The Jere Beasley Report, Sep. 2008

Embed Size (px)

Citation preview

  • 8/9/2019 The Jere Beasley Report, Sep. 2008

    1/52

    B`str`hutlb tf fvlr 27,777 suhsor`hlrs ljod mfetd

    www.HljsilyJiile.ofm

    _lptlmhlr 8774

  • 8/9/2019 The Jere Beasley Report, Sep. 2008

    2/528 www.HljsilyJiile.ofm

    @.

    OJW@RFI

    FH_LX^JR@FE_

    JIJHJMJ@__R@IIKFFBNFXH\_@EL__

    Jijhjmj djs jkj`e hlle rlofke`zlb

    js j vlry kffb pijol nfr hus`elss. J

    hus`elss mjkjz`el dfefrlb Jijhjmjs

    lofefm`o blvlifpmlet jot`v`ty wd`od

    rljiiy sdfuibet ofml js j surpr`sl.Rdl

    _futdlre Hus`elss jeb Blvlifpmlet

    mjkjz`el ejmlb Jijhjmj `ts _tjtl fn

    tdl Pljr nfr tdl n`ntd t`ml `e tdl ijst s`x

    yljrs. Rdl mjkjz`el ofvlrs lofefm`o

    blvlifpmlet `e :; stjtls jeb usls j

    pf`et systlm tf bltlrm`el `ts jwjrb.

    Jijhjmj djs hlle tdl _tjtl fn tdl

    Pljr `e 8778, 877?, 8772, 877< jeb

    efw nfr 877;. Kfvlrefr Hfh X`ily jebtdl stjtls od`ln `ebustr`ji rloru`tlr,

    Elji [jbl, olilhrjtlb tdl dfefr ijst

    mfetd hy v`s`t`ek ofmpje`ls `e

    Duetsv`iil, H`rm`ekdjm jeb Mfet-

    kfmlry.Jijhjmj jeefueolb 2;? elw

    jeb lxpjeb`ek `ebustr`ls `e 877;.

    Rdfsl prfclots w`ii prfbuol jt iljst

    82,777 elw cfhs.

    @ts kffb tf sll fur stjtl rlofke`zlb

    js j iljblr `e `ebustr`ji blvlifpmlet.

    Jijhjmj `s j kffb pijol tf ifojtl je

    `ebustr`ji pijet jeb jisf j vlry kffbpijol nfr lx`st`ek njo`i`t`ls tf lxpjeb.

    Fe j plrsfeji eftl,@ dliplb orljtl tdl

    stjtls `ebustr`ji trj`e`ek prfkrjm

    wdle @ wjs `e kfvlremlet wjy hjoa e

    tdl ljriy :0;7s.Jeyhfby wdf `s njm`i-

    `jr w`td `ebustr`ji blvlifpmlet lnnfrts

    `s wlii jwjrl fn tdl Jijhjmj prfkrjm

    wd`od `s rlofke`zlb js djv`ek hlle j

    mjcfr njotfr `e fur stjtls suoolss `e

    jttrjot`ek elw `ebustry fvlr tdl yljrs.

    JIJHJMJMLB@OJ@BOFMM@__@FELX@__\L_EJR@FEJIJILXR

    Jijhjmj Mlb`oj`b Ofmm`ss`felr

    Ojrfi _tloali, odj`r fn tdl Lxlout`vl

    Ofmm`ttll fn tdl Ejt`feji Jssfo`jt`fe

    fn _tjtl Mlb`oj`b B`rlotfrs,djs `ssulb

    jejt`feji jilrtmlmf tf jii stjtl Mlb-

    `oj`b jkleo`ls fe tdl bruk-pr`o`ek

    nrjub ojsls n`ilb `e Jijhjmj hy Jttfr-

    ely Klelrji Rrfy A`ek. Ofmm`ss`felr

    _tloali `s urk`ek jii fn dlr nliifw Mlb-

    `oj`b b`rlotfrs tf nfiifw tdl Jijhjmj

    ojsls nfr tdl`r ejt`few`bl `mpjot fe

    prlsor`pt`fe bruk pr`ols.Rdl Ofmm`s-

    s`felr djs jsalb dlr pllrs tf slrvl fe

    j Rjsa Nfrol fe Bruk-Wr`o`ek Nrjub Wrl-

    vlet`fe.Rd`s wfuib k`vl tdl stjtl Mlb-

    `oj`b dljbs je fppfrtue`ty tf

    offrb`ejtl tdl`r lnnfrts. Ofmm`ss`felr

    _tloali hli`lvls `ts v`tjiiy `mpfrtjet

    tdjt Ofekrlss jeb jii stjtl ilk`sijturls

    ueblrstjeb tdl vjr`fus `ssuls Jijhjmj

    `s njo`ek wdle `t ofmls tf pdjrmjolu-

    t`oji pr`ols.

    Rdus njr,Jijhjmjs Mlb`oj`b jkleoy

    djs hlle jwjrblb $8;2 m`ii`fe `e nrjub

    bjmjkls hy cur`ls `e tdrll ojsls jkj`est

    bruk mjeunjoturlrs `e Mfetkfmlry

    Ofuety O`rou`t Ofurt.Fur nfurtd tr`ji s

    sodlbuilb nfr Fotfhlr 8;td. _`xty-l`kdt

    jbb`t`feji ojsls jrl pleb`ek. [l jrl

    ourrletiy elkft jt`ek w`td fvlr 8< bruk

    ofmpje`ls jeb dfplnuiiy jii fn tdfsl

    ojsls w`ii slttil. Ofmm`ss`felr _tloali

    tfib dlr nliifw ofmm`ss`felrs tdjt fur

    Jijhjmj ojsls djvl tdl strfek jot`vl

    suppfrt fn tdl ejt`feji JJXW jeb `ts

    TT@@@. _plo`ji Xlofke`t`fes. . . . . . . . . . . 2;

    TT@ . _fml Oifs`ek Fhslrvjt`fes . . . . . .

  • 8/9/2019 The Jere Beasley Report, Sep. 2008

    3/52

    www.HljsilyJiile.ofm ?

    s`bl tlst`ek, wd`od w`ii hl j rlji hffst

    tf ijw lenfrolmlet.Jijhjmj Blpjrt-

    mlet fn Wuhi`o _jnlty B`rlotfr Ofi.

    Odr`s Murpdy hli`lvls td`s w`ii djvl j

    pfs`t`vl lnnlot fe ofmhjt`ek br`ea`ek

    jeb br`v`ek fe Jijhjmj d`kdwjys.

    _furol3 H`rm`ekdjm Elws

    NFXMLX_LO HF__CF@E_JIJHJMJWXFHL

    Jijhjmj `s hr`ek`ek `e dlip `e `ts

    hjttil jkj`est n`ejeo`ji or`ml. Djrvly

    W`tt, nfrmlr odj`rmje fn tdl \._._lour`-

    t`ls jeb Lxodjekl Ofmm`ss`fe, djs

    hlle jppf`etlb js j blputy jttfrely

    klelrji nfr Jijhjmj.Rd`s jiifws d`m tf

    jss`st tdl stjtl `e `ts `evlst`kjt`fe fn j

    ofetrfvlrs`ji `evlstmlet tjot`o aefwe

    js ejalb sdfrt slii`ek. Cfl Hfrk, odj`r-

    mje fn tdl Jijhjmj _lour`t`ls Ofmm`s-

    s`fe,wjetlb W`tt jeb ojiis d`m tdl hlstjrfuebnfr tdl cfh.

    Jttfrely Klelrji Rrfy A`ek

    jppf`etlb W`tt tf nfous fe j ojsl

    `evfiv`ek Mfetkfmlry-hjslb Ofife`ji

    HjeoKrfup, wd`od djs slle `ts sdjrls

    piummlt ueblr prlssurl nrfm

    `evlstfrs wdf prfn`t wdle stfoa pr`ols

    njii. Rdlsl `evlstfrs prfn`t tdrfukd j

    prjot`ol aefwe js sdfrt slii`ek,

    wd`od `s b`sousslb `e jeftdlr pjrt fn

    td`s `ssul. Hfrks fnn`ol `s `evlst kjt`ek

    wdltdlr sfml fn tdfsl `evlstfrssprljb i`ls jeb mji`o`fus rumfrs `e

    frblr tf mje`puijtl tdl stfoa pr`olj

    sodlml fntle lmpifylb hy ejalb

    sdfrt sliilrs,wdf `iilkjiiy trjbl sdjrls

    tdly bf eft fwe. W`tt `s aefwe tf hl

    fel fn tdl mfst aefwilbkljhil plfpil

    jvj`ijhil wdle `t ofmls tf slour`t`ls

    ijw.Jeb dl djs j pjrt`ouijr lxplrt`sl

    fe ejalb sdfrt slii`ek, wd`od s efw j

    mjcfr tjrklt fn tdl _LO, joofrb`ek tf

    Hfrk. Ofife`ji djs hlle stuek hy mfrt-

    kjkl ifssls jorfss `ts eltwfra fn ?27

    hrjeodls e Jijhjmj, Nifr`bj, Klfrk`j,

    Elvjbj jeb Rlxjs.

    _furol3 Jssfo`jtlb Wrlssjeb Mfh`il Wrlss Xlk`stlr

    @@.

    WFI@R@OJI

    FH_LX^JR@FE_

    J IFFAJRRDLWXL_@BLER@JIXJOL

    Rdl Xjol Dljts \p

    Rdl Wrls`blet`ji rjol djs rljiiy

    dljtlb up fvlr tdl pjst slvlrji wllas.

    Rdl MoOj`e ojmpj`ke djs kfel tftjiiy

    elkjt`vl muod ljri`lr tdje jet`o`pjtlb.

    [d`il MoOj`e `s st`ii iljb`ek `e tdl

    pfiis `e Jijhjmj, tdl mjrk`e `s ejrrfw-

    `ek. @ prlb`ot td`s rjol w`ii klt muod

    oifslr `e tdl ofm`ek wllas. @ts my

    hli`ln tdjt tdl mfrl nfias sll jeb dljr

    tdl rlji Cfde MoOj`e tdl ilss tdly w`ii

    nlli ofmnfrtjhil vft`ek nfr d`m. Fel

    td`ek tdjt djs tf ofeolre mfst Jmlr`-ojes `s tdl a`eb fn nfias ruee`ek tdl

    MoOj`e ojmpj`ke.

    MoOj`e djs qu`t try`ek tf d`bl tdl

    njot tdjt [jsd`ektfes splo`ji `etlrlst

    ifhhy`sts djvl hlle ruee`ek d`s ojm-

    pj`ke jeb rj`s`ek d`s mfely. Rdl

    Jr`zfej _lejtfr djs oij`mlb `e yljrs

    pjst tf hl j strj`kdt-tjialr wdf

    ijhlilb d`mslin j mjvlr`oa. Hut `n

    MoOj`e rljiiy `s tdl nljrlb rlnfrmlr fn

    hus`elss-js-usuji kfvlremlet `e fur

    Ejt`fes Ojp`tfi, wdy bfls d`s prls`-

    blet`ji ojmpj`ke iffa i`al tdl hjoa

    jiily fn A-_trllt6 Xjtdlr tdje put tdl

    d`kd-pr`olb jeb pfwlrnui splo`ji `etlr-

    lst ifhhy`sts `e tdl hjoa rffms, MoOj`e

    djs put tdlm `e tftji ofetrfi fn d`s

    ojmpj`ke.

    [dle yfu ofmh`el tdl i`als fn Ajri

    Xfvl, _tlvl _odm`bt (fel fn Xfvls

    jttjoa bfks),Odjri`l Hijoa,X`oa Bjv s,

    Br. Wd`i Krjmm, jeb j ojbrl fn ftdlr

    pfwlrnui ifhhy`sts `e tdl ruee`ek fntdl ojmpj`ke, `ts j olrtj`ety tdjt `n

    MoOj`e prlvj`is `e Efvlmhlr frb`ejry

    o`t`zles w`ii hl sdut fut nrfm tdl [d`tl

    Dfusl feol jkj`e jeb fur kfvlremlet

    w`ii ofet`eul tf hl rue hy pfwlrnui

    splo`ji `etlrlst krfups.

    Rfp MoOj`e Jbv`slr Kft Mfely

    Nrfm _lvlrji Nfrl`ke Ofuetr`ls

    Xjeby _odluelmjee, Cfde MoOj`es

    od`ln nfrl`ke pfi`oy jbv`slr, `s j pr`ml

    lxjmpil fn tdl a`eb fn nfias ruee`ek

    tdl MoOj`e ojmpj`ke. Rdl Jr`zfej

    _lejtfr jeb d`s stjnn wlrl ifhh`lb fe

    20 foojs`fes `e j tdrll-yljr spje hy

    td`s mje wd`il dl wjs hl`ek pj`b due-

    brlbs fn tdfusjebs fn bfiijrs hy tdl

    kfvlremlet fn tdl nfrmlr _fv`lt

    rlpuhi`o fn Klfrk`j.Rdl pjymlets rj`sl

    ltd`oji qulst`fes hlojusl fn Xjeby

    _odluelmjees plrsfeji n`ejeo`ji

    `etlrlsts jt j t`ml wdle dl `s jbv`s`ek

    MoOj`e fe nfrl`ke pfi`oy.Js wl djvl

    slle, tdl KFW ojeb`bjtl qu`oaiy sl`zlb

    fe Xuss`je jkkrlss`fe `e Klfrk`j,

    wd`od m`kdt cust hl j of`eo bleol,js j

    ojmpj`ke `ssul.Fe Jpr`i :;td, j mfetd

    jeb j djin jntlr _odluelmjee stfpplb

    wfra`ek nfr Klfrk`j, d`s hus`elss

    pjrtelr s`kelb j $877,777 jkrllmlet

    w`td tdl Klfrk`je kfvlremlet. Rdl

    blji jbblb tf je jrrjeklmlet tdjt

    hrfukdt `e mfrl tdje $477,777 tf tdl

    twf-mje n`rm nrfm 8772 tf m`b-877;.

    Elw Pfra \e`vlrs`ty ijw prfnlssfr

    _tlpdle K`iilrs slls j prfhilm jeb

    mjbl td`s ofmmlet tf tdlJssfo`jtlb

    Wrlss3

    _odluelmjees wfra js j ifhhy-

    `st pfsls vji`b qulst`fes jhfut

    MoOj`es cubkmlet `e odffs`ek

    sfmlfel wdfjeb wdfsl

    n`rmjrl pj`b tf prfmftl tdl

    `etlrlsts fn ftdlr ejt`fes. _f fel

    must jsa wdltdlr MoOj`e `s

    kltt`ek b`s`etlrlstlb jbv`ol, jt

    iljst wdle tdl `ssuls ofeolre

    tdfsl ejt`fes. @n MoOj`e wjets

    jbv`ol nrfm sfmlfel wdfsl

    pr`vjtl `etlrlsts js j feol jeb

    nuturl ifhhy`st mjy jnnlot tdl

    fhclot`v ty fn tdl jbv`ol, tdjts d`s

    odf`ol tf mjal.

    @etlrlst`ekiy, Klfrk j `set tdl feiy

    nfrl`ke kfvlremlet d`r`ek _odluel-

    mjee. Dl djs hlle j h`k t`ml ifhhy`st

    w`td je jrrjy fn oi`lets `eoiub`ek j

    eumhlr fn nfrl`ke ofuetr`ls. Nfr

    lxjmpil, d`s n`rm ifhh`lb MoOj`es

    fnn`ol fe nfur h`iis jeb rlsfiut`fes

    rlkjrb`ek Klfrk`j,w`td MoOj`e js j of-

    spfesfr fr suppfrtlr fn jii fn tdlm. @e

  • 8/9/2019 The Jere Beasley Report, Sep. 2008

    4/522 www.HljsilyJiile.ofm

    jbb`t`fe tf tdl 20 ofetjots w`td MoOj`e

    fr d`s stjnn rlkjrb`ek Klfrk`j, tdl Jssfo`-

    jtlb Wrlss sjys _odluelmjees n`rm

    ifhh`lb tdl slejtfr fr d`s j`bls fe jt

    iljst 2; foojs`fes s`eol 877: fe hldjin

    fn tdl kfvlremlets fn Rj`wje jeb Mjol-

    bfe`j, wd`od ljod pj`b _odluelmjee

    jeb d`s pjrtelr M`al M`todlii fvlr djin j

    m`ii`fe bfiijrs1 Xfmje`j, wd`od pj`b

    fvlr $277,7771 jeb Ijtv`j, wd`od pj`b

    eljriy $8

  • 8/9/2019 The Jere Beasley Report, Sep. 2008

    5/52

    www.HljsilyJiile.ofm www.HljsilyJiile.ofm

    lb`tfrs urklb tdl Cust`ols tf hl salpt`-

    oji jhfut tdl NBJ. @e tdl hr`ln tdl

    bfotfrs sj`b3

    Rdl NBJ jifel s`mpiy ijoas tdl

    jh`i`ty tf slrvl js tdl sfil kujrje-

    tfr fn bruk sjnlty.[`tdfut tdl b`s-

    ofvlr`ls brlbklb up hy pij`et`nns

    ijwylrs tdrfukd i`jh`i`ty i`t`kj-

    t`fe, tdl NBJ wfuib hl str`pplb fnje lsslet`ji sfurol fn `enfrmj-

    t`fe tdjt tdl jkleoy djs ofes`s-

    tletiy rli`lb fe wdle mja`ek `ts

    rlkuijtfry blo`s`fes, jeb tdl

    Jmlr`oje puhi`o wfuib hl

    blpr`vlb fn j v`tji bltlrrlet

    jkj`est pdjrmjolut`oji ofmpjey

    m`sofebuot.

    Rdl mlb`oji lb`tfrs cf`elb 2; stjtl

    jttfrelys klelrji jeb twf nfrmlr NBJ

    ofmm`ss`felrsBjv`b Alssilr jebBfejib Aleelby`e suppfrt`ek tdl

    Wij`et`nns pfs`t`fe fe jpplji.Rdl ojsl

    `s hl`ek oifsliy wjtodlb hlojusl

    ljri`lr td`s yljr tdl _uprlml Ofurt

    ruilb tdjt mjeunjoturlrs fn NBJ-

    jpprfvlb mlb`oji blv`ols wlrl

    sd`liblb nrfm i`t`kjt`fe `e stjtl ofurts.

