( UCP ( S ( NP-SBJ ( PRP They ) ) ( VP ( VBP are ) ( ADVP ( RB obviously ) ) ( ADVP ( RB also ) ) ( ADJP-PRD ( RBR more ) ( JJ susceptible ) ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP need ) ( NP ( NN money ) ) ) ) ) ) ) ( NP ( NP ( NP ( NNS retirees ) ) ( PP ( IN for ) ( NP ( NN instance ) ) ) ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB bolster ) ( NP ( PRP$ their ) ( JJ fixed ) ( NN income ) ) ) ) ) ) ) ( CC or ) ( NP ( NP ( NNS parents ) ) ( VP ( VBG fretting ) ( PP-CLR ( IN over ) ( SBAR ( WHADVP-2 ( WRB how ) ) ( S ( VP ( TO to ) ( VP ( VB pay ) ( PP-CLR ( IN for ) ( NP ( NP ( DT a ) ( NN child ) ( POS 's ) ) ( NN college ) ( NNS expenses ) ) ) ) ) ) ) ) ) ) ) )

They are obviously also more susceptible when they need money retirees for instance trying to bolster their fixed income or parents fretting over how to pay for a child 's college expenses


( S ( NP-SBJ ( DT These ) ( NNS people ) ) ( VP ( VBP are ) ( RB n't ) ( ADVP ( RB necessarily ) ) ( ADJP-PRD ( JJ stupid ) ( CC or ) ( JJ naive ) ) ) )

These people are n't necessarily stupid or naive


( SINV ( S-TPC-2 ( NP-SBJ-1 ( NP ( RB Almost ) ( DT all ) ) ( PP ( IN of ) ( NP ( PRP us ) ) ) ( PP-LOC ( IN in ) ( NP ( JJ comparable ) ( NNS circumstances ) ) ) ) ( VP ( MD might ) ( VP ( VB be ) ( VP ( VBN victimized ) ( PP-MNR ( IN in ) ( NP ( DT some ) ( NN way ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Jerald ) ( NNP Jellison ) ) ( NP ( NP ( DT a ) ( NN psychology ) ( NN professor ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT the ) ( NNP University ) ) ( PP ( IN of ) ( NP ( NNP Southern ) ( NNP California ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP Los ) ( NNP Angeles ) ) ) ) ) ) ) )

Almost all of us in comparable circumstances might be victimized in some way says Jerald Jellison a psychology professor at the University of Southern California in Los Angeles


( S ( NP-SBJ ( NNP Nick ) ( NNP Cortese ) ) ( VP ( VBZ thinks ) ( SBAR ( S ( NP-SBJ ( IN that ) ) ( VP ( VBZ 's ) ( SBAR-NOM-PRD ( WHNP-1 ( WP what ) ) ( S ( VP ( VBD happened ) ( PP-CLR ( TO to ) ( NP ( PRP him ) ) ) ) ) ) ) ) ) ) )

Nick Cortese thinks that 's what happened to him


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Cortese ) ) ( NP ( DT a ) ( JJ 33-year-old ) ( NNP Delta ) ( NNP Air ) ( NNP Lines ) ( NN engineer ) ) ) ( VP ( VBD invested ) ( NP ( QP ( DT some ) ( CD 2,000 ) ) ) ( PP-CLR ( IN in ) ( NP ( NN penny ) ( NNS stocks ) ) ) ( PP ( IN through ) ( NP ( NP ( DT a ) ( NN broker ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD promised ) ( NP ( JJ quick ) ( NNS returns ) ) ) ) ) ) ) ) )

Mr. Cortese a 33-year-old Delta Air Lines engineer invested some 2,000 in penny stocks through a broker who promised quick returns


( SINV ( S-TPC-2 ( S ( NP-SBJ-1 ( PRP We ) ) ( VP ( VBD were ) ( VP ( VBG saving ) ( PRT ( RP up ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB buy ) ( NP ( DT a ) ( NN house ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP$ my ) ( NN wife ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ pregnant ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Cortese ) ) )

We were saving up to buy a house and my wife was pregnant says Mr. Cortese


( S ( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD was ) ( PP-TMP-PRD ( ADVP ( RB just ) ) ( RB before ) ( NP ( DT the ) ( NNP Christmas ) ( NNS holidays ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBD figured ) ( SBAR ( S ( NP-SBJ ( PRP we ) ) ( VP ( MD could ) ( VP ( VB use ) ( NP ( DT some ) ( JJ extra ) ( NN cash ) ) ) ) ) ) ) ) )

It was just before the Christmas holidays and I figured we could use some extra cash


( S ( NP-SBJ ( DT The ) ( NN investment ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ worth ) ( NP ( QP ( RB about ) ( CD 130 ) ) ) ) ( NP-TMP ( NN today ) ) ) )

The investment is worth about 130 today


( SINV ( S-TPC-1 ( ADVP ( RB Maybe ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( NP-PRD ( RB just ) ( DT a ) ( JJ vulnerable ) ( NN time ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Cortese ) ) )

Maybe it was just a vulnerable time says Mr. Cortese


( S ( ADVP ( RB Maybe ) ) ( UCP-TMP ( NP ( DT the ) ( JJ next ) ( NN day ) ) ( CC or ) ( ADVP ( RB even ) ) ( ADVP ( NP ( DT an ) ( NN hour ) ) ( RB later ) ) ) ( NP-SBJ ( PRP I ) ) ( VP ( MD would ) ( RB n't ) ( VP ( VB have ) ( VP ( VBN done ) ( NP ( PRP it ) ) ) ) ) )

Maybe the next day or even an hour later I would n't have done it


( S ( NP-SBJ ( NNP Ms. ) ( NNP Brannigan ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN staff ) ( NN reporter ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT The ) ( NNP Wall ) ( NNP Street ) ( NNP Journal ) ( POS 's ) ) ( NNP Atlanta ) ( NN bureau ) ) ) ) ) )

Ms. Brannigan is a staff reporter in The Wall Street Journal 's Atlanta bureau


( S ( S-TPC-2 ( NP-SBJ-1 ( DT The ) ( NNP U.S. ) ) ( VP ( VBZ is ) ( VP ( VBN required ) ( S ( VP ( TO to ) ( VP ( VB notify ) ( NP ( JJ foreign ) ( NNS dictators ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ knows ) ( PP-CLR ( IN of ) ( NP ( NP ( NN coup ) ( NNS plans ) ) ( ADJP ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB endanger ) ( NP ( PRP$ their ) ( NNS lives ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NN government ) ( NNS officials ) ) ( VP ( VBD said ) ) )

The U.S. is required to notify foreign dictators if it knows of coup plans likely to endanger their lives government officials said


( S ( NP-SBJ ( DT The ) ( NN notification ) ( NN policy ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN set ) ) ( PP ( IN of ) ( NP ( NP ( NNS guidelines ) ) ( PP ( IN on ) ( S-NOM ( VP ( VBG handling ) ( NP ( NNS coups ) ) ) ) ) ( VP ( VBN outlined ) ( PP-LOC ( IN in ) ( NP ( NP ( DT a ) ( JJ secret ) ( CD 1988 ) ( NN exchange ) ) ( PP ( IN of ) ( NP ( NNS letters ) ) ) ( PP ( IN between ) ( NP ( NP ( DT the ) ( NNP Reagan ) ( NN administration ) ) ( CC and ) ( NP ( DT the ) ( NNP Senate ) ( NNP Intelligence ) ( NNP Committee ) ) ) ) ) ) ) ) ) ) ) ) ) )

The notification policy was part of a set of guidelines on handling coups outlined in a secret 1988 exchange of letters between the Reagan administration and the Senate Intelligence Committee


( S ( NP-SBJ-1 ( NP ( DT The ) ( NN existence ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS guidelines ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN become ) ( VP ( VBN known ) ( SBAR-TMP ( IN since ) ( S ( NP-SBJ ( NNP President ) ( NNP Bush ) ) ( VP ( VBD disclosed ) ( NP ( PRP them ) ) ( ADVP-MNR ( RB privately ) ) ( PP-CLR ( TO to ) ( NP ( CD seven ) ( NNP Republican ) ( NNS senators ) ) ) ( PP-LOC ( IN at ) ( NP ( DT a ) ( NNP White ) ( NNP House ) ( NN meeting ) ) ) ( NP-TMP ( JJ last ) ( NNP Monday ) ) ) ) ) ) ) ) )

The existence of the guidelines has become known since President Bush disclosed them privately to seven Republican senators at a White House meeting last Monday


( S ( NP-SBJ ( NP ( NNS Officials ) ) ( ADJP ( JJ familiar ) ( PP ( IN with ) ( NP ( DT the ) ( NN meeting ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNP Mr. ) ( NNP Bush ) ) ( VP ( VBD cited ) ( NP ( DT the ) ( NN policy ) ) ( PP-CLR ( IN as ) ( NP ( NP ( DT an ) ( NN example ) ) ( PP ( IN of ) ) ) ) ) ) ) ) ( NP ( NP ( DT the ) ( NN sort ) ) ( PP ( IN of ) ( NP ( JJ congressional ) ( NNS requirements ) ) ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN administration ) ) ( VP ( VBZ contends ) ( SBAR ( S ( VP ( VB contribute ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( NN failure ) ) ( PP ( IN of ) ( NP ( NP ( JJ such ) ( JJ covert ) ( NNS actions ) ) ( PP ( IN as ) ( NP ( NP ( DT this ) ( NN month ) ( POS 's ) ) ( JJ futile ) ( NN effort ) ( S ( VP ( TO to ) ( VP ( VB oust ) ( NP ( JJ Panamanian ) ( NN dictator ) ( NNP Manuel ) ( NNP Noriega ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Officials familiar with the meeting said Mr. Bush cited the policy as an example of the sort of congressional requirements the administration contends contribute to the failure of such covert actions as this month 's futile effort to oust Panamanian dictator Manuel Noriega


( S ( PP ( VBG According ) ( PP ( TO to ) ( NP ( DT the ) ( NNS officials ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Bush ) ) ( ADVP ( RB even ) ) ( VP ( VBD read ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NNS senators ) ) ) ( NP ( NP ( NNS selections ) ) ( PP ( IN from ) ( NP ( NP ( DT a ) ( ADJP ( RB highly ) ( VBN classified ) ) ( NN letter ) ) ( PP ( IN from ) ( NP ( DT the ) ( NN committee ) ) ) ( PP ( TO to ) ( NP ( DT the ) ( NNP White ) ( NNP House ) ) ) ( VP ( VBG discussing ) ( NP ( DT the ) ( NNS guidelines ) ) ) ) ) ) ) )

According to the officials Mr. Bush even read to the senators selections from a highly classified letter from the committee to the White House discussing the guidelines


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN president ) ) ( VP ( VBD conceded ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN notification ) ( NN requirement ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB affect ) ( NP ( PRP$ his ) ( NN decision ) ( S ( VP ( TO to ) ( VP ( VB lend ) ( NP ( JJ only ) ( JJ minor ) ( NN support ) ) ( PP-CLR ( TO to ) ( NP ( NP ( DT this ) ( NN month ) ( POS 's ) ) ( NNP Panama ) ( NN coup ) ( NN effort ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

They said the president conceded the notification requirement did n't affect his decision to lend only minor support to this month 's Panama coup effort


( S-2 ( NP-SBJ-1 ( DT No ) ( NN notification ) ) ( VP ( VBD was ) ( ADVP-TMP ( RB ever ) ) ( VP ( VBN considered ) ( PRN ( S ( NP-SBJ ( NNS officials ) ) ( VP ( VBD said ) ) ) ) ( ADVP ( RB apparently ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( DT the ) ( NNP U.S. ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB think ) ( SBAR ( S ( NP-SBJ-3 ( DT the ) ( NN coup ) ( NNS plotters ) ) ( VP ( VBN intended ) ( S ( VP ( TO to ) ( VP ( VP ( VB kill ) ( NP ( NNP Mr. ) ( NNP Noriega ) ) ) ( CC but ) ( VP ( ADVP ( RB merely ) ) ( VBD sought ) ( S ( VP ( TO to ) ( VP ( VB imprison ) ( NP ( PRP him ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

No notification was ever considered officials said apparently because the U.S. did n't think the coup plotters intended to kill Mr. Noriega but merely sought to imprison him


( S ( INTJ ( S ( NP-SBJ ( WP What ) ) ( VP ( VBZ 's ) ( NP-PRD ( JJR more ) ) ) ) ) ( NP-SBJ ( DT both ) ( NP ( NN administration ) ) ( CC and ) ( NP ( JJ congressional ) ( NNS officials ) ) ) ( VP ( VBP hint ) ( SBAR ( IN that ) ( S ( NP-SBJ-3 ( DT the ) ( NN notification ) ( NN requirement ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN dropped ) ( PP-DIR ( IN from ) ( NP ( NP ( DT the ) ( NNS guidelines ) ) ( PP ( IN on ) ( NP ( NN coup ) ( NNS attempts ) ) ) ( SBAR ( WHNP-4 ( WDT that ) ) ( S ( VP ( VBP are ) ( VP ( VBG being ) ( VP ( VBN rewritten ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( NN panel ) ) ( CC and ) ( NP ( DT the ) ( NNP White ) ( NNP House ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

What 's more both administration and congressional officials hint that the notification requirement is likely to be dropped from the guidelines on coup attempts that are being rewritten by the panel and the White House


( S ( NP-SBJ-1 ( DT The ) ( VBG rewriting ) ) ( VP ( VBD was ) ( VP ( VBN launched ) ( PP-LOC ( IN at ) ( NP ( NP ( DT a ) ( NN meeting ) ) ( PP ( IN between ) ( NP ( NP ( NNP Mr. ) ( NNP Bush ) ) ( CC and ) ( NP ( NN intelligence ) ( NN committee ) ( NNS leaders ) ) ) ) ) ) ( NP-TMP ( NP ( NNP Oct. ) ( CD 12 ) ) ( PP ( NP ( DT a ) ( JJ few ) ( NNS days ) ) ( IN before ) ( NP ( NP ( DT the ) ( NN meeting ) ) ( SBAR ( WHPP-2 ( IN at ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( DT the ) ( NN president ) ) ( VP ( VBD complained ) ( PP-CLR ( IN about ) ( NP ( DT the ) ( NNS rules ) ) ) ) ) ) ) ) ) ) ) )

The rewriting was launched at a meeting between Mr. Bush and intelligence committee leaders Oct. 12 a few days before the meeting at which the president complained about the rules


( S ( ADVP ( RB However ) ) ( NP-SBJ-1 ( NP ( NP ( DT the ) ( NN disclosure ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNS guidelines ) ) ) ) ) ( VP ( ADVP-TMP ( RB first ) ) ( VBN reported ) ( NP-TMP ( JJ last ) ( NN night ) ) ( PP ( IN by ) ( NP-LGS ( NNP NBC ) ( NNP News ) ) ) ) ) ( VP ( VBZ is ) ( ADVP-TMP ( RB already ) ) ( VP ( VBG being ) ( VP ( VBN interpreted ) ( PP-LOC ( IN on ) ( NP ( NNP Capitol ) ( NNP Hill ) ) ) ( PP-CLR ( IN as ) ( NP ( DT an ) ( JJ unfair ) ( NN effort ) ( S ( VP ( TO to ) ( VP ( VB pressure ) ( NP ( NNP Congress ) ) ) ) ) ) ) ) ) ) )

However the disclosure of the guidelines first reported last night by NBC News is already being interpreted on Capitol Hill as an unfair effort to pressure Congress


