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Testimony of E. Gerald Corrigan Before the United States Senate Committee on Banking, Housing, and Urban Affairs
Chairman Dodd, Ranking Minority Member Shelby and members of the Committee, I am thankful for this opportunity to share with you my views on the urgently needed financial reform process in the wake of the financial crisis. As the Committee knows, in my earlier career at the Fed and in my current second career in the private sector, public policy issues relating to the quest for greater financial stability have been a subject of continuing interest to me.
The views I will express today on financial reform are very much driven by what I consider to be in the best interest of long-term financial stability. Having said that, I cannot deny that there are instances in which my thinking about specific issues has been influenced by my tenure as an employee of Goldman Sachs and by what I have seen transpire during that period. To cite one clear example, in a sharp departure with my earlier thinking, I now recognize the value and importance of the so-called "fair
value" or mark-to-market accounting.
At the center of the great debate about financial reform is the universal agreement that the "Too Big to Fail" problem must be forcefully resolved in order to provide comfort that future problems with failures of large and complex financial institutions will not be "bailed out" with tax payer money. Achieving that goal will not be easy but it is not impossible.
My formal statement contains four sections as follows:
Section I: The Financial Reform Agenda
Section II: Alternative Financial Structures in Perspective
Section III: The Merits of Alternative Financial Structures
Section IV: The Challenges Associated with Enhanced Resolution Authority
Section I: The Financial Reform Agenda
In looking to the future, almost everyone who has seriously studied the causes of the crisis agrees that certain basic reforms are a must. In summary form, those basic reforms include the following:
1. The creation of a so-called "systemic regulator." Among other things, the mission of the systemic regulator would include oversight of all systemically important institutions and, importantly, looking beyond individual institutions in order to better anticipate potential sources of economic and financial
contagion risk including emerging asset price bubbles. Anticipating future sources of contagion is difficult but not impossible.
2. Higher and more rigorous capital and liquidity standards that recognize the compelling reality that managing and supervising capital adequacy and liquidity adequacy must be viewed as a single discipline.
3. Substantial enhancement in risk monitoring and risk management and more systematic prudential oversight of these activities.
4. The increased reliance by institutions and their supervisors on (1) stress tests; (2) so-called "reverse" stress tests; and (3) rigorous scenario analysis of truly extreme contingencies.
5. Efforts to intensify the never ending task of strengthening the infrastructure of the global financial system.
6. The creation of a flexible and effective framework for the timely and orderly wind-down of failing large and complex financial institutions (the Enhanced Resolution Authority discussed in Section IV).
7. Substantially enhanced cross-border cooperation and coordination on a wide range of issues from accounting policy and practice to more uniform prudential standards to better coordinated macro-economic policies.
I believe that these measures – coupled with others that are in the House Bill such as tightening up the administration of Section 13 (3) of the Federal Reserve Act – will, over time, reduce the probability of future financial crises and materially help to limit or contain the damage caused by crises. Having said that, I want to underscore three key points: First; the execution challenges associated with this reform agenda are enormous. Second; the reforms are a "package deal" such that if we fail to achieve any one of these measures the prospects for success in the others will be compromised. Third; if we are successful in implementing the agenda over a reasonable period of time the case for wholesale restructuring of the financial system would hardly be compelling.
Section II: Alternative Financial Structures in Perspective
At the risk of considerable oversimplification, there are three somewhat overlapping suggestions on the table that are calling for a major restructuring of the core of the financial system both domestically and internationally. The more extreme of the three is the so-called "Narrow Bank Model" which, in effect, suggests that "banks" should essentially take deposits and make loans. The second approach would limit the scope of activities in banks and in companies that own banks but would allow non-bank affiliates of bank holding companies to conduct certain other financial activities including the underwriting of debt and equity securities while sharply curtailing or prohibiting banks and bank holding companies from engaging in "proprietary" trading and operating or sponsoring hedge funds and private equity funds.
The third approach is the view that subject to a comprehensive and rigorous family of reforms as outlined in Section I, most large integrated financial institutions would be allowed to maintain much of their current configuration while being subject to much more demanding consolidated supervision.
To many, the frame of reference surrounding the debate on these alternatives seems to be very much a matter of black and white. If we were starting with a clean slate, that might be the case. Unfortunately, we are not starting with a clean slate – far from it. Therefore, allow me to briefly focus on a few observations that – in my judgment – frame the perspective to be considered in shaping the debate on alternative financial structures.
First; I have always believed that banks (whether stand alone or part of a Bank Holding Company) are special. Among other things, that is one of the reasons I agreed to take on the role of non-executive chairman of the Goldman Sachs Bank when Goldman became a Bank Holding Company in the fall of 2008.
Second; under existing law and regulation there are now in place rigorous restrictions as to the activities that may be conducted in a bank that is part of a Bank Holding Company and even more rigorous standards limiting transactions that can occur between the bank, its holding company and its non-bank affiliates. Also, under pre-crisis rules regarding the administration of the discount window, access to the discount window applied only to the bank and such access did not extend, either directly or indirectly, to the Holding Company or the Bank's nonbank affiliates. As the Fed winds down its crisis driven extraordinary interventions, I believe we should return to the pre-crisis rules regarding access to the discount window so long as Section 13 (3) lending remains a possibility in extreme circumstances.
Third; under existing law and regulation, the Federal Reserve, as the consolidated prudential supervisor of all US Bank and Financial Services Holding Companies, already has broad discretionary authority to remove officers and directors, cut or eliminate dividends, shrink the balance sheet, etc. The Bill passed by the House in December would further strengthen this authority and extend it to systemically important financial institutions even if they do not own or control a bank.
While on the subject of consolidated supervision, allow me to say a few words about the experience of Goldman Sachs since the Fed (working with other regulators) became its consolidated supervisor 16 months ago. First, and most importantly, I would describe that relationship as open, highly constructive, and very demanding. The Fed has now completed comprehensive full scale examinations of the Bank and the Group and reported the results of such examinations to both the Boards of the Group and the Bank. In addition, a large number of targeted exams and so-called "discovery reviews" have been completed or are in progress. In the case of major forward-looking supervisory initiatives on the part of the Fed in collaboration with other supervisory bodies – both domestic and international – I personally have actively participated in all such discussions. Finally, and to put a little color on this subject, on more than a few occasions my high-level associates at Goldman Sachs have said to me something along the following lines: "these guys (referring to the supervisors) ask damn good questions."
Fourth; given all that we have been through over the past two years, many observers are raising the perfectly natural question of whether society really needs large and complex financial institutions. Whatever else can be said about such large and complex financial institutions, financial services is one of the few sectors of the economy that make a consistent positive contribution to the US balance of payments.
Balance of payment issues aside, I strongly believe that well managed and supervised large integrated financial institutions play a constructive and necessary role in the financial intermediation process which is central to the public policy goals of economic growth, rising standards of living and job creation.
