( S ( NP-SBJ ( PRP You ) ) ( VP ( MD might ) ( VP ( VB meet ) ( PRT ( RP up ) ) ( PP-CLR ( IN with ) ( NP ( PRP him ) ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT that ) ( NN bank ) ) ( PP ( IN of ) ( NP ( NP ( NN telephone ) ( NNS booths ) ) ( PP-LOC ( ADVP ( RB just ) ) ( IN off ) ( NP ( NP ( NN Exit ) ( CD 10 ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP New ) ( NNP Jersey ) ( NNP Turnpike ) ) ) ) ) ) ) ) ) ) ) )

You might meet up with him at that bank of telephone booths just off Exit 10 of the New Jersey Turnpike


( S ( NP-SBJ ( NP ( JJ Canadian ) ( NN production ) ) ( PP ( IN of ) ( NP ( NN market ) ( NN pulp ) ) ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 1 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( NNP September ) ) ( PP-TMP ( IN from ) ( ADVP ( NP ( DT a ) ( NN year ) ) ( RB earlier ) ) ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( DT the ) ( NN industry ) ) ( VP ( VBD operated ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 87 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NN capacity ) ) ) ) ) ) ) ) ) )

Canadian production of market pulp rose 1 % in September from a year earlier as the industry operated at 87 % of capacity


( S ( NP-SBJ ( NP ( DT The ) ( NNP Canadian ) ( NNP Pulp ) ( CC and ) ( NNP Paper ) ( NNP Association ) ) ( NP ( DT an ) ( NN industry ) ( NN group ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( JJ Canadian ) ( NNS mills ) ) ( VP ( VBD produced ) ( NP ( NP ( CD 532,000 ) ( JJ metric ) ( NNS tons ) ) ( PP ( IN of ) ( NP ( NN market ) ( NN pulp ) ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP September ) ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( CD 527,000 ) ( JJ metric ) ( NNS tons ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB earlier ) ) ) ) ) ) ) ) ) )

The Canadian Pulp and Paper Association an industry group said Canadian mills produced 532,000 metric tons of market pulp in September compared with 527,000 metric tons a year earlier


( S ( NP-SBJ ( NN Market ) ( NN pulp ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NN wood ) ( NN pulp ) ) ( VP ( VBN sold ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( JJ open ) ( NN market ) ) ) ( PP-CLR ( TO to ) ( NP ( NP ( NNS producers ) ) ( PP ( IN of ) ( NP ( NP ( NN paper ) ) ( CC and ) ( NP ( JJ other ) ( NNS products ) ) ) ) ) ) ) ) ) )

Market pulp is wood pulp sold on the open market to producers of paper and other products


( S ( NP-SBJ ( DT The ) ( NNS statistics ) ) ( VP ( VBP exclude ) ( NP ( NP ( NN pulp ) ) ( VP ( VP ( VBN consumed ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( VBG producing ) ( NN mill ) ) ) ) ( CC or ) ( VP ( VBN shipped ) ( PP-DIR ( TO to ) ( NP ( NP ( DT another ) ( NN mill ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ is ) ( VP ( JJ affiliated ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( VBG producing ) ( NN mill ) ) ) ) ) ) ) ) ) ) ) ) ) )

The statistics exclude pulp consumed at the producing mill or shipped to another mill that is affiliated with the producing mill


( S ( NP-SBJ ( NNP Canada ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NP ( DT the ) ( NN world ) ( POS 's ) ) ( JJS largest ) ( NN producer ) ) ( PP ( IN of ) ( NP ( NN market ) ( NN pulp ) ) ) ) ) )

Canada is the world 's largest producer of market pulp


( S ( NP-SBJ ( DT The ) ( NNP September ) ( ADJP ( CD 87 ) ( NN % ) ) ( NN operating ) ( NN rate ) ) ( VP ( VP ( VBN compared ) ( PP-CLR ( IN with ) ( NP ( NP ( DT a ) ( NN rate ) ) ( PP ( IN of ) ( NP ( CD 101 ) ( NN % ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP August ) ) ) ) ) ) ( CC but ) ( VP ( VBD was ) ( ADJP-PRD ( JJ unchanged ) ( PP-TMP ( IN from ) ( ADVP ( NP ( DT a ) ( NN year ) ) ( RB earlier ) ) ) ) ) ) )

The September 87 % operating rate compared with a rate of 101 % in August but was unchanged from a year earlier


( S ( PP-TMP ( IN In ) ( NP ( NP ( DT the ) ( JJ first ) ( CD nine ) ( NNS months ) ) ( PP ( IN of ) ( NP ( DT this ) ( NN year ) ) ) ) ) ( NP-SBJ ( NN output ) ) ( VP ( VBD was ) ( NP-PRD ( CD 5,377,000 ) ( JJ metric ) ( NNS tons ) ) ( ADVP ( RB down ) ( PP ( IN from ) ( NP ( CD 5,441,000 ) ( JJ metric ) ( NNS tons ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB earlier ) ) ) ) ) )

In the first nine months of this year output was 5,377,000 metric tons down from 5,441,000 metric tons a year earlier


( S ( SBAR-TMP ( WHADVP-2 ( WRB When ) ) ( S ( NP-SBJ ( NNP President ) ( NNP Bush ) ) ( VP ( VBZ travels ) ( PP-DIR ( TO to ) ( NP ( NNP Costa ) ( NNP Rica ) ) ) ( NP-TMP ( NN today ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( MD 'll ) ( VP ( VB go ) ( PP-MNR ( IN with ) ( NP ( NP ( RB little ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN fanfare ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ accompanies ) ( NP ( NP ( JJ many ) ) ( PP ( IN of ) ( NP ( PRP$ his ) ( JJ foreign ) ( NNS travels ) ) ) ) ) ) ) ) ) ) ) ) ) )

When President Bush travels to Costa Rica today he 'll go with little of the fanfare that accompanies many of his foreign travels


( S ( CC But ) ( NP-SBJ-1 ( DT the ) ( JJ two-day ) ( NN trip ) ) ( ADVP-TMP ( RB still ) ) ( VP ( VBZ has ) ( VP ( VBN managed ) ( S ( VP ( TO to ) ( VP ( VB fuel ) ( NP ( NP ( NN controversy ) ) ( PP ( IN over ) ( NP ( NP ( NP ( PRP$ his ) ( NN administration ) ( POS 's ) ) ( NNS policies ) ) ( PP-LOC ( IN in ) ( NP ( NNP Central ) ( NNP America ) ) ) ) ) ) ) ) ) ) ) )

But the two-day trip still has managed to fuel controversy over his administration 's policies in Central America


( S ( NP-SBJ ( DT Some ) ( NNS conservatives ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( NNP Mr. ) ( NNP Bush ) ) ( VP ( MD should ) ( RB n't ) ( VP ( VB make ) ( NP ( NP ( DT the ) ( NN trip ) ) ( SBAR ( WHPP-1 ( IN during ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( MD will ) ( VP ( VB participate ) ( PP-CLR ( IN in ) ( NP ( NP ( NP ( NNP Costa ) ( NNP Rica ) ( POS 's ) ) ( NN celebration ) ) ( PP ( IN of ) ( NP ( NP ( CD 100 ) ( NNS years ) ) ( PP ( IN of ) ( NP ( NN democracy ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Some conservatives say Mr. Bush should n't make the trip during which he will participate in Costa Rica 's celebration of 100 years of democracy


( S ( NP-SBJ ( DT These ) ( NNS critics ) ) ( VP ( VBP object ) ( PP-CLR ( TO to ) ( NP ( NP ( NP ( NNP Mr. ) ( NNP Bush ) ( POS 's ) ) ( NN participation ) ) ( PP ( IN in ) ( NP ( NP ( DT a ) ( NN meeting ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ includes ) ( NP ( JJ Nicaraguan ) ( NNP President ) ( NNP Daniel ) ( NNP Ortega ) ) ( PP-CLR ( IN among ) ( NP ( DT the ) ( NNS guests ) ) ) ) ) ) ) ) ) ) ) )

These critics object to Mr. Bush 's participation in a meeting that includes Nicaraguan President Daniel Ortega among the guests


( S ( PP ( IN In ) ( NP ( NN addition ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VBP argue ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB help ) ( NP ( NP ( NP ( NNP Washington ) ( POS 's ) ) ( NN standing ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN region ) ) ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG trumpeting ) ( NP ( NP ( DT the ) ( NNP U.S. ) ( NN commitment ) ) ( PP ( TO to ) ( NP ( NN democracy ) ) ) ) ( SBAR-TMP ( NP-ADV ( NP ( JJR less ) ) ( PP ( IN than ) ( NP ( DT a ) ( NN month ) ) ) ) ( IN after ) ( S ( NP-SBJ ( PRP$ his ) ( NN administration ) ) ( VP ( VBD played ) ( NP ( DT an ) ( JJ ineffectual ) ( NN role ) ) ( PP-CLR ( IN in ) ( NP ( NP ( DT the ) ( VBN failed ) ( NN coup ) ( NN attempt ) ) ( PP-LOC ( IN in ) ( NP ( NNP Panama ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

In addition they argue he wo n't help Washington 's standing in the region by trumpeting the U.S. commitment to democracy less than a month after his administration played an ineffectual role in the failed coup attempt in Panama


( SINV ( S-TPC-2 ( NP-SBJ ( PRP I ) ) ( VP ( VBP believe ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VB do ) ( NP ( NP ( JJR more ) ( NN damage ) ) ( PP ( IN than ) ( NP ( JJ good ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VB legitimize ) ( NP ( NP ( NNS people ) ) ( PP ( IN like ) ( NP ( NNP Daniel ) ( NNP Ortega ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Curtin ) ( NNP Windsor ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD served ) ( PP-CLR ( IN as ) ( NP ( NP ( NNP U.S. ) ( NN ambassador ) ) ( PP-DIR ( TO to ) ( NP ( NNP Costa ) ( NNP Rica ) ) ) ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( NNP Reagan ) ( NN administration ) ) ) ) ) ) ) )

I believe it will do more damage than good because it will legitimize people like Daniel Ortega says Curtin Windsor who served as U.S. ambassador to Costa Rica during the Reagan administration


( S ( NP-SBJ ( NNP Mr. ) ( NNP Windsor ) ) ( PP-LOC ( IN among ) ( NP ( NP ( JJ other ) ( NNS analysts ) ) ( VP ( VBN connected ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( JJ conservative ) ( NNP Heritage ) ( NNP Foundation ) ) ) ) ) ) ( VP ( VBZ fears ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NN gathering ) ) ( PP ( IN of ) ( NP ( NP ( CD 18 ) ( NNS leaders ) ) ( PP ( ADVP ( RB mostly ) ) ( IN from ) ( NP ( ADJP ( JJ Central ) ( JJ American ) ) ( NNS nations ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB force ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Bush ) ) ( VP ( TO to ) ( VP ( VB explain ) ( CC and ) ( VB redeem ) ( NP ( PRP himself ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN wake ) ) ( PP ( IN of ) ( NP ( NNS charges ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( DT the ) ( NNP U.S. ) ) ( VP ( VBD failed ) ( S ( VP ( TO to ) ( VP ( VB do ) ( NP ( RB enough ) ) ( S ( VP ( TO to ) ( VP ( VB aid ) ( NP ( NP ( DT the ) ( NN removal ) ) ( PP ( IN of ) ( NP ( JJ Panamanian ) ( NN dictator ) ( NNP Manuel ) ( NNP Noriega ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Windsor among other analysts connected to the conservative Heritage Foundation fears the gathering of 18 leaders mostly from Central American nations will force Mr. Bush to explain and redeem himself in the wake of charges that the U.S. failed to do enough to aid the removal of Panamanian dictator Manuel Noriega


( S ( PP-TMP ( IN At ) ( NP ( DT the ) ( JJ same ) ( NN time ) ) ) ( NP-SBJ ( ADJP ( JJ liberal ) ( CC and ) ( JJ moderate ) ) ( NNPS Democrats ) ) ( VP ( VBP note ) ( NP ( NP ( DT the ) ( NN irony ) ) ( PP ( IN of ) ( S-NOM ( NP-SBJ ( NNP Mr. ) ( NNP Bush ) ( POS 's ) ) ( VP ( VBG joining ) ( NP ( NP ( DT a ) ( NN celebration ) ) ( PP ( IN of ) ( NP ( ADJP ( JJ Costa ) ( JJ Rican ) ) ( NN democracy ) ) ) ) ( PP-TMP ( IN at ) ( NP ( NP ( DT a ) ( NN time ) ) ( SBAR ( S ( NP-SBJ ( PRP$ his ) ( NN administration ) ) ( VP ( VBZ has ) ( VP ( VBN sought ) ( NP ( NP ( JJ sharp ) ( NNS cuts ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP U.S. ) ( NN aid ) ) ( PP-DIR ( TO to ) ( NP ( DT the ) ( JJ tiny ) ( NN country ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

At the same time liberal and moderate Democrats note the irony of Mr. Bush 's joining a celebration of Costa Rican democracy at a time his administration has sought sharp cuts in U.S. aid to the tiny country


( S ( NP-SBJ ( DT The ) ( NN administration ) ) ( VP ( VBD proposed ) ( NP ( NP ( QP ( RB only ) ( CD 57 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( JJ so-called ) ( JJ economic ) ( NN support ) ( NNS funds ) ) ) ( PP ( IN for ) ( NP ( NNP Costa ) ( NNP Rica ) ) ) ) ( NP-TMP ( DT this ) ( NN year ) ) ( ADVP ( RB down ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( QP ( CD 90 ) ( CD million ) ) ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NNP U.S. ) ) ( VP ( VBD provided ) ( NP-TMP ( JJ last ) ( NN year ) ) ) ) ) ) ) ) ) )

The administration proposed only 57 million in so-called economic support funds for Costa Rica this year down from the 90 million the U.S. provided last year


( S ( NP-SBJ ( DT The ) ( NN administration ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NNS improvements ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Costa ) ( NNP Rica ) ( POS 's ) ) ( JJ economic ) ( NN condition ) ) ) ) ( VP ( VBP warrant ) ( NP ( NP ( DT the ) ( NN cut ) ) ( PP-LOC ( IN in ) ( NP ( NN aid ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( NP-SBJ ( DT the ) ( NN country ) ) ( VP ( VBZ uses ) ( ADVP ( RB mainly ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB make ) ( NP ( NNS payments ) ) ( PP-CLR ( IN on ) ( NP ( PRP$ its ) ( ADJP ( QP ( CD 4.5 ) ( CD billion ) ) ) ( JJ foreign ) ( NN debt ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The administration said improvements in Costa Rica 's economic condition warrant the cut in aid which the country uses mainly to make payments on its 4.5 billion foreign debt


( S ( CC But ) ( NP-SBJ ( ADJP ( JJ Costa ) ( JJ Rican ) ) ( NNS officials ) ) ( VP ( VBP argue ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( JJ recent ) ( NN drop ) ) ( PP-LOC ( IN in ) ( NP ( NN coffee ) ( NNS prices ) ) ) ( VP ( VBN combined ) ( PP-CLR ( IN with ) ( NP ( NP ( DT the ) ( NN country ) ( POS 's ) ) ( VBG continuing ) ( NN struggle ) ( S ( VP ( TO to ) ( VP ( VB reinvigorate ) ( NP ( PRP$ its ) ( NN economy ) ) ) ) ) ) ) ) ) ( VP ( VBP make ) ( S ( NP-SBJ ( DT the ) ( NN support ) ) ( ADJP-PRD ( ADJP ( RB as ) ( JJ necessary ) ) ( PP ( IN as ) ( RB ever ) ) ) ) ) ) ) ) )

