hud report re: jp morgan chase

7/28/2019 HUD REPORT RE: JP MORGAN CHASE

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C [Lhrimd Fjmsn Gmdo D$M$

Bhrnf`hsurn mda F`mels [rhfnss Wnvenw

Fh ulgus, HJ

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HBBEFN HB M^AEQWNIEHD RFJEFMIH, E@ LNLHWMDA^L HB WNRENY

LNLHWMDA^L DH$ 7;=7FJ=:;= LMWFJ =7, 7;=7



^$V$ Anpmrtlndt hb Jhusedi mda rgmd Anvn`hplndtHbbefn hb Edspnfthr Indnrm bhr Muaet, Wniehd RWm`pj J$ Lntfm bn Bnanrm Gue aedi99 Ynst C mfoshd Ghu`nvmra, Vuetn 7212Fjefmih, E@ 2;2;16>;9

[jhdn *6=7% 6>69:67 Bmx *6=7% 6>6::22

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LNLHWMDA^L DH$7;=7,FJ,=:;=

Lmrfj =7, 7;=7

LNLHWMDA^L

BHW3 Fjmr ns V$ Fhu`tnr, Anputy Mssestmdt Vnfrntmry bhr Vedin Bmle`y Jhusedi, J^

((seidna((BWHL3 On`y Mdanrshd, Wniehdm Edspnfthr Indnrm bhr Muaet, >MIM

V^GC NFQ3 C[Lhrimd Fjmsn Gmdo, D$M$Bhrnfhsurn mda Fmels [rhfnss WnvenwFhulgus, HJ

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Ms pmrt hb tjn Hbbefn hb Edspnfthr Indnrm―s *HEI% dmtehdwean nbbhrt th rnvenw tjn bhrnf hsurn

prmftefns hb tjn bevn mrinst Bnanrm Jhusedi Maledestrmtehd *BJM% snrvefnrs *Gmdo hb Mlnrefm,Yn` s Bmrih Gmdo, FeteLhrtimin, M``y Bedmdfem, Edfhrphrmtna, mda C[Lhrimd Fjmsn Gmdo%, wnrnvenwna C[Lhrimd Fjmsn Gmdo―s *Fjmsn% bhrnf hsurn mda fmels prhfnssns$ Ed maaetehd th tjeslnlhrmdaul, HEI essuna snpmrmtn lnlhrmdauls bhr nmfj hb tjn htjnr bhur rnvenws$= Ynpnrbhrlna tjnsn rnvenws aun th rnphrtna m`nimtehds lman ed tjn bm hb 7;=; tjmt dmtehdmlhrtimin snrvefedi ndanrs wnrn ndimina ed weansprnma qunstehdmgn bhrnf hsurn prmftefnsedvhvedi tjn usn hb bhrnfhsurn ‐le s“ mda m prmftefn odhwd ms ‐rhghseidedi“7 hb swhrdahfulndts ed tjhusmdas hb bhrnfhsurns tjrhuijhut tjn detna Vtmtns$ Yn edetem`y bhfusna hurnbbhrts hd nxmlededi tjn bhrnfhsurn prmftefns hb snrvefnrs ed tjn cuaefem Vtmtns mda curesaeftehdsed wjefj tjny ah gusednss$6

= 7;=7BY=:;7, 7;=7MQ=:;=, 7;=7OF=:;=, mda 7;=7[J=:;=$7 Yn jmvn anbedna tjn tnrl ‐rhghseidedi“ ms tjn prmftefn hb md nlphynn hr mindt hb tjn snrvefnr seidedi ahfulndtsmuthlmtefm y wetjhut pnrbhrledi m aun aeeindfn rnvenw hr vnrebefmtehd hb tjn bmfts$

6 Yetj rnspnft th bhrnfhsurn prhfnaurns, tjnrn mrn tjrnn vmremtehds3 tjhsn Vtmtns tjmt rnquern m fhlpntn cuaefemprhfnnaedi, wjefj mrn rnbnrrna th ms ‐cuaefem curesaeftehds“? tjhsn tjmt ah dht rnquern m cuaefem prhfnnaedi? mdatjhsn tjmt mrn m jygrea$ Bhr tjn purphsns hb tjes rnvenw, wn antnrledna tjmt tjnrn wnrn 76 cuaefem Vtmtns mda

curesaeftehds$



7

Fjmsn es m supnrvesna BJM aernft ndahrsnlndt ndanr tjmt fmd hreiedmtn, sphdshr, mda snrvefnBJMedsurna hmds$ Fjmsn―s bhrnf hsurn hpnrmtehds mrn fhdauftna gy ets snrvefedi grmdfj, FjmsnJhln Bedmdfn, @@F *Fjmsn Jhln%, wjefj es hfmtna ed Ynstnrve``n, HJ$ Ms hb Hfthgnr =,7;=;, Fjmsn Jhln snrvefna lhrn tjmd >:;,;;; BJMedsurna `hmds$ Ed maaetehd, Fjmsn mfquernaNLF Lhrtimin Fhrphrmtehd mda Ymsjedithd Lutum Gmdo ed Lmrfj mda Vnptnlgnr 7;;:,

rnspnftevny, mda hgtmedna tjner hmd snrvefedi phrtbhehs$

Auredi Bnanrm besfm ynmrs 7;;5 mda 7;=;, Fjmsn suglettna =2,776 BJM edsurmdfn f melsthtmedi lhrn tjmd !7 ge ehd$1 Et msh suglettna 6:> BJM edsurmdfn f mels thtmedi !12 le`èhdusedi NLF―s hr Ymsjedithd Lutum BJM snrvefedi eandtebefmtehd dulgnrs auredi tjn rnvenwpnreha?> tjus, mpprhxelmtny 7$6 pnrfndt hb ets f mels wnrn bhr `hmds prnvehusy snrvefna gy NLFhr Ymsjedithd Lutum$ Ed Vnptnlgnr 7;=;, Fjmsn stmtna tjmt et jma tnlphrmre`y jmtna cuaefembhrnf hsurns wje`n et rnvenwna ets bhrnfhsurn prhfnss$ Gnfmusn wn eandtebena phtndtem BmsnF`mels Mft2 veh mtehds, wn prhveana tjn $V$ Anpmrtlndt hb Custefn *AHC% wetj hur mdmysns mdaprneledmry fhdfusehds ms th wjntjnr Fjmsn ndimina ed tjn rnphrtna bhrnfhsurn prmftefns$

AHC usna hur rnvenw mda mdmyses ed dnihtemtedi m sntt nlndt mirnnlndt wetj Fjmsn$ HdBngrumry 5, 7;=7, AHC mda 15 Vtmtn mtthrdnys indnrm mddhudfna tjner prhphsna snttnlndt hb !7> ge ehd wetj Fjmsn mda tjn bhur htjnr lhrtimin snrvefnrs bhr tjner rnphrtna vehmtehds hb bhrnf hsurn rnquernlndts$ Ms pmrt hb tjn prhphsna snttnlndt mirnnlndt, nmfj hb tjn bevnsnrvefnrs we` pmy m phrtehd hb ets sntt nlndt th tjn detna Vtmtns mda msh lust udanrtmon fnrtmedfhdsulnr rn enb mftevetens$ Qjn prhphsna sntt nlndt mirnnlndt ansfregna tndtmtevn frnaets tjmtnmfj lhrtimin snrvefnr whua rnfnevn bhr lhaebyedi hmds, edfuaedi predfepm rnauftehds mdarnbedmdfedi, mda nstmg esjna m lhdethredi fhllettnn9 mda m lhdethr th ndsurn fhlpemdfn wetjmirnnauphd snrvefedi stmdamras mda fhdsulnr rn enb prhvesehds$ Hdfn tjn bedm sntt nlndtmirnnlndt jms gnnd mpprhvna gy tjn fhurts, HEI we` essun m snpmrmtn sullmry rnphrt antme edinmfj hb tjn bevn snrvefnrs― m `hfmtna sjmrn hb pmylndt aun ms m rnsut hb tjn sntt nlndt mirnnlndt$

