Carrick Mollenkamp is a great reporter who currently owns one of my favorite niches: finding insider moles to bring to light behavior at big financial companies that is ambiguously squicky. Today he’s got one that’s close to my heart, and here it is: a junior analyst at Deutsche Bank disagreed about a technical modeling question with his VP.

Wait, what?

Well, here:

At a time when mortgage-backed securities were imploding and customers were fleeing the market, a junior analyst at Deutsche Bank AG protested when he was asked to alter the numbers in a spreadsheet to make a Deutsche security look less risky to ratings agencies, according to a person with knowledge of the matter.

The analyst, this person said, was asked by a mid-level Deutsche executive in late 2007 to make it appear that the investment would produce more cash than the bank actually expected at certain time points. …

[Ajit] Jain had studied at the Indian Institute of Technology in New Delhi and joined Deutsche in June 2006, according to employment records kept by the Financial Industry Regulatory Authority. He joined the New York office in September 2007, when the CDO Group was struggling to find investors.

Within a short time of his arrival, according to three people familiar with the matter, Jain raised questions about whether spreadsheets were being improperly altered. His complaints went to senior levels within Deutsche, including its legal and compliance departments, according to people familiar with the matter.

These spreadsheets were cash flow models for some of Deutsche’s CDO deals, which Deutsche gave to ratings agencies to rate those CDOs. They were complicated. How complicated? Here is a lovely detail:

Those spreadsheets were often so large and complex they could take several minutes to open on a computer, according to a person familiar with them. The spreadsheets involved fiendishly complex arrays of inputs and sophisticated calculations, involving everything from the default rates of the mortgages that backed the CDO, to when borrowers would pay off their loans. But one purpose of the spreadsheets was simple: to estimate how much cash the CDOs would generate at certain time points.

I had a computer like that once too! (Er, now.)

This sounds very unpleasant but I’m not sure. You could have two opposite theories:
(1) There was a right thing, which Jain did, and a wrong thing, which his VP told him to do, and then there was a cover-up; or
(2) There were two plausible things, and the VP thought his was right, and Jain thought his was right, and Jain was kind of a prima donna about it, and then there was an abundance-of-caution investigation that concluded that the VP was right or at least plausible (and more senior!).

Obviously (1) is a news story and (2) isn’t. In some parts of the world this is called publication bias. Remember these numbers were cash flow projections – there was no “true” and “false” (I mean, there is, but only in hindsight, and my guess is that both sets of projections were “false”). There’s only more or less plausible, more or less in accord with stated assumptions, more or less in accord with other projections used by DB. There is a lot that you could do that would look fraudulent – say, take internal projections that DB used to manage its risk and massage them for S&P, or claim to use certain assumptions but actually use different ones in modeling the cash flows. And there are other things that you can do that would look, just, messy – say, have one person assume one set of inputs and another assume another.

When Carrick Mollenkamp smells smoke there’s often fire and certainly this sounds like naughty things went on. “Alter” is always a worse word than, like, “change,” and “mak[ing] it appear that the investment would produce more cash than the bank actually expected” is sort of a no-no though who is “the bank” doing the expecting here? But my instinctual sympathies in the string of CDO scandals tend to be with the CDO structurers because things are just generally messy and there are often a lot of plausible ways to come up with projections for an obviously uncertain future.

And then you get hit by the publication bias. Lots and lots of emails get sent at investment banks. If a structuring team sends 1,000 emails saying “good job, everything checks out” and one dumbass analyst says half-jokingly “man, some of these bonds are dogshit,” guess which email gets read at your criminal trial? CDO structurers, of all people, live statistically and stochastically – prosecutors and juries tend to take the worst facts as the most representative. You fuck one sheep!

Here, lots of people on two continents worked on these models. Let’s say there were 20 of them. One thought something smelled kind of funny. Nineteen thought everything was fine. (Or are lying to you! Totally possible.) The one who has complaints gets the press. In most industries, when the junior guy on the team gives his perspective and is overruled by his boss, he either shuts up or eventually gets fired. In banking, he gets an investigation run by an outside law firm. This is why.

Deutsche Analyst Sounded Alarm When Asked to Alter Numbers [ProPublica]

* Obviously the analyst, right?

134 comments (hidden to protect delicate sensibilities)
Show all comments ↓

Comments (134)

  1. Posted by The Truth | January 19, 2012 at 7:15 PM

    There goes his chance to be Berkshire CEO

  2. Posted by UBS MD | January 19, 2012 at 7:17 PM

    Large complex spreadsheets? We used an abacus.

  3. Posted by Buboe | January 19, 2012 at 7:36 PM

    So, if a team of 20 engineers designs an pressure releif vale, and nineteen say it's fine, and one of the posits a scenario in which it may fail spectacularly and asks that it not be manufactured, he's a fringe crackpot, right?
    So how about if he works for Transocean and BP, and the valve is for a deep water oil rig?
    Thanks Matt, but this isn't occuring in a vacuum. I'll take the outside investigation thanks.

  4. Posted by Tired Joke | January 19, 2012 at 8:02 PM

    Well duh, if it fails spectacularly there will no longer be a vacuum, but the odds of that are pretty slim if 95% of the engineers think it's fine.

