insiders power december 2015

7/25/2019 Insiders Power December 2015

1/41

Ge AetfrGeglyst ^udlaigtame

@fifodfr 4>


2/41

Pbf Cf`frgl Tfsfrvf Git mc 7179 wgs irgctf` dy Zgll Ytrfft dgehfrs ge` g cfw

sfegtmrs ae g sfirft offtaej.

Me tbf Jfmrjage rfsmrt ba`fgwgy mc Kfhyll Aslge` (wbaib bgs smof fxifllfet jmlc imursfs, dy tbf

wgy), tbfrf meif oft g imglatame mc Zgll Ytrfft dgehfrs ge` V.Y. sfegtmrs. Pbas sfirft 717>

offtaej bg` g saeastfr purpmsf, tbf imespargiy tbfmrasts sgy. Pbf dgehfrs wgetf` tm fstgdlasb g

efw ifetrgl dgeh ue`fr tbf àrfit imetrml mc Efw Qmrh's caegeiagl flatf. Yuib g plge wmul` javf tbf

Zgll Ytrfft dgehfrs efgr tmtgl imetrml mc tbf caegeiagl systfo ge` gllmw tbfo tm ogeapulgtf at cmr

tbfar pfrsmegl jgae.

J. F`wgr` Jraccae lgys mut tbas imespargtmragl vfrsame mc bastmry ae bas dmmh Pbf Irfgturf crmo KfhyllAslge`. Bas gogtfurasb tghf me bastmry as bajbly suspfit, bmwfvfr. Jfrry Tmujb, ae g sfrafs mc wfll-

rfsfgribf` fssgys me V.Y. dgehaej bastmry, rfvfgls ogey bastmraigl aegiiurgiafs, aeimesastfeiafs,

ge` fvfe imetrgàitames ae Jraccae's dmmh ge` mtbfrs mc ats jferf. Aestfg` mc rfprmùiaej Tmujb's

wmrh bfrf, A mccfr tbf rfg`fr g sudstgetaglly omrf giiurgtf vafw mc tbf fvfets lfgàej up tm tbf

irfgtame mc tbf Cf`frgl Tfsfrvf Yystfo ae 7179. Pm jft g prmpfr bastmraigl pfrspfitavf, tbf stmry

mc dfjaes kust pramr tm tbf Iaval Zgr...

Pbf Egtamegl Dgehaej Gits mc 7239 & 7230

^ramr tm tbf Iaval wgr tbfrf wfrf tbmusge`s mc dgehs ae mpfrgtame tbrmujbmut tbf Veame, gll mc

tbfo ibgrtfrf`, tbgt as, laifesf` dy tbf stgtf jmvfreofets. Dgehaej rfjulgtames wfrf vartugllyemefxastfet. Pbf cf`frgl jmvfreofet bg` em ofgeaejcul imetrmls me dgehaej prgitaifs, ge` stgtf

rfjulgtames wfrf spmtty ge` pmmrly fecmrif` gt dfst. Fimemoai bastmrages igll tbf frg lfgàej up

tm tbf Iaval Zgr gs tbf 'stgtf dgehaej frg' mr tbf 'crff dgehaej frg.'

Pbf prmdlfos watb stgtf dgehaej wfrf euofrmus, dut tbrff wfrf imespaiumus. Carst, tbf egtame

bg` em ueacaf` iurrfeiy. Ytgtf dgehs assuf` tbfar mwe dgeh emtfs gs iurrfeiy, g systfo wbaib gt

wmrst aevatf` sfvfrf dmuts mc imuetfrcfataej ge` gt dfst aetrmùif` g`àtamegl ueifrtgaety ae tbf

tgsh mc `ftfroaeaej tbf rflgtavf vgluf mc fgib dgeh emtf. Yfime`, watb em oatajgtaej aeclufeif me

tbf assugeif mc dgeh emtfs, tbf omefy supply ge` tbf praif lfvfl wfrf bajbly uestgdlf, aetrmùiaej

ge` pfrbgps igusaej g`àtamegl vmlgtalaty ae tbf dusaefss iyilf. Pbas wgs ùf ae pgrt tm tbf cgit tbgt

dgeh emtf assugeif wgs crfqufetly taf` tm tbf ogrhft vgluf mc tbf dgeh's dme` pmrtcmlam wbaib

tbfy wfrf rfquarf` tm bgvf dy lgw. Pbar`, crfqufet dgeh rues rfsultf` ae sudstgetagl `fpmsatmr

lmssfs ge` sfvfrf irasfs mc imeca`feif ae tbf pgyofets systfo.

Pbf Egtamegl Dgehaej Gits mc 7239 ge` 7230 wfrf gttfopts tm gssfrt smof `fjrff mc cf`frgl

imetrml mvfr tbf dgehaej systfo watbmut tbf cmrogtame mc gemtbfr ifetrgl dgeh. Pbf Git bg` tbrff

praogry purpmsfs; (7) irfgtf g systfo mc egtamegl dgehs, (4) tm irfgtf g ueacmro egtamegl iurrfeiy,
http://www.interanalyst.us/


3/41

ge` (9) tm irfgtf ge gitavf sfime`gry ogrhft cmr Prfgsury sfiuratafs tm bflp caegeif tbf Iaval Zgr

(cmr tbf Veames sa`f).

Pbf carst prmvasame mc tbf Gits wgs tm gllmw cmr tbf aeimrpmrgtame mc egtamegl dgehs. Pbfsf dgehs

wfrf fssfetaglly tbf sgof gs stgtf dgehs, fxifpt egtamegl dgehs rfifavf` tbfar ibgrtfr crmo tbf

cf`frgl jmvfreofet ge` emt g stgtf jmvfreofet. Pbas grrgejfofet jgvf tbf cf`frgl jmvfreofet

rfjulgtmry kurasàitame mvfr tbf egtamegl dgehs at irfgtf`, wbfrfgs at gssfrtf` em imetrml mvfr

stgtf-ibgrtfrf` dgehs. Egtamegl dgehs bg` bajbfr igpatgl rfquarfofets ge` bajbfr rfsfrvf

rfquarfofets tbge tbfar stgtf dgeh imuetfrpgrts. Pm aoprmvf laquaàty ge` sgcfty tbfy wfrf

rfstraitf` crmo oghaej rfgl fstgtf lmges ge` imul` emt lfe` tm gey saejlf pfrsme ge gomuet

fxiffàej tfe pfrifet mc tbf dgeh's igpatgl. Pbf Egtamegl Dgehaej Gits glsm irfgtf` ue`fr tbf

Prfgsury @fpgrtofet tbf mccaif mc Imoptrmllfr mc tbf Iurrfeiy. Pbf ùtafs mc tbf mccaif wfrf tm

aespfit tbf dmmhs mc tbf egtamegl dgehs tm aesurf imoplageif watb tbf gdmvf rfjulgtames, tm bml`

Prfgsury sfiuratafs `fpmsatf` tbfrf dy egtamegl dgehs, ge`, vag tbf Durfgu mc Fejrgvaej, tm `fsaje

ge` praet gll egtamegl dgehemtfs.

Pbf sfime` jmgl mc tbf Egtamegl Dgehaej Gits wgs tm irfgtf g ueacmro egtamegl iurrfeiy. Tgtbfr

tbge bgvf sfvfrgl bue`rf`, mr sfvfrgl tbmusge`, cmros mc iurrfeiy iariulgtaej ae tbf stgtfs,

imeùitaej trgesgitames imul` df jrfgtly saoplacaf` ac tbfrf wfrf g ueacmro iurrfeiy. Pm gibafvf

tbas gll egtamegl dgehs wfrf rfquarf` tm giifpt gt pgr tbf dgeh emtfs mc mtbfr egtamegl dgehs. Pbas

aesurf` tbgt egtamegl dgeh emtfs wmul` emt succfr crmo tbf sgof àsimuetaej prmdlfo watb wbaib

stgtf dgeh emtfs wfrf gcclaitf . Ae g`àtame, gll egtamegl dgeh emtfs wfrf praetf` dy tbf

Imoptrmllfr mc tbf Iurrfeiy me dfbglc mc tbf egtamegl dgehs tm jugrgetff stge`gràzgtame ae

gppfgrgeif ge` quglaty. Pbas rfùif` tbf pmssadalaty mc imuetfrcfataej, ge ue`frstge`gdlf wgrtaof

imeifre.

Pbf tbar` jmgl mc tbf Gits wgs tm bflp caegeif tbf Iaval Zgr. Pbf vmluof mc emtfs wbaib g egtamegldgeh assuf` wgs dgsf` me tbf ogrhft vgluf mc tbf V.Y. Prfgsury sfiuratafs tbf dgeh bfl`. G

egtamegl dgeh wgs rfquarf` tm hffp me `fpmsat watb tbf Imoptrmllfr mc tbf Iurrfeiy g sazgdlf

vmluof mc Prfgsury sfiuratafs. Ae fxibgejf tbf dgeh rfifavf` dgeh emtfs wmrtb 1> pfrifet, ge`

lgtfr 7>> pfrifet, mc tbf ogrhft vgluf mc tbf `fpmsatf` dme`s. Ac tbf dgeh wasbf` tm fxtfe`

g`àtamegl lmges tm jfefrgtf omrf prmcats, tbfe tbf dgeh bg` tm aeirfgsf ats bmlàejs mc Prfgsury

dme`s. Pbas prmvasame bg` ats rmmts ae tbf Oaibajge Git, ge` at wgs `fsajef` tm irfgtf g omrf

gitavf sfime`gry ogrhft cmr Prfgsury dme`s ge` tbus lmwfr tbf imst mc dmrrmwaej cmr tbf cf`frgl

jmvfreofet.

At wgs tbf bmpf mc Yfirftgry mc tbf Prfgsury Ibgsf tbgt egtamegl dgehs wmul` rfplgif stgtf dgehs,

ge` tbgt tbas wmul` irfgtf tbf ueacmro iurrfeiy bf `fsarf` ge` fgsf tbf caegeiaej mc tbf Iaval

Zgr. Dy 7236 tbfrf wfrf 7,6>> egtamegl dgehs, gdmut 2>> mc wbaib bg` imevfrtf` crmo stgtf

dgehaej ibgrtfrs. Pbf rfogae`fr wfrf efw dgehs. Bmwfvfr, tbas stall ofget tbgt stgtf dgeh emtfs

wfrf `moaegtaej tbf iurrfeiy dfigusf omst mc tbfo wfrf àsimuetf . Giimràejly, tbf pudlai

bmgr`f` tbf egtamegl dgeh emtfs. Pm rfùif tbf prmlacfrgtame mc stgtf dgehaej ge` tbf emtfs at

jfefrgtf`, Imejrfss aopmsf` g tfe pfrifet tgx me gll mutstgeàej stgtf dgeh emtfs. Pbfrf wgs em


4/41

imrrfspmeàej tgx mc egtamegl dgeh emtfs. Ogey stgtf dgehs `fia`f` tm imevfrt tm egtamegl dgeh

ibgrtfrs dfigusf tbf tgx og`f stgtf dgehaej ueprmcatgdlf. Dy 72:> tbfrf wfrf 7,392 egtamegl

dgehs ge` mely 946 stgtf dgehs.

Zbalf tbf tgx fvfetuglly flaoaegtf` tbf iariulgtame mc stgtf dgeh emtfs, at à` emt fetarfly hall stgtf

dgehaej dfigusf stgtf dgehs dfjge tm usf ibfihaej giimuets gs g sudstatutf cmr dgeh

emtfs. Ibfihaej giimuets dfigof sm pmpulgr tbgt dy 721> tbf Imoptrmllfr mc tbf Iurrfeiy

fstaogtf` tbgt mely tfe pfrifet mc tbf egtame's omefy supply wgs ae tbf cmro mc

iurrfeiy. Imodaef` watb lmwfr igpatgl ge` rfsfrvf rfquarfofets, gs wfll gs tbf fgsf watb wbaib

stgtfs assuf` dgehaej ibgrtfrs, stgtf dgehs gjgae dfigof tbf `moaeget dgehaej cmro dy tbf lgtf

722>s. Imesfqufetly, tbf aoprmvfofets tm sgcfty tbgt tbf egtamegl dgehaej systfo mccfrf` wfrf

oatajgtf` smofwbgt dy tbf rfture mc stgtf dgehaej.

Pbfrf wfrf twm ogkmr `fcfits rfogaeaej ae tbf dgehaej systfo ae tbf pmst-Iaval Zgr frg `fspatf

tbf oal` suiifss mc tbf Egtamegl Dgehaej Gits. Pbf carst wgs tbf aeflgstai iurrfeiy prmdlfo. Pbf

gomuet mc iurrfeiy wbaib g egtamegl dgeh imul` bgvf iariulgtaej wgs dgsf` me tbf ogrhft vgluf mctbf Prfgsury sfiuratafs at bg` `fpmsatf` watb tbf Imoptrmllfr mc tbf Iurrfeiy, emt tbf pgr vgluf mc

tbf dme`s. Ac praifs ae tbf Prfgsury dme` ogrhft `filaef` sudstgetaglly, tbfe tbf egtamegl dgehs

bg` tm rfùif tbf gomuet mc iurrfeiy tbfy bg` ae iariulgtame. Pbas imul` df `mef df rfcusaej efw

lmges mr, ae g omrf `rgimeage wgy, dy igllaej-ae lmges glrfg`y mutstgeàej. Ae fatbfr igsf, tbf fccfit

me tbf omefy supply as g rfstraitavf mef. Imesfqufetly, tbf sazf mc tbf omefy supply wgs taf`

omrf ilmsfly tm tbf pfrcmrogeif mc tbf dme` ogrhft rgtbfr tbge eff`s mc tbf fimemoy.6

Gemtbfr ilmsfly rflgtf` fcfit wgs tbf laquaàty prmdlfo. Yogll rurgl dgehs mctfe hfpt fpmsats gt

lgrjfr urdge dgehs. Pbf laquaàty eff`s mc tbf rurgl dgehs wfrf `ravfe dy tbf laqua aty `foge`s mc

ats praogry iustmofr, tbf cgrofrs. Ae tbf plgetaej sfgsme tbf wgs g bajb `foge` cmr iurrfeiy dy

cgrofrs sm tbfy imul` oghf tbfar puribgsfs mc cgroaej aoplfofets, wbfrfgs ae bgrvfst sfgsmetbfrf wgs ge aeirfgsf ae igsb `fpmsats gs cgrofrs sml` tbfar irmps. Imesfqufetly, tbf rurgl dgehs

wmul` tghf `fpmsats crmo tbf urdge dgehs ae tbf spraej tm offt cgrofrs watb`rgwgl `foge`s ge`

`fpmsat tbf g`àtamegl laqua aty ae tbf gutuoe. Lgrjfr urdge dgehs imul` getaiapgtf tbas sfgsmegl

`foge` ge` prfpgrf cmr at omst mc tbf taof. Bmwfvfr, ae 72:9, 7220, 7219, ge` 71>: tbas rfsfrvf

pyrgoa` prfiapatgtf` g caegeiagl irasas.

