Beruflich Dokumente
Kultur Dokumente
By MATT TAIBBI
fiE FIRST THING YOU NEED TO KNOW group - which in turn got a $300 billion taxpayer bailout from
about Goldman Sachs is that it's every- Paulson. There's John Thain, the asshole chief of Merrill Lynch
where. The world's most powerful in- who bought an $87,000 area rugfoT his office as his company was
vestment bank is a great vampire squid imploding; a former GoIdm"n banker, Thain enjoyed a multi-
wrapped around the face of humanity, billion-dollar handout from Paulwn, who used billions in tax-
relentlessly jamming its blood funnel into payerfunds to help Bank ofAmerica rescue Thain's sorry compa-
anything that smells li~e money. In fact, ny. And Robert Steel, the former Goldmanite head ofWachovia,
the history of the re~~:!t financial crisis, scored himself and his fellow executives $225 million in golden-
which doubles as a history of the rapid parachute payments as his bank was self-destructing. There's
decline and fall of the suddenly swindled-dry American empire, Joshua Bolten, Bush's chief of staffduring the bailout, and Mark
reads like a Who's Who of Goldman Sachs graduates. Patterson, the current Treasury chief of staff, who was a Gold-
By now, most of us knowtbe major players. As George Bush's man lobbyistjust a year ago, and Ed Liddy, the former Goldman
lastTreasurysecretary, former Goldman CEO Henry Paulson was director whom Paulson put in charge of bailed-out insurance
the architect ofthe bailout, a suspiciously selfserving plan to fun- giant AIG, wbich forked over $13 billion to Goldman after Liddy
nel trillions ofYour Dollars to a. handful ofbis old friends on Wan came on board. The heads of the Canadian and Italian national
Street. Robert Rubin, Bill Clinton's former Treasury secretary, banks are Goldman alums, as is the head of the World Bank, the
spent 26 years at Goldman before becoming chairman of Citi~ head of the New York Stock Exchange. the last two heads of the
G Wall Street behemoth, the rulhless face of kill- he wrote, were a major cause of the market's historic crash; in
or-be-killed capitalism on steroids - just al- today's dollars, the losses the hank suffered totaled $475 billion.
most always. The bank was actually founded -It is difficult not to marvel at the imagination which was im-
in 1869 by a German immigrant named Mar- plicit in this gargantuan inslUlity," Galbraith observed, sound-
cus Goldman, who built it up with his son-in-law Samuel ing like Keith Olbermann in an ascot. -Ifthere must be madness,
Sachs. They were pioneers in lhe use of commercial paper, something may be said for having it on a heroic scale,'"
F only survived the crash tha.t wiped out so many of financially illiterate to grasp. CQmpanieg that weren't much more
the investors it duped, it Wellt on to become the chief than pot-fueled i.deas scrawled on napkins by up-too-Iate bong-
underwriter to the country's wealthiest and most smokers were taken public via {POs, hyped in the media and
powerful corporations. Thanks to Sidney Weinberg. sold to the public for megamillions. It was as if hanks like Gold-
who rose from the rank ofjanitor's assistant to head the firm, man were wrapping ribbons around watermelons, tossing them
Goldman became the pioneer of the initia.l public offering, one of out 50-story windows and opening the phones for bids. In this
the principal and most lucrative means by which companies raise game you were a winner only ifyou took your money out before
money. During the 1970s and 1980s, Goldman may not have been the melon hit the pavement.
the planet,eating Death Star ofpolitical influence it is today, but It sounds obvious now, but what the average investor didn't
it was a. top-drawer firm that had a reputation for attracting the know at the time was that the banks had changed the rules ofthe
very smartest talent on the Street. game, making the deals look better than they actua1\ywere. They
It also, oddly enough, had a reputation for relatively solid did this by setting up what was, in reality, a two-tiered invest-
ethics and a patient approach to investment that shunned ment system - one for the insiders who knew the real numbers.
