џWPC­ ћџ2?џџB?Jџџ њCourierйџєщоphoenixйб#Xvў6X@ЩќCцX@#бP#бџџџџџџџџџџџџџџџџџCourierArial,Оєxў6X@ЩЙ`7ћX@ўўўўўўўџўџџџўџџўџџџџџџџџџџџџџџџџџџџџUX@3| ial Boldаб#Xjє\  PŽ6G;ynXP#бћџ2,џџq Z‰)дџџCourierTimes New RomanHP LaserJet 5SiHPLAS5SI.PRSлx Œ @Щ‡Я№\№%мUX@М|D8D\dDXdXdXDdd88d8œddddDL8ddddX`(`lхD4l\DDD4DDDDDDdDd8XXXXXА‚„X|X|X|X|XD8D8D8D8ddddddddddXdbdddpdXXX„X„X„l„X~|X|X|X|XdddldldD8DdDDDdŒplld|8|P|D|D|8dvddddА„D„D„DpLpLpLpl|T|8|\ddddddМl|X|X|Xd|DdpL|Dd~4ddC$CWŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxNHxxH\dDXddddРd8@˜˜d<@˜˜d˜<DDXXdШDDxШddФx˜ШHШxxHvЄЄppШDXdЈШ<"„„„„˜˜ИШШd˜ШxtldpФxxШdCourierArialArial BoldTimes New RomanЙ`7ћX@ўўўўўўўџўџџџўџџўџџџџџџџџџџџџџџџџџџџџ<џџ‡>vvv,цьvў6X@ЩЙ`7ћN@ўўўўўўўџўџџџўџџўџџџџџџџџџџџџџџџџџџџџšяА9NC,гМф2МPБŠG;МPўўўўўўўџўџџџўџџўџџџџџџўўўџџџџџџџџџџџšџџ—1mC9,ŒрXmф2МPБŠG;XPўўўўўўўџўџџџўџџўџџџџџџўўўџџџџџџџџџџџћџ2Vџџ^џџ>f ‰ЄџџZќ|xTimes New Roman (TT)Arial (TT)CourierCG Times (Scalable)footnote referencefootnote reference 1б#XPє\  PŽ6QXP#бгг"лdў6X@ЩќCє@*єcЯОІ Pь‰Š7ћєPћџ2j џџ?ˆ!Чшoюйџєщоphoenixйб#Xvў6X@ЩќCX@#б "Technology and Regulation" speech before the Legg Mason Workshop Paul A. JacksonMPOWELL"Technology and Regulation" speech before the Legg Mason WorkshopPowell/Jackson/Speech/"Technology and Regulation"/Legg Mason WorkshopџЮ џheading 1heading 1ХХааааXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААааб#XXф2МPБŠQXP#бггУ УФ Фггб#Xvў6X@ЩќCX@#бааА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААааХХћџ2roœ *lBКИheading 2heading 2ХХааааXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААааб#Мgф2МPБŠQМP#бггУУФФггб#Xvў6X@ЩќCX@#бааА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААааХХheading 3heading 3юфааааXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААааггУУУ УФФФ ФггааА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААааheading 4heading 4ХХааааXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААааб#Мgф2МPБŠQМP#бггггб#Xvў6X@ЩќCX@#бааА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААааХХDefault Paragraph FoDefault Paragraph Font11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#бћџ2іlЄРlаџџК<endnote textendnote textааааXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААааб#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#бааА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААааendnote referenceendnote reference44б#XPє\  PŽ6QXP#бггУУФФггб#Xvў6X@ЩќCX@#бfootnote textfootnote textааааXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААааб#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#бааА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААааfootnote referencefootnote reference 11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#бћџ2& ( КF К lКQuick _Quick _ шоааааXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААааггггааА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААаа_Equation Caption_Equation Caption 11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#бBibliogrphyBibliogrphy 11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#бTech InitTech Init ггггћџ2V lXlФl0КœTechnical 1Technical 1 ггггTechnical 2Technical 2 ггггTechnical 3Technical 3 ггггTechnical 4Technical 411б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#бћџ2p#Кˆ КB!Кќ!КЖ"Technical 5Technical 511б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#бTechnical 6Technical 611б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#бTechnical 7Technical 711б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#бTechnical 8Technical 811б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#бћџ2\'КЂ#(\$l„&l№&Doc InitDoc Init11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#бDocument 1Document 1эуХХааааXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААааггггааА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААааХХDocument 2Document 2 ггггDocument 3Document 3 ггггћџ2‚*ЦŽ'КT(К)КШ)Document 4Document 477б#XPє\  PŽ6QXP#бггУУУ УФФФ Фггб#Xvў6X@ЩќCX@#бDocument 5Document 511б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#бDocument 6Document 611б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#бDocument 7Document 711б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#бћџ2œ-КД*Кn+ К(,!Кт,Document 8Document 811б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#бBullet ListBullet List11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#бDefault ParaDefault Para 11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#бTechnical 1aTechnical 1a!11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#бћџ2Š3"КЮ-#Кˆ.$$B/%$f1Technical 2aTechnical 2a"11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#бTechnical 3aTechnical 3a#11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#бTechnical 4aTechnical 4a$ысааааXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААааггУ УФ ФггааА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААааTechnical 5aTechnical 5a%ысааааXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААааггУ УФ ФггааА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААааћџ2Ц9&$М3'Кр5(Рš6)lZ7Technical 6aTechnical 6a&ысааааXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААааггУ УФ ФггааА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААааQuick 1.Quick 1.'11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#бendnote refeendnote refe(44б#XЯОІ Pь‰Š7ћXP#бггУУФФггб#Xvў6X@ЩќCX@#бfootnote texfootnote tex)ааааXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААааб#XЯОІ Pь‰Š7ћXP#бггггб#Xvў6X@ЩќCX@#бааА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААааћџ2J>*Рј9+КИ:,r;-К=footnote reffootnote ref*44б#XЯОІ Pь‰Š7ћXP#бггУУФФггб#Xvў6X@ЩќCX@#б_Equation Ca_Equation Ca+11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#бfooterfooter,шоааааXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџАа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААааггггааАа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААааpage numberpage number-11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#бћџ2dA.