( S ( NP-SBJ-1 ( JJ Other ) ( NNS lawmakers ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ busy ) ( S ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB revive ) ( NP ( NP ( DT the ) ( ADJP ( RB recently ) ( VBN lapsed ) ) ( NNP Paperwork ) ( NNP Reduction ) ( NNP Act ) ) ( SBAR ( WHNP-3 ( WDT which ) ) ( S ( NP-SBJ ( JJ many ) ) ( VP ( NN feel ) ( SBAR ( S ( VP ( VBD benefited ) ( NP ( JJ small ) ( NNS enterprises ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Other lawmakers are busy trying to revive the recently lapsed Paperwork Reduction Act which many feel benefited small enterprises


( S ( ADVP ( RB Thus ) ) ( NP-SBJ ( JJ optimistic ) ( NNS entrepreneurs ) ) ( VP ( VBP await ) ( NP ( NP ( NP ( DT a ) ( JJ promised ) ( NN land ) ) ( PP ( IN of ) ( NP ( JJR less ) ( JJ red ) ( NN tape ) ) ) ) ( ADVP-TMP ( RB just ) ( RB as ) ( RB soon ) ( SBAR ( IN as ) ( S ( NP-SBJ-1 ( NNP Uncle ) ( NNP Sam ) ) ( VP ( VBZ gets ) ( ADVP-CLR ( RB around ) ) ( PP-CLR ( TO to ) ( S-NOM ( VP ( VBG arranging ) ( NP ( PRP it ) ) ) ) ) ) ) ) ) ) ) )

Thus optimistic entrepreneurs await a promised land of less red tape just as soon as Uncle Sam gets around to arranging it


( S ( ADVP-TMP ( RB Meanwhile ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VP ( VBP tackle ) ( NP ( NP ( DT the ) ( NNS mounds ) ) ( PP ( IN of ) ( NP ( NN paper ) ) ) ) ) ( CC and ) ( VP ( VBP fantasize ) ( PP-CLR ( IN about ) ( NP ( NP ( DT a ) ( NN dream ) ( NN world ) ) ( SBAR ( WHADVP-2 ( WRB where ) ) ( S ( NP-SBJ-1 ( NP ( NN bulk-mail ) ( JJ postal ) ( NNS regulations ) ) ( CC and ) ( NP ( NN government ) ( NNS inspectors ) ) ) ( VP ( VBP are ) ( VP ( VBN banished ) ) ) ) ) ) ) ) ) )

Meanwhile they tackle the mounds of paper and fantasize about a dream world where bulk-mail postal regulations and government inspectors are banished


( S ( S-PRP ( VP ( TO To ) ( VP ( VB find ) ( PRT ( RP out ) ) ( SBAR ( WHNP-1 ( WP what ) ( JJ red ) ( NN tape ) ) ( S ( VP ( VBZ riles ) ( NP ( NNS entrepreneurs ) ) ( ADVP-EXT ( RBS most ) ) ) ) ) ) ) ) ( NP-SBJ-3 ( DT the ) ( NNP Journal ) ) ( VP ( VBD asked ) ( NP-4 ( NP ( DT a ) ( ADJP ( RB completely ) ( JJ unscientific ) ( JJ random ) ) ( NN sample ) ) ( PP ( IN of ) ( NP ( NN business ) ( NNS owners ) ) ) ) ( S ( VP ( TO to ) ( VP ( VB fantasize ) ( PP-CLR ( IN about ) ( NP ( NP ( DT the ) ( NNS forms ) ( CC and ) ( NNS regulations ) ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD would ) ( VP ( ADVP ( RBS most ) ) ( VB like ) ( S ( VP ( TO to ) ( VP ( VB get ) ( VP ( VBN lost ) ( PP-LOC-CLR ( IN in ) ( NP ( DT the ) ( NN mail ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

To find out what red tape riles entrepreneurs most the Journal asked a completely unscientific random sample of business owners to fantasize about the forms and regulations they would most like to get lost in the mail


( S ( NP-SBJ ( DT Some ) ( NNS entrepreneurs ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( JJ red ) ( NN tape ) ) ( SBAR ( S ( NP-SBJ-2 ( PRP they ) ) ( VP ( ADVP ( RBS most ) ) ( VBP love ) ( S ( VP ( TO to ) ( VP ( VB hate ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( JJ red ) ( NN tape ) ) ( SBAR ( S ( NP-SBJ-3 ( PRP they ) ) ( VP ( MD would ) ( ADVP ( RB also ) ) ( VP ( VB hate ) ( S ( VP ( TO to ) ( VP ( VB lose ) ) ) ) ) ) ) ) ) ) ) ) ) )

Some entrepreneurs say the red tape they most love to hate is red tape they would also hate to lose


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBP concede ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NP ( JJ much ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN government ) ( NN meddling ) ) ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( VP ( VBZ torments ) ( NP ( PRP them ) ) ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ essential ) ( PP ( PP ( TO to ) ( NP ( DT the ) ( JJ public ) ( NN good ) ) ) ( CC and ) ( ADVP ( RB even ) ) ( PP ( TO to ) ( NP ( PRP$ their ) ( JJ own ) ( NNS businesses ) ) ) ) ) ) ) ) ) )

They concede that much of the government meddling that torments them is essential to the public good and even to their own businesses


( SINV ( S-TPC-3 ( NP-SBJ ( NP ( NP ( NNS Rules ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VP ( VBP set ) ( NP ( NP ( NNS standards ) ) ( PP ( IN for ) ( NP ( NNS products ) ) ) ) ) ( CC or ) ( VP ( VBP govern ) ( NP ( NN business ) ( NN behavior ) ) ) ) ) ) ) ( RB generally ) ( NP ( NP ( DT the ) ( ADJP ( RBS best ) ( JJ regarded ) ) ( NN form ) ) ( PP ( IN of ) ( NP ( JJ red ) ( NN tape ) ) ) ) ) ( VP ( VP ( VBP create ) ( NP ( DT a ) ( JJ level ) ( NN playing ) ( NN field ) ) ) ( CC and ) ( VP ( VBP keep ) ( NP ( JJ unscrupulous ) ( NNS competitors ) ) ( PRT ( RP away ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Sidney ) ( NNP West ) ) ( NP ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( NP ( NNP TechDesign ) ( NNP International ) ( NNP Inc. ) ) ( NP ( NP ( DT a ) ( NP ( NP ( NNP Springfield ) ) ( NP ( NNP Va. ) ) ) ( NN business ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBZ designs ) ( NP ( UCP ( NN telecommunication ) ( CC and ) ( JJ other ) ) ( NNS products ) ) ) ) ) ) ) ) ) ) )

Rules that set standards for products or govern business behavior generally the best regarded form of red tape create a level playing field and keep unscrupulous competitors away says Sidney West president of TechDesign International Inc. a Springfield Va. business that designs telecommunication and other products


( S ( S ( NP-SBJ ( NNP Mr. ) ( NNP West ) ) ( VP ( VBZ cites ) ( NP ( NP ( DT the ) ( NNP Federal ) ( NNP Communications ) ( NNP Commission ) ) ( CC and ) ( NP ( NP ( PRP$ its ) ( NNS standards ) ) ( PP ( IN for ) ( NP ( NNS telecommunications ) ( NN equipment ) ) ) ) ) ) ) ( S ( NP-SBJ ( PRP They ) ) ( VP ( VP ( VBP monitor ) ( NP ( NN product ) ( NN quality ) ) ) ( CC and ) ( VP ( VBP prevent ) ( NP-1 ( NN junk ) ) ( PP-CLR ( IN from ) ( S-NOM ( VP ( VBG flooding ) ( NP ( DT the ) ( NN market ) ) ) ) ) ) ) ) )

Mr. West cites the Federal Communications Commission and its standards for telecommunications equipment They monitor product quality and prevent junk from flooding the market


( S ( S ( NP-SBJ ( NP ( DT Some ) ( NNS gripes ) ) ( PP ( IN about ) ( NP ( JJ red ) ( NN tape ) ) ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ predictable ) ) ) ) ( S ( S ( NP-SBJ-1 ( NNS Architects ) ) ( VP ( VBP complain ) ( PP-CLR-2 ( IN about ) ( NP ( NP ( DT a ) ( NN host ) ) ( PP ( IN of ) ( NP ( NN building ) ( NNS regulations ) ) ) ) ) ) ) ( S ( NP-SBJ=1 ( NN auto ) ( NN leasing ) ( NNS companies ) ) ( PP-CLR=2 ( IN about ) ( NP ( NN car ) ( NN insurance ) ( NNS rules ) ) ) ) ) )

Some gripes about red tape are predictable Architects complain about a host of building regulations auto leasing companies about car insurance rules


( SINV ( S-TPC-2 ( S-NOM-SBJ ( VP ( VBG Determining ) ( SBAR ( WHADVP-3 ( WRB when ) ) ( S ( NP-SBJ-1 ( JJ handicapped ) ( NN access ) ) ( VP ( VBZ is ) ( VP ( VBN required ) ) ) ) ) ) ) ( VP ( MD can ) ( VP ( VB be ) ( NP-PRD ( DT a ) ( NN nightmare ) ) ( PP ( IN for ) ( NP ( NNS architects ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Mark ) ( NNP Dooling ) ) ( NP ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( NP ( NNP Dooling ) ( CC & ) ( NNP Co. ) ) ( NP ( DT a ) ( NP ( NP ( NNP Newton ) ) ( NP ( NNP Mass. ) ) ) ( JJ architectural ) ( NN firm ) ) ) ) ) ) )

Determining when handicapped access is required can be a nightmare for architects says Mark Dooling president of Dooling & Co. a Newton Mass. architectural firm


( S ( S-TPC-1 ( NP-SBJ ( EX There ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( PDT such ) ( DT a ) ( NN maze ) ) ( PP ( IN of ) ( NP ( UCP ( JJ federal ) ( NN state ) ( CC and ) ( JJ local ) ) ( NNS codes ) ) ) ( SBAR-2 ( IN that ) ( S ( NP-SBJ-3 ( NN building ) ( NNS inspectors ) ) ( VP ( VBP are ) ( VP ( VBG backing ) ( ADVP-DIR ( RB away ) ( PP ( IN from ) ( S-NOM ( VP ( VBG interpreting ) ( NP ( PRP them ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Dooling ) ) ( VP ( VBZ says ) ) )

There is such a maze of federal state and local codes that building inspectors are backing away from interpreting them Mr. Dooling says


( S ( NP-SBJ ( NP ( UCP ( NN Taxi ) ( NN leasing ) ( CC and ) ( JJ other ) ) ( NNS companies ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP maintain ) ( NP ( NP ( NNS fleets ) ) ( PP ( IN of ) ( NP ( NNS vehicles ) ) ) ) ) ) ) ) ( VP ( VBP devote ) ( NP ( JJ substantial ) ( NNS resources ) ) ( PP-CLR ( TO to ) ( S-NOM ( VP ( VBG complying ) ( PP-CLR ( IN with ) ( NP ( NP ( NN state ) ( NN insurance ) ( NNS laws ) ) ( CC and ) ( NP ( NP ( DT a ) ( NN host ) ) ( PP ( IN of ) ( NP ( NNS agencies ) ) ) ) ) ) ) ) ) ) )

Taxi leasing and other companies that maintain fleets of vehicles devote substantial resources to complying with state insurance laws and a host of agencies


( SINV ( S-TPC-1 ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( RB very ) ( JJ costly ) ( CC and ) ( JJ time-consuming ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Phil ) ( NNP Rosen ) ) ( NP ( NP ( DT a ) ( NN partner ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Fleet ) ( CC & ) ( NNP Leasing ) ( NNP Management ) ( NNP Inc. ) ) ( NP ( DT a ) ( NNP Boston ) ( NN car-leasing ) ( NN company ) ) ) ) ) ) )

It 's very costly and time-consuming says Phil Rosen a partner in Fleet & Leasing Management Inc. a Boston car-leasing company


( S ( S-TPC-1 ( NP-SBJ ( NP ( CD One ) ( JJ senior ) ( NN executive ) ) ( PP-LOC ( IN at ) ( NP ( PRP$ his ) ( NN firm ) ) ) ) ( VP ( VBZ spends ) ( NP ( NP ( QP ( RB nearly ) ( CD 20 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( PRP$ his ) ( NN time ) ) ) ) ( PP-CLR ( IN on ) ( NP ( NN insurance ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

One senior executive at his firm spends nearly 20 % of his time on insurance he says


( S ( NP-SBJ ( NP ( JJ Other ) ( NNS forms ) ) ( PP ( IN of ) ( NP ( JJ red ) ( NN tape ) ) ) ) ( VP ( VBP are ) ( ADJP-PRD ( RBR more ) ( JJ pervasive ) ) ) )

Other forms of red tape are more pervasive


( S-1 ( NP-SBJ ( DT The ) ( ADJP ( RBS most ) ( JJ onerous ) ) ) ( PRN ( S ( NP-SBJ ( JJ many ) ( NNS entrepreneurs ) ) ( VP ( VBP say ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( NN record-keeping ) ( CC and ) ( NN filing ) ) ( VP ( VBN required ) ( PP ( IN by ) ( NP-LGS ( NN tax ) ( NNS authorities ) ) ) ) ) ) )

The most onerous many entrepreneurs say is the record-keeping and filing required by tax authorities


( S ( S-NOM-SBJ ( VP ( VBG Complying ) ( PP-CLR ( IN with ) ( NP ( UCP ( JJ environmental ) ( CC and ) ( JJ workplace ) ) ( NNS regulations ) ) ) ) ) ( VP ( VBZ runs ) ( NP-CLR ( DT a ) ( JJ close ) ( JJ second ) ) ) )

Complying with environmental and workplace regulations runs a close second


( S ( CC But ) ( NP-SBJ ( NNS gripes ) ) ( VP ( VBP run ) ( NP ( DT the ) ( NN gamut ) ) ) )

But gripes run the gamut


( SINV ( ADVP-LOC-PRD-TPC-2 ( RB Here ) ) ( VP ( VBZ is ) ) ( NP-SBJ ( NP ( DT the ) ( JJ red ) ( NN tape ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( VP ( VBZ irks ) ( NP ( VBN surveyed ) ( NN business ) ( NNS owners ) ) ( ADVP ( DT the ) ( RBS most ) ) ) ) ) ) )

Here is the red tape that irks surveyed business owners the most


( NP-HLN ( JJ ENVIRONMENTAL ) ( NNS REGULATIONS ) )

ENVIRONMENTAL REGULATIONS


( S ( ADVP ( RB Next ) ( PP ( TO to ) ( NP ( JJ medical ) ( NN insurance ) ) ) ) ( NP-SBJ ( NP ( NNS costs ) ) ( PP ( IN of ) ( NP ( NN compliance ) ) ) ) ( VP ( VBP are ) ( NP-PRD ( DT the ) ( JJ fastest-growing ) ( NN expense ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Impco ) ( NNP Inc. ) ) ( NP ( DT a ) ( NP ( NP ( NNP Providence ) ) ( NP ( NNP R.I. ) ) ) ( NN chemical ) ( NN company ) ) ) ) ) )

Next to medical insurance costs of compliance are the fastest-growing expense at Impco Inc. a Providence R.I. chemical company


( S ( NP-SBJ ( NP ( NNP Peter ) ( NNP Gebhard ) ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN owner ) ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( NP ( NN spending ) ) ( PP ( IN on ) ( NP ( NP ( JJ regulatory ) ( NN paper ) ( NN work ) ) ( CC and ) ( NP ( NP ( DT the ) ( NNS people ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB do ) ( NP ( PRP it ) ) ) ) ) ) ) ) ) ( SBAR ( ADVP ( RB mostly ) ) ( S ( VP ( TO to ) ( VP ( VB comply ) ( PP-CLR ( IN with ) ( NP ( UCP ( JJ federal ) ( NN state ) ( CC and ) ( JJ local ) ) ( JJ environmental ) ( NNS laws ) ) ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB rise ) ( NP-EXT ( QP ( RB almost ) ( CD 30 ) ) ( NN % ) ) ( NP-TMP ( DT this ) ( NN year ) ) ( PP-DIR ( TO to ) ( NP ( CD 100,000 ) ) ) ) ) ) ) ) )

Peter Gebhard the company 's owner says spending on regulatory paper work and the people to do it mostly to comply with federal state and local environmental laws will rise almost 30 % this year to 100,000