    Dfwlvlr, tdjt ojsl `s qu`tl b`nnlrlet

    hlojusl Ofekrlss djb spfale tf tdl

    prl-lmpt`fe `ssul w`td rlsplot tf

    mlb`oji blv`ols.Rdjts eft tdl ojsl `e

    [yltd v. Ilv`el.Rdl stjtutl tdjt jppi`ls tf mlb`oji

    blv`ols `s b`nnlrlet nrfm tdl ijw tdjt

    kfvlres mlb`ojt`fes. Rdl ijw `e tdl

    mlb`oji blv`ols ojsl djb j prl-

    lmpt`fe prfv`s`fe.Ofekrlss djs elvlr

    put j prl-lmpt`fe prfv`s`fe `e tdl

    Nffb jeb Bruk Jot. Br. Clnnrly M.

    Brjzle, tdl Cfureji lb`tfr, sj`b `e je

    `etlrv`lw w`td tdl Jssfo`jtlb Wrlss

    tdjt dl dfplb jrkumlets fvlr ilkji b`s-

    t`eot`fes wfuib eft fhsourl tdl rlji`ty

    tdjt tdl NBJ `s fvlrwdlimlb try`ek tfallp up w`td bruk sjnlty prfhilms,

    wd`od oje rjekl nrfm rjrl hut slr`fus

    s`bl lnnlots, tf sdfrtofm`eks `e mjeu-

    njotur`ek pijets js njr jwjy js Od`ej.@e

    td`s rlkjrb,Br.Brjzle jptiy stjtlb3

    Lvle `n tdl NBJ `s bf`ek tdl hlst

    `t oje, `t s`mpiy ojet sll tdl

    nuturl oiljriy lefukd tf prl-lmpt

    mjeunjoturlrs nrfm i`t`kjt`fe.

    Rdl (ofurt) systlm rlprlslets fel

    fn tdl aly blnlesl mlodje`sms

    tdjt `eb`v`bujis djvl `n j mjeu-

    njoturlr djs eft mjbl tdl r`sas fn

    j prfbuot oiljr tf tdl puhi`o.

    @e my fp`e`fe, tdlsl bfotfrs rlprl-

    slet tdl v`lws fn mfst Jmlr`ojes wdf

    jrl aefwilbkljhil jhfut nlblrji prl-lmpt`fe jeb dfw `t w`ii jnnlot plfpil.

    @n tdl Ofurt ruils nfr tdl bruk ofmpjey

    fe td`s jet`-ofesumlr `ssul, `t w`ii hl

    tdl wfrst pfss`hil td`ek nfr tdl dljitd

    jeb wlinjrl fn tdl puhi`o.[`tdfut je

    fple ofurt systlm,tdl bruk ofmpje`ls

    w`ii djvl ef nljr fn putt`ek j prfbuot

    aefwe tf hl bjeklrfus jeb uesjnl fe

    tdl mjralt.

    _furol3 Jssfo`jtlb Wrlss

    OJEB@BJRLNFXRDLJIJHJMJ_\WXLMLOF\XROJII_NFXJWWF@ERLBC\B@O@JXP

    Blhfrjd Hlii Wjslur, tdl Blmforjt`o

    ojeb`bjtl nfr tdl Jijhjmj _uprlml

    Ofurt, njvfrs jppf`et`ek cubkls jeb

    iltt`ek vftlrs blo`bl `n tdly sdfuib hl

    rltj`elb.Rdl Nifrleol cubkl tfib tdl

    H`rm`ekdjm odjptlr fn Rdl Nlblrji`st

    _fo`lty tdjt tdl ourrlet systlm fn pjrt`-

    sje pfi`t`os djs ilb tf cub`o`ji rjols tdjt

    jrl tff ejsty jeb lxples`vl.Rdjt, sdlsj`b, djs ofetr`hutlb tf tdl puhi`o plr-

    olpt`fe tdjt cust`ol s nfr sjil.Rdl suk-

    klstlb odjekl wfuib jiifw jppliijtl

    cubkls tf hl odfsle hjslb fe tdl`r

    quji`n`ojt`fes. Fn ofursl, Jijhjm`jes

    wfuib eft ifsl tdl`r r`kdt tf vftl

    hlojusl tdly wfuib blo`bl ljod tlrm

    wdltdlr tdl cubkl sdfuib allp tdl cfh,

    sdl sj`b.

    Cubkl Wjslur, tdl n`rst wfmje tf prjo-

    t`ol ijw jeb tf hlofml j cubkl `e Ijub-

    lrbjil Ofuety, sj`b sdl wfuib hr`ek tftdl _uprlml Ofurt tdl sjml wfra

    ltd`o jeb cub`o`ji pd`ifsfpdy sdl

    sdfwlb `e dlr 8; yljrs fe tdl hleod.

    Joofrb`ek tf Cubkl Wjslur, dlr ofurt,

    wd`od djebilb hftd or`m`eji jeb o`v`i

    ojsls, djb fel fn tdl stjtls ijrklst

    ojslifjbs jeb d`kdlst b`spfs`t`fe rjtls.

    Cubkl Wjslur wjs rl-lilotlb nfur t`mls

    w`tdfut fppfs`t`fe wd`od sdfws dlr

    rlputjt`fe js j cubkl wdf nj`riy jppi`lb

    tdl ijw tf tdl njots fn ojsls jeb b`b eft

    nfiifw jey jklebjs.Rdjts kffb tf dljr

    jeb @ hli`lvl tdjt tdl plfpil fn

    Jijhjmj w`ii jkrll.

    _furol3 H`rm`ekdjm Elws

    _LOXLR_LRRILMLER_FNIJ[_\@R_

    _DF\IBHLWXFD@H@RLBLTOLWR@ELTOLWR@FEJIOJ_L_

    Js @ djvl wr`ttle `e pr`fr `ssuls fn

    tdl Xlpfrt, @ jm jkj`est tdl ofen`ble-

    t`ji slttilmlets fn ijwsu`ts. \enfrtu-

    ejtliy, `e jii tff mjey ojsls,v`ot`ms fn

    ofrpfrjtl wrfekbf`ek djvl tf jkrll tf

    ofen`blet`ji`ty wdle tdly slttil tdl`r

    ojsls. Rdjt `s hlojusl v`ot ms hjbiy

    ellb tdl slttilmlet nuebs `e mfst

    lvlry `estjeol jeb djvl tf joolpt tdl

    ofeb`t`fe fn ofen`blet`ji`ty tdjt `sjttjodlb tf slttilmlet fnnlrs hy blnle-

    bjets. @e mfst stjtls, slttilmlets `e

    stjtl jeb nlblrji ofurts jrl jiifwlb tf

    hl alpt slorlt qu`tl fntle. Ofrpfrjtl

    blnlebjets slla jeb klt ofen`blet`ji`ty,

    kjk frblrs jeb sljilb rlofrbs wdle

    tdly slttil ojsls.Hut `e _futd Ojrfi`ej,

    tdjeas tf nlblrji Cubkl Cfl Jeblrsfe

    jeb _tjtl _uprlml Ofurt Od`ln Cust`ol

    Clje Rfjiwdf jrl jbvfojtls nfr ofurt

    fpleelssslttilmlet rlofrbs e ojsls

    `evfiv`ek puhi`o sjnlty `ssuls djvlhlle fple nfr slvlrji yljrs. _futd Ojr-

    fi`ej djs hlle j iljblr nfr fpleelss

    jeb tdjts kffb. Dfplnuiiy, tdl rlst fn

    tdl ejt`fe w`ii sffe nfiifw `ts iljb.

    J h`ii `s pleb`ek `e tdl \._. Dfusl fn

    Xlprlsletjt`vls tdjt wfuib prfd`h`t

    nlblrji ofurts nrfm slji`ek slttilmlets

    `e mjttlrs fn puhi`o `etlrlst. Cubkl

    Jeblrsfe wlet tf [jsd`ektfe ijst

    mfetd tf tlst`ny hlnfrl j Dfusl suh-

    ofmm`ttll fe tdl v`rtuls fn fpleelss.

    Rdl h`ii tdjt djs hlle `etrfbuolbwfuib rlqu`rl nlblrji ofurts `e jii

    stjtls tf hl js fple js tdfsl `e _futd

    Ojrfi`ej. Cubkl Jeblrsfe tfib tdl suh-

    ofmm`ttll3

    @ aelw fn j cubkl wdf rlstr`otlb

    joolss tf ojsl `enfrmjt`fe wdlrl

    j od`ib b`lb wd`il r`b`ek je

    jiilklbiy blnlot`vl kf-ajrt.Rdl slt-

  • 8/9/2019 The Jere Beasley Report, Sep. 2008

    7/52

    tilmlet wjs $:.2 m`ii`fe, jeb tdl

    cubkl `mpfslb j str`ot fhi`kjt`fe

    fn slorloy fe tdl pjrt`ls. @ ijtlr

    iljrelb tdjt tdl mfbli kf-ajrt

    wd`od tdl od`ib djb hlle r`b`ek

    wjs st`ii hl`ek sfib jeb mjraltlb.

    Oi`lets djvl tdl n`eji sjy-sf fe

    wdltdlr tf jkrll tf ofen`blet`ji`ty

    wdle fnnlrs fn slttilmlet djvl tdjtofeb`t`fe jttjodlb tf `t. Ijwylrs

    wdfsl n`rst fhi`kjt`fe `s tf sll tdjt

    tdl`r oi`lets klt nj`r slttilmletsdjvl

    tf jkrll tf allp tdl jmfuet fn tdl slt-

    tilmlet slorlt `n tdl`r oi`let jkrlls sf

    tdjt tdl`r ojsl oje hl slttilb. @e suod

    ojsls, oi`lets jeb tdl`r ijwylrs jkrll

    elvlr tf rlvlji dfw muod tdly

    rlol`vlb `e tdl slttilmlet. @e jbb`t`fe,

    tdl blnlebjets jttlmpt tf klt tftji ofe-

    n`blet`ji`ty, `evfiv`ek mjttlrs ftdlr

    tdje jmfuets tf hl pj`b, `e mjeyojsls.[dle tdjt djpples tdl puhi`os

    r`kdt tf aefw cust dfw bjeklrfus j

    prfbuot m`kdt hl `s d`bble jeb alpt

    slorlt. @e _futd Ojrfi`ej, cubkls djvl

    stlpplb `e tf prftlot tdl puhi`os r`kdt

    tf aefw.J h`ii s`m`ijr tf tdl Dfusl h`ii

    `s `e tdl _lejtl Cub`o`jry Ofmm`ttll

    jeb `s of-spfesfrlb hy _lejtfr I`ebsly

    Krjdjm.Hftd h`iis, ojiilb _uesd`el `e

    I`t`kjt`fe jots, wfuib prfd`h`t nlblrji

    ofurts nrfm slji`ek slttilmlets `e

    mjttlrs fn puhi o `etlrlst.

    _`eol `ts ijtl `e Ofekrlss slss`fe,

    el`tdlr tdl Dfusl h`ii efr tdl _lejtl

    h`ii `s lxplotlb tf pjss td`s yljr. Dfpl-

    nuiiy, tdl h`iis w`ii hl j tfp pr`fr`ty

    wdle j elw Wrls`blet jeb Ofekrlss

    jrl lilotlb `e Efvlmhlr jeb tjal

    fnn`ol elxt yljr. Rdl puhi`o djs tdl

    r`kdt tf aefw wdle j prfbuot `s

    blnlot`vl jeb `s st`ii fe tdl mjralt.

    Wlfpil jisf djvl j r`kdt tf aefw

    wdle j ofrpfrjt`fe djs ofmm`ttlb

    nrjubuilet jots `e tdl pjst w`td tdl

    ofebuot ofet`eu`ek.

    _furol3 Rdl _tjtl.ofm

    C\BKLOFXXLORIP\E_LJI_LTTFEFW@E@FE

    J nlblrji tr`ji ofurt cubkl `e [jsd`ek-

    tfe,B.O. djs uesljilb j prlv`fus rui`ek

    `e j o`v`i ijwsu`t jkj`est Lxxfe Mfh i

    F`i @ebfels`j. @e tdl su`t, :: @ebfel-

    s`je v`iijklrs jiilklb tdjt tdl f`i k`jet

    ofet`eulb tf jrm sfib`lrs kujrb`ek

    tdl`r njo`i`t`ls lvle tdfukd `t aelw tdjt

    tdl sfib`lrs tfrturlb jeb a`iilb v`iijklrs

    `e 8777. Lxxfe djb prlv`fusiy mfvlb

    tf b`sm`ss tdl su`t nfr ijoa fn plrsfeji

    cur`sb`ot`fe. [dle tdjt mft`fe wjs

    ble`lb, Cubkl Ifu`s N. Fhlrbfrnlr kjvl

    tdl pjrt`ls tdl fppfrtue`ty tf mfvl tf

    slji tdl mlmfrjebum joofmpjey`ek

    tdjt frblr. Lxxfe jrkulb tdjt pfrt`fes

    fn tdl mlmfrjebum tdjt rlnlrleolb

    bfoumlets jirljby ueblr slji sdfuib

    djvl hlle lb`tlb fut fn tdl bfoumlet.

    Cubkl Fhlrbfrnlr, jppiy`ek j s`x-pjrt

    hjijeo`ek tlst, nfueb tdjt Lxxfe ofuib

    eft fvlrofml tdl strfek prlsumpt`fe

    `e njvfr fn puhi`o joolss tf cub`o`ji

    rlofrbs jeb bfoumlets. Rdl cubkl

    eftlb tdjt rlnlrleols `e tdl mlmfrje-

    bum b`b eft ofeolre tdl splo n`o r`sas

    tdjt ilb d`m tf slji tdl bfoumlets `e

    tdl n`rst pijol jeb b`b eft ofeolre tdl

    typls fn `enfrmjt`fe usujiiy suhclot tf

    slji suod js trjbl slorlts, tdl pr`vjoy

    jeb rlputjt fe fn v`ot`ms fn or`mls,fr

    r`sas tf ejt`feji slour`ty `etlrlsts.Rd`s

    wjs j vlry kffb rui`ek jeb dfplnuiiy

    `ts j s`ke fn mfrl fn tdl sjml tf ofml

    nrfm tdl ofurts `e tdl nuturl.

    _furol3 Jssfo`jtlb Wrlss

    RDLHJRRILF LXRDLX@KDRRF_\LXJ@IXFJB_OFER@E\L_

    J ifek-ruee`ek hjttil hltwlle Ojej-

    b`je Wjo`n`o Xj`iwjy Itb.jeb tdl v`ot`ms

    fn j mjcfr tfx`o trj`e blrj`imlet `e

    Efrtd Bjaftj turelb `e njvfr fn tdl

    v`ot`ms rloletiy wdle j nlblrji jppli-

    ijtl ofurt updlib tdl ofest`tut`feji`ty

    fn Ofekrlsslnnfrt tf jiifw tdl su`ts hy

    v`ot`ms tf prfollb `e stjtl ofurts.Rdl

    rj`irfjb efw wjets tdl ofurt tf rldljr

    tdl blo`s`fe. Rdl jppljis ofurt ruilb

    tdjt tdlrl `s ef nlblrji-qulst fe cur`s-

    b`ot`fejeb tdjt tdl stjtutl `s ofest`tu-

    t`feji.Rd`s mljes tdl ojsl `s slet hjoa

    tf stjtl ofurts.

    Rdl i`t`kjt`fe `evfivls j 8778 blrj`i-

    mlet fn ?: ojrs fn j Ojejb`je Wjo`n`o

    nrl`kdt trj`e.Rdl blrj`imlet, sf v`filet

    tdjt fel ojr nilw tdl ilektd fn j nffthjii

    n`lib, rliljslb mfrl tdje 887,777

    kjiifes fn jedybrfus jmmfe`j `etf tdl

    j`r.Rd`s lxpfslb tdl jrljs pfpuijt`fe tf

    j oifub fn tfx`o kjs. Js j rlsuit, fel

    plrsfe b`lb, :: plfpil sustj`elb

    slr`fus `ecur`ls jeb ?88 plfpil sus-

    tj`elb mjcfr ecur`ls.^`ot`ms n`ilb j oijss

    jot`fe `e nlblrji ofurt js wlii js `eb`v`b-

    uji su`ts `e stjtl ofurts. Mjey fn tdl

    stjtl ofurt ijwsu`ts wlrl rlmfvlb tf

    nlblrji ofurt hy tdl rj`irfjb.Rdl nlblrji

    b`str`ot ofurt, jeb tdle tdl L`kdtd

    O`rou`t fe tdl n`rst jpplji,dlib tdjt tdl

    Nlblrji Xj`irfjb _jnlty Jot (NX_J) prl-

    lmptlb tdl stjtl su`ts.Djb tdfsl rui`eks

    stffb, tdl pij`et`nns wfuib djvl hlle

    ilnt w`tdfut j rlmlby s`eol tdl Jot

    b`bet orljtl j nlblrji ojusl fn jot`fe.

    @e 877;, wd`il j slofeb jpplji wjs

    pleb`ek, Ofekrlss jmleblb tdl NX_J

    tf oijr`ny tdjt `t b`b eft prllmpt stjtl

    ijw jot`fes wdle j rj`irfjb djs nj`ilb

    tf ofmpiy w`td nlblrji fr stjtl stje-

    bjrbs.Rdl jmlebmlet wjs rltrfjot`vl

    tf tdl bjtl fn tdl Efrtd Bjaftj blrj`i-

    mlet.Fe tdl slofeb jpplji,Ojejb`je

    Wjo`n`o odjiileklb tdl jmlebmlets

    ofest`tut`feji`ty,jrku`ek tdjt `t v`fijtlb

    slpjrjt`fe fn pfwlrs, bul prfolss,

    lquji prftlot`fe jeb tdl lx pfst njotf

    oijusl.Rdl \e`tlb _tjtls `etlrvlelb tf

    blnleb tdl ijw, jeb :? stjtls n`ilb jejm`ous hr`ln suppfrt`ek tdl ijw jeb

    tdl v`ot`ms.J tdrll-cubkl pjeli fn tdl

    L`kdtd O`rou`t,vft`ek 8-:, rlclotlb jii fn

    tdl rj`irfjbs jrkumlets. Rdl ofurts

    mjcfr`ty fp`e`fe rljbs3

    Ofetrjry tf OWs oij`m tdjt tdl

    jmlebmlet sllas tf `mpfsl

    uei`m`tlb i`jh`i`ty Qupfe OW] nfr

    tdl M`eft blrj`imlet ojsl, tdl

    jmlebmlet mlrliy k`vls `ecurlb

    pjrt`ls tdl odjeol tf slla rlofv-

    lry jkj`est rj`irfjbs. ^`ot`ms fn

    rj`irfjb joo`blets must st`ii prfvl

    tdl`r ojsls e ofurt.

