&21$17+(:$55,25 E\5REHUW(+RZDUG
&RS\ULJKWE\/6SUDJXHGH&DPS$OOULJKWUHVHUYHG 5HG1DLOVZDVRULJLQDO...
28 downloads
1055 Views
719KB Size
Report
This content was uploaded by our users and we assume good faith they have the permission to share this book. If you own the copyright to this book and it is wrongfully on our website, we offer a simple DMCA procedure to remove your content from our site. Start by pressing the button below!
Report copyright / DMCA form
&21$17+(:$55,25 E\5REHUW(+RZDUG
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
,QWURGXFWLRQ 5HG1DLOV -HZHOVRI*ZDKOXU %H\RQGWKH%ODFN5LYHU
3DJHVDQG$PDSRIWKHZRUOGRI&RQDQLQWKH+\ERULDQ$JHEDVHG XSRQQRWHVDQGVNHWFKHVE\5REHUW(+RZDUGDQGXSRQSUHYLRXVPDSVE\ 36FKX\OHU0LOOHU-RKQ'&ODUN'DYLG.\OHDQG/6SUDJXHGH &DPSZLWKDPDSRI(XURSHDQGDGMDFHQWUHJLRQVVXSHULPSRVHGIRU UHIHUHQFH &RYHU3DLQWLQJE\)UDQN)UD]HWWDZLWKJUDWHIXODFNQRZOHGJHPHQW WR5R\.UHQNHODGYLVRU
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
6KHPDQGLQWKHDGMDFHQW+\ERULDQNLQJGRPV6XEVHTXHQWO\KH DGYHQWXUHGDPRQJWKHQRPDGLFRXWODZVWKHBNR]DNVBRIWKHHDVWHUQ VWHSSHVWKHSLUDWHVRIWKH6HDRI9LOD\HWDQGWKHKLOOWULEHVRI WKH+LPHOLDQ0RXQWDLQVRQWKHERUGHUVRI,UDQLVWDQDQG9HQGK\D7KHQ DQRWKHUVWUHWFKRIVROGLHULQJLQ.RWKDQG$UJRVLQWKHFRXUVHRI ZKLFKKHZDVEULHIO\FRUXOHURIWKHGHVHUWFLW\RI7RPEDONX7KHQ EDFNWRWKHVHDILUVWDVDSLUDWHRIWKH%DUDFKD,VOHVWKHQDV FDSWDLQRIDVKLSRIWKH=LQJDUDQEXFFDQHHUV:KHQWKLVYROXPHWDNHV XSKHZDVLQKLVODWHWKLUWLHV /6SUDJXHGH&DPS
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
WKLUVWDQGKXQJHUWKRXJKWKLUVWKDGQRWDVVDLOHGKHUXQWLOVKHNQHZ VKHFRXOGQRWGHVFHQGIURPWKHFUDJWRILQGIRRGDQGZDWHU :HQHHGQRWVWDUYHVKHVDLG7KHUHLVIUXLWZHFDQUHDFK &RQDQJODQFHGZKHUHVKHSRLQWHG ,IZHDWHWKDWZHZRXOGQ WQHHGWKHELWHRIDGUDJRQKH JUXQWHG7KDW VZKDWWKHEODFNSHRSOHRI.XVKFDOOWKH$SSOHVRI 'HUNHWD'HUNHWDLVWKH4XHHQRIWKH'HDG'ULQNDOLWWOHRIWKDW MXLFHRUVSLOOLWRQ\RXUIOHVKDQG\RX GEHGHDGEHIRUH\RXFRXOG WXPEOHWRWKHIRRWRIWKLVFUDJ 2K 6KHODSVHGLQWRGLVPD\HGVOLHQFH7KHUHVHHPHGQRZD\RXWRIWKHLU SUHGLFDPHQWVKHUHIOHFHGJORRPLO\6KHVDZQRZD\RIHVFDSHDQG &RQDQVHHPHGWREHFRQFHUQHGRQO\ZLWKKHUVXSSOHZDLVWDQGFXUO\ WUHVVHV,IKHZDVWU\LQJWRIRUPXODWHDSODQRIHVFDSHKHGLGQRW VKRZLW ,I\RX OOWDNH\RXUKDQGVRIIPHORQJHQRXJKWRFOLPEXSRQWKDW SHDNVKHVDLGSUHVHQWO\\RX OOVHHVRPHWKLQJWKDWZLOOVXUSULVH \RX +HFDVWKHUDTXHVWLRQLQJJODQFHWKHQREH\HGZLWKDVKUXJRIKLV PDVVLYHVKRXOGHUV&OLQJLQJWRWKHVSLUHOLNHSLQQDFOHKHVWDUHGRXW RYHUWKHIRUHVWURRI +HVWRRGDORQJPRPHQWLQVLOHQFHSRVHGOLNHDEURQ]HVWDWXHRQ WKHURFN ,W VDZDOOHGFLW\ULJKWHQRXJKKHPXWWHUHGSUHVHQWO\:DV WKDWZKHUH\RXZHUHJRLQJZKHQ\RXWULHGWRVHQGPHRIIDORQHWRWKH FRDVW" ,VDZLWEHIRUH\RXFDPH,NQHZQRWKLQJRILWZKHQ,OHIW 6XNKPHW :KR GKDYHWKRXJKWWRILQGDFLW\KHUH",GRQ WEHOLHYHWKH 6W\JLDQVHYHUSHQHWUDWHGWKLVIDU&RXOGEODFNSHRSOHEXLOGDFLW\ OLNHWKDW",VHHQRKHUGVRQWKHSODLQQRVLJQVRIFXOWLYDWLRQRU SHRSOHPRYLQJDERXW +RZFDQ\RXKRSHWRVHHDOOWKDWDWWKLVGLVWDQFH"VKH GHPDQGHG +HVKUXJJHGKLVVKRXOGHUVDQGGURSSHGGRZQRQWKHVKHOI :HOOWKHIRONRIWKHFLW\FDQ WKHOSXVMXVWQRZ$QGWKH\PLJKW QRWLIWKH\FRXOG7KHSHRSOHRIWKH%ODFN&RXQWULHVDUHJHQHUDOO\ KRVWLOHWRVWUDQJHUV3UREDEO\VWLFNXVIXOORIVSHDUV +HVWRSSHGVKRUWDQGVWRRGVLOHQWDVLIKHKDGIRUJRWWHQZKDWKH ZDVVD\LQJIURZLQLQJGRZQDWWKHFULPVRQVSKHUHVJOHDPLQJDPRQJWKH OHDYHV 6SHDUVKHPXWWHUHG:KDWDEODVWHGIRRO,DPQRWWRKDYH WKRXJKWRIWKDWEHIRUH7KDWVKRZVZKDWDSUHWW\ZRPDQGRHVWRD PDQ VPLQG :KDWDUH\RXWDONLQJDERXW"VKHLQTXLUHG :LWKRXWDQVZHULQJKHUTXHVWLRQKHGHVFHQGHGWRWKHEHOWRIOHDYHV DQGORRNHGGRZQWKURXJKWKHP7KHJUHDWEUXWHVTXDWWHGEHORZ ZDWFKLQJWKHFUDJZLWKWKHIULJKWIXOSDWLHQFHRIWKHUHSWLOHIRON6R PLJKWRQHRIKLVEUHHGKDYHJODUHGXSDWWKHLUWURJORG\WHDQFHVWRUV