leh

Falcon

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from market watch

Lehman bankruptcy filing shows $613 billion debt
 

Falcon

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798
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شعب الكويتي ..... بكاملة مديون ب 1 مليار دينار = 3.6 مليار دولار أمريكي....

يعني بنك ليمان يغطي جم مر ة مديونة الشعب المسكين...عليكم الحسبة.
 

الأرستقراطي

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الله يعين ملاك السهم ،،، بري ماركت 30 سنت ،،،
 

canada

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افضل فرصه هي الان019 واليحب يخسر يشتري
 

canada

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By Jeremy Lovell

LONDON, Sept 15 (Reuters) - People from the restaurant to the cab trade prepared for the worse on Monday as the ripples of U.S. banking giant Lehman Brothers bankruptcy were felt across the Atlantic.

"This will directly affect us," said butcher Trevor Chelsea, 45, in London's Smithfield meat market. "We supply to restaurants in the City and when people lose their jobs there they will stop eating out."

"It is like the housing market. Everything is connected. It is not just the bankers who will be hurt but all the people in the places where they spend their money."

After the biggest banking failure in U.S. history, many people blamed the banks themselves for getting into trouble and the government regulators for letting them.

"First of all the Financial Services Authority -- I call them the Fundamentally Supine Authority -- should all be shot. They have sat back and allowed this mess to happen," said Andrew Brodie, 62, owner of the Plum Tree bar in central London.

"We need the government to assume some responsibility, to fund the banks cautiously but appropriately," he added.

The term "greed" was on many people's lips.

"It was greed and the bubble has burst," said London taxi driver Barry Hunt, 45. "They should change the rules to make the banks more cautious. They are now after what happened last year with the sub-prime problem. But they weren't before that." Continued...
 

canada

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(In U.S. dollars)

TORONTO, Sept 15 (Reuters) - Canadian Imperial Bank of Commerce (CM.TO: Quote, Profile, Research, Stock Buzz) said that as of Friday, the market value of "various market positions" its World Markets unit had with Lehman Brothers was roughly $25 million.

Lehman Brothers Holdings Inc (LEH.N: Quote, Profile, Research, Stock Buzz) filed for bankruptcy protection over the weekend.

At an investor forum on Monday, Richard Nesbitt, head of CIBC World Markets, the bank's corporate and investment banking arm, said that the $25 million figure includes derivatives in which Lehman is a counterparty to CIBC, and was net of collateral which Lehman had pledged to CIBC. (Reporting by Lynne Olver; Editing by Peter Galloway)
 

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NEW YORK (Reuters) - Shares of big U.S. financial companies fell on Monday, dragged down by growing concern about the health of the financial industry, after Lehman Brothers Holdings Inc filed for bankruptcy protection and Merrill Lynch & Co Inc agreed to be taken over.

Among losers, Washington Mutual Inc (WM.N: Quote, Profile, Research, Stock Buzz) stock sank 19 percent to $2.22 as anxiety grew about the largest U.S. savings and loan's capital needs and survival prospects.

Shares of Citigroup Inc (C.N: Quote, Profile, Research, Stock Buzz), Bank of America Corp (BAC.N: Quote, Profile, Research, Stock Buzz), Goldman Sachs Co Inc (GS.N: Quote, Profile, Research, Stock Buzz), and Morgan Stanley (MS.N: Quote, Profile, Research, Stock Buzz) all fell.

Frantic attempts to find a rescuer for Lehman (LEH.N: Quote, Profile, Research, Stock Buzz) failed over the weekend, and forced the 158 year-old investment bank to file for Chapter 11 protection in Wall Street's highest-profile bankruptcy since junk bond specialist Drexel Burnham Lambert succumbed in 1990.

In addition, Bank of America agreed to buy Merrill (MER.N: Quote, Profile, Research, Stock Buzz) in an all-stock deal worth $50 billion, seeking a bargain as the world's largest retail brokerage sought refuge from fears it could be the next victim.
 

canada

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By Marc Jones and Yoko Nishikawa

FRANKFURT/TOKYO (Reuters) - Central banks mobilized worldwide on Monday to reassure financial markets after Lehman Brothers filed for bankruptcy protection and news that Merrill Lynch, another Wall Street giant long seen as too big to fail, was being sold.