( S ( NP-SBJ ( NNP Mr. ) ( NNP Gebhard ) ) ( VP ( VBZ adds ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NN spending ) ) ( PP ( IN on ) ( NP ( JJ environmental ) ( JJ red ) ( NN tape ) ) ) ) ( VP ( VBZ amounts ) ( PP-CLR ( TO to ) ( NP ( NP ( QP ( IN between ) ( CD 6.5 ) ( NN % ) ( CC and ) ( CD 7.5 ) ( NN % ) ) ) ( PP ( IN of ) ( NP ( NP ( NNP Impco ) ( POS 's ) ) ( JJ total ) ( NN operating ) ( NNS expenses ) ) ) ) ) ) ) ) ) )

Mr. Gebhard adds that spending on environmental red tape amounts to between 6.5 % and 7.5 % of Impco 's total operating expenses


( SINV ( S-TPC-1 ( NP-SBJ ( NP ( NNP Eastern ) ( NNP Reproduction ) ( NNP Corp. ) ) ( NP ( NP ( DT a ) ( NP ( NP ( NNP Waltham ) ) ( NP ( NNP Mass. ) ) ) ( NN maker ) ) ( PP ( IN of ) ( NP ( JJ thin ) ( NN metal ) ( NN precision ) ( NNS parts ) ) ) ) ) ( VP ( MD must ) ( VP ( VB report ) ( PP-CLR ( PP ( TO to ) ( NP ( CD five ) ( UCP ( JJ federal ) ( CC and ) ( NN state ) ) ( NNS agencies ) ) ) ( RB as ) ( RB well ) ( IN as ) ( PP ( TO to ) ( NP ( JJ local ) ( NN fire ) ( NN police ) ( NN hospital ) ( CC and ) ( NN plumbing ) ( NNS authorities ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Robert ) ( NNP Maguire ) ) ( NP ( NN president ) ) ) )

Eastern Reproduction Corp. a Waltham Mass. maker of thin metal precision parts must report to five federal and state agencies as well as to local fire police hospital and plumbing authorities says Robert Maguire president


( S ( S-TPC-1 ( NP-SBJ ( CD One ) ( NN state ) ( JJ environmental ) ( NN regulator ) ) ( VP ( VBD returned ) ( NP ( DT a ) ( NN report ) ) ( SBAR-PRP ( IN because ) ( S ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( RB n't ) ( ADJP-PRD ( JJ heavy ) ( RB enough ) ) ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD could ) ( RB n't ) ( VP ( VB have ) ( VP ( VBN been ) ( ADJP-PRD ( JJ correct ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Maguire ) ) ( VP ( VBZ says ) ) )

One state environmental regulator returned a report because it was n't heavy enough it could n't have been correct Mr. Maguire says


( NP-HLN ( NN WITHHOLDING ) ( NNS RULES ) )

WITHHOLDING RULES


( S ( S ( NP-SBJ ( NNS Employers ) ) ( VP ( MD must ) ( VP ( VP ( VB deposit ) ( NP ( NP ( NN withholding ) ( NNS taxes ) ) ( VP ( VBG exceeding ) ( NP ( CD 3,000 ) ) ) ) ( PP-TMP ( IN within ) ( NP ( CD three ) ( NNS days ) ) ) ( PP-TMP ( IN after ) ( NP ( NN payroll ) ) ) ) ( CC or ) ( VP ( VB pay ) ( NP ( JJ stiff ) ( NNS penalties ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT that ) ) ( VP ( VBZ 's ) ( NP-PRD ( DT a ) ( JJ big ) ( NN problem ) ) ( PP ( IN for ) ( NP ( JJ small ) ( NNS businesses ) ) ) ) ) )

Employers must deposit withholding taxes exceeding 3,000 within three days after payroll or pay stiff penalties and that 's a big problem for small businesses


( SINV ( S-TPC-1 ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( RB especially ) ( JJ nettlesome ) ) ( SBAR-ADV ( IN if ) ( S ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP 're ) ( PP-LOC-PRD ( IN on ) ( NP ( DT the ) ( NN road ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP 're ) ( NP-PRD ( NP ( DT the ) ( NN one ) ) ( ADJP ( JJ responsible ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Eddie ) ( NNP Brown ) ) ( NP ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( NP ( NNP Brown ) ( NNP Capital ) ( NNP Management ) ( NNP Inc. ) ) ( NP ( DT a ) ( NNP Baltimore ) ( JJ money-management ) ( NN firm ) ) ) ) ) ) )

It 's especially nettlesome if you 're on the road and you 're the one responsible says Eddie Brown president of Brown Capital Management Inc. a Baltimore money-management firm


( NP-HLN ( NN EMPLOYEE ) ( NNS MANUALS ) )

EMPLOYEE MANUALS


( S ( S-NOM-SBJ ( VP ( VBG Revising ) ( NP ( NP ( NN employee ) ( NNS manuals ) ) ( PP ( IN on ) ( NP ( NP ( NNS pensions ) ) ( NP ( NN health ) ( NN care ) ) ( CC and ) ( NP ( JJ other ) ( NNS subjects ) ) ) ) ) ) ) ( VP ( VBZ costs ) ( NP ( NP ( QP ( IN over ) ( CD 25,000 ) ) ) ( NP-ADV ( DT a ) ( NN year ) ) ) ( PP ( IN for ) ( NP ( NP ( NNP Bert ) ( NNP Giguiere ) ) ( NP ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( NP ( NNP Professional ) ( NNP Agricultural ) ( NNP Management ) ( NNP Inc. ) ) ( NP ( NP ( DT a ) ( NP ( NP ( NNP Fresno ) ) ( NP ( NNP Calif. ) ) ) ( NN provider ) ) ( PP ( IN of ) ( NP ( NN business ) ( NNS services ) ) ) ( PP ( TO to ) ( NP ( NNS farmers ) ) ) ) ) ) ) ) ) ) )

Revising employee manuals on pensions health care and other subjects costs over 25,000 a year for Bert Giguiere president of Professional Agricultural Management Inc. a Fresno Calif. provider of business services to farmers


( S ( S-TPC-1 ( NP-SBJ ( DT An ) ( NN employer ) ) ( VP ( VBZ leaves ) ( S ( NP-SBJ ( PRP itself ) ) ( ADJP-PRD ( JJ open ) ( PP ( TO to ) ( NP ( NP ( DT a ) ( JJ great ) ( NN deal ) ) ( PP ( IN of ) ( NP ( NN liability ) ) ) ) ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( PRP$ its ) ( NN employee ) ( NNS manuals ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB reflect ) ( NP ( DT the ) ( ADJP ( RBS most ) ( JJ recent ) ) ( NNS laws ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

An employer leaves itself open to a great deal of liability if its employee manuals do n't reflect the most recent laws he says


( S ( S-TPC-1 ( CC But ) ( NP-SBJ ( DT the ) ( JJ ever-changing ) ( NNS laws ) ) ( VP ( VBP are ) ( ADVP-TMP ( RB usually ) ) ( ADJP-PRD ( ADJP ( RB so ) ( JJ complicated ) ( CC and ) ( JJ confusing ) ) ( SBAR ( IN that ) ( S ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP need ) ( S ( NP-SBJ ( NNS professionals ) ) ( VP ( TO to ) ( VP ( VB help ) ( NP ( PRP you ) ) ) ) ) ) ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( MD ca ) ( RB n't ) ( VP ( VB do ) ( NP ( PRP it ) ) ( NP-ADV ( PRP yourself ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ adds ) ) )

But the ever-changing laws are usually so complicated and confusing that you need professionals to help you you ca n't do it yourself he adds


( NP-HLN ( NN PENSION ) ( CC AND ) ( NN PROFIT-SHARING ) ( NNS RULES ) )

PENSION AND PROFIT-SHARING RULES


( S ( S-NOM-SBJ ( VP ( VBG Complying ) ( PP-CLR ( IN with ) ( NP ( DT these ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NN enough ) ( S ( VP ( TO to ) ( VP ( VB make ) ( S ( NP-SBJ ( NN business ) ( NNS owners ) ) ( VP ( VBP look ) ( ADVP-CLR ( RB forward ) ( PP ( TO to ) ( NP ( PRP$ their ) ( JJ own ) ( NN pension ) ( NNS days ) ) ) ) ) ) ) ) ) ) ) )

Complying with these is enough to make business owners look forward to their own pension days


( S ( NP-SBJ ( NP ( JJ Yearly ) ( NNS changes ) ) ( PP-LOC ( IN in ) ( NP ( JJ federal ) ( NN benefit ) ( NNS laws ) ) ) ) ( VP ( VBP force ) ( S ( NP-SBJ ( JJ small ) ( NNS businesses ) ) ( VP ( TO to ) ( ADVP-TMP ( RB repeatedly ) ) ( VP ( VB re-evaluate ) ( CC and ) ( VB redesign ) ( NP ( JJ existing ) ( NNS plans ) ) ) ) ) ) )

Yearly changes in federal benefit laws force small businesses to repeatedly re-evaluate and redesign existing plans


( S ( NP-SBJ ( NP ( NNP Alice ) ( NNP Fixx ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ runs ) ( NP ( NP ( PRP$ her ) ( JJ own ) ( NN public-relations ) ( NN concern ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ-2 ( PRP she ) ) ( VP ( VBZ has ) ( VP ( VBD had ) ( S ( VP ( TO to ) ( VP ( VB overhaul ) ( NP ( PRP$ her ) ( NN pension ) ( CC and ) ( NN profit-sharing ) ( NNS plans ) ) ( NP-TMP ( CD three ) ( NNS times ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ past ) ( CD three ) ( NNS years ) ) ) ) ) ) ) ) ) ) ) )

Alice Fixx who runs her own public-relations concern in New York says she has had to overhaul her pension and profit-sharing plans three times in the past three years


( S ( S-TPC-1 ( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB increase ) ( NP ( NNS benefits ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( JJ costly ) ( CC and ) ( JJ time-consuming ) ) ) ) ) ( NP-SBJ ( NNP Ms. ) ( NNP Fixx ) ) ( VP ( VBZ says ) ) )

It does n't increase benefits but it 's costly and time-consuming Ms. Fixx says


( S ( S-TPC-1 ( NP-SBJ ( NN Compliance ) ) ( VP ( VBD added ) ( NP ( QP ( CD 15 ) ( NN % ) ( TO to ) ( CD 20 ) ( NN % ) ) ) ( PP-CLR ( TO to ) ( NP ( PRP$ her ) ( NN accounting ) ( NN bill ) ) ) ( NP-TMP ( JJ last ) ( NN year ) ) ) ) ( NP-SBJ ( PRP she ) ) ( VP ( VBZ says ) ) )

Compliance added 15 % to 20 % to her accounting bill last year she says


( NP-HLN ( NNS SALES ) ( NN TAX ) ( NNS RECORDS ) )

SALES TAX RECORDS


( S ( S ( NP-SBJ ( NP ( NN Advertising ) ( NNS agencies ) ) ( CC and ) ( NP ( JJ other ) ( NN service ) ( NNS companies ) ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ exempt ) ( PP ( IN from ) ( NP ( NN city ) ( CC and ) ( NN state ) ( NNS sales ) ( NN tax ) ) ) ) ( PP-LOC ( IN in ) ( NP ( JJS most ) ( NNS locales ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( DT the ) ( NN exemption ) ) ( VP ( VBZ comes ) ( PP ( IN at ) ( NP ( NP ( DT a ) ( NN price ) ) ( PP ( IN of ) ( NP ( NP ( JJ exhaustive ) ( NNS records ) ) ( CC and ) ( NP ( JJ rigorous ) ( NNS reviews ) ) ) ) ) ) ) ) )

Advertising agencies and other service companies are exempt from city and state sales tax in most locales but the exemption comes at a price of exhaustive records and rigorous reviews


( S ( S-PRP ( VP ( TO To ) ( VP ( VP ( VB justify ) ( NP ( PRP$ their ) ( JJ exempt ) ( NN status ) ) ) ( CC and ) ( VP ( VB avoid ) ( NP ( NNS penalties ) ) ) ) ) ) ( NP-SBJ-1 ( DT these ) ( NNS businesses ) ) ( VP ( MD must ) ( VP ( VB show ) ( ADVP-TMP ( RB once ) ( DT a ) ( NN year ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( ADJP ( DT each ) ( CC and ) ( DT every ) ) ( NN transaction ) ) ( SBAR ( WHPP-2 ( IN on ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB pay ) ( NP ( NNS sales ) ( NN tax ) ) ) ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( DT a ) ( JJ legitimate ) ( NN business ) ( NN expense ) ) ) ) ) ) ) )

To justify their exempt status and avoid penalties these businesses must show once a year that each and every transaction on which they did n't pay sales tax was a legitimate business expense


( SINV ( S-TPC-1 ( NP-SBJ ( PRP You ) ) ( VP ( VBP need ) ( NP ( NP ( CD one ) ( NN person ) ) ( SBAR ( S ( VP ( TO to ) ( ADVP ( RB just ) ) ( VP ( VB take ) ( NP-CLR ( NN care ) ) ( PP-CLR ( IN of ) ( NP ( NNS sales ) ( NN tax ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Jennie ) ( NNP Tong ) ) ( NP ( NP ( JJ executive ) ( NN vice ) ( NN president ) ) ( PP ( IN of ) ( NP ( NP ( NNP Lee ) ( NNP Liu ) ( CC & ) ( NNP Tong ) ( NNP Advertising ) ( NNP Inc. ) ) ( NP-LOC ( NNP New ) ( NNP York ) ) ) ) ) ) )

You need one person to just take care of sales tax says Jennie Tong executive vice president of Lee Liu & Tong Advertising Inc. New York


( S ( NP-SBJ ( NP ( NNP Honeywell ) ( NNP Inc. ) ) ( NP-LOC ( NNP Minneapolis ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD completed ) ( NP ( NP ( PRP$ its ) ( ADJP ( RB previously ) ( VBN announced ) ) ( NN sale ) ) ( PP ( IN of ) ( NP ( NP ( CD 16 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNS shares ) ) ( ADJP ( JJ outstanding ) ) ( PP-LOC ( IN in ) ( NP ( NP ( PRP$ its ) ( JJ Japanese ) ( JJ joint ) ( NN venture ) ) ( NP ( NNP Yamatake-Honeywell ) ) ) ) ) ) ) ) ( PP ( IN for ) ( NP ( QP ( CD 280 ) ( CD million ) ) ) ) ) ) ) ) ) )

Honeywell Inc. Minneapolis said it completed its previously announced sale of 16 % of the shares outstanding in its Japanese joint venture Yamatake-Honeywell for 280 million


( S ( S-TPC-2 ( NP-SBJ-1 ( DT The ) ( NN stake ) ) ( VP ( VBD was ) ( VP ( VBN acquired ) ( PP ( IN by ) ( NP-LGS ( NP ( NP ( DT a ) ( NN group ) ) ( PP ( IN of ) ( NP ( CD 10 ) ( JJ Japanese ) ( NX ( NX ( JJ financial ) ( NNS institutions ) ) ( CC and ) ( NX ( JJ industrial ) ( NNS corporations ) ) ) ) ) ) ( RB primarily ) ( NP ( NN insurance ) ( NNS companies ) ) ) ) ) ) ) ( NP-SBJ ( NNP Honeywell ) ) ( VP ( VBD said ) ) )

The stake was acquired by a group of 10 Japanese financial institutions and industrial corporations primarily insurance companies Honeywell said


( S ( NP-SBJ-1 ( NNS Proceeds ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN used ) ( S-CLR ( VP ( TO to ) ( VP ( VBD repurchase ) ( NP ( NP ( QP ( RB as ) ( JJ many ) ( IN as ) ( CD 10 ) ( CD million ) ) ( NNS shares ) ) ( PP ( IN of ) ( NP ( NNP Honeywell ) ( NN stock ) ) ) ) ) ) ) ( SBAR-ADV ( RB as ) ( S ( ADVP-TMP ( RB previously ) ) ( VP ( VBN announced ) ) ) ) ) ) ) )

Proceeds will be used to repurchase as many as 10 million shares of Honeywell stock as previously announced


( S ( NP-SBJ ( NNP Honeywell ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NP ( DT a ) ( JJ second ) ( NN sale ) ) ( PP ( IN of ) ( NP ( NNP Yamatake-Honeywell ) ) ) ) ( VP ( VBZ is ) ( ADVP-TMP ( RB still ) ) ( VP ( VBG being ) ( VP ( VBN negotiated ) ) ) ) ) ) ) )

