Loading...
Loading...
Loading...
Loading...
Loading...
Loading...
Loading...

Transcript

 $QVZHUVIRU7RGD\¶V,VVXHV 'XULQJP\IRXUGD\VLQWKHKRVSLWDOIROORZLQJFRURQDU\E\SDVVVXUJHU\,UHFHLYHGYLVLWVIURPILYH GLIIHUHQWFKDSODLQV7KHVHGHDUSHRSOHEURXJKWNLQGFDULQJZRUGV7KRXJK,ZDVJUDWHIXOIRUWKHLU FRPSDVVLRQWKHLUYLVLWVIRUWKHPRVWSDUWEHFDPHRXWUHDFKRSSRUWXQLW...

 $QVZHUVIRU7RGD\¶V,VVXHV 'XULQJP\IRXUGD\VLQWKHKRVSLWDOIROORZLQJFRURQDU\E\SDVVVXUJHU\,UHFHLYHGYLVLWVIURPILYH GLIIHUHQWFKDSODLQV7KHVHGHDUSHRSOHEURXJKWNLQGFDULQJZRUGV7KRXJK,ZDVJUDWHIXOIRUWKHLU FRPSDVVLRQWKHLUYLVLWVIRUWKHPRVWSDUWEHFDPHRXWUHDFKRSSRUWXQLWLHVIRUPH ,QP\FRQYHUVDWLRQVZLWKIRXURIWKHP,ZDVDPD]HGWRGLVFRYHUWKDWQRQHYLHZHGWKH%LEOHDVWKH LQVSLUHGDQGWRWDOO\WUXVWZRUWK\:RUGRI*RG(DFKFRQVLGHUHGWKHFRQWHQWRIWKH%LEOH¶VILUVWIHZ FKDSWHUVDVKRSHOHVVO\DWRGGVZLWKHVWDEOLVKHGVFLHQWLILFIDFW<HWWKH\ZHUHIDVFLQDWHGZKHQ,WROG WKHPDERXWWKHERRN,ZDVZRUNLQJRQ WKLVRQH HVSHFLDOO\ZKHQ,FRPPHQWHGWKDWFHUWDLQSDVVDJHV LQ-RESURYLGHLQWHUSUHWDWLYHNH\VWRXQGHUVWDQGLQJWKH*HQHVLVFUHDWLRQDFFRXQWV $V,VKDUHGZKDW,VHHDVVRPHRIWKRVHNH\VHDFKRIWKHIRXUDFNQRZOHGJHGWKDWWKH%LEOHDQG QDWXUH¶VUHFRUGPLJKWSRVVLEO\EHFRQFRUGDQWDIWHUDOO7KH\ZHUHSDUWLFXODUO\LPSUHVVHGWRVHHWKDW WKHERRNRI-REDSSDUHQWO\DQWLFLSDWHGVHYHUDOVWXQQLQJVFLHQWLILFGLVFRYHULHVRIWKHSDVWIHZGHFDGHV ,HQFRXUDJHGWKHPDOOWRUHDGWKHHQWLUHERRNZLWKQHZH\HVIRUVFLHQWLILFFRQWHQWDQGVSLULWXDOWUXWK 7KHQHZPLOOHQQLXP¶VGDZQKDVEOHVVHGKXPDQLW\ZLWKDNQRZOHGJHH[SORVLRQHYHU\ELWDV GUDPDWLFDVWKH³EDQJ´WKDWEURXJKWWKHXQLYHUVHLQWRH[LVWHQFH²RUWKH$YDORQDQG&DPEULDQHYHQWV WKDWEURXJKWYDVWQXPEHUVRIQHZDQGGLIIHUHQWDQLPDOVLQWRH[LVWHQFH$WQRRWKHUWLPHLQKLVWRU\KDYH VXFKVSHFWDFXODUDQGZLGHVSUHDGLQFUHDVHVLQDIIOXHQFHWHFKQRORJ\HGXFDWLRQDQGFRPPXQLFDWLRQ RFFXUUHG7KHVHDGYDQFHVKDYH\LHOGHGDZHDOWKRIQHZNQRZOHGJH $OOWKLVNQRZOHGJHKRZHYHUKDVGRQHOLWWOHWRVDWLVI\SHRSOH¶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¶V H[LVWHQFHDQGZHOOEHLQJ"&DQLWVXJJHVWDUHDVRIUHVHDUFKDQGDYHQXHVRILQTXLU\WKDWZLOOOHDGWR EHQHILFLDOEUHDNWKURXJKV" ,¶PFRQYLQFHGLWFDQ)RUH[DPSOHDV,GLVFXVVLQFKDSWHU-RERIIHUVVLJQLILFDQWLQVLJKWVIRU DGGUHVVLQJWKHSHUSOH[LQJDQGFRQWURYHUVLDOJOREDOZDUPLQJFRQFHUQV-REDOVRFRQWDLQVSDVVDJHVWKDW JLYHFOXHVWRP\VWHULHVFXUUHQWO\XQGHULQYHVWLJDWLRQE\FRJQLWLYHQHXURVFLHQWLVWVVXFKDVWKHRULJLQ DQGGHYHORSPHQWRIZKDW,UHIHUWRLQFKDSWHUV±DV³VRXOLVK´DWWULEXWHV LQWHOOHFWYROLWLRQDQG HPRWLRQ RIDGYDQFHGDQLPDOV *RG¶VZLVGRPHPEHGGHGLQ-REVHHPVWRKDYHDQWLFLSDWHGQRWRQO\NQRZOHGJHDGYDQFHVEXWDOVR WKHDQ[LHW\DQGLQVHFXULW\IXWXUHJHQHUDWLRQVZRXOGIDFHDVWKHLUNQRZOHGJHDQGWHFKQRORJ\ SURJUHVVHG,QPDQ\UHVSHFWVWKHGHEDWHEHWZHHQ-REDQGKLVIULHQGVWDUJHWHGIXWXUHJHQHUDWLRQV UDWKHUWKDQWKHLURZQ$VWKHDSRVWOH3HWHUGHFODUHG³7KH\ZHUHQRWVHUYLQJWKHPVHOYHVEXW\RX´ 3HW  5HVROYLQJ%LEOH'LIILFXOWLHV 2QHZD\WKHERRNRI-REVHUYHVIXWXUHJHQHUDWLRQVLQFOXGLQJRXURZQLVWKDWLWKHOSVUHDGHUVWHVWDQG UHILQHWKHLULQWHUSUHWDWLRQRIRWKHU%LEOHSDVVDJHVDERXWQDWXUDOKLVWRU\,QWKHERRNRI$FWVWKH %HUHDQ-HZVZHUHFRQVLGHUHG³RIPRUHQREOHFKDUDFWHUWKDQWKRVHLQ7KHVVDORQLFD´EHFDXVHWKH\ ³H[DPLQHGWKH6FULSWXUHVHYHU\GD\WRVHHLIZKDW3DXOVDLGZDVWUXH´ $FWV 7KLVVDPH3DXO H[KRUWHGWKH7KHVVDORQLDQVWR³WHVWDQGSURYHDOOWKLQJV´ 7KHVV$03  ,QFKDSWHUVWKURXJK,VKRZKRZFHUWDLQVWDWHPHQWVLQ-REKHOSHOXFLGDWHVRPHRIWKHPRUH GLIILFXOWWRLQWHUSUHWYHUVHVRQFUHDWLRQIRXQGHOVHZKHUHLQWKH%LEOH6XFKLOOXPLQDWLRQIURP-REFDQ KHOSEHOLHYHUVUHVSRQGWRVNHSWLFV¶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³OLNH´DQG³DV´ LQ(QJOLVKWUDQVODWLRQV ZLWKLQWKRVH SDVVDJHV *LYHQWKDW-REOLNHO\SUHGDWHVRWKHUERRNVRI6FULSWXUHLWOD\VDIRXQGDWLRQIRUXQGHUVWDQGLQJ FHUWDLQLPDJHU\XVHGE\ODWHU%LEOHDXWKRUV0DQ\ZRUGSLFWXUHVWKDWKDYHSX]]OHGUHDGHUVIRU FHQWXULHVRUKDYHSURYLGHGVNHSWLFVZLWKH[FXVHVQRWWREHOLHYHDUHURRWHGGHILQHGDQGH[SODLQHGLQ -RE,QFKDSWHUVDQG,RIIHUPXOWLSOHH[DPSOHVRIKRZ-RE¶VGHVFULSWLYHODQJXDJHVHWWOHV TXHVWLRQVWKDWKDYHWURXEOHG%LEOHVWXGHQWVIRU\HDUVDVZHOODVTXHVWLRQVWKDWKDYHHPHUJHGRQO\ UHFHQWO\-REKHOSVVHWWOHGHEDWHVRYHUWKHPHDQLQJRIUHIHUHQFHVWRWKH³H[SDQVH´LQ*HQHVLVWKH XQLTXHQHVVRIKXPDQVDVFRPSDUHGZLWKRWKHUDQLPDOVDQGWKHQDWXUHRIGHDWK &UHDWLRQ&ODULILFDWLRQ $VWKHGUDPDWLFRSHQLQJSDVVDJHRIWKH%LEOH*HQHVLVUHFHLYHVDQGGHVHUYHVUHFRJQLWLRQDVD SDUDPRXQWGHFODUDWLRQRI*RG¶VLGHQWLW\DQGUROHLQFUHDWLRQ<HWLWLVQRWWUXO\WKHHDUOLHVWFUHDWLRQ DFFRXQWDV\RXZLOOVHHLQFKDSWHU-RE¶VHSLFGLDORJXHZDVDYDLODEOHWRWKHDQFLHQW+HEUHZV EHIRUH0RVHV¶VERRNZDVZULWWHQ -RESURYLGHVPDQ\DQVZHUVWRWKHFUHDWLRQDQGHYROXWLRQFRQWURYHUVLHVWKDWWRGD\RFFXS\VRPXFK RIERWKVHFXODUDQG&KULVWLDQWKRXJKW:KLOH*HQHVLVPD\EHWKHPRVWIDPLOLDUDQGREYLRXVFUHDWLRQ QDUUDWLYHLWLVQHLWKHUWKHVROHQRUWKHVXSUHPHVRXUFHRIELEOLFDOUHYHODWLRQUHJDUGLQJWKHRULJLQDQG KLVWRU\RIWKHFRVPRVDQGOLIH,QUHDOLW\-REFRQWDLQVIDUPRUHFRQWHQWRQFUHDWLRQHYHQWVDQGQDWXUH¶V UHFRUG%HFDXVHLWLVPRUHWKDQDQDUUDWLYHKLJKOLJKWRIPDMRUHYHQWV-RE¶VFRPPHQWDU\LVPRUH VSHFLILFDQGGHWDLOHGWKDQWKH*HQHVLVDFFRXQW :KDW¶VPRUHWKHERRNRI-RELVMXVWRQHELEOLFDOVRXUFHRIDPSOLILFDWLRQDQGFODULILFDWLRQRQ FUHDWLRQ3VDOPV3URYHUEV(FFOHVLDVWHV,VDLDK5RPDQV&RULQWKLDQV3HWHUDQG5HYHODWLRQDOO SURYLGHFKDSWHUOHQJWKRUORQJHUDFFRXQWVRI*RG¶VLQYROYHPHQWLQWKHUHDOPRIQDWXUHVSHFLILFDOO\LQ FUHDWLRQ VHH$SSHQGL[RQSDJH 7KURXJKRXWWKH%LEOHRQHILQGVVXFKFRPPHQWDU\LQERWK H[WHQGHGSDVVDJHVDQGEULHIUHIHUHQFHV 7KLVZHDOWKRIFUHDWLRQFRQWHQWPDNHVWKH%LEOHXQLTXHDPRQJWKH³KRO\ERRNV´RIWKHZRUOG¶V PDMRUUHOLJLRQV7KLVWUHDVXUHHQDEOHVUHDGHUVWKURXJKWKRXJKWIXOLQWHJUDWLRQWRGLVFHUQIURPWKH %LEOHDUHDVRQDEO\FOHDUGHWDLOHGDQGXQDPELJXRXVVWRU\RIWKHRULJLQDQGKLVWRU\RIWKHXQLYHUVH (DUWKDQGOLIH +HDOLQJ*HQHVLV3KRELD ,QP\PDQ\\HDUVRIPLQLVWU\VSHDNLQJLQKXQGUHGVRIVFKRROVDQGFKXUFKHVWKURXJKRXW$PHULFDDQG RWKHUSDUWVRIWKHZRUOG,¶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¶VILUVWVHYHUDOFKDSWHUVZLOOFRQWLQXHZKHWKHURUQRW&KULVWLDQOHDGHUVFKRRVHWR RIIHUDQ\LQVWUXFWLRQRQWKHP6NHSWLFVWHQGWRLQWHUSUHW&KULVWLDQOHDGHUV¶DYRLGDQFHRI*HQHVLV± DVDQREYLRXVFRQFHVVLRQWKDWWKH%LEOHLVVFLHQWLILFDOO\IODZHGDQGLQGHIHQVLEOH$VDUHVXOWWUXWK VHHNHUVPD\EHGLVFRXUDJHGIURPH[DPLQLQJWKHUHVWRIWKH%LEOH :KDWPRWLYDWHVERWKWKHVFLHQWLVWDQGHYDQJHOLVWZLWKLQPHLVWKHFRQYLFWLRQWKDWWKLVLQVHFXULW\DQG DQ[LHW\QHHGQRWFRQWLQXHWRLQWHUIHUHZLWKRXUHIIRUWVWRVSUHDGWKH*RRG1HZV²WKHPHVVDJHWKDWRXU &UHDWRULQYLWHVXVWRNQRZKLPDQGOLYHZLWKKLPIRUHYHU,QFKDSWHUDV,PDNHDFDVHIRUWKH DQWLTXLW\RI-RE¶VVWRU\,DUJXHWKDW-REVHUYHVLQRQHVHQVHDVDIRUHZRUGDQGLQWURGXFWLRQWR *HQHVLV2QWKHWRSLFRI*RG¶VLQYROYHPHQWLQWKHQDWXUDOUHDOP-RELVDSULPDU\WH[W-REFRORUIXOO\ VHWVWKHVWDJHIRUWKHRUGHUO\DQGVXFFLQFW*HQHVLVQDUUDWLYH &KDSWHUV±VKRZKRZ-REFDQWUDQVIRUP*HQHVLV±IURPDVFLHQWLILFHPEDUUDVVPHQWDVRXUFH RIPRFNHU\DPRQJVNHSWLFVLQWR&KULVWLDQV¶PRVWSRWHQWWRROIRUGHPRQVWUDWLQJWKDWWKH%LEOHLVD VXSHUQDWXUDOO\LQVSLUHGWUXVWZRUWK\DQGUHOHYDQWUHYHODWLRQWRPDQNLQG,IZHXVH-REWRVKRZ GRXEWHUVWKDWWKH%LEOHLVDFFXUDWHDQGZKROO\UHOLDEOHERWKKLVWRULFDOO\DQGVFLHQWLILFDOO\ZHPD\ ILQGWKHPPXFKPRUHZLOOLQJWRWUXVWLWDVDJXLGHIRUKRZZHVKRXOGOLYHDQGUHODWHWR*RG,IZH VWXG\-REDPRQJIHOORZ&KULVWLDQVZHPD\ILQGWKDWLWUHVWRUHVDQGPDWXUHVRXUIDLWKLQDOOWKDWWKH %LEOHWHDFKHV/HW¶VWDNHDORRNDWVRPHRIWKHSDUWLFXODUV ,GHQWLI\LQJ'DUZLQ¶V0LVWDNH ,QKLVERRNV2QWKH2ULJLQRI6SHFLHVDQG7KH'HVFHQWRI0DQ&KDUOHV'DUZLQFRQFOXGHGWKDWWKH GLIIHUHQFHEHWZHHQKXPDQVDQGWKHKLJKHUDQLPDOVDVEHWZHHQKLJKHUDQLPDOVDQGORZHUDQLPDOVLV RQHRIGHJUHHRQO\DQGQRWRINLQG*HQHVLVWHOOVXVWKHGLIIHUHQFHLVRIERWKGHJUHHDQGNLQG,W GHVFULEHVWKUHHGLVWLQFWRULJLQVRI(DUWK¶VOLIHSXUHO\SK\VLFDOOLIHVXFKDVSODQWVDQGLQVHFWVOLIHWKDW LVERWKSK\VLFDODQGVRXOLVKLQFOXGLQJELUGVPDPPDOVDQGDIHZVSHFLHVRIUHSWLOHVDQGOLIHWKDWLV SK\VLFDOVRXOLVKDQGVSLULWXDOQDPHO\²DQGRQO\²KXPDQOLIH -RERIIHUVDEXQGDQWDQGVLJQLILFDQWLQIRUPDWLRQDERXWWKHWKUHHGLIIHUHQWNLQGVRIOLIH,QFKDSWHUV DQG,H[DPLQH-RE¶VDZDUHQHVVRIWKHGLVWLQFWLYHFKDUDFWHULVWLFVRIHDFK-REDOVRUHYHDOVKRZWKH WKUHHGLIIHUHQWVHWVRIOLIHIRUPVZHUHGHVLJQHGE\*RGWRUHODWHWRRQHDQRWKHU &UHDWLRQDQG5ROHVRI³6RXOLVK´$QLPDOV *HQHVLVUHIHUVWRWKHVHFRQGFDWHJRU\RIOLIHE\WKH+HEUHZWHUPQHSHVK7KLVZRUGLVXVHGIRU ³VRXOLVK´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± ,GHVFULEHVRPHRIWKHDPD]LQJDWWULEXWHVVRXOLVKFUHDWXUHVPDQLIHVWHGORQJEHIRUHKXPDQVHYHQ H[LVWHGZKLFKUHDGLHGWKHPWRPHHWKXPDQLW\¶VQHHGVIURPWKHYHU\ILUVWPRPHQWSHRSOHDSSHDUHGRQ (DUWK &UHDWLRQ&DUH0DQXDO 7KHILUVWLQVWUXFWLRQV*RGJDYHWRKXPDQLW\VSHFLILFDOO\WR$GDPDQG(YHFRQFHUQHGWKHLU UHVSRQVLELOLW\WRPDQDJH(DUWK¶VUHVRXUFHVIRUWKHEHQHILWRIDOOOLIH VHH*HQ± ,QPDQ\ UHVSHFWVWKHERRNRI-REVHUYHVDVDQLQVWUXFWLRQPDQXDOWHDFKLQJKXPDQVH[DFWO\KRZWRPDQDJHWKH SODQHW¶VUHVRXUFHVIRUWKHDGYDQWDJHRIDOO-RESURYLGHVWKLVLQVWUXFWLRQE\DVNLQJVSHFLILFTXHVWLRQV $VDVFLHQWLVWUHDGLQJ-RE,VHHKRZ*RGVWUXFWXUHGTXHVWLRQVWRJXLGHKXPDQVLQWKHNLQGRI UHVHDUFKZHQHHGWRFRQGXFWLQRUGHUWRZLVHO\PDQDJH(DUWK¶VDEXQGDQWEXWOLPLWHGUHVRXUFHV &KDSWHUV±H[SORUHWKHVHTXHVWLRQVDQGQRWHWKDWLQVSLWHRIKXPDQLW\¶VUHPDUNDEOHVFLHQWLILF DFKLHYHPHQWVPRVWRIWKHTXHVWLRQVUHPDLQXQDQVZHUHGWRWKLVGD\7KH1DWLRQDO6FLHQFH)RXQGDWLRQ KHUHLQWKH8QLWHG6WDWHVDVZHOODVVFLHQWLILFRUJDQL]DWLRQVLQRWKHUOHDGLQJQDWLRQVRIWKHZRUOG ZRXOGGRZHOOWRWDNHDGYDQWDJHRI-RELQGHYHORSLQJWKHLUSODQVDQGIXQGLQJIRURQJRLQJUHVHDUFK *RRG6FLHQFH*RRG)DLWK $QRWKHUOHVVRQ,¶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³:KDWFDQ,GRWR DYRLGMXGJPHQW"´$OWKRXJKIRUDPRPHQWVRPHFODVVPDWHVZRQGHUHGLIKHZDVMRNLQJWKH\TXLFNO\ UHDOL]HGKHZDVVHULRXV 7KHERRNRI-REUHIOHFWVZKDW,¶YHREVHUYHGWLPHDQGDJDLQTXHVWLRQVDERXWVFLHQFHDQGQDWXUH¶V UHFRUGOHDGQDWXUDOO\LQWRTXHVWLRQVDERXWIDLWKHVSHFLDOO\DERXWKXPDQLW\¶VVWDQGLQJEHIRUHD ULJKWHRXV*RG$VWXG\RIQDWXUHDQGHVSHFLDOO\RI*RG¶VFUHDWXUHVHPSKDVL]HVWKHJXOIEHWZHHQ KXPDQLW\DQGWKH2QHZKRPDGHHYHU\WKLQJIRUKLVRZQSXUSRVHV,WVSDUNVTXHVWLRQVDERXWLIRUKRZ WKDWJXOIFDQEHEULGJHG&KDSWHUV±DGGUHVVWKHIDLWKLVVXHVWKDWDULVHIURPWKHFRQYHUVDWLRQ DPRQJ-REDQGKLVIRXUIULHQGVLVVXHVRIHTXDOLPSRUWDQFHDQGFRQFHUQWRXVWRGD\DVZHFRQWLQXHWR JDLQDEHWWHUXQGHUVWDQGLQJRI*RG¶VZRUNLQFUHDWLQJWKHXQLYHUVHDQGWKHHDUWKWRVXVWDLQOLIHLQ JHQHUDODQGKXPDQVLQSDUWLFXODU $JH2OG3UREOHPRI(YLODQG6XIIHULQJ ,WJRHVZLWKRXWVD\LQJWKDW-REWKHPDQDQG-REWKHERRNSULPDULO\DGGUHVVWKHTXHVWLRQVUDLVHGE\ HQFRXQWHUVZLWKHYLODQGVXIIHULQJ7KLVLVVXHRIHYLODQGVXIIHULQJLVWKHIRFDOSRLQWRIYLUWXDOO\HYHU\ FRPPHQWDU\RQ-REWKDW,¶YHEHHQDEOHWRILQG7KHERRN\RXQRZUHDGRIIHUVDGLIIHUHQWFRPPHQWDU\ 0\PRWLYDWLRQLQZULWLQJLVWRVKRZKRZ-RELPSDUWVDQVZHUVWRVRPHRIWKHELJJHVWVFLHQFHIDLWK LVVXHVRIWKHWZHQW\ILUVWFHQWXU\,OHDYHFRPSUHKHQVLYHFRPPHQWDU\RQHYLODQGVXIIHULQJWR RWKHUV>@DQGWRVRPHRIP\SUHYLRXVZULWLQJV>@ 7KLVERRNGRHVKRZHYHUWRXFKRQWKHSUREOHPRIHYLODQGVXIIHULQJZKHUHWKLVSUREOHPUHPDLQVD VLJQLILFDQWIDFWRULQFUHDWLRQYHUVXVHYROXWLRQDQGVFLHQFHYHUVXVIDLWKGHEDWHV VHHFKDSWHU  6RPHWKLQJVGRQ¶WVHHPWRFKDQJHWKURXJKWKHFHQWXULHV 2IFRXUVH-REKLPVHOIQHHGHGWLPHWRFRPSUHKHQGDQGDSSUHFLDWHZK\KHKDGWRHQGXUHVRPXFK HYLODQGVXIIHULQJ+RZHYHU-REQHYHUZDYHUHGLQKLVFRQYLFWLRQWKDW*RGLIKHVRGHVLUHGFRXOG