While the business models of the relatively small number of large and complex financial institutions in the US and abroad differ somewhat from one to another, as a broad generalization most are engaged to varying degrees in (1) traditional commercial banking; (2) securities underwriting; (3) a range of trading activities including at least some elements of "proprietary" trading; (4) financial advisory services; (5) asset management services including the management of so-called "alternative" investments; (6) private banking; and (7) elements of principal investing.
All of these large integrated financial groups are indeed large with balance sheets ranging from the high hundreds of billions to $2.0 trillion or so. Among other things, it is their size that allows these institutions to meet the financing needs of large corporations - to say nothing of the financing needs of sovereign governments. The fact that so many of these large corporations operate on a global scale is one of the reasons why almost all large financial intermediaries also have a global footprint. As an entirely practical matter, it is very difficult to imagine how the vast financing needs of corporations and governments could be met on anything like today's terms and conditions absent the ability and willingness of these large intermediaries to place at risk very substantial amounts of their own capital in serving these companies and governments. One of the best examples of this phenomenon is the role large intermediaries have played in the recent past in raising badly needed capital for the financial sector itself.
For example, over the past two years banking institutions in the US and abroad have raised more than one-half trillion dollars in fresh private capital and the capital raising meter is still running. While there were some private placements, the overwhelming majority of such capital was raised in the capital markets and the associated underwriting, operational and reputational risks associated with such capital raising, were absorbed by various combinations of the small number of large integrated financial groups. Moreover, many of these transactions took the form of rights offerings which involve extended intervals of time between pricing and final settlement thus elevating underwriting risks. The ability and willingness of these large integrated financial groups to assume these risks depends crucially on large numbers of experienced investment bankers and highly skilled equity market specialists who are able to judge the tone and depth of the markets in helping clients shape the size, structure and pricing for such transactions.
More broadly, to a greater or lesser degree, most of these large integrated financial groups also act as day-to-day market makers across a broad range of financial instruments ranging from Treasury securities to OTC derivatives. The daily volume of such market activities is staggering and can be measured in hundreds of thousands – if not millions – of transactions. As market makers, these institutions stand ready to purchase or sell financial instruments in response to their institutional (and sometimes governmental) clients and counterparties. As such, market-making transactions – by their very nature – entail substantial capital commitments and risk-taking by the market maker. However, the capital that is provided in the market-making process is the primary source of the liquidity that is essential to the efficiency and price discovery traits of financial markets. Moreover, in today's financial environment, market makers are often approached by clients to enter into transactions that have notional amounts that are measured in hundreds of millions, if not billions, of dollars. Since transactions of these sizes cannot be quickly laid off or hedged, the market makers providing these services to institutional clients must have world-class risk management systems and robust amounts of capital and liquidity. Thus, only large and well capitalized institutions have the resources, the expertise and the very expensive technological and operating systems to manage these market-making activities. Having said that, it is also true that some of these activities are, indeed, high risk in nature. Thus, the case for greater managerial focus, heightened supervisory oversight and still larger capital and liquidity cushions for certain activities are all part of the post-crisis reform agenda.
Fifth; in terms of both competition and regulatory arbitrage there is a critical international component to the outcome of the debate on alternative financial market structure in the US. That is, if the United States adopted a materially different and more restrictive statutory framework for banking and finance than, for example, Europe, the outcome could easily work to the competitive disadvantage of US institutions. Similarly, such an outcome would, inevitably, introduce new pressures in the area of financial protectionism which, given the existing threats on the trade protection front, is one of the last things our country and the world need. Finally, if there are material international differences in financial structure and the "rules of the road" governing banking and finance, it is inevitable that one way or another, clever people, aided by highly sophisticated technology, will find ways to game the system.
To summarize, even before approaching the very complex issue surrounding the pros and cons of alternative financial structures and effectively resolving the "Too Big to Fail" problem, we must recognize that even modest financial restructurings that would directly affect only a small number of institutions worldwide raise many questions about the laws of unintended consequences especially in the context of the larger agenda for reform discussed in Section I.
Section III: The Merits of Alternative Financial Structures
There is no question that the drive to shrink the size and activities of large and complex financial institutions is understandably driven by the political and public outrage about the use of tax payer money to "bail out" institutions that were deemed to be "Too Big to Fail." Given that reality, it follows that many observers believe that the easiest way to solve the problem is via some combination of shrinking the size of these institutions, and/or restricting their activities in ways that will curtail risk and mitigate the conflicts of interest.
Having said that, it is also true that while financial excesses were unquestionably one of the causes of the crisis, shortcomings in public policy were important contributing factors. Similarly, not all "banks" that received direct tax payer support were large and complex institutions. Moreover, the largest single source of write-downs and losses in financial institutions – complex or not – occurred in traditional lending activities not trading activities. Regrettably, these lending driven losses and write-downs were magnified by certain classes of securitization especially very complex and highly leveraged instruments. Finally, it is also undeniable that all classes of financial institutions – big banks, small banks, investment banks (including Goldman Sachs) and so-called near banks – to say nothing of businesses small and large – benefited substantially from the large scale extraordinary measures taken by governments and central banks to cushion the economic and financial fallout of the crisis.
The most radical of the restructuring suggestions is the so-called narrow bank which would essentially take deposits and make loans. As I see it, and with the exception of community banks, this approach is a non-starter given the long history of credit problems over the business and credit cycle. In other words restricting diversification of risk and revenues is hardly a recipe for stability.
A less extreme, but still transformational structural change has been suggested by Chairman Volcker and endorsed by President Obama. While the broad intent of the Volcker approach is quite clear there are a number of open definitional and important technical details that are yet to be clarified. One area of particular importance relates to the definition of proprietary trading and, in particular, the distinction between "prop" trading and market making. As I see it, client-driven market making and the hedging and risk management activities growing out of such market making are natural activities of banks and Bank Holding Companies. As such, these activities are subject to official supervision, including on site inspections, capital and liquidity standards and various forms of risk related stress tests.
The Volcker plan would also prohibit "banks" and Bank and Financial Services Holding Companies from owning or sponsoring hedge funds and private equity funds. I believe that the financial risks associated with such ownership or sponsorship can be effectively managed and limited by means short of outright prohibition although bank owners or sponsors of such funds should not be permitted to inject fresh capital into an existing fund without regulatory approval.
More generally, it should be noted that hedge funds and private equity funds are providing both equity and debt financing to small and medium sized businesses in such vital areas as alternative energy and technology ventures. Given the long term benefits of these activities, I also believe there is something to be said for the proposition that, subject to appropriate safeguards, regulated Bank Holding Company presence in the hedge fund and private equity fund space can help to better promote best industry practice.
I am also mindful of the conflict of interest issue raised by Chairman Volcker. There is nothing new about potential conflicts in banking and finance. However, it cannot be denied that in the world of contemporary finance – with all of its complexities and applied technology – managing potential conflicts has become much more challenging. Reflecting that fact of life, so-called Chinese Walls segregating some business units from others is a necessary, but not sufficient, condition for managing potential conflicts. That is why at Goldman Sachs (and other large integrated intermediaries) conflict management policies and procedures are constantly evolving and improving.
