MLM Passive Income

company being sold for $14.50p/s, still pays dividend until sale is complete, do shareholders get sale price? I bought Spirit Financial Corp (SFC) (REIT) back in January. They are being bought out by private equity for all cash at $14.50 per share, but they are still paying a dividend until the sale is completed (3rd qrtr). Do I still get the $14.50 per share price or $14.50 per share minus dividends?

Finance Help...Additional Source of Equity for a Company? Which of the following sources of funds can be used as additional sources of equity capital for a company? 1) Dividend Reinvestment 2) Bank Loan 3) Bond Issue 4) Private Placement 5) Rights Issue sorry: additional SOURCES These were the only options I am given, so by the looks of it, would it be the 'placements' one

Why should someone making a billion dollars/year pay the same tax rate as someone making a mere $400,000/year? Actually, the guy making a billion dollars a year (yes, there are some - T. Boone Pickens is one) will have a lower tax rate than someone making $400,000 a year, because he'll only have to pay Social Security, Medicare and Payroll tax on the first $106,800 of his gross wages (and not at all on his dividend and capital gain income). Actually, he'll probably pay a MUCH lower percentage of his income in taxes, because most of his income will most likely be taxed at the 15% rate applicable to dividends and capital gains (and his salary too, if he's a hedge fund or private equity manager - because of a convenient loophole in the tax code, their extravagant income is called "carried interest", and is taxed at the capital gains rate rather than at ordinary income rates). Take Warren Buffett, for example, the richest guy in America - he pays only 17.5% of his multi-million dollar annual income in taxes, while his secretary, who makes only $60,000/year, pays 30% of her income in taxes. Buffett himself has publicly said this is unfair and un-American. Why shouldn't someone making over a million dollars a year pay a much higher marginal tax rate than 35%? Why not 70%, or 90%? It's not like it's going to affect his lifestyle one bit. America had a tax structure like this in the 1950s and '60s, and those were our golden years, with economic growth rates twice what they have been during the last 30 years. We've been LIED to by the cons.

Exactly where do we draw the line between something the Govt has a legitimate authority to regulate or if it..? Should mind it's own business and stop trying to run everything? Also I read that the dems have requested 197 billion more dollars in spending, running up the debt even more...only two months after passing PAYGO...Is that fiscal restraint, or stewardship? excerpt... Congress is considering a $220 billion "tax extenders" bill through which Democrats would increase from 15 percent to 35 percent the tax on private-equity and hedge-fund profits, confiscating $26 billion. This is in addition to a new 3.8 percent Obamacare tax on interest and dividend proceeds on incomes exceeding $250,000. Democrats also plan a $10 billion crude-oil tax. Expect fewer deals and pricier gasoline The Education Department requested $26 billion in emergency funds on May 13, supposedly to prevent 300,000 teacher layoffs. This is atop last year's $100 billion in stimulus spending for school districts, including $48 billion to prevent teacher layoffs. Meanwhile, Obamacare -- essentially DisneyWorld for federal busybodies -- will require $115 billion more than advertised in March. According to the Congressional Budget Office, if lawmakers appropriate all of this legislation's promised spending, its price will leap from $938 billion to $1.053 trillion, an anticipated 12.5 percent cost overrun just six weeks after enactment. About the only budget cut Obama has managed is a $53.2 million, 25 percent slash in New York City's counter-terrorism funding, unveiled 11 days after the Pakistani Taliban successfully sent terror suspect Faisal Shahzad to Times Square to park a car bomb just outside "The Lion King." http://www.indystar.com/article/20100524/OPINION08/5240307/1301/ARCHIVE/No-limits-for-government

What is meant by "shadow" in this sentence? ------------------- In theory, the cost of attracting commercial equity capital should also be factored in, as private investors are motivated by retained earnings growth and dividends. In practice, however, analysts do not *shadow* price equity in this way; rather, they subject the MFI’s equity to an inflation adjustment (A3).

Business Word Definition. 10 Points... ? - sole proprietorship - private corporation - dividend - partnership - public corporation - partnership agreement - corporation - shares (stocks) - limited liability - Crown corporation - cooperative - unlimited liability - franchise - service business - forecasting franchiser - retail business - revenue - franchisee - debt financing - gross domestic product -manufacturing business -equity financing - economic system - public sector - business cycle - pure command economy - privatization - recession - pure market economy - assets - standard of living - private sector - monopoly - gentrification - economies of scale - fixed costs - profit equation - inflation - variable costs - unemployment rate - marketing boards - budget - price fixing - supply quota - labour force - service sector - discretionary income - market segment - productivity - disposable income - competitive edge - indirect competition - direct competition - market share - labour market - compensation - employee turnover - unskilled labour - minimum wage - layoff - semi-skilled labour - salary - severance package - skilled labour - commission - pension - professional - piecework - discrimination - harassment I know its a lot but I really need it. Its for my 20 % worth assignment. ♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦.. Don't lecture me about doing my work on time please!! Don't lecture me about doing my work on time please!! Don't lecture me about doing my work on time please!! Don't lecture me about doing my work on time please!!

