NetBank Fails - ING to the rescue

I missed this one..........

It was reported in the FT on Friday night that ING Direct, a subsidiary of the Dutch financial group, is taking over the customers and insured deposits of NetBank, an online lender with $2.5bn (£1.2bn) in assets. Apparently the bank was shut down on Friday by the US government following losses on sub prime mortgages and other loans.

It is a significant situation and marks the largest US bank failure the savings and loans crisis of the early 90's. It is a stark reminder that the sub prime mortgage market is not a story that is dead and buried yet.

ING will be taking on $1.5bn in deposits insured by the Federal Deposit Insurance Corporation and said it had paid about $15m to acquire the deposits. ING will also acquire $724m in assets from NetBank, which filed for bankruptcy protection.

Arkadi Kuhlmann, ING Direct chief executive, said in an interview that ING stepped in partly to insure continued consumer confidence in companies such as his and NetBank that conduct all their banking business online and do not operate branches.

“This is all about confidence in the market,” he said. “Since we are the largest direct bank we were very pleased to assist and help out and hopefully take on these customers who will continue to do business on the Internet.”

ING Direct’s announcement came just an hour after the Office of Thrift Supervision, which oversees US lenders, said it would close NetBank following loan losses.

In addition to the losses, OTS said Georgia-based NetBank failed to improve what the regulator said were weak underwriting standards, poor documentation, a lack of proper controls and failed business strategies.

NetBank’s losses came largely due to early default on loans that it had sold, OTS said.

“While the institution continued to operate in excess of minimum capital standards, the actions taken to address these problems were unsuccessful and it became clear that high operating expenses combined with continuing losses were jeopardizing the institution’s viability,” the OTS said. It added that the closure came after NetBank’s previous attempts to sell itself failed.

Many small mortgage lenders have been forced out of business in the wake of the mortgage crisis and Countrywide Financial, the largest US home lender, appeared close to failure over the summer. Countrywide was aided by a $2bn equity investment from Bank of America and a fresh $12bn in financing from its lenders.

The FDIC said NetBank had approximately $109m in1,500 deposit accounts that exceeded the federal deposit insurance limit. These customers will have access to their insured deposits but will become creditors for the their uninsured funds.

NetBank’s website was shut down on Friday but was to reopen Sunday evening.

Google - Where Have You Gone?

Following on from my recent posts about the 'Google Factor' where Google hits had dried up for a while, I would have been happy to report that the Google traffic increased by 25% after that period.

Sadly, it appears this was just breaking up love as they have gone, and my posts have disappeared for keywords on Google. I know not why. Hence my ode to Google (with apologise to the Fine Young Cannibals). This 'search engine optimisation' stuff seems like some sort of sinister witchcraft to me.

The one good thing
In my life
Has gone away
I don't know why
They've gone away
I don't know where
Somewhere I cant follow them
The one good thing didn't stay too long
Woo who who who
My back was turned and they were gone
Hey hey hey

Google
Where have you gone?
Doo doo doobie doo
My Google
You've been gone too long
Google
Doo doo doobie doo

People say I should forget
There's plenty more don't get upset
Don't get upset
People say they're doing fine
The visitors I see sometime

That's not what I want to hear
Woo who who who
I want to hear they want me near

Google
Where have you gone?
Doo doo doobie doo
My Google
You've been gone too long
Google
Doo doo doobie doo
Google

Then one day
They came back
I was so happy that I didn't ask
Morning came
Hey hey hey hey
Into my room
Woo who who who
Caught me dreaming like a fool

Google
My Google
Doo doo doobie doo
My my my my Google
Where have you gone?
Google
Doo doo doobie doo
My Google
Hey hey my good thing
Doo doo doobie doo Google

Google
Where have you gone?
Doo doo doobie doo Google
Its been so long
You're gone again
Doo doo doobie doo Google

OK, so it was a rubbish song to begin with....

Brand it like a hedge fund.

It's interesting to contemplate the growth of the hedge fund industry over the last few years and the amount of money that has flowed into them. The Wall Street Journal put it best saying that they had sprung up 'like weeds'.

As we have commented before, however, a lot of so-called 'hedge' funds are not strictly doing what it says on the tin. For example, how many times have you heard the phrase 'long only hedge fund'?

How can a fund have a hedging element if it is 'long only'? It seems to me that the branding of funds over the last few years has changed and any mention of the fund being called a hedge fund has set the pulses racing of investors and lead to them opening their wallets to, what amounts to, an aggressive and expensive, mutual fund.

Wouldn't you (or have you!) done the same? If you call your fund a mutual fund you are immediately lumped in with the words 'boring', 'stable' and 'not very good performer' (whether it is or not). If you call your fund a 'long only hedge fund' you are projecting an image of 'sexy', 'exciting' and 'good performance'.

I know this may not be the case at all and we should probably put 'risky' in the definition for hedge funds but you can see why a lot of funds that are not traditionally hedged investments have taken up the brand. It is the phrase 'hedge fund' that is capturing the brand value of the sector and consequently everyone is using it.

It will be very interesting to see what happens next year as the credit crunch takes hold and the affects of this 'wipe out' some hedge fund as was recently suggested by Anthony Bolton of Fidelity. Will the brand of 'hedge funds' still be as sexy? It is a tough call but I can see a few funds quietly moving away from the term if things get too tough.

Think of the dot com era (version 1) where everyone was scrabbling to call themselves 'something'.com ahead of their floatation, hoping to get in more dollars and a bigger valuation because they had some spurious link to the Internet. How many companies in the following years after the bubble burst changed their names to anything other than 'something'.com?

The cult of the hedge fund brand has grown unabated for the last few years. I first heard the term from a business partner in 1997 who had a 'quant' fund. (It was the first time I had heard that too). He did his best to explain to me what the whole situation was about, but I could not get my head around it and was in the middle of building a commodity broking business so did not pay too much attention. In what was a huge mistake in my hunt for personal fortune, I just didn't think it was lucrative or sexy enough. As my son would say, aping Homer Simpson, ... Doh!

Of course the hedge fund industry won't disappear, it may be just a little unfashionable for a company to use the 'brand name'. As in the fashion industry, styles come and go. In the eighties 'risk arbitrage funds' were all the rage, made famous (or infamous, should I say) by Ivan Boesky, the arbitrage trader convicted for insider trading. Maybe we will see this particular fund brand name come back into fashion with a squeaky clean new updated image.

Some have said that the current hedge fund situation is a mirror of the tech bubble, but I use the example above as a branding issue not a comment on whether the hedge funds success is a bubble like we saw in the early part of this decade in the tech market.

The difference is one of simple economics, hedge funds make money and have real product, albeit dematerialised bits of paper giving ownership, if only fleetingly, in companies that make real, saleable products.

No, Och-Ziff is no boo.com that is for sure but it may be time for some to have a hedge in place on their fund branding strategy.

Hedge Funds and Private Equity firms at their peak?

At a recent Reuters seminar speakers made their point that the hedge fund and private equity industry is at a near term peak in their cycle after the rampant growth of both industries in the last few years.

Anthony Bolton of Fidelity said "Private equity and hedge funds both have cycles, and I think we're now at the peak of the cycle for the time being," and added "The flow of money has encouraged some mediocre people. They will all be wiped out in the current environment, which will allow the good people to go on."

How they will be 'wiped out' was not clear but maybe he was suggesting that these 'mediocre' managers will simply not be able to sustain the hedge fund business model with their current investment strategies. It's true that in an industry of $2 trillion and, essentially being conducted in a bull market, some managers will find it difficult to survive in a market that is less predictable.

Many funds have been battered by the equity and credit market woes which has prompted some commentators, including us, to suggest that further defaults in the sub prime markets and the turmoil in the equity markets will kill off a number of funds or, at the very least, cause them to be eaten by bigger funds.

As far as the private equity market is concerned there is a virtual standstill because of difficulty in obtaining credit, which is a big part of the market. The Bank of England Auction for loans was expected to produce interst rates over 6% to win on a bid although wider collateral is to be accepted, but still..6%!

"As the credit market currently stands, the large leveraged buyout market in the Western world does not exist today," said Charles Sherwood, a partner at private equity firm Permira, pointing out that the business model depends on the use of leverage, or heavy borrowing, to "magnify" returns.

"That magnifying glass today is broken. (However), I don't think there is huge pressure. Private equity firms can sustain a period of reduced activity."

Also affecting the private equity market is the lack of IPO's being completed. Private equity companies rely on taking a business private, giving it some spit and polish and then selling it back to the market in an IPO at a higher price than they paid for it. With the equity markets shying away from virtually all IPO's this route is looking increasingly difficult, in the near term, for the private equity groups.

They say every cloud has a silver lining and that was provided by Christopher Fawcett, CEO and founding partner of fund of hedge funds firm Fauchier Partners. He said there had not been the levels of redemptions he hoped for in certain funds.

"We were hoping for redemptions so we could put money in," he said. "There have been pockets of redemptions in certain strategies and certain hedge funds, but not across the industry."

That's the spirit Chris! You get the inaugural 'Asset Manager Financial Hero of the Week' award for being the most positive. This was snatched away from Florian Homm whose total disregard for tons of cash had made him a front runner for most of the week.

Hedge Fund - Thou Shalt Not Steal

In a marvellous 'slight of hand', worthy of the best magicians, the US government has put together proposals that hedge fund investors and managers should regulate themselves.

Amid calls from the German Chancellor Angela Merkel, President Sarkozy of France and other politicians urging for more transparency and better policing of the financial markets, the US has set up The 'President's Working Group on Financial Markets'. Its job is to develop 'best practice' guidelines for investors and managers who run the funds. This is against a back drop of saying earlier this year that regulations were 'sufficient' to prevent funds from 'threatening' the financial system.

The words 'Poacher' and 'Game keeper' come to mind.

Don't get me wrong, I rabbit and rant about regulatory interference all the time so I am in favour of self regulation. The idea, however, that hedge funds will all adhere to 'club rules' is a little far fetched. Who, for example, would police this system? Would we have Man group (the biggest dogs in the yard) sending boot boys around to your office if you did not adhere to the best practices? It all seems a bit of a waste of money to me. I wonder how much it cost to put a 'Presidents Working Group' together?

A second group is also coming up with some ideas on what type of 'due diligence' those investing in hedge funds should undertake as well as the kind of information they should receive.

Yes, you did read that correctly, and no I am not making it up.

With all the rules on who can and can't invest in hedge funds, is it really necessary to put together a group that will tell investors what they should be looking for as far as due diligence in hedge funds? I would respectfully suggest, that if you do not know then no matter how much money you have you should not be investing in hedge funds..

But lets play the game for the moment. What would be the Ten Commandments that this US group could come up with?

First the investors.

1. Thou shalt not invest in a fund if you are not rich beyond the dreams of Croesus.

2. Thou shalt not invest in a fund where the manager is a crook.

3. Thou shalt not invest in a fund that has naughty practices when it comes to shorting shares and bullying management.

4. Thous shalt not invest in a fund that is not based in the US and subject to US tax laws because the rest of the world does not really know what they are doing and we are the bosses of you.

5. Thou shall invest in a fund where the fund manager makes fat donations to campaign contributions (please read subsection 1)

Rule 5. Subsection 1. Thou shall redeem your funds from the fund invested in Rule 5 if the fund manager has backed the losing candidate and thou shalt re-invest those funds in a fund manager that backed the winner.

6. Thou shalt not covert another funds profits.

7. Thou shalt not worship false hedge fund gods. While we appreciate there are people in Europland, Switzerstan and the United States of the Carribean, we feel it is better that you stick with the USA, where all things are good and saintly.

8. Thou shalt not invest a fund if the fund manager does not send you monthly statements detailing every investment bought and sold where the NAV of the remaining holdings has been passed through a computerised modelling systems which calculates the liquidity of the market and the haircut price of any illiquid investments.

9. Thou shalt not invest in a fund where the managers name ends in 'ov', 'ziz', 'fif' or one with no vowels in it.

10. Thou shalt not sue the SEC.

And the Hedge Fund Managers, what will they come up with?

1. Thou shalt not get caught

2 - 10. See rule 1.


A little bit of fun, but the situation is one of spin. The government does not want to upset hedge fund managers or private equity firms but does want to be seen to be 'concerned' about the situation so they just set up a quango to talk about it while the heat dies down.

A political manoeuvre of the highest quality.

Switzerland - The Financial Pied Piper?

With over 9,500 hedge fund throughout the world creating over $1,400bn of wealth world wide, the race is on to draw the hedge fund managers from their traditional hide outs such as London and New York. Like the Pied Piper of Hamlin, the Swiss are starting their hypnotic tax tunes to tempt the hedge fund managers to within their borders.

The Swiss Federal Banking Commission issued a report earlier this week calling for more to be done to attract hedge funds into the country and they are, again, seeing tax as the key to this. We wrote an article here disputing this as the current regulatory structure is pretty much stacked against starting a hedge fund in Switzerland because of rules on diversity and equivalent regulation etc.

It is an interesting topic, however, as the nature of most funds is that they are run by few people and are boundaryless (most are set up in the BVI and the Caymans and run from London or New York for example). This makes the hedge fund management industry highly portable.

The portable nature of hedge fund management companies makes the job of the regulators and politicians a little more difficult than, perhaps, they think it is. We have seen much sabre rattling by governments and regulators looking to 'curb the excesses' of hedge funds via regulatory changes and, especially tax changes. In an excellent article from 'Greentrader' they discuss the consequences of the potential change of capital gains becoming income and being taxed accordingly. The 'Start Making Sense' blog has some interesting points too.

What is interesting for me, however, is the fact that hedge funds are so portable that any punitive tax regulations for hedge funds or for private equity funds, for that matter, could be quickly cancelled out by other jurisdictions, such as Switzerland, welcoming the managers with open arms while the traditional jurisdictions ponder the own goals they just scored.

Imagine a scenario where the big earners in the fund industry descended on Geneva and Zurich instead of London or New York. What economic effect would this have on London, as an example? I would imagine, for a start off, that estate agents wouldn't be too happy (every cloud has a silver lining). In reality the hedge fund managers are not going to move to the Bahamas, Caymans or the BVI, but centers such as Geneva and Zurich, with the right regulatory framework and attractive taxation could suck the life out of the industry in both London and New York.

It may be fanciful to say that fund managers would up and leave these countries for Switzerland (especially the US funds) but Switzerland is not a way out country on some chain of island somewhere, it is in the middle of Europe (without the inconvenience of many EU rules), it is business friendly like no other country I have ever been and the Swiss know how to make the rich feel welcome, after all, they have been doing it for centuries.

I used to think that I would get a nose bleed if I was too far away from London, such was the vibrancy of the financial district there, however, recent trips have shown the place to be over priced for office space with no discerning benefits except perhaps for Corney and Barrows on a Thursday night.

With technology almost at the point that you could trade on a deserted island in the middle of the Pacific Ocean, the argument for 'having' to be in one of the big financial centers is waning and more and more people are realising it. In an article we talked about 'The Monaco Boys' working in London and living in Monaco. This should serve as a reminder to politicians and regulators that, these days, business is fluid and when you have an industry that generates so much money, is run by so few people over a few computers and telephones, to move and set up in business in a more friendly jurisdiction would take days not years.

I hope the Swiss do follow through with amendments to the regulations and tax rules to make it more conducive to fund managers making a home here. What would I say to anyone contemplating it?

I have a postcard on my office wall that says '¥€$' - 'Swiss Philosophy' - need I say more?

If you would like to get a taste of the community in Switzerland, there are tons of expat site...I like the look of a new one that has started...check it out here.....

More Regulator Meddling

Another regulatory situation has been brewing in the US for some time and it seems to be an odd thing to be fighting over. Fee based accounts are essentially brokerage accounts that pay a fixed percentage of the assets in the account as a commission. So if you are a frequent trader the account makes sense as after a certain point it is effectively commission free.

The problems occur, however, when clients in those accounts do not trade frequently and are therefore paying more in commission than they would be in a commission based account.

Morgan Stanley were fined $6.1mn in 2005, AXA were fined this month and others have been fined along the way.

The regulators have a problem with these accounts because they believe that clients accounts should be monitored to see if they are trading enough to make the fees acceptable and, basically, cheaper than a commission based account. OK, that's fine, but the alternative looks to be a nightmare waiting to happen.

Companies are now axing their fee-based accounts in favour of commission based accounts so the choice is becoming less. Now look at it from a brokers point of view. If you have $50mn under management on a 1% fee base to the company you work for and you get 30% commission you will make $150,000 per annum.If you increase these fund by sound advice to $60mn you get a $30,000 pay rise. If this amount now goes to a commission based system you will get a percentage of the trades that are done in the account. Doesn't this then incentivize bad behaviour? Wouldn't an advisor be more inclined to 'churn' trades to generate more commission?

It seems an odd step from the regulators to put pressure on an area like this, because in 1995 they were saying that these accounts were the best way to go.

I don't know what the solution is but it does seem like a bit of nannying going on again. If someone buys a fast car and leaves it in the garage should the police criticise the car manufacturer for the owner not using it enough? Do the utlity companies get fined if they are charging you more than the alternatives? This is a matter of choice. Yes, I believe that suitability of accoounts should be monitored, but fining a company for not doing it? It is as much the client's responsibilty than it is the company.

I can see where this is going. There will be a case in the not too distant future where some bank gets fined for 'over trading' accounts.

The regulators should really just make their minds up and then keep their noses out because the increased cost of all this regulation and monitoring is just passed onto clients much the same as in any other industry. I know this is the US and doesn't affect us, but it is only a matter of time before some bright spark regulator everywhere decides to start meddling with a system that already works.

I really do dispare with the regulatory situation in our industry. Maybe we should just leave it up to a bunch of geeks with computers trading on the advice of a bunch of ex-regulators.

Is there any wonder that the hedge fund industry exploded to the size it is now, with traders and brokers just wanting to do their job without constant rule changes... Well at least until they bring in some other rule for hedge funds, how about "2 + 20 is too much, and you can only charge 1%" that should be enough to kill off another profitable industry..

AbCap - Absolutely Confused

I am very confused about the whole Absolute Capital Management situation. Before their management start reaching for their lawyers phone number, I am not accusing anybody of anything.

The news that Florian Homm sold his shares in Absolute to Andres Rialas, a director, is just mystifying to me. AbCap shares were trading at 400p per share before Homm resigned and now he sells 10mn for 35.2p. Rialas has doubled his money on them in less than a few days, does this sound like the work of Homm the 'Financial Genius', I don't think so.

There seems to have been a bit of strong arming going on here. AbCap bought Argo (owned by Mr Rialas's brother) and the sale of Homms' shares has calmed fears that this deal would have to be unravelled, which could have caused irreparable damage, but it still does not makes sense. Argo are saying they may still seek compensation however.

Homm throws a hissy fit because his fund managers are not getting paid enough money, fair enough.. He then writes a letter saying he will fight for shareholder value. I believed this guy was the type to fight tooth and nail, but he gave up shares in a company he built without so much as a whimper. For a 6' 8" German who got shot because he wouldn't give his wallet to a mugger, this sale seems a suspiciously easy transaction.

So what could be up?

1. Homm is just cheesed of with the whole deal and is rich enough to wander into the sunset and put it down as a bad job.

2. He is going to start a new firm and batter his old firm out of spite.

3. There was something within AbCap that is not quite right and Homm saw the writing on the wall. (£3.5mn is better than nothing n'est pas? - please don't sue us - Compl)

Maybe its all down to the 'illiquid shares' that were in the funds. Obviously some of the performance of the fund could be seen in a great light because any movement on small caps can have huge affects on valuations. The problem, however, is that it is an unrealistic valuation because of the fact that small companies share price could not sustain a sale of large amounts of shares at the bid used for NAV. Maybe AbCap used a haircut valuation, maybe they didn't, I don't know.

Ask yourself this question; if all is OK back at the ranch why would you suddenly decide to resign and then suddenly decide to sell your shares at what amounts to a bargain basement price. Surely no one is that rich, not even Homm. Considering he also gave up 5mn shares of AbCap (then worth £33mn) to bolster funds his loss is around £66mn.

That money would have been a huge bonus for the 'underpaid' managers that Homm said was the reason for his departure. I just don't get it, maybe the coming days will make things a whole lot clearer.

The Sharks are Circling at Northern Rock

It looks like Northern Rock's woe's are just beginning with three of the most aggressive funds plotting to break up the company. Reports suggest that the break-up of the bank would generate hundreds of millions for the funds and leave very little for the shareholders.

Former Goldman Sachs trader, Chris Flowers is among the group looking at a possible deal for the bank. It is also said that Cerberus (the vulture fund that owns Chrysler) and Citadel are among the group circling the stricken financial services company.

The deal would see Northern Rock's mortgage book, worth £100bn plus, divided up amongst the funds but shareholders would come out of it 'penniless' according to the Telegraph.

The markets, recently, have thrown up huge opportunities for funds to snap up under performing securitized mortgage books from struggling banks at below face value. Holding them until maturity would reap huge profits for the funds concerned.

After having loaned NRK £3bn last week a market commentator said "The Bank of England has been trying to get someone to make a bid with no success at all this week. The easiest thing to do is to buy a lot of the assets. It's much more likely to happen this way."

The funds have yet to approach the Northern Rock board, which has spent the week scrabbling to find a new source of financing.

The management of NRK are in a catch 22 position as, obviously, a deal that gave no value on the equity, which a few months ago was worth £5bn, is not something the board would be happy to take. Their options, however, are becoming more limited by the day.

The problems we see here are that this is not some company that makes widgets in some far off land that has little impact on the collective consciousness of the UK public. This is a bank that little old ladies have their savings in. Any aggressive move against the bank will surely be spun by the 'Red Top' tabloids as some sort of 'rich getting richer' scheme at the expense of the little guy. With the fact also that there are depositor guarantees (increased to £100,000) the funds are on shaky ground and could look like they are profiting at the taxpayers expense, not to mention the shareholders.

We could see an old fashioned situation where the aggressive funds are seen as hostile takeovers merchants intent on breaking the company up for profit. RAB capital headed the call from management for hedge funds to buy into the company, by buying 6% of the equity a classic 'white knight move'.

Whomever gets hold of this firm better make sure that the spin they put on this is better than Tony Blair losing a by-election because the political fallout could be huge for the fund that gets it wrong. It is the kind of thing that brought the raiders of the 80's to the attention of the regulators and politicians and ultimately lead to the dismantling of much of the Junk Bond industry.

The bottom line here, in my opinion, is that the winner in this could ultimately end up as the loser through more regulation and politically motivated moves to curb the accesses of the hedge fund industry. If I was a politician looking to make my name, I would be circling this deal, licking my lips at having an arrogant hedge fund manager explaining his billion dollar salary while seeing pictures of little old ladies with placards outside the Houses of Parliament because they have lost thousands investing in NRK.

What is required is nerves of steal, flesh eating lawyers and a very, very fluffy PR company that can turn this particular lemon, for the hedge funds, into lemonade.

