The Jere Beasley Report, Sep. 2007

download The Jere Beasley Report, Sep. 2007

of 48

Transcript of The Jere Beasley Report, Sep. 2007

  • 8/9/2019 The Jere Beasley Report, Sep. 2007

    1/48

  • 8/9/2019 The Jere Beasley Report, Sep. 2007

    2/48

  • 8/9/2019 The Jere Beasley Report, Sep. 2007

    3/48

  • 8/9/2019 The Jere Beasley Report, Sep. 2007

    4/48; A`nse`yNee`j.clg

    v`ry hgplr tnjt blr tm` puaehc tl ij lw wmnt mnpp`j`k tl Gr. Enssht`r. Fr`f Nee`j brlg lur bhrg neljf whtm Brnji Mnwtmlrj`, Or. lb Gljtflg`ry mnjke`ktmhs cns` blr Gr. Enssht`rs bnghey. [m`y khk nj lutstnjkhjf ola hj khsclv`ry njkpr`trhne pr`pnrnthlj r`suethjf hj s`tte`-g`jt lb tm` cns` whtmlut tm` j`c`sshty lb n trhne.

    QR NJK M LQS@ [ QNHE@Q NVJHJFS C NS@ S @[[E@S

    Lur bhrg r`c`jtey s`tte`k n v`ry hgplrtnjt cns` tmnt ujk`rsclr`s tm`hgplrtnjc` lb bueey xpelrhjf nee bncts lb n s`rhlus hjoury lr k`ntm cns` a`cnus`tm`r` gny a` n k`b`cthv` prlkucthjvlev`k. Hjblrgnthlj e`nrj`k hj tmhscns` hs nesl hgplrtnjt tl smnr` a`cnus`lwj`rs lb r`cr`nthljne v`mhce`s (QRs)njk mlrs` trnhe`rs gny a` ujnwnr` lb tm` plt`jthne rhsis nsslchnt`k whtm nwjhjfs nttncm`k tl tm`hr v`mhce` lr trnhe r. Lj Gnrcm >>,1440,n ylujf gnjnttncm`k nj `xt`jk`k mlrs` trnhe`r tltm` r`nr lb mhs 144> Blrk B304 truci njkkrlv` brlg Ghsshsshpph hjtl Nenangn.[m` trnhe`r wns `quhpp`k whtm n 1>-blltrlee-lut nwjhjf nttncm`k tl tm` krhv`r shk` lb tm` trnhe`r. [m`s` nr tm` sng`

    typ` nwjhjfs us`k lj enrf` gltlr mlg`s.Vmhe` krhvhjf jlrtm neljf n rurne

    Nenangn mhfmwny, tm` ylujf gnjfenjc`k hjtl mhs r`nr-vh`w ghrrlr njksnw tmnt tm` brljt `jk lb tm` g`tne njkbnarhc nwjhjf nss`gaey mnk arli`jells` brlg tm` trnhe`r njk wns mnjfhjflut tlwnrk tm` ljclghjf enj` lb trnbbhc.A`cnus` m` cluekjt hgg`khnt`ey pueelbb tm` rlnk, m` cljthju`k tl krhv` whtm tm` nwjhjf nss`gaey knjf`rlusey mnjfhjf lj tm` shk` lb tm` trnhe`r.

    Lj tm` sng` kny, [ rry Anss`tt, nPjhljtlwj chty clujchegnj, ntt`jk`k ng``thjf lb tm` T`rry Clujty ScmlleAlnrk hj Gnrhlj, Nenangn njk wnskrhvhjf anci slutm tl mhs mlg` neljftm` sng` rurne mhfmwny. Vm`j tm` twl

    v`mhce`s g`t, tm` nwjhjf nss`gaey brlgtm` trnhe`r struci tm` whjksmh`ek lb [ rry Anss tts ljclghjf ghjhvnj. [m`

    g`tne brng` njk rlee`r tua` pujctur`kmhs whjksmh`ek njk ihee`k mhg hjstnjtey.

    Nt bhrst aeusm, tmhs cns` npp`nr`k tl a` ntrnfhc ncchk`jt.Ns k`b`js` enwy`rs ehi`tl sny kurhjf trhnes slg`thg`s anktmhjfs mnpp`j tl fllk p`lpe` njk jllj` hs tl aeng`. Mlw`v r, lur hjv`sth-fnthlj njk pr`trhne khsclv`ry r`v`ne`ktmnt [`rry Anss`tts trnfhc k`ntm wns`jthr`ey pr`v`jtnae` njk tmnt tm`r` wnsbnuet a`cnus` lb tm` k`b`cthv` prlkuct.

    Ghi` Njkr`ws, wml mnjke`k tmhs cns`blr tm` bhrg, khsclv`r`k tmnt tm`r`trnctnae` nrgs lb tm` nwjhjf w`r``quhpp`k whtm g`tne blekhjf elcis tmnt

    w`r` k`b`cthv`ey k`shfj k njk gnjubnc-tur`k.Ns n r`suet, tm` elcis w`r` hjsubbh-ch`jt tl whtmstnjk tm` `bb`cts lb whjk`xp`rh`jc`k wmhe` trnv`ehjf klwj tm`mhfmwny. Kurhjf pr`trhne khsclv`ry, Ghi`blujk n vnrh`ty lb net`rjnthv` k`shfjs

    wmhcm nr` gnri`t`k tl pr`v`jt sucm nwjhjf bnheur`sslg` net`rjnthv` elcisnr` nvnhenae` ljehj` tmrlufm vnrhlusclgpnjh`snjk ltm`r elcis w`r` pur-cmns`k lj @Any.Nppnr`jtey nwjhjf bnhe-ur`s nr` sucm n prlae`g hj tm` QR hjkustry tmnt lj` clgpnjy stnt`k lj hts

    w`asht` [m`r` nr` twl typ`s lb QR rstmls` tmnt mnv` mnk tm`hr nwjhjf aelw lbb njk tmls` tmnt whee! Lur xp`rts

    t`st`k s`v`rne lb tm` k`shfjs njk blujktm`g tl a` sup`rhlr tl tm` bnuety elcishgpe`g`jt`k ay tm` nwjhjf gnjubnc-tur`r. Lur xp`rts nesl cljkuct`k g`tne-eurfhcne t`sthjf njk tlli rnkhlfrnpm x-rnys lb tm` hjt`rjne clgplshthlj lb tm`cnst zhjc elcis. [m`hr t`sthjf r`v`ne`ktmnt tm` cnst zhjc elcis w`r` cm`npey gnk` njk k`b`cthv` a`cnus` tm`y clj-tnhj`k ujncc`ptnae` nglujts lb hgpurh-th`s wmhcm r`jk`r`k tm`g w`ni njkhj`bb`cthv`.

    Netmlufm jlalky nt lur bhrg mnk `v`r g`t [`rry Anss`tt a`blr` mhs trnfhck`ntm, w` w`r prluk tl r pr`s`jt mhsbnghey hj tmhs cns`.[ rry wns jlt ljey nchty clujchegnj, aut m` wns ncthv` hjmhs clggujhty tmrlufm tm` elcne scmllealnrk.M` lp`rnt`k n sgnee elcne frlc`ry stlr` njk wns tm` pnstlr lb twl elcnecmurcm`s. [ rry whee a` ghss`k hj mhs

    clggujhty njk hj mhs mlg`. Enwy`rs wml `vneunt` cns`s hjvlevhjf s`rhlushjoury lr k`ntm smluek newnys `vneunt``v`ry bnc`t lb tm` cns` tl k`t`rghj` hb nk`b`cthv` prlkuct hs tl aeng`. Ghi` khknj lutstnjkhjf ola hj tmhs cns` lb r`clf-jhzhjf n k`b`cthv` prlkuct njk tm`jk`v`elphjf tm` cns` blr mhs ceh`jt.[m`nglujt lb tm` s`tte`g`jt hs cljbhk`j-thne, aut w` cnj wnrj tm` puaehc naluttm` knjf`rlus cljkhthlj tmnt `xhsts njktm` rhsi tmnt p`rsljs nr` suao`ct`k tl.

    @ O@C[HLJ L B A @E[@K L CCPTNJ[ C NS@ S @[[E@S

    Lur bhrg r`c`jtey s`tte`k n wrljfbuek`ntm cns` hjvlevhjf n a`nuthbue >=-y`nr lek ylujf enky, I``ey Frhbbhj. Sm` wns npnss`jf`r hj n Ghtsuahsmh Gljt`rl Splrt

    wmhcm wns a`hjf krhv`j ay m`r a`stbrh`jk njk tm`y w`r` r`turjhjf mlg`brlg sprhjf ar`ni. I``ey wns prlp`rey

    w`nrhjf m`r s`nta`et njk mnk r`cehj`ktm` s`nt tl r`st lj tm` trhp mlg`.[m`twl brh`jks w`r` lj Hjt`rstnt` 20 hjAute`r Clujty njk w`r` trnv`ehjftmrlufm n cljstructhlj zlj` wm`j tm`e`bt shk` thr`s e`bt tm` jnrrlw rlnkwny ljtl n slbt smluek`r. [m` krhv`r ntt`gpt`k tl st``r tm` v`mhce` anci lj

    tm` rlnk, mlw`v`r, tm` krlp-lbb wnsenrf`r tmnj neelw`k ay rlnk r`fuenthljs.

    Vm`j tm` thr`s ce`nr`k tm` rlnk `kf`,tm` v`mhce` trnv`e`k quhciey tlwnrk tm`rhfmt shk` lb tm` rlnk.[m` krhv`r tm`jntt`gpt`k tl st``r tl tm` e`bt njk tm`

    v`mhce` tm`j rlee`k lv`r lj tm` rlnk.Nj`y` whtj`ss bleelwhjf khr`ctey a`mhjktm` Gljt`rl Splrt las`rv`k tm` pnss`j-f`r shk` r`nr kllr clg` lp`j kurhjftm` rleelv`r njk las`rv`k I``ey a`hjf`o`ct`k tmrlufm tmnt kllr hgg`khnt`ey uplj hts lp`jhjf.

    V s`tte`k whtm tm` rlnk cljstructhljclgpnjy, njk tm`j prlc``k`k tlwnrktrhne nfnhjst Ghtsuahsmh. Lur prhgnry cenhgs nfnhjst Ghtsuahsmh hjvlev`k tm`bnheur` lb tm` kllr entcm njk Ghtsuahsmhsbnheur` tl prlvhk` n wnrjhjf nalutr`cehjhjf tm` s`nt wmhe` tm` v`mhce` hs hjglthlj.

  • 8/9/2019 The Jere Beasley Report, Sep. 2007

    5/48A`nse`yNee`j.clg 0

    Kr. I`jj tm Enufm`ry, wml wns lur wnrjhjfs/mugnj bnctlrs `xp`rt, mnsklj` `xt`jshv` wlri lj tm` hssu` lb r`cehj`k s`nts. Mhs stukh`s `stnaehsm`ktmnt p`lpe` kl jlt nppr`chnt` tm`mnznrk lb rhkhjf whtm tm` s`nt r`cehj`k

    wm`j tm`y nr` prlp`rey a`et`k. Ght-suahsmh ce`nrey wns nwnr` lb tmhs mnznrknjk wns nwnr` tmnt p`lpe` kl jltnppr`chnt` tm` mnznrk. Hj bnct, tm`clgpnjy hjceuk`k n wnrjhjf lj tm`suao`ct hj tm` Lwj`rs Gnjune.Mlw`v`r, Ghtsuahsmhs `xp`rt ncijlwe-`kf`k m` wluek jlt `xp`ct n pnss`jf`r hj tm` v`mhce` tl `v`r cljsuet tm`Lwj`rs Gnjune.Nesl, Kr. Enufm`ry, wmlhs nt Qhc` Pjhv rshty, `stnaehsm`k tmntp`lpe` f`j`rneey us` tm` Lwj`rsGnjune ns n quhci r`b`r`jc` fuhk` njkkl jlt r`nk ht clv`r tl clv`r.

    V` wrlt` lj tm` r cehjhjf s`nt mnznrkhj n r`c`jt hssu`. [m` r`nslj ht hs mnz-nrklus tl r`cehj` tm` s`nt wmhe` tm`

    v`mhce` hs hj glthlj hs a`cnus` hts`v`r`ey k`frnk`s tm` p`rblrgnjc` lb tm` s`nta`et.Hj n brljtne cleehshlj,tm` enpa`et plrthlj lb tm` r`strnhjt hs jlt hjcljtnct whtm tm` alj`y structur`s lb tm` mhp jlr hs tm` smluek`r a`et hjcljtnct whtm njy pnrt lb tm` lccupnjt.

    Ns n r`suet, tm` lccupnjt lbt`j sehk`s

    ujk`r tm` enp a`et njk `htm`r crnsm`shjtl tm` knsm lr f`ts celtm`s-ehj`k ay tm` r`strnhjt syst`g. Hj r`nr-`jk cleeh-shljs, tm` s`ntanci kl`s jlt pr`v jt tm`lccupnjt brlg glvhjf r`nrwnrk njksehkhjf ujk`rj`ntm tm` a`et. Shghenrey, hjn rleelv`r, ns mnpp`j`k m`r`, tm` lccu-pnjt sehk`s r`nrwnrk njk upwnrk ujk`r tm` a`et. Ht smluek a` jlt`k tmnt Ght-suahsmh hs jlt nelj hj hts bnheur` tlnkkr`ss tmhs mnznrklus shtunthlj. Pjblr-tujnt`ey, s`rhlus hjourh`s njk k`ntms clj-thju` tl lccur njk tm` nutlgni`rsr`bus` tl nkkr`ss tmhs hssu`.

    Kr. Enufm`ry njk lur r strnhjts xp`rt,Knvhk Ahss, mnv` k`vlt k nj `xt`jshv`nglujt lb thg` njk `j`rfy tlwnrksk`v`elphjf net`rjnthv`s tl r`g`ky tmhsshtunthlj. [m`s` hjceuk` n anci-eht

    wnrjhjf blr tm` pnss`jf r wmhcm wluekheeughjnt` njk prlvhk` nj nukhae` jlthbh-

    cnthlj tl tm` pnss`jf`r hb tm` s`nt hsr`cehj`k wmhe` tm` v`mhce` hs hj glthlj.Ltm`r net`rjnthv`s nr` nj hjt`relci

    wmhcm wluek pr`v`jt tm` s`nt brlga`hjf r`cehj`k wmhe` tm` v`mhce` hs hjglthlj, njk s`nt hjt`frnt`k r`strnhjts

    wmhcm wluek a` `bb`cthv` hj rleelv`rsnjk r`nr `jk cleehshljs.N clgahjnthlj lb tm` anci-eht wnrjhjf whtm tm` s`nt hjt`-frnt`k r`strnhjts hs tm` a`st net`rjnthv`.

    Hj nkkhthlj tl tm` mnznrk lb tm`r`cehj`k s`nt k`frnkhjf tm` p`rblrg-njc` lb tm` s`nta`et, tmhs v`mhce` clj-tnhj`k nj nkkhthljne b`ntur` wmhcm burtm`r k`frnk`k tm` p`rblrgnjc` lb tm` a`et. Hj nj `bblrt tl pnss B`k`rneSnb`ty Stnjknrks r`ent`k tl lccupnjthjourh`s hj n brljtne cleehshlj, gnjy gnj-ubnctur`rs a`fnj hjstneehjf n b`ntur`ijlwj ns nj @j`rfy Naslrahjf (@N)ellp hj tm` r`strnhjt. [mhs usuneey r`gnhjs ujs``j ay lwj`rs a`cnus` ht hscljtnhj`k hj tm` pensthc stnei lb tm` s`nt-a`et wm`r ht glujts tl tm` bellr lb tm`

    v`mhce`. Nj @N ellp hs anshcneey slg`nkkhthljne a`et w`aahjf sthtcm`k hjtltm` r`strnhjt. Vm`j tm` a`et hs elnk`k,tm` sthtcm`s rhp ells` njk neelw nkkh-thljne rhk` klwj hj brljtne cleehshljs.Mlw`v`r, ht quhciey a`cng` ijlwj tmnttmhs nkkhthljne a`et w`aahjf clujt`r-

    nct`k tm` purpls` lb tm` r`trnctlr wmhcm hs tl elci tm` a`et whtmhj lj`hjcm lb a`et splle lut.Glst gnjubnctur-`rs mnv` c`ns`k hjstneehjf tmhs b`ntur` hjr`strnhjt syst`gs.Hj bnct,Ghtsuahsmh mnkner`nky r`glv`k tmhs b`ntur` hj tm`krhv`rs r`strnhjt syst`g hj tmhs v`mhce`.[m` clgpnjys ahlg`cmnjhcne `xp`rtt`sthbh`k tmhs b`ntur` neelw`k nj nkkh-thljne twl hjcm`s lb senci hjtl I``eysenp a`et wmhcm cljtrhaut`k tl m`r sehp-phjf lut lb tm` a`et.

    Lur cenhg hjvlevhjf tm` kllr entcm c`jt`r`k nrlujk wmnt hs ijlwj ns nclgpr`sshlj rlk ehjinf , wmhcm clj-shsts lb n strnhfmt g`tne rlk tmnt nttncm`stm` lutshk` kllr mnjke` tl tm` hjt`rhlr kllr entcm.Lbt`jthg`s hj n rleelv`r, njk

    wmnt mnpp`j`k hj tmhs cns`, hs tm` lut`r kllr sihj whee be`x lr s`pnrnt` brlg tm`hjt`rhlr kllr clgplj`jts. Vm`j tmhs

    mnpp`js,ht neelws tm` lut`r kllr sihj tlglv` hj r`enthlj tl tm` kllr entcm. Lur kllr entcm `xp`rt, Njky Fhea`rf, mnsklj` jug`rlus t`sts njk k`gljstrn-thljs smlwhjf tmnt glv`g`jt lb tm`kllr sihj lb ljey n qunrt`r hjcm hj nklwjwnrk khr`cthlj hs subbhch`jt tlujentcm tm` kllr. Lj` lb tm` wnys tlfunrk nfnhjst tmhs lutshk` mnjke` ncthvn-thlj hs ay elcihjf tm` kllr. A`cnus`p`lpe` blrf`t tl elci kllrs, tm` a`st

    wny tl ncclgpehsm tmhs hs ay nj nutl-elcihjf b`ntur`.Nj nutl elcihjf b`ntur`nutlgnthcneey elcis nee kllrs wm`j tm`

    v`mhce` hs smhbt k hjtl krhv` lr wm`j tm` v`mhce` r ncm`s n jlghjne sp``k sucm ns>4 gpm. Vmhe` tmhs b`ntur mns a``jnrlujk shjc` tm` >824s, gnjy nutlgni`rs nr` oust stnrthjf tl hjceuk` tmhsb`ntur` lj j`w`r glk`es. Trlanaey tm`a`st wny tl `ehghjnt` tmhs mnznrk hstmrlufm tm` us` lb n cnae` entcm ncthvn-thlj ns lppls`k tl tm` clgpr`sshljrlk.N cnae` entcm ncthvnthlj cluek whtm-stnjk s`v`rne hjcm`s lb lut`r sihj glv`-g`jt njk sthee jlt ujentcm tm` kllr.