RIIHUVRPHJRRGUHDVRQVIRUVXEMHFWLQJRQHRIKLVZRUVKLSHUVWRWRUPHQWDQGGHYDVWDWLRQ1RUGLG-RE HYHUZDYHULQKLVFRQILGHQFHWKDWQDWXUH¶VUHFRUGZDVDWUXVWZRUWK\UHYHODWLRQIURP*RGQRWRQO\ DERXWWKHQDWXUHRIWKHSK\VLFDOUHDOPEXWDOVRDERXWOLIH¶VPRVWLPSRUWDQWVSLULWXDOLVVXHV-RE¶V VWHDGIDVWSHUVLVWHQFHDQGIDLWKLQ*RG²DQGLQ*RG¶VUHYHODWLRQ²RIIHUVDQH[DPSOHRIKRZWR FRQGXFWRXUVFLHQWLILFDQGWKHRORJLFDOUHVHDUFKWRGD\LQWKRVHDUHDVZKHUHWKHREVHUYHGUHVXOWVPD\ QRWPDNHLPPHGLDWHVHQVH %RRNIRU7RGD\ :KRFDQKHOSEXWZRQGHUKRZWKHPRVWDQFLHQWRI6FULSWXUH¶VVL[W\VL[ERRNV\LHOGVVXFKDULFK DEXQGDQFHRISHQHWUDWLQJDQVZHUVWRVRPHRIWKHWKRUQLHVWDQGPRVWGLYLVLYHLVVXHVRIRXUGD\" 7KDQNVWRWKHZRUGVUHFRUGHGLQ-REDUHDODQGODVWLQJUHFRQFLOLDWLRQRI*RG¶VWZRUHYHODWLRQV² JHQHUDOUHYHODWLRQWKURXJKQDWXUHDQGVSHFLDOUHYHODWLRQWKURXJKWKH%LEOH²DSSHDUVZLWKLQUHDFK 7KHHSLFGLDORJXHEHWZHHQ-REDQGKLVIULHQGVLVUHPDUNDEOHRQPDQ\IURQWV,QDGGLWLRQWREHLQJ UHPDUNDEOHIRULWVFRQWHQW-RELVDOVRUHPDUNDEOHLQWHUPVRILWVSDUWLFLSDQWVLWVWLPLQJDQGLWV ORFDWLRQ7KHVHIHDWXUHVRIWKHGLDORJXHDQGKRZLWFDPHDERXWUHSUHVHQWDIDVFLQDWLQJVWRU\LQLWVHOI  *DWKHULQJRIWKH*UHDWHVW0LQGV 6RPHWLPHVWKHEHVWZD\WRDQVZHUDTXHVWLRQLVE\DVNLQJDQRWKHUTXHVWLRQ²RUHYHQWZRLQVRPH FDVHV5HFHQWO\DVFRZOLQJVWXGHQWDSSURDFKHGWKHPLFURSKRQHGXULQJP\WDONDWKLVXQLYHUVLW\ FDPSXV+HZDQWHGWRNQRZKRZDQ\UHSXWDEOHDVWURQRPHUFRXOGSRVVLEO\JLYHFUHGHQFHWRWKH ELEOLFDOFODLPWKDWWKHVXQZDVFUHDWHGDIWHUSODQWOLIHDSSHDUHG$WOHDVWWKDW¶VZKDWKHKDGKHDUGWKH *HQHVLVVWRU\VDLG 0\UHVSRQVHEHJDQZLWKDTXHVWLRQDERXWVSHFLILFDOO\ZKRRUZKDWZRXOGKDYHEHQHILWHGIURPWKH DSSHDUDQFHRIWKHVXQPRRQDQGVWDUVLQWKHVN\$VKHZUHVWOHGIRUDZKLOHZLWKWKDWTXHVWLRQ, UDLVHGDQRWKHU³'R\RXNQRZZKDWWKHERRNRI-REWHOOVXVDERXWWKHVXUIDFHFRQGLWLRQVRIWKH SULPRUGLDO(DUWK"´ 7KHDLPRIWKHVHTXHVWLRQVZDVWRKHOSWKLVVNHSWLFDOVWXGHQWGLVFRYHUIRUKLPVHOIZK\LW¶VSRVVLEOH IRULQWHOOLJHQWVFLHQWLILFDOO\OLWHUDWHSHRSOHWRDFFHSWWKHWUXWKIXOQHVV²QRWLQSDUWEXWLQZKROH²RI *RG¶V:RUG,ILJXUHGLIKHGLVFRYHUHGUDWKHUWKDQVLPSO\KHDUGVRPHDQVZHUVLWZRXOGKDYHD GHHSHULPSDFWRQKLVWKLQNLQJDQGKLVZLOOLQJQHVVWRFRQVLGHUWKHFRUHPHVVDJHRI6FULSWXUHDERXW *RG¶VORYHIRUKLPDQG*RG¶VSXUSRVHIRUKLVOLIH $VDQ\UHVHDUFKHUNQRZVDFUXFLDOILUVWVWHSLQILQGLQJDQVZHUVWRGLIILFXOWSUREOHPVDQG FKDOOHQJHVLVWRDVNWKHULJKWTXHVWLRQV0RVWKDYHDOVRGLVFRYHUHGWKHLPSRUWDQFHRIDVNLQJWKHULJKW TXHVWLRQVRIWKHULJKWSHRSOHLQWKHULJKWZD\ 7RIXOO\DSSUHFLDWHWKHFUHDWLRQDQGVFLHQFHFRQWHQWLQWKHERRNRI-REZHQHHGWRFRQVLGHUVRPH FRQWH[WXDOTXHVWLRQV:KRZDV-RE":KRZHUHWKHRWKHUVPHQWLRQHG":KHQDQGZKHUHGLGWKHVWRU\ WDNHSODFH":KDWHYHQW V JDYHULVHWRWKHGLDORJXHEHWZHHQ-REDQGWKHVHRWKHULQGLYLGXDOV" ,QWRGD\¶VVRFLHW\DVLQWKHSDVWEULQJLQJJUHDWPLQGVWRJHWKHUWRGLVFXVVFRPSOH[LVVXHVFDQ\LHOG JUHDWUHVXOWV7KDW¶VZK\ZHKROGFRQIHUHQFHVIRUXPVV\PSRVLD²JDWKHULQJVZKHUHOHDGLQJH[SHUWV RQDSDUWLFXODUWRSLFFDQVKDUHWKHLUODWHVWGLVFRYHULHVDQGLQVLJKWVDQGSURSRVHVROXWLRQVWRXQVROYHG SUREOHPV6XFKLQWHUDFWLRQLVHVSHFLDOO\SURGXFWLYHZKHQDYDULHW\RIGLVFLSOLQHVDUHUHSUHVHQWHG 7KHVHJDWKHULQJVLQFOXGHYLJRURXVGHEDWHRYHUWKHUHODWLYHPHULWVRIWKHYDULRXVVROXWLRQVSURSRVHG 6XFKGHEDWHVKRZHYHUDUHQRWDWDOOOLNHWKHSROLWLFDOOHJDODQGUHOLJLRXVGHEDWHVWKDWGRPLQDWH PRGHUQQHZVPHGLDRUWKHFRPSHWLWLRQVWKDWW\SLI\KLJKVFKRRODQGFROOHJHGHEDWHFOXEV7KHJRDOLV QRWWRZLQRUGHPROLVKWKHFUHGLELOLW\RIRQH¶VRSSRQHQW5DWKHULWLVWRZRUNWRJHWKHUWRZDUGD ULJRURXVDQGWKRURXJKHYDOXDWLRQRIWKHVWURQJHVWHYLGHQFHVDQGDUJXPHQWVWKDWZLOOOHDGWRWKHEHVW UHVROXWLRQRIDSDUWLFXODUSUREOHP7KHXOWLPDWHJRDOLVWRVWXG\DQGDGGUHVVWKHSUREOHPLQDZD\WKDW OHDGVWRVROYLQJPRUHSUREOHPVDQGDQVZHULQJPRUHTXHVWLRQVZLWKLQWKHGLVFLSOLQHDQGSHUKDSV EH\RQG6XFKLVWKHVSLULWRIWKH³GHEDWH´GRFXPHQWHGLQWKHERRNRI-RE *UHDWHVW'HEDWHV 7KHNH\WRXQGHUVWDQGLQJWKHPHVVDJHRI-RELVWRVHHWKHERRNDVDWUDQVFULSWRIRQHRIKXPDQLW\¶V DOOWLPHPRVWLPSRUWDQWGHEDWHV²IXOORISUHVXPSWLRQVTXHVWLRQVUHEXWWDOV²DQGXOWLPDWHO\DVDTXHVW IRUWUXWK:K\GLGWKH&UHDWRUDQGVRYHUHLJQ0DVWHURIDOOWKLQJVDQGHYHQWVDOORZ-REDGHYRXW ZRUVKLSHUWRH[SHULHQFHVXFKXQLPDJLQDEOHVXIIHULQJ"7KLVJUHDWGHEDWHZDVLQVWLJDWHGE\DQHYHQ ELJJHUGHEDWHDFRQIURQWDWLRQEHWZHHQWKHWZRPRVWSRZHUIXOEHLQJVLQH[LVWHQFH*RGDQG/XFLIHU RU6DWDQWKHPRVWSRZHUIXOEHLQJ*RGHYHUFUHDWHG7KHTXHVWLRQ*RGGHHPHGZRUWK\WRDGGUHVV ZDVWKLV:RXOGDPDQOLYHULJKWHRXVO\KRQRULQJ*RGLIKHH[SHULHQFHGORVVDQGVXIIHULQJXQUHODWHG WRKLVRZQGHFLVLRQVDQGDFWLRQV" 6DWDQPRFNHG*RG¶VSODQIRUUHGHHPLQJKXPDQLW\+HLQVLVWHGWKDWKRZHYHUULJKWHRXVDKXPDQ PLJKWDSSHDUVXEPLVVLRQWR*RG¶VDXWKRULW\DQGUHVSRQGLQJWR*RG¶VRIIHURIUHGHPSWLRQIURPVLQLV HVVHQWLDOO\PRWLYDWHGE\VHOILQWHUHVWEDVHGRQWKHGHVLUHIRUJXDUDQWHHGSK\VLFDODQGPDWHULDO EOHVVLQJVRUSURWHFWLRQ7DNHDZD\WKHEOHVVLQJV6DWDQDUJXHGDQGZDWFKWKHULJKWHRXVQHVVWUXVWDQG ZRUVKLSHYDSRUDWH )RUWKHVDNHRIWKHHQWLUHKHDYHQO\DQGHDUWKO\KRVWV*RGDFFHSWHG6DWDQ¶VFKDOOHQJH+HDOORZHG 6DWDQWRUHPRYHDOOWKHPDWHULDOEOHVVLQJVDQGHYHQORYHGRQHVIURPWKHSUHPLHUH[DPSOHRIKXPDQ ULJKWHRXVQHVVDPDQQDPHG-RE:KHQWKDWLQLWLDOWHVWIDLOHGWRSURGXFHWKHUHVXOWV6DWDQKDG DQWLFLSDWHGWKH$UFK5HEHOFKDOOHQJHG*RGWRSXW-REWKURXJKDQRWKHUOHYHORIWHVWLQJUHPRYH-RE¶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³SRVLWLYH´UDWLRQDOHQRQWKHLVWVHYHUVHHP WRPDUVKDODJDLQVW*RG¶VH[LVWHQFH7KHPRGHUQIRUPXODWLRQRIWKLVDUJXPHQWZKLFKZH¶YHDOOKHDUG LQRQHIRUPRUDQRWKHUJRHVOLNHWKLVLIDQDOOSRZHUIXODOOORYLQJ*RGZHUHWRH[LVWVXFKD*RG ZRXOGLPPHGLDWHO\WDNHDFWLRQWRUHPRYHDOOHYLODQGVXIIHULQJIURPKXPDQH[SHULHQFHRUQHYHUOHWLW KDSSHQLQWKHILUVWSODFH6LQFHHYLODQGVXIIHULQJREYLRXVO\GRH[LVW*RGPXVWQRW ,DPQRWLPSO\LQJWKDWDWKHLVWVSUHVHQWQRRWKHUDUJXPHQWVIRUWKHLUQR*RGVWDQFH5DWKHU,¶P