К|>/К6?0К№?1КЊ@Right Par 1Right Par 1.11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#бRight Par 2Right Par 2/11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#бRight Par 3Right Par 3011б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#бRight Par 4Right Par 4111б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#бћџ2~D2К–A3КPB4К C5КФCRight Par 5Right Par 5211б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#бRight Par 6Right Par 6311б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#бRight Par 7Right Par 7411б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#бRight Par 8Right Par 8511б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#бћџ2кK6$АD7$дF8(јH9К KTechnical 7aTechnical 7a6ысааааXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААааггУ УФ ФггааА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААааTechnical 8aTechnical 8a7ысааааXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААааггУ УФ ФггааА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААааDocument 1aDocument 1a8эуХХааааXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААааггггааА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААааХХDocument 2aDocument 2a911б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#бћџ2O:К L;ЦЦL<КŒM=КFNDocument 3aDocument 3a:11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#бDocument 4aDocument 4a;77б#XPє\  PŽ6QXP#бггУУУ УФФФ Фггб#Xvў6X@ЩќCX@#бDocument 5aDocument 5a<11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#бDocument 6aDocument 6a=11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#бћџ2тT>К2O?КьO@ІPAФRDocument 7aDocument 7a>11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#бDocument 8aDocument 8a?11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#бRight Par 1aRight Par 1a@шоааааXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААааггггааА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААааRight Par 2aRight Par 2aAшоааааXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџ0ААааггггааА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџ0XА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААааћџ2Œ]BUC2WDPYEn[Right Par 3aRight Par 3aBшоааааXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААааггггааА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААааRight Par 4aRight Par 4aCшоааааXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџ0ААааггггааА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџ0XА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААааRight Par 5aRight Par 5aDшоааааXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААааггггааА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААааRight Par 6aRight Par 6aEшоааааXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџ0ААааггггааА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџ0XА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААааћџ2 cFО]Gм_HКњaIlДbRight Par 7aRight Par 7aFшоааааXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААааггггааА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААааRight Par 8aRight Par 8aGшоааааXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџ0ААааггггааА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџ0XА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААаа••H11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#бUnnamed 1Unnamed 1I ггггћџ2PeJlRcKlОcLl*dMК–d11J гггг22K гггг33L гггг44M11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#бћџ2jhNК‚eOК‚slЊ‚tlƒuК‚ƒ4141r гггг42a42as гггг43a43at гггг44a44au11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#бћџ2V‡vКn„wК(…xКт…yКœ†45a45av11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#б46a46aw11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#б47a47ax11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#б48p48py11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#бћџ2N‹z(ˆ‡{lА‰|lŠ}ЦˆŠ49p49pzэуХХааааXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААааггггааА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААааХХ50b50b{ гггг51b51b| гггг52a52a}77б#XPє\  PŽ6QXP#бггУУУ УФФФ Фггб#Xvў6X@ЩќCX@#бћџ2hŽ~К€‹К:Œ€КєŒКЎ53a53a~11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#б54b54b11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#б55b55b€11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#б56b56b11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#бћџ2‚‘‚КšŽƒКT„К…КШ57b57b‚11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#б58aa58aaƒ11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#б59aa59aa„11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#б60aa60aa…11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#бћџ2œ”†КД‘‡Кn’ˆК(“‰Кт“61aa61aa†11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#б62aa62aa‡11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#б63aa63aaˆ11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#б64aa64aa‰11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#бћџ2Ь–ŠlЮ”‹l:•ŒlІ•К–65aa65aaŠ гггг66aa66aa‹ гггг67aa67aaŒ гггг68aa68aa11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#бћџ2ц™ŽКў–КИ—Кr˜‘К,™69aa69aaŽ11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#б70bb70bb11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#б71bb71bb11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#б72bb72bb‘11ћџ2о’(š“l@œ”lЌœ•Ц73bb73bb’эуХХааааXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААааггггааА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААааХХ74bb74bb“ гггг75bb75bb” гггг76bb76bb•77б#XPє\  PŽ6QXP#бггУУУ УФФФ Фггб#Xvў6X@ЩќCX@#бћџ2ј –Кž—КЪž˜К„Ÿ™К> 77bb77bb–11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#б78aa78aa—11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#б79aa79aa˜11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#б8080™11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#бћџ2ЄšК*Ё›КфЁœКžЂКXЃ8181š11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#б82OPTIONS\CABS\CONTENT\QUICKEN\FIND03A.HTM„єЉ@nWINDOWS\OPTIONS\CABS\TOUR\OVERVIEW\~INTRO\INTRDATA.TXTˆlЊ@rWINDOWS\OPTIONS\CABS\CONTENT\WIRED\WN\WN_AMBIE\SETUP.HTMpˆЊ@ZWINDOWS\OPTIONS\CABS\CONTENT\WIRED\SETUP.HTMhВЊ@RWINDOWS\OPTIONS\CABS\COћџ2,ЇžКDЄŸКўЄ КИЅЁКrІ8585ž11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#б8686Ÿ11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#б8787 11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#б8888Ё11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#бћџ2\ЉЂl^ЇЃlЪЇЄl6ЈЅКЂЈ8989Ђ гггг90a90aЃ гггг91a91aЄ гггг92a92aЅ11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#бћџ2vЌІКŽЉЇКHЊЈКЋЉКМЋ93a93aІ11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#б94a94aЇ11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#б95a95aЈ11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#б96a96aЉ11ћџ2nАЊ(ЈЌЋlаЎЌl<Џ­ЦЈЏ97a97aЊэуХХааааXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААааггггааА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААааХХ9898Ћ гггг9999Ќ гггг100100­77б#XPє\  PŽ6QXP#бггУУУ УФФФ Фггб#Xvў6X@ЩќCX@#бћџ2ˆГЎК АЏКZБАКВБКЮВ101101Ў11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#б102102Џ11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#б103103А11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#б104104Б11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#бћџ2ЂЖВККГГКtДДК.ЕЕКшЕ105105В11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#б10UR\COMPESS\INTRO.HTMpAЕ@ZWINDOWS\OPTIONS\CABS\TOUR\COMPESS\TOPIC2.TXTpћџ2МЙЖКдЖЗКŽЗИКHИЙКЙ109109Ж11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#б110a110aЗ11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#б111a111aИ11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#б112a112aЙ11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#бћџ2žПКюЙЛ ММК*ОНКфОUSDC PLEADUSDC PLEADКшоааааXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААааггггааА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААааNOTEPAPERNOTEPAPERЛшоааааXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААааггггааА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААааQuick _aQuick _aМ11б#XPє\  PŽ6Qћџ2ŒХОКаППКŠРР$DСС$hУTechnical 2aaTechnical 2aaО11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#бTechnical 3aaTechnical 3aaП11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#бTechnical 4aaTechnical 4aaРысааааXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААааггУ УФ ФггааА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААааTechnical 5aaTechnical 5aaСысааааXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААааггУ УФ ФггааА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААааћџ2RЮТ$ОХУ$тЧФ$ЪХ(*ЬTechnical 6aaTechnical 6aaТысааааXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААааггУ УФ ФггааА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџXА` И hРpШ xа (#џџџџџџџџS\CONTENT\IVILL\PREVIEW.HTMpЧ@ZWINDOWS\OPTIONS\CABS\TOUR\COMPESS\TOPIC4.HTMpoЧ@ZWINDOWS\OPTIONS\CABS\TOUR\COMPESS\TOPIC1.HTMŒ€ќЧ@vWINDOWS\OPTIONS\CABS\TOUR\OVERVIEW\CONTENT\DATA\L2DATA.TXT†Ш@pWINDOWS\OPTIONS\CABS\CONTENT\WBROS\TOONDOM\U_TD_PR1.HTMpЉЩ@ZWINDOWS\OPTIONS\CABS\TOUR\COMPESS\TOPIC6.HTM†нЩ@pWINDOWS\OPTIONS\CABS\CONTENT\WBROS\PLAYDOM\PD_UNSUB.HTMfЪ@PWINDOWS\OPTIONS\CABS\OLS\MSN\README.TXTjsЪ@TWINDOWS\OPTIONS\CABS\CONTENT\WSJ\ASIA.HTMŒ€•Ъ@vWINDOWS\OPTIONS\CABS\TOUR\OVERVIEW\CONTENT\DATA\L3DATA.TXTn€ЊЪ@XWINDOWS\OPTIONS\CABS\CONTENT\WSJ\EUROPE.HTMlщЪ@VWINDOWS\OPTIONS\CABS\CONTENT\WSJ\FRONT.HTMlщЪ@VWINDOWS\OPTIONS\CABS\CONTENT\WSJ\INDEX.HTM|pЫ@fWINDOWS\OPTIONS\CABS\TOUR\OVERVIEW\CONTENT\SM5.HTMˆ€ЋЫ@ћџ2xбЦК„ЮЧК>ЯШЦјЯЩКОаDocument 2aaDocument 2aaЦ11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#бDocument 3aaDocument 3aaЧ11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#бDocument 4aaDocument 4aaШ77б#XPє\  PŽ6QXP#бггУУУ УФФФ Фггб#Xvў6X@ЩќCX@#бDocument 5aaDocument 5aaЩ11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#бћџ2’дЪКЊбЫКdвЬКгЭКигDocument 6aaDocument 