But Costa Rican officials argue that the recent drop in coffee prices combined with the country 's continuing struggle to reinvigorate its economy make the support as necessary as ever


( SINV ( S-TPC-2 ( S ( NP-SBJ ( PRP We ) ) ( VP ( VBP are ) ( VP ( VBG crossing ) ( NP ( DT the ) ( NN river ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( PRP we ) ) ( VP ( VBP need ) ( NP ( DT a ) ( ADJP ( RB little ) ( JJR more ) ) ( NN help ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB get ) ( PP-DIR ( TO to ) ( NP ( DT the ) ( JJ other ) ( NN side ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Rodrigo ) ( NNP Sotela ) ) ( NP ( NP ( DT an ) ( JJ economic ) ( NNS affairs ) ( NN specialist ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT the ) ( ADJP ( JJ Costa ) ( JJ Rican ) ) ( NNP Embassy ) ) ( PP-LOC ( IN in ) ( NP ( NNP Washington ) ) ) ) ) ) ) )

We are crossing the river and we need a little more help to get to the other side said Rodrigo Sotela an economic affairs specialist at the Costa Rican Embassy in Washington


( S ( NP-SBJ ( NNP Democrats ) ) ( VP ( VBP argue ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP Costa ) ( NNP Rica ) ) ( VP ( VBZ deserves ) ( NP ( JJR more ) ( NN assistance ) ) ( UCP-PRP ( PP ( IN for ) ( NP ( NP ( DT the ) ( JJ same ) ( NN reason ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Bush ) ) ( VP ( VBZ is ) ( VP ( VBG attending ) ( NP ( DT the ) ( NN celebration ) ) ( NP-TMP ( DT this ) ( NN weekend ) ) ) ) ) ) ) ) ) ( S ( VP ( TO to ) ( VP ( VB reward ) ( NP ( DT the ) ( NN country ) ) ( PP-CLR ( PP ( IN for ) ( NP ( NP ( PRP$ its ) ( NN stability ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT a ) ( NN region ) ) ( VP ( VBN wracked ) ( PP-CLR ( IN with ) ( NP ( NN turmoil ) ) ) ) ) ) ) ) ( CC and ) ( PP ( IN for ) ( NP ( PRP$ its ) ( NNS efforts ) ( S ( VP ( TO to ) ( VP ( VB promote ) ( NP ( NN peace ) ) ( PP-LOC ( IN in ) ( NP ( NNP Nicaragua ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Democrats argue that Costa Rica deserves more assistance for the same reason that Mr. Bush is attending the celebration this weekend to reward the country for its stability in a region wracked with turmoil and for its efforts to promote peace in Nicaragua


( S ( ADVP ( RB However ) ) ( NP-SBJ ( NP ( NN peace ) ( NNS efforts ) ) ( PP ( IN by ) ( NP ( ADJP ( JJ Costa ) ( JJ Rican ) ) ( NNP President ) ( NNP Oscar ) ( NNP Arias ) ) ) ) ( VP ( VBP have ) ( RB n't ) ( ADVP-TMP ( RB always ) ) ( VP ( VBN helped ) ( NP ( NP ( NP ( DT the ) ( NN country ) ( POS 's ) ) ( NN cause ) ) ( PP-LOC ( IN in ) ( NP ( NNP Washington ) ) ) ) ) ) )

However peace efforts by Costa Rican President Oscar Arias have n't always helped the country 's cause in Washington


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Arias ) ( POS 's ) ) ( JJ long-time ) ( NN refusal ) ( S ( VP ( TO to ) ( VP ( VB support ) ( NP ( NP ( NP ( DT the ) ( NNP U.S. ) ( POS 's ) ) ( NN campaign ) ) ( PP ( IN against ) ( NP ( JJ leftist ) ( NNP Nicaragua ) ) ) ) ) ) ) ) ( VP ( VBD earned ) ( NP ( PRP him ) ) ( NP ( NP ( DT the ) ( NN ire ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Reagan ) ( NNP White ) ( NNP House ) ) ) ) ) )

Mr. Arias 's long-time refusal to support the U.S. 's campaign against leftist Nicaragua earned him the ire of the Reagan White House


( S ( CC And ) ( ADVP-TMP ( RBR more ) ( RB recently ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD insisted ) ( PP-CLR ( IN on ) ( S-NOM ( VP ( VBG signing ) ( NP ( NP ( DT a ) ( JJ five-nation ) ( NN agreement ) ) ( VP ( VBN intended ) ( S ( VP ( TO to ) ( VP ( VB disarm ) ( NP ( NP ( NNP Nicaragua ) ( POS 's ) ) ( JJ U.S.-backed ) ( JJ Contra ) ( NNS rebels ) ) ( ADVP-MNR ( ADVP ( RBR faster ) ) ( SBAR ( IN than ) ( S ( NP-SBJ ( DT the ) ( NNP Bush ) ( NN administration ) ) ( VP ( MD would ) ( VP ( VB prefer ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

And more recently he insisted on signing a five-nation agreement intended to disarm Nicaragua 's U.S.-backed Contra rebels faster than the Bush administration would prefer


( SINV ( S-TPC-2 ( NP-SBJ ( PRP I ) ) ( VP ( VBP think ) ( SBAR ( S ( S-NOM-SBJ ( NP-SBJ ( NNP Bush ) ( POS 's ) ) ( VP ( VBG going ) ( ADVP-DIR ( RB there ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( DT a ) ( JJ helpful ) ( NN sign ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Sen. ) ( NNP Terry ) ( NNP Sanford ) ) ( PRN ( NP ( NP ( NNP D. ) ) ( NP-LOC ( NNP N.C ) ) ) ) ( NP ( NP ( DT a ) ( NN member ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Foreign ) ( NNPS Relations ) ( NNP Committee ) ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD pushed ) ( S ( VP ( TO to ) ( VP ( VB provide ) ( NP ( NNP Costa ) ( NNP Rica ) ) ( NP ( NP ( IN about ) ( DT the ) ( JJ same ) ( NN amount ) ) ( PP ( IN of ) ( NP ( NN aid ) ) ) ( SBAR ( IN as ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD received ) ( NP-TMP ( JJ last ) ( NN year ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

I think Bush 's going there is a helpful sign said Sen. Terry Sanford D. N.C a member of the Foreign Relations Committee who pushed to provide Costa Rica about the same amount of aid as it received last year


( S ( NP-SBJ ( NP ( NNS Lawmakers ) ) ( PP-LOC ( IN in ) ( NP ( DT both ) ( NNS houses ) ) ) ) ( VP ( VBP support ) ( NP ( DT the ) ( JJR higher ) ( NN level ) ) ) )

Lawmakers in both houses support the higher level


( S ( NP-SBJ ( NN Administration ) ( NNS officials ) ) ( VP ( VBP defend ) ( NP ( NP ( NNP Mr. ) ( NNP Bush ) ( POS 's ) ) ( NN decision ) ( S ( VP ( TO to ) ( VP ( VB make ) ( NP ( DT the ) ( NN trip ) ) ) ) ) ) ) )

Administration officials defend Mr. Bush 's decision to make the trip


( S ( SBAR-ADV ( IN While ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP acknowledge ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN president ) ) ( VP ( MD will ) ( VP ( VB attend ) ( NP ( NP ( NP ( JJ several ) ( NNS meals ) ) ( CC and ) ( NP ( DT a ) ( NN working ) ( NN session ) ) ) ( VP ( ADVP ( RB also ) ) ( VBD attended ) ( PP ( IN by ) ( NP-LGS ( NNP Mr. ) ( NNP Ortega ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VBP insist ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Bush ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB be ) ( VP ( VBG extending ) ( NP ( DT the ) ( JJ Nicaraguan ) ( NN leader ) ) ( NP ( DT any ) ( JJ special ) ( NNS courtesies ) ) ) ) ) ) ) ) )

While they acknowledge the president will attend several meals and a working session also attended by Mr. Ortega they insist that Mr. Bush wo n't be extending the Nicaraguan leader any special courtesies


( S ( NP-SBJ-2 ( DT The ) ( NN administration ) ) ( ADVP ( RB also ) ) ( VP ( VBD made ) ( S ( ADJP-PRD ( JJ clear ) ) ( NP-SBJ ( NP ( PRP$ its ) ( VBG continuing ) ( NN distate ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ leftist ) ( JJ Nicaraguan ) ( NN government ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( JJ recent ) ( NNS days ) ) ) ( S-MNR ( VP ( VP ( VBG endorsing ) ( NP ( NP ( DT a ) ( NN package ) ) ( PP ( IN of ) ( NP ( NP ( JJ electoral ) ( NN aid ) ) ( PP ( TO to ) ( NP ( DT the ) ( JJ Nicaraguan ) ( NN opposition ) ) ) ) ) ) ) ( VP ( VBG renewing ) ( NP ( NP ( DT the ) ( NNP U.S. ) ( NN trade ) ( NN embargo ) ) ( PP ( IN against ) ( NP ( DT the ) ( NN country ) ) ) ) ) ( CC and ) ( VP ( VBG continuing ) ( S ( VP ( TO to ) ( VP ( VB complain ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN country ) ) ( VP ( VBZ supports ) ( NP ( NP ( NN rebel ) ( NNS groups ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN region ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The administration also made clear its continuing distate for the leftist Nicaraguan government in recent days endorsing a package of electoral aid to the Nicaraguan opposition renewing the U.S. trade embargo against the country and continuing to complain that the country supports rebel groups in the region


( S ( NP-SBJ ( NNS Officials ) ) ( ADVP ( RB also ) ) ( VP ( VBP insist ) ( SBAR ( S ( NP-SBJ ( NNP Mr. ) ( NNP Bush ) ) ( VP ( MD will ) ( VP ( VB use ) ( NP-1 ( DT the ) ( NN trip ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB highlight ) ( NP ( NP ( PRP$ his ) ( JJ own ) ( NNS initiatives ) ) ( PP ( IN for ) ( S-NOM ( VP ( VP ( VBG pushing ) ( NP ( NN democracy ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN region ) ) ) ) ( VP ( VBG fighting ) ( NP ( JJ illegal ) ( NNS drugs ) ) ) ( CC and ) ( VP ( VBG assisting ) ( NP ( DT the ) ( ADJP ( RBR less ) ( JJ developed ) ) ( NNS countries ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Officials also insist Mr. Bush will use the trip to highlight his own initiatives for pushing democracy in the region fighting illegal drugs and assisting the less developed countries


( S ( S-TPC-1 ( VP ( VB Let ) ( S ( NP-SBJ ( PRP me ) ) ( VP ( VB say ) ( SBAR ( S ( NP-SBJ ( EX there ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( JJ symbolic ) ( NN component ) ) ( PP ( TO to ) ( NP ( DT this ) ( NN trip ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NAC ( NNP Secretary ) ( PP ( IN of ) ( NP ( NNP State ) ) ) ) ( NNP James ) ( NNP Baker ) ) ( VP ( VBD told ) ( NP ( NNS reporters ) ) ( NP-TMP ( NNP Wednesday ) ) ) )

Let me say there is a symbolic component to this trip Secretary of State James Baker told reporters Wednesday


( S ( S-TPC-1 ( NP-SBJ ( EX There ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB be ) ( NP-PRD ( DT any ) ( JJ formal ) ( NNS resolutions ) ( CC or ) ( NNS communiques ) ) ) ) ) ( NP-SBJ ( PRP I ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB think ) ) ) )

There wo n't be any formal resolutions or communiques I do n't think


( S ( CC But ) ( NP-SBJ ( PRP we ) ) ( ADVP-TMP ( RB still ) ) ( VP ( VB see ) ( NP ( DT this ) ) ( PP-CLR ( IN as ) ( NP ( DT an ) ( NN opportunity ) ( S ( VP ( TO to ) ( VP ( VB discuss ) ( NP ( JJ many ) ( JJ many ) ( ADJP ( RB very ) ( JJ important ) ) ( NNS issues ) ) ) ) ) ) ) ) )

But we still see this as an opportunity to discuss many many very important issues


( S ( NP-SBJ ( NP ( NNP Calgene ) ( NNP Inc. ) ) ( CC and ) ( NP ( NNP Gustafson ) ( NNP Inc. ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP plan ) ( NP ( NP ( DT a ) ( JJ joint ) ( NN project ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB develop ) ( NP ( NP ( JJ biological ) ( NNS products ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB control ) ( NP ( NP ( JJ such ) ( NN plant ) ( NNS diseases ) ) ( PP ( IN as ) ( NP ( NP ( NN aflatoxin ) ) ( NP ( DT a ) ( JJ potent ) ( JJ cancer-causing ) ( NN agent ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Calgene Inc. and Gustafson Inc. said they plan a joint project to develop biological products to control such plant diseases as aflatoxin a potent cancer-causing agent


( S ( PP-LOC ( IN Under ) ( NP ( DT the ) ( NN plan ) ) ) ( NP-SBJ-1 ( DT the ) ( NNS companies ) ) ( VP ( MD will ) ( VP ( VB use ) ( NP ( NP ( NNP Calgene ) ( POS 's ) ) ( JJ patented ) ( NN technology ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB encapsulate ) ( NP ( NP ( NNS microbes ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NP ( NN Bacillus ) ( NNS subtilis ) ) ( NP ( DT a ) ( NN bacterium ) ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB enhance ) ( NP ( PRP$ their ) ( JJ biological ) ( NN activity ) ) ( PP-CLR ( IN against ) ( NP ( NN plant ) ( NNS diseases ) ) ) ) ) ) ) ) ) ) ) )

Under the plan the companies will use Calgene 's patented technology to encapsulate microbes such as Bacillus subtilis a bacterium to enhance their biological activity against plant diseases


( S ( NP-SBJ ( NP ( NNP Calgene ) ) ( NP ( DT an ) ( JJ agricultural ) ( NN biotechnology ) ( NN concern ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( JJ initial ) ( NN work ) ) ( VP ( MD will ) ( VP ( VB concentrate ) ( PP-CLR ( IN on ) ( NP ( NP ( DT a ) ( JJ proprietary ) ( NN strain ) ) ( PP ( IN of ) ( NP ( NN Bacillus ) ( NNS subtilis ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ has ) ( VP ( VBN shown ) ( NP ( NP ( NN promise ) ) ( PP ( IN for ) ( S-NOM ( VP ( VBG controlling ) ( NP ( NN aflatoxin ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Calgene an agricultural biotechnology concern said initial work will concentrate on a proprietary strain of Bacillus subtilis which has shown promise for controlling aflatoxin


( S ( NP-SBJ-1 ( DT The ) ( NN strain ) ) ( VP ( VBD was ) ( VP ( VP ( VBN discovered ) ( PP ( IN by ) ( NP-LGS ( NNP Morinaga ) ( CC & ) ( NNP Co. ) ) ) ) ( CC and ) ( VP ( VBN licensed ) ( PP-CLR ( TO to ) ( NP ( NP ( NNP Gustafson ) ) ( NP ( NP ( DT a ) ( NN unit ) ) ( PP ( IN of ) ( NP ( NNP Uniroyal ) ( NNP Chemical ) ( NNP Co ) ) ) ) ) ) ) ) ) )

The strain was discovered by Morinaga & Co. and licensed to Gustafson a unit of Uniroyal Chemical Co


