHYHQWKHSHDVDQWV

SLJVEHORQJHGWRWKHSRUFLQHDULVWRFUDF\&OHDUO\WKHUHGZHOWKHUH
SHDVDQWVZKRWRTXRWHWKHVRQJZHUHDFFXVWRPHGWRSLFNXSVLOYHUE\
WKHVKRYHOIXO1RUZHUH(QJOLVKLILHGJDUGHQVDQGSDUWHUUHVDQGRWKHU
FRQFHLWVLQHYLGHQFHEXWRQWKHFRQWUDU\WKHUHUDQDQRSHQYLHZ
IURPWKHPDQRUKRXVHWRWKHIDUPEXLOGLQJVDQGWKHZRUNPHQ
VFRWVVR
WKDWDIWHUWKHROG5XVVLDQIDVKLRQWKHEDULQVKRXOGEHDEOHWRNHHS
DQH\HXSRQDOOWKDWZDVJRLQJRQDURXQGKLP)RUWKHVDPHSXUSRVH
WKHPDQVLRQZDVWRSSHGZLWKDWDOOODQWHUQDQGDVXSHUVWUXFWXUHD
GHYLFHGHVLJQHGQRWIRURUQDPHQWQRUIRUDYDQWDJHVSRWIRUWKH
FRQWHPSODWLRQRIWKHYLHZEXWIRUVXSHUYLVLRQRIWKHODERXUHUV
HQJDJHGLQGLVWDQWILHOGV/DVWO\WKHEULVNDFWLYHVHUYDQWVZKR
UHFHLYHGWKHYLVLWRUVRQWKHYHUDQGDKZHUHYHU\GLIIHUHQWPHQLDOVIURP
WKHGUXQNHQ3HWUXVKNDHYHQWKRXJKWKH\GLGQRWZHDUVZDOORZWDLOHG
FRDWVEXWRQO\&RVVDFNWFKHNPHQX>@RIEOXHKRPHVSXQFORWK
>@/RQJEHOWHG7DUWDUEORXVHV
7KHODG\RIWKHKRXVHDOVRLVVXHGRQWRWKHYHUDQGDK:LWKKHUIDFHRI
WKHIUHVKQHVVRIEORRGDQGPLONDQGWKHEULJKWQHVVRI*RG
V
GD\OLJKWVKHDVQHDUO\UHVHPEOHG3ODWRQDVRQHSHDUHVHPEOHVDQRWKHU
VDYHWKDWZKHUHDVKHZDVODQJXLGVKHZDVFKHHUIXODQGIXOORIWDON
*RRGGD\EURWKHUVKHFULHG+RZJODG,DPWRVHH\RX&RQVWDQWLQH
LVQRWDWKRPHEXWZLOOEHEDFNSUHVHQWO\
:KHUHLVKH"
'RLQJEXVLQHVVLQWKHYLOODJHZLWKDSDUW\RIIDFWRUVUHSOLHGWKH
ODG\DVVKHFRQGXFWHGKHUJXHVWVWRWKHGUDZLQJURRP

260

:LWKQROLWWOHFXULRVLW\GLG&KLFKLNRYJD]HDWWKHLQWHULRURIWKH
PDQVLRQLQKDELWHGE\WKHPDQZKRUHFHLYHGDQDQQXDOLQFRPHRIWZR
KXQGUHGWKRXVDQGURXEOHVIRUKHWKRXJKWWRGLVFHUQWKHUHIURPWKH
QDWXUHRILWVSURSULHWRUHYHQDVIURPDVKHOORQHPD\GHGXFHWKH
VSHFLHVRIR\VWHURUVQDLOZKLFKKDVEHHQLWVWHQDQWDQGKDVOHIW
WKHUHLQLWVLPSUHVVLRQ%XWQRVXFKFRQFOXVLRQVZHUHWREHGUDZQ7KH
URRPVZHUHVLPSOHDQGHYHQEDUH1RWDIUHVFRQRUDSLFWXUHQRUD
EURQ]HQRUDIORZHUQRUDFKLQDZKDWQRWQRUDERRNZDVWKHUHWREH
VHHQ,QVKRUWHYHU\WKLQJDSSHDUHGWRVKRZWKDWWKHSURSULHWRURI
WKLVDERGHVSHQWWKHJUHDWHUSDUWRIKLVWLPHQRWEHWZHHQIRXUZDOOV
EXWLQWKHILHOGDQGWKDWKHWKRXJKWRXWKLVSODQVQRWLQV\EDULWLF
IDVKLRQE\WKHILUHVLGHQRULQDQHDV\FKDLUEHVLGHWKHVWRYHEXWRQ
WKHVSRWZKHUHZRUNZDVDFWXDOO\LQSURJUHVVWKDWLQDZRUGZKHUH
WKRVHSODQVZHUHFRQFHLYHGWKHUHWKH\ZHUHSXWLQWRH[HFXWLRQ1RULQ
WKHVHURRPVFRXOG&KLFKLNRYGHWHFWWKHOHDVWWUDFHRIDIHPLQLQHKDQG
EH\RQGWKHIDFWWKDWFHUWDLQWDEOHVDQGFKDLUVERUHGU\LQJERDUGV
ZKHUHRQZHUHDUUDQJHGVRPHVSULQNOLQJVRIIORZHUSHWDOV
:KDWLVDOOWKLVUXEELVKIRU"DVNHG3ODWRQ
,WLVQRWUXEELVKUHSOLHGWKHODG\RIWKHKRXVH2QWKHFRQWUDU\
LWLVWKHEHVWSRVVLEOHUHPHG\IRUIHYHU/DVW\HDUZHFXUHGHYHU\RQH
RIRXUVLFNSHDVDQWVZLWKLW6RPHRIWKHSHWDOV,DPJRLQJWRPDNH
LQWRDQRLQWPHQWDQGVRPHLQWRDQLQIXVLRQ<RXPD\ODXJKDVPXFKDV
\RXOLNHDWP\SRWWLQJDQGSUHVHUYLQJ\HW\RX\RXUVHOIZLOOEHJODG
RIWKLQJVRIWKHNLQGZKHQ\RXVHWRXWRQ\RXUWUDYHOV
3ODWRQPRYHGWRWKHSLDQRDQGEHJDQWRSLFNRXWDQRWHRUWZR
*RRG/RUGZKDWDQDQFLHQWLQVWUXPHQWKHH[FODLPHG$UH\RXQRW
DVKDPHGRILWVLVWHU"
:HOOWKHWUXWKLVWKDW,JHWQRWLPHWRSUDFWLFHP\PXVLF<RXVHH
VKHDGGHGWR&KLFKLNRY,KDYHDQHLJKW\HDUROGGDXJKWHUWRHGXFDWH
DQGWRKDQGKHURYHUWRDIRUHLJQJRYHUQHVVLQRUGHUWKDW,PD\KDYH
OHLVXUHIRUP\RZQSLDQRSOD\LQJZHOOWKDWLVDWKLQJZKLFK,FRXOG
QHYHUEULQJP\VHOIWRGR
<RXKDYHEHFRPHDZHDULVRPHVRUWRISHUVRQFRPPHQWHG3ODWRQDQG
ZDONHGDZD\WRWKHZLQGRZ$KKHUHFRPHV&RQVWDQWLQHSUHVHQWO\KH
DGGHG
&KLFKLNRYDOVRJODQFHGRXWRIWKHZLQGRZDQGVDZDSSURDFKLQJWKH
YHUDQGDKDEULVNVZDUWK\FRPSOH[LRQHGPDQRIDERXWIRUW\DPDQFODG

261

LQDURXJKFORWKMDFNHWDQGDYHOYHWHHQFDS(YLGHQWO\KHZDVRQHRI
WKRVHZKRFDUHOLWWOHIRUWKHQLFHWLHVRIGUHVV:LWKKLPEDUHKHDGHG
WKHUHFDPHDFRXSOHRIPHQRIDVRPHZKDWORZHUVWDWLRQLQOLIHDQG
DOOWKUHHZHUHHQJDJHGLQDQDQLPDWHGGLVFXVVLRQ2QHRIWKHEDULQ
V
WZRFRPSDQLRQVZDVDSODLQSHDVDQWDQGWKHRWKHU FODGLQDEOXH
6LEHULDQVPRFN DWUDYHOOLQJIDFWRU7KHIDFWWKDWWKHSDUW\KDOWHG
DZKLOHE\WKHHQWUDQFHVWHSVPDGHLWSRVVLEOHWRRYHUKHDUDSRUWLRQRI
WKHLUFRQYHUVDWLRQIURPZLWKLQ
7KLVLVZKDW\RXSHDVDQWVKDGEHWWHUGRWKHEDULQZDVVD\LQJ
3XUFKDVH\RXUUHOHDVHIURP\RXUSUHVHQWPDVWHU,ZLOOOHQG\RXWKH
QHFHVVDU\PRQH\DQGDIWHUZDUGV\RXFDQZRUNIRUPH
1R&RQVWDQWLQH7KHGRURYLWFKUHSOLHGWKHSHDVDQW:K\VKRXOGZHGR
WKDW"5HPRYHXVMXVWDVZHDUH<RXZLOONQRZKRZWRDUUDQJHLWIRUD
FOHYHUHUJHQWOHPDQWKDQ\RXLVQRZKHUHWREHIRXQG7KHPLVIRUWXQHRI
XVPX]KLNVLVWKDWZHFDQQRWSURWHFWRXUVHOYHVSURSHUO\7KH
WDYHUQNHHSHUVVHOOXVVXFKOLTXRUWKDWEHIRUHDPDQNQRZVZKHUHKH
LVDJODVVIXORILWKDVHDWHQDKROHWKURXJKKLVVWRPDFKDQGPDGH
KLPIHHODVWKRXJKKHFRXOGGULQNDSDLORIZDWHU<HVLWNQRFNVD
PDQRYHUEHIRUHKHFDQORRNDURXQG(YHU\ZKHUHWHPSWDWLRQOLHVLQZDLW
IRUWKHSHDVDQWDQGKHQHHGVWREHFXQQLQJLIKHLVWRJHWWKURXJK
WKHZRUOGDWDOO,QIDFWWKLQJVVHHPWREHFRQWULYHGIRUQRWKLQJEXW
WRPDNHXVSHDVDQWVORVHRXUZLWVHYHQWRWKHWREDFFRZKLFKWKH\VHOO
XV:KDWDUHIRONOLNHRXUVHOYHVWRGR&RQVWDQWLQH7KHGRURYLWFK",
WHOO\RXLWLVWHUULEO\GLIILFXOWIRUDPX]KLNWRORRNDIWHUKLPVHOI
/LVWHQWRPH7KLVLVKRZWKLQJVDUHGRQHKHUH:KHQ,WDNHRQD
VHUI,ILWKLPRXWZLWKDFRZDQGDKRUVH2QWKHRWKHUKDQG,
GHPDQGRIKLPWKHUHDIWHUPRUHWKDQLVGHPDQGHGRIDSHDVDQWDQ\ZKHUH
HOVH7KDWLVWRVD\ILUVWDQGIRUHPRVW,PDNHKLPZRUN:KHWKHUD
SHDVDQWEHZRUNLQJIRUKLPVHOIRUIRUPHQHYHUGR,OHWKLPZDVWH
WLPH,P\VHOIWRLOOLNHDEXOORFNDQG,IRUFHP\SHDVDQWVWRGRWKH
VDPHIRUH[SHULHQFHKDVWDXJKWPHWKDWWKDWLVWKHRQO\ZD\WRJHW
WKURXJKOLIH$OOWKHPLVFKLHILQWKHZRUOGFRPHVWKURXJKODFNRI
HPSOR\PHQW1RZGR\RXJRDQGFRQVLGHUWKHPDWWHUDQGWDONLWRYHU
ZLWK\RXUPLU>@
>@9LOODJHFRPPXQH
:HKDYHGRQHWKDWDOUHDG\&RQVWDQWLQH7KHGRURYLWFKDQGRXUHOGHUV

RSLQLRQLV
7KHUHLVQRQHHGIRUIXUWKHUWDON(YHU\SHDVDQW
EHORQJLQJWR&RQVWDQWLQH7KHGRURYLWFKLVZHOORIIDQGKDVQ
WWRZRUN
IRUQRWKLQJ7KHSULHVWVRIKLVYLOODJHWRRDUHPHQRIJRRGKHDUW

262

ZKHUHDVRXUVKDYHEHHQWDNHQDZD\DQGWKHUHLVQRRQHWREXU\XV

1HYHUWKHOHVVGR\RXJRDQGWDONWKHPDWWHURYHUDJDLQ
:HZLOOEDULQ
+HUHWKHIDFWRUZKRKDGEHHQZDONLQJRQWKHEDULQ
VRWKHUVLGHSXWLQ
DZRUG
&RQVWDQWLQH7KHGRURYLWFKKHVDLG,EHJRI\RXWRGRDV,KDYH
UHTXHVWHG
,KDYHWROG\RXEHIRUHUHSOLHGWKHEDULQWKDW,GRQRWFDUHWR
SOD\WKHKXFNVWHU,DPQRWRQHRIWKRVHODQGRZQHUVZKRPIHOORZVRI
\RXUVRUWYLVLWRQWKHYHU\GD\WKDWWKHLQWHUHVWRQDPRUWJDJHLV
GXH$K,NQRZ\RXUIUDWHUQLW\WKRURXJKO\DQGNQRZWKDW\RXNHHS
OLVWVRIDOOZKRKDYHPRUWJDJHVWRUHSD\%XWZKDWLVWKHUHVRFOHYHU
DERXWWKDW"$Q\PDQLI\RXSLQFKKLPVXIILFLHQWO\ZLOOVXUUHQGHU\RX
DPRUWJDJHDWKDOISULFHDQ\PDQWKDWLVWRVD\H[FHSWP\VHOIZKR
FDUHQRWKLQJIRU\RXUPRQH\:HUHDORDQRIPLQHWRUHPDLQRXWWKUHH
\HDUV,VKRXOGQHYHUGHPDQGDNRSHFNRILQWHUHVWRQLW
4XLWHVR&RQVWDQWLQH7KHGRURYLWFKUHSOLHGWKHIDFWRU%XW,DP
DVNLQJWKLVRI\RXPRUHIRUWKHSXUSRVHRIHVWDEOLVKLQJXVRQD
EXVLQHVVIRRWLQJWKDQEHFDXVH,GHVLUHWRZLQ\RXUIDYRXU3UH\
WKHUHIRUHDFFHSWWKLVHDUQHVWPRQH\RIWKUHHWKRXVDQGURXEOHV$QG
WKHPDQGUHZIURPKLVEUHDVWSRFNHWDGLUW\UROORIEDQNQRWHVZKLFK
FDUHOHVVO\UHFHLYLQJ.RVWDQ]KRJORWKUXVWXQFRXQWHGLQWRWKHEDFN
SRFNHWRIKLVRYHUFRDW
+PWKRXJKW&KLFKLNRY)RUDOOKHFDUHVWKHQRWHVPLJKWKDYHEHHQ
DKDQGNHUFKLHI
:KHQ.RVWDQ]KRJORDSSHDUHGDWFORVHUTXDUWHUVWKDWLVWRVD\LQWKH
GRRUZD\RIWKHGUDZLQJURRPKHVWUXFN&KLFKLNRYPRUHWKDQHYHUZLWK
WKHVZDUWKLQHVVRIKLVFRPSOH[LRQWKHGLVKHYHOPHQWRIKLVEODFN
VOLJKWO\JUL]]OHGORFNVWKHDOHUWQHVVRIKLVH\HDQGWKHLPSUHVVLRQ
RIILHU\VRXWKHUQRULJLQZKLFKKLVZKROHSHUVRQDOLW\GLIIXVHG)RUKH
ZDVQRWZKROO\D5XVVLDQQRUFRXOGKHKLPVHOIVD\SUHFLVHO\ZKRKLV
IRUHIDWKHUVKDGEHHQ<HWLQDVPXFKDVKHDFFRXQWHGJHQHDORJLFDO
UHVHDUFKQRSDUWRIWKHVFLHQFHRIHVWDWHPDQDJHPHQWEXWDPHUH
VXSHUIOXLW\KHORRNHGXSRQKLPVHOIDVWRDOOLQWHQWVDQGSXUSRVHVD
QDWLYHRI5XVVLDDQGWKHPRUHVRVLQFHWKH5XVVLDQODQJXDJHZDVWKH
RQO\WRQJXHKHNQHZ

263

3ODWRQSUHVHQWHG&KLFKLNRYDQGWKHSDLUH[FKDQJHGJUHHWLQJV
7RJHWULGRIP\GHSUHVVLRQ&RQVWDQWLQHFRQWLQXHG3ODWRQ,DP
WKLQNLQJRIDFFRPSDQ\LQJRXUJXHVWRQDWRXUWKURXJKDIHZRIWKH
SURYLQFHV
$QH[FHOOHQWLGHDVDLG.RVWDQ]KRJOR%XWSUHFLVHO\ZKLWKHU"KH
DGGHGWXUQLQJKRVSLWDEO\WR&KLFKLNRY
7RWHOO\RXWKHWUXWKUHSOLHGWKDWSHUVRQDJHZLWKDQDIIDEOH
LQFOLQDWLRQRIWKHKHDGDVKHVPRRWKHGWKHDUPRIKLVFKDLUZLWKKLV
KDQG,DPWUDYHOOLQJOHVVRQP\RZQDIIDLUVWKDQRQWKHDIIDLUVRI
RWKHUV7KDWLVWRVD\*HQHUDO%HWULVWFKHYDQLQWLPDWHIULHQGDQG
,PLJKWDGGDJHQHURXVEHQHIDFWRURIPLQHKDVFKDUJHGPHZLWK
FRPPLVVLRQVWRVRPHRIKLVUHODWLYHV1HYHUWKHOHVVWKRXJKUHODWLYHV
DUHUHODWLYHV,PD\VD\WKDW,DPWUDYHOOLQJRQP\RZQDFFRXQWDV
ZHOOLQWKDWLQDGGLWLRQWRSRVVLEOHEHQHILWWRP\KHDOWK,GHVLUH
WRVHHWKHZRUOGDQGWKHZKLUOLJLJRIKXPDQLW\ZKLFKFRQVWLWXWHVR
WRVSHDNDOLYLQJERRNDVHFRQGFRXUVHRIHGXFDWLRQ
<HVWKHUHLVQRKDUPLQORRNLQJDWRWKHUFRUQHUVRIWKHZRUOG
EHVLGHVRQH
VRZQ
<RXVSHDNWUXO\7KHUH,6QRKDUPLQVXFKDSURFHHGLQJ7KHUHE\RQH
PD\VHHWKLQJVZKLFKRQHKDVQRWEHIRUHHQFRXQWHUHGRQHPD\PHHWPHQ
ZLWKZKRPRQHKDVQRWEHIRUHFRPHLQFRQWDFW$QGZLWKVRPHPHQRI
WKDWNLQGDFRQYHUVDWLRQLVDVSUHFLRXVDEHQHILWDVKDVEHHQ
FRQIHUUHGXSRQPHE\WKHSUHVHQWRFFDVLRQ,FRPHWR\RXPRVWZRUWK\
&RQVWDQWLQH7KHGRURYLWFKIRULQVWUXFWLRQDQGDJDLQIRULQVWUXFWLRQ
DQGEHJRI\RXWRDVVXDJHP\WKLUVWZLWKDQH[SRVLWLRQRIWKHWUXWKDV
LWLV,KXQJHUIRUWKHIDYRXURI\RXUZRUGVDVIRUPDQQD
%XWKRZVR":KDWFDQB,BWHDFK\RX"H[FODLPHG.RVWDQ]KRJORLQ
FRQIXVLRQ,P\VHOIZDVJLYHQEXWWKHSODLQHVWRIHGXFDWLRQV
1D\PRVWZRUWK\VLU\RXSRVVHVVZLVGRPDQGDJDLQZLVGRP:LVGRP
RQO\FDQGLUHFWWKHPDQDJHPHQWRIDJUHDWHVWDWHWKDWFDQGHULYHD
VRXQGLQFRPHIURPWKHVDPHWKDWFDQDFTXLUHZHDOWKRIDUHDOQRWD
ILFWLWLRXVRUGHUZKLOHDOVRIXOILOOLQJWKHGXWLHVRIDFLWL]HQDQG
WKHUHE\HDUQLQJWKHUHVSHFWRIWKH5XVVLDQSXEOLF$OOWKLV,SUD\\RX
WRWHDFKPH
,WHOO\RXZKDWVDLG.RVWDQ]KRJORORRNLQJPHGLWDWLYHO\DWKLV

264

JXHVW<RXKDGEHWWHUVWD\ZLWKPHIRUDIHZGD\VDQGGXULQJWKDW
WLPH,FDQVKRZ\RXKRZWKLQJVDUHPDQDJHGKHUHDQGH[SODLQWR\RX
HYHU\WKLQJ7KHQ\RXZLOOVHHIRU\RXUVHOIWKDWQRJUHDWZLVGRPLV
UHTXLUHGIRUWKHSXUSRVH
<HVFHUWDLQO\\RXPXVWVWD\KHUHSXWLQWKHODG\RIWKHKRXVH
7KHQWXUQLQJWRKHUEURWKHUVKHDGGHG$QG\RXWRRPXVWVWD\:K\
VKRXOG\RXEHLQVXFKDKXUU\"
9HU\ZHOOKHUHSOLHG%XWZKDWVD\<283DXO,YDQRYLWFK"
,VD\WKHVDPHDV\RXDQGZLWKPXFKSOHDVXUHUHSOLHG&KLFKLNRY
%XWDOVR,RXJKWWRWHOO\RXWKLVWKDWWKHUHLVDUHODWLYHRI
*HQHUDO%HWULVWFKHY
VDFHUWDLQ&RORQHO.RVKNDUHY
<HVZHNQRZKLPEXWKHLVTXLWHPDG
$V\RXVD\KHLVPDGDQG,VKRXOGQRWKDYHEHHQLQWHQGLQJWRYLVLW
KLPZHUHLWQRWWKDW*HQHUDO%HWULVWFKHYLVDQLQWLPDWHIULHQGRI
PLQHDVZHOODV,PLJKWDGGP\PRVWJHQHURXVEHQHIDFWRU
7KHQVDLG.RVWDQ]KRJORGR\RXJRDQGVHH&RORQHO.RVKNDUHY12:
+HOLYHVOHVVWKDQWHQYHUVWVIURPKHUHDQG,KDYHDJLJDOUHDG\
KDUQHVVHG*RWRKLPDWRQFHDQGUHWXUQKHUHIRUWHD
$QH[FHOOHQWLGHDFULHG&KLFKLNRYDQGZLWKWKDWKHVHL]HGKLVFDS
+DOIDQKRXU
VGULYHVXIILFHGWREULQJKLPWRWKH&RORQHO
V
HVWDEOLVKPHQW7KHYLOODJHDWWDFKHGWRWKHPDQRUZDVLQDVWDWHRI
XWWHUFRQIXVLRQVLQFHLQHYHU\GLUHFWLRQEXLOGLQJDQGUHSDLULQJ
RSHUDWLRQVZHUHLQSURJUHVVDQGWKHDOOH\VZHUHFKRNHGZLWKKHDSVRI
OLPHEULFNVDQGEHDPVRIZRRG$OVRVRPHRIWKHKXWVZHUHDUUDQJHG
WRUHVHPEOHRIILFHVDQGVXSHUVFULEHGLQJLOWOHWWHUV'HSRWIRU
$JULFXOWXUDO,PSOHPHQWV&KLHI2IILFHRI$FFRXQWV(VWDWH:RUNV
&RPPLWWHH1RUPDO6FKRROIRUWKH(GXFDWLRQRI&RORQLVWVDQGVR
IRUWK
&KLFKLNRYIRXQGWKH&RORQHOSRVWHGEHKLQGDGHVNDQGKROGLQJDSHQ
EHWZHHQKLVWHHWK:LWKRXWDQLQVWDQW
VGHOD\WKHPDVWHURIWKH
HVWDEOLVKPHQWZKRVHHPHGDNLQGO\DSSURDFKDEOHPDQDQGDFFRUGHGWR
KLVYLVLWRUDYHU\FLYLOZHOFRPHSOXQJHGLQWRDUHFLWDORIWKHODERXU
ZKLFKLWKDGFRVWKLPWREULQJWKHSURSHUW\WRLWVSUHVHQWFRQGLWLRQ
RIDIIOXHQFH7KHQKHZHQWRQWRODPHQWWKHIDFWWKDWKHFRXOGQRW
PDNHKLVSHDVDQWU\XQGHUVWDQGWKHLQFHQWLYHVWRODERXUZKLFKWKH

265

ULFKHVRIVFLHQFHDQGDUWSURYLGHIRULQVWDQFHKHKDGIDLOHGWR
LQGXFHKLVIHPDOHVHUIVWRZHDUFRUVHWVZKHUHDVLQ*HUPDQ\ZKHUHKH
KDGUHVLGHGIRUIRXUWHHQ\HDUVHYHU\KXPEOHPLOOHU
VGDXJKWHUFRXOG
SOD\WKHSLDQR1RQHWKHOHVVKHVDLGKHPHDQWWRSHJDZD\XQWLO
HYHU\SHDVDQWRQWKHHVWDWHVKRXOGDVKHZDONHGEHKLQGWKHSORXJK
LQGXOJHLQDUHJXODUFRXUVHRIUHDGLQJ)UDQNOLQ
V1RWHVRQ
(OHFWULFLW\9LUJLO
V*HRUJLFVRUVRPHZRUNRQWKHFKHPLFDO
SURSHUWLHVRIVRLO
*RRGJUDFLRXVPHQWDOO\H[FODLPHG&KLFKLNRY:K\,P\VHOIKDYHQRW
KDGWLPHWRILQLVKWKDWERRNE\WKH'XFKHVVHGHOD9DOOLHUH
0XFKHOVHWKH&RORQHOVDLG,QSDUWLFXODUGLGKHDYHUWKDWSURYLGHG
WKH5XVVLDQSHDVDQWFRXOGEHLQGXFHGWRDUUD\KLPVHOILQ*HUPDQ
FRVWXPHVFLHQFHZRXOGSURJUHVVWUDGHLQFUHDVHDQGWKH*ROGHQ$JH
GDZQLQ5XVVLD
)RUDZKLOH&KLFKLNRYOLVWHQHGZLWKGLVWHQGHGH\HV7KHQKHIHOW
FRQVWUDLQHGWRLQWLPDWHWKDWZLWKDOOWKDWKHKDGQRWKLQJWRGR
VHHLQJWKDWKLVEXVLQHVVZDVPHUHO\WRDFTXLUHDIHZVRXOVDQG
WKHUHDIWHUWRKDYHWKHLUSXUFKDVHFRQILUPHG
,I,XQGHUVWDQG\RXDULJKWVDLGWKH&RORQHO\RXZLVKWRSUHVHQWD
6WDWHPHQWRI3OHD"
<HVWKDWLVVR
7KHQNLQGO\SXWLWLQWRZULWLQJDQGLWVKDOOEHIRUZDUGHGWRWKH
2IILFHIRUWKH5HFHSWLRQRI5HSRUWVDQG5HWXUQV7KHUHDIWHUWKDW
2IILFHZLOOFRQVLGHULWDQGUHWXUQLWWRPHZKRZLOOLQWXUQ
GLVSDWFKLWWRWKH(VWDWH:RUNV&RPPLWWHHZKRZLOOLQWXUQUHYLVH
LWDQGSUHVHQWLWWRWKH$GPLQLVWUDWRUZKRMRLQWO\ZLWKWKH
6HFUHWDU\ZLOO
3DUGRQPHH[SRVWXODWHG&KLFKLNRYEXWWKDWSURFHGXUHZLOOWDNHXS
DJUHDWGHDORIWLPH:K\QHHG,SXWWKHPDWWHULQWRZULWLQJDWDOO"
,WLVVLPSO\WKLV,ZDQWDIHZVRXOVZKLFKDUHZHOOZKLFKDUHVR
WRVSHDNGHDG
9HU\JRRGFRPPHQWHGWKH&RORQHO'R\RXZULWHGRZQLQ\RXU
6WDWHPHQWRI3OHDWKDWWKHVRXOVZKLFK\RXGHVLUHDUH
VRWRVSHDN
GHDG

%XWZKDWZRXOGEHWKHXVHRIP\GRLQJVR"7KRXJKWKHVRXOVDUHGHDG

266

P\SXUSRVHUHTXLUHVWKDWWKH\VKRXOGEHUHSUHVHQWHGDVDOLYH
9HU\JRRGDJDLQFRPPHQWHGWKH&RORQHO'R\RXZULWHGRZQLQ\RXU
6WDWHPHQWWKDW
LWLVQHFHVVDU\
 RUVKRXOG\RXSUHIHUDQDOWHUQDWLYH
SKUDVH
LWLVUHTXHVWHG
RU
LWLVGHVLGHUDWHG
RU
LWLVSUD\HG

WKDWWKHVRXOVEHUHSUHVHQWHGDVDOLYH
$WDOOHYHQWV:,7+287
GRFXPHQWDU\SURFHVVRIWKDWNLQGWKHPDWWHUFDQQRWSRVVLEO\EH
FDUULHGWKURXJK$OVR,ZLOODSSRLQWD&RPPLVVLRQHUWRJXLGH\RX
URXQGWKHYDULRXV2IILFHV
$QGKHVRXQGHGDEHOOZKHUHXSRQWKHUHSUHVHQWHGKLPVHOIDPDQZKRP
DGGUHVVLQJDV6HFUHWDU\WKH&RORQHOLQVWUXFWHGWRVXPPRQWKH
&RPPLVVLRQHU7KHODWWHURQDSSHDULQJZDVVHHQWRKDYHWKHDLU
KDOIRIDSHDVDQWKDOIRIDQRIILFLDO
7KLVPDQWKH&RORQHOVDLGWR&KLFKLNRYZLOODFWDV\RXUHVFRUW
:KDWFRXOGEHGRQHZLWKDOXQDWLFOLNH.RVKNDUHY",QWKHHQG
FXULRVLW\PRYHG&KLFKLNRYWRDFFRPSDQ\WKH&RPPLVVLRQHU7KH&RPPLWWHH
IRUWKH5HFHSWLRQRI5HSRUWVDQG5HWXUQVZDVGLVFRYHUHGWRKDYHSXWXS
LWVVKXWWHUVDQGWRKDYHORFNHGLWVGRRUVIRUWKHUHDVRQWKDWWKH
'LUHFWRURIWKH&RPPLWWHHKDGEHHQWUDQVIHUUHGWRWKHQHZO\IRUPHG
&RPPLWWHHRI(VWDWH0DQDJHPHQWDQGKLVVXFFHVVRUKDGEHHQDQQH[HGE\
WKHVDPH&RPPLWWHH1H[W&KLFKLNRYDQGKLVHVFRUWUDSSHGDWWKHGRRUV
RIWKH'HSDUWPHQWRI(VWDWH$IIDLUVEXWWKDW'HSDUWPHQW
VTXDUWHUV
KDSSHQHGWREHLQDVWDWHRIUHSDLUDQGQRRQHFRXOGEHPDGHWR
DQVZHUWKHVXPPRQVVDYHDGUXQNHQSHDVDQWIURPZKRPQRWDZRUGRI
VHQVHZDVWREHH[WUDFWHG$WOHQJWKWKHHVFRUWIHOWKLPVHOIUHPRYHG
WRUHPDUN
7KHUHLVDGHDORIIRROLVKQHVVJRLQJRQKHUH)HOORZVOLNHWKDW
GUXQNDUGOHDGWKHEDULQE\WKHQRVHDQGHYHU\WKLQJLVUXOHGE\WKH
&RPPLWWHHRI0DQDJHPHQWZKLFKWDNHVPHQIURPWKHLUSURSHUZRUNDQG
VHWVWKHPWRGRDQ\RWKHULWOLNHV,QGHHGRQO\WKURXJKWKH&RPPLWWHH
GRHV$1<7+,1*JHWGRQH
%\WKLVWLPH&KLFKLNRYIHOWWKDWKHKDGVHHQHQRXJKZKHUHIRUHKH
UHWXUQHGWRWKH&RORQHODQGLQIRUPHGKLPWKDWWKH2IILFHIRUWKH
5HFHSWLRQRI5HSRUWVDQG5HWXUQVKDGFHDVHGWRH[LVW$WRQFHWKH
&RORQHOIODPHGWRQREOHUDJH3UHVVLQJ&KLFKLNRY
VKDQGLQWRNHQRI
JUDWLWXGHIRUWKHLQIRUPDWLRQZKLFKWKHJXHVWKDGIXUQLVKHGKHWRRN
SDSHUDQGSHQDQGQRWHGHLJKWVHDUFKLQJTXHVWLRQVXQGHUWKUHH
VHSDUDWHKHDGLQJV  :K\KDVWKH&RPPLWWHHRI0DQDJHPHQWSUHVXPHG
WRLVVXHRUGHUVWRRIILFLDOVQRWXQGHULWVMXULVGLFWLRQ"  :K\KDV

267

WKH&KLHI0DQDJHUSHUPLWWHGKLVSUHGHFHVVRUWKRXJKVWLOOLQUHWHQWLRQ
RIKLVSRVWWRIROORZKLPWRDQRWKHU'HSDUWPHQW"DQG  :K\KDV
WKH&RPPLWWHHRI(VWDWH$IIDLUVVXIIHUHGWKH2IILFHIRUWKH5HFHSWLRQ
RI5HSRUWVDQG5HWXUQVWRODSVH"
1RZIRUDURZWKRXJKW&KLFKLNRYWRKLPVHOIDQGWXUQHGWRGHSDUW
EXWKLVKRVWVWRSSHGKLPVD\LQJ
,FDQQRWOHW\RXJRIRULQDGGLWLRQWRP\KRQRXUKDYLQJEHFRPH
LQYROYHGLWEHKRYHVPHWRVKRZP\SHRSOHKRZWKHUHJXODUWKH
RUJDQLVHGDGPLQLVWUDWLRQRIDQHVWDWHPD\EHFRQGXFWHG+HUHZLWK,
ZLOOKDQGRYHUWKHFRQGXFWRI\RXUDIIDLUWRDPDQZKRLVZRUWKDOO
WKHUHVWRIWKHVWDIISXWWRJHWKHUDQGKDVKDGDXQLYHUVLW\
HGXFDWLRQ$OVRWKHEHWWHUWRORVHQRWLPHPD\,KXPEO\EHJ\RXWR
VWHSLQWRP\OLEUDU\ZKHUH\RXZLOOILQGQRWHERRNVSDSHUSHQVDQG
HYHU\WKLQJHOVHWKDW\RXPD\UHTXLUH2IWKHVHDUWLFOHVSUD\PDNHIXOO
XVHIRU\RXDUHDJHQWOHPDQRIOHWWHUVDQGLWLV\RXUDQGP\MRLQW
GXW\WREULQJHQOLJKWHQPHQWWRDOO
6RVD\LQJKHXVKHUHGKLVJXHVWLQWRDODUJHURRPOLQHGIURPIORRUWR
FHLOLQJZLWKERRNVDQGVWXIIHGVSHFLPHQV7KHERRNVLQTXHVWLRQZHUH
GLYLGHGLQWRVHFWLRQVDVHFWLRQRQIRUHVWU\DVHFWLRQRQ
FDWWOHEUHHGLQJDVHFWLRQRQWKHUDLVLQJRIVZLQHDQGDVHFWLRQRQ
KRUWLFXOWXUHWRJHWKHUZLWKVSHFLDOMRXUQDOVRIWKHW\SHFLUFXODWHG
PHUHO\IRUWKHSXUSRVHVRIUHIHUHQFHDQGQRWIRUJHQHUDOUHDGLQJ
3HUFHLYLQJWKDWWKHVHZRUNVZHUHVFDUFHO\RIDNLQGFDOFXODWHGWR
ZKLOHDZD\DQLGOHKRXU&KLFKLNRYWXUQHGWRDVHFRQGERRNFDVH%XWWR
GRVRZDVWRIDOORXWRIWKHIU\LQJSDQLQWRWKHILUHIRUWKH
FRQWHQWVRIWKHVHFRQGERRNFDVHSURYHGWREHZRUNVRQSKLORVRSK\
ZKLOHLQSDUWLFXODUVL[KXJHYROXPHVFRQIURQWHGKLPXQGHUDODEHO
LQVFULEHG$3UHSDUDWRU\&RXUVHWRWKH3URYLQFHRI7KRXJKWZLWKWKH
7KHRU\RI&RPPXQLW\RI(IIRUW&RRSHUDWLRQDQG6XEVLVWHQFHLQLWV
$SSOLFDWLRQWRD5LJKW8QGHUVWDQGLQJRIWKH2UJDQLF3ULQFLSOHVRID
0XWXDO'LYLVLRQRI6RFLDO3URGXFWLYLW\,QGHHGZKHUHVRHYHU&KLFKLNRY
ORRNHGHYHU\SDJHSUHVHQWHGWRKLVYLVLRQVRPHVXFKZRUGVDV
SKHQRPHQRQGHYHORSPHQWDEVWUDFWFRQWHQWVDQGV\QRSVLV
7KLVLVQRWWKHVRUWRIWKLQJIRUPHKHPXUPXUHGDQGWXUQHGKLV
DWWHQWLRQWRDWKLUGERRNFDVHZKLFKFRQWDLQHGERRNVRQWKH$UWV
([WUDFWLQJDKXJHWRPHLQZKLFKVRPHE\QRPHDQVUHWLFHQWP\WKRORJLFDO
LOOXVWUDWLRQVZHUHFRQWDLQHGKHVHWKLPVHOIWRH[DPLQHWKHVH
SLFWXUHV7KH\ZHUHRIWKHNLQGZKLFKSOHDVHVPRVWO\PLGGOHDJHG
EDFKHORUVDQGROGPHQZKRDUHDFFXVWRPHGWRVHHNLQWKHEDOOHWDQG
VLPLODUIULYROLWLHVDIXUWKHUVSXUWRWKHLUZDQLQJSDVVLRQV+DYLQJ
FRQFOXGHGKLVH[DPLQDWLRQ&KLFKLNRYKDGMXVWH[WUDFWHGDQRWKHUYROXPH

268

RIWKHVDPHVSHFLHVZKHQ&RORQHO.RVKNDUHYUHWXUQHGZLWKDGRFXPHQWRI
VRPHVRUWDQGDUDGLDQWFRXQWHQDQFH
(YHU\WKLQJKDVEHHQFDUULHGWKURXJKLQGXHIRUPKHFULHG7KHPDQ
ZKRP,PHQWLRQHGLVDJHQLXVLQGHHGDQG,LQWHQGQRWRQO\WRSURPRWH
KLPRYHUWKHUHVWEXWDOVRWRFUHDWHIRUKLPDVSHFLDO'HSDUWPHQW
+HUHZLWKVKDOO\RXKHDUZKDWDVSOHQGLGLQWHOOHFWLVKLVDQGKRZLQD
IHZPLQXWHVKHKDVSXWWKHZKROHDIIDLULQRUGHU
0D\WKH/RUGEHWKDQNHGIRUWKDWWKRXJKW&KLFKLNRY7KHQKHVHWWOHG
KLPVHOIZKLOHWKH&RORQHOUHDGDORXG

$IWHUJLYLQJIXOOFRQVLGHUDWLRQWRWKH5HIHUHQFHZKLFK\RXU
([FHOOHQF\KDVHQWUXVWHGWRPH,KDYHWKHKRQRXUWRUHSRUWDV
IROORZV

 ,QWKH6WDWHPHQWRI3OHDSUHVHQWHGE\RQH3DXO,YDQRYLWFK
&KLFKLNRY*HQWOHPDQ&KHYDOLHUDQG&ROOHJLDWH&RXQFLOORUWKHUH
OXUNVDQHUURULQWKDWDQRYHUVLJKWKDVOHGWKH3HWLWLRQHUWRDSSO\
WR5HYLVLRQDO6RXOVWKHWHUP'HDG1RZIURPWKHFRQWH[WLWZRXOG
DSSHDUWKDWE\WKLVWHUPWKH3HWLWLRQHUGHVLUHVWRVLJQLI\6RXOV
$SSURDFKLQJ'HDWKUDWKHUWKDQ6RXOV$FWXDOO\'HFHDVHGZKHUHIRUHWKH
WHUPHPSOR\HGEHWUD\VVXFKDQHPSLULFDOLQVWUXFWLRQLQOHWWHUVDV
PXVWEH\RQGGRXEWKDYHEHHQFRQILQHGWRWKH9LOODJH6FKRROVHHLQJ
WKDWLQWUXWKWKH6RXOLV'HDWKOHVV

7KHUDVFDO.RVKNDUHYEURNHRIIWRH[FODLPGHOLJKWHGO\+HKDVJRW
\RXWKHUH0RQVLHXU&KLFKLNRY$QG\RXZLOODGPLWWKDWKHKDVD
VXIILFLHQWO\LQFLVLYHSHQ"

 2QWKLV(VWDWHWKHUHH[LVWQR8QPRUWJDJHG6RXOVZKDWVRHYHU
ZKHWKHU$SSURDFKLQJ'HDWKRU2WKHUZLVHIRUWKHUHDVRQWKDWDOO6RXOV
WKHUHRQKDYHEHHQSOHGJHGQRWRQO\XQGHUD)LUVW'HHGRI0RUWJDJHEXW
DOVR IRUWKHVXPRI2QH+XQGUHGDQG)LIW\5RXEOHVSHU6RXO XQGHUD
6HFRQGWKHYLOODJHRI*XUPDLORYNDDORQHH[FHSWHGLQWKDWLQ
FRQVHTXHQFHRID6XLWKDYLQJEHHQEURXJKWDJDLQVW/DQGRZQHU
3ULDGLVWFKHYDQGRIDFDYHDWKDYLQJEHHQSURQRXQFHGE\WKH/DQG
&RXUWDQGRIVXFKFDYHDWKDYLQJEHHQSXEOLVKHGLQ1RRIWKH
*D]HWWHRI0RVFRZWKHVDLG9LOODJHKDVFRPHZLWKLQWKH-XULVGLFWLRQ
RIWKH&RXUW$ERYH0HQWLRQHG
:K\GLG\RXQRWWHOOPHDOOWKLVEHIRUH"FULHG&KLFKLNRYIXULRXVO\
:K\\RXKDYHNHSWPHGDQFLQJDERXWIRUQRWKLQJ"

