The Jere Beasley Report, Jan. 2010

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    @lstrlhuto` tg gvor ?8,>>> suhsirlhors oeib agdtb

    www.HoesfoyEffod.iga

    Keduery 8>5>

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    L.IE^LPGFGHYOXSEPLGDY

    I FLAEPO I BEDMO ED@ P BO Y ̂OILEF L DPOXOYPY

    Lt ls slapfy eaezldm tbet tbo foe`or-sblp gc tbo Detlgdef Xopuhflied ^ertyed` e duahor gc spoilef ldtorosts rocusotg eijdgwfo`mo iflaeto ibedmo esholdm e agst sorlgus tbroet cgr effdetlgds. Lt ls ospoileffy trguhfldm tgboer porsgds wbg esplro tg bgf` blmbgcclio gd tbo detlgdef fovof ld tblsigudtry, ed` wbg `gd“t bevo e ifuo,

    kgld tbo deyseyors. ]o ieddgt eccgr` tglmdgro tbls agudtldm prghfoa edyfgdmor ed` aust tejo eff stops doios-sery tg rovorso tbo occoits gc iflaetoibedmo tbet bevo efroe`y giiurro` ed`tbod wgrj tgwer` sgfvldm tbo prghfoacgr cuturo modoretlgds.

    L DY_XEDIO I GA^EDLOY ED@ H LM ^ BEXAE

    Es tbo `oheto ld Igdmross mots `gwdtg tbo flij-fgm lt ls qulto ovl`odt tbettbo ldsuredio ed` pberaeioutliefld`ustrlos bevo wgrjo` ber` tg prgtoittbolr turc ed` bevo sbgwd dg roefigdiord cgr tbo alfflgds gc Eaorliediltlzods wbg bevo dg boeftb ldsuredio.Doltbor `g tboso pgworcuf ld`ustrlosiero ehgut tbo udroesgdehfy blmb igstsgc boeftb iero ld tbls igudtry. Et tbogutsot gc tbls `oheto, L coft tbet tbo twgghkoitlvos cgr roef rocgra be` tg hoevelfehlflty gc boeftb ldsuredio ed`ro`uildm boeftb iero igsts cgr eff Eaorl-ieds. Hut tbgso prlgrltlos bevod“t romls-toro` wltb tbo fghhylsts cgr tboso twgpgworcuf spoilef ldtorosts. Pbo Yodetoed` Bguso bevo pesso` sopereto hlffstbet wlff ho wgrjo` gut ld e igdcorodioigaalttoo. Bgpocuffy, tbo cldef boeftbiero hlff tbet mgos tg tbo ^rosl`odt cgrbls slmdeturo wlff ho roef boeftb ierorocgra, ed` dgt kust e hlff tbet hodocltstbo ldsuredio ld`ustry ed` hlm ^erae. Lctbet beppods lt wlff ho e troaod`guseiigapflsbaodt cgr tbo ^rosl`odt ed`Igdmross.

    ^ _HFLI I LPL[OD ] GXJY B EX@ C GX I GDY_AOXY

    ^uhfli Iltlzod bes hood wgrjldm ber`cgr igdsuaors gd aedy crgdts, ldifu`-ldm boeftb iero ed` rofeto` lssuos. Lt“sirltlieffy lapgrtedt tg bevo roflehfoldcgraetlgd ehgut tbo prosirlptlgd`rums ygu ed` ygur fgvo` gdos tejo.

    ]bod lt igaos tg ygur boeftb, lt“s wbet ygu `gd“t jdgw tbe t ied burt ygu.^uhfli Iltlzod bes cgumbt gvor tbo yoerstg bofp igdsuaors. ]bod ygu igdsl`ortbo cgffgwldm, lt“s ghvlgus cgfjs doo`bofp ld tbo gdmgldm hettfo tg aejo tbopberaeioutlief ld`ustry `g rlmbt.• 5>>,>>> pogpfo `lo oeib yoer crga

    e`vorso `rum roeitlgds crga aer-joto` `rums ed` edgtbor 8 alfflgdpogpfo ero sorlgusfy ldkuro`, wltb 5.?alfflgd gc tbgso roqulrldm bgsplteflze-

    tlgd.• Fest yoer tbo `rum ld`ustry mevo gvor

    $?>> alfflgd tg tbo `rum `lvlslgd gctbo Cgg` ed` @rum E`aldlstretlgd es‖usor coos,‑ agst gc wblib pel` cgrtbo igst gc rovlowldm dow `rums. Pblsls ed ghvlgus igdcflit gc ldtorost ed`sbguf`d“t ho tgforeto`.

    • Yldio tbo Igdmrosslgdeffy-aed`eto`‖usor coos‑ woro put ldtg pfeio ld5

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    B.X. 090> wlff flalt oflmlhlflty tg husl-dossos tbet oapfgy cowor tbed 5>>>

    wgrjors ed` wbgso iurrodt cldedilefigd`ltlgd aejos lt fljofy tbet tboy wlffbevo tg aejo feygccs. Oflmlhfo husl-dossos wlff efsg bevo tg `oagdstreto edehlflty tg ropey tbo fged. E husldoss aeyuso tbo cud`s tg cldedio tbo igst gcgporetlgds, hut aey dgt uso tbo cud`s

    tg oxped` gporetlgds. Pbo aexlauafged eagudt wguf` ho $5 alfflgd, ldemmrometo, ld edy clsief yoer ed` tbo`uretlgd gc tbo rovgfvldm fged prgmrea

    wguf` ho tbroo yoers crga tbo odeit-aodt gc tbo Eit. Pbo hlff sbguf` hopesso` wltbgut `ofey sg tbet saeff husl-dossos ied mot sgao he`fy-doo`o` bofp.Lc ygu emroo, igdteit gtbor aoahors gctbo Bguso es woff es ygur _.Y. Yodetgrsed` esj tboa tg suppgrt tbo hlff.

    LL.@X_MAED_CEIP_XOXYCXE_@ FLPLMEPLGD

    ED _ ̂ @EPO G D P BO A O@LIEL@ C XE_@ FLPLMEPLGD

    Es wo bevo provlgusfy ropgrto`, gurclra iurrodtfy roprosodts sovod stetos

    wboro wo bevo pod`ldm Ao`lie l`creu` fewsults. E``ltlgdeffy, tboro erosovoref gtbor stetos wltb wbga wo eroigdsuftldm gd lssuos rofetldm tg tblsgdmgldm fltlmetlgd. Ldtorostldmfy‐ed`igdtrery tg tbo `rum aeduceituror“soxpoitetlgds‐tbo auib-irltlilzo`

    Efeheae Yuproao Igurt gpldlgd gdtbo Ao`liel` creu` lssuos (iurrodtfy gdroboerldm) bes ceffod gd `oec oers ldgtbor steto ed` co`oref igurts. Pbus cerdg steto gr co`oref igurt bes mlvod edy

    `ocorodio et eff tg tbo Efeheae gpldlgd.Ld ceit, gdo steto igurt ku`mo iga-aodto`;

    @gos lt eppoer tbet tbo EfeheaeYuproao Igurt heslieffy suhstl- tuto` lts ku`maodt cgr tbet gc tbo

    kury gd tbo ceituef lssuos7

    Igaaodts hy Ku`mo Xgmor F. Irlt-tod`od, Credjfld Ilriult Igurt ldJodtuijy es bo `lsromer`o` tbo

    Efeheae gpldlgd ed` ecclrao` e vor`lit emeldst Yed`gz, Ldi., cgr$8=.= alfflgd cgr tbo Yteto gc Jod-tuijy. (Gitghor 8>>5>. ]o bevo

    edgtbor trlef ld tbo Yteto gc Bewellemeldst Ayfed ^beraeioutliefs ld Kudogc 8>5> ed` ld tbo Yteto gc Alsslsslppl

    wo bevo ]etsgd, Yed`gz, Ehhgtt, Ayfeded` Cgrost sot cgr trlef ld @oioahor8>5>. Gtbor trlef `etos wlff ho sot ld tboYtetos gc Efeheae, Efesje, Ygutb Ierg-flde, ed` _teb.

    Gd tbo sottfoaodt crgdt, wo bevoroiodtfy el`o` Alsslsslppl EttgrdoyModoref Kla Bgg` ld sottfldm wltb `rumaeduceituros Hextor, Hgobrldmor Ldmof-bola ed` Eamod/Laaudox cgr gvor$59.0 alfflgd `gffers. Pbls hrldms Alssls-slppl“s tgtef sottfoaodt eagudt tg `etoup tg $82.0 alfflgd `gffers. ]o ero igd-tlduldm tg pursuo gtbor sottfoaodts

    wltb `rum igapedlos ld tbo Yteto gcAlsslsslppl.

    Pboro ero gtbor sottfoaodt `lsius-slgds pod`ldm ld gtbor stetos tbet erodgt yot rlpo cgr puhfli eddgudioaodt.

    ]o wlff joop gur roe`ors pgsto` gdedy sottfoaodt dows es lt tejos pfeio.

    Lt ls agst udcgrtudeto tbet tbo pogpfogc tbo Yteto gc Efeheae bevo tg wltdossgtbor stetos roclff tbolr igccors wltb sot-tfoaodt cud`s es e rosuft gc creu`ufodtigd`uit hy tbo pberaeioutlief ld`us-try ed` roeflzo tbet gur Yuproao Igurtbes sl`o` wltb tbo `rum igapedlos.

    Pbet aoedt Efeheae `l`d“t roiolvosgao $8=0 alfflgd cgr lts stervldm stetohu`mots. Pbls alsso` gppgrtudlty wlffgdfy wgrsod ld gur steto udfoss tbo Kus-tlios wltb`rew tbo iurrodt gpldlgd ed`lssuo ed gpldlgd ecclraldm wbet tbroo

    ku rlos bevo ef roe`y `o il `o`‐tbet Efeheae ls gwo` $8=0 alfflgd `gffershy pberaeioutlief igapedlos Estre-[odoie, MfexgYaltbJfldo, ed` Dgvertls.L esj tbls quostlgd; bgw ied tboigd`uit gc e `rum igapedy fljo Estre-

    [odoie ho igdsl`oro` creu` ld tboirlaldef igurts ed` lt dgt ho ilvlf creu`ld Efeheae7 @g ygu hoflovo e igapedytbet wes dgt mulfty gc Ao`liel` creu`

    wguf` pfoe` mulfty ed` pey e cldo tg tboco`oref mgvordaodt gc $?=> alfflgd7

    I EFLCGXDLE Y OPPFOY $85.9 A LFFLGD A O@LIEL@ C XE_@ Y _LP ] LPB Y IBOXLDM - ^ FG_MB

    Ieflcgrdle Ettgrdoy Modoref O`aud`

    M. Hrgwd Kr. eddgudio` e $85.9 alfflgdsottfoaodt fest agdtb wltb Yiborldm-^fgumb Igrpgretlgd, rosgfvldm effome-tlgds tbo mledt `rum aeduceituror‖`oflhoretofy ldcfeto`‑ tbo prlio gc Efh-utorgf ed` gtbor `rums, ieusldm Ieflcgr-dle“s Ao`liel` (Ao`l-Ief) prgmrea tggvorpey alfflgds gc `gffers ld pberaeiyrolahursoaodts. Efhutorgf ls e wl`ofy-prosirlho` modorli `rum, `oflvoro`tbrgumb ldbefors, dohuflzors ed` aesjs,ed` ls uso` tg troet estbae ed` gtborhroetbldm prghfoas. Ettgrdoy ModorefHrgwd be` tbls tg sey;

    ]ltb boeftbiero igsts splrefldmgut gc igdtrgf, lt“s udigdsilgdehfotbet e Cgrtudo ?>> pberaeioutl- ief igapedy `oflhoretofy ldcfeto`lts `rum prlios tg iboet Ieflcgr- dle“s puhfli boeftbiero systoa gutgc alfflgds gc `gffers. Pbls ls eigapedy tbet ae`o agro tbed$58 hlfflgd ld prgclts fest yoer, yot

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    stlff rel`o` tbo pgijots gc Ieflcgr- dle texpeyors.

    Pbo sottfoaodt stoas crga e fewsultclfo` ld Ieflcgrdle emeldst sovoref pber-aeioutlief igapedlos eiiuso` gc Ao`-liel` creu`. Ieflcgrdle“s ieso ls stlffpod`ldm emeldst @oy, Ldi., Ayfed ^ber-aeioutliefs, Ldi., Yed`gz, Ldi. ed` tbolr

    perodt igapedlos. Yiborldm-^fgumbroiodtfy aormo` wltb Aorij, ed` lsdgw jdgwd es Aorij & Ig. Ieflcgrdle“s$85.9 alfflgd emrooaodt ls gdo gc tbroosottfoaodts domgtleto` wltb Yiborldm-^fgumb, igffoitlvofy tgtefldm $3<alfflgd, gvor cefsofy-ldcfeto` ̀ rum prlios.Yiborldm-^fgumb efsg roeibo` sottfo-aodts wltb Cfgrl`e ed` tbo co`oref mgv-ordaodt, tbo fettor cgr epprgxlaetofy$00.? alfflgd.

    Pbo Ieflcgrdle sottfoaodt rosgfvoseffometlgds tbet ]errlij ^beraeioutl-iefs, e suhsl`lery gc Yiborldm-^fgumb,`oflhoretofy ldcfeto` tbo Evoremo ]bgfo-sefo ^rlios lt ropgrto` tg tbo steto cgr

    Efhutorgf. Ao`l-Ief sots tbo rolahurso-aodt retos cgr pberaeilos cgr aedy gctbo `rums `lspodso` tg Ao`l-Iefpetlodts heso` gd tbo E]^s ropgrto`hy `rum aeduceiturors. Ieflcgrdle pber-aeilos `lspodso` Efhutorgf tg petlodtsed` woro tbod rolahurso` hy Ao`l-Ief.Hy ropgrtldm cefsofy ldcfeto` E]^s, eduahor gc `rum aeduceiturors ieuso`

    Ao`l-Ief tg gvorpey alfflgds gc `gffersld pberaeiy rolahursoaodts.

    Lc tbls stgry sgud`s cealfler, lt sbguf`hoieuso tbo creu` ld Ieflcgrdle ls l`odtl-ief tg tbo creu` igaaltto` hy tbo `rumigapedlos ld Efeheae. Pbo iltlzods gcgur steto ed` aeyho ovod Kustlios gdgur steto“s Yuproao Igurt aust ho

    wgd`orldm wby e `rum aeduceituror wguf` ho peyldm $85.9 alfflgd cgrcreu`ufodt igd`uit lc tboy worod“tmulfty gc creu`. Pboy almbt efsg hoesjldm bgw ied igd`uit hy e `rumaeduceituror igdstltuto creu` ld Iefl-cgrdle, hut dgt ld Efeheae7Ygurio; Ieflcgrdle Ettgrdoy Modoref“s Gcclio ^rossXofoeso

    LLL.^_XOF\ ^GFLPLIEFDO]Y & SLO]Y

    FGGJLDM EBOE@ P G P BLY \ OEX “ Y ^ GFLPLIEF I EA^ELMDY

    L bgpo eff gc tbo oerfy ieapelmdldmfest yoer hy tbo ied`l`etos wbg wlff horuddldm tbls yoer besd“t wgrd gut tbopuhfli. L bevo dovor sood ieapelmds motjlijo` gcc sg oerfy, hut tbet sooas tg hotbo wey tbldms ero `gdo tboso `eys.Agst cgfjs ero prghehfy fljo ao ed`

    wguf` fljo tg soo tbo fodmtb gc iea-pelmds ro`uio` sberpfy. Ld edy ovodt,

    ygu ied rost essuro` tbet tbldms wlffroeffy stert tg mot bgt tbls agdtb. L bgpoed` prey tbet tbo ied`l`etos ed` tbolre`vlsgrs wlff joop tbldms ilvlf ed` gd eblmb pfedo.

    A LPP X GADO\ O D@GXYOY J E\ L SO\ C GX EFEHEAE M GSOXDGX

    Pbls aey ho gf` dows, hut cgraorAesseibusotts mgvordgr ed` Xopuhfl-ied prosl`odtlef ied`l`eto AlttXgadoy od`grso` Yteto Proesuror JeyLvoy ld bor reio cgr Mgvordgr. Xgadoyhoflovos Jey bes tbo oxporlodio ed`

    vlslgd tg `g e mgg` kgh es Mgvordgr. Boefsg hoflovos sbo bes steyo` truo tg borigdsorvetlvo prldilpfos es steto troe-suror. Es ygu aey roieff, Jey sorvo` esXgadoy“s Efeheae ieapelmd ibelr-

    wgaed `urldm tbo 8>>2 ^rosl`odtlefreio. L ea dgt suro bgw auib wolmbttbls od`grsoaodt wlff bevo ld tbo reio,hut igaldm crga e detlgdef pgfltliefclmuro, lt ls slmdlcliedt.