the fast buck; its exec- and another for the lay in-
utives were trained to vestor who was invited to
adopt the firm's mantra, chase soaring prices the
"long-term greedy'- One banks themselves knew
former Goldman ban k- were irrationa.1. While
er who left the firm in the Goldman's later pattern
early Nineties recalls see- would be to capitalize on
ing his superiors give up changes in the regulato-
a very profitable deal on ry environment, its key
the grounds that it was a innovation in thelnternet
long-term loser. "We gave years was to abandon its
back money to 'grown- own industry's standards
up' corporate cli.ellts who of quality control.
had made bad deals with "Since the Depression,
us.~ he says. "Everything there wet"e strict under-
we did was legal and fair writing guidelines that
- but 'Iong-teon greedy' Wall Street adhered to
said we didn't want to when takiDg a company
make such a profit at public," says one promi-
the clients' collective ex- nent hedge-fund manag-
pense that we spoiled the er. "The company had to
ll
marketplace. be in business fol' a min-
But then, something imum of five years, and
happened. It's hard to it had to show profitabil-
say what it was exactly; ity for three consecutive
it might have been the years. But Wall Street
fact that Goldman's co- took these guidelines and
ll
chairman in the early Nineties, Robert Rubin, followed Bill Clin- threw them in the trash. Goldman completed the snow job by
ton to the White House, where he directed the National &0- pumping up the sham stocks: "Their analysts were out there say~
nomic Council and eventually became Treasury secretary. While ing BulIshit.com is worth $100 a share."
the American media fell in love with the story line of a pair of The problem was, nobody tlld investors that the rules had
baby-boomer, Sixties-child, Fleetwood Mac yuppies nesting in changed. Everyone on the inside knew,~ the manager says. 4Bob
the White House, it also nursed an undisguised crush on Rubin, Rubin sure as hen knew what the underwriting standards were.
who was hyped as without a. doubt the smartest person ever to They'd been intact since the 1930s."
walk the face ofthe Earth, with Newton, Einstein. Mozart and Jay Ritter, a professor of finance at the University of Florida
Kant running far behind. who specializes in IPOs, says banks like Goldman knew full well
Rubin was the prototypica.l Goldman banker. He was proba- that many of the public offerings they were touting would never
bly born in a $4,000 suit, he had a face that seemed permanent- make a dime. 4In the early Eighties. the major underwriters in-
ly frozen just short ofan apology for being so much smarter than sisted on three years ofprofitability. Then it was one year, then it
you, and he ex-uded a Spack-like, emotion-neutral exterior; the was a quarter. By the time of the Internet bubble, they were not
only human feeling you could imagine him experiencing was a even requiring profitability in the foreseeable future."
nightmare about being forced to fly coach. It became almost a Goldman has denied that it changed its underwriting stan-
national cliche that whatever Rubin thought was best for the dards during the Internet years, but its own statistics belie the
economy - a phenomenon that reached its apex in 1999, when claim. Just as it did with the investment trust in the 1920s, Gold-
Rubin appeared on the cover of Time with his Treasury deputy, man started slow and finished crazy in the Internet years. After it
Larry Summers, and Fed chiefAlan Greenspan under the head- took a little-known company with weak financials called Yahoo!
line THE COMMITTEE TO SAVE TaE WORLD. And "what Rubin public in 1996, once the tech boom had already begun, Goldman
thought,~ mostly, was that the AmericlUl economy, and in partic- quickly became the IPO king ofthe Internet era. Ofthe 240 com-
ular the financial markets, were over-regulated and needed to be panies it took public in 1997. a third were losing money at the time
set free. During his tenure at Treasury, the Clinton White House ofthe IPO. In 1999, at the height ofthe boom, it took 47 compa-
A
FTER THE OIL BUIlBLE COL-
Murti continually warned of disruptions ple. The pensioners whose funds invest- lapsed last fall, there was no new
to the world oil supply, going so far as to ed in this crap got massacred: CalPERS, bubble to keep things hunlming
broadclI.st the fact that be owned two hy- the California Public Employees' Retil-e- - this tim~, the money seems to be re-
brid cars. High prices, the bank insist- menl System, had $1.1 billion in commod- ally gone, like worldwide-depression gone.
