text:
The Criminology of the "Sure Thing" Portrayed as "Risk"
by William K. Black, New Economic Perspectives
John Coates, a former derivatives trader at Goldman Sachs is now a researcher. He wrote a column in the New York Times entitled "The Biology of Risk" that I hope will be widely read.
In this article I explain why his most important conclusions cannot follow logically from his own description of his research finding. While he relies on blood tests, his account of trading when it goes horribly wrong is curiously bloodless and disingenuous.
As a Goldman and Deutsche Bank refugee he knows better, but he presents a sanitized version of the crisis portraying the controlling officers and traders at the largest banks as helpless victims of raging hormones rather than fraud perpetrators and facilitators.
Coates' description of the crisis as triggered by a biologically-induced excessive risk-aversion on the part of traders rests on a failure to understand why varieties of financial risk are vastly different. More fundamentally, he fails to even consider the facts (and relevant literature) demonstrating that the key financial participants were engaged in a series of "sure things" accomplished through accounting control fraud and cartels.
"Risk," particularly Coates' false implicit assumption that "risk" is a single concept in the financial sphere, has almost nothing to do with the current crisis, any more than it had to do with the Enron-era crisis or the second (and vastly more destructive) phase of the savings and loan debacle. Further, but for the recognition of S&L regulators that we were dealing with an epidemic of accounting control fraud and the resultant "sure things" the S&L debacle would have grown to resemble closely our most recent crisis in terms of its magnitude and damage.
Coates work is not flattering to finance in the conventional form of flattery. He essentially says Michael Lewis' description of the "culture" in Liar's Poker is correct – traders are males who act crazy because they are selected by crazy male bosses. Coates reports that traders have raging hormones and that these hormones vary and tend to be convergent. It is a measure of finance's desperate search for praise that Coates' work is warmly received by big finance. The attraction is that it serves as an apologia for their culpability. We're not crooks – we're perpetually pubescent prisoners of our pituitaries. White-collar defense attorneys are already seeking to present behavioral finance and neuroscience defenses to prosecution.
Coates Relies on Implicit (False) Assumptions
Coates was subjected to the disastrous training about finance provided by failed finance theory, Goldman Sachs, and Deutsche Bank, and has gone on to specialize in studying biology, so it is not surprising that his key errors are in finance, criminology, and logic. He was taught, for years, to think about finance in a manner that was not simply incorrect, but dangerously false. Because so much of his work relies on implicit assumptions he is blind to when those assumptions are false. When we make implicit assumptions we cannot test those assumptions and challenge ourselves to support them with facts and logic. Reliance on (false) implicit assumptions is the hallmark of why theoclassical economics fails to learn from its catastrophic errors that shape the criminogenic environments that drive our recurrent, intensifying financial crises.
Financial Risks Vary Widely in Ways that are Critical to Crises
Throughout his article, Coates implicitly conflates "risk" with "volatility" and treats "risk" as a single, uniform concept. Financial risks, however, vary enormously in ways that are critical to understanding crises. They can all produce volatility, but that is an effect of a complex interaction of a vast number of factors. A measure such as purchasing credit default swaps (CDS) that might protect an investor against some types of risks will fail entirely against other types of risks even if they produce the same (initial) volatility. When the protective measures fail, that failure will produce much greater volatility.
Risks with Negative Expected Values: Gambling against the House
There are many risks that have a negative expected value. Gambling against the House is a common example. Gambling against the State (lotteries) has an enormously negative expected value. Most forms of control fraud produce an extremely positive expected value from the perspective of the firm or NGO. From the perspective of society, of course, such frauds produce a negative expected value. Accounting control fraud produces an exceptionally negative expected value for the firm or NGO as George Akerlof and Paul Romer explained in their 1993 article ("Looting: The Economic Underworld of Bankruptcy for Profit") and as I have explained many times. The accounting control fraud "recipe" for a lender, or purchaser of loans, explains why this is true and why it produces the three "sure things." The fraud recipe guarantees
record (albeit fictional) reported profits in the near term,
the controlling officers will promptly be made wealthy by modern executive compensation, and
the lender (purchaser) will suffer severe losses, though it will only recognize those losses years later.
The fraud recipe produces severe "adverse selection" because its second "ingredient," grow like crazy by making (purchasing) really crappy loans with a premium yield, requires the lender (purchaser) to gut its underwriting system and controls. When one guts underwriting and controls one makes adverse selection severe. (This is most true in long-term real estate lending.) We have known for centuries that adverse selection in lending produces a negative expected value.
Conflicts of interest also produce loans and investments that have a negative expected value.
Risks that Have a Zero Expected Value
Some financial risks have a zero expected value. Taking interest rate risk is a good example of this kind of risk. There are, and will be, many claims that there is a sure thing strategy that investors can follow to make money by taking interest rate risks, but these are scams. If there were really a "sure thing" strategy for making money by taking interest rate risk the creator of the strategy would have most of the world's wealth within a year.
Risks with Positive Expected Value
Some financial risks have a positive expected value. Credit risk is an example of this kind of risk. A lender with expertise in evaluating credit risk and sound underwriting and controls will not only minimize loan fraud, but also bad loans from all causes. Its expertise should generate a profitable operation.
Policy Responses Should Vary by the Nature of the Risk
Fraud, Cartels, and Conflicts of Interest
Fraud is a crime as well as a civil wrong because it causes such large harm to society. As I have often noted, many forms of control fraud maim and kill. Accounting control fraud is particularly pernicious among financial crimes. First, such frauds cause greater financial losses than all other forms of property crime – combined.
Second, such frauds have no redeeming elements. They harm the firm as well as society. They often target the most vulnerable to make even wealthier the most powerful, substantially increasing income inequality.
Third, they tend to cause severe negative externalities:
A) They misallocate capital and assets in wasteful investments.
B) They are ideal for producing a series of Gresham's dynamics in which "bad ethics drives good ethics" from the markets and professions. This corrupts the key "controls" on which our financial and commercial systems must rely.
C) By gutting underwriting and controls they expose the firm to unintended fraud by outsiders and more junior insiders.
Fourth, it produces crony capitalism. Fraudulent CEOs use the seeming legitimacy and resources of the firm to make the environment more criminogenic. They create, for example, regulatory "black holes" and they buy, bully, and bamboozle regulators and prosecutors.
Fifth, it produces financial crises. I explained immediately above one of the major contributors – crony capitalism and its ability to maximize the three "de's" that contribute to creating a criminogenic environment – deregulation, desupervision, and de facto decriminalization. But accounting control fraud epidemics drive crises through four additional means:
A) Epidemics of accounting control fraud are themselves criminogenic. Given modern executive compensation, they inherently generate a Gresham's dynamic in which the CFO and CFO of non-fraud firms fear losing their bonuses and jobs if they do not mimic the record earners of those who engage in fraud.
B) The fraud recipe is a superb device for hyper-inflating a financial bubble – and the collapse of massive bubbles can drive a massive financial crisis.
C) The continued existence of systemically dangerous institutions (SDIs) means that a single large financial failure can trigger a global crisis.
D) Accounting control fraud poses a grave risk of causing a break down in trust. Trust is an essential component of modern financial markets. Accounting control fraud causes a massive inflation of the value of assets. Once market participants begin to believe that the inevitable collapse of the bubble is beginning they begin to fear that their counterparts are engaged in fraudulently inflating the value of their assets (and capital, which is simply a residual: A-L = K). When trust fails markets fail. When markets fail prices and liquidity go bonkers. This can cause cascade failures.
Firms cannot make money by engaging in accounting control fraud but the controlling officers are guaranteed to be made wealthy. Officers are real – firms are legal fictions. Officers make decisions for firms. Officers running an accounting control fraud have powerful incentives to act in manners that seem like they are caught up in a frenzy of wild risk-taking but are actually fraud-optimizing behaviors (FOBs) if one understands the fraud recipe.
Our policy responses to the risk of these forms of elite fraud should be severe. Avoiding a criminogenic environment should be the key going forward. That requires fundamentally changing executive and professional compensation, the three "de's," and ending the SDIs. All three areas of change are unambiguously desirable from a societal and a firm perspective – and horrific from the perspective of CEOs.
The second policy response would be to adopt an effective means of holding accountable the senior bankers that led the control frauds that caused the current crisis.
Cartels should be eliminated and conflicts of interest minimized. Both have a negative expected value from a societal perspective. Both of them misallocate assets and capital.
Lenders should not be taking substantial amounts of interest rate risk. It is a gratuitous risk that can be avoided and it has a zero expected value for the firm and for society. At high (relative to real capital and liquidity) levels of interest rate risk, however, it can easily have a negative expected value because it can morph into fraud, credit, and liquidity risk. Taking severe interest rate risk can be a variant on accounting control fraud. I have explained these points in my works on Orange County's bankruptcy, Fannie's accounting control fraud in the early to mid-2000s, the negative amortization loans, and the operations of the investment bankers' Special Investment Vehicles (SIVs).
Prudent credit risk is a sensible function for banks. Sound underwriting is the core of making prudent loans.