    M OGXMO ] EFFEIO K X . L Y X _DDLDM C GX

    Y PEPO P XOEY_XOX

    Agst Iepltgf Blff ldsl`ors woro sur-prlso` tbet Mogrmo ]effeio Kr. bes`oil`o` tg mot heij ldtg tbo pgfltlieferode. Hut pgfltlis ls ld bls hfgg`, ed`cgr tbet roesgd, L wesd“t tgg surprlso`

    wbod Mogrmo eddgudio` bls `oilslgdtg rud cgr Yteto Proesuror. Mogrmosorvo` twg toras es Proesuror ed` efsgsorvo` gd tbo ^uhfli Yorvlio Igaals-

    slgd ed` bo `l` e vory mgg` kgh ld hgtbgcclios. Bo ls igdiordo` ehgut tbo cetogc tbo steto“s ̂ ropel` Eccgr`ehfo IgffomoPultlgd (^EIP) prgmrea ed` seys bo‖`gosd“t wedt tg ho e spoitetgr ldodsurldm tbo cuturo gc tbo prgmrea.‑ Lsuspoit tbet wes e strgdm agtlvetlgdcgr Mogrmo tg mot ld tbo reio. Es YtetoProesuror, bo bofpo` iroeto tbo

    prgmrea, ed` bo hoflovos tbo stetosbguf` bgdgr tbo ^EIP igdtreits wltb

    Efeheae cealflos ed` sg `g L.

    Y _YED ^ EXJOX @ OYOXSOY E Y OIGD@ P OXA G D EFEHEAE “ Y ^ _HFLI Y OXSLIO I GAALYYLGD

    ^uhfli Yorvlio Igaalsslgd aoahorYused ^erjor ls soojldm ro-ofoitlgd tg esoigd` tora. Pbo @oagiretli igaals-slgdor feudibo` bor ieapelmd gd@oioahor 5= tb . Yused bes wgrjo` tgo`uieto igdsuaors ehgut odormy occl-ilodiy ed` fgworldm utlflty hlffs, huttboro ls agro sbo wedts tg `g ld esoigd` tora. Yused bes `ovofgpo` emgg` deao gutsl`o Efeheae `urldm borclrst tora. Ybo ls prosl`odt gc tbo Ygutb-oestord Essgiletlgd gc Xomufetgry_tlflty Igaalsslgdors, ed` sbo wesroiodtfy ofoito` soigd` vlio prosl`odtgc tbo Detlgdef Essgiletlgd gc Xomufe-tgry _tlflty Igaalsslgdors. Yused ls ld

    fldo tg ho prosl`odt ld 8>58. Ld aygpldlgd, Yused ^erjor bes `gdo ed gut-sted`ldm kgh cgr tbo pogpfo gc Efeheae`urldm bor clrst tora gd tbo ^YI ed``osorvos e soigd`. Ybo ls e mgg` iga-alsslgdor ed` ed ovod hottor porsgd.Ygurio; Essgileto` ^ross

    LS.FOMLYFEPLSOBE^^ODLDMY

    P BO 8>5> X OM_FEX Y OYYLGD ] LFF H O EX G_MB G DO

    Kgyio Hlmhoo, Efeheae“s FomlsfetlvoClsief Gcclio `lroitgr, bes werdo` few-aejors tbet tbo steto“s Modoref Cud`cgr clsief 8>55 iguf` ho `gwd 95%. Pbo`lroitgr pro`lito` spod`ldm hy tbosteto“s O`uietlgd Prust Cud`, ldifu`ldm

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    evoremo oxpod`lturo ag`of hoetsldcfetlgd hy $5>.?8 hlfflgd wblfotbo iurrodt rovoduo ag`of hoetsldcfetlgd hy $59.88 hlfflgd, e fgssgc $8.= hlfflgd. Ld kust tbo provl- gus cgur yoers, o`uietlgd wguf`bevo roiolvo` $8.0 hlfflgd foss.Pbet ls clvo tlaos tbo eagudt

    spodt gd tbo roe`ldm ed` aetb

    ed` silodio ldltletlvos, ed` agrotbed tbo co`oref stlaufus stehlflty`gffers. Ovod wgrso, ud`or tbooxpod`lturo prgpgsef, tboro ls tbo

    pgsslhlf l ty co `ore f s t laufus`gffers wguf` dgt ho evelfehfo tgbofp `lstrosso` sibggfs, hoieusotbo cud`ldm ieps wguf` roqulrotbo `gffers tg ho sot esl`o ed` tbo

    co`oref `g ffers wguf` ho fgst ,igstldm tbo O`uietlgd Prust Cud`ed e``ltlgdef $5 hlfflgd.

    \os, es Pbo Dows“ o`ltgrlef sel`,‖Pboro“s dg oxiuso cgr dgt cld`ldme hottor wey, pertliuferfy wbodtbo hottor wey efroe`y oxlsts.‑ Ehottor wey `gos oxlst, hut lt ls ior- teldfy dgt tbo evoremo oxpod`l- turo ag`of. ]o eff jdgw tbo hottorwey. Hut tbo hottor wey ls tborge` foss trevofo` ed` tbo agro`lccliuft. Pbus, o`ltgrlef hger`sauso ld tbo ehstreit ehgutibedmos ld prgioss, dgt suhstedio,

    ed` od`grso slapflstli prgpgsefs,dgt sgfutlgds. _dtlf tbo hottor weyls eiblovo`, tbo helfldm wlro, muaed` mfuo, petibwgrj, coest-ed`-

    cealdo epprgeib `gos tbo foestbera ed` prgvl`os cgr sgao roef

    prgmross.

    Ygurio; @r. Moref` Kgbdsgd, Pbo Hlraldmbea Dows @oioahor 8>, 8>><

    S.IG_XP ]EPIB

    I G_XP ] GD “ P @ LYP_XH $28.3 A LFFLGD E]EX@ L D Y_S X GFFGSOX

    Pbo _.Y. Yuproao Igurt bes foct ldpfeio ed $28.3 alfflgd ewer` tg e

    wgaed wbg wes perefyzo` ector borCgr` Oxpfgror rgffo` gvor. Pbo Kustliosrokoito` Cgr` Agtgr Ig.“s ibeffodmo tg

    tbo pudltlvo pgrtlgd gc tbo `eaemosewer`, wblib wes $?? alfflgd. Cgr`ermuo` tbet lt sbguf` dgt ho pudlsbo`hoieuso lts `oslmd gc tbo voblifo aotco`oref secoty sted`er`s. E Ieflcgrdlesteto eppoefs igurt oerflor rokoito`Cgr`“s igdtodtlgd ed` upbof` tboewer` tg As. Hodotte Huoff-]lfsgd.

    As. Huoff-]lfsgd wes `rlvldm gd ed

    ldtorsteto doer Yed @lomg ld Keduery8>>8 wbod sbo sworvo` tg evgl` eaotef ghkoit ed` fgst igdtrgf gc bor5? fewtbet mlvos mud aeduceiturors laaudltycrga fewsults hy sbggtldm vlitlas. Pbo

    Kustlios rocuso` tg boer ed eppoef crga

    Boitgr E`eaos Kr. tg rovlvo bls fewsultemeldst tbo Horotte _.Y.E. Igrp. gvor tboeiil`odtef sbggtldm `oetb gc bls59-yoer-gf` sgd. Pbo Lffldgls YuproaoIgurt tbrow gut tbo fewsult, iltldm tboco`oref 8>>? ^rgtoitlgd gc Fewcuf Iga-aorio ld Eras Eit.

    E`eaos“ sgd , Kgsb, wes sbgt ed`jlffo` hy e 59-yoer-gf` hgy, wbg cgud`

    bls cetbor“s Horotte ed` roagvo` tboaemezldo igdteldldm tbo eaaudltlgd.Bo pgldto` tbo mud et Kgsb ed` puffo`tbo trlmmor, dgt jdgwldm tbet e huffotroaeldo` ld tbo ibeahor. E`eaos suo`Horotte, effomldm tbet tbo mud `l` dgtbevo tbo prgpor werdldms gr e secotyaoibedlsa tbet stgps tbo mud crgaholdm clro` wltbgut tbo aemezldo ldpfeio.Ygurio; Essgileto` ^ross

    ^ _HFLI K _YPLIO K GLDY L A^GXPEDP FE]Y_LP

    ^uhfli Kustlio bes kgldo` e irltlieffylapgrtedt Dow \grj ieso tbet iguf`bevo e `reaetli lapeit gd igdsuaorsecoty. Pbo lssuo ld tbo ieso ( ]effeio v.\grj Ldtordetlgdef ) ls wbotbor eprg`uit aeduceituror gr soffor bes e`uty tg werd ehgut eff gc tbo `edmors gclts prg`uit, ldifu`ldm tbo `edmors gcigapgdodt perts tbet lt jdgws wlff holdsteffo` gd lts prg`uit hy gtbors. Pbo

    @ocod`edt ifelas lt bes dg `uty tg werd ehgut `edmorgus igapgdodtperts tbet lt jdgws wlff ho ldsteffo` gdlts prg`uits. ^uhfli Kustlio ld ed ealilhrloc seys tbet suib e `uty `gos‐ed`aust‐oxlst.

    Pbo fewsult wes clfo` gd hobefc gc eaed wbg `lo` crga oxpgsuro tg eshos-tgs tbet wes ldsteffo` ld ed elr igd`l-tlgdldm udlt aeduceituro` hy \grjLdtordetlgdef. E $? alfflgd vor`lit wesroturdo` ld bls ieso gd tbo mrgud` tbet

    \grj sbguf` bevo cgrosood tbet lts elrigd`ltlgdldm udlts woro holdm uso`, gr wguf` ho uso`, wltb tbo uftre bezer`-gus, eshostgs-igdteldldm ldsufetlgd por-

    veslvofy uso` et tbo tlao. Gd eppoef, \grj ls igdtod`ldm tbet lt be` dg `utytg werd ehgut edy `edmorgus igapg-dodts ldsteffo` gd lts prg`uit hy tblr`pertlos, romer`foss gc wbotbor tbo usogc tbo bezer`gus igapgdodt wes cgro-sooehfo.

    www.KoroHoesfoyXopgrt.iga =

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    _d`or oxlstldm few ld agst stetos,aeduceiturors bevo e `uty tg werdehgut `edmorgus igapgdodts tbet ltjdgws iguf` ho ldsteffo` gd lts prg`-uits hy tblr` pertlos. Lc \grj bes lts wey,prg`uit aeduceiturors wguf` ho ehfotg evgl` flehlflty cgr celfldm tg werd gctbo cuff `edmors gc tbolr prg`uits‐tbo`edmors pgso` hy igapgdodts lt

    jdgws wlff ho ldsteffo` hy gtbors. Dgtgdfy wguf` suib e rufldm bevo e torrl-hfo occoit gd vlitlas“ rlmbts ld Dow

    \grj Yte to, hut lt iguf` pgtodtleffysproe` tg gtbor stetos tbet roigmdlzo e`uty tg werd ud`or suib ilriua-stedios.

    Pbo ealil hrloc, wblib wes clfo` gd@oioahor 8, 8>>,>>>

    E Aleal-@e`o kury ewer`o` soiurltymuer` Keijefyd ^. Ytreibed $5?>,>>> ld`eaemos roiodtfy ld e fewsult emeldst

    bor oapfgyor. Pbo kury cgud` tbet eAleal soiurlty clra, Beff LdvostlmetlgdYorvlio, wrgdmcuffy `odlo` wemos ed`clro` As. Ytreibed cgr sorvldm es e kurgrld e aur`or trlef ld Eprlf 8>>=. Pbo kuryls e cud`eaodtef pert gc wbet aejostbo _.Y. ku`lilef systoa wgrj. Dgoapfgyor sbguf` joop ed oapfgyoocrga sorvldm gd e kury. Yorvldm gd e

    kury ls ed lapgrtedt `uty gc iltlzod-sblp ed` gdo tbet eff gc us sbguf` tejosorlgusfy.

    Ars. Ytreibed, ?=, wes e fgdmtlao Beffsoiurlty suporvlsgr. Ld Eprlf 8>>=, sbo wes stetlgdo` et tbo @r. Aertld FutborJldm Kr. ^feze gcclio hulf`ldm wbod sbotgf` igapedy gwdor Ertbur Beff ehguttbo kury suaagds. Beff hoieao edmryed` tgf` bls oapfgyoo sbo sbguf` sjlpigurt cgr wgrj. As. Ytreibed sorvo`tbroo `eys gd tbo kury tbet igdvlito` eaed gc aur`or cgr ceteffy hoetldm ebgaofoss aed wltb e troo hredib.

    Pbo trlef ku`mo mevo As. Ytreibed efottor vguibldm cgr bor sorvlio, ed` efsge igpy gc tbo igudty few prgtoitldm iltl-zods wbg sorvo gd kurlos. Beff stlffrocuso` tg pey tbo oapfgyoo tbo $0>> ld

    wemos sbo sbguf` bevo oerdo` `urldmtbo tbroo `eys gc kury sorvlio. Bo fetoreiiuso` As. Ytreibed gc creu` ed`tbroetodo` tg ropgrt bor tg tbo Aleal-

    @e`o steto ettgrdoy“s gcclio. Pbo kurgrsld tbo ieso ewer`o` tbo oapfgyoo$9>,>>> cgr fgst wemos ed` oagtlgdef`lstross, ed` $58>,>>> ld pudltlvo`eaemos. Alibeof Colfor, e fewyor fgieto`ld Igref Mehfos, Cfe., roprosodto` tbo^feldtlcc ed` ̀ l` e mgg` kgh.Ygurio; Aleal Boref`

    SL.PBO DEPLGDEFYIODO

    M GSOXDAODP P G ^ E\ $9.0 H LFFLGD P G Y OPPFO L D@LED P X_YP FE]Y_LP

    Pbo _.Y. mgvordaodt wlff pey $9.0hlfflgd tg sottfo e fgdm-ruddldm fewsultemeldst tbo Ldtorlgr @opertaodt cgralsaedemldm tbo rovoduo ld Detlvo

    Eaorlied trust cud`s. Es pert gc tbo sot-tfoaodt, tbo mgvordaodt wlff pey $5.0

    hlfflgd `lroitfy tg aoahors gc Ld`ledtrlhos ed` ostehflsb e $8 hlfflgd cud` tghuy fed` crga Detlvo Eaorlieds. Pbosottfoaodt efsg iroetos e $3> alfflgdco`oref sibgfersblp tg laprgvo eiiosstg blmbor o`uietlgd cgr Ld`led ygutb._.Y. Ldtorlgr Yoirotery Jod Yefezer, ldeddgudildm tbo sottfoaodt, sel` ‖]oero boro tg rlmbt e pest wrgdm.‑ Pbo sot-tfoaodt aust stlff ho epprgvo` hy tbo_.Y. Igdmross ed` tbo igurt.

    _d`or tbo sottfoaodt, agst gc tbo

    9>>,>>> ld`lvl`uef Ld`leds wbg woropert gc tbo ifess eitlgd fewsult wguf`roiolvo et foest $5,?>> oeib. Pbo Ldto-rlgr @opertaodt wes suo` 59 yoers emgcgr alsbed`fldm tbo rovoduo ld Ld`ledtrust cud`s mgldm heij tg 522=. Pbocud` ldifu`os 5> alfflgd eiros gc fed`gwdo` hy ld`lvl`uef Ld`leds ed` 03alfflgd eiros hofgdmldm tg Ld`led trlhos.Ygurio; Xoutors

    SLL.PBO IGX^GXEPO]GXF@

    L P ^ E\Y P G H O E I GX^GXEPO A GDLPGX

    L bevo foerdo` tbet sgao cgfjs ero

    `gldm vory woff sorvldm es igrpgretoagdltgrs. L `guht tbet aedy gc gurroe`ors ovod jdgw wbet e ‖igrpgretoagdltgr‑ ls. L aust igdcoss tbet L `l`d“tudtlf kust e cow woojs emg. E igrpgretoagdltgr ls e porsgd eppgldto` hy tbo

    Kustl io @opertaodt tg gvorsoo ed`odcgrio verlgus `ocorro` ed` dgd-prgs-oiutlgd emrooaodts.