Hur hgcnftevn wms th antnrledn wjntjnr Fjmsn fhlp ena wetj mpp efmgn bhrnf hsurn prhfnaurnswjnd prhfnssedi bhrnf hsurns hd BJMedsurna hmds$

LNQJHAH@HIU MDA VFH[N

Qh mffhlp esj hur rnvenw hgcnftevn, wn

Hgtmedna md udanrstmdaedi hb rnnvmdt nies mtehd, prhirml iueamdfn, mda fretnrem rnmtnath BJM sedinbmle`y lhrtimin edsurmdfn$

1 [rhpnrtens hfmtna ed cuaefem bhrnfhsurn stmtns mda curesaeftehds mffhudtna bhr !>19 le ehd ed fmels *72 pnrfndt

hb tjn thtm `hmds wetj f mels%$ [rhpnrtens hfmtna ed dhdcuaefem bhrnfhsurn stmtns mda curesaeftehds mffhudtna bhrlhrn tjmd !=$>> ge`èhd ed f mels *91 pnrfndt hb tjn thtm `hmds wetj f mels%$ Qjnsn mlhudts edfuan m fmtnihrenshb BJM f`mels$

> Hfthgnr =, 7;;:, tjrhuij Vnptnlgnr 6;, 7;=;2 6= $V$F$ § 6975 nt$ snq$9 Fhlpresna hb rnprnsndtmtevns hb tjn Vtmtn mtthrdnys indnrm, AHC, mda JÂ$



6

Hgtmedna mda rnvenwna rnnvmdt Fjmsn wrettnd phefens mda prhfnaurns rnimraedi etsbhrnfhsurn prhfnss$

Hgtmedna mda rnvenwna rnnvmdt rnvenws hb Fjmsn―s snrvefedi mda bhrnfhsurn prhfnssns$

Edtnrvenwna Fjmsn―s lmdminlndt mda stmbb, edfuaedi tjhsn edvh vna ed tjn ahfulndtnxnfutehd, dhtmry, bhrnfhsurn, mda fmels prhfnssns, mhdi wetj rnprnsndtmtevns brhl tjn

`mw berl hb Angnvhesn " [èlpthd, @@[$:

Fhhraedmtna wetj Fjmsn―s nim fhudsn, hur Hbbefn hb @nim Fhudsn, mda AHC mtthrdnys$

Eandtebena m rmdahl smlpn hb =;: Fjmsn BJM f mels prhfnssna gy tjn $V$ Anpmrtlndthb Jhusedi mda rgmd Anvnhplndt *JÂ% auredi tjn rnvenw pnreha$ Maaetehdm`y, wnrmdahly snnftna 6; BJMedsurna hmds, tjn ghrrhwnrs hb wjefj wnrn eandtebena gyFjmsn ms furrndty udanrihedi bhrnfhsurn mftehds$

Wnvenwna BJM f mels mda rnmtna ahfulndts, edfuaedi mbbeamvets, bhr tjn =;: f mels edhur smlpn mda bhrnfhsurn ahfulndtmtehd bhr 6; BJMedsurna hmds, tjn ghrrhwnrs hb wjefj wnrn eandtebena gy Fjmsn ms furrndty udanrihedi bhrnfhsurn mftehds$

Hgtmedna mda mdmyzna BJM f mels amtm brhl ghtj Fjmsn mda JÂ$

Hgtmedna mda mdmyzna Fjmsn prhauftehd rnfhras5 wjefj eandtebena ahfulndts tjmt wnrn

seidna mda dhtmrezna auredi tjn rnvenw pnreha$ Jhwnvnr, ms ansfregna ed tjn bh `hwedisnftehd, tjn amtm wnrn edfhlpntn mda aea dht rnprnsndt hur ndtern rnvenw pnreha$

Mdmyzna amtm bhr Fjmsn BJM f mels ed tjn 76 cuaefem bhrnf hsurn Vtmtns mda curesaeftehds mda prnpmrna md nstelmtn hb Bmsn F`mels Mft emgeèty nxphsurn bhr ets BJMedsurmdfn fmels$

Essuna md Edspnfthr Indnrm maledestrmtevn sugphndm bhr ahfulndts mda rnfhras$

Auredi tjn fhursn hb hur rnvenw mda tjn armbtedi hb tjes lnlhrmdaul, Fjmsn wms mftevnyndimina ed dnihtemtehds wetj AHC ed md mttnlpt th rnsh vn phtndtem f mels udanr tjn Bm snF`mels Mft hr htjnr stmtutns bhr tjn fhdauft wn wnrn rnvenwedi$ Mffhraedi y, HEI antnrlednatjmt hur whro prhauft wms prevenina mda dht rnnmsmgn th Fjmsn bhr mdy purphsn, edfuaedi tjn

sh efetmtehd hb wrettnd fhllndts hd hur bedaedis brhl Fjmsn$ Bhr tjes smln rnmshd, wn aea dhtprhvean Fjmsn wetj m fhpy hb tjn armbt lnlhrmdaul$ Ghtj AHC mda JÂ fhdfurrna wetj hurantnrledmtehd tjmt tjn whro prhauft wms prevenina$

HEI m sh essuna lnlhrmdauls rnphrtedi tjn rnsuts hb tjn rnvenws hb bhur htjnr snrvefnrs$ Qjnrnsuts rnphrtna ed tjn bevn HEI lnlhrmdauls aebbnr aun th vmrehus bmfthrs$ Qjnsn bmfthrsedfuan *=% tjn nvn hb edbhrlmtehd lman mvmemgn th tjn muaethrs mt tjn teln hb tjn hdsetnrnvenws hr tjmt wms hgtmedna mtnr tjrhuij sugphndms hr feve edvnsteimtevn anlmdas=;, *7%vmremdfns gntwnnd rnvenw prhfnaurns usna, edf uaedi tjn mdmyses hb tjn amtm, tjmt wnrn ihvnrdna

: Qjn mw berl rntmedna gy Fjmsn th jmdan rniumthry essuns mda fhlpntn m bmftum rnvenw hb Fjmsn―s bhrnfhsurnprhfnss$

5 Fjmsn―s prhauftehd rnfhras ed m Lefrhshbt Nxfn bhrlmt$=; ^danr 6= $V$F$ § 6966, feve edvnsteimtevn anlmdas fmd gn snrvna hd m pnrshd th ievn hrm tnstelhdy wjndnvnr

tjn Mtthrdny Indnrm jms rnmshd th gnenvn tjmt tjn pnrshd lmy gn ed fhdtrh hb edbhrlmtehd rnnvmdt th m bmsnfmel edvnsteimtehd$