"We hope that we don't see a crisis which pushes the global economy to the brink of ruin," German Economy Minister Michael Glos said.

Central bankers had their work cut out. Share prices sank and demand soared for extra short-term lending which they offered in an attempt to keep going the system that oils the wheels of modern capitalism.

On the interbank market, overnight dollar borrowing costs surged almost one percentage point to their highest in nearly three months, showing that banks are hoarding cash rather than lending it on.

The central banks' response started on Sunday when the U.S. Federal Reserve announced that central banks, regulators and supervisors were in close contact internationally and were monitoring events as they unfolded.

It announced emergency measures for lending operations which effectively relax the terms on which commercial banks can borrow from the U.S. central bank.

In Europe, the European Central Bank, as well as the German, French, British and Swiss authorities all responded in turn.

The ECB held a money market operation where it allotted 30 billion euros in one-day liquidity to banks, only a third of the level demanded. Continued...
 

canada

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ep 15, 2008 09:47 AM
Be the first to comment on this article...
Malcolm Morrison
THE CANADIAN PRESS

Stock markets tumbled Monday morning as traders sold across the board following the bankruptcy of U.S. investment bank Lehman Brothers and the takeover of rival Merrill Lynch.

The Toronto market was under particular pressure as oil and gasoline prices tumbled after hurricane Ike largely spared Gulf of Mexico energy infrastructure.

The S&P/TSX composite index plunged 382.14 points or 3 per cent to 12,387.44, while New York’s Dow Jones industrial average fell 269.26 points to 11,152.73.

The two investment banks are the latest victims of the collapse of the American housing sector and the securities used to finance the huge bubble.

The October crude contract on the New York Mercantile Exchange fell $5.39 (U.S.) to $95.79 a barrel as worries about the global economy weighed on oil prices.

The near-month gasoline contract on the Nymex fell 20 cents to $2.77 a gallon, sending the TSX energy sector down more than four per cent.

EnCana Corp. (TSX:ECA) lost $2.57 to $69.12 and Petro-Canada (TSX:pCA) retreated $1.69 to $40.

The TSX Venture Exchange lost 37.23 points to 1,570.30.

The Canadian dollar fell 0.88 cent to 93.36 cents even as the American dollar fell against the euro. The Canadian currency was pressured by falling prices for oil and other commodities.

The Nasdaq composite index was down 40.74 points to 2,220.53 and the S&P 500 gave back 29.05 points to 1,222.65.

Lehman’s bankruptcy, caused by $60 billion in bad debt and a dearth of investor confidence, comes after 158 years in business.

Merrill Lynch, the world’s biggest stock brokerage, agreed to be taken over by Bank of America, the biggest U.S. bank in terms of retail deposits. That deal is valued at $50 billion in shares. Merrill stock rose $4.46 to $21.51 while Bank of America retreated $4.96 to $28.78.

Meanwhile, American International Group Inc., the largest insurance company in the world, is asking the U.S. Federal Reserve for emergency funding as it works on a restructuring.

Its stock dropped 45 per cent last week and its predicament is especially worrisome because of its enormous balance sheet and the risk that its troubles could spill over widely.

AIG shares fell another $5.77 or 48 per cent on Monday to $6.37.

“I think people were hoping that there was going to be a saviour over the weekend and that hasn’t happened,” said Scott Fullman, director of derivatives investment strategy for WJB Capital Group in New York. “This is sort of groundbreaking type stuff.”

Anxiety about the financial sector prodded the Toronto financial group down by more than three per cent. Royal Bank declined $1.67 to $47.53 and CIBC (TSX:CM) lost $2.57 to $61.60.

Overseas markets sustained steep losses in the wake of what some are calling the biggest reshaping of Wall Street since the Great Depression.

