A Case for $15

download A Case for $15

of 17

Transcript of A Case for $15

  • 7/30/2019 A Case for $15

    1/17

  • 7/30/2019 A Case for $15

    2/17

    Ugjh 7

    Hrhaxpdsh Qxkkgvt

    :LISISZLBXSZIW@SBXIBSVDXBQVXZSCVUUISSIVWBJHY$CZIVW7V_@WJ3Z@WJ2Q

    #LIC@OVZVB\@UIWBZLBCXISISVDNV__@OBSD@CIWO$UBXIC@W_VXMBXS@WJZLBIUQ@CZ

    ZLISL@SVWVRXCVUURWIZIBS@WJZLBBCVWVUY3IWCBZLB/XB@Z8BCBSSIVWZLBJIS +@QQB@X@WCBVDUIJJNBCN@SSKVHSL@S@CCBNBX@ZBJ@WJZLBHRNMVDWB_KVHSCXB@ZBJ

    L@TBHBBWNV__@OBKVHS:LISXBQVXZNVVMSSQBCIC@NNY@ZNV__@OB_VXMBXSIW#LI+

    C@OVSXBZ@IN@WJXBSZ@RX@WZIWJRSZXIBSB\@UIWIWOZLBIUQ@CZVD@_@OBIWCXB@SB

    VWZLB_VXMBXSZLBIXD@UINIBSZLBIXCVUURWIZIBSZLBCVUQ@WIBS_LBXBZLBY@XB

    BUQNVYBJ@WJBCVWVUICXBCVTBXY@S@_LVNB

    #RXXBWZJBH@ZB@UVWOSZQVNICYU@MBXSIW?@SLIWOZVWCBWZBXSRQVWZLBSVC@NNBJ

    SC@NCNIDD@WJZLBIUQ@CZVDSQBWJIWOCRZSTSXBTBWRBIWCXB@SBS,V_BTBXZLIS

    JBH@ZBD@INSZVZ@MBIWZV@CCVRWZZLBXVNBVDZLBQXIT@ZBSBCZVXIWCVWZXIHRZIWOZV

    BCVWVUICOXV_ZL@WJQXVSQBXIZY2SIWOZLBXBZ@IN@WJXBSZ@RX@WZIWJRSZXYIWJV_W+

    ZV_W#LIC@OV@S@C@SBSZRJYVRX@W@NYSISCBWZBXSRQVWLV_ZLBQXIT@ZBSBCZVXC@WCXB@ZBOVVJUIJJNBCN@SSKVHS@WJSZXBWOZLBWZLBBCVWVUYHYQ@YIWO_VXMBXS

    LIOLBX_@OBS

    )WZLISXBQVXZ_BU@MBZLBC@SBDVXIWCXB@SIWOZLB_@OBSVDXBZ@IN@WJXBSZ@RX@WZ

    _VXMBXSIWJV_WZV_W#LIC@OVZV@UIWIURUVDQBXLVRX_LICLVRX@W@NYSIS

    JBUVWSZX@ZBS_VRNJNIDZZLVRS@WJSVD_VXMBXSVRZVDQVTBXZYCXB@ZBWB@XNY

    WB_KVHSIWJV_WZV_W#LIC@OV@WJSZXBWOZLBWZLBCVUURWIZIBSL@XJBSZLIZHYZLB

    /XB@Z8BCBSSIVW6RX@W@NYSISVDW@WCI@NJ@Z@DXVUZLBDZY N@XOBSZQRHNICXBZ@IN

    @WJXBSZ@RX@WZBUQNVYBXSIWJV_WZV_W#LIC@OVSLV_SWVZVWNYZL@ZZLBSBCVUQ@+

    WIBSC@W@DDVXJZVQ@YZLBIXBUQNVYBBS@UIWIURUVDQBXLVRXHRZ@NSVZL@Z

    LIOLBX_@OBS_INNNB@JZVIWCXB@SBJXBTBWRBS@WJL@TBZLBQVZBZBWZI@NZVZX@WSDVXUZLBXBZ@IN@WJXBSZ@RX@WZIWJRSZXYDXVU@QVTBXZY_@OBIWJRSZXYIWZV@CXB@ZVXVD

    OVVJUIJJNBCN@SSKVHS@WJ@JXITBXDVXBCVWVUICOXV_ZL

    3QBCIC@NNYZLISXBQVXZJBUVWSZX@ZBSZL@Z

    7- Inz zgjh onfq kg`h xu 67( nc gii pbh onfq inqp `xvdmj pbh vhahqqdnm)

    thp bgsh vhuvhqhmph` 82( nc pbh hmpdvh onf vhanshvt$UBXIC@WSDB@XSZL@ZZLBUIJJNBCN@SSISSLXIWMIWO@XB_BNNDVRWJBJSIWCBZLBXBCBSSIVWCVXQVX@ZBQXVD +

    IZSL@TBXBZRXWBJZVZLBIXQXBXBCBSSIVWNBTBNS@WJ@HVTBHRZKVHOXV_ZLL@SHBBW

    DRBNBJHYZLBCXB@ZIVWVDUVSZNYNV__@OBKVHS

    6- Gfnxp 8:( nc gii bnxqhbni`q dm Abdagjn `huhm` qnihit nm dmankh

    cvnk inz zgjh onfq:LBUIWIURU_@OB@ZQBXLVRXLVRXIW)NNIWVISL@SWVZMBQZQ@CB_IZLZLBCVSZVDNITIWO_IZLQBXLVRXZLBCRXXBWZ3BND3RD+

    CIBWCY3Z@WJ@XJDVX@SIWONBQ@XBWZ_IZLVWBCLINJ#LIC@OVSCVUURWIZIBS@XB

    B\QBXIBWCIWOSVCIVBCVWVUICQXVHNBUSZL@Z_INNXBU@IWIWZX@CZ@HNBRWZIN_@OBS@XB

    IWCXB@SBJSRHSZ@WZI@NNY

    HKFGVJNH@ xmpdi 76?57 G-K-) Pxhq`gt) @hahkfhv 0) 6576-

  • 7/30/2019 A Case for $15

    3/17

    Ugjh 6

    1- Dm pbh thgvq cniinzdmj pbh hm` nc pbh vhahqqdnm) pbh pnu 7( nc pbh

    dmankh `dqpvdfxpdnm agupxvh` 41( nc gii vhgi dmankh jvnzpb :LBXB ISBWVROLXBTBWRBZVCXB@ZBOVVJKVHS@WJBCVWVUICXBCVTBXYHRZIZISIWCXB@SIWONY

    CVWCBWZX@ZBJ@ZZLBZVQ

    *V_WZV_WBUQNVYBXSC@W@DDVXJ@TBXYSIOWIC@WZIWCXB@SBIW_@OBS

    ugd` pn pbhdv inz zgjh znvlhvq Ka@nmgi`qL@SIWCXB@SBJQXVZSDXVUHINNIVWIWZVHINNIVWIWPORV_WBXVD:+5@\\@WJ5@XSL@NNSS@_

    QXVZSXISBIWZLBS@UBQBXIVJDXVUUINNIVWZVHINNIVW AbdunpihQXVZS

    IWCXB@SBJVTBXZL@ZQBXIVJDXVUUINNIVWZVUINNIVWAHNq cnv `nzmpnzm

    Abdagjn qpnvhq gshvgjh $2-1 kdiidnm uhv thgv dm gmmxgi ankuhmqgpdnm) gm bnxvit

    vgph nc nshv $0)577-5B@W_LINBZLBCVSZVDX@ISIWO@NNNV__@OB_VXMBXSIWXBZ@IN

    @WJDVVJSBXTICBJV_WZV_WZVQBXLVRXISUINNIVW@TBXYSU@NNQBXCBWZ+

    @OBVDZLBHINNIVWSOVIWOZLXVROLZLBC@SLXBOISZBXSB@CLYB@X"TBWIDBUQNVYBXS

    _BXBZVQ@SSVWZLBBWZIXBZYVDZLISCVSZZVZLBCVWSRUBXIZ_VRNJVWNYX@ISBQXICBS

    HY@WBONIOIHNB@UVRWZZL@ZISRWNIMBNYZV@DDBCZCVWSRUBXSQBWJIWOQ@ZZBXWS

    IW@WYSIOWIC@WZ_@Y

    8- Gm dmavhgqh dm ugt cnv `nzmpnzm znvlhvq znxi` quxv gfnxp $7:4 kdi+

    idnm dm hanmnkda gapdsdpt dm znvlhvq ankkxmdpdhq) gm` cnv hshvt 68 inz

    zgjh znvlhvq vhahdsdmj g vgdqh pn $78 uhv bnxv) nmh cxii pdkh onf znxi`

    fh avhgph`:LBXB@XBSIOWIC@WZHBWBZSZV#LIC@OV@WJIZSCVUURWIZIBS_VXM+BXS@WJBUQNVYBXSVDQ@YIWOXBZ@IN@WJXBSZ@RX@WZ_VXMBXS@LIOLBX_@OB?LBW

    NV__@OB_VXMBXSXBCBITB@Q@YIWCXB@SBWB@XNY@NNVDZLBB\ZX@B@XWIWOSOVH@CM

    IWZVZLBBCVWVUY@SCVWSRUBXSQBWJIWO6RX@W@NYSIS@NSVXBTB@NSZL@ZXBN@ZITBNYSU@NNSLIDZSIWIWBPR@NIZYCVRNJL@TB@SIOWIC@WZIUQ@CZVWNBTBNSVDTIVNBWZCXIUB

