AC@;6E@7C6663@@<
5($/,=$d®2
+DUG
G77LPHV
&KDUOHV'LFNHQV
%22.7+(),56762:,1*
&+$37(5,7+(21(7+,1*1((')8/
12:ZKDW,ZDQWLV)DFWV7HDFKWKHVHER\VDQGJLUOVQRWKLQJ
EXW)DFWV)DFWVDORQHDUHZDQWHGLQOLIH3ODQWQRWKLQJHOVH
DQGURRWRXWHYHU\WKLQJHOVH<RXFDQRQO\IRUPWKHPLQGVRI
UHDVRQLQJDQLPDOVXSRQ)DFWVQRWKLQJHOVHZLOOHYHUEHRIDQ\
VHUYLFHWRWKHP7KLVLVWKHSULQFLSOHRQZKLFK,EULQJXSP\RZQ
FKLOGUHQDQGWKLVLVWKHSULQFLSOHRQZKLFK,EULQJXSWKHVH
FKLOGUHQ6WLFNWR)DFWVVLU
7KHVFHQHZDVDSODLQEDUHPRQRWRQRXVYDXOWRIDVFKRROURRPDQG
WKHVSHDNHU
VVTXDUHIRUHILQJHUHPSKDVL]HGKLVREVHUYDWLRQVE\
XQGHUVFRULQJHYHU\VHQWHQFHZLWKDOLQHRQWKHVFKRROPDVWHU
V
VOHHYH7KHHPSKDVLVZDVKHOSHGE\WKHVSHDNHU
VVTXDUHZDOORID
1
IRUHKHDGZKLFKKDGKLVH\HEURZVIRULWVEDVHZKLOHKLVH\HVIRXQG
FRPPRGLRXVFHOODUDJHLQWZRGDUNFDYHVRYHUVKDGRZHGE\WKHZDOO
7KHHPSKDVLVZDVKHOSHGE\WKHVSHDNHU
VPRXWKZKLFKZDVZLGH
WKLQDQGKDUGVHW7KHHPSKDVLVZDVKHOSHGE\WKHVSHDNHU
V
YRLFHZKLFKZDVLQIOH[LEOHGU\DQGGLFWDWRULDO7KHHPSKDVLV
ZDVKHOSHGE\WKHVSHDNHU
VKDLUZKLFKEULVWOHGRQWKHVNLUWVRI
KLVEDOGKHDGDSODQWDWLRQRIILUVWRNHHSWKHZLQGIURPLWV
VKLQLQJVXUIDFHDOOFRYHUHGZLWKNQREVOLNHWKHFUXVWRIDSOXP
SLHDVLIWKHKHDGKDGVFDUFHO\ZDUHKRXVHURRPIRUWKHKDUGIDFWV
VWRUHGLQVLGH7KHVSHDNHU
VREVWLQDWHFDUULDJHVTXDUHFRDW
VTXDUHOHJVVTXDUHVKRXOGHUVQD\KLVYHU\QHFNFORWKWUDLQHG
WRWDNHKLPE\WKHWKURDWZLWKDQXQDFFRPPRGDWLQJJUDVSOLNHD
VWXEERUQIDFWDVLWZDVDOOKHOSHGWKHHPSKDVLV
,QWKLVOLIHZHZDQWQRWKLQJEXW)DFWVVLUQRWKLQJEXW)DFWV
7KHVSHDNHUDQGWKHVFKRROPDVWHUDQGWKHWKLUGJURZQSHUVRQ
SUHVHQWDOOEDFNHGDOLWWOHDQGVZHSWZLWKWKHLUH\HVWKH
LQFOLQHGSODQHRIOLWWOHYHVVHOVWKHQDQGWKHUHDUUDQJHGLQRUGHU
UHDG\WRKDYHLPSHULDOJDOORQVRIIDFWVSRXUHGLQWRWKHPXQWLOWKH\
ZHUHIXOOWRWKHEULP
&+$37(5,,085'(5,1*7+(,112&(176
7+20$6*5$'*5,1'VLU$PDQRIUHDOLWLHV$PDQRIIDFWVDQG
FDOFXODWLRQV$PDQZKRSURFHHGVXSRQWKHSULQFLSOHWKDWWZRDQG
WZRDUHIRXUDQGQRWKLQJRYHUDQGZKRLVQRWWREHWDONHGLQWR
DOORZLQJIRUDQ\WKLQJRYHU7KRPDV*UDGJULQGVLUSHUHPSWRULO\
7KRPDV7KRPDV*UDGJULQG:LWKDUXOHDQGDSDLURIVFDOHVDQG
WKHPXOWLSOLFDWLRQWDEOHDOZD\VLQKLVSRFNHWVLUUHDG\WRZHLJK
DQGPHDVXUHDQ\SDUFHORIKXPDQQDWXUHDQGWHOO\RXH[DFWO\ZKDW
LWFRPHVWR,WLVDPHUHTXHVWLRQRIILJXUHVDFDVHRIVLPSOH
DULWKPHWLF<RXPLJKWKRSHWRJHWVRPHRWKHUQRQVHQVLFDOEHOLHI
LQWRWKHKHDGRI*HRUJH*UDGJULQGRU$XJXVWXV*UDGJULQGRU-RKQ
*UDGJULQGRU-RVHSK*UDGJULQGDOOVXSSRVLWLWLRXVQRQH[LVWHQW
SHUVRQVEXWLQWRWKHKHDGRI7KRPDV*UDGJULQGQRVLU
,QVXFKWHUPV0U*UDGJULQGDOZD\VPHQWDOO\LQWURGXFHGKLPVHOI
ZKHWKHUWRKLVSULYDWHFLUFOHRIDFTXDLQWDQFHRUWRWKHSXEOLFLQ
JHQHUDO,QVXFKWHUPVQRGRXEWVXEVWLWXWLQJWKHZRUGV
ER\VDQG
2
JLUOV
IRU
VLU
7KRPDV*UDGJULQGQRZSUHVHQWHG7KRPDV*UDGJULQG
WRWKHOLWWOHSLWFKHUVEHIRUHKLPZKRZHUHWREHILOOHGVRIXOORI
IDFWV
,QGHHGDVKHHDJHUO\VSDUNOHGDWWKHPIURPWKHFHOODUDJHEHIRUH
PHQWLRQHGKHVHHPHGDNLQGRIFDQQRQORDGHGWRWKHPX]]OHZLWK
IDFWVDQGSUHSDUHGWREORZWKHPFOHDQRXWRIWKHUHJLRQVRI
FKLOGKRRGDWRQHGLVFKDUJH+HVHHPHGDJDOYDQL]LQJDSSDUDWXV
WRRFKDUJHGZLWKDJULPPHFKDQLFDOVXEVWLWXWHIRUWKHWHQGHU\RXQJ
LPDJLQDWLRQVWKDWZHUHWREHVWRUPHGDZD\
*LUOQXPEHUWZHQW\
VDLG0U*UDGJULQGVTXDUHO\SRLQWLQJZLWK
KLVVTXDUHIRUHILQJHU
,GRQ
WNQRZWKDWJLUO:KRLVWKDWJLUO"
6LVV\-XSHVLU
H[SODLQHGQXPEHUWZHQW\EOXVKLQJVWDQGLQJXS
DQGFXUWVH\LQJ
6LVV\LVQRWDQDPH
VDLG0U*UDGJULQG
'RQ
WFDOO\RXUVHOI
6LVV\&DOO\RXUVHOI&HFLOLD
,W
VIDWKHUDVFDOOVPH6LVV\VLU
UHWXUQHGWKH\RXQJJLUOLQD
WUHPEOLQJYRLFHDQGZLWKDQRWKHUFXUWVH\
7KHQKHKDVQREXVLQHVVWRGRLW
VDLG0U*UDGJULQG
7HOOKLP
KHPXVWQ
W&HFLOLD-XSH/HWPHVHH:KDWLV\RXUIDWKHU"
+HEHORQJVWRWKHKRUVHULGLQJLI\RXSOHDVHVLU
0U*UDGJULQGIURZQHGDQGZDYHGRIIWKHREMHFWLRQDEOHFDOOLQJZLWK
KLVKDQG
:HGRQ
WZDQWWRNQRZDQ\WKLQJDERXWWKDWKHUH<RXPXVWQ
WWHOO
XVDERXWWKDWKHUH<RXUIDWKHUEUHDNVKRUVHVGRQ
WKH"
,I\RXSOHDVHVLUZKHQWKH\FDQJHWDQ\WREUHDNWKH\GREUHDN
KRUVHVLQWKHULQJVLU
<RXPXVWQ
WWHOOXVDERXWWKHULQJKHUH9HU\ZHOOWKHQ
'HVFULEH\RXUIDWKHUDVDKRUVHEUHDNHU+HGRFWRUVVLFNKRUVHV,
GDUHVD\"
2K\HVVLU
9HU\ZHOOWKHQ+HLVDYHWHULQDU\VXUJHRQDIDUULHUDQG
3
KRUVHEUHDNHU*LYHPH\RXUGHILQLWLRQRIDKRUVH
6LVV\-XSHWKURZQLQWRWKHJUHDWHVWDODUPE\WKLVGHPDQG
*LUOQXPEHUWZHQW\XQDEOHWRGHILQHDKRUVH
VDLG0U*UDGJULQG
IRUWKHJHQHUDOEHKRRIRIDOOWKHOLWWOHSLWFKHUV
*LUOQXPEHU
WZHQW\SRVVHVVHGRIQRIDFWVLQUHIHUHQFHWRRQHRIWKHFRPPRQHVW
RIDQLPDOV6RPHER\
VGHILQLWLRQRIDKRUVH%LW]HU\RXUV
7KHVTXDUHILQJHUPRYLQJKHUHDQGWKHUHOLJKWHGVXGGHQO\RQ
%LW]HUSHUKDSVEHFDXVHKHFKDQFHGWRVLWLQWKHVDPHUD\RI
VXQOLJKWZKLFKGDUWLQJLQDWRQHRIWKHEDUHZLQGRZVRIWKH
LQWHQVHO\ZKLWHZDVKHGURRPLUUDGLDWHG6LVV\)RUWKHER\VDQG
JLUOVVDWRQWKHIDFHRIWKHLQFOLQHGSODQHLQWZRFRPSDFWERGLHV
GLYLGHGXSWKHFHQWUHE\DQDUURZLQWHUYDODQG6LVV\EHLQJDWWKH
FRUQHURIDURZRQWKHVXQQ\VLGHFDPHLQIRUWKHEHJLQQLQJRID
VXQEHDPRIZKLFK%LW]HUEHLQJDWWKHFRUQHURIDURZRQWKHRWKHU
VLGHDIHZURZVLQDGYDQFHFDXJKWWKHHQG%XWZKHUHDVWKHJLUO
ZDVVRGDUNH\HGDQGGDUNKDLUHGWKDWVKHVHHPHGWRUHFHLYHD
GHHSHUDQGPRUHOXVWURXVFRORXUIURPWKHVXQZKHQLWVKRQHXSRQ
KHUWKHER\ZDVVROLJKWH\HGDQGOLJKWKDLUHGWKDWWKHVHOIVDPH
UD\VDSSHDUHGWRGUDZRXWRIKLPZKDWOLWWOHFRORXUKHHYHU
SRVVHVVHG+LVFROGH\HVZRXOGKDUGO\KDYHEHHQH\HVEXWIRUWKH
VKRUWHQGVRIODVKHVZKLFKE\EULQJLQJWKHPLQWRLPPHGLDWH
FRQWUDVWZLWKVRPHWKLQJSDOHUWKDQWKHPVHOYHVH[SUHVVHGWKHLU
IRUP+LVVKRUWFURSSHGKDLUPLJKWKDYHEHHQDPHUHFRQWLQXDWLRQ
RIWKHVDQG\IUHFNOHVRQKLVIRUHKHDGDQGIDFH+LVVNLQZDVVR
XQZKROHVRPHO\GHILFLHQWLQWKHQDWXUDOWLQJHWKDWKHORRNHGDV
WKRXJKLIKHZHUHFXWKHZRXOGEOHHGZKLWH
%LW]HU
VDLG7KRPDV*UDGJULQG
<RXUGHILQLWLRQRIDKRUVH
4XDGUXSHG*UDPLQLYRURXV)RUW\WHHWKQDPHO\WZHQW\IRXU
JULQGHUVIRXUH\HWHHWKDQGWZHOYHLQFLVLYH6KHGVFRDWLQWKH
VSULQJLQPDUVK\FRXQWULHVVKHGVKRRIVWRR+RRIVKDUGEXW
UHTXLULQJWREHVKRGZLWKLURQ$JHNQRZQE\PDUNVLQPRXWK
7KXVDQGPXFKPRUH%LW]HU
1RZJLUOQXPEHUWZHQW\
VDLG0U*UDGJULQG
<RXNQRZZKDWD
KRUVHLV
6KHFXUWVH\HGDJDLQDQGZRXOGKDYHEOXVKHGGHHSHULIVKHFRXOG
KDYHEOXVKHGGHHSHUWKDQVKHKDGEOXVKHGDOOWKLVWLPH%LW]HU
DIWHUUDSLGO\EOLQNLQJDW7KRPDV*UDGJULQGZLWKERWKH\HVDWRQFH
4
DQGVRFDWFKLQJWKHOLJKWXSRQKLVTXLYHULQJHQGVRIODVKHVWKDW
WKH\ORRNHGOLNHWKHDQWHQQDHRIEXV\LQVHFWVSXWKLVNQXFNOHVWR
KLVIUHFNOHGIRUHKHDGDQGVDWGRZQDJDLQ
7KHWKLUGJHQWOHPDQQRZVWHSSHGIRUWK$PLJKW\PDQDWFXWWLQJDQG
GU\LQJKHZDVDJRYHUQPHQWRIILFHULQKLVZD\DQGLQPRVWRWKHU
SHRSOH
VWRRDSURIHVVHGSXJLOLVWDOZD\VLQWUDLQLQJDOZD\V
ZLWKDV\VWHPWRIRUFHGRZQWKHJHQHUDOWKURDWOLNHDEROXVDOZD\V
WREHKHDUGRIDWWKHEDURIKLVOLWWOH3XEOLFRIILFHUHDG\WR
ILJKWDOO(QJODQG7RFRQWLQXHLQILVWLFSKUDVHRORJ\KHKDGD
JHQLXVIRUFRPLQJXSWRWKHVFUDWFKZKHUHYHUDQGZKDWHYHULWZDV
DQGSURYLQJKLPVHOIDQXJO\FXVWRPHU+HZRXOGJRLQDQGGDPDJH
DQ\VXEMHFWZKDWHYHUZLWKKLVULJKWIROORZXSZLWKKLVOHIWVWRS
H[FKDQJHFRXQWHUERUHKLVRSSRQHQWKHDOZD\VIRXJKW$OO(QJODQG
WRWKHURSHVDQGIDOOXSRQKLPQHDWO\+HZDVFHUWDLQWRNQRFN
WKHZLQGRXWRIFRPPRQVHQVHDQGUHQGHUWKDWXQOXFN\DGYHUVDU\
GHDIWRWKHFDOORIWLPH$QGKHKDGLWLQFKDUJHIURPKLJK
DXWKRULW\WREULQJDERXWWKHJUHDWSXEOLFRIILFH0LOOHQQLXPZKHQ
&RPPLVVLRQHUVVKRXOGUHLJQXSRQHDUWK
9HU\ZHOO
VDLGWKLVJHQWOHPDQEULVNO\VPLOLQJDQGIROGLQJKLV
DUPV
7KDW
VDKRUVH1RZOHWPHDVN\RXJLUOVDQGER\V:RXOG
\RXSDSHUDURRPZLWKUHSUHVHQWDWLRQVRIKRUVHV"
$IWHUDSDXVHRQHKDOIRIWKHFKLOGUHQFULHGLQFKRUXV
<HV
VLU
8SRQZKLFKWKHRWKHUKDOIVHHLQJLQWKHJHQWOHPDQ
VIDFH
WKDW<HVZDVZURQJFULHGRXWLQFKRUXV
1RVLU
DVWKHFXVWRP
LVLQWKHVHH[DPLQDWLRQV
2IFRXUVH1R:K\ZRXOGQ
W\RX"
$SDXVH2QHFRUSXOHQWVORZER\ZLWKDZKHH]\PDQQHURI
EUHDWKLQJYHQWXUHGWKHDQVZHU%HFDXVHKHZRXOGQ
WSDSHUDURRPDW
DOOEXWZRXOGSDLQWLW
<RXPXVWSDSHULW
VDLGWKHJHQWOHPDQUDWKHUZDUPO\
<RXPXVWSDSHULW
VDLG7KRPDV*UDGJULQG
ZKHWKHU\RXOLNHLWRU
QRW'RQ
WWHOOXV\RXZRXOGQ
WSDSHULW:KDWGR\RXPHDQER\"
,
OOH[SODLQWR\RXWKHQ
VDLGWKHJHQWOHPDQDIWHUDQRWKHUDQG
DGLVPDOSDXVH
ZK\\RXZRXOGQ
WSDSHUDURRPZLWKUHSUHVHQWDWLRQV
RIKRUVHV'R\RXHYHUVHHKRUVHVZDONLQJXSDQGGRZQWKHVLGHVRI
URRPVLQUHDOLW\LQIDFW"'R\RX"
5
<HVVLU
IURPRQHKDOI
1RVLU
IURPWKHRWKHU
2IFRXUVHQR
VDLGWKHJHQWOHPDQZLWKDQLQGLJQDQWORRNDWWKH
ZURQJKDOI
:K\WKHQ\RXDUHQRWWRVHHDQ\ZKHUHZKDW\RX
GRQ
WVHHLQIDFW\RXDUHQRWWRKDYHDQ\ZKHUHZKDW\RXGRQ
W
KDYHLQIDFW:KDWLVFDOOHG7DVWHLVRQO\DQRWKHUQDPHIRU
)DFW
7KRPDV*UDGJULQGQRGGHGKLVDSSUREDWLRQ
7KLVLVDQHZSULQFLSOHDGLVFRYHU\DJUHDWGLVFRYHU\
VDLGWKH
JHQWOHPDQ
1RZ,
OOWU\\RXDJDLQ6XSSRVH\RXZHUHJRLQJWR
FDUSHWDURRP:RXOG\RXXVHDFDUSHWKDYLQJDUHSUHVHQWDWLRQRI
IORZHUVXSRQLW"
7KHUHEHLQJDJHQHUDOFRQYLFWLRQE\WKLVWLPHWKDW
1RVLU
ZDV
DOZD\VWKHULJKWDQVZHUWRWKLVJHQWOHPDQWKHFKRUXVRI12ZDV
YHU\VWURQJ2QO\DIHZIHHEOHVWUDJJOHUVVDLG<HVDPRQJWKHP
6LVV\-XSH
*LUOQXPEHUWZHQW\
VDLGWKHJHQWOHPDQVPLOLQJLQWKHFDOP
VWUHQJWKRINQRZOHGJH
6LVV\EOXVKHGDQGVWRRGXS
6R\RXZRXOGFDUSHW\RXUURRPRU\RXUKXVEDQG
VURRPLI\RX
ZHUHDJURZQZRPDQDQGKDGDKXVEDQGZLWKUHSUHVHQWDWLRQVRI
IORZHUVZRXOG\RX"
VDLGWKHJHQWOHPDQ
:K\ZRXOG\RX"
,I\RXSOHDVHVLU,DPYHU\IRQGRIIORZHUV
UHWXUQHGWKHJLUO
$QGLVWKDWZK\\RXZRXOGSXWWDEOHVDQGFKDLUVXSRQWKHPDQG
KDYHSHRSOHZDONLQJRYHUWKHPZLWKKHDY\ERRWV"
,WZRXOGQ
WKXUWWKHPVLU7KH\ZRXOGQ
WFUXVKDQGZLWKHULI
\RXSOHDVHVLU7KH\ZRXOGEHWKHSLFWXUHVRIZKDWZDVYHU\
SUHWW\DQGSOHDVDQWDQG,ZRXOGIDQF\
$\D\D\%XW\RXPXVWQ
WIDQF\
FULHGWKHJHQWOHPDQTXLWH
HODWHGE\FRPLQJVRKDSSLO\WRKLVSRLQW
7KDW
VLW<RXDUH
QHYHUWRIDQF\
<RXDUHQRW&HFLOLD-XSH
7KRPDV*UDGJULQGVROHPQO\UHSHDWHG
WRGRDQ\WKLQJRIWKDWNLQG
6
)DFWIDFWIDFW
VDLGWKHJHQWOHPDQ$QG
)DFWIDFWIDFW
UHSHDWHG7KRPDV*UDGJULQG
<RXDUHWREHLQDOOWKLQJVUHJXODWHGDQGJRYHUQHG
VDLGWKH
JHQWOHPDQ
E\IDFW:HKRSHWRKDYHEHIRUHORQJDERDUGRI
IDFWFRPSRVHGRIFRPPLVVLRQHUVRIIDFWZKRZLOOIRUFHWKHSHRSOH
WREHDSHRSOHRIIDFWDQGRIQRWKLQJEXWIDFW<RXPXVWGLVFDUG
WKHZRUG)DQF\DOWRJHWKHU<RXKDYHQRWKLQJWRGRZLWKLW<RX
DUHQRWWRKDYHLQDQ\REMHFWRIXVHRURUQDPHQWZKDWZRXOGEHD
FRQWUDGLFWLRQLQIDFW<RXGRQ
WZDONXSRQIORZHUVLQIDFW\RX
FDQQRWEHDOORZHGWRZDONXSRQIORZHUVLQFDUSHWV<RXGRQ
WILQG
WKDWIRUHLJQELUGVDQGEXWWHUIOLHVFRPHDQGSHUFKXSRQ\RXU
FURFNHU\\RXFDQQRWEHSHUPLWWHGWRSDLQWIRUHLJQELUGVDQG
EXWWHUIOLHVXSRQ\RXUFURFNHU\<RXQHYHUPHHWZLWKTXDGUXSHGV
JRLQJXSDQGGRZQZDOOV\RXPXVWQRWKDYHTXDGUXSHGVUHSUHVHQWHG
XSRQZDOOV<RXPXVWXVH
VDLGWKHJHQWOHPDQ
IRUDOOWKHVH
SXUSRVHVFRPELQDWLRQVDQGPRGLILFDWLRQVLQSULPDU\FRORXUVRI
PDWKHPDWLFDOILJXUHVZKLFKDUHVXVFHSWLEOHRISURRIDQG
GHPRQVWUDWLRQ7KLVLVWKHQHZGLVFRYHU\7KLVLVIDFW7KLVLV
WDVWH
7KHJLUOFXUWVH\HGDQGVDWGRZQ6KHZDVYHU\\RXQJDQGVKH
ORRNHGDVLIVKHZHUHIULJKWHQHGE\WKHPDWWHURIIDFWSURVSHFWWKH
ZRUOGDIIRUGHG
1RZLI0U0
&KRDNXPFKLOG
VDLGWKHJHQWOHPDQ
ZLOOSURFHHGWR
JLYHKLVILUVWOHVVRQKHUH0U*UDGJULQG,VKDOOEHKDSS\DW
\RXUUHTXHVWWRREVHUYHKLVPRGHRISURFHGXUH
0U*UDGJULQGZDVPXFKREOLJHG
0U0
&KRDNXPFKLOGZHRQO\ZDLW
IRU\RX
6R0U0
&KRDNXPFKLOGEHJDQLQKLVEHVWPDQQHU+HDQGVRPHRQH
KXQGUHGDQGIRUW\RWKHUVFKRROPDVWHUVKDGEHHQODWHO\WXUQHGDW
WKHVDPHWLPHLQWKHVDPHIDFWRU\RQWKHVDPHSULQFLSOHVOLNHVR
PDQ\SLDQRIRUWHOHJV+HKDGEHHQSXWWKURXJKDQLPPHQVHYDULHW\
RISDFHVDQGKDGDQVZHUHGYROXPHVRIKHDGEUHDNLQJTXHVWLRQV
2UWKRJUDSK\HW\PRORJ\V\QWD[DQGSURVRG\ELRJUDSK\DVWURQRP\
JHRJUDSK\DQGJHQHUDOFRVPRJUDSK\WKHVFLHQFHVRIFRPSRXQG
SURSRUWLRQDOJHEUDODQGVXUYH\LQJDQGOHYHOOLQJYRFDOPXVLFDQG
GUDZLQJIURPPRGHOVZHUHDOODWWKHHQGVRIKLVWHQFKLOOHG
ILQJHUV+HKDGZRUNHGKLVVWRQ\ZD\LQWR+HU0DMHVW\
VPRVW
+RQRXUDEOH3ULY\&RXQFLO
V6FKHGXOH%DQGKDGWDNHQWKHEORRPRII
WKHKLJKHUEUDQFKHVRIPDWKHPDWLFVDQGSK\VLFDOVFLHQFH)UHQFK
7
*HUPDQ/DWLQDQG*UHHN+HNQHZDOODERXWDOOWKH:DWHU6KHGVRI
DOOWKHZRUOGZKDWHYHUWKH\DUHDQGDOOWKHKLVWRULHVRIDOOWKH
SHRSOHVDQGDOOWKHQDPHVRIDOOWKHULYHUVDQGPRXQWDLQVDQGDOO
WKHSURGXFWLRQVPDQQHUVDQGFXVWRPVRIDOOWKHFRXQWULHVDQGDOO
WKHLUERXQGDULHVDQGEHDULQJVRQWKHWZRDQGWKLUW\SRLQWVRIWKH
FRPSDVV$KUDWKHURYHUGRQH0
&KRDNXPFKLOG,IKHKDGRQO\
OHDUQWDOLWWOHOHVVKRZLQILQLWHO\EHWWHUKHPLJKWKDYHWDXJKW
PXFKPRUH
+HZHQWWRZRUNLQWKLVSUHSDUDWRU\OHVVRQQRWXQOLNH0RUJLDQDLQ
WKH)RUW\7KLHYHVORRNLQJLQWRDOOWKHYHVVHOVUDQJHGEHIRUHKLP
RQHDIWHUDQRWKHUWRVHHZKDWWKH\FRQWDLQHG6D\JRRG
0
&KRDNXPFKLOG:KHQIURPWK\ERLOLQJVWRUHWKRXVKDOWILOOHDFK
MDUEULPIXOOE\DQGE\GRVWWKRXWKLQNWKDWWKRXZLOWDOZD\VNLOO
RXWULJKWWKHUREEHU)DQF\OXUNLQJZLWKLQRUVRPHWLPHVRQO\PDLP
KLPDQGGLVWRUWKLP
&+$37(5,,,$/223+2/(
05*5$'*5,1'ZDONHGKRPHZDUGIURPWKHVFKRROLQDVWDWHRI
FRQVLGHUDEOHVDWLVIDFWLRQ,WZDVKLVVFKRRODQGKHLQWHQGHGLW
WREHDPRGHO+HLQWHQGHGHYHU\FKLOGLQLWWREHDPRGHOMXVW
DVWKH\RXQJ*UDGJULQGVZHUHDOOPRGHOV
7KHUHZHUHILYH\RXQJ*UDGJULQGVDQGWKH\ZHUHPRGHOVHYHU\RQH
7KH\KDGEHHQOHFWXUHGDWIURPWKHLUWHQGHUHVW\HDUVFRXUVHG
OLNHOLWWOHKDUHV$OPRVWDVVRRQDVWKH\FRXOGUXQDORQHWKH\
KDGEHHQPDGHWRUXQWRWKHOHFWXUHURRP7KHILUVWREMHFWZLWK
ZKLFKWKH\KDGDQDVVRFLDWLRQRURIZKLFKWKH\KDGDUHPHPEUDQFH
ZDVDODUJHEODFNERDUGZLWKDGU\2JUHFKDONLQJJKDVWO\ZKLWH
ILJXUHVRQLW
1RWWKDWWKH\NQHZE\QDPHRUQDWXUHDQ\WKLQJDERXWDQ2JUH)DFW
IRUELG,RQO\XVHWKHZRUGWRH[SUHVVDPRQVWHULQDOHFWXULQJ
FDVWOHZLWK+HDYHQNQRZVKRZPDQ\KHDGVPDQLSXODWHGLQWRRQH
WDNLQJFKLOGKRRGFDSWLYHDQGGUDJJLQJLWLQWRJORRP\VWDWLVWLFDO
GHQVE\WKHKDLU
1ROLWWOH*UDGJULQGKDGHYHUVHHQDIDFHLQWKHPRRQLWZDVXSLQ
WKHPRRQEHIRUHLWFRXOGVSHDNGLVWLQFWO\1ROLWWOH*UDGJULQGKDG
8
HYHUOHDUQWWKHVLOO\MLQJOH7ZLQNOHWZLQNOHOLWWOHVWDUKRZ,
ZRQGHUZKDW\RXDUH1ROLWWOH*UDGJULQGKDGHYHUNQRZQZRQGHURQ
WKHVXEMHFWHDFKOLWWOH*UDGJULQGKDYLQJDWILYH\HDUVROG
GLVVHFWHGWKH*UHDW%HDUOLNHD3URIHVVRU2ZHQDQGGULYHQ
&KDUOHV
V:DLQOLNHDORFRPRWLYHHQJLQHGULYHU1ROLWWOH
*UDGJULQGKDGHYHUDVVRFLDWHGDFRZLQDILHOGZLWKWKDWIDPRXVFRZ
ZLWKWKHFUXPSOHGKRUQZKRWRVVHGWKHGRJZKRZRUULHGWKHFDWZKR
NLOOHGWKHUDWZKRDWHWKHPDOWRUZLWKWKDW\HWPRUHIDPRXVFRZ
ZKRVZDOORZHG7RP7KXPELWKDGQHYHUKHDUGRIWKRVHFHOHEULWLHV
DQGKDGRQO\EHHQLQWURGXFHGWRDFRZDVDJUDPLQLYRURXVUXPLQDWLQJ
TXDGUXSHGZLWKVHYHUDOVWRPDFKV
7RKLVPDWWHURIIDFWKRPHZKLFKZDVFDOOHG6WRQH/RGJH0U
*UDGJULQGGLUHFWHGKLVVWHSV+HKDGYLUWXDOO\UHWLUHGIURPWKH
ZKROHVDOHKDUGZDUHWUDGHEHIRUHKHEXLOW6WRQH/RGJHDQGZDVQRZ
ORRNLQJDERXWIRUDVXLWDEOHRSSRUWXQLW\RIPDNLQJDQDULWKPHWLFDO
ILJXUHLQ3DUOLDPHQW6WRQH/RGJHZDVVLWXDWHGRQDPRRUZLWKLQD
PLOHRUWZRRIDJUHDWWRZQFDOOHG&RNHWRZQLQWKHSUHVHQW
IDLWKIXOJXLGHERRN
$YHU\UHJXODUIHDWXUHRQWKHIDFHRIWKHFRXQWU\6WRQH/RGJHZDV
1RWWKHOHDVWGLVJXLVHWRQHGGRZQRUVKDGHGRIIWKDWXQFRPSURPLVLQJ
IDFWLQWKHODQGVFDSH$JUHDWVTXDUHKRXVHZLWKDKHDY\SRUWLFR
GDUNHQLQJWKHSULQFLSDOZLQGRZVDVLWVPDVWHU
VKHDY\EURZV
RYHUVKDGRZHGKLVH\HV$FDOFXODWHGFDVWXSEDODQFHGDQGSURYHG
KRXVH6L[ZLQGRZVRQWKLVVLGHRIWKHGRRUVL[RQWKDWVLGHD
WRWDORIWZHOYHLQWKLVZLQJDWRWDORIWZHOYHLQWKHRWKHUZLQJ
IRXUDQGWZHQW\FDUULHGRYHUWRWKHEDFNZLQJV$ODZQDQGJDUGHQ
DQGDQLQIDQWDYHQXHDOOUXOHGVWUDLJKWOLNHDERWDQLFDODFFRXQW
ERRN*DVDQGYHQWLODWLRQGUDLQDJHDQGZDWHUVHUYLFHDOORIWKH
SULPHVWTXDOLW\,URQFODPSVDQGJLUGHUVILUHSURRIIURPWRSWR
ERWWRPPHFKDQLFDOOLIWVIRUWKHKRXVHPDLGVZLWKDOOWKHLUEUXVKHV
DQGEURRPVHYHU\WKLQJWKDWKHDUWFRXOGGHVLUH
(YHU\WKLQJ":HOO,VXSSRVHVR7KHOLWWOH*UDGJULQGVKDG
FDELQHWVLQYDULRXVGHSDUWPHQWVRIVFLHQFHWRR7KH\KDGDOLWWOH
FRQFKRORJLFDOFDELQHWDQGDOLWWOHPHWDOOXUJLFDOFDELQHWDQGD
OLWWOHPLQHUDORJLFDOFDELQHWDQGWKHVSHFLPHQVZHUHDOODUUDQJHG
DQGODEHOOHGDQGWKHELWVRIVWRQHDQGRUHORRNHGDVWKRXJKWKH\
PLJKWKDYHEHHQEURNHQIURPWKHSDUHQWVXEVWDQFHVE\WKRVH
WUHPHQGRXVO\KDUGLQVWUXPHQWVWKHLURZQQDPHVDQGWRSDUDSKUDVH
WKHLGOHOHJHQGRI3HWHU3LSHUZKRKDGQHYHUIRXQGKLVZD\LQWR
WKHLUQXUVHU\,IWKHJUHHG\OLWWOH*UDGJULQGVJUDVSHGDWPRUHWKDQ
WKLVZKDWZDVLWIRUJRRGJUDFLRXVJRRGQHVV
VDNHWKDWWKHJUHHG\
9
OLWWOH*UDGJULQGVJUDVSHGLW
7KHLUIDWKHUZDONHGRQLQDKRSHIXODQGVDWLVILHGIUDPHRIPLQG
+HZDVDQDIIHFWLRQDWHIDWKHUDIWHUKLVPDQQHUEXWKHZRXOG
SUREDEO\KDYHGHVFULEHGKLPVHOILIKHKDGEHHQSXWOLNH6LVV\
-XSHXSRQDGHILQLWLRQDV
DQHPLQHQWO\SUDFWLFDO
IDWKHU+H
KDGDSDUWLFXODUSULGHLQWKHSKUDVHHPLQHQWO\SUDFWLFDOZKLFKZDV
FRQVLGHUHGWRKDYHDVSHFLDODSSOLFDWLRQWRKLP:KDWVRHYHUWKH
SXEOLFPHHWLQJKHOGLQ&RNHWRZQDQGZKDWVRHYHUWKHVXEMHFWRIVXFK
PHHWLQJVRPH&RNHWRZQHUZDVVXUHWRVHL]HWKHRFFDVLRQRIDOOXGLQJ
WRKLVHPLQHQWO\SUDFWLFDOIULHQG*UDGJULQG7KLVDOZD\VSOHDVHG
WKHHPLQHQWO\SUDFWLFDOIULHQG+HNQHZLWWREHKLVGXHEXWKLV
GXHZDVDFFHSWDEOH
+HKDGUHDFKHGWKHQHXWUDOJURXQGXSRQWKHRXWVNLUWVRIWKHWRZQ
ZKLFKZDVQHLWKHUWRZQQRUFRXQWU\DQG\HWZDVHLWKHUVSRLOHG
ZKHQKLVHDUVZHUHLQYDGHGE\WKHVRXQGRIPXVLF7KHFODVKLQJDQG
EDQJLQJEDQGDWWDFKHGWRWKHKRUVHULGLQJHVWDEOLVKPHQWZKLFKKDG
WKHUHVHWXSLWVUHVWLQDZRRGHQSDYLOLRQZDVLQIXOOEUD\$
IODJIORDWLQJIURPWKHVXPPLWRIWKHWHPSOHSURFODLPHGWRPDQNLQG
WKDWLWZDV
6OHDU\
V+RUVHULGLQJ
ZKLFKFODLPHGWKHLUVXIIUDJHV
6OHDU\KLPVHOIDVWRXWPRGHUQVWDWXHZLWKDPRQH\ER[DWLWV
HOERZLQDQHFFOHVLDVWLFDOQLFKHRIHDUO\*RWKLFDUFKLWHFWXUH
WRRNWKHPRQH\0LVV-RVHSKLQH6OHDU\DVVRPHYHU\ORQJDQGYHU\
QDUURZVWULSVRISULQWHGELOODQQRXQFHGZDVWKHQLQDXJXUDWLQJWKH
HQWHUWDLQPHQWVZLWKKHUJUDFHIXOHTXHVWULDQ7\UROHDQIORZHUDFW
$PRQJWKHRWKHUSOHDVLQJEXWDOZD\VVWULFWO\PRUDOZRQGHUVZKLFK
PXVWEHVHHQWREHEHOLHYHG6LJQRU-XSHZDVWKDWDIWHUQRRQWR
HOXFLGDWHWKHGLYHUWLQJDFFRPSOLVKPHQWVRIKLVKLJKO\WUDLQHG
SHUIRUPLQJGRJ0HUU\OHJV
+HZDVDOVRWRH[KLELW
KLVDVWRXQGLQJ
IHDWRIWKURZLQJVHYHQW\ILYHKXQGUHGZHLJKWLQUDSLGVXFFHVVLRQ
EDFNKDQGHGRYHUKLVKHDGWKXVIRUPLQJDIRXQWDLQRIVROLGLURQLQ
PLGDLUDIHDWQHYHUEHIRUHDWWHPSWHGLQWKLVRUDQ\RWKHU
FRXQWU\DQGZKLFKKDYLQJHOLFLWHGVXFKUDSWXURXVSODXGLWVIURP
HQWKXVLDVWLFWKURQJVLWFDQQRWEHZLWKGUDZQ
7KHVDPH6LJQRU-XSH
ZDVWR
HQOLYHQWKHYDULHGSHUIRUPDQFHVDWIUHTXHQWLQWHUYDOVZLWK
KLVFKDVWH6KDNVSHUHDQTXLSVDQGUHWRUWV
/DVWO\KHZDVWRZLQG
WKHPXSE\DSSHDULQJLQKLVIDYRXULWHFKDUDFWHURI0U:LOOLDP
%XWWRQRI7RROH\6WUHHWLQ
WKHKLJKO\QRYHODQGODXJKDEOHKLSSR
FRPHGLHWWDRI7KH7DLORU
V-RXUQH\WR%UHQWIRUG
7KRPDV*UDGJULQGWRRNQRKHHGRIWKHVHWULYLDOLWLHVRIFRXUVHEXW
SDVVHGRQDVDSUDFWLFDOPDQRXJKWWRSDVVRQHLWKHUEUXVKLQJWKH
QRLV\LQVHFWVIURPKLVWKRXJKWVRUFRQVLJQLQJWKHPWRWKH+RXVHRI
10
&RUUHFWLRQ%XWWKHWXUQLQJRIWKHURDGWRRNKLPE\WKHEDFNRI
WKHERRWKDQGDWWKHEDFNRIWKHERRWKDQXPEHURIFKLOGUHQZHUH
FRQJUHJDWHGLQDQXPEHURIVWHDOWK\DWWLWXGHVVWULYLQJWRSHHSLQ
DWWKHKLGGHQJORULHVRIWKHSODFH
7KLVEURXJKWKLPWRDVWRS
1RZWRWKLQNRIWKHVHYDJDERQGV
VDLGKH
DWWUDFWLQJWKH\RXQJUDEEOHIURPDPRGHOVFKRRO
$VSDFHRIVWXQWHGJUDVVDQGGU\UXEELVKEHLQJEHWZHHQKLPDQGWKH
\RXQJUDEEOHKHWRRNKLVH\HJODVVRXWRIKLVZDLVWFRDWWRORRNIRU
DQ\FKLOGKHNQHZE\QDPHDQGPLJKWRUGHURII3KHQRPHQRQDOPRVW
LQFUHGLEOHWKRXJKGLVWLQFWO\VHHQZKDWGLGKHWKHQEHKROGEXWKLV
RZQPHWDOOXUJLFDO/RXLVDSHHSLQJZLWKDOOKHUPLJKWWKURXJKDKROH
LQDGHDOERDUGDQGKLVRZQPDWKHPDWLFDO7KRPDVDEDVLQJKLPVHOIRQ
WKHJURXQGWRFDWFKEXWDKRRIRIWKHJUDFHIXOHTXHVWULDQ7\UROHDQ
IORZHUDFW
'XPEZLWKDPD]HPHQW0U*UDGJULQGFURVVHGWRWKHVSRWZKHUHKLV
IDPLO\ZDVWKXVGLVJUDFHGODLGKLVKDQGXSRQHDFKHUULQJFKLOG
DQGVDLG
/RXLVD7KRPDV
%RWKURVHUHGDQGGLVFRQFHUWHG%XW/RXLVDORRNHGDWKHUIDWKHU
ZLWKPRUHEROGQHVVWKDQ7KRPDVGLG,QGHHG7KRPDVGLGQRWORRNDW
KLPEXWJDYHKLPVHOIXSWREHWDNHQKRPHOLNHDPDFKLQH
,QWKHQDPHRIZRQGHULGOHQHVVDQGIROO\
VDLG0U*UDGJULQG
OHDGLQJHDFKDZD\E\DKDQG
ZKDWGR\RXGRKHUH"
:DQWHGWRVHHZKDWLWZDVOLNH
UHWXUQHG/RXLVDVKRUWO\
:KDWLWZDVOLNH"
<HVIDWKHU
7KHUHZDVDQDLURIMDGHGVXOOHQQHVVLQWKHPERWKDQGSDUWLFXODUO\
LQWKHJLUO\HWVWUXJJOLQJWKURXJKWKHGLVVDWLVIDFWLRQRIKHU
IDFHWKHUHZDVDOLJKWZLWKQRWKLQJWRUHVWXSRQDILUHZLWK
QRWKLQJWREXUQDVWDUYHGLPDJLQDWLRQNHHSLQJOLIHLQLWVHOI
VRPHKRZZKLFKEULJKWHQHGLWVH[SUHVVLRQ1RWZLWKWKHEULJKWQHVV
QDWXUDOWRFKHHUIXO\RXWKEXWZLWKXQFHUWDLQHDJHUGRXEWIXO
IODVKHVZKLFKKDGVRPHWKLQJSDLQIXOLQWKHPDQDORJRXVWRWKH
FKDQJHVRQDEOLQGIDFHJURSLQJLWVZD\
11
6KHZDVDFKLOGQRZRIILIWHHQRUVL[WHHQEXWDWQRGLVWDQWGD\
ZRXOGVHHPWREHFRPHDZRPDQDOODWRQFH+HUIDWKHUWKRXJKWVRDV
KHORRNHGDWKHU6KHZDVSUHWW\:RXOGKDYHEHHQVHOIZLOOHGKH
WKRXJKWLQKLVHPLQHQWO\SUDFWLFDOZD\EXWIRUKHUEULQJLQJXS
7KRPDVWKRXJK,KDYHWKHIDFWEHIRUHPH,ILQGLWGLIILFXOWWR
EHOLHYHWKDW\RXZLWK\RXUHGXFDWLRQDQGUHVRXUFHVVKRXOGKDYH
EURXJKW\RXUVLVWHUWRDVFHQHOLNHWKLV
,EURXJKWKLPIDWKHU
VDLG/RXLVDTXLFNO\
,DVNHGKLPWR
FRPH
,DPVRUU\WRKHDULW,DPYHU\VRUU\LQGHHGWRKHDULW,W
PDNHV7KRPDVQREHWWHUDQGLWPDNHV\RXZRUVH/RXLVD
6KHORRNHGDWKHUIDWKHUDJDLQEXWQRWHDUIHOOGRZQKHUFKHHN
<RX7KRPDVDQG\RXWRZKRPWKHFLUFOHRIWKHVFLHQFHVLVRSHQ
7KRPDVDQG\RXZKRPD\EHVDLGWREHUHSOHWHZLWKIDFWV7KRPDV
DQG\RXZKRKDYHEHHQWUDLQHGWRPDWKHPDWLFDOH[DFWQHVV7KRPDV
DQG\RXKHUH
FULHG0U*UDGJULQG
,QWKLVGHJUDGHGSRVLWLRQ
,DPDPD]HG
,ZDVWLUHGIDWKHU,KDYHEHHQWLUHGDORQJWLPH
VDLG/RXLVD
7LUHG"2IZKDW"
DVNHGWKHDVWRQLVKHGIDWKHU
,GRQ
WNQRZRIZKDWRIHYHU\WKLQJ,WKLQN
6D\QRWDQRWKHUZRUG
UHWXUQHG0U*UDGJULQG
<RXDUHFKLOGLVK
,ZLOOKHDUQRPRUH
+HGLGQRWVSHDNDJDLQXQWLOWKH\KDGZDONHG
VRPHKDOIDPLOHLQVLOHQFHZKHQKHJUDYHO\EURNHRXWZLWK
:KDW
ZRXOG\RXUEHVWIULHQGVVD\/RXLVD"'R\RXDWWDFKQRYDOXHWR
WKHLUJRRGRSLQLRQ":KDWZRXOG0U%RXQGHUE\VD\"
$WWKHPHQWLRQ
RIWKLVQDPHKLVGDXJKWHUVWROHDORRNDWKLPUHPDUNDEOHIRULWV
LQWHQVHDQGVHDUFKLQJFKDUDFWHU+HVDZQRWKLQJRILWIRUEHIRUH
KHORRNHGDWKHUVKHKDGDJDLQFDVWGRZQKHUH\HV
:KDW
KHUHSHDWHGSUHVHQWO\
ZRXOG0U%RXQGHUE\VD\"
$OOWKH
ZD\WR6WRQH/RGJHDVZLWKJUDYHLQGLJQDWLRQKHOHGWKHWZR
GHOLQTXHQWVKRPHKHUHSHDWHGDWLQWHUYDOV
:KDWZRXOG0U
%RXQGHUE\VD\"
DVLI0U%RXQGHUE\KDGEHHQ0UV*UXQG\
12
&+$37(5,905%281'(5%<
127EHLQJ0UV*UXQG\ZKRZDV0U%RXQGHUE\"
:K\0U%RXQGHUE\ZDVDVQHDUEHLQJ0U*UDGJULQG
VERVRPIULHQG
DVDPDQSHUIHFWO\GHYRLGRIVHQWLPHQWFDQDSSURDFKWKDWVSLULWXDO
UHODWLRQVKLSWRZDUGVDQRWKHUPDQSHUIHFWO\GHYRLGRIVHQWLPHQW6R
QHDUZDV0U%RXQGHUE\RULIWKHUHDGHUVKRXOGSUHIHULWVRIDU
RII
+HZDVDULFKPDQEDQNHUPHUFKDQWPDQXIDFWXUHUDQGZKDWQRW
$ELJORXGPDQZLWKDVWDUHDQGDPHWDOOLFODXJK$PDQPDGH
RXWRIDFRDUVHPDWHULDOZKLFKVHHPHGWRKDYHEHHQVWUHWFKHGWR
PDNHVRPXFKRIKLP$PDQZLWKDJUHDWSXIIHGKHDGDQGIRUHKHDG
VZHOOHGYHLQVLQKLVWHPSOHVDQGVXFKDVWUDLQHGVNLQWRKLVIDFH
WKDWLWVHHPHGWRKROGKLVH\HVRSHQDQGOLIWKLVH\HEURZVXS$
PDQZLWKDSHUYDGLQJDSSHDUDQFHRQKLPRIEHLQJLQIODWHGOLNHD
EDOORRQDQGUHDG\WRVWDUW$PDQZKRFRXOGQHYHUVXIILFLHQWO\
YDXQWKLPVHOIDVHOIPDGHPDQ$PDQZKRZDVDOZD\VSURFODLPLQJ
WKURXJKWKDWEUDVV\VSHDNLQJWUXPSHWRIDYRLFHRIKLVKLVROG
LJQRUDQFHDQGKLVROGSRYHUW\$PDQZKRZDVWKH%XOO\RI
KXPLOLW\
$\HDURUWZR\RXQJHUWKDQKLVHPLQHQWO\SUDFWLFDOIULHQG0U
%RXQGHUE\ORRNHGROGHUKLVVHYHQRUHLJKWDQGIRUW\PLJKWKDYHKDG
WKHVHYHQRUHLJKWDGGHGWRLWDJDLQZLWKRXWVXUSULVLQJDQ\ERG\
+HKDGQRWPXFKKDLU2QHPLJKWKDYHIDQFLHGKHKDGWDONHGLWRII
DQGWKDWZKDWZDVOHIWDOOVWDQGLQJXSLQGLVRUGHUZDVLQWKDW
FRQGLWLRQIURPEHLQJFRQVWDQWO\EORZQDERXWE\KLVZLQG\
ERDVWIXOQHVV
,QWKHIRUPDOGUDZLQJURRPRI6WRQH/RGJHVWDQGLQJRQWKH
KHDUWKUXJZDUPLQJKLPVHOIEHIRUHWKHILUH0U%RXQGHUE\GHOLYHUHG
VRPHREVHUYDWLRQVWR0UV*UDGJULQGRQWKHFLUFXPVWDQFHRILWV
EHLQJKLVELUWKGD\+HVWRRGEHIRUHWKHILUHSDUWO\EHFDXVHLW
ZDVDFRROVSULQJDIWHUQRRQWKRXJKWKHVXQVKRQHSDUWO\EHFDXVH
WKHVKDGHRI6WRQH/RGJHZDVDOZD\VKDXQWHGE\WKHJKRVWRIGDPS
PRUWDUSDUWO\EHFDXVHKHWKXVWRRNXSDFRPPDQGLQJSRVLWLRQIURP
ZKLFKWRVXEGXH0UV*UDGJULQG
13
,KDGQ
WDVKRHWRP\IRRW$VWRDVWRFNLQJ,GLGQ
WNQRZVXFK
DWKLQJE\QDPH,SDVVHGWKHGD\LQDGLWFKDQGWKHQLJKWLQD
SLJVW\7KDW
VWKHZD\,VSHQWP\WHQWKELUWKGD\1RWWKDWD
GLWFKZDVQHZWRPHIRU,ZDVERUQLQDGLWFK
0UV*UDGJULQGDOLWWOHWKLQZKLWHSLQNH\HGEXQGOHRIVKDZOV
RIVXUSDVVLQJIHHEOHQHVVPHQWDODQGERGLO\ZKRZDVDOZD\VWDNLQJ
SK\VLFZLWKRXWDQ\HIIHFWDQGZKRZKHQHYHUVKHVKRZHGDV\PSWRP
RIFRPLQJWROLIHZDVLQYDULDEO\VWXQQHGE\VRPHZHLJKW\SLHFHRI
IDFWWXPEOLQJRQKHU0UV*UDGJULQGKRSHGLWZDVDGU\GLWFK"
1R$VZHWDVDVRS$IRRWRIZDWHULQLW
VDLG0U%RXQGHUE\
(QRXJKWRJLYHDEDE\FROG
0UV*UDGJULQGFRQVLGHUHG
&ROG",ZDVERUQZLWKLQIODPPDWLRQRIWKHOXQJVDQGRI
HYHU\WKLQJHOVH,EHOLHYHWKDWZDVFDSDEOHRILQIODPPDWLRQ
UHWXUQHG0U%RXQGHUE\
)RU\HDUVPD
DP,ZDVRQHRIWKHPRVW
PLVHUDEOHOLWWOHZUHWFKHVHYHUVHHQ,ZDVVRVLFNO\WKDW,ZDV
DOZD\VPRDQLQJDQGJURDQLQJ,ZDVVRUDJJHGDQGGLUW\WKDW\RX
ZRXOGQ
WKDYHWRXFKHGPHZLWKDSDLURIWRQJV
0UV*UDGJULQGIDLQWO\ORRNHGDWWKHWRQJVDVWKHPRVWDSSURSULDWH
WKLQJKHULPEHFLOLW\FRXOGWKLQNRIGRLQJ
+RZ,IRXJKWWKURXJKLW,GRQ
WNQRZ
VDLG%RXQGHUE\
,ZDV
GHWHUPLQHG,VXSSRVH,KDYHEHHQDGHWHUPLQHGFKDUDFWHULQODWHU
OLIHDQG,VXSSRVH,ZDVWKHQ+HUH,DP0UV*UDGJULQGDQ\KRZ
DQGQRERG\WRWKDQNIRUP\EHLQJKHUHEXWP\VHOI
0UV*UDGJULQGPHHNO\DQGZHDNO\KRSHGWKDWKLVPRWKHU
0\PRWKHU"%ROWHGPD
DP
VDLG%RXQGHUE\
0UV*UDGJULQGVWXQQHGDVXVXDOFROODSVHGDQGJDYHLWXS
0\PRWKHUOHIWPHWRP\JUDQGPRWKHU
VDLG%RXQGHUE\
DQG
DFFRUGLQJWRWKHEHVWRIP\UHPHPEUDQFHP\JUDQGPRWKHUZDVWKH
ZLFNHGHVWDQGWKHZRUVWROGZRPDQWKDWHYHUOLYHG,I,JRWD
OLWWOHSDLURIVKRHVE\DQ\FKDQFHVKHZRXOGWDNH
HPRIIDQGVHOO
HPIRUGULQN:K\,KDYHNQRZQWKDWJUDQGPRWKHURIPLQHOLHLQ
KHUEHGDQGGULQNKHUIRXUWHHQJODVVHVRIOLTXRUEHIRUH
EUHDNIDVW
14
0UV*UDGJULQGZHDNO\VPLOLQJDQGJLYLQJQRRWKHUVLJQRI
YLWDOLW\ORRNHGDVVKHDOZD\VGLGOLNHDQLQGLIIHUHQWO\H[HFXWHG
WUDQVSDUHQF\RIDVPDOOIHPDOHILJXUHZLWKRXWHQRXJKOLJKWEHKLQG
LW
6KHNHSWDFKDQGOHU
VVKRS
SXUVXHG%RXQGHUE\
DQGNHSWPHLQDQ
HJJER[7KDWZDVWKHFRWRIP\LQIDQF\DQROGHJJER[$VVRRQ
DV,ZDVELJHQRXJKWRUXQDZD\RIFRXUVH,UDQDZD\7KHQ,
EHFDPHD\RXQJYDJDERQGDQGLQVWHDGRIRQHROGZRPDQNQRFNLQJPH
DERXWDQGVWDUYLQJPHHYHU\ERG\RIDOODJHVNQRFNHGPHDERXWDQG
VWDUYHGPH7KH\ZHUHULJKWWKH\KDGQREXVLQHVVWRGRDQ\WKLQJ
HOVH,ZDVDQXLVDQFHDQLQFXPEUDQFHDQGDSHVW,NQRZWKDW
YHU\ZHOO
+LVSULGHLQKDYLQJDWDQ\WLPHRIKLVOLIHDFKLHYHGVXFKDJUHDW
VRFLDOGLVWLQFWLRQDVWREHDQXLVDQFHDQLQFXPEUDQFHDQGDSHVW
ZDVRQO\WREHVDWLVILHGE\WKUHHVRQRURXVUHSHWLWLRQVRIWKH
ERDVW
,ZDVWRSXOOWKURXJKLW,VXSSRVH0UV*UDGJULQG:KHWKHU,
ZDVWRGRLWRUQRWPD
DP,GLGLW,SXOOHGWKURXJKLWWKRXJK
QRERG\WKUHZPHRXWDURSH9DJDERQGHUUDQGER\YDJDERQG
ODERXUHUSRUWHUFOHUNFKLHIPDQDJHUVPDOOSDUWQHU-RVLDK
%RXQGHUE\RI&RNHWRZQ7KRVHDUHWKHDQWHFHGHQWVDQGWKH
FXOPLQDWLRQ-RVLDK%RXQGHUE\RI&RNHWRZQOHDUQWKLVOHWWHUVIURP
WKHRXWVLGHVRIWKHVKRSV0UV*UDGJULQGDQGZDVILUVWDEOHWR
WHOOWKHWLPHXSRQDGLDOSODWHIURPVWXG\LQJWKHVWHHSOHFORFNRI
6W*LOHV
V&KXUFK/RQGRQXQGHUWKHGLUHFWLRQRIDGUXQNHQ
FULSSOHZKRZDVDFRQYLFWHGWKLHIDQGDQLQFRUULJLEOHYDJUDQW
7HOO-RVLDK%RXQGHUE\RI&RNHWRZQRI\RXUGLVWULFWVFKRROVDQG
\RXUPRGHOVFKRROVDQG\RXUWUDLQLQJVFKRROVDQG\RXUZKROH
NHWWOHRIILVKRIVFKRROVDQG-RVLDK%RXQGHUE\RI&RNHWRZQWHOOV
\RXSODLQO\DOOULJKWDOOFRUUHFWKHKDGQ
WVXFKDGYDQWDJHV
EXWOHWXVKDYHKDUGKHDGHGVROLGILVWHGSHRSOHWKHHGXFDWLRQ
WKDWPDGHKLPZRQ
WGRIRUHYHU\ERG\KHNQRZVZHOOVXFKDQGVXFK
KLVHGXFDWLRQZDVKRZHYHUDQG\RXPD\IRUFHKLPWRVZDOORZ
ERLOLQJIDWEXW\RXVKDOOQHYHUIRUFHKLPWRVXSSUHVVWKHIDFWVRI
KLVOLIH
%HLQJKHDWHGZKHQKHDUULYHGDWWKLVFOLPD[-RVLDK%RXQGHUE\RI
&RNHWRZQVWRSSHG+HVWRSSHGMXVWDVKLVHPLQHQWO\SUDFWLFDO
IULHQGVWLOODFFRPSDQLHGE\WKHWZR\RXQJFXOSULWVHQWHUHGWKH
URRP+LVHPLQHQWO\SUDFWLFDOIULHQGRQVHHLQJKLPVWRSSHGDOVR
DQGJDYH/RXLVDDUHSURDFKIXOORRNWKDWSODLQO\VDLG
%HKROG\RXU
15
%RXQGHUE\
:HOO
EOXVWHUHG0U%RXQGHUE\
ZKDW
VWKHPDWWHU":KDWLV\RXQJ
7KRPDVLQWKHGXPSVDERXW"
+HVSRNHRI\RXQJ7KRPDVEXWKHORRNHGDW/RXLVD
:HZHUHSHHSLQJDWWKHFLUFXV
PXWWHUHG/RXLVDKDXJKWLO\
ZLWKRXWOLIWLQJXSKHUH\HV
DQGIDWKHUFDXJKWXV
$QG0UV*UDGJULQG
VDLGKHUKXVEDQGLQDORIW\PDQQHU
,
VKRXOGDVVRRQKDYHH[SHFWHGWRILQGP\FKLOGUHQUHDGLQJSRHWU\
'HDUPH
ZKLPSHUHG0UV*UDGJULQG
+RZFDQ\RX/RXLVDDQG
7KRPDV,ZRQGHUDW\RX,GHFODUH\RX
UHHQRXJKWRPDNHRQH
UHJUHWHYHUKDYLQJKDGDIDPLO\DWDOO,KDYHDJUHDWPLQGWRVD\
,ZLVK,KDGQ
W7KHQZKDWZRXOG\RXKDYHGRQH,VKRXOGOLNHWR
NQRZ"
0U*UDGJULQGGLGQRWVHHPIDYRXUDEO\LPSUHVVHGE\WKHVHFRJHQW
UHPDUNV+HIURZQHGLPSDWLHQWO\
$VLIZLWKP\KHDGLQLWVSUHVHQWWKUREELQJVWDWH\RXFRXOGQ
W
JRDQGORRNDWWKHVKHOOVDQGPLQHUDOVDQGWKLQJVSURYLGHGIRU\RX
LQVWHDGRIFLUFXVHV
VDLG0UV*UDGJULQG
<RXNQRZDVZHOODV,
GRQR\RXQJSHRSOHKDYHFLUFXVPDVWHUVRUNHHSFLUFXVHVLQ
FDELQHWVRUDWWHQGOHFWXUHVDERXWFLUFXVHV:KDWFDQ\RXSRVVLEO\
ZDQWWRNQRZRIFLUFXVHVWKHQ",DPVXUH\RXKDYHHQRXJKWRGRLI
WKDW
VZKDW\RXZDQW:LWKP\KHDGLQLWVSUHVHQWVWDWH,
FRXOGQ
WUHPHPEHUWKHPHUHQDPHVRIKDOIWKHIDFWV\RXKDYHJRWWR
DWWHQGWR
7KDW
VWKHUHDVRQ
SRXWHG/RXLVD
'RQ
WWHOOPHWKDW
VWKHUHDVRQEHFDXVHLWFDQ
WEHQRWKLQJRI
WKHVRUW
VDLG0UV*UDGJULQG
*RDQGEHVRPHWKLQJRORJLFDO
GLUHFWO\
0UV*UDGJULQGZDVQRWDVFLHQWLILFFKDUDFWHUDQG
XVXDOO\GLVPLVVHGKHUFKLOGUHQWRWKHLUVWXGLHVZLWKWKLVJHQHUDO
LQMXQFWLRQWRFKRRVHWKHLUSXUVXLW
,QWUXWK0UV*UDGJULQG
VVWRFNRIIDFWVLQJHQHUDOZDVZRHIXOO\
GHIHFWLYHEXW0U*UDGJULQGLQUDLVLQJKHUWRKHUKLJKPDWULPRQLDO
SRVLWLRQKDGEHHQLQIOXHQFHGE\WZRUHDVRQV)LUVWO\VKHZDV
PRVWVDWLVIDFWRU\DVDTXHVWLRQRIILJXUHVDQGVHFRQGO\VKHKDG
16
QRQRQVHQVH
DERXWKHU%\QRQVHQVHKHPHDQWIDQF\DQGWUXO\LW
LVSUREDEOHVKHZDVDVIUHHIURPDQ\DOOR\RIWKDWQDWXUHDVDQ\
KXPDQEHLQJQRWDUULYHGDWWKHSHUIHFWLRQRIDQDEVROXWHLGLRW
HYHUZDV
7KHVLPSOHFLUFXPVWDQFHRIEHLQJOHIWDORQHZLWKKHUKXVEDQGDQG
0U%RXQGHUE\ZDVVXIILFLHQWWRVWXQWKLVDGPLUDEOHODG\DJDLQ
ZLWKRXWFROOLVLRQEHWZHHQKHUVHOIDQGDQ\RWKHUIDFW6RVKHRQFH
PRUHGLHGDZD\DQGQRERG\PLQGHGKHU
%RXQGHUE\
VDLG0U*UDGJULQGGUDZLQJDFKDLUWRWKHILUHVLGH
\RXDUHDOZD\VVRLQWHUHVWHGLQP\\RXQJSHRSOHSDUWLFXODUO\LQ
/RXLVDWKDW,PDNHQRDSRORJ\IRUVD\LQJWR\RX,DPYHU\PXFK
YH[HGE\WKLVGLVFRYHU\,KDYHV\VWHPDWLFDOO\GHYRWHGP\VHOIDV
\RXNQRZWRWKHHGXFDWLRQRIWKHUHDVRQRIP\IDPLO\7KHUHDVRQ
LVDV\RXNQRZWKHRQO\IDFXOW\WRZKLFKHGXFDWLRQVKRXOGEH
DGGUHVVHG
$QG\HW%RXQGHUE\LWZRXOGDSSHDUIURPWKLV
XQH[SHFWHGFLUFXPVWDQFHRIWRGD\WKRXJKLQLWVHOIDWULIOLQJRQH
DVLIVRPHWKLQJKDGFUHSWLQWR7KRPDV
VDQG/RXLVD
VPLQGVZKLFKLV
RUUDWKHUZKLFKLVQRW,GRQ
WNQRZWKDW,FDQH[SUHVVP\VHOI
EHWWHUWKDQE\VD\LQJZKLFKKDVQHYHUEHHQLQWHQGHGWREH
GHYHORSHGDQGLQZKLFKWKHLUUHDVRQKDVQRSDUW
7KHUHFHUWDLQO\LVQRUHDVRQLQORRNLQJZLWKLQWHUHVWDWDSDUFHO
RIYDJDERQGV
UHWXUQHG%RXQGHUE\
:KHQ,ZDVDYDJDERQGP\VHOI
QRERG\ORRNHGZLWKDQ\LQWHUHVWDWPH,NQRZWKDW
7KHQFRPHVWKHTXHVWLRQVDLGWKHHPLQHQWO\SUDFWLFDOIDWKHUZLWK
KLVH\HVRQWKHILUH
LQZKDWKDVWKLVYXOJDUFXULRVLW\LWVULVH"
,
OOWHOO\RXLQZKDW,QLGOHLPDJLQDWLRQ
,KRSHQRW
VDLGWKHHPLQHQWO\SUDFWLFDO
,FRQIHVVKRZHYHU
WKDWWKHPLVJLYLQJKDVFURVVHGPHRQP\ZD\KRPH
,QLGOHLPDJLQDWLRQ*UDGJULQG
UHSHDWHG%RXQGHUE\
$YHU\EDG
WKLQJIRUDQ\ERG\EXWDFXUVHGEDGWKLQJIRUDJLUOOLNH/RXLVD
,VKRXOGDVN0UV*UDGJULQG
VSDUGRQIRUVWURQJH[SUHVVLRQVEXW
WKDWVKHNQRZVYHU\ZHOO,DPQRWDUHILQHGFKDUDFWHU:KRHYHU
H[SHFWVUHILQHPHQWLQPHZLOOEHGLVDSSRLQWHG,KDGQ
WDUHILQHG
EULQJLQJXS
:KHWKHU
VDLG*UDGJULQGSRQGHULQJZLWKKLVKDQGVLQKLVSRFNHWV
DQGKLVFDYHUQRXVH\HVRQWKHILUH
ZKHWKHUDQ\LQVWUXFWRURU
17
VHUYDQWFDQKDYHVXJJHVWHGDQ\WKLQJ":KHWKHU/RXLVDRU7KRPDVFDQ
KDYHEHHQUHDGLQJDQ\WKLQJ":KHWKHULQVSLWHRIDOOSUHFDXWLRQV
DQ\LGOHVWRU\ERRNFDQKDYHJRWLQWRWKHKRXVH"%HFDXVHLQPLQGV
WKDWKDYHEHHQSUDFWLFDOO\IRUPHGE\UXOHDQGOLQHIURPWKHFUDGOH
XSZDUGVWKLVLVVRFXULRXVVRLQFRPSUHKHQVLEOH
6WRSDELW
FULHG%RXQGHUE\ZKRDOOWKLVWLPHKDGEHHQVWDQGLQJ
DVEHIRUHRQWKHKHDUWKEXUVWLQJDWWKHYHU\IXUQLWXUHRIWKH
URRPZLWKH[SORVLYHKXPLOLW\
<RXKDYHRQHRIWKRVHVWUROOHUV
FKLOGUHQLQWKHVFKRRO
&HFLOLD-XSHE\QDPH
VDLG0U*UDGJULQGZLWKVRPHWKLQJRID
VWULFNHQORRNDWKLVIULHQG
1RZVWRSDELW
FULHG%RXQGHUE\DJDLQ
+RZGLGVKHFRPH
WKHUH"
:K\WKHIDFWLV,VDZWKHJLUOP\VHOIIRUWKHILUVWWLPHRQO\
MXVWQRZ6KHVSHFLDOO\DSSOLHGKHUHDWWKHKRXVHWREHDGPLWWHG
DVQRWUHJXODUO\EHORQJLQJWRRXUWRZQDQG\HV\RXDUHULJKW
%RXQGHUE\\RXDUHULJKW
1RZVWRSDELW
FULHG%RXQGHUE\RQFHPRUH
/RXLVDVDZKHU
ZKHQVKHFDPH"
/RXLVDFHUWDLQO\GLGVHHKHUIRUVKHPHQWLRQHGWKHDSSOLFDWLRQWR
PH%XW/RXLVDVDZKHU,KDYHQRGRXEWLQ0UV*UDGJULQG
V
SUHVHQFH
3UD\0UV*UDGJULQG
VDLG%RXQGHUE\
ZKDWSDVVHG"
2KP\SRRUKHDOWK
UHWXUQHG0UV*UDGJULQG
7KHJLUOZDQWHGWR
FRPHWRWKHVFKRRODQG0U*UDGJULQGZDQWHGJLUOVWRFRPHWRWKH
VFKRRODQG/RXLVDDQG7KRPDVERWKVDLGWKDWWKHJLUOZDQWHGWR
FRPHDQGWKDW0U*UDGJULQGZDQWHGJLUOVWRFRPHDQGKRZZDVLW
SRVVLEOHWRFRQWUDGLFWWKHPZKHQVXFKZDVWKHIDFW
1RZ,WHOO\RXZKDW*UDGJULQG
VDLG0U%RXQGHUE\
7XUQWKLV
JLUOWRWKHULJKWDERXWDQGWKHUH
VDQHQGRILW
,DPPXFKRI\RXURSLQLRQ
'RLWDWRQFH
VDLG%RXQGHUE\
KDVDOZD\VEHHQP\PRWWRIURPD
FKLOG:KHQ,WKRXJKW,ZRXOGUXQDZD\IURPP\HJJER[DQGP\
18
JUDQGPRWKHU,GLGLWDWRQFH'R\RXWKHVDPH'RWKLVDWRQFH
$UH\RXZDONLQJ"
DVNHGKLVIULHQG
,KDYHWKHIDWKHU
VDGGUHVV
3HUKDSV\RXZRXOGQRWPLQGZDONLQJWRWRZQZLWKPH"
1RWWKHOHDVWLQWKHZRUOG
VDLG0U%RXQGHUE\
DVORQJDV\RX
GRLWDWRQFH
6R0U%RXQGHUE\WKUHZRQKLVKDWKHDOZD\VWKUHZLWRQDV
H[SUHVVLQJDPDQZKRKDGEHHQIDUWRREXVLO\HPSOR\HGLQPDNLQJ
KLPVHOIWRDFTXLUHDQ\IDVKLRQRIZHDULQJKLVKDWDQGZLWKKLV
KDQGVLQKLVSRFNHWVVDXQWHUHGRXWLQWRWKHKDOO
,QHYHUZHDU
JORYHV
LWZDVKLVFXVWRPWRVD\
,GLGQ
WFOLPEXSWKHODGGHU
LQWKHP6KRXOGQ
WEHVRKLJKXSLI,KDG
%HLQJOHIWWRVDXQWHULQWKHKDOODPLQXWHRUWZRZKLOH0U
*UDGJULQGZHQWXSVWDLUVIRUWKHDGGUHVVKHRSHQHGWKHGRRURIWKH
FKLOGUHQ
VVWXG\DQGORRNHGLQWRWKDWVHUHQHIORRUFORWKHG
DSDUWPHQWZKLFKQRWZLWKVWDQGLQJLWVERRNFDVHVDQGLWVFDELQHWV
DQGLWVYDULHW\RIOHDUQHGDQGSKLORVRSKLFDODSSOLDQFHVKDGPXFK
RIWKHJHQLDODVSHFWRIDURRPGHYRWHGWRKDLUFXWWLQJ/RXLVD
ODQJXLGO\OHDQHGXSRQWKHZLQGRZORRNLQJRXWZLWKRXWORRNLQJDW
DQ\WKLQJZKLOH\RXQJ7KRPDVVWRRGVQLIILQJUHYHQJHIXOO\DWWKH
ILUH$GDP6PLWKDQG0DOWKXVWZR\RXQJHU*UDGJULQGVZHUHRXWDW
OHFWXUHLQFXVWRG\DQGOLWWOH-DQHDIWHUPDQXIDFWXULQJDJRRG
GHDORIPRLVWSLSHFOD\RQKHUIDFHZLWKVODWHSHQFLODQGWHDUV
KDGIDOOHQDVOHHSRYHUYXOJDUIUDFWLRQV
,W
VDOOULJKWQRZ/RXLVDLW
VDOOULJKW\RXQJ7KRPDV
VDLG
0U%RXQGHUE\
\RXZRQ
WGRVRDQ\PRUH,
OODQVZHUIRULW
V
EHLQJDOORYHUZLWKIDWKHU:HOO/RXLVDWKDW
VZRUWKDNLVV
LVQ
WLW"
<RXFDQWDNHRQH0U%RXQGHUE\
UHWXUQHG/RXLVDZKHQVKHKDG
FROGO\SDXVHGDQGVORZO\ZDONHGDFURVVWKHURRPDQGXQJUDFLRXVO\
UDLVHGKHUFKHHNWRZDUGVKLPZLWKKHUIDFHWXUQHGDZD\
$OZD\VP\SHWDLQ
W\RX/RXLVD"
VDLG0U%RXQGHUE\
*RRGE\H
/RXLVD
+HZHQWKLVZD\EXWVKHVWRRGRQWKHVDPHVSRWUXEELQJWKHFKHHN
KHKDGNLVVHGZLWKKHUKDQGNHUFKLHIXQWLOLWZDVEXUQLQJUHG
6KHZDVVWLOOGRLQJWKLVILYHPLQXWHVDIWHUZDUGV
19
:KDWDUH\RXDERXW/RR"
KHUEURWKHUVXONLO\UHPRQVWUDWHG
<RX
OOUXEDKROHLQ\RXUIDFH
<RXPD\FXWWKHSLHFHRXWZLWK\RXUSHQNQLIHLI\RXOLNH7RP,
ZRXOGQ
WFU\
&+$37(597+(.(<127(
&2.(72:1WRZKLFK0HVVUV%RXQGHUE\DQG*UDGJULQGQRZZDONHGZDV
DWULXPSKRIIDFWLWKDGQRJUHDWHUWDLQWRIIDQF\LQLWWKDQ0UV
*UDGJULQGKHUVHOI/HWXVVWULNHWKHNH\QRWH&RNHWRZQEHIRUH
SXUVXLQJRXUWXQH
,WZDVDWRZQRIUHGEULFNRURIEULFNWKDWZRXOGKDYHEHHQUHGLI
WKHVPRNHDQGDVKHVKDGDOORZHGLWEXWDVPDWWHUVVWRRGLWZDVD
WRZQRIXQQDWXUDOUHGDQGEODFNOLNHWKHSDLQWHGIDFHRIDVDYDJH
,WZDVDWRZQRIPDFKLQHU\DQGWDOOFKLPQH\VRXWRIZKLFK
LQWHUPLQDEOHVHUSHQWVRIVPRNHWUDLOHGWKHPVHOYHVIRUHYHUDQG
HYHUDQGQHYHUJRWXQFRLOHG,WKDGDEODFNFDQDOLQLWDQGD
ULYHUWKDWUDQSXUSOHZLWKLOOVPHOOLQJG\HDQGYDVWSLOHVRI
EXLOGLQJIXOORIZLQGRZVZKHUHWKHUHZDVDUDWWOLQJDQGDWUHPEOLQJ
DOOGD\ORQJDQGZKHUHWKHSLVWRQRIWKHVWHDPHQJLQHZRUNHG
PRQRWRQRXVO\XSDQGGRZQOLNHWKHKHDGRIDQHOHSKDQWLQDVWDWH
RIPHODQFKRO\PDGQHVV,WFRQWDLQHGVHYHUDOODUJHVWUHHWVDOOYHU\
OLNHRQHDQRWKHUDQGPDQ\VPDOOVWUHHWVVWLOOPRUHOLNHRQH
DQRWKHULQKDELWHGE\SHRSOHHTXDOO\OLNHRQHDQRWKHUZKRDOOZHQW
LQDQGRXWDWWKHVDPHKRXUVZLWKWKHVDPHVRXQGXSRQWKHVDPH
SDYHPHQWVWRGRWKHVDPHZRUNDQGWRZKRPHYHU\GD\ZDVWKHVDPH
DV\HVWHUGD\DQGWRPRUURZDQGHYHU\\HDUWKHFRXQWHUSDUWRIWKH
ODVWDQGWKHQH[W
7KHVHDWWULEXWHVRI&RNHWRZQZHUHLQWKHPDLQLQVHSDUDEOHIURPWKH
ZRUNE\ZKLFKLWZDVVXVWDLQHGDJDLQVWWKHPZHUHWREHVHWRII
FRPIRUWVRIOLIHZKLFKIRXQGWKHLUZD\DOORYHUWKHZRUOGDQG
HOHJDQFLHVRIOLIHZKLFKPDGHZHZLOOQRWDVNKRZPXFKRIWKHILQH
ODG\ZKRFRXOGVFDUFHO\EHDUWRKHDUWKHSODFHPHQWLRQHG7KH
UHVWRILWVIHDWXUHVZHUHYROXQWDU\DQGWKH\ZHUHWKHVH
<RXVDZQRWKLQJLQ&RNHWRZQEXWZKDWZDVVHYHUHO\ZRUNIXO,IWKH
PHPEHUVRIDUHOLJLRXVSHUVXDVLRQEXLOWDFKDSHOWKHUHDVWKH
20
PHPEHUVRIHLJKWHHQUHOLJLRXVSHUVXDVLRQVKDGGRQHWKH\PDGHLWD
SLRXVZDUHKRXVHRIUHGEULFNZLWKVRPHWLPHVEXWWKLVLVRQO\LQ
KLJKO\RUQDPHQWDOH[DPSOHVDEHOOLQDELUGFDJHRQWKHWRSRILW
7KHVROLWDU\H[FHSWLRQZDVWKH1HZ&KXUFKDVWXFFRHGHGLILFHZLWK
DVTXDUHVWHHSOHRYHUWKHGRRUWHUPLQDWLQJLQIRXUVKRUWSLQQDFOHV
OLNHIORULGZRRGHQOHJV$OOWKHSXEOLFLQVFULSWLRQVLQWKHWRZQ
ZHUHSDLQWHGDOLNHLQVHYHUHFKDUDFWHUVRIEODFNDQGZKLWH7KH
MDLOPLJKWKDYHEHHQWKHLQILUPDU\WKHLQILUPDU\PLJKWKDYHEHHQ
WKHMDLOWKHWRZQKDOOPLJKWKDYHEHHQHLWKHURUERWKRU
DQ\WKLQJHOVHIRUDQ\WKLQJWKDWDSSHDUHGWRWKHFRQWUDU\LQWKH
JUDFHVRIWKHLUFRQVWUXFWLRQ)DFWIDFWIDFWHYHU\ZKHUHLQWKH
PDWHULDODVSHFWRIWKHWRZQIDFWIDFWIDFWHYHU\ZKHUHLQWKH
LPPDWHULDO7KH0
&KRDNXPFKLOGVFKRROZDVDOOIDFWDQGWKHVFKRRO
RIGHVLJQZDVDOOIDFWDQGWKHUHODWLRQVEHWZHHQPDVWHUDQGPDQ
ZHUHDOOIDFWDQGHYHU\WKLQJZDVIDFWEHWZHHQWKHO\LQJLQ
KRVSLWDODQGWKHFHPHWHU\DQGZKDW\RXFRXOGQ
WVWDWHLQILJXUHV
RUVKRZWREHSXUFKDVHDEOHLQWKHFKHDSHVWPDUNHWDQGVDOHDEOHLQ
WKHGHDUHVWZDVQRWDQGQHYHUVKRXOGEHZRUOGZLWKRXWHQG$PHQ
$WRZQVRVDFUHGWRIDFWDQGVRWULXPSKDQWLQLWVDVVHUWLRQRI
FRXUVHJRWRQZHOO":K\QRQRWTXLWHZHOO1R"'HDUPH
1R&RNHWRZQGLGQRWFRPHRXWRILWVRZQIXUQDFHVLQDOOUHVSHFWV
OLNHJROGWKDWKDGVWRRGWKHILUH)LUVWWKHSHUSOH[LQJP\VWHU\
RIWKHSODFHZDV:KREHORQJHGWRWKHHLJKWHHQGHQRPLQDWLRQV"
%HFDXVHZKRHYHUGLGWKHODERXULQJSHRSOHGLGQRW,WZDVYHU\
VWUDQJHWRZDONWKURXJKWKHVWUHHWVRQD6XQGD\PRUQLQJDQGQRWH
KRZIHZRIWKHPWKHEDUEDURXVMDQJOLQJRIEHOOVWKDWZDVGULYLQJ
WKHVLFNDQGQHUYRXVPDGFDOOHGDZD\IURPWKHLURZQTXDUWHUIURP
WKHLURZQFORVHURRPVIURPWKHFRUQHUVRIWKHLURZQVWUHHWVZKHUH
WKH\ORXQJHGOLVWOHVVO\JD]LQJDWDOOWKHFKXUFKDQGFKDSHOJRLQJ
DVDWDWKLQJZLWKZKLFKWKH\KDGQRPDQQHURIFRQFHUQ1RUZDVLW
PHUHO\WKHVWUDQJHUZKRQRWLFHGWKLVEHFDXVHWKHUHZDVDQDWLYH
RUJDQL]DWLRQLQ&RNHWRZQLWVHOIZKRVHPHPEHUVZHUHWREHKHDUGRI
LQWKH+RXVHRI&RPPRQVHYHU\VHVVLRQLQGLJQDQWO\SHWLWLRQLQJIRU
DFWVRISDUOLDPHQWWKDWVKRXOGPDNHWKHVHSHRSOHUHOLJLRXVE\PDLQ
IRUFH7KHQFDPHWKH7HHWRWDO6RFLHW\ZKRFRPSODLQHGWKDWWKHVH
VDPHSHRSOHZRXOGJHWGUXQNDQGVKRZHGLQWDEXODUVWDWHPHQWVWKDW
WKH\GLGJHWGUXQNDQGSURYHGDWWHDSDUWLHVWKDWQRLQGXFHPHQW
KXPDQRU'LYLQHH[FHSWDPHGDOZRXOGLQGXFHWKHPWRIRUHJRWKHLU
FXVWRPRIJHWWLQJGUXQN7KHQFDPHWKHFKHPLVWDQGGUXJJLVWZLWK
RWKHUWDEXODUVWDWHPHQWVVKRZLQJWKDWZKHQWKH\GLGQ
WJHWGUXQN
WKH\WRRNRSLXP7KHQFDPHWKHH[SHULHQFHGFKDSODLQRIWKHMDLO
ZLWKPRUHWDEXODUVWDWHPHQWVRXWGRLQJDOOWKHSUHYLRXVWDEXODU
21
VWDWHPHQWVDQGVKRZLQJWKDWWKHVDPHSHRSOHZRXOGUHVRUWWRORZ
KDXQWVKLGGHQIURPWKHSXEOLFH\HZKHUHWKH\KHDUGORZVLQJLQJ
DQGVDZORZGDQFLQJDQGPD\KDSMRLQHGLQLWDQGZKHUH$%DJHG
WZHQW\IRXUQH[WELUWKGD\DQGFRPPLWWHGIRUHLJKWHHQPRQWKV
VROLWDU\KDGKLPVHOIVDLGQRWWKDWKHKDGHYHUVKRZQKLPVHOI
SDUWLFXODUO\ZRUWK\RIEHOLHIKLVUXLQEHJDQDVKHZDVSHUIHFWO\
VXUHDQGFRQILGHQWWKDWRWKHUZLVHKHZRXOGKDYHEHHQDWLSWRS
PRUDOVSHFLPHQ7KHQFDPH0U*UDGJULQGDQG0U%RXQGHUE\WKHWZR
JHQWOHPHQDWWKLVSUHVHQWPRPHQWZDONLQJWKURXJK&RNHWRZQDQGERWK
HPLQHQWO\SUDFWLFDOZKRFRXOGRQRFFDVLRQIXUQLVKPRUHWDEXODU
VWDWHPHQWVGHULYHGIURPWKHLURZQSHUVRQDOH[SHULHQFHDQG
LOOXVWUDWHGE\FDVHVWKH\KDGNQRZQDQGVHHQIURPZKLFKLWFOHDUO\
DSSHDUHGLQVKRUWLWZDVWKHRQO\FOHDUWKLQJLQWKHFDVHWKDW
WKHVHVDPHSHRSOHZHUHDEDGORWDOWRJHWKHUJHQWOHPHQWKDWGR
ZKDW\RXZRXOGIRUWKHPWKH\ZHUHQHYHUWKDQNIXOIRULWJHQWOHPHQ
WKDWWKH\ZHUHUHVWOHVVJHQWOHPHQWKDWWKH\QHYHUNQHZZKDWWKH\
ZDQWHGWKDWWKH\OLYHGXSRQWKHEHVWDQGERXJKWIUHVKEXWWHUDQG
LQVLVWHGRQ0RFKDFRIIHHDQGUHMHFWHGDOOEXWSULPHSDUWVRIPHDW
DQG\HWZHUHHWHUQDOO\GLVVDWLVILHGDQGXQPDQDJHDEOH,QVKRUWLW
ZDVWKHPRUDORIWKHROGQXUVHU\IDEOH
7KHUHZDVDQROGZRPDQDQGZKDWGR\RXWKLQN"
6KHOLYHGXSRQQRWKLQJEXWYLFWXDOVDQGGULQN
9LFWXDOVDQGGULQNZHUHWKHZKROHRIKHUGLHW
$QG\HWWKLVROGZRPDQZRXOG1(9(5EHTXLHW
,VLWSRVVLEOH,ZRQGHUWKDWWKHUHZDVDQ\DQDORJ\EHWZHHQWKH
FDVHRIWKH&RNHWRZQSRSXODWLRQDQGWKHFDVHRIWKHOLWWOH
*UDGJULQGV"6XUHO\QRQHRIXVLQRXUVREHUVHQVHVDQGDFTXDLQWHG
ZLWKILJXUHVDUHWREHWROGDWWKLVWLPHRIGD\WKDWRQHRIWKH
IRUHPRVWHOHPHQWVLQWKHH[LVWHQFHRIWKH&RNHWRZQZRUNLQJSHRSOH
KDGEHHQIRUVFRUHVRI\HDUVGHOLEHUDWHO\VHWDWQRXJKW"7KDW
WKHUHZDVDQ\)DQF\LQWKHPGHPDQGLQJWREHEURXJKWLQWRKHDOWK\
H[LVWHQFHLQVWHDGRIVWUXJJOLQJRQLQFRQYXOVLRQV"7KDWH[DFWO\LQ
WKHUDWLRDVWKH\ZRUNHGORQJDQGPRQRWRQRXVO\WKHFUDYLQJJUHZ
ZLWKLQWKHPIRUVRPHSK\VLFDOUHOLHIVRPHUHOD[DWLRQHQFRXUDJLQJ
JRRGKXPRXUDQGJRRGVSLULWVDQGJLYLQJWKHPDYHQWVRPH
UHFRJQL]HGKROLGD\WKRXJKLWZHUHEXWIRUDQKRQHVWGDQFHWRD
VWLUULQJEDQGRIPXVLFVRPHRFFDVLRQDOOLJKWSLHLQZKLFKHYHQ
0
&KRDNXPFKLOGKDGQRILQJHUZKLFKFUDYLQJPXVWDQGZRXOGEH
VDWLVILHGDULJKWRUPXVWDQGZRXOGLQHYLWDEO\JRZURQJXQWLOWKH
ODZVRIWKH&UHDWLRQZHUHUHSHDOHG"
22
7KLVPDQOLYHVDW3RG
V(QGDQG,GRQ
WTXLWHNQRZ3RG
V(QG
VDLG0U*UDGJULQG
:KLFKLVLW%RXQGHUE\"
0U%RXQGHUE\NQHZLWZDVVRPHZKHUHGRZQWRZQEXWNQHZQRPRUH
UHVSHFWLQJLW6RWKH\VWRSSHGIRUDPRPHQWORRNLQJDERXW
$OPRVWDVWKH\GLGVRWKHUHFDPHUXQQLQJURXQGWKHFRUQHURIWKH
VWUHHWDWDTXLFNSDFHDQGZLWKDIULJKWHQHGORRNDJLUOZKRP0U
*UDGJULQGUHFRJQL]HG
+DOORD
VDLGKH
6WRS:KHUHDUH\RX
JRLQJ6WRS
*LUOQXPEHUWZHQW\VWRSSHGWKHQSDOSLWDWLQJDQG
PDGHKLPDFXUWVH\
:K\DUH\RXWHDULQJDERXWWKHVWUHHWV
VDLG0U*UDGJULQG
LQ
WKLVLPSURSHUPDQQHU"
,ZDV,ZDVUXQDIWHUVLU
WKHJLUOSDQWHG
DQG,ZDQWHGWR
JHWDZD\
5XQDIWHU"
UHSHDWHG0U*UDGJULQG
:KRZRXOGUXQDIWHU\RX"
7KHTXHVWLRQZDVXQH[SHFWHGO\DQGVXGGHQO\DQVZHUHGIRUKHUE\WKH
FRORXUOHVVER\%LW]HUZKRFDPHURXQGWKHFRUQHUZLWKVXFKEOLQG
VSHHGDQGVROLWWOHDQWLFLSDWLQJDVWRSSDJHRQWKHSDYHPHQWWKDW
KHEURXJKWKLPVHOIXSDJDLQVW0U*UDGJULQG
VZDLVWFRDWDQG
UHERXQGHGLQWRWKHURDG
:KDWGR\RXPHDQER\"
VDLG0U*UDGJULQG
:KDWDUH\RXGRLQJ"
+RZGDUH\RXGDVKDJDLQVWHYHU\ERG\LQWKLVPDQQHU"
%LW]HU
SLFNHGXSKLVFDSZKLFKWKHFRQFXVVLRQKDGNQRFNHGRIIDQG
EDFNLQJDQGNQXFNOLQJKLVIRUHKHDGSOHDGHGWKDWLWZDVDQ
DFFLGHQW
:DVWKLVER\UXQQLQJDIWHU\RX-XSH"
DVNHG0U*UDGJULQG
<HVVLU
VDLGWKHJLUOUHOXFWDQWO\
1R,ZDVQ
WVLU
FULHG%LW]HU
1RWWLOOVKHUXQDZD\IURPPH
%XWWKHKRUVHULGHUVQHYHUPLQGZKDWWKH\VD\VLUWKH\
UHIDPRXV
IRULW<RXNQRZWKHKRUVHULGHUVDUHIDPRXVIRUQHYHUPLQGLQJ
ZKDWWKH\VD\
DGGUHVVLQJ6LVV\
,W
VDVZHOONQRZQLQWKHWRZQ
DVSOHDVHVLUDVWKHPXOWLSOLFDWLRQWDEOHLVQ
WNQRZQWRWKH
KRUVHULGHUV
%LW]HUWULHG0U%RXQGHUE\ZLWKWKLV
23
+HIULJKWHQHGPHVR
VDLGWKHJLUO
ZLWKKLVFUXHOIDFHV
2K
FULHG%LW]HU
2K$Q
W\RXRQHRIWKHUHVW$Q
W\RXD
KRUVHULGHU,QHYHUORRNHGDWKHUVLU,DVNHGKHULIVKHZRXOG
NQRZKRZWRGHILQHDKRUVHWRPRUURZDQGRIIHUHGWRWHOOKHU
DJDLQDQGVKHUDQDZD\DQG,UDQDIWHUKHUVLUWKDWVKHPLJKW
NQRZKRZWRDQVZHUZKHQVKHZDVDVNHG<RXZRXOGQ
WKDYHWKRXJKW
RIVD\LQJVXFKPLVFKLHILI\RXKDGQ
WEHHQDKRUVHULGHU"
+HUFDOOLQJVHHPVWREHSUHWW\ZHOONQRZQDPRQJ
HP
REVHUYHG0U
%RXQGHUE\
<RX
GKDYHKDGWKHZKROHVFKRROSHHSLQJLQDURZLQD
ZHHN
7UXO\,WKLQNVR
UHWXUQHGKLVIULHQG
%LW]HUWXUQ\RXDERXW
DQGWDNH\RXUVHOIKRPH-XSHVWD\KHUHDPRPHQW/HWPHKHDURI
\RXUUXQQLQJLQWKLVPDQQHUDQ\PRUHER\DQG\RXZLOOKHDURIPH
WKURXJKWKHPDVWHURIWKHVFKRRO<RXXQGHUVWDQGZKDW,PHDQ*R
DORQJ
7KHER\VWRSSHGLQKLVUDSLGEOLQNLQJNQXFNOHGKLVIRUHKHDGDJDLQ
JODQFHGDW6LVV\WXUQHGDERXWDQGUHWUHDWHG
1RZJLUO
VDLG0U*UDGJULQG
WDNHWKLVJHQWOHPDQDQGPHWR
\RXUIDWKHU
VZHDUHJRLQJWKHUH:KDWKDYH\RXJRWLQWKDW
ERWWOH\RXDUHFDUU\LQJ"
*LQ
VDLG0U%RXQGHUE\
'HDUQRVLU,W
VWKHQLQHRLOV
7KHZKDW"
FULHG0U%RXQGHUE\
7KHQLQHRLOVVLUWRUXEIDWKHUZLWK
7KHQ
VDLG0U%RXQGHUE\ZLWKDORXGVKRUWODXJK
ZKDWWKH
GHYLOGR\RXUXE\RXUIDWKHUZLWKQLQHRLOVIRU"
,W
VZKDWRXUSHRSOHDZD\VXVHVLUZKHQWKH\JHWDQ\KXUWVLQ
WKHULQJ
UHSOLHGWKHJLUOORRNLQJRYHUKHUVKRXOGHUWRDVVXUH
KHUVHOIWKDWKHUSXUVXHUZDVJRQH
7KH\EUXLVHWKHPVHOYHVYHU\
EDGVRPHWLPHV
6HUYH
HPULJKW
VDLG0U%RXQGHUE\
IRUEHLQJLGOH
6KH
JODQFHGXSDWKLVIDFHZLWKPLQJOHGDVWRQLVKPHQWDQGGUHDG
24
%\*HRUJH
VDLG0U%RXQGHUE\
ZKHQ,ZDVIRXURUILYH\HDUV
\RXQJHUWKDQ\RX,KDGZRUVHEUXLVHVXSRQPHWKDQWHQRLOVWZHQW\
RLOVIRUW\RLOVZRXOGKDYHUXEEHGRII,GLGQ
WJHW
HPE\
SRVWXUHPDNLQJEXWE\EHLQJEDQJHGDERXW7KHUHZDVQRURSH
GDQFLQJIRUPH,GDQFHGRQWKHEDUHJURXQGDQGZDVODUUXSHGZLWK
WKHURSH
0U*UDGJULQGWKRXJKKDUGHQRXJKZDVE\QRPHDQVVRURXJKDPDQ
DV0U%RXQGHUE\+LVFKDUDFWHUZDVQRWXQNLQGDOOWKLQJV
FRQVLGHUHGLWPLJKWKDYHEHHQDYHU\NLQGRQHLQGHHGLIKHKDG
RQO\PDGHVRPHURXQGPLVWDNHLQWKHDULWKPHWLFWKDWEDODQFHGLW
\HDUVDJR+HVDLGLQZKDWKHPHDQWIRUDUHDVVXULQJWRQHDV
WKH\WXUQHGGRZQDQDUURZURDG
$QGWKLVLV3RG
V(QGLVLW
-XSH"
7KLVLVLWVLUDQGLI\RXZRXOGQ
WPLQGVLUWKLVLVWKH
KRXVH
6KHVWRSSHGDWWZLOLJKWDWWKHGRRURIDPHDQOLWWOHSXEOLF
KRXVHZLWKGLPUHGOLJKWVLQLW$VKDJJDUGDQGDVVKDEE\DVLI
IRUZDQWRIFXVWRPLWKDGLWVHOIWDNHQWRGULQNLQJDQGKDGJRQH
WKHZD\DOOGUXQNDUGVJRDQGZDVYHU\QHDUWKHHQGRILW
,W
VRQO\FURVVLQJWKHEDUVLUDQGXSWKHVWDLUVLI\RX
ZRXOGQ
WPLQGDQGZDLWLQJWKHUHIRUDPRPHQWWLOO,JHWDFDQGOH
,I\RXVKRXOGKHDUDGRJVLULW
VRQO\0HUU\OHJVDQGKHRQO\
EDUNV
0HUU\OHJVDQGQLQHRLOVHK
VDLG0U%RXQGHUE\HQWHULQJODVW
ZLWKKLVPHWDOOLFODXJK
3UHWW\ZHOOWKLVIRUDVHOIPDGHPDQ
&+$37(59,6/($5<
6+256(0$16+,3
7+(QDPHRIWKHSXEOLFKRXVHZDVWKH3HJDVXV
V$UPV7KH3HJDVXV
V
OHJVPLJKWKDYHEHHQPRUHWRWKHSXUSRVHEXWXQGHUQHDWKWKH
ZLQJHGKRUVHXSRQWKHVLJQERDUGWKH3HJDVXV
V$UPVZDVLQVFULEHG
LQ5RPDQOHWWHUV%HQHDWKWKDWLQVFULSWLRQDJDLQLQDIORZLQJ
VFUROOWKHSDLQWHUKDGWRXFKHGRIIWKHOLQHV
25
*RRGPDOWPDNHVJRRGEHHU
:DONLQDQGWKH\
OOGUDZLWKHUH
*RRGZLQHPDNHVJRRGEUDQG\
*LYHXVDFDOODQG\RX
OOILQGLWKDQG\
)UDPHGDQGJOD]HGXSRQWKHZDOOEHKLQGWKHGLQJ\OLWWOHEDUZDV
DQRWKHU3HJDVXVDWKHDWULFDORQHZLWKUHDOJDX]HOHWLQIRUKLV
ZLQJVJROGHQVWDUVVWXFNRQDOORYHUKLPDQGKLVHWKHUHDOKDUQHVV
PDGHRIUHGVLON
$VLWKDGJURZQWRRGXVN\ZLWKRXWWRVHHWKHVLJQDQGDVLWKDG
QRWJURZQOLJKWHQRXJKZLWKLQWRVHHWKHSLFWXUH0U*UDGJULQGDQG
0U%RXQGHUE\UHFHLYHGQRRIIHQFHIURPWKHVHLGHDOLWLHV7KH\
IROORZHGWKHJLUOXSVRPHVWHHSFRUQHUVWDLUVZLWKRXWPHHWLQJDQ\
RQHDQGVWRSSHGLQWKHGDUNZKLOHVKHZHQWRQIRUDFDQGOH7KH\
H[SHFWHGHYHU\PRPHQWWRKHDU0HUU\OHJVJLYHWRQJXHEXWWKHKLJKO\
WUDLQHGSHUIRUPLQJGRJKDGQRWEDUNHGZKHQWKHJLUODQGWKHFDQGOH
DSSHDUHGWRJHWKHU
)DWKHULVQRWLQRXUURRPVLU
VKHVDLGZLWKDIDFHRIJUHDW
VXUSULVH
,I\RXZRXOGQ
WPLQGZDONLQJLQ,
OOILQGKLP
GLUHFWO\
7KH\ZDONHGLQDQG6LVV\KDYLQJVHWWZRFKDLUVIRU
WKHPVSHGDZD\ZLWKDTXLFNOLJKWVWHS,WZDVDPHDQVKDEELO\
IXUQLVKHGURRPZLWKDEHGLQLW7KHZKLWHQLJKWFDSHPEHOOLVKHG
ZLWKWZRSHDFRFN
VIHDWKHUVDQGDSLJWDLOEROWXSULJKWLQZKLFK
6LJQRU-XSHKDGWKDWYHU\DIWHUQRRQHQOLYHQHGWKHYDULHG
SHUIRUPDQFHVZLWKKLVFKDVWH6KDNVSHUHDQTXLSVDQGUHWRUWVKXQJ
XSRQDQDLOEXWQRRWKHUSRUWLRQRIKLVZDUGUREHRURWKHUWRNHQ
RIKLPVHOIRUKLVSXUVXLWVZDVWREHVHHQDQ\ZKHUH$VWR
0HUU\OHJVWKDWUHVSHFWDEOHDQFHVWRURIWKHKLJKO\WUDLQHGDQLPDO
ZKRZHQWDERDUGWKHDUNPLJKWKDYHEHHQDFFLGHQWDOO\VKXWRXWRI
LWIRUDQ\VLJQRIDGRJWKDWZDVPDQLIHVWWRH\HRUHDULQWKH
3HJDVXV
V$UPV
7KH\KHDUGWKHGRRUVRIURRPVDERYHRSHQLQJDQGVKXWWLQJDV6LVV\
ZHQWIURPRQHWRDQRWKHULQTXHVWRIKHUIDWKHUDQGSUHVHQWO\WKH\
KHDUGYRLFHVH[SUHVVLQJVXUSULVH6KHFDPHERXQGLQJGRZQDJDLQLQ
DJUHDWKXUU\RSHQHGDEDWWHUHGDQGPDQJ\ROGKDLUWUXQNIRXQGLW
HPSW\DQGORRNHGURXQGZLWKKHUKDQGVFODVSHGDQGKHUIDFHIXOORI
WHUURU
)DWKHUPXVWKDYHJRQHGRZQWRWKH%RRWKVLU,GRQ
WNQRZZK\KH
26
VKRXOGJRWKHUHEXWKHPXVWEHWKHUH,
OOEULQJKLPLQDPLQXWH
6KHZDVJRQHGLUHFWO\ZLWKRXWKHUERQQHWZLWKKHUORQJGDUN
FKLOGLVKKDLUVWUHDPLQJEHKLQGKHU
:KDWGRHVVKHPHDQ
VDLG0U*UDGJULQG
%DFNLQDPLQXWH",W
V
PRUHWKDQDPLOHRII
%HIRUH0U%RXQGHUE\FRXOGUHSO\D\RXQJPDQDSSHDUHGDWWKHGRRU
DQGLQWURGXFLQJKLPVHOIZLWKWKHZRUGV
%\\RXUOHDYHV
JHQWOHPHQ
ZDONHGLQZLWKKLVKDQGVLQKLVSRFNHWV+LVIDFH
FORVHVKDYHQWKLQDQGVDOORZZDVVKDGHGE\DJUHDWTXDQWLW\RI
GDUNKDLUEUXVKHGLQWRDUROODOOURXQGKLVKHDGDQGSDUWHGXS
WKHFHQWUH+LVOHJVZHUHYHU\UREXVWEXWVKRUWHUWKDQOHJVRI
JRRGSURSRUWLRQVVKRXOGKDYHEHHQ+LVFKHVWDQGEDFNZHUHDVPXFK
WRREURDGDVKLVOHJVZHUHWRRVKRUW+HZDVGUHVVHGLQD
1HZPDUNHWFRDWDQGWLJKWILWWLQJWURXVHUVZRUHDVKDZOURXQGKLV
QHFNVPHOWRIODPSRLOVWUDZRUDQJHSHHOKRUVHV
SURYHQGHUDQG
VDZGXVWDQGORRNHGDPRVWUHPDUNDEOHVRUWRI&HQWDXUFRPSRXQGHG
RIWKHVWDEOHDQGWKHSOD\KRXVH:KHUHWKHRQHEHJDQDQGWKH
RWKHUHQGHGQRERG\FRXOGKDYHWROGZLWKDQ\SUHFLVLRQ7KLV
JHQWOHPDQZDVPHQWLRQHGLQWKHELOOVRIWKHGD\DV0U(:%
&KLOGHUVVRMXVWO\FHOHEUDWHGIRUKLVGDULQJYDXOWLQJDFWDVWKH
:LOG+XQWVPDQRIWKH1RUWK$PHULFDQ3UDLULHVLQZKLFKSRSXODU
SHUIRUPDQFHDGLPLQXWLYHER\ZLWKDQROGIDFHZKRQRZDFFRPSDQLHG
KLPDVVLVWHGDVKLVLQIDQWVRQEHLQJFDUULHGXSVLGHGRZQRYHU
KLVIDWKHU
VVKRXOGHUE\RQHIRRWDQGKHOGE\WKHFURZQRIKLV
KHDGKHHOVXSZDUGVLQWKHSDOPRIKLVIDWKHU
VKDQGDFFRUGLQJWR
WKHYLROHQWSDWHUQDOPDQQHULQZKLFKZLOGKXQWVPHQPD\EHREVHUYHG
WRIRQGOHWKHLURIIVSULQJ0DGHXSZLWKFXUOVZUHDWKVZLQJV
ZKLWHELVPXWKDQGFDUPLQHWKLVKRSHIXO\RXQJSHUVRQVRDUHGLQWR
VRSOHDVLQJD&XSLGDVWRFRQVWLWXWHWKHFKLHIGHOLJKWRIWKH
PDWHUQDOSDUWRIWKHVSHFWDWRUVEXWLQSULYDWHZKHUHKLV
FKDUDFWHULVWLFVZHUHDSUHFRFLRXVFXWDZD\FRDWDQGDQH[WUHPHO\
JUXIIYRLFHKHEHFDPHRIWKH7XUIWXUI\
%\\RXUOHDYHVJHQWOHPHQ
VDLG0U(:%&KLOGHUVJODQFLQJ
URXQGWKHURRP
,WZDV\RX,EHOLHYHWKDWZHUHZLVKLQJWRVHH
-XSH
,WZDV
VDLG0U*UDGJULQG
+LVGDXJKWHUKDVJRQHWRIHWFKKLP
EXW,FDQ
WZDLWWKHUHIRUHLI\RXSOHDVH,ZLOOOHDYHDPHVVDJH
IRUKLPZLWK\RX
<RXVHHP\IULHQG
0U%RXQGHUE\SXWLQ
ZHDUHWKHNLQGRI
27
SHRSOHZKRNQRZWKHYDOXHRIWLPHDQG\RXDUHWKHNLQGRISHRSOH
ZKRGRQ
WNQRZWKHYDOXHRIWLPH
,KDYHQRW
UHWRUWHG0U&KLOGHUVDIWHUVXUYH\LQJKLPIURPKHDG
WRIRRW
WKHKRQRXURINQRZLQJ\RXEXWLI\RXPHDQWKDW\RXFDQ
PDNHPRUHPRQH\RI\RXUWLPHWKDQ,FDQRIPLQH,VKRXOGMXGJH
IURP\RXUDSSHDUDQFHWKDW\RXDUHDERXWULJKW
$QGZKHQ\RXKDYHPDGHLW\RXFDQNHHSLWWRR,VKRXOGWKLQN
VDLG&XSLG
.LGGHUPLQVWHUVWRZWKDW
VDLG0U&KLOGHUV0DVWHU
.LGGHUPLQVWHUZDV&XSLG
VPRUWDOQDPH
:KDWGRHVKHFRPHKHUHFKHHNLQJXVIRUWKHQ"
FULHG0DVWHU
.LGGHUPLQVWHUVKRZLQJDYHU\LUDVFLEOHWHPSHUDPHQW
,I\RXZDQW
WRFKHHNXVSD\\RXURFKUHDWWKHGRRUVDQGWDNHLWRXW
.LGGHUPLQVWHU
VDLG0U&KLOGHUVUDLVLQJKLVYRLFH
VWRZWKDW
6LU
WR0U*UDGJULQG
,ZDVDGGUHVVLQJP\VHOIWR\RX<RXPD\
RU\RXPD\QRWEHDZDUHIRUSHUKDSV\RXKDYHQRWEHHQPXFKLQWKH
DXGLHQFHWKDW-XSHKDVPLVVHGKLVWLSYHU\RIWHQODWHO\
+DVZKDWKDVKHPLVVHG"
DVNHG0U*UDGJULQGJODQFLQJDWWKH
SRWHQW%RXQGHUE\IRUDVVLVWDQFH
0LVVHGKLVWLS
2IIHUHGDWWKH*DUWHUVIRXUWLPHVODVWQLJKWDQGQHYHUGRQH
HP
RQFH
VDLG0DVWHU.LGGHUPLQVWHU
0LVVHGKLVWLSDWWKHEDQQHUV
WRRDQGZDVORRVHLQKLVSRQJLQJ
'LGQ
WGRZKDWKHRXJKWWRGR:DVVKRUWLQKLVOHDSVDQGEDGLQ
KLVWXPEOLQJ
0U&KLOGHUVLQWHUSUHWHG
2K
VDLG0U*UDGJULQG
WKDWLVWLSLVLW"
,QDJHQHUDOZD\WKDW
VPLVVLQJKLVWLS
0U(:%&KLOGHUV
DQVZHUHG
1LQHRLOV0HUU\OHJVPLVVLQJWLSVJDUWHUVEDQQHUVDQG3RQJLQJ
HK
HMDFXODWHG%RXQGHUE\ZLWKKLVODXJKRIODXJKV
4XHHUVRUW
RIFRPSDQ\WRRIRUDPDQZKRKDVUDLVHGKLPVHOI
28
/RZHU\RXUVHOIWKHQ
UHWRUWHG&XSLG
2K/RUGLI\RX
YHUDLVHG
\RXUVHOIVRKLJKDVDOOWKDWFRPHVWROHW\RXUVHOIGRZQDELW
7KLVLVDYHU\REWUXVLYHODG
VDLG0U*UDGJULQGWXUQLQJDQG
NQLWWLQJKLVEURZVRQKLP
:H
GKDYHKDGD\RXQJJHQWOHPDQWRPHHW\RXLIZHKDGNQRZQ\RX
ZHUHFRPLQJ
UHWRUWHG0DVWHU.LGGHUPLQVWHUQRWKLQJDEDVKHG
,W
VDSLW\\RXGRQ
WKDYHDEHVSHDNEHLQJVRSDUWLFXODU<RX
UH
RQWKH7LJKW-HIIDLQ
W\RX"
:KDWGRHVWKLVXQPDQQHUO\ER\PHDQ
DVNHG0U*UDGJULQGH\HLQJ
KLPLQDVRUWRIGHVSHUDWLRQ
E\7LJKW-HII"
7KHUH*HWRXWJHWRXW
VDLG0U&KLOGHUVWKUXVWLQJKLV\RXQJ
IULHQGIURPWKHURRPUDWKHULQWKHSUDLULHPDQQHU
7LJKW-HIIRU
6ODFN-HIILWGRQ
WPXFKVLJQLI\LW
VRQO\WLJKWURSHDQGVODFN
URSH<RXZHUHJRLQJWRJLYHPHDPHVVDJHIRU-XSH"
<HV,ZDV
7KHQ
FRQWLQXHG0U&KLOGHUVTXLFNO\
P\RSLQLRQLVKHZLOO
QHYHUUHFHLYHLW'R\RXNQRZPXFKRIKLP"
,QHYHUVDZWKHPDQLQP\OLIH
,GRXEWLI\RXHYHUZLOOVHHKLPQRZ,W
VSUHWW\SODLQWRPH
KH
VRII
'R\RXPHDQWKDWKHKDVGHVHUWHGKLVGDXJKWHU"
$\,PHDQ
VDLG0U&KLOGHUVZLWKDQRG
WKDWKHKDVFXW+H
ZDVJRRVHGODVWQLJKWKHZDVJRRVHGWKHQLJKWEHIRUHODVWKHZDV
JRRVHGWRGD\+HKDVODWHO\JRWLQWKHZD\RIEHLQJDOZD\V
JRRVHGDQGKHFDQ
WVWDQGLW
:K\KDVKHEHHQVRYHU\PXFK*RRVHG"
DVNHG0U*UDGJULQG
IRUFLQJWKHZRUGRXWRIKLPVHOIZLWKJUHDWVROHPQLW\DQG
UHOXFWDQFH
+LVMRLQWVDUHWXUQLQJVWLIIDQGKHLVJHWWLQJXVHGXS
VDLG
&KLOGHUV
+HKDVKLVSRLQWVDVD&DFNOHUVWLOOEXWKHFDQ
WJHW
DOLYLQJRXWRIWKHP
29
$&DFNOHU
%RXQGHUE\UHSHDWHG
+HUHZHJRDJDLQ
$VSHDNHULIWKHJHQWOHPDQOLNHVLWEHWWHU
VDLG0U(:%
&KLOGHUVVXSHUFLOLRXVO\WKURZLQJWKHLQWHUSUHWDWLRQRYHUKLV
VKRXOGHUDQGDFFRPSDQ\LQJLWZLWKDVKDNHRIKLVORQJKDLUZKLFK
DOOVKRRNDWRQFH
1RZLW
VDUHPDUNDEOHIDFWVLUWKDWLWFXW
WKDWPDQGHHSHUWRNQRZWKDWKLVGDXJKWHUNQHZRIKLVEHLQJ
JRRVHGWKDQWRJRWKURXJKZLWKLW
*RRG
LQWHUUXSWHG0U%RXQGHUE\
7KLVLVJRRG*UDGJULQG$
PDQVRIRQGRIKLVGDXJKWHUWKDWKHUXQVDZD\IURPKHU7KLVLV
GHYLOLVKJRRG+DKD1RZ,
OOWHOO\RXZKDW\RXQJPDQ,
KDYHQ
WDOZD\VRFFXSLHGP\SUHVHQWVWDWLRQRIOLIH,NQRZZKDW
WKHVHWKLQJVDUH<RXPD\EHDVWRQLVKHGWRKHDULWEXWP\PRWKHU
UDQDZD\IURPPH
(:%&KLOGHUVUHSOLHGSRLQWHGO\WKDWKHZDVQRWDWDOO
DVWRQLVKHGWRKHDULW
9HU\ZHOO
VDLG%RXQGHUE\
,ZDVERUQLQDGLWFKDQGP\PRWKHU
UDQDZD\IURPPH'R,H[FXVHKHUIRULW"1R+DYH,HYHU
H[FXVHGKHUIRULW"1RW,:KDWGR,FDOOKHUIRULW",FDOOKHU
SUREDEO\WKHYHU\ZRUVWZRPDQWKDWHYHUOLYHGLQWKHZRUOGH[FHSW
P\GUXQNHQJUDQGPRWKHU7KHUH
VQRIDPLO\SULGHDERXWPHWKHUH
V
QRLPDJLQDWLYHVHQWLPHQWDOKXPEXJDERXWPH,FDOODVSDGHD
VSDGHDQG,FDOOWKHPRWKHURI-RVLDK%RXQGHUE\RI&RNHWRZQ
ZLWKRXWDQ\IHDURUDQ\IDYRXUZKDW,VKRXOGFDOOKHULIVKHKDG
EHHQWKHPRWKHURI'LFN-RQHVRI:DSSLQJ6RZLWKWKLVPDQ+H
LVDUXQDZD\URJXHDQGDYDJDERQGWKDW
VZKDWKHLVLQ(QJOLVK
,W
VDOOWKHVDPHWRPHZKDWKHLVRUZKDWKHLVQRWZKHWKHULQ
(QJOLVKRUZKHWKHULQ)UHQFK
UHWRUWHG0U(:%&KLOGHUV
IDFLQJDERXW
,DPWHOOLQJ\RXUIULHQGZKDW
VWKHIDFWLI\RX
GRQ
WOLNHWRKHDULW\RXFDQDYDLO\RXUVHOIRIWKHRSHQDLU<RX
JLYHLWPRXWKHQRXJK\RXGREXWJLYHLWPRXWKLQ\RXURZQ
EXLOGLQJDWOHDVW
UHPRQVWUDWHG(:%ZLWKVWHUQLURQ\
'RQ
W
JLYHLWPRXWKLQWKLVEXLOGLQJWLOO\RX
UHFDOOHGXSRQ<RXKDYH
JRWVRPHEXLOGLQJRI\RXURZQ,GDUHVD\QRZ"
3HUKDSVVR
UHSOLHG0U%RXQGHUE\UDWWOLQJKLVPRQH\DQG
ODXJKLQJ
7KHQJLYHLWPRXWKLQ\RXURZQEXLOGLQJZLOO\RXLI\RXSOHDVH"
VDLG&KLOGHUV
%HFDXVHWKLVLVQ
WDVWURQJEXLOGLQJDQGWRRPXFK
30
RI\RXPLJKWEULQJLWGRZQ
(\HLQJ0U%RXQGHUE\IURPKHDGWRIRRWDJDLQKHWXUQHGIURPKLP
DVIURPDPDQILQDOO\GLVSRVHGRIWR0U*UDGJULQG
-XSHVHQWKLVGDXJKWHURXWRQDQHUUDQGQRWDQKRXUDJRDQGWKHQ
ZDVVHHQWRVOLSRXWKLPVHOIZLWKKLVKDWRYHUKLVH\HVDQGD
EXQGOHWLHGXSLQDKDQGNHUFKLHIXQGHUKLVDUP6KHZLOOQHYHU
EHOLHYHLWRIKLPEXWKHKDVFXWDZD\DQGOHIWKHU
3UD\
VDLG0U*UDGJULQG
ZK\ZLOOVKHQHYHUEHOLHYHLWRIKLP"
%HFDXVHWKRVHWZRZHUHRQH%HFDXVHWKH\ZHUHQHYHUDVXQGHU
%HFDXVHXSWRWKLVWLPHKHVHHPHGWRGRWHXSRQKHU
VDLG
&KLOGHUVWDNLQJDVWHSRUWZRWRORRNLQWRWKHHPSW\WUXQN%RWK
0U&KLOGHUVDQG0DVWHU.LGGHUPLQVWHUZDONHGLQDFXULRXVPDQQHU
ZLWKWKHLUOHJVZLGHUDSDUWWKDQWKHJHQHUDOUXQRIPHQDQGZLWKD
YHU\NQRZLQJDVVXPSWLRQRIEHLQJVWLIILQWKHNQHHV7KLVZDONZDV
FRPPRQWRDOOWKHPDOHPHPEHUVRI6OHDU\
VFRPSDQ\DQGZDV
XQGHUVWRRGWRH[SUHVVWKDWWKH\ZHUHDOZD\VRQKRUVHEDFN
3RRU6LVV\+HKDGEHWWHUKDYHDSSUHQWLFHGKHU
VDLG&KLOGHUV
JLYLQJKLVKDLUDQRWKHUVKDNHDVKHORRNHGXSIURPWKHHPSW\ER[
1RZKHOHDYHVKHUZLWKRXWDQ\WKLQJWRWDNHWR
,WLVFUHGLWDEOHWR\RXZKRKDYHQHYHUEHHQDSSUHQWLFHGWR
H[SUHVVWKDWRSLQLRQ
UHWXUQHG0U*UDGJULQGDSSURYLQJO\
,QHYHUDSSUHQWLFHG",ZDVDSSUHQWLFHGZKHQ,ZDVVHYHQ\HDU
ROG
2K,QGHHG"
VDLG0U*UDGJULQGUDWKHUUHVHQWIXOO\DVKDYLQJ
EHHQGHIUDXGHGRIKLVJRRGRSLQLRQ
,ZDVQRWDZDUHRILWVEHLQJ
WKHFXVWRPWRDSSUHQWLFH\RXQJSHUVRQVWR
,GOHQHVV
0U%RXQGHUE\SXWLQZLWKDORXGODXJK
1RE\WKH
/RUG+DUU\1RU,
+HUIDWKHUDOZD\VKDGLWLQKLVKHDG
UHVXPHG&KLOGHUVIHLJQLQJ
XQFRQVFLRXVQHVVRI0U%RXQGHUE\
VH[LVWHQFH
WKDWVKHZDVWREH
WDXJKWWKHGHXFHDQGDOORIHGXFDWLRQ+RZLWJRWLQWRKLVKHDG,
FDQ
WVD\,FDQRQO\VD\WKDWLWQHYHUJRWRXW+HKDVEHHQ
SLFNLQJXSDELWRIUHDGLQJIRUKHUKHUHDQGDELWRIZULWLQJ
IRUKHUWKHUHDQGDELWRIFLSKHULQJIRUKHUVRPHZKHUHHOVH
31
WKHVHVHYHQ\HDUV
0U(:%&KLOGHUVWRRNRQHRIKLVKDQGVRXWRIKLVSRFNHWV
VWURNHGKLVIDFHDQGFKLQDQGORRNHGZLWKDJRRGGHDORIGRXEW
DQGDOLWWOHKRSHDW0U*UDGJULQG)URPWKHILUVWKHKDGVRXJKW
WRFRQFLOLDWHWKDWJHQWOHPDQIRUWKHVDNHRIWKHGHVHUWHGJLUO
:KHQ6LVV\JRWLQWRWKHVFKRROKHUH
KHSXUVXHG
KHUIDWKHUZDV
DVSOHDVHGDV3XQFK,FRXOGQ
WDOWRJHWKHUPDNHRXWZK\P\VHOI
DVZHZHUHQRWVWDWLRQDU\KHUHEHLQJEXWFRPHUVDQGJRHUV
DQ\ZKHUH,VXSSRVHKRZHYHUKHKDGWKLVPRYHLQKLVPLQGKH
ZDVDOZD\VKDOIFUDFNHGDQGWKHQFRQVLGHUHGKHUSURYLGHGIRU,I
\RXVKRXOGKDSSHQWRKDYHORRNHGLQWRQLJKWIRUWKHSXUSRVHRI
WHOOLQJKLPWKDW\RXZHUHJRLQJWRGRKHUDQ\OLWWOHVHUYLFH
VDLG
0U&KLOGHUVVWURNLQJKLVIDFHDJDLQDQGUHSHDWLQJKLVORRN
LW
ZRXOGEHYHU\IRUWXQDWHDQGZHOOWLPHGYHU\IRUWXQDWHDQGZHOO
WLPHG
2QWKHFRQWUDU\
UHWXUQHG0U*UDGJULQG
,FDPHWRWHOOKLP
WKDWKHUFRQQHFWLRQVPDGHKHUQRWDQREMHFWIRUWKHVFKRRODQG
WKDWVKHPXVWQRWDWWHQGDQ\PRUH6WLOOLIKHUIDWKHUUHDOO\KDV
OHIWKHUZLWKRXWDQ\FRQQLYDQFHRQKHUSDUW%RXQGHUE\OHWPH
KDYHDZRUGZLWK\RX
8SRQWKLV0U&KLOGHUVSROLWHO\EHWRRNKLPVHOIZLWKKLV
HTXHVWULDQZDONWRWKHODQGLQJRXWVLGHWKHGRRUDQGWKHUHVWRRG
VWURNLQJKLVIDFHDQGVRIWO\ZKLVWOLQJ:KLOHWKXVHQJDJHGKH
RYHUKHDUGVXFKSKUDVHVLQ0U%RXQGHUE\
VYRLFHDV
1R,VD\QR
,DGYLVH\RXQRW,VD\E\QRPHDQV
:KLOHIURP0U*UDGJULQG
KHKHDUGLQKLVPXFKORZHUWRQHWKHZRUGV
%XWHYHQDVDQH[DPSOH
WR/RXLVDRIZKDWWKLVSXUVXLWZKLFKKDVEHHQWKHVXEMHFWRID
YXOJDUFXULRVLW\OHDGVWRDQGHQGVLQ7KLQNRILW%RXQGHUE\LQ
WKDWSRLQWRIYLHZ
0HDQZKLOHWKHYDULRXVPHPEHUVRI6OHDU\
VFRPSDQ\JUDGXDOO\
JDWKHUHGWRJHWKHUIURPWKHXSSHUUHJLRQVZKHUHWKH\ZHUH
TXDUWHUHGDQGIURPVWDQGLQJDERXWWDONLQJLQORZYRLFHVWRRQH
DQRWKHUDQGWR0U&KLOGHUVJUDGXDOO\LQVLQXDWHGWKHPVHOYHVDQG
KLPLQWRWKHURRP7KHUHZHUHWZRRUWKUHHKDQGVRPH\RXQJZRPHQ
DPRQJWKHPZLWKWKHLUWZRRUWKUHHKXVEDQGVDQGWKHLUWZRRU
WKUHHPRWKHUVDQGWKHLUHLJKWRUQLQHOLWWOHFKLOGUHQZKRGLGWKH
IDLU\EXVLQHVVZKHQUHTXLUHG7KHIDWKHURIRQHRIWKHIDPLOLHV
ZDVLQWKHKDELWRIEDODQFLQJWKHIDWKHURIDQRWKHURIWKHIDPLOLHV
RQWKHWRSRIDJUHDWSROHWKHIDWKHURIDWKLUGIDPLO\RIWHQPDGH
32
DS\UDPLGRIERWKWKRVHIDWKHUVZLWK0DVWHU.LGGHUPLQVWHUIRUWKH
DSH[DQGKLPVHOIIRUWKHEDVHDOOWKHIDWKHUVFRXOGGDQFHXSRQ
UROOLQJFDVNVVWDQGXSRQERWWOHVFDWFKNQLYHVDQGEDOOVWZLUO
KDQGEDVLQVULGHXSRQDQ\WKLQJMXPSRYHUHYHU\WKLQJDQGVWLFNDW
QRWKLQJ$OOWKHPRWKHUVFRXOGDQGGLGGDQFHXSRQWKHVODFN
ZLUHDQGWKHWLJKWURSHDQGSHUIRUPUDSLGDFWVRQEDUHEDFNHG
VWHHGVQRQHRIWKHPZHUHDWDOOSDUWLFXODULQUHVSHFWRIVKRZLQJ
WKHLUOHJVDQGRQHRIWKHPDORQHLQD*UHHNFKDULRWGURYHVL[LQ
KDQGLQWRHYHU\WRZQWKH\FDPHWR7KH\DOODVVXPHGWREHPLJKW\
UDNLVKDQGNQRZLQJWKH\ZHUHQRWYHU\WLG\LQWKHLUSULYDWH
GUHVVHVWKH\ZHUHQRWDWDOORUGHUO\LQWKHLUGRPHVWLF
DUUDQJHPHQWVDQGWKHFRPELQHGOLWHUDWXUHRIWKHZKROHFRPSDQ\
ZRXOGKDYHSURGXFHGEXWDSRRUOHWWHURQDQ\VXEMHFW<HWWKHUH
ZDVDUHPDUNDEOHJHQWOHQHVVDQGFKLOGLVKQHVVDERXWWKHVHSHRSOHD
VSHFLDOLQDSWLWXGHIRUDQ\NLQGRIVKDUSSUDFWLFHDQGDQXQWLULQJ
UHDGLQHVVWRKHOSDQGSLW\RQHDQRWKHUGHVHUYLQJRIWHQRIDVPXFK
UHVSHFWDQGDOZD\VRIDVPXFKJHQHURXVFRQVWUXFWLRQDVWKHHYHU\
GD\YLUWXHVRIDQ\FODVVRISHRSOHLQWKHZRUOG
/DVWRIDOODSSHDUHG0U6OHDU\DVWRXWPDQDVDOUHDG\PHQWLRQHG
ZLWKRQHIL[HGH\HDQGRQHORRVHH\HDYRLFHLILWFDQEHFDOOHG
VROLNHWKHHIIRUWVRIDEURNHQROGSDLURIEHOORZVDIODEE\
VXUIDFHDQGDPXGGOHGKHDGZKLFKZDVQHYHUVREHUDQGQHYHUGUXQN
7KTXLUH
VDLG0U6OHDU\ZKRZDVWURXEOHGZLWKDVWKPDDQGZKRVH
EUHDWKFDPHIDUWRRWKLFNDQGKHDY\IRUWKHOHWWHUV
<RXU
WKHUYDQW7KLWKLWKDEDGSLHWKHRIELWKQLWKWKLWKLWK<RX
YH
KHDUGRIP\&ORZQDQGKLWKGRJEHLQJWKXSSRWKHGWRKDYHPRUULWKHG"
+HDGGUHVVHG0U*UDGJULQGZKRDQVZHUHG
<HV
:HOO7KTXLUH
KHUHWXUQHGWDNLQJRIIKLVKDWDQGUXEELQJWKH
OLQLQJZLWKKLVSRFNHWKDQGNHUFKLHIZKLFKKHNHSWLQVLGHIRUWKH
SXUSRVH
,WKLW\RXULQWHQWKLRQWRGRDQ\WKLQJIRUWKHSRRUJLUO
7KTXLUH"
,VKDOOKDYHVRPHWKLQJWRSURSRVHWRKHUZKHQVKHFRPHVEDFN
VDLG0U*UDGJULQG
*ODGWRKHDULW7KTXLUH1RWWKDW,ZDQWWRJHWULGRIWKH
FKLOGDQ\PRUHWKDQ,ZDQWWRWKWDQGLQKHUZD\,
PZLOOLQJWR
WDNHKHUSUHQWLWKWKRXJKDWKHUDJHLWKODWH0\YRLWKHLWKD
OLWWOHKXWKN\7KTXLUHDQGQRWHDWK\KHDUGE\WKHPDWKGRQ
WNQRZ
PHEXWLI\RX
GEHHQFKLOOHGDQGKHDWHGKHDWHGDQGFKLOOHG
33
FKLOOHGDQGKHDWHGLQWKHULQJZKHQ\RXZDWK\RXQJDWKRIWHQDWK,
KDYHEHHQ\RXUYRLWKHZRXOGQ
WKDYHODWKWHGRXW7KTXLUHQRPRUH
WKDQPLQH
,GDUHVD\QRW
VDLG0U*UDGJULQG
:KDWWKDOOLWEH7KTXLUHZKLOH\RXZDLW"7KDOOLWEH7KHUU\"
*LYHLWDQDPH7KTXLUH
VDLG0U6OHDU\ZLWKKRVSLWDEOHHDVH
1RWKLQJIRUPH,WKDQN\RX
VDLG0U*UDGJULQG
'RQ
WWKD\QRWKLQJ7KTXLUH:KDWGRWK\RXUIULHQGWKD\",I\RX
KDYHQ
WWRRN\RXUIHHG\HWKDYHDJODWKRIELWWHUWK
+HUHKLVGDXJKWHU-RVHSKLQHDSUHWW\IDLUKDLUHGJLUORI
HLJKWHHQZKRKDGEHHQWLHGRQDKRUVHDWWZR\HDUVROGDQGKDG
PDGHDZLOODWWZHOYHZKLFKVKHDOZD\VFDUULHGDERXWZLWKKHU
H[SUHVVLYHRIKHUG\LQJGHVLUHWREHGUDZQWRWKHJUDYHE\WKHWZR
SLHEDOGSRQLHVFULHG
)DWKHUKXVKVKHKDVFRPHEDFN
7KHQ
FDPH6LVV\-XSHUXQQLQJLQWRWKHURRPDVVKHKDGUXQRXWRILW
$QGZKHQVKHVDZWKHPDOODVVHPEOHGDQGVDZWKHLUORRNVDQGVDZ
QRIDWKHUWKHUHVKHEURNHLQWRDPRVWGHSORUDEOHFU\DQGWRRN
UHIXJHRQWKHERVRPRIWKHPRVWDFFRPSOLVKHGWLJKWURSHODG\
KHUVHOILQWKHIDPLO\ZD\ZKRNQHOWGRZQRQWKHIORRUWRQXUVH
KHUDQGWRZHHSRYHUKHU
,WKDQLQWHUQDOWKDPHXSRQP\WKRXOLWLWK
VDLG6OHDU\
2P\GHDUIDWKHUP\JRRGNLQGIDWKHUZKHUHDUH\RXJRQH"<RX
DUHJRQHWRWU\WRGRPHVRPHJRRG,NQRZ<RXDUHJRQHDZD\IRU