    -AIG Offshore Oil Insurance Risk Management Quant

  5. Posted by Red Pot | January 19, 2012 at 8:06 PM

    How many of the engineers were Aggies? Well, there you go, see?

  6. Posted by wheel reinventor | January 19, 2012 at 8:48 PM

    We could have helped you out.

    -INTEX sales guy

  7. Posted by CDO Guy | January 19, 2012 at 8:55 PM

    Hey d-bag, there's a huge difference between mechanical engineering. See, mechanical engineering relies upon known principles of physics, mechanics, chemistry, etc. Financial engineering relies upon assumptions about prepayment speeds, borrower behavior, global macro-environments, property values, etc., all of which are observable historically, but none of which are "known."

    You can say "a metal of x tensile strength will fail when subjected to pressure of y" with some certainty. With finance, you can only say "history tells us that when interest rates do x and property values do y, people have done z.". For example, prior to the recent crisis, people tended to abandon their credit cards prior to their homes. In other words, it's far from certain. Financial models are predicated upon compounding assumptions, not concrete principles of mathematics and science.

    So second guessing one or more forward-looking assumptions in a model is an exercise in self-fellatio. Reasonable people may disagree. The fact that, in hindsight, one person guessed the right outcome and one or more persons didn't isn't evidence of malfeasance. A more appropriate comparison would be to sports handicapping. By all historical evidence, the Packers should have beaten the Giants. The guy that called the Giants shouldn't (necessarily) be hailed as the unsung hero/genius. He simply relied upon a set of assumptions that the majority of others disagreed with, using the same available historical information.

    A third party investigating the particular assumptions utilized isn't a panacea. There is a difference between "aggressive assumptions" and "fraud.". That line is grey, at best. The outcome of the outside investigation is as much of a crapshoot as the original model, albeit biased towards the "innocent investors" (who, presumably, ran their own models, using their own models, which were based on likely different inputs chosen from the same set of available historical data).

    In other words, enjoy watching the circle jerk, and go fuck yourself.



  8. Posted by CDO Guy | January 19, 2012 at 8:59 PM

    Uh, should have been "between mechanical engineering and financial engineering.". Big ol' "duh" on me.

  9. Posted by Guest | January 19, 2012 at 9:16 PM


    -Guy who tells it like it is

  10. Posted by Matt Levine | January 19, 2012 at 9:34 PM

    Not even close.

  11. Posted by guest | January 19, 2012 at 9:37 PM

    So, it seems that many of you guessed wrong with disastrous results. Based on observable historical data, that would make you unreliable and dangerous.

  12. Posted by Door Mattt | January 19, 2012 at 9:37 PM

    I'm gay for huge spreadsheets of squab.

  13. Posted by Guesser | January 19, 2012 at 9:45 PM

    Lots of people guessed wrong. Including people who bought homes assuming property values never go down. Including bond investors who insisted on more spread backed by lending to lower-credit borrowers. Including the Congress who insisted on CRA standards and subsidies to people to buy houses who couldn't otherwise afford to own houses.

    A lot of people guessed wrong. Guessing wrong is always dangerous.

  14. Posted by Edmond_Dantes | January 19, 2012 at 9:49 PM

    Dear CDO Guy

    The long winded and confusing nature of your comment makes me believe you are an ideal CDO Prospectus author.

    Dear Matt

    Deutsche helped structure the Magnetar deal, is levered close to 99:1 (their Taunus USA brokerage is closer to 250:1), and are a bunch of London based punters playing with oblivious German retiree deposits. I trust Ajit on this one.

  15. Posted by CDO Guy | January 19, 2012 at 9:58 PM

    Dear Mr. Dantes:

    While long-winded, I don't believe anything I wrote was, or should have been, confusing. Prospective modeling of cash flows based ultimately on borrower behavior is different than predicting the effects of physical forces on physical material. Investing, whether in equities or debt, is closer to Vegas than science, and anyone who believe otherwise is a fool. Concise enough?

    And, by the way, I love the Magnetar trade. magnetar took advantage of an arbitrage available in the mis-priced CDS market and the overheated debt demand market. It was not only not illegal, but not unethical.

  16. Posted by wannabe | January 19, 2012 at 10:49 PM

    wasn't that gs?

  17. Posted by Guest | January 19, 2012 at 11:13 PM

    You don't understand the difference between IFRS and GAAP, you don't know the difference between a holding company and a brokerage and you don't understand how investment bank funding works. When can you start?

    -NYTimes Business Section Editor

  18. Posted by Guest | January 20, 2012 at 12:27 AM

    Once you go f**king sheep, you don't go back f**king Prabjeet.

  19. Posted by Myopia | January 20, 2012 at 4:40 AM

    Pricing of illiquid and or exotic products has always been more dark art than science. By 2007 most people not 'in the business' imagine/d it was all hard numbers and cruching cubes of data. The truth was and as far as I know still is far more finger in the …
    Changing cash projection 'forecasts' is such a opaque term. A junior analsyst just out of college has no idea of the market convention for pricing anything! On the other hand if they were changing cashflow to boost the PV thats a whole different issue.
    On the wider/deeper issue of putting your hand up when your uncomfortable with a process or procedure which is supported by senior management the truth is noone does it. Whistle blowing doesnt happen. Everyone has too much of a vested interest in the status quo.

