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Ecotopia #23 Nukes and Other Scary Things
Posted by Stephen on 11 Mar 2009 at 12:12 pm | Tagged as: Uncategorized
This program focuses on things nuclear. Our guest is Dr. Arjun Makhijani, President of the Institute for Energy and Environmental Research in Takoma, Maryland. We talk with him about the potential and peril for nuclear electricity in coming years as well as the continuing threat to the world because of nuclear weapons.
Listen to Ecotopia #23 Online Now!
To download the show, right-click (Mach users control-click) and select "Save Target".
Background for Our Interview with Arjun Makhijani.
We begin with an eyewitness description from July 16, 1945. The scene is the Manhattan project command bunker near Alamogordo, New Mexico, during the testing of the first atomic bomb: General Thomas Farrell observes:
In [a] brief instant in the remote New Mexico desert the tremendous effort of the brains and brawn of all these people came suddenly and startlingly to the fullest fruition. Dr. Oppenheimer, on whom had rested a very heavy burden, grew tenser as the last seconds ticked off. He scarce breathed. He held on to a post to steady himself. For the last few seconds, he stared directly ahead and then when the announcer shouted 'Now!' and there came this tremendous burst of light followed shortly thereafter by the deep growling roar of the explosion, his face relaxed into an expression of tremendous relief. Several of the observers standing back of the shelter to watch the lighting effects were knocked flat by the blast.
The tension in the room let up and all started congratulating each other. Everyone sensed 'This is it!' No matter what might happen now all knew that the impossible scientific job had been done. Atomic fission would no longer be hidden in the cloisters of the theoretical physicists' dreams. It was almost full grown at birth. It was a great new force to be used for good or for evil. There was a feeling in that shelter that those concerned with its nativity should dedicate their lives to the mission that it would always be used for good and never for evil.
[A Harvard professor], threw his arms around Dr. Oppenheimer and embraced him with shouts of glee. Others were equally enthusiastic. All the pent-up emotions were released in those few minutes and all seemed to sense immediately that the explosion had far exceeded the most optimistic expectations and wildest hopes of the scientists. All seemed to feel that they had been present at the birth of a new age – The Age of Atomic Energy – and felt their profound responsibility to help in guiding into right channels the tremendous forces which had been unleashed for the first time in history.
General Farrell's account appears in – Department of State, Foreign Relations for the United States Conference of Berlin (Potsdam) (1945); Lansing, Lamont, Day of Trinity (1965). www.eyewitnesstohistory.com/atomictest.htms
Would the power of the atom be "always used for good and never for evil"? In the sixty plus years since the testing of the A-bomb, General Farrell's optimism seems naïve at best. The following is from an interview conducted just last Friday, March 6, by the National Journal Online. The interview was titled, "Entering A Nuclear Energy Crossroads" and the interview was with with Dale Klein, Chair of the Nuclear Regulatory Commission, appointed by President Bush in July 2006 after serving as assistant to the secretary of Defense for nuclear, chemical and biological defense programs.
NJ: A recent International Atomic Energy Agency report said that Iran has enough nuclear fuel to build a bomb. The report explicitly connects having nuclear fuel with the ability to build a bomb, even though Iran hasn't signaled that's what it's going to do with the fuel. How do you react to reports like this?
Dale Klein's reply suggests the complexity of nuclear issues today including the fact that the science has become inextricably bound up with politics. Klein said:
In terms of the uranium program, that is one that is a very difficult situation. If you look at a country's nuclear ambitions, very few countries would start off with needing the fuel enrichment capabilities that Iran is doing. They don't have operating commercial reactors now and there is a surplus availability of fuel on the world market. So, from a technical standpoint, it doesn't make sense that Iran is going so robustly with an enrichment program based on their current demand for fuel. Russia has indicated it would sell it. France has indicated it would sell them fuel. That has been a difficult position technically. Iran has also not been forthcoming with the [International Atomic Energy Agency] with their inspections. All of those raise questions as to what is really the Iranian intent. That makes it a very difficult problem, not only for the United States but for our allies and what should we do and what can we do. I think that story is yet to be told.
http://www.nationaljournal.com/njonline/ii_20090306_2993.php
And from Maneater, the newspaper of the University of Missouri, comes this report, also dated last Friday, March 6. Recent legislation in Missouri has opened up the possibility that a new nuclear energy reactor might be built near an existing reactor in Callaway County: Greg Young writes:
With the passage of the Missouri Clean and Renewable Energy Construction Act passing in a House committee on Tuesday, an old debate in Missouri between the benefits and drawbacks of nuclear energy has resurfaced. The bill, which would repeal 1976 legislation prohibiting utility companies from raising rates on consumers while [nuclear plants are under] construction, has not only drawn ire […] about whether it has sufficient consumer protections, but also whether investment in nuclear energy is beneficial to the state of Missouri.
Opponents of the bill, and of nuclear energy, point out notable problems with nuclear energy in terms of storage of the radioactive nuclear material. Missouri Votes Conservation believes nuclear energy is dirty and will distract utilities companies from pursuing efficiency. […]. "Nuclear is not clean nor is it renewable, given that uranium is not an infinite resource," [Missouri Coalition for the Environment] spokeswoman Erin Noble said [. . .]
[However] Warren Wood, a spokesman for the Missouri Energy Development Association, said public support for building of more nuclear [energy capability] has increased: "If you look back 20 to 30 years ago, if you polled the population you would find that it was very much a divided issue," Warren said. "But now with the polling, you can get up there close of 80 percent of people are in favor of building a […] nuclear power plant."
Another issue related to the controversy has been the transportation of nuclear waste across the state of Missouri. Sen. Kurt Schaefer, R-Columbia, has sponsored a bill to add fees to trucks that drive nuclear waste through Columbia, which passed the Senate unanimously two weeks ago. Despite these concerns, Schaefer said further investment in nuclear energy should be considered. "It is certainly a clean emission, and I think we do need to look at nuclear, and we do need to incorporate it," Schaefer said. Recent ballot initiatives in Missouri have avoided concerns about nuclear energy. Proposition C, which passed last November by a considerable margin, does not include nuclear power in the language, which states that by 2021, investor-owned utilities in Missouri must have 15 percent of energy generated from renewable resources. http://www.themaneater.com/stories/2009/3/5/proposed-callaway-county-nuclear-plant-divisive-am/
Our Questions for Arjun Makhijani
Our guest tonight is Arjun Makhijani, President of the Institute for Energy and Environmental Research in Takoma Park, Maryland. He has a wide range of interests including both nuclear weapons and the nuclear energy and waste disposal. Please tell us about the Institute for Energy and Environmental Research and your work there.
The first part of our interview focuses on nuclear energy:
Both presidential candidates talked of nuclear power as part of a sustainable energy mix for the US, along with "clean coal" solar, wind, geothermal. What do you see as the emerging reality here? What's likely to happen?
Just how dangerous are nuclear power plants anyway? After all, we know that France and much of Europe are generating a lot of nuclear energy, so far, without incident. Were the American people overly frightened by Chernobyl and Three Mile Island?
Is nuclear energy "clean"?
We've lived in Nevada and are thus part of the not-in-my-backyard resistance to the proposed Yucca Mountain repository. There is also a good deal of evidence, including position papers from your institute, that says that Yucca Mountain is not a solution to nuclear waste disposal. Please discuss both that specific site and alternative to the disposal "problem".
President Carter put an end to the "breeder reactor" programs that reprocess nuclear fuel into something fissionable plus byproducts with a very short half life (compared to 10,000 years for the wastes to be sent to Yucca Mountain). What do you think of breeder reactors as a source of "free" fissionable materials and a solution to waste disposal?
The 1950s saw "Project Ploughshare," with ideas about using atomic energy for peaceful purposes, e.g. controlled bomb explosions to dig a new canal across the Isthmus of Panama. In our time, are there any hopes for the peaceful applications of nuclear energy?
In the next part of the interview, we focus on the bomb. The other night we watched the Stanley Kubrik film "Dr Strangelove," with Peter Sellers and were reminded, once again, that sixty-plus years into the nuclear age, the threat of mutual destruction is still high. http://www.filmsite.org/drst.html Also, the Doomsday Clock of the Bulletin of the Atomic Scientist is set at 5 minutes to midnight (not at close as it once was), but still frighteningly close at hand.  http://www.thebulletin.org/content/media-center/announcements/2007/01/17/doomsday-clock-moves-two-minutes-closer-to-midnight
How close are we to a nuclear World War III? Where are the threats from? Hoe might it break out?
Do terrorists have or will they have a bomb? Are "rogue" nuclear weapons a threat to the US? the world?
What are the odds in favor of a genuine reduction of nuclear arms world wide? Can we hope for nuclear nonproliferation and a nuclear-free world? What is likely to come of President Obama's initiative with Russia to reduce nuclear arms?
Activists in Chico are part of a national movement, "Beyond War: A New Economy is Possible." We suspect you support demilitarization of the budget. What kinds of savings could be made through cutting back on nukes, e.g., not putting an offensive/defensive nuclear missile system in the Czech Republic or Poland?
More broadly, your institute publishes a newsletter called Science for Democratic Action. (We've been part of a teaching movement called "Science, Technology, and Society" that wants young people to think about the consequences of science, not just the magic and mystery.) Can Americans be "technologically literate"? Are we smart enough or can we know enough to make intelligent decisions about science?
What should our listeners do to keep themselves educated on science issues and to make their voices heard in places that matter?
Do-It-Yourself: Resources for the Nuclear Activist or Interested Citizen
We want to thank Halimah Collingwood of the Mainstream Media Project for putting us in touch with Arjun Makhijani. Mainstream Media has also prepared some excellent materials for people who would like to learn more about nuclear issues.
Project for Nuclear Awareness: PNA seeks to end the global threat of nuclear weapons by educating the public and lawmakers about the real danger of nuclear weapons, the need for nuclear disarmament, and the urgent necessity of nuclear non-proliferation. http://www.projectfornuclearawareness.org/
Ploughshares Fund: A public grantmaking foundation, Ploughshares Fund pools contributions from individuals, families and foundations and directs those funds to initiatives aimed at preventing the spread and use of nuclear weapons and promoting regional stability, in the pursuit of a safe, secure and nuclear weapon-free world. http://www.ploughshares.org
Center for Arms Control and Non-Proliferation: The Center for Arms Control and Non-Proliferation is a Washington, D.C.-based 501(c)3 non-profit, non-partisan research organization dedicated to enhancing international peace and security in the 21st century. http://www.armscontrolcenter.org/
New America Foundation: Has a Geopolitics of Energy project that focuses on structural shifts in global energy markets have important political and economic implications that are not adequately understood or discussed in the ongoing debate over American foreign policy. http://www.newamerica.net
Council for a Livable World: a Washington, D.C.-based non-profit, non-partisan advocacy organization dedicated to reducing the danger of nuclear weapons and increasing national security. Their mission is to advocate for sensible national security policies and to help elect congressional candidates who support them. http://www.livableworld.org
Center for Defense Information: Provides analysis on various components of U.S. national security, international security and defense policy and promotes wide-ranging discussion and debate on security issues such as nuclear weapons, space security, missile defense, small arms and military transformation. http://www.cdi.org
Carnegie Endowment for International Peace: Focuses on nonproliferation and disarmament, including anti-missle systems, biological weapons, chemical weapons, and nuclear testing. http://www.carnegieendowment.org
Playlist for Ecotopia #23
Nuclear Infected (Album Version) 2:16 Alice Cooper Flush The Fashion
The Invention of Nuclear Power 2:46 Peter Adams The Spiral Eyes
New Frontier (Album Version) 6:23 Donald Fagen The Nightfly
Mutually Assured Destruction (Bonus track)) 3:13 Gillan Futureshock
Masters Of War 4:36 Bob Dylan The Freewheellin' Bob Dylan
Weave Me the Sunshine 4:28 Peter, Paul And Mary The Very Best of Peter, Paul and Mary
Long Ago and Far Away 2:21 James Taylor Mud Slide Slim & The Blue Horizon