P\VDNH,DPVXUH$QGKRZPLVHUDEOHDQGKHOSOHVV\RXZLOOEH
ZLWKRXWPHSRRUSRRUIDWKHUXQWLO\RXFRPHEDFN
,WZDVVR
SDWKHWLFWRKHDUKHUVD\LQJPDQ\WKLQJVRIWKLVNLQGZLWKKHUIDFH
WXUQHGXSZDUGDQGKHUDUPVVWUHWFKHGRXWDVLIVKHZHUHWU\LQJWR
VWRSKLVGHSDUWLQJVKDGRZDQGHPEUDFHLWWKDWQRRQHVSRNHDZRUG
XQWLO0U%RXQGHUE\JURZLQJLPSDWLHQWWRRNWKHFDVHLQKDQG
1RZJRRGSHRSOHDOO
VDLGKH
WKLVLVZDQWRQZDVWHRIWLPH
/HWWKHJLUOXQGHUVWDQGWKHIDFW/HWKHUWDNHLWIURPPHLI\RX
OLNHZKRKDYHEHHQUXQDZD\IURPP\VHOI+HUHZKDW
V\RXUQDPH
<RXUIDWKHUKDVDEVFRQGHGGHVHUWHG\RXDQG\RXPXVWQ
WH[SHFW
WRVHHKLPDJDLQDVORQJDV\RXOLYH
7KH\FDUHGVROLWWOHIRUSODLQ)DFWWKHVHSHRSOHDQGZHUHLQWKDW
34
DGYDQFHGVWDWHRIGHJHQHUDF\RQWKHVXEMHFWWKDWLQVWHDGRIEHLQJ
LPSUHVVHGE\WKHVSHDNHU
VVWURQJFRPPRQVHQVHWKH\WRRNLWLQ
H[WUDRUGLQDU\GXGJHRQ7KHPHQPXWWHUHG
6KDPH
DQGWKHZRPHQ
%UXWH
DQG6OHDU\LQVRPHKDVWHFRPPXQLFDWHGWKHIROORZLQJ
KLQWDSDUWWR0U%RXQGHUE\
,WHOO\RXZKDW7KTXLUH7RWKSHDNSODLQWR\RXP\RSLQLRQLWK
WKDW\RXKDGEHWWHUFXWLWWKRUWDQGGURSLW7KH\
UHDYHU\JRRG
QDWXU
GSHRSOHP\SHRSOHEXWWKH\
UHDFFXWKWRPHGWREHTXLFNLQ
WKHLUPRYHPHQWKDQGLI\RXGRQ
WDFWXSRQP\DGYLWKH,
PGDPQHG
LI,GRQ
WEHOLHYHWKH\
OOSLWK\RXRXWR
ZLQGHU
0U%RXQGHUE\EHLQJUHVWUDLQHGE\WKLVPLOGVXJJHVWLRQ0U
*UDGJULQGIRXQGDQRSHQLQJIRUKLVHPLQHQWO\SUDFWLFDOH[SRVLWLRQ
RIWKHVXEMHFW
,WLVRIQRPRPHQW
VDLGKH
ZKHWKHUWKLVSHUVRQLVWREH
H[SHFWHGEDFNDWDQ\WLPHRUWKHFRQWUDU\+HLVJRQHDZD\DQG
WKHUHLVQRSUHVHQWH[SHFWDWLRQRIKLVUHWXUQ7KDW,EHOLHYHLV
DJUHHGRQDOOKDQGV
7KDWKDJUHHG7KTXLUH7KLFNWRWKDW
)URP6OHDU\
:HOOWKHQ,ZKRFDPHKHUHWRLQIRUPWKHIDWKHURIWKHSRRU
JLUO-XSHWKDWVKHFRXOGQRWEHUHFHLYHGDWWKHVFKRRODQ\PRUH
LQFRQVHTXHQFHRIWKHUHEHLQJSUDFWLFDOREMHFWLRQVLQWRZKLFK,
QHHGQRWHQWHUWRWKHUHFHSWLRQWKHUHRIWKHFKLOGUHQRISHUVRQV
VRHPSOR\HGDPSUHSDUHGLQWKHVHDOWHUHGFLUFXPVWDQFHVWRPDNHD
SURSRVDO,DPZLOOLQJWRWDNHFKDUJHRI\RX-XSHDQGWRHGXFDWH
\RXDQGSURYLGHIRU\RX7KHRQO\FRQGLWLRQRYHUDQGDERYH\RXU
JRRGEHKDYLRXU,PDNHLVWKDW\RXGHFLGHQRZDWRQFHZKHWKHUWR
DFFRPSDQ\PHRUUHPDLQKHUH$OVRWKDWLI\RXDFFRPSDQ\PHQRZ
LWLVXQGHUVWRRGWKDW\RXFRPPXQLFDWHQRPRUHZLWKDQ\RI\RXU
IULHQGVZKRDUHKHUHSUHVHQW7KHVHREVHUYDWLRQVFRPSULVHWKH
ZKROHRIWKHFDVH
$WWKHWKDPHWLPH
VDLG6OHDU\
,PXWKWSXWLQP\ZRUG7KTXLUH
WKRWKDWERWKWKLGHVRIWKHEDQQHUPD\EHHTXDOO\WKHHQ,I\RX
OLNH7KHWKLOLDWREHSUHQWLWKW\RXNQRZWKHQDWXURIWKHZRUN
DQG\RXNQRZ\RXUFRPSDQLRQWK(PPD*RUGRQLQZKRWKHODS\RX
UHD
O\LQJDWSUHWKHQWZRXOGEHDPRWKHUWR\RXDQG-RWK
SKLQHZRXOG
EHDWKLWKWHUWR\RX,GRQ
WSUHWHQGWREHRIWKHDQJHOEUHHG
P\VHOIDQG,GRQ
WWKD\EXWZKDWZKHQ\RXPLWK
G\RXUWLS\RX
G
ILQGPHFXWXSURXJKDQGWKZHDUDQRDWKRUWZRDW\RX%XWZKDW,
35
WKD\7KTXLUHLWKWKDWJRRGWHPSHUHGRUEDGWHPSHUHG,QHYHUGLG
DKRUWKHDLQMXU\\HWQRPRUHWKDQWKZHDULQJDWKLPZHQWDQGWKDW
,GRQ
WH[SHFW,WKDOOEHJLQRWKHUZLWKHDWP\WLPHRIOLIHZLWKD
ULGHU,QHYHUZDWKPXFKRID&DFNOHU7KTXLUHDQG,KDYHWKHGP\
WKD\
7KHODWWHUSDUWRIWKLVVSHHFKZDVDGGUHVVHGWR0U*UDGJULQGZKR
UHFHLYHGLWZLWKDJUDYHLQFOLQDWLRQRIKLVKHDGDQGWKHQ
UHPDUNHG
7KHRQO\REVHUYDWLRQ,ZLOOPDNHWR\RX-XSHLQWKHZD\RI
LQIOXHQFLQJ\RXUGHFLVLRQLVWKDWLWLVKLJKO\GHVLUDEOHWRKDYH
DVRXQGSUDFWLFDOHGXFDWLRQDQGWKDWHYHQ\RXUIDWKHUKLPVHOI
IURPZKDW,XQGHUVWDQGDSSHDUVRQ\RXUEHKDOIWRKDYHNQRZQDQG
IHOWWKDWPXFK
7KHODVWZRUGVKDGDYLVLEOHHIIHFWXSRQKHU6KHVWRSSHGLQKHU
ZLOGFU\LQJDOLWWOHGHWDFKHGKHUVHOIIURP(PPD*RUGRQDQGWXUQHG
KHUIDFHIXOOXSRQKHUSDWURQ7KHZKROHFRPSDQ\SHUFHLYHGWKH
IRUFHRIWKHFKDQJHDQGGUHZDORQJEUHDWKWRJHWKHUWKDWSODLQO\
VDLG
VKHZLOOJR
%HVXUH\RXNQRZ\RXURZQPLQG-XSH
0U*UDGJULQGFDXWLRQHG
KHU
,VD\QRPRUH%HVXUH\RXNQRZ\RXURZQPLQG
:KHQIDWKHUFRPHVEDFN
FULHGWKHJLUOEXUVWLQJLQWRWHDUVDJDLQ
DIWHUDPLQXWH
VVLOHQFH
KRZZLOOKHHYHUILQGPHLI,JRDZD\
<RXPD\EHTXLWHDWHDVH
VDLG0U*UDGJULQGFDOPO\KHZRUNHG
RXWWKHZKROHPDWWHUOLNHDVXP
\RXPD\EHTXLWHDWHDVH-XSH
RQWKDWVFRUH,QVXFKDFDVH\RXUIDWKHU,DSSUHKHQGPXVWILQG
RXW0U
7KOHDU\7KDWKP\QDPH7KTXLUH1RWDWKDPHGRILW.QRZQDOO
RYHU(QJODQGDQGDOZD\WKSD\WKHLWKZD\
0XVWILQGRXW0U6OHDU\ZKRZRXOGWKHQOHWKLPNQRZZKHUH\RX
ZHQW,VKRXOGKDYHQRSRZHURINHHSLQJ\RXDJDLQVWKLVZLVKDQG
KHZRXOGKDYHQRGLIILFXOW\DWDQ\WLPHLQILQGLQJ0U7KRPDV
*UDGJULQGRI&RNHWRZQ,DPZHOONQRZQ
:HOONQRZQ
DVVHQWHG0U6OHDU\UROOLQJKLVORRVHH\H
<RX
UH
RQHRIWKHWKRUW7KTXLUHWKDWNHHSWKDSUHWKLRXWKWKLJKWRIPRQH\
RXWRIWKHKRXWKH%XWQHYHUPLQGWKDWDWSUHWKHQW
36
7KHUHZDVDQRWKHUVLOHQFHDQGWKHQVKHH[FODLPHGVREELQJZLWKKHU
KDQGVEHIRUHKHUIDFH
2KJLYHPHP\FORWKHVJLYHPHP\FORWKHV
DQGOHWPHJRDZD\EHIRUH,EUHDNP\KHDUW
7KHZRPHQVDGO\EHVWLUUHGWKHPVHOYHVWRJHWWKHFORWKHVWRJHWKHU
LWZDVVRRQGRQHIRUWKH\ZHUHQRWPDQ\DQGWRSDFNWKHPLQD
EDVNHWZKLFKKDGRIWHQWUDYHOOHGZLWKWKHP6LVV\VDWDOOWKHWLPH
XSRQWKHJURXQGVWLOOVREELQJDQGFRYHULQJKHUH\HV0U
*UDGJULQGDQGKLVIULHQG%RXQGHUE\VWRRGQHDUWKHGRRUUHDG\WR
WDNHKHUDZD\0U6OHDU\VWRRGLQWKHPLGGOHRIWKHURRPZLWK
WKHPDOHPHPEHUVRIWKHFRPSDQ\DERXWKLPH[DFWO\DVKHZRXOGKDYH
VWRRGLQWKHFHQWUHRIWKHULQJGXULQJKLVGDXJKWHU-RVHSKLQH
V
SHUIRUPDQFH+HZDQWHGQRWKLQJEXWKLVZKLS
7KHEDVNHWSDFNHGLQVLOHQFHWKH\EURXJKWKHUERQQHWWRKHUDQG
VPRRWKHGKHUGLVRUGHUHGKDLUDQGSXWLWRQ7KHQWKH\SUHVVHG
DERXWKHUDQGEHQWRYHUKHULQYHU\QDWXUDODWWLWXGHVNLVVLQJDQG
HPEUDFLQJKHUDQGEURXJKWWKHFKLOGUHQWRWDNHOHDYHRIKHUDQG
ZHUHDWHQGHUKHDUWHGVLPSOHIRROLVKVHWRIZRPHQDOWRJHWKHU
1RZ-XSH
VDLG0U*UDGJULQG
,I\RXDUHTXLWHGHWHUPLQHG
FRPH
%XWVKHKDGWRWDNHKHUIDUHZHOORIWKHPDOHSDUWRIWKHFRPSDQ\
\HWDQGHYHU\RQHRIWKHPKDGWRXQIROGKLVDUPVIRUWKH\DOO
DVVXPHGWKHSURIHVVLRQDODWWLWXGHZKHQWKH\IRXQGWKHPVHOYHVQHDU
6OHDU\DQGJLYHKHUDSDUWLQJNLVV0DVWHU.LGGHUPLQVWHU
H[FHSWHGLQZKRVH\RXQJQDWXUHWKHUHZDVDQRULJLQDOIODYRXURI
WKHPLVDQWKURSHZKRZDVDOVRNQRZQWRKDYHKDUERXUHGPDWULPRQLDO
YLHZVDQGZKRPRRGLO\ZLWKGUHZ0U6OHDU\ZDVUHVHUYHGXQWLOWKH
ODVW2SHQLQJKLVDUPVZLGHKHWRRNKHUE\ERWKKHUKDQGVDQG
ZRXOGKDYHVSUXQJKHUXSDQGGRZQDIWHUWKHULGLQJPDVWHUPDQQHU
RIFRQJUDWXODWLQJ\RXQJODGLHVRQWKHLUGLVPRXQWLQJIURPDUDSLG
DFWEXWWKHUHZDVQRUHERXQGLQ6LVV\DQGVKHRQO\VWRRGEHIRUH
KLPFU\LQJ
*RRGE\HP\GHDU
VDLG6OHDU\
<RX
OOPDNH\RXUIRUWXQ,
KRSHDQGQRQHRIRXUSRRUIRONWKZLOOHYHUWURXEOH\RX,
OOSRXQG
LW,ZLWK\RXUIDWKHUKDGQ
WWDNHQKLWKGRJZLWKKLPLWKDLOO
FRQZHQLHQWKWRKDYHWKHGRJRXWRIWKHELOOWK%XWRQWKHFRQG
WKRXJKWKKHZRXOGQ
WKDYHSHUIRUPHGZLWKRXWKLWKPDWKWHUWKRLWK
DWKEURDGDWKLWKORQJ
37
:LWKWKDWKHUHJDUGHGKHUDWWHQWLYHO\ZLWKKLVIL[HGH\HVXUYH\HG
KLVFRPSDQ\ZLWKKLVORRVHRQHNLVVHGKHUVKRRNKLVKHDGDQG
KDQGHGKHUWR0U*UDGJULQGDVWRDKRUVH
7KHUHWKHLWK7KTXLUH
KHVDLGVZHHSLQJKHUZLWKDSURIHVVLRQDO
JODQFHDVLIVKHZHUHEHLQJDGMXVWHGLQKHUVHDW
DQGWKH
OOGR
\RXMXWKWLWKH*RRGE\H7KHWKLOLD
*RRGE\H&HFLOLD
*RRGE\H6LVV\
*RGEOHVV\RXGHDU
,QDYDULHW\RIYRLFHVIURPDOOWKHURRP
%XWWKHULGLQJPDVWHUH\HKDGREVHUYHGWKHERWWOHRIWKHQLQHRLOV
LQKHUERVRPDQGKHQRZLQWHUSRVHGZLWK
/HDYHWKHERWWOHP\
GHDULWKODUJHWRFDUU\LWZLOOEHRIQRXWKHWR\RXQRZ*LYH
LWWRPH
1RQR
VKHVDLGLQDQRWKHUEXUVWRIWHDUV
2KQR3UD\OHW
PHNHHSLWIRUIDWKHUWLOOKHFRPHVEDFN+HZLOOZDQWLWZKHQKH
FRPHVEDFN+HKDGQHYHUWKRXJKWRIJRLQJDZD\ZKHQKHVHQWPH
IRULW,PXVWNHHSLWIRUKLPLI\RXSOHDVH
7KREHLWP\GHDU<RXWKHHKRZLWLWK7KTXLUH)DUHZHOO
7KHWKLOLD0\ODWKWZRUGWKWR\RXLWKWKLWK7KWLFNWRWKHWHUPWK
RI\RXUHQJDJHPHQWEHREHGLHQWWRWKH7KTXLUHDQGIRUJHWXWK
%XWLIZKHQ\RX
UHJURZQXSDQGPDUULHGDQGZHOORII\RXFRPH
XSRQDQ\KRUWKHULGLQJHYHUGRQ
WEHKDUGXSRQLWGRQ
WEHFURWK
ZLWKLWJLYHLWD%HWKSHDNLI\RXFDQDQGWKLQN\RXPLJKWGR
ZXUWK3HRSOHPXWKWEHDPXWKHG7KTXLUHWKRPHKRZ
FRQWLQXHG
6OHDU\UHQGHUHGPRUHSXUV\WKDQHYHUE\VRPXFKWDONLQJ
WKH\
FDQ
WEHDOZD\WKDZRUNLQJQRU\HWWKH\FDQ
WEHDOZD\WKD
OHDUQLQJ0DNHWKHEHWKWRIXWKQRWWKHZXUWKW,
YHJRWP\
OLYLQJRXWRIWKHKRUWKHULGLQJDOOP\OLIH,NQRZEXW,
FRQWKLGHUWKDW,OD\GRZQWKHSKLORWKRSK\RIWKHWKXEMHFWZKHQ,
WKD\WR\RX7KTXLUHPDNHWKHEHWKWRIXWKQRWWKHZXUWKW
7KH6OHDU\SKLORVRSK\ZDVSURSRXQGHGDVWKH\ZHQWGRZQVWDLUVDQG
WKHIL[HGH\HRI3KLORVRSK\DQGLWVUROOLQJH\HWRRVRRQORVW
WKHWKUHHILJXUHVDQGWKHEDVNHWLQWKHGDUNQHVVRIWKHVWUHHW
&+$37(59,,05663$56,7
38
05%281'(5%<EHLQJDEDFKHORUDQHOGHUO\ODG\SUHVLGHGRYHUKLV
HVWDEOLVKPHQWLQFRQVLGHUDWLRQRIDFHUWDLQDQQXDOVWLSHQG0UV
6SDUVLWZDVWKLVODG\
VQDPHDQGVKHZDVDSURPLQHQWILJXUHLQ
DWWHQGDQFHRQ0U%RXQGHUE\
VFDUDVLWUROOHGDORQJLQWULXPSK
ZLWKWKH%XOO\RIKXPLOLW\LQVLGH
)RU0UV6SDUVLWKDGQRWRQO\VHHQGLIIHUHQWGD\VEXWZDVKLJKO\
FRQQHFWHG6KHKDGDJUHDWDXQWOLYLQJLQWKHVHYHU\WLPHVFDOOHG
/DG\6FDGJHUV0U6SDUVLWGHFHDVHGRIZKRPVKHZDVWKHUHOLFW
KDGEHHQE\WKHPRWKHU
VVLGHZKDW0UV6SDUVLWVWLOOFDOOHG
D
3RZOHU
6WUDQJHUVRIOLPLWHGLQIRUPDWLRQDQGGXOODSSUHKHQVLRQ
ZHUHVRPHWLPHVREVHUYHGQRWWRNQRZZKDWD3RZOHUZDVDQGHYHQWR
DSSHDUXQFHUWDLQZKHWKHULWPLJKWEHDEXVLQHVVRUDSROLWLFDO
SDUW\RUDSURIHVVLRQRIIDLWK7KHEHWWHUFODVVRIPLQGV
KRZHYHUGLGQRWQHHGWREHLQIRUPHGWKDWWKH3RZOHUVZHUHDQ
DQFLHQWVWRFNZKRFRXOGWUDFHWKHPVHOYHVVRH[FHHGLQJO\IDUEDFN
WKDWLWZDVQRWVXUSULVLQJLIWKH\VRPHWLPHVORVWWKHPVHOYHV
ZKLFKWKH\KDGUDWKHUIUHTXHQWO\GRQHDVUHVSHFWHGKRUVHIOHVK
EOLQGKRRNH\+HEUHZPRQHWDU\WUDQVDFWLRQVDQGWKH,QVROYHQW
'HEWRUV
&RXUW
7KHODWH0U6SDUVLWEHLQJE\WKHPRWKHU
VVLGHD3RZOHUPDUULHG
WKLVODG\EHLQJE\WKHIDWKHU
VVLGHD6FDGJHUV/DG\6FDGJHUV
DQLPPHQVHO\IDWROGZRPDQZLWKDQLQRUGLQDWHDSSHWLWHIRU
EXWFKHU
VPHDWDQGDP\VWHULRXVOHJZKLFKKDGQRZUHIXVHGWRJHW
RXWRIEHGIRUIRXUWHHQ\HDUVFRQWULYHGWKHPDUULDJHDWDSHULRG
ZKHQ6SDUVLWZDVMXVWRIDJHDQGFKLHIO\QRWLFHDEOHIRUDVOHQGHU
ERG\ZHDNO\VXSSRUWHGRQWZRORQJVOLPSURSVDQGVXUPRXQWHGE\QR
KHDGZRUWKPHQWLRQLQJ+HLQKHULWHGDIDLUIRUWXQHIURPKLVXQFOH
EXWRZHGLWDOOEHIRUHKHFDPHLQWRLWDQGVSHQWLWWZLFHRYHU
LPPHGLDWHO\DIWHUZDUGV7KXVZKHQKHGLHGDWWZHQW\IRXUWKH
VFHQHRIKLVGHFHDVH&DODLVDQGWKHFDXVHEUDQG\KHGLGQRW
OHDYHKLVZLGRZIURPZKRPKHKDGEHHQVHSDUDWHGVRRQDIWHUWKH
KRQH\PRRQLQDIIOXHQWFLUFXPVWDQFHV7KDWEHUHDYHGODG\ILIWHHQ
\HDUVROGHUWKDQKHIHOOSUHVHQWO\DWGHDGO\IHXGZLWKKHURQO\
UHODWLYH/DG\6FDGJHUVDQGSDUWO\WRVSLWHKHUODG\VKLSDQG
SDUWO\WRPDLQWDLQKHUVHOIZHQWRXWDWDVDODU\$QGKHUHVKHZDV
QRZLQKHUHOGHUO\GD\VZLWKWKH&RULRODQLDQVW\OHRIQRVHDQG
WKHGHQVHEODFNH\HEURZVZKLFKKDGFDSWLYDWHG6SDUVLWPDNLQJ0U
%RXQGHUE\
VWHDDVKHWRRNKLVEUHDNIDVW
,I%RXQGHUE\KDGEHHQD&RQTXHURUDQG0UV6SDUVLWDFDSWLYH
3ULQFHVVZKRPKHWRRNDERXWDVDIHDWXUHLQKLVVWDWHSURFHVVLRQV
39
KHFRXOGQRWKDYHPDGHDJUHDWHUIORXULVKZLWKKHUWKDQKH
KDELWXDOO\GLG-XVWDVLWEHORQJHGWRKLVERDVWIXOQHVVWR
GHSUHFLDWHKLVRZQH[WUDFWLRQVRLWEHORQJHGWRLWWRH[DOW0UV
6SDUVLW
V,QWKHPHDVXUHWKDWKHZRXOGQRWDOORZKLVRZQ\RXWKWR
KDYHEHHQDWWHQGHGE\DVLQJOHIDYRXUDEOHFLUFXPVWDQFHKH
EULJKWHQHG0UV6SDUVLW
VMXYHQLOHFDUHHUZLWKHYHU\SRVVLEOH
DGYDQWDJHDQGVKRZHUHGZDJJRQORDGVRIHDUO\URVHVDOORYHUWKDW
ODG\
VSDWK
$QG\HWVLU
KHZRXOGVD\
KRZGRHVLWWXUQRXW
DIWHUDOO":K\KHUHVKHLVDWDKXQGUHGD\HDU,JLYHKHUD
KXQGUHGZKLFKVKHLVSOHDVHGWRWHUPKDQGVRPHNHHSLQJWKHKRXVH
RI-RVLDK%RXQGHUE\RI&RNHWRZQ
1D\KHPDGHWKLVIRLORIKLVVRYHU\ZLGHO\NQRZQWKDWWKLUG
SDUWLHVWRRNLWXSDQGKDQGOHGLWRQVRPHRFFDVLRQVZLWK
FRQVLGHUDEOHEULVNQHVV,WZDVRQHRIWKHPRVWH[DVSHUDWLQJ
DWWULEXWHVRI%RXQGHUE\WKDWKHQRWRQO\VDQJKLVRZQSUDLVHVEXW
VWLPXODWHGRWKHUPHQWRVLQJWKHP7KHUHZDVDPRUDOLQIHFWLRQRI
FODSWUDSLQKLP6WUDQJHUVPRGHVWHQRXJKHOVHZKHUHVWDUWHGXS
DWGLQQHUVLQ&RNHWRZQDQGERDVWHGLQTXLWHDUDPSDQWZD\RI
%RXQGHUE\7KH\PDGHKLPRXWWREHWKH5R\DODUPVWKH8QLRQ-DFN
0DJQD&KDUWD-RKQ%XOO+DEHDV&RUSXVWKH%LOORI5LJKWV$Q
(QJOLVKPDQ
VKRXVHLVKLVFDVWOH&KXUFKDQG6WDWHDQG*RGVDYH
WKH4XHHQDOOSXWWRJHWKHU$QGDVRIWHQDQGLWZDVYHU\RIWHQ
DVDQRUDWRURIWKLVNLQGEURXJKWLQWRKLVSHURUDWLRQ
3ULQFHVDQGORUGVPD\IORXULVKRUPD\IDGH
$EUHDWKFDQPDNHWKHPDVDEUHDWKKDVPDGH
LWZDVIRUFHUWDLQPRUHRUOHVVXQGHUVWRRGDPRQJWKHFRPSDQ\
WKDWKHKDGKHDUGRI0UV6SDUVLW
0U%RXQGHUE\
VDLG0UV6SDUVLW
\RXDUHXQXVXDOO\VORZVLU
ZLWK\RXUEUHDNIDVWWKLVPRUQLQJ
:K\PD
DP
KHUHWXUQHG
,DPWKLQNLQJDERXW7RP*UDGJULQG
V
ZKLP
7RP*UDGJULQGIRUDEOXIILQGHSHQGHQWPDQQHURIVSHDNLQJ
DVLIVRPHERG\ZHUHDOZD\VHQGHDYRXULQJWREULEHKLPZLWKLPPHQVH
VXPVWRVD\7KRPDVDQGKHZRXOGQ
W
7RP*UDGJULQG
VZKLPPD
DP
RIEULQJLQJXSWKHWXPEOLQJJLUO
7KHJLUOLVQRZZDLWLQJWRNQRZ
VDLG0UV6SDUVLW
ZKHWKHUVKH
LVWRJRVWUDLJKWWRWKHVFKRRORUXSWRWKH/RGJH
40
6KHPXVWZDLWPD
DP
DQVZHUHG%RXQGHUE\
WLOO,NQRZP\VHOI
:HVKDOOKDYH7RP*UDGJULQGGRZQKHUHSUHVHQWO\,VXSSRVH,IKH
VKRXOGZLVKKHUWRUHPDLQKHUHDGD\RUWZRORQJHURIFRXUVHVKH
FDQPD
DP
2IFRXUVHVKHFDQLI\RXZLVKLW0U%RXQGHUE\
,WROGKLP,ZRXOGJLYHKHUDVKDNHGRZQKHUHODVWQLJKWLQ
RUGHUWKDWKHPLJKWVOHHSRQLWEHIRUHKHGHFLGHGWROHWKHUKDYH
DQ\DVVRFLDWLRQZLWK/RXLVD
,QGHHG0U%RXQGHUE\"9HU\WKRXJKWIXORI\RX
0UV6SDUVLW
V
&RULRODQLDQQRVHXQGHUZHQWDVOLJKWH[SDQVLRQRIWKHQRVWULOVDQG
KHUEODFNH\HEURZVFRQWUDFWHGDVVKHWRRNDVLSRIWHD
,W
VWROHUDEO\FOHDUWRPH
VDLG%RXQGHUE\
WKDWWKHOLWWOHSXVV
FDQJHWVPDOOJRRGRXWRIVXFKFRPSDQLRQVKLS
$UH\RXVSHDNLQJRI\RXQJ0LVV*UDGJULQG0U%RXQGHUE\"
<HVPD
DP,
PVSHDNLQJRI/RXLVD
<RXUREVHUYDWLRQEHLQJOLPLWHGWROLWWOHSXVV
VDLG0UV
6SDUVLW
DQGWKHUHEHLQJWZROLWWOHJLUOVLQTXHVWLRQ,GLGQRW
NQRZZKLFKPLJKWEHLQGLFDWHGE\WKDWH[SUHVVLRQ
/RXLVD
UHSHDWHG0U%RXQGHUE\
/RXLVD/RXLVD
<RXDUHTXLWHDQRWKHUIDWKHUWR/RXLVDVLU
0UV6SDUVLWWRRND
OLWWOHPRUHWHDDQGDVVKHEHQWKHUDJDLQFRQWUDFWHGH\HEURZV
RYHUKHUVWHDPLQJFXSUDWKHUORRNHGDVLIKHUFODVVLFDO
FRXQWHQDQFHZHUHLQYRNLQJWKHLQIHUQDOJRGV
,I\RXKDGVDLG,ZDVDQRWKHUIDWKHUWR7RP\RXQJ7RP,PHDQ
QRWP\IULHQG7RP*UDGJULQG\RXPLJKWKDYHEHHQQHDUHUWKHPDUN
,DPJRLQJWRWDNH\RXQJ7RPLQWRP\RIILFH*RLQJWRKDYHKLP
XQGHUP\ZLQJPD
DP
,QGHHG"5DWKHU\RXQJIRUWKDWLVKHQRWVLU"
0UV6SLULW
V
VLU
LQDGGUHVVLQJ0U%RXQGHUE\ZDVDZRUGRIFHUHPRQ\UDWKHU
H[DFWLQJFRQVLGHUDWLRQIRUKHUVHOILQWKHXVHWKDQKRQRXULQJKLP
,
PQRWJRLQJWRWDNHKLPDWRQFHKHLVWRILQLVKKLVHGXFDWLRQDO
41
FUDPPLQJEHIRUHWKHQ
VDLG%RXQGHUE\
%\WKH/RUG+DUU\KH
OO
KDYHHQRXJKRILWILUVWDQGODVW+H
GRSHQKLVH\HVWKDWER\
ZRXOGLIKHNQHZKRZHPSW\RIOHDUQLQJP\\RXQJPDZZDVDWKLV
WLPHRIOLIH
:KLFKE\WKHE\KHSUREDEO\GLGNQRZIRUKHKDG
KHDUGRILWRIWHQHQRXJK
%XWLW
VH[WUDRUGLQDU\WKHGLIILFXOW\,
KDYHRQVFRUHVRIVXFKVXEMHFWVLQVSHDNLQJWRDQ\RQHRQHTXDO
WHUPV+HUHIRUH[DPSOH,KDYHEHHQVSHDNLQJWR\RXWKLVPRUQLQJ
DERXWWXPEOHUV:K\ZKDWGR\RXNQRZDERXWWXPEOHUV"$WWKHWLPH
ZKHQWRKDYHEHHQDWXPEOHULQWKHPXGRIWKHVWUHHWVZRXOGKDYH
EHHQDJRGVHQGWRPHDSUL]HLQWKHORWWHU\WRPH\RXZHUHDWWKH
,WDOLDQ2SHUD<RXZHUHFRPLQJRXWRIWKH,WDOLDQ2SHUDPD
DPLQ
ZKLWHVDWLQDQGMHZHOVDEOD]HRIVSOHQGRXUZKHQ,KDGQ
WDSHQQ\
WREX\DOLQNWROLJKW\RX
,FHUWDLQO\VLU
UHWXUQHG0UV6SDUVLWZLWKDGLJQLW\VHUHQHO\
PRXUQIXO
ZDVIDPLOLDUZLWKWKH,WDOLDQ2SHUDDWDYHU\HDUO\
DJH
(JDGPD
DPVRZDV,
VDLG%RXQGHUE\
ZLWKWKHZURQJVLGHRI
LW$KDUGEHGWKHSDYHPHQWRILWV$UFDGHXVHGWRPDNH,DVVXUH
\RX3HRSOHOLNH\RXPD
DPDFFXVWRPHGIURPLQIDQF\WROLHRQ
'RZQIHDWKHUVKDYHQRLGHDKRZKDUGDSDYLQJVWRQHLVZLWKRXW
WU\LQJLW1RQRLW
VRIQRXVHP\WDONLQJWR\RXDERXW
WXPEOHUV,VKRXOGVSHDNRIIRUHLJQGDQFHUVDQGWKH:HVW(QGRI
/RQGRQDQG0D\)DLUDQGORUGVDQGODGLHVDQGKRQRXUDEOHV
,WUXVWVLU
UHMRLQHG0UV6SDUVLWZLWKGHFHQWUHVLJQDWLRQ
LW
LVQRWQHFHVVDU\WKDW\RXVKRXOGGRDQ\WKLQJRIWKDWNLQG,KRSH
,KDYHOHDUQWKRZWRDFFRPPRGDWHP\VHOIWRWKHFKDQJHVRIOLIH,I
,KDYHDFTXLUHGDQLQWHUHVWLQKHDULQJRI\RXULQVWUXFWLYH
H[SHULHQFHVDQGFDQVFDUFHO\KHDUHQRXJKRIWKHP,FODLPQRPHULW
IRUWKDWVLQFH,EHOLHYHLWLVDJHQHUDOVHQWLPHQW
:HOOPD
DP
VDLGKHUSDWURQ
SHUKDSVVRPHSHRSOHPD\EHSOHDVHG
WRVD\WKDWWKH\GROLNHWRKHDULQKLVRZQXQSROLVKHGZD\ZKDW
-RVLDK%RXQGHUE\RI&RNHWRZQKDVJRQHWKURXJK%XW\RXPXVW
FRQIHVVWKDW\RXZHUHERUQLQWKHODSRIOX[XU\\RXUVHOI&RPH
PD
DP\RXNQRZ\RXZHUHERUQLQWKHODSRIOX[XU\
,GRQRWVLU
UHWXUQHG0UV6SDUVLWZLWKDVKDNHRIKHUKHDG
GHQ\LW
0U%RXQGHUE\ZDVREOLJHGWRJHWXSIURPWDEOHDQGVWDQGZLWKKLV
EDFNWRWKHILUHORRNLQJDWKHUVKHZDVVXFKDQHQKDQFHPHQWRI
42
KLVSRVLWLRQ
$QG\RXZHUHLQFUDFNVRFLHW\'HYLOLVKKLJKVRFLHW\
KHVDLG
ZDUPLQJKLVOHJV
,WLVWUXHVLU
UHWXUQHG0UV6SDUVLWZLWKDQDIIHFWDWLRQRI
KXPLOLW\WKHYHU\RSSRVLWHRIKLVDQGWKHUHIRUHLQQRGDQJHURI
MRVWOLQJLW
<RXZHUHLQWKHWLSWRSIDVKLRQDQGDOOWKHUHVWRILW
VDLG0U
%RXQGHUE\
<HVVLU
UHWXUQHG0UV6SDUVLWZLWKDNLQGRIVRFLDOZLGRZKRRG
XSRQKHU
,WLVXQTXHVWLRQDEO\WUXH
0U%RXQGHUE\EHQGLQJKLPVHOIDWWKHNQHHVOLWHUDOO\HPEUDFHGKLV
OHJVLQKLVJUHDWVDWLVIDFWLRQDQGODXJKHGDORXG0UDQG0LVV
*UDGJULQGEHLQJWKHQDQQRXQFHGKHUHFHLYHGWKHIRUPHUZLWKDVKDNH
RIWKHKDQGDQGWKHODWWHUZLWKDNLVV
&DQ-XSHEHVHQWKHUH%RXQGHUE\"
DVNHG0U*UDGJULQG
&HUWDLQO\6R-XSHZDVVHQWWKHUH2QFRPLQJLQVKHFXUWVH\HGWR
0U%RXQGHUE\DQGWRKLVIULHQG7RP*UDGJULQGDQGDOVRWR/RXLVD
EXWLQKHUFRQIXVLRQXQOXFNLO\RPLWWHG0UV6SDUVLW2EVHUYLQJ
WKLVWKHEOXVWURXV%RXQGHUE\KDGWKHIROORZLQJUHPDUNVWRPDNH
1RZ,WHOO\RXZKDWP\JLUO7KHQDPHRIWKDWODG\E\WKH
WHDSRWLV0UV6SDUVLW7KDWODG\DFWVDVPLVWUHVVRIWKLVKRXVH
DQGVKHLVDKLJKO\FRQQHFWHGODG\&RQVHTXHQWO\LIHYHU\RXFRPH
DJDLQLQWRDQ\URRPLQWKLVKRXVH\RXZLOOPDNHDVKRUWVWD\LQLW
LI\RXGRQ
WEHKDYHWRZDUGVWKDWODG\LQ\RXUPRVWUHVSHFWIXO
PDQQHU1RZ,GRQ
WFDUHDEXWWRQZKDW\RXGRWRPHEHFDXVH,
GRQ
WDIIHFWWREHDQ\ERG\6RIDUIURPKDYLQJKLJKFRQQHFWLRQV,
KDYHQRFRQQHFWLRQVDWDOODQG,FRPHRIWKHVFXPRIWKHHDUWK
%XWWRZDUGVWKDWODG\,GRFDUHZKDW\RXGRDQG\RXVKDOOGRZKDW
LVGHIHUHQWLDODQGUHVSHFWIXORU\RXVKDOOQRWFRPHKHUH
,KRSH%RXQGHUE\
VDLG0U*UDGJULQGLQDFRQFLOLDWRU\YRLFH
WKDWWKLVZDVPHUHO\DQRYHUVLJKW
0\IULHQG7RP*UDGJULQGVXJJHVWV0UV6SDUVLW
VDLG%RXQGHUE\
WKDWWKLVZDVPHUHO\DQRYHUVLJKW9HU\OLNHO\+RZHYHUDV\RX
DUHDZDUHPD
DP,GRQ
WDOORZRIHYHQRYHUVLJKWVWRZDUGV\RX
43
<RXDUHYHU\JRRGLQGHHGVLU
UHWXUQHG0UV6SDUVLWVKDNLQJKHU
KHDGZLWKKHU6WDWHKXPLOLW\
,WLVQRWZRUWKVSHDNLQJRI
6LVV\ZKRDOOWKLVWLPHKDGEHHQIDLQWO\H[FXVLQJKHUVHOIZLWK
WHDUVLQKHUH\HVZDVQRZZDYHGRYHUE\WKHPDVWHURIWKHKRXVHWR
0U*UDGJULQG6KHVWRRGORRNLQJLQWHQWO\DWKLPDQG/RXLVDVWRRG
FROGO\E\ZLWKKHUH\HVXSRQWKHJURXQGZKLOHKHSURFHHGHGWKXV
-XSH,KDYHPDGHXSP\PLQGWRWDNH\RXLQWRP\KRXVHDQGZKHQ
\RXDUHQRWLQDWWHQGDQFHDWWKHVFKRROWRHPSOR\\RXDERXW0UV
*UDGJULQGZKRLVUDWKHUDQLQYDOLG,KDYHH[SODLQHGWR0LVV
/RXLVDWKLVLV0LVV/RXLVDWKHPLVHUDEOHEXWQDWXUDOHQGRI
\RXUODWHFDUHHUDQG\RXDUHWRH[SUHVVO\XQGHUVWDQGWKDWWKH
ZKROHRIWKDWVXEMHFWLVSDVWDQGLVQRWWREHUHIHUUHGWRDQ\
PRUH)URPWKLVWLPH\RXEHJLQ\RXUKLVWRU\<RXDUHDWSUHVHQW
LJQRUDQW,NQRZ
<HVVLUYHU\
VKHDQVZHUHGFXUWVH\LQJ
,VKDOOKDYHWKHVDWLVIDFWLRQRIFDXVLQJ\RXWREHVWULFWO\
HGXFDWHGDQG\RXZLOOEHDOLYLQJSURRIWRDOOZKRFRPHLQWR
FRPPXQLFDWLRQZLWK\RXRIWKHDGYDQWDJHVRIWKHWUDLQLQJ\RXZLOO
UHFHLYH<RXZLOOEHUHFODLPHGDQGIRUPHG<RXKDYHEHHQLQWKH
KDELWQRZRIUHDGLQJWR\RXUIDWKHUDQGWKRVHSHRSOH,IRXQG\RX
DPRQJ,GDUHVD\"
VDLG0U*UDGJULQGEHFNRQLQJKHUQHDUHUWRKLP
EHIRUHKHVDLGVRDQGGURSSLQJKLVYRLFH
2QO\WRIDWKHUDQG0HUU\OHJVVLU$WOHDVW,PHDQWRIDWKHU
ZKHQ0HUU\OHJVZDVDOZD\VWKHUH
1HYHUPLQG0HUU\OHJV-XSH
VDLG0U*UDGJULQGZLWKDSDVVLQJ
IURZQ
,GRQ
WDVNDERXWKLP,XQGHUVWDQG\RXWRKDYHEHHQLQ
WKHKDELWRIUHDGLQJWR\RXUIDWKHU"
2\HVVLUWKRXVDQGVRIWLPHV7KH\ZHUHWKHKDSSLHVW2RI
DOOWKHKDSS\WLPHVZHKDGWRJHWKHUVLU
,WZDVRQO\QRZZKHQKHUVRUURZEURNHRXWWKDW/RXLVDORRNHGDW
KHU
$QGZKDW
DVNHG0U*UDGJULQGLQDVWLOOORZHUYRLFH
GLG\RX
UHDGWR\RXUIDWKHU-XSH"
44
$ERXWWKH)DLULHVVLUDQGWKH'ZDUIDQGWKH+XQFKEDFNDQGWKH
*HQLHV
VKHVREEHGRXW
DQGDERXW
+XVK
VDLG0U*UDGJULQG
WKDWLVHQRXJK1HYHUEUHDWKHDZRUG
RIVXFKGHVWUXFWLYHQRQVHQVHDQ\PRUH%RXQGHUE\WKLVLVDFDVH
IRUULJLGWUDLQLQJDQG,VKDOOREVHUYHLWZLWKLQWHUHVW
:HOO
UHWXUQHG0U%RXQGHUE\
,KDYHJLYHQ\RXP\RSLQLRQ
DOUHDG\DQG,VKRXOGQ
WGRDV\RXGR%XWYHU\ZHOOYHU\ZHOO
6LQFH\RXDUHEHQWXSRQLWYHU\ZHOO
6R0U*UDGJULQGDQGKLVGDXJKWHUWRRN&HFLOLD-XSHRIIZLWKWKHP
WR6WRQH/RGJHDQGRQWKHZD\/RXLVDQHYHUVSRNHRQHZRUGJRRGRU
EDG$QG0U%RXQGHUE\ZHQWDERXWKLVGDLO\SXUVXLWV$QG0UV
6SDUVLWJRWEHKLQGKHUH\HEURZVDQGPHGLWDWHGLQWKHJORRPRIWKDW
UHWUHDWDOOWKHHYHQLQJ
&+$37(59,,,1(9(5:21'(5
/(7XVVWULNHWKHNH\QRWHDJDLQEHIRUHSXUVXLQJWKHWXQH
:KHQVKHZDVKDOIDGR]HQ\HDUV\RXQJHU/RXLVDKDGEHHQRYHUKHDUG
WREHJLQDFRQYHUVDWLRQZLWKKHUEURWKHURQHGD\E\VD\LQJ
7RP,
ZRQGHU
XSRQZKLFK0U*UDGJULQGZKRZDVWKHSHUVRQRYHUKHDULQJ
VWHSSHGIRUWKLQWRWKHOLJKWDQGVDLG
/RXLVDQHYHUZRQGHU
+HUHLQOD\WKHVSULQJRIWKHPHFKDQLFDODUWDQGP\VWHU\RI
HGXFDWLQJWKHUHDVRQZLWKRXWVWRRSLQJWRWKHFXOWLYDWLRQRIWKH
VHQWLPHQWVDQGDIIHFWLRQV1HYHUZRQGHU%\PHDQVRIDGGLWLRQ
VXEWUDFWLRQPXOWLSOLFDWLRQDQGGLYLVLRQVHWWOHHYHU\WKLQJ
VRPHKRZDQGQHYHUZRQGHU%ULQJWRPHVD\V0
&KRDNXPFKLOG
\RQGHUEDE\MXVWDEOHWRZDONDQG,ZLOOHQJDJHWKDWLWVKDOO
QHYHUZRQGHU
1RZEHVLGHVYHU\PDQ\EDELHVMXVWDEOHWRZDONWKHUHKDSSHQHGWR
EHLQ&RNHWRZQDFRQVLGHUDEOHSRSXODWLRQRIEDELHVZKRKDGEHHQ
ZDONLQJDJDLQVWWLPHWRZDUGVWKHLQILQLWHZRUOGWZHQW\WKLUW\
IRUW\ILIW\\HDUVDQGPRUH7KHVHSRUWHQWRXVLQIDQWVEHLQJ
DODUPLQJFUHDWXUHVWRVWDONDERXWLQDQ\KXPDQVRFLHW\WKH
HLJKWHHQGHQRPLQDWLRQVLQFHVVDQWO\VFUDWFKHGRQHDQRWKHU
VIDFHV
45
DQGSXOOHGRQHDQRWKHU
VKDLUE\ZD\RIDJUHHLQJRQWKHVWHSVWREH
WDNHQIRUWKHLULPSURYHPHQWZKLFKWKH\QHYHUGLGDVXUSULVLQJ
FLUFXPVWDQFHZKHQWKHKDSS\DGDSWDWLRQRIWKHPHDQVWRWKHHQGLV
FRQVLGHUHG6WLOODOWKRXJKWKH\GLIIHUHGLQHYHU\RWKHU
SDUWLFXODUFRQFHLYDEOHDQGLQFRQFHLYDEOHHVSHFLDOO\
LQFRQFHLYDEOHWKH\ZHUHSUHWW\ZHOOXQLWHGRQWKHSRLQWWKDW
WKHVHXQOXFN\LQIDQWVZHUHQHYHUWRZRQGHU%RG\QXPEHURQHVDLG
WKH\PXVWWDNHHYHU\WKLQJRQWUXVW%RG\QXPEHUWZRVDLGWKH\
PXVWWDNHHYHU\WKLQJRQSROLWLFDOHFRQRP\%RG\QXPEHUWKUHH
ZURWHOHDGHQOLWWOHERRNVIRUWKHPVKRZLQJKRZWKHJRRGJURZQXS
EDE\LQYDULDEO\JRWWRWKH6DYLQJVEDQNDQGWKHEDGJURZQXSEDE\
LQYDULDEO\JRWWUDQVSRUWHG%RG\QXPEHUIRXUXQGHUGUHDU\
SUHWHQFHVRIEHLQJGUROOZKHQLWZDVYHU\PHODQFKRO\LQGHHGPDGH
WKHVKDOORZHVWSUHWHQFHVRIFRQFHDOLQJSLWIDOOVRINQRZOHGJHLQWR
ZKLFKLWZDVWKHGXW\RIWKHVHEDELHVWREHVPXJJOHGDQGLQYHLJOHG
%XWDOOWKHERGLHVDJUHHGWKDWWKH\ZHUHQHYHUWRZRQGHU
7KHUHZDVDOLEUDU\LQ&RNHWRZQWRZKLFKJHQHUDODFFHVVZDVHDV\
0U*UDGJULQGJUHDWO\WRUPHQWHGKLVPLQGDERXWZKDWWKHSHRSOHUHDG
LQWKLVOLEUDU\DSRLQWZKHUHRQOLWWOHULYHUVRIWDEXODU
VWDWHPHQWVSHULRGLFDOO\IORZHGLQWRWKHKRZOLQJRFHDQRIWDEXODU
VWDWHPHQWVZKLFKQRGLYHUHYHUJRWWRDQ\GHSWKLQDQGFDPHXS
VDQH,WZDVDGLVKHDUWHQLQJFLUFXPVWDQFHEXWDPHODQFKRO\IDFW
WKDWHYHQWKHVHUHDGHUVSHUVLVWHGLQZRQGHULQJ7KH\ZRQGHUHG
DERXWKXPDQQDWXUHKXPDQSDVVLRQVKXPDQKRSHVDQGIHDUVWKH
VWUXJJOHVWULXPSKVDQGGHIHDWVWKHFDUHVDQGMR\VDQGVRUURZV
WKHOLYHVDQGGHDWKVRIFRPPRQPHQDQGZRPHQ7KH\VRPHWLPHV
DIWHUILIWHHQKRXUV
ZRUNVDWGRZQWRUHDGPHUHIDEOHVDERXWPHQ
DQGZRPHQPRUHRUOHVVOLNHWKHPVHOYHVDQGDERXWFKLOGUHQPRUH
RUOHVVOLNHWKHLURZQ7KH\WRRN'H)RHWRWKHLUERVRPVLQVWHDG
RI(XFOLGDQGVHHPHGWREHRQWKHZKROHPRUHFRPIRUWHGE\
*ROGVPLWKWKDQE\&RFNHU0U*UDGJULQGZDVIRUHYHUZRUNLQJLQ
SULQWDQGRXWRISULQWDWWKLVHFFHQWULFVXPDQGKHQHYHUFRXOG
PDNHRXWKRZLW\LHOGHGWKLVXQDFFRXQWDEOHSURGXFW
,DPVLFNRIP\OLIH/RR,KDWHLWDOWRJHWKHUDQG,KDWH
HYHU\ERG\H[FHSW\RX
VDLGWKHXQQDWXUDO\RXQJ7KRPDV*UDGJULQGLQ
WKHKDLUFXWWLQJFKDPEHUDWWZLOLJKW
<RXGRQ
WKDWH6LVV\7RP"
,KDWHWREHREOLJHGWRFDOOKHU-XSH$QGVKHKDWHVPH
VDLG
7RPPRRGLO\
46
1RVKHGRHVQRW7RP,DPVXUH
6KHPXVW
VDLG7RP
6KHPXVWMXVWKDWHDQGGHWHVWWKHZKROH
VHWRXWRIXV7KH\
OOERWKHUKHUKHDGRII,WKLQNEHIRUHWKH\
KDYHGRQHZLWKKHU$OUHDG\VKH
VJHWWLQJDVSDOHDVZD[DQGDV
KHDY\DV,DP
<RXQJ7KRPDVH[SUHVVHGWKHVHVHQWLPHQWVVLWWLQJDVWULGHRIDFKDLU
EHIRUHWKHILUHZLWKKLVDUPVRQWKHEDFNDQGKLVVXON\IDFHRQ
KLVDUPV+LVVLVWHUVDWLQWKHGDUNHUFRUQHUE\WKHILUHVLGHQRZ
ORRNLQJDWKLPQRZORRNLQJDWWKHEULJKWVSDUNVDVWKH\GURSSHG
XSRQWKHKHDUWK
$VWRPH
VDLG7RPWXPEOLQJKLVKDLUDOOPDQQHURIZD\VZLWKKLV
VXON\KDQGV
,DPD'RQNH\WKDW
VZKDW,DP,DPDVREVWLQDWH
DVRQH,DPPRUHVWXSLGWKDQRQH,JHWDVPXFKSOHDVXUHDVRQH
DQG,VKRXOGOLNHWRNLFNOLNHRQH
1RWPH,KRSH7RP"
1R/RR,ZRXOGQ
WKXUW\RX,PDGHDQH[FHSWLRQRI\RXDW
ILUVW,GRQ
WNQRZZKDWWKLVMROO\ROG-DXQGLFHG-DLO
7RP
KDGSDXVHGWRILQGDVXIILFLHQWO\FRPSOLPHQWDU\DQGH[SUHVVLYHQDPH
IRUWKHSDUHQWDOURRIDQGVHHPHGWRUHOLHYHKLVPLQGIRUDPRPHQW
E\WKHVWURQJDOOLWHUDWLRQRIWKLVRQH
ZRXOGEHZLWKRXW\RX
,QGHHG7RP"'R\RXUHDOO\DQGWUXO\VD\VR"
:K\RIFRXUVH,GR:KDW
VWKHXVHRIWDONLQJDERXWLW
UHWXUQHG7RPFKDILQJKLVIDFHRQKLVFRDWVOHHYHDVLIWRPRUWLI\
KLVIOHVKDQGKDYHLWLQXQLVRQZLWKKLVVSLULW
%HFDXVH7RP
VDLGKLVVLVWHUDIWHUVLOHQWO\ZDWFKLQJWKHVSDUNV
DZKLOH
DV,JHWROGHUDQGQHDUHUJURZLQJXS,RIWHQVLW
ZRQGHULQJKHUHDQGWKLQNKRZXQIRUWXQDWHLWLVIRUPHWKDW,FDQ
W
UHFRQFLOH\RXWRKRPHEHWWHUWKDQ,DPDEOHWRGR,GRQ
WNQRZ
ZKDWRWKHUJLUOVNQRZ,FDQ
WSOD\WR\RXRUVLQJWR\RX,
FDQ
WWDONWR\RXVRDVWROLJKWHQ\RXUPLQGIRU,QHYHUVHHDQ\
DPXVLQJVLJKWVRUUHDGDQ\DPXVLQJERRNVWKDWLWZRXOGEHD
SOHDVXUHRUDUHOLHIWR\RXWRWDONDERXWZKHQ\RXDUHWLUHG
:HOOQRPRUHGR,,DPDVEDGDV\RXLQWKDWUHVSHFWDQG,DP
D0XOHWRRZKLFK\RX
UHQRW,IIDWKHUZDVGHWHUPLQHGWRPDNHPH
HLWKHUD3ULJRUD0XOHDQG,DPQRWD3ULJZK\LWVWDQGVWR
47
UHDVRQ,PXVWEHD0XOH$QGVR,DP
VDLG7RPGHVSHUDWHO\
,W
VDJUHDWSLW\
VDLG/RXLVDDIWHUDQRWKHUSDXVHDQGVSHDNLQJ
WKRXJKWIXOO\RXWRIKHUGDUNFRUQHU
LW
VDJUHDWSLW\7RP
,W
VYHU\XQIRUWXQDWHIRUERWKRIXV
2K<RX
VDLG7RP
\RXDUHDJLUO/RRDQGDJLUOFRPHVRXWRI
LWEHWWHUWKDQDER\GRHV,GRQ
WPLVVDQ\WKLQJLQ\RX<RXDUH
WKHRQO\SOHDVXUH,KDYH\RXFDQEULJKWHQHYHQWKLVSODFHDQG
\RXFDQDOZD\VOHDGPHDV\RXOLNH
<RXDUHDGHDUEURWKHU7RPDQGZKLOH\RXWKLQN,FDQGRVXFK
WKLQJV,GRQ
WVRPXFKPLQGNQRZLQJEHWWHU7KRXJK,GRNQRZ
EHWWHU7RPDQGDPYHU\VRUU\IRULW
6KHFDPHDQGNLVVHGKLP
DQGZHQWEDFNLQWRKHUFRUQHUDJDLQ
,ZLVK,FRXOGFROOHFWDOOWKH)DFWVZHKHDUVRPXFKDERXW
VDLG
7RPVSLWHIXOO\VHWWLQJKLVWHHWK
DQGDOOWKH)LJXUHVDQGDOO
WKHSHRSOHZKRIRXQGWKHPRXWDQG,ZLVK,FRXOGSXWDWKRXVDQG
EDUUHOVRIJXQSRZGHUXQGHUWKHPDQGEORZWKHPDOOXSWRJHWKHU
+RZHYHUZKHQ,JRWROLYHZLWKROG%RXQGHUE\,
OOKDYHP\
UHYHQJH
<RXUUHYHQJH7RP"
,PHDQ,
OOHQMR\P\VHOIDOLWWOHDQGJRDERXWDQGVHH
VRPHWKLQJDQGKHDUVRPHWKLQJ,
OOUHFRPSHQVHP\VHOIIRUWKHZD\
LQZKLFK,KDYHEHHQEURXJKWXS
%XWGRQ
WGLVDSSRLQW\RXUVHOIEHIRUHKDQG7RP0U%RXQGHUE\
WKLQNVDVIDWKHUWKLQNVDQGLVDJUHDWGHDOURXJKHUDQGQRWKDOI
VRNLQG
2K
VDLG7RPODXJKLQJ
,GRQ
WPLQGWKDW,VKDOOYHU\ZHOO
NQRZKRZWRPDQDJHDQGVPRRWKROG%RXQGHUE\
7KHLUVKDGRZVZHUHGHILQHGXSRQWKHZDOOEXWWKRVHRIWKHKLJK
SUHVVHVLQWKHURRPZHUHDOOEOHQGHGWRJHWKHURQWKHZDOODQGRQ
WKHFHLOLQJDVLIWKHEURWKHUDQGVLVWHUZHUHRYHUKXQJE\DGDUN
FDYHUQ2UDIDQFLIXOLPDJLQDWLRQLIVXFKWUHDVRQFRXOGKDYH
EHHQWKHUHPLJKWKDYHPDGHLWRXWWREHWKHVKDGRZRIWKHLU
VXEMHFWDQGRILWVORZHULQJDVVRFLDWLRQZLWKWKHLUIXWXUH
:KDWLV\RXUJUHDWPRGHRIVPRRWKLQJDQGPDQDJLQJ7RP",VLWD
48
VHFUHW"
2K
VDLG7RP
LILWLVDVHFUHWLW
VQRWIDURII,W
V\RX
<RXDUHKLVOLWWOHSHW\RXDUHKLVIDYRXULWHKH
OOGRDQ\WKLQJ
IRU\RX:KHQKHVD\VWRPHZKDW,GRQ
WOLNH,VKDOOVD\WRKLP
0\VLVWHU/RRZLOOEHKXUWDQGGLVDSSRLQWHG0U%RXQGHUE\6KH
DOZD\VXVHGWRWHOOPHVKHZDVVXUH\RXZRXOGEHHDVLHUZLWKPH
WKDQWKLV7KDW
OOEULQJKLPDERXWRUQRWKLQJZLOO
$IWHUZDLWLQJIRUVRPHDQVZHULQJUHPDUNDQGJHWWLQJQRQH7RP
ZHDULO\UHODSVHGLQWRWKHSUHVHQWWLPHDQGWZLQHGKLPVHOI\DZQLQJ
URXQGDQGDERXWWKHUDLOVRIKLVFKDLUDQGUXPSOHGKLVKHDGPRUH
DQGPRUHXQWLOKHVXGGHQO\ORRNHGXSDQGDVNHG
+DYH\RXJRQHWRVOHHS/RR"
1R7RP,DPORRNLQJDWWKHILUH
<RXVHHPWRILQGPRUHWRORRNDWLQLWWKDQHYHU,FRXOGILQG
VDLG7RP
$QRWKHURIWKHDGYDQWDJHV,VXSSRVHRIEHLQJDJLUO
7RP
HQTXLUHGKLVVLVWHUVORZO\DQGLQDFXULRXVWRQHDVLI
VKHZHUHUHDGLQJZKDWVKHDVNHGLQWKHILUHDQGLWZDVQRWTXLWH
SODLQO\ZULWWHQWKHUH
GR\RXORRNIRUZDUGZLWKDQ\VDWLVIDFWLRQ
WRWKLVFKDQJHWR0U%RXQGHUE\
V"
:K\WKHUH
VRQHWKLQJWREHVDLGRILW
UHWXUQHG7RPSXVKLQJ
KLVFKDLUIURPKLPDQGVWDQGLQJXS
LWZLOOEHJHWWLQJDZD\IURP
KRPH
7KHUHLVRQHWKLQJWREHVDLGRILW
/RXLVDUHSHDWHGLQKHU
IRUPHUFXULRXVWRQH
LWZLOOEHJHWWLQJDZD\IURPKRPH<HV
1RWEXWZKDW,VKDOOEHYHU\XQZLOOLQJERWKWROHDYH\RX/RR
DQGWROHDYH\RXKHUH%XW,PXVWJR\RXNQRZZKHWKHU,OLNHLW
RUQRWDQG,KDGEHWWHUJRZKHUH,FDQWDNHZLWKPHVRPHDGYDQWDJH
RI\RXULQIOXHQFHWKDQZKHUH,VKRXOGORVHLWDOWRJHWKHU'RQ
W
\RXVHH"
<HV7RP
7KHDQVZHUZDVVRORQJLQFRPLQJWKRXJKWKHUHZDVQRLQGHFLVLRQLQ
LWWKDW7RPZHQWDQGOHDQHGRQWKHEDFNRIKHUFKDLUWR
FRQWHPSODWHWKHILUHZKLFKVRHQJURVVHGKHUIURPKHUSRLQWRI
49
YLHZDQGVHHZKDWKHFRXOGPDNHRILW
([FHSWWKDWLWLVDILUH
VDLG7RP
LWORRNVWRPHDVVWXSLGDQG
EODQNDVHYHU\WKLQJHOVHORRNV:KDWGR\RXVHHLQLW"1RWD
FLUFXV"
,GRQ
WVHHDQ\WKLQJLQLW7RPSDUWLFXODUO\%XWVLQFH,KDYH
EHHQORRNLQJDWLW,KDYHEHHQZRQGHULQJDERXW\RXDQGPHJURZQ
XS
:RQGHULQJDJDLQ
VDLG7RP
,KDYHVXFKXQPDQDJHDEOHWKRXJKWV
UHWXUQHGKLVVLVWHU
WKDW
WKH\ZLOOZRQGHU
7KHQ,EHJRI\RX/RXLVD
VDLG0UV*UDGJULQGZKRKDGRSHQHG
WKHGRRUZLWKRXWEHLQJKHDUG
WRGRQRWKLQJRIWKDWGHVFULSWLRQ
IRUJRRGQHVV
VDNH\RXLQFRQVLGHUDWHJLUORU,VKDOOQHYHUKHDU
WKHODVWRILWIURP\RXUIDWKHU$QG7KRPDVLWLVUHDOO\
VKDPHIXOZLWKP\SRRUKHDGFRQWLQXDOO\ZHDULQJPHRXWWKDWDER\
EURXJKWXSDV\RXKDYHEHHQDQGZKRVHHGXFDWLRQKDVFRVWZKDW
\RXUVKDVVKRXOGEHIRXQGHQFRXUDJLQJKLVVLVWHUWRZRQGHUZKHQ
KHNQRZVKLVIDWKHUKDVH[SUHVVO\VDLGWKDWVKHLVQRWWRGRLW
/RXLVDGHQLHG7RP
VSDUWLFLSDWLRQLQWKHRIIHQFHEXWKHUPRWKHU
VWRSSHGKHUZLWKWKHFRQFOXVLYHDQVZHU
/RXLVDGRQ
WWHOOPHLQ
P\VWDWHRIKHDOWKIRUXQOHVV\RXKDGEHHQHQFRXUDJHGLWLV
PRUDOO\DQGSK\VLFDOO\LPSRVVLEOHWKDW\RXFRXOGKDYHGRQHLW
,ZDVHQFRXUDJHGE\QRWKLQJPRWKHUEXWE\ORRNLQJDWWKHUHG
VSDUNVGURSSLQJRXWRIWKHILUHDQGZKLWHQLQJDQGG\LQJ,WPDGH
PHWKLQNDIWHUDOOKRZVKRUWP\OLIHZRXOGEHDQGKRZOLWWOH,
FRXOGKRSHWRGRLQLW
1RQVHQVH
VDLG0UV*UDGJULQGUHQGHUHGDOPRVWHQHUJHWLF
1RQVHQVH'RQ
WVWDQGWKHUHDQGWHOOPHVXFKVWXII/RXLVDWRP\
IDFHZKHQ\RXNQRZYHU\ZHOOWKDWLILWZDVHYHUWRUHDFK\RXU
IDWKHU
VHDUV,VKRXOGQHYHUKHDUWKHODVWRILW$IWHUDOOWKH
WURXEOHWKDWKDVEHHQWDNHQZLWK\RX$IWHUWKHOHFWXUHV\RXKDYH
DWWHQGHGDQGWKHH[SHULPHQWV\RXKDYHVHHQ$IWHU,KDYHKHDUG
\RXP\VHOIZKHQWKHZKROHRIP\ULJKWVLGHKDVEHHQEHQXPEHG
JRLQJRQZLWK\RXUPDVWHUDERXWFRPEXVWLRQDQGFDOFLQDWLRQDQG
FDORULILFDWLRQDQG,PD\VD\HYHU\NLQGRIDWLRQWKDWFRXOGGULYH
DSRRULQYDOLGGLVWUDFWHGWRKHDU\RXWDONLQJLQWKLVDEVXUGZD\
50
DERXWVSDUNVDQGDVKHV,ZLVK
ZKLPSHUHG0UV*UDGJULQGWDNLQJ
DFKDLUDQGGLVFKDUJLQJKHUVWURQJHVWSRLQWEHIRUHVXFFXPELQJ
XQGHUWKHVHPHUHVKDGRZVRIIDFWV
\HV,UHDOO\GRZLVKWKDW,
KDGQHYHUKDGDIDPLO\DQGWKHQ\RXZRXOGKDYHNQRZQZKDWLWZDV
WRGRZLWKRXWPH
&+$37(5,;6,66<
6352*5(66
6,66<-83(KDGQRWDQHDV\WLPHRILWEHWZHHQ0U0
&KRDNXPFKLOG
DQG0UV*UDGJULQGDQGZDVQRWZLWKRXWVWURQJLPSXOVHVLQWKH
ILUVWPRQWKVRIKHUSUREDWLRQWRUXQDZD\,WKDLOHGIDFWVDOO
GD\ORQJVRYHU\KDUGDQGOLIHLQJHQHUDOZDVRSHQHGWRKHUDV
VXFKDFORVHO\UXOHGFLSKHULQJERRNWKDWDVVXUHGO\VKHZRXOGKDYH
UXQDZD\EXWIRURQO\RQHUHVWUDLQW
,WLVODPHQWDEOHWRWKLQNRIEXWWKLVUHVWUDLQWZDVWKHUHVXOWRI
QRDULWKPHWLFDOSURFHVVZDVVHOILPSRVHGLQGHILDQFHRIDOO
FDOFXODWLRQDQGZHQWGHDGDJDLQVWDQ\WDEOHRISUREDELOLWLHVWKDW
DQ\$FWXDU\ZRXOGKDYHGUDZQXSIURPWKHSUHPLVHV7KHJLUO
EHOLHYHGWKDWKHUIDWKHUKDGQRWGHVHUWHGKHUVKHOLYHGLQWKH
KRSHWKDWKHZRXOGFRPHEDFNDQGLQWKHIDLWKWKDWKHZRXOGEH
PDGHWKHKDSSLHUE\KHUUHPDLQLQJZKHUHVKHZDV
7KHZUHWFKHGLJQRUDQFHZLWKZKLFK-XSHFOXQJWRWKLVFRQVRODWLRQ
UHMHFWLQJWKHVXSHULRUFRPIRUWRINQRZLQJRQDVRXQGDULWKPHWLFDO
EDVLVWKDWKHUIDWKHUZDVDQXQQDWXUDOYDJDERQGILOOHG0U
*UDGJULQGZLWKSLW\<HWZKDWZDVWREHGRQH"0
&KRDNXPFKLOG
UHSRUWHGWKDWVKHKDGDYHU\GHQVHKHDGIRUILJXUHVWKDWRQFH
SRVVHVVHGZLWKDJHQHUDOLGHDRIWKHJOREHVKHWRRNWKHVPDOOHVW
FRQFHLYDEOHLQWHUHVWLQLWVH[DFWPHDVXUHPHQWVWKDWVKHZDV
H[WUHPHO\VORZLQWKHDFTXLVLWLRQRIGDWHVXQOHVVVRPHSLWLIXO
LQFLGHQWKDSSHQHGWREHFRQQHFWHGWKHUHZLWKWKDWVKHZRXOGEXUVW
LQWRWHDUVRQEHLQJUHTXLUHGE\WKHPHQWDOSURFHVVLPPHGLDWHO\WR
QDPHWKHFRVWRIWZRKXQGUHGDQGIRUW\VHYHQPXVOLQFDSVDW
IRXUWHHQSHQFHKDOISHQQ\WKDWVKHZDVDVORZGRZQLQWKHVFKRRO
DVORZFRXOGEHWKDWDIWHUHLJKWZHHNVRILQGXFWLRQLQWRWKH
HOHPHQWVRI3ROLWLFDO(FRQRP\VKHKDGRQO\\HVWHUGD\EHHQVHW
ULJKWE\DSUDWWOHUWKUHHIHHWKLJKIRUUHWXUQLQJWRWKHTXHVWLRQ
:KDWLVWKHILUVWSULQFLSOHRIWKLVVFLHQFH"
WKHDEVXUGDQVZHU
7RGRXQWRRWKHUVDV,ZRXOGWKDWWKH\VKRXOGGRXQWRPH
51
0U*UDGJULQGREVHUYHGVKDNLQJKLVKHDGWKDWDOOWKLVZDVYHU\
EDGWKDWLWVKRZHGWKHQHFHVVLW\RILQILQLWHJULQGLQJDWWKHPLOO
RINQRZOHGJHDVSHUV\VWHPVFKHGXOHEOXHERRNUHSRUWDQG
WDEXODUVWDWHPHQWV$WR=DQGWKDW-XSH
PXVWEHNHSWWRLW
6R
-XSHZDVNHSWWRLWDQGEHFDPHORZVSLULWHGEXWQRZLVHU
,WZRXOGEHDILQHWKLQJWREH\RX0LVV/RXLVD
VKHVDLGRQH
QLJKWZKHQ/RXLVDKDGHQGHDYRXUHGWRPDNHKHUSHUSOH[LWLHVIRU
QH[WGD\VRPHWKLQJFOHDUHUWRKHU
'R\RXWKLQNVR"
,VKRXOGNQRZVRPXFK0LVV/RXLVD$OOWKDWLVGLIILFXOWWRPH
QRZZRXOGEHVRHDV\WKHQ
<RXPLJKWQRWEHWKHEHWWHUIRULW6LVV\
6LVV\VXEPLWWHGDIWHUDOLWWOHKHVLWDWLRQ
,VKRXOGQRWEHWKH
ZRUVH0LVV/RXLVD
7RZKLFK0LVV/RXLVDDQVZHUHG
,GRQ
WNQRZ
WKDW
7KHUHKDGEHHQVROLWWOHFRPPXQLFDWLRQEHWZHHQWKHVHWZRERWK
EHFDXVHOLIHDW6WRQH/RGJHZHQWPRQRWRQRXVO\URXQGOLNHDSLHFHRI
PDFKLQHU\ZKLFKGLVFRXUDJHGKXPDQLQWHUIHUHQFHDQGEHFDXVHRIWKH
SURKLELWLRQUHODWLYHWR6LVV\
VSDVWFDUHHUWKDWWKH\ZHUHVWLOO
DOPRVWVWUDQJHUV6LVV\ZLWKKHUGDUNH\HVZRQGHULQJO\GLUHFWHG
WR/RXLVD
VIDFHZDVXQFHUWDLQZKHWKHUWRVD\PRUHRUWRUHPDLQ
VLOHQW
<RXDUHPRUHXVHIXOWRP\PRWKHUDQGPRUHSOHDVDQWZLWKKHUWKDQ
,FDQHYHUEH
/RXLVDUHVXPHG
<RXDUHSOHDVDQWHUWR\RXUVHOI
WKDQ,DPWRP\VHOI
%XWLI\RXSOHDVH0LVV/RXLVD
6LVV\SOHDGHG
,DP2VR
VWXSLG
/RXLVDZLWKDEULJKWHUODXJKWKDQXVXDOWROGKHUVKHZRXOGEH
ZLVHUE\DQGE\
<RXGRQ
WNQRZ
VDLG6LVV\KDOIFU\LQJ
ZKDWDVWXSLGJLUO,
DP$OOWKURXJKVFKRROKRXUV,PDNHPLVWDNHV0UDQG0UV
0
&KRDNXPFKLOGFDOOPHXSRYHUDQGRYHUDJDLQUHJXODUO\WRPDNH
PLVWDNHV,FDQ
WKHOSWKHP7KH\VHHPWRFRPHQDWXUDOWRPH
52
0UDQG0UV0
&KRDNXPFKLOGQHYHUPDNHDQ\PLVWDNHVWKHPVHOYHV,
VXSSRVH6LVV\"
2QR
VKHHDJHUO\UHWXUQHG
7KH\NQRZHYHU\WKLQJ
7HOOPHVRPHRI\RXUPLVWDNHV
,DPDOPRVWDVKDPHG
VDLG6LVV\ZLWKUHOXFWDQFH
%XWWRGD\
IRULQVWDQFH0U0
&KRDNXPFKLOGZDVH[SODLQLQJWRXVDERXW1DWXUDO
3URVSHULW\
1DWLRQDO,WKLQNLWPXVWKDYHEHHQ
REVHUYHG/RXLVD
<HVLWZDV%XWLVQ
WLWWKHVDPH"
VKHWLPLGO\DVNHG
<RXKDGEHWWHUVD\1DWLRQDODVKHVDLGVR
UHWXUQHG/RXLVD
ZLWKKHUGU\UHVHUYH
1DWLRQDO3URVSHULW\$QGKHVDLG1RZWKLVVFKRROURRPLVD
1DWLRQ$QGLQWKLVQDWLRQWKHUHDUHILIW\PLOOLRQVRIPRQH\
,VQ
WWKLVDSURVSHURXVQDWLRQ"*LUOQXPEHUWZHQW\LVQ
WWKLVD
SURVSHURXVQDWLRQDQGD
Q
W\RXLQDWKULYLQJVWDWH"
:KDWGLG\RXVD\"
DVNHG/RXLVD
0LVV/RXLVD,VDLG,GLGQ
WNQRZ,WKRXJKW,FRXOGQ
WNQRZ
ZKHWKHULWZDVDSURVSHURXVQDWLRQRUQRWDQGZKHWKHU,ZDVLQD
WKULYLQJVWDWHRUQRWXQOHVV,NQHZZKRKDGJRWWKHPRQH\DQG
ZKHWKHUDQ\RILWZDVPLQH%XWWKDWKDGQRWKLQJWRGRZLWKLW
,WZDVQRWLQWKHILJXUHVDWDOO
VDLG6LVV\ZLSLQJKHUH\HV
7KDWZDVDJUHDWPLVWDNHRI\RXUV
REVHUYHG/RXLVD
<HV0LVV/RXLVD,NQRZLWZDVQRZ7KHQ0U0
&KRDNXPFKLOG
VDLGKHZRXOGWU\PHDJDLQ$QGKHVDLG7KLVVFKRROURRPLVDQ
LPPHQVHWRZQDQGLQLWWKHUHDUHDPLOOLRQRILQKDELWDQWVDQG
RQO\ILYHDQGWZHQW\DUHVWDUYHGWRGHDWKLQWKHVWUHHWVLQWKH
FRXUVHRID\HDU:KDWLV\RXUUHPDUNRQWKDWSURSRUWLRQ"$QGP\
UHPDUNZDVIRU,FRXOGQ
WWKLQNRIDEHWWHURQHWKDW,WKRXJKW
LWPXVWEHMXVWDVKDUGXSRQWKRVHZKRZHUHVWDUYHGZKHWKHUWKH
RWKHUVZHUHDPLOOLRQRUDPLOOLRQPLOOLRQ$QGWKDWZDVZURQJ
WRR
53
2IFRXUVHLWZDV
7KHQ0U0
&KRDNXPFKLOGVDLGKHZRXOGWU\PHRQFHPRUH$QGKH
VDLG+HUHDUHWKHVWXWWHULQJV
6WDWLVWLFV
VDLG/RXLVD
<HV0LVV/RXLVDWKH\DOZD\VUHPLQGPHRIVWXWWHULQJVDQG
WKDW
VDQRWKHURIP\PLVWDNHVRIDFFLGHQWVXSRQWKHVHD$QG,
ILQG0U0
&KRDNXPFKLOGVDLGWKDWLQDJLYHQWLPHDKXQGUHG
WKRXVDQGSHUVRQVZHQWWRVHDRQORQJYR\DJHVDQGRQO\ILYHKXQGUHG
RIWKHPZHUHGURZQHGRUEXUQWWRGHDWK:KDWLVWKHSHUFHQWDJH"
$QG,VDLG0LVV
KHUH6LVV\IDLUO\VREEHGDVFRQIHVVLQJZLWK
H[WUHPHFRQWULWLRQWRKHUJUHDWHVWHUURU
,VDLGLWZDVQRWKLQJ
1RWKLQJ6LVV\"
1RWKLQJ0LVVWRWKHUHODWLRQVDQGIULHQGVRIWKHSHRSOHZKR
ZHUHNLOOHG,VKDOOQHYHUOHDUQ
VDLG6LVV\
$QGWKHZRUVWRI
DOOLVWKDWDOWKRXJKP\SRRUIDWKHUZLVKHGPHVRPXFKWROHDUQ
DQGDOWKRXJK,DPVRDQ[LRXVWROHDUQEHFDXVHKHZLVKHGPHWR,
DPDIUDLG,GRQ
WOLNHLW
/RXLVDVWRRGORRNLQJDWWKHSUHWW\PRGHVWKHDGDVLWGURRSHG
DEDVKHGEHIRUHKHUXQWLOLWZDVUDLVHGDJDLQWRJODQFHDWKHU
IDFH7KHQVKHDVNHG
'LG\RXUIDWKHUNQRZVRPXFKKLPVHOIWKDWKHZLVKHG\RXWREH
ZHOOWDXJKWWRR6LVV\"
6LVV\KHVLWDWHGEHIRUHUHSO\LQJDQGVRSODLQO\VKRZHGKHUVHQVH
WKDWWKH\ZHUHHQWHULQJRQIRUELGGHQJURXQGWKDW/RXLVDDGGHG
1R
RQHKHDUVXVDQGLIDQ\RQHGLG,DPVXUHQRKDUPFRXOGEHIRXQG
LQVXFKDQLQQRFHQWTXHVWLRQ
1R0LVV/RXLVD
DQVZHUHG6LVV\XSRQWKLVHQFRXUDJHPHQWVKDNLQJ
KHUKHDG
IDWKHUNQRZVYHU\OLWWOHLQGHHG,W
VDVPXFKDVKHFDQ
GRWRZULWHDQGLW
VPRUHWKDQSHRSOHLQJHQHUDOFDQGRWRUHDG
KLVZULWLQJ7KRXJKLW
VSODLQWRPH
<RXUPRWKHU
)DWKHUVD\VVKHZDVTXLWHDVFKRODU6KHGLHGZKHQ,ZDVERUQ
6KHZDV
6LVV\PDGHWKHWHUULEOHFRPPXQLFDWLRQQHUYRXVO\
VKHZDV
54
DGDQFHU
'LG\RXUIDWKHUORYHKHU"
/RXLVDDVNHGWKHVHTXHVWLRQVZLWKD
VWURQJZLOGZDQGHULQJLQWHUHVWSHFXOLDUWRKHUDQLQWHUHVWJRQH
DVWUD\OLNHDEDQLVKHGFUHDWXUHDQGKLGLQJLQVROLWDU\SODFHV
2\HV$VGHDUO\DVKHORYHVPH)DWKHUORYHGPHILUVWIRUKHU
VDNH+HFDUULHGPHDERXWZLWKKLPZKHQ,ZDVTXLWHDEDE\:H
KDYHQHYHUEHHQDVXQGHUIURPWKDWWLPH
<HWKHOHDYHV\RXQRZ6LVV\"
2QO\IRUP\JRRG1RERG\XQGHUVWDQGVKLPDV,GRQRERG\NQRZV
KLPDV,GR:KHQKHOHIWPHIRUP\JRRGKHQHYHUZRXOGKDYH
OHIWPHIRUKLVRZQ,NQRZKHZDVDOPRVWEURNHQKHDUWHGZLWKWKH
WULDO+HZLOOQRWEHKDSS\IRUDVLQJOHPLQXWHWLOOKHFRPHV
EDFN
7HOOPHPRUHDERXWKLP
VDLG/RXLVD
,ZLOOQHYHUDVN\RXDJDLQ
:KHUHGLG\RXOLYH"
:HWUDYHOOHGDERXWWKHFRXQWU\DQGKDGQRIL[HGSODFHWROLYHLQ
)DWKHU
VD
6LVV\ZKLVSHUHGWKHDZIXOZRUG
DFORZQ
7RPDNHWKHSHRSOHODXJK"
VDLG/RXLVDZLWKDQRGRI
LQWHOOLJHQFH
<HV%XWWKH\ZRXOGQ
WODXJKVRPHWLPHVDQGWKHQIDWKHUFULHG
/DWHO\WKH\YHU\RIWHQZRXOGQ
WODXJKDQGKHXVHGWRFRPHKRPH
GHVSDLULQJ)DWKHU
VQRWOLNHPRVW7KRVHZKRGLGQ
WNQRZKLPDV
ZHOODV,GRDQGGLGQ
WORYHKLPDVGHDUO\DV,GRPLJKWEHOLHYH
KHZDVQRWTXLWHULJKW6RPHWLPHVWKH\SOD\HGWULFNVXSRQKLPEXW
WKH\QHYHUNQHZKRZKHIHOWWKHPDQGVKUXQNXSZKHQKHZDVDORQH
ZLWKPH+HZDVIDUIDUWLPLGHUWKDQWKH\WKRXJKW
$QG\RXZHUHKLVFRPIRUWWKURXJKHYHU\WKLQJ"
6KHQRGGHGZLWKWKHWHDUVUROOLQJGRZQKHUIDFH
,KRSHVRDQG
IDWKHUVDLG,ZDV,WZDVEHFDXVHKHJUHZVRVFDUHGDQGWUHPEOLQJ
DQGEHFDXVHKHIHOWKLPVHOIWREHDSRRUZHDNLJQRUDQWKHOSOHVV
PDQWKRVHXVHGWREHKLVZRUGVWKDWKHZDQWHGPHVRPXFKWRNQRZ
DJUHDWGHDODQGEHGLIIHUHQWIURPKLP,XVHGWRUHDGWRKLPWR
FKHHUKLVFRXUDJHDQGKHZDVYHU\IRQGRIWKDW7KH\ZHUHZURQJ
ERRNV,DPQHYHUWRVSHDNRIWKHPKHUHEXWZHGLGQ
WNQRZWKHUH
55
ZDVDQ\KDUPLQWKHP
$QGKHOLNHGWKHP"
VDLG/RXLVDZLWKDVHDUFKLQJJD]HRQ6LVV\
DOOWKLVWLPH
2YHU\PXFK7KH\NHSWKLPPDQ\WLPHVIURPZKDWGLGKLPUHDO
KDUP$QGRIWHQDQGRIWHQRIDQLJKWKHXVHGWRIRUJHWDOOKLV
WURXEOHVLQZRQGHULQJZKHWKHUWKH6XOWDQZRXOGOHWWKHODG\JRRQ
ZLWKWKHVWRU\RUZRXOGKDYHKHUKHDGFXWRIIEHIRUHLWZDV
ILQLVKHG
$QG\RXUIDWKHUZDVDOZD\VNLQG"7RWKHODVW"
DVNHG/RXLVD
FRQWUDYHQLQJWKHJUHDWSULQFLSOHDQGZRQGHULQJYHU\PXFK
$OZD\VDOZD\V
UHWXUQHG6LVV\FODVSLQJKHUKDQGV
.LQGHUDQG
NLQGHUWKDQ,FDQWHOO+HZDVDQJU\RQO\RQHQLJKWDQGWKDWZDV
QRWWRPHEXW0HUU\OHJV0HUU\OHJV
VKHZKLVSHUHGWKHDZIXO
IDFW
LVKLVSHUIRUPLQJGRJ
:K\ZDVKHDQJU\ZLWKWKHGRJ"
/RXLVDGHPDQGHG
)DWKHUVRRQDIWHUWKH\FDPHKRPHIURPSHUIRUPLQJWROG0HUU\OHJV
WRMXPSXSRQWKHEDFNVRIWKHWZRFKDLUVDQGVWDQGDFURVVWKHP
ZKLFKLVRQHRIKLVWULFNV+HORRNHGDWIDWKHUDQGGLGQ
WGRLW
DWRQFH(YHU\WKLQJRIIDWKHU
VKDGJRQHZURQJWKDWQLJKWDQGKH
KDGQ
WSOHDVHGWKHSXEOLFDWDOO+HFULHGRXWWKDWWKHYHU\GRJ
NQHZKHZDVIDLOLQJDQGKDGQRFRPSDVVLRQRQKLP7KHQKHEHDW
WKHGRJDQG,ZDVIULJKWHQHGDQGVDLG)DWKHUIDWKHU3UD\
GRQ
WKXUWWKHFUHDWXUHZKRLVVRIRQGRI\RX2+HDYHQIRUJLYH
\RXIDWKHUVWRS$QGKHVWRSSHGDQGWKHGRJZDVEORRG\DQG
IDWKHUOD\GRZQFU\LQJRQWKHIORRUZLWKWKHGRJLQKLVDUPVDQG
WKHGRJOLFNHGKLVIDFH
/RXLVDVDZWKDWVKHZDVVREELQJDQGJRLQJWRKHUNLVVHGKHUWRRN
KHUKDQGDQGVDWGRZQEHVLGHKHU
)LQLVKE\WHOOLQJPHKRZ\RXUIDWKHUOHIW\RX6LVV\1RZWKDW,
KDYHDVNHG\RXVRPXFKWHOOPHWKHHQG7KHEODPHLIWKHUHLV
DQ\EODPHLVPLQHQRW\RXUV
'HDU0LVV/RXLVD
VDLG6LVV\FRYHULQJKHUH\HVDQGVREELQJ\HW
,FDPHKRPHIURPWKHVFKRROWKDWDIWHUQRRQDQGIRXQGSRRUIDWKHU
MXVWFRPHKRPHWRRIURPWKHERRWK$QGKHVDWURFNLQJKLPVHOI
RYHUWKHILUHDVLIKHZDVLQSDLQ$QG,VDLG+DYH\RXKXUW
56
\RXUVHOIIDWKHU"DVKHGLGVRPHWLPHVOLNHWKH\DOOGLGDQGKH
VDLG$OLWWOHP\GDUOLQJ$QGZKHQ,FDPHWRVWRRSGRZQDQG
ORRNXSDWKLVIDFH,VDZWKDWKHZDVFU\LQJ7KHPRUH,VSRNHWR
KLPWKHPRUHKHKLGKLVIDFHDQGDWILUVWKHVKRRNDOORYHUDQG
VDLGQRWKLQJEXW0\GDUOLQJDQG0\ORYH
+HUH7RPFDPHORXQJLQJLQDQGVWDUHGDWWKHWZRZLWKDFRROQHVV
QRWSDUWLFXODUO\VDYRXULQJRILQWHUHVWLQDQ\WKLQJEXWKLPVHOIDQG
QRWPXFKRIWKDWDWSUHVHQW
,DPDVNLQJ6LVV\DIHZTXHVWLRQV7RP
REVHUYHGKLVVLVWHU
<RXKDYHQRRFFDVLRQWRJRDZD\EXWGRQ
WLQWHUUXSWXVIRUD
PRPHQW7RPGHDU
2KYHU\ZHOO
UHWXUQHG7RP
2QO\IDWKHUKDVEURXJKWROG
%RXQGHUE\KRPHDQG,ZDQW\RXWRFRPHLQWRWKHGUDZLQJURRP
%HFDXVHLI\RXFRPHWKHUH
VDJRRGFKDQFHRIROG%RXQGHUE\
V
DVNLQJPHWRGLQQHUDQGLI\RXGRQ
WWKHUH
VQRQH
,
OOFRPHGLUHFWO\
,
OOZDLWIRU\RX
VDLG7RP
WRPDNHVXUH
6LVV\UHVXPHGLQDORZHUYRLFH
$WODVWSRRUIDWKHUVDLGWKDWKH
KDGJLYHQQRVDWLVIDFWLRQDJDLQDQGQHYHUGLGJLYHDQ\
VDWLVIDFWLRQQRZDQGWKDWKHZDVDVKDPHDQGGLVJUDFHDQG,
VKRXOGKDYHGRQHEHWWHUZLWKRXWKLPDOODORQJ,VDLGDOOWKH
DIIHFWLRQDWHWKLQJVWRKLPWKDWFDPHLQWRP\KHDUWDQGSUHVHQWO\
KHZDVTXLHWDQG,VDWGRZQE\KLPDQGWROGKLPDOODERXWWKH
VFKRRODQGHYHU\WKLQJWKDWKDGEHHQVDLGDQGGRQHWKHUH:KHQ,
KDGQRPRUHOHIWWRWHOOKHSXWKLVDUPVURXQGP\QHFNDQGNLVVHG
PHDJUHDWPDQ\WLPHV7KHQKHDVNHGPHWRIHWFKVRPHRIWKHVWXII
KHXVHGIRUWKHOLWWOHKXUWKHKDGKDGDQGWRJHWLWDWWKHEHVW
SODFHZKLFKZDVDWWKHRWKHUHQGRIWRZQIURPWKHUHDQGWKHQ
DIWHUNLVVLQJPHDJDLQKHOHWPHJR:KHQ,KDGJRQHGRZQVWDLUV
,WXUQHGEDFNWKDW,PLJKWEHDOLWWOHELWPRUHFRPSDQ\WRKLP\HW
DQGORRNHGLQDWWKHGRRUDQGVDLG)DWKHUGHDUVKDOO,WDNH
0HUU\OHJV")DWKHUVKRRNKLVKHDGDQGVDLG1R6LVV\QRWDNH
QRWKLQJWKDW
VNQRZQWREHPLQHP\GDUOLQJDQG,OHIWKLP
VLWWLQJE\WKHILUH7KHQWKHWKRXJKWPXVWKDYHFRPHXSRQKLP
SRRUSRRUIDWKHURIJRLQJDZD\WRWU\VRPHWKLQJIRUP\VDNHIRU
ZKHQ,FDPHEDFNKHZDVJRQH
,VD\/RRNVKDUSIRUROG%RXQGHUE\/RR
7RPUHPRQVWUDWHG
57
7KHUH
VQRPRUHWRWHOO0LVV/RXLVD,NHHSWKHQLQHRLOVUHDG\
IRUKLPDQG,NQRZKHZLOOFRPHEDFN(YHU\OHWWHUWKDW,VHHLQ
0U*UDGJULQG
VKDQGWDNHVP\EUHDWKDZD\DQGEOLQGVP\H\HVIRU,
WKLQNLWFRPHVIURPIDWKHURUIURP0U6OHDU\DERXWIDWKHU0U
6OHDU\SURPLVHGWRZULWHDVVRRQDVHYHUIDWKHUVKRXOGEHKHDUGRI
DQG,WUXVWWRKLPWRNHHSKLVZRUG
'RORRNVKDUSIRUROG%RXQGHUE\/RR
VDLG7RPZLWKDQLPSDWLHQW
ZKLVWOH
+H
OOEHRIILI\RXGRQ
WORRNVKDUS
$IWHUWKLVZKHQHYHU6LVV\GURSSHGDFXUWVH\WR0U*UDGJULQGLQ
WKHSUHVHQFHRIKLVIDPLO\DQGVDLGLQDIDOWHULQJZD\
,EHJ
\RXUSDUGRQVLUIRUEHLQJWURXEOHVRPHEXWKDYH\RXKDGDQ\
OHWWHU\HWDERXWPH"
/RXLVDZRXOGVXVSHQGWKHRFFXSDWLRQRIWKH
PRPHQWZKDWHYHULWZDVDQGORRNIRUWKHUHSO\DVHDUQHVWO\DV
6LVV\GLG$QGZKHQ0U*UDGJULQGUHJXODUO\DQVZHUHG
1R-XSH
QRWKLQJRIWKHVRUW
WKHWUHPEOLQJRI6LVV\
VOLSZRXOGEH
UHSHDWHGLQ/RXLVD
VIDFHDQGKHUH\HVZRXOGIROORZ6LVV\ZLWK
FRPSDVVLRQWRWKHGRRU0U*UDGJULQGXVXDOO\LPSURYHGWKHVH
RFFDVLRQVE\UHPDUNLQJZKHQVKHZDVJRQHWKDWLI-XSHKDGEHHQ
SURSHUO\WUDLQHGIURPDQHDUO\DJHVKHZRXOGKDYHUHPRQVWUDWHGWR
KHUVHOIRQVRXQGSULQFLSOHVWKHEDVHOHVVQHVVRIWKHVHIDQWDVWLF
KRSHV<HWLWGLGVHHPWKRXJKQRWWRKLPIRUKHVDZQRWKLQJRI
LWDVLIIDQWDVWLFKRSHFRXOGWDNHDVVWURQJDKROGDV)DFW
7KLVREVHUYDWLRQPXVWEHOLPLWHGH[FOXVLYHO\WRKLVGDXJKWHU$V
WR7RPKHZDVEHFRPLQJWKDWQRWXQSUHFHGHQWHGWULXPSKRI
FDOFXODWLRQZKLFKLVXVXDOO\DWZRUNRQQXPEHURQH$VWR0UV
*UDGJULQGLIVKHVDLGDQ\WKLQJRQWKHVXEMHFWVKHZRXOGFRPHD
OLWWOHZD\RXWRIKHUZUDSSHUVOLNHDIHPLQLQHGRUPRXVHDQGVD\
*RRGJUDFLRXVEOHVVPHKRZP\SRRUKHDGLVYH[HGDQGZRUULHGE\
WKDWJLUO-XSH
VVRSHUVHYHULQJO\DVNLQJRYHUDQGRYHUDJDLQ
DERXWKHUWLUHVRPHOHWWHUV8SRQP\ZRUGDQGKRQRXU,VHHPWREH
IDWHGDQGGHVWLQHGDQGRUGDLQHGWROLYHLQWKHPLGVWRIWKLQJV
WKDW,DPQHYHUWRKHDUWKHODVWRI,WUHDOO\LVDPRVW
H[WUDRUGLQDU\FLUFXPVWDQFHWKDWLWDSSHDUVDVLI,QHYHUZDVWR
KHDUWKHODVWRIDQ\WKLQJ
$WDERXWWKLVSRLQW0U*UDGJULQG
VH\HZRXOGIDOOXSRQKHUDQG
XQGHUWKHLQIOXHQFHRIWKDWZLQWU\SLHFHRIIDFWVKHZRXOGEHFRPH
WRUSLGDJDLQ
58
&+$37(5;67(3+(1%/$&.322/
,(17(57$,1DZHDNLGHDWKDWWKH(QJOLVKSHRSOHDUHDVKDUGZRUNHG
DVDQ\SHRSOHXSRQZKRPWKHVXQVKLQHV,DFNQRZOHGJHWRWKLV
ULGLFXORXVLGLRV\QFUDV\DVDUHDVRQZK\,ZRXOGJLYHWKHPDOLWWOH
PRUHSOD\
,QWKHKDUGHVWZRUNLQJSDUWRI&RNHWRZQLQWKHLQQHUPRVW
IRUWLILFDWLRQVRIWKDWXJO\FLWDGHOZKHUH1DWXUHZDVDVVWURQJO\
EULFNHGRXWDVNLOOLQJDLUVDQGJDVHVZHUHEULFNHGLQDWWKHKHDUW
RIWKHODE\ULQWKRIQDUURZFRXUWVXSRQFRXUWVDQGFORVHVWUHHWV
XSRQVWUHHWVZKLFKKDGFRPHLQWRH[LVWHQFHSLHFHPHDOHYHU\SLHFH
LQDYLROHQWKXUU\IRUVRPHRQHPDQ
VSXUSRVHDQGWKHZKROHDQ
XQQDWXUDOIDPLO\VKRXOGHULQJDQGWUDPSOLQJDQGSUHVVLQJRQH
DQRWKHUWRGHDWKLQWKHODVWFORVHQRRNRIWKLVJUHDWH[KDXVWHG
UHFHLYHUZKHUHWKHFKLPQH\VIRUZDQWRIDLUWRPDNHDGUDXJKW
ZHUHEXLOWLQDQLPPHQVHYDULHW\RIVWXQWHGDQGFURRNHGVKDSHVDV
WKRXJKHYHU\KRXVHSXWRXWDVLJQRIWKHNLQGRISHRSOHZKRPLJKW
EHH[SHFWHGWREHERUQLQLWDPRQJWKHPXOWLWXGHRI&RNHWRZQ
JHQHULFDOO\FDOOHG
WKH+DQGV
DUDFHZKRZRXOGKDYHIRXQGPRUH
IDYRXUZLWKVRPHSHRSOHLI3URYLGHQFHKDGVHHQILWWRPDNHWKHP
RQO\KDQGVRUOLNHWKHORZHUFUHDWXUHVRIWKHVHDVKRUHRQO\
KDQGVDQGVWRPDFKVOLYHGDFHUWDLQ6WHSKHQ%ODFNSRROIRUW\\HDUV
RIDJH
6WHSKHQORRNHGROGHUEXWKHKDGKDGDKDUGOLIH,WLVVDLGWKDW
HYHU\OLIHKDVLWVURVHVDQGWKRUQVWKHUHVHHPHGKRZHYHUWRKDYH
EHHQDPLVDGYHQWXUHRUPLVWDNHLQ6WHSKHQ
VFDVHZKHUHE\VRPHERG\
HOVHKDGEHFRPHSRVVHVVHGRIKLVURVHVDQGKHKDGEHFRPHSRVVHVVHG
RIWKHVDPHVRPHERG\HOVH
VWKRUQVLQDGGLWLRQWRKLVRZQ+HKDG
NQRZQWRXVHKLVZRUGVDSHFNRIWURXEOH+HZDVXVXDOO\FDOOHG
2OG6WHSKHQLQDNLQGRIURXJKKRPDJHWRWKHIDFW
$UDWKHUVWRRSLQJPDQZLWKDNQLWWHGEURZDSRQGHULQJH[SUHVVLRQ
RIIDFHDQGDKDUGORRNLQJKHDGVXIILFLHQWO\FDSDFLRXVRQZKLFK
KLVLURQJUH\KDLUOD\ORQJDQGWKLQ2OG6WHSKHQPLJKWKDYHSDVVHG
IRUDSDUWLFXODUO\LQWHOOLJHQWPDQLQKLVFRQGLWLRQ<HWKHZDV
QRW+HWRRNQRSODFHDPRQJWKRVHUHPDUNDEOH
+DQGV
ZKRSLHFLQJ
WRJHWKHUWKHLUEURNHQLQWHUYDOVRIOHLVXUHWKURXJKPDQ\\HDUVKDG
PDVWHUHGGLIILFXOWVFLHQFHVDQGDFTXLUHGDNQRZOHGJHRIPRVW
59
XQOLNHO\WKLQJV+HKHOGQRVWDWLRQDPRQJWKH+DQGVZKRFRXOGPDNH
VSHHFKHVDQGFDUU\RQGHEDWHV7KRXVDQGVRIKLVFRPSHHUVFRXOG
WDONPXFKEHWWHUWKDQKHDWDQ\WLPH+HZDVDJRRGSRZHUORRP
ZHDYHUDQGDPDQRISHUIHFWLQWHJULW\:KDWPRUHKHZDVRUZKDW
HOVHKHKDGLQKLPLIDQ\WKLQJOHWKLPVKRZIRUKLPVHOI
7KHOLJKWVLQWKHJUHDWIDFWRULHVZKLFKORRNHGZKHQWKH\ZHUH
LOOXPLQDWHGOLNH)DLU\SDODFHVRUWKHWUDYHOOHUVE\H[SUHVV
WUDLQVDLGVRZHUHDOOH[WLQJXLVKHGDQGWKHEHOOVKDGUXQJIRU
NQRFNLQJRIIIRUWKHQLJKWDQGKDGFHDVHGDJDLQDQGWKH+DQGV
PHQDQGZRPHQER\DQGJLUOZHUHFODWWHULQJKRPH2OG6WHSKHQZDV
VWDQGLQJLQWKHVWUHHWZLWKWKHROGVHQVDWLRQXSRQKLPZKLFKWKH
VWRSSDJHRIWKHPDFKLQHU\DOZD\VSURGXFHGWKHVHQVDWLRQRILWV
KDYLQJZRUNHGDQGVWRSSHGLQKLVRZQKHDG
<HW,GRQ
WVHH5DFKDHOVWLOO
VDLGKH
,WZDVDZHWQLJKWDQGPDQ\JURXSVRI\RXQJZRPHQSDVVHGKLPZLWK
WKHLUVKDZOVGUDZQRYHUWKHLUEDUHKHDGVDQGKHOGFORVHXQGHUWKHLU
FKLQVWRNHHSWKHUDLQRXW+HNQHZ5DFKDHOZHOOIRUDJODQFHDW
DQ\RQHRIWKHVHJURXSVZDVVXIILFLHQWWRVKRZKLPWKDWVKHZDVQRW
WKHUH$WODVWWKHUHZHUHQRPRUHWRFRPHDQGWKHQKHWXUQHG
DZD\VD\LQJLQDWRQHRIGLVDSSRLQWPHQW
:K\WKHQKD
PLVVHG
KHU
%XWKHKDGQRWJRQHWKHOHQJWKRIWKUHHVWUHHWVZKHQKHVDZ
DQRWKHURIWKHVKDZOHGILJXUHVLQDGYDQFHRIKLPDWZKLFKKH
ORRNHGVRNHHQO\WKDWSHUKDSVLWVPHUHVKDGRZLQGLVWLQFWO\
UHIOHFWHGRQWKHZHWSDYHPHQWLIKHFRXOGKDYHVHHQLWZLWKRXW
WKHILJXUHLWVHOIPRYLQJDORQJIURPODPSWRODPSEULJKWHQLQJDQG
IDGLQJDVLWZHQWZRXOGKDYHEHHQHQRXJKWRWHOOKLPZKRZDV
WKHUH0DNLQJKLVSDFHDWRQFHPXFKTXLFNHUDQGPXFKVRIWHUKH
GDUWHGRQXQWLOKHZDVYHU\QHDUWKLVILJXUHWKHQIHOOLQWRKLV
IRUPHUZDONDQGFDOOHG
5DFKDHO
6KHWXUQHGEHLQJWKHQLQWKHEULJKWQHVVRIDODPSDQGUDLVLQJKHU
KRRGDOLWWOHVKRZHGDTXLHWRYDOIDFHGDUNDQGUDWKHUGHOLFDWH
LUUDGLDWHGE\DSDLURIYHU\JHQWOHH\HVDQGIXUWKHUVHWRIIE\
WKHSHUIHFWRUGHURIKHUVKLQLQJEODFNKDLU,WZDVQRWDIDFHLQ
LWVILUVWEORRPVKHZDVDZRPDQILYHDQGWKLUW\\HDUVRIDJH
$KODG
7LVWKRX"
:KHQVKHKDGVDLGWKLVZLWKDVPLOHZKLFK
ZRXOGKDYHEHHQTXLWHH[SUHVVHGWKRXJKQRWKLQJRIKHUKDGEHHQ
VHHQEXWKHUSOHDVDQWH\HVVKHUHSODFHGKHUKRRGDJDLQDQGWKH\
60
ZHQWRQWRJHWKHU
,WKRXJKWWKRXZDVWDKLQGPH5DFKDHO"
1R
(DUO\W
QLJKWODVV"
7LPHV,
PDOLWWOHHDUO\6WHSKHQ
WLPHVDOLWWOHODWH,
P
QHYHUWREHFRXQWHGRQJRLQJKRPH
1RUJRLQJW
RWKHUZD\QHLWKHU
WVHHPVWRPH5DFKDHO"
1R6WHSKHQ
+HORRNHGDWKHUZLWKVRPHGLVDSSRLQWPHQWLQKLVIDFHEXWZLWKD
UHVSHFWIXODQGSDWLHQWFRQYLFWLRQWKDWVKHPXVWEHULJKWLQ
ZKDWHYHUVKHGLG7KHH[SUHVVLRQZDVQRWORVWXSRQKHUVKHODLG
KHUKDQGOLJKWO\RQKLVDUPDPRPHQWDVLIWRWKDQNKLPIRULW
:HDUHVXFKWUXHIULHQGVODGDQGVXFKROGIULHQGVDQGJHWWLQJ
WREHVXFKROGIRONQRZ
1R5DFKDHOWKRX
UWDV\RXQJDVHYHUWKRXZDVW
2QHRIXVZRXOGEHSX]]OHGKRZWRJHWROG6WHSKHQZLWKRXW
W
RWKHUJHWWLQJVRWRRERWKEHLQJDOLYH
VKHDQVZHUHGODXJKLQJ
EXWDQ\ZD\VZH
UHVXFKROGIULHQGVDQGW
KLGHDZRUGRIKRQHVW
WUXWKIUR
RQHDQRWKHUZRXOGEHDVLQDQGDSLW\
7LVEHWWHUQRW
WRZDONWRRPXFKWRJHWKHU
7LPHV\HV
7ZRXOGEHKDUGLQGHHG
LI
WZDVQRWWREHDWDOO
VKHVDLGZLWKDFKHHUIXOQHVVVKH
VRXJKWWRFRPPXQLFDWHWRKLP
7LVKDUGDQ\ZD\V5DFKDHO
7U\WRWKLQNQRWDQG
WZLOOVHHPEHWWHU
,
YHWULHGDORQJWLPHDQG
WD
QWJRWEHWWHU%XWWKRX
UWULJKW
WPLJKWPDNIRNWDONHYHQRIWKHH7KRXKDVWEHHQWKDWWRPH
5DFKDHOWKURXJKVRPDQ\\HDUWKRXKDVWGRQHPHVRPXFKJRRGDQG
KHDUWHQHGRIPHLQWKDWFKHHULQJZD\WKDWWK\ZRUGLVDODZWRPH
$KODVVDQGDEULJKWJRRGODZ%HWWHUWKDQVRPHUHDORQHV
1HYHUIUHWDERXWWKHP6WHSKHQ
VKHDQVZHUHGTXLFNO\DQGQRW
61
ZLWKRXWDQDQ[LRXVJODQFHDWKLVIDFH
/HWWKHODZVEH
<HV
KHVDLGZLWKDVORZQRGRUWZR
/HW
HPEH/HW
HYHU\WKLQJEH/HWDOOVRUWVDORQH
7LVDPXGGOHDQGWKDW
V
DZ
$OZD\VDPXGGOH"
VDLG5DFKDHOZLWKDQRWKHUJHQWOHWRXFKXSRQKLV
DUPDVLIWRUHFDOOKLPRXWRIWKHWKRXJKWIXOQHVVLQZKLFKKHZDV
ELWLQJWKHORQJHQGVRIKLVORRVHQHFNHUFKLHIDVKHZDONHGDORQJ
7KHWRXFKKDGLWVLQVWDQWDQHRXVHIIHFW+HOHWWKHPIDOOWXUQHGD
VPLOLQJIDFHXSRQKHUDQGVDLGDVKHEURNHLQWRDJRRGKXPRXUHG
ODXJK
$\5DFKDHOODVVDZOXVDPXGGOH7KDW
VZKHUH,VWLFN
,FRPHWRWKHPXGGOHPDQ\WLPHVDQGDJHQDQG,QHYHUJHWEH\RQG
LW
7KH\KDGZDONHGVRPHGLVWDQFHDQGZHUHQHDUWKHLURZQKRPHV7KH
ZRPDQ
VZDVWKHILUVWUHDFKHG,WZDVLQRQHRIWKHPDQ\VPDOO
VWUHHWVIRUZKLFKWKHIDYRXULWHXQGHUWDNHUZKRWXUQHGDKDQGVRPH
VXPRXWRIWKHRQHSRRUJKDVWO\SRPSRIWKHQHLJKERXUKRRGNHSWD
EODFNODGGHULQRUGHUWKDWWKRVHZKRKDGGRQHWKHLUGDLO\JURSLQJ
XSDQGGRZQWKHQDUURZVWDLUVPLJKWVOLGHRXWRIWKLVZRUNLQJZRUOG
E\WKHZLQGRZV6KHVWRSSHGDWWKHFRUQHUDQGSXWWLQJKHUKDQGLQ
KLVZLVKHGKLPJRRGQLJKW
*RRGQLJKWGHDUODVVJRRGQLJKW
6KHZHQWZLWKKHUQHDWILJXUHDQGKHUVREHUZRPDQO\VWHSGRZQWKH
GDUNVWUHHWDQGKHVWRRGORRNLQJDIWHUKHUXQWLOVKHWXUQHGLQWR
RQHRIWKHVPDOOKRXVHV7KHUHZDVQRWDIOXWWHURIKHUFRDUVH
VKDZOSHUKDSVEXWKDGLWVLQWHUHVWLQWKLVPDQ
VH\HVQRWDWRQH
RIKHUYRLFHEXWKDGLWVHFKRLQKLVLQQHUPRVWKHDUW
:KHQVKHZDVORVWWRKLVYLHZKHSXUVXHGKLVKRPHZDUGZD\
JODQFLQJXSVRPHWLPHVDWWKHVN\ZKHUHWKHFORXGVZHUHVDLOLQJ
IDVWDQGZLOGO\%XWWKH\ZHUHEURNHQQRZDQGWKHUDLQKDG
FHDVHGDQGWKHPRRQVKRQHORRNLQJGRZQWKHKLJKFKLPQH\VRI
&RNHWRZQRQWKHGHHSIXUQDFHVEHORZDQGFDVWLQJ7LWDQLFVKDGRZVRI
WKHVWHDPHQJLQHVDWUHVWXSRQWKHZDOOVZKHUHWKH\ZHUHORGJHG
7KHPDQVHHPHGWRKDYHEULJKWHQHGZLWKWKHQLJKWDVKHZHQWRQ
+LVKRPHLQVXFKDQRWKHUVWUHHWDVWKHILUVWVDYLQJWKDWLWZDV
QDUURZHUZDVRYHUDOLWWOHVKRS+RZLWFDPHWRSDVVWKDWDQ\
SHRSOHIRXQGLWZRUWKWKHLUZKLOHWRVHOORUEX\WKHZUHWFKHG
OLWWOHWR\VPL[HGXSLQLWVZLQGRZZLWKFKHDSQHZVSDSHUVDQGSRUN
62
WKHUHZDVDOHJWREHUDIIOHGIRUWRPRUURZQLJKWPDWWHUVQRW
KHUH+HWRRNKLVHQGRIFDQGOHIURPDVKHOIOLJKWHGLWDW
DQRWKHUHQGRIFDQGOHRQWKHFRXQWHUZLWKRXWGLVWXUELQJWKH
PLVWUHVVRIWKHVKRSZKRZDVDVOHHSLQKHUOLWWOHURRPDQGZHQW
XSVWDLUVLQWRKLVORGJLQJ
,WZDVDURRPQRWXQDFTXDLQWHGZLWKWKHEODFNODGGHUXQGHUYDULRXV
WHQDQWVEXWDVQHDWDWSUHVHQWDVVXFKDURRPFRXOGEH$IHZ
ERRNVDQGZULWLQJVZHUHRQDQROGEXUHDXLQDFRUQHUWKHIXUQLWXUH
ZDVGHFHQWDQGVXIILFLHQWDQGWKRXJKWKHDWPRVSKHUHZDVWDLQWHG
WKHURRPZDVFOHDQ
*RLQJWRWKHKHDUWKWRVHWWKHFDQGOHGRZQXSRQDURXQGWKUHH
OHJJHGWDEOHVWDQGLQJWKHUHKHVWXPEOHGDJDLQVWVRPHWKLQJ$VKH
UHFRLOHGORRNLQJGRZQDWLWLWUDLVHGLWVHOIXSLQWRWKHIRUPRI
DZRPDQLQDVLWWLQJDWWLWXGH
+HDYHQ
VPHUF\ZRPDQ
KHFULHGIDOOLQJIDUWKHURIIIURPWKH
ILJXUH
+DVWWKRXFRPHEDFNDJDLQ
6XFKDZRPDQ$GLVDEOHGGUXQNHQFUHDWXUHEDUHO\DEOHWR
SUHVHUYHKHUVLWWLQJSRVWXUHE\VWHDG\LQJKHUVHOIZLWKRQHEHJULPHG
KDQGRQWKHIORRUZKLOHWKHRWKHUZDVVRSXUSRVHOHVVLQWU\LQJWR
SXVKDZD\KHUWDQJOHGKDLUIURPKHUIDFHWKDWLWRQO\EOLQGHGKHU
WKHPRUHZLWKWKHGLUWXSRQLW$FUHDWXUHVRIRXOWRORRNDWLQ
KHUWDWWHUVVWDLQVDQGVSODVKHVEXWVRPXFKIRXOHUWKDQWKDWLQ
KHUPRUDOLQIDP\WKDWLWZDVDVKDPHIXOWKLQJHYHQWRVHHKHU
$IWHUDQLPSDWLHQWRDWKRUWZRDQGVRPHVWXSLGFODZLQJRIKHUVHOI
ZLWKWKHKDQGQRWQHFHVVDU\WRKHUVXSSRUWVKHJRWKHUKDLUDZD\
IURPKHUH\HVVXIILFLHQWO\WRREWDLQDVLJKWRIKLP7KHQVKHVDW
VZD\LQJKHUERG\WRDQGIURDQGPDNLQJJHVWXUHVZLWKKHUXQQHUYHG
DUPZKLFKVHHPHGLQWHQGHGDVWKHDFFRPSDQLPHQWWRDILWRI
ODXJKWHUWKRXJKKHUIDFHZDVVWROLGDQGGURZV\
(LJKODG":KDW\R
UWKHUH"
6RPHKRDUVHVRXQGVPHDQWIRUWKLV
FDPHPRFNLQJO\RXWRIKHUDWODVWDQGKHUKHDGGURSSHGIRUZDUGRQ
KHUEUHDVW
%DFNDJHQ"
VKHVFUHHFKHGDIWHUVRPHPLQXWHVDVLIKHKDGWKDW
PRPHQWVDLGLW
<HV$QGEDFNDJHQ%DFNDJHQHYHUDQGHYHUVR
RIWHQ%DFN"<HVEDFN:K\QRW"
5RXVHGE\WKHXQPHDQLQJYLROHQFHZLWKZKLFKVKHFULHGLWRXWVKH
63
VFUDPEOHGXSDQGVWRRGVXSSRUWLQJKHUVHOIZLWKKHUVKRXOGHUV
DJDLQVWWKHZDOOGDQJOLQJLQRQHKDQGE\WKHVWULQJDGXQJKLOO
IUDJPHQWRIDERQQHWDQGWU\LQJWRORRNVFRUQIXOO\DWKLP
,
OOVHOOWKHHRIIDJDLQDQG,
OOVHOOWKHHRIIDJDLQDQG,
OO
VHOOWKHHRIIDVFRUHRIWLPHV
VKHFULHGZLWKVRPHWKLQJEHWZHHQ
DIXULRXVPHQDFHDQGDQHIIRUWDWDGHILDQWGDQFH
&RPHDZD
IURP
WK
EHG
+HZDVVLWWLQJRQWKHVLGHRILWZLWKKLVIDFHKLGGHQ
LQKLVKDQGV
&RPHDZDIURP
W
7LVPLQHDQG,
YHDULJKWWR
W
$VVKHVWDJJHUHGWRLWKHDYRLGHGKHUZLWKDVKXGGHUDQGSDVVHG
KLVIDFHVWLOOKLGGHQWRWKHRSSRVLWHHQGRIWKHURRP6KHWKUHZ
KHUVHOIXSRQWKHEHGKHDYLO\DQGVRRQZDVVQRULQJKDUG+HVXQN
LQWRDFKDLUDQGPRYHGEXWRQFHDOOWKDWQLJKW,WZDVWRWKURZD
FRYHULQJRYHUKHUDVLIKLVKDQGVZHUHQRWHQRXJKWRKLGHKHU
HYHQLQWKHGDUNQHVV
&+$37(5;,12:$<287
7+()DLU\SDODFHVEXUVWLQWRLOOXPLQDWLRQEHIRUHSDOHPRUQLQJ
VKRZHGWKHPRQVWURXVVHUSHQWVRIVPRNHWUDLOLQJWKHPVHOYHVRYHU
&RNHWRZQ$FODWWHULQJRIFORJVXSRQWKHSDYHPHQWDUDSLGULQJLQJ
RIEHOOVDQGDOOWKHPHODQFKRO\PDGHOHSKDQWVSROLVKHGDQGRLOHG
XSIRUWKHGD\
VPRQRWRQ\ZHUHDWWKHLUKHDY\H[HUFLVHDJDLQ
6WHSKHQEHQWRYHUKLVORRPTXLHWZDWFKIXODQGVWHDG\$VSHFLDO
FRQWUDVWDVHYHU\PDQZDVLQWKHIRUHVWRIORRPVZKHUH6WHSKHQ
ZRUNHGWRWKHFUDVKLQJVPDVKLQJWHDULQJSLHFHRIPHFKDQLVPDW
ZKLFKKHODERXUHG1HYHUIHDUJRRGSHRSOHRIDQDQ[LRXVWXUQRI
PLQGWKDW$UWZLOOFRQVLJQ1DWXUHWRREOLYLRQ6HWDQ\ZKHUHVLGH
E\VLGHWKHZRUNRI*2'DQGWKHZRUNRIPDQDQGWKHIRUPHUHYHQ
WKRXJKLWEHDWURRSRI+DQGVRIYHU\VPDOODFFRXQWZLOOJDLQLQ
GLJQLW\IURPWKHFRPSDULVRQ
6RPDQ\KXQGUHG+DQGVLQWKLV0LOOVRPDQ\KXQGUHGKRUVH6WHDP
3RZHU,WLVNQRZQWRWKHIRUFHRIDVLQJOHSRXQGZHLJKWZKDW
WKHHQJLQHZLOOGREXWQRWDOOWKHFDOFXODWRUVRIWKH1DWLRQDO
'HEWFDQWHOOPHWKHFDSDFLW\IRUJRRGRUHYLOIRUORYHRUKDWUHG
IRUSDWULRWLVPRUGLVFRQWHQWIRUWKHGHFRPSRVLWLRQRIYLUWXHLQWR
64
YLFHRUWKHUHYHUVHDWDQ\VLQJOHPRPHQWLQWKHVRXORIRQHRI
WKHVHLWVTXLHWVHUYDQWVZLWKWKHFRPSRVHGIDFHVDQGWKHUHJXODWHG
DFWLRQV7KHUHLVQRP\VWHU\LQLWWKHUHLVDQXQIDWKRPDEOH
P\VWHU\LQWKHPHDQHVWRIWKHPIRUHYHU6XSSRVLQJZHZHUHWR
UHYHUVHRXUDULWKPHWLFIRUPDWHULDOREMHFWVDQGWRJRYHUQWKHVH
DZIXOXQNQRZQTXDQWLWLHVE\RWKHUPHDQV
7KHGD\JUHZVWURQJDQGVKRZHGLWVHOIRXWVLGHHYHQDJDLQVWWKH
IODPLQJOLJKWVZLWKLQ7KHOLJKWVZHUHWXUQHGRXWDQGWKHZRUN
ZHQWRQ7KHUDLQIHOODQGWKH6PRNHVHUSHQWVVXEPLVVLYHWRWKH
FXUVHRIDOOWKDWWULEHWUDLOHGWKHPVHOYHVXSRQWKHHDUWK,QWKH
ZDVWH\DUGRXWVLGHWKHVWHDPIURPWKHHVFDSHSLSHWKHOLWWHURI
EDUUHOVDQGROGLURQWKHVKLQLQJKHDSVRIFRDOVWKHDVKHV
HYHU\ZKHUHZHUHVKURXGHGLQDYHLORIPLVWDQGUDLQ
7KHZRUNZHQWRQXQWLOWKHQRRQEHOOUDQJ0RUHFODWWHULQJXSRQ
WKHSDYHPHQWV7KHORRPVDQGZKHHOVDQG+DQGVDOORXWRIJHDU
IRUDQKRXU
6WHSKHQFDPHRXWRIWKHKRWPLOOLQWRWKHGDPSZLQGDQGFROGZHW
VWUHHWVKDJJDUGDQGZRUQ+HWXUQHGIURPKLVRZQFODVVDQGKLV
RZQTXDUWHUWDNLQJQRWKLQJEXWDOLWWOHEUHDGDVKHZDONHGDORQJ
WRZDUGVWKHKLOORQZKLFKKLVSULQFLSDOHPSOR\HUOLYHGLQDUHG
KRXVHZLWKEODFNRXWVLGHVKXWWHUVJUHHQLQVLGHEOLQGVDEODFN
VWUHHWGRRUXSWZRZKLWHVWHSV%281'(5%<LQOHWWHUVYHU\OLNH
KLPVHOIXSRQDEUD]HQSODWHDQGDURXQGEUD]HQGRRUKDQGOH
XQGHUQHDWKLWOLNHDEUD]HQIXOOVWRS
0U%RXQGHUE\ZDVDWKLVOXQFK6R6WHSKHQKDGH[SHFWHG:RXOG
KLVVHUYDQWVD\WKDWRQHRIWKH+DQGVEHJJHGOHDYHWRVSHDNWRKLP"
0HVVDJHLQUHWXUQUHTXLULQJQDPHRIVXFK+DQG6WHSKHQ%ODFNSRRO
7KHUHZDVQRWKLQJWURXEOHVRPHDJDLQVW6WHSKHQ%ODFNSRRO\HVKH
PLJKWFRPHLQ
6WHSKHQ%ODFNSRROLQWKHSDUORXU0U%RXQGHUE\ZKRPKHMXVWNQHZ
E\VLJKWDWOXQFKRQFKRSDQGVKHUU\0UV6SDUVLWQHWWLQJDW
WKHILUHVLGHLQDVLGHVDGGOHDWWLWXGHZLWKRQHIRRWLQDFRWWRQ
VWLUUXS,WZDVDSDUWDWRQFHRI0UV6SDUVLW
VGLJQLW\DQG
VHUYLFHQRWWROXQFK6KHVXSHUYLVHGWKHPHDORIILFLDOO\EXW
LPSOLHGWKDWLQKHURZQVWDWHO\SHUVRQVKHFRQVLGHUHGOXQFKD
ZHDNQHVV
1RZ6WHSKHQ
VDLG0U%RXQGHUE\
ZKDW
VWKHPDWWHUZLWK\RX"
65
6WHSKHQPDGHDERZ1RWDVHUYLOHRQHWKHVH+DQGVZLOOQHYHUGR
WKDW/RUGEOHVV\RXVLU\RX
OOQHYHUFDWFKWKHPDWWKDWLI
WKH\KDYHEHHQZLWK\RXWZHQW\\HDUVDQGDVDFRPSOLPHQWDU\
WRLOHWIRU0UV6SDUVLWWXFNHGKLVQHFNHUFKLHIHQGVLQWRKLV
ZDLVWFRDW
1RZ\RXNQRZ
VDLG0U%RXQGHUE\WDNLQJVRPHVKHUU\
ZHKDYH
QHYHUKDGDQ\GLIILFXOW\ZLWK\RXDQG\RXKDYHQHYHUEHHQRQHRI
WKHXQUHDVRQDEOHRQHV<RXGRQ
WH[SHFWWREHVHWXSLQDFRDFK
DQGVL[DQGWREHIHGRQWXUWOHVRXSDQGYHQLVRQZLWKDJROG
VSRRQDVDJRRGPDQ\RI
HPGR
0U%RXQGHUE\DOZD\VUHSUHVHQWHG
WKLVWREHWKHVROHLPPHGLDWHDQGGLUHFWREMHFWRIDQ\+DQGZKR
ZDVQRWHQWLUHO\VDWLVILHG
DQGWKHUHIRUH,NQRZDOUHDG\WKDW\RX
KDYHQRWFRPHKHUHWRPDNHDFRPSODLQW1RZ\RXNQRZ,DP
FHUWDLQRIWKDWEHIRUHKDQG
1RVLUVXUH,KD
QRWFRRPIRUQRZWR
WK
NLQG
0U%RXQGHUE\VHHPHGDJUHHDEO\VXUSULVHGQRWZLWKVWDQGLQJKLV
SUHYLRXVVWURQJFRQYLFWLRQ
9HU\ZHOO
KHUHWXUQHG
<RX
UHD
VWHDG\+DQGDQG,ZDVQRWPLVWDNHQ1RZOHWPHKHDUZKDWLW
V
DOODERXW$VLW
VQRWWKDWOHWPHKHDUZKDWLWLV:KDWKDYH
\RXJRWWRVD\"2XWZLWKLWODG
6WHSKHQKDSSHQHGWRJODQFHWRZDUGV0UV6SDUVLW
,FDQJR0U
%RXQGHUE\LI\RXZLVKLW
VDLGWKDWVHOIVDFULILFLQJODG\PDNLQJ
DIHLQWRIWDNLQJKHUIRRWRXWRIWKHVWLUUXS
0U%RXQGHUE\VWD\HGKHUE\KROGLQJDPRXWKIXORIFKRSLQ
VXVSHQVLRQEHIRUHVZDOORZLQJLWDQGSXWWLQJRXWKLVOHIWKDQG
7KHQZLWKGUDZLQJKLVKDQGDQGVZDOORZLQJKLVPRXWKIXORIFKRSKH
VDLGWR6WHSKHQ
1RZ\RXNQRZWKLVJRRGODG\LVDERUQODG\DKLJKODG\<RXDUH
QRWWRVXSSRVHEHFDXVHVKHNHHSVP\KRXVHIRUPHWKDWVKHKDVQ
W
EHHQYHU\KLJKXSWKHWUHHDKXSDWWKHWRSRIWKHWUHH1RZ
LI\RXKDYHJRWDQ\WKLQJWRVD\WKDWFDQ
WEHVDLGEHIRUHDERUQ
ODG\WKLVODG\ZLOOOHDYHWKHURRP,IZKDW\RXKDYHJRWWRVD\
FDQEHVDLGEHIRUHDERUQODG\WKLVODG\ZLOOVWD\ZKHUHVKHLV
6LU,KRSH,QHYHUKDGQRZWWRVD\QRWILWWHQIRUDERUQODG\WR
\HDUVLQ
,ZHUHERUQP\VHQ
ZDVWKHUHSO\DFFRPSDQLHGZLWKD
VOLJKWIOXVK
66
9HU\ZHOO
VDLG0U%RXQGHUE\SXVKLQJDZD\KLVSODWHDQG
OHDQLQJEDFN
)LUHDZD\
,KD
FRRP
6WHSKHQEHJDQUDLVLQJKLVH\HVIURPWKHIORRUDIWHU
DPRPHQW
VFRQVLGHUDWLRQ
WRDVN\R\RUDGYLFH,QHHG
W
RYHUPXFK,ZHUHPDUULHGRQ(DV
U0RQGD\QLQHWHHQ\HDUVLQORQJ
DQGGUHH6KHZHUHD\RXQJODVVSUHWW\HQRZZL
JRRGDFFRXQWV
RIKHUVHOQ:HOO6KHZHQWEDGVRRQ1RWDORQJRIPH*RQQRZV
,ZHUHQRWDXQNLQGKXVEDQGWRKHU
,KDYHKHDUGDOOWKLVEHIRUH
VDLG0U%RXQGHUE\
6KHWRRNWR
GULQNLQJOHIWRIIZRUNLQJVROGWKHIXUQLWXUHSDZQHGWKHFORWKHV
DQGSOD\HGROG*RRVHEHUU\
,ZHUHSDWLHQWZL
KHU
7KHPRUHIRRO\RX,WKLQN
VDLG0U%RXQGHUE\LQFRQILGHQFHWR
KLVZLQHJODVV
,ZHUHYHU\SDWLHQWZL
KHU,WULHGWRZHDQKHUIUD
WRZHUDQG
RZHUDJHQ,WULHGWKLV,WULHGWKDW,WULHGW
RWKHU,KD
JRQHKRPHPDQ\
VWKHWLPHDQGIRXQGDOOYDQLVKHGDV,KDGLQWKH
ZRUOGDQGKHUZLWKRXWDVHQVHOHIWWREOHVVKHUVHOQO\LQJRQEDUH
JURXQG,KD
GXQ
WQRWRQFHQRWWZLFHWZHQW\WLPH
(YHU\OLQHLQKLVIDFHGHHSHQHGDVKHVDLGLWDQGSXWLQLWV
DIIHFWLQJHYLGHQFHRIWKHVXIIHULQJKHKDGXQGHUJRQH
)URPEDGWRZRUVHIURPZRUVHWRZRUVHQ6KHOHIWPH6KH
GLVJUDFHGKHUVHOQHYHU\ZD\VELWWHUDQGEDG6KHFRRPEDFNVKH
FRRPEDFNVKHFRRPEDFN:KDWFRXOG,GRW
KLQGHUKHU",KD
ZDONHGWKHVWUHHWVQLJKWVORQJHUHHYHU,
GJRKRPH,KD
JRQH
W
WK
EULJJPLQGHGWRIOLQJP\VHOQRZHUDQGKD
QRPRUHRQ
W,
KD
ERUHWKDWPXFKWKDW,ZHUHRZGZKHQ,ZHUH\RXQJ
0UV6SDUVLWHDVLO\DPEOLQJDORQJZLWKKHUQHWWLQJQHHGOHVUDLVHG
WKH&RULRODQLDQH\HEURZVDQGVKRRNKHUKHDGDVPXFKDVWRVD\
7KHJUHDWNQRZWURXEOHDVZHOODVWKHVPDOO3OHDVHWRWXUQ\RXU
KXPEOHH\HLQ0\GLUHFWLRQ
,KD
SDLGKHUWRNHHSDZD
IUD
PH7KHVHILYH\HDU,KD
SDLG
KHU,KD
JRWWHQGHFHQWIHZWULOVDERXWPHDJHQ,KD
OLYHGKDUG
DQGVDGEXWQRWDVKDPHGDQGIHDUIR
D
WKHPLQQLWVR
P\OLIH
/DVWQLJKW,ZHQWKRPH7KHUHVKHOD\XSRQP\KDUVWRQH7KHUH
67
VKHLV
,QWKHVWUHQJWKRIKLVPLVIRUWXQHDQGWKHHQHUJ\RIKLVGLVWUHVV
KHILUHGIRUWKHPRPHQWOLNHDSURXGPDQ,QDQRWKHUPRPHQWKH
VWRRGDVKHKDGVWRRGDOOWKHWLPHKLVXVXDOVWRRSXSRQKLPKLV
SRQGHULQJIDFHDGGUHVVHGWR0U%RXQGHUE\ZLWKDFXULRXV
H[SUHVVLRQRQLWKDOIVKUHZGKDOISHUSOH[HGDVLIKLVPLQGZHUH
VHWXSRQXQUDYHOOLQJVRPHWKLQJYHU\GLIILFXOWKLVKDWKHOGWLJKW
LQKLVOHIWKDQGZKLFKUHVWHGRQKLVKLSKLVULJKWDUPZLWKD
UXJJHGSURSULHW\DQGIRUFHRIDFWLRQYHU\HDUQHVWO\HPSKDVL]LQJ
ZKDWKHVDLGQRWOHDVWVRZKHQLWDOZD\VSDXVHGDOLWWOHEHQW
EXWQRWZLWKGUDZQDVKHSDXVHG
,ZDVDFTXDLQWHGZLWKDOOWKLV\RXNQRZ
VDLG0U%RXQGHUE\
H[FHSWWKHODVWFODXVHORQJDJR,W
VDEDGMREWKDW
VZKDWLW
LV<RXKDGEHWWHUKDYHEHHQVDWLVILHGDV\RXZHUHDQGQRWKDYH