Can anybody give me the solution? At the beginning of 2004 Tony Pasto bought a restaurant called The Pasta Bowl, which served Italian and Mediterranean style food. Since then Tony has had a major efficiency drive to reduce costs. Tony does not pay himself a salary, but lives on the dividends that the company pays him twice each year. In an attempt to improve the profitability of the restaurant Tony undertook a major upgrade of the dining area of the restaurant and had it painted and installed new chairs and tables in 2006. Once the upgrade was complete and the restaurant looked like an authentic Italian Café Tony realised that the trend in restaurants was shifting toward South East Asian food as customers were getting tired of pasta and pizza. At the end of 2006 Tony was offered $70,000 to sell the restaurant. Tony has come to you for advice on whether to keep the restaurant or to sell it and invest the money elsewhere. Additional Information: *The share capital represents 10,000 shares. The shares of The Pasta Bowl are not listed on the stock exchange as it is a private company and all of the shares are owned by Tony Pasto. The offer price for the company can be used to determine an estimate of the market value of the shares in 2006 only. *Of the operating expenses, selling and administrative expenses account for the following: 2006: $517,5002005: $505,0002004: $493,000 The remainder of the operating expense is financial. The financial expense is wholly comprised of interest. *For the purpose of this assignment ignore the taxation implications of Tony's investment. REQUIRED: 1.Using the financial data provided, prepare a report to Tony Pasto which analyses the profitability, liquidity and solvency of The Pasta Bowl Pty Ltd. (maximum length 1000 words). 2.As part of your report present a recommendation based upon your analysis as to whether you believe Tony Pasto should keep or sell the restaurant (maximum length 250 words - this is additional to the 1000 words of the main body of the report). To put your recommendation in context, where appropriate you should point out limitations of the data provided and their impact upon your subsequent conclusion. 3.Calculate any ratios and perform any other appropriate data manipulation needed to provide a sound empirical basis to your report (not part of the word limit, include these as an appendix to the report). The Pasta Bowl Pty Ltd. Comparative Income Statement for the years ended 31 December 2006, 2005 and 2004. (in thousands of $'s) 200620052004 Net Sales1,052986942 Cost Of Goods Sold 410404405 Gross Profit642582537 Operating Expenses 520508495 Operating Profit before Tax1227442 Income tax expense 49 30 17 Operating Profit after Tax$ 73$ 44$ 25 The Pasta Bowl Pty Ltd. Comparative Balance Sheet as at 31 December 2006, 2005 and 2004 (in thousands of $'s) 200620052004 Assets: Cash at Bank30135136 Accounts Receivable (net)121411 Inventory282931 Prepaid Expenses865 Property, Plant and Equipment (net) 199 97 99 Total Assets$277$281$282 Liabilities: Current Liabilities536066 Non-Current Liabilities303030 Total Liabilities 83 90 96 NET ASSETS$194$191$186 Shareholders' Equity: Share Capital100100100 Retained Profits 94 91 86 $194$191$186 Restaurant Industry Averages Gross profit margin41% Operating profit before tax margin8% Owners equity64% Asset turnover3.37 Days stock on hand26

Could you please explain this mandate...? The State recognizes the complementary roles of public and private institutions in the educational system and shall exercise reasonable supervision and regulation of all educational institutions. (2) Educational institutions, other than those established by religious groups and mission boards, shall be owned solely by citizens of the Philippines or corporations or associations at least sixty per centum of the capital of which is owned by such citizens. The Congress may, however, require increased Filipino equity participation in all educational institutions. The control and administration of educational institutions shall be vested in citizens of the Philippines. No educational institution shall be established exclusively for aliens and no group of aliens shall comprise more than one-third of the enrollment in any school. The provisions of this subsection shall not apply to schools established for foreign diplomatic personnel and their dependents and, unless otherwise provided by law, for other foreign temporary residents. (3) All revenues and assets of non-stock, non-profit educational institutions used actually, directly, and exclusively for educational purposes shall be exempt from taxes and duties. Upon the dissolution or cessation of the corporate existence of such institutions, their assets shall be disposed of in the manner provided by law. Proprietary educational institutions, including those cooperatively owned, may likewise be entitled to such exemptions, subject to the limitations provided by law, including restrictions on dividends and provisions for reinvestment. (4) Subject to conditions prescribed by law, all grants, endowments, donations, or contributions used actually, directly, and exclusively for educational purposes shall be exempt from tax.

College finance questions? 1. Which one of the following types of stock is defined by the fact that it receives no preferential treatment in respect to either dividends or bankruptcy proceedings? A. dual class B. cumulative C. non-cumulative D. preferred E. common 2. Callander Enterprises stock is listed on NASDAQ. The firm is planning to issue some new equity shares for sale to the general public. This sale will occur in which one of the following markets? A. private B. auction C. exchange floor D. secondary E. primary 3. National Trucking has paid an annual dividend of $1.00 per share on its common stock for the past fifteen years and is expected to continue paying a dollar a share long into the future. Given this, one share of the firm's stock is: A. basically worthless as it offers no growth potential. B. equal in value to the present value of $1 paid one year from today. C. priced the same as a $1 perpetuity. D. valued at an assumed growth rate of one percent. E. worth $1 a share in the current market. 4. Answer this question based on the dividend growth model. If you expect the required market rate of return to increase across the board on all equity securities, then you should also expect: A. an increase in all stock values. B. all stock values to remain constant. C. a decrease in all stock values. D. dividend-paying stocks to maintain a constant price while non-dividend paying stocks decrease in value. E. dividend-paying stocks to increase in price while non-dividend paying stocks decrease in value. 5. Denver Shoppes will pay an annual dividend of $1.46 a share next year with future dividends increasing by 4.2 percent annually. What is the market rate of return if the stock is currently selling for $38.90 a share? A. 6.55 percent B. 7.13 percent C. 7.46 percent D. 7.95 percent E. 8.29 percent 6. 59. How much are you willing to pay for one share of Jumbo Trout stock if the company just paid a $0.70 annual dividend, the dividends increase by 1.6 percent annually, and you require a 10 percent rate of return? A. $8.29 B. $8.33 C. $8.47 D. $8.53 E. $8.59 7. A stock pays a constant annual dividend and sells for $56.10 a share. If the market rate of return on this stock is 15.85 percent, what is the amount of the next annual dividend? A. $7.67 B. $7.94 C. $8.21 D. $8.89 E. $10.30 8. Roy's Welding Supplies common stock sells for $38 a share and pays an annual dividend that increases by 3 percent annually. The market rate of return on this stock is 8.20 percent. What is the amount of the last dividend paid? A. $1.80 B. $1.86 C. $1.92 D. $1.98 E. $2.10 9. Sessler Manufacturers made two announcements concerning its common stock today. First, the company announced that the next annual dividend will be $1.75 a share. Secondly, all dividends after that will decrease by 1.5 percent annually. What is the maximum amount you should pay to purchase a share of this stock today if you require a 14 percent rate of return? A. $11.29 B. $12.64 C. $13.27 D. $14.00 E. $14.21 10. Great Lakes Health Care common stock offers an expected total return of 9.2 percent. The last annual dividend was $2.10 a share. Dividends increase at a constant 2.6 percent per year. What is the dividend yield? A. 3.75 percent B. 4.20 percent C. 4.55 percent D. 5.25 percent E. 6.60 percent This class is bringing me nightmares. Thank you for any help.