  20. Posted by Maverick Capital GP | January 20, 2012 at 5:59 AM

    That's right Guest. I am dangerous.

  21. Posted by guest | January 20, 2012 at 8:34 AM

    financial engineering takes models developed for physical science and then cuts and pastes them to apply them in finance

  22. Posted by guest | January 20, 2012 at 8:36 AM

    Too bad for those that believed in ever increasing home prices, this little thing called the Asian crisis was a glimpse into their future.

  23. Posted by Iceman Global LLP | January 20, 2012 at 9:12 AM

    'chomps teeth'…exit

  24. Posted by Iceman | January 20, 2012 at 9:15 AM

    I don't like you cuz you're dangerous

  25. Posted by Guestor | January 20, 2012 at 9:39 AM

    Yeah . . um, no.

  26. Posted by DB VP | January 20, 2012 at 9:41 AM

    Yeah — What this guy said! <nervous chuckle>

    -Mid-Level Deutsche "Executive"

  27. Posted by DB Trader | January 20, 2012 at 10:00 AM

    The Analyst was not a team player

  28. Posted by Strong sell | January 20, 2012 at 10:02 AM

    "I once had a car like that too" – that was good.

  29. Posted by Motives in place | January 20, 2012 at 10:17 AM

    Curryhead didn't get his Samosa!

  30. Posted by Guest | January 20, 2012 at 11:44 AM

    The cows caught leprosy and are now dead. Please double check your facts before you post.

  31. Posted by Wuss | January 20, 2012 at 11:47 AM

    Matt, please dump the "Slate contrarian model of journalism." It's not a good one.

    How reasonable is it that the VP was right (and a VP is a 30 year old prick in a bank, not a mid-level manager) and the analyst was wrong when it turned out that reality ended up looking more like the analyst's version? I've never felt so strongly about something that I'm willing to risk my paycheck over it, and this brown guy did. Think about that for a second: he gets a bad rep and he's back in Delhi with the cows. But to you, he's a prima donna.

    Find your humanity.

  32. Posted by Dang | January 20, 2012 at 11:55 AM

    Well said

  33. Posted by Screw Derivatives | January 20, 2012 at 12:21 PM

    Dear CDO guy and Matt Levine,

    It is jerks like you who have diminished the respect for Wall Street. Allow me to explain.

    We all know pricing CDOs is an art more than a science yada yada but do the banks mention all the assumptions in their pitch to investors?

    Does the sales team explain that modeling market behaviours requires nonlinear mathematics and conventional education does not teach us how to intuitively think of these nonlinear processes?

    Does the sales team explain that due to the said nonlinear nature of the relationships a 10% error in one of the variables could lead to an error of 100% or more in the final valuation?

    Does the sales team publish the sensitivity analysis of the cash flows?

    The problem with derivatives is that the structurers do one thing which taken in isolation is correct. The Sales team is interested in getting the sale done period. Once the contract is done the traders do whatever they need to manage that position while optimizing their profit. Neither the trader not structurer knows exactly what was pitched to the client while the Sales has no fuckin' clue how structures and traders work.

    Don't tell me you don't know this.

    In conclusion, I request you to go fuck yourselves.

    – IIT grad who interned with a derivatives desk and has pure contempt for Wall Street

  34. Posted by Guy Who Gets It | January 20, 2012 at 12:26 PM

    I got it.

  35. Posted by Screw Derivatives | January 20, 2012 at 12:28 PM

    *sheer contempt

  36. Posted by Guest | January 20, 2012 at 12:42 PM

    Like the choice of pictures.

  37. Posted by WHP | January 20, 2012 at 2:08 PM

    An exercise in self-fellatio??!! Show me how!

    -Winston H. Phillips IV, VP IBD Citi

  38. Posted by Unsilent Majority | January 20, 2012 at 2:13 PM

    What the article failed to mention was that the complex modeling was performed on a Commodore 64 computer with the 1541 floppy drive. Give credit where credits due…

  39. Posted by ubs peon | January 20, 2012 at 2:29 PM

    not agreeing with your superiors and pointing out their flaws is the NKI

  40. Posted by guest | January 20, 2012 at 2:44 PM

    The answer to all your questions is yes and if it was no it was because these points were well understood by everyone at the table. I realize this doesn't compute in your simplistic black and white, good and evil view of the world, but for the most part, there was no fool being duped here. Everyone was well aware of what trade they were doing on both sides. It was just a very crowded, levered, wrong trade.

    Maybe in a few years you'll mature enough to realize that what you can pick up about something as a summer intern doesn't even begin to scratch the surface.

    – Someone who has seen more CDO pitches than you have

  41. Posted by HR Interen | January 20, 2012 at 4:06 PM

    How'd that internship go? Did you get an offer?