( S ( NP-SBJ-1 ( NN Aflatoxin ) ) ( VP ( VBZ is ) ( VP ( VBN released ) ( PP ( IN by ) ( NP-LGS ( NNS molds ) ) ) ( PP-TMP ( IN during ) ( NP ( NN grain ) ( CC and ) ( NN seed ) ( NN storage ) ) ) ) ) )

Aflatoxin is released by molds during grain and seed storage


( S ( NP-SBJ ( NP ( DT The ) ( JJ recent ) ( NN appearance ) ) ( PP ( IN of ) ( NP ( NN aflatoxin ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( JJ such ) ( NNS foods ) ) ( PP ( IN as ) ( NP ( NP ( NN corn ) ) ( CC and ) ( NP ( NN peanut ) ( NN butter ) ) ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN sparked ) ( NP ( NP ( JJ public ) ( NN concern ) ) ( CC and ) ( NP ( NP ( NN consumer ) ( NN scrutiny ) ) ( PP ( IN of ) ( NP ( NN food ) ( NN handling ) ( CC and ) ( NN storage ) ( NNS procedures ) ) ) ) ) ) ) )

The recent appearance of aflatoxin in such foods as corn and peanut butter has sparked public concern and consumer scrutiny of food handling and storage procedures


( S ( ADJP ( JJ Contrary ) ( PP ( TO to ) ( SBAR-NOM ( WHNP-3 ( WP what ) ) ( S ( VP ( MD might ) ( VP ( VB be ) ( VP ( VBN expected ) ( PP ( VBN based ) ( PP ( IN on ) ( NP ( NP ( DT the ) ( NN headline ) ) ( PP-LOC ( IN on ) ( NP ( NP ( NP ( NNP John ) ( NNP R. ) ( NNP Dorfman ) ( POS 's ) ) ( JJ recent ) ( NN Money ) ( NNS Matters ) ( NN article ) ) ( PRN ( S-TTL ( NP-SBJ ( NNS Pros ) ) ( VP ( VBP Hit ) ( NP ( NNS Theorists ) ) ( SBAR-LOC-CLR ( WHADVP-4 ( RB Right ) ( WRB Where ) ) ( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ Hurts ) ) ) ) ) ) ( NP-TMP ( NNP Oct. ) ( CD 3 ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ-5 ( PRP I ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ able ) ( S ( VP ( TO to ) ( VP ( VP ( VB stand ) ( ADVP-MNR ( RB proudly ) ) ( PP-LOC ( IN before ) ( NP ( PRP$ my ) ( NN undergraduate ) ( NN finance ) ( NNS students ) ) ) ) ( CC and ) ( VP ( VB proclaim ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NNS findings ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ your ) ( JJ yearlong ) ( NN experiment ) ) ( PP ( IN on ) ( NP ( NN stock ) ( NN picking ) ) ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB completely ) ( JJ consistent ) ( PP ( IN with ) ( SBAR-NOM ( WHNP-6 ( WP what ) ) ( S ( NP-SBJ-2 ( PRP they ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBN taught ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN classroom ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Contrary to what might be expected based on the headline on John R. Dorfman 's recent Money Matters article Pros Hit Theorists Right Where It Hurts Oct. 3 I was able to stand proudly before my undergraduate finance students and proclaim that the findings of your yearlong experiment on stock picking is completely consistent with what they have been taught in the classroom


( S ( PP ( IN In ) ( ADJP ( JJ particular ) ) ) ( NP-SBJ ( PRP I ) ) ( VP ( VBP do ) ( RB not ) ( VP ( VB find ) ( S ( NP-SBJ ( DT the ) ( NN fact ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NP ( NP ( PRP$ your ) ( NN group ) ) ( PP ( IN of ) ( NP ( NNS pros ) ( POS ' ) ) ) ) ( JJ monthly ) ( NNS selections ) ) ( PP ( IN of ) ( NP ( CD four ) ( NNS stocks ) ) ) ) ( VP ( VBZ outperforms ) ( NP ( DT the ) ( NN market ) ) ( PP ( IN in ) ( ADJP ( JJ general ) ) ) ) ) ) ) ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( JJ inconsistent ) ( PP ( IN with ) ( NP ( NN market ) ( NN efficiency ) ) ) ) ) ) ) ) ) )

In particular I do not find the fact that your group of pros ' monthly selections of four stocks outperforms the market in general to be inconsistent with market efficiency


( S ( NP-SBJ ( NNP Mr. ) ( NNP Dorfman ) ) ( VP ( VBZ states ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT an ) ( NN investor ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VP ( VP ( VBD invested ) ( NP ( CD 100,000 ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB ago ) ) ( PP-CLR ( IN in ) ( NP ( NP ( DT the ) ( JJ first ) ( CD four ) ( NNS stocks ) ) ( VP ( VBN selected ) ( PP ( IN by ) ( NP-LGS ( PRP$ your ) ( NNS pros ) ) ) ) ) ) ) ( CC and ) ( VP ( ADVP-TMP ( RB then ) ) ( VBD sold ) ( NP ( DT those ) ) ( ADVP-TMP ( NP ( CD one ) ( NN month ) ) ( RB later ) ) ( S-ADV ( VP ( VBG purchasing ) ( NP ( DT the ) ( CD four ) ( JJ new ) ( NN pro ) ( NNS picks ) ) ) ) ) ) ( CC and ) ( VP ( VBD repeated ) ( NP ( DT this ) ( NN process ) ) ( PP-TMP ( IN for ) ( NP ( DT the ) ( NN year ) ) ) ) ) ) ) ) ( VP ( MD would ) ( VP ( VB have ) ( VP ( VBN accumulated ) ( NP ( NP ( CD 166,537 ) ) ( PP ( VBG excluding ) ( NP ( NP ( NN account ) ( NNS dividends ) ) ( NP ( NNS taxes ) ) ( CC and ) ( NP ( NNS commissions ) ) ) ) ) ) ) ) ) ) ) )

Mr. Dorfman states that an investor who invested 100,000 a year ago in the first four stocks selected by your pros and then sold those one month later purchasing the four new pro picks and repeated this process for the year would have accumulated 166,537 excluding account dividends taxes and commissions


( S ( PP ( IN In ) ( NP ( NN contrast ) ) ) ( NP-SBJ ( NP ( DT an ) ( NN investor ) ) ( VP ( VBG holding ) ( NP ( DT the ) ( NNP Dow ) ( NNP Jones ) ( NN portfolio ) ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( NN year ) ) ) ) ) ( VP ( MD would ) ( VP ( VB have ) ( VP ( VBN accumulated ) ( NP ( QP ( RB only ) ( CD 127,446 ) ) ) ) ) ) )

In contrast an investor holding the Dow Jones portfolio over the year would have accumulated only 127,446


( S ( NP-SBJ ( NP ( JJ Accepted ) ( NNS theories ) ) ( PP ( IN of ) ( NP ( NN asset ) ( NN pricing ) ) ) ) ( VP ( VBP offer ) ( NP ( DT a ) ( ADVP ( RB perfectly ) ( JJ legitimate ) ) ( NN explanation ) ) ) )

Accepted theories of asset pricing offer a perfectly legitimate explanation


( S ( NP-SBJ ( JJ Accepted ) ( NNS theories ) ) ( VP ( VBP state ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNS investors ) ) ( VP ( VBP require ) ( NP ( JJR higher ) ( NNS returns ) ) ( PP ( IN on ) ( NP ( JJR riskier ) ( NNS investments ) ) ) ) ) ) ) )

Accepted theories state that investors require higher returns on riskier investments


( S ( ADVP ( RB Thus ) ) ( PP ( RB rather ) ( IN than ) ( S-NOM ( VP ( VBG seeing ) ( NP ( NP ( DT the ) ( JJ excess ) ( NNS returns ) ) ( PP ( TO to ) ( NP ( DT the ) ( JJ pro-selected ) ( NN portfolio ) ) ) ) ( PP-CLR ( IN as ) ( S-NOM ( VP ( VBG being ) ( ADJP-PRD ( JJ abnormal ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP I ) ) ( VP ( VBP see ) ( NP ( DT those ) ( NNS returns ) ) ( PP-CLR ( IN as ) ( NP ( NP ( RB simply ) ( NNS compensations ) ) ( PP ( IN for ) ( S-NOM ( VP ( VBG taking ) ( PRT ( RP on ) ) ( NP ( VBN added ) ( NN risk ) ) ) ) ) ) ) ) )

Thus rather than seeing the excess returns to the pro-selected portfolio as being abnormal I see those returns as simply compensations for taking on added risk


( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP believe ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NN risk ) ) ( PP ( IN for ) ( NP ( NP ( DT each ) ( JJ individual ) ( NN stock ) ) ( VP ( VBN selected ) ( PP ( IN by ) ( NP-LGS ( PRP$ your ) ( NNS pros ) ) ) ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB very ) ( JJ large ) ) ) ) ) ) )

I believe the risk for each individual stock selected by your pros is very large


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBD asked ) ( NP-1 ( PRP me ) ) ( S ( VP ( TO to ) ( VP ( VB select ) ( NP ( NP ( DT a ) ( NN stock ) ) ( PP ( IN with ) ( NP ( DT the ) ( JJS highest ) ( JJ expected ) ( NN return ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP I ) ) ( VP ( MD would ) ( VP ( VB select ) ( NP ( NP ( DT a ) ( NN stock ) ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( JJS greatest ) ( NN amount ) ) ( PP ( IN of ) ( NP ( JJ undiversifiable ) ( NN risk ) ) ) ) ) ) ( SBAR-PRP ( IN as ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP am ) ( ADJP-PRD ( RB sure ) ( SBAR ( S ( NP-SBJ ( PRP$ your ) ( NNS pros ) ) ( VP ( VBP do ) ) ) ) ) ) ) ) ) ) )

If you asked me to select a stock with the highest expected return I would select a stock with the greatest amount of undiversifiable risk as I am sure your pros do


( S ( NP-SBJ-1 ( PRP$ Your ) ( JJ hypothetical ) ( NN investor ) ) ( VP ( VBZ is ) ( ADVP ( RB simply ) ) ( VP ( VBG being ) ( VP ( VBN compensated ) ( PP-CLR ( IN for ) ( S-NOM ( VP ( VBG taking ) ( PRT ( RP on ) ) ( NP ( DT this ) ( VBN added ) ( NN risk ) ) ) ) ) ) ) ) )

Your hypothetical investor is simply being compensated for taking on this added risk


( S ( ADVP ( RB Moreover ) ) ( NP-SBJ ( PRP$ your ) ( JJ hypothetical ) ( NN investor ) ) ( VP ( VBZ has ) ( VP ( VBN forsaken ) ( NP ( NP ( DT the ) ( NNS gains ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN had ) ( PP ( IN in ) ( S-NOM ( VP ( VBG reducing ) ( NP ( NN risk ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG diversifying ) ( NP ( PRP$ his ) ( NN portfolio ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Moreover your hypothetical investor has forsaken the gains to be had in reducing risk by diversifying his portfolio


( S ( NP-SBJ ( DT A ) ( JJ four-stock ) ( NN portfolio ) ) ( VP ( VBZ is ) ( ADVP-TMP ( RB still ) ) ( VP ( VBN exposed ) ( PP-CLR ( TO to ) ( NP ( NP ( DT a ) ( JJ great ) ( NN deal ) ) ( PP ( IN of ) ( NP ( JJ unnecessary ) ( NN risk ) ) ) ) ) ) ) )

A four-stock portfolio is still exposed to a great deal of unnecessary risk


( S ( NP-SBJ ( DT This ) ) ( VP ( VBZ means ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NNS returns ) ) ( VP ( MD can ) ( VP ( VB vary ) ( NP ( DT a ) ( JJ great ) ( NN deal ) ) ) ) ) ) ) )

This means the returns can vary a great deal


( S ( NP-SBJ ( NNP Mr. ) ( NNP Dorfman ) ) ( VP ( VBZ provides ) ( NP ( NP ( VBG confirming ) ( NN evidence ) ) ( PP ( IN of ) ( NP ( DT this ) ( NN phenomenon ) ) ) ) ( SBAR-TMP ( WHADVP-3 ( WRB when ) ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ reports ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( PRP$ your ) ( NN staff ) ) ( PP ( IN of ) ( NP ( NN dart ) ( NNS throwers ) ) ) ) ( VP ( MD would ) ( VP ( VB have ) ( VP ( VBN accumulated ) ( NP ( QP ( RB only ) ( CD 112,383 ) ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( ADVP-MNR ( RB randomly ) ) ( VBG selecting ) ( NP ( NP ( CD four ) ( JJ new ) ( NNS stocks ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN held ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( NN portfolio ) ) ) ) ) ) ) ) ) ( NP-TMP ( DT each ) ( NN month ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Dorfman provides confirming evidence of this phenomenon when he reports that your staff of dart throwers would have accumulated only 112,383 by randomly selecting four new stocks to be held in a portfolio each month


( S ( NP-VOC ( NP ( NNP Scott ) ( NNP E. ) ( NNP Hein ) ) ( NP-LOC ( NNP Texas ) ( NNP Tech ) ( NNP University ) ) ( NP-LOC ( NP ( NNP Lubbock ) ) ( NP ( NNP Texas ) ) ) ) ( NP-SBJ ( PRP$ Your ) ( NN Investment ) ( NN Dartboard ) ( NN article ) ) ( VP ( VBZ misses ) ( NP ( DT the ) ( NN target ) ) ) )

Scott E. Hein Texas Tech University Lubbock Texas Your Investment Dartboard article misses the target


( S ( NP-SBJ ( DT The ) ( NN fact ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NN stock ) ( NNS pickers ) ) ( VP ( VBP have ) ( VP ( VBN bested ) ( NP ( DT a ) ( ADJP ( RB randomly ) ( VBN selected ) ) ( NN portfolio ) ) ( PP-TMP ( IN in ) ( NP ( QP ( CD eight ) ( IN of ) ( CD 12 ) ) ( NNS months ) ) ) ) ) ) ) ) ( VP ( VBZ has ) ( NP ( NP ( DT no ) ( NN bearing ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NN efficient-market ) ( NN theory ) ) ) ) ) )

The fact that stock pickers have bested a randomly selected portfolio in eight of 12 months has no bearing on the efficient-market theory


( S ( SBAR-NOM-SBJ ( WHNP-1 ( WP What ) ) ( S ( VP ( VBZ matters ) ) ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ-2 ( NP ( DT the ) ( NNS stocks ) ) ( VP ( VBN recommended ) ( PP ( IN by ) ( NP-LGS ( PRP$ your ) ( NNS pros ) ) ) ) ) ( VP ( VBP tend ) ( S ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( ADJP ( RB substantially ) ( JJR riskier ) ) ( PP ( IN than ) ( NP ( DT a ) ( JJ diversified ) ( NN portfolio ) ) ) ) ) ) ) ) ) ) ) )

What matters is that the stocks recommended by your pros tend to be substantially riskier than a diversified portfolio


( S ( PP ( IN For ) ( NP ( NN example ) ) ) ( NP-SBJ ( NP ( NP ( PRP$ your ) ( NNS pickers ) ( POS ' ) ) ( NNS recommendations ) ) ( PP ( IN for ) ( NP ( DT the ) ( VBG coming ) ( NN month ) ) ) ) ( VP ( VBP are ) ( PP ( IN on ) ( NP ( NN average ) ) ) ( ADJP-PRD ( ADJP ( NP-ADV ( CD 22.5 ) ( NN % ) ) ( JJR riskier ) ) ( PP ( IN than ) ( S-NOM ( VP ( VBG holding ) ( NP ( DT the ) ( NN market ) ( NN portfolio ) ) ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NP ( NNP Value ) ( NNP Line ) ( POS 's ) ) ( NN Beta ) ( NNS estimates ) ) ) ) ) )

