( S ( NP-SBJ ( NP ( DT The ) ( JJ unusual ) ( NN situation ) ) ( PP-LOC ( IN in ) ( NP ( NNP Birmingham ) ) ) ) ( VP ( ADVP-MNR ( RB vividly ) ) ( VBZ illustrates ) ( NP ( NP ( DT the ) ( JJ divisive ) ( NNS consequences ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG carving ) ( PRT ( RP out ) ) ( NP ( JJ safe ) ( NNS districts ) ) ( PP ( IN for ) ( NP ( JJ racial ) ( NNS minorities ) ) ) ) ) ) ) ) )

The unusual situation in Birmingham vividly illustrates the divisive consequences of carving out safe districts for racial minorities


( S ( PP-LOC ( IN In ) ( NP ( NP ( NNP Birmingham ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ is ) ( NP-PRD ( ADJP ( CD 57 ) ( NN % ) ) ( JJ black ) ) ) ) ) ) ) ( NP-SBJ ( NNS whites ) ) ( VP ( VBP are ) ( NP-PRD ( DT the ) ( NN minority ) ) ) )

In Birmingham which is 57 % black whites are the minority


( S ( S-ADV ( VP ( VBG Insisting ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBP are ) ( VP ( VBN protected ) ( PP ( IN by ) ( NP ( DT the ) ( NNP Voting ) ( NNP Rights ) ( NNP Act ) ) ) ) ) ) ) ) ) ( NP-SBJ-2 ( NP ( DT a ) ( NN group ) ) ( PP ( IN of ) ( NP ( NNS whites ) ) ) ) ( VP ( VBD brought ) ( NP ( DT a ) ( JJ federal ) ( NN suit ) ) ( PP-TMP ( IN in ) ( NP ( CD 1987 ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB demand ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN city ) ) ( VP ( VP ( VB abandon ) ( NP ( NP ( JJ at-large ) ( NN voting ) ) ( PP ( IN for ) ( NP ( DT the ) ( CD nine ) ( NN member ) ( NNP City ) ( NNP Council ) ) ) ) ) ( CC and ) ( VP ( VB create ) ( NP ( NP ( CD nine ) ( JJ electoral ) ( NNS districts ) ) ( PP ( VBG including ) ( NP ( CD four ) ( JJ safe ) ( JJ white ) ( NNS districts ) ) ) ) ) ) ) ) ) ) ) ) )

Insisting that they are protected by the Voting Rights Act a group of whites brought a federal suit in 1987 to demand that the city abandon at-large voting for the nine member City Council and create nine electoral districts including four safe white districts


( S ( NP-SBJ ( DT The ) ( JJ white ) ( NN group ) ) ( VP ( VBD argued ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( NNS whites ) ) ( VP ( VBD were ) ( RB not ) ( VP ( ADVP-MNR ( RB fully ) ( CC and ) ( RB fairly ) ) ( VBN represented ) ( SBAR-PRP ( IN because ) ( S ( PP-LOC ( IN in ) ( NP ( JJ city-wide ) ( NNS elections ) ) ) ( NP-SBJ ( RB only ) ( NP ( JJ black ) ( NNS candidates ) ) ( CC or ) ( NP ( NP ( JJ white ) ( NNS candidates ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD catered ) ( PP-CLR ( TO to ) ( NP ( JJ black ) ( NNS interests ) ) ) ) ) ) ) ) ( VP ( MD could ) ( VP ( VB win ) ) ) ) ) ) ) ) ) ) )

The white group argued that whites were not fully and fairly represented because in city-wide elections only black candidates or white candidates who catered to black interests could win


( S ( S ( NP-SBJ ( DT No ) ( JJ federal ) ( NN court ) ) ( VP ( VBZ has ) ( VP ( VBN ruled ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NNP Voting ) ( NNP Rights ) ( NNP Act ) ) ( VP ( VBZ protects ) ( NP ( DT a ) ( JJ white ) ( NN minority ) ) ) ) ) ) ) ) ( CC but ) ( S ( PP-TMP ( IN in ) ( NP ( NNP June ) ) ) ( NP-SBJ ( DT the ) ( NNP Justice ) ( NNP Department ) ) ( VP ( VBD approved ) ( NP ( NP ( DT a ) ( NN districting ) ( NN plan ) ) ( PP ( IN for ) ( NP ( NNP Birmingham ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ carves ) ( PRT ( RP out ) ) ( NP ( NP ( CD three ) ( JJ white-majority ) ( NNS districts ) ) ( CC and ) ( NP ( CD six ) ( JJ black-majority ) ( NNS districts ) ) ) ) ) ) ) ) ) )

No federal court has ruled that the Voting Rights Act protects a white minority but in June the Justice Department approved a districting plan for Birmingham that carves out three white-majority districts and six black-majority districts


( S ( NP-SBJ ( NP ( NNP Richard ) ( NNP Arrington ) ) ( NP ( NP ( NNP Birmingham ) ( POS 's ) ) ( JJ black ) ( NN mayor ) ) ) ( VP ( VBD lamented ) ( NP ( DT the ) ( NNS consequences ) ) ) )

Richard Arrington Birmingham 's black mayor lamented the consequences


( S ( S-TPC-5 ( PP-TMP ( IN In ) ( NP ( DT the ) ( NN past ) ) ) ( NP-SBJ-3 ( NP ( NNS people ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD had ) ( S ( VP ( TO to ) ( VP ( VB run ) ( PP-CLR ( IN for ) ( NP ( NN office ) ) ) ) ) ) ) ) ) ) ( VP ( VBD had ) ( S ( VP ( TO to ) ( VP ( VB moderate ) ( NP ( PRP$ their ) ( NNS views ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ-4 ( PRP they ) ) ( VP ( MD could ) ( RB n't ) ( VP ( VB afford ) ( S ( VP ( TO to ) ( VP ( VB offend ) ( NP ( NNS blacks ) ( CC or ) ( NNS whites ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

In the past people who had to run for office had to moderate their views because they could n't afford to offend blacks or whites he said


( S ( ADVP-TMP ( RB Now ) ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP go ) ( PP-DIR ( TO to ) ( NP ( NNS districts ) ) ) ) ) ( S ( NP-SBJ-2 ( PRP you ) ) ( VP ( VBP 're ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB get ) ( NP ( NP ( NNS candidates ) ) ( SBAR ( WHNP-1 ( WP$ whose ) ( NNS views ) ) ( S ( VP ( VBP are ) ( ADJP-PRD ( RBR more ) ( JJ extreme ) ) ( PRN ( NP ( JJ white ) ( CC and ) ( JJ black ) ) ) ( PP ( IN on ) ( NP ( JJ racial ) ( NNS issues ) ) ) ) ) ) ) ) ) ) ) ) ) )

Now you go to districts you 're likely to get candidates whose views are more extreme white and black on racial issues


( S ( ADVP-TMP ( NP ( QP ( CD Two ) ( CD hundred ) ) ( NNS years ) ) ( RB ago ) ) ( NP-SBJ ( NP ( NNS critics ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ new ) ( NNP United ) ( NNP States ) ( NNP Constitution ) ) ) ) ( VP ( VBD warned ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( JJ electoral ) ( NNS districts ) ) ( PP ( IN for ) ( NP ( NNP Congress ) ) ) ) ( VP ( VP ( VBD were ) ( ADJP-PRD ( RB too ) ( JJ large ) ) ) ( CC and ) ( VP ( VBD encompassed ) ( NP ( ADJP ( RB too ) ( JJ many ) ) ( JJ different ) ( JJ economic ) ( NNS interests ) ) ) ) ) ) ) )

Two hundred years ago critics of the new United States Constitution warned that the electoral districts for Congress were too large and encompassed too many different economic interests


( S ( S-TPC-2 ( NP-SBJ-1 ( NP ( DT A ) ( JJ small ) ( NN farmer ) ) ( CC and ) ( NP ( DT a ) ( NN seaport ) ( NN merchant ) ) ) ( VP ( MD could ) ( RB not ) ( VP ( VB be ) ( VP ( VBN represented ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( JJ same ) ( NN spokesman ) ) ) ) ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VBD said ) ) )

A small farmer and a seaport merchant could not be represented by the same spokesman they said


( S ( CC But ) ( NP-SBJ ( NNP James ) ( NNP Madison ) ) ( VP ( VBD refuted ) ( NP ( DT that ) ( NN argument ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( DT the ) ( ADJP ( RBS most ) ( JJ celebrated ) ) ( JJ political ) ( NNS treatises ) ) ) ( VP ( ADVP-TMP ( RB ever ) ) ( VBN written ) ) ) ( NP ( NP ( NNP No. ) ( CD 10 ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Federalist ) ( NNP Papers ) ) ) ) ) ) ) )

But James Madison refuted that argument in one of the most celebrated political treatises ever written No. 10 of the Federalist Papers


( S ( NP-SBJ ( NNP Madison ) ) ( VP ( VBD explained ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT a ) ( NN representative ) ( POS 's ) ) ( NN duty ) ) ( VP ( VBD was ) ( S-PRD ( VP ( TO to ) ( VP ( VB speak ) ( PP-CLR ( RB not ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( JJ narrow ) ( NNS interests ) ) ( PP ( IN of ) ( NP ( CD one ) ( NN group ) ) ) ) ) ( CC but ) ( ADVP ( RB instead ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ common ) ( NN good ) ) ) ) ) ) ) ) ) ) ) )

Madison explained that a representative 's duty was to speak not for the narrow interests of one group but instead for the common good


( S-1 ( NP-SBJ ( JJ Large ) ( JJ heterogeneous ) ( NN election ) ( NNS districts ) ) ( VP ( MD would ) ( VP ( VB encourage ) ( NP ( JJ good ) ( NN government ) ) ( PRN ( SINV ( VP ( VBD said ) ) ( NP-SBJ ( NNP Madison ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ-2 ( DT a ) ( NN representative ) ) ( VP ( MD would ) ( VP ( VB be ) ( VP ( VBN compelled ) ( S ( VP ( TO to ) ( VP ( VP ( VB serve ) ( NP ( NP ( DT the ) ( NNS interests ) ) ( PP ( IN of ) ( NP ( PDT all ) ( PRP$ his ) ( NNS constituents ) ) ) ) ) ( CC and ) ( VP ( VB be ) ( ADJP-PRD ( JJ servile ) ( PP ( TO to ) ( NP ( NN none ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Large heterogeneous election districts would encourage good government said Madison because a representative would be compelled to serve the interests of all his constituents and be servile to none


( S ( NP-SBJ ( NP ( NP ( NNP Madison ) ( POS 's ) ) ( ADJP ( JJ noble ) ( CC and ) ( JJ unifying ) ) ( NN vision ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN representative ) ) ) ) ( ADVP-TMP ( RB still ) ) ( VP ( MD can ) ( VP ( VB guide ) ( NP ( PRP us ) ) ) ) )

Madison 's noble and unifying vision of the representative still can guide us


( S ( ADVP-TMP ( ADVP ( RB As ) ( RB long ) ) ( SBAR ( IN as ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP believe ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT all ) ( NNPS Americans ) ) ( PP ( IN of ) ( NP ( DT every ) ( NX ( NX ( NN race ) ) ( CC and ) ( NX ( JJ ethnic ) ( NN background ) ) ) ) ) ) ( VP ( VP ( VBP have ) ( NP ( JJ common ) ( NNS interests ) ) ) ( CC and ) ( VP ( MD can ) ( VP ( VB live ) ( ADVP-CLR-MNR ( RB together ) ) ( ADVP-MNR ( RB cooperatively ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP$ our ) ( JJ political ) ( NN map ) ) ( VP ( MD should ) ( VP ( VB reflect ) ( NP ( PRP$ our ) ( NN belief ) ) ) ) )

As long as we believe that all Americans of every race and ethnic background have common interests and can live together cooperatively our political map should reflect our belief


( S ( NP-SBJ ( NP ( JJ Racial ) ( NN gerrymandering ) ) ( PRN ( S-NOM ( VP ( VBG creating ) ( NP ( JJ separate ) ( JJ black ) ( CC and ) ( JJ white ) ( NNS districts ) ) ) ) ) ) ( VP ( VBZ says ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP have ) ( VP ( VBN discarded ) ( NP ( NP ( DT that ) ( NN belief ) ) ( PP ( IN in ) ( NP ( PRP$ our ) ( NN ability ) ( S ( VP ( TO to ) ( VP ( VP ( VB live ) ( ADVP-MNR ( RB together ) ) ) ( CC and ) ( VP ( VB govern ) ( NP ( PRP ourselves ) ) ( PP-CLR ( IN as ) ( NP ( CD one ) ( NNS people ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Racial gerrymandering creating separate black and white districts says that we have discarded that belief in our ability to live together and govern ourselves as one people


( S ( NP-SBJ ( NNP Ms. ) ( NNP McCaughey ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( JJ constitutional ) ( NN scholar ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT the ) ( NNP Center ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( NNP Study ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Presidency ) ) ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ) ) ) ) )

Ms. McCaughey is a constitutional scholar at the Center for the Study of the Presidency in New York


( S ( NP-SBJ ( DT The ) ( NNP Justice ) ( NNP Department ) ) ( VP ( VBZ has ) ( VP ( VBN distributed ) ( NP ( NP ( DT these ) ( JJ new ) ( NNS guidelines ) ) ( PP ( IN for ) ( NP ( NP ( NNP U.S. ) ( NNP Attorneys ) ) ( VP ( VBG prosecuting ) ( NP ( NNP RICO ) ( NNS cases ) ) ) ) ) ) ) ) )

The Justice Department has distributed these new guidelines for U.S. Attorneys prosecuting RICO cases


( S ( NP-SBJ ( DT A ) ( JJ related ) ( NN editorial ) ) ( VP ( VBZ appears ) ( NP-TMP ( NN today ) ) ) )

A related editorial appears today


( S ( PP-LOC ( IN Under ) ( PRN ( NP ( NNP RICO ) ) ) ) ( NP-SBJ-2 ( DT the ) ( NN government ) ) ( VP ( MD may ) ( VP ( VB seek ) ( NP ( NP ( DT a ) ( JJ temporary ) ( NN restraining ) ( NN order ) ) ( PRN ( NP ( NN TRO ) ) ) ( PP-LOC ( IN upon ) ( NP ( NP ( DT the ) ( NN filing ) ) ( PP ( IN of ) ( NP ( DT a ) ( NNP RICO ) ( NN indictment ) ) ) ) ) ) ( SBAR-PRP ( PP ( IN in ) ( NP ( NN order ) ) ) ( S ( VP ( TO to ) ( VP ( VB preserve ) ( NP ( DT all ) ( JJ forfeitable ) ( NNS assets ) ) ( SBAR-TMP ( IN until ) ( S ( S ( NP-SBJ-1 ( DT the ) ( NN trial ) ) ( VP ( VBZ is ) ( VP ( VBN completed ) ) ) ) ( CC and ) ( S ( NP-SBJ-3 ( NN judgment ) ) ( VP ( VBN entered ) ) ) ) ) ) ) ) ) ) ) )

Under RICO the government may seek a temporary restraining order TRO upon the filing of a RICO indictment in order to preserve all forfeitable assets until the trial is completed and judgment entered


( S ( NP-SBJ ( JJ Such ) ( NNS orders ) ) ( VP ( MD can ) ( VP ( VB have ) ( NP ( NP ( DT a ) ( JJ wide-ranging ) ( NN impact ) ) ( PP ( IN on ) ( NP ( NP ( JJ third ) ( NNS parties ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP do ) ( NP ( NN business ) ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( NNS defendants ) ) ) ) ) ) ( PP ( VBG including ) ( NP ( NNS clients ) ( NNS vendors ) ( NNS banks ) ( NNS investors ) ( NNS creditors ) ( NNS dependents ) ( CC and ) ( NNS others ) ) ) ) ) ) ) ) )

