One Abraham or three?

2QH$EUDKDPRUWKUHH"7KHFRQYHUVDWLRQEHWZHHQWKUHHIDLWKV_7KH&KULVWLDQ&HQWXU\
)($785(6
One Abraham or three?
7KHFRQYHUVDWLRQEHWZHHQWKUHHIDLWKV
1RYE\8OULFK5RVHQKDJHQ
,QKLV-XQHVSHHFKDW&DLUR8QLYHU௙
V LW\%DUDFN2EDPD
LQYRNHGDVFHQHIURP0XKDPPDG¶VQLJKWMRXUQH\LQZKLFK
0RVHV-HVXVDQG0XKDPPDGDUHMRLQHGLQSUD\HU2EDPD
VNHWFKHGRXWKLVYLVLRQRIWKH+RO\/DQGDVDSODFHRISHDFHIRU
-HZV&KULVWLDQVDQG0XVOLPVDJDLQVWWKHEDFNGURSRIORQJ
\HDUVRIEORRGVKHGDQGUHOLJLRXVVWULIH+HDSSHDOHGWRWKH
³FKLOGUHQRI$EUDKDP´WRRSHQDQHZHUDRISROLWLFV
/LNHWKH)RXQGLQJ)DWKHUV2EDPDDFNQRZOHGJHGWKH
LPSRUWDQFHRIUHOLJLRQIRUSXEOLFPRUDOLW\DQGGHPRFUDF\)RU
WKHUHYROXWLRQDU\JHQHUDWLRQWKHKHDOWKRIGHPRFUDWLF
JRYHUQPHQWGHSHQGHGRQYDOXHVGHULYHGIURPUHOLJLRQ7KH
$PHULFDQH[SHULPHQWZDVGRRPHGWRIDLOZLWKRXWSLRXVDQG
UHVSRQVLEOHFLWL]HQV)RUWKHIRXQGHUVGHPRFUDF\DQGIDLWK
FRPSOHPHQWHGHDFKRWKHUOLNHWZRVSRXVHVLQDZHOOIXQFWLRQLQJ
PDUULDJH
$EUDKDP
V'HSDUWXUH-y]VHI0ROQiU
3XEOLFUHOLJLRQ²WKDWLVDEURDGO\VKDUHGV\VWHPRIEHOLHIVV\PEROVDQGYDOXHVDWWKHFHQWHURI$PHULFDQ
GHPRFUDF\²ZDVDNH\HOHPHQWLQWKHFRQVWUXFWLRQRIWKHUHSXEOLF,QKLV)DUHZHOO$GGUHVVRI*HRUJH
:DVKLQJWRQUHPLQGHGWKHQDWLRQWKDW³UHOLJLRQDQGPRUDOLW\DUHLQGLVSHQVDEOHVXSSRUWV>IRU@SROLWLFDOSURVSHULW\´DQG
ZDUQHGWKDWWKHVXSSRVLWLRQWKDW³PRUDOLW\FDQEHPDLQWDLQHGZLWKRXWUHOLJLRQ´VKRXOGEHLQGXOJHG³ZLWKFDXWLRQ´
%XW2EDPDDOVRWURGRQQHZJURXQGZKHQKHLQYRNHGWKH³WKUHHJUHDWIDLWKV´DQGDSSHDOHGWR-HZV&KULVWLDQVDQG
0XV௙
OLPVDV$EUDKDPLFNLQ'XULQJWKHUHYROXWLRQDU\SHULRGWKHPDUULDJHRIGHPRFUDF\DQGIDLWKKDGEHHQVROLGLILHG
XQGHUDYHU\3URWHVWDQWFDQRS\$PHULFDEHFDPHDQDWLRQZLWKWKH³VRXORIDFKXUFK´DV*.&KHVWHUWRQVR
SRLQWHGO\SXWLWLQ
$IWHUWKH$PHULFDQ5HYROXWLRQWKRXJKRWKHUELEOLFDOWUDGLWLRQVMRLQHGWKHVWRU\%\WKHILUVWGHFDGHVRIWKHWK