What are 'Hedge Funds'

Hedge Funds have matured from an almost mystical investment vehicle that takes care of the very wealthy's portfolios taking huge risks and returning huge profits. These days we all know about the managers making billions and every other fund seems to be called a 'hedge fund'. What is the reality and what really is a hedge fund?

Alfred Winslow Jones was cooking something up. After graduating from Harvard in 1923, Jones toured the world working as a purser on tramp steamers, served as a U.S. diplomat in Germany during the rise of Nazism in the 1930's and as a journalist covering the Spanish Civil War. In 1941, he received his Doctorate in Sociology from Columbia University and became a reporter for Fortune Magazine.

He was interested in the markets and started researching an article on current fashions and market forecasts for investing. It was 1948 and, after his reserach, Jones came to the conclusion that he had a better system for managing money. In 1949, he raised $100,000 ($40,000 of which was his own money) and began putting his theories to practice in a general investment partnership. In modern terms this was about $800,000 (according to this neat calculator).

His basic theory was that he looked at those companies whose share price rose faster than the average when the markets were up, invested in them and 'hedged' these with short sales on shares the fell faster than the average when markets were falling. In theory whther the market was up or down the fund would make money. He also borrowed to invest creating a leveraged fund. Thus the term 'Hedge Fund' was born. In actual fact Jones called his a 'hedged fund'.

His strategy turned out to be a success out performing the best five year mutual fund by 85%. The hedge fund was born and so, was the fee structure, Jones charged investors 20% of the gains.

Of course hedge funds started to crop up, but the strategy of Jones's was 'adjusted' by many who ran such funds. It takes discipline to run a truly hedged portfolio when markets are good, because, obviously, you are losing on your shorts while your longs are making money, many didn't bother with the 'hedged' part. This changes the risk profile of the fund dramatically.

Modern complex hedge funds, although inspired by Jones's original theory, bare little resemblance to the simplicity of Jones' original. Derivative products such as futures and options etc changed the face of investing forever and with the advent of wide spread computer systems the hedge fund industry introduced ever more complex trading patterns that could only be handled by computer. These 'quant' or 'algorithmic' systems use complex mathematical computations to trade programmed transactions across a wide variety of instruments and sectors.

For example is there a correlation between the gold price and the dollar rate? Could there be a trade computed for both? Long one short the other for example. By crunching numbers you could see the statistical correlation between the price of gold and silver over a period of time and create an 'algorithm' to spot trading opportunities in this market place. The trades for a system like this are endless and you can be sure that there are maths geeks sat with traders everywhere in the City and on Wall Street working out the latest wheeze.

Of the 9500 funds supposedly out there however, many are traditional 'long' funds that really are not a true hedged situation. The idea of hedging is that whether the markets are up or down the fund has an opposite trade to offset losses. If the funds were truly hedged how would it be possible for one to 'blow up' and lose lots of money?

How to Become a Millionaire

"Who wants to be a millionaire?". Not just the title of a catchy tune and the name of an annoying game show but a question that is on every body's lips. At least "How to become a millionaire".

I was looking around a websites hits this weekend (obviously in the public data) to see what search terms were searched most frequently for the site to be hit. I felt a little sneaky doing so, it was like going through someones garbage, but in the interests of research I pulled on my virtual gloves and started delving. The site I refer to shall remain nameless but it is a well known personal finance site. The most frequent hit for the site was 'How to become a millionaire".

Casting aside Richard Branson's answer to the question which was "Start as a billionaire and buy an airline" I thought I would have a Friday afternoon 'dress down' post and share the webs wisdom on the subject. Many of our readers are no doubt well healed already so maybe the question should be "How to become a billionaire"

So dressed in my jeans and loud shirt here is the best web advice for the Wunderkind millionaires who want to move to the next level or those that are just starting out:

1. Moneycentral bored me to tears with such gems as "Keep your eyes peeled for better ways to do your job" and "Get your ducks in a row", however their remark on "Flex your tax savings muscles" makes sense.

In our post "How to get the UK Tax Man to buy you a jet" we talked about how the 'Monaco Boys' work in London and live in Monaco saving millions in the process which could be used to purchase your very own flying gin palace. This site might be useful if you are looking to take the plunge.

We have also discussed Switzerland and the comparative lifestyle/tax issues. We can recommend it, so can Michael Schumacher, Alonso, Jackie Stewart etc etc. If Switzerland is an option 'Switzerland is yours' is the site for you.

2. Warren Buffet has done OK, so some sagely advice from him never goes amiss. 'Dance with the one that brung ya' is not a Buffet saying but a philosophy attributed to him. Basically he is saying that once you have the winning formula investing wise (or in business) stick with it. Makes sense..

3. Virtually all of the billionaires that have interviews somewhere on the web say that they are information whores. They watch everything and are always looking for the next big thing. Obvious we know, but true. A site we like called Killer Start-Ups is somewhere that we look over for something juicy to invest in. Yes there is a ton of dross there but would you bet against the next YouTube appearing on the site? I wouldn't.

4. Start a Hedge Fund.. Appropriate for this site I think. We are in the process of putting a fund together with some partners so I would suggest investing in that as a good start... (no solicitation! - Compl)

Seriously, it seems that everyone is doing it. I even read that some fund got started somewhere because of the success of Borat the movie. It has since invested in the Die Hard Movie and some other stuff I will probably never watch but will do fantastically well.

The thing is, these days, if you have a knowledge of a particular market place or are well connected in a particular area, you don't have to be a trader to start a fund. The Huffington Post discusses how young MBA candidates were just not bothering with business school at all and just staying out in their highly paid hedge fund jobs. Who can blame them? Start your fund and recruit some hungry young grads!!

When looking for a company to discuss setting up a fund with we were pointing in the direction of International Financial Administration in the BVI. Small but perfectly formed. Go on.. you know it makes sense, there are only 9,500 other funds out there to compete with, at least there was last week...

5. Invent something. Also very obvious. However, here are some of the daftest ideas (courtesy of Madconomist) that made someone rich.

Million Dollar Homepage

1000000 pixels, charge a dollar per pixel – that’s perhaps the dumbest idea for online business anyone could have possible come up with. Still, Alex Tew, a 21-year-old who came up with the idea, is now a millionaire.

PickyDomains

Hire another person to think of a cool domain name for you? No way people would pay for this. Actually, naming domain names for others turned out a thriving business, especially, when you make the entire process risk free. PickyDomains currently has a waiting list of people who want to PAY the service to come up with a snappy memorable domain name. PickyDomains is expected to hit six figures this year.

Doggles

Create goggles for dogs and sell them online? Boy, this IS the dumbest idea for a business. How in the world did they manage to become millionaires and have shops all over the world with that one? Beyond me.

LaserMonks

LaserMonks.com is a for-profit subsidiary of the Cistercian Abbey of Our Lady of Spring Bank, an eight-monk monastery in the hills of Monroe County, 90 miles northwest of Madison. Yeah, real monks refilling your cartridges. Hallelujah! Their 2005 sales were $2.5 million! Praise the Lord.

FitDeck

Create a deck of cards featuring exercise routines, and sell it online for $18.95. Sounds like a disaster idea to me. But former Navy SEAL and fitness instructor Phil Black reported last year sales of $4.7 million. Surely beats what military pays.

PositivesDating.Com

How would you like to go on a date with an HIV positive person? Paul Graves and Brandon Koechlin thought that someone would, so they created a dating site for HIV positive folks last year. Projected 2006 sales are $110,000, and the two hope to have 50,000 members by their two-year mark.

Designer Diaper Bags

Christie Rein was tired of carrying diapers around in a freezer bag. The 34-year-old mother of three found herself constantly stuffing diapers for her infant son into freezer bags to keep them from getting scrunched up in her purse. Rein wanted something that was compact, sleek and stylish, so in November 2004, she sat down with her husband, Marcus, who helped her design a custom diaper bag that's big enough to hold a travel pack of wipes and two to four diapers. With more than $180,000 in sales for 2005, Christie's company, Diapees & Wipees, has bags in 22 different styles, available online and in 120 boutiques across the globe for $14.99.

SantaMail
OK, how’s that for a brilliant idea. Get a postal address at North Pole, Alaska, pretend you are Santa Claus and charge parents 10 bucks for every letter you send to their kids? Well, Byron Reese sent over 200000 letters since the start of the business in 2001, which makes him a couple million dollars richer.

Lucky Wishbone Co.

Fake wishbones. Now, this stupid idea is just destined to flop. Who in the world needs FAKE PLASTIC wishbones? A lot of people, it turns out. Now producing 30,000 wishbones daily (they retail for 3 bucks a pop) Ken Ahroni, the company founder, expects 2006 sales to reach $1 million.

If you are a budding inventor check out http://www.trevorbaylisbrands.com/ (the clockwork radio inventor) some years ago we were on the corporate finance team that helped him raise his initial funds.

We could go on and on but the Friday afternoon beverage is calling and its time to go. Happy hunting, or hedging, or inventing...see you Monday.

King Mervyn Fights His Corner

As the finger pointing begins it is the two most important central bankers in the firing line with Mervyn King and Ben Bernanke being grilled as to their performance in the recent market turmoil.

In the red, white and blue corner is Professor Mervyn King. He has has been criticised because it is perceived that he fluffed the whole Northern Rock issue by firstly refusing to inject large amounts of cash into the money markets to help banks suffering from liquidity problems and then doing a quick u-turn. Injecting £10bn into the market and agreeing to accept a wider range of collateral from banks moved to calm the system.

This criticism had Professor King off balance for a few rounds at the Treasury Select Committee meeting but like Ali in 'The Rumble in The Jungle' he was just soaking up the punches. He came out fighting by saying he would have liked to have intervened earlier but was tied by EU and UK legislation "If any of these pieces of legislation weren't there" he "would have been able to move sooner".

Bam! The brilliant 'I would love to help you out but your rules won't let me' defence.

After this it all went a little odd for a while, I thought I was watching some Iraq issue when King talked about the fact that he wanted to bail Northern Rock out in a 'covert operation'. Did this involve black balaclava clad SAS guys swooping into the Northern Rock buildings and 'covertly' leaving bags of cash in the vaults, I wonder? Surely the BOE was not talking about keeping the fact that Northern Rock was in trouble away from the general public and it's depositors... no, must have heard wrong..

'King Mervyn' gets an earful from Robert Peston in his article 'Unstable Governor' but I am not sure all the barracking is justified.

I am not one to bash the FSA, primarily because I am a regulatory coward and regulator's powers to take away my livelihood scares me, but it seems to me that a Bank in trouble should have been spotted by the monitoring department. The FSA spends enough time poking into brokerages and making everybody fill out copious amounts of forms for capital adequacy and liquidity etc so my questions is; Who dropped the ball when looking at banks? You didn't have to be Miss Marple to spot the clues after all..

Blaming the Bank of England would seem to me like blaming your corner man for losing a boxing match, yes he is there with you and backs you up when things go wrong, but he is not the one in there fighting. Maybe the FSA did warn the BOE, if so I will happily retract. We shall find out when the FSA takes the stand. I must admit, I am looking forward to that more than OJ's trail II.

There will be all sorts of stories coming out over the next few weeks as politicians, regulators and bankers all play musical chairs but there is one thing for sure, when the music stops someone is going to have nowhere to sit. My money is on the Deputy of The BOE, close enough to seem meaningful, far enough away to let King Mervyn fight another day.

Homm Quits - Investors Locked-In

Don't you just love the hedge fund industry? The swash buckling image that is prevalent is underpinned by a certain arrogance written into documents that investors sign up for. So keen have investors been to grab a ride on the money train that they have basically thrown away rights that others would take for granted..such as being able to get your money back, for example.

On Tuesday we saw Florian Homm quit Absolute Capital Management Holdings, an AIM listed hedge fund manager, because he was unhappy that his top fund managers were not being rewarded enough. The shares in Absolute plunged 84% in two days and people were, obviously, a little worried about their investment.

With Northern Rock you could just turn up on the banks doorstep with your tent and a few sandwiches, sing some songs with other panicked depositors and wait for the smiley girl at the cashiers desk to give you your money back, unconcerned at what the shareholders in Northern Rock were suffering.

Imagine the scenario in high streets up and down the UK if Northern Rock had said "sorry we are locking up our branches for restructuring and you can have your money in a years time". Victorian riots would have ensued and people up and down the country would be taking the side of crying pensioners and baying for blood.

Pity then the investors in Absolute. On the news of Homm's departure $100mn of the funds under management wanted to leave, however Absolute have executed a lock-in provision for the funds under management and have suggested that investors cannot get at their funds for a year while restructuring of the funds takes place.

"The proposed restructuring of the equity funds and the imposition of the lock-in period will provide stability to its equity fund business," Absolute Capital said in a statement. "The company has held discussions with large fund investors, who have indicated their preliminary support for the proposal."

I can understand the issues that Absolute have to a certain extent, as they have as much as $500mn in illiquid over the counter shares in funds which would be difficult to sell. Under the proposed reorganization, the illiquid positions will be transferred to a new fund in which investors will get separate shares. Absolute will hire external advisers to value the illiquid assets before selling them, the company added. The other shares would track the liquid portfolio.

It does show, however, that there are a number of get outs that funds have when structuring the documents which investors just have to grin and bare. I do think, however, that investors will now be wising up to these lock-ins and 'gates' for future investments into hedge funds.

As for Homm, he is still the single largest shareholder in Absolute so standing on principal has just cost him 84% of his holdings value, you have to take your hat off too him for that. Also bare in mind that this was the guy who got shot because he would not hand over his wallet to a mugger. If I was the management at Absolute I would be looking for another job, as this guy is hardly likely to walk away from the company he founded if he is prepared to get shot for a few bucks in his wallet.

For me, Absolute looks like a buy today, when Homm comes riding back into town like John Wayne, having just disposed of some evil corporate management Bandidos, it will be a nice little earner.

Our investment accounts are managed on a discretionary basis via an external asset managers agreement with a large Swiss bank. We are not securities dealers and do not execute individual trades only those emanating from our management of accounts. We are regulated to provide discretionary managed services in the name of our clients and not in the name of our company. We also provide cost affective corporate finance solutions for small companies who are seeking to raise funds. Should you wish to know more, please get in touch below, or visit our offshore investment site here

Back to The Future - Inside Information 80's Style

It looks as if the SEC is stepping up its examination of insider trading at hedge funds. According to Bloomberg "SEC officials told hedge funds to list clients and workers who serve as officers or directors of publicly traded companies, along with the names of any relatives who hold such posts, according to a 27-page letter to industry executives."

I have to say. My market radar has been sounding the alarm for some time now and I will tell you why. Read the book The Junk Bond Revolution. You will have to buy an old copy but you can get it through Amazon (link on the right). It is the story of the all powerful junk bond market of the 80's where billions were being made by lots of young people and the King of it all, Mike Milken, came crashing down after being accused of inside information. This was against a background of political concerns over the role junk bonds played in the market.

The problems started for Wall Street when Ivan Boesky was caught red-handed trading on inside information for his arbitrage fund. That quickly lead to lawyers, investment bankers and analysts being arrested and put in hand cuffs for all to see. There is a good account of the whole thing in 'Inside Out' - a confessional book of Dennis Levine, one of the culprits (also available on the Amazon link, right)

The case against Milken was brought under the RICO statutes in the US, which were originally designed for the Mafia. This effectively closed down Drexel Burham Lambert (Milken's fim) and eventually lead to Milken recieving a 10 years prison sentence (he served just over 2) even though they found only $300,000 worth of trades that were suspect. Considering he earned a then record of $500mn this seemed more of a political statement than anything else. Rudolph Guliani was Mayor at the time.... and he is going for the highest job in the land now...enough said.

My point here is that there has been a raft of corporate convictions with Enron etc and there is now an environment of political criticism of both the hedge fund and private equity industry, there are also many politicians who would love a large hedge fund or private equity scalp to kick off their carreer. With the markets being turbulent, people losing jobs as PE bought firms are 'rationalised' and huge earnings being atributed to hedge fund managers and PE firm bosses alike, it just seems to me that the environment, and will, is now there to reign in the industry one way or another.

I hate to be the prophet of doom, but can you see the similarities too?

The odds of not finding someone trading on inside information is small, in my opinion, because it is just too lucrative for some to ignore. With some deals involving over 1000 people as reported in some corners of the press, can you tell me that absolutely none of them traded on inside info? If you think that you are not only 'away with the fairies', you have probably bought a house in Goa and smoke copious amounts of mind bending drugs.

We, in the industry, know it goes on and so do the politicians and regulators. I will make a prediction now that someone big, somewhere, is going to pay the price and this SEC investigation is just the start.

Our investment accounts are managed on a discretionary basis via an external asset managers agreement with a large Swiss bank. We are not securities dealers and do not execute individual trades only those emanating from our management of accounts. We are regulated to provide discretionary managed services in the name of our clients and not in the name of our company. We also provide cost affective corporate finance solutions for small companies who are seeking to raise funds. Should you wish to know more, please get in touch below, or visit our offshore investment site here

Fed Rate Cut - The Bulls Win This Round?

So we got the Fed rate cut. The Dow went up 335 points the FTSE (as of writing) is up 141 points and pretty much every other bourse is following suite. Will it last?

Our view is that this is a very important psychological boost to the economy but like the tides we may may see some ebbing and flowing going on over the next few months. ClearView Economics said "This does not heal the financial markets, but it can help the process of healing. But we are not there yet." This is a good assessment of this particular news and portrays the cautious optimism that seems to be in play across all commentators.

The thing is, if you are a US homeowner that can't afford your mortgage (which is what started this whole issue) then a 50 basis point cut is not going to have you leaping around the room because its sorted out your mortgage problems. There will still be defaults and growing missed payments, this will lead to penalties and further defaults.

In the UK in the early nineties defaults on home loans were at a high and the buzz word 'negative equity' was everywhere. Basically people were defaulting on home loans being repossessed and then finding that they still owed money to the banks. With housing prices still cooling off significantly in the US the spectre of this potential problem has not been scared off by a small rate cut. This is especially when all of the teaser rates that millions of US home owners took, expire and come home to roost.

The response by the markets is also being fueled by short term speculation. Basically if you stuck a pin in the FT or WSJ quotes pages today and invested in the company you hit you would, more than likely, have made money from the trade and most people with a rudimentary knowledge of the markets know that. Many speculators were waiting for the rate cut to make a move and there will be profit taking from that bulge in the FTSE and the Dow, mark my words.

The strange thing is that these days moves like these are generally priced into the markets. It was a fairly decent bet (we took this view and are on the plus side today) that the Fed were going to cut rates, definitely by 25 basis points, but more likely 50 basis points, so why the huge reaction on the announcement?

Personally I think we are seeing a traders dream market where rumour and innuendo, if played correctly, can yield huge profits for the volatility these comments create. When Greenspan said we had a thirty percent chance of recession, the markets tumbled, why? He isn't even the Fed Chairman anymore. I know he knows his stuff, but do we have to wait for old Fed Chairmans to shift off this mortal coil before the markets stop listening to them? Speaking with friend this morning his comment, when discussing Greenspan was "I mean come on, he's retired now he should shut the **** up". Coarse, but accurate.

The fact is that when the markets are like this there are jumpy traders with a squillion dollar nuke buttons not to far away from them in banks everywhere. Hedge funds making ever more outrageous bets on where the market is going and market commentators trying to make sense of it all. Any news or rumour that can be used to an advantage is being done to death.

My feeling is that we have a lot of investment dollars in the hands of those who are paid to take very big risks for very big profits and very big earnings, this does not a stable market make... Be prepared for more volatility, more hedge fund blow ups, more 'consolidation' and more bad news.

The good news, however, is that we think recession is unlikely (sorry Mr Greenspan). This will all play out, it will be painful for some Americans, but the old saying "When Wall Street sneezes, Europe catches a cold" is old hat these days. I think we have learned to see the signs and although we have the odd sniffle, we have learned to wrap up warm and take our medicine before we are bed ridden.

We are at round 2 now, our money is on the Bulls, a technical knock out in round 5.

Our investment accounts are managed on a discretionary basis via an external asset managers agreement with a large Swiss bank. We are not securities dealers and do not execute individual trades only those emanating from our management of accounts. We are regulated to provide discretionary managed services in the name of our clients and not in the name of our company. We also provide cost affective corporate finance solutions for small companies who are seeking to raise funds. Should you wish to know more, please get in touch below, or visit our offshore investment site here

Insitutions or High Net Worth Clients?

Unfortunately we have never really been an institutional business as far as the acquisition of clients is concerned, primarily because we don't offer any institutional products at this stage. It is in the business plan to develop those kind of products later down the line but at the moment the concentration is on private high net worth clients. Is this a bad thing or have we, by slowly building our business, stumbled upon the best area to market to?

The initial investments for hedge funds were traditionally high net worth clients and family offices which has been overtaken in recent years by the institutions. With this influx of money from pension funds, savings and loans and mom and pop mutual funds has come the eagle eyes of the regulators and the evil eye of the press and politicians. Private wealth, however, is now growing at such a rate that marketing into this sector alone doesn't seem such a bad idea.

According to Scorpio Partnership Ltd a private banking consultancy, total high net worth assets available to private wealth managers stood at $24.4 trillion in 2006 and they estimate it will increase to $35.3 trillion by 2011. I don't know about you but a small portion of the '.3' would be enough to keep me happy over the coming years. This figure also doesn't include real estate, private equity or art so we are probably talking double the figure.

There is a saying that an old boss of mine used to say which was 'this business would be great if it wasn't for the clients'. Personally I have never felt that way. I believe that having clients to speak with and relate to on a regular basis makes the business much more interesting it is, after all, a relationship business even if you are dealing with institutions.

Dealing with institutions such as pension funds can, however, prove to be a pain for the privacy of hedge funds. Losses in pension funds are a matter for public record so the losses reflected in hedge funds are there for all to see which, when you are trying to be secretive, can't be fun.

There are, of course, downsides with private clients. Losses are never a good conversation to have with anyone, but with a family office or private individual the call to come to a 'meeting' can be a daunting experience for even the best relationships. It is always said, 'never invest money for friends or family' but with private clients this can be difficult.

Many of the clients that we deal with have become good friends so that saying is turned on its head and the conversation about any losses or, perhaps, timing issues of an investment become strained. All in all, however, I would prefer to be friendly with the people whose money I invest because, I believe, it gives you a different edge. Investing money for a faceless pension scheme may make some a little less careful than investing the money of a clients whose wedding you have been invited to. I could be wrong, but it seems that way to me.

We don't manage a huge amount of money, by the end of this quarter it will be somewhere in the region of $15mn somewhere less than a weeks wages for some of the 'Wunderkinds' of the industry, but it is not a bad start.

As long as the markets don't completely blow up private wealth will keep on growing and our focus, after all, may stay on the private client where your performance may not be touted in the newspapers but is measurable by the amount of times you get invited to weddings, Bar mitzvah's and golf trips. So far, however, no one has invited me to the VIP section of the Monaco Grand Prix, I think we need to up our game..