    Hlnfrl tdl jmlebmlet, Cubkl Alrm`t

    L. Hyl, wdf wrftl tdl fp`e`fe,sj`b tdl

    Jot djb hlle `etlrprltlb tf bley

    `ecurlb plrsfes tdl mlrl odjeol tf

    dfib j rj`irfjb joofuetjhil wdle `ts

    elki`kleol v`fijtlb stjtl jeb nlblrji

    www.HljsilyJiile.ofm ;

  • 8/9/2019 The Jere Beasley Report, Sep. 2008

    8/524 www.HljsilyJiile.ofm

    ijws jeb rlkuijt`fes `etleblb tf

    nurtdlr rj`irfjb sjnlty.@t wjs rjt`feji

    nfr Ofekrlss tf oijr`ny td`s rlsuit wjs

    eft je `etleblb purpfsl fn tdl Jot,

    Cubkl Hyl wrftl nfr tdl mjcfr`ty. Ojej-

    b`je Wjo`n`o djs slttilb mjey fn tdl

    oij`ms, hut tdlrl jrl mfrl tdje :77

    oij`mjets w`td pleb`ek ijwsu`ts.Rdl

    NX_Js stjtlb purpfsl `s rj`irfjb sjnlty

    jeb tdl L`kdtd O`rou`t wjs ofrrlot `e

    `ts rui`ek updfib`ek tdl ijw.Rd`s wjs j

    mjcfr v`otfry nfr v`ot`ms jeb nfr rj`i-

    rfjb sjnlty.

    _furol3 Ejt`feji Ijw Cfureji

    J [FXALX_ OFMWLE_JR@FEOJ_LRDJROJMLF\RX@KDR

    \eilss tdly jrl njm`i`jr w`td tdl

    systlm, nlw plfpil rlji`zl tdjt

    Jijhjmjs [fralrsOfmplesjt`fe ijwsjrl t`itlb tfwjrb tdl lmpifylr jeb jrl

    ofes`blrlb tf hl vlry muod prf-hus`-

    elss jeb vlry muod jet`-wfralr. Ojsls

    nfr `ecurlb wfralrs oje hl vlry b`nn -

    ouit nfr tdl ijwylrs wdf djebil tdlsl

    ojsls.My djt `s fnn tf tdfsl ijwylrs nfr

    tdl`r w`ii`ekelss tf dlip wfralrs jt j

    t`ml wdle tdly rljiiy ellb dlip. @ts j

    d`kdiy splo`ji`zlb n`lib jeb ijwylrs

    wdf bf tdjt typl wfra must hl d`kdiy

    sa`iilb jeb w`ii`ek tf njol sfml tfukd

    ijws wdle rlprlslet`ek tdl`r oi`lets.Fel suod ojsl `evfivlb je lmpifyll

    ejmlb Rdfmjs _`ekiltfe. Fe j bjtl `e

    877?,Rdfmjs _`ekiltfe ojiilb `e s`oa

    tf wfra. Dl tfib d`s suplrv`sfr tdjt

    dl durt d`s hjoa tdl bjy hlnfrl wd`il

    lmpty`ek tdl trjsd oje. Fel fn d`s cfh

    but`ls jt wfra wjs tf lmpty j n`nty-n`vl

    kjiife trjsd oje jt tdl leb fn d`s sd`nt.

    Rdl lmpifyll wjs uejhil tf rlture tf

    wfra hlojusl fn d`s hjoa `ecury, sf dl

    n`ilb nfr wfralrs ofmplesjt`fe hlel-

    n`ts. Rdl tr`ji ofurt jwjrblb nuii plr-

    mjelet tftji b`sjh`i`ty hleln ts. D`s

    lmpifylr, A`vj Buels, jppljilb tdl

    jwjrb. A`vj Buels oij`mlb tdjt tdl

    pdfel ojii b`b eft prfv`bl jblqujtl

    eft`ol tdjt tdl `ecury wjs wfra-rlijtlb.

    \eblr Jijhjmj ijw, je `ecurlb

    lmpifyll djs e`elty bjys tf `enfrm d`s

    fr dlr lmpifylr fn j wfra-rlijtlb

    `ecury. @n tdl lmpifyll nj is tf bf sf,

    ofvlrjkl oje hl ble`lb. Rdl Ofurt

    fn O`v`i Jppljis s`blb w`td A`vj Buels

    jeb rlvlrslb tdl tr`ji ofurts rui`ek.

    Mr. _`ekiltfe tdle n`ilb j plt`t`fe tf

    tdl _uprlml Ofurt fn Jijhjmj. Rdjt

    Ofurt s`blb w`td tdl tr`ji ofurt jeb

    rlvlrslb tdl ofurt fn jppljisblo`s`fe.

    Rdl Ofurt dlib tdjt Mr. _`ekiltfes

    stjtlmlet bur`ek tdl Efvlmhlr :7,

    877? tlilpdfel ojii tf d`s suplrv`sfr

    tdjt dl djb `ecurlb d`s hjoa wd`il

    lmpty`ek tdl trjsd ojewjs jblqujtl

    eft`ol nfr j rljsfejhil plrsfe tf aefw

    tdjt d`s `ecury wjs wfra-rlijtlb. D`s

    lmpifylr aelw tdjt Mr. _`ekiltfe

    lmpt`lb tdl n`nty-n`vl kjiife trjsd oje jt

    tdl leb fn tdl bjy js fel fn d`s cfh

    rlqu`rlmlets. Ofmmfe slesl wfuib

    tlii j rljsfejhil plrsfe tdjt td`s stjtl-

    mlet sjt`sn`ls tdl e`elty bjy eft`ol

    rlqu`rlmlet. @ts kffb tf sll tdl

    Ofurt bf`ek tdl r`kdt td`ek `e j

    wfralrs ojsl. Rdjeanuiiy, tdl Cust`ols

    ruilb `e njvfr fn tdl `ecurlb wfralr

    `estljb fn prftlot`ek je `esurjeol

    ojrr`lr.Rdjts j vlry kffb s`ke!

    .

    RDL EJR@FEJI

    _OLEL

    _FMLB@_R\XH@EKE\MHLX_NXFMRDL[D@RLDF\_L

    Rdl hubklt bln`o`t nfrlojst nrfm tdl

    Husd [d`tl Dfusljimfst j djin tr`i-

    i`fe bfiijrs nfr elxt yljrdjs slt j

    elw rlofrb jeb tdjt `s mfst b`sturh`ek.

    [l djvl slle je lofefmy kf nrfm

    dljitdy surpiusls tf rlofrb bln`o`ts

    ueblr Wrls`blet Husds rl`ke.Rdl \. _.

    bfiijr `s jt j rlofrb ifw js j rlsuit fn

    td`s jbm`e`strjt`fes n`soji `rrlspfes`h`i-`ty.Js wl jpprfjod tdl njii fn tdl yljr,

    wl n`eb fur ofuetry `e j rlolss`fe

    wd`od `s krfw`ek wfrsl wlla-tf-wlla.

    Nfr sfml rljsfe tdl prfclotlb bln`o`t

    hy tdl [d`tl Dfusl bflset eoiubl tdl

    spleb`ek fe tdl wjrs `e @rjk jeb

    Jnkdje`stje wd`od jrl ofst`ek mfrl

    tdje $< h`ii`fe plr wlla.

    @ts sjb tf sjy, hut wl jrl hlofm`ek j

    ejt`fe tdjt `s kltt`ek bllplr jeb

    bllplr `e blht w`td fur orlb`tfrs

    `eoiub`ek nfrl`ke ofuetr`ls suod js

    Od`ej. Fur ejt`feji blhtwd`od djs

    bfuhilb bur`ek tdl Husd yljrs`s efw

    jimfst $> tr`ii`fe.Rd`s mljes wl jrl

    pjy`ek fvlr $8.Mfrl w`ii hl sj`b fe tdjt ijtlr.

    Rdl i`st fn tdl splo`n`o ofmpje`ls

    ofmls nrfm j Nlhrujry 8774 \._.

    Blpjrtmlet fn @etlr`fr mlmf rloletiy

    fhtj`elb hy Wuhi`o O`t`zle. Nfur fn tdl

    82 ofmpje`ls (HW, Mjrjtdfe, _dlii jeb

    [jitlr F`i & Kjs) s`kelb vfiuetjry

    jkrllmlets tf pjy rfyjit`ls kf`ek

    nfrwjrb,hut tdly w`ii eft hl rlqu`rlb

    tf pjy tdl mfrl tdje $877 m`ii`fe tjx-

    pjylrs djvl hlle ble`lb fe prfbuo-

    t`fe tdjt jirljby djs foourrlb.

    Rdl \._. _lejtl `s ourrletiy ofes`blr-

    `ek jmlebmlets tf tdl _tfp Lxolss`vl

    Lelrky _plouijt`fe Jot fn 8774 (_.

    ?8>4) tdjt wfuib rlplji tdl Ofekrls-

    s`feji hje fe fnnsdfrl br`ii`ek.Rdl \._.

    Dfusl fn Xlprlsletjt`vls `s jisf ofes`b-

    lr`ek mljsurls `e tdl Bllp Folje

  • 8/9/2019 The Jere Beasley Report, Sep. 2008

    9/52

    www.HljsilyJiile.ofm 0

    Lelrky Xlsfurols Jot fn 8774 (D.X.

    >:74) tdjt wfuib fple up tdl FO_ tf

    elw br ii`ek. Dfwlvlr, `ts ofeolblb

    tdjt jiifw`ek elw br`ii`ek `e tdlsl jrljs

    w`ii eft s`ke`n`ojetiy ifwlr kjsfi`el

    pr`ols.Joofrb`ek tf j \._.Blpjrtmlet

    fn Lelrky rlpfrt, fple`ek jii jrljs fnn

    tdl ofjsts fn tdl Jtijet`o,Wjo`n`o jeb tdl

    Kuin fn Mlx`of tf elw br`ii`ek wfuib

    eft djvl j s`ke`n`ojet `mpjot fe bfmls-

    t`o orubl f`i jeb ejturji kjs prfbuot`fe

    fr pr`ols hlnfrl 87?7.

    Elw jrljs wlrl fplelb nfr br`ii`ek

    `e Blolmhlr 877>, wdle Ofekrlss

    pjsslb tdl Kuin fn Mlx`of Lelrky _lou-

    r`ty Jot (Wuhi`o Ijw :70-2?8), wd`od

    jutdfr`zlb iljs`ek 4.? m`ii`fe jorls `e

    tdl Kuin fn Mlx`of, ;7% fn wd`od djb

    hlle prlv`fusiy prftlotlb ueblr Ofe-

    krlss`feji mfrjtfr`j. @t sdfuib jisf hl

    eftlb tdjt jey f`i fr kjs tdjt `s prf-

    buolb `s j ofmmfb`ty tdjt w`ii kf tf

    tdl d`kdlst h`bblr jeb tdjt ofuib wlii

    hl Od`ej fr sfml ftdlr nfrl`ke

    ofuetry.Rdlrl `s olrtj`eiy ef kujrjetll

    `t w`ii stjy `e tdl \._.

    @t `s `rrlspfes`hil tf jiifw ofmpje`ls

    tdjt lsojplb tdl pjymlet fn pftlet`jiiy

    mfrl tdje $>7 h`ii`fe `e rfyjit`ls

    hlojusl fn j iffpdfil tf klt joolss tf

    mfrl iljsls.Rdlrl `s ilk`sijt`vl prlol-

    blet tf nfrol ofmpje`ls tf pjy tdl`r

    nj`r sdjrl.Rdl Dfusl pjsslb j mljsurl`e Cjeujry 877; tdjt wfuib nfrh`b f`i

    ofmpje`ls nrfm hl`ek jwjrblb jey

    elw iljsls ueilss tdly rlelkft`jtl efe-

    rfyjity iljsls nrfm :004 jeb :000.

    Wrls`blet Husd fppfslb td`s pjrt fn tdl

    ilk`sijt`fe, jeb tdl _lejtl djs ylt tf

    jbfpt `t. Fn \.O.-prfbuolb f`i, ?:% fn

    tdjt prfbuot`fe ofmls nrfm ijeb

    fwelb hy tdl nlblrji kfvlremlet.

    @t sdfuib eft ofml js j surpr`sl tdjt

    muod fn tdl `mpltus nfr fple`ek tdl

    FO_ ofmls nrfm je lxples`vl jbvlrt`s-`ek ojmpj`ke n`ejeolb hy Nfrmlr

    Dfusl _pljalr Elwt K`ekr`ods Jmlr`-

    oje _fiut`fes nfr [`ee`ek tdl Nuturl.

    [dle K`ekr`od wjs _pljalr, Ofekrlss

    pjsslb tdl Bllp [jtlr Xfyjity Xli`ln

    Jot fn :00 jeb ouim`-

    ejtlb w`td Kfezjils rls`kejt`fe ueblr

    n`rl js Jttfrely Klelrji ijst _lptlmhlr.

    Rdl :27-pjkl rlpfrt bfls eft `eb`ojtl

    wdltdlr Kffbi`ek fr ftdlrs `evfivlb

  • 8/9/2019 The Jere Beasley Report, Sep. 2008

    10/52:7 www.HljsilyJiile.ofm

    ofuib njol jey odjrkls.

    Efel fn tdfsl `evfivlb `e tdl b`s-

    or`m`ejtfry d`r`ek st`ii wfra jt tdl

    Cust`ol Blpjrtmlet, mlje`ek tdly w`ii

    jvf`b jey blpjrtmletji plejit`ls.Lvle

    tdfukd or`mls wlrl ofmm`ttlb,

    efhfby w`ii hl odjrklb jeb tdjts

    uenfrtuejtl.Kffbi`ek, j nfrmlr Xlpuh-

    i`oje Ejt`feji Ofmm`ttll rlsljrodlr

    w`td i`ttil lxplr`leol js j prfsloutfr,

    jbm`ttlb `e Dfusl Cub`o`jry Ofmm`ttll

    tlst`mfey ijst yljr tdjt sdl orfsslb

    tdl i`els wd`il d`r`ek Cust`ol Blpjrt-

    mlet ojrllr lmpifylls. _dl rlol`vlb

    `mmue`ty nfr dlr tlst`mfey, mlje`ek

    sdl ojet hl prfsloutlb ueilss `t oje

    hl prfvlb tdjt sdl i`lb wd`il ueblr

    fjtd. Elvlrtdlilss, td`s sjb lp`sfbl `s

    jppjrletiy typ`oji fn dfw tdl Cust`ol

    Blpjrtmlet fplrjtlb bur`ek tdl Husd-

    Odlely-Xfvl yljrs.Rdl ourrlet Jttfr-

    ely Klelrji djs jirljby jeefueolb

    tdjt eftd`ek nurtdlr w`ii hl bfel hy

    tdl Cust`ol Blpjrtmlet jeb tdjt tdlrl

    w`ii hl ef prfslout`fes.Rdjt rljiiy `set

    tff surpr`s`ek ofes`blr`ek wdf

    jppf`etlb d`m.

    _furol3 Jssfo`jtlb Wrlss

    \._. _LRRIL_[@RDI@HPJFERLXXFX-XLIJRLBIJ[_\@R_

    I`hyj jeb tdl \e`tlb _tjtls djvlslttilb jii futstjeb`ek ijwsu`ts hy

    Jmlr`oje v`ot`ms fn tlrrfr`sm, oiljr`ek

    tdl wjy nfr tdl nuii rlstfrjt`fe fn b`pif-

    mjt`o rlijt`fes hltwlle tdl twf ofue-

    tr`ls.Rdlrl wlrl 8> pleb`ek ijwsu`ts

    n`ilb hy Jmlr`oje o`t`zles jkj`est I`hyj

    nfr tdl :044 hfmh`ek fn Wje Jm Ni`kdt

    :7? fvlr Ifoalrh`l,_oftijeb,jeb ftdlr

    jttjoas.Rdlrl wlrl jisf tdrll futstjeb-

    `ek ijwsu`ts n`ilb hy I`hyje o`t`zles nfr

    \._. j`rstr`als fe Rr`pfi` jeb Hlekdjz`

    `e :04> tdjt I`hyjes sjy a`iilb 2:

    plfpil, `eoiub`ek iljblr Mfjmmjr

    Kjbdjn`s jbfptlb bjukdtlr.

    Rdl slttilmlet rljodlb ijst mfetd

    ofmpiltls j eljriy n`vl-yljr lnnfrt tf

    rlhu`ib t`ls hltwlle tdl twf ofuetr`ls.

    Rdl jkrllmlet w`ii hl nfiifwlb hy j

    \._. upkrjb`ek fn rlijt`fes w`td I`hyj

    `eoiub`ek tdl fple`ek fn je lmhjssy `e

    Rr`pfi , tdl ofen`rmjt`fe fn j \._.

    jmhjssjbfr jeb j v`s`t hy _lorltjry fn

    _tjtl Ofebfillzzj X`ol hlnfrl tdl leb

    fn tdl yljr. @t w`ii jisf jiifw b`rlot \._.

    j`b tf tdl ofuetry.Rdl slttilmlet jisf

    k`vls `mmue`ty tf tdl I`hyje kfvlre-

    mlet nrfm jey nurtdlr tlrrfr-rlijtlb

    ijwsu ts,wd`od s qu`tl `etlrlst`ek.