269

%HFDXVHLWZDVDEVROXWHO\QHFHVVDU\WKDW\RXVKRXOGYLHZWKHPDWWHU
WKURXJKIRUPVRIGRFXPHQWDU\SURFHVV7KLVLVQRMHVWRQP\SDUW7KH
LQH[SHULHQFHGPD\VHHWKLQJVVXEFRQVFLRXVO\\HWLVLPSHUDWLYHWKDWKH
VKRXOGDOVRVHHWKHP&216&,286/<
%XWWR&KLFKLNRY
VSDWLHQFHDQHQGKDGFRPH6HL]LQJKLVFDSDQG
FDVWLQJDOOFHUHPRQ\WRWKHZLQGVKHIOHGIURPWKHKRXVHDQGUXVKHG
WKURXJKWKHFRXUW\DUG$VLWKDSSHQHGWKHPDQZKRKDGGULYHQKLP
WKLWKHUKDGZDUQHGE\H[SHULHQFHQRWWURXEOHGHYHQWRWDNHRXWWKH
KRUVHVVLQFHKHNQHZWKDWVXFKDSURFHHGLQJZRXOGKDYHHQWDLOHGQRW
RQO\WKHSUHVHQWDWLRQRID6WDWHPHQWRI3OHDIRUIRGGHUEXWDOVRD
GHOD\RIWZHQW\IRXUKRXUVXQWLOWKH5HVROXWLRQJUDQWLQJWKHVDPH
VKRXOGKDYHEHHQSDVVHG1HYHUWKHOHVVWKH&RORQHOSXUVXHGKLVJXHVWWR
WKHJDWHVDQGSUHVVHGKLVKDQGZDUPO\DVKHWKDQNHGKLPIRUKDYLQJ
HQDEOHGKLP WKH&RORQHO WKXVWRH[KLELWLQRSHUDWLRQWKHSURSHU
PDQDJHPHQWRIDQHVWDWH$OVRKHEHJJHGWRVWDWHWKDWXQGHUWKH
FLUFXPVWDQFHVLWZDVDEVROXWHO\QHFHVVDU\WRNHHSWKLQJVPRYLQJDQG
FLUFXODWLQJVLQFHRWKHUZLVHVODFNQHVVZDVDSWWRVXSHUYHQHDQGWKH
ZRUNLQJRIWKHPDFKLQHWRJURZUXVW\DQGIHHEOHEXWWKDWLQVSLWHRI
DOOWKHSUHVHQWRFFDVLRQKDGLQVSLUHGKLPZLWKDKDSS\LGHDQDPHO\
WKHLGHDRILQVWLWXWLQJD&RPPLWWHHZKLFKVKRXOGEHHQWLWOHG7KH
&RPPLWWHHRI6XSHUYLVLRQRIWKH&RPPLWWHHRI0DQDJHPHQWDQGZKLFK
VKRXOGKDYHIRULWVIXQFWLRQWKHGHWHFWLRQRIEDFNVOLGHUVDPRQJWKH
ERG\ILUVWPHQWLRQHG
,WZDVODWHZKHQWLUHGDQGGLVVDWLVILHG&KLFKLNRYUHJDLQHG
.RVWDQ]KRJOR
VPDQVLRQ,QGHHGWKHFDQGOHVKDGORQJEHHQOLW
:KDWKDVGHOD\HG\RX"DVNHGWKHPDVWHURIWKHKRXVHDV&KLFKLNRY
HQWHUHGWKHGUDZLQJURRP
<HVZKDWKDVNHSW\RXDQGWKH&RORQHOVRORQJLQFRQYHUVDWLRQ
WRJHWKHU"DGGHG3ODWRQ
7KLVWKHIDFWWKDWQHYHULQP\OLIHKDYH,FRPHDFURVVVXFKDQ
LPEHFLOHZDV&KLFKLNRY
VUHSO\
1HYHUPLQGVDLG.RVWDQ]KRJOR.RVKNDUHYLVDPRVWUHDVVXULQJ
SKHQRPHQRQ+HLVQHFHVVDU\LQWKDWLQKLPZHVHHH[SUHVVHGLQ
FDULFDWXUHDOOWKHPRUHFU\LQJIROOLHVRIRXULQWHOOHFWXDOVRIWKH
LQWHOOHFWXDOVZKRZLWKRXWILUVWWURXEOLQJWRPDNHWKHPVHOYHV
DFTXDLQWHGZLWKWKHLURZQFRXQWU\ERUURZVLOOLQHVVIURPDEURDG<HW
WKDWLVKRZFHUWDLQRIRXUODQGRZQHUVDUHQRZFDUU\LQJRQ7KH\KDYH
VHWXS
RIILFHV
DQGIDFWRULHVDQGVFKRROVDQG
FRPPLVVLRQV
DQGWKH

270

GHYLONQRZVZKDWHOVHEHVLGHV$ILQHORWRIZLVHDFUHV$IWHUWKH
)UHQFK:DULQWKH\KDGWRUHFRQVWUXFWWKHLUDIIDLUVDQGVHHKRZ
WKH\KDYHGRQHLW<HWVRPXFKZRUVHKDYHWKH\GRQHLWWKDQD
)UHQFKPDQZRXOGKDYHGRQHWKDWDQ\IRRORID3HWHU3HWURYLWFK3LHWXNK
QRZUDQNVDVDJRRGODQGRZQHU
%XWKHKDVPRUWJDJHGWKHZKROHRIKLVHVWDWH"UHPDUNHG&KLFKLNRY
<HVQRZDGD\VHYHU\WKLQJLVEHLQJPRUWJDJHGRULVJRLQJWREH7KLV
VDLG.RVWDQ]KRJOR
VWHPSHUURVHVWLOOIXUWKHU2XWXSRQ\RXU
IDFWRULHVRIKDWVDQGFDQGOHVKHFULHG2XWXSRQSURFXULQJ
FDQGOHPDNHUVIURP/RQGRQDQGWKHQWXUQLQJODQGRZQHUVLQWRKXFNVWHUV
7RWKLQNRID5XVVLDQSRPLHVWFKLN>@DPHPEHURIWKHQREOHVWRI
FDOOLQJVFRQGXFWLQJZRUNVKRSVDQGFRWWRQPLOOV:K\LWLVIRUWKH
ZHQFKHVRIWRZQVWRKDQGOHORRPVIRUPXVOLQDQGODFH
>@/DQGRZQHU
%XW\RX\RXUVHOIPDLQWDLQZRUNVKRSV"UHPDUNHG3ODWRQ
,GREXWZKRHVWDEOLVKHGWKHP"7KH\HVWDEOLVKHGWKHPVHOYHV)RU
LQVWDQFHZRROKDGDFFXPXODWHGDQGVLQFH,KDGQRZKHUHWRVWRUHLW,
EHJDQWRZHDYHLWLQWRFORWKEXWPDUN\RXRQO\LQWRJRRGSODLQ
FORWKRIZKLFK,FDQGLVSRVHDWDFKHDSUDWHLQWKHORFDOPDUNHWVDQG
ZKLFKLVQHHGHGE\SHDVDQWVLQFOXGLQJP\RZQ$JDLQIRUVL[\HDUVRQ
HQGGLGWKHILVKIDFWRULHVNHHSGXPSLQJWKHLURIIDORQP\EDQNRIWKH
ULYHUZKHUHIRUHDWODVWDVWKHUHZDVQRWKLQJWREHGRQHZLWKLW,
WRRNWRERLOLQJLWLQWRJOXHDQGFOHDUHGIRUW\WKRXVDQGURXEOHVE\
WKHSURFHVV
7KHGHYLOWKRXJKW&KLFKLNRYWRKLPVHOIDVKHVWDUHGDWKLVKRVW
:KDWDILVWWKLVPDQKDVIRUPDNLQJPRQH\
$QRWKHUUHDVRQZK\,VWDUWHGWKRVHIDFWRULHVFRQWLQXHG
.RVWDQ]KRJORLVWKDWWKH\PLJKWJLYHHPSOR\PHQWWRPDQ\SHDVDQWVZKR
ZRXOGRWKHUZLVHKDYHVWDUYHG<RXVHHWKH\HDUKDSSHQHGWRKDYHEHHQ
DOHDQRQHWKDQNVWRWKRVHVDPHLQGXVWU\PRQJHULQJODQGRZQHUVLQ
WKDWWKH\KDGQHJOHFWHGWRVRZWKHLUFURSVDQGQRZP\IDFWRULHVNHHS
JURZLQJDWWKHUDWHRIDIDFWRU\D\HDURZLQJWRWKHFLUFXPVWDQFH
WKDWVXFKTXDQWLWLHVRIUHPQDQWVDQGFXWWLQJVEHFRPHVRDFFXPXODWHG
WKDWLIDPDQORRNVFDUHIXOO\WRKLVPDQDJHPHQWKHZLOOILQGHYHU\
VRUWRIUXEELVKWREHFDSDEOHRIEULQJLQJLQDUHWXUQ\HVWRWKH
SRLQWRIKLVKDYLQJWRUHMHFWPRQH\RQWKHSOHDWKDWKHKDVQRQHHGRI
LW<HW,GRQRWILQGWKDWWRGRDOOWKLV,UHTXLUHWREXLOGDPDQVLRQ

271

ZLWKIDFDGHVDQGSLOODUV
0DUYHOORXVH[FODLPHG&KLFKLNRY%H\RQGDOOWKLQJVGRHVLWVXUSULVH
PHWKDWUHIXVHFDQEHVRXWLOLVHG
<HVDQGWKDWLVZKDWFDQEHGRQHE\6,03/(PHWKRGV%XWQRZDGD\V
HYHU\RQHLVDPHFKDQLFDQGZDQWVWRRSHQWKDWPRQH\FKHVWZLWKDQ
LQVWUXPHQWLQVWHDGRIVLPSO\)RUWKDWSXUSRVHKHKLHVKLPWR(QJODQG
<HV7+$7LVWKHWKLQJWRGR:KDWIROO\.RVWDQ]KRJORVSDWDQG
DGGHG<HWZKHQKHUHWXUQVIURPDEURDGKHLVDKXQGUHGWLPHVPRUH
LJQRUDQWWKDQZKHQKHZHQW
$K&RQVWDQWLQHSXWLQKLVZLIHDQ[LRXVO\\RXNQRZKRZEDGIRU
\RXLWLVWRWDONOLNHWKLV
<HVEXWKRZDP,WRKHOSORVLQJP\WHPSHU"7KHWKLQJWRXFKHVPHWRR
FORVHO\LWYH[HVPHWRRGHHSO\WRWKLQNWKDWWKH5XVVLDQFKDUDFWHU
VKRXOGEHGHJHQHUDWLQJ)RULQWKDWFKDUDFWHUWKHUHKDVGDZQHGDVRUW
RI4XL[RWLVPZKLFKQHYHUXVHGWREHWKHUH<HVQRVRRQHUGRHVDPDQ
JHWDOLWWOHHGXFDWLRQLQWRKLVKHDGWKDQKHEHFRPHVD'RQ4XL[RWH
DQGHVWDEOLVKHVVFKRROVRQKLVHVWDWHVXFKDVHYHQDPDGPDQZRXOG
QHYHUKDYHGUHDPHGRI$QGIURPWKDWVFKRROWKHUHLVVXHVDZRUNPDQZKR
LVJRRGIRUQRWKLQJZKHWKHULQWKHFRXQWU\RULQWKHWRZQDIHOORZ
ZKRGULQNVDQGLVIRUHYHUVWDQGLQJRQKLVGLJQLW\<HWVWLOORXU
ODQGRZQHUVNHHSWDNLQJWRSKLODQWKURS\WRFRQYHUWLQJWKHPVHOYHVLQWR
SKLODQWKURSLFNQLJKWVHUUDQWDQGVSHQGLQJPLOOLRQVXSRQVHQVHOHVV
KRVSLWDOVDQGLQVWLWXWLRQVDQGVRUXLQLQJWKHPVHOYHVDQGWXUQLQJ
WKHLUIDPLOLHVDGULIW<HVWKDWLVDOOWKDWFRPHVRISKLODQWKURS\
&KLFKLNRY
VEXVLQHVVKDGQRWKLQJWRGRZLWKWKHVSUHDGRI
HQOLJKWHQPHQWKHZDVEXWVHHNLQJDQRSSRUWXQLW\WRLQTXLUHIXUWKHU
FRQFHUQLQJWKHSXWWLQJRIUHIXVHWROXFUDWLYHXVHVEXW.RVWDQ]KRJOR
ZRXOGQRWOHWKLPJHWDZRUGLQHGJHZD\VVRLUUHVLVWLEO\GLGWKHIORZ
RIVDUFDVWLFFRPPHQWSRXUIURPWKHVSHDNHU
VOLSV
<HVZHQWRQ.RVWDQ]KRJORIRONDUHDOZD\VVFKHPLQJWRHGXFDWHWKH
SHDVDQW%XWILUVWPDNHKLPZHOORIIDQGDJRRGIDUPHU7+(1KHZLOO
HGXFDWHKLPVHOIIDVWHQRXJK$VWKLQJVDUHQRZWKHZRUOGKDVJURZQ
VWXSLGWRDGHJUHHWKDWSDVVHVEHOLHI/RRNDWWKHVWXIIRXU
SUHVHQWGD\VFULEEOHUVZULWH/HWDQ\VRUWRIDERRNEHSXEOLVKHGDQG
DWRQFH\RXZLOOVHHHYHU\RQHPDNLQJDUXVKIRULW6LPLODUO\ZLOO
\RXILQGIRONVD\LQJ
7KHSHDVDQWOHDGVDQRYHUVLPSOHOLIH+HRXJKW
WREHIDPLOLDULVHGZLWKOX[XULHVDQGVROHGWR\HDUQIRUWKLQJVDERYH
KLVVWDWLRQ
$QGWKHUHVXOWRIVXFKOX[XULHVZLOOEHWKDWWKHSHDVDQW

272

ZLOOEHFRPHDUDJUDWKHUWKDQDPDQDQGVXIIHUIURPWKHGHYLORQO\
NQRZVZKDWGLVHDVHVXQWLOWKHUHZLOOUHPDLQLQWKHODQGQRWDER\RI
HLJKWHHQZKRZLOOQRWKDYHH[SHULHQFHGWKHZKROHJDPXWRIWKHPDQG
IRXQGKLPVHOIOHIWZLWKQRWDWRRWKLQKLVMDZVRUDKDLURQKLVSDWH
<HVWKDWLVZKDWZLOOFRPHRILQIHFWLQJWKHSHDVDQWZLWKVXFK
UXEELVK%XWWKDQN*RGWKHUHLVVWLOORQHKHDOWK\FODVVOHIWWR
XVDFODVVZKLFKKDVQHYHUWDNHQXSZLWKWKH
DGYDQWDJHV
RIZKLFK,
VSHDN)RUWKDWZHRXJKWWREHJUDWHIXO$QGVLQFHHYHQ\HWWKH
5XVVLDQDJULFXOWXULVWUHPDLQVWKHPRVWUHVSHFWZRUWK\PDQLQWKHODQG
ZK\VKRXOGKHEHWRXFKHG":RXOGWR*RGHYHU\RQHZHUHDQ
DJULFXOWXULVW
7KHQ\RXEHOLHYHDJULFXOWXUHWREHWKHPRVWSURILWDEOHRI
RFFXSDWLRQV"VDLG&KLFKLNRY
7KHEHVWDWDOOHYHQWVLIQRWWKHPRVWSURILWDEOH
,QWKHVZHDWRI
WK\EURZVKDOWWKRXWLOOWKHODQG
7RTXRWHWKDWUHTXLUHVQRJUHDW
ZLVGRPIRUWKHH[SHULHQFHRIDJHVKDVVKRZQXVWKDWLQWKH
DJULFXOWXUDOFDOOLQJPDQKDVHYHUUHPDLQHGPRUHPRUDOPRUHSXUH
PRUHQREOHWKDQLQDQ\RWKHU2IFRXUVH,GRQRWPHDQWRLPSO\WKDWQR
RWKHUFDOOLQJRXJKWWREHSUDFWLVHGVLPSO\WKDWWKHFDOOLQJLQ
TXHVWLRQOLHVDWWKHURRWRIDOOWKHUHVW+RZHYHUPXFKIDFWRULHV
PD\EHHVWDEOLVKHGSULYDWHO\RUE\WKHODZWKHUHZLOOVWLOOOLHUHDG\
WRPDQ
VKDQGDOOWKDWKHQHHGVKHZLOOVWLOOUHTXLUHQRQHRIWKRVH
DPHQLWLHVZKLFKDUHVDSSLQJWKHYLWDOLW\RIRXUSUHVHQWGD\IRONQRU
DQ\RIWKRVHLQGXVWULDOHVWDEOLVKPHQWVZKLFKPDNHWKHLUSURILWDQG
NHHSWKHPVHOYHVJRLQJE\FDXVLQJIRROLVKPHDVXUHVWREHDGRSWHG
ZKLFKLQWKHHQGDUHERXQGWRGHSUDYHDQGFRUUXSWRXUXQIRUWXQDWH
PDVVHV,P\VHOIDPGHWHUPLQHGQHYHUWRHVWDEOLVKDQ\PDQXIDFWXUH
KRZHYHUSURILWDEOHZKLFKZLOOJLYHULVHWRDGHPDQGIRU
KLJKHU
WKLQJV
VXFKDVVXJDUDQGWREDFFRQRQRWLI,ORVHDPLOOLRQE\P\
UHIXVLQJWRGRVR,IFRUUXSWLRQ0867RYHUWDNHWKH0,5LWVKDOO
QRWEHWKURXJKP\KDQGV$QG,WKLQNWKDW*RGZLOOMXVWLI\PHLQP\
UHVROYH7ZHQW\\HDUVKDYH,OLYHGDPRQJWKHFRPPRQIRONDQG,NQRZ
ZKDWZLOOLQHYLWDEO\FRPHRIVXFKWKLQJV
%XWZKDWVXUSULVHVPHPRVWSHUVLVWHG&KLFKLNRYLVWKDWIURP
UHIXVHLWVKRXOGEHSRVVLEOHZLWKJRRGPDQDJHPHQWWRPDNHVXFKDQ
LPPHQVLW\RISURILW
$QGDVIRUSROLWLFDOHFRQRP\FRQWLQXHG.RVWDQ]KRJORZLWKRXW
QRWLFLQJKLPDQGZLWKKLVIDFHFKDUJHGZLWKELOLRXVVDUFDVPDV
IRUSROLWLFDOHFRQRP\LWLVDILQHWKLQJLQGHHG-XVWRQHIRRO
VLWWLQJRQDQRWKHUIRRO
VEDFNDQGIORJJLQJKLPDORQJHYHQWKRXJK

273

WKHULGHUFDQVHHQRIXUWKHUWKDQKLVRZQQRVH<HWLQWRWKHVDGGOH
ZLOOWKDWIRROFOLPEVSHFWDFOHVDQGDOO2KWKHIROO\WKHIROO\RI
VXFKWKLQJV$QGWKHVSHDNHUVSDWGHULVLYHO\
7KDWPD\EHWUXHVDLGKLVZLIH<HW\RXPXVWQRWJHWDQJU\DERXW
LW6XUHO\RQHFDQVSHDNRQVXFKVXEMHFWVZLWKRXWORVLQJRQH
V
WHPSHU"
$V,OLVWHQWR\RXPRVWZRUWK\&RQVWDQWLQH7KHGRURYLWFK&KLFKLNRY
KDVWHQHGWRUHPDUNLWEHFRPHVSODLQWRPHWKDW\RXKDYHSHQHWUDWHG
LQWRWKHPHDQLQJRIOLIHDQGODLG\RXUILQJHUXSRQWKHHVVHQWLDOURRW
RIWKHPDWWHU<HWVXSSRVLQJIRUDPRPHQWZHOHDYHWKHDIIDLUVRI
KXPDQLW\LQJHQHUDODQGWXUQRXUDWWHQWLRQWRDSXUHO\LQGLYLGXDO
DIIDLUPLJKW,DVN\RXKRZLQWKHFDVHRIDPDQEHFRPLQJD
ODQGRZQHUDQGKDYLQJDPLQGWRJURZZHDOWK\DVTXLFNO\DVSRVVLEOH
LQRUGHUWKDWKHPD\IXOILOKLVERXQGHQREOLJDWLRQVDVDFLWL]HQ KH
FDQEHVWVHWDERXWLW"
+RZKHFDQEHVWVHWDERXWJURZLQJZHDOWK\"UHSHDWHG.RVWDQ]KRJOR
:K\
/HWXVJRWRVXSSHULQWHUUXSWHGWKHODG\RIWKHKRXVHULVLQJIURP
KHUFKDLUDQGPRYLQJWRZDUGVWKHFHQWUHRIWKHURRPZKHUHVKH
ZUDSSHGKHUVKLYHULQJ\RXQJIRUPLQDVKDZO&KLFKLNRYVSUDQJXSZLWK
WKHDODFULW\RIDPLOLWDU\PDQRIIHUHGKHUKLVDUPDQGHVFRUWHGKHU
DVRQSDUDGHWRWKHGLQLQJURRPZKHUHDZDLWLQJWKHPWKHUHZDVWKH
VRXSWRXUHHQ)URPLWWKHOLGKDGMXVWEHHQUHPRYHGDQGWKHURRPZDV
UHGROHQWRIWKHIUDJUDQWRGRXURIHDUO\VSULQJURRWVDQGKHUEV7KH
FRPSDQ\WRRNWKHLUVHDWVDQGDWRQFHWKHVHUYDQWVSODFHGWKH
UHPDLQGHURIWKHGLVKHV XQGHUFRYHUV XSRQWKHWDEOHDQGZLWKGUHZ
IRU.RVWDQ]KRJORKDWHGWRKDYHVHUYDQWVOLVWHQLQJWRWKHLUHPSOR\HUV

FRQYHUVDWLRQDQGREMHFWHGVWLOOPRUHWRWKHLUVWDULQJDWKLPDOOWKH
ZKLOHWKDWKHZDVHDWLQJ
:KHQWKHVRXSKDGEHHQFRQVXPHGDQGJODVVHVRIDQH[FHOOHQWYLQWDJH
UHVHPEOLQJ+XQJDULDQZLQHKDGEHHQSRXUHGRXW&KLFKLNRYVDLGWRKLV
KRVW
0RVWZRUWK\VLUDOORZPHRQFHPRUHWRGLUHFW\RXUDWWHQWLRQWRWKH
VXEMHFWRIZKLFKZHZHUHVSHDNLQJDWWKHSRLQWZKHQWKHFRQYHUVDWLRQ
EHFDPHLQWHUUXSWHG<RXZLOOUHPHPEHUWKDW,ZDVDVNLQJ\RXKRZEHVWD
PDQFDQVHWDERXWSURFHHGLQWKHPDWWHURIJURZLQJ

274

>+HUHIURPWKHRULJLQDOWZRSDJHVDUHPLVVLQJ@
$SURSHUW\IRUZKLFKKDGKHDVNHGIRUW\WKRXVDQG,VKRXOG
VWLOOKDYHGHPDQGHGDUHGXFWLRQ
+PWKRXJKW&KLFKLNRYWKHQDGGHGDORXG%XWZK\GR\RXQRW
SXUFKDVHLW\RXUVHOI"
%HFDXVHWRHYHU\WKLQJWKHUHPXVWEHDVVLJQHGDOLPLW$OUHDG\P\
SURSHUW\NHHSVPHVXIILFLHQWO\HPSOR\HG0RUHRYHU,VKRXOGFDXVHRXU
ORFDOGYRULDQHWREHJLQFU\LQJRXWLQFKRUXVWKDW,DPH[SORLWLQJ
WKHLUH[WUHPLWLHVWKHLUUXLQHGSRVLWLRQIRUWKHSXUSRVHRIDFTXLULQJ
ODQGIRUXQGHULWVYDOXH2IWKDW,DPZHDU\
+RZUHDGLO\IRONVSHDNHYLOH[FODLPHG&KLFKLNRY
<HVDQGWKHDPRXQWRIHYLOVSHDNLQJLQRXUSURYLQFHVXUSDVVHV
EHOLHI1HYHUZLOO\RXKHDUP\QDPHPHQWLRQHGZLWKRXWP\EHLQJFDOOHG
DOVRDPLVHUDQGDXVXUHURIWKHZRUVWSRVVLEOHVRUWZKHUHDVP\
DFFXVHUVMXVWLI\WKHPVHOYHVLQHYHU\WKLQJDQGVD\WKDW
WKRXJKZH
KDYHZDVWHGRXUPRQH\ZHKDYHVWDUWHGDGHPDQGIRUWKHKLJKHU
DPHQLWLHVRIOLIHDQGWKHUHIRUHHQFRXUDJHGLQGXVWU\ZLWKRXU
ZDVWHIXOQHVVDIDUEHWWHUZD\RIGRLQJWKLQJVWKDQWKDWSUDFWLVHGE\
.RVWDQ]KRJORZKROLYHVOLNHDSLJ

:RXOGB,BFRXOGOLYHLQ\RXU
SLJJLVK
IDVKLRQHMDFXODWHG
&KLFKLNRY
$QGVRIRUWKDQGVRIRUWK<HWZKDWDUHWKH
KLJKHUDPHQLWLHVRI
OLIH
":KDWJRRGFDQWKH\GRWRDQ\RQH"(YHQLIDODQGRZQHURIWKH
GD\VHWVXSDOLEUDU\KHQHYHUORRNVDWDVLQJOHERRNLQLWEXWVRRQ
UHODSVHVLQWRFDUGSOD\LQJWKHXVXDOSXUVXLW<HWIRONFDOOPHQDPHV
VLPSO\EHFDXVH,GRQRWZDVWHP\PHDQVXSRQWKHJLYLQJRIGLQQHUV2QH
UHDVRQZK\,GRQRWJLYHVXFKGLQQHUVLVWKDWWKH\ZHDU\PHDQG
DQRWKHUUHDVRQLVWKDW,DPQRWXVHGWRWKHP%XWFRPH\RXWRP\KRXVH
IRUWKHSXUSRVHRIWDNLQJSRWOXFNDQG,VKDOOEHGHOLJKWHGWRVHH
\RX$OVRIRONIRROLVKO\VD\WKDW,OHQGPRQH\RQLQWHUHVWZKHUHDV
WKHWUXWKLVWKDWLI\RXVKRXOGFRPHWRPHZKHQ\RXDUHUHDOO\LQ
QHHGDQGVKRXOGH[SODLQWRPHRSHQO\KRZ\RXSURSRVHWRHPSOR\P\
PRQH\DQG,VKRXOGSHUFHLYHWKDW\RXDUHSXUSRVLQJWRXVHWKDWPRQH\
ZLVHO\DQGWKDW\RXDUHUHDOO\OLNHO\WRSURILWWKHUHE\ZHOOLQ
WKDWFDVH\RXZRXOGILQGPHUHDG\WROHQG\RXDOOWKDW\RXPLJKWDVN
ZLWKRXWLQWHUHVWDWDOO

275

7KDWLVDWKLQJZKLFKLWLVZHOOWRNQRZUHIOHFWHG&KLFKLNRY
<HVUHSHDWHG.RVWDQ]KRJORXQGHUWKRVHFLUFXPVWDQFHV,VKRXOG
QHYHUUHIXVH\RXP\DVVLVWDQFH%XW,GRREMHFWWRWKURZLQJP\PRQH\
WRWKHZLQGV3DUGRQPHIRUH[SUHVVLQJP\VHOIVRSODLQO\7RWKLQNRI
OHQGLQJPRQH\WRDPDQZKRLVPHUHO\GHYLVLQJDGLQQHUIRUKLV
PLVWUHVVRUSODQQLQJWRIXUQLVKKLVKRXVHOLNHDOXQDWLFRUWKLQNLQJ
RIWDNLQJKLVSDUDPRXUWRDPDVNHGEDOORUDMXELOHHLQKRQRXURIVRPH
RQHZKRKDGEHWWHUQHYHUKDYHEHHQERUQ
$QGVSLWWLQJKHFDPHQHDUWRYHQWLQJVRPHH[SUHVVLRQZKLFKZRXOG
VFDUFHO\KDYHEHHQEHFRPLQJLQWKHSUHVHQFHRIKLVZLIH2YHUKLVIDFH
WKHGDUNVKDGRZRIK\SRFKRQGULDKDGFDVWDFORXGDQGIXUURZVKDG
IRUPHGRQKLVEURZDQGWHPSOHVDQGKLVHYHU\JHVWXUHEHVSRNHWKH
LQIOXHQFHRIDKRWQHUYRXVUDQFRXU
%XWDOORZPHRQFHPRUHWRGLUHFW\RXUDWWHQWLRQWRWKHVXEMHFWRIRXU
UHFHQWO\LQWHUUXSWHGFRQYHUVDWLRQSHUVLVWHG&KLFKLNRYDVKHVLSSHGD
JODVVRIH[FHOOHQWUDVSEHUU\ZLQH7KDWLVWRVD\VXSSRVLQJ,ZHUH
WRDFTXLUHWKHSURSHUW\ZKLFK\RXKDYHEHHQJRRGHQRXJKWREULQJWRP\
QRWLFHKRZORQJZRXOGLWWDNHPHWRJURZULFK"
7KDWZRXOGGHSHQGRQ\RXUVHOIUHSOLHG.RVWDQ]KRJORZLWKJULP
DEUXSWQHVVDQGHYLGHQWLOOKXPRXU<RXPLJKWHLWKHUJURZULFKTXLFNO\
RU\RXPLJKWQHYHUJURZULFKDWDOO,I\RXPDGHXS\RXUPLQGWRJURZ
ULFKVRRQHURUODWHU\RXZRXOGILQG\RXUVHOIDZHDOWK\PDQ
,QGHHG"HMDFXODWHG&KLFKLNRY
<HVUHSOLHG.RVWDQ]KRJORDVVKDUSO\DVWKRXJKKHZHUHDQJU\ZLWK
&KLFKLNRY<RXZRXOGPHUHO\QHHGWREHIRQGRIZRUNRWKHUZLVH\RX
ZRXOGHIIHFWQRWKLQJ7KHPDLQWKLQJLVWROLNHORRNLQJDIWHU\RXU
SURSHUW\%HOLHYHPH\RXZRXOGQHYHUJURZZHDU\RIGRLQJVR3HRSOH
ZRXOGKDYHLWWKDWOLIHLQWKHFRXQWU\LVGXOOZKHUHDVLI,ZHUHWR
VSHQGDVLQJOHGD\DVLWLVVSHQWE\VRPHIRONZLWKWKHLUVWXSLG
FOXEVDQGWKHLUUHVWDXUDQWVDQGWKHLUWKHDWUHV,VKRXOGGLHRIHQQXL
7KHIRROVWKHLGLRWVWKHJHQHUDWLRQVRIEOLQGGXOODUGV%XWD
ODQGRZQHUQHYHUILQGVWKHGD\VZHDULVRPHKHKDVQRWWKHWLPH,QKLV
OLIHQRWDPRPHQWUHPDLQVXQRFFXSLHGLWLVIXOOWRWKHEULP$QGZLWK
LWDOOJRHVDQHQGOHVVYDULHW\RIRFFXSDWLRQV$QGZKDWRFFXSDWLRQV
2FFXSDWLRQVZKLFKJHQXLQHO\XSOLIWWKHVRXOVHHLQJWKDWWKHODQGRZQHU
ZDONVZLWKQDWXUHDQGWKHVHDVRQVRIWKH\HDUDQGWDNHVSDUWLQDQG
LVLQWLPDWHZLWKHYHU\WKLQJZKLFKLVHYROYHGE\FUHDWLRQ)RUOHWXV

276

ORRNDWWKHURXQGRIWKH\HDU
VODERXUV(YHQEHIRUHVSULQJKDV
DUULYHGWKHUHZLOOKDYHEHJXQDJHQHUDOZDWFKLQJDQGDZDLWLQJIRULW
DQGDSUHSDULQJIRUVRZLQJDQGDQDSSRUWLRQLQJRIFURSVDQGD
PHDVXULQJRIVHHGJUDLQE\E\UHVDQGGU\LQJRIVHHGDQGDGLYLGLQJ
RIWKHZRUNHUVLQWRWHDPV)RUHYHU\WKLQJQHHGVWREHH[DPLQHG
EHIRUHKDQGDQGFDOFXODWLRQVPXVWEHPDGHDWWKHYHU\VWDUW$QGDV
VRRQDVHYHUWKHLFHVKDOOKDYHPHOWHGDQGWKHULYHUVEHIORZLQJDQG
WKHODQGKDYHGULHGVXIILFLHQWO\WREHZRUNDEOHWKHVSDGHZLOOEHJLQ
LWVWDVNLQNLWFKHQDQGIORZHUJDUGHQDQGWKHSORXJKDQGWKHKDUURZ
WKHLUWDVNVLQWKHILHOGXQWLOHYHU\ZKHUHWKHUHZLOOEHWLOOLQJDQG
VRZLQJDQGSODQWLQJ$QGGR\RXXQGHUVWDQGZKDWWKHVXPRIWKDWODERXU
ZLOOPHDQ",WZLOOPHDQWKDWWKHKDUYHVWLVEHLQJVRZQWKDWWKH
ZHOIDUHRIWKHZRUOGLVEHLQJVRZQWKDWWKHIRRGRIPLOOLRQVLVEHLQJ
SXWLQWRWKHHDUWK$QGWKHUHDIWHUZLOOFRPHVXPPHUWKHVHDVRQRI
UHDSLQJHQGOHVVUHDSLQJIRUVXGGHQO\WKHFURSVZLOOKDYHULSHQHG
DQGU\HVKHDIZLOOEHO\LQJKHDSHGXSRQU\HVKHDIZLWKHOVHZKHUH
VWRFNVRIEDUOH\DQGRIRDWVDQGRIZKHDW$QGHYHU\WKLQJZLOOEH
WHHPLQJZLWKOLIHDQGQRWDPRPHQWZLOOWKHUHQHHGWREHORVWVHHLQJ
WKDWKDG\RXHYHQWZHQW\H\HV\RXZRXOGKDYHQHHGIRUWKHPDOO$QG
DIWHUWKHKDUYHVWIHVWLYLWLHVWKHUHZLOOEHJUDLQWREHFDUWHGWRE\UH
RUVWDFNHGLQULFNVDQGVWRUHVWREHSUHSDUHGIRUWKHZLQWHUDQG
VWRUHKRXVHVDQGNLOQVDQGFDWWOHVKHGVWREHFOHDQHGIRUWKHVDPH
SXUSRVHDQGWKHZRPHQWREHDVVLJQHGWKHLUWDVNVDQGWKHWRWDOVRI
HYHU\WKLQJWREHFDOFXODWHGVRWKDWRQHPD\VHHWKHYDOXHRIZKDWKDV
EHHQGRQH$QGODVWO\ZLOOFRPHZLQWHUZKHQLQHYHU\WKUHVKLQJIORRU
WKHIODLOZLOOEHZRUNLQJDQGWKHJUDLQZKHQWKUHVKHGZLOOQHHGWR
EHFDUULHGIURPEDUQWRELQQDQGWKHPLOOVUHTXLUHWREHVHHQWRDQG
WKHHVWDWHIDFWRULHVWREHLQVSHFWHGDQGWKHZRUNPHQ
VKXWVWREH
YLVLWHGIRUWKHSXUSRVHRIDVFHUWDLQLQJKRZWKHPX]KLNLVIDULQJ IRU
JLYHQDFDUSHQWHUZKRLVFOHYHUZLWKKLVWRROV,IRURQHDPRQO\
WRRJODGWRVSHQGDQKRXURUWZRLQKLVFRPSDQ\VRFKHHULQJWRPHLV
ODERXU $QGLILQDGGLWLRQRQHGLVFHUQVWKHHQGWRZKLFKHYHU\WKLQJ
LVPRYLQJDQGWKHPDQQHULQZKLFKWKHWKLQJVRIHDUWKDUHHYHU\ZKHUH
PXOWLSO\LQJDQGPXOWLSO\LQJDQGEULQJLQJIRUWKPRUHDQGPRUHIUXLWWR
RQH
VSURILWLQJ,FDQQRWDGHTXDWHO\H[SUHVVZKDWWDNHVSODFHLQD
PDQ
VVRXO$QGWKDWQRWEHFDXVHRIWKHJURZWKLQKLVZHDOWKPRQH\
LVPRQH\DQGQRPRUHEXWEHFDXVHKHZLOOIHHOWKDWHYHU\WKLQJLVWKH
ZRUNRIKLVRZQKDQGVDQGWKDWKHKDVEHHQWKHFDXVHRIHYHU\WKLQJ
DQGLWVFUHDWRUDQGWKDWIURPKLPDVIURPDPDJLFLDQWKHUHKDV
IORZHGERXQW\DQGJRRGQHVVIRUDOO,QZKDWRWKHUFDOOLQJZLOO\RX
ILQGVXFKGHOLJKWVLQSURVSHFW"$VKHVSRNH.RVWDQ]KRJORUDLVHGKLV
IDFHDQGLWEHFDPHFOHDUWKDWWKHZULQNOHVKDGIOHGIURPLWDQG
WKDWOLNHWKH7VDURQWKHVROHPQGD\RIKLVFURZQLQJ.RVWDQ]KRJOR
V
ZKROHIRUPZDVGLIIXVLQJOLJKWDQGKLVIHDWXUHVKDGLQWKHPDJHQWOH

277

UDGLDQFH,QDOOWKHZRUOGKHUHSHDWHG\RXZLOOILQGQRMR\VOLNH
WKHVHIRUKHUHLQPDQLPLWDWHVWKH*RGZKRSURMHFWHGFUHDWLRQDVWKH
VXSUHPHKDSSLQHVVDQGQRZGHPDQGVRIPDQWKDWKHWRRVKRXOGDFWDV
WKHFUHDWRURISURVSHULW\<HWWKHUHDUHIRONZKRFDOOVXFKIXQFWLRQV
WHGLRXV
.RVWDQ]KRJOR
VPHOOLIOXRXVSHULRGVIHOOXSRQ&KLFKLNRY
VHDUOLNHWKH
QRWHVRIDELUGRISDUDGLVH)URPWLPHWRWLPHKHJXOSHGDQGKLV
VRIWHQHGH\HVH[SUHVVHGWKHSOHDVXUHZKLFKLWJDYHKLPWROLVWHQ
&RQVWDQWLQHLWLVWLPHWROHDYHWKHWDEOHVDLGWKHODG\RIWKH
KRXVHULVLQJIURPKHUVHDW(YHU\RQHIROORZHGKHUH[DPSOHDQG
&KLFKLNRYRQFHDJDLQDFWHGDVKLVKRVWHVV
VHVFRUWDOWKRXJKZLWKOHVV
GH[WHULW\RIGHSRUWPHQWWKDQEHIRUHRZLQJWRWKHIDFWWKDWWKLVWLPH
KLVWKRXJKWVZHUHRFFXSLHGZLWKPRUHHVVHQWLDOPDWWHUVRISURFHGXUH
,QVSLWHRIZKDW\RXVD\UHPDUNHG3ODWRQDVKHZDONHGEHKLQGWKH
SDLU,IRUP\SDUWILQGWKHVHWKLQJVZHDULVRPH
%XWWKHPDVWHURIWKHKRXVHSDLGQRDWWHQWLRQWRKLVUHPDUNIRUKH
ZDVUHIOHFWLQJWKDWKLVJXHVWZDVQRIRROEXWDPDQRIVHULRXV
WKRXJKWDQGVSHHFKZKRGLGQRWWDNHWKLQJVOLJKWO\$QGZLWKWKH
WKRXJKW.RVWDQ]KRJORJUHZOLJKWHULQVRXODVWKRXJKKHKDGZDUPHG
KLPVHOIZLWKKLVRZQZRUGVDQGZHUHH[XOWLQJLQWKHIDFWWKDWKHKDG
IRXQGVRPHRQHFDSDEOHRIOLVWHQLQJWRJRRGDGYLFH
:KHQWKH\KDGVHWWOHGWKHPVHOYHVLQWKHFRV\FDQGOHOLJKWHG
GUDZLQJURRPZLWKLWVEDOFRQ\DQGWKHJODVVGRRURSHQLQJRXWLQWRWKH
JDUGHQDGRRUWKURXJKZKLFKWKHVWDUVFRXOGEHVHHQJOLWWHULQJDPLG
WKHVOXPEHULQJWRSVRIWKHWUHHV&KLFKLNRYIHOWPRUHFRPIRUWDEOHWKDQ
KHKDGGRQHIRUPDQ\DGD\SDVW,WZDVDVWKRXJKDIWHUORQJ
MRXUQH\LQJKLVRZQURRIWUHHKDGUHFHLYHGKLPRQFHPRUHKDGUHFHLYHG
KLPZKHQKLVTXHVWKDGEHHQDFFRPSOLVKHGZKHQDOOWKDWKHZLVKHGIRU
KDGEHHQJDLQHGZKHQKLVWUDYHOOLQJVWDIIKDGEHHQODLGDVLGHZLWK
WKHZRUGV,WLVILQLVKHG$QGRIWKLVVHGXFWLYHIUDPHRIPLQGWKH
WUXHVRXUFHKDGEHHQWKHHORTXHQWGLVFRXUVHRIKLVKRVSLWDEOHKRVW
<HVIRUHYHU\PDQWKHUHH[LVWFHUWDLQWKLQJVZKLFKLQVWDQWO\WKDW
WKH\DUHVDLGVHHPWRWRXFKKLPPRUHFORVHO\PRUHLQWLPDWHO\WKDQ
DQ\WKLQJKDVGRQHEHIRUH1RULVLWDQXQFRPPRQRFFXUUHQFHWKDWLQWKH
PRVWXQH[SHFWHGIDVKLRQDQGLQWKHPRVWUHWLUHGRIUHWUHDWVRQHZLOO
VXGGHQO\FRPHIDFHWRIDFHZLWKDPDQZKRVHEXUQLQJSHULRGVZLOOOHDG
RQHWRIRUJHWRQHVHOIDQGWKHWUDFNOHVVQHVVRIWKHURXWHDQGWKH
GLVFRPIRUWRIRQH
VQLJKWO\KDOWLQJSODFHVDQGWKHIXWLOLW\RIFUD]HV
DQGWKHIDOVHQHVVRIWULFNVE\ZKLFKRQHKXPDQEHLQJGHFHLYHVDQRWKHU