Honeywell said a second sale of Yamatake-Honeywell is still being negotiated


( S ( NP-SBJ ( NP ( DT The ) ( NN company ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( ADVP-TMP ( RB now ) ) ( VP ( VBZ holds ) ( NP ( NP ( DT a ) ( CD 34 ) ( NN % ) ( NN stake ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN venture ) ) ) ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN indicated ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( PRP it ) ) ( VP ( VBZ intends ) ( S ( VP ( TO to ) ( VP ( VB retain ) ( NP ( ADVP ( IN at ) ( JJS least ) ) ( DT a ) ( ADJP ( CD 20 ) ( NN % ) ) ( NN stake ) ) ( NP-TMP ( JJ long ) ( NN term ) ) ) ) ) ) ) ) ) ) )

The company which now holds a 34 % stake in the venture has indicated that it intends to retain at least a 20 % stake long term


( S ( NP-SBJ ( DT A ) ( ADJP ( CD 20 ) ( NN % ) ) ( NN stake ) ) ( VP ( MD would ) ( VP ( VB allow ) ( S ( NP-SBJ ( NNP Honeywell ) ) ( VP ( TO to ) ( VP ( VB include ) ( NP ( NNP Yamatake ) ( NNS earnings ) ) ( PP-LOC-CLR ( IN in ) ( NP ( PRP$ its ) ( NNS results ) ) ) ) ) ) ) ) )

A 20 % stake would allow Honeywell to include Yamatake earnings in its results


( S ( NP-SBJ ( DT A ) ( NN company ) ( NN spokesman ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NP ( DT the ) ( NN gain ) ) ( PP ( IN on ) ( NP ( DT the ) ( NN sale ) ) ) ) ( VP ( MD could ) ( RB n't ) ( VP ( VB be ) ( VP ( VBN estimated ) ( SBAR-TMP ( IN until ) ( S ( NP-SBJ-2 ( DT the ) ( NN tax ) ( NN treatment ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN determined ) ) ) ) ) ) ) ) ) ) ) ) )

A company spokesman said the gain on the sale could n't be estimated until the tax treatment has been determined


( S ( NP-SBJ ( NP ( NNP Lifestyles ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Rich ) ( CC and ) ( NNP Famous ) ) ) ) ( VP ( MD may ) ( VP ( VB be ) ( VP ( VBG visiting ) ( NP ( DT some ) ( JJ new ) ( NNS venues ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ near ) ( NN future ) ) ) ) ) ) )

Lifestyles of the Rich and Famous may be visiting some new venues in the near future


( S ( NP-SBJ ( NNP Judge ) ( NNP Robert ) ( PRN ( NNP Maximum ) ( NNP Bob ) ) ( NNP Potter ) ) ( VP ( VBN sentenced ) ( NP ( NNP Jim ) ( NNP Bakker ) ) ( PP-CLR ( TO to ) ( NP ( NP ( CD 45 ) ( NNS years ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ big ) ( NN house ) ) ) ) ) ( NP-TMP ( NN yesterday ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( DT a ) ( NNP Beverly ) ( NNP Hills ) ( NN judge ) ) ( VP ( VBD tucked ) ( PRT ( RP away ) ) ( NP ( NNP Zsa ) ( NNP Zsa ) ( NNP Gabor ) ) ( PP-CLR ( IN for ) ( NP ( NP ( CD three ) ( NNS days ) ) ( CC plus ) ( NP ( NP ( CD 120 ) ( NNS hours ) ) ( PP ( IN of ) ( NP ( NP ( NN work ) ) ( PP ( IN with ) ( NP ( JJ homeless ) ( NNS women ) ) ) ) ) ) ) ) ) ) ) ) )

Judge Robert Maximum Bob Potter sentenced Jim Bakker to 45 years in the big house yesterday while a Beverly Hills judge tucked away Zsa Zsa Gabor for three days plus 120 hours of work with homeless women


( S ( NP-SBJ ( NNP Miss ) ( NNP Gabor ) ) ( VP ( VBD recanted ) ( NP ( NP ( PRP$ her ) ( JJ earlier-expressed ) ( NN fear ) ) ( PP ( IN of ) ( NP ( NN jailhouse ) ( NNS lesbians ) ) ) ) ) )

Miss Gabor recanted her earlier-expressed fear of jailhouse lesbians


( S ( NP-SBJ ( NNP Mr. ) ( NNP Bakker ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ guilty ) ( PP ( IN of ) ( NP ( NP ( NN sin ) ) ( CC but ) ( RB not ) ( NP ( NN fraud ) ) ) ) ) ) ) ) ) )

Mr. Bakker said he was guilty of sin but not fraud


( S ( NP-SBJ ( PRP We ) ) ( VP ( MD can ) ( ADVP ( RB only ) ) ( VP ( VB wonder ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( MD will ) ( VP ( VB be ) ( NP-PRD ( NP ( DT the ) ( JJ next ) ( JJ lost ) ( NN soul ) ) ( VP ( VBN chosen ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( NP ( NNP America ) ( POS 's ) ) ( NNP Celebrity ) ( NNP Convict ) ) ) ) ) ) ) ) ) ) ) ) ) )

We can only wonder who will be the next lost soul chosen to be America 's Celebrity Convict


( S ( NP-SBJ ( JJ Few ) ( NNS people ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ aware ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( JJ federal ) ( NN government ) ) ( VP ( VBZ lends ) ( NP ( NP ( QP ( RB almost ) ( IN as ) ( JJ much ) ) ( NN money ) ) ( SBAR ( IN as ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ borrows ) ) ) ) ) ) ) ) ) ) )

Few people are aware that the federal government lends almost as much money as it borrows


( S ( PP-TMP ( PP ( IN From ) ( NP ( CD 1980 ) ) ) ( PP ( TO to ) ( NP ( CD 1988 ) ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( JJ federal ) ( NN budget ) ( NNS deficits ) ) ( VP ( VBD totaled ) ( NP ( QP ( CD 1.41 ) ( CD trillion ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN government ) ) ( VP ( VBD issued ) ( NP ( NP ( NP ( QP ( CD 394 ) ( CD billion ) ) ) ( PP ( IN of ) ( NP ( JJ new ) ( JJ direct ) ( NNS loans ) ) ) ) ( CC and ) ( NP ( NP ( DT an ) ( JJ additional ) ( QP ( CD 756 ) ( CD billion ) ) ) ( PP ( IN of ) ( NP ( JJ new ) ( JJ primary ) ( NN loan ) ( NNS guarantees ) ) ) ) ) ) )

From 1980 to 1988 while federal budget deficits totaled 1.41 trillion the government issued 394 billion of new direct loans and an additional 756 billion of new primary loan guarantees


( S ( NP-SBJ ( DT These ) ( NNS figures ) ) ( VP ( VBP omit ) ( NP ( NP ( JJ secondary ) ( NNS guarantees ) ) ( NP ( NN deposit ) ( NN insurance ) ) ( CC and ) ( NP ( NP ( DT the ) ( NNS activities ) ) ( PP ( IN of ) ( NP ( NP ( NNP Government-Sponsored ) ( NNP Enterprises ) ) ( PRN ( S ( NP-SBJ ( DT a ) ( JJ huge ) ( NN concern ) ) ( PP-PRD ( IN in ) ( NP ( PRP$ its ) ( JJ own ) ( NN right ) ) ) ( SBAR-ADV ( IN as ) ( S ( VP ( VBN detailed ) ( PP-LOC ( IN on ) ( NP ( DT this ) ( NN page ) ) ) ( NP-TMP ( NNP May ) ( CD 3 ) ) ) ) ) ) ) ) ) ) ) ) )

These figures omit secondary guarantees deposit insurance and the activities of Government-Sponsored Enterprises a huge concern in its own right as detailed on this page May 3


( S ( NP-SBJ-1 ( JJ Federal ) ( NN credit ) ( NNS programs ) ) ( VP ( VP ( VBP date ) ( ADVP-DIR ( RB back ) ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NNP New ) ( NNP Deal ) ) ) ) ( CC and ) ( VP ( VBD were ) ( VP ( VBN meant ) ( S ( VP ( TO to ) ( VP ( VB break ) ( ADVP-MNR ( RB even ) ) ( ADVP ( RB financially ) ) ) ) ) ) ) ) )

Federal credit programs date back to the New Deal and were meant to break even financially


( S ( PP-TMP ( IN Since ) ( NP ( DT the ) ( CD 1950s ) ) ) ( NP-SBJ-1 ( JJ federal ) ( NN lending ) ) ( VP ( VBZ has ) ( VP ( VBN experienced ) ( NP ( NP ( JJ extraordinary ) ( NN growth ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NP ( NN credit ) ( NN volume ) ) ( NP ( NN subsidy ) ( NNS rates ) ) ( CC and ) ( NP ( NN policy ) ( NNS applications ) ) ) ) ) ) ( S-ADV ( VP ( VBN spurred ) ( PRT ( RP on ) ) ( PP ( IN by ) ( NP-LGS ( NP ( NP ( DT the ) ( NN growth ) ) ( PP ( IN of ) ( NP ( NN government ) ) ) ( PP ( IN in ) ( ADJP ( JJ general ) ) ) ) ( CC and ) ( NP ( NP ( NP ( NN budget ) ( NNS gimmicks ) ) ( CC and ) ( NP ( JJ deceptive ) ( NN management ) ) ) ( PP ( IN in ) ( NP ( NN particular ) ) ) ) ) ) ) ) ) ) )

Since the 1950s federal lending has experienced extraordinary growth in credit volume subsidy rates and policy applications spurred on by the growth of government in general and budget gimmicks and deceptive management in particular


( S ( SBAR-ADV ( IN As ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( MD will ) ( VP ( VB see ) ) ) ) ) ( NP-SBJ ( NP ( JJ many ) ) ( PP ( IN of ) ( NP ( DT these ) ( NNS obligations ) ) ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB show ) ( PRT ( RP up ) ) ( PP-CLR ( IN as ) ( NP ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ federal ) ( NN deficit ) ) ) ) ) ) ) )

As we will see many of these obligations do n't show up as part of the federal deficit


( S ( CC But ) ( NP-SBJ ( JJ recent ) ( NNS events ) ) ( VP ( VBP indicate ) ( SBAR ( S ( NP-SBJ ( DT that ) ( JJ federal ) ( NN credit ) ) ( VP ( VBZ is ) ( PP-PRD ( IN out ) ( PP ( IN of ) ( NP ( NN control ) ) ) ) ) ) ) ) )

But recent events indicate that federal credit is out of control


( S ( S ( NP-SBJ-2 ( NN Student ) ( NN loan ) ( NNS defaults ) ) ( VP ( VBP remain ) ( ADJP-PRD ( JJ high ) ) ( S-ADV ( PP-PRD ( IN at ) ( NP ( QP ( RB about ) ( CD 12 ) ) ( NN % ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( DT the ) ( NN program ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN rocked ) ( PP ( IN by ) ( NP-LGS ( NP ( NNS allegations ) ) ( PP ( IN of ) ( NP ( NN fraud ) ( CC and ) ( NN mismanagement ) ) ) ) ) ) ) ) ) )

Student loan defaults remain high at about 12 % and the program has been rocked by allegations of fraud and mismanagement


( S ( S ( NP-SBJ ( NP ( NNP Farmers ) ( NNP Home ) ( NNP Administration ) ) ( PRN ( NP ( NNP FmHA ) ) ) ( NNS loans ) ) ( VP ( VBP have ) ( VP ( VBN turned ) ( PP-CLR ( IN into ) ( NP ( ADJP ( FW de ) ( FW facto ) ) ( JJ giveaway ) ( NNS programs ) ) ) ) ) ) ( S ( NP-SBJ-1 ( NP ( NNS losses ) ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( JJ next ) ( CD three ) ( NNS years ) ) ) ) ( VP ( VBP are ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB exceed ) ( NP ( QP ( CD 20 ) ( CD billion ) ) ) ) ) ) ) ) ) )

Farmers Home Administration FmHA loans have turned into de facto giveaway programs losses over the next three years are expected to exceed 20 billion


( S ( NP-SBJ ( NP ( NNS Defaults ) ) ( PP ( IN on ) ( NP ( NNP Veterans ) ( NNP Affairs ) ( NN loan ) ( NNS guarantees ) ) ) ) ( VP ( VBP have ) ( VP ( VBN quadrupled ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ past ) ( CD eight ) ( NNS years ) ) ) ) ) )

Defaults on Veterans Affairs loan guarantees have quadrupled in the past eight years


( S ( NP-TMP ( JJ Last ) ( NN month ) ) ( NP-SBJ ( DT the ) ( NNP General ) ( NNP Accounting ) ( NNP Office ) ) ( VP ( VBD reported ) ( SBAR ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNS defaults ) ) ( PP-LOC ( IN in ) ( NP ( NNP Federal ) ( NNP Housing ) ( NNP Administration ) ( NNS guarantees ) ) ) ) ( VP ( VBD were ) ( ADJP-PRD ( ADJP ( QP ( CD five ) ( NNS times ) ) ( RB as ) ( JJ high ) ) ( SBAR ( IN as ) ( S ( ADVP-TMP ( RB previously ) ) ( VP ( VBN estimated ) ) ) ) ) ) ) ) ( CC and ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNP FHA ) ( POS 's ) ) ( NN equity ) ) ( VP ( VBD fell ) ( PP-DIR ( TO to ) ( NP ( QP ( IN minus ) ( CD 2.9 ) ( CD billion ) ) ) ) ) ) ) ) ) )

Last month the General Accounting Office reported that defaults in Federal Housing Administration guarantees were five times as high as previously estimated and that FHA 's equity fell to minus 2.9 billion


( S ( NP-SBJ ( NP ( NNP GAO ) ( POS 's ) ) ( NNS findings ) ) ( VP ( VBP are ) ( ADJP-PRD ( RB particularly ) ( JJ troubling ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ-1 ( DT the ) ( NNP FHA ) ) ( VP ( VP ( VBZ has ) ( NP ( NP ( QP ( RB about ) ( CD 300 ) ( CD billion ) ) ) ( PP ( IN in ) ( NP ( NP ( NNS obligations ) ) ( ADJP ( JJ outstanding ) ) ) ) ) ) ( CC and ) ( VP ( VBD had ) ( ADVP-TMP ( RB previously ) ) ( VP ( VBN been ) ( VP ( VBN considered ) ( S ( NP-PRD ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( DT the ) ( ADJP ( RBS most ) ( RB financially ) ( VB secure ) ) ( NN credit ) ( NNS programs ) ) ) ) ) ) ) ) ) ) ) ) )

GAO 's findings are particularly troubling because the FHA has about 300 billion in obligations outstanding and had previously been considered one of the most financially secure credit programs


( S ( NP-SBJ-1 ( NP ( NNS Scores ) ) ( PP ( IN of ) ( NP ( JJ other ) ( NN credit ) ( NNS programs ) ) ) ) ( S-ADV ( VP ( VBG subsidizing ) ( NP ( NP ( NN agriculture ) ) ( NP ( JJ small ) ( NN business ) ) ( NP ( NNS exporters ) ) ( NP ( NN defense ) ) ( NP ( NN energy ) ) ( NP ( NN transportation ) ) ( CC and ) ( NP ( NNS others ) ) ) ) ) ( VP ( VBP are ) ( UCP-PRD ( ADJP ( RBR less ) ( JJ visible ) ) ( CC but ) ( PP ( IN in ) ( NP ( ADJP ( DT no ) ( JJR better ) ) ( NN shape ) ) ) ) ) )

Scores of other credit programs subsidizing agriculture small business exporters defense energy transportation and others are less visible but in no better shape


( S ( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( DT the ) ( NNS programs ) ) ( VP ( VBP continue ) ( NP ( PRP$ their ) ( JJ present ) ( NN path ) ) ) ) ) ( NP-SBJ ( DT the ) ( JJ potential ) ( NN government ) ( NNS losses ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ staggering ) ) ) ) ( S ( NP-SBJ ( DT The ) ( JJ federal ) ( NN government ) ) ( VP ( VP ( VBZ holds ) ( NP ( NP ( QP ( CD 222 ) ( CD billion ) ) ) ( PP ( IN in ) ( NP ( NP ( JJ direct ) ( NNS loans ) ) ( ADJP ( JJ outstanding ) ) ) ) ) ) ( CC and ) ( VP ( VBZ backs ) ( NP ( NP ( DT an ) ( JJ additional ) ( QP ( CD 550 ) ( CD billion ) ) ) ( PP ( IN in ) ( NP ( JJ primary ) ( NNS guarantees ) ) ) ) ) ) ) )

If the programs continue their present path the potential government losses are staggering The federal government holds 222 billion in direct loans outstanding and backs an additional 550 billion in primary guarantees