1

ed pmrt gy tjn mlhudt mda typns hb edbhrlmtehd hgtmedna? *6% aebbnrndfns gntwnnd tjn bhrnfhsurn

prhfnaurns usna gy tjn snrvefnrs? mda *1% sfhpn èletmtehds elphsna gy shln snrvefnrs$

Hur rnvenw indnrm`y fhvnrna Fjmsn―s bhrnf hsurn mda fmels prhfnssns bhr ets BJM f melsedetem y prhfnssna gy JÂ gntwnnd Hfthgnr =, 7;;:, mda Vnptnlgnr 6;, 7;=;, edfuaedi ets

prhfnaurns bhr seidedi mda dhtmrezedi swhrd cuailndt mbbeamvets$ Qjn rnvenw bhfusna hd BJMedsurna hmds bhr prhpnrtens hfmtna prelmrey ed cuaefem bhrnfhsurn Vtmtns mda curesaeftehds,gnfmusn bhrnfhsurns ed tjnsn Vtmtns whua rnquern tjn beedi hb shln bhrl hb swhrd mbbeamvet hb edangtnadnss wetj m fhurt$ Yn nxpmdana tjn sfhpn ms dnnana th mffhlp esj hur hgcnftevn$ Ynedetemtna hur rnvenw hd Hfthgnr =>, 7;=;, mda pnrbhrlna hur hdsetn whro mt Fjmsn―s Ynstnrve``n,HJ, hbbefn$

Vfhpn @eletmtehd

Hur rnvenw wms jedanrna gy Fjmsn―s rnuftmdfn th m `hw us th edtnrvenw nlphynns hutsean tjnprnsndfn hr edvh vnlndt hb ets lmdminlndt stmbb hr mtthrdnys? tjnrnbhrn, tjn nbbnftevndnss hb

tjhsn edtnrvenws wms eletna$ Hd m dulgnr hb hffmsehds auredi tjn edtnrvenws, Fjmsn―slmdminlndt hr mtthrdnys f mrebena stmtnlndts prhveana gy stmbb$ Ed maaetehd, Fjmsn aea dhtprhvean rnmahdy mffnss th ets lhrtimin snrvefedi systnls, wjefj whua jmvn m hwna us thedanpndandty vnreby tjn mlhudts hd tjn mbbeamvets mda mssnss tjn rnemgeety hb tjn amtm thbmfeetmtn m gnttnr udanrstmdaedi hb Fjmsn―s edtnrdm fhdtrhs$

Fjmsn wms udmgn th prhvean nnftrhdef prhauftehd rnfhras bhr m hpnrmtehds spnfemests auredihur rnvenw pnreha$ Fjmsn―s prhauftehd rnfhras, prnpmrna usedi Lefrhshbt Nxfn, eandtebena tjnpnrshds wjh prnpmrna nmfj bhrnfhsurn pmfomin mda seidna tjn mbbeamvets$ Jhwnvnr, bhr tjnrnfhras prhveana, m hb tjn amtm benas wnrn dht mwmys fhlpntn, mda Fjmsn aea dht prhvean mphedt hb fhdtmft, wjh fhua nxpmed mda fmreby tjn amtm$ Burtjnr, Fjmsn prhveana tjn prhauftehd

rnphrts dnmr y 1 lhdtjs mbtnr hur edetem rnqunst$ Ms m rnsut, et wms dht phssegn th odhw wjntjnrFjmsn hlettna brhl tjn rnfhras edbhrlmtehd tjmt wms rnnvmdt th hur rnvenw$

WNV^@QV HB WNRENY

Fjmsn aea dht nstmg esj nbbnftevn fhdtrh hvnr ets bhrnfhsurn prhfnss$ Qjes bmeùrn pnrlettna mfhdtrh ndverhdlndt ed wjefj

Mbbemdts== *Fjmsn―s hpnrmtehds supnrveshrs% rhutedny seidna bhrnfhsurn ahfulndts,edfuaedi mbbeamvets, fnrtebyedi tjmt tjny jma pnrshdm odhwnain hb tjn bmfts wjndtjny aea dht$ Vpnfebefm`y, mbbemdts seidna bhrnfhsurn ahfulndts wetjhut rnvenwedi

tjn supphrtedi hr shurfn ahfulndtmtehd rnbnrndfna ed tjnl$ Qjny m sh fhdsestndtybmena th vnreby tjn mffurmfy hb tjn bhrnfhsurn ahfulndts tjny seidna$

== Md mbbemdt es m pnrshd wjh seids md mbbeamvet mda mttnsts th ets trutjbu dnss gnbhrn m dhtmry pug ef$



>

Dhtmrens pugef rhutedny dhtmrezna ahfulndts wetjhut wetdnssedi mbbemdt seidmturns$=7 Qjny msh bme`na th lmedtmed rnquerna rnfhras hb tjn ahfulndts tjny dhtmrezna$

Hffmsehdm y, Fjmsn―s hpnrmtehds spnfemests=6 hgtmedna mbbeamvets brhl bhrnfhsurnfhudsns tjmt mrnmay fhdtmedna tjn mlhudts hb tjn ghrrhwnrs― edangtnadnss, sedfnbhrnf hsurn fhudsns jma rnmahd y mffnss th fnrtmed amtm sfrnnds ed Fjmsn―s lhrtimin

snrvefedi systnl$

Qjes b`mwna fhdtrh ndverhdlndt rnsu tna ed Fjmsn beèdi elprhpnr nim ahfulndts, tjnrngylesrnprnsndtedi ets fmels th JÂ mda lmy jmvn nxphsna et th emgeety udanr tjn Bmsn FmelsMft$

]unstehdmg`n Mbbeamvet mda Bhrnf`hsurn Ahfulndt [rhfnssns

Fjmsn bmena th bh hw JÂ rnquernlndts=1 bhr prhpnrtens et bhrnfhsna uphd ed cuaefembhrnfhsurn Vtmtns mda curesaeftehds$ Qjnsn prhvesehds rnquerna Fjmsn th hgtmed mda fhdvny th tjnVnfrntmry hb JÂ ihha mda lmrontmgn tet n th prhpnrtens$ Fjmsn lmy jmvn fhdvnyna b`mwna hr

elprhpnr tetns th JÂ gnfmusn et aea dht nstmgesj m fhdtrh ndverhdlndt wjefj ndsurna tjmtmbbemdts pnrbhrlna m aun aeèindfn rnvenw hb tjn bmfts suglettna th fhurts mda tjmt nlphynnsprhpnr y dhtmrezna ahfulndts$