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ has ) ( VP ( VBN reopened ) ( NP ( NP ( DT the ) ( JJ bitter ) ( VBG wrangling ) ) ( PP ( IN between ) ( NP ( NP ( DT the ) ( NNP White ) ( NNP House ) ) ( CC and ) ( NP ( NNP Congress ) ) ) ) ( PP ( IN over ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ is ) ( ADJP-PRD ( JJ responsible ) ( PP ( PP ( IN for ) ( NP ( DT the ) ( NN failure ) ( S ( VP ( TO to ) ( VP ( VB oust ) ( NP ( NNP Mr. ) ( NNP Noriega ) ) ) ) ) ) ) ( CC and ) ( ADVP ( RBR more ) ( RB broadly ) ) ( PP ( IN for ) ( NP ( NP ( NNS difficulties ) ) ( PP ( IN in ) ( S-NOM ( VP ( VBG carrying ) ( PRT ( RP out ) ) ( NP ( JJ covert ) ( NNS activities ) ) ( ADVP-LOC ( RB abroad ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

It has reopened the bitter wrangling between the White House and Congress over who is responsible for the failure to oust Mr. Noriega and more broadly for difficulties in carrying out covert activities abroad


( S ( NP-SBJ ( NP ( DT A ) ( NN statement ) ) ( VP ( VBN issued ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( NN office ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN committee ) ( NN chairman ) ) ( NP ( NP ( NNP Sen. ) ( NNP David ) ( NNP Boren ) ) ( PRN ( NP ( NNP D. ) ) ( NP-LOC ( NNP Okla. ) ) ) ) ) ) ) ) ) ) ( VP ( VBD charged ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN disclosure ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( DT a ) ( VBG continuing ) ( NN effort ) ( S ( VP ( TO to ) ( VP ( VB shift ) ( NP ( NP ( DT the ) ( NN criticism ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( NN failure ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ recent ) ( NN coup ) ( NN attempt ) ) ( PP-LOC ( IN in ) ( NP ( NNP Panama ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

A statement issued by the office of the committee chairman Sen. David Boren D. Okla. charged that the disclosure is part of a continuing effort to shift the criticism for the failure of the recent coup attempt in Panama


( S ( NP-SBJ ( DT The ) ( NN statement ) ) ( VP ( VBD added ) ( S ( NP-SBJ-1 ( NN Someone ) ) ( VP ( VBZ has ) ( ADVP ( RB regrettably ) ) ( VP ( VBN chosen ) ( S ( VP ( TO to ) ( ADVP-MNR ( RB selectively ) ) ( VP ( VB summarize ) ( NP ( NP ( NNS portions ) ) ( PP ( IN of ) ( NP ( NP ( ADJP ( RB highly ) ( VBN classified ) ) ( NN correspondence ) ) ( PP ( IN between ) ( NP ( NP ( DT the ) ( CD two ) ( NNS branches ) ) ( PP ( IN of ) ( NP ( NN government ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The statement added Someone has regrettably chosen to selectively summarize portions of highly classified correspondence between the two branches of government


( S ( CONJP ( RB Not ) ( RB only ) ) ( SINV ( VBZ does ) ( NP-SBJ ( DT this ) ) ( VP ( VB come ) ( ADJP-PRD ( RB close ) ( PP ( TO to ) ( NP ( NP ( DT a ) ( NN violation ) ) ( PP ( IN of ) ( NP ( NN law ) ) ) ) ) ) ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ violates ) ( NP ( NP ( DT the ) ( NN trust ) ) ( SBAR ( S ( NP-SBJ-1 ( PRP we ) ) ( VP ( VBP have ) ( DT all ) ( VP ( VBD worked ) ( S-CLR ( VP ( TO to ) ( VP ( VB develop ) ) ) ) ) ) ) ) ) ) ) )

Not only does this come close to a violation of law it violates the trust we have all worked to develop


( S ( NP-SBJ ( NNP Sen. ) ( NNP Boren ) ) ( VP ( VBD said ) ( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( NN time ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VP ( VB stop ) ( VP ( VBG bickering ) ) ) ( CC and ) ( VP ( NN work ) ( ADVP ( RB together ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB develop ) ( NP ( NP ( DT a ) ( JJ clear ) ( CC and ) ( JJ appropriate ) ( NN policy ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB help ) ( NP ( DT the ) ( NN country ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN future ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Sen. Boren said It 's time to stop bickering and work together to develop a clear and appropriate policy to help the country in the future


( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP 've ) ( VP ( VBN invited ) ( NP-1 ( DT the ) ( NN president ) ) ( S ( VP ( TO to ) ( VP ( VB send ) ( NP ( PRP$ his ) ( NNS suggestions ) ) ( PP-DIR ( TO to ) ( NP ( DT the ) ( NN committee ) ) ) ) ) ) ) ) )

I 've invited the president to send his suggestions to the committee


( S ( NP-SBJ ( NP ( NP ( NNP Republican ) ( NNP Sen. ) ( NNP William ) ( NNP Cohen ) ) ( PP ( IN of ) ( NP ( NNP Maine ) ) ) ) ( NP ( NP ( DT the ) ( NN panel ) ( POS 's ) ) ( NN vice ) ( NN chairman ) ) ) ( VP ( VBD said ) ( PP-CLR ( IN of ) ( NP ( DT the ) ( NN disclosure ) ) ) ( SBAR ( IN that ) ( S ( S ( NP-SBJ ( NP ( DT a ) ( NN text ) ) ( VP ( VBN torn ) ( ADVP-CLR ( RB out ) ( PP ( IN of ) ( NP ( NN context ) ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( DT a ) ( NN pretext ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ unfair ) ) ( SBAR-2 ( IN for ) ( S ( NP-SBJ ( NP ( DT those ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP White ) ( NNP House ) ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP are ) ( VP ( VBG leaking ) ) ) ) ) ) ( VP ( TO to ) ( VP ( VB present ) ( NP ( DT the ) ( NN evidence ) ) ( PP-MNR ( IN in ) ( NP ( DT a ) ( JJ selective ) ( NN fashion ) ) ) ) ) ) ) ) ) ) ) ) )

Republican Sen. William Cohen of Maine the panel 's vice chairman said of the disclosure that a text torn out of context is a pretext and it is unfair for those in the White House who are leaking to present the evidence in a selective fashion


( S ( NP-SBJ ( NNP Sen. ) ( NNP Boren ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NN committee ) ) ( VP ( MD could ) ( RB n't ) ( VP ( VB defend ) ( NP ( PRP itself ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG making ) ( S ( NP-SBJ ( DT the ) ( NNS documents ) ) ( ADJP-PRD ( JJ public ) ) ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( DT that ) ) ( VP ( MD would ) ( VP ( VB violate ) ( NP ( NN classification ) ( NNS rules ) ) ) ) ) ) ) ) ) ) ) )

Sen. Boren said the committee could n't defend itself by making the documents public because that would violate classification rules


( S ( CC But ) ( NP-SBJ ( NP ( DT the ) ( NN chairman ) ) ( CC and ) ( NP ( JJ other ) ( NN committee ) ( NNS members ) ) ) ( VP ( VBD stressed ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( DT the ) ( NN notification ) ( NN guideline ) ) ( VP ( VBD was ) ( RB n't ) ( VP ( VBN imposed ) ( PP-CLR ( IN on ) ( NP ( DT the ) ( NNP White ) ( NNP House ) ) ) ( PP ( IN by ) ( NP-LGS ( DT a ) ( VBG meddling ) ( NNP Congress ) ) ) ) ) ) ) ) )

But the chairman and other committee members stressed that the notification guideline was n't imposed on the White House by a meddling Congress


( S-2 ( ADVP ( RB Instead ) ) ( PRN ( S ( NP-SBJ ( DT both ) ( JJ congressional ) ( CC and ) ( NN administration ) ( NNS officials ) ) ( VP ( VBD agreed ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD grew ) ( PP-CLR ( IN out ) ( PP ( IN of ) ( NP ( NP ( NNS talks ) ) ( PP ( IN about ) ( NP ( NP ( NN coup-planning ) ) ( PP ( IN in ) ( NP ( NNP Panama ) ) ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VP ( VBD were ) ( VP ( VBN initiated ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NN administration ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP July ) ( CD 1988 ) ) ) ) ) ( CC and ) ( VP ( VBD stretched ) ( PP-DIR ( IN into ) ( NP ( JJ last ) ( NNP October ) ) ) ) ) ) ) ) ) ) ) )

Instead both congressional and administration officials agreed it grew out of talks about coup-planning in Panama that were initiated by the administration in July 1988 and stretched into last October


( S ( NP-SBJ ( DT The ) ( NN guideline ) ) ( VP ( VBD was ) ( RB n't ) ( NP-PRD ( NP ( DT a ) ( NN law ) ) ( CC but ) ( NP ( NP ( DT a ) ( JJ joint ) ( NN interpretation ) ) ( PP ( IN of ) ( SBAR-NOM ( WHADVP ( WRB how ) ) ( S ( NP-SBJ ( DT the ) ( NNP U.S. ) ) ( VP ( MD might ) ( VP ( VB operate ) ( PP-TMP ( IN during ) ( NP ( JJ foreign ) ( NNS coups ) ) ) ( PP ( IN in ) ( NP ( NP ( NN light ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ longstanding ) ( JJ presidential ) ( NN order ) ) ( VP ( VBG banning ) ( NP ( NP ( DT a ) ( NNP U.S. ) ( NN role ) ) ( PP-LOC ( IN in ) ( NP ( NNS assassinations ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The guideline was n't a law but a joint interpretation of how the U.S. might operate during foreign coups in light of the longstanding presidential order banning a U.S. role in assassinations


( S ( PP ( IN In ) ( NP ( NN fact ) ) ) ( NP-TMP ( NN yesterday ) ) ( NP-SBJ ( NP ( DT the ) ( NN administration ) ) ( CC and ) ( NP ( NNP Congress ) ) ) ( VP ( VBD were ) ( ADVP-TMP ( RB still ) ) ( VP ( VBG differing ) ( PP-CLR ( IN on ) ( SBAR-NOM ( WHNP-1 ( WP what ) ) ( S ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBN agreed ) ( PP-CLR ( TO to ) ) ) ) ) ) ) ) ) ) )

In fact yesterday the administration and Congress were still differing on what had been agreed to


( S ( NP-SBJ ( CD One ) ( NN administration ) ( NN official ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NN notification ) ) ( VP ( VBD was ) ( VP ( VBN required ) ( SBAR-ADV ( RB even ) ( IN if ) ( S ( NP-SBJ ( DT the ) ( NNP U.S. ) ) ( VP ( VBZ gets ) ( NP-CLR ( NN wind ) ) ( PP-CLR ( IN of ) ( NP ( NP ( NP ( NP ( NN somebody ) ) ( ADJP ( RB else ) ) ( POS 's ) ) ( NN coup ) ( NNS plans ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBP seem ) ( ADJP ( RB likely ) ( S ( VP ( TO to ) ( VP ( VB endanger ) ( NP ( NP ( DT a ) ( NN dictator ) ( POS 's ) ) ( NN life ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

One administration official said notification was required even if the U.S. gets wind of somebody else 's coup plans that seem likely to endanger a dictator 's life


( S ( CC But ) ( NP-SBJ ( NP ( DT a ) ( JJ congressional ) ( NN source ) ) ( ADJP ( RB close ) ( PP ( TO to ) ( NP ( DT the ) ( NN panel ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN rule ) ) ( ADVP ( RB only ) ) ( VP ( VBD covered ) ( NP ( NP ( NN coup ) ( NNS plans ) ) ( VP ( ADVP-MNR ( RB directly ) ) ( VBG involving ) ( NP ( DT the ) ( NNP U.S. ) ) ) ) ) ) ) ) )

But a congressional source close to the panel said the rule only covered coup plans directly involving the U.S.


( S ( SBAR-ADV ( IN Although ) ( S ( NP-SBJ-1 ( DT the ) ( NN notification ) ( NN guideline ) ) ( VP ( VBD was ) ( RB n't ) ( VP ( VBD carried ) ( PRT ( RP out ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT this ) ( NN month ) ( POS 's ) ) ( NN coup ) ( NN attempt ) ) ) ) ) ) ) ( NP-SBJ ( DT some ) ( NN administration ) ( NNS officials ) ) ( VP ( VBP argue ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD may ) ( VP ( VB have ) ( VP ( VBN led ) ( PP-DIR ( TO to ) ( NP ( NP ( NN hesitation ) ( CC and ) ( NN uncertainty ) ) ( PP ( IN on ) ( NP ( NP ( DT the ) ( NN part ) ) ( PP ( IN of ) ( NP ( NP ( NNP U.S. ) ( NN intelligence ) ) ( CC and ) ( NP ( NP ( JJ military ) ( NNS operatives ) ) ( PP-LOC ( IN in ) ( NP ( NNP Panama ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Although the notification guideline was n't carried out in this month 's coup attempt some administration officials argue that it may have led to hesitation and uncertainty on the part of U.S. intelligence and military operatives in Panama


( S ( NP-SBJ ( CD One ) ( JJ senior ) ( NN administration ) ( NN official ) ) ( VP ( VP ( VBD called ) ( S ( NP-SBJ ( DT the ) ( NN guideline ) ) ( ADJP-PRD ( JJ outrageous ) ) ) ) ( CC and ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD could ) ( VP ( VB make ) ( S ( NP-SBJ-1 ( NNP U.S. ) ( NNS operatives ) ) ( ADJP-PRD ( JJ reluctant ) ( S ( VP ( TO to ) ( ADVP ( RB even ) ) ( VP ( VB listen ) ( PP-CLR ( TO to ) ( NP ( NN coup ) ( NNS plans ) ) ) ) ) ) ) ( PP-PRP ( IN for ) ( NP ( NN fear ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD may ) ( VP ( VB get ) ( PP-CLR ( IN into ) ( NP ( JJ legal ) ( NN trouble ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

One senior administration official called the guideline outrageous and said it could make U.S. operatives reluctant to even listen to coup plans for fear they may get into legal trouble


( S-1 ( NP-SBJ ( DT The ) ( NN issue ) ) ( VP ( VBD came ) ( PP-DIR ( TO to ) ( NP ( DT a ) ( NN head ) ) ) ( NP-TMP ( JJ last ) ( NN year ) ) ( PRN ( S ( NP-SBJ ( NNS officials ) ) ( VP ( VBD recalled ) ) ) ) ( SBAR-PRP ( ADVP ( RB partly ) ) ( IN because ) ( S ( NP-SBJ-2 ( DT the ) ( NNP Reagan ) ( NN administration ) ) ( VP ( VBD had ) ( VP ( VBN sought ) ( ADVP-MNR ( RB unsuccessfully ) ) ( S ( VP ( TO to ) ( VP ( VB win ) ( NP ( NP ( NN committee ) ( NN approval ) ) ( PP ( IN of ) ( NP ( NP ( NN funding ) ) ( PP ( IN for ) ( NP ( JJ new ) ( NNP Panama ) ( NN coup ) ( NNS efforts ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The issue came to a head last year officials recalled partly because the Reagan administration had sought unsuccessfully to win committee approval of funding for new Panama coup efforts


( S ( PP ( IN In ) ( NP ( NN addition ) ) ) ( NP-SBJ ( DT both ) ( NN administration ) ( CC and ) ( JJ congressional ) ( NNS officials ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NP ( DT the ) ( NN need ) ) ( PP ( IN for ) ( NP ( NP ( NNS guidelines ) ) ( PP ( IN on ) ( NP ( NNS coups ) ( CC and ) ( NNS assassinations ) ) ) ) ) ) ( VP ( VBD was ) ( ADVP ( RB partly ) ) ( VP ( VBN spurred ) ( PP ( IN by ) ( NP-LGS ( DT a ) ( NNP White ) ( NNP House ) ( NN desire ) ( S ( VP ( TO to ) ( VP ( VB avoid ) ( NP ( JJ nasty ) ( JJ overseas ) ( NNS surprises ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( NN election ) ( NN campaign ) ) ) ) ) ) ) ) ) ) ) ) ) )