    @WJBJRC@ZIVW@NVRZCVUBSDVXSZRJBWZS

    Vhankkhm`gpdnmq

    :LBC@UQ@IOWVDZLB?VXMBXS6XO@WI[IWO#VUUIZZBBVD#LIC@OVMWV_W@SIOLZ

    DVXISJBU@WJIWO@ _@OBIWCXB@SBDVXJV_WZV_W_VXMBXSZV@ZNB@SZQBX

    LVRX6RX@W@NYSISJBUVWSZX@ZBSZL@ZZLISIS@DDVXJ@HNBDVXBUQNVYBXS@WJ_INNL@TB

    @QVSIZITBIUQ@CZVW#LIC@OVSBCVWVUYWBIOLHVXLVVJS@WJXBZ@IN@WJXBSZ@RX@WZ

    _VXMBXS@WJZLBIXD@UINIBS

    8BZ@IN@WJXBSZ@RX@WZBUQNVYBXSIWJV_WZV_W#LIC@OVL@TB@WIUQVXZ@WZXVNBZV

    QN@YIWZLBCIZYSBCVWVUICXBCVTBXY@WJZLBBCVWVUICJBTBNVQUBWZVDVRXCVUUR +

    WIZIBS(YWBOVZI@ZIWO@_@OBIWCXB@SBZV@UIWIURUVDQBXLVRXDVX@NN_VXM +

    BXSZLBSBCVUQ@WIBSC@WLBNQZX@WSDVXUVRXCIZYSBCVWVUYHYSRQQVXZIWOUIJJNB

    CN@SSKVHCXB@ZIVW@WJSRSZ@IWBJBCVWVUICOXV_ZL

  • 7/30/2019 A Case for $15

    4/17

    Ugjh 1

    Dmpvn`xapdnm)W NIOLZ VDZLBW@ZIVW@NJI@NVORB XBO@XJIWOLV_ ZV

    @JJXBSS ZLB HRJOBZ JBCIZ ZLIS XBQVXZ B\@UIWBS

    QXIT@ZBSBCZVXSVNRZIVWSZVIWCXB@SBXBTBWRBS@WJ

    XBTIZ@NI[BZLBJIUIWISLIWOUIJJNBCN@SS

    :LB/XB@Z8BCBSSIVWBWJBJVDCI@NNYIWUIJ

    $SCVXQVX@ZBQXVZSL@TBXBZRXWBJZVZLBIXQXBXB+

    CBSSIVW NBTBNS @WJ U@KVX 23 CVUQ@WIBS L@TB

    BUBXOBJ_IZLIWCXB@SBJQXVJRCZITIZY@WJQXVZ@HIN+

    IZY@WJ_IZLXBCVXJSBZZIWOC@SLXBSBXTBSZLBXBIS

    @W VQQVXZRWIZY DVX ZLBSB CVUQ@WIBS ZV RSB ZLBIX

    SIOWIC@WZ XBSVRXCBS ZV@SSISZ UINNIVWS VD _VXMIWO

    D@UINIBS@CXVSSZLB23_LVCVWZIWRBZVSZXROONB

    ?LINBRWBUQNVYUBWZL@SHBBWSNV_NYJBCXB@SIWO

    KVHOXV_ZLL@SHBBWDRBNBJHYZLBCXB@ZIVWVDUVSZ+

    NYNV__@OBKVHS$CCVXJIWOZV@XBCBWZSZRJYHYZLB"CVWVUIC 1VNICY)WSZIZRZBCVUQ@XIWOZYQBSVDKVHS

    NVSZIWZLBXBCBSSIVWZVZLVSB@JJBJIWZLBXBCVTBXY

    @SRHSZ@WZI@NWRUHBXVD UIJJNBIWCVUBKVHSL@TB

    HBBWXBQN@CBJHYNV__@OB_VXM

    :LBNB@JIWOOXV_ZLSBCZVXSDVXBUQNVYUBWZ IWZLB

    CIZYVD#LIC@OV@XBZLBXBSZ@RX@WZ@WJXBZ@INIWJRS +

    ZXIBS ZLBSB SBCZVXS @XB @NSV NB@JBXS IW NV_ _@OB

    KVHS :LISXBQVXZ LIOLNIOLZSVXIOIW@NXBSB@XCLZL@Z

    INNRSZX@ZBS ZLB CXISIS VD NV_ _@OBS DVX _VXMBXS IW

    ZLBSB IWJRSZXIBS CVUQ@XBJ ZV ZLB QXVZ@HINIZY VDZLBIXBUQNVYBXS@WJVRZNIWBS@QXIT@ZBSBCZVXSVNR+

    ZIVWZVZLISCXISISIW_LICLBUQNVYBXSIW JV_WZV_W

    #LIC@OVWBOVZI@ZB@_@OBIWCXB@SBZV@UIWIURU

    VD QBX LVRX DVX ZLBIX_VXMBXS @S@ UB@WS VD

    OXV_IWO@WJSZXBWOZLBWIWOVRXCIZYSBCVWVUY@WJ

    UIJJNBCN@SS

    Dmavhgqh` dmankh dqugvdpt)WCVUB IWBPR@NIZY _LICL L@S HBBW IWCXB@SIWO

    IWZLB23SIWCBZLBSL@SCVWZIWRBJZVIW+

    CXB@SBSIWCBZLBBWJVDZLBXBCBSSIVW

    *RXIWOZLBXBCBSSIVWNVSSVDIWCVUB@WJ_B@NZL@DDBCZBJ@NN

    BCVWVUICOXVRQS_IZLUBJI@WD@UINY_B@NZLIWZLB

    23JBCNIWIWOHYWB@XNY,V_BTBXZLISNVSS

    VD_B@NZLDBNNJISQXVQVXZIVW@ZBNYVWUIJJNBIWCVUB

    @WJQVVXD@UINIBS)WZLBYB@XSDVNNV_IWOZLBBWJVD

    ZLBXBCBSSIVWZLBZVQVDZLBIWCVUBJISZXIHRZIVW

    C@QZRXBJVD@NNXB@NIWCVUBOXV_ZLUB@W_LINB

    ZLBQVTBXZYX@ZBCNIUHBJSZB@JINYVTBXZLBQ@SZDVRX

    YB@XS @WJU@XMBJZLBLIOLBSZQBXCBWZ@OB

    VD$UBXIC@WSNITIWOIWQVTBXZYSIWCB

    :LBXISBVDB\ZXBUBIWBPR@NIZYISBSQBCI@NNYBTIJBWZ

    IW#LIC@OV#LIC@OVISHVZLVWBVDZLB_B@NZLIBSZ

    CIZIBS VW ZLB QN@WBZ @WJ @NSV VWB VD ZLB _VXNJS

    UVSZIUQVXZ@WZCBWZBXSVDW@WCB:LB#LIC@OV@XB@ISLVUBZV@ZNB@SZBIOLZBBWHINNIVW@IXBSZLVR +

    S@WJS VD UINNIVW@IXBS @WJ SBTBX@N VD ZLB XICLBSZ

    ;)1CVJBSIWZLBW@ZIVW6WNY@DB_UINBSDXVU

    ZLBSB @DRBWZ QN@CBS LV_BTBX T@SZ WRUHBXS VD

    #LIC@OV@WSSZXROONBZVUBBZZLBIXD@UINIBSH@SIC

    WBBJS3IWCBZLBQVTBXZYX@ZBIW#LIC@OVL@S

    IWCXB@SBJ SZB@JINY BTBXY YB@X OVIWO DXVU

    IWZVHY#LINJQVTBXZYL@SIW +

    CXB@SBJ HY WB@XNY VTBX ZLB N@SZ DVRX YB@XS

    DXVUIWZVIW

    Abgmjhq pn pbh inz zgjh znvlcnvah$CCVXJIWO ZV @ XBCBWZ SRXTBY VD #LIC@OVS _VXM+

    DVXCB @HVRZ VD @NN LVRSBLVNJS IW #LIC@OV

    JBQBWJSVNBNYVWIWCVUBDXVUNV__@OBKVHSRQ

    DXVUIW:LISSZRJYXBTB@NSZL@ZZLBJB +

    UVOX@QLICSVDZLBNV__@OB_VXMDVXCBL@TBHBBW

    SLIDZIWOVTBXZLBQ@SZJBC@JB_IZLZLISZLB_VXM+

    DVXCBHBCVUIWOVNJBX@WJUVXBBJRC@ZBJ#VWZX@XY

    ZV_IJBSQXB@JHBNIBDZL@ZUVSZNV__@OB_VXMBXS

    @XBZBBW@OBXS@HVRZVD#LIC@OVSNV__@OB

    _VXMDVXCB ISWV_ VTBX ZLB @OB VD @WJ @HVRZISVTBXZLB@OBVD

    $ WB_ N@HVX VXO@WI[@ZIVWMWV_W @S ZLB?VXMBXS

    6XO@WI[IWO #VUUIZZBB VD #LIC@OV ?6## L@S

    XBCBWZNY QXVQVSBJ @JJXBSSIWO SVUB VD #LIC@OVS

    UVSZ QXBSSIWOSVCI@N@WJBCVWVUIC ISSRBSHYIW+

    CXB@SIWO_@OBSZV@UIWIURUVDQBXLVRXDVX

    @NN_VXMBXSIWZLBXBZ@IN@WJXBSZ@RX@WZIWJRSZXIBSIW

    #LIC@OV:LISXBQVXZNVVMS@ZZL@ZQXVQVS@N@WJ@S+

    SBSSBSZLBURNZIQNIBXBDDBCZVDZLBQXVQVSBJ_@OB

    IWCXB@SBVW#LIC@OVCVUURWIZIBSBCVWVUY_VXM +BXS@WJBUQNVYBXS*@Z@IWJIC@ZBSZL@ZLIOLBX_@O+

    BS_INNL@TB@SZXVWOQVSZITIBIUQ@CZVWZLB_VXM+

    BXS@WJD@UINIBSVD@HVRZQBVQNB_LV_VXM

    JV_WZV_W@WJ@HVRZQBVQNB_LV_VXMIW

    ZLBSBIWJRSZXIBSZLXVROLVRZZLBCIZY

    $HVRZVD@NNLVRSBLVNJSIW#LIC@OVJBQBWJ

    SVNBNYVWIWCVUBDXVUNV__@OBKVHSRQDXVU

    IW

  • 7/30/2019 A Case for $15

    5/17

    Ugjh 0

    G Avdqdq nc Inz Zgjh ZnvlPbh dmhwxgidpt nc pbh vhanshvt6WBVDZLBUVSZSZXIMIWOZX@IZSVDZLBN@SZDB_YB@XS

    VDBCVWVUICXBCVTBXYISLV_RWBPR@NXBCVTBXYL@S

    HBBW?LINBRWBUQNVYUBWZL@SJBCXB@SBJDXVUIZS

    QB@M@ZZLBBWJVD@XBCBWZSZRJYDVRWJZL@ZJRXIWOZLBXBCBSSIVWUIJ_@OBVCCRQ@ZIVWSU@JB

    RQ@HVRZ VD @NN ZLB KVHSZL@Z _BXB NVSZ 8B+

    CVTBXYIWUBJIRU_@OBKVHSL@SHBBWSNV_VWNY

    @HVRZ VD WB_ KVHS CXB@ZBJ @XB CVWSIJBXBJ

    UBJIRU_@OBKVHS6WZLBVZLBXL@WJNV__@OB

    KVHSU@JBRQVD @NN ZLB KVHSNVSZJRXIWOZLB

    XBCBSSIVWYBZL@TBXBQXBSBWZBJVDZLBBWZIXB

    KVHXBCVTBXY)W#LIC@OVKVHSZL@Z@XB CVWSIJBXBJ

    NV__@OBWV_U@MBRQ@HVRZ@ZLIXJVD@NNKVHS

    _IZLVD@NNKVHSCVWSIJBXBJNV__@OBCVU+

    Q@XBJZVIW5@WY_VXMBXS_LVU@YL@TB HBBW _VXMIWO @ UIJJNBIWCVUB KVH QXIVX ZV

    ZLBXBCBSSIVW@XBNIMBNYWV_B@XWIWONV_BX_@OBS

    Vhpgdi # vhqpgxvgmpq? bdjb jvnzpb dm`xqpvdhq)

