( S ( S-TPC-2 ( ADVP ( RB However ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NN light ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNS risks ) ) ( VP ( VBN involved ) ( PP-CLR ( IN in ) ( NP ( JJ such ) ( NNS transactions ) ) ) ) ) ) ) ) ( NP-SBJ ( NNS banks ) ) ( VP ( MD should ) ( VP ( VB satisfy ) ( NP ( PRP themselves ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP have ) ( NP ( NP ( NP ( DT the ) ( NNS skills ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB participate ) ( PP-CLR ( IN in ) ( NP ( DT this ) ( NN market ) ) ) ) ) ) ) ) ( CC and ) ( NP ( NP ( JJ clear ) ( NN policy ) ( NNS guidelines ) ) ( PP ( IN on ) ( NP ( NP ( JJ acceptable ) ( NNS levels ) ) ( PP ( IN of ) ( NP ( NP ( NN exposure ) ) ( PP ( TO to ) ( NP ( JJ such ) ( NNS transactions ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

However in light of the risks involved in such transactions banks should satisfy themselves that they have the skills to participate in this market and clear policy guidelines on acceptable levels of exposure to such transactions he said


( S ( PP-LOC ( IN In ) ( NP ( JJ other ) ( NNS comments ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNS takeovers ) ) ( VP ( MD may ) ( RB not ) ( ADVP-TMP ( RB always ) ) ( VP ( VB be ) ( NP-PRD ( NP ( DT the ) ( RBS most ) ( JJ efficient ) ( NN way ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG securing ) ( NP ( NP ( DT a ) ( NN change ) ) ( PP ( IN of ) ( NP ( JJ corporate ) ( NN direction ) ( CC or ) ( NN strategy ) ) ) ) ) ) ) ) ) ) ) ) ) )

In other comments he said takeovers may not always be the most efficient way of securing a change of corporate direction or strategy


( S ( S-TPC-2 ( NP-SBJ-1 ( DT A ) ( JJ similar ) ( NN result ) ) ( VP ( MD could ) ( ADVP-TMP ( RB sometimes ) ) ( VP ( VB be ) ( VP ( VBN achieved ) ( PP-MNR ( IN at ) ( NP ( JJR less ) ( NN cost ) ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG changing ) ( NP ( NNS managements ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

A similar result could sometimes be achieved at less cost by changing managements he said


( S ( NP-SBJ-1 ( NNP IMA ) ( NNPS Holdings ) ( NNP Corp. ) ) ( VP ( VBD completed ) ( NP ( NP ( PRP$ its ) ( ADJP ( QP ( CD 3 ) ( CD billion ) ) ) ( NN acquisition ) ) ( PP ( IN of ) ( NP ( NNP American ) ( NNP Medical ) ( NNP International ) ( NNP Inc. ) ) ) ) ( S-ADV ( VP ( VBG purchasing ) ( NP ( NP ( NP ( QP ( CD 63 ) ( CD million ) ) ( NNS shares ) ) ( CC or ) ( NP ( CD 86 ) ( NN % ) ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Los ) ( JJ Angeles-based ) ( NN health-care ) ( NNS services ) ( NN concern ) ) ) ) ( PP-CLR ( IN for ) ( NP ( NP ( CD 26.50 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) )

IMA Holdings Corp. completed its 3 billion acquisition of American Medical International Inc. purchasing 63 million shares or 86 % of the Los Angeles-based health-care services concern for 26.50 a share


( S ( NP-SBJ ( DT The ) ( NN price ) ) ( ADVP ( RB also ) ) ( VP ( VBZ includes ) ( NP ( NP ( NN assumption ) ) ( PP ( IN of ) ( NP ( NP ( QP ( IN about ) ( CD 1.4 ) ( CD billion ) ) ) ( PP ( IN in ) ( NP ( NN debt ) ) ) ) ) ) ) )

The price also includes assumption of about 1.4 billion in debt


( S ( NP-SBJ ( NNP IMA ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN group ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ includes ) ( NP ( NP ( NNP First ) ( NNP Boston ) ( NNP Corp. ) ) ( CC and ) ( NP ( NP ( DT the ) ( NNP Pritzker ) ( NN family ) ) ( PP ( IN of ) ( NP ( NNP Chicago ) ) ) ) ) ( PP-MNR ( IN through ) ( NP ( DT the ) ( JJ leveraged ) ( NN buy-out ) ( NN fund ) ( NNP Harry ) ( NNP Gray ) ( NNP Melvyn ) ( NNP Klein ) ( CC & ) ( NNPS Partners ) ) ) ) ) ) ) ) )

IMA is a group that includes First Boston Corp. and the Pritzker family of Chicago through the leveraged buy-out fund Harry Gray Melvyn Klein & Partners


( S ( NP-SBJ-1 ( NP ( NNP Harry ) ( NNP J. ) ( NNP Gray ) ) ( CC and ) ( NP ( NNP Melvyn ) ( NNP N. ) ( NNP Klein ) ) ( PP ( IN along ) ( PP ( IN with ) ( NP ( CD five ) ( JJ other ) ( NNP IMA ) ( NNS designees ) ) ) ) ) ( VP ( VBD were ) ( VP ( VBN named ) ( S ( VP ( TO to ) ( VP ( VB join ) ( NP ( NP ( NNP American ) ( NNP Medical ) ( POS 's ) ) ( JJ 10-member ) ( NN board ) ) ) ) ) ) ) )

Harry J. Gray and Melvyn N. Klein along with five other IMA designees were named to join American Medical 's 10-member board


( S ( NP-SBJ ( NP ( DT The ) ( NN completion ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN merger ) ( NN agreement ) ) ) ) ( VP ( VBZ follows ) ( NP ( NP ( NNS months ) ) ( PP ( IN of ) ( NP ( NNS twists ) ( CC and ) ( NNS turns ) ) ) ) ) )

The completion of the merger agreement follows months of twists and turns


( S ( PP-TMP ( IN In ) ( NP ( NNP January ) ) ) ( NP-SBJ ( NNP American ) ( NNP Medical ) ) ( VP ( VBD brought ) ( PRT ( RP in ) ) ( NP ( NP ( DT a ) ( JJ new ) ( JJ chief ) ( NN executive ) ( NN officer ) ) ( NP ( NP ( NNP Richard ) ( NN A. ) ( NNP Gilleland ) ) ( NP ( CD 45 ) ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( MD will ) ( VP ( VB remain ) ( PP-CLR ( IN as ) ( NP ( NP ( NN chairman ) ) ( NP ( NN president ) ) ( CC and ) ( NP ( JJ chief ) ( NN executive ) ) ) ) ) ) ) ) ) ) )

In January American Medical brought in a new chief executive officer Richard A. Gilleland 45 who will remain as chairman president and chief executive


( S ( ADVP-TMP ( NP ( DT A ) ( JJ few ) ( NNS days ) ) ( RB later ) ) ( NP-SBJ-1 ( NNP American ) ( NNP Medical ) ) ( VP ( VBD announced ) ( NP ( ADJP ( RB sharply ) ( JJR lower ) ) ( NNS earnings ) ) ( S-ADV ( VP ( VBG taking ) ( NP ( NP ( NNS charges ) ) ( PP ( IN of ) ( NP ( QP ( CD 24 ) ( CD million ) ) ) ) ( PP ( IN for ) ( NP ( NP ( NN insurance ) ( NNS reserves ) ) ( CC and ) ( NP ( VBN canceled ) ( JJ real ) ( NN estate ) ( NNS leases ) ) ) ) ) ) ) ) )

A few days later American Medical announced sharply lower earnings taking charges of 24 million for insurance reserves and canceled real estate leases


( S ( PP-TMP ( IN In ) ( NP ( NNP March ) ) ) ( NP-SBJ ( NNP American ) ( NNP Medical ) ) ( VP ( VBD received ) ( NP ( DT a ) ( ADJP ( JJ 24-a-share ) ) ( NN offer ) ( S ( VP ( TO to ) ( VP ( VB take ) ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( ADJP-PRD ( RB private ) ) ) ) ) ) ) ( PP-CLR ( IN from ) ( NP ( NP ( DT an ) ( NN investor ) ( NN group ) ) ( PP ( VBG including ) ( NP ( NP ( JJ large ) ( NN holder ) ) ( NP ( NNP M. ) ( NNP Lee ) ( NNP Pearce ) ) ) ) ) ) ) )

In March American Medical received a 24-a-share offer to take the company private from an investor group including large holder M. Lee Pearce


( S ( NP-SBJ ( PRP It ) ) ( ADVP ( RB also ) ) ( VP ( VBD was ) ( VP ( VBG considering ) ( NP ( NP ( DT a ) ( NN restructuring ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB help ) ( VP ( VB boost ) ( NP ( DT the ) ( NN stock ) ( NN price ) ) ) ) ) ) ) ) ) ) )

It also was considering a restructuring to help boost the stock price


( S ( NP-SBJ ( NP ( DT A ) ( NN group ) ) ( PP ( VBG including ) ( NP ( NP ( JJ several ) ( NNS members ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( DT the ) ( NNP Bass ) ( NN family ) ) ( PP ( IN of ) ( NP ( NNP Texas ) ) ) ) ) ) ) ) ( VP ( VBD urged ) ( NP-1 ( DT the ) ( NN company ) ) ( S ( VP ( TO to ) ( VP ( VB take ) ( NP ( NP ( DT some ) ( NNS steps ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB maximize ) ( NP ( NN shareholder ) ( NN value ) ) ) ) ) ) ) ) ) ) ) )

A group including several members of the the Bass family of Texas urged the company to take some steps to maximize shareholder value


( S ( NP-TMP ( DT The ) ( VBG following ) ( NN month ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD put ) ( NP ( PRP itself ) ) ( PP-PUT ( RP up ) ( PP ( IN for ) ( NP ( NN sale ) ) ) ) ) )

The following month the company put itself up for sale


( S ( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD received ) ( NP ( JJR more ) ( NNS offers ) ) ) ) ( CC but ) ( S ( NP-SBJ-2 ( DT the ) ( NN auction ) ) ( VP ( VBD was ) ( ADVP ( RB surprisingly ) ) ( VP ( VBN won ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP IMA ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VP ( VBD bid ) ( NP ( NP ( CD 28 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( CC and ) ( VP ( VBD asked ) ( NP-3 ( NNP Mr. ) ( NNP Gilleland ) ) ( S ( VP ( TO to ) ( VP ( VB stay ) ( PRT ( RP on ) ) ( PP-CLR ( IN as ) ( NP ( DT an ) ( NN equity ) ( NN participant ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

It received more offers but the auction was surprisingly won by IMA which bid 28 a share and asked Mr. Gilleland to stay on as an equity participant


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD indicated ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( DT some ) ( NNS assets ) ) ( VP ( MD might ) ( VP ( VB be ) ( VP ( VBN sold ) ( ADVP ( RB off ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB service ) ( NP ( DT the ) ( NN debt ) ) ) ) ) ) ) ) ) ) ) )

He indicated that some assets might be sold off to service the debt


( S ( ADVP ( RB Then ) ) ( PP-TMP ( IN after ) ( S-NOM ( VP ( VBG extending ) ( NP ( PRP$ its ) ( NN offer ) ) ( NP-ADV ( CD four ) ( NNS times ) ) ( S-ADV ( VP ( VBG waiting ) ( PP-CLR ( IN for ) ( NP ( DT a ) ( JJ congressional ) ( NN tax ) ( NN ruling ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP IMA ) ) ( ADVP-TMP ( RB early ) ( NP ( DT this ) ( NN month ) ) ) ( VP ( VBD lowered ) ( NP ( PRP$ its ) ( NN offer ) ) ( PP-DIR ( TO to ) ( NP ( NP ( CD 26.50 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( PP-LOC ( IN amid ) ( NP ( NP ( NN turbulence ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN junk ) ( NN bond ) ( NN market ) ) ) ) ) ) )

Then after extending its offer four times waiting for a congressional tax ruling IMA early this month lowered its offer to 26.50 a share amid turbulence in the junk bond market


( S ( NP-SBJ-1 ( NNP American ) ( NNP Medical ) ) ( VP ( VBD accepted ) ( NP ( DT the ) ( NN offer ) ) ( S-ADV ( ADVP ( RB meanwhile ) ) ( VP ( VBG indicating ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD had ) ( VP ( VBN heard ) ( PP-CLR ( IN from ) ( NP ( CD two ) ( JJ other ) ( NNS suitors ) ) ) ) ) ) ) ) ) ) )

American Medical accepted the offer meanwhile indicating it had heard from two other suitors


( S ( CC But ) ( S ( NP-SBJ ( PRP they ) ) ( ADVP-TMP ( RB never ) ) ( VP ( VBD materialized ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP IMA ) ) ( VP ( VBD completed ) ( NP ( DT the ) ( NN purchase ) ) ( NP-TMP ( NN yesterday ) ) ) ) )

But they never materialized and IMA completed the purchase yesterday


( S ( NP-SBJ ( JJ Other ) ( JJ new ) ( NN board ) ( NNS members ) ) ( VP ( VBP include ) ( NP ( NP ( NP ( NNP John ) ( NNP S. ) ( NNP Harrison ) ( CC and ) ( NNP Mark ) ( NN A. ) ( NNP Adley ) ) ( PP ( IN of ) ( NP ( NNP First ) ( NNP Boston ) ) ) ) ( NP ( NNP James ) ( NNP F. ) ( NNP Lyons ) ) ( NP ( NNP William ) ( NNP S. ) ( NNP Goldberg ) ) ( CC and ) ( NP ( NNP Harold ) ( NNP S. ) ( NNP Handelsman ) ) ) ) )

Other new board members include John S. Harrison and Mark A. Adley of First Boston James F. Lyons William S. Goldberg and Harold S. Handelsman


( S ( NP-SBJ ( DT The ) ( NNP Financial ) ( NNP Accounting ) ( NNPS Standards ) ( NNP Board ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( ADVP-TMP ( RB soon ) ) ( VP ( VB issue ) ( NP ( NP ( DT a ) ( NN rule ) ) ( VP ( VBG requiring ) ( NP ( NP ( NN disclosure ) ) ( PP ( IN about ) ( NP ( NP ( DT the ) ( JJ financial ) ( NN risk ) ) ( PP ( IN of ) ( NP ( JJ certain ) ( JJ financial ) ( NNS instruments ) ) ) ) ) ) ) ) ) ) ) ) ) )

The Financial Accounting Standards Board said it will soon issue a rule requiring disclosure about the financial risk of certain financial instruments


( S ( CC But ) ( NP-SBJ ( NP ( DT the ) ( JJ chief ) ( NN rule-making ) ( NN body ) ) ( PP ( IN for ) ( NP ( NNS accountants ) ) ) ) ( VP ( VBD backed ) ( PP-CLR ( RP off ) ( NP ( NP ( CD one ) ( NN part ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ its ) ( JJ original ) ( NN proposal ) ) ( VP ( VBN made ) ( NP-TMP ( RBR earlier ) ( DT this ) ( NN year ) ) ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD would ) ( VP ( VB have ) ( VP ( VBN required ) ( NP ( NP ( DT a ) ( NN breakdown ) ) ( PP ( IN of ) ( NP ( NP ( JJ certain ) ( NN balance-sheet ) ( NNS items ) ) ( VP ( VBN related ) ( PP-CLR ( TO to ) ( NP ( JJ off-balance ) ( NN sheet ) ( NNS instruments ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But the chief rule-making body for accountants backed off one part of its original proposal made earlier this year that would have required a breakdown of certain balance-sheet items related to off-balance sheet instruments