  42. Posted by CDO Guy | January 20, 2012 at 6:37 PM

    Dear Scre Derivatives:

    Yes, sensitivity analyses and underlying assumptions were provided to investors. In some cases, and against my better judgment, actual models were provided to investors so they could sensitivity-test models to their hearts' content using our actual models. The math you reference (10% collateral pool loss = 100% investment loss for certain tranches) was clearly disclosed and understood.

    Yes, yes, yes. Nobody believed the world could collapse. They laughed at John Paulson and thought he was the dumbest shit in the world for shorting this stuff. Hell, they WANTED him to short it, as his doing so created more long opportunity.

    In other words, I politely decline your request and, in turn, request that you go chug a bag of dicks.

  43. Posted by Hector Hernandez, IV | January 20, 2012 at 6:46 PM


    Seriously, who would have thought the real estate market was out of whack?

    Guys who owns 5 underwater duplexes in Chula Vista

  44. Posted by Leo | January 20, 2012 at 10:26 PM

    agreed with Wuss!

  45. Posted by Guest | January 20, 2012 at 10:29 PM

    takes balls of steel to do this stuff guys!

  46. Posted by Screw Derivatives | January 21, 2012 at 3:32 AM

    Re CDO guy and guest,

    Fair enough, I appreciate your points. I just interned for a few weeks while you clearly have more experience, so I take your word for it. I also agree that it was a very crowded and levered trade gone wrong.

    However, I have a couple of suggestions that I think could really restore some credibility to derivatives as a product.

    Anyone who travels on air or ship or runs a chemical plant knows the risk involved. So if you want to design a ship or a chemical reactor, the engineering handbook mandates factors of safety. Every manufacturer has to satisfy these standards. On top of that, they can make the pricing changes or design changes.

    However, when a derivative is priced, there can be significant differences in pricing. So let's say bank A prices a structure at 101 while bank B prices a structure at 99. Suppose the client goes with B but turns out B had a completely wrong model, whose fault is it?

  47. Posted by Screw Derivatives | January 21, 2012 at 3:40 AM


    You would say, well it was the customer's mistake for going with bank B and in the future they should go with bank A. However, as we spoke earlier the pricing is complex and there is absolutely no guarantee that bank A's model is "right" either. Sitting at t=0 (when the term of the structure starts) there is no way of saying whether your model is right or wrong.

    This is in a nutshell ( a big one :P) is my problem with how derivatives are approached.

    So my suggestions
    – Evolve standard pricing models for Vanilla derivatives that lead to a consensus price. Individual banks can add markups on the basis of that

    – Define product performance metrics for derivatives and make that publicly available information

    Of course, these could be naive and maybe they are not possible. But I think a more constructive debate could be conducted on derivatives which should be led by Wall Street itself. Right now it has become "Wall St vs Main St" or "Guns dont kill people" kind of an argument.


  48. Posted by Bitchtern | January 21, 2012 at 7:43 PM

    Here in America, son, we have a saying: Caveat Emptor. Buyer beware. No one was forced to buy the securities. No one was forced to believe the ratings agencies. (Which begs the question who ever believed those ass-hats in the frist place?).

    Someone call the the wah-bulance, we have someone crying about market risk. Oh, your complex hodge podge of shit mortgages written by some college dropout working for 25 bps of loan value didn't work out for you? I never saw it coming.


  49. Posted by macro_bloat | January 22, 2012 at 1:13 AM


    vox populi vox dei

  50. Posted by Bitchtern | January 22, 2012 at 2:46 PM

    Correct. That's why we have "reality" TV shows saturating the airwaves.

    Bread and circuses, man. That's all they care about. Then when they see someone making more than them they get all pissy. Yet, they couldn't imagine working past 6 pm, let alone through prime
    time television.

  51. Posted by Jay | January 23, 2012 at 12:16 PM

    @Tired Joke, that is probably a real title at AIG

  52. Posted by Really? | January 23, 2012 at 1:53 PM

    Conventional education does not teach us how to intuitively think of nonlinear processes?

    Did you never graph x^2 in middle school? (It looks like a U)

    If you can't understand what you are buying, then don't buy it. Common sense.

  53. Posted by Rep A Weiner | January 23, 2012 at 4:10 PM

    does anyone have a pair of velcro gloves I can borrow? That's sheep's looking lonely.

  54. Posted by Hiram Malsom | September 19, 2012 at 1:32 AM

    Really awesome collection of world wide web designs here. Please take a examine my web page style as well and let me understand what you think.

  55. Posted by Chang Babikian | September 19, 2012 at 12:11 PM

    Terrific… We have to agree this website is providing a fantastic resource. Keep it up. Melinda Jenson

  56. Posted by Angelique Mariska | September 24, 2012 at 5:04 AM

    Whats Happening i am new to this, I stumbled upon this I have found It absolutely helpful and it has helped me out loads. I’m hoping to give a contribution & assist other customers like its helped me. Great job.

  57. Posted by dick | September 24, 2012 at 1:11 PM

    That is very attention-grabbing, You’re an excessively skilled blogger. I have joined your feed and look ahead to in quest of extra of your magnificent post. Also, I have shared your site in my social networks!

