0U 7UXPDQ¶V'HJUHH
*(0$QVFRPEH
3DPSKOHWSXEOLVKHGE\WKHDXWKRU
Ī2[IRUGī
,
VKDOOGRLWWRR¶ <RXGRQ¶WSURPLVHWRDELGHE\WKH4XHHQVEXU\5XOHV
HYHQLI\RXURSSRQHQWDEDQGRQVWKHP
,Q RQWKHRXWEUHDNRIZDU WKH3UHVLGHQWRIWKH8QLWHG6WDWHV
DVNHGIRUDVVXUDQFHVIURPWKHEHOOLJHUHQWQDWLRQVWKDWFLYLOSRSXODWLRQV
ZRXOGQRWEHDWWDFNHG
ī 7KHRQO\FRQGLWLRQIRUHQGLQJWKHZDUZDVDQQRXQFHGWREHXQĥ
FRQGLWLRQDO VXUUHQGHU $SDUWIURPWKHµOLEHUDWLRQRIWKHVXEMHFW
SHRSOHV¶ WKHREMHFWLYHVZHUHYDJXHLQFKDUDFWHU 1RZWKHGHPDQG
IRUXQFRQGLWLRQDOVXUUHQGHUZDVPL[HGXSZLWKDGHWHUPLQDWLRQWR
PDNHQRSHDFHZLWK+LWOHU¶VJRYHUQPHQW ,QYLHZRIWKHFKDUDFWHU
RI+LWOHU¶VUHJLPHWKDWDWWLWXGHZDVYHU\LQWHOOLJLEOH 1HYHUWKHOHVV
VRPHSHRSOHKDYHGRXEWVDERXWLWQRZ ,WLVVXJJHVWHGWKDWGHIHDW
RILWVHOIZRXOGKDYHUHVXOWHGLQWKHUDSLGGLVFUHGLWDQGGRZQIDOORI
WKDWJRYHUQPHQW 2QWKLV, FDQIRUPQRVWURQJRSLQLRQ 7KHLPĥ
SRUWDQWTXHVWLRQWRP\PLQGLVZKHWKHUWKHLQWHQWLRQRIPDNLQJ
QRSHDFHZLWK+LWOHU¶VJRYHUQPHQWQHFHVVDULO\HQWDLOHGWKHREMHFĥ
WLYHRIXQFRQGLWLRQDOVXUUHQGHU ,I DVPD\QRWEHLPSRVVLEOH ZH
FRXOGKDYHIRUPXODWHGDSUHWW\GHILQLWHREMHFWLYH DURXJKRXWOLQH
RIWKHWHUPVZKLFKZHZHUHZLOOLQJWRPDNHZLWK*HUPDQ\ ZKLOH
DWWKHVDPHWLPHLQGLFDWLQJWKDWZHZRXOGQRWPDNHWHUPVZLWK
+LWOHU·VJRYHUQPHQW WKHQWKHTXHVWLRQRIWKHZLVGRPRIWKLVODWWHU
GHPDQGVHHPVWRPHDPLQRURQH EXWLIQRW WKHQWKDWVHWWOHVLW
,WZDVWKHLQVLVWHQFHRQXQFRQGLWLRQDOVXUUHQGHUWKDWZDVWKHURRW
RIDOOHYLO 7KHFRQQHFWLRQEHWZHHQVXFKDGHPDQGDQGWKHQHHG
,Q ZKHQWKH-DSDQHVHHQHP\ZDVNQRZQE\KLPWRKDYHPDGH
WZRDWWHPSWVWRZDUGDQHJRWLDWHGSHDFH WKH3UHVLGHQWRIWKH8QLWHG
6WDWHVJDYHWKHRUGHUIRUGURSSLQJDQDWRPERPERQD-DSDQHVHFLW\
WKUHHGD\VODWHUDVHFRQGERPE RIDGLIIHUHQWW\SH ZDVGURSSHGRQ
DQRWKHUFLW\ 1RXOWLPDWXPZDVGHOLYHUHGEHIRUHWKHVHFRQGERPE
ZDVGURSSHG
6HWVLGHE\VLGH WKHVHHYHQWVSURYLGHHQRXJKRIDFRQWUDVWWRSURYRNH
HQTXLU\ (YLGHQWO\GHYHORSPHQWKDVWDNHSODFH RQHZRXOGOLNHWRVHH
LWVFRXUVHSORWWHG ,WLVQRW , WKLQN GLIILFXOWWRJLYHDQLQWHOOLJLEOH
DFFRXQW¶
ī 7KH%ULWLVK*RYHUQPHQWJDYH3UHVLGHQW5RRVHYHOWWKHUHTXLUHGDVĥ
VXUDQFH ZLWKDUHVHUYDWLRQZKLFKPHDQWµ,IWKH*HUPDQVGRLWZH
7KHDXWKRUSULQFLSDOO\SXEOLVKHGXQGHUWKLVQDPH EXWVKHZDVNQRZQDV(OL]DEHWK
$QVFRPEH
WRXVHWKHPRVWIHURFLRXVPHWKRGVRIZDUIDUHZLOOEHREYLRXV $QG
LQLWVHOIWKHSURSRVDORIDQXQOLPLWHGREMHFWLYHLQZDULVVWXSLGDQG
EDUEDURXV
HYHUWKDWPD\EH WKRVHSDVVLRQVZHUHVXLWDEO\DURXVHGDQGWKHZDU
ZDVHQWHUHGRQZLWKWKHVDPHYDJXHDQGKHQFHOLPLWOHVVREMHFWLYHV
DQGRQFHPRUHXQFRQGLWLRQDOVXUUHQGHUZDVWKHRQO\FRQGLWLRQRQ
ZKLFKWKHZDUZDVJRLQJWRHQG
ī 7KH*HUPDQVGLGDJRRGGHDORILQGLVFULPLQDWHERPELQJLQWKLV
FRXQWU\ ,WLVLPSRVVLEOHIRUDQXQLQIRUPHGSHUVRQWRNQRZKRZ
PXFK LQLWVILUVWEHJLQQLQJV ZDVGXHWRLQGLIIHUHQFHRQWKHSDUWRI
SLORWVWRXVLQJWKHLUORDGVRQO\RQPLOLWDU\WDUJHWV DQGKRZPXFK
WRDFWXDOSROLF\RQWKHSDUWRIWKRVHZKRVHQWWKHP 1RUGR, NQRZ
ZKDWZHZHUHGRLQJDWWKHVDPHWLPH %XWFHUWDLQO\DQ\RQHZRXOG
KDYHEHHQVWXSLGZKRKDGWKRXJKWLQWKDWWKHUHZRXOGQRWEH
VXFKERPELQJ GHYHORSLQJLQWRGHILQLWHUDLGVRQFLWLHV
ī 7KHQFDPHWKHJUHDWFKDQJH ZHDGRSWHGWKHV\VWHPRIµDUHDERPEĥ
LQJ¶DVRSSRVHWRµWDUJHWERPELQJ¶ 7KLVGLIIHUHGIURPHYHQELJUDLGV
RQFLWLHV VXFKDVKDGSUHYLRXVO\WDNHQSODFHLQWKHFRXUVHRIWKHZDU
E\EHLQJIDUPRUHH[WHQVLYHDQGGHYDVWDWLQJDQGPXFKOHVVUDQGRP
WKHZKROHRIDFLW\DUHDZRXOGEHV\VWHPDWLFDOO\SORWWHGRXWDQGGRWĥ
WHGZLWKERPEV µ$WWLODZDVD6LVV\¶ DVWKH &KLFDJR7ULEXQH KHDGHG
DQDUWLFOHRQWKLVVXEMHFW