Northern Rock, The Saga Continues

Src...http://news.bbc.co.uk

The troubled Northern Rock bank has opened early to deal with fresh queues, as anxious customers look to withdraw money from their savings accounts. Bank boss Adam Applegarth said people were entitled to take out their money.

He said staff were "busting a gut" to ensure all customers were seen, but stressed it was "business as usual".

About £2bn has been withdrawn since Thursday, when the bank applied to the Bank of England for emergency funds, and on Monday its shares were down 28%. In early trade in London the bank's shares, which had lost 32% on Friday, fell from 438 pence to 300 pence. And shares in fellow bank Alliance & Leicester fell by 8.5%.

Meanwhile Chancellor Alistair Darling told the BBC that customers' money was there for them to withdraw, and that it was backed by the Bank of England.

'Logistics exercise'

Northern Rock branches had opened at 0800 BST on Monday - an hour earlier than usual. Mr Applegarth apologised to customers who had had to wait in queues to be dealt with by staff, but said that bank branches had been "extremely busy".

It is understood Northern Rock was almost sold to rival bank Lloyds TSB. However, the deal fell through because of the difficulty of borrowing money in the current financial climate. Mr Applegarth told the BBC he could not discuss possible takeover talks, nor would he confirm the exact amount of cash withdrawn from bank branches since Friday.

"Customers are entitled to get their money - it is a logistics exercise for us, making sure we can look after our customers," he said.

'Hard slog'

On Friday, Northern Rock shares fell 32% and will be closely watched this week. Mr Applegarth said the bank faced a "hard slog" but was sure the brand would recover.

However, he would not confirm how much had been withdrawn.

He told the BBC he was "absolutely confident" that his customers' money was safe, but they were welcome to withdraw it if they wished. Mr Applegarth also said: "Not everybody in the queue is withdrawing money, and not everyone is withdrawing tens of thousands of pounds."

As well as extending its opening hours, Northern Rock has also increased bandwidth on its online banking, which has struggled under the volume of people trying to access the website.

The BBC's business editor Robert Peston said the £2bn withdrawn - which represents about 8% of the £24bn deposits it held on Thursday - was actually less than the mortgage lender and officials at the Bank of England and Financial Services Authority had feared.

However it cannot be certain whether much more will be withdrawn in the coming days, especially from holders of Northern Rock's postal accounts - which contain about £10bn.

Mortgage banks and building societies such as Alliance & Leicester and Bradford & Bingley, as well as the bigger banks, are understood to have seen much of the money withdrawn from Northern Rock.

This suggested there did "not appear to have been a loss of confidence" in other firms.

"Although the risk of contagion has not been eliminated, so far there is no great sign of it," he added.

Nervous bidders

The City watchdog, the Financial Services Authority (FSA), has backed comments from the Treasury, saying it is confident Northern Rock is solvent and savers could continue to deposit and withdraw funds.

"To be absolutely clear, if we believed that Northern Rock was not solvent, we would not have allowed it to remain open for business," FSA chairman Callum McCarthy said.

The BBC has learned that two banks were very interested in acquiring the beleaguered firm.

However, they were concerned about doing such a big deal amid turmoil in money markets and when it was difficult and expensive to raise money from other banks and financial institutions.

The Bank of England has told our business editor the emergency lending facility offered to Northern Rock would be transferred to any new owner.

However once the facility expires - and the Bank will not make the expiry date public - there is no guarantee it would be extended for the new owner.

"Most bidding banks will remain nervous about taking on a balance sheet of Northern Rock's size with the risk hanging over it of needing to refinance a large chunk of loans from the Bank of England at short notice in markets which may remain frozen," Robert Peston said.

Summer markets

Northern Rock's realisation that selling the bank had become impossible in current market conditions, persuaded the board to approach the Bank of England and ask for access to emergency loans, he added.

"Plainly, a takeover would have been a less humiliating option. But it just couldn't be done."

Northern Rock has struggled to raise money to finance its lending ever since money markets seized up over the summer.

Unlike most banks, which get their money from customers making deposits into savings accounts, Northern Rock is built around its mortgage business. It raises most of the money which it provides for mortgages by borrowing from banks and other financial institutions.

Pre-IPO Investing Tips

Pre-ipo equity is the issuance of equity by a company prior to a stock market listing. Don't confuse this with 'private investment' or 'angel investing'. The line is not as fine a one as some would have you believe.

There are many companies offering pre-ipo investments that aren't really what it says on the tin. They are deals that might, one day, go to IPO. True pre-ipo deals are those that are virtually already geared to go to an IPO. These have taken on brokers and advisers to take them through the process or have put in some mechanism that ensures (as such as it can be) that the company will be listing.

So here are some guidelines that may help you to find deals and what to lok for when choosing what to invest in:

1. Listen to Everybody. This is probably a controversial one to start off with, because there are so many jokers and dreamers out there who have zero chance of getting their issue, or that of their clients issue (in the case of brokers) off the ground. However, if you are new to this area then reading prospectuses of those that are rubbish will give you an insight to those that are viable. Talking to everyone will also give you a regular deal flow of ideas and, sometimes, will give you access to people in these small companies that are serial deal doers which is what you need (see 2).

Talking to everyone will also allow you to get a feel for who is good in the space and who isn't when dealing with brokers. I read an excellent quote on the net the other day "Even a blind squirrel sometimes finds a nut in the forest". This is a good quote to bear in mind when you are dealing with brokers you don't rate. Sooner or later they may stumble on something interesting.

2. Cultivate you list of 'players'. This list is not necessarily static. Like a football player, sometimes they have a bad season, sometimes they have a good season.

You need to look for the player that is on form. But most importantly you need to know who they are in the first place. Looking on the net is a good place to start. Choose your search term "successful entrepreneurs" etc etc. But drill down through the press dross and find out whose names keep occurring and in what sector. You will find that these players have a 'fan club' who follow their investments. You want to be in the 'fan club' of as many of the players as you can.

It doesn't mean that the 'players' are just individuals, some firms have a good track record and should be watched.

For example, a recent survey of the best and worst performing NOMADS (Nominated Advisers) on AIM was released by Lombard Asset Management and Growth Company Investor. This is a key list to look at when considering pre-ipo companies looking at AIM floats. Obviously some of the info was skewed by the number of issues, but it is a good place to start. Basically if you are looking at a pre-ipo deal and the NOMAD taken on does not have a great track record then it may be a factor in your decision.

Join mailing lists of firm that do deals so that you can receive updates on transactions they are involved in, if you see something interesting then you can make the contact. HF Capital have an 'alert service' among other small corporate fnance firms.

3. Read the prospectus. Obvious? Most people don't get beyond the nice blurb in the first 20 pages.

The best places to look are 'Risk Factors' and 'Statutory and General Information'. Risk factors will, more often than not, be generic but may bring up something for further research.

The 'Stats and Gens' should give you a better idea of the company itself. Look at the history section. This should tell you how many shares are authorised (meaning how many shares they could issue) and the issued share capital (meaning how many shares they have issued). The issued share capital will tell you, for example, that there have been 10,000,000 shares issued and they are fully paid up (meaning that if the basic price of the share is 1p - called the 'nominal' price, then £100,000 has been paid for these by the founders 10mn / 1p). If you are being asked to pay £1 for these shares then you may want to have a look at why you are paying 99p over the initial price for the shares, is it worth £10mn?

Also something to look out for is that the shares are 'partly paid'. In the UK, for example, the minimum share capital for a PLC (the issue has to be a PLC to be offered to the public) is £50,000 but only 25% of that needs to be paid up meaning a PLC can have only £12,500 paid in by the original shareholders. If the shares are partly paid up ask yourself why the rest hasn't been done when you are being asked to pay a premium.

On this subject, look for issues that have been 'fluffed up' by the directors/founders saying that, as an example. £2mn has been paid in by the directors as 'sweat equity'. Sweat equity is affectively the work that has been done for not much, if any money, by the founders/directors, and this is a way of them trying to capitalise it. I do, however, look very closely at how this is calculated, and you should too. I saw a prospectus a number of years ago where the founder had worked on the project for two years before raising funds. He had charged the company £10,000 per week for 'services', (which it didn't have, of course) he then wanted to capitalise this in the business for 'sweat equity' of over £2mn. If this was Steve Jobs or Warren Buffet, I could stretch to that. This guy had never earned more than £50,000 per annum. It was a pass.

If there is a clause in the prospectus (which there generally is) saying that pre-emption rights (basically pre-emption rights is the right for shareholders to be offered shares first before new investors) have been suspended up to £X. That means that the company can issue shares up to that level without asking the shareholders. For example if the authorised capital is 100mn shares and the offer is for 10mn, and the company has suspended pre-emption rights up to 100mn shares. You could be investing and then be diluted massively by the issuance of a further 90mn shares.

Check out and 'loans from directors'. There simply shouldn't be any. I would be hugely suspicious if there were any outstanding loans because why would the directors be asking you to invest at a certain price but would not be prepared to capitalise their loans? They either believe in the company or they don't. If they haven't converted their loans it would be a pass for me.

Check out if any director has been involved in companies liquidated previously. This is point that I argue with people on. Some see failed companies as a bad thing, I believe that people grow by learning from their mistakes, don't write the company or director off because he has made errors, but do look at the circumstances of these errors.

Check out how much management owns of the shares. If its above 75% after the offer, be careful, there are a lot of things that can be done by someone holding 75% of the shares that may be against the interest of shareholders. If it is less than 30%, ask yourself whether there is enough to lose or gain from the success or failure of the company for the directors. I like to see between 40%-60% (obviously depending on the size of the company and the stage of investment).

On the subject of shares, be very, very careful of warrants and convertible debt from the management or outside investors. Convertibles are a fabulous tool for investors when used correctly, but when they are not they can be a nightmare. For example, lets say there is a loan for £200,000 to the company that is convertible into shares at 1p. f you are buying shares at 3p hoping for the IPO price to be 6p, look at the dilutive affect those warrants will have. I am not saying dismiss any issue on this basis, because the guy who put in the £200,000 may have been taking a huge risk when he put the money in and now the company is OK, but do look at these carefully.

Check out other shareholders. If you see Warren Buffet in there, chances are it is a good one to look at. If you see 'Bodgit and Scarper Investments' you may wish to take another look.

What are the transfer rights? In a small number of prospectuses I have seen odd transfer rights stated in the docuemnt. Ones where transfers are restricted. In a private investment you don't want this and, frankly, there is no good reason for it. If it's in there ask why.

4. Do your Research. An obvious one, but a crucial one. Check out the sector, the management, the investors, the concept, the product, the accounts..everything. If you find that the information you come up with is beyond your knowledge then ask someone who knows about such things. If it is still beyond you and you cannot rely on other known investors to have done the research, pass.

5. Make a Move, but don't Over Do It. By all means, if you think you have discovered the next Google and want to invest your life savings, go ahead. But don't complain if it doesn't work out. In our accounts we aim to be spreading investments in these kind of deals across a range of shares.

6. Define what your objective is with each issue . Remember we are talking here about pre-IPO's. So, there will be a decision to make when the company actually lists. Is it good for a quick sale after the float? Or is it worth hanging on for a defined period of time? These are questions that will be answered by the research that you have done. If it is a 'keeper' you will know by now.

By following the steps above you may lose out on a few '10 baggers' but it is a little like playing Blackjack. If you play the odds and take the odd flyer when things look good, then you will win. If you bet on getting 21 every time, you are going to go broke very, very quickly.

Hedge Fund Advertsing Rules - Causing More Problems Than They Solves?

If ever there was an argument for the advertising ban on Hedge Funds to be lifted it is this one. Over the last three years a brazen group of New York scam artists raised about $30 million from unsuspecting investors by posing as principals of a successful hedge fund and then fled with the loot.

Investments from $5,000 to $500,000 were obtained from college professors and educated professionals. It took the group a little more than three years, from early 2003 September 2006 to raise the $30 million.

A grand jury empaneled by Michael J. Garcia, the U.S. Attorney in Manhattan, is said to have handed up a sealed indictment in the case, according to a lawyer hired by 10 of the victims, who said that the FBI was investigating the matter.

The criminals are clearly to blame here, however, this is a problem that, in our opinion, is caused in part, by the regulators themselves.

There is a scam out there that is based on "Prime Bank Guarantees" or "Medium Term Notes" that has taken billions from investors with promises of astronomical returns. The SEC web site says:

"Lured by the promise of astronomical profits and the chance to be part of an exclusive, international investing program, investors are once again falling prey to bogus "prime bank" scams. These fraudulent schemes involve the purported issuance, trading, or use of so-called "prime" bank, "prime" European bank or "prime" world bank financial instruments, or other "high yield investment programs" ("HYIP"s). The fraud artists who promote these schemes often use the word "prime" – or a synonymous phrase, such as "top fifty world banks" – to cloak their programs with an air of legitimacy."

The thing that allows the bogus 'brokers' and 'investment managers' of this fraud to operate is that they have created a veil of secrecy over the whole operation. The SEC says:

"Promoters claim that transactions must be kept strictly confidential by all parties, making client references unavailable. They may characterize the transactions as the best-kept secret in the banking industry, and assert that, if asked, bank and regulatory officials would deny knowledge of such instruments. Investors may be asked to sign nondisclosure agreements."

This 'secrecy' is what perpetuates the fraud. Simply put, the peddlers of this scheme will tell you that when you do your research that you will find everyone denying the existence of the scheme. They will say that those not in the industry don't about it because there would be outrage that rich people could make so much money and those in the industry will deny it because they either aren't high enough up or are trying to keep it a total secret. They will also tell you that a minimum investment of $10mn is the norm, but they have split up that $10mn to allow their investors in. The perfect cover. And I speak from personal experience, 15 years ago as an investment pup, to my eternal shame, I got caught in a the same scam.

So we have an 'investment' that is supposed to be super secret, has a minimum investment and is not advertised anywhere. Do elements of this ring any bells?

Simply put, the regulators are perpetuating the 'secrecy' of hedge funds by not allowing advertisement of the funds. Their rules about only being able to invest a certain amount of money did not protect the people in this case who invested $5000, did it? Something tells me the scammers did not check to see what the net worth of the investors was either.

How would advertising funds have helped? As with everything, the fact that advertising is allowed generates an awareness of a particular industry. How many of you knew how to play poker before the online casinos plastered the web with advertising? My limit was 'Snap', now I am a stone cold poker shark. (sure - when the anti is 5 Ruppen! - Ed)

By the very nature of advertising and, therefore, informative web sites, brochures etc etc, this kind of fraud would be more difficult to perpetrate because the veil of secrecy would be lifted for all to see.

Of course, there will always be criminal elements who will attempt to subvert whatever rules are out there but the regulators throughout the world don't need to make it easy by perpetuating a secrecy myth that can be exploited by the criminal element.

$100mn Fine For McLaren

News Flash....... According to the BBC , F1 Team McLaren have been hit with a $100mn fine and stripped of their constructors points. I sit in the middle of a dilema in F1. I am a Brit and Lewis Hamilton is the new David Beckham for me, but I have always supported Ferrari, so you can imagine how the season has been for me so far.

The thing is, if you transpose the alledged 'spygate' situation to the fund management industry (meaning people copying ideas and exchanging information on how to perform better) then we would all be in court all the time. I mean how many hedge funds really have a secrets for very long?

Hedge Funds Aim to Tame Volatility

Now is the time where hedge fund managers will earn their keep. Earnings season, market volatility, high oil price and possible rate cuts. Working out a strategy that ties all these together and ends ups with a correct trade in each or a trade that makes all these factors neutral, has to be the Holy Grail over the next few weeks and months.

Strategies are being created and battle lines being drawn, it should be interesting.

Some of the trades that have been catching the markets eye have been worryingly bizarre, at least at first glance. Options trades on Bloomberg screens last week were suggesting that some investors were gambling on a 50% drop in the equity markets by September 21st. The number of options that were bet on the S&P reaching half its current level was 120,000 contracts. To put this in perspective there was only 819 at this time last year.

But far from being so-called Bin Laden trades – referring to bets that were allegedly placed on a sharp fall in US stock markets just before the September 11, 2001 terrorist attacks – a large part is down to a cheap funding strategy known as a box spread. A box spread involves combining two pairs of options with the same expiry date. For example, a trader buys S&P 500 calls with a strike price of 700, which gives it the right to buy the index at a set price and time, and sells 700 puts, which gives it the right to sell the index at a set price and time.

The third and fourth legs involve buying puts with a strike of 1,700 and selling 1,700 calls simultaneously.

This structure has a pre-determined pay-off, regardless of where the index is trading on September 21 at expiry. It is called a funding strategy, because it allows one party to lend money, typically a bank with a high credit rating, at a more attractive rate to another borrower, which does not have a balance sheet and usually pays more to borrow money, such as a market maker or hedge fund. src - Financial Online

When I was in the commodities business we always knew that volatility was our friend. If the market was going up or going down, that was fantastic, if it was going sideways it made for a boring day at the office. Trading in 1998 and 1999 in the commodities market was thoroughly mind numbing with little volatility and, consequently, less stress. My colleagues still trading in this market place since 2000 must be licking their Ferrari's clean every day and seeing their doctors regularly about their ulcers.

I was at a party with an actor friend of mine during this period and many of the people who were there openly despised anyone in our industry. One 'actress' went so far (after a gallon of cheap wine) as to suggest that people in our industry were parasites who fed off the collective wealth of the world.

My argument was that our industry (commodities trading in particular), to a certain extent takes volatility out of everyday life. I suggested that if financial mechanisms were not in place in the coffee market, for example, that you may pay £2 for a jar of coffee today and £2.50 next week. A simple and crude example I know, however, it was the best I could come up with at short notice.

She was unimpressed and continued along similar lines until I resorted to a low blow and asked what her appearance in a recent advert for Campbell's soup had done for society, she said "It pays the bills". That ended the argument and any chance I had of leaving with an actress that night.

My argument of 'price smoothing' is looking a little lame these days with rising food and energy prices to the consumer. We will see if the complicated trades being executed on trading floors throughout the world will save my theory and the rest of us, from sustained volatility that affects our everyday lives.

The actress, by the way, ended up as lawyer....Enough said.

Switzerland Targets Hedge Fund Managers?

As one of the world's biggest hedge fund buyers it is odd that only a handful of hedge fund managers are located in Switzerland. Of the estimated $600bn invested in funds of hedge funds $200bn comes from Switzerland making it second only to the USA.

The Swiss authorities, according to a recent report from the Federal Banking Commission (EBK), is looking at making it more attractive for hedge fund managers to locate themselves in Switzerland.

"What is lacking still is an attractive tax environment for hedge fund managers to locate here," said EBK director Daniel Zuberbuehler in reference to the report.

"If we wanted a level playing field, we would have to tax the managers at the same level as competing financial centres, not undercut them," he said.

The EBK welcomed changes to make Switzerland more tax-friendly to hedge fund managers, saying it would be good for the Swiss fund sector overall, but it was a political decision.

Of the 9,500 hedge funds assumed to be in operation, only 40 or 50 hedge fund managers are based in Switzerland which seems at odds with the amount of money that is invested via Switzerland.

The EBK, however, may be missing a point and that is that regulations, as we understand them, presently only allow for the marketing of fund of hedge fund products from or within Switzerland.

The relevant legal framework as regards to hedge funds is the Collective Investment Scheme Act 2006 (CISA). The Act sets out a framework governing the setting up of Swiss mutual funds and the promotion of non-Swiss collective investment schemes in Switzerland. This piece of legislation shows other reasons than tax, as to why hedge fund managers may be staying away from Switzerland.

The Act only allows for the establishment of collective investment schemes having a contractual form (i.e. fonds com-mun de placement – FCP). With this is the requirement for a Swiss management company to be licensed by the EBK. The relevant legal and regulatory framework imposes strict rules to Swiss funds, in particular with regards to investment restrictions, such as leverage, risk spreading rules and limited leverage. It is obvious that these particular rules are at odds with the whole strategy of hedge fund investment.

Fund promoters have, therefore, looked into ways to distribute their offshore hedge funds in Switzerland. In generally no professional offer of a fund is allowed in or from Switzerland without the prior registration of the scheme with the EBK. In practice, registering a hedge fund in Switzerland is a non starter.

Registration is only available to a non-Swiss fund that has been set up in a jurisdiction which has an 'equivalent' level of supervision and investor protection as offered under the Act.

If you have set up your fund in BVI, Cayman etc then you are out of luck because these jurisdictions do not qualify. Also registering under the act would require the compliance with the investment restrictions, limited leverage, risk spreading etc, which a hedge fund would not be able to comply with.

If the Swiss Authorities are trying to attract hedge fund managers into the country then it is these laws that need to be dealt with. Hedge fund managers need to be able to have nimble structures that allow them to invest in pretty much anything they want, this is the reason that this particular type of investment is risky, and historically profitable for many. A manager does not want to set up shop in Switzerland and worry about the promotion of the fund, the risk spreading rule, leverage and all the other stuff that goes along with it.

Switzerland is a fantastic place to do business, there is no question about that. It feels to me like a country built specifically for people in our industry. It is hot in the summer, there is skiing in the winter, if you pay your taxes, the authorities will leave you alone, the people are fantastic, everything works, trains are on time, etc etc. There is a reason that half the Formula 1 grid lives here, past and present and its not just the taxes, or everyone would live in Monaco.

Having said all that, it is clear from the rules that are imposed on funds marketed or established in Switzerland, that until this particular piece of legislation is reviewed there will not be an influx of hedge fund managers anytime soon.

I have taken the information above from various sources. If anything is incorrect please free to contact me and put me right...

Rest In Peace

One coudn't write an article today without touching on the the subject of 9/11. Even just looking at the date on articles can only (and will forever) remind us of that tragic day in New York. A day in which nearly 3,000 people lost thier lives, many from our industry.

Out of respect our post today is just the names of those who died. Rest in Peace.