    Hnj Olj`s wns lur k`shfj `xp`rt hjtm` cns . Vmhe` Ghtsuahsmhs xp`rtstrh`k tl plrtrny tmhs ns n v`ry s`v`r`ncchk`jt, tm`y mnk tl nfr`` whtm Kr. Ol`Aurtlj, lur lccupnjt ihj`gnthcs

    `xp`rt, tmnt mnk I `eys s`ntanci a``jhj nj uprhfmt plshthlj, sm` wluek jltmnv` sustnhj`k s`rhlus hjourh`s hj tmhscrnsm.[mhs wns nesl `vhk`jc`k ay tm`bnct tmnt I``eys a`st brh`jk, tm` krhv`r,

    wnei`k nwny ujhjour`k. Ht smluek a`jlt`k tmnt tm` krhv`r `rrlr wnsjt tm`cnus` lb I``eys k`ntm.

    I` eys k`ntm smluek j`v`r mnv mnp-p`j`k njk ht wluekjt mnv` mnk Ght-suahsmh uthehz`k tm` prlp`r k`shfjb`ntur s hj hts v`mhce`. Frnmng @skne`njk Cle` Tlrths r`pr`s`jt`k I``eyspnr`jts hj tmhs cns` njk khk nj `xc`p-thljne ola.[m` cns` wns s`tte`k a`blr`trhne blr nj nglujt tmnt hs cljbhk`jthne.

    B HQG S @[[E@S G NCMHJ@ F PNQKHJF C NS@

    Lur bhrg r`c`jtey s`tte`k n prlkuctehnahehty cns` nfnhjst tm` gnjubnctur r lb

  • 8/9/2019 The Jere Beasley Report, Sep. 2007

    6/482 A`nse`yNee`j.clg

    n penj r hjb``k tnae`. Lur ceh`jt, Stli sGlrhjf,wns `gpely`k nt Khxlj Euga`r Clgpnjy hj @ubnuen, Nenangn. Gr.Glrhjf wns `gpely`k ns n gheerhfmt`gpely`` r`spljshae` blr gnhjtnhjhjfnjk r`pnhrhjf gncmhj`ry hj tm` snw ghee. Gr. Glrhjf sustnhj`k mhs hjoury hjK`c`ga`r lb 1443 wmhe` ntt`gpthjf tlr`penc` n a`et lj tm` krhv` syst`g lb tm`hjb``k tnae`. Vmhe` r`glvhjf nj hke`r,njltm`r `gpely``,wml khk jlt s`` lur ceh`jt, turj`k tm` gncmhj` lj cnushjfmhs e`bt nrg tl a` cnufmt hj n puee`y.[m`sp``k njk blrc` lb tm` puee`y rhpp`k Gr.Glrhjfs nrg brlg mhs alky.[m` kngnf`cnus`k ay tm` hjoury wns sl s`v`r` Gr.Glrhjf subb`rs brlg s`v`r` pmnjtlgpnhj.Ns ylu gny ijlw, pmnjtlg pnhj hsn s`jsnthlj xp`rh`jc`k ay p`lpe` wmlmnv` elst n ehga. [m` vhcthg lb n elstalky pnrt `xp`rh`jc`s pnhj ns hb ht wnssthee pr`s`jt. Gr. Glrhjfs pmnjtlg pnhj

    wns censshbh`k ns s`v`r` a`cnus` tm`j`rv`s w`r` kngnf`k a`yljk r`pnhr cnushjf mhg tl `xp`rh`jc` cljstnjtsmllthjf pnhj. J`htm r surf rh`s jlr ltm`r prlc`kur`s ehi` j`rv` aelcis mnv`a``j succ`ssbue nt `nshjf mhs pmnjtlgpnhj. Ns n r`suet lb mhs g`khcne cljkh-thlj, Gr. Glrhjf wns ujnae` tl r`turj tlnjy fnhjbue gpelyg`jt.

    [m` hjb``k tnae` tmnt cnus`k Gr.Glrhjfs hjoury wns gnjubnctur`k hj>860 ay Sne`g @quhpg`jt Clgpnjy.Khxlj lrk`r`k tm` gncmhj` tl nutlgnth-cneey b``k euga`r hjtl tm`hr penj`r gncmhj`. Gnjubnctur`rs lb wllkwlri-hjf gncmhj`ry ehi` hjb``k tnae`s nr`r`quhr`k tl las`rv` njk nkm`r` tl stnj-knrks r`enthjf tl funrkhjf mnznrks. Stnj-knrks mnv` cnee`k blr tm` funrkhjf lb puee`ys njk a`ets shjc` tm` `nrey >844s.Funrkhjf mnznrks ehi` puee`ys njk a`etspr`v`jt ncchk`jts ehi` tm` lj` sustnhj`kay Gr. Glrhjf. Jlt ljey smluek tm`puee y mnv` a` j funrk`k, aut ht smluekmnv` a``j hjt`relci`k.[m` hjt`relcihjft`cmjlelfy pr`v`jts gncmhj`s brlga`hjf hjnkv`rt`jtey turj`k lj wm`jr`pnhr wlri hs a`hjf klj`.Ns eljf ns tm`funrk hs hj tm` lp`j plshthlj tm` hjt`r-elci`k funrk whee pr`v`jt tm` gncmhj`

    brlg a`hjf turj`k lj.[m` a`st `xngpe`lb hjt`relcihjf t`cmjlelfy hs nghcrlwnv` lv`j.Ns eljf ns tm` kllr tln ghcrlwnv` lv`j hs lp j, ht cnjjlt

    wlri.Hjt`relcihjf t`cmjlelfy wns nvnhe-nae` njk r`clgg`jk`k blr gncmhj`sehi` Sne`gs hjb``k tnae`.

    [m` hjb``k tnae` wns k`b`cthv` njkujr`nsljnaey knjf`rlus njk tmnt wnstm` anshs lb tm` cns` nfnhjst Sne`g@quhpg`jt.[m` cns` wns s`t blr trhne lj

    Nufust 14 tm njk wns s`tte`k. Netmlufm tm` s`tte`g`jt whee jlt r`penc` Gr.Glrhjf nrg, ht whee `ns` tm` aurk`jpenc`k lj mhs bnghey ay elshjf mhs nahehty tl `nrj hjclg`.Ns whtm nee prlkuct ehn-ahehty cns`s mnjke`k ay tm` bhrg, w`mlp` tmnt Sne`g whee i``p Gr. Glrhjfnjk ltm`r wlri`rs hj ghjk wm`jk`shfjhjf njk gnjubncturhjf gncmhj-`ry.Nj hjt`relcihjf funrk wluek mnv``nshey pr`v`jt`k Gr. Glrhjfs hjoury.I`jknee C. Kujslj njk Ahee Qla rtsljbrlg lur bhrg, neljf whtm SmnjS`nalrj brlg T`jj & S`nalrj,wml nr`hj Cenytlj, Nenangn, r`pr s jt`k tm`Glrhjf bnghey.[m` nglujt lb tm` s`tte`-g`jt hs cljbhk`jthne, aut w` nr` v ry fenk tmnt w` w`r` nae` tl tni` cnr` lb lur ceh`jt njk mhs bnghey hj tmhs cns`.

    ENVSPH[ B HE@K [ L A ELCI NEBN A PXLP[ T ENJ

    @hfmt smnr`mlek`rs mnv` su`k tl aelci Nebn Clrp.s $238 gheehlj prlplsne tlauy lut ghjlrhty smnr`mlek`rs, cenhghjfhts nj ujbnhr prhc`.[m` suht wns bhe`k hjn K`enwnr` stnt` clurt. Nebn Clrp. hshjclrplrnt`k hj K`enwnr`.[m` penhjthbbslwj neglst 844,444 smnr`s. Blur w`r`eljfthg` `gpely``s lb Nebn.[uscnellsnsmnr`mlek`r Onci Iuahszyj, wml wns nPjhv rshty lb Nenangn ansi`tanee stnr hjtm` >824s, cenhgs clgpnjy hjshk`rs nr`tryhjf tl st`ne tm` clgpnjy nt nj ujbnhr prhc`. [m` smnr`mlek`rs wml su`klppls` tm` penj lb gnolrhty smnr`mlek-`rstmr`` nbbhehnt`k clgpnjh`s whtm eljf-stnjkhjf th`s tl tm` puaehcey trnk`k

    Nebn Clrp. pnr`jt clgpnjytl auy tm`g lut blr $>6.24 n smnr`.

    [m` suht nee`f`s tmnt glst lb tm` khr`c-tlrs njk lbbhc`rs lb tm` tmr`` nbbhehnt`snr` khr`ctlrs njk lbbhc`rs lb Nebn Clrp.[mnt c`rtnhjey npp`nrs tl a` n cljbehctlb hjt`r`st.Blr tm`g tl sht lj altm shk`slb tm` prlpls`k k`ne hsjt tll fllk blr ghjlrhty stlci mlek`rs.Nebn, wmhcm, nsglst Nenanghnjs ijlw, fr`w lut lb tm`lek Nenangn Bnrg Aur`nu, snhk hj n stnt`-g`jt tm` prlpls`k auylut lb ghjlrhty smnr`mlek`rs hs trnjspnr`jt, bnhr njk hjtm` a`st hjt`r`sts lb tm` clgpnjy.[lf`tm`r, tm` tmr`` nbbhehnt`s,Nebn Gutune,

    Nebn Gutune Bhr` njk Nebn GutunF`j rne, wmhcm nr` prlplshjf tm`tni`lv`r, lwj 00% lb Nebn Clrp. stlci.[m` suht s``is ujsp`chbh`k kngnf`s njkcenss-ncthlj stntus lj a`mneb lb neeshghenr smnr`mlek`rs.[m`r` nr` nt e`nsttwl ltm`r suhts tmnt cht` shghenr cenhgsnalut tm` Nebn k`ne njk s``i censs-ncthljstntus.[m` Nebn Gutune clgpnjh`s k`jy tmnt tm`r` hs njy wrljfklhjf njk sny tmrlufm n spli`sgnj tmnt tm` cns` wheea` k`b`jk`k.Lur bhrg whee a` hjvlev khj tm` K`enwnr` enwsuht wmhcm wns bhe`kay Ahrghjfmng enwy`r Olmj Slg`rvhee`njk Brnji KhTrhgn, n enwy`r brlg J`w

    O`rs`y.Slurc`? Nsslchnt`k Tr`ss

    @ ]T@Q[ V H[J@SS@S H J T QLKPC[ EHNAHEH[X EH[HFN[HLJ K L R @QX V @EE

    Lv`r tm` y nrs, lur bhrg mns mnjke`k nenrf` juga`r lb prlkucts ehnahehty cns`snfnhjst Blrk Gltlr Cl. njk ltm`r nutl-glahe` gnjubnctur`rs. Ns nee enwy`rsijlw, ht hs j`c`ssnry blr tm` pnrth`s hj nprlkucts ehnahehty cns` tl uthehz` `xp`rt

    whtj`ss`s. Gnjy lb tm`s` `xp`rts mnv` wlri`k blr nutlglahe` gnjubnctur`r shj tm` pnst. Klj [njky, nj nutlglthv``jfhj` r brlg Mlustlj,[ xns, hs lj` lb tm`g. M` mns t`sthbh`k hj n juga r lb tm`s` cns s blr Blrk Gltlr Cl. Klj hs nglst hgpr`sshv` whtj`ss, aut lj` wmlnewnys bleelws tm` clgpnjy ehj`, njk m`hs mnrk tl mnjke` lj crlss `xnghjnthlj.Mhs ola hs tl k`b`jkBlrk prlkucts. Hj nr`c`jt trhne,[njky t`sthbh`k tmnt mhs bhrgmns a``j pnhk glr` tmnj $34 gheehlj ay

  • 8/9/2019 The Jere Beasley Report, Sep. 2007

    7/48

    Blrk blr wlri hj enwsuhts nfnhjst tm`clgpnjy. Klj hs n blrg`r Blrk`gpely`` wml m`ep`k k`shfj tm`@xpelr`r njk m` hs r`fuenrey cnee`k lj tlk`b`jk tm` v`mhce`.

    Vmhe` tm` nglujts pnhk tl [njky gny s``g mhfm tl bleis wml mnv`jt a``jhjvlev`k hj ehthfnthlj nfnhjst tm` nutl-glahe` hjkustry, H cnj nssur` ylu tmnt`xp`rt whtj`ss`s gni` ahf glj`y t`sth-byhjf blr tm` cnr clgpnjh`s. [m`s``xp`rts kljt `v`r bhjk n prlkuct tl a`k`b`cthv` r`fnrke`ss lb mlw ank n sp`-chbhc prlkuct gny a`.Vmhe` H c`ns`k tla` smlci`k nt tmnt slrt lb tmhjf y`nrsnfl, H cluek j`v`r cljklj` tmnt slrt lb tmhjf.Nctuneey, tm` nglujts pnhk tl Klj[njky pne` hj clgpnrhslj tl tm` muf`nglujts pnhk tl ltm`r k`b`js` `xp`rtshj prlkucts ehnahehty cns`s hjvlevhjfnutlglahe` gnjubnctur rs. Blrtujnt`ey,

    ourlrs cnj r`clfjhz` wm`j n p`rslj hsa`hjf pnhk tl tni n plshthlj tmnt hs khbbh-cuet blr n whtj`ss tl sustnhj.

    B @K@QNE L BBHCHNES Q @E@NS@ K N[N L J K QPJI@J K QHRHJF B N[NEH[H@S

    Kruji Krhv`rs cljthju` tl a` n gnolr prlae`g ncrlss tm` clujtry. [ xns e`ktm` jnthlj whtm >,30; kruji`j krhvhjf

    bntnehth`s hj 1442 njk wns ngljf tm`stnt`s tl r`clrk tm` enrf`st hjcr`ns` hjsucm k`ntms. [m` Jnthljne Mhfmwny [rnbbhc Snb`ty Nkghjhstrnthlj r`e`ns`kkntn enst gljtm smlwhjf kruji`jkrhvhjf k`ntms hjcr`ns`k hj 11 stnt`snjk b`ee hj 12 stnt`s hj 1442.[m`r` w`r`>3,;64 k`ntms jnthljwhk` hj 1442hjvlevhjf krhv`rs njk gltlrcyce` lp`rn-tlrs whtm aellk neclmle e`v`es lb .4= lr mhfm`r, wmhcm hs tm` e`fne ehght blr nkuetstmrlufmlut tm` clujtry. [m` juga`r

    wns klwj sehfmtey brlg 1440, wm`j>3,0=1 p`lpe` kh`k hj crnsm`s hjvlevhjfe`fneey kruji krhv`rs.[ xns 1442 tltne

    wns nj hjcr`ns` lb 3; brlg 1440,putthjf ht `v`j whtm Nrhzljn njk Injsnsblr tm` fr`nt st hjcr`ns`.Mlw`v r,Ptnm,Injsns njk Hlwn mnk tm` enrf`st p`r-c`jtnf` hjcr`ns`s clgpnr`k whtm 1440.

    Jnthljwhk`, tm` lv`rnee juga`r lb

    k`ntms hjvlevhjf krhv`rs njk gltlrcyce`lp`rntlrs whtm njy nglujt lb neclmle hjtm`hr aellk wns >6,241 enst y`nr.[mnt

    wns up brlg >6,084 hj 1440, ans`k ljhjblrgnthlj brlg tm` JM[SN. Belrhkn,Ghsslurh njk T`jjsyevnjhn mnk tm`fr`nt`st k`cr`ns`s hj juga`rs lb kruji`j krhvhjf k`ntms enst y`nr, wmhe`tm` Khstrhct lb Cleugahn, Nensin njkK`enwnr` mnk tm` enrf`st p`rc`jtnf`k`cr`ns`s clgpnr`k whtm 1440.[m` Khs-trhct lb Cleugahn mnk tm` sgnee`st nctunejuga`r lb kruji`j krhvhjf k`ntms whtm n tltne lb >1. [rnjsplrtnthlj lbbhchnesnjjlujc`k tm` j`w bhfur`s ns tm`y ujv`he`k nj $>> gheehlj jnthljwhk`nkv`rthshjf cngpnhfj ns pnrt lb n Enalr Kny w``i`jk cngpnhfj cnee`k Kruji Krhvhjf. Lv`r tm` Ehght. Pjk`r Nrr`st.Mlp`bueey, tm`r` whee a` n plshthv` `bb`ctbrlg tm` cngpnhfj njk tm` juga`r lb neclmle-r`ent`k bntnehth`s whee a` e`ss.Slurc`? Nsslchnt`k Tr`ss

    HH.E@FHSEN[HR@MNTT@JHJFS

    [ M@ 144= Q @FPENQ S @SSHLJ

    Mlp`bueey, Flv rjlr Qhe`y, Et. Flv r-jlr Bleslg, Sp`ni r Mngg`tt, njkltm`r E`fhsenthv` e`nk`rs, nr` ner`nky mnrk nt wlri penjjhjf blr tm` 144=r`fuenr s`sshlj lb tm` Nenangn E`fhsen-tur`. Clggujhcnthlj a`tw``j tm` lbbh-chnes njk pr`-s`sshlj penjjhjf s`sshljs

    wluek nvlhk n r`peny lb tm` 1446r`fuenr s`sshlj.[m`r` nr` n juga`r lb crhthcne hssu`s bnchjf lur stnt` tmntr`quhr hgg`khnt` e`fhsenthv` ncthlj. H

    whee khscuss tm`s` prlae`gs hj k`tnhe hjsuas`qu`jt hssu`s.

    [ M@ E@FHSEN[LQ @ KPCN[LQ H SSP@

    Vmhe` tm`r` npp`nr tl mnv` a``jslg` lavhlus naus`s ay n b`w g`ga`rslb tm` E`fhsentur`,H a`eh`v` k`jyhjf `ku-cntlrs tm` lpplrtujhty tl s`rv` hj `htm`r

    tm` Mlus` lr S`jnt` hj Nenangn hs n ahfghstni`.[m`r` mnv` a``j n guethtuk` lb lutstnjkhjf e`fhsentlrs lv`r tm` y`nrs

    wml cng` khr`ctey brlg tm` rnjis lb puaehc `kucnthlj. Hj gy lphjhlj, tm`glst elfhcne njk bnhr wny tl mnjke` tm`prlae`g hs tl mnv` n syst`g tmnt wljtneelw scmlle syst`gs nt nee e`v`eshjceukhjf clggujhty clee`f`s njk blur

    y`nr ujhv`rshth`stl mhr` p`rsljs nbt`r tm`y nr` `e`ct`k tl tm` e`fhsentur`. Hjltm`r wlrks, mhrhjf n e`fhsentlr wlueka` prlmhaht`k, aut nj `kucntlr wlueka` br`` tl ruj blr n e`fhsenthv` s`nt ujk`r sucm n syst`g.