For example your pickers ' recommendations for the coming month are on average 22.5 % riskier than holding the market portfolio according to Value Line 's Beta estimates


( S ( S ( NP-SBJ ( NP ( NP ( NP ( NNP James ) ( NNP Morgan ) ( POS 's ) ) ( NN pick ) ) ( PP ( IN for ) ( NP ( NNP October ) ) ) ) ( PRN ( NP ( NNP Dynascan ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( ADJP ( NP-ADV ( DT a ) ( JJ substantial ) ( CD 35 ) ( NN % ) ) ( JJR riskier ) ) ( PP ( IN than ) ( NP ( DT the ) ( NN market ) ( NN portfolio ) ) ) ) ) ) ( S ( NP-SBJ ( PRP$ his ) ( VBD lauded ) ( NNP Thermo ) ( NNP Electron ) ( NN pick ) ) ( VP ( VBZ is ) ( ADJP-PRD ( NP-ADV ( CD 40 ) ( NN % ) ) ( JJR riskier ) ) ) ) )

James Morgan 's pick for October Dynascan is a substantial 35 % riskier than the market portfolio his lauded Thermo Electron pick is 40 % riskier


( NP ( NNP Eric ) ( NNP C. ) ( NNP Meltzer ) )

Eric C. Meltzer


( S ( NP-SBJ ( DT The ) ( NN government ) ) ( VP ( VBZ is ) ( VP ( VBG sharpening ) ( NP ( NP ( NP ( PRP$ its ) ( JJS newest ) ( NN weapon ) ) ( PP ( IN against ) ( NP ( JJ white-collar ) ( NNS defendants ) ) ) ) ( NP ( NP ( DT the ) ( NN power ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB prevent ) ( NP-2 ( PRP them ) ) ( PP-CLR ( IN from ) ( S-NOM ( VP ( VBG paying ) ( NP ( PRP$ their ) ( JJ legal ) ( NNS bills ) ) ) ) ) ) ) ) ) ) ) ) ) )

The government is sharpening its newest weapon against white-collar defendants the power to prevent them from paying their legal bills


( S ( CC And ) ( NP-SBJ ( NN defense ) ( NNS lawyers ) ) ( VP ( VBP are ) ( VP ( VBG warning ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB stick ) ( PRT ( RP around ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB get ) ( VP ( VBN paid ) ) ) ) ) ) ) ) ) ) ) ) )

And defense lawyers are warning that they wo n't stick around if they do n't get paid


( S ( NP-SBJ ( DT The ) ( NN issue ) ) ( VP ( VBZ has ) ( VP ( VBN come ) ( PP-CLR ( TO to ) ( NP ( DT a ) ( NN boil ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NP ( NNP Newark ) ) ( NP ( NNP N.J. ) ) ) ( SBAR ( WHADVP-5 ( WRB where ) ) ( S ( NP-SBJ ( JJ federal ) ( NNS prosecutors ) ) ( VP ( VBP have ) ( VP ( VBN warned ) ( NP ( NP ( NNS lawyers ) ) ( PP ( IN for ) ( NP ( NNP Eddie ) ( NNP Antar ) ) ) ) ( SBAR ( IN that ) ( S ( SBAR-ADV ( IN if ) ( S ( NP-SBJ-1 ( NP ( DT the ) ( NN founder ) ( CC and ) ( JJ former ) ( NN chairman ) ) ( PP ( IN of ) ( NP ( NNP Crazy ) ( NNP Eddie ) ( NNP Inc. ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN indicted ) ) ) ) ) ( NP-SBJ-3 ( DT the ) ( NN government ) ) ( VP ( MD may ) ( VP ( VB move ) ( S ( VP ( TO to ) ( VP ( VB seize ) ( NP ( NP ( DT the ) ( NN money ) ) ( SBAR ( WHNP-2 ( IN that ) ) ( S ( NP-SBJ-4 ( NNP Mr. ) ( NNP Antar ) ) ( VP ( VBZ is ) ( VP ( VBG using ) ( S-PRP ( VP ( TO to ) ( VP ( VB pay ) ( NP ( JJ legal ) ( NNS fees ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The issue has come to a boil in Newark N.J. where federal prosecutors have warned lawyers for Eddie Antar that if the founder and former chairman of Crazy Eddie Inc. is indicted the government may move to seize the money that Mr. Antar is using to pay legal fees


( S ( NP-SBJ ( NP ( DT The ) ( NN warning ) ) ( PP ( IN by ) ( NP ( NP ( DT the ) ( NNP U.S. ) ( NN attorney ) ( POS 's ) ) ( NN office ) ) ) ) ( VP ( VBZ follows ) ( NP ( NP ( CD two ) ( NNS decisions ) ) ( PP ( IN by ) ( NP ( DT the ) ( NNP U.S. ) ( NNP Supreme ) ( NNP Court ) ) ) ( NP-TMP ( JJ last ) ( NNP June ) ) ) ) )

The warning by the U.S. attorney 's office follows two decisions by the U.S. Supreme Court last June


( S ( PP-LOC ( IN In ) ( NP ( DT those ) ( NNS cases ) ) ) ( NP-SBJ ( DT the ) ( JJ high ) ( NN court ) ) ( VP ( VBD ruled ) ( SBAR ( DT that ) ( S ( NP-SBJ ( JJ federal ) ( NN law ) ) ( VP ( VBZ gives ) ( NP ( NNS prosecutors ) ) ( NP ( NP ( JJ broad ) ( NN authority ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB seize ) ( NP ( NP ( NP ( NNS assets ) ) ( PP ( IN of ) ( NP ( NP ( NNS people ) ) ( VP ( VBN accused ) ( PP-CLR ( IN of ) ( NP ( NP ( NN racketeering ) ) ( CC and ) ( NP ( JJ drug-related ) ( NNS crimes ) ) ) ) ) ) ) ) ( VP ( VBG including ) ( NP ( NP ( NNS fees ) ) ( VP ( VBN paid ) ( PP-CLR ( TO to ) ( NP ( NNS lawyers ) ) ) ( PP-TMP ( IN before ) ( NP ( DT an ) ( NN indictment ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

In those cases the high court ruled that federal law gives prosecutors broad authority to seize assets of people accused of racketeering and drug-related crimes including fees paid to lawyers before an indictment


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ-2 ( DT the ) ( NN government ) ) ( VP ( VBZ succeeds ) ( PP-CLR ( IN in ) ( S-NOM ( VP ( VBG seizing ) ( NP ( NP ( NNP Mr. ) ( NNP Antar ) ( POS 's ) ) ( NNS assets ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( PRP he ) ) ( VP ( MD could ) ( VP ( VB be ) ( VP ( VBN left ) ( PP-MNR ( IN without ) ( NP ( JJ top-flight ) ( JJ legal ) ( NN representation ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ-3 ( PRP$ his ) ( NNS attorneys ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB quit ) ) ) ) ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NP ( NNS individuals ) ) ( ADJP ( JJ familiar ) ( PP ( IN with ) ( NP ( DT the ) ( NN case ) ) ) ) ) ) ) ) ) ) )

If the government succeeds in seizing Mr. Antar 's assets he could be left without top-flight legal representation because his attorneys are likely to quit according to individuals familiar with the case


( S ( NP-SBJ ( DT A ) ( NN seizure ) ) ( ADVP ( RB also ) ) ( VP ( MD would ) ( VP ( VB make ) ( S ( NP-SBJ ( DT the ) ( NN case ) ) ( NP-PRD ( NP ( DT the ) ( JJS largest ) ) ( CC and ) ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ first ) ) ) ) ( SBAR ( WHPP-2 ( IN in ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ-1 ( NP ( NNS lawyers ) ( POS ' ) ) ( NNS fees ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBN confiscated ) ( PP-LOC ( IN in ) ( NP ( NP ( DT a ) ( NN prosecution ) ) ( ADJP ( JJ unrelated ) ( PP ( TO to ) ( NP ( NNS drugs ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

A seizure also would make the case the largest and one of the first in which lawyers ' fees have been confiscated in a prosecution unrelated to drugs


( SINV ( S-TPC-5 ( S ( NP-SBJ ( NP ( DT The ) ( NNS people ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP suffer ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ short ) ( NN run ) ) ) ) ) ) ) ( VP ( VBP are ) ( NP-PRD ( NNS defendants ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NP ( DT the ) ( NNS people ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBP suffer ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ long ) ( NN run ) ) ) ) ) ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( DT all ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS people ) ) ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( EX there ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB be ) ( NP-PRD ( NP ( DT a ) ( JJ vigorous ) ( JJ private ) ( NN bar ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB defend ) ( NP ( NP ( DT the ) ( NNP Bill ) ) ( PP ( IN of ) ( NP ( NNPS Rights ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Gerald ) ( NNP Lefcourt ) ) ( NP ( NP ( DT a ) ( NN criminal ) ( NN defense ) ( NN attorney ) ) ( SBAR ( WHNP-3 ( WP who ) ) ( S ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ-6 ( PRP he ) ) ( VP ( VBZ has ) ( VP ( VBN turned ) ( PRT ( RP down ) ) ( NP ( NP ( DT a ) ( NN number ) ) ( PP ( IN of ) ( NP ( NNS cases ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB avoid ) ( NP ( JJ possible ) ( NN fee ) ( NNS seizures ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The people who suffer in the short run are defendants but the people who suffer in the long run are all of the people because there wo n't be a vigorous private bar to defend the Bill of Rights says Gerald Lefcourt a criminal defense attorney who says he has turned down a number of cases to avoid possible fee seizures


( S ( NP-SBJ-1 ( NNP Mr. ) ( NNP Antar ) ) ( VP ( VBZ is ) ( VP ( VBG being ) ( VP ( VBN investigated ) ( PP ( IN by ) ( NP-LGS ( NP ( DT a ) ( JJ federal ) ( JJ grand ) ( NN jury ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Newark ) ) ( SBAR ( WHADVP-2 ( WRB where ) ) ( S ( NP-SBJ ( NNS prosecutors ) ) ( VP ( VBP have ) ( VP ( VBN told ) ( NP ( PRP him ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD may ) ( ADVP-TMP ( RB soon ) ) ( VP ( VB seek ) ( NP ( NP ( DT an ) ( NN indictment ) ) ( PP ( IN on ) ( NP ( NN racketeering ) ( CC and ) ( NNS securities ) ( NN fraud ) ( NNS charges ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Antar is being investigated by a federal grand jury in Newark where prosecutors have told him that they may soon seek an indictment on racketeering and securities fraud charges


( S ( PP-LOC ( IN Under ) ( NP ( NP ( DT the ) ( NNP Racketeer ) ( NNP Influenced ) ( CC and ) ( NNP Corrupt ) ( NNPS Organizations ) ( NN law ) ) ( CC or ) ( NP ( NNP RICO ) ) ) ) ( NP-SBJ ( DT the ) ( NN government ) ) ( VP ( VBZ has ) ( NP ( NP ( DT the ) ( NN authority ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB seek ) ( S ( VP ( TO to ) ( VP ( VB freeze ) ( CC or ) ( VB seize ) ( NP ( NP ( DT a ) ( NN defendant ) ( POS 's ) ) ( NNS assets ) ) ) ) ) ( PP-TMP ( IN before ) ( NP ( NN trial ) ) ) ) ) ) ) ) ) )

Under the Racketeer Influenced and Corrupt Organizations law or RICO the government has the authority to seek to freeze or seize a defendant 's assets before trial


( S ( PP ( VBG According ) ( PP ( TO to ) ( NP ( NP ( NNS individuals ) ) ( ADJP ( JJ familiar ) ( PP ( IN with ) ( NP ( NP ( NNP Mr. ) ( NNP Antar ) ( POS 's ) ) ( NN case ) ) ) ) ) ) ) ( NP-SBJ ( NNS prosecutors ) ) ( VP ( VBD issued ) ( NP ( PRP$ their ) ( NN warning ) ) ( NP-TMP ( DT this ) ( NN week ) ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( NNP Mr. ) ( NNP Antar ) ( POS 's ) ) ( NNS attorneys ) ) ) ) ( VP ( VBD asked ) ( SBAR ( IN whether ) ( S ( NP-SBJ ( JJ legal ) ( NNS fees ) ) ( VP ( MD might ) ( VP ( VB be ) ( ADJP-PRD ( JJ subject ) ( PP ( TO to ) ( NP ( NN seizure ) ) ) ) ) ) ) ) ) ) ) ) )

According to individuals familiar with Mr. Antar 's case prosecutors issued their warning this week after one of Mr. Antar 's attorneys asked whether legal fees might be subject to seizure


( S ( PP-LOC ( IN In ) ( NP ( DT a ) ( NN letter ) ) ) ( NP-SBJ ( NNS prosecutors ) ) ( VP ( VBD told ) ( NP ( NP ( NNP Mr. ) ( NNP Antar ) ( POS 's ) ) ( NNS lawyers ) ) ( SBAR ( IN that ) ( S ( PP-PRP ( IN because ) ( IN of ) ( NP ( DT the ) ( JJ recent ) ( NNP Supreme ) ( NNP Court ) ( NNS rulings ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( MD could ) ( VP ( VB expect ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( DT any ) ( NNS fees ) ) ( VP ( VBN collected ) ( PP-CLR ( IN from ) ( NP ( NNP Mr. ) ( NNP Antar ) ) ) ) ) ( VP ( MD may ) ( VP ( VB be ) ( VP ( VBN seized ) ) ) ) ) ) ) ) ) ) ) )

In a letter prosecutors told Mr. Antar 's lawyers that because of the recent Supreme Court rulings they could expect that any fees collected from Mr. Antar may be seized


( S ( NP-SBJ ( NNS Prosecutors ) ) ( VP ( VBP have ) ( VP ( VBN told ) ( NP ( NP ( NNP Mr. ) ( NNP Antar ) ( POS 's ) ) ( NNS attorneys ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP believe ) ( SBAR ( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Antar ) ) ( VBZ 's ) ( ADJP ( RB allegedly ) ( JJ ill-gotten ) ) ( NNS gains ) ) ( VP ( VBP are ) ( ADJP-PRD ( RB so ) ( JJ great ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT any ) ( NN money ) ) ( SBAR ( S ( NP-SBJ-2 ( PRP he ) ) ( VP ( VBZ has ) ( VP ( VBN used ) ( S-CLR ( VP ( TO to ) ( VP ( VB pay ) ( NP ( NNS attorneys ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ derives ) ( PP-CLR ( IN from ) ( NP ( JJ illegal ) ( NNS activities ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Prosecutors have told Mr. Antar 's attorneys that they believe Mr. Antar 's allegedly ill-gotten gains are so great that any money he has used to pay attorneys derives from illegal activities


( S-3 ( ADVP ( RB Therefore ) ) ( PRN ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD said ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NN money ) ) ( VP ( MD can ) ( VP ( VB be ) ( VP ( VBN taken ) ( PP-CLR ( IN from ) ( NP ( DT the ) ( NNS lawyers ) ) ) ( SBAR-TMP ( ADVP ( RB even ) ) ( IN after ) ( S ( NP-SBJ-2 ( PRP they ) ) ( VP ( VBP are ) ( VP ( VBN paid ) ) ) ) ) ) ) ) )

Therefore they said the money can be taken from the lawyers even after they are paid