Gordon McCannel Aamoth, 32, New York, N.Y.Maria Rose Abad, 49, Syosset, N.Y.Edelmiro (Ed) Abad, 54, New York, N.Y.Andrew Anthony Abate, 37, Melville, N.Y.Vincent Abate, 40, New York, N.Y.Laurence Christopher Abel, 37William F. Abrahamson, 58, Cortland Manor, N.Y.Richard Anthony Aceto, 42, Wantagh, N.Y.Erica Van Acker, 62, New York, N.Y.Heinrich B. Ackermann, 38, New York, N.Y.Paul Andrew Acquaviva, 29, Glen Rock, N.J.Donald L. Adams, 28, Chatham, N.J.Shannon Lewis Adams, 25, New York, N.Y.Stephen Adams, 51, New York, N.Y.Patrick Adams, 60, New York, N.Y.Ignatius Adanga, 62, New York, N.Y.Christy A. Addamo, 28, New Hyde Park, N.Y.Terence E. Adderley, 22, Bloomfield Hills, Mich.Sophia B. Addo, 36, New York, N.Y.Lee Adler, 48, Springfield, N.J.Daniel Thomas Afflitto, 32, Manalapan, N.J.Emmanuel Afuakwah, 37, New York, N.Y.Alok Agarwal, 36, Jersey City, N.J.Mukul Agarwala, 37, New York, N.Y.Joseph Agnello, 35, New York, N.Y.David Scott Agnes, 46, New York, N.Y.Joao A. Aguiar Jr., 30, Red Bank, N.J.Lt. Brian G. Ahearn, 43, Huntington, N.Y.Jeremiah J. Ahern, 74, Cliffside Park, N.J.Joanne Ahladiotis, 27, New York, N.Y.Shabbir Ahmed, 47, New York, N.Y.Terrance Andre Aiken, 30, New York, N.Y.Godwin Ajala, 33, New York, N.Y.Gertrude M. Alagero, 37, New York, N.Y.Andrew Alameno, 37, Westfield, N.J.Margaret Ann (Peggy) Jezycki Alario, 41, New York, N.Y.Gary Albero, 39, Emerson, N.J.Jon L. Albert, 46, Upper Nyack, N.Y.Peter Craig Alderman, 25, New York, N.Y.Jacquelyn Delaine Aldridge, 46, New York, N.Y.Grace Alegre-Cua, 40, Glen Rock, N.J.David D. Alger, 57, New York, N.Y.Ernest Alikakos, 43, New York, N.Y.Edward L. Allegretto, 51, Colonia, N.J.Eric Allen, 44, New York, N.Y.Joseph Ryan Allen, 39, New York, N.Y.Richard Lanard Allen, 30, New York, N.Y.Richard Dennis Allen, 31, New York, N.Y.Christopher Edward Allingham, 36, River Edge, N.J.Janet M. Alonso, 41, Stony Point, N.Y.Anthony Alvarado, 31, New York, N.Y.Antonio Javier Alvarez, 23, New York, N.Y.Telmo Alvear, 25, New York, N.Y.Cesar A. Alviar, 60, Bloomfield, N.J.Tariq Amanullah, 40, Metuchen, N.J.Angelo Amaranto, 60, New York, N.Y.James Amato, 43, Ronkonkoma, N.Y.Joseph Amatuccio, 41, New York, N.Y.Christopher Charles Amoroso, 29, New York, N.Y.Kazuhiro Anai, 42, Scarsdale, N.Y.Calixto Anaya, 35, Suffern, N.Y.Jorge Octavio Santos Anaya, 25, Aguascalientes, Aguascalientes, Mexico Joseph Peter Anchundia, 26, New York, N.Y.Kermit Charles Anderson, 57, Green Brook, N.J.Yvette Anderson, 53, New York, N.Y.John Andreacchio, 52, New York, N.Y.Michael Rourke Andrews, 34, Belle Harbor, N.Y.Jean A. Andrucki, 42, Hoboken, N.J.Siew-Nya Ang, 37, East Brunswick, N.J.Joseph Angelini, 38, Lindenhurst, N.Y.Joseph Angelini, 63, Lindenhurst, N.Y.Laura Angilletta, 23, New York, N.Y.Doreen J. Angrisani, 44, New York, N.Y.Lorraine D. Antigua, 32, Middletown, N.J.Peter Paul Apollo, 26, Hoboken, N.J.Faustino Apostol, 55, New York, N.Y.Frank Thomas Aquilino, 26, New York, N.Y.Patrick Michael Aranyos, 26, New York, N.Y.David Gregory Arce, 36, New York, N.Y.Michael G. Arczynski, 45, Little Silver, N.J.Louis Arena, 32, New York, N.Y.Adam Arias, 37, Staten Island, N.Y.Michael J. Armstrong, 34, New York, N.Y.Jack Charles Aron, 52, Bergenfield, N.J.Joshua Aron, 29, New York, N.Y.Richard Avery Aronow, 48, Mahwah, N.J.Japhet J. Aryee, 49, Spring Valley, N.Y.Carl Asaro, 39, Middletown, N.Y.Michael A. Asciak, 47, Ridgefield, N.J.Michael Edward Asher, 53, Monroe, N.Y.Janice Ashley, 25, Rockville Centre, N.Y.Thomas J. Ashton, 21, New York, N.Y.Manuel O. Asitimbay, 36, New York, N.Y.Lt. Gregg Arthur Atlas, 45, Howells, N.Y.Gerald Atwood, 38, New York, N.Y.James Audiffred, 38, New York, N.Y.Kenneth W. Van Auken, 47, East Brunswick, N.J.Louis F. Aversano, Jr, 58, Manalapan, N.J.Ezra Aviles, 41, Commack, N.Y.Ayodeji Awe, 42, New York, N.Y. Samuel (Sandy) Ayala, 36, New York, N.Y.Arlene T. Babakitis, 47, Secaucus, N.J.Eustace (Rudy) Bacchus, 48, Metuchen, N.J.John James Badagliacca, 35, New York, N.Y.Jane Ellen Baeszler, 43, New York, N.Y.Robert J. Baierwalter, 44, Albertson, N.Y.Andrew J. Bailey, 29, New York, N.Y.Brett T. Bailey, 28, Bricktown, N.J.Tatyana Bakalinskaya, 43, New York, N.Y.Michael S. Baksh, 36, Englewood, N.J.Sharon Balkcom, 43, White Plains, N.Y.Michael Andrew Bane, 33, Yardley, Pa.Kathy Bantis, 44, Chicago, Ill.Gerard Jean Baptiste, 35, New York, N.Y.Walter Baran, 42, New York, N.Y.Gerard A. Barbara, 53, New York, N.Y.Paul V. Barbaro, 35, Holmdel, N.J.James W. Barbella, 53, Oceanside, N.Y.Ivan Kyrillos Fairbanks Barbosa, 30, Jersey City, N.J.Victor Daniel Barbosa, 23, New York, N.Y.Colleen Ann Barkow, 26, East Windsor, N.J.David Michael Barkway, 34, Toronto, Ontario, Canada Matthew Barnes, 37, Monroe, N.Y.Sheila Patricia Barnes, 55, Bay Shore, N.Y.Evan J. Baron, 38, Bridgewater, N.J.Renee Barrett-Arjune, 41, Irvington, N.J.Arthur T. Barry, 35, New York, N.Y.Diane G. Barry, 60, New York, N.Y.Maurice Vincent Barry, 49, Rutherford, N.J.Scott D. Bart, 28, Malverne, N.Y. Carlton W. Bartels, 44, New York, N.Y.Guy Barzvi, 29, New York, N.Y.Inna Basina, 43, New York, N.Y.Alysia Basmajian, 23, Bayonne, N.J.Kenneth William Basnicki, 48,
Etobicoke, Ontario, Canada Lt. Steven J. Bates, 42, New York, N.Y.Paul James Battaglia, 22, New York, N.Y.W. David Bauer, 45, Rumson, N.J.Ivhan Luis Carpio Bautista, 24, New York, N.Y.Marlyn C. Bautista, 46, Iselin, N.J.Jasper Baxter, 45, Philadelphia, Pa.Michele (Du Berry) Beale, 37, Essex, Britain Paul F. Beatini, 40, Park Ridge, N.J.Jane S. Beatty, 53, Belford, N.J.Larry I. Beck, 38, Baldwin, N.Y. Manette Marie Beckles, 43, Rahway, N.J.Carl John Bedigian, 35, New York, N.Y.Michael Beekman, 39, New York, N.Y.Maria Behr, 41, Milford, N.J.Yelena Belilovsky, 38, Mamaroneck, N.Y.Nina Patrice Bell, 39, New York, N.Y.Andrea Della Bella, 59, Jersey City, N.J.Debbie S. Bellows, 30, East Windsor, N.J.Stephen Elliot Belson, 51, New York, N.Y.Paul Michael Benedetti, 32, New York, N.Y.Denise Lenore Benedetto, 40, New York, N.Y.Bryan Craig Bennett, 25, New York, N.Y.Oliver Duncan Bennett, 29, London, England Eric L. Bennett, 29, New York, N.Y.Margaret L. Benson, 52, Rockaway, N.J.Dominick J. Berardi, 25, New York, N.Y.James Patrick Berger, 44, Lower Makefield, Pa. Steven Howard Berger, 45, Manalapan, N.J.John P. Bergin, 39, New York, N.Y.Alvin Bergsohn, 48, Baldwin Harbor, N.Y.Daniel D. Bergstein, 38, Teaneck, N.J. Michael J. Berkeley, 38, New York, N.Y.Donna Bernaerts-Kearns, 44, Hoboken, N.J.David W. Bernard, 57, Chelmsford, Mass.William Bernstein, 44, New York, N.Y.David M. Berray, 39, New York, N.Y.David S. Berry, 43, New York, N.Y. Joseph J. Berry, 55, Saddle River, N.J.William Reed Bethke, 36, Hamilton, N.J.Timothy D. Betterly, 42, Little Silver, N.J.Edward F. Beyea, 42, New York, N.Y.Paul Michael Beyer, 37, New York, N.Y.Anil T. Bharvaney, 41, East Windsor, N.J.Bella Bhukhan, 24, Union, N.J.Shimmy D. Biegeleisen, 42, New York, N.Y. Peter Alexander Bielfeld, 44, New York, N.Y. William Biggart, 54, New York, N.Y. Brian Bilcher, 36, New York, N.Y. Carl Vincent Bini, 44, New York, N.Y.Gary Bird, 51, Tempe, Ariz.Joshua David Birnbaum, 24, New York, N.Y.George Bishop, 52, Granite Springs, N.Y.Jeffrey D. Bittner, 27, New York, N.Y.Balewa Albert Blackman, 26, New York, N.Y.Christopher Joseph Blackwell, 42, Patterson, N.Y.Susan L. Blair, 35, East Brunswick, N.J.Harry Blanding, 38, Blakeslee, Pa.Janice L. Blaney, 55, Williston Park, N.Y.Craig Michael Blass, 27, Greenlawn, N.Y.Rita Blau, 52, New York, N.Y.Richard M. Blood, 38, Ridgewood, N.J.Michael A. Boccardi, 30, Bronxville, N.Y.John Paul Bocchi, 38, New
Vernon, N.J.Michael L. Bocchino, 45, New York, N.Y.Susan Mary Bochino, 36, New York, N.Y.Bruce Douglas (Chappy) Boehm, 49, West Hempstead, N.Y.Mary Katherine Boffa, 45, New York, N.Y.Nicholas A. Bogdan, 34, Browns Mills, N.J.Darren C. Bohan, 34, New York, N.Y.Lawrence Francis Boisseau, 36, Freehold, N.J.Vincent M. Boland, 25, Ringwood, N.J.Alan Bondarenko, 53, Flemington, N.J.Andre Bonheur, 40, New York, N.Y.Colin Arthur Bonnett, 39, New York, N.Y.Frank Bonomo, 42, Port Jefferson, N.Y.Yvonne L. Bonomo, 30, New York, N.Y.Sean Booker, 35, Irvington, N.J.Sherry Ann Bordeaux, 38, Jersey City, N.J.Krystine C. Bordenabe, 33, Old Bridge, N.J.Martin Boryczewski, 29, Parsippany, N.J.Richard E. Bosco, 34, Suffern, N.Y.John Howard Boulton, 29, New York, N.Y.Francisco Bourdier, 41, New York, N.Y.Thomas H. Bowden, 36, Wyckoff, N.J.Kimberly S. Bowers, 31, Islip, N.Y.Veronique (Bonnie) Nicole Bowers, 28, New York, N.Y.Larry Bowman, 46, New York, N.Y.Shawn Edward Bowman, 28, New York, N.Y.Kevin L. Bowser, 45, Philadelphia, Pa.Gary R. Box, 37, North Bellmore, N.Y.Gennady Boyarsky, 34, New York, N.Y.Pamela Boyce, 43, New York, N.Y.Michael Boyle, 37, Westbury, N.Y.Alfred Braca, 54, Leonardo, N.J.Sandra Conaty Brace, 60, New York, N.Y.Kevin H. Bracken, 37, New York, N.Y.David Brian Brady, 41, Summit, N.J.Alexander Braginsky, 38, Stamford, Conn.Nicholas W. Brandemarti, 21, Mantua, N.J.Michelle Renee Bratton, 23, Yonkers, N.Y.Patrice Braut, 31, New York, N.Y.Lydia Estelle Bravo, 50, Dunellen, N.J.Ronald Michael Breitweiser, 39, Middletown Township, N.J.Edward A. Brennan, 37, New York, N.Y.Frank H. Brennan, 50, New York, N.Y.Michael Emmett Brennan, 27, New York, N.Y.Peter Brennan, 30, Ronkonkoma, N.Y.Thomas M. Brennan, 32, Scarsdale, N.Y.Capt. Daniel Brethel, 43, Farmingdale, N.Y.Gary L. Bright, 36, Union City, N.J.Jonathan Eric Briley, 43, Mount Vernon, N.Y.Mark A. Brisman, 34, Armonk, N.Y.Paul Gary Bristow, 27, New York, N.Y.Victoria Alvarez Brito, 38, New York, N.Y.Mark Francis Broderick, 42, Old Bridge, N.J.Herman C. Broghammer, 58, North Merrick, N.Y.Keith Broomfield, 49, New York, N.Y.Janice J. Brown, 35, New York, N.Y.Lloyd Brown, 28, Bronxville, N.Y.Capt. Patrick J. Brown, 48, New York, N.Y.Bettina Browne, 49, Atlantic Beach, N.Y.Mark Bruce, 40, Summit, N.J.Richard Bruehert, 38, Westbury, N.Y.Andrew Brunn, 28 Capt. Vincent Brunton, 43, New York, N.Y.Ronald Paul Bucca, 47, Tuckahoe, N.Y.Brandon J. Buchanan, 24, New York, N.Y.Greg Joseph Buck, 37, New York, N.Y.Dennis Buckley, 38, Chatham, N.J.Nancy Bueche, 43, Hicksville, N.Y.Patrick Joseph Buhse, 36, Lincroft, N.J.John E. Bulaga, 35, Paterson, N.J.Stephen Bunin, 45, New York, N.Y.Thomas Daniel Burke, 38, Bedford Hills, N.Y.Capt. William F. Burke, 46, New York, N.Y.Matthew J. Burke, 28, New York, N.Y.Donald James Burns, 61, Nissequogue, N.Y.Kathleen A. Burns, 49, New York, N.Y.Keith James Burns, 39, East Rutherford, N.J.John Patrick Burnside, 36, New York, N.Y.Irina Buslo, 32, New York, N.Y.Milton Bustillo, 37, New York, N.Y.Thomas M. Butler, 37, Kings Park, N.Y.Patrick Byrne, 39, New York, N.Y.Timothy G. Byrne, 36, Manhattan, N.Y.Jesus Cabezas, 66, New York, N.Y.Lillian Caceres, 48, New York, N.Y.Brian Joseph Cachia, 26, New York, N.Y.Steven Cafiero, 31, New York, N.Y.Richard M. Caggiano, 25, New York, N.Y.Cecile M. Caguicla, 55, Boonton, N.J.Michael John Cahill, 37, East Williston, N.Y.Scott W. Cahill, 30, West Caldwell, N.J.Thomas J. Cahill, 36, Franklin Lakes, N.J.George Cain, 35, Massapequa, N.Y.Salvatore B. Calabro, 38, New York, N.Y.Joseph Calandrillo, 49, Hawley, Pa.Philip V. Calcagno, 57, New York, N.Y.Edward Calderon, 44, Jersey City, N.J. Kenneth Marcus Caldwell, 30, New York, N.Y.Dominick E. Calia, 40, Manalapan, N.J.Felix (Bobby) Calixte, 38, New York, N.Y.Capt. Frank Callahan, 51, New York, N.Y.Liam Callahan, 44, Rockaway, N.J.Luigi Calvi, 34, East Rutherford, N.J.Roko Camaj, 60, Manhasset, N.Y.Michael Cammarata, 22, Huguenot, N.Y.David Otey Campbell, 51, Basking Ridge, N.J.Geoffrey Thomas Campbell, 31, New York, N.Y.Sandra Patricia Campbell, 45, New York, N.Y.Jill Marie Campbell, 31, New York, N.Y.Robert Arthur Campbell, 25, New York, N.Y.Juan Ortega Campos, 32, New York, N.Y.Sean Canavan, 39, New York, N.Y.John A. Candela, 42, Glen Ridge, N.J.Vincent Cangelosi, 30, New York, N.Y.Stephen J. Cangialosi, 40, Middletown, N.J.Lisa B. Cannava, 30, New York, N.Y.Brian Cannizzaro, 30, New York, N.Y.Michael R. Canty, 30, Schenectady, N.Y.Louis A. Caporicci, 35, New York, N.Y.Jonathan N. Cappello, 23, Garden City, N.Y.James Christopher Cappers, 33, Wading River, N.Y.Richard M. Caproni, 34, Lynbrook, N.Y.Jose Cardona, 32, New York, N.Y.Dennis M Carey, 51, Wantagh, N.Y.Edward Carlino, 46, New York, N.Y.Michael Scott Carlo, 34, New York, N.Y.David G. Carlone, 46, Randolph, N.J.Rosemarie C. Carlson, 40, New York, N.Y.Mark Stephen Carney, 41, Rahway, N.J.Joyce Ann Carpeneto, 40, New York, N.Y.Alicia Acevedo Carranza, Teziutlan, Puebla, Mexico Jeremy M. Carrington, 34, New York, N.Y.Michael T. Carroll, 39, New York, N.Y.Peter Carroll, 42, New York, N.Y.James J. Carson, 32, Massapequa, N.Y.James Marcel Cartier, 26, New York, N.Y.Vivian Casalduc, 45, New York, N.Y.John F. Casazza, 38, Colts Neck, N.J.Paul Cascio, 23, Manhasset, N.Y.Kathleen Hunt Casey, 43, Middletown, N.J.Margarito Casillas, 54, Guadalajara, Jalisco, Mexico Thomas Anthony Casoria, 29, New York, N.Y.William Otto Caspar, 57, Eatontown, N.J.Alejandro Castano, 35, Englewood, N.J.Arcelia Castillo, 49, Elizabeth, N.J.Leonard M. Castrianno, 30, New York, N.Y.Jose Ramon Castro, 37, New York, N.Y.Richard G. Catarelli, 47, New York, N.Y.Christopher Sean Caton, 34, New York, N.Y.Robert J. Caufield, 48, Valley Stream, N.Y.Mary Teresa Caulfield, 58, New York, N.Y.Judson Cavalier, 26, Huntington, N.Y.Michael Joseph Cawley, 32, Bellmore, N.Y.Jason D. Cayne, 32, Morganville, N.J.Juan Armando Ceballos, 47, New York, N.Y.Marcia G. Cecil-Carter, 34, New York, N.Y.Jason Cefalu, 30, West Hempstead, N.Y.Thomas J. Celic, 43, New York, N.Y.Ana M. Centeno, 38, Bayonne, N.J.Joni Cesta, 37, Bellmore, N.Y.Jeffrey M. Chairnoff, 35, West Windsor, N.J.Swarna Chalasani, 33, Jersey City, N.J.William Chalcoff, 41, Roslyn, N.Y.Eli Chalouh, 23, New York, N.Y. Charles Lawrence (Chip) Chan, 23, New York, N.Y.Mandy Chang, 40, New York, N.Y. Mark L. Charette, 38, Millburn, N.J.Gregorio Manuel Chavez, 48, New York, N.Y.Jayceryll M. de Chavez, 24, Carteret, N.J.Pedro Francisco Checo, 35, New York, N.Y.Douglas MacMillan Cherry, 38, Maplewood, N.J.Stephen Patrick Cherry, 41, Stamford, Conn.Vernon Paul Cherry, 49, New York, N.Y.Nestor Chevalier, 30, New York, N.Y.Swede Joseph Chevalier, 26, Locust, N.J.Alexander H. Chiang, 51, New City, N.Y.Dorothy J. Chiarchiaro, 61, Glenwood, N.J.Luis Alfonso Chimbo, 39, New York, N.Y.Robert Chin, 33, New York, N.Y. Wing Wai (Eddie) Ching, 29, Union, N.J.Nicholas P. Chiofalo, 39, Selden, N.Y.John Chipura, 39, New York, N.Y.Peter A. Chirchirillo, 47, Langhorne, Pa.Catherine E. Chirls, 47, Princeton, N.J.Kyung (Kaccy) Cho, 30, Clifton, N.J.Abul K. Chowdhury, 30, New York, N.Y.Mohammed Salahuddin Chowdhury, 38, New York, N.Y.Kirsten L. Christophe, 39, Maplewood, N.J.Pamela Chu, 31, New York, N.Y.Steven Paul Chucknick, 44, Cliffwood Beach, N.J.Wai-ching Chung, 36, New York, N.Y.Christopher Ciafardini, 30, New York, N.Y.Alex F. Ciccone, 38, New Rochelle, N.Y.Frances Ann Cilente, 26, New York, N.Y.Elaine Cillo, 40, New York, N.Y.Edna Cintron, 46, New York, N.Y.Nestor Andre Cintron, 26, New York, N.Y.Lt. Robert Dominick Cirri, 39, Nutley, N.J.Juan Pablo Alvarez Cisneros, 23, Weehawken, N.J.Gregory Alan Clark, 40, Teaneck, N.J.Mannie Leroy Clark, 54, New York, N.Y.Thomas R. Clark, 37, Summit, N.J.Eugene Clark, 47, New York, N.Y.Benjamin Keefe Clark, 39, New York, N.Y.Christopher Robert Clarke, 34, Philadelphia, Pa.Donna Clarke, 39, New York, N.Y.Michael Clarke, 27, Prince's Bay, N.Y.Suria R.E. Clarke, 30, New York, N.Y.Kevin Francis Cleary, 38, New York, N.Y.James D. Cleere, 55, Newton, Iowa Geoffrey W. Cloud, 36, Stamford, Conn.Susan M. Clyne, 42, Lindenhurst, N.Y.Steven Coakley, 36, Deer Park, N.Y.Jeffrey Coale, 31, Souderton, Pa.Patricia