ī ,Q DWWKH3RVWGDPFRQIHUHQFHLQ-XO\ 6WDOLQLQIRUPHGWKH
$PHULFDQDQG%ULWLVKVWDWHVPHQWKDWKHKDGUHFHLYHGWZRUHTXHVWV
IURPWKH-DSDQHVHWRDFWDVDPHGLDWRUZLWKDYLHZWRHQGLQJWKH
ZDU +HKDGUHIXVHG 7KH$OOLHVDJUHHGRQWKHµJHQHUDOSULQFLĥ
SOH¶µPDUYHOORXVSKUDVH¶RIXVLQJWKHQHZW\SHRIZHDSRQWKDWWKH
$PHULFDQVQRZSRVVHVVHG 7KH-DSDQHVHZHUHJLYHQDFKDQFHLQWKH
IRUPRIWKH3RWVGDP'HFODUDWLRQ FDOOLQJIRUXQFRQGLWLRQDOVXUUHQĥ
GHULQIDFHRIRYHUZKHOPLQJIRUFHVRRQWREHDUUD\HGDJDLQVWWKHP
7KHKLVWRULDQRIWKH6XUYH\RI,QWHUQDWLRQDO$IIDLUVFRQVLGHUVWKDW
WKLVSKUDVHZDVUHQGHUHGPHDQLQJOHVVE\WKHVWDWHPHQWRIDVHULHVRI
WHUPV EXWRIWKHVHWKHRQHVLQFRUSRUDWLQJWKH$OOLHV¶GHPDQGVZHUH
PRVWO\RIVRYDJXHDQGVZHHSLQJDQDWXUHDVWREHUDWKHUDGHFODUDĥ
WLRQRIZKDWXQFRQGLWLRQDOVXUUHQGHUZRXOGEHOLNHWKDQWRFRQVWLĥ
WXWHFRQGLWLRQV ,WVHHPVWREHJHQHUDOO\DJUHHGWKDWWKH-DSDQHVH
ZHUHGHVSHUDWHHQRXJKWRKDYHDFFHSWHGWKH'HFODUDWLRQEXWIRU
WKHLUOR\DOW\WRWKHLU(PSHURU WKHµWHUPV¶ZRXOGFHUWDLQO\KDYHSHUĥ
PLWWHGWKH$OOLHVWRJHWULGRIKLPLIWKH\FKRVH 7KH-DSDQHVHUHĥ
IXVHGWKH'HFODUDWLRQ ,QFRQVHTXHQFH WKHERPEVZHUHGURSSHG
RQ+LURVKLPDDQG1DJDVDNL 7KHGHFLVLRQWRXVHWKHPRQSHRSOH
ZDV0U 7UXPDQ¶V
ī )RUVRPHWLPHEHIRUHZDUEURNHRXW DQGPRUHLQWHQVHO\DIWHUZDUGV
WKHUHZDVSURSDJDQGDLQWKLVFRXQWU\RQWKHVXEMHFWRIWKHµLQGLYLVLĥ
ELOLW\¶RIPRGHUQZDU 7KHFLYLOLDQSRSXODWLRQ ZHZHUHWROG LVUHDOO\
DVPXFKFRPEDWDQWDVWKHILJKWLQJIRUFHV 7KHPLOLWDU\VWUHQJWKRI
DQDWLRQLQFOXGHVLWVZKROHHFRQRPLFDQGVRFLDOVWUHQJWK 7KHUHIRUH
WKHGLVWLQFWLRQEHWZHHQWKHSHRSOHHQJDJHGLQSURVHFXWLQJWKHZDU
DQGWKHSRSXODWLRQDWODUJHLVXQUHDO 7KHUHLVQRVXFKWKLQJDVD
QRQĥSDUWLFLSDWRU \RXFDQQRWEX\DSRVWDJHVWDPSRUDQ\WD[HGDUĥ
WLFOH RUJURZDSRWDWRRUFRRNDPHDO ZLWKRXWFRQWULEXWLQJWRWKH
µZDUHIIRUW¶ :DULQGHHGLVDµJKDVWO\HYLO¶ EXWRQFHLWKDVEURNHQRXW
QRRQHFDQµFRQWUDFWRXW¶RILW µ:URQJ¶LQGHHGPXVWEHEHLQJGRQH
LIZDULVZDJHG EXW\RXFDQQRWKHOSEHLQJLQYROYHGLQLW 7KHUHZDV
DGRFWULQHRIµFROOHFWLYHUHVSRQVLELOLW\¶ZLWKDOXJXEULRXVO\HOHYDWHG
PRUDOWRQHDERXWLW 7KHXSVKRWZDVWKDWLWZDVVHQVHOHVVWRGUDZ
DQ\OLQHEHWZHHQOHJLWLPDWHDQGLOOHJLWLPDWHREMHFWVRIDWWDFN¶7KXV
WKHFRXUWFKDSODLQVRIGHPRFUDF\ , DPQRWVXUHKRZFKLOGUHQDQG
WKHDJHGILWWHGLQWRWKLVVWRU\ SUREDEO\WKH\FKHHUHGWKHVROGLHUV
DQGPXQLWLRQVZRUNHUVXS
ī 7KH-DSDQHVHDWWDFNHG3HDUO+DUERXUDQGWKHUHZDVZDUEHWZHHQ
$PHULFDDQG-DSDQ 6RPH$PHULFDQĪ5HSXEOLFDQīKLVWRULDQVQRZ
FODLPWKDWWKHDFNQRZOHGJHGIDFWWKDWWKH$PHULFDQ*RYHUQPHQW
NQHZDQDWWDFNZDVLPSHQGLQJVRPHKRXUVEHIRUHLWRFFXUUHG EXW
GLGQRWDOHUWWKHSHRSOHLQORFDOFRPPDQG FDQRQO\EHH[SODLQHG
E\DSXUSRVHRIDURXVLQJWKHSDVVLRQVRI$PHULFDQSHRSOH +RZĥ
)RUPHQWRFKRRVHWRNLOOWKHLQQRFHQWDVDPHDQVWRWKHLUHQGVLV
DOZD\VPXUGHU DQGPXUGHULVRQHRIWKHZRUVWRIKXPDQDFWLRQV 6R
WKHSURKLELWLRQRQGHOLEHUDWHO\NLOOLQJSULVRQHUVRIZDURUWKHFLYLOLDQ
SRSXODWLRQLVQRWOLNHWKH4XHHQVEXU\5XOHV LWVIRUFHGRHVQRWGHSHQG
RQLWVSURPXOJDWLRQDVSDUWRISRVLWLYHODZ ZULWWHQGRZQ DJUHHGXSRQ
DQGDGKHUHGWRE\WKHSDUWLHVFRQFHUQHG
QRWGRHYLOWKDWJRRGPD\FRPH¶ ZKLFKLVDGLVDJUHHDEO\KLJKĥPLQGHG
GRFWULQH 7KHDFWLRQZDVQHFHVVDU\ RUDWDQ\UDWHLWZDVWKRXJKWE\
FRPSHWHQW H[SHUWPLOLWDU\RSLQLRQWREHQHFHVVDU\ LWSUREDEO\VDYHG
PRUHOLYHVWKDQLWVDFULILFHG LWKDGDJRRGUHVXOW LWHQGHGWKHZDU
&RPHQRZ LI\RXKDGWRFKRRVHEHWZHHQERLOLQJRQHEDE\DQGOHWWLQJ
VRPHIULJKWIXOGLVDVWHUEHIDOODWKRXVDQGSHRSOHħRUDPLOOLRQSHRSOH
LIDWKRXVDQGLVQRWHQRXJKħZKDWZRXOG\RXGR" $UH\RXJRLQJWR
