The Jere Beasley Report, Jun. 2009

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  • 8/9/2019 The Jere Beasley Report, Jun. 2009

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    Kmstrmautbk td dvbr ;2,999 suashrmabrs behn gdltn

    www.AbesobyEoobl.hdg

    Fulb 199=

  • 8/9/2019 The Jere Beasley Report, Jun. 2009

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    M.HEYM[DODAXBQZE[MDLX

    EOEAEGE X B[[OBX G BKMHEMK J QERK H EXBX

    [nb Xtetb dj Eoeaege sbttobk eldtnbr rdulk dj Gbkmhemk jreuk kruc hesbs oestgdltn jdr e tdteo dj $>= gmoomdl.[nmsputs tnb tdteo egdult jdr sbttobgbltstd ketb et $518,329,999.[nms oetbst sbt-tobgblt ms e gefdr kbvbodpgblt ml tnbdlcdmlc omtmcetmdl ecemlst e tdteo dj 31pnergehbutmheo hdgpelmbs wnmhn kbjreukbk tnb stetbs Gbkmhemk systbgay dvbrhnercmlc jdr krucs. Dur jmrg,eodlc wmtn tnb Nelk Erlkboo jmrg, msrbprbsbltmlc tnb Xtetb ml tnms omtmcetmdl.[nus jer tnbrb nevb eosd abbl fury vbr-kmhts dj gdrb tnel $821.; gmoomdlecemlst jdur pnergehbutmheo gelujeh-turbr Kbjblkelts.[nbsb hesbs erb ldw dl eppbeo. Dl Gey 1: tn , tnb XuprbgbHdurt kblmbk e gdtmdl ay Kbjblkeltstd stey eoo trmeos ultmo tnb pblkmlceppbeos erb nberk.

    [nms oetbst rdulk dj sbttobgbltssbttobs Eoeaeges Gbkmhemk jreuk hesbsecemlst smx Kbjblkelts hdgprmsbk dj crdups dj kruc gelujehturbrs. [nbsbmlhoukb Eaadtt Oeadretdrmbs, Mlh.0

    Evbltms Ynergehbutmheo O.Y., EvbltmsAbnrmlc O.O.H., VOA Abnrmlc O.O.H. elkXeldjm-Xyltnboead, Mlh.0[BZE Ynerge-hbutmheos R.X.E., Mlh.,MZE^ Hdrpdretmdl,MZE^ Ynergehbutmheos Mlh., elk Aerr Oeadretdrmbs, Mlh.0 Xnbrmlc-Yoducn/

    Serrmh` Hdgpelmbs0 Jdrbst Oeadretd-rmbs Mlh. elk Jdrbst YnergehbutmheosMlh.0 elk Aextbr Mltbrletmdleo Mlh. elkAextbr Nbeotnherb Hdrpdretmdl.

    Ettdrlby Cblbreo [rdy @mlc eutndr-mzbk tnms omtmcetmdl elk sumt wes jmobk dlabneoj dj tnb Xtetb dj Eoeaege ml 1992ml Gdltcdgbry Hdulty Hmrhumt Hdurt,eoobcmlc gessmvb rbpdrtmlc dj jeosbprmhbs td tnb Gbkmhemk Ecblhy kurmlctnb pbrmdk 5==5-1992.[nb pnergehbu-tmheo hdgpelmbs gmsrbprbsbltbk,gmsrb-pdrtbk elk mljoetbk prmhbs jdr Gbkmhemkkrucs.[nb Ettdrlby Cblbreo nek tnms tdsey eadut tnb rbhblt sbttobgblt6

    Ml Feluery dj 1992, M elldulhbk tnet M nek te`bl obceo ehtmdlecemlst tnbsb kruc hdgpelmbs

    smgpoy td rmcnt e wrdlc, elk tdrbhdvbr puaomh julks tnet nek abblmoobceooy te bl jrdg dur stetb. Gymltblt wes tnblelk ms ldwtdge`b Eoeaeges texpeybrs wndob.[net ms wnet M nevb kdlb, elk wnet M wmoo hdltmlub td kd.

    [nbrb erb stmoo oewsumts pblkmlcecemlst ;2 rbgemlmlc Kbjblkelts ml

    Eoeaege. [nb lbxt trmeo ms shnbkuobkecemlst Setsdl Ynergehbutmheos, Mlh.,dl Fulb 11 lk . Eldtnbr trmeo mlvdovmlcGyoel Ynergehbutmheos, Mlh. ms sbt jdr trmeo dl Xbptbgabr 15 st.

    [wblty-twd stetbs absmkbs Eoeaegehurrbltoy nevb pblkmlc ESY sumts elkdur jmrg nes abbl nmrbk td rbprbsblt

    sbvbl dj tnbsb stetbs ml tnbmr pblkmlc ESY Omtmcetmdl.[nb rbeo snegb dj tnbsbhesbs ms tnet ay dvbrhnercmlc tnb Gbk-mhemk systbg, tnb pnergehbutmheo hdg-pelmbs erb nurtmlc tndsb tnet erb tnbgdst vuolbreaob, tnb wbe`bst.[nms typbdj jreuk ejjbhts tnb bokbroy, tnb pddr,hnmokrbljdo`s wnd rboy dl nbop jrdgtnb Gbkmhemk systbg ml drkbr td nevbehhbss td nbeotn herb elk tnb gbkmhmlbtnby lbbk. [nbsb kruc hdgpelmbs erbomlmlc tnbmr dwl pdh`bts dl tnb aeh`s

    dj tnbsb jdo`s. Hdrpdretb jreuk nesabhdgb e letmdleo prdaobg elk mtsoercboy tnb rbsuot dj ulrbcuoetbk crbbk.

    K QRC G ELRJEH[RQBQ X B[[OBX G BKMHEMK J QERK H EXB

    Xeldjm-Evbltms nes ecrbbk td pey $=2.2 Gmoomdl ml e sbttobgblt wmtn tnbjbkbreo cdvbrlgblt. Mt wes eoobcbk tnettnb kruc gelujehturbr hnbetbk Gbkmhemkdl tnb hdst dj leseo spreys.[nb FustmhbKbpertgblt gekb tnb elldulhbgbltdl Gey 13 tn , seymlc tnet Evbltms Ynerge-hbutmheo Mlh., e suasmkmery dj tnb perblthdgpely, sbttobk tnb jreuk hoemgsecemlst mt. Abtwbbl 5==2 elk 1999

    Evbltms elk mts hdrpdretb prbkbhbssdrsgmsrbprbsbltbk tnb abst prmhbs jdr

    Ezgehdrt, Lesehdrt elk Lesehdrt EU,eoo leseo spreys. Rlkbr tnb oew,Evbltms

    wes rbqumrbk td tboo Gbkmhemk tnb

    odwbst prmhb tnet mt hnercbk hdgpelmbsjdr tndsb prdkuhts, elk djjbr Xtetb Gbk-mhemk prdcregs rbaetbs aesbk dl tndsbprmhbs.

    [nms ms fust eldtnbr bxegpob dj ndw truoy aek tnb pnergehbutmheo mlkustry ms. Mt eosd pdmlts dut ndw ulrbcuoetbkcrbbk nes hdst tnb Egbrmhel texpeybrsnulkrbks dj gmoomdls dj kdooers rbsuot-mlc jrdg dutrmcnt jreuk. Mts sdrt dj mltbrbstmlc tnet tnb R.X. Hnegabr dj Hdggbrhb epperbltoy abombvbs mts d` tdhnbet tnb cdvbrlgblt.Xdurhb6 Essdhmetbk Yrbss

    ML [NMX MXXRB

    M. Hepmtdo Dasbrvetmdls . . . . . . . .

    MM. Qbhblt Jmomlcs elk Xbttobgblts

    Ay tnb JmrgMMM. Blvmrdlgblteo Hdlhbrls . . . . . .

    MZ. Obcmsoetmvb Neppblmlcs . . . . .

    Z. Hdurt Sethn . . . . . . . . . . . . . . . . . .

    ZM. [nb Letmdleo Xhblb . . . . . . . . . .

    ZMM. [nb Hdrpdretb Sdrok . . . . . . . .

    ZMMM. Hdlcrbssmdleo Rpketb . . . . . .

    M^. Yrdkuht Omeamomty Rpketb . . .

    ^. Gess [drts Rpketb. . . . . . . . . . . . . 1

    ^M. Ausmlbss Omtmcetmdl . . . . . . . . ^MM. El Rpketb dl Xbhurmtmbs Hesb

    ^MMM. Mlsurelhb elk Jmlelhb Rpketb

    ^MZ. Yrbgmsbs Omeamomty Rpketb .

    ^Z. Sdr`poehb Nezerks. . . . . . . . . . . . 8

    ^ZM. [relspdrtetmdl . . . . . . . . . . . . . . .

    ^ZMM. Eramtretmdl Rpketb . . . . . . . . .

    ^ZMMM. Lursmlc Ndgb Rpketb. . . . . . .

    ^M^. Nbeotnherb Mssubs . . . . . . . . . . .

    ^^. Blvmrdlgblteo Hdlhbrls. . . . . . . . ;1

    ^^M. [nb Hdlsugbr Hdrlbr. . . . . . . . . . ;

    ^^MM. Qbheoos Rpketb . . . . . . . . . . . .

    ^^MMM. Jmrg Ehtmvmtmbs . . . . . . . . .

    ^^MZ. Xpbhmeo Qbhdclmtmdls. . . . . . .

    ^^Z. Hodsmlc Dasbrvetmdls. . . . . . . . . .

    ^^ZM. Yertmlc Sdrks . . . . . . . . . . . . . . . .

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    S ]B[N M X EHHRXBK D J D ZBQHNEQCMLC J DQ Y QD[DLM^

    Kruc ge`br Sybtn nes abbl ehhusbkdj hnbetmlc stetb elk jbkbreo Gbkmhemkprdcregs dut dj gmoomdls dj kdooers ay dvbrhnercmlc tnbg jdr Yrdtdlmx, tnbhdgpelys wmkboy-usbk ehmk rbjouxkruc. [nb Fustmhb Kbpertgblt elk 52

    stetbs nevb fdmlbk ml twd wnmstob-aodwbr oewsumts jmobk ml jbkbreo hdurt mlGessehnusbtts ecemlst tnb hdgpely.Es

    ydu gey rbheoo, Lbw ]dr`-aesbk krucge`br Yjmzbr Mlh. ms ml tnb prdhbss dj ehqumrmlc Sybtn jdr gdrb tnel $:9amoomdl ml e kbeo bxpbhtbk td hodsb oetbr tnms yber.[dly Sbst, essmstelt ettdrlby cblbreo jdr tnb Fustmhb KbpertgbltsHmvmo Kmvmsmdl,nek tnms td sey eadut tnboewsumts6

    Ay djjbrmlc gessmvb kmshdults tdndspmteos, aut tnbl nmkmlc tnet mljdrgetmdl jrdg tnb Gbkmhemk

    prdcreg, wb abombvb Sybtn heusbk Gbkmhemk prdcregs tnrducndut tnb hdultry td pey guhn gdrb jdr tnbsb krucs tnel tnby snduok nevb.

    [nb jbkbreo cdvbrlgblt, wnmhn neseccrbssmvboy pursubk dtnbr krucge`brs ml smgmoer hesbs, ms sbb`mlcpbleotmbs ecemlst tnb hdgpely dj up td

    tnrbb tmgbs tnb egdult odst ay Gbkmh-emk. Mts eoobcbk ml tnb sumt tnet abtwbbl1999 elk 199:, Sybtn djjbrbk vbry oercb kmshdults td tnduselks dj ndspm-teos jdr twd vbrsmdls dj Yrdtdlmx,e kructnet supprbssbs stdgehn ehmk.[nb cdv-brlgblt eoobcbs tnet tnb gelbuvbr nbopbk tnb hdgpely evdmk peymlc nul-krbks dj gmoomdls dj kdooers ml rbaetbs tdGbkmhemk, e nbeotn herb prdcreg jdr tnbpddr tnet ms julkbk ay stetb elk jbkbreogdlby.

    Sybtn aulkobk tnb mltrevbldus vbrsmdl dj Yrdtdlmx wmtn tnb dreo vbrsmdl ml seobs peh`ecbs td ndspmteos,sd tnb hdgpely hduok ge`b gdrbgdlby ml tnb ouhretmvb dutpetmbltger bt. Jdr tnb pest smx ybers, tnbjbkbreo cdvbrlgblt elk e lugabr dj stetbs nevb nbok tnb letmdls oercbstkruc hdgpelmbs ehhdulteaob jdr kbvms-mlc prmhmlc shnbgbs tnet hnbetbk cdv-

    brlgblt nbeotn herb prdcregs dut dj amoomdls dj kdooers.

    [nb jbkbreo cdvbrlgblt nes rbhdv-brbk gdrb tnel $2 amoomdl smlhb 1998.Oest yber, Gbrh` ecrbbk td pey $:29gmoomdl td sbttob eoobcetmdls mt dvbr-hnercbk Gbkmhemk jdr tnb hndobstbrdogbkmhmlb Vdhdr, tnb ldw wmtnkrewlpeml-rbombvbr Zmdxx, elk dtnbr prbshrmp-tmdl krucs.[nb hesb ecemlst Gbrh`, om`btnb dlb ecemlst Sybtn, erdsb jrdg oew-sumts jmobk ay wnmstobaodwbrs ulkbr tnbJeosb Hoemgs Eht elk wes tnbl pursubkay jbkbreo prdsbhutdrs.Ml 1993, Armstdo-Gybrs ecrbbk td pey $252 gmoomdl tdsbttob jbkbreo elk stetb eoobcetmdls mltdmts ger`btmlc elk prmhmlc prehtmhbs. Mltnet hesb, Armstdo-Gybrs eoobcbkoy kblmbkjbkbreo nbeotn herb prdcregs tnb segbodwbr prmhbs jdr mts eltm-kbprbssmdlkruc Xbrzdlb tnet mt wes hnercmlc eoercbr hdggbrhmeo hustdgbr.