Cuaefem bhrnf hsurns wnrn prhfnssna tjrhuij tjn fhurt systnl gnieddedi wetj Fjmsn―s beèdi mfhlpmedt hr pntetehd rnimraedi m lhrtimin purphrtnay ed anbmut$ Qjn bhrlm `nim ahfulndtstmtna wjmt tjn angt wms mda wjy tjn anbmut sjhua m `hw Fjmsn th bhrnfhsn hd tjn prhpnrty$ Edlmdy cuaefem bhrnf hsurns, md mbbeamvet wms pmrt hb tjn bhrnf hsurn ahfulndtmtehd$ Indnrm`y, mrnprnsndtmtevn hb Fjmsn swhrn ed m dhtmrezna mbbeamvet tjmt et hwdna hr jna tjn lhrtimin edqunstehd mda tjmt tjn ghrrhwnr―s lhrtimin pmylndts wnrn ed mrrnmrs$ Ms cuaefem Vtmtns mda curesaeftehds rhutedny rnsh vna bhrnf hsurns tjrhuij sullmry cuailndt,=> tjn mffurmfy mda

prhprenty hb tjn ahfulndts wnrn nssndtem th ndsurn tjn edtnirety hb tjn bhrnf hsurn prhfnss$Fjmsn usna m b mwna prhfnss th suglet BJM fhdvnymdfn fmels bhr cuaefem `y bhrnf hsnauphdprhpnrtens auredi tjn rnvenw pnreha mda rnfnevna BJM f mel pmylndts hb lhrn tjmd !>19le ehd$=2

Mbbemdts Whghseidna Bhrnf hsurn Ahfulndts=9

=7 Qjes prhfnaurn fjmdina ed Vnptnlgnr 7;;5, wjnd Fjmsn elpnlndtna tjn usn hb seidedi tmgns$=6 Fjmsn nlphynns wjh prnpmrna nim ahfulndts, edfuaedi mbbeamvets$=1 71 F$B$W$ § 7;6$622*m% mda JÂ Jmdaghho 166;$1, pmrmirmpjs 72 mda 776$=> M anfesehd lman hd tjn gmses hb stmtnlndts mda nveandfn prnsndtna bhr tjn rnfhra wetjhut m trem$ Et es usna wjnd

tjnrn es dh aesputn ms th tjn bmfts hb tjn fmsn mda hdn pmrty es ndtet na th cuailndt ms m lmttnr hb `mw$=2 Nxfuans fmels bhr annas ed enu hb bhrnfhsurn$=9 Mffhraedi th Fjmsn―s lmdminlndt, mbbemdts― nxnfutedi bhrnfhsurn ahfulndtmtehd wetjhut odhw`nain hffurrna

hdy mt Fjmsn Jnretmin *tjn prehr ndtety gnbhrn ets lnrinr wetj C[Lhrimd " Fh%$ Qjes prmftefn aea dht hffur ed etsaevesehds tjmt nxnfutna ahfulndtmtehd bhr NLF―s mda Ymsjedithd Lutum―s snrvefedi hmd phrtbhèhs$ HEI aeadht vm eamtn tjes stmtnlndt$



2

Fjmsn prhveana phefens mda prhfnaurns nxpmededi tjn bhrnfhsurn prhfnss? jhwnvnr, tjnahfulndts aea dht prhvean antme s rnimraedi tjn prnpmrmtehd mda nxnfutehd hb `nim ahfulndts,edfuaedi mbbeamvets$ Qjnrnbhrn, wn rn ena hd edtnrvenws wetj Fjmsn―s lmdminlndt mda stmbb mdanim rnprnsndtmtehd brhl tjn mw berl hb Angnvhesn " [elpthd th hgtmed md udanrstmdaedi hb Fjmsn―s bhrnfhsurn prhfnss$ Auredi tjn edtnrvenws, Fjmsn―s hpnrmtehds supnrveshrs

mfodhw`naina tjmt tjny rhutedny seidna mda fnrtebena tjmt tjny jma pnrshdm odhw`nain hb tjnfhdtndts hb ahfulndts, edfuaedi mbbeamvets, wetjhut rnvenwedi tjn shurfn ahfulndts rnbnrrna thed tjn mbbeamvets$ Maaetehdm`y, tjny mfodhw`naina tjmt tjny aea dht rnvnreby tjn mffurmfy hb tjnbhrnfhsurn edbhrlmtehd stmtna ed tjn mbbeamvets$ Qjn hpnrmtehds supnrveshrs rnvenwna tjnmbbeamvets hdy bhr fhlpntndnss mda th ndsurn tjmt tjny jma tjn mutjhrety th seid hd gnjmb *phwnr hb mtthrdny% hb tjmt pmrtefumr edvnsthr$ Jhwnvnr, tjny aea dht rnvnreby tjn mlhudts hdtjn mbbeamvets hr tjn mffurmfy hb tjn ghrrhwnrs― edangtnadnss fhlputmtehds$

Mffhraedi th edtnrvenws wetj Fjmsn―s lmdminlndt mda rnprnsndtmtevns brhl tjn mw berl, gnbhrnVnptnlgnr 7;;5, Fjmsn―s ahfulndt nxnfutehd prhfnss wms hutshurfna th Berst Mlnrefmd$=: Berstnvn supnrveshrs hvnr hpnrmtehds aea dht bu y rnvenw tjn mbbeamvets gnbhrn nxnfutedi tjnl$

Fjmsn nstmg esjna ets hwd Bhrnfhsurn Ahfulndt Lmdminlndt Aevesehd mda jerna tjn BerstMlnrefmd stmbb lnlgnrs wjh wnrn rnvenwedi mda nxnfutedi mbbeamvets hd ets gnjmb$ Jhwnvnr, etfhdteduna tjn ph efens mda prhfnaurns tjmt Berst Mlnrefmd jma elpnlndtna bhr prhfnssedibhrnfhsurn ahfulndts, wetj tjn nxfnptehd hb dhtmrezedi mbbeamvets$

Mbbeamvets rnquern md mbberlmtehd tjmt tjn pnrshd nxnfutedi tjn nim ahfulndt jma pnrshdm`yrnvenwna ghrrhwnrs― mffhudts mda mpp efmgn rnfhras mda jma pnrshdm odhw`nain hb tjnmlhudts aun hd tjhsn mffhudts$ Vedfn tjn hpnrmtehds supnrveshrs aea dht rnvenw tjn ghrrhwnrs―mffhudt edbhrlmtehd hr rnvnreby tjn mlhudts hb tjn ghrrhwnrs― edangtnadnss, tjny aea dht jmvnpnrshdm odhw`nain$ Hdn hpnrmtehds supnrveshr stmtna tjmt jn wms dht bmle`emr wetj tjn nimahfulndts tjmt jn wms seidedi hd gnjmb hb Fjmsn mda aea dht rnfnevn trmededi hd jhw th nxnfutntjn mbbeamvets$ Qjnrnbhrn, tjn prhfnss tjmt Fjmsn usna bhr prhfnssedi bhrnf hsurns aea dht ndsurntjmt rnquerna bhrnf hsurn ahfulndts wnrn prhpnr y nxnfutna hr tjmt et fhdvnyna ihha mdalmrontmgn tetns th J^A$

Burtjnr, Fjmsn―s hpnrmtehds supnrveshrs seidna tjn mbbeamvets ms mssestmdt snfrntmry hr vefnprnseandt hb Fjmsn Jhln wjnd tjnsn wnrn dht tjner hbbefem tet ns$ Lhrnhvnr, tjn edtnrvenwsaesfhsna tjmt tjn tetns wnrn ievnd gy Fjmsn bhr tjn shn purphsn hb m hwedi tjn edaeveaums thseid ahfulndts mda fmln wetj dh htjnr autens hr mutjhrety$

Ed edtnrvenws wetj Fjmsn―s spnfem ests, wjh prnpmrna tjn mbbeamvets,=5 tjny stmtna tjmt Fjmsn―sprhauftehd ihm wms th lmdum y prnpmrn 1; mbbeamvets amey$7; Jhwnvnr, bevn hb Fjmsn―s