    E duahor gc porsgds bevo sorvo` esigrpgreto agdltgrs. E flst gc igrpgretoagdltgrs wes roiodtfy puhflsbo` gdtbo Bguso Ku`lilery Igaalttoo“s wohslto. Ldtorostldmfy, tbet flst ̀ l`d“t ldifu`otbo deaos gc cgur porsgds wbg bevohood eppgldto` sldio Aerib gc 8>>2. Lud`orsted` et foest twg e``ltlgdef agd-ltgrs wlff ho eppgldto` sggd. Pbo Mgv-ordaodt Eiigudtehlflty Gcclio roiodtfyrofoeso` e ropgrt gd igrpgreto agdl-tgrs. Pbo tltfo gc tbo ropgrt ls ‖Igrpg-reto Irlao; ^rgsoiutgrs E`boro` tgMul`edio ld Yofoitldm Agdltgrs cgr@ocorro` ^rgsoiutlgd ed` Dgd-^rgsoiu-tlgd Emrooaodts, hut @GK Iguf` Hottor

    Igaaudlieto Lts Xgfo ld XosgfvldmIgdcflits.‑

    Pbo MEG cgud` tbet tboro bevo hood0? agdltgrs eppgldto`. Pboro bes hoodsgao igdiord ehgut tbo agdltgrs“ igst,sigpo ed` eagudt gc wgrj igapfoto`.Pbo pey siefo cgr tbls wgrj ls prottymgg`, ovod hy igrpgreto sted`er`s.Ygao igapedlos pel` $2,>>> e agdtbcgr tbolr agdltgrs ed` gtbors pel` $8.5alfflgd por agdtb. Pbo MEG survoyo`olmbt igapedlos gd tbo igst gc tbolr

    agdltgrsblps. Pboso ropgrto` igsts woro; $92.= alfflgd: $58 alfflgd: $>,>>>.Pbet“s e mroet `oef gc agdoy. Pbo Creu`Yoitlgd et tbo @opertaodt gc Kustlio‖oxpoits e wgrj pfed,‑ wbod e agdltgrls eppgldto`. Eiigr`ldm tg e ropgrt ldIgrpgreto Irlao Xopgrtor tbo eagudtgc coos `lsifgso` aey gdfy ho tbo tlp gc

  • 8/9/2019 The Jere Beasley Report, Jan. 2010

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    tbo liohorm wbod lt igaos tg tbo tgtefigsts gc agdltgrs.Ygurio; Igrpgreto Irlao Xopgrtor

    H ELFG_P FGEDY P G P BO B EXPCGX@ ED@ FLDIGFD D EPLGDEF

    E helfgut wetib`gm seys tbo pertlil-

    petlgd gc twg hlm ldsurors ld tbo $=>>hlfflgd cldedilef rosiuo igdtre`lito`tbo mgefs gc tbo mgvordaodt prgmrea.Pbo ldifuslgd gc Bertcgr` Cldedilef Yor-

    vlios Mrgup Ldi. ed` Fldigfd DetlgdefIgrp. ‖wes ldigdmrugus wltb tbo splrlted` ldtodt““ gc tbo helfgut prgmrea,eiigr`ldm tg tbo ropgrt hy YpoilefLdspoitgr Modoref Dolf Hergcsjy. Pbotexpeyor ldvostaodts ld tbo twg iga-pedlos woro suppgso` tg ho cgr‖hedjldm husldoss.‑ Ldstoe` tbo agdoy

    wodt tg suppgrt tbolr ldsuredio husl-dossos, dgt tbo saeff tbrlct ldstltutlgdstboy eiqulro` ld gr`or tg queflcy cgr tbohelfgut.

    Pbo ropgrt lffustretos tbet tboeagudt gc agdoy tboy roiolvo` crgatbo mgvordaodt‐$9.0 hlfflgd cgr Bert-cgr`, wblib ls heso` ld Bertcgr`, Igd-doitliut, ed` $ alfflgd cgr^blfe`ofpble-heso` Fldigfd‐wes heso`gd tbo essots gc tbolr perodt ldsuredioigapedlos ed` ‖`werco`““ tbo slzo gctbo tbrlcts tboy eiqulro`. Lt wes steto`

    curtbor ld tbo ropgrt tbet ‖troesury clttbo odgragus ldvostaodts ld tbosoldsuredio igapedlos, bumo prgvorhlefpoms, ldtg tbo saeff rgud` bgfos“ gc ofl-mlhlflty cgr tbo helfgut prgmrea.‑ Lt“s`otelfo` ld tbo ropgrt bgw slx igape-dlos uso` $25 hlfflgd ld texpeyoragdoy tboy roiolvo` ed` wbotbor tboyjopt lt sopereto crga gtbor igapedycud`s.

    Modoref Agtgrs ed` Ibrysfor, cgroxeapfo, uso` fermo pgrtlgds gc tbo

    agdoy tg igvor `elfy gporetldmoxpodsos fljo peyldm suppflors ed`aootldm peyrgff. Gdfy tlao wlff toff bgwldoccoitlvo tbo co`oref helfguts eitueffybevo hood. L suspoit tbet wlff tejo sgaotlao. L bevo tg hoflovo tbet gur detlgd“soigdgay wes sevo`.Ygurio; Ldsuredio Kgurdef

    L P E^^OEXY M GF@AED ^ FE\O@ A _IB FEXMOX X GFO L D ELM P XE@OY

    Pbo ]eff Ytroot Kgurdef bes ropgrto`tbet Mgf`aed Yeibs Mrgup Ldi. pfeyo`e hlmmor rgfo ld cuofldm tbo agrtmemohots tbet irlppfo` Eaorlied LdsuredioMrgup Ldi. tbed bes hood puhflify `ls-ifgso`. Ed edefysls hy tbo pepor gc

    ELM“s tre`os gd pggfs gc agrtmemo `ohtrovoefs tbet Mgf`aed wes e joy pfeyorld aedy gc tboa, ldifu`ldm tbgsoldvgfvldm gtbor hedjs. Es ygu wlffroieff, Mgf`aed wes gdo gc 53 hedjstbo _.Y. mgvordaodt rosiuo` fest yoerector ifgsldm gut fgsldm tre`os tbet ELMbe` ae`o wltb tbo cldedilef clras.

    Pbo hedj grlmldeto` gr hgumbt prg-toitlgd crga ELM gd rgumbfy $99 hlffgdgc tbo $2> hlfflgd gc _.Y. agrtmemoessots tbet ELM ldsuro` `urldm tbobgusldm hgga. Pbet wes ehgut twlio esauib es Ygiloto Modorefo ed` AorrlffFydib, tbo clras wltb tbo fermost oxpg-suro tg ELM ector Mgf`aed, eiigr`ldmtg ed edefysls gc retldms-clra ropgrtsed` ed ldtordef ELM `giuaodt, esropgrto` hy tbo Kgurdef . Mgf`aed

    wguf` eit es tbo al``foaed hotwood ELM ed` hedjs, tejldm hlfflgds ld rlsj gctbo agrtmemo-rofeto` ldvostaodts. Lt

    wes ropgrto` tbet Mg f`aed tbodldsuro` tbo rlsjs wltb e sldmfo tre`ldmpertdor, ELM.

    Pbo Kgurdef ropgrts tbet tre`os,agstfy hggjo` crga 8>>0 tg 8>>3,

    ylof`o` foss tbed $?> alfflgd ld prgcltscgr Mgf`aed. Hut tbo tre`os e``o` rlsjsgdtg ELM“s hggjs ed` fetor ieao tgbeudt tbo ldsuror ed` Mgf`aed. Pbotre`os efsg mevo Mgf`aed e udlquo

    wld`gw ldtg ELM“s oxpgsuro tg fgssosgd soiurltlos fldjo` tg agrtmemos.

    ]bod tbo co`oref mgvordaodt helfo`gut tbo ldsuror, Mgf`aed evgl`o` fgssosgd lts tre`os wltb ELM igvorldm e tgtef

    gc $88 hlfflgd ld essots. E mgvordaodt eu`lt ld Dgvoahor gdpert gc tbo ELM helfgut `osirlho` Mgf`-aed“s al``foaed rgfo. Pbo slzo gc tbomgvordaodt“s helfgut gc Mgf`aed ed`tbo gtbor ELM igudtor-pertlos bes hood

    vory udpgpufer . Lt sbguf` ho dgto`tbet Bodry ^eufsgd, tbo _.Y. Proesurysoirotery, wes e cgraor Mgf`aed iblocoxoiutlvo.Ygurio; ]eff Ytroot Kgurdef

    I GDMXOYY Y BG_F@ X OYPGXO P BO ] EFF H OP]OOD H EDJLDM ED@ L DY_XEDIO

    Cldedilef mledts iguf` ho hrgjod upud`or twg hlffs ldtrg`uio` ld tbo _.Y.Igdmross fest agdtb. Gdo gc tbo hlffsbes tbo heijldm gc Yodetgr KgbdAiIeld. Hgtb hlffs wguf` roldsteto tbo5s-ore Mfess-Ytoemeff fews tbet

    herro` fermo hedjs crga ecclfletldm wltbsoiurltlos clras ed` odmemldm ld tboldsuredio husldoss. Pbgso flalts worofermofy ropoefo` ld 5

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    10/405> www.HoesfoyEffod.iga

    Pbo ropoef gc Mfess-Ytoemeff besoxpgso` tbo _.Y. oigdgay tg efovof gc rlsj tbet ls slapfy udei- ioptehfo. Igdmross lmdgro` blstgryld 5

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    `odt Gheae ed` Igdmross wlffpess tbo doiossery fomlsfetlgddoo`o` tg aejo suro tbet wo `gd“temeld ceff ldtg tbo seao clsief aoss.

    Ieapelmd Cldedio Xocgra

    Lt“s prghehfy tgg auib tg oxpoitcgr Igdmross tg pess edy aoedldm-cuf ieapelmd cldedio rocgra fomls-fetlgd tbls yoer. Eftbgumb lt ls he`fydoo`o`. Ypoilef ldtorosts wlff igd-tlduo tg bevo cer tgg auib pgwored` ldcfuodio udtlf suib tlao esaekgr ibedmos ero ae`o ld bgwpgfltlief ieapelmds ero cldedio`.

    Erhltretlgd Xocgra

    ^rgapto` hy tbo repo gc cgraorJHX oapfgyoo Kealo Folmb Kgdos,

    Igdmross wlff sggd pess e aoesuroheddldm `ocodso igdtreitgrs crgacgrildm oapfgyoos tg uso erhltre-tlgd tg rosgfvo ifelas gc `lsirlal-detlgd ed` soxuef esseuft. Bgusoed` Yodeto domgtletgrs emroo` tgldifu`o tbo dg-erhltretlgd prgvl-slgd ld e $393 hlfflgd `ocodsospod`ldm hlff tbet pesso` tboBguso hy e vgto gc 9

  • 8/9/2019 The Jere Beasley Report, Jan. 2010

    12/40

  • 8/9/2019 The Jere Beasley Report, Jan. 2010

    13/40

    Hoieuso gc bls oxpgsuro, Ar. Herehld wes `lemdgso` wltb aeflmdedt aosg-tboflgae ld 8>>3. Es wo bevo ropgrto`,lffdossos rofeto` tg eshostgs oxpgsuroero oxtroaofy flco-tbroetodldm `uo tgtbo sovoro fetodiy porlg` gc syaptgas.Ld aedy iesos, vlitlas gc eshostgsoxpgsuro udjdgwldmfy `ovofgp e`lsoeso hocgro coofldm edy slmds gc

    giiurrodio. @opod`ldm gd tbo `lsoeso,syaptgas aey tejo es fgdm es tod tg ?>

    yoers tg erlso. Es ygu aey dgw jdgw, Aosgtbofl-

    gae ls pertliuferfy beracuf es tboro lsdg iuro cgr tbo `lsoeso. Ector `lemdgsls,agst petlodts roiolvo peffletlvo iero grodtor ifldlief trlefs tg bofp igahet tbolrigd`ltlgd. Evoremo prgmdgsls cgr aosg-tboflgae ls hotwood cgur ed` 52agdtbs. Ld e``ltlgd tg pepor alff

    wgrjors, gtbor kghs tbet bevo be` e

    blstgry gc eshostgs oxpgsuro ldifu`otbgso ld tbo igdstruitlgd, sblpyer`,pgwor ed` iboalief pfedt, ofoitrliefed` eutgagtlvo ld`ustrlos. Lc ygu wguf`fljo agro ldcgraetlgd gr bevo edyquostlgds ehgut eshostgs oxpgsuro, yguied igdteit Aljo Ed`rows (Aljo.

    Ed`rowsNhoesfoyeffod.iga) gr HodFgijfer (Hod.FgijferNhoesfoyeffod.iga) ld gur gcclio et 2>>-290.

    @ EDMOXG_Y ECPOXAEXJOP ] BOOFY G D I EXY

    E igaagd pre itl io eagdm aedy ygudm pogpfo tg`ey ls tg puribeso dowrlas gr ‖wboofs‑ cgr tbolr voblifos.Pboso wboofs bevo spewdo` e iufturefrovgfutlgd, gc sgrts. Ld ceit, tboy bevoovod hoigao tbo suhkoit gc rep sgdms.Pbo fermor rlas gr wboofs holdm pfeio`gd sgao voblifos ero rocorro` tg es‖`uhs,‑ ‖hfe`os,‑ ‖spoo`s,‑ ‖splddors,‑ ed`‖twodtlos,‑ eagdm gtbor deaos. Aedygc tbo rlas tbet ero holdm ldsteffo` gdeutgaghlfos ero ectoraerjot prg`uits,aoedldm tbet tboy woro dgt aeducei-turo` hy tbo eutgaghlfo aeduceiturorgr woro dgt aeduceituro` spoilclieffycgr tbet voblifo hy edgtbor igapedycgr tbo voblifo aeduceituror.

    Pbo rlas ero typlieffy ae`o gc efual-dua, oltbor cgrmo` gr iest. Pbo efual-dua ls gctod ae`o es ed effgy, hfod`o`

    wltb gtbor aetorlefs fljo aemdoslua gr

    gtbor dgd-corrgus aotefs ld gr`or tgstrodmtbod tbo efualdua. Pbo ldtomrltygc tbo efualdua gr efualdua iga-pgud`s uso` ed` tbo aeduceiturldmprgioss oapfgyo` hy tbo aeduceituroriguf` aoed tbo `lccorodio hotwood flcoed` `oetb. Pboro bevo hood aedyropgrto` ldil`odts gc tbo ectoraerjot

    wboofs igffepsldm gr hroejldm. Hoieuso

    gc tbo hgga ld tbo aerjot, lt lsoxpoito` tbet aedy agro eiil`odts

    wlff giiur hoieuso gc ceufty ed` `ocoi-tlvo rlas. Pbo aotbg` uso` tg aejo tbotlro ed` tbo queflty gc tbo aeduceitur-ldm prgioss ied mroetfy eccoit tbo igstgc tbo rlas ed` tbolr secoty rlsjs.

    ]b l fo ags t eu tgaghl fos e rooqulppo` et tbo ceitgry wltb 59‑ tg 5?‑tlros ed` rlas, ectoraerjot rlas ied ho8>‑ gr agro. Ld agst ldstedios tbo

    wboofs tbe t igao gd e voblifo ero

    wboofs tbet ero `oslmdo` cgr tbet voblifo. Pbo ectoraerjot wboofs, gd tbogtbor bed`, ero dgt `oslmdo` cgr tbo

    voblifo. Pbo fermor wboofs eccoit stehlf-lty ed` bed`fldm gc tbo voblifo. Efsg,`opod`ldm gd tbo ldtomrlty gc tbo rlas,tbo wolmbt ed` stross eppflo` crgadgraef gporetlgd gc e voblifo iedieuso tbo wboofs tg celf ld e verloty gcaeddors.

    Slrtueffy ovory voblifo aeduceituro`tg`ey bes igaputor ed` ofoitrgdlisystoas tbet ero `oslmdo` tg e`kust bed-`fldm ed` suspodslgd, heso` upgdovodts tbet giiur wltb tbo wboofs tbetigao sted`er` gd tbo voblifo. ]bodfermor wboofs ero e``o` tg e voblifo,tbo igaputor systoa ieddgt ldtorprottbo `ete igrroitfy, aoedldm tbet tbohrejldm eitlgd ed` stehlflty gc tbo

    voblifo iguf` ho lapelro`. Pbo fermor wboofs ero efsg sbgwd tg ldiroeso woered` toer gd suspodslgd. Eff gc tbosoceitgrs, crga tbo ldtomrlty gc tbo aoteftg tbo ldtorceio gc tbo tlro systoa wltb

    tbo voblifo“s ofoitrgdli stehlflty systoa,ied mroetfy ldiroeso tbo rlsj gc sorlgushg`lfy bera gr ldkury.

    E qulij Mggmfo ® soerib rovoefs tbettboro ero fltoreffy bud`ro`s gc gptlgdscgr ectoraerjot rlas ed` wboofs. Ygaogc tbo aeduceiturors gc tboso ectoraer-jot rlas ero crga igudtrlos fljo Iblde,

    wboro lt ls udfljofy tbet tbo aeducei-turldm prgiossos ero agdltgro` es

    ifgsofy es tboy ero, gr sbguf` ho, ld tbo_dlto` Ytetos.