( S ( NP-SBJ-1 ( DT The ) ( NN balance-sheet ) ( NN detail ) ) ( VP ( VBD was ) ( VP ( VBN opposed ) ( PP ( IN by ) ( NP-LGS ( NP ( JJ many ) ( NNS banks ) ( CC and ) ( NNS thrifts ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBD felt ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NN cost ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG supplying ) ( NP ( JJ such ) ( NNS data ) ) ) ) ) ) ( VP ( VBD was ) ( RB n't ) ( ADJP-PRD ( JJ worth ) ( NP ( NP ( DT the ) ( NN value ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS disclosures ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The balance-sheet detail was opposed by many banks and thrifts that felt the cost of supplying such data was n't worth the value of the disclosures


( S ( PP-LOC ( IN Under ) ( NP ( DT the ) ( JJ initial ) ( NN proposal ) ) ) ( PP ( IN for ) ( NP ( NN example ) ) ) ( NP-SBJ-2 ( NNS banks ) ) ( VP ( MD would ) ( VP ( VB have ) ( VP ( VBN been ) ( VP ( VBN required ) ( S ( VP ( TO to ) ( VP ( VB disclose ) ( NP ( NP ( DT that ) ( NN portion ) ) ( PP ( IN of ) ( NP ( NP ( NNS allowances ) ) ( PP ( IN for ) ( NP ( NN loan ) ( NNS losses ) ) ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ reflects ) ( NP ( NP ( JJ specific ) ( NNS letters ) ) ( PP ( IN of ) ( NP ( NN credit ) ) ) ( SBAR ( WHPP-3 ( IN for ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( NNS customers ) ) ( VP ( VBD had ) ( VP ( VBN defaulted ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Under the initial proposal for example banks would have been required to disclose that portion of allowances for loan losses that reflects specific letters of credit for which customers had defaulted


( S ( NP-SBJ ( DT The ) ( JJ final ) ( NN rule ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB require ) ( NP ( NP ( NP ( JJ such ) ( DT a ) ( NN breakdown ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNS allowances ) ) ( PP ( IN for ) ( NP ( NN loan ) ( NNS losses ) ) ) ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ appears ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NN balance ) ( NN sheet ) ) ) ) ) ) ) ) ) )

The final rule wo n't require such a breakdown of the allowances for loan losses which appears on the balance sheet


( S ( NP-SBJ ( DT The ) ( NNP FASB ) ( NN rule ) ) ( VP ( MD will ) ( VP ( VB cover ) ( NP ( NP ( JJ such ) ( JJ financial ) ( NNS instruments ) ) ( PP ( IN as ) ( NP ( NP ( NN interest ) ( NN rate ) ( NNS swaps ) ) ( NP ( JJ financial ) ( NNS guarantees ) ) ( NP ( JJ foward ) ( NN interest ) ( NN rate ) ( NNS contracts ) ) ( NP ( NN loan ) ( NNS contracts ) ) ( NP ( NN loan ) ( NNS commitments ) ) ( CC and ) ( NP ( NP ( NNS options ) ) ( VP ( VBN written ) ( PP-CLR ( IN on ) ( NP ( NP ( NNS securites ) ) ( VP ( JJ held ) ) ) ) ) ) ) ) ) ) ) )

The FASB rule will cover such financial instruments as interest rate swaps financial guarantees foward interest rate contracts loan contracts loan commitments and options written on securites held


( S ( NP-SBJ ( PRP It ) ) ( VP ( MD will ) ( VP ( VB require ) ( S ( NP-SBJ ( NNS companies ) ) ( VP ( TO to ) ( VP ( VB spell ) ( PRT ( RP out ) ) ( PP-MNR ( IN in ) ( NP ( JJR more ) ( NN detail ) ) ) ( NP ( NP ( NP ( NN collateral ) ( NNS polices ) ) ( CC and ) ( NP ( NP ( NNS concentrations ) ) ( PP ( IN of ) ( NP ( NN credit ) ( NN risk ) ) ) ) ) ( PP ( IN for ) ( NP ( DT all ) ( JJ financial ) ( NNS instruments ) ) ) ) ) ) ) ) ) )

It will require companies to spell out in more detail collateral polices and concentrations of credit risk for all financial instruments


( S ( NP-SBJ ( DT The ) ( NN rule ) ) ( VP ( MD will ) ( VP ( VB require ) ( S ( NP-SBJ ( NP ( NNS companies ) ) ( PP ( IN with ) ( NP ( JJ financial ) ( NNS instruments ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP have ) ( NP ( ADJP ( JJ off-balance ) ( NN sheet ) ) ( NNS risks ) ) ) ) ) ) ( VP ( TO to ) ( VP ( VB disclose ) ( NP ( NP ( NP ( NNS data ) ) ( PP ( IN about ) ( NP ( NP ( DT the ) ( NN value ) ( CC and ) ( NNS terms ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS instruments ) ) ) ) ) ) ( NP ( NP ( DT any ) ( NN accounting ) ( NN loss ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( MD would ) ( VP ( VB occur ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ-3 ( NP ( DT the ) ( JJ outside ) ( NN party ) ) ( VP ( JJ involved ) ( PP-LOC-CLR ( IN in ) ( NP ( DT the ) ( NN instrument ) ) ) ) ) ( VP ( VBD failed ) ( S ( VP ( TO to ) ( VP ( VB perform ) ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( NP ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN policy ) ) ( PP ( IN for ) ( S-NOM ( VP ( VBG requiring ) ( NP ( NP ( NN collateral ) ) ( CC or ) ( NP ( JJ other ) ( NN security ) ) ) ( PP-CLR ( IN for ) ( NP ( DT the ) ( NN instrument ) ) ) ) ) ) ) ) ) ) ) ) ) )

The rule will require companies with financial instruments that have off-balance sheet risks to disclose data about the value and terms of the instruments any accounting loss that would occur if the outside party involved in the instrument failed to perform and the company 's policy for requiring collateral or other security for the instrument


( S ( NP-SBJ ( NP ( NNP Scott ) ( NNP Miller ) ) ( NP ( DT an ) ( NNP FASB ) ( NN project ) ( NN manager ) ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( DT a ) ( JJ final ) ( NN rule ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN issued ) ( PP-TMP ( IN before ) ( NP ( NN year ) ( NN end ) ) ) ) ) ) ) ) ) )

Scott Miller an FASB project manager said that a final rule will be issued before year end


( S ( CC But ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD noted ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( DT the ) ( JJ initial ) ( JJ effective ) ( NN date ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJR earlier ) ( NN proposal ) ) ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBN delayed ) ( PP-TMP ( IN by ) ( NP ( CD six ) ( NNS months ) ) ) ) ) ) ) ) ) )

But he noted that the initial effective date of the earlier proposal had been delayed by six months


( S ( SBAR-ADV ( IN As ) ( S ( NP-SBJ ( NN program ) ( NN trading ) ) ( VP ( VBZ comes ) ( PP-CLR ( IN under ) ( NP ( VBN renewed ) ( NN attack ) ) ) ( PP-PRP ( IN for ) ( S-NOM ( VP ( VBG causing ) ( NP ( NN stock ) ( NN market ) ( NNS gyrations ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( DT a ) ( JJ few ) ( NNS people ) ) ( PP-LOC ( IN on ) ( NP ( NNP Wall ) ( NNP Street ) ) ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NN time ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB consider ) ( NP ( JJ extreme ) ( NNS measures ) ) ) ) ) ) ) ) ) ) ) )

As program trading comes under renewed attack for causing stock market gyrations a few people on Wall Street say it is time to consider extreme measures


( S-2 ( NP-SBJ ( NP ( DT The ) ( JJ real ) ( NN answer ) ) ( PP ( TO to ) ( S-NOM ( VP ( VBG curbing ) ( NP ( NP ( JJ wild ) ( NNS swings ) ) ( PP-LOC ( IN in ) ( NP ( NN stock ) ( NNS prices ) ) ) ) ) ) ) ) ( PRN ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP say ) ) ) ) ( VP ( MD might ) ( VP ( VB be ) ( S-PRD ( VP ( TO to ) ( VP ( VP ( VB curb ) ) ( CC or ) ( ADVP ( RB even ) ) ( VP ( VB abolish ) ) ( NP-1 ( NN stock-index ) ( NNS futures ) ) ) ) ) ) ) )

The real answer to curbing wild swings in stock prices they say might be to curb or even abolish stock-index futures


( S ( NP-SBJ ( DT A ) ( NN stock-index ) ( NN future ) ) ( VP ( VBZ is ) ( NP-PRD ( DT a ) ( NN contract ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( CC or ) ( VB sell ) ( NP ( NP ( DT the ) ( NN market ) ( NN value ) ) ( PP ( IN of ) ( NP ( NP ( NP ( DT a ) ( NN basket ) ) ( PP ( IN of ) ( NP ( NNS stocks ) ) ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NP ( DT the ) ( NNP Standard ) ( CC & ) ( NNP Poor ) ( POS 's ) ) ( JJ 500-stock ) ( NN index ) ) ) ) ) ) ) ) ) ) ) )

A stock-index future is a contract to buy or sell the market value of a basket of stocks such as the Standard & Poor 's 500-stock index


( S ( SBAR-PRP ( IN Since ) ( S ( NP-SBJ-1 ( NN stock ) ( NNS futures ) ) ( VP ( VBD were ) ( VP ( VBN created ) ( PP-TMP ( IN in ) ( NP ( CD 1982 ) ) ) ) ) ) ) ( S-NOM-SBJ ( VP ( VBG trading ) ( PP-LOC ( IN on ) ( NP ( NP ( DT the ) ( NNP Chicago ) ( NNP Mercantile ) ( NNP Exchange ) ) ( CC and ) ( NP ( JJ other ) ( NNS exchanges ) ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN boomed ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( NN point ) ) ( SBAR ( WHADVP ( WRB where ) ) ( S ( S-NOM-SBJ ( VP ( NN trading ) ( PP-LOC-CLR ( IN in ) ( NP ( NN stock-index ) ( NNS futures ) ) ) ) ) ( VP ( VBZ rivals ) ( NP ( NP ( DT that ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NNS stocks ) ) ( NP ( PRP themselves ) ) ) ) ) ) ) ) ) ) ) ) )

Since stock futures were created in 1982 trading on the Chicago Mercantile Exchange and other exchanges has boomed to the point where trading in stock-index futures rivals that in the stocks themselves


( S ( NP-SBJ ( DT The ) ( JJ conventional ) ( NN view ) ( PRN ( SBAR ( IN as ) ( S ( VP ( VBN voiced ) ( PP ( IN by ) ( NP-LGS ( NNP Goldman ) ( NNP Sachs ) ( CC & ) ( NNP Co. ) ( NN partner ) ( NNP Fischer ) ( NNP Black ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( SBAR-PRD ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNS stocks ) ) ( CC and ) ( NP ( NP ( NNS derivatives ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NNS futures ) ( CC and ) ( NNS options ) ) ) ) ) ( VP ( VBP form ) ( NP ( DT a ) ( JJ single ) ( NN market ) ) ) ) ) ( CC and ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNS derivatives ) ) ( VP ( VBP make ) ( S ( NP-SBJ ( PRP it ) ) ( NP-PRD ( DT a ) ( ADJP ( RBR more ) ( JJ liquid ) ) ( NN market ) ) ) ) ) ) ) ) )

The conventional view as voiced by Goldman Sachs & Co. partner Fischer Black is that stocks and derivatives such as futures and options form a single market and that derivatives make it a more liquid market


( S ( S ( CC But ) ( ADVP ( RB increasingly ) ) ( NP-SBJ ( NNS people ) ) ( VP ( VBP are ) ( VP ( VBG questioning ) ( NP ( DT that ) ( NN view ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT the ) ( NNS critics ) ) ( VP ( VBP include ) ( NP ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN country ) ( VBZ 's ) ) ( ADJP ( RBS most ) ( JJ successful ) ) ( NNS investors ) ) ) ) ) ) )

But increasingly people are questioning that view and the critics include some of the country 's most successful investors


( S ( NP-SBJ ( NNP Warren ) ( NNP Buffett ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( PP-PRD ( IN on ) ( NP ( NN record ) ) ) ( PP-CLR ( IN as ) ( S-NOM ( VP ( VBG opposing ) ( NP ( NN stock-index ) ( NNS futures ) ) ( PP-TMP ( IN since ) ( NP ( NP ( PRP$ their ) ( NN inception ) ) ( PP-TMP ( IN in ) ( NP ( CD 1982 ) ) ) ) ) ) ) ) ) ) )

Warren Buffett has been on record as opposing stock-index futures since their inception in 1982


( S ( CC And ) ( NP-SBJ ( NP ( NNP Mario ) ( NNP Gabelli ) ) ( NP ( NP ( DT another ) ( NN star ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN investing ) ( NN world ) ) ) ) ) ( VP ( VBZ says ) ( S ( NP-SBJ ( PRP$ My ) ( NN gut ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NNS negatives ) ) ( PP ( IN of ) ( NP ( NNS futures ) ( CC and ) ( NNS synthetics ) ) ) ) ( VP ( ADVP ( RB far ) ) ( VBP outweigh ) ( NP ( DT the ) ( NNS benefits ) ) ) ) ) ) ) ) )

And Mario Gabelli another star in the investing world says My gut says the negatives of futures and synthetics far outweigh the benefits


( S ( PP ( IN Like ) ( NP ( NNS others ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Gabelli ) ) ( VP ( VBZ says ) ( SBAR ( IN that ) ( S ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( NNS futures ) ) ( VP ( VBP cause ) ( S ( NP-SBJ ( NNS investors ) ) ( VP ( TO to ) ( VP ( VB lose ) ( NP ( NP ( NN confidence ) ) ( PP ( IN in ) ( NP ( NNS stocks ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( MD will ) ( VP ( VB move ) ( ADVP-DIR ( RB away ) ( PP-DIR ( IN from ) ( NP ( NNS stocks ) ) ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( JJ many ) ) ( VP ( VBP have ) ( ADVP ( RB already ) ) ( VP ( VBN done ) ) ) ) ) ) ) ) ) ) )

Like others Mr. Gabelli says that if futures cause investors to lose confidence in stocks they will move away from stocks as many have already done


( S-2 ( CC And ) ( NP-SBJ ( NP ( DT those ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP remain ) ) ) ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) ) ) ( VP ( MD will ) ( VP ( VP ( VB demand ) ( NP ( DT a ) ( JJR higher ) ( NN return ) ) ) ( CC and ) ( VP ( PP ( IN over ) ( NP ( NN time ) ) ) ( VB raise ) ( NP ( NP ( DT the ) ( NN cost ) ) ( PP ( IN of ) ( NP ( NN capital ) ) ) ( PP ( TO to ) ( NP ( NNS companies ) ) ) ) ) ) ) )

And those who remain he says will demand a higher return and over time raise the cost of capital to companies


( S ( ADVP ( RB Essentially ) ) ( NP-SBJ ( NP ( DT the ) ( NNS critics ) ) ( PP ( IN of ) ( NP ( NN stock-index ) ( NNS futures ) ) ) ) ( VP ( VBP fall ) ( PP-CLR ( IN into ) ( NP ( CD two ) ( NNS camps ) ) ) ) )

Essentially the critics of stock-index futures fall into two camps


( S ( S ( NP-SBJ ( CD One ) ( NN group ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NNS futures ) ) ( VP ( VBP contribute ) ( PP-CLR ( TO to ) ( NP ( ADJP ( VB stock ) ( NN market ) ) ( NN volatility ) ) ) ) ) ) ) ) ( S ( NP-SBJ ( DT the ) ( JJ other ) ) ( VP ( VBZ contends ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNS futures ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( DT a ) ( NN sideshow ) ) ( PP ( IN of ) ( NP ( NN speculation ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ detracts ) ( PP-CLR ( IN from ) ( NP ( NP ( NP ( DT the ) ( NN stock ) ( NN market ) ( POS 's ) ) ( JJ basic ) ( NN function ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG raising ) ( NP ( NN capital ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

