As a strengthening Hurricane Isaac takes aim on The Big Easy, seven years to the day of Katrina’s catastrophic devastation, an even bigger bag of wind is set to be unleashed tonight in Tampa as NJ Governor Chris Christie takes the podium as the GOP’s Presidential Convention keynote speaker.
For the past week Chris Christie has been the topic du jour of all the news shows. Morning Joe, Good Morning America, News 12 New Jersey and the front pages of the local press have paraded and fawned over the GOP’s ascending star as if he were the second coming of Abraham Lincoln.
Journalists ask Christie if he intends to unleash his “fire and brimstone” Jersey hubris during his keynote speech. His tough talking, take no prisoners’ attitude seems to be all the rage in Republican Party circles these days. When GMA host George Stephanopoulos asked Christie if he represented the GOP mainstream Christie answered, “I’ve been to over thirty states since my election as Governor and everyone has welcomed me with open arms. With me you know who you’re buying.” Indeed Christie’s value as a political celebrity is rising. In his brief tenure as Governor he spends a lot of time jetting about the country, politicking for himself and the GOP. He’s been out raising funds for his reelection campaign and his coffers are overflowing with out of state money from his well heeled big time 1% contributors. Mr. Christie’s discerning buyers know what they are purchasing. His hubris is a nice word for his arrogance and opacity that are the hallmark of the political deals he’s cutting for his out of state friends when he arrives back home in the Garden State.
Christie’s supporters love his tough talking style but his tough talk is nothing more than the arrogance of power, the political and economic elites employ to cover their back room deals. Christie’s tough talk is nothing more than a front to deflect. When a reporter asked Christie about failing water delivery infrastructure and its impact on public health, the tough talking Governor answered “Did I say on topic? Are you stupid? On topic, on topic. Next question,” Christie said to the reporter. “Thank you all very much and I’m sorry for the idiot over there.” Christie also scored big with anti-union and privatization of education supporters by calling public school teachers, “drug mules”. Its a denigration unworthy of a governor and a damaging characterization of professionals working within a systemically challenged public school system.
Yeah Christie’s a real bad ass tough guy. When a Navy veteran asked for more details from Christie about the proposed merger between Rutgers Camden and Rowan University, he called the gentleman an idiot and used the power of his pulpit to brow beat and insult the man; who had every right as a citizen and taxpayer to receive a respectful reply to his question. This week Christie is crowing that he finally closed the Rutgers/Rowan deal with the bipartisan help of his lap dog democrat friends; as details concerning the financing and costs of the project remain obscure. It will be left to vigilant citizens to follow the money and see where and how state funds will flow into which private hands.
Yes Christie and his GOP supporters may love his tough talking but I suspect they pay a premium for the Christie brand because he knows when to keep his fat mouth shut. Sure their thankful when Christie refuses to shed any light on his business dealings and political moves. Christie’s less then transparent appointments of commissioners to the NJ Highland Commission allowed the governor to pack the oversight board with pro-development interests. The NJ Highlands is a sensitive watershed region for millions of state citizens. In a densely populated state like New Jersey, protection of water resources and environmental conservation should be priorities but out of state El Paso Corp has eminent domain to dramatically expand its pipeline through the ecologically sensitive area to deliver natural gas extracted from the Marcellus Shale deposit. Is this the fruit of Mr. Christie’s cross country road show to interested buyers? Christie’s short term profit is New Jersey’s long term problem.
In another strange case of the bloviating governor going mute is his refusal to provide insights into his interests and practices in a privately run prison halfway house business that regularly receives state funded taxpayer money. Governor Christie, “the entrepreneur” catches a bad case of laryngitis when asked to provide insights into his cashing in on the privatization of the prison system and the rent seeking practice of his company using government funds to provide substandard service.
Yeah they’ll be a big wind blowing through Tampa tonight that will rival anything Isaac can throw at New Orleans. Christie will crow about the New Jersey miracle since his governorship began but statistics show that the state is lagging its Mid-Atlantic rivals. Facts and politicians seem to be two mutually exclusive matters so it shouldn’t present an obstacle for Christie to say or claim anything the tough talking Jersey Dough-boy claims as truth.