Some things indeed have changed.
Our federation and its affiliates are not ready to confront the challenges of using our existing base in certain industries to grow in non-union sectors of those industries and linked industries. Those discussions and strategies require challenging the inertia of the status quo. They are difficult discussions that challenge the power and positions of our elected trade union leaders. The interplay of the old and the new is one of the keys for renaissance. . .


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Home / Forums / General / general
Barry Pateman/Kate Sharpley Library interview
R Totale
Apr 28 2020 11:21
For anyone who wants to hear a lengthy interview with Barry Pateman of the Kate Sharpley Library, the Final Straw just did one you can listen to here. "We talk about anarchist history, community, repression, defeat, insularity, popular front with authoritarian Marxists, class analysis and how to beat back capitalism." The same show also did an in-depth pair of interviews with Donald Rooum shortly before his death a while back.
Thanks for the post. Always love listening to Barry.
Also just to mention that if any comrades of a similar age/generation to Barry, or indeed to Donald Rooum, are reading this and would like to do an interview about their experiences and memories of the anarchist movement in decades past, I imagine that there's a good chance that the Final Straw might well be keen to do it if you feel like getting in touch with them.
Kate Sharpley
Joined: 2-04-06
Thank you for the link!
It's a really good interview, there's a lot to think about there.
May 1 2020 09:16
A great and genuine comrade!I used to visit Barry when he lived in Oundle which is near where I live in Corby and it was always an education listening to him and enjoying the company of his late partner Jenny and Paul.Best wishes and well done Kate Sharpley and the great work they do.

redpajama_set_name: RedPajamaCommonCrawl


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#pragma once
#include <aws/compute-optimizer/ComputeOptimizer_EXPORTS.h>
#include <aws/core/utils/memory/stl/AWSString.h>
#include <utility>

namespace Aws
{
namespace Utils
{
namespace Json
{
  class JsonValue;
  class JsonView;
} // namespace Json
} // namespace Utils
namespace ComputeOptimizer
{
namespace Model
{

  /**
   *
Describes the configuration of an Amazon Elastic Block Store (Amazon EBS)
   * volume.

See Also:
   AWS
   * API Reference

   */
  class AWS_COMPUTEOPTIMIZER_API VolumeConfiguration
  {
  public:
    VolumeConfiguration();
    VolumeConfiguration(Aws::Utils::Json::JsonView jsonValue);
    VolumeConfiguration& operator=(Aws::Utils::Json::JsonView jsonValue);
    Aws::Utils::Json::JsonValue Jsonize() const;

    /**
     *
The volume type.

This can be gp2 for General Purpose SSD,
     * io1 or io2 for Provisioned IOPS SSD, st1
     * for Throughput Optimized HDD, sc1 for Cold HDD, or
     * standard for Magnetic volumes.

     */
    inline const Aws::String& GetVolumeType() const{ return m_volumeType; }

    /**
     *
The volume type.