The FTSE 100 was down 154.5 points or 2.9 per cent to 5,163.9, while Germany’s DAX index fell 3.8 per cent and France’s CAC-40 tumbled 4.9 per cent.

Stock exchanges in Japan, Hong Kong and South Korea were closed for holidays, but every market open was deep in the red. India’s Sen*** tumbled 5.4 per cent, Taiwan’s benchmark lost 4.1 per cent, Australia’s key index was down two per cent and Singapore dropped 2.9 per cent.

In Toronto, the gold sector was flat even as investors bought bullion as a haven. The December gold contract on the Nymex rose $15.90 to $780.40 an ounce.

TSX base metal issues dropped six per cent, with Teck Cominco Ltd. (TSX:TCK.B) down $2.43 to $36.58 and HudBay Minerals (TSX:HBM) off 72 cents to $7.58.

Many market observers have said for months that a massive selloff is necessary for Wall Street to purge its bad debt and establish conditions for the market to revive.

Top Wall Street executives “can’t let go of the delusion that their 35-year-old MBAs are worth as much as New York Yankee shortstop Derek Jeter and they in turn are worth multiples of that,” commented University of Maryland business professor Peter Morici.

“The shareholder value they have destroyed repudiates that conclusion,” Morici wrote in a commentary.

“Sooner or later, after enough dominos fall, compensation structures and business practices will return to more conservative norms of 10 and 20 years ago. Only then will the credit crisis resolve and the economy have a decent shot at full recovery.”

Bond prices rose as investors sought the security of government debt. Wall Street’s weekend cull came just a week after the American government bailed out mortgage lenders Fannie Mae and Freddie Mac.

The Federal Reserve, meanwhile, makes its next decision on interest rates Tuesday, with expectations suddenly increasing that it will trim the cost of money to brighten the increasingly bleak economic picture.
 

canada

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الهدوء بدء الان ومابعد الهدوء الا العاصفه
اشوي صقرك يافالكون قبل هبوب الريح
 

canada

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احن اشترينا على 18 لوطلع فوق لو تضيع الفلوس
فاز بالذات من كان جسورا
ممكن بنك ربسي
 

canada

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(Reuters) - Lehman Brothers Holdings filed for bankruptcy protection on Monday while Bank of America said it would buy Merrill Lynch & Co, as the worsening credit crisis further rocked the U.S. financial sector.

Meanwhile, the U.S. Federal Reserve and major banks announced steps to mitigate market volatility.

ANALYSTS' COMMENTS

MEREDITH WHITNEY, ANALYST, OPPENHEIMER & CO

"We expect the financial markets to be under unprecedented strain over the next several days as players respond to outsized industry deleveraging....

"Due to the liquidation of an unprecedented scale, we expect a broad-based decline in marks on asset values within the financial markets....

"We also expect the liquidation by Lehman's counterparties and asset sales to be swift....

"While we view this clearly as a long-term positive for Bank of America, the stock will likely not respond accordingly as investors near-term will focus on greater systemic risk, and BAC's sizable consumer loan exposure will overshadow any long-term positives in the deal, in our opinion."

DAVID TRONE, ANALYST, FOX-PITT KELTON Continued...
 

canada

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TOKYO, Sept 15 (Reuters) - Japan's financial regulator on Monday ordered the Japan unit of Lehman Brothers Holdings (LEH.N: Quote, Profile, Research, Stock Buzz), which has filed for bankruptcy protection, to halt operations for 12 days.

U.S. investment bank Lehman Brothers filed for bankruptcy protection on Monday, becoming the largest and highest-profile casualty of the global credit crisis. [ID:nN15469897]

Japan's Financial Services Agency said it has ordered Lehman Brothers Japan Inc to halt operations, except for carrying out existing contracts or returning assets to customers, from Sept. 15 to Sept. 26.

The regulator had earlier ordered Lehman Brothers Japan Inc to retain assets equivalent to its liabilities in Japan, excluding those liabilities owed to parties overseas.