    Es pert dj tnb segb sumt,Armstdo-Gybrselk mts jdrgbr suasmkmery, Epdtnbhdl,

    wbrb ehhusbk dj mljoetmlc prmhbs dl elessdrtgblt dj dlhdodcy elk cblbrmhkrucs, `ldwmlc jbkbreo nbeotn herb prd-cregs bsteaomsnbk rbmgaursbgblt retbsaesbk dl tndsb prmhbs. [nb stetbs

    fdmlmlc tnb hurrblt oewsumt ecemlst Sybtn erb Heomjdrlme, Kboewerb, Jodrmke,Moomldms, Mlkmele, Odumsmele, Gessehnu-sbtts,Lbw ]dr`,Gmhnmcel, Lbveke,Lbw Negpsnmrb, [bllbssbb, [bxes, Zmrcmlmeelk Smshdlsml.[nb Kmstrmht dj Hdoug-ame eosd ms pert dj tnb omtmcetmdl.Xdurhb6 LF.hdg

    EX[QEV BLBHE B-G EMOX Q BZBEO[ NE[ X BQDURBO Q MX@X S BQB N MKKBL

    Mts abhdgb hdggdl `ldwobkcb tnettnb JKE kdbs e vbry pddr fda dj rbcu-oetmlc tnb pdomtmheooy-pdwbrjuo kruc

    mlkustry.Es e rbsuot, tnb kruc gelujeh-turbrs nevb abbl eaob td eoodw ger`bt-mlc bxbhutmvbs td dvbrrmkb tnb vmbws dj kdhtdrs elk shmbltmsts dl nbeotn elksejbty mssubs.El bxegpob dj ndw tnms eoo

    wdr`s mlvdovbs EstreVblhe YOH. Jdr ybers ger`btmlc bxbhutmvbs et EstreVblbhe aodh`bk bjjdrts ay hdgpely gbkmheo kdhtdrs elk shmbl-tmsts td remsb hdlhbrls tnet tnb eltmpsy-hndtmh kruc Xbrdqubo heusbk nbeotn

    prdaobgs. [nb ger`btmlc crdup semktnet mj tnb hdlhbrl abhegb puaomh mt

    wduok nerg seobs. Mltbrleo kdhugblts wbrb rbobesbk dl Gey 19 tn ml oewsumttnet nes abbl jmobk ecemlst tnb hdgpely ay petmblts eoobcmlc tnby wbrb nergbkay tnb aodh`austbr kruc jdr shnmzdpnrb-lme elk ampdoer kmsdrkbr.[nb mltbrleo b-gemos elk dtnbr kdhugblts rbvbeobjjdrts ay tnb hdgpely td `bbp puaomhmljdrgetmdl eadut Xbrdqubo pdsmtmvbbvbl tnducn hdgpelys shmbltmsts elkmts ger`btmlc bxbhutmvbs wbrb et dkksdl sejbty mssubs.

    Xbrdqubo wes EstreVblbhes lugabr twd kruc ml seobs oest yber, wmtn rbvblub dj $;.2 amoomdl. Hurrbltoy,

    EstreVblbhe jehbs rducnoy 52,999 oew-sumts dvbr Xbrdqubo, eadut :9% dj tnbgml stetb hdurts.[nb jmrst stetb trmeo ms sbttd abcml ml Kboewerb dl Fulb 1= tn .[nusjer tnbrb nevb abbl ld trmeos ml jbkbreohdurt.Xdurhb6 ]endd Lbws

    C BDQCME X B[[OBX S M[N K QRC H DGYEL] J DQ $: G MOOMDL

    Cbdrcme nes sbttobk mts hoemg ecemlsBom Omooy elk Hd. dvbr tnb pnergehbutmheo cmelts djj-oeabo prdgdtmdl dj Vyprbxe, tnb eltm-psyhndtmh kruc. [nb

    stetb wmoo cbt gdrb tnel $: gmoomdljrdg tnb sbttobgblt. Mltbrbstmlcoy, ekdzbl dtnbr stetbs nevb bobhtbk ldt tdsbttob, aut mlstbek, tndsb stetbs nevbjmobk tnbmr dwl mlkmvmkueo oewsumts

    wmoo sbb` kegecbs. Ml pert tndsb stetbses` jdr rbmgaursbgblt jdr Gbkmhemkpeygblts jdr ulwerreltbk Vyprbxeprbshrmptmdls. Snmob Omooy nes kblm

    wrdlckdmlc ml tnbsb hmvmo hesbs, mtbvmkblt tnet Omooy gmsobk petmblts eltnbmr kdhtdrs eadut Vyprbxes pdtbltmeo

    smkb bjjbhts, wnmhn erb kmeabtbs,nypbr-coyhbgme elk bxhbssmvb wbmcnt ceml.Cbdrcme wes egdlc 89 stetbs tnet

    kbhmkbk ldt td sub elk ehhbptbk tnbsbttobgblt. Xtetb Ettdrlby Cblbreo[nurabrt Ae`br abombvbs tnet wes abstjdr stetb texpeybrs. Nms djjmhb odd`bk ettnb eltmhmpetbk Gbkmhemk odssbs elk heohuoetbk tnb sbttobgblt egdult wduokab eadut kduaob tnb egdult dj Cbdrcmes hoemgs nek sumt abbl jmobk

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    Ehtueooy, tnb tdteo sbttobgblt jdr Cbdrcme ms gdrb tnel $52 gmoomdl, wmtn $= gmoomdl cdmlc td rbmgaursb tnbjbkbreo snerb dj stetb Gbkmhemk hoemgs.

    Es wb nevb rbpdrtbk ml prmdr mssubs,Vyprbxe nes Jddk elk Kruc Ekgmlmstre-tmdl epprdveo jdr tnb trbetgblt dj shnmzdpnrblme elk ampdoer kmsdrkbr. AutOmooys ger`btmlc hegpemcl tercbtbkpetmblts wmtn kbgbltme, bvbl tnducn tnb hdgpely oeh`bk JKE epprdveo tdkd sd.[nb kruc wes Omooys abst sboobr jdr ybers, armlcmlc ml amoomdls dj kdooers.Ml Feluery,Omooy pobekbk cumoty ml hrmgmleohdurt td moobceooy ger`btmlc Vyprbxe. Mtecrbbk td pey $5.;1 amoomdl td rbsdovboewsumts elk blk tnb hrmgmleo mlvbstmce-tmdl. [nms egdult mlhoukbk $>99gmoomdl td sbttob hmvmo hesbs, wmtn $;8>gmoomdl cdmlc td tnb jbkbreo cdvbrl-gblt elk $8:1 gmoomdl td tnb stetbs.Ese gettbr dj mltbrbst, kurmlc e trmeo Eoes`esbttobk mts mlkmvmkueo Vyprbxe oewsumtjdr $52 gmoomdl.Xdurhb6 Etoelte-Fdurleo Hdlstmtutmdl

    M L[BQBX[MLC Y DOO Q BXRO[X M L EOEAEGE

    Xdgbtmgbs mts mltbrbstmlc elk rbvbeo-mlc td hdgperb ndw pbdpob jbbo eadutmssubs jehmlc cdvbrlgblt elk ndw dur bobhtbk djjmhmeos rbeht td tndsb vbry

    segb mssubs.[nb Yuaomh Ejjemrs Qbsberhn Hdulhmo dj Eoeaege (YEQHE) kmk esurvby dj Eoeaege hmtmzbls tnetessbssbk tnb puaomhs rbspdlsb td tnbaukcbt prdaobgs jehmlc stetb cdvbrl-gblt. [nb survby wes hdgpobtbkberombr ml tnb yber elk tnbrb wbrb vbry jbw surprmsbs ml tnb ettmtukbs dj hmtmzblehrdss tnb stetb.

    [nb survby rbvbeobk tnet tnb gdstmgpdrtelt mssubs jdr tnb Eoeaege Obcms-oeturb td ekkrbss tnms yber wbrb bhd-

    ldgmh ml leturb. Fdas elk tnb stetbsbhdldgy tdppbk tnb omst, wmtn dvbr etnmrk dj tndsb survbybk rbspdlkmlc mltnet erbe. Dlb-jmjtn mkbltmjmbk bkuhetmdles e tdp prmdrmty. Lberoy 59% hdlsmkbrbktnb aukcbt sndrtjeoo dr prdretmdl gdstmgpdrtelt. Ldlb dj tnms snduok hdgb ese amc surprmsb.

    Ml tnb survby, spbhmeo ettbltmdl wesput dl ndw julks snduok ab spblt mlstetb aukcbts.[nb rbspdlkblts mkbltm-

    jmbk jdur gefdr erbes dj cdvbrlgbltmlvbstgblt dj texpeybr kdooers.[ndsb

    wbrb6

    Bkuhetmdl wes semk td ab tnb gdstmgpdrtelt erbe dj cdvbrlgbltsbrvmhb.

    Nbeotnherb wes sbhdlk ml mgpdr-telhb.

    Yuaomh Xejbty wes lbxt es e prmdrmty jdr spblkmlc.

    Nmcnweysadtn lbw hdlstruhtmdlelk gemltblelhb dj bxmstmlc rdek-

    weyshegb ml oest dl tnb omst.

    Dvbr tnb ybers tnbrb nes abbl guhn kbaetb dvbr tnb berger`mlc dj rbv-blubs ml stetb cdvbrlgblt jdr spbhmjmhusbs. Mltbrbstmlcoy, twd-tnmrks dj tndsbsurvbybk ml tnms pdoo mkbltmjmbk tnb ber-ger`mlc dj rbvblubs es e cddk tnmlc.[nb erbes wnbrb tnb rbspdlkblts jbotjulks snduok ab berger`bk wbrb bku-hetmdl,nbeotnherb, nmcnweys elk puaomhsejbty ml tnet drkbr.

    Mt wes vbry hober jrdg tnb survby tnet Eoeaege hmtmzbls kdlt om`b prdretmdlelk kdlt jevdr tnms epprdehn es egbels dj `bbpmlc Eoeaeges aukcbts mlaeoelhb.E gefdrmty dj tnb hmtmzbls prbjbr td aeoelhb tnb aukcbt ml sdgb dtnbr gellbr. Obss tnel ;9% mlkmhetbk tnetehrdss tnb aderk huts wes e cddk wey td aeoelhb tnb aukcbt.[nms ms ml `bbpmlc

    wmtn tnb prmdrmtmbs jdr spblkmlc tnet wbrb mkbltmjmbk jrdg tnb survby. Eldtnbr mltbrbstmlc jmlkmlc wes tnetgdrb pbdpob bxprbssbk e wmoomlclbss tdpey ekkmtmdleo texbs td suppdrt puaomhbkuhetmdl.[net wes e gmok surprmsb, aut

    wnbl ydu hdlsmkbr wnets lbbkbk jdr tnb juturb cddk dj dur stetb, mt rbeooy snduoklt ab. Ml ely bvblt, mt gmcnt abmltbrbstmlc td hdgperb tnb rbsuots dj tnms survby wmtn tnb pbrjdrgelhb dj stetb cdvbrlgblt ml tnb gdltns tnet jdo-odwbk tnb te`mlc dj tnb pdoo.Xdurhb6 [nb Ekvmsdr

    J BKBQEO F RKCB H DGGBL[X D L [ NB D LCDMLC [ NQBB X [E[BX S E[BQ S EQ

    E jbkbreo fukcb ms hdgpoemlmlc tnet eprdtrehtbk aettob dvbr tnb wetbr

    jodwmlc jrdg e rbsbrvdmr lber Etoeltenes abbl te`mlc poehb ml wnet nb rbjbrstd es lbvbr-lbvbr oelk. R.X. Kmstrmht

    Fukcb Yeuo Gelcusdl,wnd ldw nes tnbhesb, ms ettbgptmlc td ulrevbo 5= ybersdj omtmcetmdl abtwbbl Jodrmke, Cbdrcmelk Eoeaege dvbr wetbr jrdg Oe`bOelmbr,wnmhn ms Etoeltes wetbr suppoyelk wnmhn jodws mltd tnb dtnbr twdstetbs. Eoeaege elk Jodrmke welt tdmlhrbesb tnb egdult dj wetbr rbobesbkjrdg Oe`b Oelmbr td ablbjmt kdwl-strbeg pdwbr poelts, jergs elk dtnbr ausmlbssbs ml tnbmr stetbs.

    Fukcb Gelcusdl, wnd ms aesbk mlGmllbsdte, ms ldw ml hnercb dj tnbhesb.Nb nes ldt mlkmhetbk wnbl nb wmooruob dl tnb obceomty dj wetbr suppoy eood-hetmdls ay tnb R.X.Ergy Hdrps dj Blcm-lbbrs.Aut nb kmk hrmtmhmzb tnb Hdrps jdmts pert ml tnb kboeys, seymlc tnet mt nesabbl smttmlc dl tnms hesb wmtn omttob tsndw jdr mts bjjdrts.[nb Hdrps ms seymlcldw tnet el blvmrdlgblteo mgpehtstuky wmoo te`b eldtnbr tnrbb ybers.E oewybr jdr tnb Fustmhb Kbpertgblt tdoktnb fukcb tnbrb nek abbl ld ehtmdl mltnb hesb jdr eogdst e kdzbl ybersabheusb tnb stetbs nek abbl trymlc td

    wdr` dut el ecrbbgblt dl tnbmr dwl.Mkdlt abombvb tnb fukcb aducnt tnetercugblt.

    Jdr tndsb dj dur rbekbrs wnd nevblt`bpt up wmtn tnms omtmcetmdl, tnb kmspuhbltbrs dl ndw guhn wetbr tnb Ergy Hdrps dj Blcmlbbrs ndoks aeh` mljbkbreo rbsbrvdmrs lber tnb nbek dj tnbHnettenddhnbb elk Jomlt rmvbr aesmls mlldrtn Cbdrcme. [nb rmvbrs jodw sdutn mltd Eoeaege elk tnbl mltd Jodrmke,

    wnbrb tnby fdml td abhdgb tnb Epeoehnmhdoe Qmvbr.[nb Etoelte rbcmdlrbombs dl tnb oe`bs jdr krml`mlc wetbr,

    wnmob Jodrmke elk Eoeaege kbpblkdl nbeotny jodws kdwlstrbeg jdr hdg-gbrhmeo jmsnbrmbs, dystbr abks, jergs,mlkustrmeo usbrs elk gulmhmpeomtmDavmdusoy, behn stetb nes e veomk ercu-gblt jdr tnbmr rbspbhtmvb pdsmtmdls.[nbHdrps eosd ms rbqumrbk td rbobesb ekbquetb jodws td blsurb neamtets jdr spbhmbs prdtbhtbk ay tnb BlkelcbrbkXpbhmbs Eht elk tnet ekks eldtnbr jehtdr td tnb puzzob.