JRWPDUULHG+RZHYHULW
VWRRODWHWRVD\WKDW
:DVLWDQXQHTXDOPDUULDJHVLULQSRLQWRI\HDUV"
DVNHG0UV
6SDUVLW
<RXKHDUZKDWWKLVODG\DVNV:DVLWDQXQHTXDOPDUULDJHLQSRLQW
RI\HDUVWKLVXQOXFN\MRERI\RXUV"
VDLG0U%RXQGHUE\
1RWH
HQVR,ZHUHRQHDQGWZHQW\P\VHOQVKHZHUHWZHQW\
QLJKEXW
,QGHHGVLU"
VDLG0UV6SDUVLWWRKHU&KLHIZLWKJUHDW
SODFLGLW\
,LQIHUUHGIURPLWVEHLQJVRPLVHUDEOHDPDUULDJH
WKDWLWZDVSUREDEO\DQXQHTXDORQHLQSRLQWRI\HDUV
0U%RXQGHUE\ORRNHGYHU\KDUGDWWKHJRRGODG\LQDVLGHORQJZD\
WKDWKDGDQRGGVKHHSLVKQHVVDERXWLW+HIRUWLILHGKLPVHOIZLWKD
OLWWOHPRUHVKHUU\
:HOO":K\GRQ
W\RXJRRQ"
KHWKHQDVNHGWXUQLQJUDWKHU
LUULWDEO\RQ6WHSKHQ%ODFNSRRO
,KD
FRRPWRDVN\RVLUKRZ,DPWREHULGGHGR
WKLVZRPDQ
6WHSKHQLQIXVHGD\HWGHHSHUJUDYLW\LQWRWKHPL[HGH[SUHVVLRQRI
KLVDWWHQWLYHIDFH0UV6SDUVLWXWWHUHGDJHQWOHHMDFXODWLRQDV
KDYLQJUHFHLYHGDPRUDOVKRFN
:KDWGR\RXPHDQ"
VDLG%RXQGHUE\JHWWLQJXSWROHDQKLVEDFN
68
DJDLQVWWKHFKLPQH\SLHFH
:KDWDUH\RXWDONLQJDERXW"<RXWRRN
KHUIRUEHWWHUIRUZRUVH
,PXQ
EHULGGHQR
KHU,FDQQRWEHDU
WQRPPRUH,KD
OLYHG
XQGHU
WVRORQJIRUWKDW,KD
KDG
QWKHSLW\DQGFRPIRUWLQJ
ZRUGVR
WK
EHVWODVVOLYLQJRUGHDG+DSO\EXWIRUKHU,
VKRXOGKD
JRQHEDWWHULQJPDG
+HZLVKHVWREHIUHHWRPDUU\WKHIHPDOHRIZKRPKHVSHDNV,
IHDUVLU
REVHUYHG0UV6SDUVLWLQDQXQGHUWRQHDQGPXFK
GHMHFWHGE\WKHLPPRUDOLW\RIWKHSHRSOH
,GR7KHODG\VD\VZKDW
VULJKW,GR,ZHUHDFRPLQJWR
W
,KD
UHDGL
WK
SDSHUVWKDWJUHDWIRONIDLUIDZ
HPD
,
ZLVKHV
HPQRKXUWDUHQRWERQGHGWRJHWKHUIRUEHWWHUIRUZRUVW
VRIDVWEXWWKDWWKH\FDQEHVHWIUHHIUR
WKHLUPLVIRUWQHW
PDUULDJHVDQ
PDUU\RZHUDJHQ:KHQWKH\GXQQRWDJUHHIRUWKDW
WKHLUWHPSHUVLVLOOVRUWHGWKH\KDVURRPVR
RQHNLQGDQ
DQRWKHU
LQWKHLUKRXVHVDERYHDELWDQGWKH\FDQOLYHDVXQGHUV:HIRN
KD
RQO\RQHURRPDQGZHFDQ
W:KHQWKDWZRQ
WGRWKH\KD
JRZG
DQ
RWKHUFDVKDQ
WKH\FDQVD\7KLVIRU\R
DQ
WKDWIRUPH
DQ
WKH\FDQJRWKHLUVHSDUDWHZD\V:HFDQ
W6SLWHR
DOOWKDW
WKH\FDQEHVHWIUHHIRUVPDOOHUZURQJVWKDQPLQH6R,PXQEH
ULGGHQR
WKLVZRPDQDQG,ZDQWW
NQRZKRZ"
1RKRZ
UHWXUQHG0U%RXQGHUE\
,I,GRKHUDQ\KXUWVLUWKHUH
VDODZWRSXQLVKPH"
2IFRXUVHWKHUHLV
,I,IOHHIURPKHUWKHUH
VDODZWRSXQLVKPH"
2IFRXUVHWKHUHLV
,I,PDUU\W
RRWKHUGHDUODVVWKHUH
VDODZWRSXQLVKPH"
2IFRXUVHWKHUHLV
,I,ZDVWROLYHZL
KHUDQ
QRWPDUU\KHUVD\LQJVXFKDWKLQJ
FRXOGEHZKLFKLWQHYHUFRXOGRUZRXOGDQ
KHUVRJRRGWKHUH
V
DODZWRSXQLVKPHLQHYHU\LQQRFHQWFKLOGEHORQJLQJWRPH"
2IFRXUVHWKHUHLV
69
1RZD
*RG
VQDPH
VDLG6WHSKHQ%ODFNSRRO
VKRZPHWKHODZWR
KHOSPH
+HP7KHUH
VDVDQFWLW\LQWKLVUHODWLRQRIOLIH
VDLG0U
%RXQGHUE\
DQGDQGLWPXVWEHNHSWXS
1RQRGXQQRWVD\WKDWVLU
7DQ
WNHS
XSWKDWZD\1RWWKDW
ZD\
7LVNHS
GRZQWKDWZD\,
PDZHDYHU,ZHUHLQDIDFW
U\
ZKHQDFKLOWEXW,KD
JRWWHQHHQWRVHHZL
DQGHHUQWR\HDUZL
,UHDGLQWK
SDSHUVHYHU\
6L]HVHYHU\6HVVLRQVDQG\RXUHDG
WRR,NQRZLWZLWKGLVPD\KRZWK
VXSSRVHGXQSRVVLELOLW\R
HYHUJHWWLQJXQFKDLQHGIURPRQHDQRWKHUDWDQ\SULFHRQDQ\
WHUPVEULQJVEORRGXSRQWKLVODQGDQGEULQJVPDQ\FRPPRQPDUULHG
IRNWREDWWOHPXUGHUDQGVXGGHQGHDWK/HWXVKD
WKLVULJKW
XQGHUVWRRG0LQH
VDJULHYRXVFDVHDQ
,ZDQWLI\RZLOOEHVR
JRRGW
NQRZWKHODZWKDWKHOSVPH
1RZ,WHOO\RXZKDW
VDLG0U%RXQGHUE\SXWWLQJKLVKDQGVLQ
KLVSRFNHWV
7KHUHLVVXFKDODZ
6WHSKHQVXEVLGLQJLQWRKLVTXLHWPDQQHUDQGQHYHUZDQGHULQJLQ
KLVDWWHQWLRQJDYHDQRG
%XWLW
VQRWIRU\RXDWDOO,WFRVWVPRQH\,WFRVWVDPLQWRI
PRQH\
+RZPXFKPLJKWWKDWEH"
6WHSKHQFDOPO\DVNHG
:K\\RX
GKDYHWRJRWR'RFWRUV
&RPPRQVZLWKDVXLWDQG\RX
G
KDYHWRJRWRDFRXUWRI&RPPRQ/DZZLWKDVXLWDQG\RX
GKDYHWR
JRWRWKH+RXVHRI/RUGVZLWKDVXLWDQG\RX
GKDYHWRJHWDQ$FW
RI3DUOLDPHQWWRHQDEOH\RXWRPDUU\DJDLQDQGLWZRXOGFRVW\RX
LILWZDVDFDVHRIYHU\SODLQVDLOLQJ,VXSSRVHIURPDWKRXVDQG
WRILIWHHQKXQGUHGSRXQG
VDLG0U%RXQGHUE\
3HUKDSVWZLFHWKH
PRQH\
7KHUH
VQRRWKHUODZ"
&HUWDLQO\QRW
:K\WKHQVLU
VDLG6WHSKHQWXUQLQJZKLWHDQGPRWLRQLQJZLWK
WKDWULJKWKDQGRIKLVDVLIKHJDYHHYHU\WKLQJWRWKHIRXUZLQGV
WLVDPXGGOH
7LVMXVWDPXGGOHD
WRRJHWKHUDQ
WKHVRRQHU,
70
DPGHDGWKHEHWWHU
0UV6SDUVLWDJDLQGHMHFWHGE\WKHLPSLHW\RIWKHSHRSOH
3RRKSRRK'RQ
W\RXWDONQRQVHQVHP\JRRGIHOORZ
VDLG0U
%RXQGHUE\
DERXWWKLQJV\RXGRQ
WXQGHUVWDQGDQGGRQ
W\RXFDOO
WKH,QVWLWXWLRQVRI\RXUFRXQWU\DPXGGOHRU\RX
OOJHW\RXUVHOI
LQWRDUHDOPXGGOHRQHRIWKHVHILQHPRUQLQJV7KHLQVWLWXWLRQVRI
\RXUFRXQWU\DUHQRW\RXUSLHFHZRUNDQGWKHRQO\WKLQJ\RXKDYH
JRWWRGRLVWRPLQG\RXUSLHFHZRUN<RXGLGQ
WWDNH\RXUZLIH
IRUIDVWDQGIRUORRVHEXWIRUEHWWHUIRUZRUVH,IVKHKDV
WXUQHGRXWZRUVHZK\DOOZHKDYHJRWWRVD\LVVKHPLJKWKDYH
WXUQHGRXWEHWWHU
7LVDPXGGOH
VDLG6WHSKHQVKDNLQJKLVKHDGDVKHPRYHGWRWKH
GRRU
7LVD
DPXGGOH
1RZ,
OOWHOO\RXZKDW
0U%RXQGHUE\UHVXPHGDVDYDOHGLFWRU\
DGGUHVV
:LWKZKDW,VKDOOFDOO\RXUXQKDOORZHGRSLQLRQV\RX
KDYHEHHQTXLWHVKRFNLQJWKLVODG\ZKRDV,KDYHDOUHDG\WROG
\RXLVDERUQODG\DQGZKRDV,KDYHQRWDOUHDG\WROG\RXKDV
KDGKHURZQPDUULDJHPLVIRUWXQHVWRWKHWXQHRIWHQVRIWKRXVDQGV
RISRXQGVWHQVRI7KRXVDQGVRI3RXQGV
KHUHSHDWHGLWZLWK
JUHDWUHOLVK
1RZ\RXKDYHDOZD\VEHHQDVWHDG\+DQGKLWKHUWR
EXWP\RSLQLRQLVDQGVR,WHOO\RXSODLQO\WKDW\RXDUHWXUQLQJ
LQWRWKHZURQJURDG<RXKDYHEHHQOLVWHQLQJWRVRPHPLVFKLHYRXV
VWUDQJHURURWKHUWKH\
UHDOZD\VDERXWDQGWKHEHVWWKLQJ\RX
FDQGRLVWRFRPHRXWRIWKDW1RZ\RXNQRZ
KHUHKLV
FRXQWHQDQFHH[SUHVVHGPDUYHOORXVDFXWHQHVV
,FDQVHHDVIDULQWR
DJULQGVWRQHDVDQRWKHUPDQIDUWKHUWKDQDJRRGPDQ\SHUKDSV
EHFDXVH,KDGP\QRVHZHOONHSWWRLWZKHQ,ZDV\RXQJ,VHH
WUDFHVRIWKHWXUWOHVRXSDQGYHQLVRQDQGJROGVSRRQLQWKLV
<HV,GR
FULHG0U%RXQGHUE\VKDNLQJKLVKHDGZLWKREVWLQDWH
FXQQLQJ
%\WKH/RUG+DUU\,GR
:LWKDYHU\GLIIHUHQWVKDNHRIWKHKHDGDQGGHHSVLJK6WHSKHQ
VDLG
7KDQN\RXVLU,ZLVK\RXJRRGGD\
6RKHOHIW0U
%RXQGHUE\VZHOOLQJDWKLVRZQSRUWUDLWRQWKHZDOODVLIKHZHUH
JRLQJWRH[SORGHKLPVHOILQWRLWDQG0UV6SDUVLWVWLOODPEOLQJRQ
ZLWKKHUIRRWLQKHUVWLUUXSORRNLQJTXLWHFDVWGRZQE\WKH
SRSXODUYLFHV
71
&+$37(5;,,7+(2/':20$1
2/'67(3+(1GHVFHQGHGWKHWZRZKLWHVWHSVVKXWWLQJWKHEODFNGRRU
ZLWKWKHEUD]HQGRRUSODWHE\WKHDLGRIWKHEUD]HQIXOOVWRSWR
ZKLFKKHJDYHDSDUWLQJSROLVKZLWKWKHVOHHYHRIKLVFRDW
REVHUYLQJWKDWKLVKRWKDQGFORXGHGLW+HFURVVHGWKHVWUHHWZLWK
KLVH\HVEHQWXSRQWKHJURXQGDQGWKXVZDVZDONLQJVRUURZIXOO\
DZD\ZKHQKHIHOWDWRXFKXSRQKLVDUP
,WZDVQRWWKHWRXFKKHQHHGHGPRVWDWVXFKDPRPHQWWKHWRXFK
WKDWFRXOGFDOPWKHZLOGZDWHUVRIKLVVRXODVWKHXSOLIWHGKDQG
RIWKHVXEOLPHVWORYHDQGSDWLHQFHFRXOGDEDWHWKHUDJLQJRIWKH
VHD\HWLWZDVDZRPDQ
VKDQGWRR,WZDVDQROGZRPDQWDOODQG
VKDSHO\VWLOOWKRXJKZLWKHUHGE\WLPHRQZKRPKLVH\HVIHOOZKHQ
KHVWRSSHGDQGWXUQHG6KHZDVYHU\FOHDQO\DQGSODLQO\GUHVVHG
KDGFRXQWU\PXGXSRQKHUVKRHVDQGZDVQHZO\FRPHIURPDMRXUQH\
7KHIOXWWHURIKHUPDQQHULQWKHXQZRQWHGQRLVHRIWKHVWUHHWV
WKHVSDUHVKDZOFDUULHGXQIROGHGRQKHUDUPWKHKHDY\XPEUHOOD
DQGOLWWOHEDVNHWWKHORRVHORQJILQJHUHGJORYHVWRZKLFKKHU
KDQGVZHUHXQXVHGDOOEHVSRNHDQROGZRPDQIURPWKHFRXQWU\LQ
KHUSODLQKROLGD\FORWKHVFRPHLQWR&RNHWRZQRQDQH[SHGLWLRQRI
UDUHRFFXUUHQFH5HPDUNLQJWKLVDWDJODQFHZLWKWKHTXLFN
REVHUYDWLRQRIKLVFODVV6WHSKHQ%ODFNSRROEHQWKLVDWWHQWLYHIDFH
KLVIDFHZKLFKOLNHWKHIDFHVRIPDQ\RIKLVRUGHUE\GLQWRI
ORQJZRUNLQJZLWKH\HVDQGKDQGVLQWKHPLGVWRIDSURGLJLRXV
QRLVHKDGDFTXLUHGWKHFRQFHQWUDWHGORRNZLWKZKLFKZHDUH
IDPLOLDULQWKHFRXQWHQDQFHVRIWKHGHDIWKHEHWWHUWRKHDUZKDW
VKHDVNHGKLP
3UD\VLU
VDLGWKHROGZRPDQ
GLGQ
W,VHH\RXFRPHRXWRIWKDW
JHQWOHPDQ
VKRXVH"
SRLQWLQJEDFNWR0U%RXQGHUE\
V
,EHOLHYH
LWZDV\RXXQOHVV,KDYHKDGWKHEDGOXFNWRPLVWDNHWKHSHUVRQLQ
IROORZLQJ"
<HVPLVVXV
UHWXUQHG6WHSKHQ
LWZHUHPH
+DYH\RX\RX
OOH[FXVHDQROGZRPDQ
VFXULRVLW\KDYH\RXVHHQ
WKHJHQWOHPDQ"
<HVPLVVXV
$QGKRZGLGKHORRNVLU":DVKHSRUWO\EROGRXWVSRNHQDQG
72
KHDUW\"
$VVKHVWUDLJKWHQHGKHURZQILJXUHDQGKHOGXSKHUKHDG
LQDGDSWLQJKHUDFWLRQWRKHUZRUGVWKHLGHDFURVVHG6WHSKHQWKDW
KHKDGVHHQWKLVROGZRPDQEHIRUHDQGKDGQRWTXLWHOLNHGKHU
2\HV
KHUHWXUQHGREVHUYLQJKHUPRUHDWWHQWLYHO\
KHZHUHDOO
WKDW
$QGKHDOWK\
VDLGWKHROGZRPDQ
DVWKHIUHVKZLQG"
<HV
UHWXUQHG6WHSKHQ
+HZHUHHWW
QDQGGULQNLQJDVODUJH
DQGDVORXGDVD+XPPREHH
7KDQN\RX
VDLGWKHROGZRPDQZLWKLQILQLWHFRQWHQW
7KDQN
\RX
+HFHUWDLQO\QHYHUKDGVHHQWKLVROGZRPDQEHIRUH<HWWKHUHZDVD
YDJXHUHPHPEUDQFHLQKLVPLQGDVLIKHKDGPRUHWKDQRQFHGUHDPHG
RIVRPHROGZRPDQOLNHKHU
6KHZDONHGDORQJDWKLVVLGHDQGJHQWO\DFFRPPRGDWLQJKLPVHOIWR
KHUKXPRXUKHVDLG&RNHWRZQZDVDEXV\SODFHZDVLWQRW"7R
ZKLFKVKHDQVZHUHG
(LJKVXUH'UHDGIXOEXV\
7KHQKHVDLGVKH
FDPHIURPWKHFRXQWU\KHVDZ"7RZKLFKVKHDQVZHUHGLQWKH
DIILUPDWLYH
%\3DUOLDPHQWDU\WKLVPRUQLQJ,FDPHIRUW\PLOHE\
3DUOLDPHQWDU\WKLVPRUQLQJDQG,
PJRLQJEDFNWKHVDPHIRUW\PLOH
WKLVDIWHUQRRQ,ZDONHGQLQHPLOHWRWKHVWDWLRQWKLVPRUQLQJ
DQGLI,ILQGQRERG\RQWKHURDGWRJLYHPHDOLIW,VKDOOZDON
WKHQLQHPLOHEDFNWRQLJKW7KDW
VSUHWW\ZHOOVLUDWP\DJH
VDLGWKHFKDWW\ROGZRPDQKHUH\HEULJKWHQLQJZLWKH[XOWDWLRQ
'HHG
WLV'RQ
WGR
WWRRRIWHQPLVVXV
1RQR2QFHD\HDU
VKHDQVZHUHGVKDNLQJKHUKHDG
,VSHQG
P\VDYLQJVVRRQFHHYHU\\HDU,FRPHUHJXODUWRWUDPSDERXWWKH
VWUHHWVDQGVHHWKHJHQWOHPHQ
2QO\WRVHH
HP"
UHWXUQHG6WHSKHQ
7KDW
VHQRXJKIRUPH
VKHUHSOLHGZLWKJUHDWHDUQHVWQHVVDQG
LQWHUHVWRIPDQQHU
,DVNQRPRUH,KDYHEHHQVWDQGLQJDERXW
RQWKLVVLGHRIWKHZD\WRVHHWKDWJHQWOHPDQ
WXUQLQJKHUKHDG
EDFNWRZDUGV0U%RXQGHUE\
VDJDLQ
FRPHRXW%XWKH
VODWHWKLV
73
\HDUDQG,KDYHQRWVHHQKLP<RXFDPHRXWLQVWHDG1RZLI,DP
REOLJHGWRJREDFNZLWKRXWDJOLPSVHRIKLP,RQO\ZDQWDJOLPSVH
ZHOO,KDYHVHHQ\RXDQG\RXKDYHVHHQKLPDQG,PXVWPDNH
WKDWGR
6D\LQJWKLVVKHORRNHGDW6WHSKHQDVLIWRIL[KLV
IHDWXUHVLQKHUPLQGDQGKHUH\HZDVQRWVREULJKWDVLWKDGEHHQ
:LWKDODUJHDOORZDQFHIRUGLIIHUHQFHRIWDVWHVDQGZLWKDOO
VXEPLVVLRQWRWKHSDWULFLDQVRI&RNHWRZQWKLVVHHPHGVR
H[WUDRUGLQDU\DVRXUFHRILQWHUHVWWRWDNHVRPXFKWURXEOHDERXW
WKDWLWSHUSOH[HGKLP%XWWKH\ZHUHSDVVLQJWKHFKXUFKQRZDQG
DVKLVH\HFDXJKWWKHFORFNKHTXLFNHQHGKLVSDFH
+HZDVJRLQJWRKLVZRUN"WKHROGZRPDQVDLGTXLFNHQLQJKHUVWRR
TXLWHHDVLO\<HVWLPHZDVQHDUO\RXW2QKLVWHOOLQJKHUZKHUH
KHZRUNHGWKHROGZRPDQEHFDPHDPRUHVLQJXODUROGZRPDQWKDQ
EHIRUH
$Q
W\RXKDSS\"
VKHDVNHGKLP
:K\WKHUH
VDZPRVWQREERG\EXWKDVWKHLUWURXEOHVPLVVXV
+H
DQVZHUHGHYDVLYHO\EHFDXVHWKHROGZRPDQDSSHDUHGWRWDNHLWIRU
JUDQWHGWKDWKHZRXOGEHYHU\KDSS\LQGHHGDQGKHKDGQRWWKH
KHDUWWRGLVDSSRLQWKHU+HNQHZWKDWWKHUHZDVWURXEOHHQRXJKLQ
WKHZRUOGDQGLIWKHROGZRPDQKDGOLYHGVRORQJDQGFRXOGFRXQW
XSRQKLVKDYLQJVROLWWOHZK\VRPXFKWKHEHWWHUIRUKHUDQGQRQH
WKHZRUVHIRUKLP
$\D\<RXKDYH\RXUWURXEOHVDWKRPH\RXPHDQ"
VKHVDLG
7LPHV-XVWQRZDQGWKHQ
KHDQVZHUHGVOLJKWO\
%XWZRUNLQJXQGHUVXFKDJHQWOHPDQWKH\GRQ
WIROORZ\RXWRWKH
)DFWRU\"
1RQRWKH\GLGQ
WIROORZKLPWKHUHVDLG6WHSKHQ$OOFRUUHFW
WKHUH(YHU\WKLQJDFFRUGDQWWKHUH+HGLGQRWJRVRIDUDVWR
VD\IRUKHUSOHDVXUHWKDWWKHUHZDVDVRUWRI'LYLQH5LJKWWKHUH
EXW,KDYHKHDUGFODLPVDOPRVWDVPDJQLILFHQWRIODWH\HDUV
7KH\ZHUHQRZLQWKHEODFNE\URDGQHDUWKHSODFHDQGWKH+DQGV
ZHUHFURZGLQJLQ7KHEHOOZDVULQJLQJDQGWKH6HUSHQWZDVD
6HUSHQWRIPDQ\FRLOVDQGWKH(OHSKDQWZDVJHWWLQJUHDG\7KH
VWUDQJHROGZRPDQZDVGHOLJKWHGZLWKWKHYHU\EHOO,WZDVWKH
EHDXWLIXOOHVWEHOOVKHKDGHYHUKHDUGVKHVDLGDQGVRXQGHGJUDQG
74
6KHDVNHGKLPZKHQKHVWRSSHGJRRGQDWXUHGO\WRVKDNHKDQGVZLWK
KHUEHIRUHJRLQJLQKRZORQJKHKDGZRUNHGWKHUH"
$GR]HQ\HDU
KHWROGKHU
,PXVWNLVVWKHKDQG
VDLGVKH
WKDWKDVZRUNHGLQWKLVILQH
IDFWRU\IRUDGR]HQ\HDU
$QGVKHOLIWHGLWWKRXJKKHZRXOGKDYH
SUHYHQWHGKHUDQGSXWLWWRKHUOLSV:KDWKDUPRQ\EHVLGHVKHU
DJHDQGKHUVLPSOLFLW\VXUURXQGHGKHUKHGLGQRWNQRZEXWHYHQ
LQWKLVIDQWDVWLFDFWLRQWKHUHZDVDVRPHWKLQJQHLWKHURXWRIWLPH
QRUSODFHDVRPHWKLQJZKLFKLWVHHPHGDVLIQRERG\HOVHFRXOG
KDYHPDGHDVVHULRXVRUGRQHZLWKVXFKDQDWXUDODQGWRXFKLQJDLU
+HKDGEHHQDWKLVORRPIXOOKDOIDQKRXUWKLQNLQJDERXWWKLVROG
ZRPDQZKHQKDYLQJRFFDVLRQWRPRYHURXQGWKHORRPIRULWV
DGMXVWPHQWKHJODQFHGWKURXJKDZLQGRZZKLFKZDVLQKLVFRUQHU
DQGVDZKHUVWLOOORRNLQJXSDWWKHSLOHRIEXLOGLQJORVWLQ
DGPLUDWLRQ+HHGOHVVRIWKHVPRNHDQGPXGDQGZHWDQGRIKHUWZR
ORQJMRXUQH\VVKHZDVJD]LQJDWLWDVLIWKHKHDY\WKUXPWKDW
LVVXHGIURPLWVPDQ\VWRULHVZHUHSURXGPXVLFWRKHU
6KHZDVJRQHE\DQGE\DQGWKHGD\ZHQWDIWHUKHUDQGWKHOLJKWV
VSUXQJXSDJDLQDQGWKH([SUHVVZKLUOHGLQIXOOVLJKWRIWKH)DLU\
3DODFHRYHUWKHDUFKHVQHDUOLWWOHIHOWDPLGWKHMDUULQJRIWKH
PDFKLQHU\DQGVFDUFHO\KHDUGDERYHLWVFUDVKDQGUDWWOH/RQJ
EHIRUHWKHQKLVWKRXJKWVKDGJRQHEDFNWRWKHGUHDU\URRPDERYHWKH
OLWWOHVKRSDQGWRWKHVKDPHIXOILJXUHKHDY\RQWKHEHGEXW
KHDYLHURQKLVKHDUW
0DFKLQHU\VODFNHQHGWKUREELQJIHHEO\OLNHDIDLQWLQJSXOVH
VWRSSHG7KHEHOODJDLQWKHJODUHRIOLJKWDQGKHDWGLVSHOOHG
WKHIDFWRULHVORRPLQJKHDY\LQWKHEODFNZHWQLJKWWKHLUWDOO
FKLPQH\VULVLQJXSLQWRWKHDLUOLNHFRPSHWLQJ7RZHUVRI%DEHO
+HKDGVSRNHQWR5DFKDHORQO\ODVWQLJKWLWZDVWUXHDQGKDG
ZDONHGZLWKKHUDOLWWOHZD\EXWKHKDGKLVQHZPLVIRUWXQHRQKLP
LQZKLFKQRRQHHOVHFRXOGJLYHKLPDPRPHQW
VUHOLHIDQGIRUWKH
VDNHRILWDQGEHFDXVHKHNQHZKLPVHOIWRZDQWWKDWVRIWHQLQJRI
KLVDQJHUZKLFKQRYRLFHEXWKHUVFRXOGHIIHFWKHIHOWKHPLJKWVR
IDUGLVUHJDUGZKDWVKHKDGVDLGDVWRZDLWIRUKHUDJDLQ+H
ZDLWHGEXWVKHKDGHOXGHGKLP6KHZDVJRQH2QQRRWKHUQLJKW
LQWKH\HDUFRXOGKHVRLOOKDYHVSDUHGKHUSDWLHQWIDFH
75
2%HWWHUWRKDYHQRKRPHLQZKLFKWROD\KLVKHDGWKDQWRKDYHD
KRPHDQGGUHDGWRJRWRLWWKURXJKVXFKDFDXVH+HDWHDQG
GUDQNIRUKHZDVH[KDXVWHGEXWKHOLWWOHNQHZRUFDUHGZKDWDQG
KHZDQGHUHGDERXWLQWKHFKLOOUDLQWKLQNLQJDQGWKLQNLQJDQG
EURRGLQJDQGEURRGLQJ
1RZRUGRIDQHZPDUULDJHKDGHYHUSDVVHGEHWZHHQWKHPEXW5DFKDHO
KDGWDNHQJUHDWSLW\RQKLP\HDUVDJRDQGWRKHUDORQHKHKDG
RSHQHGKLVFORVHGKHDUWDOOWKLVWLPHRQWKHVXEMHFWRIKLV
PLVHULHVDQGKHNQHZYHU\ZHOOWKDWLIKHZHUHIUHHWRDVNKHU
VKHZRXOGWDNHKLP+HWKRXJKWRIWKHKRPHKHPLJKWDWWKDWPRPHQW
KDYHEHHQVHHNLQJZLWKSOHDVXUHDQGSULGHRIWKHGLIIHUHQWPDQKH
PLJKWKDYHEHHQWKDWQLJKWRIWKHOLJKWQHVVWKHQLQKLVQRZKHDY\
ODGHQEUHDVWRIWKHWKHQUHVWRUHGKRQRXUVHOIUHVSHFWDQG
WUDQTXLOOLW\DOOWRUQWRSLHFHV+HWKRXJKWRIWKHZDVWHRIWKH
EHVWSDUWRIKLVOLIHRIWKHFKDQJHLWPDGHLQKLVFKDUDFWHUIRU
WKHZRUVHHYHU\GD\RIWKHGUHDGIXOQDWXUHRIKLVH[LVWHQFHERXQG
KDQGDQGIRRWWRDGHDGZRPDQDQGWRUPHQWHGE\DGHPRQLQKHU
VKDSH+HWKRXJKWRI5DFKDHOKRZ\RXQJZKHQWKH\ZHUHILUVW
EURXJKWWRJHWKHULQWKHVHFLUFXPVWDQFHVKRZPDWXUHQRZKRZVRRQ
WRJURZROG+HWKRXJKWRIWKHQXPEHURIJLUOVDQGZRPHQVKHKDG
VHHQPDUU\KRZPDQ\KRPHVZLWKFKLOGUHQLQWKHPVKHKDGVHHQJURZ
XSDURXQGKHUKRZVKHKDGFRQWHQWHGO\SXUVXHGKHURZQORQHTXLHW
SDWKIRUKLPDQGKRZKHKDGVRPHWLPHVVHHQDVKDGHRI
PHODQFKRO\RQKHUEOHVVHGIDFHWKDWVPRWHKLPZLWKUHPRUVHDQG
GHVSDLU+HVHWWKHSLFWXUHRIKHUXSEHVLGHWKHLQIDPRXVLPDJH
RIODVWQLJKWDQGWKRXJKW&RXOGLWEHWKDWWKHZKROHHDUWKO\
FRXUVHRIRQHVRJHQWOHJRRGDQGVHOIGHQ\LQJZDVVXEMXJDWHWR
VXFKDZUHWFKDVWKDW
)LOOHGZLWKWKHVHWKRXJKWVVRILOOHGWKDWKHKDGDQXQZKROHVRPH
VHQVHRIJURZLQJODUJHURIEHLQJSODFHGLQVRPHQHZDQGGLVHDVHG
UHODWLRQWRZDUGVWKHREMHFWVDPRQJZKLFKKHSDVVHGRIVHHLQJWKH
LULVURXQGHYHU\PLVW\OLJKWWXUQUHGKHZHQWKRPHIRUVKHOWHU
&+$37(5;,,,5$&+$(/
$&$1'/(IDLQWO\EXUQHGLQWKHZLQGRZWRZKLFKWKHEODFNODGGHU
KDGRIWHQEHHQUDLVHGIRUWKHVOLGLQJDZD\RIDOOWKDWZDVPRVW
SUHFLRXVLQWKLVZRUOGWRDVWULYLQJZLIHDQGDEURRGRIKXQJU\
76
EDELHVDQG6WHSKHQDGGHGWRKLVRWKHUWKRXJKWVWKHVWHUQ
UHIOHFWLRQWKDWRIDOOWKHFDVXDOWLHVRIWKLVH[LVWHQFHXSRQ
HDUWKQRWRQHZDVGHDOWRXWZLWKVRXQHTXDODKDQGDV'HDWK7KH
LQHTXDOLW\RI%LUWKZDVQRWKLQJWRLW)RUVD\WKDWWKHFKLOGRI
D.LQJDQGWKHFKLOGRID:HDYHUZHUHERUQWRQLJKWLQWKHVDPH
PRPHQWZKDWZDVWKDWGLVSDULW\WRWKHGHDWKRIDQ\KXPDQFUHDWXUH
ZKRZDVVHUYLFHDEOHWRRUEHORYHGE\DQRWKHUZKLOHWKLV
DEDQGRQHGZRPDQOLYHGRQ
)URPWKHRXWVLGHRIKLVKRPHKHJORRPLO\SDVVHGWRWKHLQVLGHZLWK
VXVSHQGHGEUHDWKDQGZLWKDVORZIRRWVWHS+HZHQWXSWRKLVGRRU
RSHQHGLWDQGVRLQWRWKHURRP
4XLHWDQGSHDFHZHUHWKHUH5DFKDHOZDVWKHUHVLWWLQJE\WKHEHG
6KHWXUQHGKHUKHDGDQGWKHOLJKWRIKHUIDFHVKRQHLQXSRQWKH
PLGQLJKWRIKLVPLQG6KHVDWE\WKHEHGZDWFKLQJDQGWHQGLQJKLV
ZLIH7KDWLVWRVD\KHVDZWKDWVRPHRQHOD\WKHUHDQGKHNQHZ
WRRZHOOLWPXVWEHVKHEXW5DFKDHO
VKDQGVKDGSXWDFXUWDLQXS
VRWKDWVKHZDVVFUHHQHGIURPKLVH\HV+HUGLVJUDFHIXOJDUPHQWV
ZHUHUHPRYHGDQGVRPHRI5DFKDHO
VZHUHLQWKHURRP(YHU\WKLQJ
ZDVLQLWVSODFHDQGRUGHUDVKHKDGDOZD\VNHSWLWWKHOLWWOH
ILUHZDVQHZO\WULPPHGDQGWKHKHDUWKZDVIUHVKO\VZHSW,W
DSSHDUHGWRKLPWKDWKHVDZDOOWKLVLQ5DFKDHO
VIDFHDQGORRNHG
DWQRWKLQJEHVLGHV:KLOHORRNLQJDWLWLWZDVVKXWRXWIURPKLV
YLHZE\WKHVRIWHQHGWHDUVWKDWILOOHGKLVH\HVEXWQRWEHIRUHKH
KDGVHHQKRZHDUQHVWO\VKHORRNHGDWKLPDQGKRZKHURZQH\HVZHUH
ILOOHGWRR
6KHWXUQHGDJDLQWRZDUGVWKHEHGDQGVDWLVI\LQJKHUVHOIWKDWDOO
ZDVTXLHWWKHUHVSRNHLQDORZFDOPFKHHUIXOYRLFH
,DPJODG\RXKDYHFRPHDWODVW6WHSKHQ<RXDUHYHU\ODWH
,KD
EHHQZDONLQJXSDQ
GRZQ
,WKRXJKWVR%XW
WLVWRREDGDQLJKWIRUWKDW7KHUDLQIDOOV
YHU\KHDY\DQGWKHZLQGKDVULVHQ
7KHZLQG"7UXH,WZDVEORZLQJKDUG+DUNWRWKHWKXQGHULQJLQ
WKHFKLPQH\DQGWKHVXUJLQJQRLVH7RKDYHEHHQRXWLQVXFKD
ZLQGDQGQRWWRKDYHNQRZQLWZDVEORZLQJ
,KDYHEHHQKHUHRQFHEHIRUHWRGD\6WHSKHQ/DQGODG\FDPH
77
URXQGIRUPHDWGLQQHUWLPH7KHUHZDVVRPHRQHKHUHWKDWQHHGHG
ORRNLQJWRVKHVDLG$QG
GHHGVKHZDVULJKW$OOZDQGHULQJDQG
ORVW6WHSKHQ:RXQGHGWRRDQGEUXLVHG
+HVORZO\PRYHGWRDFKDLUDQGVDWGRZQGURRSLQJKLVKHDGEHIRUH
KHU
,FDPHWRGRZKDWOLWWOH,FRXOG6WHSKHQILUVWIRUWKDWVKH
ZRUNHGZLWKPHZKHQZHZHUHJLUOVERWKDQGIRUWKDW\RXFRXUWHG
KHUDQGPDUULHGKHUZKHQ,ZDVKHUIULHQG
+HODLGKLVIXUURZHGIRUHKHDGRQKLVKDQGZLWKDORZJURDQ
$QGQH[WIRUWKDW,NQRZ\RXUKHDUWDQGDPULJKWVXUHDQG
FHUWDLQWKDW
WLVIDUWRRPHUFLIXOWROHWKHUGLHRUHYHQVRPXFK
DVVXIIHUIRUZDQWRIDLG7KRXNQRZHVWZKRVDLG/HWKLPZKRLV
ZLWKRXWVLQDPRQJ\RXFDVWWKHILUVWVWRQHDWKHU7KHUHKDYH
EHHQSOHQW\WRGRWKDW7KRXDUWQRWWKHPDQWRFDVWWKHODVW
VWRQH6WHSKHQZKHQVKHLVEURXJKWVRORZ
25DFKDHO5DFKDHO
7KRXKDVWEHHQDFUXHOVXIIHUHU+HDYHQUHZDUGWKHH
VKHVDLGLQ
FRPSDVVLRQDWHDFFHQWV
,DPWK\SRRUIULHQGZLWKDOOP\KHDUW
DQGPLQG
7KHZRXQGVRIZKLFKVKHKDGVSRNHQVHHPHGWREHDERXWWKHQHFNRI
WKHVHOIPDGHRXWFDVW6KHGUHVVHGWKHPQRZVWLOOZLWKRXWVKRZLQJ
KHU6KHVWHHSHGDSLHFHRIOLQHQLQDEDVLQLQWRZKLFKVKH
SRXUHGVRPHOLTXLGIURPDERWWOHDQGODLGLWZLWKDJHQWOHKDQG
XSRQWKHVRUH7KHWKUHHOHJJHGWDEOHKDGEHHQGUDZQFORVHWRWKH
EHGVLGHDQGRQLWWKHUHZHUHWZRERWWOHV7KLVZDVRQH
,WZDVQRWVRIDURIIEXWWKDW6WHSKHQIROORZLQJKHUKDQGVZLWK
KLVH\HVFRXOGUHDGZKDWZDVSULQWHGRQLWLQODUJHOHWWHUV+H
WXUQHGRIDGHDGO\KXHDQGDVXGGHQKRUURUVHHPHGWRIDOOXSRQ
KLP
,ZLOOVWD\KHUH6WHSKHQ
VDLG5DFKDHOTXLHWO\UHVXPLQJKHU
VHDW
WLOOWKHEHOOVJR7KUHH
7LVWREHGRQHDJDLQDWWKUHH
DQGWKHQVKHPD\EHOHIWWLOOPRUQLQJ
%XWWK\UHVWDJHQWRPRUURZ
VZRUNP\GHDU
78
,VOHSWVRXQGODVWQLJKW,FDQZDNHPDQ\QLJKWVZKHQ,DPSXW
WRLW
7LVWKRXZKRDUWLQQHHGRIUHVWVRZKLWHDQGWLUHG
7U\WRVOHHSLQWKHFKDLUWKHUHZKLOH,ZDWFK7KRXKDGVWQR
VOHHSODVWQLJKW,FDQZHOOEHOLHYH7RPRUURZ
VZRUNLVIDU
KDUGHUIRUWKHHWKDQIRUPH
+HKHDUGWKHWKXQGHULQJDQGVXUJLQJRXWRIGRRUVDQGLWVHHPHGWR
KLPDVLIKLVODWHDQJU\PRRGZHUHJRLQJDERXWWU\LQJWRJHWDW
KLP6KHKDGFDVWLWRXWVKHZRXOGNHHSLWRXWKHWUXVWHGWRKHU
WRGHIHQGKLPIURPKLPVHOI
6KHGRQ
WNQRZPH6WHSKHQVKHMXVWGURZVLO\PXWWHUVDQGVWDUHV
,KDYHVSRNHQWRKHUWLPHVDQGDJDLQEXWVKHGRQ
WQRWLFH
7LV
DVZHOOVR:KHQVKHFRPHVWRKHUULJKWPLQGRQFHPRUH,VKDOO
KDYHGRQHZKDW,FDQDQGVKHQHYHUWKHZLVHU
+RZORQJ5DFKDHOLV
WORRNHGIRUWKDWVKH
OOEHVR"
'RFWRUVDLGVKHZRXOGKDSO\FRPHWRKHUPLQGWRPRUURZ
+LVH\HVIHOODJDLQRQWKHERWWOHDQGDWUHPEOHSDVVHGRYHUKLP
FDXVLQJKLPWRVKLYHULQHYHU\OLPE6KHWKRXJKWKHZDVFKLOOHG
ZLWKWKHZHW
1R
KHVDLG
LWZDVQRWWKDW+HKDGKDGD
IULJKW
$IULJKW"
$\D\FRPLQJLQ:KHQ,ZHUHZDONLQJ:KHQ,ZHUHWKLQNLQJ
:KHQ,
,WVHL]HGKLPDJDLQDQGKHVWRRGXSKROGLQJE\WKH
PDQWHOVKHOIDVKHSUHVVHGKLVGDQNFROGKDLUGRZQZLWKDKDQG
WKDWVKRRNDVLILWZHUHSDOVLHG
6WHSKHQ
6KHZDVFRPLQJWRKLPEXWKHVWUHWFKHGRXWKLVDUPWRVWRSKHU
1R'RQ
WSOHDVHGRQ
W/HWPHVHHWKHHVHWWHQE\WKHEHG
/HWPHVHHWKHHD
VRJRRGDQGVRIRUJLYLQJ/HWPHVHHWKHHDV
,VHHWKHHZKHQ,FRRPLQ,FDQQHYHUVHHWKHHEHWWHUWKDQVR
1HYHUQHYHUQHYHU
+HKDGDYLROHQWILWRIWUHPEOLQJDQGWKHQVXQNLQWRKLVFKDLU
$IWHUDWLPHKHFRQWUROOHGKLPVHOIDQGUHVWLQJZLWKDQHOERZRQ
RQHNQHHDQGKLVKHDGXSRQWKDWKDQGFRXOGORRNWRZDUGV5DFKDHO
79
6HHQDFURVVWKHGLPFDQGOHZLWKKLVPRLVWHQHGH\HVVKHORRNHGDV
LIVKHKDGDJORU\VKLQLQJURXQGKHUKHDG+HFRXOGKDYHEHOLHYHG
VKHKDG+HGLGEHOLHYHLWDVWKHQRLVHZLWKRXWVKRRNWKHZLQGRZ
UDWWOHGDWWKHGRRUEHORZDQGZHQWDERXWWKHKRXVHFODPRXULQJDQG
ODPHQWLQJ
:KHQVKHJHWVEHWWHU6WHSKHQ
WLVWREHKRSHGVKH
OOOHDYHWKHH
WRWK\VHOIDJDLQDQGGRWKHHQRPRUHKXUW$Q\ZD\VZHZLOOKRSH
VRQRZ$QGQRZ,VKDOONHHSVLOHQFHIRU,ZDQWWKHHWRVOHHS
+HFORVHGKLVH\HVPRUHWRSOHDVHKHUWKDQWRUHVWKLVZHDU\KHDG
EXWE\VORZGHJUHHVDVKHOLVWHQHGWRWKHJUHDWQRLVHRIWKHZLQG
KHFHDVHGWRKHDULWRULWFKDQJHGLQWRWKHZRUNLQJRIKLVORRP
RUHYHQLQWRWKHYRLFHVRIWKHGD\KLVRZQLQFOXGHGVD\LQJZKDW
KDGEHHQUHDOO\VDLG(YHQWKLVLPSHUIHFWFRQVFLRXVQHVVIDGHGDZD\
DWODVWDQGKHGUHDPHGDORQJWURXEOHGGUHDP
+HWKRXJKWWKDWKHDQGVRPHRQHRQZKRPKLVKHDUWKDGORQJEHHQ
VHWEXWVKHZDVQRW5DFKDHODQGWKDWVXUSULVHGKLPHYHQLQWKH
PLGVWRIKLVLPDJLQDU\KDSSLQHVVVWRRGLQWKHFKXUFKEHLQJ
PDUULHG:KLOHWKHFHUHPRQ\ZDVSHUIRUPLQJDQGZKLOHKH
UHFRJQL]HGDPRQJWKHZLWQHVVHVVRPHZKRPKHNQHZWREHOLYLQJDQG
PDQ\ZKRPKHNQHZWREHGHDGGDUNQHVVFDPHRQVXFFHHGHGE\WKH
VKLQLQJRIDWUHPHQGRXVOLJKW,WEURNHIURPRQHOLQHLQWKHWDEOH
RIFRPPDQGPHQWVDWWKHDOWDUDQGLOOXPLQDWHGWKHEXLOGLQJZLWKWKH
ZRUGV7KH\ZHUHVRXQGHGWKURXJKWKHFKXUFKWRRDVLIWKHUHZHUH
YRLFHVLQWKHILHU\OHWWHUV8SRQWKLVWKHZKROHDSSHDUDQFH
EHIRUHKLPDQGDURXQGKLPFKDQJHGDQGQRWKLQJZDVOHIWDVLWKDG
EHHQEXWKLPVHOIDQGWKHFOHUJ\PDQ7KH\VWRRGLQWKHGD\OLJKW
EHIRUHDFURZGVRYDVWWKDWLIDOOWKHSHRSOHLQWKHZRUOGFRXOG
KDYHEHHQEURXJKWWRJHWKHULQWRRQHVSDFHWKH\FRXOGQRWKDYH
ORRNHGKHWKRXJKWPRUHQXPHURXVDQGWKH\DOODEKRUUHGKLPDQG
WKHUHZDVQRWRQHSLW\LQJRUIULHQGO\H\HDPRQJWKHPLOOLRQVWKDW
ZHUHIDVWHQHGRQKLVIDFH+HVWRRGRQDUDLVHGVWDJHXQGHUKLV
RZQORRPDQGORRNLQJXSDWWKHVKDSHWKHORRPWRRNDQGKHDULQJ
WKHEXULDOVHUYLFHGLVWLQFWO\UHDGKHNQHZWKDWKHZDVWKHUHWR
VXIIHUGHDWK,QDQLQVWDQWZKDWKHVWRRGRQIHOOEHORZKLPDQG
KHZDVJRQH
2XWRIZKDWP\VWHU\KHFDPHEDFNWRKLVXVXDOOLIHDQGWRSODFHV
WKDWKHNQHZKHZDVXQDEOHWRFRQVLGHUEXWKHZDVEDFNLQWKRVH
SODFHVE\VRPHPHDQVDQGZLWKWKLVFRQGHPQDWLRQXSRQKLPWKDWKH
ZDVQHYHULQWKLVZRUOGRUWKHQH[WWKURXJKDOOWKHXQLPDJLQDEOH
DJHVRIHWHUQLW\WRORRNRQ5DFKDHO
VIDFHRUKHDUKHUYRLFH
80
:DQGHULQJWRDQGIURXQFHDVLQJO\ZLWKRXWKRSHDQGLQVHDUFKRI
KHNQHZQRWZKDWKHRQO\NQHZWKDWKHZDVGRRPHGWRVHHNLWKH
ZDVWKHVXEMHFWRIDQDPHOHVVKRUULEOHGUHDGDPRUWDOIHDURIRQH
SDUWLFXODUVKDSHZKLFKHYHU\WKLQJWRRN:KDWVRHYHUKHORRNHGDW
JUHZLQWRWKDWIRUPVRRQHURUODWHU7KHREMHFWRIKLVPLVHUDEOH
H[LVWHQFHZDVWRSUHYHQWLWVUHFRJQLWLRQE\DQ\RQHDPRQJWKH
YDULRXVSHRSOHKHHQFRXQWHUHG+RSHOHVVODERXU,IKHOHGWKHP
RXWRIURRPVZKHUHLWZDVLIKHVKXWXSGUDZHUVDQGFORVHWVZKHUH
LWVWRRGLIKHGUHZWKHFXULRXVIURPSODFHVZKHUHKHNQHZLWWREH
VHFUHWHGDQGJRWWKHPRXWLQWRWKHVWUHHWVWKHYHU\FKLPQH\VRI
WKHPLOOVDVVXPHGWKDWVKDSHDQGURXQGWKHPZDVWKHSULQWHGZRUG
7KHZLQGZDVEORZLQJDJDLQWKHUDLQZDVEHDWLQJRQWKHKRXVHWRSV
DQGWKHODUJHUVSDFHVWKURXJKZKLFKKHKDGVWUD\HGFRQWUDFWHGWR
WKHIRXUZDOOVRIKLVURRP6DYLQJWKDWWKHILUHKDGGLHGRXWLW
ZDVDVKLVH\HVKDGFORVHGXSRQLW5DFKDHOVHHPHGWRKDYHIDOOHQ
LQWRDGR]HLQWKHFKDLUE\WKHEHG6KHVDWZUDSSHGLQKHU
VKDZOSHUIHFWO\VWLOO7KHWDEOHVWRRGLQWKHVDPHSODFHFORVH
E\WKHEHGVLGHDQGRQLWLQLWVUHDOSURSRUWLRQVDQGDSSHDUDQFH
ZDVWKHVKDSHVRRIWHQUHSHDWHG
+HWKRXJKWKHVDZWKHFXUWDLQPRYH+HORRNHGDJDLQDQGKHZDV
VXUHLWPRYHG+HVDZDKDQGFRPHIRUWKDQGJURSHDERXWDOLWWOH
7KHQWKHFXUWDLQPRYHGPRUHSHUFHSWLEO\DQGWKHZRPDQLQWKHEHG
SXWLWEDFNDQGVDWXS
:LWKKHUZRIXOH\HVVRKDJJDUGDQGZLOGVRKHDY\DQGODUJHVKH
ORRNHGDOOURXQGWKHURRPDQGSDVVHGWKHFRUQHUZKHUHKHVOHSWLQ
KLVFKDLU+HUH\HVUHWXUQHGWRWKDWFRUQHUDQGVKHSXWKHUKDQG
RYHUWKHPDVDVKDGHZKLOHVKHORRNHGLQWRLW$JDLQWKH\ZHQW
DOOURXQGWKHURRPVFDUFHO\KHHGLQJ5DFKDHOLIDWDOODQG
UHWXUQHGWRWKDWFRUQHU+HWKRXJKWDVVKHRQFHPRUHVKDGHGWKHP
QRWVRPXFKORRNLQJDWKLPDVORRNLQJIRUKLPZLWKDEUXWLVK
LQVWLQFWWKDWKHZDVWKHUHWKDWQRVLQJOHWUDFHZDVOHIWLQWKRVH
GHEDXFKHGIHDWXUHVRULQWKHPLQGWKDWZHQWDORQJZLWKWKHPRI
WKHZRPDQKHKDGPDUULHGHLJKWHHQ\HDUVEHIRUH%XWWKDWKHKDG
VHHQKHUFRPHWRWKLVE\LQFKHVKHQHYHUFRXOGKDYHEHOLHYHGKHU
WREHWKHVDPH
$OOWKLVWLPHDVLIDVSHOOZHUHRQKLPKHZDVPRWLRQOHVVDQG
SRZHUOHVVH[FHSWWRZDWFKKHU
6WXSLGO\GR]LQJRUFRPPXQLQJZLWKKHULQFDSDEOHVHOIDERXW
QRWKLQJVKHVDWIRUDOLWWOHZKLOHZLWKKHUKDQGVDWKHUHDUVDQG
81
KHUKHDGUHVWLQJRQWKHP3UHVHQWO\VKHUHVXPHGKHUVWDULQJURXQG
WKHURRP$QGQRZIRUWKHILUVWWLPHKHUH\HVVWRSSHGDWWKH
WDEOHZLWKWKHERWWOHVRQLW
6WUDLJKWZD\VKHWXUQHGKHUH\HVEDFNWRKLVFRUQHUZLWKWKH
GHILDQFHRIODVWQLJKWDQGPRYLQJYHU\FDXWLRXVO\DQGVRIWO\
VWUHWFKHGRXWKHUJUHHG\KDQG6KHGUHZDPXJLQWRWKHEHGDQG
VDWIRUDZKLOHFRQVLGHULQJZKLFKRIWKHWZRERWWOHVVKHVKRXOG
FKRRVH)LQDOO\VKHODLGKHULQVHQVDWHJUDVSXSRQWKHERWWOHWKDW
KDGVZLIWDQGFHUWDLQGHDWKLQLWDQGEHIRUHKLVH\HVSXOOHGRXW
WKHFRUNZLWKKHUWHHWK
'UHDPRUUHDOLW\KHKDGQRYRLFHQRUKDGKHSRZHUWRVWLU,I
WKLVEHUHDODQGKHUDOORWWHGWLPHEHQRW\HWFRPHZDNH5DFKDHO
ZDNH
6KHWKRXJKWRIWKDWWRR6KHORRNHGDW5DFKDHODQGYHU\VORZO\
YHU\FDXWLRXVO\SRXUHGRXWWKHFRQWHQWV7KHGUDXJKWZDVDWKHU
OLSV$PRPHQWDQGVKHZRXOGEHSDVWDOOKHOSOHWWKHZKROHZRUOG
ZDNHDQGFRPHDERXWKHUZLWKLWVXWPRVWSRZHU%XWLQWKDWPRPHQW
5DFKDHOVWDUWHGXSZLWKDVXSSUHVVHGFU\7KHFUHDWXUHVWUXJJOHG
VWUXFNKHUVHL]HGKHUE\WKHKDLUEXW5DFKDHOKDGWKHFXS
6WHSKHQEURNHRXWRIKLVFKDLU
5DFKDHODP,ZDNLQ
RUGUHDPLQ
WKLVGUHDGIR
QLJKW"
7LVDOOZHOO6WHSKHQ,KDYHEHHQDVOHHSP\VHOI
7LVQHDU
WKUHH+XVK,KHDUWKHEHOOV
7KHZLQGEURXJKWWKHVRXQGVRIWKHFKXUFKFORFNWRWKHZLQGRZ
7KH\OLVWHQHGDQGLWVWUXFNWKUHH6WHSKHQORRNHGDWKHUVDZKRZ
SDOHVKHZDVQRWHGWKHGLVRUGHURIKHUKDLUDQGWKHUHGPDUNVRI
ILQJHUVRQKHUIRUHKHDGDQGIHOWDVVXUHGWKDWKLVVHQVHVRIVLJKW
DQGKHDULQJKDGEHHQDZDNH6KHKHOGWKHFXSLQKHUKDQGHYHQQRZ
,WKRXJKWLWPXVWEHQHDUWKUHH
VKHVDLGFDOPO\SRXULQJIURP
WKHFXSLQWRWKHEDVLQDQGVWHHSLQJWKHOLQHQDVEHIRUH
,DP
WKDQNIXO,VWD\HG
7LVGRQHQRZZKHQ,KDYHSXWWKLVRQ7KHUH
$QGQRZVKH
VTXLHWDJDLQ7KHIHZGURSVLQWKHEDVLQ,
OOSRXU
DZD\IRU
WLVEDGVWXIIWROHDYHDERXWWKRXJKHYHUVROLWWOHRI
LW
$VVKHVSRNHVKHGUDLQHGWKHEDVLQLQWRWKHDVKHVRIWKH
ILUHDQGEURNHWKHERWWOHRQWKHKHDUWK
6KHKDGQRWKLQJWRGRWKHQEXWWRFRYHUKHUVHOIZLWKKHUVKDZO
82
EHIRUHJRLQJRXWLQWRWKHZLQGDQGUDLQ
7KRX
OWOHWPHZDONZL
WKHHDWWKLVKRXU5DFKDHO"
1R6WHSKHQ
7LVEXWDPLQXWHDQG,
PKRPH
7KRX
UWQRWIHDUIR
KHVDLGLWLQDORZYRLFHDVWKH\ZHQWRXW
DWWKHGRRU
WROHDYHPHDORQHZL
KHU
$VVKHORRNHGDWKLPVD\LQJ
6WHSKHQ"
KHZHQWGRZQRQKLVNQHH
EHIRUHKHURQWKHSRRUPHDQVWDLUVDQGSXWDQHQGRIKHUVKDZOWR
KLVOLSV
7KRXDUWDQ$QJHO%OHVVWKHHEOHVVWKHH
,DPDV,KDYHWROGWKHH6WHSKHQWK\SRRUIULHQG$QJHOVDUH
QRWOLNHPH%HWZHHQWKHPDQGDZRUNLQJZRPDQIX
RIIDXOWV
WKHUHLVDGHHSJXOIVHW0\OLWWOHVLVWHULVDPRQJWKHPEXWVKH
LVFKDQJHG
6KHUDLVHGKHUH\HVIRUDPRPHQWDVVKHVDLGWKHZRUGVDQGWKHQ
WKH\IHOODJDLQLQDOOWKHLUJHQWOHQHVVDQGPLOGQHVVRQKLVIDFH
7KRXFKDQJHVWPHIURPEDGWRJRRG7KRXPDN
VWPHKXPEO\ZLVKIR
WREHPRUHOLNHWKHHDQGIHDUIR
WRORVHWKHHZKHQWKLVOLIHLV
RZHUDQGD
WKHPXGGOHFOHDUHGDZD
7KRX
UWDQ$QJHOLWPD\EH
WKRXKDVWVDYHGP\VRXODOLYH
6KHORRNHGDWKLPRQKLVNQHHDWKHUIHHWZLWKKHUVKDZOVWLOOLQ
KLVKDQGDQGWKHUHSURRIRQKHUOLSVGLHGDZD\ZKHQVKHVDZWKH
ZRUNLQJRIKLVIDFH
,FRRPKRPHGHVS
UDWH,FRRPKRPHZL
RXWDKRSHDQGPDGZL
WKLQNLQJWKDWZKHQ,VDLGDZRUGR
FRPSODLQW,ZDVUHFNRQHGD
XQUHDVRQDEOH+DQG,WROGWKHH,KDGKDGDIULJKW,WZHUHWKH
3RLVRQERWWOHRQWDEOH,QHYHUKXUWDOLYLQ
FUHHWXUEXW
KDSSHQLQ
VRVXGGHQO\XSRQ
W,WKRZW+RZFDQ,VD\ZKDW,PLJKW
KD
GRQHWRP\VHOQRUKHURUERWK
6KHSXWKHUWZRKDQGVRQKLVPRXWKZLWKDIDFHRIWHUURUWRVWRS
KLPIURPVD\LQJPRUH+HFDXJKWWKHPLQKLVXQRFFXSLHGKDQGDQG
KROGLQJWKHPDQGVWLOOFODVSLQJWKHERUGHURIKHUVKDZOVDLG
KXUULHGO\
83
%XW,VHHWKHH5DFKDHOVHWWHQE\WKHEHG,KD
VHHQWKHHDZ
WKLVQLJKW,QP\WURXEORXVVOHHS,KD
NQRZQWKHHVWLOOWREH
WKHUH(YHUPRUH,ZLOOVHHWKHHWKHUH,QHYHUPRUHZLOOVHHKHU
RUWKLQNR
KHUEXWWKRXVKDOWEHEHVLGHKHU,QHYHUPRUHZLOO
VHHRUWKLQNR
DQ\WKLQJWKDWDQJHUVPHEXWWKRXVRPXFKEHWWHU
WKDQPHVKDOWEHE\WK
VLGHRQ
W$QGVR,ZLOOWU\W
ORRNW
WK
WLPHDQGVR,ZLOOWU\W
WUXVWW
WK
WLPHZKHQWKRXDQGPH
DWODVWVKDOOZDONWRJHWKHUIDUDZD
EH\RQGWKHGHHSJXOILQWK
FRXQWU\ZKHUHWK\OLWWOHVLVWHULV
+HNLVVHGWKHERUGHURIKHUVKDZODJDLQDQGOHWKHUJR6KHEDGH
KLPJRRGQLJKWLQDEURNHQYRLFHDQGZHQWRXWLQWRWKHVWUHHW
7KHZLQGEOHZIURPWKHTXDUWHUZKHUHWKHGD\ZRXOGVRRQDSSHDUDQG
VWLOOEOHZVWURQJO\,WKDGFOHDUHGWKHVN\EHIRUHLWDQGWKH
UDLQKDGVSHQWLWVHOIRUWUDYHOOHGHOVHZKHUHDQGWKHVWDUVZHUH
EULJKW+HVWRRGEDUHKHDGHGLQWKHURDGZDWFKLQJKHUTXLFN
GLVDSSHDUDQFH$VWKHVKLQLQJVWDUVZHUHWRWKHKHDY\FDQGOHLQ
WKHZLQGRZVRZDV5DFKDHOLQWKHUXJJHGIDQF\RIWKLVPDQWRWKH
FRPPRQH[SHULHQFHVRIKLVOLIH
&+$37(5;,97+(*5($70$18)$&785(5
7,0(ZHQWRQLQ&RNHWRZQOLNHLWVRZQPDFKLQHU\VRPXFKPDWHULDO
ZURXJKWXSVRPXFKIXHOFRQVXPHGVRPDQ\SRZHUVZRUQRXWVRPXFK
PRQH\PDGH%XWOHVVLQH[RUDEOHWKDQLURQVWHDODQGEUDVVLW
EURXJKWLWVYDU\LQJVHDVRQVHYHQLQWRWKDWZLOGHUQHVVRIVPRNHDQG
EULFNDQGPDGHWKHRQO\VWDQGWKDWHYHUZDVPDGHLQWKHSODFH
DJDLQVWLWVGLUHIXOXQLIRUPLW\
/RXLVDLVEHFRPLQJ
VDLG0U*UDGJULQG
DOPRVWD\RXQJZRPDQ
7LPHZLWKKLVLQQXPHUDEOHKRUVHSRZHUZRUNHGDZD\QRWPLQGLQJ
ZKDWDQ\ERG\VDLGDQGSUHVHQWO\WXUQHGRXW\RXQJ7KRPDVDIRRW
WDOOHUWKDQZKHQKLVIDWKHUKDGODVWWDNHQSDUWLFXODUQRWLFHRI
KLP
7KRPDVLVEHFRPLQJ
VDLG0U*UDGJULQG
DOPRVWD\RXQJPDQ
7LPHSDVVHG7KRPDVRQLQWKHPLOOZKLOHKLVIDWKHUZDVWKLQNLQJ
84
DERXWLWDQGWKHUHKHVWRRGLQDORQJWDLOHGFRDWDQGDVWLII
VKLUWFROODU
5HDOO\
VDLG0U*UDGJULQG
WKHSHULRGKDVDUULYHGZKHQ7KRPDV
RXJKWWRJRWR%RXQGHUE\
7LPHVWLFNLQJWRKLPSDVVHGKLPRQLQWR%RXQGHUE\
V%DQNPDGH
KLPDQLQPDWHRI%RXQGHUE\
VKRXVHQHFHVVLWDWHGWKHSXUFKDVHRI
KLVILUVWUD]RUDQGH[HUFLVHGKLPGLOLJHQWO\LQKLVFDOFXODWLRQV
UHODWLYHWRQXPEHURQH
7KHVDPHJUHDWPDQXIDFWXUHUDOZD\VZLWKDQLPPHQVHYDULHW\RIZRUN
RQKDQGLQHYHU\VWDJHRIGHYHORSPHQWSDVVHG6LVV\RQZDUGLQKLV
PLOODQGZRUNHGKHUXSLQWRDYHU\SUHWW\DUWLFOHLQGHHG
,IHDU-XSH
VDLG0U*UDGJULQG
WKDW\RXUFRQWLQXDQFHDWWKH
VFKRRODQ\ORQJHUZRXOGEHXVHOHVV
,DPDIUDLGLWZRXOGVLU
6LVV\DQVZHUHGZLWKDFXUWVH\
,FDQQRWGLVJXLVHIURP\RX-XSH
VDLG0U*UDGJULQGNQLWWLQJ
KLVEURZ
WKDWWKHUHVXOWRI\RXUSUREDWLRQWKHUHKDVGLVDSSRLQWHG
PHKDVJUHDWO\GLVDSSRLQWHGPH<RXKDYHQRWDFTXLUHGXQGHU0U
DQG0UV0
&KRDNXPFKLOGDQ\WKLQJOLNHWKDWDPRXQWRIH[DFW
NQRZOHGJHZKLFK,ORRNHGIRU<RXDUHH[WUHPHO\GHILFLHQWLQ\RXU
IDFWV<RXUDFTXDLQWDQFHZLWKILJXUHVLVYHU\OLPLWHG<RXDUH
DOWRJHWKHUEDFNZDUGDQGEHORZWKHPDUN
,DPVRUU\VLU
VKHUHWXUQHG
EXW,NQRZLWLVTXLWHWUXH<HW
,KDYHWULHGKDUGVLU
<HV
VDLG0U*UDGJULQG
\HV,EHOLHYH\RXKDYHWULHGKDUG,
KDYHREVHUYHG\RXDQG,FDQILQGQRIDXOWLQWKDWUHVSHFW
7KDQN\RXVLU,KDYHWKRXJKWVRPHWLPHV
6LVV\YHU\WLPLGKHUH
WKDWSHUKDSV,WULHGWROHDUQWRRPXFKDQGWKDWLI,KDGDVNHGWR
EHDOORZHGWRWU\DOLWWOHOHVV,PLJKWKDYH
1R-XSHQR
VDLG0U*UDGJULQGVKDNLQJKLVKHDGLQKLV
SURIRXQGHVWDQGPRVWHPLQHQWO\SUDFWLFDOZD\
1R7KHFRXUVH\RX
SXUVXHG\RXSXUVXHGDFFRUGLQJWRWKHV\VWHPWKHV\VWHPDQG
WKHUHLVQRPRUHWREHVDLGDERXWLW,FDQRQO\VXSSRVHWKDWWKH
FLUFXPVWDQFHVRI\RXUHDUO\OLIHZHUHWRRXQIDYRXUDEOHWRWKH
GHYHORSPHQWRI\RXUUHDVRQLQJSRZHUVDQGWKDWZHEHJDQWRRODWH
85
6WLOODV,KDYHVDLGDOUHDG\,DPGLVDSSRLQWHG
,ZLVK,FRXOGKDYHPDGHDEHWWHUDFNQRZOHGJPHQWVLURI\RXU
NLQGQHVVWRDSRRUIRUORUQJLUOZKRKDGQRFODLPXSRQ\RXDQGRI
\RXUSURWHFWLRQRIKHU
'RQ
WVKHGWHDUV
VDLG0U*UDGJULQG
'RQ
WVKHGWHDUV,
GRQ
WFRPSODLQRI\RX<RXDUHDQDIIHFWLRQDWHHDUQHVWJRRG
\RXQJZRPDQDQGDQGZHPXVWPDNHWKDWGR
7KDQN\RXVLUYHU\PXFK
VDLG6LVV\ZLWKDJUDWHIXOFXUWVH\
<RXDUHXVHIXOWR0UV*UDGJULQGDQGLQDJHQHUDOO\SHUYDGLQJ
ZD\\RXDUHVHUYLFHDEOHLQWKHIDPLO\DOVRVR,XQGHUVWDQGIURP
0LVV/RXLVDDQGLQGHHGVR,KDYHREVHUYHGP\VHOI,WKHUHIRUH
KRSH
VDLG0U*UDGJULQG
WKDW\RXFDQPDNH\RXUVHOIKDSS\LQ
WKRVHUHODWLRQV
,VKRXOGKDYHQRWKLQJWRZLVKVLULI
,XQGHUVWDQG\RX
VDLG0U*UDGJULQG
\RXVWLOOUHIHUWR\RXU
IDWKHU,KDYHKHDUGIURP0LVV/RXLVDWKDW\RXVWLOOSUHVHUYHWKDW
ERWWOH:HOO,I\RXUWUDLQLQJLQWKHVFLHQFHRIDUULYLQJDW
H[DFWUHVXOWVKDGEHHQPRUHVXFFHVVIXO\RXZRXOGKDYHEHHQZLVHU
RQWKHVHSRLQWV,ZLOOVD\QRPRUH
+HUHDOO\OLNHG6LVV\WRRZHOOWRKDYHDFRQWHPSWIRUKHU
RWKHUZLVHKHKHOGKHUFDOFXODWLQJSRZHUVLQVXFKYHU\VOLJKW
HVWLPDWLRQWKDWKHPXVWKDYHIDOOHQXSRQWKDWFRQFOXVLRQ6RPHKRZ
RURWKHUKHKDGEHFRPHSRVVHVVHGE\DQLGHDWKDWWKHUHZDV
VRPHWKLQJLQWKLVJLUOZKLFKFRXOGKDUGO\EHVHWIRUWKLQDWDEXODU
IRUP+HUFDSDFLW\RIGHILQLWLRQPLJKWEHHDVLO\VWDWHGDWDYHU\
ORZILJXUHKHUPDWKHPDWLFDONQRZOHGJHDWQRWKLQJ\HWKHZDVQRW
VXUHWKDWLIKHKDGEHHQUHTXLUHGIRUH[DPSOHWRWLFNKHURII
LQWRFROXPQVLQDSDUOLDPHQWDU\UHWXUQKHZRXOGKDYHTXLWHNQRZQ
KRZWRGLYLGHKHU
,QVRPHVWDJHVRIKLVPDQXIDFWXUHRIWKHKXPDQIDEULFWKH
SURFHVVHVRI7LPHDUHYHU\UDSLG<RXQJ7KRPDVDQG6LVV\EHLQJ
ERWKDWVXFKDVWDJHRIWKHLUZRUNLQJXSWKHVHFKDQJHVZHUH
HIIHFWHGLQD\HDURUWZRZKLOH0U*UDGJULQGKLPVHOIVHHPHG
VWDWLRQDU\LQKLVFRXUVHDQGXQGHUZHQWQRDOWHUDWLRQ
([FHSWRQHZKLFKZDVDSDUWIURPKLVQHFHVVDU\SURJUHVVWKURXJKWKH
86
PLOO7LPHKXVWOHGKLPLQWRDOLWWOHQRLV\DQGUDWKHUGLUW\
PDFKLQHU\LQDE\FRPHUDQGPDGHKLP0HPEHURI3DUOLDPHQWIRU
&RNHWRZQRQHRIWKHUHVSHFWHGPHPEHUVIRURXQFHZHLJKWVDQG
PHDVXUHVRQHRIWKHUHSUHVHQWDWLYHVRIWKHPXOWLSOLFDWLRQWDEOH
RQHRIWKHGHDIKRQRXUDEOHJHQWOHPHQGXPEKRQRXUDEOHJHQWOHPHQ
EOLQGKRQRXUDEOHJHQWOHPHQODPHKRQRXUDEOHJHQWOHPHQGHDG
KRQRXUDEOHJHQWOHPHQWRHYHU\RWKHUFRQVLGHUDWLRQ(OVHZKHUHIRUH
OLYHZHLQD&KULVWLDQODQGHLJKWHHQKXQGUHGDQGRGG\HDUVDIWHU
RXU0DVWHU"
$OOWKLVZKLOH/RXLVDKDGEHHQSDVVLQJRQVRTXLHWDQGUHVHUYHG
DQGVRPXFKJLYHQWRZDWFKLQJWKHEULJKWDVKHVDWWZLOLJKWDVWKH\
IHOOLQWRWKHJUDWHDQGEHFDPHH[WLQFWWKDWIURPWKHSHULRGZKHQ
KHUIDWKHUKDGVDLGVKHZDVDOPRVWD\RXQJZRPDQZKLFKVHHPHGEXW
\HVWHUGD\VKHKDGVFDUFHO\DWWUDFWHGKLVQRWLFHDJDLQZKHQKH
IRXQGKHUTXLWHD\RXQJZRPDQ
4XLWHD\RXQJZRPDQ
VDLG0U*UDGJULQGPXVLQJ
'HDUPH
6RRQDIWHUWKLVGLVFRYHU\KHEHFDPHPRUHWKRXJKWIXOWKDQXVXDOIRU
VHYHUDOGD\VDQGVHHPHGPXFKHQJURVVHGE\RQHVXEMHFW2QD
FHUWDLQQLJKWZKHQKHZDVJRLQJRXWDQG/RXLVDFDPHWRELGKLP
JRRGE\HEHIRUHKLVGHSDUWXUHDVKHZDVQRWWREHKRPHXQWLOODWH
DQGVKHZRXOGQRWVHHKLPDJDLQXQWLOWKHPRUQLQJKHKHOGKHULQ
KLVDUPVORRNLQJDWKHULQKLVNLQGHVWPDQQHUDQGVDLG
0\GHDU/RXLVD\RXDUHDZRPDQ
6KHDQVZHUHGZLWKWKHROGTXLFNVHDUFKLQJORRNRIWKHQLJKWZKHQ
VKHZDVIRXQGDWWKH&LUFXVWKHQFDVWGRZQKHUH\HV
<HV
IDWKHU
0\GHDU
VDLG0U*UDGJULQG
,PXVWVSHDNZLWK\RXDORQHDQG
VHULRXVO\&RPHWRPHLQP\URRPDIWHUEUHDNIDVWWRPRUURZZLOO
\RX"
<HVIDWKHU
<RXUKDQGVDUHUDWKHUFROG/RXLVD$UH\RXQRWZHOO"
4XLWHZHOOIDWKHU
$QGFKHHUIXO"
87
6KHORRNHGDWKLPDJDLQDQGVPLOHGLQKHUSHFXOLDUPDQQHU
,DP
DVFKHHUIXOIDWKHUDV,XVXDOO\DPRUXVXDOO\KDYHEHHQ
7KDW
VZHOO
VDLG0U*UDGJULQG6RKHNLVVHGKHUDQGZHQW
DZD\DQG/RXLVDUHWXUQHGWRWKHVHUHQHDSDUWPHQWRIWKH
KDLUFXWWLQJFKDUDFWHUDQGOHDQLQJKHUHOERZRQKHUKDQGORRNHG
DJDLQDWWKHVKRUWOLYHGVSDUNVWKDWVRVRRQVXEVLGHGLQWRDVKHV
$UH\RXWKHUH/RR"
VDLGKHUEURWKHUORRNLQJLQDWWKHGRRU+H
ZDVTXLWHD\RXQJJHQWOHPDQRISOHDVXUHQRZDQGQRWTXLWHD
SUHSRVVHVVLQJRQH
'HDU7RP
VKHDQVZHUHGULVLQJDQGHPEUDFLQJKLP
KRZORQJLWLV
VLQFH\RXKDYHEHHQWRVHHPH
:K\,KDYHEHHQRWKHUZLVHHQJDJHG/RRLQWKHHYHQLQJVDQGLQ
WKHGD\WLPHROG%RXQGHUE\KDVEHHQNHHSLQJPHDWLWUDWKHU%XW,
WRXFKKLPXSZLWK\RXZKHQKHFRPHVLWWRRVWURQJDQGVRZH
SUHVHUYHDQXQGHUVWDQGLQJ,VD\+DVIDWKHUVDLGDQ\WKLQJ
SDUWLFXODUWR\RXWRGD\RU\HVWHUGD\/RR"
1R7RP%XWKHWROGPHWRQLJKWWKDWKHZLVKHGWRGRVRLQWKH
PRUQLQJ
$K7KDW
VZKDW,PHDQ
VDLG7RP
'R\RXNQRZZKHUHKHLVWR
QLJKW"
ZLWKDYHU\GHHSH[SUHVVLRQ
1R
7KHQ,
OOWHOO\RX+H
VZLWKROG%RXQGHUE\7KH\DUHKDYLQJD
UHJXODUFRQIDEWRJHWKHUXSDWWKH%DQN:K\DWWKH%DQNGR\RX
WKLQN":HOO,
OOWHOO\RXDJDLQ7RNHHS0UV6SDUVLW
VHDUVDV
IDURIIDVSRVVLEOH,H[SHFW
:LWKKHUKDQGXSRQKHUEURWKHU
VVKRXOGHU/RXLVDVWLOOVWRRG
ORRNLQJDWWKHILUH+HUEURWKHUJODQFHGDWKHUIDFHZLWKJUHDWHU
LQWHUHVWWKDQXVXDODQGHQFLUFOLQJKHUZDLVWZLWKKLVDUPGUHZ
KHUFRD[LQJO\WRKLP
<RXDUHYHU\IRQGRIPHDQ
W\RX/RR"
,QGHHG,DP7RPWKRXJK\RXGROHWVXFKORQJLQWHUYDOVJRE\
ZLWKRXWFRPLQJWRVHHPH
88
:HOOVLVWHURIPLQH
VDLG7RP
ZKHQ\RXVD\WKDW\RXDUHQHDU
P\WKRXJKWV:HPLJKWEHVRPXFKRIWHQHUWRJHWKHUPLJKWQ
WZH"
$OZD\VWRJHWKHUDOPRVWPLJKWQ
WZH",WZRXOGGRPHDJUHDWGHDO
RIJRRGLI\RXZHUHWRPDNHXS\RXUPLQGWR,NQRZZKDW/RR,W
ZRXOGEHDVSOHQGLGWKLQJIRUPH,WZRXOGEHXQFRPPRQO\MROO\
+HUWKRXJKWIXOQHVVEDIIOHGKLVFXQQLQJVFUXWLQ\+HFRXOGPDNH
QRWKLQJRIKHUIDFH+HSUHVVHGKHULQKLVDUPDQGNLVVHGKHU
FKHHN6KHUHWXUQHGWKHNLVVEXWVWLOOORRNHGDWWKHILUH
,VD\/RR,WKRXJKW,
GFRPHDQGMXVWKLQWWR\RXZKDWZDV
JRLQJRQWKRXJK,VXSSRVHG\RX
GPRVWOLNHO\JXHVVHYHQLI\RX
GLGQ
WNQRZ,FDQ
WVWD\EHFDXVH,
PHQJDJHGWRVRPHIHOORZVWR
QLJKW<RXZRQ
WIRUJHWKRZIRQG\RXDUHRIPH"
1RGHDU7RP,ZRQ
WIRUJHW
7KDW
VDFDSLWDOJLUO
VDLG7RP
*RRGE\H/RR
6KHJDYHKLPDQDIIHFWLRQDWHJRRGQLJKWDQGZHQWRXWZLWKKLPWR
WKHGRRUZKHQFHWKHILUHVRI&RNHWRZQFRXOGEHVHHQPDNLQJWKH
GLVWDQFHOXULG6KHVWRRGWKHUHORRNLQJVWHDGIDVWO\WRZDUGVWKHP
DQGOLVWHQLQJWRKLVGHSDUWLQJVWHSV7KH\UHWUHDWHGTXLFNO\DV
JODGWRJHWDZD\IURP6WRQH/RGJHDQGVKHVWRRGWKHUH\HWZKHQKH
ZDVJRQHDQGDOOZDVTXLHW,WVHHPHGDVLIILUVWLQKHURZQILUH
ZLWKLQWKHKRXVHDQGWKHQLQWKHILHU\KD]HZLWKRXWVKHWULHGWR
GLVFRYHUZKDWNLQGRIZRRI2OG7LPHWKDWJUHDWHVWDQGORQJHVW
HVWDEOLVKHG6SLQQHURIDOOZRXOGZHDYHIURPWKHWKUHDGVKHKDG
DOUHDG\VSXQLQWRDZRPDQ%XWKLVIDFWRU\LVDVHFUHWSODFHKLV
ZRUNLVQRLVHOHVVDQGKLV+DQGVDUHPXWHV
&+$37(5;9)$7+(5$1''$8*+7(5
$/7+28*+0U*UDGJULQGGLGQRWWDNHDIWHU%OXH%HDUGKLVURRPZDV
TXLWHDEOXHFKDPEHULQLWVDEXQGDQFHRIEOXHERRNV:KDWHYHUWKH\
FRXOGSURYHZKLFKLVXVXDOO\DQ\WKLQJ\RXOLNHWKH\SURYHG
WKHUHLQDQDUP\FRQVWDQWO\VWUHQJWKHQLQJE\WKHDUULYDORIQHZ
UHFUXLWV,QWKDWFKDUPHGDSDUWPHQWWKHPRVWFRPSOLFDWHGVRFLDO
TXHVWLRQVZHUHFDVWXSJRWLQWRH[DFWWRWDOVDQGILQDOO\VHWWOHG
LIWKRVHFRQFHUQHGFRXOGRQO\KDYHEHHQEURXJKWWRNQRZLW$V
89
LIDQDVWURQRPLFDOREVHUYDWRU\VKRXOGEHPDGHZLWKRXWDQ\ZLQGRZV
DQGWKHDVWURQRPHUZLWKLQVKRXOGDUUDQJHWKHVWDUU\XQLYHUVHVROHO\
E\SHQLQNDQGSDSHUVR0U*UDGJULQGLQKLV2EVHUYDWRU\DQG
WKHUHDUHPDQ\OLNHLWKDGQRQHHGWRFDVWDQH\HXSRQWKH
WHHPLQJP\ULDGVRIKXPDQEHLQJVDURXQGKLPEXWFRXOGVHWWOHDOO
WKHLUGHVWLQLHVRQDVODWHDQGZLSHRXWDOOWKHLUWHDUVZLWKRQH
GLUW\OLWWOHELWRIVSRQJH
7RWKLV2EVHUYDWRU\WKHQDVWHUQURRPZLWKDGHDGO\VWDWLVWLFDO
FORFNLQLWZKLFKPHDVXUHGHYHU\VHFRQGZLWKDEHDWOLNHDUDS
XSRQDFRIILQOLG/RXLVDUHSDLUHGRQWKHDSSRLQWHGPRUQLQJ$
ZLQGRZORRNHGWRZDUGV&RNHWRZQDQGZKHQVKHVDWGRZQQHDUKHU
IDWKHU
VWDEOHVKHVDZWKHKLJKFKLPQH\VDQGWKHORQJWUDFWVRI
VPRNHORRPLQJLQWKHKHDY\GLVWDQFHJORRPLO\
0\GHDU/RXLVD
VDLGKHUIDWKHU
,SUHSDUHG\RXODVWQLJKWWR
JLYHPH\RXUVHULRXVDWWHQWLRQLQWKHFRQYHUVDWLRQZHDUHQRZJRLQJ
WRKDYHWRJHWKHU<RXKDYHEHHQVRZHOOWUDLQHGDQG\RXGR,DP
KDSS\WRVD\VRPXFKMXVWLFHWRWKHHGXFDWLRQ\RXKDYHUHFHLYHG
WKDW,KDYHSHUIHFWFRQILGHQFHLQ\RXUJRRGVHQVH<RXDUHQRW
LPSXOVLYH\RXDUHQRWURPDQWLF\RXDUHDFFXVWRPHGWRYLHZ
HYHU\WKLQJIURPWKHVWURQJGLVSDVVLRQDWHJURXQGRIUHDVRQDQG
FDOFXODWLRQ)URPWKDWJURXQGDORQH,NQRZ\RXZLOOYLHZDQG
FRQVLGHUZKDW,DPJRLQJWRFRPPXQLFDWH
+HZDLWHGDVLIKHZRXOGKDYHEHHQJODGWKDWVKHVDLGVRPHWKLQJ
%XWVKHVDLGQHYHUDZRUG
/RXLVDP\GHDU\RXDUHWKHVXEMHFWRIDSURSRVDORIPDUULDJH
WKDWKDVEHHQPDGHWRPH
$JDLQKHZDLWHGDQGDJDLQVKHDQVZHUHGQRWRQHZRUG7KLVVRIDU
VXUSULVHGKLPDVWRLQGXFHKLPJHQWO\WRUHSHDW
DSURSRVDORI
PDUULDJHP\GHDU
7RZKLFKVKHUHWXUQHGZLWKRXWDQ\YLVLEOH
HPRWLRQZKDWHYHU
,KHDU\RXIDWKHU,DPDWWHQGLQJ,DVVXUH\RX
:HOO
VDLG0U*UDGJULQGEUHDNLQJLQWRDVPLOHDIWHUEHLQJIRU
WKHPRPHQWDWDORVV
\RXDUHHYHQPRUHGLVSDVVLRQDWHWKDQ,
H[SHFWHG/RXLVD2USHUKDSV\RXDUHQRWXQSUHSDUHGIRUWKH
DQQRXQFHPHQW,KDYHLWLQFKDUJHWRPDNH"
,FDQQRWVD\WKDWIDWKHUXQWLO,KHDULW3UHSDUHGRU
90
XQSUHSDUHG,ZLVKWRKHDULWDOOIURP\RX,ZLVKWRKHDU\RX
VWDWHLWWRPHIDWKHU
6WUDQJHWRUHODWH0U*UDGJULQGZDVQRWVRFROOHFWHGDWWKLV
PRPHQWDVKLVGDXJKWHUZDV+HWRRNDSDSHUNQLIHLQKLVKDQG
WXUQHGLWRYHUODLGLWGRZQWRRNLWXSDJDLQDQGHYHQWKHQKDG
WRORRNDORQJWKHEODGHRILWFRQVLGHULQJKRZWRJRRQ
:KDW\RXVD\P\GHDU/RXLVDLVSHUIHFWO\UHDVRQDEOH,KDYH
XQGHUWDNHQWKHQWROHW\RXNQRZWKDWLQVKRUWWKDW0U%RXQGHUE\
KDVLQIRUPHGPHWKDWKHKDVORQJZDWFKHG\RXUSURJUHVVZLWK
SDUWLFXODULQWHUHVWDQGSOHDVXUHDQGKDVORQJKRSHGWKDWWKHWLPH
PLJKWXOWLPDWHO\DUULYHZKHQKHVKRXOGRIIHU\RXKLVKDQGLQ
PDUULDJH7KDWWLPHWRZKLFKKHKDVVRORQJDQGFHUWDLQO\ZLWK
JUHDWFRQVWDQF\ORRNHGIRUZDUGLVQRZFRPH0U%RXQGHUE\KDV
PDGHKLVSURSRVDORIPDUULDJHWRPHDQGKDVHQWUHDWHGPHWRPDNH
LWNQRZQWR\RXDQGWRH[SUHVVKLVKRSHWKDW\RXZLOOWDNHLWLQWR
\RXUIDYRXUDEOHFRQVLGHUDWLRQ
6LOHQFHEHWZHHQWKHP7KHGHDGO\VWDWLVWLFDOFORFNYHU\KROORZ
7KHGLVWDQWVPRNHYHU\EODFNDQGKHDY\
)DWKHU
VDLG/RXLVD
GR\RXWKLQN,ORYH0U%RXQGHUE\"
0U*UDGJULQGZDVH[WUHPHO\GLVFRPILWHGE\WKLVXQH[SHFWHG
TXHVWLRQ
:HOOP\FKLOG
KHUHWXUQHG
,UHDOO\FDQQRWWDNH
XSRQP\VHOIWRVD\
)DWKHU
SXUVXHG/RXLVDLQH[DFWO\WKHVDPHYRLFHDVEHIRUH
GR
\RXDVNPHWRORYH0U%RXQGHUE\"
0\GHDU/RXLVDQR1R,DVNQRWKLQJ
)DWKHU
VKHVWLOOSXUVXHG
GRHV0U%RXQGHUE\DVNPHWRORYH
KLP"
5HDOO\P\GHDU
VDLG0U*UDGJULQG
LWLVGLIILFXOWWRDQVZHU
\RXUTXHVWLRQ
'LIILFXOWWRDQVZHULW<HVRU1RIDWKHU"
&HUWDLQO\P\GHDU%HFDXVH
KHUHZDVVRPHWKLQJWRGHPRQVWUDWH
DQGLWVHWKLPXSDJDLQ
EHFDXVHWKHUHSO\GHSHQGVVRPDWHULDOO\
/RXLVDRQWKHVHQVHLQZKLFKZHXVHWKHH[SUHVVLRQ1RZ0U
91
%RXQGHUE\GRHVQRWGR\RXWKHLQMXVWLFHDQGGRHVQRWGRKLPVHOI
WKHLQMXVWLFHRISUHWHQGLQJWRDQ\WKLQJIDQFLIXOIDQWDVWLFRU,
DPXVLQJV\QRQ\PRXVWHUPVVHQWLPHQWDO0U%RXQGHUE\ZRXOGKDYH
VHHQ\RXJURZXSXQGHUKLVH\HVWRYHU\OLWWOHSXUSRVHLIKH
FRXOGVRIDUIRUJHWZKDWLVGXHWR\RXUJRRGVHQVHQRWWRVD\WR
KLVDVWRDGGUHVV\RXIURPDQ\VXFKJURXQG7KHUHIRUHSHUKDSV
WKHH[SUHVVLRQLWVHOI,PHUHO\VXJJHVWWKLVWR\RXP\GHDUPD\
EHDOLWWOHPLVSODFHG
:KDWZRXOG\RXDGYLVHPHWRXVHLQLWVVWHDGIDWKHU"
:K\P\GHDU/RXLVD
VDLG0U*UDGJULQGFRPSOHWHO\UHFRYHUHGE\
WKLVWLPH
,ZRXOGDGYLVH\RXVLQFH\RXDVNPHWRFRQVLGHUWKLV
TXHVWLRQDV\RXKDYHEHHQDFFXVWRPHGWRFRQVLGHUHYHU\RWKHU
TXHVWLRQVLPSO\DVRQHRIWDQJLEOH)DFW7KHLJQRUDQWDQGWKH
JLGG\PD\HPEDUUDVVVXFKVXEMHFWVZLWKLUUHOHYDQWIDQFLHVDQG
RWKHUDEVXUGLWLHVWKDWKDYHQRH[LVWHQFHSURSHUO\YLHZHGUHDOO\
QRH[LVWHQFHEXWLWLVQRFRPSOLPHQWWR\RXWRVD\WKDW\RXNQRZ
EHWWHU1RZZKDWDUHWKH)DFWVRIWKLVFDVH"<RXDUHZHZLOO
VD\LQURXQGQXPEHUVWZHQW\\HDUVRIDJH0U%RXQGHUE\LVZH
ZLOOVD\LQURXQGQXPEHUVILIW\7KHUHLVVRPHGLVSDULW\LQ\RXU
UHVSHFWLYH\HDUVEXWLQ\RXUPHDQVDQGSRVLWLRQVWKHUHLVQRQHRQ
WKHFRQWUDU\WKHUHLVDJUHDWVXLWDELOLW\7KHQWKHTXHVWLRQ
DULVHV,VWKLVRQHGLVSDULW\VXIILFLHQWWRRSHUDWHDVDEDUWR
VXFKDPDUULDJH",QFRQVLGHULQJWKLVTXHVWLRQLWLVQRW
XQLPSRUWDQWWRWDNHLQWRDFFRXQWWKHVWDWLVWLFVRIPDUULDJHVRIDU
DVWKH\KDYH\HWEHHQREWDLQHGLQ(QJODQGDQG:DOHV,ILQGRQ
UHIHUHQFHWRWKHILJXUHVWKDWDODUJHSURSRUWLRQRIWKHVH
PDUULDJHVDUHFRQWUDFWHGEHWZHHQSDUWLHVRIYHU\XQHTXDODJHVDQG
WKDWWKHHOGHURIWKHVHFRQWUDFWLQJSDUWLHVLVLQUDWKHUPRUHWKDQ
WKUHHIRXUWKVRIWKHVHLQVWDQFHVWKHEULGHJURRP,WLVUHPDUNDEOH
DVVKRZLQJWKHZLGHSUHYDOHQFHRIWKLVODZWKDWDPRQJWKHQDWLYHV
RIWKH%ULWLVKSRVVHVVLRQVLQ,QGLDDOVRLQDFRQVLGHUDEOHSDUWRI
&KLQDDQGDPRQJWKH&DOPXFNVRI7DUWDU\WKHEHVWPHDQVRI
FRPSXWDWLRQ\HWIXUQLVKHGXVE\WUDYHOOHUV\LHOGVLPLODUUHVXOWV
7KHGLVSDULW\,KDYHPHQWLRQHGWKHUHIRUHDOPRVWFHDVHVWREH
GLVSDULW\DQGYLUWXDOO\DOOEXWGLVDSSHDUV
:KDWGR\RXUHFRPPHQGIDWKHU
DVNHG/RXLVDKHUUHVHUYHG
FRPSRVXUHQRWLQWKHOHDVWDIIHFWHGE\WKHVHJUDWLI\LQJUHVXOWV
WKDW,VKRXOGVXEVWLWXWHIRUWKHWHUP,XVHGMXVWQRZ")RUWKH
PLVSODFHGH[SUHVVLRQ"
/RXLVD
UHWXUQHGKHUIDWKHU
LWDSSHDUVWRPHWKDWQRWKLQJFDQ
92
EHSODLQHU&RQILQLQJ\RXUVHOIULJLGO\WR)DFWWKHTXHVWLRQRI
)DFW\RXVWDWHWR\RXUVHOILV'RHV0U%RXQGHUE\DVNPHWRPDUU\
KLP"<HVKHGRHV7KHVROHUHPDLQLQJTXHVWLRQWKHQLV6KDOO,
PDUU\KLP",WKLQNQRWKLQJFDQEHSODLQHUWKDQWKDW"
6KDOO,PDUU\KLP"
UHSHDWHG/RXLVDZLWKJUHDWGHOLEHUDWLRQ
3UHFLVHO\$QGLWLVVDWLVIDFWRU\WRPHDV\RXUIDWKHUP\GHDU
/RXLVDWRNQRZWKDW\RXGRQRWFRPHWRWKHFRQVLGHUDWLRQRIWKDW
TXHVWLRQZLWKWKHSUHYLRXVKDELWVRIPLQGDQGKDELWVRIOLIHWKDW
EHORQJWRPDQ\\RXQJZRPHQ
1RIDWKHU
VKHUHWXUQHG
,GRQRW
,QRZOHDYH\RXWRMXGJHIRU\RXUVHOI
VDLG0U*UDGJULQG
,
KDYHVWDWHGWKHFDVHDVVXFKFDVHVDUHXVXDOO\VWDWHGDPRQJ
SUDFWLFDOPLQGV,KDYHVWDWHGLWDVWKHFDVHRI\RXUPRWKHUDQG
P\VHOIZDVVWDWHGLQLWVWLPH7KHUHVWP\GHDU/RXLVDLVIRU
\RXWRGHFLGH
)URPWKHEHJLQQLQJVKHKDGVDWORRNLQJDWKLPIL[HGO\$VKHQRZ
OHDQHGEDFNLQKLVFKDLUDQGEHQWKLVGHHSVHWH\HVXSRQKHULQ
KLVWXUQSHUKDSVKHPLJKWKDYHVHHQRQHZDYHULQJPRPHQWLQKHU
ZKHQVKHZDVLPSHOOHGWRWKURZKHUVHOIXSRQKLVEUHDVWDQGJLYH
KLPWKHSHQWXSFRQILGHQFHVRIKHUKHDUW%XWWRVHHLWKHPXVW
KDYHRYHUOHDSHGDWDERXQGWKHDUWLILFLDOEDUULHUVKHKDGIRUPDQ\
\HDUVEHHQHUHFWLQJEHWZHHQKLPVHOIDQGDOOWKRVHVXEWOHHVVHQFHV
RIKXPDQLW\ZKLFKZLOOHOXGHWKHXWPRVWFXQQLQJRIDOJHEUDXQWLO
WKHODVWWUXPSHWHYHUWREHVRXQGHGVKDOOEORZHYHQDOJHEUDWR
ZUHFN7KHEDUULHUVZHUHWRRPDQ\DQGWRRKLJKIRUVXFKDOHDS
:LWKKLVXQEHQGLQJXWLOLWDULDQPDWWHURIIDFWIDFHKHKDUGHQHG
KHUDJDLQDQGWKHPRPHQWVKRWDZD\LQWRWKHSOXPEOHVVGHSWKVRI
WKHSDVWWRPLQJOHZLWKDOOWKHORVWRSSRUWXQLWLHVWKDWDUH
GURZQHGWKHUH
5HPRYLQJKHUH\HVIURPKLPVKHVDWVRORQJORRNLQJVLOHQWO\
WRZDUGVWKHWRZQWKDWKHVDLGDWOHQJWK
$UH\RXFRQVXOWLQJWKH
FKLPQH\VRIWKH&RNHWRZQZRUNV/RXLVD"
7KHUHVHHPVWREHQRWKLQJWKHUHEXWODQJXLGDQGPRQRWRQRXVVPRNH
<HWZKHQWKHQLJKWFRPHV)LUHEXUVWVRXWIDWKHU
VKHDQVZHUHG
WXUQLQJTXLFNO\
2IFRXUVH,NQRZWKDW/RXLVD,GRQRWVHHWKHDSSOLFDWLRQRI
93
WKHUHPDUN
7RGRKLPMXVWLFHKHGLGQRWDWDOO
6KHSDVVHGLWDZD\ZLWKDVOLJKWPRWLRQRIKHUKDQGDQG
FRQFHQWUDWLQJKHUDWWHQWLRQXSRQKLPDJDLQVDLG
)DWKHU,KDYH
RIWHQWKRXJKWWKDWOLIHLVYHU\VKRUW
7KLVZDVVRGLVWLQFWO\
RQHRIKLVVXEMHFWVWKDWKHLQWHUSRVHG
,WLVVKRUWQRGRXEWP\GHDU6WLOOWKHDYHUDJHGXUDWLRQRI
KXPDQOLIHLVSURYHGWRKDYHLQFUHDVHGRIODWH\HDUV7KH
FDOFXODWLRQVRIYDULRXVOLIHDVVXUDQFHDQGDQQXLW\RIILFHVDPRQJ
RWKHUILJXUHVZKLFKFDQQRWJRZURQJKDYHHVWDEOLVKHGWKHIDFW
,VSHDNRIP\RZQOLIHIDWKHU
2LQGHHG"6WLOO
VDLG0U*UDGJULQG
,QHHGQRWSRLQWRXWWR
\RX/RXLVDWKDWLWLVJRYHUQHGE\WKHODZVZKLFKJRYHUQOLYHVLQ
WKHDJJUHJDWH
:KLOHLWODVWV,ZRXOGZLVKWRGRWKHOLWWOH,FDQDQGWKH
OLWWOH,DPILWIRU:KDWGRHVLWPDWWHU"
0U*UDGJULQGVHHPHGUDWKHUDWDORVVWRXQGHUVWDQGWKHODVWIRXU
ZRUGVUHSO\LQJ
+RZPDWWHU":KDWPDWWHUP\GHDU"
0U%RXQGHUE\
VKHZHQWRQLQDVWHDG\VWUDLJKWZD\ZLWKRXW
UHJDUGLQJWKLV
DVNVPHWRPDUU\KLP7KHTXHVWLRQ,KDYHWRDVN
P\VHOILVVKDOO,PDUU\KLP"7KDWLVVRIDWKHULVLWQRW"<RX
KDYHWROGPHVRIDWKHU+DYH\RXQRW"
&HUWDLQO\P\GHDU
/HWLWEHVR6LQFH0U%RXQGHUE\OLNHVWRWDNHPHWKXV,DP
VDWLVILHGWRDFFHSWKLVSURSRVDO7HOOKLPIDWKHUDVVRRQDV\RX
SOHDVHWKDWWKLVZDVP\DQVZHU5HSHDWLWZRUGIRUZRUGLI\RX
FDQEHFDXVH,VKRXOGZLVKKLPWRNQRZZKDW,VDLG
,WLVTXLWHULJKWP\GHDU
UHWRUWHGKHUIDWKHUDSSURYLQJO\
WR
EHH[DFW,ZLOOREVHUYH\RXUYHU\SURSHUUHTXHVW+DYH\RXDQ\
ZLVKLQUHIHUHQFHWRWKHSHULRGRI\RXUPDUULDJHP\FKLOG"
1RQHIDWKHU:KDWGRHVLWPDWWHU
0U*UDGJULQGKDGGUDZQKLVFKDLUDOLWWOHQHDUHUWRKHUDQGWDNHQ
KHUKDQG%XWKHUUHSHWLWLRQRIWKHVHZRUGVVHHPHGWRVWULNHZLWK
94
VRPHOLWWOHGLVFRUGRQKLVHDU+HSDXVHGWRORRNDWKHUDQG
VWLOOKROGLQJKHUKDQGVDLG
/RXLVD,KDYHQRWFRQVLGHUHGLWHVVHQWLDOWRDVN\RXRQH
TXHVWLRQEHFDXVHWKHSRVVLELOLW\LPSOLHGLQLWDSSHDUHGWRPHWR
EHWRRUHPRWH%XWSHUKDSV,RXJKWWRGRVR<RXKDYHQHYHU
HQWHUWDLQHGLQVHFUHWDQ\RWKHUSURSRVDO"
)DWKHU
VKHUHWXUQHGDOPRVWVFRUQIXOO\
ZKDWRWKHUSURSRVDOFDQ
KDYHEHHQPDGHWRPH":KRPKDYH,VHHQ":KHUHKDYH,EHHQ":KDW
DUHP\KHDUW
VH[SHULHQFHV"
0\GHDU/RXLVD
UHWXUQHG0U*UDGJULQGUHDVVXUHGDQGVDWLVILHG
<RXFRUUHFWPHMXVWO\,PHUHO\ZLVKHGWRGLVFKDUJHP\GXW\
:KDWGR,NQRZIDWKHU
VDLG/RXLVDLQKHUTXLHWPDQQHU
RI
WDVWHVDQGIDQFLHVRIDVSLUDWLRQVDQGDIIHFWLRQVRIDOOWKDWSDUW
RIP\QDWXUHLQZKLFKVXFKOLJKWWKLQJVPLJKWKDYHEHHQQRXULVKHG"
:KDWHVFDSHKDYH,KDGIURPSUREOHPVWKDWFRXOGEHGHPRQVWUDWHG
DQGUHDOLWLHVWKDWFRXOGEHJUDVSHG"
$VVKHVDLGLWVKH
XQFRQVFLRXVO\FORVHGKHUKDQGDVLIXSRQDVROLGREMHFWDQG
VORZO\RSHQHGLWDVWKRXJKVKHZHUHUHOHDVLQJGXVWRUDVK
0\GHDU
DVVHQWHGKHUHPLQHQWO\SUDFWLFDOSDUHQW
TXLWHWUXH
TXLWHWUXH
:K\IDWKHU
VKHSXUVXHG
ZKDWDVWUDQJHTXHVWLRQWRDVNPH
7KHEDE\SUHIHUHQFHWKDWHYHQ,KDYHKHDUGRIDVFRPPRQDPRQJ
FKLOGUHQKDVQHYHUKDGLWVLQQRFHQWUHVWLQJSODFHLQP\EUHDVW
<RXKDYHEHHQVRFDUHIXORIPHWKDW,QHYHUKDGDFKLOG
VKHDUW
<RXKDYHWUDLQHGPHVRZHOOWKDW,QHYHUGUHDPHGDFKLOG
VGUHDP
<RXKDYHGHDOWVRZLVHO\ZLWKPHIDWKHUIURPP\FUDGOHWRWKLV
KRXUWKDW,QHYHUKDGDFKLOG
VEHOLHIRUDFKLOG
VIHDU
0U*UDGJULQGZDVTXLWHPRYHGE\KLVVXFFHVVDQGE\WKLVWHVWLPRQ\
WRLW
0\GHDU/RXLVD
VDLGKH
\RXDEXQGDQWO\UHSD\P\FDUH
.LVVPHP\GHDUJLUO
6RKLVGDXJKWHUNLVVHGKLP'HWDLQLQJKHULQKLVHPEUDFHKH
VDLG
,PD\DVVXUH\RXQRZP\IDYRXULWHFKLOGWKDW,DPPDGH
KDSS\E\WKHVRXQGGHFLVLRQDWZKLFK\RXKDYHDUULYHG0U
%RXQGHUE\LVDYHU\UHPDUNDEOHPDQDQGZKDWOLWWOHGLVSDULW\FDQ
EHVDLGWRH[LVWEHWZHHQ\RXLIDQ\LVPRUHWKDQ
FRXQWHUEDODQFHGE\WKHWRQH\RXUPLQGKDVDFTXLUHG,WKDVDOZD\V
95
EHHQP\REMHFWVRWRHGXFDWH\RXDVWKDW\RXPLJKWZKLOHVWLOOLQ
\RXUHDUO\\RXWKEHLI,PD\VRH[SUHVVP\VHOIDOPRVWDQ\DJH
.LVVPHRQFHPRUH/RXLVD1RZOHWXVJRDQGILQG\RXUPRWKHU
$FFRUGLQJO\WKH\ZHQWGRZQWRWKHGUDZLQJURRPZKHUHWKHHVWHHPHG
ODG\ZLWKQRQRQVHQVHDERXWKHUZDVUHFXPEHQWDVXVXDOZKLOH
6LVV\ZRUNHGEHVLGHKHU6KHJDYHVRPHIHHEOHVLJQVRIUHWXUQLQJ
DQLPDWLRQZKHQWKH\HQWHUHGDQGSUHVHQWO\WKHIDLQWWUDQVSDUHQF\
ZDVSUHVHQWHGLQDVLWWLQJDWWLWXGH
0UV*UDGJULQG
VDLGKHUKXVEDQGZKRKDGZDLWHGIRUWKH
DFKLHYHPHQWRIWKLVIHDWZLWKVRPHLPSDWLHQFH
DOORZPHWRSUHVHQW
WR\RX0UV%RXQGHUE\
2K
VDLG0UV*UDGJULQG
VR\RXKDYHVHWWOHGLW:HOO,
PVXUH
,KRSH\RXUKHDOWKPD\EHJRRG/RXLVDIRULI\RXUKHDGEHJLQVWR
VSOLWDVVRRQDV\RXDUHPDUULHGZKLFKZDVWKHFDVHZLWKPLQH,
FDQQRWFRQVLGHUWKDW\RXDUHWREHHQYLHGWKRXJK,KDYHQRGRXEW
\RXWKLQN\RXDUHDVDOOJLUOVGR+RZHYHU,JLYH\RXMR\P\
GHDUDQG,KRSH\RXPD\QRZWXUQDOO\RXURORJLFDOVWXGLHVWR
JRRGDFFRXQW,DPVXUH,GR,PXVWJLYH\RXDNLVVRI
FRQJUDWXODWLRQ/RXLVDEXWGRQ
WWRXFKP\ULJKWVKRXOGHUIRU
WKHUH
VVRPHWKLQJUXQQLQJGRZQLWDOOGD\ORQJ$QGQRZ\RXVHH
ZKLPSHUHG0UV*UDGJULQGDGMXVWLQJKHUVKDZOVDIWHUWKH
DIIHFWLRQDWHFHUHPRQ\
,VKDOOEHZRUU\LQJP\VHOIPRUQLQJQRRQ
DQGQLJKWWRNQRZZKDW,DPWRFDOOKLP
0UV*UDGJULQG
VDLGKHUKXVEDQGVROHPQO\
ZKDWGR\RXPHDQ"
:KDWHYHU,DPWRFDOOKLP0U*UDGJULQGZKHQKHLVPDUULHGWR
/RXLVD,PXVWFDOOKLPVRPHWKLQJ,W
VLPSRVVLEOH
VDLG0UV
*UDGJULQGZLWKDPLQJOHGVHQVHRISROLWHQHVVDQGLQMXU\
WREH
FRQVWDQWO\DGGUHVVLQJKLPDQGQHYHUJLYLQJKLPDQDPH,FDQQRW
FDOOKLP-RVLDKIRUWKHQDPHLVLQVXSSRUWDEOHWRPH<RX\RXUVHOI
ZRXOGQ
WKHDURI-RH\RXYHU\ZHOONQRZ$P,WRFDOOP\RZQVRQ
LQODZ0LVWHU1RW,EHOLHYHXQOHVVWKHWLPHKDVDUULYHGZKHQ
DVDQLQYDOLG,DPWREHWUDPSOHGXSRQE\P\UHODWLRQV7KHQ
ZKDWDP,WRFDOOKLP
1RERG\SUHVHQWKDYLQJDQ\VXJJHVWLRQWRRIIHULQWKHUHPDUNDEOH
HPHUJHQF\0UV*UDGJULQGGHSDUWHGWKLVOLIHIRUWKHWLPHEHLQJ
DIWHUGHOLYHULQJWKHIROORZLQJFRGLFLOWRKHUUHPDUNVDOUHDG\
H[HFXWHG
96
$VWRWKHZHGGLQJDOO,DVN/RXLVDLVDQG,DVNLWZLWKD
IOXWWHULQJLQP\FKHVWZKLFKDFWXDOO\H[WHQGVWRWKHVROHVRIP\
IHHWWKDWLWPD\WDNHSODFHVRRQ2WKHUZLVH,NQRZLWLVRQH
RIWKRVHVXEMHFWV,VKDOOQHYHUKHDUWKHODVWRI
:KHQ0U*UDGJULQGKDGSUHVHQWHG0UV%RXQGHUE\6LVV\KDGVXGGHQO\
WXUQHGKHUKHDGDQGORRNHGLQZRQGHULQSLW\LQVRUURZLQ
GRXEWLQDPXOWLWXGHRIHPRWLRQVWRZDUGV/RXLVD/RXLVDKDG
NQRZQLWDQGVHHQLWZLWKRXWORRNLQJDWKHU)URPWKDWPRPHQW
VKHZDVLPSDVVLYHSURXGDQGFROGKHOG6LVV\DWDGLVWDQFH
FKDQJHGWRKHUDOWRJHWKHU
&+$37(5;9,+86%$1'$1':,)(
05%281'(5%<
6ILUVWGLVTXLHWXGHRQKHDULQJRIKLVKDSSLQHVVZDV
RFFDVLRQHGE\WKHQHFHVVLW\RILPSDUWLQJLWWR0UV6SDUVLW+H
FRXOGQRWPDNHXSKLVPLQGKRZWRGRWKDWRUZKDWWKHFRQVHTXHQFHV
RIWKHVWHSPLJKWEH:KHWKHUVKHZRXOGLQVWDQWO\GHSDUWEDJDQG
EDJJDJHWR/DG\6FDGJHUVRUZRXOGSRVLWLYHO\UHIXVHWREXGJHIURP
WKHSUHPLVHVZKHWKHUVKHZRXOGEHSODLQWLYHRUDEXVLYHWHDUIXORU
WHDULQJZKHWKHUVKHZRXOGEUHDNKHUKHDUWRUEUHDNWKHORRNLQJ
JODVV0U%RXQGHUE\FRXOGQRWDOOIRUHVHH+RZHYHUDVLWPXVWEH
GRQHKHKDGQRFKRLFHEXWWRGRLWVRDIWHUDWWHPSWLQJVHYHUDO
OHWWHUVDQGIDLOLQJLQWKHPDOOKHUHVROYHGWRGRLWE\ZRUGRI
PRXWK
2QKLVZD\KRPHRQWKHHYHQLQJKHVHWDVLGHIRUWKLVPRPHQWRXV
SXUSRVHKHWRRNWKHSUHFDXWLRQRIVWHSSLQJLQWRDFKHPLVW
VVKRS
DQGEX\LQJDERWWOHRIWKHYHU\VWURQJHVWVPHOOLQJVDOWV
%\
*HRUJH
VDLG0U%RXQGHUE\
LIVKHWDNHVLWLQWKHIDLQWLQJZD\
,
OOKDYHWKHVNLQRIIKHUQRVHDWDOOHYHQWV
%XWLQVSLWHRI
EHLQJWKXVIRUHDUPHGKHHQWHUHGKLVRZQKRXVHZLWKDQ\WKLQJEXWD
FRXUDJHRXVDLUDQGDSSHDUHGEHIRUHWKHREMHFWRIKLVPLVJLYLQJV
OLNHDGRJZKRZDVFRQVFLRXVRIFRPLQJGLUHFWIURPWKHSDQWU\
*RRGHYHQLQJ0U%RXQGHUE\
*RRGHYHQLQJPD
DPJRRGHYHQLQJ
+HGUHZXSKLVFKDLUDQG
0UV6SDUVLWGUHZEDFNKHUVDVZKRVKRXOGVD\
<RXUILUHVLGH
VLU,IUHHO\DGPLWLW,WLVIRU\RXWRRFFXS\LWDOOLI\RX
97
WKLQNSURSHU
'RQ
WJRWRWKH1RUWK3ROHPD
DP
VDLG0U%RXQGHUE\
7KDQN\RXVLU
VDLG0UV6SDUVLWDQGUHWXUQHGWKRXJKVKRUWRI
KHUIRUPHUSRVLWLRQ
0U%RXQGHUE\VDWORRNLQJDWKHUDVZLWKWKHSRLQWVRIDVWLII
VKDUSSDLURIVFLVVRUVVKHSLFNHGRXWKROHVIRUVRPHLQVFUXWDEOH
RUQDPHQWDOSXUSRVHLQDSLHFHRIFDPEULF$QRSHUDWLRQZKLFK
WDNHQLQFRQQH[LRQZLWKWKHEXVK\H\HEURZVDQGWKH5RPDQQRVH
VXJJHVWHGZLWKVRPHOLYHOLQHVVWKHLGHDRIDKDZNHQJDJHGXSRQWKH
H\HVRIDWRXJKOLWWOHELUG6KHZDVVRVWHDGIDVWO\RFFXSLHGWKDW
PDQ\PLQXWHVHODSVHGEHIRUHVKHORRNHGXSIURPKHUZRUNZKHQVKH
GLGVR0U%RXQGHUE\EHVSRNHKHUDWWHQWLRQZLWKDKLWFKRIKLV
KHDG
0UV6SDUVLWPD
DP
VDLG0U%RXQGHUE\SXWWLQJKLVKDQGVLQKLV
SRFNHWVDQGDVVXULQJKLPVHOIZLWKKLVULJKWKDQGWKDWWKHFRUNRI
WKHOLWWOHERWWOHZDVUHDG\IRUXVH
,KDYHQRRFFDVLRQWRVD\WR
\RXWKDW\RXDUHQRWRQO\DODG\ERUQDQGEUHGEXWDGHYLOLVK
VHQVLEOHZRPDQ
6LU
UHWXUQHGWKHODG\
WKLVLVLQGHHGQRWWKHILUVWWLPHWKDW
\RXKDYHKRQRXUHGPHZLWKVLPLODUH[SUHVVLRQVRI\RXUJRRG
RSLQLRQ
0UV6SDUVLWPD
DP
VDLG0U%RXQGHUE\
,DPJRLQJWRDVWRQLVK
\RX
<HVVLU"
UHWXUQHG0UV6SDUVLWLQWHUURJDWLYHO\DQGLQWKHPRVW
WUDQTXLOPDQQHUSRVVLEOH6KHJHQHUDOO\ZRUHPLWWHQVDQGVKHQRZ
ODLGGRZQKHUZRUNDQGVPRRWKHGWKRVHPLWWHQV
,DPJRLQJPD
DP
VDLG%RXQGHUE\
WRPDUU\7RP*UDGJULQG
V
GDXJKWHU
<HVVLU
UHWXUQHG0UV6SDUVLW
,KRSH\RXPD\EHKDSS\0U
%RXQGHUE\2KLQGHHG,KRSH\RXPD\EHKDSS\VLU
$QGVKHVDLG
LWZLWKVXFKJUHDWFRQGHVFHQVLRQDVZHOODVZLWKVXFKJUHDW
FRPSDVVLRQIRUKLPWKDW%RXQGHUE\IDUPRUHGLVFRQFHUWHGWKDQLI
VKHKDGWKURZQKHUZRUNER[DWWKHPLUURURUVZRRQHGRQWKH
KHDUWKUXJFRUNHGXSWKHVPHOOLQJVDOWVWLJKWLQKLVSRFNHWDQG
WKRXJKW
1RZFRQIRXQGWKLVZRPDQZKRFRXOGKDYHHYHQJXHVVHGWKDW
98
VKHZRXOGWDNHLWLQWKLVZD\
,ZLVKZLWKDOOP\KHDUWVLU
VDLG0UV6SDUVLWLQDKLJKO\
VXSHULRUPDQQHUVRPHKRZVKHVHHPHGLQDPRPHQWWRKDYH
HVWDEOLVKHGDULJKWWRSLW\KLPHYHUDIWHUZDUGV
WKDW\RXPD\EH
LQDOOUHVSHFWVYHU\KDSS\
:HOOPD
DP
UHWXUQHG%RXQGHUE\ZLWKVRPHUHVHQWPHQWLQKLV
WRQHZKLFKZDVFOHDUO\ORZHUHGWKRXJKLQVSLWHRIKLPVHOI
,DP
REOLJHGWR\RX,KRSH,VKDOOEH
'R\RXVLU
VDLG0UV6SDUVLWZLWKJUHDWDIIDELOLW\
%XW
QDWXUDOO\\RXGRRIFRXUVH\RXGR
$YHU\DZNZDUGSDXVHRQ0U%RXQGHUE\
VSDUWVXFFHHGHG0UV
6SDUVLWVHGDWHO\UHVXPHGKHUZRUNDQGRFFDVLRQDOO\JDYHDVPDOO
FRXJKZKLFKVRXQGHGOLNHWKHFRXJKRIFRQVFLRXVVWUHQJWKDQG
IRUEHDUDQFH
:HOOPD
DP
UHVXPHG%RXQGHUE\
XQGHUWKHVHFLUFXPVWDQFHV,
LPDJLQHLWZRXOGQRWEHDJUHHDEOHWRDFKDUDFWHUOLNH\RXUVWR
UHPDLQKHUHWKRXJK\RXZRXOGEHYHU\ZHOFRPHKHUH
2KGHDUQRVLU,FRXOGRQQRDFFRXQWWKLQNRIWKDW
0UV
6SDUVLWVKRRNKHUKHDGVWLOOLQKHUKLJKO\VXSHULRUPDQQHUDQGD
OLWWOHFKDQJHGWKHVPDOOFRXJKFRXJKLQJQRZDVLIWKHVSLULWRI
SURSKHF\URVHZLWKLQKHUEXWKDGEHWWHUEHFRXJKHGGRZQ
+RZHYHUPD
DP
VDLG%RXQGHUE\
WKHUHDUHDSDUWPHQWVDWWKH
%DQNZKHUHDERUQDQGEUHGODG\DVNHHSHURIWKHSODFHZRXOGEH
UDWKHUDFDWFKWKDQRWKHUZLVHDQGLIWKHVDPHWHUPV
,EHJ\RXUSDUGRQVLU<RXZHUHVRJRRGDVWRSURPLVHWKDW\RX
ZRXOGDOZD\VVXEVWLWXWHWKHSKUDVHDQQXDOFRPSOLPHQW
:HOOPD
DPDQQXDOFRPSOLPHQW,IWKHVDPHDQQXDOFRPSOLPHQW
ZRXOGEHDFFHSWDEOHWKHUHZK\,VHHQRWKLQJWRSDUWXVXQOHVV
\RXGR
6LU
UHWXUQHG0UV6SDUVLW
7KHSURSRVDOLVOLNH\RXUVHOIDQG
LIWKHSRVLWLRQ,VKDOODVVXPHDWWKH%DQNLVRQHWKDW,FRXOG
RFFXS\ZLWKRXWGHVFHQGLQJORZHULQWKHVRFLDOVFDOH
:K\RIFRXUVHLWLV
VDLG%RXQGHUE\
,ILWZDVQRWPD
DP\RX
99
GRQ
WVXSSRVHWKDW,VKRXOGRIIHULWWRDODG\ZKRKDVPRYHGLQWKH
VRFLHW\\RXKDYHPRYHGLQ1RWWKDW,FDUHIRUVXFKVRFLHW\\RX
NQRZ%XW\RXGR
0U%RXQGHUE\\RXDUHYHU\FRQVLGHUDWH
<RX
OOKDYH\RXURZQSULYDWHDSDUWPHQWVDQG\RX
OOKDYH\RXU
FRDOVDQG\RXUFDQGOHVDQGDOOWKHUHVWRILWDQG\RX
OOKDYH
\RXUPDLGWRDWWHQGXSRQ\RXDQG\RX
OOKDYH\RXUOLJKWSRUWHUWR
SURWHFW\RXDQG\RX
OOEHZKDW,WDNHWKHOLEHUW\RIFRQVLGHULQJ
SUHFLRXVFRPIRUWDEOH
VDLG%RXQGHUE\
6LU
UHMRLQHG0UV6SDUVLW
VD\QRPRUH,Q\LHOGLQJXSP\
WUXVWKHUH,VKDOOQRWEHIUHHGIURPWKHQHFHVVLW\RIHDWLQJWKH
EUHDGRIGHSHQGHQFH
VKHPLJKWKDYHVDLGWKHVZHHWEUHDGIRUWKDW
GHOLFDWHDUWLFOHLQDVDYRXU\EURZQVDXFHZDVKHUIDYRXULWHVXSSHU
DQG,ZRXOGUDWKHUUHFHLYHLWIURP\RXUKDQGWKDQIURPDQ\RWKHU
7KHUHIRUHVLU,DFFHSW\RXURIIHUJUDWHIXOO\DQGZLWKPDQ\
VLQFHUHDFNQRZOHGJPHQWVIRUSDVWIDYRXUV$QG,KRSHVLU
VDLG
0UV6SDUVLWFRQFOXGLQJLQDQLPSUHVVLYHO\FRPSDVVLRQDWHPDQQHU
,IRQGO\KRSHWKDW0LVV*UDGJULQGPD\EHDOO\RXGHVLUHDQG
GHVHUYH
1RWKLQJPRYHG0UV6SDUVLWIURPWKDWSRVLWLRQDQ\PRUH,WZDVLQ
YDLQIRU%RXQGHUE\WREOXVWHURUWRDVVHUWKLPVHOILQDQ\RIKLV
H[SORVLYHZD\V0UV6SDUVLWZDVUHVROYHGWRKDYHFRPSDVVLRQRQ
KLPDVD9LFWLP6KHZDVSROLWHREOLJLQJFKHHUIXOKRSHIXO
EXWWKHPRUHSROLWHWKHPRUHREOLJLQJWKHPRUHFKHHUIXOWKH
PRUHKRSHIXOWKHPRUHH[HPSODU\DOWRJHWKHUVKHWKHIRUORUQHU
6DFULILFHDQG9LFWLPKH6KHKDGWKDWWHQGHUQHVVIRUKLV
PHODQFKRO\IDWHWKDWKLVJUHDWUHGFRXQWHQDQFHXVHGWREUHDNRXW
LQWRFROGSHUVSLUDWLRQVZKHQVKHORRNHGDWKLP
0HDQZKLOHWKHPDUULDJHZDVDSSRLQWHGWREHVROHPQL]HGLQHLJKW
ZHHNV
WLPHDQG0U%RXQGHUE\ZHQWHYHU\HYHQLQJWR6WRQH/RGJHDV
DQDFFHSWHGZRRHU/RYHZDVPDGHRQWKHVHRFFDVLRQVLQWKHIRUPRI
EUDFHOHWVDQGRQDOORFFDVLRQVGXULQJWKHSHULRGRIEHWURWKDO
WRRNDPDQXIDFWXULQJDVSHFW'UHVVHVZHUHPDGHMHZHOOHU\ZDV
PDGHFDNHVDQGJORYHVZHUHPDGHVHWWOHPHQWVZHUHPDGHDQGDQ
H[WHQVLYHDVVRUWPHQWRI)DFWVGLGDSSURSULDWHKRQRXUWRWKH
FRQWUDFW7KHEXVLQHVVZDVDOO)DFWIURPILUVWWRODVW7KH
+RXUVGLGQRWJRWKURXJKDQ\RIWKRVHURV\SHUIRUPDQFHVZKLFK
IRROLVKSRHWVKDYHDVFULEHGWRWKHPDWVXFKWLPHVQHLWKHUGLGWKH
FORFNVJRDQ\IDVWHURUDQ\VORZHUWKDQDWRWKHUVHDVRQV7KH
100
GHDGO\VWDWLVWLFDOUHFRUGHULQWKH*UDGJULQGREVHUYDWRU\NQRFNHG
HYHU\VHFRQGRQWKHKHDGDVLWZDVERUQDQGEXULHGLWZLWKKLV
DFFXVWRPHGUHJXODULW\
6RWKHGD\FDPHDVDOORWKHUGD\VFRPHWRSHRSOHZKRZLOORQO\
VWLFNWRUHDVRQDQGZKHQLWFDPHWKHUHZHUHPDUULHGLQWKHFKXUFK
RIWKHIORULGZRRGHQOHJVWKDWSRSXODURUGHURIDUFKLWHFWXUH
-RVLDK%RXQGHUE\(VTXLUHRI&RNHWRZQWR/RXLVDHOGHVWGDXJKWHURI
7KRPDV*UDGJULQG(VTXLUHRI6WRQH/RGJH03IRUWKDWERURXJK
$QGZKHQWKH\ZHUHXQLWHGLQKRO\PDWULPRQ\WKH\ZHQWKRPHWR
EUHDNIDVWDW6WRQH/RGJHDIRUHVDLG
7KHUHZDVDQLPSURYLQJSDUW\DVVHPEOHGRQWKHDXVSLFLRXVRFFDVLRQ
ZKRNQHZZKDWHYHU\WKLQJWKH\KDGWRHDWDQGGULQNZDVPDGHRIDQG
KRZLWZDVLPSRUWHGRUH[SRUWHGDQGLQZKDWTXDQWLWLHVDQGLQ
ZKDWERWWRPVZKHWKHUQDWLYHRUIRUHLJQDQGDOODERXWLW7KH
EULGHVPDLGVGRZQWROLWWOH-DQH*UDGJULQGZHUHLQDQ
LQWHOOHFWXDOSRLQWRIYLHZILWKHOSPDWHVIRUWKHFDOFXODWLQJER\
DQGWKHUHZDVQRQRQVHQVHDERXWDQ\RIWKHFRPSDQ\
$IWHUEUHDNIDVWWKHEULGHJURRPDGGUHVVHGWKHPLQWKHIROORZLQJ
WHUPV
/DGLHVDQGJHQWOHPHQ,DP-RVLDK%RXQGHUE\RI&RNHWRZQ6LQFH
\RXKDYHGRQHP\ZLIHDQGP\VHOIWKHKRQRXURIGULQNLQJRXUKHDOWKV
DQGKDSSLQHVV,VXSSRVH,PXVWDFNQRZOHGJHWKHVDPHWKRXJKDV
\RXDOONQRZPHDQGNQRZZKDW,DPDQGZKDWP\H[WUDFWLRQZDV
\RXZRQ
WH[SHFWDVSHHFKIURPDPDQZKRZKHQKHVHHVD3RVWVD\V
WKDW
VD3RVWDQGZKHQKHVHHVD3XPSVD\VWKDW
VD3XPSDQG
LVQRWWREHJRWWRFDOOD3RVWD3XPSRUD3XPSD3RVWRUHLWKHU
RIWKHPD7RRWKSLFN,I\RXZDQWDVSHHFKWKLVPRUQLQJP\IULHQG
DQGIDWKHULQODZ7RP*UDGJULQGLVD0HPEHURI3DUOLDPHQWDQG
\RXNQRZZKHUHWRJHWLW,DPQRW\RXUPDQ+RZHYHULI,IHHOD
OLWWOHLQGHSHQGHQWZKHQ,ORRNDURXQGWKLVWDEOHWRGD\DQG
UHIOHFWKRZOLWWOH,WKRXJKWRIPDUU\LQJ7RP*UDGJULQG
VGDXJKWHU
ZKHQ,ZDVDUDJJHGVWUHHWER\ZKRQHYHUZDVKHGKLVIDFHXQOHVVLW
ZDVDWDSXPSDQGWKDWQRWRIWHQHUWKDQRQFHDIRUWQLJKW,KRSH,
PD\EHH[FXVHG6R,KRSH\RXOLNHP\IHHOLQJLQGHSHQGHQWLI\RX
GRQ
W,FDQ
WKHOSLW,GRIHHOLQGHSHQGHQW1RZ,KDYH
PHQWLRQHGDQG\RXKDYHPHQWLRQHGWKDW,DPWKLVGD\PDUULHGWR
7RP*UDGJULQG
VGDXJKWHU,DPYHU\JODGWREHVR,WKDVORQJ
EHHQP\ZLVKWREHVR,KDYHZDWFKHGKHUEULQJLQJXSDQG,
EHOLHYHVKHLVZRUWK\RIPH$WWKHVDPHWLPHQRWWRGHFHLYH\RX
,EHOLHYH,DPZRUWK\RIKHU6R,WKDQN\RXRQERWKRXU
101
SDUWVIRUWKHJRRGZLOO\RXKDYHVKRZQWRZDUGVXVDQGWKHEHVW
ZLVK,FDQJLYHWKHXQPDUULHGSDUWRIWKHSUHVHQWFRPSDQ\LVWKLV
,KRSHHYHU\EDFKHORUPD\ILQGDVJRRGDZLIHDV,KDYHIRXQG$QG
,KRSHHYHU\VSLQVWHUPD\ILQGDVJRRGDKXVEDQGDVP\ZLIHKDV
IRXQG
6KRUWO\DIWHUZKLFKRUDWLRQDVWKH\ZHUHJRLQJRQDQXSWLDOWULS
WR/\RQVLQRUGHUWKDW0U%RXQGHUE\PLJKWWDNHWKHRSSRUWXQLW\RI
VHHLQJKRZWKH+DQGVJRWRQLQWKRVHSDUWVDQGZKHWKHUWKH\WRR
UHTXLUHGWREHIHGZLWKJROGVSRRQVWKHKDSS\SDLUGHSDUWHGIRU
WKHUDLOURDG7KHEULGHLQSDVVLQJGRZQVWDLUVGUHVVHGIRUKHU
MRXUQH\IRXQG7RPZDLWLQJIRUKHUIOXVKHGHLWKHUZLWKKLV
IHHOLQJVRUWKHYLQRXVSDUWRIWKHEUHDNIDVW
:KDWDJDPHJLUO\RXDUHWREHVXFKDILUVWUDWHVLVWHU/RR
ZKLVSHUHG7RP
6KHFOXQJWRKLPDVVKHVKRXOGKDYHFOXQJWRVRPHIDUEHWWHUQDWXUH
WKDWGD\DQGZDVDOLWWOHVKDNHQLQKHUUHVHUYHGFRPSRVXUHIRUWKH
ILUVWWLPH
2OG%RXQGHUE\
VTXLWHUHDG\
VDLG7RP
7LPH
VXS*RRGE\H,
VKDOOEHRQWKHORRNRXWIRU\RXZKHQ\RXFRPHEDFN,VD\P\
GHDU/RR$1
7LWXQFRPPRQO\MROO\QRZ
(1'2)7+(),567%22.
%22.7+(6(&21'5($3,1*
&+$37(5,())(&76,17+(%$1.