( S ( NP-SBJ-1 ( NP ( NP ( NNP Justin ) ( NNP Feldman ) ) ( CC and ) ( NP ( NNP Jack ) ( NNP Arseneault ) ) ) ( NP ( NP ( NNS attorneys ) ) ( PP ( IN for ) ( NP ( NNP Mr. ) ( NNP Antar ) ) ) ) ) ( DT both ) ( VP ( VBD declined ) ( S ( VP ( TO to ) ( VP ( VB comment ) ( PP-CLR ( IN on ) ( NP ( DT the ) ( NN matter ) ) ) ) ) ) ) )

Justin Feldman and Jack Arseneault attorneys for Mr. Antar both declined to comment on the matter


( S ( PP-LOC ( IN In ) ( NP ( NNP Newark ) ) ) ( NP-SBJ ( NNP U.S. ) ( NNP Attorney ) ( NNP Samuel ) ( NN A. ) ( NNP Alito ) ) ( VP ( VBD said ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB think ) ( SBAR ( S ( NP-SBJ ( EX there ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( DT any ) ( JJ legal ) ( NN reason ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB limit ) ( NP ( NP ( NN forfeiture ) ) ( PP ( IN of ) ( NP ( NP ( NN attorney ) ( POS 's ) ) ( NNS fees ) ) ) ( PP ( TO to ) ( NP ( NN drug ) ( NNS cases ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

In Newark U.S. Attorney Samuel A. Alito said I do n't think there 's any legal reason to limit forfeiture of attorney 's fees to drug cases


( S ( NP-SBJ ( NNP Mr. ) ( NNP Alito ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP$ his ) ( NN office ) ) ( ADVP-TMP ( RB just ) ) ( VP ( VBD responded ) ( PP-CLR ( TO to ) ( NP ( NP ( NP ( DT an ) ( NN attorney ) ( POS 's ) ) ( NN question ) ) ( PP ( IN about ) ( SBAR-NOM ( IN whether ) ( S ( S ( NP-SBJ ( PRP we ) ) ( VP ( MD would ) ( VP ( VB go ) ( PP-LOC ( IN after ) ( NP ( NP ( NN attorney ) ( POS 's ) ) ( NNS fees ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT that ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ different ) ( PP ( IN from ) ( S-NOM ( ADVP ( RB actually ) ) ( VP ( VBG doing ) ( NP ( PRP it ) ) ) ) ) ) ( SBAR-ADV ( IN although ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP reserve ) ( NP ( DT that ) ( NN right ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Alito said his office just responded to an attorney 's question about whether we would go after attorney 's fees and that is different from actually doing it although we reserve that right


( S ( NP-SBJ-1 ( NNP Mr. ) ( NNP Antar ) ) ( VP ( VBD was ) ( VP ( VBN charged ) ( NP-TMP ( JJ last ) ( NN month ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT a ) ( JJ civil ) ( NN suit ) ) ( VP ( VBN filed ) ( PP-LOC ( IN in ) ( NP ( NP ( JJ federal ) ( NN court ) ) ( PP-LOC ( IN in ) ( NP ( NNP Newark ) ) ) ) ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NNPS Securities ) ( CC and ) ( NNP Exchange ) ( NNP Commission ) ) ) ) ) ) ) ) )

Mr. Antar was charged last month in a civil suit filed in federal court in Newark by the Securities and Exchange Commission


( S ( PP-LOC ( IN In ) ( NP ( DT that ) ( NN suit ) ) ) ( NP-SBJ ( DT the ) ( NNP SEC ) ) ( VP ( VBD accused ) ( NP ( NNP Mr. ) ( NNP Antar ) ) ( PP-CLR ( IN of ) ( S-NOM ( VP ( VBG engaging ) ( PP-CLR ( IN in ) ( NP ( DT a ) ( JJ massive ) ( JJ financial ) ( NN fraud ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB overstate ) ( NP ( NP ( DT the ) ( NNS earnings ) ) ( PP ( IN of ) ( NP ( NP ( NNP Crazy ) ( NNP Eddie ) ) ( NP-LOC ( NP ( NNP Edison ) ) ( NP ( NNP N.J. ) ) ) ) ) ) ( PP-TMP ( IN over ) ( NP ( DT a ) ( JJ three-year ) ( NN period ) ) ) ) ) ) ) ) ) ) )

In that suit the SEC accused Mr. Antar of engaging in a massive financial fraud to overstate the earnings of Crazy Eddie Edison N.J. over a three-year period


( S ( PP-MNR ( IN Through ) ( NP ( PRP$ his ) ( NNS lawyers ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Antar ) ) ( VP ( VBZ has ) ( VP ( VBN denied ) ( NP ( NP ( NNS allegations ) ) ( PP ( PP ( IN in ) ( NP ( DT the ) ( NNP SEC ) ( NN suit ) ) ) ( CC and ) ( PP ( IN in ) ( NP ( NP ( JJ civil ) ( NNS suits ) ) ( VP ( ADVP-TMP ( RB previously ) ) ( VBN filed ) ( PP ( IN by ) ( NP-LGS ( NNS shareholders ) ) ) ( PP-CLR ( IN against ) ( NP ( NP ( NNP Mr. ) ( NNP Antar ) ) ( CC and ) ( NP ( NNS others ) ) ) ) ) ) ) ) ) ) ) )

Through his lawyers Mr. Antar has denied allegations in the SEC suit and in civil suits previously filed by shareholders against Mr. Antar and others


( S ( NP-SBJ ( DT The ) ( NNP SEC ) ) ( VP ( VBZ has ) ( VP ( VBN alleged ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NNP Mr. ) ( NNP Antar ) ) ( VP ( VBD aimed ) ( S ( VP ( TO to ) ( VP ( VB pump ) ( PRT ( RP up ) ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN stock ) ( NN price ) ) ( PP-MNR ( IN through ) ( NP ( JJ false ) ( JJ financial ) ( NNS statements ) ) ) ( SBAR-PRP ( PP ( IN in ) ( NP ( NN order ) ) ) ( S ( VP ( TO to ) ( VP ( VP ( VB sell ) ( NP ( PRP$ his ) ( NN stake ) ) ) ( CC and ) ( VP ( VB reap ) ( NP ( JJ huge ) ( NNS profits ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The SEC has alleged that Mr. Antar aimed to pump up the company 's stock price through false financial statements in order to sell his stake and reap huge profits


( S-1 ( NP-SBJ ( NNP Mr. ) ( NNP Antar ) ) ( PRN ( S ( NP-SBJ ( DT the ) ( NNP SEC ) ) ( VP ( VBD said ) ) ) ) ( VP ( VBD made ) ( NP ( QP ( JJR more ) ( IN than ) ( CD 60 ) ( CD million ) ) ) ( PP-CLR ( IN from ) ( NP ( NP ( DT the ) ( NN sale ) ) ( PP ( IN of ) ( NP ( PRP$ his ) ( NNS shares ) ) ) ) ) ( PP-TMP ( IN between ) ( NP ( CD 1985 ) ( CC and ) ( CD 1987 ) ) ) ) )

Mr. Antar the SEC said made more than 60 million from the sale of his shares between 1985 and 1987


( S ( NP-SBJ ( DT The ) ( NNP Justice ) ( NNP Department ) ) ( VP ( VBZ has ) ( VP ( VBN emphasized ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( NP ( DT the ) ( NN government ) ( POS 's ) ) ( NN fee-forfeiture ) ( NN power ) ) ( VP ( VBZ is ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN used ) ( ADVP-MNR ( RB sparingly ) ) ) ) ) ) ) ) ) ) ) )

The Justice Department has emphasized that the government 's fee-forfeiture power is to be used sparingly


( S ( PP ( VBG According ) ( PP ( TO to ) ( NP ( NN department ) ( NN policy ) ) ) ) ( NP-SBJ ( NNS prosecutors ) ) ( VP ( MD must ) ( VP ( VB make ) ( NP ( DT a ) ( JJ strong ) ( NN showing ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNS lawyers ) ( POS ' ) ) ( NNS fees ) ) ( VP ( VBD came ) ( PP-CLR ( IN from ) ( NP ( NP ( NNS assets ) ) ( VP ( VBN tainted ) ( PP ( IN by ) ( NP-LGS ( JJ illegal ) ( NNS profits ) ) ) ) ) ) ) ) ) ) ( SBAR-TMP ( IN before ) ( S ( NP-SBJ-1 ( NP ( DT any ) ( NNS attempts ) ) ( PP ( IN at ) ( NP ( NN seizure ) ) ) ) ( VP ( VBP are ) ( VP ( VBN made ) ) ) ) ) ) ) )

According to department policy prosecutors must make a strong showing that lawyers ' fees came from assets tainted by illegal profits before any attempts at seizure are made


( S ( ADVP ( RB Still ) ) ( NP-SBJ ( JJ criminal ) ( NN defense ) ( NNS lawyers ) ) ( VP ( VBP worry ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NNS defendants ) ) ( VP ( VBP are ) ( VP ( VBG being ) ( VP ( VBN deprived ) ( PP-CLR ( IN of ) ( NP ( NP ( PRP$ their ) ( NNP Sixth ) ( NNP Amendment ) ( NN right ) ) ( PP ( TO to ) ( NP ( NP ( NN counsel ) ) ( CC and ) ( NP ( DT a ) ( JJ fair ) ( NN trial ) ) ) ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( DT the ) ( NN government ) ) ( VP ( MD can ) ( VP ( VB seize ) ( NP ( NP ( NNS lawyers ) ( POS ' ) ) ( NNS fees ) ) ) ) ) ) ) ) ) ) ) ) )

Still criminal defense lawyers worry that defendants are being deprived of their Sixth Amendment right to counsel and a fair trial if the government can seize lawyers ' fees


( S ( NP-SBJ ( PRP They ) ) ( ADVP ( RB also ) ) ( VP ( VBP worry ) ( SBAR ( IN that ) ( S ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( DT the ) ( NN government ) ) ( VP ( VBZ applies ) ( NP ( NN asset-forfeiture ) ( NNS laws ) ) ( ADVP-MNR ( RB broadly ) ) ) ) ) ( NP-SBJ-3 ( DT the ) ( JJS best ) ( NN defense ) ( NNS lawyers ) ) ( VP ( MD will ) ( VP ( VB be ) ( ADJP-PRD ( JJ unwilling ) ( S ( VP ( TO to ) ( VP ( VB take ) ( NP ( JJ criminal ) ( NNS cases ) ) ) ) ) ) ( SBAR-ADV ( IN unless ) ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBP are ) ( VP ( VBN assured ) ( PP-CLR ( IN of ) ( S-NOM ( VP ( VBG being ) ( VP ( VBN paid ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

They also worry that if the government applies asset-forfeiture laws broadly the best defense lawyers will be unwilling to take criminal cases unless they are assured of being paid


( S ( NP-SBJ ( DT The ) ( NNP Senate ) ( NNP Agriculture ) ( NNP Committee ) ) ( VP ( VBZ is ) ( VP ( VBG responding ) ( PP-CLR ( TO to ) ( NP ( NP ( NN trading ) ( NNS abuses ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNS futures ) ( NNS markets ) ) ) ) ) ( PP-MNR ( IN with ) ( NP ( NP ( DT a ) ( JJ far-reaching ) ( NN bill ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD would ) ( VP ( VB become ) ( NP-PRD ( NP ( DT the ) ( NNPS Futures ) ( NNP Trading ) ( NNPS Practices ) ( NNP Act ) ) ( PP ( IN of ) ( NP ( CD 1989 ) ) ) ) ) ) ) ) ) ) ) ) )

The Senate Agriculture Committee is responding to trading abuses in the futures markets with a far-reaching bill that would become the Futures Trading Practices Act of 1989


( S ( NP-SBJ ( DT The ) ( VBN proposed ) ( NN legislation ) ) ( VP ( VBZ has ) ( NP ( DT a ) ( JJ laudable ) ( NN goal ) ( S ( VP ( TO to ) ( VP ( VB assure ) ( NP ( NP ( DT the ) ( NN integrity ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP U.S. ) ( NNS futures ) ( NNS markets ) ) ) ) ) ) ) ) ) )

The proposed legislation has a laudable goal to assure the integrity of the U.S. futures markets


( S ( ADVP ( RB However ) ) ( PP ( IN as ) ( S-NOM ( VP ( VBZ is ) ( ADJP-PRD ( JJ common ) ( PP ( IN with ) ( NP ( JJ sweeping ) ( NN legislation ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN proposal ) ) ( VP ( VBZ contains ) ( NP ( NP ( JJ many ) ( NNS provisions ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD could ) ( VP ( VB destroy ) ( NP ( NP ( JJ important ) ( NNS parts ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN system ) ) ( SBAR ( S ( NP-SBJ-3 ( PRP it ) ) ( VP ( VBZ sets ) ( PRT ( RP out ) ) ( S ( VP ( TO to ) ( VP ( VB preserve ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

However as is common with sweeping legislation the proposal contains many provisions that could destroy important parts of the system it sets out to preserve


( S ( NP-SBJ ( NP ( DT The ) ( JJ complex ) ( NN bill ) ) ( VP ( VBN introduced ) ( PP ( IN by ) ( NP-LGS ( NNP Sens. ) ( NP ( NP ( NP ( NNP Patrick ) ( NNP Leahy ) ) ( PRN ( NP ( NP ( NNP D. ) ) ( NP-LOC ( NNP Vt. ) ) ) ) ) ( NP ( NP ( NNP Richard ) ( NNP Lugar ) ) ( PRN ( NP ( NP ( NNP R. ) ) ( NP-LOC ( NNP Ind. ) ) ) ) ) ( CC and ) ( NP ( NP ( NNP Bob ) ( NNP Kerrey ) ) ( PRN ( NP ( NP ( NNP D. ) ) ( NP-LOC ( NNP Neb. ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ covers ) ( NP ( NP ( DT a ) ( JJ wide ) ( NN range ) ) ( PP ( IN of ) ( NP ( NP ( NNS provisions ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VP ( MD would ) ( VP ( VB affect ) ( NP ( NP ( DT the ) ( NN funding ) ( CC and ) ( NN authority ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Commodity ) ( NNPS Futures ) ( NNP Trading ) ( NNP Commission ) ) ) ) ) ) ( CC and ) ( VP ( MD would ) ( VP ( ADVP-MNR ( RB profoundly ) ) ( VB change ) ( NP ( NP ( DT the ) ( NN way ) ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NN industry ) ) ( VP ( VBZ is ) ( VP ( VBN regulated ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The complex bill introduced by Sens. Patrick Leahy D. Vt. Richard Lugar R. Ind. and Bob Kerrey D. Neb. covers a wide range of provisions that would affect the funding and authority of the Commodity Futures Trading Commission and would profoundly change the way the industry is regulated


( S ( NP-SBJ ( DT These ) ) ( VP ( VBP include ) ( NP ( NP ( NP ( NNS provisions ) ) ( VP ( VBG relating ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( NN technology ) ( CC and ) ( NNS systems ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( MD must ) ( VP ( VB be ) ( VP ( VBN employed ) ( PP ( IN by ) ( NP-LGS ( NNS exchanges ) ) ) ) ) ) ) ) ) ) ) ) ( NP ( NP ( NN oversight ) ( CC and ) ( JJ disciplinary ) ( NNS procedures ) ) ( PP ( IN for ) ( NP ( NN exchange ) ( NN trading ) ( NNS practices ) ) ) ) ( NP ( NP ( DT the ) ( NN relationship ) ) ( PP ( IN between ) ( NP ( NP ( NN commodity ) ( NN brokerage ) ( NNS firms ) ) ( CC and ) ( NP ( NN floor ) ( NNS traders ) ) ) ) ) ( CC and ) ( NP ( NN exchange ) ( NN governance ) ) ) ) )