This can be gp2 for General Purpose SSD,
     * io1 or io2 for Provisioned IOPS SSD, st1
     * for Throughput Optimized HDD, sc1 for Cold HDD, or
     * standard for Magnetic volumes.

     */
    inline bool VolumeTypeHasBeenSet() const { return m_volumeTypeHasBeenSet; }

    /**
     *
The volume type.

This can be gp2 for General Purpose SSD,
     * io1 or io2 for Provisioned IOPS SSD, st1
     * for Throughput Optimized HDD, sc1 for Cold HDD, or
     * standard for Magnetic volumes.

     */
    inline void SetVolumeType(const Aws::String& value) { m_volumeTypeHasBeenSet = true; m_volumeType = value; }

    /**
     *
The volume type.

This can be gp2 for General Purpose SSD,
     * io1 or io2 for Provisioned IOPS SSD, st1
     * for Throughput Optimized HDD, sc1 for Cold HDD, or
     * standard for Magnetic volumes.

     */
    inline void SetVolumeType(Aws::String&& value) { m_volumeTypeHasBeenSet = true; m_volumeType = std::move(value); }

    /**
     *
The volume type.

This can be gp2 for General Purpose SSD,
     * io1 or io2 for Provisioned IOPS SSD, st1
     * for Throughput Optimized HDD, sc1 for Cold HDD, or
     * standard for Magnetic volumes.

     */
    inline void SetVolumeType(const char* value) { m_volumeTypeHasBeenSet = true; m_volumeType.assign(value); }

    /**
     *
The volume type.

This can be gp2 for General Purpose SSD,
     * io1 or io2 for Provisioned IOPS SSD, st1
     * for Throughput Optimized HDD, sc1 for Cold HDD, or
     * standard for Magnetic volumes.

     */
    inline VolumeConfiguration& WithVolumeType(const Aws::String& value) { SetVolumeType(value); return *this;}

    /**
     *
The volume type.

This can be gp2 for General Purpose SSD,
     * io1 or io2 for Provisioned IOPS SSD, st1
     * for Throughput Optimized HDD, sc1 for Cold HDD, or
     * standard for Magnetic volumes.

     */
    inline VolumeConfiguration& WithVolumeType(Aws::String&& value) { SetVolumeType(std::move(value)); return *this;}

    /**
     *
The volume type.

This can be gp2 for General Purpose SSD,
     * io1 or io2 for Provisioned IOPS SSD, st1
     * for Throughput Optimized HDD, sc1 for Cold HDD, or
     * standard for Magnetic volumes.

     */
    inline VolumeConfiguration& WithVolumeType(const char* value) { SetVolumeType(value); return *this;}

    /**
     *
The size of the volume, in GiB.

     */
    inline int GetVolumeSize() const{ return m_volumeSize; }

    /**
     *
The size of the volume, in GiB.

     */
    inline bool VolumeSizeHasBeenSet() const { return m_volumeSizeHasBeenSet; }

    /**
     *
The size of the volume, in GiB.

     */
    inline void SetVolumeSize(int value) { m_volumeSizeHasBeenSet = true; m_volumeSize = value; }

    /**
     *
The size of the volume, in GiB.

     */
    inline VolumeConfiguration& WithVolumeSize(int value) { SetVolumeSize(value); return *this;}

    /**
     *
The baseline IOPS of the volume.

     */
    inline int GetVolumeBaselineIOPS() const{ return m_volumeBaselineIOPS; }

    /**
     *
The baseline IOPS of the volume.

     */
    inline bool VolumeBaselineIOPSHasBeenSet() const { return m_volumeBaselineIOPSHasBeenSet; }

    /**
     *
The baseline IOPS of the volume.

     */
    inline void SetVolumeBaselineIOPS(int value) { m_volumeBaselineIOPSHasBeenSet = true; m_volumeBaselineIOPS = value; }

    /**
     *
The baseline IOPS of the volume.

     */
    inline VolumeConfiguration& WithVolumeBaselineIOPS(int value) { SetVolumeBaselineIOPS(value); return *this;}

    /**
     *
The burst IOPS of the volume.

     */
    inline int GetVolumeBurstIOPS() const{ return m_volumeBurstIOPS; }

    /**
     *
The burst IOPS of the volume.

     */
    inline bool VolumeBurstIOPSHasBeenSet() const { return m_volumeBurstIOPSHasBeenSet; }

    /**
     *
The burst IOPS of the volume.

     */
    inline void SetVolumeBurstIOPS(int value) { m_volumeBurstIOPSHasBeenSet = true; m_volumeBurstIOPS = value; }

    /**
     *
The burst IOPS of the volume.

     */
    inline VolumeConfiguration& WithVolumeBurstIOPS(int value) { SetVolumeBurstIOPS(value); return *this;}

    /**
     *
The baseline throughput of the volume.

     */
    inline int GetVolumeBaselineThroughput() const{ return m_volumeBaselineThroughput; }

    /**
     *
The baseline throughput of the volume.

     */
    inline bool VolumeBaselineThroughputHasBeenSet() const { return m_volumeBaselineThroughputHasBeenSet; }

    /**
     *
The baseline throughput of the volume.

     */
    inline void SetVolumeBaselineThroughput(int value) { m_volumeBaselineThroughputHasBeenSet = true; m_volumeBaselineThroughput = value; }

    /**
     *
The baseline throughput of the volume.

     */
    inline VolumeConfiguration& WithVolumeBaselineThroughput(int value) { SetVolumeBaselineThroughput(value); return *this;}

    /**
     *
The burst throughput of the volume.

     */
    inline int GetVolumeBurstThroughput() const{ return m_volumeBurstThroughput; }

    /**
     *
The burst throughput of the volume.

     */
    inline bool VolumeBurstThroughputHasBeenSet() const { return m_volumeBurstThroughputHasBeenSet; }

    /**
     *
The burst throughput of the volume.

     */
    inline void SetVolumeBurstThroughput(int value) { m_volumeBurstThroughputHasBeenSet = true; m_volumeBurstThroughput = value; }

    /**
     *
The burst throughput of the volume.

     */
    inline VolumeConfiguration& WithVolumeBurstThroughput(int value) { SetVolumeBurstThroughput(value); return *this;}

  private:

    Aws::String m_volumeType;
    bool m_volumeTypeHasBeenSet = false;

    int m_volumeSize;
    bool m_volumeSizeHasBeenSet = false;

    int m_volumeBaselineIOPS;
    bool m_volumeBaselineIOPSHasBeenSet = false;

    int m_volumeBurstIOPS;
    bool m_volumeBurstIOPSHasBeenSet = false;

    int m_volumeBaselineThroughput;
    bool m_volumeBaselineThroughputHasBeenSet = false;

    int m_volumeBurstThroughput;
    bool m_volumeBurstThroughputHasBeenSet = false;
  };

} // namespace Model
} // namespace ComputeOptimizer
} // namespace Aws

redpajama_set_name: RedPajamaGithub


text:
Colorado left out of DNC 2024 presidential primary plan
by: Scott Doane
DENVER (KDVR) — The Democratic National Committee announced a big, proposed change to the 2024 presidential primary, making South Carolina the first state in the nation to vote instead of the Iowa Caucus.
On "Colorado Point of View" this Sunday, political analysts discuss Colorado's future role in presidential elections following the shakeup by the DNC. Colorado was one of 17 states vying to become the first to vote in the 2024 Democratic Party presidential primary. As of now, the state will still vote on Super Tuesday in 2024, along with several others.
Colorado GOP chair undecided on reelection run
"You have more states on one day, the individual states become less important," FOX31 and Channel 2 political analyst and former DNC member Andy Boian said. "But I like Super Tuesday as a Colorado date. It just happens to be more relevant to Colorado."
"Colorado being on Super Tuesday makes sense," FOX31 and Channel 2 political analyst and Republican strategist Michael Fields said. "Colorado is not a swing state right now and so it has a lot less of a say. I think it will remain right in the middle of the pack."
The analysts also discuss the immigration debate amid the arrival of around 100 migrants to Colorado. That's on "Colorado Point of View" this Sunday at 7:30 a.m. on Colorado's Very Own Channel 2.
How much snow fell Saturday to Sunday in Colorado?
Local News / 2 mins ago