    T`rsljneey, H kljt a`eh`v` tmnt w`smluek prlmhaht njy p`rsljr`fnrke`sslb tm`hr lccupnthlj lr prlb`sshljbrlgrujjhjf blr tm` e`fhsentur` njk, hb suc-c`ssbue, brlg s`rvhjf. J`v rtm`e`ss, Hsusp`ct tm` plehthcne k`ant` lv`r tm`@kucntlr-E`fhsentlr hssu` whee a` whtm usblr n ehtte` eljf`r. Hjt`r sthjfey, ht mnsa``j r`plrt`k tmnt tm`r` w`r` 33g`ga`rs lb tm` Nenangn E`fhsentur`

    wml wlri`k blr puaehc `jthth`s enst y`nr njk nee lb tm`g w`r`jt `kucntlrs.Nctu-neey, lj` g`ga`r lb tm` s`jnt`, Enrry Khxlj, n buee-thg` stnt` `gpely``, wlrisns tm` @x`cuthv` Khr`ctlr lb tm`

    Nenangn Alnrk lb G`khcne @xnghj`rs. H

    kljt ijlw hb Enrry wns ner`nky `e`ct`k wm`j m` wns mhr`k lr wm`tm`r m` rnjns n stnt `gpely``. Hj njy `v jt, Ha`eh`v` tmnt njy r`strhcthv` rue`s smlueknppey ncrlss tm` alnrk tl nee e`fhsentlrshj lrk`r tl nvlhk njy plt`jthne cljbehctslb hjt`r`sts.Tnssnf` lb strljf `tmhcs e`f-hsenthlj tmnt wluek nbb`ct nee e`fhsentlrsnjk e`fhsenthlj cljtrleehjf elaayhjfncthvhth`s hs r`neey wmnt wluek a j`bht nee

    Nenangn chthz`js. [mnt smluek tni`c`jt`r stnf` hj tm` j`xt s`sshlj lb tm`e`fhsentur`.

    E@FHSEN[HR@ C LGT@JSN[HLJ S MLPEK A @ H GTQLR@K

    H mnv` newnys a`eh`v`k tmnt g`ga`rslb tm` Nenangn e`fhsentur` smluekr`c`hv` n bnhr njk r`nsljnae` snenry. Hjgy lphjhlj, tm` pny scne`s smluek a`

    A`nse`yNee`j.clg 6

  • 8/9/2019 The Jere Beasley Report, Sep. 2007

    8/48

  • 8/9/2019 The Jere Beasley Report, Sep. 2007

    9/48A`nse`yNee`j.clg 8

    pmnrgnc`uthcne `rrlrs enst sprhjf,Vne-fr``js cenhg`k tm` enwy`rs ncthljs mnktm` `bb`ct lb f`j`rnthjf pr`-trhne puaehc-hty pr`oukhchjf Vnefr``js.

    [m` clgpnjy cenhg`k ht mnk n cljsth-tuthljne rhfmt tl n jlj-tnhjt`k oury plle njk r`qu`st`k nj lrk`r prlmhaht-hjf tm` pnrth`s njk tm`hr nttlrj`ys brlg`jfnfhjf hj pr`-trhne puaehchty prhlr tl

    oury s`e`cthlj, njk kurhjf tm` trhne lb tmhs cns . Nkkhthljneey, tm` glthljr`qu`st`k tm` oukf` tl sp`chbhcneey prl-mhaht tm` pnrth`s njk tm`hr nttlrj`ys lr stnbb brlg `jfnfhjf hj hjt`rvh`ws lr clgg`jthjf nalut njy nsp`ct lb tm`cns` a`blr` njk kurhjf tm` trhne lb tmhsgntt`r. Hj gy lphjhlj, tm` clurt wnsclrr`ct hj k`jyhjf Vnefr``js r`qu`stblr n fnf lrk`r.Slurc`? NAC J`ws

    HR.[M@ JN[HLJNESC@J@

    [ M@ Q @CLQK L B [ M@ P.S. C MNGA@Q L B C LGG@QC@ H S NJ[H -V LQI@Q NJK NJ[H - C LJSPG@Q

    [m` P.S. Cmnga`r lb Clgg rc` mnsa`clg` lj` lb tm` strljf`st elaayhjflrfnjhznthljs hj tm` clujtry.[m`y mnv`tm`hr cljshk`rnae` hjbeu`jc` hj njuga`r lb nr ns.Vhtmlut n kluat, lj`lb tm`s` hjvlev`s r`strhcthjf tm` rhfmts lb

    Ng`rhcnj wlri`rs. [m` Cmnga`r mnsa``j cngpnhfjhjf nfnhjst ujhljs, bnhr enalr prncthc`s, hjcr`ns`s hj tm`ghjhgug wnf`, njk e`fne prlt`cthljsblr Ng`rhcns wlri`rs blr j`nrey nc`jtury. [m` Cmnga`rs njth-ujhlj hjh-

    thnthv`s nr` oust lj` pnrt lb hts gueth-hssu` nf`jkn nfnhjst wlrihjf g`j njk wlg`j. Pjehi` ltm`r njth-ujhlj lrfnj-hznthljs, tmhs prlghj`jt elaayhjf blrc`kl`s jlt mhk` hts nehfjg`jt whtm tm`fhnjts lb Clrplrnt` Ng`rhcn. M`nkqunr-t`r`k hj Vnsmhjftlj, KC, tm` Cmnga`r mns nj njjune aukf`t lb $>04 gheehljnjk 344 stnbb g`ga`rs.

    Ht hs glst shfjhbhcnjt tmnt njjune clj-

    trhauthljs tl tm` Cmnga`r brlg htsenrf`st clrplrnt` g`ga`rs rls` brlg$244,444 tl $84 gheehlj hj e`ss tmnj nk`cnk`. [mlgns O. Kljlmu` mns auhetn glr` nffr`sshv` njk plehthcneey-plw`r-bue Cmnga`r shjc` m` tlli lbbhc` nspr`shk`jt lb tm` Cmnga`r hj >886. Htsjlt n clhjchk`jc` tmnt tm` Cmnga`r neelws enrf` clrplrnt` kljlrs tl s`t tm`nf`jkn blr tm` lrfnjhznthlj. [m` Ausm

    Vmht` Mlus` nesl mns mnk nj ncthv` rle`hj s`tthjf nj nf`jkn tmnt mns a``j njth-cljsug`r njk njth-wlri`r.[m` khr`cthljtni`j mns nctuneey cnus`k tm` Aushj`ssQlujktnae` njk ltm`r glk`rnt`g`ga`rs lb tm` aushj`ss clggujhty tlkhstnjc` tm`gs`ev`s brlg tm` P.S.Cmnga`r.Nt e`nst, tmnt c`rtnhjey npp`nrstl a` tm` cns`.

    Hj n r`c`jt y`nr, 144;, tm` Cmnga`r sp`jt $1;.0 gheehlj elaayhjf tm` b`k`rneflv`rjg`jt. H kluat s`rhlusey hb gnjy sgnee aushj ss lwj`rs a`j`bht brhg tm`elaayhjf `bblrts. [m` Cmnga`r wlriscels`ey whtm tm` Ausm nkghjhstrnthljnjk prlghj`jt njth-enalr cljs`rvnthv slj Cnphtle Mhee sucm ns Q`p. Cmnreh`Jlrwllk (Q-FN), m`nk lb tm` Mlus`Suaclgghtt`` lj Vlriblrc` Trlt`c-thljs. Q`p. Jlrwllk wns fhv`j tm`Cmnga`rs Sphrht lb @jt`rprhs` Nwnrk blr

    mhs prl-Cmnga`r vlthjf r`clrk. [m`F`lrfhn enwgni r, wml mns a` j njnjth-wlripenc` snb`ty z`nelt, cnus`kcljtrlv`rsy tmhs y`nr blr mhs hjs`jshthvhty kurhjf Cljfr`sshljne m`nrhjfs lj tm`Snfl ghj`wlri`r trnf`ky, njk blr elaay-hjf strljfey njk vlcneey nfnhjst r`j`wnelb tm` Rlthjf Qhfmts Nct.

    [m` Cmnga`rs r`clrk hjslbnr ns wlripenc` hssu`s nr` cljc`r j`k mns nte`nst a``j cljshst`jt.[m`y mnv` elaah`ktl lppls` prl-wlri`r e`fhsenthlj,hjceukhjf tm` Bnghey [hg` njk Vlri-penc` Be`xhahehty Nct,Bnhr Ghjhgug Vnf`

    Nct, njk nj `xpnjshlj lb tm` Bnghey njkG`khcne E`nv` Nct. Ngljf tm`Cmnga`rs e`fhsenthv` prhlrhth`s hs lppl-shthlj tl tm` @gpely`` Br`` Cmlhc` Nct,

    wmhcm wluek str`jftm`j enalr enw njkprlvhk` wlri`rs whtm tm` rhfmt tl ujhljr`pr`s`jtnthlj vhn tm` cnrk cm`ci

    prlc`ss wm`j n gnolrhty pr`s`jt shfj`kujhlj nutmlrhznthlj cnrks tl tm`hr `gpely`r s. Lj Gny ;, 1442, tm`Cmnga`r s`jt n e`tt`r tl nee Q`puaehcnjg`ga`rs lb Cljfr`ss urfhjf tm`g tlsupplrt tm` S`cr`t Aneelt Trlt`cthlj Nct,

    wmhcm wluek lutenw ujhlj r`clfjhthljtmrlufm cnrk cm`ci. [m` Cmnga r nesllp`rnt`s n w`asht` urfhjf hts g`ga`rstl pr`ssur` Cljfr`ss lj tm` hssu`.

    N juga`r lb i`y peny`rs hj tm` clj-s`rvnthv` glv`g`jt mnv` wlri`k blr tm` Cmnga`r, hjceukhjf Frlv`r Jlrquhst,wml s`rv`k ns tm` Cmnga`rscmh`b sp``cmwrht`r hj tm` >8=4s.Jlrquhst mns nesl wlri`k ns nj nkvhs`r tl Tr`shk`jt Ausm njk mns tr`g`jklushjbeu`jc` lv`r plehcy k`chshljs hj mhsnkghjhstrnthlj. Lv`r tm` pnst s`v rne

    y`nrs, tm` Cmnga`r sp`jt n tr`g`jklusnglujt lb glj`y hj ntt`gpts tl cljtrle

    oukhchne `e`cthljs. Hjt`r`sthjfey, elcneCmnga`rs kljt auy hjtl `v`rytmhjftmnt tm` jnthljne frlup prlglt s. Ljs`v`rne lccnshljs, elcne frlups mnv`ncthv`ey lppls`k plshthljs tni`j ay tm`jnthljne frlup. [m` bnct tmnt tm` P.S.Cmnga`r kl`sjt mnv` tl ncclujt blr tm`hr glj`y r`c`hv`k tl us` hj e`cthljshs jlt fllk blr glst Ng`rhcnjs.[m` r`nekljlrs nr` mhkk j brlg puaehc scruthjy.

    [m` Cmnga`r nctuneey us`s smnklw frlups ht s`ts up tl kl hts khrty wlri hjtm` stnt rnc`s. Jlalky ijlws mlw gucm tm`s` frlups sp`jk lr wm`r` tm`glj`y clg`s brlg njk tmnts j`v`r nfllk tmhjf. H wluek suff`st tmnt lur r`nk`rs tni` n cels` elli nt mlw tm`P.S. Cmnga`r lp`rnt`s njk wmnt tm`hr r`ne nf`jkn njk glthvnthljs nr`!Slurc`? Ng`rhcnj Qhfmts Nt Vlri

    [ M@ H QN^ V NQ C NQQH@S V H[M H [ N R @QX M @NRX C LS[

    Shjc` tm` wnr hj Hrnq a`fnj hj Gnrcm 1443, tm`r` mnv` a``j 3,2;6 cljbhrg`kP.S. ghehtnry k`ntms njk 16,>4; clj-bhrg`k P.S. ghehtnry wlujk`k ns lb

    Nufust >, 1446. [m` tltne P.S. ghehtnry k`ntms blr Ouey w`r 66 njk,ns lb Nufust>8tm , tm`r` mnv` a``j 0; k ntms r`plrt`k

  • 8/9/2019 The Jere Beasley Report, Sep. 2007

    10/48>4 A`nse`yNee`j.clg

    blr tm` gljtm lb Nufust. Hj nkkhthlj,tm`r` mnv` a``j >,44> k`ntms lb chvhehnj`gpely``s lb P.S. flv rjg`jt cljtrnc-tlrs ns lb Ouj` 34, 1446. Ht mns a` jr`plrt`k tmnt Hrnqh chvhehnj k`ntms mnv`a``j glr` tmnj 22,444. Lj` stuky enst

    y`nr cenhg`k tm`r` w`r` ns gnjy ns200,444 chvhehnj k`ntms. Ncclrkhjf tl

    Nsslchnt`k Tr`ss bhfur`s, tm`r` w`r` nte`nst 1,41; Hrnqh k`ntms hj Ouey. Nesl,shjc` tm` wnr a`fnj, tm`r` mnv` a``j316 nssnsshjnt`k Hrnqh ncnk`ghcs njk>>1 olurjnehsts, wml w r` lj nsshfj-g`jt,ihee`k hj Hrnq.

    Ns r`plrt`k enst gljtm, ghehtnry lp`r-nthljs nr` jlw clsthjf nalut $>1 aheehljn gljtm, whtm Hrnq ncclujthjf blr $>4aheehlj p`r gljtm lb tm` tltne.[mus bnr,tm` tltne clst tl tm` P.S. flv`rjg`jt hsglr` tmnj $;;6 aheehlj.[m` prlo`ct kclst lb prlvhkhjf g`khcne cnr` njk khs-nahehty a`j`bhts tl v`t`rnjs lb Hrnq njk

    Nbfmnjhstnj mns a``j put ns mhfm ns$644 aheehlj.Vm`j ylu cljshk`r tmnt w`smluek j v`r mnv` hjvnk`k Hrnq, njkmnv` hfjlr`k, tl n enrf `xt`jt, tm` r`ne`j`gy, tm` elss lb ehv`s, tm` fr ntjuga`r lb s`rhlusey wlujk`k trllps,njk tm` glj`tnry clsts lb tm` wnr `bblrt gni` tmhs cmnpt`r hj lur clujtrys ghehtnry mhstlry lj` tmnt whee

    a` k`ant`k blr y`nrs tl clg`.[m` bncttmnt lur trllps nr` s`rvhjf ns nj lccu-pyhjf blrc` hj Hrnq, glr` lr e`ss hj tm`rle` ns n plehc` blrc`, gni`s tmhs wnr lj` lb tm` glst khbbhcuet tl ousthby `v`r.Slurc`? Nsslchnt`k Tr`ss

    G NSSHR@ C LQQPT[HLJ @ ]HS[S H J H QN^

    N r`c`jt nrthce` hj PSN [lkny tleknalut nj nrgy lbbhc`r wml wns nccus`k

    lb a`hjf hjvlev`k hj lj lb tm` enrf`starha`ry cns` hjvlevhjf P.S. cljtrncts hjHrnq.[mr`` p`rsljs, hjceukhjf tm` Nrgy gnolr wml hs nee`f`k tl mnv` a``jhjvlev k,w`r` nrr`st`k njk cmnrf`k whtm r`c`hvhjf njk enujk`rhjf $8.2 gheehlj hjarha`s brlg Iuwnhth clgpnjh`s klhjfaushj`ss whtm tm` P.S.Nrgy hj Hrnq.[mhscns` wns k`scrha`k ns tm` glst krngnthclb n ceust`r lb Hrnq-r`ent`k clrrupthlj

    cns`s bhe`k hj Oueytm` aush`st gljtm blr clrrupthlj cns`s shjc` tm` wnr a`fnj.Htspnrt lb n arlnk`r hjv`sthfnthlj hjtl ahk-rhffhjf,ihciancis njk arha`ry nt P.S. flv-`rjg`jt cljtrncthjf lbbhc`s hj Iuwnht.

    Gnjy cljtrncts blr r`cljstructhlj lr s`rvhjf P.S. trllps hj Hrnq nr` gnjnf khj j`hfmalrhjf Iuwnht. Ht wns r`plrt`kay PSN [lkny tmnt `e`v`j p`lpe` mnv`pe`nk`k fuhety tl clrrupthlj cmnrf`shjvlevhjf Hrnq cljtrncts lv`rs``j hjIuwnht. S`v`j p`lpe` njk s`v`j clgpn-jh`s mnv` a``j susp`jk`k lr anjj`kbrlg f`tthjf j`w P.S. flv`rjg jt wlri a`cnus` lb clrrupthlj hj Iuwnht,ncclrkhjf tl tm` Nrgy lbbhc` r`spljsh-ae` blr tmls` snjcthljs.

    [m` glst r`c`jt susp`jshljs cng`nalut lj Ouey 1 jk .[m` Nrgy susp`jk`kIuwnht-ans`k E`` Kyjnghcs Hjt`rjn-thljne9 tm` clgpnjys Ng`rhcnj bntm`r-njk-slj lwj`rs,F`lrf` njk Ousthj E``9n r`enthv` hk jthbh`k ns Lnh E``9 njk nj

    Nenangn aushj`ss,E`` K`b`js` S`rvhc`s,ns pnrt lb n arha`ry hjv`sthfnthlj. Gheh-tnry cljtrncthjf r clrks smlw E``Kyjnghcs mns a``j pnhk $>1.= gheehljshjc` 1440 tl lp`rnt` s`v`j wnr`-mlus`s hj Hrnq stlrhjf fujs, nggujhthljnjk ltm`r f`nr blr Hrnqh s`curhty blrc`s.

    Vmhe` nee H ijlw nalut tm` cns` hs ns

    k`scrha`k hj tmnt wmhcm wns wrhtt`j hjPSN [lkny , H mnv` r`nk ltm`r r`plrtsnalut mlw whk`spr`nk clrrupthlj mnsa``j shjc` tm` Hrnq wnr stnrt`k. Slg`smlcihjf tmhjfs mnv` a``j ujclv`r`knjk n tr`g`jklus juga`r lb plehthcneey-cljj`ct`k clgpnjh`s mnv` klj` v`ry

    w`ee hj Hrnq. Ng`rhcnj tnxpny`rs smlueka` lutrnf k lv r tm` gnsshv` brnuk njkclrrupthlj tmnt mns a``j r`plrt`k. Hsusp`ct tmnt w` mnv`jt m`nrk tm` enstr`enthjf tl tm` scnjknes tmnt mnv` clg`nalut lv`r tm` pnst 2 y`nrs. Trlbhthjflv`r n wnr hs lj` tmhjf, aut clrrupthljnjk brnuk nr` quht` njltm`r gntt r.Slurc`? PSN [lkny

    I NQE Q LR@ S E@FNCX V HEE S LLJ A @ S @[ H J S [LJ@

    Jlw tmnt Inre Qlv` mns cut njk ruj,e`nvhjf F`lrf V. Ausm tl ruj tm`

    clujtry nee ay mhgs eb, bleis nr` khs-cusshjf tm` hgg`khnt` njk eljf rnjf``bb`cts lb mhs ougphjf smhp. Mhstlry wheer`clrk Inre Qlv` ns a`hjf lj` lb tm`glst plw`rbue njk hjbeu`jthne jlj-`e`ct`k plehthcne bhfur`s `v`r lj tm`jnthljne e`v`e. Mhs nahehty tl `e`ct np`rslj ehi` F`lrf` Ausm tl tm` glstplw`rbue lbbhc` hj tm` wlrek, hj gy lphjhlj, wns n gnolr plehthcne ghrnce`.

    Vmhe` hts slg`wmnt `nrey tl nss`ss ht,tm` Qlv` e`fncy hs jlt n fllk lj` wm`j

    ylu cljshk`r tm` smnp` m` mns e`bt lur clujtry hj. Qlv` wns tm` nrcmht`ct lb nplehthcne strnt`fy tmnt mns e`bt lur clujtry glr` khvhk`k tmnj `v`r a`blr`.[m` sp`chne hjt`r`sts nr` k`bhjht`ey glr`hj cljtrle tlkny njk tm` Ng`rhcnjp`lpe` glr` smut lut brlg tm`hr flv-`rjg`jt tmnj nt njy thg` hj gy ehb`.