Goldman Sachs has established numerous committees and processes to help mitigate potential conflicts. We have a high level Firmwide Business Practices Committee which focuses on operational and reputational risk, including conflict management. We have a dedicated and independent high level worldwide Conflict Management team. We have a Firmwide Risk Committee which focuses on financial risk. The Firm's independent Legal and Compliance divisions, both of which have centralized teams of experts and high level officials who are embedded, but still independent, within all of the revenue producing business units, contribute to conflicts management. All of these committees and business areas are headed by senior officers who sit on the Management Committee. Side by side we have a Suitability Committee and a New Products Committee. In addition, our Capital Committee and Commitments Committee as well as all Division Heads share in the responsibility of helping to manage conflicts and reputational risk.
Section IV: The Challenges Associated with Enhanced Resolution Authority
There is little doubt that a well designed and well executed framework of Enhanced Resolution Authority can address the Too Big to Fail problem and the related Moral Hazard problem. However, it is also true that a poorly designed and poorly executed approach to Enhanced Resolution Authority could produce renewed uncertainty and instability. Indeed, under the very best of circumstances, the timely and orderly wind-down of any systemically important financial institution – especially one with an international footprint – is an extraordinarily complex task. That is why, at least to the best of my recollection, we have never experienced such an orderly wind-down anywhere in the world. In other words, even if we successfully implement all of the reforms outlined in Section I of this statement, that success by itself, will not ensure that Enhanced Resolution Authority can achieve its desired effects. Thus, great care must be used in the design of the approach to law and regulation for a system of Enhanced Resolution Authority.
I, of course, have no monopoly on thoughts on how to best approach this task. On the other hand, as someone who has devoted much of my career to improving what I like to call the plumbing of the financial system I do have some suggestions as to (1) certain principles that I believe should guide the effort and (2) certain prerequisites that should be in place to guide the execution of a timely and orderly wind-down or merger of a failing systemically important financial institution.
Guiding Principles
First; the authorizing legislation and regulations must not be so rigid as to tie the hands of the government bodies that will administer those laws and regulations because it is literally impossible to anticipate the future circumstances in which the authorities will be required to act.
Second; in my judgment, the authority and responsibility to carry out Enhanced Resolution Authority in a given situation should be vested in governmental bodies that have sufficient experience with the type of institution being resolved.
Third; Enhanced Resolution Authority should be administered using the ongoing approach which probably means the troubled institution would be placed into temporary conservatorship or a similar vehicle allowing that institution to continue to perform and meet its contractual obligations for a limited period of time.
As a pre-condition for conservatorship, one or more of the Executive Officers and the Board of the institution would be removed. The ongoing approach has many benefits including (1) preserving the value of assets that might be sold at a later date; (2) minimizing the dangerous and panic prone process of simultaneous close out by all counterparties and the need of such counterparties to then replace their side of many of the closed-out positions; and (3) reducing, but by no means eliminating, the very difficult and destabilizing cross-border events that could otherwise occur as witnessed in the Lehman episode. However, the ongoing approach is not without its problems, one of which is the sensitive question of how well an institution in conservatorship for a limited period of time can fund itself.
Fourth: to the maximum extent possible, the rights of creditors and the sanctity of existing contractual rights and obligations need to be respected. Indeed, if the exercise of Enhanced Resolution Authority is seen to arbitrarily violate creditor rights or override existing contractual agreements between the troubled institution and its clients, its creditors, and its counterparties, the goal of orderly wind-down could easily be compromised and the resultant precedent could become a destabilizing source of ongoing uncertainty.
Finally; the orderly wind-down of any large institution – particularly such an institution having a global footprint – is a highly complex endeavor that will take patience, skill and effective communication and collaboration with creditors, counterparties and other interested parties. Shrinking a balance sheet or selling distinct businesses or classes of assets or liabilities may prove relatively simple but the winding down of trading positions, hedges, positions in financial "utilities" such as payments, clearance and settlement systems is quite another matter.
Pre-requisites for Success:
First; as a part of the reform of supervisory policy and practice, supervisory authorities responsible for systemically important institutions must work to insure that "prompt corrective action" becomes a reality not merely a slogan.
Second; the official community must work with individual systemically important institutions to ensure that all such institutions have – or are developing – the systems and procedures to provide the following information in a timely fashion.
• Comprehensive data on all exposures to all major counterparties and estimates of all such exposures of counterparties to the failing institution
• Valuations consistent with prevailing market conditions that are available across a substantially complete range of the firm's asset classes (including derivative and securities positions)
• Accurate and comprehensive information on a firm's liquidity and the profiles of its assets and liabilities
• Fully integrated, comprehensive risk management frameworks capable of assessing the market, credit and liquidity risks associated with the troubled institution
• Legal agreements and transaction documents that are available in an organized, accessible form
• Comprehensive information on the firm's positions with exchanges, clearing houses, custodians and other institutions that make up the financial system's infrastructure
I am under no illusion that these guiding principles and prerequisites are anything close to the last word in seeking assurances that Enhanced Resolution Authority can deliver on the promise of a stability driven solution to the "Too Big to Fail" problem. On the other hand, I very much hope these suggestions will help to stimulate discussion and debate on this critically important subject.