A. Cody, 46, Brigantine, N.J.Daniel Michael Coffey, 54, Newburgh, N.Y.Jason Matthew Coffey, 25, Newburgh, N.Y.Florence Cohen, 62, New York, N.Y.Kevin Sanford Cohen, 28, Edison, N.J.Anthony Joseph Coladonato, 47, New York, N.Y.Mark J. Colaio, 34, New York, N.Y.Stephen J. Colaio, 32, Montauk, N.Y.Christopher M. Colasanti, 33, Hoboken, N.J.Michel Paris Colbert, 39, West New York, N.J.Kevin Nathaniel Colbert, 25, New York, N.Y.Keith Eugene Coleman, 34, Warren, N.J.Scott Thomas Coleman, 31, New York, N.Y.Tarel Coleman, 32 Liam Joseph Colhoun, 34, Flushing,, N.Y.Robert D. Colin, 49, West Babylon, N.Y. Robert J. Coll, 35, Glen Ridge, N.J. Jean Marie Collin, 42, New York, N.Y.John Michael Collins, 42, New York, N.Y.Michael L. Collins, 38, Montclair, N.J.Thomas J. Collins, 36, New York, N.Y.Joseph Collison, 50, New York, N.Y.Patricia Malia Colodner, 39, New York, N.Y.Linda M. Colon, 46, Perrineville, N.J.Soledi Colon, 39, New York, N.Y.Ronald Comer, 56, Northport, N.Y.Jaime Concepcion, 46, New York, N.Y.Albert Conde, 62, Englishtown, N.J.Denease Conley, 44, New York, N.Y.Susan Clancy Conlon, 41, New York, N.Y.Margaret Mary Conner, 57, New York, N.Y.John E. Connolly, 46, Allenwood, N.J.Cynthia L. Connolly, 40, Metuchen, N.J.James Lee Connor, 38, Summit, N.J.Jonathan (J.C.) Connors, 55, Old Brookville, N.Y.Kevin P. Connors, 55, Greenwich, Conn.Kevin Francis Conroy, 47, New York, N.Y.Brenda E. Conway, 40, New York, N.Y.Dennis Michael Cook, 33, Colts Neck, N.J.Helen D. Cook, 24, New York, N.Y.John A. Cooper, 40, Bayonne, N.J. Joseph J. Coppo, 47, New Canaan, Conn.Gerard J. Coppola, 46, New Providence, N.J.Joseph Albert Corbett, 28, Islip, N.Y.Alejandro Cordero, 23, New York, N.Y.Robert Cordice, 28, New York, N.Y.Ruben D. Correa, 44, New York, N.Y.Danny A. Correa-Gutierrez, 25, Fairview, N.J.James Corrigan, 60, New York, N.Y.Carlos Cortes, 57, New York, N.Y.Kevin M. Cosgrove, 46, West Islip, N.Y.Dolores Marie Costa, 53, Middletown, N.J.Digna Alexandra Rivera Costanza, 25, New York, N.Y.Charles Gregory Costello, 46, Old Bridge, N.J.Michael S. Costello, 27, Hoboken, N.J.Conrod K.H. Cottoy, 51, New York, N.Y.Martin Coughlan, 54, New York, N.Y. Sgt. John Gerard Coughlin, 43, Pomona, N.Y.Timothy John Coughlin, 42, New York, N.Y.James E. Cove, 48, Rockville Centre, N.Y.Andre Cox, 29, New York, N.Y.Frederick John Cox, 27, New York, N.Y.James Raymond Coyle, 26, New York, N.Y.Michelle Coyle-Eulau, 38, Garden City, N.Y.Anne M. Cramer, 47, New York, N.Y.Christopher Seton Cramer, 34, Manahawkin, N.J.Denise Crant, 46, Hackensack, N.J.Robert James Crawford, 62, New York, N.Y.James L. Crawford, 33, Madison, N.J.Joanne Mary Cregan, 32, New York, N.Y.Lucia Crifasi, 51, Glendale, N.Y.Lt. John Crisci, 48, Holbrook, N.Y.Daniel Hal Crisman, 25, New York, N.Y.Dennis A. Cross, 60, Islip Terrace, N.Y.Helen Crossin-Kittle, 34, Larchmont, N.Y.Kevin Raymond Crotty, 43, Summit, N.J.Thomas G. Crotty, 42, Rockville Centre, N.Y.John Crowe, 57, Rutherford, N.J.Welles Remy Crowther, 24, Upper Nyack, N.Y.Robert L. Cruikshank, 64, New York, N.Y.Francisco Cruz, 47, New York, N.Y.John Robert Cruz, 32, Jersey City, N.J.Kenneth John Cubas, 48, Woodstock, N.Y.Richard Joseph Cudina, 46, Glen Gardner, N.J.Neil James Cudmore, 38, Port Washington, N.Y.Thomas Patrick Cullen, 31, New York, N.Y.Joan McConnell Cullinan, 47, Scarsdale, N.Y.Joyce Cummings, 65 Brian Thomas Cummins, 38, Manasquan, N.J.Nilton Albuquerque Fernao Cunha, 41 Michael Joseph Cunningham, 39, Princeton Junction, N.J.Robert Curatolo, 31, New York, N.Y.Laurence Curia, 41, Garden City, N.Y.Paul Dario Curioli, 53, Norwalk, Conn.Beverly Curry, 41, New York, N.Y.Sgt. Michael Curtin, 45, Medford, N.Y.Gavin Cushny, 47, Hoboken, N.J.Caleb Arron Dack, 39, Montclair, N.J.Carlos S. DaCosta, 41, Elizabeth, N.J.John D'Allara, 47, Pearl River, N.Y.Vincent D'Amadeo, 36, East Patchoque, N.Y.Thomas A. Damaskinos, 33, Matawan, N.J.Jack L. D'Ambrosi, 45, Woodcliff Lake, N.J.Jeannine Marie Damiani-Jones, 28, New York, N.Y.Patrick W. Danahy, 35, Yorktown Heights, N.Y.Nana Kwuku Danso, 47, New York, N.Y.Mary D'Antonio, 55, New York, N.Y.Vincent G. Danz, 38, Farmingdale, N.Y.Dwight Donald Darcy, 55, Bronxville, N.Y.Elizabeth Ann Darling, 28, Newark, N.J.Annette Andrea Dataram, 25, New York, N.Y.Lt. Edward Alexander D'Atri, 38, New York, N.Y.Michael D. D'Auria, 25, New York, N.Y.Lawrence Davidson, 51, New York, N.Y.Michael Allen Davidson, 27, Westfield, N.J.Scott Matthew Davidson, 33, New York, N.Y.Titus Davidson, 55, New York, N.Y. Niurka Davila, 47, New York, N.Y.Clinton Davis, 38, New York, N.Y.Wayne Terrial Davis, 29, Fort Meade, Md.Calvin Dawson, 46, New York, N.Y.Anthony Richard Dawson, 32, Southampton, Hampshire, England Edward James Day, 45, New York, N.Y.Emerita (Emy) De La Pena, 32, New York, N.Y.Melanie Louise De Vere, 30, London, England William T. Dean, 35, Floral Park, N.Y.Robert J. DeAngelis, 48, West Hempstead, N.Y.Thomas P. Deangelis, 51, Westbury, N.Y.Tara Debek, 35, Babylon, N.Y.Anna Debin, 30, East Farmingdale, N.Y. James V. DeBlase, 45, Manalapan, N.J.Paul DeCola, 39, Ridgewood, N.Y.Simon Dedvukaj, 26, Mohegan Lake, N.Y.Jason Christopher DeFazio, 29, New York, N.Y.David A. Defeo, 37, New York, N.Y.Jennifer DeJesus, 23, New York, N.Y.Monique E. DeJesus, 28, New York, N.Y.Nereida DeJesus, 30, New York, N.Y.Donald A. Delapenha, 37, Allendale, N.J.Vito Joseph Deleo, 41, New York, N.Y.Danielle Delie, 47, New York, N.Y.Colleen Ann Deloughery, 41, Bayonne, N.J.Francis (Frank) Albert DeMartini, 49, New York, N.Y. Anthony Demas, 61, New York, N.Y.Martin DeMeo, 47, Farmingville, N.Y.Francis X. Deming, 47, Franklin Lakes, N.J.Carol K. Demitz, 49, New York, N.Y.Kevin Dennis, 43, Peapack, N.J.Thomas F. Dennis, 43, Setauket, N.Y.Jean C. DePalma, 42, Newfoundland, N.J.Jose Nicolas Depena, 42, New York, N.Y.Robert J. Deraney, 43, New York, N.Y. Michael DeRienzo, 37, Hoboken, N.J.David Paul Derubbio, 38, New York, N.Y.Jemal Legesse DeSantis, 28, Jersey City, N.J.Christian L. DeSimone, 23, Ringwood, N.J.Edward DeSimone, 36, Atlantic Highlands, N.J.Lt. Andrew Desperito, 44, Patchogue, N.Y.Michael Jude D'Esposito, 32, Morganville, N.J. Cindy Ann Deuel, 28, New York, N.Y.Jerry DeVito, 66, New York, N.Y.Robert P. Devitt, 36, Plainsboro, N.J.Dennis Lawrence Devlin, 51, Washingtonville, N.Y.Gerard Dewan, 35, New York, N.Y.Simon Suleman Ali Kassamali Dhanani, 62, Hartsdale, N.Y.Michael L. DiAgostino, 41, Garden City, N.Y.Matthew Diaz, 33, New York, N.Y.Nancy Diaz, 28, New York, N.Y.Obdulio Ruiz Diaz, 44, New York, N.Y.Lourdes Galletti Diaz, 32, New York, N.Y.Michael Diaz-Piedra, 49 Judith Belguese Diaz-Sierra, 32, Bay Shore, N.Y.Patricia F. DiChiaro, 63, New York, N.Y.Joseph Dermot Dickey, 50, Manhasset, N.Y.Lawrence Patrick Dickinson, 35, Morganville, N.J.Michael David Diehl, 48, Brick, N.J.John DiFato, 39, New York, N.Y.Vincent F. DiFazio, 43, Hampton, N.J.Carl DiFranco, 27, New York, N.Y.Donald J. DiFranco, 43, New York, N.Y.Debra Ann DiMartino, 36, New York, N.Y.Stephen P. Dimino, 48, Basking Ridge, N.J.William J. Dimmling, 47, Garden City, N.Y.Christopher Dincuff, 31, Jersey City, N.J.Jeffrey M. Dingle, 32, New York, N.Y.Anthony DiOnisio, 38, Glen Rock, N.J.George DiPasquale, 33, New York, N.Y.Joseph DiPilato, 57, New York, N.Y. Douglas Frank DiStefano, 24, Hoboken, N.J.Ramzi A. Doany, 35, Bayonne, N.J., Jordanian John J. Doherty, 58, Hartsdale, N.Y.Melissa C. Doi, 32, New York, N.Y.Brendan Dolan, 37, Glen Rock, N.J.Neil Dollard, 28, Hoboken, N.J.James Joseph Domanico, 56, New York, N.Y.Benilda Pascua Domingo, 37, New York, N.Y.Charles (Carlos) Dominguez, 34, East Meadow, N.Y.Geronimo (Jerome) Mark Patrick Dominguez, 37, Holtsville, N.Y. Lt. Kevin W. Donnelly, 43, New York, N.Y.Jacqueline Donovan, 34, New York, N.Y.Stephen Dorf, 39, New Milford, N.J.Thomas Dowd, 37, Monroe, N.Y.Lt. Kevin Christopher Dowdell, 46, New York, N.Y.Mary Yolanda Dowling, 46, New York, N.Y.Raymond M. Downey, 63, Deer Park, N.Y.Joseph M. Doyle, 25, New York, N.Y.Frank Joseph Doyle, 39, Englewood, N.J.Randy Drake, 37, Lee's Summit, Mo.Stephen Patrick Driscoll, 38, Lake Carmel, N.Y.Mirna A. Duarte, 31, New York, N.Y.Luke A. Dudek, 50, Livingston, N.J.Christopher Michael Duffy, 23, New York, N.Y.Gerard Duffy, 53, Manorville, N.Y.Michael Joseph Duffy, 29, Northport, N.Y. Thomas W. Duffy, 52, Pittsford, N.Y.Antoinette Duger, 44, Belleville, N.J.Jackie Sayegh Duggan, 34 Sareve Dukat, 53, New York, N.Y.Christopher Joseph Dunne, 28, Mineola, N.Y.Richard A. Dunstan, 54, New Providence, N.J.Patrick Thomas Dwyer, 37, Nissequogue, N.Y.Joseph Anthony Eacobacci, 26, New York, N.Y. John Bruce Eagleson, 53, Middlefield, Conn.Robert D. Eaton, 37, Manhasset, N.Y.Dean P. Eberling, 44, Cranford, N.J.Margaret Ruth Echtermann, 33, Hoboken, N.J.Paul Robert Eckna, 28, West New York, N.J.Constantine (Gus) Economos, 41, New York, N.Y.Dennis Michael Edwards, 35, Huntington, N.Y.Michael Hardy Edwards, 33, New York, N.Y.Lisa Egan, 31, Cliffside Park, N.J.Capt. Martin Egan, 36, New York, N.Y.Michael Egan, 51, Middletown, N.J.Christine Egan, 55, Winnipeg, Manitoba, Canada Samantha Egan, 24, Jersey City, N.J.Carole Eggert, 60, New York, N.Y.Lisa Caren Weinstein Ehrlich, 36, New York, N.Y.John Ernst (Jack) Eichler, 69, Cedar Grove, N.J.Eric Adam Eisenberg, 32, Commack, N.Y.Daphne F. Elder, 36, Newark, N.J.Michael J. Elferis, 27, College Point, N.Y.Mark J. Ellis, 26, South Huntington, N.Y.Vlerie Silver Ellis, 46, New York, N.Y.Albert Alfy William Elmarry, 30, North Brunswick, N.J.Edgar H. Emery, 45, Clifton, N.J.Doris Suk-Yuen Eng, 30, New York, N.Y.Christopher S. Epps, 29, New York, N.Y.Ulf Ramm Ericson, 79, Greenwich, Conn. Erwin L. Erker, 41, Farmingdale, N.Y.William J. Erwin, 30, Verona, N.J.Sarah (Ali) Escarcega, 35, New York, N.Y.Jose Espinal, 31 Fanny M. Espinoza, 29, Teaneck, N.J.Francis Esposito, 32, New York, N.Y.Lt. Michael Esposito, 41, New York, N.Y.William Esposito, 51, Bellmore, N.Y.Brigette Ann Esposito, 34, New York, N.Y.Ruben Esquilin, 35, New York, N.Y.Sadie Ette, 36, New York, N.Y.Barbara G. Etzold, 43, Jersey City, N.J. Eric Brian Evans, 31, Weehawken, N.J.Robert Edward Evans, 36, Franklin Square, N.Y. Meredith Emily June Ewart, 29, Hoboken, N.J.Catherine K. Fagan, 58, New York, N.Y. Patricia M. Fagan, 55, Toms River, N.J.Keith G. Fairben, 24, Floral Park, N.Y. William Fallon, 38, Coram, N.Y.William F. Fallon, 53, Rocky Hill, N.J.Anthony J. Fallone, 39, New York, N.Y.Dolores B. Fanelli, 38, Farmingville, N.Y.John Joseph Fanning, 54, West Hempstead, N.Y.Kathleen (Kit) Faragher, 33, Denver, Colo.Capt. Thomas Farino, 37, Bohemia, N.Y.Nancy Carole Farley, 45, Jersey City, N.J.Elizabeth Ann (Betty) Farmer, 62, New York, N.Y.Douglas Farnum, 33, New York, N.Y.John W. Farrell, 41, Basking Ridge, N.J.Terrence Patrick Farrell, 45, Huntington, N.Y.John G. Farrell, 32, New York, N.Y.Capt. Joseph Farrelly, 47, New York, N.Y.Thomas P. Farrelly, 54, East Northport, N.Y.Syed Abdul Fatha, 54, Newark, N.J.Christopher Faughnan, 37, South Orange, N.J.Wendy R. Faulkner, 47, Mason, Ohio Shannon M. Fava, 30, New York, N.Y. Bernard D. Favuzza, 52, Suffern, N.Y.Robert Fazio, 41, Freeport, N.Y.Ronald C. Fazio, 57, Closter, N.J. William Feehan, 72, New York, N.Y.Francis J. (Frank) Feely, 41, Middletown, N.Y.Garth E. Feeney, 28, New York, N.Y.Sean B. Fegan, 34, New York, N.Y.Lee S. Fehling, 28, Wantagh, N.Y.Peter Feidelberg, 34, Hoboken, N.J.Alan D. Feinberg, 48, New York, N.Y.Rosa Maria Feliciano, 30, New York, N.Y.Edward T. Fergus, 40, Wilton, Conn.George Ferguson, 54, Teaneck, N.J.Henry Fernandez, 23, New York, N.Y.Judy H. Fernandez, 27, Parlin, N.J.Jose Manuel Contreras Fernandez, El Aguacate, Jalisco, Mexico Elisa Giselle Ferraina, 27, London, EnglandAnne Marie Sallerin Ferreira, 29, Jersey City, N.J.Robert John Ferris, 63, Garden City, N.Y.David Francis Ferrugio, 46, Middletown, N.J.Louis V. Fersini, 38, Basking Ridge, N.J.Michael David Ferugio, 37, New York, N.Y.Bradley James Fetchet, 24, New York, N.Y.Jennifer Louise Fialko, 29, Teaneck, N.J.Kristen Fiedel, 27, New York, N.Y.Samuel Fields, 36, New York, N.Y.Michael Bradley Finnegan, 37, Basking Ridge, N.J.Timothy J. Finnerty, 33, Glen Rock, N.J.Michael Curtis Fiore, 46, New York, N.Y.Stephen J. Fiorelli, 43, Aberdeen, N.J.Paul M. Fiori, 31, Yorktown Heights, N.Y.John Fiorito, 40, Stamford, Conn.Lt. John R. Fischer, 46, New York, N.Y.Andrew Fisher, 42, New York, N.Y.Thomas J. Fisher, 36, Union, N.J.Bennett Lawson Fisher, 58, Stamford, Conn.John Roger Fisher, 46, Bayonne, N.J.Lucy Fishman, 37, New York, N.Y.Ryan D. Fitzgerald, 26, New York, N.Y.Thomas Fitzpatrick, 35, Tuckahoe, N.Y.Richard P. Fitzsimons, 57, Lynbrook, N.Y.Salvatore A. Fiumefreddo, 47, Manalapan, N.J.Christina Donovan Flannery, 26, New York, N.Y.Eileen Flecha, 33, New York, N.Y. Andre G. Fletcher, 37, North Babylon, N.Y.Carl Flickinger, 38, Conyers, N.Y.John Joseph Florio, 33, Oceanside, N.Y.Joseph W. Flounders, 46, East Stroudsburg, Pa.David Fodor, 38, Garrison, N.Y.Lt. Michael N. Fodor, 53, Warwick, N.Y.Steven Mark Fogel, 40, Westfield, N.Y.Thomas Foley, 32, West Nyack, N.Y.David Fontana, 37, New York, N.Y. Chih Min (Dennis) Foo, 40, Holmdel, N.J.Del Rose Forbes-Cheatham, 48, New York, N.Y.Godwin Forde, 39, New York, N.Y.Donald A. Foreman, 53, New York, N.Y.Christopher Hugh Forsythe, 44, Basking Ridge, N.J.Claudia Alicia Martinez Foster, 26, New York, N.Y.Noel J. Foster, 40, Bridgewater, N.J.Ana Fosteris, 58, Coram, N.Y.Robert J. Foti, 42, Albertson, N.Y.Jeffrey L. Fox, 40, Cranbury, N.J.Virginia Fox, 58, New York, N.Y.Virgin (Lucy) Francis, 62, New York, N.Y.Pauline Francis, 57, New York, N.Y.Joan Francis Gary J. Frank, 35, South Amboy, N.J.Morton Frank, 31, New York, N.Y.Peter Christopher Frank, 29, New York, N.Y.Richard K. Fraser, 32, New York, N.Y.Kevin Joseph Frawley, 34, Bronxville, N.Y.Clyde Frazier, 41, New York, N.Y.Lillian I. Frederick, 46, Teaneck, N.J.Andrew Fredericks, 40, Suffern, N.Y.Tamitha Freemen, 35, New York, N.Y. Brett O. Freiman, 29, Roslyn, N.Y.Lt. Peter L. Freund, 45, Westtown, N.Y.Arlene E. Fried, 49, Roslyn Heights, N.Y.Alan Wayne Friedlander, 52, Yorktown Heights, N.Y.Andrew K. Friedman, 44, Woodbury, N.Y.Gregg J. Froehner, 46, Chester, N.J. Peter Christian Fry, 36, Wilton, Conn.Clement Fumando, 59, New York, N.Y.Steven Elliot Furman, 40, Wesley Hills, N.Y.Paul James Furmato, 37, Colts Neck, N.J.Fredric Gabler, 30, New York, N.Y.Richard S. Gabrielle, 50, West Haven, Conn.James Andrew Gadiel, 23, New York, N.Y.Pamela Gaff, 51, Robinsville, N.J.Ervin Vincent Gailliard, 42, New York, N.Y.Deanna L. Galante, 32, New York, N.Y.Grace Galante, 29, New York, N.Y.Anthony Edward Gallagher, 41, New York, N.Y.Daniel James Gallagher, 23, Red Bank, N.J.John Patrick Gallagher, 31, Yonkers, N.Y.Cono E. Gallo, 30, New York, N.Y.Vincenzo Gallucci, 36, Monroe Township, N.J.Thomas Edward Galvin, 32, New York, N.Y.Giovanna (Genni) Gambale, 27, New York, N.Y.Thomas Gambino, 48, Babylon, N.Y.Giann F. Gamboa, 26, New York, N.Y.Peter J. Ganci, 55, North Massapequa, N.Y.Claude Michael Gann, 41, Roswell, Ga.Lt. Charles William Garbarini, 44, Pleasantville, N.Y.Cesar Garcia, 36, New York, N.Y.David Garcia, 40, Freeport, N.Y.Jorge Luis Morron Garcia, 38, New York, N.Y.Juan Garcia, 50, New York, N.Y.Marlyn C. Garcia, 21, New York, N.Y.Christopher Gardner, 36, Darien, Conn.Douglas B. Gardner, 39, New York, N.Y.Harvey J. Gardner, 35, Lakewood, N.J.Thomas A. Gardner, 39, Oceanside, N.Y.Jeffrey B. Gardner, 36, Hoboken, N.J.William Arthur Gardner, 45, Lynbrook, N.Y.Francesco Garfi, 29, New York, N.Y.Rocco Gargano, 28, Bayside, N.Y.James M. Gartenberg, 36, New York, N.Y.Matthew David Garvey, 37 Bruce Gary, 51, Bellmore, N.Y.Palmina Delli Gatti, 33, New York, N.Y.Boyd A. Gatton, 38, Jersey City, N.J.Donald Richard Gavagan, 