Such orders can have a wide-ranging impact on third parties who do business with the defendants including clients vendors banks investors creditors dependents and others


( S ( NP-SBJ ( NP ( DT Some ) ( ADJP ( RB highly ) ( VBN publicized ) ) ( NNS cases ) ) ( VP ( VBG involving ) ( NP ( NNP RICO ) ( NNS TROs ) ) ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( NP-PRD ( NP ( DT the ) ( NN subject ) ) ( PP ( IN of ) ( NP ( NP ( JJ considerable ) ( NN criticism ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN press ) ) ) ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( DT a ) ( NN perception ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( JJ pre-trial ) ( NN freezing ) ) ( PP ( IN of ) ( NP ( NNS assets ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ tantamount ) ( PP ( TO to ) ( NP ( NP ( DT a ) ( NN seizure ) ) ( PP ( IN of ) ( NP ( NN property ) ) ) ( PP ( IN without ) ( NP ( JJ due ) ( NN process ) ) ) ) ) ) ) ) ) ) ) ) ) )

Some highly publicized cases involving RICO TROs have been the subject of considerable criticism in the press because of a perception that pre-trial freezing of assets is tantamount to a seizure of property without due process


( S ( SBAR-PRP ( PP ( IN In ) ( NP ( NN order ) ) ) ( S ( VP ( TO to ) ( VP ( VB ensure ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( DT the ) ( NNS rights ) ) ( PP ( IN of ) ( NP ( DT all ) ( JJ interested ) ( NNS parties ) ) ) ) ( VP ( VBP are ) ( VP ( VBN protected ) ) ) ) ) ) ) ) ) ( NP-SBJ-2 ( DT the ) ( NNP Criminal ) ( NNP Division ) ) ( VP ( VBZ has ) ( VP ( VBN instituted ) ( NP ( DT the ) ( JJ following ) ( NNS requirements ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB control ) ( NP ( NP ( DT the ) ( NN use ) ) ( PP ( IN of ) ( NP ( NNS TROs ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP RICO ) ( NNS prosecutions ) ) ) ) ) ) ) ) ) )

In order to ensure that the rights of all interested parties are protected the Criminal Division has instituted the following requirements to control the use of TROs in RICO prosecutions


( S ( NP-SBJ-1 ( NP ( PRP It ) ) ) ( VP ( MD should ) ( VP ( VB be ) ( VP ( VBN noted ) ( SBAR-2 ( IN that ) ( S ( NP-SBJ ( DT these ) ( NNS requirements ) ) ( VP ( VBP are ) ( PP-PRD ( IN in ) ( NP ( NP ( NN addition ) ) ( PP ( TO to ) ( NP ( NP ( DT any ) ( JJ other ) ( JJ existing ) ( NNS requirements ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NP ( NN review ) ) ( PP ( IN by ) ( NP ( DT the ) ( NNP Asset ) ( NNP Forfeiture ) ( NNP Office ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

It should be noted that these requirements are in addition to any other existing requirements such as review by the Asset Forfeiture Office


( S ( LST ( LS 1 ) ) ( PP ( IN As ) ( NP ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN approval ) ( NN process ) ) ( PP ( IN for ) ( NP ( NNP RICO ) ( NNS prosecutions ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN prosecutor ) ) ( VP ( MD must ) ( VP ( VB submit ) ( NP ( DT any ) ( JJ proposed ) ( NN forfeiture ) ( NN TRO ) ) ( PP ( IN for ) ( NP ( NP ( NN review ) ) ( PP ( IN by ) ( NP ( DT the ) ( NNP Organized ) ( NNP Crime ) ( CC and ) ( NNP Racketeering ) ( NNP Section ) ) ) ) ) ) ) )

1 As part of the approval process for RICO prosecutions the prosecutor must submit any proposed forfeiture TRO for review by the Organized Crime and Racketeering Section


( S ( NP-SBJ ( DT The ) ( NN prosecutor ) ) ( VP ( MD must ) ( VP ( VB show ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( JJ less-intrusive ) ( NNS remedies ) ) ( PRN ( PP ( JJ such ) ( IN as ) ( NP ( NNS bonds ) ) ) ) ) ( VP ( VBP are ) ( RB not ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB preserve ) ( NP ( DT the ) ( NNS assets ) ) ( PP ( IN for ) ( NP ( NN forfeiture ) ) ) ( PP ( IN in ) ( NP ( NP ( DT the ) ( NN event ) ) ( PP ( IN of ) ( NP ( DT a ) ( NN conviction ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The prosecutor must show that less-intrusive remedies such as bonds are not likely to preserve the assets for forfeiture in the event of a conviction


( S ( LST ( LS 2 ) ) ( PP ( IN In ) ( S-NOM ( VP ( VBG seeking ) ( NP ( NP ( NN approval ) ) ( PP ( IN of ) ( NP ( DT a ) ( NN TRO ) ) ) ) ) ) ) ( NP-SBJ-2 ( DT the ) ( NN prosecutor ) ) ( VP ( MD must ) ( VP ( VB articulate ) ( NP ( NP ( NP ( DT any ) ( JJ anticipated ) ( NN impact ) ) ( SBAR ( WHNP-1 ( DT that ) ) ( S ( NP-SBJ ( NP ( NN forfeiture ) ) ( CC and ) ( NP ( DT the ) ( NN TRO ) ) ) ( VP ( MD would ) ( VP ( VB have ) ( PP-CLR ( IN on ) ( NP ( JJ innocent ) ( JJ third ) ( NNS parties ) ) ) ) ) ) ) ) ( VP ( VBN balanced ) ( PP-CLR ( IN against ) ( NP ( NP ( DT the ) ( NN government ) ( POS 's ) ) ( NN need ) ( S ( VP ( TO to ) ( VP ( VB preserve ) ( NP ( DT the ) ( NNS assets ) ) ) ) ) ) ) ) ) ) ) )

2 In seeking approval of a TRO the prosecutor must articulate any anticipated impact that forfeiture and the TRO would have on innocent third parties balanced against the government 's need to preserve the assets


( S ( LST ( LS 3 ) ) ( S ( PP ( IN In ) ( S-NOM ( VP ( VBG deciding ) ( SBAR ( IN whether ) ( S ( NP-SBJ ( NP ( NN forfeiture ) ) ( PRN ( CC and ) ( ADVP ( RB hence ) ) ( NP ( DT a ) ( NN TRO ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ appropriate ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN Section ) ) ( VP ( MD will ) ( VP ( VB consider ) ( NP ( NP ( DT the ) ( NN nature ) ( CC and ) ( NN severity ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN offense ) ) ) ) ) ) ) ( S ( NP-SBJ ( NP ( DT the ) ( NN government ) ( POS 's ) ) ( NN policy ) ) ( VP ( VBZ is ) ( RB not ) ( S-PRD ( VP ( TO to ) ( VP ( VB seek ) ( NP ( NP ( DT the ) ( JJS fullest ) ( NN forfeiture ) ) ( ADJP ( NN permissible ) ( PP-LOC ( IN under ) ( NP ( DT the ) ( NN law ) ) ) ) ) ( SBAR-LOC ( WHADVP-1 ( WRB where ) ) ( S ( NP-SBJ ( DT that ) ( NN forfeiture ) ) ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( JJ disproportionate ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NN defendant ) ( POS 's ) ) ( NN crime ) ) ) ) ) ) ) ) ) ) ) ) ) )

3 In deciding whether forfeiture and hence a TRO is appropriate the Section will consider the nature and severity of the offense the government 's policy is not to seek the fullest forfeiture permissible under the law where that forfeiture would be disproportionate to the defendant 's crime


( S ( LST ( LS 4 ) ) ( SBAR-TMP ( WHADVP-5 ( WRB When ) ) ( S ( NP-SBJ-1 ( DT a ) ( NNP RICO ) ( NN TRO ) ) ( VP ( VBZ is ) ( VP ( VBG being ) ( VP ( VBN sought ) ) ) ) ) ) ( NP-SBJ-2 ( DT the ) ( NN prosecutor ) ) ( VP ( VBZ is ) ( VP ( VBN required ) ( PP-TMP ( IN at ) ( NP ( DT the ) ( JJS earliest ) ( JJ appropriate ) ( NN time ) ) ) ( S ( VP ( TO to ) ( VP ( VB state ) ( ADVP-MNR ( RB publicly ) ) ( SBAR ( IN that ) ( S ( S ( NP-SBJ-3 ( NP ( NP ( DT the ) ( NN government ) ( POS 's ) ) ( NN request ) ) ( PP ( IN for ) ( NP ( NP ( DT a ) ( NN TRO ) ) ( CC and ) ( NP ( JJ eventual ) ( NN forfeiture ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN made ) ( PP ( IN in ) ( NP ( NP ( JJ full ) ( NN recognition ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNS rights ) ) ( PP ( IN of ) ( NP ( JJ third ) ( NNS parties ) ) ) ) ) ) ) ) ) ) ( S ( PRN ( S ( NP-SBJ ( DT that ) ) ( VP ( VBZ is ) ) ) ) ( PP ( IN in ) ( S-NOM ( VP ( VBG requesting ) ( NP ( DT the ) ( NN TRO ) ) ) ) ) ( NP-SBJ-6 ( DT the ) ( NN government ) ) ( VP ( VP ( MD will ) ( RB not ) ( VP ( VB seek ) ( S ( VP ( TO to ) ( VP ( VB disrupt ) ( NP ( NP ( DT the ) ( JJ normal ) ( JJ legitimate ) ( NN business ) ( NNS activities ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN defendant ) ) ) ) ) ) ) ) ) ( VP ( MD will ) ( RB not ) ( VP ( VB seek ) ( PP ( IN through ) ( NP ( NP ( NN use ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ relation-back ) ( NN doctrine ) ) ) ) ) ( S ( VP ( TO to ) ( VP ( VB take ) ( PP-CLR ( IN from ) ( NP ( JJ third ) ( NNS parties ) ) ) ( NP ( NP ( NNS assets ) ) ( VP ( ADVP-MNR ( RB legitimately ) ) ( VBN transferred ) ( PP-CLR ( TO to ) ( NP ( PRP them ) ) ) ) ) ) ) ) ) ) ( VP ( MD will ) ( RB not ) ( VP ( VB seek ) ( S ( VP ( TO to ) ( VP ( VB vitiate ) ( NP ( NP ( JJ legitimate ) ( NN business ) ( NNS transactions ) ) ( VP ( VBG occurring ) ( PP-LOC ( IN between ) ( NP ( NP ( DT the ) ( NN defendant ) ) ( CC and ) ( NP ( JJ third ) ( NNS parties ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( VP ( MD will ) ( PP-LOC ( IN in ) ( NP ( DT all ) ( JJ other ) ( NNS respects ) ) ) ( VP ( VB assist ) ( NP ( DT the ) ( NN court ) ) ( PP ( IN in ) ( S-NOM ( VP ( VBG ensuring ) ( SBAR ( IN that ) ( S ( NP-SBJ-4 ( NP ( DT the ) ( NNS rights ) ) ( PP ( IN of ) ( NP ( JJ third ) ( NNS parties ) ) ) ) ( VP ( VBP are ) ( VP ( VBN protected ) ( PP ( IN through ) ( UCP ( S-NOM ( VP ( VBG proceeding ) ( PP-LOC ( IN under ) ( PRN ( NP ( NNP RICO ) ) ) ) ) ) ( CC and ) ( ADVP ( RB otherwise ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

4 When a RICO TRO is being sought the prosecutor is required at the earliest appropriate time to state publicly that the government 's request for a TRO and eventual forfeiture is made in full recognition of the rights of third parties that is in requesting the TRO the government will not seek to disrupt the normal legitimate business activities of the defendant will not seek through use of the relation-back doctrine to take from third parties assets legitimately transferred to them will not seek to vitiate legitimate business transactions occurring between the defendant and third parties and will in all other respects assist the court in ensuring that the rights of third parties are protected through proceeding under RICO and otherwise


( S ( NP-SBJ ( DT The ) ( NNP Division ) ) ( VP ( VBZ expects ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN prosecutor ) ) ( VP ( MD will ) ( VP ( VB announce ) ( NP ( DT these ) ( NNS principles ) ) ( PP-TMP ( CC either ) ( PP ( IN at ) ( NP ( NP ( DT the ) ( NN time ) ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NN indictment ) ) ( VP ( VBZ is ) ( VP ( VBN returned ) ) ) ) ) ) ) ( CC or ) ( PRN ( PP ( IN at ) ( NP ( DT the ) ( JJS latest ) ) ) ) ( PP ( IN at ) ( NP ( NP ( NP ( DT the ) ( JJ first ) ( NN proceeding ) ) ( PP-LOC ( IN before ) ( NP ( DT the ) ( NN court ) ) ) ) ( VP ( VBG concerning ) ( NP ( DT the ) ( NN TRO ) ) ) ) ) ) ) ) ) ) ) )

The Division expects that the prosecutor will announce these principles either at the time the indictment is returned or at the latest at the first proceeding before the court concerning the TRO


( S ( NP-SBJ ( DT The ) ( NNP Federal ) ( NNP Trade ) ( NNP Commission ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD authorized ) ( S ( NP-SBJ ( PRP$ its ) ( NN staff ) ) ( VP ( TO to ) ( VP ( VB seek ) ( NP ( NP ( DT a ) ( JJ preliminary ) ( NN injunction ) ) ( VP ( VBG barring ) ( NP-1 ( NNP Imo ) ( NNP Industries ) ( NNP Inc. ) ) ( PP-CLR ( IN from ) ( S-NOM ( VP ( VBG acquiring ) ( NP ( NP ( DT the ) ( NNS shares ) ) ( ADJP ( JJ outstanding ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP U.S. ) ( NN unit ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ British ) ( NN company ) ) ( NP ( NNP United ) ( NNP Scientific ) ( NNP Holdings ) ( NNP PLC ) ) ) ) ) ) ) ( PP-CLR ( IN for ) ( NP ( QP ( CD 69 ) ( CD million ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The Federal Trade Commission said it authorized its staff to seek a preliminary injunction barring Imo Industries Inc. from acquiring the shares outstanding of the U.S. unit of the British company United Scientific Holdings PLC for 69 million


( S ( NP-SBJ ( DT The ) ( NNP FTC ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD had ) ( NP ( NN reason ) ( S ( VP ( TO to ) ( VP ( VB believe ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( JJ proposed ) ( NN acquisition ) ) ( VP ( MD could ) ( VP ( ADVP-MNR ( RB substantially ) ) ( VB reduce ) ( NP ( NP ( NN competition ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN production ) ) ( PP ( IN of ) ( NP ( NP ( JJ certain ) ( NN image ) ( NN intensifier ) ( NNS tubes ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBP are ) ( NP-PRD ( NP ( JJ important ) ( NNS components ) ) ( PP ( IN of ) ( NP ( NP ( JJ night-vision ) ( NNS devices ) ) ( VP ( VBN sold ) ( PP-CLR ( ADVP ( RB primarily ) ) ( TO to ) ( NP ( DT the ) ( NN defense ) ( NN industry ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The FTC said it had reason to believe that the proposed acquisition could substantially reduce competition in the production of certain image intensifier tubes which are important components of night-vision devices sold primarily to the defense industry