Investment risk – buying an ownership interest – is equivalent to evaluating credit risk in lending. There is very little evidence that banks can make superior equity investments through some process truly analogous to loan underwriting. At any given time, of course, some banks will have a run of great investment success, but the banks or hedge funds that have demonstrated the ability to make consistent superior returns on equity investments for many years are likely to have succeeded through insider information. We do know that senior insiders, as a group, do obtain positive returns when they are able to trade on the basis of insider information. This is one of the reasons why Glass-Steagall was such a successful law in reducing financial crises. As I have explained in prior works, one of the primary contributors to the S&L debacle was the ability of S&Ls to engage in commerce as well as banking. S&L losses on investments (which include acquisition, development, and construction (ADC) loans that were in economic substance investments rather than loans) were exceptionally high and accounted for roughly half of total S&L losses even though they were a far smaller percentage of total S&L assets.
The Ambiguity of our Hormones
Neurological and behavioral research is vital and often helpful. The brain, and the body, and our activities all interact in complex feedback patterns. One of the reasons that a polygraph works (and works pretty well with a skilled operator not dealing with someone trained to defeat the test) is that when we lie we tend to release hormones that produce physiological effects that we can measure. People engaged in fraud, therefore, could be interpreted as engage in deceit if they were studied with the aid of a polygraph or as carried away by risk if studied on the basis of serum hormone levels. Moreover, even frauds that are "sure things" in the financial sense are risky in the sense that they are criminal and we could return to the rule of law against such elite frauds. Interpreting what is causing the hormone levels Coates' studies' measure would be monstrously difficult if one were consciously studying the role of accounting control fraud. If, instead, one has implicitly assumed the paramount cause of our modern financial crises out of existence the methodology and the results of the tests have to fail to answer accurately the question of what is driving our recurrent, intensifying crises. Are traders' hormone levels vastly different today than 35 years ago?
Coates unintentionally makes my point when he criticizes risk managers who are unaware of an entire concept that is critical to understanding reality, and therefore implicitly assume it out of existence.
"I consult regularly with risk managers who must grapple with unstable risk taking throughout their organizations. Most of them are not aware that the source of the problem lurks deep in our bodies. Their attempts to manage risk are therefore comparable to firefighters' spraying water at the tips of flames."
I do not consult regularly with risk managers. My research demonstrates why so many societies have a saying that "fish rot from the head." No risk manager is going to hire someone who tells him or her that the CEO poses the greatest risk to Lehman, Bear Stearns, Lincoln Savings, Enron, our the hundreds of other accounting control frauds that drove our three most recent financial crises. The CEO would have the head of any chief risk officer who invited a top white-collar criminologist to explain the reality that everyone in such a corporation must assume out of existence.
Corporations controlled by CEOs who use them as control frauds do not "manage risk." They follow some variant of the fraud recipe that makes sense in their industry. These CEOs are quite aware that the "source of the problem" "lurks deep in our bodies." More precisely they know that the source lurks in one part of our body – our minds – the site of greed. (Coates takes the position that our minds are far less important than our bodies in this context, but he bases that position on yet another implicit assumption – that greed does not drive fraud.) Coates is correct that people generally dislike most forms of severe financial risk and that this dislike can be visceral – it can deeply upset our bodies. What he misses entirely is that this is a powerful source of the attraction that accounting fraud has for fraudulent CEOs. They love substituting the "sure thing" of wealth and fame for the hard, painful alternative of taking an honest large credit risk that is particularly likely to fail.
CEOs do not "spray[] water at the tips of flames" when they lead a control fraud. They pour gasoline on the fire by sculpting perverse compensation systems for their officers and employees that encourage the creation of the "sure thing" of fraudulent loans. Simultaneously, they disconnect the fire alarms – they gut the underwriting and internal controls that would have sounded the alarm. Then the CEO's suborned or turned off the automatic fire suppression devices (the office building sprinklers) – the risk officers. Next, the bank CEOs created overwhelming (perverse) incentives for outsiders (loan brokers) to stoke the fires of fraud. The CEOs then lied to the regulators (the firefighters), saying that everything was great and that the raging fire that was consuming the bank was really a pyrotechnic show demonstrating the bank's strength.
But we do have the evaluation of Enron's top risk officer of how valuable it would be if risk officers did listen to white-collar criminologists about white-collar crime. The most sincere compliment my book ever received was from Enron's (honest) top quant – Vincent Kaminski. He wrote these words in a professional site for senior corporate risk managers.
"There is one particular book I wish I had read in the early days of my business career, which would have saved me and the firms I worked for a lot of money.
Many companies that have eventually gone bankrupt have been very successful at projecting the image of unstoppable success for a long time
The book, entitled The best way to rob a bank is to own one: how corporate executives and politicians looted the S&L industry, was written by William Black, associate professor of economics and law at the University of Missouri-Kansas City. It is based on his experience as a regulator of savings and loans (S&L) institutions during the S&L crisis of the 1980s and early 1990s. Within its pages, Black introduces the concept of 'control fraud' – effectively, a very simple recipe for great riches and limited civil and criminal liability."
Kaminski then reports on the fraud "recipe."
Accounting control fraud strategies often appear to be "unstable risk taking" – particularly if the same practice is found "throughout their organization." It is far more likely that there is a single cause – the perverse incentives crafted by the CEO through the executive compensation system – for a problem found in many units (think of the recent exposures of GM's problems in multiple shops).
Because Coates has no clue – despite being at ground zero during the three most destructive U.S. epidemics of accounting control fraud in history and the world's largest cartel, and a raft of other control frauds in which Goldman and Deutsche Bank played lead roles – that accounting control fraud exists he ignores the differences in types of risk and the existence of the three "sure things" that arise from accounting control fraud. Again, because he has implicitly assumed the actual causes of the crisis out of existence he feels no need to explain why he thinks this is the first "Virgin" crisis. Today, no one seriously denies the role of accounting control fraud epidemics in causing the Enron-era crisis or the second phase of the S&L debacle. Why would one create a study design that purports to study "risk" and the recent financial crisis in which one assumes out of existence what he knows was the paramount cause of the other modern crises? (In both crises, the first response of economists and financial professionals was to blame "risk" rather than fraud, but those knee-jerk apologies proved to be embarrassing failures as investigators documented the thousands of insider frauds.)
You know you don't understand risk, fraud, or crises when you write….
Coates' metaphors demonstrate his lack of understanding of risk, fraud, and crises.
"Risk by its very nature threatens to hurt you, so when confronted by it your body and brain, under the influence of the stress response, unite as a single functioning unit. This occurs in athletes and soldiers, and it occurs as well in traders and people investing from home. The state of your body predicts your appetite for financial risk just as it predicts an athlete's performance."
No, it doesn't. A trader who can rig the trade, by gaming Libor after the trade to ensure success succeeds because the game is rigged. The CEO running a control fraud or engaged in insider trading seeks a "sure thing" and he creates perverse incentives for his employees, officers, and outside professionals to ensure that they too can secure wealth through "sure things" that will aid and abet his frauds. Merrill Lynch officers, for example, "ate their own cooking" – purchased huge amounts of the super senior CDO tranches because the combination of a AAA rating and the premium yield – because doing so guaranteed that they would receive large bonuses. The massive losses, of course, would fall on the shareholders. The Merrill traders' hormone levels would have been interesting to study. Did it trouble their "bodies" (Coate's focus) to destroy the firm to make them rich through a "sure thing?"
The fraudulent CEO's power and lack of ethics "predicts [his] performance." Athletic performance is often "predict[ed]" by cheating. That is true of a very substantial number of the world's top athletes – and that portion would be far larger but for enormous efforts to detect and sanction such frauds because athletic cheating creates a Gresham's dynamic. Only vigorous regulators, enforcers, and prosecutors can break the Gresham's dynamic and allow the honest to prevail. Coates knows that we have not had effective financial regulators, enforcers, and prosecutors for two decades and that the result will be a powerful Gresham's dynamic and endemic fraud.
Again, Coates and everyone reading Coates knows these facts – but chooses to exclude them from reality. Behavioral finance and the mind (which Coates sees as overemphasized relative to the body) are the keys to understanding why we lie to ourselves about lying to ourselves.
Once more, Coates' argument actually explains why control fraud would be common. If you risk losing your bonus and your job as CEO or CFO if you cannot match the record earnings reported by rival banks engaged in accounting control fraud then Coates' findings suggest your body and mind will unite to drive you to mimic their "sure thing" fraud strategy.
"Risk by its very nature threatens to hurt you, so when confronted by it your body and brain, under the influence of the stress response, unite as a single functioning unit."
Another example of Coates' failure to understand risk, fraud, trust, and crises is found in this paragraph.
"Under conditions of extreme volatility, such as a crisis, traders, investors and indeed whole companies can freeze up in risk aversion, and this helps push a bear market into a crash. Unfortunately, this risk aversion occurs at just the wrong time, for these crises are precisely when markets offer the most attractive opportunities, and when the economy most needs people to take risks. The real challenge for Wall Street, I now believe, is not so much fear and greed as it is these silent and large shifts in risk appetite."