    Vm`j ylu kl nj nss`ssg`jt lb wmntQlv` mns e`bt tm` Ng rhcnj p`lpe` whtm,cljshk`r tm` bleelwhjf?

    Clrplrnt` clrrupthlj hs nt nj nee thg` mhfmpr`scrhpthlj krufs

    prhc`s nr` lut lb shfmtfelane wnrghjf mns a``j hfjlr`kghe- ehljs lb Ng`rhcnjs mnv` jl m`netmhjsurnjc`fnslehj` prhc`s nt tm`

    pugp nr` lutrnf`luslhe clgpn- jh`s nr` gnihjf r`clrk prlbhtsrnw plehthcs mnv` a``j tm` nf`jkn

    s`tt`r hj glst `v`ry b`k`rne r`fuen- tlry nf`jcyplw`rbue elaayhsts,

    bhjnjc`k ay sp`chne hjt`r`sts,cljtrle cljfr`ss njk glst lb tm`

    flv`rjg`jtne nf`jch`snjk w`nr` alff`k klwj hj n clstey chvhe wnr hj Hrnq.

    [l sny tmnt Qlv`tm` gnst`r strnt`-fhstmns e`bt lur clujtry hj n t`rrhae`g`ss hs n frlss ujk`rstnt`g`jt. Ce`nrey,Qlv` wns lj` lb tm` prhgnry nrcmht`ctslb tm` Hrnq Vnr.Hj Ouj` 1442,Qlv` fnv`n sp``cm tl J`w Mngpsmhr` Q`puaeh-cnjs njk aenst`k K`glcrnts blr nkvlcnt-hjf cutthjf njk rujjhjfhj Hrnq, snyhjflb tm` K`glcrnts?

    [m`y gny a` whtm ylu blr tm` bhrst smlts. Aut tm`yr` jlt flhjf ... tl a`whtm ylu blr tm` tlufm antte`s.

  • 8/9/2019 The Jere Beasley Report, Sep. 2007

    11/48A`nse`yNee`j.clg >>

    Aut ht jlw npp`nrs Qlv` kl`sjt prnc-thc` wmnt m` pr`ncm`s shjc` tmhjfs nr`pr`tty tlufm blr mhs alss. M` hs k`pnrt-hjf tm` Vmht` Mlus` nt n thg` wm`j tm`flhjf hj Hrnq hs ns tlufm ns ht mns `v`r a``j. E`nvhjf tm` Tr`shk`jt hj sucm ng`ss hs khbbhcuet tl ousthby. Qlv` m`ep`ktm` Tr`shk`jt stnrt n wnr, njk jlw muj-kr`ks lb tmlusnjks lb Ng`rhcnj s`rvhc`g`j njk wlg`j mnv` jl cmlhc` aut tlehv` whtm tm` cljs`qu`jc`s lb tmnt k`ch-shlj. Qlv` hs e`nvhjf ltm`rshjceukhjfmhs prltftl ce`nj up tm` g`ss m`cr`nt`k.

    Qlv` mns n r`putnthlj lb klhjf wmnt-`v`r hs j`c`ssnry tl whj hj tm` plehthcnenr`jn.M` r`cie`ssey st``r`k tmhs clujtry hjtl n k`ance` hj Hrnq tmnt mns cnus`k tm`k`ntm lb tmlusnjks lb Ng`rhcnjs njkmujkr`ks lb tmlusnjks lb Hrnqh chvhehnjs.Mhs plehch`s cnrrh`k lut ay tm` Tr`shk`jtmnv` ruhj`k tm` Pjht`k Stnt`sr`putnthljnarlnk. Qlv , Rhc` Tr`shk`jt Khci Cm`j`y, njk tm` r`st lb tm` wnr penjj`rskhk sl whtm ehtte` ujk`rstnjkhjf lb wmnttm`y w`r` f tthjf hjtl njk whtm hjsubbh-ch`jt penjjhjf.[m`y slek tm` wnr tl tm`puaehc whtm ank hjblrgnthlj njk aentnjtghsr`pr`s`jtnthljs.Vhtmlut njy kluat,Qlv` wns pnrt lb tm` Vmht` Mlus` Hrnq frlup tmnt k`vhs`k tm` pr`wnr g`ssnf-

    hjf njk wml nr` jlw tryhjf tl ousthby neelb tm` ghstni`s gnk`.H mnv` j`v r a``j n bnj lb tm` Qlv`

    stye` lb plehthcs njk j`v`r whee a`.Qlv`s sclrcm`k `nrtm plehch`s lv`r tm`

    y`nrs mnv` hjceuk`k tnihjf jl prhslj`rsnjk eht`rneey k`strlyhjf mhs plehthcnelpplj`jts r`fnrke`ss lb tm` cljs`-qu`jc`s.Nee lb tmhs gny `v`jtuneey cntcm up whtm mhgw` whee s` !Slurc`? [m` Jnthlj

    H [ NTT@NQS Q LR@ G NX M NR@ S LG@[MHJF [ L M HK@

    Ns stnt`k nalv , Inre Qlv s njjlujc`-g`jt enst gljtm tmnt m` wluek r`shfjbrlg mhs plw`rbue plshthlj hj tm` Ausm

    Nkghjhstrnthlj cnus`k nee slrts lb sp`cu-enthlj.V` nee ijlw tmnt tm` Ausm VmhtMlus` mnk a``j bhfmthjf mnrk tl i``p

    Qlv` brlg mnvhjf tl t`sthby ujk`r lntm a`blr` cljfr`sshljne clgghtt``s. Gnjy a`eh`v` tm` tlp plehthcne nkvhslrs sukk`jr`shfjnthlj cluek a` khr`ctey r`ent`k tltmnt hssu`. Glst Ng`rhcnjs a`eh`v` Qlv`smluek a` gnk` tl t`sthby a`blr` Clj-fr`ss cljc`rjhjf mhs rle` hj tm` cenjk`s-thj` bhrhjfs lb tm` P.S. nttlrj`ys. Aut tm`

    Vmht Mlus` mns hjvli`k x cuthv` prhvh-e`f` tl i``p tm` gnj whtm tm` glstcljtrle lv`r Tr`shk`jt Ausm brlg mnvhjftl t`sthby. [m` Nkghjhstrnthlj tni`s tm`plshthlj tmnt Qlv`, ns nj hgg`khnt`nkvhs`r tl tm` pr`shk`jt,cnjt a` lrk`r`ktl t`sthby. Ns ylu ijlw, tm` S`jnt` Oukh-chnry Clgghtt`` mnk cnee`k Qlv` njk mhsk`puty, Scltt O`jjhjfs, tl t`sthby. [m`

    Vmht` Mlus` snys ht hs tryhjf tl prlt`cttm` pr`shk`jts nahehty tl r`c`hv` cnjkhknkvhc` njk lbb`r`k tl e`t tlp nhk`s khscusstm` bhrhjfs ljey hb tm`y w`r` jlt penc`kujk`r lntm njk whtm jl trnjscrhpt tl a`neelw`k.[mnt hs slrtn w`hrk `sp`chneey hb tm` g`j mnk jltmhjf tl mhk`.

    S`jntlr Tntrhci E`nmy (K-R[) nccus`ktm` Vmht` Mlus` lb tryhjf tl clv`r upQlv`s rle` hj tm` bhrhjfs. [m` v`t`rnjenwgni`r qu`sthlj`k wmy Qlv` khs-cuss`k tm` gntt`r puaehcey wm`j tm`hssu` bhrst gnk` j`ws, nee lb n sukk`jmns a`clg` ujnae` tl tnei ht nalut ht

    wm`j m` hs ujk`r lntm. Cljfr`sssmluek a` nae` tl prla` Qlv`s rle` hjtnrf thjf w`ee-r`sp`ct`k P.S. nttlrj`ysblr bhrhjf njk hj s``ihjf tl clv`r up mhsrle` njk tmnt lb mhs stnbb hj tm` scnjkne.Hb hj bnct Qlv` khk peny n rle` hj tm` s`e`c-thv` bhrhjfs, hts n glst s`rhlus gntt`r njk lj` tmnt smluek a` hjv`sthfnt`k.CnjQlv` nbblrk tl a` put ujk`r lntm njktm`j ruj tm` rhsi lb n p`roury cmnrf < Hkluat tmnt w` whee `v`r f`t tm` njsw`r tl tmnt qu`ry.Slurc`? CJJ.clg

    K NJF@QS @ ]HS[ H J L PQ C LPJ[QX S NFHJF H JBQNS[QPC[PQ@

    N juga`r lb hjchk`jts mnv` lccurr`kr`c`jtey tmnt frnpmhcneey heeustrnt` `xhst-hjf mnznrks tmnt nr` nsslchnt`k whtm njnfhjf hjbrnstructur . [mls` hjceuk` n

    st`ng php` `xpelshlj j`nr FrnjkC`jtrne [ rghjne hj J`w Xlri Chty, ne`v`` bnheur` bellks J`w Lre`njs, njkglr` r`c`jtey, tm` gnolr arhkf` cleenps`hj Ghjj`nplehs wmhcm tlli penc` kurhjfrusm mlur trnbbhc.[m`s` khsnst`rs mnv`fltt`j tm` ntt`jthlj lb puaehc lbbhchnes nt`v`ry e`v`e lb flv`rjg`jt njk blr fllkr`nslj.V` mnv` tl r`nehz` tmnt tm` auei lb tm` jnthljs mhfmwny syst`g wnsauhet lv`r 24 y`nrs nfl njk hs frlwhjflek. Mlp`bueey, w` nr` jlt `xp`rh`jc-hjf tm` a`fhjjhjfs lb glr` s`rhlus khs-nst`rs klwj tm` rlnk. Gnjy structurnenjk chvhe `jfhj``rs wml mnv` stukh`ktm` gntt`r a`eh`v` tm`r` hs n gnolr hjbrn-structur` prlae`g hj tmhs clujtry. Ha`eh`v` tm`y nr` lj tnrf`t.

    [m` Ng`rhcnj Slch`ty lb Chvhe @jfh-j``rs hssu`s njjune rnjihjfs lb tm` stnt`lb tm` jnthljs hjbrnstructur`. Pjblrtu-jnt`ey, tm` frnk`s brlg tmls` rnjihjfsmnv`jt a``j v`ry fllk. [m` B`k`rneMhfmwny Nkghjhstrnthlj nesl hssu`k nr`plrt enst y`nr tmnt rnt`k >3.>% lb mhfmwny arhkf`s ns structurneey k`bhch`jt. Ht snhk tm`s` arhkf`s mnv` k`t`rh-lrnt`k cljkhthljs lb shfjhbhcnjt arhkf``e`g`jts njk r`kuc`k elnk cnrryhjfcnpnchty. Hj nkkhthlj, tm` nf`jcy r`plrt`k tmnt nj nkkhthljne >3.2% lb

    arhkf`s w`r` bujcthljneey lasle`t`,g`njhjf tm`y kl jlt g``t curr`jtk`shfj stnjknrks.

    [rnjsplrtnthlj lbbhchnes mnv` tl ijlw tmnt gnjy lb tm` jnthljs 244,444arhkf`s nr` hj j``k lb r`pnhr lr r`penc`-g`jt. Nalut lj` hj `hfmt mns a``jk``g`k structurneey k`bhch`jt, n t`rgtmnt typhcneey g`njs n clgplj`jt lb tm`arhkf`s structur` mns a``j rnt k pllr lr wlrs`, aut kl`s jlt j c`ssnrhey wnrjlb hgghj`jt cleenps`. Glst k`bhch`jtarhkf`s, wmhcm hjceuk`k tm` spnj lb Hjt`rstnt` 30V lv`r tm` GhsshsshpphQhv r hj Ghjj`nplehs, Ghjj sltn, r`gnhjlp`j tl trnbbhc.N stuky ay tm` B`k`rneMhfmwny Nkghjhstrnthlj blujk tmnt

    vhsune hjsp`cthljs, tm` prhgnry g`tmlkus`k ay arhkf` hjsp`ctlrs, ljey rnr`ey k`t`ct crncis brlg g`tne bnthfu`.Hj tm`stuky, clgpe`t k hj 144>, ;8 arhkf`

  • 8/9/2019 The Jere Beasley Report, Sep. 2007

    12/48

    hjsp`ctlrs brlg ncrlss tm` clujtry `xnghj`k t`st arhkf`s hj Rhrfhjhn njkT`jjsyevnjhn.Ljey ;% clrr`ctey hk jth-bh`k n bnthfu` crnci.Vlrs`, gnjy hjsp`c-tlrs hk`jthbh`k jlj`xhst`jt prlae`gs,suff`sthjf tmnt arhkf`s slg`thg`sujk`rfl ujj`c`ssnry r`pnhrs wmhe`slg` s`rhlus cljkhthljs nr` jltk`t`ct k. Hjsp`ctlrs jlw slg`thg`s`gpely tlles ehi` uetrnslujk, aut tmls`nkk thg` njk clst tl tm`hr wlri. J`v`r-tm`e`ss, tmnt slrt lb tmhjf hs j` k`ka`cnus` lb tm` s`rhlus cljs`qu`jc`s

    wm`j n gnolr arhkf` cleenps`s.[m` alttlg ehj` hs tmnt puaehc lbbhchnes

    cnjt wnht ujthe khsnst`rs tni` penc` tlk`ne whtm tm` guethtuk` lb prlae`gscnus`k ay nj nfhjf hjbrnstructur` hj tmhsclujtry. [m` gnolr r`nslj tmnt w`mnv`jt k`net whtm tm` prlae`g hs tm`r`currhjf plehthcne prlghs`s lb jl j`w tnx`s. @v`jtuneey, bujks gust a` blujktmnt cnj a` us`k tl hk`jthby njk bhx tm``xhsthjf prlae`gs.[m` krnhj lj b`k`rnekleenrs r`suethjf brlg tm` wnr hj Hrnq njk tm` jl j`w tnx`s prlghs`s ay plehthchnjs gni`s bhjkhjf bujks v`ry clgpehcnt`k hb jlt hgplsshae`. Ht hs `sth-gnt`k tmnt $>.2 trheehlj hs j``k`k lv`r nbhv`-y`nr p`rhlk tl arhjf lur jnthljshjbrnstructur` tl fllk cljkhthlj.

    Slurc`? J`w Xlri [hg`s

    T L[@J[HNE B ENV S @@J H J K @SHFJ L B B NEE@J A QHKF@

    Hjv`sthfntlrs hj Ghjj`sltn mnv` blujk wmnt gny a` n k`shfj benw hj tm` arhkf`tmnt cleenps`k hj tmnt stnt` r`suethjf hjtm` elss lb ehv`s.[m` benw hj tm` st``epnrts tmnt cljj`ct`k fhrk`rs rnhs`ssnb`ty cljc`rjs blr ltm`r arhkf`snrlujk tm` clujtry. Ns n r suet, tm`B`k`rne Mhfmwny Nkghjhstrnthlj mnsurf`k nee stnt s tl tni` `xtrn cnr` whtm mlw gucm w`hfmt tm`y penc` ljarhkf`s lb njy k`shfj wm`j s`jkhjfcljstructhlj cr`ws tl wlri lj tm`g.Cr`ws w`r` klhjf wlri lj tm` k`ci lb tm` Hjt`rstnt` 30V arhkf` wm`j ht fnv`

    wny. Ht smluek a` jlt`k tmnt tm`Jnthljne [rnjsplrtnthlj Snb`ty Alnrks

    hjv`sthfnthlj hs gljtms brlg clgpe`-thlj. Hjv`sthfntlrs nr` wlrihjf tlcljbhrg tm` k`shfj benw hj tm` sl-cnee`kfuss`t pent`s. [m`y nr` ntt`gpthjf tlk`t`rghj` wmnt, hb njy, rle` tm` pent`smnk hj tm` cleenps` lb tm` arhkf`.

    [m` hjv`sthfntlrs mnv` hjkhcnt`k tmnttm`y cljshk`r`k tm`hr pr`ehghjnry bhjk-hjfs tl a` n plt`jthneey cruchne khsclv`ry njk nesl n snb`ty cljc`rj blr ltm`r arhkf`s. Fuss`t pent`s nr` us`k hj tm`cljstructhlj lb gnjy arhkf`s, jlt ousttmls` whtm n shghenr k`shfj tl tm` lj` hjGhjj sltn. Shjc` tm` cleenps , tm`cljc`rj ngljf hjv`sthfntlrs mnsblcus`k lj brnctur` crhthcne arhkf`s,

    wmhcm cnj cleenps` hb `v`j n shjfe` pnrtbnhes. Aut tmus bnr, j`htm`r tm` snb`ty alnrk jlr tm` b`k`rne K`pnrtg`jt lb [rnjsplrtnthlj mns shjfe`k lut njy pnr-thcuenr k`shfj lb arhkf` hj rnhshjf htsj`w cljc`rjs nalut fuss`t pent`s njktm` w`hfmt lb cljstructhlj quhpg`jt.Cljc`rjs nalut tm` pent`s `g`rf`kbrlg scruthjy lb tm` vnst k`shfj r`clrksr`ent`k tl tm` st` e truss arhkf`.Hj

    N brh`jk lb ghj` hj tm` st``e aushj`sstlek g` tmnt fuss`t pent`s nr` tm` st``ecljj`ctlrs us`k tl mlek tlf`tm`r tm`fhrk`rs lj tm` truss lb n arhkf`. Lj tm`Ghjj`sltn arhkf`, clgpe`t k hj >826,

    tm`r` wluek mnv` a``j mujkr`ks lb tm`g, ncclrkhjf tl Ghjj`sltn lbbhchnes.Snb`ty alnrk hjv`sthfntlrs nr` v`rhbyhjftm` elnks njk str`ss`s lj tm` pent`s ns

    w`ee ns cm`cihjf wmnt tm`y w`r` gnk`lb njk mlw strljf tm`y w`r . Ht mnsa``j r`plrt`k tmnt tm` us` lb tm`s`pent`s hs clgglj hj arhkf`s. Hts n wny tl nttncm s`v rne fhrk rs tlf tm r.