278

$QGDWRQFHWKHUHZLOOEHFRPHHQJUDYHQXSRQRQH
VPHPRU\YLYLGO\DQG
IRUDOOWLPHWKHHYHQLQJWKXVVSHQW$QGRIWKDWHYHQLQJRQH
V
UHPHPEUDQFHZLOOKROGWUXHERWKDVWRZKRZDVSUHVHQWDQGZKHUHHDFK
VXFKSHUVRQVDWDQGZKDWKHRUVKHZDVZHDULQJDQGZKDWWKHZDOOV
DQGWKHVWRYHDQGRWKHUWULIOLQJIHDWXUHVRIWKHURRPORRNHGOLNH
,QWKHVDPHZD\GLG&KLFKLNRYQRWHHDFKGHWDLOWKDWHYHQLQJERWKWKH
DSSRLQWPHQWVRIWKHDJUHHDEOHEXWQRWOX[XULRXVO\IXUQLVKHGURRP
DQGWKHJRRGKXPRXUHGH[SUHVVLRQZKLFKUHLJQHGRQWKHIDFHRIWKH
WKRXJKWIXOKRVWDQGWKHGHVLJQRIWKHFXUWDLQVDQGWKHDPEHUPRXQWHG
SLSHVPRNHGE\3ODWRQDQGWKHZD\LQZKLFKKHNHSWSXIILQJVPRNHLQWR
WKHIDWMRZORIWKHGRJ<DUEDQGWKHVQHH]HZKLFKRQHDFKVXFK
RFFDVLRQ<DUEYHQWHGDQGWKHODXJKWHURIWKHSOHDVDQWIDFHGKRVWHVV
WKRXJKDOZD\VIROORZHGE\WKHZRUGV3UD\GRQRWWHDVHKLPDQ\PRUH
DQGWKHFKHHUIXOFDQGOHOLJKWDQGWKHFULFNHWFKLUSLQJLQDFRUQHU
DQGWKHJODVVGRRUDQGWKHVSULQJQLJKWZKLFKOD\LQJLWVHOERZVXSRQ
WKHWUHHWRSVDQGVSDQJOHGZLWKVWDUVDQGYRFDOZLWKWKH
QLJKWLQJDOHVZKLFKZHUHSRXULQJIRUWKZDUEOHGGLWWLHVIURPWKH
UHFHVVHVRIWKHIROLDJHNHSWJODQFLQJWKURXJKWKHGRRUDQGUHJDUGLQJ
WKHFRPSDQ\ZLWKLQ
+RZLWGHOLJKWVPHWRKHDU\RXUZRUGVJRRG&RQVWDQWLQH
7KHGRURYLWFKVDLG&KLFKLNRY,QGHHGQRZKHUHLQ5XVVLDKDYH,PHW
ZLWKDPDQRIHTXDOLQWHOOHFW
.RVWDQ]KRJORVPLOHGZKLOHUHDOLVLQJWKDWWKHFRPSOLPHQWZDVVFDUFHO\
GHVHUYHG
,I\RXZDQWDPDQRI*(18,1(LQWHOOHFWKHVDLG,FDQWHOO\RX
RIRQH+HLVDPDQZKRVHERRWVROHVDUHZRUWKPRUHWKDQP\ZKROHERG\
:KRPD\KHEH"DVNHG&KLFKLNRYLQDVWRQLVKPHQW
0XUD]RYRXUORFDO&RPPLVVLRQHURI7D[HV
$K,KDYHKHDUGRIKLPEHIRUHUHPDUNHG&KLFKLNRY
+HLVDPDQZKRZHUHKHQRWWKHGLUHFWRURIDQHVWDWHPLJKWZHOOEH
DGLUHFWRURIWKH(PSLUH$QGZHUHWKH(PSLUHXQGHUP\GLUHFWLRQ,
VKRXOGDWRQFHDSSRLQWKLPP\0LQLVWHURI)LQDQFH
,KDYHKHDUGWDOHVEH\RQGEHOLHIFRQFHUQLQJKLPIRULQVWDQFHWKDW
KHKDVDFTXLUHGWHQPLOOLRQURXEOHV

279

7HQ"0RUHWKDQIRUW\6RRQKDOI5XVVLDZLOOEHLQKLVKDQGV
<RXGRQ
WVD\VR"FULHG&KLFKLNRYLQDPD]HPHQW
<HVFHUWDLQO\7KHPDQZKRKDVRQO\DKXQGUHGWKRXVDQGURXEOHVWR
ZRUNZLWKJURZVULFKEXWVORZO\ZKHUHDVKHZKRKDVPLOOLRQVDWKLV
GLVSRVDOFDQRSHUDWHRYHUDJUHDWHUUDGLXVDQGVREDFNZKDWVRHYHUKH
XQGHUWDNHVZLWKWZLFHRUWKULFHWKHPRQH\ZKLFKFDQEHEURXJKWDJDLQVW
KLP&RQVHTXHQWO\KLVILHOGEHFRPHVVRVSDFLRXVWKDWKHHQGVE\KDYLQJ
QRULYDOV<HVQRRQHFDQFRPSHWHZLWKKLPDQGZKDWVRHYHUSULFHKH
PD\IL[IRUDJLYHQFRPPRGLW\DWWKDWSULFHLWZLOOKDYHWRUHPDLQ
QRUZLOODQ\PDQEHDEOHWRRXWELGLW
0\*RGPXWWHUHG&KLFKLNRYFURVVLQJKLPVHOIDQGVWDULQJDW
.RVWDQ]KRJORZLWKKLVEUHDWKFDWFKLQJLQKLVWKURDW7KHPLQGFDQQRW
JUDVSLWLWSHWULILHVRQH
VWKRXJKWVZLWKDZH<RXVHHIRON
PDUYHOOLQJDWZKDW6FLHQFHKDVDFKLHYHGLQWKHPDWWHURILQYHVWLJDWLQJ
WKHKDELWVRIFRZEXJVEXWWRPHLWLVDIDUPRUHPDUYHOORXVWKLQJ
WKDWLQWKHKDQGVRIDVLQJOHPRUWDOWKHUHFDQEHFRPHDFFXPXODWHGVXFK
JLJDQWLFVXPVRIPRQH\%XWPD\,DVNZKHWKHUWKHJUHDWIRUWXQHRI
ZKLFK\RXVSHDNKDVEHHQDFTXLUHGWKURXJKKRQHVWPHDQV"
<HVWKURXJKPHDQVRIWKHPRVWLUUHSURDFKDEOHNLQGWKURXJKWKHPRVW
KRQRXUDEOHRIPHWKRGV
<HWVRLPSUREDEOHGRHVLWVHHPWKDW,FDQVFDUFHO\EHOLHYHLW
7KRXVDQGV,FRXOGXQGHUVWDQGEXWPLOOLRQV
2QWKHFRQWUDU\WRPDNHWKRXVDQGVKRQHVWO\LVDIDUPRUHGLIILFXOW
PDWWHUWKDQWRPDNHPLOOLRQV0LOOLRQVDUHHDVLO\FRPHE\IRUD
PLOOLRQDLUHKDVQRQHHGWRUHVRUWWRFURRNHGZD\VWKHZD\OLHV
VWUDLJKWEHIRUHKLPDQGKHQHHGVEXWWRDQQH[ZKDWVRHYHUKHFRPHV
DFURVV1RULYDOZLOOVSULQJXSWRRSSRVHKLPIRUQRULYDOZLOOEH
VXIILFLHQWO\VWURQJDQGVLQFHWKHPLOOLRQDLUHFDQRSHUDWHRYHUDQ
H[WHQVLYHUDGLXVKHFDQEULQJ DV,KDYHVDLG WZRRUWKUHHURXEOHV
WREHDUXSRQDQ\RQHHOVH
VRQH&RQVHTXHQWO\ZKDWLQWHUHVWZLOOKH
GHULYHIURPDWKRXVDQGURXEOHV":K\WHQRUWZHQW\SHUFHQWDWWKH
OHDVW
$QGLWLVEH\RQGPHDVXUHPDUYHOORXVWKDWWKHZKROHVKRXOGKDYH
VWDUWHGIURPDVLQJOHNRSHFN
+DGLWVWDUWHGRWKHUZLVHWKHWKLQJFRXOGQHYHUKDYHEHHQGRQHDW
DOO6XFKLVWKHQRUPDOFRXUVH+HZKRLVERUQZLWKWKRXVDQGVDQGLV

280

EURXJKWXSWRWKRXVDQGVZLOOQHYHUDFTXLUHDVLQJOHNRSHFNPRUHIRU
KHZLOOKDYHEHHQVHWXSZLWKWKHDPHQLWLHVRIOLIHLQDGYDQFHDQG
VRQHYHUFRPHWRVWDQGLQQHHGRIDQ\WKLQJ,WLVQHFHVVDU\WREHJLQ
IURPWKHEHJLQQLQJUDWKHUWKDQIURPWKHPLGGOHIURPDNRSHFNUDWKHU
WKDQIURPDURXEOHIURPWKHERWWRPUDWKHUWKDQIURPWKHWRS)RURQO\
WKXVZLOODPDQJHWWRNQRZWKHPHQDQGFRQGLWLRQVDPRQJZKLFKKLV
FDUHHUZLOOKDYHWREHFDUYHG7KDWLVWRVD\WKURXJKHQFRXQWHULQJ
WKHURXJKDQGWKHWXPEOHRIOLIHDQGWKURXJKOHDUQLQJWKDWHYHU\
NRSHFNKDVWREHEHDWHQRXWZLWKDWKUHHNRSHFNQDLODQGWKURXJK
ZRUVWLQJNQDYHDIWHUNQDYHKHZLOODFTXLUHVXFKDGHJUHHRI
SHUVSLFXLW\DQGZDULQHVVWKDWKHZLOOHUULQQRWKLQJZKLFKKHPD\
WDFNOHDQGQHYHUFRPHWRUXLQ%HOLHYHPHLWLVVR7KHEHJLQQLQJ
DQGQRWWKHPLGGOHLVWKHULJKWVWDUWLQJSRLQW1RRQHZKRFRPHVWR
PHDQGVD\V
*LYHPHDKXQGUHGWKRXVDQGURXEOHVDQG,ZLOOJURZULFK
LQQRWLPH
GR,EHOLHYHIRUKHLVOLNHO\WRPHHWZLWKIDLOXUH
UDWKHUWKDQZLWKWKHVXFFHVVRIZKLFKKHLVVRDVVXUHG
7LVZLWKD
NRSHFNDQGZLWKDNRSHFNRQO\WKDWDPDQPXVWEHJLQ
,IWKDWLVVRB,BVKDOOJURZULFKVDLG&KLFKLNRYLQYROXQWDULO\
UHPHPEHULQJWKHGHDGVRXOV)RURIDVXUHW\B,BEHJDQZLWKQRWKLQJ
&RQVWDQWLQHSUD\DOORZ3DXO,YDQRYLWFKWRUHWLUHWRUHVWSXWLQ
WKHODG\RIWKHKRXVH,WLVKLJKWLPHDQG,DPVXUH\RXKDYHWDONHG
HQRXJK
<HVEH\RQGDGRXEW\RXZLOOJURZULFKFRQWLQXHG.RVWDQ]KRJOR
ZLWKRXWKHHGLQJKLVZLIH)RUWRZDUGV\RXWKHUHZLOOUXQULYHUVDQG
ULYHUVRIJROGXQWLO\RXZLOOQRWNQRZZKDWWRGRZLWKDOO\RXU
JDLQV
$VWKRXJKVSHOOERXQG&KLFKLNRYVDWLQDQDXUHDWHZRUOGRI
HYHUJURZLQJGUHDPVDQGIDQWDVLHV$OOKLVWKRXJKWVZHUHLQDZKLUO
DQGRQDFDUSHWRIIXWXUHZHDOWKKLVWXPXOWXRXVLPDJLQDWLRQZDV
ZHDYLQJJROGHQSDWWHUQVZKLOHHYHULQKLVHDUVZHUHULQJLQJWKH
ZRUGVWRZDUGV\RXWKHUHZLOOUXQULYHUVDQGULYHUVRIJROG
5HDOO\&RQVWDQWLQH'2DOORZ3DXO,YDQRYLWFKWRJRWREHG
:KDWRQHDUWKLVWKHPDWWHU"UHWRUWHGWKHPDVWHURIWKHKRXVHKROG
WHVWLO\3UD\JR\RXUVHOILI\RXZLVKWR7KHQKHVWRSSHGVKRUWIRU
WKHVQRULQJRI3ODWRQZDVILOOLQJWKHZKROHURRPDQG
DOVRRXWULYDOOLQJLWWKDWRIWKHGRJ<DUE7KLVFDXVHG.RVWDQ]KRJOR
WRUHDOLVHWKDWEHGWLPHUHDOO\KDGDUULYHGZKHUHIRUHDIWHUKHKDG
VKDNHQ3ODWRQRXWRIKLVVOXPEHUVDQGELGGHQ&KLFKLNRYJRRGQLJKW

281

DOOGLVSHUVHGWRWKHLUVHYHUDOFKDPEHUVDQGEHFDPHSOXQJHGLQVOHHS
$OOWKDWLVWRVD\H[FHSW&KLFKLNRYZKRVHWKRXJKWVUHPDLQHG
ZDNHIXODQGZKRNHSWZRQGHULQJDQGZRQGHULQJKRZEHVWKHFRXOGEHFRPH
WKHRZQHUQRWRIDILFWLWLRXVEXWRIDUHDOHVWDWH7KH
FRQYHUVDWLRQZLWKKLVKRVWKDGPDGHHYHU\WKLQJFOHDUKDGPDGHWKH
SRVVLELOLW\RIKLVDFTXLULQJULFKHVPDQLIHVWKDGPDGHWKHGLIILFXOW
DUWRIHVWDWHPDQDJHPHQWDWRQFHHDV\DQGXQGHUVWDQGDEOHXQWLOLW
ZRXOGVHHPDVWKRXJKSDUWLFXODUO\ZDVKLVQDWXUHDGDSWHGIRUPDVWHULQJ
WKHDUWLQTXHVWLRQ$OOWKDWKHZRXOGQHHGWRGRZRXOGEHWRPRUWJDJH
WKHGHDGVRXOVDQGWKHQWRVHWXSDJHQXLQHHVWDEOLVKPHQW$OUHDG\KH
VDZKLPVHOIDFWLQJDQGDGPLQLVWHULQJDV.RVWDQ]KRJORKDGDGYLVHG
KLPHQHUJHWLFDOO\DQGWKURXJKSHUVRQDORYHUVLJKWDQGXQGHUWDNLQJ
QRWKLQJQHZXQWLOWKHROGKDGEHHQWKRURXJKO\OHDUQHGDQGYLHZLQJ
HYHU\WKLQJZLWKKLVRZQH\HVDQGPDNLQJKLPVHOIIDPLOLDUZLWKHDFK
PHPEHURIKLVSHDVDQWU\DQGDEMXULQJDOOVXSHUIOXLWLHVDQGJLYLQJ
KLPVHOIXSWRKDUGZRUNDQGKXVEDQGU\<HVDOUHDG\FRXOGKHWDVWHWKH
SOHDVXUHZKLFKZRXOGEHKLVZKHQKHKDGEXLOWXSDFRPSOHWHLQGXVWULDO
RUJDQLVDWLRQDQGWKHVSULQJVRIWKHLQGXVWULDOPDFKLQHZHUHLQ
YLJRURXVZRUNLQJRUGHUDQGHDFKKDGEHFRPHDEOHWRUHLQIRUFHWKH
RWKHU/DERXUVKRXOGEHNHSWLQDFWLYHRSHUDWLRQDQGHYHQDVLQD
PLOOIORXUFRPHVIORZLQJIURPJUDLQVRVKRXOGFDVKDQG\HWPRUH
FDVKFRPHIORZLQJIURPHYHU\DWRPRIUHIXVHDQGUHPQDQW$QGDOOWKH
ZKLOHKHFRXOGVHHEHIRUHKLPWKHODQGRZQHUZKRZDVRQHRIWKHOHDGLQJ
PHQLQ5XVVLDDQGIRUZKRPKHKDGFRQFHLYHGVXFKDQXQERXQGHG
UHVSHFW+LWKHUWRRQO\IRUUDQNRUIRURSXOHQFHKDG&KLFKLNRY
UHVSHFWHGDPDQQHYHUIRUPHUHLQWHOOHFWXDOSRZHUEXWQRZKHPDGHD
ILUVWH[FHSWLRQLQIDYRXURI.RVWDQ]KRJORVHHLQJWKDWKHIHOWWKDW
QRWKLQJXQGHUWDNHQE\KLVKRVWFRXOGSRVVLEO\FRPHWRQDXJKW$QG
DQRWKHUSURMHFWZKLFKZDVRFFXS\LQJ&KLFKLNRY
VPLQGZDVWKHSURMHFW
RISXUFKDVLQJWKHHVWDWHRIDFHUWDLQODQGRZQHUQDPHG.KOREXHY
$OUHDG\&KLFKLNRYKDGDWKLVGLVSRVDOWHQWKRXVDQGURXEOHVDQGD
IXUWKHUILIWHHQWKRXVDQGKHZRXOGWU\DQGERUURZRI.RVWDQ]KRJOR
VHHLQJWKDWWKHODWWHUKDGKLPVHOIVDLGWKDWKHZDVSUHSDUHGWRKHOS
DQ\RQHZKRUHDOO\GHVLUHGWRJURZULFK ZKLOHDVIRUWKHUHPDLQGHU
KHZRXOGHLWKHUUDLVHWKHVXPE\PRUWJDJLQJWKHHVWDWHRUIRUFH
.KOREXHYWRZDLWIRULWMXVWWRWHOOKLPWRUHVRUWWRWKHFRXUWVLI
VXFKPLJKWEHKLVSOHDVXUH
/RQJGLGRXUKHURSRQGHUWKHVFKHPHXQWLODWOHQJWKWKHVOXPEHUZKLFK
KDGWKHVHIRXUKRXUVSDVWEHHQKROGLQJWKHUHVWRIWKHKRXVHKROGLQ
LWVHPEUDFHVHQIROGHGDOVR&KLFKLNRYDQGKHVDQNLQWRREOLYLRQ

282

&+$37(5,9
1H[WGD\ZLWK3ODWRQDQG&RQVWDQWLQH&KLFKLNRYVHWIRUWKWR
LQWHUYLHZ.KOREXHYWKHRZQHUZKRVHHVWDWH&RQVWDQWLQHKDGFRQVHQWHG
WRKHOS&KLFKLNRYWRSXUFKDVHZLWKDQRQLQWHUHVWEHDULQJ
XQFRYHQDQWHGORDQRIWHQWKRXVDQGURXEOHV1DWXUDOO\RXUKHURZDVLQ
WKHKLJKHVWRIVSLULWV)RUWKHILUVWILIWHHQYHUVWVRUVRWKHURDG
OHGWKURXJKIRUHVWODQGDQGWLOODJHEHORQJLQJWR3ODWRQDQGKLV
EURWKHULQODZEXWGLUHFWO\WKHOLPLWRIWKHVHGRPDLQVZDVUHDFKHG
IRUHVWODQGEHJDQWREHUHSODFHGZLWKVZDPSDQGWLOODJHZLWKZDVWH
$OVRWKHYLOODJHLQ.KOREXHY
VHVWDWHKDGDERXWLWDGHVHUWHGDLU
DQGDVIRUWKHSURSULHWRUKLPVHOIKHZDVGLVFRYHUHGLQDVWDWHRI
GURZV\GLVKHYHOPHQWKDYLQJQRWORQJOHIWKLVEHG$PDQRIDERXW
IRUW\KHKDGKLVFUDYDWFURRNHGKLVIURFNFRDWDGRUQHGZLWKDODUJH
VWDLQDQGRQHRIKLVERRWVZRUQWKURXJK1HYHUWKHOHVVKHVHHPHG
GHOLJKWHGWRVHHKLVYLVLWRUV
:KDW"KHH[FODLPHG&RQVWDQWLQH7KHGRURYLWFKDQG3ODWRQ0LNKDOLWFK"
5HDOO\,PXVWUXEP\H\HV1HYHUDJDLQLQWKLVZRUOGGLG,ORRNWRVHH
FDOOHUVDUULYLQJ$VDUXOHIRONDYRLGPHOLNHWKHGHYLOIRUWKH\
FDQQRWGLVDEXVHWKHLUPLQGVRIWKHLGHDWKDW,DPJRLQJWRDVNWKHP
IRUDORDQ<HVLWLVP\RZQIDXOW,NQRZEXWZKDWZRXOG\RX"7R
WKHHQGZLOOVZLQHFKHDWVZLQH3UD\H[FXVHP\FRVWXPH<RXZLOO
REVHUYHWKDWP\ERRWVDUHLQKROHV%XWKRZFDQ,DIIRUGWRJHWWKHP
PHQGHG"
1HYHUPLQGVDLG&RQVWDQWLQH:HKDYHFRPHRQEXVLQHVVRQO\0D\,
SUHVHQWWR\RXDSRVVLEOHSXUFKDVHURI\RXUHVWDWHLQWKHSHUVRQRI
3DXO,YDQRYLWFK&KLFKLNRY"
,DPLQGHHGJODGWRPHHW\RXZDV.KOREXHY
VUHVSRQVH3UD\VKDNH
KDQGVZLWKPH3DXO,YDQRYLWFK
&KLFKLNRYRIIHUHGRQHKDQGEXWQRWERWK
,FDQVKRZ\RXDSURSHUW\ZRUWK\RXUDWWHQWLRQZHQWRQWKHPDVWHU
RIWKHHVWDWH0D\,DVNLI\RXKDYH\HWGLQHG"
<HVZHKDYHSXWLQ&RQVWDQWLQHGHVLURXVRIHVFDSLQJDVVRRQDV
SRVVLEOH7RVDYH\RXIXUWKHUWURXEOHOHWXVJRDQGYLHZWKHHVWDWH
DWRQFH
9HU\ZHOOUHSOLHG.KOREXHY3UD\FRPHDQGLQVSHFWP\

283

LUUHJXODULWLHVDQGIXWLOLWLHV<RXKDYHGRQHZHOOWRGLQHEHIRUHKDQG
IRUQRWVRPXFKDVDIRZOLVOHIWLQWKHSODFHVRGLUHDUHWKH
H[WUHPLWLHVWRZKLFK\RXVHHPHUHGXFHG
6LJKLQJGHHSO\KHWRRN3ODWRQE\WKHDUP LWZDVFOHDUWKDWKHGLG
QRWORRNIRUDQ\V\PSDWK\IURP&RQVWDQWLQH DQGZDONHGDKHDGZKLOH
&RQVWDQWLQHDQG&KLFKLNRYIROORZHG
7KLQJVDUHJRLQJKDUGZLWKPH3ODWRQ0LNKDOLWFKFRQWLQXHG
.KOREXHY+RZKDUG\RXFDQQRWLPDJLQH1RPRQH\KDYH,QRIRRGQR
ERRWV:HUH,VWLOO\RXQJDQGDEDFKHORULWZRXOGKDYHFRPHHDV\WR
PHWROLYHRQEUHDGDQGFKHHVHEXWZKHQDPDQLVJURZLQJROGDQGKDV
JRWDZLIHDQGILYHFKLOGUHQVXFKWULDOVSUHVVKHDYLO\XSRQKLPDQG
LQVSLWHRIKLPVHOIKLVVSLULWVVLQN
%XWVKRXOG\RXVXFFHHGLQVHOOLQJWKHHVWDWHWKDWZRXOGKHOSWRSXW
\RXULJKWZRXOGLWQRW"VDLG3ODWRQ
+RZFRXOGLWGRVR"UHSOLHG.KOREXHYZLWKDGHVSDLULQJJHVWXUH
:KDW,PLJKWJHWIRUWKHSURSHUW\ZRXOGKDYHWRJRWRZDUGV
GLVFKDUJLQJP\GHEWVDQG,VKRXOGILQGP\VHOIOHIWZLWKOHVVWKDQD
WKRXVDQGURXEOHVEHVLGHV
7KHQZKDWGR\RXLQWHQGWRGR"
*RGNQRZV
%XWLVWKHUH127+,1*WRZKLFK\RXFRXOGVHW\RXUKDQGLQRUGHUWR
FOHDU\RXUVHOIRI\RXUGLIILFXOWLHV"
+RZFRXOGWKHUHEH"
:HOO\RXPLJKWDFFHSWD*RYHUQPHQWSRVW
%HFRPHDSURYLQFLDOVHFUHWDU\\RXPHDQ"+RZFRXOG,REWDLQVXFKD
SRVW"7KH\ZRXOGQRWRIIHUPHRQHRIWKHPHDQHVWSRVVLEOHNLQG(YHQ
VXSSRVLQJWKDWWKH\GLGKRZFRXOG,OLYHRQDVDODU\RIILYHKXQGUHG
URXEOHV,ZKRKDYHDZLIHDQGILYHFKLOGUHQ"
7KHQWU\DQGREWDLQDEDLOLII
VSRVW
:KRZRXOGHQWUXVWWKHLUSURSHUW\WRDPDQZKRKDVVTXDQGHUHGKLVRZQ
HVWDWH"

284

1HYHUWKHOHVVZKHQGHDWKDQGGHVWLWXWLRQWKUHDWHQDPDQPXVWHLWKHU
GRVRPHWKLQJRUVWDUYH6KDOO,DVNP\EURWKHUWRXVHKLVLQIOXHQFHWR
SURFXUH\RXDSRVW"
1RQR3ODWRQ0LNKDOLWFKVLJKHG.KOREXHYJULSSLQJWKHRWKHU
V
KDQG,DPQRORQJHUVHUYLFHDEOH,DPJURZQROGEHIRUHP\WLPHDQG
ILQGWKDWOLYHUDQGUKHXPDWLVPDUHSD\LQJPHIRUWKHVLQVRIP\\RXWK
:K\VKRXOGWKH*RYHUQPHQWEHSXWWRDORVVRQP\DFFRXQW"QRWWR
VSHDNRIWKHIDFWWKDWIRUHYHU\VDODULHGSRVWWKHUHDUHFRXQWOHVV
QXPEHUVRIDSSOLFDQWV*RGIRUELGWKDWLQRUGHUWRSURYLGHPHZLWKD
OLYHOLKRRGIXUWKHUEXUGHQVVKRXOGEHLPSRVHGXSRQDQLPSRYHULVKHG
SXEOLF
6XFKDUHWKHUHVXOWVRILPSURYLGHQWPDQDJHPHQWWKRXJKW3ODWRQWR
KLPVHOI7KHGLVHDVHLVHYHQZRUVHWKDQP\VORWKIXOQHVV
0HDQZKLOH.RVWDQ]KRJORZDONLQJE\&KLFKLNRY
VVLGHZDVDOPRVWWDNLQJ
OHDYHRIKLVVHQVHV
/RRNDWLWKHFULHGZLWKDZDYHRIKLVKDQG6HHWRZKDW
ZUHWFKHGQHVVWKHSHDVDQWKDVEHFRPHUHGXFHG6KRXOGFDWWOHGLVHDVH
FRPH.KOREXHYZLOOKDYHQRWKLQJWRIDOOEDFNXSRQEXWZLOOEHIRUFHG
WRVHOOKLVDOOWROHDYHWKHSHDVDQWZLWKRXWDKRUVHDQGWKHUHIRUH
ZLWKRXWWKHPHDQVWRODERXUHYHQWKRXJKWKHORVVRIDVLQJOHGD\
V
ZRUNPD\WDNH\HDUVRIODERXUWRUHFWLI\0HDQZKLOHLWLVSODLQWKDW
WKHORFDOSHDVDQWKDVEHFRPHDPHUHGLVVROXWHOD]\GUXQNDUG*LYHD
PX]KLNHQRXJKWROLYHXSRQIRUWZHOYHPRQWKVZLWKRXWZRUNLQJDQG\RX
ZLOOFRUUXSWKLPIRUHYHUVRLQXUHGWRUDJVDQGYDJUDQF\ZLOOKH
JURZ$QGZKDWLVWKHJRRGRIWKDWSLHFHRISDVWXUHWKHUHRIWKDW
SLHFHRQWKHIXUWKHUVLGHRIWKRVHKXWV",WLVDPHUHIORRGHGWUDFW
:HUHLWPLQH,VKRXOGSXWLWXQGHUIOD[DQGFOHDUILYHWKRXVDQG
URXEOHVRUHOVHVRZLWZLWKWXUQLSVDQGFOHDUSHUKDSVIRXU
WKRXVDQG$QGVHHKRZWKHU\HLVGURRSLQJDQGQHDUO\ODLG$VIRU
ZKHDW,DPSUHWW\VXUHWKDWKHKDVQRWVRZQDQ\/RRNWRRDWWKRVH
UDYLQHV:HUHWKH\PLQHWKH\ZRXOGEHVWDQGLQJXQGHUWLPEHUZKLFK
HYHQDURRNFRXOGQRWWRS7RWKLQNRIZDVWLQJVXFKTXDQWLWLHVRI
ODQG:KHUHODQGZRXOGQ
WEHDUFRUQ,VKRXOGGLJLWXSDQGSODQWLW
ZLWKYHJHWDEOHV:KDWRXJKWWREHGRQHLVWKDW.KOREXHYRXJKWWRWDNH
DVSDGHLQWRKLVRZQKDQGVDQGWRVHWKLVZLIHDQGFKLOGUHQDQG
VHUYDQWVWRGRWKHVDPHDQGHYHQLIWKH\GLHGRIWKHH[HUWLRQWKH\
ZRXOGDWOHDVWGLHGRLQJWKHLUGXW\DQGQRWWKURXJKJX]]OLQJDWWKH
GLQQHUWDEOH
7KLVVDLG.RVWDQ]KRJORVSDWDQGKLVEURZIOXVKHGZLWKJULP

285

LQGLJQDWLRQ
3UHVHQWO\WKH\UHDFKHGDQHOHYDWLRQZKHQFHWKHGLVWDQWIODVKLQJRID
ULYHUZLWKLWVIORRGZDWHUVDQGVXEVLGLDU\VWUHDPVFDXJKWWKHH\H
ZKLOHIXUWKHURIIDSRUWLRQRI*HQHUDO%HWULVWFKHY
VKRPHVWHDGFRXOG
EHGLVFHUQHGDPRQJWKHWUHHVDQGRYHULWDEOXHGHQVHO\ZRRGHG
KLOOZKLFK&KLFKLNRYJXHVVHGWREHWKHVSRWZKHUH7LHQWLHWQLNRY
V
PDQVLRQZDVVLWXDWHG
7KLVLVZKHUH,VKRXOGSODQWWLPEHUVDLG&KLFKLNRY$QGUHJDUGHG
DVDVLWHIRUDPDQRUKRXVHWKHVLWXDWLRQFRXOGVFDUFHO\EHEHDWHQ
IRUEHDXW\RIYLHZ
<RXVHHPWRJHWJUHDWVWRUHXSRQYLHZVDQGEHDXW\UHPDUNHG
.RVWDQ]KRJORZLWKUHSURRILQKLVWRQH6KRXOG\RXSD\WRRPXFK
DWWHQWLRQWRWKRVHWKLQJV\RXPLJKWILQG\RXUVHOIZLWKRXWFURSVRU
YLHZ8WLOLW\VKRXOGEHSODFHGILUVWQRWEHDXW\%HDXW\ZLOOFRPHRI
LWVHOI7DNHIRUH[DPSOHWRZQV7KHIDLUHVWDQGPRVWEHDXWLIXOWRZQV
DUHWKRVHZKLFKKDYHEXLOWWKHPVHOYHVWKRVHLQZKLFKHDFKPDQKDV
EXLOWWRVXLWKLVRZQH[FOXVLYHFLUFXPVWDQFHVDQGQHHGVZKHUHDVWRZQV
ZKLFKPHQKDYHFRQVWUXFWHGRQUHJXODUVWULQJWDXWOLQHVDUHQREHWWHU
WKDQFROOHFWLRQVRIEDUUDFNV3XWEHDXW\DVLGHDQGORRNRQO\WRZKDW
LV1(&(66$5<
<HVEXWWRPHLWZRXOGDOZD\VEHLUNVRPHWRKDYHWRZDLW$OOWKH
WLPHWKDW,ZDVGRLQJVR,VKRXOGEHKXQJHULQJWRVHHLQIURQWRIWKH
PHWKHVRUWRISURVSHFWZKLFK,SUHIHU
&RPHFRPH$UH\RXDPDQRIWZHQW\ILYH\RXZKRKDYHVHUYHGDVD
WFKLQRYQLNLQ6W3HWHUVEXUJ"+DYHSDWLHQFHKDYHSDWLHQFH)RUVL[
\HDUVZRUNDQGZRUNKDUG3ODQWVRZDQGGLJWKHHDUWKZLWKRXW
WDNLQJDPRPHQW
VUHVW,WZLOOEHGLIILFXOW,NQRZ\HVGLIILFXOW
LQGHHGEXWDWWKHHQGRIWKDWWLPHLI\RXKDYHWKRURXJKO\VWLUUHG
WKHVRLOWKHODQGZLOOEHJLQWRKHOS\RXDVQRWKLQJHOVHFDQGR7KDW
LVWRVD\RYHUDQGDERYH\RXUVHYHQW\RUVRSDLUVRIKDQGVWKHUH
ZLOOEHJLQWRDVVLVWLQWKHZRUNVHYHQKXQGUHGSDLUVRIKDQGVZKLFK
\RXFDQQRWVHH7KXVHYHU\WKLQJZLOOEHPXOWLSOLHGWHQIROG,P\VHOI
KDYHFHDVHGHYHQWRKDYHWROLIWDILQJHUIRUZKDWVRHYHUQHHGVWREH
GRQHJHWVGRQHRILWVHOI1DWXUHORYHVSDWLHQFHDOZD\VUHPHPEHUWKDW
,WLVDODZJLYHQKHURI*RG+LPVHOIZKRKDVEOHVVHGDOOWKRVHZKR
DUHVWURQJWRHQGXUH
7RKHDU\RXUZRUGVLVWREHERWKHQFRXUDJHGDQGVWUHQJWKHQHGVDLG
&KLFKLNRY7RWKLV.RVWDQ]KRJORPDGHQRUHSO\EXWSUHVHQWO\ZHQWRQ

286

$QGVHHKRZWKDWSLHFHRIODQGKDVEHHQSORXJKHG7RVWD\KHUHORQJHU
LVPRUHWKDQ,FDQGR)RUPHWRKDYHWRORRNXSRQVXFKZDQWRI
RUGHUOLQHVVDQGIRUHVLJKWLVGHDWK)LQLVK\RXUEXVLQHVVZLWK.KOREXHY
ZLWKRXWPHDQGZKDWVRHYHU\RXGRJHWWKLVWUHDVXUHRXWRIWKDW
IRRO
VKDQGVDVTXLFNO\DVSRVVLEOHIRUKHLVGLVKRQRXULQJ*RG
V
JLIWV
$QG.RVWDQ]KRJORKLVIDFHGDUNZLWKWKHUDJHWKDWZDVVHHWKLQJLQKLV
H[FLWDEOHVRXOOHIW&KLFKLNRYDQGFDXJKWXSWKHRZQHURIWKH
HVWDEOLVKPHQW
:KDW&RQVWDQWLQH7KHGRURYLWFK"FULHG.KOREXHYLQDVWRQLVKPHQW
-XVWDUULYHG\RXDUHJRLQJDOUHDG\"
<HV,FDQQRWKHOSLWXUJHQWEXVLQHVVUHTXLUHVPHDWKRPH$QG
HQWHULQJKLVJLJ.RVWDQ]KRJORGURYHUDSLGO\DZD\6RPHKRZ.KOREXHY
VHHPHGWRGLYLQHWKHFDXVHRIKLVVXGGHQGHSDUWXUH
,WZDVWRRPXFKIRUKLPKHUHPDUNHG$QDJULFXOWXULVWRIWKDWNLQG
GRHVQRWOLNHWRKDYHWRORRNXSRQWKHUHVXOWVRIVXFKIHFNOHVV
PDQDJHPHQWDVPLQH:RXOG\RXEHOLHYHLW3DXO,YDQRYLWFKEXWWKLV
\HDU,KDYHEHHQXQDEOHWRVRZDQ\ZKHDW$P,QRWDILQHKXVEDQGPDQ"
7KHUHZDVQRVHHGIRUWKHSXUSRVHQRU\HWDQ\WKLQJZLWKZKLFKWR
SUHSDUHWKHJURXQG1R,DPQRWOLNH&RQVWDQWLQH7KHGRURYLWFKZKR,
KHDULVDSHUIHFW1DSROHRQLQKLVSDUWLFXODUOLQH$JDLQDQGDJDLQ
WKHWKRXJKWRFFXUVWRPH
:K\KDVVRPXFKLQWHOOHFWEHHQSXWLQWR
WKDWKHDGDQGRQO\DGURSRUWZRLQWRP\RZQGXOOSDWH"
7DNHFDUHRI
WKDWSXGGOHJHQWOHPHQ,KDYHWROGP\SHDVDQWVWROD\GRZQSODQNVIRU
WKHVSULQJEXWWKH\KDYHQRWGRQHVR1HYHUWKHOHVVP\KHDUWDFKHVIRU
WKHSRRUIHOORZVIRUWKH\QHHGDJRRGH[DPSOHDQGZKDWVRUWRIDQ
H[DPSOHDP,"+RZDPB,BWRJLYHWKHPRUGHUV"3UD\WDNHWKHPXQGHU
\RXUFKDUJH3DXO,YDQRYLWFKIRU,FDQQRWWHDFKWKHPRUGHUOLQHVVDQG
PHWKRGZKHQ,P\VHOIODFNERWK$VDPDWWHURIIDFW,VKRXOGKDYH
JLYHQWKHPWKHLUIUHHGRPORQJDJRKDGWKHUHEHHQDQ\XVHLQP\GRLQJ
VRIRUHYHQ,FDQVHHWKDWSHDVDQWVPXVWILUVWEHDIIRUGHGWKHPHDQV
RIHDUQLQJDOLYHOLKRRGEHIRUHWKH\FDQOLYH:KDWWKH\QHHGLVD
VWHUQ\HWMXVWPDVWHUZKRVKDOOOLYHZLWKWKHPGD\LQGD\RXWDQG
VHWWKHPDQH[DPSOHRIWLUHOHVVHQHUJ\7KHSUHVHQWGD\5XVVLDQ,
NQRZRILWP\VHOILVKHOSOHVVZLWKRXWDGULYHU:LWKRXWRQHKHIDOOV
DVOHHSDQGWKHPRXOGJURZVRYHUKLP
<HW,FDQQRWXQGHUVWDQG:+<KHVKRXOGIDOODVOHHSDQGJURZPRXOG\
LQWKDWIDVKLRQVDLG3ODWRQ:K\VKRXOGKHQHHGFRQWLQXDO

287

VXUYHLOODQFHWRNHHSKLPIURPGHJHQHUDWLQJLQWRDGUXQNDUGDQGD
JRRGIRUQRWKLQJ"
7KHFDXVHLVODFNRIHQOLJKWHQPHQWVDLG&KLFKLNRY
3RVVLEO\RQO\*RGNQRZV<HWHQOLJKWHQPHQWKDVUHDFKHGXVULJKW
HQRXJK'RZHQRWDWWHQGXQLYHUVLW\OHFWXUHVDQGHYHU\WKLQJHOVHWKDW
LVEHILWWLQJ"7DNHP\RZQHGXFDWLRQ,OHDUQWQRWRQO\WKHXVXDO
WKLQJVEXWDOVRWKHDUWRIVSHQGLQJPRQH\XSRQWKHODWHVWUHILQHPHQW
WKHODWHVWDPHQLW\WKHDUWRIIDPLOLDULVLQJRQHVHOIZLWKZKDWVRHYHU
PRQH\FDQEX\+RZWKHQFDQLWEHVDLGWKDW,ZDVHGXFDWHG
IRROLVKO\"$QGP\FRPUDGHV
HGXFDWLRQZDVWKHVDPH$IHZRIWKHP
VXFFHHGHGLQDQQH[LQJWKHFUHDPRIWKLQJVIRUWKHUHDVRQWKDWWKH\
KDGWKHZLWWRGRVRDQGWKHUHVWVSHQWWKHLUWLPHLQGRLQJWKHLU
EHVWWRUXLQWKHLUKHDOWKDQGVTXDQGHUWKHLUPRQH\2IWHQ,WKLQN
WKHUHLVQRKRSHIRUWKHSUHVHQWGD\5XVVLDQ:KLOHGHVLULQJWRGR
HYHU\WKLQJKHDFFRPSOLVKHVQRWKLQJ2QHGD\KHZLOOVFKHPHWREHJLQD
QHZPRGHRIH[LVWHQFHDQHZGLHWDU\\HWEHIRUHHYHQLQJKHZLOOKDYH
VRRYHUHDWHQKLPVHOIDVWREHXQDEOHWRVSHDNRUGRDXJKWEXWVLW
VWDULQJOLNHDQRZO7KHVDPHZLWKHYHU\RQH
4XLWHVRDJUHHG&KLFKLNRYZLWKDVPLOH
7LVHYHU\ZKHUHWKHVDPH
VWRU\
7RWHOOWKHWUXWKZHDUHQRWERUQWRFRPPRQVHQVH,GRXEWZKHWKHU
5XVVLDKDVHYHUSURGXFHGDUHDOO\VHQVLEOHPDQ)RUP\RZQSDUWLI,
VHHP\QHLJKERXUOLYLQJDUHJXODUOLIHDQGPDNLQJPRQH\DQGVDYLQJ
LW,EHJLQWRGLVWUXVWKLPDQGWRIHHOFHUWDLQWKDWLQROGDJHLI
QRWEHIRUHKHWRRZLOOEHOHGDVWUD\E\WKHGHYLOOHGDVWUD\LQD
PRPHQW<HVZKHWKHURUQRWZHEHHGXFDWHGWKHUHLVVRPHWKLQJZH
ODFN%XWZKDWWKDWVRPHWKLQJLVSDVVHVP\XQGHUVWDQGLQJ
2QWKHUHWXUQMRXUQH\WKHSURVSHFWZDVWKHVDPHDVEHIRUH(YHU\ZKHUH
WKHVDPHVORYHQOLQHVVWKHVDPHGLVRUGHUZDVGLVSOD\LQJLWVHOI
XQDGRUQHGWKHRQO\GLIIHUHQFHEHLQJWKDWDIUHVKSXGGOHKDGIRUPHGLQ
WKHPLGGOHRIWKHYLOODJHVWUHHW7KLVZDQWDQGQHJOHFWZDVQRWLFHDEOH
LQWKHSHDVDQWV
TXDUWHUVHTXDOO\ZLWKWKHTXDUWHUVRIWKHEDULQ,Q
WKHYLOODJHDIXULRXVZRPDQLQJUHDV\VDFNFORWKZDVEHDWLQJDSRRU
\RXQJZHQFKZLWKLQDQDFHRIKHUOLIHDQGDWWKHVDPHWLPHGHYRWLQJ
VRPHWKLUGSHUVRQWRWKHFDUHRIDOOWKHGHYLOVLQKHOOIXUWKHUDZD\
DFRXSOHRISHDVDQWVZHUHVWRLFDOO\FRQWHPSODWLQJWKHYLUDJRRQH
VFUDWFKLQJKLVUXPSDVKHGLGVRDQGWKHRWKHU\DZQLQJ7KHVDPH\DZQ
ZDVGLVFHUQLEOHLQWKHEXLOGLQJVIRUQRWDURRIZDVWKHUHEXWKDGD
JDSLQJKROHLQLW$VKHJD]HGDWWKHVFHQH3ODWRQKLPVHOI\DZQHG