    Gett Obg`b, e oewybr wmtn Amrgmlc-

  • 8/9/2019 The Jere Beasley Report, Jun. 2009

    5/52 www.FbrbAbesobyQbpdrt.hdg 2

    neg-aesbk Arekoby Erelt, wnd ms rbprb-sbltmlc Eoeaege,seys tnb Hdrps dj Blcm-lbbrs jemobk td hdgpoy wmtn tnb Setbr Xuppoy Eht. Gely dj tnb ercugblts prb-sbltbk ay tnb stetbs hbltbrbk dlehtmdls et tnb tmgb tnb keg wes abmlcpoellbk wey aeh` ml 5=;:. Jodrmke elk

    Eoeaege ercubk tnb keg wes aumot jdr nykrdbobhtrmh pdwbr, joddk hdltrdo elklevmcetmdl. Aut Cbdrcme ercubk tnbrbsbrvdmr wes aumot es e wetbr suppoy jdr tnb Etoelte erbe. Qbcerkobss dj

    wnmhn stetb ms hdrrbht, tnms ms el mssubtnet snduok nevb abbl rbsdovbk et tnbdutsbt. Ml jeht, tnms hesb snduok nevbabbl bmtnbr sbttobk dr trmbk ybers ecd.Ndpbjuooy, e wdr`eaob ecrbbgblt wmoohdgb eadut vbry sddl!Xdurhb6 Essdhmetbk Yrbss

    E ODD@ ENBEK [ D 1959 M L EOEAEGEY DOM[MHX

    Mg ldt surb eoo Eoeaegmels rbeomzb wnet wduok nevb neppblbk td tnbmr stetb cdvbrlgblt nek jbkbreo stmguousgdlby ldt abbl gekb evemoeaob td

    Eoeaege ay tnb Daege Ekgmlmstre-tmdl. M ulkbrstelk jrdg vbry cddksdurhbs tnet stetb sbrvmhbs elk puaomhbkuhetmdl wduok nevb sujjbrbkabydlk hdgprbnblsmdl ml tnb

    easblhb dj tndsb julks. Jdrtuletboy,tnb Cdvbrldr elk tnb Eoeaege Obcmsoe-turb wbrb eaob td put djj tnb key dj jmsheo rbh`dlmlc ml dur stetb es e rbsuotdj tnb stmguous gdlby. Aut tnet key dj rbh`dlmlc wmoo hdgb ml tnb vbry lber juturb. Jrdg eoo ehhdults, mt eppberstnet tnb lbxt Cdvbrldr dj Eoeaegeelk tnb lbxt Obcmsoeturb wmoo mlnbrmt ejmsheo lmcntgerb.[net wmoo rbsuot jrdge hdgamletmdl dj e aek letmdleo bhd-ldgy elk pest jemourbs ml Eoeaege td

    put dur dwl jmsheo ndusb ml drkbr.Jrel`oy, aesbk dl tnb odlc nmstdrmheopbrspbhtmvb, ldtnmlc wmoo neppbl mlely obcmsoetmvb sbssmdl ml 1959 td sdovbely jmsheo prdaobgs jdr dur stetb.

    Bvbl wmtn tnbsb kmsgeo prdspbhts dltnb ndrmzdl, tnbrb erb odts dj jdo`s wnd

    welt td jdoodw Ada Qmoby es cdvbrldr. Mndpbk tnet tnb Qmoby obcehy wduok nevbmlhoukbk e hdgpobtb rbjdrg dj dur

    stetb tex struhturb, aut tnet kmkltneppbl. Xuhn e gdlugblteo ulkbrte`-mlc hbrtemloy wdlt dhhur kurmlc nmsoest yber ml djjmhb, smlhb mt wmoo ab elbobhtmdl yber. Aut tex rbjdrg elkputtmlc dur jmsheo ndusb ml drkbr wmoo abe stdry jdr eldtnbr key.

    Xd jdr ldw, obts te`b e odd` et tnbjdo`s wnd stmoo erb hdlsmkbrbk prdae-aob, dr et obest om`boy, helkmketbs jdr Cdvbrldr dj Eoeaege. Dl tnb Kbgdh-retmh smkb, tnbrb erb sbvbreo jdo`s wnd

    welt td ab dur lbxt cdvbrldr.[nby erbXub Aboo Hdaa, Ertur Kevms, elk QdlXper`s.[ndsb sbb`mlc tnb tdp dl tnbCDY smkb fda mlhoukb Qdabrt Abltoby,Hnerobs Amsndp, Arekoby Ayrlb, @ey Mvby,[mg Fegbs, Amoo Fdnlsdl, elk Qdy Gddrb.Ehhdrkmlc td gy mljdrgetmdl,

    Fukcb Gddrb ms stmoo obekmlc tnb pdoosegdlc om`boy Qbpuaomhel vdtbrs elk Mnber tnet mslt ge`mlc tnb CDY adssbs

    vbry neppy. Eorbeky e lugabr dj gbl wnd wbrb

    tnducnt td ab surb helkmketbs nevbte`bl tnbmr legbs dut dj hdlsmkbretmdl.[ndsb mlhoukb Qdcbr Abkjdrk, FdAdllbr, Feh` New`mls, Fmg Jdosdg, elkXbtn Neggbtt. Qdcbr Abkjdrk, wnd

    wduok nevb gekb e vbry cddk cdvbrldr ml gy dpmlmdl, bobhtbk td stey ml tnbstetb Xbletb. Qdcbr seys nb dwbs mt tdjdo`s ml nms Kmstrmht td rbgeml ml tnbstetb Xbletb.[nb Jrel`oml Hdulty letmvbnes abbl e gdst bjjbhtmvb gbgabr dj tnet adky.

    Mltbrbstmlcoy, sdgb pdomtmheodasbrvbrs stmoo abombvb Kr. KevmkArdllbr, wnd M abombvb ms el mkbeopbrsdl td sbrvb es cdvbrldr elk kbeo

    wmtn tnb vbry tducn mssubs dj texrbjdrg elk jmsheo rbspdlsmamomty, hduokab krejtbk ay dlb dj tnb pertmbs. Nmsbltry wduok ge`b tnmlcs pmh` up hdl-smkbreaoy elk wduok hbrtemloy ge`b jdr e omvboy rehb.Bvbl wmtndut Kr. Ardllbr,tnb lbxt yber ml Eoeaege snduok ab

    vbry mltbrbstmlc pdomtmheooy.

    MM.QBHBL[ JMOMLCXELKXB[[OBGBL[X A][NB JMQG

    C QBC EOOBL X B[[OBX H EXB S M[N J DQK G D[DQ H DGYEL]

    Sb sbttobk e hesb wmtn Jdrk Gdtdr Hdgpely oest gdltn dl abneoj dj Arekelk Hmlky Jrbbgel dj ]uobb, Jodrmke.Arek elk Hmlky, eodlc wmtn tnbmr lmbhb,

    wbrb rbturlmlc ndgb jrdg vmsmtmlc rboe-tmvbs elk wbrb trevbomlc tnrducn Xt.Hoemr Hdulty,Eoeaege, dl M-19.Arek weskrmvmlc e 1995 Omlhdol OX vbnmh

    wnmhn wes e lbw kbsmcl sdok ay Jdrk.[nbrb wes e hdgpereaob vbnmhob sdok

    ay Fecuer. Es tnby wbrb krmvmlc eodlctnb Mltbrstetb nmcnwey, tnbrb wes eoduk pdp elk tnb her puoobk nerk td tnbobjt.Arek wes trymlc td hdrrbht tnb petn dj tnb vbnmhob wnbl mt wblt djj tnbrdek elk nmt e hdlhrbtb kmthn.

    Snbl tnb her struh` tnb kmthn,Areks sbet adttdgbk dut elk nb suj-jbrbk e aurst jrehturb ml nms odwbr spmlb.[nb her wes trevbomlc eadut 39gpn wnbl Arek elk dtnbrs nberk tnbsdulk. Adtn Arek elk Hmlky tnducnt

    tnbrb wes e tmrb bxpodsmdl.Aut,ml ehtu-eomty tnb objt jrdlt aeoo fdmlt dj tnb her ard`b.[nb rbesdl tnb vbnmhob wblt djj tnb rdek wes abheusb tnb objt jrdlt tmrbelk wnbbo hegb oddsb wnbl tnb aeoo

    fdmlt jrehturbk.Ejtbr tnb aeoo fdmlt jreh-turbk, mt sbvbrbk tnb stbbrmlc hdltrdoerg sd tnet Arek nek ld bjjbhtmvbstbbrmlc. Mt eosd sbvbrbk tnb are`b omlb

    wnmhn bomgmletbk tnb usb dj jrdltare`bs dl tnb vbnmhob. [nb aeoo fdmltard`b abheusb mt wes kbjbhtmvb.[nbrb

    wes e rbheoo dl tnms vbnmhob abheusbtnb aeoo fdmlt wes ldt prdpbroy tmcnt-blbk et tnb jehtdry. Ml ekkmtmdl tnbrb

    wbrb kbsmcl kbjbhts ml tnet tnb aeoo fdmlt, sd tnet bvbl mj mt wes prdpbroy tmcntblbk, tnb fdmlt stmoo wes ldt sujjmhmbltoy strdlc jdr tnb eppomhetmdl.

    Jdrk hdltblks tnet dl tnms vbnmhobtnb rbheoo nek abbl pbrjdrgbk elk tnbaeoo fdmlt wes prdpbroy tmcntblbk. Aut

  • 8/9/2019 The Jere Beasley Report, Jun. 2009

    6/52: www.AbesobyEoobl.hdg

    wb wduok nevb prdvbk et trmeo tnetsmgpoy tmcntblmlc tnb aeoo fdmlt lut

    wduoklt sdovb tnb prdaobg. Mltbrbst-mlcoy, Jdrk mlhrbesbk tnb smzb elkstrblctn dj tnb aeoo fdmlt stuk jdr oetbr gdkbo vbnmhobs.[nbrb nek abbl e crbetlugabr dj hdgpoemlts ay pbdpob wmtn tnb segb vbnmhob nevmlc smgmoer prda-obgs tnet wbrb ldt ml tnb rbheoo pdpuoe-tmdl.[nms gbels tnbrb wes gdrb tnel

    fust e prdaobg wmtn tnb tmcntblmlc dj tnb aeoo fdmlt.

    Sb es`bk Jdrk td prdkuhb eoo tnbkdhugblts mlvdovmlc tnb eleoysms dj tnbprdaobg mlhoukmlc tnb kdhugblts

    wnmhn suppdrt tnb rbheoo. Jdr sdgbrbesdl Jdrk dvbrodd`bk tnb hrmtmheokdhugblts ml prdkuhmlc tnbmr rbheookdhugblts. Ay jmomlc e suapdble mlGmhnmcel, wb wbrb suhhbssjuo ml cbttmlckdhugblts jrdg Obgjdrkbr, tnb gelu-jehturbr dj tnb aeoo fdmlt.[nb twd hrmtm-heo kdhugblts jrdg Obgjdrkbr rbvbeobk tnb prdaobgs rbsuotmlc ml tnbkbjbhtmvb aeoo fdmlt elk eosd tnet tnbrbheoo wes cdmlc td ab mlekbquetb.

    Es wb mlvbstmcetbk tnb hesb, wbkbtbrgmlbk tnet tnms her nek abblsuafbht td e rbheoo jdr nevmlc oddsb aeoo

    fdmlts. Jdrk rbheoobk >>,999 hers. E jurtnbr mlvbstmcetmdl,ndwbvbr, rbvbeobktnet Areks her nek ehtueooy abblrbheoobk elk tnb aeoo fdmlts tmcntblbkkdwl ml ehhdrkelhb wmtn tnb rbheoo.Sb

    wbrb eaob td jmlk tnb blcmlbbr, wnd msld odlcbr wmtn Jdrk elk wnd ehtueooy kbsmclbk tnb systbg jdr Jdrk.Nb ekgmt-tbk tnet tnb prdkuht wes kbjbhtmvb, autsemk mt wes e gelujehturmlc kbjbht.Sboetbr oberlbk tnet Jdrk nek ehtueooy mlhrbesbk tnb smzb dj tnb aeoo fdmlt.[nbrb nevb abbl gely hdgpoemlts dj tnbsb aeoo fdmlts arbe`mlc, bvbl ejtbr tnb rbheoo. Jdrk tdd` tnb pdsmtmdl tnettnb wnbbo ard`b djj wnbl mt nmt tnbhdlhrbtb kmthn, ndwbvbr, tnb jdrblsmhmlvbstmcetmdl sndwbk dtnbrwmsb.

    Arek wes pereoyzbk jdr e tmgb elkhdltmlubs td nevb smclmjmhelt kmjjmhuoty.Jdrtuletboy, nb ms ldw weo`mlc, aut wmoonevb td usb kueo helbs.[nb omjb herb poelelk odst berlmlc hepehmty jdr ArekJrbbgel wes $1,911,38= ml prbsblt key

    veoub.Nms gbkmheo bxpblsbs td ketb erb$1;5,89=.81.[nb hesb wes sbttobk ejtbr e

    gbkmetmdl sbssmdl abjdrb Gm`b Gekkdx.[nb hesb wes shnbkuobk td cd td trmeo dlDhtdabr 5= tn . Crbc Eoobl jrdg dur jmrgnelkobk tnms hesb,eodlc wmtn Kboo Hrdssjrdg [usheoddse,elk Bray F. Jmshnbr jrdgAmrgmlcneg. [nby kmk el dutstelkmlc

    fda jdr tnb homblts ml tnms hesb.