  58. Posted by Elvin Wubnig | September 24, 2012 at 9:10 PM

    I just like the valuable info you provide in your articles. I’ll bookmark your blog and take a look at once more here frequently. I am somewhat sure I will be told many new stuff proper right here! Good luck for the following!

  59. Posted by starting a dispensary | September 25, 2012 at 11:21 AM

    I have not checked in here for some time as I thought it was getting boring, but the last few posts are good quality so I guess I’ll add you back to my everyday bloglist. You deserve it my friend :)

  60. Posted by College Station Roofer | September 25, 2012 at 12:42 PM

    Its like you read my mind! You appear to know a lot about this, like you wrote the book in it or something. I think that you can do with some pics to drive the message home a little bit, but instead of that, this is wonderful blog. A fantastic read. I’ll definitely be back.

  61. Posted by Beat Eczema Ebook | September 25, 2012 at 1:01 PM

    Simply wanna remark on few general things, The website pattern is perfect, the written content is very great : D.

  62. Posted by Clicca Qui per Accedere a Risarcimento Danni | September 25, 2012 at 1:02 PM

    Great post. I was checking continuously this blog and I am impressed! Very useful info specially the last part :) I care for such information a lot. I was seeking this particular info for a long time. Thank you and good luck.

  63. Posted by Harringay Escorts | September 26, 2012 at 1:41 AM

    I definitely wanted to develop a small remark to express gratitude to you for some of the unique tips and tricks you are showing at this site. My long internet research has at the end of the day been compensated with professional concept to share with my partners. I would state that that most of us website visitors actually are undoubtedly lucky to live in a wonderful place with so many wonderful professionals with insightful suggestions. I feel quite fortunate to have seen your entire weblog and look forward to some more cool minutes reading here. Thank you once again for everything.

  64. Posted by Halloween Breakfast Food | September 27, 2012 at 7:12 AM

    Thank you for some other informative website. Where else may I am getting that kind of information written in such an ideal manner? I have a venture that I’m simply now operating on, and I’ve been at the look out for such information.

  65. Posted by SEO Costa Rica | September 27, 2012 at 7:12 AM

    Hi there, I found your website by the use of Google while searching for a related topic, your site came up, it appears to be like good. I’ve bookmarked it in my google bookmarks.

  66. Posted by Vito Scripps | September 27, 2012 at 1:39 PM

    Among me and my husband we have owned a lot more MP3 gamers through the years than I can count, like Sansas, iRivers, iPods (common & touch), the Ibiza Rhapsody, etc. But, the last few years I’ve settled down to one line of gamers.

  67. Posted by options binaires | September 28, 2012 at 6:06 AM

    Whats up very nice web site!! Man .. Beautiful .. Superb .. I’ll bookmark your website and take the feeds additionally…I’m glad to search out a lot of helpful info right here in the publish, we want develop more strategies in this regard, thanks for sharing.

  68. Posted by paket aus deutschland | September 28, 2012 at 6:06 AM

    I precisely had to say thanks once more. I do not know the things I might have used in the absence of these basics shown by you over such a industry. It seemed to be the intimidating condition in my circumstances, nevertheless looking at the well-written technique you managed the issue forced me to leap over delight. Now i’m happier for this advice and as well , sincerely hope you find out what an amazing job you are accomplishing teaching many others via your websites. Most probably you have never got to know any of us.

  69. Posted by Preço Webservice Simples Nacional | September 28, 2012 at 6:10 AM

    Thank you for sharing superb informations. Your web site is so cool. I am impressed by the details that you have on this website. It reveals how nicely you understand this subject. Bookmarked this web page, will come back for extra articles. You, my pal, ROCK! I found just the information I already searched all over the place and just could not come across. What a great web-site.

  70. Posted by siti web bassano del grappa | September 28, 2012 at 6:27 AM

    Thanks for helping out, superb info. “Hope is the denial of reality.” by Margaret Weis.

  71. Posted by forniture alberghi | September 28, 2012 at 6:31 AM

    I’ve learn several just right stuff here. Definitely value bookmarking for revisiting. I surprise how much attempt you set to create this sort of fantastic informative site.

  72. Posted by Solar Powered Systems Jacksonville | September 29, 2012 at 10:21 AM

    Awsome info and straight to the point. I don’t know if this is actually the best place to ask but do you guys have any thoughts on where to hire some professional writers? Thank you :)

  73. Posted by certified nurse midwife | September 29, 2012 at 10:24 AM

    Some really nice and utilitarian information on this website, too I believe the layout has wonderful features.

  74. Posted by Naples Marketing | September 29, 2012 at 10:25 AM

    Thanks so much for providing individuals with a very remarkable possiblity to read critical reviews from this web site. It’s usually so cool and also stuffed with a lot of fun for me and my office mates to visit your website at the least three times in a week to find out the fresh issues you will have. And of course, we are at all times astounded for the brilliant secrets you give. Selected two areas in this post are honestly the most efficient we have ever had.

  75. Posted by Quote | September 29, 2012 at 10:56 AM

    you are really a just right webmaster. The website loading speed is incredible. It kind of feels that you are doing any distinctive trick. In addition, The contents are masterpiece. you have done a great activity in this matter!