288

3DWFKZDVVXSHULPSRVHGXSRQSDWFKDQGLQSODFHRIDURRIRQHKXW
KDGDSLHFHRIZRRGHQIHQFLQJZKLOHLWVFUXPEOLQJZLQGRZIUDPHVZHUH
VWD\HGZLWKVWLFNVSXUORLQHGIURPWKHEDULQ
VEDUQ(YLGHQWO\WKH
V\VWHPRIXSNHHSLQYRJXHZDVWKHV\VWHPHPSOR\HGLQWKHFDVHRI
7ULVKNLQ
VFRDWWKHV\VWHPRIFXWWLQJXSWKHFXIIVDQGWKHFROODU
LQWRPHQGLQJVIRUWKHHOERZV
1R,GRQRWDGPLUH\RXUZD\RIGRLQJWKLQJVZDV&KLFKLNRY
V
XQVSRNHQFRPPHQWZKHQWKHLQVSHFWLRQKDGEHHQFRQFOXGHGDQGWKHSDUW\
KDGUHHQWHUHGWKHKRXVH(YHU\ZKHUHLQWKHODWWHUWKHYLVLWRUVZHUH
VWUXFNZLWKWKHZD\LQZKLFKSRYHUW\ZHQWZLWKJOLWWHULQJIDVKLRQDEOH
SURIXVLRQ2QDZULWLQJWDEOHOD\DYROXPHRI6KDNHVSHDUHDQGRQDQ
RFFDVLRQDOWDEOHDFDUYHGLYRU\EDFNVFUDWFKHU7KHKRVWHVVWRRZDV
HOHJDQWO\DQGIDVKLRQDEO\DWWLUHGDQGGHYRWHGKHUZKROHFRQYHUVDWLRQ
WRWKHWRZQDQGWKHORFDOWKHDWUH/DVWO\WKHFKLOGUHQEULJKWPHUU\
OLWWOHWKLQJVZHUHZHOOGUHVVHGERWKDVUHJDUGVER\VDQGJLUOV<HW
IDUEHWWHUZRXOGLWKDYHEHHQIRUWKHPLIWKH\KDGEHHQFODGLQSODLQ
VWULSHGVPRFNVDQGUXQQLQJDERXWWKHFRXUW\DUGOLNHSHDVDQWFKLOGUHQ
3UHVHQWO\DYLVLWRUDUULYHGLQWKHVKDSHRIDFKDWWHULQJJRVVLSLQJ
ZRPDQZKHUHXSRQWKHKRVWHVVFDUULHGKHURIIWRKHURZQSRUWLRQRIWKH
KRXVHDQGWKHFKLOGUHQIROORZLQJWKHPWKHPHQIRXQGWKHPVHOYHV
DORQH
+RZPXFKGR\RXZDQWIRUWKHSURSHUW\"DVNHG&KLFKLNRYRI.KOREXHY
,DPDIUDLG,PXVWUHTXHVW\RXWRQDPHWKHORZHVWSRVVLEOHVXPVLQFH
,ILQGWKHHVWDWHLQDIDUZRUVHFRQGLWLRQWKDQ,KDGH[SHFWHGWRGR
<HVLW,6LQDWHUULEOHVWDWHDJUHHG.KOREXHY1RULVWKDWWKH
ZKROHRIWKHVWRU\7KDWLVWRVD\,ZLOOQRWFRQFHDOIURP\RXWKH
IDFWWKDWRXWRIDKXQGUHGVRXOVUHJLVWHUHGDWWKHODVWUHYLVLRQ
RQO\ILIW\VXUYLYHVRWHUULEOHKDYHEHHQWKHUDYDJHVRIFKROHUD$QG
RIWKHVHDJDLQVRPHKDYHDEVFRQGHGZKHUHIRUHWKH\WRRPXVWEH
UHFNRQHGDVGHDGVHHLQJWKDWZHUHRQHWRHQWHUSURFHVVDJDLQVWWKHP
WKHFRVWVZRXOGHQGLQWKHSURSHUW\KDYLQJWRSDVVHQEORFWRWKH
OHJDODXWKRULWLHV)RUWKHVHUHDVRQV,DPDVNLQJRQO\WKLUW\ILYH
WKRXVDQGURXEOHVIRUWKHHVWDWH
&KLFKLNRY LWQHHGKDUGO\EHVDLG VWDUWHGWRKDJJOH
7KLUW\ILYHWKRXVDQG"KHFULHG&RPHFRPH6XUHO\\RXZLOODFFHSW
7:(17<ILYHWKRXVDQG"
7KLVZDVWRRPXFKIRU3ODWRQ
VFRQVFLHQFH

289

1RZQRZ3DXO,YDQRYLWFKKHH[FODLPHG7DNHWKHSURSHUW\DWWKH
SULFHQDPHGDQGKDYHGRQHZLWKLW7KHHVWDWHLVZRUWKDWOHDVWWKDW
DPRXQWVRPXFKVRWKDWVKRXOG\RXQRWEHZLOOLQJWRJLYHLWP\
EURWKHULQODZDQG,ZLOOFOXEWRJHWKHUWRHIIHFWWKHSXUFKDVH
7KDWEHLQJVRVDLG&KLFKLNRYWDNHQDEDFN,EHJWRDJUHHWRWKH
SULFHLQTXHVWLRQ$WWKHVDPHWLPH,PXVWDVN\RXWRDOORZPHWR
GHIHUSD\PHQWRIRQHKDOIRIWKHSXUFKDVHPRQH\XQWLOD\HDUIURP
QRZ
1RQR3DXO,YDQRYLWFK8QGHUQRFLUFXPVWDQFHVFRXOG,GRWKDW3D\
PHKDOIQRZDQGWKHUHVWLQ>@<RXVHH,QHHGWKHPRQH\IRU
WKHUHGHPSWLRQRIWKHPRUWJDJH
>@+HUHLQWKHRULJLQDODZRUGLVPLVVLQJ
7KDWSODFHVPHLQDGLIILFXOW\UHPDUNHG&KLFKLNRY7HQWKRXVDQG
URXEOHVLVDOOWKDWDWWKHPRPHQW,KDYHDYDLODEOH$VDPDWWHURI
IDFWWKLVZDVQRWWUXHVHHLQJWKDWFRXQWLQJDOVRWKHPRQH\ZKLFKKH
KDGERUURZHGRI.RVWDQ]KRJORKHKDGDWKLVGLVSRVDO7:(17<WKRXVDQG
+LVUHDOUHDVRQIRUKHVLWDWLQJZDVWKDWKHGLVOLNHGWKHLGHDRIPDNLQJ
VRODUJHDSD\PHQWLQDOXPSVXP
,PXVWUHSHDWP\UHTXHVW3DXO,YDQRYLWFKVDLG.KOREXHYQDPHO\
WKDW\RXSD\PHDWOHDVWILIWHHQWKRXVDQGLPPHGLDWHO\
7KHRGGILYHWKRXVDQGB,BZLOOOHQG\RXSXWLQ3ODWRQWR&KLFKLNRY
,QGHHG"H[FODLPHG&KLFKLNRYDVKHUHIOHFWHG6RKHDOVROHQGVPRQH\
,QWKHHQG&KLFKLNRY
VGLVSDWFKER[ZDVEURXJKWIURPWKHNROLDVNDDQG
.KOREXHYUHFHLYHGWKHQFHWHQWKRXVDQGURXEOHVWRJHWKHUZLWKDSURPLVH
WKDWWKHUHPDLQLQJILYHWKRXVDQGVKRXOGEHIRUWKFRPLQJRQWKHPRUURZ
WKRXJKWKHSURPLVHZDVJLYHQRQO\DIWHU&KLFKLNRYKDGILUVWSURSRVHG
WKDW7+5((WKRXVDQGVKRXOGEHEURXJKWRQWKHGD\QDPHGDQGWKHUHVW
EHOHIWRYHUIRUWZRRUWKUHHGD\VORQJHULIQRWIRUDVWLOOPRUH
SURWUDFWHGSHULRG7KHWUXWKZDVWKDW3DXO,YDQRYLWFKKDWHGSDUWLQJ
ZLWKPRQH\1RPDWWHUKRZXUJHQWDVLWXDWLRQPLJKWKDYHEHHQKHZRXOG
VWLOOKDYHSUHIHUUHGWRSD\DVXPWRPRUURZUDWKHUWKDQWRGD\,Q
RWKHUZRUGVKHDFWHGDVZHDOOGRIRUZHDOOOLNHNHHSLQJD
SHWLWLRQHUZDLWLQJ/HWKLPUXEKLVEDFNLQWKHKDOOIRUDZKLOHZH
VD\6XUHO\KHFDQELGHKLVWLPHDOLWWOH"<HWRIWKHIDFWWKDW
HYHU\KRXUPD\EHSUHFLRXVWRWKHSRRUZUHWFKDQGWKDWKLVEXVLQHVV
PD\VXIIHUIURPWKHGHOD\ZHWDNHQRDFFRXQW*RRGVLUZHVD\

290

SUD\FRPHDJDLQWRPRUURZ7RGD\,KDYHQRWLPHWRVSDUH\RX
:KHUHGR\RXLQWHQGKHQFHIRUWKWROLYH"LQTXLUHG3ODWRQ+DYH\RX
DQ\RWKHUSURSHUW\WRZKLFK\RXFDQUHWLUH"
1RUHSOLHG.KOREXHY,VKDOOUHPRYHWRWKHWRZQZKHUH,SRVVHVVD
VPDOOYLOOD7KDWZRXOGKDYHEHHQQHFHVVDU\LQDQ\FDVHIRUWKH
FKLOGUHQ
VVDNH<RXVHHWKH\PXVWKDYHLQVWUXFWLRQLQ*RG
VZRUG
DQGDOVROHVVRQVLQPXVLFDQGGDQFLQJDQGQRWIRUORYHRUPRQH\FDQ
WKHVHWKLQJVEHSURFXUHGLQWKHFRXQWU\
1RWKLQJWRHDW\HWGDQFLQJOHVVRQVIRUKLVFKLOGUHQUHIOHFWHG
&KLFKLNRY
$QH[WUDRUGLQDU\PDQZDV3ODWRQ
VXQVSRNHQFRPPHQW
+RZHYHUZHPXVWFRQWULYHWRZHWRXUEDUJDLQVRPHKRZFRQWLQXHG
.KOREXHY+L.LUXVKND%ULQJWKDWERWWOHRIFKDPSDJQH
1RWKLQJWRHDW\HWFKDPSDJQHWRGULQNUHIOHFWHG&KLFKLNRY$VIRU
3ODWRQKHGLGQRWNQRZ:+$7WRWKLQN
,Q.KOREXHY
VH\HVLWZDVGHULJXHXUWKDWKHVKRXOGSURYLGHDJXHVW
ZLWKFKDPSDJQHEXWWKRXJKKHKDGVHQWWRWKHWRZQIRUVRPHKHKDG
EHHQPHWZLWKDEODQNUHIXVDOWRIRUZDUGHYHQDERWWOHRINYDVVRQ
FUHGLW2QO\WKHGLVFRYHU\RID)UHQFKGHDOHUZKRKDGUHFHQWO\
WUDQVIHUUHGKLVEXVLQHVVIURP6W3HWHUVEXUJDQGRSHQHGDFRQQHFWLRQ
RQDV\VWHPRIJHQHUDOFUHGLWVDYHGWKHVLWXDWLRQE\SODFLQJ.KOREXHY
XQGHUWKHREOLJDWLRQRISDWURQLVLQJKLP
7KHFRPSDQ\GUDQNWKUHHJODVVIXOVDSLHFHDQGVRJUHZPRUHFKHHUIXO
,QSDUWLFXODUGLG.KOREXHYH[SDQGDQGZD[IXOORIFLYLOLW\DQG
IULHQGOLQHVVDQGVFDWWHUZLWWLFLVPVDQGDQHFGRWHVWRULJKWDQGOHIW
:KDWNQRZOHGJHRIPHQDQGWKHZRUOGGLGKLVXWWHUDQFHVGLVSOD\+RZ
ZHOODQGDFFXUDWHO\FRXOGKHGLYLQHWKLQJV:LWKZKDWDSSRVLWHQHVVGLG
KHVNHWFKWKHQHLJKERXULQJODQGRZQHUV+RZFOHDUO\KHH[SRVHGWKHLU
IDXOWVDQGIDLOLQJV+RZWKRURXJKO\KHNQHZWKHVWRU\RIFHUWDLQ
UXLQHGJHQWU\WKHVWRU\RIKRZZK\DQGWKURXJKZKDWFDXVHWKH\KDG
IDOOHQXSRQHYLOGD\V:LWKZKDWFRPLFRULJLQDOLW\FRXOGKHGHVFULEH
WKHLUOLWWOHKDELWVDQGFXVWRPV
,QVKRUWKLVJXHVWVIRXQGWKHPVHOYHVFKDUPHGZLWKKLVGLVFRXUVHDQG
IHOWLQFOLQHGWRYRWHKLPDPDQRIILUVWUDWHLQWHOOHFW

291

:KDWPRVWVXUSULVHVPHVDLG&KLFKLNRYLVKRZLQYLHZRI\RXU
DELOLW\\RXFRPHWREHVRGHVWLWXWHRIPHDQVRUUHVRXUFHV
%XW,KDYHSOHQW\RIERWKVDLG.KOREXHYDQGZLWKWKDWZHQWRQWR
GHOLYHUKLPVHOIRIDSHUIHFWDYDODQFKHRISURMHFWV<HWWKRVHSURMHFWV
SURYHGWREHVRXQFRXWKVRFOXPV\VROLWWOHWKHRXWFRPHRID
NQRZOHGJHRIPHQDQGWKLQJVWKDWKLVKHDUHUVFRXOGRQO\VKUXJWKHLU
VKRXOGHUVDQGPHQWDOO\H[FODLP*RRG/RUG:KDWDGLIIHUHQFHEHWZHHQ
ZRUOGO\ZLVGRPDQGWKHFDSDFLW\WRXVHLW,QHYHU\FDVHWKHSURMHFWV
LQTXHVWLRQZHUHEDVHGXSRQWKHLPSHUDWLYHQHFHVVLW\RIDWRQFH
SURFXULQJIURPVRPHZKHUHWZRKXQGUHGRUDWOHDVWRQH
KXQGUHGWKRXVDQGURXEOHV7KDWGRQH VR.KOREXHYDYHUUHG HYHU\WKLQJ
ZRXOGIDOOLQWRLWVSURSHUSODFHWKHKROHVLQKLVSRFNHWVZRXOG
EHFRPHVWRSSHGKLVLQFRPHZRXOGEHTXDGUXSOHGDQGKHZRXOGILQG
KLPVHOILQDSRVLWLRQWROLTXLGDWHKLVGHEWVLQIXOO1HYHUWKHOHVVKH
HQGHGE\VD\LQJ:KDWZRXOG\RXDGYLVHPHWRGR",IHDUWKDWWKH
SKLODQWKURSLVWZKRZRXOGOHQGPHWZRKXQGUHGWKRXVDQGURXEOHVRUHYHQ
DKXQGUHGWKRXVDQGGRHVQRWH[LVW,WLVQRW*RG
VZLOOWKDWKH
VKRXOG
*RRGJUDFLRXVLQZDUGO\HMDFXODWHG&KLFKLNRY7RVXSSRVHWKDW*RG
ZRXOGVHQGVXFKDIRROWZRKXQGUHGWKRXVDQGURXEOHV
+RZHYHUZHQWRQ.KOREXHY,SRVVHVVDQDXQWZRUWKWKUHH
PLOOLRQVDSLRXVROGZRPDQZKRJLYHVIUHHO\WRFKXUFKHVDQG
PRQDVWHULHVEXWILQGVDGLIILFXOW\LQKHOSLQJKHUQHLJKERXU$WWKH
VDPHWLPHVKHLVDODG\RIWKHROGVFKRRODQGZRUWKKDYLQJDSHHS
DW+HUFDQDULHVDORQHQXPEHUIRXUKXQGUHGDQGLQDGGLWLRQWKHUHLV
DQDUP\RISXJGRJVKDQJHUVRQDQGVHUYDQWV(YHQWKH\RXQJHVWRI
WKHVHUYDQWVLVVL[W\EXWVKHFDOOVWKHPDOO
\RXQJIHOORZV
DQGLI
DJXHVWKDSSHQVWRRIIHQGKHUGXULQJGLQQHUVKHRUGHUVWKHPWROHDYH
KLPRXWZKHQKDQGLQJRXWWKHGLVKHV7+(5(
6DZRPDQIRU\RX
3ODWRQODXJKHG
$QGZKDWPD\KHUIDPLO\QDPHEH"DVNHG&KLFKLNRY$QGZKHUHGRHV
VKHOLYH"
6KHOLYHVLQWKHFRXQW\WRZQDQGKHUQDPHLV$OH[DQGUD,YDQRYQD
.KDQDVDURY
7KHQZK\GR\RXQRWDSSO\WRKHU"DVNHG3ODWRQHDUQHVWO\,WVHHPV
WRPHWKDWRQFHVKHUHDOLVHGWKHSRVLWLRQRI\RXUIDPLO\VKHFRXOG
QRWSRVVLEO\UHIXVH\RX

292

$ODVQRWKLQJLVWREHORRNHGIRUIURPWKDWTXDUWHUUHSOLHG
.KOREXHY0\DXQWLVRIDYHU\VWXEERUQGLVSRVLWLRQDSHUIHFWVWRQH
RIDZRPDQ0RUHRYHUVKHKDVDURXQGKHUDVXIILFLHQWEDQGRI
IDYRXULWHVDOUHDG\,QSDUWLFXODULVWKHUHDIHOORZZKRLVDLPLQJIRU
D*RYHUQRUVKLSDQGWRWKDWHQGKDVPDQDJHGWRLQVLQXDWHKLPVHOILQWR
WKHFLUFOHRIKHUNLQVIRON%\WKHZD\WKHVSHDNHUDGGHGWXUQLQJWR
3ODWRQZRXOG\RXGRPHDIDYRXU"1H[WZHHN,DPJLYLQJDGLQQHUWR
WKHDVVRFLDWHGJXLOGVRIWKHWRZQ
3ODWRQVWDUHG+HKDGEHHQXQDZDUHWKDWERWKLQRXUFDSLWDOVDQGLQ
RXUSURYLQFLDOWRZQVWKHUHH[LVWVDFODVVRIPHQZKRVHOLYHVDUHDQ
HQLJPDPHQZKRWKRXJKWKH\ZLOOVHHPWRKDYHH[KDXVWHGWKHLU
VXEVWDQFHDQGWRKDYHEHFRPHHQPHVKHGLQGHEWZLOOVXGGHQO\EH
UHSRUWHGDVLQIXQGVDQGRQWKHSRLQWRIJLYLQJDGLQQHU$QGWKRXJK
DWWKLVGLQQHUWKHJXHVWVZLOOGHFODUHWKDWWKHIHVWLYDOLVERXQGWR
EHWKHLUKRVW
VODVWIOLQJDQGWKDWIRUDFHUWDLQW\KHZLOOEHKDOHG
WRSULVRQRQWKHPRUURZWHQ\HDUVRUPRUHZLOOHODSVHDQGWKHUDVFDO
ZLOOVWLOOEHDWOLEHUW\HYHQWKRXJKLQWKHPHDQZKLOHKLVGHEWV
ZLOOKDYHLQFUHDVHG
,QWKHVDPHZD\GLGWKHFRQGXFWRI.KOREXHY
VPHQDJHDIIRUGDFXULRXV
SKHQRPHQRQIRURQHGD\WKHKRXVHZRXOGEHWKHVFHQHRIDVROHPQ7H
'HXPSHUIRUPHGE\DSULHVWLQYHVWPHQWVDQGWKHQH[WRIDVWDJHSOD\
SHUIRUPHGE\DWURXSHRI)UHQFKDFWRUVLQWKHDWULFDOFRVWXPH$JDLQ
RQHGD\ZRXOGVHHQRWDPRUVHORIEUHDGLQWKHKRXVHDQGWKHQH[WGD\
DEDQTXHWDQGJHQHURXVODUJHVVHJLYHQWRDSDUW\RIDUWLVWVDQG
VFXOSWRUV'XULQJWKHVHVHDVRQVRIVFDUFLW\ VXIILFLHQWO\VHYHUHWR
KDYHOHGDQ\RQHEXW.KOREXHYWRVHHNVXLFLGHE\KDQJLQJRUVKRRWLQJ 
WKHPDVWHURIWKHKRXVHZRXOGEHSUHVHUYHGIURPUDVKDFWLRQE\KLV
VWURQJO\UHOLJLRXVGLVSRVLWLRQZKLFKFRQWULYLQJLQVRPHFXULRXVZD\
WRFRQIRUPZLWKKLVLUUHJXODUPRGHRIOLIHHQDEOHGKLPWRIDOOEDFN
XSRQUHDGLQJWKHOLYHVRIVDLQWVDVFHWLFVDQGRWKHUVRIWKHW\SH
ZKLFKKDVULVHQVXSHULRUWRLWVPLVIRUWXQHV$QGDWVXFKWLPHVKLV
VSLULWZRXOGEHFRPHVRIWHQHGKLVWKRXJKWVIXOORIJHQWOHQHVVDQGKLV
H\HVZHWZLWKWHDUVKHZRXOGIDOOWRVD\LQJKLVSUD\HUVDQG
LQYDULDEO\VRPHVWUDQJHFRLQFLGHQFHZRXOGEULQJDQDQVZHUWKHUHWRLQ
WKHVKDSHRIDQXQH[SHFWHGPHDVXUHRIDVVLVWDQFH7KDWLVWRVD\VRPH
IRUPHUIULHQGRIKLVZRXOGUHPHPEHUKLPDQGVHQGKLPDWULIOHLQWKH
ZD\RIPRQH\RUHOVHVRPHIHPDOHYLVLWRUZRXOGEHPRYHGE\KLVVWRU\
WROHWKHULPSXOVLYHJHQHURXVKHDUWSURIIHUKLPDKDQGVRPHJLIWRU
HOVHDVXLWZKHUHRIWLGLQJVKDGQHYHUHYHQUHDFKHGKLVHDUVZRXOGHQG
E\EHLQJGHFLGHGLQKLVIDYRXU$QGZKHQWKDWKDSSHQHGKHZRXOG
UHYHUHQWO\DFNQRZOHGJHWKHLPPHQVLW\RIWKHPHUF\RI3URYLGHQFH

293

JUDWHIXOO\WHQGHUWKDQNVJLYLQJIRUWKHVDPHDQGEHWDNHKLPVHOIDJDLQ
WRKLVLUUHJXODUPRGHRIH[LVWHQFH
6RPHKRZ,IHHOVRUU\IRUWKHPDQVDLG3ODWRQZKHQKHDQG&KLFKLNRY
KDGWDNHQOHDYHRIWKHLUKRVWDQGOHIWWKHKRXVH
3HUKDSVVREXWKHLVDKRSHOHVVSURGLJDOUHSOLHGWKHRWKHU
3HUVRQDOO\,ILQGLWLPSRVVLEOHWRFRPSDVVLRQDWHVXFKIHOORZV
$QGZLWKWKDWWKHSDLUFHDVHGWRGHYRWHDQRWKHUWKRXJKWWR.KOREXHY
,QWKHFDVHRI3ODWRQWKLVZDVEHFDXVHKHFRQWHPSODWHGWKHIRUWXQHV
RIKLVIHOORZVZLWKWKHOHWKDUJLFKDOIVRPQROHQWH\HZKLFKKHWXUQHG
XSRQDOOWKHUHVWRIWKHZRUOGIRUWKRXJKWKHVLJKWRIGLVWUHVVRI
RWKHUVZRXOGFDXVHKLVKHDUWWRFRQWUDFWDQGIHHOIXOORIV\PSDWK\
WKHLPSUHVVLRQWKXVSURGXFHGQHYHUVDQNLQWRWKHGHSWKVRIKLVEHLQJ
$FFRUGLQJO\EHIRUHPDQ\PLQXWHVZHUHRYHUKHKDGFHDVHGWREHVWRZD
VLQJOHWKRXJKWXSRQKLVODWHKRVW:LWK&KLFKLNRYKRZHYHUWKLQJV
ZHUHGLIIHUHQW:KHUHDV3ODWRQKDGFHDVHGWRWKLQNRI.KOREXHYQRPRUH
WKDQKHKDGFHDVHGWRWKLQNRIKLPVHOI&KLFKLNRY
VPLQGKDGVWUD\HG
HOVHZKHUHIRUWKHUHDVRQWKDWLWKDGEHFRPHWDNHQXSZLWKJUDYH
PHGLWDWLRQRQWKHVXEMHFWRIWKHSXUFKDVHMXVWPDGH6XGGHQO\ILQGLQJ
KLPVHOIQRORQJHUDILFWLWLRXVSURSULHWRUEXWWKHRZQHURIDUHDODQ
DFWXDOO\H[LVWLQJHVWDWHKHEHFDPHFRQWHPSODWLYHDQGKLVSODQVDQG
LGHDVDVVXPHGVXFKDVHULRXVYHLQDVLPSDUWHGWRKLVIHDWXUHVDQ
XQFRQVFLRXVO\LPSRUWDQWDLU
3DWLHQFHDQGKDUGZRUNKHPXWWHUHGWRKLPVHOI7KHWKLQJZLOOQRW
EHGLIILFXOWIRUZLWKWKRVHWZRUHTXLVLWHV,KDYHEHHQIDPLOLDUIURP
WKHGD\VRIP\VZDGGOLQJFORWKHV<HVQRQRYHOW\ZLOOWKH\EHWRPH
<HWLQPLGGOHDJHVKDOO,EHDEOHWRFRPSDVVWKHSDWLHQFHZKHUHRI,
ZDVFDSDEOHLQP\\RXWK"
+RZHYHUQRPDWWHUKRZKHUHJDUGHGWKHIXWXUHDQGQRPDWWHUIURPZKDW
SRLQWRIYLHZKHFRQVLGHUHGKLVUHFHQWDFTXLVLWLRQKHFRXOGVHH
QRWKLQJEXWDGYDQWDJHOLNHO\WRDFFUXHIURPWKHEDUJDLQ)RURQH
WKLQJKHPLJKWEHDEOHWRSURFHHGVRWKDWILUVWWKHZKROHRIWKH
HVWDWHVKRXOGEHPRUWJDJHGDQGWKHQWKHEHWWHUSRUWLRQVRIODQGVROG
RXWULJKW2UKHPLJKWVRFRQWULYHPDWWHUVDVWRPDQDJHWKHSURSHUW\
IRUDZKLOH DQGWKXVEHFRPHDODQGRZQHUOLNH.RVWDQ]KRJORZKRVH
DGYLFHDVKLVQHLJKERXUDQGKLVEHQHIDFWRUKHLQWHQGHGDOZD\VWR
IROORZ DQGWKHQWRGLVSRVHRIWKHSURSHUW\E\SULYDWHWUHDW\
SURYLGHGKHGLGQRWZLVKWRFRQWLQXHKLVRZQHUVKLS DQGVWLOOWR
UHWDLQLQKLVKDQGVWKHGHDGDQGDEDQGRQHGVRXOV$QGDQRWKHUSRVVLEOH
FRXSRFFXUUHGWRKLVPLQG7KDWLVWRVD\KHPLJKWFRQWULYHWR

294

ZLWKGUDZIURPWKHGLVWULFWZLWKRXWKDYLQJUHSDLG.RVWDQ]KRJORDWDOO
7UXO\DVSOHQGLGLGHD<HWLWLVRQO\IDLUWRVD\WKDWWKHLGHDZDV
QRWRQHRI&KLFKLNRY
VRZQFRQFHSWLRQ5DWKHULWKDGSUHVHQWHG
LWVHOIPRFNLQJODXJKLQJDQGZLQNLQJXQELGGHQ<HWWKHLPSXGHQW
WKHZDQWRQWKLQJ:KRLVWKHSURFUHDWRURIVXGGHQO\ERUQLGHDVRIWKH
NLQG"7KHWKRXJKWWKDWKHZDVQRZDUHDODQDFWXDOSURSULHWRU
LQVWHDGRIDILFWLWLRXVWKDWKHZDVQRZDSURSULHWRURIUHDOODQG
UHDOULJKWVRIWLPEHUDQGSDVWXUHDQGUHDOVHUIVZKRH[LVWHGQRW
RQO\LQWKHLPDJLQDWLRQEXWDOVRLQYHULWDEOHDFWXDOLW\JUHDWO\
HODWHGRXUKHUR6RKHWRRNWRGDQFLQJXSDQGGRZQLQKLVVHDWWR
UXEELQJKLVKDQGVWRJHWKHUWRZLQNLQJDWKLPVHOIWRKROGLQJKLV
ILVWWUXPSHWZLVHWRKLVPRXWK ZKLOHPDNLQJEHOLHYHWRH[HFXWHD
PDUFK DQGHYHQWRXWWHULQJDORXGVXFKHQFRXUDJLQJQLFNQDPHVDQG
SKUDVHVDVEXOOGRJDQGOLWWOHIDWFDSRQ7KHQVXGGHQO\
UHFROOHFWLQJWKDWKHZDVQRWDORQHKHKDVWHQHGWRPRGHUDWHKLV
EHKDYLRXUDQGHQGHDYRXUHGWRVWLIOHWKHHQGOHVVIORZRIKLVJRRG
VSLULWVZLWKWKHUHVXOWWKDWZKHQ3ODWRQPLVWDNLQJFHUWDLQVRXQGV
IRUXWWHUDQFHVDGGUHVVHGWRKLPVHOILQTXLUHGZKDWKLVFRPSDQLRQKDG
VDLGWKHODWWHUUHWDLQHGWKHSUHVHQFHRIPLQGWRUHSO\1RWKLQJ
3UHVHQWO\DV&KLFKLNRYJD]HGDERXWKLPKHVDZWKDWIRUVRPHWLPH
SDVWWKHNROLDVNDKDGEHHQVNLUWLQJDEHDXWLIXOZRRGDQGWKDWRQ
HLWKHUVLGHWKHURDGZDVERUGHUHGZLWKDQHGJLQJRIELUFKWUHHVWKH
WHQGHUO\JUHHQUHFHQWO\RSHQHGOHDYHVRIZKLFKFDXVHGWKHLUWDOO
VOHQGHUWUXQNVWRVKRZXSZLWKWKHZKLWHQHVVRIDVQRZGULIW/LNHZLVH
QLJKWLQJDOHVZHUHZDUEOLQJIURPWKHUHFHVVHVRIWKHIROLDJHDQGVRPH
ZRRGWXOLSVZHUHJORZLQJ\HOORZLQWKHJUDVV1H[W DQGDOPRVWEHIRUH
&KLFKLNRYKDGUHDOLVHGKRZKHFDPHWREHLQVXFKDEHDXWLIXOVSRW
ZKHQEXWDPRPHQWEHIRUHWKHUHKDGEHHQYLVLEOHRQO\RSHQILHOGV
WKHUHJOLPPHUHGDPRQJWKHWUHHVWKHVWRQ\ZKLWHQHVVRIDFKXUFKZLWK
RQWKHIXUWKHUVLGHRILWWKHLQWHUPLWWHQWIROLDJHEXULHGOLQHRID
IHQFHZKLOHIURPWKHXSSHUHQGRIDYLOODJHVWUHHWWKHUHZDV
DGYDQFLQJWRPHHWWKHYHKLFOHDJHQWOHPDQZLWKDFDSRQKLVKHDGD
NQRWWHGFXGJHOLQKLVKDQGVDQGDVOHQGHUOLPEHG(QJOLVKGRJE\KLV
VLGH
7KLVLVP\EURWKHUVDLG3ODWRQ6WRSFRDFKPDQ$QGKHGHVFHQGHG
IURPWKHNROLDVNDZKLOH&KLFKLNRYIROORZHGKLVH[DPSOH<DUEDQGWKH
VWUDQJHGRJVDOXWHGRQHDQRWKHUDQGWKHQWKHDFWLYHWKLQOHJJHG
VOHQGHUWRQJXHG$]RUUHOLQTXLVKHGKLVOLFNLQJRI<DUE
VEOXQWMRZO
OLFNHG3ODWRQ
VKDQGVLQVWHDGDQGOHDSLQJXSRQ&KLFKLNRYVOREEHUHG
ULJKWLQWRKLVHDU
7KHWZREURWKHUVHPEUDFHG

295

5HDOO\3ODWRQVDLGWKHJHQWOHPDQ ZKRVHQDPHZDV9DVVLOL ZKDW


GR\RXPHDQE\WUHDWLQJPHOLNHWKLV"
+RZVR"VDLG3ODWRQLQGLIIHUHQWO\
:KDW")RUWKUHHGD\VSDVW,KDYHVHHQDQGKHDUGQRWKLQJRI\RX$
JURRPIURP3LHWXNK
VEURXJKW\RXUFREKRPHDQGWROGPH\RXKDG
GHSDUWHGRQDQH[SHGLWLRQZLWKVRPHEDULQ$WOHDVW\RXPLJKWKDYH
VHQWPHZRUGDVWR\RXUGHVWLQDWLRQDQGWKHSUREDEOHOHQJWKRI\RXU
DEVHQFH:KDWPDGH\RXDFWVR"*RGNQRZVZKDW,KDYHQRWEHHQ
ZRQGHULQJ
'RHVLWPDWWHU"UHMRLQHG3ODWRQ,IRUJRWWRVHQG\RXZRUGDQGZH
KDYHEHHQQRIXUWKHUWKDQ&RQVWDQWLQH
V ZKRZLWKRXUVLVWHUVHQGV
\RXKLVJUHHWLQJ %\WKHZD\PD\,LQWURGXFH3DXO,YDQRYLWFK
&KLFKLNRY"
7KHSDLUVKRRNKDQGVZLWKRQHDQRWKHU7KHQGRIILQJWKHLUFDSVWKH\
HPEUDFHG
:KDWVRUWRIPDQLVWKLV&KLFKLNRY"WKRXJKW9DVVLOL$VDUXOHP\
EURWKHU3ODWRQLVQRWRYHUQLFHLQKLVFKRLFHRIDFTXDLQWDQFHV$QG
H\HLQJRXUKHURDVQDUURZO\DVFLYLOLW\SHUPLWWHGKHVDZWKDWKLV
DSSHDUDQFHZDVWKDWRIDSHUIHFWO\UHVSHFWDEOHLQGLYLGXDO
&KLFKLNRYUHWXUQHG9DVVLOL
VVFUXWLQ\ZLWKDVLPLODUREVHUYDQFHRIWKH
GLFWDWHVRIFLYLOLW\DQGSHUFHLYHGWKDWKHZDVVKRUWHUWKDQ3ODWRQ
WKDWKLVKDLUZDVRIDGDUNHUVKDGHDQGWKDWKLVIHDWXUHVWKRXJK
OHVVKDQGVRPHFRQWDLQHGIDUPRUHOLIHDQLPDWLRQDQGNLQGOLQHVVWKDQ
GLGKLVEURWKHU
V&OHDUO\KHLQGXOJHGLQOHVVGUHDPLQJWKRXJKWKDW
ZDVDQDVSHFWZKLFK&KLFKLNRYOLWWOHUHJDUGHG
,KDYHPDGHXSP\PLQGWRJRWRXULQJRXU+RO\5XVVLDZLWK3DXO
,YDQRYLWFKVDLG3ODWRQ3HUKDSVLWZLOOULGPHRIP\PHODQFKRO\
:KDWKDVPDGH\RXFRPHWRVXFKDVXGGHQGHFLVLRQ"DVNHGWKH
SHUSOH[HG9DVVLOL YHU\QHDUO\KHDGGHG)DQF\JRLQJWUDYHOOLQJZLWK
DPDQZKRVHDFTXDLQWDQFH\RXKDYHMXVWPDGHDQGZKRPD\WXUQRXWWR
EHDUDVFDORUWKHGHYLONQRZVZKDW%XWLQVSLWHRIKLVGLVWUXVW
KHFRQWHQWHGKLPVHOIZLWKDQRWKHUFRYHUWVFUXWLQ\RI&KLFKLNRYDQG
WKLVWLPHFDPHWRWKHFRQFOXVLRQWKDWWKHUHZDVQRIDXOWWREHIRXQG
ZLWKKLVH[WHULRU 

296

7KHSDUW\WXUQHGWRWKHULJKWDQGHQWHUHGWKHJDWHVRIDQDQFLHQW
FRXUW\DUGDWWDFKHGWRDQROGIDVKLRQHGKRXVHRIDW\SHQRORQJHU
EXLOWWKHW\SHZKLFKKDVKXJHJDEOHVVXSSRUWLQJDKLJKSLWFKHGURRI
,QWKHFHQWUHRIWKHFRXUW\DUGWZRJUHDWOLPHWUHHVFRYHUHGKDOIWKH
VXUURXQGLQJVSDFHZLWKVKDGHZKLOHEHQHDWKWKHPZHUHUDQJHGDQXPEHU
RIZRRGHQEHQFKHVDQGWKHZKROHZDVHQFLUFOHGZLWKDULQJRI
EORVVRPLQJOLODFVDQGFKHUU\WUHHVZKLFKOLNHDEHDGHGQHFNODFH
UHLQIRUFHGWKHZRRGHQIHQFHDQGDOPRVWEXULHGLWEHQHDWKWKHLU
FOXVWHUVRIOHDYHVDQGIORZHUV7KHKRXVHWRRVWRRGDOPRVWFRQFHDOHG
E\WKLVJUHHQHU\H[FHSWWKDWWKHIURQWGRRUDQGWKHZLQGRZVSHHUHG
SOHDVDQWO\WKURXJKWKHIROLDJHDQGWKDWKHUHDQGWKHUHEHWZHHQWKH
VWHPVRIWKHWUHHVWKHUHFRXOGEHFDXJKWJOLPSVHVRIWKHNLWFKHQ
UHJLRQVWKHVWRUHKRXVHVDQGWKHFHOODU/DVWO\DURXQGWKHZKROH
VWRRGDJURYHIURPWKHUHFHVVHVRIZKLFKFDPHWKHHFKRLQJVRQJVRI
QLJKWLQJDOHV
,QYROXQWDULO\WKHSODFHFRPPXQLFDWHGWRWKHVRXODVRUWRITXLHW
UHVWIXOIHHOLQJVRHORTXHQWO\GLGLWVSHDNRIWKDWFDUHIUHHSHULRG
ZKHQHYHU\RQHOLYHGRQJRRGWHUPVZLWKKLVQHLJKERXUDQGDOOZDV
VLPSOHDQGXQVRSKLVWLFDWHG9DVVLOLLQYLWHG&KLFKLNRYWRVHDWKLPVHOI
DQGWKHSDUW\DSSURDFKHGIRUWKDWSXUSRVHWKHEHQFKHVXQGHUWKHOLPH
WUHHVDIWHUZKLFKD\RXWKRIDERXWVHYHQWHHQDQGFODGLQDUHG
VKLUWEURXJKWGHFDQWHUVFRQWDLQLQJYDULRXVNLQGVRINYDVV VRPHRI
WKHPDVWKLFNDVV\UXSDQGRWKHUVKLVVLQJOLNHDHUDWHGOHPRQDGH 
GHSRVLWHGWKHVDPHXSRQWKHWDEOHDQGWDNLQJXSDVSDGHZKLFKKHKDG
OHIWOHDQLQJDJDLQVWDWUHHPRYHGDZD\WRZDUGVWKHJDUGHQ7KHUHDVRQ
RIWKLVZDVWKDWLQWKHEURWKHUV
KRXVHKROGDVLQWKDWRI
.RVWDQ]KRJORQRVHUYDQWVZHUHNHSWVLQFHWKHZKROHVWDIIZHUHUDWHG
DVJDUGHQHUVDQGSHUIRUPHGWKDWGXW\LQURWDWLRQ9DVVLOLKROGLQJ
WKDWGRPHVWLFVHUYLFHZDVQRWDVSHFLDOLVHGFDOOLQJEXWRQHWRZKLFK
DQ\RQHPLJKWFRQWULEXWHDKDQGDQGWKHUHIRUHRQHZKLFKGLGQRW
UHTXLUHVSHFLDOPHQLDOVWREHNHSWIRUWKHSXUSRVH0RUHRYHUKHKHOG
WKDWWKHDYHUDJH5XVVLDQSHDVDQWUHPDLQVDFWLYHDQGZLOOLQJ UDWKHU
WKDQOD]\ RQO\VRORQJDVKHZHDUVDVKLUWDQGDSHDVDQW
VVPRFNEXW
WKDWDVVRRQDVHYHUKHILQGVKLPVHOISXWLQWRD*HUPDQWDLOFRDWKH
EHFRPHVDZNZDUGVOXJJLVKLQGROHQWGLVLQFOLQHGWRFKDQJHKLVYHVWRU
WDNHDEDWKIRQGRIVOHHSLQJLQKLVFORWKHVDQGFHUWDLQWREUHHG
IOHDVDQGEXJVXQGHUWKH*HUPDQDSSDUHO$QGLWPD\EHWKDW9DVVLOL
ZDVULJKW$WDOOHYHQWVWKHEURWKHUV
SHDVDQWU\ZHUHH[FHHGLQJO\
ZHOOFODGWKHZRPHQLQSDUWLFXODUKDYLQJWKHLUKHDGGUHVVHV
VSDQJOHGZLWKJROGDQGWKHVOHHYHVRIWKHLUEORXVHVHPEURLGHUHGDIWHU
WKHIDVKLRQRID7XUNLVKVKDZO
<RXVHHKHUHWKHVSHFLHVRINYDVVIRUZKLFKRXUKRXVHKDVORQJEHHQ