VWULNHDQDWWLWXGHDQGVD\µ<RXPD\QRWGRHYLOWKDWJRRGPD\FRPH¶"
Ī3HRSOHZKRQHYHUKHDUVXFKDUJXPHQWVZLOOKDUGO\EHOLHYHWKH\WDNH
SODFH DQGZLOOSDVVWKLVUDSLGO\E\ī
:KHQ, VD\WKDWWRFKRRVHWRNLOOWKHLQQRFHQWDVDPHDQVWRRQH¶VHQGV
LVPXUGHU , DPVD\LQJZKDWZRXOGJHQHUDOO\EHDFFHSWHGDVFRUUHFW %XW
, VKDOOEHDVNHGIRUP\GHILQLWLRQRIµWKHLQQRFHQW¶ , ZLOOJLYHLW EXW
ODWHU +HUH LWLVQRWQHFHVVDU\ IRUZLWK+LURVKLPDDQG1DJDVDNLZH
DUHQRWFRQIURQWHGZLWKDERUGHUOLQHFDVH ,QWKHERPELQJRIWKHVH
FLWLHVLWZDVFHUWDLQO\GHFLGHGWRNLOOWKHLQQRFHQWDVDPHDQVWRDQ
HQG $QGDYHU\ODUJHQXPEHURIWKHP DOODWRQFH ZLWKRXWZDUQLQJ
ZLWKRXWWKHLQWHUVWLFHVRIHVFDSHRUWKHFKDQFHWRWDNHVKHOWHU ZKLFK
H[LVWHGHYHQLQWKHµDUHDERPELQJ¶RIWKH*HUPDQFLWLHV
µ,WSUHWW\FHUWDLQO\VDYHGDKXJHQXPEHURIOLYHV¶ *LYHQWKHFRQGLĥ
WLRQV , DJUHH 7KDWLVWRVD\ LIWKRVHERPEVKDGQRWEHHQGURSSHG
WKH$OOLHVZRXOGKDYHKDGWRLQYDGH-DSDQWRDFKLHYHWKHLUDLP DQG
WKH\ZRXOGKDYHGRQHVR 9HU\PDQ\VROGLHUVRQERWKVLGHVZRXOGKDYH
EHHQNLOOHG WKH-DSDQHVH LWLVVDLGħDQGLWPD\ZHOOEHWUXHħZRXOG
KDYHPDVVDFUHGWKHSULVRQHUVRIZDU DQGODUJHQXPEHUVRIWKHLUFLYLOĥ
LDQSRSXODWLRQZRXOGKDYHEHHQNLOOHGE\µRUGLQDU\¶ERPELQJ
, KDYHORQJEHHQSX]]OHGE\WKHFRPPRQFDQWDERXW3UHVLGHQW7UXĥ
PDQ¶VFRXUDJHLQPDNLQJWKLVGHFLVLRQ 2IFRXUVH , NQRZWKDW\RXFDQ
EHFRZDUGO\ZLWKRXWKDYLQJUHDVRQWRWKLQN\RXDUHLQGDQJHU %XWKRZ
FDQ\RXEHFRXUDJHRXV" /LJKWKDVFRPHWRPHODWHO\ WKHWHUPLVDQDFĥ
NQRZOHGJHPHQWRIWKHWUXWK 0U 7UXPDQZDVEUDYHEHFDXVH DQGRQO\
EHFDXVH ZKDWKHGLGZDVVREDG %XW, WKLQNWKHMXGJHPHQWXQVRXQG
*LYHQWKHULJKWFLUFXPVWDQFHVĪHJ WKDWQRRQHZKRVHRSLQLRQPDWWHUV
ZLOOGLVDSSURYHī DTXLWHPHGLRFUHSHUVRQFDQGRVSHFWDFXODUO\ZLFNHG
WKLQJVZLWKRXWWKHUHE\EHFRPLQJLPSUHVVLYH
, GRQRWGLVSXWHLW *LYHQWKHFRQGLWLRQV WKDWZDVSUREDEO\ZKDWZDV
DYHUWHGE\WKDWDFWLRQ %XWZKDWZHUHWKHFRQGLWLRQV" 7KHXQOLPLWHG
REMHFWLYH WKHIL[DWLRQRQXQFRQGLWLRQDOVXUUHQGHU 7KHGLVUHJDUGRI
WKHIDFWWKDWWKH-DSDQHVHZHUHGHVLURXVRIQHJRWLDWLQJSHDFH 7KH
FKDUDFWHURIWKH3RWVGDP'HFODUDWLRQħWKHLUµFKDQFH¶ , ZLOOQRWVXJĥ
JHVW DVVRPHZRXOGOLNHWRGR WKDWWKHUHZDVDQH[XOWDQWLWFKWRXVHWKH
QHZZHDSRQV EXWLWVHHPVSODXVLEOHWRWKLQNWKDWWKHFRQVFLRXVQHVV
RIWKHSRVVHVVLRQRIVXFKLQVWUXPHQWVKDGLWVHIIHFWRQWKHPDQQHULQ
ZKLFKWKH-DSDQHVHZHUHRIIHUHGWKHLUµFKDQFH¶
, GHWHUPLQHGWRRSSRVHWKHSURSRVDOWRJLYH0U 7UXPDQDQKRQRUDU\
GHJUHHKHUHDW2[IRUG 1RZ DQKRQRUDU\GHJUHHLVQRWDUHZDUGRI
PHULW LWLV DVLWZHUH DUHZDUGIRUEHLQJDYHU\GLVWLQJXLVKHGSHUVRQ
DQGLWZRXOGEHIRROLVKWRHQTXLUHZKHWKHUDFDQGLGDWHGHVHUYHVWREH
DVGLVWLQJXLVKHGDVKHLV 7KDWLVZK\ LQJHQHUDO WKHTXHVWLRQZKHWKHU
VRĥDQGĥVRVKRXOGKDYHDQKRQRUDU\GHJUHHLVGHYRLGRILQWHUHVW $ YHU\
GLVWLQJXLVKHGSHUVRQZLOOKDUGO\EHDOVRDQRWRULRXVFULPLQDO DQGLIKH
VKRXOGFKDQFHWREHDQRQĥQRWRULRXVFULPLQDOLWZRXOG LQP\RSLQLRQ
EHLPSURSHUWREULQJWKHPDWWHUXS ,WLVRQO\LQWKHUDWKHUUDUHFDVH
LQZKLFKDPDQLVNQRZQHYHU\ZKHUHIRUDQDFWLRQ LQIDFWRIZKLFKLW
LVV\FRSKDQF\WRKRQRUKLP WKDWWKHTXHVWLRQFDQEHRIWKHVOLJKWHVW
LQWHUHVW
:HFDQQRZUHIRUPXODWHWKHSULQFLSOHRIµGRLQJHYLOWKDWJRRGPD\
FRPH¶(YHU\IRROFDQEHDVPXFKRIDNQDYHDVVXLWVKLP
, UHFRPPHQGWKLVKLVWRU\WRXQGHUJUDGXDWHVUHDGLQJ*UHDWVDVWKURZĥ
LQJDJODULQJOLJKWRQ$ULVWRWOH¶VWKHVLVWKDW\RXFDQQRWEHRUGRDQ\
JRRGZKHUH\RXDUHVWXSLG
, LQIRUPHGWKH6HQLRU3URFWRURIP\LQWHQWLRQWRRSSRVH0U 7UXPDQ¶V
GHJUHH +HFRQVXOWHGWKH5HJLVWUDUWRJHWPHLQIRUPHGRQSURFHGXUH
7KH9LFHĥ&KDQFHOORUZDVLQIRUPHG , ZDVFDXWLRXVO\DVNHGLI, KDGJRW
, KDYHEHHQDFFXVHGRIEHLQJµKLJKĥPLQGHG¶ , PXVWEHVD\LQJµ<RXPD\
,,
XSDSDUW\ , KDGQRW EXWDILQH+RXVHZDVZKLSSHGXSWRYRWHIRU
WKHKRQRXU 7KHGRQVDW6W -RKQ¶VZHUHVLPSO\WROGµ7KHZRPHQDUH
XSWRVRPHWKLQJLQ&RQYRFDWLRQ ZHKDYHWRJRDQGYRWHWKHPGRZQ¶
,Q:RUFHVWHU LQ$OO6RXOV LQ1HZ&ROOHJH KRZHYHU FRQVFLHQFHVZHUH
JUHDWO\H[HUFLVHG DV, KDYHKHDUG $ UHDVRQZDVIRXQGWRVDWLVI\WKHP
,WZRXOGEHZURQJWRWU\WR381,6+ 0U 7UXPDQ , PXVWVD\, UDWKHUOLNH
6W -RKQ¶V
&KRRVLQJWRNLOOWKHLQQRFHQWDVDPHDQVWR\RXUHQGVLVDOZD\VPXUĥ
GHU 1DWXUDOO\ NLOOLQJWKHLQQRFHQWDVDQHQGLQLWVHOILVPXUGHUWRR
EXWWKDWLVQRPRUHWKDQDSRVVLEOHIXWXUHGHYHORSPHQWIRUXV LQRXU
SDUWRIWKHJOREHLWLVDSUDFWLFHWKDWKDVVRIDUEHHQFRQILQHGWRWKH
1D]LV , LQWHQGP\IRUPXODWLRQWREHWDNHQVWULFWO\ HDFKWHUPLQLWLV
QHFHVVDU\ )RUNLOOLQJWKHLQQRFHQW HYHQLI\RXNQRZDVDPDWWHURI
VWDWLVWLFDOFHUWDLQW\WKDWWKHWKLQJV\RXGRLQYROYHLW LVQRWQHFHVVDULO\
PXUGHU , PHDQWKDWLI\RXDWWDFNDORWRIPLOLWDU\WDUJHWV VXFKDVPXĥ
QLWLRQVIDFWRULHVDQGQDYDOGRFN\DUGV DVFDUHIXOO\DV\RXFDQ \RXZLOO
EHFHUWDLQWRNLOODQXPEHURILQQRFHQWSHRSOH EXWWKDWLVQRWPXUGHU
2QWKHRWKHUKDQG XQVFUXSXORXVQHVVLQFRQVLGHULQJWKHSRVVLELOLWLHV
WXUQVLWLQWRPXUGHU , KHUHSULQWDVDFDVHLQSRLQWDOHWWHUZKLFK,
UHFHLYHGODWHO\IURP+ROODQG
7KH&HQVRURI6W &DWKHULQH¶VKDGDQRGLRXVWDVN +HPXVWPDNHD
VSHHFKZKLFKVKRXOGSUHWHQGWRVKRZWKDWDFRXSOHRIPDVVDFUHVWRD
PDQ¶VFUHGLWDUHQRWH[DFWO\DUHDVRQIRUQRWVKRZLQJKLPKRQRXU +H
KDG KRZHYHU RQHJUHDWDGYDQWDJH KHGLGQRWKDYHWRSHUVXDGHKLV
DXGLHQFH ZKRZHUHDOUHDG\SHUIHFWO\FRQYLQFHGRIWKDWSURSRVLWLRQ
%XWDWDQ\UDWHKHKDGWRPDNHDVKRZ
7KHGHIHQFH , WKLQN ZRXOGQRWKDYHEHHQZHOOUHFHLYHGDW1XUHPEHUJ
:HUHDGLQRXUSDSHUDERXW\RXURSSRVLWLRQWR7UXPDQ ,
GRQRWOLNHKLPHLWKHU EXWGR\RXNQRZWKDWLQWKHZDUWKH
(QJOLVKERPEHGWKHG\NHVRIRXUSURYLQFH=HHODQG DQLVODQG
ZKHUHQRERG\FRXOGHVFDSHDQ\ZKHUHWR :KHUHWKHZKROH
SRSXODWLRQZDVGURZQHG FKLOGUHQ ZRPHQ IDUPHUVZRUNLQJ
LQWKHILHOG DOOWKHFDWWOH HYHU\WKLQJ KXQGUHGVDQGKXQGUHGV
DQGZHZHUH\RXUDOOLHV 1RERG\HYHUVSHDNVDERXWWKDW 3HUĥ
KDSVLWZHUHZHOOWRNQRZWKLV 2U WRUHPHPEHU¶
:HGRQRWDSSURYHWKHDFWLRQ QR ZHWKLQNLWZDVD PLVWDNH Ī7KDW
LVKRZFRPPXQLVWVQRZWDONDERXW6WDOLQ¶VPRUHPXUGHURXVSURFHHGĥ
LQJVī )XUWKHU 0U 7UXPDQGLGQRWPDNHWKHERPEVE\KLPVHOI DQG
GHFLGHWRGURSWKHPZLWKRXWFRQVXOWLQJDQ\ERG\ QR KHZDVRQO\UHĥ
VSRQVLEOHIRUWKHGHFLVLRQ +DQJLWDOO \RXFDQ¶WPDNHDPDQUHVSRQVLĥ
EOHMXVWEHFDXVHµKLVLVWKHVLJQDWXUHDWWKHIRRWRIWKHRUGHU¶ 2UZDVKH
QRWHYHQUHVSRQVLEOHIRUWKHGHFLVLRQ" ,WZDVQRWTXLWHFOHDUZKHWKHU
0U %XOORFNZDVVD\LQJWKDWRUQRW EXW, QHYHUKHDUGDQ\RQHHOVHVHHP
WRJLYHWKHOLHWR0U 7UXPDQ¶VERDVWV )LQDOO\ DQDFWLRQRIWKLVVRUWLV
DIWHUDOO RQO\RQHHSLVRGH DQLQFLGHQW DVLWZHUH LQDFDUHHU 0U 7UXĥ
PDQKDVGRQHVRPHJRRG
7KDWZDVWRWUDSVRPHIOHHLQJ*HUPDQPLOLWDU\ , WKLQNP\FRUUHVSRQĥ
GHQWKDVVRPHWKLQJ
,WPD\EHLPSRVVLEOHWRWDNHWKHWKLQJĪRUSHRSOHī\RXZDQWWRGHVWUR\
DV\RXUWDUJHW LWPD\EHSRVVLEOHWRDWWDFNLWRQO\E\WDNLQJDVWKH
REMHFWRI\RXUDWWDFNZKDWLQFOXGHVODUJHQXPEHUVRILQQRFHQWSHRSOH
7KHQ\RXFDQQRWYHU\ZHOOVD\WKH\GLHGE\DFFLGHQW +HUH \RXUDFWLRQ
LVPXUGHU
, NQRZWKDWLQRQHZD\VXFKDVSHHFKGRHVQRWGHVHUYHVFUXWLQ\ DIĥ
WHUDOO LWZDVMXVWVRPHWKLQJWRVD\RQLWVRFFDVLRQ $QGKHKDGWR
VD\VRPHWKLQJ 2QHPXVWQRWVXSSRVHWKDWRQHFDQJOHDQDQ\WKLQJD
PDQDFWXDOO\WKLQNVIURPZKDWKHVD\VLQVXFKFLUFXPVWDQFHV 3URIHVĥ
VRU6WHEELQJH[SRVLQJWKHORJLFDOIDOODFLHVLQSROLWLFLDQV¶VSHHFKHVLVD
FRPLFVSHFWDFOH