No, not even close. Markets froze up because market participants realized the end of the financial version of "don't ask; don't tell" had arrived and they could no longer continue to massively overvalue toxic waste assets. Those assets lost value because they lacked value – not because of a change in "risk" preferences. The "sure thing" does eventually come to an end when the bubble collapses and asset values fall as new fraudulent loan originations largely cease. What would happen to a trader who followed Coates' advice and assumed there was no change in the recognition of fundamental values and instead merely an increase in risk aversion? It would buy up the toxic waste near its peak values. The economy does not "need people to take risks" that have a negative expected value due to fraud. By assuming that all "risk" is the same and implicitly assuming the frauds that drove the crisis out of existence Coates produces a policy prescription for disaster.
They weren't so helpless to their hormones that they failed to optimize their frauds
Again, I want to emphasize the strong desirability of behavioral and neurological research. I also want to emphasize that whatever their (interacting) behavioral and hormonal states the CEOs that ran the accounting control frauds that drove the crisis were able to consistently take actions that optimized those frauds. They were able to create the biggest bubble in history in the U.S. (and even larger bubbles relative to GDP in Ireland and Spain), the most destructive financial fraud epidemics in history, the largest cartel by three or four orders of magnitude, to get fabulously wealthy through the frauds, and to keep their reputations and wealth without being prosecuted. They expertly added each of the four ingredients of the fraud recipe. They took great advantage of the infamous industry saying: "a rolling loan gathers no loss." They adjusted as the bubble came closer to ending, bringing every more hopeless home borrowers to purchase homes at massively inflated prices with the critical aid of fraudulent appraisals which they induced by creating a Gresham's dynamic. They increasingly adopted "neg am" loans that would delay the defaults to get past EPD buy-back provisions. They suborned auditors and credit rating agencies (again, by creating Gresham's dynamics) so successfully that they were consistently able to get AAA ratings for toxic waste – backed by clean audit opinions for massively fraudulent operations that had often rendered the lender deeply insolvent.
The CEOs of the most fraudulent SDIs then managed to get the largest bailouts in history and to grow far larger. They caused an estimated loss of U.S. GDP of $21 trillion (measured from the onset of the crisis to the projected full recovery) and ten million jobs (those figures will be far larger for the EU). Despite all of this, their political power has grown and scholars now commonly describe the result as crony capitalism. Some of the largest banks openly cheer the creation of a "plutonomy." No one should believe in the theoclassical myths of rationality, but it is a mistake to believe that elite frauds aren't able to channel their hormonal rage into a means for aiding their frauds. I want to emphasize again that Coates' statements about the impact of risk on our bodies offer powerful support for what I have just described about highly competent fraud mechanisms. If he is correct that avoiding risk leads to hormone releases that cause our bodies and minds to work together intensively to seek a "sure thing" then the folks who rise to the top will be those who understand how to run a control fraud and lack sufficient ethical barriers to resist that urge to avoid any risk of failure.
Coates' Claims about the Fed
I have not responded to Coates' claims about Fed policy because his attempt to suggest causality to trader behavior is so weak as to not require refutation. I do think Coates is correct, however, about the dangers of complacency. Hyman Minsky made this point famous. Alan Greenspan and Ben Bernanke's belief that the markets automatically excluded accounting control fraud is the central example of disastrous complacency. Unfortunately, Coates exemplifies the same complacency, though he is blind to it. Consider this unintentionally hilarious claim the former trader makes about trading and traders.
"Traders are immersed in novelty and uncertainty the moment they step onto a trading floor. Here they encounter an information-rich environment like none other. Every event in the world, every piece of news, flows nonstop onto the floor, showing up on news feeds and market prices, blinking and disappearing. News by its very nature is novel, adds volatility to the market and puts us into a state of vigilance and arousal."
Coates either doesn't believe a word of his third sentence or he does. In either case he stands condemned by his own words. Let's assume for purposes of analysis that he actually believes what he says in that sentence.
In 2000, this news spread across trading desks:
"From 2000 to 2007, a coalition of appraisal organizations … delivered to Washington officials a public petition; signed by 11,000 appraisers…. [I]t charged that lenders were pressuring appraisers to place artificially high prices on properties [and] "blacklisting honest appraisers" and instead assigning business only to appraisers who would hit the desired price targets" (FCIC 2011:18).
A survey of appraiser in 2003 found that 55% reported personally experiencing coercion to inflate an appraisal in the last year. The updated survey in 2006 found the percentage had risen to 90 percent.
In 2004, the FBI warned publicly that there was a growing "epidemic" of mortgage fraud and predicted that it would cause a financial "crisis" if it were not stopped
In early 2006, the mortgage industry's own anti-fraud experts (MARI) sent these five warnings in writing to every member of the Mortgage Bankers Association (MBA):
"Stated income and reduced documentation loans … are open invitations to fraudsters. It appears that many members of the industry have little historical appreciation for the havoc created by low-doc/no-doc products that were the rage in the early 1990s. Those loans produced hundreds of millions of dollars in losses for their users.
One of MARI's customers recently reviewed a sample of 100 stated income loans upon which they had IRS Forms 4506. When the stated incomes were compared to the IRS figures, the resulting differences were dramatic. Ninety percent of the stated incomes were exaggerated by 5% or more. More disturbingly, almost 60% of the stated amounts were exaggerated by more than 50%. These results suggest that the stated income loan deserves the nickname used by many in the industry, the "liar's loan."
Federal regulators of insured financial institutions have expressed safety and soundness concerns over these loans."
These are the twin epidemics of accounting control fraud by lenders and their agents (principally the loan brokers) in the loan origination process.
By 2006, at least half of all the loans called "subprime" were also "liar's" loans.
By 2006, 40% of home loans originated that year in the U.S. were liar's loans (in the UK, the figure was 45%).
At the 90% fraud incidence for liar's loans, this meant that over two million fraudulent liar's loans were originated in 2006 alone.
In response to these warnings the industry massively increased its liar's loans (a 500% increase from 2003-2006)
Simultaneously, loss reserves fell to the lowest level since the S&L debacle.
Massive loan origination fraud must lead, if sold to the secondary market, to massive fraud in the "reps and warranties" used to sell loans to the secondary market.
Clayton, the largest underwriter of loan purchases for the secondary market found that 46% of the "reps and warranties" for such loans were false.
Hilariously, Clayton purported to use one fraud to purportedly "compensate" for another fraud. If they discovered that the borrower's income was inflated they would claim that the low loan-to-value ratio (often arising from inflated appraisals) "compensated" for the lender's fraud in inflating the borrower's income (and vice versa).
Coates assures us that:
"Every event in the world, every piece of news, flows nonstop onto the floor, showing up on news feeds and market prices, blinking and disappearing. News by its very nature is novel, adds volatility to the market and puts us into a state of vigilance and arousal."
So traders were in a "state of vigilance and arousal" about each of these facts documenting the three most destructive epidemics of accounting control fraud in history. What is Coates' story about what they did in response to these facts that they were primed by self-interest and biology to view hyper-vigilantly? In Coates' tale these normally hyper-vigilant traders turned off their vigilance and arousal because the economic news was too good. Except that I've just shown that the economic news was terrible and demonstrated that the Fed's story was a fantasy creation of ideologues. So why didn't the traders – any of the traders – react to the fraud epidemics? Indeed, even years after the fact (putting the lie to the absurd claim that "hindsight is always 20:20") Coates can't bring himself to use the "f" word about his former firms or anyone else in finance. Self-interest is the best explanation. There was enormous income to be made for everyone involved as long as the financial version of "don't ask; don't tell" remained.
(Will journalists please ask Coates when he first became aware that Libor wasn't kosher?)
But Coates' claim in the quoted sentence is also silly. Only a tiny percentage of the events of the world are reported in the media. Traders listen and read a tiny percentage of the media content. Traders are multi-tasking when they do read or watch and everything we have learned shows that this is a terrible way to learn. Traders do not understand more than a tiny percentage of what they fitfully read and watch. Traders do not know what they do not know. They are willfully blind to entire fields such as white-collar criminology. Traders' analysis of what they think they know is commonly wrong. Traders have perverse incentives. The saying in the trade is that "every trader's first option is on the firm." The claim that, but for stable interest rates, traders would have seen the fraud epidemics that drove the crisis is ludicrous. Coates cannot even see the fraud epidemics 14 years after the appraisers' warnings. Coates even thinks that the crisis was driven by excessively risk averse traders. Coates' bottom line is the one we always hear from Wall Street – it's not our fault, it's always the government's fault – they messed up our hormone levels.
Coates' book about the crisis uses the word "fraud" only once – and it is the context of explaining how a particular "short" can be structured without causing fraud. Remember, he worked at Goldman and Deutsche bank and regularly consults with the biggest, most fraudulent banks in the world. He, of course, would like to continue this lucrative consulting relationship. There is one sure way to kill such a relationship – writing and speaking candidly about control fraud. Because of his background, a candid, confessional Coates could be a major asset to repairing the harm the rampant, elite frauds are creating. There is vital neurological work to be done on understanding what makes the fraudulent controlling officers tick on the biological level. I hope that Coates will join us in helping to stop the people he knows full well are growing ever wealthier by causing ever greater misery.
Market Commentary: Volume Low, Averages Trade Sideways Going Into The Weekend
Why the Housing Market 'Recovery' Is Over
Why the Housing Market 'Recovery' Is Over