This is particularly true of a fact based, reality challenged Republican Party that believes there is no science to support climate change, the idea that public schools are a liberal conceit, the notion that women rape victims can’t get pregnant, progressives are enemies of the state and to preserve the constitution we must withhold the rights of some citizens. If you think that this is an unfair shot at the GOP mindset, did you see the GOP California poster of Chris Christie riding a surfboard? Talk about a problem with the concept of reality.
Music Selection: Beach Boys, Surfin Safari
Risk: truth, transparency, civil discourse, consensus
Republican’s fancy themselves to be the party of values. They profess to love God and country. They believe themselves to be the real Americans. They are the absolute definition of righteous patriots. They see themselves and their families basking in the light of a celestial exceptionalism. They occupy the center of a universe anointed by the invisible hand of free market capitalism, governed and sanctified by the benevolent love of their heavenly father, Jesus Christ.
Their values are based on a fundamentalist foundation of the King James Bible and the US Constitution as it was originally conceived and authored by the Founding Fathers in 1787. They are resolute in the belief of the correctness of their interpretation of this hallowed literature and remain adamant in how the instruction of these sacred tomes should be applied and implemented to shape and govern our Federal Republic.
If you question the basic supposition of their position they will tarry your thrust by questioning your love of country and your belief in God. Those same questions must be asked of them. The virulent defenders of the cross and crown of liberty consistently undermine the spirit of both. They serve the corporate objectives of church, military and industrial institutions that have formed an unholy alliance to rule and exploit the hearts and minds of an enslaved consumer market that cannot discern the difference between political liberty and a have it your way experience at Burger King.
America’s political ignorance is a poverty exploited by the oligarchs; giving them full sway to control and manipulate the levers of power to secure and advance selfish interests. They cloth their motives in priestly robes, medal adorned military uniforms, Rotarian flannel suits and Joe “the wannabe” Plumber overalls feigning a martyrdom of being crushed by the menacing liberal elites by standing for the values of free markets, Christianity, class mobility and a military spreading the global march of democracy.
The GOP presidential debates provided some telling political theater of how the party of values advanced the cause of individual liberty and governance informed by moral precepts. In one session a gay officer serving in Iraq asked the candidates “now that DADT has been repealed and gay service personnel can serve in the military would they support same sex marriage”. The gay serviceman unselfishly serving his country in a theater of war was roundly booed by the uber patriots sitting in the audience before Rick Santorum piled on and asserted not only would he not sign a same sex marriage bill into law, he would also reinstate DADT.
In another session the question concerning the mandatory requirement to purchase health care insurance was raised. The moderator asked a hypothetical question, “if a person failed to purchase insurance and required a life saving procedure who should pay?” One of the more compassionate conservatives shouted “let him die”. This was undoubtedly the same guy who condemned Jesus for healing on the Sabbath.
Another high water mark of GOP moral turpitude occurred when the debate moderator questioned Rick Perry about the State of Texas position as the leader in capital punishment executions. The audience erupted in cheers. The United States is home to the worlds largest penal colony with an inmate population that exceeds 2,000,000. This belies the myth of the United States as the land of the free; particularly for the people of color who account for the largest proportion of the inmate population. This is good news for the free marketeers as the privatization of prisons is a growth industry. The profiteers of misery require the judicial apparatus of the states to maintain a prison occupancy rate of 90% to assure profitability for private investors. The threat to a fair trial has never been more at risk. This is a business opportunity right up the GOPs free market alley. The devaluation of the rule of law an unfortunate consequence. The value of money trumps the grace of justice.
The GOP’s deep investment in the culture of death mirrors a country thoroughly committed to the continued militarization of the economy regardless of its cultural cost. Republicans eagerly beat the drums of war and use the poetry of destruction to articulate a cutesy point. Remember John McCain using the melody of Barbara Anne to sing, “bomb, bomb, bomb, bomb Iran” The neocons ate it up. The peacemaker may be considered children of God, but in the GOP the business of war and righteous crusades are divine.
Republicans pledge undying fealty to the Constitution and the rights of citizens. One would think that this would encourage vocal opposition to President Obama’s Executive Order to execute suspected combatant citizens without due process in respect to the right of a trial by a jury of their peers. Not a single word has been raised against this grievous violation of a basic constitutional protection. Where are all the freedom loving, constitution waving Teabaggers? It’s a natural extension of Republican’s refusal to recognize the full civil rights of citizens. As in the case of LGBT civil rights, the GOP’s vision of America protects civil liberties only for select citizens they deem worthy. The rights of the republic’s citizens and the rule of law be damned.
