( S ( NP-SBJ ( NNP Mr. ) ( NNP Fromstein ) ) ( VP ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP he ) ) ( VP ( VBZ hopes ) ( S ( VP ( TO to ) ( VP ( VB eradicate ) ( NP ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ good ) ( NN will ) ) ( VP ( VBN left ) ( PP-LOC-CLR ( IN on ) ( NP ( NP ( NNP Blue ) ( NNP Arrow ) ( POS 's ) ) ( NNP U.S. ) ( NNS books ) ) ) ) ) ) ) ( PP ( IN in ) ( NP ( CD one ) ( JJ fell ) ( NN swoop ) ) ) ) ) ) ) ) ) ) ( CC but ) ( VP ( MD would ) ( RB n't ) ( VP ( VB specify ) ( NP ( WRB how ) ( RB much ) ) ) ) ) )

Mr. Fromstein said he hopes to eradicate some of the good will left on Blue Arrow 's U.S. books in one fell swoop but would n't specify how much


( S ( NP-SBJ ( NP ( NNS People ) ) ( ADJP ( JJ close ) ( PP ( TO to ) ( NP ( NNP Blue ) ( NNP Arrow ) ) ) ) ) ( VP ( VBD suggested ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN write-down ) ) ( VP ( MD would ) ( VP ( VB represent ) ( NP ( DT a ) ( JJ sizable ) ( NN chunk ) ) ( PP ( IN with ) ( S-NOM ( NP-SBJ ( NNS executives ) ) ( VP ( VBG claiming ) ( SBAR ( S ( NP-SBJ ( JJ prior ) ( NN management ) ) ( VP ( VBD overstated ) ( NP ( NP ( DT the ) ( NN extent ) ) ( PP ( IN of ) ( NP ( NP ( NNP Manpower ) ( POS 's ) ) ( JJ good ) ( NN will ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

People close to Blue Arrow suggested the write-down would represent a sizable chunk with executives claiming prior management overstated the extent of Manpower 's good will


( S ( NP-SBJ ( DT That ) ( NN move ) ) ( PP ( IN along ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( NN return ) ) ( PP ( TO to ) ( NP ( DT the ) ( NNP Manpower ) ( NN name ) ) ) ) ) ) ( VP ( MD could ) ( VP ( VB bolster ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NNS prospects ) ) ( PP-TMP ( IN during ) ( NP ( NP ( ADJP ( RB possibly ) ( JJ difficult ) ) ( NNS times ) ) ( PP ( IN for ) ( NP ( JJ temporary ) ( NN help ) ) ) ) ) ) ) )

That move along with the return to the Manpower name could bolster the company 's prospects during possibly difficult times for temporary help


( SINV ( S-TPC-1 ( NP-SBJ-2 ( NP ( DT The ) ( NN number ) ) ( PP ( IN of ) ( NP ( NNP U.S. ) ( JJ temporary ) ( NNS workers ) ) ) ) ( VP ( VBD fell ) ( NP-EXT ( QP ( RB about ) ( CD 1 ) ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( CD 12 ) ( NNS months ) ) ( VP ( VBG ending ) ( NP-TMP-CLR ( NNP Aug. ) ( CD 31 ) ) ) ) ) ( PP-TMP ( IN after ) ( S-NOM ( VP ( VBG sliding ) ( NP-EXT ( QP ( RB nearly ) ( CD 3.5 ) ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( NNP July ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Kidder ) ( NNP Peabody ) ( POS 's ) ) ( NNP Mr. ) ( NNP Arthur ) ) )

The number of U.S. temporary workers fell about 1 % in the 12 months ending Aug. 31 after sliding nearly 3.5 % in July said Kidder Peabody 's Mr. Arthur


( S ( NP-SBJ ( NNP Blue ) ( NNP Arrow ) ) ( VP ( VBD blamed ) ( NP ( NP ( DT the ) ( JJ pretax ) ( NN profit ) ( NN drop ) ) ( PP ( IN in ) ( NP ( NP ( DT the ) ( NN quarter ) ) ( VP ( VBN ended ) ( NP-TMP-CLR ( NNP July ) ( CD 31 ) ) ) ) ) ) ( ADVP ( RB partly ) ) ( PP-CLR ( IN on ) ( NP ( NP ( JJR slower ) ( NNS earnings ) ( NN growth ) ) ( PP ( IN of ) ( NP ( NP ( JJ non-Manpower ) ( NNS units ) ) ( PP-LOC ( IN in ) ( NP ( NNP Britain ) ) ) ) ) ) ) ) )

Blue Arrow blamed the pretax profit drop in the quarter ended July 31 partly on slower earnings growth of non-Manpower units in Britain


( S ( ADVP ( RB Overall ) ) ( NP-SBJ ( JJ pretax ) ( NN profit ) ) ( VP ( VBD slid ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 18.49 ) ( CD million ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN quarter ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 18.98 ) ( CD million ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) )

Overall pretax profit slid to 18.49 million in the quarter from 18.98 million a year earlier


( S ( NP-SBJ ( NNP McClatchy ) ( NNP Newspapers ) ( NNP Inc. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NNS improvements ) ) ( PP ( IN in ) ( NP ( NN advertising ) ( CC and ) ( NN subscription ) ( NN revenue ) ) ) ) ( VP ( VBD led ) ( PP-CLR ( TO to ) ( NP ( NP ( DT a ) ( ADJP ( CD 21 ) ( NN % ) ) ( NN gain ) ) ( PP ( IN in ) ( NP ( JJ third-quarter ) ( NN profit ) ) ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 8.8 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 31 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 7.2 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 25 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) ) ) ) ) )

McClatchy Newspapers Inc. said improvements in advertising and subscription revenue led to a 21 % gain in third-quarter profit to 8.8 million or 31 cents a share from 7.2 million or 25 cents a share


( S ( NP-SBJ ( NNS Sales ) ) ( VP ( VBD rose ) ( NP ( QP ( RBR more ) ( IN than ) ( CD 7 ) ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 94.9 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 88.3 ) ( CD million ) ) ) ) ) )

Sales rose more than 7 % to 94.9 million from 88.3 million


( S ( NP-SBJ ( DT The ) ( NAC-LOC ( NNP Sacramento ) ( NNP Calif. ) ) ( NN company ) ) ( VP ( ADVP ( RB also ) ) ( VBD attributed ) ( NP ( VBN improved ) ( NN performance ) ) ( PP-CLR ( TO to ) ( NP ( NP ( DT a ) ( JJR lower ) ( JJ effective ) ( NN tax ) ( NN rate ) ) ( CC and ) ( NP ( JJR higher ) ( NN interest ) ( NN income ) ) ) ) ) )

The Sacramento Calif. company also attributed improved performance to a lower effective tax rate and higher interest income


( S ( PP-TMP ( IN For ) ( NP ( DT the ) ( CD nine ) ( NNS months ) ) ) ( NP-SBJ ( DT the ) ( NN newspaper ) ( NN chain ) ) ( VP ( VBD had ) ( NP ( NP ( RB almost ) ( DT a ) ( ADJP ( CD 23 ) ( NN % ) ) ( NN increase ) ) ( PP ( IN in ) ( NP ( NN profit ) ) ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 23.6 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 83 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 19.2 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 68 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) )

For the nine months the newspaper chain had almost a 23 % increase in profit to 23.6 million or 83 cents a share from 19.2 million or 68 cents a share


( S ( NP-SBJ ( NNS Sales ) ) ( VP ( VBD grew ) ( NP-EXT ( QP ( RB almost ) ( CD 7 ) ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 279.1 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 261.3 ) ( CD million ) ) ) ) ) )

Sales grew almost 7 % to 279.1 million from 261.3 million


( S ( NP-SBJ ( NNP McClatchy ) ) ( VP ( VBZ publishes ) ( NP ( NP ( DT the ) ( NAC-LOC ( NNP Sacramento ) ( NNP Calif ) ) ( NNP Bee ) ) ( CC and ) ( NP ( NAC-LOC ( NNP Tacoma ) ( NNP Wash ) ) ( NNP News ) ( NNP Tribune ) ) ( CC and ) ( NP ( NP ( JJ other ) ( NNS papers ) ) ( PP-LOC ( IN in ) ( NP ( JJ Western ) ( NNS states ) ) ) ) ) ) )

McClatchy publishes the Sacramento Calif Bee and Tacoma Wash News Tribune and other papers in Western states


( S ( PP-LOC ( IN In ) ( NP ( NP ( JJ composite ) ( NN trading ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD closed ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 25.25 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP ( RB down ) ( NP ( CD 25 ) ( NNS cents ) ) ) ) )

In composite trading on the New York Stock Exchange the company closed at 25.25 a share down 25 cents


( S ( NP-SBJ ( NP ( DT The ) ( VBG continuing ) ( NN series ) ) ( PP ( IN of ) ( NP ( NNP HUD ) ( NNS scandals ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( ADJP ( RB sadly ) ( JJ predictable ) ) ( NN result ) ) ( PP ( IN of ) ( NP ( NN pork-barrel ) ( NNS politics ) ) ) ) ) )

The continuing series of HUD scandals is a sadly predictable result of pork-barrel politics


( S ( ADVP ( RB Nevertheless ) ) ( NP-SBJ-1 ( NP ( NNS lobbies ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NP ( NP ( DT the ) ( NNP National ) ( NNP Association ) ) ( PP ( IN of ) ( NP ( NNP Home ) ( NNP Builders ) ) ) ) ( PRN ( NP ( NNP NAHB ) ) ) ) ) ) ( VP ( VBP continue ) ( S ( VP ( TO to ) ( VP ( VB pressure ) ( NP ( NNP Capitol ) ( NNP Hill ) ) ( PP-CLR ( IN for ) ( NP ( JJR more ) ( JJ special-interest ) ( NN spending ) ) ) ) ) ) ) )

Nevertheless lobbies such as the National Association of Home Builders NAHB continue to pressure Capitol Hill for more special-interest spending


( S ( NP-SBJ ( NP ( NNP Kent ) ( NNP Colton ) ) ( NP ( NNP NAHB ) ( JJ executive ) ( NN vice ) ( NN president ) ) ) ( VP ( VBZ argues ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NNP U.S. ) ) ( VP ( VBZ faces ) ( NP ( NP ( NP ( DT a ) ( JJ multifaceted ) ( NN housing ) ( NN crisis ) ) ( PRN ( NP ( NP ( NP ( VBN reduced ) ( NN affordability ) ) ( PP ( IN of ) ( NP ( NP ( NNS homes ) ) ( PP ( IN for ) ( NP ( JJ first-time ) ( NNS buyers ) ) ) ) ) ) ( NP ( VBN increased ) ( NN homelessness ) ) ( CC and ) ( NP ( JJR lower ) ( NN apartment ) ( NN construction ) ( NNS rates ) ) ) ) ) ( SBAR ( WHNP-1 ( DT that ) ) ( S ( VP ( MD will ) ( VP ( VB be ) ( ADJP-PRD ( RB very ) ( JJ difficult ) ( S ( VP ( TO to ) ( VP ( VB solve ) ( PP-MNR ( IN without ) ( NP ( VBN expanded ) ( JJ federal ) ( NNS resources ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Kent Colton NAHB executive vice president argues that the U.S. faces a multifaceted housing crisis reduced affordability of homes for first-time buyers increased homelessness and lower apartment construction rates that will be very difficult to solve without expanded federal resources


( S ( NP-SBJ ( EX There ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( NN nothing ) ) ( ADJP ( JJ unusual ) ( PP ( IN about ) ( NP ( NP ( NN business ) ( NNS groups ) ) ( VP ( VBG pushing ) ( PP-CLR ( IN for ) ( NP ( JJR more ) ( NN government ) ( NN spending ) ) ) ) ) ) ) ) ) )

There 's nothing unusual about business groups pushing for more government spending


( S ( CC But ) ( NP-SBJ-1 ( DT the ) ( NNP NAHB ) ) ( VP ( VBD was ) ( VP ( VBN created ) ( PP-TMP ( IN in ) ( NP ( CD 1943 ) ) ) ( PP-CLR ( IN out ) ( PP ( IN of ) ( NP ( NP ( DT an ) ( NN organization ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBD made ) ( NP ( PRP$ its ) ( NN name ) ) ( S-ADV ( VP ( VBG fighting ) ( NP ( DT a ) ( NNP Roosevelt ) ( NN administration ) ( NN proposal ) ( S ( VP ( TO to ) ( VP ( VB take ) ( PP-CLR ( RP over ) ( NP ( DT all ) ( NN defense ) ( NN housing ) ( NN production ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But the NAHB was created in 1943 out of an organization that made its name fighting a Roosevelt administration proposal to take over all defense housing production


( S ( PP-TMP ( IN Through ) ( NP ( DT the ) ( NNS years ) ) ) ( NP-SBJ-1 ( DT the ) ( NN association ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( NP-PRD ( NP ( DT an ) ( JJ active ) ( NN member ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN taxpayer ) ( POS 's ) ) ( NN coalition ) ) ) ) ( S-ADV ( VP ( VBG pushing ) ( PP-CLR ( IN for ) ( NP ( NP ( JJ such ) ( NNS initiatives ) ) ( PP ( IN as ) ( NP ( DT the ) ( JJ balanced-budget ) ( NN amendment ) ) ) ) ) ) ) ) ) )

Through the years the association has been an active member of the taxpayer 's coalition pushing for such initiatives as the balanced-budget amendment


( PP ( ADVP ( RB Yet ) ) ( IN on ) ( NP ( NP ( NNS matters ) ) ( ADJP ( JJ close ) ( PP ( TO to ) ( INTJ ( UH er ) ) ( NP ( NN home ) ) ) ) ) )

Yet on matters close to er home


( SINV ( S-TPC-1 ( NP-SBJ ( DT The ) ( NNP HUD ) ( NN budget ) ) ( VP ( VBZ has ) ( VP ( VBN dropped ) ( PP-EXT ( IN by ) ( NP ( QP ( JJ more ) ( IN than ) ( CD 70 ) ) ( NN % ) ) ) ( PP-TMP ( IN since ) ( NP ( CD 1980 ) ) ) ) ) ) ( VP ( VBZ argues ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Colton ) ) )

The HUD budget has dropped by more than 70 % since 1980 argues Mr. Colton


( S ( NP-SBJ ( PRP We ) ) ( VP ( VBP 've ) ( VP ( VBN taken ) ( NP ( NP ( JJR more ) ) ( PP ( IN than ) ( NP ( PRP$ our ) ( JJ fair ) ( NN share ) ) ) ) ) ) )

We 've taken more than our fair share


( S ( NP-SBJ ( PRP I ) ) ( VP ( MD would ) ( RB n't ) ( VP ( VB have ) ( NP ( DT a ) ( NN problem ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( JJ other ) ( NNS programs ) ) ( VP ( VBD had ) ( VP ( VBN taken ) ( NP ( DT a ) ( JJ similar ) ( NN hit ) ) ) ) ) ) ) ) )

I would n't have a problem if other programs had taken a similar hit


( S ( CC But ) ( S ( NP-SBJ-1 ( NP ( NNP NAHB ) ( NN support ) ) ( PP ( IN for ) ( NP ( NNS subsidies ) ) ) ) ( VP ( VBZ is ) ( RB not ) ( VP ( VBN related ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( JJ current ) ( NN housing ) ( NN crunch ) ) ) ) ) ) ( S ( PP-TMP ( IN over ) ( NP ( DT the ) ( NNS years ) ) ) ( NP-SBJ ( DT the ) ( NNP NAHB ) ) ( VP ( VBZ has ) ( VP ( VBN backed ) ( NP ( NP ( DT a ) ( NN host ) ) ( PP ( IN of ) ( NP ( JJ public ) ( NNS programs ) ) ) ) ) ) ) )

But NAHB support for subsidies is not related to the current housing crunch over the years the NAHB has backed a host of public programs