( S ( NP-SBJ ( NP ( NP ( JJ Secondary ) ( NNS guarantees ) ) ( PP ( IN of ) ( NP ( NP ( NNS pools ) ) ( PP ( IN of ) ( NP ( NNP FHA ) ) ) ) ) ) ( CC and ) ( NP ( NP ( JJ VA-backed ) ( NNS loans ) ) ( PP ( IN by ) ( NP ( DT the ) ( NN agency ) ) ) ( VP ( VBN known ) ( PP-CLR ( IN as ) ( NP ( NNP Ginnie ) ( NNP Mae ) ) ) ) ) ) ( ADVP-TMP ( RB currently ) ) ( VP ( VBP exceed ) ( NP ( QP ( CD 330 ) ( CD billion ) ) ) ) )

Secondary guarantees of pools of FHA and VA-backed loans by the agency known as Ginnie Mae currently exceed 330 billion


( S ( SBAR-ADV ( IN Although ) ( S ( NP-SBJ ( JJ external ) ( NNS events ) ) ( VP ( VBP have ) ( VP ( VBN contributed ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NN morass ) ) ) ) ) ) ) ( NP-SBJ ( NP ( DT the ) ( JJ principal ) ( NNS causes ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ current ) ( NN crisis ) ) ) ) ( VP ( VBP are ) ( ADJP-PRD ( ADJP ( JJ internal ) ) ( CC and ) ( ADJP ( JJ generic ) ( PP ( TO to ) ( NP ( DT all ) ( NNS programs ) ) ) ) ) ) )

Although external events have contributed to the morass the principal causes of the current crisis are internal and generic to all programs


( S ( S-PRP ( VP ( TO To ) ( VP ( VB reduce ) ( NP ( DT the ) ( NNS risks ) ) ( SBAR-ADV ( IN while ) ( S ( ADVP-TMP ( RB still ) ) ( VP ( VBG retaining ) ( NP ( NP ( DT the ) ( JJ legitimate ) ( NNS benefits ) ) ( SBAR ( S ( NP-SBJ ( DT these ) ( NNS programs ) ) ( VP ( MD can ) ( VP ( VB provide ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ-2 ( NN credit ) ( NN policy ) ) ( VP ( MD must ) ( VP ( LST ( LS 1 ) ) ( VB Use ) ( NP ( NN credit ) ) ( S-CLR ( VP ( VP ( TO to ) ( VP ( VB improve ) ( NP ( NP ( DT the ) ( NN operation ) ) ( PP ( IN of ) ( NP ( NN capital ) ( NNS markets ) ) ) ) ) ) ( RB not ) ( VP ( TO to ) ( VP ( VB provide ) ( NP ( NNS subsidies ) ) ) ) ) ) ) ) )

To reduce the risks while still retaining the legitimate benefits these programs can provide credit policy must 1 Use credit to improve the operation of capital markets not to provide subsidies


( S ( NP-SBJ ( EX There ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( JJ fundamental ) ( NN conflict ) ) ( PP ( IN between ) ( NP ( S-NOM ( VP ( VBG providing ) ( NP ( DT a ) ( NN subsidy ) ) ) ) ( CC and ) ( S-NOM ( VP ( VBG maintaining ) ( NP ( NP ( DT the ) ( NN integrity ) ) ( PP ( IN of ) ( NP ( DT a ) ( NN credit ) ( NN program ) ) ) ) ) ) ) ) ) ) )

There is a fundamental conflict between providing a subsidy and maintaining the integrity of a credit program


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ-1 ( DT the ) ( NN program ) ) ( VP ( VBZ is ) ( VP ( VBN meant ) ( S ( VP ( TO to ) ( VP ( VB provide ) ( NP ( DT a ) ( NN subsidy ) ) ) ) ) ) ) ) ) ( S-NOM-SBJ ( VP ( VBG collecting ) ( NP ( DT the ) ( NN debt ) ) ) ) ( VP ( VBZ defeats ) ( NP ( DT the ) ( JJ original ) ( NN goal ) ) ) )

If the program is meant to provide a subsidy collecting the debt defeats the original goal


( S ( ADVP ( RB Thus ) ) ( NP-SBJ-1 ( JJ subsidized ) ( NNS loans ) ) ( VP ( VBP tend ) ( S ( VP ( TO to ) ( VP ( VB turn ) ( PP-CLR ( IN into ) ( NP ( NP ( JJ giveaway ) ( NNS programs ) ) ( PP ( IN with ) ( NP ( NP ( VBG increasing ) ( NN subsidy ) ( CC and ) ( NN default ) ( NNS rates ) ) ( PP-TMP ( IN over ) ( NP ( NN time ) ) ) ) ) ) ) ) ) ) ) )

Thus subsidized loans tend to turn into giveaway programs with increasing subsidy and default rates over time


( S ( S-PRP ( VP ( TO To ) ( VP ( VB avoid ) ( NP ( DT this ) ( NN problem ) ) ) ) ) ( NP-SBJ-1 ( NN government ) ) ( VP ( MD should ) ( VP ( VB issue ) ( NP ( NN credit ) ) ( SBAR-ADV ( ADVP ( RB only ) ) ( IN if ) ( S ( NP-SBJ-2 ( PRP it ) ) ( VP ( VBZ intends ) ( S ( VP ( TO to ) ( VP ( VB use ) ( NP ( DT every ) ( JJ legal ) ( NN method ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB collect ) ) ) ) ) ) ) ) ) ) ) ) )

To avoid this problem government should issue credit only if it intends to use every legal method to collect


( S ( PP ( IN In ) ( NP ( NN contrast ) ) ) ( NP-SBJ ( NN credit ) ( NNS programs ) ) ( VP ( MD can ) ( VP ( VB be ) ( NP-PRD ( NP ( JJ appropriate ) ( NNS tools ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB improve ) ( NP ( NP ( DT the ) ( NN operation ) ) ( PP ( IN of ) ( NP ( NN capital ) ( NNS markets ) ) ) ) ) ) ) ) ) ) ) )

In contrast credit programs can be appropriate tools to improve the operation of capital markets


( S ( PP ( IN For ) ( NP ( NN example ) ) ) ( NP-SBJ ( NP ( JJ legal ) ( NNS restrictions ) ) ( PP ( IN on ) ( NP ( JJ interstate ) ( NN banking ) ) ) ) ( ADVP-TMP ( RB once ) ) ( VP ( VBD inhibited ) ( NP ( NP ( DT the ) ( NN supply ) ) ( PP ( IN of ) ( NP ( NN credit ) ) ) ( PP ( TO to ) ( NP ( DT the ) ( JJ agricultural ) ( NN sector ) ) ) ) ) )

For example legal restrictions on interstate banking once inhibited the supply of credit to the agricultural sector


( S ( NP-SBJ-1 ( NN Farm ) ( NN lending ) ) ( VP ( VBD was ) ( VP ( VBN enacted ) ( S-PRP ( VP ( TO to ) ( VP ( VB correct ) ( NP ( DT this ) ( NN problem ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG providing ) ( NP ( NP ( DT a ) ( JJ reliable ) ( NN flow ) ) ( PP ( IN of ) ( NP ( JJ lendable ) ( NNS funds ) ) ) ) ) ) ) ) ) ) ) ) )

Farm lending was enacted to correct this problem by providing a reliable flow of lendable funds


( S ( ADVP ( RB However ) ) ( NP-SBJ ( DT this ) ) ( PP ( IN in ) ( NP ( DT no ) ( NN way ) ) ) ( VP ( VBZ justifies ) ( NP ( DT the ) ( NX ( NX ( JJ huge ) ( NN government ) ( NNS subsidies ) ) ( CC and ) ( NX ( NP ( NNS losses ) ) ( PP-LOC ( IN on ) ( NP ( JJ such ) ( NNS loans ) ) ) ) ) ) ) )

However this in no way justifies the huge government subsidies and losses on such loans


( S ( NP-SBJ ( NN Credit ) ( NN policy ) ) ( VP ( MD should ) ( VP ( VP ( VB separate ) ( NP ( DT these ) ( CD two ) ( VBG competing ) ( NNS objectives ) ) ) ( CC and ) ( VP ( VB eliminate ) ( NP ( NP ( NNS aspects ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP provide ) ( NP ( DT the ) ( NN subsidy ) ) ) ) ) ) ) ) ) )

Credit policy should separate these two competing objectives and eliminate aspects that provide the subsidy


( S ( PP ( IN For ) ( NP ( NN example ) ) ) ( NP-SBJ-1 ( NN student ) ( NNS loans ) ) ( ADVP-TMP ( RB currently ) ) ( VP ( VBP attempt ) ( S ( VP ( TO to ) ( VP ( VP ( VB subsidize ) ( NP ( NN college ) ( NN attendance ) ) ) ( CC and ) ( VP ( VB mitigate ) ( NP ( NP ( NNS problems ) ) ( VP ( VBN created ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NN fact ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( NP ( NNS students ) ( POS ' ) ) ( JJ future ) ( NNS earnings ) ) ( VP ( VBP are ) ( RB not ) ( VP ( VBN accepted ) ( PP-CLR ( IN as ) ( NP ( NN collateral ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

For example student loans currently attempt to subsidize college attendance and mitigate problems created by the fact that students ' future earnings are not accepted as collateral


( S ( NP-SBJ ( DT The ) ( NN program ) ) ( VP ( VBZ provides ) ( NP ( ADJP ( RB highly ) ( JJ subsidized ) ) ( NNS loans ) ) ( PP-CLR ( TO to ) ( NP ( NP ( DT any ) ( NN student ) ) ( SBAR ( WHNP-1 ( WP$ whose ) ( NN family ) ) ( S ( VP ( VBZ earns ) ( NP ( NP ( JJR less ) ) ( PP ( IN than ) ( NP ( DT a ) ( JJ particular ) ( NN amount ) ) ) ) ) ) ) ) ) ) )

The program provides highly subsidized loans to any student whose family earns less than a particular amount


( S ( NP-SBJ ( NP ( JJ High ) ( NN default ) ( NNS rates ) ) ( NP ( DT a ) ( JJ low ) ( NN interest ) ( NN rate ) ) ( CC and ) ( NP ( NP ( NN government ) ( NN coverage ) ) ( PP ( IN of ) ( NP ( NP ( DT all ) ( NN interest ) ( NNS costs ) ) ( SBAR-TMP ( IN while ) ( S ( NP-SBJ ( DT the ) ( NN student ) ) ( VP ( VBZ is ) ( PP-LOC-PRD ( IN in ) ( NP ( NN school ) ) ) ) ) ) ) ) ) ) ( VP ( VBP make ) ( S ( NP-SBJ ( NN program ) ( NNS costs ) ) ( ADJP-PRD ( RB extremely ) ( JJ high ) ) ) ) )

High default rates a low interest rate and government coverage of all interest costs while the student is in school make program costs extremely high


( S ( NP-SBJ-2 ( NP ( NNS Families ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP do ) ( RB not ) ( VP ( VB need ) ( NP ( DT the ) ( NN loan ) ) ) ) ) ) ) ( VP ( MD can ) ( VP ( VB make ) ( NP ( NN money ) ) ( PP-MNR ( ADVP ( RB simply ) ) ( IN by ) ( S-NOM ( VP ( VP ( VBG putting ) ( NP ( DT the ) ( NN loan ) ) ( PP-PUT ( IN in ) ( NP ( DT the ) ( NN bank ) ) ) ) ( CC and ) ( VP ( VBG paying ) ( NP ( PRP it ) ) ( PRT ( RP back ) ) ( SBAR-TMP ( WHADVP-3 ( WRB when ) ) ( S ( NP-SBJ ( DT the ) ( NN student ) ) ( VP ( VBZ graduates ) ) ) ) ) ) ) ) ) ) )

Families that do not need the loan can make money simply by putting the loan in the bank and paying it back when the student graduates


( S ( PP ( IN In ) ( NP ( NN contrast ) ) ) ( NP-SBJ ( NP ( DT a ) ( NN student ) ( NN loan ) ( NN program ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBD was ) ( VP ( VBN meant ) ( ADVP ( RB solely ) ) ( S ( VP ( TO to ) ( VP ( VB correct ) ( NP ( JJ capital-market ) ( NNS imperfections ) ) ) ) ) ) ) ) ) ) ( VP ( MD would ) ( VP ( VB allow ) ( NP ( NNS loans ) ) ( PP ( IN for ) ( NP ( DT any ) ( NN student ) ) ) ( ADVP ( RB regardless ) ( PP ( IN of ) ( NP ( NN family ) ( NN income ) ) ) ) ( PP ( IN at ) ( NP ( UCP ( NN market ) ( CC or ) ( JJ near-market ) ) ( NNS rates ) ) ) ) ) )

In contrast a student loan program that was meant solely to correct capital-market imperfections would allow loans for any student regardless of family income at market or near-market rates


( S ( SBAR-TMP ( IN While ) ( S ( NP-SBJ ( DT the ) ( NN student ) ) ( VP ( VBD was ) ( PP-LOC-PRD ( IN in ) ( NP ( NN school ) ) ) ) ) ) ( NP-SBJ-1 ( NN interest ) ( NNS costs ) ) ( VP ( MD would ) ( VP ( RB either ) ( VB be ) ( VP ( VP ( VBN paid ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NN student ) ) ) ) ( CC or ) ( VP ( VBN added ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NN loan ) ( NN balance ) ) ) ) ) ) ) )

While the student was in school interest costs would either be paid by the student or added to the loan balance


( S ( NP-SBJ ( NP ( DT This ) ( NN program ) ) ( VP ( VBN combined ) ( PP-CLR ( IN with ) ( NP ( NP ( NN cash ) ( NNS grants ) ) ( PP ( TO to ) ( NP ( JJ needy ) ( NNS students ) ) ) ) ) ) ) ( VP ( MD would ) ( VP ( VP ( VB reduce ) ( NP ( NN program ) ( NNS costs ) ) ) ( CC and ) ( VP ( ADVP-MNR ( RB much ) ( RBR more ) ( RB effectively ) ) ( VB target ) ( NP ( DT the ) ( JJ intended ) ( NNS beneficiaries ) ) ) ) ) )

This program combined with cash grants to needy students would reduce program costs and much more effectively target the intended beneficiaries


( S ( LST ( LS 2 ) ) ( VP ( VB Provide ) ( NP ( JJR better ) ( NNS incentives ) ) ) )

2 Provide better incentives


( S ( PP ( VBN Given ) ( NP ( NP ( DT the ) ( NN structure ) ) ( PP ( IN of ) ( NP ( JJS most ) ( NN credit ) ( NNS programs ) ) ) ) ) ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ surprising ) ) ( SBAR-1 ( IN that ) ( S ( NP-SBJ ( NN default ) ( NNS rates ) ) ( VP ( VBP are ) ( RB not ) ( ADJP-PRD ( RB even ) ( JJR higher ) ) ) ) ) ) )

Given the structure of most credit programs it is surprising that default rates are not even higher


( S ( NP-SBJ ( NN Guarantee ) ( NNS rates ) ) ( VP ( VBP are ) ( ADVP ( RB typically ) ) ( NP-PRD ( CD 100 ) ( NN % ) ) ( S-ADV ( VP ( VBG giving ) ( NP ( NNS lenders ) ) ( NP ( NP ( JJ little ) ( NN reason ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( NN screen ) ( NP ( NNS customers ) ) ( ADVP-MNR ( RB carefully ) ) ) ) ) ) ) ) ) ) )

Guarantee rates are typically 100 % giving lenders little reason to screen customers carefully


( S ( S-NOM-SBJ ( VP ( VBG Reducing ) ( NP ( DT those ) ( NNS rates ) ) ( ADVP-MNR ( RB moderately ) ) ( PRN ( INTJ ( UH say ) ) ( PP-CLR ( TO to ) ( NP ( CD 75 ) ( NN % ) ) ) ) ) ) ( VP ( MD would ) ( ADVP-TMP ( RB still ) ) ( VP ( VB provide ) ( NP ( JJ substantial ) ( NN assistance ) ) ( PP-CLR ( TO to ) ( NP ( NNS borrowers ) ) ) ) ) )

Reducing those rates moderately say to 75 % would still provide substantial assistance to borrowers


( S ( CC But ) ( NP-SBJ ( PRP it ) ) ( VP ( MD would ) ( ADVP ( RB also ) ) ( VP ( VP ( VB encourage ) ( S ( NP-SBJ ( NNS lenders ) ) ( VP ( TO to ) ( VP ( VP ( VB choose ) ( NP ( ADJP ( RBR more ) ( NN creditworthy ) ) ( NNS customers ) ) ) ) ) ) ) ( CC and ) ( VP ( VB go ) ( NP-ADV ( DT a ) ( JJ long ) ( NN way ) ) ( PP-DIR ( IN toward ) ( S-NOM ( VP ( VBG reducing ) ( NP ( NNS defaults ) ) ) ) ) ) ) ) )