    inz zgjh onfq:LB NV_ _@OB VCCRQ@ZIVWS ZL@Z OXB_ ZLB UVSZ

    JRXIWOZLBXBCVTBXY@XBXBZ@INS@NBSQBXSVW@WJDVVJ

    QXBQ@X@ZIVW VCCRQ@ZIVWS +VHS IW ZLB XBSZ@RX@WZ

    @WJXBZ@INIWJRSZXIBSWV_U@MBRQ@HVRZVD

    @NNKVHSHRZCVUQXISB@HVRZVWBZLIXJVD@NNNV_IW +

    CVUBKVHS+VHSIWZLBSBIWJRSZXIBS@XBMWV_WDVXZLBIXNV__@OBS)WZLB#LIC@OV@XB@ZLBUBJI@W

    _@OBDVX@DVVJQXBQ@X@ZIVW_VXMBXISQBX

    LVRX _LINB @ ZYQIC@N XBZ@IN C@SLIBX C@W B\QBCZ ZV

    U@MB@HVRZQBXLVRX$W@W@NYSISVD@NN

    VCCRQ@ZIVWSIWZLBXBZ@IN@WJXBSZ@RX@WZSBCZVXSIW

    #LIC@OVXBTB@NSZL@ZZLBZYQIC@N_@OBDVX@JV_W+

    ZV_W_VXMBXIWZLBSBIWJRSZXIBSIS@HVRZQBX

    LVRX

    ?LINBZLB@HVTBORXBSSLV_ZL@ZSVUBVDZLBXB +

    Z@IN@WJXBSZ@RX@WZ_VXMBXSIW#LIC@OV@XBU@MIWO_@OBSZL@Z@XBSNIOLZNYLIOLBXZL@WZLBSZ@ZBUIW+

    IURU_@OBCRXXBWZNYQBXLVRXSRCLKVHS

    @XB@NSVZYQIC@NNYQ@XZZIUB@WJVDDBXDB_HBWBZS

    $CCVXJIWOZVJ@Z@DXVUZLB(RXB@RVD.@HVX3Z@ZIS+

    ZICS(.3_VXMBXSIWZLBD@SZDVVJIWJRSZXYC@WB\ +

    QBCZZVNVO@HVRZLVRXSQBX_BBMJBQ@XZUBWZ

    SZVXB_VXMBXSC@WB\QBCZZVNVO@HVRZLVRXSQBX

    _BBM5@WYQ@XZZIUB_VXMBXSC@W_VXMDRNNZIUB

    LVRXSJRXIWOQB@MSB@SVWSLV_BTBXZLBYXBU@IW

    +25+ 35 +05+ 65 56 50 53 52 5

    Bdjb+zgjh?7( mhp jgdm

    Kd`+zgjh?12( mhp inqq

    Inz+zgjh?1:( mhp jgdm

    Uhvahmpgjh nc Onfq inqp`xvdmj pbh vhahqqdnm

    Uhvahmpgjh nc Onfqjgdmh` dm vhanshvt

    -

    IORXB+VHOXV_ZLHY_@OBNBTBNSIWCBBWJVDXBCBSSIVW

    3VRXCB7".1$W@NYSISVD#RXXBWZ1VQRN@ZIVW3RXTBY

    B\CNRJBJDXVUZLBHBWBZQ@CM@OBSZL@ZUIOLZHB

    VDDBXBJZVDRNNZIUB_VXMBXS

    "XX@ZICSCLBJRNIWOIS@WVZLBXU@KVXCL@NNBWOBDVXXB+

    Z@IN@WJXBSZ@RX@WZ_VXMBXS$XBCBWZSRXTBYVDXBZ@IN

    _VXMBXSIW7B_9VXM#IZY_LICLXBBCZSW@ZIVW_IJB

    ZXBWJSDVRWJZL@ZVWNYVDZLVSBSRXTBYBJL@J

    @SBZSCLBJRNB_LINBZLBU@KVXIZYVDZLBXBZ@IN_VXM+

    BXSVWNYMWB_ZLBIXSCLBJRNIWO@_BBMIW@JT@WCBVX

    NBSS:LISRWQXBJICZ@HINIZYC@WU@MBIZJIDCRNZDVX

    _VXMBXSZVUBBZD@UINYCVUUIZUBWZSOBZ@SBCVWJ

    KVH@WJVX@XX@WOBDVXCLINJC@XB"XX@ZICSCLBJRNIWO

    @NSVUB@WSZL@Z_VXMBXSIWZLBSBIWJRSZXIBSJVWVZ

    L@TBSZB@JYIWCVUBS_LICLU@MBSIZJIDCRNZZVQN@W

    @LB@JS@TBUVWBYVXQ@YHINNSVWZIUB

    Dkugap nc inz zgjhq nm cgkdidhq$CCVXJIWOZV#BWSRS(RXB@RJ@Z@IWZLBQBX +

    CBWZ@OBVDD@UINIBSNITIWOIWQVTBXZYIW#LIC@OV_@S

    ,V_BTBXZLBVDCI@NQVTBXZYZLXBSLVNJC@N +

    CRN@ZIVWISVDZBWCXIZICI[BJDVXWVZUB@SRXIWO@HINIZY

    ZVUBBZH@SICCVSZSVDNITIWO@WJD@INIWOZV@CCVRWZ

    DVXZLBOXB@ZT@XI@ZIVWIWCVSZSSRCL@SLVRSIWOVX

    ZX@WSQVXZ@ZIVWDXVUXBOIVWZVXBOIVW5@WYLVRSB+

    LVNJSZL@Z@XBWVZVDCI@NNYCVWSIJBXBJQVVXRSIWO

    ZLBZX@JIZIVW@NUB@SRXBVDQVTBXZYWVWBZLBNBSSJB +

    UVWSZX@HNYN@CM BWVROLIWCVUBZV CVTBXBSSBWZI@N

    B\QBWSBS SRCL @S DVVJ LVRSIWO ZX@WSQVXZ@ZIVW

    LB@NZLC@XBVXCLINJC@XB

    +VHSIWZLBXBSZ@RX@WZ@WJXBZ@INIWJRSZXIBSWV_

    U@MBRQ@HVRZVD@NNKVHSHRZCVUQXISB@HVRZ

    VWBZLIXJVD@NNNV_IWCVUBKVHS

  • 7/30/2019 A Case for $15

    6/17

    Ugjh 8

    $NZBXW@ZITBUVJBNS L@TB HBBW JBTBNVQBJ IW

    VXJBXZVJBZBXUIWB_L@ZZLBCVSZSVDNITIWO@XB

    DVX@Q@XZICRN@XXBOIVWVDZLBCVRWZXY6WBVD

    ZLBUVSZQXVUIWBWZUVJBNSISZLB3BND3RD +

    CIBWCY3Z@WJ@XJ_LICL_@SJBTBNVQBJIWZLB

    UIJSHYZLB#BWZBXDVX?VUBWS?BN+

    D@XB@ZZLB2WITBXSIZYVD?@SLIWOZVW Pbh

    3BND3RDCIBWCY3Z@WJ@XJJBWBSZLB@UVRWZ

    VDIWCVUBWBCBSS@XYIWVXJBXZVUBBZH@SIC

    WBBJS _IZLVRZ QRHNIC @SSISZ@WCB VX QXIT@ZB

    CL@XIZ@HNB @SSISZ@WCB :LB 3BND3RDCIBWCY

    3Z@WJ@XJ IS @ H@SIC D@UINY HRJOBZ UVJBNS

    ZL@ZJVBSWVZZ@MBIWZV@CCVRWZVZLBXCVSZS

    SRCL @S Q@YUBWZS ZV_@XJS JBHZ VX QRZZIWO

    UVWBYIWS@TIWOS@CCVRWZ

    2WJBX ZLB 3BND3RDCIBWCY 3Z@WJ@XJ @ VWB

    @JRNZ VWB CLINJ LVRSBLVNJ _VRNJ WBBJ @W

    @WWR@N IWCVUB VD @HVRZ VX ZLB

    BPRIT@NBWZVD@HVRZQBXLVRXDVX@DRNN

    ZIUB _VXMBX :LIS ISUVXB ZL@W JVRHNB ZLB

    @UVRWZ @ DRNN ZIUB UIWIURU_@OB _VXMBX

    _VRNJU@MBUVXBZL@WJVRHNBZLBBSZIU@Z +

    BJB@XWIWOSVD@W@TBX@OBXBZ@INVXXBSZ@RX@WZ

    _VXMBX IW JV_WZV_W #LIC@OV @WJ

    UVXBZL@WZLBVDCI@NQVTBXZYZLXBSLVNJ

    ?LBWZLB@CZR@NCVSZVDNITIWOISWVZCVTBXBJ

    HY _@OBS Q@IJ ZLB BUQNVYBX IS BDDBCZITBNYSLIDZIWOZLB@CZR@NCVSZVDZLBIXQXVJRCZS@WJ

    SBXTICBSZVZLBBUQNVYBB@WJZVZLBQRHNIC)W+

    JITIJR@NSXBCBITIWONV__@OBSQ@YZLXVROLB\+

    ZXBUBL@XJSLIQ@WJNVSSVDSVCI@NUVHINIZY@S

    @CVWSBPRBWCBVDWVZHBIWO@HNBZVIUQXVTB

    ZLBIXCIXCRUSZ@WCBSBOHYOBZZIWO@WBJR+

    C@ZIVW S@TIWO UVWBY Q@YIWOHINNS VW ZIUB

    :LBQRHNICQ@YS_LBWIZISDVXCBJZVQXVTIJB

    BIZLBX QRHNIC VX QXIT@ZB @SSISZ@WCB ZLXVROL

    QXVOX@US SRCL @S 3RQQNBUBWZ@N 7RZXIZIVW

    $SSISZ@WCB 1XVOX@U QRHNIC LVRSIWO VX QXI+T@ZBCL@XIZY(BC@RSBQVTBXZY@WJIWBPR@NIZY

    CVWZXIHRZBSIOWIC@WZNYZVVZLBXISSRBSSRCL

    @SCXIUB@WJQVVXLB@NZLSVCIBZY@NSVQ@YS

    ZLBCVSZVDNV__@OBS_LBWQ@YIWODVXQVNICB

    QXVZBCZIVWQRHNICLVSQIZ@NS@WJZLBNVSSVD

    QXVJRCZITBCIZI[BWS

    G Uvdsgph QhapnvQnixpdnm pn Abdagjnq

    Kd``ih AigqqVhshmxhq nc Abdagjn vhpgdi gm` vhqpgxvgmp dm`xqpvdhq#LIC@OVISVWBVDZLB_B@NZLIBSZCIZIBSIWZLB_VXNJ@WJVWB

    VDZLBUVSZIUQVXZ@WZCBWZBXSVDW@WCB)DZLB#LIC@OVXB

    OIVW_BXB@CVRWZXYIZ_VRNJL@TB@/*1LIOLBXZL@WZL@Z

    VD3_IZ[BXN@WJ1VN@WJVX(BNOIRU@WJ/*1QBXC@QIZ@ZL@Z

    _VRNJX@WM@UVWO_B@NZLIBSZQN@CBSVWB@XZL$NZLVROL

    ZLBXBISCNB@XNYWVN@CMVD_B@NZLIW#LIC@OVU@WYD@UINIBS

    L@TBZVSZXROONBZVUBBZH@SICWBBJS@WJU@WYCVUURWI

    ZIBSIWZLBCIZYD@CBCLXVWIC@NNYLIOLNBTBNSVDRWBUQNVYUBWZ

    QVTBXZY@WJTIVNBWZCXIUB

    8BZ@IN@WJXBSZ@RX@WZS@XB@UVWOZLBCIZYSUVSZNRCX@ZITB

    SBCZVXS:LBSB Z_V SBCZVXS QXVJRCBJ @W BSZIU@ZBJ

    HINNIVWIWXBTBWRBIW :LBJV_WZV_W@XB@_LICLIS

    B\ZXBUBNYJBWSB@WJVWNYZ@MBSRQ@SU@NNDX@CZIVWVDZLB

    OBVOX@QLIC @XB@ VD #LIC@OV HXIWOS IW @HVRZ HINNIVW V

    ZL@Z *V_WZV_W #LIC@OV IS RWPRBSZIVW@HNY ZLB BCVWVUIC

    LRHVDZLBCIZY@QN@CB_LBXBLRWJXBJSVDZLVRS@WJSVDQBV

    QNBCVUBZV_VXM@WJTISIZBTBXYJ@Y1BJBSZXI@WCVRWZSC@W

    B\CBBJUVXBZL@WVWQVXZIVWSVD5ICLIO@W$TBWRB

    @WJVW3Z@ZB3ZXBBZ

    :LBN@XOBQVVNVDSLVQQBXSDXVU_IZLIW@WJHBYVWJZLBCIZYU@MBSZLBJV_WZV_W@XB@

    @W@ZZX@CZITBQN@CBDVX@NNSVXZSVDXBZ@INBXS,IOLIWCVUBTIS

    IZVXSZVZLB5@OWICBWZ5INBJX@_CVUQ@WIBSNIMB5@CYS

    (RXHBXXY $NN 3@IWZS "JJIB (@RBX @WJ VZLBXS ZV IWTBSZ IW

    N@XOB@OSLIQSZYNBSZVXBS@NVWO5ICLIO@W$TBWRB

    ?BBSZIU@ZBZL@ZZLB@JJIZIVW@NUVWBYXBPRIXBJZVHXIWOXB

    Z@IN@WJXBSZ@RX@WZ_VXMBXSJV_WZV_WRQZVQBXLVR

    ZVHBVDXBTBWRBS@CVSZJ_@XDBJHYZLBQXVZSZL@Z

    XBZ@INCVXQVX@ZIVWS@XBJX@_IWOVRZVDZLBJV_WZV_W@XB@

    7VZ@HNYZLISIS@CVWSBXT@ZITBBSZIU@ZBIZJVBSWVZ@SSRUBXBJRCBJ_VXMDVXCBZRXWVTBXXBSRNZIWOIW@WYS@TIWOSVXQXV

    JRCZITIZYO@IWS:LBXBU@IWJBXVDZLISSBCZIVWJBSCXIHBSLV_

    ZLBXBZ@INCVXQVX@ZIVWSL@TBUVXBZL@WBWVROL_B@NZLZVIW

    CXB@SB_VXMBXS_@OBS

  • 7/30/2019 A Case for $15

    7/17

    Ugjh 3

    Anvunvgph zhgipb*RXIWOZLBXBCBSSIVWN@XOBCVUQ@WIBS@CXVSS@NN

    SBCZVXSVDCVXQVX@ZB$UBXIC@BWO@OBJIWCVSZCRZ+

    ZIWO@WJW@WCIWOSZX@ZBOIBSZL@Z@NNV_BJZLBUZV

    XBHVRWJ@WJXBCVTBX@Z@D@SZBXQ@CBZL@WVZLBX

    Q@XZSVDZLBBCVWVUYBSQBCI@NNY_VXMIWOD@UINIBS

    $W@W@NYSISVDJISCNVSRXBSHYUVXBZL@WQRHNICNY

    ZX@JBJXBZ@IN@WJXBSZ@RX@WZCVUQ@WIBS_IZLVQBX+

    @ZIVWSIWZLBJV_WZV_W@XB@SLV_SZL@Z

    6TBX_BXBQXVZ@HNBIWZLBN@SZYB@X

    6TBXSZ@YBJQXVZ@HNBZLXVROLZLBXB+

    CBSSIVW

    #VUHIWBJVQBX@ZIWO IWCVUBS_BXB

    HINNIVW

    #VUHIWBJQXVZS_BXBHINNIVW

    *ITIJBWJS Q@IJ ZV IWTBSZVXS ZVZ@NBJ

    fdiidnm-6:

    (Y ZLBSB UB@SRXBS N@XOB XBZ@IN @WJ XBSZ@RX@WZ

    CVUQ@WIBS @XB D@XIWO PRIZB _BNN IW Q@XZ HY WVZ

    SL@XIWOZLBIXSRCCBSS_IZLZLBIX_VXMDVXCBQnkh

    ptudagi hrgkuihq nc bnz kgonv ankugmdhq dm pbh

    qhapnv gvh `ndmj qdmah 6552?