  76. Posted by auto parts for sale | September 29, 2012 at 11:00 AM

    hello there and thank you for your info – I have certainly picked up something new from right here. I did however expertise a few technical points using this web site, as I experienced to reload the web site many times previous to I could get it to load correctly. I had been wondering if your web host is OK? Not that I am complaining, but slow loading instances times will sometimes affect your placement in google and could damage your high-quality score if advertising and marketing with Adwords. Anyway I am adding this RSS to my email and could look out for a lot more of your respective exciting content. Make sure you update this again very soon..

  77. Posted by Mental Health Awareness | September 29, 2012 at 11:24 AM

    Usually I don’t learn article on blogs, but I would like to say that this write-up very forced me to try and do it! Your writing taste has been surprised me. Thanks, quite nice post.

  78. Posted by inspirational bible verses | September 29, 2012 at 11:28 AM

    You have mentioned very interesting points ! ps nice internet site . “Wisdom is the supreme part of happiness.” by Sophocles.

  79. Posted by Full Article | September 29, 2012 at 6:35 PM

    A lot of of what you assert is astonishingly precise and it makes me wonder the reason why I had not looked at this in this light before. Your piece really did switch the light on for me as far as this particular issue goes. Nevertheless there is actually one particular factor I am not really too comfortable with so while I try to reconcile that with the main idea of your point, permit me see what the rest of the readers have to point out.Very well done.

  80. Posted by RWHP.COM | September 29, 2012 at 7:36 PM

    In answer to the question of why it happened, I offer the modest proposal that our Universe is simply one of those things which happen from time to time.

  81. Posted by backlink pyramide | September 30, 2012 at 8:45 AM

    It¡¦s really a great and helpful piece of information. I am happy that you just shared this useful info with us. Please keep us informed like this. Thanks for sharing.

  82. Posted by webhosting services | September 30, 2012 at 8:46 AM

    I think this internet site has got some very good info for everyone :D. “Believe those who are seeking the truth doubt those who find it.” by Andre Gide.

  83. Posted by Real Estate Agent San Jose | September 30, 2012 at 8:49 AM

    Very interesting points you have mentioned , thankyou for posting . “You bluffed me I don’t like it when people bluff me. It makes me question my perception of reality.” by Andrew Schneider.

  84. Posted by ipad | September 30, 2012 at 9:17 AM

    Hello, i think that i saw you visited my web site so i came to “return the favor”.I’m attempting to find things to enhance my site!I suppose its ok to use a few of your ideas!!

  85. Posted by spray tanning solution | September 30, 2012 at 9:20 AM

    Hiya very nice web site!! Man .. Excellent .. Amazing .. I will bookmark your blog and take the feeds additionally…I am glad to search out numerous useful info here within the post, we want develop more techniques on this regard, thank you for sharing.

  86. Posted by rock 'n roll costumes | September 30, 2012 at 9:21 AM

    Thanks for every other wonderful article. Where else may just anyone get that type of info in such an ideal manner of writing? I’ve a presentation subsequent week, and I’m on the look for such information.

  87. Posted by Motorbike Tours | September 30, 2012 at 9:37 AM

    You have noted very interesting points ! ps decent internet site . “Enemies, as well as lovers, come to resemble each other over a period of time.” by Sydney Harris.

  88. Posted by Live Coral Frags | September 30, 2012 at 9:37 AM

    Thanks for sharing superb informations. Your web-site is so cool. I am impressed by the details that you’ve on this website. It reveals how nicely you understand this subject. Bookmarked this website page, will come back for extra articles. You, my pal, ROCK! I found simply the info I already searched everywhere and simply couldn’t come across. What a perfect site.

  89. Posted by photo retouching service | September 30, 2012 at 9:40 AM

    I have recently started a website, the information you offer on this web site has helped me tremendously. Thanks for all of your time & work.

  90. Posted by plantar fasciitis | October 1, 2012 at 10:59 AM

    You can certainly see your skills in the paintings you write. The world hopes for more passionate writers such as you who aren’t afraid to say how they believe. Always follow your heart.

  91. Posted by cctv security systems | October 1, 2012 at 11:00 AM

    Wow! Thank you! I always wanted to write on my site something like that. Can I include a fragment of your post to my site?

  92. Posted by Arch Pain Omaha | October 1, 2012 at 11:18 AM

    Hello.This article was really fascinating, particularly because I was browsing for thoughts on this matter last Monday.

  93. Posted by heel pain des moines | October 1, 2012 at 11:20 AM

    you’re in point of fact a just right webmaster. The site loading pace is incredible. It kind of feels that you are doing any distinctive trick. In addition, The contents are masterwork. you’ve performed a great job in this matter!

  94. Posted by selling old gold jewelry | October 1, 2012 at 11:21 AM

    Great – I should certainly pronounce, impressed with your website. I had no trouble navigating through all tabs and related info ended up being truly simple to do to access. I recently found what I hoped for before you know it at all. Quite unusual. Is likely to appreciate it for those who add forums or something, web site theme . a tones way for your customer to communicate. Excellent task.