text:
Oorlog en vrede is a 1918 Dutch silent war drama film directed by Maurits Binger. It is named after the novel War and Peace by Leo Tolstoy, but is not an adaptation of it. It follows three families during World War I. Only a single fragment of the film survives.

Cast
 Annie Bos - Any Godard
 Adelqui Migliar - Jean Laurent / Mario Laurent
 Paula de Waart - Pauline Laurent
 Lola Cornero - Ninette Laurent
 Caroline van Dommelen - Nora de Roqueville
 Jan van Dommelen - Robert de Roqueville
 Willem van der Veer - Gaston de Roqueville
 Minny Erfmann - Stella Marie
 Eberhard Erfmann - Frits
 Jan Buderman - Vader Godard
 Catharina Kinsbergen-Rentmeester - Moeder Godard
 Cor Smits - Hofman
 Heléne Wehman - Rosa Hofman
 Mimi Boesnach
 Jeanne Van der Pers

References

External links

1918 films
1910s war drama films
Dutch black-and-white films
Dutch silent feature films
Films directed by Maurits Binger
Dutch war drama films
World War I films
Lost Dutch films
1918 drama films
Silent war drama films

redpajama_set_name: RedPajamaWikipedia


The 2017 Higher Ground Festival's HG Premieres Performance. 45 Local Artists, 7 Collaborations, 1 Performance Free to the Public.
58 backers pledged $6,265 to help bring this project to life.
We are thrilled to be offering our 3rd Annual Higher Ground Festival's Higher Ground Premieres Performance to be held on Saturday June 24th, 2017 at Anne Loftus Playground! The performance will be free to the public and will showcase 7 new collaborations using 45 artists. This year's program will feature various dance forms including Modern, African, Contemporary and Ballet; in music, a master of the Japanese shakuhachi flute, a harpist, singer/song writer, new musical compositions, and Armenian vocals; as well as, fashion, spoken word, visual art and theatre. We again join the Northern Manhattan Arts Alliance as part of their 15th Annual Uptown Arts Stroll.
Click to read about the 2017 HG Premieres!
What Is The Higher Ground Festival?
Located in the Northern Manhattan neighborhoods of Washington Heights & Inwood, the Higher Ground Festival brings the artists of these neighborhoods together to network and to create interdisciplinary stage-based collaborations performed free to the community at large. HGF allows for local artists to create and present close to home thereby offering high culture presented to the neighborhood by neighbors. Thus nurturing the connections between the artists and their community, as well as growing a strong, united and thriving uptown arts identity. We are community building through art.
Since our inaugural year in 2015, Higher Ground Festival has brought over 100 artists together through our Meet & Greet Series and Performances, and has produced 13 Premiere Collaborations presented free to the Uptown Community.
Each HG collaboration receives a $500 project stipend, donated workspace and non profit resources. HG Festival presents the projects in a full professional-grade production, retaining responsibility of organization and cost, so the artists' only concern is to create and share!
Higher Ground Festival practices community building through art as it is our common ground.
What will an interconnected network of artists bring to the neighborhoods? Let us introduce you to the neighborhoods of Washington Heights and Inwood. We are the tippy top, "nose bleed" section of the great theatre that is New York. Our sidewalks are a ruckus of bachata music, Dominican & Russian food, community of New York-Presbyterian Hospital & Columbia Medical Center, Jewish traditions, multiple generation families on Saturday strolls, college students & young professionals -- and a grand wave of artists. In the last decade, these neighborhoods have proven an inviting home to professional artists of NYC. Our residents represent the full spectrum of the arts, and it is felt throughout the streets from the instrument bearing A-train swingers to the operatics resounding from the open windows of apartments. Many artists know each other either through meeting in their field or through projects, however many do not know that they are in fact neighbors and often living only a few blocks away from each other. And that is where the Higher Ground Festival comes in— it is time to unite our artists and celebrate their talents through collaboration.
Co-Founding Directors Temple Kemezis and Pablo Francisco Ruvalcaba, both long-time residents of Washington Heights and Inwood, came together with the intention of bringing to light the vast number of artists residing in their communities and encouraging them to work together in building an artistic voice, unique to these communities. With a drive to develop the uptown art scene, both directors saw the festival as a significant platform to do so.
HG is just the beginning. The festival not only sponsors these collaborations, but also nurtures the established relationships of artists while being a bridge between them. In the last three years, two dancers have received long standing work with a choreographer they met through the festival, past collaborators have worked together again on new pieces, and HG collaborations have been performed independently of the festival. This is the network we wish to build. Allowing opportunities for community artists to build professional relationships and create together outside the HG Festival. Higher Ground also seeks to find new performance opportunities for HG Artists and their Collaborations throughout the year.
"An Eastern West" - choreographer Emily Vartanian, director of General Mischief Dance Theater, joined with Lucy Yeghiazaryan and the YY Sisters to celebrate their mutual Armenian heritage.
This campaign is raising $6,000 for the Higher Ground Festival which will be added to our overall budget of $16,500. Your contribution of $5, $10, $100, $500 will enable us to give back to our artists, our neighborhoods, local businesses and our art. The Kickstarter Donations will fund our production and administrative costs throughout the year as well as our 2017 HG Premieres Performance. We wish to offer the artists all we can to make these collaborations a brilliant reality.
Production: We strive to create an exciting and professional grade presentation, this means many hard costs associated with the performance. We need audio and lighting equipment, a proper dance floor, steel deck stage, equipment transportation, event rentals and stage crew to create the production these artists deserve.
Administrative Work: The HG festival is in its 3rd year so nearly every small task is coming out-of-pocket, including daily administrative expenses, acquiring the right permits and promotional materials. We want to do everything the right way and that requires spending a little more.
We are a passionate group... but we are still only so big and we could use all the help we can get! If you wish to contribute in any way, we would be most appreciative: Volunteer for set up during the show, Spread the word about the festival, or Supply workspace and/or art materials.
It takes the greatest effort by all people to build an area's art identity!
Donor Perks! Please know that every amount contributed is greatly appreciated, and we want to give back as much as we can in thanks! Donation perks include: Social Media and Website recognition, Signed Poster of the Event, Reserved seating at the June 24th, 2017 performance and Opportunity to cameo in a Collaboration! And more!
Creating Higher Ground, Inc. is fiscally sponsored by Unique Projects, Inc, a New York State not-for- profit 501(c)3 organization administrated by Pentacle/DanceWorks, Inc. FOR TAX DEDUCTIBLE CONTRIBUTIONS PLEASE VISIT THE DONATE SITE ON OUR WEBSITE, www.CREATINGHIGHERGROUND.COM.
Meet & Greets: Higher Ground Festival is also a networking opportunity. Festival artists participate in Artist Meet & Greets held in neighborhood venues. Meet & Greets are an opportunity for artists of all disciplines to Come together and Ignite conversations about collaborative projects.
Project Proposals: Following the Meet & Greets, artists wishing to work together submit a formal project proposal. To be eligible, each project must have two or more artists from varying disciplines working together to create a stage-based presentation.
Selected Proposals: This year the Higher Ground Festival has selected 7 collaborations with strong creative visions and timeless universal themes to be presented on June 24th 2017 as the 2017 HG Premieres Performance (HGPP). HGPP is an integral part of the NoMAA Uptown Arts Stroll. As the artists work over a period of two months to prepare their work for HG Festival, HG aids the chosen projects through artistic advisory, $500 project stipend, donated workspace and non profit resource support.
The Final Product: Following months of rehearsals and production, our Collaborating Artists will present their completed pieces at our 3rd annual Higher Ground Premieres Performance held June 24th, 2017 at the Anne Loftus Playground, as part of the Northern Manhattan Arts Alliance Uptown Art Stroll. Our 7 HG Premiere collaborations are presented free to our uptown community.
A Harpist, Choreographer and Singer/SongWriter/Fashion Designer -- 2017 HG Artists discussing their HG Premiere Collaboration at Anne Loftus Playground.
Hi! My name is Pablo Francisco Ruvalcaba. Originally from Tijuana/San Diego, I have been living in Inwood for the last 12-years. I am a 20 year veteran principal dancer with the world famous Limón Dance Company, BAM/DeVos Arts administration Fellow, USDCA Fellow and graduate of the Juilliard School.
Hello! My name is Temple Kemezis. 8-years ago I discovered Washington Heights as a refuge from the rambunctiousness of NYC, and have slated it as my home ever since. I am originally from Tennessee, but no accent. I perform with Dances Patrelle, Sensedance and several other ballet companies throughout New York City and Pittsburgh, most recently performing in Isaac Mizrahi's Peter and the Wolf at the Guggenheim's Works and Processes. My background also includes working as a contributor for Pointe Magazine, and working as PR/Event Manager for Chef Julian Medina.
About Northern Manhattan Arts Alliance (NoMAA), HG Festival Partner The Northern Manhattan Arts Alliance (NoMAA) is a non profit arts service organization launched in 2007 with the support of the Hispanic Federation and the Upper Manhattan Empowerment Zone. NoMAA's mission is to cultivate, support, and promote the works of artists and arts organizations in Northern Manhattan. NoMAA advocates for support to artists and art groups who live and work in Northern Manhattan and contribute to the vitality and progress of the whole community. NoMAA's Uptown Arts Stroll is an annual showcase for the arts, artists and rich cultural venues throughout Upper Manhattan. Since 2003, the month-long festival promotes the works of artists in all disciplines, and the many community attractions of Washington Heights and Inwood. The Higher Ground Festival Performance is a vital participant in the 2017 Uptown Arts Stroll.
Additional Community Partners: American Academy of Arts & Letters, Hudson Pilates, Inwood Movement & Arts, Dance Theater of Harlem, United Palace Theater, Halstead Property, Evy Dent, 181 Cabrini Cafe, Le Cheile, Saggio, Cornerstone Church, HeightSites.com.
Higher Ground Festival is made possible in part with public funds from Creative Engagement, supported by the New York City Department of Cultural Affairs in partnership with the City Council and administer by the Lower Manhattan Cultural Council.
Thank you to New York-Presbyterian Hospital for generously sponsoring the 2017 HG Artist stipends.
Higher Ground Festival greatly appreciates the sponsorship and support from Fort Tryon Trust and New York City's Department of Parks & Recreations.
Please join our effort! This project will enliven the community, unite neighbors and connect artists with resources and opportunities to expand their craft and vision. The community craves this festival, and the support for it has been nothing less than 100%. THANK YOU FOR YOUR SUPPORT!
As with any young initiative, we are subject to the generosity and support of our extended community. With the recent turbulence in arts funding and the financial uncertainty suffered by the entrepreneurial class, we too have faced decreased support from some of our long standing sponsors. However we have persisted in reaching out to other individuals and community organizations that by and large have found our work of interest and have been helping us offset any dip in support we may have experienced.
We greatly appreciate your support! Thank you!
Have your name listed on the HG Premieres Program as a Higher Ground supporter.
Have your name listed on the HG Premieres Program as a Higher Ground supporter, and receive a signed poster.
*Please disregard the estimated date of delivery. June 17th is the date of the Sumer Social.
Along with the prior mentioned perks. (T-shirt upon request).
2 Reserved Seats at the Higher Ground Performance.
Along with invite to the June 17th HG Summer Social in Washington Heights and all prior mentioned perks. (T-shirt upon request).
(2) Tickets to the New York Philharmonic or Martha Graham Company (based on availability). Mention on HG's website <www.CREATINGHIGHERGROUND.com> as a sponsor.
Along with 2 Reserved Seats at the Higher Ground Performance, invite to the June 17th HG Summer Social in Washington Heights and sponsor mention on program. (T-shirt upon & reserved seat upon request).
Cameo in a 2017 HG Premiere!
*Performance date is June 24th, 2017, 7pm - 9pm.
Along with 2 Reserved Seats at the Higher Ground Performance, invite to the June 17th HG Summer Social in Washington Heights and sponsor mention on program and website. (T-shirt upon & reserved seat upon request).
BIG THANK YOU! Invitation to the 2017 HG Premieres Dress Rehearsal at the American Academy of Arts and Letters on June 22nd.
Along with 2 Reserved Seats at the Higher Ground Performance, invite to the June 17th HG Summer Social in Washington Heights, and sponsor mention on website and program. (T-shirt upon & reserved seat upon request).
BEYOND THE CLOUDS - YOU ARE AN ANGEL!
WOWZERS! WE ARE SO GRATEFUL FOR YOU SUPPORT AND BELIEF IN HIGHER GROUND! As the HG Directors, we would love to meet you in person to thank you and treat you to dinner in the neighborhood! Whatever was prior mentioned is yours, just let us know what you request.