35, New York, N.Y.Terence D. Gazzani, 24, New York, N.Y.Gary Geidel, 44, New York, N.Y.Paul Hamilton Geier, 36, Farmingdale, N.Y. Julie M. Geis, 44, Lees Summit, Mo.Peter Gelinas, 34, New York, N.Y.Steven Paul Geller, 52, New York, N.Y.Howard G. Gelling, 28, New York, N.Y.Peter Victor Genco, 36, Rockville Centre, N.Y.Steven Gregory Genovese, 37, Basking Ridge, N.J.Alayne F. Gentul, 44, Mountain Lakes, N.J.Edward F. Geraghty, 45, Rockville Centre, N.Y.Suzanne Geraty, 30, New York, N.Y.Ralph Gerhardt, 33, New York, N.Y.Robert J. Gerlich, 56, Monroe, Conn.Denis P. Germain, 33, Tuxedo Park, N.Y.Marina R. Gertsberg, 25, New York, N.Y.Susan M. Getzendanner, 57, New York, N.Y.James Gerard Geyer, 41, Rockville Centre, N.Y.Joseph M. Giaccone, 43, Monroe, N.J.Lt. Vincent Francis Giammona, 40, Valley Stream, N.Y.Debra L. Gibbon, 43, Hackettstown, N.J.James A. Giberson, 43, New York, N.Y.Craig Neil Gibson, 37, New York, N.Y.Ronnie Gies, 43, Merrick, N.Y.Laura A. Giglio, 35, Oceanside, N.Y.Andrew Clive Gilbert, 39, Califon, N.J.Timothy Paul Gilbert, 35, Lebanon, N.J.Paul Stuart Gilbey, 39, Chatham, N.J.Paul John Gill, 34, New York, N.Y.Mark Y. Gilles, 33, New York, N.Y.Evan H. Gillette, 40, New York, N.Y.Ronald Gilligan, 43, Norwalk, Conn.Sgt. Rodney C. Gillis, 34, New York, N.Y. Laura Gilly, 32, New York, N.Y.Lt. John F. Ginley, 37, Warwick, N.Y.Jeffrey Giordano, 46, New York, N.Y.John Giordano, 46, Newburgh, N.Y.Donna Marie Giordano, 44, Parlin, N.J.Steven A. Giorgetti, 43, Manhasset, N.Y.Martin Giovinazzo, 34, New York, N.Y.Kum-Kum Girolamo, 41, New York, N.Y.Salvatore Gitto, 44, Manalapan, N.J.Cynthia Giugliano, 46, Nesconset, N.Y.Mon Gjonbalaj, 65, New York, N.Y.Dianne Gladstone, 55, New York, N.Y.Keith Alexander Glascoe, 38, New York, N.Y.Thomas I. Glasser, 40, Summit, N.J.Harry Glenn, 38, Piscataway, N.J.Barry H. Glick, 55, Wayne, N.J.Steven Lawrence Glick, 42,Greenwich, Conn.John T. Gnazzo, 32, New York, N.Y.William (Bill) Robert Godshalk, 35, New York, N.Y.Michael Gogliormella, 43, New Providence, N.J.Brian Fredric Goldberg, 26, Union, N.J.Jeffrey Grant Goldflam, 48, Melville, N.Y.Michelle Herman Goldstein, 31, New York, N.Y.Monica Goldstein, 25, New York, N.Y.Steven Goldstein, 35, Princeton, N.J.Andrew H. Golkin, 30, New York, N.Y.Dennis James Gomes, 40, New York, N.Y.Enrique Antonio Gomez, 42, New York, N.Y.Jose Bienvenido Gomez, 45, New York, N.Y.Manuel Gomez, 42, New York, N.Y.Wilder Gomez, 38, New York, N.Y.Jenine Gonzalez, 27, New York, N.Y.Joel Guevara Gonzalez, 23, Aguascalientes, Aguascalientes, Mexico Rosa J. Gonzalez, 32, Jersey City, N.J.Mauricio Gonzalez, 27, New York, N.Y.Calvin J. Gooding, 38, Riverside, N.Y.Harry Goody, 50, New York, N.Y.Kiran Reddy Gopu, 24, Bridgeport, Conn.Catherine Carmen Gorayeb, 41, New York, N.Y.Kerene Gordon, 43, New York, N.Y.Sebastian Gorki, 27, New York, N.Y.Thomas E. Gorman, 41, Middlesex, N.J.Kieran Gorman, 35, Yonkers, N.Y. Michael Edward Gould, 29, Hoboken, N.J.Yugi Goya, 42, Rye, N.Y.Jon Richard Grabowski, 33, New York, N.Y.Christopher Michael Grady, 39, Cranford, N.J.Edwin John Graf, 48, Rowayton, Conn.David M. Graifman, 40, New York, N.Y.Gilbert Granados, 51, Hicksville, N.Y.Elvira Granitto, 43, New York, N.Y.Winston Arthur Grant, 59, West Hempstead, N.Y.Christopher Stewart Gray, 32, Weehawken, N.J.James Michael Gray, 34, New York, N.Y.Linda Mair Grayling, 44, New York, N.Y.John Michael Grazioso, 41, Middletown, N.J.Timothy Grazioso, 42, Gulf Stream, Fla.Derrick Arthur Green, 44, New York, N.Y.Wade Brian Green, 42, Westbury, N.Y.Elaine Myra Greenberg, 56, New York, N.Y.Gayle R. Greene, 51, Montville, N.J.James Arthur Greenleaf, 32, New York, N.Y. Eileen Marsha Greenstein, 52, Morris Plains, N.J.Elizabeth (Lisa) Martin Gregg, 52, New York, N.Y.Donald H. Gregory, 62, Ramsey, N.J.Florence M. Gregory, 38, New York, N.Y.Denise Gregory, 39, New York, N.Y.Pedro (David) Grehan, 35, Hoboken, N.J.John M. Griffin, 38, Waldwick, N.J.Tawanna Griffin, 30, New York, N.Y.Joan D. Griffith, 39, Willingboro, N.J.Warren Grifka, 54, New York, N.Y.Ramon Grijalvo, 58 Joseph F. Grillo, 46, New York, N.Y.David Grimner, 51, Merrick, N.Y.Kenneth Grouzalis, 56, Lyndhurst, N.J.Joseph Grzelak, 52, New York, N.Y.Matthew J. Grzymalski, 34, New Hyde Park, N.Y.Robert Joseph Gschaar, 55, Spring Valley, N.Y.Liming (Michael) Gu, 34, Piscataway, N.J.Jose A. Guadalupe, 37, New York, N.Y.Yan Zhu (Cindy) Guan, 25, New York, N.Y.Geoffrey E. Guja, 47, Lindenhurst, N.Y. Lt. Joseph Gullickson, 37, New York, N.Y.Babita Guman, 33, New York, N.Y.Douglas B. Gurian, 38, Tenafly, N.J.Philip T. Guza, 54, Sea Bright, N.J.Barbara Guzzardo, 49, Glendale, N.Y.Peter Gyulavary, 44, Warwick, N.Y. Gary Robert Haag, 36, Ossining, N.Y.Andrea Lyn Haberman, 25, Chicago, Ill.Barbara M. Habib, 49, New York, N.Y.Philip Haentzler, 49, New York, N.Y.Nizam A. Hafiz, 32, New York, N.Y.Karen Hagerty, 34, New York, N.Y.Steven Hagis, 31, New York, N.Y.Mary Lou Hague, 26, New York, N.Y.David Halderman, 40, New York, N.Y.Maile Rachel Hale, 26, Cambridge, Mass.Richard Hall, 49, Purchase, N.Y.Vaswald George Hall, 50, New York, N.Y.Robert John Halligan, 59, Basking Ridge, N.J.Lt. Vincent Gerard Halloran, 43, North Salem, N.Y.James D. Halvorson, 56, Greenwich, Conn.Mohammad Salman Hamdani, 23, New York, N.Y.Felicia Hamilton, 62, New York, N.Y.Robert Hamilton, 43, Washingtonville, N.Y.Frederic Kim Han, 45, Marlboro, N.J.Christopher James Hanley, 34, New York, N.Y.Sean Hanley, 35, New York, N.Y.Valerie Joan Hanna, 57, Freeville, N.Y.Thomas Hannafin, 36, New York, N.Y.Kevin James Hannaford, 32, Basking Ridge, N.J.Michael L. Hannan, 34, Lynbrook, N.Y.Dana Hannon, 29, Suffern, N.Y.Vassilios G. Haramis, 56, New York, N.Y.James A. Haran, 41, Malverne, N.Y.Jeffrey P. Hardy, 46, New York, N.Y.Timothy John Hargrave, 38, Readington, N.J.Daniel Harlin, 41, Kent, N.Y.Frances Haros, 76, New York, N.Y. Lt. Harvey L. Harrell, 49, New York, N.Y.Lt. Stephen Gary Harrell, 44, Warwick, N.Y.Stewart D. Harris, 52, Marlboro, N.J.Aisha Harris, 22, New York, N.Y.John Patrick Hart, 38, Danville, Calif.John Clinton Hartz, 64, Basking Ridge, N.J.Emeric J. Harvey, 56, Montclair, N.J.Capt. Thomas Theodore Haskell, 37, Massapequa, N.Y.Timothy Haskell, 34, Seaford, N.Y.Joseph John Hasson, 34, New York, N.Y.Capt. Terence S. Hatton, 41, New York, N.Y.Leonard William Hatton, 45, Ridgefield Park, N.J.Michael Helmut Haub, 34, Roslyn Heights, N.Y.Timothy Aaron Haviland, 41, Oceanside, N.Y.Donald G. Havlish, 53, Yardley, Pa.Anthony Hawkins, 30, New York, N.Y.Nobuhiro Hayatsu, 36, Scarsdale, N.Y.Philip Hayes, 67, Northport, N.Y.William Ward Haynes, 35, Rye, N.Y.Scott Hazelcorn, 29, Hoboken, N.J.Lt. Michael K. Healey, 42, East Patchogue, N.Y.Roberta Bernstein Heber, 60, New York, N.Y.Charles Francis Xavier Heeran, 23, Belle Harbor, N.Y.John Heffernan, 37, New York, N.Y.Howard Joseph Heller, 37, Ridgefield, Conn.JoAnn L. Heltibridle, 46, Springfield, N.J.Mark F. Hemschoot, 45, Red Bank, N.J.Ronnie Lee Henderson, 52, Newburgh, N.Y.Janet Hendricks, 48, New York, N.Y.Brian Hennessey, 35, Ringoes, N.J. Michelle Marie Henrique, 27, New York, N.Y.Joseph P. Henry, 25, New York, N.Y. William Henry, 49, New York, N.Y.John Henwood, 35, New York, N.Y.Robert Allan Hepburn, 39, Union, N.J.Mary (Molly) Herencia, 47, New York, N.Y.Lindsay Coates Herkness, 58, New York, N.Y.Harvey Robert Hermer, 59, New York, N.Y.Claribel Hernandez, 31, New York, N.Y.Norberto Hernandez, 42, New York, N.Y.Raul Hernandez, 51, New York, N.Y.Gary Herold, 44, Farmingdale, N.Y.Jeffrey A. Hersch, 53, New York, N.Y.Thomas Hetzel, 33, Elmont, N.Y.Capt. Brian Hickey, 47, New York, N.Y.Ysidro Hidalgo-Tejada, 47, New York, N.Y., Dominican Republic Lt. Timothy Higgins, 43, Farmingville, N.Y.Robert D. Higley, 29, New Fairfield, Conn.Todd Russell Hill, 34, Boston, Mass.Clara Victorine Hinds, 52, New York, N.Y.Neal Hinds, 28, New York, N.Y.Mark D. Hindy, 28, New York, N.Y.Richard Bruce Van Hine, 48, Greenwood Lake, N.Y.Katsuyuki Hirai, 32, Hartsdale, N.Y.Heather Malia Ho, 32, New York, N.Y.Tara Yvette Hobbs, 31, New York, N.Y.Thomas A. Hobbs, 41, Baldwin, N.Y.James L. Hobin, 47, Marlborough, Conn.Robert Wayne Hobson, 36, New Providence, N.J.DaJuan Hodges, 29, New York, N.Y.Ronald George Hoerner, 58, Massapequa Park, N.Y.Patrick Aloysius Hoey, 53, Middletown, N.J.Stephen G. Hoffman, 36, Long Beach, N.Y.Marcia Hoffman, 52, New York, N.Y.Frederick J. Hoffmann, 53, Freehold, N.J. Michele L. Hoffmann, 27, Freehold, N.J.Judith Florence Hofmiller, 53, Brookfield, Conn.Thomas Warren Hohlweck, 57, Harrison, N.Y.Jonathan R. Hohmann, 48, New York, N.Y.Joseph Francis Holland, 32, Glen Rock, N.J.John Holland, 30 Elizabeth Holmes, 42, New York, N.Y.Thomas P. Holohan, 36, Chester, N.Y.Bradley Hoorn, 22, New York, N.Y.James P. Hopper, 51, Farmingdale, N.Y.Montgomery McCullough Hord, 46, Pelham, N.Y.Michael Horn, 27, Lynbrook, N.Y.Matthew D. Horning, 26, Hoboken, N.J.Robert L. Horohoe, 31, New York, N.Y.Aaron Horwitz, 24, New York, N.Y.Charles J. Houston, 42, New York, N.Y.Uhuru G. Houston, 32, Englewood, N.J.George Howard, 45, Hicksville, N.Y.Steven L. Howell, 36, New York, N.Y.Michael C. Howell, 60, New York, N.Y.Jennifer L. Howley, 34, New Hyde Park, N.Y.Milagros "Millie" Hromada, 35, New York, N.Y.Marian Hrycak, 56, New York, N.Y.Stephen Huczko, 44, Bethlehem, N.J.Kris R. Hughes, 30, Nesconset, N.Y.Melissa Harrington Hughes, 31, San Francisco, Calif.Thomas F. Hughes, 46, Spring Lake Heights, N.J.Timothy Robert Hughes, 43, Madison, N.J.Paul R. Hughes, 38, Stamford, Conn.Robert T. "Bobby" Hughes, 23, Sayreville, N.J.Susan Huie, 43, Fair Lawn, N.J.Mychal Lamar Hulse, 30, New York, N.Y.William C. Hunt, 32, Norwalk, Conn.Joseph G. Hunter, 31, South Hempstead, N.Y.Robert Hussa, 51, Roslyn, N.Y.Capt. Walter Hynes, 46, Belle Harbor, N.Y.Thomas E. Hynes, 28, Norwalk, Conn.Joseph Anthony Ianelli, 28, Hoboken, N.J.Zuhtu Ibis, 25, Clifton, N.J.Jonathan Lee Ielpi, 29, Great Neck, N.Y.Michael Patrick Iken, 37, New York, N.Y.Daniel Ilkanayev, 36, New York, N.Y.Capt. Frederick Ill, 49, Pearl River, N.Y.Abraham Nethanel Ilowitz, 51, New York, N.Y.Anthony P. Infante, 47, Chatham, N.J.Louis S. Inghilterra, 45, New Castle, N.Y.Christopher N. Ingrassia, 28, Watchung, N.J.Paul Innella, 33, East Brunswick, N.J.Stephanie V. Irby, 38, New York, N.Y.Douglas Irgang, 32, New York, N.Y.Todd A. Isaac, 29, New York, N.Y.Erik Hans Isbrandtsen, 30, New York, N.Y.Taizo Ishikawa, 50 Aram Iskenderian, 41, Merrick, N.Y. John Iskyan, 41, Wilton, Conn.Kazushige Ito, 35, New York, N.Y.Aleksandr Valeryerich Ivantsov, 23, New York, N.Y.Virginia Jablonski, 49, Matawan, N.J.Brooke Alexandra Jackman, 23, New York, N.Y.Aaron Jacobs, 27, New York, N.Y.Jason Kyle Jacobs, 32, Mendham, N.J.Michael Grady Jacobs, 54, Danbury, Conn.Ariel Louis Jacobs, 29, Briarcliff Manor, N.Y.Steven A. Jacobson, 53, New York, N.Y.Ricknauth Jaggernauth, 58, New York, N.Y.Jake Denis Jagoda, 24, Huntington, N.Y.Yudh V.S. Jain, 54, New City, N.Y.Maria Jakubiak, 41, Ridgewood, N.Y.Gricelda E. James, 44, Willingboro, N.J.Ernest James, 40, New York, N.Y.Mark Jardim, 39, New York, N.Y.Mohammed Jawara, 30, New York, N.Y. Francois Jean-Pierre, 58, New York, N.Y.Maxima Jean-Pierre, 40, Bellport, N.Y.Paul E. Jeffers, 39, New York, N.Y.Joseph Jenkins, 47, New York, N.Y.Alan K. Jensen, 49, Wyckoff, N.J.Prem N. Jerath, 57, Edison, N.J.Farah Jeudy, 32, Spring Valley, N.Y.Hweidar Jian, 42, East Brunswick, N.J.Eliezer Jimenez, 38, New York, N.Y.Luis Jimenez, 25, New York, N.Y.Charles Gregory John, 44, New York, N.Y.Nicholas John, 42, New York, N.Y.Scott M. Johnson, 26, New York, N.Y.LaShawana Johnson, 27, New York, N.Y.William Johnston, 31, North Babylon, N.Y.Arthur Joseph Jones, 37, Ossining, N.Y.Allison Horstmann Jones, 31, New York, N.Y.Brian L. Jones, 44, New York, N.Y.Christopher D. Jones, 53, Huntington, N.Y.Donald T. Jones, 39, Livingston, N.J.Donald W. Jones, 43, Fairless Hills, Pa.Linda Jones, 50, New York, N.Y.Mary S. Jones, 72, New York, N.Y.Andrew Jordan, 35, Remsenburg, N.Y.Robert Thomas Jordan, 34, Williston, N.Y.Ingeborg Joseph, 60, Germany Karl Henri Joseph, 25, New York, N.Y.Stephen Joseph, 39, Franklin Park, N.J.Albert Joseph, 79 Jane Eileen Josiah, 47, Bellmore, N.Y.Lt. Anthony Jovic, 39, Massapequa, N.Y. Angel Luis Juarbe, 35, New York, N.Y.Karen Susan Juday, 52, New York, N.Y.The Rev. Mychal Judge, 68, New York, N.Y.Paul W. Jurgens, 47, Levittown, N.Y.Thomas Edward Jurgens, 26, Lawrence, N.Y. Kacinga Kabeya, 63, McKinney, Texas Shashi Kiran Lakshmikantha Kadaba, 25, Hackensack, N.J.Gavkharoy Mukhometovna Kamardinova, 26, New York, N.Y.Shari Kandell, 27, Wyckoff, N.J.Howard Lee Kane, 40, Hazlet, N.J.Jennifer Lynn Kane, 26, Fair Lawn, N.J.Vincent D. Kane, 37, New York, N.Y.Joon Koo Kang, 34, Riverdale, N.J.Sheldon R. Kanter, 53, Edison, N.J.Deborah H. Kaplan, 45, Paramus, N.J.Alvin Peter Kappelmann, 57, Green Brook, N.J.Charles Karczewski, 34, Union, N.J.William A. Karnes, 37, New York, N.Y.Douglas G. Karpiloff, 53, Mamaroneck, N.Y.Charles L. Kasper, 54, New York, N.Y.Andrew Kates, 37, New York, N.Y.John Katsimatides, 31, East Marion, N.Y.Sgt. Robert Kaulfers, 49, Kenilworth, N.J.Don Jerome Kauth, 51, Saratoga Springs, N.Y.Hideya Kawauchi, 36, Fort Lee, N.J.Edward T. Keane, 66, West Caldwell, N.J.Richard M. Keane, 54, Wethersfield, Conn.Lisa Kearney-Griffin, 35, Jamaica, N.Y.Karol Ann Keasler, 42, New York, N.Y.Paul Hanlon Keating, 38, New York, N.Y.Leo Russell Keene, 33, Westfield, N.J.Joseph J. Keller, 31, Park Ridge, N.J.Peter Rodney Kellerman, 35, New York, N.Y.Joseph P. Kellett, 37, Riverdale, N.Y.Frederick H. Kelley, 57, Huntington, N.Y.James Joseph Kelly, 39, Oceanside, N.Y.Joseph A. Kelly, 40, Oyster Bay, N.Y.Maurice Patrick Kelly, 41, New York, N.Y.Richard John Kelly, 50, New York, N.Y.Thomas Michael Kelly, 41, Wyckoff, N.J.Thomas Richard Kelly, 38, Riverhead, N.Y.Thomas W. Kelly, 51, New York, N.Y.Timothy C. Kelly, 37, Port Washington, N.Y.William Hill Kelly, 30, New York, N.Y.Robert C. Kennedy, 55, Toms River, N.J.Thomas J. Kennedy, 36, Islip Terrace, N.Y.John Keohane, 41, Jersey City, N.J.Lt. Ronald T. Kerwin, 42, Levittown, N.Y.Howard L. Kestenbaum, 56, Montclair, N.J.Douglas D. Ketcham, 27, New York, N.Y.Ruth E. Ketler, 42, New York, N.Y.Boris Khalif, 30, New York, N.Y.Sarah Khan, 32, New York, N.Y. Taimour Firaz Khan, 29, New York, N.Y.Rajesh Khandelwal, 33, South Plainfield, N.J. SeiLai Khoo, 38, Jersey City, N.J.Michael Kiefer, 25, Hempstead, N.Y.Satoshi Kikuchihara, 43, Scarsdale, N.Y.Andrew Jay-Hoon Kim, 26, Leonia, N.J.Lawrence Don Kim, 31, Blue Bell, Pa. Mary Jo Kimelman, 34, New York, N.Y.Andrew Marshall King, 42, Princeton, N.J.Lucille T. King, 59, Ridgewood, N.J.Robert King, 36, Bellerose Terrace, N.Y.Lisa M. King-Johnson, 34, New York, N.Y.Takashi Kinoshita, 46, Rye, N.Y.Chris Michael Kirby, 21, New York, N.Y.Howard (Barry) Kirschbaum, 53, New York, N.Y.Glenn Davis Kirwin, 40, Scarsdale, N.Y.Richard J. Klares, 59, Somers, N.Y.Peter A. Klein, 35, Weehawken, N.J.Alan D. Kleinberg, 39, East Brunswick, N.J.Karen J. Klitzman, 38, New York, N.Y.Ronald Philip Kloepfer, 39, Franklin Square, N.Y.Yevgeny Kniazev, 46, New York, N.Y.Thomas Patrick Knox, 31, Hoboken, N.J.Andrew Knox, 30, Adelaide, Australia Rebecca Lee Koborie, 48, Guttenberg, N.J.Deborah Kobus, 36, New York, N.Y.Gary Edward Koecheler, 57, Harrison, N.Y.Frank J. Koestner, 48, New York, N.Y.Ryan Kohart, 26, New York, N.Y.Vanessa Lynn Kolpak, 21, New York, N.Y.Irina Kolpakova, 37, New York, N.Y.Suzanne Kondratenko, 27, Chicago, Ill.Abdoulaye Kone, 37, New York, N.Y.Bon-seok Koo, 42, River Edge, N.J.Dorota Kopiczko, 26, Nutley, N.J.Scott Kopytko, 32, New York, N.Y.Bojan Kostic, 34, New York, N.Y.Danielle Kousoulis, 29, New York, N.Y.John J. Kren, 52 William Krukowski, 36, New York, N.Y.Lyudmila