These include provisions relating to the technology and systems that must be employed by exchanges oversight and disciplinary procedures for exchange trading practices the relationship between commodity brokerage firms and floor traders and exchange governance


( S ( NP-SBJ ( DT The ) ( NN bill ) ) ( ADVP ( RB also ) ) ( VP ( VP ( VBZ elevates ) ( NP ( RB even ) ( JJ minor ) ( NN rule ) ( NNS infractions ) ) ( PP-DIR-CLR ( TO to ) ( NP ( NNS felonies ) ) ) ) ( CC and ) ( VP ( VBZ provides ) ( PP-CLR ( IN for ) ( NP ( NP ( NN recovery ) ) ( PP ( IN of ) ( NP ( JJ punitive ) ( NNS damages ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( JJ civil ) ( NNS lawsuits ) ) ( CC and ) ( NP ( NN arbitration ) ( NNS cases ) ) ) ) ) ) ( PP-MNR ( IN without ) ( NP ( NP ( DT any ) ( NN showing ) ) ( PP ( IN of ) ( NP ( JJ willful ) ( NN misconduct ) ) ) ) ) ) ) )

The bill also elevates even minor rule infractions to felonies and provides for recovery of punitive damages in civil lawsuits and arbitration cases without any showing of willful misconduct


( S ( NP-SBJ-3 ( NP ( JJ Many ) ( NNS aspects ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN bill ) ) ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ salutary ) ) ( S-ADV ( VP ( VBG providing ) ( NP ( NP ( JJ appropriate ) ( JJ public ) ( NNS safeguards ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( MD can ) ( CC and ) ( MD should ) ( VP ( VB be ) ( VP ( VBN instituted ) ( PP-LOC ( IN throughout ) ( NP ( DT the ) ( NN industry ) ) ) ) ) ) ) ) ) ) ) ) )

Many aspects of the bill are salutary providing appropriate public safeguards that can and should be instituted throughout the industry


( S ( ADVP ( RB Indeed ) ) ( NP-SBJ-1 ( NP ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN bill ) ( POS 's ) ) ( NNS requirements ) ) ) ) ( PP ( VBG including ) ( NP ( NP ( NP ( JJ broad ) ( NN representation ) ) ( PP-LOC ( IN on ) ( NP ( NP ( NP ( DT the ) ( NNS exchanges ) ( POS ' ) ) ( NNS boards ) ) ( PP ( IN of ) ( NP ( NNS directors ) ) ) ) ) ) ( CC and ) ( NP ( JJ strong ) ( NNS measures ) ( S ( VP ( TO to ) ( VP ( VB prevent ) ( NP ( NP ( NNS conflicts ) ) ( PP ( IN of ) ( NP ( NN interest ) ) ) ) ) ) ) ) ) ) ) ( ADVP ( RB already ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBN put ) ( PP-PUT ( IN in ) ( NP ( NN place ) ) ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( NNP Coffee ) ( NNP Sugar ) ( CC & ) ( NNP Cocoa ) ( NNP Exchange ) ) ( CC and ) ( NP ( JJ other ) ( NNS futures ) ( NNS exchanges ) ) ) ) ) ) ) )

Indeed some of the bill 's requirements including broad representation on the exchanges ' boards of directors and strong measures to prevent conflicts of interest already have been put in place by the Coffee Sugar & Cocoa Exchange and other futures exchanges


( S ( NP-SBJ-2 ( NP ( JJ Other ) ( NNS aspects ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN bill ) ) ) ) ( ADVP ( RB however ) ) ( VP ( VBP are ) ( ADVP ( RB either ) ) ( VP ( VP ( VBN structured ) ( PP-MNR ( IN in ) ( NP ( NP ( NNS ways ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP create ) ( NP ( NP ( JJ unnecessary ) ( NNS burdens ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN industry ) ) ) ) ) ) ) ) ) ) ( CC or ) ( VP ( ADVP ( RB actually ) ) ( VBP are ) ( ADJP-PRD ( JJ harmful ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NNS exchanges ) ) ( NP ( DT the ) ( NN industry ) ) ( CC and ) ( NP ( ADVP-TMP ( RB ultimately ) ) ( DT the ) ( JJ general ) ( NN public ) ) ) ) ) ) ) ) )

Other aspects of the bill however are either structured in ways that create unnecessary burdens for the industry or actually are harmful to the exchanges the industry and ultimately the general public


( S ( NP-SBJ ( NP ( CD One ) ) ( PP ( IN of ) ( NP ( DT the ) ( ADJP ( RBS most ) ( JJ prominent ) ) ( NNS features ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( DT the ) ( NN requirement ) ( SBAR ( IN that ) ( S ( PP-TMP ( IN in ) ( NP ( CD three ) ( NNS years ) ) ) ( NP-SBJ ( DT all ) ( NNS exchanges ) ) ( VP ( VBP have ) ( PP-LOC-CLR ( IN in ) ( NP ( NN place ) ) ) ( NP ( NP ( DT a ) ( NN system ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ records ) ( NP ( DT all ) ( NNS trades ) ) ( PP ( IN by ) ( NP ( NP ( DT a ) ( NN source ) ) ( ADJP ( JJ independent ) ( PP ( IN of ) ( NP ( DT the ) ( VBG executing ) ( NN broker ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

One of the most prominent features is the requirement that in three years all exchanges have in place a system that records all trades by a source independent of the executing broker


( S ( NP-SBJ-1 ( DT The ) ( NNP New ) ( NNP York ) ( NNS futures ) ( NNS exchanges ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBG working ) ( ADVP-MNR ( RB together ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB develop ) ( NP ( NP ( DT a ) ( NN trade ) ( VBG recording ) ( NN system ) ) ( PP ( JJ much ) ( IN like ) ( NP ( NP ( DT the ) ( NN one ) ) ( VP ( VBN called ) ( PP ( RB for ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN bill ) ) ) ) ) ) ) ) ) ) ) ) ) )

The New York futures exchanges have been working together to develop a trade recording system much like the one called for in the bill


( S ( NP-SBJ-1 ( PRP We ) ) ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( JJ delighted ) ( S ( VP ( TO to ) ( VP ( VB have ) ( NP ( JJ such ) ( DT a ) ( NN system ) ) ( PP-LOC ( IN in ) ( NP ( NN place ) ) ) ( NP-TMP ( NN today ) ) ) ) ) ) ) ) )

We would be delighted to have such a system in place today


( SQ ( CC But ) ( VBZ is ) ( NP-SBJ ( NP ( PRP it ) ) ) ( ADJP-PRD ( JJ realistic ) ) ( SBAR-3 ( IN for ) ( S ( NP-SBJ ( NNP Congress ) ) ( VP ( TO to ) ( VP ( VB mandate ) ( PP-MNR ( IN by ) ( NP ( DT a ) ( JJ rigid ) ( NN deadline ) ) ) ( NP ( NP ( DT a ) ( NN system ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBZ has ) ( RB not ) ( ADVP ( RB yet ) ) ( VP ( VBN been ) ( VP ( VBN subjected ) ( PP-CLR ( TO to ) ( NP ( NN feasibility ) ( NNS studies ) ) ) ) ) ) ) ) ) ) ) ) ) )

But is it realistic for Congress to mandate by a rigid deadline a system that has not yet been subjected to feasibility studies


( SBAR ( WP What ) ( IN if ) ( S ( NP-SBJ ( DT the ) ( NN system ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB work ) ) ) ) )

What if the system does n't work


( SBAR ( WP What ) ( IN if ) ( S ( NP-SBJ ( NP ( DT the ) ( JJ only ) ( NN system ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ does ) ( NP ( NN work ) ) ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( ADJP ( RB so ) ( JJ expensive ) ) ( SBAR ( IN that ) ( S ( PP ( IN at ) ( RBS best ) ) ( NP-SBJ ( RB only ) ( DT the ) ( JJS largest ) ( NNS exchanges ) ) ( VP ( MD can ) ( VP ( VB afford ) ( NP ( PRP it ) ) ) ) ) ) ) ) ) )

What if the only system that does work is so expensive that at best only the largest exchanges can afford it


( S ( NP-SBJ ( NN Cost ) ) ( VP ( VBZ is ) ( NP-PRD ( DT a ) ( JJ key ) ( NN consideration ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( DT the ) ( JJ global ) ( NN sweep ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ financial ) ( NNS markets ) ) ) ) ) ) )

Cost is a key consideration because of the global sweep of the financial markets


( S ( NP-SBJ ( DT The ) ( NNP U.S. ) ( NNS futures ) ( NNS exchanges ) ) ( VP ( VBP compete ) ( ADVP-LOC ( RB world-wide ) ) ( ADVP-MNR ( RB as ) ( RB never ) ( RB before ) ) ) )

The U.S. futures exchanges compete world-wide as never before


( S ( NP-TMP ( NN Today ) ) ( NP-SBJ-1 ( NP ( NN trading ) ) ( PP ( IN in ) ( NP ( RB almost ) ( DT any ) ( NN commodity ) ) ) ) ( VP ( MD can ) ( VP ( VB be ) ( VP ( VBN diverted ) ( PP-CLR ( IN from ) ( NP ( NNP U.S. ) ( NNS markets ) ) ) ( PP-MNR ( IN with ) ( NP ( NP ( RB just ) ( DT a ) ( JJ few ) ( NNS strokes ) ) ( PP ( IN of ) ( NP ( DT a ) ( NN keyboard ) ) ) ) ) ) ) ) )

Today trading in almost any commodity can be diverted from U.S. markets with just a few strokes of a keyboard


( S ( NP-SBJ ( DT All ) ( JJ foreign ) ( NNS markets ) ) ( VP ( VBP are ) ( VP ( ADVP-MNR ( RB aggressively ) ) ( VBG courting ) ( NP ( NNP U.S. ) ( NN business ) ) ) ) )

All foreign markets are aggressively courting U.S. business


( S ( PP ( IN In ) ( NP ( NN fact ) ) ) ( NP-SBJ ( JJ several ) ( NNP London ) ( NNS markets ) ) ( ADVP-TMP ( RB already ) ) ( VP ( VBP offer ) ( NP ( NP ( JJR lower ) ( NNS costs ) ) ( PP ( IN for ) ( NP ( NP ( VBG trading ) ) ( PP ( IN in ) ( NP ( DT the ) ( ADJP ( ADJP ( JJ same ) ) ( CC or ) ( ADJP ( RB very ) ( JJ similar ) ) ) ( NNS contracts ) ) ) ) ) ) ) )

In fact several London markets already offer lower costs for trading in the same or very similar contracts


( S ( S ( NP-SBJ ( DT The ) ( NNP U.S. ) ( NNS exchanges ) ) ( VP ( VBP need ) ( NP ( DT both ) ( NP ( NN market ) ( NN integrity ) ) ( CC and ) ( NP ( NN cost-efficiency ) ) ) ) ) ( S ( NP-SBJ ( JJ long-term ) ( NN growth ) ) ( VP ( VBZ depends ) ( PP-CLR ( IN on ) ( NP ( PRP it ) ) ) ) ) )

The U.S. exchanges need both market integrity and cost-efficiency long-term growth depends on it


( S ( NP-SBJ ( DT The ) ( NNP Senate ) ( NN bill ) ) ( VP ( VBZ contains ) ( NP ( NP ( JJ many ) ( NNS provisions ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD will ) ( VP ( VB increase ) ( NP ( NP ( DT the ) ( NNS costs ) ) ( PP ( IN of ) ( NP ( NN trading ) ) ) ) ) ) ) ) ) ) )

The Senate bill contains many provisions that will increase the costs of trading


( S ( NP-SBJ ( NP ( DT The ) ( ADJP ( RBS most ) ( JJ arbitrary ) ) ) ( PP ( IN of ) ( NP ( DT these ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( NN imposition ) ) ( PP ( IN of ) ( NP ( NP ( NN service ) ( NNS fees ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( MD will ) ( VP ( ADVP-MNR ( RB directly ) ) ( VB widen ) ( NP ( NP ( DT the ) ( NN cost ) ( NN spread ) ) ( PP-LOC ( IN between ) ( NP ( UCP ( NNP U.S. ) ( CC and ) ( JJ foreign ) ) ( NNS markets ) ) ) ) ) ) ) ) ) ) ) ) )

The most arbitrary of these is the imposition of service fees which will directly widen the cost spread between U.S. and foreign markets


( S ( NP-SBJ ( JJ Other ) ( NNS provisions ) ) ( VP ( VBP have ) ( NP ( NP ( DT a ) ( ADJP ( ADJP ( RBR more ) ( JJ subtle ) ) ( CC but ) ( ADJP ( RB nonetheless ) ( JJ real ) ( CC and ) ( JJ detrimental ) ) ) ( NN effect ) ) ( PP ( IN on ) ( NP ( NP ( DT the ) ( JJ international ) ( NN position ) ) ( PP ( IN of ) ( NP ( NNP U.S. ) ( NNS exchanges ) ) ) ) ) ) ) )

Other provisions have a more subtle but nonetheless real and detrimental effect on the international position of U.S. exchanges


( S ( NP-SBJ ( DT These ) ) ( VP ( VBP include ) ( NP ( NP ( NP ( DT the ) ( NN extension ) ) ( PP ( IN of ) ( NP ( NN liability ) ) ) ( PP-DIR ( IN into ) ( NP ( NP ( NNS areas ) ) ( PP-MNR ( IN beyond ) ( NP ( NP ( DT those ) ) ( VP ( VBN established ) ( PP ( IN by ) ( NP-LGS ( JJ judicial ) ( NN precedent ) ) ) ) ) ) ) ) ) ( CC and ) ( NP ( NP ( DT the ) ( NN expansion ) ) ( PP ( IN of ) ( NP ( NN liability ) ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB include ) ( NP ( JJ punitive ) ( NNS damages ) ) ) ) ) ) ) ) ) )

These include the extension of liability into areas beyond those established by judicial precedent and the expansion of liability to include punitive damages


( S ( PP ( IN In ) ( NP ( NP ( NN addition ) ) ( PP ( TO to ) ( S-NOM ( VP ( VBG increasing ) ( NP ( NNS costs ) ) ( PP-PRP ( IN as ) ( NP ( NP ( DT a ) ( NN result ) ) ( PP ( IN of ) ( NP ( NP ( JJR greater ) ( JJ financial ) ( NN exposure ) ) ( PP ( IN for ) ( NP ( NNS members ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( DT these ) ( NNS measures ) ) ( VP ( MD could ) ( VP ( VB have ) ( NP ( ADJP ( JJ other ) ( JJ far-reaching ) ) ( NNS repercussions ) ) ) ) )

In addition to increasing costs as a result of greater financial exposure for members these measures could have other far-reaching repercussions


( S ( NP-SBJ ( NP ( CD One ) ( NN section ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN bill ) ) ) ) ( VP ( MD would ) ( VP ( VB make ) ( S ( NP-SBJ ( DT all ) ( NN commodity ) ( NN brokerage ) ( NNS firms ) ( CC and ) ( NN floor ) ( NNS brokers ) ) ( ADJP-PRD ( JJ liable ) ( PP ( IN for ) ( NP ( NNS damages ) ) ) ( PP ( IN without ) ( NP ( JJ willful ) ( NN misconduct ) ) ) ) ) ) ) )

One section of the bill would make all commodity brokerage firms and floor brokers liable for damages without willful misconduct