WUHHGRQDKLJKIOXQJURFNLQWKHGLPGDZQDJHV&RQDQFXUVHGKLP ZLWKRXWKHDWDQGEHJDQFXWWLQJEUDQFKHVUHDFKLQJRXWDQGVHYHULQJ WKHPDVIDUIURPWKHHQGDVKHFRXOGUHDFK7KHDJLWDWLRQRIWKH OHDYHVPDGHWKHPRQVWHUUHVWOHVV+HURVHIURPKLVKDXQFKHVDQG ODVKHGKLVKLGHRXVWDLOVQDSSLQJRIIVDSOLQJVDVLIWKH\KDGEHHQ WRRWKSLFNV&RQDQZDWFKHGKLPZDULO\IURPWKHFRUQHURIKLVH\HDQG MXVWDV9DOHULDEHOLHYHGWKHGUDJRQZDVDERXWWRKXUOKLPVHOIXSWKH FUDJDJDLQWKH&LPPHULDQGUHZEDFNDQGFOLPEHGXSWRWKHOHGJHZLWK WKHEUDQFKHVKHKDGFXW7KHUHZHUHWKUHHRIWKHVHVOHQGHUVKDIWV DERXWVHYHQIHHWORQJEXWQRWODUJHUWKDQKLVWKXPE+HKDGDOVRFXW VHYHUDOVWUDQGVRIWRXJKWKLQYLQH %UDQFKHVWRROLJKWIRUVSHDUKDIWVDQGFUHHSHUVQRWKLFNHUWKDQ FRUGVKHUHPDUNHGLQGLFDWLQJWKHIROLDJHDERXWWKHFUDJ,WZRQ W KROGRXUZHLJKWEXWWKHUH VVWUHQJWKLQXQLRQ7KDW VZKDWWKH $TXLORQLDQUHQHJDGHVXVHGWRWHOOXV&LPPHULDQVZKHQWKH\FDPHLQWR WKHKLOOVWRUDLVHDQDUP\WRLQYDGHWKHLURZQFRXQWU\%XWZHDOZD\V ILJKWE\FODQVDQGWULEHV
:KDWWKHGHYLOKDVWKDWJRWWRGRZLWKWKRVHVWLFNV"VKH GHPDQGHG
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
9DOHULDDZRNHZLWKDVWDUWWRWKHUHDOL]DWLRQWKDWDJUH\GDZQ ZDVVWHDOLQJRYHUWKHSODLQ 6KHVDWXSUXEELQJKHUH\HV&RQDQVTXDWWHGEHVLGHWKHFDFWXV FXWWLQJRIIWKHWKLFNSHDUVDQGGH[WHURXVO\WZLWFKLQJRXWWKHVSLNHV
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
%XWGUDJRQVDUHLPPRUWDOH[FODLPHG2OPHF7KH\VOD\HDFK RWKHUEXWQRPDQHYHUNLOOHGDGUDJRQ7KHWKRXVDQGILJKWLQJPHQRI RXUDQFHVWRUVZKRIRXJKWWKHLUZD\WR;XFKRWOFRXOGQRWSUHYDLO DJDLQVWWKHP7KHLUVZRUGVEURNHOLNHWZLJVDJDLQVWWKHLUVFDOHV ,I\RXUDQFHVWRUVKDGWKRXJKWWRGLSWKHLUVSHDUVLQWKH SRLVRQRXVMXLFHRI'HUNHWD V$SSOHVTXRWK&RQDQZLWKKLVPRXWK IXOODQGMDEWKHPLQWKHH\HVRUPRXWKRUVRPHZKHUHOLNHWKDW WKH\ GKDYHVHHQWKDWGUDJRQVDUHQRPRUHLPPRUWDOWKDQDQ\RWKHU FKXQNRIEHHI7KHFDUFDVVOLHVDWWKHHGJHRIWKHWUHHVMXVWZLWKLQ WKHIRUHVW,I\RXGRQ WEHOLHYHPHJRDQGORRNIRU\RXUVHOI 2OPHFVKRRNKLVKHDGQRWLQGLVEHOLHIEXWLQZRQGHU ,WZDVEHFDXVHRIWKHGUDJRQVWKDWRXUDQFHVWRUVWRRNUHIXJHLQ ;XFKRWOVDLGKH7KH\GDUHGQRWSDVVWKURXJKWKHSODLQDQGSOXQJH LQWRWKHIRUHVWEH\RQG6FRUHVRIWKHPZHUHVHL]HGDQGGHYRXUHGE\ WKHPRQVWHUVEHIRUHWKH\FRXOGUHDFKWKHFLW\ 7KHQ\RXUDQFHVWRUVGLGQ WEXLOG;XFKRWO"DVNHG9DOHULD ,WZDVDQFLHQWZKHQWKH\ILUVWFDPHLQWRWKHODQG+RZORQJLW KDGVWRRGKHUHQRWHYHQLWVGHJHQHUDWHLQKDELWDQWVNQHZ
JURZIUXLWZLWKLQWKHFLW\IUXLWZKLFKLVQRWSODQWHGLQVRLOEXW REWDLQVLWVQRXULVKPHQWRXWRIWKHDLUDQGWKHQWKH\OHWWKH LUULJDWLRQGLWFKHVUXQGU\DQGGZHOWPRUHDQGPRUHLQOX[XULRXV VORWKXQWLOGHFD\VHL]HGWKHP7KH\ZHUHDG\LQJUDFHZKHQRXU DQFHVWRUVEURNHWKURXJKWKHIRUHVWDQGFDPHLQWRWKHSODLQ7KHLU ZL]DUGVKDGGLHGDQGWKHSHRSOHKDGIRUJRWWKHLUDQFLHQWQHFURPDQF\ 7KH\FRXOGILJKWQHLWKHUE\VRUFHU\QRUWKHVZRUG :HOORXUIDWKHUVVOHZWKHSHRSOHRI;XFKRWODOOH[FHSWD KXQGUHGZKLFKZHUHJLYHQOLYLQJLQWRWKHKDQGVRI7RONHPHFZKRKDG EHHQWKHLUVODYHDQGIRUPDQ\GD\VDQGQLJKWVWKHKDOOVUHHFKRHGWR WKHLUVFUHDPVXQGHUWKHDJRQ\RIKLVWRUWXUHV 6RWKH7OD]LWODQVGZHOWKHUHIRUDZKLOHLQSHDFHUXOHGE\WKH EURWKHUV7HFXKOWOLDQG;RWDODQFDQGE\7RONHPHF7RONHPHFWRRND JLUORIWKHWULEHWRZLIHDQGEHFDXVHKHKDGRSHQHGWKHJDWHVDQG EHFDXVHKHNQHZPDQ\RIWKHDUWVRIWKH;XFKRWODQVKHVKDUHGWKH UXOHRIWKHWULEHZLWKWKHEURWKHUVZKRKDGOHGWKHUHEHOOLRQDQGWKH IOLJKW )RUDIHZ\HDUVWKHQWKH\GZHOWDWSHDFHZLWKLQWKHFLW\GRLQJ OLWWOHEXWHDWLQJGULQNLQJDQGPDNLQJORYHDQGUDLVLQJFKLOGUHQ 7KHUHZDVQRQHFHVVLW\WRWLOOWKHSODLQIRU7RONHPHFWDXJKWWKHP KRZWRFXOWLYDWHWKHDLUGHYRXULQJIUXLWV%HVLGHVWKHVOD\LQJRI WKH;XFKRWODQVEURNHWKHVSHOOWKDWKHOGWKHGUDJRQVLQWKHIRUHVW DQGWKH\FDPHQLJKWO\DQGEHOORZHGDERXWWKHJDWHVRIWKHFLW\7KH SODLQUDQUHGZLWKWKHEORRGRIWKHLUHWHUQDOZDUIDUHDQGLWZDV WKHQWKDW+HELWKLVWRQJXHLQWKHPLGVWRIWKHVHQWHQFHWKHQ SUHVHQWO\FRQWLQXHGEXW9DOHULDDQG&RQDQIHOWWKDWKHKDGFKHFNHG