FHQWXU\WKHRULJLQDOFDQRS\ZDVVWUHWFKHGWRLQFOXGH&DWKROLFVDQG-HZV$URXQGWKHWLPHRI:RUOG:DU,,DQHZ
FXOWXUDOSDUDGLJPZDVLQYRNHGWRGHVFULEHWKHQDWLRQ¶VSXEOLFUHOLJLRQWKHLGHDRI³-XGHR&KULVWLDQLW\´KDGJUHDW
UHVRQDQFHLQSRVWZDU$PHULFD
7KHVHGD\VKRZHYHUWKLQJVDUHPRUHFRPSOH[-XGHR&KULVWLDQLW\QRORQJHUDGHTXDWHO\GHVFULEHVWKH$PHULFDQ
UHOLJLRXVIDPLO\6RFDQLWEHWKDWZHDUHDWWKHGDZQRIWKH$EUDKDPLFSDUDGLJPHQFRPSDVVLQJ0XVOLPVDVZHOO"
%HIRUHFRQVLGHULQJWKDWSRVVLELOLW\LWLVZRUWKUHPHPEHULQJWKHKLVWRU\DQGDFFRPSOLVKPHQWVRIWKHLGHDRI-XGHR
&KULVWLDQLW\7KHFRQFHSWLVOLQNHGWRWKHHIIRUWVRIWKH1DWLRQDO&RQIHUHQFHRI&KULVWLDQVDQG-HZV,QWKHVLQ
WKHIDFHRIIDVFLVP1D]LVPDQGDQWL6HPLWLVPWKH1&&-KHOGRXWDYLVLRQRI$PHULFDZKLFKUHOLHGRQDGLVWLQFW
KHULWDJHRIELEOLFDOWUDGLWLRQVDQGSXEOLFPRUDOVVKDUHGE\3URWHVWDQWV&DWKROLFVDQG-HZV:KDWKHOG$PHULFDQ
GHPRFUDF\WRJHWKHUWKH1&&-FODLPHGDQGLQWLPHWKLVEHFDPHSRSXODURSLQLRQZDVDVHWRI³-XGHR&KULVWLDQ´
LGHDVDQGYDOXHV7KHFRQFHSWSURYLGHGDQ³DQWLIDVFLVWDIILUPDWLRQRIDVKDUHGUHOLJLRXVEDVLVIRUZHVWHUQYDOXHV´
DFFRUGLQJWRKLVWRULDQ0DUN6LON2YHUWLPHLWPRUSKHGLQWRVKRUWKDQGIRU³DZRUOGYLHZDQGDVHWRIEHOLHIVWKDW
-HZVDQG&KULVWLDQVKHOGLQFRPPRQ´QRWHGKLVWRULDQ:LOOLDP+XWFKLVRQ
7KHQRWLRQWKDW3URWHVWDQWV&DWKROLFVDQG-HZVDUH³HTXDOO\OHJLWLPDWHHTXDOO\$PHULFDQH[SUHVVLRQVRIDQRYHU
DOO$PHULFDQUHOLJLRQ´DQGWKDWWKH\UHSUHVHQW³HVVHQWLDOO\WKHVDPHµPRUDOLGHDOV¶DQGµVSLULWXDOYDOXHV¶´UHFHLYHGLWV
PRVWSRSXODUH[SUHVVLRQLQ:LOO+HUEHUJ¶VEHVWVHOOHU3URWHVWDQW&DWKROLF-HZ+HUEHUJZDVDEOHWREDODQFH
KWWSZZZFKULVWLDQFHQWXU\RUJDUWLFOHRQHDEUDKDPRUWKUHH"SULQW
2QH$EUDKDPRUWKUHH"7KHFRQYHUVDWLRQEHWZHHQWKUHHIDLWKV_7KH&KULVWLDQ&HQWXU\
FXOWXUDOSOXUDOLVPRQDZLGHO\VKDUHGPRUDOJURXQG
'XULQJWKHFROGZDUWKLVGHHSVHDWHGOLQNDJHEHWZHHQ$PHULFDQGHPRFUDF\DQG-XGHR&KULVWLDQLW\SURYLGHGDQ
LGHRORJLFDOEDVLVIRU$PHULFD¶VEDWWOHDJDLQVWWRWDOLWDULDQLVPDEURDG3UHVLGHQW'ZLJKW(LVHQKRZHUIDPRXVO\