µ%XWZKHUHZLOO\RXGUDZWKHOLQH" ,WLVLPSRVVLEOHWRGUDZDQH[DFWOLQH¶
7KLVLVDFRPPRQDQGDEVXUGDUJXPHQWDJDLQVWGUDZLQJDQ\OLQH LW
7KLVZLOOVHHPDSUHSRVWHURXVDVVHUWLRQ EXWZHDUHFHUWDLQO\RQWKHZD\ DQG, FDQ
WKLQNRIQRUHDVRQVIRUFRQILGHQFHWKDWLWZLOOQRWKDSSHQ
PD\EHYHU\GLIILFXOW DQGWKHUHDUHREYLRXVO\ERUGHUOLQHFDVHV %XWZH
KDYHIDOOHQLQWRWKHZD\RIGUDZLQJQROLQHDQGRIIHULQJDVMXVWLILFDWLRQV
ZKDWDQXQFDSWLYHPLQGZLOOILQGRQO\DEDGMRNH :KHUHYHUWKHOLQH
LV FHUWDLQWKLQJVDUHFHUWDLQO\ZHOOWRRQHVLGHRUWKHRWKHURILW
ZDUGVSULVRQHUVħDVLIWKDWZHUHEDVHGRQUHVSHFWIRUWKHLUYLUWXHRU
IRUWKHQDWLRQIRUPZKLFKWKH\FRPH DQGQRWRQWKHIDFWWKDWWKH\DUH
QRZGHIHQFHOHVV
1RZZKRDUHµWKHLQQRFHQW¶LQZDU" 7KH\DUHDOOWKRVHZKRDUHQRW
ILJKWLQJDQGQRWHQJDJHGLQVXSSO\WKRVHZKRDUHZLWKWKHPHDQVRI
ILJKWLQJ $ IDUPHUJURZLQJZKHDWZKLFKPD\EHHDWHQE\WKHWURRSVLV
QRWµVXSSO\LQJWKHPZLWKWKHPHDQVRIILJKWLQJ¶ 2YHUWKLV WRR WKHOLQH
PD\EHGLIILFXOWWRGUDZ %XWWKDWGRHVQRWPHDQWKDWQROLQHVKRXOG
EHGUDZQ RUWKDW HYHQLIRQHLVLQGRXEWMXVWZKHUHWRGUDZWKHOLQH
RQHFDQQRWEHFU\VWDOFOHDUWKDWWKLVRUWKDWLVZHOORYHUWKHOLQH
,WLVFKDUDFWHULVWLFRIQRZDGD\VWRWDONZLWKKRUURURINLOOLQJUDWKHUWKDQ
RIPXUGHU DQGKHQFH VLQFHLQZDU VLQFH\RXKDYHFRPPLWWHG\RXUVHOI
WRNLOOLQJħ LH µDFFHSWHGDQHYLO¶ħQRWWRPLQGZKRP\RXNLOO 7KLV
VHHPVODUJHO\WREHWKHZRUNRIWKHGHYLO EXW, DOVRVXVSHFWWKDWLWLVLQ
SDUWDQHIIHFWRIWKHH[LVWHQFHRISDFLILVP DVDGRFWULQHZKLFKPDQ\
SHRSOHUHVSHFWWKRXJKWKH\ZRXOGQRWDGRSWLW 7KLVHIIHFWZRXOGQRW
H[LVWLISHRSOHKDGDGLVWLQFWQRWLRQRIZKDWPDNHVSDFLILVPDIDOVH
GRFWULQH
µ%XWWKHSHRSOHILJKWLQJDUHSUREDEO\MXVWFRQVFULSWV ,QWKDWFDVHWKH\
DUHMXVWDVLQQRFHQWDVDQ\RQHHOVH¶ µ,QQRFHQW¶KHUHLVQRWDWHUPUHĥ
IHUULQJWRSHUVRQDOUHVSRQVLELOLW\DWDOO ,WPHDQVUDWKHUµQRWKDUPLQJ¶
%XWWKHSHRSOHILJKWLQJDUHµKDUPLQJ¶ VRWKH\FDQEHDWWDFNHG EXWLI
WKH\VXUUHQGHUWKH\EHFRPHLQWKLVVHQVHLQQRFHQWDQGVRPD\QRWEH
PDOWUHDWHGRUNLOOHG 1RULVWKHUHURXQGIRUWU\LQJWKHPRQDFULPLĥ
QDOFKDUJH QRW LQGHHG EHFDXVHDPDQKDVQRSHUVRQDOUHVSRQVLELOLW\
IRUILJKWLQJ EXWEHFDXVHWKH\ZHUHQRWWKHVXEMHFWVRIWKHVWDWHZKRVH
SULVRQHUVWKH\DUH
,WWKHUHIRUHVHHPVWRPHLPSRUWDQWWRVKRZWKDWIRURQHKXPDQEHĥ
LQJGHOLEHUDWHO\WRNLOODQRWKHULVQRWLQHYLWDEO\ZURQJ , PD\VHHP
WREHZDVWLQJP\WLPH DVPRVWSHRSOHGRUHMHFWSDFLILVP %XWLWLV
QHYHUWKHOHVVLPSRUWDQWWRDUJXHWKHSRLQWEHFDXVHLIRQHGRHVVRRQH
VHHVWKDWWKHUHDUHSUHWW\VHYHUHUHVWULFWLRQVRQOHJLWLPDWHNLOOLQJ 2I
FRXUVH SHRSOHDFFHSWWKLVZLWKLQWKHVWDWH EXWZKHQLWFRPHVWRZDU
WKH\KDYHWKHLGHDWKDWDQ\UHVWULFWLRQVDUHVRPHWKLQJOLNHWKH4XHHQVĥ
EXU\5XOHVħLQVWHDGRIPDNLQJWKHGLIIHUHQFHEHWZHHQEHLQJJXLOW\
DQGQRWJXLOW\RIPXUGHU
7KHUHLVDQDUJXPHQWZKLFK, NQRZIURPH[SHULHQFHLWLVQHFHVVDU\WR
IRUHVWDOODWWKLVSRLQW WKRXJK, WKLQNLWLVYLVLEO\FDSWLRXV ,WLVWKLV RQ
P\WKHRU\ ZRXOGLWQRWIROORZWKDWDVROGLHUFDQRQO\EHNLOOHGZKHQ
KHLVDFWXDOO\DWWDFNLQJ" 7KHQ HJ LWZRXOGEHLPSRVVLEOHWRDWWDFND
VOHHSLQJFDPS 7KHDQVZHULVWKDWµZKDWVRPHRQHLVGRLQJ¶FDQUHIHUWR
ZKDWKHLVGRLQJDWWKHPRPHQWRUWRKLVUROHLQDVLWXDWLRQ $ VROGLHU
XQGHUDUPVLVµKDUPLQJ¶LQWKHODWWHUVHQVHHYHQLIKHLVDVOHHS %XWLWLV
WUXHWKDWWKHHQHP\VKRXOGQRWEHDWWDFNHGPRUHIHURFLRXVO\WKDQLV
QHFHVVDU\WRSXWWKHP KRUVGHFRPEDW
, ZLOOQRWGLVFXVVWKHVHOIĥGHIHQFHRIDSULYDWHSHUVRQ ,IKHNLOOVWKH
PDQZKRDWWDFNVKLPZKRVRPHRQHHOVH LWRXJKWWREHDFFLGHQWDO 7R
DLPDWNLOOLQJ HYHQZKHQRQHLVGHIHQGLQJRQHVHOI LVPXUGHURXV Ī,
IHDUHYHQWKLVLGHDLVJRLQJ $ PDQZDVDFTXLWWHGUHFHQWO\ZKRKDG