    5@CYS)WC@UVWOZLBN@XOBSZXBZ@INCL@IWSIW

    ZLBCVRWZXYVQBX@ZBS@HVRZSZVXBSW@ZIVW_IJB

    RWJBX ZLB 5@CYS @WJ (NVVUIWOJ@NB HX@WJS @WJ

    BUQNVYS@HVRZQBVQNB?LINBZLBCVUQ@+WYXBQVXZBJU@KVXNVSSBSIWZL@ZJIJWVZSZVQ

    5@CYS DXVU SQBWJIWO UVXB ZL@W UINNIVW IW

    CVUQBWS@ZIVWDVX@DB_ZVQB\BCRZITBS@WJQ@YIWO

    VTBXUINNIVWIWJITIJBWJSZVIZSIWTBSZVXSZL@Z

    S@UBYB@X3IWCB5@CYSVQBX@ZIWOU@XOIW

    XBTBWRB @WJ QXVZS L@TB IWCXB@SBJ BTBXY YB@X

    .IMBU@WYN@XOBCVUQ@WIBSQXVSQBXIWO@SZLBXBSZ

    VDZLBBCVWVUYSZXROONBS5@CYSL@S@U@SSBJ@W

    RWQXBCBJBWZBJNBTBNVDC@SLVWL@WJHIN +

    NIVW@ZZLBBWJVD5@CYSL@SZ_VN@XOB

    SZVXBSIWJV_WZV_W#LIC@OV3Z@ZB3ZXBBZ@WJ?@+

    ZBX:V_BX1N@CB_LICLZLB#"6XBCBWZNYIWJIC@ZBJ

    _BXB@UVWOZLBLIOLBSZOXVSSIWONVC@ZIVWSIWZLB

    W@ZIVW

    :+

  • 7/30/2019 A Case for $15

    8/17

    Ugjh :

    BJUVXBZL@WVX@HVRZHINNIVWIWQXVZ

    5C*VW@NJSXBSZ@RX@WZSZYQIC@NNYL@TB@WWR@NXBT+

    BWRBSVD@HVRZZVUINNIVW$HVRZVD

    XBSZ@RX@WZS@XBDX@WCLISBJ_IZL5C*VW@NJS#VXQ

    U@MIWOZLBIXUVWBYDXVUDX@WCLISBDBBS@WJHB+

    C@RSBZLBCVUQ@WYV_WSURCLVDIZSV_WXB@NBS+

    Z@ZBXBWZQ@YUBWZSH@SBJVWXBTBWRBDVXZLBIWJI+

    TIJR@NXBSZ@RX@WZ

    5C*VW@NJSL@S@HVRZZ_BWZYNVC@ZIVWSIWJV_WZV_W#LIC@OV

    Zhgipb nc AHNq?LINBZLBLVRXNY_@OBSVDUVSZBUQNVYBBS@ZN@XOB

    XBZ@IN@WJXBSZ@RX@WZCVUQ@WIBSJVWVZ@NNV_ZLBU

    ZVNITB_IZLVRZL@XJSLIQVXZLBLBNQVDQRHNIC@S+

    SISZ@WCBZLBSBS@UBCVUQ@WIBSQXVTIJBZLBIXZVQ

    B\BCRZITBS _IZL N@TISL CVUQBWS@ZIVW Q@CM@OBS

    Gmgitqdq nc knvh pbgm 85 uxfidait pvg`h` vhpgdi

    gm` vhqpgxvgmp ankugmdhq pbgp bgsh nuhvgpdnmq

    dm pbh `nzmpnzm Abdagjn gvhg cnxm` pbgp pbh gs+hvgjh AHN ankuhmqgpdnm ugalgjh dm 6577 zgq

    gfnxp $2-1 kdiidnm

    )D HXVMBW JV_W @S @W LVRXNY _@OB ZLIS _VRNJ

    @UVRWZZVQBXLVRX@SSRUIWOZLBY_VXM@

    DVXZYLVRX_BBM@HVRZZIUBSUVXBZL@W_L@Z

    ZLBSB CVUQ@WIBS Q@Y ZLBIX ZYQIC@N _VXMBX $NSV

    U@WY B\BCRZITBSSZINNXBCBITB N@TISLQ@Y_LBWZLB

    CVUQ@WIBSZLBYXRW@XBJVIWOQVVXNYBTBWXBCBIT+

    IWON@XOBHVWRSBS@WJVZLBXQBXDVXU@WCBH@SBJ

    Q@YUBWZS

    AHN qpnvdhq 3B@XS ,VNJIWOS #"6 .VRIS *$UHXVSIV ZVVM

    CL@XOB VD ZLB CVUQ@WY IW BHXR@XY :L@Z

    S@UBYB@XZLBCVUQ@WYCNVSBJUVXBZL@WVWBLRW +

    JXBJSZVXBS@WJN@IJVDD LRWJXBJS VD BUQNVYBBS

    _LINB*$UHXVSIVXBCBITBJCVUQBWS@ZIVWZVZ@NIWO

    WB@XNYUINNIVW:LISORXBIWCNRJBJ

    IWQBXMSVD_LICLQ@IJDVX*$UHXVSIV

    ZVCVUURZBH@CM @WJ DVXZL DXVU 1LIN@JBNQLI@ ZV

    #LIC@OVIW@QXIT@ZBKBZ

    #LIQVZNBCV#"6S3ZBTB"NNS@WJ5VWZY5VX@W

    U@JB@CVUHIWBJUINNIVWN@SZYB@X Pbdq dq

    @IWCXB@SBDXVU@WJ@IWCXB@SB

    @NUVSZZXIQNBDXVU_LBWZLBXBCBSSIVWHBO@W

    IW)WZLBUB@WZIUBVTBXVD#LIQVZNBS

    _VXMDVXCB IS Q@XZZIUB @WJ QXBQ@X@ZIVWSBXTIWO

    _VXMBXSIWZLB#LIC@OV@XB@U@MB@XVRWJQBX

    LVRX:LISUB@WS"NNS@WJ5VX@WB@CLU@MBIW

    VWB LVRX XVROLNY _L@Z VWB VD ZLBIX #LIC@OV@XB@

    BUQNVYBBSU@MBSIW@YB@X

    )W 2XH@W 6RZZZBXS #"6 /NBW 3BWM XB+

    CBITBJ ZVZ@N CVUQBWS@ZIVW VD UINNIVW VRX

    CVWSBCRZITBPR@XZBXSVDNVSSBSDVNNV_BJ@WJIWB@X +

    NY3BWMKRUQBJSLIQZVXRW@NR\RXYKB_BNBX

    *RXIWOACN Hvda Gvp gm` Uvhqd`hmp QphubhmKxvvgtB@CLXBCBITBJXBNVC@ZIVWQ@CM@OBSB\CBBJ+