DQDGPLVVLRQKHKDGFRQVLGHUHGXQZLVH )LYH\HDUVWKH\GZHOWLQSHDFH7KHQ2OPHF VH\HVUHVWHG EULHIO\RQWKHVLOHQWZRPDQDWKLVVLGH;RWDODQFWRRNDZRPDQWR ZLIHDZRPDQZKRPERWK7HFXKOWOLDQGROG7RONHPHFGHVLUHG,QKLV PDGQHVV7HFXKOWOLVWROHKHUIURPKHUKXVEDQG$\HVKHZHQW ZLOOLQJO\HQRXJK7RONHPHFWRVSLWH;RWDODQFDLGHG7HFXKOWOL ;RWDODQFGHPDQGHGWKDWVKHEHJLYHQEDFNWRKLPDQGWKHFRXQFLORI WKHWULEHGHFLGHGWKDWWKHPDWWHUVKRXOGEHOHIWWRWKHZRPDQ6KH FKRVHWRUHPDLQZLWK7HFXKOWOL,QZUDWK;RWDODQFVRXJKWWRWDNHKHU EDFNE\IRUFHDQGWKHUHWDLQHUVRIWKHEURWKHUVFDPHWREORZVLQWKH *UHDW+DOO 7KHUHZDVPXFKELWWHUQHVV%ORRGZDVVKHGRQERWKVLGHV7KH TXDUUHOEHFDPHDIHXGWKHIHXGDQRSHQZDU)URPWKHZHOWHUWKUHH IDFWLRQVHPHUJHG7HFXKOWOL;RWDODQFDQG7RONHPHF$OUHDG\LQ WKHGD\VRISHDFHWKH\KDGGLYLGHGWKHFLW\EHWZHHQWKHP7HFXKOWOL GZHOWLQWKHZHVWHUQTXDUWHURIWKHFLW\;RWDODQFLQWKHHDVWHUQ DQG7RONHPHFZLWKKLVIDPLO\E\WKHVRXWKHUQJDWH $QJHUDQGUHVHQWPHQWDQGMHDORXV\EORVVRPHGLQWREORRGVKHGDQG UDSHDQGPXUGHU2QFHWKHVZRUGZDVGUDZQWKHUHZDVQRWXUQLQJEDFN IRUEORRGFDOOHGIRUEORRGDQGYHQJHDQFHIROORZHGVZLIWRQWKHKHHOV RIDWURFLW\7HFXKOWOLIRXJKWZLWK;RWDODQFDQG7RONHPHFDLGHGILUVW RQHDQGWKHQWKHRWKHUEHWUD\LQJHDFKIDFWLRQDVLWILWWHGKLV SXUSRVHV7HFXKOWOLDQGKLVSHRSOHZLWKGUHZLQWRWKHTXDUWHURIWKH ZHVWHUQJDWHZKHUHZHQRZVLW;XFKRWOLVEXLOWLQWKHVKDSHRIDQ RYDO7HFXKOWOLZKLFKWRRNLWVQDPHIURPLWVSULQFHRFFXSLHVWKH ZHVWHUQHQGRIWKHRYDO7KHSHRSOHEORFNHGXSDOOGRRUVFRQQHFWLQJ WKHTXDUWHUZLWKWKHUHVWRIWKHFLW\H[FHSWRQHRQHDFKIORRU ZKLFKFRXOGEHGHIHQGHGHDVLO\7KH\ZHQWLQWRWKHSLWVEHORZWKH FLW\DQGEXLOWDZDOOFXWWLQJRIIWKHZHVWHUQHQGRIWKHFDWDFRPEV ZKHUHOLHWKHERGLHVRIWKHDQFLHQW;XFKRWODQVDQGRIWKRVH 7OD]LWODQVVODLQLQWKHIHXG7KH\GZHOWDVLQDEHVLHJHGFDVWOH PDNLQJVRUWLHVDQGIRUUD\VRQWKHLUHQHPLHV 7KHSHRSOHRI;RWDODQFOLNHZLVHIRUWLILHGWKHHDVWHUQTXDUWHURI WKHFLW\DQG7RONHPHFGLGOLNHZLVHZLWKWKHTXDUWHUE\WKHVRXWKHUQ JDWH7KHFHQWUDOSDUWRIWKHFLW\ZDVOHIWEDUHDQGXQLQKDELWHG 7KRVHHPSW\KDOOVDQGFKDPEHUVEHFDPHDEDWWOHJURXQGDQGDUHJLRQRI EURRGLQJWHUURU 7RONHPHFZDUUHGRQERWKFODQV+HZDVDILHQGLQWKHIRUPRID KXPDQZRUVHWKDQ;RWDODQF+HNQHZPDQ\VHFUHWVRIWKHFLW\KHQHYHU WROGWKHRWKHUV)URPWKHFU\SWVRIWKHFDWDFRPEVKHSOXQGHUHGWKH
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
9DOHULDXQEXFNOHGKHUVZRUGEHOWDQGODLGLWZLWKWKHVKHDWKHG ZHDSRQRQWKHFRXFKZKHUHVKHPHDQWWRVOHHS6KHQRWHGWKDWWKH GRRUVZHUHVXSSOLHGZLWKEROWVDQGDVNHGZKHUHWKH\OHG 7KRVHOHDGWRDGMRLQLQJFKDPEHUVDQVZHUHGWKHZRPDQLQGLFDWLQJ WKHGRRUVRQULJKWDQGOHIW7KDWRQH"SRLQWLQJWRDFRSSHU ERXQGGRRURSSRVLWHWKDWZKLFKRSHQHGLQWRWKHFRUULGRUOHDGVWR DFRUULGRUZKLFKUXQVWRDVWDLUWKDWGHVFHQGVLQWRWKHFDWDFRPEV'R QRWIHDUQDXJKWFDQKDUP\RXKHUH :KRVSRNHRIIHDU"VQDSSHG9DOHULD,MXVWOLNHWRNQRZZKDW VRUWRIKDUERU, PGURSSLQJDQFKRULQ1R,GRQ WZDQW\RXWRVOHHS DWWKHIRRWRIP\FRXFK, PQRWDFFXVWRPHGWREHLQJZDLWHGRQQRW E\ZRPHQDQ\ZD\
LWZDVWKDWVKHVDZQRWDJDUJDQWXDQEORVVRPEXWDGDUNVNLQQHG ZRPDQVWDQGLQJDERYHKHU :LWKWKHUHDOL]DWLRQFDPHDQJHUDQGLQVWDQWDFWLRQ7KHZRPDQ WXUQHGOLWKHO\EXWEHIRUHVKHFRXOGUXQ9DOHULDZDVRQKHUIHHWDQG KDGFDXJKWKHUDUP6KHIRXJKWOLNHDZLOGFDWIRUDQLQVWDQWDQG WKHQVXEVLGHGDVVKHIHOWKHUVHOIFUXVKHGE\WKHVXSHULRUVWUHQJWKRI KHUFDSWRU7KHSULDWHZUHQFKHGWKHZRPDQDURXQGWRIDFHKHUFDXJKW KHUFKLQZLWKKHUIUHHKDQGDQGIRUFHGKHUFDSWLYHWRPHHWKHUJD]H ,WZDVWKHVXOOHQ
SXQLVKPHQWFRQWLQXHG%XWVKHGLGQRWFU\RXW 7KHSOLDQWFRUGVPDGHQRJUHDWVRXQGDVWKH\HQFRXQWHUHGWKH TXLYHULQJERG\RIWKHFDSWLYHRQO\DVKDUSFUDFNOLQJVQDSEXWHDFK FRUGOHIWDUHGVWUHDNDFURVV
VWDPSRIUXQQLQJIHHWDQGWKHORXGFODQJRURIVZRUGV 7ZHQW\5HG1DLOV
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
DERXWDVODVKHGIRUHDUP 9HU\ZHOO
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