But it would also encourage lenders to choose more creditworthy customers and go a long way toward reducing defaults


( S ( PP ( IN For ) ( NP ( NN example ) ) ) ( NP-SBJ-1 ( DT the ) ( NNP Small ) ( NNP Business ) ( NNP Administration ) ) ( VP ( VBZ has ) ( VP ( VBD had ) ( NP ( JJ reasonable ) ( NN success ) ) ( PP ( IN in ) ( S-NOM ( VP ( VBG reducing ) ( NP ( DT both ) ( NP ( NN guarantee ) ( NNS rates ) ) ( CC and ) ( NP ( NN default ) ( NNS rates ) ) ) ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( PRP$ its ) ( NNP Preferred ) ( NNP Lenders ) ( POS ' ) ) ( NNP Program ) ) ) ) ) )

For example the Small Business Administration has had reasonable success in reducing both guarantee rates and default rates in its Preferred Lenders ' Program


( S ( NP-SBJ ( NP ( NNS Borrowers ) ( POS ' ) ) ( NNS incentives ) ) ( VP ( VBP are ) ( ADJP-PRD ( RB equally ) ( JJ skewed ) ) ) )

Borrowers ' incentives are equally skewed


( S ( SBAR-PRP ( IN Since ) ( S ( NP-SBJ ( DT the ) ( NN government ) ) ( VP ( VBZ has ) ( NP ( NP ( DT a ) ( JJ dismal ) ( NN record ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG collecting ) ( NP ( JJ bad ) ( NNS debts ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( DT the ) ( NNS costs ) ) ( PP ( TO to ) ( NP ( DT the ) ( NN borrower ) ) ) ( PP ( IN of ) ( NP ( VBG defaulting ) ) ) ) ( VP ( VBP are ) ( ADVP-TMP ( RB usually ) ) ( ADJP-PRD ( JJ low ) ) ) )

Since the government has a dismal record of collecting bad debts the costs to the borrower of defaulting are usually low


( S ( PP ( IN In ) ( NP ( NN addition ) ) ) ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ is ) ( ADVP-TMP ( RB often ) ) ( ADJP-PRD ( JJ possible ) ) ( S-2 ( VP ( TO to ) ( VP ( VB obtain ) ( NP ( DT a ) ( JJ new ) ( NN government ) ( NN loan ) ) ( SBAR-ADV ( ADVP ( RB even ) ) ( IN if ) ( S ( NP-SBJ-1 ( JJ existing ) ( NNS debts ) ) ( VP ( VBP are ) ( RB not ) ( VP ( VBN paid ) ( PRT ( RP off ) ) ) ) ) ) ) ) ) ) )

In addition it is often possible to obtain a new government loan even if existing debts are not paid off


( S ( NP-SBJ ( NN Simple ) ( NN policy ) ( NNS prescriptions ) ) ( PP-LOC ( IN in ) ( NP ( DT this ) ( NN case ) ) ) ( VP ( MD would ) ( VP ( VB be ) ( S-PRD ( S ( VP ( TO to ) ( VP ( VB improve ) ( NP ( NN debt ) ( NN collection ) ) ( PRN ( S-ADV ( VP ( VBG taking ) ( NP ( DT the ) ( NNS gloves ) ) ( PP-CLR ( RP off ) ( NP ( VBN contracted ) ( NN collection ) ( NNS agencies ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( VP ( TO to ) ( VP ( VB deny ) ( NP ( JJ new ) ( NN credit ) ) ( PP-DTV ( TO to ) ( NP ( NNS defaulters ) ) ) ) ) ) ) ) ) )

Simple policy prescriptions in this case would be to improve debt collection taking the gloves off contracted collection agencies and to deny new credit to defaulters


( S ( NP-SBJ ( DT These ) ( NNS provisions ) ) ( VP ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( JJ difficult ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB enforce ) ) ) ) ) ) ( PP ( IN for ) ( NP ( NP ( DT a ) ( NN program ) ) ( VP ( VBN intended ) ( S ( VP ( TO to ) ( VP ( VB provide ) ( NP ( DT a ) ( NN subsidy ) ) ) ) ) ) ) ) ) ) ( CC but ) ( VP ( MD would ) ( VP ( VB be ) ( NP-PRD ( ADJP ( JJ reasonable ) ( CC and ) ( JJ effective ) ) ( NNS devices ) ) ( PP ( IN for ) ( NP ( NP ( NNS programs ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP attempt ) ( S ( VP ( TO to ) ( VP ( VB offset ) ( NP ( NN market ) ( NNS imperfections ) ) ) ) ) ) ) ) ) ) ) ) ) )

These provisions would be difficult to enforce for a program intended to provide a subsidy but would be reasonable and effective devices for programs that attempt to offset market imperfections


( S ( LST ( LS 3 ) ) ( VP ( VB Record ) ( NP ( NP ( DT the ) ( JJ true ) ( NNS costs ) ) ( PP ( IN of ) ( NP ( NN credit ) ( NNS programs ) ) ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ federal ) ( NN budget ) ) ) ) )

3 Record the true costs of credit programs in the federal budget


( S ( SBAR-PRP ( IN Since ) ( S ( NP-SBJ ( DT the ) ( NN budget ) ) ( VP ( VBZ measures ) ( NP ( NN cash ) ( NN flow ) ) ) ) ) ( NP-SBJ-1 ( DT a ) ( JJ new ) ( ADJP ( CD 1 ) ) ( JJ direct ) ( NN loan ) ) ( VP ( VBZ is ) ( VP ( VBN treated ) ( PP-CLR ( IN as ) ( NP ( DT a ) ( ADJP ( CD 1 ) ) ( NN expenditure ) ) ) ( SBAR-ADV ( ADVP ( RB even ) ) ( IN though ) ( S ( NP-SBJ-2 ( NP ( ADVP ( IN at ) ( JJS least ) ) ( NN part ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN loan ) ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN paid ) ( PRT ( RP back ) ) ) ) ) ) ) ) ) )

Since the budget measures cash flow a new 1 direct loan is treated as a 1 expenditure even though at least part of the loan will be paid back


( S ( NP-SBJ ( NN Loan ) ( NNS guarantees ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB appear ) ( ADVP ( IN at ) ( DT all ) ) ( SBAR-TMP ( IN until ) ( S ( NP-SBJ ( DT the ) ( NN borrower ) ) ( VP ( NNS defaults ) ) ) ) ( SBAR-PRP ( RB so ) ( S ( NP-SBJ ( JJ new ) ( NNS guarantees ) ) ( VP ( VBP do ) ( RB not ) ( VP ( VB raise ) ( NP ( DT the ) ( NN deficit ) ) ( SBAR-ADV ( ADVP ( RB even ) ) ( IN though ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP create ) ( NP ( NP ( JJ future ) ( NNS liabilities ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN government ) ) ) ) ) ) ) ) ) ) ) ) ) )

Loan guarantees do n't appear at all until the borrower defaults so new guarantees do not raise the deficit even though they create future liabilities for the government


( S ( PP-MNR ( IN By ) ( S-NOM ( VP ( VBG converting ) ( NP ( DT an ) ( NN expenditure ) ( CC or ) ( NN loan ) ) ( PP-CLR ( TO to ) ( NP ( DT a ) ( NN guarantee ) ) ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NN government ) ) ( VP ( MD can ) ( VP ( VP ( VB ensure ) ( NP ( NP ( DT the ) ( JJ same ) ( NN flow ) ) ( PP ( IN of ) ( NP ( NNS resources ) ) ) ) ) ( CC and ) ( VP ( VB reduce ) ( NP ( DT the ) ( JJ current ) ( NN deficit ) ) ) ) ) )

By converting an expenditure or loan to a guarantee the government can ensure the same flow of resources and reduce the current deficit


( S ( ADVP ( RB Predictably ) ) ( NP-SBJ ( NP ( NNS guarantees ) ) ( ADJP ( JJ outstanding ) ) ) ( VP ( VBP have ) ( VP ( VBN risen ) ( PP-MNR ( IN by ) ( NP ( QP ( CD 130 ) ( CD billion ) ) ) ) ( PP-TMP ( IN since ) ( NP ( CD 1985 ) ) ) ( SBAR-TMP ( IN while ) ( S ( NP-SBJ ( NP ( JJ direct ) ( NNS loans ) ) ( ADJP ( JJ outstanding ) ) ) ( VP ( VBP have ) ( VP ( VBN fallen ) ( PP-MNR ( IN by ) ( NP ( QP ( CD 30 ) ( CD billion ) ) ) ) ) ) ) ) ) ) )

Predictably guarantees outstanding have risen by 130 billion since 1985 while direct loans outstanding have fallen by 30 billion


( S ( NP-SBJ ( NP ( DT The ) ( JJ true ) ( JJ budgetary ) ( NN cost ) ) ( PP ( IN of ) ( NP ( DT a ) ( NN credit ) ( NN subsidy ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( JJ discounted ) ( NN value ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ net ) ( NNS costs ) ) ( PP ( TO to ) ( NP ( NN government ) ) ) ) ) ) ) )

The true budgetary cost of a credit subsidy is the discounted value of the net costs to government


( S ( NP-SBJ-1 ( DT This ) ( NN figure ) ) ( VP ( MD could ) ( VP ( VB be ) ( VP ( VP ( VBN estimated ) ( S-ADV ( VP ( VBG using ) ( NP ( NP ( NNS techniques ) ) ( VP ( VBN employed ) ( PP ( IN by ) ( NP-LGS ( JJ private ) ( NNS lenders ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB forecast ) ( NP ( NNS losses ) ) ) ) ) ) ) ) ) ) ( CC or ) ( VP ( VBN determined ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG selling ) ( NP ( NNS loans ) ) ( PP-CLR ( TO to ) ( NP ( JJ private ) ( NNS owners ) ) ) ( PRN ( PP ( IN without ) ( NP ( JJ federal ) ( NNS guarantees ) ) ) ) ) ) ) ) ) ) ) )

This figure could be estimated using techniques employed by private lenders to forecast losses or determined by selling loans to private owners without federal guarantees


( S ( S ( NP-SBJ ( DT Neither ) ( NN technique ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ perfect ) ) ) ) ( CC but ) ( S ( NP-SBJ ( DT both ) ) ( VP ( VBP are ) ( ADJP-PRD ( ADJP ( JJR better ) ) ( PP ( IN than ) ( NP ( NP ( DT the ) ( JJ current ) ( NN system ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ misstates ) ( NP ( NP ( DT the ) ( NNS costs ) ) ( PP ( IN of ) ( NP ( JJ new ) ( NN credit ) ( NNS programs ) ) ) ) ( PP-MNR ( IN by ) ( NP ( NP ( NNS amounts ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VP ( VBP vary ) ( ADVP-MNR ( RB substantially ) ) ) ( CC and ) ( VP ( VBP average ) ( NP ( QP ( RB about ) ( CD 20 ) ( CD billion ) ) ) ( ADVP-TMP ( RB annually ) ) ) ) ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( DT the ) ( NNP Congressional ) ( NNP Budget ) ( NNP Office ) ) ) ) ) ) ) ) ) ) ) ) )

Neither technique is perfect but both are better than the current system which misstates the costs of new credit programs by amounts that vary substantially and average about 20 billion annually according to the Congressional Budget Office


( S ( NP-SBJ ( NP ( DT A ) ( NN budget ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD reflected ) ( NP ( NP ( DT the ) ( JJ real ) ( NNS costs ) ) ( PP ( IN of ) ( NP ( NN lending ) ) ) ) ) ) ) ) ( VP ( VP ( MD would ) ( VP ( VB eliminate ) ( NP ( NNS incentives ) ( S ( VP ( TO to ) ( VP ( VB convert ) ( NP ( ADJP ( NN spending ) ( CC or ) ( NN lending ) ) ( NNS programs ) ) ( PP-CLR ( TO to ) ( NP ( NNS guarantees ) ) ) ) ) ) ) ) ) ( CC and ) ( VP ( MD would ) ( VP ( VB let ) ( S ( NP-SBJ ( NNS taxpayers ) ) ( VP ( VB know ) ( SBAR-NOM ( WHNP-2 ( WP what ) ) ( S ( NP-SBJ ( NNP Congress ) ) ( VP ( VBZ is ) ( VP ( VBG committing ) ( NP ( PRP them ) ) ( PP-CLR ( TO to ) ) ) ) ) ) ) ) ) ) ) )

A budget that reflected the real costs of lending would eliminate incentives to convert spending or lending programs to guarantees and would let taxpayers know what Congress is committing them to


( S ( LST ( LS 4 ) ) ( VP ( VB Impose ) ( NP ( JJ standard ) ( UCP ( NN accounting ) ( CC and ) ( JJ administrative ) ) ( NNS practices ) ) ) )

4 Impose standard accounting and administrative practices


( S ( NP-SBJ ( JJ Creative ) ( NN accounting ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN hallmark ) ) ( PP ( IN of ) ( NP ( JJ federal ) ( NN credit ) ) ) ) ) )

Creative accounting is a hallmark of federal credit


( S ( NP-SBJ-1 ( JJ Many ) ( NNS agencies ) ) ( VP ( VBP roll ) ( PRT ( RP over ) ) ( NP ( PRP$ their ) ( NN debt ) ) ( S-ADV ( VP ( VP ( VBG paying ) ( PRT ( RP off ) ) ( NP ( JJ delinquent ) ( NNS loans ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG issuing ) ( NP ( JJ new ) ( NNS loans ) ) ) ) ) ) ( CC or ) ( VP ( VBG converting ) ( NP ( JJ defaulted ) ( NN loan ) ( NNS guarantees ) ) ( PP-CLR ( IN into ) ( NP ( JJ direct ) ( NNS loans ) ) ) ) ) ) ) )

Many agencies roll over their debt paying off delinquent loans by issuing new loans or converting defaulted loan guarantees into direct loans


( S ( PP-LOC ( IN In ) ( NP ( DT any ) ( NN case ) ) ) ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBP avoid ) ( S ( VP ( VBG having ) ( S ( VP ( TO to ) ( VP ( VB write ) ( PRT ( RP off ) ) ( NP ( DT the ) ( NNS loans ) ) ) ) ) ) ) ) )

In any case they avoid having to write off the loans


( S ( S ( NP-SBJ ( DT Some ) ( NNS agencies ) ) ( ADVP ( RB simply ) ) ( VP ( VB keep ) ( S ( NP-SBJ ( JJ bad ) ( NNS loans ) ) ( PP-LOC-PRD ( IN on ) ( NP ( DT the ) ( NNS books ) ) ) ) ) ) ( S ( ADVP-TMP ( ADVP ( RB as ) ( RB late ) ) ( PP ( IN as ) ( NP ( CD 1987 ) ) ) ) ( NP-SBJ ( DT the ) ( NNP Export-Import ) ( NNP Bank ) ) ( VP ( VBD held ) ( PP-LOC ( IN in ) ( NP ( PRP$ its ) ( NN portfolio ) ) ) ( PP ( IN at ) ( NP ( NN face ) ( NN value ) ) ) ( NP ( NP ( NNS loans ) ) ( VP ( VBN made ) ( PP-CLR ( TO to ) ( NP ( NNP Cuba ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( CD 1950s ) ) ) ) ) ) ) )

Some agencies simply keep bad loans on the books as late as 1987 the Export-Import Bank held in its portfolio at face value loans made to Cuba in the 1950s


( S ( ADVP ( RBR More ) ( RB seriously ) ) ( NP-SBJ ( NNP FmHA ) ) ( VP ( VBZ has ) ( VP ( VBN carried ) ( NP ( NP ( QP ( JJ several ) ( CD billion ) ) ( NNS dollars ) ) ( PP ( IN of ) ( NP ( JJ defaulted ) ( NNS loans ) ) ) ) ( PP-MNR ( IN at ) ( NP ( NN face ) ( NN value ) ) ) ) ) )

More seriously FmHA has carried several billion dollars of defaulted loans at face value


( S ( PP-TMP ( IN Until ) ( NP ( NP ( NNP GAO ) ( POS 's ) ) ( JJ recent ) ( NN audit ) ) ) ( NP-SBJ ( NNP FHA ) ( NNS books ) ) ( VP ( VBD had ) ( RB not ) ( VP ( VBN been ) ( ADJP-PRD ( JJ subject ) ( PP ( TO to ) ( NP ( DT a ) ( JJ complete ) ( JJ external ) ( NN audit ) ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 15 ) ( NNS years ) ) ) ) ) )