297

IDPRXVVDLG9DVVLOLWR&KLFKLNRY7KHODWWHUSRXUHGKLPVHOIRXWD
JODVVIXOIURPWKHILUVWGHFDQWHUZKLFKKHOLJKWHGXSRQDQGIRXQGWKH
FRQWHQWVWREHOLQGHQKRQH\RIDNLQGQHYHUWDVWHGE\KLPHYHQLQ
3RODQGVHHLQJWKDWLWKDGDVSDUNOHOLNHWKDWRIFKDPSDJQHDQGDOVR
DQHIIHUYHVFHQFHZKLFKVHQWDSOHDVDQWVSUD\IURPWKHPRXWKLQWRWKH
QRVH
1HFWDUKHSURFODLPHG7KHQKHWRRNVRPHIURPDVHFRQGGHFDQWHU,W
SURYHGWREHHYHQEHWWHUWKDQWKHILUVW$EHYHUDJHRIEHYHUDJHVKH
H[FODLPHG$W\RXUUHVSHFWHGEURWKHULQODZ
V,WDVWHGWKHILQHVW
V\UXSZKLFKKDVHYHUFRPHP\ZD\EXWKHUH,KDYHWDVWHGWKHYHU\
ILQHVWNYDVV
<HWWKHUHFLSHIRUWKHV\UXSDOVRFDPHIURPKHUHVDLG9DVVLOL
VHHLQJWKDWP\VLVWHUWRRNLWZLWKKHU%\WKHZD\WRZKDWSDUWRI
WKHFRXQWU\DQGWRZKDWSODFHVDUH\RXWKLQNLQJRIWUDYHOOLQJ"
7RWHOOWKHWUXWKUHSOLHG&KLFKLNRYURFNLQJKLPVHOIWRDQGIURRQ
WKHEHQFKDQGVPRRWKLQJKLVNQHHZLWKKLVKDQGDQGJHQWO\LQFOLQLQJ
KLVKHDG,DPWUDYHOOLQJOHVVRQP\RZQDIIDLUVWKDQRQWKHDIIDLUV
RIRWKHUV7KDWLVWRVD\*HQHUDO%HWULVWFKHYDQLQWLPDWHIULHQG
DQG,PLJKWDGGDJHQHURXVEHQHIDFWRURIPLQHKDVFKDUJHGPHZLWK
FRPPLVVLRQVWRVRPHRIKLVUHODWLYHV1HYHUWKHOHVVWKRXJKUHODWLYHV
DUHUHODWLYHV,PD\VD\WKDW,DPWUDYHOOLQJRQP\RZQDFFRXQWDV
ZHOOLQWKDWLQDGGLWLRQWRSRVVLEOHEHQHILWWRP\KHDOWK,GHVLUH
WRVHHWKHZRUOGDQGWKHZKLUOLJLJRIKXPDQLW\ZKLFKFRQVWLWXWHWR
VRVSHDNDOLYLQJERRNDVHFRQGFRXUVHRIHGXFDWLRQ
9DVVLOLWRRNWKRXJKW7KHPDQVSHDNVIORULGO\KHUHIOHFWHG\HW
KLVZRUGVFRQWDLQDFHUWDLQHOHPHQWRIWUXWK$IWHUDPRPHQW
V
VLOHQFHKHDGGHGWR3ODWRQ,DPEHJLQQLQJWRWKLQNWKDWWKHWRXU
PLJKWKHOS\RXWREHVWLU\RXUVHOI$WSUHVHQW\RXDUHLQDFRQGLWLRQ
RIPHQWDOVOXPEHU<RXKDYHIDOOHQDVOHHSQRWVRPXFKIURPZHDULQHVV
RUVDWLHW\DVWKURXJKDODFNRIYLYLGSHUFHSWLRQVDQGLPSUHVVLRQV
)RUP\VHOI,DP\RXUFRPSOHWHDQWLWKHVLV,VKRXOGEHRQO\WRRJODG
LI,FRXOGIHHOOHVVDFXWHO\LI,FRXOGWDNHWKLQJVOHVVWRKHDUW
(PRWLRQKDVEHFRPHDGLVHDVHZLWK\RXVDLG3ODWRQ<RXVHHN\RXU
RZQWURXEOHVDQGPDNH\RXURZQDQ[LHWLHV
+RZFDQ\RXVD\WKDWZKHQUHDG\PDGHDQ[LHWLHVJUHHWRQHDWHYHU\
VWHS"H[FODLPHG9DVVLOL)RUH[DPSOHKDYH\RXKHDUGRIWKHWULFN
ZKLFK/LHQLWVLQKDVMXVWSOD\HGXVRIKLVVHL]LQJWKHSLHFHRIYDFDQW
ODQGZKLWKHURXUSHDVDQWVUHVRUWIRUWKHLUVSRUWV"7KDWSLHFH,ZRXOG

298

QRWVHOOIRUDOOWKHPRQH\LQWKHZRUOG,WKDVORQJEHHQRXU
SHDVDQWV
SOD\JURXQGDQGDOOWKHWUDGLWLRQVRIRXUYLOODJHDUHERXQG
XSZLWKLW0RUHRYHUIRUPHROGFXVWRPLVDVDFUHGWKLQJIRUZKLFK,
ZRXOGJODGO\VDFULILFHHYHU\WKLQJHOVH
/LHQLWVLQFDQQRWKDYHNQRZQRIWKLVRUKHZRXOGQRWKDYHVHL]HGWKH
ODQGVDLG3ODWRQ+HLVDQHZFRPHUMXVWDUULYHGIURP6W
3HWHUVEXUJ$IHZZRUGVRIH[SODQDWLRQRXJKWWRPHHWWKHFDVH
%XWKH'2(6NQRZRIZKDW,KDYHVWDWHGKH'2(6NQRZRILW
3XUSRVHO\,VHQWKLPZRUGWRWKDWDIIHFW\HWKHKDVUHWXUQHGPHWKH
UXGHVWRIDQVZHUV
7KHQJR\RXUVHOIDQGH[SODLQPDWWHUVWRKLP
1R,ZLOOQRWGRWKDWKHKDVWULHGWRFDUU\RIIWKLQJVZLWKWRR
KLJKDKDQG%XW<28FDQJRLI\RXOLNH
,ZRXOGFHUWDLQO\JRZHUHLWQRWWKDW,VFDUFHO\OLNHWRLQWHUIHUH
$OVR,DPDPDQZKRPKHFRXOGHDVLO\KRRGZLQNDQGRXWZLW
:RXOGLWKHOS\RXLIB,BZHUHWRJR"SXWLQ&KLFKLNRY3UD\
HQOLJKWHQPHDVWRWKHPDWWHU
9DVVLOLJODQFHGDWWKHVSHDNHUDQGWKRXJKWWRKLPVHOI:KDWD
SDVVLRQWKHPDQKDVIRUWUDYHOOLQJ
<HVSUD\JLYHPHDQLGHDRIWKHNLQGRIIHOORZUHSHDWHG&KLFKLNRY
DQGDOVRRXWOLQHWRPHWKHDIIDLU
,VKRXOGEHDVKDPHGWRWURXEOH\RXZLWKVXFKDQXQSOHDVDQW
FRPPLVVLRQUHSOLHG9DVVLOL+HLVDPDQZKRP,WDNHWREHDQXWWHU
UDVFDO2ULJLQDOO\DPHPEHURIDIDPLO\RISODLQGYRULDQHLQWKLV
SURYLQFHKHHQWHUHGWKH&LYLO6HUYLFHLQ6W3HWHUVEXUJWKHQPDUULHG
VRPHRQH
VQDWXUDOGDXJKWHULQWKDWFLW\DQGKDVUHWXUQHGWRORUGLW
ZLWKDKLJKKDQG,FDQQRWEHDUWKHWRQHKHDGRSWV2XUIRONDUHE\QR
PHDQVIRROV7KH\GRQRWORRNXSRQWKHFXUUHQWIDVKLRQDVWKH7VDU
V
XND]DQ\PRUHWKDQWKH\ORRNXSRQ6W3HWHUVEXUJDVWKH&KXUFK
1DWXUDOO\VDLG&KLFKLNRY%XWWHOOPHPRUHRIWKHSDUWLFXODUVRI
WKHTXDUUHO
7KH\DUHWKHVH+HQHHGVDGGLWLRQDOODQGDQGKDGKHQRWDFWHGDVKH
KDVGRQH,ZRXOGKDYHJLYHQKLPVRPHODQGHOVHZKHUHIRUQRWKLQJEXW

299

DVLWLVWKHSHVWLOHQWIHOORZKDVWDNHQLWLQWRKLVKHDGWR
,WKLQN,KDGEHWWHUJRDQGKDYHDWDONZLWKKLP7KDWPLJKWVHWWOH
WKHDIIDLU6HYHUDOWLPHVKDYHSHRSOHFKDUJHGPHZLWKVLPLODU
FRPPLVVLRQVDQGQHYHUKDYHWKH\UHSHQWHGRILW*HQHUDO%HWULVWFKHY
LVDQH[DPSOH
1HYHUWKHOHVV,DPDVKDPHGWKDW\RXVKRXOGEHSXWWRWKHDQQR\DQFHRI
KDYLQJWRFRQYHUVHZLWKVXFKDIHOORZ
>$WWKLVSRLQWWKHUHRFFXUVDORQJKLDWXV@
$QGDERYHDOOWKLQJVVXFKDWUDQVDFWLRQZRXOGQHHGWREHFDUULHG
WKURXJKLQVHFUHWVDLG&KLFKLNRY7UXHWKHODZGRHVQRWIRUELG
VXFKWKLQJVEXWWKHUHLVDOZD\VWKHULVNRIDVFDQGDO
4XLWHVRTXLWHVRVDLG/LHQLWVLQZLWKKHDGEHQWGRZQ
7KHQZHDJUHHH[FODLPHG&KLFKLNRY+RZFKDUPLQJ$V,VD\P\
EXVLQHVVLVERWKOHJDODQGLOOHJDO7KRXJKQHHGLQJWRHIIHFWD
PRUWJDJH,GHVLUHWRSXWQRRQHWRWKHULVNRIKDYLQJWRSD\WKHWZR
URXEOHVRQHDFKOLYLQJVRXOZKHUHIRUH,KDYHFRQFHLYHGWKHLGHDRI
UHOLHYLQJODQGRZQHUVRIWKDWGLVWDVWHIXOREOLJDWLRQE\DFTXLULQJGHDG
DQGDEVFRQGHGVRXOVZKRKDYHIDLOHGWRGLVDSSHDUIURPWKHUHYLVLRQ
OLVW7KLVHQDEOHVPHDWRQFHWRSHUIRUPDQDFWRI&KULVWLDQFKDULW\
DQGWRUHPRYHIURPWKHVKRXOGHUVRIRXUPRUHLPSRYHULVKHGSURSULHWRUV
WKHEXUGHQRIWD[SD\PHQWXSRQVRXOVRIWKHNLQGVSHFLILHG6KRXOG\RX
\RXUVHOIFDUHWRGREXVLQHVVZLWKPHZHZLOOGUDZXSDIRUPDO
SXUFKDVHDJUHHPHQWDVWKRXJKWKHVRXOVLQTXHVWLRQZHUHVWLOODOLYH
%XWLWZRXOGEHVXFKDFXULRXVDUUDQJHPHQWPXWWHUHG/LHQLWVLQ
PRYLQJKLVFKDLUDQGKLPVHOIDOLWWOHIXUWKHUDZD\,WZRXOGEHDQ
DUUDQJHPHQWZKLFKHUHU
:RXOGLQYROYH\RXLQQRVFDQGDOZKDWHYHUVHHLQJWKDWWKHDIIDLU
ZRXOGEHFDUULHGWKURXJKLQVHFUHW0RUHRYHUEHWZHHQIULHQGVZKRDUH
ZHOOGLVSRVHGWRZDUGVRQHDQRWKHU
1HYHUWKHOHVV
&KLFKLNRYDGRSWHGDILUPHUDQGPRUHGHFLGHGWRQH,UHSHDWWKDWWKHUH
ZRXOGEHQRVFDQGDOKHVDLG7KHWUDQVDFWLRQZRXOGWDNHSODFHDV

300

EHWZHHQJRRGIULHQGVDQGDVEHWZHHQIULHQGVRIPDWXUHDJHDQGDV
EHWZHHQIULHQGVRIJRRGVWDWXVDQGDVEHWZHHQIULHQGVZKRNQRZKRZWR
NHHSWKHLURZQFRXQVHO$QGVRVD\LQJKHORRNHGKLVLQWHUORFXWRU
IUDQNO\DQGJHQHURXVO\LQWKHH\HV
1HYHUWKHOHVV/LHQLWVLQ
VUHVRXUFHIXOQHVVDQGDFXPHQLQEXVLQHVV
PDWWHUVIDLOHGWRUHOLHYHKLVPLQGRIDFHUWDLQSHUSOH[LW\DQGWKH
OHVVVRVLQFHKHKDGFRQWULYHGWREHFRPHFDXJKWLQKLVRZQQHW<HW
LQJHQHUDOKHSRVVHVVHGQHLWKHUDORYHIRUQRUDWDOHQWIRUXQGHUKDQG
GHDOLQJVDQGKDGQRWIDWHDQGFLUFXPVWDQFHVIDYRXUHG&KLFKLNRYE\
FDXVLQJ/LHQLWVLQ
VZLIHWRHQWHUWKHURRPDWWKDWPRPHQWWKLQJV
PLJKWKDYHWXUQHGRXWYHU\GLIIHUHQWO\IURPZKDWWKH\GLG0DGDPHZDV
DSDOHWKLQLQVLJQLILFDQWORRNLQJ\RXQJODG\EXWQRQHWKHOHVVD
ODG\ZKRZRUHKHUFORWKHVDOD6W3HWHUVEXUJDQGFXOWLYDWHGWKH
VRFLHW\RISHUVRQVZKRZHUHXQLPSHDFKDEO\FRPPHLOIDXW%HKLQGKHU
ERUQHLQDQXUVH
VDUPVFDPHWKHILUVWIUXLWVRIWKHORYHRIKXVEDQG
DQGZLIH$GRSWLQJKLVPRVWWHOOLQJPHWKRGRIDSSURDFK WKHPHWKRG
DFFRPSDQLHGZLWKDVLGHORQJLQFOLQDWLRQRIWKHKHDGDQGDVRUWRI
KRS &KLFKLNRYKDVWHQHGWRJUHHWWKHODG\IURPWKHPHWURSROLVDQG
WKHQWKHEDE\$WILUVWWKHODWWHUVWDUWHGWREHOORZGLVDSSURYDOEXW
WKHZRUGV$JRRDJRRP\SHWDGGHGWRDOLWWOHFUDFNLQJRIWKH
ILQJHUVDQGDVLJKWRIDEHDXWLIXOVHDORQDZDWFKFKDLQHQDEOHG
&KLFKLNRYWRZHHGOHWKHLQIDQWLQWRKLVDUPVDIWHUZKLFKKHIHOOWR
VZLQJLQJLWXSDQGGRZQXQWLOKHKDGFRQWULYHGWRUDLVHDVPLOHRQLWV
IDFHDFLUFXPVWDQFHZKLFKJUHDWO\GHOLJKWHGWKHSDUHQWVDQGILQDOO\
LQFOLQHGWKHIDWKHULQKLVYLVLWRU
VIDYRXU6XGGHQO\
KRZHYHUZKHWKHUIURPSOHDVXUHRUIURPVRPHRWKHUFDXVHWKHLQIDQW
PLVEHKDYHGLWVHOI
0\*RGFULHG0DGDPH+HKDVJRQHDQGVSRLOW\RXUIURFNFRDW
7UXHHQRXJKRQJODQFLQJGRZQZDUGV&KLFKLNRYVDZWKDWWKHVOHHYHRI
KLVEUDQGQHZJDUPHQWKDGLQGHHGVXIIHUHGDKXUW,I,FRXOGFDWFK
\RXDORQH\RXOLWWOHGHYLOKHPXWWHUHGWRKLPVHOI,
GVKRRW\RX
+RVWKRVWHVVDQGQXUVHDOOUDQIRUHDXGH&RORJQHDQGIURPWKUHH
VLGHVVHWWKHPVHOYHVWRUXEWKHVSRWDIIHFWHG
1HYHUPLQGQHYHUPLQGLWLVQRWKLQJVDLG&KLFKLNRYDVKHVWURYH
WRFRPPXQLFDWHWRKLVIHDWXUHVDVFKHHUIXODQH[SUHVVLRQDVSRVVLEOH
:KDWGRHVLWPDWWHUZKDWDFKLOGPD\VSRLOGXULQJWKHJROGHQDJHRI
LWVLQIDQF\"
7RKLPVHOIKHUHPDUNHG7KHOLWWOHEUXWH:RXOGLWFRXOGEHGHYRXUHG

301

E\ZROYHV,WKDVPDGHRQO\WRRJRRGDVKRWWKHFXVVHG\RXQJ
UDJDPXIILQ
+RZDIWHUWKLVDIWHUWKHJXHVWKDGVKRZQVXFKLQQRFHQWDIIHFWLRQIRU
WKHOLWWOHRQHDQGPDJQDQLPRXVO\SDLGIRUKLVVRGRLQJZLWKD
EUDQGQHZVXLWFRXOGWKHIDWKHUUHPDLQREGXUDWH"1HYHUWKHOHVVWR
DYRLGVHWWLQJDEDGH[DPSOHWRWKHFRXQWU\VLGHKHDQG&KLFKLNRY
DJUHHGWRFDUU\WKURXJKWKHWUDQVDFWLRQ35,9$7(/<OHVWRWKHUZLVH
DVFDQGDOVKRXOGDULVH
,QUHWXUQVDLG&KLFKLNRYZRXOG\RXPLQGGRLQJPHWKHIROORZLQJ
IDYRXU",GHVLUHWRPHGLDWHLQWKHPDWWHURI\RXUGLIIHUHQFHZLWKWKH
%URWKHUV3ODWRQRY,EHOLHYHWKDW\RXZLVKWRDFTXLUHVRPHDGGLWLRQDO
ODQG",VQRWWKDWVR"
>+HUHWKHUHRFFXUVDKLDWXVLQWKHRULJLQDO@
(YHU\WKLQJLQOLIHIXOILOVLWVIXQFWLRQDQG&KLFKLNRY
VWRXULQ
VHDUFKRIDIRUWXQHZDVFDUULHGRXWVRVXFFHVVIXOO\WKDWQRWDOLWWOH
PRQH\SDVVHGLQWRKLVSRFNHWV7KHV\VWHPHPSOR\HGZDVDJRRGRQHKH
GLGQRWVWHDOKHPHUHO\XVHG$QGHYHU\RQHRIXVDWWLPHVGRHVWKH
VDPHRQHPDQZLWKUHJDUGWR*RYHUQPHQWWLPEHUDQGDQRWKHUZLWK
UHJDUGWRDVXPEHORQJLQJWRKLVHPSOR\HUZKLOHDWKLUGGHIUDXGVKLV
FKLOGUHQIRUWKHVDNHRIDQDFWUHVVDQGDIRXUWKUREVKLVSHDVDQWU\
IRUWKHVDNHRIVPDUWIXUQLWXUHRUDFDUULDJH:KDWFDQRQHGRZKHQ
RQHLVVXUURXQGHGRQHYHU\VLGHZLWKURJXHU\DQGHYHU\ZKHUHWKHUHDUH
LQVDQHO\H[SHQVLYHUHVWDXUDQWVPDVNHGEDOOVDQGGDQFHVWRWKHPXVLF
RIJLSV\EDQGV"7RDEVWDLQZKHQHYHU\RQHHOVHLVLQGXOJLQJLQWKHVH
WKLQJVDQGIDVKLRQFRPPDQGVLVGLIILFXOWLQGHHG
&KLFKLNRYZDVIRUVHWWLQJIRUWKDJDLQEXWWKHURDGVKDGQRZJRWLQWR
DEDGVWDWHDQGLQDGGLWLRQWKHUHZDVLQSUHSDUDWLRQDVHFRQG
IDLURQHIRUWKHGYRULDQHRQO\7KHIRUPHUIDLUKDGEHHQKHOGIRUWKH
VDOHRIKRUVHVFDWWOHFKHHVHDQGRWKHUSHDVDQWSURGXFHDQGWKH
EX\HUVKDGEHHQPHUHO\FDWWOHMREEHUVDQGNXODNVEXWWKLVWLPHWKH
IXQFWLRQZDVWREHRQHIRUWKHVDOHRIPDQRULDOSURGXFHZKLFKKDGEHHQ
ERXJKWXSE\ZKROHVDOHGHDOHUVDW1L]KQL1RYJRURGDQGWKHQ
WUDQVIHUUHGKLWKHU7RWKHIDLURIFRXUVHFDPHWKRVHUDYLVKHUVRI
WKH5XVVLDQSXUVHZKRLQWKHVKDSHRI)UHQFKPHQZLWKSRPDGHVDQG
)UHQFKZRPHQZLWKKDWVPDNHDZD\ZLWKPRQH\HDUQHGE\EORRGDQGKDUG
ZRUNDQGOLNHWKHORFXVWVRI(J\SW WRXVH.RVWDQ]KRJOR
VWHUP QRW
RQO\GHYRXUWKHLUSUH\EXWDOVRGLJKROHVLQWKHJURXQGDQGOHDYH

302

EHKLQGWKHLUHJJV
$OWKRXJKXQIRUWXQDWHO\WKHRFFXUUHQFHRIDEDGKDUYHVWUHWDLQHGPDQ\
ODQGRZQHUVDWWKHLUFRXQWU\KRXVHVWKHORFDOWFKLQRYQLNV ZKRPWKH
IDLOXUHRIWKHKDUYHVWGLG127WRXFK SURFHHGHGWROHWWKHPVHOYHV
JRDVDOVRWRWKHLUXQGRLQJGLGWKHLUZLYHV7KHUHDGLQJRIERRNV
RIWKHW\SHGLIIXVHGLQWKHVHPRGHUQGD\VIRUWKHLQRFXODWLRQRI
KXPDQLW\ZLWKDFUDYLQJIRUQHZDQGVXSHULRUDPHQLWLHVRIOLIHKDG
FDXVHGHYHU\RQHWRFRQFHLYHDSDVVLRQIRUH[SHULPHQWLQJZLWKWKH
ODWHVWOX[XU\DQGWRPHHWWKLVZDQWWKH)UHQFKZLQHPHUFKDQWRSHQHGD
QHZHVWDEOLVKPHQWLQWKHVKDSHRIDUHVWDXUDQWDVKDGQHYHUEHIRUH
EHHQKHDUGRILQWKHSURYLQFHDUHVWDXUDQWZKHUHVXSSHUFRXOGEH
SURFXUHGRQFUHGLWDVUHJDUGHGRQHKDOIDQGIRUDQXQSUHFHGHQWHGO\
ORZVXPDVUHJDUGHGWKHRWKHU7KLVH[DFWO\VXLWHGERWKKHDGVRI
ERDUGVDQGFOHUNVZKRZHUHOLYLQJLQKRSHRIEHLQJDEOHVRPHGD\WR
UHVXPHWKHLUEULEHVWDNLQJIURPVXLWRUV7KHUHDOVRGHYHORSHGD
WHQGHQF\WRFRPSHWHLQWKHPDWWHURIKRUVHVDQGOLYHULHGIOXQNH\V
ZLWKWKHUHVXOWWKDWGHVSLWHWKHGDPSDQGVQRZ\ZHDWKHUH[FHHGLQJO\
HOHJDQWWXUQRXWVWRRNWRSDUDGLQJEDFNZDUGVDQGIRUZDUGV:KHQFHWKHVH
HTXLSDJHVKDGFRPH*RGRQO\NQRZVEXWDWOHDVWWKH\ZRXOGQRWKDYH
GLVJUDFHG6W3HWHUVEXUJ)URPZLWKLQWKHPPHUFKDQWVDQGDWWRUQH\V
GRIIHGWKHLUFDSVWRODGLHVDQGLQTXLUHGDIWHUWKHLUKHDOWKDQG
OLNHZLVHLWEHFDPHDUDUHVLJKWWRVHHDEHDUGHGPDQLQDURXJKIXU
FDSVLQFHHYHU\RQHQRZZHQWDERXWFOHDQVKDYHQDQGZLWKGLUW\WHHWK
DIWHUWKH(XURSHDQIDVKLRQ
6LU,EHJRI\RXWRLQVSHFWP\JRRGVVDLGDWUDGHVPDQDV&KLFKLNRY
ZDVSDVVLQJKLVHVWDEOLVKPHQW:LWKLQP\GRRUV\RXZLOOILQGDODUJH
YDULHW\RIFORWKLQJ
+DYH\RXDFORWKRIELOEHUU\FRORXUHGFKHFN"LQTXLUHGWKHSHUVRQ
DGGUHVVHG
,KDYHFORWKVRIWKHILQHVWNLQGUHSOLHGWKHWUDGHVPDQUDLVLQJKLV
FDSZLWKRQHKDQGDQGSRLQWLQJWRKLVVKRSZLWKWKHRWKHU&KLFKLNRY
HQWHUHGDQGLQDWULFHWKHSURSULHWRUKDGGLYHGEHQHDWKWKHFRXQWHU
DQGDSSHDUHGRQWKHRWKHUVLGHRILWZLWKKLVEDFNWRKLVZDUHVDQG
KLVIDFHWRZDUGVWKHFXVWRPHU/HDQLQJIRUZDUGRQWKHWLSVRIKLV
ILQJHUVDQGLQGLFDWLQJKLVPHUFKDQGLVHZLWKMXVWWKHVXVSLFLRQRID
QRGKHUHTXHVWHGWKHJHQWOHPDQWRVSHFLI\H[DFWO\WKHVSHFLHVRI
FORWKZKLFKKHUHTXLUHG
$FORWKZLWKDQROLYHFRORXUHGRUDERWWOHWLQWHGVSRWLQLWV
SDWWHUQDQ\WKLQJLQWKHQDWXUHRIELOEHUU\H[SODLQHG&KLFKLNRY

303

7KDWEHLQJVRVLU,PD\VD\WKDW,DPDERXWWRVKRZ\RXFORWKHVRI
DTXDOLW\ZKLFKHYHQRXULOOXVWULRXVFDSLWDOVFRXOGQRWVXUSDVV+L
ER\5HDFKGRZQWKDWUROOXSWKHUHQXPEHU1R127WKDWRQH
IRRO6XFKIHOORZVDV\RXDUHDOZD\VWRRJRRGIRU\RXUMRE
7KHUHKDQGLWWRPH7KLVLVLQGHHGDQLFHSDWWHUQ
8QIROGLQJWKHJDUPHQWWKHWUDGHVPDQWKUXVWLWFORVHWR&KLFKLNRY
V
QRVHLQRUGHUWKDWKHPLJKWQRWRQO\KDQGOHEXWDOVRVPHOOLW
([FHOOHQWEXWQRWZKDW,ZDQWSURQRXQFHG&KLFKLNRY)RUPHUO\,
ZDVLQWKH&XVWRP
V'HSDUWPHQWDQGWKHUHIRUHZHDUQRQHEXWFORWKRI
WKHODWHVWPDNH:KDW,ZDQWLVRIDUXGGLHUSDWWHUQWKDQWKLVQRW
H[DFWO\DERWWOHWLQWHGSDWWHUQEXWVRPHWKLQJDSSURDFKLQJELOEHUU\
,XQGHUVWDQGVLU2IFRXUVH\RXUHTXLUHRQO\WKHYHU\QHZHVWWKLQJ
$FORWKRIWKDWNLQG,'2SRVVHVVVLUDQGWKRXJKH[FHVVLYHLQ
SULFHLWLVRIDTXDOLW\WRPDWFK
&DUU\LQJWKHUROORIVWXIIWRWKHOLJKWHYHQVWHSSLQJLQWRWKHVWUHHW
IRUWKHSXUSRVHWKHVKRSPDQXQIROGHGKLVSUL]HZLWKWKHZRUGV$
WUXO\EHDXWLIXOVKDGH$FORWKRIVPRNHGJUH\VKRWZLWKIODPHFRORXU
7KHPDWHULDOPHWZLWKWKHFXVWRPHU
VDSSURYDODSULFHZDVDJUHHG
XSRQDQGZLWKLQFUHGLEOHFHOHULW\WKHYHQGRUPDGHXSWKHSXUFKDVH
LQWRDEURZQSDSHUSDUFHODQGVWRZHGLWDZD\LQ&KLFKLNRY
VNROLDVND
$WWKLVPRPHQWDYRLFHDVNHGWREHVKRZQDEODFNIURFNFRDW
7KHGHYLOWDNHPHLILWLVQ
W.KOREXHYPXWWHUHGRXUKHURWXUQLQJ
KLVEDFNXSRQWKHQHZFRPHU8QIRUWXQDWHO\WKHRWKHUKDGVHHQKLP
&RPHFRPH3DXO,YDQRYLWFKKHH[SRVWXODWHG6XUHO\\RXGRQRW
LQWHQGWRRYHUORRNPH",KDYHEHHQVHDUFKLQJIRU\RXHYHU\ZKHUHIRU,
KDYHVRPHWKLQJLPSRUWDQWWRVD\WR\RX
0\GHDUVLUP\YHU\GHDUVLUVDLG&KLFKLNRYDVKHSUHVVHG
.KOREXHY
VKDQG,FDQDVVXUH\RXWKDWKDG,WKHQHFHVVDU\OHLVXUH
,VKRXOGDWDOOWLPHVEHFKDUPHGWRFRQYHUVHZLWK\RX$QGPHQWDOO\
KHDGGHG:RXOGWKDWWKH(YLO2QHZRXOGIO\DZD\ZLWK\RX
$OPRVWDWWKHVDPHWLPH0XUD]RYWKHJUHDWODQGRZQHUHQWHUHGWKH
VKRS$VKHGLGVRRXUKHURKDVWHQHGWRH[FODLP:K\LWLV$WKDQDVL
9DVVLOLHYLWFK+RZ$5(\RXP\YHU\GHDUVLU"

304

:HOOHQRXJKUHSOLHG0XUD]RYUHPRYLQJKLVFDS .KOREXHYDQGWKH
VKRSPDQKDGDOUHDG\GRQHWKHVDPH +RZPD\,DVNDUH<28"
%XWSRRUO\UHSOLHG&KLFKLNRYIRURIODWH,KDYHEHHQWURXEOHG
ZLWKLQGLJHVWLRQDQGP\VOHHSLVEDG,GRQRWJHWVXIILFLHQW
H[HUFLVH
+RZHYHULQVWHDGRISURELQJGHHSHULQWRWKHVXEMHFWRI&KLFKLNRY
V
DLOPHQWV0XUD]RYWXUQHGWR.KOREXHY
,VDZ\RXHQWHUWKHVKRSKHVDLGDQGWKHUHIRUHIROORZHG\RXIRU
,KDYHVRPHWKLQJLPSRUWDQWIRU\RXUHDU&RXOG\RXVSDUHPHDPLQXWH
RUWZR"
&HUWDLQO\FHUWDLQO\VDLG.KOREXHYDQGWKHSDLUOHIWWKHVKRS
WRJHWKHU
,ZRQGHUZKDWLVDIRRWEHWZHHQWKHPVDLG&KLFKLNRYWRKLPVHOI
$ZLVHDQGQREOHJHQWOHPDQ$WKDQDVL9DVVLOLHYLWFKUHPDUNHGWKH
WUDGHVPDQ&KLFKLNRYPDGHQRUHSO\VDYHDJHVWXUH
3DXO,YDQRYLWFK,KDYHEHHQORRNLQJIRU\RXHYHU\ZKHUH/LHQLWVLQ
V
YRLFHVDLGIURPEHKLQGKLPZKLOHDJDLQWKHWUDGHVPDQKDVWHQHGWR
UHPRYHKLVFDS3UD\FRPHKRPHZLWKPHIRU,KDYHVRPHWKLQJWRVD\
WR\RX
&KLFKLNRYVFDQQHGWKHVSHDNHU
VIDFHEXWFRXOGPDNHQRWKLQJRILW
3D\LQJWKHWUDGHVPDQIRUWKHFORWKKHOHIWWKHVKRS
0HDQZKLOH0XUD]RYKDGFRQYH\HG.KOREXHYWRKLVURRPV
7HOOPHKHVDLGWRKLVJXHVWH[DFWO\KRZ\RXUDIIDLUVVWDQG,
WDNHLWWKDWDIWHUDOO\RXUDXQWOHIW\RXVRPHWKLQJ"
,WZRXOGEHGLIILFXOWWRVD\ZKHWKHURUQRWP\DIIDLUVDUHLPSURYHG
UHSOLHG.KOREXHY7UXHILIW\VRXOVDQGWKLUW\WKRXVDQGURXEOHVFDPH
WRPHIURP0DGDPH.KDQDVDURYDEXW,KDGWRSD\WKHPDZD\WRVDWLVI\
P\GHEWV&RQVHTXHQWO\,DPRQFHPRUHGHVWLWXWH%XWWKHLPSRUWDQW
SRLQWLVWKDWWKHUHZDVWULFNHU\FRQQHFWHGZLWKWKHOHJDF\DQG
VKDPHIXOWULFNHU\DWWKDW<HVWKRXJKLWPD\VXUSULVH\RXLWLVD
IDFWWKDWWKDWIHOORZ&KLFKLNRY

305

<HV6HPHQ6HPHQRYLWFKEXWEHIRUH\RXJRRQWRVSHDNRI&KLFKLNRY
SUD\WHOOPHVRPHWKLQJDERXW\RXUVHOIDQGKRZPXFKLQ\RXURSLQLRQ
ZRXOGEHVXIILFLHQWWRFOHDU\RXRI\RXUGLIILFXOWLHV"
0\GLIILFXOWLHVDUHJULHYRXVUHSOLHG.KOREXHY7RULGP\VHOIRI
WKHPDQGDOVRWRKDYHHQRXJKWRJRRQZLWK,VKRXOGQHHGWRDFTXLUH
DWOHDVWDKXQGUHGWKRXVDQGURXEOHVLIQRWPRUH,QVKRUWWKLQJVDUH
EHFRPLQJLPSRVVLEOHIRUPH
$QGKDG\RXWKHPRQH\ZKDWVKRXOG\RXGRZLWKLW"
,VKRXOGUHQWDWHQHPHQWDQGGHYRWHP\VHOIWRWKHHGXFDWLRQRIP\
FKLOGUHQ1RWDWKRXJKWVKRXOG,JLYHWRP\VHOIIRUP\FDUHHULV
RYHUVHHLQJWKDWLWLVLPSRVVLEOHIRUPHWRUHHQWHUWKH&LYLO
6HUYLFHDQG,DPJRRGIRUQRWKLQJHOVH
1HYHUWKHOHVVZKHQDPDQLVOHDGLQJDQLGOHOLIHKHLVDSWWRLQFXU
WHPSWDWLRQVZKLFKVKXQKLVEHWWHUHPSOR\HGEURWKHU
<HVEXWEH\RQGTXHVWLRQ,DPJRRGIRUQRWKLQJVREURNHQLVP\
KHDOWKDQGVXFKDPDUW\U,DPWRG\VSHSVLD
%XWKRZWR\RXSURSRVHWROLYHZLWKRXWZRUNLQJ"+RZFDQDPDQOLNH
\RXH[LVWZLWKRXWDSRVWRUDSRVLWLRQRIDQ\NLQG"/RRNDURXQG\RXDW
WKHZRUNVRI*RG(YHU\WKLQJKDVLWVSURSHUIXQFWLRQDQGSXUVXHVLWV
SURSHUFRXUVH(YHQDVWRQHFDQEHXVHGIRURQHSXUSRVHRUDQRWKHU
+RZWKHQFDQLWEHULJKWIRUDPDQZKRLVDWKLQNLQJEHLQJWRUHPDLQ
DGURQH"
%XW,VKRXOGQRWEHDGURQHIRU,VKRXOGHPSOR\P\VHOIZLWKWKH
HGXFDWLRQRIP\FKLOGUHQ
1R6HPHQ6HPHQRYLWFKQR7+$7\RXZRXOGILQGWKHKDUGHVWWDVNRI
DOO)RUKRZFDQDPDQHGXFDWHKLVFKLOGUHQZKRKDVQHYHUHYHQ
HGXFDWHGKLPVHOI",QVWUXFWLRQFDQEHLPSDUWHGWRFKLOGUHQRQO\WKURXJK
WKHPHGLXPRIH[DPSOHDQGZRXOGDOLIHOLNH\RXUVIXUQLVKWKHPZLWKD
SURILWDEOHH[DPSOHDOLIHZKLFKKDVEHHQVSHQWLQLGOHQHVVDQGWKH
SOD\LQJRIFDUGV"1R6HPHQ6HPHQRYLWFK<RXKDGIDUEHWWHUKDQG\RXU
FKLOGUHQRYHUWRPH2WKHUZLVHWKH\ZLOOEHUXLQHG'RQRWWKLQNWKDW
,DPMHVWLQJ,GOHQHVVKDVZUHFNHG\RXUOLIHDQG\RXPXVWIOHHIURP
LW&DQDPDQOLYHZLWKQRWKLQJWRNHHSKLPLQSODFH"(YHQD
MRXUQH\PDQODERXUHUZKRHDUQVWKHEDUHVWSLWWDQFHPD\WDNHDQLQWHUHVW
LQKLVRFFXSDWLRQ

306

$WKDQDVL9DVVLOLHYLWFK,KDYHWULHGWRRYHUFRPHP\VHOIEXWZKDW
IXUWKHUUHVRXUFHOLHVRSHQWRPH"&DQ,ZKRDPROGDQGLQFDSDEOH
UHHQWHUWKH&LYLO6HUYLFHDQGVSHQG\HDUDIWHU\HDUDWDGHVNZLWK
\RXWKVZKRDUHMXVWVWDUWLQJWKHLUFDUHHUV"0RUHRYHU,KDYHORVWWKH
WULFNRIWDNLQJEULEHV,VKRXOGRQO\KLQGHUERWKP\VHOIDQGRWKHUV
ZKLOHDV\RXNQRZLWLVDGHSDUWPHQWZKLFKKDVDQHVWDEOLVKHGFDVWH
RILWVRZQ7KHUHIRUHWKRXJK,KDYHFRQVLGHUHGDQGHYHQDWWHPSWHGWR
REWDLQHYHU\FRQFHLYDEOHSRVW,ILQGP\VHOILQFRPSHWHQWIRUWKHP
DOO2QO\LQDPRQDVWHU\VKRXOG,
1D\QD\0RQDVWHULHVDJDLQDUHRQO\IRUWKRVHZKRKDYHZRUNHG7R
WKRVHZKRKDYHVSHQWWKHLU\RXWKLQGLVVLSDWLRQVXFKKDYHQVVD\ZKDW
WKHDQWVDLGWRWKHGUDJRQIO\QDPHO\
*R\RXDZD\DQGUHWXUQWR
\RXUGDQFLQJ
<HVHYHQLQDPRQDVWHU\GRIRONWRLODQGWRLOWKH\GR
QRWVLWSOD\LQJZKLVW0XUD]RYORRNHGDW.KOREXHYDQGDGGHG6HPHQ
6HPHQRYLWFK\RXDUHGHFHLYLQJERWK\RXUVHOIDQGPH
3RRU.KOREXHYFRXOGQRWXWWHUDZRUGLQUHSO\DQG0XUD]RYEHJDQWR
IHHOVRUU\IRUKLP
/LVWHQ6HPHQ6HPHQRYLWFKKHZHQWRQ,NQRZWKDW\RXVD\\RXU
SUD\HUVDQGWKDW\RXJRWRFKXUFKDQGWKDW\RXREVHUYHERWK0DWLQV
DQG9HVSHUVDQGWKDWWKRXJKDYHUVHWRHDUO\ULVLQJ\RXOHDYH\RXU
EHGDWIRXUR
FORFNLQWKHPRUQLQJEHIRUHWKHKRXVHKROGILUHVKDYH
EHHQOLW
$K$WKDQDVL9DVVLOLHYLWFKVDLG.KOREXHYWKDWLVDQRWKHUPDWWHU
DOWRJHWKHU7KDW,GRQRWIRUPDQ
VVDNHEXWIRUWKHVDNHRI+LPZKR
KDVRUGHUHGDOOWKLQJVKHUHRQHDUWK<HV,EHOLHYHWKDW+HDWOHDVW
FDQIHHOFRPSDVVLRQIRUPHWKDW+HDWOHDVWWKRXJK,EHIRXODQG
ORZO\ZLOOSDUGRQPHDQGUHFHLYHPHZKHQDOOPHQKDYHFDVWPHRXW
DQGP\EHVWIULHQGKDVEHWUD\HGPHDQGERDVWHGWKDWKHKDVGRQHLWIRU
DJRRGHQG
.KOREXHY
VIDFHZDVJORZLQJZLWKHPRWLRQDQGIURPWKHROGHUPDQ
V
H\HVDOVRDWHDUKDGVWDUWHG
<RXZLOOGRZHOOWRKHDUNHQXQWR+LPZKRLVPHUFLIXOKHVDLG%XW
UHPHPEHUDOVRWKDWLQWKHH\HVRIWKH$OO0HUFLIXOKRQHVWWRLOLVRI
HTXDOPHULWZLWKDSUD\HU7KHUHIRUHWDNHXQWR\RXUVHOIZKDWVRHYHU
WDVN\RXPD\DQGGRLWDVWKRXJK\RXZHUHGRLQJLWQRWXQWRPDQEXW
XQWR*RG(YHQWKRXJKWR\RXUORWWKHUHVKRXOGIDOOEXWWKHFOHDQLQJ
RIDIORRUFOHDQWKDWIORRUDVWKRXJKLWZHUHEHLQJFOHDQHGIRU+LP
DORQH$QGWKHQFHDWOHDVWWKLVJRRG\RXZLOOUHDSWKDWWKHUHZLOO