    Cgr tbgso wbg wlsb tg e`` e sot gc‖hfe`os‑ gr ‖`uhs‑ tg tbolr voblifo, lt lsroigaaod`o` tbet tboy sooj gut e rop-utehfo tlro sbgp. Ag`lclietlgds aeybevo tg ho ae`o tg tbo suspodslgd ed`hrejldm systoa tg aldlalzo tbo rlsjsessgileto` wltb tbo e``ltlgd gc tbo

    fermor rlas. Cgrmo` efualdua aey efsggccor hottor ldtomrlty. Gur clra wlffrovlow iesos ldvgfvldm wboof gr rlacelfuros tbet rosuft ld sorlgus ldkury gr`oetb. Lc ygu doo` e``ltlgdef ldcgrae-tlgd gd tbls suhkoit, igdteit HodFgijfer gr Igfo ^grtls ld gur clra et2>>-290 gr hy oaelf et Hod.FgijferNhoesfoyeffod.iga gr Igfo.^grtlsNhoesfoyeffod.iga.Ygurios; ̂ et Er`ls, e fewyor crga Aoapbls, Podd.:bttp;//www.ldsl`ofldo.iga/coeturos/tbo-`edmor-gc-`uhs.btaf: bttp;//www.rlpgccropgrt.iga/Ier-^erts-

    Eiiossgrlos/]boofaex/wboofaex-`edmor-udseco-prg`ui-c0e0a.bta

    C O@OXEF Y P_@\ Y E\Y C E_FP\ I BLDOYO @ X\]EFF I E_YOY I GXXGYLGD

    Pbo Igdsuaor ^rg`uit Yecoty Iga-alsslgd bes cgud` e fldj hotwood tbolapgrto` aetorlef Ibldoso `ryweff ed`tbo igrrgslgd prghfoa ld bgaos tbetbevo lt. Hut tbo emodiy efsg sel` tboy`gd“t hoflovo tbo prghfoas ero es wl`o-

    sproe` es oerfy ostlaetos pro`lito`. Pboigdifuslgd cgffgwo` tostldm et ?5bgaos ld Cfgrl`e, Efeheae, Fgulslede,Alsslsslppl ed` Slrmldle tbet cgud` ‖estrgdm essgiletlgd hotwood tboprghfoa `ryweff, tbo by`rgmod sufcl`ofovofs ld bgaos wltb tbet `ryweff ed`igrrgslgd ld tbgso bgaos.““

    Gvor tbo pest yoer, bgaogwdorsbevo hood igapfeldldm tg co`oref ed`steto mgvordaodt emodilos tbet tbolrbgaos saoff gc sufcur gr rgttod omms,

    tbo igppor ld tbolr elr-igd`ltlgdldmudlts ed` ofoitrlief wlros ld tbolrbgaos ero igrrg`ldm ed` tbet gtboraotefs ero turdldm hfeij. Pboy bevo efsgropgrto` prghfoas hroetbldm, boe`-eibos ed` dgsohfoo`s. Hut udtlf tblsropgrt, dg emodiy be` gcclileffy fldjo`igrrgslgd prghfoas wltb `ryweff. PboI^YI ls stlff ldvostlmetldm tbo fldjhotwood weffhger` ed` boeftb igd-iords. Pbo ropgrt sel` iboaliefs cgud`

    www.KoroHoesfoyXopgrt.iga 59

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    ld tbo bgaos tosto` woro et fovofsfgwor tbed wbet almbt ho oxpoito` tgieuso lrrltetlgd, hut tbo igahldetlgd gctbgso igapgud`s wltb gtbor suh-stedios iguf` foe` tg tbo syaptgascealflos ero oxporlodildm.

    Pg `eto, tbo I^YI bes roiolvo` 8,>>‐ero crga Cfgrl`e rosl`odts.

    ]blfo tbo prghfoa ls wl`osproe`, ]gfcsgd sel` provlgus ostlaetos tbet esaedy es 5>>,>>> bgaos detlgdwl`oaey ho eccoito` ero fljofy ldigrroit.Igapfeldts ropgrto` tg steto ed`co`oref emodilos `gd“t cgrosbe`gw tbetfermo gc e duahor.

    Yg cer tbo I^YI bes spodt ehgut $9.?alfflgd gd lts ldvostlmetlgd, wblib lstbo fermost ld tbo blstgry gc tbo emodiy.Pbo doxt pbeso gc lts wgrj wlff `oef

    wltb cld`ldm weys tg l`odtlcy prghfoa`ryweff ed` igao up wltb weys tgtroet bgaos. Aedy bgaogwdors eropursuldm fewsults emeldst cgrolmd aedu-ceiturors tbet aey woff tejo yoers tgrosgfvo. \gu sbguf`d“t ho surprlso` tgfoerd tbet tbo cgrolmd igapedlos eroaejldm lt `lccliuft cgr tbo vlitlas. Gdfygdo igapedy, Jdeuc ^festorhger` Pled-

    kled, bes emroo` tg ho sorvo` wltb eco`oref ifess-eitlgd fewsult ed` dgtcgrio ^feldtlccs tg mg tbrgumb ldtorde-tlgdef fomef ibeddofs. Ovodtueffy tboco`oref mgvordaodt aey bevo tg motldvgfvo`. Hut L ea dgt suro wbet wlffho evelfehfo tg bgaogwdors crga tbetsgurio. Pbo LXY iguf` `oil`o tg effgwbgaogwdors tg `oifero e iesuefty fgssgd roturds. Ygao stetos, ldifu`ldm Fgul-slede, ero usldm co`oref Igaaudlty@ovofgpaodt Hfgij Mredt agdoy tg

    bofp bgaogwdors. Ld edy ovodt tboro lse agst sorlgus prghfoa tbet aust ho`oeft wltb.Ygurio; Pbo Aleal Boref`

    D O] G XFOEDY Y ELDPY I GEIB FOE@Y I BLDOYO @ X\]EFF FE]Y_LP

    Dow Grfoeds Yeldts boe` igeib Yoed^eytgd ls gdo gc ehgut 8,5>> ^feldtlccs

    deao` ld e ifess-eitlgd fewsult emeldste Ibldoso aeduceituror gc `ryweff tbetbes effomo`fy `eaemo` bgaos ed` slij-odo` rosl`odts. Igeib ^eytgd ls tbofoe` ^feldtlcc cgr tbo sult clfo` festagdtb emeldst Jdeuc ^festorhger`Peldkld Ig. Pbo igeib agvo` bls cealfygut gc tbolr suhurhed Dow Grfoedsbguso ed` ls suldm tbo Ibldoso aejor

    gc `ryweff uso` ld bls bgao. Pbo ^feld-tlccs ld tbo dowfy-clfo` sult ldifu`o rosl-`odts gc Efeheae, Cfgrl`e, Fgulslede ed`Alsslsslppl. @gzods gc bgaohulf`ors,roag`ofors, hulf`ldm suppflors ed``ryweff `lstrlhutgrs efsg ero deao` es@ocod`edts ld tbo sult.Ygurio; Essgileto` ^ross

    R.AEYY PGXPY_^@EPO

    M FERG B EY ^ EL@ $5 H LFFLGD L D P BO Y OPPFOAODP G C ^ ERLF Y _LPY

    Lt wes ropgrto` roiodtfy ld Hfgga- horm Dows tbet MfexgYaltbJfldo ^fi(MYJ) bes pel` efagst $5 hlfflgd tgrosgfvo fewsults gvor ^exlf sldio ltldtrg`uio` tbo edtl`oprossedt ld 5alfflgd tg sottfo ^exlf e``litlgd ed`hlrtb-`ocoit iesos ed` $0>> alfflgd tgrosgfvo edtltrust, creu` ed` `oslmdifelas.

    Credjfy, L sorlgusfy `guht tbet tbotgtef peygut hy MYJ ls roeffy jdgwd ettbls kudituro. Pbo Fgd`gd-heso`igapedy besd“t `lsifgso` tbo sottfo-

    aodt tgtef ld igapedy clfldms. Lt besae`o puhfli sgao eiigr`s. Pbo `rumaeduceituror“s prgvlslgd cgr fomef ed`gtbor dgd-tex `lsputos es gc tbo od` gc8>>2 wes 5.< hlfflgd pgud`s ($9.><hlfflgd), eiigr`ldm tg lts fetost edduefropgrt. Hut tbet tgtef ldifu`o` eff fomefaettors, dgt kust ^exlf fltlmetlgd.

    ^exlf bes hood gd tbo aerjot ld tbo_dlto` Ytetos sldio 5> ifelas tbet ^exlf ieuso`hlrtb `ocoits. Pbo ^exlf fltlmetlgd be`tbroo aekgr porsgdef ldkury fltlmetlgdsgvor gdo `rum‐tbo sulil`o, tbo hlrtb`ocoit ed` tbo wltb`rewef iesos. Yldioet foest 8>>9, MfexgYaltbJfldo bes

    ceio` ifelas ld igurts ld tbls igudtrytbet sgao ^exlf usors woro suhkoito` tged ud`lsifgso`, blmbor rlsj cgr sulil`oed` hlrtb `ocoits.Ygurio; Hfggahorm

    ^ CL[OX Y OOJY P G I _XPELF ^ _HFLILP\

    Fest agdtb, wo ropgrto` gd twgroiodt bgragdo tborepy vor`lits tbet

    woro roturdo` hy ^blfe`ofpble kurlosemeldst ]yotb (e `lvlslgd gc ^clzor).Pbgso vor`lits tgtefo` ld oxioss gc$5>9 alfflgd ed` roiolvo` e fgt gc ettod-tlgd crga tbo pross ergud` tbo igudtry.Yldio tbod, tbo Dow \grj Plaos red edoxtodslvo ploio wltb ofoitrgdli fldjs tgaedy gc tbo `giuaodts tbet woro igd-sl`oro` hy tbo kurgrs ld rod`orldm tbolr`oilslgds. Pbo ertlifo ls odtltfo` ‖Aodg-peuso, es Hrgumbt tg \gu hy Hlm^berae‑ ed` ied ho cgud` et bttp;//

    www.brt-fomef.iga/.Pbo Plaos ropgrts tbet ‖tbo `giu-

    aodts gccor e sdepsbgt gc ]yotb“soccgrts. Pejod tgmotbor, tboy `oplit eigapedy tbet gvor sovoref `oie`osspodt tods gc alfflgds gc `gffers gdldcfuodtlef pbyslileds, prgcosslgdefao`lief sgilotlos, silodtlcli puhflie-tlgds, igursos ed` iofohrlty e`s, ldud-`etldm `gitgrs ed` petlodts wltb e soegc pgsltlvo provodtlvo boeftb aossemostbet ^feldtlccs“ fewyors sey `ocfoito`usors“ ettodtlgd crga iedior igdiords.‑@r. Korgao F. Evgrd, e prgcossgr gc ao`l-

    ildo et Berver` Ao`lief Yibggf, seystbo iesos `oagdstreto tbo lapgrtediogc fltlmetlgd ld `otelfldm oxeitfy bgw`rum aejors gporeto tbolr husldossoses tboy ylof` `giuaodts tbet prgvl`o erero mflapso ldsl`o tbo clfo iehldots ed`ber` `rlvos gc e aekgr `rum igapedy.

    Ld rospgdso tg tbo Dow \grj Plaosertlifo, ^clzor lssuo` e dows rofoesoecclraldm igdcl`odio ld lts bgragdotborepy `rums. Lrgdlieffy, ^clzor tbod

    50 www.HoesfoyEffod.iga

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    clfo` e agtlgd wltb tbo ^blfe`ofpbleigurt soojldm tg iurtelf puhflilty sur-rgud`ldm tboso iesos. Es wo mg tg pross,tbo igurt bes dgt yot rufo` gd tbetagtlgd.Ygurio; Dow \grj Plaos

    G XPBG^O@LI Y _XMOGD B EY O PBLIEF @ _P\

    P G ] EXD E ^ EPLODP G C ^ GPODPLEF Y BG_F@OX ^ ELD ^ _A^ L DK_X\

    ]o bevo wrlttod ld provlgus lssuosehgut tbo wl`osproe` prghfoa rofetldmtg peld puaps. @r. Kgsopb E. Ierroso lstbo `lroitgr gc tbo prgmrea gd otblised` ifldlief preitlio et Kgbd BgpjldsHoraed Ldstltuto gc Hlg-Otblis. @r.Ierroso, wbg ls ed oxport ld tbo clof` gcHlg-Otblis, bes roiodtfy rovlowo`ao`lief fltoreturo, oxport ropgrts ed``opgsltlgds crga tbo sbguf`or peldpuap fltlmetlgd. Bo wes esjo` tg cgraed gpldlgd ehgut ed grtbgpo`li sur-mogd“s otblief rospgdslhlflty tg e petlodtector porcgraldm ertbrgsigpli sbguf`orsurmory wltb tbo uso gc e peld puap`ovlio tbet ldcusos ao`lietlgd igdtldu-gusfy vle e ietbotor `lroitfy ldtg tbosbguf`or kgldt. Heso` upgd bls o`uie-tlgd, treldldm ed` oxportlso ed` tborovlow gc eff gc tbo `giuaodts prg-

    vl`o` tg bla, @r. Ierroso hoflovos tbettbo surmogd sbguf` ldcgra eff gc bls

    petlodts wbg bevo be` tbls surmory ed`suhsoquodt uso gc tbo peld puap gctbo cgffgwldm;• Pbo pgtodtlef rlsj ed` e`vorso gut-

    igaos essgileto` wltb tbo uso gc epeld puap ietbotor `ovlio tbetldcusos peld ao`lietlgd `lroitfy ldtgtbo kgldt speio:

    • Cgr petlodts wbg ld ceit `ovofgpibgd`rgfysls, ldcgra tbo petlodts

    wbet ls modoreffy jdgwd ehgut tbls

    pgst-gporetlvo igapflietlgd:• Pbo fljofy essgiletlgd gc tbolr iurrodt

    igd`ltlgd (ibgd`rgfysls) tg tbo peldpuap ietbotor `ovlio:

    • ]bet stops petlodts almbt tejo tg mote prgpor `lemdgsls ed` prgpor aed-emoaodt gc tbolr igd`ltlgd: ed`

    • Pbolr rlmbt tg pursuo fltlmetlgdrofeto` tg tbolr igd`ltlgd.

    ]o hoflovo tboro ero aedy petlodtsld tbls igudtry succorldm crga ibgd-`rgfysls es e rosuft gc ldcuslgd gc ededostbotli ldtg tbolr kgldt speio wltbtbo uso gc e peld puap wbg bevo dgl`oe tboy bevo succoro` ed ldkury ld tblsaeddor. Grtbgpo`li surmogds wbgbevo porcgrao` tbls typo gc surmorybevo ed otblief rospgdslhlflty tg ldcgra

    tbgso petlodts gc tbo ehgvo rlsj ed`rlmbts. ]o bgpo tbet tboy wlff `g sg.Ygurio; @r. Kgsopbe E. Ierroso

    FE]Y_LPY C LFO@ G SOX H OD[ODO O R^GY_XO

    Oerflor tbls yoer, e Poxes igupfo,Iberfos ed` Hosslo Aeo Ytowert, suo`H^ ed` sovoref gtbor igapedlos ectortbo bushed` ropgrto`fy igdtreito` epgtodtleffy cetef cgra gc iedior effom-o`fy `uo tg hodzodo oxpgsuro. Ar.Ytowert wes `lemdgso` wltb ibrgdlifyapbgtli foujoale, e typo gc iediorldvgfvldm tbo wblto hfgg` ioffs wblibls modoreffy igdsl`oro` ldiurehfo. Pbofewsult clfo` ld Mefvostgd Igudty @ls-trlit Igurt, effomos tbet 9> yoers gc

    wgrjldm ergud` hodzodo mevo IberfosYtowert ibrgdli fyapbgiytli foujoale.Ld e``ltlgd tg H^, Ibovrgd, Igdgig^blf-flps, Yboff, Poxeig, ed` Aeretbgd erodeao` es @ocod`edts ld tbo fewsult. Lt“seffomo` ld tbo fewsult tbet tbo @ocod-

    `edts jdow ehgut tbo `edmors essgil-eto` wltb oxpgsuro tg hodzodo ed`celfo` tg werd bla tbet bo wes wgrjldmld ifgso prgxlalty tg tbo bezer`gus sgf-

    vodts ed` iboaliefs wltbgut edy pro-ieutlgds tg ro`uio tbo rlsj gc oxpgsuro.

    Efsg, ld Eumust gc tbls yoer, edgtborfewsult wes clfo` hy e rotlro` relfrge`

    wgrjor , Xl iber ` Izupryds jl , wbg`ovofgpo` e `oe`fy cgra gc iediorector 9> yoers gc effomo` oxpgsuro tgHodzodo ed` gtbor iedior-ieusldm

    iboaliefs. Pbo fewsult, clfo` ld Koccor-sgd Igudty (Poxes) @lstrlit Igurt,eiiusos Jedses Ilty Ygutbord XelfweyIg. gc domflmodtfy oxpgsldm Izupryd-sjl tg tgxli aetorlefs `urldm bls tlaoes ed odmldoor, igd`uitgr, ed` hrejo-aed wltb tbo igapedy crga 5>

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    sovoro doij ausifo spesas. Hut doltborprg`uit bes hood epprgvo` cgr iblf-`rod ud`or 58 yoers gc emo cgr edypurpgso. Dovortbofoss, sgao petlodts,ldifu`ldm iblf`rod, ero roiolvldm tbo`rums cgr gcc-fehof usos, suib es igahet-ldm flah spestlilty ld iorohref pefsypetlodts, almreldos gr oxiosslvo seflve-tlgd. Ld Eumust, ector ovefuetldm ropgrts

    gc duaorgus e`vorso roeitlgds crgahgtb epprgvo` ed` udepprgvo` usos gcAyghfgi ed` Hgtgx, tbo C@Eeddgudio` tbet hgtb prg`uits wguf`ho roqulro` tg ierry e hfeij hgx

    werdldm.Pbo werdldm blmbflmbts ‖tbo pgsslhlf-

    lty gc oxporlodildm ZeQ pgtodtleffyflco-tbroetodldm `lstedt sproe` gctgxld‐crga tbo ldkoitlgd slto ectorfgief ldkoitlgd.‑ Ghvlgusfy, tbo provlgusfehof wes lde`oqueto. Hy tbo tlao tbo

    C@E roqulro` tbo igapedy tg up`etotbo Hgtgx fehof, tbo emodiy be` qulto ehlt gc ldcgraetlgd ehgut tbo pgsslhfosproe` gc tbo tgxld crga ldkoitlgd sltos.Pboro ero e duahor gc Hgtgx-rofeto`fewsults tbet bevo hood clfo` ld eduahor gc igurts ergud` tbo igudtry.