Financial Accounting Chose the best answers Part 9? Question No: 41 ( Marks: 1 ) - Please choose one XYZ Company has paid up capital of 20,000 shares of Rs. 100 each. The company offers to existing shareholders the right to buy 3 shares of Rs. 100 each at Rs. 125 for every 5 shares held. What would be the number of right shares? ► 120 right shares ► 12,000 right shares ► 15,000 right shares ► 25,000 right shares Question No: 42 ( Marks: 1 ) - Please choose one Which of the following is (are) type(s) of Public Limited Companies? ► Listed company ► Non listed company ► Private limited company ► Both listed company and non listed company Question No: 43 ( Marks: 1 ) - Please choose one Which of the following is old name of Cash Flow Statement? ► Sources and Application of Funds ► Sources and Application of Liabilities ► Sources and Application of Activities ► Sources and Application of Income Question No: 44 ( Marks: 1 ) - Please choose one Which of the following is the new name of Sources and Application of Funds? ► Income Statement ► Cash Flow Statement ► Statement of Changes in Owners Equity ► Balance Sheet Question No: 45 ( Marks: 1 ) - Please choose one Which of the following is an example of cash outflow for a company? ► Cash collected from customers ► Cash paid for merchandise inventory ► Writing off an uncollectible accounts receivable ► Reclassifying accounts payable to notes payable Question No: 46 ( Marks: 1 ) - Please choose one Which of the following is an example of Cash flow from operating activities? ► Cash payment to acquired fixed assets ► Issuing stock ► Cash collection as a result of machinery sold ► Cash payment to suppliers for goods and services Question No: 47 ( Marks: 1 ) - Please choose one If issuance of shares against cash is Rs. 2,000 and payment of dividend is Rs. 9,000 then which of the following is correct? ► Inflow of cash Rs. 11,000 ► Outflow of cash Rs. 11,000 ► Inflow of cash Rs. 7,000 ► Outflow of cash Rs. 7,000 Question No: 48 ( Marks: 1 ) - Please choose one In statement of cash flows, which of the following would not be considered as an investing activity? ► Sales of fixed assets ► Purchase of long term securities ► Purchase of fixed assets ► Payments of dividends

I need to find the answer to this accounting problem. I need you to take it down to taxable income!? Ryan and Brittany, MFJ, 2 dependent children, not active participant in a qualified retirement plan 2010 Cash Receipts: Total salaries……..194,600 Interest & dividends from investments………12,300 Inheritance from deceased uncle………….7,000 Interest received from state of PA bond………….8,400 Loan received from brother in law………….6,000 Gambling winnings…………….10,700 Child support payments from 1st husband……………..9,000 Sale of personal auto (original cost = $20,000)………………….7,600 Sale of rare coin (original cost = $1300)…………………2,400 In addition, paid the following: Qualified medical expenses…………….22,000 Payments paid to contractor to redo kitchen…………….20,000 Property taxes……………………3,100 State & local taxes…………….4,100 Total sales taxes…………………….4,400 Mortgage loan interest on personal residence (os – I think I meant outstanding? Principal = $225,000, FMV of residence = $425,000)………15,900 Interest on home equity loan (os principal = $40,000)…………5,200 Purchase of personal auto…………..25,000 Interest on personal auto loan………………..3,500 Gambling losses………………18,000 Payments paid to attend gambling anonymous meeting……………..1,500 Cash contributed to qualified private non-operating foundation…………….80,000 Unreimbursed employee expenses………….10,000 Safe deposit box fee (used for keeping tax records)………….600 Contribution to Steve’s traditional IRA………….4,000 Contribution to Karen’s traditional IRA………..5,000 Cost of business suits, purchased to wear in office……….2,300 Qualified moving expenses……………..11,000 Payment to breeder to purchase new snake…………….900

economy text from english to serbian? could you translate this text into serbian by tomorrow? please The London Stock Exchange Limited (LSE) is the world's oldest stock exchange and one of the top three stock exchanges in the world, after the New York and Tokyo exchanges. Founded in 1773 and reincorporated as a private limited company in 1986, the LSE is also the world leader in international share trading. The LSE operates a number of market products, including the main board listing, featuring more than 3,000 companies and including over 500 international companies, as well as the secondary AIM (Alternative Investment Market), established in 1995 as a vehicle for trades in small, high-growth companies. More than 70 companies are listed on the AIM board. After launching the Stock Exchange Electronic Trading Services (SETS) in 1997, the LSE introduced a new listing, techMARK, tailored to the specific needs of the high-technology sector and designed to compete with the NASDAQ index. With a total equity turnover value of more than £3.5 billion, the LSE achieved gross revenues of £149.8 million in 1999. The LSE is led by Chairman John Kemp-Welch and CEO Gavin Casey. Founded in 1773, the LSE reflects more than 200 years of the development of share-based enterprise. The world's first joint-stock company was created in the mid-16th century. Traditionally, companies were either owned by a single individual or through a partnership with two or more owners. While this arrangement sufficed for smaller businesses and stable market sectors, direct financial responsibility for riskier endeavors--such as the great trade exploration voyages of the period--were judged too precarious for an individual or limited group of investors. The organization of such a venture, that of a voyage to trace a northern sea route to the Far East from London in 1553, introduced the world's first shareholder-based company. Selling shares to a larger number of investors reduced the financial risk for each individual investor, while enabling the company itself to raise the capital needed to fund its operations. This first joint-stock company failed to find a northern sea route to the Far East. However, a meeting with Russian tsar Ivan the Terrible brought the company the exclusive rights to trade between Russia and England. The Muscovy Company, as it came to be called, became a commercial success, rewarded its shareholders with large profits, and inspired the creation of new investment ventures. The Muscovy Company served as the model for future shareholder-based companies. Investors contributed capital funding, while direction of the company's operations remained in the hands of its management. The investors, who were allowed to sell their holdings or buy more shares, were given dividends according to the company's profits. As more companies were set up following the Muscovy model, a new profession came into being, that of the broker, who acted as a middleman for trades of shares, helping to boost not only the number of joint-stock companies but also the number of investors. Adding impetus to this movement was the foundation of the Bank of England as a joint-stock company by King William III in order to provide funding for England's military campaign against France at the end of the 17th century. The shareholder system was given further support by legislation to limit and punish brokers for malpractice. By the 18th century, a flourishing "market" for shares was in place--so much so that the period marked the first stock market crash in 1720. While trading took place at the Royal Exchange through the middle of the century, the rowdy behavior--itself to become something of a tradition on the market floor--of certain brokers led to their exclusion. Instead of leaving the business, these brokers began meeting at Jonathan's Coffee House and other coffee shops in the Threadneedle Street area of London. In 1760, some 150 brokers founded their own club to buy and sell stock at Jonathan's. The following decade, in 1773, the members of the club changed its name to the Stock Exchange. As the individual broker members of the Stock Exchange began to establish brokerage firms, and the number of markets expanded, the Stock Exchange saw a need for new quarters. In 1801, the Stock Exchange began construction on a new building at what was to become its permanent London location. The following year, the Stock Exchange published a Deed of Settlement, formally outlining the operating rules and procedures of the stock market. If the original joint-stock companies were formed to provide funding for the many voyages of discovery, overseas trading, and foreign military campaigns, the shareholder-based company structure showed itself easily adaptable to the changing economic landscape of the 19th century. The Industrial Revolution, coupled with such major infrastructure undertakings as the building of a national railroad system, provided the basis for the modern period of shareholder-b