( SINV ( ADVP-LOC ( RB Nowhere ) ( PP ( IN in ) ( NP ( DT the ) ( JJ federal ) ( NNS securities ) ( NN law ) ) ) ) ( VBZ is ) ( NP-SBJ ( NP ( JJ simple ) ( NN negligence ) ) ( CC or ) ( NP ( JJ inadvertent ) ( NN action ) ) ) ( NP-PRD ( NP ( DT a ) ( NN source ) ) ( PP ( IN of ) ( NP ( NN liability ) ) ) ) ( PP-LOC ( IN under ) ( NP ( JJ similar ) ( NNS circumstances ) ) ) )

Nowhere in the federal securities law is simple negligence or inadvertent action a source of liability under similar circumstances


( S ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB only ) ( JJ logical ) ) ( S-1 ( VP ( TO to ) ( VP ( VB assume ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NN enactment ) ) ( PP ( IN of ) ( NP ( DT this ) ( NN provision ) ) ) ) ( VP ( MD will ) ( VP ( VB lead ) ( PP-DIR-CLR ( TO to ) ( NP ( VBN increased ) ( NN litigation ) ) ) ) ) ) ) ) ) ) ) )

It is only logical to assume that the enactment of this provision will lead to increased litigation


( S ( PP-LOC ( IN In ) ( NP ( DT an ) ( RB already ) ( NN low-profitmargin ) ( NN business ) ) ) ( NP-SBJ-1 ( NN commodity ) ( NN brokerage ) ( NNS firms ) ) ( VP ( MD may ) ( ADVP ( RB well ) ) ( VP ( VB decide ) ( S ( VP ( TO to ) ( VP ( VB eliminate ) ( NP ( NP ( DT the ) ( NN risk ) ( CC and ) ( NN expense ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG dealing ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( JJ retail ) ( NN public ) ) ) ) ) ) ) ( S-ADV ( VP ( VBG depriving ) ( NP ( DT the ) ( JJ private ) ( NN individual ) ) ( PP-CLR ( IN of ) ( NP ( NP ( NN access ) ) ( PP ( TO to ) ( NP ( DT the ) ( NNS markets ) ) ) ) ) ) ) ) ) ) ) ) )

In an already low-profitmargin business commodity brokerage firms may well decide to eliminate the risk and expense of dealing with the retail public depriving the private individual of access to the markets


( S ( NP-SBJ ( DT Another ) ( NN measure ) ) ( VP ( VBZ makes ) ( S ( NP-SBJ ( NN commodity ) ( NN brokerage ) ( NNS firms ) ) ( ADJP-PRD ( JJ liable ) ( PP ( IN for ) ( NP ( NP ( NNS violations ) ) ( VP ( VBN committed ) ( PP ( IN by ) ( NP-LGS ( NP ( JJ independent ) ( NN floor ) ( NNS brokers ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP execute ) ( NP ( NNS trades ) ) ( PP ( IN for ) ( NP ( PRP them ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Another measure makes commodity brokerage firms liable for violations committed by independent floor brokers who execute trades for them


( S ( NP-SBJ ( DT This ) ( JJ untried ) ( NN concept ) ) ( VP ( MD would ) ( VP ( VB expose ) ( NP ( DT these ) ( NNS firms ) ) ( PP-CLR ( TO to ) ( NP ( ADJP ( RB potentially ) ( JJ astronomical ) ) ( JJ punitive ) ( NNS damages ) ) ) ) ) )

This untried concept would expose these firms to potentially astronomical punitive damages


( S ( S-ADV ( VP ( VBN Faced ) ( PP-CLR ( IN with ) ( NP ( NP ( DT the ) ( ADJP ( RB virtually ) ( JJ impossible ) ) ( NN task ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG supervising ) ( NP ( NP ( DT the ) ( NN execution ) ) ( PP ( IN of ) ( NP ( DT each ) ( NN trade ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ-2 ( JJ many ) ( NN commodity ) ( NN brokerage ) ( NNS firms ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VP ( VB stop ) ( S ( VP ( VBG doing ) ( NP ( NN business ) ) ( PP-CLR ( IN with ) ( NP ( NNS independents ) ) ) ) ) ) ( CC and ) ( VP ( ADVP ( RB instead ) ) ( VB hire ) ( NP ( PRP$ their ) ( JJ own ) ( JJ salaried ) ( NN floor ) ( NNS brokers ) ) ) ) ) ) ) ) )

Faced with the virtually impossible task of supervising the execution of each trade many commodity brokerage firms are likely to stop doing business with independents and instead hire their own salaried floor brokers


( S ( NP-SBJ ( DT This ) ) ( VP ( MD would ) ( VP ( VB force ) ( S ( PP-PRD ( IN out ) ( PP ( IN of ) ( NP ( NN business ) ) ) ) ( NP-SBJ ( NP ( JJ many ) ) ( PP ( IN of ) ( NP ( NP ( NP ( DT the ) ( NNS individuals ) ) ( CC and ) ( NP ( JJ small ) ( NNS firms ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP function ) ( PP-MNR ( IN as ) ( NP ( NN floor ) ( NNS brokers ) ) ) ) ) ) ) ) ) ) ) ) )

This would force out of business many of the individuals and small firms that function as floor brokers


( S ( NP-SBJ ( NP ( DT A ) ( NN consequence ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NN departure ) ) ) ) ( VP ( MD could ) ( VP ( VB be ) ( NP-PRD ( NP ( DT a ) ( JJ serious ) ( NN diminution ) ) ( PP ( IN of ) ( NP ( NN market ) ( NN liquidity ) ) ) ) ) ) )

A consequence of their departure could be a serious diminution of market liquidity


( S ( ADVP ( RB Finally ) ) ( PP-LOC ( IN under ) ( NP ( DT the ) ( NN bill ) ) ) ( NP-SBJ-1 ( NP ( DT a ) ( NN number ) ) ( PP ( IN of ) ( NP ( ADJP ( JJ legitimate ) ( JJ longstanding ) ) ( NN business ) ( NNS practices ) ) ) ) ( VP ( MD would ) ( VP ( VB be ) ( VP ( ADVP-MNR ( RB arbitrarily ) ) ( VBN banned ) ( SBAR-ADV ( IN unless ) ( S ( NP-SBJ-2 ( DT the ) ( NNP CFTC ) ) ( VP ( VBD were ) ( S ( VP ( TO to ) ( VP ( VB take ) ( NP ( ADJP ( JJ specific ) ( CC and ) ( JJ timely ) ) ( NN action ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB permit ) ( S ( NP-SBJ ( PRP them ) ) ( VP ( TO to ) ( VP ( VB continue ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Finally under the bill a number of legitimate longstanding business practices would be arbitrarily banned unless the CFTC were to take specific and timely action to permit them to continue


( S ( PP ( IN In ) ( NP ( JJ other ) ( NNS words ) ) ) ( NP-SBJ ( NN regulation ) ) ( VP ( MD will ) ( VP ( VB occur ) ( PP-MNR ( PP ( IN through ) ( NP ( NP ( NN inaction ) ) ( CC and ) ( NP ( NN happenstance ) ) ) ) ( PP ( RB rather ) ( IN than ) ( PP ( IN through ) ( NP ( DT a ) ( JJ normal ) ( JJ deliberative ) ( NN procedure ) ) ) ) ) ) ) )

In other words regulation will occur through inaction and happenstance rather than through a normal deliberative procedure


( S ( NP-SBJ ( DT The ) ( JJ affected ) ( NNS practices ) ) ( VP ( VBP include ) ( NP ( NP ( NP ( DT the ) ( NN placing ) ) ( PP ( IN of ) ( NP ( JJ oral ) ( NNS orders ) ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( NN way ) ) ( SBAR ( S ( NP-SBJ-1 ( RBS most ) ( JJ public ) ( NN customer ) ( NNS orders ) ) ( VP ( VBP are ) ( VP ( VBN placed ) ) ) ) ) ) ) ) ) ) ( CC and ) ( NP ( NP ( NN trading ) ) ( PP ( IN between ) ( NP ( JJ affiliated ) ( NNS brokers ) ) ) ) ) ( SBAR ( RB even ) ( IN though ) ( S ( PP-LOC ( IN in ) ( NP ( DT some ) ( NNS cases ) ) ) ( NP-SBJ ( NP ( VBG trading ) ) ( PP ( IN with ) ( NP ( NNS affiliates ) ) ) ) ( VP ( MD may ) ( VP ( VB be ) ( NP-PRD ( NP ( DT the ) ( JJ only ) ( NN way ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB obtain ) ( NP ( NP ( DT the ) ( JJS best ) ( NN execution ) ) ( PP ( IN for ) ( NP ( DT a ) ( NN client ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The affected practices include the placing of oral orders which is the way most public customer orders are placed and trading between affiliated brokers even though in some cases trading with affiliates may be the only way to obtain the best execution for a client


( SINV ( ADVP ( RB Also ) ) ( ADJP-PRD-TPC-2 ( JJ precluded ) ) ( VP ( MD would ) ( VP ( VB be ) ) ) ( NP-SBJ ( NP ( JJ dual ) ( NN trading ) ) ( SBAR ( WHADVP-3 ( WRB whereby ) ) ( S ( NP-SBJ ( DT a ) ( NN broker ) ) ( VP ( VBZ trades ) ( PP ( IN for ) ( NP ( NP ( NNS customers ) ) ( ADVP ( RB as ) ( RB well ) ( PP ( IN as ) ( NP ( PRP$ his ) ( JJ own ) ( NN account ) ) ) ) ) ) ) ) ) ( NP ( NP ( DT a ) ( NN practice ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ provides ) ( NP ( JJ needed ) ( NN liquidity ) ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NNS markets ) ) ) ) ) ) ) ) )

Also precluded would be dual trading whereby a broker trades for customers as well as his own account a practice that provides needed liquidity to the markets


( S ( NP-SBJ ( DT All ) ( NNP U.S. ) ( NNS futures ) ( NNS exchanges ) ) ( VP ( VBP agree ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT these ) ( CC and ) ( JJ other ) ( NN trading ) ( NNS practices ) ) ( VP ( VBP require ) ( NP ( JJ proper ) ( NN regulation ) ( CC and ) ( NN supervision ) ) ) ) ) ) )

All U.S. futures exchanges agree that these and other trading practices require proper regulation and supervision


( S ( ADVP ( RB Nonetheless ) ) ( NP-SBJ ( DT each ) ) ( VP ( VBZ has ) ( NP ( NP ( ADJP ( RB too ) ( RB much ) ) ( JJ potential ) ( NN value ) ) ( PP ( TO to ) ( NP ( DT the ) ( NN system ) ) ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN banned ) ( PP ( IN by ) ( NP-LGS ( JJ legislative ) ( NN fiat ) ) ) ( SBAR-TMP ( IN before ) ( S ( NP-SBJ ( DT the ) ( NNP CFTC ) ) ( VP ( ADVP-MNR ( RB carefully ) ) ( VBZ considers ) ( NP ( NP ( NP ( PDT all ) ( DT the ) ( NNS consequences ) ) ( PP ( IN of ) ( NP ( DT a ) ( NN ban ) ) ) ) ( CC and ) ( SBAR-NOM ( WHNP-2 ( WP what ) ) ( S ( NP-SBJ ( DT the ) ( JJ regulatory ) ( NNS alternatives ) ) ( VP ( VBP are ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Nonetheless each has too much potential value to the system to be banned by legislative fiat before the CFTC carefully considers all the consequences of a ban and what the regulatory alternatives are


( S ( NP-SBJ ( DT The ) ( NNS markets ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ complex ) ) ( SBAR-ADV ( IN as ) ( SINV ( VP ( VBZ is ) ) ( NP-SBJ ( NP ( DT the ) ( NN environment ) ) ( SBAR ( WHPP-1 ( IN in ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP function ) ) ) ) ) ) ) ) )

The markets are complex as is the environment in which they function


( S ( SBAR-TMP ( WHADVP-2 ( WRB When ) ) ( S ( NP-SBJ ( NNS problems ) ) ( VP ( VBP surface ) ) ) ) ( NP-SBJ ( DT the ) ( NN temptation ) ) ( VP ( VBZ becomes ) ( ADJP-PRD ( JJ strong ) ) ( S-3 ( VP ( TO to ) ( VP ( ADVP-MNR ( RB summarily ) ) ( VB overhaul ) ( NP ( NP ( DT a ) ( NN market ) ( NN system ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ has ) ( VP ( VBN served ) ( PP-TMP ( IN for ) ( NP ( QP ( JJR more ) ( IN than ) ( CD 100 ) ) ( NNS years ) ) ) ) ) ) ) ) ) ) ) ) )

When problems surface the temptation becomes strong to summarily overhaul a market system that has served for more than 100 years


( S ( NP-SBJ-3 ( DT That ) ( NN temptation ) ) ( VP ( MD must ) ( VP ( VB be ) ( VP ( VBN put ) ( ADVP-PUT ( RB aside ) ) ( S-PRP ( VP ( VP ( TO to ) ( VP ( VB permit ) ( NP ( NP ( JJ careful ) ( NN consideration ) ) ( PP ( IN of ) ( NP ( NP ( PDT all ) ( DT the ) ( NNS implications ) ) ( ADJP ( JJ positive ) ( CC and ) ( JJ negative ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( VBN proposed ) ( NNS resolutions ) ) ( PP ( TO to ) ( NP ( DT those ) ( NNS problems ) ) ) ) ) ) ) ) ) ) ( CC and ) ( VP ( TO to ) ( VP ( VB avoid ) ( S ( VP ( VBG creating ) ( NP ( NP ( DT a ) ( NN marketplace ) ) ( SBAR ( WHADVP-2 ( WRB where ) ) ( S ( NP-SBJ ( DT no ) ( CD one ) ) ( VP ( VBZ trades ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

That temptation must be put aside to permit careful consideration of all the implications positive and negative of the proposed resolutions to those problems and to avoid creating a marketplace where no one trades


( S ( NP-SBJ ( NNP Mr. ) ( NNP Nastro ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NP ( NN chairman ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Coffee ) ( NNP Sugar ) ( CC & ) ( NNP Cocoa ) ( NNP Exchange ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ) ) ) ( CC and ) ( NP ( NP ( NN director ) ) ( PP ( IN of ) ( NP ( NP ( NN commodity ) ( NN administration ) ) ( PP-LOC ( IN at ) ( NP ( NNP Shearson ) ( NNP Lehman ) ( NNP Hutton ) ) ) ) ) ) ) ) )

Mr. Nastro is chairman of the Coffee Sugar & Cocoa Exchange in New York and director of commodity administration at Shearson Lehman Hutton


( S ( NP-SBJ ( JJ European ) ( NNP Community ) ( NNS employers ) ) ( VP ( VBP fear ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NP ( DT the ) ( NNP EC ) ( NNP Commission ) ( POS 's ) ) ( NNS plans ) ) ( PP ( IN for ) ( NP ( NP ( DT a ) ( NN charter ) ) ( PP ( IN of ) ( NP ( JJ fundamental ) ( JJ social ) ( NNS rights ) ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN danger ) ) ( PP ( TO to ) ( NP ( JJ industrial ) ( NN competitiveness ) ) ) ) ) ) ) ) )

European Community employers fear that the EC Commission 's plans for a charter of fundamental social rights is a danger to industrial competitiveness


( SINV ( S-TPC-1 ( NP-SBJ ( PRP We ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB want ) ( S ( NP-SBJ ( NNP Brussels ) ) ( VP ( VBG deciding ) ( NP ( NP ( NNS conditions ) ) ( PP ( IN for ) ( NP ( NNS workers ) ) ) ) ( SBAR-ADV ( IN unless ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ necessary ) ( CC and ) ( JJ useful ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Zygmunt ) ( NNP Tyszkiewicz ) ) ( NP ( NP ( NN secretary ) ( NN general ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNS employers ) ( POS ' ) ) ( NN confederation ) ( NNP Unice ) ) ) ) ) )