6aaЪ11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#бDocument 7aaDocument 7aaЫ11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#бDocument 8aaDocument 8aaЬ11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#б•a•aЭ11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#бћџ2ИзЮКФдЯК~еаК8жбЦђж20ab20abЮ11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#б21ab21abЯ11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#б22ab22abћџ2вквКъзгКЄидК^йеКк24aa24aaв11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#б25aa25aaг11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#б26ab26abд11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#б27ab27abе11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#бћџ2ьнжКлзКОлиКxмйК2н30ba30baж11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#б31ba31baз11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#б32ba32baи11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#б33ba33baй11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#бћџ2tткКолКиомК’пн(Lр34ba34baк11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#б35ba35baл11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#б36ba36baOLS\MSN\MSNSETUP\COUNTRY\UK\EULA.TXTlРФм@VWINDOWS\OPTIONS\CABS\CONTENT\NGC\INDEX.HTM‚Їн@lWINDOWS\OPTIONS\CABS\CONTENT\WIRED\AD\AD_HP\INDEX.HTMp€о@ZWINDOWS\OPTIONS\CABS\CONTENT\ZDNET\INDEX.HTMn€;р@XWINDOWS\OPTIONS\CABS\CONTENT\ZDNET\MAGS.HTM”€~р@~WINDOWS\OPTIONS\CABS\OLS\MSN\MSNSETUћџ2ŽхоКІтпК`урКфсКдф42ab42abо11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#б43ab43abп11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#б44ab44abр11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#б45ab45abс11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#бћџ2ЈштКРхуКzцфК4чхКюч46ab46abт11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#б47ab47abу11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#б48pa48paф11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#б49pa49paх11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#бћџ2ТыцКкшчК”щшКNъщКы50ba50baц11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#б51ba51baч11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#б52ab52abћџ2V№ъ(єыыКюьКжюэЦя54ba54baъэуХХааааXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААааггггааА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААааХХ55ba55baы11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#б56ba56baь11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#б57ba57baэ77б#XPє\  PŽ6QXP#бггУУУ УФФФ Фггб#Xvў6X@ЩќCX@#бћџ2œїюКˆ№яBё№`ѓё~ѕ58aaa58aaaю11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#бtoc 1toc 1яшоааааXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџА(#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџ`ААааггггааА(#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџ`XА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААааtoc 2toc 2№шоааЎ„mA}НzWINDOWS\OPTIONS\CABS\TOUR\OVERVIEW\CONTENT\DATA\TOOLDATA.TXTtЎ„mA}Н^WINDOWS\OPTIONS\CABS\TOUR\RESOURCE\DEFAULT.HTMŒЎ„mA}НvWINDOWS\OPTIONS\CABS\TOUR\OVERVIEW\CONTENT\DATA\L3DATA.TXTnЎ„mA}НXWINDOWS\OPTIONS\CABS\TOUR\COMPESS\INTRO.TXT„Ў„mA}НnWINDOWS\OPTIONS\CABS\TOUR\OVERVIEW\CONTENT\SHOWME2.HTMrЎ„mA}Н\WINDOWS\OPTIONS\CABS\TOUR\OVERVIEW\HIDDEN.HTMpЎ„mA}НZWINDOWS\OPTIONS\CABS\TOUR\OVERVIEW\INTRO.HTMrЎ„mA}Н\WINDOWS\OPTIONS\Cћџ2žўђЮїѓьљє ќѕv(ўtoc 4toc 4ђшоааааXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџАИ (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџ`ААааггггааАИ (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџ`XА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААааtoc 5toc 5ѓшоааааXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџАh(#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџ`ААааггггааАh(#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџ`XА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААааtoc 6toc 6єшоааааXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџА(#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџ ААааггггааА(#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџ XА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААааtoc 7toc 7ѕ ааггггћџ2Hіаўїюј љ*toc 8toc 8ішоааааXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџА\CONTENT\LESSON3.HTM„Ў„mA}НnWINDOWS\OPTIONS\CABS\TOUR\OVERVIEW\CONTENT\LESSON4.HTM„Ў„mA}НnWINDOWS\OPTIONS\CABS\TOUR\OVERVIEW\CONTENT\LESSON5.HTMjЎ„mA}НTWINDOWS\OPTIONS\CABS\TOUR\COMPESS\NAV.HTM„Ў„mA}НnWINDOWS\OPTIONS\CABS\TOUR\OVERVIEW\CONTENT\LESSON6.HTM„Ў„mA}НnWINDOWS\OPTIONS\CABS\TOUR\OVERVIEW\CONTENT\SHOWME1.HTM„Ў„mA}НnWINDOWS\OPTIONS\CABS\TOUR\OVERVIEW\CONTENT\LESSON2.HTM„Ў„mA}НnWINDOWS\OPTIONS\CABS\TOUR\OVERVIEW\CONTENT\LESSON1.HTM„Ў„mA}НnWINDOWS\OPTIONS\CABS\TOUR\OVERVIEW\CONTENT\L6FRAME.HTM„Ў„mA}НnWINDOWS\OPTIONS\CABS\TOUR\OVERVIEW\CONTENT\L2FRAME.HTMpЎ„mA}НZWINDOWS\OPTIONS\CABS\TOUR\COMPESS\TOPIC1.TXT„Ў„mA}НnWINDOWS\OPTIONS\CABS\TOUR\OVERVIEW\CONTENT\L3FRAME.HTM„Ў„mA}НnWINDOWS\OPTIONS\CABS\TOUR\OVERVIEW\CONTENT\L4FRAME.HTM„Ў„mA}НnWINDOWS\OPTIONS\CABS\TOUR\OVERVIEW\CONTENT\L5FRAME.HTMpЎ„mA}НZWINDOWS\OPTIONS\CABS\TOUR\COMPESS\TOPIC1.HTMpЎ„mA}НZWINDOWS\Oћџ24 њzћv˜ ќК §lШ toa headingtoa headingњшоааааXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџА(#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААааггггааА(#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААааcaptioncaptionћ аагггг_Equation Caption1_Equation Caption1ќ11б#XPє\  PŽ6QXP#бггггб#Xvў6X@ЩќCX@#бBlock TextBlock Text§ааааXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААааб#Мgф2МPБŠQМP#бггггб#Xvў6X@ЩќCX@#бааА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџXА` И hРpШ xа (#џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџААааћџ2%tf џџ ЎKкџџ,"тАкŒ,џџџџџџџџџџџџџџџџџџџџ^CCUƒƒЭ›5PP[‡CPCCƒƒƒƒƒƒƒƒƒƒCC‡‡‡ƒю››ЈЈ›’ЖЈCv›ƒФЈЖ›ЖЈ›’Ј›л››’CCCkƒ5ƒƒvƒƒCƒƒ55v5ФƒƒƒƒPvCƒvЈvvvP>P‡хPC†iPPPCPPPPPPƒP‘C›ƒ›ƒ›ƒ›ƒ›ƒщЭЈv›ƒ›ƒ›ƒ›ƒCCCCCCCCЈƒЖƒЖƒЖƒЖƒЈƒЈƒЈƒЈƒ›v›ƒЈƒЖ‘Жƒ›vЈƒšƒ›ƒ›ƒ›ƒЈvЈvЈ†ЈvЈ‘›ƒ›ƒ›ƒ›ƒЖƒЖƒЖƒЖ†ЖƒЈdWINDOWS\OPTIONS\CABS\CONTENT\QUICKEN\INSIGHT1.HTMzЎ„mA}НdWINDOWS\OPTIONS\CABS\CONTENT\QUICKEN\INSIGHT2.HTMnЎ„mA}НXWINDOWS\OPTIONS\CABS\CONTENT\TIME\INDEX.HTMnЎ„mA}НXWINDOWS\OPTIONS\CABS\CONTENT\WBROS\EDOM.HTMtЎ„mA}Н^WINDOWS\OPTIONS\CABS\CONTENT\WBROS\ENT_FRM.HTM€Ў„mA}НjWINDOWS\OPTIONS\CABS\CONTENT\WBROS\PLAYDOM\PRES0.HTM”Ў„mA}Н~WINDOWS\OPTIONS\CABS\OLS\MSN\MSNSETUP\COUNTRY\CANADA\EULA2.TXT€Ў„mA}НjWINDOWS\OPTIONS\CABS\CONTENT\WBROS\PLAYDOM\PRES2.HTM€Ў„mA}НjWINDOWS\OPTIONS\CABS\CONTENT\WBROS\Pћџ2ќKWZЂџџ ] џџ/§"‚i~з'џџџџџџџџџџџџџџџџџџџџ^:D`ppА8DDLt8D88ppppppppppDDttt|Ф„|œ8p|Јœ†œ„|„М„„|D8Dtp8p|p|pD||88p8А||||LpD|pœppdL8LtхD8ttDDD8DDDDDDpD|8pppppШАp„p„p„p„p88888888|œ|œ|œ|œ|||||„pp|œ|œ|„p|„|ppppptp„p„p„p„pœ|œ|œ|œ|œ|||88D|DD8|œpttp|8|L|D|`|8|Œ||œ|œ|ШМLLL„p„p„p„t|`|D|t||||||Мœ„t|d|d|d||D|„p|D„p:dp,0,WŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒddddddddddddddddddddddddddddddddddddddddNHxxHppD|ppppкpLHЈЈpDP””pЈD88ddpШDDxШppШx˜ШHШxxHsŸŸ||Ш8ddАШD"„„„„˜˜ИШШd˜ШxxldtФxxШd<џџ‰?xxx,Оєxў6X@ЩЙ`7ћX@ўўўўўўўџўџџџўџџўџџџџџџџџџџџџџџџџџџџџ<џџ‡>vvv,цьvў6X@ЩЙ`7ћN@ўўўўўўўџўџџџўџџўџџџџџџџџџџџџџџџџџџџџšяА9NC,гМф2МPБŠG;МPўўўўўўўџўџџџўџџўџџџџџџўўўџџџџџџџџџџџš№—1mC9,ŒрXmф2МPБŠG;XPўўўўўўўџўџџџџџўџџџџџџўўўџџџџџџџџџџџиё™/qC:,уXqф2pБPаG;XўўўўўўўџўџџџџџџўџџџџџџўўўџџџџџџџџџџџЂџџ‘7jC:,ynXjє\  PŽ6G;XPўўўўўўўџўџџџўџџўџџџџџџўўўџџџџџџџџџџџџџџџTimes ItalicCG Times Bold Italic5SI.PRSлx Œ @Щ‡Я№\№%мUX@ћџ2yK.џџЯ-џџ  џџ "‚i~з'џџџџџџџџџџџџџџџџџџџџ^:DPddЈœDDDdp4D48dddddddddd88pppXИ„„|pDL|Аp„p|М|D8D\dDXdXdXDdd88d8œddddDL8ddddX`(`lхD4l\DDD4DDDDDDdDd8XXXXXА‚„X|X|X|X|XD8D8D8D8ddddddddddXdbdddpdXXX„X„X„l„X~|X|X|X|XdddldldD8DdDDDdŒplld|8|P|D|D|8dvddddА„D„D„DpLpLpLpl|T|8|\ddddddМl|X|X|Xd|DdpL|Dd~4ddC$CWŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒŒxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxNHxxH\dDXddddРd8@˜˜d<@˜˜d˜<DDXXdШDDxШddФx˜ШHШxxHvЄЄppШDXdЈШ<"„„„„˜˜ИШШd˜ШxtldpФxxШdћџ2Ћд АZн4дб#Мф2МPБŠG;гМP#бСрAь.СMICHAEL K. POWELLƒ СрћьOСCommissionerƒ Ср ьђСFederal Communications Commissionƒ СрХь^СBefore theƒ Ср!ь,СPractising Law Instituteƒ аадˆьд дFŽдWashington, DC д9едDecember 10, 1998 дˆьд дˆьд д+д"Letting Go of the Bike" дˆьд д —Rx Ж'дд•‘дб#Xmф2МPБŠG;ŒрXP#бA Holiday Parable on Communications Mergers in a Season of Competition дˆьд дˆьд д —R3Ж'дд1+д(As Prepared For Delivery)б#Мф2МPБŠG;гМP#б дˆьд дˆьд дˆьдаад\Ад д —R:Ж'ндааб#Xmф2МPБŠG;ŒрXP#бСŠСGood morning. It is my great pleasure to be here and to speak with you today. I know you will be hearing a lot of important details from some of the other speakers today, so I thought I would share with you a little of the "big picture." I want to start by speaking with you about the holidays. СŠСTo many of us, the holidays conjure up childhood memories of vacation, sumptuous meals joyfully devoured by family and friends, and, of course, presents. My nineЉyearЉold Jeffrey has been lobbying for a new BMX bike. This bike is outfitted with all kinds of capabilities to jump, to speed through corners and to do a variety of stunts. Jeff insists he is going to become a stunt rider or BMX racer, neither of which give his mother and I much comfort. But we doubt he will really try any of these things and we are happy to get it for him, though we sometimes wish, in teaching him to ride a bike, we had thought to include advanced motocross training. СŠСMy memories of teaching my son to ride a bike have gotten me thinking again about our move away from a regulatory model to competitive markets in the communications industry. And it has me thinking about the pace of competitive forces, innovation, anxiety and risk. СŠСThink of these elements as a sort of regulatory parable: the child is the Public Good and we Regulators are his parents. Mr. and Mrs. Regulator have raised Public Good, doting on him, feeding him, cleaning up his messes and just protecting him overall. One Christmas, his grandfather, Congress, decides to give Public Good the present for which he has been asking ЉЉ a slick, new bike called Competition. This bike has all kinds of bells and whistles that will let Public Good do all sorts of thingsд")0*0*0*АА+(н"д д Š%щCЧ да Шщ ад Š%щCЧ дhe could not do on his old Regulatory Rider. СŠСMr. and Mrs. Regulator are very proud to see their son standing next to his shiny new treasure. They take pictures to commemorate the moment ЉЉ Public Good standing next to Competition, grinning from ear to ear, excited about the possibilities of hitting the street. As he jumps on and begins toiling around the flat circle just outside the Regulators' home they have little fear, but Public Good is not content. He did not ask for this