One group says the futures contribute to stock market volatility the other contends that futures are a sideshow of speculation that detracts from the stock market 's basic function of raising capital


( S-1 ( PP-TMP ( IN Before ) ( NP ( NNS futures ) ) ) ( PRN ( SINV ( VP ( VBZ says ) ) ( NP-SBJ ( NNP New ) ( NNP York ) ( NN investor ) ( NNP Michael ) ( NNP Harkins ) ) ) ) ( NP-SBJ-2 ( PRP you ) ) ( ADVP ( RB actually ) ) ( VP ( VBD had ) ( S ( VP ( TO to ) ( VP ( VB pay ) ( NP ( NN attention ) ) ( PP-CLR ( TO to ) ( SBAR-NOM ( IN whether ) ( S ( NP-SBJ ( NP ( DT the ) ( NN thing ) ) ( SBAR ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBD were ) ( VP ( VBG buying ) ) ) ) ) ) ( VP ( VBD had ) ( NP ( DT any ) ( JJ intrinsic ) ( NN value ) ) ) ) ) ) ) ) ) ) )

Before futures says New York investor Michael Harkins you actually had to pay attention to whether the thing you were buying had any intrinsic value


( S ( SBAR-ADV ( IN While ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( ADVP-TMP ( RB once ) ) ( VP ( VBN expected ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNS futures ) ) ( VP ( MD would ) ( VP ( VB mimic ) ( NP ( NN stock ) ( NNS prices ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNS traders ) ) ( ADVP-TMP ( RB now ) ) ( VP ( ADVP-MNR ( RB routinely ) ) ( VBP check ) ( NP ( NP ( DT the ) ( NNS futures ) ( NNS markets ) ) ( PP-LOC ( IN in ) ( NP ( NNP Chicago ) ) ) ) ( SBAR-TMP ( IN before ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP buy ) ( CC or ) ( VBP sell ) ( NP ( NNS stocks ) ) ) ) ) ) )

While it was once expected that futures would mimic stock prices traders now routinely check the futures markets in Chicago before they buy or sell stocks


( S ( SBAR-TMP ( WHADVP-1 ( WRB When ) ) ( S ( NP-SBJ ( NNP Chicago ) ( NNS futures ) ( NNS prices ) ) ( VP ( VBP jump ) ( ADVP ( ADVP ( RB up ) ) ( CC or ) ( ADVP ( RB down ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ) ( VP ( VBZ follows ) ) )

When Chicago futures prices jump up or down the New York Stock Exchange follows


( S ( PP-TMP ( IN On ) ( NP ( NNP Tuesday ) ) ) ( PP ( IN for ) ( NP ( NN instance ) ) ) ( NP-SBJ ( DT the ) ( NNP Dow ) ( NNP Jones ) ( NNP Industrial ) ( NNP Average ) ) ( VP ( VBD plunged ) ( NP-ADV ( CD 80 ) ( NNS points ) ) ( PP ( IN in ) ( NP ( NP ( RB little ) ( JJR more ) ) ( PP ( IN than ) ( NP ( DT an ) ( NN hour ) ) ) ) ) ) )

On Tuesday for instance the Dow Jones Industrial Average plunged 80 points in little more than an hour


( S ( ADVP-TMP ( RB Then ) ) ( PP ( IN in ) ( NP ( NP ( DT the ) ( NN space ) ) ( PP ( IN of ) ( NP ( DT a ) ( JJ 20-minute ) ( NN coffee ) ( NN break ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN average ) ) ( VP ( VBD rallied ) ( NP ( NP ( RB almost ) ( DT all ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN way ) ( RB back ) ) ) ) ) )

Then in the space of a 20-minute coffee break the average rallied almost all of the way back


( S ( NP-SBJ ( NP ( NNP Paul ) ( NNP Lesutis ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ manages ) ( NP ( NP ( QP ( JJR more ) ( IN than ) ( CD 3 ) ( CD billion ) ) ) ( PP ( IN of ) ( NP ( NNS investments ) ) ) ) ( PP-LOC ( IN at ) ( NP ( NNP Provident ) ( NNP Capital ) ( NNP Management ) ( NNP Inc. ) ) ) ) ) ) ) ( VP ( VBZ blames ) ( NP ( NNS futures ) ( NNS markets ) ) ( PP-CLR ( IN for ) ( S-NOM ( VP ( VBG leading ) ( NP ( DT the ) ( NN way ) ) ) ) ) ) )

Paul Lesutis who manages more than 3 billion of investments at Provident Capital Management Inc. blames futures markets for leading the way


( S ( S-TPC-1 ( NP-SBJ ( DT The ) ( NNS fundamentals ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB change ) ( PP-TMP ( IN in ) ( NP ( DT an ) ( NN hour ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

The fundamentals do n't change in an hour he says


( S ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP think ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD should ) ( VP ( VB close ) ( PRT ( RP down ) ) ( NP ( DT the ) ( NNS futures ) ( NN exchange ) ) ) ) ) ) ) ) ( CC and ) ( S ( ADVP-TMP ( RB then ) ) ( NP-SBJ ( PRP we ) ) ( VP ( MD could ) ( VP ( VB get ) ( ADVP-CLR ( RB back ) ) ( PP-CLR ( TO to ) ( NP ( NN investing ) ) ) ) ) ) )

I think they should close down the futures exchange and then we could get back to investing


( S ( NP-SBJ-1 ( NP ( NN Index ) ( NN arbitrage ) ) ( PRN ( NP ( NP ( DT the ) ( JJ rapid-fire ) ( NN buying ) ( CC and ) ( NN selling ) ) ( PP ( IN of ) ( NP ( NNS stocks ) ) ) ( VP ( VBN offset ) ( PP-CLR ( IN with ) ( NP ( NP ( JJ opposite ) ( NNS trades ) ) ( PP-LOC ( IN in ) ( NP ( NNS futures ) ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( ADVP-TMP ( RB frequently ) ) ( VP ( VBN blamed ) ( PP-CLR ( IN for ) ( S-NOM ( VP ( VBG adding ) ( PP-CLR ( TO to ) ( NP ( ADJP ( NN stock ) ( NN market ) ) ( NN volatility ) ) ) ) ) ) ) ) )

Index arbitrage the rapid-fire buying and selling of stocks offset with opposite trades in futures is frequently blamed for adding to stock market volatility


( S ( SBAR-ADV ( IN Although ) ( S ( NP-SBJ-1 ( NN index ) ( NN arbitrage ) ) ( VP ( VBZ is ) ( VP ( VBN said ) ( S ( VP ( TO to ) ( VP ( VB add ) ( NP ( NN liquidity ) ) ( PP-CLR ( TO to ) ( NP ( NNS markets ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( NNP John ) ( NNP Bachmann ) ) ( NP ( NP ( VBG managing ) ( NN partner ) ) ( PP ( IN of ) ( NP ( NNP Edward ) ( NNP D. ) ( NNP Jones ) ) ) ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( ADJP ( RB too ) ( JJ much ) ) ( NN liquidity ) ) ( VP ( VBZ is ) ( RB n't ) ( NP-PRD ( DT a ) ( JJ good ) ( NN thing ) ) ) ) ) ) )

Although index arbitrage is said to add liquidity to markets John Bachmann managing partner of Edward D. Jones says too much liquidity is n't a good thing


( S ( NP-SBJ ( NP ( DT The ) ( NN kind ) ) ( PP ( IN of ) ( NP ( NN instant ) ( NN liquidity ) ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBZ is ) ( VP ( VBN implied ) ( PP ( IN by ) ( NP-LGS ( NN index ) ( NNS futures ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( MD can ) ( VP ( VP ( VB buy ) ( NP ( DT a ) ( NN portfolio ) ) ( PP-TMP ( IN over ) ( NP ( CD two ) ( NNS years ) ) ) ) ( CC and ) ( VP ( VB get ) ( PRT ( RP out ) ) ( PP-TMP ( IN in ) ( NP ( CD one ) ( NN day ) ) ) ) ) ) ) ) ) )

The kind of instant liquidity that is implied by index futures is that you can buy a portfolio over two years and get out in one day


( S ( S-TPC-1 ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( RB too ) ( JJ disruptive ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

It 's too disruptive he says


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ is ) ( RB n't ) ( NP-PRD ( NN investing ) ) ) )

It is n't investing


( S ( CC But ) ( NP-SBJ ( NN stock-index ) ( NNS futures ) ) ( VP ( VBP have ) ( NP ( NP ( NN plenty ) ) ( PP ( IN of ) ( NP ( NN support ) ) ) ) ) )

But stock-index futures have plenty of support


( S ( NP-SBJ ( NNS Defenders ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( NNS futures ) ) ( VP ( VP ( VBP make ) ( S ( NP-SBJ ( NNS markets ) ) ( ADJP-PRD ( RBR more ) ( JJ efficient ) ) ) ) ( CC and ) ( VP ( VBP provide ) ( NP ( NP ( NNS ways ) ) ( SBAR ( IN for ) ( S ( NP-SBJ ( NNS investors ) ) ( VP ( TO to ) ( VP ( VB reduce ) ( NP ( NNS risks ) ) ) ) ) ) ) ) ) ) ) ) )

Defenders say futures make markets more efficient and provide ways for investors to reduce risks


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBP note ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNS stocks ) ) ( VP ( VBD experienced ) ( NP ( JJ volatile ) ( NNS swings ) ) ( PP-TMP ( ADVP ( RB long ) ) ( RB before ) ( NP ( NNS futures ) ) ) ) ) ) ) )

They note that stocks experienced volatile swings long before futures


( S-1 ( CC And ) ( PRN ( S ( NP-SBJ ( NNS defenders ) ) ( VP ( VBP say ) ) ) ) ( NP-SBJ ( JJ few ) ( NNS people ) ) ( VP ( VBP complain ) ( PP-CLR ( IN about ) ( NP ( NNS futures ) ) ) ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( NN stock ) ( NNS prices ) ) ( VP ( VBP are ) ( VP ( VBG rising ) ) ) ) ) ) )

And defenders say few people complain about futures when stock prices are rising


( S ( NP-SBJ ( NP ( NNP Louis ) ( NNP Margolis ) ) ( NP ( NP ( VBG managing ) ( NN director ) ) ( PP ( IN in ) ( NP ( NP ( NN charge ) ) ( PP ( IN of ) ( NP ( NP ( NN equity ) ( NNS options ) ) ( CC and ) ( NP ( NNS futures ) ) ) ) ) ) ( PP-LOC ( IN at ) ( NP ( NNP Salomon ) ( NNP Inc. ) ) ) ) ) ( VP ( VBZ says ) ( SBAR ( IN that ) ( S ( S-NOM-SBJ ( VP ( VBG trading ) ( NP ( NP ( NNS baskets ) ) ( PP ( IN of ) ( NP ( NNS stocks ) ) ) ) ) ) ( VP ( VBD began ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( NNS 1970s ) ) ( NP ( NP ( DT a ) ( NN decade ) ) ( PP-TMP ( IN before ) ( NP ( NP ( DT the ) ( NN advent ) ) ( PP ( IN of ) ( NP ( NNS futures ) ) ) ) ) ) ) ) ) ) ) ) )

Louis Margolis managing director in charge of equity options and futures at Salomon Inc. says that trading baskets of stocks began in the 1970s a decade before the advent of futures


( S-1 ( NP-SBJ ( NNS Futures ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) ) ) ( ADVP ( RB merely ) ) ( VP ( VBD cut ) ( PRT ( RP down ) ) ( PP-CLR ( IN on ) ( NP ( NN trading ) ( NNS costs ) ) ) ) )

Futures he says merely cut down on trading costs


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ says ) ( S ( S-NOM-SBJ ( VP ( VBG blaming ) ( NP ( NNS futures ) ) ) ) ( VP ( VBZ is ) ( PP-PRD ( IN like ) ( S-NOM ( VP ( VBG blaming ) ( NP ( DT the ) ( NN messenger ) ) ) ) ) ) ) ) )

He says blaming futures is like blaming the messenger


( S ( S-TPC-1 ( SBAR-PRP ( IN Since ) ( S ( NP-SBJ ( NN stock-index ) ( NN arbitrage ) ) ( ADVP ( RB merely ) ) ( VP ( VBZ narrows ) ( NP ( NP ( DT the ) ( NN gap ) ) ( PP-LOC ( IN between ) ( NP ( NP ( NP ( NNS prices ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNS futures ) ) ) ) ( CC and ) ( NP ( NN stock ) ( NNS markets ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( MD ca ) ( RB n't ) ( VP ( VB add ) ( PP-CLR ( TO to ) ( NP ( NN volatility ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

Since stock-index arbitrage merely narrows the gap between prices in the futures and stock markets it ca n't add to volatility he says


( SINV ( S-TPC-2 ( NP-SBJ ( NNS Futures ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB need ) ( NP ( VBG defending ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Andrew ) ( NNP Yemma ) ) ( NP ( NP ( DT a ) ( NN spokesman ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( NNP Chicago ) ( NNP Mercantile ) ( NNP Exchange ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ trades ) ( NP ( NP ( DT the ) ( NNP S&P ) ( CD 500 ) ) ( NP ( ADVP ( IN by ) ( RB far ) ) ( DT the ) ( JJS largest ) ( NN stock-index ) ( NNS futures ) ( NN contract ) ) ) ) ) ) ) ) ) ) )

Futures do n't need defending says Andrew Yemma a spokesman for the Chicago Mercantile Exchange which trades the S&P 500 by far the largest stock-index futures contract


( S ( PP ( IN Despite ) ( NP ( NP ( DT the ) ( JJ current ) ( NN outcry ) ) ( PP ( IN over ) ( NP ( NN stock ) ( NN market ) ( NN volatility ) ) ) ) ) ( NP-SBJ ( JJ few ) ( NNS people ) ) ( VP ( VBP expect ) ( S ( NP-SBJ ( NN stock ) ( NNS futures ) ) ( VP ( TO to ) ( VP ( VB disappear ) ) ) ) ) )

Despite the current outcry over stock market volatility few people expect stock futures to disappear


( S ( PP ( IN For ) ( NP ( CD one ) ( NN thing ) ) ) ( NP-SBJ ( DT the ) ( NNP Chicago ) ( NNS futures ) ( NNS exchanges ) ) ( VP ( VBP have ) ( NP ( NP ( JJ political ) ( CC and ) ( JJ financial ) ( NN clout ) ) ( PP ( VBG including ) ( NP ( NP ( JJ many ) ( NNS friends ) ) ( PP-LOC ( IN in ) ( NP ( NNP Congress ) ) ) ) ) ) ) )

For one thing the Chicago futures exchanges have political and financial clout including many friends in Congress


( S ( CC And ) ( NP-SBJ ( NNS traders ) ) ( VP ( VBP say ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNS futures ) ) ( VP ( VBP have ) ( VP ( VBN become ) ( NP-PRD ( NP ( DT an ) ( JJ accepted ) ( NN part ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ financial ) ( NN landscape ) ) ) ) ) ) ) ) ) )

And traders say that futures have become an accepted part of the financial landscape


( SINV ( S-TPC-2 ( S ( NP-SBJ ( DT All ) ( NN life ) ) ( VP ( VBZ is ) ( PP-PRD ( IN about ) ( NP ( NN change ) ) ) ) ) ( S ( CC either ) ( S ( NP-SBJ-1 ( PRP you ) ) ( VP ( VBP adapt ) ) ) ( CC or ) ( S ( VP ( VBP die ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( CD one ) ( NNP Chicago ) ( NNS futures ) ( NN trader ) ) )

All life is about change either you adapt or die says one Chicago futures trader


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ-1 ( NNS futures ) ) ( VP ( VBP are ) ( RB n't ) ( VP ( VBN permitted ) ( ADVP-LOC ( RB here ) ) ) ) ) ) ( NP-SBJ ( PRP we ) ) ( VP ( MD 'll ) ( VP ( VB take ) ( NP ( PRP it ) ) ( PP-DIR ( TO to ) ( NP ( NNP Australia ) ( CC or ) ( NNP Tokyo ) ) ) ) ) )