    H ujk`rstnjk tmnt n cljsuetnjt, mhr`kay tm` Stnt` lb Ghjj`sltn hj tm` knysnbt`r tm` cleenps` tl cljkuct nj hjv`sth-fnthlj lb wmnt mnk flj` wrljf, khsclv-`r`k tm` plt`jthne benw. Ncclrkhjf tlB`k`rne nutmlrhth`s, lj` nkk`k str`ss ljtm` fuss`t pent`s gny mnv` a``j tm`

    w`hfmt lb cljstructhlj `quhpg`jt njkj`nrey >44 tljs lb frnv e lj tm` arhkf`,

    wm`r` gnhjt`jnjc` wlri wns prlc``k-hjf wm`j tm` cleenps` lccurr`k.N clj-structhlj cr`w mnk r`glv`k pnrt lb tm`

    k`ci whtm ;0-plujk oncimngg`rs, hjpr`pnrnthlj blr r`penchjf tm` twl-hjcm tlp eny`r, njk tmnt gny nesl mnv` net`r`ktm` str`ss`s lj tm` arhkf , ncclrkhjf tl`xp`rts. Ht whee tni` n fr nt k`ne lb glr`mnrk wlri tl k`t`rghj` `xnctey wmntcnus`k tm` arhkf` tl cleenps`. [m`trnf`ky mns c`rtnhjey a``j n wni`upcnee blr flv`rjg`jtne lbbhchnes ncrlss tm`clujtry.Slurc`s? J`w Xlri [hg`s njk Nsslchnt`k Tr`ss

    NG@QHCNJ C H[H_@JS T NX [ M@ M HFM@S[ K QPF T QHC@S H J [ M@ V LQEK

    H ng sur` gheehljs lb Ng`rhcnjs wntcm`k 24 Ghjut`s lj Ouey 13 rk njkglst lb tmls` wml wntcm`k w`r` glstehi`ey smlci`k nt wmnt tm`y m`nrk naluttm` G`khcnr` pr`scrhpthlj kruf ahee tmnttm` Ausm Nkghjhstrnthlj njk tm` krufclgpnjy elaayhsts pusm`k tmrlufm Cljfr ss nalut 3->/1 y`nrs nfl. H mnv`

    wrhtt`j hj pr`vhlus r`plr ts tmnt tm`kruf clgpnjh`s wrlt` tm` kruf ahee njktmnt wns v`rhbh`k ay tm` CAS j`ws t`nglj 24 Ghjut`s. [m` bhjne vlt` hj Clj-fr`ss lj tm` kruf ahee tlli penc` nt 3?44n.g.,wmhcm hs rntm r lkk,aut ce`nrey jltnj ujpenjj`k mnpp`jhjf. H susp`ct b`w g`ga`rs lb tm` Mlus` lb Q`pr`s`jtn-

    thv`s wml vlt`k lj tm` ahee `v`j ij`w wmnt wns hj ht.[m` clst nt tm` thg` wns`sthgnt`k tl a` nalut $;44 aheehlj lv`r >4 y`nrs. Q`p. Aheey [nuzhj,wml cnrrh`k

    wnt`r blr tm` kruf clgpnjy elaayhsts,st``r`k tm` ahee tmrlufm tl bhjne pnssnf`.

    Nr` ylu surprhs`k tl e`nr tmnt jlw m` wlris buee thg` blr tm` kruf clgpn-jh`s< H suff`st tmnt lur r nk`rs nsi tmhsqu`sthlj tl tm`hr g`ga`rs lb Clj-fr`sswmnt hs tm` clst lb tm` prlfrngjlw prlo`ct`k tl a`1 A`nse`yNee`j.clg

  • 8/9/2019 The Jere Beasley Report, Sep. 2007

    13/48

    a`j`bht, aut tm` clsts hjvlev`k wheej`fnt` njy r`ne a`j`bht tl s`jhlrs.Q`c`jtey, H nsi`k n g`ga`r lb Cljfr`ssbrlg Nenangn nalut tm` kruf prlfrngnt n elcne Cmnga`r lb Clgg`rc`g``thjf. H wns smlci`k nt tmhs enci lb ijlwe`kf` nalut n ahee m` supplrt`knjk vlt`k blr. [m` clsts lb pr scrhpthljkrufs hj tm` Pjht`k Stnt` nr` tm` mhfm`sthj tm` wlrek.Bleis smluek a` nsihjf tm`plehthchnjswmy44 Gheehljn y`nr hj cngpnhfj cljtrhauthljs njkelaayhjf `xp`js`s tm` clgpnjh`ssp`jk tl prlt`ct tm`hr prlbhts.Njltm`r hstmnt w` mnv` g`ga`rs lb Cljfr`ss,sucm ns Gr. [nuzhj, wml b`ntm`r tm`hr lwj j`sts wmhe` s`rvhjf hj Cljfr ss. Hsuff`st tmnt ylu r`nk tm` r`plrt ay tm`C`jt`r blr Tuaehc Hjt`frhty wmhcm cnj a`blujk lj tm`hr w`asht`, www.puaehchj-t`frhty.lrf. Lj` lb gy klctlr brh`jksnsi`k g` ljc` hb H r`nehz`k tmnt Ng`rh-cnj Chthz js nctuneey suashkhz` p lpe` hjtm` r`st lb tm` wlrek wm`j ht clg`s tltm` clsts lb pr`scrhpthlj krufs. H mnkjttmlufmt nalut tm` hssu` hj tmnt cljt`xt,aut jlw H ujk`rstnjk wmnt m` wnst`eehjf g`. [m` mhfm prhc`s w` pny hjtmhs clujtry neelw kruf clgpnjh`s tls`ee tm` sng` krufs nt v`ry cm`np prhc`s

    hj nee ltm`r clujtrh`s. Cnjnknlur j`hfmalrhs tm` censshc xngpe`.

    ELAAXHS[S [ M@ J @V T HQN[@S L B [ M@ C NQHAA@NJ N Q@ A NK J @VS B LQ [ N]TNX@QS

    [m` Q`puaehcnj Cljfr`ss clzy nbbhehn-thlj whtm tm` pmnrgnc`uthcne hjkustry mns n eljf mhstlry.Netmlufm tm` Q`puaeh-cnj pentblrg cnees blr sgnee`r flv`rj-g`jt,hj 1443 tm` nkghjhstrnthlj m`ep`kpnss tm` G`khcnr` Tr`scrhpthlj Kruf Aheens g`jthlj`k nalv`,wmhcm hs tm` enrf`st`jthte`g`jt prlfrng hj ;4 y`nrs. Gucm lb tm` cr`kht blr pnsshjf tmhs ahee cnj a`pnss`k nrlujk tl tm` >,444 elaayhsts

    wlrihjf blr tm` pmnrgnc`uthcne hjkus-try hj f`tthjf tmhs whjkbnee ahee pnss`k.

    Nbt`r tm` ahee pnss`k, gnjy hjkhvhkunese`bt tm`hr olas hj flv`rjg`jt njk

    a`cng` `gpely`k ns elaayhsts. H g`j-thlj`k Cljfr`ssgnj Aheey [nuznj brlgEluhshnjn wml whtmhj shx w``is lb tmhsahee pnsshjf a`cng` pr`shk`jt lb Tmnrgn njk hs gnihjf $1 gheehlj n y`nr hj snenry.Oust a`blr` tm` ahee wns pnss`k,[nuznj fnv` cr`kht tl hjkhvhkunes wmlmnk a``j i`y hj f`tthjf tm` ahee pnss`k.Ht hs hjt`r`sthjf tl jlt` wmnt tm`y khknbt`r tm` ahee wns pnss`k.

    Vm`r` khk nee lb tm`s` bleis wmlm`ep`k tm` kruf clgpnjh`s enjk< Brlgtm` Vnys njk G`njs Clgghtt``, OlmjGcGnjus e`bt Cljfr`ss njk stnrt`k mhslwj elaayhjf bhrg njk mhs ceh`jts jlw hjceuk`k Tmnrgn, Tbhz`r, @eh Eheey, njkG`rci. Brlg tm` gnolrhty shk` lb tm`Bhjnjc` Clgghtt``, Ehjkn Bhsmgnj e`btm`r plshthlj njk a`cng` n elaayhst blr

    Ngf`j.@j`rfy njk Clgg`rc` Clgght-t`` stnbb`r Tnt Glrrhss`y e`bt njk w`jt tl

    wlri elaayhjf blr Jlvnrths njkMlbbgnj-EnQlcm`. O`r`gy Nee`j e`bt tlelaay blr Olmjslj & Olmjslj. Intme``j

    V eklj njk Ohg Anrj`tt e`bt tl elaay blr Ahlf`j njk Mlbbgnj-EnQlcm` r`sp`ct-bueey.[nuznj clgg`jk`k nee tm`s` hjkh-

    vhkunes blr tm`hr fr`nt wlri nt tm`Mlus`. Aut tm` qu`sthlj hs? Vns tmhsfr`nt wlri blr tm` Mlus` lr wns ht fr`nt

    wlri blr tm` pmnrgnc`uthcne hjkustry

    njk blr tm`gs`ev`s< Ht a`fs tm` qu`s-thlj,nr` elaayhsts tm` j`w phrnt`s lb tm`Cnrhaa`nj=4,444

    Rhrfhjhn [ cm whee lbb`r tm` bngheh`s lb tm` 31 stuk`jts njk bncuety g`ga`rsihee`k hj tm` Nprhe >2tm gnssncr` n lj -thg` pnyg`jt lb $>=4,444 brlg n bujkcr`nt`k tl r`c`hv` prhvnt` kljnthljs.[m` bujk,cnee`k tm` Mlih` Sphrht G`gl-rhne Bujk, mns rnhs`k $6.> gheehlj. [m`Pjhv`rshty penjs tl khstrhaut` tm` `jthr`bujk tl tm` bngheh`s lb tmls` ihee`k njktl tm` 16 p`lpe` wlujk`k.[mls` wml

    w`r` wlujk`k whee `ncm r`c`hv`a`tw``j $;4,444 tl $84,444, k`p`jk-hjf lj tm` s`v rhty lb tm`hr hjourh`s, ns

    w`ee ns br`` tuhthlj nt Rhrfhjhn [ cm.Jlt `v`ryalky hs mnppy whtm tm` shtu-

    nthlj. Slg` bnghey g`ga`rs a`eh`v` tm`nglujts nr` gucm tll elw tl clgp`j-snt` tm`g blr tm`hr elss`s njk clv`r lut-stnjkhjf ahees. S`v`rne r`enthv`s lb senhjnjk wlujk`k Rhrfhjhn [`cm stuk`jtsa`eh`v` tmnt tm` scmlle wns j`fehf`jt hjhts r`spljs` tl tm` trnf`ky.N tnxpny`r-bhjnjc`k clgp`jsnthlj bujk mns a``jr`clgg`jk k, n prlplsne wmhcm Flv`r-jlr [hgltmy G. Inhj` njk Rhrfhjhn e`fhs-entlrs snhk tm`y whee cljshk`r.

    Ht wluek a` khbbhcuet blr tm` bngheh`s tlsu` tm` stnt`, a`cnus` lb tm` prlt`cthljnbblrk`k ay slv`r`hfj hggujhty. Tlt`j-thne kngnf`s wluek a` cnpp`k nt$>44,444,netmlufm tm`r` nr` jl cnps ljnwnrks hb tm` Rhrfhjhn nttlrj`y f`j`rnek`chk`s tl s`tte` n suht lut lb clurt.S`v`rne stnt` enwgni`rs snhk r`c`jtey tmnt cr`nthlj lb n stnt` clgp`jsnthljbujk ghfmt a` tm` a`st sleuthlj tl nvlhkenwsuhts.H shjc`r`ey mlp` tmnt nee lb tm`hssu`s cnj a` r`slev`k sl tmnt tm` bngh-eh`s cnj a` nk`qunt ey clgp`jsnt`k.Slurc`? [m` Vnsmhjftlj Tlst

    T NXKNX E@JKHJF H JKPS[QX F HR@S A HF A PCIS [ L T LEH[HCHNJS

    GNTEhfmt.lrf, n jljprlbht, jljpnrth-snj r`s`nrcm frlup, mns blujk tmnt tm`pnykny e`jkhjf hjkustry mns krngnth-cneey hjcr`ns`k hts stnt` cngpnhfj cljtrh-authljs lv`r tm` enst `hfmt y`nrs.Hjt`r`sthjfey, tmhs hjcr`ns` clhjchk`s

    whtm bnvlrnae` stnt` enws tmnt neelw tm`s` mhfm-hjt`r`st e`jk`rs tl cljthju`tl lp`rnt`.N r`plrt `xnghj`s,hj-k`ptm,tm` stnt`s tmnt r`c`hv`k tm` glst cng-pnhfj cljtrhauthljs brlg tm` pnykny elnj hjkustry,ns n p`rc`jtnf` lb lv`rneecngpnhfj fhvhjf hj tm` stnt`. [m`s`stnt s nr`? Hknml, Heehjlhs, Injsns, Slutm Cnrlehjn,[ jj`ss``,[ xns,njk Ptnm.[m`r`plrt r`v`nes tmnt ns tltne hjkustry cng-pnhfj cljtrhauthljs hj tm`s` stnt`shjcr`ns`k, stnt` enws neelw`k tm` hjkus-try tl cljthju` lp`rnthjf whtmlut shfjhb-hcnjt r`strhcthljs.

    [m` r`plrt blujk tmnt gnjy hjkustry

    A`nse`yNee`j.clg >3

  • 8/9/2019 The Jere Beasley Report, Sep. 2007

    14/48

    cljtrhauthljs cng` brlg lut lb stnt`. HjHknml, vhrtuneey nee hjkustry cljtrhau-thljs tl stnt` e`fhsentlrs86%cng`brlg lutshk` Hknml. Ltm`r stnt`s whtm mhfm e`v`es lb lut-lb-stnt` cljtrhauthljshjceuk`k?Ptnm (=;%), njk Heehjlhs (04%).[m` pnykny e`jkhjf hjkustry clj-trhaut`k $3.1 gheehlj tl e`fhsentlrs njkplehthcne pnrth`s hj tm`s` stnt`s kurhjf>882 tl 1442. Alrrlw`rs hj tm`s` stnt`spnhk $> aheehlj hj elnj b``s hj 1440nelj`.Ncrlss nee 04 stnt s, tm` hjkustry cljtrhaut`k $= gheehlj kurhjf >882 tl1442. Alrrlw rs ncrlss tm` P.S. pnhk$;.2 aheehlj hj elnj b``s hj 1440 nelj`.

    Hj s`v`rne stnt`s, enrf` gnolrhth`s lb e`fhsentlrs r`c`hv`k bujks brlg tm`pnykny elnj hjkustry, clhjchkhjf whtm e`fhsenthlj tmnt wns `htm`r bnvlrnae` lr ljey ghjhgneey r`strhcthv` tl hjkustry. Hj[ xns, blr xngpe`, tm` pnykny e`jkhjfhjkustry fnv` cngpnhfj cljtrhauthljstl `v`ry [ xns S`jntlr, nj nv`rnf` lb $=,128 tl `ncm S`jntlr. Jl e`fhsenthljpnss`k hj [`xns kurhjf tm` `hfmt y`nrsstukh`k tmnt shfjhbhcnjtey r`strhct`kpnykny e`jkhjf. Hj Heehjlhs, n ahee bnvlr-nae` tl tm` hjkustry pnss`k ujnjhglusey hj tm` Mlus`,njk j`nrey ujnjhglusey hjtm` S`jnt`, wm`r =;% lb Mlus`g`ga`rs njk ==% lb S`jntlrs r`c`hv`k

    hjkustry bujks. Flv rjlr Aenflo`vhcm, wml shfj`k tm` ahee hjtl enw, r`c`hv`k$>61,104 brlg tm` hjkustry.

    Ns nee lb lur r`nk`rs smluek ijlw,pnykny elnjs, nesl ijlwj ns cnsm nkvnjc`s lr k`b`rr`k k`plsht elnjs, nr`smlrt-t`rg elnjs s`cur`k ay n plst-knt`k cm`ci.Alrrlw`rs ehvhjf brlg pny-cm`ci tl pnycm`ci a`clg` trnpp`k hjk`at. Pjnae` tl pny anci n smlrt-t`rgelnj, tm`y `xt`jk tm` elnj r`p`nt`key,nccruhjf `bb`cthv` njjune rnt`s tmnt gny `xc``k ;44%.[m` P.S. pnykny e`jkhjfhjkustry mns frlwj brlg nj `sthgnt`k$= aheehlj hj elnj vleug` hj 1444 tl $1=aheehlj hj 1440.[m` r`plrts bhjkhjfs nr`ans`k lj n GNTEhfmt.lrf njneyshs lb cljtrhauthlj kntn brlg tm` JnthljneHjsthtut` lj Glj`y hj Stnt` Tlehthcs njkpuaehc r`clrks lb e`fhsenthv` vlt`s hj`ncm stnt .[m` buee r`plrt hs nvnhenae` nt

    tm` GNTEhfmt.lrf w`asht`? www.gnp-ehfmt.lrf. GNTEhfmt.lrf hs n jljprlbht,jljpnrthsnj lrfnjhznthlj heeughjnthjftm` cljj`cthlj a`tw``j glj`y njkplehthcs.[m`y smhj` n ehfmt lj cngpnhfjcljtrhauthljs njk r`ent`k e`fhsenthv` lut-clg`s, wmhcm e`nks tl n glr` hjblrg`kpuaehc njk `e`cthlj r`blrg. Tny kny e`jk`rs nr` gnihjf r`clrk prlbhts njk

    whtm tm` `cljlgy ujk`r tm` Ausm Nkghjhstrnthlj a`clghjf sl ank, hts gy a`eh`b tmnt tm`y whee a` klhjf `v`ja`tt`r hj tm` butur`.Slurc`? GnpEhfmt.lrf

    R.[M@ CLQTLQN[@VLQEK

    S LEHCH[LQ F @J@QNE B NHES [ L S PTTLQ[ [ M@ S@C

    H wnsjt surprhs`k tl e`nrj tmnt Slehch-tlr F`j`rne Tnue Ce`g`jt mns shk`k whtm clrplrnt` hjt`r`sts lv`r hjv`stlrs hj tm`s`curhth`s cns` tmnt mns mnk sl gucm g`khn ntt`jthlj. Ce`g`jt bhe`k njnghcus arh`b blr k`b`jknjts hj tmhsSupr`g` Clurt cns` tmnt cluek k`chk`

    wm`tm`r ncclujtnjts, anji`rs, enwy`rs,njk ltm`rs cnj a` su`k ay prhvnt`hjv`stlrs blr ncthvhth`s tmnt fl a`yljkg`r`ey nhkhjf njk na`tthjf clrplrnt`brnuk. [m` cns` mns `xpls`k n rhbta`tw``j tm` S`curhth`s njk @xcmnjf`Clgghsshlj njk tm` Ausm nkghjhstrn-thlj njk hts K`pnrtg`jt lb Ousthc`.[m`S@C mnk vlt`k tl supplrt hjv`stlrs, nplshthlj tmnt Ce`g`jt mns bnhe`k tlsupplrt.

    [m` Stlj`rhkf` cns` whee a` m`nrk ay

    tm` Supr`g` Clurt lj Lctla`r 8 tm .[m`hssu` hs wm`tm`r tmhrk pnrth`s cnj a`su`k ay prhvnt` hjv`stlrs hb tm`y pnrthch-pnt` hj n brnukue`jt scm`g` whtm nclgpnjy. [m` = tm P.S. Chrcuht Clurt lb

    Npp`nes rue`k tmnt tm`y cnjjlt a`suao`ct tl tmhs scm`g` ehnahehty ujk`r >4a-0 lb tm` S`curhth`s @xcmnjf` Nct lb >83; uje`ss tm`y gni` n puaehc stnt`-g`jt nalut tm` tnrf t`k ncthvhty. [m`

    cns` nrhs`s brlg s`curhth`s brnuk tmnttlli penc` nt Cmnrt`r ClggujhcnthljsHjc., n gnolr cnae` t`e`vhshlj prlvhk`r tmnt wns nccus`k lb hjbenthjf r`v`ju`tmrlufm smng trnjsncthljs.