VXPPDUL]HGWKH$PHULFDQFUHHGDPRQWKEHIRUHKLVLQDXJXUDWLRQZKHQKHVDLGWKDW$PHULFDQGHPRFUDF\³KDVQR
VHQVHXQOHVVLWLVIRXQGHGLQDGHHSO\IHOWUHOLJLRXVIDLWK´$QGWKLVIDLWK(LVHQKRZHUVSHFLILHGZDVQRWKLQJHOVHEXW
³WKH-XGHR&KULVWLDQFRQFHSW´
2YHUWKHSDVWRUVR\HDUVKRZHYHUWKHJHRSROLWLFDODQGUHOLJLRXVODQGVFDSHVKDYHFKDQJHGGUDPDWLFDOO\PDNLQJ
-XGHR&KULVWLDQLW\VHHPOLNHDTXDLQWDUWLIDFWRIDE\JRQHDJH1D]LVPDQG6RYLHWFRPPXQLVPKDYHEHHQ
WKRURXJKO\GHIHDWHG7KHZRUOGLVQRORQJHUDVWKUHDWHQHGE\SROLWLFDOLGHRORJ\EXWUDWKHUE\IUHTXHQWRXWEXUVWVRI
UHOLJLRXVYLROHQFHDQGH[WUHPLVP
7UXHVRPH$PHULFDQFRQVHUYDWLYHVKDYHUHSXUSRVHGWKHWHUP-XGHR&KULVWLDQDVKDVEHHQHYLGHQWLQVRPHUHFHQW
UKHWRULFDJDLQVW,VODPLFH[WUHPLVP%XWDVDEURDGO\VKDUHGFRQFHSWRILQFOXVLRQ-XGHR&KULVWLDQLVQRORQJHU
FRPPRQFXUUHQF\7KH8QLWHG6WDWHVKDVDV'LDQD(FNSXWVLWEHFRPH³WKHZRUOG¶VPRVWUHOLJLRXVO\GLYHUVH
QDWLRQ´VXFKWKDWRXUFLYLFSULQFLSOHVDQGYDOXHVFDQQRWEHV\PEROL]HGLQDODQJXDJHWKDWUHIHUVRQO\WR-HZVDQG
&KULVWLDQV7KHRQFHSRSXODUFRQFHSWRILQFOXVLRQKDVPRUSKHGLQWRDQH[FOXVLYLVWWHUPWKDWLVFRQVHUYHGE\WKRVH
ZKRDUHXQZLOOLQJWRDFFHSWWKHUHOLJLRXVSOXUDOLVPRIVWFHQWXU\$PHULFD
%XWFDQ³$EUDKDPLF´UHSODFH³-XGHR&KULVWLDQ´"&DQDSDUDGLJP²RQHWKDWLQWHUWZLQHVWKHWKUHHJUHDWSURSKHWLF
WUDGLWLRQVLQWKHLUIDLWKLQRQH*RGGLYLQHFUHDWLRQKXPDQGLJQLW\DQGHVFKDWRORJLFDOMXVWLFH²H[SUHVVWKHFLYLFIDLWK
RIWKH$PHULFDQSHRSOH"&DQLWGRVRZLWKRXWVDFULILFLQJWKHLQWHJULW\RIWKHVHLQWHUZRYHQ\HWGLIIHUHQWWUDGLWLRQV"
7KHJURZLQJXVHRIWKHWHUP$EUDKDPLFVXJJHVWVWKDWPDQ\WKLQNLWFDQ,QFRQWHPSRUDU\DFDGHPLFDVZHOODV
QRQDFDGHPLFGLVFRXUVHWKHELEOLFDOSDWULDUFK$EUDKDPLVIUHTXHQWO\LQYRNHGDVDFUXFLDOILJXUHELQGLQJWKHVDFUHG
QDUUDWLYHVRI-HZV&KULVWLDQVDQG0XVOLPV'HVSLWHWKHGLIIHUHQWVWRULHVWKHVHVLEOLQJVLQIDLWKWHOODERXWKLP