If futures are n't permitted here we 'll take it to Australia or Tokyo


( S ( NP-SBJ ( NP ( JJ Average ) ( JJ daily ) ( NN volume ) ) ( PP-LOC ( IN in ) ( NP ( NNP S&P ) ( CD 500 ) ( NNS futures ) ) ) ) ( NP-TMP ( JJ last ) ( NN year ) ) ( VP ( VBD was ) ( NP-PRD ( CD 44,877 ) ( NNS contracts ) ) ) )

Average daily volume in S&P 500 futures last year was 44,877 contracts


( S ( S-ADV ( VP ( VBN Based ) ( PP-CLR ( IN on ) ( NP ( NP ( NP ( NN yesterday ) ( POS 's ) ) ( NN closing ) ( NN price ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP S&P ) ) ) ) ) ) ) ( NP-SBJ-2 ( NP ( DT the ) ( JJ average ) ( NN value ) ) ( PP ( IN of ) ( NP ( NP ( CD one ) ( NN day ) ( POS 's ) ) ( NN trading ) ) ) ) ( VP ( NNS amounts ) ( PP-CLR ( TO to ) ( NP ( QP ( CD 7.6 ) ( CD billion ) ) ) ) ) )

Based on yesterday 's closing price of the S&P the average value of one day 's trading amounts to 7.6 billion


( S ( PP ( IN By ) ( NP ( NN contrast ) ) ) ( NP-SBJ ( NP ( JJ average ) ( NN dollar ) ( NN volume ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP Big ) ( NNP Board ) ) ) ) ( NP-TMP ( JJ last ) ( NN year ) ) ( VP ( VBD was ) ( NP-PRD ( QP ( CD 5.3 ) ( CD billion ) ) ) ) )

By contrast average dollar volume on the Big Board last year was 5.3 billion


( S ( NP-SBJ ( JJ Many ) ( NN investment ) ( NNS managers ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( NNS futures ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ useful ) ( PP ( IN as ) ( NP ( NP ( DT a ) ( NN way ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB hedge ) ( NP ( NNS portfolios ) ) ) ) ) ) ) ) ) ) ) ) ) )

Many investment managers say futures are useful as a way to hedge portfolios


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ-1 ( NNS managers ) ) ( VP ( VP ( VBP fear ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( JJ overall ) ( NN stock ) ( NN market ) ) ( VP ( MD will ) ( VP ( VB fall ) ) ) ) ) ) ( CC but ) ( VP ( VBP want ) ( S ( VP ( TO to ) ( VP ( VB continue ) ( S ( VP ( VBG owning ) ( NP ( NNS stocks ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( MD can ) ( VP ( VP ( VB hold ) ( PRT ( RP on ) ) ( PP-CLR ( TO to ) ( NP ( JJ specific ) ( NNS stocks ) ) ) ) ( CC and ) ( VP ( VB sell ) ( NP ( NP ( DT a ) ( JJ corresponding ) ( NN amount ) ) ( PP ( IN of ) ( NP ( NNS futures ) ( NNS contracts ) ) ) ) ) ) ) )

If managers fear that the overall stock market will fall but want to continue owning stocks they can hold on to specific stocks and sell a corresponding amount of futures contracts


( S ( NP-SBJ ( JJ Many ) ( NN investment ) ( NNS managers ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( NNS futures ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ useful ) ( PP ( IN as ) ( NP ( DT a ) ( NN way ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB hedge ) ( NP ( NNS portfolios ) ) ) ) ) ) ) ) ) ) ) ) ) )


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ-1 ( NNS managers ) ) ( VP ( VP ( VBP fear ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( JJ overall ) ( NN stock ) ( NN market ) ) ( VP ( MD will ) ( VP ( VB fall ) ) ) ) ) ) ( CC but ) ( VP ( VBP want ) ( S ( VP ( TO to ) ( VP ( VB continue ) ( S ( VP ( NN owning ) ( NP ( NNS stocks ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( MD can ) ( VP ( VP ( VB hold ) ( PRT ( RP on ) ) ( PP-CLR ( TO to ) ( NP ( JJ specific ) ( NNS stocks ) ) ) ) ( CC and ) ( VP ( VB sell ) ( NP ( NP ( DT a ) ( JJ corresponding ) ( NN amount ) ) ( PP ( IN of ) ( NP ( NNS futures ) ( NNS contracts ) ) ) ) ) ) ) )


( S ( CC And ) ( SBAR-ADV ( IN although ) ( S ( NP-SBJ ( NP ( NN criticism ) ) ( PP ( IN of ) ( NP ( NNS futures ) ) ) ) ( ADVP ( RB generally ) ) ( VP ( VBZ comes ) ( PP-CLR ( IN from ) ( NP ( NNP Wall ) ( NNP Street ) ) ) ) ) ) ( NP-SBJ ( CD one ) ( NNP Chicago ) ( NNS futures ) ( NN trader ) ) ( VP ( VBZ notes ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NN brokerage ) ( NNS firms ) ) ( VP ( VBP rely ) ( PP-CLR ( IN on ) ( NP ( NNS futures ) ) ) ( PP-CLR ( IN as ) ( NP ( NN hedging ) ( NNS tools ) ) ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP buy ) ( CC and ) ( VBP sell ) ( NP ( NP ( JJ big ) ( NNS blocks ) ) ( PP ( IN of ) ( NP ( NNS stocks ) ) ) ) ( PP-CLR ( IN from ) ( NP ( NNS institutions ) ) ) ) ) ) ) ) ) ) )

And although criticism of futures generally comes from Wall Street one Chicago futures trader notes that brokerage firms rely on futures as hedging tools when they buy and sell big blocks of stocks from institutions


( S ( NP-SBJ ( NP ( CD One ) ( NN reason ) ) ( SBAR ( S ( NP-SBJ-1 ( NNS futures ) ) ( VP ( VBP are ) ( VP ( VBN said ) ( S ( VP ( TO to ) ( VP ( VB add ) ( NP ( NN volatility ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( SBAR-PRD ( DT that ) ( S ( PP ( IN unlike ) ( PP ( IN in ) ( NP ( NNS stocks ) ) ) ) ( NP-SBJ ( NNS people ) ) ( VP ( MD can ) ( VP ( VB speculate ) ( PP-CLR ( IN in ) ( NP ( NNS futures ) ) ) ( PP-MNR ( IN with ) ( NP ( JJ little ) ( NN money ) ( RP down ) ) ) ) ) ) ) ) )

One reason futures are said to add volatility is that unlike in stocks people can speculate in futures with little money down


( S ( NP-SBJ ( NP ( NN Margin ) ( NNS requirements ) ) ( PP ( IN for ) ( NP ( NP ( NNS speculators ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP Chicago ) ( NNP Mercantile ) ( NNP Exchange ) ) ) ) ) ) ( VP ( VBP are ) ( ADVP-TMP ( RB currently ) ) ( NP-PRD ( QP ( IN about ) ( CD 7 ) ) ( NN % ) ) ) )

Margin requirements for speculators on the Chicago Mercantile Exchange are currently about 7 %


( S ( S-TPC-1 ( PP ( IN For ) ( NP ( QP ( CD 10 ) ( CD million ) ) ) ) ( NP-SBJ ( PRP you ) ) ( VP ( MD can ) ( VP ( VB move ) ( NP ( NP ( QP ( CD 100 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NNS stocks ) ) ) ) ) ) ) ( NP-SBJ ( NP ( DT a ) ( NN specialist ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP Big ) ( NNP Board ) ) ) ) ( VP ( VBZ gripes ) ) )

For 10 million you can move 100 million of stocks a specialist on the Big Board gripes


( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ gives ) ( NP ( NNS futures ) ( NNS traders ) ) ( NP ( ADJP ( NP ( DT a ) ( RB lot ) ) ( JJR more ) ) ( NN power ) ) ) )

That gives futures traders a lot more power


( S ( PP ( IN By ) ( NP ( NN contrast ) ) ) ( NP-SBJ ( NP ( DT an ) ( NN investor ) ) ( PP ( IN in ) ( NP ( NNS stocks ) ) ) ) ( VP ( MD must ) ( VP ( VB put ) ( PRT ( RP up ) ) ( NP ( NP ( CD 50 ) ( NN % ) ) ( PP ( IN in ) ( NP ( NN cash ) ) ) ) ) ) )

By contrast an investor in stocks must put up 50 % in cash


( S ( NP-SBJ ( DT Some ) ( NNS critics ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( NNS futures ) ) ( VP ( VBP encourage ) ( S ( NP-SBJ ( NNS people ) ) ( VP ( TO to ) ( VP ( VB think ) ( PP-CLR ( IN of ) ( NP ( NNS stocks ) ) ) ( PP-CLR ( PP ( IN as ) ( NP ( DT a ) ( JJ single ) ( NN commodity ) ) ) ( CONJP ( RB rather ) ( IN than ) ) ( PP ( IN as ) ( NP ( NP ( NNS investments ) ) ( PP-LOC ( IN in ) ( NP ( JJ individual ) ( NNS businesses ) ) ) ) ) ) ) ) ) ) ) ) ) )

Some critics say futures encourage people to think of stocks as a single commodity rather than as investments in individual businesses


( S-1 ( ADVP ( RB Thus ) ) ( PRN ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP say ) ) ) ) ( NP-SBJ ( NNS futures ) ) ( VP ( VBP inhibit ) ( NP ( NP ( NP ( DT the ) ( JJ basic ) ( NN purpose ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN stock ) ( NN market ) ) ) ) ( S ( VP ( TO to ) ( ADVP ( RB accurately ) ) ( VP ( VB price ) ( NP ( NNS securities ) ) ( SBAR-PRP ( IN so ) ( IN that ) ( S ( NP-SBJ ( NN capital ) ( CC and ) ( NN investment ) ) ( VP ( VBZ flows ) ( SBAR-DIR ( WHADVP-3 ( WRB where ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ 's ) ( VP ( VBN needed ) ( ADVP-MNR ( RBS most ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Thus they say futures inhibit the basic purpose of the stock market to accurately price securities so that capital and investment flows where it 's needed most


( SINV ( S-TPC-3 ( NP-SBJ-1 ( DT The ) ( ADJP ( NNP S&P ) ( CD 500 ) ( NN index ) ) ( NNS futures ) ) ( VP ( VBD transferred ) ( NP ( NP ( DT the ) ( NN identity ) ) ( PP ( IN of ) ( NP ( CD 500 ) ( NNS stocks ) ) ) ) ( PP-CLR ( IN into ) ( NP ( CD one ) ( NN unit ) ) ) ( S-ADV ( VP ( VBG making ) ( S ( NP-SBJ ( PRP them ) ) ( NP-PRD ( NP ( DT a ) ( JJ simple ) ( NN commodity ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB trade ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP George ) ( NNP Kegler ) ) ( NP ( NP ( JJ senior ) ( NN vice ) ( NN president ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NN A. ) ( NNP Webster ) ( NNP Dougherty ) ) ( PP-LOC ( IN in ) ( NP ( NNP Philadelphia ) ) ) ) ) ) ) )

The S&P 500 index futures transferred the identity of 500 stocks into one unit making them a simple commodity to trade says George Kegler senior vice president at A. Webster Dougherty in Philadelphia


( S ( S-TPC-2 ( NP-SBJ ( PRP It ) ) ( VP ( VBD took ) ( PRT ( RP away ) ) ( NP ( DT the ) ( NN need ) ( S ( VP ( TO to ) ( VP ( VB know ) ( NP ( NP ( DT the ) ( JJ bad ) ( JJ third-quarter ) ( NN report ) ) ( PP ( IN of ) ( NP ( NNP IBM ) ) ) ) ) ) ) ) ( PP ( IN for ) ( NP ( NN example ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Kegler ) ) ( VP ( VBZ says ) ) )

It took away the need to know the bad third-quarter report of IBM for example Mr. Kegler says


( S ( PP ( IN Of ) ( NP ( NN course ) ) ) ( NP-SBJ ( NP ( NN portfolio ) ( NN trading ) ) ( NP ( NP ( DT the ) ( ADJP ( RB increasingly ) ( JJ common ) ) ( NN practice ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG buying ) ( CC or ) ( VBG selling ) ( NP ( NP ( NNS baskets ) ) ( PP ( IN of ) ( NP ( JJ actual ) ( NNS stocks ) ) ) ) ) ) ) ) ) ( ADVP ( RB also ) ) ( VP ( VBZ treats ) ( NP ( NNS stocks ) ) ( PP-CLR ( IN as ) ( NP ( JJ homogenous ) ( NNS commodities ) ) ) ) )

Of course portfolio trading the increasingly common practice of buying or selling baskets of actual stocks also treats stocks as homogenous commodities


( SINV ( S-TPC-4 ( NP-SBJ ( EX There ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN class ) ) ( PP ( IN of ) ( NP ( NN investor ) ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBZ wants ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN exposed ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( JJ whole ) ( NN market ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Sandip ) ( NNP Bhagat ) ) ( NP ( NP ( NN assistant ) ( NN vice ) ( NN president ) ) ( PP-LOC ( IN at ) ( NP ( NNPS Travelers ) ( NNP Investment ) ( NNP Management ) ( NNP Co ) ) ) ) ) )

There is a class of investor that wants to be exposed to the whole market says Sandip Bhagat assistant vice president at Travelers Investment Management Co


( S ( S-TPC-2 ( NP-SBJ ( DT The ) ( NNP S&P ) ( NNS futures ) ) ( VP ( VBP are ) ( ADVP ( RB merely ) ) ( NP-PRD ( NP ( DT a ) ( ADJP ( JJR cheaper ) ( CC and ) ( JJR quicker ) ) ( NN way ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB get ) ( NP ( NP ( NN access ) ) ( PP ( TO to ) ( NP ( QP ( DT all ) ( CD 500 ) ) ( NNS stocks ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

The S&P futures are merely a cheaper and quicker way to get access to all 500 stocks he says


( S ( NP-SBJ-1 ( DT The ) ( NNP Big ) ( NNP Board ) ) ( NP-TMP ( NN yesterday ) ) ( VP ( VBD began ) ( S ( VP ( VBG trading ) ( PP-CLR ( IN in ) ( NP ( NP ( PRP$ its ) ( JJ own ) ( ADJP ( NN basket ) ( NN trading ) ) ( NN vehicle ) ) ( VP ( VBG representing ) ( NP ( DT the ) ( NNP S&P ) ( CD 500 ) ( NNS stocks ) ) ) ) ) ) ) ) )

The Big Board yesterday began trading in its own basket trading vehicle representing the S&P 500 stocks


( S ( CC But ) ( S-NOM-SBJ ( VP ( VBG owning ) ( NP ( NN index ) ( NNS futures ) ) ) ) ( VP ( VBZ is ) ( RB n't ) ( NP-PRD ( NP ( DT the ) ( JJ same ) ) ( PP ( IN as ) ( S-NOM ( VP ( VBG owning ) ( NP ( DT the ) ( VBG underlying ) ( NNS stocks ) ) ) ) ) ) ) )

But owning index futures is n't the same as owning the underlying stocks


( S ( NP-SBJ ( NNS Stockholders ) ) ( PP ( IN as ) ( NP ( DT a ) ( NN group ) ) ) ( VP ( MD can ) ( VP ( VB win ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP own ) ( NP ( NP ( DT a ) ( NN share ) ) ( PP ( IN of ) ( NP ( NP ( JJ corporate ) ( NNS earnings ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( MD can ) ( VP ( VP ( VB grow ) ) ( CC and ) ( VP ( VB boost ) ( NP ( NN stock ) ( NNS prices ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Stockholders as a group can win because they own a share of corporate earnings which can grow and boost stock prices