$6811<PLGVXPPHUGD\7KHUHZDVVXFKDWKLQJVRPHWLPHVHYHQLQ
&RNHWRZQ
6HHQIURPDGLVWDQFHLQVXFKZHDWKHU&RNHWRZQOD\VKURXGHGLQD
102
KD]HRILWVRZQZKLFKDSSHDUHGLPSHUYLRXVWRWKHVXQ
VUD\V<RX
RQO\NQHZWKHWRZQZDVWKHUHEHFDXVH\RXNQHZWKHUHFRXOGKDYH
EHHQQRVXFKVXON\EORWFKXSRQWKHSURVSHFWZLWKRXWDWRZQ$EOXU
RIVRRWDQGVPRNHQRZFRQIXVHGO\WHQGLQJWKLVZD\QRZWKDWZD\
QRZDVSLULQJWRWKHYDXOWRI+HDYHQQRZPXUNLO\FUHHSLQJDORQJWKH
HDUWKDVWKHZLQGURVHDQGIHOORUFKDQJHGLWVTXDUWHUDGHQVH
IRUPOHVVMXPEOHZLWKVKHHWVRIFURVVOLJKWLQLWWKDWVKRZHG
QRWKLQJEXWPDVVHVRIGDUNQHVV&RNHWRZQLQWKHGLVWDQFHZDV
VXJJHVWLYHRILWVHOIWKRXJKQRWDEULFNRILWFRXOGEHVHHQ
7KHZRQGHUZDVLWZDVWKHUHDWDOO,WKDGEHHQUXLQHGVRRIWHQ
WKDWLWZDVDPD]LQJKRZLWKDGERUQHVRPDQ\VKRFNV6XUHO\WKHUH
QHYHUZDVVXFKIUDJLOHFKLQDZDUHDVWKDWRIZKLFKWKHPLOOHUVRI
&RNHWRZQZHUHPDGH+DQGOHWKHPQHYHUVROLJKWO\DQGWKH\IHOOWR
SLHFHVZLWKVXFKHDVHWKDW\RXPLJKWVXVSHFWWKHPRIKDYLQJEHHQ
IODZHGEHIRUH7KH\ZHUHUXLQHGZKHQWKH\ZHUHUHTXLUHGWRVHQG
ODERXULQJFKLOGUHQWRVFKRROWKH\ZHUHUXLQHGZKHQLQVSHFWRUVZHUH
DSSRLQWHGWRORRNLQWRWKHLUZRUNVWKH\ZHUHUXLQHGZKHQVXFK
LQVSHFWRUVFRQVLGHUHGLWGRXEWIXOZKHWKHUWKH\ZHUHTXLWHMXVWLILHG
LQFKRSSLQJSHRSOHXSZLWKWKHLUPDFKLQHU\WKH\ZHUHXWWHUO\
XQGRQHZKHQLWZDVKLQWHGWKDWSHUKDSVWKH\QHHGQRWDOZD\VPDNH
TXLWHVRPXFKVPRNH%HVLGHV0U%RXQGHUE\
VJROGVSRRQZKLFKZDV
JHQHUDOO\UHFHLYHGLQ&RNHWRZQDQRWKHUSUHYDOHQWILFWLRQZDVYHU\
SRSXODUWKHUH,WWRRNWKHIRUPRIDWKUHDW:KHQHYHUD
&RNHWRZQHUIHOWKHZDVLOOXVHGWKDWLVWRVD\ZKHQHYHUKHZDV
QRWOHIWHQWLUHO\DORQHDQGLWZDVSURSRVHGWRKROGKLP
DFFRXQWDEOHIRUWKHFRQVHTXHQFHVRIDQ\RIKLVDFWVKHZDVVXUH
WRFRPHRXWZLWKWKHDZIXOPHQDFHWKDWKHZRXOG
VRRQHUSLWFKKLV
SURSHUW\LQWRWKH$WODQWLF
7KLVKDGWHUULILHGWKH+RPH6HFUHWDU\
ZLWKLQDQLQFKRIKLVOLIHRQVHYHUDORFFDVLRQV
+RZHYHUWKH&RNHWRZQHUVZHUHVRSDWULRWLFDIWHUDOOWKDWWKH\
QHYHUKDGSLWFKHGWKHLUSURSHUW\LQWRWKH$WODQWLF\HWEXWRQWKH
FRQWUDU\KDGEHHQNLQGHQRXJKWRWDNHPLJKW\JRRGFDUHRILW6R
WKHUHLWZDVLQWKHKD]H\RQGHUDQGLWLQFUHDVHGDQGPXOWLSOLHG
7KHVWUHHWVZHUHKRWDQGGXVW\RQWKHVXPPHUGD\DQGWKHVXQZDV
VREULJKWWKDWLWHYHQVKRQHWKURXJKWKHKHDY\YDSRXUGURRSLQJRYHU
&RNHWRZQDQGFRXOGQRWEHORRNHGDWVWHDGLO\6WRNHUVHPHUJHG
IURPORZXQGHUJURXQGGRRUZD\VLQWRIDFWRU\\DUGVDQGVDWRQVWHSV
DQGSRVWVDQGSDOLQJVZLSLQJWKHLUVZDUWK\YLVDJHVDQG
FRQWHPSODWLQJFRDOV7KHZKROHWRZQVHHPHGWREHIU\LQJLQRLO
7KHUHZDVDVWLIOLQJVPHOORIKRWRLOHYHU\ZKHUH7KHVWHDP
HQJLQHVVKRQHZLWKLWWKHGUHVVHVRIWKH+DQGVZHUHVRLOHGZLWK
103
LWWKHPLOOVWKURXJKRXWWKHLUPDQ\VWRULHVRR]HGDQGWULFNOHGLW
7KHDWPRVSKHUHRIWKRVH)DLU\SDODFHVZDVOLNHWKHEUHDWKRIWKH
VLPRRPDQGWKHLULQKDELWDQWVZDVWLQJZLWKKHDWWRLOHGODQJXLGO\
LQWKHGHVHUW%XWQRWHPSHUDWXUHPDGHWKHPHODQFKRO\PDG
HOHSKDQWVPRUHPDGRUPRUHVDQH7KHLUZHDULVRPHKHDGVZHQWXSDQG
GRZQDWWKHVDPHUDWHLQKRWZHDWKHUDQGFROGZHWZHDWKHUDQG
GU\IDLUZHDWKHUDQGIRXO7KHPHDVXUHGPRWLRQRIWKHLUVKDGRZV
RQWKHZDOOVZDVWKHVXEVWLWXWH&RNHWRZQKDGWRVKRZIRUWKH
VKDGRZVRIUXVWOLQJZRRGVZKLOHIRUWKHVXPPHUKXPRILQVHFWVLW
FRXOGRIIHUDOOWKH\HDUURXQGIURPWKHGDZQRI0RQGD\WRWKH
QLJKWRI6DWXUGD\WKHZKLUURIVKDIWVDQGZKHHOV
'URZVLO\WKH\ZKLUUHGDOOWKURXJKWKLVVXQQ\GD\PDNLQJWKH
SDVVHQJHUPRUHVOHHS\DQGPRUHKRWDVKHSDVVHGWKHKXPPLQJZDOOV
RIWKHPLOOV6XQEOLQGVDQGVSULQNOLQJVRIZDWHUDOLWWOH
FRROHGWKHPDLQVWUHHWVDQGWKHVKRSVEXWWKHPLOOVDQGWKH
FRXUWVDQGDOOH\VEDNHGDWDILHUFHKHDW'RZQXSRQWKHULYHU
WKDWZDVEODFNDQGWKLFNZLWKG\HVRPH&RNHWRZQER\VZKRZHUHDW
ODUJHDUDUHVLJKWWKHUHURZHGDFUD]\ERDWZKLFKPDGHD
VSXPRXVWUDFNXSRQWKHZDWHUDVLWMRJJHGDORQJZKLOHHYHU\GLSRI
DQRDUVWLUUHGXSYLOHVPHOOV%XWWKHVXQLWVHOIKRZHYHU
EHQHILFHQWJHQHUDOO\ZDVOHVVNLQGWR&RNHWRZQWKDQKDUGIURVW
DQGUDUHO\ORRNHGLQWHQWO\LQWRDQ\RILWVFORVHUUHJLRQVZLWKRXW
HQJHQGHULQJPRUHGHDWKWKDQOLIH6RGRHVWKHH\HRI+HDYHQLWVHOI
EHFRPHDQHYLOH\HZKHQLQFDSDEOHRUVRUGLGKDQGVDUHLQWHUSRVHG
EHWZHHQLWDQGWKHWKLQJVLWORRNVXSRQWREOHVV
0UV6SDUVLWVDWLQKHUDIWHUQRRQDSDUWPHQWDWWKH%DQNRQWKH
VKDGLHUVLGHRIWKHIU\LQJVWUHHW2IILFHKRXUVZHUHRYHUDQGDW
WKDWSHULRGRIWKHGD\LQZDUPZHDWKHUVKHXVXDOO\HPEHOOLVKHG
ZLWKKHUJHQWHHOSUHVHQFHDPDQDJHULDOERDUGURRPRYHUWKHSXEOLF
RIILFH+HURZQSULYDWHVLWWLQJURRPZDVDVWRU\KLJKHUDWWKH
ZLQGRZRIZKLFKSRVWRIREVHUYDWLRQVKHZDVUHDG\HYHU\PRUQLQJ
WRJUHHW0U%RXQGHUE\DVKHFDPHDFURVVWKHURDGZLWKWKH
V\PSDWKL]LQJUHFRJQLWLRQDSSURSULDWHWRD9LFWLP+HKDGEHHQ
PDUULHGQRZD\HDUDQG0UV6SDUVLWKDGQHYHUUHOHDVHGKLPIURP
KHUGHWHUPLQHGSLW\DPRPHQW
7KH%DQNRIIHUHGQRYLROHQFHWRWKHZKROHVRPHPRQRWRQ\RIWKHWRZQ
,WZDVDQRWKHUUHGEULFNKRXVHZLWKEODFNRXWVLGHVKXWWHUVJUHHQ
LQVLGHEOLQGVDEODFNVWUHHWGRRUXSWZRZKLWHVWHSVDEUD]HQ
GRRUSODWHDQGDEUD]HQGRRUKDQGOHIXOOVWRS,WZDVDVL]H
ODUJHUWKDQ0U%RXQGHUE\
VKRXVHDVRWKHUKRXVHVZHUHIURPDVL]H
WRKDOIDGR]HQVL]HVVPDOOHULQDOORWKHUSDUWLFXODUVLWZDV
104
VWULFWO\DFFRUGLQJWRSDWWHUQ
0UV6SDUVLWZDVFRQVFLRXVWKDWE\FRPLQJLQWKHHYHQLQJWLGHDPRQJ
WKHGHVNVDQGZULWLQJLPSOHPHQWVVKHVKHGDIHPLQLQHQRWWRVD\
DOVRDULVWRFUDWLFJUDFHXSRQWKHRIILFH6HDWHGZLWKKHU
QHHGOHZRUNRUQHWWLQJDSSDUDWXVDWWKHZLQGRZVKHKDGDVHOI
ODXGDWRU\VHQVHRIFRUUHFWLQJE\KHUODG\OLNHGHSRUWPHQWWKHUXGH
EXVLQHVVDVSHFWRIWKHSODFH:LWKWKLVLPSUHVVLRQRIKHU
LQWHUHVWLQJFKDUDFWHUXSRQKHU0UV6SDUVLWFRQVLGHUHGKHUVHOILQ
VRPHVRUWWKH%DQN)DLU\7KHWRZQVSHRSOHZKRLQWKHLUSDVVLQJ
DQGUHSDVVLQJVDZKHUWKHUHUHJDUGHGKHUDVWKH%DQN'UDJRQ
NHHSLQJZDWFKRYHUWKHWUHDVXUHVRIWKHPLQH
:KDWWKRVHWUHDVXUHVZHUH0UV6SDUVLWNQHZDVOLWWOHDVWKH\GLG
*ROGDQGVLOYHUFRLQSUHFLRXVSDSHUVHFUHWVWKDWLIGLYXOJHG
ZRXOGEULQJYDJXHGHVWUXFWLRQXSRQYDJXHSHUVRQVJHQHUDOO\
KRZHYHUSHRSOHZKRPVKHGLVOLNHGZHUHWKHFKLHILWHPVLQKHU
LGHDOFDWDORJXHWKHUHRI)RUWKHUHVWVKHNQHZWKDWDIWHURIILFH
KRXUVVKHUHLJQHGVXSUHPHRYHUDOOWKHRIILFHIXUQLWXUHDQGRYHU
DORFNHGXSLURQURRPZLWKWKUHHORFNVDJDLQVWWKHGRRURIZKLFK
VWURQJFKDPEHUWKHOLJKWSRUWHUODLGKLVKHDGHYHU\QLJKWRQD
WUXFNOHEHGWKDWGLVDSSHDUHGDWFRFNFURZ)XUWKHUVKHZDVODG\
SDUDPRXQWRYHUFHUWDLQYDXOWVLQWKHEDVHPHQWVKDUSO\VSLNHGRII
IURPFRPPXQLFDWLRQZLWKWKHSUHGDWRU\ZRUOGDQGRYHUWKHUHOLFVRI
WKHFXUUHQWGD\
VZRUNFRQVLVWLQJRIEORWVRILQNZRUQRXWSHQV
IUDJPHQWVRIZDIHUVDQGVFUDSVRISDSHUWRUQVRVPDOOWKDW
QRWKLQJLQWHUHVWLQJFRXOGHYHUEHGHFLSKHUHGRQWKHPZKHQ0UV
6SDUVLWWULHG/DVWO\VKHZDVJXDUGLDQRYHUDOLWWOHDUPRXU\RI
FXWODVVHVDQGFDUELQHVDUUD\HGLQYHQJHIXORUGHUDERYHRQHRIWKH
RIILFLDOFKLPQH\SLHFHVDQGRYHUWKDWUHVSHFWDEOHWUDGLWLRQQHYHU
WREHVHSDUDWHGIURPDSODFHRIEXVLQHVVFODLPLQJWREHZHDOWK\D
URZRIILUHEXFNHWVYHVVHOVFDOFXODWHGWREHRIQRSK\VLFDO
XWLOLW\RQDQ\RFFDVLRQEXWREVHUYHGWRH[HUFLVHDILQHPRUDO
LQIOXHQFHDOPRVWHTXDOWREXOOLRQRQPRVWEHKROGHUV
$GHDIVHUYLQJZRPDQDQGWKHOLJKWSRUWHUFRPSOHWHG0UV6SDUVLW
V
HPSLUH7KHGHDIVHUYLQJZRPDQZDVUXPRXUHGWREHZHDOWK\DQGD
VD\LQJKDGIRU\HDUVJRQHDERXWDPRQJWKHORZHURUGHUVRI&RNHWRZQ
WKDWVKHZRXOGEHPXUGHUHGVRPHQLJKWZKHQWKH%DQNZDVVKXWIRU
WKHVDNHRIKHUPRQH\,WZDVJHQHUDOO\FRQVLGHUHGLQGHHGWKDW
VKHKDGEHHQGXHVRPHWLPHDQGRXJKWWRKDYHIDOOHQORQJDJREXW
VKHKDGNHSWKHUOLIHDQGKHUVLWXDWLRQZLWKDQLOOFRQGLWLRQHG
WHQDFLW\WKDWRFFDVLRQHGPXFKRIIHQFHDQGGLVDSSRLQWPHQW
105
0UV6SDUVLW
VWHDZDVMXVWVHWIRUKHURQDSHUWOLWWOHWDEOH
ZLWKLWVWULSRGRIOHJVLQDQDWWLWXGHZKLFKVKHLQVLQXDWHGDIWHU
RIILFHKRXUVLQWRWKHFRPSDQ\RIWKHVWHUQOHDWKHUQWRSSHGORQJ
ERDUGWDEOHWKDWEHVWURGHWKHPLGGOHRIWKHURRP7KHOLJKWSRUWHU
SODFHGWKHWHDWUD\RQLWNQXFNOLQJKLVIRUHKHDGDVDIRUPRI
KRPDJH
7KDQN\RX%LW]HU
VDLG0UV6SDUVLW
7KDQN\RXPD
DP
UHWXUQHGWKHOLJKWSRUWHU+HZDVDYHU\OLJKW
SRUWHULQGHHGDVOLJKWDVLQWKHGD\VZKHQKHEOLQNLQJO\GHILQHGD
KRUVHIRUJLUOQXPEHUWZHQW\
$OOLVVKXWXS%LW]HU"
VDLG0UV6SDUVLW
$OOLVVKXWXSPD
DP
$QGZKDW
VDLG0UV6SDUVLWSRXULQJRXWKHUWHD
LVWKHQHZVRI
WKHGD\"$Q\WKLQJ"
:HOOPD
DP,FDQ
WVD\WKDW,KDYHKHDUGDQ\WKLQJSDUWLFXODU
2XUSHRSOHDUHDEDGORWPD
DPEXWWKDWLVQRQHZV
XQIRUWXQDWHO\
:KDWDUHWKHUHVWOHVVZUHWFKHVGRLQJQRZ"
DVNHG0UV6SDUVLW
0HUHO\JRLQJRQLQWKHROGZD\PD
DP8QLWLQJDQGOHDJXLQJDQG
HQJDJLQJWRVWDQGE\RQHDQRWKHU
,WLVPXFKWREHUHJUHWWHG
VDLG0UV6SDUVLWPDNLQJKHUQRVH
PRUH5RPDQDQGKHUH\HEURZVPRUH&RULRODQLDQLQWKHVWUHQJWKRIKHU
VHYHULW\
WKDWWKHXQLWHGPDVWHUVDOORZRIDQ\VXFKFODVV
FRPELQDWLRQV
<HVPD
DP
VDLG%LW]HU
%HLQJXQLWHGWKHPVHOYHVWKH\RXJKWRQHDQGDOOWRVHWWKHLUIDFHV
DJDLQVWHPSOR\LQJDQ\PDQZKRLVXQLWHGZLWKDQ\RWKHUPDQ
VDLG
0UV6SDUVLW
7KH\KDYHGRQHWKDWPD
DP
UHWXUQHG%LW]HU
EXWLWUDWKHUIHOO
WKURXJKPD
DP
,GRQRWSUHWHQGWRXQGHUVWDQGWKHVHWKLQJV
VDLG0UV6SDUVLW
106
ZLWKGLJQLW\
P\ORWKDYLQJEHHQVLJQDOO\FDVWLQDZLGHO\
GLIIHUHQWVSKHUHDQG0U6SDUVLWDVD3RZOHUEHLQJDOVRTXLWH
RXWRIWKHSDOHRIDQ\VXFKGLVVHQVLRQV,RQO\NQRZWKDWWKHVH
SHRSOHPXVWEHFRQTXHUHGDQGWKDWLW
VKLJKWLPHLWZDVGRQHRQFH
IRUDOO
<HVPD
DP
UHWXUQHG%LW]HUZLWKDGHPRQVWUDWLRQRIJUHDW
UHVSHFWIRU0UV6SDUVLW
VRUDFXODUDXWKRULW\
<RXFRXOGQ
WSXW
LWFOHDUHU,DPVXUHPD
DP
$VWKLVZDVKLVXVXDOKRXUIRUKDYLQJDOLWWOHFRQILGHQWLDOFKDW
ZLWK0UV6SDUVLWDQGDVKHKDGDOUHDG\FDXJKWKHUH\HDQGVHHQ
WKDWVKHZDVJRLQJWRDVNKLPVRPHWKLQJKHPDGHDSUHWHQFHRI
DUUDQJLQJWKHUXOHUVLQNVWDQGVDQGVRIRUWKZKLOHWKDWODG\ZHQW
RQZLWKKHUWHDJODQFLQJWKURXJKWKHRSHQZLQGRZGRZQLQWRWKH
VWUHHW
+DVLWEHHQDEXV\GD\%LW]HU"
DVNHG0UV6SDUVLW
1RWDYHU\EXV\GD\P\ODG\$ERXWDQDYHUDJHGD\
+HQRZDQG
WKHQVOLGHGLQWRP\ODG\LQVWHDGRIPD
DPDVDQLQYROXQWDU\
DFNQRZOHGJPHQWRI0UV6SDUVLW
VSHUVRQDOGLJQLW\DQGFODLPVWR
UHYHUHQFH
7KHFOHUNV
VDLG0UV6SDUVLWFDUHIXOO\EUXVKLQJDQ
LPSHUFHSWLEOHFUXPERIEUHDGDQGEXWWHUIURPKHUOHIWKDQGPLWWHQ
DUHWUXVWZRUWK\SXQFWXDODQGLQGXVWULRXVRIFRXUVH"
<HVPD
DPSUHWW\IDLUPD
DP:LWKWKHXVXDOH[FHSWLRQ
+HKHOGWKHUHVSHFWDEOHRIILFHRIJHQHUDOVS\DQGLQIRUPHULQWKH
HVWDEOLVKPHQWIRUZKLFKYROXQWHHUVHUYLFHKHUHFHLYHGDSUHVHQWDW
&KULVWPDVRYHUDQGDERYHKLVZHHNO\ZDJH+HKDGJURZQLQWRDQ
H[WUHPHO\FOHDUKHDGHGFDXWLRXVSUXGHQW\RXQJPDQZKRZDVVDIH
WRULVHLQWKHZRUOG+LVPLQGZDVVRH[DFWO\UHJXODWHGWKDWKH
KDGQRDIIHFWLRQVRUSDVVLRQV$OOKLVSURFHHGLQJVZHUHWKHUHVXOW
RIWKHQLFHVWDQGFROGHVWFDOFXODWLRQDQGLWZDVQRWZLWKRXWFDXVH
WKDW0UV6SDUVLWKDELWXDOO\REVHUYHGRIKLPWKDWKHZDVD\RXQJ
PDQRIWKHVWHDGLHVWSULQFLSOHVKHKDGHYHUNQRZQ+DYLQJ
VDWLVILHGKLPVHOIRQKLVIDWKHU
VGHDWKWKDWKLVPRWKHUKDGD
ULJKWRIVHWWOHPHQWLQ&RNHWRZQWKLVH[FHOOHQW\RXQJHFRQRPLVWKDG
DVVHUWHGWKDWULJKWIRUKHUZLWKVXFKDVWHDGIDVWDGKHUHQFHWRWKH
SULQFLSOHRIWKHFDVHWKDWVKHKDGEHHQVKXWXSLQWKHZRUNKRXVH
HYHUVLQFH,WPXVWEHDGPLWWHGWKDWKHDOORZHGKHUKDOIDSRXQG
107
RIWHDD\HDUZKLFKZDVZHDNLQKLPILUVWEHFDXVHDOOJLIWV
KDYHDQLQHYLWDEOHWHQGHQF\WRSDXSHULVHWKHUHFLSLHQWDQG
VHFRQGO\EHFDXVHKLVRQO\UHDVRQDEOHWUDQVDFWLRQLQWKDWFRPPRGLW\
ZRXOGKDYHEHHQWREX\LWIRUDVOLWWOHDVKHFRXOGSRVVLEO\JLYH
DQGVHOOLWIRUDVPXFKDVKHFRXOGSRVVLEO\JHWLWKDYLQJEHHQ
FOHDUO\DVFHUWDLQHGE\SKLORVRSKHUVWKDWLQWKLVLVFRPSULVHGWKH
ZKROHGXW\RIPDQQRWDSDUWRIPDQ
VGXW\EXWWKHZKROH
3UHWW\IDLUPD
DP:LWKWKHXVXDOH[FHSWLRQPD
DP
UHSHDWHG
%LW]HU
$KK
VDLG0UV6SDUVLWVKDNLQJKHUKHDGRYHUKHUWHDFXSDQG
WDNLQJDORQJJXOS
0U7KRPDVPD
DP,GRXEW0U7KRPDVYHU\PXFKPD
DP,GRQ
W
OLNHKLVZD\VDWDOO
%LW]HU
VDLG0UV6SDUVLWLQDYHU\LPSUHVVLYHPDQQHU
GR\RX
UHFROOHFWP\KDYLQJVDLGDQ\WKLQJWR\RXUHVSHFWLQJQDPHV"
,EHJ\RXUSDUGRQPD
DP,W
VTXLWHWUXHWKDW\RXGLGREMHFWWR
QDPHVEHLQJXVHGDQGWKH\
UHDOZD\VEHVWDYRLGHG
3OHDVHWRUHPHPEHUWKDW,KDYHDFKDUJHKHUH
VDLG0UV6SDUVLW
ZLWKKHUDLURIVWDWH
,KROGDWUXVWKHUH%LW]HUXQGHU0U
%RXQGHUE\+RZHYHULPSUREDEOHERWK0U%RXQGHUE\DQGP\VHOIPLJKW
KDYHGHHPHGLW\HDUVDJRWKDWKHZRXOGHYHUEHFRPHP\SDWURQ
PDNLQJPHDQDQQXDOFRPSOLPHQW,FDQQRWEXWUHJDUGKLPLQWKDW
OLJKW)URP0U%RXQGHUE\,KDYHUHFHLYHGHYHU\DFNQRZOHGJPHQWRI
P\VRFLDOVWDWLRQDQGHYHU\UHFRJQLWLRQRIP\IDPLO\GHVFHQWWKDW
,FRXOGSRVVLEO\H[SHFW0RUHIDUPRUH7KHUHIRUHWRP\SDWURQ
,ZLOOEHVFUXSXORXVO\WUXH$QG,GRQRWFRQVLGHU,ZLOOQRW
FRQVLGHU,FDQQRWFRQVLGHU
VDLG0UV6SDUVLWZLWKDPRVW
H[WHQVLYHVWRFNRQKDQGRIKRQRXUDQGPRUDOLW\
WKDW,VKRXOGEH
VFUXSXORXVO\WUXHLI,DOORZHGQDPHVWREHPHQWLRQHGXQGHUWKLV
URRIWKDWDUHXQIRUWXQDWHO\PRVWXQIRUWXQDWHO\QRGRXEWRI
WKDWFRQQHFWHGZLWKKLV
%LW]HUNQXFNOHGKLVIRUHKHDGDJDLQDQGDJDLQEHJJHGSDUGRQ
1R%LW]HU
FRQWLQXHG0UV6SDUVLW
VD\DQLQGLYLGXDODQG,
ZLOOKHDU\RXVD\0U7KRPDVDQG\RXPXVWH[FXVHPH
:LWKWKHXVXDOH[FHSWLRQPD
DP
VDLG%LW]HUWU\LQJEDFN
RIDQ
108
LQGLYLGXDO
$KK
0UV6SDUVLWUHSHDWHGWKHHMDFXODWLRQWKHVKDNHRIWKH
KHDGRYHUKHUWHDFXSDQGWKHORQJJXOSDVWDNLQJXSWKH
FRQYHUVDWLRQDJDLQDWWKHSRLQWZKHUHLWKDGEHHQLQWHUUXSWHG
$QLQGLYLGXDOPD
DP
VDLG%LW]HU
KDVQHYHUEHHQZKDWKHRXJKW
WRKDYHEHHQVLQFHKHILUVWFDPHLQWRWKHSODFH+HLVD
GLVVLSDWHGH[WUDYDJDQWLGOHU+HLVQRWZRUWKKLVVDOWPD
DP
+HZRXOGQ
WJHWLWHLWKHULIKHKDGQ
WDIULHQGDQGUHODWLRQDW
FRXUWPD
DP
$KK
VDLG0UV6SDUVLWZLWKDQRWKHUPHODQFKRO\VKDNHRIKHU
KHDG
,RQO\KRSHPD
DP
SXUVXHG%LW]HU
WKDWKLVIULHQGDQGUHODWLRQ
PD\QRWVXSSO\KLPZLWKWKHPHDQVRIFDUU\LQJRQ2WKHUZLVH
PD
DPZHNQRZRXWRIZKRVHSRFNHWWKDWPRQH\FRPHV
$KK
VLJKHG0UV6SDUVLWDJDLQZLWKDQRWKHUPHODQFKRO\VKDNH
RIKHUKHDG
+HLVWREHSLWLHGPD
DP7KHODVWSDUW\,KDYHDOOXGHGWRLV
WREHSLWLHGPD
DP
VDLG%LW]HU
<HV%LW]HU
VDLG0UV6SDUVLW
,KDYHDOZD\VSLWLHGWKH
GHOXVLRQDOZD\V
$VWRDQLQGLYLGXDOPD
DP
VDLG%LW]HUGURSSLQJKLVYRLFHDQG
GUDZLQJQHDUHU
KHLVDVLPSURYLGHQWDVDQ\RIWKHSHRSOHLQWKLV
WRZQ$QG\RXNQRZZKDWWKHLULPSURYLGHQFHLVPD
DP1RRQH
FRXOGZLVKWRNQRZLWEHWWHUWKDQDODG\RI\RXUHPLQHQFHGRHV
7KH\ZRXOGGRZHOO
UHWXUQHG0UV6SDUVLW
WRWDNHH[DPSOHE\
\RX%LW]HU
7KDQN\RXPD
DP%XWVLQFH\RXGRUHIHUWRPHQRZORRNDWPH
PD
DP,KDYHSXWE\DOLWWOHPD
DPDOUHDG\7KDWJUDWXLW\
ZKLFK,UHFHLYHDW&KULVWPDVPD
DP,QHYHUWRXFKLW,GRQ
W
HYHQJRWKHOHQJWKRIP\ZDJHVWKRXJKWKH\
UHQRWKLJKPD
DP
:K\FDQ
WWKH\GRDV,KDYHGRQHPD
DP":KDWRQHSHUVRQFDQGR
DQRWKHUFDQGR
7KLVDJDLQZDVDPRQJWKHILFWLRQVRI&RNHWRZQ$Q\FDSLWDOLVW
109
WKHUHZKRKDGPDGHVL[W\WKRXVDQGSRXQGVRXWRIVL[SHQFHDOZD\V
SURIHVVHGWRZRQGHUZK\WKHVL[W\WKRXVDQGQHDUHVW+DQGVGLGQ
W
HDFKPDNHVL[W\WKRXVDQGSRXQGVRXWRIVL[SHQFHDQGPRUHRUOHVV
UHSURDFKHGWKHPHYHU\RQHIRUQRWDFFRPSOLVKLQJWKHOLWWOHIHDW
:KDW,GLG\RXFDQGR:K\GRQ
W\RXJRDQGGRLW"
$VWRWKHLUZDQWLQJUHFUHDWLRQVPD
DP
VDLG%LW]HU
LW
VVWXII
DQGQRQVHQVH,GRQ
WZDQWUHFUHDWLRQV,QHYHUGLGDQG,QHYHU
VKDOO,GRQ
WOLNH
HP$VWRWKHLUFRPELQLQJWRJHWKHUWKHUHDUH
PDQ\RIWKHP,KDYHQRGRXEWWKDWE\ZDWFKLQJDQGLQIRUPLQJXSRQ
RQHDQRWKHUFRXOGHDUQDWULIOHQRZDQGWKHQZKHWKHULQPRQH\RU
JRRGZLOODQGLPSURYHWKHLUOLYHOLKRRG7KHQZK\GRQ
WWKH\
LPSURYHLWPD
DP,W
VWKHILUVWFRQVLGHUDWLRQRIDUDWLRQDO
FUHDWXUHDQGLW
VZKDWWKH\SUHWHQGWRZDQW
3UHWHQGLQGHHG
VDLG0UV6SDUVLW
,DPVXUHZHDUHFRQVWDQWO\KHDULQJPD
DPWLOOLWEHFRPHVTXLWH
QDXVHRXVFRQFHUQLQJWKHLUZLYHVDQGIDPLOLHV
VDLG%LW]HU
:K\
ORRNDWPHPD
DP,GRQ
WZDQWDZLIHDQGIDPLO\:K\VKRXOG
WKH\"
%HFDXVHWKH\DUHLPSURYLGHQW
VDLG0UV6SDUVLW
<HVPD
DP
UHWXUQHG%LW]HU
WKDW
VZKHUHLWLV,IWKH\ZHUH
PRUHSURYLGHQWDQGOHVVSHUYHUVHPD
DPZKDWZRXOGWKH\GR"7KH\
ZRXOGVD\:KLOHP\KDWFRYHUVP\IDPLO\RUZKLOHP\ERQQHW
FRYHUVP\IDPLO\DVWKHFDVHPLJKWEHPD
DP,KDYHRQO\RQH
WRIHHGDQGWKDW
VWKHSHUVRQ,PRVWOLNHWRIHHG
7REHVXUH
DVVHQWHG0UV6SDUVLWHDWLQJPXIILQ
7KDQN\RXPD
DP
VDLG%LW]HUNQXFNOLQJKLVIRUHKHDGDJDLQLQ
UHWXUQIRUWKHIDYRXURI0UV6SDUVLW
VLPSURYLQJFRQYHUVDWLRQ
:RXOG\RXZLVKDOLWWOHPRUHKRWZDWHUPD
DPRULVWKHUH
DQ\WKLQJHOVHWKDW,FRXOGIHWFK\RX"
1RWKLQJMXVWQRZ%LW]HU
7KDQN\RXPD
DP,VKRXOGQ
WZLVKWRGLVWXUE\RXDW\RXUPHDOV
PD
DPSDUWLFXODUO\WHDNQRZLQJ\RXUSDUWLDOLW\IRULW
VDLG
%LW]HUFUDQLQJDOLWWOHWRORRNRYHULQWRWKHVWUHHWIURPZKHUHKH
VWRRG
EXWWKHUH
VDJHQWOHPDQEHHQORRNLQJXSKHUHIRUDPLQXWH
RUVRPD
DPDQGKHKDVFRPHDFURVVDVLIKHZDVJRLQJWRNQRFN
110
7KDWLVKLVNQRFNPD
DPQRGRXEW
+HVWHSSHGWRWKHZLQGRZDQGORRNLQJRXWDQGGUDZLQJLQKLVKHDG
DJDLQFRQILUPHGKLPVHOIZLWK
<HVPD
DP:RXOG\RXZLVKWKH
JHQWOHPDQWREHVKRZQLQPD
DP"
,GRQ
WNQRZZKRLWFDQEH
VDLG0UV6SDUVLWZLSLQJKHUPRXWK
DQGDUUDQJLQJKHUPLWWHQV
$VWUDQJHUPD
DPHYLGHQWO\
:KDWDVWUDQJHUFDQZDQWDWWKH%DQNDWWKLVWLPHRIWKHHYHQLQJ
XQOHVVKHFRPHVXSRQVRPHEXVLQHVVIRUZKLFKKHLVWRRODWH,
GRQ
WNQRZ
VDLG0UV6SDUVLW
EXW,KROGDFKDUJHLQWKLV
HVWDEOLVKPHQWIURP0U%RXQGHUE\DQG,ZLOOQHYHUVKULQNIURPLW
,IWRVHHKLPLVDQ\SDUWRIWKHGXW\,KDYHDFFHSWHG,ZLOOVHH
KLP8VH\RXURZQGLVFUHWLRQ%LW]HU
+HUHWKHYLVLWRUDOOXQFRQVFLRXVRI0UV6SDUVLW
VPDJQDQLPRXV
ZRUGVUHSHDWHGKLVNQRFNVRORXGO\WKDWWKHOLJKWSRUWHUKDVWHQHG
GRZQWRRSHQWKHGRRUZKLOH0UV6SDUVLWWRRNWKHSUHFDXWLRQRI
FRQFHDOLQJKHUOLWWOHWDEOHZLWKDOOLWVDSSOLDQFHVXSRQLWLQD
FXSERDUGDQGWKHQGHFDPSHGXSVWDLUVWKDWVKHPLJKWDSSHDULI
QHHGIXOZLWKWKHJUHDWHUGLJQLW\
,I\RXSOHDVHPD
DPWKHJHQWOHPDQZRXOGZLVKWRVHH\RX
VDLG
%LW]HUZLWKKLVOLJKWH\HDW0UV6SDUVLW
VNH\KROH6R0UV
6SDUVLWZKRKDGLPSURYHGWKHLQWHUYDOE\WRXFKLQJXSKHUFDSWRRN
KHUFODVVLFDOIHDWXUHVGRZQVWDLUVDJDLQDQGHQWHUHGWKHERDUG
URRPLQWKHPDQQHURID5RPDQPDWURQJRLQJRXWVLGHWKHFLW\ZDOOV
WRWUHDWZLWKDQLQYDGLQJJHQHUDO
7KHYLVLWRUKDYLQJVWUROOHGWRWKHZLQGRZDQGEHLQJWKHQHQJDJHG
LQORRNLQJFDUHOHVVO\RXWZDVDVXQPRYHGE\WKLVLPSUHVVLYHHQWU\
DVPDQFRXOGSRVVLEO\EH+HVWRRGZKLVWOLQJWRKLPVHOIZLWKDOO
LPDJLQDEOHFRROQHVVZLWKKLVKDWVWLOORQDQGDFHUWDLQDLURI
H[KDXVWLRQXSRQKLPLQSDUWDULVLQJIURPH[FHVVLYHVXPPHUDQGLQ
SDUWIURPH[FHVVLYHJHQWLOLW\)RULWZDVWREHVHHQZLWKKDOIDQ
H\HWKDWKHZDVDWKRURXJKJHQWOHPDQPDGHWRWKHPRGHORIWKH
WLPHZHDU\RIHYHU\WKLQJDQGSXWWLQJQRPRUHIDLWKLQDQ\WKLQJ
WKDQ/XFLIHU
,EHOLHYHVLU
TXRWK0UV6SDUVLW
\RXZLVKHGWRVHHPH
111
,EHJ\RXUSDUGRQ
KHVDLGWXUQLQJDQGUHPRYLQJKLVKDW
SUD\
H[FXVHPH
+XPSK
WKRXJKW0UV6SDUVLWDVVKHPDGHDVWDWHO\EHQG
)LYH
DQGWKLUW\JRRGORRNLQJJRRGILJXUHJRRGWHHWKJRRGYRLFHJRRG
EUHHGLQJZHOOGUHVVHGGDUNKDLUEROGH\HV
$OOZKLFK0UV
6SDUVLWREVHUYHGLQKHUZRPDQO\ZD\OLNHWKH6XOWDQZKRSXWKLV
KHDGLQWKHSDLORIZDWHUPHUHO\LQGLSSLQJGRZQDQGFRPLQJXS
DJDLQ
3OHDVHWREHVHDWHGVLU
VDLG0UV6SDUVLW
7KDQN\RX$OORZPH
+HSODFHGDFKDLUIRUKHUEXWUHPDLQHG
KLPVHOIFDUHOHVVO\ORXQJLQJDJDLQVWWKHWDEOH
,OHIWP\VHUYDQW
DWWKHUDLOZD\ORRNLQJDIWHUWKHOXJJDJHYHU\KHDY\WUDLQDQG
YDVWTXDQWLW\RILWLQWKHYDQDQGVWUROOHGRQORRNLQJDERXWPH
([FHHGLQJO\RGGSODFH:LOO\RXDOORZPHWRDVN\RXLILW
VDOZD\V
DVEODFNDVWKLV"
,QJHQHUDOPXFKEODFNHU
UHWXUQHG0UV6SDUVLWLQKHU
XQFRPSURPLVLQJZD\
,VLWSRVVLEOH([FXVHPH\RXDUHQRWDQDWLYH,WKLQN"
1RVLU
UHWXUQHG0UV6SDUVLW
,WZDVRQFHP\JRRGRULOO
IRUWXQHDVLWPD\EHEHIRUH,EHFDPHDZLGRZWRPRYHLQDYHU\
GLIIHUHQWVSKHUH0\KXVEDQGZDVD3RZOHU
%HJ\RXUSDUGRQUHDOO\
VDLGWKHVWUDQJHU
:DV"
0UV6SDUVLWUHSHDWHG
$3RZOHU
3RZOHU)DPLO\
VDLGWKHVWUDQJHUDIWHUUHIOHFWLQJDIHZPRPHQWV
0UV6SDUVLWVLJQLILHGDVVHQW7KHVWUDQJHUVHHPHGDOLWWOHPRUH
IDWLJXHGWKDQEHIRUH
<RXPXVWEHYHU\PXFKERUHGKHUH"
ZDVWKHLQIHUHQFHKHGUHZIURP
WKHFRPPXQLFDWLRQ
,DPWKHVHUYDQWRIFLUFXPVWDQFHVVLU
VDLG0UV6SDUVLW
DQG,
KDYHORQJDGDSWHGP\VHOIWRWKHJRYHUQLQJSRZHURIP\OLIH
9HU\SKLORVRSKLFDO
UHWXUQHGWKHVWUDQJHU
DQGYHU\H[HPSODU\
DQGODXGDEOHDQG
,WVHHPHGWREHVFDUFHO\ZRUWKKLVZKLOHWR
112
ILQLVKWKHVHQWHQFHVRKHSOD\HGZLWKKLVZDWFKFKDLQZHDULO\
0D\,EHSHUPLWWHGWRDVNVLU
VDLG0UV6SDUVLW
WRZKDW,DP
LQGHEWHGIRUWKHIDYRXURI
$VVXUHGO\
VDLGWKHVWUDQJHU
0XFKREOLJHGWR\RXIRUUHPLQGLQJ
PH,DPWKHEHDUHURIDOHWWHURILQWURGXFWLRQWR0U%RXQGHUE\
WKHEDQNHU:DONLQJWKURXJKWKLVH[WUDRUGLQDULO\EODFNWRZQZKLOH
WKH\ZHUHJHWWLQJGLQQHUUHDG\DWWKHKRWHO,DVNHGDIHOORZZKRP
,PHWRQHRIWKHZRUNLQJSHRSOHZKRDSSHDUHGWRKDYHEHHQWDNLQJ
DVKRZHUEDWKRIVRPHWKLQJIOXII\ZKLFK,DVVXPHWREHWKHUDZ
PDWHULDO
0UV6SDUVLWLQFOLQHGKHUKHDG
5DZPDWHULDOZKHUH0U%RXQGHUE\WKHEDQNHUPLJKWUHVLGH
8SRQZKLFKPLVOHGQRGRXEWE\WKHZRUG%DQNHUKHGLUHFWHGPHWR
WKH%DQN)DFWEHLQJ,SUHVXPHWKDW0U%RXQGHUE\WKH%DQNHU
GRHVQRWUHVLGHLQWKHHGLILFHLQZKLFK,KDYHWKHKRQRXURI
RIIHULQJWKLVH[SODQDWLRQ"
1RVLU
UHWXUQHG0UV6SDUVLW
KHGRHVQRW
7KDQN\RX,KDGQRLQWHQWLRQRIGHOLYHULQJP\OHWWHUDWWKH
SUHVHQWPRPHQWQRUKDYH,%XWVWUROOLQJRQWRWKH%DQNWRNLOO
WLPHDQGKDYLQJWKHJRRGIRUWXQHWRREVHUYHDWWKHZLQGRZ
WRZDUGVZKLFKKHODQJXLGO\ZDYHGKLVKDQGWKHQVOLJKWO\ERZHG
D
ODG\RIDYHU\VXSHULRUDQGDJUHHDEOHDSSHDUDQFH,FRQVLGHUHGWKDW
,FRXOGQRWGREHWWHUWKDQWDNHWKHOLEHUW\RIDVNLQJWKDWODG\
ZKHUH0U%RXQGHUE\WKH%DQNHUGRHVOLYH:KLFK,DFFRUGLQJO\
YHQWXUHZLWKDOOVXLWDEOHDSRORJLHVWRGR
7KHLQDWWHQWLRQDQGLQGROHQFHRIKLVPDQQHUZHUHVXIILFLHQWO\
UHOLHYHGWR0UV6SDUVLW
VWKLQNLQJE\DFHUWDLQJDOODQWU\DW
HDVHZKLFKRIIHUHGKHUKRPDJHWRR+HUHKHZDVIRULQVWDQFHDW
WKLVPRPHQWDOOEXWVLWWLQJRQWKHWDEOHDQG\HWOD]LO\EHQGLQJ
RYHUKHUDVLIKHDFNQRZOHGJHGDQDWWUDFWLRQLQKHUWKDWPDGHKHU
FKDUPLQJLQKHUZD\
%DQNV,NQRZDUHDOZD\VVXVSLFLRXVDQGRIILFLDOO\PXVWEH
VDLGWKHVWUDQJHUZKRVHOLJKWQHVVDQGVPRRWKQHVVRIVSHHFKZHUH
SOHDVDQWOLNHZLVHVXJJHVWLQJPDWWHUIDUPRUHVHQVLEOHDQGKXPRURXV
WKDQLWHYHUFRQWDLQHGZKLFKZDVSHUKDSVDVKUHZGGHYLFHRIWKH
IRXQGHURIWKLVQXPHURXVVHFWZKRVRHYHUPD\KDYHEHHQWKDWJUHDW
113
PDQ
WKHUHIRUH,PD\REVHUYHWKDWP\OHWWHUKHUHLWLVLV
IURPWKHPHPEHUIRUWKLVSODFH*UDGJULQGZKRP,KDYHKDGWKH
SOHDVXUHRINQRZLQJLQ/RQGRQ
0UV6SDUVLWUHFRJQL]HGWKHKDQGLQWLPDWHGWKDWVXFKFRQILUPDWLRQ
ZDVTXLWHXQQHFHVVDU\DQGJDYH0U%RXQGHUE\
VDGGUHVVZLWKDOO
QHHGIXOFOXHVDQGGLUHFWLRQVLQDLG
7KRXVDQGWKDQNV
VDLGWKHVWUDQJHU
2IFRXUVH\RXNQRZWKH
%DQNHUZHOO"
<HVVLU
UHMRLQHG0UV6SDUVLW
,QP\GHSHQGHQWUHODWLRQ
WRZDUGVKLP,KDYHNQRZQKLPWHQ\HDUV
4XLWHDQHWHUQLW\,WKLQNKHPDUULHG*UDGJULQG
VGDXJKWHU"
<HV
VDLG0UV6SDUVLWVXGGHQO\FRPSUHVVLQJKHUPRXWK
KHKDG
WKDWKRQRXU
7KHODG\LVTXLWHDSKLORVRSKHU,DPWROG"
,QGHHGVLU
VDLG0UV6SDUVLW
,VVKH"
([FXVHP\LPSHUWLQHQWFXULRVLW\
SXUVXHGWKHVWUDQJHUIOXWWHULQJ
RYHU0UV6SDUVLW
VH\HEURZVZLWKDSURSLWLDWRU\DLU
EXW\RX
NQRZWKHIDPLO\DQGNQRZWKHZRUOG,DPDERXWWRNQRZWKH
IDPLO\DQGPD\KDYHPXFKWRGRZLWKWKHP,VWKHODG\VRYHU\
DODUPLQJ"+HUIDWKHUJLYHVKHUVXFKDSRUWHQWRXVO\KDUGKHDGHG
UHSXWDWLRQWKDW,KDYHDEXUQLQJGHVLUHWRNQRZ,VVKH
DEVROXWHO\XQDSSURDFKDEOH"5HSHOOHQWO\DQGVWXQQLQJO\FOHYHU",
VHHE\\RXUPHDQLQJVPLOH\RXWKLQNQRW<RXKDYHSRXUHGEDOP
LQWRP\DQ[LRXVVRXO$VWRDJHQRZ)RUW\")LYHDQGWKLUW\"
0UV6SDUVLWODXJKHGRXWULJKW
$FKLW
VDLGVKH
1RWWZHQW\
ZKHQVKHZDVPDUULHG
,JLYH\RXP\KRQRXU0UV3RZOHU
UHWXUQHGWKHVWUDQJHU
GHWDFKLQJKLPVHOIIURPWKHWDEOH
WKDW,QHYHUZDVVRDVWRQLVKHG
LQP\OLIH
,WUHDOO\GLGVHHPWRLPSUHVVKLPWRWKHXWPRVWH[WHQWRIKLV
FDSDFLW\RIEHLQJLPSUHVVHG+HORRNHGDWKLVLQIRUPDQWIRUIXOOD
TXDUWHURIDPLQXWHDQGDSSHDUHGWRKDYHWKHVXUSULVHLQKLVPLQG
DOOWKHWLPH
,DVVXUH\RX0UV3RZOHU
KHWKHQVDLGPXFK
114
H[KDXVWHG
WKDWWKHIDWKHU
VPDQQHUSUHSDUHGPHIRUDJULPDQG
VWRQ\PDWXULW\,DPREOLJHGWR\RXRIDOOWKLQJVIRUFRUUHFWLQJ
VRDEVXUGDPLVWDNH3UD\H[FXVHP\LQWUXVLRQ0DQ\WKDQNV*RRG
GD\
+HERZHGKLPVHOIRXWDQG0UV6SDUVLWKLGLQJLQWKHZLQGRZ
FXUWDLQVDZKLPODQJXLVKLQJGRZQWKHVWUHHWRQWKHVKDG\VLGHRI
WKHZD\REVHUYHGRIDOOWKHWRZQ
:KDWGR\RXWKLQNRIWKHJHQWOHPDQ%LW]HU"
VKHDVNHGWKHOLJKW
SRUWHUZKHQKHFDPHWRWDNHDZD\
6SHQGVDGHDORIPRQH\RQKLVGUHVVPD
DP
,WPXVWEHDGPLWWHG
VDLG0UV6SDUVLW
WKDWLW
VYHU\
WDVWHIXO
<HVPD
DP
UHWXUQHG%LW]HU
LIWKDW
VZRUWKWKHPRQH\
%HVLGHVZKLFKPD
DP
UHVXPHG%LW]HUZKLOHKHZDVSROLVKLQJWKH
WDEOH
KHORRNVWRPHDVLIKHJDPHG
,W
VLPPRUDOWRJDPH
VDLG0UV6SDUVLW
,W
VULGLFXORXVPD
DP
VDLG%LW]HU
EHFDXVHWKHFKDQFHVDUH
DJDLQVWWKHSOD\HUV
:KHWKHULWZDVWKDWWKHKHDWSUHYHQWHG0UV6SDUVLWIURPZRUNLQJ
RUZKHWKHULWZDVWKDWKHUKDQGZDVRXWVKHGLGQRZRUNWKDW
QLJKW6KHVDWDWWKHZLQGRZZKHQWKHVXQEHJDQWRVLQNEHKLQG
WKHVPRNHVKHVDWWKHUHZKHQWKHVPRNHZDVEXUQLQJUHGZKHQWKH
FRORXUIDGHGIURPLWZKHQGDUNQHVVVHHPHGWRULVHVORZO\RXWRI
WKHJURXQGDQGFUHHSXSZDUGXSZDUGXSWRWKHKRXVHWRSVXSWKH
FKXUFKVWHHSOHXSWRWKHVXPPLWVRIWKHIDFWRU\FKLPQH\VXSWR
WKHVN\:LWKRXWDFDQGOHLQWKHURRP0UV6SDUVLWVDWDWWKH
ZLQGRZZLWKKHUKDQGVEHIRUHKHUQRWWKLQNLQJPXFKRIWKHVRXQGV
RIHYHQLQJWKHZKRRSLQJRIER\VWKHEDUNLQJRIGRJVWKHUXPEOLQJ
RIZKHHOVWKHVWHSVDQGYRLFHVRISDVVHQJHUVWKHVKULOOVWUHHW
FULHVWKHFORJVXSRQWKHSDYHPHQWZKHQLWZDVWKHLUKRXUIRUJRLQJ
E\WKHVKXWWLQJXSRIVKRSVKXWWHUV1RWXQWLOWKHOLJKWSRUWHU
DQQRXQFHGWKDWKHUQRFWXUQDOVZHHWEUHDGZDVUHDG\GLG0UV6SDUVLW
DURXVHKHUVHOIIURPKHUUHYHULHDQGFRQYH\KHUGHQVHEODFN
H\HEURZVE\WKDWWLPHFUHDVHGZLWKPHGLWDWLRQDVLIWKH\QHHGHG
LURQLQJRXWXSVWDLUV
115
2\RX)RRO
VDLG0UV6SDUVLWZKHQVKHZDVDORQHDWKHUVXSSHU
:KRPVKHPHDQWVKHGLGQRWVD\EXWVKHFRXOGVFDUFHO\KDYHPHDQW
WKHVZHHWEUHDG
&+$37(5,,05-$0(6+$57+286(
7+(*UDGJULQGSDUW\ZDQWHGDVVLVWDQFHLQFXWWLQJWKHWKURDWVRIWKH
*UDFHV7KH\ZHQWDERXWUHFUXLWLQJDQGZKHUHFRXOGWKH\HQOLVW
UHFUXLWVPRUHKRSHIXOO\WKDQDPRQJWKHILQHJHQWOHPHQZKRKDYLQJ
IRXQGRXWHYHU\WKLQJWREHZRUWKQRWKLQJZHUHHTXDOO\UHDG\IRU
DQ\WKLQJ"
0RUHRYHUWKHKHDOWK\VSLULWVZKRKDGPRXQWHGWRWKLVVXEOLPH
KHLJKWZHUHDWWUDFWLYHWRPDQ\RIWKH*UDGJULQGVFKRRO7KH\OLNHG
ILQHJHQWOHPHQWKH\SUHWHQGHGWKDWWKH\GLGQRWEXWWKH\GLG
7KH\EHFDPHH[KDXVWHGLQLPLWDWLRQRIWKHPDQGWKH\\DZ\DZHGLQ
WKHLUVSHHFKOLNHWKHPDQGWKH\VHUYHGRXWZLWKDQHQHUYDWHGDLU
WKHOLWWOHPRXOG\UDWLRQVRISROLWLFDOHFRQRP\RQZKLFKWKH\
UHJDOHGWKHLUGLVFLSOHV7KHUHQHYHUEHIRUHZDVVHHQRQHDUWKVXFK
DZRQGHUIXOK\EULGUDFHDVZDVWKXVSURGXFHG
$PRQJWKHILQHJHQWOHPHQQRWUHJXODUO\EHORQJLQJWRWKH*UDGJULQG
VFKRROWKHUHZDVRQHRIDJRRGIDPLO\DQGDEHWWHUDSSHDUDQFH
ZLWKDKDSS\WXUQRIKXPRXUZKLFKKDGWROGLPPHQVHO\ZLWKWKH+RXVH
RI&RPPRQVRQWKHRFFDVLRQRIKLVHQWHUWDLQLQJLWZLWKKLVDQGWKH
%RDUGRI'LUHFWRUVYLHZRIDUDLOZD\DFFLGHQWLQZKLFKWKHPRVW
FDUHIXORIILFHUVHYHUNQRZQHPSOR\HGE\WKHPRVWOLEHUDOPDQDJHUV
HYHUKHDUGRIDVVLVWHGE\WKHILQHVWPHFKDQLFDOFRQWULYDQFHVHYHU
GHYLVHGWKHZKROHLQDFWLRQRQWKHEHVWOLQHHYHUFRQVWUXFWHGKDG
NLOOHGILYHSHRSOHDQGZRXQGHGWKLUW\WZRE\DFDVXDOW\ZLWKRXW
ZKLFKWKHH[FHOOHQFHRIWKHZKROHV\VWHPZRXOGKDYHEHHQSRVLWLYHO\
LQFRPSOHWH$PRQJWKHVODLQZDVDFRZDQGDPRQJWKHVFDWWHUHG
DUWLFOHVXQRZQHGDZLGRZ
VFDS$QGWKHKRQRXUDEOHPHPEHUKDGVR
WLFNOHGWKH+RXVHZKLFKKDVDGHOLFDWHVHQVHRIKXPRXUE\SXWWLQJ
WKHFDSRQWKHFRZWKDWLWEHFDPHLPSDWLHQWRIDQ\VHULRXV
UHIHUHQFHWRWKH&RURQHU
V,QTXHVWDQGEURXJKWWKHUDLOZD\RII
ZLWK&KHHUVDQG/DXJKWHU
1RZWKLVJHQWOHPDQKDGD\RXQJHUEURWKHURIVWLOOEHWWHU
116
DSSHDUDQFHWKDQKLPVHOIZKRKDGWULHGOLIHDVD&RUQHWRI
'UDJRRQVDQGIRXQGLWDERUHDQGKDGDIWHUZDUGVWULHGLWLQWKH
WUDLQRIDQ(QJOLVKPLQLVWHUDEURDGDQGIRXQGLWDERUHDQGKDG
WKHQVWUROOHGWR-HUXVDOHPDQGJRWERUHGWKHUHDQGKDGWKHQJRQH
\DFKWLQJDERXWWKHZRUOGDQGJRWERUHGHYHU\ZKHUH7RZKRPWKLV
KRQRXUDEOHDQGMRFXODUPHPEHUIUDWHUQDOO\VDLGRQHGD\
-HP
WKHUH
VDJRRGRSHQLQJDPRQJWKHKDUG)DFWIHOORZVDQGWKH\ZDQW
PHQ,ZRQGHU\RXGRQ
WJRLQIRUVWDWLVWLFV
-HPUDWKHUWDNHQ
E\WKHQRYHOW\RIWKHLGHDDQGYHU\KDUGXSIRUDFKDQJHZDVDV
UHDG\WR
JRLQ
IRUVWDWLVWLFVDVIRUDQ\WKLQJHOVH6RKHZHQW
LQ+HFRDFKHGKLPVHOIXSZLWKDEOXHERRNRUWZRDQGKLVEURWKHU
SXWLWDERXWDPRQJWKHKDUG)DFWIHOORZVDQGVDLG
,I\RXZDQWWR
EULQJLQIRUDQ\SODFHDKDQGVRPHGRJZKRFDQPDNH\RXDGHYLOLVK
JRRGVSHHFKORRNDIWHUP\EURWKHU-HPIRUKH
V\RXUPDQ
$IWHU
DIHZGDVKHVLQWKHSXEOLFPHHWLQJZD\0U*UDGJULQGDQGDFRXQFLO
RISROLWLFDOVDJHVDSSURYHGRI-HPDQGLWZDVUHVROYHGWRVHQGKLP
GRZQWR&RNHWRZQWREHFRPHNQRZQWKHUHDQGLQWKHQHLJKERXUKRRG
+HQFHWKHOHWWHU-HPKDGODVWQLJKWVKRZQWR0UV6SDUVLWZKLFK
0U%RXQGHUE\QRZKHOGLQKLVKDQGVXSHUVFULEHG
-RVLDK
%RXQGHUE\(VTXLUH%DQNHU&RNHWRZQ6SHFLDOO\WRLQWURGXFH-DPHV
+DUWKRXVH(VTXLUH7KRPDV*UDGJULQG
:LWKLQDQKRXURIWKHUHFHLSWRIWKLVGLVSDWFKDQG0U-DPHV
+DUWKRXVH
VFDUG0U%RXQGHUE\SXWRQKLVKDWDQGZHQWGRZQWRWKH
+RWHO7KHUHKHIRXQG0U-DPHV+DUWKRXVHORRNLQJRXWRIZLQGRZ
LQDVWDWHRIPLQGVRGLVFRQVRODWHWKDWKHZDVDOUHDG\KDOI
GLVSRVHGWR
JRLQ
IRUVRPHWKLQJHOVH
0\QDPHVLU
VDLGKLVYLVLWRU
LV-RVLDK%RXQGHUE\RI
&RNHWRZQ
0U-DPHV+DUWKRXVHZDVYHU\KDSS\LQGHHGWKRXJKKHVFDUFHO\
ORRNHGVRWRKDYHDSOHDVXUHKHKDGORQJH[SHFWHG
&RNHWRZQVLU
VDLG%RXQGHUE\REVWLQDWHO\WDNLQJDFKDLU
LV
QRWWKHNLQGRISODFH\RXKDYHEHHQDFFXVWRPHGWR7KHUHIRUHLI
\RXZLOODOORZPHRUZKHWKHU\RXZLOORUQRWIRU,DPDSODLQ
PDQ,
OOWHOO\RXVRPHWKLQJDERXWLWEHIRUHZHJRDQ\IXUWKHU
0U+DUWKRXVHZRXOGEHFKDUPHG
'RQ
WEHWRRVXUHRIWKDW
VDLG%RXQGHUE\
,GRQ
WSURPLVHLW
)LUVWRIDOO\RXVHHRXUVPRNH7KDW
VPHDWDQGGULQNWRXV
,W
VWKHKHDOWKLHVWWKLQJLQWKHZRUOGLQDOOUHVSHFWVDQG
117
SDUWLFXODUO\IRUWKHOXQJV,I\RXDUHRQHRIWKRVHZKRZDQWXVWR
FRQVXPHLW,GLIIHUIURP\RX:HDUHQRWJRLQJWRZHDUWKH
ERWWRPVRIRXUERLOHUVRXWDQ\IDVWHUWKDQZHZHDU
HPRXWQRZIRU
DOOWKHKXPEXJJLQJVHQWLPHQWLQ*UHDW%ULWDLQDQG,UHODQG
%\ZD\RI
JRLQJLQ
WRWKHIXOOHVWH[WHQW0U+DUWKRXVHUHMRLQHG
0U%RXQGHUE\,DVVXUH\RX,DPHQWLUHO\DQGFRPSOHWHO\RI\RXU
ZD\RIWKLQNLQJ2QFRQYLFWLRQ
,DPJODGWRKHDULW
VDLG%RXQGHUE\
1RZ\RXKDYHKHDUGDORW
RIWDONDERXWWKHZRUNLQRXUPLOOVQRGRXEW<RXKDYH"9HU\
JRRG,
OOVWDWHWKHIDFWRILWWR\RX,W
VWKHSOHDVDQWHVWZRUN
WKHUHLVDQGLW
VWKHOLJKWHVWZRUNWKHUHLVDQGLW
VWKHEHVW
SDLGZRUNWKHUHLV0RUHWKDQWKDWZHFRXOGQ
WLPSURYHWKHPLOOV
WKHPVHOYHVXQOHVVZHODLGGRZQ7XUNH\FDUSHWVRQWKHIORRUV
:KLFKZH
UHQRWDJRLQJWRGR
0U%RXQGHUE\SHUIHFWO\ULJKW
/DVWO\
VDLG%RXQGHUE\
DVWRRXU+DQGV7KHUH
VQRWD+DQGLQ
WKLVWRZQVLUPDQZRPDQRUFKLOGEXWKDVRQHXOWLPDWHREMHFW
LQOLIH7KDWREMHFWLVWREHIHGRQWXUWOHVRXSDQGYHQLVRQZLWK
DJROGVSRRQ1RZWKH\
UHQRWDJRLQJQRQHRI
HPHYHUWREH
IHGRQWXUWOHVRXSDQGYHQLVRQZLWKDJROGVSRRQ$QGQRZ\RXNQRZ
WKHSODFH
0U+DUWKRXVHSURIHVVHGKLPVHOILQWKHKLJKHVWGHJUHHLQVWUXFWHG
DQGUHIUHVKHGE\WKLVFRQGHQVHGHSLWRPHRIWKHZKROH&RNHWRZQ
TXHVWLRQ
:K\\RXVHH
UHSOLHG0U%RXQGHUE\
LWVXLWVP\GLVSRVLWLRQWR
KDYHDIXOOXQGHUVWDQGLQJZLWKDPDQSDUWLFXODUO\ZLWKDSXEOLF
PDQZKHQ,PDNHKLVDFTXDLQWDQFH,KDYHRQO\RQHWKLQJPRUHWR
VD\WR\RX0U+DUWKRXVHEHIRUHDVVXULQJ\RXRIWKHSOHDVXUHZLWK
ZKLFK,VKDOOUHVSRQGWRWKHXWPRVWRIP\SRRUDELOLW\WRP\
IULHQG7RP*UDGJULQG
VOHWWHURILQWURGXFWLRQ<RXDUHDPDQRI
IDPLO\'RQ
W\RXGHFHLYH\RXUVHOIE\VXSSRVLQJIRUDPRPHQWWKDW
,DPDPDQRIIDPLO\,DPDELWRIGLUW\ULIIUDIIDQGDJHQXLQH
VFUDSRIWDJUDJDQGEREWDLO
,IDQ\WKLQJFRXOGKDYHH[DOWHG-HP
VLQWHUHVWLQ0U%RXQGHUE\LW
ZRXOGKDYHEHHQWKLVYHU\FLUFXPVWDQFH2UVRKHWROGKLP
6RQRZ
VDLG%RXQGHUE\
ZHPD\VKDNHKDQGVRQHTXDOWHUPV,
118
VD\HTXDOWHUPVEHFDXVHDOWKRXJK,NQRZZKDW,DPDQGWKHH[DFW
GHSWKRIWKHJXWWHU,KDYHOLIWHGP\VHOIRXWRIEHWWHUWKDQDQ\
PDQGRHV,DPDVSURXGDV\RXDUH,DPMXVWDVSURXGDV\RXDUH
+DYLQJQRZDVVHUWHGP\LQGHSHQGHQFHLQDSURSHUPDQQHU,PD\FRPH
WRKRZGR\RXILQG\RXUVHOIDQG,KRSH\RX
UHSUHWW\ZHOO
7KHEHWWHU0U+DUWKRXVHJDYHKLPWRXQGHUVWDQGDVWKH\VKRRN
KDQGVIRUWKHVDOXEULRXVDLURI&RNHWRZQ0U%RXQGHUE\UHFHLYHG
WKHDQVZHUZLWKIDYRXU
3HUKDSV\RXNQRZ
VDLGKH
RUSHUKDSV\RXGRQ
WNQRZ,PDUULHG
7RP*UDGJULQG
VGDXJKWHU,I\RXKDYHQRWKLQJEHWWHUWRGRWKDQWR
ZDONXSWRZQZLWKPH,VKDOOEHJODGWRLQWURGXFH\RXWR7RP
*UDGJULQG
VGDXJKWHU
0U%RXQGHUE\
VDLG-HP
\RXDQWLFLSDWHP\GHDUHVWZLVKHV
7KH\ZHQWRXWZLWKRXWIXUWKHUGLVFRXUVHDQG0U%RXQGHUE\SLORWHG
WKHQHZDFTXDLQWDQFHZKRVRVWURQJO\FRQWUDVWHGZLWKKLPWRWKH
SULYDWHUHGEULFNGZHOOLQJZLWKWKHEODFNRXWVLGHVKXWWHUVWKH
JUHHQLQVLGHEOLQGVDQGWKHEODFNVWUHHWGRRUXSWKHWZRZKLWH
VWHSV,QWKHGUDZLQJURRPRIZKLFKPDQVLRQWKHUHSUHVHQWO\
HQWHUHGWRWKHPWKHPRVWUHPDUNDEOHJLUO0U-DPHV+DUWKRXVHKDG
HYHUVHHQ6KHZDVVRFRQVWUDLQHGDQG\HWVRFDUHOHVVVR
UHVHUYHGDQG\HWVRZDWFKIXOVRFROGDQGSURXGDQG\HWVR
VHQVLWLYHO\DVKDPHGRIKHUKXVEDQG
VEUDJJDUWKXPLOLW\IURPZKLFK
VKHVKUXQNDVLIHYHU\H[DPSOHRILWZHUHDFXWRUDEORZWKDWLW
ZDVTXLWHDQHZVHQVDWLRQWRREVHUYHKHU,QIDFHVKHZDVQROHVV
UHPDUNDEOHWKDQLQPDQQHU+HUIHDWXUHVZHUHKDQGVRPHEXWWKHLU
QDWXUDOSOD\ZDVVRORFNHGXSWKDWLWVHHPHGLPSRVVLEOHWRJXHVV
DWWKHLUJHQXLQHH[SUHVVLRQ8WWHUO\LQGLIIHUHQWSHUIHFWO\VHOI
UHOLDQWQHYHUDWDORVVDQG\HWQHYHUDWKHUHDVHZLWKKHU
ILJXUHLQFRPSDQ\ZLWKWKHPWKHUHDQGKHUPLQGDSSDUHQWO\TXLWH
DORQHLWZDVRIQRXVH
JRLQJLQ
\HWDZKLOHWRFRPSUHKHQGWKLV
JLUOIRUVKHEDIIOHGDOOSHQHWUDWLRQ
)URPWKHPLVWUHVVRIWKHKRXVHWKHYLVLWRUJODQFHGWRWKHKRXVH
LWVHOI7KHUHZDVQRPXWHVLJQRIDZRPDQLQWKHURRP1R
JUDFHIXOOLWWOHDGRUQPHQWQRIDQFLIXOOLWWOHGHYLFHKRZHYHU
WULYLDODQ\ZKHUHH[SUHVVHGKHULQIOXHQFH&KHHUOHVVDQG
FRPIRUWOHVVERDVWIXOO\DQGGRJJHGO\ULFKWKHUHWKHURRPVWDUHGDW
LWVSUHVHQWRFFXSDQWVXQVRIWHQHGDQGXQUHOLHYHGE\WKHOHDVWWUDFH
RIDQ\ZRPDQO\RFFXSDWLRQ$V0U%RXQGHUE\VWRRGLQWKHPLGVWRI
KLVKRXVHKROGJRGVVRWKRVHXQUHOHQWLQJGLYLQLWLHVRFFXSLHGWKHLU
119
SODFHVDURXQG0U%RXQGHUE\DQGWKH\ZHUHZRUWK\RIRQHDQRWKHU
DQGZHOOPDWFKHG
7KLVVLU
VDLG%RXQGHUE\
LVP\ZLIH0UV%RXQGHUE\7RP
*UDGJULQG
VHOGHVWGDXJKWHU/RR0U-DPHV+DUWKRXVH0U
+DUWKRXVHKDVMRLQHG\RXUIDWKHU
VPXVWHUUROO,IKHLVQRW7RUQ
*UDGJULQG
VFROOHDJXHEHIRUHORQJ,EHOLHYHZHVKDOODWOHDVWKHDU
RIKLPLQFRQQH[LRQZLWKRQHRIRXUQHLJKERXULQJWRZQV<RX
REVHUYH0U+DUWKRXVHWKDWP\ZLIHLVP\MXQLRU,GRQ
WNQRZ
ZKDWVKHVDZLQPHWRPDUU\PHEXWVKHVDZVRPHWKLQJLQPH,
VXSSRVHRUVKHZRXOGQ
WKDYHPDUULHGPH6KHKDVORWVRI
H[SHQVLYHNQRZOHGJHVLUSROLWLFDODQGRWKHUZLVH,I\RXZDQWWR
FUDPIRUDQ\WKLQJ,VKRXOGEHWURXEOHGWRUHFRPPHQG\RXWRD
EHWWHUDGYLVHUWKDQ/RR%RXQGHUE\
7RDPRUHDJUHHDEOHDGYLVHURURQHIURPZKRPKHZRXOGEHPRUH
OLNHO\WROHDUQ0U+DUWKRXVHFRXOGQHYHUEHUHFRPPHQGHG
&RPH
VDLGKLVKRVW
,I\RX
UHLQWKHFRPSOLPHQWDU\OLQH
\RX
OOJHWRQKHUHIRU\RX
OOPHHWZLWKQRFRPSHWLWLRQ,KDYH
QHYHUEHHQLQWKHZD\RIOHDUQLQJFRPSOLPHQWVP\VHOIDQG,GRQ
W
SURIHVVWRXQGHUVWDQGWKHDUWRISD\LQJ
HP,QIDFWGHVSLVH
HP
%XW\RXUEULQJLQJXSZDVGLIIHUHQWIURPPLQHPLQHZDVDUHDO
WKLQJE\*HRUJH<RX
UHDJHQWOHPDQDQG,GRQ
WSUHWHQGWREH
RQH,DP-RVLDK%RXQGHUE\RI&RNHWRZQDQGWKDW
VHQRXJKIRUPH
+RZHYHUWKRXJK,DPQRWLQIOXHQFHGE\PDQQHUVDQGVWDWLRQ/RR
%RXQGHUE\PD\EH6KHKDGQ
WP\DGYDQWDJHVGLVDGYDQWDJHV\RX
ZRXOGFDOO
HPEXW,FDOO
HPDGYDQWDJHVVR\RX
OOQRWZDVWH
\RXUSRZHU,GDUHVD\
0U%RXQGHUE\
VDLG-HPWXUQLQJZLWKDVPLOHWR/RXLVD
LVD
QREOHDQLPDOLQDFRPSDUDWLYHO\QDWXUDOVWDWHTXLWHIUHHIURPWKH
KDUQHVVLQZKLFKDFRQYHQWLRQDOKDFNOLNHP\VHOIZRUNV
<RXUHVSHFW0U%RXQGHUE\YHU\PXFK
VKHTXLHWO\UHWXUQHG
,W
LVQDWXUDOWKDW\RXVKRXOG
+HZDVGLVJUDFHIXOO\WKURZQRXWIRUDJHQWOHPDQZKRKDGVHHQVR
PXFKRIWKHZRUOGDQGWKRXJKW
1RZKRZDP,WRWDNHWKLV"
<RXDUHJRLQJWRGHYRWH\RXUVHOIDV,JDWKHUIURPZKDW0U
%RXQGHUE\KDVVDLGWRWKHVHUYLFHRI\RXUFRXQWU\<RXKDYHPDGH
XS\RXUPLQG
VDLG/RXLVDVWLOOVWDQGLQJEHIRUHKLPZKHUHVKHKDG
ILUVWVWRSSHGLQDOOWKHVLQJXODUFRQWUDULHW\RIKHUVHOI
120
SRVVHVVLRQDQGKHUEHLQJREYLRXVO\YHU\LOODWHDVH
WRVKRZWKH
QDWLRQWKHZD\RXWRIDOOLWVGLIILFXOWLHV
0UV%RXQGHUE\
KHUHWXUQHGODXJKLQJ
XSRQP\KRQRXUQR,
ZLOOPDNHQRVXFKSUHWHQFHWR\RX,KDYHVHHQDOLWWOHKHUHDQG
WKHUHXSDQGGRZQ,KDYHIRXQGLWDOOWREHYHU\ZRUWKOHVVDV
HYHU\ERG\KDVDQGDVVRPHFRQIHVVWKH\KDYHDQGVRPHGRQRWDQG
,DPJRLQJLQIRU\RXUUHVSHFWHGIDWKHU
VRSLQLRQVUHDOO\EHFDXVH
,KDYHQRFKRLFHRIRSLQLRQVDQGPD\DVZHOOEDFNWKHPDVDQ\WKLQJ
HOVH
+DYH\RXQRQHRI\RXURZQ"
DVNHG/RXLVD
,KDYHQRWVRPXFKDVWKHVOLJKWHVWSUHGLOHFWLRQOHIW,DVVXUH
\RX,DWWDFKQRWWKHOHDVWLPSRUWDQFHWRDQ\RSLQLRQV7KHUHVXOW
RIWKHYDULHWLHVRIERUHGRP,KDYHXQGHUJRQHLVDFRQYLFWLRQ
XQOHVVFRQYLFWLRQLVWRRLQGXVWULRXVDZRUGIRUWKHOD]\VHQWLPHQW
,HQWHUWDLQRQWKHVXEMHFWWKDWDQ\VHWRILGHDVZLOOGRMXVWDV
PXFKJRRGDVDQ\RWKHUVHWDQGMXVWDVPXFKKDUPDVDQ\RWKHUVHW
7KHUH
VDQ(QJOLVKIDPLO\ZLWKDFKDUPLQJ,WDOLDQPRWWR:KDWZLOO
EHZLOOEH,W
VWKHRQO\WUXWKJRLQJ
7KLVYLFLRXVDVVXPSWLRQRIKRQHVW\LQGLVKRQHVW\DYLFHVR
GDQJHURXVVRGHDGO\DQGVRFRPPRQVHHPHGKHREVHUYHGDOLWWOH
WRLPSUHVVKHULQKLVIDYRXU+HIROORZHGXSWKHDGYDQWDJHE\
VD\LQJLQKLVSOHDVDQWHVWPDQQHUDPDQQHUWRZKLFKVKHPLJKW
DWWDFKDVPXFKRUDVOLWWOHPHDQLQJDVVKHSOHDVHG
7KHVLGHWKDW
FDQSURYHDQ\WKLQJLQDOLQHRIXQLWVWHQVKXQGUHGVDQG
WKRXVDQGV0UV%RXQGHUE\VHHPVWRPHWRDIIRUGWKHPRVWIXQDQG
WRJLYHDPDQWKHEHVWFKDQFH,DPTXLWHDVPXFKDWWDFKHGWRLW
DVLI,EHOLHYHGLW,DPTXLWHUHDG\WRJRLQIRULWWRWKHVDPH
H[WHQWDVLI,EHOLHYHGLW$QGZKDWPRUHFRXOG,SRVVLEO\GRLI
,GLGEHOLHYHLW
<RXDUHDVLQJXODUSROLWLFLDQ
VDLG/RXLVD
3DUGRQPH,KDYHQRWHYHQWKDWPHULW:HDUHWKHODUJHVWSDUW\
LQWKHVWDWH,DVVXUH\RX0UV%RXQGHUE\LIZHDOOIHOORXWRI
RXUDGRSWHGUDQNVDQGZHUHUHYLHZHGWRJHWKHU
0U%RXQGHUE\ZKRKDGEHHQLQGDQJHURIEXUVWLQJLQVLOHQFH
LQWHUSRVHGKHUHZLWKDSURMHFWIRUSRVWSRQLQJWKHIDPLO\GLQQHU
WLOOKDOISDVWVL[DQGWDNLQJ0U-DPHV+DUWKRXVHLQWKHPHDQWLPH
RQDURXQGRIYLVLWVWRWKHYRWLQJDQGLQWHUHVWLQJQRWDELOLWLHVRI
121
&RNHWRZQDQGLWVYLFLQLW\7KHURXQGRIYLVLWVZDVPDGHDQG0U
-DPHV+DUWKRXVHZLWKDGLVFUHHWXVHRIKLVEOXHFRDFKLQJFDPHRII
WULXPSKDQWO\WKRXJKZLWKDFRQVLGHUDEOHDFFHVVLRQRIERUHGRP
,QWKHHYHQLQJKHIRXQGWKHGLQQHUWDEOHODLGIRUIRXUEXWWKH\
VDWGRZQRQO\WKUHH,WZDVDQDSSURSULDWHRFFDVLRQIRU0U
%RXQGHUE\WRGLVFXVVWKHIODYRXURIWKHKDS
RUWKRIVWHZHGHHOVKH
KDGSXUFKDVHGLQWKHVWUHHWVDWHLJKW\HDUVROGDQGDOVRRIWKH
LQIHULRUZDWHUVSHFLDOO\XVHGIRUOD\LQJWKHGXVWZLWKZKLFKKH
KDGZDVKHGGRZQWKDWUHSDVW+HOLNHZLVHHQWHUWDLQHGKLVJXHVW
RYHUWKHVRXSDQGILVKZLWKWKHFDOFXODWLRQWKDWKH%RXQGHUE\
KDGHDWHQLQKLV\RXWKDWOHDVWWKUHHKRUVHVXQGHUWKHJXLVHRI
SRORQLHVDQGVDYHOR\V7KHVHUHFLWDOV-HPLQDODQJXLGPDQQHU
UHFHLYHGZLWK
FKDUPLQJ
HYHU\QRZDQGWKHQDQGWKH\SUREDEO\
ZRXOGKDYHGHFLGHGKLPWR
JRLQ
IRU-HUXVDOHPDJDLQWRPRUURZ
PRUQLQJKDGKHEHHQOHVVFXULRXVUHVSHFWLQJ/RXLVD
,VWKHUHQRWKLQJ
KHWKRXJKWJODQFLQJDWKHUDVVKHVDWDWWKH
KHDGRIWKHWDEOHZKHUHKHU\RXWKIXOILJXUHVPDOODQGVOLJKWEXW
YHU\JUDFHIXOORRNHGDVSUHWW\DVLWORRNHGPLVSODFHG
LVWKHUH
QRWKLQJWKDWZLOOPRYHWKDWIDFH"
<HV%\-XSLWHUWKHUHZDVVRPHWKLQJDQGKHUHLWZDVLQDQ
XQH[SHFWHGVKDSH7RPDSSHDUHG6KHFKDQJHGDVWKHGRRURSHQHG
DQGEURNHLQWRDEHDPLQJVPLOH
$EHDXWLIXOVPLOH0U-DPHV+DUWKRXVHPLJKWQRWKDYHWKRXJKWVR
PXFKRILWEXWWKDWKHKDGZRQGHUHGVRORQJDWKHULPSDVVLYHIDFH
6KHSXWRXWKHUKDQGDSUHWW\OLWWOHVRIWKDQGDQGKHUILQJHUV
FORVHGXSRQKHUEURWKHU
VDVLIVKHZRXOGKDYHFDUULHGWKHPWRKHU
OLSV
$\D\"
WKRXJKWWKHYLVLWRU
7KLVZKHOSLVWKHRQO\FUHDWXUH
VKHFDUHVIRU6RVR
7KHZKHOSZDVSUHVHQWHGDQGWRRNKLVFKDLU7KHDSSHOODWLRQZDV
QRWIODWWHULQJEXWQRWXQPHULWHG
:KHQ,ZDV\RXUDJH\RXQJ7RP
VDLG%RXQGHUE\
,ZDVSXQFWXDO
RU,JRWQRGLQQHU
:KHQ\RXZHUHP\DJH
UHVXPHG7RP
\RXKDGQ
WDZURQJEDODQFHWR
JHWULJKWDQGKDGQ
WWRGUHVVDIWHUZDUGV
122
1HYHUPLQGWKDWQRZ
VDLG%RXQGHUE\
:HOOWKHQ
JUXPEOHG7RP
'RQ
WEHJLQZLWKPH
0UV%RXQGHUE\
VDLG+DUWKRXVHSHUIHFWO\KHDULQJWKLVXQGHU
VWUDLQDVLWZHQWRQ
\RXUEURWKHU
VIDFHLVTXLWHIDPLOLDUWRPH
&DQ,KDYHVHHQKLPDEURDG"2UDWVRPHSXEOLFVFKRROSHUKDSV"
1R
VKHUHVXPHGTXLWHLQWHUHVWHG
KHKDVQHYHUEHHQDEURDG\HW
DQGZDVHGXFDWHGKHUHDWKRPH7RPORYH,DPWHOOLQJ0U
+DUWKRXVHWKDWKHQHYHUVDZ\RXDEURDG
1RVXFKOXFNVLU
VDLG7RP
7KHUHZDVOLWWOHHQRXJKLQKLPWREULJKWHQKHUIDFHIRUKHZDVD
VXOOHQ\RXQJIHOORZDQGXQJUDFLRXVLQKLVPDQQHUHYHQWRKHU6R
PXFKWKHJUHDWHUPXVWKDYHEHHQWKHVROLWXGHRIKHUKHDUWDQGKHU
QHHGRIVRPHRQHRQZKRPWREHVWRZLW
6RPXFKWKHPRUHLVWKLV
ZKHOSWKHRQO\FUHDWXUHVKHKDVHYHUFDUHGIRU
WKRXJKW0U-DPHV
+DUWKRXVHWXUQLQJLWRYHUDQGRYHU
6RPXFKWKHPRUH6RPXFK
WKHPRUH
%RWKLQKLVVLVWHU
VSUHVHQFHDQGDIWHUVKHKDGOHIWWKHURRPWKH
ZKHOSWRRNQRSDLQVWRKLGHKLVFRQWHPSWIRU0U%RXQGHUE\
ZKHQHYHUKHFRXOGLQGXOJHLWZLWKRXWWKHREVHUYDWLRQRIWKDW
LQGHSHQGHQWPDQE\PDNLQJZU\IDFHVRUVKXWWLQJRQHH\H:LWKRXW
UHVSRQGLQJWRWKHVHWHOHJUDSKLFFRPPXQLFDWLRQV0U+DUWKRXVH
HQFRXUDJHGKLPPXFKLQWKHFRXUVHRIWKHHYHQLQJDQGVKRZHGDQ
XQXVXDOOLNLQJIRUKLP$WODVWZKHQKHURVHWRUHWXUQWRKLV
KRWHODQGZDVDOLWWOHGRXEWIXOZKHWKHUKHNQHZWKHZD\E\QLJKW
WKHZKHOSLPPHGLDWHO\SURIIHUHGKLVVHUYLFHVDVJXLGHDQGWXUQHG
RXWZLWKKLPWRHVFRUWKLPWKLWKHU
&+$37(5,,,7+(:+(/3
,7ZDVYHU\UHPDUNDEOHWKDWD\RXQJJHQWOHPDQZKRKDGEHHQEURXJKW
XSXQGHURQHFRQWLQXRXVV\VWHPRIXQQDWXUDOUHVWUDLQWVKRXOGEHD
K\SRFULWHEXWLWZDVFHUWDLQO\WKHFDVHZLWK7RP,WZDVYHU\
VWUDQJHWKDWD\RXQJJHQWOHPDQZKRKDGQHYHUEHHQOHIWWRKLVRZQ
JXLGDQFHIRUILYHFRQVHFXWLYHPLQXWHVVKRXOGEHLQFDSDEOHDWODVW
123
RIJRYHUQLQJKLPVHOIEXWVRLWZDVZLWK7RP,WZDVDOWRJHWKHU
XQDFFRXQWDEOHWKDWD\RXQJJHQWOHPDQZKRVHLPDJLQDWLRQKDGEHHQ
VWUDQJOHGLQKLVFUDGOHVKRXOGEHVWLOOLQFRQYHQLHQFHGE\LWV
JKRVWLQWKHIRUPRIJURYHOOLQJVHQVXDOLWLHVEXWVXFKDPRQVWHU
EH\RQGDOOGRXEWZDV7RP
'R\RXVPRNH"
DVNHG0U-DPHV+DUWKRXVHZKHQWKH\FDPHWRWKH
KRWHO
,EHOLHYH\RX
VDLG7RP
+HFRXOGGRQROHVVWKDQDVN7RPXSDQG7RPFRXOGGRQROHVVWKDQ
JRXS:KDWZLWKDFRROLQJGULQNDGDSWHGWRWKHZHDWKHUEXWQRW
VRZHDNDVFRRODQGZKDWZLWKDUDUHUWREDFFRWKDQZDVWREH
ERXJKWLQWKRVHSDUWV7RPZDVVRRQLQDKLJKO\IUHHDQGHDV\VWDWH
DWKLVHQGRIWKHVRIDDQGPRUHWKDQHYHUGLVSRVHGWRDGPLUHKLV
QHZIULHQGDWWKHRWKHUHQG
7RPEOHZKLVVPRNHDVLGHDIWHUKHKDGEHHQVPRNLQJDOLWWOHZKLOH
DQGWRRNDQREVHUYDWLRQRIKLVIULHQG
+HGRQ
WVHHPWRFDUH
DERXWKLVGUHVV
WKRXJKW7RP
DQG\HWKRZFDSLWDOO\KHGRHVLW
:KDWDQHDV\VZHOOKHLV
0U-DPHV+DUWKRXVHKDSSHQLQJWRFDWFK7RP
VH\HUHPDUNHGWKDWKH
GUDQNQRWKLQJDQGILOOHGKLVJODVVZLWKKLVRZQQHJOLJHQWKDQG
7KDQN
HH
VDLG7RP
7KDQN
HH:HOO0U+DUWKRXVH,KRSH\RX
KDYHKDGDERXWDGRVHRIROG%RXQGHUE\WRQLJKW
7RPVDLGWKLV
ZLWKRQHH\HVKXWXSDJDLQDQGORRNLQJRYHUKLVJODVVNQRZLQJO\
DWKLVHQWHUWDLQHU
$YHU\JRRGIHOORZLQGHHG
UHWXUQHG0U-DPHV+DUWKRXVH
<RXWKLQNVRGRQ
W\RX"
VDLG7RP$QGVKXWXSKLVH\HDJDLQ
0U-DPHV+DUWKRXVHVPLOHGDQGULVLQJIURPKLVHQGRIWKHVRID
DQGORXQJLQJZLWKKLVEDFNDJDLQVWWKHFKLPQH\SLHFHVRWKDWKH
VWRRGEHIRUHWKHHPSW\ILUHJUDWHDVKHVPRNHGLQIURQWRI7RPDQG
ORRNLQJGRZQDWKLPREVHUYHG
:KDWDFRPLFDOEURWKHULQODZ\RXDUH
:KDWDFRPLFDOEURWKHULQODZROG%RXQGHUE\LV,WKLQN\RXPHDQ
VDLG7RP
124
<RXDUHDSLHFHRIFDXVWLF7RP
UHWRUWHG0U-DPHV+DUWKRXVH
7KHUHZDVVRPHWKLQJVRYHU\DJUHHDEOHLQEHLQJVRLQWLPDWHZLWK
VXFKDZDLVWFRDWLQEHLQJFDOOHG7RPLQVXFKDQLQWLPDWHZD\E\
VXFKDYRLFHLQEHLQJRQVXFKRIIKDQGWHUPVVRVRRQZLWKVXFKD
SDLURIZKLVNHUVWKDW7RPZDVXQFRPPRQO\SOHDVHGZLWKKLPVHOI
2K,GRQ
WFDUHIRUROG%RXQGHUE\
VDLGKH
LI\RXPHDQWKDW
,KDYHDOZD\VFDOOHGROG%RXQGHUE\E\WKHVDPHQDPHZKHQ,KDYH
WDONHGDERXWKLPDQG,KDYHDOZD\VWKRXJKWRIKLPLQWKHVDPHZD\
,DPQRWJRLQJWREHJLQWREHSROLWHQRZDERXWROG%RXQGHUE\,W
ZRXOGEHUDWKHUODWHLQWKHGD\
'RQ
WPLQGPH
UHWXUQHG-DPHV
EXWWDNHFDUHZKHQKLVZLIHLV
E\\RXNQRZ
+LVZLIH"
VDLG7RP
0\VLVWHU/RR"2\HV
$QGKHODXJKHG
DQGWRRNDOLWWOHPRUHRIWKHFRROLQJGULQN
-DPHV+DUWKRXVHFRQWLQXHGWRORXQJHLQWKHVDPHSODFHDQGDWWLWXGH
VPRNLQJKLVFLJDULQKLVRZQHDV\ZD\DQGORRNLQJSOHDVDQWO\DW
WKHZKHOSDVLIKHNQHZKLPVHOIWREHDNLQGRIDJUHHDEOHGHPRQ
ZKRKDGRQO\WRKRYHURYHUKLPDQGKHPXVWJLYHXSKLVZKROHVRXO
LIUHTXLUHG,WFHUWDLQO\GLGVHHPWKDWWKHZKHOS\LHOGHGWRWKLV
LQIOXHQFH+HORRNHGDWKLVFRPSDQLRQVQHDNLQJO\KHORRNHGDWKLP
DGPLULQJO\KHORRNHGDWKLPEROGO\DQGSXWXSRQHOHJRQWKH
VRID
0\VLVWHU/RR"
VDLG7RP
6KHQHYHUFDUHGIRUROG%RXQGHUE\
7KDW
VWKHSDVWWHQVH7RP
UHWXUQHG0U-DPHV+DUWKRXVH
VWULNLQJWKHDVKIURPKLVFLJDUZLWKKLVOLWWOHILQJHU
:HDUHLQ
WKHSUHVHQWWHQVHQRZ
9HUEQHXWHUQRWWRFDUH,QGLFDWLYHPRRGSUHVHQWWHQVH)LUVW
SHUVRQVLQJXODU,GRQRWFDUHVHFRQGSHUVRQVLQJXODUWKRXGRVW
QRWFDUHWKLUGSHUVRQVLQJXODUVKHGRHVQRWFDUH
UHWXUQHG7RP
*RRG9HU\TXDLQW
VDLGKLVIULHQG
7KRXJK\RXGRQ
WPHDQLW
%XW,GRPHDQLW
FULHG7RP
8SRQP\KRQRXU:K\\RXZRQ
W
WHOOPH0U+DUWKRXVHWKDW\RXUHDOO\VXSSRVHP\VLVWHU/RRGRHV
FDUHIRUROG%RXQGHUE\
125
0\GHDUIHOORZ
UHWXUQHGWKHRWKHU
ZKDWDP,ERXQGWRVXSSRVH
ZKHQ,ILQGWZRPDUULHGSHRSOHOLYLQJLQKDUPRQ\DQGKDSSLQHVV"
7RPKDGE\WKLVWLPHJRWERWKKLVOHJVRQWKHVRID,IKLVVHFRQG
OHJKDGQRWEHHQDOUHDG\WKHUHZKHQKHZDVFDOOHGDGHDUIHOORZKH
ZRXOGKDYHSXWLWXSDWWKDWJUHDWVWDJHRIWKHFRQYHUVDWLRQ
)HHOLQJLWQHFHVVDU\WRGRVRPHWKLQJWKHQKHVWUHWFKHGKLPVHOIRXW
DWJUHDWHUOHQJWKDQGUHFOLQLQJZLWKWKHEDFNRIKLVKHDGRQWKH
HQGRIWKHVRIDDQGVPRNLQJZLWKDQLQILQLWHDVVXPSWLRQRI
QHJOLJHQFHWXUQHGKLVFRPPRQIDFHDQGQRWWRRVREHUH\HVWRZDUGV
WKHIDFHORRNLQJGRZQXSRQKLPVRFDUHOHVVO\\HWVRSRWHQWO\
<RXNQRZRXUJRYHUQRU0U+DUWKRXVH
VDLG7RP
DQGWKHUHIRUH
\RXQHHGQ
WEHVXUSULVHGWKDW/RRPDUULHGROG%RXQGHUE\6KHQHYHU
KDGDORYHUDQGWKHJRYHUQRUSURSRVHGROG%RXQGHUE\DQGVKHWRRN
KLP
9HU\GXWLIXOLQ\RXULQWHUHVWLQJVLVWHU
VDLG0U-DPHV
+DUWKRXVH
<HVEXWVKHZRXOGQ
WKDYHEHHQDVGXWLIXODQGLWZRXOGQRWKDYH
FRPHRIIDVHDVLO\
UHWXUQHGWKHZKHOS
LILWKDGQ
WEHHQIRU
PH
7KHWHPSWHUPHUHO\OLIWHGKLVH\HEURZVEXWWKHZKHOSZDVREOLJHG
WRJRRQ
,SHUVXDGHGKHU
KHVDLGZLWKDQHGLI\LQJDLURIVXSHULRULW\
,ZDVVWXFNLQWRROG%RXQGHUE\
VEDQNZKHUH,QHYHUZDQWHGWR
EHDQG,NQHZ,VKRXOGJHWLQWRVFUDSHVWKHUHLIVKHSXWROG
%RXQGHUE\
VSLSHRXWVR,WROGKHUP\ZLVKHVDQGVKHFDPHLQWR
WKHP6KHZRXOGGRDQ\WKLQJIRUPH,WZDVYHU\JDPHRIKHU
ZDVQ
WLW"
,WZDVFKDUPLQJ7RP
1RWWKDWLWZDVDOWRJHWKHUVRLPSRUWDQWWRKHUDVLWZDVWRPH
FRQWLQXHG7RPFRROO\
EHFDXVHP\OLEHUW\DQGFRPIRUWDQGSHUKDSV
P\JHWWLQJRQGHSHQGHGRQLWDQGVKHKDGQRRWKHUORYHUDQG
VWD\LQJDWKRPHZDVOLNHVWD\LQJLQMDLOHVSHFLDOO\ZKHQ,ZDV
JRQH,WZDVQ
WDVLIVKHJDYHXSDQRWKHUORYHUIRUROG%RXQGHUE\
EXWVWLOOLWZDVDJRRGWKLQJLQKHU
126
3HUIHFWO\GHOLJKWIXO$QGVKHJHWVRQVRSODFLGO\
2K
UHWXUQHG7RPZLWKFRQWHPSWXRXVSDWURQDJH
VKH
VDUHJXODU
JLUO$JLUOFDQJHWRQDQ\ZKHUH6KHKDVVHWWOHGGRZQWRWKH
OLIHDQGVKHGRQ
WPLQG,WGRHVMXVWDVZHOODVDQRWKHU
%HVLGHVWKRXJK/RRLVDJLUOVKH
VQRWDFRPPRQVRUWRIJLUO
6KHFDQVKXWKHUVHOIXSZLWKLQKHUVHOIDQGWKLQNDV,KDYHRIWHQ
NQRZQKHUVLWDQGZDWFKWKHILUHIRUDQKRXUDWDVWUHWFK
$\D\"+DVUHVRXUFHVRIKHURZQ
VDLG+DUWKRXVHVPRNLQJ
TXLHWO\
1RWVRPXFKRIWKDWDV\RXPD\VXSSRVH
UHWXUQHG7RP
IRURXU
JRYHUQRUKDGKHUFUDPPHGZLWKDOOVRUWVRIGU\ERQHVDQGVDZGXVW
,W
VKLVV\VWHP
)RUPHGKLVGDXJKWHURQKLVRZQPRGHO"
VXJJHVWHG+DUWKRXVH
+LVGDXJKWHU"$KDQGHYHU\ERG\HOVH:K\KHIRUPHG0HWKDW
ZD\
VDLG7RP
,PSRVVLEOH
+HGLGWKRXJK
VDLG7RPVKDNLQJKLVKHDG
,PHDQWRVD\0U
+DUWKRXVHWKDWZKHQ,ILUVWOHIWKRPHDQGZHQWWRROG%RXQGHUE\
V
,ZDVDVIODWDVDZDUPLQJSDQDQGNQHZQRPRUHDERXWOLIHWKDQ
DQ\R\VWHUGRHV
&RPH7RP,FDQKDUGO\EHOLHYHWKDW$MRNH
VDMRNH
8SRQP\VRXO
VDLGWKHZKHOS
,DPVHULRXV,DPLQGHHG
+H
VPRNHGZLWKJUHDWJUDYLW\DQGGLJQLW\IRUDOLWWOHZKLOHDQGWKHQ
DGGHGLQDKLJKO\FRPSODFHQWWRQH
2K,KDYHSLFNHGXSDOLWWOH
VLQFH,GRQ
WGHQ\WKDW%XW,KDYHGRQHLWP\VHOIQRWKDQNVWR
WKHJRYHUQRU
$QG\RXULQWHOOLJHQWVLVWHU"
0\LQWHOOLJHQWVLVWHULVDERXWZKHUHVKHZDV6KHXVHGWR
FRPSODLQWRPHWKDWVKHKDGQRWKLQJWRIDOOEDFNXSRQWKDWJLUOV
XVXDOO\IDOOEDFNXSRQDQG,GRQ
WVHHKRZVKHLVWRKDYHJRWRYHU
WKDWVLQFH%XWVKHGRQ
WPLQG
KHVDJDFLRXVO\DGGHGSXIILQJDW
KLVFLJDUDJDLQ
*LUOVFDQDOZD\VJHWRQVRPHKRZ
127
&DOOLQJDWWKH%DQN\HVWHUGD\HYHQLQJIRU0U%RXQGHUE\
V
DGGUHVV,IRXQGDQDQFLHQWODG\WKHUHZKRVHHPVWRHQWHUWDLQ
JUHDWDGPLUDWLRQIRU\RXUVLVWHU
REVHUYHG0U-DPHV+DUWKRXVH
WKURZLQJDZD\WKHODVWVPDOOUHPQDQWRIWKHFLJDUKHKDGQRZVPRNHG
RXW
0RWKHU6SDUVLW
VDLG7RP
:KDW\RXKDYHVHHQKHUDOUHDG\KDYH
\RX"
+LVIULHQGQRGGHG7RPWRRNKLVFLJDURXWRIKLVPRXWKWRVKXWXS
KLVH\HZKLFKKDGJURZQUDWKHUXQPDQDJHDEOHZLWKWKHJUHDWHU
H[SUHVVLRQDQGWRWDSKLVQRVHVHYHUDOWLPHVZLWKKLVILQJHU
0RWKHU6SDUVLW
VIHHOLQJIRU/RRLVPRUHWKDQDGPLUDWLRQ,VKRXOG
WKLQN
VDLG7RP
6D\DIIHFWLRQDQGGHYRWLRQ0RWKHU6SDUVLW
QHYHUVHWKHUFDSDW%RXQGHUE\ZKHQKHZDVDEDFKHORU2KQR
7KHVHZHUHWKHODVWZRUGVVSRNHQE\WKHZKHOSEHIRUHDJLGG\
GURZVLQHVVFDPHXSRQKLPIROORZHGE\FRPSOHWHREOLYLRQ+HZDV
URXVHGIURPWKHODWWHUVWDWHE\DQXQHDV\GUHDPRIEHLQJVWLUUHGXS
ZLWKDERRWDQGDOVRRIDYRLFHVD\LQJ
&RPHLW
VODWH%H
RII
:HOO
KHVDLGVFUDPEOLQJIURPWKHVRID
,PXVWWDNHP\OHDYH
RI\RXWKRXJK,VD\<RXUVLVYHU\JRRGWREDFFR%XWLW
VWRR
PLOG
<HVLW
VWRRPLOG
UHWXUQHGKLVHQWHUWDLQHU
,W
VLW
VULGLFXORXVO\PLOG
VDLG7RP
:KHUH
VWKHGRRU
*RRGQLJKW
+HKDGDQRWKHURGGGUHDPRIEHLQJWDNHQE\DZDLWHUWKURXJKD
PLVWZKLFKDIWHUJLYLQJKLPVRPHWURXEOHDQGGLIILFXOW\UHVROYHG
LWVHOILQWRWKHPDLQVWUHHWLQZKLFKKHVWRRGDORQH+HWKHQ
ZDONHGKRPHSUHWW\HDVLO\WKRXJKQRW\HWIUHHIURPDQLPSUHVVLRQ
RIWKHSUHVHQFHDQGLQIOXHQFHRIKLVQHZIULHQGDVLIKHZHUH
ORXQJLQJVRPHZKHUHLQWKHDLULQWKHVDPHQHJOLJHQWDWWLWXGH
UHJDUGLQJKLPZLWKWKHVDPHORRN
7KHZKHOSZHQWKRPHDQGZHQWWREHG,IKHKDGKDGDQ\VHQVHRI
ZKDWKHKDGGRQHWKDWQLJKWDQGKDGEHHQOHVVRIDZKHOSDQGPRUH
RIDEURWKHUKHPLJKWKDYHWXUQHGVKRUWRQWKHURDGPLJKWKDYH
JRQHGRZQWRWKHLOOVPHOOLQJULYHUWKDWZDVG\HGEODFNPLJKWKDYH
128
JRQHWREHGLQLWIRUJRRGDQGDOODQGKDYHFXUWDLQHGKLVKHDGIRU
HYHUZLWKLWVILOWK\ZDWHUV
&+$37(5,90(1$1'%527+(56
2+P\IULHQGVWKHGRZQWURGGHQRSHUDWLYHVRI&RNHWRZQ2KP\
IULHQGVDQGIHOORZFRXQWU\PHQWKHVODYHVRIDQLURQKDQGHGDQGD
JULQGLQJGHVSRWLVP2KP\IULHQGVDQGIHOORZVXIIHUHUVDQG
IHOORZZRUNPHQDQGIHOORZPHQ,WHOO\RXWKDWWKHKRXULVFRPH
ZKHQZHPXVWUDOO\URXQGRQHDQRWKHUDV2QHXQLWHGSRZHUDQG
FUXPEOHLQWRGXVWWKHRSSUHVVRUVWKDWWRRORQJKDYHEDWWHQHGXSRQ
WKHSOXQGHURIRXUIDPLOLHVXSRQWKHVZHDWRIRXUEURZVXSRQWKH
ODERXURIRXUKDQGVXSRQWKHVWUHQJWKRIRXUVLQHZVXSRQWKH*RG
FUHDWHGJORULRXVULJKWVRI+XPDQLW\DQGXSRQWKHKRO\DQGHWHUQDO
SULYLOHJHVRI%URWKHUKRRG
*RRG
+HDUKHDUKHDU
+XUUDK
DQGRWKHUFULHVDURVHLQ
PDQ\YRLFHVIURPYDULRXVSDUWVRIWKHGHQVHO\FURZGHGDQG
VXIIRFDWLQJO\FORVH+DOOLQZKLFKWKHRUDWRUSHUFKHGRQDVWDJH
GHOLYHUHGKLPVHOIRIWKLVDQGZKDWRWKHUIURWKDQGIXPHKHKDGLQ
KLP+HKDGGHFODLPHGKLPVHOILQWRDYLROHQWKHDWDQGZDVDV
KRDUVHDVKHZDVKRW%\GLQWRIURDULQJDWWKHWRSRIKLVYRLFH
XQGHUDIODULQJJDVOLJKWFOHQFKLQJKLVILVWVNQLWWLQJKLVEURZV
VHWWLQJKLVWHHWKDQGSRXQGLQJZLWKKLVDUPVKHKDGWDNHQVRPXFK
RXWRIKLPVHOIE\WKLVWLPHWKDWKHZDVEURXJKWWRDVWRSDQG
FDOOHGIRUDJODVVRIZDWHU
$VKHVWRRGWKHUHWU\LQJWRTXHQFKKLVILHU\IDFHZLWKKLVGULQN
RIZDWHUWKHFRPSDULVRQEHWZHHQWKHRUDWRUDQGWKHFURZGRI
DWWHQWLYHIDFHVWXUQHGWRZDUGVKLPZDVH[WUHPHO\WRKLV
GLVDGYDQWDJH-XGJLQJKLPE\1DWXUH
VHYLGHQFHKHZDVDERYHWKH
PDVVLQYHU\OLWWOHEXWWKHVWDJHRQZKLFKKHVWRRG,QPDQ\JUHDW
UHVSHFWVKHZDVHVVHQWLDOO\EHORZWKHP+HZDVQRWVRKRQHVWKH
ZDVQRWVRPDQO\KHZDVQRWVRJRRGKXPRXUHGKHVXEVWLWXWHG
FXQQLQJIRUWKHLUVLPSOLFLW\DQGSDVVLRQIRUWKHLUVDIHVROLG
VHQVH$QLOOPDGHKLJKVKRXOGHUHGPDQZLWKORZHULQJEURZVDQG
KLVIHDWXUHVFUXVKHGLQWRDQKDELWXDOO\VRXUH[SUHVVLRQKH
FRQWUDVWHGPRVWXQIDYRXUDEO\HYHQLQKLVPRQJUHOGUHVVZLWKWKH
JUHDWERG\RIKLVKHDUHUVLQWKHLUSODLQZRUNLQJFORWKHV6WUDQJH
DVLWDOZD\VLVWRFRQVLGHUDQ\DVVHPEO\LQWKHDFWRIVXEPLVVLYHO\
129
UHVLJQLQJLWVHOIWRWKHGUHDULQHVVRIVRPHFRPSODFHQWSHUVRQORUG
RUFRPPRQHUZKRPWKUHHIRXUWKVRILWFRXOGE\QRKXPDQPHDQV
UDLVHRXWRIWKHVORXJKRILQDQLW\WRWKHLURZQLQWHOOHFWXDOOHYHO
LWZDVSDUWLFXODUO\VWUDQJHDQGLWZDVHYHQSDUWLFXODUO\
DIIHFWLQJWRVHHWKLVFURZGRIHDUQHVWIDFHVZKRVHKRQHVW\LQWKH
PDLQQRFRPSHWHQWREVHUYHUIUHHIURPELDVFRXOGGRXEWVRDJLWDWHG
E\VXFKDOHDGHU
*RRG+HDUKHDU+XUUDK7KHHDJHUQHVVERWKRIDWWHQWLRQDQG
LQWHQWLRQH[KLELWHGLQDOOWKHFRXQWHQDQFHVPDGHWKHPDPRVW
LPSUHVVLYHVLJKW7KHUHZDVQRFDUHOHVVQHVVQRODQJXRUQRLGOH
FXULRVLW\QRQHRIWKHPDQ\VKDGHVRILQGLIIHUHQFHWREHVHHQLQ
DOORWKHUDVVHPEOLHVYLVLEOHIRURQHPRPHQWWKHUH7KDWHYHU\PDQ
IHOWKLVFRQGLWLRQWREHVRPHKRZRURWKHUZRUVHWKDQLWPLJKWEH
WKDWHYHU\PDQFRQVLGHUHGLWLQFXPEHQWRQKLPWRMRLQWKHUHVW
WRZDUGVWKHPDNLQJRILWEHWWHUWKDWHYHU\PDQIHOWKLVRQO\KRSH
WREHLQKLVDOO\LQJKLPVHOIWRWKHFRPUDGHVE\ZKRPKHZDV
VXUURXQGHGDQGWKDWLQWKLVEHOLHIULJKWRUZURQJXQKDSSLO\
ZURQJWKHQWKHZKROHRIWKDWFURZGZHUHJUDYHO\GHHSO\
IDLWKIXOO\LQHDUQHVWPXVWKDYHEHHQDVSODLQWRDQ\RQHZKRFKRVH
WRVHHZKDWZDVWKHUHDVWKHEDUHEHDPVRIWKHURRIDQGWKH
ZKLWHQHGEULFNZDOOV1RUFRXOGDQ\VXFKVSHFWDWRUIDLOWRNQRZLQ
KLVRZQEUHDVWWKDWWKHVHPHQWKURXJKWKHLUYHU\GHOXVLRQV
VKRZHGJUHDWTXDOLWLHVVXVFHSWLEOHRIEHLQJWXUQHGWRWKHKDSSLHVW
DQGEHVWDFFRXQWDQGWKDWWRSUHWHQGRQWKHVWUHQJWKRIVZHHSLQJ
D[LRPVKRZVRHYHUFXWDQGGULHGWKDWWKH\ZHQWDVWUD\ZKROO\
ZLWKRXWFDXVHDQGRIWKHLURZQLUUDWLRQDOZLOOVZDVWRSUHWHQG
WKDWWKHUHFRXOGEHVPRNHZLWKRXWILUHGHDWKZLWKRXWELUWK
KDUYHVWZLWKRXWVHHGDQ\WKLQJRUHYHU\WKLQJSURGXFHGIURPQRWKLQJ
7KHRUDWRUKDYLQJUHIUHVKHGKLPVHOIZLSHGKLVFRUUXJDWHGIRUHKHDG
IURPOHIWWRULJKWVHYHUDOWLPHVZLWKKLVKDQGNHUFKLHIIROGHGLQWR
DSDGDQGFRQFHQWUDWHGDOOKLVUHYLYHGIRUFHVLQDVQHHURIJUHDW
GLVGDLQDQGELWWHUQHVV
%XWRKP\IULHQGVDQGEURWKHUV2KPHQDQG(QJOLVKPHQWKH
GRZQWURGGHQRSHUDWLYHVRI&RNHWRZQ:KDWVKDOOZHVD\RIWKDWPDQ
WKDWZRUNLQJPDQWKDW,VKRXOGILQGLWQHFHVVDU\VRWROLEHOWKH
JORULRXVQDPHZKREHLQJSUDFWLFDOO\DQGZHOODFTXDLQWHGZLWKWKH
JULHYDQFHVDQGZURQJVRI\RXWKHLQMXUHGSLWKDQGPDUURZRIWKLV
ODQGDQGKDYLQJKHDUG\RXZLWKDQREOHDQGPDMHVWLFXQDQLPLW\
WKDWZLOOPDNH7\UDQWVWUHPEOHUHVROYHIRUWRVXEVFULEHWRWKH
IXQGVRIWKH8QLWHG$JJUHJDWH7ULEXQDODQGWRDELGHE\WKH
LQMXQFWLRQVLVVXHGE\WKDWERG\IRU\RXUEHQHILWZKDWHYHUWKH\PD\
130
EHZKDW,DVN\RXZLOO\RXVD\RIWKDWZRUNLQJPDQVLQFHVXFK
,PXVWDFNQRZOHGJHKLPWREHZKRDWVXFKDWLPHGHVHUWVKLV
SRVWDQGVHOOVKLVIODJZKRDWVXFKDWLPHWXUQVDWUDLWRUDQG
DFUDYHQDQGDUHFUHDQWZKRDWVXFKDWLPHLVQRWDVKDPHGWR
PDNHWR\RXWKHGDVWDUGO\DQGKXPLOLDWLQJDYRZDOWKDWKHZLOOKROG
KLPVHOIDORRIDQGZLOOQRWEHRQHRIWKRVHDVVRFLDWHGLQWKH
JDOODQWVWDQGIRU)UHHGRPDQGIRU5LJKW"
7KHDVVHPEO\ZDVGLYLGHGDWWKLVSRLQW7KHUHZHUHVRPHJURDQVDQG
KLVVHVEXWWKHJHQHUDOVHQVHRIKRQRXUZDVPXFKWRRVWURQJIRUWKH
FRQGHPQDWLRQRIDPDQXQKHDUG
%HVXUH\RX
UHULJKW
6ODFNEULGJH
3XWKLPXS
/HW
VKHDUKLP
6XFKWKLQJVZHUH
VDLGRQPDQ\VLGHV)LQDOO\RQHVWURQJYRLFHFDOOHGRXW
,VWKH
PDQKHHU",IWKHPDQ
VKHHU6ODFNEULGJHOHW
VKHDUWKHPDQ
KLPVHOQ
VWHDGR
\R
:KLFKZDVUHFHLYHGZLWKDURXQGRI
DSSODXVH
6ODFNEULGJHWKHRUDWRUORRNHGDERXWKLPZLWKDZLWKHULQJVPLOH
DQGKROGLQJRXWKLVULJKWKDQGDWDUP
VOHQJWKDVWKHPDQQHURI
DOO6ODFNEULGJHVLVWRVWLOOWKHWKXQGHULQJVHDZDLWHGXQWLO
WKHUHZDVDSURIRXQGVLOHQFH
2KP\IULHQGVDQGIHOORZPHQ
VDLG6ODFNEULGJHWKHQVKDNLQJKLV
KHDGZLWKYLROHQWVFRUQ
,GRQRWZRQGHUWKDW\RXWKHSURVWUDWH
VRQVRIODERXUDUHLQFUHGXORXVRIWKHH[LVWHQFHRIVXFKDPDQ
%XWKHZKRVROGKLVELUWKULJKWIRUDPHVVRISRWWDJHH[LVWHGDQG
-XGDV,VFDULRWH[LVWHGDQG&DVWOHUHDJKH[LVWHGDQGWKLVPDQ
H[LVWV
+HUHDEULHISUHVVDQGFRQIXVLRQQHDUWKHVWDJHHQGHGLQWKHPDQ
KLPVHOIVWDQGLQJDWWKHRUDWRU
VVLGHEHIRUHWKHFRQFRXUVH+HZDV
SDOHDQGDOLWWOHPRYHGLQWKHIDFHKLVOLSVHVSHFLDOO\VKRZHG
LWEXWKHVWRRGTXLHWZLWKKLVOHIWKDQGDWKLVFKLQZDLWLQJWR
EHKHDUG7KHUHZDVDFKDLUPDQWRUHJXODWHWKHSURFHHGLQJVDQG
WKLVIXQFWLRQDU\QRZWRRNWKHFDVHLQWRKLVRZQKDQGV
0\IULHQGV
VDLGKH
E\YLUWXHR
P\RIILFHDV\RXUSUHVLGHQW,
DVNHVR
RXUIULHQG6ODFNEULGJHZKRPD\EHDOLWWOHRYHUKHWWHULQ
WKLVEXVLQHVVWRWDNHKLVVHDWZKLOHVWKLVPDQ6WHSKHQ%ODFNSRRO
LVKHHUQ<RXDOONQRZWKLVPDQ6WHSKHQ%ODFNSRRO<RXNQRZKLP
DZOXQJR
KLVPLVIRUW
QVDQGKLVJRRGQDPH
:LWKWKDWWKHFKDLUPDQVKRRNKLPIUDQNO\E\WKHKDQGDQGVDWGRZQ
DJDLQ6ODFNEULGJHOLNHZLVHVDWGRZQZLSLQJKLVKRWIRUHKHDG
131
DOZD\VIURPOHIWWRULJKWDQGQHYHUWKHUHYHUVHZD\
0\IULHQGV
6WHSKHQEHJDQLQWKHPLGVWRIDGHDGFDOP
,KD
KHGZKDW
VEHHQVSRN
QR
PHDQG
WLVOLFNO\WKDW,VKDQ
WPHQG
LW%XW,
GOLHIHU\RX
GKHDUQWKHWUXWKFRQFHUQLQP\VHOQIURP\
OLSVWKDQIURRQQ\RWKHUPDQ
VWKRXJK,QHYHUFXG
QVSHDNDIRUHVR
PRQQ\ZL
RXWEHLQPR\GHUWDQGPXGGOHG
6ODFNEULGJHVKRRNKLVKHDGDVLIKHZRXOGVKDNHLWRIILQKLV
ELWWHUQHVV
,
PWK
RQHVLQJOH+DQGLQ%RXQGHUE\
VPLOOR
D
WKHPHQWKHHU
DVGRQ
WFRRPLQZL
WK
SURSRVHGUHJ
ODWLRQV,FDQQDFRRPLQZL
HP0\IULHQGV,GRXEWWKHLUGRLQ
\RRQQ\JRRG/LFNHUWKH\
OO
GR\RKXUW
6ODFNEULGJHODXJKHGIROGHGKLVDUPVDQGIURZQHGVDUFDVWLFDOO\
%XW
WDQ
WVRPPXFKIRUWKDWDV,VWDQGVRXW,IWKDWZHUHDZ
,
GFRRPLQZL
WK
UHVW%XW,KD
P\UHDVRQVPLQH\RVHH
IRUEHLQJKLQGHUHGQRWRQ
\QRZEXWDZOXVDZOXVOLIHORQJ
6ODFNEULGJHMXPSHGXSDQGVWRRGEHVLGHKLPJQDVKLQJDQGWHDULQJ
2KP\IULHQGVZKDWEXWWKLVGLG,WHOO\RX"2KP\IHOORZ
FRXQWU\PHQZKDWZDUQLQJEXWWKLVGLG,JLYH\RX"$QGKRZVKRZV
WKLVUHFUHDQWFRQGXFWLQDPDQRQZKRPXQHTXDOODZVDUHNQRZQWR
KDYHIDOOHQKHDY\"2K\RX(QJOLVKPHQ,DVN\RXKRZGRHVWKLV
VXERUQDWLRQVKRZLQRQHRI\RXUVHOYHVZKRLVWKXVFRQVHQWLQJWR
KLVRZQXQGRLQJDQGWR\RXUVDQGWR\RXUFKLOGUHQ
VDQG\RXU
FKLOGUHQ
VFKLOGUHQ
V"
7KHUHZDVVRPHDSSODXVHDQGVRPHFU\LQJRI6KDPHXSRQWKHPDQEXW
WKHJUHDWHUSDUWRIWKHDXGLHQFHZHUHTXLHW7KH\ORRNHGDW
6WHSKHQ
VZRUQIDFHUHQGHUHGPRUHSDWKHWLFE\WKHKRPHO\HPRWLRQV
LWHYLQFHGDQGLQWKHNLQGQHVVRIWKHLUQDWXUHWKH\ZHUHPRUH
VRUU\WKDQLQGLJQDQW
7LVWKLV'HOHJDWH
VWUDGHIRUW
VSHDN
VDLG6WHSKHQ
DQ
KH
V
SDLGIRU
WDQ
KHNQRZVKLVZRUN/HWKLPNHHSWR
W/HWKLP
JLYHQRKHHGWRZKDW,KDKDG
QWREHDU7KDW
VQRWIRUKLP
7KDW
VQRWIRUQREERG\EXWPH
7KHUHZDVDSURSULHW\QRWWRVD\DGLJQLW\LQWKHVHZRUGVWKDW
PDGHWKHKHDUHUV\HWPRUHTXLHWDQGDWWHQWLYH7KHVDPHVWURQJ
132
YRLFHFDOOHGRXW
6ODFNEULGJHOHWWKHPDQEHKHHUQDQGKRZGWKHH
WRQJXH
7KHQWKHSODFHZDVZRQGHUIXOO\VWLOO
0\EURWKHUV
VDLG6WHSKHQZKRVHORZYRLFHZDVGLVWLQFWO\KHDUG
DQGP\IHOORZZRUNPHQIRUWKDW\RDUHWRPHWKRXJKQRWDV,
NQRZVRQWRWKLVGHOHJDWHKHUH,KDEXWDZRUGWRVHQDQG,
FRXOGVHQQRPPRUHLI,ZDVWRVSHDNWLOO6WULNHR
GD\,NQRZ
ZHHODZZKDW
VDIRUHPH,NQRZZHHOWKDW\RDZUHVROYHWRKD
QRPPRUHDGRZL
DPDQZKRLVQRWZL
\RLQWKLVPDWWKHU,NQRZ
ZHHOWKDWLI,ZDVDO\LQSDULVKWL
WK
URDG\R
GIHHOLWULJKW
WRSDVVPHE\DVDIRUUHQQHUDQGVWUDQJHU:KDW,KDJHWQ,PXQ
PDNWK
EHVWRQ
6WHSKHQ%ODFNSRRO
VDLGWKHFKDLUPDQULVLQJ
WKLQNRQ
WDJHQ
7KLQNRQ
WRQFHDJHQODGDIRUHWKRX
UWVKXQQHGE\DZRZG
IULHQGV
7KHUHZDVDQXQLYHUVDOPXUPXUWRWKHVDPHHIIHFWWKRXJKQRPDQ
DUWLFXODWHGDZRUG(YHU\H\HZDVIL[HGRQ6WHSKHQ
VIDFH7R
UHSHQWRIKLVGHWHUPLQDWLRQZRXOGEHWRWDNHDORDGIURPDOOWKHLU
PLQGV+HORRNHGDURXQGKLPDQGNQHZWKDWLWZDVVR1RWDJUDLQ
RIDQJHUZLWKWKHPZDVLQKLVKHDUWKHNQHZWKHPIDUEHORZWKHLU
VXUIDFHZHDNQHVVHVDQGPLVFRQFHSWLRQVDVQRRQHEXWWKHLUIHOORZ
ODERXUHUFRXOG
,KDWKRZWRQ
WDERYHDELWVLU,VLPSO\FDQQDFRRPLQ,
PXQJRWK
ZD\DVOD\VDIRUHPH,PXQWDNP\OHDYHR
DZKHHU
+HPDGHDVRUWRIUHYHUHQFHWRWKHPE\KROGLQJXSKLVDUPVDQG
VWRRGIRUWKHPRPHQWLQWKDWDWWLWXGHQRWVSHDNLQJXQWLOWKH\
VORZO\GURSSHGDWKLVVLGHV
0RQQ\
VWKHSOHDVDQWZRUGDVVRRPKHHUKDVVSRN
QZL
PHPRQQ\
V
WKHIDFH,VHHKHHUDV,ILUVWVHHQZKHQ,ZHUH\RRQJDQGOLJKWHU
KHDUW
QWKDQQRZ,KD
QHYHUKDGQRIUDWFKDIRUHVLQHYHU,ZHUH
ERUQZL
DQ\R
P\OLNH*RQQRZV,KD
QRQHQRZWKDW
VR
P\
PDNLQ
<R
OOFD
PHWUDLWRUDQGWKDW\R,PHDQW
VD\
DGGUHVVLQJ6ODFNEULGJH
EXW
WLVHDVLHUWRFD
WKDQPDN
RXW6R
OHWEH
+HKDGPRYHGDZD\DSDFHRUWZRWRFRPHGRZQIURPWKHSODWIRUP
ZKHQKHUHPHPEHUHGVRPHWKLQJKHKDGQRWVDLGDQGUHWXUQHGDJDLQ
+DSO\
KHVDLGWXUQLQJKLVIXUURZHGIDFHVORZO\DERXWWKDWKH
133
PLJKWDVLWZHUHLQGLYLGXDOO\DGGUHVVWKHZKROHDXGLHQFHWKRVH
ERWKQHDUDQGGLVWDQW
KDSO\ZKHQWKLVTXHVWLRQKDVEHHQWDN
QXS
DQGGLVFRRVHGWKHUH
OOEHDWKUHDWWRWXUQRXWLI,
POHWWRZRUN
DPRQJ\R,KRSH,VKDOOGLHHUHHYHUVXFKDWLPHFRRPVDQG,
VKDOOZRUNVROLWDU\DPRQJ\RXQOHVVLWFRRPVWUXO\,PXQGR
W
P\IULHQGVQRWWREUDYH\REXWWROLYH,KDQREEXWZRUNWROLYH
E\DQGZKHHUHYHUFDQ,JR,ZKRKDZRUNHGVLQ,ZHUHQRKHLJKWK
DWDZLQ&RNHWRZQKHHU",PDN
QRFRPSODLQWVR
EHLQWXUQHGWR
WKHZD
R
EHLQRXWFDVWHQDQGRYHUORRNHQIURWKLVWLPHIRUUDUG
EXWKRSH,VKDOOEHOHWWRZRUN,IWKHUHLVDQ\ULJKWIRUPHDW
DZP\IULHQGV,WKLQN
WLVWKDW
1RWDZRUGZDVVSRNHQ1RWDVRXQGZDVDXGLEOHLQWKHEXLOGLQJ
EXWWKHVOLJKWUXVWOHRIPHQPRYLQJDOLWWOHDSDUWDOODORQJWKH
FHQWUHRIWKHURRPWRRSHQDPHDQVRISDVVLQJRXWWRWKHPDQZLWK
ZKRPWKH\KDGDOOERXQGWKHPVHOYHVWRUHQRXQFHFRPSDQLRQVKLS
/RRNLQJDWQRRQHDQGJRLQJKLVZD\ZLWKDORZO\VWHDGLQHVVXSRQ
KLPWKDWDVVHUWHGQRWKLQJDQGVRXJKWQRWKLQJ2OG6WHSKHQZLWKDOO
KLVWURXEOHVRQKLVKHDGOHIWWKHVFHQH
7KHQ6ODFNEULGJHZKRKDGNHSWKLVRUDWRULFDODUPH[WHQGHGGXULQJ
WKHJRLQJRXWDVLIKHZHUHUHSUHVVLQJZLWKLQILQLWHVROLFLWXGH
DQGE\DZRQGHUIXOPRUDOSRZHUWKHYHKHPHQWSDVVLRQVRIWKH
PXOWLWXGHDSSOLHGKLPVHOIWRUDLVLQJWKHLUVSLULWV+DGQRWWKH
5RPDQ%UXWXVRKP\%ULWLVKFRXQWU\PHQFRQGHPQHGKLVVRQWR
GHDWKDQGKDGQRWWKH6SDUWDQPRWKHUVRKP\VRRQWREHYLFWRULRXV
IULHQGVGULYHQWKHLUIO\LQJFKLOGUHQRQWKHSRLQWVRIWKHLU
HQHPLHV
VZRUGV"7KHQZDVLWQRWWKHVDFUHGGXW\RIWKHPHQRI
&RNHWRZQZLWKIRUHIDWKHUVEHIRUHWKHPDQDGPLULQJZRUOGLQ
FRPSDQ\ZLWKWKHPDQGDSRVWHULW\WRFRPHDIWHUWKHPWRKXUORXW
WUDLWRUVIURPWKHWHQWVWKH\KDGSLWFKHGLQDVDFUHGDQGD*RGOLNH
FDXVH"7KHZLQGVRIKHDYHQDQVZHUHG<HVDQGERUH<HVHDVWZHVW
QRUWKDQGVRXWK$QGFRQVHTXHQWO\WKUHHFKHHUVIRUWKH8QLWHG
$JJUHJDWH7ULEXQDO
6ODFNEULGJHDFWHGDVIXJOHPDQDQGJDYHWKHWLPH7KHPXOWLWXGHRI
GRXEWIXOIDFHVDOLWWOHFRQVFLHQFHVWULFNHQEULJKWHQHGDWWKH
VRXQGDQGWRRNLWXS3ULYDWHIHHOLQJPXVW\LHOGWRWKHFRPPRQ
FDXVH+XUUDK7KHURRI\HWYLEUDWHGZLWKWKHFKHHULQJZKHQWKH
DVVHPEO\GLVSHUVHG
7KXVHDVLO\GLG6WHSKHQ%ODFNSRROIDOOLQWRWKHORQHOLHVWRIOLYHV
WKHOLIHRIVROLWXGHDPRQJDIDPLOLDUFURZG7KHVWUDQJHULQWKH
ODQGZKRORRNVLQWRWHQWKRXVDQGIDFHVIRUVRPHDQVZHULQJORRNDQG
134
QHYHUILQGVLWLVLQFKHHULQJVRFLHW\DVFRPSDUHGZLWKKLPZKR
SDVVHVWHQDYHUWHGIDFHVGDLO\WKDWZHUHRQFHWKHFRXQWHQDQFHVRI
IULHQGV6XFKH[SHULHQFHZDVWREH6WHSKHQ
VQRZLQHYHU\ZDNLQJ
PRPHQWRIKLVOLIHDWKLVZRUNRQKLVZD\WRLWDQGIURPLWDW
KLVGRRUDWKLVZLQGRZHYHU\ZKHUH%\JHQHUDOFRQVHQWWKH\HYHQ
DYRLGHGWKDWVLGHRIWKHVWUHHWRQZKLFKKHKDELWXDOO\ZDONHGDQG
OHIWLWRIDOOWKHZRUNLQJPHQWRKLPRQO\
+HKDGEHHQIRUPDQ\\HDUVDTXLHWVLOHQWPDQDVVRFLDWLQJEXW
OLWWOHZLWKRWKHUPHQDQGXVHGWRFRPSDQLRQVKLSZLWKKLVRZQ
WKRXJKWV+HKDGQHYHUNQRZQEHIRUHWKHVWUHQJWKRIWKHZDQWLQ
KLVKHDUWIRUWKHIUHTXHQWUHFRJQLWLRQRIDQRGDORRNDZRUGRU
WKHLPPHQVHDPRXQWRIUHOLHIWKDWKDGEHHQSRXUHGLQWRLWE\GURSV
WKURXJKVXFKVPDOOPHDQV,WZDVHYHQKDUGHUWKDQKHFRXOGKDYH
EHOLHYHGSRVVLEOHWRVHSDUDWHLQKLVRZQFRQVFLHQFHKLV
DEDQGRQPHQWE\DOOKLVIHOORZVIURPDEDVHOHVVVHQVHRIVKDPHDQG
GLVJUDFH
7KHILUVWIRXUGD\VRIKLVHQGXUDQFHZHUHGD\VVRORQJDQGKHDY\
WKDWKHEHJDQWREHDSSDOOHGE\WKHSURVSHFWEHIRUHKLP1RWRQO\
GLGKHVHHQR5DFKDHODOOWKHWLPHEXWKHDYRLGHGHYHU\FKDQFHRI
VHHLQJKHUIRUDOWKRXJKKHNQHZWKDWWKHSURKLELWLRQGLGQRW\HW
IRUPDOO\H[WHQGWRWKHZRPHQZRUNLQJLQWKHIDFWRULHVKHIRXQG
WKDWVRPHRIWKHPZLWKZKRPKHZDVDFTXDLQWHGZHUHFKDQJHGWRKLP
DQGKHIHDUHGWRWU\RWKHUVDQGGUHDGHGWKDW5DFKDHOPLJKWEHHYHQ
VLQJOHGRXWIURPWKHUHVWLIVKHZHUHVHHQLQKLVFRPSDQ\6RKH
KDGEHHQTXLWHDORQHGXULQJWKHIRXUGD\VDQGKDGVSRNHQWRQR
RQHZKHQDVKHZDVOHDYLQJKLVZRUNDWQLJKWD\RXQJPDQRID
YHU\OLJKWFRPSOH[LRQDFFRVWHGKLPLQWKHVWUHHW
<RXUQDPH
V%ODFNSRRODLQ
WLW"
VDLGWKH\RXQJPDQ
6WHSKHQFRORXUHGWRILQGKLPVHOIZLWKKLVKDWLQKLVKDQGLQKLV
JUDWLWXGHIRUEHLQJVSRNHQWRRULQWKHVXGGHQQHVVRILWRUERWK
+HPDGHDIHLQWRIDGMXVWLQJWKHOLQLQJDQGVDLG
<HV
<RXDUHWKH+DQGWKH\KDYHVHQWWR&RYHQWU\,PHDQ"
VDLG%LW]HU
WKHYHU\OLJKW\RXQJPDQLQTXHVWLRQ
6WHSKHQDQVZHUHG
<HV
DJDLQ
,VXSSRVHGVRIURPWKHLUDOODSSHDULQJWRNHHSDZD\IURP\RX
0U%RXQGHUE\ZDQWVWRVSHDNWR\RX<RXNQRZKLVKRXVHGRQ
W
\RX"
135
6WHSKHQVDLG
<HV
DJDLQ
7KHQJRVWUDLJKWXSWKHUHZLOO\RX"
VDLG%LW]HU
<RX
UH
H[SHFWHGDQGKDYHRQO\WRWHOOWKHVHUYDQWLW
V\RX,EHORQJWR
WKH%DQNVRLI\RXJRVWUDLJKWXSZLWKRXWPH,ZDVVHQWWRIHWFK
\RX\RX
OOVDYHPHDZDON
6WHSKHQZKRVHZD\KDGEHHQLQWKHFRQWUDU\GLUHFWLRQWXUQHG
DERXWDQGEHWRRNKLPVHOIDVLQGXW\ERXQGWRWKHUHGEULFNFDVWOH
RIWKHJLDQW%RXQGHUE\
&+$37(590(1$1'0$67(56
:(//6WHSKHQ
VDLG%RXQGHUE\LQKLVZLQG\PDQQHU
ZKDW
VWKLV
,KHDU":KDWKDYHWKHVHSHVWVRIWKHHDUWKEHHQGRLQJWR\RX"
&RPHLQDQGVSHDNXS
,WZDVLQWRWKHGUDZLQJURRPWKDWKHZDVWKXVELGGHQ$WHDWDEOH
ZDVVHWRXWDQG0U%RXQGHUE\
V\RXQJZLIHDQGKHUEURWKHUDQGD
JUHDWJHQWOHPDQIURP/RQGRQZHUHSUHVHQW7RZKRP6WHSKHQPDGH
KLVREHLVDQFHFORVLQJWKHGRRUDQGVWDQGLQJQHDULWZLWKKLVKDW
LQKLVKDQG
7KLVLVWKHPDQ,ZDVWHOOLQJ\RXDERXW+DUWKRXVH
VDLG0U
%RXQGHUE\7KHJHQWOHPDQKHDGGUHVVHGZKRZDVWDONLQJWR0UV
%RXQGHUE\RQWKHVRIDJRWXSVD\LQJLQDQLQGROHQWZD\
2K
UHDOO\"
DQGGDZGOHGWRWKHKHDUWKUXJZKHUH0U%RXQGHUE\VWRRG
1RZ