text: Digital This week's headlines from across Inside Network By Emanuel Maiberg|January 13, 2013Share By Emanuel Maiberg|January 13, 2013Share A roundup of all the news Inside Network brought you between Jan. 7 and Jan. 11. Inside Mobile Apps Tracking the convergence of mobile apps, social platforms and virtual goods. Monday, Jan. 7 Guest Post: Presence management, the next discipline for mobile-first organization Nvidia unveils Android-based mobile game system 'Project Shield' Apple App Store exceeds 40 billion downloads, houses 775,000 apps in total Square Registers for sale at Starbucks, pushing virtual sales to physical stores Thing's inspiration is pretty 'Clear' Fun Run, Blueprint, Text Messaging and more on this week's top free mobile apps Tuesday, Jan. 8 Chartboost lands $19M in Series B funding from Sequoia Capital, network now reaches more than 300 million monthly active devices Nanigans: Mobile app climbs from No. 253 to No. 5 in the Apple App Store in 10 days with Facebook mobile app install ads The NYPD goes mobile Apple working on a cheaper iPhone, says WSJ Repulze, The Room, Falcon Pro and more on this week's top paid app charts Wednesday, Jan. 9 Cheaper iPhone may cost between $99 to $149 The Inside Network Job Board: KIXEYE, 12 Gigs, Wooga and more Never forget your meds again with MediSafe Onavo analyzes top 25 grossing iPhone games Facebook to report public app usage in tiers instead of specific numbers New hires in mobile apps: NaturalMotion, Gloops and Gameloft Nuzzle, Supercell, and Noom Weight Loss Coach on this week's top grossing apps charts Thursday, Jan. 10 Anyone is an artist with PicsArt DeNA comes out with new logo and brand identity Supercell generating $1M a day Second Fiction brings 'action science' to iOS with Atomic Robo: Violent Science California Attorney General's office releases privacy guidelines for mobile app developers Friday, Jan. 11 Frame your memories with PIP Camera Update: Reuters takes down story that dismissed Apple's interest in making a cheaper iPhone Mobile news roundup: Samsung, Windows 8 and Applicasa Inside Social Games Covering all the latest developments at the intersection of games and social platforms. Monday, Jan. 7 Bake Shop Drop review Nvidia unveils Android-based mobile game system 'Project Shield' Bubble Safari Ocean on top of this week's fastest-growing Facebook games PopCap, Hasbro announce Bejeweled 'face-to-face' games Blood Roofs (iOS) review Adam Jaffe opens up about Playtika's Playground affiliate program Tuesday, Jan. 8 Bubble Safari Ocean review Century 21 CMO: Social games are prime property for real estate marketing Calm down, everyone: Plants vs. Zombies still isn't on Facebook Zombie Farm Bubbles (iOS) review Wednesday, Jan. 9 Monsters, Inc. Run review The Inside Network Job Board: KIXEYE, 12 Gigs, Wooga and more Brandon Ramsey on creating snackable sports betting game, Fanhood Sports Facebook to report public app usage in tiers instead of specific numbers New hires in social games: Gloops, Plyfe and SponsorPay Legacy of Heroes review Pocket Gems publishing Amazing Ants on iOS Thursday, Jan. 10 Cat StickerZ review King's Bounty: Legions launches on Android Noble Nutlings (iOS) review Friday, Jan. 11 Kings & Warlords review Catch the Ark (iOS) review Social games news roundup: Sasquatch on iOS, Kingdom Conquest II and Bips on Facebook Inside Facebook Tracking Facebook and the Facebook platform for developers and marketers. Monday, Jan. 7 New scam targets Facebook page owners Bubble Safari Ocean, Angry Birds Star Wars, Yelp and more on this week's top 20 Facebook apps growing by MAU Facebook enables advertisers to create new page posts from ad tool Facebook turns off notifications users haven't clicked in a while Tuesday, Jan. 8 Case study: Facebook mobile install ads take app from No. 253 to No. 5 in App Store What Hollywood gets wrong about Facebook marketing Facebook platform industry hires: Hearsay picks up industry vets; Offerpop grows; Spruce cuts account managers, designers Wednesday, Jan. 9 Behind the Salesforce-powered CES Social Media Command Center Pulp Fiction, Texas Chainsaw 3D, Harry Potter and others among this week's top PTAT gainers for movie pages Facebook shares cross $30, highest price in 6 months Facebook launches Pages Manager app for Android in U.S., U.K. Facebook to report public app usage in tiers instead of specific numbers Thursday, Jan. 10 Facebook brings back 'Like Page' button for page post ads in desktop feed, not mobile Facebook looking to conduct phone interviews with Poke users Friday, Jan. 11 Understanding the difference between Facebook Sponsored Stories, Page Post Ads, Promoted Posts and Marketplace Ads Facebook hires and departures: longtime designer leaves; company fills other roles Facebook careers: public policy manager, France country manager, IP counsel, more 'Promote page' option helps page owners create 3 types of ads with a few clicks Facebook roundup: test charges $100 to message Zuckerberg; Facebook fixes password security flaw and more Inside Social Commerce Tracking the convergence of social media and commerce. Craigslist rolls out maps for garage sales and flea markets, still blocking other companies Square Registers for sale at Starbucks, pushing virtual sales to physical stores Game products gave highest return on social network shares in 2012, new report says CES Exclusive Interview: Behind the Salesforce-powered CES Social Media Command Center CES Exclusive Interview: PriceGrabber on mobile shopping habits, the e-commerce boom Facebook to report public app usage in tiers instead of specific numbers Despite New York Times hype, mobile e-commerce revolution is not here The reverse check-in trend continues as discount notifier Scoutmob feeds Field Trip app Share http://adweek.it/2k6lryZ copy Adweek Adweek

subset: commoncrawl


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Hi there, I am a new mom to a wonderful 5 week old baby boy. We have had quite a start with nursing...
Mom's problem began a couple days before week 2. I had the initial engorgement and it reduced, then my left breast engorged again. I was trying to empty it, but it managed to get a plugged duct that COMPLETELY stopped any expression efforts. Followed directions in "The Womanly Art of Breastfeeding" for two days, no improvement and started to have a fever and all the signs of mastitis. Started antibiotics for mastitis, gave it 2 days, but it was no better, and actually probably worse. I had developed a small blister under the skin that looked like milk. I was desperate to get the plug out, so hubby tried, which made the milk blister bigger-so much for sucking out the plug, there was still nothing coming out (baby couldn't latch on at all because it was so engorged and he fussed and fussed because NOTHING was coming out at all, no matter how hard he tried). The milk blister was probably about the size of a dime on the skin next to my areola. Soooo after 2 days of at home plugged duct treatment and 2 days of antibiotics with no improvement it was back to the doctor. I got a shot of antibiotics in the butt and stronger antibiotics, a second shot in the butt the next day, day 3 the OB/GYN sent me to the general surgeon because he believed it to be an abscess. Sooo… off to the surgeon's office immediately (I was probably lucky that the OB was willing to call around to find a surgeon that would see me right then). In the surgeon's office I was telling him the history of how I got here, when I opened my gown to show him the blister I was talking about, he immediately moved for the needles of numbing medication and the scalpel! I am such a wimp, I HATE needles, the thought of cutting into skin freaks me out, but I managed to lay still and not scream as they did an "Incision and Drainage" procedure. Some of the puss just drained on it's own, the rest, as hubby put it, "was squeezed out like playdough". Incision was packed with antibiotic dressing that day and we went back the next day for them to repack. Continued antibiotics at home until the course was complete. Things were looking better and the incision seemed to be healing. I was able to hand express some—initially it came out through the incision, then both the incision and the nipple, then just the nipple—but was unable to breastfeed because the incision was too large and too close to the nipple, this also made it impossible to pump, because the suction REALLY irritated the incision, which the flange sat on top of and rubbed.
This past Monday it was looking good, so I decided to try to pump. I tried a waterproof bandaid to cover the incision. It felt ok while pumping using a manual pump so I could control pressure, etc., but when I took the pump off, my incision was really irritated, as the suction had pulled through the bandaid. I also had a new lump on the underside of my breast. That night I started running a fever. Tuesday I was back in to the surgeon's office where they did another drainage of 30ccs of fluid. Luckily they were able to do this using a needle through the current incision, rather than a new incision. I was also prescribed another round of stronger antibiotics and the fluid that was drained will be sent to the lab to be cultured. I should find out if it is MRSA tomorrow and it's back to the dr's office Monday am for another check.
