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Posts tagged ‘John Bruton’

BREAKING…..Eurobanks ‘heavily exposed to Detroit and other US cities’

By Thomás Aengus O Cléirigh:

IMG_2260

This bank is no longer under Irish regulation and even when it was the Irish authorities were incompetent to say the least or better dare I say they were looking the other way as they wined and dined the Hot moneymen all over Dublin. The moneymen in the IFSC are still in control and they have X politicians as front men like John Bruton who recently was calling for less regulation can you belive?.
We here in Ireland are true surfs and debt slaves servicing faceless bondholders gambling debts !
This Den of toxic hot-money (IFSC)should be closed down and the operators should all be in Jail for laundering money !
http://www.irisheconomy.ie/index.php/2012/06/25/depfa-bank-collapse-and-the-irish-taxpayer/

The Slog.

What always makes me laugh in a vaguely nervous way is when I hear soundbites/watch videos/read interviews with the Wanksters, where they claim that all their derivative debts “are netted”.

Let me explain something here. Not even Lloyd Blankfein with a direct feed from Jehovah has the faintest bloody clue whether his 103 times leveraged Goldin Sacks is netted with a Chinese takeaway or an Aussie saltwater crocodile.

In the last 24 hours, it has begun to be apparent that several eurozone banks have large exposures to the Detroit collapse, through complex certificates of participation. The startlingly unlovely UBS sold such certificates over a long period – up to a total of around one and a half billion dollars. Most of this sub-sub prime bogpaper ended up with European banks, all of whom of course knew what they were doing. Not.

One particular trail involves Hypo-Real Estate, stranded with $200m…

View original post 209 more words

Solidarity with the Occupy Wall Street Heros

Again we are in Ireland put to shame as elsewhere ordinary show they have the courage to stand up against the banker dictatorship .The theft of people’s fundamental rights, their ability to provide for their families and their own welfare in the future .We have mouthpieces in Government who are now openly demanding austerity measures of the people to pay for the odious gambling debts of Bondholders who should have known better. We are now nothing more than debt slaves to Deutshe Bank and the Likes of Peter Sutherland, John Bruton, Allen Dukes, and the current Finance Minister Mr. Michael Noonan are their willing “overseers” “facilitators
who are willing to enslave their own people for the sake of “a few quick bucks”!

Stop the Irish Banker occupation and take back our country from the public office
leaches sitting in Lenster House who have broken all their promises to the
people of Ireland.

The Moriarty tribunal’s second and final report

Enda Kenny

Image via Wikipedia

The Moriarty tribunal‘s second and final report has found that Michael Lowry assisted Denis O’Brien in his bid to secure a mobile phone contract for Esat Digifone.

It concluded it is “beyond doubt” that then minister for transport, energy and communications Mr Lowry gave “substantive information to Denis O’Brien, of significant value and assistance to him in securing the [mobile] licence”.

It said Mr Lowry and Mr O’Brien had at least two meetings during the bid process at which the former minister “imparted substantive information to Mr O’Brien of significant value and assistance to him in securing the licence”.

During the first meeting, the tribunal found that Mr Lowry proposed France Telecom to Mr O’Brien as a potential partner, on the basis that the telecoms firm had an interest in forming a consortium to bid for the licence.

The tribunal says while this did not ultimately bear fruition, it showed Mr Lowry to be “indiscreet and less cautious in dealings with interested parties than might have been expected”.

At the second meeting between the two men, which was held in September 1995, Mr Lowry is reported to have told Mr O’Brien that Esat Digifone was in pole position in the competition but warned him of concerns about the company’s financial footing.

These discussions reportedly allowed Mr O’Brien to continue negotiating with Dermot Desmond about joining Esat Digifone though his investment vehicle IIU, according to the report.

It says the “most pervasive and abusive instance” of Mr Lowry’s influence on the awarding of the mobile licence was his decision to withdraw time from the project group when they requested an extension to their work because it was not convinced the firm should be nominated as winner of the process.

The report goes on to say that Mr Lowry deprived Cabinet colleagues of an opportunity to scrutinise and review the result and sought to overreach his own party leader, then taoiseach John Bruton, “by intimating that government should have no discretion in the matter”.