307

UHPDLQWR\RXQRWLPHIRUZKDWLVHYLOIRUFDUGSOD\LQJIRU
IHDVWLQJIRUDOOWKHOLIHRIWKLVJD\ZRUOG$UH\RXDFTXDLQWHGZLWK
,YDQ3RWDSLWFK"
<HVQRWRQO\DP,DFTXDLQWHGZLWKKLPEXW,DOVRJUHDWO\UHVSHFW
KLP
7LPHZDVZKHQ,YDQ3RWDSLWFKZDVDPHUFKDQWZRUWKKDOIDPLOOLRQ
URXEOHV,QHYHU\WKLQJGLGKHORRNEXWIRUJDLQDQGKLVDIIDLUV
SURVSHUHGH[FHHGLQJO\VRPXFKVRWKDWKHZDVDEOHWRVHQGKLVVRQWR
EHHGXFDWHGLQ)UDQFHDQGWRPDUU\KLVGDXJKWHUWRD*HQHUDO$QG
ZKHWKHULQKLVRIILFHRUDWWKH([FKDQJHKHZRXOGVWRSDQ\IULHQG
ZKRPKHHQFRXQWHUHGDQGFDUU\KLPRIIWRDWDYHUQWRGULQNDQGVSHQG
ZKROHGD\VWKXVHPSOR\HG%XWDWODVWKHEHFDPHEDQNUXSWDQG*RGVHQW
KLPRWKHUPLVIRUWXQHVDOVR+LVVRQ$KZHOO,YDQ3RWDSLWFKLVQRZ
P\VWHZDUGIRUKHKDGWREHJLQOLIHRYHUDJDLQ<HWRQFHPRUHKLV
DIIDLUVDUHLQRUGHUDQGKDGLWEHHQKLVZLVKKHFRXOGKDYH
UHVWDUWHGLQEXVLQHVVZLWKDFDSLWDORIKDOIDPLOOLRQURXEOHV
%XW
QR
KHVDLG
$VWHZDUGDP,DQGDVWHZDUGZLOO,UHPDLQWRWKHHQG
IRUIURPEHLQJIXOOVWRPDFKHGDQGKHDY\ZLWKGURSV\,KDYHEHFRPH
VWURQJDQGZHOO
1RWDGURSRIOLTXRUSDVVHVKLVOLSVEXWRQO\
FDEEDJHVRXSDQGJUXHO$QGKHSUD\VDVQRQHRIWKHUHVWRIXVSUD\
DQGKHKHOSVWKHSRRUDVQRQHRIWKHUHVWRIXVKHOSWKHPDQGWRWKLV
KHZRXOGDGG\HWIXUWKHUFKDULW\LIKLVPHDQVSHUPLWWHGKLPWRGRVR
3RRU.KOREXHYUHPDLQHGVLOHQWDVEHIRUH
7KHHOGHUPDQWRRNKLVWZRKDQGVLQKLV
6HPHQ6HPHQRYLWFKKHVDLG\RXFDQQRWWKLQNKRZPXFK,SLW\\RX
RUKRZPXFK,KDYHKDG\RXLQP\WKRXJKWV/LVWHQWRPH,QWKH
PRQDVWHU\WKHUHLVDUHFOXVHZKRQHYHUORRNVXSRQDKXPDQIDFH2IDOO
PHQZKRP,NQRZKHKDVWKHEURDGHVWPLQGDQGKHEUHDNVQRWKLV
VLOHQFHVDYHWRJLYHDGYLFH7RKLP,ZHQWDQGVDLGWKDW,KDGD
IULHQG WKRXJK,GLGQRWDFWXDOO\PHQWLRQ\RXUQDPH ZKRZDVLQJUHDW
WURXEOHRIVRXO6XGGHQO\WKHUHFOXVHLQWHUUXSWHGPHZLWKWKHZRUGV

*RG
VZRUNILUVWDQGRXURZQODVW7KHUHLVQHHGIRUDFKXUFKWREH
EXLOWEXWQRPRQH\ZKHUHZLWKWREXLOGLW0RQH\PXVWEHFROOHFWHGWR
WKDWHQG
7KHQKHVKXWWRWKHZLFNHW,ZRQGHUHGWRP\VHOIZKDWWKLV
FRXOGPHDQDQGFRQFOXGHGWKDWWKHUHFOXVHKDGEHHQXQZLOOLQJWR
DFFRUGPHKLVFRXQVHO1H[W,UHSDLUHGWRWKH$UFKLPDQGULWHDQGKDG
VFDUFHUHDFKHGKLVGRRUZKHQKHLQTXLUHGRIPHZKHWKHU,FRXOGFRPPHQG
WRKLPDPDQPHHWWREHHQWUXVWHGZLWKWKHFROOHFWLRQRIDOPVIRUD
FKXUFKDPDQZKRVKRXOGEHORQJWRWKHGYRULDQHRUWRWKHPRUH

308

OHWWHUHGPHUFKDQWVEXWZKRZRXOGJXDUGWKHWUXVWDVKHZRXOGJXDUG
WKHVDOYDWLRQRIKLVVRXO2QWKHLQVWDQWWKRXJKW,WRP\VHOI
:K\
VKRXOGQRWWKH+RO\)DWKHUDSSRLQWP\IULHQG6HPHQ6HPHQRYLWFK")RU
WKHZD\RIVXIIHULQJZRXOGEHQHILWKLPJUHDWO\DQGDVKHSDVVHGZLWK
KLVOHGJHUIURPODQGRZQHUWRSHDVDQWDQGIURPSHDVDQWWRWRZQVPDQKH
ZRXOGOHDUQZKHUHIRONGZHOODQGZKRVWDQGVLQQHHGRIDXJKWDQG
WKXVZRXOGEHFRPHEHWWHUDFTXDLQWHGZLWKWKHFRXQWU\VLGHWKDQIRONZKR
GZHOOLQFLWLHV$QGWKXVEHFRPHKHZRXOGILQGWKDWKLVVHUYLFHV
ZHUHDOZD\VLQGHPDQG
2QO\RIODWHGLGWKH*RYHUQRU*HQHUDOVD\WR
PHWKDWFRXOGKHEXWEHIXUQLVKHGZLWKWKHQDPHRIDVHFUHWDU\ZKR
VKRXOGNQRZKLVZRUNQRWRQO\E\WKHERRNEXWDOVRE\H[SHULHQFHKH
ZRXOGJLYHKLPDJUHDWVXPVLQFHQRWKLQJLVWREHOHDUQHGE\WKH
IRUPHUPHDQVDQGWKURXJKLWPXFKFRQIXVLRQDULVHV
<RXFRQIRXQGPH\RXRYHUZKHOPPHVDLG.KOREXHYVWDULQJDWKLV
FRPSDQLRQLQRSHQH\HGDVWRQLVKPHQW,FDQVFDUFHO\EHOLHYHWKDW\RXU
ZRUGVDUHWUXHVHHLQJWKDWIRUVXFKDWUXVWDQDFWLYHLQGHIDWLJDEOH
PDQZRXOGEHQHFHVVDU\0RUHRYHUKRZFRXOG,OHDYHP\ZLIHDQG
FKLOGUHQXQSURYLGHGIRU"
+DYHQRIHDUVDLG0XUD]RY,P\VHOIZLOOWDNHWKHPXQGHUP\FDUH
DVZHOODVSURFXUHIRUWKHFKLOGUHQDWXWRU)DUEHWWHUDQGQREOHU
ZHUHLWIRU\RXWREHWUDYHOOLQJZLWKDZDOOHWDQGDVNLQJDOPVRQ
EHKDOIRI*RGWKHQWREHUHPDLQLQJKHUHDQGDVNLQJDOPVIRU\RXUVHOI
DORQH/LNHZLVH,ZLOOIXUQLVK\RXZLWKDWLOWZDJJRQVRWKDW\RX
PD\EHVDYHGVRPHRIWKHKDUGVKLSVRIWKHMRXUQH\DQGWKXVEH
SUHVHUYHGLQJRRGKHDOWK$OVR,ZLOOJLYH\RXVRPHPRQH\IRUWKH
MRXUQH\LQRUGHUWKDWDV\RXSDVVRQ\RXUZD\\RXPD\JLYHWRWKRVH
ZKRVWDQGLQJUHDWHUQHHGWKDQWKHLUIHOORZV7KXVLIEHIRUHJLYLQJ
\RXDVVXUH\RXUVHOIWKDWWKHUHFLSLHQWRIWKHDOPVLVZRUWK\RIWKH
VDPH\RXZLOOGRPXFKJRRGDQGDV\RXWUDYHO\RXZLOOEHFRPH
DFTXDLQWHGZLWKDOOPHQDQGVXQGU\DQGWKH\ZLOOWUHDW\RXQRWDVD
WFKLQRYQLNWREHIHDUHGEXWDVRQHWRZKRPDVDSHWLWLRQHURQEHKDOI
RIWKH&KXUFKWKH\PD\XQORRVHWKHLUWRQJXHVZLWKRXWSHULO
,IHHOWKDWWKHVFKHPHLVDVSOHQGLGRQHDQGZRXOGJODGO\EHDUP\
SDUWLQLWZHUHLWQRWOLNHO\WRH[FHHGP\VWUHQJWK
:KDWLVWKHUHWKDWGRHV127H[FHHG\RXUVWUHQJWK"VDLG0XUD]RY
1RWKLQJLVZKROO\SURSRUWLRQDWHWRLWHYHU\WKLQJVXUSDVVHVLW+HOS
IURPDERYHLVQHFHVVDU\RWKHUZLVHZHDUHDOOSRZHUOHVV6WUHQJWK
FRPHVRISUD\HUDQGRISUD\HUDORQH:KHQDPDQFURVVHVKLPVHOIDQG
FULHV
/RUGKDYHPHUF\XSRQPH
KHVRRQVWHPVWKHFXUUHQWDQGZLQV
WRWKHVKRUH1RUQHHG\RXWDNHDQ\SURORQJHGWKRXJKWFRQFHUQLQJWKLV

309

PDWWHU$OOWKDW\RXQHHGGRLVWRDFFHSWLWDVDFRPPLVVLRQVHQWRI
*RG7KHWLOWZDJJRQFDQEHSUHSDUHGIRU\RXLPPHGLDWHO\DQGWKHQDV
VRRQDV\RXKDYHEHHQWRWKH$UFKLPDQGULWHIRU\RXUERRNRIDFFRXQWV
DQGKLVEOHVVLQJ\RXZLOOEHIUHHWRVWDUWRQ\RXUMRXUQH\
,VXEPLWP\VHOIWR\RXDQGDFFHSWWKHFRPPLVVLRQDVDGLYLQHWUXVW
$QGHYHQDV.KOREXHYVSRNHKHIHOWUHQHZHGYLJRXUDQGFRQILGHQFHDULVH
LQKLVVRXODQGKLVPLQGEHJLQWRDZDNHWRDVHQVHRIKRSHIXOQHVVRI
HYHQWXDOO\EHLQJDEOHWRSXWWRIOLJKWKLVWURXEOHV$QGHYHQDVLW
ZDVWKHZRUOGVHHPHGWREHJURZLQJGLPWRKLVH\HV
0HDQZKLOHSOHDDIWHUSOHDKDGEHHQSUHVHQWHGWRWKHOHJDO
DXWKRULWLHVDQGGDLO\ZHUHUHODWLYHVZKRPQRRQHKDGEHIRUHKHDUGRI
SXWWLQJLQDQDSSHDUDQFH<HVOLNHYXOWXUHVWRDFRUSVHGLGWKHVH
JRRGIRONFRPHIORFNLQJWRWKHLPPHQVHSURSHUW\ZKLFK0DGDP.KDQDVDURY
KDGOHIWEHKLQGKHU(YHU\ZKHUHZHUHKHDUGUXPRXUVDJDLQVW&KLFKLNRY
UXPRXUVZLWKUHJDUGWRWKHYDOLGLW\RIWKHVHFRQGZLOOUXPRXUVZLWK
UHJDUGWRZLOOQXPEHURQHDQGUXPRXUVRIODUFHQ\DQGFRQFHDOPHQWRI
IXQGV$OVRWKHUHFDPHWRKDQGLQIRUPDWLRQZLWKUHJDUGERWKWR
&KLFKLNRY
VSXUFKDVHRIGHDGVRXOVDQGWRKLVFRQQLYLQJDWFRQWUDEDQG
JRRGVGXULQJKLVVHUYLFHLQWKH&XVWRPV'HSDUWPHQW,QVKRUWHYHU\
SRVVLEOHLWHPRIHYLGHQFHZDVH[KXPHGDQGWKHZKROHRIKLVSUHYLRXV
KLVWRU\LQYHVWLJDWHG+RZWKHDXWKRULWLHVKDGFRPHWRVXVSHFWDQGWR
DVFHUWDLQDOOWKLV*RGRQO\NQRZVEXWWKHIDFWUHPDLQVWKDWWKHUHKDG
IDOOHQLQWRWKHKDQGVRIWKRVHDXWKRULWLHVLQIRUPDWLRQFRQFHUQLQJ
PDWWHUVRIZKLFK&KLFKLNRYKDGEHOLHYHGRQO\KLPVHOIDQGWKHIRXU
ZDOOVWREHDZDUH7UXHIRUDWLPHWKHVHPDWWHUVUHPDLQHGZLWKLQWKH
FRJQLVDQFHRIQRQHEXWWKHIXQFWLRQDULHVFRQFHUQHGDQGIDLOHGWR
UHDFK&KLFKLNRY
VHDUVEXWDWOHQJWKDOHWWHUIURPDFRQILGHQWLDO
IULHQGJDYHKLPUHDVRQWRWKLQNWKDWWKHIDWZDVDERXWWRIDOOLQWR
WKHILUH6DLGWKHOHWWHUEULHIO\'HDUVLU,EHJWRDGYLVH\RXWKDW
SRVVLEO\OHJDOWURXEOHLVSHQGLQJEXWWKDW\RXKDYHQRFDXVHIRU
XQHDVLQHVVVHHLQJWKDWHYHU\WKLQJZLOOEHDWWHQGHGWRE\\RXUVYHU\
WUXO\<HWLQVSLWHRILWVWHQRUWKHHSLVWOHUHDVVXUHGLWV
UHFLSLHQW:KDWDJHQLXVWKHIHOORZLVWKRXJKW&KLFKLNRYWR
KLPVHOI1H[WWRFRPSOHWHKLVVDWLVIDFWLRQKLVWDLORUDUULYHGZLWK
WKHQHZVXLWZKLFKKHKDGRUGHUHG1RWZLWKRXWDFHUWDLQVHQVHRI
SULGHGLGRXUKHURLQVSHFWWKHIURFNFRDWRIVPRNHGJUH\VKRWZLWK
IODPHFRORXUDQGORRNDWLWIURPHYHU\SRLQWRIYLHZDQGWKHQWU\RQ
WKHEUHHFKHVWKHODWWHUILWWLQJKLPOLNHDSLFWXUHDQGTXLWH
FRQFHDOLQJDQ\GHILFLHQFLHVLQWKHPDWWHURIKLVWKLJKVDQGFDOYHV
WKRXJKZKHQEXFNOHGEHKLQGWKH\OHIWKLVVWRPDFKSURMHFWLQJOLNHD
GUXP 7UXHWKHFXVWRPHUUHPDUNHGWKDWWKHUHDSSHDUHGWREHDVOLJKW

310

WLJKWQHVVXQGHUWKHULJKWDUPSLWEXWWKHVPLOLQJWDLORURQO\UHMRLQHG
WKDWWKDWZRXOGFDXVHWKHZDLVWWRILWDOOWKHEHWWHU6LUKHVDLG
WULXPSKDQWO\\RXPD\UHVWDVVXUHGWKDWWKHZRUNKDVEHHQH[HFXWHG
H[DFWO\DVLWRXJKWWRKDYHEHHQH[HFXWHG1RRQHH[FHSWLQ6W
3HWHUVEXUJFRXOGKDYHGRQHLWEHWWHU$VDPDWWHURIIDFWWKH
WDLORUKLPVHOIKDLOHGIURP6W3HWHUVEXUJEXWFDOOHGKLPVHOIRQKLV
VLJQERDUG)RUHLJQ&RVWXPLHUIURP/RQGRQDQG3DULVWKHWUXWKEHLQJ
WKDWE\WKHXVHRIDGRXEOHEDUUHOOHGIORXULVKRIFLWLHVVXSHULRUWR
PHUH.DUOVUXKHDQG&RSHQKDJHQKHGHVLJQHGWRDFTXLUHEXVLQHVVDQG
FXWRXWKLVORFDOULYDOV
&KLFKLNRYJUDFLRXVO\VHWWOHGWKHPDQ
VDFFRXQWDQGDVVRRQDVKHKDG
JRQHSDUDGHGDWOHLVXUHDQGFRQDPRUHDQGDIWHUWKHPDQQHURIDQ
DUWLVWRIDHVWKHWLFWDVWHEHIRUHWKHPLUURU6RPHKRZKHVHHPHGWR
ORRNEHWWHUWKDQHYHULQWKHVXLWIRUKLVFKHHNVKDGQRZWDNHQRQD
VWLOOPRUHLQWHUHVWLQJDLUDQGKLVFKLQDQDGGHGVHGXFWLYHQHVVZKLOH
KLVZKLWHFROODUOHQWWRQHWRKLVQHFNWKHEOXHVDWLQWLHKHLJKWHQHG
WKHHIIHFWRIWKHFROODUWKHIDVKLRQDEOHGLFNH\VHWRIIWKHWLHWKH
ULFKVDWLQZDLVWFRDWHPSKDVLVHGWKHGLFNH\DQGWKH
VPRNHGJUH\VKRWZLWKIODPHFRORXUIURFNFRDWVKLQLQJOLNHVLON
VSOHQGLGO\URXQGHGRIIWKHZKROH:KHQKHWXUQHGWRWKHULJKWKH
ORRNHGZHOOZKHQKHWXUQHGWRWKHOHIWKHORRNHGHYHQEHWWHU,Q
VKRUWLWZDVDFRVWXPHZRUWK\RID/RUG&KDPEHUODLQRUWKHVSHFLHVRI
GDQG\ZKRVKULQNVIURPVZHDULQJLQWKH5XVVLDQODQJXDJHEXWDPSO\
UHOLHYHVKLVIHHOLQJVLQWKHODQJXDJHRI)UDQFH1H[WLQFOLQLQJKLV
KHDGVOLJKWO\WRRQHVLGHRXUKHURHQGHDYRXUHGWRSRVHDVWKRXJKKH
ZHUHDGGUHVVLQJDPLGGOHDJHGODG\RIH[TXLVLWHUHILQHPHQWDQGWKH
UHVXOWRIWKHVHHIIRUWVZDVDSLFWXUHZKLFKDQ\DUWLVWPLJKWKDYH
\HDUQHGWRSRUWUD\1H[WKLVGHOLJKWOHGKLPJUDFHIXOO\WRH[HFXWHD
KRSLQEDOOHWIDVKLRQVRWKDWWKHZDUGUREHWUHPEOHGDQGDERWWOHRI
HDXGH&RORJQHFDPHFUDVKLQJWRWKHIORRU<HWHYHQWKLVFRQWUHWHPSV
GLGQRWXSVHWKLPKHPHUHO\FDOOHGWKHRIIHQGLQJERWWOHDIRRODQG
WKHQGHEDWHGZKRPILUVWKHVKRXOGYLVLWLQKLVDWWUDFWLYHJXLVH
6XGGHQO\WKHUHUHVRXQGHGWKURXJKWKHKDOODFODWWHURIVSXUUHGKHHOV
DQGWKHQWKHYRLFHRIDJHQGDUPHVD\LQJ<RXDUHFRPPDQGHGWRSUHVHQW
\RXUVHOIEHIRUHWKH*RYHUQRU*HQHUDO7XUQLQJURXQG&KLFKLNRYVWDUHG
LQKRUURUDWWKHVSHFWDFOHSUHVHQWHGIRULQWKHGRRUZD\WKHUHZDV
VWDQGLQJDQDSSDULWLRQZHDULQJDKXJHPRXVWDFKHDKHOPHWVXUPRXQWHG
ZLWKDKRUVHKDLUSOXPHDSDLURIFURVVHGVKRXOGHUEHOWVDQGD
JLJDQWLFVZRUG$ZKROHDUP\PLJKWKDYHEHHQFRPELQHGLQWRDVLQJOH
LQGLYLGXDO$QGZKHQ&KLFKLNRYRSHQHGKLVPRXWKWRVSHDNWKH
DSSDULWLRQUHSHDWHG<RXDUHFRPPDQGHGWRSUHVHQW\RXUVHOIEHIRUHWKH
*RYHUQRU*HQHUDODQGDWWKHVDPHPRPHQWRXUKHURFDXJKWVLJKWERWK

311

RIDVHFRQGDSSDULWLRQRXWVLGHWKHGRRUDQGRIDFRDFKZDLWLQJEHQHDWK
WKHZLQGRZ:KDWZDVWREHGRQH"1RWKLQJZKDWHYHUZDVSRVVLEOH-XVW
DVKHVWRRGLQKLVVPRNHGJUH\VKRWZLWKIODPHFRORXUVXLWKHKDG
WKHQDQGWKHUHWRHQWHUWKHYHKLFOHDQGVKDNLQJLQHYHU\OLPEDQG
ZLWKDJHQGDUPHVHDWHGE\KLVVLGHWRVWDUWIRUWKHUHVLGHQFHRIWKH
*RYHUQRU*HQHUDO
$QGHYHQLQWKHKDOORIWKDWHVWDEOLVKPHQWQRWLPHZDVJLYHQKLPWR
SXOOKLPVHOIWRJHWKHUIRUDWRQFHDQDLGHGHFDPSVDLG*RLQVLGH
LPPHGLDWHO\IRUWKH3ULQFHLVDZDLWLQJ\RX$QGDVLQDGUHDPGLG
RXUKHURVHHDYHVWLEXOHZKHUHFRXULHUVZHUHEHLQJKDQGHGGLVSDWFKHV
DQGWKHQDVDORQZKLFKKHFURVVHGZLWKWKHWKRXJKW,VXSSRVH,DP
QRWWREHDOORZHGDWULDOEXWVKDOOEHVHQWVWUDLJKWWR6LEHULD$QG
DWWKHWKRXJKWKLVKHDUWVWDUWHGEHDWLQJLQDPDQQHUZKLFKWKHPRVW
MHDORXVRIORYHUVFRXOGQRWKDYHULYDOOHG$WOHQJWKWKHUHRSHQHGD
GRRUDQGEHIRUHKLPKHVDZDVWXG\IXOORISRUWIROLRVOHGJHUVDQG
GLVSDWFKER[HVZLWKVWDQGLQJEHKLQGWKHPWKHJUDYHO\PHQDFLQJ
ILJXUHRIWKH3ULQFH
7KHUHVWDQGVP\H[HFXWLRQHUWKRXJKW&KLFKLNRYWRKLPVHOI+HLV
DERXWWRWHDUPHWRSLHFHVDVDZROIWHDUVDODPE
,QGHHGWKH3ULQFH
VOLSVZHUHVLPSO\TXLYHULQJZLWKUDJH
2QFHEHIRUHGLG,VSDUH\RXKHVDLGDQGDOORZ\RXWRUHPDLQLQ
WKHWRZQZKHQ\RXRXJKWWRKDYHEHHQLQSULVRQ\HW\RXURQO\UHWXUQ
IRUP\FOHPHQF\KDVEHHQWRUHYHUWWRDFDUHHURIIUDXGDQGRIIUDXG
DVGLVKRQRXUDEOHDVHYHUDPDQHQJDJHGLQ
7RZKDWGLVKRQRXUDEOHIUDXGGR\RXUHIHU\RXU+LJKQHVV"DVNHG
&KLFKLNRYWUHPEOLQJIURPKHDGWRIRRW
7KH3ULQFHDSSURDFKHGDQGORRNHGKLPVWUDLJKWLQWKHH\HV
/HWPHWHOO\RXKHVDLGWKDWWKHZRPDQZKRP\RXLQGXFHGWR
ZLWQHVVDFHUWDLQZLOOKDVEHHQDUUHVWHGDQGWKDW\RXZLOOEH
FRQIURQWHGZLWKKHU
7KHZRUOGVHHPHGVXGGHQO\WRJURZGLPEHIRUH&KLFKLNRY
VVLJKW
<RXU+LJKQHVVKHJDVSHG,ZLOOWHOO\RXWKHZKROHWUXWKDQG
QRWKLQJEXWWKHWUXWK,DPJXLOW\\HV,DPJXLOW\EXW,DPQRWVR
JXLOW\DV\RXWKLQNIRU,ZDVOHGDZD\E\UDVFDOV

312

7KDWDQ\RQHFDQKDYHOHG\RXDZD\LVLPSRVVLEOHUHWRUWHGWKH
3ULQFH5HFRUGHGDJDLQVW\RXUQDPHWKHUHVWDQGPRUHIHORQLHVWKDQ
HYHQWKHPRVWKDUGHQHGOLDUFRXOGKDYHLQYHQWHG,EHOLHYHWKDWQHYHU
LQ\RXUOLIHKDYH\RXGRQHDGHHGQRWLQQDWHO\GLVKRQRXUDEOHWKDWQRW
DNRSHFNKDYH\RXHYHUREWDLQHGE\DXJKWEXWVKDPHIXOPHWKRGVRI
WULFNHU\DQGWKHIWWKHSHQDOW\IRUZKLFKLV6LEHULDDQGWKHNQXW%XW
HQRXJKRIWKLV)URPWKLVURRP\RXZLOOEHFRQYH\HGWRSULVRQZKHUH
ZLWKRWKHUURJXHVDQGWKLHYHV\RXZLOOEHFRQILQHGXQWLO\RXUWULDO
PD\FRPHRQ$QGWKLVLVOHQLHQWWUHDWPHQWRQP\SDUWIRU\RXDUH
ZRUVHIDUZRUVHWKDQWKHIHORQVZKRZLOOEH\RXUFRPSDQLRQV7+(<
DUHEXWSRRUPHQLQVPRFNVDQGVKHHSVNLQVZKHUHDV<28:LWKRXW
FRQFOXGLQJKLVZRUGVWKH3ULQFHVKRWDJODQFHDW&KLFKLNRY
V
VPRNHGJUH\VKRWZLWKIODPHFRORXUDSSDUHO
7KHQKHWRXFKHGDEHOO
<RXU+LJKQHVVFULHG&KLFKLNRYKDYHPHUF\XSRQPH<RXDUHWKH
IDWKHURIDIDPLO\6SDUHPHIRUWKHVDNHRIP\DJHGPRWKHU
5XEELVKH[FODLPHGWKH3ULQFH(YHQDVEHIRUH\RXEHVRXJKWPHIRU
WKHVDNHRIDZLIHDQGFKLOGUHQZKRP\RXGLGQRWHYHQSRVVHVVVRQRZ
\RXZRXOGVSHDNWRPHRIDQDJHGPRWKHU
<RXU+LJKQHVVSURWHVWHG&KLFKLNRYWKRXJK,DPDZUHWFKDQGWKH
ORZHVWRIUDVFDOVDQGWKRXJKLWLVWUXHWKDW,OLHGZKHQ,WROG\RX
WKDW,SRVVHVVHGDZLIHDQGFKLOGUHQ,VZHDUWKDWDV*RGLVP\
ZLWQHVVLWKDVDOZD\VEHHQP\'(6,5(WRSRVVHVVDZLIHDQGWR
IXOILODOOWKHGXWLHVRIDPDQDQGDFLWL]HQDQGWRHDUQWKHUHVSHFW
RIP\IHOORZVDQGWKHDXWKRULWLHV%XWZKDWFRXOGEHGRQHDJDLQVWWKH
IRUFHRIFLUFXPVWDQFHV"%\KRRNRUE\FURRN,KDYHHYHUEHHQIRUFHGWR
ZLQDOLYLQJWKRXJKFRQIURQWHGDWHYHU\VWHSE\ZLOHVDQGWHPSWDWLRQV
DQGWUDLWRURXVHQHPLHVDQGGHVSRLOHUV6RPXFKKDVWKLVEHHQVRWKDW
P\OLIHKDVWKURXJKRXWUHVHPEOHGDEDUTXHWRVVHGE\WHPSHVWXRXV
ZDYHVDEDUTXHGULYHQDWWKHPHUF\RIWKHZLQGV$K,DPRQO\DPDQ
\RXU+LJKQHVV
$QGLQDPRPHQWWKHWHDUVKDGJXVKHGLQWRUUHQWVIURPKLVH\HVDQGKH
KDGIDOOHQIRUZDUGDWWKH3ULQFH
VIHHWIDOOHQIRUZDUGMXVWDVKH
ZDVLQKLVVPRNHGJUH\VKRWZLWKIODPHFRORXUIURFNFRDWKLVYHOYHW
ZDLVWFRDWKLVVDWLQWLHDQGKLVH[TXLVLWHO\ILWWLQJEUHHFKHVZKLOH
IURPKLVQHDWO\EUXVKHGSDWHDVDJDLQDQGDJDLQKHVWUXFNKLVKDQG
DJDLQVWKLVIRUHKHDGWKHUHFDPHDQRGRURXVZKLIIRIEHVWTXDOLW\
HDXGH&RORJQH

313

$ZD\ZLWKKLPH[FODLPHGWKH3ULQFHWRWKHJHQGDUPHZKRKDGMXVW
HQWHUHG6XPPRQWKHHVFRUWWRUHPRYHKLP
<RXU+LJKQHVV&KLFKLNRYFULHGDJDLQDVKHFODVSHGWKH3ULQFH
V
NQHHVEXWVKXGGHULQJDOORYHUDQGVWUXJJOLQJWRIUHHKLPVHOIWKH
3ULQFHUHSHDWHGKLVRUGHUIRUWKHSULVRQHU
VUHPRYDO
<RXU+LJKQHVV,VD\WKDW,ZLOOQRWOHDYHWKLVURRPXQWLO\RXKDYH
DFFRUGHGPHPHUF\FULHG&KLFKLNRYDVKHFOXQJWRWKH3ULQFH
VOHJ
ZLWKVXFKWHQDFLW\WKDWIURFNFRDWDQGDOOKHEHJDQWREHGUDJJHG
DORQJWKHIORRU
$ZD\ZLWKKLP,VD\RQFHPRUHWKH3ULQFHH[FODLPHGZLWKWKHVRUW
RILQGHILQDEOHDYHUVLRQZKLFKRQHIHHOVDWWKHVLJKWRIDUHSXOVLYH
LQVHFWZKLFKKHFDQQRWVXPPRQXSWKHFRXUDJHWRFUXVKZLWKKLVERRW
6RFRQYXOVLYHO\GLGWKH3ULQFHVKXGGHUWKDW&KLFKLNRYFOLQJLQJWRKLV
OHJUHFHLYHGDNLFNRQWKHQRVH<HWVWLOOWKHSULVRQHUUHWDLQHGKLV
KROGXQWLODWOHQJWKDFRXSOHRIEXUO\JHQGDUPHVWRUHKLPDZD\DQG
JUDVSLQJKLVDUPVKXUULHGKLPSDOHGLVKHYHOOHGDQGLQWKDW
VWUDQJHKDOIFRQVFLRXVFRQGLWLRQLQWRZKLFKDPDQVLQNVZKHQKHVHHV
EHIRUHKLPRQO\WKHGDUNWHUULEOHILJXUHRIGHDWKWKHSKDQWRPZKLFK
LVVRDEKRUUHQWWRDOORXUQDWXUHVIURPWKHEXLOGLQJ%XWRQWKH
WKUHVKROGWKHSDUW\FDPHIDFHWRIDFHZLWK0XUD]RYDQGLQ&KLFKLNRY
V
KHDUWWKHFLUFXPVWDQFHUHYLYHGDUD\RIKRSH:UHVWLQJKLPVHOIZLWK
DOPRVWVXSHUQDWXUDOVWUHQJWKIURPWKHJUDVSRIWKHHVFRUWLQJ
JHQGDUPHVKHWKUHZKLPVHOIDWWKHIHHWRIWKHKRUURUVWULFNHQROG
PDQ
3DXO,YDQRYLWFK0XUD]RYH[FODLPHGZKDWKDVKDSSHQHGWR\RX"
6DYHPHJDVSHG&KLFKLNRY7KH\DUHWDNLQJPHDZD\WRSULVRQDQG
GHDWK
<HWDOPRVWDVKHVSRNHWKHJHQGDUPHVVHL]HGKLPDJDLQDQGKXUULHGKLP
DZD\VRVZLIWO\WKDW0XUD]RY
VUHSO\HVFDSHGKLVHDUV
$GDPSPRXOG\FHOOZKLFKUHHNHGRIVROGLHUV
ERRWVDQGOHJJLQJVDQ
XQYDUQLVKHGWDEOHWZRVRUU\FKDLUVDZLQGRZFORVHGZLWKDJUDWLQJD
FUD]\VWRYHZKLFKZKLOHOHWWLQJWKHVPRNHHPHUJHWKURXJKLWVFUDFNV
JDYHRXWQRKHDWVXFKZDVWKHGHQWRZKLFKWKHPDQZKRKDGMXVWEHJXQ
WRWDVWHWKHVZHHWVRIOLIHDQGWRDWWUDFWWKHDWWHQWLRQRIKLV
IHOORZVZLWKKLVQHZVXLWRIVPRNHGJUH\VKRWZLWKIODPHFRORXUQRZ
IRXQGKLPVHOIFRQVLJQHG1RWHYHQQHFHVVDULHVKDGKHEHHQDOORZHGWR
EULQJDZD\ZLWKKLPQRUKLVGLVSDWFKER[ZKLFKFRQWDLQHGDOOKLV

314

ERRW\1RZLWKWKHLQGHQWXUHGHHGVRIWKHGHDGVRXOVLWZDVORGJHG
LQWKHKDQGVRIDWFKLQRYQLNDQGDVKHWKRXJKWRIWKHVHWKLQJV
&KLFKLNRYUROOHGDERXWWKHIORRUDQGIHOWWKHFDQNHURXVZRUPRI
UHPRUVHVHL]HXSRQDQGJQDZDWKLVKHDUWDQGELWHLWVZD\HYHU
IXUWKHUDQGIXUWKHULQWRWKDWKHDUWVRGHIHQFHOHVVDJDLQVWLWV
UDYDJHVXQWLOKHPDGHXSKLVPLQGWKDWVKRXOGKHKDYHWRVXIIHU
DQRWKHUWZHQW\IRXUKRXUVRIWKLVPLVHU\WKHUHZRXOGQRORQJHUEHD
&KLFKLNRYLQWKHZRUOG<HWRYHUKLPDVRYHUHYHU\RQHWKHUHKXQJ
SRLVHGWKH$OO6DYLQJ+DQGDQGDQKRXUDIWHUKLVDUULYDODWWKH
SULVRQWKHGRRUVRIWKHJDRORSHQHGWRDGPLW0XUD]RY
&RPSDUHGZLWKSRRU&KLFKLNRY
VVHQVHRIUHOLHIZKHQWKHROGPDQ
HQWHUHGKLVFHOOHYHQWKHSOHDVXUHH[SHULHQFHGE\DWKLUVW\GXVW\
WUDYHOOHUZKHQKHLVJLYHQDGULQNRIFOHDUVSULQJZDWHUWRFRROKLV
GU\SDUFKHGWKURDWIDGHVLQWRLQVLJQLILFDQFH
$KP\GHOLYHUHUKHFULHGDVKHURVHIURPWKHIORRUZKHUHKHKDG
EHHQJURYHOOLQJLQKHDUWUHQGLQJSDUR[\VPVRIJULHI6HL]LQJWKHROG
PDQ
VKDQGKHNLVVHGLWDQGSUHVVHGLWWRKLVERVRP7KHQEXUVWLQJ
LQWRWHDUVKHDGGHG*RG+LPVHOIZLOOUHZDUG\RXIRUKDYLQJFRPHWR
YLVLWDQXQIRUWXQDWHZUHWFK
0XUD]RYORRNHGDWKLPVRUURZIXOO\DQGVDLGQRPRUHWKDQ$K3DXO
,YDQRYLWFK3DXO,YDQRYLWFK:KDWKDVKDSSHQHG"
:KDWKDVKDSSHQHG"FULHG&KLFKLNRY,KDYHEHHQUXLQHGE\DQ
DFFXUVHGZRPDQ7KDWZDVEHFDXVH,FRXOGQRWGRWKLQJVLQ
PRGHUDWLRQ,ZDVSRZHUOHVVWRVWRSP\VHOILQWLPH6DWDQWHPSWHGPH
DQGGURYHPHIURPP\VHQVHVDQGEHUHIWPHRIKXPDQSUXGHQFH<HV
WUXO\,KDYHVLQQHG,KDYHVLQQHG<HWKRZFDPH,VRWRVLQ"7RWKLQN
WKDWDGYRULDQLQ\HVDGYRULDQLQVKRXOGEHWKURZQLQWRSULVRQ
ZLWKRXWSURFHVVRUWULDO,UHSHDWDGYRULDQLQ:K\ZDV,QRWJLYHQ
WLPHWRJRKRPHDQGFROOHFWP\HIIHFWV":KHUHDVQRZWKH\DUHOHIWZLWK
QRRQHWRORRNDIWHUWKHP0\GLVSDWFKER[P\GLVSDWFKER[,W
FRQWDLQHGP\ZKROHSURSHUW\DOOWKDWP\KHDUW
VEORRGDQG\HDUVRI
WRLODQGZDQWKDYHEHHQQHHGHGWRDFTXLUH$QGQRZHYHU\WKLQJZLOOEH
VWROHQ$WKDQDVL9DVVLOLHYLWFKHYHU\WKLQJZLOOEHWDNHQIURPPH0\
*RG
$QGXQDEOHWRVWDQGDJDLQVWWKHWRUUHQWRIJULHIZKLFKFDPHUXVKLQJ
RYHUKLVKHDUWRQFHPRUHKHVREEHGDORXGLQWRQHVZKLFKSHQHWUDWHG
HYHQWKHWKLFNQHVVRIWKHSULVRQZDOOVDQGPDGHGXOOHFKRHVDZDNH
EHKLQGWKHP7KHQWHDULQJRIIKLVVDWLQWLHDQGVHL]LQJE\WKH
FROODUWKHVPRNHGJUH\VKRWZLWKIODPHFRORXUIURFNFRDWKHVWULSSHG

315

WKHODWWHUIURPKLVVKRXOGHUV
$K3DXO,YDQRYLWFKVDLGWKHROGPDQKRZHYHQQRZWKHSURSHUW\
ZKLFK\RXKDYHDFTXLUHGLVEOLQGLQJ\RXUH\HVDQGFDXVLQJ\RXWRIDLO
WRUHDOLVH\RXUWHUULEOHSRVLWLRQ
<HVP\JRRGIULHQGDQGEHQHIDFWRUZDLOHGSRRU&KLFKLNRY
GHVSDLULQJO\DQGFODVSLQJ0XUD]RYE\WKHNQHHV<HWVDYHPHLI\RX
FDQ7KH3ULQFHLVIRQGRI\RXDQGZRXOGGRDQ\WKLQJIRU\RXUVDNH
1R3DXO,YDQRYLWFKKRZHYHUPXFK,PLJKWZLVKWRVDYH\RXDQG
KRZHYHUPXFK,PLJKWWU\WRGRVR,FRXOGQRWKHOS\RXDV\RXGHVLUH
IRULWLVWRWKHSRZHURIDQLQH[RUDEOHODZDQGQRWWRWKHDXWKRULW\
RIDQ\RQHPDQWKDW\RXKDYHUHQGHUHG\RXUVHOIVXEMHFW
6DWDQWHPSWHGPHDQGKDVHQGHGE\PDNLQJRIPHDQRXWFDVWIURPWKH
KXPDQUDFH&KLFKLNRYEHDWKLVKHDGDJDLQVWWKHZDOODQGVWUXFNWKH
WDEOHZLWKKLVILVWXQWLOWKHEORRGVSXUWHGIURPKLVKDQG<HWQHLWKHU
KLVKHDGQRUKLVKDQGVHHPHGWREHFRQVFLRXVRIWKHOHDVWSDLQ
&DOP\RXUVHOI3DXO,YDQRYLWFKVDLG0XUD]RY&DOP\RXUVHOIDQG
FRQVLGHUKRZEHVW\RXFDQPDNH\RXUSHDFHZLWK*RG7KLQNRI\RXU
PLVHUDEOHVRXODQGQRWRIWKHMXGJPHQWRIPDQ
,ZLOO$WKDQDVL9DVVLOLHYLWFK,ZLOO%XWZKDWDIDWHLVPLQH'LG
HYHUVXFKDIDWHEHIDOODPDQ"7RWKLQNRIDOOWKHSDWLHQFHZLWKZKLFK
,KDYHJDWKHUHGP\NRSHFNVRIDOOWKHWRLODQGWURXEOHZKLFK,KDYH
HQGXUHG<HWZKDW,KDYHGRQHKDVQRWEHHQGRQHZLWKWKHLQWHQWLRQRI
UREELQJDQ\RQHQRURIFKHDWLQJWKH7UHDVXU\:K\WKHQGLG,JDWKHU
WKRVHNRSHFNV",JDWKHUHGWKHPWRWKHHQGWKDWRQHGD\,PLJKWEHDEOH
WROLYHLQSOHQW\DQGDOVRWRKDYHVRPHWKLQJWROHDYHWRWKHZLIHDQG
FKLOGUHQZKRPIRUWKHEHQHILWDQGZHOIDUHRIP\FRXQWU\,KRSHG
HYHQWXDOO\WRZLQDQGPDLQWDLQ7KDWZDVZK\,JDWKHUHGWKRVHNRSHFNV
7UXH,ZRUNHGE\GHYLRXVPHWKRGVWKDW,IXOO\DGPLWEXWZKDWHOVH
FRXOG,GR"$QGHYHQGHYLRXVPHWKRGV,HPSOR\HGRQO\ZKHQ,VDZWKDW
WKHVWUDLJKWURDGZRXOGQRWVHUYHP\SXUSRVHVRZHOODVDFURRNHG
0RUHRYHUDV,WRLOHGWKHDSSHWLWHIRUWKRVHPHWKRGVJUHZXSRQPH
<HWZKDW,WRRN,WRRNRQO\IURPWKHULFKZKHUHDVYLOODLQVH[LVWZKR
ZKLOHGUDZLQJWKRXVDQGVD\HDUIURPWKH7UHDVXU\GHVSRLOWKHSRRU
DQGWDNHIURPWKHPDQZLWKQRWKLQJHYHQWKDWZKLFKKHKDV,VLWQRW
WKHFUXHOW\RIIDWHWKHUHIRUHWKDWMXVWZKHQ,ZDVEHJLQQLQJWR
UHDSWKHKDUYHVWRIP\WRLOWRWRXFKLWVRWRVSHDNZLWKWKHWLSRI
RQHILQJHUWKHUHVKRXOGKDYHDULVHQDVXGGHQVWRUPZKLFKKDVVHQWP\
EDUTXHWRSLHFHVRQDURFN"0\FDSLWDOKDGQHDUO\UHDFKHGWKHVXPRI

316

WKUHHKXQGUHGWKRXVDQGURXEOHVDQGDWKUHHVWRULHGKRXVHZDVDVJRRG
DVPLQHDQGWZLFHRYHU,FRXOGKDYHERXJKWDFRXQWU\HVWDWH:K\
WKHQVKRXOGVXFKDWHPSHVWKDYHEXUVWXSRQPH":K\VKRXOG,KDYH
VXVWDLQHGVXFKDEORZ":DVQRWP\OLIHDOUHDG\OLNHDEDUTXHWRVVHGWR
DQGIURE\WKHELOORZV":KHUHLV+HDYHQ
VMXVWLFHZKHUHLVWKHUHZDUG
IRUDOOP\SDWLHQFHIRUP\ERXQGOHVVSHUVHYHUDQFH"7KUHHWLPHVGLG,
KDYHWREHJLQOLIHDIUHVKDQGHDFKWLPHWKDW,ORVWP\DOO,EHJDQ
ZLWKDVLQJOHNRSHFNDWDPRPHQWZKHQRWKHUPHQZRXOGKDYHJLYHQ
WKHPVHOYHVXSWRGHVSDLUDQGGULQN+RZPXFKGLG,QRWKDYHWR
RYHUFRPH+RZPXFKGLG,QRWKDYHWREHDU(YHU\NRSHFNZKLFK,JDLQHG
,KDGWRPDNHZLWKP\ZKROHVWUHQJWKIRUWKRXJKWRRWKHUVZHDOWK
PD\FRPHHDVLO\HYHU\FRLQRIPLQHKDGWREH
IRUJHGZLWKDQDLO
ZRUWKWKUHHNRSHFNV
DVWKHSURYHUEKDVLW:LWKVXFKDQDLOZLWKWKH
QDLORIDQLURQXQZHDU\LQJSHUVHYHUDQFHGLGB,BIRUJHP\NRSHFNV
&RQYXOVLYHO\VREELQJZLWKDJULHIZKLFKKHFRXOGQRWUHSUHVV
&KLFKLNRYVDQNXSRQDFKDLUWRUHIURPKLVVKRXOGHUVWKHODVWUDJJHG
WUDLOLQJUHPQDQWVRIKLVIURFNFRDWDQGKXUOHGWKHPIURPKLP7KHQ
WKUXVWLQJKLVILQJHUVLQWRWKHKDLUZKLFKKHKDGRQFHEHHQVRFDUHIXO
WRSUHVHUYHKHSXOOHGLWRXWE\KDQGIXOVDWDWLPHDVWKRXJKKH
KRSHGWKURXJKSK\VLFDOSDLQWRGHDGHQWKHPHQWDODJRQ\ZKLFKKHZDV
VXIIHULQJ
0HDQZKLOH0XUD]RYVDWJD]LQJLQVLOHQFHDWWKHXQZRQWHGVSHFWDFOHRID
PDQZKRKDGODWHO\EHHQPLQFLQJZLWKWKHJDLWRIDZRUOGOLQJRUD
PLOLWDU\IRSQRZZULWKLQJLQGLVKHYHOPHQWDQGGHVSDLUDVKHSRXUHGRXW
XSRQWKHKRVWLOHIRUFHVE\ZKLFKKXPDQLQJHQXLW\VRRIWHQILQGVLWVHOI
RXWZLWWHGDIORRGRILQYHFWLYH
3DXO,YDQRYLWFK3DXO,YDQRYLWFKDWOHQJWKVDLG0XUD]RYZKDW
FRXOGQRWHDFKRIXVULVHWREHGLGZHEXWGHYRWHWRJRRGHQGVWKH
VDPHPHDVXUHRIHQHUJ\DQGRISDWLHQFHZKLFKZHEHVWRZXSRQXQZRUWK\
REMHFWV+RZPXFKJRRGZRXOGQRW\RX\RXUVHOIKDYHHIIHFWHG<HW,GR
QRWJULHYHVRPXFKIRUWKHIDFWWKDW\RXKDYHVLQQHGDJDLQVW\RXU
IHOORZDV,JULHYHIRUWKHIDFWWKDW\RXKDYHVLQQHGDJDLQVW\RXUVHOI
DQGWKHULFKVWRUHRIJLIWVDQGRSSRUWXQLWLHVZKLFKKDVEHHQFRPPLWWHG
WR\RXUFDUH7KRXJKRULJLQDOO\GHVWLQHGWRULVH\RXKDYHZDQGHUHG
IURPWKHSDWKDQGIDOOHQ
$K$WKDQDVL9DVVLOLHYLWFKFULHGSRRU&KLFKLNRYFODVSLQJKLV
IULHQGVKDQGV,VZHDUWR\RXWKDWLI\RXZRXOGEXWUHVWRUHPHP\
IUHHGRPDQGUHFRYHUIRUPHP\ORVWSURSHUW\,ZRXOGOHDGDGLIIHUHQW
OLIHIURPWKLVWLPHIRUWK6DYHPH\RXZKRDORQHFDQZRUNP\
GHOLYHUDQFH6DYHPH

317

+RZFDQ,GRWKDW"6RWRGR,VKRXOGQHHGWRSURFXUHWKHVHWWLQJ
DVLGHRIDODZ$JDLQHYHQLI,ZHUHWRPDNHWKHDWWHPSWWKH3ULQFH
LVDVWULFWDGPLQLVWUDWRUDQGZRXOGUHIXVHRQDQ\FRQVLGHUDWLRQWR
UHOHDVH\RX
<HVEXWIRU\RXDOOWKLQJVDUHSRVVLEOH,WLVQRWWKHODZWKDW
WURXEOHVPHZLWKWKDW,FRXOGILQGDPHDQVWRGHDO,WLVWKHIDFW
WKDWIRUQRRIIHQFHDWDOO,KDYHEHHQFDVWLQWRSULVRQDQGWUHDWHG
OLNHDGRJDQGGHSULYHGRIP\SDSHUVDQGGLVSDWFKER[DQGDOOP\
SURSHUW\6DYHPHLI\RXFDQ
$JDLQFODVSLQJWKHROGPDQ
VNQHHVKHEHGHZHGWKHPZLWKKLVWHDUV
3DXO,YDQRYLWFKVDLG0XUD]RYVKDNLQJKLVKHDGKRZWKDWSURSHUW\
RI\RXUVVWLOOVHDOV\RXUH\HVDQGHDUVVRWKDW\RXFDQQRWVRPXFKDV
OLVWHQWRWKHSURPSWLQJVRI\RXURZQVRXO
$K,ZLOOWKLQNRIP\VRXOWRRLIRQO\\RXZLOOVDYHPH
3DXO,YDQRYLWFKWKHROGPDQEHJDQDJDLQDQGWKHQVWRSSHG)RUD
OLWWOHZKLOHWKHUHZDVDSDXVH
3DXO,YDQRYLWFKDWOHQJWKKHZHQWRQWRVDYH\RXGRHVQRWOLH
ZLWKLQP\SRZHU6XUHO\\RX\RXUVHOIVHHWKDW"%XWVRIDUDV,FDQ,
ZLOOHQGHDYRXUWRDWDOOHYHQWVOLJKWHQ\RXUORWDQGSURFXUH\RXU
HYHQWXDOUHOHDVH:KHWKHURUQRW,VKDOOVXFFHHG,GRQRWNQRZEXW,
ZLOOPDNHWKHDWWHPSW$QGVKRXOG,FRQWUDU\WRP\H[SHFWDWLRQV
SURYHVXFFHVVIXO,EHJRI\RXLQUHWXUQIRUWKHVHP\HIIRUWVWR
UHQRXQFHDOOWKRXJKWRIEHQHILWIURPWKHSURSHUW\ZKLFK\RXKDYH
DFTXLUHG6LQFHUHO\GR,DVVXUH\RXWKDWZHUH,P\VHOIWREHGHSULYHG
RIP\SURSHUW\ DQGP\SURSHUW\JUHDWO\H[FHHGV\RXUVLQPDJQLWXGH ,
VKRXOGQRWVKHGDVLQJOHWHDU,WLVQRWWKHSURSHUW\RIZKLFKPHQFDQ
GHSULYHXVWKDWPDWWHUVEXWWKHSURSHUW\RIZKLFKQRRQHRQHDUWKFDQ
GHSULYHRUGHVSRLOXV<RXDUHDPDQZKRKDVVHHQVRPHWKLQJRI
OLIHWRXVH\RXURZQZRUGV\RXKDYHEHHQDEDUTXHWRVVHGKLWKHUDQG
WKLWKHUE\WHPSHVWXRXVZDYHV\HWVWLOOZLOOWKHUHEHOHIWWR\RXD
UHPQDQWRIVXEVWDQFHRQZKLFKWROLYHDQGWKHUHIRUH,EHVHHFK\RXWR
VHWWOHGRZQLQVRPHTXLHWQRRNZKHUHWKHUHLVDFKXUFKDQGZKHUHQRQH
EXWSODLQJRRGKHDUWHGIRONDELGH2UVKRXOG\RXIHHOD\HDUQLQJWR
OHDYHEHKLQG\RXSRVWHULW\WDNHLQPDUULDJHDJRRGZRPDQZKRVKDOO
EULQJ\RXQRWPRQH\EXWDQDSWLWXGHIRUVLPSOHPRGHVWGRPHVWLF
OLIH%XWWKLVOLIHWKHOLIHRIWXUPRLOZLWKLWVORQJLQJVDQGLWV
WHPSWDWLRQVIRUJHWDQGOHWLWIRUJHW<28IRUWKHUHLVQRSHDFHLQ

318

LW6HHIRU\RXUVHOIKRZDWHYHU\VWHSLWEULQJVRQHEXWKDWUHGDQG
WUHDFKHU\DQGGHFHLW
,QGHHG\HVDJUHHGWKHUHSHQWDQW&KLFKLNRY*ODGO\ZLOO,GRDV
\RXZLVKVLQFHIRUPDQ\DGD\SDVWKDYH,EHHQORQJLQJWRDPHQGP\
OLIHDQGWRHQJDJHLQKXVEDQGU\DQGWRUHRUGHUP\DIIDLUV$GHPRQ
WKHWHPSWHU6DWDQKLPVHOIKDVEHJXLOHGPHDQGOHGPHIURPWKHULJKW
SDWK
6XGGHQO\WKHUHKDGUHFXUUHGWR&KLFKLNRYORQJXQNQRZQORQJXQIDPLOLDU
IHHOLQJV6RPHWKLQJVHHPHGWREHVWULYLQJWRFRPHWROLIHDJDLQLQ
KLPVRPHWKLQJGLPDQGUHPRWHVRPHWKLQJZKLFKKDGEHHQFUXVKHGRXWRI
KLVER\KRRGE\WKHGUHDU\GHDGHQLQJHGXFDWLRQRIKLV\RXWKIXOGD\V
E\KLVGHVRODWHKRPHE\KLVVXEVHTXHQWODFNRIIDPLO\WLHVE\WKH
SRYHUW\DQGQLJJDUGOLQHVVRIKLVHDUO\LPSUHVVLRQVE\WKHJULPH\HRI
IDWHDQH\HZKLFKKDGDOZD\VVHHPHGWREHUHJDUGLQJKLPDVWKURXJKD
PLVW\PRXUQIXOIURVWHQFUXVWHGZLQGRZSDQHDQGWREHPRFNLQJDWKLV
VWUXJJOHVIRUIUHHGRP$QGDVWKHVHIHHOLQJVFDPHEDFNWRWKHSHQLWHQW
DJURDQEXUVWIURPKLVOLSVDQGFRYHULQJKLVIDFHZLWKKLVKDQGVKH
PRDQHG,WLVDOOWUXHLWLVDOOWUXH
2IOLWWOHDYDLODUHNQRZOHGJHRIWKHZRUOGDQGH[SHULHQFHRIPHQ
XQOHVVEDVHGXSRQDVHFXUHIRXQGDWLRQREVHUYHG0XUD]RY7KRXJK\RX
KDYHIDOOHQ3DXO,YDQRYLWFKDZDNHWREHWWHUWKLQJVIRUDV\HWWKHUH
LVWLPH
1RQRJURDQHG&KLFKLNRYLQDYRLFHZKLFKPDGH0XUD]RY
VKHDUW
EOHHG,WLVWRRODWHWRRODWH0RUHDQGPRUHLVWKHFRQYLFWLRQ
JDLQLQJXSRQPHWKDW,DPSRZHUOHVVWKDW,KDYHVWUD\HGWRRIDUHYHU
WREHDEOHWRGRDV\RXELGPH7KHIDFWWKDW,KDYHEHFRPHZKDW,DP
LVGXHWRP\HDUO\VFKRROLQJIRUWKRXJKP\IDWKHUWDXJKWPHPRUDO
OHVVRQVDQGEHDWPHDQGVHWPHWRFRS\PD[LPVLQWRDERRNKH
KLPVHOIVWROHODQGIURPKLVQHLJKERXUVDQGIRUFHGPHWRKHOSKLP,
KDYHHYHQNQRZQKLPWREULQJDQXQMXVWVXLWDQGGHIUDXGWKHRUSKDQ
ZKRVHJXDUGLDQKHZDV&RQVHTXHQWO\,NQRZDQGIHHOWKDWWKRXJKP\
OLIHKDVEHHQGLIIHUHQWIURPKLV,GRQRWKDWHURJXHU\DV,RXJKWWR
KDWHLWDQGWKDWP\QDWXUHLVFRDUVHDQGWKDWLQPHWKHUHLVQRUHDO
ORYHIRUZKDWLVJRRGQRUHDOVSDUNRIWKDWEHDXWLIXOLQVWLQFWIRU
ZHOOGRLQJZKLFKEHFRPHVDVHFRQGQDWXUHDVHWWOHGKDELW$OVRQHYHU
GR,\HDUQWRVWULYHIRUZKDWLVULJKWDV,\HDUQWRDFTXLUHSURSHUW\
7KLVLVQRPRUHWKDQWKHWUXWK:KDWHOVHFRXOG,GREXWFRQIHVVLW"
7KHROGPDQVLJKHG

319

3DXO,YDQRYLWFKKHVDLG,NQRZWKDW\RXSRVVHVVZLOOSRZHUDQG
WKDW\RXSRVVHVVDOVRSHUVHYHUDQFH$PHGLFLQHPD\EHELWWHU\HWWKH
SDWLHQWZLOOJODGO\WDNHLWZKHQDVVXUHGWKDWRQO\E\LWVPHDQVFDQKH
UHFRYHU7KHUHIRUHLILWUHDOO\EHWKDW\RXKDYHQRJHQXLQHORYHIRU
GRLQJJRRGGRJRRGE\)25&,1*\RXUVHOIWRGRVR7KXV\RXZLOO
EHQHILW\RXUVHOIHYHQPRUHWKDQ\RXZLOOEHQHILWKLPIRUZKRVHVDNH
WKHDFWLVSHUIRUPHG2QO\IRUFH\RXUVHOIWRGRJRRGMXVWRQFHDQG
DJDLQDQGEHKROG\RXZLOOVXGGHQO\FRQFHLYHWKH758(ORYHIRU
ZHOOGRLQJ7KDWLVVREHOLHYHPH
$NLQJGRPLVWREHZRQRQO\E\
VWULYLQJ
VD\VWKHSURYHUE7KDWLVWRVD\WKLQJVDUHWREHDWWDLQHG
RQO\E\SXWWLQJIRUWKRQH
VZKROHVWUHQJWKVLQFHQRWKLQJVKRUWRI
RQH
VZKROHVWUHQJWKZLOOEULQJRQHWRWKHGHVLUHGJRDO3DXO
,YDQRYLWFKZLWKLQ\RXWKHUHLVDVRXUFHRIVWUHQJWKGHQLHGWRPDQ\
DQRWKHUPDQ,UHIHUWRWKHVWUHQJWKRIDQLURQSHUVHYHUDQFH&DQQRW
7+$7KHOS\RXWRRYHUFRPH"0RVWPHQDUHZHDNDQGODFNZLOOSRZHU
ZKHUHDV,EHOLHYHWKDW\RXSRVVHVVWKHSRZHUWRDFWDKHUR
VSDUW
6LQNLQJGHHSLQWR&KLFKLNRY
VKHDUWWKHVHZRUGVZRXOGVHHPWRKDYH
DURXVHGLQLWDIDLQWVWLUULQJRIDPELWLRQVRPXFKVRWKDWLILWZDV
QRWIRUWLWXGHZKLFKVKRQHLQKLVH\HVDWDOOHYHQWVLWZDVVRPHWKLQJ
YLULOHDQGRIPXFKWKHVDPHQDWXUH
$WKDQDVL9DVVLOLHYLWFKKHVDLGILUPO\LI\RXZLOOEXWSHWLWLRQ
IRUP\UHOHDVHDVZHOODVIRUSHUPLVVLRQIRUPHWROHDYHKHUHZLWKD
SRUWLRQRIP\SURSHUW\,VZHDUWR\RXRQP\ZRUGRIKRQRXUWKDW,
ZLOOEHJLQDQHZOLIHDQGEX\DFRXQWU\HVWDWHDQGEHFRPHWKHKHDG
RIDKRXVHKROGDQGVDYHPRQH\QRUIRUP\VHOIEXWIRURWKHUVDQGGR
JRRGHYHU\ZKHUHDQGWRWKHEHVWRIP\DELOLW\DQGIRUJHWDOLNH
P\VHOIDQGWKHIHDVWLQJDQGGHEDXFKHU\RIWRZQOLIHDQGOHDG
LQVWHDGDSODLQVREHUH[LVWHQFH
,QWKDWUHVROYHPD\*RGVWUHQJWKHQ\RXFULHGWKHROGPDQZLWK
XQERXQGHGMR\$QG,IRUP\SDUWZLOOGRP\XWPRVWWRSURFXUH\RXU
UHOHDVH$QGWKRXJK*RGDORQHNQRZVZKHWKHUP\HIIRUWVZLOOEH
VXFFHVVIXODWDOOHYHQWV,KRSHWREULQJDERXWDPLWLJDWLRQRI\RXU
VHQWHQFH&RPHOHWPHHPEUDFH\RX+RZ\RXKDYHILOOHGP\KHDUWZLWK
JODGQHVV:LWK*RG
VKHOS,ZLOOQRZJRWRWKH3ULQFH
$QGWKHQH[WPRPHQW&KLFKLNRYIRXQGKLPVHOIDORQH+LVZKROHQDWXUH
IHOWVKDNHQDQGVRIWHQHGHYHQDVZKHQWKHEHOORZVKDYHIDQQHGWKH
IXUQDFHWRDVXIILFLHQWKHDWDSODWHFRPSRXQGHGHYHQRIWKHKDUGHVW
DQGPRVWILUHUHVLVWLQJPHWDOGLVVROYHVJORZVDQGWXUQVWRWKH
OLTXHILHGVWDWH

320

,P\VHOIFDQIHHOEXWOLWWOHKHUHIOHFWHGEXW,LQWHQGWRXVHP\
HYHU\IDFXOW\WRKHOSRWKHUVWRIHHO,P\VHOIDPEXWEDGDQG
ZRUWKOHVVEXW,LQWHQGWRGRP\XWPRVWWRVHWRWKHUVRQWKHULJKW
URDG,P\VHOIDPEXWDQLQGLIIHUHQW&KULVWLDQEXW,LQWHQGWRVWULYH
QHYHUWR\LHOGWRWHPSWDWLRQEXWWRZRUNKDUGDQGWRWLOOP\ODQG
ZLWKWKHVZHDWRIP\EURZDQGWRHQJDJHRQO\LQKRQRXUDEOHSXUVXLWV
DQGWRLQIOXHQFHP\IHOORZVLQWKHVDPHGLUHFWLRQ)RUDIWHUDOODP
,VRYHU\XVHOHVV"$WOHDVW,FRXOGPDLQWDLQDKRXVHKROGIRU,DP
IUXJDODQGDFWLYHDQGLQWHOOLJHQWDQGVWHDGIDVW7KHRQO\WKLQJLVWR
PDNHXSP\PLQGWRLW
7KXV&KLFKLNRYSRQGHUHGDQGDVKHGLGVRKLVKDOIDZDNHQHGHQHUJLHV
RIVRXOWRXFKHGXSRQVRPHWKLQJ7KDWLVWRVD\GLPO\KLVLQVWLQFW
GLYLQHGWKDWHYHU\PDQKDVDGXW\WRSHUIRUPDQGWKDWWKDWGXW\PD\
EHSHUIRUPHGKHUHWKHUHDQGHYHU\ZKHUHDQGQRPDWWHUZKDWWKH
FLUFXPVWDQFHVDQGWKHHPRWLRQVDQGWKHGLIILFXOWLHVZKLFKFRPSDVVD
PDQDERXW$QGZLWKVXFKFOHDUQHVVGLG&KLFKLNRYPHQWDOO\SLFWXUHWR
KLPVHOIWKHOLIHRIJUDWHIXOWRLOZKLFKOLHVUHPRYHGIURPWKHEXVWOH
RIWRZQVDQGWKHWHPSWDWLRQVZKLFKPDQIRUJHWIXORIWKHREOLJDWLRQRI
ODERXUKDVLQYHQWHGWREHJXLOHDQKRXURILGOHQHVVWKDWDOPRVWRXU
KHURIRUJRWKLVXQSOHDVDQWSRVLWLRQDQGHYHQIHOWUHDG\WRWKDQN
3URYLGHQFHIRUWKHFDODPLW\ZKLFKKDGEHIDOOHQKLPSURYLGHGWKDWLW
VKRXOGHQGLQKLVEHLQJUHOHDVHGDQGLQKLVUHFHLYLQJEDFNDSRUWLRQ
RIKLVSURSHUW\
3UHVHQWO\WKHPDVVLYHGRRURIWKHFHOORSHQHGWRDGPLWDWFKLQRYQLN
QDPHG6DPRVYLWRYDUREXVWVHQVXDOLQGLYLGXDOZKRZDVUHSXWHGE\KLV
FRPUDGHVWREHVRPHWKLQJRIDUDNH+DGKHVHUYHGLQWKHDUP\KH
ZRXOGKDYHGRQHZRQGHUVIRUKHZRXOGKDYHVWRUPHGDQ\SRLQWKRZHYHU
GDQJHURXVDQGLQDFFHVVLEOHDQGFDSWXUHGFDQQRQXQGHUWKHYHU\QRVHV
RIWKHIRHEXWDVLWZDVWKHODFNRIDPRUHZDUOLNHILHOGIRUKLV
HQHUJLHVFDXVHGKLPWRGHYRWHWKHODWWHUSULQFLSDOO\WRGLVVLSDWLRQ
1HYHUWKHOHVVKHHQMR\HGJUHDWSRSXODULW\IRUKHZDVOR\DOWRWKH
SRLQWWKDWRQFHKLVZRUGKDGEHHQJLYHQQRWKLQJZRXOGHYHUPDNHKLP
EUHDNLW$WWKHVDPHWLPHVRPHUHDVRQRUDQRWKHUOHGKLPWRUHJDUG
KLVVXSHULRUVLQWKHOLJKWRIDKRVWLOHEDWWHU\ZKLFKFRPHZKDW
PLJKWKHPXVWEUHDFKDWDQ\ZHDNRUXQJXDUGHGVSRWRUJDSZKLFKPLJKW
EHFDSDEOHRIEHLQJXWLOLVHGIRUWKHSXUSRVH
:HKDYHDOOKHDUGRI\RXUSOLJKWKHEHJDQDVVRRQDVWKHGRRUKDG
EHHQVDIHO\FORVHGEHKLQGKLP<HVHYHU\RQHKDVKHDUGRILW%XW
QHYHUPLQG7KLQJVZLOO\HWFRPHULJKW:HZLOOGRRXUYHU\EHVWIRU
\RXDQGDFWDV\RXUKXPEOHVHUYDQWVLQHYHU\WKLQJ7KLUW\WKRXVDQG
URXEOHVLVRXUSULFHQRPRUH

321

,QGHHG"VDLG&KLFKLNRY$QGIRUWKDWVKDOO,EHFRPSOHWHO\
H[RQHUDWHG"
<HVFRPSOHWHO\DQGDOVRJLYHQVRPHFRPSHQVDWLRQIRU\RXUORVVRI
WLPH
$QGKRZPXFKDP,WRSD\LQUHWXUQ\RXVD\"
7KLUW\WKRXVDQGURXEOHVWREHGLYLGHGDPRQJRXUVHOYHVWKH
*RYHUQRU*HQHUDO
VVWDIIDQGWKH*RYHUQRU*HQHUDO
VVHFUHWDU\
%XWKRZLVHYHQWKDWWREHPDQDJHGIRUDOOP\HIIHFWVLQFOXGLQJP\
GLVSDWFKER[ZLOOKDYHEHHQVHDOHGXSDQGWDNHQDZD\IRU
H[DPLQDWLRQ"
,QDQKRXU
VWLPHWKH\ZLOOEHZLWKLQ\RXUKDQGVDJDLQVDLG
6DPRVYLWRY6KDOOZHVKDNHKDQGVRYHUWKHEDUJDLQ"
&KLFKLNRYGLGVRZLWKDEHDWLQJKHDUWIRUKHFRXOGVFDUFHO\EHOLHYH
KLVHDUV
)RUWKHSUHVHQWWKHQIDUHZHOOFRQFOXGHG6DPRVYLWRY,KDYH
LQVWUXFWHGDFHUWDLQPXWXDOIULHQGWKDWWKHLPSRUWDQWSRLQWVDUH
VLOHQFHDQGSUHVHQFHRIPLQG
+PWKRXJKW&KLFKLNRY,WLVWRP\ODZ\HUWKDWKHLVUHIHUULQJ
(YHQZKHQ6DPRVYLWRYKDGGHSDUWHGWKHSULVRQHUIRXQGLWGLIILFXOWWR
FUHGLWDOOWKDWKDGEHHQVDLG<HWQRWDQKRXUKDGHODSVHGEHIRUHD
PHVVHQJHUDUULYHGZLWKKLVGLVSDWFKER[DQGWKHSDSHUVDQGPRQH\
WKHUHLQSUDFWLFDOO\XQGLVWXUEHGDQGLQWDFW/DWHULWFDPHRXWWKDW
6DPRVYLWRYKDGDVVXPHGFRPSOHWHDXWKRULW\LQWKHPDWWHU)LUVWKHKDG
UHEXNHGWKHJHQGDUPHVJXDUGLQJ&KLFKLNRY
VHIIHFWVIRUODFNRI
YLJLODQFHDQGWKHQVHQWZRUGWRWKH6XSHULQWHQGHQWWKDWDGGLWLRQDO
PHQZHUHUHTXLUHGIRUWKHSXUSRVHDIWHUZKLFKKHKDGWDNHQWKH
GLVSDWFKER[LQWRKLVRZQFKDUJHUHPRYHGIURPLWHYHU\SDSHUZKLFK
FRXOGSRVVLEO\FRPSURPLVH&KLFKLNRYVHDOHGXSWKHUHVWLQDSDFNHW
DQGRUGHUHGDJHQGDUPHWRFRQYH\WKHZKROHWRWKHLURZQHURQWKH
SUHWHQFHRIIRUZDUGLQJKLPVXQGU\JDUPHQWVQHFHVVDU\IRUWKHQLJKW,Q
WKHUHVXOW&KLFKLNRYUHFHLYHGQRWRQO\KLVSDSHUVEXWDOVRVRPHZDUP
FORWKLQJIRUKLVK\SHUVHQVLWLYHOLPEV6XFKDVZLIWUHFRYHU\RIKLV
WUHDVXUHVGHOLJKWHGKLPEH\RQGH[SUHVVLRQDQGJDWKHULQJQHZKRSHKH
EHJDQRQFHPRUHWRGUHDPRIVXFKDOOXUHPHQWVDVWKHDWUHJRLQJDQGWKH

322

EDOOHWJLUODIWHUZKRPKHKDGIRUVRPHWLPHSDVWEHHQGDQJOLQJ
*UDGXDOO\GLGWKHFRXQWU\HVWDWHDQGWKHVLPSOHOLIHEHJLQWRUHFHGH
LQWRWKHGLVWDQFHJUDGXDOO\GLGWKHWRZQKRXVHDQGWKHOLIHRIJDLHW\
EHJLQWRORRPODUJHUDQGODUJHULQWKHIRUHJURXQG2KOLIHOLIH
0HDQZKLOHLQ*RYHUQPHQWRIILFHVDQGFKDQFHOORULHVWKHUHKDGEHHQVHW
RQIRRWDERXQGOHVVYROXPHRIZRUN&OHULFDOSHQVVODYHGDQGEUDLQV
VNLOOHGLQOHJDOFDVXVWRLOHGIRUHDFKRIILFLDOKDGWKHDUWLVW
V
OLNLQJIRUWKHFXUYHGOLQHLQSUHIHUHQFHWRWKHVWUDLJKW$QGDOOWKH
ZKLOHOLNHDKLGGHQPDJLFLDQ&KLFKLNRY
VODZ\HULPSDUWHGGULYLQJ
SRZHUWRWKDWPDFKLQHZKLFKFDXJKWXSDPDQLQWRLWVPHFKDQLVPEHIRUH
KHFRXOGHYHQORRNURXQG$QGWKHFRPSOH[LW\RILWLQFUHDVHGDQG
LQFUHDVHGIRU6DPRVYLWRYVXUSDVVHGKLPVHOILQLPSRUWDQFHDQGGDULQJ
2QOHDUQLQJRIWKHSODFHRIFRQILQHPHQWRIWKHZRPDQZKRKDGEHHQ
DUUHVWHGKHSUHVHQWHGKLPVHOIDWWKHGRRUVDQGSDVVHGVRZHOOIRUD
VPDUW\RXQJRIILFHURIJHQGDUPHU\WKDWWKHVHQWU\VDOXWHGDQGVSUDQJ
WRDWWHQWLRQ
+DYH\RXEHHQRQGXW\ORQJ"DVNHG6DPRVYLWRY
6LQFHWKLVPRUQLQJ\RXU([FHOOHQF\
$QGVKDOO\RXVRRQEHUHOLHYHG"
,QWKUHHKRXUVIURPQRZ\RXU([FHOOHQF\
3UHVHQWO\,VKDOOZDQW\RXVR,ZLOOLQVWUXFW\RXURIILFHUWRKDYH
\RXUHOLHYHGDWRQFH
9HU\JRRG\RXU([FHOOHQF\
+DVWHQLQJKRPHWKHUHDIWHUDWWRSVSHHGDQGGRQQLQJWKHXQLIRUPRID
JHQGDUPHZLWKDIDOVHPRXVWDFKHDQGDSDLURIIDOVHZKLVNHUVDQ
HQVHPEOHLQZKLFKWKHGHYLOKLPVHOIZRXOGQRWKDYHNQRZQKLP
6DPRVYLWRYWKHQPDGHIRUWKHJDROZKHUH&KLFKLNRYZDVFRQILQHGDQG
HQURXWHLPSUHVVHGLQWRWKHVHUYLFHWKHILUVWVWUHHWZRPDQZKRPKH
HQFRXQWHUHGDQGKDQGHGKHURYHUWRWKHFDUHRIWZR\RXQJIHOORZVRI
OLNHVRUWZLWKKLPVHOI7KHQH[WVWHSZDVWRKXUU\EDFNWRWKHSULVRQ
ZKHUHWKHRULJLQDOZRPDQKDGEHHQLQWHUQHGDQGWKHUHWRLQWLPDWHWR
WKHVHQWU\WKDWKH6DPRVYLWRY ZLWKZKLVNHUVDQGULIOHFRPSOHWH KDG
EHHQVHQWWRUHOLHYHWKHVDLGVHQWU\DWKLVSRVWDSURFHHGLQJZKLFK
RIFRXUVHHQDEOHGWKHQHZO\DUULYHGUHOLHIWRHQVXUHZKLOH
SHUIRUPLQJKLVVHOIDVVXPHGWXUQRIGXW\WKDWIRUWKHZRPDQO\LQJ
XQGHUDUUHVWWKHUHVKRXOGEHVXEVWLWXWHGWKHZRPDQUHFHQWO\UHFUXLWHG

323

WRWKHSORWDQGWKDWWKHIRUPHUVKRXOGWKHQEHFRQYH\HGWRDSODFHRI
FRQFHDOPHQWZKHUHVKHZDVKLJKO\XQOLNHO\WREHGLVFRYHUHG
0HDQZKLOH6DPRVYLWRY
VIHDWVLQWKHPLOLWDU\VSKHUHZHUHEHLQJ
ULYDOOHGE\WKHZRQGHUVZRUNHGE\&KLFKLNRY
VODZ\HULQWKHFLYLOLDQ
ILHOGRIDFWLRQ$VDILUVWVWHSWKHODZ\HUFDXVHGLWWREHLQWLPDWHG
WRWKHORFDO*RYHUQRUWKDWWKH3XEOLF3URVHFXWRUZDVHQJDJHGLQ
GUDZLQJXSDUHSRUWWRKLVWKHORFDO*RYHUQRU
VGHWULPHQW
ZKHUHDIWHUWKHODZ\HUFDXVHGLWWREHLQWLPDWHGDOVRWRWKH&KLHIRI
*HQGDUPHU\WKDWDFHUWDLQFRQILGHQWLDORIILFLDOZDVHQJDJHGLQGRLQJ
WKHVDPHE\+,0ZKHUHDIWHUDJDLQWKHODZ\HUFRQILGHGWRWKH
FRQILGHQWLDORIILFLDOLQTXHVWLRQWKDWRZLQJWRWKHGRFXPHQWDU\
H[HUWLRQVRIDQRIILFLDORIDVWLOOPRUHFRQILGHQWLDOQDWXUHWKDQWKH
ILUVWKH WKHFRQILGHQWLDORIILFLDOILUVWPHQWLRQHG ZDVLQDIDLU
ZD\WRILQGKLPVHOILQWKHVDPHERDWDVERWKWKHORFDO*RYHUQRUDQG
WKH&KLHIRI*HQGDUPHU\ZLWKWKHUHVXOWWKDWWKHZKROHWULRZHUH
UHGXFHGWRDIUDPHRIPLQGLQZKLFKWKH\ZHUHRQO\WRRJODGWRWXUQWR
KLP 6DPRVYLWRY IRUDGYLFH7KHXOWLPDWHDQGIDUFLFDOXSVKRWZDVWKDW
UHSRUWFDPHFURZGLQJXSRQUHSRUWDQGWKDWVXFKDOOHJHGGRLQJVZHUH
EURXJKWWROLJKWDVWKHVXQKDGQHYHUEHIRUHEHKHOG,QIDFWWKH
GRFXPHQWVLQTXHVWLRQHPSOR\HGDQ\WKLQJDQGHYHU\WKLQJDVPDWHULDO
HYHQWRDQQRXQFLQJWKDWVXFKDQGVXFKDQLQGLYLGXDOKDGDQ
LOOHJLWLPDWHVRQWKDWVXFKDQGVXFKDQRWKHUNHSWDSDLGPLVWUHVVDQG
WKDWVXFKDQGVXFKDWKLUGZDVWURXEOHGZLWKDJDGDERXWZLIHZKHUHE\
WKHUHEHFDPHLQWHUZRYHQZLWKDQGZHOGHGLQWR&KLFKLNRY
VSDVWKLVWRU\
DQGWKHVWRU\RIWKHGHDGVRXOVVXFKDFURSRIVFDQGDOVDQGLQQXHQGRHV
WKDWE\QRPDQQHURIPHDQVFRXOGDQ\PRUWDOGHFLGHWRZKLFKRIWKHVH
UXEELVK\URPDQFHVWRDZDUGWKHSDOPVLQFHDOOWKHPSUHVHQWHGDQHTXDO
FODLPWRWKDWKRQRXU1DWXUDOO\ZKHQDWOHQJWKWKHGRVVLHUUHDFKHG
WKH*RYHUQRU*HQHUDOKLPVHOILWVLPSO\IODEEHUJDVWHGWKHSRRUPDQDQG
HYHQWKHH[FHSWLRQDOO\FOHYHUDQGHQHUJHWLFVHFUHWDU\WRZKRPKH
GHSXWHGWKHPDNLQJRIDQDEVWUDFWRIWKHVDPHYHU\QHDUO\ORVWKLV
UHDVRQZLWKWKHVWUDLQRIDWWHPSWLQJWROD\KROGRIWKHWDQJOHGHQGRI
WKHVNHLQ,WKDSSHQHGWKDWMXVWDWWKDWWLPHWKH3ULQFHKDGVHYHUDO
RWKHULPSRUWDQWDIIDLUVRQKDQGDQGDIIDLUVRIDYHU\XQSOHDVDQW
QDWXUH7KDWLVWRVD\IDPLQHKDGPDGHLWVDSSHDUDQFHLQRQHSRUWLRQ
RIWKHSURYLQFHDQGWKHWFKLQRYQLNVVHQWWRGLVWULEXWHIRRGWRWKH
SHRSOHKDGGRQHWKHLUZRUNEDGO\LQDQRWKHUSRUWLRQRIWKHSURYLQFH
FHUWDLQ5DVNROQLNL>@ZHUHLQDVWDWHRIIHUPHQWRZLQJWRWKH
VSUHDGLQJRIDUHSRUWWKDQDQ$QWLFKULVWKDGDULVHQZKRZRXOGQRWHYHQ
OHWWKHGHDGUHVWEXWZDVSXUFKDVLQJWKHPZKROHVDOHZKHUHIRUHWKH
VDLG5DVNROQLNLZHUHVXPPRQLQJIRONWRSUD\HUDQGUHSHQWDQFHDQG
XQGHUFRYHURIFDSWXULQJWKH$QWLFKULVWLQTXHVWLRQZHUHEOXGJHRQLQJ
QRQ$QWLFKULVWVLQEDWFKHVODVWO\WKHSHDVDQWVRIDWKLUGSRUWLRQRI

324

WKHSURYLQFHKDGULVHQDJDLQVWWKHORFDOODQGRZQHUVDQG
VXSHULQWHQGHQWVRISROLFHIRUWKHUHDVRQWKDWFHUWDLQUDVFDOVKDG
VWDUWHGDUXPRXUWKDWWKHWLPHZDVFRPHZKHQWKHSHDVDQWVWKHPVHOYHV
ZHUHWREHFRPHODQGRZQHUVDQGWRZHDUIURFNFRDWVZKLOHWKH
ODQGRZQHUVLQEHLQJZHUHDERXWWRUHYHUWWRWKHSHDVDQWVWDWHDQGWR
WDNHWKHLURZQZDUHVWRPDUNHWZKHUHIRUHRQHRIWKHORFDOYRORVWV>@
REOLYLRXVRIWKHIDFWWKDWDQRUGHURIWKLQJVRIWKDWNLQGZRXOGOHDG
WRDVXSHUIOXLW\DOLNHRIODQGRZQHUVDQGRIVXSHULQWHQGHQWVRISROLFH
KDGUHIXVHGWRSD\LWVWD[HVDQGQHFHVVLWDWHGUHFRXUVHWRIRUFLEOH
PHDVXUHV+HQFHLWZDVLQDPRRGRIWKHJUHDWHVWSRVVLEOHGHVSRQGHQF\
WKDWWKHSRRU3ULQFHZDVVLWWLQJSOXQJHGZKHQZRUGZDVEURXJKWWRKLP
WKDWWKHROGPDQZKRKDGJRQHEDLOIRU&KLFKLNRYZDVZDLWLQJWRVHH
KLP
>@'LVVHQWHUVRU2OG%HOLHYHUVLHPHPEHUVRIWKHVHFWZKLFK
UHIXVHGWRDFFHSWWKHUHYLVHGYHUVLRQRIWKH&KXUFK6HUYLFH%RRNV
SURPXOJDWHGE\WKH3DWULDUFK1LNRQLQ
>@)LVFDOGLVWULFWV
6KRZKLPLQVDLGWKH3ULQFHDQGWKHROGPDQHQWHUHG
$ILQHIHOORZ\RXU&KLFKLNRYEHJDQWKH3ULQFHDQJULO\<RX
GHIHQGHGKLPDQGZHQWEDLOIRUKLPHYHQWKRXJKKHKDGEHHQXSWR
EXVLQHVVZKLFKHYHQWKHORZHVWWKLHIZRXOGQRWKDYHWRXFKHG
3DUGRQPH\RXU+LJKQHVV,GRQRWXQGHUVWDQGWRZKDW\RXDUH
UHIHUULQJ
,DPUHIHUULQJWRWKHPDWWHURIWKHIUDXGXOHQWZLOO7KHIHOORZRXJKW
WRKDYHEHHQJLYHQDSXEOLFIORJJLQJIRULW
$OWKRXJKWRH[FXOSDWH&KLFKLNRYLVQRWP\LQWHQWLRQPLJKW,DVN\RX
ZKHWKHU\RXGRQRWWKLQNWKHFDVHLVQRQSURYHQ"$WDOOHYHQWV
VXIILFLHQWHYLGHQFHDJDLQVWKLPLVVWLOOODFNLQJ
:KDW":HKDYHDVFKLHIZLWQHVVWKHZRPDQZKRSHUVRQDWHGWKHGHFHDVHG
DQG,ZLOOKDYHKHULQWHUURJDWHGLQ\RXUSUHVHQFH
7RXFKLQJDEHOOWKH3ULQFHRUGHUHGKHUWREHVHQWIRU
,WLVDPRVWGLVJUDFHIXODIIDLUKHZHQWRQDQGDVKDPHGWKRXJK,
DPWRKDYHWRVD\LWVRPHRIRXUOHDGLQJWFKLQRYQLNVLQFOXGLQJWKH
ORFDO*RYHUQRUKLPVHOIKDYHEHFRPHLPSOLFDWHGLQWKHPDWWHU<HW\RX

325

WHOOPHWKDWWKLV&KLFKLNRYRXJKWQRWWREHFRQILQHGDPRQJWKLHYHVDQG
UDVFDOV&OHDUO\WKH*RYHUQRU*HQHUDO
VZUDWKZDVYHU\JUHDWLQGHHG
<RXU+LJKQHVVVDLG0XUD]RYWKH*RYHUQRURIWKHWRZQLVRQHRIWKH
KHLUVXQGHUWKHZLOOZKHUHIRUHKHKDVDFHUWDLQULJKWWRLQWHUYHQH
$OVRWKHIDFWWKDWH[WUDQHRXVSHUVRQVKDYHPHGGOHGLQWKHPDWWHULV
RQO\ZKDWLVWREHH[SHFWHGIURPKXPDQQDWXUH$ULFKZRPDQGLHVDQG
QRH[DFWUHJXODUGLVSRVLWLRQRIKHUSURSHUW\LVPDGH+HQFHWKHUH
FRPHVIORFNLQJIURPHYHU\VLGHDFORXGRIIRUWXQHKXQWHUV:KDWHOVH
FRXOGRQHH[SHFW"6XFKLVKXPDQQDWXUH
<HVEXWZK\VKRXOGVXFKSHUVRQVJRDQGFRPPLWIUDXG"DVNHGWKH
3ULQFHLUULWDEO\,IHHODVWKRXJKQRWDVLQJOHKRQHVWWFKLQRYQLN
ZHUHDYDLODEOHDVWKRXJKHYHU\RQHRIWKHPZHUHDURJXH
<RXU+LJKQHVVZKLFKRIXVLVDOWRJHWKHUEH\RQGUHSURDFK"7KH
WFKLQRYQLNVRIRXUWRZQDUHKXPDQEHLQJVDQGQRPRUH6RPHRIWKHP
DUHPHQRIZRUWKDQGQHDUO\DOORIWKHPPHQVNLOOHGLQ
EXVLQHVVWKRXJKDOVRXQIRUWXQDWHO\ODUJHO\LQWHUUHODWHG
1RZWHOOPHWKLV$WKDQDVL9DVVLOLHYLWFKVDLGWKH3ULQFHIRU\RX
DUHDERXWWKHRQO\KRQHVWPDQRIP\DFTXDLQWDQFH:KDWKDVLQVSLUHGLQ
\RXVXFKDSHQFKDQWIRUGHIHQGLQJUDVFDOV"
7KLVUHSOLHG0XUD]RY7DNHDQ\PDQ\RXOLNHRIWKHSHUVRQVZKRP
\RXWKXVWHUPUDVFDOV7KDWPDQQRQHWKHOHVVUHPDLQVDKXPDQEHLQJ
7KDWEHLQJVRKRZFDQRQHUHIXVHWRGHIHQGKLPZKHQDOOWKHWLPHRQH
NQRZVWKDWKDOIKLVHUURUVKDYHEHHQFRPPLWWHGWKURXJKLJQRUDQFHDQG
VWXSLGLW\"(DFKRIXVFRPPLWVIDXOWVZLWKHYHU\VWHSWKDWZHWDNH
HDFKRIXVHQWDLOVXQKDSSLQHVVXSRQRWKHUVZLWKHYHU\EUHDWKWKDWZH
GUDZDQGWKDWDOWKRXJKZHPD\KDYHQRHYLOLQWHQWLRQZKDWHYHULQRXU
PLQGV<RXU+LJKQHVVKLPVHOIKDVEHIRUHQRZFRPPLWWHGDQLQMXVWLFH
RIWKHJUDYHVWQDWXUH
B,BKDYH"FULHGWKH3ULQFHWDNHQDEDFNE\WKLVXQH[SHFWHGWXUQ
JLYHQWRWKHFRQYHUVDWLRQ
0XUD]RYUHPDLQHGVLOHQWIRUDPRPHQWDVWKRXJKKHZHUHGHEDWLQJ
VRPHWKLQJLQKLVWKRXJKWV7KHQKHVDLG
1HYHUWKHOHVVLWLVDV,VD\<RXFRPPLWWHGWKHLQMXVWLFHLQWKHFDVH
RIWKHODG'LHUSLHQQLNRY
:KDW$WKDQDVL9DVVLOLHYLWFK"7KHIHOORZKDGLQIULQJHGRQHRIWKH

326

)XQGDPHQWDO/DZV+HKDGEHHQIRXQGJXLOW\RIWUHDVRQ
,DPQRWVHHNLQJWRMXVWLI\KLP,DPRQO\DVNLQJ\RXZKHWKHU\RX
WKLQNLWULJKWWKDWDQLQH[SHULHQFHG\RXWKZKRKDGEHHQWHPSWHGDQG
OHGDZD\E\RWKHUVVKRXOGKDYHUHFHLYHGWKHVDPHVHQWHQFHDVWKHPDQ
ZKRKDGWDNHQWKHFKLHISDUWLQWKHDIIDLU7KDWLVWRVD\DOWKRXJK
'LHUSLHQQLNRYDQGWKHPDQ9RURQ'ULDQQLUHFHLYHGDQHTXDOPHDVXUHRI
SXQLVKPHQWWKHLU&5,0,1$/,7<ZDVQRWHTXDO
,IH[FODLPHGWKH3ULQFHH[FLWHGO\\RXNQRZDQ\WKLQJIXUWKHU
FRQFHUQLQJWKHFDVHIRU*RG
VVDNHWHOOLWPHDWRQFH2QO\WKHRWKHU
GD\GLG,IRUZDUGDUHFRPPHQGDWLRQWKDW6W3HWHUVEXUJVKRXOGUHPLWD
SRUWLRQRIWKHVHQWHQFH
<RXU+LJKQHVVUHSOLHG0XUD]RY,GRQRWPHDQWKDW,NQRZRI
DQ\WKLQJZKLFKGRHVQRWOLHDOVRZLWKLQ\RXURZQFRJQLVDQFHWKRXJK
RQHFLUFXPVWDQFHWKHUHZDVZKLFKPLJKWKDYHWROGLQWKHODG
VIDYRXU
KDGKHQRWUHIXVHGWRDGPLWLWOHVWDQRWKHUVKRXOGVXIIHULQMXU\$OO
WKDW,KDYHLQP\PLQGLVWKLV2QWKDWRFFDVLRQZHUH\RXQRWDOLWWOH
RYHUKDVW\LQFRPLQJWRDFRQFOXVLRQ"<RXZLOOXQGHUVWDQGRIFRXUVH
WKDW,DPMXGJLQJRQO\DFFRUGLQJWRP\RZQSRRUOLJKWVDQGIRUWKH
UHDVRQWKDWRQPRUHWKDQRQHRFFDVLRQ\RXKDYHXUJHGPHWREHIUDQN
,QWKHGD\VZKHQ,P\VHOIDFWHGDVDFKLHIRIJHQGDUPHU\,FDPHLQ
FRQWDFWZLWKDJUHDWQXPEHURIDFFXVHGVRPHRIWKHPEDGVRPHRIWKHP
JRRGDQGLQHDFKFDVH,IRXQGLWZHOODOVRWRFRQVLGHUDPDQ
VSDVW
FDUHHUIRUWKHUHDVRQWKDWXQOHVVRQHYLHZVWKLQJVFDOPO\LQVWHDG
RIDWRQFHGHFU\LQJDPDQKHLVDSWWRWDNHDODUPDQGWRPDNHLW
LPSRVVLEOHWKHUHDIWHUWRJHWDQ\UHDOFRQIHVVLRQIURPKLP,IRQWKH
RWKHUKDQG\RXTXHVWLRQDPDQDVIULHQGPLJKWTXHVWLRQIULHQGWKH
UHVXOWZLOOEHWKDWVWUDLJKWZD\KHZLOOWHOO\RXHYHU\WKLQJQRUDVN
IRUPLWLJDWLRQRIKLVSHQDOW\QRUEHDU\RXWKHOHDVWPDOLFHLQWKDW
KHZLOOXQGHUVWDQGWKDWLWLVQRW\RXZKRKDYHSXQLVKHGKLPEXWWKH
ODZ
7KH3ULQFHUHODSVHGLQWRWKRXJKWXQWLOSUHVHQWO\WKHUHHQWHUHGD
\RXQJWFKLQRYQLN3RUWIROLRLQKDQGWKLVRIILFLDOVWRRGZDLWLQJ
UHVSHFWIXOO\&DUHDQGKDUGZRUNKDGDOUHDG\LPSULQWHGWKHLULQVLJQLD
XSRQKLVIUHVK\RXQJIDFHIRUHYLGHQWO\KHKDGQRWEHHQLQWKH
6HUYLFHIRUQRWKLQJ$VDPDWWHURIIDFWKLVJUHDWHVWMR\ZDVWR
ODERXUDWDWDQJOHGFDVHDQGVXFFHVVIXOO\WRXQUDYHOLW
>$WWKLVSRLQWDORQJKLDWXVRFFXUVLQWKHRULJLQDO@

327

,ZLOOVHQGFRUQWRWKHORFDOLWLHVZKHUHIDPLQHLVZRUVWVDLG
0XUD]RYIRU,XQGHUVWDQGWKDWVRUWRIZRUNEHWWHUWKDQGRWKH
WFKLQRYQLNVDQGZLOOSHUVRQDOO\VHHWRWKHQHHGVRIHDFKSHUVRQ
$OVRLI\RXZLOODOORZPH\RXU+LJKQHVV,ZLOOJRDQGKDYHDWDON
ZLWKWKH5DVNROQLNL7KH\DUHPRUHOLNHO\WROLVWHQWRDSODLQPDQ
WKDQWRDQRIILFLDO*RGNQRZVZKHWKHU,VKDOOVXFFHHGLQFDOPLQJ
WKHPEXWDWOHDVWQRWFKLQRYQLNFRXOGGRVRIRURIILFLDOVRIWKH
NLQGPHUHO\GUDZXSUHSRUWVDQGORVHWKHLUZD\DPRQJWKHLURZQ
GRFXPHQWVZLWKWKHUHVXOWWKDWQRWKLQJFRPHVRILW1RUZLOO,DFFHSW
IURP\RXDQ\PRQH\IRUWKHVHSXUSRVHVVLQFH,DPDVKDPHGWRGHYRWHDV
PXFKDVDWKRXJKWWRP\RZQSRFNHWDWDWLPHZKHQPHQDUHG\LQJRI
KXQJHU,KDYHDODUJHVWRFNRIJUDLQO\LQJLQP\JUDQDULHVLQ
DGGLWLRQWRZKLFK,KDYHVHQWRUGHUVWR6LEHULDWKDWDQHZ
FRQVLJQPHQWVKDOOEHIRUZDUGHGPHEHIRUHWKHFRPLQJVXPPHU
2IDVXUHW\ZLOO*RGUHZDUG\RXIRU\RXUVHUYLFHV$WKDQDVL
9DVVLOLHYLWFK1RWDQRWKHUZRUGZLOO,VD\WR\RXRQWKHVXEMHFWIRU
\RX\RXUVHOIIHHOWKDWDQ\ZRUGVIURPPHZRXOGEHLQDGHTXDWH<HWWHOO
PHRQHWKLQJ,UHIHUWRWKHFDVHRIZKLFK\RXNQRZ+DYH,WKHULJKW
WRSDVVRYHUWKHFDVH"$OVRZRXOGLWEHMXVWDQGKRQRXUDEOHRQP\
SDUWWROHWWKHRIIHQGLQJWFKLQRYQLNVJRXQSXQLVKHG"
<RXU+LJKQHVVLWLVLPSRVVLEOHWRUHWXUQDGHILQLWHDQVZHUWRWKRVH
WZRTXHVWLRQVDQGWKHPRUHVREHFDXVHPDQ\UDVFDOVDUHDWKHDUWPHQ
RIUHFWLWXGH+XPDQSUREOHPVDUHGLIILFXOWWKLQJVWRVROYH6RPHWLPHV
DPDQPD\EHGUDZQLQWRDYLFLRXVFLUFOHVRWKDWKDYLQJRQFHHQWHUHG
LWKHFHDVHVWREHKLPVHOI
%XWZKDWZRXOGWKHWFKLQRYQLNVVD\LI,DOORZHGWKHFDVHWREHSDVVHG
RYHU":RXOGQRWVRPHRIWKHPWXUQXSWKHLUQRVHVDWPHDQGGHFODUH
WKDWWKH\KDYHHIIHFWHGP\LQWLPLGDWLRQ"6XUHO\WKH\ZRXOGEHWKHODVW
SHUVRQVLQWKHZRUOGWRUHVSHFWPHIRUP\DFWLRQ"
<RXU+LJKQHVV,WKLQNWKLVWKDW\RXUEHVWFRXUVHZRXOGEHWRFDOO
WKHPWRJHWKHUDQGWRLQIRUPWKHPWKDW\RXNQRZHYHU\WKLQJDQGWR
H[SODLQWRWKHP\RXUSHUVRQDODWWLWXGH H[DFWO\DV\RXKDYHH[SODLQHG
LWWRPH DQGWRHQGE\DWRQFHUHTXHVWLQJWKHLUDGYLFHDQGDVNLQJ
WKHPZKDWHDFKRIWKHPZRXOGKDYHGRQHKDGKHEHHQSODFHGLQVLPLODU
FLUFXPVWDQFHV
:KDW"<RXWKLQNWKDWWKRVHWFKLQRYQLNVZRXOGEHVRDFFHVVLEOHWR
ORIW\PRWLYHVWKDWWKH\ZRXOGFHDVHWKHUHDIWHUWREHYHQDODQG
PHWLFXORXV",VKRXOGEHODXJKHGDWIRUP\SDLQV

328

,WKLQNQRW\RXU+LJKQHVV(YHQWKHEDVHUVHFWLRQRIKXPDQLW\
SRVVHVVHVDFHUWDLQVHQVHRIHTXLW\<RXUZLVHVWSODQ\RXU+LJKQHVV
ZRXOGEHWRFRQFHDOQRWKLQJDQGWRVSHDNWRWKHPDV\RXKDYHMXVW
VSRNHQWRPH,IDWSUHVHQWWKH\LPDJLQH\RXWREHDPELWLRXVDQG
SURXGDQGXQDSSURDFKDEOHDQGVHOIDVVXUHG\RXUDFWLRQZRXOGDIIRUG
WKHPDQRSSRUWXQLW\RIVHHLQJKRZWKHFDVHUHDOO\VWDQGV:K\VKRXOG
\RXKHVLWDWH"<RXZRXOGEXWEHH[HUFLVLQJ\RXUXQGRXEWHGULJKW6SHDN
WRWKHPDVWKRXJKGHOLYHULQJQRWDPHVVDJHRI\RXURZQEXWDPHVVDJH
IURP*RG
,ZLOOWKLQNLWRYHUWKH3ULQFHVDLGPXVLQJO\DQGPHDQZKLOH,
WKDQN\RXIURPP\KHDUWIRU\RXUJRRGDGYLFH
$OVR,VKRXOGRUGHU&KLFKLNRYWROHDYHWKHWRZQVXJJHVWHG0XUD]RY
<HV,ZLOOGRVR7HOOKLPIURPPHWKDWKHLVWRGHSDUWKHQFHDV
TXLFNO\DVSRVVLEOHDQGWKDWWKHIXUWKHUKHVKRXOGUHPRYHKLPVHOI
WKHEHWWHULWZLOOEHIRUKLP$OVRWHOOKLPWKDWLWLVRQO\RZLQJWR
\RXUHIIRUWVWKDWKHKDVUHFHLYHGDSDUGRQDWP\KDQGV
0XUD]RYERZHGDQGSURFHHGHGIURPWKH3ULQFH
VSUHVHQFHWRWKDWRI
&KLFKLNRY+HIRXQGWKHSULVRQHUFKHHUIXOO\HQMR\LQJDKHDUW\GLQQHU
ZKLFKXQGHUKRWFRYHUVKDGEHHQEURXJKWKLPIURPDQH[FHHGLQJO\
H[FHOOHQWNLWFKHQ%XWDOPRVWWKHILUVWZRUGVZKLFKKHXWWHUHGVKRZHG
0XUD]RYWKDWWKHSULVRQHUKDGEHHQKDYLQJGHDOLQJVZLWKWKHDUP\RI
EULEHWDNHUVDVDOVRWKDWLQWKRVHWUDQVDFWLRQVKLVODZ\HUKDGSOD\HG
WKHSULQFLSDOSDUW
/LVWHQ3DXO,YDQRYLWFKWKHROGPDQVDLG,EULQJ\RX\RXU
IUHHGRPEXWRQO\RQWKLVFRQGLWLRQWKDW\RXGHSDUWRXWRIWKHWRZQ
IRUWKZLWK7KHUHIRUHJDWKHUWRJHWKHU\RXUHIIHFWVDQGZDVWHQRWD
PRPHQWOHVWZRUVHEHIDOO\RX$OVRRIDOOWKDWDFHUWDLQSHUVRQKDV
FRQWULYHGWRGRRQ\RXUEHKDOI,DPDZDUHZKHUHIRUHOHWPHWHOO\RX
DVEHWZHHQRXUVHOYHVWKDWVKRXOGWKHFRQVSLUDF\FRPHWROLJKW
QRWKLQJRQHDUWKFDQVDYHKLPDQGLQKLVIDOOKHZLOOLQYROYHRWKHUV
UDWKHUWKHQEHOHIWXQDFFRPSDQLHGLQWKHOXUFKDQGQRWVHHWKHJXLOW
VKDUHG+RZLVLWWKDWZKHQ,OHIW\RXUHFHQWO\\RXZHUHLQDEHWWHU
IUDPHRIPLQGWKDQ\RXDUHQRZ",EHJRI\RXQRWWRWULIOHZLWKWKH
PDWWHU$KPHZKDWERRWVWKDWZHDOWKIRUZKLFKPHQGLVSXWHDQGFXW
RQHDQRWKHU
VWKURDWV"'RWKH\WKLQNWKDWLWLVSRVVLEOHWRSURVSHULQ
WKLVZRUOGZLWKRXWWKLQNLQJRIWKHZRUOGWRFRPH"%HOLHYHPHZKHQ,
VD\WKDWXQWLODPDQVKDOOKDYHUHQRXQFHGDOOWKDWOHDGVKXPDQLW\WR
FRQWHQGZLWKRXWJLYLQJDWKRXJKWWRWKHRUGHULQJRIVSLULWXDOZHDOWK

329

KHZLOOQHYHUVHWKLVWHPSRUDOJRRGVHLWKHUXSRQDVDWLVIDFWRU\
IRXQGDWLRQ<HVHYHQDVWLPHVRIZDQWDQGVFDUFLW\PD\FRPHXSRQ
QDWLRQVVRPD\WKH\FRPHXSRQLQGLYLGXDOV1RPDWWHUZKDWPD\EHVDLG
WRWKHFRQWUDU\WKHERG\FDQQHYHUGLVSHQVHZLWKWKHVRXO:K\WKHQ
ZLOO\RXQRWWU\WRZDONLQWKHULJKWZD\DQGE\WKLQNLQJQRORQJHU
RIGHDGVRXOVEXWRQO\RI\RXURQO\OLYLQJRQHUHJDLQZLWK*RG
V
KHOSWKHEHWWHUURDG",WRRDPOHDYLQJWKHWRZQWRPRUURZ+DVWHQ
WKHUHIRUHOHVWEHUHIWRIP\DVVLVWDQFH\RXPHHWZLWKVRPHGLUH
PLVIRUWXQH
$QGWKHROGPDQGHSDUWHGOHDYLQJ&KLFKLNRYSOXQJHGLQWKRXJKW2QFH
PRUHKDGWKHJUDYLW\RIOLIHEHJXQWRORRPODUJHEHIRUHKLP
<HV0XUD]RYZDVULJKWKHVDLGWRKLPVHOI,WLVWLPHWKDW,ZHUH
PRYLQJ
/HDYLQJWKHSULVRQDZDUGHUFDUU\LQJKLVHIIHFWVLQKLVZDNHKH
IRXQG6HOLIDQDQG3HWUXVKNDRYHUMR\HGDWVHHLQJWKHLUPDVWHURQFHPRUH
DWOLEHUW\
:HOOJRRGIHOORZV"KHVDLGNLQGO\$QGQRZZHPXVWSDFNDQGEH
RII
7UXHWUXH3DXO,YDQRYLWFKDJUHHG6HOLIDQ$QGE\WKLVWLPHWKH
URDGVZLOOKDYHEHFRPHILUPHUIRUPXFKVQRZKDVIDOOHQ<HVKLJK
WLPHLVLWWKDWZHZHUHFOHDURIWKHWRZQ6RZHDU\RILWDP,WKDW
WKHVLJKWRILWKXUWVP\H\HV
*RWRWKHFRDFKEXLOGHU
VFRPPDQGHG&KLFKLNRYDQGKDYH
VOHGJHUXQQHUVILWWHGWRWKHNROLDVND
&KLFKLNRYWKHQPDGHKLVZD\LQWRWKHWRZQWKRXJKQRWZLWKWKHREMHFW
RISD\LQJIDUHZHOOYLVLWV LQYLHZRIUHFHQWHYHQWVWKDWPLJKWKDYH
JLYHQULVHWRVRPHDZNZDUGQHVV EXWIRUWKHSXUSRVHRISD\LQJDQ
XQREWUXVLYHFDOODWWKHVKRSZKHUHKHKDGREWDLQHGWKHFORWKIRUKLV
ODWHVWVXLW7KHUHKHQRZSXUFKDVHGIRXUPRUHDUVKLQVRIWKHVDPH
VPRNHGJUH\VKRWZLWKIODPHFRORXUPDWHULDODVKHKDGKDGEHIRUHZLWK
WKHLQWHQWLRQRIKDYLQJLWPDGHXSE\WKHWDLORUZKRKDGIDVKLRQHGWKH
SUHYLRXVFRVWXPHDQGE\SURPLVLQJGRXEOHUHPXQHUDWLRQKHLQGXFHGWKH
WDLORULQTXHVWLRQVRWRKDVWHQWKHFXWWLQJRXWRIWKHJDUPHQWVWKDW
WKURXJKVLWWLQJXSDOOQLJKWRYHUWKHZRUNWKHPDQPLJKWKDYHWKH
ZKROHUHDG\E\EUHDNRIGD\7UXHWKHJRRGVZHUHGHOLYHUHGDWULIOH
DIWHUWKHDSSRLQWHGKRXU\HWWKHIROORZLQJPRUQLQJVDZWKHFRDWDQG
EUHHFKHVFRPSOHWHGDQGZKLOHWKHKRUVHVZHUHEHLQJSXWWR&KLFKLNRY

330

WULHGRQWKHFORWKHVDQGIRXQGWKHPHTXDOWRWKHSUHYLRXVFUHDWLRQ
HYHQWKRXJKGXULQJWKHSURFHVVKHFDXJKWVLJKWRIDEDOGSDWFKRQKLV
KHDGDQGZDVOHGPRXUQIXOO\WRUHIOHFW$ODV:K\GLG,JLYHZD\WR
VXFKGHVSDLU"6XUHO\,QHHGQRWKDYHWRUQP\KDLURXWVRIUHHO\"
7KHQZKHQWKHWDLORUKDGEHHQSDLGRXUKHUROHIWWKHWRZQ%XWQR
ORQJHUZDVKHWKHROG&KLFKLNRYKHZDVRQO\DUXLQRIZKDWKHKDG
EHHQDQGKLVIUDPHRIPLQGPLJKWKDYHEHHQFRPSDUHGWRDEXLOGLQJ
UHFHQWO\SXOOHGGRZQWRPDNHURRPIRUDQHZRQHZKLOHWKHQHZRQHKDG
QRW\HWEHHQHUHFWHGRZLQJWRWKHQRQUHFHLSWRIWKHSODQVIURPWKH
DUFKLWHFW0XUD]RYWRRKDGGHSDUWHGEXWDWDQHDUOLHUKRXUDQGLQ
DWLOWZDJJRQZLWK,YDQ3RWDSLWFK
$QKRXUODWHUWKH*RYHUQRU*HQHUDOLVVXHGWRDOODQGVXQGU\RIILFLDOV
DQRWLFHWKDWRQWKHRFFDVLRQRIKLVGHSDUWXUHIRU6W3HWHUVEXUJKH
ZRXOGEHJODGWRVHHWKHFRUSVRIWFKLQRYQLNVDWDSULYDWHPHHWLQJ
$FFRUGLQJO\DOOUDQNVDQGJUDGHVRIRIILFLDOGRPUHSDLUHGWRKLV
UHVLGHQFHDQGWKHUHDZDLWHGQRWZLWKRXWDFHUWDLQPHDVXUHRI
WUHSLGDWLRQDQGRIVHDUFKLQJRIKHDUWWKH*RYHUQRU*HQHUDO
VHQWU\
:KHQWKDWWRRNSODFHKHORRNHGQHLWKHUFOHDUQRUGXOO<HWKLVEHDULQJ
ZDVSURXGDQGKLVVWHSDVVXUHG7KHWFKLQRYQLNVERZHGVRPHRIWKHP
WRWKHZDLVWDQGKHDQVZHUHGWKHLUVDOXWDWLRQVZLWKDVOLJKW
LQFOLQDWLRQRIWKHKHDG7KHQKHVSRNHDVIROORZV
6LQFH,DPDERXWWRSD\DYLVLWWR6W3HWHUVEXUJ,KDYHWKRXJKWLW
ULJKWWRPHHW\RXDQGWRH[SODLQWR\RXSULYDWHO\P\UHDVRQVIRU
GRLQJVR$QDIIDLURIDPRVWVFDQGDORXVFKDUDFWHUKDVWDNHQSODFHLQ
RXUPLGVW7RZKDWDIIDLU,DPUHIHUULQJ,WKLQNPRVWRIWKRVHSUHVHQW
ZLOOJXHVV1RZDQDXWRPDWLFSURFHVVKDVOHGWRWKDWDIIDLUEULQJLQJ
DERXWWKHGLVFRYHU\RIRWKHUPDWWHUV7KRVHPDWWHUVDUHQROHVV
GLVKRQRXUDEOHWKDQWKHSULPDU\RQHDQGWRWKDW,UHJUHWWRKDYHWR
DGGWKDWWKHUHVWDQGLQYROYHGLQWKHPFHUWDLQSHUVRQVZKRP,KDG
KLWKHUWREHOLHYHGWREHKRQRXUDEOH2IWKHREMHFWDLPHGDWE\WKRVH
ZKRKDYHFRPSOLFDWHGPDWWHUVWRWKHSRLQWRIPDNLQJWKHLUUHVROXWLRQ
DOPRVWLPSRVVLEOHE\RUGLQDU\PHWKRGV,DPDZDUHDVDOVR,DPDZDUH
RIWKHLGHQWLW\RIWKHULQJOHDGHUGHVSLWHWKHVNLOOZLWKZKLFKKHKDV
VRXJKWWRFRQFHDOKLVVKDUHLQWKHVFDQGDO%XWWKHSULQFLSDOSRLQW
LVWKDW,SURSRVHWRGHFLGHWKHVHPDWWHUVQRWE\IRUPDOGRFXPHQWDU\
SURFHVVEXWE\WKHPRUHVXPPDU\SURFHVVRIFRXUWPDUWLDODQGWKDW,
KRSHZKHQWKHFLUFXPVWDQFHVKDYHEHHQODLGEHIRUHKLV,PSHULDO
0DMHVW\WRUHFHLYHIURPKLPDXWKRULW\WRDGRSWWKHFRXUVHZKLFK,
KDYHPHQWLRQHG)RU,FRQFHLYHWKDWZKHQLWKDVEHFRPHLPSRVVLEOHWR
UHVROYHDFDVHE\FLYLOPHDQVDQGVRPHRIWKHQHFHVVDU\GRFXPHQWV
KDYHEHHQEXUQWDQGDWWHPSWVKDYHEHHQPDGH ERWKWKURXJKWKH

331

DGGXFWLRQRIDQH[FHVVRIIDOVHDQGH[WUDQHRXVHYLGHQFHDQGWKURXJK
WKHIUDPLQJRIILFWLWLRXVUHSRUWV WRFORXGDQDOUHDG\VXIILFLHQWO\
REVFXUHLQYHVWLJDWLRQZLWKDQDGGHGPHDVXUHRIFRPSOH[LW\ZKHQDOO
WKHVHFLUFXPVWDQFHVKDYHDULVHQ,FRQFHLYHWKDWWKHRQO\SRVVLEOH
WULEXQDOWRGHDOZLWKWKHPLVDPLOLWDU\WULEXQDO%XWRQWKDWSRLQW,
VKRXOGOLNH\RXURSLQLRQ
7KH3ULQFHSDXVHGIRUDPRPHQWRUWZRDVWKRXJKDZDLWLQJDUHSO\EXW
QRQHFDPHVHHLQJWKDWHYHU\PDQKDGKLVH\HVEHQWXSRQWKHIORRUDQG
PDQ\RIWKHDXGLHQFHKDGWXUQHGZKLWHLQWKHIDFH
7KHQKHZHQWRQ,PD\VD\WKDW,DPDZDUHDOVRRIDPDWWHUZKLFK
WKRVHZKRKDYHFDUULHGLWWKURXJKEHOLHYHWROLHRQO\ZLWKLQWKH
FRJQLVDQFHRIWKHPVHOYHV7KHSDUWLFXODUVRIWKDWPDWWHUZLOOQRWEH
VHWIRUWKLQGRFXPHQWDU\IRUPEXWRQO\WKURXJKSURFHVVRIP\VHOI
DFWLQJDVSODLQWLIIDQGSHWLWLRQHUDQGSURGXFLQJQRQHEXWRFXODU
HYLGHQFH
$PRQJWKHWKURQJRIWFKLQRYQLNVVRPHRQHJDYHDVWDUWDQGWKHUHE\
FDXVHGRWKHUVRIWKHPRUHDSSUHKHQVLYHVRUWWRIDOOWRWUHPEOLQJLQ
WKHLUVKRHV
:LWKRXWVD\LQJGRHVLWJRWKDWWKHSULPHFRQVSLUDWRUVRXJKWWR
XQGHUJRGHSULYDWLRQRIUDQNDQGSURSHUW\DQGWKDWWKHUHPDLQGHURXJKW
WREHGLVPLVVHGIURPWKHLUSRVWVIRUWKRXJKWKDWFRXUVHZRXOGFDXVHD
FHUWDLQSURSRUWLRQRIWKHLQQRFHQWWRVXIIHUZLWKWKHJXLOW\WKHUH
ZRXOGVHHPWREHQRRWKHUFRXUVHDYDLODEOHVHHLQJWKDWWKHDIIDLULV
RQHRIWKHPRVWGLVJUDFHIXOQDWXUHDQGFDOOVDORXGIRUMXVWLFH
7KHUHIRUHDOWKRXJK,NQRZWKDWWRVRPHP\DFWLRQZLOOIDLOWRVHUYH
DVDOHVVRQVLQFHLWZLOOOHDGWRWKHLUVXFFHHGLQJWRWKHSRVWVRI
GLVPLVVHGRIILFLDOVDVZHOODVWKDWRWKHUVKLWKHUWRFRQVLGHUHG
KRQRXUDEOHZLOOORVHWKHLUUHSXWDWLRQDQGRWKHUVHQWUXVWHGZLWKQHZ
UHVSRQVLELOLWLHVZLOOFRQWLQXHWRFKHDWDQGEHWUD\WKHLU
WUXVWDOWKRXJKDOOWKLVLVNQRZQWRPH,VWLOOKDYHQRFKRLFHEXW
WRVDWLVI\WKHFODLPVRIMXVWLFHE\SURFHHGLQJWRWDNHVWHUQPHDVXUHV
,DPDOVRDZDUHWKDW,VKDOOEHDFFXVHGRIXQGXHVHYHULW\EXW
ODVWO\,DPDZDUHWKDWLWLVP\GXW\WRSXWDVLGHDOOSHUVRQDO
IHHOLQJDQGWRDFWDVWKHXQFRQVFLRXVLQVWUXPHQWRIWKDWUHWULEXWLRQ
ZKLFKMXVWLFHGHPDQGV
2YHUHYHUIDFHWKHUHSDVVHGDVKXGGHU<HWWKH3ULQFHKDGVSRNHQ
FDOPO\DQGQRWDWUDFHRIDQJHURUDQ\RWKHUNLQGRIHPRWLRQKDGEHHQ
YLVLEOHRQKLVIHDWXUHV

332

1HYHUWKHOHVVKHZHQWRQWKHYHU\PDQLQZKRVHKDQGVWKHIDWHRI
VRPDQ\QRZOLHVWKHYHU\PDQZKRPQRSUD\HUIRUPHUF\FRXOGHYHU
KDYHLQIOXHQFHGKLPVHOIGHVLUHVWRPDNHDUHTXHVWRI\RX6KRXOG\RX
JUDQWWKDWUHTXHVWDOOZLOOEHIRUJRWWHQDQGEORWWHGRXWDQG
SDUGRQHGIRU,P\VHOIZLOOLQWHUFHGHZLWKWKH7KURQHRQ\RXUEHKDOI
7KDWUHTXHVWLVWKLV,NQRZWKDWE\QRPDQQHURIPHDQVE\QR
SUHYHQWLYHPHDVXUHVDQGE\QRSHQDOWLHVZLOOGLVKRQHVW\HYHUEH
FRPSOHWHO\H[WLUSDWHGIURPRXUPLGVWIRUWKHUHDVRQWKDWLWVURRWV
KDYHVWUXFNWRRGHHSDQGWKDWWKHGLVKRQRXUDEOHWUDIILFLQEULEHVKDV
EHFRPHDQHFHVVLW\WRHYHQWKHPDLQVWD\RIVRPHZKRVHQDWXUHLVQRW
LQQDWHO\YHQDO$OVR,NQRZWKDWWRPDQ\PHQLWLVDQLPSRVVLELOLW\
WRVZLPDJDLQVWWKHVWUHDP<HWQRZDWWKLVVROHPQDQGFULWLFDO
MXQFWXUHZKHQWKHFRXQWU\LVFDOOLQJDORXGIRUVDYLRXUVDQGLWLV
WKHGXW\RIHYHU\FLWL]HQWRFRQWULEXWHDQGWRVDFULILFHKLVDOO,
IHHOWKDW,FDQQRWEXWLVVXHDQDSSHDOWRHYHU\PDQLQZKRPD5XVVLDQ
KHDUWDQGDVSDUNRIZKDWZHXQGHUVWDQGE\WKHZRUG
QRELOLW\
H[LVW
)RUDIWHUDOOZKLFKRIXVLVPRUHJXLOW\WKDQKLVIHOORZ",WPD\EH
WR0(WKHJUHDWHVWFXOSDELOLW\VKRXOGEHDVVLJQHGLQWKDWDWILUVW
,PD\KDYHDGRSWHGWRZDUGV\RXWRRUHVHUYHGDQDWWLWXGHWKDW,PD\
KDYHEHHQRYHUKDVW\LQUHSHOOLQJWKRVHZKRGHVLUHGEXWWRVHUYHPH
HYHQWKRXJKRIWKHLUVHUYLFHV,GLGQRWDFWXDOO\VWDQGLQQHHG<HW
KDGWKH\UHDOO\ORYHGMXVWLFHDQGWKHJRRGRIWKHLUFRXQWU\,WKLQN
WKDWWKH\ZRXOGKDYHEHHQOHVVSURQHWRWDNHRIIHQFHDWWKHFROGQHVV
RIP\DWWLWXGHEXWZRXOGKDYHVDFULILFHGWKHLUIHHOLQJVDQGWKHLU
SHUVRQDOLW\WRWKHLUVXSHULRUFRQYLFWLRQV)RUKDUGO\FDQLWEHWKDW,
IDLOHGWRQRWHWKHLURYHUWXUHVDQGWKHORIWLQHVVRIWKHLUPRWLYHVRU
WKDW,ZRXOGQRWKDYHDFFHSWHGDQ\ZLVHDQGXVHIXODGYLFHSURIIHUHG
$WWKHVDPHWLPHLWLVIRUDVXERUGLQDWHWRDGDSWKLPVHOIWRWKHWRQH
RIKLVVXSHULRUUDWKHUWKDQIRUDVXSHULRUWRDGDSWKLPVHOIWRWKH
WRQHRIKLVVXERUGLQDWH6XFKDFRXUVHLVDWRQFHPRUHUHJXODUDQG
PRUHVPRRWKRIZRUNLQJVLQFHDFRUSVRIVXERUGLQDWHVKDVEXWRQH
GLUHFWRUZKHUHDVDGLUHFWRUPD\KDYHDKXQGUHGVXERUGLQDWHV%XWOHW
XVSXWDVLGHWKHTXHVWLRQRIFRPSDUDWLYHFXOSDELOLW\7KHLPSRUWDQW
SRLQWLVWKDWEHIRUHXVDOOOLHVWKHGXW\RIUHVFXLQJRXUIDWKHUODQG
2XUIDWKHUODQGLVVXIIHULQJQRWIURPWKHLQFXUVLRQRIDVFRUHRI
DOLHQWRQJXHVEXWIURPRXURZQDFWVLQWKDWLQDGGLWLRQWRWKH
ODZIXODGPLQLVWUDWLRQWKHUHKDVJURZQXSDVHFRQGDGPLQLVWUDWLRQ
SRVVHVVHGRILQILQLWHO\JUHDWHUSRZHUVWKDQWKHV\VWHPHVWDEOLVKHGE\
ODZ$QGWKDWVHFRQGDGPLQLVWUDWLRQKDVHVWDEOLVKHGLWVFRQGLWLRQV
IL[HGLWVWDULIIRISULFHVDQGSXEOLVKHGWKDWWDULIIDEURDGQRU
FRXOGDQ\UXOHUHYHQWKRXJKWKHZLVHVWRIOHJLVODWRUVDQG
DGPLQLVWUDWRUVGRPRUHWRFRUUHFWWKHHYLOWKDQOLPLWLWLQWKH
FRQGXFWRIKLVPRUHYHQDOWFKLQRYQLNVE\VHWWLQJRYHUWKHPDVWKHLU
VXSHUYLVRUVPHQRIVXSHULRUUHFWLWXGH1RXQWLOHDFKRIXVVKDOO

333

FRPHWRIHHOWKDWMXVWDVDUPVZHUHWDNHQXSGXULQJWKHSHULRGRIWKH
XSKHDYDORIQDWLRQVVRQRZHDFKRIXVPXVWPDNHDVWDQGDJDLQVW
GLVKRQHVW\DOOUHPHGLHVZLOOHQGLQIDLOXUH$VD5XVVLDQ
WKHUHIRUHDVRQHERXQGWR\RXE\FRQVDQJXLQLW\DQGLGHQWLW\RI
EORRG,PDNHWR\RXP\DSSHDO,PDNHLWWRWKRVHRI\RXZKR
XQGHUVWDQGZKHUHLQOLHVQRELOLW\RIWKRXJKW,LQYLWHWKRVHPHQWR
UHPHPEHUWKHGXW\ZKLFKFRQIURQWVXVZKDWVRHYHURXUUHVSHFWLYH
VWDWLRQV,LQYLWHWKHPWRREVHUYHPRUHFORVHO\WKHLUGXW\DQGWR
NHHSPRUHFRQVWDQWO\LQPLQGWKHLUREOLJDWLRQVRIKROGLQJWUXHWR
WKHLUFRXQWU\LQWKDWEHIRUHXVWKHIXWXUHORRPVGDUNDQGWKDWZH
FDQVFDUFHO\
>+HUHWKHPDQXVFULSWRIWKHRULJLQDOFRPHVDEUXSWO\WRDQHQG@

7KH(QG
&RS\ULJKWYLUWXDOERRNVFRPEU
7RGRVRVGLUHLWRVUHVHUYDGRVD(GLWRUD9LUWXDO%RRNV2QOLQH0 0(GLWRUHV/WGD
eSURLELGDDUHSURGXomRGRFRQWH~GRGHVWDSiJLQDHPTXDOTXHUPHLRGH
FRPXQLFDomRHOHWU{QLFRRXLPSUHVVRVHPDXWRUL]DomRHVFULWDGD(GLWRUD

334

Das könnte Ihnen auch gefallen