So the doctor said that I should try to express by hand and with the pump. I can get drops out of the pump or hand expressing and the lump that was drained keeps refilling… I feel like it's a stretched out balloon that keeps collecting. I can get it to feel soft and empty, but it just fills up again. It's still more tender than the rest of the breast. Do you think that wearing a tight bra might help to pull that lump back in (it is visible)? That brings me to my next question… I have had terrible luck finding a comfortable nursing bra prior to all this (I have a small rib cage and large cup size), but now baby boy has been nursing exclusively on the right for about 3 weeks, so my right breast is ENORMOUS. I can't wait to have my left back so I can start working on balancing the work load! Where are the best places for nursing bras? How do you measure… I have used a few of the online calculators and they give me sizes varying from 32 FFF to 36 B! I ordered a couple, but they don't fit at all/were completely uncomfortable, so I have to send them back. With the size difference in my breasts, I realize I'll probably have to stuff the smaller side or use something with very flexible stretchy cups. If it seems like a tight bra to control my lump might help, hubby had the idea of using a sports bra that fits on the left and cutting out a big hole for my right breast. Thoughts?
Background information (I've seen that you ask for this information in follow-ups):
Born 38 weeks-induced due to placental tear/rupture. We had pitocin, pain meds, and an epidural because the pit drip had me contracting every minute really strong for HOURS and they wouldn't let me move due to all the monitors for baby. I would have preferred fewer meds, but was really happy to have a healthy baby. Day 2 we met with the lactation consultant and she gave me a nipple shield to help him latch because I had flat nipples. This was great because it allowed us to nurse, which wasn't working too well before.
Weights: (not on the same scale-some pediatrician, some lactation consultant
Birth-7lbs. 1oz. (lots of IV fluids involved)
1 week- 6lbs. 11oz. (pediatrician's office w/diaper and lactation consultant w/diaper)
2 weeks-6lbs. 5oz. (pediatrician's office w/diaper)
3 weeks-6lbs. 8.5oz. (lactation consultant w/diaper)
4 weeks-7lbs. 0oz. (pediatrician's office w/diaper)
5 weeks-today… no weight check today
Output has been pretty consistent with 7-10 wet and poopy diapers each day.
In the first week, we used the nipple shield and he did ok, but was constantly knocking it out of the way. The lactation consultant helped us to transition away from the nipple shield at the end of first week. He was really sleepy for the first two weeks, so we nursed every 2-3 hours because he didn't demand and he was sleepy when I did wake him up to feed. The pediatrician was concerned that he wasn't back up to birth weight by week 2, but didn't suggest supplementing and just asked that we visit the lactation consultant to check and see how things were going—thank you breastfeeding supportive pediatrician!
We are now feeding on demand, which is sometimes 45 minutes per hour for 4 hours straight! Heavy load for one breast to carry! Probably 12+ feedings per day, but I got to stressed when I tried to record them, so I stopped. Unfortunately, with all that feeding, I don't get a chance to work on expressing from the left much at all... maybe 2-3 times per day (it seems to take forever... get hot compress ready, heat, massage, hand express, pump... all for drops of milk--there must still be a plug in place somewhere)
Any ideas/help/support appreciated!


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Durango is a bike town and were proud of it. But even the most diehard pedalers need a break from the saddle, and as we welcome the racers, crews and fans to town for the U.S. Pro Cycling Challenge, heres a handy guide for how to kill some time between rides. Those events shown here are some of those dreamed up by the race organizers, but Durango is also a hotbed for music and the arts and the whole towns pitching in to keep folks busy. Just turn the page to see the weekends complete calendar of local happenings.
USA Pro Challenge Student Art Shows
(7 a.m.-9 p.m. through Monday at Fort Lewis College; through Tuesday at Open Shutter Gallery, 735 Main Ave.)
Inspired by the USA Pro Challenge, student art from Florida Mesa, Sunnyside, Needham, Animas Valley, Fort Lewis Mesa elementary schools, and Durango High School will be displayed at Fort Lewis College in the Student Union Building. Selected art will also be displayed at the Open Shutter Gallery.
Roundabout sculpture dedication
(3 p.m. today, Florida Road at Chapman Hill)
Boulder-based sculptor Joshua Wiener created five 800-pound rusted steel cyclist sculptures on commission by the U.S. Pro Cycling Challenge. Hell be on hand for todays official dedication of the work as part of Durangos public art collection.
Start Festival
(11 a.m.-6 p.m. Saturday; 11 a.m.-4 p.m. Sunday at Fort Lewis College)
Two full days of live music, food, beer and a Jumbotron showing rider interviews and highlights from last years inaugural Pro Challenge.
(5 p.m. Saturday at Fort Lewis College; tickets at www.Durango2012.com)
The top international cycling teams will be introduced to the locals in an intimate setting on the Fort Lewis College campus. Featured artist Jacqueline Hess created a series of globe sculptures made from bicycle wheel spokes as well as a special sculpture for the Gala that will become part of the citys public art collection.
Race Day Start Festival
(7 a.m.-5 p.m. Monday, Buckley Park/12th Street and Main Ave.)
Race day begins with breakfast burritos in the park and will continue after the 10 a.m. start with full coverage of the leg to Telluride shown on the Jumbotron.
The Bicycle Men
(5 p.m. today and Saturday, 2 p.m. and 7 p.m. Sunday; Durango Arts Center, 802 East Second Ave., 259-2606)
Marionettes in a French puppet show are just two of many characters played by Joe Liss and John Rubano in the musical comedy The Bicycle Men. Resident funnyman and Hollywood veteran Rubano was one of four co-writers on the stage comedy that follows an American cyclist who runs into all sorts of trouble during a ride through France.
Downtown Durango street party
(4-9 p.m. Sunday on Main Avenue)
The Kirk James Blues Band, fresh off last weeks performance at the Rhythms on the River festival in South Fork, is one of four bands slated to play the Downtown Durango Street Party on Sunday. The band, from left to right, is Kirk James, Steve Dejka and Hal Lott. The mini-festival also will feature food, beer gardens and live music on two stages by locals Andreas Fault (rock), Ralph Dinosaur (classic rock) and the High Rollers (country/rock).
Community Grand Open House
(5-9 p.m. today, downtown Durango)
Durangos own U.S. Cycling Hall of Famer Bob Roll will sign copies of his new book Bobke II: The Continuing Misadventures of Bob Roll from 7:30 to 8:30 p.m. today at Marias Bookshop (960 Main Ave.) as part of the Community Grand Open House in downtown Durango.
Butch Cassidy & The Sundance Kid
(8:30 p.m. today)
Robert Redford and Paul Newman are trapped high above the Animas River near Bakers Bridge north of Durango moments before the famous jump scene in Butch Cassidy and The Sundance Kid, which will be shown tonight on an outdoor screen at the Durango & Silverton Narrow Gauge Railroad depot as part of the True West Railfest. Railfest continues all weekend with quick-draw contests, Western vendors and entertainment and special train rides.


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by Baron Bodissey
The of the Organization of Islamic Cooperation is the polite face of the Great Jihad. It represents the entire Islamic community, Sunni and Shi'ite, and acts as the political arm of the Ummah. It is in essence the nascent global Caliphate.
Professor Ekmeleddin İhsanoğlu is the Secretary General of the OIC. He epitomizes those characteristics that Islam prefers to display to a gullible Western public. He is urbane, well-educated, soft-spoken, and eminently reasonable.