VXJJHVWLQJWKHLURWKHUDUJXPHQWVDOOWHQGWREH³QHJDWLYH´7KH\FRQVLVWSULPDULO\RIMDEVDJDLQVW WKHLVWV¶ZHDNVXEMHFWLYHDUJXPHQWVLQIDYRURI*RG¶VH[LVWHQFHRUDJDLQVWZKDWHYHUWKH\GLVOLNHDERXW *RG¶VSODQIRUUHGHHPLQJKXPDQLW\ 7KHGHEDWHEHWZHHQ-REDQGKLVSKLORVRSKLFDOIULHQGVGHVHUYHVFRQVLGHUDWLRQDVWKHJUHDWHVWGHEDWH RIDOOWLPHIRUDQRWKHUUHDVRQ8QOLNHPDQ\RIWRGD\¶VOHDGLQJVFKRODUV-REDQGKLVIULHQGVDSSDUHQWO\ JUDVSHGWKHLQWLPDWHFRQQHFWLRQEHWZHHQWKHSUREOHPRIHYLODQGVXIIHULQJDQGWKHTXHVWLRQRI SXUSRVHIXOFUHDWLRQYHUVXVXQGLUHFWHGHYROXWLRQ IRUIXUWKHUGLVFXVVLRQVHHFKDSWHU )XUWKHUPRUH WKH\VHHPHGWRFRPSUHKHQGWKDWWKHLUGHEDWHWUDQVFHQGHGWKHLUSHUVRQDOUHODWLRQVKLSVDQGSHUKDSV HYHQWKHLURZQWLPH,FDQ¶WKHOSEXWZRQGHULIWKH\KDGVRPHLQNOLQJWKH\ZHUHGHEDWLQJIRUWKH EHQHILWRIDOOKXPDQLW\ *UHDW'HEDWHUV 7KHGHEDWHEHWZHHQ-REDQGKLVIULHQGVPD\EHWKHJUHDWHVWRIDOOGHEDWHVIRUDWKLUGUHDVRQWKH FDOLEHURIWKHGHEDWHUV-RE(OLSKD]=RSKDUDQG%LOGDGZHUHOLNHO\WKHLQWHOOHFWXDOSRZHUKRXVHVRI WKHLUGD\DQGWKHOHDGLQJVSLULWXDOOLJKWVRIWKHLUFXOWXUH6FKRODUVUHIHUWRWKHPDV³SULQFHVRIWKH SHRSOHDQGVDJHVRIUHQRZQ´>@2QHDGYDQWDJHRIWKHLUDQFLHQW WKRXJKQRWSULPLWLYH ³HGXFDWLRQ´ VKRZVLQWKHEUHDGWKRIWKHLUNQRZOHGJH8QOLNHPDQ\LQWHOOHFWXDOVWRGD\WKH\ZHUHOHVVVSHFLDOL]HG LQWKHLUVWXGLHVDQGWKXVPRUHDGHSWDWVHHLQJWKHELJJHUSLFWXUHQRWWRPHQWLRQWKHFRQQHFWLRQV EHWZHHQPDWHULDODQGQRQPDWHULDOUHDOLW\ 7KHUHLVQRGRXEWDERXW-RE¶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³,VWKHUHQRORQJHU ZLVGRPLQ7HPDQ"+DVFRXQVHOSHULVKHGIURPWKHSUXGHQW"+DVWKHLUZLVGRPGHFD\HG"´ -HU  *LYHQWKHHLJKWKXQGUHGPLOHGLVWDQFHEHWZHHQ7HPDQDQG-RE¶VKRPHLQWKHODQGRI8] VHHILJ  DQGWKHLQYHVWPHQWUHTXLUHGWRXQGHUWDNHVXFKDMRXUQH\LWVHHPVOLNHO\WKDW7HPDQ¶VOHDGHUVVHQWWKHLU PRVWJLIWHGVFKRODU-RE¶VIULHQGDQGSHHUWRRIIHUFRPIRUW,WPDNHVVHQVHWKDW(OLSKD]WKHPRVW UHYHUHGZDVSUREDEO\WKH7HPDQLWHEHVWNQRZQWR-REDQGWKHWH[WLQGLFDWHV VHH-REDQG  WKDWGHVSLWHWKHGLVWDQFH(OLSKD]ZDVDPRQJ-RE¶VGHDUHVWIULHQGV 7KHWH[WVXJJHVWVWKDW=RSKDUDQG%LOGDGZHUHRIYLUWXDOO\HTXDODELOLWLHVWR(OLSKD]DQGDOVRFORVH IULHQGVWR-RE$SSDUHQWO\ZKHQZRUGRI-RE¶VGHYDVWDWLQJORVVHVDQGVXIIHULQJVVSUHDGWKHZRUOGRI WKDWWLPHVHQWWKHLUWKUHHPRVWHPLQHQWZLVHPHQWRRIIHUFRPIRUWDQGFRXQVHO:KRHOVHFRXOGHYHQ WU\" 'HEDWH5HFRUGHU $QRWKHULQGLFDWLRQRIWKHGHEDWH¶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± ,WDSSHDUVIURP(OLKX¶VRZQZRUGV VHH-RE± DQGIURPWKHIDFWKH ZDVSUHVHQWDWWKHGHEDWHWKDW(OLKXZDVWKHLQWHOOHFWXDODQGVSLULWXDOSURGLJ\RIKLVWLPH$VVXFKKH ZRXOGKDYHUHFRJQL]HGWKHLPSRUWDQFHRIUHFRUGLQJWKHFRQYHUVDWLRQIRUSRVWHULW\2WKHUOHDGHUVDV ZHOODV-REDQGKLVDVVRFLDWHVZRXOGKDYHFRQILUPHG(OLKX¶VTXDOLILFDWLRQIRUWKHUROH 7KLVVFHQHIURP-REEULQJVWRPLQGDSHUVRQDOH[SHULHQFHRQDPXFKVPDOOHUVFDOHWREHVXUH 'XULQJP\JUDGXDWHVFKRROGD\VDWWKH8QLYHUVLW\RI7RURQWRHDFK-XQHWKHIDFXOW\ZRXOGEULQJIRXU RIWKHZRUOG¶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¶VUROHDVUHFRUGHULQFKLHI,QWKDWFDSDFLW\KHZRXOGEHVHQVLWLYHWRNHHSWKH IRFXVRQWKHGHEDWH¶VPDLQSDUWLFLSDQWV(OLKX¶VVHUYLFHDVUHFRUGHUZRXOGDOVRH[SODLQZK\KLV SUHVHQFHLVQRWPHQWLRQHGXQWLOKHDFWXDOO\DGGUHVVHVWKHRWKHUVDVGRFXPHQWHGLQ-RE /RFDWLRQDQG'DWH -REUHVLGHGLQWKHODQGRI8]  ORFDWHGLPPHGLDWHO\VRXWKRI&KDOGHDLQWKHUHJLRQQHDUWKH QRUWKZHVWVKRUHRIWKH3HUVLDQ*XOI VHHILJ -REWKHFKDSWHULQWURGXFLQJWKHGHEDWHLQGLFDWHV -RE¶VIULHQGVHDFKFDPHIURPWKHLUKRPHODQGV²LQWKHFDVHRI(OLSKD]DIDUGLVWDQWFLW\²WRPHHW ZLWKKLP:LWK-REVRWHUULEO\LQFDSDFLWDWHGLWVHHPVKLJKO\XQOLNHO\KHWUDYHOHGWRWKHP $OWKRXJKWKHERRNRI-REIROORZVVHYHQWHHQRWKHUERRNVLQWKHDUUDQJHPHQWRIWKH2OG7HVWDPHQW FDQRQLWVSRVLWLRQGRHVQRWUHIOHFWWKHWLPLQJRIWKHVWRU\LWWHOOV7KH%LEOH¶VERRNVDUHQRWSODFHGLQ RUGHUDFFRUGLQJWRDVLQJOHFKURQRORJLFDOVHTXHQFH5DWKHUWKH2OG7HVWDPHQWLVGLYLGHGLQWRWKUHH VHFWLRQVDQGZLWKLQHDFKVHFWLRQWKHERRNVDUHDUUDQJHGFKURQRORJLFDOO\7KHILUVWVHFWLRQLQFOXGHV DOOWKHERRNVGHVLJQDWHGDVKLVWRU\WKHVHFRQGSRHWU\DQGWKHWKLUGSURSKHF\>@-RELVWKHILUVW ERRNLQWKHSRHWU\VHFWLRQ,WVSODFHPHQWWKHUHWHOOVXVLW¶VWKHROGHVWRIWKHSRHWLFERRNVEXWDUHDGHU PXVWORRNWRLWVFRQWHQWWRGHWHUPLQHZKHWKHU-RESUHGDWHVRUSRVWGDWHVWKHHDUOLHVWRIWKHKLVWRULFDO ERRNV *HQHVLV RURIWKHSURSKHWLFERRNV ,VDLDK  6HYHUDOFOXHVVXJJHVWWKHVWRU\RI-RESUHGDWHVWKHZULWLQJRI*HQHVLVDQGWKHUHVWRIWKH3HQWDWHXFK WKH%LEOH¶VILUVWILYHERRNV 6FKRODUVWHQGWRDJUHHWKDWLWPRUHFORVHO\FRLQFLGHVZLWKWKHHUDRI $EUDKDP LQLWLDOO\$EUDP WKHSDWULDUFKZKROHIW8ULQ&KDOGHD *HQ DQHVWLPDWHG\HDUV EHIRUH0RVHVDQGWKHHVWDEOLVKPHQWRIWKH7HQ&RPPDQGPHQWVDQGWKH+HEUHZV¶FLYLODQGFHUHPRQLDO ODZV )LJXUH*HRJUDSK\RIWKH'HEDWH5HFRUGHGLQ-RE 7KHWH[WLGHQWLILHV-RE¶VKRPHODQG8](OLKXLVVDLGWRKDYHOLYHGLQWKHDGMRLQLQJODQGRI%X]$UDLGLQJSDUW\IURP &KDOGHDFDUULHGRIIDOORI-RE¶VFDPHOV-RE¶VIULHQG(OLSKD]WUDYHOHGIURPWKHGLVWDQWFLW\RI7HPDQ 6DWHOOLWHLPDJHRIWKH$UDELDQ3HQLQVXODFRXUWHV\RI1$6$ 5LJKWDZD\WKHUHDGHUVHHVWKDW-REDVWKHIDPLO\KHDGPDNHVWKHVDFULILFLDORIIHULQJV)URP 0RVHV¶VHUDRQZDUGSULHVWVFDUULHGRXWWKDWWDVNLQDSDUWLFXODUZD\2OG7HVWDPHQWVFKRODUVRIWHQ FRPPHQWWKDWWKHERRNRI-REFRQWDLQVQRUHIHUHQFHVWR+HEUHZFXOWXUH>@,WVHHPVHYLGHQWWKHQWKDW QHLWKHUWKH0RVDLFVDFULILFHV\VWHPQRURWKHUHOHPHQWVUHFRJQL]HGDV+HEUDLFVRFLDOFXVWRPVKDG\HW FRPHLQWRH[LVWHQFH %HFDXVH-REUHIHUHQFHVQHLWKHUSROLWLFDOQRUHFRQRPLFHYHQWVLWZRXOGDSSHDUWKDWKHOLYHGLQDQ HUDEHIRUHZKDWZHNQRZRIDVQDWLRQVKDGHPHUJHGDVVRFLRHFRQRPLFVRFLRSROLWLFDOHQWLWLHV,W VHHPVWKDWFLW\VWDWHVZHUHWKHSULPDU\VRFLRSROLWLFDOHQWLWLHVRI-RE¶VWLPH)XUWKHUPRUHKLVWRULDQV ILQGUHIHUHQFHVWRERWK-REWKHERRNDQG-REWKHPDQLQH[WUDELEOLFDOZULWLQJVGDWHGDVHDUO\DV %&>@ -RE¶VORQJOLIHVSDQDOVRVXJJHVWVDQHDUO\GDWHFRQVLVWHQWZLWKWKHWLPHRIWKHSDWULDUFKV*HQHVLV WHOOVRI*RG¶VGHFUHHDW1RDK¶VWLPHWKDWWKHPD[LPXPKXPDQOLIHVSDQZRXOGEHVKRUWHQHGIURP DERXW\HDUVGRZQWR\HDUV7KURXJKJHQHDORJLFDOUHFRUGVZHVHHWKHGHFOLQHLQORQJHYLW\ RFFXUUHGDORQJDQH[SRQHQWLDOFXUYH *HQ± %\0RVHV¶VWLPHDQGWKHUHDIWHUWKDWOLPLWZDV IXOO\LQHIIHFW<HW-REOLYHGDWOHDVWWZHQW\\HDUVEH\RQGLW VHH-RE*HQ±  7KHIDFWWKDWWKH+HEUHZODQJXDJHGLGQRW\HWH[LVWLQZULWWHQIRUPDWWKHWLPHRI$EUDKDPDQGWKH SDWULDUFKVPD\H[SODLQWKHSRHWLFIRUPLQZKLFKWKHERRNRI-REZDVUHFRUGHG>@6XFKDVW\OH FKDUDFWHUL]HVPDQ\DQFLHQWVWRULHVEHFDXVHLWIDFLOLWDWHGPHPRUL]DWLRQDZD\WRSUHVHUYHWKH DFFRXQW¶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¶VHSLFSRHP" )RUODWHUUHDGHUVDQGVWXGHQWVRI*HQHVLVWKHNH\WRXQGHUVWDQGLQJWKHFUHDWLRQDQGIORRGDFFRXQWV OLHVLQUHFRJQL]LQJWKHPDVUHYLHZVRURYHUYLHZVRIWKHEURDGHUPRUHH[SDQVLYH WKRXJK QRQFKURQRORJLFDO FUHDWLRQFRQWHQWLQ-RE,QRQHVHQVH-RESURYLGHVWKHLQWURGXFWRU\FRQWH[WWKDW LQIRUPVQRWRQO\WKH*HQHVLVFUHDWLRQSDVVDJHEXWDOOWKH%LEOH¶VFUHDWLRQDFFRXQWV VHH$SSHQGL[ S -REUDWKHUWKDQ*HQHVLVLVWKHELEOLFDOWH[WZKHUHGLVFXVVLRQRIFUHDWLRQDQGHYROXWLRQ VKRXOGULJKWO\EHJLQ 'HXWHURQRP\)RUHVKDGRZHG 1RWRQO\GRHVWKHERRNRI-RESURYLGHDQLQWURGXFWLRQWRWKHILUVWZRUGVRI6FULSWXUH *HQ± LW DOVRIRUHVKDGRZV0RVHV¶VILQDOZRUGVLQ'HXWHURQRP\-XVWDV*HQHVLVLVQRWWKHHDUOLHVWUHYHODWLRQ IURP*RGRQWKHVXEMHFWRIFUHDWLRQQHLWKHULV'HXWHURQRP\WKHHDUOLHVWZRUGRQWKHSUREOHPRIHYLO RURQ*RG¶VSODQWRUHGHHPKXPDQLW\IURPWKHIDWDOLOOXVLRQRIVSLULWXDODXWRQRP\0DQ\VNHSWLFVKDYH FULWLFL]HG'HXWHURQRP\IRULWVDSSDUHQWREVFXULW\VSHFLILFDOO\RQWKHVHWZRWRSLFV+RZHYHUWKH FKDUJHHYDSRUDWHVLQWKHOLJKWRI-RE¶VIDPLOLDUVWRU\ 0RVHVDQGKLVFRQWHPSRUDULHVDOUHDG\SRVVHVVHGDSUHYLHZRI*RG¶VUHGHPSWLYHSODQLQWKHZRUGV RI-RE'HXWHURQRP\VLPSO\HFKRHVDQGUHLQIRUFHVZKDWWKH\KDGDOUHDG\KHDUGDQGOLNHO\ PHPRUL]HG7KH\DOVRXQGHUVWRRGVRPHWKLQJDERXWWKHYDOXHDQGSXUSRVHRIVXIIHULQJDQGWKH QHFHVVLW\RIKXPDQLW\¶VH[SRVXUHWRHYLO %\XQGHUVWDQGLQJWKHKLVWRULFDOSRVLWLRQDQGFRQWH[WRI-RE²WKHHYHQWVSHRSOHSODFHDQGWLPLQJ ²ZHJDLQLQVLJKWLQWRRWKHU%LEOHERRNV7KHVHLQVLJKWVFDQKHOSGHHSHQDQGDPSOLI\RXU XQGHUVWDQGLQJRIWKRVHERRNV $VNLQJ%LJ4XHVWLRQV 7KHGLDORJXHWKDWWRRNSODFHEHWZHHQ-REKLVIULHQGV(OLKXDQG*RGRFFXUUHGDVPXFKDVIRXU WKRXVDQG\HDUVDJR<HWWKHTXHVWLRQVWKHVHPHQZUHVWOHGZLWK²DQGWKRVHWKDW*RGSRVHG²VWLOOKROG DFHQWUDOSODFHLQRXUPLQGVDQGKHDUWVWRWKLVGD\7KH%LEOH¶VPRVWDQFLHQWERRNPHULWVUHFRJQLWLRQ DQGVWXG\DVRQHRIWKHPRVWUHOHYDQWIRUWZHQW\ILUVWFHQWXU\UHDGHUV 1RRWKHUERRNRI6FULSWXUHFRQWDLQVDVPDQ\TXHVWLRQVDV-REGRHV%\P\FRXQWWKHQXPEHU H[FHHGVWZRKXQGUHG$QG*RGSRVHVRYHUHLJKW\TXHVWLRQVLQUHVSRQVHWRWKRVHWZRKXQGUHG,QDOO WKHVHTXHVWLRQV,VHH*RGJXLGLQJDQGPRWLYDWLQJXVWRGLVFRYHUDZHDOWKRIDQVZHUVZHGHVSHUDWHO\ QHHGIRUDGGUHVVLQJWKHSUREOHPVDQGFKDOOHQJHVRIRXUWLPH²RIDOOWLPHIRUWKDWPDWWHU $VWKH%LEOH¶VSUHPLHUTXHVWLRQDQGDQVZHUERRN-REDGGUHVVHVWKHWLPHOHVVTXHVWLRQVUDLVHGE\ SHRSOHWKURXJKRXWDOODJHV%XWDPD]LQJO\LWDOVRDQWLFLSDWHVTXHVWLRQVUDLVHGE\H[SORVLYHDGYDQFHV LQWHFKQRORJ\DQGHGXFDWLRQ7KHQH[WWKUHHFKDSWHUVH[DPLQHVRPHRIWKHLQVLJKWV-RESURYLGHVIRU DGGUHVVLQJVXFKTXHVWLRQV  $QVZHUVWR7LPHOHVV4XHVWLRQV )RUPRUHWKDQWKLUW\\HDUV,¶YHEHHQWHDFKLQJD6XQGD\PRUQLQJFODVVFDOOHG3DUDGR[HV7KHFODVV VHHPVWRDWWUDFWSHRSOHRIDOODJHVERWK&KULVWLDQVDQGQRQ&KULVWLDQV:KDWELQGVXVWRJHWKHULVWKH GHVLUHWRGLVFXVVWKHSDUDGR[LFDOLVVXHVRIVFLHQFHDQG6FULSWXUHDQGOLIH)RUWKHSDVW\HDURUVRD VNHSWLFQDPHG$OKDVNHSWXVRQRXUWRHVZLWKKLVYLJRURXVGHIHQVHVRIQDWXUDOLVPDQGFULWLTXHVRI &KULVWLDQDSRORJHWLFV 2QH6XQGD\$OFRPSODLQHGDERXWKRZKDUGLWLVWREHOLHYHLQD*RGZKRPZHFDQ¶WVHHKHDURU WRXFK³,I*RGUHDOO\ZDQWHGXVWRNQRZKLPDQGIROORZKLP´$ODVNHG³ZK\ZRXOGQ¶WKHKDYHPDGH KLVH[LVWHQFHPRUHREYLRXV"´ *RRGTXHVWLRQ0\LQLWLDOUHVSRQVHZDVWRSRLQWRXWWKDWLWUHSUHVHQWVDFUXFLDOVRPHWLPHVILUVW VWHSLQDSHUVRQ¶VMRXUQH\WRZDUGIDLWK:KRGRHVQ¶WDVNWKLVTXHVWLRQLQRQHIRUPRUDQRWKHUDWVRPH SRLQWLQOLIH"-REDQGKLVIULHQGVFHUWDLQO\GLG 1H[W,DVNHG$ODQGWKHFODVVWRHQJDJHLQDWKRXJKWH[SHULPHQW,IZHFRXOGDFFHVV*RGWKURXJKRXU ILYHVHQVHVZKDWZRXOGZHGLVFRYHUDERXW*RG¶VLGHQWLW\DQGDWWULEXWHV"$IWHUVRPHOLYHO\FODVV GLVFXVVLRQ$OKLPVHOIRIIHUHGDQDQVZHU³$JRGZHFRXOGNQRZWKDWZD\ZRXOGQRWEHWKHDOO SRZHUIXODOONQRZLQJDQGHYHU\ZKHUHSUHVHQW*RGRIWKH%LEOH´:LWKRXWUHDOL]LQJLW$OHFKRHGWKH ZRUGVRIWKHDSRVWOH3DXO$*RGZKRWUXO\LV*RGZRXOGEHRQH³ZKRPQRRQHKDVVHHQRUFDQVHH´ EHFDXVHWKLV*RG³OLYHVLQXQDSSURDFKDEOHOLJKW´ 7LP  $OPRVWLPPHGLDWHO\DQRXWFU\DURVHIURPRWKHUFODVVPHPEHUV³:DLWDPLQXWH-HVXVZDV*RGDQG \HWKHZDVYLVLEOHDQGWRXFKDEOHE\KXPDQEHLQJV´7KLVUHVSRQVHOHGWRDOHQJWK\GLVFXVVLRQRID JUHDWSDUDGR[RQHWKDW-REDQGKLVIULHQGVJUDSSOHGZLWKORQJEHIRUHWKHGLYLQH5HGHHPHUFDPHWR (DUWKLQKXPDQIRUP -HVXVRI1D]DUHWKZDVIXOO\*RG²EXWKHZLOOLQJO\FKRVHWRDFFHSWIRUDWLPHWKHFRQILQHVRID KXPDQERG\WRDFFRPSOLVKDSXUSRVHRQO\*RGKLPVHOIFRXOGIXOILOO :KREHLQJLQYHU\QDWXUH*RGGLGQRWFRQVLGHUHTXDOLW\ZLWK*RGVRPHWKLQJWREHXVHGWRKLVRZQDGYDQWDJHUDWKHUKHPDGH KLPVHOIQRWKLQJE\WDNLQJWKHYHU\QDWXUHRIDVHUYDQWEHLQJPDGHLQKXPDQOLNHQHVV$QGEHLQJIRXQGLQDSSHDUDQFHDVDPDQKH KXPEOHGKLPVHOIE\EHFRPLQJREHGLHQWWRGHDWK²HYHQGHDWKRQDFURVV7KHUHIRUH*RGH[DOWHGKLPWRWKHKLJKHVWSODFH 3KLO ± )RUDWLPHDQGDUHDVRQ*RGWRRNYLVLEOHWRXFKDEOHIRUPRQ(DUWKDQG\HWDOOWKHZKLOH*RGZDV DQGLVPRUH*RGKDVDFFHVVWRDUHDOLW\EH\RQGWKHGLPHQVLRQVRIWKHXQLYHUVH 0DQ\IDLWKTXHVWLRQVDUHOLNH$O¶V7KH\¶UHXQLYHUVDODVNHGE\SHRSOHDOORYHUWKHZRUOGIURPDOO ZDONVRIOLIHDQGWKURXJKDOORIKXPDQKLVWRU\  :KRZKDWRUZKHUHLV*RG"  'RHV*RGVHHRUFDUHDERXWP\OLIH"  :K\GRHVQ¶W*RGDQVZHUP\TXHVWLRQV"  +RZFDQ*RGEHQHDUDQG\HWEH\RQGP\UHDFK"  :K\GRHV*RGDOORZVXIIHULQJDQGGHDWK"  :K\LVKXPDQOLIHVRVKRUW"  :K\GRJRRGWKLQJVKDSSHQWREDGSHRSOH"  :K\GREDGWKLQJVKDSSHQWRJRRGSHRSOH"  +RZGRHV*RGFRPPXQLFDWHWRXV"  'RDQJHOVUHDOO\H[LVW" 7KHVHDUHVRPHRIWKHFRUHTXHVWLRQV-REDQGKLVIULHQGVJUDSSOHZLWKIRUWKHLURZQVDNHDQGIRU RXUV )LQGLQJ*RG +DYH\RXHYHUPHWDWUXHDWKHLVW",¶YHHQFRXQWHUHGPDQ\LQGLYLGXDOVZKRDGRSWWKDWODEHOEXWVRIDU WKH\¶YHDOOEHHQSHRSOHZLWKFRPSODLQWVDJDLQVW*RG²RUDJDLQVWWKRVHZKRSXUSRUWHGO\NQRZKLP ,QDOOKLVWRUPHQW-REQHYHUGHQLHG*RG¶VH[LVWHQFHRUFXUVHG*RGDVKLVZLIHVXJJHVWHGKHGR  %XWZKHQ-REFULHGRXWLQDQJXLVKUDLVLQJPDQ\RIWKHTXHVWLRQVOLVWHGDERYH(OLSKD]%LOGDG DQG=RSKDUUHVSRQGHGLQWKHVDPHXQKHOSIXOZD\VRPHZHOOLQWHQWLRQHGEHOLHYHUVGRLQWKHIDFHRI FKDOOHQJHVDQGFRPSODLQWV7KH\UHEXNHG-REDQGPDJQLILHGKLVVXIIHULQJZLWKWKHLU³ULJKWHRXV´ GHIHQVHRI*RGDQGKLVZD\V (DFKRIXVLIZH¶UHKRQHVWLQGXOJHVLQPRPHQWVRIJUXPEOLQJDJDLQVW*RG%HFDXVHDIDLWKIXOPDQ QDPHG-REYRLFHGKLVSDLQFRQIXVLRQDQGDQJHUDOORIKXPDQLW\FDQEHQHILWIURPKLVLQWHJULW\DQG XOWLPDWHO\IURPWKHLQVLJKWVDQGDZDUHQHVVKHUHFHLYHG :LWKLQDQG%H\RQG :LWKRXWWKHEHQHILWRIELEOLFDOLQVWUXFWLRQ-REDQGKLVIULHQGVVRPHKRZGLVFHUQHGDQGDUWLFXODWHGIRU ODWHUJHQHUDWLRQVRQHRI&KULVWLDQLW\¶VXQLTXHFRUHEHOLHIV²WKDW*RGLVERWKLPPDQHQW H[LVWLQJDQG RSHUDWLQJHYHU\ZKHUHZLWKLQKLVFUHDWLRQ DQGWUDQVFHQGHQW H[LVWLQJDQGRSHUDWLQJEH\RQGKLV FUHDWLRQZLWKRXWOLPLWDWLRQ ,QWRGD\¶VWHUPVZHZRXOGVD\WKDW*RGH[LVWVEH\RQGWKHFRVPLFVSDFH WLPHGLPHQVLRQVWRZKLFKKXPDQVDUHUHVWULFWHGPDNLQJSK\VLFDOFRQWDFWZLWK*RGLPSRVVLEOHDQG \HW*RGUHPDLQVVLPXOWDQHRXVO\DQGFRQWLQXRXVO\LQSUR[LPLW\WRHYHU\SHUVRQDQGWKLQJZLWKLQ FRVPLFVSDFHWLPHGLPHQVLRQV 7KHVFLHQWLILFHYLGHQFHWRVXSSRUWWKLVYLHZKDVHPHUJHGLQWKHODVW IHZGHFDGHV >@7KHVHDQFLHQWVDJHVH[SUHVVHGDQGHPEUDFHGWKHSDUDGR[ORQJDJR -REKDVPXFKWRVD\RI*RG¶VQHDUQHVVDQGDZDUHQHVV <RX>*RG@H[DPLQHWKHP>HYHU\SHUVRQ@HYHU\PRUQLQJDQGWHVWWKHPHYHU\PRPHQW  <RX>*RG@JDYHPHOLIHDQGVKRZHGPHNLQGQHVVDQGLQ\RXUSURYLGHQFHZDWFKHGRYHUP\VSLULW  ,I,VLQQHG\RX>*RG@ZRXOGEHZDWFKLQJPH  +LV>*RG¶V@H\HVDUHRQWKHLU>HYHU\SHUVRQ¶V@ZD\V  +H>*RG@YLHZVWKHHQGVRIWKHHDUWKDQGVHHVHYHU\WKLQJXQGHUWKHKHDYHQV  +LVIULHQGVHFKRWKHVHWKRXJKWV%LOGDGTXHVWLRQHGUKHWRULFDOO\³2QZKRPGRHVKLV>*RG¶V@OLJKWQRW ULVH"´  (OLKXDGGHG³+LV>*RG¶V@H\HVDUHRQWKHZD\VRIPRUWDOVKHVHHVWKHLUHYHU\VWHS´   -REDOVRGHVFULEHG*RG¶VWUDQVFHQGHQFH³:KHQKHSDVVHVPH,FDQQRWVHHKLPZKHQKHJRHVE\, FDQQRWSHUFHLYHKLP´  /DWHUKHGHFODUHV³,I,JRWRWKHHDVWKH>*RG@LVQRWWKHUHLI,JRWRWKH ZHVW,GRQRWILQGKLP:KHQKHLVDWZRUNLQWKHQRUWK,GRQRWVHHKLPZKHQKHWXUQVWRWKHVRXWK, FDWFKQRJOLPSVHRIKLP%XWKHNQRZVWKHZD\WKDW,WDNH´ ±  =RSKDURIIHUHGWKLVSHUVSHFWLYH³&DQ\RXSUREHWKHOLPLWVRIWKH$OPLJKW\"7KH\DUHKLJKHUWKDQ WKHKHDYHQVDERYH²ZKDWFDQ\RXGR"7KH\DUHGHHSHUWKDQWKHGHSWKVEHORZ²ZKDWFDQ\RXNQRZ"´ ± ,Q(OLKX¶VZRUGV³7KH$OPLJKW\LVEH\RQGRXUUHDFK´   &HQWXULHVODWHUWKHSURSKHW-HUHPLDKUHVWDWHVWKHSDUDGR[LQVXFFLQFWWHUPV6SHDNLQJIRU*RGKH ZULWHV³$P,RQO\D*RGQHDUE\DQGQRWD*RGIDUDZD\":KRFDQKLGHLQVHFUHWSODFHVVRWKDW, FDQQRWVHHWKHP"'RQRW,ILOOKHDYHQDQGHDUWK"´ -HU±  0DWKHPDWLFLDQVKDYHGHYHORSHGZD\VWRLOOXVWUDWHKRZ*RGFDQEHQHDUDQGEH\RQGXVDWWKHVDPH WLPH2QHZD\LVWRSLFWXUHDWZRGLPHQVLRQDOUHDOPLQKDELWHGE\WZRGLPHQVLRQDOEHLQJV7KHVH ³IODWODQGHUV´KDYLQJDFFHVVWROHQJWKDQGZLGWKRQO\ZRXOGEHLQFDSDEOHRIPDNLQJFRQWDFWZLWKD WKUHHGLPHQVLRQDO ' EHLQJKRYHULQJHYHQDWLQ\IUDFWLRQRIDQLQFKDERYHWKHLUSODQH%XWWKDW' EHLQJZRXOGEHFDSDEOHRIJDLQLQJDQGPDLQWDLQLQJDSHUVSHFWLYHRQWKHPEH\RQGZKDWWKH\FRXOG SRVVLEO\KDYHRQHDFKRWKHU²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¶VGRRUVRHDUO\RUVRODWHRUULJKWLQWKHPLGGOHRI VRPHDFWLYLW\WKDWLVEHQHILFLDOWRKXPDQLW\" 'HDWKLVDVXEMHFWPRVWRIXVDYRLGWDONLQJDERXWXQWLOVRPHSDLQIXOFLUFXPVWDQFHEULQJVLWWRWKH IRUHIURQW1RZRQGHULWEHFDPHDFHQWUDOLVVXHLQ-RE¶VGLVFXVVLRQZLWKKLVIULHQGV'HDWKKDGMXVW WDNHQQRWRQHEXWDOORI-RE¶VVRQVDQGGDXJKWHUV'HDWKKDGUREEHGKLPRIDIDWKHU¶VJUHDWKRSHVDQG GUHDPV $WWKHKHLJKWRIKLVVXIIHULQJ-RE XQGHUVWDQGDEO\ ZRQGHUHGZKHWKHUKHPLJKWKDYHEHHQEHWWHURII G\LQJLQKLVPRWKHU¶VZRPEDQGWKXVVSDUHGWKHWURXEOHDQGWRUPHQWRIKLVFXUUHQWVWDWH ±±  7KLVH[SUHVVLRQUHYHDOVDQRUPDOHPRWLRQDOUHVSRQVHWRH[WUHPHGLVWUHVV-HVXVKLPVHOIORQJHG IRU³HVFDSH´IURPWKHDQWLFLSDWHGKRUURUVRIKLVWRUWXUHDQGH[HFXWLRQ 0DWW±/XNH±   $OWKRXJKWKH\OLYHGORQJEHIRUHDQ\ZULWWHQ6FULSWXUHVZHUHDYDLODEOH-REDQGKLVIULHQGVKHOG ILUPO\WRWKHLUFRQYLFWLRQWKDWGHDWKLVVRPHWKLQJRWKHUWKDQWKHFHVVDWLRQRIDOOFRQVFLRXVQHVV7KH\ EHOLHYHGGHDWKLVDGRRUZD\LQWRDUHDOPEH\RQGOLIHDVZHNQRZLW-REVHHVLWDVWKHGRRUZD\WR RQJRLQJ³SHDFH´DQG³UHVW´  =RSKDUGHVFULEHVLWDVWKHGRRUZD\WR³WHUURUV´³WRWDOGDUNQHVV´ DQG³ILUH´IRUWKRVHZKRH[DOWWKHPVHOYHVDERYH*RG ±  2QHLQVLJKWWKDWHPHUJHVIURPWKLVFRQYHUVDWLRQLVWKDWDSHUVRQ¶VYLHZRIGHDWKUHIOHFWVKLVRUKHU YLHZRIOLIHDQGZKDWOLIHLVDERXW$V-REDQG(OLSKD]VDZLWOLIHLVDWLPHQRWRQO\RIMR\DQG SOHDVXUHEXWDOVRRI³WURXEOH´³VXIIHULQJV´DQG³KDUGVHUYLFH´  GXULQJ ZKLFK*RGFRQWLQXDOO\H[DPLQHVDQGWHVWVKXPDQKHDUWV ±  ,QFRQWUDVWWR(OLSKD]%LOGDGDQG=RSKDU-REDFNQRZOHGJHGKLVLQDELOLW\WRSDVVOLIH¶VWHVWV ZLWKRXW*RG¶VGLUHFWLQWHUYHQWLRQ+HVSRNHRIKLVQHHGIRUDGLYLQH$GYRFDWH ±±  D5HGHHPHU ± WRVWDQGEHIRUH*RGLQKLVEHKDOI:LWKZLVGRPWKDWFRXOGKDYHFRPHRQO\ IURPWKH+RO\6SLULW-REGHFODUHGWKDW*RGLQKLVPHUF\ZRXOGSURYLGH³WKHSOHGJH´GLYLQHMXVWLFH GHPDQGV   -REDQGKLVIULHQGVUHSUHVHQWDOORIKXPDQLW\LQWKHLUWKRXJKWVDQGFRQFHUQVDERXWOLIHEH\RQGGHDWK 