Thursday, September 22, 2022

Open Legal Studies Faculty Position - University of Georgia Terry College of Business

Dear BLPB Readers:

"University of Georgia, Terry College of Business Lecturer of Legal Studies

Department of ILSRE

The Department of Insurance, Legal Studies and Real Estate in the Terry College of Business at The University of Georgia invites applications for a full-time non-tenure-track faculty position in Legal Studies at the lecturer level, beginning Fall 2023.

Candidates must hold a juris doctorate or equivalent degree. Strong communication skills and demonstrated potential for excellent teaching are required. The position is renewable based on performance and promotion to Senior Lecturer is possible after six years of service. For information regarding the requirements for each faculty rank, please see the University of Georgia Guidelines for Appointment and Promotion of Lecturers (https://provost.uga.edu/policies/appointment-promotion-and- tenure/guidelines-for-appointment-and-promotion-of-lecturers/).

Continue reading

September 22, 2022 in Colleen Baker, Jobs | Permalink | Comments (0)

Wednesday, September 21, 2022

Open Faculty Position in Real Estate at U. of Michigan Business School

Dear BLPB Readers:

"The Stephen M. Ross School of Business at the University of Michigan has a tenure-track position available in Real Estate starting in September 2023. Depending on interest and qualifications, the successful candidate will join the Finance, Business Economics, or Business Law area.  Teaching at the graduate and/or undergraduate level. Research and publishing, supervising doctoral research, and service contribution is required.  This position is open-rank."

The complete job posting is here.

September 21, 2022 in Colleen Baker, Jobs | Permalink | Comments (0)

Open Faculty Position in Business Law at Penn State Smeal College of Business

Dear BLPB Readers:

"The Risk Management Department in the Smeal College of Business is seeking to fill a tenure-track (open rank) appointment in Business Law effective Fall 2023. Qualified applicants with an expertise in any area of law will be considered, but the department has a particular interest in candidates with a background in UCC and commercial transactions law, securities law and financial regulation, or legal aspects of risk management. This position will have teaching responsibilities at the undergraduate level.Please review the full posting and application link at: https://psu.wd1.myworkdayjobs.com/PSU_Academic/job/University-Park-Campus/Tenure-Track-Business-Law-Professor--Open-Rank-_REQ_0000035410-2Consideration of applications will begin immediately and continue until the position has been filled. If you have questions about the position or process, please email RM@smeal.psu.edu"

September 21, 2022 in Colleen Baker, Jobs | Permalink | Comments (0)

Thursday, September 15, 2022

Open Faculty Positions - Bentley University's Law and Taxation Department

Dear BLPB Readers:

"Bentley University’s Law and Taxation Department is accepting applications for two full-time faculty positions: a tenure-track Assistant Professor of Law and a Law Lecturer, both to begin July, 2023. Application review will begin in mid-October, with preliminary interviews targeted for late October and early November. Here are the relevant links to Bentley’s hiring webpage: Bentley University tenure-track Assistant Professor of Law and Bentley University Law Lecturer The links describe the positions and required qualifications, give more information about Bentley University and the Law and Taxation Department, and contain all information necessary for submitting an application. Nonetheless, any questions about the positions or application process may be sent to Marianne Kulow, Chair of the Hiring Committee, at mdelpokulow@bentley.edu"

September 15, 2022 in Colleen Baker, Jobs | Permalink | Comments (0)

Wednesday, September 14, 2022

Professor Skinner on The Monetary Executive

Today, I enjoyed reading Professor Christina Parajon Skinner's timely and important new article, The Monetary Executive, forthcoming in the George Washington Law Review.  It's definitely a worthwhile read!  Here's the abstract:

"As inflation in 2022 surges to a forty-year high, economists, lawmakers, and the public continue to question why. As part of that inquiry, experts and onlookers seek explanations grounded in errors recently made by the central bank, the U.S. Federal Reserve. This Article argues that, while there is no doubt a host of contributing factors to the current bout of inflation, the President’s role remains comparatively understudied. In particular, the Article adds a new dimension to the growing literature on the fiscal foundations of inflation by studying its longstanding statutory roots, which can be traced back to the New Deal Era. Although the Framers of the Constitution were deliberate in vesting power over money and spending with Congress, and separating it from the President, in time, Congress eroded this separation with successive ad hoc delegations directly to the Executive. As a consequence, today, the President has far more influence over money in the economy—and levers for “fiscal dominance”—than the Constitution arguably allows, casting a long shadow over the Federal Reserve’s ability to properly rein in inflation. The Article traces the development of a “Monetary Executive” through the lens of statutory delegations, and suggests the need for new constraints on Fed policy tools to help buffer against pressure from the President to increase the money supply."