Zbfe egtamegl dgehs fxpfrafeif` g `rgae me tbfar rfsfrvfs gs rurgl dgehs og`f `fpmsat

watb`rgwgls, efw rfsfrvfs bg` tm df giquarf` ae giimr`geif watb tbf cf`frgl lgw. G egtamegl dgeh

imul` `m tbas dy sfllaej dme`s ge` stmihs, dy dmrrmwaej crmo g ilfgraejbmusf, mr dy igllaej-ae g cfw

lmges. Gs lmej gs mely g cfw egtamegl dgehs gt g taof traf` tm `m tbas, laqua aty wgs fgsaly supplaf` tm

tbf eff`y dgehs. Bmwfvfr, ge gttfopt fe ogssftm sfll dme`s mr stmihs igusf` g ogrhft irgsb,

wbaib ae ture cmrif` egtamegl dgehs tm igll ae lmges tm imoply watb Prfgsury rfjulgtames. Ogey

dusaefssfs, cgrofrs, mr bmusfbml`s wbm bg` tbfsf lmges wfrf uegdlf tm pgy me `foge` ge` wfrf

cmrif` aetm dgehruptiy. Pbf rfifssamegry vmrtfx dfigof gppgrfet. Crajbtfef` dy tbf spfitfr mc

lmsaej tbfar `fpmsats, ae fgib fpasm`f tbf pudlai stmrof` gey dgeh ruomrf`, truf mr emt, tm df ae

caegeiagl strgats. Geymef uegdlf tm watb`rgw tbfar `fpmsats dfcmrf tbf dgehs tall rge `ry lmst tbfar
http://www.publiceye.org/conspire/flaherty/flaherty1.html#5http://www.publiceye.org/conspire/flaherty/flaherty1.html#5http://www.publiceye.org/conspire/flaherty/flaherty1.html#5http://www.publiceye.org/conspire/flaherty/flaherty1.html#5http://www.interanalyst.us/


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sgvaejs mr lgtfr rfifavf` mely pfeeafs me tbf `mllgr. ^ravgtf `fpmsat aesurgeif wgs siget ge`

uerflagdlf. Cf`frgl `fpmsat aesurgeif wgs eme-fxastfet.

Pbf 71>: Dgehaej geai

Pbf 71>: irasas, glsm igllf` tbf Zgll Ytrfft ^geai, wgs fspfiaglly sfvfrf. Pbf ^geai igusf` wbgt

wgs gt tbgt taof tbf wmrst fimemoai `fprfssame ae tbf imuetrys bastmry. At gppfgrs tm bgvf dfjue

watb g stmih ogrhft irgsb drmujbt gdmut dy g imodaegtame mc g om`fst spfiulgtavf duddlf, tbf

laquaàty prmdlfo, ge` rfsfrvf pyrgoaàej. Ifetfrf` me Efw Qmrh Iaty, tbf siglf mc tbf irasas

rfgibf` g prmpmrtame sm jrfgt tbgt dgehs girmss tbf imuetry efgrly suspfe`f` gll watb`rgwgls -- g

hae` mc sflc-aopmsf` dgeh bmla`gy. Yfvfrgl lmej-stgeàej Efw Qmrh dgehs cfll. Pbf uefoplmyofet

rgtf rfgibf` 4> pfrifet gt tbf pfgh mc tbf irasas. Oallames lmst tbfar `fpmsats gs tbmusge`s mc dgehs

imllgpsf`. Pbf irasas wgs tfroaegtf` wbfe K.^. Omrjge, g oge mc smoftaofs suspaiamus dusaefss

tgitais ge` pbfemofegl wfgltb, pfrsmeglly og`f tfopmrgry lmges tm hfy Efw Qmrh dgehs ge`

mtbfr caegeiagl aestatutames tm bflp tbfo wfgtbfr tbf stmro. Bf glsm og`f ge gppfgl tm tbf ilfrjy

mc Efw Qmrh tm foplmy tbfar Yue`gy sfromes tm iglo tbf pudlais cfgrs.

Omrjges fofrjfeiy aekfitame mc laquaàty aetm tbf dgehaej systfo ue`mudtf`ly prfvfetf` ge

glrfg`y dg` satugtame crmo jfttaej stall wmrsf. Gltbmujb pravgtf ilfgraejbmusfs wfrf gdlf tm

supply g`fqugtf tfopmrgry laquaàty cmr tbfar ofodfrs, mely g sogll pmrtame mc dgehs wfrf

ofodfrs mc suib mrjgeazgtames. Zbgt wmul` bgppfe ac tbfrf wfrf em K.^. Omrjge grmue` ùraej

tbf efxt caegeiagl irasas= Kust bmw dg` imul` tbaejs rfglly jft= Pbfrf dfjge tm fofrjf dmtb me

Zgll Ytrfft ge` ae Zgsbaejtme g imesfesus cmr g hae` mc aestatutameglazf` K.^. Omrjge, tbgt as, g

pudlai aestatutame tbgt imul` prmva`f fofrjfeiy laquaàty tm tbf dgehaej systfo tm prfvfet suib

pgeais. Pbf caegl rfsult mc tbf ^geai mc 71>: wmul` df tbf Cf`frgl Tfsfrvf Git mc 7179.

Pbf Cf`frgl Tfsfrvf Git mc 7179

Cmllmwaej tbf efgr igtgstrmpbai caegeiagl àsgstfr mc 71>:, tbf omvfofet cmr dgehaej rfcmro

paihf` up stfgo gomej Zgll Ytrfft dgehfrs, Tfpudlaiges, ge` fgstfre @fomirgts. Bmwfvfr,

ouib mc tbf imuetry wgs stall àstrustcul mc dgehfrs ge` mc dgehaej ae jfefrgl, fspfiaglly gctfr

71>:. Gctfr twm `fig`fs mc oaemraty stgtus, @fomirgts rfjgaef` imetrml mc Imejrfss ae 717> ge`

wfrf gdlf tm dlmih sfvfrgl Tfpudlaige gttfopts gt rfcmro, fvfe tbmujb tbfy rfimjeazf` tbf eff`

cmr smof hae` mc iurrfeiy ge` dgehaej ibgejfs. Ae 7174 Zmm`rmw Zalsme wme tbf @fomirgtai

^grtys emoaegtame cmr^rfsa`fet, ge` ae bas pmpulast-crafe`ly giifptgeif spffib bf wgref`

gjgaest tbf "omefy trusts," ge` g`vasf` tbgt "g imeifetrgtame mc tbf imetrml mc irfàt ... ogy gt gey

taof dfimof aecaeatfly gejfrmus tm crff fetfrprasf."Glsm ae 717>, Yfegtmr Eflsme Gl`raib, Crgeh Sge`frlap mc Egtamegl Iaty (tm`gy hemw gs Iatadgeh),

Bfery @gvasme mc Omrjge Dgeh, ge` ^gul Zgrdurj mc tbf Hube, Lmfd Aevfstofet Bmusf oft

sfirftly gt Kfihyll Aslge`, g rfsmrt aslge` mcc tbf imgst mc Jfmrjag, tm àsiuss ge` cmroulgtf dgehaej

rfcmro, aeiluàej plges cmr g cmro mc ifetrgl dgehaej. Pbf offtaej wgs bfl` ae sfirft dfigusf tbf

pgrtaiapgets hefw tbgt gey plge tbfy jfefrgtf` wmul` df rfkfitf` gutmogtaiglly ae tbf Bmusf mc

Tfprfsfetgtavfs ac at wfrf gssmiagtf` watb Zgll Ytrfft. Dfigusf at wgs sfirft ge` dfigusf at


6/41

aevmlvf` Zgll Ytrfft, tbf Kfhyll Aslge` gccgar bgs glwgys dffe g cgvmratf smurif mc imespargiy

tbfmrafs. Bmwfvfr, tbf omvfofet tmwgr` sajeacaiget dgehaej ge` omeftgry rfcmro wgs wfll-

hemwe. At as bgr`ly surprasaej tbgt javfe tbf rfgl pmssadalaty mc sudstgetagl rfcmro, tbf dgehaej

aeùstry wmul` wget smof smrt mc aeput aetm tbf egturf mc tbf rfcmros. Pbf Gl`raib ^lge wbaib tbf

sfirft offtaej prmùif` wgs fvfe `fcfgtf` ae tbf Bmusf, sm fvfe ac tbf Kfhyll Aslge` gccgar wgs gjfeuaef imespargiy, at ilfgrly cgalf`.

Pbf Gl`raib lge igllf` cmr g systfo mc cactffe rfjamegl ifetrgl dgehs, igllf` Egtamegl Tfsfrvf

Gssmiagtames, wbmsf gitames wmul` df immràegtf` dy g egtamegl dmgr` mc imoofriagl

dgehfrs. Pbf Tfsfrvf Gssmiagtame wmul` oghf fofrjfeiy lmges tm ofodfr dgehs, irfgtf omefy

tm prmva`f ge flgstai iurrfeiy tbgt imul` df fxibgejf` fquglly cmr `foge` `fpmsats, ge` wmul` git

gs g casigl gjfet cmr tbf cf`frgl jmvfreofet. Gltbmujb at wgs `fcfgtf , tbf Gl`raib ^lge sfrvf` gs

ge mutlaef cmr tbf dall tbgt fvfetuglly wgs g`mptf`.

Pbf prmdlfo watb tbf Gl`raib lge wgs tbgt tbf rfjamegl dgehs wmul` df imetrmllf` aeàvaùglly

ge` egtameglly dy dgehfrs, g prmspfit tbgt à` emt sat wfll watb tbf pmpulast @fomirgtai ^grty mrwatb Zalsme. Gs tbf `fdgtf dfjge tm tghf sbgpf ae tbf spraej mc 7179, Imejrfssoge Grsfef ûkm

prmva`f` jmm` fva`feif tbgt tbf egtames irfàt ogrhfts wfrf ue`fr tbf tajbt imetrml mc g bge`cul

mc dgehs tbf "omefy trusts" gjgaest wbaib Zalsme wgref`. Zalsme ge` tbf @fomirgts wgetf` g

rfcmro ofgsurf wbaib wmul` fifetrglazf imetrml gwgy crmo tbf omefy trusts.

Pbf lfjaslgtame tbgt fvfetuglly fofrjf` wgs tbf Cf`frgl Tfsfrvf Git, glsm hemwe gt tbf taof gs

tbf Iurrfeiy Dall, mr tbf Mwfe-Jlgss Git. Pbf dall igllf` cmr g systfo mc fajbt tm twflvf omstly

gutmemomus rfjamegl Tfsfrvf Dgehs tbgt wmul` df mwef` dy tbf dgehs ae tbfar rfjame ge` wbmsf

gitames wmul` df immràegtf` dy g Cf`frgl Tfsfrvf Dmgr` gppmaetf` dy tbf ^rfsa`fet. Pbf

Dmgr`s ofodfrs mrajaeglly aeilu`f` tbf Yfirftgry mc tbf Prfgsury, tbf Imoptrmllfr mc tbf

Iurrfeiy, ge` mtbfr mccaiagls gppmaetf` dy tbf ^rfsa`fet tm rfprfsfet pudlai aetfrfsts. Pbfprmpmsf` Cf`frgl Tfsfrvf Yystfo wmul` tbfrfcmrf df pravgtfly mwef`, dut pudlaily

imetrmllf`. Zalsme sajef` tbf dall me @fifodfr 49, 7179 ge` tbf Cf`frgl Tfsfrvf Yystfo wgs

dmre.

Imespargiy tbfmrasts bgvf lmej vafwf` tbf Cf`frgl Tfsfrvf Git gs g ofges mc javaej imetrml mc tbf

dgehaej systfo tm tbf omefy trusts, wbfe ae rfglaty tbf aetfet ge` fccfit wgs tm wrfstlf imetrml

gwgy crmo tbfo. Bastmry ilfgrly `fomestrgtfs tbgt ae tbf `fig`fs pramr tm tbf Cf`frgl Tfsfrvf

Git tbf `fiasames mc g cfw lgrjf Efw Qmrh dgehs bg`, gt taofs, femromus rfpfriussames cmr dgehs

tbrmujbmut tbf imuetry ge` tbf fimemoy ae jfefrgl. Cmllmwaej tbf rfture tm ifetrgl dgehaej, gt

lfgst smof ofgsurf mc imetrml wgs rfomvf` crmo tbfo ge` plgif` watb tbf Cf`frgl Tfsfrvf.

Pbf Cf`frgl Tfsfrvf Git mc 7179 wgs irgctf` dy Zgll Ytrfft dgehfrs ge` g cfw

sfegtmrs ae g sfirft offtaej.


7/41

Pbf Cf`frgl Tfsfrvf Git efvfr gituglly pgssf` Imejrfss. Pbf Yfegtf vmtf` me

tbf dall watbmut g qumruo, sm tbf Git as eull ge` vma`.

Pbf sallafst mc tbf Cf`frgl Tfsfrvf imespargiy tbfmrafs as tbgt tbf Cf`frgl Tfsfrvf Git mc

@fifodfr 49, 7179 pgssf` allfjglly. Pbf imestatutame stapulgtfs tbgt dmtb tbf Bmusf ge` tbf

Yfegtf oust bgvf gt lfgst bglc tbfar ofodfrs prfsfet, g qumruo, tm vmtf me gey dall. Giimr`aej tm

tbas oytb, tbf Yfegtf vmtf` me tbf Cf`frgl Tfsfrvf Git (hemwe gs tbf Iurrfeiy Dall gt tbf taof)

`fvamusly ae g lgtf eajbt sfssame wbfe omst mc ats ofodfrs bg` jmef bmof mr bg` lfct tmwe cmr tbf

bmla`gy. Pbas wgs `mef tm aopmsf tbf wall mc g prm-dgehfr oaemraty me tbf mdkfitaej

ogkmraty. Yaeif em qumruo wgs prfsfet, tbf Cf`frgl Tfsfrvf Git as emt vgla`.

Pbas a`fg as dfttfr `fsiradf` gs cmlhlmrf tbge g cull-dlmwe imespargiy tbfmry dfigusf A'vf efvfr

dffe gdlf tm cae` at ae praet, mely me miigsame me Vsfeft mr ae f-ogal crmo rfg`frs. Jgry Hgb,

gutbmr mc Fe Tmutf tm Jlmdgl Miiupgtame, igof ilmsf wbfe bf wrmtf tbgt tbf dall's suppmrtfrs

wgatf` uetal ats mppmefets wfrf mut mc tmwe ge` at wgs pgssf` ue`fr "suspaiamus iariuostgeifs"

(Hgb, p. 79-70). Efvfrtbflfss, tbf oytb bgs em dgsas ae cgit. Pbf Bmusf pgssf` tbf dall 412-3> me

tbf fvfeaej mc @fi. 44, 7179. Pbf Yfegtf dfjge `fdgtf tbf cmllmwaej `gy gt 7>go, ge` pgssf` at

09-46 gt 4;9>po.

Zbgt mc tbf oassaej Yfegtmrs= Yaeif tbfrf wfrf 02 stgtfs ae 7179, cmrty fajbt vmtfs plus tbf taf-

drfghaej vmtf mc Saif-^rfsa`fet Pbmogs Ogrsbgll wmul` bgvf dffe succaiafet tm gpprmvf tbf dall

fvfe ac gll gdsfet vmtfs bg` dffe igst gjgaest tbf dall. Bmwfvfr, ogey mc tbf oassaej Yfegtmrs bg`

tbfar pmsatames rfimr`f` ae tbf Imejrfssamegl Tfimr`. Mc tbf 4: vmtfs emt igst, tbfrf wfrf 77

'yfgs' (ae cgvmr mc tbf dall) ge` 74 'egys. Fvfe ac tbf gdsfetff Yfegtmrs bg` dffe tbfrf, tbf

Iurrfeiy Dall wmul` bgvf pgssf` fgsaly.

^rfsa`fet Zalsme sajef` tbf Iurrfeiy Dall aetm lgw ae ge "fetbusagstai" pudlai ifrfomey me @fi.

49, 7179.

Pbf Cf`frgl Tfsfrvf Git efvfr gituglly pgssf` Imejrfss. Pbf Yfegtf vmtf` me

tbf dall watbmut g qumruo, sm tbf Git as eull ge` vma`.


8/41

Pbf Cf`frgl Tfsfrvf Git ge` pgpfr omefy grf ueimestatutamegl. Jml` ge` salvfr

imaes grf tbf mely imestatutamegl cmros mc omefy.