( S ( NP-SBJ ( PRP It ) ) ( VP ( VP ( ADVP-TMP ( RB once ) ) ( VBD pushed ) ( PP-CLR ( IN for ) ( NP ( NP ( DT a ) ( JJ national ) ( NN housing ) ( NN production ) ( NN goal ) ) ( VP ( VBN set ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( JJ federal ) ( NN government ) ) ) ) ) ) ) ( CC and ) ( VP ( VBZ has ) ( VP ( ADVP ( RB regularly ) ) ( VBN advanced ) ( NP ( JJ anti-recession ) ( NN housing ) ( NNS measures ) ) ) ) ) )

It once pushed for a national housing production goal set by the federal government and has regularly advanced anti-recession housing measures


( S-2 ( ADVP ( RB Moreover ) ) ( PRN ( SINV ( VP ( VBZ explains ) ) ( NP-SBJ ( CD one ) ( NNP HUD ) ( NN official ) ) ) ) ( NP-SBJ ( DT the ) ( NNP NAHB ) ) ( VP ( VBZ remains ) ( ADJP-PRD ( JJ susceptible ) ( PP ( TO to ) ( NP ( NP ( JJ internal ) ( NN pressure ) ) ( PP ( IN from ) ( NP ( NP ( NNS members ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP specialize ) ( PP-CLR ( IN in ) ( NP ( VBN subsidized ) ( NN production ) ) ) ) ) ) ) ) ) ) ) ) )

Moreover explains one HUD official the NAHB remains susceptible to internal pressure from members that specialize in subsidized production


( S ( NP-SBJ ( DT The ) ( NN association ) ) ( VP ( VBZ is ) ( VP ( VBG pushing ) ( NP ( NP ( DT an ) ( ADJP ( JJ extensive ) ( CC and ) ( JJ expensive ) ) ( NN wish-list ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( MD would ) ( VP ( ADVP ( RB substantially ) ) ( VB boost ) ( NP ( NN spending ) ) ( PP-DIR ( IN above ) ( NP ( NP ( DT the ) ( JJ current ) ( NN level ) ) ( PP ( IN of ) ( NP ( NP ( QP ( JJ more ) ( IN than ) ( CD 15 ) ( CD billion ) ) ) ( ADVP-TMP ( RB annually ) ) ) ) ) ) ) ) ) ) ) ) ) )

The association is pushing an extensive and expensive wish-list which would substantially boost spending above the current level of more than 15 billion annually


( S ( NP-SBJ-2 ( PRP It ) ) ( VP ( MD would ) ( VP ( VB like ) ( S ( VP ( TO to ) ( VP ( VP ( VB peg ) ( NP ( NP ( DT the ) ( NN ceiling ) ) ( PP ( IN on ) ( NP ( NNP Federal ) ( NNP Housing ) ( NNP Administration ) ( NN mortgage ) ( NNS guarantees ) ) ) ) ( PP-CLR ( TO to ) ( NP ( NP ( CD 95 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ median ) ( NN price ) ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( JJ particular ) ( NN market ) ) ) ) ) ) ) ( PP ( RB instead ) ( IN of ) ( S-NOM ( VP ( VBG limiting ) ( NP ( PRP it ) ) ( PP-CLR ( TO to ) ( NP ( CD 101,250 ) ) ) ) ) ) ) ( VP ( VP ( VP ( VB reduce ) ) ( PRN ( CC or ) ( VP ( ADVP ( RB even ) ) ( VB eliminate ) ) ) ( NP-1 ( NNP FHA ) ( NN down-payment ) ( NNS requirements ) ) ) ( CC and ) ( VP ( VB increase ) ( NP ( NP ( DT the ) ( NN availability ) ) ( PP ( IN of ) ( NP ( JJ variable-rate ) ( NNS mortgages ) ) ) ) ) ) ( VP ( VB expand ) ( NP ( DT the ) ( NNP Veterans ) ( NNP Affairs ) ( NNP Department ) ( NN loan ) ( NN guarantee ) ( NN program ) ) ) ( VP ( VB provide ) ( NP ( NP ( JJ adequate ) ( NN funding ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( NNP Farmers ) ( NNP Home ) ( NNP Administration ) ) ( PRN ( NP ( NNP FmHA ) ) ) ) ) ) ) ( VP ( VB increase ) ( NP ( NP ( JJ federal ) ( NN funding ) ( CC and ) ( NN tax ) ( NNS incentives ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( NN construction ) ) ( PP ( IN of ) ( NP ( JJ low-income ) ( CC and ) ( NN rental ) ( NN housing ) ) ) ) ) ( PP ( VBG including ) ( NP ( NP ( QP ( CD 4 ) ( CD billion ) ) ) ( PP ( IN in ) ( NP ( NP ( NN block ) ( NNS grants ) ) ( PP ( TO to ) ( NP ( NNS states ) ( CC and ) ( NNS localities ) ) ) ) ) ) ) ) ) ( CC and ) ( VP ( ADVP-MNR ( RB fully ) ) ( VB fund ) ( NP ( NP ( DT the ) ( NNP McKinney ) ( NNP Act ) ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 656 ) ( CD million ) ) ) ( NN potpourri ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ homeless ) ) ) ) ) ) ) ) ) ) ) )

It would like to peg the ceiling on Federal Housing Administration mortgage guarantees to 95 % of the median price in a particular market instead of limiting it to 101,250 reduce or even eliminate FHA down-payment requirements and increase the availability of variable-rate mortgages expand the Veterans Affairs Department loan guarantee program provide adequate funding for the Farmers Home Administration FmHA increase federal funding and tax incentives for the construction of low-income and rental housing including 4 billion in block grants to states and localities and fully fund the McKinney Act a 656 million potpourri for the homeless


( S ( NP-SBJ-1 ( NP ( JJ Direct ) ( JJ federal ) ( NNS subsidies ) ) ( PP ( IN for ) ( NP ( NN housing ) ( NN construction ) ) ) ) ( VP ( VP ( VBP have ) ( VP ( VBN proved ) ( ADJP-PRD ( RB intolerably ) ( JJ expensive ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN past ) ) ) ) ) ( CC and ) ( VP ( ADVP ( RB inevitably ) ) ( VBP are ) ( VP ( VBN twisted ) ( PP-MNR ( TO to ) ( NP ( NP ( DT the ) ( NN benefit ) ) ( PP ( IN of ) ( NP ( NP ( NP ( JJ well-connected ) ( NNS developers ) ( CC and ) ( NNS lobbyists ) ) ( SBAR ( IN as ) ( S ( VP ( VBN demonstrated ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( JJ ongoing ) ( NNP HUD ) ( NN scandal ) ) ) ) ) ) ) ( CC or ) ( NP ( NNS congressmen ) ) ) ) ) ) ) ) ) )

Direct federal subsidies for housing construction have proved intolerably expensive in the past and inevitably are twisted to the benefit of well-connected developers and lobbyists as demonstrated by the ongoing HUD scandal or congressmen


( S ( NP-SBJ ( JJ Indirect ) ( NNS subsidies ) ) ( PP ( IN through ) ( NP ( DT the ) ( NNP FHA ) ) ) ( PP ( IN for ) ( NP ( NN instance ) ) ) ( VP ( VBP are ) ( ADJP-PRD ( RB little ) ( JJR better ) ) ) )

Indirect subsidies through the FHA for instance are little better


( S ( SBAR-ADV ( NNP Though ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Colton ) ) ( VP ( VBZ says ) ( SBAR ( S ( S-NOM-SBJ ( VP ( VBG expanding ) ( NP ( NNP FHA ) ( NN lending ) ) ) ) ( VP ( MD would ) ( VP ( VB result ) ( PP-CLR ( IN in ) ( NP ( NP ( DT no ) ( NN cost ) ) ( PP ( TO to ) ( NP ( DT the ) ( NN government ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( DT the ) ( JJ mere ) ( NN diversion ) ) ( PP ( IN of ) ( NP ( NNS funds ) ) ) ( PP-DIR ( PP ( IN from ) ( NP ( NP ( JJ other ) ( NNS parts ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN economy ) ) ) ) ) ( CC and ) ( PP ( IN from ) ( NP ( NP ( JJ other ) ( NNS forms ) ) ( PP ( IN of ) ( NP ( NN housing ) ) ) ( PRN ( PP ( JJ such ) ( IN as ) ( NP ( NN low-income ) ) ) ) ) ) ) ( PP-DIR ( TO to ) ( NP ( DT the ) ( JJ single-family ) ( NN home ) ( NN market ) ) ) ) ( VP ( MD would ) ( VP ( VB result ) ( PP-CLR ( IN in ) ( NP ( DT a ) ( JJ major ) ( NN expense ) ) ) ) ) )

Though Mr. Colton says expanding FHA lending would result in no cost to the government the mere diversion of funds from other parts of the economy and from other forms of housing such as low-income to the single-family home market would result in a major expense


( S ( ADJP-ADV ( RBR More ) ( JJ important ) ) ( NP-SBJ ( NP ( NN housing ) ( NNS programs ) ) ( VP ( VBN run ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP HUD ) ) ( NP ( DT the ) ( NNP VA ) ) ( CC and ) ( NP ( NNP FmHA ) ) ) ) ) ) ( VP ( VBP are ) ( ADJP-PRD ( RB awash ) ( PP ( IN in ) ( NP ( JJ red ) ( NN ink ) ) ) ) ) )

More important housing programs run by HUD the VA and FmHA are awash in red ink


( S ( S ( NP-SBJ ( NP ( DT The ) ( NNP FHA ) ) ( ADVP ( RB alone ) ) ) ( VP ( VBD lost ) ( NP ( QP ( CD 4.2 ) ( CD billion ) ) ) ( PP-TMP ( IN in ) ( NP ( JJ fiscal ) ( CD 1988 ) ) ) ) ) ( S ( NP-SBJ ( NP ( NP ( NP ( DT the ) ( NN government ) ( POS 's ) ) ( NN equity ) ) ( PP ( IN in ) ( NP ( DT the ) ( NN agency ) ) ) ) ( NP ( RB essentially ) ( PRP$ its ) ( NN reserve ) ( NN fund ) ) ) ( VP ( VBD fell ) ( PP-DIR ( TO to ) ( NP ( IN minus ) ( QP ( CD 2.9 ) ( CD billion ) ) ) ) ) ) )

The FHA alone lost 4.2 billion in fiscal 1988 the government 's equity in the agency essentially its reserve fund fell to minus 2.9 billion


( S ( S ( NP-SBJ-1 ( DT The ) ( JJ federal ) ( NN government ) ) ( VP ( VBZ has ) ( VP ( VBD had ) ( S ( VP ( TO to ) ( VP ( VB pump ) ( PRT ( RP in ) ) ( NP ( QP ( CD 2.28 ) ( CD billion ) ) ) ( PP-CLR ( IN into ) ( NP ( DT the ) ( NNP VA ) ( NN housing ) ( NN program ) ) ) ( PP-TMP ( IN since ) ( NP ( CD 1984 ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB keep ) ( S ( NP-SBJ ( DT the ) ( NN fund ) ) ( ADJP-PRD ( RB afloat ) ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT the ) ( NNP VA ) ) ( VP ( VBD requested ) ( NP ( DT an ) ( QP ( JJ additional ) ( CD 120 ) ( CD million ) ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( JJ fiscal ) ( NN year ) ) ( VP ( ADVP ( RB just ) ) ( VBD ended ) ) ) ) ) ) )

The federal government has had to pump in 2.28 billion into the VA housing program since 1984 to keep the fund afloat and the VA requested an additional 120 million for the fiscal year just ended


( S ( ADVP ( DT All ) ( VBD told ) ) ( NP-SBJ ( DT the ) ( JJ federal ) ( NN government ) ) ( ADVP-TMP ( RB already ) ) ( VP ( VBZ guarantees ) ( NP ( NP ( QP ( JJR more ) ( IN than ) ( CD 900 ) ( CD billion ) ) ) ( PP ( IN of ) ( NP ( NNS mortgages ) ) ) ) ) )

All told the federal government already guarantees more than 900 billion of mortgages


( S ( PP-LOC ( IN In ) ( NP ( NP ( PRP$ its ) ( ADJP ( RB nicely ) ( VBN produced ) ) ( NN publication ) ) ( SBARQ-TTL ( WHADVP-2 ( WRB Where ) ) ( SQ ( MD Will ) ( NP-SBJ ( PRP$ Our ) ( NNS Children ) ) ( VP ( VB Live ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP NAHB ) ) ( VP ( VBZ does ) ( VP ( VB acknowledge ) ( SBAR ( IN that ) ( S ( PP ( IN of ) ( NP ( NN course ) ) ) ( NP-SBJ-1 ( NP ( DT the ) ( JJ full ) ( NN measure ) ) ( PP ( IN of ) ( NP ( NN housing ) ( NN affordability ) ) ) ) ( VP ( MD can ) ( RB not ) ( VP ( VB be ) ( VP ( VBN provided ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( JJ federal ) ( NN government ) ) ) ) ) ) ) ) ) ) )

In its nicely produced publication Where Will Our Children Live the NAHB does acknowledge that of course the full measure of housing affordability can not be provided by the federal government


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ points ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( JJ pernicious ) ( NN impact ) ) ( PP ( IN of ) ( NP ( NP ( NP ( JJ local ) ( NN government ) ( NN regulation ) ) ( NP ( ADVP ( RB particularly ) ) ( NN zoning ) ( CC and ) ( NN building ) ( NNS fees ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ pushes ) ( NP ( NP ( DT the ) ( NN price ) ) ( PP ( IN of ) ( NP ( NN housing ) ) ) ) ( PP-DIR ( IN out ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN reach ) ) ( PP ( IN of ) ( NP ( ADJP ( JJ low- ) ( CC and ) ( JJ middle-income ) ) ( NNS people ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

It points to the pernicious impact of local government regulation particularly zoning and building fees which pushes the price of housing out of the reach of low- and middle-income people


( S ( CC But ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( DT the ) ( NNP NAHB ) ) ( VP ( VBZ has ) ( VP ( VBN suggested ) ( NP ( NP ( NNS actions ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( NP-SBJ-3 ( NNS states ) ( CC and ) ( NNS localities ) ) ( VP ( MD should ) ( VP ( VB take ) ( S-PRP ( VP ( TO to ) ( VP ( VB reduce ) ( NP ( JJ regulatory ) ( NNS barriers ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN association ) ) ( VP ( VBZ has ) ( VP ( VBN proposed ) ( NP ( NP ( DT no ) ( JJ activist ) ( JJ legislative ) ( NN program ) ) ( PRN ( ADJP ( JJ comparable ) ( PP ( TO to ) ( PRN ( S ( VP ( VB say ) ) ) ) ( NP ( NP ( PRP$ its ) ( VBN detailed ) ( NN request ) ) ( PP ( IN for ) ( NP ( JJR more ) ( JJ federal ) ( NNS subsidies ) ) ) ) ) ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB eliminate ) ( NP ( JJ counterproductive ) ( NNS controls ) ) ) ) ) ) ) ) ) )

But while the NAHB has suggested actions that states and localities should take to reduce regulatory barriers the association has proposed no activist legislative program comparable to say its detailed request for more federal subsidies to eliminate counterproductive controls


( S ( NP-SBJ ( NP ( DT The ) ( NN association ) ) ( SBAR ( WHNP-1 ( NP ( DT a ) ( NN majority ) ) ( WHPP ( IN of ) ( WHNP ( WP$ whose ) ( CD 156,000 ) ( NNS members ) ) ) ) ( S ( VP ( VBP build ) ( NP ( NP ( QP ( JJR fewer ) ( IN than ) ( CD 25 ) ) ( NNS units ) ) ( NP-ADV ( DT a ) ( NN year ) ) ) ) ) ) ) ( VP ( VBZ is ) ( PP-PRD ( IN like ) ( NP ( JJ many ) ( JJ other ) ( NN business ) ( NNS lobbies ) ) ) ) )

The association a majority of whose 156,000 members build fewer than 25 units a year is like many other business lobbies


( SINV ( VP ( VBZ Explains ) ) ( NP-SBJ ( NP ( NNP Sheila ) ( NNP MacDonald ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP National ) ( NNP Taxpayers ) ( NNP Union ) ) ) ) ( S-1 ( NP-SBJ ( PRP It ) ) ( VP ( VBZ treads ) ( PP-LOC ( IN in ) ( NP ( CD two ) ( NNS worlds ) ) ) ) ) )