It is in this light that we can understand Rush Limbaugh’s misogynistic characterization of Sandra Fluke as a slut. Dehumanizing a group of people as “the other” or “less then” because they hold a contrary position is a dangerous sedition that undermines democracy.
Democracies need its citizens to reach an informed consensus to function. Consensus requires dialog to assimilate disparate views from multiple viewpoints and perspectives. This presupposes that the participants in the discussion recognize and value the rights of citizenship for all participants in the dialog. The highest value in a secular democracy is respecting the equal rights of all citizens. Without this value democracies crumble. Our democracy is in shambles.
This weekend Rick Santorum sat upon the alter at the Greenwell Baptist Church to accept the endorsement of Pastor Dennis Terry for the upcoming Louisiana primary. After laying his hands on Santorum to bless his candidacy, Pastor Terry delivered a sermon that spewed fire and brimstone onto the reprobate head of our secular democracy. “America” he said “was a Christian Nation ruled by Christ the King. He said American’s don’t worship Buddha, Allah or any other false Gods. He said American’s worshiped the God on High, Jesus Christ. And if they don’t like it they can get out.” As a Christian I can’t tell you how much I loathe this blatant bigotry. Jesus was all about inclusion and tolerance and I’m sure he would make short work of this Pharisee. As an American citizen, I can’t think of a more ignorant and damaging characterization of America’s promise and the democratic values it professes to uphold.
GOP wunderkind Paul Ryan, yesterday unveiled a budget that assiduously accounts for the price of every tax loop hole, generous corporate welfare allocation and tax reduction for the wealthy while demonstrating a chilling indifference for slashed social programs and its impact on human beings. Republican’s know the price of everything and the value of nothing. The party of values is thoroughly bankrupt.
Music Selection: Sen. John McCain, Bomb, Bomb, Bomb, Bomb Iran
This years Schulte Roth Zabel’s (SRZ) 19th Annual Private Investment Funds Seminar stuck a very different pose from last years event. One year on from the global meltdown of financial markets, languishing institutional certainty and the pervading crisis of industry confidence has been replaced with a cautious optimism. The bold swagger of the industry however is gone, in its place a more certain sense of direction and expectation is emerging. Though managers continue to labor under unachievable high water marks due to the 2008 market devastation, 2009 marked a year of exceptional performance. Investment portfolios rebounded in line with the upturn in the equity and bond markets. Liquidity improved and net inflows into the industry has turned positive during the last quarter as large institutional investors and sovereign wealth funds returned to the sector with generous allocations. These are taken as clear signs that the industry has stabilized and the path to recovery and the healing of economic and psychological wounds are underway. Yes the industry will survive and ultimately thrive again but it will do so under vastly different conditions. The new business landscape will require an industry with a guarded culture of opaqueness to provide much greater transparency while operating under a regimen of greater regulatory scrutiny.
The 1,900 registered attendees heard a message about an industry at a cross road still coming to terms with the market cataclysm brought on by unfettered, unregulated markets and excessive risk taking. SRZ offered an honest assessment in examining the industries role in the market turmoil. Speakers alerted attendees to an industry at a tipping point. To survive the industry must adapt to a converging world that believes that uniform market rules and regulations are the surest safeguards against catastrophic systemic risk events. A global political consensus is emerging that expresses support for industry regulation as an effective tool to mitigate the pervasiveness of fraud and market manipulation that undermines investor confidence and ultimately the functioning of a fair and efficient open free market.
Paul Roth, Founding Partner of SRZ, noted in the events opening remarks that the market is beginning to recover as evidenced by industry AUM once again exceeding the $2 trillion mark; but he warned that any exuberance needs to be tempered with the understanding that the new normal would not resemble the pre-crash world. The days of cowboy capitalism and radical laissez-faire investing are clearly over. Indeed Mr. Roth wryly observed “the industry must develop a maturity about the need for change. He concluded “that the industry must respond by playing a constructive role in forming that change.”