serious machine just to ride in circles. He wants to take his bike to the track to test his potential on Free Market Hill. СŠСMr. and Mrs. Regulator do not know quite what to make of Public Good's restlessness. They admire their childРРs ambition, but believe the dangers of riding down Free Market Hill are great. They can just imagine him breaking a bone, or worse, his neck. They have visions of the emergency room. The Regulators resist letting Public Good ride Free Market Hill, but he demands a shot at the rewards that come to those who can conquer it. СŠСSo, Mr. and Mrs. Regulator agree to take Public Good over to Free Market Hill. As the Regulators look down the Hill, they see that it is very steep with a big jump up the other side, over which they cannot see. The Regulators know that, as Public Good goes down the Hill, his speed will be great. There may be ruts and gravel and who knows what is on the other side of that hill. Think of the hill, in our parable, as the ravaging economic and technological forces of the information revolution. Those forces are tumultuous, explosive, and quick changing. Public Good will have to ride more skillfully and nimbly than ever before. But the excitement of riding Free Market Hill promises to delight Public Good more than he ever would have experienced under the careful watch of Mr. and Mrs. Regulator. СŠСBut despite these opportunities for Public Good, Mr. and Mrs. Regulator cannot help themselves as their son starts down Free Market Hill. They run alongside, holding the handlebars and the seat. They constantly scream instructions and warnings. They insist he stay on the brakes. And when they get to that jump at the bottom, over which they cannot see, they are afraid to let their boy try it. СŠСMr. and Mrs. Regulator exhibit the understandable and sincere instincts of a parent. But it is also the classic parent trap. As every parent knows, if your child is going to learn to ride a bike, you must be willing to let go, despite the risks. If Public Good is going to reach his full potential, he must be set free. He needs the ability and opportunity to put his head down, lean into the wind and soar. He needs the ability to adapt quickly and change course as the road becomes bumpy, without the intruding hand of Mom and Dad. And Mom and Dad need to resist letting their speculative anxiety of the unknown get the best of them. It may be okay for them to insist Public Good ride with a helmet and avoid being too reckless, but to be truly responsible parents, the Regulators must let go and must not place too manyд"#'0*((АА%н"д conditions on Public Good's ride. СŠСThere are many areas I could now go into based on this parable. It implicates many questions about deregulation, forbearance and the balance between consumer protection and competitive opportunity. But what I wanted to focus on today are the lessons this parable holds for our actions under the breathtakingly broad public interest standard in the context of merger review. д —RHЖ'дУУThe Need for Guiding Principles in Public Interest Merger ReviewФФ СŠСThe public interest standard is the basis on which we assert jurisdiction to review communications mergers. Though we do have some express antitrust authority under the Clayton Act, to my knowledge, the FCC has rarely (if ever) invoked such authority as the basis for reviewing a merger. The danger of the public interest standard is that it is extraordinarily vague and facileР"Рtoo easy a basis to reach out and grab the brakes of competition. Consequently, I believe it is imperative that we try to enunciate principles that will discipline our historically broad discretion. СŠСOn other occasions, I have noted my belief that the first set of limiting principles must ensure that our public interest considerations are truly germane to our authority and expertise. I concluded that the decision whether to attribute significant (or any) weight to a particular factor in our public interest merger review should turn on: д —RиЖ'дТXŠТ(1)ТX` ` ЙТwhether the Commission has statutory authority to consider that factor;Ц(#` Ц ТXŠТЦ(#Ц д —RЊЖ'дСŠС(2)ТА` ` ЙТwhether the action the Commission would take with respect to that factor is part of our core function of setting telecommunications policy; and,Ц(#` Ц д —RNЖ'дСŠС(3)ТА` ` ЙТwhether the action relies on our unique expertise in setting such policy and is not more readily handled by other processes or other institutions vested with Congressional authority.Ц(#` Ц СŠСAs I stated in reference to the MCI/WorldCom merger, the Commission cannot command respect as an "expert agency" ЉЉ one worthy of the broad public interest authority Congress has given us ЉЉ if our pronouncements turn on subjects in which we are not expert or which do not rely on our unique capabilities. д —R#Ж'дУУMoving Beyond Jurisdiction, Core Function and Unique ExpertiseФФ СŠСBut even if we apply these general principles, I worry that the public interest standard is a "place perfect" for nurturing regulators' anxiety about protecting ЉЉ often overprotecting ЉЉ the public good. In terms of our bike parable, I believe that theд"#'0*((АА%н"д public interest standard is insufficient in its basic form to guide Mom and Dad Regulator as to when to step in and when to let go of the Competition bike and allow Public Good to realize his full potential by braving the challenges of riding Free Market Hill. СŠСTruthfully, the public interest standard can be largely selfЉfulfilling ЉЉ decide what you want to do and say it is in the public interest to do so. There need to be some limiting principles so that the industry, and the markets, know better when regulators should grab those handlebars and when we should not, remembering that every time we do grab, we slow competition and may cost the rider the race. Let me explore some limiting principles with you today to address these concerns. д —Rь Ж'д1.