Explains Sheila MacDonald of the National Taxpayers Union It treads in two worlds


( S ( S ( NP-SBJ ( DT The ) ( NNS builders ) ) ( VP ( VBP like ) ( NP ( DT the ) ( NNS subsidies ) ) ) ) ( CC but ) ( S ( PP-TMP ( IN at ) ( NP ( DT the ) ( JJ same ) ( NN time ) ) ) ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBP tend ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( JJ fiscal ) ( NNS conservatives ) ) ( PP ( IN in ) ( NP ( NP ( NNS terms ) ) ( PP ( IN of ) ( NP ( NP ( JJ major ) ( NNS issues ) ) ( PP ( JJ such ) ( IN as ) ( NP ( DT the ) ( JJ balanced-budget ) ( NN amendment ) ) ) ) ) ) ) ) ) ) ) ) )

The builders like the subsidies but at the same time they tend to be fiscal conservatives in terms of major issues such as the balanced-budget amendment


( S ( ADVP ( RB Unfortunately ) ) ( NP-SBJ-1 ( NP ( NP ( DT the ) ( NN organization ) ( POS 's ) ) ( NN desire ) ) ( PP ( IN for ) ( NP ( NN pork ) ) ) ) ( VP ( VBZ tends ) ( S ( VP ( TO to ) ( VP ( VB override ) ( NP ( NP ( PRP$ its ) ( NN commitment ) ) ( PP ( TO to ) ( NP ( JJ overall ) ( JJ fiscal ) ( NN responsibility ) ) ) ) ) ) ) ) )

Unfortunately the organization 's desire for pork tends to override its commitment to overall fiscal responsibility


( SINV ( S-TPC-2 ( ADVP-TMP ( NP ( CD Two ) ( NNS years ) ) ( RB ago ) ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( DT the ) ( NNP NAHB ) ) ( VP ( VBD lobbied ) ( PP-CLR ( IN for ) ( NP ( DT the ) ( ADJP ( QP ( CD 19 ) ( CD billion ) ) ) ( NN omnibus ) ( NN housing ) ( NN bill ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN organization ) ) ( ADVP ( RB basically ) ) ( VP ( VBD dropped ) ( PP-CLR ( RP out ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNS taxpayers ) ( POS ' ) ) ( NN coalition ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NNP Ms. ) ( NNP MacDonald ) ) )

Two years ago when the NAHB lobbied for the 19 billion omnibus housing bill the organization basically dropped out of the taxpayers ' coalition says Ms. MacDonald


( S-1 ( SBAR-ADV ( IN As ) ( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Colton ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP NAHB ) ) ) ) ( VP ( VBZ acknowledges ) ) ) ) ( NP-SBJ-2 ( NNP Government ) ) ( VP ( VBZ is ) ( RB not ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB solve ) ( NP ( DT the ) ( NN problem ) ) ) ) ) ) ) )

As Mr. Colton of the NAHB acknowledges Government is not going to solve the problem


( S ( NP-SBJ ( DT The ) ( JJ real ) ( NN key ) ) ( VP ( VBZ is ) ( S-PRD ( VP ( TO to ) ( VP ( VB have ) ( S ( S ( NP-SBJ ( DT the ) ( NN economy ) ) ( VP ( VBG working ) ) ) ( CC and ) ( S ( NP-SBJ ( NN interest ) ( NNS rates ) ) ( ADJP-PRD ( RB down ) ) ) ) ) ) ) ) )

The real key is to have the economy working and interest rates down


( S ( S ( NP-SBJ ( NP ( JJR More ) ( NN money ) ) ( PP ( IN for ) ( NP ( NNP HUD ) ) ) ) ( VP ( MD will ) ( VP ( VP ( VB increase ) ( NP ( DT the ) ( NN deficit ) ) ) ( CC and ) ( VP ( VB destabilize ) ( NP ( DT the ) ( NN economy ) ) ) ) ) ) ( S ( NP-SBJ ( NP ( JJR more ) ( NN money ) ) ( PP ( TO to ) ( NP ( NP ( NNS municipalities ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP are ) ( VP ( VBG wrecking ) ( NP ( PRP$ their ) ( JJ local ) ( NN housing ) ( NNS markets ) ) ) ) ) ) ) ) ) ( VP ( MD will ) ( VP ( RBR further ) ( VB insulate ) ( NP ( PRP them ) ) ( PP-CLR ( IN from ) ( NP ( NP ( DT the ) ( JJ destructive ) ( NNS effects ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NNS policies ) ) ) ) ) ) ) ) )

More money for HUD will increase the deficit and destabilize the economy more money to municipalities that are wrecking their local housing markets will further insulate them from the destructive effects of their policies


( SQ ( VBZ Is ) ( NP-SBJ ( DT this ) ) ( SBAR-PRD ( WHNP-1 ( WP what ) ) ( S ( NP-SBJ ( DT the ) ( NN home ) ( NNS builders ) ) ( VP ( VBP want ) ) ) ) )

Is this what the home builders want


( S ( NP-SBJ ( NNP Mr. ) ( NNP Bandow ) ) ( VP ( VBZ is ) ( NP-PRD ( DT a ) ( NNP Cato ) ( NNP Institute ) ( NN fellow ) ) ) )

Mr. Bandow is a Cato Institute fellow


( S ( VP ( VB See ) ( NP ( NP ( VBN related ) ( NN story ) ) ( NP-TTL ( NP ( CC And ) ( NP ( NP ( NNS Bills ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB Make ) ( S ( NP-SBJ ( NNS Wishes ) ) ( VP ( VB Come ) ( ADJP-PRD ( JJ True ) ) ) ) ) ) ) ) ) ) ( NP ( NP-LOC ( NNP WSJ ) ) ( NP-TMP ( NNP Oct. ) ( CD 17 ) ( CD 1989 ) ) ) ) ) ) )

See related story And Bills to Make Wishes Come True WSJ Oct. 17 1989


( S-HLN ( NP-SBJ ( DT A ) ( JJ UNIFIED ) ( NNP EUROPE ) ) ( VP ( VBZ poses ) ( NP ( NP ( NN labor ) ( NNS problems ) ( CC and ) ( NNS prospects ) ) ( PP ( IN for ) ( NP ( NNP U.S. ) ( NNS firms ) ) ) ) ) )

A UNIFIED EUROPE poses labor problems and prospects for U.S. firms


( SINV ( S-TPC-1 ( NP-SBJ ( NP ( DT The ) ( JJ social ) ( NN dimension ) ) ( PRN ( NP ( NN worker ) ( NNS concerns ) ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP European ) ( NNP Community ) ( POS 's ) ) ( NN plan ) ( S ( VP ( TO to ) ( VP ( VB open ) ( NP ( PRP$ its ) ( JJ internal ) ( NNS borders ) ) ( PP-TMP ( IN in ) ( NP ( CD 1992 ) ) ) ) ) ) ) ) ) ( VP ( MD could ) ( VP ( VB set ) ( NP ( DT the ) ( NN effort ) ) ( PP-CLR ( IN off ) ( NP ( DT the ) ( NNS rails ) ) ) ( SBAR-ADV ( IN if ) ( S ( RB not ) ( VP ( VBN done ) ( ADVP-MNR ( RB reasonably ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NNP General ) ( NNP Electric ) ( JJ senior ) ( NN vice ) ( NN president ) ( NNP Frank ) ( NNP Doyle ) ) )

The social dimension worker concerns of the European Community 's plan to open its internal borders in 1992 could set the effort off the rails if not done reasonably says General Electric senior vice president Frank Doyle


( S ( S-TPC-2 ( NP-SBJ ( NP ( NNP U.S. ) ( NNS companies ) ) ( VP ( VBG wanting ) ( S ( VP ( TO to ) ( VP ( VB expand ) ( PP-LOC ( IN in ) ( NP ( NNP Europe ) ) ) ) ) ) ) ) ( VP ( VBP face ) ( NP ( NP ( JJ tough ) ( NN pressure ) ) ( PP ( IN from ) ( NP ( NNS unions ) ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNS nations ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NNP West ) ( NNP Germany ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBP play ) ( NP ( DT a ) ( JJ big ) ( NN consulting ) ( NN role ) ) ( PP ( IN in ) ( NP ( NN management ) ( NNS decisions ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

U.S. companies wanting to expand in Europe face tough pressure from unions in nations such as West Germany which play a big consulting role in management decisions he says


( S ( NP-SBJ ( NP ( NNP FMC ) ( NNP Corp. ) ) ( CC and ) ( NP ( NNP Baxter ) ( NNP International ) ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( NNS unions ) ) ( ADVP ( RB also ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB like ) ( NP ( NP ( NP ( NN plant ) ( NNS relocations ) ) ( CC and ) ( NP ( VBN needed ) ( NN restructuring ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ means ) ( NP ( NNS layoffs ) ) ) ) ) ) ) ) ) ) ) )

FMC Corp. and Baxter International say unions also wo n't like plant relocations and needed restructuring which means layoffs


( S ( S-TPC-3 ( S ( NP-SBJ-1 ( JJ Many ) ( NNS employers ) ) ( VP ( VBP have ) ( ADVP ( RB already ) ) ( VP ( VBN begun ) ( S ( VP ( VBG moving ) ( PP-DIR ( TO to ) ( NP ( NP ( NP ( JJ southern ) ( NNS countries ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NNP Spain ) ( CC and ) ( NNP Italy ) ) ) ) ( SBAR ( WHADVP-2 ( WRB where ) ) ( S ( S ( NP-SBJ ( NNS wages ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ low ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNS unions ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJR weaker ) ) ) ) ) ) ) ) ) ) ) ) ) ( S ( NP-SBJ ( NP ( NN demand ) ) ( PP ( IN for ) ( NP ( VBN trained ) ( NN labor ) ( CC and ) ( NNS managers ) ) ) ) ( VP ( MD will ) ( VP ( VB rise ) ( ADVP-LOC ( RB there ) ) ) ) ) ) ( NP-SBJ ( NNP FMC ) ) ( VP ( VBZ says ) ) )

Many employers have already begun moving to southern countries such as Spain and Italy where wages are low and unions are weaker demand for trained labor and managers will rise there FMC says


( S ( NP-SBJ ( NNP Pfizer ) ( NNP Fluor ) ( CC and ) ( NNP GE ) ) ( VP ( VBP see ) ( NP ( NP ( JJ big ) ( NNP EC ) ( CD 92 ) ( NNS pluses ) ) ( NP ( NP ( NP ( DT a ) ( NN push ) ) ( PP ( IN for ) ( NP ( NN job ) ( NN training ) ) ) ) ( CC and ) ( NP ( NP ( NN ease ) ) ( PP ( IN in ) ( S-NOM ( VP ( VP ( VBG moving ) ) ( CC and ) ( VP ( VBG finding ) ( NP ( NNS workers ) ) ) ) ) ) ) ) ) ) )

Pfizer Fluor and GE see big EC 92 pluses a push for job training and ease in moving and finding workers


( S-HLN ( S-NOM-SBJ ( VP ( VBG CLUBBING ) ( NP ( DT A ) ( NN FAN ) ) ) ) ( VP ( VBD was ) ( RB n't ) ( NP-PRD ( NP ( DT the ) ( NNP Baltimore ) ( NNP Orioles ) ( POS ' ) ) ( NN fault ) ) ) )

CLUBBING A FAN was n't the Baltimore Orioles ' fault


( SINV ( ADVP-CLR-TPC-1 ( RB So ) ) ( VP ( VBD said ) ) ( NP-SBJ ( DT a ) ( JJ federal ) ( NN judge ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT a ) ( NN case ) ) ( VP ( VBG involving ) ( NP ( NP ( CD two ) ( NNS players ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( JJ minor ) ( NN league ) ( NAC-LOC ( NNP Bluefield ) ( NNP Va. ) ) ( NNP Orioles ) ) ( NP ( DT a ) ( NNP Baltimore ) ( NN farm ) ( NN team ) ) ) ) ) ) ) ) )

So said a federal judge in a case involving two players for the minor league Bluefield Va. Orioles a Baltimore farm team


( S ( NP-SBJ-1 ( DT The ) ( NNS players ) ) ( VP ( VBD were ) ( VP ( VBN heckled ) ( PP ( IN by ) ( NP-LGS ( DT a ) ( NN patron ) ) ) ( PP-TMP ( IN during ) ( NP ( NP ( DT a ) ( NAC-TMP ( NNP July ) ( CD 4 ) ( CD 1988 ) ) ( NN game ) ) ( PP ( IN with ) ( NP ( DT the ) ( NNP Martinsville ) ( NNP Phillies ) ) ) ) ) ) ) )

The players were heckled by a patron during a July 4 1988 game with the Martinsville Phillies


( S ( S-TPC-1 ( PP ( IN Like ) ( NP ( NP ( PRP$ its ) ( NN parent ) ) ( NP-TMP ( DT that ) ( NN year ) ) ) ) ( NP-SBJ ( NNP Bluefield ) ) ( VP ( VBD was ) ( RB not ) ( VP ( VBG having ) ( NP ( DT a ) ( JJ good ) ( NN year ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN judge ) ) ( VP ( VBD said ) ) )

Like its parent that year Bluefield was not having a good year the judge said


( S ( PP-TMP ( IN After ) ( NP ( DT the ) ( NN game ) ) ) ( PRN ( S ( S-TPC-1 ( NP-SBJ-2 ( NNP Bluefield ) ) ( VP ( VBD lost ) ( ADVP ( CD 9-8 ) ) ( S-ADV ( VP ( VBG stranding ) ( NP ( CD three ) ( NNS runners ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ ninth ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD noted ) ) ) ) ( NP-SBJ ( NN trouble ) ) ( VP ( VBD began ) ) )

After the game Bluefield lost 9-8 stranding three runners in the ninth he noted trouble began


( S-1 ( NP-SBJ ( NP ( JJR More ) ( NN taunting ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN parking ) ( NN lot ) ) ) ) ( PRN ( S ( NP-SBJ ( DT the ) ( NNS players ) ) ( VP ( VBD said ) ) ) ) ( VP ( VBD led ) ( PP-CLR ( TO to ) ( NP ( DT a ) ( NN fight ) ) ) ) )

More taunting in the parking lot the players said led to a fight


( S ( NP-SBJ ( DT The ) ( NN fan ) ) ( VP ( VBD said ) ( SBAR ( SBAR ( S ( NP-SBJ-1 ( PRP he ) ) ( VP ( VBD was ) ( VP ( VBN punched ) ( CC and ) ( VBN kicked ) ( PP ( IN by ) ( NP-LGS ( CD one ) ( NN player ) ) ) ) ) ) ) ( CC and ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( JJ other ) ) ( VP ( VBD broke ) ( NP ( PRP$ his ) ( NN jaw ) ) ( PP-MNR ( IN with ) ( NP ( DT a ) ( NN baseball ) ( NN bat ) ) ) ) ) ) ) ) )

The fan said he was punched and kicked by one player and that the other broke his jaw with a baseball bat


( S ( NP-SBJ-2 ( DT The ) ( NN judge ) ) ( VP ( VBD dismissed ) ( NP ( NP ( NP ( DT the ) ( NN fan ) ( POS 's ) ) ( NN suit ) ) ( PP ( IN against ) ( NP ( DT the ) ( NN team ) ) ) ) ( ADVP ( RB however ) ) ( S-ADV ( VP ( VBG ruling ) ( S ( NP-SBJ ( DT the ) ( NNP Orioles ) ) ( ADJP-PRD ( ADJP ( JJ innocent ) ( PP ( IN of ) ( NP ( JJ negligent ) ( NN hiring ) ) ) ) ( CC and ) ( ADJP ( RB not ) ( JJ responsible ) ( PP ( IN for ) ( NP ( NP ( DT a ) ( NN fight ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD was ) ( PP-LOC-PRD ( IN outside ) ( NP ( NP ( DT the ) ( NNS players ) ( POS ' ) ) ( NN employment ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The judge dismissed the fan 's suit against the team however ruling the Orioles innocent of negligent hiring and not responsible for a fight that was outside the players ' employment