    IWORQVWSZ@XZIWO_IZLZLBCVUQ@WYQNRS

    SIOWIWO HVWRSBSVD @WJ XB+

    SQBCZITBNY5RXX@YIS@NSVWVNVWOBX_IZL2XH@W6RZ+

    ZZBXSL@TIWOSZ@YBJVWNYVWBYB@X

    Pbh nxpjndmj AHN nc Ka@nmgi`q Anvu-) Ogkhq

    QldmmhvXBZIXBJVW+RWB3MIWWBX_INNXB+

    CBITB@C@SLQ@YUBWZVDUVXBZL@WUINNIVWVW

    *BCBUHBX SZ @WJ C@SL QBXDVXU@WCB IWCBWZITBS

    VDUINNIVWQNRSVZLBXQ@YUBWZSDVX@ZVZ@NVD

    @NUVSZUINNIVWZV@DVXUBXB\BCRZITBWVNVWOBXJVIWO@WY_VXMDVXZLBCVUQ@WY 3MIWWBX_INNWV_

    XBCBITB@HVRZQBXYB@X@S(V@XJ#L@IX+

    U@WDVX?@NOXBBWS)WC

    2WQXBCBJBWZBJQXVZ@HINIZY#VWSIJBXIWOZL@ZXBZ@INBXS@WJXBSZ@RX@WZSIWJV_W+

    ZV_W#LIC@OVL@TBWVZKRSZ_B@ZLBXBJZLBXBCBSSIVW

    HRZ@XBIWD@CZIWU@WYC@SBSB\QBXIBWCIWORWQXBC +

    BJBWZBJ QXVZ@HINIZY IZ IS CNB@X ZL@ZZLBSB CVUQ@+

    WIBS C@W @DDVXJ ZV Q@Y ZLBIX _VXMBXS @ UIWIURU

    _@OBVDQBXLVRX_IZLVRZS@CXICIWOXBTBWRBS

    VXQXVZS6RX@W@NYSISSLV_SZL@ZQ@YIWOZLB

    QBXLVRXX@ZB_VRNJCVSZVWNYUINNIVW@ YB@X

    @SU@NNDX@CZIVWVD_L@ZZLBSBCVUQ@WIBSQ@YZLBIX

    ZVQ B\BCRZITBS@WJ@ WBONIOIHNB@UVRWZCVUQ@XBJ

    ZVQXVZORXBS

    Dmavhgqh` zgjhq ihg` pn bdjbhv qgihq gm`

    CVXQVX@ZBQXVZS,IOLBX_@OBSDVX_VXMBXSIWZLBXBZ@IN@WJXBSZ@R+

    X@WZSBCZVXS_INN@NSVNIMBNYNB@JZVLIOLBXS@NBSDVX

    CVUQ@WIBS$CCVXJIWOZV@XBCBWZXBQVXZHY*BUVSLIOLBXQ@IJ_VXMBXSZBWJZVJXITBS@NBS@SVQQVSBJ

    ZVCVSZS@NSV_LBWNV__@OB_VXMBXSXBCBITB@Q@Y

    IWCXB@SB WB@XNY @NN VD ZLB B\ZX@ B@XWIWOSOV H@CM

    IWZV ZLB BCVWVUY @S CVWSRUBX SQBWJIWO ?B

    B\QBCZZL@ZXBZ@INBXS @WJXBSZ@RX@WZSIW JV_WZV_W

    #LIC@OV_INNWVZVWNYHB@HNBZV@HSVXHZLBCVSZVD

    IWCXB@SBJ _@OBS B@SINY HRZ _INN @NSV B\QBXIBWCB

    LIOLBXXBTBWRBS@WJSZXVWOBXQBXDVXU@WCB@S@XB+

    SRNZVDQ@YIWO_VXMBXSZLBQBXLVRXX@ZB

  • 7/30/2019 A Case for $15

    9/17

    Ugjh 2

    Unqdpdsh Dkugapq nc g Vgdqhcnv ZnvlhvqKxipduidhv hcchap? knvh knmht pn

    ankkxmdpdhq8@ISBSDVXNV__@OB_VXMBXSJVWVZVWNYHBWBZZLB

    _VXMDVXCB JIXBCZNY XBCBITIWO LIOLBX _@OBS U@WYHBWBZSU@YHBDBNZCVUURWIZY_IJB)DXBZ@IN@WJ

    XBSZ@RX@WZBUQNVYBXSCIZY_IJB_BXBZVX@ISB_@OBS

    SRCLZL@Z@NN_VXMBXSIWZLBSBSBCZVXS_BXBB@XWIWO

    @ZNB@SZQBXLVRX_BBSZIU@ZBZL@ZZLIS_VRNJ

    QRZUVXBZL@W@L@NDHINNIVWUVXBJVNN@XSIWZV#LI+

    C@OV WBIOLHVXLVVJS )D VWNY ZLB JV_WZV_W XBZ@IN

    JISZXICZS IWCXB@SBJ ZLB _@OBS VD ZLBIX _VXMDVXCB

    ZVQBXLVRX@WBSZIU@ZBJUINNIVWUVXB

    _VRNJ OV ZV #LIC@OV WBIOLHVXLVVJS :LBSB BSZI+

    U@ZBS@XBH@SBJVW_@OB@WJBUQNVYUBWZORXBS

    DXVU ZLB (RXB@R VD .@HVX 3Z@ZISZICS ZL@Z QXVTIJBIWSIOLZIWZV_L@ZZLIS_VXMDVXCBU@MBSCRXXBWZNY

    ?LBW_VXMBXSB@XWUVXBUVWBYZLBYSQBWJZLBSB

    B\ZX@B@XWIWOSIWZLBIXCVUURWIZIBSVXZLBCIZY +

    _IJB XBZ@IN @WJ XBSZ@RX@WZ _VXMDVXCB ZLIS NIMBNY

    UB@WSBTBXYWBIOLHVXLVVJIWZLBCIZY)WZLBC@SB

    VD JV_WZV_W XBZ@IN @WJ XBSZ@RX@WZ _VXMBXS ZLB

    @JJIZIVW@NUVWBY_VRNJOVZVQVVX@WJUIJJNBIW +

    CVUBWBIOLHVXLVVJSZLXVROLVRZZLBCIZYZL@ZL@TB

    N@XOBWRUHBXSVDXBSIJBWZSZL@Z@XBBUQNVYBJIW

    JV_WZV_WXBZ@IN@WJXBSZ@RX@WZS

    Zh hqpdkgph pbh g``dpdnmgi zgjhq pn `nzmpnzm

    znvlhvq znxi` quxv gfnxp $7:4 kdiidnm dm han+

    mnkda gapdsdpt dm znvlhvq ankkxmdpdhq :LIS IW+

    CNRJBSJIXBCZSQBWJIWOHY_VXMBXSXBCBITIWOUVXB

    IW_@OBSUINNIVWQNRSZLBURNZIQNIBXBDDBCZ

    VDNVC@NHRSIWBSSBSHBWBZIWODXVU_VXMBXB\QBWJI+

    ZRXBS@WJ@NSVXBSQBWJIWONVC@NNY:LBSQBWJIWO

    _VRNJ SQRX KVH CXB@ZIVW @NNBTI@ZB SVCIVBCVWVUIC

    QXVHNBUS@SSVCI@ZBJ_IZLB\ZXBUBIWBPR@NIZY@WJ

    QBXL@QS UVSZ IUQVXZ@WZNY L@TB @ JIXBCZ QVSIZITB

    IUQ@CZVWZLBCLINJXBWVDZLVRS@WJSVD_VXMBXS

    Onf avhgpdnm7B_ NVC@N SQBWJIWO _INN CXB@ZB KVHS IW #LIC@OV

    CVUURWIZIBS ?VXMIWO D@UINIBS @XB UVSZ NIMBNY

    ZV SQBWJ IWCXB@SBJ IWCVUB VW H@SIC WBBJS NIMB

    DVVJ@WJSLBNZBXCLINJC@XB@WJLB@NZLC@XB:LIS

    BDDBCZITBNYCL@WWBNSZL@ZIWCVUB IWZV KVHS QXVTIJ+

    IWOZLVSBOVVJS@WJSBXTICBSVDZBWIW@NVC@NI[BJ

    D@SLIVW :LIS SZ@WJS IW CVWZX@SZ ZV ZLB XICLBSZ

    IWJITIJR@NS_LV@XB CVUQ@X@ZITBNYUVXB NIMBNYZV

    BWO@OBIWSQBCRN@ZIVWVDDSLVXIWOVD_B@NZLVXZ@\

    @TVIJ@WCBIBW@WCI@NSZX@ZBOIBSZL@ZHBWBZ@W

    IWJITIJR@NHRZWVZZLBCVUURWIZY

    ?BBSZIU@ZBZL@ZDVXBTBXYNV__@OB_VXMBXSIW

    ZLBXBZ@IN@WJXBSZ@RX@WZSBCZVXSOBZZIWO@X@ISBZV

    QBXLVRXVWBDRNNZIUBKVHCVRNJHBCXB@ZBJ

    #IZY_IJBX@ISBSZVQBXLVRXDVX@NNNV__@OB

    _VXMBXS IW ZLBSB SBCZVXS CVRNJ CXB@ZB CNVSB ZV

    WB_KVHS8@ISBSDVXZLBXBZ@IN@WJXBSZ@R+

    X@WZ_VXMBXSIWZLB.VVQ@WJZLB5@OWICBWZ5INB

    @NVWBCVRNJCXB@ZB@NUVSZWB_KVHS

    )W U@MIWO VRX BSZIU@ZB _B L@TB JX@_W VW ZLB

    @C@JBUIC NIZBX@ZRXB VW ZLB BCVWVUIC IUQ@CZ VD

    SZ@ZB@WJDBJBX@NUIWIURU_@OBIWCXB@SBS:LIS

    NIZBX@ZRXBL@SSLV_WCVWSISZBWZNYZL@ZZLBXBISWV

    KVHNVSS@SSVCI@ZBJ_IZLUVJBSZIWCXB@SBSIWUIWI+

    URU_@OBS@WJZL@ZDRXZLBXUVXB_@OBIWCXB@SBS@ZQXVZ@HNBSZVXBS_INNIWCXB@SBJBU@WJ@WJKVH

    CXB@ZIVW?BL@TB@JKRSZBJVRXBSZIU@ZBZVZ@MB

    IWZV@CCVRWZZLBLIOLBXQXVZU@XOIWSVDJV_WZV_W

    XBZ@IN SZVXBS@WJZLBLIOLBX ZL@WUIWIURU_@OB

    IWCXB@SBZL@Z_B@XBQXVQVSIWO,IOLQXVZU@XOIWS

    SROOBSZZL@Z@CZITIZY@ZZLBSBSZVXBSZL@ZSBXTBNV +

    C@NU@XMBZS_INNWVZHBCVWSZX@IWBJHYZLBCVSZSVD

    @_@OBIWCXB@SBZVQBXLVRXHRZX@ZLBXHYZLB

    NBTBNVDJBU@WJ

    $JJIZIVW@N_@OBSZVJV_WZV_W_VXMBXS

    _VRNJSQRX@HVRZUINNIVWIWBCVWVUIC

    @CZITIZYIW_VXMBXSCVUURWIZIBS

    VXBTBXYNV__@OB_VXMBXSIWZLBXB+

    Z@IN@WJXBSZ@RX@WZSBCZVXSOBZZIWO@X@ISB

    ZVQBXLVRXVWBDRNNZIUBKVHCVRNJ

    HBCXB@ZBJ

  • 7/30/2019 A Case for $15

    10/17

    Ugjh 4

    Dkugap nm sdnihmp avdkh8BCBWZIWCXB@SBSIWTIVNBWZCXIUBIW#LIC@OVL@TB

    O@XWBXBJ UBJI@ @ZZBWZIVW W@ZIVW@NNY @WJ BTBW

    ONVH@NNY :LB LVUICIJB X@ZB L@S IWCXB@SBJ JX@+

    U@ZIC@NNYZLISYB@X@WJHYZLBBWJVDZLBYB@XZLB

    ZVZ@NWRUHBXVDLVUICIJBSISB\QBCZBJZVB\CBBJ

    6TBX ZLB Q@SZ JBC@JB UVXB ZL@W

    QBVQNB L@TB HBBW URXJBXBJ @HVRZ UVXB

    QBVQNBZL@WZXVVQSZL@Z_BXBMINNBJJRXIWOIWZLB

    )X@P?@X6HSBXTBXS_VWJBXLV_@ONVH@NCIZYIW

    ZLBXICLBSZCVRWZXYIWZLB_VXNJC@WQVSSIHNYSRDDBX

    SRCL@WBQIJBUICVDTIVNBWCB

    ?LINBXVVZC@RSBSVDTIVNBWZCXIUB@XBCVUQNB\dm+

    CVUBIWBPR@NIZYL@SCVWSISZBWZNYHBBW IJBWZIBJ

    gknmj pbh fhqp uvh`dapnvq nc sdnihmp avdkh vgphq-

    :LISLVNJSZXRBHVZLIWCVUQ@XIWOQVQRN@ZIVWS@WJ

    VTBXZIUBDVXCL@WOBSIWIWBPR@NIZYB\QBXIBWCBJHY

    @ SVCIBZY :LB XBSB@XCL SROOBSZS ZL@Z IWCXB@SBJ

    IWBPR@NIZY HXB@MS JV_W SVCI@N CVLBSIVW HBZ_BBW

    ZLVSB_IZLLIOLBX@WJNV_BXIWCVUBS_IZL@X@WOB

    VDWBO@ZITBCVWSBPRBWCBSIWCNRJIWO IWCXB@SBJTI+

    VNBWZCXIUBRXZLBXXBSB@XCLSROOBSZSZL@ZXBN@+

    ZITBNYSU@NNSLIDZSIWIWBPR@NIZYC@WL@TB@HIOIU+

    Q@CZVWNBTBNSVDTIVNBWZCXIUB

    .V__@OB_VXMBXSIWZLBXBSZ@RX@WZ@WJXBZ@INSBC+

    ZVXS VDZBW NITB IW ZLB WBIOLHVXLVVJS VD #LIC@OV

    UVSZ@DDBCZBJHYTIVNBWCB:LISISQ@XZICRN@XNYZXRB

    DVXZLVSB_VXMIWOIWZLB.VVQ@WJZLB5@OWICBWZ

    5INB_LV CVUB ZV _VXMIW XBZ@IN JISZXICZS @UVWO

    ZLB XICLBSZ IW 7VXZL $UBXIC@ DXVU QN@CBS _LBXB

    ZLBY L@TB ZV _VXXY@HVRZ ZLBIXV_WS@DBZYVX ZLB

    S@DBZYVDZLBIXCLINJXBW8@ISBSZVZLB_@OBSZLBSB

    _VXMBXSB@XWSLVRNJHBXBO@XJBJ@SVWBUB@WSVD

    U@MIWO#LIC@OVWBIOLHVXLVVJSS@DBX

    Dkugap nm qpx`hmpq gm` qabnniq1RHNICBJRC@ZIVWIW#LIC@OVIS@NSVIWCXISIS5@WY

    #LIC@OV1RHNIC3CLVVNS#13SZRJBWZS@XBSZXRO+

    ONIWOZVUBBZHBWCLU@XMSVDZLBPR@NIZYBJRC@ZIVW