( S ( NP-SBJ-2 ( DT The ) ( NNP FTC ) ) ( VP ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( MD would ) ( VP ( VB seek ) ( S ( VP ( TO to ) ( VP ( VB enjoin ) ( NP ( DT the ) ( JJ proposed ) ( NN acquisition ) ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( JJ federal ) ( NN trial ) ( NN court ) ) ) ) ) ) ) ) ) ) ) ( CC but ) ( VP ( VBD declined ) ( S ( VP ( TO to ) ( VP ( VB specify ) ( NP ( WDT which ) ( NN one ) ) ) ) ) ) ) )

The FTC said it would seek to enjoin the proposed acquisition in a federal trial court but declined to specify which one


( S ( PP-LOC ( IN Under ) ( NP ( JJ federal ) ( NN law ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( DT the ) ( NN court ) ) ( VP ( VBZ grants ) ( NP ( DT a ) ( JJ preliminary ) ( NN injunction ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP FTC ) ) ( VP ( MD must ) ( VP ( VB begin ) ( NP ( NP ( JJ administrative ) ( NNS proceedings ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB determine ) ( NP ( NP ( DT the ) ( NN legality ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ proposed ) ( NN stock ) ( NN purchase ) ) ) ) ) ) ) ) ) ( PP-TMP ( IN within ) ( NP ( CD 20 ) ( NNS days ) ) ) ) ) )

Under federal law if the court grants a preliminary injunction the FTC must begin administrative proceedings to determine the legality of the proposed stock purchase within 20 days


( S ( NP-SBJ-1 ( NP ( NNS Officials ) ) ( PP-LOC ( PP ( IN at ) ( NP ( NP ( NP ( DT the ) ( NNP United ) ( NNP Scientific ) ( NN unit ) ) ( NP ( NP ( NNP Optic-Electronic ) ( NNP Corp. ) ) ( PP ( IN of ) ( NP ( NP ( NNP Garland ) ) ( NP ( NNP Texas ) ) ) ) ) ) ) ) ( CC and ) ( PP ( IN at ) ( NP ( NP ( NNP Imo ) ( NNP Industries ) ) ( PP ( IN of ) ( NP ( NP ( NNP Lawrenceville ) ) ( NP ( NNP N.J. ) ) ) ) ) ) ) ) ( VP ( MD could ) ( RB n't ) ( VP ( VB be ) ( VP ( VBN reached ) ( PP-CLR ( IN for ) ( NP ( NN comment ) ) ) ) ) ) )

Officials at the United Scientific unit Optic-Electronic Corp. of Garland Texas and at Imo Industries of Lawrenceville N.J. could n't be reached for comment


( S ( S-TPC-1 ( NP-SBJ ( NNS Savings ) ( CC and ) ( NNS loans ) ) ( VP ( VBP reject ) ( NP ( NNS blacks ) ) ( PP ( IN for ) ( NP ( NN mortgage ) ( NNS loans ) ) ) ( ADVP-TMP ( ADVP ( RB twice ) ( RB as ) ( RB often ) ) ( PP ( IN as ) ( S-NOM ( NP-SBJ ( PRP they ) ) ( VP ( VBP reject ) ( NP ( NNS whites ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( DT the ) ( NNP Office ) ) ( PP ( IN of ) ( NP ( NNP Thrift ) ( NNP Supervision ) ) ) ) ( VP ( VBD said ) ) )

Savings and loans reject blacks for mortgage loans twice as often as they reject whites the Office of Thrift Supervision said


( S ( S-TPC-1 ( CC But ) ( NP-SBJ ( DT that ) ) ( VP ( VBZ does ) ( RB n't ) ( ADVP ( RB necessarily ) ) ( VP ( VB mean ) ( SBAR ( S ( NP-SBJ ( NNS thrifts ) ) ( VP ( VBP are ) ( VP ( VBG discriminating ) ( PP-CLR ( IN against ) ( NP ( NNS blacks ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN agency ) ) ( VP ( VBD said ) ) )

But that does n't necessarily mean thrifts are discriminating against blacks the agency said


( S ( NP-SBJ ( NP ( DT The ) ( NN office ) ) ( NP ( NP ( DT an ) ( NN arm ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Treasury ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB have ) ( NP ( NP ( NNS data ) ) ( PP ( IN on ) ( NP ( NP ( DT the ) ( JJ financial ) ( NN position ) ) ( PP ( IN of ) ( NP ( NNS applicants ) ) ) ) ) ) ) ) ) ( CC and ) ( ADVP ( RB thus ) ) ( S ( VP ( MD ca ) ( RB n't ) ( VP ( VB determine ) ( SBAR-NOM ( WHADVP-2 ( WRB why ) ) ( S ( NP-SBJ-1 ( NNS blacks ) ) ( VP ( VBP are ) ( VP ( VBN rejected ) ( ADVP-TMP ( RBR more ) ( RB often ) ) ) ) ) ) ) ) ) ) ) ) )

The office an arm of the Treasury said it does n't have data on the financial position of applicants and thus ca n't determine why blacks are rejected more often


( S ( ADVP ( RB Nevertheless ) ) ( PP-LOC ( IN on ) ( NP ( NP ( NNP Capitol ) ( NNP Hill ) ) ( SBAR ( WHADVP-2 ( WRB where ) ) ( S ( NP-SBJ-1 ( DT the ) ( NN information ) ) ( VP ( VBD was ) ( VP ( VBN released ) ( NP-TMP ( NN yesterday ) ) ( PP-LOC ( IN at ) ( NP ( DT a ) ( NNP Senate ) ( NN banking ) ( NN subcommittee ) ( NN hearing ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNS lawmakers ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ worried ) ( SBAR ( IN that ) ( S ( NP-SBJ ( JJ financial ) ( NNS institutions ) ) ( VP ( VBP are ) ( ADVP ( RB routinely ) ) ( VP ( VBG discriminating ) ( PP-CLR ( IN against ) ( NP ( NNS minorities ) ) ) ) ) ) ) ) ) ) ) ) )

Nevertheless on Capitol Hill where the information was released yesterday at a Senate banking subcommittee hearing lawmakers said they are worried that financial institutions are routinely discriminating against minorities


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBD asked ) ( NP-1 ( NNS regulators ) ) ( S ( VP ( TO to ) ( VP ( VB suggest ) ( NP ( NP ( JJ new ) ( NNS ways ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB force ) ( S ( NP-SBJ ( NNS banks ) ( CC and ) ( NNS thrifts ) ) ( VP ( TO to ) ( VP ( VB comply ) ( PP-CLR ( IN with ) ( NP ( JJ anti-discrimination ) ( NNS laws ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

They asked regulators to suggest new ways to force banks and thrifts to comply with anti-discrimination laws


( S ( NP-SBJ ( NP ( NNP Sen. ) ( NNP Alan ) ( NNP Dixon ) ) ( PRN ( NP ( NNP D ) ) ( NP-LOC ( NNP Ill. ) ) ) ( NP ( NP ( NN chairman ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN subcommittee ) ) ( PP ( IN on ) ( NP ( UCP ( NN consumer ) ( CC and ) ( JJ regulatory ) ) ( NNS affairs ) ) ) ) ) ) ) ( VP ( VBD said ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP 'm ) ( RB not ) ( NP-PRD ( DT a ) ( NN statistician ) ) ) ) ) )

Sen. Alan Dixon D Ill. chairman of the subcommittee on consumer and regulatory affairs said I 'm not a statistician


( S ( CC But ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( NNS blacks ) ) ( VP ( VBP are ) ( VP ( VBG getting ) ( S ( NP-SBJ-2 ( PRP$ their ) ( NN loan ) ( NNS applications ) ) ( VP ( VBD rejected ) ( ADVP-TMP ( ADVP ( RB twice ) ( RB as ) ( RB often ) ) ( PP ( IN as ) ( NP ( NNS whites ) ) ) ) ) ) ) ) ) ) ( PRN ( S ( CC and ) ( PP-LOC ( IN in ) ( NP ( DT some ) ( NNS cities ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( ADVP-PRD ( QP ( CD three ) ( CC and ) ( CD four ) ( NNS times ) ) ( RB as ) ( RB often ) ) ) ) ) ( NP-SBJ ( PRP I ) ) ( VP ( VBP conclude ) ( SBAR ( DT that ) ( S ( NP-SBJ ( NN discrimination ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN problem ) ) ) ) ) ) ) ) )

But when blacks are getting their loan applications rejected twice as often as whites and in some cities it is three and four times as often I conclude that discrimination is part of the problem


( S ( NP-SBJ ( NP ( NNP James ) ( NNP Grohl ) ) ( NP ( NP ( DT a ) ( NN spokesman ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( NNP U.S. ) ( NNP League ) ) ( PP ( IN of ) ( NP ( NNP Savings ) ( NNP Institutions ) ) ) ) ) ) ) ( VP ( VBD said ) ( S ( S ( NP-SBJ ( DT The ) ( NN data ) ) ( VP ( VBZ is ) ( NP-PRD ( DT a ) ( JJ red ) ( NN flag ) ) ) ) ( CC but ) ( S ( S-ADV ( VP ( VBG lacking ) ( NP ( DT the ) ( JJ financial ) ( NN data ) ) ) ) ( NP-SBJ-1 ( PRP you ) ) ( VP ( MD ca ) ( RB n't ) ( VP ( VB make ) ( NP-CLR ( DT a ) ( NN case ) ) ( SBAR-CLR ( DT that ) ( S ( NP-SBJ ( NN discrimination ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ widespread ) ) ) ) ) ) ) ) ) ) )

James Grohl a spokesman for the U.S. League of Savings Institutions said The data is a red flag but lacking the financial data you ca n't make a case that discrimination is widespread


( S ( NP-SBJ ( DT The ) ( NN trade ) ( NN group ) ( NN official ) ) ( VP ( VBD added ) ( S ( ADVP ( RB Certainly ) ) ( NP-SBJ ( DT the ) ( JJ federal ) ( NN government ) ) ( VP ( MD should ) ( VP ( VB take ) ( NP ( NP ( DT a ) ( JJ hard ) ( NN look ) ) ( PP ( IN at ) ( NP ( PRP it ) ) ) ) ) ) ) ) )

The trade group official added Certainly the federal government should take a hard look at it


( S ( NP-SBJ-2 ( NNP Sen. ) ( NNP Dixon ) ) ( VP ( VBD held ) ( NP ( DT the ) ( NN hearing ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB follow ) ( PRT ( RP up ) ) ( PP-CLR ( IN on ) ( NP ( NP ( DT a ) ( NN provision ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNS savings ) ( CC and ) ( NN loan ) ( NN bailout ) ( NN bill ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD required ) ( S ( NP-SBJ ( NNS regulators ) ) ( VP ( TO to ) ( VP ( VB report ) ( PP-CLR ( IN on ) ( NP ( NP ( NN evidence ) ) ( PP ( IN of ) ( NP ( NN discimination ) ) ) ( PP-LOC ( IN in ) ( NP ( NN mortgage ) ( NN lending ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Sen. Dixon held the hearing to follow up on a provision in the savings and loan bailout bill that required regulators to report on evidence of discimination in mortgage lending


( S ( S ( NP-SBJ ( DT The ) ( NN legislation ) ) ( ADVP ( RB also ) ) ( VP ( VBZ requires ) ( NP ( NP ( JJ broad ) ( JJ new ) ( NNS disclosures ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NX ( NX ( NN race ) ) ( NX ( NN sex ) ) ( CC and ) ( NX ( NN income ) ( NN level ) ) ) ) ( PP ( IN of ) ( NP ( NNS borrowers ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ-1 ( DT that ) ( NN information ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB be ) ( VP ( VBN gathered ) ( PP-LOC-CLR ( IN in ) ( NP ( JJ new ) ( NNS studies ) ) ) ( PP-TMP ( IN for ) ( NP ( NP ( JJ several ) ( NNS months ) ) ( ADVP ( IN at ) ( JJS least ) ) ) ) ) ) ) ) )

The legislation also requires broad new disclosures of the race sex and income level of borrowers but that information wo n't be gathered in new studies for several months at least


( S ( NP-SBJ ( DT The ) ( NNP Federal ) ( NNP Reserve ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( PRP$ its ) ( NNS studies ) ) ( PP-TMP ( IN in ) ( NP ( JJ recent ) ( NNS years ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBP adjust ) ( PP-CLR ( IN for ) ( NP ( NP ( NN income ) ( NNS differences ) ) ( CC and ) ( NP ( JJ other ) ( NNS variables ) ) ) ) ) ) ) ) ( VP ( VBD showed ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNS blacks ) ) ( VP ( VBD received ) ( NP ( NP ( JJR fewer ) ( NN home ) ( NNS mortgages ) ) ) ( PP-CLR ( IN from ) ( NP ( NNS banks ) ( CC and ) ( NNS thrifts ) ) ) ( PP-2 ( IN than ) ( NP ( NNS whites ) ) ) ) ) ) ) ) ) ) )

The Federal Reserve said its studies in recent years which adjust for income differences and other variables showed that blacks received fewer home mortgages from banks and thrifts than whites


( S ( CC But ) ( NP-SBJ ( NP ( NNP John ) ( NNP LaWare ) ) ( NP ( DT a ) ( NNP Fed ) ( NN governor ) ) ) ( VP ( VBD told ) ( NP ( DT the ) ( NN subcommittee ) ) ( SBAR ( SBAR ( S ( NP-SBJ ( DT the ) ( NN evidence ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ mixed ) ) ) ) ) ( CC and ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NNP Fed ) ( POS 's ) ) ( VP ( VBZ believes ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( JJ vast ) ( NN majority ) ) ( PP ( IN of ) ( NP ( NNS banks ) ) ) ) ( VP ( VBP are ) ( RB n't ) ( VP ( VBG discriminating ) ) ) ) ) ) ) ) ) ) )

But John LaWare a Fed governor told the subcommittee the evidence is mixed and that the Fed 's believes the vast majority of banks are n't discriminating


( S-1 ( PP ( IN For ) ( NP ( NN instance ) ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD noted ) ) ) ) ( NP-SBJ ( DT the ) ( NNP Fed ) ( NNS studies ) ) ( VP ( VBP have ) ( VP ( VBN shown ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNS blacks ) ) ( VP ( VBP receive ) ( NP ( NP ( JJR more ) ( NN home ) ( NN improvement ) ( NNS loans ) ) ( PP ( IN than ) ( NP ( NNS whites ) ) ) ) ) ) ) ) ) )

For instance he noted the Fed studies have shown that blacks receive more home improvement loans than whites


( S ( NP-SBJ ( JJ Several ) ( NNS lawmakers ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ angered ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN bank ) ( CC and ) ( NN thrift ) ( NNS regulators ) ) ( ADVP ( RB generally ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( ADJP-PRD ( RB too ) ( JJ busy ) ) ( S-CLR ( VP ( VBG handling ) ( NP ( NP ( DT the ) ( JJ record ) ( NN number ) ) ( PP ( IN of ) ( NP ( NN bank ) ( CC and ) ( NN thrift ) ( NNS failures ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ past ) ( JJ few ) ( NNS years ) ) ) ) ) ) ( S-2 ( VP ( TO to ) ( VP ( VB put ) ( NP ( JJ much ) ( NN energy ) ) ( PP-PUT ( IN into ) ( S-NOM ( VP ( VBG investigating ) ( NP ( JJ possible ) ( NN discrimination ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Several lawmakers were angered that the bank and thrift regulators generally said they have been too busy handling the record number of bank and thrift failures in the past few years to put much energy into investigating possible discrimination