Ksido, 46, New York, N.Y.Shekhar Kumar, 30, New York, N.Y.Kenneth Kumpel, 42, Cornwall, N.Y.Frederick Kuo, 53, Great Neck, N.Y.Patricia Kuras, 42, New York, N.Y.Nauka Kushitani, 44, New York, N.Y.Thomas Joseph Kuveikis, 48, Carmel, N.Y.Victor Kwarkye, 35, New York, N.Y.Kui Fai Kwok, 31, New York, N.Y.Angela R. Kyte, 49, Boonton, N.J.Amarnauth Lachhman, 42, Valley Stream, N.Y. Andrew LaCorte, 61, Jersey City, N.J.Ganesh Ladkat, 27, Somerset, N.J.James P. Ladley, 41, Colts Neck, N.J.Daniel M. Van Laere, 46, Glen Rock, N.J.Joseph A. Lafalce, 54, New York, N.Y.Jeanette LaFond-Menichino, 49, New York, N.Y.David LaForge, 50, Port Richmond, N.Y.Michael Patrick LaForte, 39, Holmdel, N.J.Alan Lafrance, 43 Juan Lafuente, 61, Poughkeepsie, N.Y.Neil K. Lai, 59, East Windsor, N.J.Vincent A. Laieta, 31, Edison, N.J.William David Lake, 44, New York, N.Y.Franco Lalama, 45, Nutley, N.J. Chow Kwan Lam, 48, Maywood, N.J.Stephen LaMantia, 38, Darien, Conn.Amy Hope Lamonsoff, 29, New York, N.Y.Robert T. Lane, 28, New York, N.Y.Brendan M. Lang, 30, Red Bank, N.J. Rosanne P. Lang, 42, Middletown, N.J.Vanessa Langer, 29, Yonkers, N.Y.Mary Lou Langley, 53, New York, N.Y.Peter J. Langone, 41, Roslyn Heights, N.Y.Thomas Langone, 39, Williston Park, N.Y.Michele B. Lanza, 36, New York, N.Y.Ruth Sheila Lapin, 53, East Windsor, N.J.Carol Ann LaPlante, 59, New York, N.Y.Ingeborg Astrid Desiree Lariby, 42, New York, N.Y.Robin Larkey, 48, Chatham, N.J.Christopher Randall Larrabee, 26, New York, N.Y.Hamidou S. Larry, 37, New York, N.Y.Scott Larsen, 35, New York, N.Y.John Adam Larson, 37, Colonia, N.J.Gary E. Lasko, 49, Memphis, Tenn.Nicholas C. Lassman, 28, Cliffside Park, N.J.Paul Laszczynski, 49, Paramus, N.J.Jeffrey Latouche, 49, New York, N.Y.Cristina de Laura Oscar de Laura Charles Laurencin, 61, New York, N.Y.Stephen James Lauria, 39, New York, N.Y.Maria Lavache, 60, New York, N.Y.Denis F. Lavelle, 42, Yonkers, N.Y.Jeannine M. LaVerde, 36, New York, N.Y.Anna A. Laverty, 52, Middletown, N.J.Steven Lawn, 28, West Windsor, N.J.Robert A. Lawrence, 41, Summit, N.J.Nathaniel Lawson, 61, New York, N.Y.Eugen Lazar, 27, New York, N.Y.James Patrick Leahy, 38, New York, N.Y.Lt. Joseph Gerard Leavey, 45, Pelham, N.Y.Neil Leavy, 34, New York, N.Y. Leon Lebor, 51, Jersey City, N.J.Kenneth Charles Ledee, 38, Monmouth, N.J.Alan J. Lederman, 43, New York, N.Y.Elena Ledesma, 36, New York, N.Y.Alexis Leduc, 45, New York, N.Y.Myung-woo Lee, 41, Lyndhurst, N.J.David S. Lee, 37, West Orange, N.J. Gary H. Lee, 62, Lindenhurst, N.Y.Hyun-joon (Paul) Lee, 32, New York, N.Y.Jong-min Lee, 24, New York, N.Y.Juanita Lee, 44, New York, N.Y.Lorraine Lee, 37, New York, N.Y.Richard Y.C. Lee, 34, Great Neck, N.Y.Yang Der Lee, 63, New York, N.Y.Kathryn Blair Lee, 55, New York, N.Y.Stuart (Soo-Jin) Lee, 30, New York, N.Y.Linda C. Lee, 34, New York, N.Y.Stephen Lefkowitz, 50, Belle Harbor, N.Y.Adriana Legro, 32, New York, N.Y. Edward J. Lehman, 41, Glen Cove, N.Y.Eric Andrew Lehrfeld, 32, New York, N.Y.David Ralph Leistman, 43, Garden City, N.Y.David Prudencio LeMagne, 27, North Bergen, N.J. Joseph A. Lenihan, 41, Greenwich, Conn.John J. Lennon, 44, Howell, N.J.John Robinson Lenoir, 38, Locust Valley, N.Y.Jorge Luis Leon, 43, Union City, N.J.Matthew Gerard Leonard, 38, New York, N.Y.Michael Lepore, 39, New York, N.Y.Charles Antoine Lesperance, 55 Jeffrey Earle LeVeen, 55, Manhasset, N.Y.John D. Levi, 50, New York, N.Y.Alisha Caren Levin, 33, New York, N.Y.Neil D. Levin, 47, New York, N.Y.Robert Levine, 56, West Babylon, N.Y.Robert M. Levine, 66, Edgewater, N.J.Shai Levinhar, 29, New York, N.Y.Adam J. Lewis, 36, Fairfield, Conn. Margaret Susan Lewis, 49, Elizabeth, N.J.Ye Wei Liang, 27, New York, N.Y.Orasri Liangthanasarn, 26, Bayonne, N.J.Daniel F. Libretti, 43, New York, N.Y.Ralph M. Licciardi, 30, West Hempstead, N.Y.Edward Lichtschein, 35, New York, N.Y.Steven B. Lillianthal, 38, Millburn, N.J.Carlos R. Lillo, 37, Babylon, N.Y.Craig Damian Lilore, 30, Lyndhurst, N.J.Arnold A. Lim, 28, New York, N.Y.Darya Lin, 32, Chicago, Ill.Wei Rong Lin, 31, Jersey City, N.J.Nickie L. Lindo, 31, New York, N.Y.Thomas V. Linehan, 39, Montville, N.J.Robert Thomas Linnane, 33, West Hempstead, N.Y.Alan Linton, 26, Jersey City, N.J.Diane Theresa Lipari, 42, New York, N.Y.Kenneth P. Lira, 28, Paterson, N.J.Francisco Alberto Liriano, 33, New York, N.Y.Lorraine Lisi, 44, New York, N.Y.Paul Lisson, 45, New York, N.Y.Vincent Litto, 52, New York, N.Y.Ming-Hao Liu, 41, Livingston, N.J.Nancy Liz, 39, New York, N.Y.Harold Lizcano, 31, East Elmhurst, N.Y.Martin Lizzul, 31, New York, N.Y.George A. Llanes, 33, New York, N.Y.Elizabeth Claire Logler, 31, Rockville Centre, N.Y.Catherine Lisa Loguidice, 30, New York, N.Y.Jerome Robert Lohez, 30, Jersey City, N.J.Michael W. Lomax, 37, New York, N.Y.Laura M. Longing, 35, Pearl River, N.Y.Salvatore P. Lopes, 40, Franklin Square, N.Y.Daniel Lopez, 39, New York, N.Y.Luis Lopez, 38, New York, N.Y. Manuel L. Lopez, 54, Jersey City, N.J.George Lopez, 40, Stroudsburg, Pa.Joseph Lostrangio, 48, Langhorne, Pa.Chet Louie, 45, New York, N.Y.Stuart Seid Louis, 43, East Brunswick, N.J.Joseph Lovero, 60, Jersey City, N.J.Michael W. Lowe, 48, New York, N.Y. Garry Lozier, 47, Darien, Conn.John Peter Lozowsky, 45, New York, N.Y.Charles Peter Lucania, 34, East Atlantic Beach, N.Y.Edward (Ted) H. Luckett, 40, Fair Haven, N.J. Mark G. Ludvigsen, 32, New York, N.Y.Lee Charles Ludwig, 49, New York, N.Y.Sean Thomas Lugano, 28, New York, N.Y.Daniel Lugo, 45, New York, N.Y.Marie Lukas, 32, New York, N.Y.William Lum, 45, New York, N.Y.Michael P. Lunden, 37, New York, N.Y.Christopher Lunder, 34, Wall, N.J.Anthony Luparello, 62, New York, N.Y.Gary Lutnick, 36, New York, N.Y.Linda Luzzicone, 33, New York, N.Y.Alexander Lygin, 28, New York, N.Y.Farrell Peter Lynch, 39, Centerport, N.Y.James Francis Lynch, 47, Woodbridge, N.J.Louise A. Lynch, 58, Amityville, N.Y.Michael Lynch, 34, New York, N.Y.Michael F. Lynch, 33, New Hyde Park, N.Y.Michael Francis Lynch, 30, New York, N.Y.Richard Dennis Lynch, 30, Bedford Hills, N.Y.Robert H. Lynch, 44, Cranford, N.J.Sean Patrick Lynch, 36, Morristown, N.J. Sean Lynch, 34, New York, N.Y.Michael J. Lyons, 32, Hawthorne, N.Y.Patrick Lyons, 34, South Setauket, N.Y.Monica Lyons, 53, New York, N.Y.Robert Francis Mace, 43, New York, N.Y.Jan Maciejewski, 37, New York, N.Y.Catherine Fairfax MacRae, 23, New York, N.Y. Richard B. Madden, 35, Westfield, N.J.Simon Maddison, 40, Florham Park, N.J.Noell Maerz, 29, Long Beach, N.Y.Jeannieann Maffeo, 40, New York, N.Y.Joseph Maffeo, 30, New York, N.Y.Jay Robert Magazine, 48, New York, N.Y.Charles Wilson Magee, 51, Wantagh, N.Y.Brian Magee, 52, Floral Park, N.Y.Joseph Maggitti, 47, Abingdon, Md.Ronald E. Magnuson, 57, Park Ridge, N.J.Daniel L. Maher, 50, Hamilton, N.J.Thomas Anthony Mahon, 37, East Norwich, N.Y.William Mahoney, 38, Bohemia, N.Y.Joseph Maio, 32, Roslyn Harbor, N.Y.Takashi Makimoto, 49, New York, N.Y.Abdu Malahi, 37, New York, N.Y.Debora Maldonado, 47, New York, N.Y.Myrna T. Maldonado-Agosto, 49, New York, N.Y.Alfred R. Maler, 39, Convent Station, N.J.Gregory James Malone, 42, Hoboken, N.J.Edward Francis (Teddy) Maloney, 32, Darien, Conn.Joseph E. Maloney, 46, Farmingville, N.Y.Gene E. Maloy, 41, New York, N.Y.Christian Maltby, 37, Chatham, N.J.Francisco Miguel (Frank) Mancini, 26, New York, N.Y.Joseph Mangano, 53, Jackson, N.J.Sara Elizabeth Manley, 31, New York, N.Y.Debra M. Mannetta, 31, Islip, N.Y.Terence J. Manning, 36, Rockville Centre, N.Y.Marion Victoria (vickie) Manning, 27, Rochdale, N.Y.James Maounis, 42, New York, N.Y.Joseph Ross Marchbanks, 47, Nanuet, N.Y.Peter Edward Mardikian, 29, New York, N.Y.Edward Joseph Mardovich, 42, Lloyd Harbor, N.Y.Lt. Charles Joseph Margiotta, 44, New York, N.Y.Kenneth Joseph Marino, 40, Monroe, N.Y.Lester Vincent Marino, 57, Massapequa, N.Y.Vita Marino, 49, New York, N.Y.Kevin D. Marlo, 28, New York, N.Y. Jose J. Marrero, 32, Old Bridge, N.J.John Marshall, 35, Congers, N.Y.James Martello, 41, Rumson, N.J.Michael A. Marti, 26, Glendale, N.Y.Lt. Peter Martin, 43, Miller Place, N.Y.William J. Martin, 35, Rockaway, N.J.Brian E. Martineau, 37, Edison, N.J.Betsy Martinez, 33, New York, N.Y.Edward J. Martinez, 60, New York, N.Y.Jose Angel Martinez, 49, Hauppauge, N.Y.Robert Gabriel Martinez, 24, New York, N.Y.Lizie Martinez-Calderon, 32, New York, N.Y.Lt. Paul Richard Martini, 37, New York, N.Y.Joseph A. Mascali, 44, New York, N.Y.Bernard Mascarenhas, 54, Newmarket, Ontario, Canada Stephen F. Masi, 55, New York, N.Y.Nicholas G. Massa, 65, New York, N.Y.Patricia A. Massari, 25, Glendale, N.Y.Michael Massaroli, 38, New York, N.Y.Philip W. Mastrandrea, 42, Chatham, N.J. Rudolph Mastrocinque, 43, Kings Park, N.Y.Joseph Mathai, 49, Arlington, Mass.Charles William Mathers, 61, Sea Girt, N.J.William A. Mathesen, 40, Morristown, N.J.Marcello Matricciano, 31, New York, N.Y.Margaret Elaine Mattic, 51, New York, N.Y.Robert D. Mattson, 54, Green Pond, N.J.Walter Matuza, 39, New York, N.Y.Charles A. (Chuck) Mauro, 65, New York, N.Y.Charles J. Mauro, 38, New York, N.Y.Dorothy Mauro, 55, New York, N.Y. Nancy T. Mauro, 51, New York, N.Y.Tyrone May, 44, Rahway, N.J.Keithroy Maynard, 30, New York, N.Y.Robert J. Mayo, 46, Morganville, N.J.Kathy Nancy Mazza-Delosh, 46, Farmingdale, N.Y.Edward Mazzella, 62, Monroe, N.Y.Jennifer Mazzotta, 23, New York, N.Y. Kaaria Mbaya, 39, Edison, N.J.James J. McAlary, 42, Spring Lake Heights, N.J.Brian McAleese, 36, Baldwin, N.Y.Patricia A. McAneney, 50, Pomona, N.Y.Colin Richard McArthur, 52, Howell, N.J.John McAvoy, 47, New York, N.Y.Kenneth M. McBrayer, 49, New York, N.Y.Brendan McCabe, 40, Sayville, N.Y.Michael J. McCabe, 42, Rumson, N.J. Thomas McCann, 46, Manalapan, N.J.Justin McCarthy, 30, Port Washington, N.Y.Kevin M. McCarthy, 42, Fairfield, Conn.Michael Desmond McCarthy, 33, Huntington, N.Y. Robert Garvin McCarthy, 33, Stony Point, N.Y.Stanley McCaskill, 47, New York, N.Y. Katie Marie McCloskey, 25, Mount Vernon, N.Y.Tara McCloud-Gray, 30, New York, N.Y. Charles Austin McCrann, 55, New York, N.Y.Tonyell McDay, 25, Colonia, N.J.Matthew T. McDermott, 34, Basking Ridge, N.J.Joseph P. McDonald, 43, Livingston, N.J.Brian G. McDonnell, 38, Wantagh, N.Y.Michael McDonnell, 34, Red Bank, N.J.John F. McDowell, 33, New York, N.Y.Eamon J. McEneaney, 46, New Canaan, Conn.John Thomas McErlean, 39, Larchmont, N.Y.Daniel F. McGinley, 40, Ridgewood, N.J.Mark Ryan McGinly, 26, New York, N.Y.Lt. William E. McGinn, 43, New York, N.Y.Thomas H. McGinnis, 41, Oakland, N.J. Michael Gregory McGinty, 42, Foxboro, Mass.Ann McGovern, 68, East Meadow, N.Y.Scott Martin McGovern, 35, Wyckoff, N.J.William J. McGovern, 49, Smithtown, N.Y.Stacey S. McGowan, 38, Basking Ridge, N.J.Francis Noel McGuinn, 48, Rye, N.Y.Patrick J. McGuire, 40, Madison, N.J.Thomas M. McHale, 33, Huntington, N.Y.Keith McHeffey, 31, Monmouth Beach, N.J.Denis J. McHugh, 36, New York, N.Y.Dennis P. McHugh, 34, Sparkill, N.Y. Michael Edward McHugh, 35, Tuckahoe, N.Y.Ann M. McHugh, 35, New York, N.Y.Robert G. McIlvaine, 26, New York, N.Y.Donald James McIntyre, 38, New City, N.Y.Stephanie McKenna, 45, New York, N.Y.Barry J. McKeon, 47, Yorktown Heights, N.Y.Evelyn C. McKinnedy, 60, New York, N.Y.Darryl Leron McKinney, 26, New York, N.Y.Robert C. McLaughlin, 29, Westchester, N.Y.George Patrick McLaughlin, 36, Hoboken, N.J.Gavin McMahon, 35, Bayonne, N.J.Robert Dismas McMahon, 35, New York, N.Y.Edmund M. McNally, 41, Fair Haven, N.J.Daniel McNeal, 29, Towson, Md.Walter Arthur McNeil, 53, Stroudsburg, Pa.Sean Peter McNulty, 30, New York, N.Y.Christine Sheila McNulty, 42, Peterborough, England Robert William McPadden, 30, Pearl River, N.Y.Terence A. McShane, 37, West Islip, N.Y.Timothy Patrick McSweeney, 37, New York, N.Y.Martin E. McWilliams, 35, Kings Park, N.Y.Rocco A. Medaglia, 49, Melville, N.Y.Abigail Cales Medina, 46, New York, N.Y.Ana Iris Medina, 39, New York, N.Y.Deborah Medwig, 46, Dedham, Mass.William J. Meehan, 49, Darien, Conn.Damian Meehan, 32, Glen Rock, N.J.Alok Kumar Mehta, 23, Hempstead, N.Y.Raymond Meisenheimer, 46, West Babylon, N.Y.Manuel Emilio Mejia, 54, New York, N.Y.Eskedar Melaku, 31, New York, N.Y.Antonio Melendez, 30, New York, N.Y. Mary Melendez, 44, Stroudsburg, Pa.Yelena Melnichenko, 28, Brooklyn, N.Y.Stuart Todd Meltzer, 32, Syosset, N.Y.Diarelia Jovannah Mena, 30, New York, N.Y.Charles Mendez, 38, Floral Park, N.Y.Lizette Mendoza, 33, North Bergen, N.J.Shevonne Mentis, 25, New York, N.Y.Steve Mercado, 38, New York, N.Y.Wesley Mercer, 70, New York, N.Y.Ralph Joseph Mercurio, 47, Rockville Centre, N.Y.Alan H. Merdinger, 47, Allentown, Pa.George C. Merino, 39, New York, N.Y.Yamel Merino, 24, Yonkers, N.Y.George Merkouris, 35, Levittown, N.Y.Deborah Merrick, 45 Raymond J. Metz, 37, Trumbull, Conn.Jill A. Metzler, 32, Franklin Square, N.Y.David Robert Meyer, 57, Glen Rock, N.J.Nurul Huq Miah, 35, New York, N.Y.William Edward Micciulli, 30, Matawan, N.J.Martin Paul Michelstein, 57, Morristown, N.J.Luis Clodoaldo Revilla Mier, 54 Peter T. Milano, 43, Middletown, N.J. Gregory Milanowycz, 25, Cranford, N.J.Lukasz T. Milewski, 21, New York, N.Y.Craig James Miller, 29, Va.Corey Peter Miller, 34, New York, N.Y.Douglas C. Miller, 34, Port Jervis, N.Y.Henry Miller, 52, Massapequa, N.Y. Michael Matthew Miller, 39, Englewood, N.J.Phillip D. Miller, 53, New York, N.Y.Robert C. Miller, 55, Hasbrouck Heights, N.J. Robert Alan Miller, 46, Matawan, N.J.Joel Miller, 55, Baldwin, N.Y.Benjamin Millman, 40, New York, N.Y.Charles M. Mills, 61, Brentwood, N.Y.Ronald Keith Milstein, 54, New York, N.Y.Robert Minara, 54, Carmel, N.Y.William G. Minardi, 46, Bedford, N.Y.Louis Joseph Minervino, 54, Middletown, N.J.Thomas Mingione, 34, West Islip, N.Y.Wilbert Miraille, 29, New York, N.Y.Domenick Mircovich, 40, Closter, N.J.Rajesh A. Mirpuri, 30, Englewood Cliffs, N.J.Joseph Mistrulli, 47, Wantagh, N.Y.Susan Miszkowicz, 37, New York, N.Y.Lt. Paul Thomas Mitchell, 46, New York, N.Y.Richard Miuccio, 55, New York, N.Y.Frank V. Moccia, 57, Hauppauge, N.Y.Capt. Louis Joseph Modafferi, 45, New York, N.Y.Boyie Mohammed, 50, New York, N.Y.Lt. Dennis Mojica, 50, New York, N.Y.Manuel Mojica, 37, Bellmore, N.Y.Manuel Dejesus Molina, 31, New York, N.Y.Kleber Rolando Molina, 44, New York, N.Y.Fernando Jimenez Molinar, 21, Oaxaca, Mexico Carl Molinaro, 32, New York, N.Y.Justin J. Molisani, 42, Middletown Township, N.J.Brian Patrick Monaghan, 21, New York, N.Y.Franklin Monahan, 45, Roxbury, N.Y.John Gerard Monahan, 47, Wanamassa, N.J.Kristen Montanaro, 34, New York, N.Y.Craig D. Montano, 38, Glen Ridge, N.J.Michael Montesi, 39, Highland Mills, N.Y.Cheryl Ann Monyak, 43, Greenwich, Conn. Capt. Thomas Moody, 45, Stony Brook, N.Y.Sharon Moore, 37, New York, N.Y.Krishna Moorthy, 59, Briarcliff Manor, N.Y.Abner Morales, 37, New York, N.Y.Carlos Morales, 29, New York, N.Y.Paula Morales, 42, New York, N.Y.Luis Morales, 46, New York, N.Y. John Moran, 43, Rockaway, N.Y.John Christopher Moran, 38, Haslemere, Surrey, England Kathleen Moran, 42, New York, N.Y.Lindsay S. Morehouse, 24, New York, N.Y.George Morell, 47, Mount. Kisco, N.Y.Steven P. Morello, 52, Bayonne, N.J.Vincent S. Morello, 34, New York, N.Y.Arturo Alva Moreno, 47, Mexico City, Mexico Yvette Nicole Moreno, 25, New York, N.Y.Dorothy Morgan, 47, Hempstead, N.Y.Richard Morgan, 66, Glen Rock, N.J. Nancy Morgenstern, 32, New York, N.Y.Sanae Mori, 27, Tokyo, Japan Blanca Morocho, 26, New York, N.Y.Leonel Morocho, 36, New York, N.Y.Dennis G. Moroney, 39, Eastchester, N.Y.Lynne Irene Morris, 22, Monroe, N.Y.Seth A. Morris, 35, Kinnelon, N.J.Stephen Philip Morris, 31, Ormond Beach, Fla.Christopher M. Morrison, 34, Charlestown, Mass. Ferdinand V. Morrone, 63, Lakewood, N.J.William David Moskal, 50, Brecksville, Ohio Manuel