invest or pay off home? I am 41, single, full time school counselor earning $46,000, P/T private counseling practise adds $25,000 more each year. Mortgage of $130,000 which incl. 33,000 home equity loan. My father is going to gift me $200,000...he would like to see me smile and relax about money while he is still alive. He is encouraging me to pay off the house. I would like to invest the money in something that will pay a dividend, get another loan to finish renovating my house (cost approx. $85,000), use the dividend to pay the monthly loan payment and reinvest whatever is left. The value of my home has more than doubled since I bought it, now worth $260,000. What do you think, any suggestions for investing the money? Thanks -Mona

SAVING,INVESTMENT, AND THE FINANCIAL SYSTEM? Which of the following is an example of equity finance? All of these answers are examples of equity finance. corporate bonds bank loan stock municipal bonds Credit risk refers to a bond's tax treatment. dividend. probability of default. price-earnings ratio. term to maturity. A financial intermediary is a middleperson between borrowers and lenders. labor unions and firms. buyers and sellers. husbands and wives. National saving (or just saving) is equal to none of these answers. private saving + public saving. GDP - government purchases. investment + consumption expenditures. GDP + consumption expenditures + government purchases. Which of the following statements istrue ? Municipal bonds pay less interest than comparable corporate bonds. Longer-term bonds tend to pay less interest than shorter-term bonds. Mutual funds are riskier than single stock purchases because the performance of so many different firms can affect the return of a mutual fund. A stock index is a directory used to locate information about selected stocks. If government spending exceeds tax collections, there is a budget deficit. there is a budget surplus. private saving is positive. public saving is positive. none of these answers are true. If GDP = $1,000, consumption = $600, taxes = $100, and government purchases = $200, how much is saving and investment? saving = $300, investment = $300 saving = $200, investment = $100 saving = $100, investment = $200 saving = $0, investment = $0 saving = $200, investment = $200 If the public consumes $100 billion less and the government purchases $100 billion more (other things unchanging), which of the following statements istrue ? There is a decrease in saving, and the economy should grow more slowly. There is an increase in saving, and the economy should grow more quickly. There is not enough information to determine what will happen to saving. Saving is unchanged. Which of the following financial market securities would likely pay the highest interest rate? a bond issued by a blue chip company a municipal bond issued by the state of Texas a bond issued by a start-up company a mutual fund with a portfolio of blue chip bonds Investment is the purchase of capital equipment and structures. the purchase of stocks and bonds. the purchase of goods and services. when we place our saving in the bank. If Americans become more thrifty, we would expect the supply of loanable funds to shift to the right and the real interest rate to fall. the demand for loanable funds to shift to the right and the real interest rate to rise. the demand for loanable funds to shift to the right and the real interest rate to fall. the supply of loanable funds to shift to the right and the real interest rate to rise. Which of the following sets of government policies is the most growth oriented? increase taxes on the returns to saving, provide investment tax credits, and increase the deficit increase taxes on the returns to saving, provide investment tax credits, and lower the deficit lower taxes on the returns to saving, provide investment tax credits, and increase the deficit lower taxes on the returns to saving, provide investment tax credits, and lower the deficit An increase in the budget deficit that causes the government to increase its borrowing shifts the supply of loanable funds to the left. shifts the demand for loanable funds to the left. shifts the supply of loanable funds to the right. shifts the demand for loanable funds to the right

Your NEO (BHO) is speeding things up!? Prediction one. The twenty-five-year equities bubble pops in 2009. U.S. and foreign equities markets will stop treading water and realign with economic reality. Stock prices will cease to reflect the “greater fool” mentality and will return to being a function of dividend yields, which have long been miserable. The S&P 500 will sink below 500. In a bid to stem the panic, the government will enforce periodic “stock market holidays”, and will vastly expand the scope of its short-selling prohibitions—eventually banning short-selling altogether. Prediction two. With public pension systems and tens of millions of 401k holders virtually wiped out—and with the Baby Boomers retiring en masse—there will be tremendous pressure on the government to get into the stock market in order to bid up prices. Therefore, sometime in 2010, the Federal Reserve will create and loan out hundreds of billions of fresh dollars to the usual well-connected suspects, instructing them to buy up stocks on the public’s behalf. This scheme will have a fancy but meaningless name—something like the “Taxpayer Assurance Equities Facility”. It will have no effect other than to serve as buyer of last resort for capitulating smart-money types who want to get out of stocks entirely. Prediction three. Millions of new retirees—including white-collar people with high expectations for a Golden Retirement—will be left virtually penniless. Thousands will starve or freeze to death in their own homes. Hundreds of thousands will find themselves evicted and homeless, or will have to move in with their less-than-enthusiastic children. Already strained by the rising tide of the working-age unemployed, state and local welfare services will be overwhelmed, and by 2012 will have largely collapsed and ceased to function in many parts of the country. Prediction four. “Quantitative easing” will fail to restart previous patterns of lending and consumption. As the government sends out additional “rebate” checks and takes ever-more drastic measures to force banks to lend, hyperinflation could take hold. However, comprehensive debt relief via a devaluation of the dollar is even more likely. This would entail the government issuing one “new” dollar for some greater number of “old” dollars—thus reducing both debts and savings simultaneously. This would make for a clean slate a la Fight Club. As there are many more debtors than savers in the U.S., the vast majority would support devaluation. The Chinese and other foreign holders of our bonds would be screaming mad, but unable to do anything. Every country that has not found a way out of dollar-denominated reserve assets by 2012 will see its reserves eliminated. Prediction five. The government will stop pretending that it can finance continuous multi-trillion-dollar deficits on the private market. By late 2010, the sole buyers of new U.S. Treasury and agency bonds will be the Federal Reserve and a few derelict financial institutions under government control. This may or may not lead to hyperinflation. (See prediction four). Prediction six. As the need for financial industry paper-pushers declines and people have less money to spend on lawyers and Starbucks (SBUX), unemployment will rise until the private sector has eliminated all of its excess capacity and superfluous or socially needless jobs. The government’s narrow unemployment figure (U3) will rise into the high teens by late 2010. The government’s broader unemployment figure (U6) will cease to be reported when it reaches 25 percent—it will simply be too embarrassing. Ultimately, one in three work-eligible Americans will be unemployed, underemployed, or never-employed (e.g. college grads permanently unable to find suitable work). Prediction seven. With their pension dreams squashed, and their salaries frozen or cut, police and other local government workers will turn to wholesale corruption in order to survive. Article on Seeking Alpha +++++++++++++++++++++++++++++++++++++++++++++++++++ I hate to be a downer, but how on earth are we ever going to get out of the national debt. BHO added ~$2trillion this year. That is four times Bush's worst deficit. He isn't NEO. He isn't the one. He is speeding up the demise of the USA. Is it in the name of reparation? This is NOT hope or change it is more of the same with a greater magnitude.