7KH\GHPRQVWUDWHRQHRIWKHFKDUDFWHULVWLFVWKDWGLVWLQJXLVKKXPDQVIURPDOORI(DUWK¶VRWKHUOLIH IRUPV+XPDQVDORQHKDYHDFDSDFLW\²DQGDFRPSXOVLRQ²WRFRQVLGHUWKHPHDQLQJYDOXHDQG SXUSRVHRIOLIHDQGWRSRQGHUH[LVWHQFHEH\RQGWKHJUDYH -RE±±(]HN±  7KLVXQLTXHGLPHQVLRQRIKXPDQOLIHLVZKDW-REUHIHUVWRDVWKHKXPDQVSLULW -RE   1HFHVVLW\RI6KRUW/LYHV $OWKRXJKKHOLYHGGHFDGHVORQJHUWKDQDQ\RQHFRXOGSRVVLEO\OLYHWRGD\ -RE -REVDZKLVOLIH DVIOHHWLQJO\EULHI ±±± 6RGLG%LOGDG  /LNHQHDUO\ DOODWRQHWLPHRUDQRWKHU-REDQGKLVIULHQGVSRQGHUHGOLIH¶VEUHYLW\FRQVLGHULQJZK\DORYLQJ*RG ZRXOGOLPLWRXUHDUWKO\H[LVWHQFHWRVRIHZWULSVDURXQGWKHVXQ -RERIIHUHGVRPHUHPDUNDEOHREVHUYDWLRQV+HVHHPHGWRUHFRJQL]HWKDWDUHODWLYHO\VKRUWKXPDQ OLIHVSDQHIIHFWLYHO\SURWHFWVKXPDQLW\E\OLPLWLQJWKHH[SUHVVLRQRIHYLO+HGHVFULEHVKRZWKHGHDWK RIWKHZLFNHGGHOLYHUVWKHULJKWHRXVIURPHYLODVVDXOWV ±± 7KHSULQFLSOHKHUHLV WKDWZKHQDSHUVRQEHFRPHVLUUHYHUVLEO\FRPPLWWHGWRGRLQJHYLODORQJHUOLIHVSDQZRXOGUHVXOWLQ DQHVFDODWLRQRIKDUP 7KLVSULQFLSOHIRXQGGUDPDWLFGHPRQVWUDWLRQLQWKHGD\VEHIRUH1RDK¶VIORRG7KRXJKHDUO\KXPDQV ZHUHFDSDEOHRIOLYLQJSDVWQLQHKXQGUHG\HDUVWKHODFNRISRSXODWLRQJURZWKLQGLFDWHVWKDWIHZGLHG RIQDWXUDOFDXVHV,WVHHPVWKHYDVWPDMRULW\KDGWKHLUOLYHVFXWVKRUWE\PXUGHU0DWKHPDWLFDO FDOFXODWLRQVVXJJHVWWKDWWKHDYHUDJHOLIHVSDQLQSUHIORRGWLPHVZDVOLNHO\OHVVWKDQWKHDYHUDJHOLIH VSDQLQWKHZRUOG¶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¶VJHQHUDWLRQWKHHQWLUHKXPDQSRSXODWLRQRWKHUWKDQ 1RDKDQGKLVIDPLO\EHFDPHUHSUREDWH 7KURXJKWKHPLOOHQQLDVLQFH1RDK*RGKDVDOORZHGKXPDQLW\WRVHHWKDWVHYHQGHFDGHV RU WKHUHDERXWV LVDGHTXDWHWLPHIRUDSHUVRQWRFKRRVHKLVRUKHUHWHUQDOGHVWLQ\SXUVXHDOLIHRI ZRUVKLSDQGEOHVVLQJDQGSDVVDORQJDOHJDF\RIYLUWXH<HWWKURXJKOLIH¶VXSVDQGGRZQVJRRGWLPHV DQGKDUGWLPHVZHZDYHUDV-REGLGEHWZHHQYLHZLQJOLIHDVWRRVKRUWRUWRRORQJ -RE±  +RZPXFKPRUHGRWKRVHRIXVZKRODFN-RE¶VKXPLOLW\DQGZLVGRPTXHVWLRQ*RG¶VWLPLQJ" $XVHIXODQDORJ\IRURXUHDUWKO\OLYHVZRXOGEHWKHILQDOH[DPIRUDWRXJKFROOHJHFRXUVH$VD VWXGHQW,DOZD\VIHOWWKHWLPH,KDGWRFRPSOHWHP\ILQDOH[DPLQDWLRQVZDVIDUWRRVKRUW7KHWKUHHWR VL[KRXUVP\SURIHVVRUVDOORWWHGZDVQHYHUHQRXJKWLPHWRDGHTXDWHO\DQVZHUDOOWKHLUTXHVWLRQV2Q RQHRFFDVLRQKRZHYHUP\SURIHVVRUVQDWFKHGP\H[DPSDSHUDZD\IURPPHDIWHU,KDGEHHQVLWWLQJ LQWKHH[DPURRPIRURQO\DERXWDQKRXU+HWROGPHLWZDVSRLQWOHVVIRUPHWRVXIIHUWKURXJKDQRWKHU WZRKRXUVJLYHQWKDWP\SHUIRUPDQFHVRIDUKDGDOUHDG\HVWDEOLVKHG,GHVHUYHGWKHFODVV¶VKLJKHVW JUDGH6LPLODUO\LWRIWHQWDNHVOHVVWLPHWKDQZHWKLQNWRFRPSOHWHRXU*RGDVVLJQHGWDVNVRQ(DUWK 0\VWHU\RI'HDWK ,QWKHGHEDWHEHWZHHQ-REDQGKLVIULHQGV-REGLGDOPRVWDOOWKHWDONLQJDERXWGHDWK7KLVLVQRW VXUSULVLQJJLYHQ-RE¶VSK\VLFDOVXIIHULQJDQGPLVHU\+HQDWXUDOO\SUHVXPHGKLVGHDWKZDVLPPLQHQW -REXQGHUVWRRGKRZHYHUWKDWUHJDUGOHVVRIH[WHUQDOFLUFXPVWDQFHVRUWKHVWDWHRIKLVSK\VLFDO KHDOWK*RGKDGSUHGHWHUPLQHGWKHH[DFWOHQJWKRIKLVOLIH³$SHUVRQ¶VGD\VDUHGHWHUPLQHG\RXKDYH GHFUHHGWKHQXPEHURIKLVPRQWKVDQGKDYHVHWOLPLWVKHFDQQRWH[FHHG´  $V.LQJ'DYLGODWHU FRQFXUUHG*RGSUHGHWHUPLQHVIURPEHIRUHWKHWLPHRIRXUELUWKWKHSUHFLVHQXPEHURIGD\VHDFKRQH RIXVZLOOOLYH 3V  -REDOVRUHFRJQL]HGWKDWHYHQDVLQJOHVHFRQGRIOLIHRQ(DUWKLVDPLUDFOHRI*RG+HVDLG³,QKLV KDQGLVWKHOLIHRIHYHU\FUHDWXUHDQGWKHEUHDWKRIDOOPDQNLQG´  (OLKXDFNQRZOHGJHGWKDW GHDWKQRWOLIHLVWKHRXWFRPHRIQDWXUHDQGQDWXUDOSURFHVVHVZKHQKHVDLG³,ILWZHUHKLVLQWHQWLRQ DQGKHZLWKGUHZKLVVSLULWDQGEUHDWKDOOKXPDQLW\ZRXOGSHULVKWRJHWKHUDQGPDQNLQGZRXOGUHWXUQ WRWKHGXVW´ ± ,QRWKHUZRUGVRQO\E\*RG¶VJUDFHGRDQ\RIXVJHWWREUHDWKHRXUQH[W EUHDWK $VQRWHGHDUOLHU SS± IXOILOOLQJ*RG¶VSXUSRVHVLQRXUHDUWKO\OLYHVLVKDUGZRUN'HDWKLV DQRSSRUWXQLW\WRUHVWIURPRQH¶VODERU-RESRLQWHGRXWWRKLVIULHQGVWKDWLQGHDWK³,ZRXOGEHO\LQJ GRZQLQSHDFH,ZRXOGEHDVOHHSDQGDWUHVW´  2QO\DIHZYHUVHVODWHU-REDGGV³7KHUHWKH ZHDU\DUHDWUHVW´   &KULVWWKH&UHDWRURIWKHXQLYHUVHDQGDOOOLIHDOVRXVHVWKHDQDORJ\RIVOHHSIRUGHDWK VHH0DWW ±0DUN±/XNH±-RKQ± 6RGRHVWKHDSRVWOH3DXO VHH&RU ±7KHVV± 6OHHSLVDQH[FHOOHQWDQDORJ\7KHGHDGLQ&KULVWDUHDZDUHRI HYHQWVWDNLQJSODFHDPRQJWKHOLYLQJ +HE±5HY± EXWWKH\DUHXQDEOHWRGR DQ\WKLQJWRLQIOXHQFHHLWKHUWKRVHHYHQWVRUWKHOLYLQJ7KH\DUHSDVVLYHREVHUYHUV 7KHSDVVLYLW\RIWKHGHDGKRZHYHULVQRWHWHUQDO$WLPHZLOOFRPHZKHQWKH\ZLOODZDNHIURP WKHLUVOXPEHUDQGULVHWRIXOOYLWDOLW\-REKDYLQJFRPSUHKHQGHGDQGUHFHLYHG*RG¶VRIIHURIHWHUQDO VDOYDWLRQDVUHYHDOHGWKURXJK*RG¶VERRNRIQDWXUH PRUHRQWKLVLQFKDSWHU GHFODUHGZLWK XQVKDNHDEOHFRQILGHQFH³$IWHUP\VNLQKDVEHHQGHVWUR\HG\HWLQP\IOHVK,ZLOOVHH*RG,P\VHOI ZLOOVHHKLPZLWKP\RZQH\HV²,DQGQRWDQRWKHU+RZP\KHDUW\HDUQVZLWKLQPH´ ±  $QRWKHUP\VWHU\IRUWKHOLYLQJLVWKHGRRUZD\WRGHDWK*RGEURXJKWXSWKLVSRLQWWR-REDQGKLV IULHQGVZKHQKHDVNHG³+DYHWKHJDWHVRIGHDWKEHHQVKRZQWR\RX"+DYH\RXVHHQWKHJDWHVRIWKH GHHSHVWGDUNQHVV"´  7KHP\VWHU\RIFURVVLQJRYHUWKHWKUHVKROGIURPOLIHWRGHDWKFDQEULQJ FRQVLGHUDEOHDQ[LHW\WRVRPHRQHIDFLQJLPPLQHQWGHDWK+RZHYHUIRUWKRVHZKRKDYHPDGHWKHLU SHDFHZLWK*RGLQVXEPLWWLQJWRKLVDXWKRULW\DQGKDYHUHFHLYHGKLVRIIHURIHWHUQDOVDOYDWLRQWKH FRPIRUWLQJNQRZOHGJHH[LVWVWKDWWKH6DYLRUKLPVHOIZLOOFRPHDQGSHUVRQDOO\HVFRUWWKHEHOLHYHU DFURVVGHDWK¶VWKUHVKROG$V.LQJ'DYLGVWDWHG³(YHQWKRXJK,ZDONWKURXJKWKHYDOOH\RIWKHVKDGRZ RIGHDWK,IHDUQRHYLOIRU<RXDUHZLWKPH<RXUURGDQG<RXUVWDIIWKH\FRPIRUWPH´ 3V 1$6% $VUHFRUGHGLQ$FWVMXVWEHIRUHWKH\RXQJGHDFRQ6WHSKHQFURVVHGRYHUGHDWK¶VWKUHVKROG -HVXVYLVLEO\DSSHDUHGWRKLP ± 7KHEHOLHYHUWKHUHIRUHQHHGQRWIHDUWKHGHDWKHYHQW %OHVVLQJWKH:LFNHG -REDQGKLVIULHQGVGLVDJUHHGPRVWVKDUSO\RQWKHPDQQHULQZKLFK*RGGHDOVZLWKXQJRGO\SHRSOH (OLSKD]%LOGDGDQG=RSKDUDOOLQVLVWHGWKDW*RGHQVXUHVEDGWKLQJVKDSSHQWREDGSHRSOHDQGJRRG