( SINV ( S-TPC-1 ( NP-SBJ ( PRP We ) ) ( VP ( MD would ) ( VP ( VB be ) ( NP-PRD ( NP ( DT the ) ( JJ first ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB admit ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP have ) ( RB not ) ( VP ( VBN devoted ) ( NP ( NP ( DT the ) ( JJ necessary ) ( NN amount ) ) ( PP ( IN of ) ( NP ( NN emphasis ) ) ) ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( JJ past ) ( JJ several ) ( NNS years ) ) ) ( PP-CLR ( TO to ) ( S-NOM ( VP ( VBG developing ) ( NP ( NP ( NNS examinations ) ) ( PP ( IN for ) ( NP ( NN discrimination ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Jonathan ) ( NNP Fiechter ) ) ( NP ( NP ( DT a ) ( JJ top ) ( NN official ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Office ) ) ( PP ( IN of ) ( NP ( NNP Thrift ) ( NNP Supervision ) ) ) ) ) ) ) )

We would be the first to admit that we have not devoted the necessary amount of emphasis over the past several years to developing examinations for discrimination said Jonathan Fiechter a top official of the Office of Thrift Supervision


( S-3 ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP 've ) ( VP ( VBD got ) ( NP ( NP ( NNS folks ) ) ( PP-LOC ( IN out ) ( NP ( EX there ) ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP are ) ( VP ( VBG being ) ( VP ( VBD turned ) ( PRT ( RP away ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN mortgage ) ( NN market ) ) ) ( ADVP-MNR ( RB improperly ) ( CC and ) ( RB unfairly ) ) ) ) ) ) ) ) ) ) ) ) ( PRN ( SINV ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Sen. ) ( NNP Donald ) ( NNP Riegle ) ) ( PRN ( NP ( NNP D. ) ) ( NP-LOC ( NNP Mich. ) ) ) ( NP ( NP ( NN chairman ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN banking ) ( NN committee ) ) ) ) ) ) ) ( ADVP ( RB then ) ) ( NP-SBJ ( DT that ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN matter ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBZ needs ) ( NP ( NN remedy ) ) ( ADVP-TMP ( ADVP ( RB now ) ) ( RB not ) ( NP ( NP ( NP ( CD six ) ( NNS months ) ) ( PP ( IN from ) ( NP ( RB now ) ) ) ) ( CC or ) ( NP ( NP ( CD six ) ( NNS years ) ) ( PP ( IN from ) ( NP ( RB now ) ) ) ) ( CC or ) ( NP ( NP ( CD 26 ) ( NNS years ) ) ( PP ( IN from ) ( NP ( RB now ) ) ) ) ) ) ) ) ) ) ) )

If we 've got folks out there who are being turned away in the mortgage market improperly and unfairly said Sen. Donald Riegle D. Mich. chairman of the banking committee then that is a matter that needs remedy now not six months from now or six years from now or 26 years from now


( S ( NP-SBJ ( NP ( NNP Officials ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Federal ) ( NNP Deposit ) ( NNP Insurance ) ( NNP Corp. ) ) ( CC and ) ( NP ( NP ( DT the ) ( NNP Office ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Comptroller ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Currency ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP have ) ( VP ( VBN punished ) ( NP ( QP ( RB only ) ( DT a ) ( JJ few ) ) ( NNS banks ) ) ( PP-PRP ( IN for ) ( NP ( NP ( NNS violations ) ) ( PP ( IN of ) ( NP ( JJ anti-discrimination ) ( NNS laws ) ) ) ) ) ) ) ) ) ) )

Officials of the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency said they have punished only a few banks for violations of anti-discrimination laws


( S ( NP-SBJ ( DT The ) ( NNP FDIC ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ has ) ( VP ( VBN issued ) ( NP ( CD five ) ( NNS citations ) ) ( PP-DTV ( TO to ) ( NP ( NNS banks ) ) ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( JJ past ) ( CD three ) ( NNS years ) ) ) ( PP-PRP ( IN for ) ( NP ( JJ discriminatory ) ( NNS practices ) ) ) ) ) ) ) ) )

The FDIC said it has issued five citations to banks over the past three years for discriminatory practices


( S ( NP-SBJ ( NP ( DT The ) ( NN comptroller ) ( POS 's ) ) ( NN office ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD found ) ( NP ( NP ( DT no ) ( NNS indications ) ) ( PP ( IN of ) ( NP ( JJ illegal ) ( NN discrimination ) ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( CD 3,437 ) ( NNS examinations ) ) ( PP ( IN of ) ( NP ( NNS banks ) ) ) ( PP-TMP ( IN since ) ( NP ( NNP April ) ( CD 1987 ) ) ) ) ) ) ) ) ) )

The comptroller 's office said it found no indications of illegal discrimination in 3,437 examinations of banks since April 1987


( S ( NP-SBJ ( NP ( DT The ) ( NN comptroller ) ( POS 's ) ) ( NN office ) ) ( ADVP ( RB also ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( PP-TPC-2 ( IN of ) ( NP ( NP ( CD 37,000 ) ( NNS complaints ) ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD received ) ( PP-TMP ( IN since ) ( NP ( NNP January ) ( CD 1987 ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( RB only ) ( CD 16 ) ) ) ( VP ( VBD alleged ) ( NP ( NP ( JJ racial ) ( NN discrimination ) ) ( PP-LOC ( IN in ) ( NP ( JJ real ) ( NN estate ) ( NN lending ) ) ) ) ) ) ) ) )

The comptroller 's office also said that of 37,000 complaints it received since January 1987 only 16 alleged racial discrimination in real estate lending


( S ( S ( NP-SBJ ( DT The ) ( NN agency ) ) ( VP ( VBD investigated ) ( NP ( DT the ) ( NNS complaints ) ) ) ) ( CC but ) ( S ( NP-SBJ-1 ( DT no ) ( NNS violations ) ) ( VP ( VBD were ) ( VP ( VBN cited ) ) ) ) )

The agency investigated the complaints but no violations were cited


( S ( NP-SBJ ( NN Thrift ) ( NNS regulators ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB give ) ( NP ( NP ( DT any ) ( NNS figures ) ) ( PP ( IN on ) ( NP ( PRP$ their ) ( NN enforcement ) ( NNS actions ) ) ) ) ) ) )

Thrift regulators did n't give any figures on their enforcement actions


( S ( NP-SBJ ( NNP Mr. ) ( NNP Fiechter ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( SINV ( PP-LOC-PRD-TPC-2 ( IN among ) ( NP ( NP ( DT the ) ( NNS possibilities ) ) ( VP ( VBG being ) ( VP ( VBN considered ) ( PP ( IN by ) ( NP-LGS-3 ( NNS regulators ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB fight ) ( NP ( NN discrimination ) ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ) ( NP-SBJ ( NP ( DT the ) ( NN use ) ) ( PP ( IN of ) ( NP ( NP ( NNS testers ) ) ( NP ( NP ( NN government ) ( NNS investigators ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( MD would ) ( VP ( VB pose ) ( PP ( IN as ) ( NP ( NN home ) ( NNS buyers ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Fiechter said that among the possibilities being considered by regulators to fight discrimination is the use of testers government investigators who would pose as home buyers


( S ( NP-SBJ-1 ( NP ( DT The ) ( NNP Department ) ) ( PP ( IN of ) ( NP ( NNP Housing ) ( CC and ) ( NNP Urban ) ( NNP Development ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN used ) ( NP ( NNS testers ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB investigate ) ( NP ( NP ( NN discrimination ) ) ( PP-LOC ( IN in ) ( NP ( JJ rental ) ( NN housing ) ) ) ) ) ) ) ) ) )

The Department of Housing and Urban Development has used testers to investigate discrimination in rental housing


( S ( S ( S-NOM-SBJ ( VP ( VBG Using ) ( NP ( NNS testers ) ) ) ) ( VP ( MD could ) ( VP ( VB be ) ( ADJP-PRD ( JJ controversial ) ) ( PP ( IN with ) ( NP ( JJ financial ) ( NNS institutions ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Grohl ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NNP U.S. ) ( NNP League ) ) ( PP ( IN of ) ( NP ( NNP Savings ) ( NNP Institutions ) ) ) ) ( VP ( VBD had ) ( RB n't ) ( ADVP-TMP ( RB yet ) ) ( VP ( VBN taken ) ( NP ( DT any ) ( NN position ) ) ( PP ( IN on ) ( NP ( DT the ) ( NN matter ) ) ) ) ) ) ) ) ) )

Using testers could be controversial with financial institutions but Mr. Grohl said the U.S. League of Savings Institutions had n't yet taken any position on the matter


( S ( NP-SBJ ( DT The ) ( NNP Justice ) ( NNP Department ) ) ( VP ( VBZ is ) ( PP-PRD ( IN in ) ( NP ( NP ( DT the ) ( NN process ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB gain ) ( NP ( NP ( NN control ) ) ( PP ( IN over ) ( NP ( NP ( DT a ) ( NN law ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( NP-SBJ ( JJ federal ) ( NNP Judge ) ( NNP David ) ( NNP Sentelle ) ) ( ADVP-TMP ( RB recently ) ) ( VP ( VBD called ) ( S ( NP-PRD ( DT a ) ( NN monster ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The Justice Department is in the process of trying to gain control over a law that federal Judge David Sentelle recently called a monster


( S ( S-ADV ( ADJP-PRD ( JJ Needless ) ( S ( VP ( TO to ) ( VP ( VB say ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD was ) ( VP ( VBG talking ) ( PP-CLR ( IN about ) ( NP ( NNP RICO ) ) ) ) ) )

Needless to say he was talking about RICO


( S ( PP ( IN With ) ( NP ( NP ( PRP$ its ) ( ADJP ( RB recently ) ( VBN revised ) ) ( NNS guidelines ) ) ( PP ( IN for ) ( NP ( NNP RICO ) ) ) ) ) ( NP-SBJ ( NNP Justice ) ) ( VP ( VBZ makes ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( ADJP-PRD ( JJ clear ) ) ( SBAR-1 ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN law ) ) ( ADVP-TMP ( RB currently ) ) ( VP ( VBZ holds ) ( NP ( NP ( ADJP ( RB too ) ( JJ many ) ) ( NNS incentives ) ) ( PP ( IN for ) ( NP ( NP ( NN abuse ) ) ( PP ( IN by ) ( NP ( NNS prosecutors ) ) ) ) ) ) ) ) ) ) ) )

With its recently revised guidelines for RICO Justice makes it clear that the law currently holds too many incentives for abuse by prosecutors


( S ( NP-SBJ-1 ( NP ( DT The ) ( NN text ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ new ) ( NN policy ) ( NNS guidelines ) ) ( PP ( IN from ) ( NP ( DT the ) ( NNP Criminal ) ( NNP Division ) ) ) ) ) ) ( VP ( VBP are ) ( VP ( VBN reprinted ) ( ADVP-LOC ( RB nearby ) ) ) ) )

The text of the new policy guidelines from the Criminal Division are reprinted nearby


( S ( NP-SBJ ( PRP They ) ) ( VP ( ADVP-MNR ( RB strongly ) ) ( VBP suggest ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NP ( NNP Justice ) ( POS 's ) ) ( NNS prosecutions ) ) ( PP ( IN of ) ( NP ( NP ( NNP Drexel ) ( NNP Burnham ) ( NNP Lambert ) ) ( NP ( NNP Michael ) ( NNP Milken ) ) ( CC and ) ( NP ( NNP Princeton\/Newport ) ) ) ) ) ( VP ( VBD violated ) ( NP ( NP ( NNS notions ) ) ( PP ( IN of ) ( NP ( JJ fundamental ) ( NN fairness ) ) ) ) ) ) ) ) )

They strongly suggest that Justice 's prosecutions of Drexel Burnham Lambert Michael Milken and Princeton\/Newport violated notions of fundamental fairness


( S ( NP-SBJ-1 ( NNP Justice ) ) ( VP ( VBZ is ) ( VP ( VBG attempting ) ( S ( VP ( TO to ) ( VP ( VB avoid ) ( NP ( NP ( DT a ) ( NN replay ) ) ( PP ( IN of ) ( NP ( DT these ) ( NNS tactics ) ) ) ) ) ) ) ) ) )

Justice is attempting to avoid a replay of these tactics


( S ( NP-SBJ ( DT This ) ) ( VP ( VBZ amounts ) ( PP-CLR ( TO to ) ( NP ( NP ( DT an ) ( JJ extraordinary ) ( NN repudiation ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN tenure ) ) ( PP ( IN of ) ( NP ( NP ( NNP New ) ( NNP York ) ( JJ mayoral ) ( NN candidate ) ( CC and ) ( JJ former ) ( NNP U.S. ) ( NNP Attorney ) ( NNP Rudolph ) ( NNP Giuliani ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD was ) ( ADJP-PRD ( ADJP ( RBR more ) ( JJ inclined ) ( PP ( TO to ) ( S-NOM ( VP ( VBG gathering ) ( NP ( NNS scalps ) ) ) ) ) ) ( FRAG ( PP ( IN than ) ( S-NOM ( VP ( VBG understanding ) ( NP ( NNS markets ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

This amounts to an extraordinary repudiation of the tenure of New York mayoral candidate and former U.S. Attorney Rudolph Giuliani who was more inclined to gathering scalps than understanding markets


( S ( NP-SBJ ( DT The ) ( JJ new ) ( NNS guidelines ) ) ( VP ( VBP limit ) ( NP ( NP ( DT the ) ( JJ pretrial ) ( NNS forfeitures ) ) ( PP ( IN of ) ( NP ( NP ( NNS assets ) ) ( PP ( IN of ) ( NP ( NP ( JJ RICOed ) ( NNS defendants ) ) ( CC and ) ( NP ( PRP$ their ) ( NNS investors ) ( NNS clients ) ( NNS bankers ) ( CC and ) ( NNS others ) ) ) ) ) ) ) ) )

The new guidelines limit the pretrial forfeitures of assets of RICOed defendants and their investors clients bankers and others


( S ( NP-SBJ ( DT This ) ) ( VP ( VBZ follows ) ( NP ( NP ( JJR earlier ) ( JJ new ) ( NNS guidelines ) ) ( PP ( IN from ) ( NP ( DT the ) ( NNP Tax ) ( NNP Division ) ) ) ( VP ( VBG prohibiting ) ( NP ( JJ Princeton\/Newport-like ) ( NN tax ) ( NNS cases ) ) ( PP-CLR ( IN from ) ( S-NOM ( VP ( VBG masquerading ) ( PP-CLR ( IN as ) ( NP ( NNP RICO ) ( NNS cases ) ) ) ) ) ) ) ) ) )

This follows earlier new guidelines from the Tax Division prohibiting Princeton\/Newport-like tax cases from masquerading as RICO cases


( S ( NP-SBJ ( DT The ) ( NN forfeiture ) ( NN memo ) ) ( VP ( VBD cited ) ( NP ( NP ( JJ considerable ) ( NN criticism ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN press ) ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( DT a ) ( NN perception ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( JJ pre-trial ) ( NN freezing ) ) ( PP ( IN of ) ( NP ( NNS assets ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ tantamount ) ( PP ( TO to ) ( NP ( NP ( DT a ) ( NN seizure ) ) ( PP ( IN of ) ( NP ( NN property ) ) ) ( PP ( IN without ) ( NP ( JJ due ) ( NN process ) ) ) ) ) ) ) ) ) ) ) ) )

The forfeiture memo cited considerable criticism in the press because of a perception that pre-trial freezing of assets is tantamount to a seizure of property without due process


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD told ) ( NP-1 ( NNS prosecutors ) ) ( S ( S ( RB not ) ( VP ( TO to ) ( VP ( VB seek ) ( NP ( NNS forfeitures ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( ADJP ( RBR less ) ( JJ intrusive ) ) ( NNS alternatives ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NNS bonds ) ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( PP-LOC ( IN in ) ( NP ( DT any ) ( NN case ) ) ) ( RB not ) ( VP ( TO to ) ( VP ( VB seek ) ( NP ( NP ( NNS forfeitures ) ) ( ADJP ( JJ disproportionate ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NN defendant ) ( POS 's ) ) ( NN crime ) ) ) ) ) ) ) ) ) ) )