  95. Posted by plantar fasciitis omaha | October 1, 2012 at 11:54 AM

    I think other web site proprietors should take this website as an model, very clean and wonderful user genial style and design, as well as the content. You are an expert in this topic!

  96. Posted by heel pain st. louis | October 1, 2012 at 11:55 AM

    F*ckin’ remarkable issues here. I am very glad to see your post. Thank you a lot and i am looking forward to contact you. Will you kindly drop me a mail?

  97. Posted by Arch Pain Milwaukee | October 1, 2012 at 11:55 AM

    Some genuinely excellent info , Sword lily I found this. “Genuine goodness is threatening to those at the opposite end of the moral spectrum.” by Charles Spencer.

  98. Posted by Arch Pain San Antonio | October 1, 2012 at 12:23 PM

    hi!,I love your writing very much! proportion we communicate extra about your post on AOL? I need an expert in this house to unravel my problem. Maybe that is you! Having a look forward to see you.

  99. Posted by Foot Pain Omaha | October 1, 2012 at 12:23 PM

    I was looking through some of your posts on this site and I believe this site is very instructive! Retain posting.

  100. Posted by Plantar Fasciitis Appleton | October 1, 2012 at 12:26 PM

    I¡¦ve recently started a site, the information you offer on this site has helped me tremendously. Thank you for all of your time & work.

  101. Posted by buffalo tattoo removal | October 2, 2012 at 10:45 AM

    Great beat ! I would like to apprentice while you amend your site, how can i subscribe for a blog site? The account helped me a acceptable deal. I had been a little bit acquainted of this your broadcast provided bright clear concept

  102. Posted by Promotional Products | October 2, 2012 at 10:46 AM

    Thank you for sharing superb informations. Your web-site is very cool. I am impressed by the details that you have on this web site. It reveals how nicely you perceive this subject. Bookmarked this web page, will come back for more articles. You, my friend, ROCK! I found simply the information I already searched all over the place and just could not come across. What a great website.

  103. Posted by chinatown NYC | October 2, 2012 at 10:49 AM

    Hi my loved one! I want to say that this article is awesome, great written and include approximately all significant infos. I would like to look more posts like this.

  104. Posted by argint | October 2, 2012 at 10:51 AM

    I wish to show my thanks to this writer for rescuing me from this type of situation. Right after looking through the the web and obtaining ways which were not powerful, I believed my life was over. Living without the solutions to the problems you’ve solved by way of your entire guideline is a serious case, as well as the kind that might have negatively damaged my career if I hadn’t come across your site. Your talents and kindness in dealing with all the stuff was helpful. I am not sure what I would’ve done if I hadn’t come across such a subject like this. I can also now look ahead to my future. Thanks a lot very much for the high quality and amazing help. I will not be reluctant to refer the website to anyone who requires support on this matter.

  105. Posted by free tips | October 4, 2012 at 10:12 AM

    Thank you for sharing superb informations. Your web-site is so cool. I’m impressed by the details that you have on this site. It reveals how nicely you perceive this subject. Bookmarked this website page, will come back for extra articles. You, my pal, ROCK! I found simply the information I already searched everywhere and just could not come across. What a perfect web-site.

  106. Posted by Carol Coverstone | October 4, 2012 at 10:58 PM

    “still paying out some 60,000 previous PA workers complete salaries to sit at home and do completely nothing at all, simply to preserve them from doing work for that Hamas government alternatively. It’s tough to consider a far more unproductive use of money than that. ” nIt is? How about the stipends to reward imprisoned convicted terrorists for obtaining committed mass murder?

  107. Posted by Talent | October 5, 2012 at 7:36 AM

    I think this is among the most vital info for me. And i am glad reading your article. But should remark on few general things, The website style is perfect, the articles is really great : D. Good job, cheers

  108. Posted by foot pain | October 5, 2012 at 7:39 AM

    Thank you a lot for sharing this with all of us you actually realize what you’re talking about! Bookmarked. Kindly also discuss with my site =). We may have a hyperlink change arrangement among us!

  109. Posted by what s the best way to lose weight | October 5, 2012 at 7:55 AM

    Hi my friend! I wish to say that this post is amazing, nice written and come with almost all vital infos. I would like to peer extra posts like this.

  110. Posted by social | October 5, 2012 at 7:56 AM

    Some really choice articles on this website , saved to favorites .

  111. Posted by Foot Pain Milwaukee | October 5, 2012 at 7:58 AM

    I genuinely enjoy looking through on this web site, it holds good articles. “Beware lest in your anxiety to avoid war you obtain a master.” by Demosthenes.

  112. Posted by austin tree company | October 5, 2012 at 7:59 AM

    Some genuinely wonderful information, Gladiola I found this. “The distance between insanity and genius is measured only by success.” by James Bond Tomorrow Never Dies.

  113. Posted by Leo Mcbrayer | October 6, 2012 at 2:39 AM

    The Shining of course!! Because Jack Nichalson’s performance is incredible and has long been scaring men and women for decades!! Here’s Johny!!!

  114. Posted by cherokee county texas health | October 6, 2012 at 5:46 AM

    I really like your writing style, great information, thanks for posting :D. “Let every man mind his own business.” by Miguel de Cervantes.