text:
The 2016 Open Championship was a men's major golf championship and the 145th Open Championship, played from 14–17 July at Royal Troon Golf Club in Ayrshire, Scotland. It was the ninth Open Championship played at the Old Course of Troon, and the fifth since gaining royal status.

Henrik Stenson shot a final round 63 for 264, a record 20-under par, three strokes ahead of runner-up Phil Mickelson, the 2013 champion. The leader after 54 holes, Stenson became the first Scandinavian man to win a major title.

This was the final appearance for 1997 champion Justin Leonard.

Media
This was the first Open Championship under new television rights deals in the United Kingdom and United States. In the U.K., Sky Sports replaced the BBC, who held broadcast rights from 1955 to 2015, marking the first time that rights to the Open had been held by a subscription television service. To comply with anti-siphoning laws, rights to broadcast a nightly highlights programme on free-to-air television were sold to the BBC. The contract was to begin in 2017, but the BBC opted out of the 2016 edition.

In the U.S., television rights shifted from ESPN to NBC and sister pay-TV network Golf Channel, marking the first time that Golf Channel had coverage of a men's major championship. It also restored a major to the network for the first time since 2014; from 1995 to 2014, NBC televised the U.S. Open and other championships of the USGA, which moved to Fox Sports in 2015. Similarly to the BBC, ESPN chose to opt out of its final year of Open rights, causing NBC's rights to begin in 2016 instead.

Venue

Old Course

Lengths of the course for previous Opens:

 2004: , par 71
 1997: , par 71
 1989: , par 72
 1982: , par 72

 1973: , par 72
 1962: , par 72
 1950: , par 70
 1923:

Opens from 1962 through 1989 played the 11th hole as a par-5.

Field
Each player is classified according to the first category in which he qualified, but other categories are shown in parentheses.

1. The Open Champions aged 60 or under on 17 July 2016
Mark Calcavecchia, Darren Clarke (2), Ben Curtis, John Daly, David Duval, Ernie Els (2), Todd Hamilton, Pádraig Harrington (2), Zach Johnson (2,3,4,12,14), Paul Lawrie, Justin Leonard, Sandy Lyle, Rory McIlroy (2,4,5,6,10,12), Phil Mickelson (2,4,14), Mark O'Meara, Louis Oosthuizen (2,3,4,5,12,14)
Stewart Cink (2) and Tiger Woods (2) did not play.
Eligible but did not enter: Nick Faldo, Ian Baker-Finch, Tom Lehman, Nick Price.

2. The Open Champions for 2006–2015

3. First 10 and anyone tying for 10th place in the 2015 Open Championship
Jason Day (4,10,11,12,14), Sergio García (4), Marc Leishman (4,14), Jordan Niebrugge, Justin Rose (4,5,8,12), Adam Scott (4,9,14), Jordan Spieth (4,8,9,12,14), Danny Willett (4,5,9)
Brooks Koepka (4,12) withdrew with an ankle injury.

4. The first 50 players on the Official World Golf Ranking (OWGR) for Week 21, 2016
An Byeong-hun (5,6), Kiradech Aphibarnrat (5), Rafa Cabrera-Bello, Paul Casey (12), Kevin Chappell, Matt Fitzpatrick (5), Rickie Fowler (11,12,14), Jim Furyk (12), Branden Grace (5,14), Emiliano Grillo, Bill Haas (12,14), Charley Hoffman (12), J. B. Holmes (12,14), Billy Horschel, Thongchai Jaidee (5,14), Dustin Johnson (8,12,14), Kim Kyung-tae (19), Kevin Kisner (12), Søren Kjeldsen (5), Russell Knox, Matt Kuchar (12,14), Danny Lee (12,14), David Lingmerth, Shane Lowry (5), Hideki Matsuyama (12,14), Ryan Moore, Kevin Na (12), Patrick Reed (5,12,14), Charl Schwartzel (5,14), Brandt Snedeker (12), Henrik Stenson (5,12), Andy Sullivan (5), Justin Thomas, Jimmy Walker (12,14), Bubba Watson (9,12,14), Lee Westwood (OQS-Thailand), Bernd Wiesberger (5)
Daniel Berger (12) withdrew with a shoulder injury.

5. First 30 in the Race to Dubai for 2015
Kristoffer Broberg, Victor Dubuisson, Ross Fisher, Tommy Fleetwood, David Howell, Miguel Ángel Jiménez, Martin Kaymer (8,11), Anirban Lahiri (14,15), James Morrison, Thorbjørn Olesen, Thomas Pieters, Marc Warren, Chris Wood (6)
Jaco van Zyl withdrew to focus on the Olympics.