VDLG%RXQGHUE\
VSHDNXS
$IWHUWKHIRXUGD\VKHKDGSDVVHGWKLVDGGUHVVIHOOUXGHO\DQG
GLVFRUGDQWO\RQ6WHSKHQ
VHDU%HVLGHVEHLQJDURXJKKDQGOLQJRI
KLVZRXQGHGPLQGLWVHHPHGWRDVVXPHWKDWKHUHDOO\ZDVWKHVHOI
LQWHUHVWHGGHVHUWHUKHKDGEHHQFDOOHG
:KDWZHUHLWVLU
VDLG6WHSKHQ
DV\RZHUHSOHDVHGWRZDQWZL
PH"
:K\,KDYHWROG\RX
UHWXUQHG%RXQGHUE\
6SHDNXSOLNHDPDQ
136
VLQFH\RXDUHDPDQDQGWHOOXVDERXW\RXUVHOIDQGWKLV
&RPELQDWLRQ
:L
\RUSDUGRQVLU
VDLG6WHSKHQ%ODFNSRRO
,KD
QRZWWRVHQ
DERXWLW
0U%RXQGHUE\ZKRZDVDOZD\VPRUHRUOHVVOLNHD:LQGILQGLQJ
VRPHWKLQJLQKLVZD\KHUHEHJDQWREORZDWLWGLUHFWO\
1RZORRNKHUH+DUWKRXVH
VDLGKH
KHUH
VDVSHFLPHQRI
HP
:KHQWKLVPDQZDVKHUHRQFHEHIRUH,ZDUQHGWKLVPDQDJDLQVWWKH
PLVFKLHYRXVVWUDQJHUVZKRDUHDOZD\VDERXWDQGZKRRXJKWWREH
KDQJHGZKHUHYHUWKH\DUHIRXQGDQG,WROGWKLVPDQWKDWKHZDV
JRLQJLQWKHZURQJGLUHFWLRQ1RZZRXOG\RXEHOLHYHLWWKDW
DOWKRXJKWKH\KDYHSXWWKLVPDUNXSRQKLPKHLVVXFKDVODYHWR
WKHPVWLOOWKDWKH
VDIUDLGWRRSHQKLVOLSVDERXWWKHP"
,VHGDV,KDGQRZWWRVHQVLUQRWDV,ZDVIHDUIR
R
RSHQLQ
P\OLSV
<RXVDLG$K,NQRZZKDW\RXVDLGPRUHWKDQWKDW,NQRZZKDW
\RXPHDQ\RXVHH1RWDOZD\VWKHVDPHWKLQJE\WKH/RUG+DUU\
4XLWHGLIIHUHQWWKLQJV<RXKDGEHWWHUWHOOXVDWRQFHWKDWWKDW
IHOORZ6ODFNEULGJHLVQRWLQWKHWRZQVWLUULQJXSWKHSHRSOHWR
PXWLQ\DQGWKDWKHLVQRWDUHJXODUTXDOLILHGOHDGHURIWKH
SHRSOHWKDWLVDPRVWFRQIRXQGHGVFRXQGUHO<RXKDGEHWWHUWHOO
XVVRDWRQFH\RXFDQ
WGHFHLYHPH<RXZDQWWRWHOOXVVR:K\
GRQ
W\RX"
,
PDVVRRDU\DV\RVLUZKHQWKHSHRSOH
VOHDGHUVLVEDG
VDLG
6WHSKHQVKDNLQJKLVKHDG
7KH\WDNVVXFKDVRIIHUV+DSO\
WLV
QD
WKHVPD
HVWR
WKHLUPLVIRUWXQVZKHQWKH\FDQJHWQREHWWHU
7KHZLQGEHJDQWRJHWERLVWHURXV
1RZ\RX
OOWKLQNWKLVSUHWW\ZHOO+DUWKRXVH
VDLG0U
%RXQGHUE\
<RX
OOWKLQNWKLVWROHUDEO\VWURQJ<RX
OOVD\XSRQ
P\VRXOWKLVLVDWLG\VSHFLPHQRIZKDWP\IULHQGVKDYHWRGHDO
ZLWKEXWWKLVLVQRWKLQJVLU<RXVKDOOKHDUPHDVNWKLVPDQD
TXHVWLRQ3UD\0U%ODFNSRRO
ZLQGVSULQJLQJXSYHU\IDVW
PD\,WDNHWKHOLEHUW\RIDVNLQJ\RXKRZLWKDSSHQVWKDW\RX
UHIXVHGWREHLQWKLV&RPELQDWLRQ"
+RZ
WKDSSHQV"
137
$K
VDLG0U%RXQGHUE\ZLWKKLVWKXPEVLQWKHDUPVRIKLVFRDW
DQGMHUNLQJKLVKHDGDQGVKXWWLQJKLVH\HVLQFRQILGHQFHZLWKWKH
RSSRVLWHZDOO
KRZLWKDSSHQV
,
GOHHIHUQRWFRRPWR
WVLUEXWVLQ\RXSXWWK
TXHVWLRQDQ
QRWZDQW
QW
EHLOOPDQQHU
Q,
OODQVZHU,KDSDVVHGD
SURPHVV
1RWWRPH\RXNQRZ
VDLG%RXQGHUE\*XVW\ZHDWKHUZLWK
GHFHLWIXOFDOPV2QHQRZSUHYDLOLQJ
2QRVLU1RWWR\R
$VIRUPHDQ\FRQVLGHUDWLRQIRUPHKDVKDGMXVWQRWKLQJDWDOOWR
GRZLWKLW
VDLG%RXQGHUE\VWLOOLQFRQILGHQFHZLWKWKHZDOO
,IRQO\-RVLDK%RXQGHUE\RI&RNHWRZQKDGEHHQLQTXHVWLRQ\RX
ZRXOGKDYHMRLQHGDQGPDGHQRERQHVDERXWLW"
:K\\HVVLU
7LVWUXH
7KRXJKKHNQRZV
VDLG0U%RXQGHUE\QRZEORZLQJDJDOH
WKDW
WKHUHDUHDVHWRIUDVFDOVDQGUHEHOVZKRPWUDQVSRUWDWLRQLVWRR
JRRGIRU1RZ0U+DUWKRXVH\RXKDYHEHHQNQRFNLQJDERXWLQWKH
ZRUOGVRPHWLPH'LG\RXHYHUPHHWZLWKDQ\WKLQJOLNHWKDWPDQRXW
RIWKLVEOHVVHGFRXQWU\"
$QG0U%RXQGHUE\SRLQWHGKLPRXWIRU
LQVSHFWLRQZLWKDQDQJU\ILQJHU
1D\PD
DP
VDLG6WHSKHQ%ODFNSRROVWDXQFKO\SURWHVWLQJDJDLQVW
WKHZRUGVWKDWKDGEHHQXVHGDQGLQVWLQFWLYHO\DGGUHVVLQJKLPVHOI
WR/RXLVDDIWHUJODQFLQJDWKHUIDFH
1RWUHEHOVQRU\HW
UDVFDOV1RZWR
WK
NLQGPD
DPQRZWR
WK
NLQG7KH\
YHQRW
GRRQPHDNLQGQHVVPD
DPDV,NQRZDQGIHHO%XWWKHUH
VQRWD
GR]HQPHQDPRRQJ
HPPD
DPDGR]HQ"1RWVL[EXWZKDWEHOLHYHV
DVKHKDVGRRQKLVGXW\E\WKHUHVWDQGE\KLPVHOQ*RGIRUELGDV
,WKDWKD
NQRZQDQGKDG
QH[SHULHQFHR
WKHVHPHQDZP\OLIH
,WKDWKD
HWW
QDQ
GURRQNHQZL
HPDQ
VHHW
QZL
HPDQG
WRLO
QZL
HPDQGORY
Q
HPVKRXOGIDLOIXUWRVWDQE\
HPZL
WKHWUXWKOHW
HPKD
GRRQWRPHZKDWWKH\PD\
+HVSRNHZLWKWKHUXJJHGHDUQHVWQHVVRIKLVSODFHDQGFKDUDFWHU
GHHSHQHGSHUKDSVE\DSURXGFRQVFLRXVQHVVWKDWKHZDVIDLWKIXOWR
KLVFODVVXQGHUDOOWKHLUPLVWUXVWEXWKHIXOO\UHPHPEHUHGZKHUH
KHZDVDQGGLGQRWHYHQUDLVHKLVYRLFH
138
1RPD
DPQR7KH\
UHWUXHWRRQHDQRWKHUIDLWKIR
WRRQH
DQRWKHU
IHFWLRQDWHWRRQHDQRWKHUH
HQWRGHDWK%HSRRUDPRRQJ
HPEHVLFNDPRRQJ
HPJULHYHDPRRQJ
HPIRURQQ\R
WK
PRQQ\
FDXVHVWKDWFDUULHVJULHIWRWKHSRRUPDQ
VGRRUDQ
WKH\
OOEH
WHQGHUZL
\RJHQWOHZL
\RFRPIRUWDEOHZL
\R&KULVHQZL
\R
%HVXUHR
WKDWPD
DP7KH\
GEHULYHQWRELWVHUHHYHUWKH\
G
EHGLIIHUHQW
,QVKRUW
VDLG0U%RXQGHUE\
LW
VEHFDXVHWKH\DUHVRIXOORI
YLUWXHVWKDWWKH\KDYHWXUQHG\RXDGULIW*RWKURXJKZLWKLWZKLOH
\RXDUHDERXWLW2XWZLWKLW
+RZ
WLVPD
DP
UHVXPHG6WHSKHQDSSHDULQJVWLOOWRILQGKLV
QDWXUDOUHIXJHLQ/RXLVD
VIDFH
WKDWZKDWLVEHVWLQXVIRN
VHHPVWRWXUQXVPRVWWRWURXEOHDQ
PLVIRUW
QDQ
PLVWDNH,
GXQQR%XW
WLVVR,NQRZ
WLVDV,NQRZWKHKHDYHQVLVRYHUPH
DKLQWWKHVPRNH:H
UHSDWLHQWWRRDQ
ZDQWVLQJHQHUDOWRGR
ULJKW$Q
,FDQQDWKLQNWKHIDZWLVDZZL
XV
1RZP\IULHQG
VDLG0U%RXQGHUE\ZKRPKHFRXOGQRWKDYH
H[DVSHUDWHGPRUHTXLWHXQFRQVFLRXVRILWWKRXJKKHZDVWKDQE\
VHHPLQJWRDSSHDOWRDQ\RQHHOVH
LI\RXZLOOIDYRXUPHZLWK\RXU
DWWHQWLRQIRUKDOIDPLQXWH,VKRXOGOLNHWRKDYHDZRUGRUWZR
ZLWK\RX<RXVDLGMXVWQRZWKDW\RXKDGQRWKLQJWRWHOOXVDERXW
WKLVEXVLQHVV<RXDUHTXLWHVXUHRIWKDWEHIRUHZHJRDQ\
IXUWKHU
6LU,DPVXUHRQ
W
+HUH
VDJHQWOHPDQIURP/RQGRQSUHVHQW
0U%RXQGHUE\PDGHD
EDFNKDQGHGSRLQWDW0U-DPHV+DUWKRXVHZLWKKLVWKXPE
D
3DUOLDPHQWJHQWOHPDQ,VKRXOGOLNHKLPWRKHDUDVKRUWELWRI
GLDORJXHEHWZHHQ\RXDQGPHLQVWHDGRIWDNLQJWKHVXEVWDQFHRILW
IRU,NQRZSUHFLRXVZHOOEHIRUHKDQGZKDWLWZLOOEHQRERG\
NQRZVEHWWHUWKDQ,GRWDNHQRWLFHLQVWHDGRIUHFHLYLQJLWRQ
WUXVWIURPP\PRXWK
6WHSKHQEHQWKLVKHDGWRWKHJHQWOHPDQIURP/RQGRQDQGVKRZHGD
UDWKHUPRUHWURXEOHGPLQGWKDQXVXDO+HWXUQHGKLVH\HV
LQYROXQWDULO\WRKLVIRUPHUUHIXJHEXWDWDORRNIURPWKDWTXDUWHU
H[SUHVVLYHWKRXJKLQVWDQWDQHRXVKHVHWWOHGWKHPRQ0U
%RXQGHUE\
VIDFH
139
1RZZKDWGR\RXFRPSODLQRI"
DVNHG0U%RXQGHUE\
,KD
QRWFRRPKHUHVLU
6WHSKHQUHPLQGHGKLP
WRFRPSODLQ,
FRRPIRUWKDW,ZHUHVHQWIRU
:KDW
UHSHDWHG0U%RXQGHUE\IROGLQJKLVDUPV
GR\RXSHRSOH
LQDJHQHUDOZD\FRPSODLQRI"
6WHSKHQORRNHGDWKLPZLWKVRPHOLWWOHLUUHVROXWLRQIRUDPRPHQW
DQGWKHQVHHPHGWRPDNHXSKLVPLQG
6LU,ZHUHQHYHUJRRGDWVKRZLQR
WWKRXJK,KDKDG
QP\VKDUH
LQIHHOLQJR
W
'HHGZHDUHLQDPXGGOHVLU/RRNURXQGWRZQ
VRULFKDV
WLVDQGVHHWKHQXPEHUVR
SHRSOHDVKDVEHHQ
EURXJKWHQLQWREHLQKHHUIXUWRZHDYHDQ
WRFDUGDQ
WRSLHFH
RXWDOLYLQ
DZWKHVDPHRQHZD\VRPHKRZV
WZL[WWKHLUFUDGOHV
DQGWKHLUJUDYHV/RRNKRZZHOLYHDQ
ZKHHUZHOLYHDQ
LQZKDW
QXPEHUVDQ
E\ZKDWFKDQFHVDQGZL
ZKDWVDPHQHVVDQGORRNKRZ
WKHPLOOVLVDZOXVDJRLQDQGKRZWKH\QHYHUZRUNVXVQRQLJKHUWR
RQ\GLV
DQWREMHFWFHSWLQDZOXV'HDWK/RRNKRZ\RXFRQVLGHUV
RIXVDQGZULWHVRIXVDQGWDONVRIXVDQGJRHVXSZL
\RU
GHSXWDWLRQVWR6HFUHWDULHVR
6WDWH
ERXWXVDQGKRZ\RDUHDZOXV
ULJKWDQGKRZZHDUHDZOXVZURQJDQGQHYHUKDG
QQRUHDVRQLQXV
VLQHYHUZHZHUHERUQ/RRNKRZWKLVKDJURZHQDQ
JURZHQVLU
ELJJHUDQ
ELJJHUEURDGHUDQ
EURDGHUKDUGHUDQ
KDUGHUIUR\HDU
WR\HDUIURJHQHUDWLRQXQWRJHQHUDWLRQ:KRFDQORRNRQ
WVLU
DQGIDLUO\WHOODPDQ
WLVQRWDPXGGOH"
2IFRXUVH
VDLG0U%RXQGHUE\
1RZSHUKDSV\RX
OOOHWWKH
JHQWOHPDQNQRZKRZ\RXZRXOGVHWWKLVPXGGOHDV\RX
UHVRIRQGRI
FDOOLQJLWWRULJKWV
,GRQQRVLU,FDQQDEHH[SHFWHQWR
W
7LVQRWPHDVVKRXOG
EHORRNHQWRIRUWKDWVLU
7LVWKHPDVLVSXWRZHUPHDQGRZHU
DZWKHUHVWRIXV:KDWGRWKH\WDNXSRQWKHPVHOQVLULIQRWWR
GR
W"
,
OOWHOO\RXVRPHWKLQJWRZDUGVLWDWDQ\UDWH
UHWXUQHG0U
%RXQGHUE\
:HZLOOPDNHDQH[DPSOHRIKDOIDGR]HQ6ODFNEULGJHV
:H
OOLQGLFWWKHEODFNJXDUGVIRUIHORQ\DQGJHW
HPVKLSSHGRIIWR
SHQDOVHWWOHPHQWV
6WHSKHQJUDYHO\VKRRNKLVKHDG
140
'RQ
WWHOOPHZHZRQ
WPDQ
VDLG0U%RXQGHUE\E\WKLVWLPH
EORZLQJDKXUULFDQH
EHFDXVHZHZLOO,WHOO\RX
6LU
UHWXUQHG6WHSKHQZLWKWKHTXLHWFRQILGHQFHRIDEVROXWH
FHUWDLQW\
LI\RZDVW
WDNDKXQGUHG6ODFNEULGJHVDZDVWKHUH
LVDQGDZWKHQXPEHUWHQWLPHVWRZGDQ
ZDVW
VHZ
HPXSLQ
VHSDUDWHVDFNVDQ
VLQN
HPLQWKHGHHSHVWRFHDQDVZHUHPDGHHUH
HYHUGU\ODQGFRRPWREH\R
GOHDYHWKHPXGGOHMXVWZKHHU
WLV
0LVFKHHYRXVVWUDQJHUV
VDLG6WHSKHQZLWKDQDQ[LRXVVPLOH
ZKHQ
KDZHQRWKHHUQ,DPVXUHVLQHYHUZHFDQFDOOWRPLQGR
WK
PLVFKHHYRXVVWUDQJHUV
7LVQRWE\WKHPWKHWURXEOH
VPDGHVLU
7LVQRWZL
WKHP
WFRPPHQFHV,KDQRIDYRXUIRU
HP,KDQR
UHDVRQWRIDYRXU
HPEXW
WLVKRSHOHVVDQGXVHOHVVWRGUHDPR
WDNLQWKHPIURWKHLUWUDGH
VWHDGR
WDNLQWKHLUWUDGHIURWKHP
$ZWKDW
VQRZDERXWPHLQWKLVURRPZHUHKHHUDIRUH,FRRPDQ
ZLOOEHKHHUZKHQ,DPJRQH3XWWKDWFORFNDERDUGDVKLSDQ
SDFN
LWRIIWR1RUIRON,VODQGDQ
WKHWLPHZLOOJRRQMXVWWKHVDPH
6R
WLVZL
6ODFNEULGJHHYHU\ELW
5HYHUWLQJIRUDPRPHQWWRKLVIRUPHUUHIXJHKHREVHUYHGD
FDXWLRQDU\PRYHPHQWRIKHUH\HVWRZDUGVWKHGRRU6WHSSLQJEDFN
KHSXWKLVKDQGXSRQWKHORFN%XWKHKDGQRWVSRNHQRXWRIKLV
RZQZLOODQGGHVLUHDQGKHIHOWLWLQKLVKHDUWDQREOHUHWXUQIRU
KLVODWHLQMXULRXVWUHDWPHQWWREHIDLWKIXOWRWKHODVWWRWKRVH
ZKRKDGUHSXGLDWHGKLP+HVWD\HGWRILQLVKZKDWZDVLQKLVPLQG
6LU,FDQQDZL
P\OLWWOHOHDUQLQJDQ
P\FRPPRQZD\WHOOWKH
JHQHOPDQZKDWZLOOEHWWHUDZWKLVWKRXJKVRPHZRUNLQJPHQR
WKLV
WRZQFRXOGDERYHP\SRZHUVEXW,FDQWHOOKLPZKDW,NQRZZLOO
QHYHUGR
W7KHVWURQJKDQGZLOOQHYHUGR
W9LFW
U\DQG
WULXPSKZLOOQHYHUGR
W$JUHHLQJIXUWRPDNRQHVLGHXQQDW
UDOO\
DZOXVDQGIRUHYHUULJKWDQGWRRWKHUVLGHXQQDW
UDOO\DZOXVDQG
IRUHYHUZURQJZLOOQHYHUQHYHUGR
W1RU\HWOHWWLQDORQHZLOO
QHYHUGR
W/HWWKRXVDQGVXSRQWKRXVDQGVDORQHDZOHDGLQJWKH
OLNHOLYHVDQGDZIDZ
HQLQWRWKHOLNHPXGGOHDQGWKH\ZLOOEHDV
RQHDQG\RZLOOEHDVDQRRWKHUZL
DEODFNXQSDVVDEOHZRUOG
EHWZL[W\RMXVWDVORQJRUVKRUWDWLPHDVVLFKOLNHPLVHU\FDQ
ODVW1RWGUDZLQQLJKWRIRNZL
NLQGQHVVDQGSDWLHQFHDQ
FKHHU\
ZD\VWKDWVRGUDZVQLJKWRRQHDQRWKHULQWKHLUPRQQ\WURXEOHV
DQGVRFKHULVKHVRQHDQRWKHULQWKHLUGLVWUHVVHVZL
ZKDWWKH\QHHG
WKHPVHOQOLNH,KXPEO\EHOLHYHDVQRSHRSOHWKHJHQHOPDQKD
VHHQLQDZKLVWUDYHOVFDQEHDWZLOOQHYHUGR
WWLOOWK
6XQ
WXUQVW
LFH0RVWR
DZUDWLQJ
HPDVVRPXFK3RZHUDQG
UHJ
ODWLQ
HPDVLIWKH\ZDVILJXUHVLQDVRRPRUPDFKLQHV
141
ZL
RXWORYHVDQGOLNHQVZL
RXWPHPRULHVDQGLQFOLQDWLRQVZL
RXW
VRXOVWRZHDU\DQGVRXOVWRKRSHZKHQDZJRHVTXLHWGUDJJLQRQ
ZL
HPDVLIWKH\
GQRZWR
WK
NLQGDQGZKHQDZJRHVRQTXLHW
UHSURDFKLQ
HPIRUWKHLUZDQWR
VLWFKKXPDQO\IHHOLQVLQWKHLU
GHDOLQVZL
\RWKLVZLOOQHYHUGR
WVLUWLOO*RG
VZRUNLV
RQPDGH
6WHSKHQVWRRGZLWKWKHRSHQGRRULQKLVKDQGZDLWLQJWRNQRZLI
DQ\WKLQJPRUHZHUHH[SHFWHGRIKLP
-XVWVWRSDPRPHQW
VDLG0U%RXQGHUE\H[FHVVLYHO\UHGLQWKH
IDFH
,WROG\RXWKHODVWWLPH\RXZHUHKHUHZLWKDJULHYDQFH
WKDW\RXKDGEHWWHUWXUQDERXWDQGFRPHRXWRIWKDW$QG,DOVR
WROG\RXLI\RXUHPHPEHUWKDW,ZDVXSWRWKHJROGVSRRQORRN
RXW
,ZHUHQRWXSWR
WP\VHOQVLU,GRDVVXUH\R
1RZLW
VFOHDUWRPH
VDLG0U%RXQGHUE\
WKDW\RXDUHRQHRI
WKRVHFKDSVZKRKDYHDOZD\VJRWDJULHYDQFH$QG\RXJRDERXW
VRZLQJLWDQGUDLVLQJFURSV7KDW
VWKHEXVLQHVVRI\RXUOLIHP\
IULHQG
6WHSKHQVKRRNKLVKHDGPXWHO\SURWHVWLQJWKDWLQGHHGKHKDGRWKHU
EXVLQHVVWRGRIRUKLVOLIH
<RXDUHVXFKDZDVSLVKUDVSLVKLOOFRQGLWLRQHGFKDS\RXVHH
VDLG0U%RXQGHUE\
WKDWHYHQ\RXURZQ8QLRQWKHPHQZKRNQRZ\RX
EHVWZLOOKDYHQRWKLQJWRGRZLWK\RX,QHYHUWKRXJKWWKRVH
IHOORZVFRXOGEHULJKWLQDQ\WKLQJEXW,WHOO\RXZKDW,VRIDU
JRDORQJZLWKWKHPIRUDQRYHOW\WKDW,
OOKDYHQRWKLQJWRGRZLWK
\RXHLWKHU
6WHSKHQUDLVHGKLVH\HVTXLFNO\WRKLVIDFH
<RXFDQILQLVKRIIZKDW\RX
UHDW
VDLG0U%RXQGHUE\ZLWKD
PHDQLQJQRG
DQGWKHQJRHOVHZKHUH
6LU\RNQRZZHHO
VDLG6WHSKHQH[SUHVVLYHO\
WKDWLI,FDQQD
JHWZRUNZL
\R,FDQQDJHWLWHOVHZKHHU
7KHUHSO\ZDV
:KDW,NQRZ,NQRZDQGZKDW\RXNQRZ\RXNQRZ
,KDYHQRPRUHWRVD\DERXWLW
142
6WHSKHQJODQFHGDW/RXLVDDJDLQEXWKHUH\HVZHUHUDLVHGWRKLVQR
PRUHWKHUHIRUHZLWKDVLJKDQGVD\LQJEDUHO\DERYHKLVEUHDWK
+HDYHQKHOSXVDZLQWKLVZRUOG
KHGHSDUWHG
&+$37(59,)$',1*$:$<
,7ZDVIDOOLQJGDUNZKHQ6WHSKHQFDPHRXWRI0U%RXQGHUE\
VKRXVH
7KHVKDGRZVRIQLJKWKDGJDWKHUHGVRIDVWWKDWKHGLGQRWORRN
DERXWKLPZKHQKHFORVHGWKHGRRUEXWSORGGHGVWUDLJKWDORQJWKH
VWUHHW1RWKLQJZDVIXUWKHUIURPKLVWKRXJKWVWKDQWKHFXULRXVROG
ZRPDQKHKDGHQFRXQWHUHGRQKLVSUHYLRXVYLVLWWRWKHVDPHKRXVH
ZKHQKHKHDUGDVWHSEHKLQGKLPWKDWKHNQHZDQGWXUQLQJVDZKHU
LQ5DFKDHO
VFRPSDQ\
+HVDZ5DFKDHOILUVWDVKHKDGKHDUGKHURQO\
$K5DFKDHOP\GHDU0LVVXVWKRXZL
KHU
:HOODQGQRZ\RXDUHVXUSULVHGWREHVXUHDQGZLWKUHDVRQ,PXVW
VD\
WKHROGZRPDQUHWXUQHG
+HUH,DPDJDLQ\RXVHH
%XWKRZZL
5DFKDHO"
VDLG6WHSKHQIDOOLQJLQWRWKHLUVWHS
ZDONLQJEHWZHHQWKHPDQGORRNLQJIURPWKHRQHWRWKHRWKHU
:K\,FRPHWREHZLWKWKLVJRRGODVVSUHWW\PXFKDV,FDPHWREH
ZLWK\RX
VDLGWKHROGZRPDQFKHHUIXOO\WDNLQJWKHUHSO\XSRQ
KHUVHOI
0\YLVLWLQJWLPHLVODWHUWKLV\HDUWKDQXVXDOIRU,
KDYHEHHQUDWKHUWURXEOHGZLWKVKRUWQHVVRIEUHDWKDQGVRSXWLW
RIIWLOOWKHZHDWKHUZDVILQHDQGZDUP)RUWKHVDPHUHDVRQ,
GRQ
WPDNHDOOP\MRXUQH\LQRQHGD\EXWGLYLGHLWLQWRWZRGD\V
DQGJHWDEHGWRQLJKWDWWKH7UDYHOOHUV
&RIIHH+RXVHGRZQE\WKH
UDLOURDGDQLFHFOHDQKRXVHDQGJREDFN3DUOLDPHQWDU\DWVL[LQ
WKHPRUQLQJ:HOOEXWZKDWKDVWKLVWRGRZLWKWKLVJRRGODVV
VD\V\RX",
PJRLQJWRWHOO\RX,KDYHKHDUGRI0U%RXQGHUE\
EHLQJPDUULHG,UHDGLWLQWKHSDSHUZKHUHLWORRNHGJUDQGRK
LWORRNHGILQH
WKHROGZRPDQGZHOWRQLWZLWKVWUDQJHHQWKXVLDVP
DQG,ZDQWWRVHHKLVZLIH,KDYHQHYHUVHHQKHU\HW1RZLI
\RX
OOEHOLHYHPHVKHKDVQ
WFRPHRXWRIWKDWKRXVHVLQFHQRRQWR
GD\6RQRWWRJLYHKHUXSWRRHDVLO\,ZDVZDLWLQJDERXWD
OLWWOHODVWELWPRUHZKHQ,SDVVHGFORVHWRWKLVJRRGODVVWZRRU
143
WKUHHWLPHVDQGKHUIDFHEHLQJVRIULHQGO\,VSRNHWRKHUDQGVKH
VSRNHWRPH7KHUH
VDLGWKHROGZRPDQWR6WHSKHQ
\RXFDQPDNH
DOOWKHUHVWRXWIRU\RXUVHOIQRZDGHDOVKRUWHUWKDQ,FDQ,
GDUHVD\
2QFHDJDLQ6WHSKHQKDGWRFRQTXHUDQLQVWLQFWLYHSURSHQVLW\WR
GLVOLNHWKLVROGZRPDQWKRXJKKHUPDQQHUZDVDVKRQHVWDQGVLPSOH
DVDPDQQHUSRVVLEO\FRXOGEH:LWKDJHQWOHQHVVWKDWZDVDV
QDWXUDOWRKLPDVKHNQHZLWWREHWR5DFKDHOKHSXUVXHGWKH
VXEMHFWWKDWLQWHUHVWHGKHULQKHUROGDJH
:HOOPLVVXV
VDLGKH
,KDVHHQWKHODG\DQGVKHZHUH\RXQJ
DQGKDQVRP:L
ILQHGDUNWKLQNLQH\HVDQGDVWLOOZD\5DFKDHO
DV,KDQHYHUVHHQWKHOLNHRQ
<RXQJDQGKDQGVRPH<HV
FULHGWKHROGZRPDQTXLWHGHOLJKWHG
$VERQQ\DVDURVH$QGZKDWDKDSS\ZLIH
$\HPLVVXV,VXSSRVHVKHEH
VDLG6WHSKHQ%XWZLWKDGRXEWIXO
JODQFHDW5DFKDHO
6XSSRVHVKHEH"6KHPXVWEH6KH
V\RXUPDVWHU
VZLIH
UHWXUQHG
WKHROGZRPDQ
6WHSKHQQRGGHGDVVHQW
7KRXJKDVWRPDVWHU
VDLGKHJODQFLQJ
DJDLQDW5DFKDHO
QRWPDVWHURQQ\PRUH7KDW
VDZHQGHQ
WZL[W
KLPDQGPH
+DYH\RXOHIWKLVZRUN6WHSKHQ"
DVNHG5DFKDHODQ[LRXVO\DQG
TXLFNO\
:K\5DFKDHO
KHUHSOLHG
ZKHWKHU,KDOHI
QKLVZRUNRU
ZKHWKHUKLVZRUNKDOHI
QPHFRRPVW
WK
VDPH+LVZRUNDQGPH
DUHSDUWHG
7LVDVZHHOVREHWWHU,ZHUHWKLQNLQZKHQ\RFRRP
XSZL
PH,WZRXOGKDEURXJKW
QWURXEOHXSRQWURXEOHLI,KDG
VWD\HGWKHHU+DSO\
WLVDNLQGQHVVWRPRQQ\WKDW,JRKDSO\
WLV
DNLQGQHVVWRP\VHOQDQ\ZD\VLWPXQEHGRQH,PXQWXUQP\IDFH
IUR&RNHWRZQIXUWK
WLPHDQGVHHNDIRUW
QGHDUE\EHJLQQLQ
IUHVK
:KHUHZLOO\RXJR6WHSKHQ"
,GRQQRW
QLJKW
VDLGKHOLIWLQJRIIKLVKDWDQGVPRRWKLQJKLV
WKLQKDLUZLWKWKHIODWRIKLVKDQG
%XW,
PQRWJRLQW
QLJKW
144
5DFKDHOQRU\HWW
PRUURZ
7DQ
WHDV\RYHUPXFKW
NQRZZKHHUW
WXUQEXWDJRRGKHDUWZLOOFRRPWRPH
+HUHLQWRRWKHVHQVHRIHYHQWKLQNLQJXQVHOILVKO\DLGHGKLP
%HIRUHKHKDGVRPXFKDVFORVHG0U%RXQGHUE\
VGRRUKHKDG
UHIOHFWHGWKDWDWOHDVWKLVEHLQJREOLJHGWRJRDZD\ZDVJRRGIRU
KHUDVLWZRXOGVDYHKHUIURPWKHFKDQFHRIEHLQJEURXJKWLQWR
TXHVWLRQIRUQRWZLWKGUDZLQJIURPKLP7KRXJKLWZRXOGFRVWKLPD
KDUGSDQJWROHDYHKHUDQGWKRXJKKHFRXOGWKLQNRIQRVLPLODU
SODFHLQZKLFKKLVFRQGHPQDWLRQZRXOGQRWSXUVXHKLPSHUKDSVLW
ZDVDOPRVWDUHOLHIWREHIRUFHGDZD\IURPWKHHQGXUDQFHRIWKH
ODVWIRXUGD\VHYHQWRXQNQRZQGLIILFXOWLHVDQGGLVWUHVVHV
6RKHVDLGZLWKWUXWK
,
PPRUHOHHWVRPH5DFKDHOXQGHU
WWKDQ
,FRXOG
QKDEHOLHYHG
,WZDVQRWKHUSDUWWRPDNHKLVEXUGHQ
KHDYLHU6KHDQVZHUHGZLWKKHUFRPIRUWLQJVPLOHDQGWKHWKUHH
ZDONHGRQWRJHWKHU
$JHHVSHFLDOO\ZKHQLWVWULYHVWREHVHOIUHOLDQWDQGFKHHUIXO
ILQGVPXFKFRQVLGHUDWLRQDPRQJWKHSRRU7KHROGZRPDQZDVVR
GHFHQWDQGFRQWHQWHGDQGPDGHVROLJKWRIKHULQILUPLWLHVWKRXJK
WKH\KDGLQFUHDVHGXSRQKHUVLQFHKHUIRUPHULQWHUYLHZZLWK
6WHSKHQWKDWWKH\ERWKWRRNDQLQWHUHVWLQKHU6KHZDVWRR
VSULJKWO\WRDOORZRIWKHLUZDONLQJDWDVORZSDFHRQKHUDFFRXQW
EXWVKHZDVYHU\JUDWHIXOWREHWDONHGWRDQGYHU\ZLOOLQJWRWDON
WRDQ\H[WHQWVRZKHQWKH\FDPHWRWKHLUSDUWRIWKHWRZQVKH
ZDVPRUHEULVNDQGYLYDFLRXVWKDQHYHU
&RPHWRP\SRRUSODFHPLVVXV
VDLG6WHSKHQ
DQGWDNDFRRSR
WHD5DFKDHOZLOOFRRPWKHQDQGDUWHUZDUGV,
OOVHHWKHHVDIHW
WK\7UDYHOOHUV
ORGJLQ
7PD\EHORQJ5DFKDHOHUHHYHU,KDWK
FKDQFHR
WK\FRRPSDQ\DJHQ
7KH\FRPSOLHGDQGWKHWKUHHZHQWRQWRWKHKRXVHZKHUHKHORGJHG
:KHQWKH\WXUQHGLQWRDQDUURZVWUHHW6WHSKHQJODQFHGDWKLV
ZLQGRZZLWKDGUHDGWKDWDOZD\VKDXQWHGKLVGHVRODWHKRPHEXWLW
ZDVRSHQDVKHKDGOHIWLWDQGQRRQHZDVWKHUH7KHHYLOVSLULW
RIKLVOLIHKDGIOLWWHGDZD\DJDLQPRQWKVDJRDQGKHKDGKHDUGQR
PRUHRIKHUVLQFH7KHRQO\HYLGHQFHRIKHUODVWUHWXUQQRZZHUH
WKHVFDQWLHUPRYHDEOHVLQKLVURRPDQGWKHJUD\HUKDLUXSRQKLV
KHDG
+HOLJKWHGDFDQGOHVHWRXWKLVOLWWOHWHDERDUGJRWKRWZDWHU
IURPEHORZDQGEURXJKWLQVPDOOSRUWLRQVRIWHDDQGVXJDUDORDI
145
DQGVRPHEXWWHUIURPWKHQHDUHVWVKRS7KHEUHDGZDVQHZDQG
FUXVW\WKHEXWWHUIUHVKDQGWKHVXJDUOXPSRIFRXUVHLQ
IXOILOPHQWRIWKHVWDQGDUGWHVWLPRQ\RIWKH&RNHWRZQPDJQDWHVWKDW
WKHVHSHRSOHOLYHGOLNHSULQFHVVLU5DFKDHOPDGHWKHWHDVR
ODUJHDSDUW\QHFHVVLWDWHGWKHERUURZLQJRIDFXSDQGWKHYLVLWRU
HQMR\HGLWPLJKWLO\,WZDVWKHILUVWJOLPSVHRIVRFLDOLW\WKH
KRVWKDGKDGIRUPDQ\GD\V+HWRRZLWKWKHZRUOGDZLGHKHDWK
EHIRUHKLPHQMR\HGWKHPHDODJDLQLQFRUURERUDWLRQRIWKH
PDJQDWHVDVH[HPSOLI\LQJWKHXWWHUZDQWRIFDOFXODWLRQRQWKHSDUW
RIWKHVHSHRSOHVLU
,KDQHYHUWKRZW\HWPLVVXV
VDLG6WHSKHQ
R
DVNLQWK\QDPH
7KHROGODG\DQQRXQFHGKHUVHOIDV
0UV3HJOHU
$ZLGGHU,WKLQN"
VDLG6WHSKHQ
2KPDQ\ORQJ\HDUV
0UV3HJOHU
VKXVEDQGRQHRIWKHEHVWRQ
UHFRUGZDVDOUHDG\GHDGE\0UV3HJOHU
VFDOFXODWLRQZKHQ
6WHSKHQZDVERUQ
7ZHUHDEDGMREWRRWRORVHVRJRRGDRQH
VDLG6WHSKHQ
2QQ\FKLOGUHQ"
0UV3HJOHU
VFXSUDWWOLQJDJDLQVWKHUVDXFHUDVVKHKHOGLW
GHQRWHGVRPHQHUYRXVQHVVRQKHUSDUW
1R
VKHVDLG
1RWQRZ
QRWQRZ
'HDG6WHSKHQ
5DFKDHOVRIWO\KLQWHG
,
PVRRDU\,KDVSRN
QRQ
W
VDLG6WHSKHQ
,RXJKWW
KDGQLQ
P\PLQGDV,PLJKWWRXFKDVRUHSODFH,,EODPHP\VHOQ
:KLOHKHH[FXVHGKLPVHOIWKHROGODG\
VFXSUDWWOHGPRUHDQGPRUH
,KDGDVRQ
VKHVDLGFXULRXVO\GLVWUHVVHGDQGQRWE\DQ\RI
WKHXVXDODSSHDUDQFHVRIVRUURZ
DQGKHGLGZHOOZRQGHUIXOO\
ZHOO%XWKHLVQRWWREHVSRNHQRILI\RXSOHDVH+HLV
3XWWLQJGRZQKHUFXSVKHPRYHGKHUKDQGVDVLIVKHZRXOGKDYH
DGGHGE\KHUDFWLRQ
GHDG
7KHQVKHVDLGDORXG
,KDYHORVW
KLP
6WHSKHQKDGQRW\HWJRWWKHEHWWHURIKLVKDYLQJJLYHQWKHROGODG\
SDLQZKHQKLVODQGODG\FDPHVWXPEOLQJXSWKHQDUURZVWDLUVDQG
FDOOLQJKLPWRWKHGRRUZKLVSHUHGLQKLVHDU0UV3HJOHUZDVE\
146
QRPHDQVGHDIIRUVKHFDXJKWDZRUGDVLWZDVXWWHUHG
%RXQGHUE\
VKHFULHGLQDVXSSUHVVHGYRLFHVWDUWLQJXSIURPWKH
WDEOH
2KKLGHPH'RQ
WOHWPHEHVHHQIRUWKHZRUOG'RQ
W
OHWKLPFRPHXSWLOO,
YHJRWDZD\3UD\SUD\
6KHWUHPEOHG
DQGZDVH[FHVVLYHO\DJLWDWHGJHWWLQJEHKLQG5DFKDHOZKHQ5DFKDHO
WULHGWRUHDVVXUHKHUDQGQRWVHHPLQJWRNQRZZKDWVKHZDVDERXW
%XWKHDUNHQPLVVXVKHDUNHQ
VDLG6WHSKHQDVWRQLVKHG7LVQ
W
0U%RXQGHUE\
WLVKLVZLIH<R
UQRWIHDUIR
R
KHU<RZDV
KH\JRPDGDERXWKHUEXWDQKRXUVLQ
%XWDUH\RXVXUHLW
VWKHODG\DQGQRWWKHJHQWOHPDQ"
VKHDVNHG
VWLOOWUHPEOLQJ
&HUWDLQVXUH
:HOOWKHQSUD\GRQ
WVSHDNWRPHQRU\HWWDNHDQ\QRWLFHRIPH
VDLGWKHROGZRPDQ
/HWPHEHTXLWHWRP\VHOILQWKLVFRUQHU
6WHSKHQQRGGHGORRNLQJWR5DFKDHOIRUDQH[SODQDWLRQZKLFKVKH
ZDVTXLWHXQDEOHWRJLYHKLPWRRNWKHFDQGOHZHQWGRZQVWDLUVDQG
LQDIHZPRPHQWVUHWXUQHGOLJKWLQJ/RXLVDLQWRWKHURRP6KHZDV
IROORZHGE\WKHZKHOS
5DFKDHOKDGULVHQDQGVWRRGDSDUWZLWKKHUVKDZODQGERQQHWLQKHU
KDQGZKHQ6WHSKHQKLPVHOISURIRXQGO\DVWRQLVKHGE\WKLVYLVLW
SXWWKHFDQGOHRQWKHWDEOH7KHQKHWRRVWRRGZLWKKLVGRXEOHG
KDQGXSRQWKHWDEOHQHDULWZDLWLQJWREHDGGUHVVHG
)RUWKHILUVWWLPHLQKHUOLIH/RXLVDKDGFRPHLQWRRQHRIWKH
GZHOOLQJVRIWKH&RNHWRZQ+DQGVIRUWKHILUVWWLPHLQKHUOLIHVKH
ZDVIDFHWRIDFHZLWKDQ\WKLQJOLNHLQGLYLGXDOLW\LQFRQQHFWLRQ
ZLWKWKHP6KHNQHZRIWKHLUH[LVWHQFHE\KXQGUHGVDQGE\
WKRXVDQGV6KHNQHZZKDWUHVXOWVLQZRUNDJLYHQQXPEHURIWKHP
ZRXOGSURGXFHLQDJLYHQVSDFHRIWLPH6KHNQHZWKHPLQFURZGV
SDVVLQJWRDQGIURPWKHLUQHVWVOLNHDQWVRUEHHWOHV%XWVKH
NQHZIURPKHUUHDGLQJLQILQLWHO\PRUHRIWKHZD\VRIWRLOLQJ
LQVHFWVWKDQRIWKHVHWRLOLQJPHQDQGZRPHQ
6RPHWKLQJWREHZRUNHGVRPXFKDQGSDLGVRPXFKDQGWKHUHHQGHG
VRPHWKLQJWREHLQIDOOLEO\VHWWOHGE\ODZVRIVXSSO\DQGGHPDQG
VRPHWKLQJWKDWEOXQGHUHGDJDLQVWWKRVHODZVDQGIORXQGHUHGLQWR
GLIILFXOW\VRPHWKLQJWKDWZDVDOLWWOHSLQFKHGZKHQZKHDWZDV
147
GHDUDQGRYHUDWHLWVHOIZKHQZKHDWZDVFKHDSVRPHWKLQJWKDW
LQFUHDVHGDWVXFKDUDWHRISHUFHQWDJHDQG\LHOGHGVXFKDQRWKHU
SHUFHQWDJHRIFULPHDQGVXFKDQRWKHUSHUFHQWDJHRISDXSHULVP
VRPHWKLQJZKROHVDOHRIZKLFKYDVWIRUWXQHVZHUHPDGHVRPHWKLQJ
WKDWRFFDVLRQDOO\URVHOLNHDVHDDQGGLGVRPHKDUPDQGZDVWH
FKLHIO\WRLWVHOIDQGIHOODJDLQWKLVVKHNQHZWKH&RNHWRZQ
+DQGVWREH%XWVKHKDGVFDUFHO\WKRXJKWPRUHRIVHSDUDWLQJWKHP
LQWRXQLWVWKDQRIVHSDUDWLQJWKHVHDLWVHOILQWRLWVFRPSRQHQW
GURSV
6KHVWRRGIRUVRPHPRPHQWVORRNLQJURXQGWKHURRP)URPWKHIHZ
FKDLUVWKHIHZERRNVWKHFRPPRQSULQWVDQGWKHEHGVKHJODQFHG
WRWKHWZRZRPHQDQGWR6WHSKHQ
,KDYHFRPHWRVSHDNWR\RXLQFRQVHTXHQFHRIZKDWSDVVHGMXVW
QRZ,VKRXOGOLNHWREHVHUYLFHDEOHWR\RXLI\RXZLOOOHWPH
,VWKLV\RXUZLIH"
5DFKDHOUDLVHGKHUH\HVDQGWKH\VXIILFLHQWO\DQVZHUHGQRDQG
GURSSHGDJDLQ
,UHPHPEHU
VDLG/RXLVDUHGGHQLQJDWKHUPLVWDNH
,UHFROOHFW
QRZWRKDYHKHDUG\RXUGRPHVWLFPLVIRUWXQHVVSRNHQRIWKRXJK,
ZDVQRWDWWHQGLQJWRWKHSDUWLFXODUVDWWKHWLPH,WZDVQRWP\
PHDQLQJWRDVNDTXHVWLRQWKDWZRXOGJLYHSDLQWRDQ\RQHKHUH,I
,VKRXOGDVNDQ\RWKHUTXHVWLRQWKDWPD\KDSSHQWRKDYHWKDW
UHVXOWJLYHPHFUHGLWLI\RXSOHDVHIRUEHLQJLQLJQRUDQFHKRZ
WRVSHDNWR\RXDV,RXJKW
$V6WHSKHQKDGEXWDOLWWOHZKLOHDJRLQVWLQFWLYHO\DGGUHVVHG
KLPVHOIWRKHUVRVKHQRZLQVWLQFWLYHO\DGGUHVVHGKHUVHOIWR
5DFKDHO+HUPDQQHUZDVVKRUWDQGDEUXSW\HWIDOWHULQJDQGWLPLG
+HKDVWROG\RXZKDWKDVSDVVHGEHWZHHQKLPVHOIDQGP\KXVEDQG"
<RXZRXOGEHKLVILUVWUHVRXUFH,WKLQN
,KDYHKHDUGWKHHQGRILW\RXQJODG\
VDLG5DFKDHO
'LG,XQGHUVWDQGWKDWEHLQJUHMHFWHGE\RQHHPSOR\HUKHZRXOG
SUREDEO\EHUHMHFWHGE\DOO",WKRXJKWKHVDLGDVPXFK"
7KHFKDQFHVDUHYHU\VPDOO\RXQJODG\QH[WWRQRWKLQJIRUD
PDQZKRJHWVDEDGQDPHDPRQJWKHP
148
:KDWVKDOO,XQGHUVWDQGWKDW\RXPHDQE\DEDGQDPH"
7KHQDPHRIEHLQJWURXEOHVRPH
7KHQE\WKHSUHMXGLFHVRIKLVRZQFODVVDQGE\WKHSUHMXGLFHVRI
WKHRWKHUKHLVVDFULILFHGDOLNH"$UHWKHWZRVRGHHSO\VHSDUDWHG
LQWKLVWRZQWKDWWKHUHLVQRSODFHZKDWHYHUIRUDQKRQHVWZRUNPDQ
EHWZHHQWKHP"
5DFKDHOVKRRNKHUKHDGLQVLOHQFH
+HIHOOLQWRVXVSLFLRQ
VDLG/RXLVD
ZLWKKLVIHOORZZHDYHUV
EHFDXVHKHKDGPDGHDSURPLVHQRWWREHRQHRIWKHP,WKLQNLW
PXVWKDYHEHHQWR\RXWKDWKHPDGHWKDWSURPLVH0LJKW,DVN\RX
ZK\KHPDGHLW"
5DFKDHOEXUVWLQWRWHDUV
,GLGQ
WVHHNLWRIKLPSRRUODG,
SUD\HGKLPWRDYRLGWURXEOHIRUKLVRZQJRRGOLWWOHWKLQNLQJKH
G
FRPHWRLWWKURXJKPH%XW,NQRZKH
GGLHDKXQGUHGGHDWKVHUH
HYHUKH
GEUHDNKLVZRUG,NQRZWKDWRIKLPZHOO
6WHSKHQKDGUHPDLQHGTXLHWO\DWWHQWLYHLQKLVXVXDOWKRXJKWIXO
DWWLWXGHZLWKKLVKDQGDWKLVFKLQ+HQRZVSRNHLQDYRLFH
UDWKHUOHVVVWHDG\WKDQXVXDO
1RRQHH[FHSWLQJP\VHOQFDQHYHUNQRZZKDWKRQRXUDQ
ZKDW
ORYHDQ
UHVSHFW,EHDUWR5DFKDHORUZL
ZKDWFDXVH:KHQ,
SDVVHGWKDWSURPHVV,WRZGKHUWUXHVKHZHUHWK
$QJHOR
P\
OLIH
7ZHUHDVROHPQSURPHVV
7LVJRQHIUR
PHIRUHYHU
/RXLVDWXUQHGKHUKHDGWRKLPDQGEHQWLWZLWKDGHIHUHQFHWKDW
ZDVQHZLQKHU6KHORRNHGIURPKLPWR5DFKDHODQGKHUIHDWXUHV
VRIWHQHG
:KDWZLOO\RXGR"
VKHDVNHGKLP$QGKHUYRLFHKDG
VRIWHQHGWRR
:HHOPD
DP
VDLG6WHSKHQPDNLQJWKHEHVWRILWZLWKDVPLOH
ZKHQ,KDILQLVKHGRII,PXQTXLWWKLVSDUWDQGWU\DQRWKHU
)RUWQHWRUPLVIRUWQHWDPDQFDQEXWWU\WKHUH
VQRZWWREHGRQH
ZL
RXWWU\LQ
FHSWOD\LQJGRZQDQGG\LQJ
+RZZLOO\RXWUDYHO"
$IRRWP\NLQGOHG\DIRRW
149
/RXLVDFRORXUHGDQGDSXUVHDSSHDUHGLQKHUKDQG7KHUXVWOLQJRI
DEDQNQRWHZDVDXGLEOHDVVKHXQIROGHGRQHDQGODLGLWRQWKH
WDEOH
5DFKDHOZLOO\RXWHOOKLPIRU\RXNQRZKRZZLWKRXWRIIHQFH
WKDWWKLVLVIUHHO\KLVWRKHOSKLPRQKLVZD\":LOO\RXHQWUHDW
KLPWRWDNHLW"
,FDQQDGRWKDW\RXQJODG\
VKHDQVZHUHGWXUQLQJKHUKHDG
DVLGH
%OHVV\RXIRUWKLQNLQJR
WKHSRRUODGZL
VXFK
WHQGHUQHVV%XW
WLVIRUKLPWRNQRZKLVKHDUWDQGZKDWLVULJKW
DFFRUGLQJWRLW
/RXLVDORRNHGLQSDUWLQFUHGXORXVLQSDUWIULJKWHQHGLQSDUW
RYHUFRPHZLWKTXLFNV\PSDWK\ZKHQWKLVPDQRIVRPXFKVHOI
FRPPDQGZKRKDGEHHQVRSODLQDQGVWHDG\WKURXJKWKHODWH
LQWHUYLHZORVWKLVFRPSRVXUHLQDPRPHQWDQGQRZVWRRGZLWKKLV
KDQGEHIRUHKLVIDFH6KHVWUHWFKHGRXWKHUVDVLIVKHZRXOGKDYH
WRXFKHGKLPWKHQFKHFNHGKHUVHOIDQGUHPDLQHGVWLOO
1RWH
HQ5DFKDHO
VDLG6WHSKHQZKHQKHVWRRGDJDLQZLWKKLVIDFH
XQFRYHUHG
FRXOGPDNVLWFKDNLQGRIIHULQE\RQQ\ZRUGVNLQGHU
7
VKRZWKDW,
PQRWDPDQZL
RXWUHDVRQDQGJUDWLWXGH,
OOWDN
WZRSRXQG,
OOERUURZ
WIRUW
SD\
WEDFN
7ZLOOEHWKH
VZHHWHVWZRUNDVHYHU,KDGRQHWKDWSXWVLWLQP\SRZHUW
DFNQRZOHGJHRQFHPRUHP\ODVWLQWKDQNIXOQHVVIRUWKLVSUHVHQW
DFWLRQ
6KHZDVIDLQWRWDNHXSWKHQRWHDJDLQDQGWRVXEVWLWXWHWKHPXFK
VPDOOHUVXPKHKDGQDPHG+HZDVQHLWKHUFRXUWO\QRUKDQGVRPH
QRUSLFWXUHVTXHLQDQ\UHVSHFWDQG\HWKLVPDQQHURIDFFHSWLQJ
LWDQGRIH[SUHVVLQJKLVWKDQNVZLWKRXWPRUHZRUGVKDGDJUDFHLQ
LWWKDW/RUG&KHVWHUILHOGFRXOGQRWKDYHWDXJKWKLVVRQLQD
FHQWXU\
7RPKDGVDWXSRQWKHEHGVZLQJLQJRQHOHJDQGVXFNLQJKLVZDONLQJ
VWLFNZLWKVXIILFLHQWXQFRQFHUQXQWLOWKHYLVLWKDGDWWDLQHGWKLV
VWDJH6HHLQJKLVVLVWHUUHDG\WRGHSDUWKHJRWXSUDWKHU
KXUULHGO\DQGSXWLQDZRUG
-XVWZDLWDPRPHQW/RR%HIRUHZHJR,VKRXOGOLNHWRVSHDNWR
KLPDPRPHQW6RPHWKLQJFRPHVLQWRP\KHDG,I\RX
OOVWHSRXWRQ
WKHVWDLUV%ODFNSRRO,
OOPHQWLRQLW1HYHUPLQGDOLJKWPDQ
7RPZDVUHPDUNDEO\LPSDWLHQWRIKLVPRYLQJWRZDUGVWKHFXSERDUGWR
150
JHWRQH
,WGRQ
WZDQWDOLJKW
6WHSKHQIROORZHGKLPRXWDQG7RPFORVHGWKHURRPGRRUDQGKHOG
WKHORFNLQKLVKDQG
,VD\
KHZKLVSHUHG
,WKLQN,FDQGR\RXDJRRGWXUQ'RQ
W
DVNPHZKDWLWLVEHFDXVHLWPD\QRWFRPHWRDQ\WKLQJ%XW
WKHUH
VQRKDUPLQP\WU\LQJ
+LVEUHDWKIHOOOLNHDIODPHRIILUHRQ6WHSKHQ
VHDULWZDVVR
KRW
7KDWZDVRXUOLJKWSRUWHUDWWKH%DQN
VDLG7RP
ZKREURXJKW\RX
WKHPHVVDJHWRQLJKW,FDOOKLPRXUOLJKWSRUWHUEHFDXVH,
EHORQJWRWKH%DQNWRR
6WHSKHQWKRXJKW
:KDWDKXUU\KHLVLQ
+HVSRNHVRFRQIXVHGO\
:HOO
VDLG7RP
1RZORRNKHUH:KHQDUH\RXRII"
7
GD\
V0RQGD\
UHSOLHG6WHSKHQFRQVLGHULQJ
:K\VLU)ULGD\
RU6DWXUGD\QLJK
ERXW
)ULGD\RU6DWXUGD\
VDLG7RP
1RZORRNKHUH,DPQRWVXUH
WKDW,FDQGR\RXWKHJRRGWXUQ,ZDQWWRGR\RXWKDW
VP\
VLVWHU\RXNQRZLQ\RXUURRPEXW,PD\EHDEOHWRDQGLI,
VKRXOGQRWEHDEOHWRWKHUH
VQRKDUPGRQH6R,WHOO\RXZKDW
<RX
OONQRZRXUOLJKWSRUWHUDJDLQ"
<HVVXUH
VDLG6WHSKHQ
9HU\ZHOO
UHWXUQHG7RP
:KHQ\RXOHDYHZRUNRIDQLJKW
EHWZHHQWKLVDQG\RXUJRLQJDZD\MXVWKDQJDERXWWKH%DQNDQKRXU
RUVRZLOO\RX"'RQ
WWDNHRQDVLI\RXPHDQWDQ\WKLQJLIKH
VKRXOGVHH\RXKDQJLQJDERXWWKHUHEHFDXVH,VKDQ
WSXWKLPXSWR
VSHDNWR\RXXQOHVV,ILQG,FDQGR\RXWKHVHUYLFH,ZDQWWRGR
\RX,QWKDWFDVHKH
OOKDYHDQRWHRUDPHVVDJHIRU\RXEXWQRW
HOVH1RZORRNKHUH<RXDUHVXUH\RXXQGHUVWDQG
+HKDGZRUPHGDILQJHULQWKHGDUNQHVVWKURXJKDEXWWRQKROHRI
6WHSKHQ
VFRDWDQGZDVVFUHZLQJWKDWFRUQHURIWKHJDUPHQWWLJKW
XSURXQGDQGURXQGLQDQH[WUDRUGLQDU\PDQQHU
,XQGHUVWDQGVLU
VDLG6WHSKHQ
151
1RZORRNKHUH
UHSHDWHG7RP
%HVXUH\RXGRQ
WPDNHDQ\PLVWDNH
WKHQDQGGRQ
WIRUJHW,VKDOOWHOOP\VLVWHUDVZHJRKRPHZKDW
,KDYHLQYLHZDQGVKH
OODSSURYH,NQRZ1RZORRNKHUH<RX
UH
DOOULJKWDUH\RX"<RXXQGHUVWDQGDOODERXWLW"9HU\ZHOOWKHQ
&RPHDORQJ/RR
+HSXVKHGWKHGRRURSHQDVKHFDOOHGWRKHUEXWGLGQRWUHWXUQ
LQWRWKHURRPRUZDLWWREHOLJKWHGGRZQWKHQDUURZVWDLUV+H
ZDVDWWKHERWWRPZKHQVKHEHJDQWRGHVFHQGDQGZDVLQWKHVWUHHW
EHIRUHVKHFRXOGWDNHKLVDUP
0UV3HJOHUUHPDLQHGLQKHUFRUQHUXQWLOWKHEURWKHUDQGVLVWHU
ZHUHJRQHDQGXQWLO6WHSKHQFDPHEDFNZLWKWKHFDQGOHLQKLVKDQG
6KHZDVLQDVWDWHRILQH[SUHVVLEOHDGPLUDWLRQRI0UV%RXQGHUE\
DQGOLNHDQXQDFFRXQWDEOHROGZRPDQZHSW
EHFDXVHVKHZDVVXFKD
SUHWW\GHDU
<HW0UV3HJOHUZDVVRIOXUULHGOHVWWKHREMHFWRI
KHUDGPLUDWLRQVKRXOGUHWXUQE\FKDQFHRUDQ\ERG\HOVHVKRXOG
FRPHWKDWKHUFKHHUIXOQHVVZDVHQGHGIRUWKDWQLJKW,WZDVODWH
WRRWRSHRSOHZKRURVHHDUO\DQGZRUNHGKDUGWKHUHIRUHWKHSDUW\
EURNHXSDQG6WHSKHQDQG5DFKDHOHVFRUWHGWKHLUP\VWHULRXV
DFTXDLQWDQFHWRWKHGRRURIWKH7UDYHOOHUV
&RIIHH+RXVHZKHUH
WKH\SDUWHGIURPKHU
7KH\ZDONHGEDFNWRJHWKHUWRWKHFRUQHURIWKHVWUHHWZKHUH5DFKDHO
OLYHGDQGDVWKH\GUHZQHDUHUDQGQHDUHUWRLWVLOHQFHFUHSWXSRQ
WKHP:KHQWKH\FDPHWRWKHGDUNFRUQHUZKHUHWKHLUXQIUHTXHQW
PHHWLQJVDOZD\VHQGHGWKH\VWRSSHGVWLOOVLOHQWDVLIERWKZHUH
DIUDLGWRVSHDN
,VKDOOVWULYHW
VHHWKHHDJHQ5DFKDHODIRUH,JREXWLIQRW
7KRXZLOWQRW6WHSKHQ,NQRZ
7LVEHWWHUWKDWZHPDNHXSRXU
PLQGVWREHRSHQZL
RQHDQRWKHU
7KRX
UWDZOXVULJKW
7LVEROGHUDQGEHWWHU,KDEHHQWKLQNLQ
WKHQ5DFKDHOWKDWDV
WLVEXWDGD\RUWZRWKDWUHPDLQV
WZHUH
EHWWHUIRUWKHHP\GHDUQRWW
EHVHHQZL
PH
7PLJKWEULQJ
WKHHLQWRWURXEOHIXUQRJRRG
7LVQRWIRUWKDW6WHSKHQWKDW,PLQG%XWWKRXNQRZ
VWRXUROG
DJUHHPHQW
7LVIRUWKDW
152
:HOOZHOO
VDLGKH7LVEHWWHURQQ\ZD\V
7KRX
OWZULWHWRPHDQGWHOOPHDOOWKDWKDSSHQV6WHSKHQ"
<HV:KDWFDQ,VD\QRZEXW+HDYHQEHZL
WKHH+HDYHQEOHVV
WKHH+HDYHQWKDQNWKHHDQGUHZDUGWKHH
0D\LWEOHVVWKHH6WHSKHQWRRLQDOOWK\ZDQGHULQJVDQGVHQG
WKHHSHDFHDQGUHVWDWODVW
,WRZGWKHHP\GHDU
VDLG6WHSKHQ%ODFNSRRO
WKDWQLJKWWKDW
,ZRXOGQHYHUVHHRUWKLQNR
RQQ\WKLQJWKDWDQJHUHGPHEXWWKRX
VRPXFKEHWWHUWKDQPHVKRXOG
VWEHEHVLGHLW7KRX
UWEHVLGHLW
QRZ7KRXPDN
VWPHVHHLWZL
DEHWWHUH\H%OHVVWKHH*RRG
QLJKW*RRGE\H
,WZDVEXWDKXUULHGSDUWLQJLQDFRPPRQVWUHHW\HWLWZDVD
VDFUHGUHPHPEUDQFHWRWKHVHWZRFRPPRQSHRSOH8WLOLWDULDQ
HFRQRPLVWVVNHOHWRQVRIVFKRROPDVWHUV&RPPLVVLRQHUVRI)DFW
JHQWHHODQGXVHGXSLQILGHOVJDEEOHUVRIPDQ\OLWWOHGRJ
VHDUHG
FUHHGVWKHSRRU\RXZLOOKDYHDOZD\VZLWK\RX&XOWLYDWHLQWKHP
ZKLOHWKHUHLV\HWWLPHWKHXWPRVWJUDFHVRIWKHIDQFLHVDQG
DIIHFWLRQVWRDGRUQWKHLUOLYHVVRPXFKLQQHHGRIRUQDPHQWRU
LQWKHGD\RI\RXUWULXPSKZKHQURPDQFHLVXWWHUO\GULYHQRXWRI
WKHLUVRXOVDQGWKH\DQGDEDUHH[LVWHQFHVWDQGIDFHWRIDFH
5HDOLW\ZLOOWDNHDZROILVKWXUQDQGPDNHDQHQGRI\RX
6WHSKHQZRUNHGWKHQH[WGD\DQGWKHQH[WXQFKHHUHGE\DZRUGIURP
DQ\RQHDQGVKXQQHGLQDOOKLVFRPLQJVDQGJRLQJVDVEHIRUH$W
WKHHQGRIWKHVHFRQGGD\KHVDZODQGDWWKHHQGRIWKHWKLUG
KLVORRPVWRRGHPSW\
+HKDGRYHUVWD\HGKLVKRXULQWKHVWUHHWRXWVLGHWKH%DQNRQHDFK
RIWKHWZRILUVWHYHQLQJVDQGQRWKLQJKDGKDSSHQHGWKHUHJRRGRU
EDG7KDWKHPLJKWQRWEHUHPLVVLQKLVSDUWRIWKHHQJDJHPHQWKH
UHVROYHGWRZDLWIXOOWZRKRXUVRQWKLVWKLUGDQGODVWQLJKW
7KHUHZDVWKHODG\ZKRKDGRQFHNHSW0U%RXQGHUE\
VKRXVHVLWWLQJ
DWWKHILUVWIORRUZLQGRZDVKHKDGVHHQKHUEHIRUHDQGWKHUHZDV
WKHOLJKWSRUWHUVRPHWLPHVWDONLQJZLWKKHUWKHUHDQGVRPHWLPHV
ORRNLQJRYHUWKHEOLQGEHORZZKLFKKDG%$1.XSRQLWDQGVRPHWLPHV
FRPLQJWRWKHGRRUDQGVWDQGLQJRQWKHVWHSVIRUDEUHDWKRIDLU
:KHQKHILUVWFDPHRXW6WHSKHQWKRXJKWKHPLJKWEHORRNLQJIRU
KLPDQGSDVVHGQHDUEXWWKHOLJKWSRUWHURQO\FDVWKLVZLQNLQJ
153
H\HVXSRQKLPVOLJKWO\DQGVDLGQRWKLQJ
7ZRKRXUVZHUHDORQJVWUHWFKRIORXQJLQJDERXWDIWHUDORQJGD\
V
ODERXU6WHSKHQVDWXSRQWKHVWHSRIDGRRUOHDQHGDJDLQVWDZDOO
XQGHUDQDUFKZD\VWUROOHGXSDQGGRZQOLVWHQHGIRUWKHFKXUFK
FORFNVWRSSHGDQGZDWFKHGFKLOGUHQSOD\LQJLQWKHVWUHHW6RPH
SXUSRVHRURWKHULVVRQDWXUDOWRHYHU\RQHWKDWDPHUHORLWHUHU
DOZD\VORRNVDQGIHHOVUHPDUNDEOH:KHQWKHILUVWKRXUZDVRXW
6WHSKHQHYHQEHJDQWRKDYHDQXQFRPIRUWDEOHVHQVDWLRQXSRQKLPRI
EHLQJIRUWKHWLPHDGLVUHSXWDEOHFKDUDFWHU
7KHQFDPHWKHODPSOLJKWHUDQGWZROHQJWKHQLQJOLQHVRIOLJKWDOO
GRZQWKHORQJSHUVSHFWLYHRIWKHVWUHHWXQWLOWKH\ZHUHEOHQGHG
DQGORVWLQWKHGLVWDQFH0UV6SDUVLWFORVHGWKHILUVWIORRU
ZLQGRZGUHZGRZQWKHEOLQGDQGZHQWXSVWDLUV3UHVHQWO\D
OLJKWZHQWXSVWDLUVDIWHUKHUSDVVLQJILUVWWKHIDQOLJKWRIWKH
GRRUDQGDIWHUZDUGVWKHWZRVWDLUFDVHZLQGRZVRQLWVZD\XS%\
DQGE\RQHFRUQHURIWKHVHFRQGIORRUEOLQGZDVGLVWXUEHGDVLI
0UV6SDUVLW
VH\HZHUHWKHUHDOVRWKHRWKHUFRUQHUDVLIWKH
OLJKWSRUWHU
VH\HZHUHRQWKDWVLGH6WLOOQRFRPPXQLFDWLRQZDV
PDGHWR6WHSKHQ0XFKUHOLHYHGZKHQWKHWZRKRXUVZHUHDWODVW
DFFRPSOLVKHGKHZHQWDZD\DWDTXLFNSDFHDVDUHFRPSHQVHIRUVR
PXFKORLWHULQJ
+HKDGRQO\WRWDNHOHDYHRIKLVODQGODG\DQGOLHGRZQRQKLV
WHPSRUDU\EHGXSRQWKHIORRUIRUKLVEXQGOHZDVPDGHXSIRUWR
PRUURZDQGDOOZDVDUUDQJHGIRUKLVGHSDUWXUH+HPHDQWWREH
FOHDURIWKHWRZQYHU\HDUO\EHIRUHWKH+DQGVZHUHLQWKHVWUHHWV
,WZDVEDUHO\GD\EUHDNZKHQZLWKDSDUWLQJORRNURXQGKLVURRP
PRXUQIXOO\ZRQGHULQJZKHWKHUKHVKRXOGHYHUVHHLWDJDLQKHZHQW
RXW7KHWRZQZDVDVHQWLUHO\GHVHUWHGDVLIWKHLQKDELWDQWVKDG
DEDQGRQHGLWUDWKHUWKDQKROGFRPPXQLFDWLRQZLWKKLP(YHU\WKLQJ
ORRNHGZDQDWWKDWKRXU(YHQWKHFRPLQJVXQPDGHEXWDSDOHZDVWH
LQWKHVN\OLNHDVDGVHD
%\WKHSODFHZKHUH5DFKDHOOLYHGWKRXJKLWZDVQRWLQKLVZD\E\
WKHUHGEULFNVWUHHWVE\WKHJUHDWVLOHQWIDFWRULHVQRWWUHPEOLQJ
\HWE\WKHUDLOZD\ZKHUHWKHGDQJHUOLJKWVZHUHZDQLQJLQWKH
VWUHQJWKHQLQJGD\E\WKHUDLOZD\
VFUD]\QHLJKERXUKRRGKDOI
SXOOHGGRZQDQGKDOIEXLOWXSE\VFDWWHUHGUHGEULFNYLOODVZKHUH
WKHEHVPRNHGHYHUJUHHQVZHUHVSULQNOHGZLWKDGLUW\SRZGHUOLNH
XQWLG\VQXIIWDNHUVE\FRDOGXVWSDWKVDQGPDQ\YDULHWLHVRI
XJOLQHVV6WHSKHQJRWWRWKHWRSRIWKHKLOODQGORRNHGEDFN
154
'D\ZDVVKLQLQJUDGLDQWO\XSRQWKHWRZQWKHQDQGWKHEHOOVZHUH
JRLQJIRUWKHPRUQLQJZRUN'RPHVWLFILUHVZHUHQRW\HWOLJKWHG
DQGWKHKLJKFKLPQH\VKDGWKHVN\WRWKHPVHOYHV3XIILQJRXWWKHLU
SRLVRQRXVYROXPHVWKH\ZRXOGQRWEHORQJLQKLGLQJLWEXWIRU
KDOIDQKRXUVRPHRIWKHPDQ\ZLQGRZVZHUHJROGHQZKLFKVKRZHG
WKH&RNHWRZQSHRSOHDVXQHWHUQDOO\LQHFOLSVHWKURXJKDPHGLXPRI
VPRNHGJODVV
6RVWUDQJHWRWXUQIURPWKHFKLPQH\VWRWKHELUGV6RVWUDQJHWR
KDYHWKHURDGGXVWRQKLVIHHWLQVWHDGRIWKHFRDOJULW6R
VWUDQJHWRKDYHOLYHGWRKLVWLPHRIOLIHDQG\HWWREHEHJLQQLQJ
OLNHDER\WKLVVXPPHUPRUQLQJ:LWKWKHVHPXVLQJVLQKLVPLQG
DQGKLVEXQGOHXQGHUKLVDUP6WHSKHQWRRNKLVDWWHQWLYHIDFHDORQJ
WKHKLJKURDG$QGWKHWUHHVDUFKHGRYHUKLPZKLVSHULQJWKDWKH
OHIWDWUXHDQGORYLQJKHDUWEHKLQG
&+$37(59,,*8132:'(5
05-$0(6+$57+286(
JRLQJLQ
IRUKLVDGRSWHGSDUW\VRRQEHJDQ
WRVFRUH:LWKWKHDLGRIDOLWWOHPRUHFRDFKLQJIRUWKHSROLWLFDO
VDJHVDOLWWOHPRUHJHQWHHOOLVWOHVVQHVVIRUWKHJHQHUDOVRFLHW\
DQGDWROHUDEOHPDQDJHPHQWRIWKHDVVXPHGKRQHVW\LQGLVKRQHVW\
PRVWHIIHFWLYHDQGPRVWSDWURQL]HGRIWKHSROLWHGHDGO\VLQVKH
VSHHGLO\FDPHWREHFRQVLGHUHGRIPXFKSURPLVH7KHQRWEHLQJ
WURXEOHGZLWKHDUQHVWQHVVZDVDJUDQGSRLQWLQKLVIDYRXUHQDEOLQJ
KLPWRWDNHWRWKHKDUG)DFWIHOORZVZLWKDVJRRGDJUDFHDVLIKH
KDGEHHQERUQRQHRIWKHWULEHDQGWRWKURZDOORWKHUWULEHV
RYHUERDUGDVFRQVFLRXVK\SRFULWHV
:KRPQRQHRIXVEHOLHYHP\GHDU0UV%RXQGHUE\DQGZKRGRQRW
EHOLHYHWKHPVHOYHV7KHRQO\GLIIHUHQFHEHWZHHQXVDQGWKH
SURIHVVRUVRIYLUWXHRUEHQHYROHQFHRUSKLODQWKURS\QHYHUPLQG
WKHQDPHLVWKDWZHNQRZLWLVDOOPHDQLQJOHVVDQGVD\VR
ZKLOHWKH\NQRZLWHTXDOO\DQGZLOOQHYHUVD\VR
:K\VKRXOGVKHEHVKRFNHGRUZDUQHGE\WKLVUHLWHUDWLRQ",WZDV
QRWVRXQOLNHKHUIDWKHU
VSULQFLSOHVDQGKHUHDUO\WUDLQLQJWKDW
LWQHHGVWDUWOHKHU:KHUHZDVWKHJUHDWGLIIHUHQFHEHWZHHQWKH
WZRVFKRROVZKHQHDFKFKDLQHGKHUGRZQWRPDWHULDOUHDOLWLHVDQG
155
LQVSLUHGKHUZLWKQRIDLWKLQDQ\WKLQJHOVH":KDWZDVWKHUHLQKHU
VRXOIRU-DPHV+DUWKRXVHWRGHVWUR\ZKLFK7KRPDV*UDGJULQGKDG
QXUWXUHGWKHUHLQLWVVWDWHRILQQRFHQFH
,WZDVHYHQWKHZRUVHIRUKHUDWWKLVSDVVWKDWLQKHUPLQG
LPSODQWHGWKHUHEHIRUHKHUHPLQHQWO\SUDFWLFDOIDWKHUEHJDQWRIRUP
LWDVWUXJJOLQJGLVSRVLWLRQWREHOLHYHLQDZLGHUDQGQREOHU
KXPDQLW\WKDQVKHKDGHYHUKHDUGRIFRQVWDQWO\VWURYHZLWKGRXEWV
DQGUHVHQWPHQWV:LWKGRXEWVEHFDXVHWKHDVSLUDWLRQKDGEHHQVR
ODLGZDVWHLQKHU\RXWK:LWKUHVHQWPHQWVEHFDXVHRIWKHZURQJ
WKDWKDGEHHQGRQHKHULILWZHUHLQGHHGDZKLVSHURIWKHWUXWK
8SRQDQDWXUHORQJDFFXVWRPHGWRVHOIVXSSUHVVLRQWKXVWRUQDQG
GLYLGHGWKH+DUWKRXVHSKLORVRSK\FDPHDVDUHOLHIDQG
MXVWLILFDWLRQ(YHU\WKLQJEHLQJKROORZDQGZRUWKOHVVVKHKDG
PLVVHGQRWKLQJDQGVDFULILFHGQRWKLQJ:KDWGLGLWPDWWHUVKHKDG
VDLGWRKHUIDWKHUZKHQKHSURSRVHGKHUKXVEDQG:KDWGLGLW
PDWWHUVKHVDLGVWLOO:LWKDVFRUQIXOVHOIUHOLDQFHVKHDVNHG
KHUVHOI:KDWGLGDQ\WKLQJPDWWHUDQGZHQWRQ
7RZDUGVZKDW"6WHSE\VWHSRQZDUGDQGGRZQZDUGWRZDUGVVRPHHQG
\HWVRJUDGXDOO\WKDWVKHEHOLHYHGKHUVHOIWRUHPDLQPRWLRQOHVV
$VWR0U+DUWKRXVHZKLWKHUKHWHQGHGKHQHLWKHUFRQVLGHUHGQRU
FDUHG+HKDGQRSDUWLFXODUGHVLJQRUSODQEHIRUHKLPQR
HQHUJHWLFZLFNHGQHVVUXIIOHGKLVODVVLWXGH+HZDVDVPXFKDPXVHG
DQGLQWHUHVWHGDWSUHVHQWDVLWEHFDPHVRILQHDJHQWOHPDQWREH
SHUKDSVHYHQPRUHWKDQLWZRXOGKDYHEHHQFRQVLVWHQWZLWKKLV
UHSXWDWLRQWRFRQIHVV6RRQDIWHUKLVDUULYDOKHODQJXLGO\ZURWH
WRKLVEURWKHUWKHKRQRXUDEOHDQGMRFXODUPHPEHUWKDWWKH
%RXQGHUE\VZHUH
JUHDWIXQ
DQGIXUWKHUWKDWWKHIHPDOH
%RXQGHUE\LQVWHDGRIEHLQJWKH*RUJRQKHKDGH[SHFWHGZDV\RXQJ
DQGUHPDUNDEO\SUHWW\$IWHUWKDWKHZURWHQRPRUHDERXWWKHP
DQGGHYRWHGKLVOHLVXUHFKLHIO\WRWKHLUKRXVH+HZDVYHU\RIWHQ
LQWKHLUKRXVHLQKLVIOLWWLQJVDQGYLVLWLQJVDERXWWKH&RNHWRZQ
GLVWULFWDQGZDVPXFKHQFRXUDJHGE\0U%RXQGHUE\,WZDVTXLWH
LQ0U%RXQGHUE\
VJXVW\ZD\WRERDVWWRDOOKLVZRUOGWKDWKH
GLGQ
WFDUHDERXW\RXUKLJKO\FRQQHFWHGSHRSOHEXWWKDWLIKLV
ZLIH7RP*UDGJULQG
VGDXJKWHUGLGVKHZDVZHOFRPHWRWKHLU
FRPSDQ\
0U-DPHV+DUWKRXVHEHJDQWRWKLQNLWZRXOGEHDQHZVHQVDWLRQLI
WKHIDFHZKLFKFKDQJHGVREHDXWLIXOO\IRUWKHZKHOSZRXOGFKDQJH
IRUKLP
+HZDVTXLFNHQRXJKWRREVHUYHKHKDGDJRRGPHPRU\DQGGLGQRW
156
IRUJHWDZRUGRIWKHEURWKHU
VUHYHODWLRQV+HLQWHUZRYHWKHPZLWK
HYHU\WKLQJKHVDZRIWKHVLVWHUDQGKHEHJDQWRXQGHUVWDQGKHU
7REHVXUHWKHEHWWHUDQGSURIRXQGHUSDUWRIKHUFKDUDFWHUZDVQRW
ZLWKLQKLVVFRSHRISHUFHSWLRQIRULQQDWXUHVDVLQVHDVGHSWK
DQVZHUVXQWRGHSWKEXWKHVRRQEHJDQWRUHDGWKHUHVWZLWKD
VWXGHQW
VH\H
0U%RXQGHUE\KDGWDNHQSRVVHVVLRQRIDKRXVHDQGJURXQGVDERXW
ILIWHHQPLOHVIURPWKHWRZQDQGDFFHVVLEOHZLWKLQDPLOHRUWZR
E\DUDLOZD\VWULGLQJRQPDQ\DUFKHVRYHUDZLOGFRXQWU\
XQGHUPLQHGE\GHVHUWHGFRDOVKDIWVDQGVSRWWHGDWQLJKWE\ILUHV
DQGEODFNVKDSHVRIVWDWLRQDU\HQJLQHVDWSLWV
PRXWKV7KLV
FRXQWU\JUDGXDOO\VRIWHQLQJWRZDUGVWKHQHLJKERXUKRRGRI0U
%RXQGHUE\
VUHWUHDWWKHUHPHOORZHGLQWRDUXVWLFODQGVFDSHJROGHQ
ZLWKKHDWKDQGVQRZ\ZLWKKDZWKRUQLQWKHVSULQJRIWKH\HDUDQG
WUHPXORXVZLWKOHDYHVDQGWKHLUVKDGRZVDOOWKHVXPPHUWLPH7KH
EDQNKDGIRUHFORVHGDPRUWJDJHHIIHFWHGRQWKHSURSHUW\WKXV
SOHDVDQWO\VLWXDWHGE\RQHRIWKH&RNHWRZQPDJQDWHVZKRLQKLV
GHWHUPLQDWLRQWRPDNHDVKRUWHUFXWWKDQXVXDOWRDQHQRUPRXV
IRUWXQHRYHUVSHFXODWHGKLPVHOIE\DERXWWZRKXQGUHGWKRXVDQG
SRXQGV7KHVHDFFLGHQWVGLGVRPHWLPHVKDSSHQLQWKHEHVWUHJXODWHG
IDPLOLHVRI&RNHWRZQEXWWKHEDQNUXSWVKDGQRFRQQH[LRQZKDWHYHU
ZLWKWKHLPSURYLGHQWFODVVHV
,WDIIRUGHG0U%RXQGHUE\VXSUHPHVDWLVIDFWLRQWRLQVWDOKLPVHOILQ
WKLVVQXJOLWWOHHVWDWHDQGZLWKGHPRQVWUDWLYHKXPLOLW\WRJURZ
FDEEDJHVLQWKHIORZHUJDUGHQ+HGHOLJKWHGWROLYHEDUUDFN
IDVKLRQDPRQJWKHHOHJDQWIXUQLWXUHDQGKHEXOOLHGWKHYHU\
SLFWXUHVZLWKKLVRULJLQ
:K\VLU
KHZRXOGVD\WRDYLVLWRU
,DPWROGWKDW1LFNLWV
WKHODWHRZQHU
JDYHVHYHQKXQGUHGSRXQG
IRUWKDW6HDEHDFK1RZWREHSODLQZLWK\RXLI,HYHULQWKH
ZKROHFRXUVHRIP\OLIHWDNHVHYHQORRNVDWLWDWDKXQGUHGSRXQG
DORRNLWZLOOEHDVPXFKDV,VKDOOGR1RE\*HRUJH,GRQ
W
IRUJHWWKDW,DP-RVLDK%RXQGHUE\RI&RNHWRZQ)RU\HDUVXSRQ
\HDUVWKHRQO\SLFWXUHVLQP\SRVVHVVLRQRUWKDW,FRXOGKDYHJRW
LQWRP\SRVVHVVLRQE\DQ\PHDQVXQOHVV,VWROH
HPZHUHWKH
HQJUDYLQJVRIDPDQVKDYLQJKLPVHOILQDERRWRQWKHEODFNLQJ
ERWWOHVWKDW,ZDVRYHUMR\HGWRXVHLQFOHDQLQJERRWVZLWKDQG
WKDW,VROGZKHQWKH\ZHUHHPSW\IRUDIDUWKLQJDSLHFHDQGJODG
WRJHWLW
7KHQKHZRXOGDGGUHVV0U+DUWKRXVHLQWKHVDPHVW\OH
+DUWKRXVH\RXKDYHDFRXSOHRIKRUVHVGRZQKHUH%ULQJKDOID
157
GR]HQPRUHLI\RXOLNHDQGZH
OOILQGURRPIRU
HP7KHUH
V
VWDEOLQJLQWKLVSODFHIRUDGR]HQKRUVHVDQGXQOHVV1LFNLWVLV
EHOLHGKHNHSWWKHIXOOQXPEHU$URXQGGR]HQRI
HPVLU:KHQ
WKDWPDQZDVDER\KHZHQWWR:HVWPLQVWHU6FKRRO:HQWWR
:HVWPLQVWHU6FKRRODVD.LQJ
V6FKRODUZKHQ,ZDVSULQFLSDOO\
OLYLQJRQJDUEDJHDQGVOHHSLQJLQPDUNHWEDVNHWV:K\LI,
ZDQWHGWRNHHSDGR]HQKRUVHVZKLFK,GRQ
WIRURQH
VHQRXJKIRU
PH,FRXOGQ
WEHDUWRVHH
HPLQWKHLUVWDOOVKHUHDQGWKLQN
ZKDWP\RZQORGJLQJXVHGWREH,FRXOGQ
WORRNDW
HPVLUDQG
QRWRUGHU
HPRXW<HWVRWKLQJVFRPHURXQG<RXVHHWKLVSODFH
\RXNQRZZKDWVRUWRIDSODFHLWLV\RXDUHDZDUHWKDWWKHUH
VQRW
DFRPSOHWHUSODFHRILWVVL]HLQWKLVNLQJGRPRUHOVHZKHUH,
GRQ
WFDUHZKHUHDQGKHUHJRWLQWRWKHPLGGOHRILWOLNHD
PDJJRWLQWRDQXWLV-RVLDK%RXQGHUE\:KLOH1LFNLWVDVDPDQ
FDPHLQWRP\RIILFHDQGWROGPH\HVWHUGD\1LFNLWVZKRXVHGWR
DFWLQ/DWLQLQWKH:HVWPLQVWHU6FKRROSOD\VZLWKWKHFKLHI
MXVWLFHVDQGQRELOLW\RIWKLVFRXQWU\DSSODXGLQJKLPWLOOWKH\ZHUH
EODFNLQWKHIDFHLVGULYHOOLQJDWWKLVPLQXWHGULYHOOLQJVLU
LQDILIWKIORRUXSDQDUURZGDUNEDFNVWUHHWLQ$QWZHUS
,WZDVDPRQJWKHOHDI\VKDGRZVRIWKLVUHWLUHPHQWLQWKHORQJ
VXOWU\VXPPHUGD\VWKDW0U+DUWKRXVHEHJDQWRSURYHWKHIDFH
ZKLFKKDGVHWKLPZRQGHULQJZKHQKHILUVWVDZLWDQGWRWU\LILW
ZRXOGFKDQJHIRUKLP
0UV%RXQGHUE\,HVWHHPLWDPRVWIRUWXQDWHDFFLGHQWWKDW,ILQG
\RXDORQHKHUH,KDYHIRUVRPHWLPHKDGDSDUWLFXODUZLVKWR
VSHDNWR\RX
,WZDVQRWE\DQ\ZRQGHUIXODFFLGHQWWKDWKHIRXQGKHUWKHWLPHRI
GD\EHLQJWKDWDWZKLFKVKHZDVDOZD\VDORQHDQGWKHSODFHEHLQJ
KHUIDYRXULWHUHVRUW,WZDVDQRSHQLQJLQDGDUNZRRGZKHUHVRPH
IHOOHGWUHHVOD\DQGZKHUHVKHZRXOGVLWZDWFKLQJWKHIDOOHQ
OHDYHVRIODVW\HDUDVVKHKDGZDWFKHGWKHIDOOLQJDVKHVDWKRPH
+HVDWGRZQEHVLGHKHUZLWKDJODQFHDWKHUIDFH
<RXUEURWKHU0\\RXQJIULHQG7RP
+HUFRORXUEULJKWHQHGDQGVKHWXUQHGWRKLPZLWKDORRNRI
LQWHUHVW
,QHYHULQP\OLIH
KHWKRXJKW
VDZDQ\WKLQJVR
UHPDUNDEOHDQGVRFDSWLYDWLQJDVWKHOLJKWLQJRIWKRVHIHDWXUHV
+LVIDFHEHWUD\HGKLVWKRXJKWVSHUKDSVZLWKRXWEHWUD\LQJKLPIRU
LWPLJKWKDYHEHHQDFFRUGLQJWRLWVLQVWUXFWLRQVVRWRGR
158
3DUGRQPH7KHH[SUHVVLRQRI\RXUVLVWHUO\LQWHUHVWLVVR
EHDXWLIXO7RPVKRXOGEHVRSURXGRILW,NQRZWKLVLV
LQH[FXVDEOHEXW,DPVRFRPSHOOHGWRDGPLUH
%HLQJVRLPSXOVLYH
VKHVDLGFRPSRVHGO\
0UV%RXQGHUE\QR\RXNQRZ,PDNHQRSUHWHQFHZLWK\RX<RX
NQRZ,DPDVRUGLGSLHFHRIKXPDQQDWXUHUHDG\WRVHOOP\VHOIDW
DQ\WLPHIRUDQ\UHDVRQDEOHVXPDQGDOWRJHWKHULQFDSDEOHRIDQ\
$UFDGLDQSURFHHGLQJZKDWHYHU
,DPZDLWLQJ
VKHUHWXUQHG
IRU\RXUIXUWKHUUHIHUHQFHWRP\
EURWKHU
<RXDUHULJLGZLWKPHDQG,GHVHUYHLW,DPDVZRUWKOHVVDGRJ
DV\RXZLOOILQGH[FHSWWKDW,DPQRWIDOVHQRWIDOVH%XW\RX
VXUSULVHGDQGVWDUWHGPHIURPP\VXEMHFWZKLFKZDV\RXUEURWKHU
,KDYHDQLQWHUHVWLQKLP
+DYH\RXDQLQWHUHVWLQDQ\WKLQJ0U+DUWKRXVH"
VKHDVNHGKDOI
LQFUHGXORXVO\DQGKDOIJUDWHIXOO\
,I\RXKDGDVNHGPHZKHQ,ILUVWFDPHKHUH,VKRXOGKDYHVDLGQR
,PXVWVD\QRZHYHQDWWKHKD]DUGRIDSSHDULQJWRPDNHD
SUHWHQFHDQGRIMXVWO\DZDNHQLQJ\RXULQFUHGXOLW\\HV
6KHPDGHDVOLJKWPRYHPHQWDVLIVKHZHUHWU\LQJWRVSHDNEXW
FRXOGQRWILQGYRLFHDWOHQJWKVKHVDLG
0U+DUWKRXVH,JLYH
\RXFUHGLWIRUEHLQJLQWHUHVWHGLQP\EURWKHU
7KDQN\RX,FODLPWRGHVHUYHLW<RXNQRZKRZOLWWOH,GR
FODLPEXW,ZLOOJRWKDWOHQJWK<RXKDYHGRQHVRPXFKIRUKLP
\RXDUHVRIRQGRIKLP\RXUZKROHOLIH0UV%RXQGHUE\H[SUHVVHV
VXFKFKDUPLQJVHOIIRUJHWIXOQHVVRQKLVDFFRXQWSDUGRQPHDJDLQ
,DPUXQQLQJZLGHRIWKHVXEMHFW,DPLQWHUHVWHGLQKLPIRUKLV
RZQVDNH
6KHKDGPDGHWKHVOLJKWHVWDFWLRQSRVVLEOHDVLIVKHZRXOGKDYH
ULVHQLQDKXUU\DQGJRQHDZD\+HKDGWXUQHGWKHFRXUVHRIZKDW
KHVDLGDWWKDWLQVWDQWDQGVKHUHPDLQHG
0UV%RXQGHUE\
KHUHVXPHGLQDOLJKWHUPDQQHUDQG\HWZLWKD
VKRZRIHIIRUWLQDVVXPLQJLWZKLFKZDVHYHQPRUHH[SUHVVLYHWKDQ
159
WKHPDQQHUKHGLVPLVVHG
LWLVQRLUUHYRFDEOHRIIHQFHLQD\RXQJ
IHOORZRI\RXUEURWKHU
V\HDUVLIKHLVKHHGOHVVLQFRQVLGHUDWH
DQGH[SHQVLYHDOLWWOHGLVVLSDWHGLQWKHFRPPRQSKUDVH,VKH"
<HV
$OORZPHWREHIUDQN'R\RXWKLQNKHJDPHVDWDOO"
,WKLQNKHPDNHVEHWV
0U+DUWKRXVHZDLWLQJDVLIWKDWZHUH
QRWKHUZKROHDQVZHUVKHDGGHG
,NQRZKHGRHV
2IFRXUVHKHORVHV"
<HV
(YHU\ERG\GRHVORVHZKREHWV0D\,KLQWDWWKHSUREDELOLW\RI
\RXUVRPHWLPHVVXSSO\LQJKLPZLWKPRQH\IRUWKHVHSXUSRVHV"
6KHVDWORRNLQJGRZQEXWDWWKLVTXHVWLRQUDLVHGKHUH\HV
VHDUFKLQJO\DQGDOLWWOHUHVHQWIXOO\
$FTXLWPHRILPSHUWLQHQWFXULRVLW\P\GHDU0UV%RXQGHUE\,
WKLQN7RPPD\EHJUDGXDOO\IDOOLQJLQWRWURXEOHDQG,ZLVKWR
VWUHWFKRXWDKHOSLQJKDQGWRKLPIURPWKHGHSWKVRIP\ZLFNHG
H[SHULHQFH6KDOO,VD\DJDLQIRUKLVVDNH",VWKDWQHFHVVDU\"
6KHVHHPHGWRWU\WRDQVZHUEXWQRWKLQJFDPHRILW
&DQGLGO\WRFRQIHVVHYHU\WKLQJWKDWKDVRFFXUUHGWRPH
VDLG
-DPHV+DUWKRXVHDJDLQJOLGLQJZLWKWKHVDPHDSSHDUDQFHRIHIIRUW
LQWRKLVPRUHDLU\PDQQHU
,ZLOOFRQILGHWR\RXP\GRXEWZKHWKHU
KHKDVKDGPDQ\DGYDQWDJHV:KHWKHUIRUJLYHP\SODLQQHVV
ZKHWKHUDQ\JUHDWDPRXQWRIFRQILGHQFHLVOLNHO\WRKDYHEHHQ
HVWDEOLVKHGEHWZHHQKLPVHOIDQGKLVPRVWZRUWK\IDWKHU
,GRQRW
VDLG/RXLVDIOXVKLQJZLWKKHURZQJUHDWUHPHPEUDQFHLQ
WKDWZLVH
WKLQNLWOLNHO\
2UEHWZHHQKLPVHOIDQG,PD\WUXVWWR\RXUSHUIHFW
XQGHUVWDQGLQJRIP\PHDQLQJ,DPVXUHDQGKLVKLJKO\HVWHHPHG
EURWKHULQODZ
6KHIOXVKHGGHHSHUDQGGHHSHUDQGZDVEXUQLQJUHGZKHQVKHUHSOLHG
LQDIDLQWHUYRLFH
,GRQRWWKLQNWKDWOLNHO\HLWKHU
160
0UV%RXQGHUE\
VDLG+DUWKRXVHDIWHUDVKRUWVLOHQFH
PD\WKHUH
EHDEHWWHUFRQILGHQFHEHWZHHQ\RXUVHOIDQGPH"7RPKDVERUURZHGD
FRQVLGHUDEOHVXPRI\RX"
<RXZLOOXQGHUVWDQG0U+DUWKRXVH
VKHUHWXUQHGDIWHUVRPH
LQGHFLVLRQVKHKDGEHHQPRUHRUOHVVXQFHUWDLQDQGWURXEOHG
WKURXJKRXWWKHFRQYHUVDWLRQDQG\HWKDGLQWKHPDLQSUHVHUYHGKHU
VHOIFRQWDLQHGPDQQHU
\RXZLOOXQGHUVWDQGWKDWLI,WHOO\RXZKDW
\RXSUHVVWRNQRZLWLVQRWE\ZD\RIFRPSODLQWRUUHJUHW,
ZRXOGQHYHUFRPSODLQRIDQ\WKLQJDQGZKDW,KDYHGRQH,GRQRWLQ
WKHOHDVWUHJUHW
6RVSLULWHGWRR
WKRXJKW-DPHV+DUWKRXVH
:KHQ,PDUULHG,IRXQGWKDWP\EURWKHUZDVHYHQDWWKDWWLPH
KHDYLO\LQGHEW+HDYLO\IRUKLP,PHDQ+HDYLO\HQRXJKWR
REOLJHPHWRVHOOVRPHWULQNHWV7KH\ZHUHQRVDFULILFH,VROG
WKHPYHU\ZLOOLQJO\,DWWDFKHGQRYDOXHWRWKHP7KH\ZHUH
TXLWHZRUWKOHVVWRPH
(LWKHUVKHVDZLQKLVIDFHWKDWKHNQHZRUVKHRQO\IHDUHGLQKHU
FRQVFLHQFHWKDWKHNQHZWKDWVKHVSRNHRIVRPHRIKHUKXVEDQG
V
JLIWV6KHVWRSSHGDQGUHGGHQHGDJDLQ,IKHKDGQRWNQRZQLW
EHIRUHKHZRXOGKDYHNQRZQLWWKHQWKRXJKKHKDGEHHQDPXFK
GXOOHUPDQWKDQKHZDV
6LQFHWKHQ,KDYHJLYHQP\EURWKHUDWYDULRXVWLPHVZKDWPRQH\
,FRXOGVSDUHLQVKRUWZKDWPRQH\,KDYHKDG&RQILGLQJLQ\RX
DWDOORQWKHIDLWKRIWKHLQWHUHVW\RXSURIHVVIRUKLP,ZLOO
QRWGRVRE\KDOYHV6LQFH\RXKDYHEHHQLQWKHKDELWRIYLVLWLQJ
KHUHKHKDVZDQWHGLQRQHVXPDVPXFKDVDKXQGUHGSRXQGV,KDYH
QRWEHHQDEOHWRJLYHLWWRKLP,KDYHIHOWXQHDV\IRUWKH
FRQVHTXHQFHVRIKLVEHLQJVRLQYROYHGEXW,KDYHNHSWWKHVH
VHFUHWVXQWLOQRZZKHQ,WUXVWWKHPWR\RXUKRQRXU,KDYHKHOG
QRFRQILGHQFHZLWKDQ\RQHEHFDXVH\RXDQWLFLSDWHGP\UHDVRQ
MXVWQRZ
6KHDEUXSWO\EURNHRII
+HZDVDUHDG\PDQDQGKHVDZDQGVHL]HGDQRSSRUWXQLW\KHUHRI
SUHVHQWLQJKHURZQLPDJHWRKHUVOLJKWO\GLVJXLVHGDVKHUEURWKHU
0UV%RXQGHUE\WKRXJKDJUDFHOHVVSHUVRQRIWKHZRUOGZRUOGO\,
IHHOWKHXWPRVWLQWHUHVW,DVVXUH\RXLQZKDW\RXWHOOPH,
FDQQRWSRVVLEO\EHKDUGXSRQ\RXUEURWKHU,XQGHUVWDQGDQGVKDUH
161
WKHZLVHFRQVLGHUDWLRQZLWKZKLFK\RXUHJDUGKLVHUURUV:LWKDOO
SRVVLEOHUHVSHFWERWKIRU0U*UDGJULQGDQGIRU0U%RXQGHUE\,
WKLQN,SHUFHLYHWKDWKHKDVQRWEHHQIRUWXQDWHLQKLVWUDLQLQJ
%UHGDWDGLVDGYDQWDJHWRZDUGVWKHVRFLHW\LQZKLFKKHKDVKLVSDUW
WRSOD\KHUXVKHVLQWRWKHVHH[WUHPHVIRUKLPVHOIIURPRSSRVLWH
H[WUHPHVWKDWKDYHORQJEHHQIRUFHGZLWKWKHYHU\EHVWLQWHQWLRQV
ZHKDYHQRGRXEWXSRQKLP0U%RXQGHUE\
VILQHEOXII(QJOLVK
LQGHSHQGHQFHWKRXJKDPRVWFKDUPLQJFKDUDFWHULVWLFGRHVQRWDV
ZHKDYHDJUHHGLQYLWHFRQILGHQFH,I,PLJKWYHQWXUHWRUHPDUN
WKDWLWLVWKHOHDVWLQWKHZRUOGGHILFLHQWLQWKDWGHOLFDF\WR
ZKLFKD\RXWKPLVWDNHQDFKDUDFWHUPLVFRQFHLYHGDQGDELOLWLHV
PLVGLUHFWHGZRXOGWXUQIRUUHOLHIDQGJXLGDQFH,VKRXOGH[SUHVV
ZKDWLWSUHVHQWVWRP\RZQYLHZ
$VVKHVDWORRNLQJVWUDLJKWEHIRUHKHUDFURVVWKHFKDQJLQJOLJKWV
XSRQWKHJUDVVLQWRWKHGDUNQHVVRIWKHZRRGEH\RQGKHVDZLQKHU
IDFHKHUDSSOLFDWLRQRIKLVYHU\GLVWLQFWO\XWWHUHGZRUGV
$OODOORZDQFH
KHFRQWLQXHG
PXVWEHPDGH,KDYHRQHJUHDW
IDXOWWRILQGZLWK7RPKRZHYHUZKLFK,FDQQRWIRUJLYHDQGIRU
ZKLFK,WDNHKLPKHDYLO\WRDFFRXQW
/RXLVDWXUQHGKHUH\HVWRKLVIDFHDQGDVNHGKLPZKDWIDXOWZDV
WKDW"
3HUKDSV
KHUHWXUQHG
,KDYHVDLGHQRXJK3HUKDSVLWZRXOGKDYH
EHHQEHWWHURQWKHZKROHLIQRDOOXVLRQWRLWKDGHVFDSHGPH
<RXDODUPPH0U+DUWKRXVH3UD\OHWPHNQRZLW
7RUHOLHYH\RXIURPQHHGOHVVDSSUHKHQVLRQDQGDVWKLVFRQILGHQFH
UHJDUGLQJ\RXUEURWKHUZKLFK,SUL]H,DPVXUHDERYHDOOSRVVLEOH
WKLQJVKDVEHHQHVWDEOLVKHGEHWZHHQXV,REH\,FDQQRWIRUJLYH
KLPIRUQRWEHLQJPRUHVHQVLEOHLQHYHU\ZRUGORRNDQGDFWRIKLV
OLIHRIWKHDIIHFWLRQRIKLVEHVWIULHQGRIWKHGHYRWLRQRIKLV
EHVWIULHQGRIKHUXQVHOILVKQHVVRIKHUVDFULILFH7KHUHWXUQKH
PDNHVKHUZLWKLQP\REVHUYDWLRQLVDYHU\SRRURQH:KDWVKHKDV
GRQHIRUKLPGHPDQGVKLVFRQVWDQWORYHDQGJUDWLWXGHQRWKLVLOO
KXPRXUDQGFDSULFH&DUHOHVVIHOORZDV,DP,DPQRWVR
LQGLIIHUHQW0UV%RXQGHUE\DVWREHUHJDUGOHVVRIWKLVYLFHLQ
\RXUEURWKHURULQFOLQHGWRFRQVLGHULWDYHQLDORIIHQFH
7KHZRRGIORDWHGEHIRUHKHUIRUKHUH\HVZHUHVXIIXVHGZLWKWHDUV
7KH\URVHIURPDGHHSZHOOORQJFRQFHDOHGDQGKHUKHDUWZDV
162
ILOOHGZLWKDFXWHSDLQWKDWIRXQGQRUHOLHILQWKHP
,QDZRUGLWLVWRFRUUHFW\RXUEURWKHULQWKLV0UV%RXQGHUE\
WKDW,PXVWDVSLUH0\EHWWHUNQRZOHGJHRIKLVFLUFXPVWDQFHVDQG
P\GLUHFWLRQDQGDGYLFHLQH[WULFDWLQJWKHPUDWKHUYDOXDEOH,
KRSHDVFRPLQJIURPDVFDSHJUDFHRQDPXFKODUJHUVFDOHZLOO
JLYHPHVRPHLQIOXHQFHRYHUKLPDQGDOO,JDLQ,VKDOOFHUWDLQO\
XVHWRZDUGVWKLVHQG,KDYHVDLGHQRXJKDQGPRUHWKDQHQRXJK,
VHHPWREHSURWHVWLQJWKDW,DPDVRUWRIJRRGIHOORZZKHQXSRQ
P\KRQRXU,KDYHQRWWKHOHDVWLQWHQWLRQWRPDNHDQ\SURWHVWDWLRQ
WRWKDWHIIHFWDQGRSHQO\DQQRXQFHWKDW,DPQRWKLQJRIWKHVRUW
<RQGHUDPRQJWKHWUHHV
KHDGGHGKDYLQJOLIWHGXSKLVH\HVDQG
ORRNHGDERXWIRUKHKDGZDWFKHGKHUFORVHO\XQWLOQRZ
LV\RXU
EURWKHUKLPVHOIQRGRXEWMXVWFRPHGRZQ$VKHVHHPVWREH
ORLWHULQJLQWKLVGLUHFWLRQLWPD\EHDVZHOOSHUKDSVWRZDON
WRZDUGVKLPDQGWKURZRXUVHOYHVLQKLVZD\+HKDVEHHQYHU\
VLOHQWDQGGROHIXORIODWH3HUKDSVKLVEURWKHUO\FRQVFLHQFHLV
WRXFKHGLIWKHUHDUHVXFKWKLQJVDVFRQVFLHQFHV7KRXJKXSRQP\
KRQRXU,KHDURIWKHPPXFKWRRRIWHQWREHOLHYHLQWKHP
+HDVVLVWHGKHUWRULVHDQGVKHWRRNKLVDUPDQGWKH\DGYDQFHGWR
PHHWWKHZKHOS+HZDVLGO\EHDWLQJWKHEUDQFKHVDVKHORXQJHG
DORQJRUKHVWRRSHGYLFLRXVO\WRULSWKHPRVVIURPWKHWUHHVZLWK
KLVVWLFN+HZDVVWDUWOHGZKHQWKH\FDPHXSRQKLPZKLOHKHZDV
HQJDJHGLQWKLVODWWHUSDVWLPHDQGKLVFRORXUFKDQJHG
+DOORD
KHVWDPPHUHG
,GLGQ
WNQRZ\RXZHUHKHUH
:KRVHQDPH7RP
VDLG0U+DUWKRXVHSXWWLQJKLVKDQGXSRQKLV
VKRXOGHUDQGWXUQLQJKLPVRWKDWWKH\DOOWKUHHZDONHGWRZDUGVWKH
KRXVHWRJHWKHU
KDYH\RXEHHQFDUYLQJRQWKHWUHHV"
:KRVHQDPH"
UHWXUQHG7RP
2K<RXPHDQZKDWJLUO
VQDPH"
<RXKDYHDVXVSLFLRXVDSSHDUDQFHRILQVFULELQJVRPHIDLU
FUHDWXUH
VRQWKHEDUN7RP
1RWPXFKRIWKDW0U+DUWKRXVHXQOHVVVRPHIDLUFUHDWXUHZLWKD
VODVKLQJIRUWXQHDWKHURZQGLVSRVDOZRXOGWDNHDIDQF\WRPH2U
VKHPLJKWEHDVXJO\DVVKHZDVULFKZLWKRXWDQ\IHDURIORVLQJ
PH,
GFDUYHKHUQDPHDVRIWHQDVVKHOLNHG
,DPDIUDLG\RXDUHPHUFHQDU\7RP
163
0HUFHQDU\
UHSHDWHG7RP
:KRLVQRWPHUFHQDU\"$VNP\VLVWHU
+DYH\RXVRSURYHGLWWREHDIDLOLQJRIPLQH7RP"
VDLG/RXLVD
VKRZLQJQRRWKHUVHQVHRIKLVGLVFRQWHQWDQGLOOQDWXUH
<RXNQRZZKHWKHUWKHFDSILWV\RX/RR
UHWXUQHGKHUEURWKHU
VXONLO\
,ILWGRHV\RXFDQZHDULW
7RPLVPLVDQWKURSLFDOWRGD\DVDOOERUHGSHRSOHDUHQRZDQG
WKHQ
VDLG0U+DUWKRXVH
'RQ
WEHOLHYHKLP0UV%RXQGHUE\+H
NQRZVPXFKEHWWHU,VKDOOGLVFORVHVRPHRIKLVRSLQLRQVRI\RX
SULYDWHO\H[SUHVVHGWRPHXQOHVVKHUHOHQWVDOLWWOH
$WDOOHYHQWV0U+DUWKRXVH
VDLG7RPVRIWHQLQJLQKLV
DGPLUDWLRQRIKLVSDWURQEXWVKDNLQJKLVKHDGVXOOHQO\WRR
\RX
FDQ
WWHOOKHUWKDW,HYHUSUDLVHGKHUIRUEHLQJPHUFHQDU\,PD\
KDYHSUDLVHGKHUIRUEHLQJWKHFRQWUDU\DQG,VKRXOGGRLWDJDLQ
LI,KDGDVJRRGUHDVRQ+RZHYHUQHYHUPLQGWKLVQRZLW
VQRW
YHU\LQWHUHVWLQJWR\RXDQG,DPVLFNRIWKHVXEMHFW
7KH\ZDONHGRQWRWKHKRXVHZKHUH/RXLVDTXLWWHGKHUYLVLWRU
VDUP
DQGZHQWLQ+HVWRRGORRNLQJDIWHUKHUDVVKHDVFHQGHGWKH
VWHSVDQGSDVVHGLQWRWKHVKDGRZRIWKHGRRUWKHQSXWKLVKDQG
XSRQKHUEURWKHU
VVKRXOGHUDJDLQDQGLQYLWHGKLPZLWKD
FRQILGHQWLDOQRGWRDZDONLQWKHJDUGHQ
7RPP\ILQHIHOORZ,ZDQWWRKDYHDZRUGZLWK\RX
7KH\KDGVWRSSHGDPRQJDGLVRUGHURIURVHVLWZDVSDUWRI0U
%RXQGHUE\
VKXPLOLW\WRNHHS1LFNLWV
VURVHVRQDUHGXFHGVFDOH
DQG7RPVDWGRZQRQDWHUUDFHSDUDSHWSOXFNLQJEXGVDQGSLFNLQJ
WKHPWRSLHFHVZKLOHKLVSRZHUIXO)DPLOLDUVWRRGRYHUKLPZLWKD
IRRWXSRQWKHSDUDSHWDQGKLVILJXUHHDVLO\UHVWLQJRQWKHDUP
VXSSRUWHGE\WKDWNQHH7KH\ZHUHMXVWYLVLEOHIURPKHUZLQGRZ
3HUKDSVVKHVDZWKHP
7RPZKDW
VWKHPDWWHU"
2K0U+DUWKRXVH
VDLG7RPZLWKDJURDQ
,DPKDUGXSDQG
ERWKHUHGRXWRIP\OLIH
0\JRRGIHOORZVRDP,
<RX
UHWXUQHG7RP
<RXDUHWKHSLFWXUHRILQGHSHQGHQFH0U
164
+DUWKRXVH,DPLQDKRUULEOHPHVV<RXKDYHQRLGHDZKDWDVWDWH
,KDYHJRWP\VHOILQWRZKDWDVWDWHP\VLVWHUPLJKWKDYHJRWPH
RXWRILIVKHZRXOGRQO\KDYHGRQHLW
+HWRRNWRELWLQJWKHURVHEXGVQRZDQGWHDULQJWKHPDZD\IURPKLV
WHHWKZLWKDKDQGWKDWWUHPEOHGOLNHDQLQILUPROGPDQ
V$IWHU
RQHH[FHHGLQJO\REVHUYDQWORRNDWKLPKLVFRPSDQLRQUHODSVHGLQWR
KLVOLJKWHVWDLU
7RP\RXDUHLQFRQVLGHUDWH\RXH[SHFWWRRPXFKRI\RXUVLVWHU
<RXKDYHKDGPRQH\RIKHU\RXGRJ\RXNQRZ\RXKDYH
:HOO0U+DUWKRXVH,NQRZ,KDYH+RZHOVHZDV,WRJHWLW"
+HUH
VROG%RXQGHUE\DOZD\VERDVWLQJWKDWDWP\DJHKHOLYHGXSRQ
WZRSHQFHDPRQWKRUVRPHWKLQJRIWKDWVRUW+HUH
VP\IDWKHU
GUDZLQJZKDWKHFDOOVDOLQHDQGW\LQJPHGRZQWRLWIURPDEDE\
QHFNDQGKHHOV+HUH
VP\PRWKHUZKRQHYHUKDVDQ\WKLQJRIKHU
RZQH[FHSWKHUFRPSODLQWV:KDWLVDIHOORZWRGRIRUPRQH\DQG
ZKHUHDP,WRORRNIRULWLIQRWWRP\VLVWHU"
+HZDVDOPRVWFU\LQJDQGVFDWWHUHGWKHEXGVDERXWE\GR]HQV0U
+DUWKRXVHWRRNKLPSHUVXDVLYHO\E\WKHFRDW
%XWP\GHDU7RPLI\RXUVLVWHUKDVQRWJRWLW
1RWJRWLW0U+DUWKRXVH",GRQ
WVD\VKHKDVJRWLW,PD\
KDYHZDQWHGPRUHWKDQVKHZDVOLNHO\WRKDYHJRW%XWWKHQVKH
RXJKWWRJHWLW6KHFRXOGJHWLW,W
VRIQRXVHSUHWHQGLQJWR
PDNHDVHFUHWRIPDWWHUVQRZDIWHUZKDW,KDYHWROG\RXDOUHDG\
\RXNQRZVKHGLGQ
WPDUU\ROG%RXQGHUE\IRUKHURZQVDNHRUIRU
KLVVDNHEXWIRUP\VDNH7KHQZK\GRHVQ
WVKHJHWZKDW,ZDQW
RXWRIKLPIRUP\VDNH"6KHLVQRWREOLJHGWRVD\ZKDWVKHLV
JRLQJWRGRZLWKLWVKHLVVKDUSHQRXJKVKHFRXOGPDQDJHWRFRD[
LWRXWRIKLPLIVKHFKRVH7KHQZK\GRHVQ
WVKHFKRRVHZKHQ,
WHOOKHURIZKDWFRQVHTXHQFHLWLV"%XWQR7KHUHVKHVLWVLQKLV
FRPSDQ\OLNHDVWRQHLQVWHDGRIPDNLQJKHUVHOIDJUHHDEOHDQG
JHWWLQJLWHDVLO\,GRQ
WNQRZZKDW\RXPD\FDOOWKLVEXW,FDOO
LWXQQDWXUDOFRQGXFW
7KHUHZDVDSLHFHRIRUQDPHQWDOZDWHULPPHGLDWHO\EHORZWKH
SDUDSHWRQWKHRWKHUVLGHLQWRZKLFK0U-DPHV+DUWKRXVHKDGD
YHU\VWURQJLQFOLQDWLRQWRSLWFK0U7KRPDV*UDGJULQGMXQLRUDV
WKHLQMXUHGPHQRI&RNHWRZQWKUHDWHQHGWRSLWFKWKHLUSURSHUW\LQWR
WKH$WODQWLF%XWKHSUHVHUYHGKLVHDV\DWWLWXGHDQGQRWKLQJPRUH
165
VROLGZHQWRYHUWKHVWRQHEDOXVWUDGHVWKDQWKHDFFXPXODWHGURVHEXGV
QRZIORDWLQJDERXWDOLWWOHVXUIDFHLVODQG
0\GHDU7RP
VDLG+DUWKRXVH
OHWPHWU\WREH\RXUEDQNHU
)RU*RG
VVDNH
UHSOLHG7RPVXGGHQO\
GRQ
WWDONDERXW
EDQNHUV
$QGYHU\ZKLWHKHORRNHGLQFRQWUDVWZLWKWKHURVHV
9HU\ZKLWH
0U+DUWKRXVHDVDWKRURXJKO\ZHOOEUHGPDQDFFXVWRPHGWRWKH
EHVWVRFLHW\ZDVQRWWREHVXUSULVHGKHFRXOGDVVRRQKDYHEHHQ
DIIHFWHGEXWKHUDLVHGKLVH\HOLGVDOLWWOHPRUHDVLIWKH\ZHUH
OLIWHGE\DIHHEOHWRXFKRIZRQGHU$OEHLWLWZDVDVPXFKDJDLQVW
WKHSUHFHSWVRIKLVVFKRROWRZRQGHUDVLWZDVDJDLQVWWKH
GRFWULQHVRIWKH*UDGJULQG&ROOHJH
:KDWLVWKHSUHVHQWQHHG7RP"7KUHHILJXUHV"2XWZLWKWKHP
6D\ZKDWWKH\DUH
0U+DUWKRXVH
UHWXUQHG7RPQRZDFWXDOO\FU\LQJDQGKLVWHDUV
ZHUHEHWWHUWKDQKLVLQMXULHVKRZHYHUSLWLIXODILJXUHKHPDGH
LW
VWRRODWHWKHPRQH\LVRIQRXVHWRPHDWSUHVHQW,VKRXOG
KDYHKDGLWEHIRUHWREHRIXVHWRPH%XW,DPYHU\PXFKREOLJHG
WR\RX\RX
UHDWUXHIULHQG
$WUXHIULHQG
:KHOSZKHOS
WKRXJKW0U+DUWKRXVHOD]LO\
ZKDWDQ$VV\RXDUH
$QG,WDNH\RXURIIHUDVDJUHDWNLQGQHVV
VDLG7RPJUDVSLQJKLV
KDQG
$VDJUHDWNLQGQHVV0U+DUWKRXVH
:HOO
UHWXUQHGWKHRWKHU
LWPD\EHRIPRUHXVHE\DQGE\$QG
P\JRRGIHOORZLI\RXZLOORSHQ\RXUEHGHYLOPHQWVWRPHZKHQWKH\
FRPHWKLFNXSRQ\RX,PD\VKRZ\RXEHWWHUZD\VRXWRIWKHPWKDQ
\RXFDQILQGIRU\RXUVHOI
7KDQN\RX
VDLG7RPVKDNLQJKLVKHDGGLVPDOO\DQGFKHZLQJ
URVHEXGV
,ZLVK,KDGNQRZQ\RXVRRQHU0U+DUWKRXVH
1RZ\RXVHH7RP
VDLG0U+DUWKRXVHLQFRQFOXVLRQKLPVHOI
WRVVLQJRYHUDURVHRUWZRDVDFRQWULEXWLRQWRWKHLVODQGZKLFK
ZDVDOZD\VGULIWLQJWRWKHZDOODVLILWZDQWHGWREHFRPHDSDUWRI
WKHPDLQODQG
HYHU\PDQLVVHOILVKLQHYHU\WKLQJKHGRHVDQG,
DPH[DFWO\OLNHWKHUHVWRIP\IHOORZFUHDWXUHV,DPGHVSHUDWHO\
166
LQWHQW
WKHODQJXRURIKLVGHVSHUDWLRQEHLQJTXLWHWURSLFDO
RQ
\RXUVRIWHQLQJWRZDUGV\RXUVLVWHUZKLFK\RXRXJKWWRGRDQGRQ
\RXUEHLQJDPRUHORYLQJDQGDJUHHDEOHVRUWRIEURWKHUZKLFK\RX
RXJKWWREH
,ZLOOEH0U+DUWKRXVH
1RWLPHOLNHWKHSUHVHQW7RP%HJLQDWRQFH
&HUWDLQO\,ZLOO$QGP\VLVWHU/RRVKDOOVD\VR
+DYLQJPDGHZKLFKEDUJDLQ7RP
VDLG+DUWKRXVHFODSSLQJKLPRQ
WKHVKRXOGHUDJDLQZLWKDQDLUZKLFKOHIWKLPDWOLEHUW\WRLQIHU
DVKHGLGSRRUIRROWKDWWKLVFRQGLWLRQZDVLPSRVHGXSRQKLP
LQPHUHFDUHOHVVJRRGQDWXUHWROHVVHQKLVVHQVHRIREOLJDWLRQ
ZH
ZLOOWHDURXUVHOYHVDVXQGHUXQWLOGLQQHUWLPH
:KHQ7RPDSSHDUHGEHIRUHGLQQHUWKRXJKKLVPLQGVHHPHGKHDY\
HQRXJKKLVERG\ZDVRQWKHDOHUWDQGKHDSSHDUHGEHIRUH0U
%RXQGHUE\FDPHLQ
,GLGQ
WPHDQWREHFURVV/RR
KHVDLG
JLYLQJKHUKLVKDQGDQGNLVVLQJKHU
,NQRZ\RXDUHIRQGRIPH
DQG\RXNQRZ,DPIRQGRI\RX
$IWHUWKLVWKHUHZDVDVPLOHXSRQ/RXLVD
VIDFHWKDWGD\IRUVRPH
RQHHOVH$ODVIRUVRPHRQHHOVH
6RPXFKWKHOHVVLVWKHZKHOSWKHRQO\FUHDWXUHWKDWVKHFDUHV
IRU
WKRXJKW-DPHV+DUWKRXVHUHYHUVLQJWKHUHIOHFWLRQRIKLV
ILUVWGD\
VNQRZOHGJHRIKHUSUHWW\IDFH
6RPXFKWKHOHVVVR
PXFKWKHOHVV
&+$37(59,,,(;3/26,21
7+(QH[WPRUQLQJZDVWRREULJKWDPRUQLQJIRUVOHHSDQG-DPHV
+DUWKRXVHURVHHDUO\DQGVDWLQWKHSOHDVDQWED\ZLQGRZRIKLV
GUHVVLQJURRPVPRNLQJWKHUDUHWREDFFRWKDWKDGKDGVRZKROHVRPH
DQLQIOXHQFHRQKLV\RXQJIULHQG5HSRVLQJLQWKHVXQOLJKWZLWK
WKHIUDJUDQFHRIKLVHDVWHUQSLSHDERXWKLPDQGWKHGUHDP\VPRNH
YDQLVKLQJLQWRWKHDLUVRULFKDQGVRIWZLWKVXPPHURGRXUVKH
UHFNRQHGXSKLVDGYDQWDJHVDVDQLGOHZLQQHUPLJKWFRXQWKLVJDLQV
167
+HZDVQRWDWDOOERUHGIRUWKHWLPHDQGFRXOGJLYHKLVPLQGWR
LW
+HKDGHVWDEOLVKHGDFRQILGHQFHZLWKKHUIURPZKLFKKHUKXVEDQG
ZDVH[FOXGHG+HKDGHVWDEOLVKHGDFRQILGHQFHZLWKKHUWKDW
DEVROXWHO\WXUQHGXSRQKHULQGLIIHUHQFHWRZDUGVKHUKXVEDQGDQG
WKHDEVHQFHQRZDQGDWDOOWLPHVRIDQ\FRQJHQLDOLW\EHWZHHQ
WKHP+HKDGDUWIXOO\EXWSODLQO\DVVXUHGKHUWKDWKHNQHZKHU
KHDUWLQLWVODVWPRVWGHOLFDWHUHFHVVHVKHKDGFRPHVRQHDUWR
KHUWKURXJKLWVWHQGHUHVWVHQWLPHQWKHKDGDVVRFLDWHGKLPVHOIZLWK
WKDWIHHOLQJDQGWKHEDUULHUEHKLQGZKLFKVKHOLYHGKDGPHOWHG
DZD\$OOYHU\RGGDQGYHU\VDWLVIDFWRU\
$QG\HWKHKDGQRWHYHQQRZDQ\HDUQHVWZLFNHGQHVVRISXUSRVHLQ
KLP3XEOLFO\DQGSULYDWHO\LWZHUHPXFKEHWWHUIRUWKHDJHLQ
ZKLFKKHOLYHGWKDWKHDQGWKHOHJLRQRIZKRPKHZDVRQHZHUH
GHVLJQHGO\EDGWKDQLQGLIIHUHQWDQGSXUSRVHOHVV,WLVWKH
GULIWLQJLFHEHUJVVHWWLQJZLWKDQ\FXUUHQWDQ\ZKHUHWKDWZUHFNWKH
VKLSV
:KHQWKH'HYLOJRHWKDERXWOLNHDURDULQJOLRQKHJRHWKDERXWLQD
VKDSHE\ZKLFKIHZEXWVDYDJHVDQGKXQWHUVDUHDWWUDFWHG%XW
ZKHQKHLVWULPPHGVPRRWKHGDQGYDUQLVKHGDFFRUGLQJWRWKHPRGH
ZKHQKHLVDZHDU\RIYLFHDQGDZHDU\RIYLUWXHXVHGXSDVWR
EULPVWRQHDQGXVHGXSDVWREOLVVWKHQZKHWKHUKHWDNHWRWKH
VHUYLQJRXWRIUHGWDSHRUWRWKHNLQGOLQJRIUHGILUHKHLVWKH
YHU\'HYLO
6R-DPHV+DUWKRXVHUHFOLQHGLQWKHZLQGRZLQGROHQWO\VPRNLQJDQG
UHFNRQLQJXSWKHVWHSVKHKDGWDNHQRQWKHURDGE\ZKLFKKH
KDSSHQHGWREHWUDYHOOLQJ7KHHQGWRZKLFKLWOHGZDVEHIRUHKLP
SUHWW\SODLQO\EXWKHWURXEOHGKLPVHOIZLWKQRFDOFXODWLRQVDERXW
LW:KDWZLOOEHZLOOEH
$VKHKDGUDWKHUDORQJULGHWRWDNHWKDWGD\IRUWKHUHZDVD
SXEOLFRFFDVLRQ
WRGR
DWVRPHGLVWDQFHZKLFKDIIRUGHGD
WROHUDEOHRSSRUWXQLW\RIJRLQJLQIRUWKH*UDGJULQGPHQKH
GUHVVHGHDUO\DQGZHQWGRZQWREUHDNIDVW+HZDVDQ[LRXVWRVHHLI
VKHKDGUHODSVHGVLQFHWKHSUHYLRXVHYHQLQJ1R+HUHVXPHGZKHUH
KHKDGOHIWRII7KHUHZDVDORRNRILQWHUHVWIRUKLPDJDLQ
+HJRWWKURXJKWKHGD\DVPXFKRUDVOLWWOHWRKLVRZQ
VDWLVIDFWLRQDVZDVWREHH[SHFWHGXQGHUWKHIDWLJXLQJ
FLUFXPVWDQFHVDQGFDPHULGLQJEDFNDWVL[R
FORFN7KHUHZDVD
168
VZHHSRIVRPHKDOIPLOHEHWZHHQWKHORGJHDQGWKHKRXVHDQGKHZDV
ULGLQJDORQJDWDIRRWSDFHRYHUWKHVPRRWKJUDYHORQFH1LFNLWV
V
ZKHQ0U%RXQGHUE\EXUVWRXWRIWKHVKUXEEHU\ZLWKVXFKYLROHQFH
DVWRPDNHKLVKRUVHVK\DFURVVWKHURDG
+DUWKRXVH
FULHG0U%RXQGHUE\
+DYH\RXKHDUG"
+HDUGZKDW"
VDLG+DUWKRXVHVRRWKLQJKLVKRUVHDQGLQZDUGO\
IDYRXULQJ0U%RXQGHUE\ZLWKQRJRRGZLVKHV
7KHQ\RXKDYHQ
WKHDUG
,KDYHKHDUG\RXDQGVRKDVWKLVEUXWH,KDYHKHDUGQRWKLQJ
HOVH
0U%RXQGHUE\UHGDQGKRWSODQWHGKLPVHOILQWKHFHQWUHRIWKH
SDWKEHIRUHWKHKRUVH
VKHDGWRH[SORGHKLVERPEVKHOOZLWKPRUH
HIIHFW
7KH%DQN
VUREEHG
<RXGRQ
WPHDQLW
5REEHGODVWQLJKWVLU5REEHGLQDQH[WUDRUGLQDU\PDQQHU
5REEHGZLWKDIDOVHNH\
2IPXFK"
0U%RXQGHUE\LQKLVGHVLUHWRPDNHWKHPRVWRILWUHDOO\VHHPHG
PRUWLILHGE\EHLQJREOLJHGWRUHSO\
:K\QRQRWRIYHU\PXFK
%XWLWPLJKWKDYHEHHQ
2IKRZPXFK"
2KDVDVXPLI\RXVWLFNWRDVXPRIQRWPRUHWKDQDKXQGUHG
DQGILIW\SRXQG
VDLG%RXQGHUE\ZLWKLPSDWLHQFH
%XWLW
VQRW
WKHVXPLW
VWKHIDFW,W
VWKHIDFWRIWKH%DQNEHLQJUREEHG
WKDW
VWKHLPSRUWDQWFLUFXPVWDQFH,DPVXUSULVHG\RXGRQ
WVHH
LW
0\GHDU%RXQGHUE\
VDLG-DPHVGLVPRXQWLQJDQGJLYLQJKLVEULGOH
WRKLVVHUYDQW
,GRVHHLWDQGDPDVRYHUFRPHDV\RXFDQ
SRVVLEO\GHVLUHPHWREHE\WKHVSHFWDFOHDIIRUGHGWRP\PHQWDO
YLHZ1HYHUWKHOHVV,PD\EHDOORZHG,KRSHWRFRQJUDWXODWH\RX
169
ZKLFK,GRZLWKDOOP\VRXO,DVVXUH\RXRQ\RXUQRWKDYLQJ
VXVWDLQHGDJUHDWHUORVV
7KDQN
HH
UHSOLHG%RXQGHUE\LQDVKRUWXQJUDFLRXVPDQQHU
%XW
,WHOO\RXZKDW,WPLJKWKDYHEHHQWZHQW\WKRXVDQGSRXQG
,VXSSRVHLWPLJKW
6XSSRVHLWPLJKW%\WKH/RUG\RXPD\VXSSRVHVR%\*HRUJH
VDLG0U%RXQGHUE\ZLWKVXQGU\PHQDFLQJQRGVDQGVKDNHVRIKLV
KHDG
,WPLJKWKDYHEHHQWZLFHWZHQW\7KHUH
VQRNQRZLQJZKDW
LWZRXOGKDYHEHHQRUZRXOGQ
WKDYHEHHQDVLWZDVEXWIRUWKH
IHOORZV
EHLQJGLVWXUEHG
/RXLVDKDGFRPHXSQRZDQG0UV6SDUVLWDQG%LW]HU
+HUH
V7RP*UDGJULQG
VGDXJKWHUNQRZVSUHWW\ZHOOZKDWLWPLJKW
KDYHEHHQLI\RXGRQ
W
EOXVWHUHG%RXQGHUE\
'URSSHGVLUDV
LIVKHZDVVKRWZKHQ,WROGKHU1HYHUNQHZKHUGRVXFKDWKLQJ
EHIRUH'RHVKHUFUHGLWXQGHUWKHFLUFXPVWDQFHVLQP\RSLQLRQ
6KHVWLOOORRNHGIDLQWDQGSDOH-DPHV+DUWKRXVHEHJJHGKHUWR
WDNHKLVDUPDQGDVWKH\PRYHGRQYHU\VORZO\DVNHGKHUKRZWKH
UREEHU\KDGEHHQFRPPLWWHG
:K\,DPJRLQJWRWHOO\RX
VDLG%RXQGHUE\LUULWDEO\JLYLQJKLV
DUPWR0UV6SDUVLW
,I\RXKDGQ
WEHHQVRPLJKW\SDUWLFXODU
DERXWWKHVXP,VKRXOGKDYHEHJXQWRWHOO\RXEHIRUH<RXNQRZ
WKLVODG\IRUVKHLVDODG\0UV6SDUVLW"
,KDYHDOUHDG\KDGWKHKRQRXU
9HU\ZHOO$QGWKLV\RXQJPDQ%LW]HU\RXVDZKLPWRRRQWKH
VDPHRFFDVLRQ"
0U+DUWKRXVHLQFOLQHGKLVKHDGLQDVVHQWDQG
%LW]HUNQXFNOHGKLVIRUHKHDG
9HU\ZHOO7KH\OLYHDWWKH%DQN<RXNQRZWKH\OLYHDWWKH
%DQNSHUKDSV"9HU\ZHOO<HVWHUGD\DIWHUQRRQDWWKHFORVHRI
EXVLQHVVKRXUVHYHU\WKLQJZDVSXWDZD\DVXVXDO,QWKHLURQURRP
WKDWWKLV\RXQJIHOORZVOHHSVRXWVLGHRIWKHUHZDVQHYHUPLQGKRZ
PXFK,QWKHOLWWOHVDIHLQ\RXQJ7RP
VFORVHWWKHVDIHXVHGIRU
SHWW\SXUSRVHVWKHUHZDVDKXQGUHGDQGILIW\RGGSRXQG
$KXQGUHGDQGILIW\IRXUVHYHQRQH
VDLG%LW]HU
170
&RPH
UHWRUWHG%RXQGHUE\VWRSSLQJWRZKHHOURXQGXSRQKLP
OHW
VKDYHQRQHRI\RXULQWHUUXSWLRQV,W
VHQRXJKWREHUREEHG
ZKLOH\RX
UHVQRULQJEHFDXVH\RX
UHWRRFRPIRUWDEOHZLWKRXWEHLQJ
SXWULJKWZLWK\RXUIRXUVHYHQRQHV,GLGQ
WVQRUHP\VHOIZKHQ
,ZDV\RXUDJHOHWPHWHOO\RX,KDGQ
WYLFWXDOVHQRXJKWR
VQRUH$QG,GLGQ
WIRXUVHYHQRQH1RWLI,NQHZLW
%LW]HUNQXFNOHGKLVIRUHKHDGDJDLQLQDVQHDNLQJPDQQHUDQG
VHHPHGDWRQFHSDUWLFXODUO\LPSUHVVHGDQGGHSUHVVHGE\WKHLQVWDQFH
ODVWJLYHQRI0U%RXQGHUE\
VPRUDODEVWLQHQFH
$KXQGUHGDQGILIW\RGGSRXQG
UHVXPHG0U%RXQGHUE\
7KDWVXP
RIPRQH\\RXQJ7RPORFNHGLQKLVVDIHQRWDYHU\VWURQJVDIHEXW
WKDW
VQRPDWWHUQRZ(YHU\WKLQJZDVOHIWDOOULJKW6RPHWLPH
LQWKHQLJKWZKLOHWKLV\RXQJIHOORZVQRUHG0UV6SDUVLWPD
DP
\RXVD\\RXKDYHKHDUGKLPVQRUH"
6LU
UHWXUQHG0UV6SDUVLW
,FDQQRWVD\WKDW,KDYHKHDUGKLP
SUHFLVHO\VQRUHDQGWKHUHIRUHPXVWQRWPDNHWKDWVWDWHPHQW%XW
RQZLQWHUHYHQLQJVZKHQKHKDVIDOOHQDVOHHSDWKLVWDEOH,KDYH
KHDUGKLPZKDW,VKRXOGSUHIHUWRGHVFULEHDVSDUWLDOO\FKRNH,
KDYHKHDUGKLPRQVXFKRFFDVLRQVSURGXFHVRXQGVRIDQDWXUHVLPLODU
WRZKDWPD\EHVRPHWLPHVKHDUGLQ'XWFKFORFNV1RW
VDLG0UV
6SDUVLWZLWKDORIW\VHQVHRIJLYLQJVWULFWHYLGHQFH
WKDW,
ZRXOGFRQYH\DQ\LPSXWDWLRQRQKLVPRUDOFKDUDFWHU)DUIURPLW
,KDYHDOZD\VFRQVLGHUHG%LW]HUD\RXQJPDQRIWKHPRVWXSULJKW
SULQFLSOHDQGWRWKDW,EHJWREHDUP\WHVWLPRQ\
:HOO
VDLGWKHH[DVSHUDWHG%RXQGHUE\
ZKLOHKHZDVVQRULQJRU