    Hoieuso gc tbo `rum“s pgpuferlty ed` wl`o-sproe` uso, es woff es tbo `ofeytbet ied giiur hotwood ed ldkoitlgded` tbo gdsot gc syaptgas, tboro wlfffljofy ho agro iesos clfo`. Pbo gdsot gcsyaptgas cgffgwldm Hgtgx ldkoitlgdsied tejo edywboro crga e cow bgurs tgsovoref `eys. Gctod porsgds wlff bevo emodoreflzo` woejdoss, gr cfu-fljo syap-tgas. Ld agro sovoro iesos, tboy bevotrguhfo hroetbldm ed` sweffgwldm ed`aey bevo tg ho put gd e aoibedlief

    vodtlfetgr ed` bevo e coo`ldm tuho putld. Ed edtl-tgxld ied igahet tbo hgtu-flsa, hut lt ls gdfy occoitlvo `urldm tboclrst 02 bgurs.Ygurio; Fewyors _YE Gdfldo

    ^ OXAER ED@ @ GYPLDOR FLPLMEPLGD B OEPY _ ̂

    ^oraex (^ormgfl`o Aosyfeto) ed`@gstldox (Iehormgfldo) woro ao`lie-tlgds uso` tg troet aeldfy petlodts wltb^erjldsgd“s @lsoeso ed` Xostfoss FomYyd`rgao. _dcgrtudetofy, fljo aedygtbor roiodt ao`lietlgds, tboso `rumsed` tbolr modorli oqulvefodts woro

    wltb`rewd crga tbo aerjot cgr ieusldm`eaemo tg petlodts“ boert vefvos. Ypoilc-lieffy, stu`los bevo sbgwd tbet ^oraexed` @gstldox eccoit tbo altref, egrtli,ed` trliuspl` boert vefvos hy ieusldm

    veryldm `omroos gc boert vefvo romurml-tetlgd (tbo heijwer` cfgw gc hfgg`eirgss tbo boert vefvos), gtborwlsojdgwd es vefvufer boert `lsoeso. Pbls

    giiurrodio ieusos tbo boert tg wgrjber`or tg puap hfgg` tbrgumb tboboert vefvos, wblib rosufts ld usorshoigaldm sbgrt gc hroetb ed` agrooeslfy cetlmuo` wbod pertlilpetldm ldpbyslief eitlvlty. Pbls `eaemo tg tboboert vefvos ied efsg foe` tg igdmostlvoboert celfuro, boert vefvo ropfeioaodt,gr `oetb.

    Ed uftresgud` gc tbo ibost, ieffo`ed oibgier`lgmrea, ls tbo host wey tg`otoraldo lc boert vefvo `eaemo gr

    romurmltetlgd oxlsts. _dfoss e petlodtoxblhlts slmds ed` syaptgas gc vefvu-fer boert `lsoeso gr bes be` provlgusboert vefvo lssuos, oibgier`lgmreasero rerofy gr`oro` hy troetldm pbysl-ileds. @uo tg tbo rofetlvo sierilty gcoibgier`lgmreas holdm uso`, tboroero aedy petlodts tbet bevo uso`^oraex gr @gstldox, hut ero udewerogc tbo `eaemo tbet tbolr boert vefvosaey bevo.

    Cgrtudetofy, cgr aedy gc gur ^oraexed` @gstldox iflodts, tboy woro ehfo tgbevo oibgier`lgmreas porcgrao` l`od-tlcyldm veryldm `omroos gc `eaemo tgtbolr boert vefvo, wblib rosufto` ldlaao`leto troetaodt. Lt bes efsg fo` tgsovoref fewsults holdm clfo` ergud` tboigudtry ldvgfvldm tbo `eaemo tbettboso `rums bevo ieuso`. Iurrodtfy, tboclrst ^oraex ieso ld tbo igudtry ls sotcgr trlef ld Aleal ld Aerib, 8>5>. Pbosoigd` ^oraex ieso ld tbo igudtry lssot cgr trlef ld Dgvoahor, 8>5>. Prlef`etos cgr e bed`cuf gc gtbor ^oraex ed`

    @gstldox iesos ero iurrodtfy pod`ldm. ]o igdtlduo tg metbor ovl`odio romer`-ldm tbo `edmors gc tboso `rums. ]ooxpoit tboso trlefs wlff bgf` tboso iga-pedlos rospgdslhfo cgr tbo ldkurlos tboybevo ieuso` tboso iflodts.

    Lc ygu doo` e``ltlgdef ldcgraetlgd gdtbls suhkoit, igdteit Deved ]er` ld gurclra et 2>>-290 gr hy oaelf etDeved.]er`Nhoesfoyeffod.iga.

    RL.H_YLDOYYFLPLMEPLGD

    C GX@ G X@OXO@ P G ^ E\ A ED $??.3 A LFFLGD L D ^ EPODP @ LY^_PO

    Keigh Jrlppofz bes wemò ed 55-yoerhettfo ld tbo igurts emeldst Cgr` AgtgrIg. gvor e flmbtldm systoa bo petodto`ld 5

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    cgr Ietorplffer. Bo fetor gpodo` eaeibldldm husldoss tbet suppflos iga-pgdodts tg Ietorplffer ed` gtbor boevy-oqulpaodt aeduceiturors. Ld 5>. Pbo ceraors igdtod`o` tbet

    tboy fgst tbo ldigao wbod tbo rofoesoieuso` prlios tg iresb ed` `reldo` vefuo crga tbo 8>>3 irgp tboy bgpo`tg soff gvorsoes.Ygurio; Essgileto` ^ross

    RLL.ED _^@EPO GDYOI_XLPLOYFLPLMEPLGD

    A GXMED Y PEDFO\ ] LFF ^ E\ H EIJ $08A LFFLGD L D A GDPEDE

    E so tt foaodt be s hood roeibo `hotwood tbo Yteto gc Agdtede ed`Agrmed Ytedfoy & Ig., Ldi. romer`ldmeffometlgds tbet tbo igapedy alsfo`ldvostgrs. Ld tbo sottfoaodt, AgrmedYtedfoy bes emroo` tg prgvl`o flqul`ltytg Agdtede ldvostgrs wbg ldvosto` ldeuitlgd-reto soiurltlos hocgro tboaerjot cgr tbgso soiurltlos wes crgzodld Cohruery 8>>2. Pbo sottfoaodtldifu`os rosilsslgd tg Agdtede vlitlastgtefldm agro tbed $09 alfflgd ed` e$58>,>>> cldo tg ho `opgslto` ld tbosteto“s modoref cud`. Agdtede Igaals-slgdor gc Yoiurltlos ed` Ldsuredio,Agdlie Fld`ood eddgudio` tbo sottfo-aodt gd @oioahor 53 tb .

    Eiigr`ldm tg igapfeldts roiolvo`crga ldvostgrs tbrgumbgut tbo igudtry,Agrmed Ytedfoy alsroprosodto` eui-tlgd-reto soiurltlos (EXY) hy toffldm ius-tgaors tboy woro seco, blmbfy flqul`ldvostaodts igaperehfo tg agdoyaerjots. E auftl-steto ldvostlmetlgd wesigd`uito` rospgd`ldm tg effometlgdsromer`ldm tbo flqul`lty gc euitlgd-retosoiurltlos tbet Agrmed Ytedfoy ud`or-

    wrgto, aerjoto` ed` sgf` . Ldvostgrscurtbor effomo` Agrmed Ytedfoy jdowtbet ld 8>>= ed` 8>>2 tbo EXY aerjot

    wes `otorlgretldm ed` homed puribes-ldm e``ltlgdef ldvodtgry tg provodtcelfo` euitlgds.

    Es ygu aey jdgw, euitlgd-reto soiurl-tlos ero procorro` sberos gr `oht ldstru-aodts suib es igrpgreto gr audlilpef

    hgd`s. Pboy bevo e fgdm-tora aeturltyed` ero sgf` et agdtbfy gr woojfy eui-tlgds. _dtlf roiodtfy tbo EXYs worotroeto` hy aedy ldvostgrs es iesbldvostaodts. Hut wbod tbo euitlgd-retosoiurlty aerjot igffepso`, euitlgdsieao tg e beft, foevldm ldvostgrs wltbldvostaodts tbet iguf` dgt oeslfy hoigdvorto` tg iesb. Pbo sottfoaodtemrooaodt cldeflzos tbo eitlgds tejod

    emeldst Agrmed Ytedfoy es e rosuft gctbo ldvostlmetlgd.Ygurio; Ldsuredio Kgurdef

    RLLL.LDY_XEDIO ED@CLDEDIO _^@EPO

    EFFYPEPO ED@ EFCE @ XG^ ] LD@ I GSOXEMO L D I GEYPEF EFEHEAE

    Lt wes ropgrto` fest agdtb tbet Eff-steto Igrp. ed` Efce Autuef mrgup wlffiuaufetlvofy `rgp wld` igvoremo gd50,>>> bgaogwdor pgflilos ld Aghlfoed` Hef`wld igudtlos gvor tbo doxt 52agdtbs. Pbo iuts wlff eccoit es aedy es=% gc eff bgaogwdors ld tbo twg igud-tlos. Pbo agvos ero edgtbor hfgw tg Efe-heae“s igestef ldsuredio aerjot. YldioBurrliedo Lved, wblib blt ld 8>>0, Eff-steto, Efce ed` Yteto Cera Clro ed` Iesu-efty bevo oltbor `rgppo` gr pfeddo` tg`rgp wld` igvoremo, gr eff igvoremo, gddoerfy 05,>>> pgflilos.

    Effsteto wlff ossodtleffy stgp ldsurldmemeldst wld` `eaemo ld Aghlfo ed`Hef`wld igudtlos lc lt `rgps igvoremogd >> oxlstldm pgflilos. Yldio Burrl-iedo Lved, Effsteto bes eddgudio` cgur

    wevos gc iuts, tgtefldm 9>,>>> bgao-

    gwdors. Yteto gcclilefs sel` Effsteto wlffbevo cowor tbed ?>> wld` pgfliybgf`-ors ld tbo twg igudtlos. Efce, Efeheae“sDg. 8 prgporty ldsuror, wlff roteld sgaogc lts wld` pgfliybgf`ors ld Aghlfo ed`Hef`wld igudtlos. Lt wes ropgrto` tbet

    Efce wlff stlff igvor agro tbed $= hlfflgdld eff jld`s gc prgporty.

    Iuts tg Efeheae pgfliybgf`ors wlffepperodtfy tejo occoit es pgflilos igaoup cgr rodowef. Lt“s ostlaeto` tbls wlfftejo e yoer tg iyifo tbrgumb. Hy rufo,

    pgfliybgf`ors wbg ero fgsldm igvoremoaust ho dgtlclo` 58> `eys hocgrorodowef `etos. Iustgaors holdm`rgppo` woro sel` tg bevo hoodibgsod heso` gd fgietlgd, typo gc igd-struitlgd, eagudt gc igvoremo ed`gtbor ceitgrs.

    Yteto Cera, heso` ld Hfggaldmtgd,Lff., ls tbo gdfy tre`ltlgdef steto-romu-feto` ldsuror tbet bes hood eiioptldmdow husldoss ld Aghlfo ed` Hef`wld

    www.KoroHoesfoyXopgrt.iga 5=

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    igudtlos ld roiodt agdtbs. Bgwovor,tbo steto“s fermost prgporty ldsurorflalts bgw aedy dow iustgaors lt

    wlff tejo. @lspfeio` pgfliybgf`ors aeybevo tg fggj tg surpfus fldos ldsurors,

    wblib ero flmbtfy romufeto`, gr tg tbo Efeheae Ldsuredio _d`orwrltldm Essg-iletlgd, tbo ldsuror gc fest rosgrtjdgwd es tbo ‖Hoeib ̂ ggf.‑ Hgtb tbgso

    gptlgds ero typlieffy agro oxpodslvotbed tre`ltlgdef aerjots. Pboro beshood e slmdlcliedt ldiroeso ld Hoeib^ggf pgfliybgf`ors. Pbo pggf e``o`efagst 2,>>> dow rosl`odtlef pgfliy-bgf`ors ld tbo 52 agdtbs od`o` ldGitghor, agro tbed `guhfldm ld slzo tg50,0>3 pgflilos.Ygurio; EF.iga

    P OREY K _X\ E ]EX@Y $=> A LFFLGD P G L DK_XO@ ] GXJOX

    Ygao ldsuredio igapedlos troettbolr pgfliybgf`ors auib wgrso tbedsoigd`-ifess iltlzods. E ieso ld Poxes lsed oxeapfo gc bgw sgao igapedlosgporeto. E aeldtodedio suporvlsgr wbgcoff wltb e ibeld sew wblfo trlaaldmtroos et e Yed Edtgdlg epertaodtigapfox slx yoers emg bes hoodewer`o` $=> alfflgd ld bls fewsultemeldst tbo igapfox“s ldsuredioigapedy. E Poxes kury cgud` tbet

    Iberfos Peto succoro` aodtef edmulsb wbod @lsigvor ^rgporty & IesueftyLdsuredio Igapedy `ofeyo` peyldmbla cgr bls robehlfltetlvo kgh treldldm.Pbo kury efsg cgud` tbet tbo Igddoitl-iut-heso` igapedy, efgdm wltb KL Ypo-ilefty Yorvlios, wblib e`aldlstoro`ifelas cgr @lsigvor, jdgwldmfy odmemo`ld ed udcelr ed` `oioptlvo eit.

    Gd slx sopereto giieslgds, tbo Poxes@opertaodt gc Ldsuredio“s wgrjors“igapodsetlgd `lvlslgd sl`o` wltb Peto,

    wbg succoro` sovoro doij ed̀ sbguf`orldkurlos tbet ae`o aeduef fehgr lapgs-slhfo. Pbo emodiy rufo` tbet bo be` erlmbt ud`or tbo few tg bevo tbo ldsur-edio igapedy pey cgr bla tg horotreldo` es e roef osteto emodt, e ieroorbo wedto` tg pursuo. Gc tbo vor`lit,$9> alfflgd wes cgr pudltlvo `eaemos.Ldsuredio igapedlos gd eff tgg aedygiieslgds troet tbolr pgfliybgf`orshe`fy. Pboy aust ho ae`o tg ho celr ld

    tbolr `oefldms wltb porsgds wbg bevo vefl` ifelas. Pbgaes Xbg`os, e fewyorcrga Yed Edtgdlg, roprosodto` Ar. Petoed` `l` e vory mgg` kgh.Ygurio; aysededtgdlg.iga

    @ XG]DLDM FE]Y_LPY C LDEFF\ Y OPPFO@

    Ld e fodmtby fomef hettfo, tbo cealfy gce Dow \grj kezz ausliled wbg`rgwdo` tryldm tg sevo e rehhl“s wlco ld`edmorgus rlptl`os gcc Aleal Hoeib

    wlff roiolvo $? alfflgd ld `eaemos. Pbo`oie`o-gf` ieso relso` sorlgus flehlfltylssuos cgr soesl`o igaaudltlos tbet`gd“t prgvl`o flcomuer`s et puhflihoeibos. Fest agdtb _.Y. @lstrlit Ku`mo

    Efed Mgf` gr`oro` @ofewero-heso`Agdtlioffg Ldsuredio Ig. tg pey`eaemos tg tbo wlco gc [eibery Hroeux.Pbo ldsuredio ierrlor be` rocuso` tgpey, ovod tbgumb tbo cealfy“s fewyored` tbo Ilty gc Aleal Hoeib be` domg-tleto` e sottfoaodt.

    Ku`mo Mgf` efsg gr`oro` tbo ldsur-edio igapedy tg pey $=?>,>>> ld`eaemos tg tbo bushed` gc Oumodlo^gfoyocc, e Dow \grj sibggf soirotery.Ybo wes tbo porsgd Hroeux trlo` tgsevo `urldm e al`wldtor veietlgd ld5?, tbo steto Yuproao Igurt cgud`tbet iltlos, fljo prlveto fed`gwdors,bevo e rospgdslhlflty tg werd hoeibmg-ors gc `edmorgus igd`ltlgds tbet erojdgwd gr sbguf` ho jdgwd.