$EUDKDPLVHVVHQWLDOLQWKHWKHRORJLFDOFRQFHSWVULWXDOVDQGOLWXUJLHVRIKLVFKLOGUHQ
$EUDKDPKDVEHFRPHDFRXQWHUPHWDSKRUDPLGVWLQWHUUHOLJLRXVTXDUUHOV,QVSLUHGE\WKHEHVWVHOOHU$EUDKDP
$-RXUQH\WRWKH+HDUWRI7KUHH)DLWKVE\%UXFH)HLOHU7LPHPDJD]LQHSXWDQLPDJHRI$EUDKDPRQLWVFRYHUZLWK
WKHVXEWLWOH³$EUDKDP0XVOLPV&KULVWLDQVDQG-HZVDOOFODLPKLPDVWKHLUIDWKHU$QHZERRNH[SORUHVWKH
FKDOOHQJHRIWXUQLQJKLPLQWRWKHLUSHDFHPDNHU´
%XLOGLQJUHODWLRQVKLSVEHWZHHQDGKHUHQWVRIWKHWKUHHPDMRUPRQRWKHLVWLFUHOLJLRQVLVQRWDFRPSOHWHO\QHZLGHD7KH
)UHQFKP\VWLFDQGVFKRODURI,VODP/RXLV0DVVLJQRQ±IRUH[DPSOHZDVDQHDUO\VXSSRUWHURI
HQFRXQWHUDQGFRQYHUVDWLRQEHWZHHQWKH$EUDKDPLFIDLWKIXO7RKLPWKHWKUHH$EUDKDPLFUHOLJLRQVDUHOLNHEUDQFKHV
RIWKHVDPHPRQRWKHLVWLFUHYHODWLRQ+LVPHGLWDWLRQRQWKH³7KUHH3UD\HUVRI$EUDKDP´²ZKDWVRPHFRQVLGHU
WKHEDVLVRIPRGHUQRI$EUDKDPLFGLDORJXH²VFUXWLQL]HG$EUDKDP¶VLQWHUFHVVRU\SUD\HUVIRUWKHSHRSOHRI6RGRP
,VKPDHODQG,VDDFLQ*HQHVLVIRUHVKDGRZLQJWKHULVHRI&KULVWLDQLW\,VODPDQG-XGDLVP
/LNHZLVHWKH%URWKHUKRRGRI$EUDKDP)UDWHUQLWpG¶$EUDKDPIRXQGHGLQ3DULVLQLQWKHVSLULWRIWKH6HFRQG
9DWLFDQ&RXQFLO±KDVEHHQEXLOGLQJUHODWLRQVKLSVE\ZRUNLQJWRZDUGXQGHUVWDQGLQJDQGUHFRQFLOLDWLRQ
DPRQJ-HZV&KULVWLDQVDQG0XVOLPV2QWKH$PHULFDQVLGH)UDQFLV(3HWHUVLQSXEOLVKHG7KH&KLOGUHQRI
$EUDKDPDQDFFRXQWRIWKHLQWHUWZLQHGKLVWRULHVDQGWHDFKLQJVRI-XGDLVP&KULVWLDQLW\DQG,VODPLQRUGHUWR
FUHDWHGLDORJXHDPRQJWKRVHZKRSUD\WRWKH*RGRI$EUDKDPEXWGRVRLQVHSDUDWHVSDFHV$V3HWHUVFRQWLQXDOO\
UHPLQGVKLVUHDGHUVDOORI$EUDKDP¶VFKLOGUHQGUDZWKHLUKLVWRULFDORULJLQEDFNWRWKHPRPHQWZKHQWKHRQH*RG
DSSHDUHGWR$EUDKDPDQGERXQGKLPLQFRYHQDQW
7KHDJHQGDRI$EUDKDPDVSHDFHPDNHUDVJUDQGV\PEROIRULQWHUUHOLJLRXVGLDORJXHDQGFRXQWHUPHWDSKRUDPLGVW
LQWHUUHOLJLRXVVWULIHLVDOVRUHIOHFWHGE\WKHQXPHURXVLQLWLDWLYHVWKDWKDYHEORVVRPHGDQGIORXULVKHGLQUHFHQW\HDUV