    Ce`g`jt bnc`k plehthcne pr`ssur` brlgtm` Vmht` Mlus` jlt tl supplrt tm`hjv`stlrs.[mnt wns cljbhrg`k nbt`r tm`k`nkehj` pnss`k ay Neenj Muaanrk,Ausms cmh`b `cljlghc nkvhs`r, wml tlek[m` Nsslchnt`k Tr`ss tmnt tm` pr`shk`jtcljv`y`k tl Ce`g`jt tmnt m` a`eh`v`khts hgplrtnjt tl r`kuc` ujj`c`ssnry enwsuhts a`cnus` tmnts n v`ry ahfaurk`j tl tm` `cljlgy. [mhs hs nj`xngpe` lb mlw plehthcne tm` Ausm

    Vmht` Mlus` mns a``j.[mhs cns` whee a` wntcm`k whtm fr`nt hjt`jt.Slurc`? [m` Ng`rhcnj Enwy`r

    @ JQLJ S @[[E@G@J[ NTT@NQS J @NQ

    [m` e`nk penhjthbb hj tm` gnsshv`@jrlj smnr`mlek`r enwsuht, wmhcm wnsk`net n aelw ay nj npp`nes ruehjf enstGnrcm,mns prlpls`k n penj tl khstrhaut`tm` $6.1 aheehlj clee`ct`k sl bnr hj tm`enrf`st s`tte`g`jt `v`r r`ncm`k hj s`cu-rhth`s ehthfnthlj. [m` j`xt-enrf`st wns

    VlrekClgs $2.> aheehlj, ncclrkhjf tltm` S`curhth`s Censs Ncthlj Ce`nrhjf-

    mlus` nt Stnjblrk Pjhv`rshty.[m` Pjhv`r-shty lb Cnehblrjhn,tm` e`nk penhjthbb hj tm$;4 aheehlj enwsuht, hs s``ihjf puaehcclgg`jts lj n clgpehcnt`k prlplsnetl cnecuent` khstrhauthljs tl smnr`mlek-`rs wml alufmt @jrlj stlci hj tm`

    y`nrs a`blr` tm` clgpnjy crnsm`k hj njujpnrnee`e`k scnjkne.

    Ht mns a``j `sthgnt`k tmnt tm`r` nr`>.0 gheehlj @jrlj stlci njk aljkauy`rs hj tm` censs. [m` censs hjceuk`s

    smnr`mlek`rs wml alufmt @jrlj stlci a tw` j S`pt`ga`r 8, >886, njkK`c`ga`r 1, 144>, tm` kny @jrlj w`jtanjirupt. Ht smluek a` jlt`k tmnt tm`censs kl`sjt hjceuk` p`lpe` wmlalufmt smnr`s a`blr` tmnt thg` lr wmlmnv` lpt`k lut lb tm` s`tte`g`jt.Nbt`r npuaehc clgg`jt p`rhlk `jk`k lj

    Nufust 14 tm , penhjthbbs nsi`k Oukf`Mnrgljs p`rghsshlj tl gnhe jlthc s tl

    >; A`nse`yNee`j.clg

  • 8/9/2019 The Jere Beasley Report, Sep. 2007

    15/48

    smnr`mlek`rs r`pr`s`jt`k hj tm` suht tlhjvht` nkkhthljne hjput.Nt n ent`r knt`,tm` Oukf` whee cljshk`r npprlvne lb nbhjne penj. Ljc` ht hs npprlv`k njksmnr`mlek`rs cenhgs nr` v`rhbh`k, khstrh-authljs cnj a`fhj.[mnt hs jlt ehi`ey tltni` penc` prhlr tl ent` 144=.

    [m` `bblrt tl khstrhaut` s`tte`g`jtbujks ner`nky latnhj`k wljt stlp tm`penhjthbbs `bblrts tl nkkr`ss r`gnhjhjfk`b`jknjts hj tm` cns`.[m` auei lb tm`$6.1 aheehlj ner`nky r`clv`r`k cng`brlg tm` bleelwhjf anjis? Chthfrlup,

    OTGlrfnjCmns`,njk tm` Cnjnkhnj Hgp`-rhne Anji lb Clgg rc`. Ltm`rs tmntmnv` s`tte`k hjceuk` E`mgnj Arls.,Anji lb Ng`rhcn,@jrljs khr`ctlrs, njk Nrtmur

    Njk`rs`j, tm` ncclujthjf bhrg. [m`r`gnhjhjf k`b`jknjts hj tm` enwsuht nr`G`rrhee Eyjcm & Cl.,Anrcenys njk Cr`khtSuhss` Bhrst Alstlj,njk twl hjkhvhkunes,blrg`r @jrlj C@L O`bb Siheehjf njkblrg`r ncclujthjf cmh`b QhcmnrkCnus`y. Ns ylu ijlw, Siheehjf njkCnus`y nr` hj prhslj blr @jrlj crhg`s.Siheehjf wns cljvhct`k enst y`nr lb >8crhghjne clujts, wmhe` Cnus`y pe`nk`kfuhety tl s`curhth`s brnuk.

    [m` smnr`mlek`r enwsuhts Nprhe trhne wns put lj mlek wm`j tm` 0 tm P.S.Chrcuht Clurt lb Npp`nes aelci`k tm`

    penhjthbbs brlg nee`fhjf tm` anjis w`r`prhgnry peny`rs hj brnuk tmnt m`ep`kbu`e @jrljs bnheur`.[m` penhjthbbs sny tm`anjis w`r` lj tm` brljt ehj`s lb brnuk,structurhjf k`nes tm`y ij`w @jrlj

    wluek us` tl gnjhpuent` bhjnjchne stnt`-g`jts. Pjk`r tmnt tm`lry, tm` anjis

    wluek a` m`ek ehnae` blr tm`hr ncthljs ns w`ee ns tmls` lb `v`rylj` `es` hjvlev`k. Nahehty tl mlek tm` anjis r`spljshae` blr tm` `jthr` brnuk cluek r`suet hj n gueth-aheehlj-kleenr oukfg`jt. [m` penhjthbbsnpp`ne`k tm` 0 tm Chrcuhts ruehjf tl tm`P.S. Supr`g` Clurt. [mus bnr, tm` mhfm clurt mnsjt tni j njy ncthlj lj tm`npp`ne. Mlw`v`r, tm` clurt hs scm`kue`ktl m`nr nrfug`jts hj njltm`r cns` tmhsbnee tmnt hjvlev`s tm` sng` hssu` lb

    wm`tm`r smnr`mlek`rs cnj su` anjis lr ltm`rs tmnt nhk brnuk clgghtt`k ay tm`hr ceh`jts. Hj tmnt cns , hjv`stlrs nr` tryhjf

    tl f`t npprlvne tl su` Gltlrlen njk nkhvhshlj lb Chscl Syst`gs blr nee`f`key

    wlrihjf whtm cnae` t`e`vhshlj prlvhk`r Cmnrt`r Clggujhcnthljs tl plst bni`r`v`ju`. Ns w` r`plrt`k hj Nprhe, tm`Ausm nkghjhstrnthlj, ncthjf tmrlufm tm`P.S. slehchtlr f j`rne,bnhe`k tl bhe` n arh`b supplrthjf hjv`stlrs hj tm` Cmnrt`r cns`.[mnt cng` k`spht` tm` S@Cs r`c-lgg`jknthlj tl kl sl.[m` @jrlj penhj-thbbs mlp` tm` Ausm nkghjhstrnthlj

    wljt bhe` n arh`b supplrthjf tm` clrpl-rnt` k`b`jknjts hj tm` Cmnrt`r cns`.Pjblrtujnt`ey, tmnt hs ehi`ey tl mnpp`jans`k lj pr`vhlus ncthljs ay tm` Vmht`Mlus`.Slurc`? Mlustlj Cmrljhce`

    G @KHCNE T QLKPC[S B HQG S @[[E@S NCCLPJ[HJF T QLA@

    Cnrkhjne M`netm Hjc.mns nfr``k tl mhr`nj hjk`p`jk`jt cljsuetnjt njk pny n$30 gheehlj bhj` tl r`slev` nj hjv`sthfn-thlj ay tm` P.S. S`curhth`s njk @xcmnjfClgghsshlj,nccushjf tm` g`khcne prlk-ucts njk s`rvhc`s bhrg lb ncclujthjfhrr`fuenrhth`s njk hjbenthjf `nrjhjfsr`plrts.[m` S@C a`fnj hjv`sthfnthjf tm`clgpnjy hj Lctla`r 1443 lv`r htsncclujthjf tr`ntg`jt lb glj`y ht flt

    brlg vhtnghj gnjubnctur`rs.[mhs hs oustnjltm`r `xngpe` lb mlw gnjy hj Clr-plrnt` Ng`rhcn cm`nt, f`t cnufmt, njkpny tm`hr wny lut lb trluae`.Slurc`? [m` Jnthljne Enw Olurjne

    C LJ NFQN B LLKS S @[[E@S S@C T QLA@

    Hj njltm`r cns` lb clrplrnt` brnuk,pncinf`k-bllk clgpnjy CljNfrn BllksHjc. whee pny n $;0 gheehlj chvhe bhj` ns

    pnrt lb n s`tte`g`jt whtm b`k`rne r`fuen-tlrs wml nccus`k tm` clgpnjy lb ushjfhgprlp`r ncclujthjf tl m`ep ht g``t

    Vnee Str``t xp`ctnthljs.[m` P.S.S`curh-th`s njk @xcmnjf` Clgghsshlj bhe`k nchvhe clgpenhjt hj n Clelrnkl b`k`rneclurt, nccushjf CljNfrn lb hgprlp`r,njk hj c`rtnhj hjstnjc`s brnukue`jtncclujthjf hj bhscne >888 tmrlufm 144>.[m` clgpenhjt nee`f`k jug`rlus

    hjclg` tnx `rrlrs, ujk`rstnthjf lb hjclg` tnx xp`js`s, njk hgprlp`r r`kucthljs lb r`s`rv`s. [mnt cnus`kCljNfrn tl ghsstnt` r`plrt`k hjclg`a`blr` hjclg` tnx`s ay j`nrey $1>=.0gheehlj njk tl ghsstnt` hts r`plrt`khjclg` tnx `xp`js` ay $>40 gheehlj.Slurc`? [m` Jnthljne Enw Olurjne

    O PKF@ NTTQLR@S S PH[S NFNHJS[ M&Q A ELCI

    N b`k`rne oukf mns k`jh`k M&Q Aelci Hjc.s ntt`gpt tl khsghss n s`rh`s lb enw-suhts cenhghjf tm` clgpnjy k`brnuk`kcustlg`rs hj hts gnri`thjf blr hts@xpr`ss HQN prlkuct. P.S.Khstrhct Oukf`Qhcmnrk Klrr rue`k tmnt tm` penhjthbbsmnk prlvhk`k `jlufm `vhk`jc` tl neelw tm` cns` tl prlc``k,k`jyhjf n s`rh`s lb glthljs ay tm` Injsns Chty-ans`k tnxpr`pnrnthlj fhnjt. M&Q Aelci quhciey plhjt`k lut hj n j`ws r`e`ns` tmnt tm`

    oukf` khkjt rue` lj tm` vnehkhty lb tm`penhjthbbs cenhgs. [w`ev` cns`s w`r`cljslehknt k ay tm` clurt enst y nr, nee lb

    wmhcm cljt`jk`k tm` clgpnjy mnkus`k k`c`pthv` prncthc`s wm`j ht gnr-i`t`k tm` r`thr`g`jt v`mhce`.[m` enw-suhts cenhg`k M&Q Aelci bnhe`k tl`xpenhj tl custlg`rs tm` guethpe` b``s

    tm`yk mnv tl pny, wmhcm hj slg` cns`s wns mhfm`r tmnj wmnt tm` bujks f`j`r-nt`k hj hjt`r`st.Slurc`? Nsslchnt`k Tr`ss

    C LJ[QNC[LQ S @[[E@S V MHS[E@ - AELV@Q S PH[

    N flv`rjg`jt cljtrnctlr mns nfr``ktl s`tte` n wmhste`-aelw`r enwsuht bhe`kay n gnj wml wns bhr`k nbt r m` rnhs`k

    cljc`rjs nalut pnrts suppeh`k tl tm`P.S. Jnvy. Vnet r Ie`pncz, n Mlustljnr`n r`shk`jt, mnk wlri`k ns n qunehty nsshstnjc` gnjnf`r blr n Crnj` Cl.spenjt blr neglst twl y`nrs wm`j m` tlekmhs sup`rhlrs hj 144; nalut prlae`gs

    whtm clrrlk`k pnrts.[m` enwsuht, bhe`k hjB`arunry 1440 hj b`k rne clurt hjMlustlj, wns s`tte`k blr $6.2 gheehlj.Crnj` wns ne`rt`k tmnt hjsp`cthljs w`r`

    A`nse`yNee`j.clg >0

  • 8/9/2019 The Jere Beasley Report, Sep. 2007

    16/48

    jlt a`hjf p`rblrg`k.Crnj` `gpely``s nt njltm`r bnchehty

    tlek mhg tmnt Jnvy lbbhchnes mnk clj-kuct`k lj-sht` hjsp`cthljs.M` wns bhr`kgljtms nbt`r m` bhrst s`jt `-gnhes tlclgpnjy lbbhchnes nalut tm` enps`s.

    Nbt`r tm` P.S. Ousthc` K`pnrtg`jt hjt`r- v`j`k, ht nccus`k tm` clgpnjy lb sua-ghtthjf bnes` cenhgs njk ujenwbueey gnjubncturhjf vnev`s blr tm` Jnvy ushjf blr`hfj g tnes. Hjt`r`sthjfey, tm`clgpnjy cljthju`s tl prlvhk` pnrts tltm` Jnvy. Crnj` gnhjtnhj`k tmnt htspnrts w`r` snb` njk tm` hssu`s rnhs`k

    w`r` nkghjhstrnthv` lv`rshfmts. Ns nr`suet lb tm` cns` tm` Jnvy snys ht mnshgpls`k glr` strhjf`jt rue`s blr Crnj`. H a`eh`v` tmnt tm` a`st wny tlk`t`r cm`nt`rs hs tl anj njy clrplrn-thlj tmnt hs cnufmt cm`nthjf njk gni`tmnt cm`nt`r nj `xngpe`. H mnv` tl

    wljk`rmlw gnjy clrplrnthljsklhjf aushj`ss whtm tm` b`k`rne flv`rj-g`jt nr` cm`nthjf tm` tnxpny`rs>4 tm Cljfr`ss hs tl a` clg-g`jk`k blr k`ehv`rhjf lj hts prlghs` tl`jnct bnr-r`ncmhjf elaayhjf njk `tmhcsr`blrgs.Lj Nufust 1 jk , tm` S`jnt`,bleelw-hjf n vlt` hj tm` Mlus` lb Q`pr`s`jtn-thv s, lv`rwm`eghjf npprlv`k S. >tm`Mlj`st E`nk`rsmhp njk Lp`j Flv`rj-g`jt Nct lb 1446wmls` ahee juga`r

    r`be`cts tm` S`jnt`s prlb`ss`k prhlrhty blr tmhs e`fhsenthlj.[m` ahee jlw nwnhts tm`shfjntur` lb Tr`shk`jt Ausm tl a`clg`tm` enw lb tm` enjk. Enurn GncCe``ry,khr`ctlr lb Tuaehc Chthz`js Cljfr`ss

    Vntcm khvhshlj,gnk` tmhs las`rvnthlj?

    [mhs hs enjkgnri e`fhsenthlj tmnt nkkr`ss`s m`nk-lj tm` elaayhjf njk `tmhcs scnjknes tmnt mnv`

    `jfueb k Cnphtle Mhee. [m` >>4 tm

    Cljfr`ss k`s`rv`s prnhs` blr r`clf- jhzhjf tmnt tm`r` hs n prlae`g njk

    blr `jncthjf g`njhjfbue j`w r`f- uenthljs lj clk`s flv`rjhjf tm`cljkuct njk khscelsur` lb hjbeu- `jc`-p`kkehjf hj Vnsmhjftlj.

    [m` j`w e`fhsenthlj hgpls`s n whk`

    nrrny lb elaayhjf enws njk `tmhcs rue`sk`shfj`k tl sm`k ehfmt lj tm` plt`jthneey clrrupthjf j`xus a`tw``j elaayhsts,glj`y njk enwgni`rs. Ht nesl hgpls`s ns`rh`s lb j`w tmhcs r`strhcthljs lj Clj-fr`ss. Sp`chbhcneey, tm` e`fhsenthlj kl`stm` bleelwhjf?

    Ht r`quhr`s khscelsur` lj tm` Hjt rj`tlb elaayhst bujkrnhshjf blr enwgni`rs,hjceukhjf tm` nglujt lb khr`ct cng-pnhfj cljtrhauthljs njk aujke`k clj-trhauthljs, wml rnhs`k tm`g, wmhcm elaayhsts mlst`k bujkrnhshjf `v`jtsnjk mlw gucm wns rnhs`k9

    Ht prlmhahts g`ga`rs lb Cljfr ssbrlg ntt`jkhjf envhsm pnrth`s splj-slr`k ay elaayhsts nt tm` jnthljnepnrty cljv`jthljs9

    Ht r`quhr`s elaayhsts tl r`plrt tm`hr elaayhjf ncthvhth`s `v`ry tmr``gljtms hj nj `e`ctrljhc blrgnt, tl a`

    hgg`khnt`ey plst`k lj tm` Hjt rj`t9

    Nee fhbts brlg elaayhsts tl enwgni rsnjk tm`hr stnbbs nr` prlmhaht`k9

    Ht anjs trnv`e ouji ts blr g`ga`rs lb Cljfr`ss ay prlmhahthjf njy lrfnjhzn-thlj tmnt `gpelys n elaayhst brlgspljslrhjf trhps blr g`ga`rs eljf`r tmnj lj` kny. Tr`-npprlvne lb nee trhpshs r`quhr`k. Khscelsur` lb nee trhps ljtm` Hjt`rj`t hs r`quhr`k.Ht r`strhcts tm`

    us` lb prhvnt` clrplrnt` o`ts tl bey g`ga`rs nrlujk tm` fela`.[m` aheeprlmhahts elaayhsts brlg flhjf neljflj njy lb tm`s trhps9

    Ht r`quhr`s khscelsur lb tm` jng`s lb tm` spljslr njk r`chph`jt lb nrgnristl a` plst`k lj tm` Hjt`rj`t ;= mlursa`blr` bhjne npprlvne lb npprlprhn-thljs njk tnx ahees, njk neelws njy s`jntlr tl r`glv` ay n plhjt-lb-lrk`r

    cmnee`jf` nj `nrgnri nhr-krlpp`khjtl n cljb r`jc` r`plrt9njk

    [m` ahee selws tm` r`vlevhjf kllr a`tw``j Cljfr`ss njk mhfm-pnyhjfelaayhjf bhrgs ay `xt`jkhjf tm`cllehjf-lbb p`rhlk blr s`jntlrs brlglj` y`nr tl twl njk ay r`quhrhjf neeg`ga`rs tl puaehcey khscels` njy ola

    j`flthnthljs tm`y `jfnf` hj wmhe`s`rvhjf hj Cljfr`ss.

    [m` Mlus` lb Q`pr`s`jtnthv`s mnknpprlv`k tm` e`fhsenthlj ay n vlt` lb ;>>-=.[m` S`jnt` vlt` wns =3->;.TuaehcChthz`j hs ku` n fr`nt k`ne lb cr`kht blr arhjfhjf nalut tm` pnssnf` lb tmhs crhth-cneey hgplrtnjt e`fhsenthlj. [m` clj-sug`r nkvlcncy frlup `j`rfhz`k tm`puaehc njk pr`ssur` wns put lj enw-gni`rs njk ht c`rtnhjey pnhk lbb. H ngcljvhjc`k tmnt i``phjf tm` hssu`a`blr` tm` puaehc wns tm` i y tl tmhs

    vhctlry. Crnhf Mlegnj, elaayhst blr Tuaehc Chthz`j, clgg`jt`k lj tmhsgnolr ncclgpehsmg`jt?