The conference subject matter, speakers and materials were all top shelf. Break out presentations on risk management, regulatory compliance, distressed debt deal structuring, tax strategies and compensation issues all reinforced the overriding theme of an industry in flux. The presenters passionately advocated the need to intentionally engage the issues to confront accelerated changes in market conditions. By doing so, fund complexes will be in a position to better manage the profound impact these changes will have on their business and operating culture. Subject issues like insider trading, tax efficient structuring, hedge fund registration, preparing for SEC examinations and the thrust of DOJ litigation initiatives and how to respond to subpoenas were some of the topics explored.
To highlight the emerging regulatory environment confronting the industry, a presenter pointed to the Southerization of the SEC. This is an allusion to the hiring of former criminal prosecutors from the Department of Justice, Southern District of New York to go after wayward fund managers. The SEC is ramping up its organizational capability to effectively prosecute any violations of the new regulatory codes. The growing specter of criminal prosecutions and the growing web of indictments concerning the high profile case of Mr. Raj Rajaratnam of the Galleon Group was presented as evidence of an emerging aggressive enforcement posture being pursued by regulators. Managers beware!
Presenters made some excellent points about how institutional investors are demanding greater levels of TLC from their hedge fund managers. This TLC stands for transparency, liquidity and control. Creating an operational infrastructure and business culture that can accommodate these demands by institutional investors will strengthen the fund complex and help it to attract capital during the difficult market cycle.
The evening concluded with an interesting and honest conversation between Paul Roth and Thomas Steyer, the Senior Managing Partner of Farallon Capital Management. The conversation included increased regulatory oversight, compensation issues, industry direction and matching investor liquidity with fund strategy, capacity, structure and scale. Mr. Steyer manages a multi-strategy fund complex with $20 billion AUM, his insights are borne from a rich industry experience. He made the startling admission that Farallon has been a registered hedge fund for many years and he believes that the regulatory oversight and preparation for examiners reviews helped his fund management company to develop operational discipline informed by sound practices.
Mr. Steyer also spoke about scale and that additional regulatory oversight will add expense to the cost of doing business. Mr. Steyer believes that it will become increasingly difficult for smaller hedge funds to operate and compete under these market conditions.
Another interesting topic Mr. Steyer addressed were issues surrounding investor redemption and fund liquidity. During last years SRZ conference investor liquidity was the hot topic. Fund preservation during a period of market illiquidity and a fair and orderly liquidation of an investment partnership were major themes that ran through last years presentations. Mr. Steyer struck a more conciliatory tone of investor accommodation. He confessed his dislike for the use of “gates” as a way to control the exit of capital from a fund. In its place he offered a new fund structure he referred to as a “strip” to allocate portfolio positions to redeeming partners in proportion to the overall funds liquid and illiquid positions. He stated he believed that strategy to be more investor friendly.
Schulte Roth & Zabel has once again demonstrated its market leadership and foresight to an industry clearly in flux, confronting multiple challenges. These challenges will force fund managers to transform their operating culture in response to the sweeping demands of global market pressures, political impetus for regulatory reform and the heightened expectations of increasingly sophisticated investors. The industry could not have a more capable hand at the helm to help it navigate through the jagged rocks and shifting shoals endemic to the alternative investment management marketplace.
You Tube Music Video: Beach Boys, Sail On Sailor
Risk: industry, market, regulatory, political
gonna commence a journey
gotta get on the way
provision and direction
will appear along the way
gotta open brand new doors
become a bit unhinged
gonna loosen the damn tethers
that forge the chains within
gotta sail uncharted waters
lose sight of familiar land
gonna become a fearless sailor
track footprints on exotic sand
some jagged mountains beckon
sheer cliffs gotta be scaled
the ascent gonna bring blessed growth
not to try is to miserably fail
gonna explore hidden valleys
with courage, grit and resolve
all risks are opportunities
problems that gotta be solved
gotta leave my tiny comfort zone
with great dispatch and haste
a new life is mine to have
gonna banish fear with grace
Happy New Year
I predict that 2010 is gonna be the most important year of our lives.
It’s gotta be, because its the only one we got.
Peace and Prayers Beloved
You Tube Music Video: Auld Lang Syne Red Hot Chilli Peppers
You Tube Music Video: Beach Boys, Sail On Sailor
It seems they clinched the TARP deal. (Troubled Asset Release Program). Paulson’s Ark the USS TARP is about to leave port. Our elected representatives have christened the USS TARP with a $700 bn bottle of Christol. The USS TARP will immediately set sail to conquer the intrepid sea of bad debt and clean up massive pools of dirty US banking assets. We wish the USS TARP great success and offer our prayers for a successful dispatch on its maiden voyage.