&RQDQQHHGHGQRJXLGHEDFNWKURXJKWKHODEU\LQWKWKH\KDG WUDYHUVHG+LVSULPLWLYHLQVWLQFWRIGLUHFWLRQOHGKLPXQHUULQJO\ DORQJWKHURXWHWKH\KDGFRPH+HWUDYHUVHGLWDVZDULO\DVKHKDG EHIRUHKLVVZRUGLQKLVKDQGDQGKLVH\HVILHUFHO\VHDUFKLQJHDFK VKDGRZHGQRRNDQGFRUQHUIRULWZDVKLVIRUPHUDOOLHVKHIHDUHGQRZ QRWWKHJKRVWVRIWKHVODLQ;RWDODQFDV +HKDGFURVVHGWKH*UHDW+DOODQGHQWHUHGWKHFKDPEHUVEH\RQGZKHQ KHKHDUGVRPHWKLQJPRYLQJDKHDGRIKLPVRPHWKLQJZKLFKJDVSHGDQG SDQWHGDQGPRYHGZLWKDVWUDQJHIORXQGHULQJVFUDPEOLQJQRLVH$ PRPHQWODWHU&RQDQVDZDPDQFUDZOLQJRYHUWKHIODPLQJIORRUWRZDUG KLPDPDQZKRVHSURJUHVVOHIWDEURDGEORRG\VPHDURQWKH VPROGHULQJVXUIDFH,WZDV7HFKRWODQGKLVH\HVZHUHDOUHDG\JOD]LQJ IURPDGHHSJDVKLQKLVEUHDVWEORRGJXVKHGVWHDGLO\EHWZHHQWKH ILQJHUVRIKLVFOXWFKLQJKDQG:LWKWKHRWKHUKHFODZHGDQGKLWFKHG KLPVHOIDORQJ &RQDQKHFULHGFKRNLQJO\&RQDQ2OPHFKDVWDNHQWKH\HOORZ KDLUHGZRPDQ 6RWKDW VZK\KHWROG7RSDOWRNLOOPHPXUPXUHG&RQDQGURSSLQJ WRKLVNQHHEHVLGHWKHPDQZKRKLVH[SHULHQFHGH\HWROGKLPZDV G\LQJ2OPHFLVQ WDVPDGDV,WKRXJKW 7HFKRWO VJURSLQJILQJHUVSOXFNHGDW&RQDQ VDUP,QWKHFROG ORYHOHVVDQGDOWRJHWKHUKLGHRXVOLIHRIWKH7HFXKOWOLKLV DGPLUDWLRQDQGDIIHFWLRQIRUWKHLQYDGHUVIURPWKHRXWHUZRUOGIRUPHG DZDUPKXPDQRDVLVFRQVWLWXWHGDWLHWKDWFRQQHFWHGKLPZLWKDPRUH QDWXUDOKXPDQLW\WKDWZDVWRWDOO\ODFNLQJLQKLVIHOORZVZKRVHRQO\ HPRWLRQVZHUHKDWHOXVWDQGWKHXUJHRIVDGLVWLFFUXHOW\ ,VRXJKWWRRSSRVHKLPJXUJOHG7HFKRWOEORRGEXEEOLQJIURWKLO\ WRKLVOLSV%XWKHVWUXFNPHGRZQ+HWKRXJKWKHKDGVODLQPHEXW ,FUDZOHGDZD\$K6HWKRZIDU,KDYHFUDZOHGLQP\RZQEORRG %HZDUH&RQDQ2OPHFPD\KDYHVHWDQDPEXVKIRU\RXUUHWXUQ6OD\ 2OPHF+HLVDEHDVW7DNH9DOHULDDQGIOHH)HDUQRWWRWUDYHUVHWKH IRUHVW2OPHFDQG7DVFHODOLHGDERXWWKHGUDJRQV7KH\VOHZHDFK RWKHU\HDUVDJRDOOVDYHWKHVWURQJHVW)RUDGR]HQ\HDUVWKHUHKDV EHHQRQO\RQHGUDJRQ,I\RXKDYHVODLQKLPWKHUHLVQDXJKWLQWKH IRUHVWWRKDUP\RX+HZDVWKHJRG2OPHFZRUVKLSSHGDQG2OPHFIHG KXPDQVDFULILFHVWRKLPWKHYHU\ROGDQGWKHYHU\\RXQJERXQGDQG KXUOHGIURPWKHZDOO+DVWHQ2OPHFKDVWDNHQ9DOHULDWRWKH&KDPEHU RIWKH +LVKHDGVOXPSHGGRZQDQGKHZDVGHDGEHIRUHLWFDPHWRUHVWRQ WKHIORRU &RQDQVSUDQJXSKLVH\HVOLNHOLYHFRDOV6RWKDWZDV2OPHF V JDPHKDYLQJILUVWXVHGWKHVWUDQJHUVWRGHVWUR\KLVIRHV+HVKRXOG KDYHNQRZQWKDWVRPHWKLQJRIWKHVRUWZRXOGEHJRLQJRQLQWKDW EODFNEHDUGHGGHJHQHUDWH VPLQG 7KH&LPPHULDQVWDUWHGWRZDUG7HFXKOWOLZLWKUHFNOHVVVSHHG 5DSLGO\KHUHFNRQHGWKHQXPEHUVRIKLVIRUPHUDOOLHV2QO\WZHQW\ RQHFRXQWLQJ2OPHFKDGVXUYLYHGWKDWILHQGLVKEDWWOHLQWKHWKURQH URRP7KUHHKDGGLHGVLQFHZKLFKOHIWVHYHQWHHQHQHPLHVZLWKZKLFK WRUHFNRQ,QKLVUDJH&RQDQIHOWFDSDEOHRIDFFRXQWLQJIRUWKHZKROH FODQVLQJOHKDQGHG %XWWKHLQQDWHFUDIWRIWKHZLOGHUQHVVURVHWRJXLGHKLVEHUVHUN UDJH+HUHPHPEHUHG7HFKRWO VZDUQLQJRIDQDPEXVK,WZDVTXLWH SUREDEOHWKDWWKHSULQFHZRXOGPDNHVXFKSURYLVLRQVRQWKHFKDQFH WKDW7RSDOPLJKWKDYHIDLOHGWRFDUU\RXWKLVRUGHU2OPHFZRXOGEH H[SHFWLQJKLPWRUHWXUQE\WKHVDPHURXWHKHKDGIROORZHGLQJRLQJWR ;RWDODQF &RQDQJODQFHGXSDWDVN\OLJKWXQGHUZKLFKKHZDVSDVVLQJDQG FDXJKWWKHEOXUUHGJOLPPHURIVWDUV7KH\KDGQRW\HWEHJXQWRSDOH IRUGDZQ7KHHYHQWVRIWKHQLJKWKDGEHHQFURZGHGLQWRD FRPSDUDWLYHO\VKRUWVSDFHRIWLPH +HWXUQHGDVLGHIURPKLVGLUHFWFRXUVHDQGGHVFHQGHGDZLQGLQJ VWDLUFDVHWRWKHIORRUEHORZ+HGLGQRWNQRZZKHUHWKHGRRUZDVWR EHIRXQGWKDWOHWLQWRWKHFDVWOHRQWKDWOHYHOEXWKHNQHZKHFRXOG ILQGLW+RZKHZDVWRIRUFHWKHORFNVKHGLGQRWNQRZKHEHOLHYHG WKDWWKHGRRUVRI7HFXKOWOLZRXOGDOOEHORFNHGDQGEROWHGLIIRUQR RWKHUUHDVRQWKDQWKHKDELWVRIKDOIDFHQWXU\%XWWKHUHZDVQRWKLQJ
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