In addition both administration and congressional officials said the need for guidelines on coups and assassinations was partly spurred by a White House desire to avoid nasty overseas surprises during the election campaign


( S ( SBAR-ADV ( IN Though ) ( S ( NP-SBJ ( DT the ) ( NN assassination ) ( NN ban ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NNP White ) ( NNP House ) ( NN order ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( NP-SBJ ( NNP Congress ) ) ( ADVP-TMP ( RB never ) ) ( VP ( VBD voted ) ( PP-CLR ( IN on ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN intelligence ) ( NNS committees ) ) ( VP ( MD can ) ( VP ( VB exercise ) ( NP ( NN influence ) ) ( PP ( IN over ) ( NP ( PRP$ its ) ( NN interpretation ) ) ) ) ) )

Though the assassination ban is a White House order that Congress never voted on the intelligence committees can exercise influence over its interpretation


( S ( NP-TMP ( JJ Last ) ( NN week ) ) ( NP-SBJ ( NNP Central ) ( NNP Intelligence ) ( NNP Agency ) ( NNP Director ) ( NNP William ) ( NNP Webster ) ) ( ADVP-MNR ( RB publicly ) ) ( VP ( VBD called ) ( PP-CLR ( IN on ) ( NP-2 ( NNP Congress ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB provide ) ( NP ( NP ( JJ new ) ( NNS interpretations ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN assassination ) ( NN order ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD would ) ( VP ( VB permit ) ( NP ( DT the ) ( NNP U.S. ) ) ( NP ( JJR more ) ( NN freedom ) ( S ( VP ( TO to ) ( VP ( VB act ) ( PP-LOC ( IN in ) ( NP ( NNS coups ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Last week Central Intelligence Agency Director William Webster publicly called on Congress to provide new interpretations of the assassination order that would permit the U.S. more freedom to act in coups


( S ( NP-SBJ ( DT The ) ( NN administration ) ) ( VP ( VBZ has ) ( VP ( VBN reacted ) ( PP-CLR ( TO to ) ( NP ( NN criticism ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBD mishandled ) ( NP ( DT the ) ( JJS latest ) ( NN coup ) ( NN attempt ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG seeking ) ( S ( VP ( TO to ) ( VP ( VB blame ) ( NP ( NNP Congress ) ) ( PP-CLR ( IN for ) ( NP ( NP ( NNS restrictions ) ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NNP White ) ( NNP House ) ) ( VP ( VBD said ) ( SBAR ( S ( VP ( VBP have ) ( VP ( VBN hampered ) ( NP ( NP ( PRP$ its ) ( NN freedom ) ) ( PP ( IN of ) ( NP ( NN action ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The administration has reacted to criticism that it mishandled the latest coup attempt by seeking to blame Congress for restrictions the White House said have hampered its freedom of action


( S ( ADVP ( RB However ) ) ( NP-TMP ( JJ last ) ( NN week ) ) ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Webster ) ( POS 's ) ) ( CD two ) ( JJ top ) ( NNP CIA ) ( NNS deputies ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( JJ congressional ) ( NNS curbs ) ) ( VP ( VBD had ) ( RB n't ) ( VP ( VBN hampered ) ( NP ( NP ( NP ( DT the ) ( NN spy ) ( NN agency ) ( POS 's ) ) ( NN role ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN coup ) ( NN attempt ) ) ( PP-LOC ( IN in ) ( NP ( NNP Panama ) ) ) ) ) ) ) ) ) ) ) )

However last week Mr. Webster 's two top CIA deputies said congressional curbs had n't hampered the spy agency 's role in the coup attempt in Panama


( S ( ADVP ( RB Nevertheless ) ) ( NP-SBJ-1 ( NP ( DT the ) ( NN administration ) ( POS 's ) ) ( NNS criticisms ) ) ( VP ( VBD appeared ) ( S ( VP ( TO to ) ( VP ( VB have ) ( VP ( VBN made ) ( NP ( DT some ) ( NN headway ) ) ( PP ( IN with ) ( NP ( NNS Sens. ) ( NNP Boren ) ( CC and ) ( NNP Cohen ) ) ) ( PP-TMP ( IN after ) ( NP ( NP ( PRP$ their ) ( NNP Oct. ) ( CD 12 ) ( NN meeting ) ) ( PP ( IN with ) ( NP ( DT the ) ( NN president ) ) ) ) ) ) ) ) ) ) )

Nevertheless the administration 's criticisms appeared to have made some headway with Sens. Boren and Cohen after their Oct. 12 meeting with the president


( S ( NP-SBJ-2 ( DT The ) ( CD three ) ( NNS men ) ) ( VP ( VBD agreed ) ( S ( VP ( TO to ) ( VP ( VB rewrite ) ( NP ( DT the ) ( NNS guidelines ) ) ( PP ( IN without ) ( S-NOM ( VP ( VBG changing ) ( NP ( DT the ) ( JJ basic ) ( NN assassination ) ( NN ban ) ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB clear ) ( PRT ( RP up ) ) ( NP ( NP ( DT any ) ( NNS ambiguities ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD may ) ( VP ( VB have ) ( VP ( VBN hampered ) ( NP ( NP ( NNP U.S. ) ( NN encouragement ) ) ( PP ( IN of ) ( NP ( NP ( NNS coups ) ) ( PP ( IN against ) ( NP ( JJ anti-American ) ( NNS leaders ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The three men agreed to rewrite the guidelines without changing the basic assassination ban to clear up any ambiguities that may have hampered U.S. encouragement of coups against anti-American leaders


( S ( NP-SBJ ( NP ( DT The ) ( JJ new ) ( NN argument ) ) ( PP ( IN over ) ( NP ( DT the ) ( NN notification ) ( NN guideline ) ) ) ) ( ADVP ( RB however ) ) ( VP ( MD could ) ( VP ( VB sour ) ( NP ( NP ( DT any ) ( NN atmosphere ) ) ( PP ( IN of ) ( NP ( NN cooperation ) ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( VP ( VBD existed ) ) ) ) ) ) ) )

The new argument over the notification guideline however could sour any atmosphere of cooperation that existed


( S ( NP-SBJ ( NNP Gerald ) ( NNP F. ) ( NNP Seib ) ) ( VP ( VBD contributed ) ( PP-CLR ( TO to ) ( NP ( DT this ) ( NN article ) ) ) ) )

Gerald F. Seib contributed to this article


( S ( ADJP-PRD ( NNP READY ) ( S ( VP ( TO TO ) ( VP ( NNP REVIEW ) ( NP ( NP ( DT the ) ( NN riskiness ) ) ( PP ( IN of ) ( NP ( PRP$ your ) ( NN investment ) ( NN portfolio ) ) ) ) ) ) ) ) )

READY TO REVIEW the riskiness of your investment portfolio


( FRAG ( ADVP-TMP ( RB First ) ) ( NP ( DT a ) ( NN pop ) ( NN quiz ) ) )

First a pop quiz


( SBARQ ( SBAR-TMP ( WHADVP-3 ( WRB When ) ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VB think ) ( PP-CLR ( IN of ) ( NP ( DT the ) ( NNS words ) ( NN risk ) ( CC and ) ( NN investment ) ) ) ) ) ) ( WHNP-1 ( WP what ) ) ( SQ ( VP ( VBZ 's ) ( NP-PRD ( NP ( DT the ) ( NN specific ) ( NN peril ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBZ comes ) ( PP-DIR ( TO to ) ( VP ( VB mind ) ) ) ) ) ) ) ) ) )

When you think of the words risk and investment what 's the specific peril that comes to mind


( FRAG ( NP ( NNS Pencils ) ) ( ADVP ( IN down ) ) )

Pencils down


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP 're ) ( PP-PRD ( IN like ) ( NP ( JJS most ) ( NNS people ) ) ) ) ) ) ( NP-SBJ ( PRP you ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( NP ( DT a ) ( NN holding ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBZ goes ) ( ADJP-PRD ( RB completely ) ( JJ sour ) ) ) ) ) ) ( RB maybe ) ( NP ( NP ( NP ( DT a ) ( NN bond ) ) ( SBAR ( WHNP-3 ( IN that ) ) ( S ( VP ( NNS defaults ) ) ) ) ) ( CC or ) ( NP ( NP ( DT a ) ( NN stock ) ) ( SBAR ( WHNP-1 ( WP$ whose ) ( NN value ) ) ( S ( VP ( VBZ disappears ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( NN bankruptcy ) ( NN proceeding ) ) ) ) ) ) ) ) ) ) ) ) ) )

If you 're like most people you said it 's a holding that goes completely sour maybe a bond that defaults or a stock whose value disappears in a bankruptcy proceeding


( SINV ( S-TPC ( NP-SBJ-1 ( NNS People ) ) ( VP ( VB tend ) ( S ( VP ( TO to ) ( VP ( VB see ) ( NP ( NN risk ) ) ( ADVP ( RB primarily ) ) ( PP-LOC ( IN on ) ( NP ( DT that ) ( CD one ) ( NN dimension ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Timothy ) ( NNP Kochis ) ) ( NP ( NP ( JJ national ) ( NN director ) ) ( PP ( IN of ) ( NP ( NN personal ) ( JJ financial ) ( NN planning ) ) ) ( PP ( IN for ) ( NP ( NNS accountants ) ( NNP Deloitte ) ( NNP Haskins ) ( CC & ) ( NNP Sells ) ) ) ) ) )

People tend to see risk primarily on that one dimension says Timothy Kochis national director of personal financial planning for accountants Deloitte Haskins & Sells


( SINV ( CC But ) ( ADVP-LOC-TPC-1 ( RB therein ) ) ( VP ( VBZ lies ) ) ( NP-SBJ ( NP ( NP ( DT another ) ( NN aspect ) ) ( PP ( IN of ) ( NP ( NN investment ) ( NN risk ) ) ) ) ( NP ( NP ( DT the ) ( NN hazard ) ) ( PP ( IN of ) ( S-NOM ( VP ( VP ( VBG shaping ) ( NP ( PRP$ your ) ( NN portfolio ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB avoid ) ( NP ( NP ( QP ( CD one ) ( CC or ) ( JJR more ) ) ( NNS types ) ) ( PP ( IN of ) ( NP ( NN risk ) ) ) ) ) ) ) ) ( CC and ) ( VP ( VBG being ) ( VP ( JJ blind-sided ) ( PP ( IN by ) ( NP-LGS ( NNS others ) ) ) ) ) ) ) ) ) ) )

But therein lies another aspect of investment risk the hazard of shaping your portfolio to avoid one or more types of risk and being blind-sided by others


( S ( NP-SBJ ( DT This ) ) ( VP ( VBZ is ) ( ADVP ( RB clearly ) ) ( RB not ) ( NP-PRD ( JJ good ) ( NN news ) ) ( PP ( TO to ) ( NP ( NP ( DT all ) ( PRP you ) ( NNS people ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VB sleep ) ( PP-MNR ( IN like ) ( NP ( NNS babies ) ) ) ( NP-TMP ( DT every ) ( NN night ) ) ( S-ADV ( VP ( VBN lulled ) ( PP ( IN by ) ( NP-LGS ( NP ( NNS visions ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ your ) ( NN money ) ) ( VP ( VBG sitting ) ( ADVP-MNR ( JJ risk-free ) ) ( PP-LOC-CLR ( IN in ) ( NP ( JJ six-month ) ( NNS CDs ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

This is clearly not good news to all you people who sleep like babies every night lulled by visions of your money sitting risk-free in six-month CDs


( S ( S ( NP-SBJ ( NN Risk ) ) ( VP ( VBZ wears ) ( NP ( JJ many ) ( NNS disguises ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( NNS investments ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP are ) ( ADJP-PRD ( JJ low ) ( PP ( IN in ) ( NP ( NP ( CD one ) ( NN type ) ) ( PP ( IN of ) ( NP ( JJ obvious ) ( NN risk ) ) ) ) ) ) ) ) ) ) ( VP ( MD can ) ( VP ( VB be ) ( ADJP-PRD ( RB distressingly ) ( JJ high ) ( PP ( IN in ) ( NP ( JJ other ) ( ADJP ( RBR less ) ( JJ obvious ) ) ( NNS kinds ) ) ) ) ) ) ) )

Risk wears many disguises and investments that are low in one type of obvious risk can be distressingly high in other less obvious kinds


( S ( NP-SBJ ( NNP U.S. ) ( NNP Treasury ) ( NNS bonds ) ) ( PP ( IN for ) ( NP ( NN example ) ) ) ( VP ( VBP are ) ( NP-PRD ( NN supersafe ) ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ comes ) ( PP-DIR ( TO to ) ( S-NOM ( VP ( VBG returning ) ( NP ( NN money ) ) ( PP-TMP ( IN at ) ( NP ( NN maturity ) ) ) ) ) ) ) ) ) ) )

U.S. Treasury bonds for example are supersafe when it comes to returning money at maturity


( S ( CC But ) ( NP-SBJ-1 ( NP ( PRP$ their ) ( NN value ) ) ( PP ( IN as ) ( NP ( NNS investments ) ) ) ) ( VP ( MD can ) ( VP ( VB be ) ( VP ( VBN decimated ) ( PP ( IN by ) ( NP-LGS ( NP ( NN inflation ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBZ erodes ) ( NP ( NP ( DT the ) ( VBG purchasing ) ( NN power ) ) ( PP ( IN of ) ( NP ( NP ( NNS bonds ) ( POS ' ) ) ( JJ fixed-dollar ) ( NN interest ) ( NNS payments ) ) ) ) ) ) ) ) ) ) ) ) )

But their value as investments can be decimated by inflation which erodes the purchasing power of bonds ' fixed-dollar interest payments


( S ( NP-SBJ ( NN Risk ) ) ( VP ( VBZ is ) ( ADVP ( RB also ) ) ( NP-PRD ( NP ( DT a ) ( NN function ) ) ( PP ( IN of ) ( NP ( NN time ) ) ) ) ) )

Risk is also a function of time


( S ( SBAR-TMP ( WHADVP-1 ( WRB When ) ) ( S ( NP-SBJ ( JJ financial ) ( NNS professionals ) ) ( VP ( VB measure ) ( NP ( NN risk ) ) ( ADVP-MNR ( RB mathematically ) ) ) ) ) ( NP-SBJ ( PRP they ) ) ( ADVP-TMP ( RB usually ) ) ( VP ( VB focus ) ( PP-CLR ( IN on ) ( NP ( NP ( DT the ) ( NN volatility ) ) ( PP ( IN of ) ( NP ( JJ short-term ) ( NNS returns ) ) ) ) ) ) )

When financial professionals measure risk mathematically they usually focus on the volatility of short-term returns


( S ( NP-SBJ ( NNS Stocks ) ) ( VP ( VBP are ) ( ADJP-PRD ( ADJP ( RB much ) ( JJR riskier ) ) ( PP ( IN than ) ( NP ( NNP Treasury ) ( NNS bills ) ) ) ) ( PRN ( PP ( IN for ) ( NP ( NN example ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( NP ( DT the ) ( NN range ) ) ( PP-LOC ( IN in ) ( NP ( NN performance ) ) ) ( PP ( PP ( IN from ) ( NP ( DT the ) ( JJS best ) ( NNS years ) ) ) ( PP ( TO to ) ( NP ( DT the ) ( JJS worst ) ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB much ) ( JJR wider ) ) ) ) ) ) )