Business Word Definition. 10 Points... ? - sole proprietorship - private corporation - dividend - partnership - public corporation - partnership agreement - corporation - shares (stocks) - limited liability - Crown corporation - cooperative - unlimited liability - franchise - service business - forecasting franchiser - retail business - revenue - franchisee - debt financing - gross domestic product -manufacturing business -equity financing - economic system - public sector - business cycle - pure command economy - privatization - recession - pure market economy - assets - standard of living - private sector - monopoly - gentrification - economies of scale - fixed costs - profit equation - inflation - variable costs - unemployment rate - marketing boards - budget - price fixing - supply quota - labour force - service sector - discretionary income - market segment - productivity - disposable income - competitive edge - indirect competition - direct competition - market share - labour market - compensation - employee turnover - unskilled labour - minimum wage - layoff - semi-skilled labour - salary - severance package - skilled labour - commission - pension - professional - piecework - discrimination - harassment I know its a lot but I really need it. Its for my 20 % worth assignment. ♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦.. Don't lecture me about doing my work on time please!! Don't lecture me about doing my work on time please!! Don't lecture me about doing my work on time please!! Don't lecture me about doing my work on time please!!

Value of Firm and dividends? There is a firm which is private and plans to go IPO. Equity value is determined using DCF approach. Until here we are ok. But, we also know that this firm has dividend payable from last year of let's say 2 M USD. This amount will be paid to existing shareholders before IPO. Should this be factored to our estimations, i.e. should we decrease firm value by 2 M or this dividend is irrelevant and such an adjustment is wrong? Thanks! This amount is due from last year, based on last years performance. I mean when we make discounted cash flow analysis, we are discounting future free cash flows. then remove debt portion and get the equity market value. Why should I factor past dividend, which was announced already and just not paid yet?

economics- principle and practices. 10 points.? 2. having to do without new tennis shoes because you went to a rock concert instead is an example of a.opportunity cost b. value c. utility d. misplaced priorities 3. movies repairs to your car and getting a tattoo would be example of a.capital goods b.services c.human capital d.misplaced priorities 4. a system in which the factors of production are owned by private citizens is a.traditional economy b.capitalism c.voluntary exchange d.command economy 5. a rise in the general level of prices is called a. cause and effect b.inflation c.profit motive d.consumer sovereignty 6. a situation where prices go up but the amount of money you receive remains the same, an example of a.modified exchanges b.flexible equity c.fixed income d;value system based on misplaced priorities 7. one strength of a sole proprietorship is that a.all losses and debts are the responsibility of the answer b.decisions can be made quickly by the owner c.money to run the business can be raise easily d.it is always more efficient than a larger business 8. the main advantage of corporation is the a.case of raising financial capital b.case of getting a charter c.ability to avoid government regulation d.shareholders decide how the business is run 9.one of the following would not be connected with corporation a.stocks b.bonds c.collectivization d.dividends 10.the desire ability and willingness to buy a product is called a.equity b.demand c.elasticity d.misplaced priorities 11.the field of economics that deals with behavior and decision making by individuals and firms is called a.microecononics b.macroeconomics c.dow jones d.equilibrium 12.the law of demand states that more goods and service will be demanded at lower prices and a.business will go bankrupt b.the quality will be better c.the quality will be poorer d.less at higher prices 13. supply could best be defined as the amount of a product that would be a.produced in a years time b.offered for sale at various price c.subsidized by the federal government d.purchased by the federal government 14. an increase in the price of a product would most likelu result in a.a substitute product being produced b.a decrease in the supply of that product c.an increase in the supply of that product d.price controls 15.overhead could best defined as a business's a.total output b.total fixed costs c.profit maximizing d.depreciation