6. The BMW PGA Championship winners for 2014–2016

7. First 5 European Tour members and any European Tour members tying for 5th place, not otherwise exempt, in the top 20 of the Race to Dubai on completion of the 2016 BMW International Open
Andrew Johnston, Rikard Karlberg, Lee Soo-min, Joost Luiten

8. The U.S. Open Champions for 2012–2016
Webb Simpson

9. The Masters Tournament Champions for 2012–2016

10. The PGA Champions for 2011–2015
Keegan Bradley, Jason Dufner

11. The Players Champions for 2014–2016

12. Top 30 players from the final 2015 FedEx Cup points list
Steven Bowditch (14), Harris English, Scott Piercy, Robert Streb
Bae Sang-moon (14) was unable to compete due to a military obligation in South Korea.

13. First 5 PGA Tour members and any PGA Tour members tying for 5th place, not exempt in the top 20 of the PGA Tour FedEx Cup points list for 2016 on completion of the 2016 Quicken Loans National
Smylie Kaufman, William McGirt

14. Playing members of the 2015 Presidents Cup teams
Chris Kirk

15. First and anyone tying for 1st place on the Order of Merit of the Asian Tour for 2015

16. First and anyone tying for 1st place on the Order of Merit of the PGA Tour of Australasia for 2015
Nathan Holman

17. First and anyone tying for 1st place on the Order of Merit of the Southern Africa PGA Sunshine Tour for 2015
George Coetzee

18. The Japan Open Champion for 2015
Satoshi Kodaira

19. First 2 and anyone tying for 2nd place, not exempt, on the Official Money List of the Japan Golf Tour for 2015
Yūsaku Miyazato

20. First 2 and anyone tying for 2nd place, in a cumulative money list taken from all official 2016 Japan Golf Tour events up to and including the 2016 Japan Golf Tour Championship
Yuta Ikeda, Yosuke Tsukada

21. The Senior Open Champion for 2015
Marco Dawson

22. The Amateur Champion for 2016
Scott Gregory (a)

23. The U.S. Amateur Champion for 2015
Bryson DeChambeau forfeited his exemption by turning professional in April 2016.

24. The European Amateur Champion for 2015
Stefano Mazzoli (a)

25. The Mark H. McCormack Medal winner for 2015
Jon Rahm forfeited his exemption by turning professional in June 2016 but subsequently earned a spot through the Open Qualifying Series.

Open Qualifying Series

The Open Qualifying Series (OQS) consists of 10 events from the six major tours. Places are available to the leading players (not otherwise exempt) who finish in the top n and ties. In the event of ties, positions go to players ranked highest according to that week's OWGR.

The Greenbrier Classic was cancelled due to the damage sustained by the course in the 2016 West Virginia flood. The Open Qualifying Series event originally slated for the Greenbrier was shifted to the Barracuda Championship.
Final Qualifying

The Final Qualifying events were played on 28 June at four courses covering Scotland and the North-West, Central and South-coast regions of England. Three qualifying places were available at each location.  None of the twelve qualifiers had played in Regional Qualifying on 20 June: each was exempted by virtue of holding an Official World Golf Ranking.

Gailes Links – Oskar Arvidsson, Scott Fernández, Colin Montgomerie
Hillside – Dave Coupland, Paul Howard, Jack Senior
Royal Cinque Ports – Steven Alker, James Heath, Matthew Southgate
Woburn – Paul Dunne, Ryan Evans, Robert Rock

Alternates

To make up the full field of 156, additional places are allocated in ranking order from the Official World Golf Ranking at the time that these places are made available by the Championship Committee. Any places made available after 3 July will use the week 27 rankings. Eleven places were made available on 27 June based on the week 26 rankings.

James Hahn (ranked 58, week 26)
Gary Woodland (65)
Ryan Palmer (68)
Patton Kizzire (70)
Fabián Gómez (71)
Wang Jeung-hun (74)
Scott Hend (75)
Graeme McDowell (76)
Brendan Steele (77)
Francesco Molinari (78)
Tony Finau (79)
Jim Herman (80) – replaced Billy Hurley III
Marcus Fraser (81) – replaced Tiger Woods
Luke Donald (ranked 83, week 27) – replaced Jaco van Zyl
Daniel Summerhays (86) – replaced Stewart Cink
Charles Howell III (87) – did not play due to injury
Jamie Lovemark (88) – replaced Daniel Berger
Ian Poulter (90) – did not play due to injury
Colt Knost (92) – replaced Brooks Koepka

Round summaries

First round
Thursday, 14 July 2016

Phil Mickelson shot an 8-under-par 63 to take a three-shot lead over Martin Kaymer and Patrick Reed. His 63 tied him with 27 others for the lowest round in a major championship. Mickelson had a 16-foot putt at the 18th to become the first player to score 62 at a major championship, but the putt lipped out of the hole.

Second round
Friday, 15 July 2016

Phil Mickelson maintained his lead at the halfway point at 132 (−10), a stroke ahead of Henrik Stenson, whose 65 moved him into solo second place. The cut was at 146 (+4), allowing previous major champions Jordan Spieth, Danny Willett, and Bubba Watson to continue onto the third day. Billy Horschel started in joint fourth place, but had a dismal 85 to miss the cut by six strokes.

Amateurs: Gregory (+9), Mazzoli (+12)

Third round
Saturday, 16 July 2016

Henrik Stenson (68) overtook  Phil Mickelson (70) in the third round, taking a single-shot lead into the final round, with Mickelson five shots clear of the field.

Final round
Sunday, 17 July 2016

In what earned instant acclaim as one of the greatest final-round duels in major championship history, Henrik Stenson broke the aggregate scoring record for all majors while establishing a new Open Championship record on his way to his first career major win. In the final pairing with Phil Mickelson, Stenson began the round with a one-shot advantage. Mickelson quickly jumped into the lead with a birdie at the first while Stenson three-putted for bogey. Stenson rebounded with five birdies on the front nine while Mickelson recorded a birdie and an eagle at the par-5 fourth, giving Stenson back a one-shot lead at the turn.

Both birdied the tenth, then Stenson made bogey at the eleventh and they were tied again. Both parred the next two holes, then Stenson recorded three consecutive birdies, including a  putt from off the green on the 15th to open up a two-shot lead. Mickelson narrowly missed an eagle putt on the 16th while Stenson got up and down from the greenside rough for a birdie to maintain the advantage. With another birdie at the 18th, Stenson tied the major championship scoring record at 63 (−8). Runner-up Mickelson shot 267 to equal the previous Open record set by Greg Norman in 1993. Eleven strokes behind Mickelson in solo third was J. B. Holmes at 278 (−6).

Final leaderboard

Source:

Scorecard

Cumulative tournament scores, relative to par

Source:

Records
 Stenson became the second to finish 20-under-par in a major championship, tying Jason Day's record from the PGA Championship in 2015.
 Stenson was the first to finish 20-under at the Open Championship, beating Tiger Woods' record of 19-under in 2000.
 Stenson's 264 set a new major championship record, beating David Toms' 265 in the PGA Championship in 2001.
 Stenson broke the previous Open Championship record by three shots, formerly 267, set by Greg Norman in 1993.
 Stenson's 63 (in round 4) and Mickelson's (in round 1) tied the major record for a round.  It was the 28th and 29th time this score had been achieved, and Stenson was the 27th different player to do so. Stenson and Johnny Miller are the only players to shoot 63 in the final round of a major and win.
 Mickelson, age 46, became the oldest player to shoot a round of 63 in an Open Championship and also the second-oldest player to shoot 63 in any major championship; Gary Player shot 63 in the second round of the PGA Championship in 1984 at age 48.
 The 11-shot difference between Stenson and Mickelson with the rest of the field was the largest in history.