    Yggd ector tbo `rgwdldms, tbo iltyoroito` e flcomuer` sted` et tbet hoeib.Pbo fewyor cgr tbo Hroeux cealfy igd-tod`o` tbet tbo ilty sbguf` bevo pgsto`slmds tbet tbls wes dgt e prgtoito`hoeib. Ector tbo Yuproao Igurt“s rufldm,Agdtlioffg, tbo ilty“s ldsuror, rocuso` tg`ocod` Aleal Hoeib. Yg ilty gcclilefs`oil`o` tg domgtleto e sottfoaodt wltbHroeux“s osteto ed` tbo osteto gc^gfoyocc.

    Ector tbo 8>>= sottfoaodts, tbo iltyed` tbo cealflos od`o` up gd gdo sl`ogc tbo fomef clmbt ed` tbo ilty“s ldsuror,Agdtlioffg, gd tbo gtbor. Pbo ilty

    wedto` tg `g tbo rlmbt tbldm ed` sottfo wltb tbo vlitlas, hut lt efsg hoieao e vli tla wbod Agdtlioffg ehed`gdo`tboa hy `odyldm hgtb igvoremo ed``ocodso. Ku`mo Mgf` gr`oro` Agdtlioffg

    tg pey dgt gdfy tbo `eaemos tg tboHroeux ed` ^gfoyocc cealflos, hut efsg tgrolahurso tbo ilty cgr lts $8>>,>>> ghfl-metlgd ud`or tbo sottfoaodts. Pbo ku`moefsg gr`oro` tbo ldsuror tg pey ldtorostgd tbo `eaemos es woff es ettgrdoys“coos ed` igsts cgr tbo `oie`o-fgdm ieso.Agdtlioffg iguf` stlff eppoef Ku`moMgf`“s rufldm.

    Aleal Hoeib Ilty fewyor Kgso Yaltbed` Bgwer` ^gaoredtz roprosodto`

    52 www.HoesfoyEffod.iga

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    emeldst bor cgr relsldm igdiords ehgut`lsirlaldetlgd. Pbo kury roigaaod`o`tbet @r. Jrlstlde Morsztod ho ewer`o`$5.? alfflgd ld heij pey crga tbo _dl-

    vorslty gc ^lttshurmb Iedior Ldstltuto, wblib wgrjs ld ted`oa wl tb tbo_^AI Iedior Iodtors, es woff es$28=,8>2, effomldm tbet sbo be`hood `lsirlaldeto` emeldst hoieuso gcbor mod`or ed` rotefleto` emeldst cgraejldm tbo grlmldef igapfeldt tg bgspl-tef gcclilefs. Pbo kury cgud` dg ovl`odiogc sox `lsirlaldetlgd, hut lt `l` cld`tbet sbo wes rotefleto` emeldst wbodtbo _dlvorslty gc ^lttshurmb Iedior

    Ldstltuto celfo` tg blro bor es ao`lief`lroitgr et hgtb _^AI Yt. Aermerot ed`et lts ceilflty ld Detrgde Bolmbts.

    Ld e``ltlgd tg heij ed` crgdt pey, tbo vor`lit ldifu`os $8>>,>>> ld igapod-setgry `eaemos, es woff es $9>>,>>> ldpudltlvo `eaemos. Pbo kury cgud` tbetpudltlvo `eaemos sbguf` ho $?>>,>>>,hut ud`or few, tbo iep ls $9>>,>>>. Pboewer` gc pudltlvo `eaemos, wblib lsdgt typlief ld tboso iesos, seys tbet_^AI Iedior Iodtors vlgfeto` tbo fewld e aeflilgus wey.

    @r. Morsztod, 03, wes oapfgyo` es ere`letlgd gdigfgmlst wltb _^AI crga5=. Ector foevldm bor pgsltlgdes ao`lief `lroitgr cgr re`letlgd gdigf-gmy et Aemoo-]gaods Bgspltef ld Coh-ruery 8>>0, @r. Morsztod slmdo` etwg-yoer igdtreit ld wblib sbo trevofo`tg verlgus _^AI iedior iodtors ed`prgvl`o` igvoremo. Eiigr`ldm tg eigurt clfldm, _^AI sel` @r. Morsztoddomgtleto` bor sibo`ufo sg tbet sbo

    wguf` gdfy wgrj 52> tg 8>> `eys oeib

    yoer, tbgumb sbo wguf` ho igdsl`oro` ecuff-tlao oapfgyoo.

    Ld 8>>3, @r. Morsztod wes mlvod edow, gdo-yoer igdtreit et tbo _dlvor-slty gc ^lttshurmb Iedior Ldstltuto. Ld

    Keduery 8>>=, tbo Ldstltuto ibgso dgttg rodow. Es pert gc tbet igdtreit, @r.Morsztod sel`, sbo be` ed 52-agdtbdgd-igapoto ifeuso ed` wes foct

    wltbgut wgrj udtlf Keduery 8>>>9 Xbg`o Lsfed` dlmbt-ifuh clro sbguf` roiolvo ed evoremomrgss ewer` gc $8>8,>>> es tbolr sberosgc e $5=3 alfflgd sottfoaodt. E ropgrtrofetldm tg tbo sottfoaodt bes hood suh-altto` ld co`oref igurt. Pbo ropgrtrovlows `oetb ed` porsgdef ldkuryifelas crga tbo `gzods gc iblf`rodeccoito` hy tbo 8>>9 clro et Pbo Ytetlgddlmbtifuh ld ]ost ]erwlij, wblibjlffo` 5>> pogpfo ed` ldkuro` agrotbed 8>> gtbors. Pbo ropgrt wes pro-pero` hy ]lfflea ^ggro, e ^rgvl`odiofewyor eppgldto` tg igd`uit tborovlow, ed` tbo ropgrt“s roigaaod`e-

    tlgds aust bevo igurt epprgvef.Agro tbed 9>> survlvgrs ed` vlitlas“

    rofetlvos suo` ector tbo clro, wblibhomed wbod pyrgtoibdlis uso` es estemo prgp hy tbo 5s rgij hed`Mroet ]blto sot ehfezo iboep sgud`-prggcldm cgea gd tbo weffs ed` iolfldm.Pbo fewsults rosgfvo` ld ploioaoefcesblgd ld 8>>= ed` fest yoer, wltbsovoref `gzod @ocod`edts ldifu`ldmcgea aeduceiturors, hrowor EdbousorHusib, Ifoer Ibeddof Hrge`iestldm, tbo

    tgwd gc ]ost ]erwlij ed` tbo stetoltsofc oeib emrooldm tg sottfo. Pbgumbtbo fest @ocod`edt sottfo` agro tbed e

    yoer emg, lt“s dgt ifoer wbod tbo agdoy wlff ho ̀ lstrlhuto`.

    Cgrty-gdo iblf`rod ud`or 52, ldifu`ldme slx-yoer-gf` wbg wes ld utorg et tbotlao gc tbo clro, wlff roiolvo sberosredmldm crga $5=5,32? .00 tg$805,395.93, lc tbo igurt epprgvos tbosottfoaodt. Pbo evoremo mrgss ewer` cgr

    iblf`rod ld tbet ietomgry wguf` ho$8>8,>>>. Pbo emo gc tbo iblf` et tbo tlaogc tbo clro eiigudts cgr tbo wl`o redmo.

    Eiigr`ldm tg tbo ropgrt, vlitlas“ iblf-`rod wbg woro aldgrs et tbo tlao gctbo clro hut ero dgw e`ufts wguf`roiolvo ed evoremo mrgss ewer` gc$5??,=>>. Pbo sottfoaodt agdoy wlffho effgieto` eiigr`ldm tg e pgldt

    systoa tbet ewer`s tbo fermost sberos tgtbo pogpfo agst sorlgusfy ldkuro`, wltbsgao he`fy-hurdo` survlvgrs oxpoito`tg roiolvo auftl-alfflgd `gffer ewer`s.Iblf`rod wbg fgst gdo gr agro perodtsero mlvod e heso gc 8> pgldts, pfus gdopgldt cgr oeib yoer tboy woro ud`ortbo emo gc 52 et tbo tlao gc tbo clro.Iblf`rod wbgso perodts woro ldkuro`hut survlvo` ero efsg odtltfo` tg agdoyud`or e sopereto cgraufe tbet ewer`spgldts heso` gd tgtef ao`lief igsts.

    Ygurio; Ldsuredio Kgurdef

    I G_XP X _FLDM I FOEXY ] E\ C GX H GDCLXO FE]Y_LPY

    Pbo fest roaeldldm fewsults crga tbocetef 5

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    lmdlto` tbo dlmbt hocgro E&A“s edduefcggtheff meao wltb lts eribrlvef, tbo_dlvorslty gc Poxes.

    Auib gc tbo `ofey wes gvor Poxes E&A“s ifela tbet lt ls laaudo crgafewsults hoieuso lt ls e steto odtlty. Pbo

    vlitlas `rgppo` E&A crga tbo fewsulttg spoo` aettors, hut twg pogpfo clfo`sult tg hrldm tbo sibggf heij ldtg tbo

    ieso. Pbolr ifelas be` hood hocgro tboYuproao Igurt sldio 8>>=. Fewsultscrga sovod cealflos ero dgw pod`ldm.Pbo fewsults, cgur crga cealflos gc tbo`oe` ed` tbroo crga cealflos gc ldkuro`survlvgrs, woro igdsgfl`eto` ldtg gdoieso ld e steto igurt.Ygurio; Eaorlied-Ytetosaed

    $?0 A LFFLGD E ]EX@O@ L D M XG_^ B GAO X E^O

    Ed Efhuquorquo kury roturdo` e$?0.? alfflgd `eaemo ewer` roiodtfyemeldst e boeftb sorvlios igapedyerlsldm gut gc tbo 8>>0 repo gc e prg-cgud`fy roter`o` aed. Pbo ewer`ldifu`o` agro tbed $0< alfflgd ldpudltlvo `eaemos. Pbo kurgrs woro voryupsot tbet tboso igrpgretlgds wguf`dgt eiiopt rospgdslhlflty cgr tbolreitlgds. Pbo vor`lit wes emeldstXosIero Dow Aoxlig ed` lts perodtXosIero Ldi., tbo Fgulsvlffo-heso` ldtor-

    detlgdef boeftb sorvlios igapedy.Pbo vlitla, wbg ieddgt spoej gr

    porcgra `elfy cuditlgds gd bls gwd, wes repo` wblfo flvldm ld IgffomoBguso, e mrgup bgao gporeto` hy gdogc XosIero“s Dow Aoxlig suhsl`lerlos.Pbo fewsult wes hrgumbt gd tbo vli-tla“s hobefc hy bls slstor. Kurgrs boer`tbroo woojs gc tostlagdy ehgut wbetbeppodo` tg tbo vlitla, tbo ectoraetb,ed` tbo rofetlgdsblp hotwood tboboeftb iero igapedy“s Dow Aoxlig

    gporetlgds ed` Jodtuijy boe`quertors.Pbo vor`lit igdslsto` gc $0.

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    sots eppoers tg bevo rlsod. E toea crgatbo Iodtor cgr Ldkury Xosoerib ed`^gfliy et Detlgdwl`o Iblf`rod“s Bgspl-tef ld Gblg rovlowo` `ete crga 5>>oaormodiy rggas ed` ostlaeto` tbetehgut 50,=>> curdlturo-rofeto` ldkurlosgiiurro` oeib yoer hotwood 5>=‐efagst befc `uo tg tofovlslgdsots, tbo agst igaagd ertlifo ldvgfvo`

    ld tbo eiil`odts‐ed` rosufto` ld ehgut9>> `oetbs.

    Pbo rosoerib, puhflsbo` ld Gitghorld tbo kgurdef Ifldlief ^o`letrlis ,sbgwo` tbet tbo duahor ed` reto gcldkurlos tg ygudmstors crga ceffldm curdl-turo ldiroeso` slmdlcliedtfy gvor tboporlg`. Pbo reto modoreffy rgso crga52.2 por 5>>,>>> pogpfo ld 5>=, poejldm et 8?.= ld 8>>0. Eslalfer ropgrt crga tbo _.Y. Igdsuaor^rg`uit Yecoty Igaalsslgd fest yoer

    ostlaeto` 08,=>> ldkurlos ed` 52>`oetbs essgileto` wltb eppfledio, curdl-turo ed` tofovlslgd ldstehlflty ed` tlp-gvors crga 8>>> tg 8>>3: 2= gc tbo`oetbs ldvgfvo` tofovlslgds. Pboduahor rgso crga sovod ld 8>>> tg 89ld 8>>3.

    ^erodts sbguf` edibgr boevy tofovl-slgds tg tbo weff. Edibgrldm `ovliossbguf` ho sgf` efgdm wltb tbo sots. Pboseao ls truo wltb gtbor ploios gc curdl-turo tbet pgso e tlp-gvor rlsj. Pbo stu`yld`lietos tboro ls dg tgteffy seco wey tgput e fermo ploio gc curdlturo tbet ls etlp-gvor rlsj ld e bgao wboro iblf`rodflvo ed` pfey. ^erodts sbguf` efsg dovorput e roagto igdtrgf, tgy gr gtborodtlildm ghkoit gd e tofovlslgd sot,`rossor gr sbofc tbet e iblf` almbt try tgroeib.Ygurio; Essgileto` ^ross

    P BOXO EXO Y OSOXEF I G@OY P BEP E^^F\ P G ^ XOALYOY FLEHLFLP\ FLPLMEPLGD

    Gur clra bed`fos iesos tbet ldvgfvoldkurlos ed` `oetbs ld tbo ietomgry gcproalsos flehlflty fltlmetlgd. Uulto gctode ig`o tbet wes ld occoit et tbo tlao gctbo ldil`odt mlvldm rlso tg e fewsult wlffho vory lapgrtedt tg tbo gutigao gctbo ieso. Pbo eppfliehfo ig`o iguf`bevo hood tbo gdo ld occoit et tbo tlaoe struituro wes epprgvo` ldltleffy gr ettbo tlao gc edy ag`lclietlgds. @oslmd

    roqulroaodts ero vory lapgrtedt ldsuib iesos. Pbo cgffgwldm ero sgao gctbo ig`os tbet fewyors aust ho cealfler

    wltb lc tboy bed`fo proalsos flehlflty flt-lmetlgd;

    • Hulf`ldm ig`os ‐Pboso ied ho oltborLdtordetlgdef gr Hulf`ldm GcclilefsIg`o E`aldlstretlgd (HGIE) ig`os

    tbet sot roqulroaodts gd ltoas suibes bed`relfs, troe`s, rlsors ed` gtborigdstruitlgd `otelfs tg bofp odml-doors `otoraldo lc tbo struituro grfgietlgd wes igdstruito` ld eiigr-`edio wltb eppfliehfo ig`os.

    • Ea or lie d @l sehl fl ty Ei t (E @E)Xofeto` Ig`os ‐Ig`os suib es Eaor-lied Detlgdef Yted`er`s Ldstltuto(EDYL) tbet sots roqulroaodts cgr

    wefjldm surceio fovofdoss ld puhflied` igaaorilef speios.

    • Detlgdef Clro ^rgtoitlgd Essgiletlgd(DC^E) ‐Ig`os suib es tbo FlcoYecoty Ig`o (DC^E 5>5) wblib `ls-iussos `oslmds cgr oxlts ed` `lsiberm-ldm gc pogpfo crga speios.

    • Eaorlied Ygiloty cgr Postldm ed`Aetorlefs (EYPA) ‐Yted`er`s cgr tbopreitlio gc seco wefjldm surceiossuib es wot surceios, tlfo, wgg` ed`gtbor surceio aetorlefs.

    • Giiupetlgdef Yecoty ed` Boeftb E`aldlstretlgd (GYBE) ‐Fews tbet`lsiuss wefjldm surceio roqulroaodtsed` bezer`s.

    $0.= A LFFLGD Y OPPFOAODP L D I GDSODPLGD I ODPOX I GFFE^YO

    Pbo eutbgrlty tbet gporetos tbo @evl`F. Fewrodio Igdvodtlgd Iodtor ld ̂ ltts-hurm wlff roiolvo $0.=2 alfflgd crgaclras tg sottfo ifelas gvor e cfggr igf-fepso. Ld Cohruery 8>>=, e igdiroto sfehiresbo` tg e wefjwey ehgut 9> coothofgw wbod e treitgr-trelfor `rgvotbrgumb e fge`ldm eroe. Cgrtudetofy, dggdo wes ldkuro`, hut tboro wes troaod-`gus prgporty `eaemo. Pbo ilty-igudtyYpgrts & Oxblhltlgd Eutbgrlty epprgvo`tbo sottfoaodt gd @oioahor 52 tb . Ltclfo` e dgtlio gc ldtodt tg suo festsuaaor.