Below are excerpts of an interview in Arabic with Prof. İhsanoğlu. It took place in Jeddah in November 2012, and appeared on Saudi TV just after the U.S. elections. In it the professor discusses the OIC's ten-year plan for eradicating the slander of Islam in Western countries, and presents the usual taqiyyah about what Islamic law actually means to women, dissidents, and non-Muslims.
Dr. İhsanoğlu also confirms what I have long contended in this space: the OIC and the Muslim Brotherhood object to violent terrorist factions within Islam not because the objectives of those groups are wrong, but because they are counter-productive. Islamic violence against infidels tends to waken the kuffar from their slumber and arouse their resistance. Therefore, with an eye on the long-term goal, it is to be avoided.
The OIC believes it can accomplish the same end — the establishment of the World Caliphate — without detonating any bombs or slitting even a single infidel throat.
* * * * * * * * * * * * * * *
Some samples from the interview:
…the most important point here is that we have succeeded in the period since 2005 (the publishing of the Danish cartoons) succeeded internationally in that we issued reports from the Human Rights Council of the UN on how to deal with such issues… and these reports we have adopted in agreement with the US and European countries that were objecting to these reports.
…At this moment we have the resolution 16/18 which was issued last year at the UN which forms a legal groundwork for criminalising such actions that could lead to violence… there is in the international agreement for civil and political rights (year 1966 paragraph 18) A provision that would allow us to put limits on the misuse of freedom of speech including misuse of freedom of the press, freedom of thought, the misuse of these freedoms towards others, in a sense that it would encourage to violence and to hatred based on religious belief. We have these legal bases… bases that existed for some time and new bases that we developed and the international community accepts; all we are now missing is some steps that would allow enforcement of these laws.
… there is indeed cooperation between us and the U.S. government, there is a cooperation with the Islamic Development Bank, and it is one of the OIC foundations… There is cooperation between us and the Bill Gates Foundation.
People who are preoccupied with what Obama does, or what Cameron does, or what Gillard does — or even with what Anjem Choudary and Imam Rauf do — are missing the center of the action. The most crucial components of the plan to Islamize the West were conceived in conferences and meetings within the OIC. They are being implemented continuously and quietly — and successfully.
For video and transcript go to Gates of Vienna
See also:
Threat to Free Speech (counterjihadreport.com)


text:
Comprehensive Virtual Workspace Strategy
With Cisco VXI, IT can adopt an end-to-end systems approach with tested solutions, which combines desktop virtualization and collaboration to take control of:
- The proliferation of endpoint devices and mobile work environments
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A successful enterprise-wide virtual workspace deployment needs a comprehensive system that spans data center, network, and collaboration architectures together with the planning, design services, and support offered by Cisco VXI. The end result is a flexible, highly secure, and efficient infrastructure that meets a diverse set of user needs.
Delivering the Next-Generation Virtual Workspace
Cisco VXI delivers a complete virtualized collaborative workspace, unifying virtual desktop, voice, and video services, anywhere, on any device. It combines:
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- Technologies from partners such as Citrix and VMware
Read the VXI at-a-glance (PDF - 916 KB) for details on this image.
Meet Evolving Business Needs with Cisco VXI
Desktop refresh:
Reduce your overall time to deployment and Microsoft Windows 7 migration costs, and gain the flexibility to respond to changing business requirements
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|Typical end user
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More About Cisco VXI
- Cisco VXI Brochure (PDF - 920 KB)
More About Desktop Virtualization
- Cisco Solutions for Desktop Virtualization
- Frost and Sullivan: VXI: Raising the Bar on Desktop Virtualization (PDF - 2.1 MB)
- Cisco Solution for Citrix XenDesktop (PDF - 3.3 MB)
- Cisco Solution for VMware View (PDF - 597 KB)
Case Studies
- Metro Health
Desktop virtualization keeps the data where it's properly controlled and protected. There's no longer a security hole we have to worry about
- Seattle Children's Hospital (PDF - 941 KB)
"When we implemented our VDI test environment, the ease of deployment, performance, and scalability exceeded our expectations. The Cisco team installed the system and stayed onsite with us to help bring us up to speed on the Cisco Unified Computing System platform." Jake Hughes, Chief Technical Architect, Seattle Children's Hospital
- Park Hill School District (PDF - 198 KB)
"We are saving the District thousands of dollars by providing an alternative to purchasing a laptop for every student, teacher, and administrator." Brad Sandt, Director of Technology, Park Hill School District
- Oak Hills School District (PDF - 2.3 MB)
"We worked with Oak Hills to do comprehensive cost analyses that show a 13-month payback, 166% ROI, and IT capital and operating savings of more than $1.27 million over 3 years.... Desktop TCO is 67% lower." Bill Ginn, Client Manager at Champion Solutions Group
Next Steps
Unify virtual desktops, voice, and video across a flexible, secure IT infrastructure.Cisco VXI - Before and After VideoCisco VXI Interactive TourWatch the Cisco and Citrix DemoMetro Health Case Study VideoVXI Poster
Current VXI Technical Resources
Reduce risk and ensure future compatibility with validated designs, support, services and partner solutions.Use Cisco VXI ServicesGet Validated DesignsCisco VXI: Desktop VirtualizationCisco VXI: CitrixCisco VXI: VMware
Cisco VXI BlogsBlog on latest VXI InnovationsEveryone Talks About Cisco UCS
Cisco VXI ProductsUnified Computing and ServersCisco CiusCisco Virtualization Experience Clients (VXC)Cisco WAAS
Recent VXI Events
Cisco VXI Announcement - October 12thVMworld 2011 EuropeCitrix Synergy 2011 Europe
Cisco VXI with Citrix XenDesktop
Cisco VXI - Before and After Video


text:
Has any actually taken a "free" cruise
View Single Post
October 20th, 2012, 08:17 PM
Junior Member
Welcome Newcomer
Join Date: Oct 2012
Posts: 3
Free cruse scam
I received postcard and went to the presentation where they gave me certificate for free cruse. I had to send 2 times $99 cashir check before anything else. After that I got stuf in the mail that I needed to fill out and send back. I needed to pick 3 dates and first date needed to be in the future no sooner than 90 days and no latter than 120 days. 3 dates needed to have 30 days in beetween. because my 3 dates were not 30 days apart they send me letter to cancel my cruse and they will keep my $99. x 2.
I am very upset because I did not see it coming. They made me jump thru the hups and they scam me of my money on the end.
I do not want to go to their cruse anymore....I would like to get my money back. Is it way that I can get my money back. I will report them to the better business biro ... I guess...but is it anything else I can do.
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Question: My husband and I are in the process of obtaining a divorce. Our three children are still under age 18, and my husband has agreed to let me buy out his share of the house on the condition he can be relieved from the obligations of our original loan. There is a 13 year mortgage left on the house with an interest rate of 4.5%. I checked with the mortgage company, and they made it cleart they will not permit my husband to be relieved from responsibility on the mortgage note, although they will not object if the title is transferred exclusively to my name.