Until GAO 's recent audit FHA books had not been subject to a complete external audit in 15 years


( S ( NP-SBJ ( NP ( DT The ) ( NN administration ) ) ( PP ( IN of ) ( NP ( JJ federal ) ( NN credit ) ) ) ) ( VP ( MD should ) ( VP ( ADVP-MNR ( RB closely ) ) ( VB parallel ) ( NP ( NP ( JJ private ) ( JJ lending ) ( NNS practices ) ) ( PP ( VBG including ) ( NP ( NP ( NP ( DT the ) ( NN development ) ) ( PP ( IN of ) ( NP ( DT a ) ( NN loan ) ( NN loss ) ( NN reserve ) ) ) ) ( CC and ) ( NP ( JJ regular ) ( JJ outside ) ( NN audits ) ) ) ) ) ) ) )

The administration of federal credit should closely parallel private lending practices including the development of a loan loss reserve and regular outside audits


( S ( S-NOM-SBJ ( VP ( VBG Establishing ) ( NP ( DT these ) ( NNS practices ) ) ) ) ( VP ( MD would ) ( VP ( VP ( VB permit ) ( NP ( NP ( JJR earlier ) ( NN identification ) ) ( PP ( IN of ) ( NP ( VBG emerging ) ( JJ financial ) ( NNS crises ) ) ) ) ) ( VP ( VB provide ) ( NP ( JJR better ) ( NN information ) ) ( PP ( IN for ) ( NP ( NP ( NN loan ) ( NNS sales ) ) ( CC and ) ( NP ( NN budgeting ) ( NNS decisions ) ) ) ) ) ( CC and ) ( VP ( VB reduce ) ( NP ( NN fraud ) ) ) ) ) )

Establishing these practices would permit earlier identification of emerging financial crises provide better information for loan sales and budgeting decisions and reduce fraud


( S ( NP-SBJ-1 ( NNP Government ) ( NN lending ) ) ( VP ( VBD was ) ( RB not ) ( VP ( VBN intended ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( NP ( DT a ) ( NN way ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VP ( VB obfuscate ) ( NP ( NN spending ) ( NNS figures ) ) ) ( VP ( VB hide ) ( NP ( JJ fraudulent ) ( NN activity ) ) ) ( CC or ) ( VP ( VB provide ) ( NP ( JJ large ) ( NNS subsidies ) ) ) ) ) ) ) ) ) ) ) ) ) )

Government lending was not intended to be a way to obfuscate spending figures hide fraudulent activity or provide large subsidies


( S ( NP-SBJ ( NP ( DT The ) ( NNS reforms ) ) ( VP ( VBN described ) ( ADVP-LOC ( RB above ) ) ) ) ( VP ( MD would ) ( VP ( VB provide ) ( NP ( DT a ) ( ADJP ( ADJP ( RBR more ) ( JJ limited ) ) ( CC but ) ( ADJP ( ADJP ( JJR clearer ) ) ( ADJP ( JJR safer ) ) ( CC and ) ( ADJP ( RB ultimately ) ( RBR more ) ( JJ useful ) ) ) ) ( NN role ) ) ( PP-CLR ( IN for ) ( NP ( NP ( NN government ) ) ( PP ( IN as ) ( NP ( DT a ) ( NN lender ) ) ) ) ) ) ) )

The reforms described above would provide a more limited but clearer safer and ultimately more useful role for government as a lender


( S ( PP ( IN Without ) ( NP ( JJ such ) ( NNS reforms ) ) ) ( NP-SBJ-1 ( NN credit ) ( NNS programs ) ) ( VP ( MD will ) ( VP ( VB continue ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( DT a ) ( JJ large-scale ) ( JJ high-risk ) ( NN proposition ) ) ( PP ( IN for ) ( NP ( NNS taxpayers ) ) ) ) ) ) ) ) )

Without such reforms credit programs will continue to be a large-scale high-risk proposition for taxpayers


( S ( NP-SBJ ( NNP Mr. ) ( NNP Gale ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT an ) ( JJ assistant ) ( NN professor ) ) ( PP ( IN of ) ( NP ( NN economics ) ) ) ( PP-LOC ( IN at ) ( NP ( NNP UCLA ) ) ) ) ) )

Mr. Gale is an assistant professor of economics at UCLA


( S ( SBAR-TMP ( WHADVP-1 ( WRB When ) ) ( S ( NP-SBJ ( DT the ) ( NNP Trinity ) ( NNP Repertory ) ( NNP Theater ) ) ( VP ( VBD named ) ( S ( NP-SBJ ( NNP Anne ) ( NNP Bogart ) ) ( NP-PRD ( PRP$ its ) ( JJ artistic ) ( NN director ) ) ) ( NP-TMP ( JJ last ) ( NN spring ) ) ) ) ) ( NP-SBJ ( NP ( DT the ) ( NN nation ) ( POS 's ) ) ( JJ theatrical ) ( NNS cognoscenti ) ) ( VP ( VBD arched ) ( NP ( DT a ) ( JJ collective ) ( NN eyebrow ) ) ) )

When the Trinity Repertory Theater named Anne Bogart its artistic director last spring the nation 's theatrical cognoscenti arched a collective eyebrow


( S ( NP-SBJ ( NP ( NNP Ms. ) ( NNP Bogart ) ) ( NP ( NP ( DT an ) ( JJ acclaimed ) ( NN creator ) ) ( PP ( IN of ) ( NP ( NP ( JJ deconstructed ) ( JJ dramatic ) ( NNS collages ) ) ( SBAR ( WHNP-1 ( VBP that ) ) ( S ( VP ( VB tear ) ( PP-CLR ( IN into ) ( NP ( NP ( JJ such ) ( JJ sacred ) ( NNS texts ) ) ( PP ( IN as ) ( NP ( NP ( NNP Rodgers ) ( CC and ) ( NNP Hammerstein ) ( POS 's ) ) ( NX-TTL ( NNP South ) ( NNP Pacific ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB decidedly ) ( JJ downtown ) ) ) )

Ms. Bogart an acclaimed creator of deconstructed dramatic collages that tear into such sacred texts as Rodgers and Hammerstein 's South Pacific is decidedly downtown


( S ( NP-SBJ-1 ( NNP Trinity ) ( NNP Rep ) ) ( ADVP-TMP ( RB meanwhile ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN nation ) ( POS 's ) ) ( ADJP ( ADJP ( JJS oldest ) ) ( CC and ) ( ADJP ( RBS most ) ( JJ respected ) ) ) ( JJ regional ) ( NNS theaters ) ) ) ) ( S-ADV ( ADVP-TMP ( RB still ) ) ( VP ( VBG hosting ) ( NP ( DT an ) ( JJ annual ) ( NX-TTL ( NNP A ) ( NNP Christmas ) ( NNP Carol ) ) ) ) ) ) )

Trinity Rep meanwhile is one of the nation 's oldest and most respected regional theaters still hosting an annual A Christmas Carol


( SBARQ ( WHADVP-1 ( WRB How ) ) ( SQ ( MD would ) ( NP-SBJ ( NP ( DT this ) ( NN bastion ) ) ( PP ( IN of ) ( NP ( JJ traditional ) ( NNS values ) ) ) ) ( VP ( VB fare ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Ms. ) ( NNP Bogart ) ( POS 's ) ) ( JJ iconoclastic ) ( NNS hands ) ) ) ) ) )

How would this bastion of traditional values fare in Ms. Bogart 's iconoclastic hands


( S ( NP-SBJ ( PRP She ) ) ( VP ( VBD held ) ( NP ( PRP$ her ) ( NN fire ) ) ( PP ( IN with ) ( NP ( NP ( PRP$ her ) ( JJ first ) ( NN production ) ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( NN Trinity ) ) ) ( NP-TMP ( RBR earlier ) ( DT this ) ( NN season ) ) ) ) ) )

She held her fire with her first production at the Trinity earlier this season


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT a ) ( JJ predictable ) ( NN revival ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ her ) ( JJ prize-winning ) ( JJ off-Broadway ) ( NN anthology ) ) ( PP ( IN of ) ( NP ( NP ( NNP Bertolt ) ( NNP Brecht ) ( POS 's ) ) ( JJ theoretical ) ( NNS writings ) ) ) ( VP ( VBN called ) ( S ( NP-TTL-PRD ( NP ( NNP No ) ( NNP Plays ) ) ( NP ( NNP No ) ( NNP Poetry ) ) ) ) ) ) ) ) ) )

It was a predictable revival of her prize-winning off-Broadway anthology of Bertolt Brecht 's theoretical writings called No Plays No Poetry


( S ( ADVP-TMP ( RB Now ) ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( NN opening ) ) ( PP ( IN of ) ( NP ( NP ( NNP Maxim ) ( NNP Gorky ) ( POS 's ) ) ( JJ bourgeois-bashing ) ( NX-TTL ( NNP Summerfolk ) ) ) ) ) ) ( NP-SBJ ( NNP Ms. ) ( NNP Bogart ) ) ( VP ( VBZ has ) ( VP ( VBN laid ) ( NP ( PRP$ her ) ( NNS cards ) ) ( PP-CLR ( IN on ) ( NP ( DT the ) ( NN table ) ) ) ) ) )

Now with the opening of Maxim Gorky 's bourgeois-bashing Summerfolk Ms. Bogart has laid her cards on the table


( S ( NP-SBJ ( JJ Hers ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN hand ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD will ) ( VP ( VB test ) ( NP ( NP ( DT the ) ( NN mettle ) ) ( PP ( IN of ) ( NP ( PRP$ her ) ( NNS audiences ) ) ) ) ) ) ) ) ) ) )

Hers is a hand that will test the mettle of her audiences


( S ( IN For ) ( NP-SBJ-2 ( NP ( NNP Ms. ) ( NNP Bogart ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VP ( ADVP-TMP ( RB initially ) ) ( VBD studied ) ( CC and ) ( VBD directed ) ( PP-LOC ( IN in ) ( NP ( NNP Germany ) ) ) ) ( PRN ( CC and ) ( VP ( VBZ cites ) ( NP ( NP ( JJ such ) ( JJ European ) ( NNS directors ) ) ( PP ( IN as ) ( NP ( NP ( NNP Peter ) ( NNP Stein ) ) ( NP ( NNP Giorgio ) ( NNP Strehler ) ) ( CC and ) ( NP ( NNP Ariane ) ( NNP Mnouchkine ) ) ) ) ) ( PP-CLR ( IN as ) ( NP ( NNS influences ) ) ) ) ) ) ) ) ) ( VP ( VBZ tends ) ( S ( VP ( TO to ) ( VP ( VB stage ) ( NP ( PRP$ her ) ( NNS productions ) ) ( PP ( IN with ) ( NP ( DT a ) ( JJ Brechtian ) ( NN rigor ) ) ) ( SBAR-ADV ( IN whether ) ( S ( NP-SBJ ( DT the ) ( NN text ) ) ( VP ( VBZ demands ) ( NP ( PRP it ) ) ) ) ( CC or ) ( RB not ) ) ) ) ) ) )

For Ms. Bogart who initially studied and directed in Germany and cites such European directors as Peter Stein Giorgio Strehler and Ariane Mnouchkine as influences tends to stage her productions with a Brechtian rigor whether the text demands it or not


( S ( CC And ) ( NP-SBJ-2 ( NNP Gorky ) ) ( S-ADV ( VP ( VBN considered ) ( S ( NP-PRD ( NP ( DT the ) ( NN father ) ) ( PP ( IN of ) ( NP ( JJ Soviet ) ( JJ socialist ) ( NN realism ) ) ) ) ) ) ) ( VP ( VBD did ) ( RB not ) ( VP ( VB write ) ( NP ( NP ( NNS plays ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( ADVP-MNR ( RB easily ) ) ( VBP lend ) ( NP ( PRP themselves ) ) ( PP-CLR ( TO to ) ( NP ( ADJP ( RB deliberately ) ( JJ antirealistic ) ) ( NN distancing ) ( NNS techniques ) ) ) ) ) ) ) ) ) )

And Gorky considered the father of Soviet socialist realism did not write plays that easily lend themselves to deliberately antirealistic distancing techniques


( S ( NP-SBJ ( NNP Gorky ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT a ) ( ADJP ( ADJP ( JJ loyal ) ) ( IN if ) ( ADJP ( RB occasionally ) ( JJ ambivalent ) ) ) ( JJ proletarian ) ( NN writer ) ) ( VP ( VBN committed ) ( PP-CLR ( TO to ) ( S-NOM ( VP ( VBG enlightening ) ( NP ( DT the ) ( NNS masses ) ) ( PP ( IN with ) ( NP ( NP ( JJ plain ) ( NN speaking ) ) ( VP ( VBN rooted ) ( PP-CLR ( IN in ) ( NP ( NP ( DT a ) ( RB slightly ) ( JJ sour ) ( NN version ) ) ( PP ( IN of ) ( NP ( JJ Chekhovian ) ( NN humanism ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Gorky was a loyal if occasionally ambivalent proletarian writer committed to enlightening the masses with plain speaking rooted in a slightly sour version of Chekhovian humanism


( S ( CC And ) ( NP-TTL-SBJ-1 ( NNP Summerfolk ) ) ( S-ADV ( VP ( VBN penned ) ( PP-TMP ( IN in ) ( NP ( CD 1904 ) ) ) ( PP ( IN as ) ( NP ( NP ( DT a ) ( NN kind ) ) ( PP ( IN of ) ( NP ( NP ( NN sequel ) ) ( PP ( TO to ) ( NP ( NP ( NNP Chekhov ) ( POS 's ) ) ( NX-TTL ( NNP Cherry ) ( NNP Orchard ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN lawn ) ( NN party ) ) ( PP ( IN of ) ( NP ( NP ( JJ Russian ) ( NNS yuppies ) ) ( VP ( VBN engaged ) ( PP-CLR ( IN in ) ( NP ( NP ( DT an ) ( JJ exhausting ) ( JJ ideological ) ( NN fight ) ) ( PP ( TO to ) ( NP ( DT the ) ( NN finish ) ) ) ( PP ( IN between ) ( NP ( NP ( DT the ) ( NNS allrightniks ) ) ( CC and ) ( NP ( DT the ) ( NNS reformers ) ) ) ) ) ) ) ) ) ) ) )

And Summerfolk penned in 1904 as a kind of sequel to Chekhov 's Cherry Orchard is a lawn party of Russian yuppies engaged in an exhausting ideological fight to the finish between the allrightniks and the reformers


( S ( PP-LOC ( IN Along ) ( NP ( DT the ) ( NN way ) ) ) ( NP-SBJ ( EX there ) ) ( ADVP ( RB also ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( NNS lots ) ) ( PP ( IN of ) ( NP ( JJ romantic ) ( NNS dalliances ) ) ) ) ) )

Along the way there also are lots of romantic dalliances


( S ( ADVP-MNR ( RB Wisely ) ) ( NP-SBJ ( NNP Ms. ) ( NNP Bogart ) ) ( VP ( VBZ has ) ( VP ( VBN kept ) ( S ( NP-SBJ ( NP ( NNP Gorky ) ( POS 's ) ) ( NN time ) ( CC and ) ( NN place ) ) ( ADJP-PRD ( JJ intact ) ) ) ) ) )

Wisely Ms. Bogart has kept Gorky 's time and place intact


( S ( PP ( IN Despite ) ( NP ( NP ( NP ( DT the ) ( NN absence ) ) ( PP ( IN of ) ( NP ( NNS samovars ) ) ) ) ( PRN ( CC and ) ( NP ( DT a ) ( NN tendency ) ( S ( VP ( TO to ) ( VP ( VB turn ) ( NP ( DT the ) ( NN furniture ) ) ( ADVP-CLR ( RB upside ) ( RB down ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN production ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ rich ) ( PP ( IN in ) ( NP ( NP ( JJ Russian ) ( NN ennui ) ) ( VP ( VBN voiced ) ( PP ( IN by ) ( NP-LGS ( NP ( JJ languorous ) ( NN folk ) ) ( VP ( VBG sporting ) ( NP ( NP ( JJ beige ) ( NN linen ) ) ( CC and ) ( NP ( JJ rumpled ) ( NN cotton ) ) ) ) ( PP ( IN with ) ( NP ( NP ( NP ( NNS boaters ) ) ( CC and ) ( NP ( NN fishing ) ( NNS poles ) ) ) ( ADVP ( RB aplenty ) ) ) ) ) ) ) ) ) ) ) )