It told prosecutors not to seek forfeitures if there are less intrusive alternatives such as bonds and in any case not to seek forfeitures disproportionate to the defendant 's crime


( S ( NP-SBJ ( DT These ) ( NNS changes ) ) ( VP ( VBP come ) ( ADVP-TMP ( NP ( DT a ) ( NN tad ) ) ( RB late ) ( PP ( IN for ) ( NP ( NP ( NNP Princeton\/Newport ) ) ( NP ( DT the ) ( JJ first ) ( JJ RICOed ) ( NNS securities ) ( NN firm ) ) ) ) ) ) )

These changes come a tad late for Princeton\/Newport the first RICOed securities firm


( S ( NP-SBJ-1 ( PRP It ) ) ( VP ( VBD was ) ( VP ( VBN forced ) ( PP-DIR ( IN into ) ( NP ( NN liquidation ) ) ) ( PP-TMP ( IN before ) ( NP ( NN trial ) ) ) ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( NNS investors ) ) ( VP ( VBD yanked ) ( NP ( PRP$ their ) ( NNS funds ) ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ ( DT the ) ( NN government ) ) ( VP ( VBD demanded ) ( NP ( DT a ) ( JJ huge ) ( JJ pre-trial ) ( NN asset ) ( NN forfeiture ) ) ) ) ) ) ) ) ) ) )

It was forced into liquidation before trial when investors yanked their funds after the government demanded a huge pre-trial asset forfeiture


( S ( S ( NP-SBJ ( NP ( NNP Princeton\/Newport ) ( NNS investors ) ) ( PP ( VBG including ) ( NP ( NP ( NNP McKinsey ) ( CC & ) ( NNP Co. ) ) ( CC and ) ( NP ( DT the ) ( NNP Harvard ) ( NN endowment ) ) ) ) ) ( VP ( VBD made ) ( NP ( DT the ) ( JJ rational ) ( NN decision ) ( S ( VP ( TO to ) ( VP ( VB withdraw ) ( NP ( PRP$ their ) ( NN money ) ) ) ) ) ) ) ) ( S ( PP ( IN for ) ( NP ( DT the ) ( NN firm ) ) ) ( NP-SBJ ( DT the ) ( NN liquidation ) ) ( VP ( VBD was ) ( S-PRD ( S ( NP-SBJ ( NN sentence ) ) ( ADVP-TMP-PRD ( RB first ) ) ) ( S ( NP-SBJ ( NN verdict ) ) ( ADVP-TMP-PRD ( RB later ) ) ) ) ) ) )

Princeton\/Newport investors including McKinsey & Co. and the Harvard endowment made the rational decision to withdraw their money for the firm the liquidation was sentence first verdict later


( S ( NP-SBJ ( NNS Prosecutors ) ) ( VP ( VBD wanted ) ( NP ( NP ( QP ( CD 23.8 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NN forfeiture ) ) ) ) ( PP ( IN for ) ( NP ( NP ( JJ alleged ) ( NN tax ) ( NN fraud ) ) ( PP ( IN of ) ( NP ( QP ( DT some ) ( CD 400,000 ) ) ) ) ) ) ) )

Prosecutors wanted 23.8 million in forfeiture for alleged tax fraud of some 400,000


( S ( NP-SBJ ( NP ( NP ( DT The ) ( NN experience ) ) ( PP ( IN of ) ( NP ( NNP Princeton\/Newport ) ) ) ) ( CC and ) ( NP ( NP ( NN initiation ) ) ( PP ( IN of ) ( NP ( JJ other ) ( JJ RICO-forfeiture ) ( NNS cases ) ) ) ( PP ( IN against ) ( NP ( JJ legitimate ) ( NNS businesses ) ) ) ) ) ( VP ( VBD taught ) ( NP ( NNP Drexel ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT a ) ( JJ RICOed ) ( NN investment ) ( NN bank ) ) ( VP ( MD would ) ( VP ( VB be ) ( NP-PRD ( DT an ) ( JJ ex-investment ) ( NN bank ) ) ) ) ) ) ) )

The experience of Princeton\/Newport and initiation of other RICO-forfeiture cases against legitimate businesses taught Drexel that a RICOed investment bank would be an ex-investment bank


( S ( NP-SBJ ( NNP Drexel ) ) ( ADVP ( RB therefore ) ) ( VP ( VBD agreed ) ( ADVP ( RB instead ) ) ( PP-CLR ( TO to ) ( NP ( NP ( DT an ) ( NN arrangement ) ) ( VP ( VBG allowing ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( TO to ) ( VP ( VB plea ) ( PP-CLR ( TO to ) ( NP ( NP ( NNS charges ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBZ is ) ( RB not ) ( PP-LOC-PRD ( IN in ) ( NP ( DT a ) ( NN position ) ( S ( VP ( TO to ) ( VP ( VB dispute ) ) ) ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NNP RICO ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Drexel therefore agreed instead to an arrangement allowing it to plea to charges which the company is not in a position to dispute because of RICO


( S ( NP-SBJ ( NP ( NN Part ) ) ( PP ( IN of ) ( NP ( NP ( NNP Drexel ) ( POS 's ) ) ( NN plea ) ) ) ) ( VP ( VBD was ) ( S-PRD ( VP ( TO to ) ( VP ( VB cut ) ( NP ( NNP Mr. ) ( NNP Milken ) ) ( ADVP-CLR ( JJ loose ) ) ) ) ) ) )

Part of Drexel 's plea was to cut Mr. Milken loose


( S ( RB So ) ( PP-TMP ( IN after ) ( NP ( PDT all ) ( DT the ) ( JJ prosecutorial ) ( NN hoopla ) ) ) ( NP-SBJ ( DT no ) ( NN one ) ) ( VP ( VBZ has ) ( VP ( VBN established ) ( SBAR-NOM ( WHNP-1 ( WP what ) ) ( S ( SBAR-ADV ( IN if ) ( FRAG ( NP ( NN anything ) ) ) ) ( NP-SBJ ( NNP Drexel ) ) ( VP ( VBD did ) ( ADVP-MNR ( RB wrong ) ) ) ) ) ) ) )

So after all the prosecutorial hoopla no one has established what if anything Drexel did wrong


( FRAG ( RB So ) ( NP ( NP ( CD two ) ( NNS cheers ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ new ) ( NNS rules ) ) ) ) )

So two cheers for the new rules


( S ( NP-SBJ ( NN Justice ) ) ( VP ( VBZ has ) ( ADVP-TMP ( RB finally ) ) ( VP ( VBN recognized ) ( NP ( NP ( PRP$ its ) ( NNS employees ) ( POS ' ) ) ( NNS abuses ) ) ( NP-ADV ( NP ( NNS thanks ) ) ( PP ( ADVP ( RB largely ) ) ( TO to ) ( NP ( NP ( DT the ) ( NNS demands ) ) ( PP ( IN for ) ( NP ( NN reform ) ) ) ( PP ( IN by ) ( NP ( NP ( NAC ( JJ former ) ( NNP U.S. ) ( NN attorney ) ( PP-LOC ( IN in ) ( NP ( NNP Washington ) ) ) ) ( NNP Joseph ) ( NNP diGenova ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ wants ) ( S ( VP ( TO to ) ( VP ( VB salvage ) ( NP ( NNP RICO ) ) ( PP-PRP ( IN for ) ( NP ( JJ real ) ( NNS criminals ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Justice has finally recognized its employees ' abuses thanks largely to the demands for reform by former U.S. attorney in Washington Joseph diGenova who wants to salvage RICO for real criminals


( S ( CC But ) ( NP-SBJ ( JJ prosecutorial ) ( NNS guidelines ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ effective ) ) ( SBAR-ADV ( ADVP ( RB only ) ) ( IN if ) ( S ( NP-SBJ-1 ( NP ( NN someone ) ) ( PP-LOC ( IN at ) ( NP ( NNP Justice ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ willing ) ( CC and ) ( JJ able ) ( S ( VP ( TO to ) ( VP ( VB supervise ) ( NP ( JJ hyperactive ) ( NNS prosecutors ) ) ) ) ) ) ) ) ) ) )

But prosecutorial guidelines are effective only if someone at Justice is willing and able to supervise hyperactive prosecutors


( S ( NP-SBJ ( NP ( NNP Judge ) ( NNP Sentelle ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNS appeals ) ( NN court ) ) ( PP-LOC ( IN in ) ( NP ( NNP Washington ) ) ) ) ) ) ( VP ( VBD made ) ( NP ( DT this ) ( NN point ) ) ( PP-LOC ( IN at ) ( NP ( DT a ) ( NNP Cato ) ( NNP Institute ) ( NN conference ) ) ) ( NP-TMP ( JJ last ) ( NN week ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT a ) ( JJ remarkable ) ( NN speech ) ) ( VP ( VBN titled ) ( S ( NP-TTL-PRD ( NP ( NNP RICO ) ) ( NP ( NP ( DT The ) ( NN Monster ) ) ( SBAR ( WHNP-1 ( WDT That ) ) ( S ( VP ( VBD Ate ) ( NP ( NN Jurisprudence ) ) ) ) ) ) ) ) ) ) ) ) )

Judge Sentelle of the appeals court in Washington made this point at a Cato Institute conference last week in a remarkable speech titled RICO The Monster That Ate Jurisprudence


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD said ) ( SBAR ( S ( S ( NP-SBJ-1 ( PRP ours ) ) ( VP ( VBZ is ) ( VP ( VBN supposed ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( NP ( DT a ) ( NN government ) ) ( PP ( PP ( IN of ) ( NP ( NP ( NNS laws ) ) ) ) ( RB not ) ( PP ( IN of ) ( NP ( NNS men ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( RB yet ) ( S ( NP-SBJ ( NNP RICO ) ( NNS defenders ) ) ( VP ( VBP tell ) ( NP ( PRP us ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( MD should ) ( VP ( VB rely ) ( PP-CLR ( IN on ) ( NP-2 ( JJ prosecutorial ) ( NN discretion ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB protect ) ( PP-CLR ( IN against ) ( NP ( NP ( NN overbreadth ) ) ( PP ( IN of ) ( NP ( NNP RICO ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

He said ours is supposed to be a government of laws not of men and yet RICO defenders tell us that we should rely on prosecutorial discretion to protect against overbreadth of RICO


( S ( NP-SBJ ( NP ( DT No ) ( JJ prosecutorial ) ( NNS guidelines ) ) ( ADJP ( JJ observed ) ( CC or ) ( JJ unobserved ) ) ) ( VP ( VBP limit ) ( NP ( NP ( JJ civil ) ( NNP RICO ) ( NNS cases ) ) ( PP ( IN by ) ( NP ( NNS plaintiffs ) ) ) ( PP ( IN for ) ( NP ( NNS damages ) ) ) ) ) )

No prosecutorial guidelines observed or unobserved limit civil RICO cases by plaintiffs for damages


( FRAG ( WHNP ( WP What ) ) ( ADVP-TMP ( RB now ) ) ( PP ( IN for ) ( NP ( NP ( NNP Princeton\/Newport ) ( NNS officials ) ) ( NP ( NNP Drexel ) ) ( CC and ) ( NP ( NNP Mr. ) ( NNP Milken ) ) ) ) )

What now for Princeton\/Newport officials Drexel and Mr. Milken


( S ( NP-SBJ-1 ( NNP Justice ) ) ( VP ( MD should ) ( VP ( VB review ) ( NP ( DT these ) ( NNS cases ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB see ) ( SBAR ( WHNP ( WP what ) ) ( S ( NP-SBJ ( JJ other ) ( JJ prosecutorial ) ( NNS abuses ) ) ( VP ( MD may ) ( VP ( VB have ) ( VP ( VBN occurred ) ) ) ) ) ) ) ) ) ) ) )

Justice should review these cases to see what other prosecutorial abuses may have occurred


( S ( NP-SBJ ( PRP We ) ) ( VP ( VBP suspect ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP Justice ) ) ( VP ( MD will ) ( NP-TMP ( DT some ) ( NN day ) ) ( VP ( VB agree ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( RB only ) ( DT the ) ( JJ complete ) ( NN repeal ) ) ( PP ( IN of ) ( NP ( NNP RICO ) ) ) ) ( VP ( MD can ) ( VP ( VB guarantee ) ( NP ( NP ( DT an ) ( NN end ) ) ( PP ( TO to ) ( NP ( NP ( NNS injustices ) ) ( PP ( IN in ) ( NP ( PRP$ its ) ( NN name ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

We suspect that Justice will some day agree that only the complete repeal of RICO can guarantee an end to injustices in its name


( S ( NP-SBJ ( NP ( NNP Sheraton ) ( NNP Corp. ) ) ( CC and ) ( NP ( NNP Pan ) ( NNP American ) ( NNP World ) ( NNP Airways ) ) ) ( VP ( VBD announced ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( PRP they ) ) ( CC and ) ( NP ( CD two ) ( JJ Soviet ) ( NNS partners ) ) ) ( VP ( MD will ) ( VP ( VB construct ) ( NP ( CD two ) ( JJ world-class ) ( NNS hotels ) ) ( PP-LOC ( IN within ) ( NP ( NP ( DT a ) ( NN mile ) ) ( PP ( IN of ) ( NP ( NNP Red ) ( NNP Square ) ) ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP Moscow ) ) ) ) ) ) ) ) )

Sheraton Corp. and Pan American World Airways announced that they and two Soviet partners will construct two world-class hotels within a mile of Red Square in Moscow


( S ( NP-SBJ ( UCP ( NNP U.S. ) ( CC and ) ( NNP Soviet ) ) ( NNS officials ) ) ( VP ( VBD hailed ) ( NP ( DT the ) ( JJ joint ) ( NN project ) ) ( PP-CLR ( IN as ) ( NP ( NP ( DT a ) ( JJ new ) ( NN indication ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ further ) ( NN thaw ) ) ( PP-LOC ( IN in ) ( NP ( JJ U.S.-Soviet ) ( NNS relations ) ) ) ) ) ) ) ) )

U.S. and Soviet officials hailed the joint project as a new indication of the further thaw in U.S.-Soviet relations


( SINV ( S-TPC-2 ( NP-SBJ ( DT This ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT an ) ( JJ outstanding ) ( NN example ) ) ( PP ( IN of ) ( SBAR-NOM ( WHADVP ( WRB how ) ) ( S ( NP-SBJ ( NP ( DT the ) ( NNP East ) ) ( CC and ) ( NP ( DT the ) ( NNP West ) ) ) ( VP ( MD can ) ( VP ( VB work ) ( ADVP-MNR ( RB together ) ) ( PP-PRP ( IN for ) ( NP ( PRP$ their ) ( JJ mutual ) ( NN benefit ) ( CC and ) ( NN progress ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Soviet ) ( NNP Ambassador ) ( NNP Yuri ) ( NNP Dubinin ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD hosted ) ( NP ( NP ( DT a ) ( NN signing ) ( NN ceremony ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( NN venture ) ( POS 's ) ) ( NNS partners ) ) ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( JJ Soviet ) ( NN embassy ) ( RB here ) ) ) ) ) ) ) ) )

This is an outstanding example of how the East and the West can work together for their mutual benefit and progress said Soviet Ambassador Yuri Dubinin who hosted a signing ceremony for the venture 's partners at the Soviet embassy here