    Rdl \._. djb ef b`pifmjt`o rlijt`fes

    w`td I`hyj nrfm :047 uet`i ijtl 877?,

    wdle Kjbdjn` pilbklb tf jhjebfe d`s

    wljpfes fn mjss blstruot`fe prf-

    krjms, stfp lxpfrt`ek tlrrfr`sm jeb

    ofmplesjtl tdl njm`i`ls fn v`ot`ms fn

    tdl Ifoalrh`l hfmh`ek jeb ftdlr

    jttjoas.Jntlr tdjt, tdl ejt`fe wjs k`vle

    j rlpr`lvl nrfm \.E.,\._. jeb Lurfplje

    sjeot`fes, rlmfvlb nrfm tdl _tjtl

    Blpjrtmlets i`st fn stjtl spfesfrs fn

    tlrrfr`sm jeb jiifwlb j sljt fe tdl

    \.E._lour`ty Ofueo`i. @t surl iffas i`al

    tdl Husd Jbm`e`strjt`fe djs turelb

    fvlr j elw iljn wdle `t ofmls tf

    ejt`fes tdjt feol wlrl ojiilb lv`ijeb

    spfesfrlb tlrrfr`sm.

    Rdl ijst durbil wjs fvlr ofmplesj-

    t`fe nfr Jmlr`ojes djrmlb `e I`hyje-

    spfesfrlb jttjoas, `eoiub`ek tdl

    Ifoalrh`l jttjoa jeb tdl :04>

    hfmh`ek fn Ij Hliil b`softdlqul `e

    Hlri`e, wd`od a`iilb twf Jmlr`oje sfi-

    b`lrs. Js yfu mjy rlojii, tdl b`sof

    jttjoa prfmptlb nfrmlr Wrls`blet

    Xljkje tf frblr tdl :04> j`rstr`als feI`hyj,wd`od b`b ojusl o`v`i`je bljtds.

    I`hyj pj`b tdl 8>4 njm`i`ls `evfivlb `e

    tdl Wje Jm slttilmlet $4 m`ii`fe ljod,

    hut wjs w`tddfib`ek je jbb`t`feji $8

    m`ii`fe `t fwlb ljod fn tdlm hlojusl

    fn j b`sputl fvlr \._. fhi`kjt`fes `e

    rlture. Rdl mj`e I`hyje ijwsu`t wjs

    n`ilb hy 2< njm`i`ls fn tdfsl a`iilb `e

    tdl :04> j rstr`als.Rdlrl jrl twf ftdlr

    ojsls pleb`ek rlijtlb tf ftdlr `eo`-

    blets. @etlrejt`feji `est tut`fes jeb

    nfrl`ke ofmpje`ls fplrjt`ek `e I`hyj`eoiub`ek sfml Jmlr`oje n`rmsw`ii

    ofetr`hutl tf j nueb tf ofmplesjtl tdl

    Jmlr`oje jeb I`hyje oij`mjets.

    Rdl tfp \._.b`pifmjt nfr tdl M`bbil

    Ljst, Bjv`b [liod, s`kelb tdl jkrll-

    mlet w`td Jdmlb ji-Njtfur`, dljb fn

    Jmlr`oje jnnj`rs `e I`hyjs Nfrl`ke M`e-

    `stry, `e j olrlmfey hlnfrl rlpfrtlrs

    jeb mlmhlrs fn hftd blilkjt`fes.

    [liod ijhlilb tdl slttilmlet j d`stfr`o

    jkrllmletjeb bli`vlrlb j ilttlr nrfm

    Wrls`blet Husd tf Kjbdjn`. @ts kffb tf

    klt td`s mjttlr rlsfivlb sf tdjt jii fn

    tdl v`ot`ms njm`i ls oje hl ofmple-

    sjtlb. @ts hlle j ifek wj`t!

    _furol3 Jssfo`jtlb Wrlss

    ILJA@EK\EBLXKXF\EBNLMJ N\LI RJEA_

    Rdl Jssfo`jtlb Wrlss sjys tdl kfvlre-

    mlet fwes duebrlbs fn ueblrkrfueb

    nuli tjeas tdjt ellb tf hl `esplotlb nfr

    iljas fn djzjrbfus suhstjeols tdjt ofuib

    mjal ifoji wjtlr uebr`eajhil. Mjey fn

    tdl tjeas wlrl bls`kelb nfr lmlrkle-

    o`ls hjoa `e tdl bjys fn tdl Ofib [jr.

    L`ille _uii`vje fn tdlJssfo`jtlb Wrlss

    rlpfrtlb rloletiy tdjt tdl Nlblrji Lmlr-

    kleoy Mjejklmlet Jkleoy djs aefwe

    s`eol jt iljst tdl :007s tdjt tjeas ueblr`ts suplrv`s`fe jrfueb tdl ofuetry

    ofuib hl ilja`ek nuli `etf sf`i jeb

    krfuebwjtlr.

    NLMJ djs jbm`ttlb tdjt `t aefws fn

    jt iljst :

  • 8/9/2019 The Jere Beasley Report, Sep. 2008

    11/52

    www.HljsilyJiile.ofm ::

    ofuetry, joofrb`ek tf Lev`rfemletji

    Bjtj Xlsfurols,hjslb `e M`infrb, Ofe-

    elot`out.Rdl ofesuit`ek ofmpjey sjys

    tdjts jhfut djin fn jii tdl ueblrkrfueb

    tjeas `e tdl ofuetry. Rdfsl tjeas jrl

    fwelb pr`vjtliy fr hy ifoji, stjtl jeb

    nlblrji jkleo`ls.Hlojusl tdlyrl ueblr-

    krfueb, ilja`ek tjeas oje kf uebl-

    tlotlb nfr yljrs. @n b`lsli iljas `etf

    br`ea`ek wjtlr, jnnlotlb plfpil ofuib

    hl jt j d`kdlr r`sa fn ojeolr, a`bely

    bjmjkl jeb elrvfus systlm b`sfrblrs.

    J kjiife fn nuli oje ofetjm`ejtl :

    m`ii`fe kjiifes fn wjtlr.

    NLMJ w`ii bltlrm`el wdjt tf bf w`td

    tdl blnueot tjeassuod js rlmfvl

    tdlm fr n`ii tdlm w`td sjebfe j ojsl-

    hy-ojsl hjs`s, hlojusl fn vjry`ek stjtl

    ijws.@t jppljrs tdjt NLMJ djset ilt jii

    fn tdl stjtls aefw jhfut ilja`ek tjeas

    w`td`e tdl`r hfrblrs. J 877< ijw

    rlqu`rlb jii nlblrji jkleo`ls tf suhm`t

    je `evletfry tf Ofekrlss jeb tdl LWJ

    fn jii tdl tjeas tdly fwelb fr fplrjtlb,

    jeb wdltdlr tdl tjeas wlrl `e ofmpi`-

    jeol w`td tdl ijw. @e tdl ijtl :047s jeb

    ljriy :007s,tdl kfvlremlet `es`stlb fe

    hlttlr-mjbl tjeas. Rdl ueblrkrfueb

    tjeas fn tfbjy must djvl sjnlty mljs-

    urls `eoiub`ek ilja bltlot`fe jeb je

    lxtrj sdlii mjbl w td mjtlr`ji rls`stjet

    tf kjsfi`el,b`lsli jeb ltdjefi.

    _furol3 Jssfo`jtlb Wrlss

    C\BKLX\IL_EJR@^LJMLX@OJE_F[LB$2

  • 8/9/2019 The Jere Beasley Report, Sep. 2008

    12/52

    ^@.

    RDL OFXWFXJRL

    [FXIB

    LTTFEWF_R_XLOFXB$::.>4 H@II@FEWXFN@R

    Jt j t`ml wdle mfst Jmlr`ojes jrl

    rljiiy strukki`ek tf mjal lebs mllt,

    LxxfeMfh`i djs feol jkj`e rlpfrtlb

    tdl ijrklst qujrtlriy prfn`t `e \._.

    d`stfry.Rdl f`i k`jet pfstlb elt `eofml

    fn $::.>4 h`ii`fe fe rlvleul fn $:?4

    h`ii`fe `e tdl slofeb qujrtlr. Rdjt

    wfras fut tf $:,24

  • 8/9/2019 The Jere Beasley Report, Sep. 2008

    13/52

    rlpfrt hy tdl _tjtl Nfrloifsurl Wrlvle-

    t`fe [fra`ek Krfup nfueb tdjt ;7% fn

    slr`fusiy bli`equlet hfrrfwlrs wlrl

    eft rlol`v`ek dlip.Jiys Ofdle, j stjnn

    jttfrely jt tdl Ejt`feji Ofesumlr Ijw

    Oletlr,fhslrvlb3

    Dfw lnnlot`vl oje tdl NDJ rln`-

    ejeo`ek prfkrjm hl `e i`kdt fn

    dfw sifw jeb `elnnlot`vl mfrt-kjkl slrv`olrs djvl hlle sf njr6

    [lrl leofurjklb tdjt stlps jrl

    hl`ek tjale.Hut wlrl wfrr`lb.

    Feiy t`ml w`ii tlii `n td`s ilk`sijt`fe

    w`ii prfvl tf hl j kffb td`ek nfr tdl

    Jmlr`oje plfpil.Mjey hli`lvl tdjt tdl

    nlblrji kfvlremlet djb tf djvl aefwe

    tdl mjss`vl prfhilm lx`stlb jeb

    sdfuib djvl jotlb muod sffelr.

    @estljb, tdly wj`tlb uet i tdl ofws

    wlrl fut fn tdl hjre hlnfrl sdutt`ektdl hjre bffr.Rdl rlkuijtfrs,Ofekrlss,

    jeb Wrls`blet Husd djvl tf sdjrl tdl

    hijml nfr tdjt.Rdl Jmlr`oje tjxpjylrs

    jeb tdfsl o`t`zles wdf djvl jirljby

    njolb nfrloifsurl fr w`ii `e tdl eljr

    nuturl djvl lvlry r`kdt tf hl mjb js

    tdl b`oalesw`td tdfsl rlspfes`hil nfr

    td`s mlss.

    _furol3 [jsd`ektfe Wfst

    NFXMLXLEXFELTLO\R@^LWJP__LO$?:.< M@II@FERF_LRRILOJ_L

    [l jii aefw tdl trjk`o stfry fn tdl

    ofiijpslb Lerfe Ofrp. tdjt eft feiy

    durt ifts fn nfias, hut jisf ojuslb tdl

    nlblrji kfvlremlet tf n`ejiiy stjrt

    iffa`ek jt wdjt sfml ftdlr ofrpfrj-

    t`fes wlrl bf`ek.J nfrmlr tfp lxlou-

    t`vl fn Lerfe `s pjy`ek $?:.< m`ii`fe tf

    slttil odjrkls `e j o`v`i jot`fe jiilk`ek

    tdjt dl uslb `es`bl `enfrmjt`fe tf `iil-

    kjiiy prfn`t nrfm sjils fn tdfusjebs fn

    sdjrls fn ofmpjey stfoa `e 877:.

    Joofrb`ek tf tdl _lour`t`ls jeb

    Lxodjekl Ofmm`ss`fe, tdl slttilmlet

    w`td Ifu I. Wj`wdf wjs odj`rmje

    jeb od`ln lxlout`vl fn tdl njiile

    ofmpjeys rltj`i lelrky b`v s`fe Lerfe

    Lelrky _lrv`ols`s fel fn tdl ijrklst

    lvlr w`td je `eb`v`buji nfr `iilkji

    `es`blr trjb`ek.

    Rdl slttilmlet `eoiubls j $:. m`ii`fe bul d`m ueblr

    d`s `esurjeol pfi`oy js j ofmpjey

    fnn`olr tdjt dl prlv`fusiy nfrnl`tlb js j

    pjymlet tf Lerfe sdjrldfiblrs `e j

    oijss-jot`fe ijwsu`t. Dl jkrllb tf pjy

    tdl rlmj`e`ek $8

  • 8/9/2019 The Jere Beasley Report, Sep. 2008

    14/52

    hjoa juot`fe-rjtl slour`t`ls tdjt stjtl

    jeb nlblrji rlkuijtfrs sj`b wlrl nrjubu-

    iletiy sfib tf `evlstfrs.Rdl Elw Pfra-

    hjslb hjeas, jmfek tdl ijrklst

    ueblrwr`tlrs fn tdl slour`t`ls, w`ii pjy

    n`els tftji`ek $>7 m`ii`fe jeb rlbllm

    jt njol vjiul juot`fe-rjtl blht sfib tf

    oi`lets, ueblr j slttilmlet w`td Elw

    Pfra _tjtl Jttfrely Klelrji Jebrlw

    Oufmf jeb j krfup fn ftdlr stjtl rlku-

    ijtfrs.Rdl slttilmlet wjs jeefueolb

    fe Jukust :2td.

    Rdl jkrllmlets jrl tdl ijtlst jr`s`ek

    nrfm j ejt`few`bl `evlst`kjt`fe fn dfw

    juot`fe-rjtl slour`t`ls wlrl mjraltlb

    hlnfrl tdl $??7 h`ii`fe mjralt ofi-

    ijpslb `e Nlhrujry.@evlstfrs purodjslb

    tdl blht fe tdl jbv`ol fn hjealrs wdf

    p`todlb `t js j ojsd lqu`vjilet, rlkuij-

    tfrs sj`b, feiy tf n`eb tdly ofuibet slii

    tdl hfebs js blmjeb br`lb up. \H_ JK

    jeb O`t`krfup @eo. jkrllb ljri`lr `e tdl

    mfetd tf huy jhfut $8> h`ii`fe fn tdl

    blht jeb pjy n`els fn j ofmh`elb $8

  • 8/9/2019 The Jere Beasley Report, Sep. 2008

    15/52

    (OW_O). Rdl h`- pjrt`sje Ofesumlr

    Wrfbuot _jnlty @mprfvlmlet Jot w`ii

    mjal ofesumlr prfbuots sjnlr hy

    rlqu`r`ek tdjt tfys jeb `enjet prfbuots

    hl tlstlb hlnfrl tdly jrl sfib, jeb hy

    hjee`ek iljb jeb pdtdjijtls `e tfys.

    Rdl h`ii jisf orljtls j puhi`oiy joolss`-

    hil ofesumlr ofmpij`et bjtjhjsl,k`vls

    tdl OW_O tdl rlsfurols `t ellbs tf

    prftlot tdl puhi o, `eorljsls o`v`i

    plejit`ls tdjt tdl Ofmm`ss`fe oje

    jsslss jkj`est v`fijtfrs fn nlblrji ofe-

    sumlr ijws, jeb prftlots wd`stilhifw-

    lrs wdf rlpfrt prfbuot sjnlty blnlots.

    @ts j krljt bjy nfr \._. ofesumlrs.

    Rd`s swllp`ek rlnfrm mljsurl puts

    od`ibrles jeb ofesumlrs sjnlty n`rst.

    Rdlsl jrl tdl mfst s`ke`n`ojet `mprfvl-

    mlets tf tdl OW_O s`eol tdl jkleoy

    wjs lstjhi`sdlb `e tdl :0;7s. Rdl h`ii

    k`vls tdl ofmm`ss`fe j elw i`nl w`td

    `eorljslb rlsfurols, jutdfr ty jeb

    trjespjrleoy tf hlttlr lesurl tdl

    sjnlty fn ofesumlr prfbuots. Rdl

    Ofesumlr Nlblrjt`fe fn Jmlr`oj, Ofe-

    sumlrs \e`fe, jeb Wuhi`o O`t`zle

    wfralb djrb tf ofev`eol mlmhlrs fn

    Ofekrlss tf pjss td`s hjbiy-ellblb h`ii.

    Rd`s h`ii `s j dukl v`otfry nfr ofe-

    sumlrs fn prfbuots `e tdl \._.Rdl nfi-

    ifw`ek jrl sfml lxjmpils fn dfw td`s

    ilk`sijt`fe odjekls jeb `mprfvls tdl

    sjnlty fn prfbuots sfib `e tdl \e`tlb_tjtls3

    Iljb w`ii hl lsslet`jiiy li`m`ejtlb

    nrfm tfys jeb od`ibrles prfbuots1

    Ofesumlrs w`ii djvl joolss tf j puh-

    i`oiy-joolss`hil bjtjhjsl tf rlpfrt

    jeb iljre jhfut djzjrbs pfslb hy

    uesjnl prfbuots1

    Rfys jeb ftdlr od`ibrles prfbuots

    w`ii hl rlqu`rlb tf hl tlstlb nfr

    sjnlty hlnfrl tdly jrl sfib1 _tjtl jttfrelys klelrji w`ii djvl tdl

    elolssjry jutdfr`ty tf lenfrol

    prfbuot sjnlty ijws1

    OW_O djs tdl jutdfr`ty tf ilvy mfrl

    s`ke`n`ojet o`v`i plejit`ls jkj`est v`f-

    ijtfrs fn `ts sjnlty rlkuijt`fes,wd`od

    w`ii dlip bltlr wrfekbf`ek1

    Rfx`o pdtdjijtls w`ii hl hlle

    hjeelb nrfm od`ibrles prfbuots1

    [d`stilhifwlrs w`ii hl krjetlb

    `mpfrtjet prftlot fes1jeb

    OW_O w`ii rlol`vl suhstjet`ji

    `eorljsls `e `ts rlsfurols, `eoiub`ek

    `ts stjnn`ek ilvlis, ijhfrjtfry jeb ofm-

    putlr rlsfurols, jeb vjr`fus jutdfr`-

    t`ls tf ofebuot rlojiis jeb tjal ftdlr

    jot`fes.

    Wrls`blet Husd,wdf djb i`ttil tf bf

    w`td pjssjkl fn tdl ilk`sijt`fe, s`kelb

    tdl h`ii `etf ijw fe Jukust :2td.Rdjea-

    nuiiy, dl b`bet vltf `t. @t oje efw hl

    sj`b tdjt tdl mfst s`ke`n`ojet `mprfvl-

    mlets tf tdl Ofesumlr Wrfbuot _jnlty

    Ofmm`ss`fe s`eol tdl jkleoy wjs

    lstjhi`sdlb `e tdl :0;7s jrl efw ijw.

    _furol3Wuhi`o O`t`zle

    RDLEJR@FEJIJ__FO@JR@FENFXOFE_\MLXJB^FOJRL_

    Rdl Ejt`feji Jssfo`jt`fe Nfr Ofe-

    sumlr Jbvfojtls (EJOJ) `s j efe-

    prfn`t jssfo`jt`fe fn ijwylrs jeb

    ofesumlr jbvfojtls ofmm`ttlb tf rlp-

    rlslet`ek ofesumlrs `etlrlsts.