FKRNLQJRU'XWFKFORFNLQJRUVRPHWKLQJRURWKHUEHLQJDVOHHS
VRPHIHOORZVVRPHKRZZKHWKHUSUHYLRXVO\FRQFHDOHGLQWKHKRXVHRU
QRWUHPDLQVWREHVHHQJRWWR\RXQJ7RP
VVDIHIRUFHGLWDQG
DEVWUDFWHGWKHFRQWHQWV%HLQJWKHQGLVWXUEHGWKH\PDGHRII
OHWWLQJWKHPVHOYHVRXWDWWKHPDLQGRRUDQGGRXEOHORFNLQJLW
DJDLQLWZDVGRXEOHORFNHGDQGWKHNH\XQGHU0UV6SDUVLW
V
SLOORZZLWKDIDOVHNH\ZKLFKZDVSLFNHGXSLQWKHVWUHHWQHDU
WKH%DQNDERXWWZHOYHR
FORFNWRGD\1RDODUPWDNHVSODFHWLOO
WKLVFKDS%LW]HUWXUQVRXWWKLVPRUQLQJDQGEHJLQVWRRSHQDQG
SUHSDUHWKHRIILFHVIRUEXVLQHVV7KHQORRNLQJDW7RP
VVDIHKH
VHHVWKHGRRUDMDUDQGILQGVWKHORFNIRUFHGDQGWKHPRQH\JRQH
:KHUHLV7RPE\WKHE\"
DVNHG+DUWKRXVHJODQFLQJURXQG
171
+HKDVEHHQKHOSLQJWKHSROLFH
VDLG%RXQGHUE\
DQGVWD\VEHKLQG
DWWKH%DQN,ZLVKWKHVHIHOORZVKDGWULHGWRUREPHZKHQ,ZDV
DWKLVWLPHRIOLIH7KH\ZRXOGKDYHEHHQRXWRISRFNHWLIWKH\
KDGLQYHVWHGHLJKWHHQSHQFHLQWKHMRE,FDQWHOO
HPWKDW
,VDQ\ERG\VXVSHFWHG"
6XVSHFWHG",VKRXOGWKLQNWKHUHZDVVRPHERG\VXVSHFWHG(JRG
VDLG%RXQGHUE\UHOLQTXLVKLQJ0UV6SDUVLW
VDUPWRZLSHKLVKHDWHG
KHDG
-RVLDK%RXQGHUE\RI&RNHWRZQLVQRWWREHSOXQGHUHGDQG
QRERG\VXVSHFWHG1RWKDQN\RX
0LJKW0U+DUWKRXVHLQTXLUH:KRZDVVXVSHFWHG"
:HOO
VDLG%RXQGHUE\VWRSSLQJDQGIDFLQJDERXWWRFRQIURQWWKHP
DOO
,
OOWHOO\RX,W
VQRWWREHPHQWLRQHGHYHU\ZKHUHLW
VQRW
WREHPHQWLRQHGDQ\ZKHUHLQRUGHUWKDWWKHVFRXQGUHOVFRQFHUQHG
WKHUH
VDJDQJRI
HPPD\EHWKURZQRIIWKHLUJXDUG6RWDNH
WKLVLQFRQILGHQFH1RZZDLWDELW
0U%RXQGHUE\ZLSHGKLVKHDG
DJDLQ
:KDWVKRXOG\RXVD\WR
KHUHKHYLROHQWO\H[SORGHG
WR
D+DQGEHLQJLQLW"
,KRSH
VDLG+DUWKRXVHOD]LO\
QRWRXUIULHQG%ODFNSRW"
6D\3RROLQVWHDGRI3RWVLU
UHWXUQHG%RXQGHUE\
DQGWKDW
VWKH
PDQ
/RXLVDIDLQWO\XWWHUHGVRPHZRUGRILQFUHGXOLW\DQGVXUSULVH
2\HV,NQRZ
VDLG%RXQGHUE\LPPHGLDWHO\FDWFKLQJDWWKH
VRXQG
,NQRZ,DPXVHGWRWKDW,NQRZDOODERXWLW7KH\
DUHWKHILQHVWSHRSOHLQWKHZRUOGWKHVHIHOORZVDUH7KH\KDYH
JRWWKHJLIWRIWKHJDEWKH\KDYH7KH\RQO\ZDQWWRKDYHWKHLU
ULJKWVH[SODLQHGWRWKHPWKH\GR%XW,WHOO\RXZKDW6KRZPHD
GLVVDWLVILHG+DQGDQG,
OOVKRZ\RXDPDQWKDW
VILWIRUDQ\WKLQJ
EDG,GRQ
WFDUHZKDWLWLV
$QRWKHURIWKHSRSXODUILFWLRQVRI&RNHWRZQZKLFKVRPHSDLQVKDG
EHHQWDNHQWRGLVVHPLQDWHDQGZKLFKVRPHSHRSOHUHDOO\EHOLHYHG
%XW,DPDFTXDLQWHGZLWKWKHVHFKDSV
VDLG%RXQGHUE\
,FDQ
UHDG
HPRIIOLNHERRNV0UV6SDUVLWPD
DP,DSSHDOWR\RX
:KDWZDUQLQJGLG,JLYHWKDWIHOORZWKHILUVWWLPHKHVHWIRRWLQ
WKHKRXVHZKHQWKHH[SUHVVREMHFWRIKLVYLVLWZDVWRNQRZKRZKH
172
FRXOGNQRFN5HOLJLRQRYHUDQGIORRUWKH(VWDEOLVKHG&KXUFK"0UV
6SDUVLWLQSRLQWRIKLJKFRQQH[LRQV\RXDUHRQDOHYHOZLWKWKH
DULVWRFUDF\GLG,VD\RUGLG,QRWVD\WRWKDWIHOORZ\RX
FDQ
WKLGHWKHWUXWKIURPPH\RXDUHQRWWKHNLQGRIIHOORZ,
OLNH\RX
OOFRPHWRQRJRRG"
$VVXUHGO\VLU
UHWXUQHG0UV6SDUVLW
\RXGLGLQDKLJKO\
LPSUHVVLYHPDQQHUJLYHKLPVXFKDQDGPRQLWLRQ
:KHQKHVKRFNHG\RXPD
DP
VDLG%RXQGHUE\
ZKHQKHVKRFNHG\RXU
IHHOLQJV"
<HVVLU
UHWXUQHG0UV6SDUVLWZLWKDPHHNVKDNHRIKHUKHDG
KHFHUWDLQO\GLGVR7KRXJK,GRQRWPHDQWRVD\EXWWKDWP\
IHHOLQJVPD\EHZHDNHURQVXFKSRLQWVPRUHIRROLVKLIWKHWHUPLV
SUHIHUUHGWKDQWKH\PLJKWKDYHEHHQLI,KDGDOZD\VRFFXSLHGP\
SUHVHQWSRVLWLRQ
0U%RXQGHUE\VWDUHGZLWKDEXUVWLQJSULGHDW0U+DUWKRXVHDV
PXFKDVWRVD\
,DPWKHSURSULHWRURIWKLVIHPDOHDQGVKH
V
ZRUWK\RXUDWWHQWLRQ,WKLQN
7KHQUHVXPHGKLVGLVFRXUVH
<RXFDQUHFDOOIRU\RXUVHOI+DUWKRXVHZKDW,VDLGWRKLPZKHQ
\RXVDZKLP,GLGQ
WPLQFHWKHPDWWHUZLWKKLP,DPQHYHUPHDO\
ZLWK
HP,.12:
HP9HU\ZHOOVLU7KUHHGD\VDIWHUWKDWKH
EROWHG:HQWRIIQRERG\NQRZVZKHUHDVP\PRWKHUGLGLQP\
LQIDQF\RQO\ZLWKWKLVGLIIHUHQFHWKDWKHLVDZRUVHVXEMHFW
WKDQP\PRWKHULISRVVLEOH:KDWGLGKHGREHIRUHKHZHQW":KDW
GR\RXVD\
0U%RXQGHUE\ZLWKKLVKDWLQKLVKDQGJDYHDEHDW
XSRQWKHFURZQDWHYHU\OLWWOHGLYLVLRQRIKLVVHQWHQFHVDVLILW
ZHUHDWDPERXULQH
WRKLVEHLQJVHHQQLJKWDIWHUQLJKW
ZDWFKLQJWKH%DQN"WRKLVOXUNLQJDERXWWKHUHDIWHUGDUN"7R
LWVVWULNLQJ0UV6SDUVLWWKDWKHFRXOGEHOXUNLQJIRUQRJRRG
7RKHUFDOOLQJ%LW]HU
VDWWHQWLRQWRKLPDQGWKHLUERWKWDNLQJ
QRWLFHRIKLP$QGWRLWVDSSHDULQJRQLQTXLU\WRGD\WKDWKH
ZDVDOVRQRWLFHGE\WKHQHLJKERXUV"
+DYLQJFRPHWRWKHFOLPD[
0U%RXQGHUE\OLNHDQRULHQWDOGDQFHUSXWKLVWDPERXULQHRQKLV
KHDG
6XVSLFLRXV
VDLG-DPHV+DUWKRXVH
FHUWDLQO\
,WKLQNVRVLU
VDLG%RXQGHUE\ZLWKDGHILDQWQRG
,WKLQN
VR%XWWKHUHDUHPRUHRI
HPLQLW7KHUH
VDQROGZRPDQ2QH
QHYHUKHDUVRIWKHVHWKLQJVWLOOWKHPLVFKLHI
VGRQHDOOVRUWVRI
173
GHIHFWVDUHIRXQGRXWLQWKHVWDEOHGRRUDIWHUWKHKRUVHLVVWROHQ
WKHUH
VDQROGZRPDQWXUQVXSQRZ$QROGZRPDQZKRVHHPVWRKDYH
EHHQIO\LQJLQWRWRZQRQDEURRPVWLFNHYHU\QRZDQGWKHQ6KH
ZDWFKHVWKHSODFHDZKROHGD\EHIRUHWKLVIHOORZEHJLQVDQGRQWKH
QLJKWZKHQ\RXVDZKLPVKHVWHDOVDZD\ZLWKKLPDQGKROGVD
FRXQFLOZLWKKLP,VXSSRVHWRPDNHKHUUHSRUWRQJRLQJRIIGXW\
DQGEHGDPQHGWRKHU
7KHUHZDVVXFKDSHUVRQLQWKHURRPWKDWQLJKWDQGVKHVKUXQNIURP
REVHUYDWLRQWKRXJKW/RXLVD
7KLVLVQRWDOORI
HPHYHQDVZHDOUHDG\NQRZ
HP
VDLG
%RXQGHUE\ZLWKPDQ\QRGVRIKLGGHQPHDQLQJ
%XW,KDYHVDLG
HQRXJKIRUWKHSUHVHQW<RX
OOKDYHWKHJRRGQHVVWRNHHSLWTXLHW
DQGPHQWLRQLWWRQRRQH,WPD\WDNHWLPHEXWZHVKDOOKDYH
HP
,W
VSROLF\WRJLYH
HPOLQHHQRXJKDQGWKHUH
VQRREMHFWLRQWR
WKDW
2IFRXUVHWKH\ZLOOEHSXQLVKHGZLWKWKHXWPRVWULJRXURIWKH
ODZDVQRWLFHERDUGVREVHUYH
UHSOLHG-DPHV+DUWKRXVH
DQGVHUYH
WKHPULJKW)HOORZVZKRJRLQIRU%DQNVPXVWWDNHWKH
FRQVHTXHQFHV,IWKHUHZHUHQRFRQVHTXHQFHVZHVKRXOGDOOJRLQ
IRU%DQNV
+HKDGJHQWO\WDNHQ/RXLVD
VSDUDVROIURPKHUKDQG
DQGKDGSXWLWXSIRUKHUDQGVKHZDONHGXQGHULWVVKDGHWKRXJK
WKHVXQGLGQRWVKLQHWKHUH
)RUWKHSUHVHQW/RR%RXQGHUE\
VDLGKHUKXVEDQG
KHUH
V0UV
6SDUVLWWRORRNDIWHU0UV6SDUVLW
VQHUYHVKDYHEHHQDFWHGXSRQ
E\WKLVEXVLQHVVDQGVKH
OOVWD\KHUHDGD\RUWZR6RPDNHKHU
FRPIRUWDEOH
7KDQN\RXYHU\PXFKVLU
WKDWGLVFUHHWODG\REVHUYHG
EXWSUD\
GRQRWOHW0\FRPIRUWEHDFRQVLGHUDWLRQ$Q\WKLQJZLOOGRIRU
0H
,WVRRQDSSHDUHGWKDWLI0UV6SDUVLWKDGDIDLOLQJLQKHU
DVVRFLDWLRQZLWKWKDWGRPHVWLFHVWDEOLVKPHQWLWZDVWKDWVKHZDV
VRH[FHVVLYHO\UHJDUGOHVVRIKHUVHOIDQGUHJDUGIXORIRWKHUVDVWR
EHDQXLVDQFH2QEHLQJVKRZQKHUFKDPEHUVKHZDVVRGUHDGIXOO\
VHQVLEOHRILWVFRPIRUWVDVWRVXJJHVWWKHLQIHUHQFHWKDWVKHZRXOG
KDYHSUHIHUUHGWRSDVVWKHQLJKWRQWKHPDQJOHLQWKHODXQGU\
7UXHWKH3RZOHUVDQGWKH6FDGJHUVHVZHUHDFFXVWRPHGWRVSOHQGRXU
EXWLWLVP\GXW\WRUHPHPEHU
0UV6SDUVLWZDVIRQGRIREVHUYLQJ
ZLWKDORIW\JUDFHSDUWLFXODUO\ZKHQDQ\RIWKHGRPHVWLFVZHUH
174
SUHVHQW
WKDWZKDW,ZDV,DPQRORQJHU,QGHHG
VDLGVKH
LI
,FRXOGDOWRJHWKHUFDQFHOWKHUHPHPEUDQFHWKDW0U6SDUVLWZDVD
3RZOHURUWKDW,P\VHOIDPUHODWHGWRWKH6FDGJHUVIDPLO\RULI,
FRXOGHYHQUHYRNHWKHIDFWDQGPDNHP\VHOIDSHUVRQRIFRPPRQ
GHVFHQWDQGRUGLQDU\FRQQH[LRQV,ZRXOGJODGO\GRVR,VKRXOG
WKLQNLWXQGHUH[LVWLQJFLUFXPVWDQFHVULJKWWRGRVR
7KHVDPH
+HUPLWLFDOVWDWHRIPLQGOHGWRKHUUHQXQFLDWLRQRIPDGHGLVKHVDQG
ZLQHVDWGLQQHUXQWLOIDLUO\FRPPDQGHGE\0U%RXQGHUE\WRWDNH
WKHPZKHQVKHVDLG
,QGHHG\RXDUHYHU\JRRGVLU
DQGGHSDUWHG
IURPDUHVROXWLRQRIZKLFKVKHKDGPDGHUDWKHUIRUPDODQGSXEOLF
DQQRXQFHPHQWWR
ZDLWIRUWKHVLPSOHPXWWRQ
6KHZDVOLNHZLVH
GHHSO\DSRORJHWLFIRUZDQWLQJWKHVDOWDQGIHHOLQJDPLDEO\ERXQG
WREHDURXW0U%RXQGHUE\WRWKHIXOOHVWH[WHQWLQWKHWHVWLPRQ\KH
KDGERUQHWRKHUQHUYHVRFFDVLRQDOO\VDWEDFNLQKHUFKDLUDQG
VLOHQWO\ZHSWDWZKLFKSHULRGVDWHDURIODUJHGLPHQVLRQVOLNHD
FU\VWDOHDUULQJPLJKWEHREVHUYHGRUUDWKHUPXVWEHIRULW
LQVLVWHGRQSXEOLFQRWLFHVOLGLQJGRZQKHU5RPDQQRVH
%XW0UV6SDUVLW
VJUHDWHVWSRLQWILUVWDQGODVWZDVKHU
GHWHUPLQDWLRQWRSLW\0U%RXQGHUE\7KHUHZHUHRFFDVLRQVZKHQLQ
ORRNLQJDWKLPVKHZDVLQYROXQWDULO\PRYHGWRVKDNHKHUKHDGDV
ZKRZRXOGVD\
$ODVSRRU<RULFN
$IWHUDOORZLQJKHUVHOIWREH
EHWUD\HGLQWRWKHVHHYLGHQFHVRIHPRWLRQVKHZRXOGIRUFHDODPEHQW
EULJKWQHVVDQGZRXOGEHILWIXOO\FKHHUIXODQGZRXOGVD\
<RX
KDYHVWLOOJRRGVSLULWVVLU,DPWKDQNIXOWRILQG
DQGZRXOG
DSSHDUWRKDLOLWDVDEOHVVHGGLVSHQVDWLRQWKDW0U%RXQGHUE\ERUH
XSDVKHGLG2QHLGLRV\QFUDV\IRUZKLFKVKHRIWHQDSRORJL]HGVKH
IRXQGLWH[FHVVLYHO\GLIILFXOWWRFRQTXHU6KHKDGDFXULRXV
SURSHQVLW\WRFDOO0UV%RXQGHUE\
0LVV*UDGJULQG
DQG\LHOGHGWR
LWVRPHWKUHHRUIRXUVFRUHWLPHVLQWKHFRXUVHRIWKHHYHQLQJ
+HUUHSHWLWLRQRIWKLVPLVWDNHFRYHUHG0UV6SDUVLWZLWKPRGHVW
FRQIXVLRQEXWLQGHHGVKHVDLGLWVHHPHGVRQDWXUDOWRVD\0LVV
*UDGJULQGZKHUHDVWRSHUVXDGHKHUVHOIWKDWWKH\RXQJODG\ZKRP
VKHKDGKDGWKHKDSSLQHVVRINQRZLQJIURPDFKLOGFRXOGEHUHDOO\
DQGWUXO\0UV%RXQGHUE\VKHIRXQGDOPRVWLPSRVVLEOH,WZDVD
IXUWKHUVLQJXODULW\RIWKLVUHPDUNDEOHFDVHWKDWWKHPRUHVKH
WKRXJKWDERXWLWWKHPRUHLPSRVVLEOHLWDSSHDUHG
WKH
GLIIHUHQFHV
VKHREVHUYHG
EHLQJVXFK
,QWKHGUDZLQJURRPDIWHUGLQQHU0U%RXQGHUE\WULHGWKHFDVHRI
WKHUREEHU\H[DPLQHGWKHZLWQHVVHVPDGHQRWHVRIWKHHYLGHQFH
IRXQGWKHVXVSHFWHGSHUVRQVJXLOW\DQGVHQWHQFHGWKHPWRWKH
H[WUHPHSXQLVKPHQWRIWKHODZ7KDWGRQH%LW]HUZDVGLVPLVVHGWR
WRZQZLWKLQVWUXFWLRQVWRUHFRPPHQG7RPWRFRPHKRPHE\WKHPDLO
175
WUDLQ
:KHQFDQGOHVZHUHEURXJKW0UV6SDUVLWPXUPXUHG
'RQ
WEHORZ
VLU3UD\OHWPHVHH\RXFKHHUIXOVLUDV,XVHGWRGR
0U
%RXQGHUE\XSRQZKRPWKHVHFRQVRODWLRQVKDGEHJXQWRSURGXFHWKH
HIIHFWRIPDNLQJKLPLQDEXOOKHDGHGEOXQGHULQJZD\VHQWLPHQWDO
VLJKHGOLNHVRPHODUJHVHDDQLPDO
,FDQQRWEHDUWRVHH\RXVR
VLU
VDLG0UV6SDUVLW
7U\DKDQGDWEDFNJDPPRQVLUDV\RX
XVHGWRGRZKHQ,KDGWKHKRQRXURIOLYLQJXQGHU\RXUURRI
,
KDYHQ
WSOD\HGEDFNJDPPRQPD
DP
VDLG0U%RXQGHUE\
VLQFHWKDW
WLPH
1RVLU
VDLG0UV6SDUVLWVRRWKLQJO\
,DPDZDUHWKDW
\RXKDYHQRW,UHPHPEHUWKDW0LVV*UDGJULQGWDNHVQRLQWHUHVWLQ
WKHJDPH%XW,VKDOOEHKDSS\VLULI\RXZLOOFRQGHVFHQG
7KH\SOD\HGQHDUDZLQGRZRSHQLQJRQWKHJDUGHQ,WZDVDILQH
QLJKWQRWPRRQOLJKWEXWVXOWU\DQGIUDJUDQW/RXLVDDQG0U
+DUWKRXVHVWUROOHGRXWLQWRWKHJDUGHQZKHUHWKHLUYRLFHVFRXOGEH
KHDUGLQWKHVWLOOQHVVWKRXJKQRWZKDWWKH\VDLG0UV6SDUVLW
IURPKHUSODFHDWWKHEDFNJDPPRQERDUGZDVFRQVWDQWO\VWUDLQLQJ
KHUH\HVWRSLHUFHWKHVKDGRZVZLWKRXW
:KDW
VWKHPDWWHUPD
DP"
VDLG0U%RXQGHUE\
\RXGRQ
WVHHD)LUHGR\RX"
2KGHDUQR
VLU
UHWXUQHG0UV6SDUVLW
,ZDVWKLQNLQJRIWKHGHZ
:KDW
KDYH\RXJRWWRGRZLWKWKHGHZPD
DP"
VDLG0U%RXQGHUE\
,W
V
QRWP\VHOIVLU
UHWXUQHG0UV6SDUVLW
,DPIHDUIXORI0LVV
*UDGJULQG
VWDNLQJFROG
6KHQHYHUWDNHVFROG
VDLG0U
%RXQGHUE\
5HDOO\VLU"
VDLG0UV6SDUVLW$QGZDVDIIHFWHG
ZLWKDFRXJKLQKHUWKURDW
:KHQWKHWLPHGUHZQHDUIRUUHWLULQJ0U%RXQGHUE\WRRNDJODVVRI
ZDWHU
2KVLU"
VDLG0UV6SDUVLW
1RW\RXUVKHUU\ZDUPZLWK
OHPRQSHHODQGQXWPHJ"
:K\,KDYHJRWRXWRIWKHKDELWRI
WDNLQJLWQRZPD
DP
VDLG0U%RXQGHUE\
7KHPRUH
VWKHSLW\
VLU
UHWXUQHG0UV6SDUVLW
\RXDUHORVLQJDOO\RXUJRRGROG
KDELWV&KHHUXSVLU,I0LVV*UDGJULQGZLOOSHUPLWPH,ZLOO
RIIHUWRPDNHLWIRU\RXDV,KDYHRIWHQGRQH
0LVV*UDGJULQGUHDGLO\SHUPLWWLQJ0UV6SDUVLWWRGRDQ\WKLQJVKH
SOHDVHGWKDWFRQVLGHUDWHODG\PDGHWKHEHYHUDJHDQGKDQGHGLWWR
0U%RXQGHUE\
,WZLOOGR\RXJRRGVLU,WZLOOZDUP\RXU
KHDUW,WLVWKHVRUWRIWKLQJ\RXZDQWDQGRXJKWWRWDNHVLU
$QGZKHQ0U%RXQGHUE\VDLG
<RXUKHDOWKPD
DP
VKHDQVZHUHG
ZLWKJUHDWIHHOLQJ
7KDQN\RXVLU7KHVDPHWR\RXDQG
KDSSLQHVVDOVR
)LQDOO\VKHZLVKHGKLPJRRGQLJKWZLWKJUHDW
SDWKRVDQG0U%RXQGHUE\ZHQWWREHGZLWKDPDXGOLQSHUVXDVLRQ
176
WKDWKHKDGEHHQFURVVHGLQVRPHWKLQJWHQGHUWKRXJKKHFRXOGQRW
IRUKLVOLIHKDYHPHQWLRQHGZKDWLWZDV
/RQJDIWHU/RXLVDKDGXQGUHVVHGDQGODLQGRZQVKHZDWFKHGDQG
ZDLWHGIRUKHUEURWKHU
VFRPLQJKRPH7KDWFRXOGKDUGO\EHVKH
NQHZXQWLODQKRXUSDVWPLGQLJKWEXWLQWKHFRXQWU\VLOHQFH
ZKLFKGLGDQ\WKLQJEXWFDOPWKHWURXEOHRIKHUWKRXJKWVWLPH
ODJJHGZHDULO\$WODVWZKHQWKHGDUNQHVVDQGVWLOOQHVVKDG
VHHPHGIRUKRXUVWRWKLFNHQRQHDQRWKHUVKHKHDUGWKHEHOODWWKH
JDWH6KHIHOWDVWKRXJKVKHZRXOGKDYHEHHQJODGWKDWLWUDQJRQ
XQWLOGD\OLJKWEXWLWFHDVHGDQGWKHFLUFOHVRILWVODVWVRXQG
VSUHDGRXWIDLQWHUDQGZLGHULQWKHDLUDQGDOOZDVGHDGDJDLQ
6KHZDLWHG\HWVRPHTXDUWHURIDQKRXUDVVKHMXGJHG7KHQVKH
DURVHSXWRQDORRVHUREHDQGZHQWRXWRIKHUURRPLQWKHGDUN
DQGXSWKHVWDLUFDVHWRKHUEURWKHU
VURRP+LVGRRUEHLQJVKXW
VKHVRIWO\RSHQHGLWDQGVSRNHWRKLPDSSURDFKLQJKLVEHGZLWKD
QRLVHOHVVVWHS
6KHNQHHOHGGRZQEHVLGHLWSDVVHGKHUDUPRYHUKLVQHFNDQGGUHZ
KLVIDFHWRKHUV6KHNQHZWKDWKHRQO\IHLJQHGWREHDVOHHSEXW
VKHVDLGQRWKLQJWRKLP
+HVWDUWHGE\DQGE\DVLIKHZHUHMXVWWKHQDZDNHQHGDQGDVNHG
ZKRWKDWZDVDQGZKDWZDVWKHPDWWHU"
7RPKDYH\RXDQ\WKLQJWRWHOOPH",IHYHU\RXORYHGPHLQ\RXU
OLIHDQGKDYHDQ\WKLQJFRQFHDOHGIURPHYHU\RQHEHVLGHVWHOOLW
WRPH
,GRQ
WNQRZZKDW\RXPHDQ/RR<RXKDYHEHHQGUHDPLQJ
0\GHDUEURWKHU
VKHODLGKHUKHDGGRZQRQKLVSLOORZDQGKHU
KDLUIORZHGRYHUKLPDVLIVKHZRXOGKLGHKLPIURPHYHU\RQHEXW
KHUVHOI
LVWKHUHQRWKLQJWKDW\RXKDYHWRWHOOPH",VWKHUH
QRWKLQJ\RXFDQWHOOPHLI\RXZLOO"<RXFDQWHOOPHQRWKLQJWKDW
ZLOOFKDQJHPH27RPWHOOPHWKHWUXWK
,GRQ
WNQRZZKDW\RXPHDQ/RR
$V\RXOLHKHUHDORQHP\GHDULQWKHPHODQFKRO\QLJKWVR\RX
PXVWOLHVRPHZKHUHRQHQLJKWZKHQHYHQ,LI,DPOLYLQJWKHQ
VKDOOKDYHOHIW\RX$V,DPKHUHEHVLGH\RXEDUHIRRWXQFORWKHG
XQGLVWLQJXLVKDEOHLQGDUNQHVVVRPXVW,OLHWKURXJKDOOWKHQLJKW
177
RIP\GHFD\XQWLO,DPGXVW,QWKHQDPHRIWKDWWLPH7RPWHOO
PHWKHWUXWKQRZ
:KDWLVLW\RXZDQWWRNQRZ"
<RXPD\EHFHUWDLQ
LQWKHHQHUJ\RIKHUORYHVKHWRRNKLPWRKHU
ERVRPDVLIKHZHUHDFKLOG
WKDW,ZLOOQRWUHSURDFK\RX<RX
PD\EHFHUWDLQWKDW,ZLOOEHFRPSDVVLRQDWHDQGWUXHWR\RX<RX
PD\EHFHUWDLQWKDW,ZLOOVDYH\RXDWZKDWHYHUFRVW27RPKDYH
\RXQRWKLQJWRWHOOPH":KLVSHUYHU\VRIWO\6D\RQO\\HVDQG
,VKDOOXQGHUVWDQG\RX
6KHWXUQHGKHUHDUWRKLVOLSVEXWKHUHPDLQHGGRJJHGO\VLOHQW
1RWDZRUG7RP"
+RZFDQ,VD\<HVRUKRZFDQ,VD\1RZKHQ,GRQ
WNQRZZKDW\RX
PHDQ"/RR\RXDUHDEUDYHNLQGJLUOZRUWK\,EHJLQWRWKLQNRI
DEHWWHUEURWKHUWKDQ,DP%XW,KDYHQRWKLQJPRUHWRVD\*RWR
EHGJRWREHG
<RXDUHWLUHG
VKHZKLVSHUHGSUHVHQWO\PRUHLQKHUXVXDOZD\
<HV,DPTXLWHWLUHGRXW
<RXKDYHEHHQVRKXUULHGDQGGLVWXUEHGWRGD\+DYHDQ\IUHVK
GLVFRYHULHVEHHQPDGH"
2QO\WKRVH\RXKDYHKHDUGRIIURPKLP
7RPKDYH\RXVDLGWRDQ\RQHWKDWZHPDGHDYLVLWWRWKRVH
SHRSOHDQGWKDWZHVDZWKRVHWKUHHWRJHWKHU"
1R'LGQ
W\RX\RXUVHOISDUWLFXODUO\DVNPHWRNHHSLWTXLHWZKHQ
\RXDVNHGPHWRJRWKHUHZLWK\RX"
<HV%XW,GLGQRWNQRZWKHQZKDWZDVJRLQJWRKDSSHQ
1RU,QHLWKHU+RZFRXOG,"
+HZDVYHU\TXLFNXSRQKHUZLWKWKLVUHWRUW
2XJKW,WRVD\DIWHUZKDWKDVKDSSHQHG
VDLGKLVVLVWHU
VWDQGLQJE\WKHEHGVKHKDGJUDGXDOO\ZLWKGUDZQKHUVHOIDQG
178
ULVHQ
WKDW,PDGHWKDWYLVLW"6KRXOG,VD\VR"0XVW,VD\VR"
*RRG+HDYHQV/RR
UHWXUQHGKHUEURWKHU
\RXDUHQRWLQWKH
KDELWRIDVNLQJP\DGYLFHVD\ZKDW\RXOLNH,I\RXNHHSLWWR
\RXUVHOI,VKDOONHHSLWWRP\VHOI,I\RXGLVFORVHLWWKHUH
V
DQHQGRILW
,WZDVWRRGDUNIRUHLWKHUWRVHHWKHRWKHU
VIDFHEXWHDFKVHHPHG
YHU\DWWHQWLYHDQGWRFRQVLGHUEHIRUHVSHDNLQJ
7RPGR\RXEHOLHYHWKHPDQ,JDYHWKHPRQH\WRLVUHDOO\
LPSOLFDWHGLQWKLVFULPH"
,GRQ
WNQRZ,GRQ
WVHHZK\KHVKRXOGQ
WEH
+HVHHPHGWRPHDQKRQHVWPDQ
$QRWKHUSHUVRQPD\VHHPWR\RXGLVKRQHVWDQG\HWQRWEHVR
7KHUHZDVDSDXVHIRUKHKDGKHVLWDWHGDQGVWRSSHG
,QVKRUW
UHVXPHG7RPDVLIKHKDGPDGHXSKLVPLQG
LI\RX
FRPHWRWKDWSHUKDSV,ZDVVRIDUIURPEHLQJDOWRJHWKHULQKLV
IDYRXUWKDW,WRRNKLPRXWVLGHWKHGRRUWRWHOOKLPTXLHWO\WKDW
,WKRXJKWKHPLJKWFRQVLGHUKLPVHOIYHU\ZHOORIIWRJHWVXFKD
ZLQGIDOODVKHKDGJRWIURPP\VLVWHUDQGWKDW,KRSHGKHZRXOG
PDNHJRRGXVHRILW<RXUHPHPEHUZKHWKHU,WRRNKLPRXWRUQRW
,VD\QRWKLQJDJDLQVWWKHPDQKHPD\EHDYHU\JRRGIHOORZIRU
DQ\WKLQJ,NQRZ,KRSHKHLV
:DVKHRIIHQGHGE\ZKDW\RXVDLG"
1RKHWRRNLWSUHWW\ZHOOKHZDVFLYLOHQRXJK:KHUHDUH\RX
/RR"
+HVDWXSLQEHGDQGNLVVHGKHU
*RRGQLJKWP\GHDUJRRG
QLJKW
<RXKDYHQRWKLQJPRUHWRWHOOPH"
1R:KDWVKRXOG,KDYH"<RXZRXOGQ
WKDYHPHWHOO\RXDOLH
,ZRXOGQ
WKDYH\RXGRWKDWWRQLJKW7RPRIDOOWKHQLJKWVLQ
\RXUOLIHPDQ\DQGPXFKKDSSLHUDV,KRSHWKH\ZLOOEH
7KDQN\RXP\GHDU/RR,DPVRWLUHGWKDW,DPVXUH,ZRQGHU,
GRQ
WVD\DQ\WKLQJWRJHWWRVOHHS*RWREHGJRWREHG
179
.LVVLQJKHUDJDLQKHWXUQHGURXQGGUHZWKHFRYHUOHWRYHUKLV
KHDGDQGOD\DVVWLOODVLIWKDWWLPHKDGFRPHE\ZKLFKVKHKDG
DGMXUHGKLP6KHVWRRGIRUVRPHWLPHDWWKHEHGVLGHEHIRUHVKH
VORZO\PRYHGDZD\6KHVWRSSHGDWWKHGRRUORRNHGEDFNZKHQVKH
KDGRSHQHGLWDQGDVNHGKLPLIKHKDGFDOOHGKHU"%XWKHOD\
VWLOODQGVKHVRIWO\FORVHGWKHGRRUDQGUHWXUQHGWRKHUURRP
7KHQWKHZUHWFKHGER\ORRNHGFDXWLRXVO\XSDQGIRXQGKHUJRQH
FUHSWRXWRIEHGIDVWHQHGKLVGRRUDQGWKUHZKLPVHOIXSRQKLV
SLOORZDJDLQWHDULQJKLVKDLUPRURVHO\FU\LQJJUXGJLQJO\ORYLQJ
KHUKDWHIXOO\EXWLPSHQLWHQWO\VSXUQLQJKLPVHOIDQGQROHVV
KDWHIXOO\DQGXQSURILWDEO\VSXUQLQJDOOWKHJRRGLQWKHZRUOG
&+$37(5,;+($5,1*7+(/$672),7
05663$56,7O\LQJE\WRUHFRYHUWKHWRQHRIKHUQHUYHVLQ0U
%RXQGHUE\
VUHWUHDWNHSWVXFKDVKDUSORRNRXWQLJKWDQGGD\
XQGHUKHU&RULRODQLDQH\HEURZVWKDWKHUH\HVOLNHDFRXSOHRI
OLJKWKRXVHVRQDQLURQERXQGFRDVWPLJKWKDYHZDUQHGDOOSUXGHQW
PDULQHUVIURPWKDWEROGURFNKHU5RPDQQRVHDQGWKHGDUNDQGFUDJJ\
UHJLRQLQLWVQHLJKERXUKRRGEXWIRUWKHSODFLGLW\RIKHUPDQQHU
$OWKRXJKLWZDVKDUGWREHOLHYHWKDWKHUUHWLULQJIRUWKHQLJKW
FRXOGEHDQ\WKLQJEXWDIRUPVRVHYHUHO\ZLGHDZDNHZHUHWKRVH
FODVVLFDOH\HVRIKHUVDQGVRLPSRVVLEOHGLGLWVHHPWKDWKHU
ULJLGQRVHFRXOG\LHOGWRDQ\UHOD[LQJLQIOXHQFH\HWKHUPDQQHURI
VLWWLQJVPRRWKLQJKHUXQFRPIRUWDEOHQRWWRVD\JULWW\PLWWHQV
WKH\ZHUHFRQVWUXFWHGRIDFRROIDEULFOLNHDPHDWVDIHRURI
DPEOLQJWRXQNQRZQSODFHVRIGHVWLQDWLRQZLWKKHUIRRWLQKHU
FRWWRQVWLUUXSZDVVRSHUIHFWO\VHUHQHWKDWPRVWREVHUYHUVZRXOG
KDYHEHHQFRQVWUDLQHGWRVXSSRVHKHUDGRYHHPERGLHGE\VRPHIUHDN
RIQDWXUHLQWKHHDUWKO\WDEHUQDFOHRIDELUGRIWKHKRRNEHDNHG
RUGHU
6KHZDVDPRVWZRQGHUIXOZRPDQIRUSURZOLQJDERXWWKHKRXVH+RZ
VKHJRWIURPVWRU\WRVWRU\ZDVDP\VWHU\EH\RQGVROXWLRQ$ODG\
VRGHFRURXVLQKHUVHOIDQGVRKLJKO\FRQQHFWHGZDVQRWWREH
VXVSHFWHGRIGURSSLQJRYHUWKHEDQLVWHUVRUVOLGLQJGRZQWKHP\HW
KHUH[WUDRUGLQDU\IDFLOLW\RIORFRPRWLRQVXJJHVWHGWKHZLOGLGHD
$QRWKHUQRWLFHDEOHFLUFXPVWDQFHLQ0UV6SDUVLWZDVWKDWVKHZDV
180
QHYHUKXUULHG6KHZRXOGVKRRWZLWKFRQVXPPDWHYHORFLW\IURPWKH
URRIWRWKHKDOO\HWZRXOGEHLQIXOOSRVVHVVLRQRIKHUEUHDWKDQG
GLJQLW\RQWKHPRPHQWRIKHUDUULYDOWKHUH1HLWKHUZDVVKHHYHU
VHHQE\KXPDQYLVLRQWRJRDWDJUHDWSDFH
6KHWRRNYHU\NLQGO\WR0U+DUWKRXVHDQGKDGVRPHSOHDVDQW
FRQYHUVDWLRQZLWKKLPVRRQDIWHUKHUDUULYDO6KHPDGHKLPKHU
VWDWHO\FXUWVH\LQWKHJDUGHQRQHPRUQLQJEHIRUHEUHDNIDVW
,WDSSHDUVEXW\HVWHUGD\VLU
VDLG0UV6SDUVLW
WKDW,KDGWKH
KRQRXURIUHFHLYLQJ\RXDWWKH%DQNZKHQ\RXZHUHVRJRRGDVWR
ZLVKWREHPDGHDFTXDLQWHGZLWK0U%RXQGHUE\
VDGGUHVV
$QRFFDVLRQ,DPVXUHQRWWREHIRUJRWWHQE\P\VHOILQWKH
FRXUVHRI$JHV
VDLG0U+DUWKRXVHLQFOLQLQJKLVKHDGWR0UV
6SDUVLWZLWKWKHPRVWLQGROHQWRIDOOSRVVLEOHDLUV
:HOLYHLQDVLQJXODUZRUOGVLU
VDLG0UV6SDUVLW
,KDYHKDGWKHKRQRXUE\DFRLQFLGHQFHRIZKLFK,DPSURXGWR
KDYHPDGHDUHPDUNVLPLODULQHIIHFWWKRXJKQRWVR
HSLJUDPPDWLFDOO\H[SUHVVHG
$VLQJXODUZRUOG,ZRXOGVD\VLU
SXUVXHG0UV6SDUVLWDIWHU
DFNQRZOHGJLQJWKHFRPSOLPHQWZLWKDGURRSLQJRIKHUGDUNH\HEURZV
QRWDOWRJHWKHUVRPLOGLQLWVH[SUHVVLRQDVKHUYRLFHZDVLQLWV
GXOFHWWRQHV
DVUHJDUGVWKHLQWLPDFLHVZHIRUPDWRQHWLPHZLWK
LQGLYLGXDOVZHZHUHTXLWHLJQRUDQWRIDWDQRWKHU,UHFDOOVLU
WKDWRQWKDWRFFDVLRQ\RXZHQWVRIDUDVWRVD\\RXZHUHDFWXDOO\
DSSUHKHQVLYHRI0LVV*UDGJULQG
<RXUPHPRU\GRHVPHPRUHKRQRXUWKDQP\LQVLJQLILFDQFHGHVHUYHV
,DYDLOHGP\VHOIRI\RXUREOLJLQJKLQWVWRFRUUHFWP\WLPLGLW\DQG
LWLVXQQHFHVVDU\WRDGGWKDWWKH\ZHUHSHUIHFWO\DFFXUDWH0UV
6SDUVLW
VWDOHQWIRULQIDFWIRUDQ\WKLQJUHTXLULQJDFFXUDF\
ZLWKDFRPELQDWLRQRIVWUHQJWKRIPLQGDQG)DPLO\LVWRR
KDELWXDOO\GHYHORSHGWRDGPLWRIDQ\TXHVWLRQ
+HZDVDOPRVW
IDOOLQJDVOHHSRYHUWKLVFRPSOLPHQWLWWRRNKLPVRORQJWRJHW
WKURXJKDQGKLVPLQGZDQGHUHGVRPXFKLQWKHFRXUVHRILWV
H[HFXWLRQ
<RXIRXQG0LVV*UDGJULQG,UHDOO\FDQQRWFDOOKHU0UV
%RXQGHUE\LW
VYHU\DEVXUGRIPHDV\RXWKIXODV,GHVFULEHG
KHU"
DVNHG0UV6SDUVLWVZHHWO\
181
<RXGUHZKHUSRUWUDLWSHUIHFWO\
VDLG0U+DUWKRXVH
3UHVHQWHG
KHUGHDGLPDJH
9HU\HQJDJLQJVLU
VDLG0UV6SDUVLWFDXVLQJKHUPLWWHQVVORZO\
WRUHYROYHRYHURQHDQRWKHU
+LJKO\VR
,WXVHGWREHFRQVLGHUHG
VDLG0UV6SDUVLW
WKDW0LVV*UDGJULQG
ZDVZDQWLQJLQDQLPDWLRQEXW,FRQIHVVVKHDSSHDUVWRPH
FRQVLGHUDEO\DQGVWULNLQJO\LPSURYHGLQWKDWUHVSHFW$\DQG
LQGHHGKHUHLV0U%RXQGHUE\
FULHG0UV6SDUVLWQRGGLQJKHUKHDG
DJUHDWPDQ\WLPHVDVLIVKHKDGEHHQWDONLQJDQGWKLQNLQJRIQR
RQHHOVH
+RZGR\RXILQG\RXUVHOIWKLVPRUQLQJVLU"3UD\OHW
XVVHH\RXFKHHUIXOVLU
1RZWKHVHSHUVLVWHQWDVVXDJHPHQWVRIKLVPLVHU\DQGOLJKWHQLQJV
RIKLVORDGKDGE\WKLVWLPHEHJXQWRKDYHWKHHIIHFWRIPDNLQJ
0U%RXQGHUE\VRIWHUWKDQXVXDOWRZDUGV0UV6SDUVLWDQGKDUGHU
WKDQXVXDOWRPRVWRWKHUSHRSOHIURPKLVZLIHGRZQZDUG6RZKHQ
0UV6SDUVLWVDLGZLWKIRUFHGOLJKWQHVVRIKHDUW
<RXZDQW\RXU
EUHDNIDVWVLUEXW,GDUHVD\0LVV*UDGJULQGZLOOVRRQEHKHUHWR
SUHVLGHDWWKHWDEOH
0U%RXQGHUE\UHSOLHG
,I,ZDLWHGWREH
WDNHQFDUHRIE\P\ZLIHPD
DP,EHOLHYH\RXNQRZSUHWW\ZHOO,
VKRXOGZDLWWLOO'RRPVGD\VR,
OOWURXEOH\RXWRWDNHFKDUJHRI
WKHWHDSRW
0UV6SDUVLWFRPSOLHGDQGDVVXPHGKHUROGSRVLWLRQ
DWWDEOH
7KLVDJDLQPDGHWKHH[FHOOHQWZRPDQYDVWO\VHQWLPHQWDO6KHZDVVR
KXPEOHZLWKDOWKDWZKHQ/RXLVDDSSHDUHGVKHURVHSURWHVWLQJVKH
QHYHUFRXOGWKLQNRIVLWWLQJLQWKDWSODFHXQGHUH[LVWLQJ
FLUFXPVWDQFHVRIWHQDVVKHKDGKDGWKHKRQRXURIPDNLQJ0U
%RXQGHUE\
VEUHDNIDVWEHIRUH0UV*UDGJULQGVKHEHJJHGSDUGRQ
VKHPHDQWWRVD\0LVV%RXQGHUE\VKHKRSHGWREHH[FXVHGEXWVKH
UHDOO\FRXOGQRWJHWLWULJKW\HWWKRXJKVKHWUXVWHGWREHFRPH
IDPLOLDUZLWKLWE\DQGE\KDGDVVXPHGKHUSUHVHQWSRVLWLRQ,W
ZDVRQO\VKHREVHUYHGEHFDXVH0LVV*UDGJULQGKDSSHQHGWREHD
OLWWOHODWHDQG0U%RXQGHUE\
VWLPHZDVVRYHU\SUHFLRXVDQGVKH
NQHZLWRIROGWREHVRHVVHQWLDOWKDWKHVKRXOGEUHDNIDVWWRWKH
PRPHQWWKDWVKHKDGWDNHQWKHOLEHUW\RIFRPSO\LQJZLWKKLV
UHTXHVWORQJDVKLVZLOOKDGEHHQDODZWRKHU
7KHUH6WRSZKHUH\RXDUHPD
DP
VDLG0U%RXQGHUE\
VWRS
182
ZKHUH\RXDUH0UV%RXQGHUE\ZLOOEHYHU\JODGWREHUHOLHYHGRI
WKHWURXEOH,EHOLHYH
'RQ
WVD\WKDWVLU
UHWXUQHG0UV6SDUVLWDOPRVWZLWKVHYHULW\
EHFDXVHWKDWLVYHU\XQNLQGWR0UV%RXQGHUE\$QGWREHXQNLQG
LVQRWWREH\RXVLU
<RXPD\VHW\RXUPLQGDWUHVWPD
DP<RXFDQWDNHLWYHU\
TXLHWO\FDQ
W\RX/RR"
VDLG0U%RXQGHUE\LQDEOXVWHULQJZD\
WRKLVZLIH
2IFRXUVH,WLVRIQRPRPHQW:K\VKRXOGLWEHRIDQ\
LPSRUWDQFHWRPH"
:K\VKRXOGLWEHRIDQ\LPSRUWDQFHWRDQ\RQH0UV6SDUVLW
PD
DP"
VDLG0U%RXQGHUE\VZHOOLQJZLWKDVHQVHRIVOLJKW
<RX
DWWDFKWRRPXFKLPSRUWDQFHWRWKHVHWKLQJVPD
DP%\*HRUJH
\RX
OOEHFRUUXSWHGLQVRPHRI\RXUQRWLRQVKHUH<RXDUHROG
IDVKLRQHGPD
DP<RXDUHEHKLQG7RP*UDGJULQG
VFKLOGUHQ
VWLPH
:KDWLVWKHPDWWHUZLWK\RX"
DVNHG/RXLVDFROGO\VXUSULVHG
:KDWKDVJLYHQ\RXRIIHQFH"
2IIHQFH
UHSHDWHG%RXQGHUE\
'R\RXVXSSRVHLIWKHUHZDVDQ\
RIIHQFHJLYHQPH,VKRXOGQ
WQDPHLWDQGUHTXHVWWRKDYHLW
FRUUHFWHG",DPDVWUDLJKWIRUZDUGPDQ,EHOLHYH,GRQ
WJR
EHDWLQJDERXWIRUVLGHZLQGV
,VXSSRVHQRRQHHYHUKDGRFFDVLRQWRWKLQN\RXWRRGLIILGHQWRU
WRRGHOLFDWH
/RXLVDDQVZHUHGKLPFRPSRVHGO\
,KDYHQHYHUPDGH
WKDWREMHFWLRQWR\RXHLWKHUDVDFKLOGRUDVDZRPDQ,GRQ
W
XQGHUVWDQGZKDW\RXZRXOGKDYH
+DYH"
UHWXUQHG0U%RXQGHUE\
1RWKLQJ2WKHUZLVHGRQ
W\RX
/RR%RXQGHUE\NQRZWKRURXJKO\ZHOOWKDW,-RVLDK%RXQGHUE\RI
&RNHWRZQZRXOGKDYHLW"
6KHORRNHGDWKLPDVKHVWUXFNWKHWDEOHDQGPDGHWKHWHDFXSV
ULQJZLWKDSURXGFRORXULQKHUIDFHWKDWZDVDQHZFKDQJH0U
+DUWKRXVHWKRXJKW
<RXDUHLQFRPSUHKHQVLEOHWKLVPRUQLQJ
VDLG
/RXLVD
3UD\WDNHQRIXUWKHUWURXEOHWRH[SODLQ\RXUVHOI,DP
QRWFXULRXVWRNQRZ\RXUPHDQLQJ:KDWGRHVLWPDWWHU"
1RWKLQJPRUHZDVVDLGRQWKLVWKHPHDQG0U+DUWKRXVHZDVVRRQ
183
LGO\JD\RQLQGLIIHUHQWVXEMHFWV%XWIURPWKLVGD\WKH6SDUVLW
DFWLRQXSRQ0U%RXQGHUE\WKUHZ/RXLVDDQG-DPHV+DUWKRXVHPRUH
WRJHWKHUDQGVWUHQJWKHQHGWKHGDQJHURXVDOLHQDWLRQIURPKHU
KXVEDQGDQGFRQILGHQFHDJDLQVWKLPZLWKDQRWKHULQWRZKLFKVKHKDG
IDOOHQE\GHJUHHVVRILQHWKDWVKHFRXOGQRWUHWUDFHWKHPLIVKH
WULHG%XWZKHWKHUVKHHYHUWULHGRUQROD\KLGGHQLQKHURZQ
FORVHGKHDUW
0UV6SDUVLWZDVVRPXFKDIIHFWHGRQWKLVSDUWLFXODURFFDVLRQ
WKDWDVVLVWLQJ0U%RXQGHUE\WRKLVKDWDIWHUEUHDNIDVWDQGEHLQJ
WKHQDORQHZLWKKLPLQWKHKDOOVKHLPSULQWHGDFKDVWHNLVVXSRQ
KLVKDQGPXUPXUHG
0\EHQHIDFWRU
DQGUHWLUHGRYHUZKHOPHGZLWK
JULHI<HWLWLVDQLQGXELWDEOHIDFWZLWKLQWKHFRJQL]DQFHRI
WKLVKLVWRU\WKDWILYHPLQXWHVDIWHUKHKDGOHIWWKHKRXVHLQWKH
VHOIVDPHKDWWKHVDPHGHVFHQGDQWRIWKH6FDGJHUVHVDQGFRQQH[LRQ
E\PDWULPRQ\RIWKH3RZOHUVVKRRNKHUULJKWKDQGPLWWHQDWKLV
SRUWUDLWPDGHDFRQWHPSWXRXVJULPDFHDWWKDWZRUNRIDUWDQGVDLG
6HUYH\RXULJKW\RX1RRGOHDQG,DPJODGRILW
0U%RXQGHUE\KDGQRWEHHQORQJJRQHZKHQ%LW]HUDSSHDUHG%LW]HU
KDGFRPHGRZQE\WUDLQVKULHNLQJDQGUDWWOLQJRYHUWKHORQJOLQH
RIDUFKHVWKDWEHVWURGHWKHZLOGFRXQWU\RISDVWDQGSUHVHQWFRDO
SLWVZLWKDQH[SUHVVIURP6WRQH/RGJH,WZDVDKDVW\QRWHWR
LQIRUP/RXLVDWKDW0UV*UDGJULQGOD\YHU\LOO6KHKDGQHYHUEHHQ
ZHOOZLWKLQKHUGDXJKWHU
VNQRZOHGJHEXWVKHKDGGHFOLQHGZLWKLQ
WKHODVWIHZGD\VKDGFRQWLQXHGVLQNLQJDOOWKURXJKWKHQLJKWDQG
ZDVQRZDVQHDUO\GHDGDVKHUOLPLWHGFDSDFLW\RIEHLQJLQDQ\
VWDWHWKDWLPSOLHGWKHJKRVWRIDQLQWHQWLRQWRJHWRXWRILW
DOORZHG
$FFRPSDQLHGE\WKHOLJKWHVWRISRUWHUVILWFRORXUOHVVVHUYLWRUDW
'HDWK
VGRRUZKHQ0UV*UDGJULQGNQRFNHG/RXLVDUXPEOHGWR
&RNHWRZQRYHUWKHFRDOSLWVSDVWDQGSUHVHQWDQGZDVZKLUOHGLQWR
LWVVPRN\MDZV6KHGLVPLVVHGWKHPHVVHQJHUWRKLVRZQGHYLFHV
DQGURGHDZD\WRKHUROGKRPH
6KHKDGVHOGRPEHHQWKHUHVLQFHKHUPDUULDJH+HUIDWKHUZDV
XVXDOO\VLIWLQJDQGVLIWLQJDWKLVSDUOLDPHQWDU\FLQGHUKHDSLQ
/RQGRQZLWKRXWEHLQJREVHUYHGWRWXUQXSPDQ\SUHFLRXVDUWLFOHV
DPRQJWKHUXEELVKDQGZDVVWLOOKDUGDWLWLQWKHQDWLRQDOGXVW
\DUG+HUPRWKHUKDGWDNHQLWUDWKHUDVDGLVWXUEDQFHWKDQ
RWKHUZLVHWREHYLVLWHGDVVKHUHFOLQHGXSRQKHUVRID\RXQJ
SHRSOH/RXLVDIHOWKHUVHOIDOOXQILWIRU6LVV\VKHKDGQHYHU
VRIWHQHGWRDJDLQVLQFHWKHQLJKWZKHQWKHVWUROOHU
VFKLOGKDG
184
UDLVHGKHUH\HVWRORRNDW0U%RXQGHUE\
VLQWHQGHGZLIH6KHKDG
QRLQGXFHPHQWVWRJREDFNDQGKDGUDUHO\JRQH
1HLWKHUDVVKHDSSURDFKHGKHUROGKRPHQRZGLGDQ\RIWKHEHVW
LQIOXHQFHVRIROGKRPHGHVFHQGXSRQKHU7KHGUHDPVRIFKLOGKRRG
LWVDLU\IDEOHVLWVJUDFHIXOEHDXWLIXOKXPDQHLPSRVVLEOH
DGRUQPHQWVRIWKHZRUOGEH\RQGVRJRRGWREHEHOLHYHGLQRQFHVR
JRRGWREHUHPHPEHUHGZKHQRXWJURZQIRUWKHQWKHOHDVWDPRQJWKHP
ULVHVWRWKHVWDWXUHRIDJUHDW&KDULW\LQWKHKHDUWVXIIHULQJ
OLWWOHFKLOGUHQWRFRPHLQWRWKHPLGVWRILWDQGWRNHHSZLWK
WKHLUSXUHKDQGVDJDUGHQLQWKHVWRQ\ZD\VRIWKLVZRUOGZKHUHLQ
LWZHUHEHWWHUIRUDOOWKHFKLOGUHQRI$GDPWKDWWKH\VKRXOG
RIWHQHUVXQWKHPVHOYHVVLPSOHDQGWUXVWIXODQGQRWZRUOGO\ZLVH
ZKDWKDGVKHWRGRZLWKWKHVH"5HPHPEUDQFHVRIKRZVKHKDG
MRXUQH\HGWRWKHOLWWOHWKDWVKHNQHZE\WKHHQFKDQWHGURDGVRI
ZKDWVKHDQGPLOOLRQVRILQQRFHQWFUHDWXUHVKDGKRSHGDQGLPDJLQHG
RIKRZILUVWFRPLQJXSRQ5HDVRQWKURXJKWKHWHQGHUOLJKWRI)DQF\
VKHKDGVHHQLWDEHQHILFHQWJRGGHIHUULQJWRJRGVDVJUHDWDV
LWVHOIQRWDJULP,GROFUXHODQGFROGZLWKLWVYLFWLPVERXQG
KDQGWRIRRWDQGLWVELJGXPEVKDSHVHWXSZLWKDVLJKWOHVVVWDUH
QHYHUWREHPRYHGE\DQ\WKLQJEXWVRPDQ\FDOFXODWHGWRQVRI
OHYHUDJHZKDWKDGVKHWRGRZLWKWKHVH"+HUUHPHPEUDQFHVRIKRPH
DQGFKLOGKRRGZHUHUHPHPEUDQFHVRIWKHGU\LQJXSRIHYHU\VSULQJ
DQGIRXQWDLQLQKHU\RXQJKHDUWDVLWJXVKHGRXW7KHJROGHQ
ZDWHUVZHUHQRWWKHUH7KH\ZHUHIORZLQJIRUWKHIHUWLOL]DWLRQRI
WKHODQGZKHUHJUDSHVDUHJDWKHUHGIURPWKRUQVDQGILJVIURP
WKLVWOHV
6KHZHQWZLWKDKHDY\KDUGHQHGNLQGRIVRUURZXSRQKHULQWRWKH
KRXVHDQGLQWRKHUPRWKHU
VURRP6LQFHWKHWLPHRIKHUOHDYLQJ
KRPH6LVV\KDGOLYHGZLWKWKHUHVWRIWKHIDPLO\RQHTXDOWHUPV
6LVV\ZDVDWKHUPRWKHU
VVLGHDQG-DQHKHUVLVWHUQRZWHQRU
WZHOYH\HDUVROGZDVLQWKHURRP
7KHUHZDVJUHDWWURXEOHEHIRUHLWFRXOGEHPDGHNQRZQWR0UV
*UDGJULQGWKDWKHUHOGHVWFKLOGZDVWKHUH6KHUHFOLQHGSURSSHG
XSIURPPHUHKDELWRQDFRXFKDVQHDUO\LQKHUROGXVXDO
DWWLWXGHDVDQ\WKLQJVRKHOSOHVVFRXOGEHNHSWLQ6KHKDG
SRVLWLYHO\UHIXVHGWRWDNHWRKHUEHGRQWKHJURXQGWKDWLIVKH
GLGVKHZRXOGQHYHUKHDUWKHODVWRILW
+HUIHHEOHYRLFHVRXQGHGVRIDUDZD\LQKHUEXQGOHRIVKDZOVDQG
WKHVRXQGRIDQRWKHUYRLFHDGGUHVVLQJKHUVHHPHGWRWDNHVXFKD
ORQJWLPHLQJHWWLQJGRZQWRKHUHDUVWKDWVKHPLJKWKDYHEHHQ
185
O\LQJDWWKHERWWRPRIDZHOO7KHSRRUODG\ZDVQHDUHU7UXWKWKDQ
VKHHYHUKDGEHHQZKLFKKDGPXFKWRGRZLWKLW
2QEHLQJWROGWKDW0UV%RXQGHUE\ZDVWKHUHVKHUHSOLHGDWFURVV
SXUSRVHVWKDWVKHKDGQHYHUFDOOHGKLPE\WKDWQDPHVLQFHKH
PDUULHG/RXLVDWKDWSHQGLQJKHUFKRLFHRIDQREMHFWLRQDEOHQDPH
VKHKDGFDOOHGKLP-DQGWKDWVKHFRXOGQRWDWSUHVHQWGHSDUWIURP
WKDWUHJXODWLRQQRWEHLQJ\HWSURYLGHGZLWKDSHUPDQHQW
VXEVWLWXWH/RXLVDKDGVDWE\KHUIRUVRPHPLQXWHVDQGKDGVSRNHQ
WRKHURIWHQEHIRUHVKHDUULYHGDWDFOHDUXQGHUVWDQGLQJZKRLW
ZDV6KHWKHQVHHPHGWRFRPHWRLWDOODWRQFH
:HOOP\GHDU
VDLG0UV*UDGJULQG
DQG,KRSH\RXDUHJRLQJRQ
VDWLVIDFWRULO\WR\RXUVHOI,WZDVDOO\RXUIDWKHU
VGRLQJ+H
VHWKLVKHDUWXSRQLW$QGKHRXJKWWRNQRZ
,ZDQWWRKHDURI\RXPRWKHUQRWRIP\VHOI
<RXZDQWWRKHDURIPHP\GHDU"7KDW
VVRPHWKLQJQHZ,DPVXUH
ZKHQDQ\ERG\ZDQWVWRKHDURIPH1RWDWDOOZHOO/RXLVD9HU\
IDLQWDQGJLGG\
$UH\RXLQSDLQGHDUPRWKHU"
,WKLQNWKHUH
VDSDLQVRPHZKHUHLQWKHURRP
VDLG0UV
*UDGJULQG
EXW,FRXOGQ
WSRVLWLYHO\VD\WKDW,KDYHJRWLW
$IWHUWKLVVWUDQJHVSHHFKVKHOD\VLOHQWIRUVRPHWLPH/RXLVD
KROGLQJKHUKDQGFRXOGIHHOQRSXOVHEXWNLVVLQJLWFRXOGVHHD
VOLJKWWKLQWKUHDGRIOLIHLQIOXWWHULQJPRWLRQ
<RXYHU\VHOGRPVHH\RXUVLVWHU
VDLG0UV*UDGJULQG
6KHJURZV
OLNH\RX,ZLVK\RXZRXOGORRNDWKHU6LVV\EULQJKHUKHUH
6KHZDVEURXJKWDQGVWRRGZLWKKHUKDQGLQKHUVLVWHU
V/RXLVD
KDGREVHUYHGKHUZLWKKHUDUPURXQG6LVV\
VQHFNDQGVKHIHOWWKH
GLIIHUHQFHRIWKLVDSSURDFK
'R\RXVHHWKHOLNHQHVV/RXLVD"
<HVPRWKHU,VKRXOGWKLQNKHUOLNHPH%XW
(K<HV,DOZD\VVD\VR
0UV*UDGJULQGFULHGZLWKXQH[SHFWHG
TXLFNQHVV
$QGWKDWUHPLQGVPH,,ZDQWWRVSHDNWR\RXP\
186
GHDU6LVV\P\JRRGJLUOOHDYHXVDORQHDPLQXWH
/RXLVDKDG
UHOLQTXLVKHGWKHKDQGKDGWKRXJKWWKDWKHUVLVWHU
VZDVDEHWWHU
DQGEULJKWHUIDFHWKDQKHUVKDGHYHUEHHQKDGVHHQLQLWQRW
ZLWKRXWDULVLQJIHHOLQJRIUHVHQWPHQWHYHQLQWKDWSODFHDQGDW
WKDWWLPHVRPHWKLQJRIWKHJHQWOHQHVVRIWKHRWKHUIDFHLQWKH
URRPWKHVZHHWIDFHZLWKWKHWUXVWLQJH\HVPDGHSDOHUWKDQ
ZDWFKLQJDQGV\PSDWK\PDGHLWE\WKHULFKGDUNKDLU
/HIWDORQHZLWKKHUPRWKHU/RXLVDVDZKHUO\LQJZLWKDQDZIXOOXOO
XSRQKHUIDFHOLNHRQHZKRZDVIORDWLQJDZD\XSRQVRPHJUHDW
ZDWHUDOOUHVLVWDQFHRYHUFRQWHQWWREHFDUULHGGRZQWKHVWUHDP
6KHSXWWKHVKDGRZRIDKDQGWRKHUOLSVDJDLQDQGUHFDOOHGKHU
<RXZHUHJRLQJWRVSHDNWRPHPRWKHU
(K"<HVWREHVXUHP\GHDU<RXNQRZ\RXUIDWKHULVDOPRVW
DOZD\VDZD\QRZDQGWKHUHIRUH,PXVWZULWHWRKLPDERXWLW
$ERXWZKDWPRWKHU"'RQ
WEHWURXEOHG$ERXWZKDW"
<RXPXVWUHPHPEHUP\GHDUWKDWZKHQHYHU,KDYHVDLGDQ\WKLQJRQ
DQ\VXEMHFW,KDYHQHYHUKHDUGWKHODVWRILWDQGFRQVHTXHQWO\
WKDW,KDYHORQJOHIWRIIVD\LQJDQ\WKLQJ
,FDQKHDU\RXPRWKHU
%XWLWZDVRQO\E\GLQWRIEHQGLQJGRZQ
WRKHUHDUDQGDWWKHVDPHWLPHDWWHQWLYHO\ZDWFKLQJWKHOLSVDV
WKH\PRYHGWKDWVKHFRXOGOLQNVXFKIDLQWDQGEURNHQVRXQGVLQWR
DQ\FKDLQRIFRQQH[LRQ
<RXOHDUQWDJUHDWGHDO/RXLVDDQGVRGLG\RXUEURWKHU2ORJLHV
RIDOONLQGVIURPPRUQLQJWRQLJKW,IWKHUHLVDQ\2ORJ\OHIWRI
DQ\GHVFULSWLRQWKDWKDVQRWEHHQZRUQWRUDJVLQWKLVKRXVHDOO
,FDQVD\LV,KRSH,VKDOOQHYHUKHDULWVQDPH
,FDQKHDU\RXPRWKHUZKHQ\RXKDYHVWUHQJWKWRJRRQ
7KLV
WRNHHSKHUIURPIORDWLQJDZD\
%XWWKHUHLVVRPHWKLQJQRWDQ2ORJ\DWDOOWKDW\RXUIDWKHU
KDVPLVVHGRUIRUJRWWHQ/RXLVD,GRQ
WNQRZZKDWLWLV,KDYH
RIWHQVDWZLWK6LVV\QHDUPHDQGWKRXJKWDERXWLW,VKDOOQHYHU
JHWLWVQDPHQRZ%XW\RXUIDWKHUPD\,WPDNHVPHUHVWOHVV,
ZDQWWRZULWHWRKLPWRILQGRXWIRU*RG
VVDNHZKDWLWLV*LYH
PHDSHQJLYHPHDSHQ
187
(YHQWKHSRZHURIUHVWOHVVQHVVZDVJRQHH[FHSWIURPWKHSRRUKHDG
ZKLFKFRXOGMXVWWXUQIURPVLGHWRVLGH
6KHIDQFLHGKRZHYHUWKDWKHUUHTXHVWKDGEHHQFRPSOLHGZLWKDQG
WKDWWKHSHQVKHFRXOGQRWKDYHKHOGZDVLQKHUKDQG,WPDWWHUV
OLWWOHZKDWILJXUHVRIZRQGHUIXOQRPHDQLQJVKHEHJDQWRWUDFHXSRQ
KHUZUDSSHUV7KHKDQGVRRQVWRSSHGLQWKHPLGVWRIWKHPWKH
OLJKWWKDWKDGDOZD\VEHHQIHHEOHDQGGLPEHKLQGWKHZHDN
WUDQVSDUHQF\ZHQWRXWDQGHYHQ0UV*UDGJULQGHPHUJHGIURPWKH
VKDGRZLQZKLFKPDQZDONHWKDQGGLVTXLHWHWKKLPVHOILQYDLQWRRN
XSRQKHUWKHGUHDGVROHPQLW\RIWKHVDJHVDQGSDWULDUFKV
&+$37(5;05663$56,7
667$,5&$6(
05663$56,7
6QHUYHVEHLQJVORZWRUHFRYHUWKHLUWRQHWKHZRUWK\
ZRPDQPDGHDVWD\RIVRPHZHHNVLQGXUDWLRQDW0U%RXQGHUE\
V
UHWUHDWZKHUHQRWZLWKVWDQGLQJKHUDQFKRULWHWXUQRIPLQGEDVHG
XSRQKHUEHFRPLQJFRQVFLRXVQHVVRIKHUDOWHUHGVWDWLRQVKH
UHVLJQHGKHUVHOIZLWKQREOHIRUWLWXGHWRORGJLQJDVRQHPD\VD\
LQFORYHUDQGIHHGLQJRQWKHIDWRIWKHODQG'XULQJWKHZKROH
WHUPRIWKLVUHFHVVIURPWKHJXDUGLDQVKLSRIWKH%DQN0UV6SDUVLW
ZDVDSDWWHUQRIFRQVLVWHQF\FRQWLQXLQJWRWDNHVXFKSLW\RQ0U
%RXQGHUE\WRKLVIDFHDVLVUDUHO\WDNHQRQPDQDQGWRFDOOKLV
SRUWUDLWD1RRGOHWRLWVIDFHZLWKWKHJUHDWHVWDFULPRQ\DQG
FRQWHPSW
0U%RXQGHUE\KDYLQJJRWLWLQWRKLVH[SORVLYHFRPSRVLWLRQWKDW
0UV6SDUVLWZDVDKLJKO\VXSHULRUZRPDQWRSHUFHLYHWKDWKHKDG
WKDWJHQHUDOFURVVXSRQKLPLQKLVGHVHUWVIRUKHKDGQRW\HW
VHWWOHGZKDWLWZDVDQGIXUWKHUWKDW/RXLVDZRXOGKDYHREMHFWHG
WRKHUDVDIUHTXHQWYLVLWRULILWKDGFRPSRUWHGZLWKKLVJUHDWQHVV
WKDWVKHVKRXOGREMHFWWRDQ\WKLQJKHFKRVHWRGRUHVROYHGQRWWR
ORVHVLJKWRI0UV6SDUVLWHDVLO\6RZKHQKHUQHUYHVZHUHVWUXQJ
XSWRWKHSLWFKRIDJDLQFRQVXPLQJVZHHWEUHDGVLQVROLWXGHKHVDLG
WRKHUDWWKHGLQQHUWDEOHRQWKHGD\EHIRUHKHUGHSDUWXUH
,
WHOO\RXZKDWPD
DP\RXVKDOOFRPHGRZQKHUHRID6DWXUGD\ZKLOH
WKHILQHZHDWKHUODVWVDQGVWD\WLOO0RQGD\
7RZKLFK0UV
6SDUVLWUHWXUQHGLQHIIHFWWKRXJKQRWRIWKH0DKRPHGDQ
SHUVXDVLRQ
7RKHDULVWRREH\
188
1RZ0UV6SDUVLWZDVQRWDSRHWLFDOZRPDQEXWVKHWRRNDQLGHDLQ
WKHQDWXUHRIDQDOOHJRULFDOIDQF\LQWRKHUKHDG0XFKZDWFKLQJ
RI/RXLVDDQGPXFKFRQVHTXHQWREVHUYDWLRQRIKHULPSHQHWUDEOH
GHPHDQRXUZKLFKNHHQO\ZKHWWHGDQGVKDUSHQHG0UV6SDUVLW
VHGJH
PXVWKDYHJLYHQKHUDVLWZHUHDOLIWLQWKHZD\RILQVSLUDWLRQ
6KHHUHFWHGLQKHUPLQGDPLJKW\6WDLUFDVHZLWKDGDUNSLWRI
VKDPHDQGUXLQDWWKHERWWRPDQGGRZQWKRVHVWDLUVIURPGD\WR
GD\DQGKRXUWRKRXUVKHVDZ/RXLVDFRPLQJ
,WEHFDPHWKHEXVLQHVVRI0UV6SDUVLW
VOLIHWRORRNXSDWKHU
VWDLUFDVHDQGWRZDWFK/RXLVDFRPLQJGRZQ6RPHWLPHVVORZO\
VRPHWLPHVTXLFNO\VRPHWLPHVVHYHUDOVWHSVDWRQHERXWVRPHWLPHV
VWRSSLQJQHYHUWXUQLQJEDFN,IVKHKDGRQFHWXUQHGEDFNLW
PLJKWKDYHEHHQWKHGHDWKRI0UV6SDUVLWLQVSOHHQDQGJULHI
6KHKDGEHHQGHVFHQGLQJVWHDGLO\WRWKHGD\DQGRQWKHGD\ZKHQ
0U%RXQGHUE\LVVXHGWKHZHHNO\LQYLWDWLRQUHFRUGHGDERYH0UV
6SDUVLWZDVLQJRRGVSLULWVDQGLQFOLQHGWREHFRQYHUVDWLRQDO
$QGSUD\VLU
VDLGVKH
LI,PD\YHQWXUHWRDVNDTXHVWLRQ
DSSHUWDLQLQJWRDQ\VXEMHFWRQZKLFK\RXVKRZUHVHUYHZKLFKLV
LQGHHGKDUG\LQPHIRU,ZHOONQRZ\RXKDYHDUHDVRQIRU
HYHU\WKLQJ\RXGRKDYH\RXUHFHLYHGLQWHOOLJHQFHUHVSHFWLQJWKH
UREEHU\"
:K\PD
DPQRQRW\HW8QGHUWKHFLUFXPVWDQFHV,GLGQ
WH[SHFW
LW\HW5RPHZDVQ
WEXLOWLQDGD\PD
DP
9HU\WUXHVLU
VDLG0UV6SDUVLWVKDNLQJKHUKHDG
1RU\HWLQDZHHNPD
DP
1RLQGHHGVLU
UHWXUQHG0UV6SDUVLWZLWKDJHQWOHPHODQFKRO\
XSRQKHU
,QDVLPLODUPDQQHUPD
DP
VDLG%RXQGHUE\
,FDQZDLW\RX
NQRZ,I5RPXOXVDQG5HPXVFRXOGZDLW-RVLDK%RXQGHUE\FDQZDLW
7KH\ZHUHEHWWHURIILQWKHLU\RXWKWKDQ,ZDVKRZHYHU7KH\KDG
DVKHZROIIRUDQXUVH,KDGRQO\DVKHZROIIRUDJUDQGPRWKHU
6KHGLGQ
WJLYHDQ\PLONPD
DPVKHJDYHEUXLVHV6KHZDVD
UHJXODU$OGHUQH\DWWKDW
$K
0UV6SDUVLWVLJKHGDQGVKXGGHUHG
189
1RPD
DP
FRQWLQXHG%RXQGHUE\
,KDYHQRWKHDUGDQ\WKLQJPRUH
DERXWLW,W
VLQKDQGWKRXJKDQG\RXQJ7RPZKRUDWKHUVWLFNV
WREXVLQHVVDWSUHVHQWVRPHWKLQJQHZIRUKLPKHKDGQ
WWKH
VFKRROLQJ,KDGLVKHOSLQJ0\LQMXQFWLRQLV.HHSLWTXLHWDQG
OHWLWVHHPWREORZRYHU'RZKDW\RXOLNHXQGHUWKHURVHEXW
GRQ
WJLYHDVLJQRIZKDW\RX
UHDERXWRUKDOIDKXQGUHGRI
HP
ZLOOFRPELQHWRJHWKHUDQGJHWWKLVIHOORZZKRKDVEROWHGRXWRI
UHDFKIRUJRRG.HHSLWTXLHWDQGWKHWKLHYHVZLOOJURZLQ
FRQILGHQFHE\OLWWOHDQGOLWWOHDQGZHVKDOOKDYH
HP
9HU\VDJDFLRXVLQGHHGVLU
VDLG0UV6SDUVLW
9HU\
LQWHUHVWLQJ7KHROGZRPDQ\RXPHQWLRQHGVLU
7KHROGZRPDQ,PHQWLRQHGPD
DP
VDLG%RXQGHUE\FXWWLQJWKH
PDWWHUVKRUWDVLWZDVQRWKLQJWRERDVWDERXW
LVQRWODLGKROG
RIEXWVKHPD\WDNHKHURDWKVKHZLOOEHLIWKDWLVDQ\
VDWLVIDFWLRQWRKHUYLOODLQRXVROGPLQG,QWKHPHDQWLPHPD
DP
,DPRIRSLQLRQLI\RXDVNPHP\RSLQLRQWKDWWKHOHVVVKHLV
WDONHGDERXWWKHEHWWHU
7KHVDPHHYHQLQJ0UV6SDUVLWLQKHUFKDPEHUZLQGRZUHVWLQJIURP
KHUSDFNLQJRSHUDWLRQVORRNHGWRZDUGVKHUJUHDWVWDLUFDVHDQGVDZ
/RXLVDVWLOOGHVFHQGLQJ
6KHVDWE\0U+DUWKRXVHLQDQDOFRYHLQWKHJDUGHQWDONLQJYHU\
ORZKHVWRRGOHDQLQJRYHUKHUDVWKH\ZKLVSHUHGWRJHWKHUDQGKLV
IDFHDOPRVWWRXFKHGKHUKDLU
,IQRWTXLWH
VDLG0UV6SDUVLW
VWUDLQLQJKHUKDZN
VH\HVWRWKHXWPRVW0UV6SDUVLWZDVWRR
GLVWDQWWRKHDUDZRUGRIWKHLUGLVFRXUVHRUHYHQWRNQRZWKDW
WKH\ZHUHVSHDNLQJVRIWO\RWKHUZLVHWKDQIURPWKHH[SUHVVLRQRI
WKHLUILJXUHVEXWZKDWWKH\VDLGZDVWKLV
<RXUHFROOHFWWKHPDQ0U+DUWKRXVH"
2KSHUIHFWO\
+LVIDFHDQGKLVPDQQHUDQGZKDWKHVDLG"
3HUIHFWO\$QGDQLQILQLWHO\GUHDU\SHUVRQKHDSSHDUHGWRPHWR
EH/HQJWK\DQGSURV\LQWKHH[WUHPH,WZDVNQRZLQJWRKROG
IRUWKLQWKHKXPEOHYLUWXHVFKRRORIHORTXHQFHEXW,DVVXUH\RX
,WKRXJKWDWWKHWLPH0\JRRGIHOORZ\RXDUHRYHUGRLQJWKLV
,WKDVEHHQYHU\GLIILFXOWWRPHWRWKLQNLOORIWKDWPDQ
190
0\GHDU/RXLVDDV7RPVD\V
:KLFKKHQHYHUGLGVD\
<RXNQRZ
QRJRRGRIWKHIHOORZ"
1RFHUWDLQO\
1RURIDQ\RWKHUVXFKSHUVRQ"
+RZFDQ,
VKHUHWXUQHGZLWKPRUHRIKHUILUVWPDQQHURQKHU
WKDQKHKDGODWHO\VHHQ
ZKHQ,NQRZQRWKLQJRIWKHPPHQRU
ZRPHQ"
0\GHDU/RXLVDWKHQFRQVHQWWRUHFHLYHWKHVXEPLVVLYH
UHSUHVHQWDWLRQRI\RXUGHYRWHGIULHQGZKRNQRZVVRPHWKLQJRI
VHYHUDOYDULHWLHVRIKLVH[FHOOHQWIHOORZFUHDWXUHVIRUH[FHOOHQW
WKH\DUH,DPTXLWHUHDG\WREHOLHYHLQVSLWHRIVXFKOLWWOH
IRLEOHVDVDOZD\VKHOSLQJWKHPVHOYHVWRZKDWWKH\FDQJHWKROGRI
7KLVIHOORZWDONV:HOOHYHU\IHOORZWDONV+HSURIHVVHV
PRUDOLW\:HOODOOVRUWVRIKXPEXJVSURIHVVPRUDOLW\)URPWKH
+RXVHRI&RPPRQVWRWKH+RXVHRI&RUUHFWLRQWKHUHLVDJHQHUDO
SURIHVVLRQRIPRUDOLW\H[FHSWDPRQJRXUSHRSOHLWUHDOO\LVWKDW
H[FHSWLRQZKLFKPDNHVRXUSHRSOHTXLWHUHYLYLQJ<RXVDZDQGKHDUG
WKHFDVH+HUHZDVRQHRIWKHIOXII\FODVVHVSXOOHGXSH[WUHPHO\
VKRUWE\P\HVWHHPHGIULHQG0U%RXQGHUE\ZKRDVZHNQRZLVQRW
SRVVHVVHGRIWKDWGHOLFDF\ZKLFKZRXOGVRIWHQVRWLJKWDKDQG7KH
PHPEHURIWKHIOXII\FODVVHVZDVLQMXUHGH[DVSHUDWHGOHIWWKH
KRXVHJUXPEOLQJPHWVRPHERG\ZKRSURSRVHGWRKLPWRJRLQIRUVRPH
VKDUHLQWKLV%DQNEXVLQHVVZHQWLQSXWVRPHWKLQJLQKLVSRFNHW
ZKLFKKDGQRWKLQJLQLWEHIRUHDQGUHOLHYHGKLVPLQGH[WUHPHO\
5HDOO\KHZRXOGKDYHEHHQDQXQFRPPRQLQVWHDGRIDFRPPRQIHOORZ
LIKHKDGQRWDYDLOHGKLPVHOIRIVXFKDQRSSRUWXQLW\2UKHPD\
KDYHRULJLQDWHGLWDOWRJHWKHULIKHKDGWKHFOHYHUQHVV
,DOPRVWIHHODVWKRXJKLWPXVWEHEDGLQPH
UHWXUQHG/RXLVD
DIWHUVLWWLQJWKRXJKWIXODZKLOH
WREHVRUHDG\WRDJUHHZLWK\RX
DQGWREHVROLJKWHQHGLQP\KHDUWE\ZKDW\RXVD\
,RQO\VD\ZKDWLVUHDVRQDEOHQRWKLQJZRUVH,KDYHWDONHGLW
RYHUZLWKP\IULHQG7RPPRUHWKDQRQFHRIFRXUVH,UHPDLQRQ
WHUPVRISHUIHFWFRQILGHQFHZLWK7RPDQGKHLVTXLWHRIP\
RSLQLRQDQG,DPTXLWHRIKLV:LOO\RXZDON"
7KH\VWUROOHGDZD\DPRQJWKHODQHVEHJLQQLQJWREHLQGLVWLQFWLQ
WKHWZLOLJKWVKHOHDQLQJRQKLVDUPDQGVKHOLWWOHWKRXJKWKRZ
191
VKHZDVJRLQJGRZQGRZQGRZQ0UV6SDUVLW
VVWDLUFDVH
1LJKWDQGGD\0UV6SDUVLWNHSWLWVWDQGLQJ:KHQ/RXLVDKDG
DUULYHGDWWKHERWWRPDQGGLVDSSHDUHGLQWKHJXOILWPLJKWIDOOLQ
XSRQKHULILWZRXOGEXWXQWLOWKHQWKHUHLWZDVWREHD
%XLOGLQJEHIRUH0UV6SDUVLW
VH\HV$QGWKHUH/RXLVDDOZD\VZDV
XSRQLW
$QGDOZD\VJOLGLQJGRZQGRZQGRZQ
0UV6SDUVLWVDZ-DPHV+DUWKRXVHFRPHDQGJRVKHKHDUGRIKLPKHUH
DQGWKHUHVKHVDZWKHFKDQJHVRIWKHIDFHKHKDGVWXGLHGVKH
WRRUHPDUNHGWRDQLFHW\KRZDQGZKHQLWFORXGHGKRZDQGZKHQLW
FOHDUHGVKHNHSWKHUEODFNH\HVZLGHRSHQZLWKQRWRXFKRISLW\
ZLWKQRWRXFKRIFRPSXQFWLRQDOODEVRUEHGLQLQWHUHVW,QWKH
LQWHUHVWRIVHHLQJKHUHYHUGUDZLQJZLWKQRKDQGWRVWD\KHU
QHDUHUDQGQHDUHUWRWKHERWWRPRIWKLVQHZ*LDQW
V6WDLUFDVH
:LWKDOOKHUGHIHUHQFHIRU0U%RXQGHUE\DVFRQWUDGLVWLQJXLVKHG
IURPKLVSRUWUDLW0UV6SDUVLWKDGQRWWKHVPDOOHVWLQWHQWLRQRI
LQWHUUXSWLQJWKHGHVFHQW(DJHUWRVHHLWDFFRPSOLVKHGDQG\HW
SDWLHQWVKHZDLWHGIRUWKHODVWIDOODVIRUWKHULSHQHVVDQG
IXOQHVVRIWKHKDUYHVWRIKHUKRSHV+XVKHGLQH[SHFWDQF\VKH
NHSWKHUZDU\JD]HXSRQWKHVWDLUVDQGVHOGRPVRPXFKDVGDUNO\
VKRRNKHUULJKWPLWWHQZLWKKHUILVWLQLWDWWKHILJXUHFRPLQJ
GRZQ
&+$37(5;,/2:(5$1'/2:(5
7+(ILJXUHGHVFHQGHGWKHJUHDWVWDLUVVWHDGLO\VWHDGLO\DOZD\V
YHUJLQJOLNHDZHLJKWLQGHHSZDWHUWRWKHEODFNJXOIDWWKH
ERWWRP
0U*UDGJULQGDSSULVHGRIKLVZLIH
VGHFHDVHPDGHDQH[SHGLWLRQ
IURP/RQGRQDQGEXULHGKHULQDEXVLQHVVOLNHPDQQHU+HWKHQ
UHWXUQHGZLWKSURPSWLWXGHWRWKHQDWLRQDOFLQGHUKHDSDQGUHVXPHG
KLVVLIWLQJIRUWKHRGGVDQGHQGVKHZDQWHGDQGKLVWKURZLQJRI
WKHGXVWDERXWLQWRWKHH\HVRIRWKHUSHRSOHZKRZDQWHGRWKHURGGV
DQGHQGVLQIDFWUHVXPHGKLVSDUOLDPHQWDU\GXWLHV
192
,QWKHPHDQWLPH0UV6SDUVLWNHSWXQZLQNLQJZDWFKDQGZDUG
6HSDUDWHGIURPKHUVWDLUFDVHDOOWKHZHHNE\WKHOHQJWKRILURQ
URDGGLYLGLQJ&RNHWRZQIURPWKHFRXQWU\KRXVHVKH\HWPDLQWDLQHG
KHUFDWOLNHREVHUYDWLRQRI/RXLVDWKURXJKKHUKXVEDQGWKURXJK
KHUEURWKHUWKURXJK-DPHV+DUWKRXVHWKURXJKWKHRXWVLGHVRI
OHWWHUVDQGSDFNHWVWKURXJKHYHU\WKLQJDQLPDWHDQGLQDQLPDWHWKDW
DWDQ\WLPHZHQWQHDUWKHVWDLUV
<RXUIRRWRQWKHODVWVWHSP\
ODG\
VDLG0UV6SDUVLWDSRVWURSKL]LQJWKHGHVFHQGLQJILJXUH
ZLWKWKHDLGRIKHUWKUHDWHQLQJPLWWHQ
DQGDOO\RXUDUWVKDOO
QHYHUEOLQGPH
$UWRUQDWXUHWKRXJKWKHRULJLQDOVWRFNRI/RXLVD
VFKDUDFWHURU
WKHJUDIWRIFLUFXPVWDQFHVXSRQLWKHUFXULRXVUHVHUYHGLG
EDIIOHZKLOHLWVWLPXODWHGRQHDVVDJDFLRXVDV0UV6SDUVLW
7KHUHZHUHWLPHVZKHQ0U-DPHV+DUWKRXVHZDVQRWVXUHRIKHU
7KHUHZHUHWLPHVZKHQKHFRXOGQRWUHDGWKHIDFHKHKDGVWXGLHGVR
ORQJDQGZKHQWKLVORQHO\JLUOZDVDJUHDWHUP\VWHU\WRKLPWKDQ
DQ\ZRPDQRIWKHZRUOGZLWKDULQJRIVDWHOOLWHVWRKHOSKHU
6RWKHWLPHZHQWRQXQWLOLWKDSSHQHGWKDW0U%RXQGHUE\ZDV
FDOOHGDZD\IURPKRPHE\EXVLQHVVZKLFKUHTXLUHGKLVSUHVHQFH
HOVHZKHUHIRUWKUHHRUIRXUGD\V,WZDVRQD)ULGD\WKDWKH
LQWLPDWHGWKLVWR0UV6SDUVLWDWWKH%DQNDGGLQJ
%XW\RX
OOJR
GRZQWRPRUURZPD
DPDOOWKHVDPH<RX
OOJRGRZQMXVWDVLI,
ZDVWKHUH,WZLOOPDNHQRGLIIHUHQFHWR\RX
3UD\VLU
UHWXUQHG0UV6SDUVLWUHSURDFKIXOO\
OHWPHEHJ\RX
QRWWRVD\WKDW<RXUDEVHQFHZLOOPDNHDYDVWGLIIHUHQFHWRPH
VLUDV,WKLQN\RXYHU\ZHOONQRZ
:HOOPD
DPWKHQ\RXPXVWJHWRQLQP\DEVHQFHDVZHOODV\RX
FDQ
VDLG0U%RXQGHUE\QRWGLVSOHDVHG
0U%RXQGHUE\
UHWRUWHG0UV6SDUVLW
\RXUZLOOLVWRPHDODZ
VLURWKHUZLVHLWPLJKWEHP\LQFOLQDWLRQWRGLVSXWH\RXUNLQG
FRPPDQGVQRWIHHOLQJVXUHWKDWLWZLOOEHTXLWHVRDJUHHDEOHWR
0LVV*UDGJULQGWRUHFHLYHPHDVLWHYHULVWR\RXURZQPXQLILFHQW
KRVSLWDOLW\%XW\RXVKDOOVD\QRPRUHVLU,ZLOOJRXSRQ\RXU
LQYLWDWLRQ
:K\ZKHQ,LQYLWH\RXWRP\KRXVHPD
DP
VDLG%RXQGHUE\
RSHQLQJKLVH\HV
,VKRXOGKRSH\RXZDQWQRRWKHULQYLWDWLRQ
1RLQGHHGVLU
UHWXUQHG0UV6SDUVLW
,VKRXOGKRSHQRW6D\
193
QRPRUHVLU,ZRXOGVLU,FRXOGVHH\RXJD\DJDLQ
:KDWGR\RXPHDQPD
DP"
EOXVWHUHG%RXQGHUE\
6LU
UHMRLQHG0UV6SDUVLW
WKHUHZDVZRQWWREHDQHODVWLFLW\
LQ\RXZKLFK,VDGO\PLVV%HEXR\DQWVLU
0U%RXQGHUE\XQGHUWKHLQIOXHQFHRIWKLVGLIILFXOWDGMXUDWLRQ
EDFNHGXSE\KHUFRPSDVVLRQDWHH\HFRXOGRQO\VFUDWFKKLVKHDGLQ
DIHHEOHDQGULGLFXORXVPDQQHUDQGDIWHUZDUGVDVVHUWKLPVHOIDWD
GLVWDQFHE\EHLQJKHDUGWREXOO\WKHVPDOOIU\RIEXVLQHVVDOOWKH
PRUQLQJ
%LW]HU
VDLG0UV6SDUVLWWKDWDIWHUQRRQZKHQKHUSDWURQZDV
JRQHRQKLVMRXUQH\DQGWKH%DQNZDVFORVLQJ
SUHVHQWP\
FRPSOLPHQWVWR\RXQJ0U7KRPDVDQGDVNKLPLIKHZRXOGVWHSXS
DQGSDUWDNHRIDODPEFKRSDQGZDOQXWNHWFKXSZLWKDJODVVRI
,QGLDDOH"
<RXQJ0U7KRPDVEHLQJXVXDOO\UHDG\IRUDQ\WKLQJLQ
WKDWZD\UHWXUQHGDJUDFLRXVDQVZHUDQGIROORZHGRQLWVKHHOV
0U7KRPDV
VDLG0UV6SDUVLW
WKHVHSODLQYLDQGVEHLQJRQ
WDEOH,WKRXJKW\RXPLJKWEHWHPSWHG
7KDQN
HH0UV6SDUVLW
VDLGWKHZKHOS$QGJORRPLO\IHOOWR
+RZLV0U+DUWKRXVH0U7RP"
DVNHG0UV6SDUVLW
2KKH
VDOOULJKW
VDLG7RP
:KHUHPD\KHEHDWSUHVHQW"
0UV6SDUVLWDVNHGLQDOLJKW
FRQYHUVDWLRQDOPDQQHUDIWHUPHQWDOO\GHYRWLQJWKHZKHOSWRWKH
)XULHVIRUEHLQJVRXQFRPPXQLFDWLYH
+HLVVKRRWLQJLQ<RUNVKLUH
VDLG7RP
6HQW/RRDEDVNHWKDOI
DVELJDVDFKXUFK\HVWHUGD\
7KHNLQGRIJHQWOHPDQQRZ
VDLG0UV6SDUVLWVZHHWO\
ZKRPRQH
PLJKWZDJHUWREHDJRRGVKRW
&UDFN
VDLG7RP
+HKDGORQJEHHQDGRZQORRNLQJ\RXQJIHOORZEXWWKLV
FKDUDFWHULVWLFKDGVRLQFUHDVHGRIODWHWKDWKHQHYHUUDLVHGKLV
H\HVWRDQ\IDFHIRUWKUHHVHFRQGVWRJHWKHU0UV6SDUVLW
FRQVHTXHQWO\KDGDPSOHPHDQVRIZDWFKLQJKLVORRNVLIVKHZHUHVR
194
LQFOLQHG
0U+DUWKRXVHLVDJUHDWIDYRXULWHRIPLQH
VDLG0UV6SDUVLW
DVLQGHHGKHLVRIPRVWSHRSOH0D\ZHH[SHFWWRVHHKLPDJDLQ
VKRUWO\0U7RP"
:K\,H[SHFWWRVHHKLPWRPRUURZ
UHWXUQHGWKHZKHOS
*RRGQHZV
FULHG0UV6SDUVLWEODQGO\
,KDYHJRWDQDSSRLQWPHQWZLWKKLPWRPHHWKLPLQWKHHYHQLQJDW
WKHVWDWLRQKHUH
VDLG7RP
DQG,DPJRLQJWRGLQHZLWKKLP
DIWHUZDUGV,EHOLHYH+HLVQRWFRPLQJGRZQWRWKHFRXQWU\KRXVH
IRUDZHHNRUVREHLQJGXHVRPHZKHUHHOVH$WOHDVWKHVD\VVR
EXW,VKRXOGQ
WZRQGHULIKHZDVWRVWRSKHUHRYHU6XQGD\DQG
VWUD\WKDWZD\
:KLFKUHPLQGVPH
VDLG0UV6SDUVLW
:RXOG\RXUHPHPEHUD
PHVVDJHWR\RXUVLVWHU0U7RPLI,ZDVWRFKDUJH\RXZLWKRQH"
:HOO",
OOWU\
UHWXUQHGWKHUHOXFWDQWZKHOS
LILWLVQ
WD
ORQJXQ
,WLVPHUHO\P\UHVSHFWIXOFRPSOLPHQWV
VDLG0UV6SDUVLW
DQG,
IHDU,PD\QRWWURXEOHKHUZLWKP\VRFLHW\WKLVZHHNEHLQJVWLOOD
OLWWOHQHUYRXVDQGEHWWHUSHUKDSVE\P\SRRUVHOI
2K,IWKDW
VDOO
REVHUYHG7RP
LWZRXOGQ
WPXFKPDWWHUHYHQ
LI,ZDVWRIRUJHWLWIRU/RR
VQRWOLNHO\WRWKLQNRI\RXXQOHVV
VKHVHHV\RX
+DYLQJSDLGIRUKLVHQWHUWDLQPHQWZLWKWKLVDJUHHDEOHFRPSOLPHQW
KHUHODSVHGLQWRDKDQJGRJVLOHQFHXQWLOWKHUHZDVQRPRUH,QGLD
DOHOHIWZKHQKHVDLG
:HOO0UV6SDUVLW,PXVWEHRII
DQG
ZHQWRII
1H[WGD\6DWXUGD\0UV6SDUVLWVDWDWKHUZLQGRZDOOGD\ORQJ
ORRNLQJDWWKHFXVWRPHUVFRPLQJLQDQGRXWZDWFKLQJWKHSRVWPHQ
NHHSLQJDQH\HRQWKHJHQHUDOWUDIILFRIWKHVWUHHWUHYROYLQJPDQ\
WKLQJVLQKHUPLQGEXWDERYHDOONHHSLQJKHUDWWHQWLRQRQKHU
VWDLUFDVH7KHHYHQLQJFRPHVKHSXWRQKHUERQQHWDQGVKDZODQG
ZHQWTXLHWO\RXWKDYLQJKHUUHDVRQVIRUKRYHULQJLQDIXUWLYHZD\
DERXWWKHVWDWLRQE\ZKLFKDSDVVHQJHUZRXOGDUULYHIURP<RUNVKLUH
DQGIRUSUHIHUULQJWRSHHSLQWRLWURXQGSLOODUVDQGFRUQHUVDQG
195
RXWRIODGLHV
ZDLWLQJURRPZLQGRZVWRDSSHDULQJLQLWVSUHFLQFWV
RSHQO\
7RPZDVLQDWWHQGDQFHDQGORLWHUHGDERXWXQWLOWKHH[SHFWHGWUDLQ
FDPHLQ,WEURXJKWQR0U+DUWKRXVH7RPZDLWHGXQWLOWKHFURZG
KDGGLVSHUVHGDQGWKHEXVWOHZDVRYHUDQGWKHQUHIHUUHGWRD
SRVWHGOLVWRIWUDLQVDQGWRRNFRXQVHOZLWKSRUWHUV7KDWGRQH
KHVWUROOHGDZD\LGO\VWRSSLQJLQWKHVWUHHWDQGORRNLQJXSLWDQG
GRZQLWDQGOLIWLQJKLVKDWRIIDQGSXWWLQJLWRQDJDLQDQG
\DZQLQJDQGVWUHWFKLQJKLPVHOIDQGH[KLELWLQJDOOWKHV\PSWRPVRI
PRUWDOZHDULQHVVWREHH[SHFWHGLQRQHZKRKDGVWLOOWRZDLWXQWLO
WKHQH[WWUDLQVKRXOGFRPHLQDQKRXUDQGIRUW\PLQXWHVKHQFH
7KLVLVDGHYLFHWRNHHSKLPRXWRIWKHZD\
VDLG0UV6SDUVLW
VWDUWLQJIURPWKHGXOORIILFHZLQGRZZKHQFHVKHKDGZDWFKHGKLP
ODVW
+DUWKRXVHLVZLWKKLVVLVWHUQRZ
,WZDVWKHFRQFHSWLRQRIDQLQVSLUHGPRPHQWDQGVKHVKRWRIIZLWK
KHUXWPRVWVZLIWQHVVWRZRUNLWRXW7KHVWDWLRQIRUWKHFRXQWU\
KRXVHZDVDWWKHRSSRVLWHHQGRIWKHWRZQWKHWLPHZDVVKRUWWKH
URDGQRWHDV\EXWVKHZDVVRTXLFNLQSRXQFLQJRQDGLVHQJDJHG
FRDFKVRTXLFNLQGDUWLQJRXWRILWSURGXFLQJKHUPRQH\VHL]LQJ
KHUWLFNHWDQGGLYLQJLQWRWKHWUDLQWKDWVKHZDVERUQHDORQJWKH
DUFKHVVSDQQLQJWKHODQGRIFRDOSLWVSDVWDQGSUHVHQWDVLIVKH
KDGEHHQFDXJKWXSLQDFORXGDQGZKLUOHGDZD\
$OOWKHMRXUQH\LPPRYDEOHLQWKHDLUWKRXJKQHYHUOHIWEHKLQG
SODLQWRWKHGDUNH\HVRIKHUPLQGDVWKHHOHFWULFZLUHVZKLFK
UXOHGDFRORVVDOVWULSRIPXVLFSDSHURXWRIWKHHYHQLQJVN\ZHUH
SODLQWRWKHGDUNH\HVRIKHUERG\0UV6SDUVLWVDZKHUVWDLUFDVH
ZLWKWKHILJXUHFRPLQJGRZQ9HU\QHDUWKHERWWRPQRZ8SRQWKH
EULQNRIWKHDE\VV
$QRYHUFDVW6HSWHPEHUHYHQLQJMXVWDWQLJKWIDOOVDZEHQHDWKLWV
GURRSLQJH\HOLGV0UV6SDUVLWJOLGHRXWRIKHUFDUULDJHSDVVGRZQ
WKHZRRGHQVWHSVRIWKHOLWWOHVWDWLRQLQWRDVWRQ\URDGFURVVLW
LQWRDJUHHQODQHDQGEHFRPHKLGGHQLQDVXPPHUJURZWKRIOHDYHV
DQGEUDQFKHV2QHRUWZRODWHELUGVVOHHSLO\FKLUSLQJLQWKHLU
QHVWVDQGDEDWKHDYLO\FURVVLQJDQGUHFURVVLQJKHUDQGWKHUHHN
RIKHURZQWUHDGLQWKHWKLFNGXVWWKDWIHOWOLNHYHOYHWZHUHDOO
0UV6SDUVLWKHDUGRUVDZXQWLOVKHYHU\VRIWO\FORVHGDJDWH
6KHZHQWXSWRWKHKRXVHNHHSLQJZLWKLQWKHVKUXEEHU\DQGZHQW
URXQGLWSHHSLQJEHWZHHQWKHOHDYHVDWWKHORZHUZLQGRZV0RVWRI
196
WKHPZHUHRSHQDVWKH\XVXDOO\ZHUHLQVXFKZDUPZHDWKHUEXW
WKHUHZHUHQROLJKWV\HWDQGDOOZDVVLOHQW6KHWULHGWKHJDUGHQ
ZLWKQREHWWHUHIIHFW6KHWKRXJKWRIWKHZRRGDQGVWROHWRZDUGV
LWKHHGOHVVRIORQJJUDVVDQGEULHUVRIZRUPVVQDLOVDQG
VOXJVDQGDOOWKHFUHHSLQJWKLQJVWKDWEH:LWKKHUGDUNH\HVDQG
KHUKRRNQRVHZDULO\LQDGYDQFHRIKHU0UV6SDUVLWVRIWO\FUXVKHG
KHUZD\WKURXJKWKHWKLFNXQGHUJURZWKVRLQWHQWXSRQKHUREMHFW
WKDWVKHSUREDEO\ZRXOGKDYHGRQHQROHVVLIWKHZRRGKDGEHHQD
ZRRGRIDGGHUV
+DUN
7KHVPDOOHUELUGVPLJKWKDYHWXPEOHGRXWRIWKHLUQHVWVIDVFLQDWHG
E\WKHJOLWWHULQJRI0UV6SDUVLW
VH\HVLQWKHJORRPDVVKH
VWRSSHGDQGOLVWHQHG
/RZYRLFHVFORVHDWKDQG+LVYRLFHDQGKHUV7KHDSSRLQWPHQWZDV
DGHYLFHWRNHHSWKHEURWKHUDZD\7KHUHWKH\ZHUH\RQGHUE\WKH
IHOOHGWUHH
%HQGLQJORZDPRQJWKHGHZ\JUDVV0UV6SDUVLWDGYDQFHGFORVHUWR
WKHP6KHGUHZKHUVHOIXSDQGVWRRGEHKLQGDWUHHOLNH5RELQVRQ
&UXVRHLQKLVDPEXVFDGHDJDLQVWWKHVDYDJHVVRQHDUWRWKHPWKDW
DWDVSULQJDQGWKDWQRJUHDWRQHVKHFRXOGKDYHWRXFKHGWKHP
ERWK+HZDVWKHUHVHFUHWO\DQGKDGQRWVKRZQKLPVHOIDWWKH
KRXVH+HKDGFRPHRQKRUVHEDFNDQGPXVWKDYHSDVVHGWKURXJKWKH
QHLJKERXULQJILHOGVIRUKLVKRUVHZDVWLHGWRWKHPHDGRZVLGHRI
WKHIHQFHZLWKLQDIHZSDFHV
0\GHDUHVWORYH
VDLGKH
ZKDWFRXOG,GR".QRZLQJ\RXZHUH
DORQHZDVLWSRVVLEOHWKDW,FRXOGVWD\DZD\"
<RXPD\KDQJ\RXUKHDGWRPDNH\RXUVHOIWKHPRUHDWWUDFWLYH,
GRQ
WNQRZZKDWWKH\VHHLQ\RXZKHQ\RXKROGLWXS
WKRXJKW0UV
6SDUVLW
EXW\RXOLWWOHWKLQNP\GHDUHVWORYHZKRVHH\HVDUHRQ
\RX
7KDWVKHKXQJKHUKHDGZDVFHUWDLQ6KHXUJHGKLPWRJRDZD\VKH
FRPPDQGHGKLPWRJRDZD\EXWVKHQHLWKHUWXUQHGKHUIDFHWRKLP
QRUUDLVHGLW<HWLWZDVUHPDUNDEOHWKDWVKHVDWDVVWLOODVHYHU
WKHDPLDEOHZRPDQLQDPEXVFDGHKDGVHHQKHUVLWDWDQ\SHULRGLQ
KHUOLIH+HUKDQGVUHVWHGLQRQHDQRWKHUOLNHWKHKDQGVRID
VWDWXHDQGHYHQKHUPDQQHURIVSHDNLQJZDVQRWKXUULHG
197
0\GHDUFKLOG
VDLG+DUWKRXVH0UV6SDUVLWVDZZLWKGHOLJKWWKDW
KLVDUPHPEUDFHGKHU
ZLOO\RXQRWEHDUZLWKP\VRFLHW\IRUD
OLWWOHZKLOH"
1RWKHUH
:KHUH/RXLVD"
1RWKHUH
%XWZHKDYHVROLWWOHWLPHWRPDNHVRPXFKRIDQG,KDYHFRPHVR
IDUDQGDPDOWRJHWKHUVRGHYRWHGDQGGLVWUDFWHG7KHUHQHYHUZDV
DVODYHDWRQFHVRGHYRWHGDQGLOOXVHGE\KLVPLVWUHVV7RORRN
IRU\RXUVXQQ\ZHOFRPHWKDWKDVZDUPHGPHLQWROLIHDQGWREH
UHFHLYHGLQ\RXUIUR]HQPDQQHULVKHDUWUHQGLQJ
$P,WRVD\DJDLQWKDW,PXVWEHOHIWWRP\VHOIKHUH"
%XWZHPXVWPHHWP\GHDU/RXLVD:KHUHVKDOOZHPHHW"
7KH\ERWKVWDUWHG7KHOLVWHQHUVWDUWHGJXLOWLO\WRRIRUVKH
WKRXJKWWKHUHZDVDQRWKHUOLVWHQHUDPRQJWKHWUHHV,WZDVRQO\
UDLQEHJLQQLQJWRIDOOIDVWLQKHDY\GURSV
6KDOO,ULGHXSWRWKHKRXVHDIHZPLQXWHVKHQFHLQQRFHQWO\
VXSSRVLQJWKDWLWVPDVWHULVDWKRPHDQGZLOOEHFKDUPHGWRUHFHLYH
PH"
1R
<RXUFUXHOFRPPDQGVDUHLPSOLFLWO\WREHREH\HGWKRXJK,DPWKH
PRVWXQIRUWXQDWHIHOORZLQWKHZRUOG,EHOLHYHWRKDYHEHHQ
LQVHQVLEOHWRDOORWKHUZRPHQDQGWRKDYHIDOOHQSURVWUDWHDWODVW
XQGHUWKHIRRWRIWKHPRVWEHDXWLIXODQGWKHPRVWHQJDJLQJDQG
WKHPRVWLPSHULRXV0\GHDUHVW/RXLVD,FDQQRWJRP\VHOIRUOHW
\RXJRLQWKLVKDUGDEXVHRI\RXUSRZHU
0UV6SDUVLWVDZKLPGHWDLQKHUZLWKKLVHQFLUFOLQJDUPDQGKHDUG
KLPWKHQDQGWKHUHZLWKLQKHU0UV6SDUVLW
VJUHHG\KHDULQJ
WHOOKHUKRZKHORYHGKHUDQGKRZVKHZDVWKHVWDNHIRUZKLFKKH
DUGHQWO\GHVLUHGWRSOD\DZD\DOOWKDWKHKDGLQOLIH7KHREMHFWV
KHKDGODWHO\SXUVXHGWXUQHGZRUWKOHVVEHVLGHKHUVXFKVXFFHVVDV
ZDVDOPRVWLQKLVJUDVSKHIOXQJDZD\IURPKLPOLNHWKHGLUWLW
ZDVFRPSDUHGZLWKKHU,WVSXUVXLWQHYHUWKHOHVVLILWNHSWKLP
198
QHDUKHURULWVUHQXQFLDWLRQLILWWRRNKLPIURPKHURUIOLJKWLI
VKHVKDUHGLWRUVHFUHF\LIVKHFRPPDQGHGLWRUDQ\IDWHRU
HYHU\IDWHDOOZDVDOLNHWRKLPVRWKDWVKHZDVWUXHWRKLP
WKHPDQZKRKDGVHHQKRZFDVWDZD\VKHZDVZKRPVKHKDGLQVSLUHG
DWWKHLUILUVWPHHWLQJZLWKDQDGPLUDWLRQDQLQWHUHVWRIZKLFKKH
KDGWKRXJKWKLPVHOILQFDSDEOHZKRPVKHKDGUHFHLYHGLQWRKHU
FRQILGHQFHZKRZDVGHYRWHGWRKHUDQGDGRUHGKHU$OOWKLVDQG
PRUHLQKLVKXUU\DQGLQKHUVLQWKHZKLUORIKHURZQJUDWLILHG
PDOLFHLQWKHGUHDGRIEHLQJGLVFRYHUHGLQWKHUDSLGO\LQFUHDVLQJ
QRLVHRIKHDY\UDLQDPRQJWKHOHDYHVDQGDWKXQGHUVWRUPUROOLQJXS
0UV6SDUVLWUHFHLYHGLQWRKHUPLQGVHWRIIZLWKVXFKDQ
XQDYRLGDEOHKDORRIFRQIXVLRQDQGLQGLVWLQFWQHVVWKDWZKHQDW
OHQJWKKHFOLPEHGWKHIHQFHDQGOHGKLVKRUVHDZD\VKHZDVQRW
VXUHZKHUHWKH\ZHUHWRPHHWRUZKHQH[FHSWWKDWWKH\KDGVDLGLW
ZDVWREHWKDWQLJKW
%XWRQHRIWKHP\HWUHPDLQHGLQWKHGDUNQHVVEHIRUHKHUDQGZKLOH
VKHWUDFNHGWKDWRQHVKHPXVWEHULJKW
2KP\GHDUHVWORYH
WKRXJKW0UV6SDUVLW
\RXOLWWOHWKLQNKRZZHOODWWHQGHG\RXDUH
0UV6SDUVLWVDZKHURXWRIWKHZRRGDQGVDZKHUHQWHUWKHKRXVH
:KDWWRGRQH[W",WUDLQHGQRZLQDVKHHWRIZDWHU0UV
6SDUVLW
VZKLWHVWRFNLQJVZHUHRIPDQ\FRORXUVJUHHQ
SUHGRPLQDWLQJSULFNO\WKLQJVZHUHLQKHUVKRHVFDWHUSLOODUVVOXQJ
WKHPVHOYHVLQKDPPRFNVRIWKHLURZQPDNLQJIURPYDULRXVSDUWVRI
KHUGUHVVULOOVUDQIURPKHUERQQHWDQGKHU5RPDQQRVH,QVXFK
FRQGLWLRQ0UV6SDUVLWVWRRGKLGGHQLQWKHGHQVLW\RIWKH
VKUXEEHU\FRQVLGHULQJZKDWQH[W"
/R/RXLVDFRPLQJRXWRIWKHKRXVH+DVWLO\FORDNHGDQGPXIIOHG
DQGVWHDOLQJDZD\6KHHORSHV6KHIDOOVIURPWKHORZHUPRVW
VWDLUDQGLVVZDOORZHGXSLQWKHJXOI
,QGLIIHUHQWWRWKHUDLQDQGPRYLQJZLWKDTXLFNGHWHUPLQHGVWHS
VKHVWUXFNLQWRDVLGHSDWKSDUDOOHOZLWKWKHULGH0UV6SDUVLW
IROORZHGLQWKHVKDGRZRIWKHWUHHVDWEXWDVKRUWGLVWDQFHIRU
LWZDVQRWHDV\WRNHHSDILJXUHLQYLHZJRLQJTXLFNO\WKURXJKWKH
XPEUDJHRXVGDUNQHVV
:KHQVKHVWRSSHGWRFORVHWKHVLGHJDWHZLWKRXWQRLVH0UV6SDUVLW
VWRSSHG:KHQVKHZHQWRQ0UV6SDUVLWZHQWRQ6KHZHQWE\WKH
ZD\0UV6SDUVLWKDGFRPHHPHUJHGIURPWKHJUHHQODQHFURVVHGWKH
VWRQ\URDGDQGDVFHQGHGWKHZRRGHQVWHSVWRWKHUDLOURDG$WUDLQ
IRU&RNHWRZQZRXOGFRPHWKURXJKSUHVHQWO\0UV6SDUVLWNQHZVR
199
VKHXQGHUVWRRG&RNHWRZQWREHKHUILUVWSODFHRIGHVWLQDWLRQ
,Q0UV6SDUVLW
VOLPSDQGVWUHDPLQJVWDWHQRH[WHQVLYH
SUHFDXWLRQVZHUHQHFHVVDU\WRFKDQJHKHUXVXDODSSHDUDQFHEXWVKH
VWRSSHGXQGHUWKHOHHRIWKHVWDWLRQZDOOWXPEOHGKHUVKDZOLQWRD
QHZVKDSHDQGSXWLWRQRYHUKHUERQQHW6RGLVJXLVHGVKHKDGQR
IHDURIEHLQJUHFRJQL]HGZKHQVKHIROORZHGXSWKHUDLOURDGVWHSV
DQGSDLGKHUPRQH\LQWKHVPDOORIILFH/RXLVDVDWZDLWLQJLQD
FRUQHU0UV6SDUVLWVDWZDLWLQJLQDQRWKHUFRUQHU%RWKOLVWHQHG
WRWKHWKXQGHUZKLFKZDVORXGDQGWRWKHUDLQDVLWZDVKHGRII
WKHURRIDQGSDWWHUHGRQWKHSDUDSHWVRIWKHDUFKHV7ZRRUWKUHH
ODPSVZHUHUDLQHGRXWDQGEORZQRXWVRERWKVDZWKHOLJKWQLQJWR
DGYDQWDJHDVLWTXLYHUHGDQG]LJ]DJJHGRQWKHLURQWUDFNV
7KHVHL]XUHRIWKHVWDWLRQZLWKDILWRIWUHPEOLQJJUDGXDOO\
GHHSHQLQJWRDFRPSODLQWRIWKHKHDUWDQQRXQFHGWKHWUDLQ)LUH
DQGVWHDPDQGVPRNHDQGUHGOLJKWDKLVVDFUDVKDEHOODQGD
VKULHN/RXLVDSXWLQWRRQHFDUULDJH0UV6SDUVLWSXWLQWR
DQRWKHUWKHOLWWOHVWDWLRQDGHVHUWVSHFNLQWKHWKXQGHUVWRUP
7KRXJKKHUWHHWKFKDWWHUHGLQKHUKHDGIURPZHWDQGFROG0UV
6SDUVLWH[XOWHGKXJHO\7KHILJXUHKDGSOXQJHGGRZQWKHSUHFLSLFH
DQGVKHIHOWKHUVHOIDVLWZHUHDWWHQGLQJRQWKHERG\&RXOG
VKHZKRKDGEHHQVRDFWLYHLQWKHJHWWLQJXSRIWKHIXQHUDO
WULXPSKGROHVVWKDQH[XOW"
6KHZLOOEHDW&RNHWRZQORQJEHIRUH
KLP
WKRXJKW0UV6SDUVLW
WKRXJKKLVKRUVHLVQHYHUVRJRRG
:KHUHZLOOVKHZDLWIRUKLP"$QGZKHUHZLOOWKH\JRWRJHWKHU"
3DWLHQFH:HVKDOOVHH
7KHWUHPHQGRXVUDLQRFFDVLRQHGLQILQLWHFRQIXVLRQZKHQWKHWUDLQ
VWRSSHGDWLWVGHVWLQDWLRQ*XWWHUVDQGSLSHVKDGEXUVWGUDLQV
KDGRYHUIORZHGDQGVWUHHWVZHUHXQGHUZDWHU,QWKHILUVWLQVWDQW
RIDOLJKWLQJ0UV6SDUVLWWXUQHGKHUGLVWUDFWHGH\HVWRZDUGVWKH
ZDLWLQJFRDFKHVZKLFKZHUHLQJUHDWUHTXHVW
6KHZLOOJHWLQWR
RQH
VKHFRQVLGHUHG
DQGZLOOEHDZD\EHIRUH,FDQIROORZLQ
DQRWKHU$WDOOULVNVRIEHLQJUXQRYHU,PXVWVHHWKHQXPEHU
DQGKHDUWKHRUGHUJLYHQWRWKHFRDFKPDQ
%XW0UV6SDUVLWZDVZURQJLQKHUFDOFXODWLRQ/RXLVDJRWLQWRQR
FRDFKDQGZDVDOUHDG\JRQH7KHEODFNH\HVNHSWXSRQWKH
UDLOURDGFDUULDJHLQZKLFKVKHKDGWUDYHOOHGVHWWOHGXSRQLWD
PRPHQWWRRODWH7KHGRRUQRWEHLQJRSHQHGDIWHUVHYHUDOPLQXWHV
0UV6SDUVLWSDVVHGLWDQGUHSDVVHGLWVDZQRWKLQJORRNHGLQDQG
IRXQGLWHPSW\:HWWKURXJKDQGWKURXJKZLWKKHUIHHWVTXHOFKLQJ
200
DQGVTXDVKLQJLQKHUVKRHVZKHQHYHUVKHPRYHGZLWKDUDVKRIUDLQ
XSRQKHUFODVVLFDOYLVDJHZLWKDERQQHWOLNHDQRYHUULSHILJ
ZLWKDOOKHUFORWKHVVSRLOHGZLWKGDPSLPSUHVVLRQVRIHYHU\
EXWWRQVWULQJDQGKRRNDQGH\HVKHZRUHSULQWHGRIIXSRQKHU
KLJKO\FRQQHFWHGEDFNZLWKDVWDJQDQWYHUGXUHRQKHUJHQHUDO
H[WHULRUVXFKDVDFFXPXODWHVRQDQROGSDUNIHQFHLQDPRXOG\
ODQH0UV6SDUVLWKDGQRUHVRXUFHEXWWREXUVWLQWRWHDUVRI
ELWWHUQHVVDQGVD\
,KDYHORVWKHU
&+$37(5;,,'2:1
7+(QDWLRQDOGXVWPHQDIWHUHQWHUWDLQLQJRQHDQRWKHUZLWKDJUHDW
PDQ\QRLV\OLWWOHILJKWVDPRQJWKHPVHOYHVKDGGLVSHUVHGIRUWKH
SUHVHQWDQG0U*UDGJULQGZDVDWKRPHIRUWKHYDFDWLRQ
+HVDWZULWLQJLQWKHURRPZLWKWKHGHDGO\VWDWLVWLFDOFORFN
SURYLQJVRPHWKLQJQRGRXEWSUREDEO\LQWKHPDLQWKDWWKH*RRG
6DPDULWDQZDVD%DG(FRQRPLVW7KHQRLVHRIWKHUDLQGLGQRW
GLVWXUEKLPPXFKEXWLWDWWUDFWHGKLVDWWHQWLRQVXIILFLHQWO\WR
PDNHKLPUDLVHKLVKHDGVRPHWLPHVDVLIKHZHUHUDWKHU
UHPRQVWUDWLQJZLWKWKHHOHPHQWV:KHQLWWKXQGHUHGYHU\ORXGO\KH
JODQFHGWRZDUGV&RNHWRZQKDYLQJLWLQKLVPLQGWKDWVRPHRIWKH
WDOOFKLPQH\VPLJKWEHVWUXFNE\OLJKWQLQJ
7KHWKXQGHUZDVUROOLQJLQWRGLVWDQFHDQGWKHUDLQZDVSRXULQJ
GRZQOLNHDGHOXJHZKHQWKHGRRURIKLVURRPRSHQHG+HORRNHG
URXQGWKHODPSXSRQKLVWDEOHDQGVDZZLWKDPD]HPHQWKLVHOGHVW
GDXJKWHU
/RXLVD
)DWKHU,ZDQWWRVSHDNWR\RX
:KDWLVWKHPDWWHU"+RZVWUDQJH\RXORRN$QGJRRG+HDYHQ
VDLG
0U*UDGJULQGZRQGHULQJPRUHDQGPRUH
KDYH\RXFRPHKHUHH[SRVHG
WRWKLVVWRUP"
6KHSXWKHUKDQGVWRKHUGUHVVDVLIVKHKDUGO\NQHZ
<HV
7KHQVKHXQFRYHUHGKHUKHDGDQGOHWWLQJKHUFORDNDQGKRRGIDOO
ZKHUHWKH\PLJKWVWRRGORRNLQJDWKLPVRFRORXUOHVVVR
201
GLVKHYHOOHGVRGHILDQWDQGGHVSDLULQJWKDWKHZDVDIUDLGRIKHU
:KDWLVLW",FRQMXUH\RX/RXLVDWHOOPHZKDWLVWKHPDWWHU
6KHGURSSHGLQWRDFKDLUEHIRUHKLPDQGSXWKHUFROGKDQGRQKLV
DUP
)DWKHU\RXKDYHWUDLQHGPHIURPP\FUDGOH"
<HV/RXLVD
,FXUVHWKHKRXULQZKLFK,ZDVERUQWRVXFKDGHVWLQ\
+HORRNHGDWKHULQGRXEWDQGGUHDGYDFDQWO\UHSHDWLQJ
&XUVH
WKHKRXU"&XUVHWKHKRXU"
+RZFRXOG\RXJLYHPHOLIHDQGWDNHIURPPHDOOWKHLQDSSUHFLDEOH
WKLQJVWKDWUDLVHLWIURPWKHVWDWHRIFRQVFLRXVGHDWK":KHUHDUH
WKHJUDFHVRIP\VRXO":KHUHDUHWKHVHQWLPHQWVRIP\KHDUW":KDW
KDYH\RXGRQH2IDWKHUZKDWKDYH\RXGRQHZLWKWKHJDUGHQWKDW
VKRXOGKDYHEORRPHGRQFHLQWKLVJUHDWZLOGHUQHVVKHUH
6KHVWUXFNKHUVHOIZLWKERWKKHUKDQGVXSRQKHUERVRP
,ILWKDGHYHUEHHQKHUHLWVDVKHVDORQHZRXOGVDYHPHIURPWKH
YRLGLQZKLFKP\ZKROHOLIHVLQNV,GLGQRWPHDQWRVD\WKLV
EXWIDWKHU\RXUHPHPEHUWKHODVWWLPHZHFRQYHUVHGLQWKLVURRP"
+HKDGEHHQVRZKROO\XQSUHSDUHGIRUZKDWKHKHDUGQRZWKDWLWZDV
ZLWKGLIILFXOW\KHDQVZHUHG
<HV/RXLVD
:KDWKDVULVHQWRP\OLSVQRZZRXOGKDYHULVHQWRP\OLSVWKHQ
LI\RXKDGJLYHQPHDPRPHQW
VKHOS,GRQ
WUHSURDFK\RXIDWKHU
:KDW\RXKDYHQHYHUQXUWXUHGLQPH\RXKDYHQHYHUQXUWXUHGLQ
\RXUVHOIEXW2LI\RXKDGRQO\GRQHVRORQJDJRRULI\RXKDG
RQO\QHJOHFWHGPHZKDWDPXFKEHWWHUDQGPXFKKDSSLHUFUHDWXUH,
VKRXOGKDYHEHHQWKLVGD\
2QKHDULQJWKLVDIWHUDOOKLVFDUHKHERZHGKLVKHDGXSRQKLV
KDQGDQGJURDQHGDORXG
)DWKHULI\RXKDGNQRZQZKHQZHZHUHODVWWRJHWKHUKHUHZKDW
HYHQ,IHDUHGZKLOH,VWURYHDJDLQVWLWDVLWKDVEHHQP\WDVN
IURPLQIDQF\WRVWULYHDJDLQVWHYHU\QDWXUDOSURPSWLQJWKDWKDV
202
DULVHQLQP\KHDUWLI\RXKDGNQRZQWKDWWKHUHOLQJHUHGLQP\
EUHDVWVHQVLELOLWLHVDIIHFWLRQVZHDNQHVVHVFDSDEOHRIEHLQJ
FKHULVKHGLQWRVWUHQJWKGHI\LQJDOOWKHFDOFXODWLRQVHYHUPDGHE\
PDQDQGQRPRUHNQRZQWRKLVDULWKPHWLFWKDQKLV&UHDWRULV
ZRXOG\RXKDYHJLYHQPHWRWKHKXVEDQGZKRP,DPQRZVXUHWKDW,
KDWH"
+HVDLG
1R1RP\SRRUFKLOG
:RXOG\RXKDYHGRRPHGPHDWDQ\WLPHWRWKHIURVWDQGEOLJKW
WKDWKDYHKDUGHQHGDQGVSRLOHGPH":RXOG\RXKDYHUREEHGPHIRU
QRRQH
VHQULFKPHQWRQO\IRUWKHJUHDWHUGHVRODWLRQRIWKLVZRUOG
RIWKHLPPDWHULDOSDUWRIP\OLIHWKHVSULQJDQGVXPPHURIP\
EHOLHIP\UHIXJHIURPZKDWLVVRUGLGDQGEDGLQWKHUHDOWKLQJV
DURXQGPHP\VFKRROLQZKLFK,VKRXOGKDYHOHDUQHGWREHPRUH
KXPEOHDQGPRUHWUXVWLQJZLWKWKHPDQGWRKRSHLQP\OLWWOHVSKHUH
WRPDNHWKHPEHWWHU"
2QRQR1R/RXLVD
<HWIDWKHULI,KDGEHHQVWRQHEOLQGLI,KDGJURSHGP\ZD\E\
P\VHQVHRIWRXFKDQGKDGEHHQIUHHZKLOH,NQHZWKHVKDSHVDQG
VXUIDFHVRIWKLQJVWRH[HUFLVHP\IDQF\VRPHZKDWLQUHJDUGWR
WKHP,VKRXOGKDYHEHHQDPLOOLRQWLPHVZLVHUKDSSLHUPRUH
ORYLQJPRUHFRQWHQWHGPRUHLQQRFHQWDQGKXPDQLQDOOJRRG
UHVSHFWVWKDQ,DPZLWKWKHH\HV,KDYH1RZKHDUZKDW,KDYH
FRPHWRVD\
+HPRYHGWRVXSSRUWKHUZLWKKLVDUP6KHULVLQJDVKHGLGVR
WKH\VWRRGFORVHWRJHWKHUVKHZLWKDKDQGXSRQKLVVKRXOGHU
ORRNLQJIL[HGO\LQKLVIDFH
:LWKDKXQJHUDQGWKLUVWXSRQPHIDWKHUZKLFKKDYHQHYHUEHHQ
IRUDPRPHQWDSSHDVHGZLWKDQDUGHQWLPSXOVHWRZDUGVVRPHUHJLRQ
ZKHUHUXOHVDQGILJXUHVDQGGHILQLWLRQVZHUHQRWTXLWHDEVROXWH
,KDYHJURZQXSEDWWOLQJHYHU\LQFKRIP\ZD\
,QHYHUNQHZ\RXZHUHXQKDSS\P\FKLOG
)DWKHU,DOZD\VNQHZLW,QWKLVVWULIH,KDYHDOPRVWUHSXOVHG
DQGFUXVKHGP\EHWWHUDQJHOLQWRDGHPRQ:KDW,KDYHOHDUQHGKDV
OHIWPHGRXEWLQJPLVEHOLHYLQJGHVSLVLQJUHJUHWWLQJZKDW,KDYH
QRWOHDUQHGDQGP\GLVPDOUHVRXUFHKDVEHHQWRWKLQNWKDWOLIH
ZRXOGVRRQJRE\DQGWKDWQRWKLQJLQLWFRXOGEHZRUWKWKHSDLQ
203
DQGWURXEOHRIDFRQWHVW
$QG\RXVR\RXQJ/RXLVD
KHVDLGZLWKSLW\
$QG,VR\RXQJ,QWKLVFRQGLWLRQIDWKHUIRU,VKRZ\RXQRZ
ZLWKRXWIHDURUIDYRXUWKHRUGLQDU\GHDGHQHGVWDWHRIP\PLQGDV,
NQRZLW\RXSURSRVHGP\KXVEDQGWRPH,WRRNKLP,QHYHUPDGH
DSUHWHQFHWRKLPRU\RXWKDW,ORYHGKLP,NQHZDQGIDWKHU
\RXNQHZDQGKHNQHZWKDW,QHYHUGLG,ZDVQRWZKROO\
LQGLIIHUHQWIRU,KDGDKRSHRIEHLQJSOHDVDQWDQGXVHIXOWR7RP
,PDGHWKDWZLOGHVFDSHLQWRVRPHWKLQJYLVLRQDU\DQGKDYHVORZO\
IRXQGRXWKRZZLOGLWZDV%XW7RPKDGEHHQWKHVXEMHFWRIDOOWKH
OLWWOHWHQGHUQHVVRIP\OLIHSHUKDSVKHEHFDPHVREHFDXVH,NQHZ
VRZHOOKRZWRSLW\KLP,WPDWWHUVOLWWOHQRZH[FHSWDVLWPD\
GLVSRVH\RXWRWKLQNPRUHOHQLHQWO\RIKLVHUURUV
$VKHUIDWKHUKHOGKHULQKLVDUPVVKHSXWKHURWKHUKDQGXSRQKLV
RWKHUVKRXOGHUDQGVWLOOORRNLQJIL[HGO\LQKLVIDFHZHQWRQ
:KHQ,ZDVLUUHYRFDEO\PDUULHGWKHUHURVHXSLQWRUHEHOOLRQ
DJDLQVWWKHWLHWKHROGVWULIHPDGHILHUFHUE\DOOWKRVHFDXVHV
RIGLVSDULW\ZKLFKDULVHRXWRIRXUWZRLQGLYLGXDOQDWXUHVDQG
ZKLFKQRJHQHUDOODZVVKDOOHYHUUXOHRUVWDWHIRUPHIDWKHU
XQWLOWKH\VKDOOEHDEOHWRGLUHFWWKHDQDWRPLVWZKHUHWRVWULNH
KLVNQLIHLQWRWKHVHFUHWVRIP\VRXO
/RXLVD
KHVDLGDQGVDLGLPSORULQJO\IRUKHZHOOUHPHPEHUHG
ZKDWKDGSDVVHGEHWZHHQWKHPLQWKHLUIRUPHULQWHUYLHZ
,GRQRWUHSURDFK\RXIDWKHU,PDNHQRFRPSODLQW,DPKHUH
ZLWKDQRWKHUREMHFW
:KDWFDQ,GRFKLOG"$VNPHZKDW\RXZLOO
,DPFRPLQJWRLW)DWKHUFKDQFHWKHQWKUHZLQWRP\ZD\DQHZ
DFTXDLQWDQFHDPDQVXFKDV,KDGKDGQRH[SHULHQFHRIXVHGWRWKH
ZRUOGOLJKWSROLVKHGHDV\PDNLQJQRSUHWHQFHVDYRZLQJWKHORZ
HVWLPDWHRIHYHU\WKLQJWKDW,ZDVKDOIDIUDLGWRIRUPLQVHFUHW
FRQYH\LQJWRPHDOPRVWLPPHGLDWHO\WKRXJK,GRQ
WNQRZKRZRUE\
ZKDWGHJUHHVWKDWKHXQGHUVWRRGPHDQGUHDGP\WKRXJKWV,FRXOG
QRWILQGWKDWKHZDVZRUVHWKDQ,7KHUHVHHPHGWREHDQHDU
DIILQLW\EHWZHHQXV,RQO\ZRQGHUHGLWVKRXOGEHZRUWKKLVZKLOH
ZKRFDUHGIRUQRWKLQJHOVHWRFDUHVRPXFKIRUPH
204
)RU\RX/RXLVD
+HUIDWKHUPLJKWLQVWLQFWLYHO\KDYHORRVHQHGKLVKROGEXWWKDWKH
IHOWKHUVWUHQJWKGHSDUWLQJIURPKHUDQGVDZDZLOGGLODWLQJILUH
LQWKHH\HVVWHDGIDVWO\UHJDUGLQJKLP
,VD\QRWKLQJRIKLVSOHDIRUFODLPLQJP\FRQILGHQFH,WPDWWHUV
YHU\OLWWOHKRZKHJDLQHGLW)DWKHUKHGLGJDLQLW:KDW\RX
NQRZRIWKHVWRU\RIP\PDUULDJHKHVRRQNQHZMXVWDVZHOO
+HUIDWKHU
VIDFHZDVDVK\ZKLWHDQGKHKHOGKHULQERWKKLVDUPV
,KDYHGRQHQRZRUVH,KDYHQRWGLVJUDFHG\RX%XWLI\RXDVNPH
ZKHWKHU,KDYHORYHGKLPRUGRORYHKLP,WHOO\RXSODLQO\
IDWKHUWKDWLWPD\EHVR,GRQ
WNQRZ
6KHWRRNKHUKDQGVVXGGHQO\IURPKLVVKRXOGHUVDQGSUHVVHGWKHP
ERWKXSRQKHUVLGHZKLOHLQKHUIDFHQRWOLNHLWVHOIDQGLQKHU
ILJXUHGUDZQXSUHVROXWHWRILQLVKE\DODVWHIIRUWZKDWVKHKDG
WRVD\WKHIHHOLQJVORQJVXSSUHVVHGEURNHORRVH
7KLVQLJKWP\KXVEDQGEHLQJDZD\KHKDVEHHQZLWKPHGHFODULQJ
KLPVHOIP\ORYHU7KLVPLQXWHKHH[SHFWVPHIRU,FRXOGUHOHDVH
P\VHOIRIKLVSUHVHQFHE\QRRWKHUPHDQV,GRQRWNQRZWKDW,DP
VRUU\,GRQRWNQRZWKDW,DPDVKDPHG,GRQRWNQRZWKDW,DP
GHJUDGHGLQP\RZQHVWHHP$OOWKDW,NQRZLV\RXUSKLORVRSK\DQG
\RXUWHDFKLQJZLOOQRWVDYHPH1RZIDWKHU\RXKDYHEURXJKWPH
WRWKLV6DYHPHE\VRPHRWKHUPHDQV
+HWLJKWHQHGKLVKROGLQWLPHWRSUHYHQWKHUVLQNLQJRQWKHIORRU
EXWVKHFULHGRXWLQDWHUULEOHYRLFH
,VKDOOGLHLI\RXKROGPH
/HWPHIDOOXSRQWKHJURXQG
$QGKHODLGKHUGRZQWKHUHDQGVDZ
WKHSULGHRIKLVKHDUWDQGWKHWULXPSKRIKLVV\VWHPO\LQJDQ
LQVHQVLEOHKHDSDWKLVIHHW
(1'2)7+(6(&21'%22.