It said it took that action to protect creditors by preventing the flow of money overseas. (Reporting by Nathan Layne; Editing by Paul Bolding)
 

canada

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European Stocks Drop as Treasuries Surge on Lehman Bankruptcy

By Adria Cimino and Michael Patterson
Enlarge Image/Details

Sept. 15 (Bloomberg) -- European stocks tumbled, led by the biggest slump in banking shares in eight months, after the bankruptcy of Lehman Brothers Holdings Inc. drove investors to the safety of government debt.

HBOS Plc, the U.K.'s biggest mortgage lender, tumbled 16 percent, and UBS AG, the European bank hardest hit by subprime- related losses, sank 14 percent. The Dow Jones Stoxx 600 Banks Index dropped 6.5 percent, the most since January, as all 62 stocks declined. BHP Billiton Ltd. and Total SA followed commodity prices lower.

U.S. Treasuries surged, pushing yields on two-year notes below 2 percent for the first time since April on speculation the Federal Reserve will need to lower interest rates to bolster financial institutions battered by more than $510 billion of credit losses and asset writedowns from the subprime-mortgage market's collapse.

``Investors are in uncharted waters,'' said Tony Dolphin, London-based director of strategy and economics at Henderson Global Investors, which manages about $125 billion. ``In the short-term, this can only mean higher risk premiums and a flight to safety.''

The cost to protect corporate bonds from default surged as Lehman's bankruptcy, the biggest in U.S. history, and the emergency sale of Merrill Lynch & Co. to Bank of America Corp. heightened concern the subprime crisis will cause more bank failures.

The Dow Jones Stoxx 600 Index retreated 3.5 percent to 270.49 at 4:30 p.m. in London for the biggest decline since March 17.

`Mayhem'

The yield on two-year notes dropped 34 basis points, or 0.34 percentage point, to 1.86 percent, according to bond broker BGCantor Market Data. Credit-default swaps rose by a record in Europe. The benchmark index for European options rallied the most since January as investors bought insurance against equity declines.

``It's mayhem,'' said Hans Kunnen, head of investment market research in Sydney at Colonial First State Global Management, which holds about $128 billion of assets. ``If you thought the U.S. economy was slowing, that fear has been amplified, and that has implications for overall global economic activity.''

National benchmark indexes retreated in all 18 western European markets, with the slump in 14 markets surpassing 3 percent. Germany's DAX sank 2.9 percent. France's CAC 40 tumbled 3.7 percent and the U.K.'s FTSE 100 lost 3.3 percent.

To help Wall Street brace for Lehman's bankruptcy, the Fed widened the collateral it accepts for emergency loans to securities firms. A group of 10 banks that includes JPMorgan Chase & Co., Goldman Sachs Group Inc. and Citigroup Inc. separately formed a $70 billion fund to ensure market liquidity.

The steps ``are intended to mitigate the potential risks and disruptions to markets,'' Fed Chairman Ben S. Bernanke said in a statement yesterday in Washington.

Rate Cut

Futures contracts on the Chicago Board of Trade showed a 56 percent chance the Fed will cut its 2 percent target rate for overnight lending between banks by at least a quarter point tomorrow, from zero a week ago.

While a rate cut tomorrow is ``more likely,'' Merrill economists wrote in a note that they cannot rule out a reduction today.

The European Central Bank said it will offer financial institutions as much money as they need and the Swiss central bank offered additional liquidity through its overnight facility. The Bank of England said it will take ``appropriate actions if necessary'' to bolster money markets. China cut interest rates for the first time in six years and allowed most banks to set aside smaller reserves.

HBOS fell 16 percent to 236.5 pence. UBS sank 14 percent to 20.32 Swiss francs, and Societe Generale SA, France's third- largest bank by assets, dropped 9.9 percent to 58.55 euros.

Abandoned Talks

``The drop reflects the concern about the solidity of the whole system,'' said Emmanuel Soupre, a fund manager at Neuflize OBC Asset Management in Paris, which oversees the equivalent of $33 billion. ``What will be the consequences of this bankruptcy on the economy? That's the question and we don't have a solution.''