What do you recommend? I do not want to have to sell the house at this point in my life.
Answer: This is a very common problem. When a husband and wife divorce, and the parties agree that one of them will own the property, they often forget that there is a lender in the picture who wants to keep both parties responsible while the original loan stays on the books.
Your lender's rationale makes sense. When you and your husband originally made application for your mortgage loan, both of you agreed to be jointly and severally responsible for repayment of that loan. Through no fault of the lender, you are now contemplating a divorce and have agreed that the house would go to you. However, the lender is not obligated to remove your husband from the loan, as long as that loan stays on the books.
Many years ago, lenders took the position that when there was a transfer between a husband and a wife in connection with a divorce, that transfer triggered the "due on sale" clause contained in the mortgage documents. That clause, which has been upheld in many states, basically says that the loan becomes fully due on the sale or transfer of the property.
The purpose of this clause -- from the lender's point of view -- was to prohibit assumptions. In your case, if you and your husband were to sell the property to a third party, in the absence of a "due on sale" clause, that third party could assume the interest rate without paying any points or other assumption fees. This was especially true when interest rates were considerably higher during the 1980s, and lenders did not want those old 7.5% loans to be assumed by a subsequent purchaser. With the existence of such a "due on sale" clause, the loan cannot automatically be assumed without the lender's permission.
However, in 1982, Congress specifically addressed this "due on sale" clause. A new law made it clear that for most loans, the lender could not enforce such a clause on residential property containing less than five dwelling units when the transfer or sale results from a decree of dissolution of a marriage, a legal separation agreement, or from an incidental property settlement agreement by which the spouse of the borrower becomes an owner of the property. In other words, the lender cannot enforce the "due on sale" clause when the property is being transferred from one spouse to another pursuant to a divorce.
Thus, one of your problems has been solved by this law.
However, as we have discussed, even if the lender cannot enforce the "due on sale" clause, when your husband transfers his interest to you, the lender does not have to relieve him from his responsibilities and obligations under the original note that he signed when the two of you bought the property.
There are two solutions. Both of you can sell the property and divide up the proceeds. Under this arrangement, the old lender will be paid off, and both of you will be relieved from liability. However, you have indicated this is not the route you wish to take. You obviously want to stay in the "family" home, at least until your children are older.
Thus, your only other solution is for you to obtain a new mortgage loan (i.e., refinance) and get the new loan into your name only.
If you can qualify on your own for a new loan, I would recommend that you refinance. Rates are still low, alhough I believe they will be going up through the rest of this year. Perhaps you can convince your husband to assume some or all of the closing costs involved in the refinancing process. Or prehaps your husband can make a payment on the mortgage so as to reduce the amount you will have to refinance.
If, on the other hand, you are unable to qualify for a refinance loan, you should go back to your husband and suggest that he allow the property to be transferred to your name only, recognizing nevertheless that he will still be potentially liable on the original loan.
What are the consequences to your husband?
Oversimplified, I can foresee two potential problems.
First, if you cannot make the monthly payments on your loan, and if the house is sold at a foreclosure sale for less than the amount owed to the lender, the lender might be able to go after both you and your husband for what is known as a deficiency judgment. This could also cause potential credit problems for your husband because of the foreclosure. Many states - but not all -- allow deficiency judgments, so discuss this with your attorneys.
Second, and perhaps of greater concern, your husband may have trouble qualifying for another mortgage loan in his own name because of the potential liability on the current mortgage. However, my experience has been that many lenders will waive this problem, especially if your husband has the financial ability to qualify for another new loan.
These are complex issues that deserve full and open communication between you and your husband. Your respective lawyers should attempt to work out these problems, based on all of the facts and all of the financial information available. The decision must not be based on emotional considerations.
And keep in mind that in most states, a transfer of title between husband and wife (even if they are in the process of getting a divorce) is not subject to any transfer or recordation tax. However, once the divorce is finalized, and you then transfer title, you will have to pay those taxes.
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I fell in love with the colors in the current Color Challenge and had to give it a try!
Journaling: When we come to the beach house, we only stay a couple of days, but i always buy fresh flowers for the kitchen table. It's a little splurge that i love to allow myself, since it gives our little house such a happy look!
Maplebrook Studios
Layered Memories No. 126
Noemi Kit
Glorious Days Kit
Fiske Kit
Katie Pertiet
Scallop Strip Masks No. 03
Scallop Strip Masks No. 04
Monarchy Kit
Postcard Journalers
Stitched Journal Strips No. 04
Flourishing Leaves No. 01
Times Up Brushes and Stamps No. 02
Botanical Artistry Clusters No. 02
Hey There Journalers
Le Marche Kit
Assorted Messy Stitches: White No. 01
Quirky Banner Strips No. 01
Hung Up Banners No. 01
Lifted Leaves No. 02
Thin Chip Alphabet: Dusty Blue
Lynn Grieveson
Belle Francaise Element Set
Rosalie Kit
Ashby Kit
Pattie Knox
Little Folded Ribbon Bits
Ali Edwards
Essential Words Hand Drawn Value Pack Vol. 01


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Early Childhood
Head Start and Early Childhood Director
Laurie Kuczka
The Parent Information Center
768 Main Street
Worcester, MA 01610
Our Philosophy
The Worcester Public Schools early childhood programs strengthen, complement, and extend experiences that begin at home. We offer families and teachers the opportunity to establish a relationship based on mutual confidence and respect. This partnership helps each to understand more clearly the behavior, growth, and adjustments of the child. A home-school linkage will then contribute to a positive school experience.
We recognize that the young child grows and learns at his/her own rate in a safe, nurturing, developmentally appropriate environment. Our early childhood programs provide opportunities for socialization, creative activities, and emotional, physical and cognitive development. Constructive play activities that are child-initiated and teacher-facilitated are the primary vehicles of meaningful learning experiences. Through a classroom that promotes the development of positive personal relationships and utilizes a variety of hands-on experiences, children gain confidence in their ability to explore, question, discover, solve problems, integrate knowledge, think critically and take risks.
The Worcester Public Schools believe that quality early childhood education programs will ensure the healthy growth of a future generation and provide the foundation for life long learning.
Tips for Early Childhood
Getting Ready for School
- English Español Português Shqipe Việt
Reading Tips for Families
- English Español Português Shqipe Việt
All Kindergarten children will begin school on Thursday, August 30, 2018
Programs and Services
Parent-Child Home Program
Worcester Family Partnership Information
- English Español
Play Groups
- English Español


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BASRA, Iraq (AP) — Demonstrators took to the streets in Iraq's second largest city Tuesday to show support for Prime Minister Nouri al-Maliki's government, which has weathered over two weeks of angry protests.
The rally in the mostly Shiite port city of Basra appeared to be the largest display of support for the government since primarily Sunni protests erupted last month. Sunni grievances include the detention of prisoners and perceived second-class treatment.
An Associated Press journalist at the Basra demonstration said more than 2,000 people participated, some holding pictures of the Shiite prime minister. At one point, they burned a picture of Izzat Ibrahim al-Douri, the highest-ranking member of Saddam Hussein's regime still at large. He recently voiced support for the Sunni anti-government protests.