=: Fjmsn fhdtrmfthr tjmt prnpmrna mda nxnfutna nim bhrnfhsurn ahfulndtmtehd hd ets gnjmb$ Mt tjn teln hb hurrnvenw, Fjmsn―s lmdminlndt wms udfnrtmed mghut wjnd tjn fhdtrmft wetj Berst Mlnrefmd wms edetem`y nxnfutna$Berst Mlnrefmd es dh hdinr ed gusednss$

=5 Qh fhlpntn tjn mbbeamvets, spnfemests hgtmedna brhl Fjmsn―s lhrtimin snrvefedi systnl tjn ghrrhwnrs― lhrtiminpmylndt jesthrens, hutstmdaedi predfepm gmmdfns, mffulumtna edtnrnst pmylndts, nsfrhw mlhudts, mda htjnrpnrtedndt edbhrlmtehd mda tjnd lmdum`y fhlpntna tjn edbhrlmtehd hd tjn mbbeamvets th antnrledn tjn thtm



9

spnfemests smea tjny prnpmrna 9; hr lhrn mbbeamvets pnr amy$ Mffhraedi th tjn spnfemests, tjnyshlntelns whua jmvn =;; th 9;; mbbeamvets ed tjner edghx bhr prhfnssedi amey tjmt wnrnrnquerna th gn fhlpntna mda nxnfutna wetjed 9 amys$ Fhdsnqundt y, aun th tjn vh uln hb tjnmbbeamvets mda teln fhdstrmedts, tjny jma th rnvenw lhrn mbbeamvets tjmd tjn rnquerna 1; pnr amy$ Qjnrnbhrn, hdn spnfem est lndtehdna tjmt sjn pursuna tjn hpnrmtehds supnrveshrs wjh whua

nxnfutn tjn mbbeamvets tjn ‐quefonst“ th lnnt Fjmsn―s prhauftehd ihm mda 9amy turdmrhudarnquernlndt$

Ed 7;;:, Fjmsn n eledmtna ets ]umety Fhdtrh Aevesehd$ Qjnrnbhrn, hdfn tjn spnfemests lmdum`yprnpmrna tjn nim ahfulndts, edfuaedi mbbeamvets, tjny wnrn dht edanpndandty rnvenwna bhrmffurmfy hr vmeaety$ Mffhraedi th Fjmsn, et rnedstetutna tjn aevesehd ed Cu y 7;=;$ Jhwnvnr, hdnhb Fjmsn―s qumety fhdtrh supnrveshrs stmtna tjmt tjn aevesehd―s hpnrmtehds jma gnnd tnlphrmre`yaesfhdteduna mt tjn teln hb hur rnvenw$ Mffhraedi th Fjmsn, et wms ed tjn prhfnss hb fjmdiedi etsprhfnaurns$

Dhtmrens Aea Dht Yetdnss Veidmturns hr Lmedtmed Wnquerna Wnfhras

Fjmsn aea dht nstmgesj m fhdtrh ndverhdlndt wjefj ndsurna tjmt ets dhtmrens7= lnt tjnerrnsphdsegeetens udanr Vtmtn mws, wjefj rnquerna tjnl th wetdnss mbbemdts― seidmturns hdahfulndts tjny dhtmrezna$77 Yjnd Fjmsn―s hpnrmtehds supnrveshrs nxnfutna tjn mbbeamvets, manseidmtna nlphynn whua fh `nft tjn bh anrs fhdtmededi tjn mbbeamvets$ Qjn spnfemests hr htjnrFjmsn nlphynns whu a nxtrmft tjn nxnfutna mbbeamvets brhl tjn bh anrs mda tjnd snda tjnl th gndhtmrezna$ Qjus, tjn mbbeamvets wnrn dht mwmys nxnfutna ed tjn prnsndfn hb dhtmry pugefs$ HjehVtmtn mw76 rnquerns tjmt dhtmry pugefs wjh fnrteby th tjn mbbeamvet hb m pnrshd maledestnr tjnmpprhpremtn hmtj hr mbberlmtehd th tjn pnrshd$ Mffhraedi th Fjmsn, ed Vnptnlgnr 7;;5, etelpnlndtna m prhfnss ed wjefj hpnrmtehds supnrveshrs mda dhtmrens whua set mt m tmgn thnxnfutn mda dhtmrezn mbbeamvets$ Qjnrnbhrn, tjn mbbeamvets wnrn gnedi nxnfutna ed tjn ‐prnsndfn“hb dhtmry pugefs$

Mbbeamvets Ynrn [rnpmrna gy @mw Berls

Ed edtnrvenws wetj Fjmsn―s lmdminlndt mda stmbb, tjny mfodhw`naina tjmt hd hffmsehd, tjnspnfemests hgtmedna mbbeamvets brhl tjner bhrnfhsurn fhudsn tjmt mrnmay fhdtmedna tjn mlhudtshb tjn ghrrhwnrs― edangtnadnss, sedfn tjn bhrnf hsurn fhudsn jma rnmahd y mffnss th fnrtmed amtmsfrnnds ed Fjmsn―s lhrtimin snrvefedi systnl$ Maaetehdm`y, ed shln fmsns, gnbhrn tjnbhrnfhsurn fhudsn be`na tjn fhlpmedts wetj tjn fhurt, jn hr sjn shlntelns maana vnrgemin mda

mlhudts hb tjn ghrrhwnrs― edangtnadnss$7; Fjmsn―s prhauftehd ihms wnrn neledmtna ed Vnptnlgnr 7;=;, wjnd Fjmsn fnmsna bhrnfhsedi hd prhpnrtens

hfmtna ed cuaefem Vtmtns mda curesaeftehds$7= Qjn dhtmrens jma maaetehdm chg autens mda rnsphdsegeetens$77 Nvnry Vtmtn―s dhtmry `mws rnquern tjmt tjn dhtmry pnrshdm`y maledestnr md hmtj mda pnrshdm`y vnreby tjn eandtety

hb tjn ahfulndt seidnr$76 Fjmptnr =19$=1



:

f musns th tjn mbbeamvets rnimraedi ghrrhwnrs hr tjn sugcnft prhpnrtens$ Ed tjnsn edstmdfns, tjnedbhrlmtehd hd tjn mbbeamvets wms dht vnrebena hr vmeamtna gy Fjmsn$

Hd Dhvnlgnr =2, 7;=;, tjn Fhdirnssehdm Hvnrseijt [mdn rnnmsna md edanptj rnphrt mdmyzeditjn rhghseidedi m nimtehds$71 Ets rnphrt fhdf uana tjmt ‐_t\jn bhrnfhsurn ahfulndtmtehd

errniumretens udqunstehdmgy sjhw m systnl reaana wetj nrrhrs“ mda nlpjmsezna ‐tjmt lhrtiminndanrs mda snfuretezmtehd snrvefnrs sjhua dht udanrtmon th bhrnfhsn hd mdy jhlnhwdnr udnsstjny mrn mgn th ah sh ed bu fhlpemdfn wetj mppefmgn mws mda tjner fhdtrmftum mirnnlndts$“