According to the report, the tribunal’s remit did not extend to determining if the result of the licence award was correct, but was to “determine whether that decision, on that date [October 25th, 1995], was influenced or impacted on by Mr Lowry,” and an examination of the process used to decide on the licence application.

The newly published report says Mr Lowry displayed “an appreciable interest” in the licence competition, had “irregular interactions with interested parties at its most sensitive stages, sought and received substantive information on emerging trends (and) made his preference as between the leading candidates known”.

It adds the former minister “ultimately brought a guillotine down” on the work of a project group overseeing the competition, and “proceeded to bypass consideration by his Cabinet colleagues”. This, the tribunal concludes, “thereby not only influenced, but delivered, the result”, when Esat secured a mobile phone licence.

The decision was made on October 25th, 1995, and announced on May 16th, 1996.

In a statement, Mr Lowry described the Moriarty report as “factually wrong and deliberately misleading”.

He said Mr Justice Moriarty “has outrageously abused the tribunal’s ability to form opinions which are not substantiated by evidence or fact”.

The report says a payment of IR147,000 made by Mr O’Brien – through David Austin, an associate of both men, via a series of offshore accounts – to Mr Lowry’s Isle of Man Irish Nationwide account was “moved from Mr O’Brien’s account to Mr Lowry’s account in the Isle of Man” in a markedly clandestine and covert manner.

It said the absence of any commercial purpose for this payment and the secretive manner of its disclosure meant the tribunal had concluded the payment was made to Mr Lowry, via third parties, by Mr O’Brien “during a period when Mr Lowry held public office, in circumstances giving rise to a reasonable inference that the motive for making the payment was connected with the public office of minister”.

Mr O’Brien responded to the report by saying its findings were “fundamentally flawed” and said it was “incumbent on the judiciary to investigate the conduct of Mr Justice Moriarty and the tribunal legal team for the manner in which they conducted themselves” during the inquiry.

He said there was no evidence that showed he or his company won the licence unfairly or made any payments to Mr Lowry. He said he had never given Mr Lowry “one red cent”.

Mr O’Brien said Mr Justice Moriarty was “totally wrong” and had a view that he was guilty. He said he gave the judge access to accounts and diaries and that nothing had been uncovered but that Mr Justice Moriarty had eliminated evidence that did not suit him.

When asked why appeals taken against the tribunal had been unsuccessful, Mr O’Brien said a “ring of steel” had been built around Mr Justice Moriarty.

The tribunal also makes a number of findings in relation to a political donation to Fine Gael of $50,000, to be paid by Esat, “in the immediate aftermath of the successful outcome of the GSM competition”.

It said this payment was “made in a manner which, having regard to its false and misleading documentation, the initial payment to an offshore Jersey account, and the eventual delays and misrepresented form of transmission to Fine Gael, was secretive, utterly lacking in transparency and designed to conceal the fact of such payment by or on behalf of the donors”.

“The tribunal has found that the payment, although not one ever intended for Mr Lowry personally, was nonetheless one that technically falls within its terms of reference and was a payment to Fine Gael, on behalf of Esat Digifone at the instigation and promotion of Denis O’Brien.”

Fianna Fáil Micheál Martin leader told the Dáil the tribunal had made a “stinging criticism of Fine Gael” and its handling of the issues dealt with by the report.

Taoiseach Enda Kenny rejected this assertion and told deputies his party had been commended by the tribunal for its forthrightness. The report raises “issues that need to be taken serious note of and acted on and they will”.

The tribunal began its inquiry into the licence competition in 2002 after it discovered potential financial links between the former minister for communications Mr Lowry and Mr O’Brien.

The report says the first steps to make an payment to Mr Lowry were taken less than seven weeks after the licence was granted and was made out of the first series of funds made available to Mr O’Brien after he completed a placement on the US market.

The tribunal of inquiry was established in 1997 to look into the financial affairs of former taoiseach Charles Haughey and Independent TD for Tipperary Mr Lowry.

It issued its first report in 2006 – which covered matters to do with Mr Haughey. Its second and final report concerns Mr Lowry, who was minister for communications when the second mobile phone licence was issued to Denis O’Brien’s Digifone in the mid-1990s.