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There's Something About Barry:
A Look at Barry Greenstein's Full Tilt Debts
In the endless saga of "Will-We-Or-Won't-We-Get-Our-Full-Tilt-Money-Back", the latest chapter involves a not-so-surprising revelation that various pros borrowed millions from Full Tilt and never paid back.
The total debts are said to be $18 million. Some of the names involved include Phil Ivey, David Benyamine, Mike Matusow, Erick Lindgren, Layne Flack (LOL), and Barry Greenstein.
The two getting the most attention are Flack and Greenstein. The others have been known or assumed for quite some time. Flack was notable because he's known as a has-been in poker for many years, and his 2007 loan of $2 million serves as a glaring example of the money mismangement that was occurring on Full Tilt.
Greenstein, who only owes about $400,000, is notable for a different reason. Unlike the others, Greenstein was not a Full Tilt pro or part-owner, but instead represented Tilt's main competition over at Pokerstars. In addition, Greenstein was generally known as an honest man, and generous to a fault. He was said to have given away most of his tournament winnings to children's charities. Could this saint of a poker pro really have a 5-year-old bad debt of nearly a half-million dollars? And why was he borrowing from the competition?
Normally a story like this would just serve as poker gossip material. Everyone always loves a good "TV Pro is Actually Busto" story. It makes these often carefree and seemingly untouchable pros a little bit more human -- a little bit like the rest of us. However, in this case, the story took an ugly turn to become a lot more than just idle chit-chat. It has intersected with the story of Full Tilt's insolvency, and these debts are now said to be the main roadblock standing in the way of the much-anticipated sale of the site to Groupe Bernard Tapie.
A successful sale of the site to Tapie will mean that the players will get paid. Anyone -- or anything -- getting in the way of such a sale immediately draws the ire of the poker community, impatient to collect about $300 million collectively owed since April 15, 2011. Groupe Tapie's lawyer explained that these debts were unexpected, and that "It could put the deal in serious jeopardy."
Simply put, Groupe Tapie is sending a strong message to the poker players that still owe money to Full Tilt: Pay up, or you will be the ones at fault if this deal doesn't go through.
That's a pretty powerful message. But is it fair? Is it even accurate? Is the deal really in jeopardy because of this?
Barry Greenstein Speaks Out
While most of the other pros have been silent about the matter, Barry Greenstein finally addressed the issue on the 2+2 forums.
The cliffs notes from Barry's response are as follows:
Barry did indeed borrow $400,000 "a few years ago".
Groupe Tapie did indeed contact Barry and asked if he would pay them directly. They offered to allow him to pay in installments.
Barry claims he is owed $150k by various Full Tilt players, and prior to Black Friday, was hoping those players could pay him back and he would have forwarded the money directly to Full Tilt. However, these players never paid him, and he was waiting for this to happen before he paid Full Tilt back. This was his reasoning as to why he still owed $400,000 after years had passed.
He refused to pay, claiming that the agreement between Groupe Tapie and the US Department of Justice put the responsibility to pay US players in the hands of the DOJ. Since Tapie would not be paying US players themselves, Greenstein is instead withholding the $400,000 to contribute to the fund to pay back US players, when that fund comes to exist.
The response to Barry Greenstein's 2+2 statement was extremely mixed. Some praised him for his openness and honesty in dealing with the situation. Others attacked him with scorn, insisting that he only addressed this due to the public fallout over the situation, and that he was a scumbag for allowing this debt to remain for so long. Some blamed Barry for allowing this to hold up the Full Tilt sale, thus continuing to deprive the community of their money. Even others took this statement as confirmation that Barry was broke, or very close to it.
So what's the truth here? Is Barry Greenstein broke? Is he a fraud and a scumbag? Is he really one of the people at fault for holding up the Tapie acquisition of Full Tilt? Or is he still a fine, upstanding gentleman who just happened to let a debt to a company drag on for a bit too long?
Tapie Pretends an Asset is a Liability
To really get to the bottom of what is happening here, we need to step back from the tabloid-esque "busto pro" stories, put aside our fading hopes about getting paid from Full Tilt, and look at this rationally.
Say that I was owed $500,000 collectively by various busto or semi-busto poker pros. Say that I offered to sell you these debts for $0. That is, you would get any money ever paid back from these debts, and in return for that privilege, you would give me... nothing. Would you accept this deal? Unless you were a complete moron, the answer would be a resounding YES because you'd have nothing to lose! Either these debtors would pay you free money that was actually owed to me, or in the worst case, you'd get nothing and would break even. It would be a complete freeroll!
Why am I presenting this ludicrous example? Because that's exactly the situation Groupe Bernard Tapie is in with these pros that owe money to Full Tilt.
Tapie never thought they were buying assets from Full Tilt. When they agreed to purchase the company, they fully understood that the company was flat broke, and that they were paying for the brand, the software, and the database of players. While they were unaware that various poker pros owed Full Tilt a collective $18 million, finding this situation is a good thing for Tapie, not a bad one. It's potentially found money from a company that was otherwise broke and had no assets left. Had it been reversed, and Tapie found that Full Tilt owed an additional $18 million to these pros (rather than the other way around), that would be a legitimate reason to balk. However, in this case, at worst Tapie breaks even from this discovery, and at best makes an additional $18 million that they never expected from the deal!
So, that being the case, why is Tapie complaining? Why would they insist that this might jeopardize the deal, and could ruin everything?
The answer is simple: It's the best and smartest way to get these pros to pay up.
Tapie has a lot of power and clout in the poker world right now, because they're our only saviors. If they buy Full Tilt, we get our money. If they don't, we get nothing, and it's not likely that anyone else would be willing to purchase Full Tilt at this point. Tapie is using that clout in order to blackmail these pros into paying what they owe. If they were to wait until the actual sale went through, and we all had our money, nobody would give a crap if Barry Greenstein or the others paid Tapie. It would make for interesting gossip, but that would be it. It wouldn't affect us. It wouldn't affect our money or livelihood, because the deal would already be done, players would have been paid, and it would then be nothing more than a dispute between various individuals and a large company.
As it stands now, Tapie is making it (falsely) seem that these debts are jeopardizing the deal. This will, in turn, cause the antsy poker community to pressure these pros to pay what they owe, because we are so desperate to see the deal happen. It's a clever tactic, but in reality, this will have no effect on whether or not Tapie purchases Full Tilt, other than to perhaps delay it to see if any of these pros actually will take the bait and fork over money.
Do you remember as a kid, when your dad told you that tomorrow's planned trip to Disneyland would be canceled because you didn't clean your room? The 8-year-old you would hurry upstairs to finally tidy up that room, because you really wanted to go to Disneyland, and your messy bedroom was putting the trip in jeopardy! In reality, your dad already went through a lot of hassle to plan the Disneyland trip, and there was no way he'd actually cancel it for such a trivial reason. But his threat would work, and indeed, your room would end up looking cleaner than it ever had before.
Take the above story, substitute Tapie for your dad, the Full Tilt sale for Disneyland, paying back debts in place of cleaning your room, and the debt-ridden poker pros for the 8-year-old you. That's pretty much what's happening here.
Should Barry Pay?
Barry Greenstein is taking a lot of heat, and I feel that most of it isn't deserved -- at least in this case.
Before I get into this, I want everyone to understand that I have no reason to defend Barry Greenstein. I was one of the biggest critics of his stepson, Joe Sebok, and Barry angrily scolded me on radio last year for "being really mean to Joey." I would venture to say that Barry Greenstein doesn't particularly care for me.
Looking at this realistically, Barry should not have to pay Tapie -- at least not yet. There are various reason for this:
Groupe Tapie doesn't own Full Tilt yet. Therefore, the money isn't morally or legally owed to them.
It is not clear if Groupe Tapie will keep their promises regarding the way they operate the "new" Full Tilt, and how they pay out non-US players. Remember that the DOJ is only interested in seeing the US players get paid. What Tapie does after the sale with non-US players is their own business, and the US government will likely not get involved, even if Tapie ultimately cheats them. Therefore, it would be wise for Greenstein to wait to see how Tapie operates before sending them money.
It is not clear if players -- both US and otherwise -- will get paid their full balances. If there ends up being a "fund" that only pays people a certain percentage of their balances, it would be morally proper for Barry to contribute to that fund rather than give the money to Tapie.
Tapie doesn't necessarily want Barry to pay right now, but they at least want him to sign a legal document indicating a promise to pay. Barry should not do that. He should wait until Tapie actually owns Full Tilt, and observe how the entire situation shakes out from that point. Only then should he decide where to send his money. It is unreasonable to expect him to do otherwise.
Barry's statement on 2+2 generally said the above, but it was somewhat flawed. First, he shouldn't have made stupid excuses as to why he didn't pay the loan in the first place. They just made him look like a liar and a fraud. He should have simply admitted that he had an unpaid debt, and that he agrees he needs to take care of it. There is simply no way to give a rational-sounding explanation as to why you owed 400k for 5 years without looking bad. Barry should have avoided the discussion as to "why" and moved straight to his intentions.
His second mistake was unintentionally being callous toward the non-US players. He only seemed to express concern over US players getting paid, and claimed he only would give the money to a fund to pay US players. Not surprisingly, foreign players were angry at that statement, and rightfully so.
His third mistake was not being clear enough about the reasons he didn't want to pay Tapie right now. He would have best been served with a statement like this:
I acknowledge that I owe $400,000 to Full Tilt, and I apologize for allowing it to have dragged for so long. However, given Full Tilt's gross mismangement of money, perhaps this negative can be turned into a positive, and I can do a small part to help everyone cheated by this company to get the maximum refund.
I am waiting for Groupe Tapie to purchase Full Tilt before deciding where it is best and most fair to send the $400,000. I will wait a few months after the Tapie purchase to see where everything stands. I want to make sure that all players, both US and otherwise, are receiving their cashouts as promised. If all appears to be going smoothly and players are getting the full money owed to them, I will pay Tapie their $400,000. If not, I will arrange to pay the money into some sort of fund that distributes it fairly to the players owed.
I am happy and very willing to pay this debt, but I consider this debt to be to the affected players on Full Tilt, and only to Tapie if they take care of them as promised.
Barry didn't make the above statement. However, had the above been his post on 2+2, it would have been very tough to attack or criticize. Regardless, Barry has the right idea, and I support what he's doing here, at least for now.
So is Barry Really Broke?
Much of the fascination with this situation comes from the fact that the highly admired Greenstein is involved.
How does one go from donating millions of tournament winnings to charity, to being so broke that he has to borrow $400,000 from a competitor? How does one of the seemingly most ethical, good guys of poker have such a large and long-running debt? Are there any decent people left in poker?
I am not Barry Greenstein's accountant, so I can't tell you how much money he does or doesn't have. I will say that, around 2007-2008, I did notice he suddenly stopped playing the nosebleed stakes in Bobby's Room at Bellagio, and instead dropped down to the $300-$600 type limit games. Those games are still considered very high limit, but are a far cry from the $4000-$8000 games he used to spend his days playing. That was an indication to me that something was wrong.
Greenstein, like many poker players, has an ego. Players with egos don't like dropping down in stakes. It's considered an admission of failure. It's thought to be a waving of the white flag -- an acceptance that you could not beat the stakes where you once played. Players like Barry Greenstein don't drop down stakes like that unless they have to.
I heard lots of rumors that Barry was broke. Of course, these were just rumors. You know how rumors are in the poker world -- or anywhere for that matter. Some are 100% true, some are half-true, and some are complete crap.
Still, I think the rumors probably had some validity. I don't think Barry is flat broke, but I believe he might be struggling financially. A sum like $400,000 -- something he probably won and lost in single sessions 5 years ago -- is now a pretty big deal to him. I imagine that, if and when he does pay that money, it won't be all at once, but probably through some sort of installment plan.
The fact that Barry took a $400k loan in the first place pretty much validates the "broke" rumors, at least to some degree. There are two kinds of loans in the poker community. There's the "I have the money but can't get it online right now (or alternatively, to the live card room), so let me borrow some and I'll pay you back tomorrow" type of loan. And then there's the "I don't have the money, but loan it to me because I'm a good player and will win with it" type of loan. It looks like Barry took the latter, because if the 400k was simply a matter of getting money online to play, he could have paid it back in cash/chips at Bellagio to one of many Full Tilt nosebleed pros that he saw every day.
What about the many millions he gave away to charity? I think a lot of that was exaggerated. While I admire Barry's generosity to these children's charities, I never believed that he donated ALL of his winnings there, nor did I ever hear Barry say that. I think that was a myth that grew over time. In reality, Barry probably made a lot of nice, generous charitable contributions, but likely kept most of his winnings. It's simply not possible to donate your winnings to charity and stay in high limit action, unless you are hugely wealthy outside of poker.
Does any of this make Barry a bad person? No. Good people go broke every day -- both in poker and the outside world. Perhaps Greenstein managed his bankroll poorly, or played too high for what variance would inevitably do to him. Perhaps other players improved to where he was no longer a favorite in the big game. None of this is really any of our business, and it's definitely nothing to use to look down on him.
What about the loan from Full Tilt? He took $400k from them and let years go by without paying it back. Does that make him a bad person? Again, no. Full Tilt was willing to give him an interest-free loan. They did not put a lot of pressure on him (or any pressure, from what I can tell) to pay it back. While it is morally proper to pay back all loans, regardless of pressure to do so, it's hard to see someone rushing to pay back a loan to a large company that isn't asking for it, and to where interest is not accruing. You can get on your moral high horse and say that Barry should have bent over backwards to make sure all of his loans were paid, but put yourself in his shoes. If you were struggling financially, and a large company had loaned you $400k awhile back and wasn't asking for it, where would your priorities be? Owing money to a large company and owing to an indvidiual are very different things. A personal loan from an individual is a favor from one friend to another, and those should be treated with care and paid back as soon as possible. A loan from a large company is a business matter. While it is right to pay back ALL loans, if the company loans you interest-free money and doesn't come asking for it, it's not the same thing as failing to repay a friend.
In summary, while I believe that Barry is struggling financially, he is correct to take a wait-and-see attitude when it comes to Tapie. I do believe he should pay the 400k to someone -- whether somehow distributed to affected players, or to Tapie itself if they have their act together. However, it's too early to expect him to cut any checks or make any promises. Let's wait and see what happes, and then we can make our further judgments about Barry Greenstein's character.
Please do not repost this without a link to dandruffpoker.com.
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Youtube Flexispot
Work fatigue can be one hell of a struggle. Sitting on your chair at a desk for a full day may oftentimes give you back pains and sore muscles. Standing while you work may seem like a great idea at first glance but can prove to be twice as exhausting. So what can you do to counter both at the same time?
Electronic height-adjustable desks are in these days, and they offer tons of benefits to your body as well as your work ethic. This FlexiSpot E7 Pro Plus standing desk is a popular choice. We'll be reviewing it and taking a closer look at how it works. But does it live up to its hype? Is it worth the price? Let's find out!
Holds very heavy items
Machine operation is quiet and smooth
Not only adjustable in height but also in width
A Comprehensive Overview Youtube Flexispot
The E7's frame is made of durable carbon steel. Its thicker legs can withstand objects up to 335 pounds. The desk's crowbar is covered with a metal cable cover. Customers had complained about poor cable management in the old model. It can be adjusted by height so that you can stand or sit while working. It's also adjustable by width – just choose the appropriate desk space for wherever you plan on putting it, whether it's in a small space or otherwise.
The assembly process of the FlexiSpot E7 Pro Plus is straightforward. The assembly process takes less than an hour. If we're being specific, the duration falls between 30 to 40 minutes. Most of the E7's materials can be quite difficult to carry on your own, especially if the desk material used is more expensive and heavier compared to the chipboard desktop. In this case, it's better to have another person an extra set of hands-on standby. The complete set of E7 Pro Plus includes an instruction manual, bolt-and-screw packaging and letters to be used in specific locations. It's not just simple, but also organized!
It also comes with a partially assembled frame, in which all you'd need to do next is adjust the width, attach the legs and feet, and plug in all the wires. A keypad for the desk is included in the pack, and it can come in either Advanced or Premium. Both types have up-and-down buttons for height adjustment, as well as a height memory button. The Advanced pad has 3 programmable presets, while Premium has 4. These presets can adjust the height of the desk automatically, so you don't have to adjust manually.
The E7 Pro Plus has motors each built within two of its legs, integrated with the keypad to provide a convenient user experience. While most of the instructions are understandable, there are a few that could be clearer, particularly with the part where the desk is attached, but that part of the experience can vary from person to person. Youtube Flexispot
Performance-wise, the FlexiSpot E7 is solid enough for many different uses. You can use it for light-duty tasks like machine and furniture repairs, as well as school work and arts and crafts. Its dramatic height change is a total gamechanger, as it allows you more freedom for your legs and other parts of your body. Not only that, but it also gives you more options to work however you want. You can be sure that height-adjustable desks such as the E7 Pro Plus will make a big difference in your work life.
The E7 Pro Plus is easy to use thanks to its anti-collision feature. This detects objects that could block the desk's operation and allows it to move smoothly. To give you enough space, the E7 Pro Plus will move an inch away from an office chair that bumps into it. If the cables start to pull away while the desk raises, it will take note right away and lower slightly to prevent such a thing. The E7 is also so quiet, it's like you wouldn't even notice it. That's especially perfect for whenever you want to go for a quick power nap in the comforts of your room or office space.
The E7 Pro Plus Premium keypad features a USB port that allows you to charge your phone or other devices quickly and without the need for separate power plugs. When it comes to adding convenience to anyone's work life, FlexiSpot's E7 hits most of the sweet spots, except for one. The desk does not have a drawer for extra storage space included upon purchase, and some users may take a few issues with it. It can however be purchased separately from FlexiSpot's site.
Alternatives to Consider
If you're not fully sold with the E7 Pro Plus, you might want to check out the alternatives for your consideration. FlexiSpot also offers other height-adjustable standing tables, many of which meet or exceed the brand's high standards. These include the equally popular E5, E8, and E1 desks, as well as some more affordable ones like the Kana series and the Comhar and Esben desks with extra drawer space.
Ikea, the world-famous furniture brand, offers minimalistic standing desks, some of which are Bluetooth-friendly, while others are manually operated without the need to plug in. The former is more costly, but the latter is the most affordable.
Other worthy alternatives to the E7 include the Autonomous Standing Desk line-up, the Cemtrex SmartDesk, and the Vari Electric Standing Desk. While they may all work in the same way, they have different designs and features.
The FlexiSpot E7 Pro Plus Standing Desk is packed with useful features that are perfect for both work and play. It's a great investment for the price, at less than $600. The quality, operation, and durability of this desk are all top-notch. While there may be a few things that have to be sacrificed, there are still plenty of desk size options to choose from, plus enough allowance to customize your workspace. Overall, the E7 Pro Plus has earned the right to be one of, if not the best height-adjustable standing desk yet!
FAQs Youtube Flexispot
How long should you stand at a standing desk?
Research suggests that standing for 15 minutes is the best time to stand. It will usually take plenty of intervals per day to sit and stand at a height-adjustable desk.
Does FlexiSpot offer more than just standing desks?
FlexiSpot is best known for its standing desks but the company also offers office furniture. Included in the company's lineup are: Youtube Flexispot
Desks made of bamboo and climate-friendly materials
Ergonomic office and gaming chairs
Monitor stands and mounts