    Pbo clras sottfldm tbo ifelas ldifu`ostoof cehrlietgr E@C Mrgup, Xeceof

    Sldgfy Eribltoits ed` igdtreitgr @lijIgrp. Pbo eutbgrlty“s ldsuror, Pbo Prevof-ors Ld`oadlty Ig., wlff roiolvo $5.58?alfflgd crga igdtreitgrs. Pbo sottfo-aodt roprosodts ehgut % gc tbo fgssettrlhuto` tg tbo igffepso.Ygurio; Ldsuredio Kgurdef

    RSL.]GXJ^FEIOBE[EX@Y

    P OREY K _X\ E ]EX@Y H^ ] GXJOXY $5>>A LFFLGD L D FE]Y_LP

    E co`oref kury bes ewer`o` agro tbed$5>> alfflgd tg tod wgrjors wbg woroldkuro` ld 8>>= wbod e tgxli suhstedio

    wes rofoeso` et H^ ^FI“s Poxes Iltypfedt. Pbo kurgrs ewer`o` oeib igdtreit

    wg rjo r $5> alfflgd ld pudltlvo`eaemos. Dldo gc tbo wgrjors woroefsg ewer`o` hotwood $?,>>> ed`$5>,>>> cgr peld ed` succorldm ed`ao`lief oxpodsos, wblfo tbo todtb mgtagro tbed $80>,>>>.

    Es wo bevo ropgrto` provlgusfy, tborocldory, fgieto` ehgut 9> alfos sgutb-oest gc Bgustgd, wes tbo slto gc e 8>>?

    oxpfgslgd tbet jlffo` 5? pogpfo ed`ldkuro` 5=>. Lt wes tbo wgrst _.Y. ld`us-trlef eiil`odt sldio 5>? hfest, cgud` H^ cgstoro` he` aed-emoaodt et tbo pfedt ed` tbet igst-iut-tldm agvos hy H^ woro ceitgrs ld tbooxpfgslgd. Pbo kury“s ewer` efsg igaosector tbo Giiupetlgdef Yecoty ed`

    Boeftb E`aldlstretlgd ld Gitghorlapgso` e roigr` $2= alfflgd cldoemeldst H^ cgr celfldm tg igrroit secotybezer`s cgffgwldm tbo 8>>? hfest.

    Pbo wgrjors“ fewsult effomo` tbet ld Eprlf 8>>=, agro tbed 5>> igdtreitoapfgyoos et tbo pfedt woro sodt tgbgspltefs ector ifelaldm tboy worooxpgso` tg e tgxli suhstedio rofoeso`et tbo rocldory. Pbo wgrjors sel` tbolrldkurlos ldifu`o` `lzzldoss ed` sgro

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    tbrgets, wltb gdo oapfgyoo pessldm gut,ector ldbefldm tbo suhstedio. Pbo

    wgrjors `l` dgt bevo edy fgdm-tora`eaemo tg tbolr fudms. @urldm tbo trlef,H^ ifelao` dg tgxli suhstedio wesrofoeso` et tbo rocldory gd tbo `eto ldquostlgd.

    Gdo gc tbo wgrjor“s mes aesjs westosto`. Pbo tost rovoefo` lt be` hood

    oxpgso` tg ierhgd `lsufcl`o, e tgxliigfgrfoss flqul`. H^ be` e he` secotyroigr`. Pbo igapedy bes e fgdm blstgrygc foejs ed` rofoesos. Pgdy Huzhoo, eBgustgd fewyor, roprosodto` tbo tod

    wgrjors ed` `l` e vory mgg` kgh.Ygurio; Ldsuredio Kgurdef

    RSLL.PXEDY^GXPEPLGD

    $=.5 A LFFLGD S OX@LIP X OP_XDO@ L D I GAELX I EYO

    E _.Y. @lstrlit Igurt kury ld Jodtuijybes roturdo` e $=.5 alfflgd vor`lit cgrtbo cealfy gc Hryed Joltb ]gg`wer`, eIgaelr Cflmbt ?5>3. ]gg`wer` wes 9< wbodbo `lo` ld tbo iresb. Bls wl`gw wes

    tbo gdfy cealfy aoahor gc tbo 0= pes-sodmors jlffo` ld tbo iresb wbg `l` dgtsottfo wltb tbo elrfldo igapedy.

    Pbo sult ieao ector tbo JodtuijyYuproao Igurt rufo` ld Gitghor tbet espguso aey suo cgr fgss gc pbyslief ed`oagtlgdef igapedlgdsblp, ieffo` fgssgc igdsgrtlua, ector tbo spguso“s `oetb.^rovlgusfy ud`or Jodtuijy few, espguso iguf` suo cgr fgss gc igdsgr-tlua lc bls gr bor spguso wes ldiepeil-teto`, hut dgt lc bo gr sbo `lo`. Pbo

    vlitla“s wl`gw wedto` tg mg tg trlefemeldst Igaelr hoieuso sbo wedto` tboelrfldo tg puhflify tejo tbo hfeao cgrtbo iresb.Ygurio; Jodtuijy Boref` Foe`or

    K _X\ E ]EX@Y $2< A LFFLGD EMELDYP @ X_DJOD @ XLSOX

    E kury ld Alssgurl bes ewer`o` $2<alfflgd ld `eaemos tg tbo cealfy gc e

    aed jlffo` ld e 8>>2 iresb wltb e`rudjod `rlvor, ed` tg tbo aed“sclediìo ed` `eumbtor. Pbo kury ifoerfysodt e aossemo gd `rldjldm ed` `rlvldm.Heso` gd ropgrts tbo kury wes voryudbeppy wltb `rudjod `rlvldm.

    Prgy [orde, wbg wes 8> yoers gf` ettbo tlao gc tbo iresb, wes efroe`y`rlvldm gd e ber`sblp fliodso ector e

    provlgus @]L. [orde“s hfgg`-efigbgffovof wes >.8>%‐woff gvor twlio tbofomef flalt tg ̀ rlvo. @oddls Xlomof Kr., 82,

    wes jlffo` ld tbo iresb ed` bls clediìo,Ibrlstldo Bg`mo, wes sorlgusfy burt.Pbo igupfo wes roturdldm crga e sbgp-pldm aeff wboro tboy be` romlstoro` cgrmlcts cgr tbolr upigaldm wo``ldm.

    Clvo agdtbs hocgro tbo iresb, [ordebe` hood errosto` ed` bls fliodso sus-pod`o` cgr bls ldvgfvoaodt ld edgtbor@]L-rofeto` wroij. [orde bes hood sod-

    todio` tg e tgtef gc tod yoers ld prlsgdgd @]L-rofeto` igdvlitlgds ldvgfvldmhgtb iresbos. Aerj Hrgdsgd, e fewyorcrga Yt. Fguls, roprosodto` tbo ^feldtlccsed` `l` e vory mgg` kgh.Ygurio; Yt. Fguls ^gst @lspetib

    Y EDPE X GYE ] LDOX\ P G ^ E\ $9 A LFFLGD P G P OOD L DK_XO@ L D @_L

    E Yedte Xgse wldory bes emroo` tgpey $9 alfflgd tg sottfo e fewsult

    hrgumbt hy e aed wbg wes porae-dodtfy `lsehfo` ld ed efigbgf-rofeto`ier iresb ld 8>>3. ^ere`lso Xl`mo

    ]ldory wes suo` hy Kgsbue Epg`eie,tbo pessodmor ld e ier `rlvod hy e5>,>>> ed`Hre`foy wlff pey ehgut $5>?,>>>. Pboagdoy crga tbo sottfoaodt wlff igvortbo igst gc flco-tlao iero cgr Epg`eie,ed` huy bla e bguso wltb `lsehlfltyeiigaag`etlgds. Pbo sorvlio gc

    efigbgf tg aldgrs et wo``ldm-rofeto`cuditlgds ls ed lapgrtedt lssuo.

    Pbo sult ergso crga tbo ovodts gc Kufy50, 8>>3, wbod Epg`eie ed` Hre`foyettod`o` e wo``ldm et tbo wldory.Hre`foy sel` bo wes sorvo` slx tg olmbthoors hy tbo wldory `osplto toffldm edoapfgyoo bo foct bls l`odtlclietlgd ldbls ier. ]bod tbo roioptlgd od`o`,

    Hre`foy ed` Epg`eie mgt e rl`o tg Hre`-foy“s perodts“ bgao. Gdio tboro, tbotwg `rgvo gcc tgmotbor ld e Yuheruso`ed, stgppldm et e =-Ofovod, wboroHre`foy wes sel` tg bevo hgumbt twghgttfos gc Aljo“s Ber` Foagde`o.

    Pbo iresb giiurro` oerfy tbo doxtagrdldm, e cow hfgijs crga Hre`foy“sbguso. Eiigr`ldm tg pgflio, tbo ier wesspoo`ldm wbod lt iresbo` ldtg troosed` e ro`wgg` codio. Hgtb aod be` tgho iut crga tbo wroijemo. Posts tejod

    et e bgspltef rovoefo` Hre`foy be` ehfgg`-efigbgf fovof gc .50%, efagsttwlio tbo fomef flalt. Bo wes igdvlito`gc `rlvldm ud`or tbo ldcfuodio ed`ieusldm hg`lfy ldkury ed` sodtodio` tgdldo agdtbs ld kelf ed` tbroo yoers“cgraef prghetlgd.

    Epg`eie, dgw 89, succoro` hreld ed`grtbgpo`li ldkurlos. Bls agtbor ed`mred`cetbor woro deao` hy tbo igurtes igdsorvetgrs gc bls osteto hoieuso gcbls `lsehlfltlos. Pbo sult wes grlmldeffyclfo` emeldst Hre`foy ed` bls perodts cgr`eaemos rofeto` tg tbo iresb. ^ere`lsoXl`mo ed` tbo =-Ofovod woro e``o`fetor es @ocod`edts. Ed eddulty ylof`ldmagdtbfy peyaodts wes puribeso` cgr

    Epg`eie. Gvor tbo igurso gc bls flco-tlao, lt ls oxpoito` tg pey gut $0.<alfflgd.

    Clroaed“s Cud` Ldsuredio Igapedyed` Altsul Yualtgag Ldsuredio Mrgup

    wlff pey tbo kury ewer` cgr tbo wldory.Pbo Hre`foys woro igvoro` cgr$5>>,>>> hy ed eutgaghlfo ldsuredio

    pgfliy ed` tbo =-Ofovod gwdors woroigvoro` ud`or e igrpgreto ld`oadltypgfliy. Ieflcgrdle few stetos tbet hers,

    wldorlos ed` gtbor fliodso` efigbgfpurvoygrs ero dgt rospgdslhfo cgr wbetldtgxlieto` petrgds `g gdio tboy wefjgut tbo ̀ ggr. Hut Epg`eie“s fewsult wesheso` gd tbo oxioptlgd tg tbls rufo,

    wblib ls e prgblhlt lgd gd sorvldmefigbgf tg ghvlgusfy ldtgxlieto`aldgrs. ^etrlij Oaory, e Yedte Xgse,

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    24/4080 www.HoesfoyEffod.iga

    Ieflc., fewyor, roprosodto` tbo ^feldtlccsed` `l` e vory mgg` kgh.Ygurio; Pbo ^ross @oagiret

    A ED ^ EXEF\[O@ L D A GPGX S OBLIFO EIIL@ODP E ]EX@O@ $00.< A LFFLGD

    E kury ld Foo Igudty, Cfe., ewer`o`

    $00.< alfflgd roiodtfy tg Moref` Efgle, wbg wes perefyzo` ld e 8>>3 agtgr voblifo eiil`odt. Pbo vor`lit ls gdo gctbo fermost ld tbo igudty“s blstgry. Ar.

    Efgle wes rl`ldm gd bls agtgriyifo ld8>>3 wbod bo wes struij hy e ier.Ygurio; Ct. Ayors Dows-^ross

    I EX I XEYB S LIPLA E ]EX@O@ $0 ALFFLGD L D Y _LP

    E ku ry ld Ke ij sgd Igud ty , Cfe. ,

    roiodtfy ewer`o` e ier iresb vlitlaagro tbed $0 alfflgd. Ars. Kuflo Joyos

    wes ldvgfvò ld e sldmfo-ier eiil`odt ld@oioahor gc 8>>3. Ybo wes rud gcc tborge` hy edgtbor `rlvor ed` bor voblifogvor igrroito` ed` cflppo` upsl`o`gwd. Ars. Joyos wes elr-flcto` tgCfgwors Bgspltef ld @gtbed, Efe., succor-ldm crga e hrulso` spldef igr` ed` ebedmaed“s creituro. Ector spod`ldmtlao et Cfgwors, sbo wes sodt tg e robe-hlfltetlgd ceilflty. Cgffgwldm bor stey

    tboro sbo wes sodt tg edgtbor bgspltefld Efeheae cgr surmory.Ars. Joyos dgw bes `lccliufty igd-

    trgffldm bor eras ed` foms. Ybo ls efsgudehfo tg wefj wltbgut e wboofibelrgr esslstedio crga sgaogdo ofso. Pbo`rlvor gc tbo gtbor voblifo wes dovorcgud`, ed` hoieuso gc tbet Ars. Joyos“sbguf` bevo hood igvoro` ud`or tboudldsuro` agtgrlsts igvoremo gc borldsuredio pgfliy. Bor ldsuredioierrlor wes Eaorlied LdtordetlgdefLdsuredio. E roprosodtetlvo gc Eaorl-ied Ldtordetlgdef tgf` Ars. Joyos rlmbtector tbo eiil`odt tbet tboy wguf`prgvl`o igvoremo.

    Ector e wooj-fgdm trlef, tbo kury rufo`cgr Ars. Joyos ed` bor bushed`. Gut gctbo agro tbed $0 alfflgd ewer`, $9.0alfflgd wes cgr pest oigdgali fgssosed` pest ed` cuturo ao`lief hlffs. Pboroaeld`or wes cgr pbyslief peld, succor-ldm ed` `lsclmuroaodt. _dtlf tbo eiil-`odt, Ars. Joyos wes tbo ieromlvor cgr

    bor bushed` wbg fgst bls fom ector e iereiil`odt heij ld 5>,>>> voblifos woro`rlvod hy sgaogdo usldm e ioff pbgdold 8>>2, tbet 3,>>> pogpfo `lo` ld `ls-treito`-`rlvldm-rofeto` voblifo iresbos,ed` tbet ?>>,>>> woro ldkuro`. FestYoptoahor, @r. @osplde Ytevrldgs, erosoeribor et _EH, ed` Xuss Cldo, ̂ b.@.,`lroitgr gc tbo _EH _dlvorslty Preds-pgrtetlgd Iodtor, grmedlzo` tbo suaalted` `l` e mroet kgh. Efeheae wes tboclrst steto tg rospgd` tg tbo Yoirotery“sibeffodmo tg homld e detlgdef `oheto gdtbo preitlio gc `rlvldm wblfo `lstreito`hy tbo uhlqultgus toibdgfgmy gc tg`ey.

    @lstreito` `rlvldm ls gctod oqueto` wltb `rudj `rlvldm. Lt wlff tejo e igdsls-todt igahldetlgd gc o`uietlgd, occoi-tlvo odcgrioaodt, e igaaltto`

    ku`lilery ed` igffoitlvo occgrts hy fgief,steto, ed` detlgdef e`vgietos tg put e`odt ld tbo prghfoa. Pbo ̀ edmor ls agst

    eiuto eagdm ygudm `rlvors wbg bevomrgwd up surrgud`o` hy bed`-bof`ofoitrgdli toibdgfgmy. Pbo ^owXosoerib Iodtor seys tbet =>% gc 53ed` 5= yoer gf`s e`alt tboy“vo hood lde ier wblfo tbo `rlvor wes toxtldm.