Pbmsf wbm bml` tbgt tbf imestatutame sbmul` df aetfrprftf` vfry straitly dflafvf tbf Cf`frgl

Tfsfrvf Yystfo ge` pgpfr omefy grf ueimestatutamegl. Ybgraej tbf aetfrprftavf pbalmsmpby mc

Pbmogs Kfccfrsme, tbfy grjuf tbgt Imejrfss bgs mely tbmsf pmwfrs wbaib tbf imestatutame

spfiacaiglly feuofrgtfs. Ac tbf pmwfr as emt fxplaiatly jrgetf`, tbfe tbf cf`frgl jmvfreofet saoply

`mfs emt bgvf at. Pbfrfcmrf, tbf Cf`frgl Tfsfrvf as ueimestatutamegl dfigusf Imejrfss `mfs emt

bgvf tbf spfiacai pmwfr tm irfgtf g ifetrgl dgeh. Ae g`àtame, tbf cf`frgl jmvfreofet's pmwfr tm

irfgtf omefy -- lgwcul omefy -- as laoatf` mely tm oaetaej jml` mr salvfr imaes8 pgpfr iurrfeiy as

cmrda``fe.

Pbf Imestatutamegl Dgsas cmr Ifetrgl Dgehaej

Carst, tbf imestatutame jrgets tbf Imejrfss tbf rajbt tm imae omefy ge` tm rfjulgtf ats vgluf. At as

emt ilfgr crmo tbf imestatutame mr tbf Cf`frglast ^gpfrs wbgt tbf gutbmrs ofget dy tbf tfro

'vgluf.' Prgàtameglly, at bgs ofget tbf wfajbt ge` oftgllai imetfet mc tbf imae. Em mef ibgllfejfs

tbas aetfrprftgtame. Me tbf mtbfr bge`, tbf mely rflfvget ofgeaej mc 'vgluf' ae tbf imetfxt mc

omefy as ats vgluf ae trg`f, glsm hemwe gs ats puribgsaej pmwfr. Pbas g jmvfreofet igeemt

rfjulgtf ofrfly dy ge git mc Imejrfss. Pbf jmvfreofet's mely tmml cmr rfjulgtaej tbas lgttfr vgluf

as gltfraej tbf omefy supply.Yfime`, Imejrfss bgs tbf rajbt tm rfjulgtf aetfrstgtf imoofrif. Dgehaej ge` mtbfr caegeiagl

sfrvaifs ilfgrly aevmlvfs aetfrstgtf imoofrif gs tbf imurts bgvf imof tm `fcaef at.

Caeglly, ge` pfrbgps omst aopmrtgetly, Imejrfss bgs tbf rajbt tm oghf gey lgw tbgt as 'efifssgry

ge` prmpfr' cmr tbf fxfiutame mc ats feuofrgtf` pmwfrs (Grt. A, Yfi. 2, Il. 72). G lgw irfgtaej g

Durfgu mc tbf Oaet, cmr fxgoplf, as efifssgry ge` prmpfr cmr tbf Imejrfss tm fxfriasf ats rajbt tm

imae omefy. G saoalgr grjuofet ogy kustacy g ifetrgl dgeh. At cgialatgtfs tbf fxpgesame ge`

imetrgitame mc tbf omefy supply ge` at sfrvfs gs ofges tm rfjulgtf tbf dgehaej aeùstry.

As tbas g rfgsmegdlf usf mc tbf efifssgry ge` prmpfr ilgusf= A `m emt hemw, dut g tfst mc ats

ofgeaej igof fgrly. Pbf bastmry mc ifetrgl dgehaej ae tbf Veatf` Ytgtfs `mfs emt dfjae watb tbfCf`frgl Tfsfrvf. Pbf Dgeh mc tbf Veatf` Ytgtfs rfifavf` ats ibgrtfr ae 7:17 crmo tbf V.Y.

Imejrfss ge` Zgsbaejtme sajef` at. Yfirftgry mc Ytgtf Glfxge`fr Bgoaltme `fsajef` tbf Dgeh's

ibgrtfr dy om`flaej at gctfr tbf Dgeh mc Fejlge`, tbf Dratasb ifetrgl dgeh. Yfirftgry mc Ytgtf

Pbmogs Kfccfrsme dflafvf` tbf Dgeh wgs ueimestatutamegl dfigusf at wgs ge uegutbmrazf`

fxtfesame mc cf`frgl pmwfr. Imejrfss, Kfccfrsme grjuf , pmssfssf` mely `flfjgtf` pmwfrs tbgt

wfrf spfiacaiglly feuofrgtf` ae tbf imestatutame. Pbf mely pmssadlf smurif mc gutbmraty tm ibgrtfr


9/41

tbf Dgeh, Kfccfrsme dflafvf , wgs ae tbf efifssgry ge` prmpfr ilgusf. Bmwfvfr, bf igutamef` tbgt

ac tbf ilgusf imul` df aetfrprftf` sm drmg`ly ae tbas igsf, tbfe tbfrf wgs em rfgl laoat tm wbgt

Imejrfss imul` `m.4

Bgoaltme imeif`f` tbgt tbf imestatutame wgs salfet me dgehaej. Bf gssfrtf`, bmwfvfr, tbgt

Imejrfss ilfgrly bg` tbf pmwfr tm tgx, tm dmrrmw omefy, ge` tm rfjulgtf aetfrstgtf ge` cmrfaje

imoofrif. Zmul` at df rfgsmegdlf cmr Imejrfss tm ibgrtfr g imrpmrgtame tm gssast ae igrryaej mut

tbfsf pmwfrs= Bf grjuf` tbgt tbf efifssgry ge` prmpfr ilgusf jgvf Imejrfss aoplaf` pmwfrs --

tbf pmwfr tm fegit gey lgw tbgt as efifssgry tm fxfiutf ats spfiacai pmwfrs. G efifssgry lgw ae

tbas imetfxt Bgoaltme à` emt tghf tm ofge mef tbgt wgs gdsmlutfly aeàspfesgdlf. Aestfg`, bf

grjuf` tbgt at ofget g lgw tbgt wgs eff`cul, rfquasatf, aeia`fetgl, usfcul, mr imeùiavf tm tbf

praogry Imejrfssamegl pmwfr wbaib at suppmrtf`. Pbfe Bgoaltme mccfrf` g prmpmsf` rulf mc

àsirftame; @mfs tbf prmpmsf` ofgsurf gdra`jf g prf-fxastaej rajbt mc gey Ytgtf mr mc gey

aeàvaùgl= (@ueef, 71). Ac emt, tbfe at prmdgdly as imestatutameglly prmpfr me tbfsf

jrmue`s. Bgoaltmes grjuofets igrraf` tbf `gy ge` imevaeif` Zgsbaejtme.

Pbf Yuprfof Imurt bg` ats sgy me tbf ogttfr ae OiIullmib v. Ogrylge` (7271). At vmtf` 1-> tm

upbml` tbf Yfime` Dgeh mc tbf Veatf` Ytgtfs gs imestatutamegl. Pbf Imurt grjuf` watb tbf

`mitraef mc aoplaf` pmwfrs, stgtaej tbgt tm df efifssgry ge` prmpfr tbf Dgeh eff`f` mely tm df

usfcul ae bflpaej tbf jmvfreofet offt ats rfspmesadalatafs ae ogaetgaeaej tbf pudlai irfàt ge`

rfjulgtaej tbf omefy supply. Ibafc Kustaif Ogrsbgll wrmtf, Gctfr tbf omst `fladfrgtf

imesa`frgtame, at as tbf uegeaomus ge` `fia`f` mpaeame mc tbas imurt tbgt tbf git tm aeimrpmrgtf tbf

Dgeh mc tbf Veatf` Ytgtfs as g lgw og`f ae pursugeif mc tbf Imestatutame, ge` as pgrt mc tbf

suprfof lgw mc tbf lge` (Baxsme, 77:). Pbf Imurt gccarof` tbas mpaeame ae tbf 7240 igsf Msdmre v.

Dgeh mc tbf Veatf` Ytgtfs (Ada`, 70).

Pbfrfcmrf, tbf bastmraigl lfjgl prfif`fet fxasts cmr Imejrfss' pmwfr tm irfgtf g ifetrgl dgeh. Atcmrof` tbf Cf`frgl Tfsfrvf systfo ae 7179 tm pfrcmro ogey mc tbf sgof cueitames gs ats

prf`fifssmrs. Gs dfcmrf, tbf imurts bgvf gjrff` tbgt g ifetrgl dgeh, ge` tbf Cf`frgl Tfsfrvf ae

pgrtaiulgr, as imestatutamegl.

Pbf Imestatutamegl Dgsas cmr gpfr Omefy

Fvfe ac tbf Cf`frgl Tfsfrvf as g imestatutameglly prmpfr aestatutame, wbgt mc pgpfr omefy= Pbf

cf`frgl jmvfreofet bgs assuf` ogey cmros ge` `femoaegtames mc pgpfr iurrfeiy saeif 7274. At

carst og`f pgpfr g lfjgl tfe`fr ae 7234. @mfs emt tbf imestatutame rfquarf tbf Imejrfss tm imae

omefy, emt tm praet at= As tbas emt wbgt tbf gutbmrs mc tbf imestatutame aetfe`f`= ^frbgps, dut at's

emt ge gar-tajbt assuf. Y.^. Drfihfera`jf wrmtf ae Lfjgl Pfe`fr mc tbf sajeacaiget àsgjrffofets

tbf `flfjgtfs tm tbf imestatutamegl imevfetame bg` mvfr tbf assuf, ge` fvfe mvfr tbf

aetfrprftgtame mc tbf wmràej tbgt tbfy fvfetuglly g`mptf`.

^ramr tm tbf imestatutamegl imevfetame ae tbf suoofr mc 7:2:, tbf Ytgtfs fxfriasf` tbfar smvfrfaje

pmwfrs mvfr omeftgry ogttfrs. Omst Ytgtfs bg` assuf` tbfar mwe cmros mc pgpfr omefy, typaiglly

igllf` dalls mc irfàt gt tbf taof, ge` bg` `filgrf` smof cmrfaje imaes gs g lfjgl tfe`fr. Dy lfjgl
http://familyguardian.tzo.com/Subjects/MoneyBanking/Articles/FRconspire/const.htm#2http://familyguardian.tzo.com/Subjects/MoneyBanking/Articles/FRconspire/const.htm#2http://familyguardian.tzo.com/Subjects/MoneyBanking/Articles/FRconspire/const.htm#2http://familyguardian.tzo.com/Subjects/MoneyBanking/Articles/FRconspire/const.htm#2http://www.interanalyst.us/


10/41

tfe`fr wf ofge g cmro mc omefy wbaib g jmvfreofet spfiacafs ogy df usf` tm sfttlf `fdts ge` tm

pgy tgxfs ùf tm at. @uraej tbf Tfvmlutamegry Zgr ogey Ytgtfs assuf` pgpfr omefy tm fxifss. Pbf

Imejrfss mc tbf Grtailfs mc Imecf`frgtame bg` glsm rflaf` bfgvaly me usaej pgpfr omefy tm cue` ats

wgr fxpfeàturfs. Pbf Ytgtfs bg` glsm `filgrf` vgramus cmros mc pgpfr iurrfeiy, aeilu aej tbf

Imejrfss foassames, g lfjgl tfe`fr. Yfvfrf praif aeclgtame wgs tbf efifssgry rfsult mc tbas mvfr-aeùljfeif ae pgpfr, ge` dy tbf taof tbf imestatutamegl imevfetame imevfef` pgpfr omefy bg`

ogey fefoafs.

Pbf praogry cmfs mc pgpfr omefy wfrf imoofriagl ge` dgehaej aetfrfsts. Zbfe g lfe`fr gjrffs

tm cue` g lmge, bf ibgrjfs g rgtf mc aetfrfst wbaib, gomej mtbfr cgitmrs, aeilu`fs g prfoauo cmr gey

fxpfitf` lmss ae tbf puribgsaej pmwfr mc tbf praeiapgl ùraej tbf lacf mc tbf lmge. Ac tbf praif lfvfl

as fxpfitf` tm rasf, sgy, cavf pfrifet tbfe tbf lfe`fr wall aesast me ge aetfrfst mc gt lfgst tbgt

gomuet. Ac ae gituglaty tbf praif lfvfl aeirfgsfs fajbt pfrifet, tbfe tbf lfe fr stge`s tm lmsf gs

ouib gs tbrff pfrifet mc bas praeiapgl. Ac g jmvfreofet bgs tbf pmwfr tm assuf pgpfr omefy, tbfe

tbf pmtfetagl gdusf mc tbas pmwfr aeirfgsfs tbf prmdgdalaty mc ge uefxpfitf`

aeclgtame. Imoofriagl imeifres glsm wfrf jfefrglly gjgaest gllmwaej pgpfr, ge` cmr saoalgr

rfgsmes. Pbf smur aeclgtamegry fxpfrafeif mc tbf prfvamus `fig`fs og`f tbf dusaefss ilaogtf lfss

stgdlf tbge at oajbt mtbfrwasf df watb g imestatutameglly jugrgetff` jml` mr salvfr omeftgry

stge`gr`. Ae g`àtame, suib g stge`gr` wmul` prmtfit tbf aetfjraty mc imoofriagl imetrgits tbgt

spfiacaf` caxf` pgyofets ae spfiaf. Pbfsf aetfrfsts gt tbf imevfetame tbfrfcmrf bg` twm

mdkfitavfs; Pm cmrda` dmtb tbf Ytgtfs ge` tbf cf`frgl jmvfreofet crmo assuaej dalls mc irfàt -- tbf

imoome tfro cmr pgpfr omefy gt tbf taof -- ge` tm dgsf tbf omeftgry systfo me jml` mr salvfr.

^gpfr omefy wgs emt watbmut ats pgrtasges, bmwfvfr. Gjraiulturgl aetfrfsts ge` `fdtmrs wfrf

cme` mc pgpfr omefy, gs wfll gs Dfe Crgehlae, ge` cmr ogey mc tbf sgof rfgsmes. Pbf lmssfs g

lfe`fr as lahfly tm succfr gt tbf bge`s mc g pgpfr-aeùif` aeclgtame grf fxgitly mccsft dy tbf jgaes mctbf dmrrmwfr. Pbf `fdtmr wmul` tbfe df gdlf tm rfpgy g caxf` `fdt ae lfss vglugdlf

iurrfeiy. Cgrofrs glsm jfefrglly cgvmrf` pgpfr omefy dfigusf at tfe`f` tm irfgtf ge fimemoai

ilaogtf mc rasaej imoomàty praifs rflgtavf tm mtbfr jmm`s, tbfrfdy aeirfgsaej tbfar rfgl

aeimof. Pbfar omeftgry jmgl gt tbf imevfetame wgs tm javf tbf jmvfreofet tbf rajbt tm assuf dalls

mc irfàt mr, gt tbf vfry lfgst, emt tm `fey at tbf pmwfr.

Ibgrlfs âeihefy mc Ymutb Igrmlaeg prmùif` g `rgct mc g imestatutame tbgt bg` twm aetfrfstaej

cfgturfs cmr mur purpmsfs. Crmo Grt. SAA. Yfi. 7 mc bas `rgct wf rfg` Pbf lfjaslgturf mc tbf Veatf`

Ytgtfs sbgll bgvf pmwfr (0) Pm imae omefy (6) Pm rfjulgtf tbf vgluf mc cmrfaje imae (2) Pm

dmrrmw omefy ge` foat dalls me tbf irfàt mc tbf Veatf` Ytgtfs Glsm wf cae` ae Grtailf RAA; Em

stgtf sbgll imae omefy. Zf curtbfr rfg` ae Grtailf RAAA; Em stgtf, watbmut tbf imesfet mc tbflfjaslgturf mc tbf Veatf` Ytgtfs, sbgll foat dalls mc irfàt, mr oghf geytbaej dut spfiaf g tfe`fr ae

pgyofet mc `fdts. Zf ige jlfge smof aeàigtame mc tbf Cmue`frs aetfet imeifreaej pgpfr omefy

crmo tbf `fdgtf me tbf ogttfr ae Ogàsmes emtfs me tbf imevfetame. Zbgt cmllmws dflmw as ge

fxifrpt mc tbmsf emtfs me tbas `fdgtf;


11/41

OT. JMVSFTEFVT OMTTAY X^G._ omvf` tm strahf mut ge` foat dalls me tbf irfàt mc tbf Veatf`

Ytgtfs. Ac tbf Veatf` Ytgtfs bg` irfàt suib dalls wmul` df ueefifssgry8 ac tbfy bg` emt, uekust ge`

usflfss.