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7 women who fled from YPG camp surrender to Turkish forces
ANKARA War On Terror
Seven women affiliated with the Daesh terror group fled from a camp controlled by the PKK's Syrian affiliate YPG and surrendered to security forces Tuesday, Anadolu Agency reported.
According to the security sources, the women, who fled the al-Hol camp in northeastern Syria's Hasakah province, surrendered at the Cilvegözü border gate in the southern province of Hatay, located near the Syrian border.
The women were reportedly sought by security forces due to links with the terrorist organization. After their proceedings were completed by the security directorate, the women were referred to the court.
Turkey has long voiced calls to return foreign fighters to their respective countries as the best possible solution among other unfavorable options. With their return to the EU, the citizens are set to be prosecuted and thus prevented from being further radicalized in the current holding camps, which are reported to have poor conditions.
Turkey recognized Daesh as a terrorist organization in 2013. Since then, the country has been attacked by Daesh terrorists numerous times, including 10 suicide bombings, seven bombings and four armed attacks which killed 315 people and injured hundreds more.
In response, Turkey launched military and police operations inside the country and abroad. Turkey has been actively conducting counterterrorism operations against Daesh since 2016. Since then, 4,517 of the 13,696 suspects detained in 4,536 operations have been arrested. Over the course of the operations, 1,018 terrorists were either killed, injured or surrendered. In order to apprehend Daesh suspects, 64 risk analysis units that include experts on terrorism and intelligence were formed across the country. The units regularly monitor suspects that operate within their region, as well as all other developments regarding the terrorist group, both within and outside the country.
Last Update: Dec 25, 2019 4:37 pm