The tribunal issued confidential preliminary findings relating to its second report to interested parties in November 2008 but then held subsequent hearings where new evidence was heard that called into question some of the findings.

comment:

I am still without broadband to-day and after 8 calls to Eircon I find out that it will be Friday before something will be done .This morning I was told that it might be a problem in the house but after ruling out this possibility over the weekend I told Eircon that I had an independent telecoms person  check all the telephone sockets in the house and he was able to rule out any faulty sockets and that the DSL line into the house was not functioning and so the fault was in fact at the local exchange. After about an hour I called Eircon again only to be told that the fault was indeed at the local exchange and that a line was plugged into line a or B and they needed to be switched around but this will only happen on Friday and until then no broadband for me. Welcome to crap service and shut up and put up from Eircom.Pity I just can’t ring up a Minster like Ben Dunn ,in government and get the job speeded up.This is Ireland today and the corruption is still there. Change what change? the gravy train is still rolling along and the same old pigs are helping themselves .only the stupid voters have conned again !   Nobody will go to jail and we the ordinary people will end up paying for the mistakes and corruption  of the insiders and cronies and as we see we still have crappy essential services from companies like Eircon .this is a very depressing day for Ireland and me !

Group of 17 “leading figures” submits blueprint for recovery

SIMON CARSWELL, Finance Correspondent

A GROUP of 17 leading business and public figures has submitted a wide-ranging report to the Government with ideas that they believe will lead to economic recovery.

The report, A Blueprint for Ireland’s Recovery, proposes ways to create jobs, reform the public sector, rebuild international confidence in Ireland and re-engineer the banking system.

The group, which is chaired by businessman Philip Lynch and the chief executive of the Rehab Group, Angela Kerins, submitted the 38-page report to the Department of the Taoiseach last week.

The authors of the report include: Michael Berkery, former chief executive of the Irish Farmers’ Association; former taoiseach John Bruton; businessman Leslie Buckley; former European Parliament president Pat Cox; financier Dermot Desmond; and Fine Gael strategist Frank Flannery.

The other participants are: former Fianna Fáil minister for finance Ray MacSharry; businessman Denis O’Brien; Seán O’Driscoll, chief executive of Glen Dimplex; property developer Michael O’Flynn; former Bank of Ireland chief executive Mike Soden; former National Treasury Management Agency chief executive Michael Somers; former Labour tánaiste Dick Spring; chairman of Goldman Sachs International and formerly of BP Peter Sutherland; and the former secretary general of the Department of Communications Brendan Tuohy.

A spokesman for the group had no comment. “The contents of the report are private until such time as there is engagement with the Government on it,” he said.

The group recommends that the Government go further than the cuts in public spending suggested by economist Colm McCarthy in his “Bord Snip Nua” report.

The public sector should be reduced by about 30,000 jobs and the social welfare system should also be reformed, the report says.

A new minister for competitiveness should ensure that targets are met on public sector reform while electoral and public sector reform should be monitored with regular progress reports.

More than 200,000 jobs can be created, the group argues, by developing five sectors – manufacturing, tourism, agriculture, life sciences and information and communications technology.

The sale of the two big banks, AIB and Bank of Ireland, to international buyers is recommended. The group calls for Nama to be reviewed as it has failed to meet its objectives.

To restore confidence and Ireland’s reputation, an investor relations strategy should be developed to attract overseas investment. Among the targets suggested is that 20 per cent of foreign direct investment should be sourced from south east Asia by 2015.

Comment:

Just one look at the so called “leading figures” is enough  to disregard anything these self appointed saviours of the country.They benefited the most from the Celtic Tiger and now they want to secure more benefits for themselves naturally by putting their proposals to their pals in high places in the new Goverement >  

  Michael Berkery, former chief executive of the Irish Farmers’ Association; former taoiseach John Bruton; businessman Leslie Buckley; former European Parliament president Pat Cox; financier Dermot Desmond, Fine Gael strategist Frank Flannery,former Fianna Fáil minister for finance Ray MacSharry; businessman Denis O’Brien; Seán O’Driscoll, chief executive of Glen Dimplex; property developer Michael O’Flynn; former Bank of Ireland chief executive Mike Soden; former National Treasury Management Agency chief executive Michael Somers; former Labour tánaiste Dick Spring; chairman of Goldman Sachs International and formerly of BP Peter Sutherland; and the former secretary general of the Department of Communications Brendan Tuohy.