( S ( NP-SBJ ( NP ( NNP Commerce ) ( NNP Secretary ) ( NNP Robert ) ( NNP Mosbacher ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD attended ) ( NP ( DT the ) ( NN ceremony ) ) ) ) ) ) ( VP ( VBD called ) ( S ( NP-SBJ ( DT the ) ( NN undertaking ) ) ( NP-PRD ( NP ( DT a ) ( JJ historic ) ( NN step ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN evolution ) ) ( PP ( IN of ) ( NP ( JJ U.S.-Soviet ) ( NNS ties ) ) ) ) ) ) ) ) )

Commerce Secretary Robert Mosbacher who attended the ceremony called the undertaking a historic step in the evolution of U.S.-Soviet ties


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD added ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( ADVP ( RB likely ) ) ( VP ( MD will ) ( VP ( VB have ) ( NP ( DT a ) ( JJ mulitiplier ) ( NN effect ) ) ( PP ( IN in ) ( S-NOM ( VP ( VBG stimulating ) ( NP ( NP ( JJ further ) ( NN trade ) ) ( PP ( IN between ) ( NP ( DT the ) ( CD two ) ( NNS countries ) ) ) ) ) ) ) ) ) ) ) ) )

He added that it likely will have a mulitiplier effect in stimulating further trade between the two countries


( S ( NP-SBJ ( DT The ) ( NN project ) ) ( VP ( MD will ) ( VP ( VB be ) ( NP-PRD ( NP ( DT the ) ( JJS largest ) ( JJ U.S.-backed ) ( JJ joint ) ( NN venture ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN undertaken ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Soviet ) ( NNP Union ) ) ) ( PP-TMP ( IN in ) ( NP ( JJ recent ) ( NNS years ) ) ) ) ) ) ) ) ) ) ) )

The project will be the largest U.S.-backed joint venture to be undertaken in the Soviet Union in recent years


( S ( NP-SBJ ( NP ( CD One ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS hotels ) ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN called ) ( S ( NP-PRD ( DT the ) ( NNP Sheraton ) ( NNP Moscow ) ) ) ) ) ) ) ) ) ( VP ( VP ( MD will ) ( VP ( VB have ) ( NP ( CD 450 ) ( NNS rooms ) ) ) ) ( CC and ) ( VP ( MD will ) ( VP ( VB cost ) ( NP ( DT an ) ( JJ estimated ) ( QP ( CD 75 ) ( CD million ) ) ) ( S ( VP ( TO to ) ( VP ( VB build ) ) ) ) ) ) ) )

One of the hotels to be called the Sheraton Moscow will have 450 rooms and will cost an estimated 75 million to build


( S ( NP-SBJ ( DT The ) ( JJ six-story ) ( NN hotel ) ) ( VP ( VP ( MD will ) ( VP ( VB be ) ( PP-LOC-PRD ( IN on ) ( NP ( NNP Gorky ) ( NNP Street ) ) ) ) ) ( CC and ) ( VP ( ADVP-TMP ( RB initially ) ) ( MD will ) ( VP ( VB cater ) ( ADVP ( RB mostly ) ) ( PP-CLR ( TO to ) ( NP ( NN business ) ( NNS travelers ) ) ) ) ) ) )

The six-story hotel will be on Gorky Street and initially will cater mostly to business travelers


( S ( NP-SBJ ( PRP It ) ) ( VP ( MD will ) ( VP ( VB have ) ( NP ( NP ( DT a ) ( JJ Russian ) ( NN tavern ) ) ( NP ( DT an ) ( JJ English ) ( NN pub ) ) ( NP ( DT a ) ( NN discotheque ) ) ( CC and ) ( NP ( ADJP ( JJ Japanese ) ( CC and ) ( JJ Italian ) ) ( NNS restaurants ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( DT a ) ( NNP Sheraton ) ( NN announcement ) ) ) ) ) ) )

It will have a Russian tavern an English pub a discotheque and Japanese and Italian restaurants according to a Sheraton announcement


( S ( NP-SBJ-1 ( DT The ) ( NN hotel ) ) ( VP ( VBZ is ) ( VP ( VBN scheduled ) ( S ( VP ( TO to ) ( VP ( VB open ) ( PP-TMP ( IN in ) ( NP ( CD 1992 ) ) ) ) ) ) ) ) )

The hotel is scheduled to open in 1992


( S ( NP-SBJ-4 ( NP ( DT The ) ( JJ second ) ( NN hotel ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN called ) ( S ( NP-PRD ( DT the ) ( NNP Budapest ) ( NNP Hotel ) ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( S-PRD ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN constructed ) ( PP-LOC ( IN at ) ( NP ( NP ( DT a ) ( NN site ) ) ( ADVP-LOC ( RB even ) ( RBR closer ) ( PP ( TO to ) ( NP ( NNP Red ) ( NNP Square ) ) ) ) ) ) ) ) ) ) ) )

The second hotel to be called the Budapest Hotel is to be constructed at a site even closer to Red Square


( S ( NP-SBJ-1 ( NP ( NNS Details ) ) ( PP ( IN about ) ( NP ( PRP$ its ) ( NN size ) ( CC and ) ( NN cost ) ) ) ) ( VP ( VBP have ) ( RB n't ) ( ADVP-TMP ( RB yet ) ) ( VP ( VBN been ) ( VP ( VBN determined ) ) ) ) )

Details about its size and cost have n't yet been determined


( S ( S ( NP-SBJ ( NP ( NNP Sheraton ) ) ( NP ( NP ( DT a ) ( NN subsidiary ) ) ( PP ( IN of ) ( NP ( NNP ITT ) ( NNP Corp. ) ) ) ) ) ( VP ( MD will ) ( VP ( VB have ) ( NP ( NP ( DT a ) ( ADJP ( CD 40 ) ( NN % ) ) ( NN share ) ) ( PP ( IN in ) ( NP ( DT the ) ( CD two ) ( NNS hotels ) ) ) ) ) ) ) ( S ( NP-SBJ ( NP ( NNP Pan ) ( NNP American ) ) ( NP ( NP ( DT a ) ( NN subsidiary ) ) ( PP ( IN of ) ( NP ( NNP Pan ) ( NNP Am ) ( NNP Corp. ) ) ) ) ) ( VP ( MD will ) ( VP ( VB have ) ( NP ( DT a ) ( ADJP ( CD 10 ) ( NN % ) ) ( NN share ) ) ) ) ) )

Sheraton a subsidiary of ITT Corp. will have a 40 % share in the two hotels Pan American a subsidiary of Pan Am Corp. will have a 10 % share


( S ( NP-SBJ ( DT The ) ( JJ Soviet ) ( NNS owners ) ) ( VP ( MD will ) ( VP ( VB be ) ( NP-PRD ( NP ( NP ( NNP Mossoviet ) ) ( NP ( NP ( NNP Moscow ) ( POS 's ) ) ( NN city ) ( NN governing ) ( NN body ) ) ) ( CC and ) ( NP ( NP ( NNP Aeroflot ) ) ( NP ( DT the ) ( JJ Soviet ) ( JJ national ) ( NN airline ) ) ) ) ) ) )

The Soviet owners will be Mossoviet Moscow 's city governing body and Aeroflot the Soviet national airline


( S ( SBAR-ADV ( IN Although ) ( S ( NP-SBJ ( DT a ) ( JJ Finnish ) ( NN group ) ) ( VP ( VBZ has ) ( NP ( NP ( DT a ) ( NN minority ) ( NN interest ) ) ( PP ( IN in ) ( NP ( DT an ) ( ADJP ( RB already ) ( VBG operating ) ) ( NNP Moscow ) ( NN hotel ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP Sheraton-Pan ) ( NNP Am ) ( NN venture ) ) ( VP ( MD will ) ( VP ( VB be ) ( NP-PRD ( NP ( DT the ) ( JJ first ) ( JJ joint-venture ) ( NNS hotels ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Soviet ) ( NNP Union ) ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB have ) ( NP ( ADJP ( NP ( QP ( RB as ) ( JJ much ) ( IN as ) ( CD 50 ) ) ( NN % ) ) ( JJ foreign ) ) ( NN ownership ) ) ) ) ) ) ) ) ) )

Although a Finnish group has a minority interest in an already operating Moscow hotel the Sheraton-Pan Am venture will be the first joint-venture hotels in the Soviet Union to have as much as 50 % foreign ownership


( S ( NP-SBJ ( NNP U.S. ) ( NNS companies ) ) ( VP ( VBP account ) ( PP-CLR ( IN for ) ( NP ( NP ( QP ( JJR less ) ( IN than ) ( CD 8 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( QP ( CD 1,000 ) ( CC or ) ( JJR more ) ) ( JJ Soviet ) ( NN joint ) ( NNS ventures ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBN announced ) ( SBAR-TMP ( IN since ) ( S ( NP-SBJ ( DT the ) ( NNPS Soviets ) ) ( VP ( VBD began ) ( VP ( JJ encouraging ) ( NP ( JJ such ) ( NNS undertakings ) ) ( PP-TMP ( IN in ) ( NP ( CD 1987 ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

U.S. companies account for less than 8 % of the 1,000 or more Soviet joint ventures that have been announced since the Soviets began encouraging such undertakings in 1987


( S ( CC But ) ( NP-SBJ ( DT some ) ( NNP U.S. ) ( NNS companies ) ) ( VP ( VBP are ) ( VP ( VBG negotiating ) ( NP ( NP ( NNS projects ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( MD could ) ( VP ( VB be ) ( PP-LOC-PRD ( IN among ) ( NP ( NP ( DT the ) ( JJS biggest ) ( NNS ones ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN launched ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But some U.S. companies are negotiating projects that could be among the biggest ones to be launched


( S ( NP-SBJ ( NP ( NNP Chevron ) ( NNP Corp. ) ) ( NP ( NNP Amoco ) ( NNP Corp. ) ) ( NP ( NNP Archer-Daniels-Midland ) ( NNP Co. ) ) ( CC and ) ( NP ( NNP Eastman ) ( NNP Kodak ) ( NNP Co. ) ) ) ( VP ( VBP are ) ( PP-LOC-PRD ( IN among ) ( NP ( NP ( DT the ) ( NNP U.S. ) ( NNS companies ) ) ( VP ( VBN known ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBG considering ) ( NP ( JJ such ) ( NNS ventures ) ) ) ) ) ) ) ) ) ) )

Chevron Corp. Amoco Corp. Archer-Daniels-Midland Co. and Eastman Kodak Co. are among the U.S. companies known to be considering such ventures


( S ( NP-SBJ ( NP ( NNP Sheraton ) ) ( CC and ) ( NP ( NNP Pan ) ( NNP Am ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBP are ) ( VP ( VBN assured ) ( PP-LOC ( IN under ) ( NP ( DT the ) ( JJ Soviet ) ( JJ joint-venture ) ( NN law ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD can ) ( VP ( VB repatriate ) ( NP ( NP ( NNS profits ) ) ( PP ( IN from ) ( NP ( PRP$ their ) ( NN hotel ) ( NN venture ) ) ) ) ) ) ) ) ) ) ) ) ) )

Sheraton and Pan Am said they are assured under the Soviet joint-venture law that they can repatriate profits from their hotel venture


( S ( S ( NP-SBJ ( DT The ) ( NNP Sheraton ) ( NNP Moscow ) ) ( VP ( MD will ) ( VP ( VB charge ) ( NP ( NP ( QP ( RB about ) ( CD 140 ) ( TO to ) ( CD 150 ) ) ) ( NP-ADV ( DT a ) ( NN day ) ) ) ( PP ( IN for ) ( NP ( NP ( DT each ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NNS rooms ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VB accept ) ( NP ( NN payment ) ) ( PP ( ADVP ( RB only ) ) ( IN in ) ( NP ( NP ( NNS currencies ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( MD can ) ( VP ( VB be ) ( VP ( VBN traded ) ( PP-LOC ( IN in ) ( NP ( JJ foreign ) ( NN exchange ) ( NNS markets ) ) ) ) ) ) ) ) ) ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( DT a ) ( NNP Sheraton ) ( NN executive ) ) ) ) )

The Sheraton Moscow will charge about 140 to 150 a day for each of its rooms and it will accept payment only in currencies that can be traded in foreign exchange markets according to a Sheraton executive


( S ( NP-SBJ ( NP ( NNP Thomas ) ( NNP Plaskett ) ) ( NP ( NP ( NNP Pan ) ( VBP Am ) ( POS 's ) ) ( NN chairman ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NNP U.S. ) ( NN airline ) ( POS 's ) ) ( NN participation ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( JJ natural ) ( NN outgrowth ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ its ) ( JJ current ) ( NNS arrangements ) ) ( PP ( IN with ) ( NP ( NNP Aeroflot ) ) ) ( S-1 ( VP ( TO to ) ( VP ( ADVP-MNR ( RB jointly ) ) ( VB operate ) ( NP ( JJ nonstop ) ( NNP New ) ( NNP York-Moscow ) ( NNS flights ) ) ) ) ) ) ) ) ) ) ) ) )

Thomas Plaskett Pan Am 's chairman said the U.S. airline 's participation is a natural outgrowth of its current arrangements with Aeroflot to jointly operate nonstop New York-Moscow flights


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( VBG rising ) ( NN volume ) ) ( PP ( IN of ) ( NP ( NN passenger ) ( NN traffic ) ) ) ( PP-LOC ( IN on ) ( NP ( DT this ) ( NN route ) ) ) ) ( VP ( VBZ justifies ) ( NP ( NP ( DT a ) ( JJ major ) ( NN investment ) ) ( PP ( IN in ) ( NP ( JJ new ) ( JJ high-standard ) ( NNP Moscow ) ( NNS hotels ) ) ) ) ) ) ) ) )

He said the rising volume of passenger traffic on this route justifies a major investment in new high-standard Moscow hotels


( S ( NP-SBJ ( NP ( NNP Bank ) ) ( PP ( IN of ) ( NP ( NNP Montreal ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-2 ( PRP it ) ) ( VP ( VBD added ) ( NP ( NP ( QP ( CD 850 ) ( CD million ) ) ( JJ Canadian ) ( NNS dollars ) ) ( PRN ( NP ( QP ( CD 725.8 ) ( CD million ) ) ) ) ) ( PP-CLR ( TO to ) ( NP ( PRP$ its ) ( NNS reserves ) ) ) ( PP ( IN against ) ( NP ( NP ( NNS losses ) ) ( PP ( IN on ) ( NP ( NNP Third ) ( NNP World ) ( NNS loans ) ) ) ) ) ( S-ADV ( VP ( VBG bringing ) ( NP ( NP ( DT the ) ( NN total ) ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ has ) ( VP ( VBN set ) ( PRT ( RP aside ) ) ( NP-TMP ( DT this ) ( NN year ) ) ) ) ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 1 ) ( CD billion ) ) ) ) ) ) ) ) ) ) )

Bank of Montreal said it added 850 million Canadian dollars 725.8 million to its reserves against losses on Third World loans bringing the total it has set aside this year to 1 billion


( S ( NP-SBJ ( DT The ) ( NN bank ) ) ( VP ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( QP ( CD 1 ) ( CD billion ) ) ) ( PP ( IN in ) ( NP ( NNS reserves ) ) ) ) ( VP ( MD will ) ( VP ( VB result ) ( PP-CLR ( IN in ) ( NP ( NP ( DT a ) ( NN charge ) ) ( PP ( IN of ) ( NP ( QP ( CD 595 ) ( CD million ) ) ) ) ( PP ( IN against ) ( NP ( NNS earnings ) ) ) ) ) ) ) ) ) ) ( CC but ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( ADVP-TMP ( RB still ) ) ( VP ( VBZ expects ) ( S ( VP ( TO to ) ( VP ( VB report ) ( NP ( NP ( DT a ) ( NN profit ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( NN year ) ) ( VP ( VBG ending ) ( NP-TMP ( NNP Tuesday ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The bank said the 1 billion in reserves will result in a charge of 595 million against earnings but said it still expects to report a profit for the year ending Tuesday