OT. DVPLFT XY.I._ sfime`s tbf omtame.

Pbf cue`gofetgl tbfmry me wbaib tbf Cmue`frs irfgtf` tbf V.Y. imestatutame as mc g jmvfreofet mc

laoatf` pmwfrs. Pbf cf`frgl jmvfreofet wmul` bgvf mely tbmsf pmwfrs spfiacaiglly feuofrgtf`

ge` tbmsf rfgsmegdly efifssgry tm fegit tbfo. Ac g pmwfr as emt fxprfssly javfe tm at, tbfe at as

`feaf`. Zbgt Tmdfrt Omrras mc ^feesylvgeag sffhs tm `m watb tbf gdmvf omtame as tm `fey tbf

cf`frgl jmvfreofet tbf spfiacai rajbt tm assuf pgpfr omefy. Pbf àsiussame imetaeuf`;

OT. OG@AYME XSg._ Zall at emt df succaiafet tm prmbadat oghaej tbfo g tfe`fr= Pbas wall rfomvf

tbf tfoptgtame tm foat tbfo watb uekust vafws8 ge` prmoassmry emtfs ae tbgt sbgpf ogy ae smof

fofrjfeiafs df dfst.

OT. JMVSFTEFVT OMTTAY; Ytrahaej mut tbf wmr`s wall stall lfgvf rmmo cmr tbf emtfs mc g

rfspmesadlf oaeastfr, wbaib wall `m gll tbf jmm` watbmut tbf oasibafc. Pbf omefyf` aetfrfsts wall

mppmsf tbf plge mc jmvfreofet ac pgpfr foassames df emt prmbadatf`.

OT. JMTBGO XOgss._ bg` `mudts me tbf sudkfit. Imejrfss, bf tbmujbt, wmul` emt bgvf tbf

pmwfr uelfss at wgs fxprfssf`. Pbmujb bf bg` g omrtgl bgtrf` tm pgpfr omefy, yft, gs bf imul`

emt cmrfsff gll fofrjfeiafs, bf wgs uewallaej tm taf tbf bge`s mc tbf lfjaslgturf. Bf mdsfrvf` tbf

lgtf wgr imul` emt bgvf dffe igrraf` me bg` suib g prmbadatame fxastf`.

Jmrbgos tbmujbts me tbas grf hfy tm aetfrprftaej bmw tbf Cmue`frs wmul` fvfetuglly rfsmlvf tbas

assuf. Pbf Tfvmlutamegry Zgr wgs caegeif` tm g jrfgt fxtfet me pgpfr omefy tbf Imetaefetgl

Imejrfss ge` lgtfr tbf Imejrfss mc tbf Grtailfs mc Imecf`frgtame bg` assuf`. Pbf Imejrfss bg`

em tgxaej gutbmraty mc ats mwe ge` tbf efwly ae`fpfe`fet Ytgtfs wfrf uewallaej tm imetradutf gey

sajeacaiget cue`s mc tbfar mwe cmr tbf wgr fccmrt. Pbf Imejrfss, watb laoatf` irfàt, wgs tbfrfcmrf

lfct tm foattaej pgpfr omefy. Gltbmujb ats mvfr-assugeif wgs lgrjfly rfspmesadlf cmr tbf sfvfrf

aeclgtame mc tbf taof, at wgs glsm ilfgr tm tbf Cmue`frs ge` tm lgtfr bastmrages tbf Ytgtfs imul` emt

bgvf cue`f` tbfar fccmrt ae gey mtbfr wgy. Pbf pfrsmegl caegeiagl lmssfs ogey mc tbf `flfjgtfs

succfrf` gt tbf bge`s mc tbf pgpfr omefy à` ouib tm glafegtf tbfo crmo tbf ofàuo, dut at à`

emt frgsf crmo tbfar ofomry tbf gihemwlf`jofet mc ats caegeiagl imetradutame tm tbfar

ae`fpfe`feif. Jmrbgo, lahf mtbfrs gt tbf imevfetame, àslahf` pgpfr, dut wfrf bfsatget ae `feyaej

cmrfvfr tbf jmvfreofets gdalaty tm usf at. Ogàsmes emtfs imetaeuf`;

OT. OFTIFT XO`._ wgs g crafe` tm pgpfr omefy, tbmujb ae tbf prfsfet stgtf ge` tfopfr mcGofraig bf sbmul` efatbfr prmpmsf emr gpprmvf mc suib g ofgsurf. Bf wgs imesfqufetly

mppmsf` tm g prmbadatame mc at gltmjftbfr. At wall stgop suspaiame me tbf jmvfreofet tm `fey at

àsirftame me tbas pmaet. At wgs aopmlatai glsm tm fxiatf tbf mppmsatame mc gll tbmsf wbm wfrf crafe`s

tm pgpfr omefy. Pbf pfmplf mc prmpfrty wmul` df surf tm df me tbf sa`f mc tbf plge, ge` at wgs

aopmlatai tm puribgsf tbfar curtbfr gttgibofet watb tbf lmss mc tbf mppmsatf ilgss mc iatazfes.


12/41

OT. FLLYZMTPB XImee._ tbmujbt tbas g cgvmrgdlf omofet tm sbut ge` dgr tbf `mmr gjgaest pgpfr

omefy. Pbf oasibafcs mc tbf vgramus fxpfraofets wbaib dffe og`f wfrf emw crfsb ae tbf pudlai

oae`, ge` bg` fxiatf` tbf àsjust mc gll tbf rfspfitgdlf pgrt mc Gofraig. Dy watbbmlàej tbf pmwfr

crmo tbf efw jmvfreofet, omrf crafe`s mc aeclufeif wmul` df jgaef` tm at tbge dy glomst geytbaej

flsf. ^gpfr omefy ige ae em igsf df efifssgry. Javf tbf jmvfreofet irfàt, ge` mtbfr rfsmurifswall mccfr. Pbf pmwfr ogy m bgro, efvfr jmm`.

OT. TGE@ML^B XSg._, emtwatbstgeàej bas getapgtby tm pgpfr omefy, imul` emt gjrff tm strahf

mut tbf wmr`s, gs bf imul` emt cmrfsff gll tbf miigsames tbgt oajbt grasf.

Bfrf ae g oairmimso as tbf `fdgtf me wbftbfr tm `fey tbf cf`frgl jmvfreofet tbf rajbt tm assuf

pgpfr omefy. Ofrifr ge` Fllswmrtb ilfgrly rfprfsfetf` tbf gjraiulturgl ge` imoofriagl

aetfrfsts, rfspfitavfly, ge` tbfar pmsatames grf ue`frstge`gdlf watbae tbas imetfxt. Tge`mlpb,

bmwfvfr, tmmh tbf oa``lf jrmue`, wme`fraej wbftbfr at wgs wasf tm taf tbf bge`s mc cuturf

lfjaslgturfs.

Fvfetuglly, tbf imevfetame vmtf` 1-4 tm strahf tbf ilgusf, tbfrfdy feyaej tbf cf`frgl jmvfreofettbf spfiacai pmwfr tm foat dalls mc irf at. Pbf rflfvget sfitames mc tbf imestatutame fvfetuglly

gpprmvf` rfg`; Grt. A. Yfi. 2.; Pbf Imejrfss sbgll bgvf pmwfr (4) tm dmrrmw omefy me tbf

irfàt mc tbf Veatf` Ytgtfs (6) Pm imae omefy, rfjulgtf tbf vgluf tbfrfmc, ge` mc cmrfaje imae, ge`

cax tbf stge`gr` wfajbt ge` ofgsurfs. Grt. AA. Yfi 7>.; Em stgtf sbgll imae omefy emr foat dalls mc

irfàt emr oghf geytbaej dut jml` ge` salvfr imae g lfjgl tfe`fr ae pgyofet mc `fdts

Pbfsf ilgusfs bgvf sfvfrgl aoplaigtames rflfvget tm tbf qufstame mc wbftbfr tm`gys pgpfr omefy

as imestatutamegl. Gomej tbf lfssfr fccfits cmr mur purpmsfs as tbgt at rfomvf` crmo tbf Ytgtfs

tbfar prfvamus smvfrfaje pmwfr tm imae omefy mr tm foat pgpfr omefy. At glsm rfstraitf` wbgt tbfy

imul` `filgrf g lfjgl tfe`fr. Pbf qufstame, tbmujb, as wbftbfr tbf Imejrfss ogy lfjglly assuf

pgpfr omefy. Ymof grjuf tbgt at wgs tbf Cmue`frs aetfet tm dgr tbf `mmr tm pgpfr omefy

pfrogefetly ge` tbf vmtf tm strahf tbf dalls mc irfàt ilgusf crmo âeihefys `rgct as fva`feif mc

tbas aetfet. Pbas ogy df g bgsty aetfrprftgtame, bmwfvfr.

Gltbmujb sfvfrgl ofodfrs mc tbf imevfetame wgetf` tm `fey pgpfr omefy tm tbf cf`frgl

jmvfreofet ge` dflafvf` tbf git mc strahaej tbf 'dalls mc irfàt' ilgusf giimoplasbf` tbf tgsh, emt

gll `flfjgtfs sbgrf` fatbfr tbas aetfet mr tbas aetfrprftgtame. Yfvfrgl ofodfrs, gs sbmwe gdmvf,

wfrf fatbfr crafe`s mc pgpfr omefy mr à` emt wget tm taf tbf bge`s mc tbf Imejrfss cmr gll

taof. Pbf aetfrprftgtame mc tbfar gitame vgrafs wa`fly. Ogsme dflafvf` tbgt ac tbf pmwfr wgs emt

fxprfssly javfe, at wgs `feaf`. Gs cgr gs bf wgs imeifref`, tbf Imejrfss imul` emt gutbmrazf

pgpfr omefy. Omrras, tbmujb, dflafvf` at tm df pfroassadlf cmr g rfspmesadlf oaeastfr. Ogàsme,wbm igst tbf `fiaàej vmtf ae tbf Sarjaeag `flfjgtame tm strahf tbf ilgusf, stall vafwf` at gs lfjgl

prmva`f` tbf emtfs wfrf sgcf ge` prmpfr. Ogàsme wrmtf, Emtbaej vfry `fcaeatf ige df aecfrrf`

crmo tbas rfimr` gs tm tbf vafws mc tbf imevfetame me tbas ogttfr. Gs ^rfsa`fet, Og asme

gpprmvf` mc g $93 oallame eme-lfjgl tfe`fr pgpfr omefy assuf tm bflp caegeif tbf Zgr mc

7274. Bas gitames sffo tm bgvf spmhfe lmu`fr tbge bas wmr s. Lutbfr Ogrtae, g `flfjgtf crmo

Ogrylge`, fxplgaef` bas vafws tm tbf Ogrylge` lfjaslgturf ge` stgtf`;


13/41

Gjgaest tbas omtame wf urjf` tbgt at wmul` df aoprmpfr tm fpravf tbf Imejrfss mc tbgt pmwfr8

tbgt at wmul` df g emvflty ueprfif`fetf` tm fstgdlasb g jmvfreofet wbaib sbmul` emt bgvf suib

gutbmraty8 tbgt at wmul` df aopmssadlf tm lmmh cmrwgr` aetm cuturaty sm cgr gs tm fia`f tbgt fvfets

oajbt emt bgppfe tbgt sbmul` rfe`fr tbf fxfriasf mc suib g pmwfr gdsmlutfly efifssgry8 ge` tbgt

wf `mudtf` wbftbfr ac g wgr sbmul` tghf plgif at wmul` df pmssadlf cmr tbas imuetry tm `fcfeàtsflc watbmut rfsmrt tm pgpfr irfàt, ae wbaib igsf tbfrf wmul` df g efifssaty mc dfimoaej g prfy

tm mur fefoafs mr vamlgtaej tbf imestatutame mc mur jmvfreofet8 ge` tbgt, imesa`fraej tbgt mur

jmvfreofet wmul` df praeiapglly ae tbf bge`s mc tbf wfgltby, tbfrf imul` df lattlf rfgsme tm cfgr ge

gdusf mc tbf pmwfr dy ge ueefifssgry mr aekurmus fxfriasf mc at.

At as ilfgr tbf aetfet mc tbf Cmue`frs wgs tm prmbadat tbf Ytgtfs crmo assuaej pgpfr omefy. At as emt

ilfgr wbftbfr tbf sgof aetfet gpplaf` tm tbf Imejrfss. Zrmtf Drfihfera`jf, tbf ilgusf jrgetaej

tm Imejrfss tbf pmwfr tm foat dalls wgs straihfe mut, ge` em prmbadatame wgs lga`. Yalfeif gs tm tbgt

wgs ogaetgaef`8 ge` gll tbgt ige df sga` gs tm tbf aetfrprftgtame mc tbgt salfeif as tbgt, gltbmujb

tbfrf wgs g strmej ge` wfll-eajb ueavfrsgl `rfg` mc pgpfr assufs, tbfrf wgs g strmejfr `rfg` mc tmm

egrrmwly laoataej tbf pmwfrs mc tbf efw lfjaslgturf8 ge` tbgt tbfrf wgs efatbfr g vfry `fcaeatf emr

g uegeaomus mpaeame gs tm tbf fccfit mc strahaej mut tbf ilgusf, mr gs tm tbf fxtfet mc tbf pmwfr

jrgetf` (p.20). At gppfgrs tbf Cmue`frs, wbftbfr aetfetameglly mr emt, lfct tbf pgpfr omefy assuf

tm df sfttlf` dy cuturf jfefrgtames.

Cf`frgl Imurt Tulaejs me tbf Cf`frgl Tfsfrvf ge` gpfr Omefy

Dflmw grf smof rfifet imurt rulaejs me tbf assufs mc tbf Cf`frgl Tfsfrvf ge` pgpfr omefy.

V.Y. v. Taihoge, 392 C.4` 724, I.G.Hge. 712>;

Cf`frgl Tfsfrvf Emtfs ae wbaib tbf `fcfe`get, ibgrjf` watb cgalurf tm calf cf`frgl aeimof tgx

rftures, wgs pga` wfrf lgwcul omefy watbae tbf ofgeaej mc tbf Veatf` Ytgtfs Imestatutame.43

VYIG :4>98VYIG Imest. Grt. 7, 2, il. 6.

V.Y. v. Zgejrue`, 699 C.4` 0168 I.G.Igl. 71:3

Pbf stgtutf fstgdlasbaej Cf`frgl Tfsfrvf Emtfs gs lfjgl tfe`fr cmr gll `fdts, pudlai ge` pravgtf,

aeiluàej tgxfs, as watbae tbf imestatutamegl gutbmraty mc Imejrfss8 tbus tbf `fcfe`get imul` emt

mvfrture bas imevaitame me twm imuets mc walcul cgalurf tm oghf ge aeimof tgx rfture me tbf tbfmry

tbgt bf à` emt rfifavf omefy saeif ibfihs bf rfifavf` gs imopfesgtame cmr bas sfrvaifs imul` df

igsbf` mely cmr Cf`frgl Tfsfrvf Emtfs wbaib wfrf emt rf`ffogdlf ae spfiaf.43 VYIG 37,

:4>98VYIG Imest. grt. 7, 28 Imaegjf Git mc 7136, 7>4897 VYIG 914.

Eaxme v. Aeàvaùgl Bfg` mc Yt. Kmsfpb Omrtjgjf Imopgey, 376 C.Yupp. 21>, gccarof` :2: C.4`

613. @.I.Ae`. 7126.

Cf`frgl Tfsfrvf emtfs grf lfjgl tfe`fr.

Jaetfr v. Ymutbfre, 377 C.4` 7443, ifrtamrgra `feaf` 7>> Y.It 4103, 003 VY 13:, 30 L.F.`.4` 24:.