7KH)DLWK&OXEIRULQVWDQFHLVDERRNE\WKUHH1HZ<RUNZRPHQ²D0XVOLPD&KULVWLDQDQGD-HZ²ZKR
UHDFKHGRXWWRHDFKRWKHULQWKHPRQWKVDIWHUWKHDWWDFNVRI6HSWHPEHU7KHWKUHHWUDYHOHGWKHFRXQWU\IRU
KWWSZZZFKULVWLDQFHQWXU\RUJDUWLFOHRQHDEUDKDPRUWKUHH"SULQW
2QH$EUDKDPRUWKUHH"7KHFRQYHUVDWLRQEHWZHHQWKUHHIDLWKV_7KH&KULVWLDQ&HQWXU\
VHYHUDO\HDUVLQRUGHUWRLQVSLUHRWKHUVWRVHHNUHOLJLRXVDQGFLYLFXQGHUVWDQGLQJ7KH\KDYHPDOHFRXQWHUSDUWVLQD
SDVWRUDUDEELDQGDQLPDPIURP6HDWWOHZKRDWWHPSWWRGHYHORSDQLQFOXVLYH$EUDKDPLFVSLULWXDOLW\LQWKHLUERRN
*HWWLQJWRWKH+HDUWRI,QWHUIDLWK
7KHQWKHUHDUHDFDGHPLFLQLWLDWLYHVOLNHWKH/XEDU,QVWLWXWHIRUWKH6WXG\RIWKH$EUDKDPLF5HOLJLRQVDWWKH
8QLYHUVLW\RI:LVFRQVLQDQGWKH&KLOGUHQRI$EUDKDP,QVWLWXWHDWWKH8QLYHUVLW\RI9LUJLQLDZKLFKDUHRUJDQL]LQJ
UHVHDUFKDQGSXEOLFFRQYHUVDWLRQEHWZHHQVFKRODUVDQGIROORZHUVRIWKH$EUDKDPLFUHOLJLRQV,QUHFHQW\HDUVLQWKH
FRQWH[WRIWKHVHDQGRWKHULQLWLDWLYHV-HZV&KULVWLDQVDQG0XVOLPVKDYHEHJXQWRLPDJLQHWKHLU$EUDKDPLF
QDUUDWLYHVDVDFRPPRQVRXUFHRIFLYLOLW\DQGSHDFHPDNLQJ
$WWKH/XEDU,QVWLWXWH-HZLVK&KULVWLDQDQG0XVOLPXQGHUJUDGXDWHVKDYHVWDUWHGWRRYHUFRPHUHOLJLRXVLQWROHUDQFH
WKURXJKFDQGLGFRQYHUVDWLRQVDERXWFDUWRRQFRQWURYHUVLHVJHQGHULVVXHVDQGSUD\HUSUDFWLFHV6KDUHGWULSVWR
PRVTXHVFKXUFKHVDQGV\QDJRJXHVKDYHHQDEOHGWKHPWRIRUPUHODWLRQVKLSVRIWUXVWDQGUHVSHFWE\OHDUQLQJDERXW
HDFKRWKHU¶VVDFUHGVSDFHVWH[WVDQGULWXDOV7KURXJKGHEDWHDQGGLDORJXHWKHVWXGHQWVKDYHEHHQVWDUWOHGDQG
FRPIRUWHGE\WKHIDFWWKDWWKH\VKDUHVDFUHGVRXUFHVVWRULHVRISURSKHWVDQGDVRFLDOREOLJDWLRQWRFDUHIRUWKH
SRRU7]HGDNDK=DNDWVRFLDOJRVSHO:LWKHDFKQHZUHYHODWLRQRIWKHLUFRPPRQDOLW\WKHLUERXQGVRIPRUDO
LPDJLQDWLRQKDYHH[SDQGHGDQGWKHLU³WKH\´KDVJLYHQZD\WRD³ZH´$OOWKLVJLYHVJRRGUHDVRQWREHOLHYHWKDWWKH
$EUDKDPLFSDUDGLJPLVQRWMXVWDQREOHLGHDEXWDSURPLVLQJQHZIRXQGDWLRQIRUFLYLFGLVFRXUVHDQGLQWHUIDLWK
XQGHUVWDQGLQJ