VXFFHVVIXOO\VHWDOHWKDOERRE\WUDSWRNLOODWKLHILQKLVDEVHQFHī
%XWWKHVWDWHDFWXDOO\KDVWKHDXWKRULW\WRRUGHUGHOLEHUDWHNLOOLQJLQ
RUGHUWRSURWHFWLWVSHRSOHRUWRSXWIULJKWIXOLQMXVWLFHVULJKW Ī)RUH[ĥ
DPSOH WKHSOLJKWRIWKH-HZVXQGHU+LWOHUZRXOGKDYHEHHQDUHDVRQĥ
DEOHFDXVHRIZDUī 7KHUHDVRQIRUWKLVLVSUHWW\VLPSOH LWVWDQGVRXWĥ
PRVWFOHDUO\LIZHILUVWFRQVLGHUWKHVWDWH¶VULJKWWRRUGHUVXFKNLOOLQJ
ZLWKLQLWVFRQILQHV , DPQRWUHIHUULQJWRWKHGHDWKSHQDOW\ EXWWR
ZKDWKDSSHQVZKHQWKHUHLVULRWLQJRUZKHQYLROHQWPDOHIDFWRUVKDYH
WREHFDXJKW 5LRWHUVFDQVRPHWLPHVRQO\EHUHVWUDLQHG RUPDOHIDFĥ
WRUVVHL]HG E\IRUFH /DZZLWKRXWIRUFHLVLQHIIHFWXDO DQGKXPDQEHĥ
LQJVZLWKRXWODZVPLVHUDEOHĪWKRXJKZH ZKRKDYHWRRPDQ\DQGWRR
7KHVHFRQFHSWLRQVDUHGLVWLQFWDQGLQWHOOLJLEOHRQHV WKH\ZRXOGIRUĥ
PHUO\KDYHEHHQVDLGWREHORQJWRWKH/DZRI1DWLRQV $Q\RQHFDQVHH
WKDWWKH\DUHJRRG DQGZHSD\WULEXWHWRWKHPE\RXUPRUDOLQGLJQDĥ
WLRQZKHQRXUHQHPLHVYLRODWHWKHP %XWLQIDFWWKH\DUHJRLQJ DQG
RQO\IUDJPHQWVRIWKHPDUHOHIW *HQHUDO(LVHQKRZHU IRUH[DPSOH LV
UHSRUWHGWRKDYHVSRNHQVOLJKWLQJO\RQFHRIWKHQRWLRQRIFKLYDOU\WRĥ
FKDQJHDEOHODZV PD\HDVLO\QRWIHHOWKLVYHU\GLVWLQFWO\ī 6RPXFKLV
LQGHHGIDLUO\REYLRXV WKRXJKWKHPRUHSHDFHIXOWKHVRFLHW\WKHOHVV
REYLRXVLWLVWKDWWKHIRUFHLQWKHKDQGVRIWKHVHUYDQWVRIWKHODZKDV
WREHIRUFHXSWRWKHSRLQWRINLOOLQJ ,WZRXOGEHFRPHSHUIHFWO\REĥ
YLRXVDQ\WLPHWKHUHZDVULRWLQJRUJDQJVWHULVPZKLFKKDGWREHGHDOW
ZLWKE\WKHVHUYDQWVRIWKHODZILJKWLQJ
7KXVWKHPDOHIDFWRUZKRKDVEHHQIRXQGJXLOW\LVWKHRQO\GHIHQFHOHVV
SHUVRQZKRPWKHVWDWHPD\SXWWRGHDWK ,WQHHGQRW LWFDQFKRRVH
PRUHPHUFLIXOODZV Ī, KDYHQRSUHMXGLFHLQIDYRXURIWKHGHDWKSHQDOW\ī
$Q\RWKHUGHIHQFHOHVVSHUVRQLVDVVXFKLQQRFHQW LQWKHVHQVHµQRW
KDUPLQJ¶ $QGVRWKHVWDWHFDQRQO\RUGHUWRNLOORWKHUVRILWVVXEMHFWV
EHVLGHVFRQYLFWHGFULPLQDOVLIWKH\DUHULRWLQJRUGRLQJVRPHWKLQJWKDW
KDVWREHVWRSSHG DQGFDQRQO\EHVWRSSHGE\WKHVHUYDQWVRIWKHODZ
ILJKWLQJWKHP
7KHGHDWKSHQDOW\LWVHOILVDFRPSOHWHO\GLIIHUHQWPDWWHU 7KHVWDWHLV
QRWILJKWLQJWKHFULPLQDOZKRLVFRQGHPQHGWRGHDWK 7KDWLVZK\WKH
GHDWKSHQDOW\LVQRWLQGLVSHQVDEOH 3HRSOHNHHSRQGLVFXVVLQJZKHWKHU
WKHSRLQWRILWLVGHWHUUHQFHRUYHQJHDQFH LWLVQHLWKHU 1RWGHWHUĥ
UHQFH EHFDXVHQRERG\KDVSURYHGDQ\WKLQJDERXWWKDW DQGSHRSOH
WKLQNZKDWWKH\WKLQNLQDFFRUGDQFHZLWKWKHLUSUHMXGLFHV $QGQRW
YHQJHDQFH EHFDXVHWKDW¶VQRERG\¶VEXVLQHVV &RQIXVLRQDULVHVRQWKLV
VXEMHFWEHFDXVHWKHVWDWHLVVDLG DQGFRUUHFWO\VDLG WR SXQLVK WKHFULPĥ
LQDO DQGµSXQLVKPHQW¶VXJJHVWVµYHQJHDQFH¶ 7KHUHIRUHPDQ\KXPDQH
SHRSOHGLVOLNHWKHLGHDDQGSUHIHUVXFKQRWLRQVDVµFRUUHFWLRQ¶DQGµUHKDĥ
ELOLWDWLRQ¶ %XWWKHDFWLRQRIWKHVWDWHLQGHSULYLQJDPDQRIKLVULJKWV
XSWRKLVYHU\OLIH DKVWREHFRQVLGHUHGIURPWZRVLGHV )LUVW IURPWKDW
RIWKHPDQKLPVHOI ,IKHFRXOGVD\µ:K\KDYH\RXGRQHWKLVWRPH"
, KDYHQRWGHVHUYHGLW¶ WKHQWKHVWDWHZRXOGEHDFWLQJZLWKLQMXVWLFH
7KHUHIRUHKHPXVWEHSURYHGJXLOW\ DQGRQO\DVSXQLVKPHQWKDVWKH
VWDWHWKHULJKWWRLQIOLFWDQ\WKLQJRQKLP 7KHFRQFHSWRISXQLVKPHQW
LVRXURQHVDIHJXDUGDJDLQVWEHLQJGRQHµJRRG¶WR LQZD\VLQYROYLQJD
GHSULYDWLRQRIULJKWV E\LPSXGHQWSRZHUIXOSHRSOH 6HFRQG IURPWKH
VLGHRIWKHVWDWH GLYLQHUHWULEXWLYHMXVWLFHLVQRWLWVDIIDLU LWRQO\KDVWR
SURWHFWLWVSHRSOHDQGUHVWUDLQPDOHIDFWRUV 7KHJURXQGRILWVULJKWWR
GHSULYHRIOLEHUW\DQGHYHQOLIHLVRQO\WKDWWKHPDOHIDFWRULVDQXLVDQFH
OLNHDOLNHDJDQJUHQRXVOLPE 7KHUHIRUHLWFDQFXWKLPRIIHQWLUHO\ LI
KLVFULPHLVVREDGWKDWKHFRXOGQRWMXVWO\SURWHVWµ, KDYHQRWGHVHUYHG