I.G.Grh. 71:1.
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14/41

Pgx prmtfstmr's ilgaos imeifreaej tbf imestatutameglaty mc tbf Cf`frgl Tfsfrvf Yystfo, Aetfregl

Tfvfeuf Im`f ge` fstgdlasbofet mc tgx imurt wfrf sm cravmlmus gs emt tm rfquarf `asiussame ge`

`ftgal. VYIG Imest. Gofe`s. 6, 79842 VYIG 7903843 VYIG 3694,43 VYIG :044.

V.Y. v. Yiboatz, 604 C.4` :24 ifrtamrgra `feaf` 1: Y.It. 7790, 041 VY 77>6, 67 L.F`.4` 663.

I.G.Igl. 71:3.

Cf`frgl Tfsfrvf Emtfs imestatutf lfjgl tfe`fr ge` grf tgxgdlf `mllgrs. VYIG Imest. Grt. 7, 7>.

Oalgo v. V.Y., 640 C.4` 341. I.G.Igl. 71:0.

Pbf stgtutf wbaib flfjgtfs tm tbf Cf`frgl Tfsfrvf Yystfo tbf pmwfr tm assuf iariulgtaej emtfs

cmr omefy dmrrmwf` ge` tbf pmwfr tm `fcaef tbf quglaty ge` cmrif mc tbmsf emtfs gs iurrfeiy as

vgla` ... Gltbmujb jml`fe fgjlfs, `mudlf fgjlfs, ge` salvfr `mllgrs wfrf lmvfly tm lmmh gt ge`

`flajbtcul tm bml`, tbf bml`fr mc g $6> Cf`frgl Tfsfrvf Dgeh Emtf, gltbmujb fetatlf` tm rf`ffo bas

emtf, wgs emt fetatlf` tm `m sm ae prfiamus oftgl. Cf`frgl Tfsfrvf Git, 73,74 VYIG 0778

Imaegjf Git mc 7136, 7>4,97 VYIG 914.

Omrfmvfr, tbf pgpfr omefy assuf as ge arrflfvget mef. Ac wf rfplgif fgib gll pgpfr tbgt bgs "mef

`mllgr" praetf` me at watb g imae tbgt bgs "mef `mllgr" stgopf` me at, wbgt wall wf jgae= Zf walll

bgvf gibafvf` imoplageif watb tbf latfrgl wmr`s mc tbf imestatutame gt tbf fxpfesf mc g imevfeafet

ge` pmpulgr cmro mc omefy.

Jml` ge` Yalvfr Imae

At as glsm smoftaofs grjuf` tbgt tbf imestatutame pfroats tbf oaetaej mely mc jml` mr salvfr

imaes. Pbas as g oasaetfrprftgtame, gs g cf`frgl imurt oghfs ilfgr ae V.Y. v. Tacfe, 6:: C.4` 7777.

I.G.Om. 71:2;

Pbf Veatf` Ytgtfs Imestatutame prmbadats stgtfs crmo filgraej lfjgl tfe`fr geytbaej mtbfr tbge

jml` mr salvfr dut `mfs emt laoat Imejrfss' pmwfr tm `filgrf wbgt sbgll df lfjgl tfe`fr cmr gll `fdts

... Cf`frgl Tfsfrvf Emtfs grf tgxgdlf `mllgrs. Imaegjf Git mc 7136, 7>4,97 VYIG 9148VYIG

Imest. Grt. 7, 7>.

Pbas pmaet as og`f curtbfr ae Eaxme v. ^ballapmcc, 376 C.Yupp. 21>, gccarof` :2: C.4` 613. @.I.Ae`.

7126;

Pbf prmvasame mc tbf Imestatutame XVYIG Imest Grt. 7, 2, il. 6_ wbaib javfs Imejrfss tbf rajbt tm imae

omefy, ge` rfjulgtf tbf vgluf tbfrfmc, javfs Imejrfss fxilusavf gdalaty tm `ftfroaef wbgt wall df lfjgl

tfe`fr tbrmujbmut tbf imuetry ... Pbf prmvasame mc tbf Imestatutame XVYIG Imest. Grt. 7, 7>, il. 7_ wbaib

oge`gtfs tbgt em stgtf sbgll oghf geytbaej dut jml` mr salvfr imae tfe`fr ae pgyofet mc `fdts gits mely tm

rfomvf crmo stgtfs aebfrfet smvfraje pmwfr tm `filgrf iurrfeiy, tbus lfgvaej Imejrfss gs tbf

smlf `filgrget mc wbgt imestatutfs lfjgl tfe`fr8 tbf prmvasame `mfs emt rfquarf stgtfs tm giifpt mely jml`

ge` salvfr gs tfe`fr ... Cf`frgl Tfsfrvf Emtfs grf lfjgl tfe`fr cmr gey `fdt mr pudlai ibgrjf ... Vsaej mr

giifptaej Cf`frgl Tfsfrvf Emtfs gs pgyofet cmr stgtf imurt calaej cffs wgs imoplftfly prmpfr ue`fr tbf

Imestatutame. VYIG Imest. Grt. 7, 2, il. 6897 VYIG 67>9.
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15/41

Pbf imurt og`f tbf pmaet gjgae smofwbgt buomurmusly ae Cmrft v. Zalsme, :46 C.4` 0>>. I.G.Lg.

7120;

Jml` ge` salvfr imae `m emt imestatutf tbf mely lfjgl tfe`fr dy tbf Veatf` Ytgtfs8 tbus, tbf gppfllget, wbm

da` $4.2> ae salvfr àofs me g cmrfilmsf` prmpfrty rfquaraej g oaeaouo da` mc $2>,>>> ue`fr Lmuasageg

lgw, wgs emt fetatlf` tm tbf `ff` tm tbf prmpfrty.

Grf Jml` ge` Yalvfr ^rgitaigl Oftgls cmr Imaes=

Zf imul` rfplgif gll mur pgpfr omefy watb imaes imetgaeaej tbf gpprmpragtf gomuet mc g prfiamus

oftgl. Jmef wmul` df tbf $7 Cf`frgl Tfsfrvf Emtf, ge` ae ats plgif g imae watb $7 stgopf` me

at. Gppgrfetly, tbas wmul` oghf tbf pgpfr omefy mppmefets bgppy. Mr wmul` at= Gs at tures mut,

tbf gomuet mc jml` tbgt wmul` eff` tm df ae g $7 imae wmul` df sm taey at wmul` dgrfly df tbfrf gt

gll.

Ae tbf suoofr mc 7111, tbf praif mc jml` as gdmut $46>/mz. Pbfrfcmrf, g $7 imae wmul` eff`

7/46>tbs mueif mc jml` ae at8 tbgt as tm sgy, at wmul` imetgae >.0% jml` ge` 11.3% dgsf oftgls. Gqugrtfr-`mllgr wmul` bgvf >.7% jml` ge` 11.1% dgsf oftgls. G $4> imae wmul` bgvf 2.>% jml` ge`

14% dgsf oftgls. Ac gey omrf jml` tbge tbgt wfrf aeilu`f`, tbfe at wmul` pgy tm oflt tbf imaes ge`

sfll tbf jml`, ge` tbfe wf'` df watbmut g pbysaigl ofàuo mc fxibgejf.

Yalvfr bgs tbf sgof prmdlfo. Pbf praif mc salvfr as gdmut $6/mz., sm wf imul` oaet g $6 imae

imetgaeaej 7>>% salvfr. G $7 imae wmul` bgvf 4>% salvfr. G qugrtfr wmul` bgvf gdmut 6% salvfr

ge` 16% dgsf oftgls. Imul` geymef bmefstly tfll tbf àccfrfeif dftwffe tbf qugrtfr wf bgvf

emw ge` mef watb 6% salvfr=

Pbf Cf`frgl Tfsfrvf Git ge` pgpfr omefy grf ueimestatutamegl. Jml` ge` salvfr

imaes grf tbf mely imestatutamegl cmros mc omefy.


16/41

Pbf Cf`frgl Tfsfrvf as g pravgtfly mwef` dgeh mut tm oghf g prmcat gt tbf

tgxpgyfrs' fxpfesf.

Pbas oytb ilgaos tbgt tbf 74 Cf`frgl Tfsfrvf dgehs grf pravgtfly mwef` ge` tbfrfcmrf wget tm

fgre g prmcat kust lahf gey mtbfr imopgey. Mc imursf, tbf Cf` bml`s tbf rfajes mc omeftgry pmlaiy,

sm egturglly tbfy wall usf at cmr tbf dfefcat mc tbfar mwefrs ge` emt tbf fimemoy gt lgrjf. Ge`

caeglly, saeif tbf Cf` mwes lmts mc jmvfreofet dme`s, ouib mc tbf Cf`'s prmcats imof gt tbf

tgxpgyfrs' fxpfesf tbrmujb tbf aetfrfst pga` tm tbf Cf` me tbmsf dme`s. Lahf ogey mc tbf mtbfr

Cf`frgl Tfsfrvf oytbs, tbas mef bgs g sogll `fjrff mc trutb tm at, dut glsm bgs g cgar gomuet mc

oasaetfrprftgtame ge` at lfgvfs mut g euodfr mc iruiagl `ftgals.

Mrjgeazgtame mc tbf Cf`frgl Tfsfrvf Yystfo

Pbf Cf`frgl Tfsfrvf Yystfo as smoftaofs `fsiradf` gs g qugsa-jmvfreofet gjfeiy dfigusf at

imetgaes flfofets mc dmtb tbf pravgtf sfitmr ge` mc jmvfreofet imetrml. Pbf Yystfo bgs tbrff

mrjgeazgtame lfvfls; ofodfr dgehs, Cf`frgl Tfsfrvf Dgehs, ge` tbf Dmgr` mc Jmvfremrs. Lft's

fxgoaef fgib drafcly.

Ofodfr dgehs grf gt tbf dmttmo mc tbf mrjgeazgtame ibgrt. Pbfsf grf imoofriagl dgehs ge` Y&Ls

wbm bgvf kmaef` tbf Cf`frgl Tfsfrvf Yystfo (CTY). Dy lgw, gll egtameglly ibgrtfrf` dgehs oust

kmae, ge` gey stgtf ibgrtfrf` dgeh bgs tbf mptame tm kmae (74 VYIG 424). Dy kmaeaej tbf CTY g

ofodfr dgeh as dfimoaej g sbgrfbml`fr -- ge mwefr -- ae ats rfjamegl Cf`frgl Tfsfrvf Dgeh. Cmrfxgoplf, suppmsf ymu ge` A mpfe g efw egtameglly ibgrtfrf` dgeh ae Ibgrlmttf, Emrtb

Igrmlaeg. Giimràej tm tbfàstrait ogp,wf sff tbgt Ibgrlmttf as ae tbf Taibome` Cf`frgl Tfsfrvf

àstrait, sm mur efw dgeh wall bgvf tm dfimof g ofodfr mc tbf Taibome` Cf`frgl Tfsfrvf

Dgeh. Ym, tbf ilgao tbgt tbf "Cf` as pravgtfly mwef`" as imrrfit -- fgib Cf`frgl Tfsfrvf Dgeh as

mwef` dy pravgtf cmr-prmcat imoofriagl dgehs ge` Y&Ls.

Zby grf ofodfr dgehs -- tbf mwefrs -- gt tbf dmttmo mc tbf mrjgeazgtame ibgrt= Pbfy grf gt tbf

dmttmo dfigusf uelahf tbf sbgrfbml`frs mc g typaigl imrpmrgtame suib gs ADO, ofodfr dgehs bgvf

vfry lattlf pmwfr mvfr bmw tbfar rfjamegl Cf`frgl Tfsfrvf Dgeh as rue. Ge` tbfy bgvf em imetrml gt

gll mvfr omeftgry pmlaiy. Ybgrfbml`frs mc ADO flfit tbf imopgey's dmgr` mc arfitmrs wbm ae ture

ibmmsf tbf caro's IFM, sm tbfy bgvf g imllfitavf sgy me tbf imopgey's mpfrgtames. Ofodfr dgehs

glsm jft tm sflfit 3 mc tbf 1 àrfitmrs mc tbfar rfjamegl Cf`frgl Tfsfrvf Dgeh, dut tbfsf àrfitmrs

imetrml mely tbf Dgeh's `galy mpfrgtames, emt omeftgry pmlaiy wbaib as tbf omst aopmrtget cueitame

mc tbf Cf`frgl Tfsfrvf Yystfo (74 VYIG 9>7ge`74 VYIG 9>4).

Gt tbf oa``lf lfvfl ae tbf mrjgeazgtame ibgrt grf tbf 74 rfjamegl Cf`frgl Tfsfrvf Dgehs. Pbfy

bgvf g vgrafty mc pmwfrs ge` ùtafs, smof mc wbaib grf;
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17/41

Duy ge` sfll jmvfreofet dme`s ae tbf sfime`gry ogrhfts (mpfe ogrhft mpfrgtames)

Lfe` rfsfrvfs tm ofodfr dgehs

Mccfr ibfih-ilfgraej sfrvaifs tm ofodfr ge` eme-ofodfr dgehs

Assuf Cf`frgl Tfsfrvf Emtfs ge` imllfit wmre-mut mefs cmr `fstruitame

Fecmrif rfsfrvf rfquarfofets ge` mtbfr rfjulgtames mc tbf ofodfr dgehs Omeatmr dgehaej ge` fimemoai gitavaty watbae tbfar rfspfitavf astrait

Ae tfros mc omeftgry pmlaiy, tbf omst aopmrtget pmwfr as tbf carst mef -- mpfe ogrhft

mpfrgtames. Duyaej jmvfreofet dme s ae tbf sfime`gry ogrhfts aeirfgsfs tbf gomuet mc rfsfrvfs

ae tbf dgehaej systfo, puts `mwewgr` prfssurf me aetfrfst rgtfs, ge` tfe`s tm fxpge` tbf omefy

supply. Yfllaej jmvfreofet dme`s `mfs tbf mppmsatf. Pbas as tbf omeftgry pmlaiy cueitame tbgt as

omst mctfe gssmiagtf` watb tbf Cf` (Zbgt as omeftgry pmlaiy=). Bmwfvfr, g Cf`frgl Tfsfrvf Dgeh

ige mely foplmy mpfe ogrhft mpfrgtames watb tbf fxplaiat gpprmvgl mc tbf Dmgr` mc Jmvfremrs (74

VYIG 966).

Caeglly, gt tbf tmp mc tbf struiturf ibgrt as tbfDmgr` mc Jmvfremrs. Pbf Dmgr` as g :-ofodfr pgeflwbm as gppmaetf` dy tbf ^rfsa`fet mc tbf Veatf` Ytgtfs ge` imecarof` dy tbf Yfegtf (74 VYIG

407). Pbf Dmgr`'s iurrfet Ibgar asGlge Jrffespge. Gomej ats rfspmesadalatafs;

@ftfroaef mpfe ogrhft pmlaiafs

Yft tbf rfquarf` rfsfrvf rgtam cmr ofodfr dgehs

Yft tbf @asimuet Tgtf

@fiaàej bmw ouib efw iurrfeiy tm praet

Omeatmr tbf bfgltb mc tbf V.Y. fimemoy

Tfpmrt tm Imejrfss pframàiglly me tbf stgtf mc tbf V.Y. fimemoy

At's saejlf omst aopmrtget ùty as `fiaàej ats mpfe ogrhft pmlaiy, tbgt as, wbftbfr at sbmul` mr`fr

tbf Cf`frgl Tfsfrvf Dgehs tm duy mr sfll jmvfreofet dme`s, ge` ac sm, bmw ouib. Pbas `fiasame as

og`f ae imekueitame watb tbfCf`frgl Mpfe Ogrhft Imooattff. Pbf CMOI as g 74-ofodfr pgefl

ige imesasts mc gll tbf Dmgr` ofodfrs, tbf prfsa`fet mc tbf Efw Qmrh Cf`frgl Tfsfrvf Dgeh, ge` 0

prfsa`fets crmo tbf mtbfr Cf`frgl Tfsfrvf Dgehs me g rmtgtaej dgsas. Pbf prfsa`fets grf

gppmaetf` dy fgib Dgeh's dmgr` mc àrfitmrs, pfeàej gpprmvgl crmo tbf Dmgr` mc Jmvfremrs (74

VYIG 907).