ZDVO\LQJEDFNLQWKHIRUHVWZKHUHWKHGUDJRQKDGWRUQLWIURPKLV MDZ7KHVWHHOWHHWKLQKLVOHJZHUHOLNHEXUQLQJFRDOVEXWWKHSDLQ ZDVQRWDVVDYDJHDVWKHIXU\WKDWVHHWKHGLQKLVVRXO+HZDV WUDSSHGOLNHDZROI,IKHKDGKDGKLVVZRUGKHZRXOGKDYHKHZQRII KLVOHJDQGFUDZOHGDFURVVWKHIORRUWRVOD\7DVFHOD9DOHULD VH\HV UROOHGWRZDUGKLPZLWKPXWHDSSHDODQGKLVRZQKHOSOHVVQHVVVHQWUHG ZDYHVRIPDGQHVVVXUJLQJWKURXJKKLVEUDLQ 'URSSLQJRQWKHNQHHRIKLVIUHHOHJKHVWURYHWRJHWKLVILQJHUV EHWZHHQWKHMDZVRIWKHWUDSWRWHDUWKHPDSDUWE\VKHHUVWUHQJWK %ORRGVWDUWHGIURPEHQHDWKKLVILQJHUQDLOVEXWWKHMDZVILWWHGFORVH DERXWKLVOHJLQDFLUFOHZKRVHVHJPHQWVMRLQWHGSHUIHFWO\ FRQWUDFWHGXQWLOWKHUHZDVQRVSDFHEHWZHHQKLVPDQJOHGIOHVKDQGWKH IDQJHGLURQ7KHVLWHRI9DOHULD VQDNHGERG\DGGHGIODPHWRWKHILUH RIKLVUDJH 7DVFHODLJQRUHGKLP5LVLQJODQJXLGO\IURPKHUVHDWVKHVZHSWWKH UDQNVRIKHUVXEMHFWVZLWKDVHDUFKLQJJODQFHDQGDVNHG:KHUHDUH ;DPHF=ODQDWKDQG7DFKLF" 7KH\GLGQRWUHWXUQIURPWKHFDWDFRPEVSULQFHVVDQVZHUHGD PDQ/LNHWKHUHVWRIXVWKH\ERUHERGLHVRIWKHVODLQLQWRWKH FU\SWVEXWWKH\KDYHQRWUHWXUQHG3HUKDSVWKHJKRVWRI7RONHPHF WRRNWKHP %HVLOHQWIRROVKHRUGHUHGKDUVKO\7KHJKRVWLVDP\WK 6KHFDPHGRZQIURPKHUGDLVSOD\LQJZLWKDWKLQJROGKLOWHG GDJJHU+HUH\HVEXUQHGOLNHQRWKLQJRQWKHKLWKHUVLGHRIKHOO6KH SDXVHGEHVLGHWKHDOWDUDQGVSRNHLQWKHWHQVHVWLOOQHVV
ZD\VRI;XFKRWO+HZDVQRWPDGDVDPDQLVDPG+HKDGGZHOWDSDUW IURPKXPDQLW\VRORQJWKDWKHZDVQRORQJHUKXPDQ2QO\DQXQEURNHQ WKUHDGRIPHPRU\HPERGLHGLQKDWHDQGWKHXUJHIRUYHQJHDQFHKDG FRQQHFWHGKLPZLWKWKHKXPDQLW\IURPZKLFKKHKDGEHHQFXWRIIDQG KHOGKLPOXUNLQJQHDUWKHSHRSOHKHKDWHG2QO\WKDWWKLQVWULQJKDG NHSWKLPIURPUDFLQJDQGSUDQFLQJRIIIRUHYHULQWRWKHEODFN FRUULGRUVDQGUHDOPVRIWKHVXEWHUUDQHDQZRUOGKHKDGGLVFRYHUHG ORQJDJR
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
-(:(/62)*:$+/85 &RQDQ VDPRXUZLWK9DOHULDGRHVQRWODVWORQJSHUKDSVWKHIDFW WKDWHDFKRIWKHPLQVLVWVRQEHLQJWKHERVVKDVVRPHWKLQJWRGRZLWK WKHIDFW$WDQ\UDWHWKH\SDUW9DOHULDWRUHWXUQWRWKHVHD&RQDQ WRWU\KLVOXFNLQWKHEODFNNLQJGRPV+HDULQJRIWKHSULFHOHVV 7HHWKRI*ZDKOXUDIRUWXQHLQDQFLHQWMHZHOVKLGGHQVRPHZKHUHLQ .HVKDQKHVHOOVKLVVHUYLFHVWRWKHLUDVFLEOHNLQJRI.HVKDQWR WUDLQKLVDUPLHVIRUZDUDJDLQVWWKHQHLJKERULQJNLQJGRPRI3XQW 3DWKVRI,QWULJXH
7KHFOLIIVURVHVKHHUIURPWKHMXQJOHWRZHULQJUDPSDUWVRIVWRQH WKDWJOLQWHGMDGHEOXHDQGGXOOFULPVRQLQWKHULVLQJVXQDQGFXUYHG DZD\DQGDZD\WRHDVWDQGZHVWDERYHWKHZDYLQJHPHUDOGRFHDQRI IURQGVDQGOHDYHV,WORRNHGLQVXUPRXQWDEOHWKDWJLDQWSDOLVDGHZLWK LWVVKHHUFXUWDLQVRIVROLGURFNLQZKLFKELWVRITXDUW]ZLQNHG GD]]OLQJO\LQWKHVXQOLJKW%XWWKHPDQZKRZDVZRUNLQJKLVWHGLRXV ZD\XSZDUGZDVDOUHDG\KDOIZD\WRWKHWRS +HFDPHIURPDUDFHRIKLOOPHQDFFXVWRPHGWRVFDOLQJIRUELGGLQJ FUDJVDQGKHZDVDPDQRIXQXVXDOVWUHQJWKDQGDJLOLW\+LVRQO\ JDUPHQWZDVDSDLURIVKRUWUHGVLONEUHHNVDQGKLVVDQGDOVZHUH VOXQJWRKLVEDFNRXWRIKLVZD\DVZHUHKLVVZRUGDQGGDJJHU 7KHPDQZDVSRZHUIXOO\EXLOWVXSSOHDVDSDQWKHU+LVVNLQZDV EURQ]HGE\WKHVXQKLVVTXDUHFXWEODFNPDQHFRQILQHGE\DVLOYHU
EDQGDERXWKLVWHPSOHV+LVLURQPXVFOHVTXLFNH\HVDQGVXUHIHHW VHUYHGKLPZHOOKHUHIRULWZDVDFOLPEWRWHVWWKHVHTXDOLWLHVWR WKHXWPRVW$KXQGUHGDQGILIW\IHHWEHORZKLPZDYHGWKHMXQJOH$Q HTXDOGLVWDQFHDERYHKLPWKHULPRIWKHFOLIIVZDVHWFKHGDJDLQVWWKH PRUQLQJVN\ +HODERUHGOLNHRQHGULYHQE\WKHQHFHVVLW\RIKDVWH\HWKHZDV IRUFHGWRPRYHDWDVQDLO VSDFHFOLQJLQJOLNHDIO\RQDZDOO+LV JURSLQJKDQGVDQGIHHWIRXQGQLFKHVDQGNQREVSUHFDULRXVKROGVDW EHVWDQGVRPHWLPHVKHYLUWXDOO\KXQJE\KLVILQJHUQDLOV
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
GRJ
7KH5HWXUQRIWKH2UDFOH
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
LQWHULRUZDVRIWKHFXULRXVZKLWHO\IODPLQJFU\VWDOIRXQGRQO\LQWKH KLOOVRIWKHEODFNFRXQWULHV7KHOLJKWIORRGHGWKHWKURQHURRPDQG VHHSHGLQWRWKHFKDPEHUVLPPHGLDWHO\DGMRLQLQJ %XWDV&RQDQPDGHWRZDUGWKHGRRUWKDWOHGLQWRWKHWKURQHURRP KHZDVEURXJKWDURXQGVXGGHQO\E\DQRLVHWKDWVHHPHGWRHPDQDWHIURP WKHSDVVDJHWKDWOHGRIIIURPWKHDOFRYH+HFURXFKHGDWWKHPRXWK VWDULQJLQWRLWUHPHPEHULQJWKHFODQJRURIWKHJRQJWKDWKDGHFKRHG IURPLWWROXUHKLPLQWRDVQDUH7KHOLJKWIURPWKHGRPHILOWHUHG RQO\DOLWWOHZD\LQWRWKDWQDUURZFRUULGRUDQGVKRZHGKLPRQO\ HPSW\VSDFH