    Vmhe` tmhs g`nsur` hs shfjhbhcnjt,tm`r` hs newnys rllg blr hgprlv`- g`jt. Blr `xngpe`, tm` r`vlevhjf kllr r`strhcthlj smluek nppey tltm` Mlus` njk S`jnt` `quneey njk hjceuk` n anj lj njy elaayhjf ncthvhty, rntm`r tmnj oust elaayhjf cljtncts, kurhjf tm` twl-y`nr cllehjf-lbb p`rhlk. Aut tm` b`ww`nij`ss`s smluek hj jl wny khs- trnct brlg tm` fr`nt ncclgpehsm- g`jts lb tmhs e`fhsenthlj.

    Nbt`r tm` pr`shk`jt shfjs tm` ahee hjtlenwnssughjf tmnt m` kl`sjt yh`ek tlpr`ssur` brlg plw`rbue sp`chne hjt`r-`stsTuaehc Chthz`j whee turj hts ntt`j-thlj tl tm` j`xt st`p j`c`ssnry tlce`nj up Vnsmhjftlj. [mnt wluek a`buee puaehc bhjnjchjf lb b`k`rne `e`c-thljs. E`fhsenthlj tl kl tmhs mns a``jhjtrlkuc`k ay S`jntlrs QhcmnrkKurahj (K-HE) njk Nre`j Sp`ct`r (Q-TN). Hb tm` puaehc kl`sjt r`nehz` jlw tmnt puaehc bhjnjchjf hs tm` ljey wny tlfunrnjt`` br`` `e`cthljs njk fhv` r`nep`lpe` n vlhc` hj `e`cthljs, tm`y j`v`r

    >2 A`nse`yNee`j.clg

  • 8/9/2019 The Jere Beasley Report, Sep. 2007

    17/48

    whee. Mlw`v`r, H truey a`eh`v` tm` thg`mns clg`!Slurc`? Tuaehc Chthz j J`ws Q`e`ns`

    S @JN[LQ I XE S MLPEK S [LT L AS[QPC[HJF J @@K@K E@FHSEN[HLJ

    Glst lb us kljt r`neey ujk`rstnjk

    mlw hgplrtnjt tm` Br``klg lb Hjblr-gnthlj Nct (BLHN) hs wm`j ht clg`s tli``phjf flv`rjg`jtne lbbhchnes mlj`st.[m` lastructhv` tncthcs lb n Q`puaehcnjS`jntlr mnv` flj` pr`tty gucm ujjl-thc`k ay tm` g`khn. Tuaehc Chthz`j s`jtn e`tt`r tl S`jntlr Olj Iye urfhjf mhgtl neelw nj hgplrtnjt lp`j flv`rj-g`jt g`nsur` tl prlc``k hj tm` P.S.S`jnt`. [m` Q`puaehcnj s`jntlr brlg

    Nrhzljn mns aelci`k tm` ankey j``k`ke`fhsenthlj blr gljtms. [m` ahee, tm`ahpnrthsnj Lp`jj ss Trlglt`s @bb`c-thv`j`ss hj lur Jnthljne Flv`rjg`jt

    Nct lb 1446 Ytm` LT@J Flv`r jg`j t Nct (S.=;8)W, hs k`shfj`k tl arhjf tm`Br``klg lb Hjblrgnthlj Nct hjtl tm`1> st c`jtury. Blrtujnt`ey, hts n prhlrhty lb tm` S`jnt` K`glcrnthc e`nk`rsmhp.

    Vm`j K`glcrnthc S`jntlrs trh`k tlarhjf up tm` e`fhsenthlj, wmhcm r`quhr`k ujnjhglus cljs`jt, lj Ouey 12 tm , ht wns aelci`k ay ujjng`k FLT

    lao`ctl rs . Hts a`` j lavhlus tmntS`jntlr Iye mns wlri`k mnrk tl

    w`ni`j tmhs ahee, wmhcm mns whk`supplrt hj tm` S`jnt`, njk tmnts jlt nfllk tmhjf blr mlj`st flv`rjg`jt.

    [m` LT@J Flv`rjg`jt Nct pnss`ktm` Mlus` ns M.Q. >348 njk tm`r` hslv`rwm`eghjf supplrt hj tm` S`jnt` blr hts clggljs`js` r`blrgs lb tm`Br``klg lb Hjblrgnthlj Nct, n enjkgnri enw tmnt neelws lrkhjnry chthz js ncc`sstl vhtne flv`rjg`jt hjblrgnthlj, aut

    wmhcm hs ankey hj j``k lb n tuj`-up t l`jsur ht bujcthljs prlp`rey. Supplrt rslb tm` LT@J Flv`rjg`jt Nct r`blrgstl BLHN clg` brlg ncrlss tm` plehthcnesp`ctrug njk hjceuk` n juga`r lb frlups tmnt wnjt fllk flv`rjg`jt.Jlj tm`e`ss, tm` S`jnt` mns a` jstlpp`k ay S`jntlr Iye, wml penc`k ns`cr`t mlek lj tm` lp jj`ss ahee.

    Netmlufm m` mns a``j ujgnsi`k ay nfrnssrllts njk aelflspm`r` cngpnhfje`k ay Tuaehc Chthz`j njk hts neeh`s,S`jntlr Iye njk tm` Q`puaehcnj e`nk`r-smhp hj tm` S`jnt` nr` cljthjuhjf tlhgp`k` n vlt`. [m` Nrhzljn Q`puaehcnjhs cnrryhjf wnt`r blr Nttlrj`y F`j`rne

    Nea`rtl Fljzne`s Ousthc` K`pnrtg`jt,ncclrkhjf tl Tuaehc Chthz`js e`fhsenthv`clujs`e,Ehjkn Njkrls,wml hs lj tlp lb tm` hssu`.

    T`lpe` wml s``i hjblrgnthlj ujk`r BLHN bnc` k`eny njk ancielfs lbt`jensthjf blr y`nrs. Ncclrkhjf tlp TuaehcChthz`j, s`v rne BLHN r`qu`sts, stheep`jkhjf a`blr` tm` b`k`rne flv`rjg`jt,knt` anci tl tm` >8=4s.[m` LT@J Flv-`rjg`jt Nct wluek `xp`kht` BLHN r`qu`sts njk hjcr`ns` trnjspnr`jcy ay?

    Q`stlrhjf g`njhjfbue k`nkehj`s blr nf`jcy ncthlj ujk`r BLHN9

    Cenrhbyhjf tmnt BLHN nppeh`s tl nf`jcy r`clrks m`ek ay lutshk` prhvnt` clj-trnctlrs9

    @stnaehsmhjf n BLHN mltehj s`rvhc` blr nee b`k`rne nf`jch`s9

    Nutmlrhzhjf r clv ry lb nttlrj`y b``sblr r`qu`st`rs hb tm` flv`rjg`jtnfr``s tl prlvhk` tm` hjblrgnthlj

    nbt r suht aut a`blr` n clurt ruehjf9njk

    Cr`nthjf n BLHN lgauksgnj ns njnet`rjnthv` tl ehthfnthlj.

    [m` BLHN hs n vhtne tlle blr njy k`glcrncy a`cnus` ht neelws tm` pr`ss,aushj`ss`s njk glst hgplrtnjtey, lrkh-jnry chthz`js, ncc`ss tl flv`rjg`jtr`clrks. [m` trnjspnr jcy tmnt BLHN nbblrks hs `ss`jthne tl gni` sur`tl tm`

    `xt`jt plsshae`tmnt flv`rjg`jt hs wlrihjf hj tm` puaehc hjt r`st.[hg` njknfnhj, klcug jts latnhj`k tmrlufm BLHN r`qu`sts mnv` `xpls`k flv`rj-g`jt wnst , naus` njk clrrupthlj tmntltm`rwhs` j`v`r wluek mnv` s``j tm`ehfmt lb kny. S`jntlr Iye smluek neelw tm` S`jnt` tl vlt` lj BLHN njk stlptryhjf tl w`ni j tm` ahee. [m` LT@JFlv`rjg`jt Nct smluek a` pnss`k

    prlgptey njk s`jt tl tm` Tr`shk`jt blr mhs shfjntur`.Slurc`? Tuaehc Chthz`j J ws Q`e`ns`

    RHH.CNGTNHFJBHJNJC@ Q@BLQG

    A PJKE@QS T ENX [ M@ T LEH[HCNE F NG@

    [m`r` hs n w`a sht` tmnt whee neelw ylutl bleelw tm` glj`y trnhe cr`nt`k ay

    wmnt nr` r`b`rr`k tl ns CngpnhfjAujke`rs. H gust cljb`ss tmnt up ujthe nb`w y`nrs nfl, H khkjt ijlw wmnt naujke`r wns. H e`nrj`k tm`y nr` bleis

    wml bujj`e glj`y tl cngpnhfjs nstm`y clee`ct tmlusnjks, njk hj slg`

    cns`s, gheehljs lb kleenrs brlg ltm`r bleis njk clgpnjh`s. [m` lasc`jnglujts lb glj`y a`hjf sp`jt ay tm`144= pr`shk`jthne cnjkhknt`s kljt frlw lj tr``s njk tm` aujkehjf lb cngpnhfjcljtrhauthljs hs pnr t n frlwhjfprlae`g. Aujkehjf fhv`s plw`rbue ela-ayhsts blr sp`chne hjt`r`sts tm` plw`r tlrnhs` gheehljs blr cnjkhknt`s.

    [m` aujke`r us`s aushj`ss njk plehth-cne cljj`cthljs tl pr`ssur` bleis hjtlkljnthjf tl cnjkhknt`s lb tm` aujke`rscmlhc`. Elaayhsts us` tmhs g tmlk tlcnrry n ahf sthci blr sp`chne hjt`r`stfrlups hj pr`shk`jthne njk cljfr`sshljnernc`s. Hb ylu wnjt tl i``p up whtm wmnths flhjf lj fl tl www.Vmht`Mlus`Blr-Sne`.lrf njk ylu cnj bhfur` lut wml tm`peny`rs nr` njk wmnt tm`hr fng`s nr`.Tuaehc Chthz`j mns urf`k tm` pr`shk`j-thne cnjkhknt`s wml us` cngpnhfjaujke`rs tl khscels` glr` hjblrgnthljnalut tm` ncthvhth`s lb tm`s` sup`r-

    bujkrnhs`rs.Nee lb tm` K`glcrnthc cnjkh-knt`s hjkhcnt`k tm`hr supplrt blr puaehcbujkhjf lb e`cthljs. Enrf` clrplrnthljsus` kljnthljs tl auy hjbeu`jc` hj Vnsm-hjftlj nt tm` xp`js` lb nv`rnf` chth-z`js njk tmnt hs n plehthcne bnct lb ehb` hjlur jnthljs cnphtne..

    [m` cnjkhknt`s smluek ehbt tm` v`he tmnths i``phjf k`tnhes lb tm`hr aujkehjflp`rnthljs s`cr`t. Tuaehc Chthz j mns

    A`nse`yNee`j.clg >6

  • 8/9/2019 The Jere Beasley Report, Sep. 2007

    18/48

    nsi`k `ncm pr`shk`jthne cnjkhknt` tltni` tmr`` shgpe` st`ps tl sm`k ehfmt ljaujkehjf.[m`y w`r` nsi`k tl?

    Khscels` tm`hr aujke`rs hk jthth`s,hjceukhjf tm`hr chth`s njk stnt`s lb r`s-hk`jc` njk tm` jng`s lb tm`hr `gpely`rs, hj n penc` lj tm`hr cng-pnhfj V`a sht`s tmnt whee a` `nsy blr

    tm` puaehc tl bhjk9

    Khscels` tm` nglujts rnhs`k ay `ncm aujke`r ushjf $04,444 hjcr`g`jts lr slg` shghenr tmr`smlek njk prlgptey upknt` sucm hjblrgnthlj `ncm thg` naujke`rs bujkrnhshjf `xc``ks tm`r`plrt`k tmr`smlek9njk

    Khscels` tm` hk`jthth`s lb hjkhvhkunesbrlg wmlg tm` aujke`rs rnhs` glj`y njk tm` nglujts tm`y cljtrhaut`k.

    Hts thg` blr nee lb tm` cnjkhknt`s tl nctlj tm`hr prlghs`s njk e`t tm` sujehfmtcljc`rjhjf cngpnhfj bhjnjchjf. [musbnr, jlj` lb tm` cnjkhknt`s mnv` gnk`tm`hr cngpnhfj khscelsur`s trnjspnr`jthjslbnr ns tm` aujkehjf hssu` hs clj-c`rj`k.Nee Ng`rhcnjs xc`pt tm` plw-`rbue sp`chne hjt`r`stswluek a`j`bht hb tmnt mnpp`j`k a blr @e`cthlj Kny j`xt

    y`nr.Slurc`? Tuaehc Chthz j J`ws Q`e`ns`

    C LJFQ@SS K PCIS C NGTNHFJ B HJNJC@ Q @BLQG

    Vmhe` Cljfr`ss khk n fllk tmhjf ljtm` Elaayhjf njk @tmhcs Q`blrg Ahee, htmns bnhe`k ghs`rnaey hj njltm`r nr`n lb gnolr cljc`rj. Oust lj gljtm nbt`r Tr`shk`jt Ausms j`w Supr`g` Clurtgukke`k tm` e`fne anrrh`rs blr clrpl-rnt`-bujk`k plehthcne [R nks, eljf-t rg

    bl`s lb cngpnhfj bhjnjc` r`blrg hj tm`Mlus` lb Q`pr`s`jtnthv`s tlli nkvnj-tnf` lb tm` cljbushlj ay pnsshjf n ahee tlneelw tmls` wml belut tm` enw tl f`t lbb

    whtmlut p`jnety.[m` gnst`rghjk lb tmhsce`g jcy blr brljt frlups tmnt mhk`a`mhjk smng hssu` nks hs Q`p. Ghi`T`jc` (Q-HJ),wml gnjnf`k tl e`v`rnf``jlufm supplrt hj tm` Mlus` blr n 1>0-140 pnssnf`. [mhs wns nj lavhlus st`p

    hj tm` wrljf khr`cthlj. Qleehjf anci ehghts lj clrplrnt` bujkhjf blr j`fnthv`cngpnhfj nks hs jlt wmnt Cljfr`sssmluek a` klhjf.Hts c`rtnhjey jlt wmnttm` vlt`rs `xp`ct`k wm`j tm`y w`jt tltm` plees hj 1442.

    Bnhehjf tl nkkr`ss tm` hssu` hs jlt wmnt wns `xp`ct`k brlg tm` j`w Clj-fr`ss tmnt prlghs`k tl ce`nj up tm` enwsflv`rjhjf tm` plehthcne prlc`ss. Hb tm`T`jc` ahee a`clg`s enw, Cljfr`ss wheek`-bujk tm` K`pnrtg`jt lb Ousthc`snahehty tl `jblrc` `e`cthlj``rhjf rue`s.

    NS n r`suet, w` whee s`` n bellk lb smneelw nttnci nks pnhk blr ay w`netmy njk plw`rbue sp`chne hjt`r`sts tmnt fl

    w`ee a`yljk wmnt hs e`fne.Vhtmlut crhg-hjne jblrc g`jt,ehtte` stnjks hj tm` wny lb tmls` wml nr` hjt`jt lj ar`nihjf tm`enw. Tuaehc Chthz`j mns ljc` nfnhj cnee`klj chthz`js anci mlg` tl tni` ncthlj.Cljtncthjf g`ga`rs lb cljfr`ss ljtmhs hssu` hs n j`c`sshty. Bhjk lut mlw

    ylur g`ga`r lb Cljfr`ss vlt`k lj tmhsahee njk e`t tm`g ijlw mlw ylu b``e.Gnya` ht cnj a` k`rnhe`k a`blr` htsj`nis tmrlufm tm` S`jnt`.Slurc`? Tuaehc Chthz`j

    A L[M T LEH[HCNE T NQ[H@S S MLPEK EHS[@J

    Olmj @kwnrks,wml mns n plehcy lb jltncc`pthjf glj`y brlg b`k`rne elaayhsts,

    wnjts tm` K`glcrnthc Tnrtys tlpbujkrnhshjf lrfnjhznthljs tl nkm`r` tl nshghenr anj. [m` @kwnrks cngpnhfjcnee`k lj S`jntlr Anrnci Langn tl cl-shfj n e`tt`r tl pnrty e`nk`rs k`cryhjftm` cljj`cthlj a`tw``j plehthcne kljn-thljs njk Vnsmhjftljs elaayhjf hjkus-try. Olmj plhjt`k lut tm`r` nr` jlw glr tmnj 24 elaayhsts blr `v ry

    g`ga`r lb Cljfr`ss. M` a`eh`v s tm`syst`g hs ce`nrey rhff`k nfnhjst tm`p`lpe` wml gni` lur clujtry fr`nt.

    Ay putthjf tm` cmnee`jf` tl tm` K`gl-crnthc Tnrty clgghtt `s, Olmj mns bb`c-thv`ey khstnjc`k mhgs`eb brlg tm` pnrty `stnaehsmg`jt. Aut m` mnsjt elst njy-tmhjf a`cnus` tm` pnrtys Vnsmhjftlje`nk`rsmhp kl`sjt r`pr`s`jt @kwnrksclr` supplrt. J`htm`r Olmj jlr S`jntlr

    Langn ncc`pts glj`y brlg elaayhstslr plehthcne ncthlj clgghtt` s. Shjc`elaayhsts nr` nt tm` clr` lb tm` wny tm`syst`g hs rhff`k nfnhjst lrkhjnry chth-z`js, tnihjf tm`hr glj`y lut lb tm``qunthlj hs v`ry hgplrtnjt. Elaayhstsns w` nee ijlwf`t tm`hr glj`y brlgplw`rbue sp`chne hjt`r`sts njk tm`y putht tl fllk us`. H a`eh`v` tmnt Olmjs prl-plsne smluek a` nklpt`k ns n rue` ay tm`K`glcrnthc Jnthljne Clgghtt``.Slurc`? Nsslchnt`k Tr`ss

    RHHH.TQLKPC[EHNAHEH[X PTKN[@

    B LQK H S Q @CNEEHJF 3.2 G HEEHLJ R @MHCE@S A @CNPS@ L B B NPE[X C QPHS@ C LJ[QLES VH[CM

    Blrk Gltlr Cl.hs r`cneehjf 3.2 gheehljpnss`jf`r cnrs, trucis, splrt uthehty v mh-ce`s njk vnjs tl nkkr`ss cljc`rjs nalutn cruhs` cljtrle swhtcm tmnt mns e`k tlpr`vhlus r`cnees ans`k lj r`plrts lb bhr`s. Blrk snys tm` r`cnee whee clv`r glr` tmnj n klz`j v`mhce` glk`es auhetbrlg >881-1446. [m` r cnee hs hjr`spljs` tl cljc`rjs brlg lwj`rsnalut tm` snb`ty lb tm`hr cnrs. ^u`sthljsnalut tm` sp``k cljtrle k`ncthvnthljswhtcm hj tm` v`mhce`s tmnt hs plw`r`k ntnee thg`s mnv` a` j rnhs`k. [m`nutlgni`r pr`vhlusey mnk r`cnee`kj`nrey 2 gheehlj v`mhce`s a`fhjjhjf hj

    Onjunry 1440 a`cnus` lb `jfhj` bhr`sehji`k tl tm` cruhs` cljtrle syst`gs hjtrucis, SPRs njk vnjs.[m` nutlgni`r snys ht mns r`c`hv`k n b`w r`plrts lb bhr`s hj Blrk Crlwj Rhctlrhn pnss`jf`r

    cnrs prhlr tl tm` r`cnee, aut tm`y mnv`jlt fhv`j n pr`chs` juga`r.[m`r` hs jlt`eehjf mlw gnjy bleis mnv` a``j ihee`khj mlus` bhr`s cnus`k ay n Blrk v`mhce`aurjhjf njk tm` cnus` jlt a`hjfijlwj.