All of the above are from what one can only call the “Insiders Club” and some of them should be in Jail. all have benefited of the backs of the ordinary people of Ireland and some still do!(Sticky Dick Spring, Ray MacSharry, Michael Somers, Brendan Tuohy,  Peter Sutherland, John Bruton)

I sure Goldman Sachs is really worried about the unemployed and the poor of this country!

For example who is this Goldman Sachs Mr Peter Sutherland works for ?????

 

 

 

 Right!

Wealthbuilder Quarterly Brief March

My thanks to Chris for this timely market brief from

www.wealthbuilder.ie 

Quarterly Market Brief

9th. March 2011 

 

Short term traders love volatility and I reckon they are going to get it over the next few months. The catalysts will be oil price instability, rising interest rates worldwide, dollar gyrations and higher inflation. Accordingly note that the VXX is intimating a significant breakout.

The current market correction, which was nicely anticipated, is providing smart traders with ample opportunities. Sectors to watch are oil (ETF: USO), Silver (Ultra ETF: AGQ) Financials (Direxion Bear ETF: FAZ)  Mid Caps (Direxion Bear: TZA) and Technology (Ultra Bull ETF: QLD).

Silver’s AGQ has already gone parabolic and is up nearly 100% since January alone thus it would be wise to wait for pullbacks to enter any new positions on this wonderful instrument.

If USO solidly breaks 42.50 chances are that over the course of a year it could double in price particularly should the dollar breakdown continue.

The April earnings season is going to be particularly interesting. Will gas price instability coupled with upward trending cost of credit dampen consumer sentiment and future sales projections? If earnings estimates start regressing will this herald the end of the March 2009 bull run?  Will the game changing political tsunami sweeping the Middle East penetrate China and finally destabilise the most totalitarian communist regime in the world after North Korea?

The political and economic landscape in Europe is no more stable than elsewhere. The Euro crisis has been parked for the moment but has not gone away. For example the new administration in Ireland is in no mood to carry the full cost of implementing the austere economic directives emanating from Brussels. Ireland can very feasibly “burn” up to 20 billion Euro of senior unsecured bondholder debt in its banks. The European commission does not want this to happen as it fears such a move, by a full Euro member, could cause bond contagion across the zone thus adversely affecting confidence and raising future Euro bond rates. A senior Irish politician Mr, John Bruton (European Ambassador to the USA) has stated on the record that the European Central Bank shared some of the blame for the Irish banking crisis because it failed to implement its supervisory responsibilities under the Maastricht treaty. He wants all Euro members to shares the Irish pain through lower bailout rates and longer loan repayment timelines. Many see his point. Thus clearly something has got to give. The situation is not helped by the fact that the German chancellor Angela Merkel‘s party is facing no less that 8 regional elections and is under serious political pressure from conservative opposition.

The situation in England grows more alarming every passing month. The austerity measures being implemented by the conservative /liberal coalition are savage and deep due to its one trillion sterling national debt. It is now dawning that the negative GDP figures reported for the end of December may not be totally weather related and there is real fear that a double dip recession is in the offing.

All in all, given the above, I reiterate that the next two to three months should bring lots of volatility to hungry traders. A point every investor should note is that this environment is pay-dirt for quant players who love to fake short term direction. Experienced market watchers would have noted that old technical indicators no longer work and must develop counter-active strategies. Failure to do so will bring failure as high frequency traders now make up over 50% of all trades. ignore this market fact at your peril.

VXX: 1 Day Chart:

 

  USO: OIL ETF 9 Day Chart

 AGQ: Silver Ultra ETF 1 Day Chart

 FAZ: Financial Direxion ETF 1 Day Chart

TZA: Small Cap Direxion ETF 1 Day Chart

 QLD: Technology Ultra ETF 1 Day Chart

John Bruton’s revolving door move to Brussels lobby consultancy

Wednesday, 26 January 2011

Commission – belatedly – investigates John Bruton’s revolving door move to Brussels lobby consultancy

Ex-commissioner Günter Verheugen is not the only Commission official who just ignored the rules about seeking approval for a new job (Verheugen failed to inform the Commission of his new lobby consultancy firm, the European Experience Company). John Bruton, former Irish Prime Minister and EU ambassador in Washington DC until November 2009, failed to notify the Commission about two new jobs which clearly involve potential conflicts of interest. After Corporate Europe Observatory (CEO) raised this issue earlier this week, the Commission appears to have contacted Bruton and made him file a request for approval for his jobs at the Dublin-based International Financial Services Centre and Brussels-based lobby consultancy Cabinet DN (where he has worked as a Senior Advisor since December 2010).