September 14, 2022 in Colleen Baker, Financial Markets | Permalink | Comments (0)

Professor Skinner on The Monetary Executive

Today, I enjoyed reading Professor Christina Parajon Skinner's timely and important new article, The Monetary Executive, forthcoming in the George Washington Law Review.  It's definitely a worthwhile read!  Here's the abstract:

"As inflation in 2022 surges to a forty-year high, economists, lawmakers, and the public continue to question why. As part of that inquiry, experts and onlookers seek explanations grounded in errors recently made by the central bank, the U.S. Federal Reserve. This Article argues that, while there is no doubt a host of contributing factors to the current bout of inflation, the President’s role remains comparatively understudied. In particular, the Article adds a new dimension to the growing literature on the fiscal foundations of inflation by studying its longstanding statutory roots, which can be traced back to the New Deal Era. Although the Framers of the Constitution were deliberate in vesting power over money and spending with Congress, and separating it from the President, in time, Congress eroded this separation with successive ad hoc delegations directly to the Executive. As a consequence, today, the President has far more influence over money in the economy—and levers for “fiscal dominance”—than the Constitution arguably allows, casting a long shadow over the Federal Reserve’s ability to properly rein in inflation. The Article traces the development of a “Monetary Executive” through the lens of statutory delegations, and suggests the need for new constraints on Fed policy tools to help buffer against pressure from the President to increase the money supply."

September 14, 2022 in Colleen Baker, Financial Markets | Permalink | Comments (0)

Wednesday, September 7, 2022

U. of Michigan School of Business Tenure/Tenure-Track Faculty Positions

Dear BLPB Readers:

"Stephen M. Ross School of Business at the University of Michigan invites applications for two tenure-track professors (open rank) beginning September 1, 2023. This is an open-area search for faculty with outstanding research records and scholarly expertise related to diversity, racial and social equality and economic mobility and opportunity. The successful candidate will be appointed in one of the Ross School’s disciplinary areas: Accounting, Business Economics and Public Policy, Business Law, Finance, Management and Organizations, Marketing, Strategy, and Technology and Operations."

The complete job posting is here: Download Ross Job posting for Diversity Position 

September 7, 2022 in Colleen Baker, Jobs | Permalink | Comments (0)

Wednesday, August 24, 2022

Call for Papers - Business Ethics and the Future of Work

Dear BLPB Readers:

"CALL FOR PAPERS
BUSINESS ETHICS AND THE FUTURE OF WORK

The Center for Ethics, Diversity, and Workplace Culture in the Fox School of Business at Temple University, the Center for Legal Studies & Business Ethics in the Spears School of Business at Oklahoma State University, and the American Business Law Journal to Cohost 2023 Symposium:

Business Ethics and the Future of Work

The Center for Ethics, Diversity, and Workplace Culture, the Center for Legal Studies and Business Ethics, and the American Business Law Journal (ABLJ) welcome submissions on business ethics and the future of work. The ABLJ is rated an A journal on the Australian Business Deans Council (ABDC) journal quality list and is the premier peer-reviewed research journal in business law. The symposium theme is consistent with 2020 AACSB Standard 9. The ABLJ anticipates publishing a special issue devoted to the symposium theme.

The societal, economic, cultural, and public health challenges and opportunities of the last decade have dramatically altered the ways that workers around the globe conceive of their work and the workplace. The #MeToo and Black Lives Matter Movements, the global pandemic, innovations in technology and artificial intelligence, and a resurgence of labor organizing, among other forces, necessitate a reconsideration of ethical business practices particularly as they impact employees and the modern workplace. Organizations across industry sectors must contemplate “hybrid” work spaces, demands for corporate social responsibility, and serious calls for an equitable and inclusive workplace culture. While industry professionals are beginning to contemplate these large-scale changes, there is a need for legal and ethics research to help guide this conversation. This symposium hopes to generate a broad range of scholarship that develops thought leadership around business ethics and the future of work in this new reality."