    S QDLCJRO K BE[N OESXRM[ J MOBK ECEMLX[ B [NB^ H DQYDQE[MDL ELK @Z Y NEQGEHBR[MHEO H DGYEL]

    Dur jmrg nes jmobk e wrdlcjuo kbetn oewsumt ml el Eoeaege stetb hdurt,ecemlst Btnbx Hdrpdretmdl elk @Z Ynergehbutmheo Hdgpely, gelujehtur-brs dj Msdsdramkb Gdldlmtretb. Es ydugey `ldw, Msdsdramkb Gdldlmtretb msusbk ml tnb prbvbltmdl elk trbetgbltdj elcmle, dr hnbst peml, heusbk ay hdrdlery ertbry kmsbesb. MsdsdramkbGdldlmtretb ms dlb dj gely prdkuhtssuafbht td e rbheoo ay Btnbx elk @Z Ynergehbutmheo dl Feluery 1>, 199=.[nb rbheoo wes tnb rbsuot dj gelujehtur-mlc kbjbhts wnmhn heusbk tnb krucs tdab kduaob tnb epprdprmetb strblctn,

    wnmhn gekb tnbsb krucs kbjbhtmvb elkulrbesdleaoy kelcbrdus. Aut sekoy, tnmsrbheoo hdgbs tdd omttob elk tdd oetb jdr Qdabrt Fdlbs, e rbsmkblt dj Aeradur Hdulty, wnd kmbk es e rbsuot dj te`mlctnb kbjbhtmvb Msdsdramkb Gdldlmtretbteaobts.

    Sb nevb oberlbk tnet tnb Jddk elkKruc Ekgmlmstretmdl nes rbpbetbkoy

    werlbk Btnbx Hdrpdretmdl elk @Z Ynergehbutmheo Hdgpely eadut vmdoe-tmdls dj cddk gelujehturmlc prehtmhbs.Dl Gerhn =, 1999, tnb JKE mssubk e

    Serlmlc Obttbr td @Z YnergehbutmheoHdgpely mkbltmjymlc lugbrdus hurrbltcddk gelujehturmlc prehtmhb vmdoetmdlselk prdvmkmlc tnet e jemourb td hdrrbhttnb vmdoetmdls hduok obek td rbcuoetdry ehtmdl, mlhoukmlc sbmzurb elk/dr mlfulh-tmdl. JKE mlspbhtmdls hdltmlubk tdrbvbeo vmdoetmdls dj cddk gelujehtur-mlc prehtmhbs ml mlspbhtmdls ml Eprmo1998, Feluery 199;, Feluery 1992,Gerhn 199:, Eprmo 1993, Gerhn 199>,

    Eucust 199>,elk Jbaruery 199=.Btnbx Hdrpdretmdl elk @Z Ynerge-

    hbutmheo Hdgpely djjmhmeos wbrb ldtm-jmbk dj tnb rbsuots dj tnbsb mlspbhtmdls

    elk wbrb cmvbl dppdrtulmtmbs tdhdrrbht tnb dlcdmlc vmdoetmdls, autjemobk td kd sd. Jmleooy, dl Gerhn 1,199=, tnb Rlmtbk Xtetbs Kmstrmht Hdurt,Bestbrl Kmstrmht dj Gmssdurm, mssubkHdlsblt Kbhrbb drkbrmlc Btnbx Hdrpdre-tmdl elk @Z Ynergehbutmheo Hdgpely td kbstrdy6

    eoo krucs ml tnbmr pdssbssmdl, hustdky,elk/dr hdltrdo tnet erb tnb suafbht dj rbheoos elldulhbk ay @Z Ynergehbu-tmheo Hdgpely jrdg Gey 199>tnrducn Jbaruery 8, 199=0elk

    eoo dtnbr krucs ml tnbmr pdssbssmdl,hustdky, elk/dr hdltrdo,mlhoukmlc eooml-prdhbss krucs elk kruc hdgpd-lblts,es wboo es jmlmsnbk krucs.

    [nb Hdlsblt Kbhrbb wes tnb rbsuotdj e nmstdry dj hdltmlumlc vmdoetmdls dj

    hurrblt cddk gelujehturmlc prehtmhbskmshdvbrbk tnrducn tnb Jddk elk Kruc

    Ekgmlmstretmdl mlspbhtmdls dj BtnbxHdrpdretmdl elk @Z YnergehbutmheoHdgpelys gelujehturmlc jehmomtmbs.Qdcbr Xgmtn,Elky Amrhnjmbok elk M wmtry tnms hesb jdr tnb Fdlbs jegmoy.

    [ SD H EXBX J MOBK ECEMLX[ G E@BQ D J J OBB[ Y NDXYNE-X DKE

    Dur jmrg nes rbhbltoy jmobk twd stetb-hdurt oewsumts ecemlst tnb ge`brs dj Jobbt Yndspne-sdke.[nb hdgpoemlts mltnbsb twd hesbs wbrb jmobk ml Gdlt-cdgbry Hdulty,Eoeaege, elk Xt.FdnlsHdulty, Jodrmke, rbspbhtmvboy.[nb Yoemltmjjs ml tnbsb oewsumts usbk JobbYndspne-sdke prmdr td ulkbrcdmlchdodldshdpmbs. Jobbt Yndspne-sdke msgekb ay H.A. Jobbt Hdgpely, Mlh.,

    wnmhn ms nbekquertbrbk ml Zmrcmlme.Dur homblts wbrb nbeotny wdgbl ml

    tnbmr jmjtmbs wnd usbk tnb prdkuht eskmrbhtbk ay tnbmr kdhtdrs. Xndrtoy ejtbr mlcbstmlc Jobbt Yndspne-sdke, tnb

    wdgbl wblt mltd rbleo jemourb elk wbrb kmecldsbk wmtn e hdlkmtmdl`ldwl es ehutb pndspnetb lbpnrdpe-tny dr lbpnrdheohmldsms. Jobbt Yndspne-sdke wes evemoeaob dvbr-tnb-hdultbr, autnes smlhb abbl rbgdvbk jrdg tnbsnbovbs. Hurrbltoy, mt gey dloy abdatemlbk ay prbshrmptmdl.

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    7/52

    H.A. Jobbt `lbw jdr sbvbreo ybers tnettnb prdkuht wes heusmlc kegecb td tnb`mklbys dj tnb usbrs, aut hdltmlubk tdblhdurecb pnysmhmels td usb tnbprdkuht es e adwbo hobelsmlc ecblt.H.A. Jobbt jemobk td ekbquetboy werl dj tnb kelcbrs essdhmetbk wmtn tnbprdkuht. Abl Odh`oer, e oewybr ml dur Gess [drt Xbhtmdl, ms tnb obek oewybr mltnbsb hesbs.Elky Amrhnjmbok elk M wmoo

    wdr` wmtn nmg elk nbop try tnb hesbs.

    OESXRM[ J MOBK ECEMLX[ G EVKE G D[DQ H DQYDQE[MDL ELK J DQK G D[DQ H DQYDQE[MDL

    Dl Gerhn ;, 199=, 53-yber-dok [ere Fbllmlcs wes krmvmlc nbr 1998 Gezke[rmautb ndgb jrdg e jrmblks ndusb.[ere wes dloy trevbomlc erdulk 82 gpn

    wnbl, jdr sdgb ul`ldwl rbesdl, snbdvbrhdrrbhtbk nbr her td tnb objt. Nbr

    vbnmhob rdoobk dvbr epprdxmgetboy 55 1tmgbs. Kbspmtb prdpbroy wbermlc nbr sbet abot, [ere wes pertmeooy bfbhtbk.Mgpeht ger`s jrdg nbr nbek wbrbjdulk dl tnb dutsmkb rddj dj tnb her.[nms trecmh mlhmkblt heusbk nbr tdrbhbmvb treugetmh areml mlfurmbs elk epertmeooy sbvbrbk spmleo hdrk tnet objtpdrtmdls dj nbr adky pereoyzbk.

    Gezke ms dwlbk ay Jdrk Gdtdr Hdgpely elk tnb twd hdgpelmbs

    wdr`bk tdcbtnbr td put tnb 1998Gezke [rmautb dl tnb rdek. Ay 1998,Jdrk nek mlhdrpdretbk vermdus sejbty jbeturbs ml mts dwl vbnmhobs elk ml mtssuasmkmery,Zdovd,wnmhn mj kbsmclbk mltdtnb Gezke [rmautb,wduok nevb prbvbltbk[ere jrdg abmlc pertmeooy bfbhtbk.[nbsb jbeturbs mlhoukb mgprdvbk sbet-abot prbtblsmdlbrs elk smkb hurtemlemraecs. Jurtnbr, Jdrk elk Gezke nekmlhdrpdretbk bobhtrdlmh steamomty hdltrdodl gely dj mts vbnmhobs ay 1998. [nmsjbeturb wduok nevb prbvbltbk [erejrdg odsmlc hdltrdo dj tnb Gezke

    vbnmhob ml tnb jmrst poehb. Dur jmrg nesrbhbltoy jmobk sumt ml tnb Hmrhumt Hdurtdj Gersneoo Hdulty, Eoeaege ecemlstGezke elk Jdrk jdr prdkuht kbjbhtstnet heusbk [eres mlfurmbs. Hnrms Codvbr

    wmoo ab tnb obek oewybr jdr dur jmrg mltnms hesb. Crbc Eoobl elk M wmoo nbopHnrms try tnms hesb.

    Gdrb Oewsumts Jmobk Jdr Yrdpbrty Dwlbrs Ejjbhtbk Ay RlkbrcrdulkXtdrecb [el` Obe`s

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  • 8/9/2019 The Jere Beasley Report, Jun. 2009

    8/52> www.AbesobyEoobl.hdg

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  • 8/9/2019 The Jere Beasley Report, Jun. 2009

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  • 8/9/2019 The Jere Beasley Report, Jun. 2009

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    Ehhdultmlc Dvbrsmcnt Aderk. [nbJrbb Bltbrprmsb Julk elk e sgeooLbveke ehhdultmlc jmrg eppbeobktd tnb Xuprbgb Hdurt hoemgmlc tnettnb oew vmdoetbk hdlstmtutmdleorbqumrbgblts dl sbperetmdl dj pdwbrs abheusb mt jemobk td eoodw ekbquetb hdltrdo dj tnb aderk ay tnb R.X.Yrbsmkblt.

    [nb Aderk pdomhbs tnb R.X. eukmtmlkustry, mlhoukmlc tnb Amc Jdur jmrgs tnet rbvmbw tnb add`s dj gefdr hdrpdretmdls6 Brlst &

    ]dulc OOY, @YGC, Yrmhbwetbr-ndusbHddpbrs elk Kbodmttb & [duhnb OOY. [nb Xeraelbs-Dxoby hdrpdretb rbjdrg oew hrbetbktnb aderk ml rbspdlsb td eukmt-mlc shelkeos beroy ml tnb kbhekbtnet mlvdovbk Blrdl Hdrp elkdtnbr hdgpelmbs. [nb aderksgbgabrs erb eppdmltbk ay tnbXbhurmtmbs elk Bxhnelcb Hdg-gmssmdl, wmtn hdlsuotetmdl jrdgtnb Jbkbreo Qbsbrvb Aderk elk

    tnb [rbesury Kbpertgblt. [nbXBHs jmvb hdggmssmdlbrs erbeppdmltbk ay tnb Snmtb Ndusb

    wmtn Xbletb hdlsblt.

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    [nb oewsumt, jmobk ml 199:, ercubktnet tnb oew ulhdlstmtutmdleooy strmppbk tnb Yrbsmkblt dj eoo pdwbr td eppdmlt dr rbgdvb Aderkgbgabrs, dr td supbrvmsb dr hdltrdo tnbmr ehtmvmtmbs. E jbkbreo

    fukcb elk tnbl tnb eppbeos hdurtrbfbhtbk tnb hneooblcb.[nb eppbeoshdurt ruobk tnet pest Xuprbgb

    Hdurt kbhmsmdls dl tnb Yrbsmkbltsrboetmdlsnmp wmtn ekgmlmstretmvbecblhmbs gbelt tnb Aderks sbt-upgust ab upnbok.

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    Eoeaege Hdurt dj Hrmgmleo Eppbeos. Fmgsbrvbk wmtn kmstmlhtmdl es Xtetb JmlelhbKmrbhtdr ml tnb Qmoby Ekgmlmstretmd[nb eppdmltgblt wes bjjbhtmvb Gey 52 tn .Snbl ge`mlc tnb eppdmltgblt dj tnb Auoodh` Hdulty letmvb, tnb Cdvbr-ldr stetbk6

    Fmg Gemls hdggmtgblt td puaomh sbrvmhb, nms wdr` btnmh, nms obceo aeh`crdulk, nms hnerehtbr, tnbulmqub pbrspbhtmvb nbs cemlbk

    jrdg e kmvbrsb aeh`crdulk, eoo tnbsb tnmlcs ge`b nmg easdoutboytnb abst hndmhb jdr tnms fukcbsnmp.

    Nb wmoo sbrvb tnb pbdpob dj Eoeaege wboo jrdg tnms pdsmtmdldj trust.

    Ybrneps Fmgs gdst mgpdrtelt ehhdg-pomsngblt es Jmlelhb Kmrbhtdr wes nmsettbgpt td trelsjdrg tnb stetbs aukcbt

    prdhbss. [net hegb eadut wmtn tnbekdptmdl dj XGEQ[ Cdvbrlmlc elk mthel te`b us mltd e lbw bre mlsdjer esstetb aukcbts erb hdlhbrlbk. [nmshdlhbpt nes tnb pdtbltmeo td armlceadut el ulprbhbkbltbk obvbo dj ehhdulteamomty elk trelsperblhy td tnbstetbs aukcbt prdhbss. Ml gy dpmlmdl,stetb cdvbrlgblt wmoo ab gdrbehhdulteaob elk dpbl abheusb dj Fmgs

    wdr` ml tnms mgpdrtelt erbe. Fmg nes sbrvbk es Xtetb Jmlelhb Kmrbh-

    tdr smlhb Fulb 199;. Yrbvmdusoy, nbsbrvbk es Xblmdr Hdulsbo td Cdvbrldr Qmoby. Nb eosd sbrvbk es Hnmbj dj Xteelk Obceo Ekvmsdr jdr Cdvbrldr Jda

    Fegbs jrdg 5==3-5===. Fmg wes epertlbr ml dur jmrg jdr e lugabr dj

    ybers abjdrb fdmlmlc tnb Fegbs Ekgmlms-tretmdl. Nb wes e vbry cddk oewybr elkM eg hdljmkblt tnet Fmg wmoo kd el dut-stelkmlc fda dl tnb Hdurt.Sb eoo wmsn nmg tnb vbry abst ml tnms blkbevdr.