Stocks are much riskier than Treasury bills for example because the range in performance from the best years to the worst is much wider


( S ( NP-SBJ-1 ( DT That ) ) ( VP ( VBZ is ) ( ADVP-TMP ( RB usually ) ) ( VP ( VBN measured ) ( PP ( IN by ) ( NP-LGS ( NP ( NP ( DT the ) ( JJ standard ) ( NN deviation ) ) ( CC or ) ( NP ( NN divergence ) ) ) ( PP ( IN of ) ( NP ( JJ annual ) ( NNS results ) ) ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( JJ average ) ( NN return ) ) ( PP-TMP ( IN over ) ( NP ( NN time ) ) ) ) ) ) ) ) ) )

That is usually measured by the standard deviation or divergence of annual results from the average return over time


( S ( CC But ) ( NP-SBJ ( NP ( NNS investors ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBP are ) ( VP ( VBN preoccupied ) ( PP-CLR ( IN with ) ( NP ( JJ short-term ) ( NNS fluctuations ) ) ) ) ) ) ) ) ( VP ( MD may ) ( VP ( VB be ) ( VP ( VBG paying ) ( NP ( RB too ) ( JJ little ) ( NN attention ) ) ( PP-CLR ( TO to ) ( NP ( NP ( DT another ) ( JJ big ) ( NN risk ) ) ( S-NOM ( RB not ) ( VP ( VBG generating ) ( NP ( JJ enough ) ( NN money ) ( S ( VP ( TO to ) ( VP ( VB meet ) ( NP ( JJ long-term ) ( JJ financial ) ( CC and ) ( JJ life-style ) ( NNS goals ) ) ) ) ) ) ) ) ) ) ) ) ) )

But investors who are preoccupied with short-term fluctuations may be paying too little attention to another big risk not generating enough money to meet long-term financial and life-style goals


( S ( S ( PP ( IN For ) ( NP ( NN instance ) ) ) ( NP-SBJ ( DT some ) ( NNS investors ) ) ( VP ( VB have ) ( VP ( VBN sworn ) ( PRT ( RP off ) ) ( NP ( NNS stocks ) ) ( PP-TMP ( IN since ) ( NP ( DT the ) ( CD 1987 ) ( NN market ) ( NN crash ) ) ) ) ) ) ( S ( NP-SBJ ( NP ( JJ last ) ( NNP Friday ) ( POS 's ) ) ( NN debacle ) ) ( ADVP ( RB only ) ) ( VP ( VBD reinforced ) ( NP ( DT those ) ( NNS feelings ) ) ) ) )

For instance some investors have sworn off stocks since the 1987 market crash last Friday 's debacle only reinforced those feelings


( S ( CC But ) ( NP-SBJ ( DT the ) ( NN stock ) ( NN market ) ) ( PP ( IN despite ) ( NP ( DT some ) ( JJ stomach-churning ) ( NNS declines ) ) ) ( VP ( VBZ has ) ( VP ( ADVP ( RB far ) ) ( VBN outperformed ) ( NP ( JJ other ) ( NNS securities ) ) ( PP-TMP ( IN over ) ( NP ( VBN extended ) ( NNS periods ) ) ) ) ) )

But the stock market despite some stomach-churning declines has far outperformed other securities over extended periods


( S ( PP-MNR ( IN By ) ( S-NOM ( VP ( VBG retreating ) ( PP-DIR ( TO to ) ( NP ( NP ( DT the ) ( JJ apparent ) ( NN security ) ) ( PP ( IN of ) ( PRN ( ADVP ( VB say ) ) ) ( NP ( JJ money-market ) ( NNS funds ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( NNS investors ) ) ( VP ( MD may ) ( RB not ) ( VP ( VB be ) ( VP ( VBG earning ) ( NP ( JJ enough ) ( NN investment ) ( VB return ) ( S ( VP ( TO to ) ( VP ( VB pay ) ( PP-CLR ( IN for ) ( NP ( DT a ) ( JJ comfortable ) ( NN retirement ) ) ) ) ) ) ) ) ) ) )

By retreating to the apparent security of say money-market funds investors may not be earning enough investment return to pay for a comfortable retirement


( SINV ( S-TPC-1 ( NP-SBJ ( DT That ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( NP ( DT the ) ( JJS biggest ) ( NN risk ) ) ( PP ( IN of ) ( NP ( DT all ) ) ) ) ( NP ( NP ( DT the ) ( NN risk ) ) ( PP ( IN of ) ( S-NOM ( RB not ) ( VP ( VBG meeting ) ( NP ( PRP$ your ) ( NNS objectives ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Steven ) ( NNP B. ) ( NNP Enright ) ) ( NP ( NP ( DT a ) ( NNP New ) ( NNP York ) ( JJ financial ) ( NN planner ) ) ( PP ( IN with ) ( NP ( NNP Seidman ) ( NNP Financial ) ( NNP Services ) ) ) ) ) )

That 's the biggest risk of all the risk of not meeting your objectives says Steven B. Enright a New York financial planner with Seidman Financial Services


( S ( PP-PRP ( IN As ) ( NP ( DT a ) ( NN result ) ) ) ( NP-SBJ ( JJ financial ) ( NNS advisers ) ) ( VP ( VB say ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VB take ) ( NP ( JJ several ) ( NNS steps ) ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( VP ( VBG evaluating ) ( NP ( NP ( DT the ) ( NN riskiness ) ) ( PP ( IN of ) ( NP ( NP ( NNS clients ) ( POS ' ) ) ( NNS portfolios ) ) ) ) ) ) ) ) ) ) ) )

As a result financial advisers say they take several steps when evaluating the riskiness of clients ' portfolios


( S ( NP-SBJ ( PRP They ) ) ( VP ( VB estimate ) ( NP ( NP ( NP ( DT the ) ( NN return ) ) ( SBAR ( S ( NP-SBJ-3 ( NP ( DT a ) ( NN person ) ( POS 's ) ) ( JJ current ) ( NN portfolio ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB generate ) ( PP-TMP ( IN over ) ( NP ( NN time ) ) ) ) ) ) ) ) ) ) ) ( CONJP ( IN along ) ( IN with ) ) ( NP ( NP ( DT a ) ( JJ standard ) ( NN deviation ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ suggests ) ( SBAR-NOM ( WHNP-4 ( WRB how ) ( RB much ) ) ( S ( NP-SBJ ( DT the ) ( NN return ) ) ( VP ( MD will ) ( VP ( VB vary ) ( NP-TMP ( NP ( NN year ) ) ( PP ( IN by ) ( NP ( NN year ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

They estimate the return a person 's current portfolio is likely to generate over time along with a standard deviation that suggests how much the return will vary year by year


( S ( NP-SBJ-2 ( PRP They ) ) ( VP ( VB try ) ( S ( VP ( TO to ) ( VP ( VB figure ) ( PRT ( RP out ) ) ( NP ( NP ( DT the ) ( NN long-term ) ( VBZ results ) ) ( SBAR ( S ( NP-SBJ-3 ( DT the ) ( NN person ) ) ( VP ( VBZ needs ) ( S-CLR ( VP ( TO to ) ( VP ( VB meet ) ( NP ( JJ major ) ( NNS goals ) ) ) ) ) ) ) ) ) ) ) ) ) )

They try to figure out the long-term results the person needs to meet major goals


( S ( CC And ) ( NP-SBJ ( PRP they ) ) ( VP ( NN eyeball ) ( NP ( NP ( NNS types ) ) ( PP ( IN of ) ( NP ( NN risk ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP are ) ( RB not ) ( VP ( ADVP-MNR ( RB easily ) ) ( VBN quantified ) ) ) ) ) ) ) )

And they eyeball types of risk that are not easily quantified


( S ( NP-SBJ ( NP ( DT The ) ( NNS portfolios ) ) ( PP ( IN of ) ( NP ( NP ( CD two ) ( JJ hypothetical ) ( NNS families ) ) ( NP ( NP ( NP ( CD one ) ) ( NP ( NP ( DT a ) ( NN couple ) ) ( PP-TMP ( IN at ) ( NP ( NN retirement ) ( NN age ) ) ) ) ) ( CC and ) ( NP ( NP ( DT another ) ) ( NP ( NP ( DT a ) ( NN two-income ) ( NN couple ) ) ( PP-TMP ( IN at ) ( NP ( NN age ) ( CD 45 ) ) ) ) ) ) ) ) ) ( VP ( VB illustrate ) ( NP ( NP ( JJ several ) ( NNS types ) ) ( PP ( IN of ) ( NP ( NN risk ) ) ) ( SBAR ( WHNP-2 ( IN that ) ) ( S ( NP-SBJ-1 ( NNS investors ) ) ( VP ( VB need ) ( S ( VP ( TO to ) ( VP ( VB consider ) ) ) ) ) ) ) ) ) )

The portfolios of two hypothetical families one a couple at retirement age and another a two-income couple at age 45 illustrate several types of risk that investors need to consider


( S ( PP ( IN For ) ( NP ( NN instance ) ) ) ( NP-SBJ-2 ( NP ( DT the ) ( VBN insured ) ( JJ municipal ) ( NNS bonds ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VB dominate ) ( NP ( NP ( DT the ) ( JJR older ) ( NN couple ) ( POS 's ) ) ( NN portfolio ) ) ) ) ) ) ( VP ( VBD were ) ( ADVP ( RB probably ) ) ( VP ( VBN selected ) ( PP ( IN in ) ( NP ( JJ large ) ( NN part ) ) ) ( PP-PRP ( IN for ) ( NP ( PRP$ their ) ( JJ low ) ( NN repayment ) ( NN risk ) ) ) ) ) )

For instance the insured municipal bonds that dominate the older couple 's portfolio were probably selected in large part for their low repayment risk


( S ( CC But ) ( NP-SBJ ( PRP they ) ) ( VP ( VB expose ) ( NP ( DT the ) ( NNS holders ) ) ( PP-CLR ( TO to ) ( NP ( NP ( DT a ) ( NN lot ) ) ( PP ( IN of ) ( NP ( NP ( NN inflation ) ( NN risk ) ) ( CC and ) ( NP ( JJ interest-rate ) ( NN risk ) ) ) ) ) ) ) )

But they expose the holders to a lot of inflation risk and interest-rate risk


( S ( NP-SBJ ( NP ( DT The ) ( JJR younger ) ( NN couple ) ( POS 's ) ) ( NNS stockholdings ) ) ( VP ( VB involve ) ( NP ( NP ( JJR more ) ( NN risk ) ) ( PP ( IN than ) ( NP ( DT a ) ( VBN diversified ) ( NN stock ) ( NN portfolio ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( NP ( DT the ) ( NN bulk ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN money ) ) ) ) ( VP ( VBZ is ) ( PP-LOC-PRD ( IN in ) ( NP ( DT a ) ( JJ single ) ( NN issue ) ) ) ) ) ) ) )

The younger couple 's stockholdings involve more risk than a diversified stock portfolio because the bulk of the money is in a single issue


( S ( VP ( VB Note ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( JJR younger ) ( NN couple ) ( POS 's ) ) ( NN portfolio ) ) ( VP ( VBZ has ) ( NP ( NP ( DT a ) ( JJR higher ) ( VBN expected ) ( JJ annual ) ( NN return ) ) ( NP ( NP ( CD 10.1 ) ( NN % ) ) ( PP ( NN vs. ) ( NP ( CD 8.8 ) ( NN % ) ) ) ) ( SBAR ( IN as ) ( S ( VP ( VBN calculated ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Seidman ) ( NNP Financial ) ( NNP Services ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( JJ financial-planning ) ( NN affiliate ) ) ( PP ( IN of ) ( NP ( NNP BDO ) ( NNP Seidman ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Note that the younger couple 's portfolio has a higher expected annual return 10.1 % vs. 8.8 % as calculated by Seidman Financial Services which is the financial-planning affiliate of BDO Seidman


( S ( NP-SBJ ( DT That ) ) ( VP ( ADVP ( RB largely ) ) ( VBZ reflects ) ( NP ( DT the ) ( NN heavy ) ( NNS stockholdings ) ) ) )

That largely reflects the heavy stockholdings


( S ( CC But ) ( NP-SBJ ( NP ( CD one ) ( NN price ) ) ( VP ( VBN paid ) ( PP-CLR ( IN for ) ( NP ( DT the ) ( JJR higher ) ( VBN expected ) ( NN return ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( JJR greater ) ( NN short-term ) ( NN volatility ) ) ( SBAR-ADV ( IN as ) ( S ( VP ( VBN reflected ) ( PP-LOC-CLR ( IN in ) ( NP ( NP ( DT the ) ( JJR higher ) ( JJ standard ) ( NN deviation ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( NP-SBJ ( NN Seidman ) ) ( VP ( NNS estimates ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( JJR younger ) ( NN couple ) ( POS 's ) ) ( NN portfolio ) ) ) ) ) ) ) ) ) ) ) ) )

But one price paid for the higher expected return is greater short-term volatility as reflected in the higher standard deviation that Seidman estimates for the younger couple 's portfolio


( S ( SINV ( ADVP-LOC-PRD-TPC-1 ( RB Here ) ) ( VP ( VBZ 's ) ) ( SBAR-NOM-SBJ ( WHADVP-2 ( WRB how ) ) ( S ( VP ( TO to ) ( VP ( VB interpret ) ( NP ( DT a ) ( JJ standard ) ( NN deviation ) ( NN figure ) ) ) ) ) ) ) ( S ( VP ( VP ( VB Take ) ( NP ( DT the ) ( VBN expected ) ( NN return ) ) ) ( CC and ) ( VP ( VB add ) ( NP ( CD one ) ( JJ standard ) ( NN deviation ) ) ( PP-CLR ( TO to ) ( NP ( PRP it ) ) ) ) ) ) )

Here 's how to interpret a standard deviation figure Take the expected return and add one standard deviation to it


( S ( RB Then ) ( VP ( VP ( VB take ) ( NP ( DT the ) ( VBN expected ) ( NN return ) ) ) ( CC and ) ( VP ( VB subtract ) ( NP ( CD one ) ( JJ standard ) ( NN deviation ) ) ) ) )

Then take the expected return and subtract one standard deviation


( S ( PP-TMP ( IN In ) ( NP ( QP ( CD two ) ( IN of ) ( CD three ) ) ( NNS years ) ) ) ( NP-SBJ ( DT the ) ( JJ actual ) ( NN result ) ) ( VP ( MD should ) ( VP ( VB fall ) ( PP-DIR ( IN within ) ( NP ( DT that ) ( NN range ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( DT all ) ( DT the ) ( NNS assumptions ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ accurate ) ) ) ) ) ) ) )

In two of three years the actual result should fall within that range if all the assumptions were accurate


( S ( RB Then ) ( VP ( VB add ) ( CC and ) ( VB subtract ) ( NP ( CD two ) ( JJ standard ) ( NNS deviations ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB get ) ( NP ( DT a ) ( JJR wider ) ( NN range ) ) ) ) ) ) )

Then add and subtract two standard deviations to get a wider range


( S ( NP-SBJ ( EX There ) ) ( VP ( VBZ 's ) ( NP-PRD ( DT a ) ( ADJP ( CD 95 ) ( NN % ) ) ( NN probability ) ( SBAR ( S ( NP-SBJ ( NP ( DT any ) ( NN year ) ( POS 's ) ) ( NN result ) ) ( VP ( MD will ) ( VP ( VB fall ) ( PP-DIR ( IN in ) ( NP ( DT the ) ( NN range ) ) ) ) ) ) ) ) ) )