%22.7+(7+,5'*$51(5,1*
205
&+$37(5,$127+(57+,1*1((')8/
/28,6$DZRNHIURPDWRUSRUDQGKHUH\HVODQJXLGO\RSHQHGRQKHU
ROGEHGDWKRPHDQGKHUROGURRP,WVHHPHGDWILUVWDVLIDOO
WKDWKDGKDSSHQHGVLQFHWKHGD\VZKHQWKHVHREMHFWVZHUHIDPLOLDU
WRKHUZHUHWKHVKDGRZVRIDGUHDPEXWJUDGXDOO\DVWKHREMHFWV
EHFDPHPRUHUHDOWRKHUVLJKWWKHHYHQWVEHFDPHPRUHUHDOWRKHU
PLQG
6KHFRXOGVFDUFHO\PRYHKHUKHDGIRUSDLQDQGKHDYLQHVVKHUH\HV
ZHUHVWUDLQHGDQGVRUHDQGVKHZDVYHU\ZHDN$FXULRXVSDVVLYH
LQDWWHQWLRQKDGVXFKSRVVHVVLRQRIKHUWKDWWKHSUHVHQFHRIKHU
OLWWOHVLVWHULQWKHURRPGLGQRWDWWUDFWKHUQRWLFHIRUVRPHWLPH
(YHQZKHQWKHLUH\HVKDGPHWDQGKHUVLVWHUKDGDSSURDFKHGWKH
EHG/RXLVDOD\IRUPLQXWHVORRNLQJDWKHULQVLOHQFHDQG
VXIIHULQJKHUWLPLGO\WRKROGKHUSDVVLYHKDQGEHIRUHVKHDVNHG
:KHQZDV,EURXJKWWRWKLVURRP"
/DVWQLJKW/RXLVD
:KREURXJKWPHKHUH"
6LVV\,EHOLHYH
:K\GR\RXEHOLHYHVR"
%HFDXVH,IRXQGKHUKHUHWKLVPRUQLQJ6KHGLGQ
WFRPHWRP\
EHGVLGHWRZDNHPHDVVKHDOZD\VGRHVDQG,ZHQWWRORRNIRUKHU
6KHZDVQRWLQKHURZQURRPHLWKHUDQG,ZHQWORRNLQJIRUKHUDOO
RYHUWKHKRXVHXQWLO,IRXQGKHUKHUHWDNLQJFDUHRI\RXDQG
FRROLQJ\RXUKHDG:LOO\RXVHHIDWKHU"6LVV\VDLG,ZDVWRWHOO
KLPZKHQ\RXZRNH
:KDWDEHDPLQJIDFH\RXKDYH-DQH
VDLG/RXLVDDVKHU\RXQJ
VLVWHUWLPLGO\VWLOOEHQWGRZQWRNLVVKHU
+DYH,",DPYHU\JODG\RXWKLQNVR,DPVXUHLWPXVWEH
6LVV\
VGRLQJ
206
7KHDUP/RXLVDKDGEHJXQWRWZLQHDURXQGKHUQHFNXQEHQWLWVHOI
<RXFDQWHOOIDWKHULI\RXZLOO
7KHQVWD\LQJKHUIRUDPRPHQW
VKHVDLG
,WZDV\RXZKRPDGHP\URRPVRFKHHUIXODQGJDYHLW
WKLVORRNRIZHOFRPH"
2KQR/RXLVDLWZDVGRQHEHIRUH,FDPH,WZDV
/RXLVDWXUQHGXSRQKHUSLOORZDQGKHDUGQRPRUH:KHQKHUVLVWHU
KDGZLWKGUDZQVKHWXUQHGKHUKHDGEDFNDJDLQDQGOD\ZLWKKHU
IDFHWRZDUGVWKHGRRUXQWLOLWRSHQHGDQGKHUIDWKHUHQWHUHG
+HKDGDMDGHGDQ[LRXVORRNXSRQKLPDQGKLVKDQGXVXDOO\VWHDG\
WUHPEOHGLQKHUV+HVDWGRZQDWWKHVLGHRIWKHEHGWHQGHUO\
DVNLQJKRZVKHZDVDQGGZHOOLQJRQWKHQHFHVVLW\RIKHUNHHSLQJ
YHU\TXLHWDIWHUKHUDJLWDWLRQDQGH[SRVXUHWRWKHZHDWKHUODVW
QLJKW+HVSRNHLQDVXEGXHGDQGWURXEOHGYRLFHYHU\GLIIHUHQW
IURPKLVXVXDOGLFWDWRULDOPDQQHUDQGZDVRIWHQDWDORVVIRU
ZRUGV
0\GHDU/RXLVD0\SRRUGDXJKWHU
+HZDVVRPXFKDWDORVVDW
WKDWSODFHWKDWKHVWRSSHGDOWRJHWKHU+HWULHGDJDLQ
0\XQIRUWXQDWHFKLOG
7KHSODFHZDVVRGLIILFXOWWRJHWRYHU
WKDWKHWULHGDJDLQ
,WZRXOGEHKRSHOHVVIRUPH/RXLVDWRHQGHDYRXUWRWHOO\RXKRZ
RYHUZKHOPHG,KDYHEHHQDQGVWLOODPE\ZKDWEURNHXSRQPHODVW
QLJKW7KHJURXQGRQZKLFK,VWDQGKDVFHDVHGWREHVROLGXQGHUP\
IHHW7KHRQO\VXSSRUWRQZKLFK,OHDQHGDQGWKHVWUHQJWKRI
ZKLFKLWVHHPHGDQGVWLOOGRHVVHHPLPSRVVLEOHWRTXHVWLRQKDV
JLYHQZD\LQDQLQVWDQW,DPVWXQQHGE\WKHVHGLVFRYHULHV,
KDYHQRVHOILVKPHDQLQJLQZKDW,VD\EXW,ILQGWKHVKRFNRIZKDW
EURNHXSRQPHODVWQLJKWWREHYHU\KHDY\LQGHHG
6KHFRXOGJLYHKLPQRFRPIRUWKHUHLQ6KHKDGVXIIHUHGWKHZUHFN
RIKHUZKROHOLIHXSRQWKHURFN
,ZLOOQRWVD\/RXLVDWKDWLI\RXKDGE\DQ\KDSS\FKDQFH
XQGHFHLYHGPHVRPHWLPHDJRLWZRXOGKDYHEHHQEHWWHUIRUXVERWK
EHWWHUIRU\RXUSHDFHDQGEHWWHUIRUPLQH)RU,DPVHQVLEOHWKDW
LWPD\QRWKDYHEHHQDSDUWRIP\V\VWHPWRLQYLWHDQ\FRQILGHQFH
RIWKDWNLQG,KDGSURYHGP\P\V\VWHPWRP\VHOIDQG,KDYH
ULJLGO\DGPLQLVWHUHGLWDQG,PXVWEHDUWKHUHVSRQVLELOLW\RILWV
IDLOXUHV,RQO\HQWUHDW\RXWREHOLHYHP\IDYRXULWHFKLOGWKDW
207
,KDYHPHDQWWRGRULJKW
+HVDLGLWHDUQHVWO\DQGWRGRKLPMXVWLFHKHKDG,QJDXJLQJ
IDWKRPOHVVGHHSVZLWKKLVOLWWOHPHDQH[FLVHURGDQGLQVWDJJHULQJ
RYHUWKHXQLYHUVHZLWKKLVUXVW\VWLIIOHJJHGFRPSDVVHVKHKDG
PHDQWWRGRJUHDWWKLQJV:LWKLQWKHOLPLWVRIKLVVKRUWWHWKHUKH
KDGWXPEOHGDERXWDQQLKLODWLQJWKHIORZHUVRIH[LVWHQFHZLWK
JUHDWHUVLQJOHQHVVRISXUSRVHWKDQPDQ\RIWKHEODWDQWSHUVRQDJHV
ZKRVHFRPSDQ\KHNHSW
,DPZHOODVVXUHGRIZKDW\RXVD\IDWKHU,NQRZ,KDYHEHHQ
\RXUIDYRXULWHFKLOG,NQRZ\RXKDYHLQWHQGHGWRPDNHPHKDSS\
,KDYHQHYHUEODPHG\RXDQG,QHYHUVKDOO
+HWRRNKHURXWVWUHWFKHGKDQGDQGUHWDLQHGLWLQKLV
0\GHDU,KDYHUHPDLQHGDOOQLJKWDWP\WDEOHSRQGHULQJDJDLQ
DQGDJDLQRQZKDWKDVVRSDLQIXOO\SDVVHGEHWZHHQXV:KHQ,
FRQVLGHU\RXUFKDUDFWHUZKHQ,FRQVLGHUWKDWZKDWKDVEHHQNQRZQ
WRPHIRUKRXUVKDVEHHQFRQFHDOHGE\\RXIRU\HDUVZKHQ,
FRQVLGHUXQGHUZKDWLPPHGLDWHSUHVVXUHLWKDVEHHQIRUFHGIURP\RX
DWODVW,FRPHWRWKHFRQFOXVLRQWKDW,FDQQRWEXWPLVWUXVW
P\VHOI
+HPLJKWKDYHDGGHGPRUHWKDQDOOZKHQKHVDZWKHIDFHQRZORRNLQJ
DWKLP+HGLGDGGLWLQHIIHFWSHUKDSVDVKHVRIWO\PRYHGKHU
VFDWWHUHGKDLUIURPKHUIRUHKHDGZLWKKLVKDQG6XFKOLWWOH
DFWLRQVVOLJKWLQDQRWKHUPDQZHUHYHU\QRWLFHDEOHLQKLPDQG
KLVGDXJKWHUUHFHLYHGWKHPDVLIWKH\KDGEHHQZRUGVRIFRQWULWLRQ
%XW
VDLG0U*UDGJULQGVORZO\DQGZLWKKHVLWDWLRQDVZHOODV
ZLWKDZUHWFKHGVHQVHRIKDSSLQHVV
LI,VHHUHDVRQWRPLVWUXVW
P\VHOIIRUWKHSDVW/RXLVD,VKRXOGDOVRPLVWUXVWP\VHOIIRUWKH
SUHVHQWDQGWKHIXWXUH7RVSHDNXQUHVHUYHGO\WR\RX,GR,DP
IDUIURPIHHOLQJFRQYLQFHGQRZKRZHYHUGLIIHUHQWO\,PLJKWKDYH
IHOWRQO\WKLVWLPH\HVWHUGD\WKDW,DPILWIRUWKHWUXVW\RX
UHSRVHLQPHWKDW,NQRZKRZWRUHVSRQGWRWKHDSSHDO\RXKDYH
FRPHKRPHWRPDNHWRPHWKDW,KDYHWKHULJKWLQVWLQFWVXSSRVLQJ
LWIRUWKHPRPHQWWREHVRPHTXDOLW\RIWKDWQDWXUHKRZWRKHOS
\RXDQGWRVHW\RXULJKWP\FKLOG
6KHKDGWXUQHGXSRQKHUSLOORZDQGOD\ZLWKKHUIDFHXSRQKHUDUP
VRWKDWKHFRXOGQRWVHHLW$OOKHUZLOGQHVVDQGSDVVLRQKDG
VXEVLGHGEXWWKRXJKVRIWHQHGVKHZDVQRWLQWHDUV+HUIDWKHU
208
ZDVFKDQJHGLQQRWKLQJVRPXFKDVLQWKHUHVSHFWWKDWKHZRXOGKDYH
EHHQJODGWRVHHKHULQWHDUV
6RPHSHUVRQVKROG
KHSXUVXHGVWLOOKHVLWDWLQJ
WKDWWKHUHLVD
ZLVGRPRIWKH+HDGDQGWKDWWKHUHLVDZLVGRPRIWKH+HDUW,
KDYHQRWVXSSRVHGVREXWDV,KDYHVDLG,PLVWUXVWP\VHOIQRZ
,KDYHVXSSRVHGWKHKHDGWREHDOOVXIILFLHQW,WPD\QRWEHDOO
VXIILFLHQWKRZFDQ,YHQWXUHWKLVPRUQLQJWRVD\LWLV,IWKDW
RWKHUNLQGRIZLVGRPVKRXOGEHZKDW,KDYHQHJOHFWHGDQGVKRXOGEH
WKHLQVWLQFWWKDWLVZDQWHG/RXLVD
+HVXJJHVWHGLWYHU\GRXEWIXOO\DVLIKHZHUHKDOIXQZLOOLQJWR
DGPLWLWHYHQQRZ6KHPDGHKLPQRDQVZHUO\LQJEHIRUHKLPRQKHU
EHGVWLOOKDOIGUHVVHGPXFKDVKHKDGVHHQKHUO\LQJRQWKHIORRU
RIKLVURRPODVWQLJKW
/RXLVD
DQGKLVKDQGUHVWHGRQKHUKDLUDJDLQ
,KDYHEHHQ
DEVHQWIURPKHUHP\GHDUDJRRGGHDORIODWHDQGWKRXJK\RXU
VLVWHU
VWUDLQLQJKDVEHHQSXUVXHGDFFRUGLQJWRWKHV\VWHP
KH
DSSHDUHGWRFRPHWRWKDWZRUGZLWKJUHDWUHOXFWDQFHDOZD\V
LWKDV
QHFHVVDULO\EHHQPRGLILHGE\GDLO\DVVRFLDWLRQVEHJXQLQKHUFDVH
DWDQHDUO\DJH,DVN\RXLJQRUDQWO\DQGKXPEO\P\GDXJKWHU
IRUWKHEHWWHUGR\RXWKLQN"
)DWKHU
VKHUHSOLHGZLWKRXWVWLUULQJ
LIDQ\KDUPRQ\KDVEHHQ
DZDNHQHGLQKHU\RXQJEUHDVWWKDWZDVPXWHLQPLQHXQWLOLWWXUQHG
WRGLVFRUGOHWKHUWKDQN+HDYHQIRULWDQGJRXSRQKHUKDSSLHU
ZD\WDNLQJLWDVKHUJUHDWHVWEOHVVLQJWKDWVKHKDVDYRLGHGP\
ZD\
2P\FKLOGP\FKLOG
KHVDLGLQDIRUORUQPDQQHU
,DPDQ
XQKDSS\PDQWRVHH\RXWKXV:KDWDYDLOVLWWRPHWKDW\RXGRQRW
UHSURDFKPHLI,VRELWWHUO\UHSURDFKP\VHOI
+HEHQWKLVKHDG
DQGVSRNHORZWRKHU
/RXLVD,KDYHDPLVJLYLQJWKDWVRPHFKDQJH
PD\KDYHEHHQVORZO\ZRUNLQJDERXWPHLQWKLVKRXVHE\PHUHORYH
DQGJUDWLWXGHWKDWZKDWWKH+HDGKDGOHIWXQGRQHDQGFRXOGQRW
GRWKH+HDUWPD\KDYHEHHQGRLQJVLOHQWO\&DQLWEHVR"
6KHPDGHKLPQRUHSO\
,DPQRWWRRSURXGWREHOLHYHLW/RXLVD+RZFRXOG,EH
DUURJDQWDQG\RXEHIRUHPH&DQLWEHVR",VLWVRP\GHDU"
+HORRNHGXSRQKHURQFHPRUHO\LQJFDVWDZD\WKHUHDQGZLWKRXW
DQRWKHUZRUGZHQWRXWRIWKHURRP+HKDGQRWEHHQORQJJRQHZKHQ
209
VKHKHDUGDOLJKWWUHDGQHDUWKHGRRUDQGNQHZWKDWVRPHRQHVWRRG
EHVLGHKHU
6KHGLGQRWUDLVHKHUKHDG$GXOODQJHUWKDWVKHVKRXOGEHVHHQ
LQKHUGLVWUHVVDQGWKDWWKHLQYROXQWDU\ORRNVKHKDGVRUHVHQWHG
VKRXOGFRPHWRWKLVIXOILOPHQWVPRXOGHUHGZLWKLQKHUOLNHDQ
XQZKROHVRPHILUH$OOFORVHO\LPSULVRQHGIRUFHVUHQGDQGGHVWUR\
7KHDLUWKDWZRXOGEHKHDOWKIXOWRWKHHDUWKWKHZDWHUWKDWZRXOG
HQULFKLWWKHKHDWWKDWZRXOGULSHQLWWHDULWZKHQFDJHGXS6R
LQKHUERVRPHYHQQRZWKHVWURQJHVWTXDOLWLHVVKHSRVVHVVHGORQJ
WXUQHGXSRQWKHPVHOYHVEHFDPHDKHDSRIREGXUDF\WKDWURVH
DJDLQVWDIULHQG
,WZDVZHOOWKDWVRIWWRXFKFDPHXSRQKHUQHFNDQGWKDWVKH
XQGHUVWRRGKHUVHOIWREHVXSSRVHGWRKDYHIDOOHQDVOHHS7KH
V\PSDWKHWLFKDQGGLGQRWFODLPKHUUHVHQWPHQW/HWLWOLHWKHUH
OHWLWOLH
,WOD\WKHUHZDUPLQJLQWROLIHDFURZGRIJHQWOHUWKRXJKWVDQG
VKHUHVWHG$VVKHVRIWHQHGZLWKWKHTXLHWDQGWKHFRQVFLRXVQHVV
RIEHLQJVRZDWFKHGVRPHWHDUVPDGHWKHLUZD\LQWRKHUH\HV7KH
IDFHWRXFKHGKHUVDQGVKHNQHZWKDWWKHUHZHUHWHDUVXSRQLWWRR
DQGVKHWKHFDXVHRIWKHP
$V/RXLVDIHLJQHGWRURXVHKHUVHOIDQGVDWXS6LVV\UHWLUHGVR
WKDWVKHVWRRGSODFLGO\QHDUWKHEHGVLGH
,KRSH,KDYHQRWGLVWXUEHG\RX,KDYHFRPHWRDVNLI\RXZRXOG
OHWPHVWD\ZLWK\RX"
:K\VKRXOG\RXVWD\ZLWKPH"0\VLVWHUZLOOPLVV\RX<RXDUH
HYHU\WKLQJWRKHU
$P,"
UHWXUQHG6LVV\VKDNLQJKHUKHDG
,ZRXOGEHVRPHWKLQJWR
\RXLI,PLJKW
:KDW"
VDLG/RXLVDDOPRVWVWHUQO\
:KDWHYHU\RXZDQWPRVWLI,FRXOGEHWKDW$WDOOHYHQWV,
ZRXOGOLNHWRWU\WREHDVQHDULWDV,FDQ$QGKRZHYHUIDURII
WKDWPD\EH,ZLOOQHYHUWLUHRIWU\LQJ:LOO\RXOHWPH"
0\IDWKHUVHQW\RXWRDVNPH
210
1RLQGHHG
UHSOLHG6LVV\
+HWROGPHWKDW,PLJKWFRPHLQQRZ
EXWKHVHQWPHDZD\IURPWKHURRPWKLVPRUQLQJRUDWOHDVW
6KHKHVLWDWHGDQGVWRSSHG
$WOHDVWZKDW"
VDLG/RXLVDZLWKKHUVHDUFKLQJH\HVXSRQKHU
,WKRXJKWLWEHVWP\VHOIWKDW,VKRXOGEHVHQWDZD\IRU,IHOW
YHU\XQFHUWDLQZKHWKHU\RXZRXOGOLNHWRILQGPHKHUH
+DYH,DOZD\VKDWHG\RXVRPXFK"
,KRSHQRWIRU,KDYHDOZD\VORYHG\RXDQGKDYHDOZD\VZLVKHG
WKDW\RXVKRXOGNQRZLW%XW\RXFKDQJHGWRPHDOLWWOHVKRUWO\
EHIRUH\RXOHIWKRPH1RWWKDW,ZRQGHUHGDWLW<RXNQHZVR
PXFKDQG,NQHZVROLWWOHDQGLWZDVVRQDWXUDOLQPDQ\ZD\V
JRLQJDV\RXZHUHDPRQJRWKHUIULHQGVWKDW,KDGQRWKLQJWR
FRPSODLQRIDQGZDVQRWDWDOOKXUW
+HUFRORXUURVHDVVKHVDLGLWPRGHVWO\DQGKXUULHGO\/RXLVD
XQGHUVWRRGWKHORYLQJSUHWHQFHDQGKHUKHDUWVPRWHKHU
0D\,WU\"
VDLG6LVV\HPEROGHQHGWRUDLVHKHUKDQGWRWKHQHFN
WKDWZDVLQVHQVLEO\GURRSLQJWRZDUGVKHU
/RXLVDWDNLQJGRZQWKHKDQGWKDWZRXOGKDYHHPEUDFHGKHULQ
DQRWKHUPRPHQWKHOGLWLQRQHRIKHUVDQGDQVZHUHG
)LUVW6LVV\GR\RXNQRZZKDW,DP",DPVRSURXGDQGVR
KDUGHQHGVRFRQIXVHGDQGWURXEOHGVRUHVHQWIXODQGXQMXVWWR
HYHU\RQHDQGWRP\VHOIWKDWHYHU\WKLQJLVVWRUP\GDUNDQG
ZLFNHGWRPH'RHVQRWWKDWUHSHO\RX"
1R
,DPVRXQKDSS\DQGDOOWKDWVKRXOGKDYHPDGHPHRWKHUZLVHLVVR
ODLGZDVWHWKDWLI,KDGEHHQEHUHIWRIVHQVHWRWKLVKRXUDQG
LQVWHDGRIEHLQJDVOHDUQHGDV\RXWKLQNPHKDGWREHJLQWR
DFTXLUHWKHVLPSOHVWWUXWKV,FRXOGQRWZDQWDJXLGHWRSHDFH
FRQWHQWPHQWKRQRXUDOOWKHJRRGRIZKLFK,DPTXLWHGHYRLGPRUH
DEMHFWO\WKDQ,GR'RHVQRWWKDWUHSHO\RX"
1R
211
,QWKHLQQRFHQFHRIKHUEUDYHDIIHFWLRQDQGWKHEULPPLQJXSRIKHU
ROGGHYRWHGVSLULWWKHRQFHGHVHUWHGJLUOVKRQHOLNHDEHDXWLIXO
OLJKWXSRQWKHGDUNQHVVRIWKHRWKHU
/RXLVDUDLVHGWKHKDQGWKDWLWPLJKWFODVSKHUQHFNDQGMRLQLWV
IHOORZWKHUH6KHIHOOXSRQKHUNQHHVDQGFOLQJLQJWRWKLV
VWUROOHU
VFKLOGORRNHGXSDWKHUDOPRVWZLWKYHQHUDWLRQ
)RUJLYHPHSLW\PHKHOSPH+DYHFRPSDVVLRQRQP\JUHDWQHHG
DQGOHWPHOD\WKLVKHDGRIPLQHXSRQDORYLQJKHDUW
2OD\LWKHUH
FULHG6LVV\
/D\LWKHUHP\GHDU
&+$37(5,,9(5<5,',&8/286
05-$0(6+$57+286(SDVVHGDZKROHQLJKWDQGDGD\LQDVWDWHRIVR
PXFKKXUU\WKDWWKH:RUOGZLWKLWVEHVWJODVVLQKLVH\HZRXOG
VFDUFHO\KDYHUHFRJQL]HGKLPGXULQJWKDWLQVDQHLQWHUYDODVWKH
EURWKHU-HPRIWKHKRQRXUDEOHDQGMRFXODUPHPEHU+HZDV
SRVLWLYHO\DJLWDWHG+HVHYHUDOWLPHVVSRNHZLWKDQHPSKDVLV
VLPLODUWRWKHYXOJDUPDQQHU+HZHQWLQDQGZHQWRXWLQDQ
XQDFFRXQWDEOHZD\OLNHDPDQZLWKRXWDQREMHFW+HURGHOLNHD
KLJKZD\PDQ,QDZRUGKHZDVVRKRUULEO\ERUHGE\H[LVWLQJ
FLUFXPVWDQFHVWKDWKHIRUJRWWRJRLQIRUERUHGRPLQWKHPDQQHU
SUHVFULEHGE\WKHDXWKRULWLHV
$IWHUSXWWLQJKLVKRUVHDW&RNHWRZQWKURXJKWKHVWRUPDVLILW
ZHUHDOHDSKHZDLWHGXSDOOQLJKWIURPWLPHWRWLPHULQJLQJKLV
EHOOZLWKWKHJUHDWHVWIXU\FKDUJLQJWKHSRUWHUZKRNHSWZDWFK
ZLWKGHOLQTXHQF\LQZLWKKROGLQJOHWWHUVRUPHVVDJHVWKDWFRXOGQRW
IDLOWRKDYHEHHQHQWUXVWHGWRKLPDQGGHPDQGLQJUHVWLWXWLRQRQ
WKHVSRW7KHGDZQFRPLQJWKHPRUQLQJFRPLQJDQGWKHGD\FRPLQJ
DQGQHLWKHUPHVVDJHQRUOHWWHUFRPLQJZLWKHLWKHUKHZHQWGRZQWR
WKHFRXQWU\KRXVH7KHUHWKHUHSRUWZDV0U%RXQGHUE\DZD\DQG
0UV%RXQGHUE\LQWRZQ/HIWIRUWRZQVXGGHQO\ODVWHYHQLQJ1RW
HYHQNQRZQWREHJRQHXQWLOUHFHLSWRIPHVVDJHLPSRUWLQJWKDWKHU
UHWXUQZDVQRWWREHH[SHFWHGIRUWKHSUHVHQW
,QWKHVHFLUFXPVWDQFHVKHKDGQRWKLQJIRULWEXWWRIROORZKHUWR
WRZQ+HZHQWWRWKHKRXVHLQWRZQ0UV%RXQGHUE\QRWWKHUH+H
212
ORRNHGLQDWWKH%DQN0U%RXQGHUE\DZD\DQG0UV6SDUVLWDZD\
0UV6SDUVLWDZD\":KRFRXOGKDYHEHHQUHGXFHGWRVXGGHQH[WUHPLW\
IRUWKHFRPSDQ\RIWKDWJULIILQ
:HOO,GRQ
WNQRZ
VDLG7RPZKRKDGKLVRZQUHDVRQVIRUEHLQJ
XQHDV\DERXWLW
6KHZDVRIIVRPHZKHUHDWGD\EUHDNWKLVPRUQLQJ
6KH
VDOZD\VIXOORIP\VWHU\,KDWHKHU6R,GRWKDWZKLWHFKDS
KH
VDOZD\VJRWKLVEOLQNLQJH\HVXSRQDIHOORZ
:KHUHZHUH\RXODVWQLJKW7RP"
:KHUHZDV,ODVWQLJKW
VDLG7RP
&RPH,OLNHWKDW,ZDV
ZDLWLQJIRU\RX0U+DUWKRXVHWLOOLWFDPHGRZQDV,QHYHUVDZLW
FRPHGRZQEHIRUH:KHUHZDV,WRR:KHUHZHUH\RX\RXPHDQ
,ZDVSUHYHQWHGIURPFRPLQJGHWDLQHG
'HWDLQHG
PXUPXUHG7RP
7ZRRIXVZHUHGHWDLQHG,ZDV
GHWDLQHGORRNLQJIRU\RXWLOO,ORVWHYHU\WUDLQEXWWKHPDLO,W
ZRXOGKDYHEHHQDSOHDVDQWMREWRJRGRZQE\WKDWRQVXFKDQLJKW
DQGKDYHWRZDONKRPHWKURXJKDSRQG,ZDVREOLJHGWRVOHHSLQ
WRZQDIWHUDOO
:KHUH"
:KHUH":K\LQP\RZQEHGDW%RXQGHUE\
V
'LG\RXVHH\RXUVLVWHU"
+RZWKHGHXFH
UHWXUQHG7RPVWDULQJ
FRXOG,VHHP\VLVWHUZKHQ
VKHZDVILIWHHQPLOHVRII"
&XUVLQJWKHVHTXLFNUHWRUWVRIWKH\RXQJJHQWOHPDQWRZKRPKHZDV
VRWUXHDIULHQG0U+DUWKRXVHGLVHPEDUUDVVHGKLPVHOIRIWKDW
LQWHUYLHZZLWKWKHVPDOOHVWFRQFHLYDEOHDPRXQWRIFHUHPRQ\DQG
GHEDWHGIRUWKHKXQGUHGWKWLPHZKDWDOOWKLVFRXOGPHDQ"+HPDGH
RQO\RQHWKLQJFOHDU,WZDVWKDWZKHWKHUVKHZDVLQWRZQRURXW
RIWRZQZKHWKHUKHKDGEHHQSUHPDWXUHZLWKKHUZKRZDVVRKDUGWR
FRPSUHKHQGRUVKHKDGORVWFRXUDJHRUWKH\ZHUHGLVFRYHUHGRU
VRPHPLVFKDQFHRUPLVWDNHDWSUHVHQWLQFRPSUHKHQVLEOHKDG
RFFXUUHGKHPXVWUHPDLQWRFRQIURQWKLVIRUWXQHZKDWHYHULWZDV
7KHKRWHOZKHUHKHZDVNQRZQWROLYHZKHQFRQGHPQHGWRWKDWUHJLRQ
RIEODFNQHVVZDVWKHVWDNHWRZKLFKKHZDVWLHG$VWRDOOWKH
UHVW:KDWZLOOEHZLOOEH
213
6RZKHWKHU,DPZDLWLQJIRUDKRVWLOHPHVVDJHRUDQDVVLJQDWLRQ
RUDSHQLWHQWUHPRQVWUDQFHRUDQLPSURPSWXZUHVWOHZLWKP\IULHQG
%RXQGHUE\LQWKH/DQFDVKLUHPDQQHUZKLFKZRXOGVHHPDVOLNHO\DV
DQ\WKLQJHOVHLQWKHSUHVHQWVWDWHRIDIIDLUV,
OOGLQH
VDLG
0U-DPHV+DUWKRXVH
%RXQGHUE\KDVWKHDGYDQWDJHLQSRLQWRI
ZHLJKWDQGLIDQ\WKLQJRID%ULWLVKQDWXUHLVWRFRPHRIIEHWZHHQ
XVLWPD\EHDVZHOOWREHLQWUDLQLQJ
7KHUHIRUHKHUDQJWKHEHOODQGWRVVLQJKLPVHOIQHJOLJHQWO\RQD
VRIDRUGHUHG
6RPHGLQQHUDWVL[ZLWKDEHHIVWHDNLQLW
DQG
JRWWKURXJKWKHLQWHUYHQLQJWLPHDVZHOODVKHFRXOG7KDWZDVQRW
SDUWLFXODUO\ZHOOIRUKHUHPDLQHGLQWKHJUHDWHVWSHUSOH[LW\DQG
DVWKHKRXUVZHQWRQDQGQRNLQGRIH[SODQDWLRQRIIHUHGLWVHOI
KLVSHUSOH[LW\DXJPHQWHGDWFRPSRXQGLQWHUHVW
+RZHYHUKHWRRNDIIDLUVDVFRROO\DVLWZDVLQKXPDQQDWXUHWRGR
DQGHQWHUWDLQHGKLPVHOIZLWKWKHIDFHWLRXVLGHDRIWKHWUDLQLQJ
PRUHWKDQRQFH
,WZRXOGQ
WEHEDG
KH\DZQHGDWRQHWLPH
WR
JLYHWKHZDLWHUILYHVKLOOLQJVDQGWKURZKLP
$WDQRWKHUWLPHLW
RFFXUUHGWRKLP
2UDIHOORZRIDERXWWKLUWHHQRUIRXUWHHQVWRQH
PLJKWEHKLUHGE\WKHKRXU
%XWWKHVHMHVWVGLGQRWWHOO
PDWHULDOO\RQWKHDIWHUQRRQRUKLVVXVSHQVHDQGVRRWKWRVD\
WKH\ERWKODJJHGIHDUIXOO\
,WZDVLPSRVVLEOHHYHQEHIRUHGLQQHUWRDYRLGRIWHQZDONLQJDERXW
LQWKHSDWWHUQRIWKHFDUSHWORRNLQJRXWRIWKHZLQGRZOLVWHQLQJ
DWWKHGRRUIRUIRRWVWHSVDQGRFFDVLRQDOO\EHFRPLQJUDWKHUKRW
ZKHQDQ\VWHSVDSSURDFKHGWKDWURRP%XWDIWHUGLQQHUZKHQWKH
GD\WXUQHGWRWZLOLJKWDQGWKHWZLOLJKWWXUQHGWRQLJKWDQGVWLOO
QRFRPPXQLFDWLRQZDVPDGHWRKLPLWEHJDQWREHDVKHH[SUHVVHG
LW
OLNHWKH+RO\2IILFHDQGVORZWRUWXUH
+RZHYHUVWLOOWUXH
WRKLVFRQYLFWLRQWKDWLQGLIIHUHQFHZDVWKHJHQXLQHKLJKEUHHGLQJ
WKHRQO\FRQYLFWLRQKHKDGKHVHL]HGWKLVFULVLVDVWKH
RSSRUWXQLW\IRURUGHULQJFDQGOHVDQGDQHZVSDSHU
+HKDGEHHQWU\LQJLQYDLQIRUKDOIDQKRXUWRUHDGWKLV
QHZVSDSHUZKHQWKHZDLWHUDSSHDUHGDQGVDLGDWRQFHP\VWHULRXVO\
DQGDSRORJHWLFDOO\
%HJ\RXUSDUGRQVLU<RX
UHZDQWHGVLULI\RXSOHDVH
$JHQHUDOUHFROOHFWLRQWKDWWKLVZDVWKHNLQGRIWKLQJWKH3ROLFH
VDLGWRWKHVZHOOPREFDXVHG0U+DUWKRXVHWRDVNWKHZDLWHULQ
214
UHWXUQZLWKEULVWOLQJLQGLJQDWLRQZKDWWKH'HYLOKHPHDQWE\
ZDQWHG
"
%HJ\RXUSDUGRQVLU<RXQJODG\RXWVLGHVLUZLVKHVWRVHH
\RX
2XWVLGH":KHUH"
2XWVLGHWKLVGRRUVLU
*LYLQJWKHZDLWHUWRWKHSHUVRQDJHEHIRUHPHQWLRQHGDVDEORFN
KHDGGXO\TXDOLILHGIRUWKDWFRQVLJQPHQW0U+DUWKRXVHKXUULHG
LQWRWKHJDOOHU\$\RXQJZRPDQZKRPKHKDGQHYHUVHHQVWRRG
WKHUH3ODLQO\GUHVVHGYHU\TXLHWYHU\SUHWW\$VKHFRQGXFWHG
KHULQWRWKHURRPDQGSODFHGDFKDLUIRUKHUKHREVHUYHGE\WKH
OLJKWRIWKHFDQGOHVWKDWVKHZDVHYHQSUHWWLHUWKDQKHKDGDW
ILUVWEHOLHYHG+HUIDFHZDVLQQRFHQWDQG\RXWKIXODQGLWV
H[SUHVVLRQUHPDUNDEO\SOHDVDQW6KHZDVQRWDIUDLGRIKLPRULQ
DQ\ZD\GLVFRQFHUWHGVKHVHHPHGWRKDYHKHUPLQGHQWLUHO\
SUHRFFXSLHGZLWKWKHRFFDVLRQRIKHUYLVLWDQGWRKDYHVXEVWLWXWHG
WKDWFRQVLGHUDWLRQIRUKHUVHOI
,VSHDNWR0U+DUWKRXVH"
VKHVDLGZKHQWKH\ZHUHDORQH
7R0U+DUWKRXVH
+HDGGHGLQKLVPLQG
$QG\RXVSHDNWRKLP
ZLWKWKHPRVWFRQILGLQJH\HV,HYHUVDZDQGWKHPRVWHDUQHVWYRLFH
WKRXJKVRTXLHW,HYHUKHDUG
,I,GRQRWXQGHUVWDQGDQG,GRQRWVLU
VDLG6LVV\
ZKDW
\RXUKRQRXUDVDJHQWOHPDQELQGV\RXWRLQRWKHUPDWWHUV
WKH
EORRGUHDOO\URVHLQKLVIDFHDVVKHEHJDQLQWKHVHZRUGV
,DP
VXUH,PD\UHO\XSRQLWWRNHHSP\YLVLWVHFUHWDQGWRNHHSVHFUHW
ZKDW,DPJRLQJWRVD\,ZLOOUHO\XSRQLWLI\RXZLOOWHOOPH,
PD\VRIDUWUXVW
<RXPD\,DVVXUH\RX
,DP\RXQJDV\RXVHH,DPDORQHDV\RXVHH,QFRPLQJWR\RX
VLU,KDYHQRDGYLFHRUHQFRXUDJHPHQWEH\RQGP\RZQKRSH
+H
WKRXJKW
%XWWKDWLVYHU\VWURQJ
DVKHIROORZHGWKHPRPHQWDU\
XSZDUGJODQFHRIKHUH\HV+HWKRXJKWEHVLGHV
7KLVLVDYHU\RGG
EHJLQQLQJ,GRQ
WVHHZKHUHZHDUHJRLQJ
,WKLQN
VDLG6LVV\
\RXKDYHDOUHDG\JXHVVHGZKRP,OHIWMXVW
215
QRZ
,KDYHEHHQLQWKHJUHDWHVWFRQFHUQDQGXQHDVLQHVVGXULQJWKHODVW
IRXUDQGWZHQW\KRXUVZKLFKKDYHDSSHDUHGDVPDQ\\HDUV
KH
UHWXUQHG
RQDODG\
VDFFRXQW7KHKRSHV,KDYHEHHQHQFRXUDJHG
WRIRUPWKDW\RXFRPHIURPWKDWODG\GRQRWGHFHLYHPH,WUXVW
,OHIWKHUZLWKLQDQKRXU
$W
$WKHUIDWKHU
V
0U+DUWKRXVH
VIDFHOHQJWKHQHGLQVSLWHRIKLVFRROQHVVDQGKLV
SHUSOH[LW\LQFUHDVHG
7KHQ,FHUWDLQO\
KHWKRXJKW
GRQRWVHH
ZKHUHZHDUHJRLQJ
6KHKXUULHGWKHUHODVWQLJKW6KHDUULYHGWKHUHLQJUHDW
DJLWDWLRQDQGZDVLQVHQVLEOHDOOWKURXJKWKHQLJKW,OLYHDWKHU
IDWKHU
VDQGZDVZLWKKHU<RXPD\EHVXUHVLU\RXZLOOQHYHU
VHHKHUDJDLQDVORQJDV\RXOLYH
0U+DUWKRXVHGUHZDORQJEUHDWKDQGLIHYHUPDQIRXQGKLPVHOILQ
WKHSRVLWLRQRIQRWNQRZLQJZKDWWRVD\PDGHWKHGLVFRYHU\EH\RQG
DOOTXHVWLRQWKDWKHZDVVRFLUFXPVWDQFHG7KHFKLOGOLNH
LQJHQXRXVQHVVZLWKZKLFKKLVYLVLWRUVSRNHKHUPRGHVW
IHDUOHVVQHVVKHUWUXWKIXOQHVVZKLFKSXWDOODUWLILFHDVLGHKHU
HQWLUHIRUJHWIXOQHVVRIKHUVHOILQKHUHDUQHVWTXLHWKROGLQJWRWKH
REMHFWZLWKZKLFKVKHKDGFRPHDOOWKLVWRJHWKHUZLWKKHU
UHOLDQFHRQKLVHDVLO\JLYHQSURPLVHZKLFKLQLWVHOIVKDPHGKLP
SUHVHQWHGVRPHWKLQJLQZKLFKKHZDVVRLQH[SHULHQFHGDQGDJDLQVW
ZKLFKKHNQHZDQ\RIKLVXVXDOZHDSRQVZRXOGIDOOVRSRZHUOHVV
WKDWQRWDZRUGFRXOGKHUDOO\WRKLVUHOLHI
$WODVWKHVDLG
6RVWDUWOLQJDQDQQRXQFHPHQWVRFRQILGHQWO\PDGHDQGE\VXFK
OLSVLVUHDOO\GLVFRQFHUWLQJLQWKHODVWGHJUHH0D\,EH
SHUPLWWHGWRLQTXLUHLI\RXDUHFKDUJHGWRFRQYH\WKDWLQIRUPDWLRQ
WRPHLQWKRVHKRSHOHVVZRUGVE\WKHODG\RIZKRPZHVSHDN"
,KDYHQRFKDUJHIURPKHU
7KHGURZQLQJPDQFDWFKHVDWWKHVWUDZ:LWKQRGLVUHVSHFWIRU
216
\RXUMXGJPHQWDQGZLWKQRGRXEWRI\RXUVLQFHULW\H[FXVHP\
VD\LQJWKDW,FOLQJWRWKHEHOLHIWKDWWKHUHLV\HWKRSHWKDW,DP
QRWFRQGHPQHGWRSHUSHWXDOH[LOHIURPWKDWODG\
VSUHVHQFH
7KHUHLVQRWWKHOHDVWKRSH7KHILUVWREMHFWRIP\FRPLQJKHUH
VLULVWRDVVXUH\RXWKDW\RXPXVWEHOLHYHWKDWWKHUHLVQRPRUH
KRSHRI\RXUHYHUVSHDNLQJZLWKKHUDJDLQWKDQWKHUHZRXOGEHLI
VKHKDGGLHGZKHQVKHFDPHKRPHODVWQLJKW
0XVWEHOLHYH"%XWLI,FDQ
WRULI,VKRXOGE\LQILUPLW\RI
QDWXUHEHREVWLQDWHDQGZRQ
W
,WLVVWLOOWUXH7KHUHLVQRKRSH
-DPHV+DUWKRXVHORRNHGDWKHUZLWKDQLQFUHGXORXVVPLOHXSRQKLV
OLSVEXWKHUPLQGORRNHGRYHUDQGEH\RQGKLPDQGWKHVPLOHZDV
TXLWHWKURZQDZD\
+HELWKLVOLSDQGWRRNDOLWWOHWLPHIRUFRQVLGHUDWLRQ
:HOO,ILWVKRXOGXQKDSSLO\DSSHDU
KHVDLG
DIWHUGXHSDLQV
DQGGXW\RQP\SDUWWKDW,DPEURXJKWWRDSRVLWLRQVRGHVRODWHDV
WKLVEDQLVKPHQW,VKDOOQRWEHFRPHWKHODG\
VSHUVHFXWRU%XW\RX
VDLG\RXKDGQRFRPPLVVLRQIURPKHU"
,KDYHRQO\WKHFRPPLVVLRQRIP\ORYHIRUKHUDQGKHUORYHIRU
PH,KDYHQRRWKHUWUXVWWKDQWKDW,KDYHEHHQZLWKKHUVLQFH
VKHFDPHKRPHDQGWKDWVKHKDVJLYHQPHKHUFRQILGHQFH,KDYHQR
IXUWKHUWUXVWWKDQWKDW,NQRZVRPHWKLQJRIKHUFKDUDFWHUDQGKHU
PDUULDJH20U+DUWKRXVH,WKLQN\RXKDGWKDWWUXVWWRR
+HZDVWRXFKHGLQWKHFDYLW\ZKHUHKLVKHDUWVKRXOGKDYHEHHQLQ
WKDWQHVWRIDGGOHGHJJVZKHUHWKHELUGVRIKHDYHQZRXOGKDYH
OLYHGLIWKH\KDGQRWEHHQZKLVWOHGDZD\E\WKHIHUYRXURIWKLV
UHSURDFK
,DPQRWDPRUDOVRUWRIIHOORZ
KHVDLG
DQG,QHYHUPDNHDQ\
SUHWHQVLRQVWRWKHFKDUDFWHURIDPRUDOVRUWRIIHOORZ,DPDV
LPPRUDODVQHHGEH$WWKHVDPHWLPHLQEULQJLQJDQ\GLVWUHVV
XSRQWKHODG\ZKRLVWKHVXEMHFWRIWKHSUHVHQWFRQYHUVDWLRQRULQ
XQIRUWXQDWHO\FRPSURPLVLQJKHULQDQ\ZD\RULQFRPPLWWLQJP\VHOI
E\DQ\H[SUHVVLRQRIVHQWLPHQWVWRZDUGVKHUQRWSHUIHFWO\
UHFRQFLODEOHZLWKLQIDFWZLWKWKHGRPHVWLFKHDUWKRULQ
WDNLQJDQ\DGYDQWDJHRIKHUIDWKHU
VEHLQJDPDFKLQHRURIKHU
217
EURWKHU
VEHLQJDZKHOSRURIKHUKXVEDQG
VEHLQJDEHDU,EHJWR
EHDOORZHGWRDVVXUH\RXWKDW,KDYHKDGQRSDUWLFXODUO\HYLO
LQWHQWLRQVEXWKDYHJOLGHGRQIURPRQHVWHSWRDQRWKHUZLWKD
VPRRWKQHVVVRSHUIHFWO\GLDEROLFDOWKDW,KDGQRWWKHVOLJKWHVW
LGHDWKHFDWDORJXHZDVKDOIVRORQJXQWLO,EHJDQWRWXUQLWRYHU
:KHUHDV,ILQG
VDLG0U-DPHV+DUWKRXVHLQFRQFOXVLRQ
WKDWLW
LVUHDOO\LQVHYHUDOYROXPHV
7KRXJKKHVDLGDOOWKLVLQKLVIULYRORXVZD\WKHZD\VHHPHGIRU
WKDWRQFHDFRQVFLRXVSROLVKLQJRIEXWDQXJO\VXUIDFH+HZDV
VLOHQWIRUDPRPHQWDQGWKHQSURFHHGHGZLWKDPRUHVHOISRVVHVVHG
DLUWKRXJKZLWKWUDFHVRIYH[DWLRQDQGGLVDSSRLQWPHQWWKDWZRXOG
QRWEHSROLVKHGRXW
$IWHUZKDWKDVEHHQMXVWQRZUHSUHVHQWHGWRPHLQDPDQQHU,ILQG
LWLPSRVVLEOHWRGRXEW,NQRZRIKDUGO\DQ\RWKHUVRXUFHIURP
ZKLFK,FRXOGKDYHDFFHSWHGLWVRUHDGLO\,IHHOERXQGWRVD\WR
\RXLQZKRPWKHFRQILGHQFH\RXKDYHPHQWLRQHGKDVEHHQUHSRVHG
WKDW,FDQQRWUHIXVHWRFRQWHPSODWHWKHSRVVLELOLW\KRZHYHU
XQH[SHFWHGRIP\VHHLQJWKHODG\QRPRUH,DPVROHO\WREODPH
IRUWKHWKLQJKDYLQJFRPHWRWKLVDQGDQG,FDQQRWVD\
KH
DGGHGUDWKHUKDUGXSIRUDJHQHUDOSHURUDWLRQ
WKDW,KDYHDQ\
VDQJXLQHH[SHFWDWLRQRIHYHUEHFRPLQJDPRUDOVRUWRIIHOORZRU
WKDW,KDYHDQ\EHOLHILQDQ\PRUDOVRUWRIIHOORZZKDWHYHU
6LVV\
VIDFHVXIILFLHQWO\VKRZHGWKDWKHUDSSHDOWRKLPZDVQRW
ILQLVKHG
<RXVSRNH
KHUHVXPHGDVVKHUDLVHGKHUH\HVWRKLPDJDLQ
RI
\RXUILUVWREMHFW,PD\DVVXPHWKDWWKHUHLVDVHFRQGWREH
PHQWLRQHG"
<HV
:LOO\RXREOLJHPHE\FRQILGLQJLW"
0U+DUWKRXVH
UHWXUQHG6LVV\ZLWKDEOHQGLQJRIJHQWOHQHVVDQG
VWHDGLQHVVWKDWTXLWHGHIHDWHGKLPDQGZLWKDVLPSOHFRQILGHQFHLQ
KLVEHLQJERXQGWRGRZKDWVKHUHTXLUHGWKDWKHOGKLPDWD
VLQJXODUGLVDGYDQWDJH
WKHRQO\UHSDUDWLRQWKDWUHPDLQVZLWK\RX
LVWROHDYHKHUHLPPHGLDWHO\DQGILQDOO\,DPTXLWHVXUHWKDW\RX
FDQPLWLJDWHLQQRRWKHUZD\WKHZURQJDQGKDUP\RXKDYHGRQH,
DPTXLWHVXUHWKDWLWLVWKHRQO\FRPSHQVDWLRQ\RXKDYHOHIWLWLQ
\RXUSRZHUWRPDNH,GRQRWVD\WKDWLWLVPXFKRUWKDWLWLV
218
HQRXJKEXWLWLVVRPHWKLQJDQGLWLVQHFHVVDU\7KHUHIRUH
WKRXJKZLWKRXWDQ\RWKHUDXWKRULW\WKDQ,KDYHJLYHQ\RXDQGHYHQ
ZLWKRXWWKHNQRZOHGJHRIDQ\RWKHUSHUVRQWKDQ\RXUVHOIDQGP\VHOI
,DVN\RXWRGHSDUWIURPWKLVSODFHWRQLJKWXQGHUDQREOLJDWLRQ
QHYHUWRUHWXUQWRLW
,IVKHKDGDVVHUWHGDQ\LQIOXHQFHRYHUKLPEH\RQGKHUSODLQIDLWK
LQWKHWUXWKDQGULJKWRIZKDWVKHVDLGLIVKHKDGFRQFHDOHGWKH
OHDVWGRXEWRULUUHVROXWLRQRUKDGKDUERXUHGIRUWKHEHVWSXUSRVH
DQ\UHVHUYHRUSUHWHQFHLIVKHKDGVKRZQRUIHOWWKHOLJKWHVW
WUDFHRIDQ\VHQVLWLYHQHVVWRKLVULGLFXOHRUKLVDVWRQLVKPHQWRU
DQ\UHPRQVWUDQFHKHPLJKWRIIHUKHZRXOGKDYHFDUULHGLWDJDLQVW
KHUDWWKLVSRLQW%XWKHFRXOGDVHDVLO\KDYHFKDQJHGDFOHDUVN\
E\ORRNLQJDWLWLQVXUSULVHDVDIIHFWKHU
%XWGR\RXNQRZ
KHDVNHGTXLWHDWDORVV
WKHH[WHQWRIZKDW
\RXDVN"<RXSUREDEO\DUHQRWDZDUHWKDW,DPKHUHRQDSXEOLF
NLQGRIEXVLQHVVSUHSRVWHURXVHQRXJKLQLWVHOIEXWZKLFK,KDYH
JRQHLQIRUDQGVZRUQE\DQGDPVXSSRVHGWREHGHYRWHGWRLQ
TXLWHDGHVSHUDWHPDQQHU"<RXSUREDEO\DUHQRWDZDUHRIWKDWEXW
,DVVXUH\RXLW
VWKHIDFW
,WKDGQRHIIHFWRQ6LVV\IDFWRUQRIDFW
%HVLGHVZKLFK
VDLG0U+DUWKRXVHWDNLQJDWXUQRUWZRDFURVV
WKHURRPGXELRXVO\
LW
VVRDODUPLQJO\DEVXUG,WZRXOGPDNHD
PDQVRULGLFXORXVDIWHUJRLQJLQIRUWKHVHIHOORZVWREDFNRXWLQ
VXFKDQLQFRPSUHKHQVLEOHZD\
,DPTXLWHVXUH
UHSHDWHG6LVV\
WKDWLWLVWKHRQO\UHSDUDWLRQ
LQ\RXUSRZHUVLU,DPTXLWHVXUHRU,ZRXOGQRWKDYHFRPH
KHUH
+HJODQFHGDWKHUIDFHDQGZDONHGDERXWDJDLQ
8SRQP\VRXO,
GRQ
WNQRZZKDWWRVD\6RLPPHQVHO\DEVXUG
,WIHOOWRKLVORWQRZWRVWLSXODWHIRUVHFUHF\
,I,ZHUHWRGRVXFKDYHU\ULGLFXORXVWKLQJ
KHVDLGVWRSSLQJ
DJDLQSUHVHQWO\DQGOHDQLQJDJDLQVWWKHFKLPQH\SLHFH
LWFRXOG
RQO\EHLQWKHPRVWLQYLRODEOHFRQILGHQFH
,ZLOOWUXVWWR\RXVLU
UHWXUQHG6LVV\
DQG\RXZLOOWUXVWWR
PH
219
+LVOHDQLQJDJDLQVWWKHFKLPQH\SLHFHUHPLQGHGKLPRIWKHQLJKW
ZLWKWKHZKHOS,WZDVWKHVHOIVDPHFKLPQH\SLHFHDQGVRPHKRZKH
IHOWDVLIKHZHUHWKHZKHOSWRQLJKW+HFRXOGPDNHQRZD\DW
DOO
,VXSSRVHDPDQQHYHUZDVSODFHGLQDPRUHULGLFXORXVSRVLWLRQ
KHVDLGDIWHUORRNLQJGRZQDQGORRNLQJXSDQGODXJKLQJDQG
IURZQLQJDQGZDONLQJRIIDQGZDONLQJEDFNDJDLQ
%XW,VHHQR
ZD\RXWRILW:KDWZLOOEHZLOOEH7KLVZLOOEH,VXSSRVH,
PXVWWDNHRIIP\VHOI,LPDJLQHLQVKRUW,HQJDJHWRGRLW
6LVV\URVH6KHZDVQRWVXUSULVHGE\WKHUHVXOWEXWVKHZDVKDSS\
LQLWDQGKHUIDFHEHDPHGEULJKWO\
<RXZLOOSHUPLWPHWRVD\
FRQWLQXHG0U-DPHV+DUWKRXVH
WKDW,
GRXEWLIDQ\RWKHUDPEDVVDGRURUDPEDVVDGUHVVFRXOGKDYH
DGGUHVVHGPHZLWKWKHVDPHVXFFHVV,PXVWQRWRQO\UHJDUGP\VHOI
DVEHLQJLQDYHU\ULGLFXORXVSRVLWLRQEXWDVEHLQJYDQTXLVKHGDW
DOOSRLQWV:LOO\RXDOORZPHWKHSULYLOHJHRIUHPHPEHULQJP\
HQHP\
VQDPH"
0\QDPH"
VDLGWKHDPEDVVDGUHVV
7KHRQO\QDPH,FRXOGSRVVLEO\FDUHWRNQRZWRQLJKW
6LVV\-XSH
3DUGRQP\FXULRVLW\DWSDUWLQJ5HODWHGWRWKHIDPLO\"
,DPRQO\DSRRUJLUO
UHWXUQHG6LVV\
,ZDVVHSDUDWHGIURPP\
IDWKHUKHZDVRQO\DVWUROOHUDQGWDNHQSLW\RQE\0U
*UDGJULQG,KDYHOLYHGLQWKHKRXVHHYHUVLQFH
6KHZDVJRQH
,WZDQWHGWKLVWRFRPSOHWHWKHGHIHDW
VDLG0U-DPHV+DUWKRXVH
VLQNLQJZLWKDUHVLJQHGDLURQWKHVRIDDIWHUVWDQGLQJ
WUDQVIL[HGDOLWWOHZKLOH
7KHGHIHDWPD\QRZEHFRQVLGHUHG
SHUIHFWO\DFFRPSOLVKHG2QO\DSRRUJLUORQO\DVWUROOHURQO\
-DPHV+DUWKRXVHPDGHQRWKLQJRIRQO\-DPHV+DUWKRXVHD*UHDW
3\UDPLGRIIDLOXUH
7KH*UHDW3\UDPLGSXWLWLQWRKLVKHDGWRJRXSWKH1LOH+HWRRN
220
DSHQXSRQWKHLQVWDQWDQGZURWHWKHIROORZLQJQRWHLQ
DSSURSULDWHKLHURJO\SKLFVWRKLVEURWKHU
'HDU-DFN$OOXSDW&RNHWRZQ%RUHGRXWRIWKHSODFHDQGJRLQJ
LQIRUFDPHOV$IIHFWLRQDWHO\-(0
+HUDQJWKHEHOO
6HQGP\IHOORZKHUH
*RQHWREHGVLU
7HOOKLPWRJHWXSDQGSDFNXS
+HZURWHWZRPRUHQRWHV2QHWR0U%RXQGHUE\DQQRXQFLQJKLV
UHWLUHPHQWIURPWKDWSDUWRIWKHFRXQWU\DQGVKRZLQJZKHUHKH
ZRXOGEHIRXQGIRUWKHQH[WIRUWQLJKW7KHRWKHUVLPLODULQ
HIIHFWWR0U*UDGJULQG$OPRVWDVVRRQDVWKHLQNZDVGU\XSRQ
WKHLUVXSHUVFULSWLRQVKHKDGOHIWWKHWDOOFKLPQH\VRI&RNHWRZQ
EHKLQGDQGZDVLQDUDLOZD\FDUULDJHWHDULQJDQGJODULQJRYHUWKH
GDUNODQGVFDSH
7KHPRUDOVRUWRIIHOORZVPLJKWVXSSRVHWKDW0U-DPHV+DUWKRXVH
GHULYHGVRPHFRPIRUWDEOHUHIOHFWLRQVDIWHUZDUGVIURPWKLVSURPSW
UHWUHDWDVRQHRIKLVIHZDFWLRQVWKDWPDGHDQ\DPHQGVIRU
DQ\WKLQJDQGDVDWRNHQWRKLPVHOIWKDWKHKDGHVFDSHGWKHFOLPD[
RIDYHU\EDGEXVLQHVV%XWLWZDVQRWVRDWDOO$VHFUHWVHQVH
RIKDYLQJIDLOHGDQGEHHQULGLFXORXVDGUHDGRIZKDWRWKHU
IHOORZVZKRZHQWLQIRUVLPLODUVRUWVRIWKLQJVZRXOGVD\DWKLV
H[SHQVHLIWKH\NQHZLWVRRSSUHVVHGKLPWKDWZKDWZDVDERXWWKH
YHU\EHVWSDVVDJHLQKLVOLIHZDVWKHRQHRIDOORWKHUVKHZRXOG
QRWKDYHRZQHGWRRQDQ\DFFRXQWDQGWKHRQO\RQHWKDWPDGHKLP
DVKDPHGRIKLPVHOI
&+$37(5,,,9(5<'(&,'('
7+(LQGHIDWLJDEOH0UV6SDUVLWZLWKDYLROHQWFROGXSRQKHUKHU
YRLFHUHGXFHGWRDZKLVSHUDQGKHUVWDWHO\IUDPHVRUDFNHGE\
221
FRQWLQXDOVQHH]HVWKDWLWVHHPHGLQGDQJHURIGLVPHPEHUPHQWJDYH
FKDVHWRKHUSDWURQXQWLOVKHIRXQGKLPLQWKHPHWURSROLVDQG
WKHUHPDMHVWLFDOO\VZHHSLQJLQXSRQKLPDWKLVKRWHOLQ6W
-DPHV
V6WUHHWH[SORGHGWKHFRPEXVWLEOHVZLWKZKLFKVKHZDV
FKDUJHGDQGEOHZXS+DYLQJH[HFXWHGKHUPLVVLRQZLWKLQILQLWH
UHOLVKWKLVKLJKPLQGHGZRPDQWKHQIDLQWHGDZD\RQ0U%RXQGHUE\
V
FRDWFROODU
0U%RXQGHUE\
VILUVWSURFHGXUHZDVWRVKDNH0UV6SDUVLWRIIDQG
OHDYHKHUWRSURJUHVVDVVKHPLJKWWKURXJKYDULRXVVWDJHVRI
VXIIHULQJRQWKHIORRU+HQH[WKDGUHFRXUVHWRWKHDGPLQLVWUDWLRQ
RISRWHQWUHVWRUDWLYHVVXFKDVVFUHZLQJWKHSDWLHQW
VWKXPEV
VPLWLQJKHUKDQGVDEXQGDQWO\ZDWHULQJKHUIDFHDQGLQVHUWLQJVDOW
LQKHUPRXWK:KHQWKHVHDWWHQWLRQVKDGUHFRYHUHGKHUZKLFKWKH\
VSHHGLO\GLGKHKXVWOHGKHULQWRDIDVWWUDLQZLWKRXWRIIHULQJ
DQ\RWKHUUHIUHVKPHQWDQGFDUULHGKHUEDFNWR&RNHWRZQPRUHGHDG
WKDQDOLYH
5HJDUGHGDVDFODVVLFDOUXLQ0UV6SDUVLWZDVDQLQWHUHVWLQJ
VSHFWDFOHRQKHUDUULYDODWKHUMRXUQH\
VHQGEXWFRQVLGHUHGLQ
DQ\RWKHUOLJKWWKHDPRXQWRIGDPDJHVKHKDGE\WKDWWLPH
VXVWDLQHGZDVH[FHVVLYHDQGLPSDLUHGKHUFODLPVWRDGPLUDWLRQ
8WWHUO\KHHGOHVVRIWKHZHDUDQGWHDURIKHUFORWKHVDQG
FRQVWLWXWLRQDQGDGDPDQWWRKHUSDWKHWLFVQHH]HV0U%RXQGHUE\
LPPHGLDWHO\FUDPPHGKHULQWRDFRDFKDQGERUHKHURIIWR6WRQH
/RGJH
1RZ7RP*UDGJULQG
VDLG%RXQGHUE\EXUVWLQJLQWRKLVIDWKHULQ
ODZ
VURRPODWHDWQLJKW
KHUH
VDODG\KHUH0UV6SDUVLW\RX
NQRZ0UV6SDUVLWZKRKDVVRPHWKLQJWRVD\WR\RXWKDWZLOO
VWULNH\RXGXPE
<RXKDYHPLVVHGP\OHWWHU
H[FODLPHG0U*UDGJULQGVXUSULVHGE\
WKHDSSDULWLRQ
0LVVHG\RXUOHWWHUVLU
EDZOHG%RXQGHUE\
7KHSUHVHQWWLPHLV
QRWLPHIRUOHWWHUV1RPDQVKDOOWDONWR-RVLDK%RXQGHUE\RI
&RNHWRZQDERXWOHWWHUVZLWKKLVPLQGLQWKHVWDWHLW
VLQQRZ
%RXQGHUE\
VDLG0U*UDGJULQGLQDWRQHRIWHPSHUDWH
UHPRQVWUDQFH
,VSHDNRIDYHU\VSHFLDOOHWWHU,KDYHZULWWHQWR
\RXLQUHIHUHQFHWR/RXLVD
7RP*UDGJULQG
UHSOLHG%RXQGHUE\NQRFNLQJWKHIODWRIKLVKDQG
222
VHYHUDOWLPHVZLWKJUHDWYHKHPHQFHRQWKHWDEOH
,VSHDNRIDYHU\
VSHFLDOPHVVHQJHUWKDWKDVFRPHWRPHLQUHIHUHQFHWR/RXLVD
0UV6SDUVLWPD
DPVWDQGIRUZDUG
7KDWXQIRUWXQDWHODG\KHUHXSRQHVVD\LQJWRRIIHUWHVWLPRQ\ZLWKRXW
DQ\YRLFHDQGZLWKSDLQIXOJHVWXUHVH[SUHVVLYHRIDQLQIODPHG
WKURDWEHFDPHVRDJJUDYDWLQJDQGXQGHUZHQWVRPDQ\IDFLDO
FRQWRUWLRQVWKDW0U%RXQGHUE\XQDEOHWREHDULWVHL]HGKHUE\
WKHDUPDQGVKRRNKHU
,I\RXFDQ
WJHWLWRXWPD
DP
VDLG%RXQGHUE\
OHDYHPHWRJHW
LWRXW7KLVLVQRWDWLPHIRUDODG\KRZHYHUKLJKO\FRQQHFWHG
WREHWRWDOO\LQDXGLEOHDQGVHHPLQJO\VZDOORZLQJPDUEOHV7RP
*UDGJULQG0UV6SDUVLWODWWHUO\IRXQGKHUVHOIE\DFFLGHQWLQD
VLWXDWLRQWRRYHUKHDUDFRQYHUVDWLRQRXWRIGRRUVEHWZHHQ\RXU
GDXJKWHUDQG\RXUSUHFLRXVJHQWOHPDQIULHQG0U-DPHV+DUWKRXVH
,QGHHG
VDLG0U*UDGJULQG
$K,QGHHG
FULHG%RXQGHUE\
$QGLQWKDWFRQYHUVDWLRQ
,WLVQRWQHFHVVDU\WRUHSHDWLWVWHQRU%RXQGHUE\,NQRZZKDW
SDVVHG
<RXGR"3HUKDSV
VDLG%RXQGHUE\VWDULQJZLWKDOOKLVPLJKWDW
KLVVRTXLHWDQGDVVXDVLYHIDWKHULQODZ
\RXNQRZZKHUH\RXU
GDXJKWHULVDWWKHSUHVHQWWLPH
8QGRXEWHGO\6KHLVKHUH
+HUH"
0\GHDU%RXQGHUE\OHWPHEHJ\RXWRUHVWUDLQWKHVHORXGRXW
EUHDNVRQDOODFFRXQWV/RXLVDLVKHUH7KHPRPHQWVKHFRXOG
GHWDFKKHUVHOIIURPWKDWLQWHUYLHZZLWKWKHSHUVRQRIZKRP\RX
VSHDNDQGZKRP,GHHSO\UHJUHWWRKDYHEHHQWKHPHDQVRI
LQWURGXFLQJWR\RX/RXLVDKXUULHGKHUHIRUSURWHFWLRQ,P\VHOI
KDGQRWEHHQDWKRPHPDQ\KRXUVZKHQ,UHFHLYHGKHUKHUHLQ
WKLVURRP6KHKXUULHGE\WKHWUDLQWRWRZQVKHUDQIURPWRZQWR
WKLVKRXVHWKURXJKDUDJLQJVWRUPDQGSUHVHQWHGKHUVHOIEHIRUHPH
LQDVWDWHRIGLVWUDFWLRQ2IFRXUVHVKHKDVUHPDLQHGKHUHHYHU
VLQFH/HWPHHQWUHDW\RXIRU\RXURZQVDNHDQGIRUKHUVWREH
PRUHTXLHW
223
0U%RXQGHUE\VLOHQWO\JD]HGDERXWKLPIRUVRPHPRPHQWVLQHYHU\
GLUHFWLRQH[FHSW0UV6SDUVLW
VGLUHFWLRQDQGWKHQDEUXSWO\
WXUQLQJXSRQWKHQLHFHRI/DG\6FDGJHUVVDLGWRWKDWZUHWFKHG
ZRPDQ
1RZPD
DP:HVKDOOEHKDSS\WRKHDUDQ\OLWWOHDSRORJ\\RXPD\
WKLQNSURSHUWRRIIHUIRUJRLQJDERXWWKHFRXQWU\DWH[SUHVVSDFH
ZLWKQRRWKHUOXJJDJHWKDQD&RFNDQGD%XOOPD
DP
6LU
ZKLVSHUHG0UV6SDUVLW
P\QHUYHVDUHDWSUHVHQWWRRPXFK
VKDNHQDQGP\KHDOWKLVDWSUHVHQWWRRPXFKLPSDLUHGLQ\RXU
VHUYLFHWRDGPLWRIP\GRLQJPRUHWKDQWDNLQJUHIXJHLQWHDUV
:KLFKVKHGLG
:HOOPD
DP
VDLG%RXQGHUE\
ZLWKRXWPDNLQJDQ\REVHUYDWLRQWR
\RXWKDWPD\QRWEHPDGHZLWKSURSULHW\WRDZRPDQRIJRRGIDPLO\
ZKDW,KDYHJRWWRDGGWRWKDWLVWKDWWKHUHLVVRPHWKLQJHOVHLQ
ZKLFKLWDSSHDUVWRPH\RXPD\WDNHUHIXJHQDPHO\DFRDFK$QG
WKHFRDFKLQZKLFKZHFDPHKHUHEHLQJDWWKHGRRU\RX
OODOORZPH
WRKDQG\RXGRZQWRLWDQGSDFN\RXKRPHWRWKH%DQNZKHUHWKH
EHVWFRXUVHIRU\RXWRSXUVXHZLOOEHWRSXW\RXUIHHWLQWRWKH
KRWWHVWZDWHU\RXFDQEHDUDQGWDNHDJODVVRIVFDOGLQJUXPDQG
EXWWHUDIWHU\RXJHWLQWREHG
:LWKWKHVHZRUGV0U%RXQGHUE\
H[WHQGHGKLVULJKWKDQGWRWKHZHHSLQJODG\DQGHVFRUWHGKHUWR
WKHFRQYH\DQFHLQTXHVWLRQVKHGGLQJPDQ\SODLQWLYHVQHH]HVE\WKH
ZD\+HVRRQUHWXUQHGDORQH
1RZDV\RXVKRZHGPHLQ\RXUIDFH7RP*UDGJULQGWKDW\RXZDQWHG
WRVSHDNWRPH
KHUHVXPHG
KHUH,DP%XW,DPQRWLQDYHU\
DJUHHDEOHVWDWH,WHOO\RXSODLQO\QRWUHOLVKLQJWKLVEXVLQHVV
HYHQDVLWLVDQGQRWFRQVLGHULQJWKDW,DPDWDQ\WLPHDV
GXWLIXOO\DQGVXEPLVVLYHO\WUHDWHGE\\RXUGDXJKWHUDV-RVLDK
%RXQGHUE\RI&RNHWRZQRXJKWWREHWUHDWHGE\KLVZLIH<RXKDYH
\RXURSLQLRQ,GDUHVD\DQG,KDYHPLQH,NQRZ,I\RXPHDQWR
VD\DQ\WKLQJWRPHWRQLJKWWKDWJRHVDJDLQVWWKLVFDQGLGUHPDUN
\RXKDGEHWWHUOHWLWDORQH
0U*UDGJULQGLWZLOOEHREVHUYHGEHLQJPXFKVRIWHQHG0U
%RXQGHUE\WRRNSDUWLFXODUSDLQVWRKDUGHQKLPVHOIDWDOOSRLQWV
,WZDVKLVDPLDEOHQDWXUH
0\GHDU%RXQGHUE\
0U*UDGJULQGEHJDQLQUHSO\
1RZ\RX
OOH[FXVHPH
VDLG%RXQGHUE\
EXW,GRQ
WZDQWWREH
224
WRRGHDU7KDWWRVWDUWZLWK:KHQ,EHJLQWREHGHDUWRDPDQ
,JHQHUDOO\ILQGWKDWKLVLQWHQWLRQLVWRFRPHRYHUPH,DPQRW
VSHDNLQJWR\RXSROLWHO\EXWDV\RXDUHDZDUH,DPQRWSROLWH
,I\RXOLNHSROLWHQHVV\RXNQRZZKHUHWRJHWLW<RXKDYH\RXU
JHQWOHPDQIULHQGV\RXNQRZDQGWKH\
OOVHUYH\RXZLWKDVPXFKRI
WKHDUWLFOHDV\RXZDQW,GRQ
WNHHSLWP\VHOI
%RXQGHUE\
XUJHG0U*UDGJULQG
ZHDUHDOOOLDEOHWRPLVWDNHV
,WKRXJKW\RXFRXOGQ
WPDNH
HP
LQWHUUXSWHG%RXQGHUE\
3HUKDSV,WKRXJKWVR%XW,VD\ZHDUHDOOOLDEOHWRPLVWDNHV
DQG,VKRXOGIHHOVHQVLEOHRI\RXUGHOLFDF\DQGJUDWHIXOIRULW
LI\RXZRXOGVSDUHPHWKHVHUHIHUHQFHVWR+DUWKRXVH,VKDOOQRW
DVVRFLDWHKLPLQRXUFRQYHUVDWLRQZLWK\RXULQWLPDF\DQG
HQFRXUDJHPHQWSUD\GRQRWSHUVLVWLQFRQQHFWLQJKLPZLWKPLQH
,QHYHUPHQWLRQHGKLVQDPH
VDLG%RXQGHUE\
:HOOZHOO
UHWXUQHG0U*UDGJULQGZLWKDSDWLHQWHYHQD
VXEPLVVLYHDLU$QGKHVDWIRUDOLWWOHZKLOHSRQGHULQJ
%RXQGHUE\,VHHUHDVRQWRGRXEWZKHWKHUZHKDYHHYHUTXLWH
XQGHUVWRRG/RXLVD
:KRGR\RXPHDQE\:H"
/HWPHVD\,WKHQ
KHUHWXUQHGLQDQVZHUWRWKHFRDUVHO\
EOXUWHGTXHVWLRQ
,GRXEWZKHWKHU,KDYHXQGHUVWRRG/RXLVD,
GRXEWZKHWKHU,KDYHEHHQTXLWHULJKWLQWKHPDQQHURIKHU
HGXFDWLRQ
7KHUH\RXKLWLW
UHWXUQHG%RXQGHUE\
7KHUH,DJUHHZLWK\RX
<RXKDYHIRXQGLWRXWDWODVWKDYH\RX"(GXFDWLRQ,
OOWHOO\RX
ZKDWHGXFDWLRQLV7REHWXPEOHGRXWRIGRRUVQHFNDQGFURSDQG
SXWXSRQWKHVKRUWHVWDOORZDQFHRIHYHU\WKLQJH[FHSWEORZV7KDW
V
ZKDW,FDOOHGXFDWLRQ
,WKLQN\RXUJRRGVHQVHZLOOSHUFHLYH
0U*UDGJULQGUHPRQVWUDWHG
LQDOOKXPLOLW\
WKDWZKDWHYHUWKHPHULWVRIVXFKDV\VWHPPD\EH
LWZRXOGEHGLIILFXOWRIJHQHUDODSSOLFDWLRQWRJLUOV
,GRQ
WVHHLWDWDOOVLU
UHWXUQHGWKHREVWLQDWH%RXQGHUE\
225
:HOO
VLJKHG0U*UDGJULQG
ZHZLOOQRWHQWHULQWRWKHTXHVWLRQ
,DVVXUH\RX,KDYHQRGHVLUHWREHFRQWURYHUVLDO,VHHNWR
UHSDLUZKDWLVDPLVVLI,SRVVLEO\FDQDQG,KRSH\RXZLOODVVLVW
PHLQDJRRGVSLULW%RXQGHUE\IRU,KDYHEHHQYHU\PXFK
GLVWUHVVHG
,GRQ
WXQGHUVWDQG\RX\HW
VDLG%RXQGHUE\ZLWKGHWHUPLQHG
REVWLQDF\
DQGWKHUHIRUH,ZRQ
WPDNHDQ\SURPLVHV
,QWKHFRXUVHRIDIHZKRXUVP\GHDU%RXQGHUE\
0U*UDGJULQG
SURFHHGHGLQWKHVDPHGHSUHVVHGDQGSURSLWLDWRU\PDQQHU
,DSSHDU
WRP\VHOIWRKDYHEHFRPHEHWWHULQIRUPHGDVWR/RXLVD
VFKDUDFWHU
WKDQLQSUHYLRXV\HDUV7KHHQOLJKWHQPHQWKDVEHHQSDLQIXOO\
IRUFHGXSRQPHDQGWKHGLVFRYHU\LVQRWPLQH,WKLQNWKHUHDUH
%RXQGHUE\\RXZLOOEHVXUSULVHGWRKHDUPHVD\WKLV,WKLQN
WKHUHDUHTXDOLWLHVLQ/RXLVDZKLFKZKLFKKDYHEHHQKDUVKO\
QHJOHFWHGDQGDQGDOLWWOHSHUYHUWHG$QGDQG,ZRXOGVXJJHVW
WR\RXWKDWWKDWLI\RXZRXOGNLQGO\PHHWPHLQDWLPHO\
HQGHDYRXUWROHDYHKHUWRKHUEHWWHUQDWXUHIRUDZKLOHDQGWR
HQFRXUDJHLWWRGHYHORSLWVHOIE\WHQGHUQHVVDQGFRQVLGHUDWLRQLW
LWZRXOGEHWKHEHWWHUIRUWKHKDSSLQHVVRIDOORIXV/RXLVD
VDLG0U*UDGJULQGVKDGLQJKLVIDFHZLWKKLVKDQG
KDVDOZD\V
EHHQP\IDYRXULWHFKLOG
7KHEOXVWURXV%RXQGHUE\FULPVRQHGDQGVZHOOHGWRVXFKDQH[WHQWRQ
KHDULQJWKHVHZRUGVWKDWKHVHHPHGWREHDQGSUREDEO\ZDVRQWKH
EULQNRIDILW:LWKKLVYHU\HDUVDEULJKWSXUSOHVKRWZLWK
FULPVRQKHSHQWXSKLVLQGLJQDWLRQKRZHYHUDQGVDLG
<RX
GOLNHWRNHHSKHUKHUHIRUDWLPH"
,,KDGLQWHQGHGWRUHFRPPHQGP\GHDU%RXQGHUE\WKDW\RX
VKRXOGDOORZ/RXLVDWRUHPDLQKHUHRQDYLVLWDQGEHDWWHQGHGE\
6LVV\,PHDQRIFRXUVH&HFLOLD-XSHZKRXQGHUVWDQGVKHUDQGLQ
ZKRPVKHWUXVWV
,JDWKHUIURPDOOWKLV7RP*UDGJULQG
VDLG%RXQGHUE\VWDQGLQJ
XSZLWKKLVKDQGVLQKLVSRFNHWV
WKDW\RXDUHRIRSLQLRQWKDW
WKHUH
VZKDWSHRSOHFDOOVRPHLQFRPSDWLELOLW\EHWZHHQ/RR%RXQGHUE\
DQGP\VHOI
,IHDUWKHUHLVDWSUHVHQWDJHQHUDOLQFRPSDWLELOLW\EHWZHHQ
/RXLVDDQGDQGDQGDOPRVWDOOWKHUHODWLRQVLQZKLFK,KDYH
SODFHGKHU
ZDVKHUIDWKHU
VVRUURZIXOUHSO\
226
1RZORRN\RXKHUH7RP*UDGJULQG
VDLG%RXQGHUE\WKHIOXVKHG
FRQIURQWLQJKLPZLWKKLVOHJVZLGHDSDUWKLVKDQGVGHHSHULQKLV
SRFNHWVDQGKLVKDLUOLNHDKD\ILHOGZKHUHLQKLVZLQG\DQJHUZDV
ERLVWHURXV
<RXKDYHVDLG\RXUVD\,DPJRLQJWRVD\PLQH,DP
D&RNHWRZQPDQ,DP-RVLDK%RXQGHUE\RI&RNHWRZQ,NQRZWKH
EULFNVRIWKLVWRZQDQG,NQRZWKHZRUNVRIWKLVWRZQDQG,NQRZ
WKHFKLPQH\VRIWKLVWRZQDQG,NQRZWKHVPRNHRIWKLVWRZQDQG,
NQRZWKH+DQGVRIWKLVWRZQ,NQRZ
HPDOOSUHWW\ZHOO7KH\
UH
UHDO:KHQDPDQWHOOVPHDQ\WKLQJDERXWLPDJLQDWLYHTXDOLWLHV,
DOZD\VWHOOWKDWPDQZKRHYHUKHLVWKDW,NQRZZKDWKHPHDQV+H
PHDQVWXUWOHVRXSDQGYHQLVRQZLWKDJROGVSRRQDQGWKDWKHZDQWV
WREHVHWXSZLWKDFRDFKDQGVL[7KDW
VZKDW\RXUGDXJKWHU
ZDQWV6LQFH\RXDUHRIRSLQLRQWKDWVKHRXJKWWRKDYHZKDWVKH
ZDQWV,UHFRPPHQG\RXWRSURYLGHLWIRUKHU%HFDXVH7RP
*UDGJULQGVKHZLOOQHYHUKDYHLWIURPPH
%RXQGHUE\
VDLG0U*UDGJULQG
,KRSHGDIWHUP\HQWUHDW\\RX
ZRXOGKDYHWDNHQDGLIIHUHQWWRQH
-XVWZDLWDELW
UHWRUWHG%RXQGHUE\
\RXKDYHVDLG\RXUVD\,
EHOLHYH,KHDUG\RXRXWKHDUPHRXWLI\RXSOHDVH'RQ
WPDNH
\RXUVHOIDVSHFWDFOHRIXQIDLUQHVVDVZHOODVLQFRQVLVWHQF\
EHFDXVHDOWKRXJK,DPVRUU\WRVHH7RP*UDGJULQGUHGXFHGWRKLV
SUHVHQWSRVLWLRQ,VKRXOGEHGRXEO\VRUU\WRVHHKLPEURXJKWVR
ORZDVWKDW1RZWKHUH
VDQLQFRPSDWLELOLW\RIVRPHVRUWRU
DQRWKHU,DPJLYHQWRXQGHUVWDQGE\\RXEHWZHHQ\RXUGDXJKWHUDQG
PH,
OOJLYH\RXWRXQGHUVWDQGLQUHSO\WRWKDWWKDWWKHUH
XQTXHVWLRQDEO\LVDQLQFRPSDWLELOLW\RIWKHILUVWPDJQLWXGHWREH
VXPPHGXSLQWKLVWKDW\RXUGDXJKWHUGRQ
WSURSHUO\NQRZKHU
KXVEDQG
VPHULWVDQGLVQRWLPSUHVVHGZLWKVXFKDVHQVHDVZRXOG
EHFRPHKHUE\*HRUJHRIWKHKRQRXURIKLVDOOLDQFH7KDW
VSODLQ
VSHDNLQJ,KRSH
%RXQGHUE\
XUJHG0U*UDGJULQG
WKLVLVXQUHDVRQDEOH
,VLW"
VDLG%RXQGHUE\
,DPJODGWRKHDU\RXVD\VR%HFDXVH
ZKHQ7RP*UDGJULQGZLWKKLVQHZOLJKWVWHOOVPHWKDWZKDW,VD\
LVXQUHDVRQDEOH,DPFRQYLQFHGDWRQFHLWPXVWEHGHYLOLVK
VHQVLEOH:LWK\RXUSHUPLVVLRQ,DPJRLQJRQ<RXNQRZP\RULJLQ
DQG\RXNQRZWKDWIRUDJRRGPDQ\\HDUVRIP\OLIH,GLGQ
WZDQWD
VKRHLQJKRUQLQFRQVHTXHQFHRIQRWKDYLQJDVKRH<HW\RXPD\
EHOLHYHRUQRWDV\RXWKLQNSURSHUWKDWWKHUHDUHODGLHVERUQ
ODGLHVEHORQJLQJWRIDPLOLHV)DPLOLHVZKRQH[WWRZRUVKLS
227
WKHJURXQG,ZDONRQ
+HGLVFKDUJHGWKLVOLNHD5RFNHWDWKLVIDWKHULQODZ
VKHDG
:KHUHDV\RXUGDXJKWHU
SURFHHGHG%RXQGHUE\
LVIDUIURPEHLQJD
ERUQODG\7KDW\RXNQRZ\RXUVHOI1RWWKDW,FDUHDSLQFKRI
FDQGOHVQXIIDERXWVXFKWKLQJVIRU\RXDUHYHU\ZHOODZDUH,
GRQ
WEXWWKDWVXFKLVWKHIDFWDQG\RX7RP*UDGJULQGFDQ
W
FKDQJHLW:K\GR,VD\WKLV"
1RW,IHDU
REVHUYHG0U*UDGJULQGLQDORZYRLFH
WRVSDUH
PH
+HDUPHRXW
VDLG%RXQGHUE\
DQGUHIUDLQIURPFXWWLQJLQWLOO
\RXUWXUQFRPHVURXQG,VD\WKLVEHFDXVHKLJKO\FRQQHFWHG
IHPDOHVKDYHEHHQDVWRQLVKHGWRVHHWKHZD\LQZKLFK\RXUGDXJKWHU
KDVFRQGXFWHGKHUVHOIDQGWRZLWQHVVKHULQVHQVLELOLW\7KH\KDYH
ZRQGHUHGKRZ,KDYHVXIIHUHGLW$QG,ZRQGHUP\VHOIQRZDQG,
ZRQ
WVXIIHULW
%RXQGHUE\
UHWXUQHG0U*UDGJULQGULVLQJ
WKHOHVVZHVD\WR
QLJKWWKHEHWWHU,WKLQN
2QWKHFRQWUDU\7RP*UDGJULQGWKHPRUHZHVD\WRQLJKWWKH
EHWWHU,WKLQN7KDWLV
WKHFRQVLGHUDWLRQFKHFNHGKLP
WLOO,
KDYHVDLGDOO,PHDQWRVD\DQGWKHQ,GRQ
WFDUHKRZVRRQZH
VWRS,FRPHWRDTXHVWLRQWKDWPD\VKRUWHQWKHEXVLQHVV:KDWGR
\RXPHDQE\WKHSURSRVDO\RXPDGHMXVWQRZ"
:KDWGR,PHDQ%RXQGHUE\"
%\\RXUYLVLWLQJSURSRVLWLRQ
VDLG%RXQGHUE\ZLWKDQLQIOH[LEOH
MHUNRIWKHKD\ILHOG
,PHDQWKDW,KRSH\RXPD\EHLQGXFHGWRDUUDQJHLQDIULHQGO\
PDQQHUIRUDOORZLQJ/RXLVDDSHULRGRIUHSRVHDQGUHIOHFWLRQKHUH
ZKLFKPD\WHQGWRDJUDGXDODOWHUDWLRQIRUWKHEHWWHULQPDQ\
UHVSHFWV
7RDVRIWHQLQJGRZQRI\RXULGHDVRIWKHLQFRPSDWLELOLW\"
VDLG
%RXQGHUE\
,I\RXSXWLWLQWKRVHWHUPV
228
:KDWPDGH\RXWKLQNRIWKLV"
VDLG%RXQGHUE\
,KDYHDOUHDG\VDLG,IHDU/RXLVDKDVQRWEHHQXQGHUVWRRG,VLW
DVNLQJWRRPXFK%RXQGHUE\WKDW\RXVRIDUKHUHOGHUVKRXOGDLG
LQWU\LQJWRVHWKHUULJKW"<RXKDYHDFFHSWHGDJUHDWFKDUJHRI
KHUIRUEHWWHUIRUZRUVHIRU
0U%RXQGHUE\PD\KDYHEHHQDQQR\HGE\WKHUHSHWLWLRQRIKLVRZQ
ZRUGVWR6WHSKHQ%ODFNSRROEXWKHFXWWKHTXRWDWLRQVKRUWZLWKDQ
DQJU\VWDUW
&RPH
VDLGKH
,GRQ
WZDQWWREHWROGDERXWWKDW,NQRZZKDW
,WRRNKHUIRUDVZHOODV\RXGR1HYHU\RXPLQGZKDW,WRRNKHU
IRUWKDW
VP\ORRNRXW
,ZDVPHUHO\JRLQJRQWRUHPDUN%RXQGHUE\WKDWZHPD\DOOEH
PRUHRUOHVVLQWKHZURQJQRWHYHQH[FHSWLQJ\RXDQGWKDWVRPH
\LHOGLQJRQ\RXUSDUWUHPHPEHULQJWKHWUXVW\RXKDYHDFFHSWHGPD\
QRWRQO\EHDQDFWRIWUXHNLQGQHVVEXWSHUKDSVDGHEWLQFXUUHG
WRZDUGV/RXLVD
,WKLQNGLIIHUHQWO\
EOXVWHUHG%RXQGHUE\
,DPJRLQJWRILQLVK
WKLVEXVLQHVVDFFRUGLQJWRP\RZQRSLQLRQV1RZ,GRQ
WZDQWWR
PDNHDTXDUUHORILWZLWK\RX7RP*UDGJULQG7RWHOO\RXWKH
WUXWK,GRQ
WWKLQNLWZRXOGEHZRUWK\RIP\UHSXWDWLRQWRTXDUUHO
RQVXFKDVXEMHFW$VWR\RXUJHQWOHPDQIULHQGKHPD\WDNH
KLPVHOIRIIZKHUHYHUKHOLNHVEHVW,IKHIDOOVLQP\ZD\,
VKDOOWHOOKLPP\PLQGLIKHGRQ
WIDOOLQP\ZD\,VKDQ
WIRU
LWZRQ
WEHZRUWKP\ZKLOHWRGRLW$VWR\RXUGDXJKWHUZKRP,
PDGH/RR%RXQGHUE\DQGPLJKWKDYHGRQHEHWWHUE\OHDYLQJ/RR
*UDGJULQGLIVKHGRQ
WFRPHKRPHWRPRUURZE\WZHOYHR
FORFNDW
QRRQ,VKDOOXQGHUVWDQGWKDWVKHSUHIHUVWRVWD\DZD\DQG,VKDOO
VHQGKHUZHDULQJDSSDUHODQGVRIRUWKRYHUKHUHDQG\RX
OOWDNH
FKDUJHRIKHUIRUWKHIXWXUH:KDW,VKDOOVD\WRSHRSOHLQ
JHQHUDORIWKHLQFRPSDWLELOLW\WKDWOHGWRP\VROD\LQJGRZQWKH
ODZZLOOEHWKLV,DP-RVLDK%RXQGHUE\DQG,KDGP\EULQJLQJ
XSVKH
VWKHGDXJKWHURI7RP*UDGJULQGDQGVKHKDGKHUEULQJLQJ
XSDQGWKHWZRKRUVHVZRXOGQ
WSXOOWRJHWKHU,DPSUHWW\ZHOO
NQRZQWREHUDWKHUDQXQFRPPRQPDQ,EHOLHYHDQGPRVWSHRSOHZLOO
XQGHUVWDQGIDVWHQRXJKWKDWLWPXVWEHDZRPDQUDWKHURXWRIWKH
FRPPRQDOVRZKRLQWKHORQJUXQZRXOGFRPHXSWRP\PDUN
/HWPHVHULRXVO\HQWUHDW\RXWRUHFRQVLGHUWKLV%RXQGHUE\
XUJHG
0U*UDGJULQG
EHIRUH\RXFRPPLW\RXUVHOIWRVXFKDGHFLVLRQ
229
,DOZD\VFRPHWRDGHFLVLRQ
VDLG%RXQGHUE\WRVVLQJKLVKDWRQ
DQGZKDWHYHU,GR,GRDWRQFH,VKRXOGEHVXUSULVHGDW7RP
*UDGJULQG
VDGGUHVVLQJVXFKDUHPDUNWR-RVLDK%RXQGHUE\RI
&RNHWRZQNQRZLQJZKDWKHNQRZVRIKLPLI,FRXOGEHVXUSULVHGE\
DQ\WKLQJ7RP*UDGJULQGGLGDIWHUKLVPDNLQJKLPVHOIDSDUW\WR
VHQWLPHQWDOKXPEXJ,KDYHJLYHQ\RXP\GHFLVLRQDQG,KDYHJRW
QRPRUHWRVD\*RRGQLJKW
6R0U%RXQGHUE\ZHQWKRPHWRKLVWRZQKRXVHWREHG$WILYH
PLQXWHVSDVWWZHOYHR
FORFNQH[WGD\KHGLUHFWHG0UV%RXQGHUE\
V
SURSHUW\WREHFDUHIXOO\SDFNHGXSDQGVHQWWR7RP*UDGJULQG
V
DGYHUWLVHGKLVFRXQWU\UHWUHDWIRUVDOHE\SULYDWHFRQWUDFWDQG
UHVXPHGDEDFKHORUOLIH
&+$37(5,9/267
7+(UREEHU\DWWKH%DQNKDGQRWODQJXLVKHGEHIRUHDQGGLGQRW
FHDVHWRRFFXS\DIURQWSODFHLQWKHDWWHQWLRQRIWKHSULQFLSDORI
WKDWHVWDEOLVKPHQWQRZ,QERDVWIXOSURRIRIKLVSURPSWLWXGHDQG
DFWLYLW\DVDUHPDUNDEOHPDQDQGDVHOIPDGHPDQDQGD
FRPPHUFLDOZRQGHUPRUHDGPLUDEOHWKDQ9HQXVZKRKDGULVHQRXWRI
WKHPXGLQVWHDGRIWKHVHDKHOLNHGWRVKRZKRZOLWWOHKLV
GRPHVWLFDIIDLUVDEDWHGKLVEXVLQHVVDUGRXU&RQVHTXHQWO\LQWKH
ILUVWIHZZHHNVRIKLVUHVXPHGEDFKHORUKRRGKHHYHQDGYDQFHGXSRQ
KLVXVXDOGLVSOD\RIEXVWOHDQGHYHU\GD\PDGHVXFKDURXWLQ
UHQHZLQJKLVLQYHVWLJDWLRQVLQWRWKHUREEHU\WKDWWKHRIILFHUVZKR
KDGLWLQKDQGDOPRVWZLVKHGLWKDGQHYHUEHHQFRPPLWWHG
7KH\ZHUHDWIDXOWWRRDQGRIIWKHVFHQW$OWKRXJKWKH\KDGEHHQ
VRTXLHWVLQFHWKHILUVWRXWEUHDNRIWKHPDWWHUWKDWPRVWSHRSOH
UHDOO\GLGVXSSRVHLWWRKDYHEHHQDEDQGRQHGDVKRSHOHVVQRWKLQJ
QHZRFFXUUHG1RLPSOLFDWHGPDQRUZRPDQWRRNXQWLPHO\FRXUDJHRU
PDGHDVHOIEHWUD\LQJVWHS0RUHUHPDUNDEOH\HW6WHSKHQ%ODFNSRRO
FRXOGQRWEHKHDUGRIDQGWKHP\VWHULRXVROGZRPDQUHPDLQHGD
P\VWHU\
7KLQJVKDYLQJFRPHWRWKLVSDVVDQGVKRZLQJQRODWHQWVLJQVRI
VWLUULQJEH\RQGLWWKHXSVKRWRI0U%RXQGHUE\
VLQYHVWLJDWLRQV
ZDVWKDWKHUHVROYHGWRKD]DUGDEROGEXUVW+HGUHZXSD
230
SODFDUGRIIHULQJ7ZHQW\3RXQGVUHZDUGIRUWKHDSSUHKHQVLRQRI
6WHSKHQ%ODFNSRROVXVSHFWHGRIFRPSOLFLW\LQWKHUREEHU\RI
&RNHWRZQ%DQNRQVXFKDQLJKWKHGHVFULEHGWKHVDLG6WHSKHQ
%ODFNSRROE\GUHVVFRPSOH[LRQHVWLPDWHGKHLJKWDQGPDQQHUDV
PLQXWHO\DVKHFRXOGKHUHFLWHGKRZKHKDGOHIWWKHWRZQDQGLQ
ZKDWGLUHFWLRQKHKDGEHHQODVWVHHQJRLQJKHKDGWKHZKROH
SULQWHGLQJUHDWEODFNOHWWHUVRQDVWDULQJEURDGVKHHWDQGKH
FDXVHGWKHZDOOVWREHSRVWHGZLWKLWLQWKHGHDGRIQLJKWVRWKDW
LWVKRXOGVWULNHXSRQWKHVLJKWRIWKHZKROHSRSXODWLRQDWRQH
EORZ
7KHIDFWRU\EHOOVKDGQHHGWRULQJWKHLUORXGHVWWKDWPRUQLQJWR
GLVSHUVHWKHJURXSVRIZRUNHUVZKRVWRRGLQWKHWDUG\GD\EUHDN
FROOHFWHGURXQGWKHSODFDUGVGHYRXULQJWKHPZLWKHDJHUH\HV1RW
WKHOHDVWHDJHURIWKHH\HVDVVHPEOHGZHUHWKHH\HVRIWKRVHZKR
FRXOGQRWUHDG7KHVHSHRSOHDVWKH\OLVWHQHGWRWKHIULHQGO\
YRLFHWKDWUHDGDORXGWKHUHZDVDOZD\VVRPHVXFKUHDG\WRKHOS
WKHPVWDUHGDWWKHFKDUDFWHUVZKLFKPHDQWVRPXFKZLWKDYDJXH
DZHDQGUHVSHFWWKDWZRXOGKDYHEHHQKDOIOXGLFURXVLIDQ\DVSHFW
RISXEOLFLJQRUDQFHFRXOGHYHUEHRWKHUZLVHWKDQWKUHDWHQLQJDQG
IXOORIHYLO0DQ\HDUVDQGH\HVZHUHEXV\ZLWKDYLVLRQRIWKH
PDWWHURIWKHVHSODFDUGVDPRQJWXUQLQJVSLQGOHVUDWWOLQJORRPV
DQGZKLUOLQJZKHHOVIRUKRXUVDIWHUZDUGVDQGZKHQWKH+DQGV
FOHDUHGRXWDJDLQLQWRWKHVWUHHWVWKHUHZHUHVWLOODVPDQ\
UHDGHUVDVEHIRUH
6ODFNEULGJHWKHGHOHJDWHKDGWRDGGUHVVKLVDXGLHQFHWRRWKDW
QLJKWDQG6ODFNEULGJHKDGREWDLQHGDFOHDQELOOIURPWKHSULQWHU
DQGKDGEURXJKWLWLQKLVSRFNHW2KP\IULHQGVDQGIHOORZ
FRXQWU\PHQWKHGRZQWURGGHQRSHUDWLYHVRI&RNHWRZQRKP\IHOORZ
EURWKHUVDQGIHOORZZRUNPHQDQGIHOORZFLWL]HQVDQGIHOORZPHQZKDW
DWRGRZDVWKHUHZKHQ6ODFNEULGJHXQIROGHGZKDWKHFDOOHG
WKDW
GDPQLQJGRFXPHQW
DQGKHOGLWXSWRWKHJD]HDQGIRUWKH
H[HFUDWLRQRIWKHZRUNLQJPDQFRPPXQLW\
2KP\IHOORZPHQ
EHKROGRIZKDWDWUDLWRULQWKHFDPSRIWKRVHJUHDWVSLULWVZKRDUH
HQUROOHGXSRQWKHKRO\VFUROORI-XVWLFHDQGRI8QLRQLV
DSSURSULDWHO\FDSDEOH2KP\SURVWUDWHIULHQGVZLWKWKHJDOOLQJ
\RNHRIW\UDQWVRQ\RXUQHFNVDQGWKHLURQIRRWRIGHVSRWLVP
WUHDGLQJGRZQ\RXUIDOOHQIRUPVLQWRWKHGXVWRIWKHHDUWKXSRQ
ZKLFKULJKWJODGZRXOG\RXURSSUHVVRUVEHWRVHH\RXFUHHSLQJRQ
\RXUEHOOLHVDOOWKHGD\VRI\RXUOLYHVOLNHWKHVHUSHQWLQWKH
JDUGHQRKP\EURWKHUVDQGVKDOO,DVDPDQQRWDGGP\VLVWHUV
WRRZKDWGR\RXVD\QRZRI6WHSKHQ%ODFNSRROZLWKDVOLJKW
VWRRSLQKLVVKRXOGHUVDQGDERXWILYHIRRWVHYHQLQKHLJKWDVVHW
231
IRUWKLQWKLVGHJUDGLQJDQGGLVJXVWLQJGRFXPHQWWKLVEOLJKWLQJ
ELOOWKLVSHUQLFLRXVSODFDUGWKLVDERPLQDEOHDGYHUWLVHPHQWDQG
ZLWKZKDWPDMHVW\RIGHQRXQFHPHQWZLOO\RXFUXVKWKHYLSHUZKR
ZRXOGEULQJWKLVVWDLQDQGVKDPHXSRQWKH*RGOLNHUDFHWKDW
KDSSLO\KDVFDVWKLPRXWIRUHYHU<HVP\FRPSDWULRWVKDSSLO\
FDVWKLPRXWDQGVHQWKLPIRUWK)RU\RXUHPHPEHUKRZKHVWRRG
KHUHEHIRUH\RXRQWKLVSODWIRUP\RXUHPHPEHUKRZIDFHWRIDFH
DQGIRRWWRIRRW,SXUVXHGKLPWKURXJKDOOKLVLQWULFDWHZLQGLQJV
\RXUHPHPEHUKRZKHVQHDNHGDQGVOXQNDQGVLGOHGDQGVSOLWWHGRI
VWUDZVXQWLOZLWKQRWDQLQFKRIJURXQGWRZKLFKWRFOLQJ,
KXUOHGKLPRXWIURPDPRQJVWXVDQREMHFWIRUWKHXQG\LQJILQJHU
RIVFRUQWRSRLQWDWDQGIRUWKHDYHQJLQJILUHRIHYHU\IUHHDQG
WKLQNLQJPLQGWRVFRUFKDQGVFDU$QGQRZP\IULHQGVP\
ODERXULQJIULHQGVIRU,UHMRLFHDQGWULXPSKLQWKDWVWLJPDP\
IULHQGVZKRVHKDUGEXWKRQHVWEHGVDUHPDGHLQWRLODQGZKRVH
VFDQW\EXWLQGHSHQGHQWSRWVDUHERLOHGLQKDUGVKLSDQGQRZ,VD\
P\IULHQGVZKDWDSSHOODWLRQKDVWKDWGDVWDUGFUDYHQWDNHQWR
KLPVHOIZKHQZLWKWKHPDVNWRUQIURPKLVIHDWXUHVKHVWDQGV
EHIRUHXVLQDOOKLVQDWLYHGHIRUPLW\D:KDW"$WKLHI$
SOXQGHUHU$SURVFULEHGIXJLWLYHZLWKDSULFHXSRQKLVKHDGD
IHVWHUDQGDZRXQGXSRQWKHQREOHFKDUDFWHURIWKH&RNHWRZQ
RSHUDWLYH7KHUHIRUHP\EDQGRIEURWKHUVLQDVDFUHGERQGWR
ZKLFK\RXUFKLOGUHQDQG\RXUFKLOGUHQ
VFKLOGUHQ\HWXQERUQKDYH
VHWWKHLULQIDQWKDQGVDQGVHDOV,SURSRVHWR\RXRQWKHSDUWRI
WKH8QLWHG$JJUHJDWH7ULEXQDOHYHUZDWFKIXOIRU\RXUZHOIDUHHYHU
]HDORXVIRU\RXUEHQHILWWKDWWKLVPHHWLQJGRHV5HVROYH7KDW
6WHSKHQ%ODFNSRROZHDYHUUHIHUUHGWRLQWKLVSODFDUGKDYLQJEHHQ
DOUHDG\VROHPQO\GLVRZQHGE\WKHFRPPXQLW\RI&RNHWRZQ+DQGVWKH
VDPHDUHIUHHIURPWKHVKDPHRIKLVPLVGHHGVDQGFDQQRWDVDFODVV
EHUHSURDFKHGZLWKKLVGLVKRQHVWDFWLRQV
7KXV6ODFNEULGJHJQDVKLQJDQGSHUVSLULQJDIWHUDSURGLJLRXVVRUW
$IHZVWHUQYRLFHVFDOOHGRXW
1R
DQGDVFRUHRUWZRKDLOHGZLWK
DVVHQWLQJFULHVRI
+HDUKHDU
WKHFDXWLRQIURPRQHPDQ
6ODFNEULGJH\
RURYHUKHWWHULQ
W\
RUDJRHQWRRIDVW
%XW
WKHVHZHUHSLJPLHVDJDLQVWDQDUP\WKHJHQHUDODVVHPEODJH
VXEVFULEHGWRWKHJRVSHODFFRUGLQJWR6ODFNEULGJHDQGJDYHWKUHH
FKHHUVIRUKLPDVKHVDWGHPRQVWUDWLYHO\SDQWLQJDWWKHP
7KHVHPHQDQGZRPHQZHUH\HWLQWKHVWUHHWVSDVVLQJTXLHWO\WR
WKHLUKRPHVZKHQ6LVV\ZKRKDGEHHQFDOOHGDZD\IURP/RXLVDVRPH
PLQXWHVEHIRUHUHWXUQHG
:KRLVLW"
DVNHG/RXLVD
232
,WLV0U%RXQGHUE\
VDLG6LVV\WLPLGRIWKHQDPH
DQG\RXU
EURWKHU0U7RPDQGD\RXQJZRPDQZKRVD\VKHUQDPHLV5DFKDHO
DQGWKDW\RXNQRZKHU
:KDWGRWKH\ZDQW6LVV\GHDU"
7KH\ZDQWWRVHH\RX5DFKDHOKDVEHHQFU\LQJDQGVHHPVDQJU\
)DWKHU
VDLG/RXLVDIRUKHZDVSUHVHQW
,FDQQRWUHIXVHWRVHH
WKHPIRUDUHDVRQWKDWZLOOH[SODLQLWVHOI6KDOOWKH\FRPHLQ
KHUH"
$VKHDQVZHUHGLQWKHDIILUPDWLYH6LVV\ZHQWDZD\WREULQJWKHP
6KHUHDSSHDUHGZLWKWKHPGLUHFWO\7RPZDVODVWDQGUHPDLQHG
VWDQGLQJLQWKHREVFXUHVWSDUWRIWKHURRPQHDUWKHGRRU
0UV%RXQGHUE\
VDLGKHUKXVEDQGHQWHULQJZLWKDFRROQRG
,
GRQ
WGLVWXUE\RX,KRSH7KLVLVDQXQVHDVRQDEOHKRXUEXWKHUH
LVD\RXQJZRPDQZKRKDVEHHQPDNLQJVWDWHPHQWVZKLFKUHQGHUP\
YLVLWQHFHVVDU\7RP*UDGJULQGDV\RXUVRQ\RXQJ7RPUHIXVHV
IRUVRPHREVWLQDWHUHDVRQRURWKHUWRVD\DQ\WKLQJDWDOODERXW
WKRVHVWDWHPHQWVJRRGRUEDG,DPREOLJHGWRFRQIURQWKHUZLWK
\RXUGDXJKWHU
<RXKDYHVHHQPHRQFHEHIRUH\RXQJODG\
VDLG5DFKDHOVWDQGLQJ
LQIURQWRI/RXLVD
7RPFRXJKHG
<RXKDYHVHHQPH\RXQJODG\
UHSHDWHG5DFKDHODVVKHGLGQRW
DQVZHU
RQFHEHIRUH
7RPFRXJKHGDJDLQ
,KDYH
5DFKDHOFDVWKHUH\HVSURXGO\WRZDUGV0U%RXQGHUE\DQGVDLG
:LOO\RXPDNHLWNQRZQ\RXQJODG\ZKHUHDQGZKRZDVWKHUH"
,ZHQWWRWKHKRXVHZKHUH6WHSKHQ%ODFNSRROORGJHGRQWKHQLJKW
RIKLVGLVFKDUJHIURPKLVZRUNDQG,VDZ\RXWKHUH+HZDVWKHUH
WRRDQGDQROGZRPDQZKRGLGQRWVSHDNDQGZKRP,FRXOGVFDUFHO\
VHHVWRRGLQDGDUNFRUQHU0\EURWKHUZDVZLWKPH
233
:K\FRXOGQ
W\RXVD\VR\RXQJ7RP"
GHPDQGHG%RXQGHUE\
,SURPLVHGP\VLVWHU,ZRXOGQ
W
:KLFK/RXLVDKDVWLO\FRQILUPHG
$QGEHVLGHV
VDLGWKHZKHOSELWWHUO\
VKHWHOOVKHURZQVWRU\VR
SUHFLRXVZHOODQGVRIXOOWKDWZKDWEXVLQHVVKDG,WRWDNHLW
RXWRIKHUPRXWK
6D\\RXQJODG\LI\RXSOHDVH
SXUVXHG5DFKDHO
ZK\LQDQHYLO
KRXU\RXHYHUFDPHWR6WHSKHQ
VWKDWQLJKW
,IHOWFRPSDVVLRQIRUKLP
VDLG/RXLVDKHUFRORXUGHHSHQLQJ
DQG,ZLVKHGWRNQRZZKDWKHZDVJRLQJWRGRDQGZLVKHGWRRIIHU
KLPDVVLVWDQFH
7KDQN\RXPD
DP
VDLG%RXQGHUE\
0XFKIODWWHUHGDQGREOLJHG
'LG\RXRIIHUKLP
DVNHG5DFKDHO
DEDQNQRWH"
<HVEXWKHUHIXVHGLWDQGZRXOGRQO\WDNHWZRSRXQGVLQJROG
5DFKDHOFDVWKHUH\HVWRZDUGV0U%RXQGHUE\DJDLQ
2KFHUWDLQO\
VDLG%RXQGHUE\
,I\RXSXWWKHTXHVWLRQZKHWKHU
\RXUULGLFXORXVDQGLPSUREDEOHDFFRXQWZDVWUXHRUQRW,DPERXQG
WRVD\LW
VFRQILUPHG
<RXQJODG\
VDLG5DFKDHO
6WHSKHQ%ODFNSRROLVQRZQDPHGDVD
WKLHILQSXEOLFSULQWDOORYHUWKLVWRZQDQGZKHUHHOVH7KHUH
KDYHEHHQDPHHWLQJWRQLJKWZKHUHKHKDYHEHHQVSRNHQRILQWKH
VDPHVKDPHIXOZD\6WHSKHQ7KHKRQHVWHVWODGWKHWUXHVWODG
WKHEHVW
+HULQGLJQDWLRQIDLOHGKHUDQGVKHEURNHRIIVREELQJ
,DPYHU\YHU\VRUU\
VDLG/RXLVD
2K\RXQJODG\\RXQJODG\
UHWXUQHG5DFKDHO
,KRSH\RXPD\EH
EXW,GRQ
WNQRZ,FDQ
WVD\ZKDW\RXPD\KD
GRQH7KHOLNHRI
\RXGRQ
WNQRZXVGRQ
WFDUHIRUXVGRQ
WEHORQJWRXV,DPQRW
VXUHZK\\RXPD\KD
FRPHWKDWQLJKW,FDQ
WWHOOEXWZKDW\RX
PD\KD
FRPHZL
VRPHDLPRI\RXURZQQRWPLQGLQWRZKDWWURXEOH
\RXEURXJKWVXFKDVWKHSRRUODG,VDLGWKHQ%OHVV\RXIRU
FRPLQJDQG,VDLGLWRIP\KHDUW\RXVHHPHGWRWDNHVRSLWLIXOO\
WRKLPEXW,GRQ
WNQRZQRZ,GRQ
WNQRZ
234
/RXLVDFRXOGQRWUHSURDFKKHUIRUKHUXQMXVWVXVSLFLRQVVKHZDVVR
IDLWKIXOWRKHULGHDRIWKHPDQDQGVRDIIOLFWHG
$QGZKHQ,WKLQN
VDLG5DFKDHOWKURXJKKHUVREV
WKDWWKHSRRU
ODGZDVVRJUDWHIXOWKLQNLQ\RXVRJRRGWRKLPZKHQ,PLQGWKDW
KHSXWKLVKDQGRYHUKLVKDUGZRUNHQIDFHWRKLGHWKHWHDUVWKDW
\RXEURXJKWXSWKHUH2K,KRSH\RXPD\EHVRUU\DQGKD
QREDG
FDXVHWREHLWEXW,GRQ
WNQRZ,GRQ
WNQRZ
<RX
UHDSUHWW\DUWLFOH
JURZOHGWKHZKHOSPRYLQJXQHDVLO\LQ
KLVGDUNFRUQHU
WRFRPHKHUHZLWKWKHVHSUHFLRXVLPSXWDWLRQV
<RXRXJKWWREHEXQGOHGRXWIRUQRWNQRZLQJKRZWREHKDYH\RXUVHOI
DQG\RXZRXOGEHE\ULJKWV
6KHVDLGQRWKLQJLQUHSO\DQGKHUORZZHHSLQJZDVWKHRQO\VRXQG
WKDWZDVKHDUGXQWLO0U%RXQGHUE\VSRNH
&RPH
VDLGKH
\RXNQRZZKDW\RXKDYHHQJDJHGWRGR<RXKDG
EHWWHUJLYH\RXUPLQGWRWKDWQRWWKLV
'HHG,DPORDWK
UHWXUQHG5DFKDHOGU\LQJKHUH\HV
WKDWDQ\
KHUHVKRXOGVHHPHOLNHWKLVEXW,ZRQ
WEHVHHQVRDJDLQ<RXQJ
ODG\ZKHQ,KDGUHDGZKDW
VSXWLQSULQWRI6WHSKHQDQGZKDWKDV
MXVWDVPXFKWUXWKLQLWDVLILWKDGEHHQSXWLQSULQWRI\RX,
ZHQWVWUDLJKWWRWKH%DQNWRVD\,NQHZZKHUH6WHSKHQZDVDQGWR
JLYHDVXUHDQGFHUWDLQSURPLVHWKDWKHVKRXOGEHKHUHLQWZRGD\V
,FRXOGQ
WPHHWZL
0U%RXQGHUE\WKHQDQG\RXUEURWKHUVHQWPH
DZD\DQG,WULHGWRILQG\RXEXW\RXZDVQRWWREHIRXQGDQG,
ZHQWEDFNWRZRUN6RRQDV,FRPHRXWRIWKH0LOOWRQLJKW,
KDVWHQHGWRKHDUZKDWZDVVDLGRI6WHSKHQIRU,NQRZZL
SULGHKH
ZLOOFRPHEDFNWRVKDPHLWDQGWKHQ,ZHQWDJDLQWRVHHN0U
%RXQGHUE\DQG,IRXQGKLPDQG,WROGKLPHYHU\ZRUG,NQHZDQG
KHEHOLHYHGQRZRUG,VDLGDQGEURXJKWPHKHUH
6RIDUWKDW
VWUXHHQRXJK
DVVHQWHG0U%RXQGHUE\ZLWKKLV
KDQGVLQKLVSRFNHWVDQGKLVKDWRQ
%XW,KDYHNQRZQ\RXSHRSOH
EHIRUHWRGD\\RX
OOREVHUYHDQG,NQRZ\RXQHYHUGLHIRUZDQWRI
WDONLQJ1RZ,UHFRPPHQG\RXQRWVRPXFKWRPLQGWDONLQJMXVW
QRZDVGRLQJ<RXKDYHXQGHUWDNHQWRGRVRPHWKLQJDOO,UHPDUN
XSRQWKDWDWSUHVHQWLVGRLW
,KDYHZULWWHQWR6WHSKHQE\WKHSRVWWKDWZHQWRXWWKLV
DIWHUQRRQDV,KDYHZULWWHQWRKLPRQFHEHIRUHVLQ
KHZHQWDZD\
VDLG5DFKDHO
DQGKHZLOOEHKHUHDWIXUWKHVWLQWZRGD\V
235
7KHQ,
OOWHOO\RXVRPHWKLQJ<RXDUHQRWDZDUHSHUKDSV
UHWRUWHG0U%RXQGHUE\
WKDW\RX\RXUVHOIKDYHEHHQORRNHGDIWHU
QRZDQGWKHQQRWEHLQJFRQVLGHUHGTXLWHIUHHIURPVXVSLFLRQLQ
WKLVEXVLQHVVRQDFFRXQWRIPRVWSHRSOHEHLQJMXGJHGDFFRUGLQJWR
WKHFRPSDQ\WKH\NHHS7KHSRVWRIILFHKDVQ
WEHHQIRUJRWWHQ
HLWKHU:KDW,
OOWHOO\RXLVWKDWQROHWWHUWR6WHSKHQ%ODFNSRRO
KDVHYHUJRWLQWRLW7KHUHIRUHZKDWKDVEHFRPHRI\RXUV,OHDYH
\RXWRJXHVV3HUKDSV\RX
UHPLVWDNHQDQGQHYHUZURWHDQ\
+HKDGQ
WEHHQJRQHIURPKHUH\RXQJODG\
VDLG5DFKDHOWXUQLQJ
DSSHDOLQJO\WR/RXLVD
DVPXFKDVDZHHNZKHQKHVHQWPHWKHRQO\
OHWWHU,KDYHKDGIURPKLPVD\LQJWKDWKHZDVIRUFHGWRVHHNZRUN
LQDQRWKHUQDPH
2KE\*HRUJH
FULHG%RXQGHUE\VKDNLQJKLVKHDGZLWKDZKLVWOH
KHFKDQJHVKLVQDPHGRHVKH7KDW
VUDWKHUXQOXFN\WRRIRU
VXFKDQLPPDFXODWHFKDS,W
VFRQVLGHUHGDOLWWOHVXVSLFLRXVLQ
&RXUWVRI-XVWLFH,EHOLHYHZKHQDQ,QQRFHQWKDSSHQVWRKDYHPDQ\
QDPHV
:KDW
VDLG5DFKDHOZLWKWKHWHDUVLQKHUH\HVDJDLQ
ZKDW
\RXQJODG\LQWKHQDPHRI0HUF\ZDVOHIWWKHSRRUODGWRGR7KH
PDVWHUVDJDLQVWKLPRQRQHKDQGWKHPHQDJDLQVWKLPRQWKHRWKHU
KHRQO\ZDQWLQWRZRUNKDUGLQSHDFHDQGGRZKDWKHIHOWULJKW
&DQDPDQKDYHQRVRXORIKLVRZQQRPLQGRIKLVRZQ"0XVWKHJR
ZURQJDOOWKURXJKZL
WKLVVLGHRUPXVWKHJRZURQJDOOWKURXJK
ZL
WKDWRUHOVHEHKXQWHGOLNHDKDUH"
,QGHHGLQGHHG,SLW\KLPIURPP\KHDUW
UHWXUQHG/RXLVD
DQG,
KRSHWKDWKHZLOOFOHDUKLPVHOI
<RXQHHGKDYHQRIHDURIWKDW\RXQJODG\+HLVVXUH
$OOWKHVXUHU,VXSSRVH
VDLG0U%RXQGHUE\
IRU\RXUUHIXVLQJ
WRWHOOZKHUHKHLV"(K"
+HVKDOOQRWWKURXJKDQ\DFWRIPLQHFRPHEDFNZL
WKHXQPHULWHG
UHSURDFKRIEHLQJEURXJKWEDFN+HVKDOOFRPHEDFNRIKLVRZQ
DFFRUGWRFOHDUKLPVHOIDQGSXWDOOWKRVHWKDWKDYHLQMXUHGKLV
JRRGFKDUDFWHUDQGKHQRWKHUHIRULWVGHIHQFHWRVKDPH,KDYH
WROGKLPZKDWKDVEHHQGRQHDJDLQVWKLP
VDLG5DFKDHOWKURZLQJ
RIIDOOGLVWUXVWDVDURFNWKURZVRIWKHVHD
DQGKHZLOOEHKHUH
DWIXUWKHVWLQWZRGD\V
236
1RWZLWKVWDQGLQJZKLFK
DGGHG0U%RXQGHUE\
LIKHFDQEHODLG
KROGRIDQ\VRRQHUKHVKDOOKDYHDQHDUOLHURSSRUWXQLW\RI
FOHDULQJKLPVHOI$VWR\RX,KDYHQRWKLQJDJDLQVW\RXZKDW\RX
FDPHDQGWROGPHWXUQVRXWWREHWUXHDQG,KDYHJLYHQ\RXWKH
PHDQVRISURYLQJLWWREHWUXHDQGWKHUH
VDQHQGRILW,ZLVK
\RXJRRGQLJKWDOO,PXVWEHRIIWRORRNDOLWWOHIXUWKHULQWR
WKLV
7RPFDPHRXWRIKLVFRUQHUZKHQ0U%RXQGHUE\PRYHGPRYHGZLWK
KLPNHSWFORVHWRKLPDQGZHQWDZD\ZLWKKLP7KHRQO\SDUWLQJ
VDOXWDWLRQRIZKLFKKHGHOLYHUHGKLPVHOIZDVDVXON\
*RRGQLJKW
IDWKHU
:LWKDEULHIVSHHFKDQGDVFRZODWKLVVLVWHUKHOHIW
WKHKRXVH
6LQFHKLVVKHHWDQFKRUKDGFRPHKRPH0U*UDGJULQGKDGEHHQ
VSDULQJRIVSHHFK+HVWLOOVDWVLOHQWZKHQ/RXLVDPLOGO\VDLG
5DFKDHO\RXZLOOQRWGLVWUXVWPHRQHGD\ZKHQ\RXNQRZPH
EHWWHU
,WJRHVDJDLQVWPH
5DFKDHODQVZHUHGLQDJHQWOHUPDQQHU
WR
PLVWUXVWDQ\RQHEXWZKHQ,DPVRPLVWUXVWHGZKHQZHDOODUH,
FDQQRWNHHSVXFKWKLQJVTXLWHRXWRIP\PLQG,DVN\RXUSDUGRQ
IRUKDYLQJGRQH\RXDQLQMXU\,GRQ
WWKLQNZKDW,VDLGQRZ<HW
,PLJKWFRPHWRWKLQNLWDJDLQZL
WKHSRRUODGVRZURQJHG
'LG\RXWHOOKLPLQ\RXUOHWWHU
LQTXLUHG6LVV\
WKDWVXVSLFLRQ
VHHPHGWRKDYHIDOOHQXSRQKLPEHFDXVHKHKDGEHHQVHHQDERXWWKH
%DQNDWQLJKW"+HZRXOGWKHQNQRZZKDWKHZRXOGKDYHWRH[SODLQRQ
FRPLQJEDFNDQGZRXOGEHUHDG\
<HVGHDU
VKHUHWXUQHG
EXW,FDQ
WJXHVVZKDWFDQKDYHHYHU
WDNHQKLPWKHUH+HQHYHUXVHGWRJRWKHUH,WZDVQHYHULQKLV
ZD\+LVZD\ZDVWKHVDPHDVPLQHDQGQRWQHDULW
6LVV\KDGDOUHDG\EHHQDWKHUVLGHDVNLQJKHUZKHUHVKHOLYHGDQG
ZKHWKHUVKHPLJKWFRPHWRPRUURZQLJKWWRLQTXLUHLIWKHUHZHUH
QHZVRIKLP
,GRXEW
VDLG5DFKDHO
LIKHFDQEHKHUHWLOOQH[WGD\
7KHQ,ZLOOFRPHQH[WQLJKWWRR
VDLG6LVV\
237
:KHQ5DFKDHODVVHQWLQJWRWKLVZDVJRQH0U*UDGJULQGOLIWHGXS
KLVKHDGDQGVDLGWRKLVGDXJKWHU
/RXLVDP\GHDU,KDYHQHYHUWKDW,NQRZRIVHHQWKLVPDQ'R
\RXEHOLHYHKLPWREHLPSOLFDWHG"
,WKLQN,KDYHEHOLHYHGLWIDWKHUWKRXJKZLWKJUHDWGLIILFXOW\
,GRQRWEHOLHYHLWQRZ
7KDWLVWRVD\\RXRQFHSHUVXDGHG\RXUVHOIWREHOLHYHLWIURP
NQRZLQJKLPWREHVXVSHFWHG+LVDSSHDUDQFHDQGPDQQHUDUHWKH\
VRKRQHVW"
9HU\KRQHVW
$QGKHUFRQILGHQFHQRWWREHVKDNHQ,DVNP\VHOI
VDLG0U
*UDGJULQGPXVLQJ
GRHVWKHUHDOFXOSULWNQRZRIWKHVH
DFFXVDWLRQV":KHUHLVKH":KRLVKH"
+LVKDLUKDGODWWHUO\EHJDQWRFKDQJHLWVFRORXU$VKHOHDQHG
XSRQKLVKDQGDJDLQORRNLQJJUD\DQGROG/RXLVDZLWKDIDFHRI
IHDUDQGSLW\KXUULHGO\ZHQWRYHUWRKLPDQGVDWFORVHDWKLV
VLGH+HUH\HVE\DFFLGHQWPHW6LVV\
VDWWKHPRPHQW6LVV\
IOXVKHGDQGVWDUWHGDQG/RXLVDSXWKHUILQJHURQKHUOLS
1H[WQLJKWZKHQ6LVV\UHWXUQHGKRPHDQGWROG/RXLVDWKDW6WHSKHQ
ZDVQRWFRPHVKHWROGLWLQDZKLVSHU1H[WQLJKWDJDLQZKHQVKH
FDPHKRPHZLWKWKHVDPHDFFRXQWDQGDGGHGWKDWKHKDGQRWEHHQ
KHDUGRIVKHVSRNHLQWKHVDPHORZIULJKWHQHGWRQH)URPWKH
PRPHQWRIWKDWLQWHUFKDQJHRIORRNVWKH\QHYHUXWWHUHGKLVQDPH
RUDQ\UHIHUHQFHWRKLPDORXGQRUHYHUSXUVXHGWKHVXEMHFWRIWKH
UREEHU\ZKHQ0U*UDGJULQGVSRNHRILW
7KHWZRDSSRLQWHGGD\VUDQRXWWKUHHGD\VDQGQLJKWVUDQRXWDQG
6WHSKHQ%ODFNSRROZDVQRWFRPHDQGUHPDLQHGXQKHDUGRI2QWKH
IRXUWKGD\5DFKDHOZLWKXQDEDWHGFRQILGHQFHEXWFRQVLGHULQJKHU
GHVSDWFKWRKDYHPLVFDUULHGZHQWXSWRWKH%DQNDQGVKRZHGKHU
OHWWHUIURPKLPZLWKKLVDGGUHVVDWDZRUNLQJFRORQ\RQHRIPDQ\
QRWXSRQWKHPDLQURDGVL[W\PLOHVDZD\0HVVHQJHUVZHUHVHQWWR
WKDWSODFHDQGWKHZKROHWRZQORRNHGIRU6WHSKHQWREHEURXJKWLQ
QH[WGD\
'XULQJWKLVZKROHWLPHWKHZKHOSPRYHGDERXWZLWK0U%RXQGHUE\
OLNHKLVVKDGRZDVVLVWLQJLQDOOWKHSURFHHGLQJV+HZDVJUHDWO\
238
H[FLWHGKRUULEO\IHYHUHGELWKLVQDLOVGRZQWRWKHTXLFNVSRNH
LQDKDUGUDWWOLQJYRLFHDQGZLWKOLSVWKDWZHUHEODFNDQGEXUQW
XS$WWKHKRXUZKHQWKHVXVSHFWHGPDQZDVORRNHGIRUWKHZKHOS
ZDVDWWKHVWDWLRQRIIHULQJWRZDJHUWKDWKHKDGPDGHRIIEHIRUH
WKHDUULYDORIWKRVHZKRZHUHVHQWLQTXHVWRIKLPDQGWKDWKH
ZRXOGQRWDSSHDU
7KHZKHOSZDVULJKW7KHPHVVHQJHUVUHWXUQHGDORQH5DFKDHO
V
OHWWHUKDGJRQH5DFKDHO
VOHWWHUKDGEHHQGHOLYHUHG6WHSKHQ
%ODFNSRROKDGGHFDPSHGLQWKDWVDPHKRXUDQGQRVRXONQHZPRUHRI
KLP7KHRQO\GRXEWLQ&RNHWRZQZDVZKHWKHU5DFKDHOKDGZULWWHQ
LQJRRGIDLWKEHOLHYLQJWKDWKHUHDOO\ZRXOGFRPHEDFNRUZDUQLQJ
KLPWRIO\2QWKLVSRLQWRSLQLRQZDVGLYLGHG
6L[GD\VVHYHQGD\VIDURQLQWRDQRWKHUZHHN7KHZUHWFKHGZKHOS
SOXFNHGXSDJKDVWO\FRXUDJHDQGEHJDQWRJURZGHILDQW
:DVWKH
VXVSHFWHGIHOORZWKHWKLHI"$SUHWW\TXHVWLRQ,IQRWZKHUHZDV
WKHPDQDQGZK\GLGKHQRWFRPHEDFN"
:KHUHZDVWKHPDQDQGZK\GLGKHQRWFRPHEDFN",QWKHGHDGRI
QLJKWWKHHFKRHVRIKLVRZQZRUGVZKLFKKDGUROOHG+HDYHQNQRZV
KRZIDUDZD\LQWKHGD\WLPHFDPHEDFNLQVWHDGDQGDELGHGE\KLP
XQWLOPRUQLQJ
&+$37(59)281'
'$<DQGQLJKWDJDLQGD\DQGQLJKWDJDLQ1R6WHSKHQ%ODFNSRRO
:KHUHZDVWKHPDQDQGZK\GLGKHQRWFRPHEDFN"
(YHU\QLJKW6LVV\ZHQWWR5DFKDHO
VORGJLQJDQGVDWZLWKKHULQ
KHUVPDOOQHDWURRP$OOGD\5DFKDHOWRLOHGDVVXFKSHRSOHPXVW
WRLOZKDWHYHUWKHLUDQ[LHWLHV7KHVPRNHVHUSHQWVZHUH
LQGLIIHUHQWZKRZDVORVWRUIRXQGZKRWXUQHGRXWEDGRUJRRGWKH
PHODQFKRO\PDGHOHSKDQWVOLNHWKH+DUG)DFWPHQDEDWHGQRWKLQJRI
WKHLUVHWURXWLQHZKDWHYHUKDSSHQHG'D\DQGQLJKWDJDLQGD\DQG
QLJKWDJDLQ7KHPRQRWRQ\ZDVXQEURNHQ(YHQ6WHSKHQ%ODFNSRRO
V
GLVDSSHDUDQFHZDVIDOOLQJLQWRWKHJHQHUDOZD\DQGEHFRPLQJDV
PRQRWRQRXVDZRQGHUDVDQ\SLHFHRIPDFKLQHU\LQ&RNHWRZQ
,PLVGRXEW
VDLG5DFKDHO
LIWKHUHLVDVPDQ\DVWZHQW\OHIWLQ
239
DOOWKLVSODFHZKRKDYHDQ\WUXVWLQWKHSRRUGHDUODGQRZ
6KHVDLGLWWR6LVV\DVWKH\VDWLQKHUORGJLQJOLJKWHGRQO\E\
WKHODPSDWWKHVWUHHWFRUQHU6LVV\KDGFRPHWKHUHZKHQLWZDV
DOUHDG\GDUNWRDZDLWKHUUHWXUQIURPZRUNDQGWKH\KDGVLQFHVDW
DWWKHZLQGRZZKHUH5DFKDHOKDGIRXQGKHUZDQWLQJQREULJKWHU
OLJKWWRVKLQHRQWKHLUVRUURZIXOWDON
,ILWKDGQ
WEHHQPHUFLIXOO\EURXJKWDERXWWKDW,ZDVWRKDYH\RX
WRVSHDNWR
SXUVXHG5DFKDHO
WLPHVDUHZKHQ,WKLQNP\PLQG
ZRXOGQRWKDYHNHSWULJKW%XW,JHWKRSHDQGVWUHQJWKWKURXJK
\RXDQG\RXEHOLHYHWKDWWKRXJKDSSHDUDQFHVPD\ULVHDJDLQVWKLP
KHZLOOEHSURYHGFOHDU"
,GREHOLHYHVR
UHWXUQHG6LVV\
ZLWKP\ZKROHKHDUW,IHHOVR
FHUWDLQ5DFKDHOWKDWWKHFRQILGHQFH\RXKROGLQ\RXUVDJDLQVWDOO
GLVFRXUDJHPHQWLVQRWOLNHWREHZURQJWKDW,KDYHQRPRUHGRXEW
RIKLPWKDQLI,KDGNQRZQKLPWKURXJKDVPDQ\\HDUVRIWULDODV
\RXKDYH
$QG,P\GHDU
VDLG5DFKHOZLWKDWUHPEOHLQKHUYRLFH
KDYH
NQRZQKLPWKURXJKWKHPDOOWREHDFFRUGLQJWRKLVTXLHWZD\VVR
IDLWKIXOWRHYHU\WKLQJKRQHVWDQGJRRGWKDWLIKHZDVQHYHUWREH
KHDUGRIPRUHDQG,ZDVWROLYHWREHDKXQGUHG\HDUVROG,FRXOG
VD\ZLWKP\ODVWEUHDWK*RGNQRZVP\KHDUW,KDYHQHYHURQFH
OHIWWUXVWLQJ6WHSKHQ%ODFNSRRO
:HDOOEHOLHYHXSDWWKH/RGJH5DFKDHOWKDWKHZLOOEHIUHHG
IURPVXVSLFLRQVRRQHURUODWHU
7KHEHWWHU,NQRZLWWREHVREHOLHYHGWKHUHP\GHDU
VDLG
5DFKDHO
DQGWKHNLQGHU,IHHOLWWKDW\RXFRPHDZD\IURPWKHUH
SXUSRVHO\WRFRPIRUWPHDQGNHHSPHFRPSDQ\DQGEHVHHQZL
PH
ZKHQ,DPQRW\HWIUHHIURPDOOVXVSLFLRQP\VHOIWKHPRUHJULHYHG
,DPWKDW,VKRXOGHYHUKDYHVSRNHQWKRVHPLVWUXVWLQJZRUGVWRWKH
\RXQJODG\$QG\HW,
<RXGRQ
WPLVWUXVWKHUQRZ5DFKDHO"
1RZWKDW\RXKDYHEURXJKWXVPRUHWRJHWKHUQR%XW,FDQ
WDW
DOOWLPHVNHHSRXWRIP\PLQG
+HUYRLFHVRVXQNLQWRDORZDQGVORZFRPPXQLQJZLWKKHUVHOIWKDW
6LVV\VLWWLQJE\KHUVLGHZDVREOLJHGWROLVWHQZLWKDWWHQWLRQ
240
,FDQ
WDWDOOWLPHVNHHSRXWRIP\PLQGPLVWUXVWLQJVRIVRPH
RQH,FDQ
WWKLQNZKR
WLV,FDQ
WWKLQNKRZRUZK\LWPD\EH
GRQHEXW,PLVWUXVWWKDWVRPHRQHKDVSXW6WHSKHQRXWRIWKHZD\
,PLVWUXVWWKDWE\KLVFRPLQJEDFNRIKLVRZQDFFRUGDQGVKRZLQJ
KLPVHOILQQRFHQWEHIRUHWKHPDOOVRPHRQHZRXOGEHFRQIRXQGHGZKR
WRSUHYHQWWKDWKDVVWRSSHGKLPDQGSXWKLPRXWRIWKHZD\
7KDWLVDGUHDGIXOWKRXJKW
VDLG6LVV\WXUQLQJSDOH
,WLVDGUHDGIXOWKRXJKWWRWKLQNKHPD\EHPXUGHUHG
6LVV\VKXGGHUHGDQGWXUQHGSDOHU\HW
:KHQLWPDNHVLWVZD\LQWRP\PLQGGHDU
VDLG5DFKDHO
DQGLW
ZLOOFRPHVRPHWLPHVWKRXJK,GRDOO,FDQWRNHHSLWRXWZL
FRXQWLQJRQWRKLJKQXPEHUVDV,ZRUNDQGVD\LQJRYHUDQGRYHU
DJDLQSLHFHVWKDW,NQHZZKHQ,ZHUHDFKLOG,IDOOLQWRVXFKD
ZLOGKRWKXUU\WKDWKRZHYHUWLUHG,DP,ZDQWWRZDONIDVW
PLOHVDQGPLOHV,PXVWJHWWKHEHWWHURIWKLVEHIRUHEHGWLPH
,
OOZDONKRPHZL
\RX
+HPLJKWIDOOLOOXSRQWKHMRXUQH\EDFN
VDLG6LVV\IDLQWO\
RIIHULQJDZRUQRXWVFUDSRIKRSH
DQGLQVXFKDFDVHWKHUHDUH
PDQ\SODFHVRQWKHURDGZKHUHKHPLJKWVWRS
%XWKHLVLQQRQHRIWKHP+HKDVEHHQVRXJKWIRULQDOODQG
KH
VQRWWKHUH
7UXH
ZDV6LVV\
VUHOXFWDQWDGPLVVLRQ
+H
GZDONWKHMRXUQH\LQWZRGD\V,IKHZDVIRRWVRUHDQG
FRXOGQ
WZDON,VHQWKLPLQWKHOHWWHUKHJRWWKHPRQH\WRULGH
OHVWKHVKRXOGKDYHQRQHRIKLVRZQWRVSDUH
/HWXVKRSHWKDWWRPRUURZZLOOEULQJVRPHWKLQJEHWWHU5DFKDHO
&RPHLQWRWKHDLU
+HUJHQWOHKDQGDGMXVWHG5DFKDHO
VVKDZOXSRQKHUVKLQLQJEODFN
KDLULQWKHXVXDOPDQQHURIKHUZHDULQJLWDQGWKH\ZHQWRXW7KH
QLJKWEHLQJILQHOLWWOHNQRWVRI+DQGVZHUHKHUHDQGWKHUH
OLQJHULQJDWVWUHHWFRUQHUVEXWLWZDVVXSSHUWLPHZLWKWKH
JUHDWHUSDUWRIWKHPDQGWKHUHZHUHEXWIHZSHRSOHLQWKHVWUHHWV
241
<RX
UHQRWVRKXUULHGQRZ5DFKDHODQG\RXUKDQGLVFRROHU
,JHWEHWWHUGHDULI,FDQRQO\ZDONDQGEUHDWKHDOLWWOH
IUHVK
7LPHVZKHQ,FDQ
W,WXUQZHDNDQGFRQIXVHG
%XW\RXPXVWQRWEHJLQWRIDLO5DFKDHOIRU\RXPD\EHZDQWHGDW
DQ\WLPHWRVWDQGE\6WHSKHQ7RPRUURZLV6DWXUGD\,IQRQHZV
FRPHVWRPRUURZOHWXVZDONLQWKHFRXQWU\RQ6XQGD\PRUQLQJDQG
VWUHQJWKHQ\RXIRUDQRWKHUZHHN:LOO\RXJR"
<HVGHDU
7KH\ZHUHE\WKLVWLPHLQWKHVWUHHWZKHUH0U%RXQGHUE\
VKRXVH
VWRRG7KHZD\WR6LVV\
VGHVWLQDWLRQOHGWKHPSDVWWKHGRRUDQG
WKH\ZHUHJRLQJVWUDLJKWWRZDUGVLW6RPHWUDLQKDGQHZO\DUULYHG
LQ&RNHWRZQZKLFKKDGSXWDQXPEHURIYHKLFOHVLQPRWLRQDQG
VFDWWHUHGDFRQVLGHUDEOHEXVWOHDERXWWKHWRZQ6HYHUDOFRDFKHV
ZHUHUDWWOLQJEHIRUHWKHPDQGEHKLQGWKHPDVWKH\DSSURDFKHG0U
%RXQGHUE\
VDQGRQHRIWKHODWWHUGUHZXSZLWKVXFKEULVNQHVVDV
WKH\ZHUHLQWKHDFWRISDVVLQJWKHKRXVHWKDWWKH\ORRNHGURXQG
LQYROXQWDULO\7KHEULJKWJDVOLJKWRYHU0U%RXQGHUE\
VVWHSV
VKRZHGWKHP0UV6SDUVLWLQWKHFRDFKLQDQHFVWDV\RIH[FLWHPHQW
VWUXJJOLQJWRRSHQWKHGRRU0UV6SDUVLWVHHLQJWKHPDWWKHVDPH
PRPHQWFDOOHGWRWKHPWRVWRS
,W
VDFRLQFLGHQFH
H[FODLPHG0UV6SDUVLWDVVKHZDVUHOHDVHG
E\WKHFRDFKPDQ
,W
VD3URYLGHQFH&RPHRXWPD
DP
WKHQVDLG
0UV6SDUVLWWRVRPHRQHLQVLGH
FRPHRXWRUZH
OOKDYH\RX
GUDJJHGRXW
+HUHXSRQQRRWKHUWKDQWKHP\VWHULRXVROGZRPDQGHVFHQGHG:KRP
0UV6SDUVLWLQFRQWLQHQWO\FROODUHG
/HDYHKHUDORQHHYHU\ERG\
FULHG0UV6SDUVLWZLWKJUHDW
HQHUJ\
/HWQRERG\WRXFKKHU6KHEHORQJVWRPH&RPHLQ
PD
DP
WKHQVDLG0UV6SDUVLWUHYHUVLQJKHUIRUPHUZRUGRI
FRPPDQG
&RPHLQPD
DPRUZH
OOKDYH\RXGUDJJHGLQ
7KHVSHFWDFOHRIDPDWURQRIFODVVLFDOGHSRUWPHQWVHL]LQJDQ
DQFLHQWZRPDQE\WKHWKURDWDQGKDXOLQJKHULQWRDGZHOOLQJKRXVH
ZRXOGKDYHEHHQXQGHUDQ\FLUFXPVWDQFHVVXIILFLHQWWHPSWDWLRQWR
DOOWUXH(QJOLVKVWUDJJOHUVVREOHVWDVWRZLWQHVVLWWRIRUFHD
ZD\LQWRWKDWGZHOOLQJKRXVHDQGVHHWKHPDWWHURXW%XWZKHQWKH
SKHQRPHQRQZDVHQKDQFHGE\WKHQRWRULHW\DQGP\VWHU\E\WKLVWLPH
242
DVVRFLDWHGDOORYHUWKHWRZQZLWKWKH%DQNUREEHU\LWZRXOGKDYH
OXUHGWKHVWUDJJOHUVLQZLWKDQLUUHVLVWLEOHDWWUDFWLRQWKRXJK
WKHURRIKDGEHHQH[SHFWHGWRIDOOXSRQWKHLUKHDGV$FFRUGLQJO\
WKHFKDQFHZLWQHVVHVRQWKHJURXQGFRQVLVWLQJRIWKHEXVLHVWRI
WKHQHLJKERXUVWRWKHQXPEHURIVRPHILYHDQGWZHQW\FORVHGLQ
DIWHU6LVV\DQG5DFKDHODVWKH\FORVHGLQDIWHU0UV6SDUVLWDQG
KHUSUL]HDQGWKHZKROHERG\PDGHDGLVRUGHUO\LUUXSWLRQLQWR0U
%RXQGHUE\
VGLQLQJURRPZKHUHWKHSHRSOHEHKLQGORVWQRWD
PRPHQW
VWLPHLQPRXQWLQJRQWKHFKDLUVWRJHWWKHEHWWHURIWKH
SHRSOHLQIURQW
)HWFK0U%RXQGHUE\GRZQ
FULHG0UV6SDUVLW
5DFKDHO\RXQJ
ZRPDQ\RXNQRZZKRWKLVLV"
,W
V0UV3HJOHU
VDLG5DFKDHO
,VKRXOGWKLQNLWLV
FULHG0UV6SDUVLWH[XOWLQJ
)HWFK0U
%RXQGHUE\6WDQGDZD\HYHU\ERG\
+HUHROG0UV3HJOHUPXIIOLQJ
KHUVHOIXSDQGVKULQNLQJIURPREVHUYDWLRQZKLVSHUHGDZRUGRI
HQWUHDW\
'RQ
WWHOOPH
VDLG0UV6SDUVLWDORXG
,KDYHWROG
\RXWZHQW\WLPHVFRPLQJDORQJWKDW,ZLOOQRWOHDYH\RXWLOO,
KDYHKDQGHG\RXRYHUWRKLPP\VHOI
0U%RXQGHUE\QRZDSSHDUHGDFFRPSDQLHGE\0U*UDGJULQGDQGWKH
ZKHOSZLWKZKRPKHKDGEHHQKROGLQJFRQIHUHQFHXSVWDLUV0U
%RXQGHUE\ORRNHGPRUHDVWRQLVKHGWKDQKRVSLWDEOHDWVLJKWRIWKLV
XQLQYLWHGSDUW\LQKLVGLQLQJURRP
:K\ZKDW
VWKHPDWWHUQRZ
VDLGKH
0UV6SDUVLWPD
DP"
6LU
H[SODLQHGWKDWZRUWK\ZRPDQ
,WUXVWLWLVP\JRRGIRUWXQH
WRSURGXFHDSHUVRQ\RXKDYHPXFKGHVLUHGWRILQG6WLPXODWHGE\
P\ZLVKWRUHOLHYH\RXUPLQGVLUDQGFRQQHFWLQJWRJHWKHUVXFK
LPSHUIHFWFOXHVWRWKHSDUWRIWKHFRXQWU\LQZKLFKWKDWSHUVRQ
PLJKWEHVXSSRVHGWRUHVLGHDVKDYHEHHQDIIRUGHGE\WKH\RXQJ
ZRPDQ5DFKDHOIRUWXQDWHO\QRZSUHVHQWWRLGHQWLI\,KDYHKDGWKH
KDSSLQHVVWRVXFFHHGDQGWREULQJWKDWSHUVRQZLWKPH,QHHGQRW
VD\PRVWXQZLOOLQJO\RQKHUSDUW,WKDVQRWEHHQVLUZLWKRXW
VRPHWURXEOHWKDW,KDYHHIIHFWHGWKLVEXWWURXEOHLQ\RXUVHUYLFH
LVWRPHDSOHDVXUHDQGKXQJHUWKLUVWDQGFROGDUHDO
JUDWLILFDWLRQ
+HUH0UV6SDUVLWFHDVHGIRU0U%RXQGHUE\
VYLVDJHH[KLELWHGDQ
H[WUDRUGLQDU\FRPELQDWLRQRIDOOSRVVLEOHFRORXUVDQGH[SUHVVLRQV
243
RIGLVFRPILWXUHDVROG0UV3HJOHUZDVGLVFORVHGWRKLVYLHZ
:K\ZKDWGR\RXPHDQE\WKLV"
ZDVKLVKLJKO\XQH[SHFWHGGHPDQG
LQJUHDWZDUPWK
,DVN\RXZKDWGR\RXPHDQE\WKLV0UV
6SDUVLWPD
DP"
6LU
H[FODLPHG0UV6SDUVLWIDLQWO\
:K\GRQ
W\RXPLQG\RXURZQEXVLQHVVPD
DP"
URDUHG%RXQGHUE\
+RZGDUH\RXJRDQGSRNH\RXURIILFLRXVQRVHLQWRP\IDPLO\
DIIDLUV"
7KLVDOOXVLRQWRKHUIDYRXULWHIHDWXUHRYHUSRZHUHG0UV6SDUVLW
6KHVDWGRZQVWLIIO\LQDFKDLUDVLIVKHZHUHIUR]HQDQGZLWKD
IL[HGVWDUHDW0U%RXQGHUE\VORZO\JUDWHGKHUPLWWHQVDJDLQVWRQH
DQRWKHUDVLIWKH\ZHUHIUR]HQWRR
0\GHDU-RVLDK
FULHG0UV3HJOHUWUHPEOLQJ
0\GDUOLQJER\