QRW0XULHOD,W V
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
WKHJDOOHU\+LVEORRGUDQFROGDVKHDSSURDFKHGLWEXWKHGLGQRW KHVLWDWH+HFDPHRQZLWKKLVVZRUGOLIWHGDQGWRZHUHGOLNHDWKUHDW RIGHDWKRYHUWKHLQVFUXWDEOHVKDSH
KHUWHDUVWDLQHGIDFHWRZDUGKLP B&RQDQB6KHPDGHDVSDVPRGLFHIIRUWWRJRLQWRWKHXVXDO FOLQFKEXWWKHFKDLQVKLQGHUHGKHU+HFXWWKURXJKWKHVRIWJROGDV FORVHWRKHUZULVWVDVKHFRXOGJUXQWLQJ
UXLQHGP\FKDQFHVZLWKKLVVWROHQJRGGHVV, PJRLQJWRIROORZWKH SULHVWVDQGWDNHP\FKDQFHRIVWHDOLQJWKHORRWIURPWKHPDIWHUWKH\ JHWLW$QG\RXVWD\FORVHWRPH,FDQ WVSHQGDOOP\WLPHORRNLQJ IRU\RX %XWWKHVHUYDQWVRI%LW
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
,W VQRWKLQJWRPHWKHRWKHUUHWRUWHG, PDPHUFHQDU\,VHOO P\VZRUGWRWKHKLJKHVWELGGHU,QHYHUSODQWHGZKHDWDQGQHYHUZLOO VRORQJDVWKHUHDUHRWKHUKDUYHVWVWREHUHDSHGZLWKWKHVZRUG%XW \RX+\ERULDQVKDYHH[SDQGHGDVIDUDV\RX OOEHDOORZHGWRH[SDQG
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
FDUU\LQJKLVVKDUHRIWKHORDGZLWKRQHKDQGZKLOHWKHRWKHUJULSSHG KLVQDNHGEURDGVZRUGDQGKLVUHVWOHVVJD]HURYHGWKHVLQLVWHUZDOOV DERXWWKHP7KHVKDGRZVZHUHWKLFNHQLQJ$GDUNHQLQJEOXHPLVW EOXUUHGWKHRXWOLQHVRIWKHIROLDJH7KHIRUHVWGHHSHQHGLQWKH WZLOLJKWEHFDPHDEOXHKDXQWRIP\VWHU\VKHOWHULQJXQJXHVVHGWKLQJV 7KH\KDGFRYHUHGPRUHWKDQDPLOHDQGWKHPXVFOHVLQ%DOWKXV
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
JDVSHG%DOWKXVPRSSLQJWKHVZHDWIURPKLVSDOHIDFH $VZDPSGHYLOUHVSRQGHG&RQDQPRURVHO\*UDEWKRVHSROHV :H OOWDNHLQWKHERG\DQ\ZD\$WOHDVWRXUORDG VDELWOLJKWHU :LWKZKLFKJULPSKLORVRSK\KHJULSSHGWKHOHDWKHU\ORRSDQG VWDONHGGRZQWKHWUDLO 7KH:L]DUGRI*ZDZHOD
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
PHQRIIGXW\ORXQJHG7KHVHZHUHQRZKXUU\LQJWRMRLQWKHPRUELG FURZGJDWKHUHGDERXWWKHOLWWHUDWWKHJDWH7KHUDQJ\ILJXUHVRI $TXLORQLDQSLNHPHQDQGIRUHVWUXQQHUVPLQJOHGZLWKWKHVKRUWHU VWRFNLHUIRUPVRI%RVVRQLDQDUFKHUV +HZDVQRWJUHDWO\VXUSULVHGWKDWWKHJRYHUQRUUHFHLYHGWKHP KLPVHOI$XWRFUDWLFVRFLHW\ZLWKLWVULJLGFDVWHODZVOD\HDVWRIWKH PDUFKHV9DODQQXVZDVVWLOOD\RXQJPDQZHOONQLWZLWKDILQHO\ FKLVHOHGFRXQWHQDQFHDOUHDG\FDUYHGLQWRVREHUFDVWE\WRLODQG UHVSRQVLELOLW\
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
WKHULYHU:LOO\RXWDNHDEDQGRIPHQWRQLJKWDQGHQGHDYRUWRNLOO RUFDSWXUHKLP"2K,NQRZLW VPDG7KHUHLVQ WPRUHWKDQRQHFKDQFH LQDWKRXVDQGWKDWDQ\RI\RXZLOOFRPHEDFNDOLYH%XWLIZHGRQ W JHWKLPLW VGHDWKIRUXVDOO
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
:KLFKZD\LVWKHULYHU"%DOWKXVZDVFRQIXVHG
:HGRQ WGDUHWU\IRUWKHULYHUQRZJUXQWHG&RQDQ7KHZRRGV EHWZHHQWKHYLOODJHDQGWKHULYHUDUHVZDUPLQJZLWKZDUULRUV&RPH RQ:H OOKHDGLQWKHODVWGLUHFWLRQWKH\ OOH[SHFWXVWRJR ZHVW /RRNLQJEDFNDVWKH\HQWHUHGWKHWKLFNJURZWK%DOWKXVEHKHOGWKH ZDOOGRWWHGZLWKEODFNKHDGVDVWKHVDYDJHVSHHUHGRYHU7KH3LFWV ZHUHEHZLOGHUHG7KH\KDGQRWJDLQHGWKHZDOOLQWLPHWRVHHWKH IXJLWLYHVWDNHFRYHU7KH\KDGUXVKHGWRWKHZDOOH[SHFWLQJWRUHSHO DQDWWDFNLQIRUFH7KH\KDGVHHQWKHERG\RIWKHGHDGZDUULRU%XW QRHQHP\ZDVLQVLJKW %DOWKXVUHDOL]HGWKDWWKH\GLGQRW\HWNQRZWKHLUSULVRQHUKDG HVFDSHG)URPRWKHUVRXQGVKHEHOLHYHGWKDWWKHZDUULRUVGLUHFWHGE\ WKHVKULOOYRLFHRI=RJDU6DJZHUHGHVWUR\LQJWKHZRXQGHGVHUSHQW ZLWKDUURZV7KHPRQVWHUZDVRXWRIWKHVKDPDQ VFRQWURO$PRPHQW ODWHUWKHTXDOLW\RIWKH\HOOVZDVDOWHUHG6FUHHFKHVRIUDJHURVHLQ WKHQLJKW &RQDQODXJKHGJULPO\+HZDVOHDGLQJ%DOWKXVDORQJDQDUURZWUDLO WKDWUDQZHVWXQGHUWKHEODFNEUDQFKHVVWHSSLQJDVVZLIWO\DQG VXUHO\DVLIKHWURGDZHOOOLJKWHGWKRURXJKIDUH%DOWKXVVWXPEOHG DIWHUKLPJXLGLQJKLPVHOIE\IHHOLQJWKHGHQVHZDOORQHLWKHUKDQG 7KH\ OOEHDIWHUXVQRZ=RJDU VGLVFRYHUHG\RX UHJRQHDQGKH NQRZVP\KHDGZDVQ WLQWKHSLOHEHIRUHWKHDOWDUKXW7KHGRJ,I , GKDGDQRWKHUVSHDU, GKDYHWKURZQLWWKURXJKKLPEHIRUH,VWUXFN WKHVQDNH.HHSWRWKHWUDLO7KH\FDQ WWUDFNXVE\WRUFKOLJKWDQG WKHUHDUHDVFRUHRISDWKVOHDGLQJIURPWKHYLOODJH7KH\ OOIROORZ WKRVHOHDGLQJWRWKHULYHUILUVWWKURZDFRUGRQRIZDUULRUVIRU PLOHVDORQJWKHEDQNH[SHFWLQJXVWRWU\WREUHDNWKURXJK:HZRQ W WDNHWRWKHZRRGVXQWLOZHKDYHWR:HFDQPDNHEHWWHUWLPHRQWKLV WUDLO1RZEXFNOHGRZQWRLWDQGUXQZDV\RXQHYHUUDQEHIRUH 7KH\JRWRYHUWKHLUSDQLFFXUVHGTXLFNSDQWHG%DOWKXV FRPSO\LQJZLWKDIUHVKEXUVWRIVSHHG 7KH\ UHQRWDIUDLGRIDQ\WKLQJYHU\ORQJJUXQWHG&RQDQ )RUDVSDFHQRWKLQJZDVVDLGEHWZHHQWKHP7KHIXJLWLYHVGHYRWHG DOOWKHLUDWWHQWLRQWRFRYHULQJGLVWDQFH7KH\ZHUHSOXQJLQJGHHSHU DQGGHHSHULQWRWKHZLOGHUQHVVDQGJHWWLQJIDUWKHUDZD\IURP FLYLOL]DWLRQDWHYHU\VWHSEXW%DOWKXVGLGQRWTXHVWLRQ&RQDQV ZLVGRP7KH&LPPHULDQSUHVHQWO\WRRNWLPHWRJUXQW:KHQZH UHIDU HQRXJKDZD\IURPWKHYLOODJHZH OOVZLQJEDFNWRWKHULYHULQDELJ FLUFOH1RRWKHUYLOODJHZLWKLQPLOHVRI*ZDZHOD$OOWKH3LFWVDUH JDWKHUHGLQWKDWYLFLQLW\:H OOFLUFOHZLGHDURXQGWKHP7KH\FDQ W WUDFNXVXQWLOGD\OLJKW7KH\ OOSLFNXSRXUSDWKWKHQEXWEHIRUH GDZQZH OOOHDYHWKHWUDLODQGWDNHWRWKHZRRGV 7KH\SOXQJHGRQ7KH\HOOVGLHGRXWEHKLQGWKHP%DOWKXV EUHDWK ZDVZKLVWOLQJWKURXJKKLVWHHWK+HIHOWDSDLQLQKLVVLGHDQG UXQQLQJEHFDPHWRUWXUH+HEOXQGHUHGDJDLQVWWKHEXVKHVRQHDFKVLGH RIWKHWUDLO&RQDQSXOOHGXSVXGGHQO\WXUQHGDQGVWDUHGEDFNGRZQ WKHGLPSDWK 6RPHZKHUHWKHPRRQZDVULVLQJDGLPZKLWHJORZDPLGVWDWDQJOHRI EUDQFKHV 6KDOOZHWDNHWRWKHZRRGV"SDQWHG%DOWKXV *LYHPH\RXUD[PXUPXUHG&RQDQVRIWO\6RPHWKLQJLVFORVH EHKLQGXV 7KHQZH GEHWWHUOHDYHWKHWUDLOH[FODLPHG%DOWKXV&RQDQVKRRN KLVKHDGDQGGUHZKLVFRPSDQLRQLQWRDGHQVHWKLFNHW7KHPRRQURVH KLJKHUPDNLQJDGLPOLJKWLQWKHSDWK :HFDQ WILJKWWKHZKROHWULEHZKLVSHUHG%DOWKXV 1RKXPDQEHLQJFRXOGKDYHIRXQGRXUWUDLOVRTXLFNO\RUIROORZHG XVVRVZLIWO\PXWWHUHG&RQDQ.HHSVLOHQW 7KHUHIROORZHGDWHQVHVLOHQFHLQZKLFK%DOWKXVIHOWWKDWKLV KHDUWFRXOGEHKHDUGSRXQGLQJIRUPLOHVDZD\7KHQDEUXSWO\ZLWKRXW DVRXQGWRDQQRXQFHLWVFRPLQJDVDYDJHKHDGDSSHDUHGLQWKHGLP SDWK%DOWKXV KHDUWMXPSHGLQWRKLVWKURDWDWILUVWJODQFHKH IHDUHGWRORRNXSRQWKHDZIXOKHDGRIWKHVDEHUWRRWK%XWWKLVKHDG ZDVVPDOOHUPRUHQDUURZLWZDVDOHRSDUGZKLFKVWRRGWKHUH VQDUOLQJVLOHQWO\DQGJODULQJGRZQWKHWUDLO:KDWZLQGWKHUHZDVZDV EORZLQJWRZDUGWKHKLGLQJPHQFRQFHDOLQJWKHLUVFHQW7KHEHDVW
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
ZK\WKH\JRWXV=RJDU VEUHZLQJZDUPDJLFQRPHUHUDLGWKLVWLPH +H VGRQHVRPHWKLQJQR3LFWKDVGRQHLQP\PHPRU\XQLWHGDVPDQ\ DVILIWHHQRUVL[WHHQFODQV+LVPDJLFGLGLWWKH\ OOIROORZD ZL]DUGIDUWKHUWKDQWKH\ZLOODZDUFKLHI
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
D[DQGGULYLQJKLVNQHHVDWWKH\RXWK VJURLQ6XGGHQO\KHDWWHPSWHG WRVKLIWKLVNQLIHWRKLVIUHHKDQGDQGLQWKDWLQVWDQW%DOWKXV
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
UHEXLOG9HQDULXP7KHWLPHPD\FRPHZKHQWKH\ OOVHHWKHEDUEDULDQV VZDUPLQJRYHUWKHZDOOVRIWKHHDVWHUQFLWLHV $ZHHNEHIRUH%DOWKXVZRXOGKDYHODXJKHGDWDQ\VXFKSUHSRVWHURXV VXJJHVWLRQ1RZKHPDGHQRUHSO\+HKDGVHHQWKHXQFRQTXHUDEOH IHURFLW\RIWKHPHQZKRGZHOWEH\RQGWKHIURQWLHUV +HVKLYHUHGFDVWLQJJODQFHVDWWKHVXOOHQULYHUMXVWYLVLEOH WKURXJKWKHEXVKHVDWWKHDUFKHVRIWKHWUHHVZKLFKFURZGHGFORVHWR LWVEDQNV+HNHSWUHPHPEHULQJWKDWWKH3LFWVPLJKWKDYHFURVVHGWKH ULYHUDQGEHO\LQJLQDPEXVKEHWZHHQWKHPDQGWKHIRUW,WZDVIDVW JURZLQJGDUN $VOLJKWVRXQGDKHDGRIWKHPMXPSHGKLVKHDUWLQWRKLVWKURDWDQG &RQDQ VVZRUGJOHDPHGLQWKHDLU+HORZHUHGLWZKHQDGRJDJUHDW JDXQWVFDUUHGEHDVWVOXQNRXWRIWKHEXVKHVDQGVWRRGVWDULQJDW WKHP 7KDWGRJEHORQJHGWRDVHWWOHUZKRWULHGWREXLOGKLVFDELQRQ WKHEDQNRIWKHULYHUDIHZPLOHVVRXWKRIWKHIRUWJUXQWFG&RQDQ 7KH3LFWVVOLSSHGRYHUDQGNLOOHGKLPRIFRXUVHDQGEXUQHGKLV FDELQ:HIRXQGKLPGHDGDPRQJWKHHPEHUVDQGWKHGRJO\LQJ VHQVHOHVVDPRQJWKUHH3LFWVKH GNLOOHG+HZDVDOPRVWFXWWRSLHFHV :HWRRNKLPWRWKHIRUWDQGGUHVVHGKLVZRXQGVEXWDIWHUKH UHFRYHUHGKHWRRNWRWKHZRRGVDQGWXUQHGZLOG:KDWQRZ6ODVKHU DUH\RXKXQWLQJWKHPHQZKRNLOOHG\RXUPDVWHU" 7KHPDVVLYHKHDGVZXQJIURPVLGHWRVLGHDQGWKHH\HVJORZHG JUHHQO\+HGLGQRWJURZORUEDUN6LOHQWO\DVDSKDQWRPKHVOLGLQ EHKLQGWKHP /HWKLPFRPHPXWWHUHG&RQDQ+HFDQVPHOOWKHGHYLOVEHIRUHZH FDQVHHWKHP %DOWKXVVPLOHGDQGODLGKLVKDQGFDUHVVLQJO\RQWKHGRJ VKHDG 7KHOLSVLQYROXQWDULO\ZULWKHGEDFNWRGLVSOD\WKHJOHDPLQJIDQJV WKHQWKHJUHDWEHDVWEHQWKLVKHDGVKHHSLVKO\DQGKLVWDOOPRYHG ZLWKMHUN\XQFHUWDLQW\DVLIWKHRZQHUKDGDOPRVWIRUJRWWHQWKH HPRWLRQVRIIULHQGOLQHVV%DOWKXVPHQWDOO\FRPSDUHGWKHJUHDWJDXQW KDUGERG\ZLWKWKHIDWVOHHNKRXQGVWXPEOLQJYRFLIHURXVO\RYHURQH DQRWKHULQKLVIDWKHU VNHQQHO\DUG+HVLJKHG7KHIURQWLHUZDVQR OHVVKDUGIRUEHDVWVWKDQIRUPHQ7KLVGRJKDGDOPRVWIRUJRWWHQWKH PHDQLQJRINLQGQHVVDQGIULHQGOLQHVV 6ODVKHUJOLGHGDKHDGDQG&RQDQOHWKLPWDNHWKHOHDG7KHODVW WLQJHRIGXVNIDGHGLQWRVWDUNGDUNQHVV7KHPLOHVIHOODZD\XQGHU WKHLUVWHDG\IHHW6ODVKHUVHHPHGYRLFHOHVV6XGGHQO\KHKDOWHG WHQVHHDUVOLIWHG$QLQVWDQWODWHUWKHPHQKHDUGLWDGHPRQLDF \HOOLQJXSWKHULYHUDKHDGRIWKHPIDLQWDVDZKLVSHU &RQDQVZRUHOLNHDPDGPDQ 7KH\ YHDWWDFNHGWKHIRUW:H UHWRRODWH&RPHRQ +HLQFUHDVHGKLVSDFHWUXVWLQJWRWKHGRJWRVPHOORXWDPEXVKHV DKHDG,QDIORRGRIWHQVHH[FLWHPHQW%DOWKXVIRUJRWKLVKXQJHUDQG ZHDULQHVV7KH\HOOVJUHZORXGHUDVWKH\DGYDQFHGDQGDERYHWKH GHYLOLVKVFUHDPLQJWKH\FRXOGKHDUWKHGHHSVKRXWVRIWKHVROGLHUV -XVWDV%DOWKXVEHJDQWRIHDUWKH\ZRXOGUXQLQWRWKHVDYDJHVZKR VHHPHGWREHKRZOLQJMXVWDKHDGRIWKHP&RQDQVZXQJDZD\IURPWKH ULYHULQDZLGHVHPLFLUFOHWKDWFDUULHGWKHPWRDORZULVHIURPZKLFK WKH\FRXOGORRNRYHUWKHIRUHVW7KH\VDZWKHIRUWOLJKWHGZLWK WRUFKHVWKUXVWRYHUWKHSDUDSHWVRQORQJSROHV7KHVHFDVWD IOLFNHULQJXQFHUWDLQOLJKWRYHUWKHFOHDULQJDQGLQWKDWOLJKWWKH\ VDZWKURQJVRIQDNHGSDLQWHGILJXUHVDORQJWKHIULQJHRIWKH FOHDULQJ7KHULYHUVZDUPHGZLWKFDQRHV7KH3LFWVKDGWKHIRUW FRPSOHWHO\VXUURXQGHG $QLQFHVVDQWKDLORIDUURZVUDLQHGDJDLQVWWKHVWRFNDGHIURPWKH ZRRGVDQGWKHULYHU7KHGHHSWZDQJLQJRIWKHERZVWULQJVURVHDERYH WKHKRZOLQJ
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
:KHQ&RQDQWXUQHGIURPWKH9HOLWULXPURDGKHH[SHFWHGDUXQRI VRPHQLQHPLOHVDQGVHWKLPVHOIWRWKHWDVN%XWKHKDGQRWJRQHIRXU ZKHQKHKHDUGWKHVRXQGVRIDSDUW\RIPHQDKHDGRIKLP)URPWKH QRLVHWKH\ZHUHPDNLQJLQWKHLUSURJUHVVKHNQHZWKH\ZHUHQRW3LFWV +HKDLOHGWKHP :KR VWKHUH"FKDOOHQJHGDKDUVKYRLFH6WDQGZKHUH\RXDUH XQWLOZHNQRZ\RXRU\RX OOJHWDQDUURZWKURXJK\RX
LPSDWLHQWO\&RPHRQIRROLW V,&RQDQ7KH3LFWVDUHRYHUWKH ULYHU :HVXVSHFWHGDVPXFKDQVZHUHGWKHOHDGHURIWKHPHQDVWKH\ VWURGHIRUZDUGWDOOUDQJ\PHQVWHUQIDFHGZLWKERZVLQWKHLU KDQGV2QHRIRXUSDUW\ZRXQGHGDQDQWHORSHDQGWUDFNHGLWQHDUO\WR %ODFN5LYHU+HKHDUGWKHP\HOOLQJGRZQWKHULYHUDQGUDQEDFNWRRXU FDPS:HOHIWWKHVDOWDQGWKHZDJRQVWXUQHGWKHR[HQORRVHDQG FDPHDVVZLIWO\DVZHFRXOG,IWKH3LFWVDUHEHVLHJLQJWKHIRUW ZDUSDUWLHVZLOOEHUDQJLQJXSWKHURDGWRZDUGRXUFDELQV
*KRVWV7KHORRQZKLFKLVPHVVHQJHUWRWKH)RXU%URWKHUVRIWKH1LJKW IOHZVZLIWO\DQGZKLVSHUHG\RXUQDPHLQP\HDU
WRZDUGWKHURDGURVHDGLVWDQWKRZOLQJWKDWVSXUUHGKLPWRJUHDWHU HIIRUWV &RQDMRKDUD1R0RUH
7KHUHKDGEHHQILJKWLQJRQ7KXQGHU5LYHUILHUFHILJKWLQJEHIRUH WKHZDOOVRI9HOLWULXPD[DQGWRUFKKDGEHHQSOLHGXSDQGGRZQWKH EDQNDQGPDQ\DVHWWOHU VFDELQOD\LQDVKHVEHIRUHWKHSDLQWHG KRUGHZDVUROOHGEDFN $VWUDQJHTXLHWIROORZHGWKHVWRUPLQZKLFKSHRSOHJDWKHUHGDQG WDONHGLQKXVKHGYRLFHVDQGPHQZLWKUHGVWDLQHGEDQGDJHVGUDQN WKHLUDOHVLOHQWO\LQWKHWDYHUQVDORQJWKHULYHUEDQN 7KHUHWR&RQDQWKH&LPPHULDQPRRGLO\TXDIILQJIURPDJUHDWZLQH JODVVFDPHDJDXQWIRUHVWHUZLWKDEDQGDJHDERXWKLVKHDGDQGKLV DUPLQDVOLQJ+HZDVWKHRQHVXUYLYRURI)RUW7XVFHODQ
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