References

External links
Royal Troon 2016 (Official site)
Coverage on the European Tour's official site
Coverage on the PGA Tour's official site
Coverage on the PGA of America's official site

The Open Championship
Golf tournaments in Scotland
Open Championship
Open Championship
Open Championship


text:
UiPath Appoints Chris Klayko to Senior Vice President of Sales for the Americas
Former Google Cloud and SAP senior sales executive to charter UiPath's next wave of growth
NEW YORK – November 6, 2019 – UiPath, the leading enterprise Robotic Process Automation (RPA) software company, today announced it has hired Chris Klayko as senior vice president of sales for the Americas. In his role, Klayko will scale UiPath by overseeing inside, outside and channel sales across small-to-medium sized businesses and enterprises in the Americas. Coenraad van der Poel, previously managing director for the Americas, will transition to assume a new leadership position overseeing strategic accounts on January 1, 2020.
Klayko brings senior sales experience from both Fortune 500 software companies and startups to UiPath. Most recently, he was the American sales lead for Google Cloud, which he grew from a company generating tens of millions of dollars in revenue to a multi-billion-dollar business in four years. Prior to Google, Klayko was global vice president of sales for SAP's emerging solutions division. He originally joined SAP via the acquisition of Virsa Systems, one of the fastest growing private U.S. software startups at the time. Klayko also held the CRO position at Hara Software, a cloud-based enterprise software platform for energy and sustainability management, where he drove the company's more than 30% market share.
"I've always been attracted to high-growth, disruptive companies. In speaking with CIOs, RPA has been repeatedly mentioned as the technology they are all investing in given its strong ROI. As the RPA industry leader, I was introduced to UiPath, and my love for the company only deepened when I met the team. Plus, as hard as a company in hypergrowth is, it's addicting. I'm thrilled to go back to my startup roots and help further scale this explosive company."
Chris Klayko, Senior Vice President of Sales, Americas, UiPath
"Chris has an impressive history of scaling both large enterprise software companies and fast-growing startups, and his approach to the customer-partner ecosystem aligns perfectly with our values. Our vision is to deliver a robot for every person. As we make this vision a reality, scaling customers successfully is our number one goal. Chris' experience and passion for customers will be a great combination towards extending our leadership position throughout the Americas.
I'd like to especially thank Coenraad van der Poel for building our Americas business from scratch. Coenraad joined as our first employee in the United States. He personally recruited and developed a world-class team that has been the backbone of growth for UiPath. He is tenacious, yet humble, making him a perfect fit and leader in UiPath. I am excited to have Coenraad start a critical new organization for UiPath, this time as senior vice president of strategic accounts."
Daniel Dines, CEO and co-founder, UiPath
About UiPath
UiPath is leading the "automation first" era – championing one robot for every person, delivering free and open training and collaboration and enabling robots to learn new skills through AI and machine learning. Led by a commitment to bring digital era skills to more than a million people, the company's enterprise Robotic Process Automation (RPA) platform has already automated millions of repetitive, mind-numbing tasks for business and government organizations all over the world, improving productivity, customer experience and employee job satisfaction.
Recently named by Comparably as the 6th happiest place to work and the 11th best company culture among large businesses, UiPath is one of the fastest growing and highest-valued AI enterprise software companies worldwide.
by Toni Iafrate
TOPICS: UiPath Team
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redpajama_set_name: RedPajamaCommonCrawl


Amber Beads: Pretty to Look at, But is it Safe?
An estimated five million children between the ages of 6 and 19 have hearing loss resulting from either a one-time exposure to a loud sound or continuous exposure to loud sounds for long periods of time. Noise-induced hearing loss (NIHL) is irreversible, but also preventable.


Intercontinental Brands (ICB), is a speciality drinks manufacturer. They wanted to increase their portfolio of brands with a range of Yorkshire cream liqueurs. ICB came to us to create and build a whole new brand from scratch, including all packaging design. The target market was women aged between 30-45 and ICB really wanted something different. The positioning of the drinks being a celebration of, 'all things Yorkshire' was agreed – the next stage was to use Storygelling – our tried and tested way to find their story and make it stick.
All three drinks were made using the finest Yorkshire cream. One was blended with whisky, one with award winning Harrogate Slingsby Gin and the final liqueur was to be created using a combination of gin and lemon. The citrussy addition was inspired by the famous lemon and lime cake, from Bettys of Harrogate.
For many people, the initial reaction was surprise and intrigue. "Cream, lemon and gin… Really?" This feedback gave us a great product truth and a unique starting place.
We created the brand identity around the idea of 'Dales of The Unexpected'. These were delicious drinks with an unexpected twist.
Our story centred around two proud Yorkshiremen: joint founders Mike Carthy and Marcus Black. We personified them as Yorkshire whippets, decked out in the finest woollen tweeds.
The fabl devised a family crest, which celebrates the best of Yorkshire in a new and interesting way. The elements consist of Ingleborough, Yorkshire cows and sheep along with football, rugby and cricket icons. On either side of the crest are the two suited and booted whippets, posing with cricket bat and ball. The crest is crowned by a cross of Yorkshire rhubarb and the Yorkshire rose. It sits proudly on every bottle.
Launched at the Malton Food Lovers Festival in May 2017, the Carthy & Black story was such a runaway success, they sold out on the first day. Now widely available in 120 Asda stores, Carthy & Black is introducing the best of Yorkshire to the entire nation. So far, this is a story that is definitely sticking with the target audience.


There are numerous problems that can arise following the removal of wisdom teeth. A common complication is dry socket, an unpleasant problem that develops in the days after extraction. The cause of dry socket is when either the clot fails to form effectively around the wound, or the clot forms but is shed prematurely. Therefore the actual wound is 'dry'. The bone is uncovered, which can result in a fair degree of pain.
Any dry socket commonly comes from the second day after wisdom teeth removal. The pain from it may spread out from the area and even to your ears. One can notice a bad taste in the mouth and also halitosis. Dry socket is a lot more likely to occur when you smoke within 24 hours of extraction, or if you do not keep to the after-care information your dental-care professional gives.
If you feel you do have the problem, go to your dentist. The socket has to be washed free of any kind of debris. The dentist will then administer some sort of dressing to alleviate your pain and reduce the inflammation in the socket.
Aside from dry socket, there are other possible complications from wisdom tooth extraction. These issues may include extended bleeding, some bruising and infection of the gum around the extraction site. Trauma to your neighboring teeth or alternatively teeth fillings can be a possibility, as is breaking of the roots of the wisdom tooth. If a root breaks, the remaining part of root might be either removed or if it is small it could be left in position. An infection from the bone tissue might set in, but this is rare within healthy people. You may experience some jaw pains and tightness also.
Other side effects might include: Nerve injury with resulting pins and needles around that region. This is a rare problem and usually a short-lived problem if it occurs. It can affect feeling through the lower lip and also chin. It could likewise affect taste and feeling from your tongue area. Another problem is jaw bone fracturing through the force applied when removing the tooth. This situation is extremely rare and in most cases only happens in elderly people, prone due to fragile bone and/or bone disease.
Even though long-term side effects are uncommon, you ought to be informed about the dangers. These dangers should be taken into consideration whenever the selection to remove wisdom teeth is made. You may be more prone to certain side-effects, for example neural damage, depending on exactly where a wisdom tooth lies.
To sum up, getting your wisdom teeth removed may include a fair level of minor surgery. As with just about any surgical procedure, there are certain possible complications. These include frequently encountered problems; for instance dry socket, bruising and/or tenderness. There are then the less likely side effects; for instance nerve damage. Your dentist or oral surgeon should tell you of the possibilities and discuss any of the side effects you're specifically at risk of.


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What to Expect From Online Day Planner Free Download?
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Complete the on-line form by providing your Volkswagen account number, which can be found on your bill, and your Social Security number and e-mail address. Possessing a custom made statement will separate you from the rest of your contest.
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text:
from synapse.tests.common import *

class CommonTest(SynTest):

    def test_common_vertup(self):
        self.assertEqual( vertup('1.3.30'), (1,3,30) )
        self.assertTrue( vertup('30.40.50') > (9,0) )

    def test_common_genfile(self):
        with self.getTestDir() as testdir:
            fd = genfile(testdir,'woot','foo.bin')
            fd.close()

redpajama_set_name: RedPajamaGithub


Met by Sport Safaris Africa and transfer to Umkomaas, a seaside resort south of Durban. Accommodation in Ocean View Guesthouse (B&B, TV, pool, bar, en suite bathroom, safe). After settling down in the guesthouse we meet for a welcome briefing, sort out dive gear and for the introduction of the Shark Specialty Course. Lecture on the ragged toothed shark by Prof. Vic Peddemors, video: Introduction to the Aliwal Shoal.
Briefing for dive 1. First dive at Aliwal Shoal followed by breakfast and debriefing by Instructor and scientist. Dive number 2. Break for light lunch. Practical session: shark dissection and general discussion about sharks and their specialized adaptations by Vic. Video session followed by dinner at one of the restaurants in Umkomaas. After dinner we meet again for debriefing, video and lecture on sharks and shark attacks.
Briefing for dive 3 followed by a dive. Breakfast and debriefing. Conclusion by Vic; presentation of certificates. Dive 4, pleasure dive at Aliwal Shoal. In the evening we will continue with an introduction to the Advanced Shark Specialty Course. Lecture: Sharks as Top Predators in the Ecosystem.
Briefing for dive 5 at Protea Banks/Aliwal Shoal. Debriefing. Light lunch. Lecture: Mechanisms of Feeding: From Planctivore to Carnivore, followed by hands-on session with teeth and jaws. Night dive with the ragged toothed sharks at Aliwal Shoal. Dinner and debriefing.
Briefing for dive 7 at Protea Banks/Aliwal Shoal. Breakfast and debriefing. Briefing for dive no 8. Debriefing. Lecture: The BIG THREE - the Latest Scientific Information about the Great White, Tiger and Zambezi Sharks. Conclusion and presentation of certificates.
After breakfast we transfer to Durban airport for the flight to George. Airport shuttle from George airport to Mossel Bay where we book into our Holiday Flats directly on the coast. In the evening we meet for an introduction to the Great White Shark Specialty Course.
Early breakfast before we board the Infante which will take us to the great white sharks. On board, Vic will give lectures between cage diving. Lunch is supplied on board.
Once again, a day spent on the water watching and learning about Sharks. In the evenings there will be lectures and slide shows/ videos followed by the conclusion and presentation of certificates by Vic.
Great White Shark Cage Diving.
These are extra days incase of bad weather conditions. If the weather is great we just get more sharks!
Spare day to visit local attractions and allow for a bit of flexibility if we have weather problems. We will end up in Cape Town and stay in a Guest House on the South Peninsular. If time permits we will visit some of the Wine Farms in the Stellenbosch area to sample the local wines.
A day to explore the Cape or do a seal dive (we will have dived with the sharks, see what it is like to swim with the food). The scenic tour is included, the diving an optional extra.
A final day to pack away the dive gear and do the last minute shopping before transferring to the Cape town International Airport for flights back home.