Despite the absence of samovars and a tendency to turn the furniture upside down the production is rich in Russian ennui voiced by languorous folk sporting beige linen and rumpled cotton with boaters and fishing poles aplenty


( S ( CC But ) ( PP-LOC ( IN beyond ) ( NP ( NP ( DT this ) ( JJ decorative ) ( NN nod ) ) ( PP ( TO to ) ( NP ( NN tradition ) ) ) ) ) ( NP-SBJ ( NNP Ms. ) ( NNP Bogart ) ( CC and ) ( NN company ) ) ( VP ( VBP head ) ( ADVP-DIR-CLR ( IN off ) ) ( PP-CLR ( IN in ) ( NP ( NP ( DT a ) ( JJ stylistic ) ( NN direction ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( VP ( ADVP ( RB all ) ( RB but ) ) ( VBZ transforms ) ( NP ( NP ( NNP Gorky ) ( POS 's ) ) ( JJ naturalistic ) ( NN drama ) ) ( PP-CLR ( IN into ) ( NP ( NP ( NN something ) ) ( ADJP ( JJ akin ) ( PP ( TO to ) ( INTJ ( RB well ) ) ( NP ( NN farce ) ) ) ) ) ) ) ) ) ) ) ) )

But beyond this decorative nod to tradition Ms. Bogart and company head off in a stylistic direction that all but transforms Gorky 's naturalistic drama into something akin to well farce


( S ( NP-SBJ ( NP ( DT The ) ( NN director ) ( POS 's ) ) ( NN attempt ) ( S ( VP ( TO to ) ( VP ( VB force ) ( NP ( DT some ) ( JJ Brechtian ) ( NN distance ) ) ( PP-CLR ( IN between ) ( NP ( NP ( PRP$ her ) ( NNS actors ) ) ( CC and ) ( NP ( PRP$ their ) ( NNS characters ) ) ) ) ) ) ) ) ( ADVP-TMP ( RB frequently ) ) ( VP ( VBZ backfires ) ( PP ( IN with ) ( NP ( NP ( NNS performances ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP are ) ( ADJP-PRD ( RB unduly ) ( JJ mannered ) ) ) ) ) ) ) ) )

The director 's attempt to force some Brechtian distance between her actors and their characters frequently backfires with performances that are unduly mannered


( S ( ADVP ( RB Not ) ( RB only ) ) ( SINV ( VBP do ) ( NP-SBJ ( DT the ) ( NNS actors ) ) ( VP ( VP ( VB stand ) ( PP-CLR ( IN outside ) ( NP ( PRP$ their ) ( NNS characters ) ) ) ) ( CC and ) ( VP ( VB make ) ( S ( NP-SBJ ( PRP it ) ) ( ADJP-PRD ( JJ clear ) ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP are ) ( PP-PRD ( IN at ) ( NP ( NP ( NNS odds ) ) ( PP ( IN with ) ( NP ( PRP them ) ) ) ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( PRP they ) ) ( ADVP-TMP ( RB often ) ) ( ADVP ( RB literally ) ) ( VP ( VBP stand ) ( PP-CLR ( IN on ) ( NP ( PRP$ their ) ( NNS heads ) ) ) ) ) )

Not only do the actors stand outside their characters and make it clear they are at odds with them but they often literally stand on their heads


( S ( PP ( IN Like ) ( NP ( NNP Peter ) ( NNP Sellars ) ) ) ( NP-SBJ-1 ( NNP Ms. ) ( NNP Bogart ) ) ( VP ( VBZ manipulates ) ( NP ( PRP$ her ) ( NNS actors ) ) ( SBAR-ADV ( IN as ) ( IN if ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD were ) ( NP-PRD ( NN rag ) ( NNS dolls ) ) ) ) ) ( S-ADV ( VP ( VP ( VBG sprawling ) ( NP ( PRP them ) ) ( PP-CLR ( IN on ) ( NP ( NNS staircases ) ) ) ) ( VP ( VBG dangling ) ( NP ( PRP them ) ) ( PP-CLR ( IN off ) ( NP ( NNS tables ) ) ) ) ( ADVP ( RB even ) ) ( VP ( VBG hanging ) ( NP ( PRP them ) ) ( PP-CLR ( IN from ) ( NP ( NNS precipices ) ) ) ( SBAR-TMP ( IN while ) ( S ( VP ( VBG having ) ( S ( NP-SBJ ( PRP them ) ) ( VP ( VB perform ) ( NP ( NP ( DT some ) ( JJ gymnastic ) ( NNS feats ) ) ( PP ( IN of ) ( NP ( NN derring-do ) ) ) ) ) ) ) ) ) ) ) ) ) )

Like Peter Sellars Ms. Bogart manipulates her actors as if they were rag dolls sprawling them on staircases dangling them off tables even hanging them from precipices while having them perform some gymnastic feats of derring-do


( S ( NP-SBJ ( EX There ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( NNS moments ) ) ( PP-LOC ( IN in ) ( NP ( DT this ) ( NX-TTL ( NNP Summerfolk ) ) ) ) ( SBAR ( WHADVP ( WRB when ) ) ( S ( NP-SBJ ( NP ( DT the ) ( NNS characters ) ) ( VP ( VBG populating ) ( NP ( NP ( DT the ) ( JJ vast ) ( JJ multilevel ) ( NN country ) ( NN house ) ) ( PRN ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VP ( VBZ looks ) ( PP-CLR ( IN like ) ( NP ( NP ( DT a ) ( NN parody ) ) ( PP ( IN of ) ( NP ( NNP Frank ) ( NNP Lloyd ) ( NNP Wright ) ) ) ) ) ) ( CC and ) ( VP ( VBZ is ) ( VP ( VBN designed ) ( PP ( IN by ) ( NP-LGS ( NNP Victoria ) ( NNP Petrovich ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBP spout ) ( NP ( JJ philosophic ) ( FW bon ) ( FW mots ) ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( JJ self-conscious ) ( JJ rat-a-tat-tat ) ( NN pacing ) ) ( PP ( IN of ) ( NP-TTL ( NNP Laugh ) ( NNP In ) ) ) ) ) ) ) ) ) ) )

There are moments in this Summerfolk when the characters populating the vast multilevel country house which looks like a parody of Frank Lloyd Wright and is designed by Victoria Petrovich spout philosophic bon mots with the self-conscious rat-a-tat-tat pacing of Laugh In


( S ( S-TPC-1 ( NP-SBJ ( NN Talk ) ) ( VP ( VBZ hurts ) ( PP ( IN from ) ( SBAR-NOM ( WHADVP-2 ( WRB where ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ spurts ) ) ) ) ) ) ) ( NP-SBJ ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( PRP them ) ) ) ) ( VP ( VBZ says ) ) )

Talk hurts from where it spurts one of them says


( S ( S ( NP-SBJ ( NP ( DT The ) ( NN clash ) ) ( PP ( IN of ) ( NP ( NNS ideologies ) ) ) ) ( VP ( VBZ survives ) ( NP ( DT this ) ( NN treatment ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NP ( DT the ) ( NN nuance ) ( CC and ) ( NN richness ) ) ( PP ( IN of ) ( NP ( NP ( NNP Gorky ) ( POS 's ) ) ( JJ individual ) ( NNS characters ) ) ) ) ( VP ( VBP have ) ( VP ( VBN vanished ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN scuffle ) ) ) ) ) ) )

The clash of ideologies survives this treatment but the nuance and richness of Gorky 's individual characters have vanished in the scuffle


( S ( PP ( IN As ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( NN humor ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( NP-SBJ ( NP ( NNP Gorky ) ( POS 's ) ) ( NN text ) ) ( VP ( VBZ provides ) ) ) ) ) ) ) ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( VP ( VBN repainted ) ( PP-CLR ( IN in ) ( NP ( JJ such ) ( JJ broad ) ( NNS strokes ) ) ) ( PRN ( PP ( ADVP ( RB particularly ) ) ( IN by ) ( NP-LGS ( NP ( DT the ) ( JJR lesser ) ( NNS members ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN ensemble ) ) ) ) ) ) ) ) ) ( NP-SBJ-3 ( PRP it ) ) ( VP ( VBZ looks ) ( CC and ) ( VBZ sounds ) ( S ( ADJP-PRD ( JJ forced ) ) ) ) )

As for the humor that Gorky 's text provides when repainted in such broad strokes particularly by the lesser members of the ensemble it looks and sounds forced


( S ( NP-SBJ ( NNP Ms. ) ( NNP Bogart ) ) ( VP ( VBZ does ) ( ADVP-MNR-CLR ( ADVP ( RBR better ) ) ( PP ( IN with ) ( NP ( NN music ) ) ) ( PP ( IN than ) ( PP ( IN with ) ( NP ( NNS words ) ) ) ) ) ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ-1 ( PRP she ) ) ( VP ( VBZ wants ) ( PRN ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( PRP she ) ) ( ADVP-TMP ( RB so ) ( RB often ) ) ( VP ( VBZ does ) ( VP ( VB want ) ) ) ) ) ) ( S ( VP ( TO to ) ( VP ( VB express ) ( NP ( PRP herself ) ) ( PP-MNR ( IN through ) ( NP ( NP ( NNP Gorky ) ( POS 's ) ) ( JJ helpless ) ( NN play ) ) ) ) ) ) ) ) ) ) )

Ms. Bogart does better with music than with words when she wants as she so often does want to express herself through Gorky 's helpless play


( S ( ADVP-LOC ( RB Here ) ) ( NP-SBJ ( PRP she ) ) ( VP ( VBZ has ) ( NP ( NP ( DT the ) ( NN aid ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ her ) ( JJ longtime ) ( NN associate ) ( NNP Jeff ) ( NNP Helpern ) ) ( SBAR ( SBAR ( WHNP-1 ( WP whom ) ) ( S ( NP-SBJ ( PRP she ) ) ( VP ( VBD appointed ) ( S ( NP-PRD ( NP ( NNP Trinity ) ( POS 's ) ) ( JJ first-ever ) ( JJ musical ) ( NN director ) ) ) ) ) ) ( CC and ) ( SBAR ( WHNP-2 ( WP whom ) ) ( S ( NP-SBJ ( PRP she ) ) ( VP ( VBD equipped ) ( PP-CLR ( IN with ) ( NP ( DT a ) ( ADJP ( JJ spanking ) ( JJ new ) ) ( ADJP ( CD 60,000 ) ) ( NX ( NX ( NN sound ) ( NN system ) ) ( CC and ) ( NX ( NN recording ) ( NN studio ) ) ) ) ) ) ) ) ) ) ) ) ) )

Here she has the aid of her longtime associate Jeff Helpern whom she appointed Trinity 's first-ever musical director and whom she equipped with a spanking new 60,000 sound system and recording studio


( S ( PP ( IN For ) ( NP ( NNP Gorky ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Helpern ) ) ( VP ( VBD provided ) ( NP ( NP ( DT an ) ( JJ aural ) ( NN collage ) ) ( PP ( IN of ) ( NP ( NNP Debussy ) ( CC and ) ( NNP Rachmaninoff ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ is ) ( NP-PRD ( NP ( RBR less ) ( DT a ) ( NN score ) ) ( PP ( IN than ) ( NP ( NP ( DT a ) ( JJ separate ) ( NN character ) ) ( PP ( IN with ) ( NP ( NP ( DT a ) ( JJ distinct ) ( NN point ) ) ( PP ( IN of ) ( NP ( NN view ) ) ) ) ) ) ) ) ) ) ) ) ) )

For Gorky Mr. Helpern provided an aural collage of Debussy and Rachmaninoff which is less a score than a separate character with a distinct point of view


( S ( PP ( IN Like ) ( NP ( NP ( NNP Brecht ) ) ( CC and ) ( RB indeed ) ( NP ( NNP Ezra ) ( NNP Pound ) ) ) ) ( NP-SBJ ( NNP Ms. ) ( NNP Bogart ) ) ( VP ( VBZ has ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( PRP$ her ) ( NN intent ) ) ( PP ( IN in ) ( NP ( NP ( JJ such ) ( JJ manipulative ) ( NN staging ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS classics ) ) ) ) ) ) ( VP ( VBZ is ) ( ADVP ( RB simply ) ) ( NP-PRD ( DT an ) ( NN attempt ) ( S ( VP ( TO to ) ( VP ( VB make ) ( S ( NP-SBJ ( PRP it ) ) ( ADJP-PRD ( JJ new ) ) ) ) ) ) ) ) ) ) ) ) )

Like Brecht and indeed Ezra Pound Ms. Bogart has said that her intent in such manipulative staging of the classics is simply an attempt to make it new


( S ( ADVP ( RB Indeed ) ) ( PP-TMP ( IN during ) ( NP ( DT a ) ( JJ recent ) ( JJ post-production ) ( NN audience ) ( NN discussion ) ) ) ( NP-SBJ ( DT the ) ( NN director ) ) ( VP ( VBD explained ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP$ her ) ( JJS fondest ) ( JJ artistic ) ( NN wish ) ) ( VP ( VBD was ) ( S-PRD ( VP ( TO to ) ( VP ( VB find ) ( NP ( NP ( DT a ) ( NN way ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB play ) ( NP-TTL ( NP ( NNP Somewhere ) ) ( PP-LOC ( NNP Over ) ( NP ( NNP the ) ( NNP Rainbow ) ) ) ) ( SBAR ( IN so ) ( IN that ) ( S ( NP-SBJ-1 ( NP ( DT the ) ( NN song ) ( POS 's ) ) ( JJ original ) ( NN beauty ) ) ( VP ( VBZ comes ) ( PRT ( RP through ) ) ( S-ADV ( VP ( VBG surmounting ) ( NP ( DT the ) ( NN cliche ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Indeed during a recent post-production audience discussion the director explained that her fondest artistic wish was to find a way to play Somewhere Over the Rainbow so that the song 's original beauty comes through surmounting the cliche


( S ( NP-SBJ ( NP ( DT The ) ( NN danger ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( NP-SBJ-2 ( NNP Ms. ) ( NNP Bogart ) ) ( VP ( VBZ seems ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBG courting ) ( ADVP-LOC ( RB here ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( NN obfuscation ) ) ( PP ( RB rather ) ( IN than ) ( NP ( NN rejuvenation ) ) ) ) ) ) ( NP ( NP ( DT a ) ( NN vision ) ) ( PP ( ADVP ( RB so ) ) ( IN at ) ( NP ( NP ( NNS odds ) ) ( PP ( IN with ) ( NP ( DT the ) ( NN playwright ) ( POS 's ) ) ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( CD two ) ( NNS points ) ) ( PP ( IN of ) ( NP ( NN view ) ) ) ) ( VP ( VBP nullify ) ( CONJP ( RB rather ) ( IN than ) ) ( VB illuminate ) ( NP ( DT each ) ( JJ other ) ) ) ) ) ) ) ) )

The danger that Ms. Bogart seems to be courting here is one of obfuscation rather than rejuvenation a vision so at odds with the playwright 's that the two points of view nullify rather than illuminate each other


( S ( NP-SBJ ( NP ( NNP Ms. ) ( NNP Bogart ) ( POS 's ) ) ( NN cast ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NN part ) ( CC and ) ( NN parcel ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN problem ) ) ) ) ) )

Ms. Bogart 's cast is part and parcel of the problem


( S ( NP-SBJ ( NP ( NNP Ed ) ( NNP Shea ) ) ( CC and ) ( NP ( NNP Barbara ) ( NNP Orson ) ) ) ( ADVP-TMP ( RB never ) ) ( VP ( VBP find ) ( NP ( NP ( DT a ) ( JJ real ) ( NN reason ) ) ( PP ( IN for ) ( NP ( NP ( PRP$ their ) ( NN love ) ( NN affair ) ) ( PP ( IN as ) ( NP ( NP ( DT the ) ( JJ foolish ) ( JJ idealistic ) ( JJ young ) ( NNP Vass ) ) ( CC and ) ( NP ( DT the ) ( ADJP ( RB tirelessly ) ( JJ humanitarian ) ) ( NN doctor ) ( NNP Maria ) ( NNP Lvovna ) ) ) ) ) ) ) ) )

Ed Shea and Barbara Orson never find a real reason for their love affair as the foolish idealistic young Vass and the tirelessly humanitarian doctor Maria Lvovna