Lehman, once the fourth-largest U.S. investment bank and the biggest underwriter of mortgage-backed securities, filed for bankruptcy after Barclays Plc and Bank of America abandoned talks to buy the 158-year-old firm. The collapse of Lehman, which listed more than $613 billion of debt, surpasses WorldCom Inc.'s insolvency in 2002 and Drexel Burnham Lambert's failure in 1990.

Bank of America, the biggest U.S. consumer bank, will pay $29 a share for Merrill in stock, 70 percent more than the Sept. 12 closing price.

`Permeated Markets'

``The global credit crisis has permeated through all markets,'' said Jason Teh, who helps manage the equivalent of $5.7 billion at Investors Mutual Ltd. in Sydney. ``The real economy will feel the effects of this because it takes time for the banking system to restore itself.''

Mining and energy companies also declined as industrial metals fell in London on concern the housing slump is hurting demand and oil slid more than $7 to a seven-month low after refineries along the Gulf of Mexico coast escaped major damage from Hurricane Ike.

BHP Billiton Ltd., the world's biggest mining company, sank 3.7 percent to 1,453 pence. Rio Tinto Group, the third-largest, lost 5.4 percent to 4,247 pence.

Total SA, Europe's biggest oil refiner, slid 4.3 percent to 43.73 euros. BP Plc, the region's second-largest energy producer, lost 3 percent to 494.75 pence.

Ciba Holding AG surged 28 percent to 48.68 francs after BASF SE agreed to pay 3.45 billion Swiss francs ($3.1 billion) in cash for the Basel, Switzerland-based company to create the world's biggest maker of additives and dyes used in paper and plastics. BASF slipped 3.9 percent to 36.35 euros.

To contact the reporter on this story: Adria Cimino in Paris at acimino1@bloomberg.net; Michael Patterson in London at mpatterson10@bloomberg.net.
 

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(Reuters) - Lehman Brothers Holdings Inc teetered on the brink of failure on Sunday. Following are five facts about Lehman Brothers' history and present.

- German immigrant Henry Lehman opened a general goods store in Montgomery, Alabama in 1844. His brothers Emanuel and Mayer joined six years later and named the business Lehman Brothers. The Lehmans accepted cotton, the cash crop of the time, from the local farmers as currency, and traded the cotton for cash or merchandise. In that way, they became brokers of the crop.

- The U.S. Civil War interrupted Lehmans' business. After the conflict was over, the brothers moved their operations to New York.

- American Express acquired Lehman Brothers in 1984 and merged the financial institution with its unit Shearson. Nine years later, Shearson was spun off and the independent firm once again became known as Lehman Brothers. In 1994, the investment bank began trading on the New York Stock Exchange.

- Lehman Brothers had 25,935 employees as of the end of August, down from 28,783 at the end of August 2007.

- Lehman had more than $45 billion of mortgages and asset-backed securities on its books as of the end of August, an amount well in excess of the company's net worth. The bank has about $600 billion of assets and some $30 billion of equity, meaning a 5 percent decline in assets would wipe out the company's value.

(Reporting by Juan Lagorio and Dan Wilchins; Editing by Ted Kerr)
 

canada

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Brazil Real Falls as Lehman Collapse Damps High-Yield Demand

By Adriana Brasileiro

Sept. 15 (Bloomberg) -- Brazil's real tumbled as the bankruptcy of Lehman Brothers Holdings Inc. damped demand for higher-yielding, emerging-market assets.

The real fell 1.5 percent to 1.8069 per dollar at 11:45 a.m. New York time, from 1.781 on Sept. 12. The real earlier slumped 3 percent to 1.8341, near the seven-month low of 1.8374 reached on Sept. 11. Brazil's currency has fallen 9.7 percent in the month, making it the worst performer among the 16 most- traded currencies against the dollar.

``Lehman's collapse marks a new and more frightening phase in the credit crisis,'' said Jose Mauro Delella, chief economist at Itau Asset Management in Sao Paulo. Growing pessimism ``only increases risk aversion.''