As head of the Commission’s delegation in the US (2004-2009), Bruton was one of the highest Commission officials, but he seems to have been unaware of the obligations under the Staff Regulations (Article 16) for “Officials intending to engage in an occupational activity, whether gainful or not, [to] within two years of leaving the service shall inform their institution thereof.” After such a notification, the Commission assesses possible conflicts of interest and can “either forbid [the official] from undertaking it or give its approval subject to any conditions it thinks fit.”

The incident also reveals that the Commission does not monitor post-employment activities for even its most senior officials – and does not act until a problem is raised by civil society watchdogs like CEO.

The Commission’s decision on the case is unlikely to be clear-cut, judging from its record on revolving door cases so far. Following a query from Nessa Childers MEP, the Commission revealed that just one out of 201 requests for job approvals has been turned down since January 2008 (less than 0,5% of the cases).

In 2009, the Commission gave the green light to Jean-Philippe Monod de Froideville (a personal advisor and member of Competition Commissioner Kroes’ cabinet) to move to lobby consultancy Interel Cabinet Stewart, where he works for industry clients on “competition and trade matters”.

It also approved – in 2010 – Mogens Peter Carl’s move to Kreab Gavin Anderson (KGA). Carl, who works for KGA clients on energy issues, was director-general in DG Environment at the European Commission and also served as director-general in DG Trade. Also worth mentioning is Michel Petite, head of the Commission’s powerful Legal Service from 2001-2008, who moved straight to Clifford Chance, a leading law firm with a blossoming lobbying business. This revolving door case was shortlisted for the top-five nominations for the category of Worst Conflict of Interest in the Worst EU Lobbying Awards 2008. Petite, ironically, now heads the Commission’s Ad Hoc Ethical Committee, responsible for assessing conflicts of interest related to job moves by ex-Commissioners.

The Commission is about to start discussions with MEPs about stricter rules for ex-Commissioners wanting to go through he revolving door. The Bruton case underlines the need to also strengthen the Staff Regulations and the Commission’s monitoring of which new jobs former Commission staff take.

source: http://blog.brusselssunshine.eu/2011/01/commission-belatedly-investigates-john.html

comment:

No wonder the established political parties are so upset about a bunch of Independents gate crashing their private club house (The Dail ) god knows what other jobs and perks we the public don’t know about ! time to clean out this private club house that is sucking the system dry!

Thomas Clarke

Independent for Wicklow

AIB top staff share €40m in bonuses just before Christmas.

Executives at AIB — the bank taxpayers have bailed out to the tune of €3.5bn so far — will share €40m in bonuses just before Christmas.

In a move certain to spark fury, the bank has decided about 2,400 staff must be paid the bonuses for legal reasons after several of them took court action.

Cheques for an average of €16,700 are likely to be sent out to executives on December 17. Staff last year received €54.9m in bonuses.

Paying the bonuses — for work at the height of the financial crisis — comes as taxpayers are smarting from having their incomes slashed in the Budget.

Shareholders are also likely to be furious after their AIB shares tumbled from €23.95 to just 50c over the last two years.

Ironically, the bonuses are for work done in 2008 when the bank came close to collapse before the Government stepped in with a taxpayer guarantee.

AIB’s shares have fallen by almost 60pc this year alone.

It is understood a large number of AIB staff have now taken legal action seeking their bonuses, agreed under contracts signed before the economic crash. A few weeks ago analysts put the total cost of the bonuses at no more than €10m, but this has now quadrupled. AIB declined to comment last night.

The €40m bonus is a significant chunk of the bank’s market value these days. The stock exchange values the entire bank, which was once the largest Irish bank until it was eclipsed by Bank of Ireland, at just €540m.

While the bank and the Government have halted so-called “discretionary” bonuses, it appears they have no legal power to stop bonuses included in the contracts of individual staff members.

Only yesterday, Finance Minister Brian Lenihan said he thought it was unlikely bonuses would be paid out for some time at the banks. He said until the banks were profitable again and made a “return” to the taxpayer, he didn’t think any bonuses would be sanctioned.