( S-HLN ( NP-SBJ ( NP ( NNS PROPOSALS ) ) ) ( VP ( VBP ARISE ) ( PP-1 ( IN for ) ( S-NOM ( VP ( VBG coping ) ( PP-CLR ( IN with ) ( NP ( NP ( DT the ) ( NN shortage ) ) ( PP ( IN of ) ( NP ( NNS nurses ) ) ) ) ) ) ) ) ) )

PROPOSALS ARISE for coping with the shortage of nurses


( S ( NP-SBJ ( DT An ) ( NAC ( NNP Association ) ( PP ( IN of ) ( NP ( NNP Academic ) ( NNP Health ) ( NNP Centers ) ) ) ) ( NN report ) ) ( VP ( VBZ urges ) ( S ( VP ( VBG freeing ) ( NP ( NNS nurses ) ) ( PP-CLR ( IN from ) ( NP ( NP ( NNS duties ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP do ) ( RB n't ) ( VP ( VB require ) ( NP ( JJ special ) ( NNS skills ) ) ) ) ) ) ) ) ) ) ) )

An Association of Academic Health Centers report urges freeing nurses from duties that do n't require special skills


( S ( NP-SBJ ( PRP It ) ) ( ADVP ( RB also ) ) ( VP ( VBZ recommends ) ( NP ( NP ( JJR better ) ( NN retirement ) ( CC and ) ( NN day-care ) ( NNS benefits ) ) ( CC and ) ( S-NOM ( VP ( VBG basing ) ( NP ( NN pay ) ) ( PP-CLR ( IN on ) ( NP ( NP ( NN education ) ) ( NP ( NN experience ) ) ( CC and ) ( NP ( NP ( NNS nurses ) ( POS ' ) ) ( JJ demanding ) ( NN work ) ( NNS schedules ) ) ) ) ) ) ) ) )

It also recommends better retirement and day-care benefits and basing pay on education experience and nurses ' demanding work schedules


( S ( CC But ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ opposes ) ( NP ( NP ( DT an ) ( NNP American ) ( NNP Medical ) ( NNP Association ) ( NN proposal ) ) ( PP ( IN for ) ( S-NOM ( VP ( VBG creating ) ( NP ( DT a ) ( JJ registered ) ( NN care ) ( NN technologist ) ) ) ) ) ) ( PP ( IN as ) ( ADJP ( RB potentially ) ( JJ divisive ) ) ) ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN job ) ) ( VP ( MD would ) ( VP ( VB entail ) ( NP ( NP ( DT an ) ( JJ unwanted ) ( JJ new ) ( NN doctor ) ( POS 's ) ) ( NN bedside ) ( NN extension ) ) ) ) ) ) ) ) )

But it opposes an American Medical Association proposal for creating a registered care technologist as potentially divisive it says the job would entail an unwanted new doctor 's bedside extension


( S ( NP-SBJ ( NP ( QP ( IN Over ) ( DT a ) ( JJ third ) ) ) ( PP ( IN of ) ( NP ( NP ( CD 618 ) ( NNS hospitals ) ) ( VP ( VBN surveyed ) ( PP ( IN by ) ( NP-LGS ( NN consultant ) ( NNP Hewitt ) ( NNP Associates ) ) ) ) ) ) ) ( VP ( VBP use ) ( NP ( NP ( DT a ) ( JJ clinical ) ( NN ladder ) ) ( VP ( VBG basing ) ( NP ( NN advancement ) ) ( PP-CLR ( IN on ) ( NP ( NN performance ) ( CC and ) ( NN education ) ) ) ) ) ) )

Over a third of 618 hospitals surveyed by consultant Hewitt Associates use a clinical ladder basing advancement on performance and education


( S ( NP-SBJ ( RB Many ) ) ( ADVP ( RB also ) ) ( VP ( VB use ) ( NP ( NP ( VBG recruiting ) ( NNS bonuses ) ) ( NP ( NN tuition ) ( NN reimbursement ) ) ( NP ( NN loan ) ( NN repayment ) ) ( CC or ) ( NP ( JJ child-care ) ( NN help ) ) ) ) )

Many also use recruiting bonuses tuition reimbursement loan repayment or child-care help


( S ( NP-SBJ ( DT Some ) ) ( VP ( VBP give ) ( NP ( JJ lump-sum ) ( NNS incentives ) ) ) )

Some give lump-sum incentives


( S ( NP-SBJ-1 ( NNP MRA ) ( NNP Staffing ) ( NNP Systems ) ) ( VP ( VBZ signs ) ( PRT ( RP up ) ) ( NP ( NNS nurses ) ) ( PP-CLR ( IN for ) ( NP ( VBN paid ) ( NN travel ) ) ) ( S-ADV ( VP ( VBG promising ) ( NP ( NP ( NP ( JJ annual ) ( NN income ) ) ( PP ( IN up ) ( PP ( TO to ) ( NP ( CD 50,000 ) ) ) ) ) ( CC and ) ( NP ( ADJP ( JJ free ) ( CC or ) ( VBN subsidized ) ) ( NN housing ) ) ) ) ) ) )

MRA Staffing Systems signs up nurses for paid travel promising annual income up to 50,000 and free or subsidized housing


( SINV ( S-TPC-1 ( S-NOM-SBJ ( VP ( VBG TREATING ) ( NP ( NNS EMPLOYEES ) ) ( PP-MNR ( IN with ) ( NP ( NN respect ) ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ crucial ) ) ( PP ( IN for ) ( NP ( NNS managers ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NN consultant ) ( NNP Hay ) ( NNP Group ) ) ( PP-TMP ( IN after ) ( NP ( NP ( NNS surveys ) ) ( PP ( IN of ) ( NP ( QP ( DT a ) ( CD million ) ) ( NNS workers ) ) ) ) ) )

TREATING EMPLOYEES with respect is crucial for managers says consultant Hay Group after surveys of a million workers


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( PP-PRD ( IN in ) ( NP ( PRP$ their ) ( JJ top ) ( CD five ) ( NN work ) ( NNS values ) ) ) ) )

It 's in their top five work values


( S ( NP-SBJ ( NP ( NP ( RB Fully ) ( CD 80 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( NNS employees ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( PRP$ their ) ( NNS bosses ) ) ( VP ( VBP treat ) ( NP ( PRP them ) ) ( PP-MNR ( IN with ) ( NP ( NN respect ) ) ) ) ) ) ) ) ) ) ) ) ( CC but ) ( NP ( NP ( QP ( RB only ) ( DT a ) ( JJ third ) ) ) ( PP ( IN of ) ( NP ( NP ( DT those ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBP do ) ( RB n't ) ( VP ( VB feel ) ( ADJP-PRD ( VBN respected ) ) ) ) ) ) ) ) ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP 're ) ( VP ( VBN satisfied ) ( PP-CLR ( IN with ) ( SBAR-NOM ( WHADVP-3 ( WRB where ) ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP work ) ) ) ) ) ) ) ) ) ) )

Fully 80 % of employees who say their bosses treat them with respect but only a third of those who do n't feel respected say they 're satisfied with where they work


( S ( S-HLN ( VP ( VBG SPRUCING ) ( PRT ( RP UP ) ) ( NP ( DT THE ) ( NNS DIGS ) ) ) ) ( S ( NP-SBJ ( NP ( QP ( RB About ) ( CD 200 ) ) ( NNS employees ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Maryland ) ( NNP Department ) ) ( PP ( IN of ) ( NP ( UCP ( NNP Economic ) ( CC and ) ( NNP Employment ) ) ( NNP Development ) ) ) ) ) ) ( PP-TMP ( IN for ) ( NP ( CD four ) ( NNS months ) ) ) ( VP ( VP ( VBD painted ) ( NP ( NNS walls ) ) ) ( VP ( VBD polished ) ( CC and ) ( VBD carpeted ) ( NP ( NNS floors ) ) ) ( VP ( VBD bought ) ( NP ( NNS plants ) ) ) ( VP ( VBD cleaned ) ( NP ( NNS windows ) ( CC and ) ( NNS blinds ) ) ) ( CC and ) ( VP ( VBD hung ) ( NP ( NNS pictures ) ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT the ) ( NN agency ) ( POS 's ) ) ( NNP Baltimore ) ( NN office ) ) ) ) ) )

SPRUCING UP THE DIGS About 200 employees of the Maryland Department of Economic and Employment Development for four months painted walls polished and carpeted floors bought plants cleaned windows and blinds and hung pictures at the agency 's Baltimore office


( S ( NP-SBJ ( NP ( DT The ) ( CD 3,000 ) ( NNS hours ) ) ( PP ( IN of ) ( NP ( NN work ) ) ) ) ( VP ( MD will ) ( VP ( VB save ) ( NP ( DT the ) ( NN state ) ) ( NP ( CD 55,000 ) ) ) ) )

The 3,000 hours of work will save the state 55,000


( S ( S-TPC-1 ( S-NOM-SBJ ( VP ( VBG CURBING ) ( NP ( NN WAGE ) ( NNS BOOSTS ) ) ) ) ( VP ( MD will ) ( VP ( VB get ) ( NP ( JJ high ) ( NN priority ) ) ( ADVP-TMP ( RB again ) ) ( PP-TMP ( IN in ) ( NP ( CD 1990 ) ( JJ collective ) ( NN bargaining ) ) ) ) ) ) ( NP-SBJ ( NP ( DT a ) ( NAC ( NNP Bureau ) ( PP ( IN of ) ( NP ( NNP National ) ( NNP Affairs ) ) ) ) ( NN survey ) ) ( PP ( IN of ) ( NP ( NP ( CD 250 ) ( NNS companies ) ) ( PP ( IN with ) ( NP ( NP ( NNS pacts ) ) ( VP ( VBG expiring ) ( NP-TMP-CLR ( JJ next ) ( NN year ) ) ) ) ) ) ) ) ( VP ( VBZ indicates ) ) )

CURBING WAGE BOOSTS will get high priority again in 1990 collective bargaining a Bureau of National Affairs survey of 250 companies with pacts expiring next year indicates


( S ( PP ( IN Despite ) ( NP ( NN labor-shortage ) ( NNS warnings ) ) ) ( S ( NP-SBJ ( CD 80 ) ( NN % ) ) ( VP ( VBP aim ) ( PP-CLR ( IN for ) ( NP ( NP ( JJ first-year ) ( NN wage ) ( NNS increases ) ) ( PP ( IN of ) ( NP ( QP ( IN under ) ( CD 4 ) ) ( NN % ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( CD 77 ) ( NN % ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( VP ( MD 'd ) ( VP ( VB try ) ( S ( VP ( TO to ) ( VP ( VB replace ) ( NP ( NNS workers ) ) ) ) ) ( SBAR-ADV ( IN if ) ( S ( VP ( VBN struck ) ) ) ) ) ) ( CC or ) ( VP ( MD would ) ( VP ( VB consider ) ( NP ( PRP it ) ) ) ) ) ) ) ) ) )

Despite labor-shortage warnings 80 % aim for first-year wage increases of under 4 % and 77 % say they 'd try to replace workers if struck or would consider it


( S ( S ( S-TPC-1 ( NP-SBJ ( JJ TEMPORARY ) ( NNS WORKERS ) ) ( VP ( VBP have ) ( NP ( JJ good ) ( NNS educations ) ) ) ) ( NP-SBJ ( NP ( DT the ) ( NNP National ) ( NNP Association ) ) ( PP ( IN of ) ( NP ( NNP Temporary ) ( NNP Services ) ) ) ) ( VP ( VBZ says ) ) ) ( S ( NP-SBJ ( NP ( PRP$ its ) ( NN survey ) ) ( PP ( IN of ) ( NP ( CD 2,508 ) ( JJ such ) ( NNS employees ) ) ) ) ( VP ( VBZ shows ) ( NP ( NP ( NP ( CD 82 ) ( NN % ) ) ( PP ( IN with ) ( NP ( NP ( JJR more ) ) ( PP ( IN than ) ( NP ( DT a ) ( JJ high-school ) ( NN education ) ) ) ) ) ) ( CC and ) ( NP ( NP ( CD 31 ) ( NN % ) ) ( PP ( IN with ) ( NP ( NN college ) ( NNS degrees ) ) ) ) ) ) ) )

TEMPORARY WORKERS have good educations the National Association of Temporary Services says its survey of 2,508 such employees shows 82 % with more than a high-school education and 31 % with college degrees


( S ( NP-SBJ ( QP ( RB About ) ( CD 12 ) ) ( NN % ) ) ( VP ( VBP have ) ( VP ( VBN retired ) ( PP-CLR ( IN from ) ( NP ( DT a ) ( JJ full-time ) ( NN job ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ-1 ( CD 54 ) ( NN % ) ) ( VP ( VBD were ) ( VP ( VBN asked ) ( S ( VP ( TO to ) ( VP ( VB stay ) ( PRT ( RP on ) ) ( NP-PRD ( JJ full ) ( NN time ) ) ) ) ) ) ) ) ) ) ) )

About 12 % have retired from a full-time job while 54 % were asked to stay on full time


( S-HLN ( S ( NP-SBJ ( JJ HOME-SALE ) ( NNS LOSSES ) ) ( VP ( VBP rise ) ) ) ( CC but ) ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBP 're ) ( ADVP-TMP ( RB often ) ) ( VP ( VBN covered ) ( PP ( IN by ) ( NP-LGS ( NNS employers ) ) ) ) ) ) )

HOME-SALE LOSSES rise but they 're often covered by employers


( S ( CC But ) ( NP-SBJ ( PRP they ) ) ( VP ( VBP search ) ( PP-CLR ( IN for ) ( NP ( NP ( NNS ways ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB limit ) ( NP ( DT the ) ( NN damage ) ) ) ) ) ) ) ) ) )

But they search for ways to limit the damage


( S ( NP-SBJ ( NP ( QP ( DT A ) ( JJ third ) ) ) ( PP ( IN of ) ( NP ( NP ( CD 439 ) ( NNS companies ) ) ( VP ( VBN surveyed ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NNP Employee ) ( NNP Relocation ) ( NNP Council ) ) ) ) ) ) ) ( VP ( VBP report ) ( NP ( NP ( DT a ) ( NN rise ) ) ( PP ( IN in ) ( NP ( CD 1988 ) ( NNS sales ) ( NNS losses ) ) ) ( PP-TMP ( IN over ) ( NP ( CD 1987 ) ) ) ) ) )

A third of 439 companies surveyed by the Employee Relocation Council report a rise in 1988 sales losses over 1987


( S ( NP-SBJ ( QP ( RB About ) ( CD 72 ) ) ( NN % ) ) ( VP ( VBP reimburse ) ( PP ( IN for ) ( NP ( ADJP ( DT all ) ( CC or ) ( DT some ) ) ( NNS losses ) ) ) ) )

About 72 % reimburse for all or some losses


( S ( S-TPC-1 ( PP-TMP ( IN Since ) ( NP ( CD 1984 ) ) ) ( NP-SBJ ( JJR more ) ( NNS companies ) ) ( VP ( VBP give ) ( NP ( JJ sales-loss ) ( NN aid ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( JJ many ) ( NN real-estate ) ( NNS values ) ) ( VP ( VBD depreciated ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN council ) ) ( VP ( VBZ says ) ) )

Since 1984 more companies give sales-loss aid as many real-estate values depreciated the council says


( S ( NP-SBJ ( NNP RJR ) ( NNP Nabisco ) ) ( VP ( VBZ pays ) ( NP ( NP ( QP ( IN up ) ( TO to ) ( CD 30,000 ) ) ) ( PP ( IN of ) ( NP ( NP ( NNS losses ) ) ( PP ( VBG including ) ( NP ( NNS improvements ) ) ) ) ) ) ) )