Lehman filed for bankruptcy today after Barclays Plc and Bank of America Corp. abandoned takeover talks yesterday.

Brazilian Finance Minister Guido Mantega said growth will probably slow because of the international crisis and a local stock market decline is ``natural.''

Brazilian stocks dropped the most in six months, with the Bovespa index falling as much as 6.4 percent.

Brazil's central bank will likely refrain from buying dollars for a third consecutive session today, underscoring the extent of capital outflows, said Joao Medeiros, a partner and currency trading director at Pioneer Corretora de Cambio in Sao Paulo.

``The last time we had a crisis the central bank stayed out of the market for more than a month,'' Medeiros said, noting that exporters supplied the market with enough dollars so central bankers didn't need to act. ``We don't have the same situation now, so maybe if things don't calm down, the bank may have to do something.''

Daily Dollar Purchases

The bank had bought dollars daily since Dec. 27, in an effort to build up international reserves and slow the pace of the real's appreciation.

The yield on the overnight futures contract for January delivery declined for the first time in a week on speculation the pace of interest-rate increases will slow as inflation decelerates and world market losses threaten to erode growth. The yield fell 3 basis points to 14 percent.

Brazilian economists in a weekly central bank survey pared their forecasts for inflation next year for the first time in more than two months, reducing the need for interest-rate increases this year.

The inflation rate will end 2009 at 4.99 percent, less than the 5 percent forecast last week, according to a Sept. 12 survey of about 100 economists published today. Consumer prices will rise 6.26 percent in 2008, down from a previous forecast of 6.27 percent. The economists maintained their view that the so-called Selic benchmark rate will rise to 14.75 percent this year.

Brazil's monetary policy makers last week voted 5-3 to raise the rate by three-quarters of a percentage point for a second straight meeting, to 13.75 percent. The dissenters argued for a half-point move.

The yield on Brazil's zero-coupon bonds due in January 2010 fell 1 basis point, or 0.01 percentage point, to 14.72 percent, according to Banco Votorantim.
 

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(Updates with CEO comments, details on exposure)

NEW YORK, Sept 15 (Reuters) - Citigroup (C.N: Quote, Profile, Research, Stock Buzz), the top U.S. bank by assets, sought to reassure investors that its exposure to bankrupt investment bank Lehman Brothers would not excessively damage its capital position.

Citigroup CEO Vikram Pandit said in a memo to employees on Monday that the company's financial strength makes it a favored counterparty and that its balance sheet was in excess of 2 trillion dollars.

Citi has raised nearly $50 billion since the beginning of the year by reducing assets and deleveraging, Chief Financial Officer Gary Crittenden said on Monday in a prerecorded teleconference, a transcript of which was made available on the bank's website.

In its bankruptcy filing on Monday, Lehman listed 30 of its largest creditors and said Citi's Hong Kong affiliate had made a $275 million bank loan to Lehman.

Crittenden said the bank's Tier-1 capital ratio stood at 8.7 percent, "well in excess of the 'well-capitalized' regulatory minimums," and would improve further in the fourth quarter, when it finalizes the sale of its German retail franchise.

Global markets tumbled on Lehman's bankruptcy and as reports emerged that top U.S. insurer AIG (AIG.N: Quote, Profile, Research, Stock Buzz) sought a capital infusion. Citi shares were down more than 10 percent at midday.

"We have extended the maturity profile of our Citigroup Inc senior unsecured borrowings to a weighted average maturity of 7 years," Crittenden said, adding that the bank had cut its commercial paper program to $31.9 billion and extended its maturity to 54 days.

"Our reserve of cash and highly liquid securities, which stood at $65 billion at the end of the second quarter, and is essentially the same today, is up from $24 billion at year-end 2007," Crittenden said.

As of the second quarter, Citigroup said it had a deposit base of about $800 billion that was diversified across products and regions, and more than two-thirds of it was outside the United States. (Reporting by Christopher Kaufman; Editing by Lisa Von Ahn and Steve Orlofsky)
 
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