The launch of the USS TARP was the result of a strange and unexpected political alchemy. Democrats took the lead in the bailout bill and are now the official party of the big money on Wall Street. If the USS TARP fails to conquer the calamitous economic seas severe partisan warfare will surely plague our nation and threaten to swallow it in a swirling whirlpool of political instability.
If Obama wins the election and if the USS TARP grounds itself on the troubled shoals of the global economy; he will be the focus of scorn, derision and vitriolic invectiveness by Country Firsters. It will make effective governance by Obama’s Administration difficult if not impossible. I can already hear the first taps of the syncopated drum beats of divisiveness by the howling yodelers of Country First Talk Radio. Their aim will be to cripple the possibility of civil political discourse. Country Firsters will closely chart the progress of the USS TARP and will loose a fusillade of political attacks if it starts to take on water. They’ll certainly refuse to help man the pumps to prevent the USS TARP from swamping. No doubt they’ll be first to launch the life boats as Country Firsters quickly become Me Firsters.
The Country Firsters will look to repeat the vitriol imposed on the Clinton Administration. The extreme Rovian attack politics on Clinton’s sexual dalliances put this country through an unnecessary national trauma. The Monica Lewinsky affair distracted the Executive Branch from focusing on the pressing issues confronting the nation. This distraction made it impossible for Bill Clinton to focus on terrorism, the economy, social welfare and national security. Our Country Firsters were only too willing to back burner these critical national security issues to prosecute Clinton. This sorry chapter in our nations history contributed to our country’s unpreparedness that lead to the devastating losses from the 9/11 attacks.
Constitutional democracies need consensus to function. If consensus cannot be achieved democracies cannot survive. Consensus is built with dialog, trust, honesty and compromise. If our nation cannot form consensus due to our inability to communicate and negotiate a democratic republic cannot function. If democracy cannot function authoritarianism and fascism will be the bastard incubus born from our political impotency.
Patriots will serve their country first. All Americans must rise to serve our country first, last and always.
God Speed USS TARP.
Music: Beach Boy’s “Sail On Sailor”
Risk: depression, fascism
McCain channeled his bipartisanship credentials right off as he announced his sympathy and best wishes for Ted Kennedy’s “The Lion of the Senate” hospitalization. It didn’t come off as a cheap parlor trick either as McCain repeatedly reinforced his “reputation for reaching across the isle to build consensus and do what is right for the country.” Point for bipartisan lip service.
Close on the heals of his opening, McCain spoke about Obama’s earmarks and how he brought home the pork to Illinois during his first three years in the Senate. McCain grabbed the initiative and tempo of the debate and he never let it go. Point for earmarks.
McCain made numerous references and shared anecdotal examples of how his many years of experience brought him into contact with numerous world leaders. He spoke with first hand knowledge about his travels abroad. Time and experience does count and it showed in McCain’s command of world events. Point for experience.
McCain landed many blows on Obama and showed a touch of contempt. He repeatedly said how Obama does not understand. Point for McCain on toughness, rudeness and a mastery of Rovian approach to political discourse.
McCain demonstrated his points and reinforced what he wanted to convey through his words, actions, talking points and body language.
Obama was professorial and gentlemanly. Obama repeatedly said he agreed with McCain. This examplfies Obama’s quest to build a consensus. Consensus requires a true bipartisan approach to problem solving. Unfortunately for Obama his agreement with McCain’s positions appears to reaffirm McCain’s correctness and ability to lead with sound judgment and experience.
Obama looked the cool and collected CEO wishing to delegate and optimize the strengths of his staffs abilities and ideas. He is perfectly capable of taking charge and managing the complexities of the Executive Branch of the Federal Government. Unfortunately for Obama, CEO’s are not the current flavor of the month.
Obama failed to draw significant differentiation between his positions and McCain’s. He failed to effectively tie McCain to the failed policies of the Bush Administration because he was too busy defending himself from McCain’s offensive initiatives. Americans like aggressiveness. Republican’s have taught Americans to be suspicious of elitist egghead professors who sip Chardonnay and eat arugula sandwiches.
Obama failed to effectively link the devastating economic meltdown with Republican tax cuts, failed oversight and our country’s singular focus on the war on terror. In foreign policy Obama failed to address how this administrations failure to engage has led to our isolation and escalation of world problems and challenges to America.
In Obama I see some similarities with Adlai Stevenson. I hope I am wrong. America’s love for warriors and maverick action figures is evident. All one has to do is to walk down the toy aisle of any big box retailer to see the extent of our ravenous consumption of hero totems and the deep need to venerate them as objects of worship.
In substance there is not much difference between the two candidates and their parties position. Thats a big problem for the democrats if they hope to overcome the headwinds blowing against Obama’s candidacy. Those being Obama’s race, the democrats identification with bailing out the fat cats on Wall Street and the republican continual appeal to nationalist sentiment and expressing that sentiment with militarism and jingoism.
Song: Beach Boy’s Barbara Ann
Risk: The Presidency of the United States
The Midwestern region of the United States has been devastated by rain, floods and tornadoes. This year is on a pace to set the record for most tornadoes in a season. The incessant rains that continue to fall have led to devastating floods of communities in Minnesota and Iowa. The unusual spike in increased precipitation could also threaten corn crops and other agriculture due to too much rain. The rain is posing significant risk to the regions economy.
Nowhere has the impact of geo-risk been as starkly demonstrated as in the disappearance of Lake Delton. Built in the 1930’s Lake Delton is a key anchor attraction for the regions important leisure and tourist industry. Long a favorite getaway destination and vacation spot for heat challenged residents of Chicagoland, many will now be forced to find another site to escape those hot city nights. Lake Delton escaped into the Wisconsin River after its dam broke due to heavy rains. Talk about unforeseen risk events. This has to rank with having your place of business destroyed by the falling Skylab. In statistical probability nomenclature the disappearance of Lake Delton is a “fat tail event.”
Lake Delton is an anchor attraction of the Wisconsin Dells. Occupancy rates will surely suffer at the 20+ resorts located in the area. The disappearance of the lake will strike a severe blow to the critical tourism revenue so important to the local economy. The Tommy Bartlett Thrill Show (The Greatest Show on H2O) is one of the first casualties of this extreme risk event. He’ll have to ground his aquatic hi-jinks and bring in landlubbing jugglers and unicyclists due to the absence of water in the lake. It’s a courageous recovery strategy and we hope that the area will attract enough crowds to make it profitable for Tommy Bartlett’s 55th year of providing family entertainment for Lake Delton visitors.
I would bet that few business depending on Lake Delton for sustenance may not have included the possibility of the lake’s disappearance in its annual risk assessment revue. This is ironic and dangerous because the lake is the primary business driver for the areas small businesses. All local businesses must consider the availability of clean and accessible water when conducting it’s annual risk assessment and opportunity discovery revue.
It seems that whenever you take something for granted your begging to be clobbered by some extreme event that comes at you from left field.
Another consideration is “what could these businesses have done to protect themselves from this risk event?” The obvious answer is risk transfer by purchasing insurance. It would be interesting to see what companies had business continuity and interruption policies that covered this type of event.
This is a good lesson in product market risk concentration. The products and services of area businesses are almost entirely tied to its proximity to the lake. If that single factor fails or as in the case of Lake Delton disappears your business fails. That is too much risk concentration in a single factor and it can be tempered by developing products and services that are not tied to the lake.
The larger lesson from this type of event is that small businesses need to take an activist role to lobby local and federal representatives to make sure that the lakes, dams and water quality is protected and properly maintained. This is an infrastructure issue that goes to the heart of the debate about national policy and program priorities that need attention and funding. Infrastructure is an issue that has a dramatic effect on small brick and mortar businesses. If a bridge, road, street, electricity or telephone service is interrupted it can put a small business out of business. Small businesses need to assess these risk factors in its business plan and outline contingencies to manage these risk events should they occur.
Infrastructure programs is a growing problem and will continue to grow as state and local governments scale back on maintenance and improvement projects due to budgetary constraints and the inability to raise taxes. Unfortunately the nation’s infrastructure needs immediate massive help. The Tommy Bartlett Thrill Show won’t be surfing its way through the velvet waters of Lake Delton this summer. Let’s hope they’ll be back thrilling overheated Bear fans next summer.
You Tube Video: Beach Boys, Surfin USA
Risk: geo-risk, environment, infrastructure, tourism, agriculture, futures, small business