RJR Nabisco pays up to 30,000 of losses including improvements


( S ( S ( NP-SBJ ( NNP Goodrich ) ) ( VP ( VP ( MD wo ) ( RB n't ) ( VP ( VB ensure ) ( NP ( NN loss ) ( NN coverage ) ) ) ) ( CC but ) ( VP ( MD will ) ( VP ( VB prevent ) ( NP ( DT a ) ( JJ catastrophic ) ( NN loss ) ) ) ) ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ has ) ( VP ( VBN given ) ( NP ( DT some ) ( NNS employees ) ) ( NP ( NP ( DT the ) ( JJ full ) ( NN purchase ) ( NN price ) ) ( SBAR ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( NNS values ) ) ( VP ( VBD fell ) ( PP-PRP ( IN from ) ( NP ( NP ( NN concern ) ) ( PP ( IN over ) ( NP ( NP ( NNS dangers ) ) ( VP ( VBN posed ) ( PP ( IN by ) ( NP-LGS ( DT a ) ( NN disposal ) ( NN site ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Goodrich wo n't ensure loss coverage but will prevent a catastrophic loss it has given some employees the full purchase price when values fell from concern over dangers posed by a disposal site


( S ( NP-SBJ ( NP ( NNP Federal ) ( NNP Express ) ) ( NP ( NNP Dow ) ( NNP Chemical ) ) ( NP ( NNP Ford ) ) ( CC and ) ( NP ( NNP National ) ( NNP City ) ( NNP Corp. ) ) ) ( VP ( VP ( MD will ) ( VP ( VP ( VB buy ) ( NP ( DT the ) ( NN home ) ) ) ( CC or ) ( VP ( VB let ) ( S ( NP-SBJ ( DT the ) ( NN worker ) ) ( VP ( VB sell ) ( PP-DTV ( TO to ) ( NP ( DT an ) ( JJ outside ) ( NN firm ) ) ) ) ) ) ) ) ( CC but ) ( VP ( ADVP ( RB usually ) ) ( MD wo ) ( RB n't ) ( VP ( VB cover ) ( NP ( DT a ) ( NN loss ) ) ) ) ) )

Federal Express Dow Chemical Ford and National City Corp. will buy the home or let the worker sell to an outside firm but usually wo n't cover a loss


( S ( PP-TMP ( IN Since ) ( NP ( CD 1984 ) ) ) ( NP-SBJ ( NP ( NNS firms ) ) ( VP ( VBG offering ) ( NP ( JJ prepurchase ) ( NN house ) ( NNS appraisals ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB deter ) ( NP ( VBG overpaying ) ) ) ) ) ) ) ( VP ( VBD rose ) ( PP-DIR ( TO to ) ( NP ( NP ( CD 40 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( DT those ) ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN council ) ) ( VP ( VBD polled ) ) ) ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( CD 28 ) ( NN % ) ) ) ) )

Since 1984 firms offering prepurchase house appraisals to deter overpaying rose to 40 % of those the council polled from 28 %


( FRAG-HLN ( NP ( DT THE ) ( NN CHECKOFF ) ) ( S ( NP-SBJ ( NP ( DT The ) ( NNP National ) ( NNP Academy ) ) ( PP ( IN of ) ( NP ( NNP Engineering ) ) ) ) ( VP ( VBZ gives ) ( NP ( NP ( CD two ) ( NNS inventors ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN semiconductor ) ( NN microchip ) ) ) ) ( NP ( DT a ) ( ADJP ( CD 350,000 ) ) ( NN achievement ) ( NN award ) ) ) ) )

THE CHECKOFF The National Academy of Engineering gives two inventors of the semiconductor microchip a 350,000 achievement award


( S ( S ( INTJ ( RB Now ) ) ( NP-SBJ ( DT that ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( JJ reactionary ) ) ) ) ( S ( NP-SBJ ( NNP Letter ) ( NNP Carriers ) ( NN union ) ( NN president ) ( NNP Vincent ) ( NNP Sombrotto ) ) ( VP ( VBZ accuses ) ( NP ( NNP Philadelphia ) ( NN postmaster ) ( NNP Charles ) ( NNP James ) ) ( PP-CLR ( IN of ) ( NP ( ADJP ( JJ 12th ) ( NN century ) ( JJ oppressive ) ) ( NN management ) ( NNS tactics ) ) ) ) ) )

Now that 's reactionary Letter Carriers union president Vincent Sombrotto accuses Philadelphia postmaster Charles James of 12th century oppressive management tactics


( S ( NP-SBJ ( NNP DD ) ( NNP Acquisition ) ( NNP Corp. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD extended ) ( NP ( NP ( PRP$ its ) ( ADJP ( JJ 45-a-share ) ) ( NN offer ) ) ( PP ( IN for ) ( NP ( NNP Dunkin ) ( NNP Donuts ) ( NNP Inc. ) ) ) ) ( PP-DIR ( TO to ) ( NP-TMP ( NNP Nov. ) ( CD 1 ) ) ) ( PP-DIR ( IN from ) ( NP-TMP ( NN yesterday ) ) ) ) ) ) ) )

DD Acquisition Corp. said it extended its 45-a-share offer for Dunkin Donuts Inc. to Nov. 1 from yesterday


( S ( NP-SBJ ( DT The ) ( NN offer ) ) ( VP ( VBZ has ) ( NP ( NP ( DT an ) ( VBN indicated ) ( NN value ) ) ( PP ( IN of ) ( NP ( QP ( CD 268 ) ( CD million ) ) ) ) ) ) )

The offer has an indicated value of 268 million


( S ( NP-SBJ ( NNP DD ) ( NNP Acquisition ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN partnership ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NNP Unicorp ) ( NNP Canada ) ( NNP Corp. ) ( POS 's ) ) ( NNP Kingsbridge ) ( NNP Capital ) ( NNP Group ) ( NN unit ) ) ( CC and ) ( NP ( NNP Cara ) ( NNP Operations ) ( NNP Ltd ) ) ) ) ) ) )

DD Acquisition is a partnership of Unicorp Canada Corp. 's Kingsbridge Capital Group unit and Cara Operations Ltd


( S ( SBAR-ADV ( IN As ) ( S ( VP ( ADVP-TMP ( RB previously ) ) ( VBN reported ) ) ) ) ( PP-LOC ( IN under ) ( NP ( NP ( DT the ) ( NNS terms ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN confidentiality ) ( NN agreement ) ) ( PP ( IN with ) ( NP ( NNP Dunkin ) ( NNP Donuts ) ) ) ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NNS partners ) ) ( VP ( VBD agreed ) ( S ( VP ( VP ( TO to ) ( VP ( VB keep ) ( S ( NP-SBJ ( PRP$ their ) ( NN offer ) ) ( ADJP-PRD ( JJ open ) ( PP-TMP ( IN until ) ( NP ( NNP Nov. ) ( CD 1 ) ) ) ) ) ) ) ( CC and ) ( VP ( RB not ) ( TO to ) ( VP ( VB acquire ) ( NP ( DT any ) ( JJ additional ) ( NNS shares ) ) ( PP ( IN except ) ( PP ( IN through ) ( NP ( NP ( DT a ) ( NN tender ) ( NN offer ) ) ( VP ( VBG expiring ) ( PP-TMP-CLR ( IN on ) ( NP ( DT that ) ( NN date ) ) ) ) ) ) ) ) ) ) ) ) )

As previously reported under the terms of a confidentiality agreement with Dunkin Donuts the partners agreed to keep their offer open until Nov. 1 and not to acquire any additional shares except through a tender offer expiring on that date


( S ( NP-SBJ ( NNP DD ) ( NNP Acquisition ) ) ( VP ( VBD said ) ( SBAR ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( ADVP ( RB already ) ) ( VP ( VBZ owns ) ( NP ( NP ( CD 15 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ common ) ( NNS shares ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN doughnut ) ( NN shop ) ( NN chain ) ) ) ) ) ) ) ) ) ( CC and ) ( SBAR ( IN that ) ( S ( PP ( RB as ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN close ) ) ( PP ( IN of ) ( NP ( NN business ) ) ) ( NP-TMP ( NNP Friday ) ) ) ) ) ( NP-SBJ-1 ( DT an ) ( QP ( JJ additional ) ( CD 11 ) ) ( NN % ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBN tendered ) ( PP-CLR ( TO to ) ( NP ( PRP$ its ) ( NN offer ) ) ) ) ) ) ) ) ) ) )

DD Acquisition said that it already owns 15 % of the common shares of the doughnut shop chain and that as of the close of business Friday an additional 11 % had been tendered to its offer


( S ( NP-SBJ-1 ( NNP Dunkin ) ( NNP Donuts ) ) ( VP ( VBZ is ) ( VP ( VBN based ) ( PP-LOC-CLR ( IN in ) ( NP ( NP ( NNP Randolph ) ) ( NP-LOC ( NNP Mass ) ) ) ) ) ) )

Dunkin Donuts is based in Randolph Mass


( S ( NP-SBJ-1 ( NP ( NP ( NNP Cara ) ( NNP Operations ) ) ( NP ( DT a ) ( NN food ) ( NNS services ) ( NN concern ) ) ) ( CC and ) ( NP ( NP ( NNP Unicorp ) ) ( NP ( NP ( DT a ) ( VBG holding ) ( NN company ) ) ( PP ( IN with ) ( NP ( NP ( NNS interests ) ) ( PP ( IN in ) ( NP ( NP ( NN oil ) ( CC and ) ( JJ natural ) ( NN gas ) ) ( CC and ) ( NP ( JJ financial ) ( NNS services ) ) ) ) ) ) ) ) ) ( VP ( VBP are ) ( VP ( VBN based ) ( PP-LOC-CLR ( IN in ) ( NP ( NNP Toronto ) ) ) ) ) )

Cara Operations a food services concern and Unicorp a holding company with interests in oil and natural gas and financial services are based in Toronto


( S ( NP-SBJ ( NP ( NP ( NNP Agip ) ( NNP S.p ) ( NNP A. ) ) ( CC and ) ( NP ( NNP Societe ) ( NNP National ) ( NNP Elf ) ( NNP Aquitaine ) ) ) ( NP ( NP ( DT the ) ( NN state ) ( NN oil ) ( NNS companies ) ) ( PP ( IN of ) ( NP ( NNP Italy ) ( CC and ) ( NNP France ) ) ) ( ADVP ( RB respectively ) ) ) ) ( VP ( VBD submitted ) ( NP ( DT an ) ( NN offer ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NNP Gatoil ) ( NNP Suisse ) ( NNP S.A ) ) ) ) ) ) ) )

Agip S.p A. and Societe National Elf Aquitaine the state oil companies of Italy and France respectively submitted an offer to buy Gatoil Suisse S.A


( S ( NP-SBJ-1 ( DT The ) ( NN price ) ) ( VP ( VBD was ) ( RB n't ) ( VP ( VBD disclosed ) ) ) )

The price was n't disclosed


( S ( NP-SBJ ( NP ( DT A ) ( NN spokesman ) ) ( PP ( IN for ) ( NP ( NNP Gatoil ) ) ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NNP Swiss ) ( NN oil ) ( NN concern ) ) ( VP ( VBD was ) ( VP ( VBG examining ) ( NP ( NP ( DT the ) ( NN offer ) ) ( PRN ( VP ( VBD submitted ) ( NP-TMP ( JJ last ) ( NNP Friday ) ) ) ) ( PP ( IN along ) ( PP ( IN with ) ( NP ( NP ( CD two ) ( JJ other ) ( NNS offers ) ) ( VP ( ADVP ( RB also ) ) ( VBN submitted ) ( NP-TMP ( JJ last ) ( NN week ) ) ) ) ) ) ) ) ) ) ) ) )

A spokesman for Gatoil said that the Swiss oil concern was examining the offer submitted last Friday along with two other offers also submitted last week


( S ( S ( NP-SBJ ( DT Those ) ( CD two ) ( NNS offers ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ private ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( DT the ) ( NN spokesman ) ) ( VP ( VBD refused ) ( S ( VP ( TO to ) ( VP ( VB identify ) ( NP ( DT the ) ( VBG bidding ) ( NNS companies ) ) ) ) ) ) ) )

Those two offers were private and the spokesman refused to identify the bidding companies


( S ( NP-SBJ ( DT The ) ( NN spokesman ) ) ( VP ( ADVP ( RBR further ) ) ( VBD said ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( QP ( IN at ) ( JJS least ) ( CD two ) ( JJR more ) ) ( NNS offers ) ) ) ( VP ( VBP are ) ( VP ( VBN expected ) ( PP-2 ( IN from ) ( NP ( JJ other ) ( NNS companies ) ) ) ( PP-TMP ( IN within ) ( NP ( CD two ) ( NNS weeks ) ) ) ) ) ) ) ) )

The spokesman further said that at least two more offers are expected from other companies within two weeks


( S ( NP-SBJ ( NNP Gatoil ) ( NNP Suisse ) ) ( VP ( VBZ owns ) ( NP ( NP ( DT an ) ( NN oil ) ( NN refinery ) ) ( PP-LOC ( IN in ) ( NP ( NNP Switzerland ) ) ) ( PP ( IN with ) ( NP ( NP ( DT a ) ( NN capacity ) ) ( PP ( IN of ) ( NP ( NP ( CD 70,000 ) ( NNS barrels ) ) ( NP-ADV ( DT a ) ( NN day ) ) ) ) ) ) ) ( PP ( IN along ) ( PP ( IN with ) ( NP ( NP ( DT a ) ( NN network ) ) ( PP ( IN of ) ( NP ( NN gasoline ) ( VBG retailing ) ( NNS outlets ) ) ) ) ) ) ) )

Gatoil Suisse owns an oil refinery in Switzerland with a capacity of 70,000 barrels a day along with a network of gasoline retailing outlets


( S ( NP-SBJ ( NNP U.S. ) ( NNP Banknote ) ( NNP Co. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( ADVP-TMP ( RB again ) ) ( VBD extended ) ( NP ( NP ( DT the ) ( NN expiration ) ( NN date ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ its ) ( ADJP ( JJ 7-a-share ) ) ( NN tender ) ( NN offer ) ) ( PP ( IN for ) ( NP ( NNP International ) ( NNP Banknote ) ( NNP Co. ) ) ) ) ) ) ( PP-CLR ( TO to ) ( NP ( VB Nov. ) ( CD 15 ) ) ) ) ) ) ) )

U.S. Banknote Co. said it again extended the expiration date of its 7-a-share tender offer for International Banknote Co. to Nov. 15


( S ( NP-SBJ ( NNP U.S. ) ( NNP Banknote ) ) ( VP ( VBD said ) ( SBAR ( S ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( PP-PRD ( IN in ) ( NP ( NNS negotiations ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( NP ( JJ certain ) ( NNS facilities ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB name ) ) ) ) ) ) ( PP-DTV ( TO to ) ( NP ( DT a ) ( JJ third ) ( NN party ) ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-2 ( PRP it ) ) ( VP ( VBZ needs ) ( NP ( DT the ) ( NN extension ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB try ) ( S ( VP ( TO to ) ( VP ( VB reach ) ( NP ( NP ( DT a ) ( JJ definitive ) ( NN agreement ) ) ( PP ( IN on ) ( NP ( DT the ) ( NN sale ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

U.S. Banknote said it is in negotiations to sell certain facilities which it did n't name to a third party and it needs the extension to try to reach a definitive agreement on the sale


( S ( NP-SBJ ( NNP U.S. ) ( NNP Banknote ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ believes ) ( SBAR ( S ( NP-SBJ-2 ( DT the ) ( NN sale ) ) ( SBAR-ADV ( IN if ) ( S ( VP ( VBN completed ) ) ) ) ( ADVP ( RB apparently ) ) ( VP ( MD would ) ( VP ( VB satisfy ) ( NP ( NP ( JJ antitrust ) ( NNS issues ) ) ( VP ( VBN raised ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NNP U.S. ) ( NNP Justice ) ( NNP Department ) ) ) ) ( PP ( IN about ) ( NP ( NP ( NNP U.S. ) ( NNP Banknote ) ( POS 's ) ) ( NN offer ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NNP International ) ( NNP Banknote ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

U.S. Banknote said it believes the sale if completed apparently would satisfy antitrust issues raised by the U.S. Justice Department about U.S. Banknote 's offer to buy International Banknote


( S ( NP-SBJ ( NP ( DT Both ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP New ) ( JJ York-based ) ( NNS companies ) ) ) ) ( VP ( VBP print ) ( NP ( NP ( NN stock ) ( NNS certificates ) ) ( CC and ) ( NP ( NN currency ) ) ) ) )

Both of the New York-based companies print stock certificates and currency


( S ( NP-SBJ ( NNP U.S. ) ( NNP Banknote ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( EX there ) ) ( VP ( MD can ) ( VP ( VB be ) ( NP-PRD ( DT no ) ( NN assurance ) ( SBAR ( S ( NP-SBJ-1 ( DT a ) ( NN sale ) ( NN agreement ) ) ( VP ( MD would ) ( VP ( VB be ) ( VP ( VBN concluded ) ) ) ) ) ) ) ) ) ) ) ) )

U.S. Banknote said there can be no assurance a sale agreement would be concluded


( S ( NP-SBJ ( PRP It ) ) ( ADVP ( RB also ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-2 ( DT the ) ( NN tender ) ( NN offer ) ) ( VP ( MD would ) ( ADVP ( RB probably ) ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN extended ) ( ADVP-TMP ( RBR further ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB complete ) ( NP ( NN financing ) ( NNS arrangements ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

It also said the tender offer would probably have to be extended further to complete financing arrangements


( S ( NP-SBJ ( NNP U.S. ) ( NNP Banknote ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNP Citibank ) ) ( VP ( VBD extended ) ( NP ( NP ( DT the ) ( NN expiration ) ( NN date ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ its ) ( NN commitment ) ) ( PP ( IN for ) ( NP ( JJ senior ) ( VBN secured ) ( NN financing ) ) ) ) ) ) ( PP-CLR ( TO to ) ( NP ( NNP Nov. ) ( CD 15 ) ) ) ) ) ) ) )

U.S. Banknote said Citibank extended the expiration date of its commitment for senior secured financing to Nov. 15


( S ( NP-SBJ-1 ( NP ( DT The ) ( NN offer ) ) ( VP ( VBD made ) ( NP-TMP ( NNP June ) ( CD 1 ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN extended ) ( NP-TMP ( JJ several ) ( NNS times ) ) ) ) ) )

The offer made June 1 has been extended several times


( S ( NP-SBJ ( ADJP ( RB Closely ) ( VBN held ) ) ( NNP U.S. ) ( NNP Banknote ) ) ( VP ( VBD offered ) ( NP ( NP ( NP ( DT the ) ( CD 7 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ( CC or ) ( NP ( QP ( CD 126 ) ( CD million ) ) ) ) ( PP-CLR ( IN for ) ( NP ( NP ( QP ( RB as ) ( JJ many ) ( IN as ) ( CD 14.9 ) ( CD million ) ) ( NNS shares ) ) ( CC or ) ( NP ( CD 78.6 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NNP International ) ( NNP Banknote ) ( POS 's ) ) ( NNS shares ) ) ( ADJP ( JJ outstanding ) ) ) ) ) ) ) )

Closely held U.S. Banknote offered the 7 a share or 126 million for as many as 14.9 million shares or 78.6 % of International Banknote 's shares outstanding


( S ( NP-SBJ ( NNP U.S. ) ( NNP Banknote ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( PP-TMP ( IN as ) ( PP ( IN of ) ( NP ( NNP Oct. ) ( CD 13 ) ) ) ) ( NP-SBJ-1 ( NP ( QP ( CD 16.1 ) ( CD million ) ) ( NNS shares ) ) ( CC or ) ( NP ( NP ( QP ( RB about ) ( CD 84.3 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( ADJP ( RB fully ) ( VBN diluted ) ) ( NNS shares ) ) ( ADJP ( JJ outstanding ) ) ) ) ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBN tendered ) ) ) ) ) ) ) )

U.S. Banknote said that as of Oct. 13 16.1 million shares or about 84.3 % of the fully diluted shares outstanding had been tendered


( S ( NP-SBJ ( NP ( NNP Merrill ) ( NNP Lynch ) ( CC & ) ( NNP Co. ) ( POS 's ) ) ( JJ net ) ( NN income ) ) ( VP ( VBD dropped ) ( NP-EXT ( CD 37 ) ( NN % ) ) ( SBAR-ADV ( IN while ) ( S ( S ( NP-SBJ ( NNP Bear ) ( NNP Stearns ) ( NNP Cos. ) ) ( VP ( VBD posted ) ( NP ( NP ( DT a ) ( ADJP ( CD 7.5 ) ( NN % ) ) ( NN gain ) ) ( PP ( IN in ) ( NP ( JJ net ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( NNP PaineWebber ) ( NNP Group ) ( NNP Inc. ) ( POS 's ) ) ( NN profit ) ) ( VP ( VP ( VBD fell ) ) ( CC but ) ( VP ( MD would ) ( VP ( VB have ) ( VP ( VBN risen ) ( PP-MNR ( IN without ) ( NP ( DT a ) ( JJ special ) ( NN gain ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB ago ) ) ) ) ) ) ) ) ) ) )

Merrill Lynch & Co. 's net income dropped 37 % while Bear Stearns Cos. posted a 7.5 % gain in net and PaineWebber Group Inc. 's profit fell but would have risen without a special gain a year ago


( S ( PP-LOC ( IN At ) ( NP ( NNP Merrill ) ( NNP Lynch ) ) ) ( NP-SBJ ( JJ third-period ) ( JJ net ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( QP ( CD 41 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 34 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP ( RB down ) ( PP ( IN from ) ( NP ( NP ( QP ( CD 65.6 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 58 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB ago ) ) ) ) ) )

At Merrill Lynch third-period net was 41 million or 34 cents a share down from 65.6 million or 58 cents a share a year ago


( S ( NP-SBJ ( JJ Total ) ( NN revenue ) ) ( VP ( VBN reached ) ( NP ( QP ( CD 2.83 ) ( CD billion ) ) ) ( ADVP ( RB up ) ( NP ( CD 10 ) ( NN % ) ) ( PP ( IN from ) ( NP ( QP ( CD 2.57 ) ( CD billion ) ) ) ) ) ) )

Total revenue reached 2.83 billion up 10 % from 2.57 billion


( S ( NP-SBJ ( NP ( NP ( DT The ) ( NN firm ) ( POS 's ) ) ( NN drop ) ) ( PP ( IN in ) ( NP ( JJ net ) ) ) ) ( VP ( VBD reflected ) ( NP ( NP ( NP ( JJR weaker ) ( NN revenue ) ) ( PP ( IN in ) ( NP ( NP ( NNS transactions ) ) ( PP ( IN for ) ( NP ( PRP$ its ) ( JJ own ) ( NN account ) ) ) ) ) ) ( NP ( NP ( DT a ) ( NN decline ) ) ( PP ( IN of ) ( NP ( CD 19 ) ( NN % ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 314.6 ) ( CD million ) ) ) ) ( PP ( IN on ) ( NP ( NP ( VBN reduced ) ( NN revenue ) ) ( PP ( IN from ) ( S-NOM ( VP ( VBG trading ) ( NP ( JJ fixed-income ) ( NNS securities ) ) ) ) ) ) ) ) ) ) )

The firm 's drop in net reflected weaker revenue in transactions for its own account a decline of 19 % to 314.6 million on reduced revenue from trading fixed-income securities


( S ( NP-SBJ ( NN Investment ) ( VBG banking ) ( NN revenue ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 22 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 296.6 ) ( CD million ) ) ) ) ( PP-CLR ( IN on ) ( NP ( JJR fewer ) ( UCP ( NN equity ) ( CC and ) ( JJ municipal ) ) ( NNS underwritings ) ) ) ) )

Investment banking revenue fell 22 % to 296.6 million on fewer equity and municipal underwritings


( S ( NP-SBJ ( NP ( NNP Merrill ) ( NNP Lynch ) ( POS 's ) ) ( NN commission ) ( NN revenue ) ) ( VP ( VBD grew ) ( NP-EXT ( CD 21 ) ( NN % ) ) ( ADVP ( RB however ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 462.8 ) ( CD million ) ) ) ) ( PP-CLR ( PP ( IN on ) ( NP ( JJR higher ) ( NN share ) ( NNS prices ) ( CC and ) ( NN volume ) ) ) ( CC and ) ( PP ( IN on ) ( NP ( NP ( JJ strong ) ( NNS sales ) ) ( PP ( IN of ) ( NP ( JJ mutual ) ( NNS funds ) ) ) ) ) ) ) )

Merrill Lynch 's commission revenue grew 21 % however to 462.8 million on higher share prices and volume and on strong sales of mutual funds


( S ( NP-SBJ ( NP ( NN Revenue ) ) ( VP ( VBN derived ) ( PP-CLR ( IN from ) ( NP ( NN interest ) ( CC and ) ( NNS dividends ) ) ) ) ) ( VP ( VBD jumped ) ( NP-EXT ( CD 30 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 1.4 ) ( CD billion ) ) ) ) ) )

Revenue derived from interest and dividends jumped 30 % to 1.4 billion


( S ( NP-SBJ ( JJ Asset-management ) ( NN fee ) ( NN revenue ) ) ( VP ( VBD grew ) ( NP-EXT ( CD 12 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 151 ) ( CD million ) ) ) ) ) )

Asset-management fee revenue grew 12 % to 151 million


( S ( NP-SBJ ( DT The ) ( NN brokerage ) ) ( ADVP ( RB also ) ) ( VP ( VBD reported ) ( NP ( NP ( DT a ) ( NN loss ) ) ( PP ( IN of ) ( NP ( QP ( CD 2.2 ) ( CD million ) ) ) ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( VBN discontinued ) ( NNS operations ) ( CC and ) ( NN disposal ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NNP Fine ) ( NNP Homes ) ( NNP International ) ( NNP Limited ) ( NNP Partnership ) ( NN real-estate ) ( NN subsidiary ) ) ) ) ) ) ) )

The brokerage also reported a loss of 2.2 million from the discontinued operations and disposal of its Fine Homes International Limited Partnership real-estate subsidiary


( S ( NP-SBJ ( NNP Bear ) ( NNP Stearns ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NN net ) ) ( PP ( IN in ) ( NP ( NP ( DT the ) ( JJ first ) ( NN quarter ) ) ( VP ( VBN ended ) ( NP-TMP ( NNP Sept. ) ( CD 29 ) ) ) ) ) ) ( VP ( VBD reached ) ( NP ( NP ( QP ( CD 22.1 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 23 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 20.5 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 20 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ year-earlier ) ( NN quarter ) ) ) ) ) ) ) ) )

Bear Stearns said net in the first quarter ended Sept. 29 reached 22.1 million or 23 cents a share from 20.5 million or 20 cents a share in the year-earlier quarter


( S ( NP-SBJ ( JJ Gross ) ( NN revenue ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 21 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 580.4 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 478.9 ) ( CD million ) ) ) ) ) )

Gross revenue rose 21 % to 580.4 million from 478.9 million


( S ( S-TPC-1 ( NP-SBJ ( NP ( NN Profit ) ) ( PP ( IN from ) ( NP ( NP ( NN trading ) ) ( PP ( IN for ) ( NP ( PRP$ its ) ( JJ own ) ( NN account ) ) ) ) ) ) ( VP ( VBD dropped ) ) ) ( NP-SBJ ( DT the ) ( NNS securities ) ( NN firm ) ) ( VP ( VBD said ) ) )

Profit from trading for its own account dropped the securities firm said


( S ( NP-SBJ ( NN Investment ) ( NN banking ) ( NN revenue ) ) ( VP ( VBD climbed ) ( NP-EXT ( CD 25 ) ( NN % ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( NN commission ) ( NN revenue ) ) ( VP ( VBD advanced ) ( NP-EXT ( CD 31 ) ( NN % ) ) ( PP ( IN on ) ( NP ( DT a ) ( JJR stronger ) ( JJ retail ) ( NN market ) ) ) ) ) ) ) )

Investment banking revenue climbed 25 % while commission revenue advanced 31 % on a stronger retail market


( S ( NP-SBJ ( NNP Bear ) ( NNP Stearns ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( VBG holding ) ( NN company ) ) ( PP ( IN for ) ( NP ( NP ( NNP Bear ) ( NNP Stearns ) ( CC & ) ( NNP Co. ) ) ( NP ( DT the ) ( NN investment ) ( NN banking ) ( CC and ) ( NN brokerage ) ( NN firm ) ) ) ) ) ) )

Bear Stearns is the holding company for Bear Stearns & Co. the investment banking and brokerage firm


( S ( PP-LOC ( IN In ) ( NP ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( NN composite ) ( NN trading ) ) ) ( NP-TMP ( NN yesterday ) ) ( NP-SBJ ( NNP Bear ) ( NNP Stearns ) ( NNS shares ) ) ( VP ( VBD closed ) ( PP-CLR ( IN at ) ( NP ( CD 13.625 ) ) ) ( ADVP ( RB down ) ( NP ( CD 25 ) ( NNS cents ) ) ) ) )

In New York Stock Exchange composite trading yesterday Bear Stearns shares closed at 13.625 down 25 cents


( S ( ADVP ( RB Separately ) ) ( NP-SBJ ( NNP PaineWebber ) ) ( VP ( VBD posted ) ( NP ( NP ( JJ net ) ( NN income ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 16.8 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 41 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ( S-ADV ( VP ( VBG reflecting ) ( NP ( NP ( DT a ) ( JJ broad-based ) ( NN improvement ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN core ) ( NNS businesses ) ) ) ) ) ) ) )

Separately PaineWebber posted net income for the third quarter of 16.8 million or 41 cents a share reflecting a broad-based improvement in the company 's core businesses


( S ( S ( NP-SBJ ( JJ Retail ) ( NN profit ) ) ( VP ( VBD surged ) ) ) ( CC but ) ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( RB only ) ( DT a ) ( JJ modest ) ( NN contributor ) ) ( PP ( TO to ) ( NP ( JJ third-quarter ) ( NNS results ) ) ) ) ) ) ) ) ) )

Retail profit surged but the company said it was only a modest contributor to third-quarter results


( S ( ADVP-TMP ( NP ( DT A ) ( NN year ) ) ( RB ago ) ) ( NP-SBJ ( NP ( NN net ) ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NN investment ) ( VBG banking ) ( NN firm ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( QP ( CD 20.9 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 50 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( PP ( VBG including ) ( NP ( NP ( DT a ) ( JJ special ) ( JJ pretax ) ( NN gain ) ) ( PP ( IN of ) ( NP ( QP ( CD 46.3 ) ( CD million ) ) ) ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( NN sale ) ) ( PP ( IN of ) ( NP ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN interest ) ) ( PP ( IN in ) ( NP ( NNP National ) ( NNP Car ) ( NNP Rental ) ( NNP Systems ) ( NNP Inc ) ) ) ) ) ) ) ) ) ) )

A year ago net at the New York investment banking firm was 20.9 million or 50 cents a share including a special pretax gain of 46.3 million from the sale of the company 's interest in National Car Rental Systems Inc


( S ( NP-SBJ ( NN Revenue ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( QP ( CD 444.9 ) ( CD million ) ) ) ( PP ( VBG including ) ( NP ( JJ net ) ( NN interest ) ) ) ) ( ADVP ( RB down ) ( RB slightly ) ( PP ( IN from ) ( NP ( QP ( CD 450.7 ) ( CD million ) ) ) ) ) ) )

Revenue was 444.9 million including net interest down slightly from 450.7 million


( S ( PP-LOC ( IN In ) ( NP ( NNP Big ) ( NNP Board ) ( NN composite ) ( NN trading ) ) ) ( NP-TMP ( RB yesterday ) ) ( NP-SBJ ( NNP PaineWebber ) ) ( VP ( VBD closed ) ( PP-CLR ( IN at ) ( NP ( CD 18.50 ) ) ) ( ADVP ( RB up ) ( NP ( CD 75 ) ( NNS cents ) ) ) ) )

In Big Board composite trading yesterday PaineWebber closed at 18.50 up 75 cents


( S ( NP-SBJ ( NP ( DT The ) ( JJS latest ) ( NN crewcut ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNS equities ) ( NNS markets ) ) ) ) ( VP ( VBZ reminds ) ( NP ( PRP me ) ) ( PP-CLR ( IN of ) ( NP ( NP ( DT the ) ( NN joke ) ) ( SBAR ( S ( NP-SBJ ( NNP T. ) ( NNP Boone ) ( NNP Pickens ) ) ( VP ( VBZ tells ) ) ) ) ( PP ( IN about ) ( NP ( NP ( DT the ) ( NN guy ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD was ) ( VP ( VBN run ) ( PRT ( RP over ) ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NN parade ) ) ) ) ) ) ) ) ) ) ) ) )

The latest crewcut in the equities markets reminds me of the joke T. Boone Pickens tells about the guy who was run over by the parade


( S ( SBAR-TMP ( WHADVP-2 ( WRB When ) ) ( S ( VP ( VBD asked ) ( SBARQ ( WHNP-1 ( WP What ) ) ( SQ ( VP ( VBD went ) ( ADVP-CLR ( JJ wrong ) ) ) ) ) ) ) ) ( NP-SBJ-3 ( DT the ) ( JJ unfortunate ) ( NN victim ) ) ( VP ( VBD replied ) ( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT a ) ( NN combination ) ) ( PP ( IN of ) ( NP ( NNS things ) ) ) ) ) ) ) )

When asked What went wrong the unfortunate victim replied It was a combination of things


( S ( CC And ) ( ADVP-PRD-TPC-1 ( IN so ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( PP-TMP ( IN on ) ( NP ( NNP Gray ) ( NNP Friday ) ) ) ) )

And so it was on Gray Friday


( S ( NP-SBJ-1 ( NP ( DT The ) ( JJ grand ) ( NN marshal ) ) ( PP ( IN of ) ( NP ( DT this ) ( NN parade ) ) ) ) ( VP ( MD would ) ( VP ( VB appear ) ( S ( VP ( TO to ) ( VP ( VB have ) ( VP ( VBN been ) ( NP-PRD ( JJ excess ) ( NN leverage ) ) ) ) ) ) ) ) )

The grand marshal of this parade would appear to have been excess leverage


( S ( SBAR-ADV ( RB Even ) ( IN if ) ( S ( NP-SBJ ( DT that ) ) ( VP ( VBZ is ) ( ADVP-PRD ( RB so ) ) ) ) ) ( ADVP ( RB however ) ) ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ 's ) ( ADVP ( RB probably ) ) ( NP-PRD ( DT the ) ( NN case ) ) ( SBAR-1 ( IN that ) ( S ( NP-SBJ-2 ( DT no ) ( NNS barriers ) ) ( VP ( MD should ) ( VP ( VB have ) ( VP ( VBN been ) ( VP ( VBN erected ) ( S-PRP ( VP ( TO to ) ( VP ( VB stop ) ( NP ( DT the ) ( NN procession ) ) ( PP-TMP ( IN before ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN rout ) ( NN e ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Even if that is so however it 's probably the case that no barriers should have been erected to stop the procession before the end of the rout e


( S ( NP-SBJ ( DT The ) ( NNS ceremonies ) ) ( VP ( VBD began ) ( NP-TMP-CLR ( NNP Friday ) ( NN afternoon ) ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( NN word ) ) ( VP ( VBD spread ) ( SBAR-2 ( IN that ) ( S ( NP-SBJ ( DT the ) ( NNP UAL ) ( NN buy-out ) ) ( VP ( VBD was ) ( VP ( VBG collapsing ) ) ) ) ) ) ) ) ) )

The ceremonies began Friday afternoon when word spread that the UAL buy-out was collapsing


( S ( SBAR-ADV ( IN Although ) ( S ( NP-SBJ-1 ( DT the ) ( NN union-bidder ) ) ( VP ( VBZ expects ) ( S ( VP ( TO to ) ( VP ( VB patch ) ( PRT ( RP together ) ) ( NP ( NP ( DT a ) ( JJ substitute ) ( NN offer ) ) ( VP ( VBG consisting ) ( PP-CLR ( IN of ) ( NP ( JJR less ) ( NN cash ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN failure ) ( S ( VP ( TO to ) ( VP ( VB get ) ( NP ( NN cash ) ) ( PP-CLR ( IN from ) ( NP ( JJ Japanese ) ( CC and ) ( JJ American ) ( NNS banks ) ) ) ) ) ) ) ( VP ( VBD confirmed ) ( NP ( NP ( DT a ) ( VBG growing ) ( NN fear ) ) ( PP-LOC ( IN among ) ( NP ( NNS arbitragers ) ) ) ( SBAR-2 ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NN pageant ) ) ( PP ( IN of ) ( NP ( JJ high-leverage ) ( NN takeover ) ( NNS deals ) ) ) ) ( VP ( VBZ is ) ( VP ( VBG ending ) ) ) ) ) ) ) )

Although the union-bidder expects to patch together a substitute offer consisting of less cash the failure to get cash from Japanese and American banks confirmed a growing fear among arbitragers that the pageant of high-leverage takeover deals is ending


( S ( NP-SBJ ( NP ( NNS Lots ) ) ( PP ( IN of ) ( NP ( JJ other ) ( NNS entries ) ) ) ) ( VP ( VBN made ) ( PRT ( RP up ) ) ( NP ( DT the ) ( NN parade ) ) ( PP ( IN of ) ( NP ( NN course ) ) ) ( PRN ( NP-2 ( ADVP ( RB notably ) ) ( NP ( NP ( DT a ) ( ADJP ( RB surprisingly ) ( JJ large ) ) ( NN increase ) ) ( PP ( IN in ) ( NP ( NN producer ) ( NNS prices ) ) ) ( VP ( VBG signalling ) ( NP ( NNP Federal ) ( NNP Reserve ) ( NN tightness ) ) ) ) ( CC and ) ( NP ( NP ( NP ( DT the ) ( NNP Bush ) ( NN administration ) ( POS 's ) ) ( PRN ( JJ temporary ) ) ( NN defeat ) ) ( PP ( IN in ) ( S-NOM ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB lower ) ( NP ( DT the ) ( NNS capital-gains ) ( NN tax ) ) ) ) ) ) ) ) ) ) ) ) )

Lots of other entries made up the parade of course notably a surprisingly large increase in producer prices signalling Federal Reserve tightness and the Bush administration 's temporary defeat in trying to lower the capital-gains tax


( S ( PP ( IN As ) ( ADJP ( JJ usual ) ) ) ( NP-SBJ-1 ( NP ( JJ few ) ( JJ favorable ) ( NNS reviews ) ) ) ( VP ( VBD were ) ( VP ( VBN heard ) ( PP-3 ( IN for ) ( NP ( NP ( DT that ) ( JJ ever-present ) ( VBG marching ) ( NN band ) ) ( PP ( IN of ) ( NP ( NN program ) ( NNS traders ) ) ) ) ) ( SBAR-ADV ( IN although ) ( S ( NP-SBJ ( JJS most ) ( JJ serious ) ( NNS studies ) ) ( VP ( VBP suggest ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( ADVP ( RB only ) ) ( VB play ) ( NP ( NP ( DT the ) ( NN music ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( NP-SBJ ( NNS others ) ) ( VP ( VBP write ) ) ) ) ) ) ) ) ) ) ) ) ) )

As usual few favorable reviews were heard for that ever-present marching band of program traders although most serious studies suggest they only play the music that others write


( S ( SBAR-NOM-SBJ ( WHNP-1 ( WP What ) ) ( S ( VP ( ADVP ( RB really ) ) ( VBD spooked ) ( NP ( NP ( DT the ) ( NNS crowds ) ) ( PP-LOC ( IN along ) ( NP ( NNP Wall ) ( NNP Street ) ) ) ) ) ) ) ( ADVP ( RB however ) ) ( VP ( VBD was ) ( NP-PRD ( DT the ) ( JJ sudden ) ( NN concern ) ( SBAR ( IN that ) ( S ( SBAR-ADV ( WHNP ( WDT whatever ) ) ( FRAG ( NP ( DT the ) ( NN reason ) ) ) ) ( NP-SBJ ( NP ( DT the ) ( NN pool ) ) ( PP ( IN of ) ( NP ( NN debt ) ( NN capital ) ) ) ) ( VP ( VBZ is ) ( VP ( VBG drying ) ( PRT ( RP up ) ) ) ) ) ) ) ) )

What really spooked the crowds along Wall Street however was the sudden concern that whatever the reason the pool of debt capital is drying up


( S ( NP-SBJ ( NNP Gray ) ( NNP Friday ) ) ( VP ( VBZ reflects ) ( NP ( NP ( DT a ) ( NN panic ) ) ( PP ( RB mainly ) ( IN by ) ( NP ( NP ( DT the ) ( NN takeover ) ( NNS arbitragers ) ) ( CONJP ( RB rather ) ( IN than ) ) ( NP ( DT the ) ( JJ small ) ( NN investor ) ) ) ) ) ( SBAR ( RB as ) ( S ( NP-SBJ-1 ( NP ( PRP$ their ) ( ADJP ( RB highly ) ( VBN margined ) ) ( NNS investments ) ) ( PP ( IN in ) ( NP ( DT the ) ( NN deal ) ( NNS stocks ) ) ) ) ( VP ( VBP are ) ( VP ( VBN jeopardized ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( JJ unexpected ) ( VBG drying ) ( RP up ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN lubricant ) ) ( PP ( IN for ) ( NP ( NN deal ) ( NN financing ) ) ) ) ) ) ) ) ) ) ) ) )

Gray Friday reflects a panic mainly by the takeover arbitragers rather than the small investor as their highly margined investments in the deal stocks are jeopardized by the unexpected drying up of the lubricant for deal financing


( S ( NP-SBJ ( NN Deal ) ( NNS stocks ) ) ( VP ( VBD led ) ( NP ( DT the ) ( NN market ) ) ( ADVP-DIR ( RB down ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD absorbed ) ( NP ( DT the ) ( JJS heaviest ) ( NNS losses ) ) ) ) ) ) )

Deal stocks led the market down as they absorbed the heaviest losses


( S ( NP-SBJ ( NP ( NNP UAL ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD triggered ) ( NP ( DT the ) ( NN slide ) ) ) ) ) ) ( VP ( VBD opened ) ( NP-TMP ( NNP Monday ) ) ( PP-CLR ( IN at ) ( NP ( CD 224 ) ) ) ( ADVP ( RB down ) ( NP ( QP ( RB about ) ( CD 20 ) ) ( NN % ) ) ( PP ( IN from ) ( NP-TMP ( NP ( NNP Thursday ) ( POS 's ) ) ( NN close ) ) ) ) ) )

UAL which triggered the slide opened Monday at 224 down about 20 % from Thursday 's close


( S ( NP-SBJ ( NNP AMR ) ) ( VP ( VBD opened ) ( NP-TMP ( NNP Monday ) ) ( PP-CLR ( IN at ) ( NP ( CD 80 ) ) ) ( ADVP ( RB down ) ( NP ( QP ( RB nearly ) ( CD 20 ) ) ( NN % ) ) ( PP ( IN from ) ( NP-TMP ( NP ( NNP Thursday ) ( POS 's ) ) ( NN close ) ) ) ) ) )

AMR opened Monday at 80 down nearly 20 % from Thursday 's close


( S ( NP-SBJ ( DT Both ) ) ( VP ( VBD took ) ( NP ( JJ further ) ( NNS hits ) ) ( NP-TMP ( NN yesterday ) ) ) )

Both took further hits yesterday


( S ( S ( NP-SBJ ( NNP Hilton ) ) ( VP ( VBD lost ) ( NP-EXT ( CD 20 ) ( NN % ) ) ( PP-TMP ( IN on ) ( NP ( NNP Friday ) ) ) ) ) ( S ( NP-SBJ ( NNP Paramount ) ) ( VP ( VBD lost ) ( NP ( QP ( RB almost ) ( CD 11 ) ) ( NN % ) ) ) ) )

Hilton lost 20 % on Friday Paramount lost almost 11 %


( S ( NP-SBJ ( DT A ) ( JJ careful ) ( NN look ) ) ( VP ( VBZ reveals ) ( SBAR ( IN that ) ( S ( SBAR-ADV ( WHADVP-3 ( WRB where ) ) ( S ( NP-SBJ-1 ( NN deal ) ( NN financing ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN secured ) ) ) ) ) ) ( NP-SBJ-2 ( NP ( DT the ) ( NN target ) ( POS 's ) ) ( NN stock ) ( NN price ) ) ( VP ( VBD was ) ( RB not ) ( VP ( VBN affected ) ( PP-TMP ( IN on ) ( NP ( NNP Friday ) ) ) ) ) ) ) ) )

A careful look reveals that where deal financing has been secured the target 's stock price was not affected on Friday


( S ( NP-SBJ ( NP ( DT The ) ( JJ multibillion-dollar ) ( NNS prospects ) ) ( SBAR ( WHADVP-2 ( WRB where ) ) ( S ( NP-SBJ ( DT the ) ( NN bidder ) ) ( VP ( MD must ) ( VP ( VP ( VB line ) ( PRT ( RP up ) ) ( NP ( NP ( DT a ) ( NN consortium ) ) ( PP ( IN of ) ( NP ( NNS banks ) ) ) ) ) ( CC and\/or ) ( VP ( NN issue ) ( NP ( NP ( NNS billions ) ) ( PP ( IN in ) ( NP ( JJ high-yield ) ( NN debt ) ) ) ) ) ) ) ) ) ) ( VP ( VBD were ) ( SBAR-LOC-PRD ( WHADVP-3 ( WRB where ) ) ( S ( NP-SBJ-1 ( DT the ) ( NN damage ) ) ( VP ( VBD was ) ( VP ( VBN concentrated ) ) ) ) ) ) )

The multibillion-dollar prospects where the bidder must line up a consortium of banks and\/or issue billions in high-yield debt were where the damage was concentrated


( S ( NP-SBJ ( NP ( DT The ) ( NN market ) ) ( PP ( IN for ) ( NP ( JJ so-called ) ( NN junk ) ( NNS bonds ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBG setting ) ( NP-CLR ( DT the ) ( NN stage ) ) ( PP-CLR ( IN for ) ( NP ( NP ( NNP Friday ) ( POS 's ) ) ( JJ dramatic ) ( NN march ) ) ) ( PP-TMP ( IN for ) ( NP ( JJ several ) ( NNS weeks ) ) ) ) ) ) )

The market for so-called junk bonds has been setting the stage for Friday 's dramatic march for several weeks


( S ( NP-SBJ ( NP ( DT The ) ( VBG growing ) ( JJ financial ) ( NNS difficulties ) ) ( PP ( IN of ) ( NP ( NP ( JJ recent ) ( JJ high-leverage ) ( NNS restructurings ) ( CC or ) ( NNS takeovers ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NP ( NNP Resorts ) ( NNP International ) ) ( NP ( NNP Integrated ) ( NNP Resources ) ) ( CC and ) ( NP ( NP ( NNP Campeau ) ( POS 's ) ) ( NN retailing ) ( NN empire ) ) ) ) ) ) ) ( VP ( VBP have ) ( VP ( VBN cast ) ( NP-CLR ( DT a ) ( NN pall ) ) ( PP-CLR ( IN over ) ( NP ( NP ( DT the ) ( JJ entire ) ( NN market ) ) ( PP ( IN for ) ( NP ( JJ high-yield ) ( NNS securities ) ) ) ) ) ) ) )

The growing financial difficulties of recent high-leverage restructurings or takeovers such as Resorts International Integrated Resources and Campeau 's retailing empire have cast a pall over the entire market for high-yield securities


( S ( NP-SBJ-1 ( NNS Investors ) ) ( VP ( VBP have ) ( VP ( VBN reacted ) ( PP-MNR ( PP ( IN by ) ( S-NOM ( VP ( VBG ignoring ) ( NP ( NP ( JJ recent ) ( NNS efforts ) ( S ( VP ( TO to ) ( VP ( VB float ) ( NP ( NN junk ) ( NNS bonds ) ) ) ) ) ) ( PP ( IN by ) ( NP ( NNP Ohio ) ( NNP Mattress ) ) ) ) ) ) ) ( CC and ) ( PP ( IN by ) ( S-NOM ( VP ( VBG forcing ) ( S ( NP-SBJ ( NNP Ramada ) ) ( VP ( TO to ) ( VP ( VB postpone ) ( ADVP ( RB indefinitely ) ) ( NP ( PRP$ its ) ( VBN planned ) ( NN junk-bond ) ( NN sale ) ( CC and ) ( NN restructuring ) ) ) ) ) ) ) ) ) ) ) )

Investors have reacted by ignoring recent efforts to float junk bonds by Ohio Mattress and by forcing Ramada to postpone indefinitely its planned junk-bond sale and restructuring


( S ( PP ( IN As ) ( NP ( DT a ) ( NN result ) ) ) ( S ( NP-SBJ ( JJ high-yield ) ( JJ mutual ) ( NNS funds ) ) ( VP ( VBP have ) ( VP ( VBN declined ) ( PP-LOC ( IN across ) ( NP ( DT the ) ( NN board ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( DT the ) ( JJ many ) ( NNS firms ) ) ( VP ( VBG planning ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( NP ( QP ( CD 11 ) ( CD billion ) ) ) ( PP ( IN in ) ( NP ( NN junk ) ( NNS bonds ) ) ) ) ( PP-TMP ( IN before ) ( NP ( NN year-end ) ) ) ) ) ) ) ) ( VP ( VBP are ) ( VP ( VBG experiencing ) ( NP ( JJ anxious ) ( NNS times ) ) ) ) ) )

As a result high-yield mutual funds have declined across the board and the many firms planning to sell 11 billion in junk bonds before year-end are experiencing anxious times


( S ( S ( NP-SBJ ( DT These ) ) ( VP ( VBP are ) ( DT all ) ( NP-PRD ( NP ( NN market ) ( NNS excesses ) ) ( PRN ( S ( VP ( VBG putting ) ( PRT ( RP aside ) ) ( NP ( NP ( DT the ) ( JJ artificial ) ( NNS boosts ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( NP-SBJ ( DT the ) ( NN tax ) ( NN code ) ) ( VP ( VBZ gives ) ( PP-DTV ( TO to ) ( NP ( NN debt ) ) ) ( PP ( IN over ) ( NP ( NN equity ) ) ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( SBAR-NOM-SBJ ( WHNP-2 ( WP what ) ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP 've ) ( VP ( VBN seen ) ) ) ) ) ( VP ( VBZ is ) ( S-PRD ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBG reining ) ( NP ( PRP them ) ) ( PRT ( RP in ) ) ) ) ) ) )

These are all market excesses putting aside the artificial boosts that the tax code gives to debt over equity and what we 've seen is the market reining them in


( S ( S ( PP ( IN Of ) ( NP ( NN course ) ) ) ( S ( NP-SBJ ( NNP Washington ) ) ( VP ( VBD had ) ( RB n't ) ( VP ( VBN been ) ( ADJP-PRD ( JJ silent ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( NNS days ) ) ( VP ( VBG leading ) ( PRT ( RP up ) ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NN debacle ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP$ its ) ( NN tendency ) ( S ( VP ( TO to ) ( VP ( VB meddle ) ( PP-LOC-CLR ( IN in ) ( NP ( DT the ) ( NN leverage ) ( NN equation ) ) ) ) ) ) ) ( VP ( VBZ remains ) ( NP-PRD ( DT a ) ( JJ troublesome ) ( NN prospect ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( DT those ) ( JJ preliminary ) ( NNS steps ) ) ( VP ( MD should ) ( RB n't ) ( VP ( VB distract ) ( NP ( PRP us ) ) ( PP-CLR ( IN from ) ( NP ( NP ( DT the ) ( JJ basic ) ( NN market ) ( NN fundamentalism ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD was ) ( PP-PRD ( IN at ) ( NP ( NN work ) ) ) ( PP-TMP ( IN on ) ( NP ( NNP Friday ) ) ) ) ) ) ) ) ) ) ) )

Of course Washington had n't been silent in the days leading up to the debacle and its tendency to meddle in the leverage equation remains a troublesome prospect but those preliminary steps should n't distract us from the basic market fundamentalism that was at work on Friday


( SBARQ ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ correct ) ) ( S-1 ( VP ( TO to ) ( VP ( VB find ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNS concerns ) ) ( PP ( IN over ) ( NP ( NP ( JJ corporate ) ( NN debt ) ) ( CC and ) ( NP ( NNS LBOs ) ) ) ) ) ( VP ( VBD caused ) ( NP ( NNP Gray ) ( NNP Friday ) ) ) ) ) ) ) ) ) ) ) ( WHNP-2 ( WP what ) ) ( SQ ( VBP are ) ( NP-PRD ( NP ( DT the ) ( NNS implications ) ) ( PP ( IN for ) ( NP ( NN policy ) ( NNS makers ) ) ) ) ) )

If it is correct to find that concerns over corporate debt and LBOs caused Gray Friday what are the implications for policy makers


( S ( ADVP ( IN After ) ( DT all ) ) ( NP-SBJ-1 ( NP ( NP ( DT the ) ( NN stock ) ( NN market ) ( POS 's ) ) ( NN response ) ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NN collapse ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP UAL ) ( NN deal ) ) ) ) ) ) ( VP ( MD might ) ( VP ( VB be ) ( VP ( VBN taken ) ( S ( VP ( TO to ) ( VP ( VB confirm ) ( NP ( NP ( DT the ) ( JJ anti-debt ) ( NN direction ) ) ( PP ( IN of ) ( NP ( NNS regulators ) ) ) ) ) ) ) ) ) ) )

After all the stock market 's response to the collapse of the UAL deal might be taken to confirm the anti-debt direction of regulators


( SQ ( VBZ Is ) ( NP-SBJ ( DT this ) ) ( NP-PRD ( NP ( DT a ) ( NN case ) ) ( SBAR ( WHADVP-1 ( WRB where ) ) ( S ( NP-SBJ ( JJ private ) ( NNS markets ) ) ( VP ( VBP are ) ( VP ( VBG approving ) ( PP-CLR ( IN of ) ( NP ( NP ( NP ( NNP Washington ) ( POS 's ) ) ( NN bashing ) ) ( PP ( IN of ) ( NP ( NNP Wall ) ( NNP Street ) ) ) ) ) ) ) ) ) ) )

Is this a case where private markets are approving of Washington 's bashing of Wall Street


Absolutely not


( S ( PP ( TO To ) ( NP ( NP ( DT the ) ( NN extent ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNP Friday ) ( POS 's ) ) ( NN sell-off ) ) ( VP ( VBD reflected ) ( NP ( NP ( DT a ) ( JJ sudden ) ( NN reappraisal ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNS excesses ) ) ( PP ( IN of ) ( NP ( NN leverage ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN message ) ) ( VP ( VBZ is ) ( SBAR-PRD ( DT that ) ( S ( NP-SBJ-1 ( NP ( NNP Wall ) ( NNP Street ) ) ( CC and ) ( NP ( DT the ) ( JJ private ) ( NNS markets ) ) ) ( VP ( VBP are ) ( ADJP-PRD ( RB fully ) ( JJ capable ) ( PP ( IN of ) ( S-NOM ( VP ( VBG imposing ) ( NP ( DT the ) ( JJ appropriate ) ( NNS incentives ) ( CC and ) ( NNS sanctions ) ) ( PP ( IN on ) ( NP ( JJ corporate ) ( NN behavior ) ) ) ) ) ) ) ) ) ) ) )

To the extent that Friday 's sell-off reflected a sudden reappraisal of the excesses of leverage the message is that Wall Street and the private markets are fully capable of imposing the appropriate incentives and sanctions on corporate behavior


( S ( NP-SBJ-1 ( DT The ) ( JJ national ) ( JJ economic ) ( NNS interests ) ) ( VP ( VBP are ) ( VP ( ADVP ( RB much ) ( RB better ) ) ( VBN served ) ( S-MNR ( VP ( VBG allowing ) ( S ( NP-SBJ ( NP ( DT the ) ( JJ private ) ( NNS interests ) ) ( PP ( IN of ) ( NP ( NNS bankers ) ( CC and ) ( NNS investors ) ) ) ) ( VP ( VB be ) ( NP-PRD ( NP ( DT the ) ( JJ ultimate ) ( NNS judges ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN investment ) ( NN quality ) ) ( PP ( IN of ) ( NP ( NP ( JJ various ) ( NNP LBO ) ( NNS deals ) ) ( CC and ) ( NP ( VBN leveraged ) ( NNS restructurings ) ) ) ) ) ) ) ) ) ) ) ) ) )

The national economic interests are much better served allowing the private interests of bankers and investors be the ultimate judges of the investment quality of various LBO deals and leveraged restructurings


( S ( NP-SBJ ( NP ( NP ( DT The ) ( JJ recent ) ( NNS difficulties ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN junk-bond ) ( NNS markets ) ) ) ) ( CC and ) ( NP ( NP ( DT the ) ( NN scarcity ) ) ( PP ( IN of ) ( NP ( NP ( NN bank ) ( NN capital ) ) ( PP ( IN for ) ( NP ( JJ recent ) ( NNS deals ) ) ) ) ) ) ) ( VP ( VBZ underscores ) ( NP ( NP ( DT the ) ( NN wisdom ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG letting ) ( S ( NP-SBJ ( DT the ) ( JJ free ) ( NNS markets ) ) ( VP ( VB operate ) ) ) ) ) ) ) ) )

The recent difficulties in the junk-bond markets and the scarcity of bank capital for recent deals underscores the wisdom of letting the free markets operate


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( NN takeover ) ( NNS premiums ) ) ( VP ( VBP become ) ( ADJP-PRD ( JJ excessive ) ) ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( NNP LBO ) ( NNS dealmakers ) ) ( VP ( VBP become ) ( ADJP-PRD ( RB too ) ( JJ aggressive ) ) ) ) ) ( ADVP ( RB then ) ) ( S ( NP-SBJ ( DT the ) ( JJ private ) ( NN market ) ) ( VP ( MD will ) ( VP ( VB recognize ) ( NP ( DT these ) ( NNS problems ) ) ( ADVP ( ADVP ( RBR more ) ( RB quickly ) ( CC and ) ( RB accurately ) ) ( SBAR ( IN than ) ( SINV ( VP ( MD will ) ) ( NP-SBJ ( NN policy ) ( NNS makers ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( DT the ) ( NNS markets ) ) ( VP ( MD will ) ( VP ( VB move ) ( PP-MNR ( IN with ) ( NP ( NN lightning ) ( NN speed ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB impose ) ( NP ( JJ appropriate ) ( NNS sanctions ) ) ) ) ) ) ) ) )

If takeover premiums become excessive if LBO dealmakers become too aggressive then the private market will recognize these problems more quickly and accurately than will policy makers and the markets will move with lightning speed to impose appropriate sanctions


( S ( S ( INTJ ( UH Yes ) ) ( NP-SBJ ( DT the ) ( JJR broader ) ( NNS exchanges ) ) ( VP ( VBD got ) ( VP ( VBN caught ) ( PRT ( RP up ) ) ( PP-CLR ( IN in ) ( NP ( DT the ) ( NN spiral ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD rode ) ( NP ( DT the ) ( NN tiger ) ) ( ADVP-DIR ( RB up ) ) ( NP-TMP ( DT all ) ( NN year ) ) ) ) )

Yes the broader exchanges got caught up in the spiral but they rode the tiger up all year


( S ( ADVP ( RB Not ) ( RB surprisingly ) ) ( NP-SBJ ( PRP he ) ) ( ADVP-TMP ( RB sometimes ) ) ( VP ( VBZ bites ) ) )

Not surprisingly he sometimes bites


( S ( NP-SBJ-1 ( DT The ) ( NX ( NX ( NNS arbitragers ) ) ( CC and ) ( NX ( NN takeover ) ( NNS initiatiors ) ) ) ) ( VP ( VBD got ) ( VP ( VBN killed ) ( PP-TMP ( IN on ) ( NP ( NNP Gray ) ( NNP Friday ) ) ) ( SBAR-TMP ( IN while ) ( S ( NP-SBJ ( NP ( DT the ) ( VBN besieged ) ( NNS managers ) ) ( PP ( IN of ) ( NP ( JJ prospective ) ( NNS targets ) ) ) ) ( VP ( VBD cheered ) ( ADVP-MNR ( RB lustily ) ) ) ) ) ) ) )

The arbitragers and takeover initiatiors got killed on Gray Friday while the besieged managers of prospective targets cheered lustily


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP identify ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( JJ besieged ) ( NNS managers ) ) ) ) ) ) ( NP-SBJ ( PRP you ) ) ( VP ( MD must ) ( VP ( VB concede ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( JJ speedy ) ( CC and ) ( JJ effective ) ( NN relief ) ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( NNS excesses ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN takeover ) ( NN market ) ) ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( ADJP ( RBR more ) ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB come ) ( PP-CLR ( IN from ) ( NP ( DT the ) ( NN marketplace ) ) ) ) ) ) ) ( PP ( IN than ) ( PP ( IN from ) ( NP ( NNP Washington ) ) ) ) ) ) ) ) ) ) )

If you identify with the besieged managers you must concede that speedy and effective relief from the excesses of the takeover market is more likely to come from the marketplace than from Washington


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP side ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( NNS arbitragers ) ( CC and ) ( NNS raiders ) ) ) ) ) ) ( NP-SBJ-2 ( PRP you ) ) ( ADVP ( RB clearly ) ) ( VP ( VBP have ) ( ADJP ( ADJP ( JJR more ) ( S ( VP ( TO to ) ( VP ( VB fear ) ( PP-CLR ( IN from ) ( NP ( JJ private ) ( NNS investors ) ) ) ) ) ) ) ( PP ( IN than ) ( PP ( IN from ) ( NP ( NNS regulators ) ) ) ) ) ( SBAR-ADV ( IN although ) ( S ( NP-SBJ-1 ( DT the ) ( NNP Delaware ) ( NNS courts ) ) ( VP ( MD should ) ( ADVP-TMP ( RB never ) ) ( VP ( VB be ) ( VP ( VBN underestimated ) ) ) ) ) ) ) )

If you side with the arbitragers and raiders you clearly have more to fear from private investors than from regulators although the Delaware courts should never be underestimated


( S ( NP-SBJ ( DT The ) ( NN truth ) ) ( VP ( VBZ is ) ( S-PRD ( NP-SBJ ( NNP Washington ) ) ( VP ( VBZ understands ) ( NP ( NNS politics ) ) ( ADVP ( ADVP ( JJR better ) ) ( PP ( IN than ) ( NP ( NNS economics ) ) ) ) ) ) ) )

The truth is Washington understands politics better than economics


( S ( SBAR-ADV ( IN Although ) ( S ( NP-SBJ-1 ( DT the ) ( JJ average ) ( NN citizen ) ) ( VP ( VBZ is ) ( ADVP ( RB probably ) ) ( VP ( RB not ) ( VBN harmed ) ( ADVP ( RB too ) ( RB much ) ) ( PP-CLR ( IN from ) ( NP ( NP ( NP ( NNP Washington ) ( POS 's ) ) ( JJ rhetorical ) ( NN war ) ) ( PP ( IN against ) ( NP ( NNP Wall ) ( NNP Street ) ) ) ( VP ( VBG regarding ) ( NP ( JJ excessive ) ( JJ financial ) ( VBG leveraging ) ) ) ) ) ) ) ) ) ( NP-SBJ ( JJ actual ) ( NN legislation ) ) ( VP ( MD would ) ( ADVP ( RB probably ) ) ( VP ( VB impose ) ( NP ( JJ considerable ) ( NN harm ) ) ) ) )

Although the average citizen is probably not harmed too much from Washington 's rhetorical war against Wall Street regarding excessive financial leveraging actual legislation would probably impose considerable harm