( S ( NP-SBJ ( DT The ) ( NN bank ) ) ( VP ( VBD reported ) ( NP ( NP ( JJ net ) ( NN income ) ) ( PP ( IN of ) ( NP ( QP ( CD 389 ) ( CD million ) ) ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( CD nine ) ( NNS months ) ) ( VP ( VBN ended ) ( NP-TMP ( NNP July ) ( CD 31 ) ) ) ) ) ) ) )

The bank reported net income of 389 million for the nine months ended July 31


( S ( NP-SBJ ( DT The ) ( NN bank ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NN increase ) ) ( PP-LOC ( IN in ) ( NP ( JJ loan-loss ) ( NNS provisions ) ) ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB affect ) ( NP ( NP ( DT the ) ( NN payment ) ) ( PP ( IN of ) ( NP ( NNS dividends ) ) ) ) ) ) ) ) ) )

The bank said the increase in loan-loss provisions wo n't affect the payment of dividends


( S ( NP-SBJ ( DT The ) ( NN bank ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNS reserves ) ) ( ADVP-TMP ( RB now ) ) ( VP ( VB amount ) ( PP-CLR ( TO to ) ( NP ( NP ( CD 61 ) ( NN % ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( JJ total ) ( JJ less-developed-country ) ( NN exposure ) ) ) ) ) ) ) ) ) )

The bank said reserves now amount to 61 % of its total less-developed-country exposure


( S ( PP ( VBG Excluding ) ( NP ( NNP Mexico ) ) ) ( NP-SBJ ( NNS reserves ) ) ( VP ( VBP equal ) ( NP ( NP ( CD 95 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NNP LDC ) ( NN exposure ) ) ) ) ) )

Excluding Mexico reserves equal 95 % of LDC exposure


( S ( PP-LOC ( IN In ) ( NP ( NNP Toronto ) ( NNP Stock ) ( NNP Exchange ) ( NN trading ) ) ) ( NP-SBJ ( NP ( NNP Bank ) ) ( PP ( IN of ) ( NP ( NNP Montreal ) ) ) ) ( VP ( VBD closed ) ( PP-CLR ( IN at ) ( NP ( CD 33.25 ) ) ) ( PP-CLR ( RP up ) ( NP ( CD 87.5 ) ( JJ Canadian ) ( NNS cents ) ) ) ) )

In Toronto Stock Exchange trading Bank of Montreal closed at 33.25 up 87.5 Canadian cents


( S ( NP-SBJ-1 ( NP ( DT The ) ( NN state ) ( NN attorney ) ( JJ general ) ( POS 's ) ) ( NN office ) ) ( VP ( VBD filed ) ( NP ( NN suit ) ) ( PP-CLR ( IN against ) ( NP ( CD five ) ( NNP New ) ( NNP York ) ( NN brokerage ) ( NNS firms ) ) ) ( S-ADV ( VP ( VBG charging ) ( NP ( PRP them ) ) ( PP-CLR ( IN with ) ( NP ( NP ( NN responsibility ) ) ( PP ( IN for ) ( NP ( NP ( JJ much ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 200 ) ( CD million ) ) ) ( NN loss ) ) ( VP ( VBN incurred ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( NN state ) ( NN treasurer ) ( POS 's ) ) ( NN office ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1987 ) ) ) ) ) ) ) ) ) ) ) ) ) )

The state attorney general 's office filed suit against five New York brokerage firms charging them with responsibility for much of a 200 million loss incurred by the state treasurer 's office in 1987


( S ( NP-SBJ ( DT The ) ( NN suit ) ) ( VP ( VBZ sets ) ( NP ( NP ( DT the ) ( NNS firms ) ( POS ' ) ) ( NN liability ) ) ( PP-CLR ( IN at ) ( NP ( QP ( JJR more ) ( IN than ) ( CD 185 ) ( CD million ) ) ) ) ) )

The suit sets the firms ' liability at more than 185 million


( S ( NP-SBJ ( DT The ) ( NNS firms ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( NNP Morgan ) ( NNP Stanley ) ( CC & ) ( NNP Co. ) ) ( NP ( NNP Salomon ) ( NNP Brothers ) ( NNP Inc. ) ) ( NP ( NNP County ) ( NNP Natwest ) ( NNP Government ) ( NNP Securities ) ( NNP Inc. ) ) ( NP ( NNP Greenwich ) ( NNP Capital ) ( NNP Markets ) ( NNP Inc. ) ) ( CC and ) ( NP ( NNP Goldman ) ( NNP Sachs ) ( CC & ) ( NNP Co ) ) ) ) )

The firms are Morgan Stanley & Co. Salomon Brothers Inc. County Natwest Government Securities Inc. Greenwich Capital Markets Inc. and Goldman Sachs & Co


( S ( NP-SBJ ( DT The ) ( NNS firms ) ) ( VP ( VBP have ) ( DT all ) ( VP ( VBN said ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNP West ) ( NNP Virginia ) ( POS 's ) ) ( NN suit ) ) ( VP ( VBZ is ) ( PP-PRD ( IN without ) ( NP ( NN merit ) ) ) ) ) ) ) ) )

The firms have all said that West Virginia 's suit is without merit


( S ( PP-TMP ( IN On ) ( NP ( NNP Friday ) ) ) ( NP-SBJ ( DT the ) ( NNS firms ) ) ( VP ( VBD filed ) ( NP ( NP ( DT a ) ( NN suit ) ) ) ( PP-CLR ( IN against ) ( NP ( NNP West ) ( NNP Virginia ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP New ) ( NNP York ) ( NN state ) ( NN court ) ) ) ( VP-1 ( VBG asking ) ( PP-CLR ( IN for ) ( NP ( NP ( DT a ) ( JJ declaratory ) ( NN judgment ) ) ( VP ( VBG absolving ) ( NP ( PRP them ) ) ( PP-CLR ( IN of ) ( NP ( NN liability ) ) ) ) ) ) ) ) )

On Friday the firms filed a suit against West Virginia in New York state court asking for a declaratory judgment absolving them of liability


( S ( NP-SBJ-1 ( DT That ) ( NN suit ) ) ( VP ( VBZ is ) ( S-PRD ( VP ( VBG pending ) ) ) ) )

That suit is pending


( S ( NP-SBJ ( DT The ) ( NNS suits ) ) ( VP ( VBP relate ) ( PP-CLR ( TO to ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 200 ) ( CD million ) ) ) ( NN loss ) ) ( VP ( VBN disclosed ) ( PP-TMP ( IN in ) ( NP ( NNP December ) ) ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBD was ) ( VP ( VBN suffered ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP West ) ( NNP Virginia ) ( POS 's ) ) ( JJ consolidated ) ( NN investment ) ( NN pool ) ) ) ) ) ) ) ) ) ) )

The suits relate to a 200 million loss disclosed in December that was suffered by West Virginia 's consolidated investment pool


( S ( NP-SBJ ( DT The ) ( NN pool ) ) ( VP ( VBD invested ) ( NP ( JJ idle ) ( NN cash ) ) ( PP ( IN for ) ( NP ( JJ many ) ( NX ( NX ( NN state ) ( NNS agencies ) ) ( CC and ) ( NX ( JJ local ) ( NNS governments ) ) ) ) ) ) )

The pool invested idle cash for many state agencies and local governments


( S ( PP-LOC ( IN In ) ( NP ( PRP$ its ) ( NN suit ) ) ) ( NP-SBJ ( NP ( DT the ) ( NN attorney ) ( JJ general ) ( POS 's ) ) ( NN office ) ) ( VP ( VBZ alleges ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNS brokers ) ) ( VP ( VBD encouraged ) ( S ( NP-SBJ ( NP ( NNS members ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN treasurer ) ( POS 's ) ) ( NN office ) ) ) ) ( VP ( TO to ) ( VP ( VB engage ) ( PP-CLR ( IN in ) ( NP ( NP ( JJ high-volume ) ( JJ high-risk ) ( NNS transactions ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD benefited ) ( NP ( DT the ) ( NNS brokers ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

In its suit the attorney general 's office alleges that brokers encouraged members of the treasurer 's office to engage in high-volume high-risk transactions that benefited the brokers


( S ( S-TPC-2 ( NP-SBJ ( NNP Wang ) ( NNP Laboratories ) ( NNP Inc. ) ) ( VP ( VP ( VBZ has ) ( VP ( VBN sold ) ( NP ( NP ( QP ( CD 25 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NNS assets ) ) ) ) ) ) ( CC and ) ( VP ( VBN reached ) ( NP ( NP ( NNS agreements ) ) ( PP ( IN in ) ( NP ( NN principle ) ) ) ( S-1 ( VP ( TO to ) ( VP ( VB sell ) ( NP ( DT an ) ( JJ additional ) ( QP ( CD 187 ) ( CD million ) ) ) ( ADVP-TMP ( RB shortly ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( NNP Richard ) ( NNP Miller ) ) ( NP ( NN president ) ) ) ( VP ( VBD said ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( JJ annual ) ( NN meeting ) ) ) ) )

Wang Laboratories Inc. has sold 25 million of assets and reached agreements in principle to sell an additional 187 million shortly Richard Miller president said at the annual meeting


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNP Wang ) ) ( VP ( VBD had ) ( VP ( VBN reached ) ( NP ( NP ( DT an ) ( NN agreement ) ) ( PP ( IN with ) ( NP ( DT a ) ( JJ major ) ( JJ financial ) ( NN firm ) ) ) ( S-1 ( VP ( TO to ) ( VP ( VB sell ) ( PP-CLR ( IN for ) ( NP ( QP ( CD 150 ) ( CD million ) ) ) ) ( NP ( NP ( PRP$ its ) ( JJ domestic ) ( NN equipment ) ( NN lease ) ( NN portfolio ) ) ( CC and ) ( NP ( NP ( DT that ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NNP Wang ) ( NNP Credit ) ( NNP Corp. ) ( NN subsidiary ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

He said Wang had reached an agreement with a major financial firm to sell for 150 million its domestic equipment lease portfolio and that of its Wang Credit Corp. subsidiary


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( ADVP ( RB also ) ) ( VP ( VBD agreed ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( NP ( DT a ) ( NN portion ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( JJ European ) ( JJ real ) ( NN estate ) ( NN unit ) ) ) ) ( PP-CLR ( IN for ) ( NP ( QP ( CD 37 ) ( CD million ) ) ) ) ) ) ) ) ) ) ) )

He said it also agreed to sell a portion of its European real estate unit for 37 million


( S ( NP-SBJ ( NNP Mr. ) ( NNP Miller ) ) ( VP ( VP ( VBD said ) ( SBAR ( DT that ) ( S ( NP-SBJ ( NNP Wang ) ) ( VP ( VBZ has ) ( ADVP-TMP ( RB already ) ) ( VP ( VBN sold ) ( NP ( NP ( QP ( DT some ) ( CD 12 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( JJ miscellaneous ) ( NNS assets ) ) ) ) ) ) ) ) ) ( CC and ) ( VP ( VBN disclosed ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD had ) ( VP ( VBN received ) ( NP ( QP ( CD 13 ) ( CD million ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( NNP Compaq ) ( NNP Computer ) ( NNP Corp. ) ) ( NP-LOC ( NNP Houston ) ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( RB previously ) ( VBN announced ) ( NN sale ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NP ( NP ( NNP Stirling ) ) ( NP ( NNP Scotland ) ) ) ( NN plant ) ) ) ) ) ) ) ) ) ) ) )

Mr. Miller said that Wang has already sold some 12 million of miscellaneous assets and disclosed that it had received 13 million from Compaq Computer Corp. Houston in the previously announced sale of its Stirling Scotland plant


( S ( NP-SBJ ( NNP Mr. ) ( NNP Miller ) ) ( VP ( VBD repeated ) ( SBAR ( IN that ) ( S ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ next ) ( CD six ) ( NNS months ) ) ) ( NP-SBJ-1 ( PRP he ) ) ( VP ( VBZ plans ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( NP ( DT another ) ( QP ( CD 200 ) ( CD million ) ( TO to ) ( CD 300 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NNS assets ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VP ( VB repay ) ( NP ( NN debt ) ) ) ( CC and ) ( VP ( VB reduce ) ( NP ( NP ( NN interest ) ( NNS costs ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Wang ) ) ( NP ( NP ( DT a ) ( JJR minincomputer ) ( NN maker ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Lowell ) ) ( NP ( NNP Mass ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Miller repeated that in the next six months he plans to sell another 200 million to 300 million of assets to repay debt and reduce interest costs at Wang a minincomputer maker in Lowell Mass


( S ( PP ( IN In ) ( NP ( NP ( NN response ) ) ( PP ( TO to ) ( NP ( NP ( NNS questions ) ) ( PP-TMP ( IN after ) ( NP ( DT the ) ( JJ annual ) ( NN meeting ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Miller ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBZ is ) ( ADVP-TMP ( DT no ) ( RBR longer ) ) ( VP ( VBG looking ) ( PP-CLR ( IN for ) ( NP ( DT an ) ( NN equity ) ( NN investor ) ) ) ) ) ) ) ) )

In response to questions after the annual meeting Mr. Miller said the company is no longer looking for an equity investor


( S ( PP-TMP ( IN During ) ( NP ( DT the ) ( NN summer ) ) ) ( NP-SBJ ( NNP Wang ) ( NNS executives ) ) ( VP ( VBD had ) ( VP ( VBN said ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD might ) ( VP ( VB seek ) ( NP ( JJ outside ) ( NN investment ) ) ) ) ) ) ) ) )

During the summer Wang executives had said they might seek outside investment


( S ( NP-SBJ-1 ( DT The ) ( NN dollar ) ) ( VP ( VBD finished ) ( ADVP-CLR ( JJR lower ) ) ( NP-TMP ( NN yesterday ) ) ( PP-TMP ( IN after ) ( S-NOM ( VP ( VBG tracking ) ( NP ( NP ( DT another ) ( JJ rollercoaster ) ( NN session ) ) ( PP-LOC ( IN on ) ( NP ( NNP Wall ) ( NNP Street ) ) ) ) ) ) ) ) )

The dollar finished lower yesterday after tracking another rollercoaster session on Wall Street


( S ( S ( NP-SBJ ( NP ( NN Concern ) ) ( PP ( IN about ) ( NP ( DT the ) ( JJ volatile ) ( NNP U.S. ) ( NN stock ) ( NN market ) ) ) ) ( VP ( VBD had ) ( VP ( VBN faded ) ( PP-TMP ( IN in ) ( NP ( JJ recent ) ( NNS sessions ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-3 ( NNS traders ) ) ( VP ( VBD appeared ) ( ADJP-PRD ( JJ content ) ( S ( VP ( TO to ) ( VP ( VB let ) ( S ( NP-SBJ ( DT the ) ( NN dollar ) ) ( VP ( VB languish ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( JJ narrow ) ( NN range ) ) ) ( PP-TMP ( IN until ) ( NP ( NP ( NN tomorrow ) ) ( SBAR ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ-1 ( NP ( DT the ) ( JJ preliminary ) ( NN report ) ) ( PP ( IN on ) ( NP ( JJ third-quarter ) ( NNP U.S. ) ( JJ gross ) ( JJ national ) ( NN product ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN released ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Concern about the volatile U.S. stock market had faded in recent sessions and traders appeared content to let the dollar languish in a narrow range until tomorrow when the preliminary report on third-quarter U.S. gross national product is released