WKLQJVKDSSHQWRJRRGSHRSOHLQWKLVOLIH7KH\ZHUHFRQYLQFHGWKHFDODPLWLHVDQGVXIIHULQJWKDWKDG EHIDOOHQ-REZHUHFRQVHTXHQFHVPHWHGRXWE\*RGIRUVRPHKLGGHQVLQLQ-RE¶VOLIH%DVHGRQWKLV FHUWDLQW\-RE¶VIULHQGVUHSHDWHGO\DGPRQLVKHGKLPWRUHSHQW -REVWURQJO\UHMHFWHGKLVIULHQGV¶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²RWKHUWKDQGLYLQH GLVFLSOLQDU\DFWLRQ²IRUWKHGHYDVWDWLQJFDWDVWURSKHVYLVLWHGXSRQPH -REPDGHDVHFRQGDUJXPHQWDJDLQVWKLVIULHQGV¶FRQFOXVLRQE\REVHUYLQJKRZWKHZLFNHGGRQRW DOZD\VUHFHLYHMXVWLFHLQWKLVOLIH-RESRLQWHGRXWKRZIUHTXHQWO\WKHXQJRGO\DUHEOHVVHGZLWKORQJ OLIHJRRGKHDOWKJUHDWSURVSHULW\DQGHYHQWKHUHVSHFWDQGDGPLUDWLRQRIIULHQGVDQGIDPLO\ ±  +HUHFRJQL]HG*RG¶VVRYHUHLJQW\LQDOOWKLV+HVDZ*RGDVUHVSRQVLEOHIRUDOOWKHWUDJHGLHVWKDW KDGRYHUWDNHQKLPDVZHOODVIRUWKHVHHPLQJUHZDUGVKHDSHGXSRQIDLWKOHVVSULGHIXOVHOIVHUYLQJ SHRSOH :KDW-REZDQWHGPRVWRIDOOZDVDUHDVRQDEOHH[SODQDWLRQRIZKDWKDGKDSSHQHGWRKLPVRPH XQGHUVWDQGLQJRIZK\*RGDOORZHGKLPWREHVRWRUPHQWHG-RE¶VIULHQGVUHDFWHGDVLIKHKDGDFFXVHG *RGRIZURQJGRLQJ-RE¶VFHUWDLQW\WKDW*RGZDVYLVLWLQJWKHVHWURXEOHVXSRQKLPIRUVRPHUHDVRQ RWKHUWKDQWRFKDVWLVHKLPVHHPHGWRERWKHUWKHPIDUPRUHWKDQDQ\WKLQJHOVH -REHYHQWXDOO\FDPHWRXQGHUVWDQGWKDW*RGDOORZHGKLVVXIIHULQJVDQGDOVRFKRVHWRKHDSXS EOHVVLQJVRQZLFNHGSHRSOHWRDFFRPSOLVKDJUHDWHUJRRG,Q-RE¶VFDVHWKDWJRRGLQFOXGHGUHVFXLQJ WKUHHIULHQGVIURPWKHLUIROO\DQGLWVSRWHQWLDOFRQVHTXHQFHV VHHSS QRWWRPHQWLRQFRXQWOHVV ³IULHQGV´RYHUWKHFHQWXULHVVLQFHWKHQ7KHJRRGDOVRLQFOXGHGDQGVWLOOLQFOXGHV*RG¶VZLOOLQJQHVV WRJLYHSHRSOHHYHU\SRVVLEOHFKDQFHWRUHFRJQL]HKLPDVWKHVRXUFHRIDOOEOHVVLQJV*RG¶VMXVWLFH FHUWDLQO\SUHYDLOVLQWKHHQG $ELEOLFDOH[DPSOHRIDVLQIXOPDQZKRILQDOO\DFNQRZOHGJHGWKDWKLVJUHDWZHDOWKFDPHIURP*RG DQGEHORQJHGWR*RGLV=DFFKDHXV /XNH± ,VUDHO¶V.LQJ6RORPRQJDYHDGGLWLRQDOLQVLJKWWR ZKDW-REGLVFHUQHGZKHQKHZURWH 7KRXJKWKHULJKWHRXVIDOOVHYHQWLPHVWKH\ULVHDJDLQEXWWKHZLFNHGVWXPEOHZKHQFDODPLW\VWULNHV'RQRWJORDWZKHQ\RXU HQHP\IDOOVZKHQWKH\VWXPEOHGRQRWOHW\RXUKHDUWUHMRLFHRUWKH/RUGZLOOVHHDQGGLVDSSURYHDQGWXUQKLVZUDWKDZD\IURP WKHP'RQRWIUHWEHFDXVHRIHYLOGRHUVRUEHHQYLRXVRIWKHZLFNHGIRUWKHHYLOGRHUKDVQRIXWXUHKRSHDQGWKHODPSRIWKHZLFNHG ZLOOEHVQXIIHGRXW 3URY± ,QRWKHUZRUGV*RGEOHVVHVWKRVHZKRUHVLVWKLPIRUWKHVDPHUHDVRQKHEOHVVHVDQ\RQH*RGJLYHV XVDOODEXQGDQWRSSRUWXQLW\WRUHFRJQL]HWKHJRRGWKLQJVLQRXUOLYHVDVWRRZRQGHUIXOWREHH[SODLQHG E\³OXFN´RUE\RXURZQHIIRUWV*RGZDQWVXVWRDFNQRZOHGJHWKHJRRGWKLQJVDVPRUHWKDQZH GHVHUYHFOHDUH[SUHVVLRQVRIKLVJUDFLRXVJHQHURVLW\*RGEOHVVHVHYHQWKRVHZKRRSSRVHKLPVRWKDW WKH\PLJKWFRPHWRUHDOL]HWKHVRXUFHRIDOOWKHJRRGWKLQJVLQWKHLUOLYHV,QDZDNHQLQJWRWKHVRXUFH RIWKHLUEOHVVLQJVWKH\PLJKWUHSHQWRIWKHLUUHEHOOLRQDJDLQVWKLPDV=DFFKDHXVGLGDQGEHJLQWRJLYH *RGWKHJORU\IRUWKHJUHDWWKLQJVKHKDVGRQH 0DQ\UHFLSLHQWVRI*RG¶VEOHVVLQJVKRZHYHUUHIXVHWRDFNQRZOHGJHWKDQNDQGZRUVKLSKLP ,QVWHDGWKH\WDNHWKHFUHGLWKHGHVHUYHV$IDPRXVH[DPSOHLV%DE\ORQ¶V.LQJ1HEXFKDGQH]]DU2QH GD\DVKHZDV³ZDONLQJRQWKHURRIRIWKHUR\DOSDODFHRI%DE\ORQ´1HEXFKDGQH]]DUVDLG³,VQRWWKLV WKHJUHDW%DE\ORQ,KDYHEXLOWDVWKHUR\DOUHVLGHQFHE\P\PLJKW\SRZHUDQGIRUWKHJORU\RIP\ PDMHVW\"´ 'DQ± 2QFH1HEXFKDGQH]]DUXWWHUHGWKHVHZRUGVKLVVRFDOOHGSRZHUZDVWDNHQ DZD\IURPKLP+LVPLQGZDVJRQHDQGKHZDVIRUFHGWROLYHRXWLQWKHRSHQILHOGVDPRQJWKHFDWWOH ±  $VZLWK1HEXFKDGQH]]DU*RGPD\VQDWFKDZD\EOHVVLQJVIURPSULGHIXOSHRSOHVRWKDWLQWKHPLGVW RIWKHLUORVVWKH\PLJKWWXUQIURPLJQRULQJKLVSUHVHQFHDQGDXWKRULW\*RGRIWHQXVHVUHYHUVDOVDV ZDNHXSFDOOVWREULQJSHRSOHWRWKHLUVHQVHVWRWXUQWKHPDZD\IURPFRXQWHUIHLWJRGV7KRXJKLWWRRN VHYHQ\HDUV1HEXFKDGQH]]DUGLGILQDOO\ERZEHIRUH*RGJLYLQJKLPWKHKRQRUDQGJORU\KHGHVHUYHV ± $IWHUZDUG*RGUHVWRUHG1HEXFKDGQH]]DUWRWKHWKURQHDQGWKHVSOHQGRURI 1HEXFKDGQH]]DU¶VKROGLQJV³EHFDPHHYHQJUHDWHUWKDQEHIRUH´  $WWKHSLQQDFOHRIKLVVXFFHVV 1HEXFKDGQH]]DUSXEOLFO\GHFODUHG³(YHU\WKLQJKH>*RG@GRHVLVULJKWDQGDOOKLVZD\VDUHMXVW$QG WKRVHZKRZDONLQSULGHKHLVDEOHWRKXPEOH´   $QRWKHURXWFRPHRI*RGVQDWFKLQJDZD\KLVEOHVVLQJVIURPXQJRGO\SHRSOHLVWRWHVWWKHKHDUWVRI WKRVHZKRVHHWKHPVHOYHVDVJRGO\7KRVHZKRUHSHQWDQGWXUQWR*RGQHHGWKHFRXQVHODQG LQVWUXFWLYHH[DPSOHRIKLVIROORZHUV²WKRVHZKRVHKHDUWVDUHIXOO\GHYRWHGWRKLP$Q\JORDWLQJRYHU RWKHUV¶ORVVHVUHYHDOVDKHDUWWKDWLVQRWIXOO\GHYRWHGWR*RGDQGRYHUIORZLQJZLWKKLVORYH*ORDWLQJ LVHYLGHQFHRIHQY\DQGSULGH²QRWZKDWDKXPEOHGKXUWLQJSHUVRQQHHGV,QIDFWJORDWLQJLVVR GDPDJLQJWKDWZKHQLWKDSSHQV*RGTXLFNO\UHVWRUHVWKHEOHVVLQJVKHKDVMXVWUHPRYHG 3URY±  *RGWKHQVHHNVRXWVRPHRQHHOVHWRPLQLVWHUWRWKHQRQEHOLHYHU *RGZDQWVKLVSHRSOHWRXQGHUVWDQGWKDWWKHUHPRYDORIEOHVVLQJVLVKLVZD\RIVHWWLQJXS RSSRUWXQLWLHVIRUWKHPWRPLQLVWHUKLVJUDFHWRWKRVHZKRGRQ¶W\HWFRPSUHKHQGRUJUDVSLW$V(OLKX VD\V*RGPDNHVVLQQHUV³OLVWHQWRFRUUHFWLRQDQGFRPPDQGVWKHPWRUHSHQWRIWKHLUHYLO´ -RE  *RGGRHVHYHU\WKLQJWRHQFRXUDJHSHRSOHWRWXUQIURPWKHLUVLQIXOZD\V%XWOLVWHQLQJWRFRUUHFWLRQ ZRQ¶WKDSSHQLI*RG¶VIROORZHUVJORDWRYHURWKHUV¶ORVVHV6RLIJORDWLQJRFFXUVLWH[SRVHVWKHQHHG IRUEHOLHYHUVWRUHSHQWDQGJURZLQJUDFH *RG¶V+LGGHQ*RRGQHVV ,QWKHPLGVWRIKLVDQJXLVK-REVWUXJJOHGWRKROGRQWRWKHEHOLHIDUWLFXODWHGE\3DXOLQWKH1HZ 7HVWDPHQW³WKDWLQDOOWKLQJV*RGZRUNVIRUWKHJRRGRIWKRVHZKRORYHKLPZKRKDYHEHHQFDOOHG DFFRUGLQJWRKLVSXUSRVH´ 5RP /LNHDQ\RQHHOVH-REKDGWURXEOHLPDJLQLQJZKDWJRRGFRXOG SRVVLEO\FRPHIURPKLVVLWXDWLRQ+HZRQGHUHGKRZORQJ*RGPLJKWPDNHKLPHQGXUHWKLVSDLQ VXIIHULQJDQGVKDPHEHIRUHWKHJRRGZRXOGPDWHULDOL]H+HEHJDQWRZRQGHULIKHZRXOGHYHUVHHLW 0DQ\RIXVH[SHULHQFHVLPLODULPSDWLH

Tags

science philosophy culture
Use Quizgecko on...
Browser
Browser