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    ZM.[NB LE[MDLEOXHBLB

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    Egbrmhe. [nb jemourb td rbcuoetb dur jmlelhmeo mlstmtutmdls nes rbsuotbk ml tnmscrbbk rullmlc regpelt tnducn dut tnbbltmrb systbg.

    [nb Daege Ekgmlmstretmdl elk Hdl-crbss gust hdgpobtboy dvbrneuo dur letmdls jmlelhmeo mlkustry. Sb nevbbxpbrmblhbk tnb rbsuots dj wbe`, elk mlsdgb hesbs, ld rbjdrg elk eoo Egbrm-hels erb peymlc jdr tnet. Hoberoy, tnets

    wnbrb rbjdrg gust stert.Aut mt gust abe tdteo dvbrneuo elk ldt dlb tnet stdpssndrt dj e aekoy-lbbkbk rbjdrg dj eard`bl systbg.[nb oeh` dj rbcuoetmdl,elk tnb jeht tnet sdgb ml tnb mlkustry tdteooy evdmkbk ely typb rbcuoetmdl,rbsuotbk ml bhdldgmh hneds jdr tnbRlmtbk Xtetbs.

    [nb bltmrb jmlelhmeo systbgael`s,nbkcb julks, hrbkmt retmlc ecblhmbs,rbcuoetdrs, mlvbstgblt ael`s, mlsur-elhb hdgpelmbs, egdlc dtnbrsmsmltbrtwmlbk elk mltbroml`bk. Mj cdvbrl-gblt ms td rbeooy sdovb tnb prdaobg, ldpert dj tnb jmlelhmeo mlkustry hel abobjt dut dj tnb rbcuoetdry systbg.Ldadky hel ab eoodwbk td evdmk rbcu-oetmdl ml tnb juturb.

    [nbrb ms dlb tnmlc jdr hbrtemltrels-perblhy erdulk veoumlc ely rms` ml tnbjmlelhmeo systbg ms el easdoutb gust.[nms nes td mlhoukb ely typb mlkbglmty dr mlsurelhb tnet wduok poey e pert mlgmtmcetmlc e rms`. [nb jbkbreo cdvbrl-gblt gust nevb tnb eutndrmty elkeamomty td strbegomlb elk smgpomjy jmlel-hmeo mljdrgetmdl sd tnet hdlsugbrs elkmlvbstdrs wmoo ab eaob td ge`b rbeomljdrgbk hndmhbs. Sb nevb bxpbrm-blhbk sdgb dj tnb kugabst tnmlcskdlb ay suppdsbkoy sgert pbdpob

    wnd kbvmsbk jmlelhmeo mlstrugblts tnet wbrb lbvbr ulkbrstddk ay mlvbstdrs dr bvbl cdvbrlgblt ecblhmbs.

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    wdr` dj rbcuoetmdl hdgmlc jrdg hdult-obss stetb elk jbkbreo ecblhmbs gust abrbpoehbk wmtn e strdlc hbltreomzbkbjjdrt. M wduok prbjbr dlb strdlcjbkbreo ecblhy wmtn dlb sbt dj ruobskbsmclbk td dvbrsbb eoo jmlelhmeo ausm-lbssbsadtn tndsb tnet pdsb systbgmhrms` elk tndsb tnet kdlt. Aut, tnet gey ab tdd smgpob el epprdehn jdr cdvbrl-gblt td hdgprbnblk. Ml ely bvblt,Hdlcrbss gust krejt strdlc, hober jbkbreo rbcuoetmdl tnet wmoo prdtbht dur hdultry jrdg bvbr nevmlc td cdtnrducn wnet wb nevb bxpbrmblhbkdvbr tnb pest sbvbreo gdltns.

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    pemclprbkmhteaoymlvdovbs mlkustry jrdlt crdups, odaay jmrgs, tbobvmsmdl,rekmd elk prmlt ekvbrtmsmlc es wboo es

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    Mltbrbstmlcoy, tnb kdletmdls dj epdomtmheo leturb wblt td sbvblKbgdhrets, eoo dj wndg rbhbmvbk heg-pemcl kdletmdls ml bxhbss dj $599,999jrdg tnb dmo elk ces mlkustry, hdeo prd-

    kuhbrs elk utmomtmbs kurmlc tnb 199>bobhtmdls. Mts abmlc rbpdrtbk tnet tnbjetb dj tnb obcmsoetmdl rbjbrrbk td eadvbombs ml tnb nelks dj twbovb Kbgdhretmhgbgabrs dj Hdlcrbss elk tnb sbvblgbltmdlbk ml tnet crdups.Eldtnbr twddj tnb crdups rbhbmvbk gdrb tnel$=9,999 oest yber.

    Eadut 5;9 ausmlbssbs elk drcelmze-tmdls bltbrbk tnb homgetb hnelcbkbaetb dl Hepmtdo Nmoo ml tnb jmrst

    quertbr dj tnms yber.[ndsb lbw poeybrskrdvb e 5;% mlhrbesb ml tnb lugabr dj mltbrbsts odaaymlc dl codaeo wergmlc,hdgperbk td tnb segb tmgb oest yber.[net mlhrbesb hdgbs dl tdp dj eorbeky repmk crdwtn jrdg 1998 tnrducn 199>,

    wnbl tnb lugabr dj homgetb hnelcbodaaymsts mlhrbesbk gdrb tnel ;99% tddvbr 339.Gdst dj tnbg rbprbsblt gel-ujehturbrs, pdwbr hdgpelmbs, elk tnbdmo elk ces mlkustry.

    Mts qumtb bvmkblt tnet odaaymsts nevjer tdd guhn pdwbr ml dur letmdlshepmteo. Mj ydu lbbk sdgb mlsmcnt elkmljdrgetmdl dl odaaymlc rbjdrg yduhel hdlteht tnb R.X. Yuaomh MltbrbstQbsberhn Crdup et www.uspmrc.drc.Xdurhb6 [nb Cuerkmel

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    retb mltbrbsts tnet pey tnbg. E prmgbbxegpob dj ndw pdwbrjuo tnbsb odaay-msts erb mlvdovbs tnb jbkbreo stmguougdlby.[nbmr bjjdrts td sbhurb amoomdlsml bhdldgmh stmguous gdlby ms sdgb-tnmlc wb kd ldt lbbk et tnms tmgb.

    Jbkbreo ecblhmbs erb rbqumrbk td kms-hodsb dl tnbmr wbasmtbs wnbl tnby erbhdltehtbk ay rbcmstbrbk odaaymsts eadutstmguous julks. Mltbrbstmlcoy, dloy 39hdggblts nevb abbl rbvbeobk tnus jer.[bl kbpertgblts nevb pdstbk ld suhn

    hdltehts ehhdrkmlc td RXE [dkey. [nbrb wbrb 1; kbpertgblts elk ecblhmbshdggmttbk td spblkmlc stmguous gdlby tnet wbrb rbvmbwbk ay RXE [dkey.

    Yrbsmkblt Daege pobkcbk kurmlc nmshegpemcl td rbkuhb tnb pdwbr dj oda-aymsts elk spbhmeo mltbrbsts ml Sesnmlc-tdl. Gboelmb Xodel, bxbhutmvb kmrbhtdrdj tnb wethnkdc crdup, Hmtmzbls jdr Qbspdlsmamomty elk Btnmhs ml Sesnmltdl,nek tnms td sey6

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    Sbrb odd`mlc td nevb gdrb kmshod- surb, ldt obss. Mj tnms wbrb sup- pdsbk td cmvb us gdrb kmshodsurb,wny ms mt tnet ydu erb ldt sbbmlc odaaymstshdggulmhetmdls4

    Ml Gerhn, tnb Yrbsmkblt aellbkjbkbreo bgpodybbs jrdg kmshussmlc spb-hmjmh stmguous prdfbhts wmtn rbcmstbrbk

    jbkbreo odaaymsts. Ardek pdomhy kmshus-smdls erb pbrgmttbk, aut gust ab kms-hodsbk dl kbpertgblt wbasmtbs. Mtsabbl rbpdrtbk tnet odaaymlc jdr stmgu-ous julks nes abbl mlkbltmjmbk ay hdg-pelmbs elk tnet tnb odaaymsts nevb abbl

    vbry bjjbhtmvb. Hremc Ndogel, wnd ms wmtn Yuaomh Hmtmzbl, abombvbs tnb ruobs wnmhn wbrb rbobesbk dl Eprmo 3tn erb ecddk jmrst stbp ml mgprdvmlc trels-perblhy ml odaaymlc. Ml tnms rbcerk, nbnek tnms td sey6

    Kmshodsmlc odaaymlc hdltehts msdlb dj tnb gdst veoueaob pmbhbs dj mljdrgetmdl dl mljoublhb pbk- komlc adtn dl Hepmtdo Nmoo elk tnb

    Bxbhutmvb Arelhn.[nb Ekgmlmstre- tmdl ms trymlc td hdpb wmtn ndw tdge b mt ehtueooy neppbl.

    Mt snduok ab ldtbk tnet sbvbreojdrgbr Ausn djjmhmeos erb ml e rbvdovmlckddr smtuetmdl ml Sesnmlctdl.[bl dj 8;heamlbt gbgabrs nevb te`bl prmvetb-

    sbhtdr fdas rboetbk td tnbmr prbvmduspdsmtmdls ml tnb jbkbreo cdvbrlgblt.[net snduok lbvbr ab tdobretbkjdr davmdus rbesdlsultmo e sbt lugabr dj

    ybers boepsbs jrdg tnb oest key dj sbrvmhb. Dur cdvbrlgblt ml Sesnmlctdl

    wmoo lbvbr ab eaob td cbt spblkmlculkbr hdltrdoelk jurlmsn eoo dj tnbprdcregs elk sbrvmhbs lbbkbkultmosuhn tmgb es tnb odaaymsts ml Sesnmlc-tdl erb hdltrdoobk elk tnbmr pdwbr elkmljoublhb hurtemobk snerpoy.

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    [nms rbvbrseo ay tnb JEXA ml ehtmlcdl tnb ger`-td-ger`btruobs hegb estnb rbsuot dj mltblsb prbssurb jrdgHdlcrbss, wnmhn tnrbetblbk obcmsoe-tmdl. Mt wes rbpdrtbk tnet tnb Aderkrbhbmvbk nulkrbks dj hdggblt obttbrsdppdsmlc tnb gdvb jrdg gutueojulks, ehhdultmlc jmrgs elk dtnbrshdltblkmlc tnet mt wduok kegecbndlbst jmlelhmeo rbh`dlmlc ay ges`mlc tnb kbjmhmblhmbs elk rms`sour`mlc wmtnml tnb systbg. Ndpbjuooy,tnb JEXA nes ldw kdlb tnb rmcnttnmlc.Sb wmoo sbb.Xdurhb6 Essdhmetbk Yrbss

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    Egbrmhels e yber, `moos 2,999 elkruls up $8 amoomdl ml ndspmteo hdsts.

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    wnmhn wduok aury jddk prbperbrsml pepbrwdr ). Ld, M wduok prbjbr td nevb tnb segb cdvbrlgblt elktnb segb oews, autnbrbs tnb sur-

    prmsbgdrb tdrt oewybrs.[nb tdrt aer nes ldt, dl tnb wndob,hdvbrbk mtsboj wmtn codry. E oercbjrehtmdl dj esabstds hesbs, jdr mlstelhb,erb aesbk dl queh` rbek-mlcs dj ^-reys. Aut mts e kmjjbrbltstdry ml tnb lerrdw spbhmeoty dj jddk-pdmsdlmlc omtmcetmdl.[nbrb tnbshmblhb ms sdulk.[nb typmheo Yoeml-tmjj ms tnb jegmoy dj e hnmok wndsb`mklbys elk dtnbr drcels wbrbkegecbk (ml sdgb hesbs jeteooy) ay el B. hdom mljbhtmdl. [nb oml` jrdgtnb huoprmt jddk td tnb mlfurbkhnmok ms gekb ulgmste`eaob ay cblbtmh suatypmlc. [nb oewybrsgeml tes` ms td ercub dvbr ndw guhn tnb `mks omjb ms wdrtn.

    Gbbt Smoomeg Gerobr, e 21-yber-dokXbettob ettdrlby wndsb herbbr wesoeulhnbk wmtn e $52.: gmoomdl sbt-

    51 www.AbesobyEoobl.hdg

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    tobgblt ecemlst Feh` ml tnb Adx.([nms vmhtmg survmvbk aut odst nbr oercb mltbstmlb.) Xmxtbbl ybers oetbr nb hel arec tnet nms jmrg, Gerobr Hoer`, nes bxtrehtbk fust sny dj neoj e amoomdl kdooers ml sbttobgblts jrdgjddk vblkdrs.[nms succbsts hugu-oetmvb rbvblubs dj geyab $529gmoomdl jdr e sgeoo jmrg (sbvbloewybrs, dlb juoo-tmgb bpmkbgmdod-cmst). Aut obttmlc oewybrs cbt rmhn nes e lmhb smkb bjjbht. [nb sbttob-gblts cbt tnb ettbltmdl dj jddkprdkuhbrs. Amoo Gerobr ms ldt sny eadut usmlc tnb Sba, prbss rbobesbselk Hepmtdo Nmoo tbstmgdly td puaom-hmzb wnet nbs kdmlc.

    Cdvbrlgblt mlspbhtdrs erb dlkuty dloy sdgb dj tnb tmgb,es wb`ldw jrdg tnb Ybelut Hdrp. dj

    Egbrmhe jmeshd. Aut tnb ger`bt-poehb ms e hdlstelt bljdrhbr. Oew-sumts kd tnbmr pert, eodlc wmtn tnbhdst dj rbheoos elk tnb kegecb tdarelk legbs, td `bbp jddk hdgpe-lmbs eobrt. Mj mts bxpblsmvb td ge bgmste`bs, gdrb gdlby wmoo cd mltdtnb kbtbhtmdl elk prbvbltmdl dj gmhrdabs. Bltrbprblburs wmoo jmlkdppdrtulmty nbrb.