PHILIPPINES. The three category sub-concessionaires to Duty Free Philippines – Landmark Management, CMP and EDF – are advancing their informal alliance, first announced via The Moodie Report in May.
As revealed, Landmark Management Ltd, which operates fashion and perfumes & cosmetics, and its counterparts in liquor and tobacco (CMP) and confectionery (EDF), have created an 'umbrella partnership' under the name Pacific Travel Retail Partners.
The intention is to protect and strengthen their individual and collective positions in the market and possibly to expand into other countries. As reported, the partnership is also willing to explore potential co-operation with foreign travel retailers, both within and outside the Philippines.
Esteban said he was excited about the retail opportunities that lie ahead in the Philippines as Duty Free Philippines progresses with its ambitious store development programme (including, as reported, a full opening next year of the long-delayed Terminal 3 at Ninoy Aquino International Airport) and prepares to celebrate its 25th anniversary in 2012. For Esteban that landmark is particularly poignant as he was the first General Manager of Duty Free Philippines back in 1987.
"We really feel that there's an opportunity for quantum growth," he said. "We're happy to see that the new team at Duty Free Philippines [led by recently appointed Chief Operating Officer Lorenzo "˜Enchong' Formoso -Ed] is pushing us hard.
NOTE: An interview with Chim Esteban will appear in the October issue of The Moodie Report Print Edition, as part of a major feature on Duty Free Philippines, published to coincide with the TFWA World Exhibition in Cannes.