    @NNSZRJBWZSJBSBXTB5@WYSZRJBWZS@XBSZXROONIWO

    KRSZZVWISLSCLVVN@Z @NN8BCBWZNY SVUBBJRC@+

    ZIVWQVNICYU@MBXSL@TBXBSQVWJBJ_IZLWB@XB\CNR+

    SITBDVCRSVWQBXDVXU@WCBUB@SRXBUBWZZLXVROL

    SZ@WJ@XJI[BJ ZBSZS SCVXBS @WJ LVNJIWO ZB@CLBXS

    @CCVRWZ@HNBDVXZLBSBSCVXBS:LISISZLBQXBU+

    ISBHBLIWJ#13S_@TBVDZRXW@XVRWJSZL@ZL@S

    CNVSBJUVXBZL@WSCLVVNSIW#LIC@OVVTBXZLB

    Q@SZJBC@JBHRZH@XBNYUVTBJZLBWBBJNBVWSZR+

    JBWZ@CLIBTBUBWZ

    "JRC@ZIVW@N@CLIBTBUBWZ@WJVRZCVUBSCVXXBN@ZB

    _IZLSVCIVBCVWVUICSZ@ZRSBSQBCI@NNYDVXSZRJBWZS

    @ZZLBHVZZVUBWJVDB\ZXBUBIWCVUBIWBPR@NIZY

    #LINJXBWDXVUQVVXLVRSBLVNJS@XBZ_ICB@SNIMB+

    NY@SWVWQVVXCLINJXBWZVXBQB@Z@OX@JBOBZB\+

    QBNNBJVXSRSQBWJBJVXJXVQVRZVDLIOLSCLVVN

    8BSB@XCLL@SSLV_WZL@ZCLINJXBWZL@Z NITBHBNV_

    ZLBQVTBXZYNIWBS@XBZIUBSUVXBNIMBNYZVL@TB

    JBTBNVQUBWZ@NJBN@YS@WJZIUBSUVXBNIMBNYZV

    L@TB NB@XWIWOJIS@HINIZIBS ZL@WWVWQVVX CLINJXBW

    :_BWZYZ_V QBXCBWZ VDCLINJXBW_LV L@TB NITBJIW

    QVTBXZYDVX@QBXIVJIWZLBIXNITBSJVWVZOX@JR@ZB

    DXVULIOLSCLVVN:LISX@ZBOVBSRQZV_LBW

    SZRJBWZSSQBWJUVXBZL@WL@NDVDZLBIXCLINJLVVJS

    IW QVTBXZY )W CVWZX@SZ ZLB JXVQVRZ X@ZB DVX SZR+

    JBWZSZL@ZWBTBXB\QBXIBWCBQVTBXZYIS@HVRZ

    :LB VDCI@N CLINJ QVTBXZY X@ZB IW #LIC@OV SZ@WJS

    @Z@HVRZ@WJ#13BSZIU@ZBSZL@Z@HVRZ

    VD@NNSZRJBWZSCVUBDXVULVRSBLVNJS_LBXBZLB

    LB@J VD ZLB LVRSBLVNJ _VXMS NV_ _@OB KVHS

    8@ISIWO_@OBSDVXQ@XBWZS_INNU@MB@XB@NJIDDBX+

    BWCBIWLV_ZLBSBCLINJXBWQBXDVXUIWSCLVVN)W+

    CXB@SIWOZLB_@OBSVDJV_WZV_W_VXMBXSL@SZLB

    QVZBWZI@NZVJIXBCZNYIUQ@CZCNVSBZVCLINJXBWIWZLBCIZY_LINBIWCXB@SIWOZLB_@OBSVD@NNXBSZ@R +

    X@WZ@WJXBZ@IN_VXMBXSC@WL@TBZLBQVZBWZI@NZV

    IUQ@CZ UVXB ZL@W CLINJXBW IW #LIC@OV

    8@ISIWO_@OBS ZVXBJRCBCLINJ QVTBXZYSLVRNJ HB

    CVWSIJBXBJ@WIUQVXZ@WZQ@XZVDSBWSIHNBBDDVXZSZV

    IUQXVTBQRHNICBJRC@ZIVW

    Qpvnmjhv) qgchv ankkxmdpdhqVXZLCVUIWOXBQVXZSIWZLISSBXIBS_INNB\@UIWBZLB

    XBN@ZIVWSLIQHBZ_BBW_@OBS@WJBJRC@ZIVW@WJTI+

    VNBWZCXIUBIWDRXZLBXJBZ@IN,IOLBX_@OBSL@TBZLB

    QVZBWZI@NZVUVTBZLVRS@WJSVD_VXMBXS@WJZLBIX

    D@UINIBSVRZVDQVTBXZY5@WYCL@NNBWOBSD@CIWO#LI+

    C@OVWBIOLHVXLVVJSU@YHBXVVZBJIW LIOLNBTBNS

    VDQVTBXZY@WJIWBPR@NIZY1VTBXZYL@SHBBWSLV_W

    ZVL@TB@SZXVWOCVXXBN@ZIVW_IZL@C@JBUICQBXDVX+

    U@WCB @WJ SCLVVN JXVQVRZ X@ZBS )WBPR@NIZY L@S

    HBBWSLV_WZVHB@SZXVWOQXBJICZVXDVX@WRUHBX

    VDSVCIVBCVWVUICISSRBSIWCNRJIWOLVUICIJBX@ZBS

  • 7/30/2019 A Case for $15

    11/17

    Ugjh 75

    @WJTIVNBWZCXIUB)UQXVTIWOZLB_@OBSVD_VXMBXS

    _LVNITBIWZLBCIZYSNV_BSZIWCVUBWBIOLHVXLVVJS

    L@SZLBQVZBWZI@NZV@JJXBSSSVUBVDZLBSBISSRBS

    :LB ?VXMBXS 6XO@WI[IWO #VUUIZZBB VD #LIC@OV

    ?6##IS@WB_NYDVXUBJRWIVWVDJV_WZV_WXBZ@IN

    @WJXBSZ@RX@WZ_VXMBXS_LVSBQXIU@XYJBU@WJIS

    DVX@UIWIURU_@OBVDQBXLVRX$WIWCXB@SB

    ZVQBXLVRXDVX@NNBUQNVYBBSIWZLBXBSZ@RX@WZ

    @WJXBZ@INSBCZVXSIW#LIC@OVSZ@XZIWO_IZLZLVSB

    DXVU ZLB JV_WZV_W @XB@ _VRNJ HXIWO BWVXUVRS

    HBWBZSDVX_VXMBXSZLBIXD@UINIBS@WJZLBIXWBIOL+

    HVXLVVJS?LINBZLBCVSZDVXBUQNVYBXS_VRNJHB

    WBONIOIHNBCVUQ@XBJZVZLB_B@NZLVDJV_WZV_WXB +

    Z@INJISZXICZSIZ_VRNJU@MB@SIOWIC@WZJIDDBXBWCB

    DVX ZLVRS@WJS VD XBSZ@RX@WZ @WJ XBZ@IN _VXMBXS

    @CXVSS#LIC@OV

    :LBX@ZBVDQBXLVRXISUVXBIWNIWB_IZLZLB

    @CZR@NCVSZVDNITIWOIW#LIC@OV@WJX@ISIWO_@OBS

    DVXXBZ@IN@WJXBSZ@RX@WZ_VXMBXSZVZLISNBTBN_VRNJ

    HXIWO ZLVRS@WJS VD #LIC@OV@WS VRZ VD NV_ _@OB

    _VXM @WJ IWZV ZLB UIJJNB CN@SS ?B XBCVUUBWJ

    X@ISIWOZLB_@OBSVD@NNXBZ@IN@WJXBSZ@RX@WZ_VXM+

    BXSIWJV_WZV_W#LIC@OVZV@UIWIURUVDQBX

    LVRX_LICLVRX@W@NYSISJBUVWSZX@ZBS_INNXBSRNZIW

    IWCXB@SBJBCVWVUIC@CZITIZYIWVRXWBIOLHVXLVVJS

    ZLB CXB@ZIVW VD ZLVRS@WJS VD WB_ KVHS @WJ IU+QXVTBUBWZSIWBJRC@ZIVW@WJQRHNICS@DBZYIWVRX

    CVUURWIZIBS

  • 7/30/2019 A Case for $15

    12/17

    Ugjh 77

    Khpbn`ninjt Guuhm`dr*BWIWO.V_?@OB:LBXBISWVSBZSZ@WJ@XJJBWIZIVWVDNV__@OBS

    ?BXBDBXBWCBNBTBNSRSBJIWXBQVXZSHYSBTBX@NVX +

    O@WI[@ZIVWS

    :LB .V_ _@OB 8BCVTBXY @WJ /XV_IWO )WBPR@NIZY?@OBSZL@Z@XBNV_BXZL@WQBX

    LVRXVXZLIS@W@NYSIS7".1JITIJBJ@NNVCCR+

    Q@ZIVWSIWZVZLIXJSLIOLUIJ@WJNV_H@SBJ

    VWUBJI@W_@OB

    #LIC@OVS /XV_IWO .V_ _@OB ?VXMDVXCB

    ?@OBSZL@Z@XBNV_BXZL@WQBXLVRXH@SBJ

    VW @ UVJBSZ@WJ CVWSBXT@ZITB @SSBSSUBWZ

    VDCVSZVDNITIWO$ZZLIS_@OBNBTBN@DRNNZIUB

    _VXMBX NITIWO HYLBXSBND _INN H@XBNY HB@HNB ZV

    CVTBX NIDBS H@SIC CVSZS _IZLVRZ QRHNIC @SSIS+

    Z@WCB ?LBW @ _VXMBX B@XWIWO QBX LVRXISSRQQVXZIWOD@UINYVXVZLBXLVRSBLVNJUBU+

    HBXSQRHNIC@SSISZ@WCBQXVOX@US_INNNIMBNYHB

    IWJISQBWS@HNBZVLVRSBLVNJSRHSISZBWCB

    VXZLBQRXQVSBSVDZLISXBQVXZ_BZBWJZV_@XJ@

    JBWIZIVW VD NV_ _@OB IWXBN@ZIVWZV @CZR@N NVC@N

    CVSZSVDNITIWO?BXBDBXSVUBZIUBSZV_@OBSHBNV_

    QBXLVRX@SNV__@OBHBC@RSBVDZLBXBN@ZIVW+

    SLIQZVZLBCVSZVDNITIWOIW#LIC@OV

    Anvunvgph Zhgipb gm` Zhgipb nc AHNq

    IORXBS IW ZLB #VXQVX@ZB ?B@NZL _BXB C@NCRN@ZBJHY@W@NY[IWOCVXQVX@ZBW@WCI@NJ@Z@DXVU@SBNBCZ

    OXVRQVDQRHNICNYZX@JBJCVUQ@WIBSZL@ZL@TB

    VQBX@ZIVWSIWZLB#LIC@OVJV_WZV_W@XB@:LBJ@Z@

    RSBJC@UBDXVUB@CLVDZLBCVUQ@WYSVXU-

    _LICLISZLB@WWR@NW@WCI@NSZ@ZBUBWZZL@ZQRHNIC

    CVUQ@WIBSURSZNB_IZLZLB3BCRXIZIBS"\CL@WOB

    #VUUISSIVW:LBJ@Z@RSBJ_@SDXVUSC@NYB@XS

    ZLXVROL

    :LB J@Z@ DVX #"6CVUQBWS@ZIVW Q@CM@OBS C@UB

    DXVU B@CL VD ZLB CVUQ@WYS QXV\Y SZ@ZBUBWZS_LICLIS@W@WWR@NXBQVXZZL@ZQRHNICCVUQ@WIBS

    URSZ NB _IZL ZLB 3BCRXIZIBS "\CL@WOB #VUUIS+

    SIVW$NNZLB#"6CVUQBWS@ZIVWORXBS_BXBDXVU

    9_IZLZLBB\CBQZIVW(RXOBX-IWO,VNJIWOS

    HBC@RSB IZ L@S WVZ JISCNVSBJ #"6 CVUQBWS@ZIVW

    ORXBSSIWCBZLBCVUQ@WYCL@WOBJIZSCVXQVX@ZB

    SZXRCZRXBIW

    :LBCVUQ@WIBSZL@Z_BXBRSBJDVXZLISSRXTBY@XB

    $HBXCXVUHIB IZCL $uXVQVSZ@NB $UBXIC@W "@+

    ONB6RZZZBXS)WC$WW)WC(@XWBS7VHNB)WC

    (BHB3ZVXBS)WC(BJ(@ZL(BYVWJ)WC(BSZ(RY

    #V)WC(VW:VW3ZVXBS)WC(XIWMBX)WZBXW@ZIVW+

    @N)WC(RXOBX-IWO,VNJIWOS#@XIHVR#VDDBB#V#L@XUIWO3LVQQBS)WC#LBBSBC@MB@CZVXY)WC

    #LICV@S)WC#LIQVZNB5B\IC@W/XINN)WC#VNNBC+

    ZITB(X@WJS)WC#VSp)WC*3?)WC"IWSZBIW7V@L

    8BSZ@RX@WZ/XVRQ)WC/@Q)WCVVZ.VCMBX)WC

    /@UB3ZVQ )WC/RBSS )WC+@CM)W:LB (V\ )WC

    +VS$(@WM#NVZLIBXS)WC-BWWBZL#VNB1XVJRC+

    ZIVWS )WC .IUIZBJ (X@WJS )WC 5@CYS )WC 5C+

    *VW@NJS#VXQ5BWS?B@XLVRSB)WC7B_9VXM

    #VUQ@WY)WC7VXJSZXVU)WC6DCB*BQVZ)WC6D+

    CB5@\)WC1@WBX@(XB@J#V1#L@WOS#LIW@

    (ISZXV)WC8@JIV3L@CM#V3@MS)WC3@NNY(B@R+

    ZY ,VNJIWOS 3B@XS ,VNJIWOS 3Z@QNBS )WC :@XOBZ

    #VXQ:LB?BWJYS#V:IDD@WY#V:+

  • 7/30/2019 A Case for $15

    13/17

    Ugjh 76

    HINNIVWIWXBTBWRB:LISWRUHBX_@SC@NCRN@Z+

    BJHYURNZIQNYIWOXBZ@INSPR@XBDVVZ@OBHYZLB@TBX+

    @OBS@NBSQBXSPR@XBDVVZX@ZBIWZLB@XB@_LICL

    _@S@HVRZ,V_BTBXZLBWRUHBX_@SC@NCR+

    N@ZBJRSIWO@NNZLBB\ISZIWOXBZ@INVVXSQ@CBIWZLB

    .VVQIWCNRJIWOXBZ@INSQ@CBZL@Z_@SWVZVCCRQIBJ

    @ZZLBZIUBVDSZRJY?BL@TB@JKRSZZLBBSZIU@ZB

    ZVHINNIVWZVXBBCZ@UVXB@CCRX@ZBXBTBWRB

    DVXZLBJISZXICZIWHYXBUVTIWOVVXSQ@CBZL@Z

    _@SWVZHBIWORSBJ@ZZLBZIUBVDZLBSZRJY@WJHY

    @JKRSZIWO5@CYSS@NBSQBXSPR@XBDVVZZVZLBNV_

    BWJVDZYQIC@[email protected]_LICLISQBX

    SPR@XBDVVZ

    :LBXBTBWRBBSZIU@ZBDVXZLB5@OWICBWZ5INBXB +

    Z@INISHINNIVW@WJ_@SZ@MBWDXVUZLB5ICLIO@W