1HYHUWKHOHVVWKH$EUDKDPLFSDUDGLJPKDVLWVFULWLFV3HUKDSVWKHVWURQJHVWLV+DUYDUG8QLYHUVLW\¶V-RQ'
/HYHQVRQ,Q,QKHULWLQJ$EUDKDP7KH/HJDF\RIWKH3DWULDUFKLQ-XGDLVP&KULVWLDQLW\DQG,VODP/HYHQ௙
V RQ
DUJXHVWKDWWKHFLYLFPHDQLQJRI$EUDKDPDVJUDQGPHWDSKRUIRUSHDFHEXLOGLQJLVXQGHUPLQHGE\WKHVDFUHGWH[WV
DQGWUDGLWLRQVRIKLVFKLOGUHQ$FFRUGLQJWR/HYHQVRQWKHUHLVQR³QHXWUDO8U$EUDKDP´LQGHSHQGHQWRIWKHGLIIHUHQW
$EUDKDPLFUHOLJLRQV³\HWDXWKRULWDWLYHRYHUWKHP´7KHXVHRI$EUDKDPDVDQLQFOXVLYHILJXUHLQFLYLFGLVFRXUVHLV
FRQWUDGLFWHGE\WKHH[FOXVLYHZD\VLQZKLFKWKH$EUDKDPLFWUDGLWLRQVFODLP$EUDKDPDVDPRGHOIRUWKHLURZQ
LGHQWLW\DQGSDUWLFXODULW\
7UXHWKHWKUHHIDLWKVKDYHWKUHHGLIIHUHQW$EUDKDPV)RU-HZVWKHELEOLFDOSDWULDUFK$EUDKDPLVFKRVHQE\*RG
7KURXJKKLPWKHSHRSOHRI,VUDHODUHDOVRFKRVHQDVKLVGHVFHQGDQWV*RGPDGHDFRYHQDQWZLWK$EUDKDPZKR
GXWLIXOO\SDVVHGDOOWHVWVRIIDLWKVKRZLQJKLVZLOOLQJQHVVWRVDFULILFHKLVRZQVRQLIUHTXLUHGE\*RG,QUDEELQLFDO
OLWHUDWXUH$EUDKDPLVUHSUHVHQWHGDVWKHH[HPSODU\-HZZKRIDLWKIXOO\IROORZVWKHFRPPDQGPHQWVRIWKH7RUDK
)RU&KULVWLDQVWKHELEOLFDOSDWULDUFKLVDFHQWUDOOLQNEHWZHHQWKH2OGDQGWKH1HZ7HVWDPHQW+HVHUYHVDV
LOOXVWUDWLRQRI6W3DXO¶VQRWLRQRIMXVWLILFDWLRQE\IDLWKDQGDVDQH[HPSODURIIDLWKKHLVVRPHZKDWRID&KULVWLDQ
LGHDOW\SH1RORQJHULVKHWKHRQHZKRREVHUYHVWKH7RUDKLQVWHDGKH¶VWKHRQHZKRLVMXVWLILHGEHFDXVHRIKLV
IDLWKLQ*RG7KXV$EUDKDPLVWKH³IDWKHURIDOO&KULVWLDQV´DQGDQ\RQHZKREHOLHYHVLQ&KULVWLVDWUXHGHVFHQGDQW
RI$EUDKDP
)RU0XVOLPV$EUDKDPEHORQJVWRWKHELEOLFDOSURSKHWVPHQWLRQHGLQWKH4XU¶DQ+HLVDQLFRQRFODVWZKR
UHSHDWHGO\SDVVHV*RG¶VPXVWHUDQGHYHQVKRZVZLOOLQJQHVVWRVDFULILFHKLVVRQ$EUDKDPLVWKHDUFKHW\SHRI
FRPSOHWHVXEPLVVLRQWR*RG+HDOVRLQLWLDWHVWKHFXOWDW0HFFD7KH$EUDKDPQDUUDWLYHRIIHUVWKHEOXHSULQWIRUWKH
DQQXDOKDMM0XKDPPDGFDPHWRUHQHZWKHRULJLQDOUHOLJLRQRI$EUDKDPWKDWKDGEHHQFRUUXSWHGE\-HZVDQG