( S ( NP-SBJ ( NNS Futures ) ) ( PP ( IN on ) ( NP ( DT the ) ( JJ other ) ( NN hand ) ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( DT a ) ( CD zero ) ( NN sum ) ( NN game ) ) ( NP ( NP ( DT a ) ( NN market ) ) ( PP ( IN for ) ( S-NOM ( VP ( VBG making ) ( NP ( NP ( JJ side ) ( NNS bets ) ) ( PP ( IN about ) ( NP ( NP ( DT the ) ( NN direction ) ) ( PP ( IN of ) ( NP ( NN stock ) ( NNS prices ) ) ) ) ) ) ) ) ) ) ) ) )

Futures on the other hand are a zero sum game a market for making side bets about the direction of stock prices


( SINV ( S-TPC-1 ( NP-SBJ ( PRP You ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB own ) ( NP ( NN anything ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Stephen ) ( NNP Boesel ) ) ( NP ( NP ( DT a ) ( NN money ) ( NN manager ) ) ( PP ( IN for ) ( NP ( NP ( NNP T. ) ( NNP Rowe ) ( NNP Price ) ) ( PP-LOC ( IN in ) ( NP ( NNP Baltimore ) ) ) ) ) ) ) )

You do n't own anything says Stephen Boesel a money manager for T. Rowe Price in Baltimore


( S ( NP-SBJ ( PRP You ) ) ( VP ( VBP 're ) ( VP ( VBG making ) ( NP ( NP ( DT a ) ( JJ pure ) ( NN bet ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NN market ) ) ) ) ) ) )

You 're making a pure bet on the market


( S ( S-TPC-1 ( NP-SBJ ( NP ( NNP September ) ( NNS sales ) ) ( PP-LOC ( IN at ) ( NP ( JJ major ) ( JJ Japanese ) ( NN retail ) ( NNS stores ) ) ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 9.4 ) ( NN % ) ) ( PP-TMP ( IN from ) ( NP ( NP ( DT a ) ( NN year ) ) ( ADVP-TMP ( RB earlier ) ) ) ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 1.388 ) ( CD trillion ) ) ( NNS yen ) ) ( PRN ( NP ( QP ( CD 9.81 ) ( CD billion ) ) ) ) ) ) ( S-ADV ( VP ( VBG marking ) ( NP ( DT the ) ( JJ fifth-consecutive ) ( JJ monthly ) ( NN increase ) ) ) ) ) ) ( NP-SBJ ( NP ( DT the ) ( NNP Ministry ) ) ( PP ( IN of ) ( NP ( NNP International ) ( NNP Trade ) ( CC and ) ( NNP Industry ) ) ) ) ( VP ( VBD announced ) ) )

September sales at major Japanese retail stores rose 9.4 % from a year earlier to 1.388 trillion yen 9.81 billion marking the fifth-consecutive monthly increase the Ministry of International Trade and Industry announced


( S ( PP ( VBG According ) ( PP ( TO to ) ( NP ( DT the ) ( NN ministry ) ) ) ) ( NP-SBJ ( NP ( JJ retail ) ( NNS sales ) ) ( PP-LOC ( IN at ) ( NP ( JJ major ) ( NN department ) ( NNS stores ) ) ) ) ( VP ( VBD were ) ( ADVP-PRD ( RB up ) ( NP-ADV ( CD 12 ) ( NN % ) ) ( PP ( TO to ) ( NP ( QP ( CD 745.7 ) ( CD billion ) ) ( NNS yen ) ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( NP ( NNS sales ) ) ( PP-LOC ( IN at ) ( NP ( NNS supermarkets ) ) ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 6.7 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 642 ) ( CD billion ) ) ( NNS yen ) ) ) ) ) ) ) )

According to the ministry retail sales at major department stores were up 12 % to 745.7 billion yen while sales at supermarkets rose 6.7 % to 642 billion yen


( S ( NP-SBJ ( NP ( NNP September ) ( POS 's ) ) ( NN growth ) ) ( VP ( VBD followed ) ( NP ( NP ( NP ( DT a ) ( ADJP ( CD 8.7 ) ( NN % ) ) ( NN rise ) ) ( PP-TMP ( IN in ) ( NP ( NNP July ) ) ) ) ( CC and ) ( NP ( NP ( DT an ) ( ADJP ( CD 8 ) ( NN % ) ) ( NN increase ) ) ( PP-TMP ( IN in ) ( NP ( NNP August ) ) ) ) ) ( S-ADV ( VP ( VBG showing ) ( NP ( NP ( JJ continued ) ( NN expansion ) ) ( PP ( IN at ) ( NP ( JJ high ) ( JJ year-on-year ) ( NNS levels ) ) ) ) ) ) ) )

September 's growth followed a 8.7 % rise in July and an 8 % increase in August showing continued expansion at high year-on-year levels


( S ( NP-SBJ ( DT A ) ( NN ministry ) ( NN official ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN growth ) ) ( VP ( VBZ leads ) ( PP-DIR ( TO to ) ( NP ( DT the ) ( NN conclusion ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( JJ adverse ) ( NNS effects ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN consumption ) ( NN tax ) ) ( VP ( VBN introduced ) ( PP-TMP ( IN in ) ( NP ( NNP April ) ) ) ) ) ) ) ( VP ( VBP have ) ( VP ( VBN diminished ) ) ) ) ) ) ) ) ) ) ) )

A ministry official said the growth leads to the conclusion the adverse effects of a consumption tax introduced in April have diminished


( S ( NP-SBJ ( NNP Northrop ) ( NNP Corp. ) ) ( VP ( VBD received ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 93.5 ) ( CD million ) ) ) ( NN contract ) ) ( PP ( IN by ) ( NP ( DT the ) ( NNP U.S. ) ( NNP Air ) ( NNP Force ) ) ) ( PP ( IN for ) ( NP ( NP ( NN production ) ( NN tooling ) ( CC and ) ( NN test ) ( NN equipment ) ) ( PP ( IN for ) ( NP ( DT the ) ( NNP Tacit ) ( NNP Rainbow ) ( NN defense-suppression ) ( NN missile ) ) ) ) ) ) ) )

Northrop Corp. received a 93.5 million contract by the U.S. Air Force for production tooling and test equipment for the Tacit Rainbow defense-suppression missile


( S ( NP-SBJ ( DT The ) ( NN contract ) ) ( VP ( VP ( VBZ provides ) ( NP ( JJ additional ) ( NN equipment ) ) ( PP-CLR ( IN for ) ( NP ( NP ( NNP Northrop ) ) ( NP ( NP ( DT the ) ( JJ prime ) ( NN contractor ) ) ( PP ( IN on ) ( NP ( DT the ) ( NN missile ) ) ) ) ) ) ) ( CC and ) ( VP ( ADVP ( RB also ) ) ( VBZ supports ) ( NP ( NP ( DT a ) ( CD 1990 ) ( NN purchase ) ) ( PP ( IN of ) ( NP ( NP ( CD 90 ) ( NNS missiles ) ) ( PP ( IN for ) ( NP ( JJ follow-on ) ( NN flight ) ( NNS tests ) ) ) ) ) ) ) ) )

The contract provides additional equipment for Northrop the prime contractor on the missile and also supports a 1990 purchase of 90 missiles for follow-on flight tests


( S ( S-TPC-1 ( NP-SBJ ( NP ( NNP South ) ( NNP Africa ) ( POS 's ) ) ( JJ current ) ( NN account ) ( NN surplus ) ) ( VP ( VBD swelled ) ( PP-CLR ( TO to ) ( NP ( NP ( DT a ) ( ADJP ( ADVP ( RB seasonally ) ) ( VBN adjusted ) ) ( JJ annual ) ( NN rate ) ) ( PP ( IN of ) ( NP ( NP ( QP ( IN between ) ( CD five ) ( CD billion ) ( CC and ) ( CD six ) ( CD billion ) ) ( NNS rand ) ) ( PRN ( NP ( QP ( CD 1.9 ) ( CD billion ) ( CC and ) ( CD 2.28 ) ( CD billion ) ) ) ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ) ) ( NP-SBJ ( NNP Reserve ) ( NNP Bank ) ( NNP Governor ) ( NNP Chris ) ( NNP Stals ) ) ( VP ( VBD said ) ) )

South Africa 's current account surplus swelled to a seasonally adjusted annual rate of between five billion and six billion rand 1.9 billion and 2.28 billion in the third quarter Reserve Bank Governor Chris Stals said


( S ( NP-SBJ ( DT The ) ( NN surplus ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( NP ( QP ( CD two ) ( CD billion ) ) ( NNS rand ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ second ) ( NN quarter ) ) ) ) ( CC and ) ( NP ( NP ( QP ( CD 2.7 ) ( CD billion ) ) ( NNS rand ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ first ) ( NN quarter ) ) ) ) ) ) )

The surplus was two billion rand in the second quarter and 2.7 billion rand in the first quarter


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT this ) ( NN improvement ) ) ( VP ( VBZ means ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( ADVP-TMP ( RB still ) ) ( ADJP-PRD ( JJ possible ) ( S ( VP ( TO to ) ( VP ( VB reach ) ( NP ( NP ( DT the ) ( JJ targeted ) ( JJ current ) ( NN account ) ( NN surplus ) ) ( PP ( IN of ) ( NP ( QP ( CD four ) ( CD billion ) ) ( NNS rand ) ) ) ( PP-TMP ( IN for ) ( NP ( CD 1989 ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

He said this improvement means it is still possible to reach the targeted current account surplus of four billion rand for 1989


( S ( S ( NP-SBJ-1 ( ADJP ( JJ Energetic ) ( CC and ) ( JJ concrete ) ) ( NN action ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN taken ) ( PP-LOC ( IN in ) ( NP ( NNP Colombia ) ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( JJ past ) ( CD 60 ) ( NNS days ) ) ) ( PP-CLR ( IN against ) ( NP ( NP ( DT the ) ( NNS mafiosi ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN drug ) ( NN trade ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ has ) ( RB not ) ( VP ( VBN been ) ( ADJP-PRD ( RB sufficiently ) ( JJ effective ) ) ( SBAR-PRP ( RB because ) ( S ( ADVP ( RB unfortunately ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD came ) ( ADVP-TMP ( RB too ) ( JJ late ) ) ) ) ) ) ) ) )

Energetic and concrete action has been taken in Colombia during the past 60 days against the mafiosi of the drug trade but it has not been sufficiently effective because unfortunately it came too late


( S ( NP-TMP ( CD Ten ) ( NNS years ) ( RB ago ) ) ( NP-SBJ ( NP ( DT the ) ( NN newspaper ) ( NNP El ) ( NNP Espectador ) ) ( SBAR ( WHPP-1 ( IN of ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( PRP$ my ) ( NN brother ) ( NNP Guillermo ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( NN editor ) ) ) ) ) ) ) ( VP ( VBD began ) ( VP ( VBG warning ) ( PP-CLR ( IN of ) ( NP ( NP ( DT the ) ( NN rise ) ) ( PP ( PP ( IN of ) ( NP ( DT the ) ( NN drug ) ( NNS mafias ) ) ) ( CC and ) ( PP ( IN of ) ( NP ( NP ( PRP$ their ) ( NNS leaders ) ( POS ' ) ) ( NNS aspirations ) ( S ( VP ( TO to ) ( VP ( VB control ) ( NP ( NP ( JJ Colombian ) ( NNS politics ) ) ( NP ( RB especially ) ( DT the ) ( NNP Congress ) ) ) ) ) ) ) ) ) ) ) ) ) )

Ten years ago the newspaper El Espectador of which my brother Guillermo was editor began warning of the rise of the drug mafias and of their leaders ' aspirations to control Colombian politics especially the Congress


( S ( S ( ADVP-TMP ( RB Then ) ) ( SBAR-TMP ( WHADVP-4 ( WRB when ) ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( MD would ) ( VP ( VB have ) ( VP ( VBN been ) ( ADJP-PRD ( JJR easier ) ) ( S-1 ( VP ( TO to ) ( VP ( VB resist ) ( NP ( PRP them ) ) ) ) ) ) ) ) ) ) ( NP-SBJ-2 ( NN nothing ) ) ( VP ( VBD was ) ( VP ( VBN done ) ) ) ) ( CC and ) ( S ( NP-SBJ-3 ( PRP$ my ) ( NN brother ) ) ( VP ( VBD was ) ( VP ( VBN murdered ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NN drug ) ( NNS mafias ) ) ) ( ADVP-TMP ( NP ( CD three ) ( NNS years ) ) ( RB ago ) ) ) ) ) )

Then when it would have been easier to resist them nothing was done and my brother was murdered by the drug mafias three years ago


( S ( NP-SBJ ( DT The ) ( ADJP ( RBS most ) ( JJ ruthless ) ) ( NNS dictatorships ) ) ( VP ( VBP have ) ( RB not ) ( VP ( VBN censored ) ( NP ( PRP$ their ) ( NN press ) ) ( ADVP-MNR ( ADVP ( RBR more ) ( RB brutally ) ) ( SBAR ( IN than ) ( S ( NP-SBJ ( DT the ) ( NN drug ) ( NNS mafias ) ) ( VP ( VBP censor ) ( NP ( NNP Colombia ) ( POS 's ) ) ) ) ) ) ) ) )

The most ruthless dictatorships have not censored their press more brutally than the drug mafias censor Colombia 's


( S ( NP-SBJ-1 ( DT The ) ( NN censorship ) ) ( VP ( VBZ is ) ( VP ( VBN enforced ) ( PP-MNR ( IN through ) ( NP ( NN terrorism ) ( CC and ) ( NN assassination ) ) ) ) ) )

The censorship is enforced through terrorism and assassination


( S ( PP-TMP ( IN In ) ( NP ( DT the ) ( JJ past ) ( CD 10 ) ( NNS years ) ) ) ( NP-SBJ-1 ( QP ( IN about ) ( CD 50 ) ) ( NNS journalists ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VP ( VBN silenced ) ( ADVP-TMP ( RB forever ) ) ) ( VP ( VBN murdered ) ) ) ) ) )

In the past 10 years about 50 journalists have been silenced forever murdered


( S ( PP-TMP ( IN Within ) ( NP ( DT the ) ( JJ past ) ( CD two ) ( NNS months ) ) ) ( NP-SBJ-1 ( DT a ) ( NN bomb ) ) ( VP ( VBD exploded ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NNS offices ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP El ) ( NNP Espectador ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP Bogota ) ) ) ) ) ( S-ADV ( VP ( VBG destroying ) ( NP ( NP ( DT a ) ( JJ major ) ( NN part ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NNS installations ) ( CC and ) ( NN equipment ) ) ) ) ) ) ) )

Within the past two months a bomb exploded in the offices of the El Espectador in Bogota destroying a major part of its installations and equipment


( S ( CC And ) ( NP-TMP ( RB only ) ( JJ last ) ( NN week ) ) ( NP-SBJ-1 ( NP ( DT the ) ( NN newspaper ) ( NNP Vanguardia ) ( NNP Liberal ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN city ) ) ( PP ( IN of ) ( NP ( NNP Bucaramanga ) ) ) ) ) ) ( VP ( VBD was ) ( VP-3 ( VBN bombed ) ) ) ( CC and ) ( S ( NP-SBJ=1-2 ( PRP$ its ) ( NNS installations ) ) ( VP=3 ( VBN destroyed ) ) ) )

And only last week the newspaper Vanguardia Liberal in the city of Bucaramanga was bombed and its installations destroyed


( S ( NP-SBJ-1 ( NP ( NNS Journalists ) ) ( CC and ) ( NP ( PRP$ their ) ( NNS families ) ) ) ( VP ( VBP are ) ( VP ( ADVP-TMP ( RB constantly ) ) ( VBN threatened ) ( SBAR-ADV ( IN as ) ( SINV ( VBP are ) ( NP-SBJ ( DT the ) ( NN newspaper ) ( NN distribution ) ( NNS outlets ) ) ) ) ) ) )