Did you know that PLDT (NYSE: PHI) (PSE: TEL), a regular NYSE equity, is really traded on the PSE? ? I understand that the United States Congress needs to pass laws with more teeth and provide funding for both the United States Securities & Exchange Commission and the U.S. Federal Trade Commission (ie. baby toys). That said the U.S. SEC is ineffective, per example of Sarbanes-Oxley, most Series 7 Licensed Brokers (Citi Smith Barney), etc. have told me that because the rules are so vague Sarbanes-Oxley passed by Congress in the wake of Enron is a joke. I believe that someone whom steals US$5000 from a petty cash box (and I think the amount is actually just above $500, for grand theft, can get 20 years in jail, while U.S. investors are legally manipulated as consumers we always want a larger return. I am tired of being in a global economy that does not respect U.S. investors, yet they list on our stock exchange. I would love to know why Philippine Long Distance (PLDT) (NYSE: PHI) (PSE: TEL) is allowed to list on the NYSE and even recommended by 2008 Wall Street Journal's Smart Money magazine which failed basic due diligence as the Chairman of PLDT has not been on the Wharton Board of Overseers for years which was a major selling point for many people. It seems that this Manuel Pangilinan and the Salim Group (beneficial owners of PLDT) should be checked out and suspended from the NYSE? Philippine Stock Exchange, Inc. ("PSE" or the "Exchange") is a private organization that provides and ensures a fair, efficient, transparent and orderly market for the buying and selling of securities. PSE traces its roots from the country's two former bourses: the Manila Stock Exchange ("MSE") and the Makati Stock Exchange ("MkSE"). Founded in March 1927, the MSE was the first stock exchange in the Philippines and one of the oldest in Asia. Originally housed in downtown Manila, the MSE moved to Pasig City in 1992. The MkSE, on the other hand, was established in May 1963 and became the second bourse to operate in the country. It was based in Makati City, a budding business district during those days. While trading the same listed issues, MSE and MkSE remained separate entities for almost thirty years. December 23, 1992 marked a milestone for the Philippine capital market when the MSE and MkSE were unified to become the PSE. At present, PSE maintains two trading floors -- one in Makati City and another in its head office in Pasig City. Even with two trading floors, PSE maintains a "one-price, one-market" Exchange through the MakTrade System. This is a single-order-book system that tallies all orders into one computer and ensures that these orders match with the best bid/best offer regardless of which floor the orders were placed. MakTrade likewise allows PSE to facilitate the trading of securities in a broker-to-broker market through automatic order and trade routing and confirmation. It also keeps an eye on any irregularity in the transactions with its market regulation and surveillance databases. In June 1998, the Securities and Exchange Commission conferred to the PSE the status of a Self-Regulatory Organization, which allows the PSE to implement its own rules and impose penalties on erring trading participants and listed companies. In 2001, or a year after the Securities Regulation Code of 2000 was enacted, the PSE was reorganized and transformed from a non-stock, member-governed organization into a shareholder-based, revenue-generating corporation. Along with this rebirth came the separation of the Exchange's ownership and trading rights, opening the doors for new market participants. On December 15, 2003, PSE shares were listed by way of introduction. The Philippine Central Depository, established in March 1995, provides the securities settlement system for both debt and equity instruments of the Exchange. Its computerized book-entry-settlement system paved the way for a safe and efficient scripless trading. Assuming the role of settlement coordinator and risk manager for broker transactions as well as administrator of the trade guaranty fund is the Securities Clearing Corporation of the Philippines ("SCCP"). SCCP is the clearing and settlement agency for depository eligible trades in the Exchange. Companies are listed in the PSE on the First Board, Second Board or the Small and Medium Enterprises Board. To help the investing public keep track faster of industry performance, listed companies are classified into the following sectors: Financial, Industrial, Holding Firms, Property, Services, and Mining and Oil. More importantly, PSE has adopted an online daily disclosure system to improve the transparency of listed companies and ensure full, fair, timely and accurate disclosure of material information from all listed companies. To address public demand for speedy access to information on the securities market, the PSE's website, www.pse.com.ph, provides comprehensive market data, stock quotations, dividend declarations, trading activities, and other pertinent information on the PSE, tradin

hedge-fund managers are consistent Democratic donors.? Hedging Your Votes Taxing questions. Democrats have so far gotten the lion’s share of hedge-fund managers’ campaign contributions in the 2008 presidential money race — 75 percent, according to a Center for Responsive Politics/Absolute Return magazine analysis of the candidates’ first-quarter financials. Next week, when financials are due, we’ll know if the trend kept up in the second quarter. For now the more interesting question is: Will it continue after the Democrats raise taxes on private-equity and hedge-fund managers, as they appear determined to do? Last Wednesday, the Senate Finance Committee held a hearing on “carried interest” — the percentage of a fund’s returns that its managers keep as compensation. This comes after 14 House Democrats proposed a bill that would more than double the taxes that fund managers pay on these fees. Your typical fund manager takes around two percent of the fund’s value as a fee for managing the money, and on this he pays regular income tax of up to 35 percent. In addition, he keeps around 20 percent of the returns on the fund’s investments — on this he pays the capital-gains tax rate, which President Bush cut to 15 percent in 2003. These funds are quite large, in the billions, and generate outsized returns, so these guys have been in the news lately for their astronomical take-home pay. Now the Democrats want their cut. They say it’s not fair that these managers pay such a low rate on so much income. They want them to pay the regular income-tax rate — 35 percent. Here’s where things get weird. Typically political parties crack down on the other party’s donors, not their own. But unlike their financial brethren in the greater securities/investments community, hedge-fund managers are consistent Democratic donors. While the industry overall only shifted its giving to the Democrats in 2006 when a power-shift looked all-but-certain, CRP/Absolute Return data show that hedge funds have favored Democrats for longer and by wider margins. In 2006 hedge funds gave 69 percent of their campaign cash to Democrats (the industry overall was more closely divided at 53-45). They gave 67 percent to Democrats in 2004. In 2002, it was 84 percent. As mentioned above, first-quarter filings from the 2008 presidential candidates show that the funds continue to favor Democrats. Connecticut Senator Christopher Dodd received the most — close to $350,000 — which reflects the large number of hedge funds in his state as well as his position as chairman of the Senate Banking Committee. John Edwards came in second with over $190,000. Almost all of that money came from the Fortress Investment Group, which also paid him close to $500,000 in consulting fees last year. (Edwards told the Associated Press that he took the job “primarily to learn” about financial markets and their relationship to poverty.) Hillary Clinton came in third, followed by Rudy Giuliani and then Barack Obama. A top Republican fundraiser I talked to simply didn’t believe these numbers could be accurate. He pointed to a number of high-profile hedge-fund managers who have given to Republicans, such as Paul E. Singer, a founding partner at Elliott Associates and major Giuliani backer. When I asked him to assume that the numbers were correct for argument’s sake, he said, “Then it would be the stupidest thing I could imagine.” Evidence that hedge-fund giving runs counter to the sector’s best interest also comes from the fact that the Managed Funds Association, which represents hedge funds in Washington, directs most of its giving to Republicans. In 2004 the split was 68-32. Even in 2006, with the rest of the industry trending Democratic, the MFA favored the GOP 57-41. CRP executive director Sheila Krumholz says, “The Managed Funds Association is a good example of a business association giving for more pragmatic reasons, based on its legislative agenda and more in the general interest of these firms. Yet many companies,” she says, “even members of the association, give 100 percent to Democrats.” Avenue Capital Group, D.E. Shaw, Farallon, Fortress, and yes, Soros Fund Management are among the major Democratic donors who populate the association’s membership list. One can think of several reasons why hedge-fund giving is so at odds to what one would perceive to be the best interest of the industry. First, most hedge funds are located in blue states and therefore represented by Democrats. It probably makes sense for these managers to give to a Chris Dodd, a Hillary Clinton, a Nancy Pelosi, even if they don’t share their ideologies. That could skew the data. But a closer look at the giving patterns of some of the top donors finds political contributions spread out over a large number of Democratic candidates and PACs. Thomas F. Steyer, senior partner at Farallon Capital Management in San Francisco, gave $1,000 to Nancy Pelosi (and $5,000 to her PAC), sure. But he’s given tens of thousands more to other Democrats, running the gamut from the hawkish Joe Lieberman to the very liberal Russell Feingold. Not all hedge funds are located in blue states, either. David Bonderman, a big Democratic donor, runs the Texas Pacific Group from Fort Worth, Texas. Second, one could argue that influential lawmakers from both parties support higher taxes and more regulation on hedge funds, so it doesn’t matter whether they give to Republicans or Democrats. Iowa Republican Charles Grassley, ranking member on the Senate Finance Committee, has long favored forcing hedge funds to register with the Securities and Exchange Commission, something they argue they shouldn’t have to do. And in a statement at Wednesday’s hearing, Grassley defended the idea of raising taxes on publicly traded partnerships like Fortress and Blackstone. But this explanation is also lacking. It is the Democratic party, not the GOP, that seeks to roll back Bush’s investment-friendly tax cuts on dividends and capital gains. Carried interest and hedge-fund managers are merely the softest targets in what promises to be a broader Democratic attack on the Bush tax cuts. The fundamental logic — that the investor class is overcompensated and ought to pay more — is the same. Listening to the Democratic vs. the Republican candidates for president provides an even clearer demonstration of the difference between the parties. John Edwards, ardent student of the industry though he may be, has come out in favor of higher taxation and increased regulation of private-equity and hedge funds. And Thursday the New York Sun reported that Barack Obama has also come out in support of doubling taxes on publicly traded partnerships. Hillary Clinton, who along with Chuck Schumer represents Wall Street in the Senate, is the only holdout so far (a spokesman told the Sun she is still “evaluating” the issue). This bit of politically-motivated reticence aside, the Democrats’ track record on taxes speaks for itself. By any measure of common sense, a smart man would bet on the GOP to keep taxes low and capital deregulated. Finally, there’s the Soros factor. But while this can partially explain large discrepancies in past cycles, particularly 2004, Soros’s pocketbook was silent during the first quarter of 2007, and the Democrats dominated anyway. What’s left is the explanation offered by CRP’s Krumholz: “I sense that, for these individuals, a lot of them are ideologically allied with the Democrats possibly in spite of economic interests that would seem to favor a Republican alliance.” In other words, it’s Thomas Frank’s What’s the Matter With Kansas, only in reverse. Hedge-fund managers tend to live near the top of cosmopolitan, culturally liberal societies. They tend to find Republican positions on embryo-destroying stem-cell research and gay marriage to be nothing short of primitive. They tend to be extremely bright and thus prone to the fallacious idea that if more people like them ran the government, they could solve just about any problem with a new government program. They can afford higher taxes. Unfortunately, the rest of America can’t. Investment capital is the lifeblood of business expansion and job creation, and the idea that Congress can’t find offsets in the bloated federal budget and must raid Wall Street for more money is preposterous. I know — no one deserves to have their taxes raised quite like these extremely well-compensated benefactors of the party that seeks to destroy them. However, as usual, it’s up to conservatives to know better.

let's hope the new bailout bill addresses these issues? remeber folks: both Obama AND McCain backed this bill that falls far short on these issues: 1. THE PLAN MISSES THE KEY ISSUE – WE SIMPLY GIVE MONEY BACK TO WALL STREET AND CROSS OUR FINGERS THAT SUCH FIRMS WILL RETURN LIQUIDITY TO MARKETS. Financial institutions who receive government support are under no obligation whatsoever to use such funds to provide liquidity to the financial markets. Thus this aid package fundamentally misses the real problem and may not provide liquidity of trading we need. Instead, such financial institutions could simply distribute the cash to shareholders and partners, and provide no further help to the economy. 2. TAX LOSS CARRYFORWARDS WILL MEAN THEY DO NOT ACTUALLY PAY TAXES. Importantly, any tax levy in 5 years on troubled financial institutions will be avoided by such bailed out firms. Financial institutions holding troubled assets will incur TAX LOSSES today from the sale of such assets to government and thus will be exempt from paying taxes for very long periods of time as a result of tax loss carryforward rules (the amount of such tax losses will depend upon how they originally accounted for the assets in their financial statements - some firms may record massive tax write downs). In fact in 5 years they may still have sufficient tax shelter from the sale of these troubled assets that they will not be subject to the special tax on financial institutions. Ironically, the financial institutions that avoided these troubled assets and thus did not incur tax losses will be the ones who carry the burden of the new tax since they will not have tax shield available. 3. The total exposure of government is possibly $3.131-TRILLION - well in excess of $700 bn since this is simply an upper ceiling on the maximum outstanding at any one time (per notes on page 40 of the Act). The plan is designed to absorb substantially more troubled assets - as government sells such assets the proceeds from sale can then be used by the Secretary to buy more troubled assets. This establishes a "revolving" loan facility which can be used over and over again to buy troubled assets and then sell such assets. The true exposure of government debt is illustrated by the requested increase in the statutory limits of total debt allowed. This new bill requests to increase the allowed debt by $3.131-trillion (from $8.184-trillion to $11.315-trillion, per pp. 68, line 8). See http://www4.law.cornell.edu/uscode/html/uscode31/usc_sec_31_00003101----000-.html for current wording and limit on government debt. 4. Credit card loans and car loans that are secured by a home loan (very common in USA) are included in the bail out package. See pp. 14, line 18. Any type of purchase on a credit line secured by a home can be acquired or guaranteed by the government. Since such loans are very common this means virtually any type of debt can be taken over by the Secretary. This package goes well beyond subprime mortgage loans. 5. There is practically no cap on what a financial institution can sell to the government. The cap has been set at $100,000,000 (pp 38, line 24). Thus a small number of big-time offenders can dump their bad debts onto government. If it is only a small number of firms that hold large amounts of such paper then the government should consider allowing them to fail. Government intervention is appropriate to stop systematic broadly-based risk. Not a handful of firms. The private sector could easily buy up a handful of firms with such troubled assets (e.g. JP Morgan easily absorbed WaMu and other institutions like Barclays are seeking opportunistic acquisitions) 6. There is no clarity on the type of deals the Secretary can structure. He has a free hand to deem what is appropriate - even if such deals are not at fair market value. pp 35 line 10 outlines the mechanism for how government takes an equity or debt position in the selling financial institution. Importantly, there is no mention or requirement for the Secretary to use fair market value in determining the value of debt bought by the government. As mentioned earlier the selling financial institutions can flip debt acquired from other struggling financial institutions to the government. There is no consent requirement for the Secretary from any oversight committee. Suggested improvements: (a) Have Secretary establish fair market value for consideration paid when buying, insuring or guaranteeing troubled assets. (b) Have Selling/insured financial institution indemnify government against any and all losses resulting from the troubled assets bought, insured or guaranteed. Thus the downside risk of loss will be mitigated. (c) Have government receive equity participation IN ADDITION to the indemnification. (d) Place limitations on distributions/dividends to shareholders until the loans are repaid. There is no limitation on dividends and other distributions to partners/shareholders from the financial institutions. Repayment of government obl