The complete call for papers is Download RESEARCH SYMPOSIUM_2023.

August 24, 2022 in Call for Papers, Colleen Baker | Permalink | Comments (0)

Wednesday, August 17, 2022

Creighton Law Is Seeking Entry-Level and Lateral Candidates

Dear BLPB Readers:

"Creighton University School of Law seeks to hire multiple tenure-track faculty members, and invites both entry-level and lateral candidates to apply, one of which will be focused on Academic Success & Bar Exam Preparation. The Law School is particularly interested in candidates with teaching and research interests in the field of Contracts, including Business Associations and Commercial Law and in the field of Evidence, including Criminal Law and Procedure. The Law School’s current curriculum requires these courses, which are also offered during the summer due to our robust Accelerated J.D. (AJD) program. The Law School has secondary needs in Human Rights, Constitutional Law, and in multiple areas of Private International Law, Sports & Entertainment Law, ADR, and Environmental & Natural Resources Law.

Continue reading

August 17, 2022 in Colleen Baker, Jobs | Permalink | Comments (0)

Wednesday, August 10, 2022

A CDS Market Auction-Related Development to Follow

For those BLPB readers watching the derivatives markets, specifically CDS (credit default swaps), an interesting development to be following right now is the potential auction related to the EMEA (Europe) Determinations Committee’s decision that a failure to pay credit event had occurred with respect to the Russian Federation.

Really really briefly – if you want a deeper dive into CDS and the Determinations Committees, see here – CDS are insurance-like contracts in which a protection buyer makes periodic payments akin to an insurance premium to a protection seller to financially “protect” them should a credit event (failure to pay, bankruptcy, etc.) occur on an underlying reference entity, for example, the Russian Federation.  The protection buyer may or may not have actual economic exposure to the underlying entity.   

The importance of a credit event determination is that it triggers the CDS protection seller’s payout obligation.  In general, the amount of this payout obligation is determined by an auction.  The Credit Derivatives Determinations Committees is the dispute resolution mechanism which decides whether or not a credit event has occurred and, if so, whether a settlement auction will be held.  The decision of a Committee applies market-wide.  There are five regional Committees: Americas, Australia-New Zealand, Asia (non-Japan), Japan, and EMEA (Europe).  In general, each Committee is responsible for decisions surrounding reference entities related to their region.  An independently managed subsidiary of ISDA, DC Administration Services, is secretary to each Committee.  The voting members of a full Committee consist of 10 dealer members and 5 non-dealer members.  The most recent list of Determinations Committees members is here.

On June 1, 2022, the EMEA (Europe) Determinations Committee decided “Yes” in answer to the question: “Has a Failure to Pay Credit Event occurred with respect to the Russian Federation under the 2014 Definitions and the Updated 2003 Definitions?”  Generally, a Committee votes to hold a settlement auction following its determination that a credit event has occurred.  However, the EMEA Determinations Committee decided to defer making a decision about whether to hold an auction.  As noted in its Meeting Statement of July 25, 2022: “On 9 June 2022, the EMEA DC announced that it was deferring making a decision on holding an Auction and the date of any Auction. Such deferral was as a result of the publication by OFAC [Office of Foreign Assets Control] of updated FAQs on 6 June 2022 in respect of new investment prohibitions relating to entities in the Russian Federation (further to Executive Order (E.O.) 14066, E.O. 14068, and E.O. 14071).”  On June 24, 2022, a Bloomberg news article noted “Swaps Panel Asks US Treasury for Russia Sanctions Workaround.”  On July 22, 2022, OFAC released General Licenses No. 45 “Authorizing Transactions Related to the Wind Down of Certain Financial Contracts Prohibited by Executive Order 14071” and No. 46 “Authorizing Transactions in Support of an Auction Process to Settle Certain Credit Derivative Transactions Prohibited by Executive Order 14071.”

An August 5, 2022, Determinations Committee website update (the latest as of this post) shares that the EMEA Committee has now published a “Preliminary List of Deliverable Obligations for the purposes of a potential auction” and also that “The EMEA DC continues to consider the potential impact of restrictions on settlement of the debt obligations of the Reference Entity within clearing systems, including the restrictions on transfer of debt obligations within Clearstream referenced in the DC Meeting Statement of 25 July 2022.” 