Journalists and their families are constantly threatened as are the newspaper distribution outlets


( S ( S ( NP-SBJ-1 ( NN Distribution ) ( NNS centers ) ) ( VP ( VBP are ) ( VP ( VBN bombed ) ) ) ) ( CC and ) ( S ( NP-SBJ-2 ( NNS advertisers ) ) ( VP ( VBP are ) ( VP ( VBN intimidated ) ) ) ) )

Distribution centers are bombed and advertisers are intimidated


( S ( NP-SBJ-1 ( NN Censorship ) ) ( VP ( VBZ is ) ( VP ( VBN imposed ) ( PP ( IN by ) ( NP-LGS ( NN terrorism ) ) ) ) ) )

Censorship is imposed by terrorism


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( DT the ) ( JJ Colombian ) ( NNS media ) ) ( VP ( VBP accept ) ( NP ( DT this ) ( ADJP ( JJ new ) ( CC and ) ( JJ hideous ) ) ( NN censorship ) ) ) ) ) ( NP-SBJ ( EX there ) ) ( VP ( VBZ is ) ( NP-PRD ( JJ little ) ( NN doubt ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NN drug ) ( NN mafia ) ( POS 's ) ) ( NN terrorism ) ) ( ADVP-TMP ( RB someday ) ) ( VP ( MD will ) ( VP ( VB extend ) ( PP-CLR ( TO to ) ( NP ( NP ( PDT all ) ( DT the ) ( NNS newspapers ) ) ( VP ( VBN published ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ free ) ( NN world ) ) ) ) ) ) ) ) ) ) ) ) )

If the Colombian media accept this new and hideous censorship there is little doubt that the drug mafia 's terrorism someday will extend to all the newspapers published in the free world


( S ( NP-SBJ ( NP ( DT The ) ( NN solidarity ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ uncensored ) ( NNS media ) ) ( ADVP ( JJ world-wide ) ) ) ) ( PP ( IN against ) ( NP ( NN drug ) ( NN terrorism ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( JJ only ) ( NN way ) ) ( SBAR ( S ( NP-SBJ ( NN press ) ( NN freedom ) ) ( VP ( MD can ) ( VP ( VB survive ) ) ) ) ) ) ) )

The solidarity of the uncensored media world-wide against drug terrorism is the only way press freedom can survive


( S ( NP-SBJ ( NP ( DT The ) ( JJ American ) ( NNS people ) ) ( CC and ) ( NP ( PRP$ their ) ( NN government ) ) ) ( ADVP ( RB also ) ) ( VP ( VBD woke ) ( ADVP-CLR ( RB up ) ) ( ADVP-TMP ( RB too ) ( RB late ) ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( NN menace ) ) ( SBAR ( S ( NP-SBJ ( NNS drugs ) ) ( VP ( VBD posed ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( JJ moral ) ( NN structure ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NN country ) ) ) ) ) ) ) ) ) ) ) )

The American people and their government also woke up too late to the menace drugs posed to the moral structure of their country


( S ( ADVP-TMP ( RB Even ) ( RB now ) ) ( NP-SBJ ( NP ( DT the ) ( JJ American ) ( NN attack ) ) ( PP-LOC ( IN upon ) ( NP ( DT this ) ( JJ tremendous ) ( NN problem ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ timid ) ( PP ( IN in ) ( NP ( NP ( NN relation ) ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NN magnitude ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN threat ) ) ) ) ) ) ) ) ) )

Even now the American attack upon this tremendous problem is timid in relation to the magnitude of the threat


( S ( NP-SBJ ( PRP I ) ) ( VP ( MD can ) ( VP ( VB attest ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( DT a ) ( JJ recent ) ( JJ Colombian ) ( NN visitor ) ) ( PP ( TO to ) ( NP ( DT the ) ( NNP U.S. ) ) ) ) ( VP ( VBD was ) ( VP ( VBN offered ) ( NP ( NNS drugs ) ) ( NP-TMP ( CD three ) ( NNS times ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NP ( DT the ) ( JJ few ) ( NNS blocks ) ( POS ' ) ) ( NN walk ) ) ( PP-LOC ( IN between ) ( NP ( NP ( NNP Grand ) ( NNP Central ) ( NNP Terminal ) ) ( CC and ) ( NP ( DT the ) ( NNP Waldorf ) ( NNP Astoria ) ( NNP Hotel ) ) ) ) ( PP-LOC ( IN in ) ( NP ( JJ midtown ) ( NNP Manhattan ) ) ) ) ) ) ) ) ) ) ) )

I can attest that a recent Colombian visitor to the U.S. was offered drugs three times in the few blocks ' walk between Grand Central Terminal and the Waldorf Astoria Hotel in midtown Manhattan


( S ( NP-SBJ ( NP ( NNP Colombia ) ( RB alone ) ) ( PRN ( NP ( NP ( PRP$ its ) ( NN government ) ) ( NP ( PRP$ its ) ( NNS people ) ) ( NP ( PRP$ its ) ( NNS newspapers ) ) ) ) ) ( VP ( VBZ does ) ( RB not ) ( VP ( VB have ) ( NP ( NP ( DT the ) ( NN capacity ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB fight ) ( NP ( DT this ) ( NN battle ) ) ( ADVP-MNR ( RB successfully ) ) ) ) ) ) ) ) ) )

Colombia alone its government its people its newspapers does not have the capacity to fight this battle successfully


( S ( NP-SBJ-1 ( DT All ) ( JJ drug-consuming ) ( NNS countries ) ) ( VP ( MD must ) ( VP ( ADVP-MNR ( RB jointly ) ) ( VB decide ) ( S ( VP ( TO to ) ( VP ( VB combat ) ( CC and ) ( VB punish ) ( NP ( NP ( DT the ) ( NNS consumers ) ( CC and ) ( NNS distributors ) ) ( PP ( IN of ) ( NP ( NNS drugs ) ) ) ) ) ) ) ) ) )

All drug-consuming countries must jointly decide to combat and punish the consumers and distributors of drugs


( S ( NP-SBJ ( NP ( DT The ) ( NNP U.S. ) ) ( PP ( IN as ) ( NP ( DT the ) ( JJ major ) ( NN drug ) ( NN consumer ) ) ) ) ( VP ( MD should ) ( VP ( VB lead ) ( NP ( DT this ) ( JJ joint ) ( NN effort ) ) ) ) )

The U.S. as the major drug consumer should lead this joint effort


( S ( NP-SBJ ( NP ( NP ( NN Reduction ) ) ( CONJP ( IN if ) ( RB not ) ) ( NP ( DT the ) ( JJ total ) ( NN cessation ) ) ) ( PP ( IN of ) ( NP ( NN drug ) ( NN consumption ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( NN requirement ) ) ( PP ( IN for ) ( NP ( NN victory ) ) ) ) ) )

Reduction if not the total cessation of drug consumption is the requirement for victory


( S ( NP-SBJ-1 ( NP ( RB Much ) ) ) ( VP ( VBZ is ) ( VP ( VBG being ) ( VP ( VBN done ) ( PP-LOC ( IN in ) ( NP ( NNP Colombia ) ) ) ( SBAR-3 ( S ( VP ( TO to ) ( VP ( VB fight ) ( NP ( DT the ) ( NN drug ) ( NN cartel ) ( NN mafia ) ) ) ) ) ) ) ) ) )

Much is being done in Colombia to fight the drug cartel mafia


( S ( S ( NP-SBJ-1 ( JJ Luxurious ) ( NNS homes ) ( CC and ) ( NNS ranches ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBN raided ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( JJ military ) ( NNS authorities ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-2 ( ADJP ( JJ sophisticated ) ( CC and ) ( JJ powerful ) ) ( NNS communications ) ( NN equipment ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBN seized ) ) ) ) ) )

Luxurious homes and ranches have been raided by the military authorities and sophisticated and powerful communications equipment have been seized


( S ( S ( NP-SBJ-1 ( QP ( JJR More ) ( IN than ) ( CD 300 ) ) ( NNS planes ) ( CC and ) ( NNS helicopters ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBN impounded ) ( PP-LOC ( IN at ) ( NP ( NNS airports ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-2 ( NP ( DT a ) ( JJ large ) ( NN number ) ) ( PP ( IN of ) ( NP ( NNS vehicles ) ( CC and ) ( NNS launches ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN confiscated ) ) ) ) ) )

More than 300 planes and helicopters have been impounded at airports and a large number of vehicles and launches has been confiscated


( S ( NP-SBJ ( DT The ) ( NN military ) ) ( VP ( VBZ has ) ( ADVP ( RB also ) ) ( VP ( VBN captured ) ( NP ( NP ( JJ enormous ) ( NNS arsenals ) ) ( PP ( IN of ) ( NP ( ADJP ( JJ powerful ) ( CC and ) ( JJ sophisticated ) ) ( NP ( NP ( NNS weapons ) ) ( NP ( NNS explosives ) ) ( CC and ) ( NP ( JJ other ) ( JJ war-like ) ( NN materiel ) ) ) ) ) ) ) ) )

The military has also captured enormous arsenals of powerful and sophisticated weapons explosives and other war-like materiel


( S ( S ( NP-SBJ-1 ( JJ Much ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN accomplished ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( JJ public ) ( NN opinion ) ) ( VP ( ADVP-MNR ( RB decisively ) ) ( VBZ supports ) ( NP ( NP ( DT the ) ( NN government ) ) ( CC and ) ( NP ( DT the ) ( NN army ) ) ) ) ) ( CC but ) ( S ( PP ( IN on ) ( NP ( DT the ) ( JJ other ) ( NN hand ) ) ) ( NP-SBJ-2 ( NP ( NN none ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ key ) ( NN drug ) ( NNS barons ) ) ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBN captured ) ) ) ) ) )

Much has been accomplished and public opinion decisively supports the government and the army but on the other hand none of the key drug barons have been captured


( S ( NP-SBJ ( EX There ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( NP-PRD ( NP ( DT a ) ( NN lot ) ) ( PP ( IN of ) ( NP ( NP ( NN talk ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( DT a ) ( JJ large ) ( NN portion ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ Colombian ) ( NN economy ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN sustained ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( NN laundering ) ) ( PP ( IN of ) ( NP ( NN drug ) ( NN money ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

There has been a lot of talk that a large portion of the Colombian economy is sustained by the laundering of drug money


( S ( PP ( IN In ) ( NP ( PRP$ my ) ( NN opinion ) ) ) ( NP-SBJ ( DT this ) ) ( VP ( VBZ is ) ( RB not ) ( ADJP-PRD ( JJ true ) ) ) )

In my opinion this is not true


( S ( NP-SBJ-2 ( VBN Laundered ) ( NN drug ) ( NN money ) ) ( VP ( VBZ has ) ( VP ( VBN served ) ( S ( ADVP ( RB only ) ) ( VP ( TO to ) ( VP ( VB increase ) ( ADVP-MNR ( RB unrealistically ) ) ( NP ( NP ( DT the ) ( NN price ) ) ( PP ( IN of ) ( NP ( JJ real ) ( NN estate ) ) ) ) ( S-ADV ( VP ( VBG creating ) ( NP ( NP ( JJ serious ) ( NNS problems ) ) ( PP ( IN for ) ( NP ( NP ( JJ low-income ) ( NNS people ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP aspire ) ( S ( VP ( TO to ) ( VP ( VB own ) ( NP ( PRP$ their ) ( JJ own ) ( NNS homes ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Laundered drug money has served only to increase unrealistically the price of real estate creating serious problems for low-income people who aspire to own their own homes


( S ( NP-SBJ-2 ( NN Drug ) ( NN money ) ) ( VP ( VBZ has ) ( ADVP ( RB also ) ) ( VP ( VBN gone ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NP ( JJ expensive ) ( NNS cars ) ) ( NP ( NNS airplanes ) ) ( NP ( NNS launches ) ) ( CC and ) ( NP ( NP ( NNS nightclubs ) ) ( SBAR ( WHADVP-3 ( WRB where ) ) ( S ( NP-SBJ-1 ( NNS drugs ) ) ( VP ( VBP are ) ( VP ( VBN consumed ) ) ) ) ) ) ) ) ) ) ) ) )

Drug money has also gone to buy expensive cars airplanes launches and nightclubs where drugs are consumed


( S ( CC But ) ( NP-SBJ-1 ( NP ( RBS most ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN drug ) ( NN money ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN kept ) ( PP-LOC-CLR ( PP ( IN in ) ( NP ( NNS investments ) ) ) ( CC and ) ( PP ( IN in ) ( NP ( NP ( JJ financial ) ( NNS institutions ) ) ( PP-LOC ( IN outside ) ( NP ( NNP Colombia ) ) ) ) ) ) ) ) )

But most of the drug money is kept in investments and in financial institutions outside Colombia


( S ( PP ( IN In ) ( NP ( NN fact ) ) ) ( NP-SBJ ( NP ( DT the ) ( NN cooperation ) ) ( PP ( IN of ) ( NP ( DT those ) ( JJ financial ) ( NNS institutions ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ essential ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NN success ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN drug ) ( NN battle ) ) ) ) ) ) ) )

In fact the cooperation of those financial institutions is essential to the success of the drug battle


( S ( SBAR-NOM-SBJ ( WHNP-1 ( WP What ) ) ( S ( VP ( VBZ is ) ( PP-PRD ( IN of ) ( NP ( NP ( ADJP ( RB much ) ( JJR more ) ) ( NN importance ) ) ( PP ( TO to ) ( NP ( DT the ) ( JJ Colombian ) ( NN economy ) ) ) ( PP ( IN than ) ( NP ( NP ( DT the ) ( VBN supposed ) ( NNS benefits ) ) ( PP ( IN of ) ( NP ( VBN laundered ) ( NN drug ) ( NN money ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( JJR higher ) ( NNS prices ) ) ( PP ( IN for ) ( NP ( NP ( NNP Colombia ) ( POS 's ) ) ( JJ legitimate ) ( NNS products ) ) ) ) ) )

What is of much more importance to the Colombian economy than the supposed benefits of laundered drug money is higher prices for Colombia 's legitimate products


( S ( NP-SBJ ( NP ( DT The ) ( NN price ) ) ( PP ( IN of ) ( NP ( NN coffee ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN gone ) ( ADVP ( RB down ) ) ( NP-EXT ( QP ( RB almost ) ( CD 45 ) ) ( NN % ) ) ( PP-TMP ( IN since ) ( NP ( NP ( DT the ) ( NN beginning ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN year ) ) ) ) ) ( PP-DIR ( TO to ) ( NP ( NP ( DT the ) ( JJS lowest ) ( NN level ) ) ( PRN ( PP-TMP ( IN after ) ( NP ( NN inflation ) ) ) ) ( PP-TMP ( IN since ) ( NP ( DT the ) ( NNP Great ) ( NNP Depression ) ) ) ) ) ) ) )

The price of coffee has gone down almost 45 % since the beginning of the year to the lowest level after inflation since the Great Depression


( S ( NP-SBJ ( NN Market ) ( NNS conditions ) ) ( VP ( VBP point ) ( PP-CLR ( TO to ) ( NP ( NP ( ADJP ( VB even ) ( JJR lower ) ) ( NNS prices ) ) ( NP-TMP ( IN next ) ( NN year ) ) ) ) ) )

Market conditions point to even lower prices next year


( S ( NP-SBJ-1 ( DT The ) ( JJ 27-year-old ) ( NN coffee ) ( NN cartel ) ) ( VP ( VBD had ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( ADVP-MNR ( RB formally ) ) ( VBN dissolved ) ( NP-TMP ( DT this ) ( NN summer ) ) ) ) ) ) ) )