    Nbobl Hdstbr wrmtbs (sbb Kd ]du@ldw Snbrb [net Abrry HegbJrdg4) eadut dlb wnd nes esystbg jdr trehmlc prdkuhb. Abttbr kbtbhtmdl wduok ab cddk. Mt hdsts$19 elk 51 ndurs td kbtbht el B.hdom D5236N3 hdltegmletmdl.Geyab Abhtdl, Kmh`mlsdl hduokhdgb up wmtn e $1, 51-gmlutbsblsdr. Geyab, sdgbkey, [wmttbr

    wmoo ab kbtbhtmlc dutarbe`s dj kmer-rnbe abjdrb tnb hmty nbeotn mlspbh-tdrs kd (sbb mwespdmsdlbk.hdg).

    Ekk tbhnldodcy td tdrt oew elk ydu cbt e pdwbrjuo jdrhb jdr sejbty.

    Smoomeg AeokwmlJdrabs.hdgGey 55, 199=

    M kdlt gbel td cmvb tnb mgprbssmdltnet Gr. Aeokwml ms prd-hdlsugbr dr eltm-amc ausmlbss. Aut M kd abombvb nbrbhdclmzbs tnb mgpdrtelhb dj `bbpmlctnb hdurts dpbl td mlfurbk pertmbs.

    H DLCQBXX G RX[ X [ELK S M[N D AEGE D L N BEO[N H EQB

    El ulom`boy cetnbrmlc dj nbeotn herbmlkustry elk ulmdl obekbrs fdmlbk wmtn Yrbsmkblt Daege elk et tnms fulhturbeppber td ab suppdrtmlc e nmstdrmhecrbbgblt td odwbr gbkmheo hdsts,

    wnmhn hduok sevb tnb evbrecb jegmoy ml

    tnms hdultry up td $1,299.[nms `mlk dj ardek hdeomtmdl wduok nevb abblultnml`eaob ml tnb pest, wnbl tnb dokpdomtmhs dj kmvmsmdl elk sndrt-tbrg sboj-mltbrbst ruobk tnb key. Gely kdltabombvb tnb mlsurelhb hdgpelmbs wmoostey nmthnbk dl tnms mssub elk smgpoy

    welt e sbet et tnb teaob wnbl poels erbabmlc gekb. Aut, M eg hdlvmlhbk tnms mse lbw key ml dur letmdls hepmteo.

    Yrbsmkblt Daege elldulhbk tnbtnrbb abkrdh` prmlhmpobs tnet ely hdg-

    prbnblsmvb nbeotn herb rbjdrg gustehnmbvb wnmhn erb6 td rbkuhb hdsts,cuereltbb hndmhb, elk blsurb eoo Egbrm-hels nevb queomty, ejjdrkeaob nbeotn herb. [nb Yrbsmkblt wmoo lbbk tnbsuppdrt dj eoo Egbrmhels td cbt nmsprdcreg tnrducn Hdlcrbss ay tnb blkdj tnb yber. Nb nes sbt e nerk cdeo elktd rbehn mt tnb CDY gust put esmkb pdom-tmhs es usueo elk oblk e nbopmlc nelk.

    Gely Qbpuaomhels sbbg td ab kbtbr-gmlbk td dppdsb rbjdrg. Xmlhb tnb

    Yrbsmkblts elldulhbgblt odaaymstsnevb abbl shregaomlc ehrdss Sesnmlc-tdl trymlc td hdltrdo tnb mssub. [netgbels drkmlery jdo`s nevb td cbt ausy elk cbt mlvdovbk. [nbrbs ld tmgb tdodsb. Xmlhb Hdlcrbss ms lbcdtmetmlc tnbkbtemos jdr nbeotn herb rbjdrg, tnb jmrststbp ms sndwmlc wnbrb tnb Egbrmhelpbdpob stelk.[nb nbeotn herb hrmsms msldt lbw, aut mts cbttmlc wdrsb. Jdr kbhekbs, rbeo nbeotn herb rbjdrg nesabbl aodh bk ay spbhmeo mltbrbst odaay-

    mlc elk pertmsel pdomtmhs. Sb smgpoy helldt cd ely jurtnbr kdwl tnms kel-cbrdus rdek dj kboey elk kblmeo.

    [nb ecrbbgblt ay tndsb fdmlmlc wmtn tnb Yrbsmkblt ger`s dloy tnb abcmllmlcdj tnb ardek hdeomtmdl lbbkbk.[nb gdstmgpdrtelt rbesdl tnms rdulk dj nbeotn herb rbjdrg wmoo ab kmjjbrblt ms tnb

    Egbrmhel pbdpob rbeooy herb elk welthnelcb. Oest jeoo gmoomdls dj drkmlery pbdpob hegb tdcbtnbr ml tnb bobhtmdl

    elk kmk tnb mgpdssmaob. Ldw tnbsbsegb pbdpob elk tndsb wnd vdtbk jdr tnb CDY ldgmlbb gust fdml nelks elkge`b nbeotn herb rbjdrg e rbeomty. Bvbltnducn tnb Ekgmlmstretmdl elk Hdl-crbss erb neggbrmlc dut tnb kbtemos dj tnb nbeotn herb peh`ecb,mt hduok stmoo cdely lugabr dj weys.[nets wny drkm-lery jdo`s gust cbt mlvdovbk.

    Dur bobhtbk gbgabrs dj Hdlcrbssgust ulkbrstelk tnet wnbl tnb Yrbsm-kblt oeys dut nms tnrbb abkrdh` prmlhm-pobs,Egbrmhels jrdg bvbry weo` dj omjberb stelkmlc wmtn nmg. M eg hdlvmlhbktnet el dvbrwnbogmlc gefdrmty dj

    Egbrmhels welt tnb rmsmlc hdst dj nbeotn herb td ab arducnt kdwl.[nby eosd welt tnb jrbbkdg td `bbp wnet-bvbr kdhtdr elk nbeotn herb poel tnby nevb, dr td hnddsb e lbw kdhtdr dr nbeotn herb poel mj tnby nevb tnetkbsmrb. Gdst dj eoo, tnby abombvb Egbrmhels gust nevb queomty, ejjdrkeaobnbeotn herb. Gbelmlcjuo rbjdrg tnetjdoodws tnb Yrbsmkblts cumkbomlbs eosd bssbltmeo jdr Egbrmhes bhdldgmhjuturb. Mt wmoo ab tnb pmooer dj e lbwjdulketmdl jdr Egbrmhe.

    [nms Yrbsmkblt ms hdggmttbk td nbeotn herb rbjdrg elk mts e `by prmdrmty tdtnms prbsmkblhy. [nb krbeg dj nbeotn herb rbjdrg gust jmleooy ab ehnmbvbk mltnb Rlmtbk Xtetbs dj Egbrmhe. Ndpbjuooy,Hdlcrbssml e ampertmsel bjjdrtwmoosuppdrt tnb Yrbsmkblt ml tnms bjjdrt elkcbt tnb fda kdlb.

    X SMJ[ADE[MLC N BEO[N H EQB X DOR[MDLX

    Snmob wb eoo rbhdclmzb tnb lbbk jdr nbeotn herb rbjdrg, gely erb nerk et

    wdr` trymlc td swey puaomh dpmlmdl elkmljoublhb gbgabrs dj Hdlcrbss.QmhnerkXhdtt, e guotmgmoomdlemrb mlvbstdr e

    hdltrdvbrsmeo jdrgbr ndspmteo hnmbjbxbhutmvb,nes abhdgb el ulom`boy elkprdgmlblt obekbr dj tnb dppdsmtmdl tdnbeotn herb rbjdrg, ehhdrkmlc td tnbSesnmlctdl Ydst. [nb puaomh rboetmdlsjmrg prdgdtmlc Xhdtt elk nms jrdltcrdup ms dlb dj tnb usueo suspbhts.Jbw Egbrmhels `ldw wnd HQH YuaomhQboetmdls ms. Jdr tnb ulmljdrgbk, tnms mstnb hdlsbrvetmvb jmrg prbvmdusoy `ldwles Hrbetmvb Qbspdlsb Hdlhbpts, tnb

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    dutjmt tnet gestbrgmlkbk tnb suhhbssjuoXwmjt Adetetteh`s ecemlst Yrbsmkbltmeohelkmketb Fdnl J. @brry ml 199;. [nbjmrg ms ldw wdr`mlc wmtn Xhdtt elk nmscrdup, Hdlsbrvetmvbs jdr YetmbltsQmcnts, ml el bjjdrt td aodh rbjdrg dj eard`bl nbeotn herb systbg. Aesbk dltnb Xwmjt Adet hegpemcl, mts hobertnet tnms crdup poeys jest elk oddsb

    wmtn tnb trutn.[nb kmsdrcelmzbk Qbpuaomhel Yerty

    oemk odw jdr e tmgb, wemtmlc jdr Yrbsm-kblt Daege elk Kbgdhretmh obekbrs tdrbvbeo tnb kbtemos dj tnbmr poel abjdrbdppdsmlc mt. Aut Xhdtt wes ldt wemtmlcelk nb stertbk td usb $2 gmoomdl dj nmsdwl gdlby elk up td $52 gmoomdlgdrb jrdg suppdrtbrs td aumok rbsmst-elhb td ely cdvbrlgblt-rul prdcreg.Nms hegpemcl mlhoukbk tbobvmsmdl eksjbeturmlc ndrrdr stdrmbs dj Helekmelelk Armtmsn rbsmkblts wnd eoobcbkoy suj-jbrbk odlc wemts jdr surcbrmbs, hduokltcbt tnb krucs tnby lbbkbk, dr nek tdhdgb td tnb Rlmtbk Xtetbs jdr trbet-gblt.[nbsb erb tnb segb sherb tehtmhsmlkustry crdups usbk td rbspdlk td tnb1993 Gmhnebo Gddrb gdvmb Xmh`d elkeosd td prdgdtb tnb Xwmjt Adet heg-pemcl usbk bjjbhtmvboy td kbremo tnb@brry prbsmkbltmeo hegpemcl.Xdurhb6 YQSethn.drc

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    wmoo jemo td prdtbht hdlsugbr s, elkgey vbry wboo ldt bvbl hura codaeo

    wergmlc. Ehhdrkmlc td Yuaomh Hmtmzbl,oewge`brs nevb hdlkuhtbk hodsbk

    kddr lbcdtmetmdls wmtn pdooutbrsrbsuotmlc ml tnb amoo abmlc rekmheooy eotbrbk td ehhdggdketb tnb jmlelhmeomltbrbsts dj amc blbrcy hdrpdretmdls

    wnmob cmvmlc ldtnmlc lbw jdr tnbblvmrdlgblt dr jdr wdr`mlc jegmombs.Mt eppbers tnet oewge`brs nevbkbhmkbk td cmvb ewey gdst dj tnb pdo-outmdl eoodwelhbs jdr jrbb jdr tnb lbxttwd kbhekbsel epprdehn tnet

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    ndusbndoks tnb gdstelk wduok abhdultbrprdkuhtmvb td tnb bjjdrt tdhdgaet homgetb hnelcb. Sb nevbeorbeky gbltmdlbk tnb mlhrbesbk oda-aymlc ehtmvmtmbs dl tnms mssub.

    [nb obcmsoetmdl hduok kbprmvb tnbcdvbrlgblt dj tnb gdlby lbbkbk tdmlvbst ml hobel tbhnldodcmbs elk tnwerttnb vbry cdeo dj huramlc codaeo

    wergmlc.Ehhdrkmlc td Yuaomh Hmtmzbl,tnms ms nerkoy tnb trelsjdrgetmdl tnmshdultry lbbks td fugp-stert mts bhdldgy elk hura homgetb hnelcb.Mlstbek, tnby sey mts gdrb dj tnb segb dok wemt-elk-sbb, spbhmeo-mltbrbst-aemodut epprdehn tnet nes crmppbk dur letmdls hepmteo jdr

    ybers. Mj ydu ecrbb, tboo ydur rbprbsblte-tmvbs ml Sesnmlctdl tnet homgetb hnelcbobcmsoetmdl snduok ldt ab wbe`blbk ay tnb hdrruptmlc mljoublhb dj amc gdlby.

    Es` tnbg td ge`b surb tnb pbdpobsausmlbss snduok ab kdlb ml jrdlt dj tnbpbdpob elk ldt abnmlk hodsbk kddrs.Xdurhb6 Yuaomh Hmtmzbl

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    elk wbeotny mlkmvmkueos tnet per`tnbmr hesn ml djjsndrb ehhdults. [nbYrbsmkblt elk [rbesury Xbhrbtery Cbm-tnlbr elldulhbk tnbmr poels dl Gey 2 tn , wnmhn wmoo rbqumrb el dvbrneuo mltnb tex hdkb. Mt ms prdfbhtbk td remsb$159 amoomdl ml rbvblubs dvbr tnb lbxttbl ybers.

    Dlb dj tnb `by prdpdsbk hnelcbs wduok rbstrmht hdgpelmbs jrdg kbjbr-rmlc tnb peygblt dj texbs dl prdjmtsberlbk dvbrsbes.[nb poel eosd wduok

    `bbp jmrgs jrdg te`mlc kbkuhtmdlsecemlst tnbmr texbs ay mljoetmlc tnbegdult dj jdrbmcl texbs tnby pemk.[nbsb poels erb ldtnmlc lbw, smlhb tnbYrbsmkblt kmshussbk nms mltbltmdlskurmlc nms prbsmkbltmeo hegpemcl. Ml espbbhn td Hdlcrbss ml Jbaruery, es nbdutomlbk nms prmdrmtmbs jdr tnb yber, tnbYrbsmkblt pobkcbk td ge`b tnb texhdkb gdrb bqumteaob ay jmleooy blkmlctnb tex arbe`s jdr hdrpdretmdls tnet

    snmp dur fdas dvbrsbes. M eppoeuk tnbYrbsmkblt jdr te`mlc tnms aekoy-lbbkbkstbp tdwerk ge`mlc dur tex struhturbgdrb jemr elk bqumteaob.Xdurhb6 Lbw ]dr` [mgbs

    OESXRM[X J MOBK D ZBQ @AQ A RQL Y M[X

    [nbrb ms e `mlk dj obu`bgme heoobkehutb gybodmk obu`bgme (EGO) wnmhn mheusmlc tnb jbkbreo cdvbrlgblt td te`beldtnbr odd` et tnb kbjblsb hdltrehtdr @AQ.E vbry oercb lugabr dj Mreq wer

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    Ejcnelmstel ay aurlmlc vest queltmtmbsdj ulsdrtbk westb ml bldrgdus dpbl-emr aurl pmts wmtn ld sejbty hdltrdos.