Do you feel like McBama sold America down the river last night? Yes, BOTH senators voted YES to pass the bills that is lacking (abbreviated): 1. THE PLAN MISSES THE KEY ISSUE – WE SIMPLY GIVE MONEY BACK TO WALL STREET AND CROSS OUR FINGERS THAT SUCH FIRMS WILL RETURN LIQUIDITY TO MARKETS. Financial institutions who receive government support are under no obligation whatsoever to use such funds to provide liquidity to the financial markets. Thus this aid package fundamentally misses the real problem and may not provide liquidity of trading we need. Instead, such financial institutions could simply distribute the cash to shareholders and partners, and provide no further help to the economy. 2. TAX LOSS CARRYFORWARDS WILL MEAN THEY DO NOT ACTUALLY PAY TAXES. Importantly, any tax levy in 5 years on troubled financial institutions will be avoided by such bailed out firms. Financial institutions holding troubled assets will incur TAX LOSSES today from the sale of such assets to government and thus will be exempt from paying taxes for very long periods of time as a result of tax loss carryforward rules (the amount of such tax losses will depend upon how they originally accounted for the assets in their financial statements - some firms may record massive tax write downs). In fact in 5 years they may still have sufficient tax shelter from the sale of these troubled assets that they will not be subject to the special tax on financial institutions. Ironically, the financial institutions that avoided these troubled assets and thus did not incur tax losses will be the ones who carry the burden of the new tax since they will not have tax shield available. 3. The total exposure of government is possibly $3.131-TRILLION - well in excess of $700 bn since this is simply an upper ceiling on the maximum outstanding at any one time (per notes on page 40 of the Act). The plan is designed to absorb substantially more troubled assets - as government sells such assets the proceeds from sale can then be used by the Secretary to buy more troubled assets. This establishes a "revolving" loan facility which can be used over and over again to buy troubled assets and then sell such assets. The true exposure of government debt is illustrated by the requested increase in the statutory limits of total debt allowed. This new bill requests to increase the allowed debt by $3.131-trillion (from $8.184-trillion to $11.315-trillion, per pp. 68, line 8). See http://www4.law.cornell.edu/uscode/html/... for current wording and limit on government debt. 4. Credit card loans and car loans that are secured by a home loan (very common in USA) are included in the bail out package. See pp. 14, line 18. Any type of purchase on a credit line secured by a home can be acquired or guaranteed by the government. Since such loans are very common this means virtually any type of debt can be taken over by the Secretary. This package goes well beyond subprime mortgage loans. 5. There is practically no cap on what a financial institution can sell to the government. The cap has been set at $100,000,000 (pp 38, line 24). Thus a small number of big-time offenders can dump their bad debts onto government. If it is only a small number of firms that hold large amounts of such paper then the government should consider allowing them to fail. Government intervention is appropriate to stop systematic broadly-based risk. Not a handful of firms. The private sector could easily buy up a handful of firms with such troubled assets (e.g. JP Morgan easily absorbed WaMu and other institutions like Barclays are seeking opportunistic acquisitions) 6. There is no clarity on the type of deals the Secretary can structure. He has a free hand to deem what is appropriate - even if such deals are not at fair market value. pp 35 line 10 outlines the mechanism for how government takes an equity or debt position in the selling financial institution. Importantly, there is no mention or requirement for the Secretary to use fair market value in determining the value of debt bought by the government. As mentioned earlier the selling financial institutions can flip debt acquired from other struggling financial institutions to the government. There is no consent requirement for the Secretary from any oversight committee. Suggested improvements: (a) Have Secretary establish fair market value for consideration paid when buying, insuring or guaranteeing troubled assets. (b) Have Selling/insured financial institution indemnify government against any and all losses resulting from the troubled assets bought, insured or guaranteed. Thus the downside risk of loss will be mitigated. (c) Have government receive equity participation IN ADDITION to the indemnification. (d) Place limitations on distributions/dividends to shareholders until the loans are repaid. There is no limitation on dividends and other distributions to partners/shareholders from the financial institutions. Repayment of government obl Sugar: how so?

Business Word Definition. 10 Points...? - sole proprietorship - private corporation - dividend - partnership - public corporation - partnership agreement - corporation - shares (stocks) - limited liability - Crown corporation - cooperative - unlimited liability - franchise - service business - forecasting franchiser - retail business - revenue - franchisee - debt financing - gross domestic product -manufacturing business -equity financing - economic system - public sector - business cycle - pure command economy - privatization - recession - pure market economy - assets - standard of living - private sector - monopoly - gentrification - economies of scale - fixed costs - profit equation - inflation - variable costs - unemployment rate - marketing boards - budget - price fixing - supply quota - labour force - service sector - discretionary income - market segment - productivity - disposable income - competitive edge - indirect competition - direct competition - market share - labour market - compensation - employee turnover - unskilled labour - minimum wage - layoff - semi-skilled labour - salary - severance package - skilled labour - commission - pension - professional - piecework - discrimination - harassment I know its a lot but I really need it. Its for my 20 % worth assignment. ♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦...