I guess "Bad Santa" has to work overtime this year........
Tippe mal das "Bad Santa"dieses Jahr ein paar mal mehr ausrücken muß........
Exports fell 26.7 percent from a year earlier, the Finance Ministry said today in Tokyo. That was more than the 22.3 percent decline estimated by economists and the sharpest since comparable data were made available in 1980.
Shipments to the U.S. slid an unprecedented 34 percent and sales to China slumped the most in 13 years
The government today lowered its assessment of the world’s second-largest economy, saying it’s “worsening” for the first time since 2002. Gross domestic product shrank in the past two quarters, sending Japan into its first recession since 2001.
Toyota, Honda Motor Co. and Sony Corp. are among the companies that are shedding thousands of workers and closing production lines as profits dwindle. Car exports slid 32 percent last month, the most ever, and semiconductors slumped 29 percent, the ministry said.
UPDATE : Toyota Forecasts First Operating Loss in 71 Years on Yen, Sales
Compounding the drop in demand is the stronger yen, which erodes overseas profits. Every 1 yen gain against the dollar and euro trims Toyota’s annual operating profit by 40 billion yen and 6 billion yen, according to the company. The carmaker in November based its second-half earnings outlook on 100 yen to the dollar and 130 yen to the euro.
Today’s report showed the global recession is spreading to the emerging markets that propped up exports as demand from the U.S. and Europe evaporated. Exports to Asia fell 27 percent, the most in 22 years. Shipments to China, Japan’s largest trading partner, tumbled 25 percent, the steepest decline since 1995.
Exports to Europe slid 31 percent, the second-most ever.
South Korea to investigate foreign brokerages (FT) South Korean’s broking regulator is to investigate all “sell” recommendations by foreign brokeragesmade in the last three months in the wake of a fall of nearly 40 per cent in the benchmark Kospi index this year.
“The public consensus is that foreign research reports are having a negative impact on stock prices,” the KSDA said. “The public see some problems about their fairness so we want to review the reports.”
the association is not asking for research reports from local brokerages, which rarely issue “sell” recommendationsThe KSDA conducted a similar probe into both domestic and foreign brokerages two years ago.
In October, the FSS warned JP Morgan about a research report recommending that investors sell Hana Financial Group shares, saying that the recommendation was based on “too conservative” non-performing loans ratio.JP Morgan later terminated coverage of Hana, saying that it cannot have access to necessary information critical to its research. JP Morgan declined to comment on the case.
Reuters World number two truckmaker Volvo said on Tuesday deliveries had tumbled 21 percent year-on-year in November and that its order book was shrinking rapidly amid a sharp market contraction.
Volvo, whose brands include Renault, Nissan Diesel and Mack as well as its own name, said deliveries fell 42 percent in its biggest market, Europe, and 22 percent in North America.
Volvo has already suffered the effects of this decline, reporting in late October a 100 percent fall in order bookings after clearing its books of uncertain orders and cancellations ( see Number / Shocker Of The Day "Volvo New Truck Orders"..... ) . .
Volvo said a weak order trend from the third quarter had continued
with the number of cancelled orders in October and November eclipsing new orders by some 1,800 trucks in Europe.
"When we saw zero order intake in the third quarter, it looked like this couldn't get any worse -- but it has," said an analyst who asked not to be identified.
"A negative order intake in Europe, that probably had not been anticipated by the market."
When priced in gold, the US stock market has been in a bear market for the entire 21st century.
Bernie Madoff: The Indictment Original Filing / Original Anklagegeschrift via Henry Blodget / Clusterstock A MUST READ!
He Madoff with how much??? FT Alphaville
“This guy has managed to produce 1-1.2% PER MONTH, year after year after year…” Quote from a ( now money losing ...) client on May 2 2008 ...... via FT Alphaville
Madoff ‘Big Lie’ Hits Fairfield Sentry, Kingate Funds Bloomberg
A $50 Billion Fraud? So Where is the Money? Naked Capitalism
Ex-Nasdaq-Chef wegen Milliarden-Betrugsverdacht festgenommen Der Spiegel
The Madoff Complaint Calculated Risk
Bernie Comes Out of the Closet Cassandra Does Tokyo
> Hard to believe that this "likable" person has probably committed the "mother Of All Ponzi Schemes"....
> Fällt einem schwer zu glauben das dieser "sympatische" ältere Herr die "Mutter aller Schneeballsysteme durchgezogen hat.....
> Too bad that Madoff couldn´t hide his losses under some kind of level 3 accounting......
> Zu dumm das im Gegensatz zu den Banken Madoff seine Verluste nicht hinter der Level 3 Bilanzkosmetik verschleiern konnte......
Thanks again to Wall Street Follies
One way to combat the mess of a bubble popping is, as Dresdner puts it,“reducing confidence in the value of money” — i.e. creating inflation.What the rise in the US and UK gold price tells us is that those two countries (assuming gold is in fact acting as an inflationary hedge here) are not shying away from their inflationary task.
They are, unlike Japan, really going for it.
Japan had no Japanese precedent to study. The last experience of deflation was buried so far in the past that anyone predicting a recurrence could be safely dismissed as a crank. The BoJ was dominated by inflation vigilantes who bitterly rued inflating the bubble and were determined at all costs to avoid a repeat. They remained far behind the curve and allowed growth in the monetary base to collapse. The contrast with the United States could not be clearer. Ben Bernanke is an authority on the historical experiences of deflation, and in his famous speech of 2002 laid out his playbook for all to see.And to conclude:
No policy response to a post-bubble bust can ever be free of unintended consequences. The speed and scale of the current economic fiasco as good as ensures that the mistakes will be serious. The key question for investors is whether over the long haul their bias will be deflationary (too little, too late) or inflationary (too much, too fast). Given the different pressures that policymakers are working under, we find it hard to believe that the world as a whole will choose the Japanese path.UPDATE: Prefect timing.....
Lightstone Group LLC, Lakewood, N.J., bought Extended Stay from Blackstone Group LP for $8 billion in April 2007. The deal was highly leveraged, hastening Extended Stay's troubles. The chain has no major debt expirations due soon
( OKTOBER 2007 ) The sale, for $26 billion including debt, is a record for the hotel industry. New York-based Blackstone, which already owns the La Quinta lodging chain, joins Apollo Management LP and TPG Inc. in targeting hotel companies for their cash flow and real estate.
An Extended Stay failure reveals how a commercial real-estate downturn could ripple through the financial system.
When Lightstone Group and preferred equity partner Arbor Realty Trust bought Extended Stay from private-equity firm Blackstone Group in 2007, it borrowed more than $7.4 billion. Wachovia Corp., Bank of America Corp., Merrill Lynch & Co. and Fortress Investment Group put in $3.1 billion in so-called mezzanine financing, which isn't as highly secured as other types of debt. People involved in the transaction say an analysis of the company's value shows that much or all of the mezzanine debt could be wiped out in any renegotiated deal.Bondholders have hired Houlihan Lokey Howard & Zukin for restructuring talks.
Lightstone, with help from Arbor Realty, arranged to put down just $600 million of equity, or 8% of the total price. (Blackstone, which made about $3 billion on the sale, kept an equity interest.)Mr. Lichtenstein saw increasing demand from business travelers who needed hotel accommodations for weeks or even months at a time. He also believed he could unlock value at Extended Stay by taking advantage of the chain's size and paying more attention to management.
A couple of months after the deal closed, Mr. Lichtenstein acknowledged the easy money that helped him complete the deal had disappeared. "We were one of the last deals in," he said.
In a report by the ratings agency Standard & Poor’s, 86 companies weren’t meeting their debt obligations through mid-November of this year, with 53 of those, or 62 percent, having ties to private-equity firms at one point in their lives.
Since the third quarter of fiscal 2005, when our repurchase plan was first approved, we have repurchased approximately 41.4 million of our common shares at a total cost of $4.9 billion pursuant to the program. As of November 28, 2008, we had approximately 123.6 million common shares outstanding.
> You do the math........ My calculator shows something close to $ 117........ To put things into perspective......Todays marketcap is just 4.5 billion........
> Wer nachrechnen möchte dürfte wie ich auf ne Summe nahe von 117 $ kommen...... Um das ganze besser ins Verhältnis zu setzen sollte man wissen das die Marktkapitalisierung heute knapp 4,5 Mrd $ beträgt......
> More "healthy" news from the latest Sears release
> Mehr "gesunde" Details der letzten Sears Veröffentlichung.......
During the first three quarters of 2008, significant uses of cash included share repurchases of $558 million (as discussed further below), capital expenditures of $395 million, pension contributions of $204 million, net long-term debt repayments of $196 million and payments on commercial paper borrowings of $129 million. These amounts were offset by a $1.9 billion increase in short-term borrowings, primarily through borrowing on our $4 billion credit facility. Had $94 million of our short-term investment in The Reserve Primary Fund been available short-term borrowings would have increased by $1.8 billion.
Our domestic comparable store sales declined 8.7% during the month of November 2008. This decline includes a decline in comparable store sales of 7.8% at Sears Domestic and 10.0% at Kmart. The month of November 2008 includes two days of the holiday shopping season compared to the month of November 2007 which included nine days due to a one-week shift in the Thanksgiving holiday.
The Company also announced today that its Board of Directors has approved the repurchase of up to an additional $500 million of the Company's common shares. This authorization is in addition to the $72 million worth of shares that currently remain available for repurchase under the Company's existing repurchase programAfter careful consideration and a review of the company's valuation, prospects, cash flow and liquidity, we believe that our shares represent an attractive investment for our shareholdersGiven the difficult retail environment and its effect on our free cash flow, we have reduced our rate of repurchases throughout 2008 as we worked to retain flexibility to pursue opportunities and address contingencies. With significant assets and cash flow, we believe Sears Holdings has the flexibility to continue to invest in our business, repay debt, and consider acquisitions opportunities as well."
We allocate capital to initiatives that we believe will provide the greatest returns and create the most value for our shareholders. 2006 was no different, as we deployed capital to repurchase shares,......., as follows: $816 million used for share repurchases (we repurchased over 6 million shares in the year at an average price of about $133 per share);> Definitley a new quality of the phrase " provide greatest return & most value for shareholders".........
The company repurchased 9.6 million of its shares for a total of $1.5 billion during the second quarter ( $ 156,25 )November 2007
We repurchased 6.7 million common shares at a total cost of $0.9billion (or $131.72 per share) under our share repurchase program duringthe third quarter of fiscal 2007Jan 2008
During the ten weeks ended January 11, 2008, we repurchased 4.9 million common shares at a total cost of $513 million (or $105.46 per share) under our share repurchase program.> Too bad that Sears isn´t important enough for a bailout......... :-)
> AMEN!“Millions of Americans,” croaked the US Treasury secretary, were being denied credit or facing rising credit card rates, “making it more expensive for families to finance everyday purchases”.
The notion that families should finance everyday purchases on credit, the anchor commented, “suggests Washington has still to understand what brought us there in the first place”.
About 50% of U.S. companies have below-investment-grade credit ratings, making the $750 billion junk-bond market a vital source of financing for car makers, airlines, retailers, utilities, restaurant chains and media companies
>The next chart is making things even scarier........ Within the "junk" label the remaining "quality" has deterioting fast and furious especially over the past few years..........
> Der nächste Chart macht alles nur noch erschreckender...... Innerhalb des "Junkuniversums" hat sich zudem die Qulität besonders im Laufe der letzten jahre massiv verschlechtert......
UPDATE: Chinese official warns on downturn via FT Alphaville
The downturn in the Chinese economy accelerated over the past month and could lead to high unemployment and social unrest, the country’s top economic planner warned on Thursday.
Nov. 27 (Bloomberg) -- Kingfisher Plc, Europe's largest home-improvement retailer, fell in London trading after reporting a wider loss and tumbling sales in China, one of the overseas markets it counts on as U.K. demand withers.
Slowing demand in China is ``likely to be weaker and last longer than previously anticipated,'' the London-based company said today, as fewer consumers buy new apartments and seek out homewares. The retailer, which reported third-quarter results today, said confidence was ``shaken'' in all its markets.
The Chinese unit reported a loss of 17 million pounds ($26 million) and sales fell 28.7 percent.Kingfisher
The Chinese market continued to deteriorate and new apartment sales were again significantly down. The property slowdown has particularly impacted &Q’s business as half its sales were generated from internal design and fit out of new apartments.The Chinese loss is a ``shocker,'' offsets better-than- expected results in Europe and is ``forcing a reassessment of how major a restructuring could be required,'' Investec analyst David Jeary wrote in a note. He rates Kingfisher ``sell.''
The retailer was the first international home-improvement chain to enter China, where it has about 60 stores. Revenue there had been falling since last year after the government raised home-deposit requirements to curb speculation. Since July, China has had to shift its focus from containing inflation to sustaining growth as the global economic slowdown spreads.
Barry Ritholtz has much more and slightly different data ( but what are a few trillions here and there these days ) and the quote of the day......
Barry Ritholtz hat noch mehr und leicht abweicdhende Daten ( aber was sind heutztage einige Billionen unter Freunden ) zu diesem Thema und ein Zitat das wohl mehr als alles andere die Ausmaße der aktuellen Bailouts beschreibt......
No wonder the CDS on US Debt are "moving"........ Via FT AlphavilleThe only single American event in history that even comes close to matching the cost of the credit crisis is World War II: Original Cost: $288 billion, Inflation Adjusted Cost: $3.6 trillion
The $4.6165 trillion dollars committed so far is about a trillion dollars ($979 billion dollars) greater than the entire cost of World War II borne by the United States: $3.6 trillion, adjusted for inflation (original cost was $288 billion).
Go figure: WWII was a relative bargain.
Kein Wunder das die Absicherung gegen einen möglichen US Bakrott langsam in "Bewegung" kommen..... Dank an FT Alphaville
WSJ Billions in Toxic Assets May Be Removed; New Phase for Government Bank Rescue
WASHINGTON – The federal government agreed Sunday to take unprecedented steps to stabilize Citigroup Inc. by moving to guarantee close to $300 billion in troubled assets weighing on the bank's books, according to people familiar with details of the plan.
Treasury has agreed to inject an additional $20 billion in capital into Citigroup under terms of the deal hashed out between the bank, the treasury Department, the Federal Reserve, and the Federal Deposit Insurance Corp. Treasury officials will charge a higher interest rate for the capital injection -- 8% for the first few years-- than it has charged to dozens of other banks now borrowing money under the government's the $700 billion rescue package approved by Congress last month.
In addition to the capital, Citigroup will have an extremely unusual arrangement in which the government agrees to backstop a roughly $300 billion pool of its assets, containing mortgage-backed securities among other things. Citigroup must absorb the first $37 billion to $40 billion in losses from these assets. If losses extend beyond that level, Treasury will absorb the next $5 billion in losses, followed by the FDIC taking on the next $10 billion in losses. Any losses on these assets beyond that level would be taken by the Fed.Citigroup would also agree to work to modify -- if possible -- troubled mortgages held in the $300 billion pool, using standards created by the FDIC after the collapse of IndyMac Bank.
The government is not expected to require any management changes, as that was seen as potentially being too destabilizing.Under terms of the agreement, the Treasury Department and FDIC will guarantee $306 billion of Citigroup loans and securities backed by residential and commercial real estate and other assets, which will remain on the bank's balance sheet. Citigroup will absorb the first $29 billion of losses, with the government stepping in after that as "protection against the possibility of unusually large losses."
In addition to $2 trillion in assets Citigroup has on its balance sheet, it has another $1.23 trillion in entities that aren't reflected there. Some of those assets are tied to mortgages, and investors have worried they could cause heavy losses if they are brought back on the company's books.One rescue structure under consideration would resemble aspects of the $150 billion bailout plan the government struck with American International Group Inc. in November. Two vehicles, funded largely by as much as $52.5 billion in government money, were created to take on risks from some of AIG's souring assets, including exposure to credit derivatives. That deal also reduced interest costs on AIG's previously arranged $60 billion loan from the government.
BespokeUnrelenting declines in corporate "junk" bonds have pushed yields on these riskier securities to over 20% on average, a record
Based on data from Merrill Lynch, high yield bonds are yielding nearly 1,800 basis points more than comparable Treasuries. In the last month alone, spreads have risen by more than 200 basis points, and since bottoming in the Summer of 2007 at 241 basis points, they are up 645%. To put this in perspective, with the 10-Year US Treasury now yielding 3.4%, a high-yield borrower would need to pay roughly 21.4% per year to take out a ten-year loan. With terms like these, who needs loan sharks?
Much more insight via Naked Cpitalism Junk Bond Yields Up Sharply. On top of this visit FT Alphaville for an even more "impressive" chart on CDS ( see iTraxx Europe at all time high ). Combine all this with this chart and is not difficult to imagine that the worst is still to come.....
Mehr Details mal wieder von Naked Capitalism Junk Bond Yields Up Sharply . Einen noch beeindruckenderen Chart der CDS bietet FT Alphaville ( siehe iTraxx Europe at all time high ). Wenn man nun das Drama mit diesem Chart kombiniert ist unschwer zu erkennen das uns "ruppige" Zeiten ins Haus stehen......
Solarworld Reconstruction to Green Automotive Group
SolarWorld AG is planning to submit an offer to the US car maker GeneralMotors (GM) to take over the four German factories and the Rüsselsheimdevelopment center of Adam Opel GmbH. To this end SolarWorld AG can makeavailable cash funds amounting to 250 million EUR and bank credit linesworth 750 million EUR under the proviso that the federal governmentprovides a guarantee.
The SolarWorld Group which has so far beenexclusively involved in solar power technology would subsequently develop Opel into the first 'green' European automotive group. A core prerequisitefor the submission of the offer is the complete separation of Opel from theGM Group and a compensation payment of 40,000 EUR per German job (totaling1 billion EUR).
At the four German Opel locations it is the idea of SolarWorld AG tocontinue the sustainable further development of the current successfulmodel ranges and, additionally, to produce a new generation of vehicleswith energy-efficient, low-emission drives in the future.
Solarworld Umbau zum grünen Automobilkonzern
Die SolarWorld AG plant dem US-amerikanischen Automobilkonzern General
Motors (GM) das Angebot zu unterbreiten, die vier deutschen Werke und das
Entwicklungszentrum in Rüsselsheim der Adam Opel GmbH zu übernehmen.
Dafür kann die SolarWorld AG Opel Barmittel in Höhe von 250 Mio. Euro und Banklinien von 750 Mio. Euro vorbehaltlich einer Bundesbürgschaft bereitstellen. Der bisher ausschließlich in der Solartechnologie aktive Konzern würde damit Opel zum ersten 'grünen' europäischen Autokonzern weiterentwickeln. Kernvoraussetzung für die Abgabe des Angebotes zur Übernahme ist die komplette Trennung aus dem GM-Konzern und eine Kompensationszahlung von 40.000 Euro pro deutschem Arbeitsplatz (insgesamt 1 Mrd. Euro).An den vier deutschen Opel-Standorten soll nach Vorstellung der SolarWorld AG künftig neben der nachhaltigen Weiterentwicklung der erfolgreichen Baureihen eine neue Fahrzeuggeneration mit energieeffizienten und emissionsarmen Antrieben produziert werden. Das europäische Entwicklungszentrum in Rüsselsheim arbeitet bereits an Lösungen für
> I´m still not sure which photo is showing the CEO....... :-)
> Bin mir immer noch nicht sicher auf welchem Bild der CEO abgebildet ist... :-)
Corporate Welfare by R.J. Matson Barry RitholtzNov. 14 (Bloomberg) — Hartford Financial Services Group Inc. said it’s buying a Florida bank [Federal Trust Bank] for $10 million so the insurer can be eligible for the Treasury rescue program.What blatant abuse. From the the statement:
Hartford, based in the Connecticut city of the same name, expects to qualify for $1.1 billion to $3.4 billion under Treasury guidelines, the company said in a statement distributed today by Business Wire.
“We are taking these actions as a strong and well-capitalized financial institution looking for maximum flexibility and stability,” said Ramani Ayer, The Hartford’s chairman and chief executive officer. “Securing capital at the terms available through the Capital Purchase Program could be a prudent course in this market environment and would allow us to further supplement our existing capital resources.”(Translation: Pay $10m, get $3.4bn of funding? Where do we sign?)
The Hartford Financial Services Group, Inc. (NYSE: HIG) today announced the closing of a $2.5 billion capital investment by Allianz SE.
Under the agreement, Allianz has purchased, at $31 per share ( Stock Friday $ 12,65 ), $750 million of preferred shares convertible to common stock after receipt of applicable approvals, and $1.75 billion of 10% junior subordinated debentures.The debentures are callable by The Hartford at par beginning ten years after issuance. Allianz SE also received warrants which entitle it to purchase $1.75 billion of common stock at an exercise price of $25.32 per share, subject to shareholder approvals. The warrants expire in seven years. The Hartford had announced the deal on October 6.
I want to close this post with a quote from the WSJ that isn´t quite "promising".....
Am besten beendet man dieses Posting mit einem Zitat aus dem WSJ das einen nicht gerade hoffnungsvoll in die ZUkunft schauen lässt......
Congress: Treasury Messed Up the Bailout. Let’s Give it More Power.
So says Congress: Treasury has done a terrible job of managing the bailout. That’s why Treasury should get expanded authority — for instance, to approve bank mergers.
Such paradoxical statements make perfect sense to some Congressional leaders, including New York Democratic Senator Chuck Schumer
![[eu debt]](https://lh3.googleusercontent.com/blogger_img_proxy/AEn0k_u6NM9p3L92cd51GSxyfhqHdmQe_0f54EJnVgcRMSBxnYWs9LIpozA0tlOoqm7uPJ0PU6QmriAjcoQ450tVMZajzWrWy16f3m2RHBbcCBXLbyGDu9xm3SjY3nRScqyKIiqIUxvKKxrzB0mu1N87GAFK2g=s0-d)
> The trouble is getting even greater when you combine the graph with the spread charts via MishAccording to the report, European companies will be forced to pay back or refinance $586.3 billion through 2011, with more than 40% of that debt coming due over the next year.French nonfinancial corporate issuers account for the largest portion of debt to be refinanced, with 26%, followed closely by the U.K., Germany, Netherlands and Italy, which have a combined share of 79%.
No company rated below single-A has managed to access the bond market in recent months, offering little hope for companies further down the ratings scale
The report examined all debts rated by S&P including bank loans, notes and bonds.
>The banks will have to pray that the companies manage the refinancing of the debt... Otherwise they are forced to tapp corporate bank lines .....
> Die Banken dürften bereits jetzt anfangen zu beten das es möglich sein wird diese fälligen Anleihen zu refinanzieren...... Ansonsten bleibt den Firmen nichts anderes übrig als die bestehenden Kreditlinien der Banken anzuzapfen...... Sicher nicht der glücklichste Umstand wenn nahezu alle Banken dringend auf Ihre Kapitalstärke achten müssen......
Credit terms increasingly tied to risk FT Alphaville - US and European companies renewing short-term credit facilities are being forced to accept terms that link interest payments to their creditworthiness. In recent months, AT&T, Wal-Mart, Caterpillar, Halliburton, Nokia and Novartis have all renewed their short-term financing arrangements, including revolving credit facilities, and found that “relationship pricing” is no longer available. Instead,
companies are finding that banks - which had offered cheap loans to top corporate clients - now price these facilities based on measures of credit risk. In most cases, credit default swaps are being used.
The first deal for this new type of pricing for revolving loans, totalling an estimated $6,000bn worldwide, was done in April
Since then, such terms have become widely used. Banks hope this will discourage companies from tapping these credit lines unless they absolutely need to. Already, at least 20 such deals for 364-day revolving credit facilities – a type of overdraft for companies to ensure access to funds in case markets shut down – have been completed and at least as many are in the pipeline.
Update via Bloomberg Borse Dubai May Refinance $4.2 Billion of Loans at Higher Costs
Borse Dubai Ltd., the Gulf emirate's state-owned operator of exchanges, is in talks to refinance $4.2 billion of loans at interest rates tied to the price of credit- default swaps, raising the cost of the debt, said three bankers with knowledge of the transaction.
The new debt may pay interest of as much as 6 percentage points over the London interbank offered rate on loans for three years, said the bankers, who declined to be named because the negotiations are private. That compares with a margin of 1.1 percentage points on the existing loans, which were used to buy Sweden's OMX AB last year
I don´t want to speculate what could happen if the foreigners have to sell some of their US assets...... Got gold......?In allen Überlegungen möchte ich leiber nicht damit anfangen zu spekulieren was passieren könnte sollten die Ausländer anfagen aktiv Ihre Positionen zu veräußern...... Got Gold.... ?
Thanks to Contrary Investor
Needless to say that US debt is still rated AAA.......
Überflüssig zu erwähnen das die US Staatsschulden noch immer mit AAA bewertet werden......
![[Chart]](https://lh3.googleusercontent.com/blogger_img_proxy/AEn0k_t-N5XU0g5Ff_xilKb5YCqUf6yS9owTqI_4ssrKy7OKO2DvRcovAsNE5ipsJcI1UIgE7BWs_Rp7-h-o-xe486cI8JSkpeODbUbexxn18mOnLMQ7Q6SMO1C1Zqv4Ycj3smqGgeNcVeV_Z1VF716Lcg78=s0-d)
![[rescue chart]](https://lh3.googleusercontent.com/blogger_img_proxy/AEn0k_uIuhMivqkt_GKC4RfrQLq1chpElb6O5uuvWsShNWzqd_4PSu0tO_B2J6bhs6guGkpJ9fGLG2yexoKFQGXFnuBH37NkbvC9RkGU1KE4IpH-pRkuj8q8MXPIcb67ClqLoHjA5Az1KU4YuTqThvz6Hocugg=s0-d)