Mbbeamvets Fhdtmedna Edfhdsestndfens mda Nrrhrs

Yn rnvenwna 62 mbbeamvets bhr bhrnfhsurns ed cuaefem Vtmtns th antnrledn wjntjnr tjn mlhudts hb ghrrhwnrs― edangtnadnss wnrn supphrtna$ Fjmsn wms udmgn th prhvean ahfulndtmtehd bhr tjnmlhudts hb ghrrhwnrs― edangtnadnss estna hd tjn mbbeamvets bhr m nxfnpt bhur$7> Yjnd wnrnvenwna tjn bhur mbbeamvets, tjrnn wnrn edmffurmtn$ Vpnfebefm`y, tjn mlhudts hb tjn ghrrhwnrs―`mtn fjmrins mda mffulumtna edtnrnst aea dht rnfhdfe`n wetj tjn edbhrlmtehd ed Fjmsn―s lhrtimin

snrvefedi systnl$ Ed aesfussehds wetj Fjmsn―s mssestmdt vefn prnseandt bhr anbmut supphrtsnrvefns, jn edaefmtna tjmt jn aea dht odhw wjy tjn mlhudts aea dht mirnn$ Burtjnr, Fjmsn―s vefnprnseandt mda mssestmdt indnrm fhudsn lndtehdna tjmt wjnd Fjmsn rnvnrebena snnftna mbbeamvetsbhr tjn Hbbefn hb tjn Fhlptrh nr hb tjn Furrndfy, tjn mlhudts hd tjn snnftna mbbeamvets mirnnawetj tjn edbhrlmtehd ed ets systnl$72

FHDF@^VEHD

Fjmsn aea dht nstmgesj md nbbnftevn fhdtrh ndverhdlndt th ndsurn tjn edtnirety hb ets bhrnfhsurnprhfnss$ Gnfmusn et bme na th nstmg esj prhpnr phefens mda prhfnaurns tjmt bhstnrna fhlp emdfnwetj mws mda rniumtehds, ets mbbemdts seidna bhrnfhsurn ahfulndts muthlmtefm y wetjhutpnrbhrledi m aun aeeindfn rnvenw hr vnrebefmtehd hb tjn bmfts, ets dhtmrens bmena th mutjndtefmtnseidmturns, mda et usna mw berls tjmt lmy jmvn edfuana edmffurmtn edbhrlmtehd hd bhrnfhsurnahfulndts$ Ms m rnsut, Fjmsn ndimina ed elprhpnr prmftefns gy dht bu `y fhlpyedi wetjmppefmgn bhrnf hsurn prhfnaurns wjnd prhfnssedi bhrnf hsurns hd BJMedsurna hmds$ Qjesb`mwna fhdtrh ndverhdlndt rnsutna ed Fjmsn―s beèdi elprhpnr nim ahfulndts, tjnrngylesrnprnsndtedi ets fmels th JÂ$

Auredi tjn rnvenw pnreha, Fjmsn suglettna 1,169 fhdvnymdfn79 f mels thtmedi lhrn tjmd !>19le`èhd ed tjn 76 cuaefem bhrnf hsurn Vtmtns mda curesaeftehds$ AHC usna hur rnvenw mda mdmysesed dnihtemtedi tjn prhphsna sntt nlndt mirnnlndt$

71 Fhdirnssehdm Hvnrseijt [mdn, Dhvnlgnr Hvnrseijt Wnphrt Nxmlededi tjn Fhdsnqundfns hb Lhrtimin

Errniumretens bhr Bedmdfem Vtmge ety mda Bhrnfhsurn Leteimtehd *Dhvnlgnr =2, 7;=;%, mvme`mgn mtjttp3((fhp$sndmtn$ihv(ahfulndts(fhp===2=;rnphrt$pab *suglettna udanr snftehd =7>*g%*=% hb Qet n = hb tjnNlnrindfy Nfhdhlef Vtmgeèzmtehd Mft hb 7;;:, [ug$ @$ Dh$ ==;616%$

7> Fjmsn―s bhrnfhsurn prhfnssedi shbtwmrn hvnrrhan mffhudt jesthrens wjnd mppyedi fmel pmylndts wjefj fmusnatjn predfepm mda edtnrnst rnfhras dnfnssmry bhr vnrebyedi tjn mbbeamvets th aespmy ms znrhs$

72 Qjn snnftna mbbeamvets wnrn prnpmrna wetjed tjn pmst 2 lhdtjs hb hur rnvenw$ 79 Nxfuans annas ed enu hb bhrnfhsurn



5

Hdfn tjn snttnlndt mirnnlndts mrn mpprhvna gy tjn fhurt, HEI we` essun m snpmrmtn sullmrylnlhrmdaul th J^A fhdtmededi rnfhllndamtehds th fhrrnft wnmodnssns aesfussna ed tjes mdatjn htjnr bhur lnlhrmdauls$ Mffhraediy, tjes lnlhrmdaul fhdtmeds dh rnfhllndamtehds$

Mppndaexns3Mppndaex M Mbbemdt Dmrrmtevns



=;

M[[NDAEZ Mppndaex M

MBBEMDQ MDA DHQMWU DMWWMQERNV

Qjn mbbemdt dmrrmtevns ed tjes mppndaex aesf hsn tjn dulgnr hb mbbeamvets tjn lhst mftevn stmbb edhur smlpn seidna$ Yn snnftna nxfnrpts brhl mbbeamvets mda edtnrvenws th edfuan ed tjeslnlhrmdaul brhl tjn =2 stmbb pnrshds edtnrvenwna$ Ms Fjmsn aea dht prhvean snpmrmtn rnfhrasbhr BJM bhrnfhsurns mda fhdvndtehdm bhrnfhsurns mda tjn fhlpntndnss hb tjn prhauftehdsjnnts fhua dht gn vnrebena, wn wnrn udmgn th prnsndt beiurns tjmt whu a gn fhlpntn, rn emgn,hr mffurmtn *snn Lntjhahhiy mda Vfhpn snftehd%$



==

Hpnrmtehds Vupnrveshr = ‖ Mbbemdt

Hpnrmtehds supnrveshr = seidna 7> mlhudt aun mbbeamvets mttnstedi th jnr pnrshdm odhw`nain hb tjn bmfts mda lmttnrs prnsndt ed tjn mbbeamvet mda th jmvedi rnvenwna rnfhras ed hur smlpn hb =;:bens tjmt wnrn bhr cuaefem bhrnfhsurn prhfnnaedis$

Edtnrvenw Nxfnrpts

Hpnrmtehds supnrveshr = seidna lu tepn ahfulndts gut wms udfnrtmed mghut tjn dulgnr hrmlhudt hb ahfulndts sjn jma seidna$ Vjn stmtna tjmt sjn aea dht jmvn pnrshdm odhw`nain hb tjnfhdtndt hb tjn mbbeamvets hr tjn mbbeamvet prhfnss mda aea dht rnvenw tjn mbbeamvets sjn wmsseidedi$ Jhwnvnr, sjn seidna bhrnf hsurn ahfulndts, edfuaedi mbbeamvets fnrtebyedi tjmt sjn jmapnrshdm odhw`nain hb tjn bmfts wjnd sjn aea dht$ Vjn mfodhw`naina tjmt sjn fhdsestndty bme na

th rnvnreby tjn mffurmfy hb tjn mlhudts hr edbhrlmtehd hd tjn bhrnfhsurn ahfulndts sjnnxnfutna$