The 27-year-old coffee cartel had to be formally dissolved this summer


( S ( PP ( IN As ) ( NP ( DT a ) ( NN result ) ) ) ( NP-SBJ ( NNP Colombia ) ) ( VP ( MD will ) ( VP ( VB earn ) ( ADJP ( NP-ADV ( QP ( CD 500 ) ( CD million ) ) ) ( JJR less ) ( PP ( IN from ) ( NP ( PRP$ its ) ( NN coffee ) ) ) ( NP-TMP ( DT this ) ( NN year ) ) ( PP ( IN than ) ( NP ( JJ last ) ) ) ) ) ) )

As a result Colombia will earn 500 million less from its coffee this year than last


( S ( S ( NP-SBJ ( PRP$ Our ) ( NN coffee ) ( NNS growers ) ) ( VP ( VBP face ) ( NP ( NP ( NNS reductions ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ their ) ( NN income ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT this ) ) ( VP ( VBZ tempts ) ( S ( NP-SBJ-1 ( PRP them ) ) ( VP ( TO to ) ( VP ( VB contemplate ) ( S ( VP ( VBG substituting ) ( NP ( NN coca ) ( NNS crops ) ) ( PP-CLR ( IN for ) ( NP ( NN coffee ) ) ) ) ) ) ) ) ) ) )

Our coffee growers face reductions in their income and this tempts them to contemplate substituting coca crops for coffee


( S ( NP-SBJ-1 ( NNP U.S. ) ( NNS interests ) ) ( ADVP-TMP ( RB occasionally ) ) ( VP ( VBP try ) ( S ( VP ( TO to ) ( VP ( VB impose ) ( NP ( NP ( NNS barriers ) ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NN import ) ) ( PP ( IN of ) ( NP ( NP ( DT another ) ( JJ important ) ( JJ Colombian ) ( NN export ) ) ( PRN ( NP ( JJ cut ) ( NNS flowers ) ) ) ) ) ( PP ( IN into ) ( NP ( DT the ) ( JJ American ) ( NN market ) ) ) ) ) ) ) ) ) ) )

U.S. interests occasionally try to impose barriers to the import of another important Colombian export cut flowers into the American market


( S ( NP-SBJ ( NP ( DT A ) ( JJ just ) ( NN price ) ) ( CC and ) ( NP ( NP ( DT an ) ( JJ open ) ( NN market ) ) ( PP ( IN for ) ( SBAR-NOM ( WHNP-1 ( WP what ) ) ( S ( NP-SBJ ( JJ Colombian ) ) ( VP ( VBZ produces ) ( CC and ) ( VBZ exports ) ) ) ) ) ) ) ( VP ( MD should ) ( VP ( VB be ) ( NP-PRD ( NP ( DT the ) ( NN policy ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP U.S. ) ) ) ) ) ) )

A just price and an open market for what Colombian produces and exports should be the policy of the U.S.


( S ( NP-SBJ-1 ( PRP I ) ) ( VP ( VBP take ) ( NP-CLR ( NN advantage ) ) ( PP-CLR ( IN of ) ( NP ( NP ( DT this ) ( NN opportunity ) ) ( VP ( VBN given ) ( PP-DTV ( TO to ) ( NP ( PRP me ) ) ) ( PP ( IN by ) ( NP-LGS ( DT The ) ( NNP Wall ) ( NNP Street ) ( NNP Journal ) ) ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB make ) ( NP ( DT a ) ( NN plea ) ) ( PP-DIR ( TO to ) ( NP ( NP ( DT the ) ( NNS millions ) ) ( PP ( IN of ) ( NP ( NP ( NNS readers ) ) ( PP ( IN of ) ( NP ( DT this ) ( NN newspaper ) ) ) ) ) ) ) ( S-2 ( VP ( TO to ) ( VP ( VB become ) ( NP-PRD ( NP ( NNS soldiers ) ) ( ADJP ( JJ dedicated ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NN fight ) ) ( PP ( IN against ) ( NP ( NP ( DT the ) ( NN use ) ) ( PP ( IN of ) ( NP ( NNS drugs ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

I take advantage of this opportunity given to me by The Wall Street Journal to make a plea to the millions of readers of this newspaper to become soldiers dedicated to the fight against the use of drugs


( S ( NP-SBJ ( NP ( DT Each ) ( NN gram ) ) ( PP ( IN of ) ( NP ( NP ( NN cocaine ) ) ( VP ( VBN consumed ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( JJ deadly ) ( NN bullet ) ) ( PP ( IN against ) ( NP ( NP ( DT those ) ) ( PP-LOC ( PP ( IN in ) ( NP ( PRP$ our ) ( NN country ) ) ) ( CC and ) ( PP ( IN in ) ( NP ( NP ( DT the ) ( NN rest ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN world ) ) ) ) ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP fight ) ( NP ( DT this ) ( JJ terrible ) ( NN scourge ) ) ) ) ) ) ) ) ) )

Each gram of cocaine consumed is a deadly bullet against those in our country and in the rest of the world who fight this terrible scourge


( S ( NP-SBJ ( NP ( DT A ) ( NN crusade ) ) ( PP ( IN of ) ( NP ( INTJ ( UH NO ) ) ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NN consumption ) ) ( PP ( IN of ) ( NP ( NNS drugs ) ) ) ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ imperative ) ) ) )

A crusade of NO to the consumption of drugs is imperative


( S ( NP-SBJ ( NNP Mr. ) ( NNP Cano ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( NP ( NNP El ) ( NNP Espectador ) ) ( NP ( NP ( DT a ) ( NN newspaper ) ) ( VP ( VBN founded ) ( PP ( IN by ) ( NP-LGS ( PRP$ his ) ( NN grandfather ) ) ) ) ) ) ) ) ) )

Mr. Cano is president of El Espectador a newspaper founded by his grandfather


( S ( NP-SBJ ( NNP Toni ) ( NNP Johnson ) ) ( VP ( VBZ pulls ) ( NP ( DT a ) ( NN tape ) ( NN measure ) ) ( PP-LOC ( IN across ) ( NP ( NP ( DT the ) ( NN front ) ) ( PP ( IN of ) ( SBAR-NOM ( WHNP-1 ( WP what ) ) ( S ( VP ( VBD was ) ( ADVP-TMP ( RB once ) ) ( NP-PRD ( DT a ) ( JJ stately ) ( JJ Victorian ) ( NN home ) ) ) ) ) ) ) ) ) )

Toni Johnson pulls a tape measure across the front of what was once a stately Victorian home


( S ( NP-SBJ ( NP ( DT A ) ( JJ deep ) ( NN trench ) ) ) ( ADVP-TMP ( RB now ) ) ( VP ( VBZ runs ) ( PP-LOC ( IN along ) ( NP ( PRP$ its ) ( NN north ) ( NN wall ) ) ) ( VP-1 ( VBN exposed ) ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( DT the ) ( NN house ) ) ( VP ( VBD lurched ) ( NP-CLR ( CD two ) ( NNS feet ) ) ( PP-CLR ( IN off ) ( NP ( PRP$ its ) ( NN foundation ) ) ) ( PP-TMP ( IN during ) ( NP ( NP ( JJ last ) ( NN week ) ( POS 's ) ) ( NN earthquake ) ) ) ) ) ) ) ) )

A deep trench now runs along its north wall exposed when the house lurched two feet off its foundation during last week 's earthquake


( S ( NP-SBJ-1 ( DT A ) ( NN side ) ( NN porch ) ) ( VP ( VBD was ) ( VP ( VBN ripped ) ( PRT ( RB away ) ) ) ) )

A side porch was ripped away


( S ( NP-SBJ ( DT The ) ( NN chimney ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN pile ) ) ( PP ( IN of ) ( NP ( NNS bricks ) ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( JJ front ) ( NN lawn ) ) ) ) ) )

The chimney is a pile of bricks on the front lawn


( S ( NP-SBJ ( NP ( DT The ) ( NN remainder ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN house ) ) ) ) ( VP ( VBZ leans ) ( ADVP-MNR ( RB precariously ) ) ( PP-LOC-CLR ( IN against ) ( NP ( DT a ) ( JJ sturdy ) ( NN oak ) ( NN tree ) ) ) ) )

The remainder of the house leans precariously against a sturdy oak tree


( S ( NP-SBJ ( NP ( DT The ) ( JJ petite ) ( JJ 29-year-old ) ( NNP Ms. ) ( NNP Johnson ) ) ( VP ( VBN dressed ) ( PP-MNR ( IN in ) ( NP ( NP ( NNS jeans ) ) ( CC and ) ( NP ( DT a ) ( NN sweatshirt ) ) ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( PRP she ) ) ( VP ( VBZ slogs ) ( PP-LOC-CLR ( IN through ) ( NP ( DT the ) ( JJ steady ) ( NN afternoon ) ( NN rain ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NNS claims ) ( NN adjuster ) ) ( PP ( IN with ) ( NP ( NNP Aetna ) ( NNP Life ) ( CC & ) ( NNP Casualty ) ) ) ) ) )

The petite 29-year-old Ms. Johnson dressed in jeans and a sweatshirt as she slogs through the steady afternoon rain is a claims adjuster with Aetna Life & Casualty


( S ( NP-SBJ ( PRP She ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( PP-PRD ( IN on ) ( NP ( DT the ) ( NN move ) ) ) ( ADVP-MNR ( RB almost ) ( RB incessantly ) ) ( PP-TMP ( IN since ) ( NP ( NP ( JJ last ) ( NNP Thursday ) ) ( SBAR ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ-1 ( NP ( DT an ) ( NN army ) ) ( PP ( IN of ) ( NP ( NNS adjusters ) ) ) ( VP ( VBN employed ) ( PP ( IN by ) ( NP-LGS ( JJ major ) ( NNS insurers ) ) ) ) ) ( VP ( VBD invaded ) ( NP ( DT the ) ( NNP San ) ( NNP Francisco ) ( NN area ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB help ) ( S ( NP-SBJ ( NNS policyholders ) ) ( VP ( VP ( VB sift ) ( PP-CLR ( IN through ) ( NP ( DT the ) ( NN rubble ) ) ) ) ( CC and ) ( VP ( VB restore ) ( NP ( DT some ) ( NN order ) ) ( PP-CLR ( TO to ) ( NP ( PRP$ their ) ( NNS lives ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

She has been on the move almost incessantly since last Thursday when an army of adjusters employed by major insurers invaded the San Francisco area to help policyholders sift through the rubble and restore some order to their lives


( S ( S ( VP ( VBN Equipped ) ( PP-CLR ( IN with ) ( NP ( NP ( JJ cellular ) ( NNS telephones ) ) ( NP ( NN laptop ) ( NNS computers ) ) ( NP ( NNS calculators ) ) ( CC and ) ( NP ( NP ( DT a ) ( NN pack ) ) ( PP ( IN of ) ( NP ( JJ blank ) ( NNS checks ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBP parcel ) ( PRT ( RP out ) ) ( NP ( NN money ) ) ( SBAR-PRP ( IN so ) ( S ( NP-SBJ ( PRP$ their ) ( NNS clients ) ) ( VP ( MD can ) ( VP ( VP ( VB find ) ( NP ( JJ temporary ) ( NN living ) ( NNS quarters ) ) ) ( VP ( VB buy ) ( NP ( NN food ) ) ) ( VP ( VB replace ) ( NP ( VBN lost ) ( NN clothing ) ) ) ( VP ( VB repair ) ( NP ( JJ broken ) ( NN water ) ( NNS heaters ) ) ) ( CC and ) ( VP ( VB replaster ) ( NP ( NNS walls ) ) ) ) ) ) ) ) )

Equipped with cellular telephones laptop computers calculators and a pack of blank checks they parcel out money so their clients can find temporary living quarters buy food replace lost clothing repair broken water heaters and replaster walls


( S ( NP-SBJ-1 ( NP ( DT Some ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS funds ) ) ) ) ( VP ( MD will ) ( VP ( VBN used ) ( S-CLR ( VP ( TO to ) ( VP ( VP ( VB demolish ) ( NP ( JJ unstable ) ( NNS buildings ) ) ) ( CC and ) ( VP ( VB clear ) ( NP ( NNS sites ) ) ( PP-PRP ( IN for ) ( NP ( JJ future ) ( NN construction ) ) ) ) ) ) ) ) ) )

Some of the funds will used to demolish unstable buildings and clear sites for future construction


( S ( NP-SBJ-1 ( JJ Many ) ( NNS adjusters ) ) ( VP ( VBP are ) ( VP ( VBN authorized ) ( S ( VP ( TO to ) ( VP ( VB write ) ( NP ( NP ( NNS checks ) ) ( PP ( IN for ) ( NP ( NP ( NNS amounts ) ) ( NP ( QP ( RB up ) ( TO to ) ( CD 100,000 ) ) ) ) ) ) ( PP-TMP ( IN on ) ( NP ( DT the ) ( NN spot ) ) ) ) ) ) ) ) )

Many adjusters are authorized to write checks for amounts up to 100,000 on the spot


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB flinch ) ( PP-CLR ( IN at ) ( S-NOM ( VP ( VBG writing ) ( NP ( PRP them ) ) ) ) ) ) ) )

They do n't flinch at writing them


( SINV ( S-TPC-4 ( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ 's ) ( NP-PRD ( PRP$ my ) ( NN job ) ) ) ) ( S ( VP ( VB get ) ( NP-SBJ ( NNS policyholders ) ) ( SBAR-NOM ( WHNP-3 ( WP what ) ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP 're ) ( ADJP-PRD ( VBN entitled ) ( PP ( TO to ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Bill ) ( NNP Schaeffer ) ) ( NP ( NP ( DT a ) ( NNS claims ) ( NN supervisor ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD flew ) ( ADVP-DIR ( RB in ) ) ( PP-DIR ( IN from ) ( NP ( NP ( NN Aetna ) ( POS 's ) ) ( NAC-LOC ( NNP Bridgeport ) ( NNP Conn. ) ) ( NN office ) ) ) ) ) ) ) ) )

That 's my job get policyholders what they 're entitled to says Bill Schaeffer a claims supervisor who flew in from Aetna 's Bridgeport Conn. office


( S ( NP-SBJ-1 ( NP ( DT The ) ( JJ Victorian ) ( NN house ) ) ( SBAR ( WHNP-2 ( IN that ) ) ( S ( NP-SBJ ( NNP Ms. ) ( NNP Johnson ) ) ( VP ( VBZ is ) ( VP ( VBG inspecting ) ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN deemed ) ( S ( ADJP-PRD ( JJ unsafe ) ) ) ( PP ( IN by ) ( NP-LGS ( NN town ) ( NNS officials ) ) ) ) ) ) )

The Victorian house that Ms. Johnson is inspecting has been deemed unsafe by town officials


( S ( CC But ) ( NP-SBJ ( PRP she ) ) ( VP ( VBZ asks ) ( NP-1 ( NP ( DT a ) ( NN workman ) ) ( VP ( VBG toting ) ( NP ( DT the ) ( NNS bricks ) ) ( PP-DIR ( IN from ) ( NP ( DT the ) ( NN lawn ) ) ) ) ) ( S ( VP ( TO to ) ( VP ( VB give ) ( NP ( PRP her ) ) ( NP ( NP ( DT a ) ( NN boost ) ) ( PP-LOC ( IN through ) ( NP ( DT an ) ( JJ open ) ( NN first-floor ) ( NN window ) ) ) ) ) ) ) ) )

But she asks a workman toting the bricks from the lawn to give her a boost through an open first-floor window