We do n't want Brussels deciding conditions for workers unless they are necessary and useful said Zygmunt Tyszkiewicz secretary general of the employers ' confederation Unice


( S ( NP-SBJ ( NP ( NNP Unice ) ) ( PRN ( NP ( NP ( DT an ) ( NN acronym ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( NNP Union ) ) ( PP ( IN of ) ( NP ( NP ( NNP Industrial ) ( CC and ) ( NP ( NNPS Employers ) ( POS ' ) ) ( NNPS Confederations ) ) ( PP ( IN of ) ( NP ( NNP Europe ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ fears ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN charter ) ) ( VP ( MD will ) ( VP ( VB force ) ( S ( NP-SBJ ( NNP EC ) ( NNS countries ) ) ( VP ( TO to ) ( VP ( VB adopt ) ( NP ( NP ( DT a ) ( JJ single ) ( NN pattern ) ) ( PP-LOC ( IN in ) ( NP ( NN labor ) ( NNS relations ) ) ) ) ) ) ) ) ) ) ) ) )

Unice an acronym for the Union of Industrial and Employers ' Confederations of Europe fears that the charter will force EC countries to adopt a single pattern in labor relations


( S-2 ( NP-SBJ ( NNS Workers ) ( CC and ) ( NN management ) ) ( PRN ( S ( NP-SBJ ( NNP Mr. ) ( NNP Tyszkiewicz ) ) ( VP ( VBD said ) ) ) ) ( VP ( MD would ) ( VP ( VB lose ) ( NP ( NP ( DT the ) ( NN flexibility ) ( CC and ) ( NN diversity ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ has ) ( ADVP ( RB so ) ( RB far ) ) ( VP ( VBN allowed ) ( S ( NP-SBJ ( PRP them ) ) ( VP ( TO to ) ( VP ( VB adapt ) ( PP-CLR ( TO to ) ( NP ( JJ local ) ( NNS conditions ) ( CC and ) ( NNS traditions ) ) ) ) ) ) ) ) ) ) ) ) ) )

Workers and management Mr. Tyszkiewicz said would lose the flexibility and diversity that has so far allowed them to adapt to local conditions and traditions


( S ( NP-SBJ ( DT The ) ( JJ British ) ( NN government ) ) ( ADVP ( RB also ) ) ( VP ( ADVP-MNR ( RB strongly ) ) ( VBZ opposes ) ( NP ( NP ( DT the ) ( NN charter ) ) ( PP ( IN in ) ( NP ( PRP$ its ) ( JJ current ) ( NN form ) ) ) ) ) )

The British government also strongly opposes the charter in its current form


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ argues ) ( PRN ( SBAR ( RB as ) ( SINV ( VP ( VBZ does ) ) ( NP-SBJ ( NNP Unice ) ) ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( NN labor ) ( NNS relations ) ) ( VP ( VBP are ) ( ADVP ( RB best ) ) ( VP ( VBN left ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN regulated ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( JJ national ) ( NN level ) ) ) ) ) ) ) ) ) ) ) ) )

It argues as does Unice that labor relations are best left to be regulated at the national level


( S ( S-TPC-3 ( NP-SBJ ( NNP France ) ) ( VP ( MD will ) ( VP ( VB propose ) ( NP ( NP ( DT a ) ( ADJP ( RB slightly ) ( JJ watered-down ) ) ( NN version ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN charter ) ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN discussed ) ( PP ( IN by ) ( NP-LGS ( NNP EC ) ( NNS social-affairs ) ( NNS ministers ) ) ) ( PP-TMP ( IN on ) ( NP ( NNP Monday ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNS officials ) ) ( VP ( VBD said ) ) )

France will propose a slightly watered-down version of the charter to be discussed by EC social-affairs ministers on Monday officials said


( S ( CC But ) ( NP-SBJ-1 ( DT the ) ( JJ cosmetic ) ( NNS changes ) ) ( VP ( VBP are ) ( RB n't ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB win ) ( PRT ( RP over ) ) ( NP ( NNP Britain ) ) ) ) ) ) ) )

But the cosmetic changes are n't expected to win over Britain


( S-1 ( NP-SBJ ( PRP We ) ) ( ADVP-TMP ( RB still ) ) ( VP ( VBP have ) ( NP ( NP ( JJ serious ) ( NNS differences ) ) ( PP ( IN with ) ( NP ( DT the ) ( NN text ) ) ) ) ( PRN ( S ( NP-SBJ ( DT a ) ( JJ British ) ( NN official ) ) ( VP ( VBD said ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ provides ) ( PP-CLR ( IN for ) ( NP ( NP ( DT a ) ( NN regulation ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN labor ) ( NN market ) ) ) ) ) ) ) ) ) )

We still have serious differences with the text a British official said because it provides for a regulation of the labor market


( S ( NP-SBJ ( NNP Mr. ) ( NNP Tyszkiewicz ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN charter ) ) ( VP ( MD would ) ( VP ( VB put ) ( NP ( NP ( JJR poorer ) ( NNP EC ) ( NNS countries ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NNP Spain ) ( NNP Greece ) ( CC and ) ( NNP Portugal ) ) ) ) ( PP-PUT ( IN at ) ( NP ( DT a ) ( NN disadvantage ) ) ) ) ) ) ) ) )

Mr. Tyszkiewicz said the charter would put poorer EC countries such as Spain Greece and Portugal at a disadvantage


( S ( NP-SBJ ( PRP It ) ) ( VP ( MD would ) ( VP ( VP ( VB force ) ( S ( NP-SBJ ( DT these ) ( NNS countries ) ) ( VP ( TO to ) ( VP ( VB introduce ) ( NP ( NP ( JJ minimum ) ( NNS standards ) ) ( PP ( IN for ) ( NP ( NP ( NN pay ) ) ( CC and ) ( NP ( NN working ) ( NNS hours ) ) ) ) ) ) ) ) ) ( CC and ) ( VP ( VB provide ) ( PP-CLR ( IN for ) ( NP ( NP ( JJ collective ) ( NN bargaining ) ) ( CC and ) ( NP ( NP ( NN worker ) ( NN participation ) ) ( PP-LOC ( IN in ) ( NP ( JJ major ) ( JJ corporate ) ( NNS decisions ) ) ) ) ) ) ) ) ) )

It would force these countries to introduce minimum standards for pay and working hours and provide for collective bargaining and worker participation in major corporate decisions


( S-1 ( NP-SBJ ( DT This ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD warned ) ) ) ) ( VP ( MD would ) ( VP ( VB prevent ) ( NP-2 ( DT these ) ( NNS countries ) ) ( PP-CLR ( IN from ) ( S-NOM ( VP ( VBG bridging ) ( NP ( DT the ) ( NN difference ) ) ( PP-CLR ( IN with ) ( NP ( PRP$ their ) ( JJR richer ) ( NNP EC ) ( NNS brethren ) ) ) ) ) ) ) ) )

This he warned would prevent these countries from bridging the difference with their richer EC brethren


( S ( ADVP ( RB Indeed ) ) ( NP-SBJ-1 ( JJR lower ) ( NNS wages ) ) ( PRN ( S ( PP-LOC ( IN in ) ( NP ( NNP Greece ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( DT a ) ( JJ third ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP EC ) ( NN average ) ) ) ) ) ) ) ( VP ( VBP are ) ( RB n't ) ( ADJP-PRD ( RB enough ) ( S ( VP ( TO to ) ( VP ( VB offset ) ( NP ( NP ( NP ( JJR higher ) ( NN transport ) ( NNS costs ) ) ( CC and ) ( NP ( JJR lower ) ( NN productivity ) ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ southern ) ( NNS countries ) ) ) ) ) ) ) ) ) )

Indeed lower wages in Greece they are a third of the EC average are n't enough to offset higher transport costs and lower productivity in the southern countries


( S-1 ( S-NOM-SBJ ( VP ( VBG Increasing ) ( NP ( NN labor ) ( NNS costs ) ) ) ) ( PRN ( S ( NP-SBJ ( NNP Mr. ) ( NNP Tyszkiewicz ) ) ( VP ( VBD argued ) ) ) ) ( VP ( MD would ) ( VP ( ADVP ( RB only ) ) ( VB put ) ( NP ( DT the ) ( NNS countries ) ) ( PP-PUT ( IN at ) ( NP ( NP ( DT a ) ( JJ further ) ( NN disadvantage ) ) ( PP-LOC ( IN in ) ( S-NOM ( VP ( VBG competing ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( JJ barrier-free ) ( NNP EC ) ( NN market ) ) ( VP ( VBN planned ) ( PP-TMP ( IN for ) ( PP ( IN after ) ( NP ( CD 1992 ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Increasing labor costs Mr. Tyszkiewicz argued would only put the countries at a further disadvantage in competing in the barrier-free EC market planned for after 1992


( S ( CC But ) ( NP-SBJ ( DT the ) ( NNP Unice ) ( NN official ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( S-NOM-SBJ ( VP ( VBG producing ) ( NP ( NP ( DT a ) ( NN charter ) ) ( ADJP ( JJ acceptable ) ( PP ( TO to ) ( NP ( DT both ) ( NP ( NNP Britain ) ) ( CC and ) ( NP ( JJ European ) ( NN industry ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( RB n't ) ( NP-PRD ( DT an ) ( JJ unattainable ) ( NN goal ) ) ) ) ) ) )

But the Unice official said that producing a charter acceptable to both Britain and European industry is n't an unattainable goal


( S ( NP-SBJ-2 ( DT The ) ( NN charter ) ) ( VP ( MD would ) ( VP ( ADVP ( RB just ) ) ( VB have ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN restricted ) ( PP-CLR ( TO to ) ( NP ( NP ( DT a ) ( NN list ) ) ( PP ( IN of ) ( NP ( NP ( NNS workers ) ( POS ' ) ) ( JJ fundamental ) ( NNS rights ) ) ) ) ) ( PP ( IN without ) ( S-NOM ( VP ( VBG seeking ) ( S ( VP ( TO to ) ( VP ( VB impose ) ( NP ( DT any ) ( NNS norms ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The charter would just have to be restricted to a list of workers ' fundamental rights without seeking to impose any norms


( S ( NP-SBJ ( NP ( DT A ) ( JJ key ) ( NN provision ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( JJ current ) ( NN version ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN charter ) ) ) ) ) ) ( VP ( MD would ) ( VP ( VB give ) ( NP ( DT the ) ( NN commission ) ) ( NP ( NP ( DT a ) ( NN mandate ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB produce ) ( NP ( NP ( DT an ) ( NN action ) ( NN program ) ) ( VP ( VBG detailing ) ( SBAR ( WHPP-3 ( IN on ) ( WHNP ( WDT what ) ( NNS points ) ) ) ( S ( NP-SBJ-2 ( NNP EC ) ( NN member ) ( NNS states ) ) ( VP ( MD would ) ( VP ( VB be ) ( VP ( VBN required ) ( S ( VP ( TO to ) ( VP ( VB comply ) ( PP-CLR ( IN with ) ( NP ( NP ( DT the ) ( NNS goals ) ) ( VP ( VBN set ) ( PRT ( RP out ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN charter ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

A key provision in the current version of the charter would give the commission a mandate to produce an action program detailing on what points EC member states would be required to comply with the goals set out in the charter


( S ( NP-SBJ ( DT This ) ( NN provision ) ) ( VP ( VBZ lies ) ( PP-LOC-CLR ( IN at ) ( NP ( NP ( DT the ) ( NN heart ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( UCP ( JJ British ) ( CC and ) ( NNP Unice ) ) ( NNS fears ) ) ( PP ( IN of ) ( NP ( NP ( JJ social ) ( NN engineering ) ) ( PP ( IN by ) ( NP ( DT the ) ( NN commission ) ) ) ) ) ) ) ) ) ) )

This provision lies at the heart of the British and Unice fears of social engineering by the commission


( S-1 ( NP-SBJ ( CD One ) ( JJ possible ) ( JJ political ) ( NN solution ) ) ( PRN ( S ( NP-SBJ ( DT an ) ( NNP EC ) ( NN official ) ) ( VP ( VBD said ) ) ) ) ( VP ( MD would ) ( VP ( VB be ) ( SBAR-PRD ( IN for ) ( S ( NP-SBJ ( DT the ) ( NN commission ) ) ( VP ( TO to ) ( VP ( VB present ) ( NP ( DT the ) ( NN action ) ( NN program ) ) ( PP-TMP ( IN in ) ( NP ( JJ late ) ( NNP November ) ) ) ( PP-TMP ( IN before ) ( NP ( NP ( DT the ) ( NN adoption ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN charter ) ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT a ) ( NN summit ) ) ( PP ( IN of ) ( NP ( NNP EC ) ( NNS governments ) ) ) ( PP-TMP ( IN on ) ( NP ( NNP Dec. ) ( CD 8 ) ( CC and ) ( CD 9 ) ) ) ) ) ) ) ) ) ) ) ) ) )

One possible political solution an EC official said would be for the commission to present the action program in late November before the adoption of the charter at a summit of EC governments on Dec. 8 and 9


( S ( NP-SBJ ( DT This ) ) ( VP ( MD would ) ( VP ( VB leave ) ( S ( NP-SBJ ( NNP Britain ) ) ( ADJP-PRD ( JJ free ) ( S ( VP ( TO to ) ( VP ( VB adopt ) ( NP ( DT the ) ( NN charter ) ) ( PP-TMP ( IN after ) ( S-NOM ( VP ( VBG having ) ( VP ( VBN rebutted ) ( NP ( DT the ) ( NN action ) ( NN program ) ) ) ) ) ) ) ) ) ) ) ) ) )

This would leave Britain free to adopt the charter after having rebutted the action program


( S ( NP-SBJ-1 ( DT The ) ( NN charter ) ) ( VP ( VBD was ) ( VP ( VBN approved ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NNP EC ) ( NNP Commission ) ) ) ( PP-TMP ( IN on ) ( NP ( NNP Sept. ) ( CD 21 ) ) ) ) ) )

The charter was approved by the EC Commission on Sept. 21


( S ( NP-SBJ-1 ( NP ( NP ( NNP France ) ( POS 's ) ) ( JJ Socialist ) ( NN government ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( ADVP-TMP ( RB currently ) ) ( VBZ holds ) ( NP ( NP ( DT the ) ( NN council ) ( POS 's ) ) ( VBG rotating ) ( NN presidency ) ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN committed ) ( PP-CLR ( TO to ) ( S-NOM ( VP ( VBG having ) ( S ( NP-SBJ-3 ( DT the ) ( NN charter ) ) ( VP ( VBN adopted ) ( PP ( IN by ) ( NP-LGS ( DT all ) ( CD 12 ) ( NNP EC ) ( NNS states ) ) ) ( PP-TMP ( IN before ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( NP ( CD 1989 ) ) ( NP ( NP ( DT the ) ( NN bicentennial ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ French ) ( NN revolution ) ) ( CC and ) ( NP ( NP ( PRP$ its ) ( NNP Universal ) ( NNP Declaration ) ) ( PP ( IN of ) ( NP ( NNP Human ) ( NNPS Rights ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

France 's Socialist government which currently holds the council 's rotating presidency is committed to having the charter adopted by all 12 EC states before the end of 1989 the bicentennial of the French revolution and its Universal Declaration of Human Rights