WKLV¶ %XWZKHQ, VD\WKDWWKHVROHJURXQGRIVWDWH¶VULJKWWRNLOOKLPLV
WKDWKHLVDQXLVDQFH , RQO\PHDQWKDWKHLVDQXLVDQFH TXD PDOHIDFWRU
7KHOLYHVRIWKHLQQRFHQWDUHWKHDFWXDOSRLQWRIVRFLHW\ VRWKHIDFW
WKDWLQVRPHRWKHUZD\WKH\PD\EHDQXLVDQFHĪWURXEOHVRPHWRORRN
DIWHU IRUH[DPSOHīGRHVQRWMXVWLI\WKHVWDWHLQJHWWLQJULGRIWKHP
7KRXJKWKDWLVDQRWKHUWKLQJZHPD\\HWFRPHWR %XWWKHEORRGRI
WKHLQQRFHQWFULHVWRKHDYHQIRUYHQJHDQFH
1RZ WKLVLVDOVRWKHJURXQGRIWKHVWDWH¶VULJKWWRRUGHUSHRSOHWR
ILJKWH[WHUQDOHQHPLHVZKRDUHXQMXVWO\DWWDFNLQJWKHPRUVRPHWKLQJ
RIWKHLUV 7KHULJKWWRRUGHUWRILJKWIRUWKHVDNHRIRWKHUSHRSOH¶V
ZURQJV WRSXWULJKWVRPHWKLQJDIIHFWLQJSHRSOHZKRDUHQRWDFWXDOO\
XQGHUWKHSURWHFWLRQRIWKHVDWH LVDUDWKHUPRUHGXELRXVWKLQJREYLĥ
RXVO\ EXWLWH[LVWVEHFDXVHRIWKHFRPPRQV\PSDWK\RIKXPDQEHLQJV
ZKHUHE\RQHIHHOVIRURQH¶VQHLJKERXULIKHLVDWWDFNHG 6RLQDQDWWHQĥ
XDWHGVHQVHLWFDQEHVDLGWKDWVRPHWKLQJWKDWEHORQJVWR RUFRQFHUQV
RQHLVDWWDFNHGLIDQ\ERG\LVXQMXVWO\DWWDFNHGRUPDOWUHDWHG
3DFLILVP WKHQ LVDIDOVHGRFWULQH 1RZ QRGRXEW LWLVEDGMXVWIRU
WKDWUHDVRQ EHFDXVHLWLVDOZD\VEDGWRKDYHDIDOVHFRQVFLHQFH ,Q
WKLVZD\WKHGRFWULQHWKDWLWLVDEDGDFWWROD\DEHWLVEDG LWLVDOO
ULJKWWREHWZKDWLWLVDOOULJKWWRULVNRUGURSLQWKHVHD %XW, ZDQW
WRPDLQWDLQWKDWSDFLILVPLVDKDUPIXOGRFWULQHLQDIDUVWURQJHUVHQVH
WKDQWKLV (YHQWKHSUHYDOHQFHRIWKHLGHDWKDWLWZDVZURQJWREHW
ZRXOGKDYHQRSDUWLFXODUO\EDGFRQVHTXHQFHV DIDOVHGRFWULQHZKLFK
PHUHO\IRUELGVZKDWLVQRWDFWXDOO\EDGQHHGQRWHQFRXUDJHSHRSOHLQ
DQ\WKLQJEDG %XWZLWKSDFLILVPLWLVTXLWHRWKHUZLVH ,WLVDIDFWRULQ
WKHORVVRIWKHFRQFHSWLRQRIPXUGHUZKLFKLVP\FKLHILQWHUHVWLQWKLV
SDPSKOHW
, KDYHYHU\RIWHQKHDUGSHRSOHVD\VRPHWKLQJOLNHWKLV µ,WLVDOOYHU\
ZHOOWRVD\¶'RQ¶WGRHYLOWKDWJRRGPD\FRPH¶ %XW ZDU LVHYLO :H
DOONQRZWKDW 1RZ RIFRXUVH LWLVSRVVLEOHWREHDQ$EVROXWH3DFLILVW
, FDQUHVSHFWWKDW EXW, FDQ¶WEHRQHP\VHOI DQGPRVWRWKHUSHRSOH
ZRQ¶WEHHLWKHU 6RZHKDYHWRDFFHSWWKHHYLO ,WLVQRWWKDWZHGRQRW
VHHWKHHYLO $QGRQFH\RXDUHLQIRULW \RXKDYHWRJRWKHZKROHKRJ¶
7KLVLVPXFKDVLI, ZHUHGHIUDXGLQJVRPHRQH DQGZKHQVRPHRQHWULHG
WRVWRSPH, VDLG µ$EVROXWHKRQHVW\ , UHVSHFWWKDW %XWRIFRXUVH
DEVROXWHKRQHVW\UHDOO\PHDQVKDYLQJQRSURSHUW\DWDOO ¶ +DYLQJ
RIIHUHGWKHVDFULILFHRIDIHZVLJKVDQGWHDUVWRDEVROXWHKRQHVW\ , JR
RQDVEHIRUH
ZKRVHVROHSRLQWLVWREHXVHGLQPDVVDFUHRIFLWLHV %XWWKHSHRSOH
UHVSRQVLEOHDUHQRWPXUGHURXVEHFDXVHWKH\KDYHWKHVHZHDSRQV WKH\
KDYHWKHPEHFDXVHWKH\DUHPXUGHURXV 'HSULYHGRIDWRPLFERPEV
WKH\ZRXOGFRPPLWPDVVDFUHVE\PHDQVRIRWKHUERPEV
3URWHVWVE\SHRSOHZKRKDYHQRWSRZHUDUHDZDVWHRIWLPH , ZDVQRW
VHL]LQJDQRSSRUWXQLW\WRPDNHDµJHVWXUHRISURWHVW¶DWDWRPLFERPEV
, YHKHPHQWO\REMHFWWR RXU DFWLRQLQRIIHULQJ0U 7UXPDQKRQRXUV EHĥ
FDXVHRQHFDQVKDUHLQWKHJXLOWRIDEDGDFWLRQE\SUDLVHDQGIODWWHU\
DVDOVRE\GHIHQGLQJLW :KHQ, SX]]OHP\VHOIRYHUWKHDWWLWXGHRIWKH
9LFHĥ&KDQFHOORUDQGWKH+HEGRPDGDO&RXQFLO , ORRNURXQGWRVHHLI
DQ\H[SODQDWLRQLVDYDLODEOHZK\VRPDQ\2[IRUGSHRSOHVKRXOGEHZLOOĥ
LQJWRIODWWHUVXFKDPDQ
7KHFRUUHFWDQVZHUWRWKHVWDWHPHQWWKDWµZDULVHYLO¶LVWKDWLWLVEDG
LH DPLVIRUWXQHWREHDWZDU $QGQRGRXEWLIWZRQDWLRQVDUHDWZDU
DWOHDVWRQHLVXQMXVW %XWWKDWGRHVQRWVKRZWKDWLWLVZURQJWRILJKW
RUWKDWLIRQHGRHVILJKWRQHFDQDOVRFRPPLWPXUGHU
1DWXUDOO\P\FODLPWKDWSDFLILVPLVDYHU\KDUPIXOGRFWULQHLVFRQWLQĥ
JHQWRQLWVEHLQJDIDOVHRQH ,ILWZHUHDWUXHGRFWULQH LWVHQFRXUDJHĥ
PHQWRIWKLVQRQVHQVLFDOµK\SRFULV\RIWKHLGHDOVWDQGDUG¶ZRXOGQRW