( S ( CC But ) ( NP-SBJ ( NP ( JJ seesaw ) ( NNS gyrations ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Dow ) ( NNP Jones ) ( NNP Industrial ) ( NNP Average ) ) ) ( NP-TMP ( NN yesterday ) ) ) ( VP ( VP ( VBD put ) ( NP ( NNP Wall ) ( NNP Street ) ) ( ADVP-PUT ( RB back ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN spotlight ) ) ) ) ) ( CC and ) ( VP ( VBN inspired ) ( S ( NP-SBJ ( NN market ) ( NNS participants ) ) ( VP ( TO to ) ( VP ( VB bid ) ( S ( NP-SBJ ( DT the ) ( NNP U.S. ) ( NN unit ) ) ( ADJP-PRD ( RBR lower ) ) ) ) ) ) ) ) )

But seesaw gyrations in the Dow Jones Industrial Average yesterday put Wall Street back in the spotlight and inspired market participants to bid the U.S. unit lower


( S ( NP-SBJ ( NP ( NNP UAL ) ( POS 's ) ) ( NN decision ) ( S ( VP ( TO to ) ( VP ( VB remain ) ( NP-PRD ( DT an ) ( JJ independent ) ( NN company ) ) ) ) ) ) ( VP ( VBD sent ) ( S ( NP-SBJ ( NN share ) ( NNS prices ) ) ( VP ( VBG tumbling ) ) ) ) )

UAL 's decision to remain an independent company sent share prices tumbling


( S ( PP-TMP ( IN By ) ( NP ( NN midmorning ) ) ) ( S ( NP-SBJ ( DT the ) ( NNP DJIA ) ) ( VP ( VBD had ) ( VP ( VBN plunged ) ( NP-EXT ( CD 80 ) ( NNS points ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( JJ foreign-exchange ) ( NNS dealers ) ) ( ADVP-TMP ( RB quickly ) ) ( VP ( VBD drove ) ( NP ( DT the ) ( NN dollar ) ) ( ADVP-DIR ( RP down ) ) ) ) )

By midmorning the DJIA had plunged 80 points and foreign-exchange dealers quickly drove the dollar down


( S ( SBAR-TMP ( WHADVP-1 ( WRB When ) ) ( S ( NP-SBJ ( DT the ) ( NNP DJIA ) ) ( VP ( ADVP-MNR ( RB modestly ) ) ( VBD rebounded ) ) ) ) ( NP-SBJ-2 ( DT the ) ( NN dollar ) ) ( VP ( VP ( VBD bounced ) ( PRT ( RP back ) ) ( PP-LOC ( IN in ) ( NP ( JJ choppy ) ( NNS dealings ) ) ) ) ( CC but ) ( VP ( VBD ended ) ( NP ( DT the ) ( NN day ) ) ( S-ADV ( PP-LOC-PRD ( IN below ) ( NP ( NP ( DT the ) ( NNS levels ) ) ( PP ( IN of ) ( NP ( RB late ) ( NNP Monday ) ) ) ) ) ) ) ) )

When the DJIA modestly rebounded the dollar bounced back in choppy dealings but ended the day below the levels of late Monday


( S ( NP-SBJ ( NN Stock ) ( NNS prices ) ) ( ADVP-TMP ( RB meanwhile ) ) ( VP ( VP ( VBD posted ) ( NP ( JJ significant ) ( NNS gains ) ) ( PP-LOC ( IN in ) ( NP ( RB later ) ( NN trading ) ) ) ) ( CC and ) ( VP ( VBD closed ) ( ADVP-CLR ( RB down ) ) ( PP-EXT ( IN by ) ( NP ( NP ( QP ( RB only ) ( CD 3.69 ) ) ( NNS points ) ) ( PP ( IN on ) ( NP ( DT the ) ( NN day ) ) ) ) ) ) ) )

Stock prices meanwhile posted significant gains in later trading and closed down by only 3.69 points on the day


( S ( NP-SBJ ( DT Some ) ( NNS dealers ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NP ( DT the ) ( NN market ) ( POS 's ) ) ( JJ strong ) ( NN reaction ) ) ( PP ( TO to ) ( NP ( NNP Wall ) ( NNP Street ) ) ) ) ( VP ( VBZ reflects ) ( NP ( NP ( DT a ) ( JJ general ) ( NN uneasiness ) ) ( PP ( IN about ) ( NP ( DT the ) ( NN dollar ) ) ) ) ) ) ) ) )

Some dealers said that the market 's strong reaction to Wall Street reflects a general uneasiness about the dollar


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBD added ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NNP DJIA ) ( POS 's ) ) ( JJ swift ) ( NN drop ) ) ( VP ( VBD proved ) ( NP ( NP ( DT an ) ( JJ easy ) ( NN excuse ) ) ( SBAR ( IN for ) ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( TO to ) ( VP ( VB drive ) ( NP ( DT the ) ( NNP U.S. ) ( NN currency ) ) ( PP-DIR ( IN in ) ( NP ( NP ( DT the ) ( NN direction ) ) ( SBAR ( S ( NP-SBJ-2 ( PRP it ) ) ( VP ( VBD was ) ( ADVP-TMP ( RB already ) ) ( VP ( VBN headed ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

They added that the DJIA 's swift drop proved an easy excuse for the market to drive the U.S. currency in the direction it was already headed


( S ( PP-LOC ( IN In ) ( NP ( JJ late ) ( NNP New ) ( NNP York ) ( NN trading ) ) ) ( NP-TMP ( NN yesterday ) ) ( NP-SBJ-1 ( DT the ) ( NN dollar ) ) ( VP ( VBD was ) ( VP ( VBN quoted ) ( PP-CLR ( PP ( IN at ) ( NP ( NP ( CD 1.8355 ) ( NNS marks ) ) ( ADVP ( RB down ) ( PP ( IN from ) ( NP ( CD 1.8470 ) ( NNS marks ) ) ( NP-TMP ( NNP Monday ) ) ) ) ) ) ( CC and ) ( PP ( IN at ) ( NP ( NP ( CD 141.45 ) ( NN yen ) ) ( ADVP ( RB down ) ( PP ( IN from ) ( NP ( CD 141.90 ) ( NN yen ) ) ( NP-TMP ( RB late ) ( NNP Monday ) ) ) ) ) ) ) ) ) )

In late New York trading yesterday the dollar was quoted at 1.8355 marks down from 1.8470 marks Monday and at 141.45 yen down from 141.90 yen late Monday


( S ( NP-SBJ-1 ( NN Sterling ) ) ( VP ( VBD was ) ( VP ( VBN quoted ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 1.6055 ) ) ( ADVP ( RB up ) ( PP ( IN from ) ( NP ( NP ( CD 1.6030 ) ) ( NP-TMP ( RB late ) ( NNP Monday ) ) ) ) ) ) ) ) ) )

Sterling was quoted at 1.6055 up from 1.6030 late Monday


( S ( PP-LOC ( IN In ) ( NP ( NNP Tokyo ) ) ) ( NP-TMP ( NNP Wednesday ) ) ( NP-SBJ ( DT the ) ( NNP U.S. ) ( NN currency ) ) ( VP ( VBD opened ) ( PP-CLR ( IN for ) ( NP ( NN trading ) ) ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 141.57 ) ( NN yen ) ) ( ADVP ( RB down ) ( PP ( IN from ) ( NP ( NP ( NP ( NNP Tuesday ) ( POS 's ) ) ( NNP Tokyo ) ( NN close ) ) ( PP ( IN of ) ( NP ( CD 142.10 ) ( NN yen ) ) ) ) ) ) ) ) ) )

In Tokyo Wednesday the U.S. currency opened for trading at 141.57 yen down from Tuesday 's Tokyo close of 142.10 yen


( S ( NP-SBJ ( NP ( NNP Tom ) ( NNP Trettien ) ) ( NP ( NP ( DT a ) ( NN vice ) ( NN president ) ) ( PP ( IN with ) ( NP ( NP ( NNP Banque ) ( NNP Paribas ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ) ) ) ) ( VP ( VBZ sees ) ( NP ( NP ( DT a ) ( NN break ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NP ( DT the ) ( NN dollar ) ( POS 's ) ) ( JJ long-term ) ( JJ upward ) ( NN trend ) ) ( NP ( NP ( DT a ) ( NN trend ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD began ) ( PP-TMP ( IN in ) ( NP ( NNP January ) ( CD 1988 ) ) ) ) ) ) ) ) ) ) ) )

Tom Trettien a vice president with Banque Paribas in New York sees a break in the dollar 's long-term upward trend a trend that began in January 1988


( S ( NP-SBJ-1 ( PRP He ) ) ( VP ( VBZ argues ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN dollar ) ) ( VP ( VBZ is ) ( ADVP-TMP ( RB now ) ) ( VP ( VBG moving ) ( ADVP-DIR ( RB sideways ) ) ) ) ) ) ( S-ADV ( VP ( VBG adding ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( JJ next ) ( NN leg ) ) ( VP ( MD could ) ( VP ( VB be ) ( NP-PRD ( NP ( DT the ) ( NN beginning ) ) ( PP ( IN of ) ( NP ( DT a ) ( ADJP ( JJR longer ) ( NN term ) ) ( JJ bearish ) ( NN phase ) ) ) ) ) ) ) ) ) ) ) )

He argues that the dollar is now moving sideways adding that the next leg could be the beginning of a longer term bearish phase


( S ( NP-SBJ ( NNS Analysts ) ) ( VP ( VBP peg ) ( NP ( NP ( DT the ) ( NN dollar ) ( POS 's ) ) ( JJ recent ) ( NN weakness ) ) ( PP-CLR ( TO to ) ( NP ( NP ( NP ( DT an ) ( JJ underlying ) ( NN slowdown ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ( NN economy ) ) ) ) ( VP ( VBN highlighted ) ( PP ( IN by ) ( NP-LGS ( NP ( JJ recent ) ( JJ economic ) ( NNS data ) ) ( ADVP ( RB particularly ) ) ( NP ( NP ( DT a ) ( ADJP ( RB surprisingly ) ( JJ sharp ) ) ( NN widening ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP August ) ( NNP U.S. ) ( NN trade ) ( NN gap ) ) ) ) ) ) ) ) ) ) )

Analysts peg the dollar 's recent weakness to an underlying slowdown in the U.S. economy highlighted by recent economic data particularly a surprisingly sharp widening in the August U.S. trade gap


( S ( NP-SBJ ( PRP They ) ) ( ADVP ( RB also ) ) ( VP ( VB point ) ( PRT ( RP out ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( VBG narrowing ) ( JJ interest-rate ) ( NNS differentials ) ) ( PP ( IN between ) ( NP ( NP ( DT the ) ( NNP U.S. ) ) ( CC and ) ( NP ( PRP$ its ) ( JJ major ) ( NN trading ) ( NNS partners ) ) ) ) ) ( VP ( VBP tend ) ( S ( VP ( TO to ) ( VP ( VB make ) ( S ( NP-SBJ ( DT the ) ( NNP U.S. ) ( NN currency ) ) ( ADJP-PRD ( RBR less ) ( JJ attractive ) ( PP ( TO to ) ( NP ( JJ foreign ) ( NNS investors ) ) ) ) ) ) ) ) ) ) ) ) )

They also point out that narrowing interest-rate differentials between the U.S. and its major trading partners tend to make the U.S. currency less attractive to foreign investors


( S ( PP ( IN Despite ) ( NP ( NP ( JJ several ) ( NNS spurts ) ) ( PP ( IN of ) ( NP ( NN dollar ) ( NN trading ) ) ) ) ) ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBD was ) ( VP ( VBN noted ) ( SBAR ( IN that ) ( S ( NP-SBJ ( JJ mark-yen ) ( JJ cross ) ( NN trade ) ) ( VP ( VBD grabbed ) ( NP ( NP ( JJ much ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN market ) ( POS 's ) ) ( NN attention ) ) ) ) ) ) ) ) ) )

Despite several spurts of dollar trading it was noted that mark-yen cross trade grabbed much of the market 's attention


( S ( PP-TMP ( VBG Following ) ( NP ( NP ( DT the ) ( NN dive ) ) ( PP-LOC ( IN in ) ( NP ( NNP U.S. ) ( NNS stocks ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN mark ) ) ( VP ( VBZ has ) ( VP ( VBN strengthened ) ( ADVP ( ADVP ( RBR more ) ) ( PP ( IN than ) ( NP ( PRP$ its ) ( JJ major ) ( NNS counterparts ) ) ) ) ) ) )

Following the dive in U.S. stocks the mark has strengthened more than its major counterparts


( S ( NP-SBJ ( NNS Traders ) ) ( VP ( VBP attribute ) ( NP ( NP ( DT the ) ( NN mark ) ( POS 's ) ) ( NN surge ) ) ( PP-CLR ( TO to ) ( NP ( NP ( DT a ) ( JJ robust ) ( JJ West ) ( JJ German ) ( NN economy ) ) ( CC and ) ( NP ( JJR higher ) ( NN rate ) ( NNS differentials ) ) ) ) ) )

Traders attribute the mark 's surge to a robust West German economy and higher rate differentials


( S ( CC But ) ( NP-SBJ ( PRP they ) ) ( VP ( VBP add ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NN mark ) ( POS 's ) ) ( NN strength ) ) ( VP ( VBZ is ) ( PP ( IN in ) ( NP ( NN part ) ) ) ( NP-PRD ( NP ( DT a ) ( NN reflection ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN shift ) ) ( ADVP ( RB away ) ( PP ( IN from ) ( NP ( NNP U.S. ) ( NNS assets ) ) ) ) ( PP ( IN by ) ( NP ( JJ Japanese ) ( NNS investors ) ) ) ( PP ( IN into ) ( NP ( ADJP ( JJ West ) ( JJ German ) ) ( NNS investments ) ) ) ) ) ) ) ) ) ) )

But they add that the mark 's strength is in part a reflection of a shift away from U.S. assets by Japanese investors into West German investments


( SINV ( S-TPC-3 ( NP-SBJ ( NP ( DT The ) ( NN question ) ) ) ( VP ( VBZ remains ) ) ( SBARQ-1 ( WHNP-2 ( WRB how ) ( RB much ) ) ( SQ ( MD can ) ( NP-SBJ ( DT the ) ( ADJP ( JJ West ) ( JJ German ) ) ( NN market ) ) ( VP ( VB absorb ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( CD one ) ( JJ senior ) ( NN dealer ) ) )

The question remains how much can the West German market absorb says one senior dealer


( S ( NP-SBJ ( DT Some ) ( NNS dealers ) ) ( VP ( VBP say ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NAC ( NNP Bank ) ( PP ( IN of ) ( NP ( NNP Japan ) ) ) ) ( NNP Governor ) ( NNP Satoshi ) ( NNP Sumita ) ( POS 's ) ) ( NN reassurance ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( JJ Japanese ) ( JJ monetary ) ( NN policy ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB be ) ( VP ( VBN changed ) ( PP-TMP ( IN for ) ( NP ( DT the ) ( NN time ) ( JJ being ) ) ) ) ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN given ) ( NP ( NNS investors ) ) ( NP ( NP ( DT an ) ( JJ added ) ( NN excuse ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB push ) ( NP ( DT the ) ( NN yen ) ) ( PRT ( RP down ) ) ( ADVP ( RB even ) ( RBR further ) ) ( PP ( IN against ) ( NP ( DT the ) ( NN mark ) ) ) ) ) ) ) ) ) ) ) ) ) )

Some dealers say that Bank of Japan Governor Satoshi Sumita 's reassurance that Japanese monetary policy wo n't be changed for the time being has given investors an added excuse to push the yen down even further against the mark