СŠСУУDonРРt Squeeze Just Because You CanФФ СŠСFrom the standpoint of applicants, mergers often involve both high risks and high rewards, which often turn on relatively tight, unforgiving time frames. Once convinced of the net benefits of a proposed merger to their shareholders, the applicants may be willing to trade much to maximize their chances for timely regulatory approval. Thus, more than in most other situations, regulators have applicants by the throat. СŠСThere is an understandable impulse that when you have got a company by the neck you can go ahead and squeeze a little. That instinct must be resisted. A merger event cannot be an opportunity to import any and every concern one has with the merging parties, nor can regulators use the partiesРР desire to merge as a chance to grind every ax. One constraining principle here would be for regulators to ask themselves whether they would actually block the merger absent the condition they are exploring. д —ReЖ'д2.СŠСУУMerger Conditions Are Not a Substitute for RulemakingФФ СŠСSo what are some additional principles I think should discipline the public interest? Well, first of all, I believe that merger conditions really need to be mergerЊspecific. Mergers may have proЉcompetitive aspects, antiЉcompetitive aspects or both. As regulators, we must consider what the specific effects are as a consequence of the merger. Will the merged parties have too much market power when combined? Does the merger impermissibly eliminate an actual or, in limited circumstances, a potential competitor. Does the merger itself actually produce a problem or does the problem or issue of concern exist broadly in the industry, irrespective of the merger? If the answer to the latter is yes, I would submit that it is appropriate for the FCC to consider that issue, but only through the traditional mechanisms of administrative practice. In other words, through rulemakings or enforcement actions and not mergers. д"#'0*((АА%н"дŒСŠСHesitancy in imposing merger conditions as a substitute for rules is wellЊadvised because of its implications for competitive neutrality. It may seem defensible to require something of an industry, but it is antiЉcompetitive to impose a condition on one or two members of an industry simply by virtue of the fact that they have chosen to merge. From the applicantsРР perspective, a condition is a cost. To raise the costs of one industry player but not the cost to others to whom the condition rationale also runs, seems patently unfair and will skew competitive development. СŠСI must say a word here about soЉcalled "voluntary" commitments. There has been a tendency throughout the history of the FCC to seek and rely on voluntary commitments. Sometimes we seek to distinguish voluntary commitments from conditions. We suggest that, out of the goodness of their hearts, the parties were willing to address a public interest concern of the Commission. We try to contrast this with a condition in which the government hinges its approval on the fulfillment of the condition. СŠСI personally believe that there is absolutely nothing voluntary in a regulatory relationship. Merging parties are not altruists. They accede to commitments solely in order to get regulatory approval or to accelerate the review. The government cannot, to my mind, defend a merger condition (irrespective of what it is or its propriety) on the supposition that it was voluntarily agreed to by the parties. One should be troubled that such "voluntary" conditions allow an administrative agency to evade judicial review of a government imposed restriction. д —RиЖ'д3.ТXŠТУУMerger Review is Not an Opportunity to Substitute the RegulatorРРs Vision of д —RСЖ'дthe Marketplace for That of Market ParticipantsФФЦ(#Ц СŠСThird, I believe that merger review is not an opportunity to substitute the regulatorРРs vision of the marketplace for that of market participants themselves. Markets are dynamic. They are churning, evolving, innovating stews that boil to suit consumer tastes. The market does not operate according to a recipe. One cannot really predict where markets will take you with any certainty. If one could, Wall Street would not exist as a sophisticated gambling trade, and a lot more young turks would be beating the S&P 500. СŠСRegulators often are into the "vision thing." They enjoy speculating about how it all comes out and do so often at events and conferences like this one. Myself included. Of course, being a market pundit is easy when there are no direct harms to us if we are wrong. We do not place our hardЉearned