&KULVWLDQV7KHILUVWSURSKHWDQGWKHVHDORIWKHSURSKHWVDUHLQKHUHQWO\UHODWHG
8QGRXEWHGO\WKHVHGLIIHUHQW$EUDKDPLFQDUUDWLYHVDUHLQFRPSHWLWLRQZLWKRQHDQRWKHU+RZFDQWKHVHYHU\
SDUWLFXODUDQGH[FOXVLYLVW$EUDKDPVEHLQYRNHGLQRUGHUWRKDUPRQL]HWKHGLIIHUHQFHVEHWZHHQWKHWUDGLWLRQV"
7KHDQVZHUPD\EHLQWDNLQJZKDWVRPHVHHDVDSUREOHPIRU$EUDKDPLFFLYLFGLVFRXUVHDQGUHFRJQL]LQJWKDWLWLV
LWVJUHDWHVWDVVHW3HUKDSVLWHYHQSURYLGHVDIUHVKRSSRUWXQLW\WRUHIOHFWPRUHSURIRXQGO\RQLQWHUUHOLJLRXVGLDORJXH
DQGRWKHUQHVV
+LVWRULFDOO\WKHWKHRORJLHVRIWKH$EUDKDPLFWUDGLWLRQVKDYHEHHQEDVHGRQFRQIURQWDWLRQDOPRGHOV2UWKRGR[-HZV
KWWSZZZFKULVWLDQFHQWXU\RUJDUWLFOHRQHDEUDKDPRUWKUHH"SULQW
2QH$EUDKDPRUWKUHH"7KHFRQYHUVDWLRQEHWZHHQWKUHHIDLWKV_7KH&KULVWLDQ&HQWXU\
FRQVLGHUWKHPVHOYHVWREHVSHFLDOFKRVHQSHRSOHEHFDXVHRI*RG¶VRULJLQDOFRYHQDQWZLWK$EUDKDP7KHFKXUFK
PDLQWDLQHGWKDWLWVXSHUVHGHGWKH-HZLVKSHRSOHDQGVDOYDWLRQFDQQRWEHJDLQHGRXWVLGHWKHFKXUFK0XVOLPVVHHLQ
0XKDPPDGWKHXOWLPDWHSURSKHWDQGKLVWRULFDOO\-HZVDQG&KULVWLDQVDUHEHOLHYHGWREHGKLPPL²SHRSOHRIRWKHU
IDLWKZKRDUHIRUFHGWRDFFHSW0XVOLPUXOH
,IKRZHYHUWKHPXWXDOO\VKDUHGIRUHIDWKHUDQGUHOLJLRXVH[HPSODUFRPHVGRZQWRWKHIDLWKIXORQO\LQWKHIRUPRI
GLIIHUHQWLPDJHVDQGVWRULHVDQGLI$EUDKDPH[LVWVRQO\LQWKHSOXUDODV$EUDKDPVWKHQWKH$EUD௙
KDPLFSDUDGLJP
XUJHVXVWRUHFRJQL]HGLIIHUHQFHDQGPXOWLSOHYRLFHVDWWKHYHU\KHDUWRIIDLWK,IWKH$EUDKDPLFHQGHDYRUGRHVQ¶W
VWDUWZLWKDQRYHUDUFKLQJXQLW\DQGVDPHQHVVORFDWHGLQVRPHQHXWUDO8U$EUDKDPEXWZLWKDFDOOIRU
GLVWLQFWLYHQHVVDFDOOWRUHFRJQL]HWKHRWKHUDVRWKHUWKHQ-HZV&KULVWLDQVDQG0XVOLPVVHULRXVO\QHHGWRUH௙
WKLQN
WKHLUFRQIURQWDWLRQDOWKHRORJLFDOPRGHOV
7KHGLYHUVH$PHULFDRIWKHVWFHQWXU\SURYLGHVWKHJURXQGRQZKLFKWKHFKLOGUHQRI$EUDKDPFDQH[DPLQH
WRJHWKHUXQWDSSHGUHVRXUFHVLQWKHLUWH[WVDQGWUDGLWLRQVZKLFKZRXOGDOORZIRUWKHPWRHQYLVLRQWKHLUV\QDJRJXH