At our state of the art dentist office, we differentiate our services by providing the most cutting edge dental works at incredible value. Working alongside dental discount plans and providing dental discounts to those without supplemental dental insurance we provide a variety of dental care that meets all families' needs and budgets.
When looking for a general dental practice in your local area, you want to be sure and find an office that can service every single need you will potentially have in the near future. This is because with your dentist, you should be building a bond. Because of the trust that is inherent in the relationship with your medical health professionals, building a long-term relationship will only deepen this trusting bond.
For this reason we have been able to build a quality practice in which we have been able to top the local dentist reviews with kind words from our patients, current and past. The past patients we've had are those who either move out of Michigan or have changed dental insurance and no longer are in-network. Because of the importance that affordable dental care has in our patients' lives, we have attempted to build the largest collaborative effort of partnerships with providers in the city.
You may be wondering what kind of services we offer.
Procedures | What Is A Root Canal? What is Periodontal Disease?
The services we offer cover the full spectrum of oral healthcare. From preventive medical treatments like exams and checkups that ensure you are in good oral standing to restorative works that repair broken teeth to cosmetic dentistry which will give you a new brilliant smile.
Cosmetic Dentistry We offer porcelain veneers and are known in town as one of the top teeth whitener teams around.
Dental Restorations As our cosmetic skills have spread to all aspects of our practice, we are able to create missing teeth implants, denture implants, partial dentures, and dental crown procedures with miraculous beauty and appeal. Losing a tooth to decay or breakage is not something to worry about anymore. The modern era has arrived when people are choosing to have their natural teeth replaced with dental implant cost accessibility. Restorative works include questions like 'what is a root canal cost going to run me' or the wondering about the issues that lead to receding gums.
Routine Dental Services By far the majority of our day to day operations involve basic dental services that include: teeth cleaning, x-rays, exams, and evaluations to ensure our patients are not on a path to dental diseases or advanced and complex treatments.
Emergency Dental Care Services These kind of services deal with issues that you might have when: an emergency dental extraction is needed from intense tooth pain caused by decay or an abscessed tooth, a tooth break from active trauma, serious trauma from biting cheeks or the tongue, or when gum health is creating serious health issues.
We provide information for all kinds of common issues that people are having. Those questions regarding payments, costs, causes, and treatments.
We take great pride in our referrals and recommendations. Keeping our praises in our patients daily conversations has been a great blessing and a reason we are proud to do what we do, day in day out. Here are some of the recommendations we have received both in person at the office and some that are available on various independent directory review sites.
"We were new to the city and had no idea of the quality dentists near me and my family that was offering a 24 hour dentist office. Thankfully we found your page online and you helped my husband with how to whiten teeth caps and find bad breath remedies. 5 of 5 stars!!" –David R.
"Thanks is not enough!! After years of neglecting my teeth, I did tons of research into local dentists and the cost of dental implants and gum disease treatment. Your office was willing to help me through every step of the way from research to follow up appointments. I am so proud to display your works around town!" Melanie E.
"Veneers teeth cost less here than they did in Florida where my wife got hers done. Don't tell her but I think mine look better!" Flavio C.
Most people hear root canal and freak out. With our use of sedation dentistry, this procedure is nothing to fear. Toothache and tooth decay pain are the result of bacteria and cavities and mean that a root canal might be necessary to save the tooth. We can offer remedies for toothache but the final solution might be to remove the soft tissue inside the tooth. We also use sleep dentistry for wisdom tooth extraction.
Once a tooth is removed we can implement dental implants with cost that you can handle! The solutions are permanent and highly effective, you will forget that you have a fake tooth soon enough!
Other solutions to replacing a missing tooth are dental bridges and dentures. Dental bridge cost makes this a very practical solution to restoring a smile. It is minimally invasive, but unlike implants and a denture solution, it might feel a bit unnatural. The cost of affordable dentures is a good alternative to those patients that are seeking a complete overhaul of their smile. Dentures come in several options, ranging from partial to full solutions.
Gingivitis and the signs of gum disease are easily detectable by a professional at a routine exam. For this reason, we highly suggest visiting our office regularly, every six months at the least, for exams.
Dry mouth can also be an indicator to other dental illnesses like dental gum infection or periodontal disease. The gum disease cure that we implement in office takes some time to reverse but is fairly straightforward with no pain on your end. Usually, gum diseases that are caught early enough can be treated by removing the existing plaque and tartar and using a fluoride mouthwash treatment for some months. It takes time to reverse, but if identified early, you will avoid complex gum grafts and gum surgeries!
In addition to all the basic and major works we perform in office, we are experts in cosmetic dentistry also. With Lumineers, veneer teeth, and professional laser teeth whitening systems we are the smile dental experts in Michigan. Our tooth whitener solution is something that only the most innovative and high-tech dental practices are implementing.
In your walk in dentist search, you need to consider why a dentist has walk-in services available. A dentist that is not fully booked does not have appointments for a reason. For this reason, when considering visiting our office, we suggest that you book appointments in advance, not leaving issues to the last minute when they become an urgent matter causing you to find an emergency dentist.
Our staff is friendly, welcoming, and knowledgeable about all aspects of your oral health, dental insurance plans, and follow up treatments.
From the moment you step into the office, we're confident you will decide we are the dentist for you. If you're searching for the right for an oral health professional, we suggest visiting a few offices to get a feel for the way things operate there. This is why we offer free initial visits- to give you confidence about what de do at our office.
Browsing the rest of our site will give you insight into the way we handle procedures and what kind of services we offer our patients. There is a Restorative Works page, a Cosmetics Page, a Preventive Works page, and finally a Request Appointment page where you can fill out a form and reach out to us.


text:
Crystal Pite - THE STATEMENT
Crystal Pite - 'The Statement'
© Rahi Rezvani
Jonathan Young
Owen Belton
Meg Roe,
Colleen Wheeler,
Andrew Wheeler,
Jay Gower Taylor
Crystal Pite / Joke Visser
performed by
4 February 2016,
> film Mezzo / La Belle Télé (2018), directed by Tommy Pascal (password required)
THE STATEMENT
In light of current events, the topicality of The Statement is probably what is most striking about Crystal Pite's new work, as the expression of the characters and their use of language are very much linked to our time. The piece could be considered a play, based on a script written by Jonathan Young that is expressed by four dancers that share a heated conversation around a conference table, symbolizing a corporate environment. Control, moral conflicts, responsibility and the inability to escape make The Statement a gripping piece that offers the audience a captivating wedge of realism.
"The Statement is a wedge of realism; cold and current. We recognize both the characters and the language as being of our world and our time. The Statement is a one-act play, with four characters locked in their own battle for control, and with the morality of their actions: they have been tasked with fuelling a conflict in a distant country. Character "A" declares: "For generations they've been fighting. All we did was use it. We used it as an opportunity - the attacks - for investment. For growth. We used it." Now, being asked to take responsibility for their actions in order to exonerate their superiors, a conflict is rising within their department." Crystal Pite
"NDT's associate choreographer Crystal Pite is in demand around the world – and you can see why. The Statement reprises her partnership with the playwright Jonathon Young, with whom she created the astounding Betroffenheit, as well as an idea taken from that earlier piece: a kind of bodily lip-syncing to a spoken soundtrack. Here, the four dancers enact a high-tension script about a team tasked with inciting war in order to profit from it. The vocal rhythms, pitches and registers form an exacting template for their accusing fingers, nervous flinches, shocked about-faces and wily manoeuvres. It's performed with the frame-by-frame urgency of a graphic novel and – herein lies its brilliance – even as you are gripped by the drama you see its composition with startling clarity." The Guardian, 27 June 2018
In 2008 Crystal Pite (Canada) joined NDT as an associate choreographer. Her latest works for NDT 1 are Plot Point (2010), Solo Echo (2012), Parade (2013), In the Event (2015), The Statement (2016) and Partita for 8 Dancers (2018). In 2002 Pite founded her own company in Vancouver: Kidd Pivot. Pite is also an associate dance artist at Canada's National Arts Centre and at Sadler's Wells, London. In 2002 she founded her own company in Vancouver: Kidd Pivot. Pite's ballets are performed by dance companies worldwide.