money on the table and take a chance. Only private firms suffer the harm of misplaced bets. As a consequence, our crystal ball is much cloudier than theirs. There simply is nothing like facing financial ruin to focus the mind. Moreover, in a market as fastЉmoving and innovationЉdriven as telecommunications, the ability to predict is probably impossible and certainly foolhardy. д"#'0*((АА%н"дŒ™СŠСIn addition, regulators are fundamentally followers. We lag behind market trends. Our visions are usually 20 years out of date. We are mired in tradition, culture, and bureaucratic inertia. We are slow to understand, anticipate and adapt our actions to the leading trends in technology or services. And we often are vested in the ways of regulation or deregulation that make us important or relevant. СŠСFinally, regulators have a persistent tendency to undersell the ability of market forces to address social, political and public policy objectives. The infant years of an emerging market always trend toward the highest value products and services and the higher value consumers. Firms make substantial up-front investments and they necessarily must pursue the most lucrative markets at the beginning to recover their costs and to demonstrate to investors that they are, in fact, a good bet. But I assure you private firms do eventually go after anyone that has money to spend. СŠСLet me give a quick example. When the FCC earlier this year considered forbearing from certain regulations that apply to the highly competitive wireless industry, it declined to forbear in a number of areas. In part, this was out of a concern about limited deployment to certain less lucrative segments of the population. I understood this concern, but I questioned the suggestion that this represented a market failure and that regulation had to protect and facilitate service to those segments. СŠСSince that decision, I have made some interesting observations that affirm for me that competitive markets do ultimately serve the mass market. I have seen the rise of national television ads for prepaid cellular plans. I saw a cellular phone service being offered at a Seven Eleven store. And recently I saw a cellular phone vending machine on a trip to Las Vegas. To put a cap on my point, the Yankee Group recently found that wireless phone use among users with an annual income level below $20,000 had doubled over the past year, from 8.9% in 1997 to 17.4% in 1998! The market is alive and well and inclined to reach the mass market. д —R7Ж'дУУPermissible ConditionsФФ СŠСHaving said all that, I do believe there are permissible merger conditions. For example, I believe conditions may be appropriate where necessary to cure demonstrable antiЉcompetitive effects. The task of policing such effects is largely duplicative of the Department of JusticeРРs efforts, but there are some conditions along these lines that the Commission can administer pursuant to our public interest authority that would be difficult, if not inappropriate, for Justice to impose. СŠСI also believe conditions may be appropriate where necessary to enforce statutory requirements that are being violated. Such conditions merely invite regulators to enforce existing rules and laws. For example, the Commission might want to consider the fact that the applicants have refused to pay their requiredд"#'0*((АА%н"д contributions to federal universal service support mechanisms. Likewise, the Commission might want to consider whether incumbent LEC applicants have refused to unЉbundle their networks pursuant to section 251(c) of the Act. СŠСOur skepticism about imposing such merger review conditions need not be overly stringent where it is demonstrated that the applicants have already violated the law. If the public interest means anything, it should mean that the Commission should not be seen as endorsing illegal behavior by approving proposed mergers without conditions designed to discontinue such behavior. СŠСWith respect to parties' warnings of future illegal behavior, however, I think we regulators should be more circumspect. Specifically, I think companies should enjoy a presumption of innocence, such that if regulators believe it likely that the merged entity will violate the law, we should be able to point to concrete and persuasive evidence in the record that supports this prediction. Moreover, I believe we should have to point to concrete and persuasive evidence in the record that supports a finding that the merged entity will be more likely to violate the law than the individual applicants. д —RKЖ'дУУConclusionФФ СŠСIn closing, if we are true to the goals of promoting simultaneously competition, deregulation and innovation in the context of merger review, I believe we must enunciate principles that stay the hand of a paranoid parent. I have shared with you some of my own views in this regard that surely will be tested in the coming year. СŠСSo you can see, though I believe in being careful, I am much more inclined than some to "let it ride." I know that young Public Good will reach his full potential if we do. I only hope that on Christmas day, I have the courage to take my own advice д —ReЖ'Кдwhen my son Jeff asks for a shot at the hill.б#Мф2МPБŠG;гМP#баа