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Middle East Supplement: Bankers Survey A Changed Landscape
Author: Gordon Platt
MIDDLE EAST: BANKING INDUSTRY
Banks across the region learned many painful lessons during the crisis but have emerged stronger than ever.
By Gordon Platt
Financial institutions across the Middle East are carefully monitoring their loan portfolios after posting big increases in loss provisions in 2009. Growing economies, supported by high and steady oil prices and increased government spending, will help to end further deterioration in regional credit markets this year, but bankers say they are not about to resume aggressive lending.
Banks in the Gulf Cooperation Council (GCC) countries face another difficult year as they clean up their loan books, Standard & Poor's Rating Services said in a report released in February. "The economic slowdown reveals a growing divergence in credit quality among Gulf banks," the report said. S&P; took dozens of negative rating actions in the sector in 2009, especially for banks in Kuwait and Dubai. About one-third of the banks in the GCC have a negative outlook. Banks in Saudi Arabia and Qatar are relatively stronger than those in Kuwait and Dubai, and Bahrain-based investment banks, S&P; says.
"We are still dominated by vulnerability," explains Adel El-Labban, group CEO and managing director of Bahrain-based Ahli United Bank (AUB), which has an extensive regional network. "The financial world seems to be in a parallel universe to the real world," he suggests. "Rising price-earnings multiples reflect confidence in future earnings, but the earnings may not be there."
AUB sailed through the financial crisis relatively unscathed as a result of prudent risk management, careful lending and cost controls, El-Labban says. "After increasing provisions for non-performing loans last year, we know where we stand," he says. "I would be very disappointed if we did not reduce provisions dramatically this year."
GCC banks will perform better in 2010 as economic growth accelerates, according to a study by Kuwait-based Global Investment House. "We believe that the GCC banks collectively have already seen the worst, and 2010 will be a year of asset and profit consolidation before the banks embark on a steeper profitability trajectory in the years ahead," the study says. The net income of GCC banks is forecast to rise by about 7% in 2010, with provisions falling by 16% after jumping by nearly 64% in 2009.
Despite the challenging environment, AUB has been able to maintain its regional expansion. It recently increased its ownership stake in AUB Egypt to 79.6% from 35.3%. "Egypt has weathered the turmoil of the last few years better than most countries because of its strong domestic demand," El-Labban says. "We have a focused, hybrid business model, which is not purely a local play but also a bridge to GCC markets." As growth resumes in the Gulf, investors will want to invest their rising wealth in Egypt, El-Labban says.
AUB also has received central bank approval from Bahrain and Libya to acquire 40% of United Bank for Commerce and Investment. "We see Libya as a pre-emerging market with excellent macroeconomic fundamentals," El-Labban says. "It has oil, record foreign currency reserves and good growth with controlled inflation."
Banks Go Back to Basics
The recession was an eye-opener for many organizations and financial institutions around the world, suggests Abdul-Aziz Al-Ghurair, CEO of Dubai-based Mashreq. "Now, organizations are vigilant when doing business and are going back to the basics of customer service," he says. "The economy of the region is coming up and is stronger now than ever."
Financial institutions are adopting stricter lending principles to manage risks, Al-Ghurair says. "With the economy improving slowly, we will witness more banks lending again."
Last year, Mashreq focused on keeping liquidity high by reducing loans while increasing deposits. "In 2010 we will continue to manage our liquidity position prudently and keep our advances [loans] to deposits ratio in the same range," Al-Ghurair says. "Having said that, we expect both advances and deposits to grow in 2010. Mashreq has always been a responsible lender and never stopped lending, even with the financial crisis he says.
Al-Ghurair: "We … continue to manage our liquidity position prudently"
In Saudi Arabia, the biggest economy in the region, bank credit to the private sector was flat in 2009 after growing at a compounded annual rate of 26% in the preceding five years. "A slowdown was inevitable in light of previous strong growth and the turbulence and uncertainty that characterized financial markets," says Abdulkareem Abu Alnasr, CEO of National Commercial Bank. There was lower demand for loans, and banks tightened lending criteria, he says.
"However, I expect loan growth to rebound in 2010," Abu Alnasr says. "The massive investment program being undertaken by the Saudi government and state-owned enterprises will stimulate demand for credit, and the Saudi banks have the appetite and capacity to lend." Banks currently earn 25 basis points on their placements with the Saudi Arabian Monetary Agency (SAMA) and are looking to redeploy these funds into assets that produce a higher return, Abu Nasr says, but the banks will not compromise their underwriting standards.
As investor confidence is restored, bankers expect to see a moderate rise in capital market activity in 2010. The market for sukuk, or shariah-compliant financial certificates that are similar to bonds, is becoming more active after being rattled by the Dubai World debt woes. Saudi Arabian Oil, also known as Aramco, and Total, Europe's largest refiner, have selected Deutsche Bank, Samba Financial Group and Credit Agricole to manage a $1 billion sukuk for a 400,000 barrels-per-day refinery. Meanwhile, Saudi property developer Dar Al Arkan Real Estate Development raised $450 million in February through a global sukuk sale.
The Dar Al Arkan five-year sukuk was the first international issue from the GCC in 2010. It was also the first by a company based in Saudi Arabia to take advantage of Rule 144A, which exempts private placements with qualified institutional buyers from registration with the US Securities and Exchange Commission. The 144A route made it possible for US investors to participate directly in a Saudi issue for the first time, notes Majid Al-Sayed Bader Al-Refai, managing director and CEO of Bahrain-based Unicorn Investment Bank, a lead manager and shariah adviser for the offering.
While sukuk issuance is picking up, no flood of offerings is likely. "The market is not exactly at its best right now," Al-Refai says. However, there are a number of solid family-run businesses in Saudi Arabia that would make good candidates for public offerings, he adds. "I tell them they are sitting on gold,"Al-Refai says. "The kingdom is a treasure chest for sukuk issues."
The global financial crisis was a blessing in disguise for Islamic finance, which uses safer methodology in structuring issues, Al-Refai says. The biggest roadblock to the further development of Islamic capital markets, he adds, is what he calls the herd mentality of Islamic bankers. "When the crisis hit, they were all in real estate," he says. "The R&D; [research and development] concept doesn't exist in the Gulf."
Islamic Principles Pay Off
Abu Alnasr: "Investment programs… will stimulate demand for credit"
The fundamentals of Islamic finance should deliver a better result than conventional finance during such crises, says Ted Pretty, acting CEO of Gulf Finance House (GFH), a leading Bahrain-based Islamic investment bank that has promoted or sponsored some of the biggest infrastructure projects in the region. Islamic banks have had less impact from the causes of the downturn because they were not involved with high-risk financial derivatives, he says. "Transactions are grounded in real underlying commodity transactions," he adds. Any financial instrument, Islamic or conventional, is only as good as the credit quality of the borrower. "The question is, who is your true underlying counterparty?" Pretty says.
Like other investment banks, GFH was hit by the property market downturn across much of the region. Islamic financial institutions and Islamic investment banks had a higher degree of exposure to real estate, Pretty explains. "Liquidity dried up, and there were no buyers for some projects," he points out. "No one was immune."
GFH successfully refinanced a WestLB-led syndicated facility after paying down $300 million when due in February and getting $100 million back, as part of an Islamic financing arrangement. The bank also reached an agreement with Bahrain-based Liquidity Management Center syndicate to rearrange its wakalah facility. Wakalah is an Islamic financial contract in which an investor places cash with a lender who then uses it to buy qualifying financial assets. "These agreements demonstrate that people have confidence in our business model and strategy," Pretty says. "We had some speed bumps in our debt profile, and given that liquidity is tight, we are smoothing them out."
Pretty says GFH kept assets on its balance sheet too long. "An investment bank should take the view that these assets are stocked for sale and should be held no longer than two or three years," he points out. "GFH is good at originating and packaging new deals, he adds. "We are traders. We incubate banks and insurance companies and then sell them." GFH announced last month that it is at an advanced stage for establishing Syria's largest Islamic bank. It is working with local Syrian business partners to create Syria Finance House, which will be capitalized at $333 million. "Islamic commercial and investment banking in Syria promises great potential for growth with a significant demand for Islamic financial services and low penetration," Pretty says.
GFH plans to complete $250 million in asset sales by the end of the second quarter, including its stake in Khaleeji Commercial Bank, a successful Islamic retail bank that it created. "I think we are out of the woods," Pretty says. "We have taken the pain up front, although we still have to work through some legacy assets."
The Central Bank of Bahrain, the single integrated regulator of Bahrain's financial services industry, is more hands-on than most similar institutions, Pretty says. "It wants regular updates on projects, including investor exits, balance-sheet and liquidity measures, exposures and compliance," he says. "We walk them through the results once a week."
Following the crisis, the central bank is being proactive in ensuring that individuals in control positions in banks are competent by interviewing them before approving their appointment. Other regulators in the region are also becoming more rigorous. The Qatar Financial Center Regulatory Authority (QFCRA) and Dubai Financial Services Authority (DFSA) have agreed to share supervisory information on financial institutions operating in both centers. "As markets and regulatory jurisdictions are brought closer together in today's ever more complex financial environment, it is increasingly important that regulators share information and working practices as a means of bolstering their effectiveness," says Phillip Thorpe, chairman and CEO of QFCRA.
"In the past year, the importance of effective coordination and cooperation between regulators cannot be overstated," says Paul Koster, CEO of DFSA. "We are looking forward for better ways of working together to resolve problems and prevent their repetition."