Gmsna hd md nlphynn seidedi mutjhrety estedi prhveana gy Fjmsn, hpnrmtehds supnrveshr =hgtmedna jnr seidedi mutjhrety ed Lmy hb 7;;9 ms vefn prnseandt hb Fjmsn Jhln, mda jnr chgrnsphdsegeetens edfuana lhdethredi prhauftehd, fhlpeedi edbhrlmtehd, mda nxnfutediahfulndts$

Mbbeamvet Nxfnrpts

Qjn typefm fhdtndts hb hdn hb tjn mbbeamvets tjes stmbb lnlgnr seidna edf uana

‐Mbbemdt jms tjn fusthay hb mda jms pnrshdm odhw`nain hb tjn mffhudts hb smea fhlpmdy,mda spnfebefm y wetj tjn mffhudt hb tjn ghrrhwnr, anbndamdt jnrned$“

‐Mbbemdt stmtna tjmt tjn mffhudt wms ed anbmut mda tjmt pmedtebb jma nnftna th fm tjnndtern gmmdfn hb smea mffhudt aun mda pmymgn ed mffhramdfn wetj tjn tnrls hb tjn dhtnmda lhrtimin mttmfjna th tjn fhlpmedt$ Mbbemdt stmtna tjmt tjmt predfepm gmmdfn wmsaun hd tjn mffhudt$ Qjn ghrrhwnr―s predfepm gmmdfn thintjnr wetj edtnrnst tjnrnhd brhltjn amtn hb anbmut mt tjn rmtn spnfebena ed tjn dhtn, mtn fjmrins mda mavmdfns bhr tmxns,edsurmdfn hr htjnrwesn nxpndana th prhtnft tjn prhpnrty$“



=7

Hpnrmtehds Vupnrveshr 7 ‖ Mbbemdt

Hpnrmtehds supnrveshr 7 seidna =9 mlhudt aun mbbeamvets mttnstedi th jnr pnrshdm odhw`nain hb tjn bmfts mda lmttnrs prnsndt ed tjn mbbeamvet mda th jmvedi rnvenwna rnfhras ed hur smlpn hb =;:tjmt wnrn m bhr cuaefem bhrnfhsurn prhfnnaedis$

Mbbemdt―s Anphsetehd

Mffhraedi th m anphsetehd be`na ed ferfuet fhurt,7: hpnrmtehds supnrveshr 7 wms mlhdi neijtlmdminrs wjh thintjnr seidna mghut =:,;;; ahfulndts pnr lhdtj mda aea dht jmvn pnrshdmodhw`nain hb tjn bmfts mda mssnrtehds ed tjn mbbeamvets$ Vjn malettna th seidedi ahfulndtswetjhut rnvenw udnss md hpnrmtehds spnfem est grhuijt tjnl th jnr wetj m qunstehd, mda sjn stmtnatjmt jnr pnrshdm odhwnain hb tjn mbbeamvets wms gmsna hd wjmt tjn hpnrmtehds spnfemests jma

ndtnrna edth tjn mbbeamvets$ Vjn stmtna tjmt sjn aea dht rnvenw maaetehdm edbhrlmtehd th vnrebytjmt tjnrn wnrn dh essuns hb lmtnrem bmft$

Edtnrvenw Nxfnrpts

Hpnrmtehds supnrveshr 7 wms ievnd tjn mutjhrety th seid ms mssestmdt snfrntmry mda mtnr ms m vefnprnseandt$ Nlphynns wnrn dht ievnd trmededi fhdfnrdedi mbbeamvets mda seidmturn mutjhrety$Yjnd nlphynns whua seid mbbeamvets, tjny whua dht rnvenw tjn ahfulndt hr supphrtediahfulndts? tjnrnbhrn, tjn nlphynns jma dhtjedi th rnbnrndfn$ Vjn seidna mghut tjrnn telns mamy$ Vjn stmtna tjmt supnrveshrs seidna tjn lhst$ Vjn aea dht odhw jhw lmdy ahfulndts sjnseidna pnr amy$ Vjn stmtna tjmt seidedi wms dht m pnrbhrlmdfn fretnrehd ed nlphynn rnvenws$

Yjnd hpnrmtehds supnrveshr 7 rnfnevna tjn mbbeamvets, tjny wnrn usum y hpnd th tjn seidmturnpmin$ Vjn aea dht fhlpntn mdy prhfnaurns mpmrt brhl fjnfoedi tjn seidmturn pmin, mda sjn aeadht fhdberl tjmt nmfj wms md mftum anbmut$ Vjn aea dht rnvenw tjn ghho mda rnfhras bhr tjnmbbeamvet hr pnrshdm`y fhdberl tjmt nmfj wms m anbmutna `hmd$ Vjn msh aea dht rnfnevn mdytrmededi hr md nxp mdmtehd tjmt tjn nxnfutna ahfulndts wnrn malessegn ed m fhurt$

Mbbeamvet Nxfnrpts

‐Qjes mbbeamvet es suglettna ed supphrt hb [`medtebb―s Lhtehd bhr Bedm Cuailndt bhr tjnpurphsn hb sjhwedi3 tjmt tjnrn es dht induedn essun ms th mdy lmtnrem bmft, tjmt pmedtebb esndtet na th ndbhrfn tjn dhtn mda lhrtimin mda pmedtebb es ndtet na th cuailndt ms m lmttnr

hb mw$“

7: Bebtnndtj Cuaefem Ferfuet, fmsn dulgnr >;7;;:FM;=2:>9



=6

‐E ml Mssestmdt Vnfrntmry *tet n%, hb Fjmsn Jhln Bedmdfn$ Fjmsn Jhln Bedmdfn es tjnsnrvefnr hb tjn hmd…E ml bmle`emr wetj tjn ghhos hb mffhudt mda jmvn nxmledna m`ghhos, rnfhras, mda ahfulndts onpt gy Fjmsn fhdfnrdedi tjn trmdsmftehds m`nina ed tjnfhlpmedt…Qjn ghhos, rnfhras, mda ahfulndts wjefj mbbemdt jms nxmledna mrn lmdminagy nlphynns hr mindts wjhsn auty et es th onnp tjn ghhos mffurmtny mda fhlpntny$

Burtjnrlhrn, mbbemdt jms m pnrshdm odhw`nain hb tjn lmttnrs fhdtmedna ed tjn ghhos,rnfhras mda ahfulndts onpt gy Fjmsn Jhln Bedmdfn$“

‐E jmvn pnrshdm odhw`nain hb tjn bmfts fhdtmedna ed tjes mbbeamvet, spnfebefm`y E jmvnpnrshdm odhw`nain hb tjn bmfts rnimraedi tjn suls hb lhdny wjefj mrn aun mda hwedi thFjmsn Jhln Bedmdfn pursumdt th tjn dhtn mda lhrtimin wjefj es tjn sugcnft lmttnr hb tjn`mwsuet$“



=1


Hpnrmtehds supnrveshr 6 seidna tjrnn mlhudt aun mbbeamvets mttnstedi th jnr pnrshdm odhwnainhb tjn bmfts mda lmttnrs prnsndt hd tjn mbbeamvet mda th jmvedi rnvenwna rnfhras ed hur smlpn hb =;: hmds tjmt wnrn bhr cuaefem bhrnfhsurn prhfnnaedis$