There 's a 95 % probability any year 's result will fall in the range


( S ( PP ( IN Of ) ( NP ( NN course ) ) ) ( NP-SBJ ( NP ( DT the ) ( JJR greater ) ( NN volatility ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJR younger ) ( NN couple ) ( POS 's ) ) ( NN portfolio ) ) ) ) ( VP ( VBZ does ) ( RB n't ) ( ADVP ( RB necessarily ) ) ( VP ( VB mean ) ( SBAR ( S ( NP-SBJ ( DT those ) ( NNS investments ) ) ( VP ( VBP are ) ( ADJP-PRD ( NN riskier ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNS terms ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG meeting ) ( NP ( NP ( DT the ) ( NNS holders ) ( POS ' ) ) ( JJ long-term ) ( NNS goals ) ) ) ) ) ) ) ) ) ) ) ) )

Of course the greater volatility of the younger couple 's portfolio does n't necessarily mean those investments are riskier in terms of meeting the holders ' long-term goals


( S ( ADVP ( RB Indeed ) ) ( NP-SBJ ( NP ( DT the ) ( JJR older ) ( NN couple ) ( POS 's ) ) ( NN portfolio ) ) ( VP ( MD could ) ( ADVP ( RB actually ) ) ( VP ( VB be ) ( ADJP-PRD ( NN riskier ) ) ( PP-LOC ( IN in ) ( NP ( DT that ) ( NN sense ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( DT the ) ( VBN expected ) ( NN return ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB generate ) ( NP ( JJ enough ) ( NNS dollars ) ( S ( VP ( TO to ) ( VP ( VB meet ) ( NP ( PRP$ their ) ( VBG spending ) ( NNS plans ) ) ) ) ) ) ) ) ) ) ) ) )

Indeed the older couple 's portfolio could actually be riskier in that sense if the expected return wo n't generate enough dollars to meet their spending plans


( SINV ( S-TPC-1 ( NP-SBJ ( PRP They ) ) ( VP ( MD may ) ( VP ( VB feel ) ( ADJP-PRD ( RB emotionally ) ( JJ secure ) ) ( ADVP-TMP ( RB now ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP are ) ( RB not ) ( PP-LOC-PRD ( ADVP ( RB heavily ) ) ( IN in ) ( NP ( DT the ) ( NN stock ) ( NN market ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP John ) ( NNP H. ) ( NNP Cammack ) ) ( NP ( NP ( DT a ) ( JJ financial ) ( NN planner ) ) ( PP ( IN with ) ( NP ( NP ( NNP Alexandra ) ( NNP Armstrong ) ( NNP Advisors ) ( NNP Inc. ) ) ( PP-LOC ( IN in ) ( NP ( NNP Washington ) ) ) ) ) ) ) )

They may feel emotionally secure now because they are not heavily in the stock market says John H. Cammack a financial planner with Alexandra Armstrong Advisors Inc. in Washington


( S ( CC But ) ( NP-SBJ ( PRP they ) ) ( VP ( MD may ) ( VP ( VB pay ) ( NP ( DT a ) ( NN price ) ) ( PP-TMP ( NP ( CD 10 ) ( CC or ) ( CD 20 ) ( NNS years ) ) ( IN in ) ( NP ( DT the ) ( NN future ) ) ) ) ) )

But they may pay a price 10 or 20 years in the future


( S ( NP-SBJ ( NNP Ms. ) ( NNP Slater ) ) ( VP ( NNS reports ) ( PP-CLR ( IN on ) ( NP ( NN personal ) ( NN finance ) ) ) ( PP ( IN from ) ( NP ( NP ( DT The ) ( NNP Wall ) ( NNP Street ) ( NNP Journal ) ( POS 's ) ) ( NNP New ) ( NNP York ) ( NN bureau ) ) ) ) )

Ms. Slater reports on personal finance from The Wall Street Journal 's New York bureau


( S ( SBAR-TMP ( WHADVP-3 ( WRB When ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ comes ) ( PP-DIR ( TO to ) ( NP ( VBG investing ) ) ) ) ) ) ( S ( S-NOM-SBJ ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB weigh ) ( NP ( NN risk ) ( CC and ) ( NN reward ) ) ) ) ) ) ) ( VP ( MD can ) ( VP ( VB seem ) ( PP-CLR ( IN like ) ( S-NOM ( VP ( VBG throwing ) ( NP ( NN darts ) ) ( ADVP-MNR ( VBD blindfolded ) ) ) ) ) ) ) ) ( S ( NP-SBJ ( NNS Investors ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB know ) ( NP ( NP ( NP ( DT the ) ( JJ actual ) ( NNS returns ) ) ( SBAR ( WHNP-2 ( IN that ) ) ( S ( NP-SBJ ( NNS securities ) ) ( VP ( MD will ) ( VP ( VB deliver ) ) ) ) ) ) ( CC or ) ( NP ( NP ( DT the ) ( NNS ups ) ( CC and ) ( NNS downs ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD will ) ( VP ( VB occur ) ( PP-LOC ( IN along ) ( NP ( DT the ) ( NN way ) ) ) ) ) ) ) ) ) ) ) ) )

When it comes to investing trying to weigh risk and reward can seem like throwing darts blindfolded Investors do n't know the actual returns that securities will deliver or the ups and downs that will occur along the way


( S ( S-NOM-SBJ ( VP ( VBG Looking ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NN past ) ) ) ) ) ( VP ( MD can ) ( VP ( VB provide ) ( NP ( DT some ) ( NNS clues ) ) ) ) )

Looking to the past can provide some clues


( S ( PP-TMP ( IN Over ) ( NP ( JJ several ) ( NNS decades ) ) ) ( PP ( IN for ) ( NP ( NN instance ) ) ) ( NP-SBJ ( NP ( NNS investors ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD put ) ( PRT ( RP up ) ) ( PP-CLR ( IN with ) ( NP ( NP ( DT the ) ( NN stock ) ( NN market ) ( POS 's ) ) ( NNS gyrations ) ) ) ) ) ) ) ( VP ( VBD earned ) ( NP ( NP ( NNS returns ) ) ( PP ( ADVP ( RB far ) ) ( IN in ) ( NP ( NP ( NN excess ) ) ( PP ( IN of ) ( NP ( NP ( DT those ) ) ( PP-LOC ( IN on ) ( NP ( NP ( NNS bonds ) ) ( CC and ) ( NP ( NP ( NN cash ) ( NNS investments ) ) ( PP ( IN like ) ( NP ( NN Treasury ) ( NNS bills ) ) ) ) ) ) ) ) ) ) ) ) )

Over several decades for instance investors who put up with the stock market 's gyrations earned returns far in excess of those on bonds and cash investments like Treasury bills


( S ( CC But ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( NN history ) ) ( VP ( MD can ) ( VP ( VB suggest ) ( SBAR ( WHNP-1 ( WP what ) ) ( S ( VP ( VBZ is ) ( ADJP-PRD ( JJ reasonable ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB expect ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( EX there ) ) ( VP ( VBZ 's ) ( NP-PRD ( DT no ) ( NN guarantee ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN past ) ) ( VP ( MD will ) ( VP ( VB repeat ) ( NP ( PRP itself ) ) ) ) ) ) ) ) )

But while history can suggest what is reasonable to expect there 's no guarantee that the past will repeat itself


( S ( PP ( IN For ) ( NP ( NN instance ) ) ) ( NP-SBJ ( DT some ) ( NNS analysts ) ) ( VP ( VB believe ) ( SBAR ( S ( NP-SBJ ( NN bond ) ( NNS returns ) ( CC and ) ( NN volatility ) ) ( VP ( VB have ) ( VP ( VBN moved ) ( ADJP ( RB permanently ) ( RB closer ) ( PP ( TO to ) ( NP ( NP ( DT those ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN stock ) ( NN market ) ) ) ) ) ) ) ) ) ) ) )

For instance some analysts believe bond returns and volatility have moved permanently closer to those of the stock market


( S ( CC And ) ( NP-SBJ-1 ( NP ( NNS returns ) ) ( PP ( IN on ) ( NP ( NN cash ) ( NNS investments ) ) ) ) ( VP ( MD may ) ( VP ( VB continue ) ( S ( VP ( TO to ) ( VP ( VB exceed ) ( NP ( NN inflation ) ) ( PP-EXT ( IN by ) ( NP ( NP ( DT a ) ( JJR wider ) ( NN margin ) ) ( SBAR ( IN than ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD did ) ( VP ( PP-TMP ( IN over ) ( NP ( DT the ) ( JJ long-term ) ( NN past ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

And returns on cash investments may continue to exceed inflation by a wider margin than they did over the long-term past


( NP ( NP ( NNP Portfolio ) ( DT A ) ) ( NP ( NP ( NP ( VBN Retired ) ( NN couple ) ) ( NP ( NN age ) ( CD 65 ) ) ) ( NP ( ADJP ( CD 400,000 ) ) ( NN portfolio ) ) ) )

Portfolio A Retired couple age 65 400,000 portfolio


( NP ( NP ( NNP Portfolio ) ( NNP B ) ) ( NP ( NP ( NP ( NN Two-income ) ( NN couple ) ) ( NP ( NN age ) ( CD 45 ) ) ) ( NP ( ADJP ( CD 150,000 ) ) ( NN portfolio ) ) ) )

Portfolio B Two-income couple age 45 150,000 portfolio


( SINV ( S-TPC-1 ( INTJ ( UH Please ) ) ( VP ( VB submit ) ( NP ( PRP$ your ) ( NNS offers ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NNP Felipe ) ( NNP Bince ) ( NNP Jr ) ) )

Please submit your offers says Felipe Bince Jr


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ surveys ) ( NP ( NP ( DT the ) ( JJ prospective ) ( NNS investors ) ) ( VP ( VBN gathered ) ( PP-LOC-CLR ( IN in ) ( NP ( NP ( DT the ) ( NN board ) ( NN room ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ Philippine ) ( NN government ) ( POS 's ) ) ( NNP Asset ) ( NNP Privatization ) ( NNP Trust ) ) ) ) ) ( PP-PRP ( IN for ) ( NP ( NP ( DT the ) ( NN sale ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( ADJP ( CD 36 ) ( NN % ) ) ( NN interest ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN country ) ( POS 's ) ) ( JJS largest ) ( NN paper ) ( NN mill ) ) ) ) ) ) ) ) ) ) )

He surveys the prospective investors gathered in the board room of the Philippine government 's Asset Privatization Trust for the sale of a 36 % interest in the country 's largest paper mill


( S ( NP-SBJ ( DT The ) ( NN agency ) ) ( VP ( VBZ expects ) ( S ( NP-SBJ ( DT the ) ( NNS bids ) ) ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( JJ equivalent ) ( PP ( IN of ) ( NP ( QP ( JJR more ) ( IN than ) ( CD 80 ) ( CD million ) ) ) ) ) ) ) ) ) )

The agency expects the bids to be equivalent of more than 80 million


( S ( NP-SBJ-1 ( QP ( RB Not ) ( DT a ) ) ( NN peso ) ) ( VP ( VBZ is ) ( VP ( VBN offered ) ) ) )

Not a peso is offered


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Bince ) ) ( NP ( NP ( DT the ) ( NN trust ) ( POS 's ) ) ( JJ associate ) ( JJ executive ) ( NN trustee ) ) ) ( VP ( VBZ declares ) ( S ( NP-SBJ ( DT the ) ( NN bidding ) ) ( NP-PRD ( DT a ) ( NN failure ) ) ) ) )

Mr. Bince the trust 's associate executive trustee declares the bidding a failure


( S ( S-TPC-2 ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( VBZ 's ) ( VP ( VBG getting ) ( ADJP-PRD ( RB harder ) ) ( S-1 ( VP ( TO to ) ( VP ( VB sell ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( NNS mutters ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ leaves ) ( NP ( DT the ) ( NN room ) ) ) ) ) ) )

It 's getting harder to sell he mutters as he leaves the room


( S ( INTJ ( UH Indeed ) ) ( ADVP-TMP ( RB Recently ) ) ( NP-SBJ-1 ( DT the ) ( NN trust ) ) ( VP ( VBD failed ) ( S ( VP ( TO to ) ( VP ( VB auction ) ( PRT ( RP off ) ) ( NP ( NP ( DT the ) ( NN paper ) ( NN mill ) ) ( NP ( DT a ) ( NN bank ) ) ( NP ( DT an ) ( NN office ) ( NN building ) ) ( CC and ) ( NP ( DT a ) ( JJ small ) ( JJ cotton-ginning ) ( NN plant ) ) ) ) ) ) ) )

Indeed Recently the trust failed to auction off the paper mill a bank an office building and a small cotton-ginning plant


( S ( PP ( IN Of ) ( NP ( DT the ) ( CD four ) ) ) ( NP-SBJ ( RB only ) ( NP ( DT the ) ( NN bank ) ) ( CC and ) ( NP ( DT the ) ( NN plant ) ) ) ( VP ( VBD drew ) ( NP ( NP ( NNS bids ) ) ( NP ( NP ( CD one ) ) ( ADVP ( RB apiece ) ) ) ) ) )

Of the four only the bank and the plant drew bids one apiece


( S ( PP-TMP ( IN In ) ( NP ( NNP October ) ( CD 1987 ) ) ) ( NP-SBJ ( NNP President ) ( NNP Corazon ) ( NNP Aquino ) ) ( VP ( VBD vowed ) ( SBAR ( DT that ) ( S ( NP-SBJ-1 ( PRP$ her ) ( NN government ) ) ( VP ( MD would ) ( VP ( VB get ) ( ADVP-CLR ( RB out ) ( PP ( IN of ) ( NP ( NN business ) ) ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG selling ) ( NP ( NP ( DT all ) ( CC or ) ( NN part ) ) ( PP ( IN of ) ( NP ( NP ( NP ( DT the ) ( NN state ) ( POS 's ) ) ( NNS holdings ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( JJ many ) ( NNS companies ) ) ( VP ( VBN taken ) ( PRT ( RP over ) ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NN government ) ) ) ( PP-TMP ( IN during ) ( NP ( NP ( DT the ) ( JJ 20-year ) ( NN rule ) ) ( PP ( IN of ) ( NP ( NNP Ferdinand ) ( NNP Marcos ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

In October 1987 President Corazon Aquino vowed that her government would get out of business by selling all or part of the state 's holdings in the many companies taken over by the government during the 20-year rule of Ferdinand Marcos


( S ( ADVP-TMP ( NP ( CD Two ) ( NNS years ) ) ( RBR later ) ) ( NP-SBJ ( NP ( NNP Mrs. ) ( NNP Aquino ) ( POS 's ) ) ( NN promise ) ) ( VP ( VBZ remains ) ( ADJP-PRD ( RB largely ) ( JJ unfulfilled ) ) ) )

Two years later Mrs. Aquino 's promise remains largely unfulfilled


( S ( NP-SBJ ( NNP October ) ) ( VP ( VBZ is ) ( NP-PRD ( DT a ) ( JJ critical ) ( NN month ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN privatization ) ( NN program ) ) ) ) )

October is a critical month for the privatization program


( S ( NP-SBJ-1 ( NNP Manila ) ) ( VP ( VP ( VBZ is ) ( VP ( VBG offering ) ( NP ( JJ several ) ( JJ major ) ( NNS assets ) ) ( PP-TMP ( IN for ) ( NP ( DT the ) ( JJ first ) ( NN time ) ) ) ) ) ( CC and ) ( VP ( VBZ is ) ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB conclude ) ( NP ( NP ( NNS sales ) ) ( VP ( ADVP-TMP ( RB already ) ) ( VBN arranged ) ) ) ) ) ) ) ) ) )

Manila is offering several major assets for the first time and is trying to conclude sales already arranged