    $TBWRB4ISIVWXBQVXZQRHNISLBJHYZLB/XB@Z+

    BX7VXZL5ICLIO@W$TBWRB$SSVCI@ZIVW

    Mxkfhvq nc Znvlhvq gm` Gshvgjh Zgjhq:LBWRUHBXVD_VXMBXS@WJ@TBX@OB_@OBS@XBBS +

    ZIU@ZBJHYSBCZVXXBZ@IN@WJXBSZ@RX@WZDVXJV_W+

    ZV_W@WJCIZY_IJB:LBSVRXCB_@OBJ@Z@DVXZLB

    BSZIU@ZBSISZLB(RXB@RVD.@HVX3Z@ZISZICSVTBX+

    @NNBUQNVYUBWZ@WJ _@OBNBTBNSHYVCCRQ@ZIVWIW

    ZLB#LIC@OVXBOIVW@WJ_@OBNBTBNSDVXB@CLVC +

    CRQ@ZIVW_IZLIW B@CL IWJRSZXY HVZL VD _LICL @XB

    IW6CCRQ@ZIVW@N"UQNVYUBWZ3Z@ZISZICS6"3J@Z@

    SBXIBS5@YLZZQ___HNSOVTVBS

    :VBSZIU@ZBZLBJV_WZV_W_VXMDVXCBBUQNVYUBWZ

    DXVU6"3J@Z@_@S@NNVC@ZBJH@SBJVW(RXB@RVD

    #BWSRS ;)1 #VJB (RSIWBSS 1@ZZBXWS _LICL CVW+

    Z@IWSNVC@NI[BJCVRWZSVDHRSIWBSSBSZ@HNISLUBWZS

    HY IWJRSZXY @WJ HY _VXMDVXCB SI[B DVX JV_WZV_W

    ;)1CVJBS

    @WJ@WJCLBCMBJ@O@IWSZBSZIU@ZBSVDCIZY+

    _IJB@WJJV_WZV_WXBTBWRBSIWZLBSBSBCZVXSSBB

    *V_WZV_W 8BZ@IN@WJ8BSZ@RX@WZ 8BTBWRBSBC+

    ZIVW@HVTB

    :LB JIXBCZ CVSZ VD X@ISIWO _VXMBXS DXVU CRXXBWZ

    _@OBNBTBNS@WJQBXLVRXISC@NCRN@ZBJHYURN +

    ZIQNYIWO ZLB JV_WZV_W _VXMDVXCB ZIUBS

    ZLB @TBX@OB LVRXNY _@OB ZIUBS ZLB@TBX+

    @OBLVRXSQBX_BBM:LB@TBX@OBWRUHBXVDLVRXS

    X@WOBDXVU@HVRZZVLVRXSQBX_BBM_LICL

    UB@WSZLBCVSZZV@XXITB@ZZVUINNIVW

    _LICLISZLBBPRIT@NBWZZV@HVRZZVVD

    ZLBHINNIVWIWXBTBWRBDVXZLBJV_WZV_WXBZ@IN

    @WJ XBSZ@RX@WZ IWJRSZXIBS ?LINB (.3 J@Z@ SRO+

    OBSZSZL@ZBSZIU@ZBWRUHBXVDLVRXSZVHBVWZLB

    LIOLBXBWJVDZLISX@WOBHRZ@WBCJVZ@NBTIJBWCB

    DXVUXBZ@IN@WJXBSZ@RX@WZ_VXMBXSIW#LIC@OVIWJI+

    C@ZBSZL@Z@TBX@OBWRUHBXVDLVRXSQBX_BBMNIMBNY

    D@NNSVWZLBNV_BXVWZLBBWJZLISX@WOB

    Kxipduidhv gm` Onf Avhgpdnm:LBURNZIQNIBX @WJ KVHCXB@ZIVWBSZIU@ZBS IW ZLIS

    XBQVXZOBWBX@NNYDVNNV_UBZLVJVNVOYDXVUZLB"CV+

    WVUIC 1VNICY )WSZIZRZB "1) "1) RSBS WRUHBXS

    DXVU

    ;@WJI5@XM$Z.@SZZLB23(BOIWS@

    3BXIVRSISC@N*BH@ZB5VVJYS$W@NYZICS*IS +

    U@N3CIBWZISZ_BHSIZB

    LZZQ___BCVWVUYCVUJISU@N@XZICNBF

    DXBB@SQ&CIJZIJ##

    *"$("$

    3QBCIC@NNY@CCVXJIWOZV"1)$TBX@OIWOZLBSZIU+

    RNRSURNZIQNIBXSVDZLB"@XWBJ )WCVUB :@\ #XBJIZ

    _IZLIW8BCVTBXY$CZQ@X@UBZBXS@WJ5@MIWO?VXM

    1@Y ZLB8BCVTBXY$CZS XBDRWJ@HNB Z@\ CXBJIZ DVX

    _VXMIWO IWJITIJR@NS@WJD@UINIBS OITBS@ XB@SVW+

    @HNBSC@NSZIURNRSURNZIQNIBXDVXZLBSQBWJIWOIW +

    CXB@SBJRBZVZLBIWCXB@SBIWCVUQBWS@ZIVWVDNV_

    _@OB_VXMBXS:LIST@NRBIS_LICLUB@WSZL@Z

    @IWCXB@SBIWCVUQBWS@ZIVWZVNV__@OB_VXM +

    BXSNB@JSZV@IWCXB@SBIWBCVWVUIC@CZITI+

    ZY"1)ZLBWVDDSBZSZLBSBWRUHBXSZV@CCVRWZDVX

    CVSZSLIDZDVXBUQNVYBXS?BRSBZLBURNZIQNIBXVD

    _LICL"1)C@NCRN@ZBSZVXBQXBSBWZQ@SS

    ZLXVROL

    "1)RSBSZ_VORXBSZVBSZIU@ZBKVHCXB@ZIVWDXVU

    IWCXB@SBJBCVWVUIC@CZITIZYDVX@DRNN

    ZIUBBPRIT@NBWZKVHUB@SRXIWO_VXMLVRXSIWCNR+

    SITBVDHVZLWB_KVHS@WJIWCXB@SBJLVRXSDVXZLVSB

    _LV@NXB@JYL@TBKVHS@WJDVX@Q@YXVNN

    KVHUB@SRXIWOVWNY_LVNNYWB_KVHS"1)RSBS@W

    @TBX@OB VDBSZIU@ZBS_IZL B@CL WRUHBX VX ZLIS

    XBQVXZKVHCXB@ZIVWBSZIU@ZBSRWJBXZLBSBSCBW@X+

    IVS@XBJV_WZV_WQ@YXVNNKVHS

    JV_WZV_W DRNNZIUB BPRIT@NBWZ KVHS

    CIZY_IJB Q@YXVNN KVHS CIZY_IJB DRNN

    ZIUBBPRIT@NBWZKVHS

  • 7/30/2019 A Case for $15

    14/17

    Ugjh 71

    Hm`mnphq7@ZIVW@N(RXB@RVD"CVWVUIC8BSB@XCL(RSIWBSS#YCNB*@ZIWO#VUUIZZBB3BQZBUHBXLZZQ

    ___WHBXVXOCYCNBSSBQZLZUN

    :LRXU3CVZZVX(IO#[email protected]/VVJ:LB?@NN3ZXBBZ+VRXW@N$QXIN$CCBSSBJ6CZVHBX

    $CCBSSBJ6CZVHBXLZZQVWNIWB_SKCVU@XZICNB3(

    LZUN

    7@ZIVW@N"UQNVYUBWZ.@_1XVKBCZ:LB.V__@OB8BCVTBXY@WJ/XV_IWO)WBPR@NIZY$RORSZ$CCBSSBJ

    7VTBUHBXLZZQWBNQCJWWBZBB@@CCFPKUHMLBQJD

    6XO@WI[@ZIVWDVX"CVWVUIC*BTBNVQUBWZ@WJ#V6QBX@ZIVW@WJ*BTBNVQUBWZ3Z@Z"\ZX@CZS/)7)#VBDCIBWZ

    *@Z@DVXZLB23DXVUZLBUIJS@WJN@ZBS*@Z@"\ZX@CZBJVW6CZVHBXLZZQ___VBCJ

    VXOSZ@ZISZICS

    ?B@ZLBXIWOZLB/XB@Z8BCBSSIVW*IJ,IOL1VTBXZY7BIOLHVXLVVJS@XB?VXSB&:LB1B_#L@XIZ@HNB:XRSZ

    6CZVHBX$CCBSSBJ7VTBUHBXLZZQ___QB_SZ@ZBSVXORQNV@JBJINBS1#3F$SSBZS

    1B_FRXH@WFWBIOLHVXLVVJSFXBQVXZQJD

    (XICMBX+BSSBBZ@N#L@WOBSIW23@UINYIW@WCBSDXVUZV"TIJBWCBDXVUZLB3RXTBYVD#VW+

    SRUBXIW@WCBSBJBX@N8BSBXTB(RNNBZIW+RWB4VN7V

    3@B["UU@WRBN3ZXIMIWOIZ8ICLBX:LB"TVNRZIVWVD:VQ)WCVUBSIWZLB2WIZBJ3Z@ZBS5@XCL

    $CCBSSBJVW6CZVHBXLZZQBNS@HBXMBNBYBJRgS@B[S@B[23ZVQIWCVUBSQJD

    9BW,VQB231VTBXZYVWZX@CMZVXISBZVLIOLBSZSIWCBS9@LVV7B_S+RNY$CCBSSBJ7V+

    TBUHBXLZZQWB_SY@LVVCVURSQVTBXZYZX@CMXISBLIOLBSZSIWCBSW@WCBLZUN

    #7(#CVU:LB?VXNJS5VSZ#VUQBZIZITBIW@WCI@N#BWZBXS3BQZBUHBX$CCBSSBJ6CZVHBX

    LZZQ___CWHCCVUIJ:LBF?VXNJFSF5VSZF#VUQBZIZITBFIW@WCI@NF#BWZBXS&SNIJB

    VXHBS5BJI@..#?VXNJS8ICLBSZ1BVQNB.ISZVD)NNIWVIS(INNIVW@IXBS$CCBSSBJ7VTBUHBXLZZQ___DVXHBSCVUNISZS)NNIWVISF8@WMFLZUN

    $NNBW$SLNBY5C)WZYXB*VRON@S:LB$UBXIC@W#IZIBS_IZLZLB5VSZ5INNIVW@IXBS?@NN3Z+RNY

    $CCBSSBJVW7VTBUHBXLZZQ_@NNSZCVUZLB@UBXIC@WCIZIBS_IZLZLBUVSZUINNIVW+

    @IXBS

    23#BWSRS(RXB@R$UBXIC@W#VUURWIZY3RXTBY1VTBXZY8@ZBSDXVU9B@X"SZIU@ZBS$C+

    CBSSBJ6CZVHBX

    *VRSS@XJ5@XC#LIC@OVS/XV_IWO.V__@OB?VXMDVXCB$1XVNBVD@NNIWO.@HVX5@XMBZVXZRWBS?VU+

    BW"UQNVYBJ$CZIVW7V_)WSZIZRZB3BQZBUHBX$CCBSSBJ6CZVHBXLZZQ____VUBWBUQNVYBJ

    VXOSIZBSJBD@RNZNBSXBSVRXCBS#LIC@OVS/XV_IWO.V__@OB?VXMDVXCB)7$.QJD

    7@ZIVW@N"UQNVYUBWZ.@_1XVKBCZ:LB.V__@OB8BCVTBXY@WJ/XV_IWO)WBPR@NIZY:LBXBQVXZIJBWZIBS

    KVHSUIJ_@OBKVHS@SZLVSBZL@ZQ@YDXVU@WJQBXLVRX$CCBSSBJ6CZVHBX

    LZZQWBNQCJWWBZBB@@CCFPKUHMLBQJD

    (RXB@RVD.@HVX3Z@ZISZICS?@OB3Z@ZISZICSDVX6CCRQ@ZIVWSIWZLB#LIC@OV+VNIBZ7@QBXTINNB).5BZXVQVNIZ@W

    *ITISIVW8BZXIBTBJ$RORSZ

    $W@NYSISVD(RXB@RVD.@HVX3Z@ZISZICSJ@Z@3BBUBZLVJVNVOY@QQBWJI\

    (RXB@RVD.@HVX3Z@ZISZICS*@Z@CVNNBCZBJ$RORSZ

  • 7/30/2019 A Case for $15

    15/17

    Ugjh 70

    .RCB3ZBQL@WIBRKIZ@7@VMI*ISCVRWZBJ+VHS,V_8BZ@INBXS3BNN?VXMBXS3LVXZ#IZY2WITBXSIZYVD7B_

    9VXM@WJ8BZ@IN$CZIVW1XVKBCZ$CCBSSBJ7VTBUHBXLZZQXBZ@IN@CZIVWQXVKBCZVXO_QCVWZBWZ

    RQNV@JS)7$.F8$1QJD

    $UBXIC@W#VUURWIZY3RXTBY9B@X"SZIU@ZBSDVXZLXVROL23#BWSRS(RXB@R$CCBSSBJ6CZV+

    HBX7VZB:LB23#BWSRSRSBSZLBDBJBX@NQVTBXZYZLXBSLVNJSZVJBZBXUIWB_LVNITBSIWQVTBXZY

    /XBBWHBXO5@XM)ZS:IUBDVX@(BZZBX1VTBXZY5B@SRXB#BWZBXDVX$UBXIC@W1XVOXBSS$RORSZ

    $CCBSSBJ7VTBUHBXLZZQ___@UBXIC@WQXVOXBSSVXOISSRBSQVTBXZYXBQVXZIZS

    ZIUBDVX@HBZZBXQVTBXZYUB@SRXB

    IORXBSDVXZLB)NNIWVIS3BND3RDCIBWCY3Z@WJ@XJ@XBC@NCRN@ZBJHYZLB,B@XZN@WJ$NNI@WCBDVX,RU@W7BBJS

    @WJ,RU@W8IOLZS

    3VCI@N)UQ@CZ8BSB@XCL#BWZBX/BZZIWO(Y/BZZIWO$LB@JZLB)NNIWVIS3BND3RDCIBWCY3Z@WJ@XJ

    3BQZBUHBX$CCBSSBJ6CZVHBXLZZQ___LB@XZN@WJ@NNI@WCBVXO_L@Z_BJV@JTVC@CYXBQVXZS

    OBZZIWOHYOBZZIWO@LB@JINSBNDSRDCIBWCYW@NQJD

    #@NCRN@ZBJVW3VCI@N)UQ@CZ8BSB@XCL#BWZBX)NNIWVIS3BND3RDCIBWCY#@NCRN@ZVX$CCBSSBJ7VTBUHBX

    LZZQ___INC@NCRN@ZVXVXOC@NCRN@ZVXCDU

    23#BWSRS(RXB@R1VTBXZY:LXBSLVNJSDVXHY3I[BVD@UINY@WJ7RUHBXVD8BN@ZBJ#LINJXBW2WJBX

    9B@XS)WZLBQVTBXZYZLXBSLVNJDVX@VWB@JRNZVWBCLINJLVRSBLVNJ_@S

    NVXIJ@8ICL@XJ)D23#IZIBS?BXB#VRWZXIBS,V_?VRNJ:LBY8@WM&:LB$ZN@WZIC+RNY$C+

    CBSSBJVW6CZVHBXLZZQ___ZLB@ZN@WZICCVUHRSIWBSS@XCLITBIDRSCIZIBS_BXBCVRW+

    ZXIBSLV__VRNJZLBYX@WM

    )NNIWVIS*BQ@XZUBWZVD8BTBWRB#@NCRN@ZBJHYRSIWO9Z@\J@Z@CVNNBCZBJVW/BWBX@N5BXCL@WJISB

    *XIWMIWO@WJ"@ZIWO1N@CBS$QQ@XBNRXWIZRXB,,[email protected](NJO,@XJ_@XBVVJ$CCBSSBJ6CZV+