    [m` r`cnee hjvlev`s tm` bleelwhjf v`mh-ce`s? >88=-1441 Blrk Qnjf r, >881->886Ehjclej [lwj Cnr, >881->886 BlrkCrlwj Rhctlrhn, >881->886 G`rcury

    >= A`nse`yNee`j.clg

  • 8/9/2019 The Jere Beasley Report, Sep. 2007

    19/48

    Frnjk Gnrquhs,>883->88= Ehjclej Gnri RHHH, >883->880 [nurus SML, >888-144>Blrk @xpelr`r njk G`rcury Gluj-tnhj``r.Nesl clv`r`k nr` tm` 144>-1441Blrk @xpelr`r Splrt, 144>-1441 Blrk@xpelr r Splrt [rnc, >881->883 @>04-304 vnjs, >886-1441 @>04-304 vnjs,>883 Blrk B-S`rh`s phciups, >883 BlrkArljcl, >88; G`rcury Cnprh, 1443-144;Blrk B->04 Ehfmtjhjf, njk >880-1441Blrk B03 gltlr mlg`s. Nj nkkhthljne>66,444 v mhce`s hj Cnjnkn, G`xhcl njk@urlp` nr` clv`r`k ay tm` r`cnee. Lavh-lusey, tmhs r`cnee k`nes whtm n plt`jthneey s`rhlus snb`ty hssu`. Lwj rs smluekmnv` stnrt`k r`c`hvhjf r`cnee jlthc`s lj

    Nufust >3 tm . K`ne rs whee hjstnee nbus`k whrhjf mnrj`ss hjtl tm` sp``kcljtrle `e`ctrhcne syst`g lr r`penc`tm` k`ncthvnthlj swhtcm ht hts blujk tla` e`nihjf. Lwj rs whtm qu`sthljsnalut tm` r`cnee cnj cljtnct Blrk nt(===) 111-160> lr vhsht tm`hr V`a sht`,mttp?//www.blrk.clg.Slurc`? Nsslchnt`k Tr`ss

    O PQX R @QKHC[ Q @[PQJ@K NFNHJS[ B LQK H J N@QLS[NQ C QNSM

    N oury hj Belrhkn rue`k nfnhjst BlrkGltlr Cl. hj n r`c`jt cns`.[m` v`rkhct

    r`quhr`k Blrk tl pny $2 gheehlj tl nBelrhkn gnj wml wns pnrneyz`k wm`jtm` Blrk N`rlstnr vnj m` wns hj rlee`klv`r. Ouehnj B`ehp , n Belrhkn r shk`jt,

    wns >6-y`nrs-lek wm`j m` wns n pnss`j-f`r hj tm` vnj mhs gltm`r wns krhvhjf tlSnrnsltn blr n bnghey vncnthlj hj 1441.N thr` lj tm` v`mhce` ae`w lut njk tm` vnjrlee`k lv`r njk tm` rllb cnv`k hj.[m`t``jnf rs j`ci wns arli`j. [m` oury m`nrk `vhk`jc` tmnt Blrk ij`w tm`r`

    wns n prlp`jshty blr vnjs njk trucis tlrlee lv`r, `sp`chneey nbt`r n thr` ae`w lut,njk tmnt tm` clgpnjy bnhe`k tl prlvhk`nk`qunt` `jfhj``rhjf njk snb`ty g`ns-ur`s tl prlt`ct cljsug`rs.Nbt`r n shx-

    w``i trhne, tm` oury blujk tmnt Blrkbnhe`k tl us` r`nsljnae` cnr` ay penchjftm` N`rlstnr lj tm` gnri`t whtm nk`b`ct.[m` glj`y nwnrk`k hs blr `cl-jlghc elss`s, pnhj njk subb`rhjf njk

    elss lb plt`jthne hjclg`. Blrk snys ht whee npp`ne.Slurc`? Nsslchnt`k Tr`ss

    O PQX R @QKHC[ NFNHJS[ @ R@JBEL H J C NQ - S@N[ S PH[

    N oury mns lrk`r`k cmhek snb`ty s`nt

    gni`r @v`jbel Cl. tl pny $>4.; gheehljtl tm` pnr`jts lb n ;-gljtm-lek aly wmlkh`k lb m`nk hjourh`s hj n cnr crnsm.[m`

    oury nwnrk`k $3.6 gheehlj hj pujhthv`kngnf`s tl Cmnk njk O`sshcn Gnecleglj Ouey 12 tm . [mhs cng` n kny nbt`r tm`

    oury nwnrk`k tm` clupe` $2.6 gheehlj hjclgp`jsntlry kngnf`s blr tm` k`ntm lb tm`hr slj,[ye`r.[rnfhcneey, tmhs hs jlt tm`bhrst cns` hjvlevhjf @v`jbel cnr s`nts.[m` clgpnjy mns elst nt e`nst tmr``cns`s hjvlevhjf hts cnr s`nts.

    Xlujf [ye`r wns ihee`k hj Ouey 1444.M` struci mhs m`nk lj mhs cnr s`nts mnrkpensthc sm`ee wm`j tm` s`nt wns `o`ct`kbrlg tm` v`mhce` hj n rleelv`r crnsm.@v`jbel mnk cljshk`r`k ehjhjf tm` sm`eelb tm` Lj Gy Vnycnr s`nts whtm blng.Pjblrtujnt`ey, tm` clgpnjy k`chk`k jlttl kl ht. [ye`rs s`nt wns `o`ct`k brlgtm` v`mhce` a`cnus` n mlli arli` ells`brlg tm` s`nt. [m`r` mnk a``j bhv`shghenr hjstnjc`s hjvlevhjf tm` @v`jbel

    cnr s`nts. [m` clgpnjy snhk ht wlueknpp`ne tm` ent`st v`rkhct tl tm` stnt`Supr`g` Clurt.Slurc`? Nsslchnt`k Tr`ss

    H].GNSS [LQ[SPTKN[@

    GKE O PKF@ K @JH@S G @QCI S G L[HLJ B LQ J @V [ QHNE

    Lj Nufust >6, 1442, n oury hj n J`w Lre`njs b`k`rne clurt r`jk`r`k n v`rkhcthj bnvlr lb Tenhjthbb O`rry Anrj`tt njknfnhjst G`rci & Cl. [m` penhjthbb cenhg`k Rhlxx cnus`k mhs m`nrt nttnci njk tmnt G`rci mnk mhkk`j hjblrgnthljbrlg cljsug`rs njk klctlrs nalut tm`rhsis lb Rhlxx. [m` oury nfr``k njk

    nwnrk`k Gr. Anrj`tt $0> gheehlj hj clg-p`jsntlry njk pujhthv` kngnf`s tlclgp`jsnt` mhg blr mhs hjourh`s njk tlpujhsm G`rci blr bnhehjf tl t`ee tm` trutm nalut Rhlxx. [m` penhjthbb wns r`pr -s`jt`k ay Gnri Qlahjslj brlg Cnehblr-jhn. Njky Ahrcmbh`ek njk E`hfm LK`eelb lur bhrg s`rv`k ns cl-clujs`e blr Gr.Anrj`tt njk m`ep`k try tm` cns . Hj

    Ouj` lb tmhs y`nr, Oukf` @eklj @. Bneelj,tm` Pjht`k Stnt`s Khstrhct Oukf` pr`shk-hjf lv`r tm` Rhlxx GKE, r`kuc`k tm`nglujt lb tm` v`rkhct tl $>.2 gheehljkleenrs -$> gheehlj lb wmhcm wns pujh-thv` kngnf`s blr G`rcis cljkuct.G`rci, sthee r`bushjf tl ncc`pt r`spljsh-ahehty blr hts ncthljs, slufmt n j`w trhneblr n s`cljk thg`. Lj Nufust 1>,144=,

    Oukf` Bneelj k`jh`k G`rcis glthlj blr j`w trhne. [mhs hs n gnolr vhctlry hj tm`lv`rnee Rhlxx ehthfnthlj.

    G @QCI ELS@S A HK B LQ J @V [ QHNE H J J @V O @QS@X R HL]] C NS@

    N J`w O`rs`y oukf mns upm`ek n $>3.0gheehlj v`rkhct nfnhjst krufgni`r G`rci & Cl. hj n Rhlxx cns`. [m` Nufust 6 tm

    ruehjf ay Ntenjthc Clujty Sup`rhlr Clurt Oukf` Cnrle Mhfa`` k`jh`k G`rcisr`qu`st blr n j`w trhne lr n r`kucthlj hj

    tm` v rkhct, wmhcm hjceuk`k pujhthv`kngnf`s lb $8 gheehlj.Oukf` Mhfa`` neslnwnrk`k tm` clupe` $1 gheehlj hj nttlr-j`ys b``s njk clsts njk nj nkkhthljne$1,001 p`r kny hj hjt`r`st.Olmj njk HrgnGcKnray mnk su`k G`rci hj 1440 nbt`r

    Olmj GcKnray,wml us`k Rhlxx blr blur y`nrs,subb`r`k n m`nrt nttnci.

    [m` oury nwnrk`k tm` clupe` $;.0gheehlj hj clgp`jsntlry kngnf`s njk$8 gheehlj hj pujhthv` kngnf`s. Hj m r lrk`r, Oukf` Mhfa` snhk sm` wns `jt`r-hjf n $>0.6 gheehlj oukfg`jt blr tm`clupe` hj tm` clurts klci t. Hjt`r`st ljtmnt nglujt stnrts tl ruj lj Nufust >3 tm .[mhs ruehjf hs n sthjfhjf k`b`nt blr G`rci. [mhs hs tm` s`cljk oukf`lj`b`k`rne njk lj` stnt`wml mnv` blujktmnt G`rcis cljkuct rhs`s tl n e`v`e tmnt

    ousthbh`s pujhthv` kngnf s.Slurc`? Aellga`rf J`ws

    A`nse`yNee`j.clg >8

  • 8/9/2019 The Jere Beasley Report, Sep. 2007

    20/48

    R HL]] [ QHNES H J [ M@ GKE V HEE B LCPS L J S [QLI@ R HC[HGS

    Ht npp`nrs tmnt j xt y`nrs b`k`rne Rhlxx trhnes whee blcus lj p`lpe` wmlmnk strli`s nbt`r tnihjf tm` pnhjihee`r.P.S. Khstrhct Oukf @eklj @. Bneelj, tm`

    oukf` nsshfj`k tl mnjke` pr`trhnegntt`rs hj nee =,060 b`k`rne enwsuhts, tlek

    lur bhrgs Njky Ahrcmbh`ek njk tm` ltm`r enwy`rs pr`s`jt nt n m`nrhjf hj J`w Lre`njs tmnt tm` clurt whee ehi`ey cnrv`lut bhv` lr shx strli` cns`s njk try tm`gj`xt y`nr. G`rci & Cl., wmhcm puee`ktm` aelciaust`r kruf brlg tm` gnri`thj 144; nbt`r stukh`s hjkhcnt`k tmnt htkluae`k cnrkhlvnscuenr rhsis, whee mnv`tl k`ne whtm tm` strli` cns`s.[m` bhv`cns`s m`nrk sl bnr hj b`k`rne clurt neehjvlev`k p`lpe` wml mnk m`nrt nttncis

    nbt`r tnihjf Rhlxx. [m` sch jc` lj Rhlxxcnus`k strli`s hs k`v`elphjf`xtr`g ey w`ee brlg lur p`rsp`cthv`.Nsn r`suet, tm` strli` cns` whee a` v`ry strljf. Ourh`s whee a` nae` tl vhsuneey `vneunt` tm` `bb`cts lb strli`s lj Rhlxx

    vhcthgs.G`rci bnc`s nalut 12,804 enwsuhts

    brlg p`lpe` wml cenhg mnk m`nrtnttncis lr strli`s nbt`r tnihjf Rhlxx.[m`r` nr` >2,;44 cns`s hj stnt` clurt hjJ`w O rs`y, whtm nkkhthljne cns`s hjltm`r stnt s. [m` suhts hjceuk` nalut;0,110 penhjthbbs. G`rci mns nesl nfr``ktl e`t njltm`r >;,;04 plt`jthnecenhgnjts bhe` suht nbt`r tm`hr stntut` lb ehghtnthlj `xphr`s.[mhs hs tm` r`suet lb tleehjf nfr``g`jts `jt`r`k hjtl ay tm`pnrth`s.Slurc`? Nsslchnt`k Tr`ss

    BKN NKRHSLQX T NJ@E Q @O@C[S NKRHC@ L B @ ]T@Q[S [ L T PEE NRNJKHN

    K`spht` tm` r`clgg`jknthlj lb nBllk njk Kruf Nkghjhstrnthlj snb`ty sch-`jthst njk Tuaehc Chthz`j g`khcne`xp`rts, nj BKN nkvhslry pnj`e mnstni`j tm` plshthlj tmnt tm` khna`t`s kruf

    Nvnjkhn smluek r`gnhj lj tm` gnri`t.Kr.Knvhk Frnmng brlg tm` BKN tlek tm`nf`jcys nkvhslrs tmnt tm` kruf npp`nrstl hjcr ns` rhsis lb n m`nrt nttnci,aut mhs

    wnrjhjfs w`r` hfjlr`k. Hj nkkhthlj, Kr.Shkj y Vleb , khr`ctlr lb tm` M`netm Q`s`nrcm Frlup nt Tuaehc Chthz`j,k`tnhe`k pr`-npprlvne njk plst-npprlvne`vhk`jc` lb cnrkhnc tlxhchty, ehv`r tlxhc-hty njk nj`ghn. [mhs w`ee-r sp`ct kg`khcne prlb`sshljne nesl khscuss`k plst-npprlvne `vhk`jc` lb hjcr`ns`k alj`brnctur`s hj wlg`j njk kngnf` tlpnth`jts vhshlj nsslchnt k whtm tm` kruf.Kr. Vleb` pls`k tmhs qu`ry? Kl`s tm`lv`rnee rhsi-a`j`bht prlbhe` lb Nvnjkhnsupplrt hts cljthju`k gnri`thjf hj tm`Pjht`k Stnt`s888 tmrlufm tm` `jk lb enst y`nr,tm`r` wns n >0.1 thg`s mhfm`r nkoust`krnt` lb m`nrt bnheur` r`plrt`k whtm

    Nvnjkhn tmnj blr tm` lek`r khna`t`s krufFeucltrle. Hj tm` r`plrts, tm` nkoust`krnt` lb ehv`r tlxhchty whtm Nvnjkhn wns8.0 thg`s mhfm`r, njk >;.= thg`s mhfm`r blr ehv`r bnheur`. Hj nkkhthlj, tm` nkoust`krnt` lb plst-npprlvne nkv`rs` r`ncthljr`plrts blr nj`ghn hj pnth`jts wns >3.3thg`s mhfm`r blr Nvnjkhn tmnj whtm Feu-cltrle. Kr.Vleb` wnrjs tmnt hj pnth jts

    ner`nky kngnf`k ay m`nrt bnheur` lr ltm`r cnrkhnc rhsis nsslchnt`k whtm tm`kruf, tm` nkkhthlj lb nj`ghn cluek shf-jhbhcnjtey wlrs`j tm`hr cehjhcne cljkh-thlj. M` nesl cht`k hj mhs t`sthgljy nr`c`jtey clgpe`t`k stuky bhjkhjf stnths-thcneey shfjhbhcnjt hjcr`ns`s hj alj` brnc-tur`s hj wlg`j ushjf Nvnjkhnclgpnr`k tl tmls` ushjf njltm`r khn-a`t`s kruf.Slurc`? Tuaehc Chthz`j

    BKN Q @^PHQ@S NRNJKHN NJK NC[LS [ L M NR@ A ENCI A L] V NQJHJF

    [m` Bllk njk Kruf Nkghjhstrnthlj whee r`quhr` n censs lb khna`t`s krufstmnt hjceuk`s Nvnjkhn njk Nctls tl cnrry tm` nf`jcys tlufm`st aenci alx

    wnrjhjf tmnt tm` krufs nr` ehji`k tl njhjcr`ns` hj m`nrt bnheur`.[m` gni`rs lb

    tm` krufs, FenxlSghtmIehj TEC, lb @jfenjk, njk [ni`kn Tmnrgnc`uthcneCl., lb Onpnj, mnv` nfr` k tl nkk tm`

    wnrjhjfs. [m` aenci-alx wnrjhjfkl`sjt nkkr`ss tm` glr` r`c`jt clj-c`rjs khscuss`k nalv` tmnt Fenxls

    Nvnjkhn cluek hjcr`ns` tm` rhsi lb m`nrtnttncis.Mlw`v r, tmus bnr,[ni`kns Nctlsmnsjt a``j ehji`k tl nj hjcr`ns` hjm`nrt nttncis. Nvnjkhn njk Nctls mnv`eljf a``j smlwj tl hjcr`ns` tm` rhsi lb m`nrt bnheur`, n cljkhthlj tmnt k`v`elpslv`r thg` njk hs cmnrnct`rhz`k ay tm`m`nrts hjnahehty tl prlp`rey pugp aellknjk hs khbb`r jt brlg n m`nrt nttnci. Hj

    Ouj`, tm` BKN prlpls`k str`jftm`jhjf`xhsthjf m`nrt-bnheur` wnrjhjfs lj tm`krufs ay nkkhjf n aenci alx tl tm`krufsena`es.Slurc`? Vnee Str``t Olurjne

    G @K[QLJHC Q @NCM@S N $60 G HEEHLJ K @BHAQHEEN[LQ S @[[E@G@J[

    G`ktrljhc Hjc., tm` wlreks enrf`stgni`r lb `e`ctrljhc m`nrt k`vhc`s, mnsnfr``k tl pny glr` tmnj $60 gheehlj tls`tte` enwsuhts cenhghjf ht mhk k`b`cts hjhts k`bharheentlrs. [m` s`tte`g`jt wheer`slev` nalut 1,444 cenhgs lv`r antt`ry k`b`cts hj G`ktrljhcs hgpenjtnae`

    k`bharheentlrs, wmhcm nutlgnthcneey s`jk`e`ctrhc olets tl clrr`ct m`nrt rmytmgstmnt nr` plt`jthneey bntne.[m` s`tte`g`jths cljkhthlj`k lj G`ktrljhcs a`hjfnae` tl f`t nalut 84% lb tm` cenhgnjtstl shfj ljtl tm` s`tte`g`jt. Antt`ry bnhe-ur`s njk ltm`r fehtcm`s hj tm` k`vhc`sprlgpt`k vleujtnry r`cnees ay G`ktrljhc njk rhvnes Fuhknjt Clrp. njkSt. Ouk` G`khcne Hjc. stnrthjf hj 1440.Alstlj Sch jthbhc Clrp., Fuhknjtspnr`jt, mns nfr``k tl pny $>80 gheehljtl snthsby nalut ;,444 cenhgs tmnt htsk`bharheentlrs w`r` k`b`cthv`.

    [m` G`ktrljhc s`tte`g`jt hs k`shfj`ktl `jk g