( S ( PP ( IN In ) ( NP ( NN addition ) ) ) ( NP-SBJ-2 ( DT the ) ( NN government ) ) ( VP ( VBZ is ) ( VP ( VBN scheduled ) ( S ( VP ( TO to ) ( VP ( VB unveil ) ( NP ( NP ( NNS plans ) ) ( PP ( IN for ) ( NP ( S-NOM ( VP ( VBG privatizing ) ( NP ( NP ( NNP Philippine ) ( NNP Airlines ) ) ( NP ( DT the ) ( JJ national ) ( NN carrier ) ) ) ) ) ( NP ( NP ( DT an ) ( NN effort ) ) ( SBAR ( WHNP-1 ( DT that ) ) ( S ( NP-SBJ ( NN lawyer ) ( CC and ) ( NN business ) ( NN columnist ) ( NNP Rodolfo ) ( NNP Romero ) ) ( VP ( VBZ calls ) ( S ( NP-PRD ( NP ( DT the ) ( NN bellwether ) ) ( PP ( IN of ) ( NP ( NN privatization ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

In addition the government is scheduled to unveil plans for privatizing Philippine Airlines the national carrier an effort that lawyer and business columnist Rodolfo Romero calls the bellwether of privatization


( S ( S-ADV ( NP-SBJ-1 ( DT All ) ) ( VP ( VBD told ) ) ) ( NP-SBJ ( EX there ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( NP ( NNS assets ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NN line ) ) ) ) ( VP ( VBN valued ) ( PP-CLR ( IN at ) ( NP ( QP ( IN up ) ( TO to ) ( CD 1.03 ) ( CD billion ) ) ) ) ) ) ) )

All told there are assets on the line valued at up to 1.03 billion


( S ( NP-SBJ-1 ( DT The ) ( NN privatization ) ( NN program ) ) ( VP ( VBZ is ) ( VP ( VBN designed ) ( S ( VP ( VP ( TO to ) ( VP ( VB rid ) ( NP ( DT the ) ( NN government ) ) ( PP-CLR ( IN of ) ( NP ( NP ( NNS hundreds ) ) ( PP ( IN of ) ( NP ( NNS assets ) ) ) ) ) ) ) ( CC and ) ( VP ( TO to ) ( VP ( VB raise ) ( NP ( ADJP ( RB critically ) ( VBN needed ) ) ( NNS funds ) ) ) ) ) ) ) ) )

The privatization program is designed to rid the government of hundreds of assets and to raise critically needed funds


( S ( NP-SBJ-1 ( NP ( RB Much ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN money ) ) ( PP ( IN from ) ( NP ( DT the ) ( NNS sales ) ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN earmarked ) ( PP-CLR ( IN for ) ( NP ( DT a ) ( JJ multibillion-dollar ) ( JJ agrarian-reform ) ( NN program ) ) ) ) ) )

Much of the money from the sales is earmarked for a multibillion-dollar agrarian-reform program


( S ( CC But ) ( NP-SBJ-1 ( NNS efforts ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBN thwarted ) ( PP ( IN by ) ( NP-LGS ( NP ( JJ official ) ( NN indifference ) ) ( NP ( JJ bureaucratic ) ( NN resistance ) ) ( NP ( NP ( DT a ) ( JJ legal ) ( NN system ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBZ operates ) ( PP ( IN at ) ( NP ( NP ( DT a ) ( NN snail ) ( POS 's ) ) ( NN pace ) ) ) ) ) ) ) ( NP ( JJ political ) ( NN opposition ) ) ( CC and ) ( NP ( NN government ) ( NNS misjudgments ) ) ) ) ) ) ) )

But efforts have been thwarted by official indifference bureaucratic resistance a legal system that operates at a snail 's pace political opposition and government misjudgments


( S ( ADVP-TMP ( RBS Most ) ( RB recently ) ) ( NP-SBJ-1 ( NP ( DT a ) ( NN lack ) ) ( PP ( IN of ) ( NP ( NNS buyers ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN added ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NN list ) ) ) ) ) ) )

Most recently a lack of buyers has been added to the list


( S ( PP ( RB Rather ) ( IN than ) ( S-NOM ( VP ( VBG gathering ) ( NP ( NN momentum ) ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NN program ) ) ( VP ( VBZ is ) ( PP-LOC-PRD ( IN in ) ( NP ( NP ( NN danger ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG slowing ) ( ADVP-CLR ( RB even ) ( RBR more ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( DT the ) ( NN government ) ) ( VP ( VBZ tackles ) ( NP ( JJ several ) ( JJ big ) ( NNS assets ) ) ) ) ) ) ) ) ) ) ) )

Rather than gathering momentum the program is in danger of slowing even more as the government tackles several big assets


( S ( NP-SBJ-1 ( DT The ) ( NN axiom ) ) ( VP ( VBZ appears ) ( S ( VP ( TO to ) ( VP ( VB be ) ( SBAR-PRD ( IN that ) ( S ( FRAG ( X ( DT the ) ( RBR more ) ( JJ valuable ) ) ( NP ( DT the ) ( NN asset ) ) ) ( FRAG ( X ( DT the ) ( JJR harder ) ) ( NP ( DT the ) ( NN privatization ) ( NN process ) ) ) ) ) ) ) ) ) )

The axiom appears to be that the more valuable the asset the harder the privatization process


( S ( S-TPC-1 ( NP-SBJ ( PRP You ) ) ( ADVP ( RB just ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB see ) ( S ( NP-SBJ ( DT a ) ( JJ whole ) ( NN lot ) ) ( VP ( VBG happening ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( DT an ) ( JJ international ) ( NN economist ) ) )

You just do n't see a whole lot happening says an international economist


( S ( S-ADV ( VP ( TO To ) ( VP ( VB be ) ( ADJP-PRD ( JJ sure ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN program ) ) ( VP ( VBZ has ) ( RB n't ) ( VP ( ADVP-MNR ( RB completely ) ) ( VBN stalled ) ) ) )

To be sure the program has n't completely stalled


( S ( NP-SBJ ( NP ( DT The ) ( NNP Asset ) ( NNP Privatization ) ( NNP Trust ) ) ( NP ( NP ( DT the ) ( NN agency ) ) ( ADJP ( RB chiefly ) ( JJ responsible ) ( PP ( IN for ) ( S-NOM ( VP ( VBG selling ) ( NP ( JJ government-held ) ( NNS properties ) ) ) ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN recorded ) ( NP ( NP ( NNS sales ) ) ( PP ( IN of ) ( NP ( QP ( JJR more ) ( IN than ) ( CD 500 ) ( CD million ) ) ) ) ) ( SBAR-TMP ( IN since ) ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBD began ) ( S ( VP ( VBG functioning ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP December ) ( CD 1986 ) ) ) ) ) ) ) ) )

The Asset Privatization Trust the agency chiefly responsible for selling government-held properties has recorded sales of more than 500 million since it began functioning in December 1986


( S ( CC But ) ( NP-SBJ ( PRP$ its ) ( NN success ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( ADVP ( RB largely ) ) ( PP-LOC-PRD ( IN in ) ( NP ( NP ( DT the ) ( NN sale ) ) ( PP ( IN of ) ( NP ( NP ( JJ small ) ( JJ nonperforming ) ( NNS companies ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBP are ) ( VP ( VBN valued ) ( PP-CLR ( IN for ) ( NP ( PRP$ their ) ( NNS assets ) ) ) ) ) ) ) ) ) ) ) ) ) )

But its success has been largely in the sale of small nonperforming companies which are valued for their assets


( S ( S-NOM-SBJ ( VP ( VBG Dealing ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( NNS sales ) ) ) ( NP-TMP ( DT this ) ( NN month ) ) ) ) ( VP ( MD could ) ( VP ( VB be ) ( ADJP-PRD ( RB particularly ) ( JJ challenging ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( NP ( ADJP ( RB almost ) ( DT every ) ) ( NN problem ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ has ) ( VP ( VBN hobbled ) ( NP ( DT the ) ( NN program ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN past ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBG popping ) ( PRT ( RP up ) ) ( ADVP-TMP ( RB again ) ) ) ) ) ) ) ) )

Dealing with the sales this month could be particularly challenging because almost every problem that has hobbled the program in the past is popping up again


( S ( NP-SBJ ( NP ( NNP Ramon ) ( NNP Garcia ) ) ( NP ( NP ( DT the ) ( NNP Asset ) ( NNP Trust ) ( POS 's ) ) ( NN executive ) ( NN trustee ) ) ) ( VP ( VBZ admits ) ( PP-CLR ( TO to ) ( SBAR-NOM ( WHNP-1 ( WP what ) ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ calls ) ( S ( NP-PRD ( JJ temporary ) ( NNS setbacks ) ) ) ) ) ) ) ) )

Ramon Garcia the Asset Trust 's executive trustee admits to what he calls temporary setbacks


( S-1 ( PP ( IN In ) ( NP ( NP ( NN light ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ poor ) ( NNS results ) ) ( ADVP-TMP ( RB recently ) ) ) ) ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) ) ) ( NP-SBJ ( DT the ) ( NN agency ) ) ( VP ( VBZ is ) ( VP ( VBG adopting ) ( NP ( NP ( DT an ) ( NN attitude ) ) ( PP ( IN of ) ( NP ( NN flexibility ) ) ) ) ) ) )

In light of the poor results recently he says the agency is adopting an attitude of flexibility


( S ( NP-SBJ ( NP ( NNP October ) ( POS 's ) ) ( NNS troubles ) ) ( VP ( VBD began ) ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ-1 ( DT the ) ( NN trust ) ) ( VP ( VBD failed ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( NP ( DT a ) ( JJ state-owned ) ( JJ commercial ) ( NN bank ) ) ( NP ( NNP Associated ) ( NNP Bank ) ) ) ( PP-CLR ( IN for ) ( NP ( NP ( DT the ) ( NN minimum ) ( NN price ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 671 ) ( CD million ) ) ( NNS pesos ) ) ( PRN ( NP ( QP ( CD 31 ) ( CD million ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

October 's troubles began when the trust failed to sell a state-owned commercial bank Associated Bank for the minimum price of 671 million pesos 31 million


( S ( PP-TMP ( IN At ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN month ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN agency ) ) ( ADVP-TMP ( RB again ) ) ( VP ( MD will ) ( VP ( VB offer ) ( NP ( DT the ) ( NN bank ) ) ) ) )

At the end of the month the agency again will offer the bank


( S ( CC But ) ( PP ( RB instead ) ( IN of ) ( NP ( DT a ) ( NN minimum ) ( NN price ) ) ) ( NP-SBJ-1 ( RB only ) ( DT a ) ( NN target ) ( NN price ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN established ) ) ) ) )

But instead of a minimum price only a target price will be established


( S ( NP-SBJ ( NNS Bankers ) ) ( VP ( VBP say ) ( ADVP ( RB however ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( DT the ) ( NN government ) ) ( VP ( MD may ) ( VP ( VB have ) ( NP ( NN difficulty ) ) ( S-CLR ( VP ( VBG selling ) ( NP ( DT the ) ( NN institution ) ) ( PP ( ADVP ( RB even ) ) ( IN without ) ( NP ( DT a ) ( NN floor ) ( NN price ) ) ) ) ) ) ) ) ) ) )

Bankers say however that the government may have difficulty selling the institution even without a floor price


( S ( S-TPC-1 ( NP-SBJ ( DT The ) ( NN bank ) ) ( VP ( VBZ has ) ( NP ( DT a ) ( JJ negative ) ( JJ net ) ( NN worth ) ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VBP say ) ) )

The bank has a negative net worth they say


( S ( PP ( IN In ) ( NP ( NN addition ) ) ) ( NP-SBJ ( JJ special ) ( NN bidding ) ( NNS rules ) ) ( VP ( VBP give ) ( NP ( NP ( NP ( DT the ) ( NN bank ) ( POS 's ) ) ( JJ former ) ( NN owner ) ) ( NP ( NNP Leonardo ) ( NNP Ty ) ) ) ( NP ( DT the ) ( NN right ) ( S ( VP ( TO to ) ( VP ( VB match ) ( NP ( DT the ) ( JJS highest ) ( NN bid ) ) ) ) ) ) ) )

In addition special bidding rules give the bank 's former owner Leonardo Ty the right to match the highest bid


( S ( NP-SBJ ( NNP Mr. ) ( NNP Ty ) ) ( VP ( VBD lost ) ( NP ( NN control ) ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NN government ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1980 ) ) ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( DT a ) ( NN government ) ( NN bank ) ) ( VP ( VBD made ) ( NP ( NN emergency ) ( NNS loans ) ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( JJ cash-strapped ) ( NN institution ) ) ) ) ) ) ) )

Mr. Ty lost control to the government in 1980 when a government bank made emergency loans to the cash-strapped institution


( S ( PP-TMP ( IN In ) ( NP ( CD 1983 ) ) ) ( NP-SBJ-1 ( DT the ) ( NNS loans ) ) ( VP ( VBD were ) ( VP ( VBN converted ) ( PP-CLR ( IN into ) ( NP ( NN equity ) ) ) ( S-ADV ( VP ( VBG giving ) ( NP ( NNP Manila ) ) ( NP ( NP ( CD 98 ) ( NN % ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN bank ) ) ) ) ( FRAG ( CC but ) ( PP ( IN with ) ( NP ( DT the ) ( NN understanding ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Ty ) ) ( VP ( VBD had ) ( NP ( VBN repurchase ) ( NNS rights ) ) ) ) ) ) ) ) ) ) ) ) )

In 1983 the loans were converted into equity giving Manila 98 % of the bank but with the understanding that Mr. Ty had repurchase rights


( S ( NP-SBJ ( PRP$ His ) ( NN ability ) ( S ( VP ( TO to ) ( VP ( VB match ) ( NP ( DT any ) ( NN bid ) ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN scared ) ( PRT ( RP off ) ) ( NP ( JJ many ) ( JJ potential ) ( NNS buyers ) ) ) ) )

His ability to match any bid has scared off many potential buyers


( S ( ADVP ( RB Separately ) ) ( NP-SBJ-2 ( DT the ) ( NN government ) ) ( VP ( MD will ) ( VP ( VB try ) ( ADVP-TMP ( RB again ) ) ( PP-TMP ( IN within ) ( NP ( DT a ) ( NN month ) ) ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( NP ( DT the ) ( CD 36 ) ( NN % ) ( NN stake ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NP ( NNP Paper ) ( NNP Industries ) ( NNP Corp. ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Philippines ) ) ) ) ( CC or ) ( NP ( NP ( NNP Picop ) ) ( SBAR ( IN as ) ( S ( NP-SBJ-1 ( DT the ) ( NN paper ) ( NN mill ) ) ( VP ( VBZ is ) ( VP ( VBN known ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Separately the government will try again within a month to sell the 36 % stake in Paper Industries Corp. of the Philippines or Picop as the paper mill is known


( S ( NP-SBJ ( DT The ) ( NN price ) ) ( VP ( MD will ) ( VP ( VB depend ) ( PP-CLR ( IN on ) ( SBAR ( WHNP-1 ( WRB how ) ( JJ much ) ) ( S ( NP-SBJ ( NNP Picop ) ( NNS shares ) ) ( VP ( VBP fetch ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( JJ local ) ( NN stock ) ( NN market ) ) ) ) ) ) ) ) ) )

The price will depend on how much Picop shares fetch on the local stock market


( S ( CC But ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NP ( NP ( NNS bankers ) ) ( CC and ) ( NP ( NN stock ) ( NNS analysts ) ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP have ) ( VP ( VBN studied ) ( NP ( DT the ) ( NN paper ) ( NN mill ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NN price ) ) ( VP ( VBZ is ) ( RB n't ) ( NP-PRD ( DT the ) ( JJ only ) ( NN consideration ) ) ) )