    HBXLZZQS___XBTBWRBSZ@ZBINRS@QQMVHIWJB\KSQ

    /XB@ZBX7VXZL5ICLIO@W$TBWRB5ICLIO@W$TBWRB4ISIVW$CCBSSBJ6CZVHBXLZZQ___OWU@@CVUQN@WWIWOF@JTVC@CYTISIVWF

    #[email protected][email protected]"CVWVUIC3ZRJYBHXR@XY$CCBSSBJ6CZVHBXLZZQCLI+

    C@OVNVVQ@[email protected]"CVWVUICF3ZRJYF)7$.QJD

    "SZIU@ZBVDZLB@UVRWZXBPRIXBJZVHXIWOXBZ@IN@WJXBSZ@RX@WZ_VXMBXSJV_WZV_WZVLXISH@SBJ

    QXIU@XINYRQVW(RXB@RVD.@HVX3Z@ZISZICS_@OB@WJBUQNVYUBWZJ@Z@5VXBJBZ@INS@XBIWCNRJBJIWZLB5VXB

    5VWBYZV#VUURWIZIBSSBCZIVWVDZLBUBZLVJVNVOY@QQBWJI\

    $W@NYSISDXVUCVUQINBJW@WCI@NXBSRNZSVDUVXBZL@WCVUQ@WIBS_IZLHRSIWBSS@CZITIZIBSJV_WZV_W3BB

    UBZLVJVNVOY@QQBWJI\

    5@CYS)WCVXUMINBJVW+@WR@XY

    5@CYS)WCVXUMINBJVW+@WR@XY

    /RY3@WJX@5@CYSCLIBDS@YS#LIC@OVS@NBSSRCCBSS_INNNB@JZVUVXBKVHS#LIC@OV3RW:IUBS+RWB

    $CCBSSBJ7VTBUHBXLZZQ___SRWZIUBSCVUHRSIWBSSU@CYSCLIBDS@YS

    CLIC@OVS@NBSSRCCBSS_INNNB@JZVUVXBKVHSLZUN

    :+

  • 7/30/2019 A Case for $15

    16/17

    Ugjh 78

    7VZB)WZLBXB_BXB#LIQVZNBNVC@ZIVWSW@ZIVW_IJB(YZLBBWJVDIZISB\QBCZBJZL@ZZLB

    WRUHBXSVDVQBWXBSZ@RX@WZS_INNSRXQ@SS

    #LIQVZNB5B\IC@W/XINN)WCVXU-INBJVW*BCBUHBX

    5C*VW@NJS#VXQVXUMINBJVW*BCBUHBX

    $W@NYSISDXVUC@NCRN@ZIWOZLB#VUQBWS@ZIVWQ@CM@OBSVDUVXBZL@WCVUQ@WIBS_IZLHRSIWBSS@CZITIZIBS

    JV_WZV_W3BBUBZLVJVNVOY@QQBWJI\

    3B@XS8VBHRCM@WJ#V1XV\Y3Z@ZBUBWZ

    #LIQVZNB5B\IC@W/XINN)WC1XV\Y3Z@ZBUBWZINBJVW$QXIN

    #LIQVZNB5B\IC@W/XINN)WCVXU-(RXB@RVD.@HVX3Z@ZISZICS?@OB3Z@ZISZICSDVX6CCRQ@ZIVWSIW

    ZLB#LIC@OV+VNIBZ7@QBXTINNB).5BZXVQVNIZ@W*ITISIVW8BZXIBTBJ$RORSZ

    2XH@W6RZZZBXS)WC1XV\Y3Z@ZBUBWZINBJVW$QXIN

    5C*VW@NJS#VXQ1XV\Y3Z@ZBUBWZINBJVW$QXIN

    ?@NOXBBWS)WC1XV\Y3Z@ZBUBWZINBJVW7VTBUHBX

    8BRZSLNIW#@ZLBXIWB8BZ@INS,IJJBW1VZBWZI@N,V_8@ISIWO?@OBS?VRNJ(BWBZ?VXMBXSZLB)WJRSZXY

    @WJZLB6TBX@NN"CVWVUY*BUVS7VTBUHBXLZZQ___JBUVSVXOSIZBSJBD@RNZNBSQRHNIC@+

    ZIVWS8BZ@INS,IJJBW1VZBWZI@NF*BUVSQJD

    $W@NYSISH@SBJVW(RXB@RVD.@HVX3Z@ZISZICS_@OB@WJBUQNVYUBWZJ@Z@3BBUBZLVJVNVOY@QQBWJI\

    $W@NYSISRSIWOIUQ@CZBSZIU@ZBH@SBJVW(RXB@RVD.@HVX3Z@ZISZICSJ@Z@@WJURNZIQNIBXS@J@QZBJDXVU"CV+

    WVUIC1VNICY)WSZIZRZB:LBHBWBZSVDX@ISIWO)NNIWVISUIWIURU_@OB3BBUBZLVJVNVOY@QQBWJI\

    3BBDVXB\@UQNB(RXB@RVD.@HVX3Z@ZISZICS#VWSRUBX"\QBWJIZRXB3RXTBYZ@HNB0RIWZINBSVDIWCVUBHBDVXBZ@\BS3L@XBSVD@TBX@OB@WWR@NB\QBWJIZRXBS@WJSVRXCBSVDIWCVUB$CCBSSBJ7VTBUHBX

    LZZQ___HNSOVTCB\SL@XBPRIWZINBQJD

    $W@NYSISDXVUURNZIQNIBXS@WJCVSZSVDKVHCXB@ZIVWDXVU"CVWVUIC1VNICY)WSZIZRZB3BBUBZLVJVNVOY@QQBW +

    JI\

    ,@NN*VRO/@HNB5@XY:LB(BWBZSVD8@ISIWOZLB)NNIWVIS5IWIURU?@OB"CVWVUIC1VNICY)WSIZZRZB

    +@WR@XYLZZQ___BQIVXONBSIHQJD

    3BBUBZLVJVNVOY@QQBWJI\

    5C#NBNN@WJ"J_@XJ6QIWIVW:LB*B@JNIBSZ/NVH@N#IZY7(##LIC@OV$RORSZ$CCBSSBJ6CZVHBX

    LZZQ___WHCCLIC@OVCVUHNVOS_@XJXVVU:LB*B@JNIBSZ/NVH@N#IZYLZUN

    5RXJBX$W@NYSIS8BQVXZ#LIC@OV1VNICB*BQ@XZUBWZLZZQSQVXZ@NCLIC@OVQVNICBVXOQVXZ@NQ@OB

    QVXZ@N#NB@X1@ZL7B_S3Z@ZISZIC@N8BQVXZS5RXJBX8BQVXZS5$QJD

    23*BQ@XZUBWZVD*BDBWSB6QBX@ZIVW)X@PIXBBJVU23#@SR@NZY3Z@ZRS7VTBUHBX

    :LB"PR@NIZY:XRSZ8BSB@XCL*IOBSZ4IVNVWCB)WCVUB)WBPR@NIZY@WJ4IVNBWZ#XIUB$CCBSSBJVW

    6CZVHBXLZZQ___BPR@NIZYZXRSZVXORMJVCSXBSB@XCLJIOBSZTIVNBWZCXIUBW@NQJD

  • 7/30/2019 A Case for $15

    17/17

    U 73

    *@NY5@XZIW?INSVW5@XOV4@SJBT3L@_W)WCVUB)WBPR@NIZY@WJ,VUICIJB8@ZBSIW#@W@J@@WJZLB2WIZBJ3Z@ZBS

    #@W@JI@W+VRXW@NVD#XIUIWVNVOY$QXIN$CCBSSBJ6CZVHBXLZZQQSYCLUCU@SZBXC@J@NY_INSVW

    II@LXQJD

    #LI,SIBL#LIWO1ROL1VTBXZY)WCVUB)WBPR@NIZY@WJ4IVNBWZ#XIUB$UBZ@$W@NYSISVD8BCBWZ$OOXBO@ZB*@Z@3ZRJ +

    IBS#XIUIW@N+RSZICB8BTIB_4VN7RUHBX$RZRUW

    8V_NIWOSVW-@XBW*VBS)WCVUB)WBPR@NIZY#@RSB,B@NZL@WJ3VCI@N1XVHNBUS+VSBQL8V_WZXBBVRWJ@ZIVW3BQ+

    ZBUHBX

    (@MBX"[email protected]@N1XVHNBUS?IZLZLB2SBVD3ZRJBWZ:BSZ3CVXBSZV"T@NR@ZB:B@CLBXS"CVWVUIC1VNICY)WSZIZRZB

    $RORSZ7VZB:LISZBWJBWCYQBXSISZSBTBWZLVROLZLBXBISWVHXV@JCVWSBWSRSDXVUB\QBXZSSLV_IWOZL@ZZBSZ

    SCVXBS@XBXBNI@HNB@WJT@NIJIWJIC@ZVXSVDZB@CLBXBDDBCZITBWBSS$CCBSSBJ6CZVHBXLZZQ___BQIVXOQRHNIC@ +

    ZIVWHQ

    -@XQ3@X@L#[email protected])UQXVTBUBWZIW"NBUBWZ@XY3ZRJBWZSVTBX:_V*BC@JBS#@Z@NYSZ#LI+

    C@OV3BQZBUHBX$CCBSSBJVW7VTBUHBXLZZQ___C@Z@NYSZCLIC@OVVXOWVZBHVVM

    CVWSVXZIRUSZRJYS@YSNIZZNBIUQXVTBUBWZIWBNBUBWZ@XYSZRJBWZSVTBXZ_VJBC@JBS

    .RZZVW.IWJ@-@XQ3@X@L8@UVS"NNIVZZ5@QQIWO9B@XSVD3CLVVN#NVSRXBS$,ISZVXYVD3CLVVN#NVSIWOSIW#LI +

    C@OVZV@WJ?L@ZL@S(BCVUBVDZLBIX(RINJIWOS#LIC@OV1RHNIC5BJI@*BCBUHBX$CCBSSBJVW7VTBUHBXLZZQ____HB[VXOWVSIJBH@X#LIC@OVSCLVVNCNVSIWOS

    .@JJ,BNBW"JRC@ZIVW@WJ1VTBXZY#VWDXVWZIWOZLB"TIJBWCB3@WDVXJ3CLVVNVD1RHNIC1VNICY*RMB2WITBXSIZY

    7VTBUHBX$CCBSSBJ6CZVHBXLZZQS@WDVXJJRMBBJRXBSB@XCLQ@QBXS3$7QJD

    (XVVMS/RWW+B@WWB*RWC@W/XBO+:LB"DDBCZSVD1VTBXZYVW#LINJXBW:LBRZRXBVD#LINJXBW4VN

    7V3RUUBX@NN$CCBSSBJ6CZVHBXLZZQ___QXIWCBZVWBJRDRZRXBVDCLINJXBWQRHNIC@ZIVWS

    JVCSFFQJD

    ,BXW@WJB[*VW@NJ*VRHNB+BVQ@XJY,V_:LIXJ/X@JB8B@JIWO3MINNS@WJ1VTBXZY)WRBWCB,IOL3CLVVN/X@JR+

    @ZIVW#IZY2WITBXSIZYVD7B_9VXM$QXIN$CCBSSBJ6CZVHBXLZZQ___@BCDVXOgUBJI@1RHS:VQICS

    "JRC@ZIVW6ZLBX*VRHNB+BVQ@XJY,V_:LIXJ/X@JB8B@JIWO3MINNS@WJ1VTBXY*VRHNB+BVQ@XJY8BQVXZ)7$.QJD

    #LIC@OV1RHNIC3CLVVN3Z@ZISZICS@Z@/N@WCB$CCBSSBJ6CZVHBXLZZQ___CQSBJR@HVRZFCQS@Z@

    ON@WCBQ@OBSSZ@ZSF@WJFD@CZS@SQ\