FRXQWDJDLQVWLW EXWJLYHQWKDWLWLVIDOVH , DPLQFOLQHGWRWKLQNLWLV
DOVRYHU\EDG XQXVXDOO\VRIRUDQLGHDZKLFKVHHPVDVLWZHUHWRHUURQ
WKHQREOHVLGH
, JHWVRPHVPDOOOLJKWRQWKHVXEMHFWZKHQ, FRQVLGHUWKHSURGXFWLRQV
RI2[IRUGPRUDOSKLORVRSK\VLQFHWKHILUVWZRUOGZDU ZKLFK, KDYH
ODWHO\KDGRFFDVLRQWRUHDG ,WVFKDUDFWHUFDQHDVLO\EHEULHIO\GHPRQĥ
VWUDWHG 8SWRWKHVHFRQGZRUOGZDUWKHSUHYDLOLQJPRUDOSKLORVRSK\
LQ2[IRUGWDXJKWWKDWDQDFWLRQFDQEHµPRUDOO\JRRG¶QRPDWWHUKRZ
REMHFWLRQDEOHWKHWKLQJGRQHPD\EH $QLQVWDQFHZRXOGEH+LPPĥ
OHU¶VHIIRUWVDWH[WHUPLQDWLQJWKH-HZV KHGLGLWIURPWKHµPRWLYHRI
GXW\¶ZKLFKKDVµVXSUHPHYDOXH¶ ,QWKHVDPHSKLORVRSK\ħZKLFKKDV
PXFKSUHWHQFHRIPRUDOVHULRXVQHVV FODLPLQJWKDWµULJKWQHVV¶LVDQREĥ
MHFWLYHFKDUDFWHULQDFWV WKDWFDQEHGLVFHUQHGE\DPRUDOVHQVHħLW
LVDOVRKHOGWKDWLWPLJKWEHULJKWWRNLOOWKHLQQRFHQWIRUWKHJRRG
RIWKHSHRSOH VLQFHWKHµSULPDIDFLHGXW\¶RIVHFXULQJVRPHDGYDQWDJH
PLJKWRXWZHLJKWKHµSULPDIDFLHGXW\¶RIQRWNLOOLQJWKHLQQRFHQW 7KLV
VRUWRISKLORVRSK\LVOHVVSUHYDOHQWQRZ DQGLQLWVSODFH, ILQG DQĥ
RWKHU ZKRVHFDUGLQDOSULQFLSOHLVWKDWµJRRG¶LVQRWDµGHVFULSWLYH¶WHUP
EXWRQHH[SUHVVLYHRIDIDYRXUDEOHDWWLWXGHRQWKHSDUWRIWKHVSHDNHU
+DQGLQKDQGZLWKWKLV WKRXJK, GRQRWNQRZLIWKHUHLVDQ\ORJLĥ
FDOFRQQHFWLRQ JRHVDGRFWULQHWKDWLWLVLPSRVVLEOHWRKDYHDQ\TXLWH
JHQHUDOPRUDOODZV VXFKODZVDVµ,WVZURQJWROLH¶RUµ1HYHUFRPPLW
VRGRP\¶DUHUXOHVRIWKXPEZKLFKDQH[SHULHQFHGSHUVRQNQRZVZKHQ
WREUHDN )XUWKHU ERWKKLVVHOHFWLRQRIWKHVHDVWKHUXOHVRQZKLFK
WRSURFHHG DQGKLVWDFWIXODGMXVWPHQWVRIWKHPLQSDUWLFXODUFDVHV DUH
EDVHGRQWKHLUILWWLQJWRJHWKHUZLWKWKHµZD\RIOLIH¶ZKLFKLVKLVSUHIHUĥ
:KHQ, FRQVLGHUWKHKLVWRU\RIWKHHYHQWVIURPWR , DPQRW
VXUSULVHGWKDW0U 7UXPDQLVPDGHWKHUHFLSLHQWRIKRQRXUV %XWZKHQ
, FRQVLGHUKLVDFWLRQVE\WKHPVHOYHV , DPVXUSULVHGDJDLQ
6RPHSHRSOHDFWXDOO\SUDLVHWKHERPELQJVDQGFRPPHQGWKHVWRFNSLOĥ
LQJRIDWRPLFZHDSRQVRQWKHJURXQGWKDWWKH\DUHVRKRUULEOHWKDWQDĥ
WLRQDVZLOOEHDIUDLGHYHUDJDLQWRPDNHZDU µ:HKDYHPDGHDFRYHQDQW
ZLWKGHDWK DQGZLWKKHOOZHDUHDWDQDJUHHPHQW¶ 7KHUHGRHVQRWVHHP
WREHJRRGJURXQGIRUVXFKDKRSHIRUDQ\ORQJSHULRGRIWLPH
3DFLILVWVKDYHIRUORQJPDGHLWDSRLQWLQWKHLUSURSDJDQGDWKDWPHQ
PXVWJURZPRUHPXUGHURXVDVWKHLUWHFKQLTXHVRIGHVWUXFWLRQLPĥ
SURYH DQGWKRVHZKRGHIHQGPXUGHUHDJHUO\VHL]HRQWKLVSRLQW VR
WKDW, LPDJLQHE\QRZLWLVSUHWW\ZHOODFFHSWHGE\WKHZKROHZRUOG
2IFRXUVH LWLVQRWWUXH ,Q1DSROHRQ¶VWLPH IRUH[DPSOH WKHPHDQV
RIGHVWUXFWLRQKDGPXFKLPSURYHGVLQFHWKHWLPHRI+HQU\9EXW
+HQU\ QRW1DSROHRQ ZDVDJUHDWPDVVDFUHURIFLYLOLDQV VD\LQJZKHQ
KHGLGSDUWLFXODUO\DWURFLRXVWKLQJVWKDWWKH)UHQFKZHUHDVLQIXOQDWLRQ
DQGWKDWKHKDGDPLVVLRQIURP*RGWRSXQLVKWKHP $QG RIFRXUVH
UHDOO\ODUJHVFDOHPDVVDFUHXSWRQRZKDVEHORQJHGWRWLPHVZLWKFRPĥ
SOHWHO\SULPLWLYHPHWKRGVRINLOOLQJ :HDSRQVDUHQRZPDQXIDFWXUHG
HQFH %RWKWKHVHSKLORVRSKLHV WKHQ FRQWDLQDUHSXGLDWLRQRIWKHLGHD
WKDWDQ\FODVVRIDFWLRQV VXFKDVPXUGHU PD\EHDEVROXWHO\H[FOXGHG
, GRQRWNQRZKRZLQIOXHQWLDOWKH\PD\KDYHEHHQRUEH WKH\DUHSHUĥ
KDSVUDWKHUV\PSWRPDWLF :KHWKHULQIOXHQWLDORUV\PSWRPDWLF WKH\
WKURZVRPHOLJKWRQWKHVLWXDWLRQ
,WLVSRVVLEOHVWLOOWRZLWKGUDZIURPWKLVVKDPHIXOEXVLQHVVLQVRPH
VOLJKWGHJUHH LWLVSRVVLEOHQRWWRJRWR(QFDHQLD LILWVKRXOGEHHPĥ
EDUUDVVLQJWRVRPHRQHZKRZRXOGQRUPDOO\JRWRSOHDGRWKHUEXVLQHVV
KHFRXOGWDNHWRKLVEHG ,LQGHHGVKRXOGIHDUWRJR LQFDVH*RG¶VSDĥ
WLHQFHVXGGHQO\HQGV
LH WKHDQQXDOFHUHPRQ\WKDWWKDW\HDUKRQRUHG7UXPDQħ07