    Mlmhlrs jrl pr`vjtl jeb puhi`o slotfr

    ijwylrs,ilkji slrv`ols ijwylrs,ijw prf-

    nlssfrs jeb ijw stublets wdfslpr`mjry nfous `s tdl prftlot`fe jeb

    rlprlsletjt`fe fn ofesumlrs. EJOJ

    jisf djs j odjr`tjhil jeb lbuojt`feji

    nueb `eofrpfrjtlb ueblr :8>, _. 84?4) jeb tdl Jutf-

    mfh`il Jrh`trjt`fe Nj`relss Jot (D.X.

  • 8/9/2019 The Jere Beasley Report, Sep. 2008

    16/52

    tfp`o jt j t`ml.Rdl hrfjblr h`ii, tdjt

    wfuib hje h`eb`ek mjebjtfry jrh`trj-

    t`fe nrfm jii ofesumlr, lmpifymlet,

    jeb nrjeod`sll ofetrjots, `s tdl Jrh`trj-

    t`fe Nj`relss Jot (D.X. ?7:7, _. :;48).

    Ourrletiy, jii tdrll jrh`trjt`fe h`iis djvl

    suoolssnuiiy mjbl `t fut fn tdl Dfusl

    Cub`o`jry _uhofmm`ttll fe Ofmmlr-

    o`ji jeb Jbm`e`strjt`vl Ijw. Rdl Nj`r-

    elss @e Eurs`ek Dfml Jrh`trjt`fe Jot

    wjs tdl feiy h`ii tdjt mjbl `t hlnfrl

    tdl nuii Cub`o`jry Ofmm`ttll hlnfrl

    Ofekrlss jbcfurelb nfr tdl summlr. @t

    wjs suoolssnuiiy vftlb fut fn tdl Cub`-

    o`jry Ofmm`ttll hy j :; tf 2 vftl jeb

    efw oje kf tf tdl nuii Dfusl nfr

    jpprfvji. Rdl Jutfmfh`il Jrh`trjt`fe

    Nj`relss Jot wjs put fe dfib hy Ofe-

    krlssmje Ofeylrs (B-M@), tdl Odj`r fn

    tdl Cub`o`jry Ofmm`ttll uet`i _lptlm-

    hlr.Js nfr tdl Jrh`trjt`fe Nj`relss Jot,

    wl jrl st`ii hu`ib`ek suppfrt. Rf bjtl,

    tdlrl jrl :7? of-spfesfrs tf tdl h`ii.

    EJOJ `s wfra`ek w`td Ofekrlssmje

    Djea Cfdesfe (B-KJ), tdl spfesfr fn

    tdl h`ii, tf jbbrlss tdl mfblrjtls ofe-

    olres jhfut tdl h`ii.

    @e tlrms fn tdl _lejtl s`bl, tdl Nj`r-

    elss @e Eurs`ek Dfml Jrh`trjt`fe Jot

    djs h`-pjrt`sje suppfrt jeb `s lxplotlb

    tf kf hlnfrl tdl _lejtl Cub`o`jry Ofm-

    m`ttll `e _lptlmhlr. Rdl Jrh`trjt`fe

    Nj`relss Jot `s eft sodlbuilb nfr mjra-up jeb wl jrl st`ii try`ek tf fhtj`e of-

    spfesfrs. Rdl Jutfmfh`il Jrh`trjt`fe

    Nj`relss Jot djs eft hlle prlsletlb `e

    tdl _lejtl._lejtfr Nl`ekfib (B-[@) djs

    sj`b dl wjets _lejtfr Krjssily (X-@J)

    tf of-spfesfr t w`td d`m, hut, tf bjtl,

    _lejtfr Krjssily, j stjueod suppfrtlr

    fn lxlmpt`ek tdl jutf mjeunjoturlrs

    nrfm tdl Nlblrji Jrh`trjt`fe Jot, djs

    eft hlle `eoi`elb tf bf sf. EJOJ `s

    pijee`ek j mjcfr jrh`trjt`fe ifhhy bjy

    nfr Nlhrujry / Mjrod 8770 (bjtl ylt tfhl blo`blb) tf of`eo`bl w`td tdl rl-

    `etrfbuot`fe fn jii tdrll h`iis. EJOJ,

    jifek w`td ftdlr mlmhlrs fn tdl K`vl

    Ml Hjoa My X`kdts Ofji t`fe, jrl pije-

    e`ek fe hr`ek`ek v`ot`ms fn h`eb`ek

    mjebjtfry jrh`trjt`fe tf tdl D`ii tf tlii

    tdl`r stfry.

    OXLB@R OJXB_

    Rdl Orlb`t Ojrb H`ii fn X`kdts (D.X.

    www.HljsilyJiile.ofm

  • 8/9/2019 The Jere Beasley Report, Sep. 2008

    17/52

    Ofuesli`ekJutdfr`zls nuebs nfr

    tdl El`kdhfrdffb Xl`evlstmlet

    Ofrpfrjt`fe (EXO) nfr nfrloifsurl

    m`t`kjt`fe jot`v`t`ls1

    Rrutd `e Ileb`ek Jot (R@IJ)Jbbs

    elw mfrtkjkl b`soifsurl rlqu`rl-

    mlets ueblr R@IJ1

    ^ltlrjes MjttlrsWrfv`bls dfml

    `mprfvlmlet hleln`ts nfr tdl b`s-

    jhilb1

    Wuhi`o Dfus`ek Jutdfr`t`lsXlbuols

    rlkuijtfry rlqu`rlmlets nfr smjiilr

    WDJs1

    Rjx @eolet vlsLstjhi`sdls j rjekl

    fn tjx `eolet vls, `eoiub`ek j n`rst-

    t`ml dfmlhuylr tjx orlb t, jeb

    lxpjebs tdl Ifw-@eofml Dfus`ek

    Rjx Orlb`t (I@DRO)1

    Xlji Lstjtl @evlstmlet Rrusts

    (XL@Rs)Iffsles olrtj`e rlstr`ot`fes

    fe XL@Rs1 jeb

    Wuhi o Blht I`m`t-@eorljsls tdl

    Nlblrji blht i`m`t tf $:7.>:< tr`ii`fe.

    Rdl jhfvl huiilts wlrl b`rlotiy

    tjale nrfm j aly pf`ets summjry prf-

    buolb hy tdl Mfrtkjkl Hjealrs Jssfo`-

    jt`fe. Jeyhfby wdf wfuib i al j ofpy

    fn tdl nuii summjry oje klt j ofpy

    nrfm EJOJ.Ofekrlss w`ii hl hjoa `e slss`fe

    stjrt`ek `e _lptlmhlr.Rdlrl w`ii hl j

    eumhlr fn `ssuls wj`t`ek nfr tdlm tdjt

    ofesumlrs w`ii hl `etlrlstlb `e. @n yfu

    wjet tf n`eb fut mfrl jhfut pleb`ek

    prf-ofesumlr ilk`sijt`fe yfu oje kf

    tf www.ojpw`z.ofm/ejojelt. Pfu

    m`kdt jisf wjet tf ofetjot yfur \._.

    _lejtfrs jeb Dfusl mlmhlrs tf jsa

    nfr tdl`r suppfrt fe ofesumlr ilk`sij-

    t`fe `e tdl nuturl.

    _furol3EJOJ

    OXLB@ROJXB@EB\_RXPNJOL_XLNFXM_

    Joofrb`ek tf ofesumlr jbvfojtls,

    mlmhlrs fn Ofekrlss jeb hjea`ek fnn -

    o`jis, `t jppljrs tdjt str`otlr rlkuijt fe

    fn tdl orlb`t ojrb `ebustry w`ii hl

    jpprfvlb hy tdl leb fn tdl yljr. Rdl

    ofmmlet plr`fb fe tdl Nlblrji

    Xlslrvls prfpfslb jot`fes oifslb `e

    ljriy Jukust. Hy tdle eljriy ,777

    ofmmlets djb ofml `e v`j l-mj`i jeb

    rlkuijr mj`i, j rlofrb rlspfesl nfr jey

    Nlb prfpfsji. N`ejiiy, hftd tdl Nlb jeb

    Ofekrlss jrl wfra`ek tf t`kdtle ruils

    fe tdl orlb`t ojrb `ebustry.Rdl ijrkl

    rlspfesl tf tdl Nlbs prfpfsji ojml fe

    tdl dllis fn ofekrlss`feji jot`fe fe

    tdl `ssul.Rdl Dfusl N`ejeo`ji _lrv`ols

    Ofmm`ttll mfvlb Xlp. Ojrfiye H.

    Mjifelys Orlb`t Ojrbdfiblrs H`ii fn

    X`kdts fut fn ofmm`ttll fe Cuiy ?:st.

    Rdl mljsurl wfuib prfd`h`t uelx-

    plotlb `eorljsls `e tdl rjtls odjrklb

    fe prl-lx`st`ek orlb`t ojrb hjijeols,

    jmfek ftdlr td`eks. Fhslrvlrs sj`b tdl

    Elw Pfra Blmforjts h`ii prfhjhiy

    wfuibet pjss tdl _lejtl td`s yljr

    hlojusl t`ml `s ruee`ek fut.

    Efeltdlilss,tdl njot tdjt tdl h`ii mjbl

    `t fut fn ofmm`ttll blsp`tl s`ke`n`ojet

    pusdhjoa nrfm tdl hjea`ek ebustry jeb

    tfp Xlpuhi`oje ijwmjalrs slebs j s`keji

    tf tdl Nlb tdjt `n `t bflset tjal jot`fe,

    Ofekrlss lvletujiiy w`ii, `n eft td`s yljr

    tdle bur`ek 8770._lvlrji s`m`ijr h`iis `e

    tdl Dfusl jeb _lejtl djvl jbblb tf tdl

    mfmletum nfr odjekl.Rrjv`s Wiuealtt,

    ilk`sijt`vl b`rlotfr fn tdl Ofesumlr Nlb-

    lrjt`fe fn Jmlr`oj, hli`lvls tdjt tdl Nlb

    w`ii djvl tf jot hlojusl fn tdl ofekrls-

    s`feji prlssurl.Rdl Nlbs prfpfslb ruils wfuib,

    jmfek ftdlr td`eks, splo ny wdle

    orlb`t ojrb `ssulrs oje `eorljsl `etlrlst

    rjtls fe lx`st`ek hjijeols, allp tdlm

    nrfm ojiouijt`ek n`ejeol odjrkls hjslb

    fe tdl jvlrjkl fn hjijeols fvlr twf

    oyoils lvle `n pjrt fn tdl blht djs hlle

    rlpj`b, jeb prfd`h`t ijtl nlls fe ous-

    tfmlrs wdf wlrl eft k`vle j rljsfe-

    jhil jmfuet fn t`ml tf pjy.

    Rdl prfpfsji jisf sllas tf rlkuijtl

    fvlrbrjnt prftlot`fe fe blpfs`tjoofuets, rlqu`r`ek hjeas tf ilt ous-

    tfmlrs fpt fut fn tdl slrv`ol hlnfrl

    jsslss`ek nlls. Hut tdl prfpfsji bfls

    eft, `e jii ojsls, hje tdl sf-ojiilb ue`-

    vlrsji blnjuittdjt `s, rj`s`ek j

    plrsfes `etlrlst rjtl `n dl fr sdl `s ijtl

    fe je uerlijtlb blht. @t jisf bfls eft

    jbbrlss mjey jrh`trjr`iy d`kd orlb`t

    ojrb nlls.

    J muod tfukdlr jpprfjod `s ellblb

    tf kujrb jkj`est wdjt tdly ojii uenj`r

    fr blolpt`vl prjot`ols, hy tdl orlb`t

    ojrb ofmpje`ls.Ofesumlr krfups jeb

    aly mlmhlrs fn Ofekrlss hli`lvl tdl

    Nlbs ourrlet prfpfsji st`ii njiis sdfrt.

    Lvle `n efel fn tdl h`iis pjss td`s yljr,

    ijwmjalrs jeb ofesumlr jbvfojtls

    lxplot Ofekrlss tf tjal up tdl mjttlr

    jkj`e ljriy elxt yljr. @n _lejtfr Hjrjoa

    Fhjmj w`es tdl prls`blet`ji lilot`fe

    tdl odjeols nfr rlnfrm w`ii `eorljsl

    s`ke`n`ojetiy.

    _furol3 [jsd`ektfe Wfst

    @T.

    WXFB\OR

    I@JH@I@RP \WBJRL

    M@IAWXFB\OR_NXFMBJ@XPOF[_RXLJRLB[@RDHF^@ELKXF[RDDFXMFEL

    Mjey plfpil wdf huy m`ia prfbuots

    mjy hl uejwjrl tdl m`ia tdly jrl

    br`ea`ek jeb k`v`ek tf tdl`r od`ibrle

    mjy hl klelt`ojiiy lek`ellrlb jeb

    ofetj`e hfv`el krfwtd dfrmfel

    (rHKD fr rH_R), wd`od ofuib `eorljsl

    tdl r`sa fn ojeolr jeb ftdlr b`sljsls,

    lsplo`jiiy `e od`ibrle. Joofrb`ek tf

    tdl wlhs`tl fn Br. Cfslpd Mlrofij, jefstlfpjtd`o pdys`o`je, tdl m`ia nrfm

    klelt`ojiiy jitlrlb ofws mjy hl

    djrmnui tf yfur dljitd.

    Wfs`ijo `s j hfv`el krfwtd dfrmfel

    prfbuolb jeb mjraltlb hy Mfesjetf.

    M`ia tdjt ofmls nrfm ofws k`vle tdl

    krfwtd dfrmfel `s eft rlqu`rlb tf hl

    ijhlilb. Rdl dfrmfel spllbs up tdl

    mltjhfi`sm fn tdl `eclotlb bj`ry ofws,

    wd`od `e ture `eorljsls m`ia prfbuo-

    t`fe. Dfwlvlr, tdlrl jrl rlpfrts tdjt

    ofws fe tdl dfrmfel jrl mfrl i`aliy tfhlofml s`oa. Br. Mlrofijs wlhs`tl

    quftls _jmuli Lpstl`e,M.B.,j so`let`st

    jt tdl \e`vlrs`ty fn @ii`ef`s _odffi fn

    Wuhi`o Dljitd. Joofrb`ek tf Br. Lpstl`e,

    tdl usl fn tdl krfwtd njotfr (@KN-:) `s

    aefwe tf hl jssfo`jtlb w`td ojeolr fn

    tdl hrljsts,ofife jeb prfstjtl.

    @ts rlpfrtlb tdjt tdl m`ia `tslin oje

    hlofml ofetjm`ejtlb w`td tdl krfwtd

    www.HljsilyJiile.ofm :;

  • 8/9/2019 The Jere Beasley Report, Sep. 2008

    18/52

    dfrmfel. Rdl ofws tdjt jrl k`vle tdl

    krfwtd dfrmfel jrl rlqu`rlb tf djvl

    jbb`t`feji jet`h`ft`os hlojusl fn `enlo-

    t`fes jssfo`jtlb w`td tdl krfwtd

    dfrmfel. Rdl m`ia mjy djvl je

    `eorljslb ofeoletrjt`fe fn tdyrf`b

    dfrmfel lezyml.@e jbb`t`fe, tdl m`ia

    mjy djvl rlbuolb ilvlis fn m`ia prftl`e.

    Mjey frkje`o m`ia prfbuolrs djvl

    stjrtlb tf tjal jbvjetjkl fn tdl elkj-

    t`vl puhi`o`ty hy ijhli`ek tdl`r prfbuots

    js dfrmfel nrll. J krfup aefwe js

    tdl Jmlr`oje Njrmlrs nfr tdl Jbvjeol-

    mlet jeb Ofeslrvjt`fe fn Rlodefifky,

    wd`od ojiis `tslin j krjssrffts frkje`zj-

    t`fe, jeb jppjrletiy `s strfekiy jssfo`-

    jtlb w td Mfesjetf, `s frkje`z`ek j

    ofuetlr fnnles`vl tf stfp frkje`o m`ia

    prfbuolrs nrfm ijhli`ek tdl`r prfbuots

    js hl`ek nrll nrfm tdl krfwtd

    dfrmfel. [d`il tdl \. _. Nffb jeb

    Bruk Jbm`e`strjt`fe djs bloijrlb

    Wfs ijo tf hl sjnl, mjey ofuetr`ls djvl

    hjeelb tdl usl fn tdl prfbuot, `eoiub-

    `ek Ojejbj, Justrji`j, Cjpje, Elw

    Sljijeb,jeb jii fn tdl Lurfplje \e`fe.

    J Lurfplje Ofmm`ss`fe rlpfrt rlo-

    fmmlebs jvf`b`ek prfbuots us`ek tdl

    klelt`ojiiy lek`ellrlb dfrmfel js j

    mljes fn ojeolr prlvlet`fe. Rdl

    NBJs jpprfvji fn tdl usl fn td`s bruk `s

    vlry ofetrfvlrs`ji. J eumhlr fn tdl

    NBJ plrsfeeli tdjt wfralb fe tdljpprfvji fn rHKD wlrl nfrmlr lmpify-

    lls fn Mfesjetf. Pfu oje klt mfrl

    `enfrmjt`fe hy kf`ek tf www.mlr

    ofij.ofm.[l w`ii ofet`eul tf mfe`tfr

    td`s s`tujt`fe hlojusl fn tdl pftlet`ji

    nfr s`ke`n`ojet djrm tf ifts fn nfias.

    ML_FRDLI@FMJOJ_L_WXL_LER\E@Z\LODJIILEKL_

    Hlojusl fn tdl ifek ijtleoy plr`fb

    (tdl plr`fb fn t`ml nrfm lxpfsurl tf

    mje`nlstjt`fe fn symptfms) `evfivlb `e

    mlsftdli`fmj ojsls87 tf

  • 8/9/2019 The Jere Beasley Report, Sep. 2008

    19/52

    tf jshlstfs pjrt`oils, jeb hu`ib`ek

    fwelrs djvl hlle pjy`ek tf djvl

    jshlstfs sjnliy rlmfvlb lvlr s`eol.