( S ( NP-SBJ ( NP ( NNP Cynthia ) ( NNP Strickland ) ) ( PP ( IN as ) ( NP ( DT the ) ( JJ long-suffering ) ( NNP Varvara ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( JJ tiresome ) ( NN whiner ) ) ( RB not ) ( NP ( NP ( DT the ) ( JJ inspirational ) ( NN counterrevolutionary ) ) ( SBAR ( S ( NP-SBJ ( NNP Gorky ) ) ( VP ( VBD intended ) ) ) ) ) ) ) )

Cynthia Strickland as the long-suffering Varvara is a tiresome whiner not the inspirational counterrevolutionary Gorky intended


( FRAG ( ADJP-PRD ( RBR Better ) ) ( S ( VP ( TO to ) ( VP ( VB look ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNS corners ) ) ) ( PP-CLR ( IN for ) ( NP ( NP ( NNS performances ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP inspire ) ( CC or ) ( VBP amuse ) ) ) ) ) ) ) ) ) )

Better to look in the corners for performances that inspire or amuse


( S ( NP-SBJ ( NNP Janice ) ( NNP Duclos ) ) ( PP ( IN in ) ( NP ( NP ( NN addition ) ) ( PP ( TO to ) ( S-NOM ( VP ( VBG possessing ) ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN evening ) ( POS 's ) ) ( ADJP ( RBR more ) ( JJ impressive ) ) ( JJ vocal ) ( NNS instruments ) ) ) ) ) ) ) ) ) ( VP ( VBZ brings ) ( NP ( DT an ) ( JJ unsuspected ) ( JJ comedic ) ( NN touch ) ) ( PP-DIR ( TO to ) ( NP ( NP ( PRP$ her ) ( NN role ) ) ( PP ( IN of ) ( NP ( NP ( NNP Olga ) ) ( NP ( NP ( NN everybody ) ( POS 's ) ) ( JJ favorite ) ( NN mom ) ) ) ) ) ) ) )

Janice Duclos in addition to possessing one of the evening 's more impressive vocal instruments brings an unsuspected comedic touch to her role of Olga everybody 's favorite mom


( S ( NP-SBJ ( NNP Marni ) ( NNP Rice ) ) ( VP ( VBZ plays ) ( NP ( DT the ) ( NN maid ) ) ( PP ( IN with ) ( NP ( NP ( ADJP ( RB so ) ( JJ much ) ) ( NN edge ) ) ( SBAR ( IN as ) ( S ( VP ( TO to ) ( VP ( VB steal ) ( NP ( PRP her ) ( CD two ) ( NNS scenes ) ) ) ) ) ) ) ) ) )

Marni Rice plays the maid with so much edge as to steal her two scenes


( S-CLF ( CC But ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NP ( DT the ) ( NNP Trinity ) ( NNP Rep ) ( NN newcomer ) ) ( NP ( NNP Jonathan ) ( NNP Fried ) ) ( PRN ( NP ( NP ( NNP Zamislov ) ) ( NP ( DT the ) ( NN paralegal ) ) ) ) ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( NN actor ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB watch ) ) ) ) ) ) ) ) ) ( SBAR-ADV ( IN whether ) ( S ( NP-SBJ-3 ( PRP he ) ) ( VP ( VBZ is ) ( VP ( VP ( VBG hamming ) ( NP ( PRP it ) ) ( PRT ( RP up ) ) ( SBAR-TMP ( IN while ) ( S ( VP ( VBG conducting ) ( NP ( DT the ) ( NN chamber ) ( NNS musicians ) ) ) ) ) ) ( CC or ) ( VP ( VBG seducing ) ( NP ( NP ( NP ( PRP$ his ) ( NN neighbor ) ( POS 's ) ) ( NN wife ) ) ( PRN ( NP ( NNP Becca ) ( NNP Lish ) ) ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG licking ) ( NP ( PRP$ her ) ( NN bosom ) ) ) ) ) ) ) ) ) ) ) )

But it is the Trinity Rep newcomer Jonathan Fried Zamislov the paralegal who is the actor to watch whether he is hamming it up while conducting the chamber musicians or seducing his neighbor 's wife Becca Lish by licking her bosom


( S ( NP-SBJ ( NNP Ms. ) ( NNP de ) ( NNP Vries ) ) ( VP ( VBZ writes ) ( ADVP-TMP ( RB frequently ) ) ( PP-CLR ( IN about ) ( NP ( NN theater ) ) ) ) )

Ms. de Vries writes frequently about theater


( S ( NP-SBJ-1 ( NNP International ) ( NNP Business ) ( NNP Machines ) ( NNP Corp. ) ) ( VP ( VBD agreed ) ( S ( VP ( TO to ) ( VP ( VB acquire ) ( NP ( NP ( DT a ) ( ADJP ( CD 15 ) ( NN % ) ) ( NN stake ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Paxus ) ( NNP Corp. ) ) ( NP ( DT an ) ( JJ Australian ) ( NN computer-software ) ( CC and ) ( NNS information-services ) ( NN concern ) ) ) ) ) ( PP-CLR ( IN for ) ( NP ( NP ( QP ( CD 20 ) ( CD million ) ) ( JJ Australian ) ( NNS dollars ) ) ( PRN ( NP ( QP ( CD 17 ) ( CD million ) ) ) ) ) ) ) ) ) ) )

International Business Machines Corp. agreed to acquire a 15 % stake in Paxus Corp. an Australian computer-software and information-services concern for 20 million Australian dollars 17 million


( S ( S-TPC-2 ( NP-SBJ-1 ( DT The ) ( NN investment ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN made ) ( PP ( IN through ) ( NP ( NP ( NNP IBM ) ( NNP Australia ) ( NNP Ltd. ) ) ( NP ( NP ( DT a ) ( NN unit ) ) ( PP ( IN of ) ( NP ( NNP IBM ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( CD two ) ( NNS companies ) ) ( VP ( VBD said ) ( NP-TMP ( NN yesterday ) ) ) )

The investment will be made through IBM Australia Ltd. a unit of IBM the two companies said yesterday


( S ( NP-SBJ-1 ( NNP IBM ) ) ( VP ( VP ( MD can ) ( VP ( VB raise ) ( NP ( NP ( PRP$ its ) ( NN stake ) ) ( PP-LOC ( IN in ) ( NP ( NN Paxus ) ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 20 ) ( NN % ) ) ) ( PP-TMP ( IN over ) ( NP ( CD three ) ( NNS years ) ) ) ) ) ( CC but ) ( VP ( VBD agreed ) ( S ( VP ( TO to ) ( RB not ) ( VP ( VB go ) ( PP-DIR ( IN beyond ) ( NP ( CD 20 ) ( NN % ) ) ) ( PP-TMP ( IN in ) ( NP ( DT that ) ( NN time ) ) ) ) ) ) ) ) )

IBM can raise its stake in Paxus to 20 % over three years but agreed to not go beyond 20 % in that time


( S ( NP-SBJ ( NNP Paxus ) ) ( VP ( VBD said ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( NN statement ) ) ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VP ( VBZ has ) ( NP ( NP ( JJ several ) ( ADJP ( RB well ) ( JJ developed ) ) ( NN product ) ( CC and ) ( NNS services ) ( NNS relationships ) ) ( PP ( IN with ) ( NP ( DT the ) ( NNP U.S. ) ( NN computer ) ( NN company ) ) ) ) ) ( CC and ) ( VP ( NNS plans ) ( S ( VP ( TO to ) ( VP ( VB expand ) ( NP ( DT these ) ( NNS links ) ) ) ) ) ) ) ) ) ) )

Paxus said in a statement it has several well developed product and services relationships with the U.S. computer company and plans to expand these links


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VP ( VBZ earns ) ( NP ( QP ( RB about ) ( PDT half ) ) ( PRP$ its ) ( NN revenue ) ) ( ADVP-LOC ( RB overseas ) ) ) ( CC and ) ( VP ( VBZ plans ) ( NP ( JJ further ) ( NN expansion ) ) ) ) )

The company earns about half its revenue overseas and plans further expansion


( S ( NP-SBJ-1 ( NP ( NP ( DT A ) ( NN majority ) ( NN stake ) ) ( PP-LOC ( IN in ) ( NP ( NNP Paxus ) ) ) ) ( VP ( ADVP-TMP ( RB currently ) ) ( VBN held ) ( PP ( IN by ) ( NP-LGS ( NNP NZI ) ( NNP Corp. ) ) ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN diluted ) ( PP-CLR ( TO to ) ( NP ( QP ( RB slightly ) ( JJR less ) ( IN than ) ( CD 50 ) ) ( NN % ) ) ) ( PP-TMP ( IN after ) ( S-NOM ( NP-SBJ ( NNP IBM ) ) ( VP ( VBZ acquires ) ( NP ( PRP$ its ) ( NN interest ) ) ) ) ) ) ) ) )

A majority stake in Paxus currently held by NZI Corp. will be diluted to slightly less than 50 % after IBM acquires its interest


( S ( NP-SBJ ( DT The ) ( NN agreement ) ) ( VP ( VBZ requires ) ( NP ( NP ( NN approval ) ) ( PP ( PP ( IN from ) ( NP ( NP ( NNP Australia ) ( POS 's ) ) ( NX ( NX ( NNP Foreign ) ( NNP Investment ) ( NNP Review ) ( NNP Board ) ) ( CC and ) ( NX ( NNP National ) ( NNP Companies ) ( CC and ) ( NNP Securities ) ( NNP Commission ) ) ) ) ) ( CC and ) ( PP ( IN from ) ( NP ( NP ( NNS shareholders ) ) ( PP ( IN of ) ( NP ( NNP Paxus ) ) ) ) ) ) ) ) )

The agreement requires approval from Australia 's Foreign Investment Review Board and National Companies and Securities Commission and from shareholders of Paxus


( S ( NP-SBJ ( NNP London ) ( NN share ) ( NNS prices ) ) ( VP ( VBD closed ) ( ADVP-CLR ( RB sharply ) ( JJR lower ) ) ( NP-TMP ( NNP Tuesday ) ) ( PP ( IN on ) ( NP ( NP ( DT the ) ( NN back ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NNP Wall ) ( NNP Street ) ( POS 's ) ) ( JJ steep ) ( NN drop ) ) ( CC and ) ( NP ( NP ( JJ renewed ) ( NNS fears ) ) ( PP ( IN over ) ( NP ( NNP U.K. ) ( JJ economic ) ( NNS fundamentals ) ) ) ) ) ) ) ) ) )

London share prices closed sharply lower Tuesday on the back of Wall Street 's steep drop and renewed fears over U.K. economic fundamentals


( S ( S ( NP-SBJ ( NP ( NNP Tokyo ) ( POS 's ) ) ( NN winning ) ( NN streak ) ) ( VP ( VBD came ) ( PP-DIR ( TO to ) ( NP ( DT an ) ( NN end ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNS stocks ) ) ( VP ( VBD fell ) ( PP-LOC ( PP ( IN in ) ( NP ( NNP Frankfurt ) ) ) ( CC and ) ( PP ( IN across ) ( NP ( NNP Europe ) ) ) ( ADVP ( RB as ) ( RB well ) ) ) ) ) )

Tokyo 's winning streak came to an end and stocks fell in Frankfurt and across Europe as well


( S ( NP-SBJ-1 ( NP ( NNP London ) ( POS 's ) ) ( NNP Financial ) ( NNP Times ) ( JJ 100-share ) ( NN index ) ) ( VP ( VBD shed ) ( NP ( CD 40.4 ) ( NNS points ) ) ( S-ADV ( VP ( TO to ) ( VP ( VB finish ) ( PP-CLR ( IN at ) ( NP ( CD 2149.3 ) ) ) ) ) ) ) )

London 's Financial Times 100-share index shed 40.4 points to finish at 2149.3


( S ( PP-TMP ( IN At ) ( NP ( NP ( NNP London ) ( POS 's ) ) ( NN close ) ) ) ( NP-SBJ ( DT the ) ( NNP Dow ) ( NNP Jones ) ( NNP Industrial ) ( NNP Average ) ) ( VP ( VBD was ) ( ADJP-PRD ( NP ( CD 51.23 ) ( NNS points ) ) ( JJR lower ) ) ( PP-LOC ( IN at ) ( NP ( CD 2611.68 ) ) ) ) )

At London 's close the Dow Jones Industrial Average was 51.23 points lower at 2611.68


( S ( NP-SBJ ( NNS Dealers ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( JJ initial ) ( NN pressure ) ) ( VP ( VBD came ) ( PP-DIR ( IN from ) ( NP ( NP ( NP ( ADJP ( RB mildly ) ( JJ disappointing ) ) ( NNP U.K. ) ( NN trade ) ( NNS figures ) ) ( PP ( IN for ) ( NP ( NNP September ) ) ) ) ( CC and ) ( NP ( NP ( DT a ) ( JJ worrisome ) ( NN report ) ) ( PP ( IN by ) ( NP ( NP ( DT the ) ( NNP Confederation ) ) ( PP ( IN of ) ( NP ( NNP British ) ( NNP Industry ) ) ) ) ) ( SBAR-1 ( IN that ) ( S ( NP-SBJ ( NP ( DT a ) ( NN decline ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNS orders ) ) ( PP ( IN for ) ( NP ( JJ manufactured ) ( NNS goods ) ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBG depressing ) ( NP ( DT both ) ( NP ( NN business ) ( NN optimism ) ) ( CC and ) ( NP ( NP ( NN investment ) ( NNS plans ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ coming ) ( NN year ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Dealers said the initial pressure came from mildly disappointing U.K. trade figures for September and a worrisome report by the Confederation of British Industry that a decline in orders for manufactured goods is depressing both business optimism and investment plans for the coming year


( S ( S-TPC-1 ( NP-SBJ ( DT The ) ( NN trade ) ( CC and ) ( NNP CBI ) ( NNS reports ) ) ( VP ( VP ( VBD refocused ) ( NP ( NN attention ) ) ( PP-CLR ( IN on ) ( NP ( NP ( JJ high ) ( NN interest ) ( NNS rates ) ) ( CC and ) ( NP ( JJ corporate ) ( NN profitability ) ) ) ) ) ( CC and ) ( VP ( VBD helped ) ( VP ( VB rekindle ) ( NP ( NP ( JJ underlying ) ( NNS concerns ) ) ( PP ( IN over ) ( NP ( NP ( NNS prospects ) ) ( PP ( IN for ) ( NP ( NP ( DT a ) ( NN recession ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP U.K. ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNS dealers ) ) ( VP ( VBD said ) ) )

The trade and CBI reports refocused attention on high interest rates and corporate profitability and helped rekindle underlying concerns over prospects for a recession in the U.K. dealers said


( S ( NP-SBJ ( DT The ) ( JJ 30-share ) ( NN index ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 33.3 ) ( NNS points ) ) ( PP-DIR ( TO to ) ( NP ( CD 1739.3 ) ) ) ) )

The 30-share index fell 33.3 points to 1739.3


( S ( NP-SBJ ( NN Volume ) ) ( VP ( VBD was ) ( UCP-PRD ( NP ( NP ( DT a ) ( JJ modest ) ( QP ( CD 405.4 ) ( CD million ) ) ( NNS shares ) ) ( VP ( VBN traded ) ) ) ( CC but ) ( ADJP ( ADJP ( JJR better ) ) ( PP ( IN than ) ( NP ( NP ( NP ( DT the ) ( NN year ) ( POS 's ) ) ( JJS lowest ) ( NN turnover ) ) ( PP ( IN of ) ( NP ( CD 276.8 ) ( CD million ) ) ) ( NP-TMP ( NNP Monday ) ) ) ) ) ) ) )

Volume was a modest 405.4 million shares traded but better than the year 's lowest turnover of 276.8 million Monday


( S ( NP-SBJ ( NN Market ) ( NNS watchers ) ) ( ADVP ( RB also ) ) ( VP ( VBD noted ) ( SBAR ( S ( NP-SBJ ( NP ( DT an ) ( NN absence ) ) ( PP ( IN of ) ( NP ( JJ institutional ) ( NN interest ) ) ) ( ADVP-TMP ( RB later ) ( PP ( IN in ) ( NP ( DT the ) ( NN session ) ) ) ) ) ( VP ( VBD helped ) ( VP ( VB pave ) ( NP ( DT the ) ( NN way ) ) ( PP-CLR ( IN for ) ( NP ( NP ( JJR broader ) ( NNS declines ) ) ( SBAR ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ-2 ( NNP Wall ) ( NNP Street ) ) ( VP ( VBD opened ) ( S-ADV ( ADJP-PRD ( JJR weaker ) ) ) ) ) ) ) ) ) ) ) ) ) )

Market watchers also noted an absence of institutional interest later in the session helped pave the way for broader declines when Wall Street opened weaker