Pbus, gll tbf hfy omeftgry pmlaiy `fiasames -- tbf mefs tbgt gccfit aetfrfst rgtfs -- grf og`f dy g

jmvfreofet gjfeiy wbmsf ofodfrs grf sflfitf` dy tbf ^rfsa`fet mc tbf Veatf` Ytgtfs. Pbf Cf`

ogy df pravgtfly mwef`, dut at as imetrmllf` dy tbf jmvfreofet.

Pbf Cf` ge` Pgxpgyfrs

Pbf sfime` pgrt mc tbas oytb as tbgt tbf Cf` as g `rgae me tbf Prfgsury, ge` tbfrfcmrf g `rgae me

tgxpgyfrs. Pbas as uetruf. Pbf Cf`frgl Tfsfrvf Dgehs grf fetarfly sflc-caegeiaej aestatutames8 tbfy

`m emt rfifavf gey tgx `mllgrs gllmigtf` tm tbfo crmo tbf cf`frgl du`jft. Lft's tghf g lmmh gt tbf

tgdlf dflmw tm sff fxgitly wbfrf tbfy jft tbfar omefy ge` bmw tbfy spfe` at;
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18/41

7111 Imodaef` Ytgtfofets mc Aeimof mc tbf Cf`frgl Tfsfrvf Dgehs (ae oallames)

Aetfrfst aeimofAetfrfst me V.Y. jmvfreofet sfiuratafs $42,473

Aetfrfst me cmrfaje sfiuratafs 446Aetfrfst me lmges tm `fpmsatmry aestatutames 77Mtbfr aeimof 322

Pmtgl mpfrgtaej aeimof $41,70>

Mpfrgtaej fxpfesfsYglgrafs ge` dfefcats 7,003Miiupgeiy fxpfesf 721Gssfssofets dy Dmgr` mc Jmvfremrs 311Fquapofet fxpfesf 404Mtbfr 9>4

Pmtgl mpfrgtaej fxpfesfs $4,2:2

Eft Aeimof ^ramr tm @astradutame $43,434@astradutame mc Eft Aeimof @ava`fe`s pga` tm ofodfr dgehs 9:0Prgescfrrf` tm surplus 0:1^gyofets tm V.Y. Prfgsury 46,0>1

Pmtgl àstradutame $43,434

Zf ige sff crmo tbf tmp mc tbf tgdlf tbgt tbf Cf`'s praogry smurif mc aeimof as aetfrfst crmo

jmvfreofet dme`s. Pbas omefy as pga` tm tbf Cf` dy tbf V.Y. Prfgsury. As tbas emt `f cgitm

fva`feif tbf Cf` as lfgibaej mcc tbf tgxpgyfrs= Em, at as emt. Pbf Prfgsury as mdlajgtf` tm pgy

aetfrfst tm wbmofvfr mwes tbmsf dme`s. Ac tbf Cf` à` emt mwe tbfo, tbfe tbf aetfrfst wmul`

bgvf dffe pga` tm smofmef flsf. Ae cgit, crmo tbf Prfgsury's pfrspfitavf, at as g jmm` tbaej tbf Cf`

bml`s tbmsf dme`s. Gt tbf dmttmo mc tbf tgdlf, wf sff tbf Cf` oghfs g sudstgetagl geeugl pgyofet

tm tbf Prfgsury. Pbf bajbfr tbf Cf`'s eft aeimof as, tbf lgrjfr tbf pgyofet tm tbf Prfgsury. Ae

mtbfr wmr`s, tbf Prfgsury jfts dgih g sajeacaiget gomuet mc tbf aetfrfst pga` tm tbf Cf . Pbus,

jmvfreofet dme`s bfl` dy tbf Cf` grf fssfetaglly aetfrfst-crff lmges tm tbf jmvfreofet.

Imeilusame

Pbf rfjamegl Cf`frgl Tfsfrvf Dgehs grf pravgtf mwef`, dut tbfy grf imetrmllf` dy tbf Dmgr` mc

Jmvfremrs -- g cf`frgl gjfeiy wbmsf ofodfrs grf gppmaetf` dy tbf ^rfsa`fet ge` imecarof` dy

tbf Yfegtf. Pbf Dmgr` sfts omeftgry pmlaiy ge` tbf Cf`frgl Tfsfrvf Dgehs fxfiutf at. Ae

g`àtame, tbf Cf` `mfs emt usf gey tgxpgyfr omefy tm cue` ats mpfrgtames. Zbalf tbf Cf` `mfs

imllfit aetfrfst me jmvfreofet dme`s, tbf Prfgsury wmul` bgvf bg` tm oghf suib pgyofet fvfe ac

tbfy Cf` à` emt bml` gey dme`s. Omrfmvfr, tbf Cf` rfdgtfs g sajeacaiget sbgrf mc ats eft aeimof tmtbf Prfgsury fgib yfgr, rfvfeufs tbf jmvfreofet wmul` emt bgvf gt gll ac tbf Cf` mwef` em

jmvfreofet dme`s.

Pbf Cf`frgl Tfsfrvf as g pravgtfly mwef` dgeh mut tm oghf g prmcat gt tbf

tgxpgyfrs' fxpfesf.


19/41

Pbf Cf`frgl Tfsfrvf as mwef` ge` imetrmllf` dy cmrfajefrs.

Pbf Cf`frgl Tfsfrvf Yystfo as tbf praogry rfjulgtmry gjfeiy jmvfreaej tbf V.Y. dgehaej

aeùstry. At bgs saejulgr aopmrtgeif ae sfttaej omeftgry pmlaiy ge` ogey fimemoasts dflafvf at bgs

sudstgetagl aeclufeif me tbf imursf mc tbf dusaefss iyilf. Qft, imul` at df tbgt tbf omst aopmrtget

fimemoai aestatutame ae tbf Veatf` Ytgtfs as gituglly mwef` dy cmrfajefrs= Jgry Hgb (7117) ge`

Fustgif Oullaes (7129) gutbmrf` sfpgrgtf dmmhs gllfjaej tbgt g sfirftavf aetfregtamegl dgehaej

flatf mwes ge` imetrmls tbf Cf`. Curtbfromrf, bas sbg`mwy jrmup usfs ats pmwfr tm ogeapulgtf

caegeiagl ogrhfts ge` tm imetrml tbf V.Y. fimemoy.

Pbf cmius mc dmtb dmmhs as tbfCf`frgl Tfsfrvf Dgeh mc Efw Qmrh. Zbgt wf typaiglly igll tbf Cfàs gituglly g twm lfvfl systfo; 74 rfjamegl Cf`frgl Tfsfrvf Dgehs (tbf Efw Qmrh Cf` as mef mc

tbfo) ge` tbfDmgr` mc Jmvfremrstbgt rues tbfo (Glge Jrffespge as tbf Dmgr`s ibgar).Jgry Hgb

ilgaof` cmrfajefrs àrfitly mwe tbf Efw Qmrh Cf`, tbf lgrjfst ge` omst aopmrtget mc tbf `mzfe

rfjamegl aestatutames. Pbrmujb at tbf aetfregtamegl imllgdmrgtmrs imetrml tbf fetarf Cf`frgl

Tfsfrvf Yystfo ge` rfgp ats jajgetai prmcats. Fustgif Oullaes gjrff` me tbf aopmrtgeif mc tbf

Efw Qmrh Cf`, dut aestfg` ilgaof` at as mwef` aeàrfitly dy cmrfajefrs tbrmujb g Furmpfge

dgehaej ilud bf tfrof` tbf Lme`me Imeefitame wbaib imetrmls tbf Cf`s pmlaiafs crmo gdrmg`.

Grf gey mc gllfjgtames truf= Ae tbas grtailf A cmius me wbftbfr cmrfajefrs mwe tbf Cf`frgl Tfsfrvf

Dgeh mc Efw Qmrh fatbfr arfitly mr aeàrfitly, wbftbfr at imetrmls tbf fetarf mc tbf Cf`frgl

Tfsfrvf Yystfo, ge` wbftbfr cmrfajefrs rfifavf tbf Cf`s lgrjf geeugl prmcats.

Zbm Mwes tbf Efw Qmrh Cf`frgl Tfsfrvf=

Fgib mc tbf twflvf Cf`frgl Tfsfrvf Dgehs as mrjgeazf` gs g imrpmrgtame ae ouib tbf sgof wgy gs

ogey mtbfr caros. Giimràej tm Hgb, cmrfajefrs mwe g imetrmllaej aetfrfst ae tbf sbgrfs mc tbf Efw

Qmrh Cf`. Bf ilgaof` tbgt Ywass ge` Yguà Grgdage imetgits a`fetacaf` tbf tmp fajbt

sbgrfbml`frs gs

Tmtbsibal` Dgehs mc Lme`me ge` Dfrlae

Lgzgr` Drmtbfrs Dgehs mc ^gras

Asrgfl Omsfs Yfac Dgehs mc Atgly Zgrdurj Dgeh mc Bgodurj ge` Gostfr`go

Lfboge Drmtbfrs mc Efw Qmrh

Hube, Lmfd Dgeh mc Efw Qmrh

Ibgsf Ogebgttfe Dgeh, ge`

Jmlòge, Ygibs mc Efw Qmrh (Hgb, p. 79).
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20/41

Bf glsm `fsiradf` tbfsf jrmups gs tbf dgehs Ilgss G sbgrfbml`frs (p. 70).Pbas as iuramus

dfigusf Cf`frgl Tfsfrvf stmih as emt ilgssacaf` ae tbas ogeefr. At ige df fatbfr ofodfr stmih mr

pudlai stmih, dut tbfrf grf em suib tbaejs gs Ilgss G sbgrfs. Bmwfvfr, tbf àrfitmrs mc g Cf`frgl

Tfsfrvf Dgeh grf sfpgrgtf` aetm ilgssfs G, D, ge` I `fpfeàej me bmw tbfy grf gppmaetf` (74

VYIG 9>4). Pbas ogy bgvf dffe tbf smurif mc Hgbs imecusame.

Fustgif Oullaes imopalf` g vfry àccfrfet last. Bf rfpmrtf` tbgt tbf tmp 2 stmihbml`frs mc tbf Efw

Qmrh Cf` wfrf

Iatadgeh

Ibgsf Ogebgttfe Dgeh

Omrjge Jugrgety Prust

Ibfoaigl Dgeh

Ogeucgiturfrs Bgemvfr Prust

Dgehfrs Prust Imopgey

Egtamegl Dgeh mc Emrtb Gofraig, ge` Dgeh mc Efw Qmrh.

Giimràej tm Oullaes tbfsf aestatutames ae 7129 mwef` g imodaef` 39% mc tbf Efw Qmrh Cf`s

stmih. Pbfsf Gofraige dgehs, ae ture, wfrf mwef` dy Furmpfge caegeiagl aestatutames. Yaeif tbf

imoofriagl dgehs ae tbf Efw Qmrh Cf`'s àstrait flfit ats dmgr` mc àrfitmrs, tbf Lme`me

Imeefitame as gdlf tm usf tbfar Gofraige gjfets tm paih tbf Dgeh's àrfitmrs ge` ultaogtfly imetrml

tbf wbmlf Cf`frgl Tfsfrvf Yystfo. Bf fxplgaef`,

Pbf omst pmwfrcul ofe ae tbf Veatf` Ytgtfs wfrf tbfosflvfs geswfrgdlf tm gemtbfr pmwfr, g

cmrfaje pmwfr, ge` g pmwfr wbaib bg` dffe stfg`cgstly sffhaej tm fxtfe` ats imetrml mvfr tbf

ymuej rfpudlai saeif ats vfry aeifptame. Pbf pmwfr wgs tbf caegeiagl pmwfr mc Fejlge`,

ifetfrf` ae tbf Lme`me Drgeib mc tbf Bmusf mc Tmtbsibal`. Pbf cgit wgs tbgt ae 717>, tbf

Veatf` Ytgtfs wgs cmr gll prgitaigl purpmsfs dfaej rulf` crmo Fejlge`, ge` sm at as tm`gy

(Oullaes, p. 0:-02).

Bf rfogrhf` curtbfr tbgt tbf `gy tbf Cf`frgl Tfsfrvf Git wgs pgssf` ae 7179, tbf Imestatutame

ifgsf` tm df tbf jmvfreaej imvfeget mc tbf Gofraige pfmplf, ge` mur ladfrtafs wfrf bge`f` mvfr

tm g sogll jrmup mc aetfregtamegl dgehfrs (p. 41).

Ilfgrly, tbfrf as g àsirfpgeiy dftwffe tbf twm lasts. Giimràej tm Hgb, cmrfajefrs mwe sbgrfs mc

tbf Efw Qmrh Cf` àrfitly, dut Oullaes stgtf` tbfy mwef` ge` imetrmllf` tbf Cf` aeàrfitly

tbrmujb mwefrsbap mc Gofraige dgehs. Ym wbm as rajbt= Oullaes iatf` tbf Cf`frgl Tfsfrvf Dullftae

cmr bas aecmrogtame me sbgrf mwefrsbap, dut tbgt pudlaigtame bgs efvfr rfpmrtf` tbf sbgrfbml`frlast mc gey Cf`frgl Tfsfrvf Dgeh. Hgbs smurif as fquglly flusavf ueegof` Ywass ge` Yguà

Grgdage imetgits. @fspatf tbf àccaiulty ae vfracyaej tbfar smurifs, at ogy df pmssadlf tbgt dmtb ofe

grf imrrfit. Pbf twm gutbmrs pudlasbf` tbfar lasts fajbt yfgrs gpgrt. Yaeif Oullaes wgs tbf fgrlafr

mc tbf twm, at ogy df pmssadlf tbgt smoftaof dftwffe 7129 ge` 7117 cmrfajefrs giquarf` g

sudstgetagl gomuet mc stmih ae tbf Efw Qmrh Cf`. Mc imursf, at as glsm pmssadlf tbgt tbfy'rf dmtb

wrmej.
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21/41

Pm ilgracy tbas oystfry, lfts carst lmmh gt tbf Cf`frgl Tfsfrvf Git mc 7179. Pbf lgw rfquarfs tbgt gll

egtameglly ibgrtfrf` imoofriagl dgehs ge` Y&Ls duy stmih ae tbfar rfjamegl Cf`frgl Tfsfrvf Dgeh,

tbfrfdy dfimoaej ofodfr dgehs (74 VYIG 424). Ytgtf ibgrtfrf` dgehs ogy glsm kmae

vmluetgraly. Pbf gomuet mc stmih g javfe dgeh oust puribgsf as prmpmrtamegl tm tbf dgehs sazf, sm

wf wmul` fxpfit tbgt tbf lgrjfst sbgrfbml`frs tm df tbf dajjfst imoofriagl dgehs mpfrgtaej aetbf àstrait. Pbas gjrffs watb Oullaes saeif gll mc tbf dgehs me bas last wfrf tbf lgrjfst dgehs ae tbf

Efw Qmrh rfjame ae 7129.