    @AQ ms ehhusbk dj eoodwmlc tnmhldxmdus sgd`bhdgmlc djj dj j oegbssdgbtmgbs hdodrbk aoub dr crbbl ay aurlmlc hnbgmheostd nelc dvbr R.X.

    aesbs elk hegps ehrdss Mreq elk Ejcnelmstel smlhb 199;. Mts eoobcbk tnetrdulk-tnb-hodh` nezerkdus bgmssmdlsjrdg tnb aurl pmts heusbk sbrmdus rbspm-retdry moolbssbs, tugdrs elk helhbrs mltnb Yoemltmjjs. Mts eoobcbk ml tnb oewsu

    R.X. sdokmbrs elk dtnbr rbsmkblts dj tnb gmomtery aesbs elk hegpsnevb abhdgb sbrmdusoy moo, abblkmecldsbk wmtn sbrmdus elk pdtbl- tmeooy jeteo kmsbesbs elk ml sdgbhesbs nevb kmbk jrdg tnb pnysmheo mlfurmbs elk kmsbesbs heusbk aytnb bxpdsurb td nezerkdus sgd`belk jugbs.@AQ prdgmsbk td gmlm- gmzb tnb blvmrdlgblteo bjjbhts dj tnb aurl smtbs tnby dpbretbk ml

    Mreq elk Ejcnelmstel elk td gml- mgmzb sgd`b bxpdsurb td pbdpob mlelk lber tnb aesbs elk hegps.

    Mlstbek, ay jdrse`mlc sejbty jdr gdlby, @AQ wmoojuooy blkelcbrbk

    5; www.AbesobyEoobl.hdg

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    tnbsb gbl elk wdgbl wnd ndl- dreaoy sbrvbk tnbmr hdultry ml gmo- mtery sbrvmhb dr ml suppdrt dj tnbgmomtery.

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    @AQ eoobcbkoy aurlbk westb suhn esamdnezerk getbrmeos mlhoukmlc nugelhdrpsbs, gbkmheo suppombs, pemlts, sdo-

    vblts, esabstds, mtbgs hdltemlmlc pbstm-hmkbs, elmgeo herhessbs, tmrbs, omtnmugaettbrmbs, styrdjdeg, wddk, ruaabr,gbkmheo westb, oercb egdults dj poes-tmhs, elk bvbl bltmrb truh`s.Mt eppberstnet @AQ `lbw, dr hbrtemloy snduoknevb `ldwl, tnet dpbretmlc vest dpbl-emr aurl pmts fbdperkmzbk tnb nbeotn elksejbty dj tnduselks dj Egbrmhels. Ml el

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    Mreq, wbrb kmecldsbk wmtn EGO. Elk eoo dj tnbg erb cdlb. Xd, sdgbtnmlc nes heusbk e hnrdgd- sdgeo ealdrgeomty tnet ms trmccbr- mlc tnms EGO.Snbl wb teo bk tdbpmkbgmdodcmsts, tnby wbrb fust

    stullbk ay tnb lugabrs tnbywbrb sbbmlc.

    [nb hoemgs ecemlst tnb Kbjblkelts mltnb oewsumt mlhoukb wrdlcjuo kbetn,lbcomcblhb, aettbry, arbehn dj kuty td

    werl, mltbltmdleo mljomhtmdl dj bgd-tmdleo kmstrbss,elk arbehn dj hdltreht.Hoess hbrtmjmhetmdl wmoo ab sducnt ml tnb

    oewsumt td hdvbr hdsts dj gbkmheo gdlm-tdrmlc, juturb gbkmheo bxpblsbs, elkdtnbr kegecbs jdr dtnbr mlkmvmkueosbxpdsbk td @AQ aurl pmt bgmssmdls. Mtsnmcn tmgb jdr tnb jbkbreo cdvbrlgblt tdmcldrb @AQs pdomtmheo hdllbhtmdls elkheoo tnms dutjmt dl tnb herpbt elk tnblge`b tnbg tdteooy ehhdulteaob jdr tnbmr ehtmdls ml Mreq.Xdurhb6 Hdrpdretb Hrmgb Qbpdrtbr

    X [E[BX [ NE[ Q EL@ N MCNBX[ M L C RL K BE[N Q E[BX

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    hdltrdo ms lbbkbk, aut mt helt abeoodwbk td cd tdd jer ml vmdoetmdl dj tnbHdlstmtutmdl. M abombvb tnbrb hel ab rbe-sdleaob omgmts dl cul purhnesbs tnet

    wdr` elk prdtbht tnb puaomh. Culhdltrdo gust lbvbr abhdgb sdoboy epdomtmheo mssub. Rljdrtuletboy, mt nes mlsdgb hmrhobs elk M kdlt sbb tnet hnelc-mlc elytmgb sddl.

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    dj cul kbetn. [nms ms ehhdrkmlc td eleleoysms ay tnb Zmdoblhb Ydomhy Hbltbr (ZYH) dj tnb 199: letmdleo kete (tnbgdst rbhblt evemoeaob) jrdg tnb jbkbreoHbltbrs jdr Kmsbesb Hdltrdo elk Yrb-

    vbltmdls Letmdleo Hbltbr jdr Mlfury Yrbvbltmdl elk Hdltrdo. [nb eleoysmsrbvbeos tnet tnb jmvb stetbs wmtn tnbnmcnbst pbr hepmte cul kbetn retbs wbrbOdumsmele,Eoeaege,Eoes`e, Gmssmssmppmelk Lbveke. Behn dj tnbsb stetbs nek epbr hepmte cul kbetn retb jer bxhbbkmlc

    tnb letmdleo pbr hepmte cul kbetn retbdj 59.81 pbr 599,999 jdr 199:.Behn stetb nes wnet ZYH heoos oex cul

    oews elk nmcnbr cul dwlbrsnmp retbs.Ay hdltrest, stetbs wmtn strdlc cul oewselk odw retbs dj cul dwlbrsnmp nek jer odwbr retbs dj jmrberg-rboetbk kbetn,ehhdrkmlc td tnb eleoysms. M kdltabombvb dwlbrsnmp dj culs ms tnbprdaobg, aut mlstbek, mts tnb ulrbcu-oetbk seob dj hbrteml typbs dj wbepdlstnet M sbb es tnb amc prdaobg.

    Qel`mlc oest ml tnb letmdl jdr culkbetn wes Newemm, jdoodwbk ay Gesse-hnusbtts, Qndkb Msoelk, Hdllbhtmhut,elk Lbw ]dr`.[nb ZYH kbjmlbk stetbs

    wmtn wbe`cul oews es tndsb tnet ekkomttob dr ldtnmlc td jbkbreo rbstrmhtmdlselk nevb pbrgmssmvb hdlhbeobk herry oews eoodwmlc hmvmomels td herry hdl-hbeobk nelkculs. Xtetbs wmtn strdlccul oews wbrb kbjmlbk es tndsb tnetekk smclmjmhelt stetb rbcuoetmdl ml ekkm-

    tmdl td jbkbreo oew, suhn es rbstrmhtmlcehhbss td pertmhuoeroy nezerkdus typbsdj jmrbergs suhn es esseuot wbepdls,sbtgmlmgug sejbty stelkerks jdr jmrbergselk/dr rbqumrb e pbrgmt td purhnesb ejmrberg, elk nevb rbstrmhtmvb hdlhbeobkherry oews.

    [nb Zmdoblhb Ydomhy Hbltbr ms letmdleo ldl-prdjmt bkuhetmdleo jdulke-tmdl tnet hdlkuhts rbsberhn dl vmdoblhbml Egbrmhe elk wdr`s td kbvbodp vmd-oblhb-rbkuhtmdl pdomhmbs elk prdpdseos.[nb Hbltbr bxegmlbs tnb rdob dj jmrbergs ml Egbrmhe, hdlkuhts rbsberhn dl jmrbergs vmdoblhb,elk bxpodrbs lbw

    weys td kbhrbesb jmrberg-rboetbk kbetn elk mlfury. Mj ydu welt gdrb mljdrge-tmdl dl tnb stetbs rel`mlcs, cd tdnttp6//www.vph.drc/jekbetnhnert9=.ntg.Xdurhb6ZYH

    R.X. X RYQBGB H DRQ[ [ E@BX E X [ELK J DQ K BHBLH] M L Q BHBL[ Q ROMLCX

    [nb R.X. Xuprbgb Hdurt nes te`bl estrdlc stelk jdr kbhblhy ml twd rbhbltruomlcs. M cmvb tnb Yerblts [bobvmsmHdulhmo e crbet kbeo dj hrbkmt jdr tnbsbruomlcs.[nms wes e gefdr vmhtdry ml tnbjmcnt td prdtbht hnmokrbl elk jegmombsjrdg mlkbhblt hdltblt emrmlc dl tnbardekhest emrwevbs. Ml dlb hesb, tnb

    Nmcn Hdurt nes drkbrbk tnb [nmrkHmrhumt Hdurt dj Eppbeos td rbbxegmlbmts ruomlc tnet cuttbk tnb $229,999 jmlbobvmbk ay tnb Jbkbreo HdggulmhetmdlsHdggmssmdl ecemlst HAX. Es ydu wmorbheoo, tnb JHH jmlbk HAX jdr eoodwml

    Felbt Feh`sdls strmptbesb td ab emrbkkurmlc tnb 199; Xupbr Adwo, wnmhn sndh`bk tbls dj gmoomdls dj ulsuspbht-mlc jegmombs elk hnmokrbl.[nb XuprbgbHdurt, ml mts kbhmsmdl oest gdltn, smkbkldt dloy wmtn jegmombs, aut wmtn Hdl-

    crbss elk tnb dvbrwnbogmlc wmoo dj tnb Egbrmhel pbdpob ml es`mlc tnb[nmrk Hmrhumt td te`b eldtnbr odd` etmts ruomlc.

    [nb Xuprbgb Hdurt, fust e wbb` prmdr td tnet dpmlmdl abmlc rbobesbk,nek ruobk tnet jobbtmlc vmdoetmdls dtnb ardekhest kbhblhy oew hel ab hdl-smkbrbk mlkbhblt elk rbsuot ml jmlbs jdr ardekhestbrs. [nb Hdurt ejjmrgbk tnbJHHs eamomty td selhtmdl e ardekhestbr

    www.FbrbAbesobyQbpdrt.hdg 52

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    jdr sd-heoobk jobbtmlcvmdoetmdls dj tnbardekhest kbhblhy oew.[net hbrtemloy mse stbp ml tnb rmcnt kmrbhtmdl elk westnb rmcnt tnmlc td kd.

    Mj ardekhestbrs erb cdmlc td usb tnbpuaomhoy-dwlbk emrwevbs jdr jrbb, tnby gust eosd ecrbb td eamkb ay tnb tbrgsdj tnbmr omhblsbs elk ay tnb ardekhestkbhblhy oew.[nb JHH snduok ldw ehtqumh`oy dl tnb aeh`odc dj ardekhestmlkbhblhy hdgpoemlts jmobk ay tnbpuaomh.[nb twd rbhblt Xuprbgb Hdurtkbhmsmdls erb nucb vmhtdrmbs jdr jegm-ombs. Aut, es bxpbhtbk, tnb [Z Lbtwdr`serb cbermlc up jdr gdrb obceo hneo-oblcbs td jmcnt hdggdl sblsb kbhblhy stelkerks.El dvbrwnbogmlc gefdrmty dj tnb Egbrmhel pbdpobml gy dpmlmdl

    welt tbobvmsmdl prdcreggmlc td abjrbb dj tnb ful` tnet wb nevb sbbldvbr tnb pest jbw ybers.

    M hdlsmkbr wnet tnb R.X. XuprbgbHdurt nes kdlb ml tnbsb hesbs td abgdst mgpdrtelt. Yerblts elk dtnbrs

    wnd welt hnmokrbl prdtbhtbk erb tnbrbeo wmllbrs. Jmlkmlc tnet tnb JHHkdbs mlkbbk nevb tnb eutndrmty td jmlb[Z lbtwdr`s jdr usmlc tnb J-wdrk mljrdlt dj hnmokrbl elk ruomlc ecemlstHAX jdr tnbmr ardekhest dj tnb Felbt

    Feh`sdl strmptbesb, tnb XuprbgbHdurt nes cmvbl ndpb td tnb pbdpob.[nbsb twd obceo vmhtdrmbs pdsmtmvboy elk prdjdulkoy ejjbht bvbry jegmoy ml

    Egbrmhe.Xdurhb6 Yerblts [bobvmsmdl Hdulhmo

    ZMM.[NB HDQYDQE[BSDQOK

    G EXXEHNRXB[[X X B[[OBX A MK -Q MCCMLC X RM[

    ECEMLX[ C QBE[ EGBQMHEL M LXRQELHB

    Gessehnusbtts Ettdrlby CblbreoGertne Hde`oby nes sbttobk e amk-rmccmlc oewsumt jdr nbr stetb ecemlstDnmd-aesbk Crbet Egbrmhel MlsurelhbHd. [nb mlsurbr suagmttbk e je`b elkmltbltmdleooy ulhdgpbtmtmvb mlsurelhbqudtb td Eleodc Kbvmhbs Mlh. dj Ldrwddk, Gess. es pert dj e shnbgb tdge`b surb EMC wdl Eleodc Kbvmhbs

    199; mlsurelhb rblbweo.[nb Ettdrlby Cblbreo dasbrvbk6

    Qmccmlc mlsurelhb amks ms e sbrmdus djjblsb tnet uljemroymljoetbs mlsurelhb hdsts jdr hdl-

    sugbrs.Sb abombvb tnms sbttobgblt wmoo kbtbr smgmoer uljemr abnevmdr ml tnb juturb.