ed, were somehow the fau1t of the piggish ities when the crash came. And the dam- So the financial safari has moved else-
American consumer; in 2005, Goldman age didn'tjust come from oil. Soaring food where, and the big game in the hUllt has
analysts insisted that we wouldn't know prices driven by the commodities bubble become the only remaining pool ofdumb,
when oil prices would fall until we knew led to catastrophes across the planet, forc- unguarded capital left to feed upon: tax-
"when American consumers will stop buy- ing an estimated 100 million people into payer money. Here, in the biggest bailout
ing gas-guzzling sport utility vehicles and hunger and sparking food riots through- in history, is where Goldman Sachs really
instead seek fuel-efficient alternatives." out the Third World. started to /lex its muscle.
But it wasn't the consumption of real Now oil prices are rising again: They Itbegan in September oflastyear, when
oil that was driving up prices - it was the shot up 20 percent in the month of May then-Treasury secretary Paulson made a
trade in paper oil. By the summer of2008, and have nearly doubled so far this year. momentous series of decisions. Although
in fact, commodities speculators had Once again, the problem is not supply he had already engi neered a rescue ofBear
bought and stockpiled enough oil futures or demand. "The highest supply of oil in Stearns a few months before and helped
to fill 1.1 billion barrels of crude, which the last 20 years is now,n says Rep. Bart bail out quasi-private lenders Fannie Mae
meant that speculators owned more fu- Stupak, a Democrat from Michigan who and Freddie Mac, Paulson elected to let Le-
ture oil on paper than there was real, serves on the House energy committee. hmanBrothers one ofGold man's last real
physical oil stored in all of the country's "Demand is at a IO-year low. And yet pric- competitors - collapse without interven-
commercial storage tanks and the Strate- esareup." tion. ("Goldman's superhero status was left
gic Petroleum Reserve combined. It was a Asked why politicians continue to harp intact," says market analyst Eric Salzman,
repeat of both the Internet craze and the on things like drilling or hybrid cars, when Hand an investment-banking competitor,
hOllsing bubble, when Wall Street jacked supply and demand have notlling to do Lehman, goes away.") The very next day,
up present-day profits by selling suckers with the high prices, Stupak shakes his Paulson greenlighted a massive, $85 bil-
98
FROM ASBURY PARK TO THE PROMISED LAND: THE LIFE AND MUSIC OF'
lion bailout of AIG, which promptly turned primary supervisor is now the New York SOl' at MIT and former official at the Inter-
around and repaid $13 billion it owed to Fed, whose chairman at the time ofits an- national Monetary Fund, who compares
Goldman. Thanks to the rescue elfort, the nouncement was Stephen Friedman, a the bailout to the crony capitalism he has
bank ended up getting paid in full for its former co-chairman of Goldman Sachs. seen in Third World countries. "Now it's
bad bets: By contrast, retired aula work- Friedman was technically in violation of more of an explicit advantage."