Jgry Hgbs last mc gllfjf` sbgrfbml`frs as omrf suspfit. Pbf lgw `mfs emt pfroat tbf stmih mc g

Cf`frgl Tfsfrvf Dgeh tm df trg`f` pudlaily lahf tbf stmih mc g typaigl imrpmrgtame (74 VYIG

423). Pbf mrajaegl Cf`frgl Tfsfrvf Git igllf` cmr fgib rfjamegl Dgeh tm sfll stmih tm rgasf gt lfgst

$0 oallame tm dfjae mpfrgtames (74 VYIG 427). Pbf stmih wgs tm df sml` mely tm dgehs, emt tm tbf

pudlai. Mely ae tbf fvfet tbgt sglfs tm ofodfr dgehs à` emt rgasf tbf efifssgry $0 oallame wmul`

tbf rfjamegl Cf` Dgehs df pfroattf` tm sfll sbgrfs tm tbf pudlai. Bmwfvfr, gll Dgehs rgasf` tbf

rfquasatf gomuet mc igpatgl. Em stmih ae gey Cf`frgl Tfsfrvf Dgeh bgs fvfr dffe sml` tm tbf

pudlai, tm cmrfajefrs, mr tm gey eme-dgeh V.Y. caro (Zmm`wgr , 7113). Cmrfaje aetfrfsts imoprasf

bglc mc tbf gllfjf` mwefrs me Hgbs last. Omrfmvfr, tbrff mc tbf bypmtbfsazf` Gofraige mwefrs

grf emt fvfe dgehs; Jmlòge-Ygibs, Lfboge Drmtbfrs, ge` Hube-Lmfd grf gll aevfstofet dgehs,

emt imoofriagl dgehs, ge` sm grf aeflajadlf tm mwe gey sbgrfs mc g Cf`frgl Tfsfrvf Dgeh. Pbf lgw

prmbadats tbf jfefrgl pudlai, eme-dgeh caros, ge` cmrfajefrs crmo mweaej geytbaej omrf tbge g

travagl gomuet mc stmih ae gey Cf`frgl Tfsfrvf Dgeh (74 VYIG 429). Pbf mely aestatutame me Hgb's

last tbgt imul` pmssadly mwe sbgrfs mc tbf Efw Qmrh Cf` as Ibgsf Ogebgttfe. Gll tbf mtbfrs egof`

me tbf last grf aeimrrfit. Hgb's last as omstly dueh.

Cmrtuegtfly, wf ige tghf g omrf àrfit gpprmgib tm tbf qufstame mc mwefrsbap mc tbf Efw Qmrh

Cf` ge` tbf mtbfr Cf`frgl Tfsfrvf Dgehs. Pbf Efw Qmrh Cf` rfpmrts tbgt ats fajbt lgrjfstofodfr dgehs me Kuef 9>, 711: wfrf;

Ibgsf Ogebgttfe Dgeh

Iatadgeh

Omrjge Jugrgety Prust Imopgey

Clfft Dgeh

Dgehfrs Prust

Dgeh mc Efw Qmrh

Ograef Oa`lge` Dgeh, ge`

Yuooat Dgeh.9

Gll mc tbf ogkmr sbgrfbml`frs sffe bfrf ge` gll mc tbf dgehs me tbf imoplftf last grf fatbfr

egtameglly- mr stgtf-ibgrtf` dgehs. Gll mc tbfo grf Gofraige-mwef`. Hgbs ilgao tbgt cmrfajefrs

àrfitly mwe tbf E.Q. Cf` as imoplftfly wrmej. Pbas last as imesastfet, bmwfvfr, watb Oullaes ae tbgt

gll tbf mwefrs grf `mofstai dgehs cueitameaej watbae tbf E.Q. Cf`frgl Tfsfrvf àstrait. Pbf

àsirfpgeiafs grf lahfly ùf tm ofrjfrs mr mtbfr sajeacaiget ibgejfs ae tbf sazf mc àstrait dgehs
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22/41

saeif tbf pudlaigtame mc Oullaes last. Pm mdtgae g last mc ofodfr dgehs mc mtbfr Cf`frgl Tfsfrvf

dgehs,ilaih bfrf.

Jlmdgl @moaegtame Pbrmujb tbf Dgih @mmr=

Gltbmujb cmrfajefrs m emt mwe tbf Efw Qmrh Cf`frgl Tfsfrvf Dgeh àrfitly, pfrbgps, Oullaes

grjuf`, tbfy mwe ge` imetrml at aeàrfitly vag mwefrsbap mc `mofstai dgehs. Yaeif tbf omefy-

ifetfr dgehs mc Efw Qmrh mwe tbf lgrjfst pmrtame mc stmih ae tbf Efw Qmrh Cf`, tbfy bge`-paih ats

dmgr` mc àrfitmrs ge` prfsa`fet. Pbas wmul` javf tbfo, ge` bfeif tbf Lme`me Imeefitame,

imetrml mvfr Cf` mpfrgtames ge` V.Y. omeftgry pmlaiy.

Pbf Yfiuratafs ge` Fxibgejf Imooassame rfquarfs tbgt caros wbmsf stmih as trg`f` pudlaily rfpmrt

tbfar ogkmr stmihbml`frs fgib yfgr. Pbf rfpmrts a`fetacy gll aestatutamegl sbgrfbml`frs (praograly,

caros mweaej stmih ae mtbfr imopgeafs), gll imopgey mccaiagls wbm mwe sbgrfs ae tbfar caro, ge` gey

aeàvaùgl mr aestatutame mweaej omrf tbge 6% mc tbf caros stmih. Pbfsf rfpmrts sbmw tbgt mely

mef mc tbf E.Q. Cf`s iurrfet lgrjfst sbgrfbml`frs, Iataimrp, bgs gey ogkmr cmrfajestmihbml`frs. Gs mc Kgeugry 7113, ^raif Glwglff` Dae Pglg` mc Yguà Grgdag mwef` 2.1% mc

Iataimrp stmih.4 Emef mc tbf ofodfr dgehs me tbf gdmvf last bgvf gey sajeacaiget pmrtame mc

sbgrfs bfl` dy gey cmrfaje aeàvaùgl mr aestatutame. Oullaes' ilgao tbgt cmrfajefrs mwe tbf E.Q.

Cf`frgl Tfsfrvf aeàrfitly as glsm wrmej.

Omrfmvfr, tbf mwefrsbap rajbts mc Cf`frgl Tfsfrvf Dgeh stmih grf accfrfet tbge tbf imoome

stmih mc typaigl imrpmrgtames. Vsuglly, tbf euodfr mc vmtfs g sbgrfbml`fr bgs as prmpmrtamegl tm

tbf euodfr mc sbgrfs bf mwes. Bmwfvfr, mwefrsbap mc Cf`frgl Tfsfrvf Dgeh stmih fetatlfs tbf

sbgrfbml`fr tm mef vmtf wbfe vmtaej cmr ats rfjamegl Cf`frgl Tfsfrvf Dgeh mccaiagls rfjgr`lfss mc

bmw ogey tmtgl sbgrfs tbf ofodfr dgeh ogy mwe. G jrmup mc aetfregtamegl imespargtmrs wmul`

eff` tm puribgsf g imetrmllaej aetfrfst ae g ogkmraty mc tbf dgehs mpfrgtaej ae tbf E.Q. àstrait tmjugrgetff tbf flfitame mc tbfar `fsarf` oaeames tm tbf E.Q. Cf`s dmgr` mc àrfitmrs. Duyaej tbgt

ouib stmih ae sm ogey V.Y. dgehs wmul` rfquarf ge mutlgy mc bue`rf`s mc dallames mc `mllgrs. Yurfly

tbfrf oust df g ibfgpfr pgtb tm jlmdgl `moaegtame.

Oullaes prfoasf bfrf as tbgt tbf ofodfr dgehs imetrml tbf pmlaiafs mc tbf E.Q. Cf`. Ae tbf efxt

sfitame A `ftgal wby tbas as wrmej, dut ge bastmraigl fxgoplf glsm allustrgtfs tbf cgult mc tbas

gssuoptame. Jgldrgatb (711>) rfimuets tbgt ae tbf spraej mc 7141 tbf Efw Qmrh Ytmih Fxibgejf

wgs dmmoaej. ^raifs tbfrf bg` dffe rasaej imesa`frgdly, fxtfeàej tbf dull ogrhft tbgt dfjge ae

7140. Pbf Cf`frgl Tfsfrvf Dmgr` `fia`f` tm tghf stfps tm grrfst tbf spfiulgtavf duddlf tbgt

gppfgrf` tm df cmroaej; At rgasf` tbf imst dgehs bg` tm pgy tm dmrrmw crmo tbf Cf`frgl Tfsfrvf

ge` at aeirfgsf` spfiulgtmrs ogrjae rfquarfofets. Ibgrlfs Oatibfll, tbfe tbf bfg` mc Egtamegl

Iaty Dgeh (emw Iataimrp, mef mc tbf lgrjfst sbgrfbml`frs mc tbf E.Q. Cf` gt tbf taof), wgs sm

arratgtf` dy tbas `fiasame tbgt ae g dgeh stgtfofet bf wrmtf, Zf cffl tbgt wf bgvf ge mdlajgtame

wbaib as pgrgomuet tm gey Cf`frgl Tfsfrvf wgreaej, mr geytbaej flsf, tm gvfrt gey `gejfrmus

irasas ae tbf omefy ogrhft (Jgldrgatb, p. 6:). Egtamegl Iaty Dgeh prmoasf` tm aeirfgsf lfe aej tm

mccsft gey rfstraitavf pmlaiafs mc tbf Cf`frgl Tfsfrvf. Zrmtf Jgldrgatb, Pbf fccfit wgs omrf tbge
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23/41

sgtascgitmry; tbf ogrhft tmmh mcc gjgae. Ae tbf tbrff suoofr ometbs, tbf aeirfgsf ae praifs mutrge

gll mc tbf quatf aoprfssavf aeirfgsf tbgt bg` miiurrf` ùraej tbf fetarf prfvamus yfgr (Ada`). Ac tbf

Cf` ge` ats pmlaiafs wfrf rfglly ue`fr tbf imetrml mc ats ogkmr stmihbml`frs, tbfe wby à` tbf

Cf`frgl Tfsfrvf Dmgr` ilfgrly fcy tbf aetfet mc ats saejlf lgrjfst sbgrfbml`fr=

@mfs tbf Efw Qmrh Cf` Igll tbf Ybmts=

Oullaes ge` Hgb dmtb grjuf tbgt dy imetrmllaej tbf Efw Qmrh Cf`frgl Tfsfrvf Dgeh, tbf

aetfregtamegl dgehaej flatf imooge` tbf fetarf Cf`frgl Tfsfrvf Yystfo ge` tbus arfit V.Y.

omeftgry pmlaiy cmr tbfar mwe prmcat. Cmr gll prgitaigl purpmsfs, Hgb wratfs, tbf Cf`frgl Tfsfrvf

Dgeh mc Efw Qmrh as tbf Cf`frgl Tfsfrvf (Hgb, p.798 fopbgsas bas). Pbas as tbf laeibpae mc tbfar

imespargiy tbfmry dfigusf at prmva`fs tbf ofibgeaso dy wbaib tbf aetfregtamegl dgehfrs ige

fxfiutf tbfar plges. G drafc lmmh gt bmw tbf Cf`s pmwfrs grf gituglly àstradutf` sbmws tbgt tbas

hfy gssuoptame ae tbf imespargiy tbfmry as wrmej.

Pbf Cf`frgl Tfsfrvf Yystfo as imetrmllf` emt dy tbf Efw Qmrh Cf`frgl Tfsfrvf Dgeh, dut dy tbfDmgr` mc Jmvfremrs (tbf Dmgr`) ge` tbf Cf`frgl Mpfe Ogrhft Imooattff (CMOI). Pbf Dmgr` as g

sfvfe-ofodfr pgefl gppmaetf` dy tbf ^rfsa`fet ge` gpprmvf` dy tbf Yfegtf. At `ftfroaefs tbf

aetfrfst rgtf cmr lmges tm imoofriagl dgehs ge` tbracts, sflfits tbf rfquarf` rfsfrvf rgtam wbaib

`ftfroaefs bmw ouib mc iustmofr `fpmsats g dgeh oust hffp me bge` (g cgitmr tbgt sajeacaigetly

gccfits g dgehs gdalaty irfgtf efw irfàt), ge` glsm `fia`fs bmw ouib efw iurrfeiy Cf`frgl

Tfsfrvf Dgehs ogy assuf fgib yfgr (74 VYIG 402). Pbf CMOI imesasts mc tbf ofodfrs mc tbf

Dmgr`, tbf prfsa`fet mc tbf Efw Qmrh Cf`, ge` cmur prfsa`fets crmo mtbfr rfjamegl Cf`frgl

Tfsfrvf Dgehs. At cmroulgtfs mpfe ogrhft pmlaiy wbaib `ftfroaefs bmw ouib ae jmvfreofet

dme`s tbf Cf` Dgehs ogy duy mr sfll tbf ogkmr tmml mc omeftgry pmlaiy (74 VYIG 439).

Pbf hfy pmaet as tbgt g Cf`frgl Tfsfrvf Dgeh igeemt ibgejf ats àsimuet rgtf mr rfquarf` rfsfrvfrgtam, assuf g`àtamegl iurrfeiy, mr puribgsf jmvfreofet dme`s watbmut tbf fxplaiat gpprmvgl mc

fatbfr tbf Dmgr` mr tbf CMOI. Pbf Efw Qmrh Cf`frgl Tfsfrvf Dgeh, tbrmujb ats àrfit ge`

pfrogefet rfprfsfetgtame me tbf CMOI, bgs omrf sgy me omeftgry pmlaiy tbge gey mtbfr Cf`frgl

Tfsfrvf Dgeh, dut at stall mely bgs mef vmtf mc twflvf me tbf CMOI ge` em sgy gt gll ae sfttaej tbf

àsimuet rgtf mr tbf rfquarf` rfsfrvf rgtam. Ac at wgetf` omeftgry pmlaiy tm jm ae mef àrfitame,

wbalf tbf Dmgr` ge` tbf rfst mc tbf CMOI wgetf` pmlaiy tm jm gemtbfr, tbfe tbf Efw Qmrh Cf`

wmul` df mut-vmtf`. Pbf pmwfrs mvfr V.Y. omeftgry pmlaiy rfst caroly watb tbf pudlaily-gppmaetf`

Dmgr` mc Jmvfremrs ge` tbf Cf`frgl Mpfe Ogrhft Imooattff, emt watb tbf Efw Qmrh Cf`frgl

Tfsfrvf Dgeh mr g jrmup mc aetfregtamegl imespargtmrs.

Oullaes glsm og`f g jrfgt tm-`m gdmut tbf Cf`frgl G`vasmry Imueial. Pbas as g pgefl mc twflvf

rfprfsfetgtavfs gppmaetf` dy tbf dmgr` mc àrfitmrs mc fgib Cf` Dgeh. Pbf Imueial offts gt lfgst

cmur taofs fgib yfgr watb tbf ofodfrs mc tbf Dmgr` tm javf tbfo tbfar g`vaif ge` tm àsiuss

jfefrgl fimemoai imeàtames (74 VYIG 437). Ogey mc tbf ofodfrs bgvf dffe dgehfrs, g pmaet

emt gt gll oassf` dy Oullaes.
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24/41

G pmaet Oullaes efjlfits fetarfly as tbgt tbf Imueial bgs em vmtaej pmwfr ae Dmgr` offtaejs, ge`

tbus bgs em àrfit aeput aetm omeftgry pmlaiy. Ae suppmrt mc bas bypmtbfsas Oullaes mccfrs em

fva`feif, emt fvfe ge gefi`mtf. Omrfmvfr, bas Imueial tbfmry as aeimesastfet watb bas jfefrgl

tbfsas tbgt tbf Lme`me Imeefitame rues tbf Cf`frgl Tfsfrvf Yystfo vag tbfar aogjaef` imetrml mc

tbf E.Q. Cf`. Ac tbas wfrf truf, tbfe wby wmul` tbfy glsm eff` tbf Imueial=

Zbm Jfts tbf Cf`s rmcats=

Jgry Hgb ge` Pbmogs Yibguc (7114) glsm ogaetgae tbgt tbf bujf prmcats mc tbf Cf`frgl Tfsfrvf

Yystfo grf àvfrtf` tm ats cmrfaje mwefrs tbrmujb tbf àva`fe`s pga` tm ats stmihbml`frs. Hgb

rfpmrts Fgib yfgr dallames mc `mllgrs grf fgref` dy Ilgss G stmihbml`frsmc tbf Cf`frgl Tfsfrvf

(Hgb, p. 4>). Yibguc curtbfr lgofets dy gshaej, Zbfe grf tbf prmcats mc tbf Cf` jmaej tm stgrt

clmwaej aetm tbf Prfgsury sm tbgt gvfrgjf Gofraiges grf em lmejfr dur`fef` watb fxifssavf,

ueefifssgry tgxfs=

Pbf Cf`frgl Tfsfrvf Yystfo ifrtgaely oghfs lgrjf prmcats. Giimràej tm tbf Dmgr`s7111 GeeuglTfpmrt,tbf Yystfo bg` eft aeimof tmtglaej $43.4 dallame, wbaib wmul` quglacy at gs mef mc tbf omst

prmcatgdlf imopgeafs ae tbf wmrl` ac tbf Yystfo wfrf g typaigl imrpmrgtame. Bmw wfrf tbfsf

prmcats àstradutf`= $904 oallame, mr 7.0% mc tbf prmcats, wfrf pga` tm ofodfr dgehs gs

àva`fe`s. Gemtbfr $0:1 oallame, mr 7.2%, wgs rftgaef` dy tbf 74 Tfsfrvf Dgehs. Pbf dglgeif mc

$46.0 dallame -- mr 13.1% mc tbf prmcats -- wgs pga` tm tbf Prfgsury. Mdvamusly, Yibguc's stgtfofet

tbgt tbf ofodfr dgehs grf jfttaej "dallames" ae àva`fe`s fvfry yfgr as gdsur`. Ae g`àtame, tbf Cf`

bgs dffe rfdgtaej ats prmcats tm tbf Prfgsury saeif 710:.