With CDS and clearing involved, this is definitely a developing story I’ll continue to follow, think about, and write on!                  

August 10, 2022 in Colleen Baker, Financial Markets | Permalink | Comments (0)

Wednesday, August 3, 2022

Call for Papers - Fifth Conference on Law and Macroeconomics

Dear BLPB readers:

"Fifth Conference on Law and Macroeconomics
October 20-21, 2022 (virtual)

The macroeconomic instability of the 2020s continues to fuel economic, social, and political
turmoil worldwide and to recast our understanding of law and macroeconomics. The ongoing crisis
has opened up new and vitally important research opportunities. As we press on towards pandemic
recovery and confront new challenges, the Fifth Conference on Law and Macroeconomics will
focus on the law’s role in shaping a sustainable and resilient macroeconomy and on the role of
macroeconomic policy in national, regional, and global governance."

September 15, 2022 is the deadline for submitting papers for consideration.  The conference website and complete call for papers is here.

August 3, 2022 in Call for Papers, Colleen Baker, Financial Markets | Permalink | Comments (0)

Wednesday, July 27, 2022

Tomorrow!! Are SPACs Illegal Investment Funds?

Tomorrow, the Wharton Initiative on Financial Policy and Regulation is hosting a webinar entitled, Are SPACs Illegal Investment Funds?  I encourage you to register (here) and decide what you think about this issue!

Wharton Spac Event Social Media

 

July 27, 2022 in Colleen Baker, Financial Markets | Permalink | Comments (0)

Wednesday, July 20, 2022

UPenn Law Inaugural Junior Faculty Business and Financial Law Workshop

Dear BLPB Readers:

"The Institute for Law & Economics (ILE) at The University of Pennsylvania Carey Law School is pleased to announce its inaugural Junior Faculty Business and Financial Law Workshop. The Workshop will be held in person on December 8, 2022 at Penn Law School, unless pandemic protocols require otherwise.

The Workshop supports and recognizes the work of untenured legal scholars in accounting, banking, bankruptcy, corporations, economics, finance and securities regulation and litigation , while promoting interaction among them and selected tenured faculty and practitioners. By providing a forum for the exchange of creative ideas in these areas, ILE also aims to encourage new and innovative scholarship in the business and financial arena."

The complete call for papers is here.

July 20, 2022 in Colleen Baker, Financial Markets | Permalink | Comments (0)

Saturday, July 16, 2022

Baker on Derivatives and ESG

I’m excited to share that my most recent article, Derivatives and ESG, is forthcoming in the American Business Law Journal (Vol. 59, no.4)!  I recently posted a draft of this article to SSRN.  As the abstract below suggests, it examines the role of the derivatives ecosystem - the instruments themselves, trading exchanges, and clearinghouses - in promoting ESG objectives. 

I've written a lot about credit default swaps (for example, here and here).  So, in researching this topic, I was especially struck by the potential for well-known past and existing challenges in credit default swap markets – specifically, decentralized decision-making and conflicts of interest – to eventually become issues in the currently nascent sustainability-linked derivatives (SLDs) market, a type of over-the-counter ESG derivative.  Undoubtedly, the SLDs market is set to grow, so I’ll likely be posting on this topic again in the future!   

Here’s the abstract:

Financial markets are increasingly developing innovative, ESG-related derivatives and relying upon these instruments to hedge ESG-related risks. The global derivatives markets are among the largest, most consequential financial markets in the world. Derivatives are financial contracts that derive their value from an underlying reference entity which can be almost anything, including interest rates, credit, equities, foreign exchange, the weather, or the price of carbon. They provide for hedging, investment (speculation), and arbitrage, and trade on regulated exchanges and in the over-the-counter markets. Derivatives can also facilitate access to the tremendous amounts of capital necessary for the transition to a cleaner energy future and to the objective of net zero emissions by 2050 of governments around the world.

Through an exploration of recent innovations and developments in the exchange-traded and over-the-counter derivatives markets, this Article explores the role of the derivatives ecosystem - the instruments themselves, trading exchanges, and clearinghouses - in promoting ESG objectives. It also highlights the potential for the nascent sustainability-linked derivatives market to face certain challenges experienced by and present in the market for credit default swaps
.”

July 16, 2022 in Colleen Baker, Financial Markets | Permalink | Comments (0)

Wednesday, June 29, 2022

Open Faculty Position in Legal Studies and Business Ethics Department at the Wharton School

Dear BLPB Readers:

"The Legal Studies and Business Ethics Department of the Wharton School, University of Pennsylvania, is seeking applicants for a full-time, tenure-track faculty position at any level: Assistant, Associate, or Full Professor. The appointment is expected to begin July 1, 2023. Information about the Legal Studies and Business Ethics Department and the research expertise of its current faculty may be found at: https://lgst.wharton.upenn.edu

JOB QUALIFICATIONS: Applicants must have either a JD (or equivalent) or a PhD from an accredited institution or both (expected completion by June 30, 2024 is acceptable). We seek outstanding researchers and teachers with a commitment to business-relevant scholarship. The Department’s faculty hold graduate degrees in a variety of areas, including law, philosophy, sociology, history, psychology, and political science. They teach courses in business ethics and law to undergraduates, MBAs, Executive MBAs, and PhD students."

The complete job posting is here.

June 29, 2022 in Colleen Baker, Jobs | Permalink | Comments (0)

Saturday, June 25, 2022

House Majority Staff Report on the GameStop Market Event

Last year, several BLPB posts focused on the GameStop market event (for example, here, here, here, here, and here). For BLPB readers with continuing interest in this topic, I wanted to flag that yesterday, a report prepared by the Majority Staff of the Committee on Financial Services of the U.S. House of Representatives was released: Game Stopped: How the Meme Stock Market Event Exposed Troubling Business Practices, Inadequate Risk Management, and the Need for Legislative and Regulatory Reform.  I look forward to reviewing the report in more detail!

[revised]

 

June 25, 2022 in Colleen Baker, Financial Markets | Permalink | Comments (0)

Wednesday, June 15, 2022

Custodia Bank Sues the Fed

In December 2018, in one of my earliest posts on the BLPB, I shared “although esoteric, such issues as who has access to an account at the Fed are critical social policy choices with real world implications that merit broad-based public debate.”  And I’ve continued to highlight this issue with posts such as “Master Accounts at the Fed: An Arcane But Highly Important Issue” and “Professor Hill on Bank Access to Federal Reserve Accounts and Payment Systems.”  And I’m going to continue to do so today and in the future.  It's just that important. 

So today, I want to highlight that Custodia Bank, Inc. recently filed a lawsuit against the Federal Reserve Board of Governors and the Federal Reserve Bank of Kansas City.  Custodia alleges that the defendants have unlawfully delayed – for more than 19 months now – processing its application for a Fed master account.  A few related news stories are: here, here, and here.  Recall that TNB USA Inc. sued the Federal Reserve Bank of New York for related reasons (here), but this lawsuit was dismissed.  I’ll be sure to keep BLPB readers posted regarding what happens in Custodia’s case.            

June 15, 2022 in Colleen Baker, Financial Markets | Permalink | Comments (0)

Wednesday, June 1, 2022

Two Quick Clearing Follow-ups on Last Week's Post

I wanted to make two quick follow-ups to last week’s post on FTX’s proposed new clearing model for retail customers.  First, I highly recommend reading the recent FT Alphaville piece Did a major financial institution kinda maybe slightly default in March 2020? (FT subscription required) Among other things, it highlights remarks made by some participants during last week's CFTC Staff Roundtable on Disintermediation relating to the potential cost of largely removing human discretion from the clearing risk management process (thanks to today’s Money Stuff by Matt Levine for bringing this piece to my attention!).  Second, a recent article by Rebecca Lewis and David Murphy, What Kind of Thing Is a Central Counterparty? The Role of Clearinghouses As a Source of Policy Controversy, does an excellent job of discussing clearing for BLPB readers who want to learn more about this area.  Murphy was among the participants in the CFTC Staff Roundtable!  I highly recommend this piece!  Here’s the abstract:

"Public policy surrounding central counterparties (‘CCPs’) is beset by conflicts between stakeholders. These turn on who bears which risks, who profits from clearing, and who has what say in CCP governance. They involve CCP equity holders, clearing members, clients, regulators, and taxpayers, among others. In order to probe them, three stylized edge case models of the role of the CCP are introduced: utilities, for-profit corporations under shareholder primacy, and clubs. The governance of each edge case is discussed and compared to the current situation in clearing and its framing in regulatory requirements. The risks in central clearing, who bears them, and the policies surrounding them, are surveyed. The paper argues that stakeholder risk-bearing affects CCP governance because risk bearing should, in equity, be accompanied by governance rights. Each edge case model suggests a different resolution to the key conflicts but none of the models are sufficient to explain existing CCP practice, and the resolutions suggested are unsatisfactory. This insufficiency suggests that the current policy conflicts are rooted in fundamental disagreements about the role of the CCP and thus in whose interests the CCP should act. Stakeholder theory is presented as a model which explains the nature of these conflicts and their persistent character, and which can provide an equitable setting for their continuing re-negotiation."

 

June 1, 2022 in Colleen Baker, Financial Markets | Permalink | Comments (0)

Wednesday, May 25, 2022

A Few Comments on Today's CFTC Staff Roundtable on Disintermediation

I spent much of today watching the CFTC Staff Roundtable on Disintermediation.  The focus of this event was the “disintermediation” or direct clearing that FTX – “an international cryptocurrency exchange valued at $32bn” – proposes to offer to U.S. retail customers (though the option for customers to use an intermediary should still exist).  The House Committee on Agriculture also recently held a hearing on this topic.  Sam Bankman-Fried, the 30-year-old FTX CEO, cofounder and billionaire, is the son of two Stanford University law professors

In a nutshell, FTX proposes to offer U.S. retail customers direct clearing, meaning they would no longer need intermediation by a futures commission merchant (FCM) as under the existing market structure, for cryptocurrencies (at least as the initial asset class).  FTX would calculate margin requirements every 30 seconds and computer algorithms would automatically start liquidating a customer’s positions in specified increments were a customer’s account to be under-margined.  Customers could post a wide variety of collateral, including cryptocurrencies, to meet margin requirements.  FTX plans to also contract with backup liquidity providers who would put up their own collateral as a backup and, potentially, be allocated a portion of a defaulter’s portfolio at a discount to the market price.  Hence, FTX’s proposal would largely automate clearinghouse risk management.  Roundtable participants commented at length upon whether largely removing human discretion from this process was a net positive or negative.    

When I first read about FTX’s clearing proposal (here) for U.S. retail investors, I thought it interesting, but I also worried about several things, including potential market stability issues from the rapid sale of a defaulter’s portfolio and conflicts of interest, particularly with the potential allocation of a defaulter’s portfolio.  Others mentioned similar concerns during today’s Roundtable.  On the other hand, I’ve noted in the past (here) the small number of FCMs and the tremendous concentration of margin being held by these handful of clearing members.  It’s a problem.   Direct clearing could be a potential solution to this issue.  However, direct clearing arrangements can also be problematic as illustrated in the case of an individual power trader directly clearing trades at a Nasdaq clearinghouse in 2018.   

I’ve now started wondering if the general investment risk clearinghouses’ face when they invest customers’ collateral could be exacerbated by FTX’s approach.  I don't recall mention of this concern.  However, what I know for sure is that I’ve much more to learn about this topic and look forward to keeping BLPB readers posted about this issue!

May 25, 2022 in Colleen Baker, Financial Markets | Permalink | Comments (0)

Wednesday, April 27, 2022

Recently Released - the IMF's Global Financial Stability Report April 2022

The IMF recently released its Global Financial Stability Report April 2022.  The Executive Summary provides an informative overview of the financial risks facing markets in these turbulent times.  I was particularly interested in Box 1.1 of the Report: Extreme Volatility in Commodities: The Nickel Trading Suspension.  For those readers who might be unaware, the London Metal Exchange (LME) halted nickel trading "on March 8 after prices doubled over the course of a day to a record $100,000 (£76,200) a tonne"  and cancelled all nickel transactions that day.  Nickel is a key metal for electric car batteries.  Not surprisingly, the LME’s actions proved controversial and are now the subject of several regulatory investigations.  As the end of the Executive Summary highlights: “Recent measures taken in markets and exchanges in response to elevated volatility in commodity prices highlight the need for regulators to examine the broader implications, including exchange governance mechanisms, resiliency of trading systems, concentration of risk, margin setting, and trading transparency in exchange and over-the-counter markets” (p. xiv).    

April 27, 2022 in Colleen Baker, Financial Markets | Permalink | Comments (1)