But according to bankers and stock analysts who have studied the paper mill price is n't the only consideration


( S ( SBAR-ADV ( IN As ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ stands ) ( ADVP-TMP ( RB now ) ) ) ) ) ( NP-SBJ-2 ( DT the ) ( NN government ) ) ( VP ( MD would ) ( VP ( VB continue ) ( S ( VP ( TO to ) ( VP ( VB hold ) ( NP ( NP ( CD 45 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NNP Picop ) ) ) ) ) ) ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ-1 ( DT the ) ( ADJP ( CD 36 ) ( NN % ) ) ( NN stake ) ) ( VP ( VBZ is ) ( VP ( VBN sold ) ) ) ) ) ) ) )

As it stands now the government would continue to hold 45 % of Picop after the 36 % stake is sold


( S ( S ( NP-SBJ-1 ( NP ( QP ( RB About ) ( CD 7.5 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NNP Picop ) ) ) ) ( VP ( VBZ is ) ( VP ( ADVP-MNR ( RB publicly ) ) ( VBN traded ) ) ) ) ( CC and ) ( S ( NP-SBJ ( JJ other ) ( NNS shareholders ) ) ( VP ( VBP own ) ( NP ( NP ( DT the ) ( NN rest ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN equity ) ) ) ) ) ) )

About 7.5 % of Picop is publicly traded and other shareholders own the rest of the equity


( S ( NP-SBJ-1 ( NP ( JJ Potential ) ( NNS buyers ) ) ( RB mostly ) ( NP ( JJ foreign ) ( NNS companies ) ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ reluctant ) ( S ( VP ( TO to ) ( VP ( VB take ) ( NP ( NP ( DT a ) ( JJ non-controlling ) ( NN stake ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT a ) ( NN company ) ) ( SBAR ( WHNP-2 ( IN that ) ) ( S ( PP ( IN by ) ( NP ( NP ( DT the ) ( NN government ) ( POS 's ) ) ( JJ own ) ( NN reckoning ) ) ) ( VP ( VBZ needs ) ( NP ( NP ( QP ( DT some ) ( CD 100 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( JJ new ) ( NN capital ) ) ) ) ( PP-PRP ( IN for ) ( NP ( NN rehabilitation ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Potential buyers mostly foreign companies are reluctant to take a non-controlling stake in a company that by the government 's own reckoning needs some 100 million in new capital for rehabilitation


( S ( S-TPC-3 ( NP-SBJ ( NP ( DT The ) ( NN prospect ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG buying ) ( PP-CLR ( IN into ) ( NP ( DT a ) ( JJ cash-hungry ) ( NN company ) ) ) ( PP ( IN without ) ( S-NOM ( VP ( VBG getting ) ( NP ( NN management ) ( NN control ) ) ) ) ) ) ) ) ) ( VP ( VBD persuaded ) ( NP-2 ( NP ( QP ( IN at ) ( JJS least ) ( CD three ) ) ( JJ foreign ) ( NNS buyers ) ) ( PP ( VBG including ) ( NP ( NP ( DT a ) ( NN member ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Elders ) ( NN group ) ) ( PP ( IN of ) ( NP ( NNP Australia ) ) ) ) ) ) ) ) ( S ( VP ( TO to ) ( VP ( VB pull ) ( ADVP-CLR ( RB out ) ( PP ( IN of ) ( NP ( DT the ) ( NN bidding ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNS bankers ) ( CC and ) ( NNS analysts ) ) ( VP ( VBP say ) ) )

The prospect of buying into a cash-hungry company without getting management control persuaded at least three foreign buyers including a member of the Elders group of Australia to pull out of the bidding the bankers and analysts say


( S ( NP-SBJ ( NNP Mr. ) ( NNP Garcia ) ) ( VP ( VP ( VBZ acknowledges ) ( NP ( DT the ) ( NN problem ) ) ) ( CC and ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NNP Asset ) ( NNP Trust ) ) ( VP ( MD will ) ( VP ( VB study ) ( SBAR ( SBAR ( WHADVP-1 ( WRB why ) ) ( S ( NP-SBJ ( DT the ) ( NN bidding ) ) ( VP ( VBD failed ) ) ) ) ( CC and ) ( SBAR ( WHNP-3 ( WP what ) ( NNS changes ) ) ( S ( NP-SBJ-2 ( DT the ) ( NN agency ) ) ( VP ( MD may ) ( VP ( VB be ) ( ADJP-PRD ( JJ able ) ( S ( VP ( TO to ) ( VP ( VB offer ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Garcia acknowledges the problem and says the Asset Trust will study why the bidding failed and what changes the agency may be able to offer


( S ( PP-LOC ( IN Under ) ( NP ( NN government ) ( NNS regulations ) ) ) ( ADVP ( RB however ) ) ( NP-SBJ-1 ( NP ( JJ foreign ) ( NN ownership ) ) ( PP ( IN of ) ( NP ( NP ( NNP Picop ) ( POS 's ) ) ( NN equity ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN limited ) ( PP-CLR ( TO to ) ( NP ( CD 40 ) ( NN % ) ) ) ) ) )

Under government regulations however foreign ownership of Picop 's equity is limited to 40 %


( S ( SBAR-ADV ( RB Even ) ( IN though ) ( S ( NP-SBJ ( DT the ) ( NN government ) ) ( VP ( MD would ) ( VP ( VB retain ) ( NP ( NP ( DT the ) ( ADJP ( CD 45 ) ( NN % ) ) ( NN stake ) ) ( PP-LOC ( IN in ) ( NP ( NNP Picop ) ) ) ) ) ) ) ) ( NP-SBJ ( NNS critics ) ) ( VP ( VBP have ) ( VP ( VBN accused ) ( NP-1 ( DT the ) ( NN trust ) ) ( PP-CLR ( IN of ) ( S-NOM ( VP ( VBG selling ) ( PRT ( RP out ) ) ( PP-CLR ( TO to ) ( NP ( NNS foreigners ) ) ) ) ) ) ) ) )

Even though the government would retain the 45 % stake in Picop critics have accused the trust of selling out to foreigners


( S ( NP-SBJ ( NP ( DT A ) ( NN series ) ) ( PP ( IN of ) ( NP ( NN newspaper ) ( NNS articles ) ) ) ) ( VP ( VBD accused ) ( NP-1 ( DT the ) ( NN trust ) ) ( PP-CLR ( IN of ) ( S-NOM ( VP ( NN short-changing ) ( NP ( DT the ) ( NN government ) ) ( PP ( IN over ) ( NP ( DT the ) ( NNP Picop ) ( NN sale ) ) ) ) ) ) ) )

A series of newspaper articles accused the trust of short-changing the government over the Picop sale


( S ( NP-SBJ ( NNP Mr. ) ( NNP Garcia ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ-1 ( PRP he ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN notified ) ( PP-CLR ( IN of ) ( NP ( NP ( NP ( NP ( JJ congressional ) ( NNS hearings ) ) ( PP ( IN on ) ( NP ( DT the ) ( NNP Picop ) ( NN bidding ) ) ) ) ( CC and ) ( NP ( NP ( JJ possible ) ( NN legislation ) ) ( VP ( VBG covering ) ( NP ( NP ( DT the ) ( NN paper ) ( NN mill ) ( POS 's ) ) ( NN sale ) ) ) ) ) ( NP ( NP ( DT both ) ) ( VP ( VBD prompted ) ( PP-LGS ( IN by ) ( NP ( NP ( DT the ) ( NN criticism ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN agency ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Garcia says he has been notified of congressional hearings on the Picop bidding and possible legislation covering the paper mill 's sale both prompted by the criticism of the agency


( S ( NP-SBJ ( NP ( DT The ) ( NN question ) ) ( PP ( IN of ) ( NP ( NN control ) ) ) ) ( VP ( MD could ) ( ADVP ( RB further ) ) ( VP ( VB hinder ) ( NP ( JJ long-delayed ) ( NNS plans ) ( SBAR ( IN for ) ( S ( NP-SBJ ( DT the ) ( NN government ) ) ( VP ( TO to ) ( VP ( VB divest ) ( NP ( PRP itself ) ) ( PP-CLR ( IN of ) ( NP ( NP ( NNP Philippine ) ( NNP Airlines ) ) ( SBAR ( WHPP-1 ( IN in ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ has ) ( NP ( NP ( DT a ) ( ADJP ( CD 99 ) ( NN % ) ) ( NN stake ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The question of control could further hinder long-delayed plans for the government to divest itself of Philippine Airlines in which it has a 99 % stake


( S ( S ( NP-SBJ ( DT The ) ( NN carrier ) ) ( VP ( VBZ has ) ( NP ( JJ valuable ) ( ADJP ( JJ trans-Pacific ) ( CC and ) ( JJ Asian ) ) ( NNS routes ) ) ) ) ( CC but ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ remains ) ( ADJP-PRD ( ADJP ( JJ debt-laden ) ) ( CC and ) ( ADJP ( RB poorly ) ( VBN managed ) ) ) ) ) )

The carrier has valuable trans-Pacific and Asian routes but it remains debt-laden and poorly managed


( S ( NP-SBJ ( DT The ) ( NNP British ) ( NNP Petroleum ) ( NNP Co. ) ( NNP PLC ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP$ its ) ( NNP BP ) ( NNP Exploration ) ( NN unit ) ) ( VP ( VBZ has ) ( VP ( VBN produced ) ( NP ( NP ( DT the ) ( JJ first ) ( NN oil ) ) ( PP ( IN from ) ( NP ( NP ( PRP$ its ) ( NNP Don ) ( NN oilfield ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP North ) ( NNP Sea ) ) ) ) ) ) ) ) ) ) ) )

The British Petroleum Co. PLC said its BP Exploration unit has produced the first oil from its Don oilfield in the North Sea


( S ( PP-LOC ( IN In ) ( NP ( DT an ) ( JJ official ) ( NN release ) ) ) ( NP-SBJ ( NNP BP ) ) ( VP ( VBD said ) ( SBAR ( SBAR ( S ( NP-SBJ ( NP ( JJ initial ) ( NN production ) ) ( PP ( IN from ) ( NP ( DT the ) ( NN field ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( CD 11,000 ) ( NNS barrels ) ) ( NP-ADV ( DT a ) ( NN day ) ) ) ) ) ) ( CC and ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ expects ) ( S ( NP-SBJ-2 ( NP ( JJ peak ) ( NN output ) ) ( PP ( IN from ) ( NP ( DT the ) ( NN field ) ) ) ( PP ( IN of ) ( NP ( NP ( CD 15,000 ) ( NNS barrels ) ) ( NP-ADV ( DT a ) ( NN day ) ) ) ) ) ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN reached ) ( PP-TMP ( IN in ) ( NP ( CD 1990 ) ) ) ) ) ) ) ) ) ) ) ) )

In an official release BP said initial production from the field was 11,000 barrels a day and that it expects peak output from the field of 15,000 barrels a day to be reached in 1990


( S ( NP-SBJ-1 ( NNP Richard ) ( NNP J. ) ( NNP Pinola ) ) ( VP ( VBD was ) ( VP ( VBN elected ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( NN board ) ) ( PP ( IN of ) ( NP ( DT this ) ( NNS personnel ) ( NN consulting ) ( NN concern ) ) ) ) ) ( S-ADV ( VP ( VBG increasing ) ( NP ( PRP$ its ) ( NN size ) ) ( PP-CLR ( TO to ) ( NP ( CD nine ) ( NNS members ) ) ) ) ) ) ) )

Richard J. Pinola was elected to the board of this personnel consulting concern increasing its size to nine members


( S ( NP-SBJ ( NNP Mr. ) ( NNP Pinola ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NP ( NN president ) ) ( CC and ) ( NP ( JJ chief ) ( VBG operating ) ( NN officer ) ) ) ( PP ( IN of ) ( NP ( NNP Penn ) ( NNP Mutual ) ( NNP Life ) ( NNP Insurance ) ( NNP Co ) ) ) ) ) )

Mr. Pinola is president and chief operating officer of Penn Mutual Life Insurance Co


( S ( PP-LOC ( IN IN ) ( S-NOM ( VP ( NNP SIZING ) ( PRT ( RP UP ) ) ( NP ( NP ( DT the ) ( NNS risks ) ) ( PP ( IN of ) ( NP ( JJ stock-market ) ( NNS investments ) ) ) ) ) ) ) ( NP-SBJ ( EX there ) ) ( VP ( VBZ 's ) ( ADVP ( RB probably ) ) ( NP-PRD ( NP ( DT no ) ( VBG starting ) ( NN place ) ) ( ADJP ( RB better ) ( PP ( IN than ) ( NP ( JJ beta ) ) ) ) ) ) )

IN SIZING UP the risks of stock-market investments there 's probably no starting place better than beta


( S ( CC But ) ( NP-SBJ ( NNS investors ) ) ( ADVP ( RB better ) ) ( RB not ) ( VP ( VB ignore ) ( NP ( PRP$ its ) ( NNS limitations ) ) ( ADVP ( RB either ) ) ) )

But investors better not ignore its limitations either


( S ( NP-SBJ ( NN Beta ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( JJ handy ) ( NN gauge ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ measures ) ( NP ( NP ( DT the ) ( NN volatility ) ) ( PP ( IN of ) ( NP ( DT a ) ( NX ( NX ( NN stock ) ) ( CC or ) ( NX ( NN stock ) ( JJ mutual ) ( NN fund ) ) ) ) ) ) ) ) ) ) ) )

Beta is a handy gauge that measures the volatility of a stock or stock mutual fund


( S ( PP ( IN For ) ( NP ( NP ( DT any ) ( VBN given ) ( NN move ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ overall ) ( NN market ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ suggests ) ( SBAR ( WHADVP-1 ( WRB how ) ( RB steeply ) ) ( S ( NP-SBJ ( IN that ) ( JJ particular ) ( NN issue ) ) ( VP ( MD might ) ( VP ( VB rise ) ( CC or ) ( VB fall ) ) ) ) ) ) )

For any given move in the overall market it suggests how steeply that particular issue might rise or fall


( S ( NP-SBJ ( JJ Beta ) ( NNS figures ) ) ( VP ( VBP are ) ( ADJP-PRD ( ADJP ( RB widely ) ( JJ available ) ) ( CC and ) ( ADJP ( JJ easy ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB interpret ) ) ) ) ) ) ) ) )

Beta figures are widely available and easy to interpret


( S ( NP-SBJ ( NP ( DT The ) ( NN beta ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ broad ) ( NN market ) ) ) ( VP ( ADVP-TMP ( RB typically ) ) ( VBN defined ) ( PP-CLR ( IN as ) ( NP ( NP ( DT the ) ( NNP Standard ) ( CC & ) ( NNP Poor ) ( POS 's ) ) ( CD 500-stock ) ( NN index ) ) ) ) ) ( VP ( VBZ is ) ( ADVP-TMP ( RB always ) ) ( NP-PRD ( CD 1.0 ) ) ) )

The beta of the broad market typically defined as the Standard & Poor 's 500-stock index is always 1.0


( S ( IN So ) ( S ( NP-SBJ ( NP ( DT a ) ( NN stock ) ) ( PP ( IN with ) ( NP ( NP ( DT a ) ( NN beta ) ) ( PP ( IN of ) ( NP ( CD 0.5 ) ) ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB half ) ( RB as ) ( JJ volatile ) ) ) ) ( S ( NP-SBJ ( NP ( CD one ) ) ( PP ( IN at ) ( NP ( CD 1.5 ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( NP ( CD 50 ) ( NN % ) ) ( RBR more ) ( JJ volatile ) ) ) ) ( CC and ) ( ADVP ( RB so ) ( IN on ) ) )