    Rlkbr tnb tbrgs dj tnb sbttobgblt,Crbet Egbrmhel wmoo pey $:9,999 td

    Eleodc Kbvmhbs elk $55:,999 td tnbHdggdlwbeotn. [nb ecrbbgblt eosdrbqumrbs Crbet Egbrmhel td ulkbrte`bhdlkuht rbjdrgs emgbk et prbvbltmlcmlsurelhb amk-rmccmlc ml bxhbss hesueoty mlsurelhb. [nb mlsurbr wmoo eosd abrbqumrbk td rbteml hbrteml rbhdrks hdl-hbrlmlc mts amkkmlc prehtmhbs.[nb sumt,

    wnmhn wes jmobk ml Feluery 199>,eoobcbk tnet ml 199;, et tnb rbqubst dj mlsurelhb ard`br Gersn & GhObllelHds., Crbet Egbrmhel suagmttbk tnbje`b qudtb td ge`bEMCs amk eppber tdab hdgpbtmtmvb.

    Ml rbturl, Gersn eoobcbkoy stbbrbkeldtnbr dlb dj Eleodc Kbvmhbs mlsur-elhb pdomhmbs td Crbet Egbrmhel et eprb-kbtbrgmlbk prmhb. Mlsurbrs suhn esCrbet Egbrmhel elk EMC pemk Gersn & GhObllel ouhretmvb hdltmlcblt hdg-gmssmdls aesbk dl tnb vdougb dj ausm-lbss Gersn poehbk wmtn tnbg. Ml

    Feluery 199=, tnb Ettdrlby Cblbreo,eodlc wmtn bmcnt dtnbr stetbs, rbehnbk e$3 gmoomdl sbttobgblt wmtn Gersn,rbsdovmlc e jdur-yber mlvbstmcetmdl ay tnb stetbs mltd Gersns rdob ml tnbletmdlwmkb amk-rmccmlc shnbgb.Xdurhb6 Gessehnusbtts Ettdrlby Cblbreos Djjmhb

    S BOOHEQB ECQBBX [ D Y E] $>9 G MOOMDL [ D X B[[OB G BKMHEMK H EXB

    SbooHerb Nbeotn Yoels Mlh. wmoo pey $>9 gmoomdl td sbttob e Jodrmke Gbkmhemkjreuk mlvbstmcetmdl. E gelecbgbltsne`b-up elk tnb rbstetbgblt dj gdrbtnel tnrbb ybers dj tnb hdgpelysberlmlcs eosd rbsuotbk jrdg tnb prdab.[nb sbttobgblt rbsdovbs jbkbreo elkstetb hrmgmleo mlvbstmcetmdls mltd eoobce-tmdls tnet SbooHerb kbjreukbk Jodrmkeablbjmts prdcregs jdr odw-mlhdgbekuots elk hnmokrbl dj eadut $;9

    gmoomdl ay mgprdpbroy mljoetmlc wnet mspblt dl herb. SbooHerb, aesbk ml[egpe, Jodrmke, ekgmlmstbrs gbkmheoablbjmts jdr eadut 1.2 gmoomdl blrdoobbsml cdvbrlgblt-spdlsdrbk poels mlsbvbreo stetbs.

    Rlkbr e kbjbrrbk prdsbhutmdl ecrbb-gblt, tnb R.X.Ettdrlbys Djjmhb jdr tnbGmkkob Kmstrmht dj Jodrmke ml [egpe jmoe jreuk hdlspmrehy hnercb ecemlst tnbhdgpely, aut wdlt prdsbhutb tnb hesbmj SbooHerb gbbts eoo dj tnb kbeos tbrgs.

    Ehhdrkmlc td R.X. Ettdrlby E. Armel Eoarmttdl, nek nms djjmhb cdlb ejtbr ehdlvmhtmdl, mt om`boy wduok nevb put tnbmlsurbr dut dj ausmlbss. [net wduoknevb nurt hustdgbrs,mlldhblt bgpody-bbs elk snerbndokbrs. [nb sbttobgblthdgbs 5> gdltns ejtbr gdrb tnel 199jbkbreo elk stetb mlvbstmcetdrs remkbktnb hdgpelys nbekquertbrs, heusmlc esnerp jeoo ml mts snerb prmhb elk rbsuot-mlc ml guotmpob mlvbstmcetmdls mltd Gbkmhemk ausmlbss.

    Rlkbr tnb tbrgs dj tnb sbttobgblt, SbooHerb gust jdrjbmt $;9 gmoomdl elkpey eldtnbr $;9 gmoomdl ml rbstmtutmdltd Jodrmkes Gbkmhemk elk [email protected] eosd nes ecrbbk tdehhbpt elk eh`ldwobkcb juoo rbspdlsm-amomty jdr tnb hdlkuht tnet obk td tnbcdvbrlgblts mlvbstmcetmdls, ehhdrkmlctd tnb kbjbrrbk prdsbhutmdl ecrbbgblt.Ml ekkmtmdl, tnb hdgpely eosd gustrbteml el mlkbpblkblt gdlmtdr tdrbvmbw mts ausmlbss dpbretmdls,hddpbr-etb wmtn tnb cdvbrlgblts dlcdmlcmlvbstmcetmdls elk mgpobgblt lbw prd-hbkurbs wmtnml :9 keys td prbvbltjuturb eausb dr jeuoty rbpdrts td stetbnbeotn herb prdcregs.

    [nb hdgpely nes ldw bsteaomsnbk erbcuoetdry-hdgpomelhb hdggmttbb elkmgpobgbltbk dtnbr lbbkbk hdltrdos.Oest Fuoy, wnbl tnb hdgpely elldulhbkmt wduok rbstetb gdrb tnel tnrbb ybersdj rbsuots,mt ettrmautbk tnb aek ehhdult-mlc td tnb mlepprdprmetb tdlb sbt ay jdrgbr bxbhutmvbs. Ndpbjuooy, tnmshdgpely nes oberlbk mts obssdl elk wmooldw dpbretb wmtnml tnb oew.Xdurhb6 Seoo Xtrbbt Fdurleo

    5: www.AbesobyEoobl.hdg

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    @A N DGB X RBK D ZBQ EYYQEMXEO G B[NDKX

    Ndgb-auybrs jmobk sumt oest gdltn ecemlst @A Ndgb ml jbkbreo hdurt mlYndblmx,Ermzdle, hoemgmlc tnb aumokbr hdlspmrbk wmtn Hdultrywmkb Jmlelhmeotd mljoetb eppremseos jdr ndgb seobs ml

    Ermzdle elk Lbveke. [nb hoess-ehtmdlsumt jdhusbs dl ndgb seobs ml tnb twd

    stetbs smlhb 199:. Mts eoobcbk tnet Ods Elcbobs-aesbk @A Ndgb stbbrbk ndgbauybrs td Hdultrywmkb, wnmhn ml turlstbbrbk tnbg td OelkXejb Eppremseo Xbr-

    vmhbs, e wndooy-dwlbk suasmkmery dj Hdultrywmkb. OelkXejb tnbl usbkeppremsbrs wnd wduok hdgb ml et

    wnetbvbr lugabr wes lbhbssery tdhodsb tnb kbeo et tnb prmhb kbsmrbk ay Hdultrywmkb-@A, ehhdrkmlc td eoobce-tmdls ml tnb oewsumt.

    Mt eppbers jrdg tnb hdgpoemlt tnet

    eppremsbrs wduok errmvb et mljoetbk veoubs ay sbobhtmlc prdpbrtmbs tnet wbrblt hdgpereaob, rboymlc dl pblkmlcseobs mlstbek dj hdgpobtbk seobs, elkusmlc jeosb stetbgblts eadut tnbndusmlc ger`bts ml Ermzdle elkLbveke. Mj tnet ms trub, tnbl rbvblubsjdr @A Ndgb elk Hdultrywmkb wduoknevb abbl mlhrbesbk et e tmgb wnblehtueo veoubs wbrb jeoomlc.

    [nb mgpeht dj tnms shnbgb,ehhdrkmlctd tnb oewsumt,ms steccbrmlc.[nb oewsumt

    wes jmobk ay tnb Xbettob-aesbk oew jmrgNecbls Abrgel Xdado Xnepmrd dlabneoj dj sbvbreo Auh`byb elk Xurprmsbrbsmkblts wnd aducnt ndgbs jrdg @Aml 199:. Mts eoobcbk tnet tnb evbrecbeppremseo wes mljoetbk ay $19,999 jdr tnb gdrb tnel 5;,999 ndgbs aumot ml

    Ermzdle elk Lbveke.[nb sumtmj e hoessms hbrtmjmbkwmoo mlhoukb ely pbrsdl

    wnd purhnesbk e @A ndgb ml Ermzdleelk Lbveke smlhb 199: elk usbk Hdul-trywmkb es tnb oblkbr.

    Hdultrywmkb, ldw dwlbk ay Ael` dj Egbrmhe Hdrp., dlhb tnb amccbst R.X.gdrtcecb oblkbr, sbttobk e guotm-stetboewsumt ml Dhtdabr tnet eoobcbk mt usbkkbhbptmvb prehtmhbs ml mts gdrtcecb-oblkmlc ausmlbss. [nb oewsumt hoemgstnb mljoetbk eppremseos hdltrmautbk tdtnb hdooepsb dj tnb sbhdlkery ger`btjdr odels.Xdurhb6 Ermzdle Kemoy Xter

    L BS ] DQ@ OES]BQ Y OBEKX C RMO[] M L $399 G MOOMDL J QERK

    Lbw ]dr` oewybr Gerh Krbmbr nespobekbk cumoty td hnercbs dj kbjreukmlcnbkcb julks dj eadut $399 gmoomdl,ehhdrkmlc td tnb R.X.Ettdrlby jdr tnbXdutnbrl Kmstrmht dj Lbw ]dr`. Krbmbr pobekbk cumoty td hdlspmrehy td hdggmt

    sbhurmtmbs elk wmrb jreuk, sbhurmtmbsjreuk, wmrb jreuk elk gdlby oeulkbr-mlc. Nb jehbs gexmgug prmsdl tmgb dj 5;2 ybers, elk gust jdrjbmt tnb prd-hbbks dj tnb jreuk djjblsbs elk prdp-brty kbrmvbk tnbrb jrdg,mlhoukmlc rbeobstetb, e yehnt, elk e lugabr dj wdr`sdj ert.El mlkmhtgblt wes rbturlbk ml eR.X. Kmstrmht Hdurt ml Lbw ]dr` ecemlstKrbmbr ml Gerhn.

    Yrdsbhutdrs eoobcbk tnet jrdg 199;td 199>, Krbmbr sdok je`b prdgmssdry

    ldtbs elk gmsepprdprmetbk homblt julksjrdg nms oew jmrg. Odssbs td Krbmbrshomblts elk purhnesbrs dj tnb vermdusje`b ldtbs bxhbbkbk $;99 gmoomdl, autKrbmbr nmgsboj hdoobhtbk dvbr $399gmoomdl ml prdjmts jrdg tnb je`b seobs,ehhdrkmlc td tnb prdsbhutdrs mlvdovbkml tnb hesb. Krbmbr ms tnb jdulkbr elkgelecmlc pertlbr dj Krbmbr OOY, e oew jmrg dj gdrb tnel 129 ettdrlbys wmtn djjmhbs ml Lbw ]dr` Hmty, Ods Elcbobs,elk bosbwnbrb ml tnb hdultry.

    Xdurhb6 HLL

    ZMMM.HDLCQBXXMDLEORYKE[B

    OD[X C DMLC D L M L H DLCQBXX

    Es wb eoo `ldw, tnbrb ms e crbet kbeocdmlc dl ml Hdlcrbss tnet ejjbhts bvbry

    Egbrmhel hmtmzbl ml sdgb rbspbht.Abheusb tnmlcs hel hnelcb dvbr lmcnt,M

    wdlt ettbgpt td wrmtb ml kbtemo dl ely-tnmlc tnms gdltn. M wmoo sey, ndwbvbr,tnet tnb jdoodwmlc mssubs erb hrmtmheooy mgpdrtelt elk erb abjdrb tnb Ndusbelk Xbletb6

    Nbeotn herb rbjdrg

    Qbcuoetmdl dj jmlelhmeo mlstmtutmdls

    [ex rbjdrg

    Homgetb hnelcb obcmsoetmdl

    Hdlsugbr rbjdrg obcmsoetmdl

    Aukcbtery mssubs

    [nb Xbletb gust kbeo wmtn hdljmrge-tmdl dj tnb Yrbsmkblts Xuprbgb Hdurtldgmlbb.[nbrb erb gely gdrb mgpdr-telt mssubs td ab kbeot wmtn tnet rbqumrbehtmdl ay adtn tnb Ndusb elk Xbletb.Ndpbjuooy, tnbrb wmoo ab sdgb rbsuots tdrbpdrt lbxt gdltn.

    M^.YQDKRH[OMEAMOM[] RYKE[B

    [ NB X MLCOB Z BNMHOB EHHMKBL[ 6 EH DL[MLRMLC X BQMBX N MCNOMCN[MLC D J[BL D ZBQODD@BK Y QDKRH[ H OEMGX

    [ NMX G DL[N X J DHRX 6 [ MQB H EXBX

    [wd gdltns ecd, wb abcel e sbrmbsdj ertmhobs kmshussmlc prdkuht omeamohoemgs tnet ermsb jrdg smlcob vbnmhoehhmkblts. E prdkuht omeamomty hoejdhusbs dl wnbtnbr dr ldt e prdkuht mskbjbhtmvb.[nb purpdsb dj tnms sbrmbs mstd bkuhetb rbekbrs dl kmjjbrblt `mlks dj prdkuht omeamomty hoemgs. Ml eutdgdamhesbs, tnb kbjbhtmvb prdkuht hduok ehtu-eooy ab tnb bltmrb vbnmhob, aut mtusueooy e hdgpdlblt pert suhn es tnbsbet abot dr tmrbs. Rljdrtuletboy, tnbevbrecb gdtdrmst nes ld mkbe ndw ulprdtbhtbk nb dr snb wmoo ab ml elehhmkblt es e krmvbr dr pessblcbr ml ekbjbhtmvb vbnmhob. Dur oewybrs erbtremlbk td rbhdclmzb kbjbht hoemgs mlgdtdr vbnmhob ehhmkblt hesbs. Ely smlcob vbnmhob ehhmkblt mlvdovmsbrmdus mlfury dr kbetn,mlhoukmlc pereo

    ysms, odss dj omga dr areml kegecb,snduok ab herbjuooy eleoyzbk jdr pdssm-aob prdkuht omeamomty hoemgs. Oest gdlt

    wb odd`bk et sbet