ers awaiting the Chrysler bailout will be Federal Reserve policy by remaining on the Once the bailouts were in place, Gold-
lucky to receive 50 cents fur every dollar board of Goldman even as he was suppos- man went right back to business as usual,
they are owed. edly regulating the bank; in order to rec- dreaming up impossibly convoluted
Immediately after the AIG bailout, tify the problem, he applied for, and got, schemes to pick the American carcass
Paulson announced his federal bailout for a conllict-of-interest waiver from the gov- clean of its loose capital. One of its tirst
the financial industry, a $700 billion plan ernment. Friedman was also supposed to moves in the post-bailout era was to qui-
called the Troubled Asset Relief Program, divest himself of his Goldma.n stock after etly push forward the calendar it uses to
and put a heretofore unknown 35-year- Goldman became a bank-holding com- report its earnings, essentially wiping
old Goldman banker named Nee] Kash- pany, but thanks to the waiver, he was al- December 2008 - with its $].3 billion in
kari in charge ofadministering the funds. lowed to go out and buy 52,000 addi- pretax losses - off the books. At the same
In ord~r to qualify for bailout monies, tional shares in his old bank, leaving him time, the bank announced a highIy suspi-
Goldman announced that it would con- $3 million richer. Friedman stepped down cious $1.8 billion profit ior the first quar-
vert from an investment bank to a bank- in Ma.y, but the man now in charge of ter of 2009 - which apparently included a
holding company, a move that allows it supervising Goldman - New York Fed large chunk ofmoney funneled to it by tax-
access not only to $]0 billion in TARP president William Dudley - is yet another payers via the AIG bailout. "They cooked
funds, but to a whole galaxy of less con- former Goldmanile. those first-quarter results six ways from
spicuous, publicly backed funding - most The collective message of all this - the Sunday,~ says one hedge-fund manager.
notably, lending from the discount win- AlG bailout, the swift approval for its "They hid the losses in the orphan month
dow of the Federal Reserve. By the end bank-holding conversion, the TARP funds and caned the bailout money profit."
of March, the Fed will have lent or guar- - is that when it comes to Goldman Sachs, 1Wo more numbers stand out from that
a.nteed at least $8.7 trillion under a series there isn't a free market at aU. The govern- stunning first-quarter turnaround. The
of new bailout programs - and thanks ment might let other players on the mar- bank paid out an astonishing $4.7 billion
to an obscure law allowing the Fed to ket die, but it simply will not allow Gold- in bonuses and compensation in the first
block most congressional audits, both the man to fail under any circumsta.nces. Its three months of this year, an 18 percent
amounts and the recipients ofthe monies edge in the market has suddenly become increase over the first quarter of 2008. It
remain almost entirely secret. an open declaration ofsupreme privilege. also raised $5 billion by issuing new shares
Converting to a bank-holding compa- "In the past it was an implicit advantage,~ almost immediately after releasing its
ny has other benefits as well: Goldman's says Simon Johnson, an economics profes- first-quarter results. Taken together, the
99
numbers show that Goldman essentially revenues offshore and defer taxes on those Here's how it works: If the bill passes,
borrowed a $5 billion salary payout for its revenues indefinitely, evenwhile they claim there will be limits for coal plants, util-
executives in the middle of the global eco- dcductions upfront on that same untaxed ities, natural-gas distributors and nu-
nomic crisis it helped cause, using half- income. This is why any corporation with merous other industries on the amount
baked accounting to reel in investors, just an at least occasionally sober accountant of carbon emissions (a.k.a. greenhouse
months after receiving billions in a tax- can usually find a way to zero out its taxes. gases) they can produce per year. If the
payer bailout. A GAO report, in fact, found that between companies go over their allotment, they
Even more amazing, Goldman did it all 1998 and 2005, roughly two-thirds of all will be able to buy "allocations" or cred-
right before the government announced corporations operating in the U.S. paid no its from other companies that ha,ve :WilD-
the results ofits new "stress test" for banks taxes at all. aged to produce fewer em:issions:~Prei
seeking to repay TARP money suggest- This should be a pitchfork-level outrage dent Obama conservatively estiml'j,t()~ tl~\lct
ing that Goldman knew exactly what was - but somehow, when Goldman released its about $646 billionworthof carbQ~cre4it
coming. The government was trying to post-bailout tax profile, hardly anyone said will be auctioned in thc first seven yeirlii
carefully orchestrate the repayments in an a word. One ofthe few to remark on the ob- one of his top economic aides speculu,tes
effort to prevent further trouble at banks scenity was Rep. Lloyd Doggett, a Demo- that the real number might be twice Qr
that couldn't pay back the money right crat from Texas who serves on the House even three times that amount.