The state-run Iraqiya television channel showed smaller demonstrations in other cities in Iraq's Shiite-dominated south.
The channel has not provided extensive coverage of the anti-government protests that have gripped the western city of Ramadi and other Sunni-dominated parts of the country. They follow the arrest of bodyguards assigned to Finance Minister Rafia al-Issawi, one of the central government's most senior Sunni officials.
The anti-government demonstrators' anger runs deeper than the arrests, tapping into Sunni Muslim feelings of discrimination and unfair application of laws against their sect by the government, which is dominated by Iraq's Shiite Muslim majority but also includes ethnic Kurds.
In Baghdad, most Sunni and Kurdish government ministers boycotted a Cabinet session Tuesday. A member of the Sunni-backed Iraqiya bloc, parliament member Haider al-Mulla, said the officials opted to stay away to protest what they see as a refusal by the government to tackle the political crisis and consider the demands of protesters rallying against the government.
Later in the day, a car bomb exploded near the town of Khan Bani Saad, killing five people and wounding 11, according to police and hospital officials. The town is about 35 kilometers (20 miles) north of Baghdad.
Violence has ebbed in Iraq in recent years, but insurgents continue to carry out frequent attacks.
Associated Press writer Qassim Abdul-Zahra contributed reporting from Baghdad.


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FREETOWN — Selectmen confirm they are investigating a number of complaints against Building Agent/Health Inspector Paul Bourgeois, who remains on the job pending the outcome of the probe.
FREETOWN — Selectmen confirm they are investigating a number of complaints against Building Agent/Health Inspector Paul Bourgeois, who remains on the job pending the outcome of the probe.
Selectmen met with Bourgeois and town counsel in executive session following Monday night's meeting. Chairwoman Jean Fox said an investigation into the matter is under way.
Several business owners, some of them at Monday's meeting, have publicly accused Bourgeois of stonewalling projects they have worked on in town. Two of them, Richard Padelford and Michael Kent, said they have hired private investigators to look into his business dealings. Kent said he has also filed a lawsuit against Bourgeois in Bristol County Superior Court.
Bourgeois, who has been on the job for 26 years and makes $75,693 annually, according to the town's salary list, called the claims against him "ludicrous" and said complaints come with the territory when you are trying to enforce rules and regulations.
"It's some unhappy businessmen making unsubstantiated comments," said Bourgeois, who also serves as the town's health agent. "The truth will show there were no improprieties. At some point in the future I would like to get out the truth."
At Monday's meeting, which drew a large crowd, Padelford, owner of Crossroads Plaza in East Freetown, said his dealings with Bourgeois led him to hire a private investigator.
"I've owned commercial property in Freetown for 25 years, including the last 20 years under the cloud of Mr. Bourgeois," said Padelford. "I've seen all of the intimidation, threats. We just got pushed to a level that we weren't going to get pushed anymore."
Kent, a Rhode Island businessman, said his problems with Bourgeois began in 2006 when he attempted to develop Woodland Estates, a subdivision located near the Fall River line.
There is only one home in the subdivision even though it was approved for 12. Kent said Bourgeois would come up with multiple reasons he could not build at the location. He said he finally got frustrated and filed a lawsuit against Bourgeois.
"There's dozens and dozens of people that have come out against Bourgeois," said Kent. "It's because of his mean-spirited ways. He decides who he wants to target and who he doesn't."
Both Padelford and Kent said Bourgeois should be fired and also maintained that an outside agency should conduct the investigation to ensure there are no biases.
"This town cannot go forward with Paul Bourgeois as building inspector/Board of Health," said Padelford. "It's absolutely impossible. He is saying that building inspector is a tough job and people don't like to hear no, but this board will have no choice but to act. If they don't, they do it at their own peril."


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Brazil's real fell, extending its biggest weekly drop since June, on speculation the central bank will allow the currency to weaken as U.S. budget wrangling spurs demand for a refuge in the dollar.
The currency depreciated 0.3 percent to 2.0717 per dollar at 12:08 p.m. in Sao Paulo, extending its weekly decline to 1.2 percent, the biggest drop since the five days ended June 15. Swap rates on the contract due in January 2014 fell one basis point, or 0.01 percentage point, to 7.4 percent.
The real is the worst performer in the past year among emerging-market currencies tracked by Bloomberg, having dropped 15 percent. It declined today on bets Brazil's policy makers won't intervene to prevent its decline as President Barack Obama prepared to hold talks with lawmakers on averting $607 billion in automatic tax increases and spending cuts.
"The market seems to be pricing in that there won't be an accord between Obama and the U.S. Congress," said Alfredo Barbutti, an economist at Liquidez DTVM Ltda. in Sao Paulo. "The dollar has been stronger for days now. The market is testing the central bank."
Brazil's central bank has sold reverse currency swaps to keep the real weaker than 2 per dollar to support exporters. It sold $1.4 billion of contracts Oct. 25, $1.6 billion Oct. 23, $1.3 billion Oct. 5, $5.7 billion Sept. 12 through Sept. 17 and $350 million Aug. 21. The August reverse swaps were the first since March.
'Disconnected' Real
The real has become "disconnected from fundamentals" and its 2 percent drop this month has been exacerbated by investors shorting the currency because they believe the government will let it depreciate further to help exporters and boost the economy, Tony Volpon, an economist at Nomura Holdings Inc. in New York, wrote in a Nov. 14 report.
Foreign investors betting against the real have increased their positions to $5.25 billion from $4.5 billion a month ago, HSBC Holdings Plc analysts Clyde Wardle and Marjorie Hernandez wrote in a Nov. 14 report.
"There is strong risk aversion abroad and it seems that the government wants the real at a weaker level, but this will have implications for inflation," Newton Rosa, the chief economist at SulAmerica Investimentos in Sao Paulo, said in a phone interview.
Faster Inflation
Consumer prices as measured by the IPCA index rose 5.45 percent in the 12 months through October, the fastest yearly pace since February, the national statistics agency reported Nov. 7. Monthly inflation quickened to 0.59 percent from 0.57 percent in September.
Brazil's central bank stepped in to curb the real's losses by auctioning currency swaps in May and June as European sovereign-debt turmoil drove the currency to a three-year low of 2.1062 per dollar. A strong U.S. currency hurts companies whose expenses are mostly in dollars.
Swap rates were poised for the first drop in eight sessions as budget talks in the U.S. and European debt turmoil sparked growth concern, prompting bets the central bank will leave rates unchanged next year.
The central bank has reduced the target lending rate by 5.25 percentage points since August 2011 to a record low 7.25 percent. The government is extending a year-long effort to kick- start economic growth, which analysts surveyed by Bloomberg forecast will slow to 1.5 percent this year, from 2.7 percent in 2011.
Policy makers will leave the target lending rate at its low until at least May, trading in swap rates indicates. Central bank President Alexandre Tombini reiterated earlier this month plans to keep rates low for a "prolonged time."
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