( S ( ADVP ( RB Once ) ( RB inside ) ) ( NP-SBJ-2 ( PRP she ) ) ( VP ( VBZ spends ) ( NP ( QP ( RB nearly ) ( CD four ) ) ( NNS hours ) ) ( S-CLR ( VP ( VBG measuring ) ( CC and ) ( VBG diagramming ) ( NP ( NP ( DT each ) ( NN room ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ 80-year-old ) ( NN house ) ) ) ) ) ) ( S-ADV ( VP ( VBG gathering ) ( NP ( JJ enough ) ( NN information ) ( S ( VP ( TO to ) ( VP ( VB estimate ) ( SBAR ( WHNP-1 ( WP what ) ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( MD would ) ( VP ( VB cost ) ( S-3 ( VP ( TO to ) ( VP ( VB rebuild ) ( NP ( PRP it ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Once inside she spends nearly four hours measuring and diagramming each room in the 80-year-old house gathering enough information to estimate what it would cost to rebuild it


( S ( NP-SBJ ( PRP She ) ) ( VP ( VBZ snaps ) ( NP ( NP ( NNS photos ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ buckled ) ( NNS floors ) ) ( CC and ) ( NP ( NP ( DT the ) ( NN plaster ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ has ) ( VP ( VBN fallen ) ( PP-DIR ( ADVP ( RB away ) ) ( IN from ) ( NP ( DT the ) ( NNS walls ) ) ) ) ) ) ) ) ) ) ) ) )

She snaps photos of the buckled floors and the plaster that has fallen away from the walls


( S ( SBAR-TMP ( IN While ) ( S ( NP-SBJ ( PRP she ) ) ( VP ( VBZ works ) ( ADVP-LOC ( RB inside ) ) ) ) ) ( NP-SBJ-1 ( DT a ) ( NN tenant ) ) ( VP ( VBZ returns ) ( PP-MNR ( IN with ) ( NP ( JJ several ) ( NNS friends ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB collect ) ( NP ( NN furniture ) ( CC and ) ( NN clothing ) ) ) ) ) ) )

While she works inside a tenant returns with several friends to collect furniture and clothing


( S ( NP-SBJ-3 ( NP ( CD One ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS friends ) ) ) ) ( VP ( VP ( VBZ sweeps ) ( NP ( NP ( JJ broken ) ( NNS dishes ) ) ( CC and ) ( NP ( JJ shattered ) ( NN glass ) ) ) ( PP-CLR ( IN from ) ( NP ( DT a ) ( NN countertop ) ) ) ) ( CC and ) ( VP ( VBZ starts ) ( S ( VP ( TO to ) ( VP ( VB pack ) ( SBAR-NOM ( WHNP-2 ( WP what ) ) ( S ( VP ( MD can ) ( VP ( VB be ) ( VP ( VBN salvaged ) ( PP-CLR ( IN from ) ( NP ( DT the ) ( NN kitchen ) ) ) ) ) ) ) ) ) ) ) ) ) )

One of the friends sweeps broken dishes and shattered glass from a countertop and starts to pack what can be salvaged from the kitchen


( S ( NP-SBJ-1 ( NNS Others ) ) ( VP ( VBP grab ) ( NP ( NP ( NNS books ) ) ( NP ( NNS records ) ) ( NP ( NN photo ) ( NNS albums ) ) ( NP ( NNS sofas ) ) ( CC and ) ( NP ( NNS chairs ) ) ) ( S-ADV ( VP ( VBG working ) ( ADVP-MNR ( RB frantically ) ) ( PP ( IN in ) ( NP ( DT the ) ( NN fear ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT an ) ( NN aftershock ) ) ( VP ( MD will ) ( VP ( VB jolt ) ( NP ( DT the ) ( NN house ) ) ( ADVP-TMP ( RB again ) ) ) ) ) ) ) ) ) ) ) )

Others grab books records photo albums sofas and chairs working frantically in the fear that an aftershock will jolt the house again


( S ( NP-SBJ ( NP ( DT The ) ( NNS owners ) ) ( NP ( NNP William ) ( CC and ) ( NNP Margie ) ( NNP Hammack ) ) ) ( VP ( VBP are ) ( ADJP-PRD ( ADJP ( JJR luckier ) ) ( PP ( IN than ) ( NP ( JJ many ) ( NNS others ) ) ) ) ) )

The owners William and Margie Hammack are luckier than many others


( S ( ADVP-TMP ( NP ( DT A ) ( JJ few ) ( NNS years ) ) ( RB ago ) ) ( NP-SBJ ( NNP Mrs. ) ( NNP Hammack ) ) ( VP ( VBD insisted ) ( PP-CLR ( IN on ) ( S-NOM ( VP ( VBG buying ) ( NP ( NP ( NN earthquake ) ( NN insurance ) ) ( PP ( IN for ) ( NP ( NP ( DT this ) ( NN house ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBN converted ) ( PP-CLR ( IN into ) ( NP ( NNS apartments ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

A few years ago Mrs. Hammack insisted on buying earthquake insurance for this house which had been converted into apartments


( S ( NP-SBJ ( NP ( QP ( RB Only ) ( IN about ) ( CD 20 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NNP California ) ( NN home ) ( CC and ) ( NN business ) ( NNS owners ) ) ) ) ( VP ( VBD carried ) ( NP ( NN earthquake ) ( NN coverage ) ) ) )

Only about 20 % of California home and business owners carried earthquake coverage


( S ( NP-SBJ ( NP ( NP ( DT The ) ( NNP Hammacks ) ( POS ' ) ) ( JJ own ) ( NN home ) ) ( PRN ( PP-LOC ( ADVP ( RB also ) ) ( IN in ) ( NP ( NNP Los ) ( NNP Gatos ) ) ) ) ) ( VP ( VBD suffered ) ( NP ( ADJP ( RB comparatively ) ( JJ minor ) ) ( NN damage ) ) ) )

The Hammacks ' own home also in Los Gatos suffered comparatively minor damage


( S ( NP-SBJ-2 ( NP ( NNP Ms. ) ( NNP Johnson ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ works ) ( PP-MNR ( IN out ) ( PP ( IN of ) ( NP ( NP ( NP ( NNP Aetna ) ( POS 's ) ) ( NN office ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Walnut ) ( NNP Creek ) ) ( NP ( DT an ) ( NNP East ) ( NNP Bay ) ( NN suburb ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( VP ( JJ awed ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( NN earthquake ) ( POS 's ) ) ( JJ destructive ) ( NN force ) ) ) ) ) )

Ms. Johnson who works out of Aetna 's office in Walnut Creek an East Bay suburb is awed by the earthquake 's destructive force


( S ( S-TPC-1 ( NP-SBJ ( PRP It ) ) ( ADVP ( RB really ) ) ( VP ( VBZ brings ) ( NP ( PRP you ) ) ( PP-DIR ( RP down ) ( PP ( TO to ) ( NP ( DT a ) ( JJ human ) ( NN level ) ) ) ) ) ) ( NP-SBJ ( PRP she ) ) ( VP ( VBZ says ) ) )

It really brings you down to a human level she says


( S ( S ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( JJ hard ) ) ( S-1 ( VP ( TO to ) ( VP ( VB accept ) ( NP ( NP ( PDT all ) ( DT the ) ( NN suffering ) ) ( SBAR ( S ( NP-SBJ ( NNS people ) ) ( VP ( VBP are ) ( VP ( VBG going ) ( PP-CLR ( IN through ) ) ) ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ-3 ( PRP you ) ) ( VP ( VBP have ) ( S ( VP ( TO to ) ) ) ) ) )

It 's hard to accept all the suffering people are going through but you have to


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP do ) ( RB n't ) ) ) ) ( NP-SBJ ( PRP you ) ) ( VP ( MD ca ) ( RB n't ) ( VP ( VB do ) ( NP ( PRP$ your ) ( NN job ) ) ) ) )

If you do n't you ca n't do your job


( S ( PP ( IN For ) ( NP ( NP ( NNP Aetna ) ) ( CC and ) ( NP ( JJ other ) ( NNS insurers ) ) ) ) ( NP-SBJ ( DT the ) ( NNP San ) ( NNP Francisco ) ( NN earthquake ) ) ( VP ( VBD hit ) ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ-1 ( NP ( NNS resources ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN field ) ) ) ) ( ADVP-TMP ( RB already ) ) ( VP ( VBD were ) ( VP ( VBN stretched ) ) ) ) ) ) )

For Aetna and other insurers the San Francisco earthquake hit when resources in the field already were stretched


( S ( NP-SBJ-1 ( RBS Most ) ( NNS companies ) ) ( ADVP-TMP ( RB still ) ) ( VP ( VBP are ) ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB sort ) ( PP-CLR ( IN through ) ( NP ( NP ( DT the ) ( NN wreckage ) ) ( VP ( VBN caused ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Hurricane ) ( NNP Hugo ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNPS Carolinas ) ) ) ) ) ( NP-TMP ( JJ last ) ( NN month ) ) ) ) ) ) ) ) ) ) )

Most companies still are trying to sort through the wreckage caused by Hurricane Hugo in the Carolinas last month


( S ( NP-SBJ ( NP ( NNP Aetna ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ has ) ( NP ( QP ( RB nearly ) ( CD 3,000 ) ) ( NNS adjusters ) ) ) ) ) ) ( VP ( VBD had ) ( VP ( VBN deployed ) ( NP ( NP ( QP ( IN about ) ( CD 750 ) ) ) ( PP ( IN of ) ( NP ( PRP them ) ) ) ) ( PP-LOC-CLR ( IN in ) ( NP ( NNP Charlotte ) ( NNP Columbia ) ( CC and ) ( NNP Charleston ) ) ) ) ) )

Aetna which has nearly 3,000 adjusters had deployed about 750 of them in Charlotte Columbia and Charleston


( S ( NP-SBJ ( NP ( NNS Adjusters ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBG working ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP East ) ( NNP Coast ) ) ) ) ) ) ) ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN insurer ) ) ( VP ( MD will ) ( ADVP-TMP ( RB still ) ) ( VP ( VB be ) ( VP ( VBG processing ) ( NP ( NP ( NNS claims ) ) ( PP ( IN from ) ( NP ( DT that ) ( NN storm ) ) ) ) ( PP-TMP ( IN through ) ( NP ( NNP December ) ) ) ) ) ) ) ) ) )

Adjusters who had been working on the East Coast say the insurer will still be processing claims from that storm through December


( S ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( MD could ) ( VP ( VB take ) ( NP ( QP ( CD six ) ( TO to ) ( CD nine ) ) ( NNS months ) ) ( S-1 ( VP ( TO to ) ( VP ( VB handle ) ( NP ( DT the ) ( JJ earthquake-related ) ( NNS claims ) ) ) ) ) ) ) )

It could take six to nine months to handle the earthquake-related claims


( S ( SBAR-TMP ( WHADVP-1 ( WRB When ) ) ( S ( NP-SBJ ( DT the ) ( NN earthquake ) ) ( VP ( VBD rocked ) ( NP ( JJ northern ) ( NNP California ) ) ( NP-TMP ( JJ last ) ( NN week ) ) ) ) ) ( NP-SBJ ( NP ( NNP Aetna ) ( JJ senior ) ( NNS claims ) ( NNS executives ) ) ( PP ( IN from ) ( NP ( DT the ) ( NNP San ) ( NNP Francisco ) ( NN area ) ) ) ) ( VP ( VBD were ) ( PP-LOC-PRD ( IN at ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NAC-LOC ( NNP Hartford ) ( NNP Conn. ) ) ( NN headquarters ) ) ) ( PP-PRP ( IN for ) ( NP ( NP ( JJ additional ) ( NN training ) ) ( PP ( IN on ) ( SBAR-NOM ( WHADVP-2 ( WRB how ) ) ( S ( VP ( TO to ) ( VP ( VB handle ) ( NP ( NP ( JJ major ) ( NNS catastrophes ) ) ( PP ( VBG including ) ( NP ( NNS earthquakes ) ) ) ) ) ) ) ) ) ) ) ) )

When the earthquake rocked northern California last week Aetna senior claims executives from the San Francisco area were at the company 's Hartford Conn. headquarters for additional training on how to handle major catastrophes including earthquakes


( S ( SBAR-PRP ( IN Since ) ( S ( NP-SBJ-1 ( JJ commercial ) ( NN airline ) ( NNS flights ) ) ( VP ( VBD were ) ( VP ( VBN disrupted ) ) ) ) ) ( NP-SBJ-3 ( DT the ) ( NN company ) ) ( VP ( VBD chartered ) ( NP ( CD three ) ( NNS planes ) ) ( S-PRP ( VP ( TO to ) ( VP ( VP ( VB fly ) ( NP ( DT these ) ( NNS executives ) ) ( ADVP-DIR ( RB back ) ) ( PP-DIR ( TO to ) ( NP ( DT the ) ( NNP West ) ( NNP Coast ) ) ) ) ( CC and ) ( VP ( VB bring ) ( ADVP-CLR ( RB along ) ) ( NP ( NP ( JJ portable ) ( NNS computers ) ) ( NP ( JJ cellular ) ( NNS phones ) ) ( CC and ) ( NP ( DT some ) ( NNS claims ) ( NNS adjusters ) ) ) ) ) ) ) ) )

Since commercial airline flights were disrupted the company chartered three planes to fly these executives back to the West Coast and bring along portable computers cellular phones and some claims adjusters


( S ( PP-PRP ( IN Because ) ( IN of ) ( NP ( NP ( DT the ) ( NN difficulty ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG assessing ) ( NP ( NP ( DT the ) ( NNS damages ) ) ( VP ( VBN caused ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NN earthquake ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Aetna ) ) ( VP ( VBD pulled ) ( ADJP-CLR ( RB together ) ) ( NP ( NP ( DT a ) ( NN team ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( ADJP ( RBS most ) ( JJ experienced ) ) ( NNS claims ) ( NNS adjusters ) ) ) ) ( PP-CLR ( IN from ) ( PP ( IN around ) ( NP ( DT the ) ( NN country ) ) ) ) ) )

Because of the difficulty of assessing the damages caused by the earthquake Aetna pulled together a team of its most experienced claims adjusters from around the country


( S ( ADVP ( RB Even ) ( RB so ) ) ( NP-SBJ ( JJ few ) ) ( VP ( VBD had ) ( ADVP ( RB ever ) ) ( VP ( VBN dealt ) ( PP-CLR ( IN with ) ( NP ( DT an ) ( NN earthquake ) ) ) ) ) )

Even so few had ever dealt with an earthquake


( S ( NP-SBJ ( NP ( DT Some ) ( NNS adjusters ) ) ( PP ( IN like ) ( NP ( NP ( NNP Alan ) ( NNP Singer ) ) ( PP ( IN of ) ( NP ( NNP San ) ( NNP Diego ) ) ) ) ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBG working ) ( PP-LOC ( IN in ) ( NP ( NNP Charleston ) ) ) ( PP-TMP ( IN for ) ( NP ( QP ( RB nearly ) ( CD four ) ) ( NNS weeks ) ) ) ) ) ) )

Some adjusters like Alan Singer of San Diego had been working in Charleston for nearly four weeks


( S ( NP-SBJ ( PRP He ) ) ( VP ( VP ( VBD returned ) ( ADVP-CLR ( RB home ) ) ( NP-TMP ( JJ last ) ( NNP Thursday ) ) ) ( VP ( VBD packed ) ( NP ( DT a ) ( NN bag ) ) ( PP-CLR ( IN with ) ( NP ( JJ fresh ) ( NNS clothes ) ) ) ) ( CC and ) ( VP ( VBD reported ) ( PP-CLR ( IN for ) ( NP ( NN duty ) ) ) ( NP-TMP ( NNP Friday ) ) ( PP-LOC ( IN in ) ( NP ( NNP Walnut ) ( NNP Creek ) ) ) ) ) )

He returned home last Thursday packed a bag with fresh clothes and reported for duty Friday in Walnut Creek


( S ( NP-SBJ-1 ( NNS Offices ) ) ( VP ( VBD were ) ( VP ( VBN set ) ( PRT ( RP up ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP San ) ( NNP Francisco ) ) ( CC and ) ( NP ( NNP San ) ( NNP Jose ) ) ) ) ) ) )

Offices were set up in San Francisco and San Jose