    Rdlsl bjys, ejefmjtlr`jis jrl tdl

    fhclots fn wfeblr,hut,js ljriy js 877>,

    sfml rlsljrodlrs wlrl rlofke`z`ek

    s`m`ijr`t`ls `e tdl prfplrt`ls fn ojrhfe

    ejefn`hlrs jeb jshlstfs.J pjplr puh-

    i`sdlb hy Ejturl Ejeftlodefifky suk-

    klsts tdjt tdl s`m`ijr`t`ls kf hlyfeb

    jppljrjeols, js prli`m`ejry tlsts

    sukklst ojrhfe ejefn`hlrs pfsl tdl

    sjml dljitd r`sas tdjt jshlstfs bfls.

    Nrfm j h`fifk`oji plrsplot`vl, tdl

    njot tdjt jshlstfs `s odlm`ojiiy `elrt `s

    jotujiiy pjrt fn tdl prfhilm.Rdl hfby

    oje lvletujiiy jhsfrh fr leojpsuijtl j

    w`bl vjr`lty fn mjtlr`jis tdjt w`eb up

    `etlreji`zlb, hut tdlrl jrl s`mpiy ef

    rfutls nfr oliis tf b`klst jshlstfs

    n`hlrs. Rdl jitlrejtl rfutl, leojpsuij-

    t`fe, bflset wfra wlii l`tdlr.Jshlstfs

    n`hlrs djvl j d`kd ilektd-tf-w`btd rjt`f

    (ojiilb je jsplot rjt`f), wd`od mjals

    tdlm djrb nfr tdl hfby tf blji w`td.

    Rdlyrl smjii lefukd tdjt s`ekil oliis

    try tf jhsfrh tdlm, hut ijrkl lefukd

    tdjt tdly nj`i, wd`od tr`kklrs je `ebln`-

    e`tl `enijmmjtfry rlspfesl `e mjorf-

    pdjkls, tdl oliis tjsalb w`td lekuin`ek

    nfrl`ke mjtlr`ji.

    Dfw td`s pijys fut `e tlrms fn

    jshlstfs `set nuiiy blsor`hlb, hutjppljrs tf stjrt w`td tdl smjii jshlstfs

    n`hlrs trjvli`ek bllp `etf tdl iuek.

    Feol tdlrl, n`hlrs oje jotujiiy hl

    br`vle tdrfukd oliis jeb `etf tdl `etlr-

    eji s`bl fn tdl iuek, wdlrl `t ifbkls

    `etf tdl mlsftdli`ji oliis tdjt i`el tdl

    frkjes jeb ojv`t`ls fn tdl truea.

    Mjorfpdjkls try tf jhsfrh jey pjrts fn

    tdl n`hlr tdjt prftrubl, nj`i, jeb tr`kklr

    je enijmmjtfry rlspfesl.Rd s plrplt-

    uji `enijmmjt`fe, ofmh`elb w`td tdl

    oliiuijr bjmjkl, dlips br`vl tdlmlsftdli`ji oliis `etf j ojeolrfus stjtl,

    prfbuo`ek tdl s`kejturl b`sljsl fn

    jshlstfs lxpfsurl,mlsftdli`fmj.

    Xlsljrod djs sukklstlb tdjt jey n`hlr

    tdjts `elrt, smjii lefukd tf mjal `t tf

    tdl iueks, jeb djs j ilektd-tf-td`oaelss

    rjt`f fn slvle fr mfrl ofuib hl

    ojpjhil fn ojus`ek s`m`ijr prfhilms.

    Rdjts wdlrl tdl ofeolres jhfut

    ejefn`hlrs stjrtlb.Rdlsl n`hlrs, wd`od

    jrl ofmmlro`jiiy jvj`ijhil, jrl fntle

    feiy tles fn ejefmltlrs `e b`jmltlr,

    hut oje lxtleb nfr tles fn m`orfes.Rdl

    odlm`oji hfebs jmfek tdl ojrhfe

    jtfms tdjt ofmpr`sl tdlm jrl jisf h`f-

    odlm`ojiiy `elrt.

    J eumhlr fn stub`ls djvl iffalb jt

    tdl lnnlot fn ojrhfe ejefn`hlrs fe oui-

    turlb oliis, hut tdl jutdfrs fn j elw

    pjplr tffa tdl stub`ls `etf j mfrl

    b`rlotiy rlilvjet mfbli3 tdl mfusl.

    Rdly `eclotlb ojrhfe ejefn`hlrs, jifek

    w`td tjekilb ojrhfe ejeftuhls jeb

    krjpd`tl pfwblr, `etf tdl plr`tfelji

    ojv`ty fn m`ol1 jshlstfs wjs jisf

    `eclotlb js j ofetrfi.Jt twf t`ml `etlr-

    vjis ijtlr, tdly wjsdlb tdl ojv`ty fut

    w`td sji`el jeb sjmpilb tdl oliis

    prlslet `e tdl wjsd. Rwf sjmpils fn

    uetjekilb ejefn`hlrs prfbuolb je

    `enijmmjtfry rlspfesl tdjt wjs stjt`st`-

    ojiiy `eb`st`eku`sdjhil nrfm tdjt tr`k-

    klrlb hy jshlstfs.

    [dle lxjm`elb jt tdl oliiuijr ilvli,

    tjekilb ejefn`hlrs wlrl sjnliy `eklstlb

    jeb stfrlb e mjorfpdjkls. @e ofetrjst,

    tdl n`hlrs ojuslb wdjt tdl jutdfrs

    tlrmlb nrustrjtlb pdjkfoytfs`s,

    wdlrl tdl mjorfpdjkl jppljrs js `n `t

    djb hlle p`lrolb hy tdl n`hlr wd`il

    try`ek tf lekuin `t. _lot`fes fn tdl plr`-

    tfelji ojv`ty wjii fn tdlsl je`mjisrlvlji tdl prlsleol fn ijrkl eumhlrs fn

    `mmuel oliis.

    Rdl jutdfrs ojut`fe tdjt tdlsl

    rlsuits jrl eft ylt ofeoius`vl, js wl

    ijoa twf jbb`t feji h`ts fn bjtj. Rd`s

    wfra djset blmfestrjtlb tdjt tdl

    ejefn`hlrs jotujiiy rljod tdl iuek fr

    orfss `etf tdl hfby s`bl fn tdl frkje

    wdle `eklstlb v`j hrljtd`ek. Fe tdl

    ftdlr leb fn tdl prfolss, tdl

    rlsljrodlrs djvlet blmfestrjtlb tdjt

    td`s enijmmjt`fe uit`mjtliy prfbuolsmlsftdli`fmj. @t bfls, dfwlvlr,

    sukklst tdjt stub`ls b`rlotlb tfwjrbs

    n`eb`ek fut sdfuib hl pursulb js sffe

    js pfss`hil jeb tdjt, `e tdl mljet`ml,j

    ojut`fus jpprfjod tf ejefn`hlr lxpf-

    surl mjy hl wjrrjetlb.

    M@II@FE_FNN@XL-WXFELNFXB__R@IIFERDLXFJB_

    Mfrl tdje > m`ii`fe Nfrb ojr jeb

    truoa fwelrs ofuib hl br`v`ek vld`oils

    st`ii lqu`pplb w`td j njuity oru`sl

    ofetrfi sw`tod tdjt oje stjrt j n`rl

    ueblr tdl dffb lvle wdle tdl vld`oil

    `s pjralb jeb tdl `ke`t`fe `s turelb fnn.

    Js fn Cuiy ?:st, `e `ts mfst rlolet rlpfrttf tdl Ejt`feji D`kdwjy Rrjnn`o _jnlty

    Jbm`e`strjt`fe, tdl Nfrb Mftfr

    Ofmpjey lst`mjtlb tdjt 2.0 m`ii`fe

    vld`oils fn tdl mfrl tdje :7 m`ii`fe

    ojrs jeb truoas `evfivlb `e tdl mjss`vl

    rlojii jrl efw rlpj`rlb. _fml vld`oils

    wlrl `eoiublb `e mfrl tdje fel rlojii,

    mja`ek `t djrb tf ojiouijtl prlo`sl

    eumhlrs.Hut, `ts oiljr tdjt m`ii`fes fn

    Nfrb vld`oils prfbuots prfbuolb w`td

    tdl njuity oru`sl ofetrfi sw`tod jrl fe

    tdl d`kdwjys, `e kjrjkls jeb lvle jtcueayjrbs, wdlrl tdly jrl jt r`sa fn

    hurst`ek `etf nijmls jt jey t`ml.

    Nfrb rlpfrtlb fe `ts [lh s`tl tdjt tdl

    pjrts ellblb tf n`x tdl n`rl-prfel

    spllb ofetrfi systlm `e Nfrb ojrs jeb

    truoas jrl jvj`ijhil jt bljilrsd`ps

    jrfueb tdl ofuetry. Rdl jutfmjalr

    sj`b3 Jnnlotlb oustfmlrs sdfuib

    ofetjot tdl`r bljilr tf sodlbuil j

    slrv`ol jppf`etmlet tf djvl n`eji

    rlpj`rs ofmpiltlb.Rdl Nfrb rlojii djs

    ofesumlb mfst fn j blojbl js sjnlty

    `evlst`kjtfrs strukkilb tf `blet`ny tdl

    ojusl fn tdl n`rls.

    [dle EDR_J jeefueolb tdl rlojii

    `e Jukust fn 877;, Nfrb wjs uejhil

    ofmpiltl mjey rlpj`rs hlojusl fn

    `esunn`o`let pjrts jeb fnnlrlb tf b`sofe-

    elot tdl oru`sl ofetrfi systlm js je

    `etlr`m n`x. Nfrb `s efw prlpjrlb tf

    `estjii j nuslb w`r`ek djrelss `etf tdl

    spllb ofetrfi lilotr`oji o`rou`t fr tf

    rlpijol tdl spllb ofetrfi bljot`vjt`fesystlm `n `t `s nfueb tf hl ilja`ek.

    @e tdl ijtlst jeefueolmlet, Nfrb

    blsor`hlb tdl rlojii js vfiuetjry, hut

    `t wjrelb ofesumlrs eft tf usl tdl

    spllb ofetrfi systlm `e j rlojiilb

    vld`oil uet`i tdl rlpj`rs jrl ofmpiltl.

    EDR_J djs wjrelb fwelrs fn Nfrb

    ojrs jeb truoas tdjt ojrry tdl blnlot`vl

    spllb ofetrfi systlm tf djvl tdl

    vld`oil rlpj`rlb fr tdl systlm b`sofe-

    www.HljsilyJiile.ofm :0

  • 8/9/2019 The Jere Beasley Report, Sep. 2008

    20/52

    elotlb `mmlb`jtliy fr r`sa tdl vld`oil

    ojtod`ek n`rl. [l djvl j i`st fn Nfrbs

    mfst rlolet i`st fn rlojiilb ojrs jeb

    truoas.Rdl EDR_J jbv`sfry ojut`felb3

    Rd`s ofeb`t`fe mjy foour l`tdlr

    wdle tdl vld`oil `s pjralb fr

    wdle `t `s hl`ek fplrjtlb, lvle `n

    tdl spllb ofetrfi `s eft `e usl.

    Nj`iurl tf djvl tdl sw`tod b`sofe-elotlb ofuib iljb tf j vld`oil n`rl

    jt jey t`ml, wdltdlr fr eft tdl

    aly `s `e tdl `ke`t`fe, jeb

    wdltdlr fr eft fwelrs usl tdl

    oru`sl ofetrfi systlm.

    EDR_J ofeoiublb tdjt tdl n`rl

    bjeklr `s prlslet rlkjrbilss fn tdl jkl

    fn tdl vld`oil. Nfrb ojr jeb truoa

    fwelrs wdf djvl l`tdlr eft dljrb fn

    tdl rlojii fr nj`ilb tf rlqulst tdl ellb

    rlpj`rs ofet`eul tf rlpfrt n`rls, sfmlw`td blvjstjt`ek ofeslquleols. Nfrb

    truoa jeb _\^ fwelrs wjet`ek mfrl

    `enfrmjt`fe jhfut tdl n`rl bjeklr `e

    tdl`r vld`oil fr tdl rlojii mjy ofetjot

    Nfrb jt :-477-?08-?>;? fr EDR_J :-

    444-?8;-28?> (RRP :-477-282-0:

  • 8/9/2019 The Jere Beasley Report, Sep. 2008

    21/52

    lclot`fe fn fooupjets,@@D_ sj`b.

    Rdl [rjekilr jeb Odlvrfilt

    Lqu`efx, jisf j 8774 mfbli, wlrl tdl

    feiy twf vld`oils tlstlb w`tdfut stje-

    bjrb s`bl j`rhjks.Rdl Cllp Wjtr`ft bfls

    djvl stjebjrb ourtj`e j`rhjks, hut jbb`-

    t`feji tfrsf j`rhjks bls`kelb tf

    prftlot je fooupjets odlst jeb

    jhbfmle jrl fpt`feji. [dle s`bl

    j`rhjks jrl fpt`feji, tdl @est`tutls

    pfi`oy `s tf tlst w`tdfut tdl fpt`fe

    hlojusl td`s `s dfw mfst fn tdl vld`-

    oils w`ii hl sfib.Klelrji Mftfrs b`bet

    rlqulst j slofeb tlst fn tdl Lqu`efx,

    jisf sfib js tdl Wfet`jo Rfrrlet.

    Ourtj`e j`rhjks w`ii hl stjebjrb `e tdl

    8770 Lqu`efx,jeb tdjt vld`oil w`ii hl

    tlstlb ijtlr td`s yljr. @t wjs pf`etlb fut

    hy Iueb tdjt s`eol Klelrji Mftfrs

    b`bet jsa tdl @est`tutl tf tlst tdl 8774

    Lqu`efx w`td `ts fpt`feji s`bl j`rhjks,

    wl djvl tf jssuml `t mljes KM b`bet

    lxplot `t tf plrnfrm muod hlttlr, lvle

    w`td tdl fpt fe.

    Odrysilr b`bet rlqulst jeftdlr tlst

    fn tdl [rjekilr w`td tdl fpt`feji s`bl

    j`rhjks, hut tdl jutfmjalr b`b rlqulst

    j slofeb tlst fn tdl Cllp Wjtr`ft w`td

    fpt`feji tfrsf j`rhjks. [dle tlstlb

    w`td tdl stjebjrb ourtj`e j`rhjks feiy,

    tdl Wjtr`ft ljrelb tdl slofeb-ifwlst

    rjt`ek fn mjrk`eji.[d`il tdl ourtj`es

    b`b j kffb cfh fn allp`ek tdl br`vlrjeb rljr pjssleklr bumm`ls dljbs

    nrfm hl`ek struoa hy tdl hjrr`lr fr

    djrb struoturls `es`bl tdl vld`oil,

    nfrols fe tdl br`vlr bummy `eb`ojtlb

    tdjt r`h nrjoturls jeb `etlreji frkje

    `ecur`ls wfuib hl i`aliy `e j rlji-wfrib

    orjsd fn td`s slvlr`ty, joofrb`ek tf @@D_.

    @e tdl slofeb s`bl tlst fn tdl Wjtr`ft

    w`td tdl fpt`feji sljt-mfuetlb tfrsf

    j`rhjks, tdl vld`oils rjt`ek `mprfvlb

    tf kffb.

    _furol3 @esurjeol Cfureji

    T.

    MJ__ RFXR_

    \WBJRL

    F\XN@XMDJ_J ODJER@T[LH_@RL

    @e rlspfesl tf j eumhlr fn rlolet

    rlpfrts fn slr`fus s`bl lnnlots jssfo`-

    jtlb w`td tdl stfp-smfa`ek mlb`ojt`fe

    Odjet`x, fur n`rm djs ijueodlb j wlh

    s`tl tdjt futi`els tdl prfhilms jssfo`-

    jtlb w`td tdl bruk, mjeunjoturlb hy

    Wn`zlr. Rdl wlh s`tl, www.odjet`x-

    ilkji.ofm, prfv`bls enfrmjt`fe tf dlip

    pjt`lets `blet`ny r`sas jssfo`jtlb w`td

    Odjet`x. _oftt Rdfmjs, B`rlotfr fn

    @etlrelt _lrv`ols nfr Hljsily Jiile,

    rlpfrts3

    Odjet`x `s hl`ek mjraltlb js j

    m`rjoil bruk tdjt djs tdl pftlet`ji

    tf dlip m`ii`fes fn smfalrs hrlja

    tdl`r jbb`ot`fe tf e`oft`el, hut wl

    jrl hlk`ee`ek tf sll j bjralr

    s`bl. Elw rlsljrod sukklsts j i`ea

    hltwlle Odjet`x jeb su`o`bl,

    dfm`o`bji tdfukdts, dljrt trfuhil,

    psyodfs`s, b`jhltls, _tlvles-Cfdesfe

    _yebrfml jeb lvle i`vlr nj`iurl.

    [l djvl hlle wjtod`ek Odjet`x

    vlry oifsliy fvlr tdl pjst yljr jeb

    nlit tdl puhi`o wfuib hl hlst slrvlb

    hy j wlhs`tl blb ojtlb tf prfv`b-

    `ek ljsy joolss tf td`s elw `enfr-

    mjt`fe.

    _`eol `ts jpprfvji `e 877> js j

    smfa`ek-olssjt`fe j`b, Odjet`x (vjrle`-

    oi`el) djs hlle prlsor`hlb tf mfrl

    tdje 2 m`ii`fe pjt lets. Js ljriy js

    Efvlmhlr 877;, tdl NBJ `ssulb je

    Ljriy Ofmmue`ojt`fe tf tdl puhi`o jeb

    dljitd ojrl prfv`blrs, jeefueo`ek `t

    wjs `evlst`kjt`ek rlpfrts fn jbvlrsl

    lvlets, `eoiub`ek odjekls `e hldjv`fr,

    jk tjt`fe, blprlsslb mffb, su`o`bji

    `bljt`fe jeb jotuji su`o`bji hldjv`fr.