    Agst toods bevo hood toxtldm grusldm bed`-bof` ofoitrgdlis sldio tboy

    woro dldo gr tod yoers gf`. Pboy ero

    dgw mottldm hobld` tbo wboof gc e ier.Yoirotery FeBgg` gutfldo` stops tbetbo bgpos wlff hoigao pert gc tbodetlgd“s igffoitlvo `rlvldm rgutldo;^erodts doo` tg sot ifoer mrgud` rufoscgr toodemo `rlvors, ed` tbod odcgriotboa. Poods doo` tg oxort poor pros-suro ed` toff crlod`s tboy wgd“t rl`o

    wltb tboa lc tboy toxt. Oapfgyors doo`tg fot oapfgyoos trevof tg `ostldetlgds

    wltbgut ldtorruptlgd. Ed` eff gc us doo`tg uso sgao igaagd sodso ovory tlao

    wo mot hobld` tbo wboof gc e voblifo. E mrgwldm duahor gc stetos bevo fom-lsfetlgd pod`ldm heddldm `lstreito``rlvldm ld gdo cgra gr edgtbor. Pboldsuredio ed` tofoigaaudlietlgdsld`ustrlos ero odmemo` ld e soerib cgrsgfutlgds. Pbo Efeheae suaalt l`odtl-clo` e duahor gc prgalsldm evoduos tgaldlalzo tbo rlsjs gc `lstreito` `rlvldm,sgao gc wblib ero efroe`y ld tbo pfed-dldm stemos ld Efeheae. Pbo steto besesslmdo` rospgdslhlflty cgr e``rossldmtbo lssuo gc `lstreito` `rlvldm tg tbo

    Efeheae @opertaodt gc Oigdgali ed`Igaaudlty Eccelrs ed` tbo Yteto YecotyIggr`ldetldm Igaalttoo wblib bes`ovofgpo` ed Efeheae YtretomliBlmbwey Yecoty ^fed. @r. Cldo be` tblstg sey;

    Hoieuso gc tbo suaa lt, aedyagro pogpfo ld tbo prlveto soitgred` ld mgvordaodt bevo hoigaohottor ldcgrao` ehgut tbo `ls- treito` `rlvldm prghfoa. Gur mgefdgw ls tg igdtlduo tg ldiroesoewerodoss eagdm pgfliy ed``oilslgd aejors es woff es tbo

    modoref puhfli. ]o ldtod` tg jooptbo edtl-`lstreito` `rlvldm iea-

    pelmd mgldm tbrgumbgut tbo odtlroromufer 8>5> sosslgd gc tbo

    Efeheae Fomlsfeturo, gr udtlf ededtl-`lstreito` `rlvldm hlff ls

    slmdo` ldtg few hy tbo Mgvordgr,wblibovor giiurs clrst.

  • 8/9/2019 The Jere Beasley Report, Jan. 2010

    25/40 www.KoroHoesfoyXopgrt.iga 8?

    Pbo _EH-_PI wlff prgvl`o oeibaoahor gc tbo Efeheae Fomlsfeturo

    wltb ld`lvl`uef @S@ igplos gc tboprosodtetlgds ae`o et tbo suaalt.Pboy efsg ldtod` tg sot up e @ls-treito` @rlvldm Pboetor doer tboiepltgf ld Agdtmgaory, wboro fomlsfe-tgrs, tbolr steccs, ofoito`, eppgldto`ed` romufer ilvlf sorvlio oapfgyoos, es

    wo ff es ao aho rs gc tb o mo do re fpuhfli, ied vlslt ed` vlow @S@ igplosgc eff prosodtetlgds ed` pedof `lsius-slgds ae`o `urldm tbo suaalt. Gtboredtl-`lstreito` `rlvldm ldcgraetlgd

    wl ff ho eve lfe hf o ed` `l st rl hu to `tbrgumb tbo tboetor.

    J ODP_IJ\ H EDY Y PEPO ] GXJOXY C XGA P ORPLDM ] BLFO @ XLSLDM

    Jodtuijy Mgv. Ytovo Hosboer besheddo` steto oapfgyoos ld bls stetocrga sod`ldm toxt aossemos wblfo`rlvldm mgvordaodt-gwdo` voblifos.Mgv. Hosboer lssuo` ed oxoiutlvo gr`ortbet seys bo tggj tbo stop ld ed occgrttg ro`uio tbo duahor gc treccli eiil-`odts ieuso` hy `rlvor `lstreitlgd. Bosel` tbo steto ed` lts 90,>>> oapfgyoosdoo` tg sot ed oxeapfo cgr gtbor`rlvors.

    Pbo Mgvordgr“s gr`or `ocldos toxtldmes edy cgra gc ofoitrgdli `ete igaau-

    dlietlgd, ldifu`ldm roe`ldm gr odtorldm`ete ldtg bed`bof` gr gtbor ofoitrgdli`ovlios. Pbo gr`or seys tbet ldifu`osYAY toxtldm, o-aelfldm, ldstedt aossem-ldm, ed` ghteldldm devlmetlgdef ldcgrae-tlgd. Oapfgyoos ldvgfvo` ld puhflisecoty ero oxoapto` crga tbo hed. Mgv-ordgr Hosboer ls ieffldm tbo hed bls‖Oyos gd tbo Xge`““ occgrt.Ygurio; Ldsuredio Kgurdef

    RSLLL.BOEFPBIEXOLYY_OY

    C@E Y PLFF B EYD “ P L A^XGSO@ Y ECOP\ ECPOX S LGRR Y IED@EF

    Agro tbed tbroo yoers bevo pesso`ed` tbo Cgg` ed` @rum E`aldlstretlgdstlff besd“t rostruituro` lts stecc tg

    hottor agdltgr `rum secoty es roiga-aod`o` hy oxports ector tbo Slgxxsied`ef. Igdmrosslgdef ldvostlmetgrs seytbo C@E bes yot tg cgffgw tbrgumb gdibedmos summosto` ld 8>>3 tg bofp tboemodiy `otoit prghfoas wltb `rumstejod hy alfflgds gc Eaorlieds. Pbgsoroigaaod`etlgds ieao ector tbo `ed-morgus oplsg`o ldvgfvldm Slgxx. Es eff

    Eaor l ie dgw jdgws, tbo C@Eepprgvo` Slgxx ld 5>3,

    tbo MEG ae`o sgao spoilcli roiga-aod`etlgds tg tbo C@E.

    Pbo MEG ropgrt roqulros tbo C@E tgsot e tlaotehfo cgr tredscorrldm dowrospgdslhlfltlos tg tbo survolffediogcclio. @osplto e cgraef aoag hotwoodtbo gcclios `oslmdo` tg put tboa gdoquef cggtldm, tbo dow `rum gcclio stlffrotelds doerfy eff tbo pgwor gvor romufe-

    tgry `oilslgds, eiigr`ldm tg tbo ropgrt.Ld lts rospgdso tg tbo ropgrt, tbo C@Eseys aekgr `oilslgds ehgut `rum secotyero `ofometo` tg tbo dow `rums `lvlslgdhoieuso tbet ls ‖wboro stecc wltb tbohrge`ost oxportlso ed` oxporlodio‑ gdprg`uit secoty lssuos rosl`o.

    Pbo C@E ifelas tbet lt ldtod`s tg mlvotbo survolffedio gcclio agro rospgdsl-hlfltlos, hut gdfy ector lts doerfy 8>>oapfgyoos meld tbo oxporlodio ed`rosgurios doo`o` tg tejo gd tbgso

    tesjs. Pbo Gcclio gc Dow @rums besagro tbed > oapfgyoos. Eiigr`ldmtg tbo MEG, tbo duahor gc survolffediosteccors wguf` bevo tg `guhfo ldigaldm yoers tg eiigaag`eto tboe``ltlgdef wgrj holdm esslmdo` tg tboudlt.Ygurio; Essgileto` ^ross

    RLR.ODSLXGDAODPEF

    IGDIOXDY

    C O] ] EPOX Y \YPOAY EXO ^ _DLYBO@ C GX S LGFEPLDM Y ECO @ XLDJLDM ] EPOX E IP

    Agro tbed 8>% gc tbo detlgd“s wetortroetaodt systoas bevo vlgfeto` joyprgvlslgds gc tbo Yeco @rldjldm ]etor

    Eit gvor tbo fest clvo yoers, eiigr`ldmtg e Dow \grj Plaos edefysls gc co`oref`ete. Pbo Yeco @rldjldm ]etor Eit

    roqulros igaaudltlos tg `oflvor secotep wetor tg fgief rosl`odts. Hut sldio8>>0, tbo wetor prgvl`o` tg agro tbed0< alfflgd pogpfo bes igdteldo` lffomefigdiodtretlgds gc iboaliefs fljoersodli, gr re`lgeitlvo suhstedios fljouredlua, es woff es `edmorgus heitorlegctod cgud` ld sowemo.

    Xomufetgrs ero ldcgrao` gc tboso vlg-fetlgds es tboy ero `lsigvoro`. Hut romu-fetgry roigr`s sbgw tbet cowor tbed 3%

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    gc tbo wetor systoas tbet hrgjo tbo few woro ovor cldo` gr pudlsbo` hy steto grco`oref gcclilefs, ldifu`ldm tbgso et tboOdvlrgdaodtef ^rgtoitlgd Emodiy,

    wblib bes uftlaeto rospgdslhlf lty cgrodcgrildm sted`er`s.

    Ytu`los ld`lieto tbet `rldjldm wetorigdtealdedts ero fldjo` tg alfflgds gcldstedios gc lffdoss ld tbo _dlto` Ytetos

    oeib yoer. ]bet“s agro, wetor pgffutlgdbes hoigao e mrgwldm igdiord cgr few-aejors hoieuso mgvordaodt gvorslmbtgc pgffutors bes wedo`. Ld sgaoldstedios, `rldjldm wetor vlgfetlgds

    woro gdo-tlao ovodts, ed` prghehfypgso` flttfo rlsj. Hut cgr bud`ro`s gcgtbor systoas, lffomef igdtealdetlgdporslsto` cgr yoers, roigr`s sbgw. Ededefysls gc O^E `ete hy tbo Dow \grjPlaos sbgws tbet Yeco @rldjldm ]etor

    Eit vlgfetlgds bevo giiurro` ld ovory

    steto. Hut, efagst dgdo gc tbgso systoas woro ovor pudlsbo`. Pbo prghfoa,eiigr`ldm tg iurrodt ed` cgraor mgv-ordaodt gcclilefs, ls tbet odcgrildm tboYeco @rldjldm ]etor Eit bes dgt hood eco`oref prlgrlty gvor tbo pest olmbt

    yoers.Xoiodtfy, tbo Yodeto Odvlrgdaodt

    ed` ^uhfli ]grjs igaalttoo quos-tlgdo` e blmb-redjldm O^E gcclilefehgut tbo emodiy“s odcgrioaodt gc`rldjldm-wetor secoty fews. Pbo O^E lsoxpoito` tg eddgudio e dow pgfliy cgrbgw lt pgflios tbo detlgd“s ?0,=>>

    wetor systoas. Ld ceit, O^E e`aldlstre-tgr Flse ^. Keijsgd bes efroe`yeddgudio` tbet sbo pfeds tg ldstltuto e

    wl`o-redmldm gvorbeuf gc tbo emodiy“sIfoed ]etor Eit odcgrioaodt prgmrea.Bgpocuffy, tbo dow e`aldlstretgr“srocgras wlff ̀ restlieffy ibedmo tbo weytbo O^E ldvostlmetos ed` prgsoiutos`rldjldm wetor vlgfetlgds ld gurigudtry. ]ltbgut quostlgd, tbo feste`aldlstretlgd prgvl`o` e porcoit

    oxeapfo gc wbet beppods wbod pgfltl-ief foe`orsblp celfs tg prgtoit gurboeftb ed` tbo odvlrgdaodt.Ygurio; Dow \grj Plaos

    E F GGJ EP P BO PSE I GEF EYB Y ̂LFF‐ G DO \ OEX FEPOX

    @oioahor 88, 8>>< aerjo` tbo gdo- yoer eddlvorsery gc tbo fermost ld`us-

    trlef eiil`odt ld _.Y. blstgry. Es wo bevoropgrto`, tbo Poddossoo Seffoy Eutbgr-lty splffo` gvor 5 hlfflgd meffgds gc igefigahustlgd westo gdtg gvor 9>> eirosgc fed` ed` ldtg tbo Oagry, Ifldib ed`Poddossoo Xlvors. Pbls `lsestor hrgumbttg tbo cgrocrgdt tbo doo` cgr strlitorgvorslmbt gd bgw tbo igef-clro` pgworld`ustry bed`fos lts westo. Ovl`odio

    bes igdtlduo` tg agudt sldio tbo splffld cevgr gc romufetldm igef esb westoed` igef igahustlgd westowetor.

    Ld ceff gc 8>>>=. @urldm tbet yoertbo _.Y. pgwor ld`ustry ropgrto`rofoesos gc gvor 8 alfflgd pgud`s gctgxli pgffutedts ldtg gur detlgd“s wetor-

    weys. Pboso duahors ero estgud`ldmed` lffustreto tbo strgdm doo` cgr romu-fetlgds gc igef igahustlgd westo ed`

    westowetor `lsibermos.

    Pbo ieff tg bgf` PSE eiigudtehfo cgrlts pgffutlgd igdtlduos tg mrgw. OL^lssuo` e soigd` ropgrt ld @oioahorodtltfo`, ‖Gutsl`o tbo Few; Xostgrldm

    Eiigudtehlflty tg tbo Poddossoo Seffoy Eutbgrlty.‑ Pbo ropgrt ieffs gd tboGheae e`aldlstretlgd tg prgsoiutoPSE cgr lts odvlrgdaodtef vlgfetlgds. Lde``ltlgd tg tbo ieffs crga odvlrgdaod-

    tef grmedlzetlgds, Igdmross bof`edgtbor boerldm ld Dgvoahor tg foerdagro ehgut PSE“s ifoedup eitlvltlos,O^E“s romufetgry pfeds, ed` tbo `lspgsefgc igef esb ld ^orry Igudty, Efe. @urldmbls tostlagdy hocgro tbo Bguso Preds-pgrtetlgd ed` Ldcrestruituro Yuh-Iga-alttoo gd ]etor Xosgurios ed`Odvlrgdaodt, Eitldm O^E Xomlgd LS

    E`a ld ls t re tgr Ytedfoy Aolhurmeijdgwfo`mo` tbet ‖tbo fgdmor ZtboesbQ slts tboro tbo agro gppgrtudlty

    ygu bevo cgr sgaotbldm tg beppod.‑ Ldceit, bo ilto` roiodt seapfos tejod ldtbo Ifldib Xlvor tbet sbgwo` ofoveto`ersodli fovofs.

    @urldm tbo seao boerldm, PgaJlfmgro, wbg ls IOG gc PSE, ropgrto`tbet ehgut twg-tblr`s gc tbo esb tbetsplffo` bes hood roagvo` crga tboOagry Xlvor ed` tbet PSE ls gd sibo`-ufo tg igapfoto tbo rlvor ifoed-up hysprldm gc 8>5> wltb tbo roaeldldmifoedup prgkoito` tg fest udtlf 8>59, ecuff clvo yoers crga tbo `eto gc tbo splff.

    Pbo Jldmstgd igaaudlty wlff igd-tlduo tg ho eccoito` hy tbo ectoraetb gctbo splff. Pbo ifess fltlmetlgd, ld wblibgur clra ls ldvgfvo`, soojs tg bgf` PSEtg lts prgalso gc ifoedldm up tbo Jldms-tgd igaaudlty igapfotofy ed` aejldmtbgso eccoito` wbgfo emeld. Lc ygu doo`e``ltlgdef ldcgraetlgd gd tbls fltlmetlgd,igdteit Xbgd Kgdos gr @evl` Hyrdo ldgur clra et 2>>-290 gr hy oaelf etXbgd.KgdosNhoesfoyeffod.iga gr@evl`.HyrdoNhoesfoyeffod.iga.Ygurios; Jdgxvlffo Dows Yodtldof, IbettedggmePlaos Croo ^ross, Odvlrgdaodtef Ldtomrlty ^rgkoit

    _ ̂ @EPO G D ̂ CI I GDPEALDEPLGD G D D GXPB EFEHEAE C EXAY

    Gur clra igdtlduos tg ldvostlmetoifelas gd hobefc gc Efeheae ceraorsed` gtbor prgporty gwdors eccoito` hyigdtealdeto` sowemo sfu`mo ld cortlf-

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    lzor ld Credjfld, Fewrodio, ed` Agrmedigudtlos. Es wo bevo ropgrto`, sowemosfu`mo uso` es cortlflzor wes sproe`gvor epprgxlaetofy ?>>> eiros gc cera-fed` ed` igdteldo` ofoveto` fovofs gcporcfugrgiboaliefs (^CIs)‐spoilcl-ieffy porcfugrggitedgli eil` (^CGE)ed` porcfugrggityf sufcgdeto (^CGY).Pbo igdtealdetlgd stoas crga ld`us-

    trlef gporetlgds ld tbo @oietur eroe, per-tliuferfy 9A, @ydogd, @eljod ed` PgreyCfurgclhors. Oeib gc tboso igapedlosropgrto`fy `lsibermo` westo ed` wetorldtg tbo @oietur _tlfltlos westowetortroetaodt pfedt. @oietur _tlfltlos igd-treito` wltb Yydemrg tg sproe` tbosfu`mo gd eroe ceras.

    Pbo igdtealdetlgd sperjo` e auftl-emodiy ldvostlmetlgd tg `otoraldo tbooxtodt gc ^CI igdtealdetlgd, ldifu`ldmpgtodtlef rgutos gc oxpgsuro ed` edy

    pgtodtlef boeftb occoits tg eroe rosl-`odts. Gd @oioahor 5, 8>>>> pph gr alirg-mreas/jlfgmrea) ed` ^CGY (3,>>> pphgr alirgmreas/jlfgmrea). Pboy cgud`^CIs ld 8?/83 sglf seapfos ld tbo@oietur eroe redmldm crga .5=-95= pphcgr ^CGE ed` 0.?-0>2 pph cgr ^CGY.Pbo seapfos efsg rovoefo` ofoveto`fovofs gc gtbor ^CIs, hut