away. But Goldman blew oft' those con- Ways and Means Committee. "With the The feature of this plan that has ,spe-
cerns, ,brazenly flaunting its insider status. right hand out begging for bailout money," cial appeal to speculators is that the "cap"
"Theyseemed to knoweverythingthat they he said, "the left is hiding it offshore." on carbon will be continually lowered by
needed to do before the stress test came the government, which means that cllrbon
out, unlike everyone else, who had to wait BUBBLE #6 credits will become more and more scarce
until after," says Michael Hecht, a manag- with each passing year. Which means thllt
ing director of JMP Securities. "The gov- Global Warming this is a brand-new commodities market
ernment came out and said, 'To pay back AST-FORWARD TO TODAY. IT'S where the main commodity to be tracleq.
TARP, you have to issue debt ofat least five
years that is not insured by FDIC - which
Goldman Sachs had already done, a week
F early June in Washington, D.C.
Barack Ohama, a popular young
politician whose leading private campaign
is guaranteed to rise in price over tim.e.
The volume of this new market will be
upwards of a trillion dollars annu!tlly;for
or two before." donor was an investment bank called comparison's sake, the annual combined
And here's the real punch line. After Goldman Sachs - its employees paid some revenues of all' electricity suppliers in the
playing an intimate role in four histor- $981,000 to his campaign - sits in the U.S. total $320 billion.
ic bubble catastrophes, after helping White House. Having seamlessly navi- Goldman wants this bill. The plan is (1)
$5 trillion in wealth disappear from the gated the political minefield ofthc bailout to get in on the ground floor ofparadigm-
NASDAQ, after pawning off thousands era, Goldman is once again back to its shifting legislation, (2) make sure that
of toxic mortgages on pensioners and cit- old business, scouting out loopholes in a they're the profit-making slice ofthat par-
ies, after helping to drive the price of gas new government-created market with the adigm and (3) make sure the slice is~ a big
slice. Goldman started pushing hard for
cap-and-trade long ago, but things rl'lally
As envisioned by Goldman, the fight to ramped up last year when the firm spent
$3.5 million to lobby climate issues. (One
stop global warming will become a of their lobbyists at the time was none
other than Patterson, now Treasury chief
"carbon market" worth $1 trillion a year. of staff.) Back in 2005, when Hank Paul-
son was chief of Goldman, he person-
ally helped author the bank's environ-
up to $4 a gallon and to push 100 mil- aid of a new set of alumni occupying key mental policy, a document that contains
lion people around the world into hunger, governmentjobs. some surprising elements for a firm that
after securing tens of billions oftaxpayer Gone are Hank Paulson and Neel Kash- in all other areas has been consistently
dollars through a series of bailouts over- kari; in their place arc Treasury chief of opposed to any sort of government regu-
seen by its former CEO, what did Gold- staffMark Patterson and CFTC chief Gary lation. Paulson's report argued that "vol-
man Sachs give back to the people of the Gensler, both former Goldmanites. (Gen- untary action alone cannotsolve the cli-
United Statcs in 2008? sler was the firm's co-head of finance.) mate-change problem." A few years later,
Fourteen million dollars. And instead of credit derivatives or oil the barik's carbon chief, Ken Newcombe,
That is what the ,firm paid in taxes in futures or mortgage-backed CDOs, the insisted that cap-and-trade alone won't
2008, an effective tax rate of exactly one, new game in town, the next bubble, is be enough to fix the climate problem
read it, orie percent. The bank paid out ip carbon credits - a booming trillion- and eaIled for furthcr public investments
$10 billion in compensation and bene- dollar market that barely even exists yet, in research and development. Which is
fits that same year and made a profit of but will if the Democratic Party that it convenient, considering that Goldman
more than $2 billion - yet it paid the Trea- gave $4,452,585 to in the last election made early investments in wind power
sury less than a third of what it forked manages to push into existence a ground- (it bought a subsidiary called Horizon
over to CEO Lloyd Blankfein, who made breaking new commodities bubble, dis- Wind Energy), renewable diesel (it is an
$42.9 million last year. guised as an "environmental plan," called investor ina firm ealled Changing World
How is this possible? According to Gold- cap-and-trade. Technologies) and solar power ~(it part-
man's annual report, the lowtaxes are due The new carbon-credit market is a vir- nered with BP Solar), exactly the kind of
in large part to changes in the bank's "geo- tual repeat ofthe commodities-market ca- deals that will prosper ifthe government
graphic earnings mix." In other words, the sino that's been kind to Goldman, except it forces energy producers to use clean-
bank moved its money around so that most has one delicious new wrinkle: Ifthe plan er energy. As Paulson said at the time,
ofits earnings took place in foreign coun- goes forward as expected, the rise in prices "We're not making those investments to
tries with low tax rates. Thanks to our will be government-mandated. Goldman lose money."
completely fucked corporate tax system, won't even have to rig the game. It will be The bank owns a 10 percent stake in
companies like Goldman can ship their rigged in advance. the Chicago Climate Exchange, where the
carbon credits will be traded. the same as for all the other
Moreover, Goldman owns a bubbles that (}{)ldman helped
Ininority stake in Blue SouTce create, fron\ 1929 to 2009.
LLC, a Utah-based firm that In almost every case, the
sells carbon credits of the very same bank that behaved
type that will be in great de- recklessly for years, weighing
mand if the bill passes. Nobel down the system with toxic
Prize winner AI Gore, who is loans and predatory debt, and
intimately involved with the accOinplishing nothing hut
planning of cap-and-trade, massive bonuses for a few
IntroducJng BACARD~ DRAGON BERRY'",
started up a company called bosses, has been rewarded strawberry rum inlused wilh dra(JJnfTult.
Generation Investment Man- with mountains of virtually This Asian-ll\SIlired in(usion combines
agement with three former free money and government ripe, juicy slraVlbe"las alld sweet, exollc
bigwigs from Goldman Sachs guarantees - while the actu- dragon(ruil f(J( abrilliant aIId memoraDle laste.
Asset Management, David al victims in this mess, ordi- Try BACAflDI" DMGON BEAflY'" I'.1th ginger
are {J( lext 'dragon' 1065579 for more recipes,
Blood, Mark Ferguson and nary taxpayers, are the ones
Peter Hanis. Their business? paying tor it,
l
IlacardiFlavors.com
Investing in carbon offsets,
There's also a $500 million
Green Growth Fund set up
It's Dot always easy to
accept the reality of what we
now routinely allow these peo-
. _'J:~':~::~'~~:~~~:~~:'~::
~"'Y~f'A~ I~ :lJ~lk'J;}:r~ A ~lao:1; ~Irlto~. b.CU~. K,
/ClIT;~'L f\IrrI~,lf),'-3~~;;.~~
.._-----
by a Goldmanite to invest in ple to get away with; there's a
green-tech ... the list goes on kind of collective denial that
and on. Goldman is ahead kicks in when a country goes
of the headlines again, just through what America has
waiting for someone to make gone th1'Ough lately, when a
it rain in the right spot. Will people lose as much prestige S0BE
this market be bigger than the and status as we have in the
energy-futures market?
"Oh, it'll dwarf it," says a
past few years. You can't real-
ly register the fact that you're
lifewater
fonner staffer on the House no longer a citizen ofa thriving Zero calorie SoBe lifewaler is aline at greal-fJlsling
energy committee. first-world democracy, that erdIanced water beIIarages I'.1th 0 calories and 0 artificial
sweeteners, Enjoy our lJIIinhibited flavors burslillg wilh vilamios
Well, yOll might say, who you're no longer above getting and antioxicfants, incJuding two new flavors - Acal Fruit PUIlGh
cares? If cap-and-trade suc- robbed in broad daylight, be- and Mango Melon. NallJraIly sweetened. Wildly delicious.