Despite this, the €250,000 semi-state pay cap announced in Tuesday’s Budget will not apply to bankers in state-owned institutions. This means those in charge of failed state-owned banks will still be able to earn twice as much as those in charge of successful state-owned companies.

The Department of Finance last night confirmed in a statement that it was “not intended that the (€250,000) cap apply to state-supported banks”.

It’s not the first time the bank has paid its own employees extra while the rest of the country was tightening its belt. In October last year the lender hiked salaries for 5,000 Irish employees by 3pc.

Targets

The taxpayer has already spent €3.5bn propping up AIB but the eventual size of the bailout is likely to be much larger. The bank said last week that it will need to raise €5.3bn of additional capital by the end of February to reach targets set by the Central Bank.

Most analysts expect the bank won’t be able to raise this amount, which will force the Government to effectively nationalise it.

The Government has also helped the bank by creating the National Asset Management Agency (NAMA) to buy distressed property loans — a plan by which NAMA “invests” billions to buy AIB loans after years of reckless lending. That money, like the bailout money, may or may not be recovered in future.

The revelations came as it emerged that the UK’s rescue loan to Ireland could increase if the economy here runs into trouble. Chancellor George Osborne conceded this yesterday as he refused to rule out similar action to help other troubled European states.

Mr Osborne said emergency legislation would be published today capping Britain’s loan at £3.25bn (€3.87bn). However, the bill will include a clause allowing the ceiling to be increased, subject to a vote in the Commons.

– Emmet Oliver and Thomas Molloy

Irish Independent

Comment:here is another example of another cronie working with the banks

Bruton’s attempts to ‘sell’ Ireland slammed in Dubai Eamon Quinn

 
 

IFSC chairman and former taoiseach John Bruton: trying to attract more international banks to Ireland

Senior bankers in Dubai have criticised the timing of a presentation tomorrow by Irish government officials called ‘Ireland, the Financial Services Gateway to Europe’ because television in the United Arab Emirates has for weeks blamed Irish banks for helping to bring the euro to the edge of destruction.
The presentation by former taoiseach and EU ambassador to the US, John Bruton, who is also chairman of IFSC Ireland, in the Godolphin Ballroom in the Emirates Towers Hotel, one of the most expensive venues in the region, is part of the newly-created task force to attract more international banks to Ireland. But a senior banker complained that the timing could not have been worse.
“People in the financial services industry here are looking at Ireland as an economic disaster that was extremely badly managed by the government,” he told the Sunday Tribune.
“Remember that many industry professionals and investors got badly burned during the Dubai property crisis, which pales into insignificance compared to the Irish banking system. People are not going to be swayed by attempts to sell Ireland right now,” he said.
The banker said the idea of promoting Irish expertise and its position within the eurozone was a good idea “but not at this time”.
The conference, which had attracted 60 visitors, was important as a way to dispel negative headlines about Ireland, a spokesman for Enterprise Ireland said.

Comment:

Coming one day after the most draconian budget in the history of the state again we see that Lenihan and Cowen are looking after their pals .The Labour party does not come out of this smelling of roses either as Sticky Dick Spring along with Declan Collier

is supposed to be the government appointed watchdog director’s for the taxpayers but as I have pointed out in earlier postings these cronies have gone native on us, just like Allen Dukes over at Anglo Irish Bank.A distinct flavour of I’m all right jack and thanks for the gig lads.

Then we have former taoiseach John Bruton

(This is the Gob**** that only a few weeks ago announced to the world that Ireland would payback every penny that our banks owed, this was the time Cowen and Lenihan were telling the Irish people that there was no need for us to go to the IMF or the EU ).We now know that the Irish banks have already borrowed 165 billion from the EU so far this year .Is this guy working for Goldman Sacks? It does tell you something when we have a former taoiseach in a position of chairman of one of the world’s largest front for hot money .The IFSC has 2.8 Trillion sitting on deposit and the government of Ireland gets a big fat zero .I wonder why? a charge of 1% would bring in 28 Billion into the government’s coffers overnight with Bruton loud mouthing the bankers cause it’s no wonder the government are afraid to tackle this obvious source of revenue .

X politicians working for the big banks says it all ! 

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