,DPQRWWREODPH,W
VQRWP\IDXOW-RVLDK,WROGWKLVODG\
RYHUDQGRYHUDJDLQWKDW,NQHZVKHZDVGRLQJZKDWZRXOGQRWEH
DJUHHDEOHWR\RXEXWVKHZRXOGGRLW
:KDWGLG\RXOHWKHUEULQJ\RXIRU"&RXOGQ
W\RXNQRFNKHUFDS
RIIRUKHUWRRWKRXWRUVFUDWFKKHURUGRVRPHWKLQJRURWKHUWR
KHU"
DVNHG%RXQGHUE\
0\RZQER\6KHWKUHDWHQHGPHWKDWLI,UHVLVWHGKHU,VKRXOGEH
EURXJKWE\FRQVWDEOHVDQGLWZDVEHWWHUWRFRPHTXLHWO\WKDQPDNH
WKDWVWLULQVXFKD
0UV3HJOHUJODQFHGWLPLGO\EXWSURXGO\
URXQGWKHZDOOV
VXFKDILQHKRXVHDVWKLV,QGHHGLQGHHGLW
LVQRWP\IDXOW0\GHDUQREOHVWDWHO\ER\,KDYHDOZD\VOLYHG
TXLHWDQGVHFUHW-RVLDKP\GHDU,KDYHQHYHUEURNHQWKH
FRQGLWLRQRQFH,KDYHQHYHUVDLG,ZDV\RXUPRWKHU,KDYH
DGPLUHG\RXDWDGLVWDQFHDQGLI,KDYHFRPHWRWRZQVRPHWLPHV
ZLWKORQJWLPHVEHWZHHQWRWDNHDSURXGSHHSDW\RX,KDYHGRQH
LWXQEHNQRZQP\ORYHDQGJRQHDZD\DJDLQ
0U%RXQGHUE\ZLWKKLVKDQGVLQKLVSRFNHWVZDONHGLQLPSDWLHQW
PRUWLILFDWLRQXSDQGGRZQDWWKHVLGHRIWKHORQJGLQLQJWDEOH
ZKLOHWKHVSHFWDWRUVJUHHGLO\WRRNLQHYHU\V\OODEOHRI0UV
3HJOHU
VDSSHDODQGDWHDFKVXFFHHGLQJV\OODEOHEHFDPHPRUHDQG
PRUHURXQGH\HG0U%RXQGHUE\VWLOOZDONLQJXSDQGGRZQZKHQ0UV
3HJOHUKDGGRQH0U*UDGJULQGDGGUHVVHGWKDWPDOLJQHGROGODG\
244
,DPVXUSULVHGPDGDP
KHREVHUYHGZLWKVHYHULW\
WKDWLQ\RXU
ROGDJH\RXKDYHWKHIDFHWRFODLP0U%RXQGHUE\IRU\RXUVRQ
DIWHU\RXUXQQDWXUDODQGLQKXPDQWUHDWPHQWRIKLP
0HXQQDWXUDO
FULHGSRRUROG0UV3HJOHU
0HLQKXPDQ7RP\
GHDUER\"
'HDU
UHSHDWHG0U*UDGJULQG
<HVGHDULQKLVVHOIPDGH
SURVSHULW\PDGDP,GDUHVD\1RWYHU\GHDUKRZHYHUZKHQ\RX
GHVHUWHGKLPLQKLVLQIDQF\DQGOHIWKLPWRWKHEUXWDOLW\RID
GUXQNHQJUDQGPRWKHU
,GHVHUWHGP\-RVLDK
FULHG0UV3HJOHUFODVSLQJKHUKDQGV
1RZ/RUGIRUJLYH\RXVLUIRU\RXUZLFNHGLPDJLQDWLRQVDQGIRU
\RXUVFDQGDODJDLQVWWKHPHPRU\RIP\SRRUPRWKHUZKRGLHGLQP\
DUPVEHIRUH-RVLDKZDVERUQ0D\\RXUHSHQWRILWVLUDQGOLYH
WRNQRZEHWWHU
6KHZDVVRYHU\HDUQHVWDQGLQMXUHGWKDW0U*UDGJULQGVKRFNHGE\
WKHSRVVLELOLW\ZKLFKGDZQHGXSRQKLPVDLGLQDJHQWOHUWRQH
'R\RXGHQ\WKHQPDGDPWKDW\RXOHIW\RXUVRQWRWREH
EURXJKWXSLQWKHJXWWHU"
-RVLDKLQWKHJXWWHU
H[FODLPHG0UV3HJOHU
1RVXFKDWKLQJ
VLU1HYHU)RUVKDPHRQ\RX0\GHDUER\NQRZVDQGZLOOJLYH
\RXWRNQRZWKDWWKRXJKKHFRPHRIKXPEOHSDUHQWVKHFRPHRI
SDUHQWVWKDWORYHGKLPDVGHDUDVWKHEHVWFRXOGDQGQHYHUWKRXJKW
LWKDUGVKLSRQWKHPVHOYHVWRSLQFKDELWWKDWKHPLJKWZULWHDQG
FLSKHUEHDXWLIXODQG,
YHKLVERRNVDWKRPHWRVKRZLW$\HKDYH
,
VDLG0UV3HJOHUZLWKLQGLJQDQWSULGH
$QGP\GHDUER\
NQRZVDQGZLOOJLYH\RXWRNQRZVLUWKDWDIWHUKLVEHORYHG
IDWKHUGLHGZKHQKHZDVHLJKW\HDUVROGKLVPRWKHUWRRFRXOG
SLQFKDELWDVLWZDVKHUGXW\DQGKHUSOHDVXUHDQGKHUSULGHWR
GRLWWRKHOSKLPRXWLQOLIHDQGSXWKLP
SUHQWLFH$QGD
VWHDG\ODGKHZDVDQGDNLQGPDVWHUKHKDGWROHQGKLPDKDQGDQG
ZHOOKHZRUNHGKLVRZQZD\IRUZDUGWREHULFKDQGWKULYLQJ$QG
,
OOJLYH\RXWRNQRZVLUIRUWKLVP\GHDUER\ZRQ
WWKDW
WKRXJKKLVPRWKHUNHSWEXWDOLWWOHYLOODJHVKRSKHQHYHUIRUJRW
KHUEXWSHQVLRQHGPHRQWKLUW\SRXQGD\HDUPRUHWKDQ,ZDQW
IRU,SXWE\RXWRILWRQO\PDNLQJWKHFRQGLWLRQWKDW,ZDVWR
NHHSGRZQLQP\RZQSDUWDQGPDNHQRERDVWVDERXWKLPDQGQRW
WURXEOHKLP$QG,QHYHUKDYHH[FHSWZLWKORRNLQJDWKLPRQFHD
\HDUZKHQKHKDVQHYHUNQRZHGLW$QGLW
VULJKW
VDLGSRRUROG
245
0UV3HJOHULQDIIHFWLRQDWHFKDPSLRQVKLS
WKDW,VKRXOGNHHSGRZQ
LQP\RZQSDUWDQG,KDYHQRGRXEWVWKDWLI,ZDVKHUH,VKRXOGGR
DPDQ\XQEHILWWLQJWKLQJVDQG,DPZHOOFRQWHQWHGDQG,FDQNHHS
P\SULGHLQP\-RVLDKWRP\VHOIDQG,FDQORYHIRUORYH
VRZQ
VDNH$QG,DPDVKDPHGRI\RXVLU
VDLG0UV3HJOHUODVWO\
IRU\RXUVODQGHUVDQGVXVSLFLRQV$QG,QHYHUVWRRGKHUHEHIRUH
QRUQHYHUZDQWHGWRVWDQGKHUHZKHQP\GHDUVRQVDLGQR$QG,
VKRXOGQ
WEHKHUHQRZLILWKDGQ
WEHHQIRUEHLQJEURXJKWKHUH
$QGIRUVKDPHXSRQ\RX2KIRUVKDPHWRDFFXVHPHRIEHLQJDEDG
PRWKHUWRP\VRQZLWKP\VRQVWDQGLQJKHUHWRWHOO\RXVR
GLIIHUHQW
7KHE\VWDQGHUVRQDQGRIIWKHGLQLQJURRPFKDLUVUDLVHGDPXUPXU
RIV\PSDWK\ZLWK0UV3HJOHUDQG0U*UDGJULQGIHOWKLPVHOI
LQQRFHQWO\SODFHGLQDYHU\GLVWUHVVLQJSUHGLFDPHQWZKHQ0U
%RXQGHUE\ZKRKDGQHYHUFHDVHGZDONLQJXSDQGGRZQDQGKDGHYHU\
PRPHQWVZHOOHGODUJHUDQGODUJHUDQGJURZQUHGGHUDQGUHGGHU
VWRSSHGVKRUW
,GRQ
WH[DFWO\NQRZ
VDLG0U%RXQGHUE\
KRZ,FRPHWREH
IDYRXUHGZLWKWKHDWWHQGDQFHRIWKHSUHVHQWFRPSDQ\EXW,GRQ
W
LQTXLUH:KHQWKH\
UHTXLWHVDWLVILHGSHUKDSVWKH\
OOEHVRJRRG
DVWRGLVSHUVHZKHWKHUWKH\
UHVDWLVILHGRUQRWSHUKDSVWKH\
OO
EHVRJRRGDVWRGLVSHUVH,
PQRWERXQGWRGHOLYHUDOHFWXUHRQ
P\IDPLO\DIIDLUV,KDYHQRWXQGHUWDNHQWRGRLWDQG,
PQRWD
JRLQJWRGRLW7KHUHIRUHWKRVHZKRH[SHFWDQ\H[SODQDWLRQ
ZKDWHYHUXSRQWKDWEUDQFKRIWKHVXEMHFWZLOOEHGLVDSSRLQWHG
SDUWLFXODUO\7RP*UDGJULQGDQGKHFDQ
WNQRZLWWRRVRRQ,Q
UHIHUHQFHWRWKH%DQNUREEHU\WKHUHKDVEHHQDPLVWDNHPDGH
FRQFHUQLQJP\PRWKHU,IWKHUHKDGQ
WEHHQRYHURIILFLRXVQHVVLW
ZRXOGQ
WKDYHEHHQPDGHDQG,KDWHRYHURIILFLRXVQHVVDWDOO
WLPHVZKHWKHURUQR*RRGHYHQLQJ
$OWKRXJK0U%RXQGHUE\FDUULHGLWRIILQWKHVHWHUPVKROGLQJWKH
GRRURSHQIRUWKHFRPSDQ\WRGHSDUWWKHUHZDVDEOXVWHULQJ
VKHHSLVKQHVVXSRQKLPDWRQFHH[WUHPHO\FUHVWIDOOHQDQG
VXSHUODWLYHO\DEVXUG'HWHFWHGDVWKH%XOO\RIKXPLOLW\ZKRKDG
EXLOWKLVZLQG\UHSXWDWLRQXSRQOLHVDQGLQKLVERDVWIXOQHVVKDG
SXWWKHKRQHVWWUXWKDVIDUDZD\IURPKLPDVLIKHKDGDGYDQFHGWKH
PHDQFODLPWKHUHLVQRPHDQHUWRWDFNKLPVHOIRQWRDSHGLJUHH
KHFXWDPRVWULGLFXORXVILJXUH:LWKWKHSHRSOHILOLQJRIIDWWKH
GRRUKHKHOGZKRKHNQHZZRXOGFDUU\ZKDWKDGSDVVHGWRWKHZKROH
WRZQWREHJLYHQWRWKHIRXUZLQGVKHFRXOGQRWKDYHORRNHGD
%XOO\PRUHVKRUQDQGIRUORUQLIKHKDGKDGKLVHDUVFURSSHG(YHQ
246
WKDWXQOXFN\IHPDOH0UV6SDUVLWIDOOHQIURPKHUSLQQDFOHRI
H[XOWDWLRQLQWRWKH6ORXJKRI'HVSRQGZDVQRWLQVREDGDSOLJKW
DVWKDWUHPDUNDEOHPDQDQGVHOIPDGH+XPEXJ-RVLDK%RXQGHUE\RI
&RNHWRZQ
5DFKDHODQG6LVV\OHDYLQJ0UV3HJOHUWRRFFXS\DEHGDWKHUVRQ
V
IRUWKDWQLJKWZDONHGWRJHWKHUWRWKHJDWHRI6WRQH/RGJHDQG
WKHUHSDUWHG0U*UDGJULQGMRLQHGWKHPEHIRUHWKH\KDGJRQHYHU\
IDUDQGVSRNHZLWKPXFKLQWHUHVWRI6WHSKHQ%ODFNSRROIRUZKRPKH
WKRXJKWWKLVVLJQDOIDLOXUHRIWKHVXVSLFLRQVDJDLQVW0UV3HJOHU
ZDVOLNHO\WRZRUNZHOO
$VWRWKHZKHOSWKURXJKRXWWKLVVFHQHDVRQDOORWKHUODWH
RFFDVLRQVKHKDGVWXFNFORVHWR%RXQGHUE\+HVHHPHGWRIHHOWKDW
DVORQJDV%RXQGHUE\FRXOGPDNHQRGLVFRYHU\ZLWKRXWKLVNQRZOHGJH
KHZDVVRIDUVDIH+HQHYHUYLVLWHGKLVVLVWHUDQGKDGRQO\VHHQ
KHURQFHVLQFHVKHZHQWKRPHWKDWLVWRVD\RQWKHQLJKWZKHQKH
VWLOOVWXFNFORVHWR%RXQGHUE\DVDOUHDG\UHODWHG
7KHUHZDVRQHGLPXQIRUPHGIHDUOLQJHULQJDERXWKLVVLVWHU
VPLQG
WRZKLFKVKHQHYHUJDYHXWWHUDQFHZKLFKVXUURXQGHGWKHJUDFHOHVV
DQGXQJUDWHIXOER\ZLWKDGUHDGIXOP\VWHU\7KHVDPHGDUN
SRVVLELOLW\KDGSUHVHQWHGLWVHOILQWKHVDPHVKDSHOHVVJXLVHWKLV
YHU\GD\WR6LVV\ZKHQ5DFKDHOVSRNHRIVRPHRQHZKRZRXOGEH
FRQIRXQGHGE\6WHSKHQ
VUHWXUQKDYLQJSXWKLPRXWRIWKHZD\
/RXLVDKDGQHYHUVSRNHQRIKDUERXULQJDQ\VXVSLFLRQRIKHUEURWKHU
LQFRQQH[LRQZLWKWKHUREEHU\VKHDQG6LVV\KDGKHOGQRFRQILGHQFH
RQWKHVXEMHFWVDYHLQWKDWRQHLQWHUFKDQJHRIORRNVZKHQWKH
XQFRQVFLRXVIDWKHUUHVWHGKLVJUD\KHDGRQKLVKDQGEXWLWZDV
XQGHUVWRRGEHWZHHQWKHPDQGWKH\ERWKNQHZLW7KLVRWKHUIHDU
ZDVVRDZIXOWKDWLWKRYHUHGDERXWHDFKRIWKHPOLNHDJKRVWO\
VKDGRZQHLWKHUGDULQJWRWKLQNRILWVEHLQJQHDUKHUVHOIIDUOHVV
RILWVEHLQJQHDUWKHRWKHU
$QGVWLOOWKHIRUFHGVSLULWZKLFKWKHZKHOSKDGSOXFNHGXSWKURYH
ZLWKKLP,I6WHSKHQ%ODFNSRROZDVQRWWKHWKLHIOHWKLPVKRZ
KLPVHOI:K\GLGQ
WKH"
$QRWKHUQLJKW$QRWKHUGD\DQGQLJKW1R6WHSKHQ%ODFNSRRO
:KHUHZDVWKHPDQDQGZK\GLGKHQRWFRPHEDFN"
&+$37(59,7+(67$5/,*+7
247
7+(6XQGD\ZDVDEULJKW6XQGD\LQDXWXPQFOHDUDQGFRROZKHQ
HDUO\LQWKHPRUQLQJ6LVV\DQG5DFKDHOPHWWRZDONLQWKHFRXQWU\
$V&RNHWRZQFDVWDVKHVQRWRQO\RQLWVRZQKHDGEXWRQWKH
QHLJKERXUKRRG
VWRRDIWHUWKHPDQQHURIWKRVHSLRXVSHUVRQVZKR
GRSHQDQFHIRUWKHLURZQVLQVE\SXWWLQJRWKHUSHRSOHLQWR
VDFNFORWKLWZDVFXVWRPDU\IRUWKRVHZKRQRZDQGWKHQWKLUVWHG
IRUDGUDXJKWRISXUHDLUZKLFKLVQRWDEVROXWHO\WKHPRVWZLFNHG
DPRQJWKHYDQLWLHVRIOLIHWRJHWDIHZPLOHVDZD\E\WKH
UDLOURDGDQGWKHQEHJLQWKHLUZDONRUWKHLUORXQJHLQWKHILHOGV
6LVV\DQG5DFKDHOKHOSHGWKHPVHOYHVRXWRIWKHVPRNHE\WKHXVXDO
PHDQVDQGZHUHSXWGRZQDWDVWDWLRQDERXWPLGZD\EHWZHHQWKHWRZQ
DQG0U%RXQGHUE\
VUHWUHDW
7KRXJKWKHJUHHQODQGVFDSHZDVEORWWHGKHUHDQGWKHUHZLWKKHDSVRI
FRDOLWZDVJUHHQHOVHZKHUHDQGWKHUHZHUHWUHHVWRVHHDQG
WKHUHZHUHODUNVVLQJLQJWKRXJKLWZDV6XQGD\DQGWKHUHZHUH
SOHDVDQWVFHQWVLQWKHDLUDQGDOOZDVRYHUDUFKHGE\DEULJKW
EOXHVN\,QWKHGLVWDQFHRQHZD\&RNHWRZQVKRZHGDVDEODFN
PLVWLQDQRWKHUGLVWDQFHKLOOVEHJDQWRULVHLQDWKLUGWKHUH
ZDVDIDLQWFKDQJHLQWKHOLJKWRIWKHKRUL]RQZKHUHLWVKRQHXSRQ
WKHIDURIIVHD8QGHUWKHLUIHHWWKHJUDVVZDVIUHVKEHDXWLIXO
VKDGRZVRIEUDQFKHVIOLFNHUHGXSRQLWDQGVSHFNOHGLWKHGJHURZV
ZHUHOX[XULDQWHYHU\WKLQJZDVDWSHDFH(QJLQHVDWSLWV
PRXWKV
DQGOHDQROGKRUVHVWKDWKDGZRUQWKHFLUFOHRIWKHLUGDLO\ODERXU
LQWRWKHJURXQGZHUHDOLNHTXLHWZKHHOVKDGFHDVHGIRUDVKRUW
VSDFHWRWXUQDQGWKHJUHDWZKHHORIHDUWKVHHPHGWRUHYROYH
ZLWKRXWWKHVKRFNVDQGQRLVHVRIDQRWKHUWLPH
7KH\ZDONHGRQDFURVVWKHILHOGVDQGGRZQWKHVKDG\ODQHV
VRPHWLPHVJHWWLQJRYHUDIUDJPHQWRIDIHQFHVRURWWHQWKDWLW
GURSSHGDWDWRXFKRIWKHIRRWVRPHWLPHVSDVVLQJQHDUDZUHFNRI
EULFNVDQGEHDPVRYHUJURZQZLWKJUDVVPDUNLQJWKHVLWHRIGHVHUWHG
ZRUNV7KH\IROORZHGSDWKVDQGWUDFNVKRZHYHUVOLJKW0RXQGV
ZKHUHWKHJUDVVZDVUDQNDQGKLJKDQGZKHUHEUDPEOHVGRFNZHHG
DQGVXFKOLNHYHJHWDWLRQZHUHFRQIXVHGO\KHDSHGWRJHWKHUWKH\
DOZD\VDYRLGHGIRUGLVPDOVWRULHVZHUHWROGLQWKDWFRXQWU\RIWKH
ROGSLWVKLGGHQEHQHDWKVXFKLQGLFDWLRQV
7KHVXQZDVKLJKZKHQWKH\VDWGRZQWRUHVW7KH\KDGVHHQQRRQH
QHDURUGLVWDQWIRUDORQJWLPHDQGWKHVROLWXGHUHPDLQHG
248
XQEURNHQ
,WLVVRVWLOOKHUH5DFKDHODQGWKHZD\LVVR
XQWURGGHQWKDW,WKLQNZHPXVWEHWKHILUVWZKRKDYHEHHQKHUHDOO
WKHVXPPHU
$V6LVV\VDLGLWKHUH\HVZHUHDWWUDFWHGE\DQRWKHURIWKRVH
URWWHQIUDJPHQWVRIIHQFHXSRQWKHJURXQG6KHJRWXSWRORRNDW
LW
$QG\HW,GRQ
WNQRZ7KLVKDVQRWEHHQEURNHQYHU\ORQJ
7KHZRRGLVTXLWHIUHVKZKHUHLWJDYHZD\+HUHDUHIRRWVWHSVWRR
25DFKDHO
6KHUDQEDFNDQGFDXJKWKHUURXQGWKHQHFN5DFKDHOKDGDOUHDG\
VWDUWHGXS
:KDWLVWKHPDWWHU"
,GRQ
WNQRZ7KHUHLVDKDWO\LQJLQWKHJUDVV
7KH\ZHQW
IRUZDUGWRJHWKHU5DFKDHOWRRNLWXSVKDNLQJIURPKHDGWRIRRW
6KHEURNHLQWRDSDVVLRQRIWHDUVDQGODPHQWDWLRQV6WHSKHQ
%ODFNSRROZDVZULWWHQLQKLVRZQKDQGRQWKHLQVLGH
2WKHSRRUODGWKHSRRUODG+HKDVEHHQPDGHDZD\ZLWK+HLV
O\LQJPXUGHUHGKHUH
,VWKHUHKDVWKHKDWDQ\EORRGXSRQLW"
6LVV\IDOWHUHG
7KH\ZHUHDIUDLGWRORRNEXWWKH\GLGH[DPLQHLWDQGIRXQGQR
PDUNRIYLROHQFHLQVLGHRURXW,WKDGEHHQO\LQJWKHUHVRPH
GD\VIRUUDLQDQGGHZKDGVWDLQHGLWDQGWKHPDUNRILWVVKDSH
ZDVRQWKHJUDVVZKHUHLWKDGIDOOHQ7KH\ORRNHGIHDUIXOO\DERXW
WKHPZLWKRXWPRYLQJEXWFRXOGVHHQRWKLQJPRUH
5DFKDHO
6LVV\
ZKLVSHUHG
,ZLOOJRRQDOLWWOHE\P\VHOI
6KHKDGXQFODVSHGKHUKDQGDQGZDVLQWKHDFWRIVWHSSLQJIRUZDUG
ZKHQ5DFKDHOFDXJKWKHULQERWKDUPVZLWKDVFUHDPWKDWUHVRXQGHG
RYHUWKHZLGHODQGVFDSH%HIRUHWKHPDWWKHLUYHU\IHHWZDVWKH
EULQNRIDEODFNUDJJHGFKDVPKLGGHQE\WKHWKLFNJUDVV7KH\
VSUDQJEDFNDQGIHOOXSRQWKHLUNQHHVHDFKKLGLQJKHUIDFHXSRQ
WKHRWKHU
VQHFN
2P\JRRG/RUG+H
VGRZQWKHUH'RZQWKHUH
$WILUVWWKLV
DQGKHUWHUULILFVFUHDPVZHUHDOOWKDWFRXOGEHJRWIURP5DFKDHO
E\DQ\WHDUVE\DQ\SUD\HUVE\DQ\UHSUHVHQWDWLRQVE\DQ\PHDQV
,WZDVLPSRVVLEOHWRKXVKKHUDQGLWZDVGHDGO\QHFHVVDU\WRKROG
KHURUVKHZRXOGKDYHIOXQJKHUVHOIGRZQWKHVKDIW
249
5DFKDHOGHDU5DFKDHOJRRG5DFKDHOIRUWKHORYHRI+HDYHQQRW
WKHVHGUHDGIXOFULHV7KLQNRI6WHSKHQWKLQNRI6WHSKHQWKLQNRI
6WHSKHQ
%\DQHDUQHVWUHSHWLWLRQRIWKLVHQWUHDW\SRXUHGRXWLQDOOWKH
DJRQ\RIVXFKDPRPHQW6LVV\DWODVWEURXJKWKHUWREHVLOHQWDQG
WRORRNDWKHUZLWKDWHDUOHVVIDFHRIVWRQH
5DFKDHO6WHSKHQPD\EHOLYLQJ<RXZRXOGQ
WOHDYHKLPO\LQJ
PDLPHGDWWKHERWWRPRIWKLVGUHDGIXOSODFHDPRPHQWLI\RXFRXOG
EULQJKHOSWRKLP"
1RQRQR
'RQ
WVWLUIURPKHUHIRUKLVVDNH/HWPHJRDQGOLVWHQ
6KHVKXGGHUHGWRDSSURDFKWKHSLWEXWVKHFUHSWWRZDUGVLWRQKHU
KDQGVDQGNQHHVDQGFDOOHGWRKLPDVORXGDVVKHFRXOGFDOO6KH
OLVWHQHGEXWQRVRXQGUHSOLHG6KHFDOOHGDJDLQDQGOLVWHQHG
VWLOOQRDQVZHULQJVRXQG6KHGLGWKLVWZHQW\WKLUW\WLPHV6KH
WRRNDOLWWOHFORGRIHDUWKIURPWKHEURNHQJURXQGZKHUHKHKDG
VWXPEOHGDQGWKUHZLWLQ6KHFRXOGQRWKHDULWIDOO
7KHZLGHSURVSHFWVREHDXWLIXOLQLWVVWLOOQHVVEXWDIHZPLQXWHV
DJRDOPRVWFDUULHGGHVSDLUWRKHUEUDYHKHDUWDVVKHURVHDQG
ORRNHGDOOURXQGKHUVHHLQJQRKHOS
5DFKDHOZHPXVWORVHQRWD
PRPHQW:HPXVWJRLQGLIIHUHQWGLUHFWLRQVVHHNLQJDLG<RX
VKDOOJRE\WKHZD\ZHKDYHFRPHDQG,ZLOOJRIRUZDUGE\WKH
SDWK7HOODQ\RQH\RXVHHDQGHYHU\RQHZKDWKDVKDSSHQHG
7KLQNRI6WHSKHQWKLQNRI6WHSKHQ
6KHNQHZE\5DFKDHO
VIDFHWKDWVKHPLJKWWUXVWKHUQRZ$QGDIWHU
VWDQGLQJIRUDPRPHQWWRVHHKHUUXQQLQJZULQJLQJKHUKDQGVDVVKH
UDQVKHWXUQHGDQGZHQWXSRQKHURZQVHDUFKVKHVWRSSHGDWWKH
KHGJHWRWLHKHUVKDZOWKHUHDVDJXLGHWRWKHSODFHWKHQWKUHZ
KHUERQQHWDVLGHDQGUDQDVVKHKDGQHYHUUXQEHIRUH
5XQ6LVV\UXQLQ+HDYHQ
VQDPH'RQ
WVWRSIRUEUHDWK5XQ
UXQ4XLFNHQLQJKHUVHOIE\FDUU\LQJVXFKHQWUHDWLHVLQKHU
WKRXJKWVVKHUDQIURPILHOGWRILHOGDQGODQHWRODQHDQGSODFH
WRSODFHDVVKHKDGQHYHUUXQEHIRUHXQWLOVKHFDPHWRDVKHGE\
DQHQJLQHKRXVHZKHUHWZRPHQOD\LQWKHVKDGHDVOHHSRQVWUDZ
250
)LUVWWRZDNHWKHPDQGQH[WWRWHOOWKHPDOOVRZLOGDQG
EUHDWKOHVVDVVKHZDVZKDWKDGEURXJKWKHUWKHUHZHUH
GLIILFXOWLHVEXWWKH\QRVRRQHUXQGHUVWRRGKHUWKDQWKHLUVSLULWV
ZHUHRQILUHOLNHKHUV2QHRIWKHPHQZDVLQDGUXQNHQVOXPEHU
EXWRQKLVFRPUDGH
VVKRXWLQJWRKLPWKDWDPDQKDGIDOOHQGRZQWKH
2OG+HOO6KDIWKHVWDUWHGRXWWRDSRRORIGLUW\ZDWHUSXWKLV
KHDGLQLWDQGFDPHEDFNVREHU
:LWKWKHVHWZRPHQVKHUDQWRDQRWKHUKDOIDPLOHIXUWKHUDQGZLWK
WKDWRQHWRDQRWKHUZKLOHWKH\UDQHOVHZKHUH7KHQDKRUVHZDV
IRXQGDQGVKHJRWDQRWKHUPDQWRULGHIRUOLIHRUGHDWKWRWKH
UDLOURDGDQGVHQGDPHVVDJHWR/RXLVDZKLFKVKHZURWHDQGJDYH
KLP%\WKLVWLPHDZKROHYLOODJHZDVXSDQGZLQGODVVHVURSHV
SROHVFDQGOHVODQWHUQVDOOWKLQJVQHFHVVDU\ZHUHIDVW
FROOHFWLQJDQGEHLQJEURXJKWLQWRRQHSODFHWREHFDUULHGWRWKH
2OG+HOO6KDIW
,WVHHPHGQRZKRXUVDQGKRXUVVLQFHVKHKDGOHIWWKHORVWPDQO\LQJ
LQWKHJUDYHZKHUHKHKDGEHHQEXULHGDOLYH6KHFRXOGQRWEHDUWR
UHPDLQDZD\IURPLWDQ\ORQJHULWZDVOLNHGHVHUWLQJKLPDQG
VKHKXUULHGVZLIWO\EDFNDFFRPSDQLHGE\KDOIDGR]HQODERXUHUV
LQFOXGLQJWKHGUXQNHQPDQZKRPWKHQHZVKDGVREHUHGDQGZKRZDV
WKHEHVWPDQRIDOO:KHQWKH\FDPHWRWKH2OG+HOO6KDIWWKH\
IRXQGLWDVORQHO\DVVKHKDGOHIWLW7KHPHQFDOOHGDQGOLVWHQHG
DVVKHKDGGRQHDQGH[DPLQHGWKHHGJHRIWKHFKDVPDQGVHWWOHG
KRZLWKDGKDSSHQHGDQGWKHQVDWGRZQWRZDLWXQWLOWKHLPSOHPHQWV
WKH\ZDQWHGVKRXOGFRPHXS
(YHU\VRXQGRILQVHFWVLQWKHDLUHYHU\VWLUULQJRIWKHOHDYHV
HYHU\ZKLVSHUDPRQJWKHVHPHQPDGH6LVV\WUHPEOHIRUVKHWKRXJKW
LWZDVDFU\DWWKHERWWRPRIWKHSLW%XWWKHZLQGEOHZLGO\RYHU
LWDQGQRVRXQGDURVHWRWKHVXUIDFHDQGWKH\VDWXSRQWKHJUDVV
ZDLWLQJDQGZDLWLQJ$IWHUWKH\KDGZDLWHGVRPHWLPHVWUDJJOLQJ
SHRSOHZKRKDGKHDUGRIWKHDFFLGHQWEHJDQWRFRPHXSWKHQWKH
UHDOKHOSRILPSOHPHQWVEHJDQWRDUULYH,QWKHPLGVWRIWKLV
5DFKDHOUHWXUQHGDQGZLWKKHUSDUW\WKHUHZDVDVXUJHRQZKR
EURXJKWVRPHZLQHDQGPHGLFLQHV%XWWKHH[SHFWDWLRQDPRQJWKH
SHRSOHWKDWWKHPDQZRXOGEHIRXQGDOLYHZDVYHU\VOLJKWLQGHHG
7KHUHEHLQJQRZSHRSOHHQRXJKSUHVHQWWRLPSHGHWKHZRUNWKH
VREHUHGPDQSXWKLPVHOIDWWKHKHDGRIWKHUHVWRUZDVSXWWKHUH
E\WKHJHQHUDOFRQVHQWDQGPDGHDODUJHULQJURXQGWKH2OG+HOO
6KDIWDQGDSSRLQWHGPHQWRNHHSLW%HVLGHVVXFKYROXQWHHUVDV
ZHUHDFFHSWHGWRZRUNRQO\6LVV\DQG5DFKDHOZHUHDWILUVW
251
SHUPLWWHGZLWKLQWKLVULQJEXWODWHULQWKHGD\ZKHQWKHPHVVDJH
EURXJKWDQH[SUHVVIURP&RNHWRZQ0U*UDGJULQGDQG/RXLVDDQG0U
%RXQGHUE\DQGWKHZKHOSZHUHDOVRWKHUH
7KHVXQZDVIRXUKRXUVORZHUWKDQZKHQ6LVV\DQG5DFKDHOKDGILUVW
VDWGRZQXSRQWKHJUDVVEHIRUHDPHDQVRIHQDEOLQJWZRPHQWR
GHVFHQGVHFXUHO\ZDVULJJHGZLWKSROHVDQGURSHV'LIILFXOWLHVKDG
DULVHQLQWKHFRQVWUXFWLRQRIWKLVPDFKLQHVLPSOHDVLWZDV
UHTXLVLWHVKDGEHHQIRXQGZDQWLQJDQGPHVVDJHVKDGKDGWRJRDQG
UHWXUQ,WZDVILYHR
FORFNLQWKHDIWHUQRRQRIWKHEULJKW
DXWXPQDO6XQGD\EHIRUHDFDQGOHZDVVHQWGRZQWRWU\WKHDLU
ZKLOHWKUHHRUIRXUURXJKIDFHVVWRRGFURZGHGFORVHWRJHWKHU
DWWHQWLYHO\ZDWFKLQJLWWKHPDQDWWKHZLQGODVVORZHULQJDVWKH\
ZHUHWROG7KHFDQGOHZDVEURXJKWXSDJDLQIHHEO\EXUQLQJDQG
WKHQVRPHZDWHUZDVFDVWLQ7KHQWKHEXFNHWZDVKRRNHGRQDQG
WKHVREHUHGPDQDQGDQRWKHUJRWLQZLWKOLJKWVJLYLQJWKHZRUG
/RZHUDZD\
$VWKHURSHZHQWRXWWLJKWDQGVWUDLQHGDQGWKHZLQGODVVFUHDNHG
WKHUHZDVQRWDEUHDWKDPRQJWKHRQHRUWZRKXQGUHGPHQDQGZRPHQ
ORRNLQJRQWKDWFDPHDVLWZDVZRQWWRFRPH7KHVLJQDOZDVJLYHQ
DQGWKHZLQGODVVVWRSSHGZLWKDEXQGDQWURSHWRVSDUH$SSDUHQWO\
VRORQJDQLQWHUYDOHQVXHGZLWKWKHPHQDWWKHZLQGODVVVWDQGLQJ
LGOHWKDWVRPHZRPHQVKULHNHGWKDWDQRWKHUDFFLGHQWKDGKDSSHQHG
%XWWKHVXUJHRQZKRKHOGWKHZDWFKGHFODUHGILYHPLQXWHVQRWWR
KDYHHODSVHG\HWDQGVWHUQO\DGPRQLVKHGWKHPWRNHHSVLOHQFH+H
KDGQRWZHOOGRQHVSHDNLQJZKHQWKHZLQGODVVZDVUHYHUVHGDQG
ZRUNHGDJDLQ3UDFWLVHGH\HVNQHZWKDWLWGLGQRWJRDVKHDYLO\DV
LWZRXOGLIERWKZRUNPHQKDGEHHQFRPLQJXSDQGWKDWRQO\RQHZDV
UHWXUQLQJ
7KHURSHFDPHLQWLJKWDQGVWUDLQHGDQGULQJDIWHUULQJZDVFRLOHG
XSRQWKHEDUUHORIWKHZLQGODVVDQGDOOH\HVZHUHIDVWHQHGRQWKH
SLW7KHVREHUHGPDQZDVEURXJKWXSDQGOHDSHGRXWEULVNO\RQWKH
JUDVV7KHUHZDVDQXQLYHUVDOFU\RI
$OLYHRUGHDG"
DQGWKHQD
GHHSSURIRXQGKXVK
:KHQKHVDLG
$OLYH
DJUHDWVKRXWDURVHDQGPDQ\H\HVKDGWHDUV
LQWKHP
%XWKH
VKXUWYHU\EDG
KHDGGHGDVVRRQDVKHFRXOGPDNH
KLPVHOIKHDUGDJDLQ
:KHUH
VGRFWRU"+H
VKXUWVRYHU\EDGVLU
WKDWZHGRQQRKRZWRJHWKLPXS
252
7KH\DOOFRQVXOWHGWRJHWKHUDQGORRNHGDQ[LRXVO\DWWKHVXUJHRQ
DVKHDVNHGVRPHTXHVWLRQVDQGVKRRNKLVKHDGRQUHFHLYLQJWKH
UHSOLHV7KHVXQZDVVHWWLQJQRZDQGWKHUHGOLJKWLQWKHHYHQLQJ
VN\WRXFKHGHYHU\IDFHWKHUHDQGFDXVHGLWWREHGLVWLQFWO\VHHQ
LQDOOLWVUDSWVXVSHQVH
7KHFRQVXOWDWLRQHQGHGLQWKHPHQUHWXUQLQJWRWKHZLQGODVVDQG
WKHSLWPDQJRLQJGRZQDJDLQFDUU\LQJWKHZLQHDQGVRPHRWKHUVPDOO
PDWWHUVZLWKKLP7KHQWKHRWKHUPDQFDPHXS,QWKHPHDQWLPH
XQGHUWKHVXUJHRQ
VGLUHFWLRQVVRPHPHQEURXJKWDKXUGOHRQZKLFK
RWKHUVPDGHDWKLFNEHGRIVSDUHFORWKHVFRYHUHGZLWKORRVHVWUDZ
ZKLOHKHKLPVHOIFRQWULYHGVRPHEDQGDJHVDQGVOLQJVIURPVKDZOVDQG
KDQGNHUFKLHIV$VWKHVHZHUHPDGHWKH\ZHUHKXQJXSRQDQDUPRI
WKHSLWPDQZKRKDGODVWFRPHXSZLWKLQVWUXFWLRQVKRZWRXVHWKHP
DQGDVKHVWRRGVKRZQE\WKHOLJKWKHFDUULHGOHDQLQJKLV
SRZHUIXOORRVHKDQGXSRQRQHRIWKHSROHVDQGVRPHWLPHVJODQFLQJ
GRZQWKHSLWDQGVRPHWLPHVJODQFLQJURXQGXSRQWKHSHRSOHKHZDV
QRWWKHOHDVWFRQVSLFXRXVILJXUHLQWKHVFHQH,WZDVGDUNQRZ
DQGWRUFKHVZHUHNLQGOHG
,WDSSHDUHGIURPWKHOLWWOHWKLVPDQVDLGWRWKRVHDERXWKLPZKLFK
ZDVTXLFNO\UHSHDWHGDOORYHUWKHFLUFOHWKDWWKHORVWPDQKDG
IDOOHQXSRQDPDVVRIFUXPEOHGUXEELVKZLWKZKLFKWKHSLWZDVKDOI
FKRNHGXSDQGWKDWKLVIDOOKDGEHHQIXUWKHUEURNHQE\VRPHMDJJHG
HDUWKDWWKHVLGH+HOD\XSRQKLVEDFNZLWKRQHDUPGRXEOHGXQGHU
KLPDQGDFFRUGLQJWRKLVRZQEHOLHIKDGKDUGO\VWLUUHGVLQFHKH
IHOOH[FHSWWKDWKHKDGPRYHGKLVIUHHKDQGWRDVLGHSRFNHWLQ
ZKLFKKHUHPHPEHUHGWRKDYHVRPHEUHDGDQGPHDWRIZKLFKKHKDG
VZDOORZHGFUXPEVDQGKDGOLNHZLVHVFRRSHGXSDOLWWOHZDWHULQLW
QRZDQGWKHQ+HKDGFRPHVWUDLJKWDZD\IURPKLVZRUNRQEHLQJ
ZULWWHQWRDQGKDGZDONHGWKHZKROHMRXUQH\DQGZDVRQKLVZD\WR
0U%RXQGHUE\
VFRXQWU\KRXVHDIWHUGDUNZKHQKHIHOO+HZDV
FURVVLQJWKDWGDQJHURXVFRXQWU\DWVXFKDGDQJHURXVWLPHEHFDXVH
KHZDVLQQRFHQWRIZKDWZDVODLGWRKLVFKDUJHDQGFRXOGQ
WUHVW
IURPFRPLQJWKHQHDUHVWZD\WRGHOLYHUKLPVHOIXS7KH2OG+HOO
6KDIWWKHSLWPDQVDLGZLWKDFXUVHXSRQLWZDVZRUWK\RILWVEDG
QDPHWRWKHODVWIRUWKRXJK6WHSKHQFRXOGVSHDNQRZKHEHOLHYHG
LWZRXOGVRRQEHIRXQGWRKDYHPDQJOHGWKHOLIHRXWRIKLP
:KHQDOOZDVUHDG\WKLVPDQVWLOOWDNLQJKLVODVWKXUULHGFKDUJHV
IURPKLVFRPUDGHVDQGWKHVXUJHRQDIWHUWKHZLQGODVVKDGEHJXQWR
ORZHUKLPGLVDSSHDUHGLQWRWKHSLW7KHURSHZHQWRXWDVEHIRUH
WKHVLJQDOZDVPDGHDVEHIRUHDQGWKHZLQGODVVVWRSSHG1RPDQ
UHPRYHGKLVKDQGIURPLWQRZ(YHU\RQHZDLWHGZLWKKLVJUDVSVHW
253
DQGKLVERG\EHQWGRZQWRWKHZRUNUHDG\WRUHYHUVHDQGZLQGLQ
$WOHQJWKWKHVLJQDOZDVJLYHQDQGDOOWKHULQJOHDQHGIRUZDUG
)RUQRZWKHURSHFDPHLQWLJKWHQHGDQGVWUDLQHGWRLWVXWPRVWDV
LWDSSHDUHGDQGWKHPHQWXUQHGKHDYLO\DQGWKHZLQGODVV
FRPSODLQHG,WZDVVFDUFHO\HQGXUDEOHWRORRNDWWKHURSHDQG
WKLQNRILWVJLYLQJZD\%XWULQJDIWHUULQJZDVFRLOHGXSRQWKH
EDUUHORIWKHZLQGODVVVDIHO\DQGWKHFRQQHFWLQJFKDLQVDSSHDUHG
DQGILQDOO\WKHEXFNHWZLWKWKHWZRPHQKROGLQJRQDWWKHVLGHVD
VLJKWWRPDNHWKHKHDGVZLPDQGRSSUHVVWKHKHDUWDQGWHQGHUO\
VXSSRUWLQJEHWZHHQWKHPVOXQJDQGWLHGZLWKLQWKHILJXUHRID
SRRUFUXVKHGKXPDQFUHDWXUH
$ORZPXUPXURISLW\ZHQWURXQGWKHWKURQJDQGWKHZRPHQZHSW
DORXGDVWKLVIRUPDOPRVWZLWKRXWIRUPZDVPRYHGYHU\VORZO\
IURPLWVLURQGHOLYHUDQFHDQGODLGXSRQWKHEHGRIVWUDZ$W
ILUVWQRQHEXWWKHVXUJHRQZHQWFORVHWRLW+HGLGZKDWKHFRXOG
LQLWVDGMXVWPHQWRQWKHFRXFKEXWWKHEHVWWKDWKHFRXOGGRZDV
WRFRYHULW7KDWJHQWO\GRQHKHFDOOHGWRKLP5DFKDHODQG6LVV\
$QGDWWKDWWLPHWKHSDOHZRUQSDWLHQWIDFHZDVVHHQORRNLQJXS
DWWKHVN\ZLWKWKHEURNHQULJKWKDQGO\LQJEDUHRQWKHRXWVLGHRI
WKHFRYHULQJJDUPHQWVDVLIZDLWLQJWREHWDNHQE\DQRWKHUKDQG
7KH\JDYHKLPGULQNPRLVWHQHGKLVIDFHZLWKZDWHUDQG
DGPLQLVWHUHGVRPHGURSVRIFRUGLDODQGZLQH7KRXJKKHOD\TXLWH
PRWLRQOHVVORRNLQJXSDWWKHVN\KHVPLOHGDQGVDLG
5DFKDHO
6KHVWRRSHGGRZQRQWKHJUDVVDWKLVVLGHDQGEHQWRYHUKLPXQWLO
KHUH\HVZHUHEHWZHHQKLVDQGWKHVN\IRUKHFRXOGQRWVRPXFKDV
WXUQWKHPWRORRNDWKHU
5DFKDHOP\GHDU
6KHWRRNKLVKDQG+HVPLOHGDJDLQDQGVDLG
'RQ
WOHW
WJR
7KRX
UWLQJUHDWSDLQP\RZQGHDU6WHSKHQ"
,KD
EHHQEXWQRWQRZ,KD
EHHQGUHDGIXODQGGUHHDQG
ORQJP\GHDUEXW
WLVRZHUQRZ$K5DFKDHODZDPXGGOH)UR
ILUVWWRODVWDPXGGOH
7KHVSHFWUHRIKLVROGORRNVHHPHGWRSDVVDVKHVDLGWKHZRUG
,KD
IHOOLQWRWK
SLWP\GHDUDVKDYHFRVWZL
LQWKHNQRZOHGJH
R
ROGIRNQRZOLYLQKXQGUHGVDQGKXQGUHGVR
PHQ
VOLYHV
254
IDWKHUVVRQVEURWKHUVGHDUWRWKRXVDQGVDQ
WKRXVDQGVDQ
NHHSLQJ
HPIUR
ZDQWDQGKXQJHU,KD
IHOOLQWRDSLWWKDWKD
EHHQZL
WK
)LUHGDPSFUXHOOHUWKDQEDWWOH,KD
UHDGRQ
WLQ
WKHSXEOLFSHWLWLRQDVRQQ\RQHPD\UHDGIUR
WKHPHQWKDWZRUNV
LQSLWVLQZKLFKWKH\KD
SUD\
QDQGSUD\
QWKHODZPDNHUVIRU
&KULVW
VVDNHQRWWROHWWKHLUZRUNEHPXUGHUWR
HPEXWWRVSDUH
HPIRUWK
ZLYHVDQGFKLOGUHQWKDWWKH\ORYHVDVZHOODVJHQWOHIRN
ORYHVWKHLUV:KHQLWZHUHLQZRUNLWNLOOHGZL
RXWQHHGZKHQ
WLVOHWDORQHLWNLOOVZL
RXWQHHG6HHKRZZHGLHDQ
QRQHHG
RQHZD\DQ
DQRWKHULQDPXGGOHHYHU\GD\
+HIDLQWO\VDLGLWZLWKRXWDQ\DQJHUDJDLQVWDQ\RQH0HUHO\DV
WKHWUXWK
7K\OLWWOHVLVWHU5DFKDHOWKRXKDVWQRWIRUJRWKHU7KRX
UWQRW
OLNHWRIRUJHWKHUQRZDQGPHVRQLJKKHU7KRXNQRZ
VWSRRU
SDWLHQWVXII
ULQGHDUKRZWKRXGLGVWZRUNIRUKHUVHHW
QDOO
GD\ORQJLQKHUOLWWOHFKDLUDWWK\ZLQGHUDQGKRZVKHGLHG\RXQJ
DQGPLVVKDSHQDZOXQJR
VLFNO\DLUDVKDG
QQRQHHGWREHDQ
DZOXQJR
ZRUNLQJSHRSOH
VPLVHUDEOHKRPHV$PXGGOH$ZD
PXGGOH
/RXLVDDSSURDFKHGKLPEXWKHFRXOGQRWVHHKHUO\LQJZLWKKLV
IDFHWXUQHGXSWRWKHQLJKWVN\
,IDZWK
WKLQJVWKDWWRRFKHVXVP\GHDUZDVQRWVRPXGGOHG,
VKRXOG
QKD
KDG
QQHHGWRFRRPKHHU,IZHZDVQRWLQDPXGGOH
DPRQJRXUVHOQ,VKRXOG
QKD
EHHQE\P\RZQIHOORZZHDYHUVDQG
ZRUNLQ
EURWKHUVVRPLVWRRN,I0U%RXQGHUE\KDGHYHUNQRZ
GPH
ULJKWLIKH
GHYHUNQRZ
GPHDWDZKHZRXOG
QKD
WRRN
Q
RIIHQFHZL
PH+HZRXOG
QKD
VXVSHFW
QPH%XWORRNXS\RQGHU
5DFKDHO/RRNDERRYH
)ROORZLQJKLVH\HVVKHVDZWKDWKHZDVJD]LQJDWDVWDU
,WKD
VKLQHGXSRQPH
KHVDLGUHYHUHQWO\
LQP\SDLQDQG
WURXEOHGRZQEHORZ,WKD
VKLQHGLQWRP\PLQG,KD
ORRN
QDW
WDQGWKRZWR
WKHH5DFKDHOWLOOWKHPXGGOHLQP\PLQGKDYH
FOHDUHGDZDDERYHDELW,KRSH,IVRRPKD
EHHQZDQWLQ
LQ
XQQHUVWDQ
LQPHEHWWHU,WRRKD
EHHQZDQWLQ
LQXQQHUVWDQ
LQ
WKHPEHWWHU:KHQ,JRWWK\OHWWHU,HDVLO\EHOLHYHQWKDWZKDW
WKH\RRQJOHG\VHQDQGGRQHWRPHDQGZKDWKHUEURWKHUVHQDQG
GRQHWRPHZDVRQHDQGWKDWWKHUHZHUHDZLFNHGSORWEHWZL[W
HP
:KHQ,IHOO,ZHUHLQDQJHUZL
KHUDQ
KXUU\LQRQW
EHDV
255
RQMXVWW
KHUDVRRWKHUVZDVW
PH%XWLQRXUMXGJPHQWVOLNHDV
LQRXUGRLQVZHPXQEHDUDQGIRUEHDU,QP\SDLQDQ
WURXEOH
ORRNLQXS\RQGHUZL
LWVKLQLQRQPH,KD
VHHQPRUHFOHDU
DQGKD
PDGHLWP\G\LQSUD\HUWKDWDZWK
ZRUOGPD\RQ
\FRRP
WRRJHWKHUPRUHDQ
JHWDEHWWHUXQQHUVWDQ
LQR
RQHDQRWKHUWKDQ
ZKHQ,ZHUHLQ
WP\RZQZHDNVHOQ
/RXLVDKHDULQJZKDWKHVDLGEHQWRYHUKLPRQWKHRSSRVLWHVLGHWR
5DFKDHOVRWKDWKHFRXOGVHHKHU
<RXKD
KHDUG"
KHVDLGDIWHUDIHZPRPHQWV
VLOHQFH
,KD
QRW
IRUJRW\RXOHG\
<HV6WHSKHQ,KDYHKHDUG\RX$QG\RXUSUD\HULVPLQH
<RXKD
DIDWKHU:LOO\RWDN
DPHVVDJHWRKLP"
+HLVKHUH
VDLG/RXLVDZLWKGUHDG
6KDOO,EULQJKLPWR\RX"
,I\RSOHDVH
/RXLVDUHWXUQHGZLWKKHUIDWKHU6WDQGLQJKDQGLQKDQGWKH\ERWK
ORRNHGGRZQXSRQWKHVROHPQFRXQWHQDQFH
6LU\RZLOOFOHDUPHDQ
PDNP\QDPHJRRGZL
DZPHQ7KLV,
OHDYHWR\R
0U*UDGJULQGZDVWURXEOHGDQGDVNHGKRZ"
6LU
ZDVWKHUHSO\
\RUVRQZLOOWHOO\RKRZ$VNKLP,PDN
QRFKDUJHV,OHDYHQRQHDKLQWPHQRWDVLQJOHZRUG,KD
VHHQ
DQ
VSRN
QZL
\RUVRQRQHQLJKW,DVNQRPRUHR
\RWKDQWKDW
\RFOHDUPHDQ
,WUXVWWR\RWRGR
W
7KHEHDUHUVEHLQJQRZUHDG\WRFDUU\KLPDZD\DQGWKHVXUJHRQ
EHLQJDQ[LRXVIRUKLVUHPRYDOWKRVHZKRKDGWRUFKHVRUODQWHUQV
SUHSDUHGWRJRLQIURQWRIWKHOLWWHU%HIRUHLWZDVUDLVHGDQG
ZKLOHWKH\ZHUHDUUDQJLQJKRZWRJRKHVDLGWR5DFKDHOORRNLQJ
XSZDUGDWWKHVWDU
2IWHQDV,FRRPWRP\VHOQDQGIRXQGLWVKLQLQ
RQPHGRZQWKHUH
LQP\WURXEOH,WKRZWLWZHUHWKHVWDUDVJXLGHGWR2XU6DYLRXU
V
KRPH,DZPXVWWKLQNLWEHWKHYHU\VWDU
256
7KH\OLIWHGKLPXSDQGKHZDVRYHUMR\HGWRILQGWKDWWKH\ZHUH
DERXWWRWDNHKLPLQWKHGLUHFWLRQZKLWKHUWKHVWDUVHHPHGWRKLP
WROHDG
5DFKDHOEHORYHGODVV'RQ
WOHWJRP\KDQG:HPD\ZDON
WRRJHWKHUW
QLJKWP\GHDU
,ZLOOKROGWK\KDQGDQGNHHSEHVLGHWKHH6WHSKHQDOOWKHZD\
%OHVVWKHH:LOOVRRPERG\EHSOHDVHGWRFRRYHUP\IDFH
7KH\FDUULHGKLPYHU\JHQWO\DORQJWKHILHOGVDQGGRZQWKHODQHV
DQGRYHUWKHZLGHODQGVFDSH5DFKDHODOZD\VKROGLQJWKHKDQGLQ
KHUV9HU\IHZZKLVSHUVEURNHWKHPRXUQIXOVLOHQFH,WZDVVRRQD
IXQHUDOSURFHVVLRQ7KHVWDUKDGVKRZQKLPZKHUHWRILQGWKH*RG
RIWKHSRRUDQGWKURXJKKXPLOLW\DQGVRUURZDQGIRUJLYHQHVVKH
KDGJRQHWRKLV5HGHHPHU
VUHVW
&+$37(59,,:+(/3+817,1*
%()25(WKHULQJIRUPHGURXQGWKH2OG+HOO6KDIWZDVEURNHQRQH
ILJXUHKDGGLVDSSHDUHGIURPZLWKLQLW0U%RXQGHUE\DQGKLV
VKDGRZKDGQRWVWRRGQHDU/RXLVDZKRKHOGKHUIDWKHU
VDUPEXWLQ
DUHWLUHGSODFHE\WKHPVHOYHV:KHQ0U*UDGJULQGZDVVXPPRQHGWR
WKHFRXFK6LVV\DWWHQWLYHWRDOOWKDWKDSSHQHGVOLSSHGEHKLQG
WKDWZLFNHGVKDGRZDVLJKWLQWKHKRUURURIKLVIDFHLIWKHUH
KDGEHHQH\HVWKHUHIRUDQ\VLJKWEXWRQHDQGZKLVSHUHGLQKLV
HDU:LWKRXWWXUQLQJKLVKHDGKHFRQIHUUHGZLWKKHUDIHZ
PRPHQWVDQGYDQLVKHG7KXVWKHZKHOSKDGJRQHRXWRIWKHFLUFOH
EHIRUHWKHSHRSOHPRYHG
:KHQWKHIDWKHUUHDFKHGKRPHKHVHQWDPHVVDJHWR0U%RXQGHUE\
V
GHVLULQJKLVVRQWRFRPHWRKLPGLUHFWO\7KHUHSO\ZDVWKDW0U
%RXQGHUE\KDYLQJPLVVHGKLPLQWKHFURZGDQGVHHLQJQRWKLQJRIKLP
VLQFHKDGVXSSRVHGKLPWREHDW6WRQH/RGJH
,EHOLHYHIDWKHU
VDLG/RXLVD
KHZLOOQRWFRPHEDFNWRWRZQ
WRQLJKW
0U*UDGJULQGWXUQHGDZD\DQGVDLGQRPRUH
,QWKHPRUQLQJKHZHQWGRZQWRWKH%DQNKLPVHOIDVVRRQDVLWZDV
257
RSHQHGDQGVHHLQJKLVVRQ
VSODFHHPSW\KHKDGQRWWKHFRXUDJHWR
ORRNLQDWILUVWZHQWEDFNDORQJWKHVWUHHWWRPHHW0U%RXQGHUE\
RQKLVZD\WKHUH7RZKRPKHVDLGWKDWIRUUHDVRQVKHZRXOGVRRQ
H[SODLQEXWHQWUHDWHGQRWWKHQWREHDVNHGIRUKHKDGIRXQGLW
QHFHVVDU\WRHPSOR\KLVVRQDWDGLVWDQFHIRUDOLWWOHZKLOH
$OVRWKDWKHZDVFKDUJHGZLWKWKHGXW\RIYLQGLFDWLQJ6WHSKHQ
%ODFNSRRO
VPHPRU\DQGGHFODULQJWKHWKLHI0U%RXQGHUE\TXLWH
FRQIRXQGHGVWRRGVWRFNVWLOOLQWKHVWUHHWDIWHUKLVIDWKHULQODZ
KDGOHIWKLPVZHOOLQJOLNHDQLPPHQVHVRDSEXEEOHZLWKRXWLWV
EHDXW\
0U*UDGJULQGZHQWKRPHORFNHGKLPVHOILQKLVURRPDQGNHSWLW
DOOWKDWGD\:KHQ6LVV\DQG/RXLVDWDSSHGDWKLVGRRUKHVDLG
ZLWKRXWRSHQLQJLW
1RWQRZP\GHDUVLQWKHHYHQLQJ
2QWKHLU
UHWXUQLQWKHHYHQLQJKHVDLG
,DPQRWDEOH\HWWRPRUURZ
+HDWHQRWKLQJDOOGD\DQGKDGQRFDQGOHDIWHUGDUNDQGWKH\
KHDUGKLPZDONLQJWRDQGIURODWHDWQLJKW
%XWLQWKHPRUQLQJKHDSSHDUHGDWEUHDNIDVWDWWKHXVXDOKRXUDQG
WRRNKLVXVXDOSODFHDWWKHWDEOH$JHGDQGEHQWKHORRNHGDQG
TXLWHERZHGGRZQDQG\HWKHORRNHGDZLVHUPDQDQGDEHWWHUPDQ
WKDQLQWKHGD\VZKHQLQWKLVOLIHKHZDQWHGQRWKLQJEXW)DFWV
%HIRUHKHOHIWWKHURRPKHDSSRLQWHGDWLPHIRUWKHPWRFRPHWR
KLPDQGVRZLWKKLVJUD\KHDGGURRSLQJZHQWDZD\
'HDUIDWKHU
VDLG/RXLVDZKHQWKH\NHSWWKHLUDSSRLQWPHQW
\RX
KDYHWKUHH\RXQJFKLOGUHQOHIW7KH\ZLOOEHGLIIHUHQW,ZLOOEH
GLIIHUHQW\HWZLWK+HDYHQ
VKHOS
6KHJDYHKHUKDQGWR6LVV\DVLIVKHPHDQWZLWKKHUKHOSWRR
<RXUZUHWFKHGEURWKHU
VDLG0U*UDGJULQG
'R\RXWKLQNKHKDG
SODQQHGWKLVUREEHU\ZKHQKHZHQWZLWK\RXWRWKHORGJLQJ"
,IHDUVRIDWKHU,NQRZKHKDGZDQWHGPRQH\YHU\PXFKDQGKDG
VSHQWDJUHDWGHDO
7KHSRRUPDQEHLQJDERXWWROHDYHWKHWRZQLWFDPHLQWRKLVHYLO
EUDLQWRFDVWVXVSLFLRQRQKLP"
,WKLQNLWPXVWKDYHIODVKHGXSRQKLPZKLOHKHVDWWKHUHIDWKHU
)RU,DVNHGKLPWRJRWKHUHZLWKPH7KHYLVLWGLGQRWRULJLQDWH
ZLWKKLP
258
+HKDGVRPHFRQYHUVDWLRQZLWKWKHSRRUPDQ'LGKHWDNHKLP
DVLGH"
+HWRRNKLPRXWRIWKHURRP,DVNHGKLPDIWHUZDUGVZK\KHKDG
GRQHVRDQGKHPDGHDSODXVLEOHH[FXVHEXWVLQFHODVWQLJKW
IDWKHUDQGZKHQ,UHPHPEHUWKHFLUFXPVWDQFHVE\LWVOLJKW,DP
DIUDLG,FDQLPDJLQHWRRWUXO\ZKDWSDVVHGEHWZHHQWKHP
/HWPHNQRZ
VDLGKHUIDWKHU
LI\RXUWKRXJKWVSUHVHQW\RXU
JXLOW\EURWKHULQWKHVDPHGDUNYLHZDVPLQH
,IHDUIDWKHU
KHVLWDWHG/RXLVD
WKDWKHPXVWKDYHPDGHVRPH
UHSUHVHQWDWLRQWR6WHSKHQ%ODFNSRROSHUKDSVLQP\QDPHSHUKDSV
LQKLVRZQZKLFKLQGXFHGKLPWRGRLQJRRGIDLWKDQGKRQHVW\
ZKDWKHKDGQHYHUGRQHEHIRUHDQGWRZDLWDERXWWKH%DQNWKRVHWZR
RUWKUHHQLJKWVEHIRUHKHOHIWWKHWRZQ
7RRSODLQ
UHWXUQHGWKHIDWKHU
7RRSODLQ
+HVKDGHGKLVIDFHDQGUHPDLQHGVLOHQWIRUVRPHPRPHQWV
5HFRYHULQJKLPVHOIKHVDLG
$QGQRZKRZLVKHWREHIRXQG"+RZLVKHWREHVDYHGIURP
MXVWLFH",QWKHIHZKRXUVWKDW,FDQSRVVLEO\DOORZWRHODSVH
EHIRUH,SXEOLVKWKHWUXWKKRZLVKHWREHIRXQGE\XVDQGRQO\
E\XV"7HQWKRXVDQGSRXQGVFRXOGQRWHIIHFWLW
6LVV\KDVHIIHFWHGLWIDWKHU
+HUDLVHGKLVH\HVWRZKHUHVKHVWRRGOLNHDJRRGIDLU\LQKLV
KRXVHDQGVDLGLQDWRQHRIVRIWHQHGJUDWLWXGHDQGJUDWHIXO
NLQGQHVV
,WLVDOZD\V\RXP\FKLOG
:HKDGRXUIHDUV
6LVV\H[SODLQHGJODQFLQJDW/RXLVD
EHIRUH
\HVWHUGD\DQGZKHQ,VDZ\RXEURXJKWWRWKHVLGHRIWKHOLWWHU
ODVWQLJKWDQGKHDUGZKDWSDVVHGEHLQJFORVHWR5DFKDHODOOWKH
WLPH,ZHQWWRKLPZKHQQRRQHVDZDQGVDLGWRKLP'RQ
WORRN
DWPH6HHZKHUH\RXUIDWKHULV(VFDSHDWRQFHIRUKLVVDNHDQG
\RXURZQ+HZDVLQDWUHPEOHEHIRUH,ZKLVSHUHGWRKLPDQGKH
VWDUWHGDQGWUHPEOHGPRUHWKHQDQGVDLG:KHUHFDQ,JR",KDYH
YHU\OLWWOHPRQH\DQG,GRQ
WNQRZZKRZLOOKLGHPH,WKRXJKW
RIIDWKHU
VROGFLUFXV,KDYHQRWIRUJRWWHQZKHUH0U6OHDU\JRHV
DWWKLVWLPHRI\HDUDQG,UHDGRIKLPLQDSDSHURQO\WKHRWKHU
GD\,WROGKLPWRKXUU\WKHUHDQGWHOOKLVQDPHDQGDVN0U
259
6OHDU\WRKLGHKLPWLOO,FDPH,
OOJHWWRKLPEHIRUHWKH
PRUQLQJKHVDLG$QG,VDZKLPVKULQNDZD\DPRQJWKHSHRSOH
7KDQN+HDYHQ
H[FODLPHGKLVIDWKHU
+HPD\EHJRWDEURDG\HW
,WZDVWKHPRUHKRSHIXODVWKHWRZQWRZKLFK6LVV\KDGGLUHFWHGKLP
ZDVZLWKLQWKUHHKRXUV
MRXUQH\RI/LYHUSRROZKHQFHKHFRXOGEH
VZLIWO\GLVSDWFKHGWRDQ\SDUWRIWKHZRUOG%XWFDXWLRQEHLQJ
QHFHVVDU\LQFRPPXQLFDWLQJZLWKKLPIRUWKHUHZDVDJUHDWHU
GDQJHUHYHU\PRPHQWRIKLVEHLQJVXVSHFWHGQRZDQGQRERG\FRXOGEH
VXUHDWKHDUWEXWWKDW0U%RXQGHUE\KLPVHOILQDEXOO\LQJYHLQRI
SXEOLF]HDOPLJKWSOD\D5RPDQSDUWLWZDVFRQVHQWHGWKDW6LVV\
DQG/RXLVDVKRXOGUHSDLUWRWKHSODFHLQTXHVWLRQE\DFLUFXLWRXV
FRXUVHDORQHDQGWKDWWKHXQKDSS\IDWKHUVHWWLQJIRUWKLQDQ
RSSRVLWHGLUHFWLRQVKRXOGJHWURXQGWRWKHVDPHERXUQHE\DQRWKHU
DQGZLGHUURXWH,WZDVIXUWKHUDJUHHGWKDWKHVKRXOGQRWSUHVHQW
KLPVHOIWR0U6OHDU\OHVWKLVLQWHQWLRQVVKRXOGEHPLVWUXVWHGRU
WKHLQWHOOLJHQFHRIKLVDUULYDOVKRXOGFDXVHKLVVRQWRWDNHIOLJKW
DQHZEXWWKDWWKHFRPPXQLFDWLRQVKRXOGEHOHIWWR6LVV\DQG
/RXLVDWRRSHQDQGWKDWWKH\VKRXOGLQIRUPWKHFDXVHRIVRPXFK
PLVHU\DQGGLVJUDFHRIKLVIDWKHU
VEHLQJDWKDQGDQGRIWKH
SXUSRVHIRUZKLFKWKH\KDGFRPH:KHQWKHVHDUUDQJHPHQWVKDGEHHQ
ZHOOFRQVLGHUHGDQGZHUHIXOO\XQGHUVWRRGE\DOOWKUHHLWZDVWLPH
WREHJLQWRFDUU\WKHPLQWRH[HFXWLRQ(DUO\LQWKHDIWHUQRRQ0U
*UDGJULQGZDONHGGLUHFWIURPKLVRZQKRXVHLQWRWKHFRXQWU\WREH
WDNHQXSRQWKHOLQHE\ZKLFKKHZDVWRWUDYHODQGDWQLJKWWKH
UHPDLQLQJWZRVHWIRUWKXSRQWKHLUGLIIHUHQWFRXUVHHQFRXUDJHGE\
QRWVHHLQJDQ\IDFHWKH\NQHZ
7KHWZRWUDYHOOHGDOOQLJKWH[FHSWZKHQWKH\ZHUHOHIWIRURGG
QXPEHUVRIPLQXWHVDWEUDQFKSODFHVXSLOOLPLWDEOHIOLJKWVRI
VWHSVRUGRZQZHOOVZKLFKZDVWKHRQO\YDULHW\RIWKRVHEUDQFKHV
DQGHDUO\LQWKHPRUQLQJZHUHWXUQHGRXWRQDVZDPSDPLOHRU
WZRIURPWKHWRZQWKH\VRXJKW)URPWKLVGLVPDOVSRWWKH\ZHUH
UHVFXHGE\DVDYDJHROGSRVWLOLRQZKRKDSSHQHGWREHXSHDUO\
NLFNLQJDKRUVHLQDIO\DQGVRZHUHVPXJJOHGLQWRWKHWRZQE\
DOOWKHEDFNODQHVZKHUHWKHSLJVOLYHGZKLFKDOWKRXJKQRWD
PDJQLILFHQWRUHYHQVDYRXU\DSSURDFKZDVDVLVXVXDOLQVXFK
FDVHVWKHOHJLWLPDWHKLJKZD\
7KHILUVWWKLQJWKH\VDZRQHQWHULQJWKHWRZQZDVWKHVNHOHWRQRI
6OHDU\
V&LUFXV7KHFRPSDQ\KDGGHSDUWHGIRUDQRWKHUWRZQPRUH
WKDQWZHQW\PLOHVRIIDQGKDGRSHQHGWKHUHODVWQLJKW7KH
FRQQHFWLRQEHWZHHQWKHWZRSODFHVZDVE\DKLOO\WXUQSLNHURDGDQG
260
WKHWUDYHOOLQJRQWKDWURDGZDVYHU\VORZ7KRXJKWKH\WRRNEXWD
KDVW\EUHDNIDVWDQGQRUHVWZKLFKLWZRXOGKDYHEHHQLQYDLQWR
VHHNXQGHUVXFKDQ[LRXVFLUFXPVWDQFHVLWZDVQRRQEHIRUHWKH\
EHJDQWRILQGWKHELOOVRI6OHDU\
V+RUVHULGLQJRQEDUQVDQG
ZDOOVDQGRQHR
FORFNZKHQWKH\VWRSSHGLQWKHPDUNHWSODFH
$*UDQG0RUQLQJ3HUIRUPDQFHE\WKH5LGHUVFRPPHQFLQJDWWKDWYHU\
KRXUZDVLQFRXUVHRIDQQRXQFHPHQWE\WKHEHOOPDQDVWKH\VHW
WKHLUIHHWXSRQWKHVWRQHVRIWKHVWUHHW6LVV\UHFRPPHQGHGWKDW
WRDYRLGPDNLQJLQTXLULHVDQGDWWUDFWLQJDWWHQWLRQLQWKHWRZQ
WKH\VKRXOGSUHVHQWWKHPVHOYHVWRSD\DWWKHGRRU,I0U6OHDU\
ZHUHWDNLQJWKHPRQH\KHZRXOGEHVXUHWRNQRZKHUDQGZRXOG
SURFHHGZLWKGLVFUHWLRQ,IKHZHUHQRWKHZRXOGEHVXUHWRVHH
WKHPLQVLGHDQGNQRZLQJZKDWKHKDGGRQHZLWKWKHIXJLWLYHZRXOG
SURFHHGZLWKGLVFUHWLRQVWLOO
7KHUHIRUHWKH\UHSDLUHGZLWKIOXWWHULQJKHDUWVWRWKHZHOO
UHPHPEHUHGERRWK7KHIODJZLWKWKHLQVFULSWLRQ6/($5<
6+256(
5,',1*ZDVWKHUHDQGWKH*RWKLFQLFKHZDVWKHUHEXW0U6OHDU\
ZDVQRWWKHUH0DVWHU.LGGHUPLQVWHUJURZQWRRPDWXUHO\WXUI\WR
EHUHFHLYHGE\WKHZLOGHVWFUHGXOLW\DV&XSLGDQ\PRUHKDG\LHOGHG
WRWKHLQYLQFLEOHIRUFHRIFLUFXPVWDQFHVDQGKLVEHDUGDQGLQ
WKHFDSDFLW\RIDPDQZKRPDGHKLPVHOIJHQHUDOO\XVHIXOSUHVLGHG
RQWKLVRFFDVLRQRYHUWKHH[FKHTXHUKDYLQJDOVRDGUXPLQ
UHVHUYHRQZKLFKWRH[SHQGKLVOHLVXUHPRPHQWVDQGVXSHUIOXRXV
IRUFHV,QWKHH[WUHPHVKDUSQHVVRIKLVORRNRXWIRUEDVHFRLQ
0U.LGGHUPLQVWHUDVDWSUHVHQWVLWXDWHGQHYHUVDZDQ\WKLQJEXW
PRQH\VR6LVV\SDVVHGKLPXQUHFRJQLVHGDQGWKH\ZHQWLQ
7KH(PSHURURI-DSDQRQDVWHDG\ROGZKLWHKRUVHVWHQFLOOHGZLWK
EODFNVSRWVZDVWZLUOLQJILYHZDVKKDQGEDVLQVDWRQFHDVLWLV
WKHIDYRXULWHUHFUHDWLRQRIWKDWPRQDUFKWRGR6LVV\WKRXJKZHOO
DFTXDLQWHGZLWKKLV5R\DOOLQHKDGQRSHUVRQDONQRZOHGJHRIWKH
SUHVHQW(PSHURUDQGKLVUHLJQZDVSHDFHIXO0LVV-RVHSKLQH
6OHDU\LQKHUFHOHEUDWHGJUDFHIXO(TXHVWULDQ7\UROHDQ)ORZHU$FW
ZDVWKHQDQQRXQFHGE\DQHZFORZQZKRKXPRURXVO\VDLG&DXOLIORZHU
$FWDQG0U6OHDU\DSSHDUHGOHDGLQJKHULQ
0U6OHDU\KDGRQO\PDGHRQHFXWDWWKH&ORZQZLWKKLVORQJZKLS
ODVKDQGWKH&ORZQKDGRQO\VDLG
,I\RXGRLWDJDLQ,
OOWKURZ
WKHKRUVHDW\RX
ZKHQ6LVV\ZDVUHFRJQLVHGERWKE\IDWKHUDQG
GDXJKWHU%XWWKH\JRWWKURXJKWKH$FWZLWKJUHDWVHOISRVVHVVLRQ
DQG0U6OHDU\VDYLQJIRUWKHILUVWLQVWDQWFRQYH\HGQRPRUH
H[SUHVVLRQLQWRKLVORFRPRWLYHH\HWKDQLQWRKLVIL[HGRQH7KH
261
SHUIRUPDQFHVHHPHGDOLWWOHORQJWR6LVV\DQG/RXLVDSDUWLFXODUO\
ZKHQLWVWRSSHGWRDIIRUGWKH&ORZQDQRSSRUWXQLW\RIWHOOLQJ0U
6OHDU\ZKRVDLG
,QGHHGVLU
WRDOOKLVREVHUYDWLRQVLQWKH
FDOPHVWZD\DQGZLWKKLVH\HRQWKHKRXVHDERXWWZROHJVVLWWLQJ
RQWKUHHOHJVORRNLQJDWRQHOHJZKHQLQFDPHIRXUOHJVDQGODLG
KROGRIRQHOHJDQGXSJRWWZROHJVFDXJKWKROGRIWKUHHOHJV
DQGWKUHZ
HPDWIRXUOHJVZKRUDQDZD\ZLWKRQHOHJ)RU
DOWKRXJKDQLQJHQLRXV$OOHJRU\UHODWLQJWRDEXWFKHUDWKUHH
OHJJHGVWRRODGRJDQGDOHJRIPXWWRQWKLVQDUUDWLYHFRQVXPHG
WLPHDQGWKH\ZHUHLQJUHDWVXVSHQVH$WODVWKRZHYHUOLWWOH
IDLUKDLUHG-RVHSKLQHPDGHKHUFXUWVH\DPLGJUHDWDSSODXVHDQGWKH
&ORZQOHIWDORQHLQWKHULQJKDGMXVWZDUPHGKLPVHOIDQGVDLG
1RZ,
OOKDYHDWXUQ
ZKHQ6LVV\ZDVWRXFKHGRQWKHVKRXOGHUDQG
EHFNRQHGRXW
6KHWRRN/RXLVDZLWKKHUDQGWKH\ZHUHUHFHLYHGE\0U6OHDU\LQD
YHU\OLWWOHSULYDWHDSDUWPHQWZLWKFDQYDVVLGHVDJUDVVIORRU
DQGDZRRGHQFHLOLQJDOODVODQWRQZKLFKWKHER[FRPSDQ\VWDPSHG
WKHLUDSSUREDWLRQDVLIWKH\ZHUHFRPLQJWKURXJK
7KHWKLOLD
VDLG0U6OHDU\ZKRKDGEUDQG\DQGZDWHUDWKDQG
LWGRWKPHJRRG
WRWKHH\RX<RXZDWKDOZD\WKDIDYRXULWHZLWKXWKDQG\RX
YH
GRQHXWKFUHGLWKWKLQWKWKHROGWLPHWK,
PWKXUH<RXPXWKWWKHH
RXUSHRSOHP\GHDUDIRUHZHWKSHDNRIELWKQLWKRUWKH\
OOEUHDN
WKHLUKHDUWKHWKSHWKLDOO\WKHZRPHQ+HUH
WK-RWKSKLQHKDWKEHHQ
DQGJRWPDUULHGWR(:%&KLOGHUWKDQGWKHHKDWKJRWDER\DQG
WKRXJKKH
WKRQO\WKUHH\HDUWKROGKHWKWLFNWKRQWRDQ\SRQ\\RX
FDQEULQJDJDLQWKWKLP+H
WKQDPHG7KH/LWWOH:RQGHURI
7KFRODWKWLF(TXLWDWLRQDQGLI\RXGRQ
WKHDURIWKDWER\DW
$WKOH\
WK\RX
OOKHDURIKLPDW3DULWK$QG\RXUHFROOHFW
.LGGHUPLQWKWHUWKDWZDWKWKRXJKWWREHUDWKHUWKZHHWXSRQ
\RXUWKHOI":HOO+H
WKPDUULHGWRR0DUULHGDZLGGHU2OG
HQRXJKWREHKLWKPRWKHU7KHHZDWK7LJKWURSHWKHHZDWKDQGQRZ
WKHH
WKQRWKLQJRQDFFRXQWKRIIDW7KH\
YHJRWWZRFKLOGUHQ
WKRZH
UHWKWURQJLQWKH)DLU\ELWKQLWKDQGWKH1XUWKHU\GRGJH,I
\RXZDWKWRWKHHRXU&KLOGUHQLQWKH:RRGZLWKWKHLUIDWKHUDQG
PRWKHUERWKDG\LQ
RQDKRUWKHWKHLUXQFOHDUHWKHLYLQJRI
HP
DWKKLWKZDUGWKXSRQDKRUWKHWKHPWKHOYWKERWKDJRLQ
DEODFN
EHUU\LQ
RQDKRUWKHDQGWKH5RELQWKDFRPLQJLQWRFRYHU
HP
ZLWKOHDYWKXSRQDKRUWKH\RX
GWKD\LWZDWKWKHFRPSOHWHWKW
WKLQJDWKHYHU\RXWKHW\RXUH\HWKRQ$QG\RXUHPHPEHU(PPD
*RUGRQP\GHDUDWKZDWKD
PRWKWDPRWKHUWR\RX"2IFRXUWKH\RX
GR,QHHGQ
WDWKN:HOO(PPDWKHHORWKWKHUKXWKEDQG+HZDWK
WKURZ
GDKHDY\EDFNIDOORIID(OHSKDQWLQDWKRUWRID3DJRGD
WKLQJDWKWKH7KXOWDQRIWKH,QGLHWKDQGKHQHYHUJRWWKHEHWWHU
262
RILWDQGWKHHPDUULHGDWKHFRQGWLPHPDUULHGD&KHHWKHPRQJHU
DWKIHOOLQORYHZLWKKHUIURPWKHIURQWDQGKH
WKD2YHUWKHHU
DQGPDNLQ
DIRUWXQ
7KHVHYDULRXVFKDQJHV0U6OHDU\YHU\VKRUWRIEUHDWKQRZ
UHODWHGZLWKJUHDWKHDUWLQHVVDQGZLWKDZRQGHUIXONLQGRI
LQQRFHQFHFRQVLGHULQJZKDWDEOHDU\DQGEUDQG\DQGZDWHU\ROG
YHWHUDQKHZDV$IWHUZDUGVKHEURXJKWLQ-RVHSKLQHDQG(:%
&KLOGHUVUDWKHUGHHSO\OLQHGLQWKHMDZVE\GD\OLJKWDQGWKH
/LWWOH:RQGHURI6FKRODVWLF(TXLWDWLRQDQGLQDZRUGDOOWKH
FRPSDQ\$PD]LQJFUHDWXUHVWKH\ZHUHLQ/RXLVD
VH\HVVRZKLWH
DQGSLQNRIFRPSOH[LRQVRVFDQWRIGUHVVDQGVRGHPRQVWUDWLYHRI
OHJEXWLWZDVYHU\DJUHHDEOHWRVHHWKHPFURZGLQJDERXW6LVV\
DQGYHU\QDWXUDOLQ6LVV\WREHXQDEOHWRUHIUDLQIURPWHDUV
7KHUH1RZ7KHWKLOLDKDWKNLWKGDOOWKHFKLOGUHQDQGKXJJHGDOO
WKHZRPHQDQGWKDNHQKDQGWKDOOURXQGZLWKDOOWKHPHQFOHDU
HYHU\RQHRI\RXDQGULQJLQWKHEDQGIRUWKHWKHFRQGSDUW
$VVRRQDVWKH\ZHUHJRQHKHFRQWLQXHGLQDORZWRQH
1RZ
7KHWKLOLD,GRQ
WDWKNWRNQRZDQ\WKHFUHWKEXW,WKXSSRWKH,PD\
FRQWKLGHUWKLWKWREH0LWK7KTXLUH
7KLVLVKLVVLVWHU<HV
$QGW
RWKHURQ
WKGDXJKWHU7KDW
KZKDW,PHDQ+RSH,WKHH\RX
ZHOOPLWK$QG,KRSHWKH7KTXLUH
WKZHOO"
0\IDWKHUZLOOEHKHUHVRRQ
VDLG/RXLVDDQ[LRXVWREULQJKLPWR
WKHSRLQW
,VP\EURWKHUVDIH"
7KDIHDQGWKRXQG
KHUHSOLHG
,ZDQW\RXMXWKWWRWDNHDSHHS
DWWKH5LQJPLWKWKURXJKKHUH7KHWKLOLD\RXNQRZWKHGRGJHWK
ILQGDWKS\KROHIRU\RXUWKHOI
7KH\HDFKORRNHGWKURXJKDFKLQNLQWKHERDUGV
7KDW
K-DFNWKH*LDQW.LOOHUSLHWKHRIFRPLFLQIDQWELWKQLWK
VDLG6OHDU\
7KHUH
WKDSURSHUW\KRXWKH\RXWKHHIRU-DFNWR
KLGHLQWKHUH
WKP\&ORZQZLWKDWKDXWKHSDQOLGDQGDWKSLWIRU
-DFN
WKWKHUYDQWWKHUH
WKOLWWOH-DFNKLPWKHOILQDWKSOHQGLG
WKRRWRIDUPRXUWKHUH
WKWZRFRPLFEODFNWKHUYDQWKWZLWKHDWKELJ
DWKWKHKRXWKHWRWKWDQGE\LWDQGWREULQJLWLQDQGFOHDULW
DQGWKH*LDQWDYHU\HFWKSHQWKLYHEDWKNHWRQHKHDQ
WRQ\HW
263
1RZGR\RXWKHH
HPDOO"
<HV
WKH\ERWKVDLG
/RRNDW
HPDJDLQ
VDLG6OHDU\
ORRNDW
HPZHOO<RXWKHHHP
DOO"9HU\JRRG1RZPLWK
KHSXWDIRUPIRUWKHPWRVLWRQ
,
KDYHP\RSLQLRQWKDQGWKH7KTXLUH\RXUIDWKHUKDWKKLWK,GRQ
W
ZDQWWRNQRZZKDW\RXUEURWKHU
WKEHHQXSWRLWKEHWWHUIRUPHQRW
WRNQRZ$OO,WKD\LWKWKH7KTXLUHKDWKWKWRRGE\7KHWKLOLDDQG
,
OOWKWDQGE\WKH7KTXLUH<RXUEURWKHULWKRQHWKHPEODFN
WKHUYDQWK
/RXLVDXWWHUHGDQH[FODPDWLRQSDUWO\RIGLVWUHVVSDUWO\RI
VDWLVIDFWLRQ
,WKDIDFW
VDLG6OHDU\
DQGHYHQNQRZLQ
LW\RXFRXOGQ
WSXW
\RXUILQJHURQKLP/HWWKH7KTXLUHFRPH,WKDOONHHS\RXU
EURWKHUKHUHDIWHUWKHSHUIRUPDQWK,WKDQWXQGUHWKKLPQRU\HW
ZDWKKLWKSDLQWRII/HWWKH7KTXLUHFRPHKHUHDIWHUWKH
SHUIRUPDQWKRUFRPHKHUH\RXUWKHOIDIWHUWKHSHUIRUPDQWKDQG\RX
WKDOOILQG\RXUEURWKHUDQGKDYHWKHZKROHSODWKHWRWDONWRKLP
LQ1HYHUPLQGWKHORRNWKRIKLPDWKORQJDWKKH
WKZHOOKLG
/RXLVDZLWKPDQ\WKDQNVDQGZLWKDOLJKWHQHGORDGGHWDLQHG0U
6OHDU\QRORQJHUWKHQ6KHOHIWKHUORYHIRUKHUEURWKHUZLWKKHU
H\HVIXOORIWHDUVDQGVKHDQG6LVV\ZHQWDZD\XQWLOODWHULQWKH
DIWHUQRRQ
0U*UDGJULQGDUULYHGZLWKLQDQKRXUDIWHUZDUGV+HWRRKDG
HQFRXQWHUHGQRRQHZKRPKHNQHZDQGZDVQRZVDQJXLQHZLWK6OHDU\
V
DVVLVWDQFHRIJHWWLQJKLVGLVJUDFHGVRQWR/LYHUSRROLQWKHQLJKW
$VQHLWKHURIWKHWKUHHFRXOGEHKLVFRPSDQLRQZLWKRXWDOPRVW
LGHQWLI\LQJKLPXQGHUDQ\GLVJXLVHKHSUHSDUHGDOHWWHUWRD
FRUUHVSRQGHQWZKRPKHFRXOGWUXVWEHVHHFKLQJKLPWRVKLSWKH
EHDUHURIIDWDQ\FRVWWR1RUWKRU6RXWK$PHULFDRUDQ\GLVWDQW
SDUWRIWKHZRUOGWRZKLFKKHFRXOGEHWKHPRVWVSHHGLO\DQG
SULYDWHO\GLVSDWFKHG
7KLVGRQHWKH\ZDONHGDERXWZDLWLQJIRUWKH&LUFXVWREHTXLWH
YDFDWHGQRWRQO\E\WKHDXGLHQFHEXWE\WKHFRPSDQ\DQGE\WKH
KRUVHV$IWHUZDWFKLQJLWDORQJWLPHWKH\VDZ0U6OHDU\EULQJ
RXWDFKDLUDQGVLWGRZQE\WKHVLGHGRRUVPRNLQJDVLIWKDWZHUH
KLVVLJQDOWKDWWKH\PLJKWDSSURDFK
264
<RXUWKHUYDQW7KTXLUH
ZDVKLVFDXWLRXVVDOXWDWLRQDVWKH\
SDVVHGLQ
,I\RXZDQWPH\RX
OOILQGPHKHUH<RXPXWKQ
WPLQG
\RXUWKRQKDYLQJDFRPLFOLYHU\RQ
7KH\DOOWKUHHZHQWLQDQG0U*UDGJULQGVDWGRZQIRUORUQRQWKH
&ORZQ
VSHUIRUPLQJFKDLULQWKHPLGGOHRIWKHULQJ2QRQHRIWKH
EDFNEHQFKHVUHPRWHLQWKHVXEGXHGOLJKWDQGWKHVWUDQJHQHVVRI
WKHSODFHVDWWKHYLOODLQRXVZKHOSVXON\WRWKHODVWZKRPKHKDG
WKHPLVHU\WRFDOOKLVVRQ
,QDSUHSRVWHURXVFRDWOLNHDEHDGOH
VZLWKFXIIVDQGIODSV
H[DJJHUDWHGWRDQXQVSHDNDEOHH[WHQWLQDQLPPHQVHZDLVWFRDW
NQHHEUHHFKHVEXFNOHGVKRHVDQGDPDGFRFNHGKDWZLWKQRWKLQJ
ILWWLQJKLPDQGHYHU\WKLQJRIFRDUVHPDWHULDOPRWKHDWHQDQGIXOO
RIKROHVZLWKVHDPVLQKLVEODFNIDFHZKHUHIHDUDQGKHDWKDG
VWDUWHGWKURXJKWKHJUHDV\FRPSRVLWLRQGDXEHGDOORYHULWDQ\WKLQJ
VRJULPO\GHWHVWDEO\ULGLFXORXVO\VKDPHIXODVWKHZKHOSLQKLV
FRPLFOLYHU\0U*UDGJULQGQHYHUFRXOGE\DQ\RWKHUPHDQVKDYH
EHOLHYHGLQZHLJKDEOHDQGPHDVXUDEOHIDFWWKRXJKLWZDV$QGRQH
RIKLVPRGHOFKLOGUHQKDGFRPHWRWKLV
$WILUVWWKHZKHOSZRXOGQRWGUDZDQ\QHDUHUEXWSHUVLVWHGLQ
UHPDLQLQJXSWKHUHE\KLPVHOI<LHOGLQJDWOHQJWKLIDQ\
FRQFHVVLRQVRVXOOHQO\PDGHFDQEHFDOOHG\LHOGLQJWRWKH
HQWUHDWLHVRI6LVV\IRU/RXLVDKHGLVRZQHGDOWRJHWKHUKHFDPH
GRZQEHQFKE\EHQFKXQWLOKHVWRRGLQWKHVDZGXVWRQWKHYHUJH
RIWKHFLUFOHDVIDUDVSRVVLEOHZLWKLQLWVOLPLWVIURPZKHUHKLV
IDWKHUVDW
+RZZDVWKLVGRQH"
DVNHGWKHIDWKHU
+RZZDVZKDWGRQH"
PRRGLO\DQVZHUHGWKHVRQ
7KLVUREEHU\
VDLGWKHIDWKHUUDLVLQJKLVYRLFHXSRQWKHZRUG
,IRUFHGWKHVDIHP\VHOIRYHUQLJKWDQGVKXWLWXSDMDUEHIRUH,
ZHQWDZD\,KDGKDGWKHNH\WKDWZDVIRXQGPDGHORQJEHIRUH,
GURSSHGLWWKDWPRUQLQJWKDWLWPLJKWEHVXSSRVHGWRKDYHEHHQ
XVHG,GLGQ
WWDNHWKHPRQH\DOODWRQFH,SUHWHQGHGWRSXWP\
EDODQFHDZD\HYHU\QLJKWEXW,GLGQ
W1RZ\RXNQRZDOODERXW
LW
,IDWKXQGHUEROWKDGIDOOHQRQPH
VDLGWKHIDWKHU
LWZRXOG
KDYHVKRFNHGPHOHVVWKDQWKLV
265
,GRQ
WVHHZK\
JUXPEOHGWKHVRQ
6RPDQ\SHRSOHDUHHPSOR\HG
LQVLWXDWLRQVRIWUXVWVRPDQ\SHRSOHRXWRIVRPDQ\ZLOOEH
GLVKRQHVW,KDYHKHDUG\RXWDONDKXQGUHGWLPHVRILWVEHLQJD
ODZ+RZFDQ,KHOSODZV"<RXKDYHFRPIRUWHGRWKHUVZLWKVXFK
WKLQJVIDWKHU&RPIRUW\RXUVHOI
7KHIDWKHUEXULHGKLVIDFHLQKLVKDQGVDQGWKHVRQVWRRGLQKLV
GLVJUDFHIXOJURWHVTXHQHVVELWLQJVWUDZKLVKDQGVZLWKWKHEODFN
SDUWO\ZRUQDZD\LQVLGHORRNLQJOLNHWKHKDQGVRIDPRQNH\7KH
HYHQLQJZDVIDVWFORVLQJLQDQGIURPWLPHWRWLPHKHWXUQHGWKH
ZKLWHVRIKLVH\HVUHVWOHVVO\DQGLPSDWLHQWO\WRZDUGVKLVIDWKHU
7KH\ZHUHWKHRQO\SDUWVRIKLVIDFHWKDWVKRZHGDQ\OLIHRU
H[SUHVVLRQWKHSLJPHQWXSRQLWZDVVRWKLFN
<RXPXVWEHJRWWR/LYHUSRRODQGVHQWDEURDG
,VXSSRVH,PXVW,FDQ
WEHPRUHPLVHUDEOHDQ\ZKHUH
ZKLPSHUHG
WKHZKHOS
WKDQ,KDYHEHHQKHUHHYHUVLQFH,FDQUHPHPEHU
7KDW
VRQHWKLQJ
0U*UDGJULQGZHQWWRWKHGRRUDQGUHWXUQHGZLWK6OHDU\WRZKRP
KHVXEPLWWHGWKHTXHVWLRQ+RZWRJHWWKLVGHSORUDEOHREMHFWDZD\"
:K\,
YHEHHQWKLQNLQJRILW7KTXLUH7KHUH
WKQRWPXWKWLPHWR
ORWKHWKR\RXPXWKWKD\\HWKRUQR,WKRYHUWZHQW\PLOHWKWRWKH
UDLO7KHUH
WKDFRDWKLQKDOIDQKRXUWKDWJRHWKWRWKHUDLO
SXUSRWKHWRFDWKWKHPDLOWUDLQ7KDWWUDLQZLOOWDNHKLPULJKW
WR/LYHUSRRO
%XWORRNDWKLP
JURDQHG0U*UDGJULQG
:LOODQ\FRDFK
,GRQ
WPHDQWKDWKHWKRXOGJRLQWKHFRPLFOLYHU\
VDLG6OHDU\
7KD\WKHZRUGDQG,
OOPDNHD-RWKNLQRIKLPRXWRIWKH
ZDUGUREHLQILYHPLQXWHV
,GRQ
WXQGHUVWDQG
VDLG0U*UDGJULQG
$-RWKNLQD&DUWHU0DNHXS\RXUPLQGTXLFN7KTXLUH7KHUH
OO
EHEHHUWRIHWK,
YHQHYHUPHWZLWKQRWKLQJEXWEHHUDWK
OOHYHU
FOHDQDFRPLFEODFNDPRRU
0U*UDGJULQGUDSLGO\DVVHQWHG0U6OHDU\UDSLGO\WXUQHGRXWIURP
DER[DVPRFNIURFNDIHOWKDWDQGRWKHUHVVHQWLDOVWKHZKHOS
266
UDSLGO\FKDQJHGFORWKHVEHKLQGDVFUHHQRIEDL]H0U6OHDU\
UDSLGO\EURXJKWEHHUDQGZDVKHGKLPZKLWHDJDLQ
1RZ
VDLG6OHDU\
FRPHDORQJWRWKHFRDWKDQGMXPSXSEHKLQG
,
OOJRZLWK\RXWKHUHDQGWKH\
OOWKXSSRWKH\RXRQHRIP\SHRSOH
7KD\IDUHZHOOWR\RXUIDPLO\DQGWKDUS
WKWKHZRUG
:LWKZKLFK
KHGHOLFDWHO\UHWLUHG
+HUHLV\RXUOHWWHU
VDLG0U*UDGJULQG
$OOQHFHVVDU\PHDQV
ZLOOEHSURYLGHGIRU\RX$WRQHE\UHSHQWDQFHDQGEHWWHUFRQGXFW
IRUWKHVKRFNLQJDFWLRQ\RXKDYHFRPPLWWHGDQGWKHGUHDGIXO
FRQVHTXHQFHVWRZKLFKLWKDVOHG*LYHPH\RXUKDQGP\SRRUER\
DQGPD\*RGIRUJLYH\RXDV,GR
7KHFXOSULWZDVPRYHGWRDIHZDEMHFWWHDUVE\WKHVHZRUGVDQG
WKHLUSDWKHWLFWRQH%XWZKHQ/RXLVDRSHQHGKHUDUPVKHUHSXOVHG
KHUDIUHVK
1RW\RX,GRQ
WZDQWWRKDYHDQ\WKLQJWRVD\WR\RX
27RP7RPGRZHHQGVRDIWHUDOOP\ORYH
$IWHUDOO\RXUORYH
KHUHWXUQHGREGXUDWHO\
3UHWW\ORYH
/HDYLQJROG%RXQGHUE\WRKLPVHOIDQGSDFNLQJP\EHVWIULHQG0U
+DUWKRXVHRIIDQGJRLQJKRPHMXVWZKHQ,ZDVLQWKHJUHDWHVW
GDQJHU3UHWW\ORYHWKDW&RPLQJRXWZLWKHYHU\ZRUGDERXWRXU
KDYLQJJRQHWRWKDWSODFHZKHQ\RXVDZWKHQHWZDVJDWKHULQJURXQG
PH3UHWW\ORYHWKDW<RXKDYHUHJXODUO\JLYHQPHXS<RXQHYHU
FDUHGIRUPH
7KDUS
WKWKHZRUG
VDLG6OHDU\DWWKHGRRU
7KH\DOOFRQIXVHGO\ZHQWRXW/RXLVDFU\LQJWRKLPWKDWVKH
IRUJDYHKLPDQGORYHGKLPVWLOODQGWKDWKHZRXOGRQHGD\EH
VRUU\WRKDYHOHIWKHUVRDQGJODGWRWKLQNRIWKHVHKHUODVW
ZRUGVIDUDZD\ZKHQVRPHRQHUDQDJDLQVWWKHP0U*UDGJULQG
DQG6LVV\ZKRZHUHERWKEHIRUHKLPZKLOHKLVVLVWHU\HWFOXQJWR
KLVVKRXOGHUVWRSSHGDQGUHFRLOHG
)RUWKHUHZDV%LW]HURXWRIEUHDWKKLVWKLQOLSVSDUWHGKLV
WKLQQRVWULOVGLVWHQGHGKLVZKLWHH\HODVKHVTXLYHULQJKLV
FRORXUOHVVIDFHPRUHFRORXUOHVVWKDQHYHUDVLIKHUDQKLPVHOI
LQWRDZKLWHKHDWZKHQRWKHUSHRSOHUDQWKHPVHOYHVLQWRDJORZ
7KHUHKHVWRRGSDQWLQJDQGKHDYLQJDVLIKHKDGQHYHUVWRSSHG
267
VLQFHWKHQLJKWQRZORQJDJRZKHQKHKDGUXQWKHPGRZQEHIRUH
,
PVRUU\WRLQWHUIHUHZLWK\RXUSODQV
VDLG%LW]HUVKDNLQJKLV
KHDG
EXW,FDQ
WDOORZP\VHOIWREHGRQHE\KRUVHULGHUV,PXVW
KDYH\RXQJ0U7RPKHPXVWQ
WEHJRWDZD\E\KRUVHULGHUVKHUHKH
LVLQDVPRFNIURFNDQG,PXVWKDYHKLP
%\WKHFROODUWRRLWVHHPHG)RUVRKHWRRNSRVVHVVLRQRIKLP
&+$37(59,,,3+,/2623+,&$/
7+(<ZHQWEDFNLQWRWKHERRWK6OHDU\VKXWWLQJWKHGRRUWRNHHS
LQWUXGHUVRXW%LW]HUVWLOOKROGLQJWKHSDUDO\VHGFXOSULWE\WKH
FROODUVWRRGLQWKH5LQJEOLQNLQJDWKLVROGSDWURQWKURXJKWKH
GDUNQHVVRIWKHWZLOLJKW
%LW]HU
VDLG0U*UDGJULQGEURNHQGRZQDQGPLVHUDEO\VXEPLVVLYH
WRKLP
KDYH\RXDKHDUW"
7KHFLUFXODWLRQVLU
UHWXUQHG%LW]HUVPLOLQJDWWKHRGGLW\RI
WKHTXHVWLRQ
FRXOGQ
WEHFDUULHGRQZLWKRXWRQH1RPDQVLU
DFTXDLQWHGZLWKWKHIDFWVHVWDEOLVKHGE\+DUYH\UHODWLQJWRWKH
FLUFXODWLRQRIWKHEORRGFDQGRXEWWKDW,KDYHDKHDUW
,VLWDFFHVVLEOH
FULHG0U*UDGJULQG
WRDQ\FRPSDVVLRQDWH
LQIOXHQFH"
,WLVDFFHVVLEOHWR5HDVRQVLU
UHWXUQHGWKHH[FHOOHQW\RXQJ
PDQ
$QGWRQRWKLQJHOVH
7KH\VWRRGORRNLQJDWHDFKRWKHU0U*UDGJULQG
VIDFHDVZKLWHDV
WKHSXUVXHU
V
:KDWPRWLYHHYHQZKDWPRWLYHLQUHDVRQFDQ\RXKDYHIRU
SUHYHQWLQJWKHHVFDSHRIWKLVZUHWFKHG\RXWK
VDLG0U*UDGJULQG
DQGFUXVKLQJKLVPLVHUDEOHIDWKHU"6HHKLVVLVWHUKHUH3LW\
XV
6LU
UHWXUQHG%LW]HULQDYHU\EXVLQHVVOLNHDQGORJLFDOPDQQHU
VLQFH\RXDVNPHZKDWPRWLYH,KDYHLQUHDVRQIRUWDNLQJ\RXQJ
268
0U7RPEDFNWR&RNHWRZQLWLVRQO\UHDVRQDEOHWROHW\RXNQRZ,
KDYHVXVSHFWHG\RXQJ0U7RPRIWKLVEDQNUREEHU\IURPWKHILUVW
,KDGKDGP\H\HXSRQKLPEHIRUHWKDWWLPHIRU,NQHZKLVZD\V,
KDYHNHSWP\REVHUYDWLRQVWRP\VHOIEXW,KDYHPDGHWKHPDQG,
KDYHJRWDPSOHSURRIVDJDLQVWKLPQRZEHVLGHVKLVUXQQLQJDZD\
DQGEHVLGHVKLVRZQFRQIHVVLRQZKLFK,ZDVMXVWLQWLPHWR
RYHUKHDU,KDGWKHSOHDVXUHRIZDWFKLQJ\RXUKRXVH\HVWHUGD\
PRUQLQJDQGIROORZLQJ\RXKHUH,DPJRLQJWRWDNH\RXQJ0U7RP
EDFNWR&RNHWRZQLQRUGHUWRGHOLYHUKLPRYHUWR0U%RXQGHUE\
6LU,KDYHQRGRXEWZKDWHYHUWKDW0U%RXQGHUE\ZLOOWKHQSURPRWH
PHWR\RXQJ0U7RP
VVLWXDWLRQ$QG,ZLVKWRKDYHKLVVLWXDWLRQ
VLUIRULWZLOOEHDULVHWRPHDQGZLOOGRPHJRRG
,IWKLVLVVROHO\DTXHVWLRQRIVHOILQWHUHVWZLWK\RX
0U
*UDGJULQGEHJDQ
,EHJ\RXUSDUGRQIRULQWHUUXSWLQJ\RXVLU
UHWXUQHG%LW]HU
EXW,DPVXUH\RXNQRZWKDWWKHZKROHVRFLDOV\VWHPLVDTXHVWLRQ
RIVHOILQWHUHVW:KDW\RXPXVWDOZD\VDSSHDOWRLVDSHUVRQ
V
VHOILQWHUHVW,W
V\RXURQO\KROG:HDUHVRFRQVWLWXWHG,ZDV
EURXJKWXSLQWKDWFDWHFKLVPZKHQ,ZDVYHU\\RXQJVLUDV\RXDUH
DZDUH
:KDWVXPRIPRQH\
VDLG0U*UDGJULQG
ZLOO\RXVHWDJDLQVW\RXU
H[SHFWHGSURPRWLRQ"
7KDQN\RXVLU
UHWXUQHG%LW]HU
IRUKLQWLQJDWWKHSURSRVDO
EXW,ZLOOQRWVHWDQ\VXPDJDLQVWLW.QRZLQJWKDW\RXUFOHDU
KHDGZRXOGSURSRVHWKDWDOWHUQDWLYH,KDYHJRQHRYHUWKH
FDOFXODWLRQVLQP\PLQGDQG,ILQGWKDWWRFRPSRXQGDIHORQ\HYHQ
RQYHU\KLJKWHUPVLQGHHGZRXOGQRWEHDVVDIHDQGJRRGIRUPHDV
P\LPSURYHGSURVSHFWVLQWKH%DQN
%LW]HU
VDLG0U*UDGJULQGVWUHWFKLQJRXWKLVKDQGVDVWKRXJKKH
ZRXOGKDYHVDLG6HHKRZPLVHUDEOH,DP
%LW]HU,KDYHEXWRQH
FKDQFHOHIWWRVRIWHQ\RX<RXZHUHPDQ\\HDUVDWP\VFKRRO,I
LQUHPHPEUDQFHRIWKHSDLQVEHVWRZHGXSRQ\RXWKHUH\RXFDQ
SHUVXDGH\RXUVHOILQDQ\GHJUHHWRGLVUHJDUG\RXUSUHVHQWLQWHUHVW
DQGUHOHDVHP\VRQ,HQWUHDWDQGSUD\\RXWRJLYHKLPWKHEHQHILW
RIWKDWUHPHPEUDQFH
,UHDOO\ZRQGHUVLU
UHMRLQHGWKHROGSXSLOLQDQDUJXPHQWDWLYH
PDQQHU
WRILQG\RXWDNLQJDSRVLWLRQVRXQWHQDEOH0\VFKRROLQJ
ZDVSDLGIRULWZDVDEDUJDLQDQGZKHQ,FDPHDZD\WKHEDUJDLQ
269
HQGHG
,WZDVDIXQGDPHQWDOSULQFLSOHRIWKH*UDGJULQGSKLORVRSK\WKDW
HYHU\WKLQJZDVWREHSDLGIRU1RERG\ZDVHYHURQDQ\DFFRXQWWR
JLYHDQ\ERG\DQ\WKLQJRUUHQGHUDQ\ERG\KHOSZLWKRXWSXUFKDVH
*UDWLWXGHZDVWREHDEROLVKHGDQGWKHYLUWXHVVSULQJLQJIURPLW
ZHUHQRWWREH(YHU\LQFKRIWKHH[LVWHQFHRIPDQNLQGIURPELUWK
WRGHDWKZDVWREHDEDUJDLQDFURVVDFRXQWHU$QGLIZHGLGQ
W
JHWWR+HDYHQWKDWZD\LWZDVQRWDSROLWLFRHFRQRPLFDOSODFHDQG
ZHKDGQREXVLQHVVWKHUH
,GRQ
WGHQ\
DGGHG%LW]HU
WKDWP\VFKRROLQJZDVFKHDS%XW
WKDWFRPHVULJKWVLU,ZDVPDGHLQWKHFKHDSHVWPDUNHWDQGKDYH
WRGLVSRVHRIP\VHOILQWKHGHDUHVW
+HZDVDOLWWOHWURXEOHGKHUHE\/RXLVDDQG6LVV\FU\LQJ
3UD\GRQ
WGRWKDW
VDLGKH
LW
VRIQRXVHGRLQJWKDWLWRQO\
ZRUULHV<RXVHHPWRWKLQNWKDW,KDYHVRPHDQLPRVLW\DJDLQVW
\RXQJ0U7RPZKHUHDV,KDYHQRQHDWDOO,DPRQO\JRLQJRQWKH
UHDVRQDEOHJURXQGV,KDYHPHQWLRQHGWRWDNHKLPEDFNWR&RNHWRZQ
,IKHZDVWRUHVLVW,VKRXOGVHWXSWKHFU\RI6WRSWKLHI%XW
KHZRQ
WUHVLVW\RXPD\GHSHQGXSRQLW
0U6OHDU\ZKRZLWKKLVPRXWKRSHQDQGKLVUROOLQJH\HDV
LPPRYDEO\MDPPHGLQKLVKHDGDVKLVIL[HGRQHKDGOLVWHQHGWR
WKHVHGRFWULQHVZLWKSURIRXQGDWWHQWLRQKHUHVWHSSHGIRUZDUG
7KTXLUH\RXNQRZSHUIHFWO\ZHOODQG\RXUGDXJKWHUNQRZWK
SHUIHFWO\ZHOOEHWWHUWKDQ\RXEHFDXWKH,WKHGLWWRKHUWKDW,
GLGQ
WNQRZZKDW\RXUWKRQKDGGRQHDQGWKDW,GLGQ
WZDQWWRNQRZ
,WKHGLWZDWKEHWWHUQRWWKRXJK,RQO\WKRXJKWWKHQLWZDWK
WKRPHWKN\ODUNLQJ+RZHYHUWKLWK\RXQJPDQKDYLQJPDGHLWNQRZQ
WREHDUREEHU\RIDEDQNZK\WKDW
KDWKHULRXWKWKLQJPXWKWRR
WKHULRXWKDWKLQJIRUPHWRFRPSRXQGDWKWKLWK\RXQJPDQKDWKYHU\
SURSHUO\FDOOHGLW&RQWKHTXHQWO\7KTXLUH\RXPXWKQ
WTXDUUHO
ZLWKPHLI,WDNHWKLWK\RXQJPDQ
WKWKLGHDQGWKD\KH
WKULJKW
DQGWKHUH
WKQRKHOSIRULW%XW,WHOO\RXZKDW,
OOGR7KTXLUH
,
OOGULYH\RXUWKRQDQGWKLWK\RXQJPDQRYHUWRWKHUDLODQG
SUHYHQWH[SRWKXUHKHUH,FDQ
WFRQWKHQWWRGRPRUHEXW,
OOGR
WKDW
)UHVKODPHQWDWLRQVIURP/RXLVDDQGGHHSHUDIIOLFWLRQRQ0U
*UDGJULQG
VSDUWIROORZHGWKLVGHVHUWLRQRIWKHPE\WKHLUODVW
270
IULHQG%XW6LVV\JODQFHGDWKLPZLWKJUHDWDWWHQWLRQQRUGLG
VKHLQKHURZQEUHDVWPLVXQGHUVWDQGKLP$VWKH\ZHUHDOOJRLQJ
RXWDJDLQKHIDYRXUHGKHUZLWKRQHVOLJKWUROORIKLVPRYDEOHH\H
GHVLULQJKHUWROLQJHUEHKLQG$VKHORFNHGWKHGRRUKHVDLG
H[FLWHGO\
7KH7KTXLUHWKWRRGE\\RX7KHWKLOLDDQG,
OOWKWDQGE\WKH
7KTXLUH0RUHWKDQWKDWWKLWKLWKDSUHWKLRXWKUDWKFDODQG
EHORQJWKWRWKDWEOXWKWHULQJ&RYHWKDWP\SHRSOHQHDUO\SLWKWRXW
R
ZLQGHU,W
OOEHDGDUNQLJKW,
YHJRWDKRUWKHWKDW
OOGR
DQ\WKLQJEXWWKSHDN,
YHJRWDSRQ\WKDW
OOJRILIWHHQPLOHDQ
KRXUZLWK&KLOGHUWKGULYLQJRIKLP,
YHJRWDGRJWKDW
OONHHSD
PDQWRRQHSODWKHIRXUDQGWZHQW\KRXUWK*HWDZRUGZLWKWKH
\RXQJ7KTXLUH7HOOKLPZKHQKHWKHHWKRXUKRUWKHEHJLQWR
GDQWKHQRWWREHDIUDLGRIEHLQJWKSLOWEXWWRORRNRXWIRUD
SRQ\JLJFRPLQJXS7HOOKLPZKHQKHWKHHWKWKDWJLJFORWKHE\
WRMXPSGRZQDQGLW
OOWDNHKLPRIIDWDUDWWOLQJSDWKH,IP\
GRJOHWKWKLWK\RXQJPDQWKWLUDSHJRQIRRW,JLYHKLPOHDYHWR
JR$QGLIP\KRUWKHHYHUWKWLUWKIURPWKDWWKSRWZKHUHKHEHJLQWK
DGDQWKLQJWLOOWKHPRUQLQJ,GRQ
WNQRZKLP"7KDUS
WKWKH
ZRUG
7KHZRUGZDVVRVKDUSWKDWLQWHQPLQXWHV0U&KLOGHUVVDXQWHULQJ
DERXWWKHPDUNHWSODFHLQDSDLURIVOLSSHUVKDGKLVFXHDQG0U
6OHDU\
VHTXLSDJHZDVUHDG\,WZDVDILQHVLJKWWREHKROGWKH
OHDUQHGGRJEDUNLQJURXQGLWDQG0U6OHDU\LQVWUXFWLQJKLPZLWK
KLVRQHSUDFWLFDEOHH\HWKDW%LW]HUZDVWKHREMHFWRIKLV
SDUWLFXODUDWWHQWLRQV6RRQDIWHUGDUNWKH\DOOWKUHHJRWLQDQG
VWDUWHGWKHOHDUQHGGRJDIRUPLGDEOHFUHDWXUHDOUHDG\SLQQLQJ
%LW]HUZLWKKLVH\HDQGVWLFNLQJFORVHWRWKHZKHHORQKLVVLGH
WKDWKHPLJKWEHUHDG\IRUKLPLQWKHHYHQWRIKLVVKRZLQJWKH
VOLJKWHVWGLVSRVLWLRQWRDOLJKW
7KHRWKHUWKUHHVDWXSDWWKHLQQDOOQLJKWLQJUHDWVXVSHQVH$W
HLJKWR
FORFNLQWKHPRUQLQJ0U6OHDU\DQGWKHGRJUHDSSHDUHG
ERWKLQKLJKVSLULWV
$OOULJKW7KTXLUH
VDLG0U6OHDU\
\RXUWKRQPD\EHDERDUGD
WKLSE\WKLWKWLPH&KLOGHUWKWRRNKLPRIIDQKRXUDQGDKDOI
DIWHUZHOHIWWKHUHODWKWQLJKW7KHKRUWKHGDQWKHGWKHSRONDWLOO
KHZDWKGHDGEHDWKHZRXOGKDYHZDOWKHGLIKHKDGQ
WEHHQLQ
KDUQHWKDQGWKHQ,JDYHKLPWKHZRUGDQGKHZHQWWRWKOHHS
FRPIRUWDEOH:KHQWKDWSUHWKLRXWK\RXQJ5DWKFDOWKHGKH
GJR
IRU
DUGDIRRWWKHGRJKXQJRQWRKLWKQHFNKDQNHUFKHUZLWKDOO
271
IRXUOHJWKLQWKHDLUDQGSXOOHGKLPGRZQDQGUROOHGKLPRYHU7KR
KHFRPHEDFNLQWRWKHGUDJDQGWKHUHKHWKDW
WLOO,WXUQHGWKH
KRUWKH
WKKHDGDWKDOISDWKWWKL[WKWKLWKPRUQLQJ
0U*UDGJULQGRYHUZKHOPHGKLPZLWKWKDQNVRIFRXUVHDQGKLQWHGDV
GHOLFDWHO\DVKHFRXOGDWDKDQGVRPHUHPXQHUDWLRQLQPRQH\
,GRQ
WZDQWPRQH\P\WKHOI7KTXLUHEXW&KLOGHUWKLWKDIDPLO\
PDQDQGLI\RXZDWKWROLNHWRRIIHUKLPDILYHSRXQGQRWHLW
PLJKWQ
WEHXQDFWKHSWDEOH/LNHZLWKHLI\RXZDWKWRWKWDQGD
FROODUIRUWKHGRJRUDWKHWRIEHOOWKIRUWKHKRUWKH,WKRXOGEH
YHU\JODGWRWDNH
HP%UDQG\DQGZDWHU,DOZD\WKWDNH
+HKDG
DOUHDG\FDOOHGIRUDJODVVDQGQRZFDOOHGIRUDQRWKHU
,I\RX
ZRXOGQ
WWKLQNLWJRLQJWRRIDU7KTXLUHWRPDNHDOLWWOHWKSUHDG
IRUWKHFRPSDQ\DWDERXWWKUHHDQGWKL[WKDKHDGQRWUHFNRQLQJ
/XWKLWZRXOGPDNH
HPKDSS\
$OOWKHVHOLWWOHWRNHQVRIKLVJUDWLWXGH0U*UDGJULQGYHU\
ZLOOLQJO\XQGHUWRRNWRUHQGHU7KRXJKKHWKRXJKWWKHPIDUWRR
VOLJKWKHVDLGIRUVXFKDVHUYLFH
9HU\ZHOO7KTXLUHWKHQLI\RX
OORQO\JLYHD+RUWKHULGLQJD
EHWKSHDNZKHQHYHU\RXFDQ\RX
OOPRUHWKDQEDODQWKHWKHDFFRXQW
1RZ7KTXLUHLI\RXUGDXJKWHUZLOOHWKFXWKHPH,WKRXOGOLNHRQH
SDUWLQJZRUGZLWK\RX
/RXLVDDQG6LVV\ZLWKGUHZLQWRDQDGMRLQLQJURRP0U6OHDU\
VWLUULQJDQGGULQNLQJKLVEUDQG\DQGZDWHUDVKHVWRRGZHQWRQ
7KTXLUH\RXGRQ
WQHHGWREHWROGWKDWGRJWKLWKZRQGHUIXO
DQLPDOWK
7KHLULQVWLQFW
VDLG0U*UDGJULQG
LVVXUSULVLQJ
:KDWHYHU\RXFDOOLWDQG,
PEOHWKWLI,NQRZZKDWWRFDOOLW
VDLG6OHDU\
LWLWKDWKWRQLWKLQJ7KHZD\LQZKLWKDGRJ
OOILQG
\RXWKHGLWKWDQWKHKH
OOFRPH
+LVVFHQW
VDLG0U*UDGJULQG
EHLQJVRILQH
,
PEOHWKWLI,NQRZZKDWWRFDOOLW
UHSHDWHG6OHDU\VKDNLQJ
KLVKHDG
EXW,KDYHKDGGRJWKILQGPH7KTXLUHLQDZD\WKDW
PDGHPHWKLQNZKHWKHUWKDWGRJKDGQ
WJRQHWRDQRWKHUGRJDQG
WKHG<RXGRQ
WKDSSHQWRNQRZDSHUWKRQRIWKHQDPHRI7KOHDU\
272
GR\RX"3HUWKRQRIWKHQDPHRI7KOHDU\LQWKH+RUWKH5LGLQJZD\
WKWRXWPDQJDPHH\H"$QGZKHWKHUWKDWGRJPLJKWQ
WKDYHWKHG
:HOO,FDQ
WWKD\,NQRZKLPP\WKHOIEXW,NQRZDGRJWKDW,
WKLQNZRXOGEHOLNHO\WREHDFTXDLQWHGZLWKKLP$QGZKHWKHUWKDW
GRJPLJKWQ
WKDYHWKRXJKWLWRYHUDQGWKHG7KOHDU\7KOHDU\2
\HWKWREHWKXUH$IULHQGRIPLQHPHQWKLRQHGKLPWRPHDWRQH
WLPH,FDQJHW\RXKLWKDGGUHWKGLUHFWO\,QFRQWKHTXHQWKRIP\
EHLQJDIRUHWKHSXEOLFDQGJRLQJDERXWWKRPXWK\RXWKHHWKHUH
PXWKWEHDQXPEHURIGRJWKDFTXDLQWHGZLWKPH7KTXLUHWKDW,
GRQ
WNQRZ
0U*UDGJULQGVHHPHGWREHTXLWHFRQIRXQGHGE\WKLVVSHFXODWLRQ
$Q\ZD\
VDLG6OHDU\DIWHUSXWWLQJKLVOLSVWRKLVEUDQG\DQG
ZDWHU
LWKIRXUWHHQPRQWKDJR7KTXLUHWKLQWKHZHZDWKDW
&KHWKWHU:HZDWKJHWWLQJXSRXU&KLOGUHQLQWKH:RRGRQHPRUQLQJ
ZKHQWKHUHFRPHWKLQWRRXU5LQJE\WKHWKWDJHGRRUDGRJ+HKDG
WUDYHOOHGDORQJZD\KHZDWKLQDYHU\EDGFRQGLWKRQKHZDWK
ODPHDQGSUHWW\ZHOOEOLQG+HZHQWURXQGWRRXUFKLOGUHQRQH
DIWHUDQRWKHUDVLIKHZDWKDWKHHNLQJIRUDFKLOGKHNQRZ
GDQG
WKHQKHFRPHWRPHDQGWKURZGKLWKHOIXSEHKLQGDQGWKWRRGRQ
KLWKWZRIRUHOHJWKZHDNDWKKHZDWKDQGWKHQKHZDJJHGKLWKWDLO
DQGGLHG7KTXLUHWKDWGRJZDWK0HUU\OHJWK
6LVV\
VIDWKHU
VGRJ
7KHWKLOLD
WKIDWKHU
WKROGGRJ1RZ7KTXLUH,FDQWDNHP\RDWK
IURPP\NQRZOHGJHRIWKDWGRJWKDWWKDWPDQZDWKGHDGDQGEXULHG
DIRUHWKDWGRJFRPHEDFNWRPH-RWK
SKLQHDQG&KLOGHUWKDQGPH
WDONHGLWRYHUDORQJWLPHZKHWKHU,WKRXOGZULWHRUQRW%XWZH
DJUHHG1R7KHUH
WKQRWKLQJFRPIRUWDEOHWRWHOOZK\XQWKHWWOH
KHUPLQGDQGPDNHKHUXQKDSS\"7KRZKHWKHUKHUIDWKHUEDWKHO\
GHWKHUWHGKHURUZKHWKHUKHEURNHKLWKRZQKHDUWDORQHUDWKHU
WKDQSXOOKHUGRZQDORQJZLWKKLPQHYHUZLOOEHNQRZQQRZ
7KTXLUHWLOOQRQRWWLOOZHNQRZKRZWKHGRJWKILQGWKXWKRXW
6KHNHHSVWKHERWWOHWKDWKHVHQWKHUIRUWRWKLVKRXUDQGVKH
ZLOOEHOLHYHLQKLVDIIHFWLRQWRWKHODVWPRPHQWRIKHUOLIH
VDLG
0U*UDGJULQG
,WWKHHPWKWRSUHWKHQWWZRWKLQJWKWRDSHUWKRQGRQ
WLW
7KTXLUH"
VDLG0U6OHDU\PXVLQJDVKHORRNHGGRZQLQWRWKHGHSWKV
RIKLVEUDQG\DQGZDWHU
RQHWKDWWKHUHLWKDORYHLQWKHZRUOG
QRWDOO7KHOILQWHUHWKWDIWHUDOOEXWWKRPHWKLQJYHU\GLIIHUHQW
273
W
RWKHUWKDWLWEDWKDZD\RILWKRZQRIFDOFXODWLQJRUQRW
FDOFXODWLQJZKLWKWKRPHKRZRUDQRWKHULWKDWOHDWKWDWKKDUGWR
JLYHDQDPHWRDWKWKHZD\WKRIWKHGRJWKLWK
0U*UDGJULQGORRNHGRXWRIZLQGRZDQGPDGHQRUHSO\0U6OHDU\
HPSWLHGKLVJODVVDQGUHFDOOHGWKHODGLHV
7KHWKLOLDP\GHDUNLWKPHDQGJRRGE\H0LWK7KTXLUHWRWKHH
\RXWUHDWLQJRIKHUOLNHDWKLWKWHUDQGDWKLWKWHUWKDW\RXWUXWKW
DQGKRQRXUZLWKDOO\RXUKHDUWDQGPRUHLWKDYHU\SUHWW\WKLJKW
WRPH,KRSH\RXUEURWKHUPD\OLYHWREHEHWWHUGHWKHUYLQJRI
\RXDQGDJUHDWHUFRPIRUWWR\RX7KTXLUHWKDNHKDQGWKILUWKW
DQGODWKW'RQ
WEHFURWKZLWKXWKSRRUYDJDERQGWK3HRSOHPXWKW
EHDPXWKHG7KH\FDQ
WEHDOZD\WKDOHDUQLQJQRU\HWWKH\FDQ
W
EHDOZD\WKDZRUNLQJWKH\DQ
WPDGHIRULW<RXPXWKWKDYHXWK
7KTXLUH'RWKHZLWKHWKLQJDQGWKHNLQGWKLQJWRRDQGPDNHWKH
EHWKWRIXWKQRWWKHZXUWKW
$QG,QHYHUWKRXJKWEHIRUH
VDLG0U6OHDU\SXWWLQJKLVKHDGLQ
DWWKHGRRUDJDLQWRVD\LW
WKDW,ZDWKWKRPXWKRID&DFNOHU
&+$37(5,;),1$/
,7LVDGDQJHURXVWKLQJWRVHHDQ\WKLQJLQWKHVSKHUHRIDYDLQ
EOXVWHUHUEHIRUHWKHYDLQEOXVWHUHUVHHVLWKLPVHOI0U
%RXQGHUE\IHOWWKDW0UV6SDUVLWKDGDXGDFLRXVO\DQWLFLSDWHGKLP
DQGSUHVXPHGWREHZLVHUWKDQKH,QDSSHDVDEO\LQGLJQDQWZLWKKHU
IRUKHUWULXPSKDQWGLVFRYHU\RI0UV3HJOHUKHWXUQHGWKLV
SUHVXPSWLRQRQWKHSDUWRIDZRPDQLQKHUGHSHQGHQWSRVLWLRQRYHU
DQGRYHULQKLVPLQGXQWLOLWDFFXPXODWHGZLWKWXUQLQJOLNHD
JUHDWVQRZEDOO$WODVWKHPDGHWKHGLVFRYHU\WKDWWRGLVFKDUJH
WKLVKLJKO\FRQQHFWHGIHPDOHWRKDYHLWLQKLVSRZHUWRVD\
6KH
ZDVDZRPDQRIIDPLO\DQGZDQWHGWRVWLFNWRPHEXW,ZRXOGQ
W
KDYHLWDQGJRWULGRIKHU
ZRXOGEHWRJHWWKHXWPRVWSRVVLEOH
DPRXQWRIFURZQLQJJORU\RXWRIWKHFRQQHFWLRQDQGDWWKHVDPH
WLPHWRSXQLVK0UV6SDUVLWDFFRUGLQJWRKHUGHVHUWV
)LOOHGIXOOHUWKDQHYHUZLWKWKLVJUHDWLGHD0U%RXQGHUE\FDPH
LQWROXQFKDQGVDWKLPVHOIGRZQLQWKHGLQLQJURRPRIIRUPHU
GD\VZKHUHKLVSRUWUDLWZDV0UV6SDUVLWVDWE\WKHILUHZLWK
274
KHUIRRWLQKHUFRWWRQVWLUUXSOLWWOHWKLQNLQJZKLWKHUVKHZDV
SRVWLQJ
6LQFHWKH3HJOHUDIIDLUWKLVJHQWOHZRPDQKDGFRYHUHGKHUSLW\IRU
0U%RXQGHUE\ZLWKDYHLORITXLHWPHODQFKRO\DQGFRQWULWLRQ,Q
YLUWXHWKHUHRILWKDGEHFRPHKHUKDELWWRDVVXPHDZRIXOORRN
ZKLFKZRIXOORRNVKHQRZEHVWRZHGXSRQKHUSDWURQ
:KDW
VWKHPDWWHUQRZPD
DP"
VDLG0U%RXQGHUE\LQDYHU\
VKRUWURXJKZD\
3UD\VLU
UHWXUQHG0UV6SDUVLW
GRQRWELWHP\QRVHRII
%LWH\RXUQRVHRIIPD
DP"
UHSHDWHG0U%RXQGHUE\
<RXUQRVH
PHDQLQJDV0UV6SDUVLWFRQFHLYHGWKDWLWZDVWRRGHYHORSHGD
QRVHIRUWKHSXUSRVH$IWHUZKLFKRIIHQVLYHLPSOLFDWLRQKHFXW
KLPVHOIDFUXVWRIEUHDGDQGWKUHZWKHNQLIHGRZQZLWKDQRLVH
0UV6SDUVLWWRRNKHUIRRWRXWRIKHUVWLUUXSDQGVDLG
0U
%RXQGHUE\VLU
:HOOPD
DP"
UHWRUWHG0U%RXQGHUE\
:KDWDUH\RXVWDULQJDW"
0D\,DVNVLU
VDLG0UV6SDUVLW
KDYH\RXEHHQUXIIOHGWKLV
PRUQLQJ"
<HVPD
DP
0D\,LQTXLUHVLU
SXUVXHGWKHLQMXUHGZRPDQ
ZKHWKHU,DPWKH
XQIRUWXQDWHFDXVHRI\RXUKDYLQJORVW\RXUWHPSHU"
1RZ,
OOWHOO\RXZKDWPD
DP
VDLG%RXQGHUE\
,DPQRWFRPH
KHUHWREHEXOOLHG$IHPDOHPD\EHKLJKO\FRQQHFWHGEXWVKH
FDQ
WEHSHUPLWWHGWRERWKHUDQGEDGJHUDPDQLQP\SRVLWLRQDQG,
DPQRWJRLQJWRSXWXSZLWKLW
0U%RXQGHUE\IHOWLWQHFHVVDU\
WRJHWRQIRUHVHHLQJWKDWLIKHDOORZHGRIGHWDLOVKHZRXOGEH
EHDWHQ
0UV6SDUVLWILUVWHOHYDWHGWKHQNQLWWHGKHU&RULRODQLDQ
H\HEURZVJDWKHUHGXSKHUZRUNLQWRLWVSURSHUEDVNHWDQGURVH
6LU
VDLGVKHPDMHVWLFDOO\
,WLVDSSDUHQWWRPHWKDW,DPLQ
\RXUZD\DWSUHVHQW,ZLOOUHWLUHWRP\RZQDSDUWPHQW
275
$OORZPHWRRSHQWKHGRRUPD
DP
7KDQN\RXVLU,FDQGRLWIRUP\VHOI
<RXKDGEHWWHUDOORZPHPD
DP
VDLG%RXQGHUE\SDVVLQJKHUDQG
JHWWLQJKLVKDQGXSRQWKHORFN
EHFDXVH,FDQWDNHWKHRSSRUWXQLW\
RIVD\LQJDZRUGWR\RXEHIRUH\RXJR0UV6SDUVLWPD
DP,
UDWKHUWKLQN\RXDUHFUDPSHGKHUHGR\RXNQRZ",WDSSHDUVWRPH
WKDWXQGHUP\KXPEOHURRIWKHUH
VKDUGO\RSHQLQJHQRXJKIRUD
ODG\RI\RXUJHQLXVLQRWKHUSHRSOH
VDIIDLUV
0UV6SDUVLWJDYHKLPDORRNRIWKHGDUNHVWVFRUQDQGVDLGZLWK
JUHDWSROLWHQHVV
5HDOO\VLU"
,KDYHEHHQWKLQNLQJLWRYHU\RXVHHVLQFHWKHODWHDIIDLUVKDYH
KDSSHQHGPD
DP
VDLG%RXQGHUE\
DQGLWDSSHDUVWRP\SRRU
MXGJPHQW
2K3UD\VLU
0UV6SDUVLWLQWHUSRVHGZLWKVSULJKWO\
FKHHUIXOQHVV
GRQ
WGLVSDUDJH\RXUMXGJPHQW(YHU\ERG\NQRZVKRZ
XQHUULQJ0U%RXQGHUE\
VMXGJPHQWLV(YHU\ERG\KDVKDGSURRIVRI
LW,WPXVWEHWKHWKHPHRIJHQHUDOFRQYHUVDWLRQ'LVSDUDJH
DQ\WKLQJLQ\RXUVHOIEXW\RXUMXGJPHQWVLU
VDLG0UV6SDUVLW
ODXJKLQJ
0U%RXQGHUE\YHU\UHGDQGXQFRPIRUWDEOHUHVXPHG
,WDSSHDUVWRPHPD
DP,VD\WKDWDGLIIHUHQWVRUWRI
HVWDEOLVKPHQWDOWRJHWKHUZRXOGEULQJRXWDODG\RI\RXUSRZHUV
6XFKDQHVWDEOLVKPHQWDV\RXUUHODWLRQ/DG\6FDGJHUV
VQRZ
'RQ
W\RXWKLQN\RXPLJKWILQGVRPHDIIDLUVWKHUHPD
DPWR
LQWHUIHUHZLWK"
,WQHYHURFFXUUHGWRPHEHIRUHVLU
UHWXUQHG0UV6SDUVLW
EXW
QRZ\RXPHQWLRQLWVKRXOGWKLQNLWKLJKO\SUREDEOH
7KHQVXSSRVH\RXWU\PD
DP
VDLG%RXQGHUE\OD\LQJDQHQYHORSH
ZLWKDFKHTXHLQLWLQKHUOLWWOHEDVNHW
<RXFDQWDNH\RXURZQ
WLPHIRUJRLQJPD
DPEXWSHUKDSVLQWKHPHDQZKLOHLWZLOOEH
PRUHDJUHHDEOHWRDODG\RI\RXUSRZHUVRIPLQGWRHDWKHUPHDOV
E\KHUVHOIDQGQRWWREHLQWUXGHGXSRQ,UHDOO\RXJKWWR
DSRORJLVHWR\RXEHLQJRQO\-RVLDK%RXQGHUE\RI&RNHWRZQIRU
KDYLQJVWRRGLQ\RXUOLJKWVRORQJ
276
3UD\GRQ
WQDPHLWVLU
UHWXUQHG0UV6SDUVLW
,IWKDW
SRUWUDLWFRXOGVSHDNVLUEXWLWKDVWKHDGYDQWDJHRYHUWKH
RULJLQDORIQRWSRVVHVVLQJWKHSRZHURIFRPPLWWLQJLWVHOIDQG
GLVJXVWLQJRWKHUVLWZRXOGWHVWLI\WKDWDORQJSHULRGKDV
HODSVHGVLQFH,ILUVWKDELWXDOO\DGGUHVVHGLWDVWKHSLFWXUHRID
1RRGOH1RWKLQJWKDWD1RRGOHGRHVFDQDZDNHQVXUSULVHRU
LQGLJQDWLRQWKHSURFHHGLQJVRID1RRGOHFDQRQO\LQVSLUH
FRQWHPSW
7KXVVD\LQJ0UV6SDUVLWZLWKKHU5RPDQIHDWXUHVOLNHDPHGDO
VWUXFNWRFRPPHPRUDWHKHUVFRUQRI0U%RXQGHUE\VXUYH\HGKLP
IL[HGO\IURPKHDGWRIRRWVZHSWGLVGDLQIXOO\SDVWKLPDQG
DVFHQGHGWKHVWDLUFDVH0U%RXQGHUE\FORVHGWKHGRRUDQGVWRRG
EHIRUHWKHILUHSURMHFWLQJKLPVHOIDIWHUKLVROGH[SORVLYHPDQQHU
LQWRKLVSRUWUDLWDQGLQWRIXWXULW\
,QWRKRZPXFKRIIXWXULW\"+HVDZ0UV6SDUVLWILJKWLQJRXWD
GDLO\ILJKWDWWKHSRLQWVRIDOOWKHZHDSRQVLQWKHIHPDOHDUPRXU\
ZLWKWKHJUXGJLQJVPDUWLQJSHHYLVKWRUPHQWLQJ/DG\6FDGJHUV
VWLOOODLGXSLQEHGZLWKKHUP\VWHULRXVOHJDQGJREEOLQJKHU
LQVXIILFLHQWLQFRPHGRZQE\DERXWWKHPLGGOHRIHYHU\TXDUWHULQD
PHDQOLWWOHDLUOHVVORGJLQJDPHUHFORVHWIRURQHDPHUHFULEIRU
WZREXWGLGKHVHHPRUH"'LGKHFDWFKDQ\JOLPSVHRIKLPVHOI
PDNLQJDVKRZRI%LW]HUWRVWUDQJHUVDVWKHULVLQJ\RXQJPDQVR
GHYRWHGWRKLVPDVWHU
VJUHDWPHULWVZKRKDGZRQ\RXQJ7RP
V
SODFHDQGKDGDOPRVWFDSWXUHG\RXQJ7RPKLPVHOILQWKHWLPHVZKHQ
E\YDULRXVUDVFDOVKHZDVVSLULWHGDZD\"'LGKHVHHDQ\IDLQW
UHIOHFWLRQRIKLVRZQLPDJHPDNLQJDYDLQJORULRXVZLOOZKHUHE\
ILYHDQGWZHQW\+XPEXJVSDVWILYHDQGILIW\\HDUVRIDJHHDFK
WDNLQJXSRQKLPVHOIWKHQDPH-RVLDK%RXQGHUE\RI&RNHWRZQVKRXOG
IRUHYHUGLQHLQ%RXQGHUE\+DOOIRUHYHUORGJHLQ%RXQGHUE\
EXLOGLQJVIRUHYHUDWWHQGD%RXQGHUE\FKDSHOIRUHYHUJRWRVOHHS
XQGHUD%RXQGHUE\FKDSODLQIRUHYHUEHVXSSRUWHGRXWRID
%RXQGHUE\HVWDWHDQGIRUHYHUQDXVHDWHDOOKHDOWK\VWRPDFKVZLWK
DYDVWDPRXQWRI%RXQGHUE\EDOGHUGDVKDQGEOXVWHU"+DGKHDQ\
SUHVFLHQFHRIWKHGD\ILYH\HDUVWRFRPHZKHQ-RVLDK%RXQGHUE\RI
&RNHWRZQZDVWRGLHRIDILWLQWKH&RNHWRZQVWUHHWDQGWKLVVDPH
SUHFLRXVZLOOZDVWREHJLQLWVORQJFDUHHURITXLEEOHSOXQGHU
IDOVHSUHWHQFHVYLOHH[DPSOHOLWWOHVHUYLFHDQGPXFKODZ"
3UREDEO\QRW<HWWKHSRUWUDLWZDVWRVHHLWDOORXW
+HUHZDV0U*UDGJULQGRQWKHVDPHGD\DQGLQWKHVDPHKRXU
VLWWLQJWKRXJKWIXOLQKLVRZQURRP+RZPXFKRIIXWXULW\GLGKH
277
VHH"'LGKHVHHKLPVHOIDZKLWHKDLUHGGHFUHSLWPDQEHQGLQJKLV
KLWKHUWRLQIOH[LEOHWKHRULHVWRDSSRLQWHGFLUFXPVWDQFHVPDNLQJKLV
IDFWVDQGILJXUHVVXEVHUYLHQWWR)DLWK+RSHDQG&KDULW\DQGQR
ORQJHUWU\LQJWRJULQGWKDW+HDYHQO\WULRLQKLVGXVW\OLWWOH
PLOOV"'LGKHFDWFKVLJKWRIKLPVHOIWKHUHIRUHPXFKGHVSLVHGE\
KLVODWHSROLWLFDODVVRFLDWHV"'LGKHVHHWKHPLQWKHHUDRILWV
EHLQJTXLWHVHWWOHGWKDWWKHQDWLRQDOGXVWPHQKDYHRQO\WRGRZLWK
RQHDQRWKHUDQGRZHQRGXW\WRDQDEVWUDFWLRQFDOOHGD3HRSOH
WDXQWLQJWKHKRQRXUDEOHJHQWOHPDQ
ZLWKWKLVDQGZLWKWKDWDQG
ZLWKZKDWQRWILYHQLJKWVDZHHNXQWLOWKHVPDOOKRXUVRIWKH
PRUQLQJ"3UREDEO\KHKDGWKDWPXFKIRUHNQRZOHGJHNQRZLQJKLVPHQ
+HUHZDV/RXLVDRQWKHQLJKWRIWKHVDPHGD\ZDWFKLQJWKHILUHDV
LQGD\VRI\RUHWKRXJKZLWKDJHQWOHUDQGDKXPEOHUIDFH+RZ
PXFKRIWKHIXWXUHPLJKWDULVHEHIRUHKHUYLVLRQ"%URDGVLGHVLQ
WKHVWUHHWVVLJQHGZLWKKHUIDWKHU
VQDPHH[RQHUDWLQJWKHODWH
6WHSKHQ%ODFNSRROZHDYHUIURPPLVSODFHGVXVSLFLRQDQGSXEOLVKLQJ
WKHJXLOWRIKLVRZQVRQZLWKVXFKH[WHQXDWLRQDVKLV\HDUVDQG
WHPSWDWLRQKHFRXOGQRWEULQJKLPVHOIWRDGGKLVHGXFDWLRQPLJKW
EHVHHFKZHUHRIWKH3UHVHQW6R6WHSKHQ%ODFNSRRO
VWRPEVWRQH
ZLWKKHUIDWKHU
VUHFRUGRIKLVGHDWKZDVDOPRVWRIWKH3UHVHQW
IRUVKHNQHZLWZDVWREH7KHVHWKLQJVVKHFRXOGSODLQO\VHH
%XWKRZPXFKRIWKH)XWXUH"
$ZRUNLQJZRPDQFKULVWHQHG5DFKDHODIWHUDORQJLOOQHVVRQFH
DJDLQDSSHDULQJDWWKHULQJLQJRIWKH)DFWRU\EHOODQGSDVVLQJWR
DQGIURDWWKHVHWKRXUVDPRQJWKH&RNHWRZQ+DQGVDZRPDQRI
SHQVLYHEHDXW\DOZD\VGUHVVHGLQEODFNEXWVZHHWWHPSHUHGDQG
VHUHQHDQGHYHQFKHHUIXOZKRRIDOOWKHSHRSOHLQWKHSODFH
DORQHDSSHDUHGWRKDYHFRPSDVVLRQRQDGHJUDGHGGUXQNHQZUHWFKRI
KHURZQVH[ZKRZDVVRPHWLPHVVHHQLQWKHWRZQVHFUHWO\EHJJLQJRI
KHUDQGFU\LQJWRKHUDZRPDQZRUNLQJHYHUZRUNLQJEXWFRQWHQW
WRGRLWDQGSUHIHUULQJWRGRLWDVKHUQDWXUDOORWXQWLOVKH
VKRXOGEHWRRROGWRODERXUDQ\PRUH"'LG/RXLVDVHHWKLV"6XFKD
WKLQJZDVWREH
$ORQHO\EURWKHUPDQ\WKRXVDQGVRIPLOHVDZD\ZULWLQJRQSDSHU
EORWWHGZLWKWHDUVWKDWKHUZRUGVKDGWRRVRRQFRPHWUXHDQGWKDW
DOOWKHWUHDVXUHVLQWKHZRUOGZRXOGEHFKHDSO\EDUWHUHGIRUD
VLJKWRIKHUGHDUIDFH"$WOHQJWKWKLVEURWKHUFRPLQJQHDUHUKRPH
ZLWKKRSHRIVHHLQJKHUDQGEHLQJGHOD\HGE\LOOQHVVDQGWKHQD
OHWWHULQDVWUDQJHKDQGVD\LQJ
KHGLHGLQKRVSLWDORIIHYHU
VXFKDGD\DQGGLHGLQSHQLWHQFHDQGORYHRI\RXKLVODVWZRUG
278
EHLQJ\RXUQDPH
"'LG/RXLVDVHHWKHVHWKLQJV"6XFKWKLQJVZHUH
WREH
+HUVHOIDJDLQDZLIHDPRWKHUORYLQJO\ZDWFKIXORIKHU
FKLOGUHQHYHUFDUHIXOWKDWWKH\VKRXOGKDYHDFKLOGKRRGRIWKH
PLQGQROHVVWKDQDFKLOGKRRGRIWKHERG\DVNQRZLQJLWWREHHYHQ
DPRUHEHDXWLIXOWKLQJDQGDSRVVHVVLRQDQ\KRDUGHGVFUDSRI
ZKLFKLVDEOHVVLQJDQGKDSSLQHVVWRWKHZLVHVW"'LG/RXLVDVHH
WKLV"6XFKDWKLQJZDVQHYHUWREH
%XWKDSS\6LVV\
VKDSS\FKLOGUHQORYLQJKHUDOOFKLOGUHQORYLQJ
KHUVKHJURZQOHDUQHGLQFKLOGLVKORUHWKLQNLQJQRLQQRFHQWDQG
SUHWW\IDQF\HYHUWREHGHVSLVHGWU\LQJKDUGWRNQRZKHUKXPEOHU
IHOORZFUHDWXUHVDQGWREHDXWLI\WKHLUOLYHVRIPDFKLQHU\DQG
UHDOLW\ZLWKWKRVHLPDJLQDWLYHJUDFHVDQGGHOLJKWVZLWKRXWZKLFK
WKHKHDUWRILQIDQF\ZLOOZLWKHUXSWKHVWXUGLHVWSK\VLFDOPDQKRRG
ZLOOEHPRUDOO\VWDUNGHDWKDQGWKHSODLQHVWQDWLRQDOSURVSHULW\
ILJXUHVFDQVKRZZLOOEHWKH:ULWLQJRQWKH:DOOVKHKROGLQJ
WKLVFRXUVHDVSDUWRIQRIDQWDVWLFYRZRUERQGRUEURWKHUKRRG
RUVLVWHUKRRGRUSOHGJHRUFRYHQDQWRUIDQF\GUHVVRUIDQF\
IDLUEXWVLPSO\DVDGXW\WREHGRQHGLG/RXLVDVHHWKHVH
WKLQJVRIKHUVHOI"7KHVHWKLQJVZHUHWREH
'HDUUHDGHU,WUHVWVZLWK\RXDQGPHZKHWKHULQRXUWZRILHOGV
RIDFWLRQVLPLODUWKLQJVVKDOOEHRUQRW/HWWKHPEH:HVKDOO
VLWZLWKOLJKWHUERVRPVRQWKHKHDUWKWRVHHWKHDVKHVRIRXU
ILUHVWXUQJUD\DQGFROG
7KH(QG
&RS\ULJKWYLUWXDOERRNVFRPEU
7RGRVRVGLUHLWRVUHVHUYDGRVD(GLWRUD9LUWXDO%RRNV2QOLQH00(GLWRUHV/WGD
eSURLELGDDUHSURGXomRGRFRQWH~GRGHVWDSiJLQDHPTXDOTXHUPHLRGHFRPXQLFDomR
HOHWU{QLFRRXLPSUHVVRVHPDXWRUL]DomRHVFULWDGD(GLWRUD
279
© Copyright 2026 Paperzz