    Fe Nlhrujry :, 8774, tdl NBJ ssulb

    j Wuhi o Dljitd Jbv`sfry fe Odjet x

    rlqulst`ek tdl mjeunjoturlr jbb elw

    sjnlty wjre`eks.@e Mjy, tdl Nlblrji Jv`-

    jt`fe Jbm`e`strjt`fe hjeelb `ts p`ifts

    jeb j`r trjnn`o ofetrfiilrs nrfm us`ek

    Odjet`x js j rlsuit fn jbvlrsl lvlet

    rlpfrts.Rdl NBJ djb mfrl joofuets fn

    slr`fus s`bl lnnlots t`lb tf Odjet`x `e

    tdl nfurtd qujrtlr fn 877; tdje nrfm

    jey ftdlr bruk.@n yfu ellb mfrl `enfr-

    mjt`fe yfu oje ofetjot Nrjea [ffbsfe

    jt 477-404-87?2 fr hy lmj`i jt

    Nrjea.[ffbsfeGhljsilyjiile.ofm.

    JORJ @_RFRF[JXLOJII_MFXLRDJE>%,

    tf $28; m`ii`fe. @ts lst mjtlb tdjt tdl

    elw ijhli ofuib rlbuol tdl usl fn

    Jrjelsp nfr ojeolr pjt`lets `e td`s

    ofuetrytdl bruk `s jisf uslb hy

    plfpil w`td a`bely b`sljslhy je

    jbb`t`feji 27%.

    Rdl ijhlis nfr tdl bruks djvl jirljby

    hlle odjeklb j nlw t`mls s`eol elw

    sjnlty ofeolres jrfsl ljriy ijst yljr.

    Rdl NBJ jeb Jmkle djvl hlle elkft`-

    jt`ek tdl ijtlst odjekls s`eol tdl jbv`-

    sfry ofmm`ttll e Mjrod rlofmmleblb

    nurtdlr rlstr`ot`fes fe usl fn tdl bruks.

    [d`il tdl ofmpjey jeb tdl jkleoy

    jkrllb fe mfst fn tdl ijekujkl

    odjekls, tdlrl wlrl sfml pf`ets fe

    wd`od tdly ofuib eft rljod jkrllmlet.

    Jppjrletiy, feiy tdle b`b tdl NBJ

    `evfal `ts elw jutdfr`ty tf frblr tdl

    odjekls. Jmkle djb wjetlb j muod

    wljalr ijhli.

    _furol3 Elw Pfra R`mls

    OFEKXL__@FEJIOFMM@RRLLOFERJOR_[PLRDF LXOFERXF^LX_@JIWLRBX\K

    Iljblrs fn j pfwlrnui Dfusl ofmm`t-

    tll slet j ilttlr tf [yltd ijst mfetd

    jsa`ek tdl ofmpjey tf bltj`i wdy j

    ofetrfvlrs`ji `ekrlb`let `e j bruk uslb

    tf trljt dljrtwfrm `e bfks `s hl`ek

    tlstlb `e dumjes w`td r`vlr hi`ebelss

    `e Jnr`oj. Blmforjt`o iljblrs fn tdl

    Dfusl Ofmm`ttll fe Lelrky jeb Ofm-mlrol jrl `evlst`kjt`ek wdy mfx`blot`e,

    tdl jot`vl `ekrlb`let `e WrfDljrt >, `s

    hl`ek tlstlb `e dumjes blsp`tl tdl

    bruk djv`ek hlle puiilb fnn tdl mjralt

    `e 8772 jm`b rlpfrts tdjt ofuib hl jiifwlb hjoa `e

    tdl \._. tf trljt dljrtwfrm `e bfks,

    tdfukd b`str`hut`fe fn tdl prfbuot

    wfuib hl rlstr`otlb.Js yfu mjy aefw,dljrtwfrm `s j pjrjs`tl tdjt jnnlots m`i-

    i`fes fn bfks. _lejtfr Oduoa Krjssily

    djb jsalb tdl NBJ `e Cuel wdy tdl

    bruk wjs jiifwlb hjoa `e tdl \._.

    @t jppljrs tdjt [yltd `s tlst`ek mfx-

    `blot`e `e plfpil `enlotlb w`td j pjrj-

    s`tl tdjt ojusls r`vlr hi`ebelss,j mjcfr

    ojusl fn hi`ebelss `e [lst Jnr`oj.

    [yltd sjys jhfut j blojbl jkf tdl

    [frib Dljitd Frkje`zjt`fe jpprfjodlb

    tdl ofmpjey tf sll wdltdlr mfx-

    `blot`e ofuib dlip a`ii tdl wfrms tdjt

    trjesm`t r`vlr hi`ebelss hltwlle

    plfpil.Joofrb`ek tf rlpfrts, tdl tr`jis

    jrl hl`ek ofebuotlb `e ofiijhfrjt`fe

    w`td tdl _plo`ji Wrfkrjmml nfr

    Xlsljrod jeb Rrj`e`ek `e Rrfp`oji B`s-

    ljsls, wd`od `s spfesfrlb hy tdl

    \e`tlb Ejt`fes Od`ibrles Nueb,\e`tlb

    Ejt`fes Blvlifpmlet Wrfkrjmml,

    [frib Hjea, jeb tdl [DF.[yltd sjys

    tdl sjnlty prfn`il fn tdl bruk djs ofe-

    t`eulb tf hl pfs`t`vl, s`eol `t wlet fe

    tdl mjralt `e Cuel.

    _furol3Bfw Cfels Elwsw rls

    BX\KMJALX_XLWFXROJ_L_FNHXJ@EB@_LJ_L

    H`fkle @blo jeb Lije Ofrpfrjt`fedjvl rlpfrtlb twf ojsls fn j rjrl hrj`e

    b`sljsl `e pjt`lets trljtlb w`td Rysjhr`,

    wd`od `s tdl ofmpje`ls muit`pil soil-

    rfs`s bruk. Rdl ojsls fn prfkrlss`vl

    muit`nfoji iluafleolpdjifpjtdy wlrl

    b`soifslb `e j n`i`ek w`td tdl _lour`t`ls

    jeb Lxodjekl Ofmm`ss`fe. Rysjhr`,

    wd`od `s prfbuolb jeb b`str`hutlb `e

    je jii`jeol hltwlle tdl twf ofmpj-

    e`ls, wjs w`tdbrjwe nrfm tdl mjralt

    `e 877< jntlr tdrll oi`e`oji uslrs fn tdl

    bruk ofetrjotlb tdl hrj`e b`sljsl, jebtwf b`lb. Hut Lije jeb H`fkle djb

    rlpfrtlb ef elw ojsls s`eol Rysjhr`s

    rlture tf tdl mjralt ueblr rlstr`otlb

    ofeb`t`fes `e Cuel 877>.

    Rdl tdrll ojsls `e 877< `evfivlb

    pjt`lets wdf wlrl s`muitjelfusiy

    tja`ek jeftdlr bruk tf n`kdt muit`pil

    soilrfs`s. @t sdfuib hl eftlb tdjt suod

    ofmh`elb tdlrjpy djs hlle hjeelb

    s`eol 877

  • 8/9/2019 The Jere Beasley Report, Sep. 2008

    24/52

    lofefm`o lxplrts jeb nfueb Jhhftt

    rj`slb tdl pr`ol fn tdl bruk tf st`nil

    ofmplt`t`fe, tdl ofmpjey wfuib djvl

    njolb js muod js $: h`ii`fe `e bjmjkls.

    Rdl bruk,Efrv`r, `s j aly ofmpfelet `e

    slvlrji `mpfrtjet ofoatj`is ofetj`e`ek

    bruks mjbl hy r`vjis tf trljt tdl

    b`sljsl. Fe Blolmhlr ?, 877?,Jhhftt

    `eorljslb tdl pr`ol fn Efrv`rs jvlrjkl

    bj`iy ofst plr pjt`let nrfm $:.;: tf

    $4. m`ii`fe `e sjils mjbl up

    jhfut 47% fn Jmyi`es tftji rlvleul ijst

    yljr.Rdl bruk joofuetlb nfr cust ?% fn

    Li` I`iiys sjils.

    _furol3 Jssfo`jtlb Wrlss

    XLOLERNBJ JOR@FE

    Xloletiy, tdl NBJ djs tjale jot`fe

    w`td rlsplot tf j eumhlr fn pdjrmj-

    olut`ojis jeb bruk prfbuots. Rdlsl

    jot`fes jeb tdl bruks `evfivlb `eoiubl3

    XlkrjelxJ hfxlb wjre`ek tdjt

    tdl usl fn td`s prfbuot mjy `eorljsl

    tdl r`sa fn ojeolr-rlijtlb bljtds.

    Xlkrjelx (hlojpilrm`e) `s j tfp`oji

    jklet uslb tf trljt olrtj`e b`jhlt`o

    nfft jeb ilk uiolrs. Hjslb upfe lx`st-

    `ek stub`ls, tdl NBJ bltlrm`elb tdjtpjt`lets wdf usl tdrll fr mfrl

    tuhls fn td`s prfbuot djvl j n`vl

    t`mls krljtlr r`sa fn by`ek nrfm

    ojeolr ofmpjrlb tf pjt`lets wdf bf

    eft usl tdl bruk.Rdl NBJ ojut`fes

    tdjt nurtdlr stuby `s ellblb tf bltlr-

    m`el wdltdlr elw ojeolr rjtls mjy

    lx`st nrfm usl fn tdl prfbuot. Rdl

    hfxlb wjre`ek splo`n`ojiiy stjtls

    tdjt tdl prfbuot sdfuib feiy hl uslb

    wdle tdl hleln`ts futwl`kd tdl r`sas

    jeb sdfuib hl uslb w`td krljtlrojut`fe `e pjt`lets w`td aefwe

    mji`kejeo`ls.

    Oliiolpt jeb Mynfrt`oJe jbv`-

    sfry wjs `ssulb tf dljitdojrl prfnls-

    s`fejis, `enfrm`ek tdlm tdjt tdl usl

    fn tdlsl prfbuots djs hlle sdfwe tf

    `eorljsl tdl r`sa fn nltji djrm wdle

    wfmle hlofml prlkejet. Oliiolpt

    (myofpdlefijtl mfnlt`i) jeb Mynfr-

    t`o (myofpdlefi`o jo`b) jrl `mmuef-

    supprlssjet bruks. Mynfrt`o djs hllejpprfvlb tf prlvlet a`bely trjes-

    pijet rlclot`fe, wd`il Oliiolpt djs

    hlle jpprfvlb tf prlvlet dljrt, i`vlr

    jeb a`bely trjespijet rlclot`fe.

    Rdlsl bruks jrl jisf uslb hy sfml `e

    fnn-ijhli jppi`ojt`fes tf trljt

    `mmuel-mlb`jtlb ofeb`t`fes suod js

    iupus jeb lrlytdlmj muit`nfrml.J

    wjre`ek djs hlle jbblb tf tdl ijhli

    jhfut tdlsl pftlet`ji r`sas.

    82 www.HljsilyJiile.ofm

  • 8/9/2019 The Jere Beasley Report, Sep. 2008

    25/52

    REN HifoalrsRdl NBJ djs `ssulb

    je jbv`sfry tf dljitdojrl prfnlss`fe-

    jis tdjt bruks tdjt hifoa tumfr

    elorfs`s njotfr (REN) mjy hl jssfo`-

    jtlb w`td tdl blvlifpmlet fn iym-

    pdfmj jeb ftdlr ojeolrs `e od`ibrle

    jeb yfuek jbuits.Rdl REN hifoalrs

    `e qulst`fe eoiubl Xlm`ojbl (`eni`x-

    `mjh), Lehrli (ltjelrolpt), Dum`rj

    (jbji`mumjh) jeb O`mz`j (olr-

    tfi`zumjh plkfi). Rdlsl bruks jrl

    ofmmfeiy uslb tf trljt cuvle`il `b`f-

    pjtd`o jrtdr`t`s, Orfdes b`sljsl, jeb

    ftdlr `enijmmjtfry ofeb`t`fes.Rdl

    bruk ijhli prlv`fusiy wjrelb fn tdl

    r`sa fn ojeolr. @t jppljrs tdjt tdl ?7

    fr sf rlpfrts rlol`vlb hy tdl NBJ tf

    bjtl wlrl `e pjt`lets ueblr tdl jkl

    fn :4 wdf wlrl ofeofm`tjetiy

    tja`ek ftdlr `mmuefsupprlssjet

    jklets, suod js mltdftrlxjtl jeb jzj-td`fp`el. Rdl NBJ `s ofet`eu`ek `ts

    `evlst`kjt`fe jeb lst`mjtls tdjt `t

    w`ii tjal jhfut s`x mfetds tf bltlr-

    m`el `n tdlrl `s sunn`o`let lv`bleol tf

    lstjhi`sd j ojusjt`vl ofeelot`fe.

    WDJXMJOL\R@OJIOFMWJE@L_M\_RRJALXL_WFE_@H@I@RP

    Rdl hiffb td`eelr dlpjr`e `s fel fn

    tdl mfst ofmmfeiy-uslb bruks `e

    Jmlr`oj. @ts uslb bj`iy `e dfsp`tji sur-klr`ls jeb nfr a`bely b`jiys`s pjt`lets.

    Hut j sjnl suppiy fn td`s or`t`oji bruk nlii

    `etf clfpjrby ijst w`etlr `e j ojtjstrf-

    pdl tdjt `iium`ejtlb slvlrl prfhilms

    ojuslb hy tdl njot tdjt mfst `ekrlb`lets

    nfr Jmlr`oje bruks efw ofml nrfm

    nfrl`ke sfurols. \enfrtuejtliy, tdlsl

    sfurols jrl eft hl`ek jblqujtliy mfe`-

    tfrlb hy l`tdlr tdl pdjrmjolut`oji

    `ebustry fr tdl Nffb jeb Bruk Jbm`e`s-

    trjt`fe.Joofrb`ek tf tdl NBJ,jt iljst

  • 8/9/2019 The Jere Beasley Report, Sep. 2008

    26/52

    :00

    m`ii`fe `e stfoa ifssls. @e tdl Ofhh su`t,

    tdl pij`et`nns,tdl`r pjrtelrsd`ps jeb tdl

    trusts joouslb WwO jeb tdl Mjr`elr

    lxlout`vls fn nrjub,hrljod fn n`buo`jry

    buty, prfnlss`feji elki`kleol,elki`klet

    m`srlprlsletjt`fe jeb rjoaltllr`ek.

    Rdly sfukdt mfrl tdje $277 m`ii`fe

    jeb tdl hje`sdmlet fn WwO nrfm bf`ek

    hus`elss e Klfrk`j. Mjr`elr lxlout vls

    wlrl oiljrlb fn o`v`i i`jh`i`ty hy tdl

    cury.Rdl su`t oij`mlb tdjt Wr`olwjtlr-

    dfuslOffplrs prlblolssfr, Offplrs &

    Iyhrjeb, djb klelrjtlb `ejoourjtl

    n`ejeo`ji rlpfrtshftd hlnfrl jeb

    jntlr tdl mlrklrtdjt fvlrstjtlb

    Mjr`elrs ljre`eks jeb ueblrstjtlb tdl

    ofmpjeys i`jh`i`t`ls.Rdfsl jiilklb m`s-

    stjtlmlets, joofrb`ek tf tdl pij`et`nns,

    ofev`eolb tdlm tdl mlrklr wfuib hl

    prfn`tjhil jeb tdl lxpjeb`ek hus`elss

    wfuib ofet`eul tf mjal mfely.Offplrs & Iyhrjeb jeb Wr`ol [jtlr-

    dfusl ijtlr mlrklb tf nfrm Wr`olwjtlr-

    dfuslOffplrs. [d`il jwjrb`ek $:7

    m`ii`fe tf tdl njm`iy trustsjeb $:

    ljod tf tdl `eb`v`buji Wij`et`nns jeb

    tdl`r twf i`m`tlb i`jh`i`ty pjrtelr-

    sd`pstdl cury nfueb nfr WwO fe tdl

    nrjub jeb rjoaltllr`ek oij`ms.J hrljod

    fn n`buo`jry buty oij`m jkj`est tdl

    joofuet`ek n rm djb jirljby hlle b`s-

    m`sslb.Rdl cury jisf rlclotlb oij`ms fn

    rjoaltllr`ek, nrjub,hrljod fn n`buo`jrybuty jeb elki`klet m`srlprlsletjt`fe

    jkj`est tdl Mjr`elr lxlout`vls.

    Wr`olwjtlrdfuslOffplrs jppljilb

    tdl sfil oij`m tdjt tdl cury djb jiifwlb

    tf stjeb, slla`ek rli`ln nrfm tdl $:7

    m`ii`fe cubkmlet. @e tdjt jpplji,

    ijwylrs nfr tdl joofuet`ek n`rm jrkulb

    tdjt tdl trustll nfr tdl Aliiltt njm`iy

    trusts,wdf wjs tdl iljb pij`et nn, b`bet

    prlslet jey lv`bleol tf prfvl oij`ms

    tdjt tdl Wij`et nns `etlrlsts rli`lb fe

    jiilklb m`srlprlsletjt`fes hy WwO

    jhfut Mjr`elrs n`ejeo`ji ofeb`t`fe.Rdl

    jppljis ofurt b`sjkrllb.

    _furol3 Ijw.ofm

    DLBKLN\EB__\HWFLEJLB@E_LO WXFHL

    Rdl _lour`t`ls jeb Lxodjekl Ofm-

    m`ss`fe djs slet suhpflejs tf mfrl

    tdje

  • 8/9/2019 The Jere Beasley Report, Sep. 2008

    27/52

    b`sm`ssji wjs slet hjoa tf tdl tr`ji

    ofurt.

    _furol3 Rdl Cub`o`ji ^`lw

    WN@SLXRF_LRRILI@W@RFX-XLIJRLB_\@R

    Wn`zlr @eo. djs jkrllb tf slttil i`t`kj-

    t`fe w`td Ojejb`je klelr`o bruk mjalr

    Jpftlx @eo. rlijtlb tf Wn`zlrs odfils-tlrfi bruk I`p`tfr. Ef bltj`is wlrl prf-

    v`blb hy Wn`zlr hut tdl ofmpjey sj`b

    tdl slttilmlet, wd`od `s suhclot tf

    sfml ofeb`t`fes, wjs s`kelb `e Cuiy.

    Wn`zlr djs hlle `evfivlb `e j pjtlet i`t`-

    kjt`fe w`td Jpftlx tf prlvlet tdl

    slii`ek fn j klelr`o vlrs`fe fn I`p`tfr `e

    Ojejbj. Jpftlx wjs tdl feiy ourrlet

    odjiileklr tf I`p`tfr `e Ojejbj.