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The Altamont Enterprise
Node locations
Hilltowns
Photo: School Road Bridge Open
The bridge on School Road, between Route 146 and Guilderland High School, opened on Aug. 30.
The Enterprise — Michael Koff
Just in time for school, the bridge on School Road, between Route 146 and Guilderland High School, opened on Aug. 30, and the portable outhouse is hauled away. Deteriorated concrete deck and prestressed concrete beams were replaced with new steel beams and a new concrete deck. The work started July 1. Albany County spokeswoman Mary Rozak estimated the cost of work on both the School Road bridge and on a bridge being repaired on Route 353 in Rensselaerville at a combined $948,000 and said that the two-bridge project is "funded 100 percent with county funds."
Copyright © 2013 The Altamont Enterprise.
Albany County, New York


Our eye and sinus masks offer the best of time-honored treatments and modern convenience. In traditional medicine, eucalyptus is valued for its antiseptic and anti-inflammatory properties. Its scent is slightly sweet and camphorous to offer gentle, natural soothing. Ideal for the relief of sinus congestion and headaches due to colds.
The mask will block out any light and allow the gentle of pressure of the flaxseed and decongesting eucalyptus scent lift your weary spirits.


Formerly an LSU commit, Evangel's Ar'Darius Washington has apparently decided Fort Worth and the TCU Horned Frogs are where his future football fortunes lie.
The senior is expected to sign with coach Gary Patterson's club in a 2:15 p.m. Wednesday at the school, according to Evangel athletic officials, along with two other Eagles. Defensive back Patrick Jones, who had a Kansas State offer, is signing with Cisco Junior College and tight end Christian Bailiff is headed to Northwestern State.
Washington, a bone-crunching safety, had been offered by Arkansas, Missouri, Colorado State and Louisiana Tech.
Even though the early signing period in December took a number of high profile recruits out of northwest Louisiana, at least 40 area prepsters ink scholarship papers Wednesday morning with the school of their choice.
Woodlawn headlines the day with 11 of the Knight's 24 seniors signing in perhaps the largest signing class in school history. The group is headlined by Times All-City running back Trivenskey Mosley choosing Southern Miss.
Northwestern State will make the single largest haul on the day with at least four area prepsters opting for the Demons and new coach Brad Laird. Airline's Coby McGee, Woodlawn's Jordan Hester, Haughton's Lavonta Gipson and Bailiff are headed to Natchitoches.
Any wide receiver that faced the Eagles' defense knew to keep a wary eye out for hard-hitting Washington, who made a living out of severing ball carriers from the football.
Washington committed to LSU a year ago with fellow Eagles Davin Cotton and Micah Baskerville. Those two seniors signed with the Tigers in December and have already reported to school. Washington opted to wait and to weigh his options.
3:15 p.m. – Captain Shreve; Colyn Givens and Alphonso Deleon, Southern; Colton Gill, Ark.-Monticello; Micah Latin, La. College; Stephen Smith, Miss. College.


Alphabet4Contacts - Alphabet Tabs with Smart filters for your Microsoft Outlook Contacts folder.
The Alphabet4Contacts toolbar displays an English alphabet tab in both "Address" and "Phone List" Views. The software provides an easy access to your contacts through sorting and filtering them by a selected first letter. This program is not just replacing the standard "Contacts Index", it is a one-click filter that will save your time as a notebook with pre-sorted, filtered, and easily accessible contacts. Sort by contact name, last name, company name, etc. If you are looking for means to save your time, this add-on is for you.
Easy navigation. The Alphabet4Contacts toolbar displays an English alphabet tab (26 letters, from "a" to "z"), a "123" tab for digits, and an "All" tab (no filter applied), as well as additional buttons: a view changer for switching between the Address Cards and Phone List modes, a filter changer for quick selection of needed filter and an arrow button.
Self adjusting. A one- letter tab can mean one or more letters (for example, "a-b", "c-d", … or "a-e", "f-j", …), when outlook window is resized. The quantity of tabs can vary from 3 ("All", "123" and "a-z") to 28 ("All", "123", "a", "b", …, z").
Storing option. If the "Remember selected letter" option is checked, Alphabet4Contacts remembers which letter was selected and which filter was applied last time you were using the folder, so you can see it when you open this folder in MS Outlook next time. These settings will not be lost when the folder is moved or renamed.
Easy filtering. With the filter changer you can sort your contacts by the company name, last name, etc. with just two clicks.
Drag and drop. The location of the Alphabet4Contacts toolbar can be easily changed by dragging it to the left, right, top or bottom border of the window. The same changes can be made from the Options menu, also.
Drop- down menu. The Alphabet4Contacts options can be modified from a drop-down menu accessible by clicking the arrow button on the Alphabet4Contacts toolbar in Outlook or by right-clicking on the toolbar. General information about Alphabet4Contacts and help topics can also be accessed from this menu.