ceeds, won't we all be saved cause like an amputee, you can Get A Lijewater!
from the catastrophe of still sort offeel things tbat are
global warming? Maybe - no longer there.
but cap-and-trade, as envi- But this is it. This is the
sioned by Goldman, is really world we live in now. And in
just a carbon tax stl'uctured this world, some o[us have to THERE'S A LOT TO en\f
so th at private interests col- play by the rules, while others
lect the revenues. Instead of get a note fronl the principal
simply imposing a fixed gov- excusing them from home-
ernment levy on carbon pol-
lution and forcing unclean
work till the end of time, plus
10 billion free doBars in a ~
veri wireless
energy producers to pay for paper bag to buy lunch. It's
the mess they make, cap-and- a gangster state, running on
trade will allow a small tribe gangster economics, and even S3lis1y your aDpotile lor apps with
of greedy-as-hell Wall Street prices can't be trusted any- the en~ 3, com~ele wi rtl a full
kejOOard made for messaging.
swine to turn yet another mOre; there are hidden taxes
0111'1 from America's Largest
commodities market into a in every buck you pay. And 3G Nerwork, Vemon Wireless.
private tax-collection scheme. maybe we can't stop it, but we
verizOIIWlreleS$.com/env
This is worse than the bail- should at least know where
~':1'd 1IIf.J(,';"J\J:tttrf'(l'l,.,.~~.,l,Ilt~N,*~l!Iln'l~k'Pl1n" D::f~~'l(Illtllot:"t~.,l.'
out: It allows the bank to seize it's all going. 4) ~:W~,'bl.~~ <W 1>~:(~r.'J"" Wi' 1t!1~'Q.."\'oI'ID'~ ~\'~'"II~~
SEBASTIANe
l
fund director who' spoke out "~rwoduce.d in .)ny manner, eithe.. In <whole or
in I""n. without writlell J)e.. mj~ion. All righ~
against oil-futures specula- are re.s.er\'ed, C&IlAdi. n G Quds lind Serv jet:
~~ R~gi.&lrAtion No.. R.l'2.50"185S. IntelR3- Tasked to solve the challenge of ClIl3lJng
tion. "But we're saying that lion:lo] PublicA-lions Mail SI\Ie.- Pr<!-dUl:lAgree weightless tOuchable texture for lo~ger layers,
Wall Street can set the tax, ~;~~~rr~r4:J)~;~t~~:~~:~~~1~~ut~~i~: Sebastian Professional has developed Microweb
and Wan Street can collect tion price a $5:.1,00 {or one yei!lr, including Fiber, tI1e star producr o1lhe new TeXlUre
GST, p.ay:lble in a.dv.nce. Can'3dlAn Postmu
the tax. That's the last thing tu' Send ~ddrc~ (".bll,l\t~' and relUrr'l8 ID P.O. Collecllon. Microwell ROOr is specifically Inspired
in the world I want, It's just Bo::.: (3) M<lItOl\ CFC, Missl:J:!I<l:up, Ontario
L4T 3115 The: fcweiln subs.c:ril'1I0l\ f)ricc is
bY the prOjlerties of spider silk - fle~ibiliry,
invisiDility and invifIClhility - to creale 18JllOre lllal's
asinine." ~~~~d~~7,rp:~:l;a~'a.i~";~b~e~ny~~~~~: malleable and soft, allowing you to remix hair inlo
Cap-and-trade is going to ~nJ nddilional n\ailint; offices. Can.da p~u
ptlblknlion ,,"grc~luent "406.8:319~. PMlm .s- IOIJclJable textured layers.
happen. Or, ifit doesn't, some- 1t:J.'~ Send addr'Css charlgE!!ll to ROLLIWG STONIi
Cu""on\(:( S~r,'ice. P.O &x 8~"3. Red O..k. IA sebasl1anprof8SslOllal.cOlll
thing like it will. The moral is 51S91-I:MJ
101