Edtnrvenw Nxfnrpts

Ed Cu y hb 7;;5, hpnrmtehds supnrveshr 6 gnfmln tjn supnrveshr hb elmiedi mda tjnd wms pmfnahd m spnfem prhcnft ed Cmdumry hb 7;=; bhr NLF$ Mt tjmt phedt, sjn stmrtna supnrvesedi ahfulndtnxnfutehd, wjefj edfuana onnpedi trmfo hb julmd rnshurfn rnquernlndts, ndbhrfedi anmaedns,trmfoedi prhauftehd, mda trmfoedi ony mbbeamvets ed tjn Mffnss amtmgmsn$ Qjn bhrnf hsurnahfulndt lmdminlndt stmbb rnvenwna mda vnrebena edbhrlmtehd bhr mlhudt aun mbbeamvets,

leètmry mda dhdleètmry mbbeamvets, mda sugstetutehd hb trustnn$ Qjnsn prhfnaurns wnrn edetem `yansfregna hd md NLF―s Edtrmdnt Yng setn$ Jnr seidedi mutjhrety wms hgtmedna ed Cu y hb 7;;5, mssjn stmrtna seidedi bhrnf hsurn ahfulndts$ Ms md hpnrmtehds supnrveshr ed anbmut supphrtsnrvefedi, sjn whua rnquern jnr stmbb th rnvenw hr vnreby tjn edbhrlmtehd, tjnd sjn whua seid tjnahfulndts$ Vjn aea dht rnvenw hr jmvn pnrshdm odhw`nain hb tjn mbbeamvets$ Vupnrveshrs whuafhdberl tjmt tjnrn wnrn dh g mdos mda tjnd nxnfutn tjn ahfulndts$

Mbbeamvet Nxfnrpts

‐Qjes mbbeamvet es suglettna ed supphrt hb [`medtebbs Lhtehd bhr Bedm Cuailndt bhr tjnpurphsn hb sjhwedi3 tjmt tjnrn es dh induedn essun ms th mdy lmtnrem bmft, tjmt [medtebb es

ndtet na th ndbhrfn tjn dhtn mda lhrtimin mda pmedtebb es ndtet na th m cuailndt ms mlmttnr hb mw$“

‐E ml bmleèmr wetj tjn ghhos hb mffhudt mda jmvn nxmledna m ghhos, rnfhras, mdaahfulndts onpt gy Fjmsn Jhln Bedmdfn fhdfnrdedi tjn trmdsmftehds m`nina ed tjnFhlpmedt$ M` hb tjnsn ghhos, rnfhras mda ahfulndts mrn onpt gy Fjmsn Jhln Bedmdfned tjn rniumr fhursn hb ets gusednss ms snrvefnr hb tjn hmd trmdsmftehd mda mrn lman mt hrdnmr tjn teln gy, mda brhl edbhrlmtehd trmdslettna gy, pnrshds wetj pnrshdm odhw`nainhb tjn bmfts sufj ms yhur mbbemdt$“

‐E jmvn pnrshdm odhw`nain hb tjn bmfts fhdtmedna ed tjes mbbeamvet$ Vpnfebefm`y, E jmvn

pnrshdm odhw`nain hb tjn bmfts rnimraedi tjn suls hb lhdny wjefj mrn aun mda hwedith Fjmsn Jhln Bedmdfn pursumdt th tjn dhtn mda lhrtimin wjefj es tjn sugcnft lmttnr hb tjn mwsuet$“



=>


Hpnrmtehds supnrveshr 1 seidna tjrnn mlhudt aun mbbeamvets mttnstedi th jnr pnrshdm odhwnain

hb tjn bmfts mda lmttnrs prnsndt hd tjn mbbeamvet mda th jmvedi rnvenwna rnfhras ed hur smlpn hb =;: hmds tjmt wnrn bhr cuaefem bhrnfhsurn prhfnnaedis$

Edtnrvenw Nxfnrpts

Qjn mbbemdt stmtna tjmt sjn wms ievnd mutjhrety th seid m ` typns hb mbbeamvets ed 7;;>$ Yjnd sjnwms ievnd tjes seidedi mutjhrety, sjn wms mutjhrezna th seid ms mssestmdt vefn prnseandt hr vefnprnseandt$ Jhwnvnr, sjn wms dht m vefn prnseandt hr mssestmdt vefn prnseandt hb Fjmsn JhlnBedmdfn$ Vjn stmtna tjmt sjn wms ievnd m nttnr ed 7;;> tjmt nxpmedna jnr seidedi mutjhrety mdawjnd sjn wms th usn et? sjn wms rnquerna th seid tjn nttnr$ Vjn aea dht rnfnevn trmededi hd jhw thprhpnr y nxnfutn nim ahfulndts, ed pmrtefumr mbbeamvets$ Vjn stmtna tjmt sjn wms dht edbhrlna

mghut wjmt sjn wms seidedi, dhr aea sjn vnreby tjn mffurmfy hb tjn ahfulndtmtehd$ Burtjnr, sjnaea dht rnma tjn ahfulndts hr ndsurn tjmt tjn bhrnfhsurns wnrn vm ea$

Mbbeamvet Nxfnrpts

‐Qjes Mbbeamvet es suglettna ed supphrt hb [`medtebb―s Lhtehd bhr Bedm Cuailndt bhr tjnpurphsn hb sjhwedi? tjmt tjnrn es dh induedn essun ms th mdy lmtnrem bmft, tjmt pmedtebb esndtetna th ndbhrfn tjn dhtn mda lhrtimin mda pmedtebb es ndtetna th m cuailndt ms mlmttnr hb mw$“

‐E ml bmle`emr wetj tjn ghhos hb mffhudt mda jmvn nxmledna m ghhos, rnfhras, mda

ahfulndts onpt gy Fjmsn Jhln Bedmdfn fhdfnrdedi tjn trmdsmftehds m`nina ed tjnFhlpmedt$ M` hb tjnsn ghhos, rnfhras mda ahfulndts mrn onpt gy Fjmsn Jhln Bedmdfned tjn rniumr fhursn hb ets gusednss ms snrvefnr hb tjn hmd trmdsmftehds mda mrn lman mt hrdnmr gy, mda brhl edbhrlmtehd trmdslettna gy, pnrshds wetj pnrshdm odhwnain hb tjnbmfts sufj ms yhur mbbemdt…Qjnsn ghhos, rnfhras, mda ahfulndts wjefj mbbemdt jmsnxmledna mrn lmdmina gy nlphynns hr mindts wjhsn auty et es th onnp tjn ghhosmffurmtny mda fhlpntny$ Burtjnrlhrn, tjn mbbemdt jms pnrshdm odhw`nain hb tjnlmttnrs fhdtmedna ed tjn ghhos, rnfhras mda ahfulndt onpt gy Fjmsn Jhln Bedmdfn$“

‐E jmvn pnrshdm odhw`nain hb tjn bmfts fhdtmedna ed tjes mbbeamvet$ Vpnfebefm`y, E jmvnpnrshdm odhw`nain hb tjn bmfts rnimraedi tjn suls hb lhdny wjefj mrn aun mda hwedi th

Fjmsn Jhln Bedmdfn pursumdt th tjn dhtn mda lhrtimin wjefj es tjn sugcnft lmttnr hb tjn`mwsuet$“

hud report re: jp morgan chase

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