So a stock with a beta of 0.5 is half as volatile one at 1.5 is 50 % more volatile and so on


( S ( NP-SBJ ( JJ Cautious ) ( NNS investors ) ) ( VP ( MD should ) ( ADVP ( RB generally ) ) ( VP ( VB go ) ( PP-CLR ( IN with ) ( NP ( NP ( NNS stocks ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VB have ) ( NP ( JJ low ) ( NNS betas ) ) ) ) ) ) ) ) ) )

Cautious investors should generally go with stocks that have low betas


( S ( VP ( VB Go ) ( PP ( IN with ) ( NP ( JJ high-beta ) ( NNS stocks ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB get ) ( NP ( DT the ) ( JJS biggest ) ( NN payoff ) ) ( PP-CLR ( IN from ) ( NP ( NP ( DT a ) ( NN bet ) ) ( PP ( IN on ) ( NP ( DT a ) ( NN bull ) ( NN market ) ) ) ) ) ) ) ) ) )

Go with high-beta stocks to get the biggest payoff from a bet on a bull market


( S ( VP ( VB Remember ) ( PRN ( ADVP ( RB though ) ) ) ( SBAR ( DT that ) ( S ( NP-SBJ ( NN beta ) ) ( ADVP ( RB also ) ) ( VP ( VBZ has ) ( NP ( JJ important ) ( NNS limitations ) ) ) ) ) ) )

Remember though that beta also has important limitations


( SINV ( S-TPC-2 ( NP-SBJ ( NN Beta ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( RB only ) ( NN part ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN risk ) ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( NN stock ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP William ) ( NNP F. ) ( NNP Sharpe ) ) ( NP ( NP ( DT the ) ( NNP Stanford ) ( NNP University ) ( JJ emeritus ) ( NN professor ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD developed ) ( NP ( DT the ) ( NN measure ) ) ) ) ) ) ) )

Beta is only part of the risk in a stock says William F. Sharpe the Stanford University emeritus professor who developed the measure


( S ( NP-SBJ ( EX There ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NN risk ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ is ) ( RB not ) ( VP ( VBN associated ) ( PP-CLR ( IN with ) ( NP ( NN market ) ( VBZ moves ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT the ) ( NN beta ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB tell ) ( NP ( PRP you ) ) ( NP ( NP ( DT the ) ( NN magnitude ) ) ( PP ( IN of ) ( NP ( DT that ) ) ) ) ) ) ) )

There is risk that is not associated with market moves and the beta does n't tell you the magnitude of that


( S ( PP ( IN In ) ( NP ( JJ particular ) ) ) ( NP-SBJ ( JJ beta ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB measure ) ( NP ( NP ( DT the ) ( NN company ) ) ( CC and ) ( NP ( NP ( JJ industry-specific ) ( NN risk ) ) ( VP ( VBN associated ) ( PP-CLR ( IN with ) ( NP ( DT an ) ( JJ individual ) ( NN stock ) ) ) ) ) ) ) ) )

In particular beta does n't measure the company and industry-specific risk associated with an individual stock


( S ( S ( NP-SBJ ( IN That ) ( NN business ) ( NN risk ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB very ) ( JJ significant ) ) ( PP ( IN for ) ( NP ( NP ( DT an ) ( NN investor ) ) ( PP ( IN with ) ( NP ( QP ( RB only ) ( DT a ) ( JJ few ) ) ( NNS stocks ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( ADVP ( RB virtually ) ) ( VBZ disappears ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( ADJP ( JJ large ) ( CC and ) ( JJ well-diversified ) ) ( NN portfolio ) ) ) ) ) )

That business risk is very significant for an investor with only a few stocks but it virtually disappears in a large and well-diversified portfolio


( S ( NP-SBJ ( NN Beta ) ) ( VP ( VBZ is ) ( ADVP ( RB also ) ) ( NP-PRD ( NP ( DT a ) ( JJ poor ) ( NN indicator ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN risk ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NN stock ) ( NNS groups ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VB march ) ( PP-CLR ( TO to ) ( NP ( PRP$ their ) ( JJ own ) ( NN drummer ) ) ) ) ) ) ) ) ) ) ) ) )

Beta is also a poor indicator of the risk in stock groups that march to their own drummer


( S ( PP ( IN In ) ( NP ( JJ particular ) ) ) ( S ( NP-SBJ ( NP ( DT the ) ( NNS prices ) ) ( PP ( IN of ) ( NP ( NP ( NN gold ) ) ( CC and ) ( NP ( JJ other ) ( JJ precious-metals ) ( NNS stocks ) ) ) ) ) ( VP ( VB shoot ) ( ADVP-DIR ( IN up ) ( CC and ) ( IN down ) ) ) ) ( CC but ) ( S ( NP-SBJ-1 ( DT the ) ( NNS stocks ) ) ( VP ( VB tend ) ( S ( VP ( TO to ) ( VP ( VB have ) ( NP ( JJ low ) ( NNS betas ) ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( PRP$ their ) ( NNS moves ) ) ( VP ( VBP are ) ( RB not ) ( ADJP-PRD ( JJ market-inspired ) ) ) ) ) ) ) )

In particular the prices of gold and other precious-metals stocks shoot up and down but the stocks tend to have low betas because their moves are not market-inspired


( S ( NP-SBJ ( NN Concern ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNS investors ) ) ( VP ( MD could ) ( VP ( VB misinterpret ) ( NP ( JJ such ) ( NNS readings ) ) ) ) ) ) ) ( VP ( VBD led ) ( S ( NP-SBJ ( NP ( DT the ) ( NNP American ) ( NNP Association ) ) ( PP ( IN of ) ( NP ( NNP Individual ) ( NNP Investors ) ) ) ) ( VP ( TO to ) ( VP ( VB eliminate ) ( NP ( NP ( JJ beta ) ( NNS figures ) ) ( PP ( IN for ) ( NP ( JJ precious-metals ) ( NNS funds ) ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( CD 1989 ) ( NN edition ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( JJ mutual-fund ) ( NN guide ) ) ) ) ) ) ) ) ) )

Concern that investors could misinterpret such readings led the American Association of Individual Investors to eliminate beta figures for precious-metals funds in the 1989 edition of its mutual-fund guide


( SINV ( S-TPC ( NP-SBJ ( PRP$ Our ) ( NN fear ) ) ( VP ( VBD was ) ( SBAR-PRD ( S ( NP-SBJ ( NNS people ) ) ( VP ( MD would ) ( VP ( VP ( VB look ) ( ADVP ( RB just ) ) ( PP-CLR ( IN at ) ( NP ( NP ( DT the ) ( NN beta ) ) ( PRN ( PP ( IN of ) ( NP ( DT a ) ( JJ gold ) ( NN fund ) ) ) ) ) ) ) ( CC and ) ( VP ( VB say ) ( SBAR ( SINV ( ADVP-LOC-PRD-TPC-1 ( RB here ) ) ( VP ( VBZ is ) ) ( NP-SBJ ( NP ( DT an ) ( NN investment ) ) ( PP ( IN with ) ( NP ( ADJP ( RB very ) ( JJ low ) ) ( VB risk ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP John ) ( NNP Markese ) ) ( NP ( NP ( NN director ) ) ( PP ( IN of ) ( NP ( NN research ) ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ Chicago-based ) ( NN group ) ) ) ) ) )

Our fear was people would look just at the beta of a gold fund and say here is an investment with very low risk says John Markese director of research for the Chicago-based group


( S ( S ( PP-LOC ( IN In ) ( NP ( NN reality ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( RB very ) ( JJ volatile ) ) ) ) ( CC but ) ( S ( NP-SBJ ( DT the ) ( NNS movements ) ) ( VP ( VBP are ) ( RB not ) ( PP-PRP-PRD ( RB because ) ( IN of ) ( NP ( NN market ) ( NNS movements ) ) ) ) ) )

In reality it 's very volatile but the movements are not because of market movements


( S ( NP-SBJ-1 ( NP ( NNP Alusuisse ) ) ( PP ( IN of ) ( NP ( NNP America ) ( NNP Inc. ) ) ) ) ( VP ( VBZ plans ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( PRP$ its ) ( NNP Consolidated ) ( NNP Aluminum ) ( NNP Corp. ) ( NN subsidiary ) ) ( PP ( IN as ) ( NP ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN strategy ) ( S ( VP ( TO to ) ( VP ( VB focus ) ( ADVP-CLR ( RBR more ) ) ( PP-CLR ( IN on ) ( NP ( NP ( NN aluminum ) ( NN packaging ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Alusuisse of America Inc. plans to sell its Consolidated Aluminum Corp. subsidiary as part of its strategy to focus more on aluminum packaging in the U.S.


( S ( S ( NP-SBJ-1 ( NP ( NNP Alusuisse ) ) ( PP ( IN of ) ( NP ( NNP New ) ( NNP York ) ) ) ) ( VP ( VBD declined ) ( S ( VP ( TO to ) ( VP ( VB say ) ( SBAR ( WHNP-3 ( WRB how ) ( JJ much ) ) ( S ( NP-SBJ-2 ( PRP it ) ) ( VP ( VBZ expects ) ( S ( VP ( TO to ) ( VP ( VB get ) ( PP-CLR ( IN for ) ( NP ( DT the ) ( NN unit ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBZ has ) ( VP ( VBN hired ) ( S ( NP-SBJ ( NNP First ) ( NNP Boston ) ( NNP Corp. ) ) ( VP ( TO to ) ( VP ( VB help ) ( VP ( VB identify ) ( NP ( NNS bidders ) ) ) ) ) ) ) ) ) )

Alusuisse of New York declined to say how much it expects to get for the unit the company has hired First Boston Corp. to help identify bidders


( S ( NP-SBJ ( NNP Alusuisse ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN subsidiary ) ) ( PP ( IN of ) ( NP ( NP ( NNP Swiss ) ( NNP Aluminium ) ( NNP Ltd. ) ) ( NP ( NP ( DT a ) ( NAC-LOC ( NNP Zurich ) ( NNP Switzerland ) ) ( NN producer ) ) ( PP ( IN of ) ( NP ( NP ( NN aluminum ) ) ( NP ( NNS chemicals ) ) ( CC and ) ( NP ( NN packaging ) ( NNS products ) ) ) ) ) ) ) ) ) )

Alusuisse is a subsidiary of Swiss Aluminium Ltd. a Zurich Switzerland producer of aluminum chemicals and packaging products


( S ( NP-SBJ ( NP ( NNP Consolidated ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD had ) ( NP ( NP ( CD 1988 ) ( NN revenue ) ) ( PP ( IN of ) ( NP ( QP ( CD 400 ) ( CD million ) ) ) ) ) ) ) ) ) ( VP ( VP ( VBZ makes ) ( NP ( NN aluminum ) ( NN sheet ) ( CC and ) ( NN foil ) ( NNS products ) ) ( PP-LOC ( IN at ) ( NP ( PRP$ its ) ( NAC-LOC ( NAC ( NNP Hannibal ) ( NNP Ohio ) ) ( CC and ) ( NAC ( NNP Jackson ) ( NNP Tenn. ) ) ) ( NN rolling ) ( NNS mills ) ) ) ) ( CC and ) ( VP ( VBZ recycles ) ( NP ( NN aluminum ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT a ) ( NN plant ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Bens ) ( NNP Run ) ) ( NP ( NNP W.Va ) ) ) ) ) ) ) ) )

Consolidated which had 1988 revenue of 400 million makes aluminum sheet and foil products at its Hannibal Ohio and Jackson Tenn. rolling mills and recycles aluminum at a plant in Bens Run W.Va


( S ( PP-LOC ( IN In ) ( NP ( NP ( NNP East ) ( NNP Germany ) ) ( SBAR ( WHADVP ( WRB where ) ) ( S ( NP-SBJ ( NN humor ) ) ( VP ( VBZ has ) ( ADVP-TMP ( RB long ) ) ( VP ( VBN been ) ( NP-PRD ( NP ( DT the ) ( JJ only ) ( NN way ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB express ) ( NP ( JJ political ) ( NN criticism ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VBP 're ) ( RB not ) ( VP ( VBG laughing ) ( PP-CLR ( IN about ) ( NP ( PRP$ their ) ( JJ new ) ( NN leader ) ( NNP Egon ) ( NNP Krenz ) ) ) ) ) )

In East Germany where humor has long been the only way to express political criticism they 're not laughing about their new leader Egon Krenz


( S ( NP-SBJ ( NNP Mr. ) ( NNP Krenz ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( JJ such ) ( DT a ) ( JJ contradictory ) ( NN figure ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NN nobody ) ) ( VP ( VBZ has ) ( ADVP ( RB even ) ) ( VP ( VBN come ) ( PRT ( RP up ) ) ( PP-CLR ( IN with ) ( NP ( NP ( DT any ) ( JJ good ) ( NNS jokes ) ) ( PP ( IN about ) ( NP ( PRP him ) ) ) ) ) ) ) ) ) ) ) )

Mr. Krenz is such a contradictory figure that nobody has even come up with any good jokes about him


( SINV ( S-TPC-3 ( NP-SBJ-2 ( PRP You ) ) ( VP ( VBP have ) ( S ( VP ( TO to ) ( VP ( VB have ) ( NP ( NP ( JJ clear ) ( NNS feelings ) ) ( PP ( IN about ) ( NP ( NN someone ) ) ) ) ( SBAR-TMP ( RB before ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( MD can ) ( VP ( VB make ) ( NP ( NNS jokes ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( DT an ) ( NNP East ) ( NNP German ) ( NN mother ) ) ( PP ( IN of ) ( NP ( CD two ) ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ loves ) ( VP ( VBG swapping ) ( NP ( JJ political ) ( NNS barbs ) ) ( PP ( IN with ) ( NP ( PRP$ her ) ( NNS friends ) ) ) ) ) ) ) ) )

You have to have clear feelings about someone before you can make jokes says an East German mother of two who loves swapping political barbs with her friends


( S ( PP ( IN With ) ( NP ( NNP Krenz ) ) ) ( NP-SBJ ( PRP we ) ) ( ADVP ( RB just ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB know ) ( SBAR-NOM ( WHNP-1 ( WP what ) ) ( S ( VP ( TO to ) ( VP ( VB expect ) ) ) ) ) ) ) )

With Krenz we just do n't know what to expect


( S ( NP-SBJ-2 ( NNP Mr. ) ( NNP Krenz ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB seem ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( NP ( DT the ) ( JJ knee-jerk ) ( NN hardliner ) ) ( SBAR ( S ( NP-SBJ ( RB many ) ) ( ADVP-TMP ( RB initially ) ) ( VP ( VBD thought ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD was ) ) ) ) ( SBAR-TMP ( WHADVP-4 ( WRB when ) ) ( S ( NP-SBJ-1 ( DT the ) ( JJ 52-year-old ) ( NNP Politburo ) ( NN member ) ) ( VP ( VBD was ) ( VP ( VBN selected ) ( NP-TMP ( JJ last ) ( NN week ) ) ( S ( VP ( TO to ) ( VP ( VB succeed ) ( NP ( NNP Erich ) ( NNP Honecker ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Krenz does n't seem to be the knee-jerk hardliner many initially thought he was when the 52-year-old Politburo member was selected last week to succeed Erich Honecker


( S ( CC But ) ( NP-SBJ-1 ( PRP he ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB appear ) ( S ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( JJ ready ) ( S ( VP ( TO to ) ( VP ( VB make ) ( NP ( JJ broad ) ( NNS changes ) ) ) ) ) ) ( ADVP ( RB either ) ) ) ) ) ) ) )

But he does n't appear to be ready to make broad changes either