FKXUFKDQGXPPDKDVZHOODVWKHLULQWHUUHODWLRQVLQIUHVKDQGEROGZD\V5HVSHFWIXODQGKRQHVW$EUDKDPLF
GLVFRXUVHZLOOOHDGWRQHZDZDUHQHVVWKDWZHFDQDQGVKRXOGEHSDUWRIWKHVDPHPRUDOFRPPXQLW\GHVSLWHRXU
GLIIHUHQWUHOLJLRXVLGHQWLWLHV,WFDQFUHDWHPXWXDOHVWHHPIRUWKHGLIIHUHQWZD\VLQZKLFK-HZV&KULVWLDQVDQG
0XVOLPVEHOLHYHLQWKHVDPHPHUFLIXODQGDOOSRZHUIXO*RGZKRPWKH\DOODGRUHDVFUHDWRUDQGILQDOMXGJH,WFDQ
JLYH$EUDKDP¶VGHVFHQGDQWVDEHWWHUJUDVSRIWKHLUGLVWLQFW\HWRYHUODSSLQJIDLWKSUDFWLFHVFHQWHUHGRQKXPDQ
GLJQLW\VRFLDOMXVWLFHDQGVSLULWXDOGLVFLSOLQH
$JDLQVWWKHEDFNJURXQGRI$EUD௙
KDPLFGLVFRXUVHWKHIDLWKIXOZRXOGUHWXUQWRWKHFLYLFDUHQDZLWKDWKHRORJ\RI
GLIIHUHQFHWKDWRIIHUVDPXFKLPSURYHGVHQVHRIWKHLURZQSDUWLFXODULW\DVZHOODVDWKHRORJLFDOO\HQULFKHGODQJXDJH
WRHQJDJHDQGLQWHUDFWZLWKHDFKRWKHU(TXLSSHGZLWKDWKHRORJ\RIRWKHUQHVVDQGGLIIHUHQFHFUHDWHGXQGHUWKH
$EUDKDPLFSDUDGLJP$PHULFDQVZRXOGKDYHDZD\WRQHJRWLDWHEHWZHHQWKH3URWHVWDQWFDQRS\RIWKHIRXQGLQJWKH
XQLI\LQJDSSHDORI-XGHR&KULVWLDQLW\DQGWKHJURZLQJUHOLJLRXVSOXUDOLVPRIWKHVWFHQWXU\
(YHQWKRXJKZHFDQQRWGUDZRQDQHXWUDO8U$EUDKDPDVJUDQGPHWDSKRUIRUSHDFHWKHSDUDGLJPGRHVRIIHUDQHZ
SRLQWRIUHIHUHQFHIRUWKH8U$PHULFDQPDUULDJHEHWZHHQIDLWKDQGGHPRFUDF\7KHGLVFRXUVHRIWKHFKLOGUHQRI
$EUDKDPFDQVSHDUKHDGHIIRUWVWRGHILQHPXWXDOLGHDVDQGYDOXHVZHVKDUHDV$PHULFDQVZKLOHZHEHWWHU
DSSUHFLDWHRXUFRPPRQDOLWLHVDQGGLIIHUHQFHV
$EUDKDPLFLVQRWMXVWDIDQF\QHZWHUPLQ86IRUHLJQSROLF\,WGDUHVXVWRGUHDPRIDQ$PHULFDWKDWLVDGZHOOLQJ
SODFHQRWRQO\IRUFKXUFKHVDQGV\QDJRJXHVEXWDOVRIRUPRVTXHV,QWHUUHOLJLRXV$EUDKDPLFGLVFRXUVHPLJKWHYHQ
OHDGWRDQHZJUDQGSDVVDJHEHWZHHQUHOLJLRXVSOXUDOLVPDQGSXEOLFPRUDOLW\VRWKDW$PHULFDFDQDJDLQVHWDJOREDO
H[DPSOHIRUUHOLJLRXVWROHUDQFHDQGLQFOXVLYLW\
‹7KH&KULVWLDQ&HQWXU\$OOULJKWVUHVHUYHG
KWWSZZZFKULVWLDQFHQWXU\RUJDUWLFOHRQHDEUDKDPRUWKUHH"SULQW