  115. Posted by Best Books For Kids | October 6, 2012 at 9:32 AM

    I was just looking for this info for some time. After 6 hours of continuous Googleing, at last I got it in your web site. I wonder what is the lack of Google strategy that don’t rank this type of informative websites in top of the list. Generally the top websites are full of garbage.

  116. Posted by Plantar Fasciitis Milwaukee | October 6, 2012 at 9:33 AM

    Whats Going down i’m new to this, I stumbled upon this I’ve discovered It absolutely useful and it has aided me out loads. I hope to contribute & assist different customers like its helped me. Great job.

  117. Posted by Photo Retouching Services | October 6, 2012 at 9:36 AM

    hello!,I like your writing very a lot! proportion we communicate extra about your post on AOL? I require an expert on this space to solve my problem. Maybe that’s you! Taking a look forward to see you.

  118. Posted by heel pain Miami | October 6, 2012 at 10:01 AM

    I’ve been absent for a while, but now I remember why I used to love this web site. Thank you, I¡¦ll try and check back more frequently. How frequently you update your web site?

  119. Posted by calhfa programs | October 7, 2012 at 6:45 AM

    I have not checked in here for a while as I thought it was getting boring, but the last several posts are great quality so I guess I will add you back to my daily bloglist. You deserve it my friend :)

  120. Posted by advocacia de apoio curitiba | October 7, 2012 at 6:47 AM

    Thanks, I have recently been looking for info approximately this topic for a while and yours is the best I’ve came upon till now. But, what concerning the bottom line? Are you certain about the supply?

  121. Posted by ?????? ? ?? | October 7, 2012 at 7:05 AM

    Some truly nice and utilitarian information on this web site, as well I think the style and design has got great features.

  122. Posted by medicare advantage plans in california | October 9, 2012 at 11:20 AM

    Its like you read my mind! You seem to know so much about this, like you wrote the book in it or something. I think that you can do with some pics to drive the message home a bit, but other than that, this is magnificent blog. A fantastic read. I’ll definitely be back.

  123. Posted by Alva Herrea | October 13, 2012 at 11:05 AM

    Excellent beat ! I wish to apprentice while you amend your web site, how can i subscribe for a blog web site? The account aided me a acceptable deal. I had been tiny bit acquainted of this your broadcast provided bright clear idea

  124. Posted by Franchesca | October 13, 2012 at 6:28 PM

    Everyone loves what you guys are up too. This kind of clever work and reporting!
    Keep up the fantastic works guys I’ve incorporated you guys to my own blogroll.

  125. Posted by cetak cd | October 13, 2012 at 6:45 PM

    You have made some good points there. I looked on the net to learn more about the issue and
    found most individuals will go along with your views on
    this web site.

  126. Posted by Ashley | October 13, 2012 at 7:43 PM

    Definitely believe that which you stated. Your favorite justification seemed
    to be on the web the easiest thing to be aware of.
    I say to you, I certainly get annoyed while people think about worries that they just don’t know about. You managed to hit the nail upon the top and also defined out the whole thing without having side effect , people could take a signal. Will likely be back to get more. Thanks

  127. Posted by Asheville Tree Removal | October 14, 2012 at 5:59 AM

    I have to show my respect for your generosity giving support to persons who absolutely need help with that content. Your real dedication to getting the solution across came to be extremely helpful and has frequently enabled individuals much like me to get to their targets. Your insightful instruction denotes a great deal a person like me and far more to my mates. Regards; from everyone of us.

  128. Posted by Best Price Concrete Polishing | October 14, 2012 at 6:23 AM

    Thank you for the sensible critique. Me & my neighbor were just preparing to do a little research on this. We got a grab a book from our area library but I think I learned more clear from this post. I’m very glad to see such wonderful info being shared freely out there.

  129. Posted by Foot Pain San Antonio | October 14, 2012 at 6:24 AM

    I’m still learning from you, while I’m trying to achieve my goals. I absolutely love reading all that is posted on your blog.Keep the aarticles coming. I loved it!

  130. Posted by plantar fasciitis Miami | October 14, 2012 at 6:55 AM

    Good – I should certainly pronounce, impressed with your site. I had no trouble navigating through all tabs as well as related info ended up being truly easy to do to access. I recently found what I hoped for before you know it at all. Quite unusual. Is likely to appreciate it for those who add forums or anything, website theme . a tones way for your customer to communicate. Excellent task.

  131. Posted by home page | October 16, 2012 at 12:18 PM

    Heya! I just wanted to ask if you ever have any problems with hackers? My last blog (wordpress) was hacked and I ended up losing many months of hard work due to no backup. Do you have any solutions to stop hackers?

  132. Posted by pru | September 15, 2013 at 10:39 PM

    The brown guy is now a VP with another bank.. maybe

  133. Posted by Hand of God | January 23, 2015 at 9:58 PM

    Hey DB trader I assure you poetic justice is coming for you and your band of crooks.

  134. Posted by Hand of God | January 23, 2015 at 10:01 PM

    Rep A Weiner sometimes other animals hide under the hide of sheep. Why don't you grab your velcros and wait :-) it's on it's way.