    Wn`zlr rloletiy slttilb pjtlet-

    `enr`eklmlet i`t`kjt`fe w`td @eb`js

    Xjehjxy Ijhfrjtfr`ls Itb. tdjt `s`etleblb tf allp j klelr`o vlrs`fe fn

    I`p`tfr fnn tdl \._. mjralt uet`i

    Efvlmhlr 87::. Rd`s wfuib hl 87

    mfetds ijtlr tdje sfml djb lxplotlb.

    Rdl jkrllmlet blijys Xjehjxys

    klelr`o vlrs`fe fn I`p`tfr jeb `s lst`-

    mjtlb tf hl wfrtd h`ii`fes fn bfiijrs `e

    jbb`t`feji sjils nfr Wn`zlr. Nfr yfur

    `enfrmjt`fe, I`p`tfr sjils tftjilb $:8.;

    h`ii`fe `e 877;.Rf quji`ny js j hifoa-

    hustlr bruk, j bruk djs tf hr`ek `e jt

    iljst $: h`ii`fe jeeujiiy nfr j ofmpjey._f `ts lv`blet I`p`tfr `s trlmlebfusiy

    `mpfrtjet tf Wn`zlr.

    _furol3 [jii _trllt Cfureji

    IJ[_\@RRDXLJRLE__JXHJEL_-FTILPJOR

    @e 8778, Ofekrlss pjsslb j ijw j`mlb

    jt pue`sd`ek ofrpfrjt`fes nfr puhi`sd-

    `ek njisl `enfrmjt`fe `e tdl`r n`ejeo`ji

    stjtlmlets. Xlkrlttjhiy, tdl nuturl fn

    td`s ijw, aefwe js tdl _jrhjels-FxilyJot (_FT), `s efw `e clfpjrby. Je

    joofuet`ek n`rm djs n`ilb j ijwsu`t `e j

    [jsd`ektfe BO nlblrji ofurt qulst`fe-

    `ek tdl ijws ofest`tut`feji`ty.Rd`s ijw

    `s lsslet`ji tf tdl ejt`fes ellb nfr

    joourjtl jeb dfelst ofrpfrjtl rlpfrts

    jeb Ofekrlss ofuib rlsoul _FT hy

    rlv`s`ek `t.Rd`s ijw `s jisf `mpfrtjet

    hlojusl lmpifyll sdjrldfiblrs jeb

    rlkuijr `evlstfrs ji`al, rliy fe tdlsl

    stjtlmlets wdle bltlrm`e`ek dfw

    muod fn tdl`r rlt`rlmlet sjv`eks tf

    `evlst `e pjrt`ouijr ofmpje`ls.

    Ofekrlss pjsslb _jrhjels-Fxily `e

    8778 jntlr tdl Lerfe jeb [fribOfm

    nrjubs,wd`od wlrl joofmpje`lb hy tdl

    Jblipd`j Ofmmue`ojt`fes, Kifhji

    Orfss`ek,Dljitd_futd,jeb Ryof @etlrej-

    t`feji nrjubs, js wlii. Bur`ek tdfsl

    yljrs, tdl joofuet`ek `ebustry wjs sup-

    pfslbiy rlkuijt`ek `tslin nfr jub`t

    quji ty jeb `etlkr`ty. @e prjot`ol,

    joofuetjets wlrl wfra`ek djeb `e

    djeb w`td tdl ofrpfrjtl odljtlrs `e

    rlture nfr iuorjt`vl ofesuit`ek nlls._jr-

    hjels-Fxily slt up tdl Wuhi`o Ofmpjey

    Joofuet`ek Fvlrs`kdt Hfjrb (WOJFH)

    tf orljtl hlttlr ofrpfrjtl jub`t`ek stje-

    bjrbs jeb pfi`ol tdl`r quji`ty. @t mjbl

    ftdlr sles`hil odjekls, tff, `eoiub`ek

    ledjeolb rlqu`rlmlets nfr jub`t`ek j

    ofmpjeys `etlreji n`ejeo`ji ofetrfis

    jeb `es`st`ek tdjt od`ln lxlout`vls jeb

    od`ln n`ejeo`ji fnn`olrs olrt`ny tdl n`eje-

    o`jis js joourjtl. Nfr `estjeol, tdl ijw

    dfibs od`ln lxlout`vls joofuetjhil nfr

    tdl joourjoy fn ofrpfrjtl rlpfrt`ek jeb

    slts fut or`m`eji sjeot`fes jeb dljvy

    n`els nfr njisl rlpfrtlrs.

    Rdl ilkji odjiilekl tf WOJFH s tlod-

    e`oji, djv`ek tf bf w`td wdltdlr j ofr-

    pfrjt fes prls`blet rjtdlr tdje tdl_lour`t`ls jeb Lxodjekl Ofmm`ss`fe

    sdfuib jppf`et ofrpfrjtl hfjrb

    mlmhlrs.Rdl pij`et`nn `e tdl ijwsu`t,

    Hloastljb & [jtts, j smjii joofuet`ek

    n`rm `e Dleblrsfe,Elvjbj,jub`ts ofm-

    pje`ls trjb`ek fe tdl Fvlr tdl Ofuetlr

    Huiilt`e Hfjrb Lxodjekl. @e 8772,

    WOJFH rlv`lwlb Hloastljbs jub`ts

    jeb nfueb tdjt, `e l`kdt ojsls, tdl n`rm

    b`b eft fhtj`e sunn`o`let ofmpltlet

    lv`blet`ji mjttlr tf suppfrt `ts fp`e`fe

    fe tdl `ssulrs n`ejeo`ji stjtlmlets.Hloastljb b`sjkrllb, tdl hfjrb `est`-

    tutlb nfrmji prfollb`eks jkj`est tdl

    n`rm,jeb j ijwsu`t wjs n`ilb.

    Rdl ijwsu`t qulst`fes wdltdlr tdl

    WOJFH orljtlb hy _jrhjels-Fxily tf

    oilje up tdl Lerfe-tj`etlb jub`t`ek

    prfnlss`fe s ofest`tut`feji. Hloastljb

    jsalb tdl nlblrji ofurt tf oljsl tdl

    joofuet`ek fvlrs`kdt hfjrbs fplrj-

    t`fes,upfe dfib`ek j pfrt`fe fn tdl Jot

    ueofest`tut`feji. @n tdl nlblrji ofurt

    n`ebs fel fn tdl jots prfv`s`fes tf hl

    ueofest`tut feji, tdl wdfil ijw `s s`bl-

    i`elb. Rdjts hlojusl tdl ijw ijoas j

    slvlrjh`i`tyoijusl.

    @e tdlfry, Ofekrlss ofuib rlspfeb

    cust hy odjek`ek tdl struoturl fn

    WOJFHs hfjrb.Dfwlvlr, sdfuib Ofe-

    krlss eft jot jeb tdl nlblrji ofurt bfls

    str`al bfwe WOJFH, `t ofuibet ofml

    jt j wfrsl t`ml nfr `evlstfrs.Rdl n`eje-

    o`ji or`s`s i`ealb tf suhpr`ml ifjes ilnt

    tdl vjiujt`fe fn tr`ii`fes fn bfiijrs fn

    slour t`ls `e bfuht. Eftd`ek `s mfrl

    `mpfrtjet tf tdl nueot`fe`ek fn Jmlr`-

    oje mjralts tdje lesur`ek tdjt `ts djrb-

    wfra`ek o`t`zles oje trust tdl

    ofrpfrjtl n`ejeo`ji stjtlmlets tdjt

    tdl`r rlt`rlmlet jeb sjv`eks joofuets

    `evlst `e jeb rliy upfe.

    @n tdl ofurt suppfrts WOJFH, Hloa-

    stljb mjy jpplji tf tdl \e`tlb _tjtls

    _uprlml Ofurt. [`td tdl mjalup fn

    tdl ourrlet Ofurt, uenfrtuejtliy td`s

    mljes tdjt _jrhjels-Fxily st`ii wfet

    hl fut fn tdl wffbs.[l w`ii wjtod td`s

    ojsl w`td krljt `etlrlst.

    _furol3 Rdl [jsd`ektfe Wfst

    ODXP_ILX_\L_HJRRLXP_\WWI@LX

    Odrysilr IIO djs n`ilb j ijwsu`t `e jM`od`kje ofurt jiilk`ek suppi`lr

    Cfdesfe Ofetrfis @eo. odjrklb `enijtlb

    pr`ols nfr hjttlr`ls.Rdl su`t, n`ilb ijst

    mfetd `e tdl Fjaijeb Ofuety o`rou`t

    ofurt, `s tdl ijtlst s`ke fn r`s`ek tles`fe

    hltwlle Odrysilr jeb pjrts suppi`lrs

    s`eol tdl jutf mjalr wjs joqu`rlb hy

    pr`vjtl- evlstmlet n`rm Olrhlrus

    Ojp`tji Mjejklmlet IW cust fvlr j yljr

    jkf. Odrysilr sllas mfrl tdje $: M@II@FEHJBNJ@RDJ[JXBJKJ@E_RJII_RJRL

    Jiistjtl @esurjeol Of. djs ifst `ts

    jpplji fn j $:> m`ii`fe cubkmlet

    jkj`est `t nfr eft sltti`ek j oij`m nfr tdl

    $

  • 8/9/2019 The Jere Beasley Report, Sep. 2008

    29/52

    krlss`vl `s tdl nfurtd-ijrklst jutf

    `esurlr `e Jijhjmj, w`td jhfut ;% fn

    tdl mjralt.Rdl blv`ol rlofrbs tdl t`ml

    fn bjy tdl ojr s br`vle, tdl eumhlr fn

    m`ils br`vle jeb `ts spllb. Rdl

    ofmpjey usls tdl `enfrmjt`fe tf bltlr-

    m`el, jmfek ftdlr td`eks, wdltdlr j

    br`vlr djs j tlebleoy tf joolilrjtl tff

    qu`oaiy fr sijm fe tdl hrjals. @e frblr

    tf pjrt`o`pjtl, tdl oustfmlrs ojr must

    djvl j b`jkefst`o pfrt ueblr tdl bjsd,

    j nljturl fe mfst ojrs mjeunjoturlb

    s`eol :00>. Mfst mfblre ojrs jirljby

    djvl s`m`ijr blv`ols `estjiilb hy tdl

    mjeunjoturlrs, hut tdly rlofrb b`nnlr-

    let `enfrmjt`fe, suod js hrjal stjtus

    hlnfrl je `mpjot, jeb mfst bf eft

    trjesm`t bjtj.

    _furol3 H`rm`ekdjm Elws

    JMLX@KXF\WIJ[_\@R_LRRILBNFX$88

  • 8/9/2019 The Jere Beasley Report, Sep. 2008

    30/52

    tji rlkuijtfrs sf ifek tf rlji`zl td`eks

    wlrl kf`ek hjbiy nfr tdl mfrtkjkl

    `ebustry.

    _furol3 Ofrpfrjtl Or`ml Xlpfrtlr

    OF\ERXP[@BL_\LBHPJEFRDLX_RJRLF LX@R_ILEB@EKWXJOR@OL_

    Ofeelot`out `s tdl ijtlst stjtl tf n`ilsu`t jkj`est Ofuetryw`bl N`ejeo`ji

    Ofrp. fvlr `ts ileb`ek prjot`ols. _tjtl

    Jttfrely Klelrji X`odjrb Hiumletdji

    jiilkls tdjt Ofuetryw`bl m`silb hfr-

    rfwlrs `etf tja`ek fe r`say dfml ifjes

    tdly ofuib eft jnnfrb. Oji`nfre`j, @ii`-

    ef`s, Nifr`bj jeb tdl o`ty fn _je B`lkf

    djvl mjbl s`m`ijr oij`ms `e tdl`r fwe

    ijwsu`ts jkj`est tdl ofmpjey. Js wl

    djvl rlpfrtlb, Ofuetryw`bl wjs tdl

    ejt`fes ijrklst mfrtkjkl fr`k`ejtfr

    hlnfrl `ts d`kdiy qulst`fejhil ileb`ekprjot`ols ilb tf tdl rjsd fn hjb ifjes. @e

    njot, tdl mfrtkjkl ileblr djs hlle

    hijmlb nfr dlip`ek tf ojusl tdl

    ejt`fes mfrtkjkl mlitbfwe.Rdl Jttfr-

    ely Klelrjis fnn`ol jeb Ofeelot outs

    blpjrtmlets fn Hjea`ek jeb Ofesumlr

    Wrftlot`fe jrl tdl pij`et`nns `e tdl

    ijwsu`t wd`od wjs n`ilb `e stjtl ofurt.

    Rdl ofmpjey v`fijtlb stjtl ofesumlr

    prftlot`fe jeb hjea`ek ijws jeb

    odjrklb uecust`n`lb nlls tf dfmlfwe-

    lrs wdf blnjuitlb, joofrb`ek tf jiilkj-t`fes `e tdl ofmpij`et.Js dl n`ilb tdl

    su`t,Jttfrely Klelrji X`odjrb Hiumle-

    tdji stjtlb3

    Ofuetryw`bl ofeelb dfmlfwe-

    lrs `etf mfrtkjkls tdly s`mpiy

    ofuib eft jnnfrb.Duebrlbs, pfss`-

    hiy tdfusjebs, fn Ofeelot`out

    dfmlfwelrs jrl jnnlotlb.

    I`al Ofeelot`out, tdl ftdlr stjtls

    su`ek Ofuetryw`bl wjet tdl ofmpjey

    tf pjy rlst`tut`fe tf hfrrfwlrs wdf

    ifst tdl`r dfmls fr pj`b lxolss`vl nlls.

    [dle dfmlfwelrs blnjuitlb fe tdl`r

    Ofuetryw`bl ifjes, tdl ofmpjey

    huii`lb tdlm `etf rlpjymlet pijes

    aefwe js wfrafuts w`td lxolss`vl

    nlls tdjt mjbl `t eljriy `mpfss`hil nfr

    ofesumlrs tf rlpjy tdl ifjes jeb klt

    fut fn tdl blht.Rdl Jttfrely Klelrji

    fhslrvlb3

    Ofuetryw`bl stjoalb tdl bloa jeb

    tdl blji jkj`est `ts oustfmlrs.Fur

    kfji `s tf uestjoa tdl bloa jeb

    uebf tdl bljis, rlstfr`ek nj relss

    jeb n`soji slesl tf mfrtkjkls.

    Ofuetryw`bl,wd`od njols eumlrfus

    ftdlr ijwsu`ts hy `eb`v`bujis rlijtlb tf

    `ts ileb`ek prjot`ols, djs jisf hlle

    ueblr sorut`ey hy nlblrji jutdfr`t`ls.Jnlblrji krjeb cury djs hlle `evlst`kjt-

    `ek Ofuetryw`bl,Elw Oletury N`eje-

    o`ji Ofrp. jeb @ebyMjo Hjeofrp @eo.

    Wrfsloutfrs jrl iffa`ek `etf wdltdlr

    nrjub jeb ftdlr or`mls m`kdt djvl ofe-

    tr`hutlb tf tdl mfrtkjkl or`s`s tdjt ilb

    tf tdl blm`sl fn jii tdrll Oji`nfre`j-

    hjslb ileblrs. Rdl kfvlrefr fn tdl

    stjtl fn [jsd`ektfe, Odr`s Krlkf rl,

    jisf djs joouslb Ofuetryw`bl fn b`s-

    or`m`ejtfry jeb prlbjtfry ileb`ek

    prjot`ols tdjt tjrkltlb m`efr`ty hfr-rfwlrs, jeb fn odljt`ek [jsd`ektfe

    stjtl fut fn $< m`ii`fe `e nlls. Rdjt

    stjtls Blpjrtmlet fn N`ejeo`ji @est`tu-

    t`fes `s slla`ek tf rlvfal Ofuetry-

    w`bls i`olesl jeb `mpfsl j $: m`ii`fe

    plejity nfr prlbjtfry ileb`ek prjo-

    t`ols. Rdl fib sjy`ek tdjt wdle `t

    rj`es`t pfurs olrtj`eiy jppi`ls tf

    Ofuetryw`bl jeb `t jppljrs tdjt

    ofmpjeys prfhilms jrl oiljriy slin-

    `mpfslb. Rdl _LO djs lsojijtlb `ts

    sorut`ey fn Ofuetryw`bl N`ejeo`ji

    Ofrp. `etf j nfrmji `evlst`kjt`fe,

    joofrb`ek tf j rlkuijtfry n`i`ek hy Hjea

    fn Jmlr`oj Ofrp.

    @e jbb`t`fe, j nlblrji hjearuptoy

    cubkl djs rlclotlb j slttilmlet `evfiv-

    `ek Ofuetryw`bl,sjy`ek dl wjset ofe-

    v`eolb `t wjs nj`r tf eljriy ?77

    hfrrfwlrs jiilklbiy durt hy tdl mfrt-

    kjkl ileblrs jhus`vl prjot`ols.Rdl slt-

    tilmlet ojiis nfr Ofuetryw`bl tf pjy

    $?8

  • 8/9/2019 The Jere Beasley Report, Sep. 2008

    31/52

    rlqu`rlmlets djvl sifwlb tdl ruil-

    mja`ek prfolss. Joofrb`ek tf F_DJ,

    tdl jkleoy `s sleb`ek mfrl `esplotfrs

    tf `ts trj`e`ek- est`tutl oijss tdjt

    nfousls fe orjel sjnlty jeb frkje`z`ek

    trj`e`ek lvlets w`td ifoji ue`fes jeb

    `ebustry krfups. _f njr td`s yljr, mfrl

    tdje 87 ofestruot`fe wfralrs djvl

    b`lb `e orjel-rlijtlb joo`blets. Rdjt

    n`kurl bflset `eoiubl hystjeblrs

    bljtds. F_DJ lst`mjtls tdlrl jrl

    0>,777 orjels uslb `e ofestruot`fe

    ljod yljr `e tdl \._. Blvlifplrs jeb

    ofetrjotfrs jrl ueblr `eorljslb prls-

    surl tf ofmpiltl prfclots, s`eol blijys

    oje hl ofstiy.

    Hltwlle :008 jeb 877>, tdlrl wjs

    j