Imeilusame

Pbf gllfjgtame tbgt ge aetfregtamegl dgehaej igrtfl imetrmls tbf Cf`frgl Tfsfrvf aswrmej. Imetrgry tm Hgbs ilgao, cmrfajefrs `m emt mwe gey stmih ae tbf Efw Qmrh Cf`frgl Tfsfrvf

Dgeh. Efatbfr `m tbfy iurrfetly mwe gey sajeacaiget sbgrfs mc tbf `mofstai dgehs tbgt gituglly `m

mwe sbgrfs ae tbf E.Q. Cf`. Omrfmvfr, tbf ifetrgl gssuoptame tbgt imetrml mc tbf Efw Qmrh

Cf`frgl Tfsfrvf as tbf sgof gs imetrml mc tbf wbmlf Yystfo as dg`ly oastghfe. Glsm, tbf prmcats mc

tbf Cf`frgl Tfsfrvf Yystfo, gjgae imetrgry tm tbf imespargiy tbfmrasts, grf cueeflf` glomst

fetarfly dgih tm tbf cf`frgl jmvfreofet, emt tm ge aetfregtamegl dgehaej flatf. Ac tbf V.Y. ifetrgl

dgeh as ae tbf jrap mc ge aetfregtamegl imespargiy, tbfe Oullaes, Hgb, ft gl bgvf ifrtgaely emt

ueimvfrf` at.

Pbf Cf`frgl Tfsfrvf as mwef` ge` imetrmllf` dy cmrfajefrs.
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25/41

Pbf Cf`frgl Tfsfrvf bgs efvfr dffe guàtf`.

Ge mctfe rfpfgtf` Cf`frgl Tfsfrvf imespargiy tbfmry as tbgt tbf Cf` bgs efvfr dffe

guàtf`. "Fvfry yfgr Imejrfss aetrmùifs lfjaslgtame tm guàt tbf CF@," wrmtf Pbmogs Yibguc,

"ge` fvfry yfgr at as fcfgtf`.": Zby= Imespargiy tbfmrasts suib gs Yibguc, Jgry Hgb (7117), ge`

^gt Tmdfrtsme (7110) sgy tbf rfgsme as tbgt tbf Cf` as aevmlvf` ae ge aetfregtamegl plmt tm sudvfrt

V.Y. smvfrfajety ge` irfgtf g mef-wmrl` jmvfreofet. Egturglly, tbf Cf` wall emt pfroat Imejrfss

tm guàt ats gitavatafs, lfst at àsimvfr tbas trfgsmemus plge ge` sbut at `mwe.

Bmw ouib trutb as tbfrf tm tbas ilgao= Bgs tbf Cf` fvfr dffe guàtf` dy Imejrfss mr geymef

flsf= Pbf Cf` imetrmls V.Y. omeftgry pmlaiy ge` ige git watb g jrfgt `fgl mc ae`fpfe`feif crmoImejrfss ge` tbf fxfiutavf drgeib. Ilfgrly, suib gwfsmof pmwfr rfquarfs smof smrt mc rfjulgr

pudlai mvfrsajbt gt tbf vfry lfgst tm aesurf tbgt tbf Cf` as `maej ats kmd fccaiafetly ge` fccfitavfly,

ge` tm `ftfit gey gdusfs mc pmwfr mr crgu`. Pbas fssgy fxplmrfs tbf ilgao tbgt tbf Cf` bgs efvfr

dffe guàtf` ge` cae`s tbgt at as imoplftfly cglsf.

G Drafc Bastmry mc Cf`frgl Tfsfrvf Guàts

Yaeif ats aeifptame ae 7179 tbf Cf`frgl Tfsfrvf Yystfo bgs dffe sudkfitf` tm g vgrafty mc caegeiagl

ge` pfrcmrogeif guàts dy Imejrfss, tbf fxfiutavf drgeib, ge` pravgtf giimuetaej caros, gltbmujb

rfspmesadalaty cmr tbas tgsh bgs sbactf` crmo taof tm taof. Crmo 7179 tm 7147 tbf Dmgr` mc

Jmvfremrs, tbfe hemwe gs tbf Cf`frgl Tfsfrvf Dmgr` wbaib sfts omeftgry pmlaiy ge` rfjulgtfstbf gitavatafs mc tbf Cf`frgl Tfsfrvf Dgehs, wgs guàtf` geeuglly dy tbf V.Y. Prfgsury

@fpgrtofet. Ae 7147 Imejrfss irfgtf` tbf Jmvfreofet Giimuetaej Mccaif (JGM) ge` gssajef` at

tm guàt tbf Dmgr` uetal 7199. Ae tbf Dgehaej Git mc 7199, Imejrfss vmtf` spfiacaiglly tm rfomvf

tbf Dmgr` crmo tbf JGM's kurasàitame. Crmo 7199 tm 7164 guàt tfgos crmo tbf twflvf Cf`frgl

Tfsfrvf Dgehs pfrcmrof` tbf geeugl fxgoaegtame mc tbf DMJ's dmmhs. Crmo 7164 tm 71:2, tbf

Dmgr`, ue`fr gutbmrazgtame crmo Imejrfss, `fia`f` tm foplmy egtameglly rfimjeazf giimuetaej

caros tm imeùit tbf guàts mc atsflc tm aesurf ae`fpfe`fet mvfrsajbt. Pbas prmva`f` ge fxtfregl

fvglugtame mc tbf g`fqugiy ge` fccfitavfefss mc tbf fxgoaegtame prmifùrfs.

Ae 71:2 Imejrfss pgssf` tbf Cf`frgl Dgehaej Gjfeiy Guàt Git (97 VYIG :70). At plgif` tbf

Cf`frgl Tfsfrvf Yystfo dgih ue`fr tbf guàtaej gutbmraty mc tbf JGM. Pbf Git sajeacaigetlyaeirfgsf` tbf giifss mc tbf JGM tm tbf Cf`frgl Tfsfrvf Dgehs, tbf Dmgr`, ge` tbf Cf`frgl Mpfe

Ogrhft Imooattff (tbf CMOI). Yaeif tbfe, tbf JGM bgs imeùitf` mvfr 7>> caegeiagl guàts ge`

pfrcmrogeif guàts mc tbf tbrff Cf`frgl Tfsfrvf dmàfs.
http://www.publiceye.org/conspire/flaherty/flaherty6.html#7http://www.publiceye.org/conspire/flaherty/flaherty6.html#7http://www.publiceye.org/conspire/flaherty/flaherty6.html#7http://www4.law.cornell.edu/uscode/31/714.htmlhttp://www4.law.cornell.edu/uscode/31/714.htmlhttp://www4.law.cornell.edu/uscode/31/714.htmlhttp://www4.law.cornell.edu/uscode/31/714.htmlhttp://www.publiceye.org/conspire/flaherty/flaherty6.html#7http://www.interanalyst.us/


26/41

Yimpf mc JGM Guàts

Ymof mc tbf omrf aopmrtget JGM pfrcmrogeif guàts mc tbf Cf` bgvf dffe ae tbf grfgs mc dgeh

supfrvasame, pgyofet systfos gitavatafs, ge` jmvfreofet sfiuratafs gitavatafs. Ae tbf carst grfg, tbf

JGM fxgoaef` bmw wfll tbf Cf` wgs fecmriaej ats rfjulgtmry pmwfrs mvfr ats ofodfr dgehs. Ae

7114 at rfw gttfetame tm tbf Cf`'s slujjasb imoplageif watb rfjulgtmry rfcmros oge`gtf` dy tbf

Cmrfaje Dgeh Yupfrvasame Git mc 7117. Ae fxgoaeaej tbf Cf`'s pgyofet systfo gitavatafs, tbf JGM

og`f tbf Cf` gwgrf mc bmw ats praiaej pmlaiafs cmr suib sfrvaifs gs ibfih-ilfgraej gccfitf` pravgtf

supplafrs mc ibfih-ilfgraej sfrvaifs, ge` glsm sujjfstf` wgys tm spff` up tbf prmifss mc ibfih

imllfitames. Yfiuraty ogrhfts cmr jmvfreofet `fdt as g iruiagl ogrhft, ge` JGM pfrcmrogeif

guàts mc tbf Cf` bgvf lfg` tm omrf mpfeefss ae tbf praogry `fglfr systfo, pgrtaiulgrly

imeifreaej tbf àsilmsurf mc praif aecmrogtame. Pbf JGM as glsm aevmlvf` ae sfvfrgl mejmaej

pfrcmrogeif guàts mc tbf Cf` suib gs geglysas mc rashs ge` dfefcats mc aetfrstgtf dgehaej,

rfjulgtame mc fravgtavfs, ge` tbf du`jft mc tbf Cf`frgl Tfsfrvf systfo.4

Guàts Dy ravgtf Giimuetaej Caros

Caegeiagl guàts mc tbf Cf` grf glsm imeùitf` rfjulgrly. Fgib Tfsfrvf Dgeh as guàtf` fvfry yfgr

dy ae`fpfe`fet Jfefrgl Guàtmrs wbm rfpmrt àrfitly tm tbf Dmgr` mc Jmvfremrs. Pbfsf

fxgoaegtames aevmlvf caegeiagl stgtfofet guàts ge` rfvafws me tbf fccfitavfefss mc caegeiagl

imetrmls. Fgib Tfsfrvf Dgeh glsm bgs ats mwe aetfregl guàt ofibgeasos. Pbf Dmgr` imetrgits

fgib yfgr watb ge mutsa`f giimuetaej caro tm fvglugtf tbf guàt prmjrgo's fccfitavfefss. ^raif

Zgtfrbmusf imeùitf` ge guàt mc tbf Dmgr`'s 7110, 7116, 7113, 711:, ge` 7112 caegeiagl

stgtfofets ge` calf` tbas rfpmrt ae tbf Dmgr`'s7113 Geeugl Tfpmrt(efgrly a`fetaigl mefs gppfgr

ae mtbfr Geeugl Tfpmrts);

Zf bgvf guàtf` tbf giimopgeyaej dglgeif sbffts mc tbf Dmgr` mc Jmvfremrs mc tbf Cf`frglTfsfrvf Yystfo (tbf Dmgr`) gs mc @fifodfr 97, 7116 ge` 7110, ge` tbf rflgtf` stgtfofets mc

rfvfeufs ge` fxpfesfs cmr tbf yfgrs tbfe fe`f . Pbfsf caegeiagl stgtfofets grf tbf

rfspmesadalaty mc tbf Dmgr`'s ogegjfofet. Mur rfspmesadalaty as tm fxprfss ge mpaeame me tbfsf

caegeiagl stgtfofets dgsf` me mur guàts.

Zf imeùitf` mur guàts ae giimr`geif watb jfefrglly giifptf` giimuetaej stge`gr`s ge`

Jmvfreofet Giimuetaej Ytge`gr`s assuf` dy tbf Imoptrmllfr Jfefrgl mc tbf Veatf`

Ytgtfs. Pbmsf stge`gr`s rfquarf tbgt wf plge ge` pfrcmro tbf guàts tm mdtgae rfgsmegdlf

gssurgeif gdmut wbftbfr tbf caegeiagl stgtfofets grf crff mc ogtfragl oasstgtfofet. Ge guàt

aeilu`fs fxgoaeaej, me g tfst dgsas, fva`feif suppmrtaej tbf gomuets ge` àsilmsurfs ae tbf

caegeiagl stgtfofets. Ge guàt glsm aeilu`fs gssfssaej tbf giimuetaej praeiaplfs usf` ge`

sajeacaiget fstaogtfs og`f dy ogegjfofet, gs wfll gs fvglugtaej tbf mvfrgll caegeiagl stgtfofet

prfsfetgtame. Zf dflafvf tbgt mur guàts prmva`f g rfgsmegdlf dgsas cmr mur mpaeame.

Ae mur mpaeame tbf caegeiagl stgtfofets rfcfrrf` tm gdmvf prfsfet cgarly, ae gll ogtfragl rfspfits,

tbf caegeiagl pmsatame mc tbf Dmgr` gs mc @fifodfr 97, 7116 ge` 7110, ge` tbf rfsults mc ats
http://www.publiceye.org/conspire/flaherty/flaherty6.html#2http://www.publiceye.org/conspire/flaherty/flaherty6.html#2http://www.publiceye.org/conspire/flaherty/flaherty6.html#2http://www.bog.frb.fed.us/boarddocs/RptCongress/Annual96/annual.pdfhttp://www.bog.frb.fed.us/boarddocs/RptCongress/Annual96/annual.pdfhttp://www.bog.frb.fed.us/boarddocs/RptCongress/Annual96/annual.pdfhttp://www.bog.frb.fed.us/boarddocs/RptCongress/Annual96/annual.pdfhttp://www.publiceye.org/conspire/flaherty/flaherty6.html#2http://www.interanalyst.us/


27/41

mpfrgtames ge` ats igsb clmws cmr tbf yfgrs tbfe fe`f` ae imecmroaty watb jfefrglly giifptf`

giimuetaej praeiaplfs.

Gs àsiussf` ae Emtfs 7 ge` 9 tm tbf caegeiagl stgtfofets, tbf Dmgr` aoplfofetf` Ytgtfofet mc

Caegeiagl Giimuetaej Ytge`gr`s Em. 774, FoplmyfrsGiimuetaej cmr ^mstfoplmyofet Dfefcats,

fccfitavf Kgeugry 7, 7110. Ae giimr`geif watb Jmvfreofet Giimuetaej Ytge`gr`s, wf bgvf glsm

assuf` g rfpmrt `gtf` Ogrib 46, 7113 me mur imesa`frgtame mc tbf Dmgr`'s aetfregl imetrml

struiturf ge` g rfpmrt `gtf` Ogrib 46, 7113 me ats imoplageif watb lgws ge` rfjulgtames.

Pbf Dmgr` bgs glsm imetrgitf` watb Immpfrs & Lydrge` tm imeùit geeugl caegeiagl guàts mc tbf

Dmgr` ge` tbf aeàvaùgl Cf`frgl Tfsfrvf Dgehs.

Fxfoptames tm tbf Yimpf mc JGM Guàts

Pbf Jmvfreofet Giimuetaej Mccaif `mfs emt bgvf imoplft

insiders power december 2015

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