Da Mota, 43, Valley Stream, N.Y.Marco Motroni, 57, Fort Lee, N.J.Iouri A. Mouchinski, 55, New York, N.Y.Jude J. Moussa, 35, New York, N.Y.Peter C. Moutos, 44, Chatham, N.J.Damion Mowatt, 21, New York, N.Y.Christopher Mozzillo, 27, New York, N.Y. Stephen V. Mulderry, 33, New York, N.Y.Richard Muldowney, 40, Babylon, N.Y.Michael D. Mullan, 34, New York, N.Y.Dennis Michael Mulligan, 32, New York, N.Y.Peter James Mulligan, 28, New York, N.Y.Michael Joseph Mullin, 27, Hoboken, N.J.James Donald Munhall, 45, Ridgewood, N.J Nancy Muniz, 45, New York, N.Y.Carlos Mario Munoz, 43 Francisco Munoz, 29, New York, N.Y.Theresa (Terry) Munson, 54, New York, N.Y. Robert M. Murach, 45, Montclair, N.J.Cesar Augusto Murillo, 32, New York, N.Y. Marc A. Murolo, 28, Maywood, N.J.Robert Eddie Murphy, 56, New York, N.Y.Brian Joseph Murphy, 41, New York, N.Y.Christopher W. Murphy, 35, Easton, Md.Edward C. Murphy, 42, Clifton, N.J.James F. Murphy, 30, Garden City, N.Y.James Thomas Murphy, 35, Middletown, N.J.Kevin James Murphy, 40, Northport, N.Y.Patrick Sean Murphy, 36, Millburn, N.J. Lt. Raymond E. Murphy, 46, New York, N.Y.Charles Murphy, 38, New York, N.Y.John Joseph Murray, 32, Hoboken, N.J.John Joseph Murray, 52, Colts Neck, N.J.Susan D. Murray, 54, Summit, N.J.Valerie Victoria Murray, 65, New York, N.Y.Richard Todd Myhre, 37, New York, N.Y.Lt. Robert B. Nagel, 55, New York, N.Y.Takuya Nakamura, 30, Tuckahoe, N.Y. Alexander J.R. Napier, 38, Morris Township, N.J.Frank Joseph Naples, 29, Cliffside Park, N.J.John Napolitano, 33, Ronkonkoma, N.Y.Catherine A. Nardella, 40, Bloomfield, N.J.Mario Nardone, 32, New York, N.Y.Manika Narula, 22, Kings Park, N.Y.Narender Nath, 33, Colonia, N.J.Karen S. Navarro, 30, New York, N.Y.Joseph M. Navas, 44, Paramus, N.J. Francis J. Nazario, 28, Jersey City, N.J.Glenroy Neblett, 42, New York, N.Y.Marcus R. Neblett, 31, Roslyn Heights, N.Y.Jerome O. Nedd, 39, New York, N.Y.Laurence Nedell, 51, Lindenhurst, N.Y.Luke G. Nee, 44, Stony Point, N.Y.Pete Negron, 34, Bergenfield, N.J. Ann Nicole Nelson, 30, New York, N.Y.David William Nelson, 50, New York, N.Y.James Nelson, 40, Clark, N.J.Michele Ann Nelson, 27, Valley Stream, N.Y.Peter Allen Nelson, 42, Huntington Station, N.Y.Oscar Nesbitt, 58, New York, N.Y.Gerard Terence Nevins, 46, Campbell Hall, N.Y.Christopher Newton-Carter, 51, Middletown, N.J.Kapinga Ngalula, 58, McKinney, Texas Nancy Yuen Ngo, 36, Harrington Park, N.J.Jody Tepedino Nichilo, 39, New York, N.Y.Martin Niederer, 23, Hoboken, N.J.Alfonse J. Niedermeyer, 40, Manasquan, N.J. Frank John Niestadt, 55, Ronkonkoma, N.Y.Gloria Nieves, 48, New York, N.Y.Juan Nieves, 56, New York, N.Y.Troy Edward Nilsen, 33, New York, N.Y.Paul R. Nimbley, 42, Middletown, N.J.John Ballantine Niven, 44, Oyster Bay, N.Y.Katherine (Katie) McGarry Noack, 30, Hoboken, N.J.Curtis Terrence Noel, 22, Poughkeepsie, N.Y.Daniel R. Nolan, 44, Hopatcong, N.J.Robert Walter Noonan, 36, Norwalk, Conn.Daniela R. Notaro, 25, New York, N.Y.Brian Novotny, 33, Hoboken, N.J.Soichi Numata, 45, Irvington, N.Y.Brian Felix Nunez, 29, New York, N.Y.Jose R. Nunez, 42, New York, N.Y.Jeffrey Nussbaum, 37, Oceanside, N.Y.James A. Oakley, 52, Cortlandt Manor, N.Y.Dennis O'Berg, 28, Babylon, N.Y.James P. O'Brien, 33, New York, N.Y.Scott J. O'Brien, 40, New York, N.Y.Timothy Michael O'Brien, 40, Brookville, N.Y.Michael O'Brien, 42, Cedar Knolls, N.J.Captain Daniel O'Callaghan, 42, Smithtown, N.Y.Richard J. O'Connor, 49, Poughkeepsie, N.Y. Dennis J. O'Connor, 34, New York, N.Y.Diana J. O'Connor, 38, Eastchester, N.Y.Keith K. O'Connor, 28, Hoboken, N.J.Amy O'Doherty, 23, New York, N.Y.Marni Pont O'Doherty, 31, Armonk, N.Y.Douglas Oelschlager, 36, New York, N.Y.Takashi Ogawa, 37, Tokyo, Japan Albert Ogletree, 49, New York, N.Y.Philip Paul Ognibene, 39, New York, N.Y.James Andrew O'Grady, 32, Harrington Park, N.J.Joseph J. Ogren, 30, New York, N.Y.Lt. Thomas O'Hagan, 43, New York, N.Y.Samuel Oitice, 45, Peekskill, N.Y.Patrick O'Keefe, 44, Oakdale, N.Y.Capt. William O'Keefe, 49, New York, N.Y.Gerald Michael Olcott, 55, New Hyde Park, N.Y.Gerald O'Leary, 34, Stony Point, N.Y.Christine Anne Olender, 39, New York, N.Y.Elsy Carolina Osorio Oliva, 27, New York, N.Y.Linda Mary Oliva, 44, New York, N.Y.Edward K. Oliver, 31, Jackson, N.J.Leah E. Oliver, 24, New York, N.Y.Eric T. Olsen, 41, New York, N.Y.Jeffrey James Olsen, 31, New York, N.Y.Maureen L. Olson, 50, Rockville Centre, N.Y.Steven John Olson, 38, New York, N.Y.Matthew Timothy O'Mahony, 39, New York, N.Y.Toshihiro Onda, 39, New York, N.Y.Seamus L. Oneal, 52, New York, N.Y. John P. O'Neill, 49, New York, N.Y.Sean Gordon Corbett O'Neill, 34, Rye, N.Y.Peter J. O'Neill, 21, Amityville, N.Y.Michael C. Opperman, 45, Selden, N.Y.Christopher Orgielewicz, 35, Larchmont, N.Y.Margaret Orloske, 50, Windsor, Conn.Virginia A. Ormiston, 42, New York, N.Y.Kevin O'Rourke, 44, Hewlett, N.Y.Juan Romero Orozco, Acatlan de Osorio, Puebla, Mexico Ronald Orsini, 59, Hillsdale, N.J.Peter K. Ortale, 37, New York, N.Y.Emilio (Peter) Ortiz, 38, New York, N.Y.David Ortiz, 37, Nanuet, N.Y. Paul Ortiz, 21, New York, N.Y.Sonia Ortiz, 58, New York, N.Y.Alexander Ortiz, 36, Ridgewood, N.Y.Pablo Ortiz, 49, New York, N.Y.Masaru Ose, 36, Fort Lee, N.J. Robert W. O'Shea, 47, Wall, N.J.Patrick J. O'Shea, 45, Farmingdale, N.Y.James Robert Ostrowski, 37, Garden City, N.Y.Timothy O'Sullivan, 68, Albrightsville, Pa.Jason Douglas Oswald, 28, New York, N.Y.Michael Otten, 42, East Islip, N.Y.Isidro Ottenwalder, 35, New York, N.Y.Michael Chung Ou, 53, New York, N.Y.Todd Joseph Ouida, 25, River Edge, N.J.Jesus Ovalles, 60, New York, N.Y.Peter J. Owens, 42, Williston Park, N.Y.Adianes Oyola, 23, New York, N.Y.Angel M. Pabon, 54, New York, N.Y. Israel Pabon, 31, New York, N.Y.Roland Pacheco, 25, New York, N.Y.Michael Benjamin Packer, 45, New York, N.Y.Deepa K. Pakkala, 31, Stewartsville, N.J.Jeffrey Matthew Palazzo, 33, New York, N.Y.Thomas Anthony Palazzo, 44, Armonk, N.Y.Richard (Rico) Palazzolo, 39, New York, N.Y.Orio Joseph Palmer, 45, Valley Stream, N.Y.Frank A. Palombo, 46, New York, N.Y.Alan N. Palumbo, 42, New York, N.Y.Christopher M. Panatier, 36, Rockville Centre, N.Y.Dominique Pandolfo, 27, Hoboken, N.J.Paul Pansini, 34, New York, N.Y.John M. Paolillo, 51, Glen Head, N.Y.Edward J. Papa, 47, Oyster Bay, N.Y. Salvatore Papasso, 34, New York, N.Y.James N. Pappageorge, 29, Yonkers, N.Y.Vinod K. Parakat, 34, Sayreville, N.J.Vijayashanker Paramsothy, 23, New York, N.Y.Nitin Ramesh Parandkar, 28, Waltham, Mass.Hardai (Casey) Parbhu, 42, New York, N.Y.James Wendell Parham, 32, New York, N.Y.Debra (Debbie) Paris, 48, New York, N.Y.George Paris, 33, New York, N.Y.Gye-Hyong Park, 28, New York, N.Y.Philip L. Parker, 53, Skillman, N.J. Michael A. Parkes, 27, New York, N.Y.Robert Emmett Parks, 47, Middletown, N.J. Hasmukhrai Chuckulal Parmar, 48, Warren, N.J.Robert Parro, 35, Levittown, N.Y.Diane Marie Moore Parsons, 58, Malta, N.Y.Leobardo Lopez Pascual, 41, New York, N.Y.Michael J. Pascuma, 50, Massapequa Park, N.Y.Jerrold H. Paskins, 56, Anaheim Hills, Calif. Horace Robert Passananti, 55, New York, N.Y.Suzanne H. Passaro, 38, East Brunswick, N.J.Victor Antonio Martinez Pastrana, 38, Tlachichuca, Puebla, Mexico Manish K. Patel, 29, Edison, N.J.Avnish Ramanbhai Patel, 28, New York, N.Y.Dipti Patel, 38, New Hyde Park, N.Y.Steven B. Paterson, 40, Ridgewood, N.J.James Matthew Patrick, 30, Norwalk, Conn.Manuel Patrocino, 34 Bernard E. Patterson, 46, Upper Brookville, N.Y.Cira Marie Patti, 40, New York, N.Y.Robert Edward Pattison, 40, New York, N.Y.James R. Paul, 58, New York, N.Y.Sharon Cristina Millan Paz, 31, New York, N.Y.Patrice Paz, 52, New York, N.Y.Victor Paz-Gutierrez, 43, New York, N.Y.Stacey L. Peak, 36, New York, N.Y. Richard Allen Pearlman, 18, New York, N.Y.Durrell Pearsall, 34, Hempstead, N.Y. Thomas E. Pedicini, 30, Hicksville, N.Y.Todd D. Pelino, 34, Fair Haven, N.J.Michel Adrian Pelletier, 36, Greenwich, Conn.Anthony Peluso, 46, New York, N.Y.Angel Ramon Pena, 45, River Vale, N.J.Richard Al Penny, 53, New York, N.Y.Salvatore F. Pepe, 45, New York, N.Y.Carl Allen Peralta, 37, New York, N.Y.Robert David Peraza, 30, New York, N.Y.Jon A. Perconti, 32, Brick, N.J.Alejo Perez, 66, Union City, N.J.Angel Perez, 43, Jersey City, N.J.Angela Susan Perez, 35, New York, N.Y.Ivan Perez, 37, New York, N.Y. Nancy E. Perez, 36, Secaucus, N.J.Anthony Perez, 33, Locust Valley, N.Y.Joseph John Perroncino, 33, Smithtown, N.Y.Edward J. Perrotta, 43, Mount Sinai, N.Y.Lt. Glenn C. Perry, 41, Monroe, N.Y.Emelda Perry, 52, Elmont, N.Y.John William Perry, 38, New York, N.Y.Franklin Allan Pershep, 59, New York, N.Y.Daniel Pesce, 34, New York, N.Y. Michael J. Pescherine, 32, New York, N.Y.Davin Peterson, 25, New York, N.Y.William Russel Peterson, 46, New York, N.Y.Mark Petrocelli, 28, New York, N.Y.Lt. Philip S. Petti, 43, New York, N.Y.Glen Kerrin Pettit, 30, Oakdale, N.Y.Dominick Pezzulo, 36, New York, N.Y.Kaleen E. Pezzuti, 28, Fair Haven, N.J.Lt. Kevin Pfeifer, 42, New York, N.Y. Tu-Anh Pham, 42, Princeton, N.J.Lt. Kenneth John Phelan, 41, New York, N.Y.Michael V. San Phillip, 55, Ridgewood, N.J.Eugenia Piantieri, 55, New York, N.Y.Ludwig John Picarro, 44, Basking Ridge, N.J.Matthew Picerno, 44, Holmdel, N.J.Joseph O. Pick, 40, Hoboken, N.J.Christopher Pickford, 32, New York, N.Y.Dennis J. Pierce, 54, New York, N.Y.Joseph A. Della Pietra, 24, New York, N.Y.Bernard T. Pietronico, 39, Matawan, N.J. Nicholas P. Pietrunti, 38, Belford, N.J.Theodoros Pigis, 60, New York, N.Y.Susan Elizabeth Ancona Pinto, 44, New York, N.Y.Joseph Piskadlo, 48, North Arlington, N.J. Christopher Todd Pitman, 30, New York, N.Y.Josh Michael Piver, 23, New York, N.Y. Joseph Plumitallo, 45, Manalapan, N.J.John M. Pocher, 36, Middletown, N.J.William Howard Pohlmann, 56, Ardsley, N.Y.Laurence M. Polatsch, 32, New York, N.Y.Thomas H. Polhemus, 39, Morris Plains, N.J.Steve Pollicino, 48, Plainview, N.Y.Susan M. Pollio, 45, Long Beach Township, N.J.Joshua Poptean, 37, New York, N.Y.Giovanna Porras, 24, New York, N.Y.Anthony Portillo, 48, New York, N.Y.James Edward Potorti, 52, Princeton, N.J. Daphne Pouletsos, 47, Westwood, N.J.Richard Poulos, 55, Levittown, N.Y.Stephen E. Poulos, 45, Basking Ridge, N.J.Brandon Jerome Powell, 26, New York, N.Y.Shawn Edward Powell, 32, New York, N.Y.Tony Pratt, 43, New York, N.Y.Gregory M. Preziose, 34, Holmdel, N.J.Wanda Ivelisse Prince, 30, New York, N.Y.Vincent Princiotta, 39, Orangeburg, N.Y.Kevin Prior, 28, Bellmore, N.Y.Everett Martin (Marty) Proctor, 44, New York, N.Y.Carrie B. Progen, 25, New York, N.Y.David Lee Pruim, 53, Upper Montclair, N.J.Richard Prunty, 57, Sayville, N.Y.John F. Puckett, 47, Glen Cove, N.Y.Robert D. Pugliese, 47, East Fishkill, N.Y.Edward F. Pullis, 34, Hazlet, N.J.Patricia Ann Puma, 33, New York, N.Y.Hemanth Kumar Puttur, 26, White Plains, N.Y.Edward R. Pykon, 33, Princeton, N.J.Christopher Quackenbush, 44, Manhasset, N.Y.Lars Peter Qualben, 49, New York, N.Y.Lincoln Quappe, 38, Sayville, N.Y.Beth Ann Quigley, 25, New York, N.Y. Lt. Michael Quilty, 42, New York, N.Y.Ricardo Quinn, 40, New York, N.Y.James Francis Quinn, 23, New York, N.Y.Carol Rabalais, 38, New York, N.Y.Christopher Peter A. Racaniello, 30, New York, N.Y.Leonard Ragaglia, 36, New York, N.Y.Eugene J. Raggio, 55, New York, N.Y.Laura Marie Ragonese-Snik, 41, Bangor, Pa.Michael Ragusa, 29, New York, N.Y.Peter F. Raimondi, 46, New York, N.Y.Harry A. Raines, 37, New York, N.Y. Ehtesham U. Raja, 28, Clifton, N.J.Valsa Raju, 39, Yonkers, N.Y.Edward Rall, 44, Holbrook, N.Y.Lukas (Luke) Rambousek, 27, New York, N.Y.Julio Fernandez Ramirez, 51, New York, N.Y.Maria Isabel Ramirez, 25, New York, N.Y.Harry Ramos, 41, Newark, N.J. Vishnoo Ramsaroop, 44, New York, N.Y.Lorenzo Ramzey, 48, East Northport, N.Y.A. Todd Rancke, 42, Summit, N.J.Adam David Rand, 30, Bellmore, N.Y.Jonathan C. Randall, 42, New York, N.Y.Srinivasa Shreyas Ranganath, 26, Hackensack, N.J.Anne Rose T. Ransom, 45, Edgewater, N.J.Faina Rapoport, 45, New York, N.Y.Robert Arthur Rasmussen, 42, Hinsdale, Ill.Amenia Rasool, 33, New York, N.Y.Roger Mark Rasweiler, 53, Flemington, N.J.David Alan James Rathkey, 47, Mountain Lakes, N.J.William Ralph Raub, 38, Saddle River, N.J. Gerard Rauzi, 42, New York, N.Y.Alexey Razuvaev, 40, New York, N.Y.Gregory Reda, 33, New Hyde Park, N.Y.Sarah Prothero Redheffer, 35, London, England Michele Reed, 26, Ringoes, N.J.Judith A. Reese, 56, Kearny, N.J.Donald J. Regan, 47, Wallkill, N.Y. Lt. Robert M. Regan, 48, Floral Park, N.Y.Thomas M. Regan, 43, Cranford, N.J.Christian Michael Otto Regenhard, 28, New York, N.Y.Howard Reich, 59, New York, N.Y.Gregg Reidy, 26, Holmdel, N.J.Kevin O. Reilly, 28, New York, N.Y.James Brian Reilly, 25, New York, N.Y.Timothy E. Reilly, 40, New York, N.Y.Joseph Reina, 32, New York, N.Y.Thomas Barnes Reinig, 48, Bernardsville, N.J.Frank B. Reisman, 41, Princeton, N.J.Joshua Scott Reiss, 23, New York, N.Y.Karen Renda, 52, New York, N.Y.John Armand Reo, 28, Larchmont, N.Y. Richard Rescorla, 62, Morristown, N.J.John Thomas Resta, 40, New York, N.Y.Sylvia San Pio Resta, 26, New York, N.Y.Eduvigis (Eddie) Reyes, 37, New York, N.Y.Bruce A. Reynolds, 41, Columbia, N.J.John Frederick Rhodes, 57, Howell, N.J.Francis S. Riccardelli, 40, Westwood, N.J.Rudolph N. Riccio, 50, New York, N.Y.AnnMarie (Davi) Riccoboni, 58, New York, N.Y.Eileen Mary Rice, 57, New York, N.Y.David Rice, 31, New York, N.Y.Kenneth F. Rice, 34, Hicksville, N.Y.Lt. Vernon Allan Richard, 53, Nanuet, N.Y.Claude D. Richards, 46, New York, N.Y.Gregory Richards, 30, New York, N.Y. Michael Richards, 38, New York, N.Y.Venesha O. Richards, 26, North Brunswick, N.J. James C. Riches, 29, New York, N.Y.Alan Jay Richman, 44, New York, N.Y.John M. Rigo, 48, New York, N.Y.Theresa (Ginger) Risco, 48, New York, N.Y.Rose Mary Riso, 55, New York, N.Y.Moises N. Rivas, 29, New York, N.Y.Joseph Rivelli, 43, New York, N.Y.
Isaias Rivera, 51, Perth Amboy, N.J.Linda Rivera, 26, New York, N.Y.Juan William Rivera, 27, New York, N.Y.Carmen A. Rivera, 33, Westtown, N.Y.David E. Rivers, 40, New York, N.Y.Joseph R. Riverso, 34, White Plains, N.Y.Paul Rizza, 34, Park Ridge, N.J. John Frank Rizzo, 50, New York, N.Y.Stephen Louis Roach, 36, Verona, N.J.Joseph Roberto, 37, Midland Park, N.J.Leo A. Roberts, 44, Wayne, N.J.Michael Roberts, 30, New York, N.Y.Michael Edward Roberts, 31, New York, N.Y.Donald Walter Robertson, 35, Rumson, N.J.Catherina Robinson, 45, New York, N.Y.Jeffrey Robinson, 38, Monmouth Junction, N.J.Michell Lee Robotham, 32, Kearny, N.J.Donald Robson, 52, Manhasset, N.Y. Antonio Augusto Tome Rocha, 34, East Hanover, N.J.Raymond J. Rocha, 29, Malden, Mass. Laura Rockefeller, 41, New York, N.Y.John M. Rodak, 39, Mantua, N.J.Antonio Jose Carrusca Rodrigues, 35, Port Washington, N.Y.Anthony Rodriguez, 36, New York, N.Y. Carmen Milagros Rodriguez, 46, Freehold, N.J.Marsha A. Rodriguez, 41, West Paterson, N.J.Richard Rodriguez, 31, Cliffwood, N.J.Gregory E. Rodriguez, 31, White Plains, N.Y. David B. Rodriguez-Vargas, 44, New York, N.Y.Matthew Rogan, 37, West Islip, N.Y. Karlie Barbara Rogers, 25, London, England Scott Rohner, 22, Hoboken, N.J.Keith Roma, 27, New York, N.Y.Joseph M. Romagnolo, 37, Coram, N.Y.Elvin Santiago Romero, 34, Matawan, N.J.Efrain Franco Romero, 57, Hazleton, Pa.James A. Romito, 51, Westwood, N.J. Sean Rooney, 50, Stamford, Conn.Eric Thomas Ropiteau, 24, New York, N.Y.Aida Rosario, 42, Jersey City, N.J.Angela Rosario, 27, New York, N.Y.Fitzroy St. Rose, 40, New York, N.Y.Mark H. Rosen, 45, West Islip, N.Y.Linda Rosenbaum, 41, Little Falls, N.J. Brooke David Rosenbaum, 31, Franklin Square, N.Y.Sheryl Lynn Rosenbaum, 33, Warren, N.J.Lloyd D. Rosenberg, 31, Morganville, N.J.Mark Louis Rosenberg, 26, Teaneck, N.J. Andrew I. Rosenblum, 45, Rockville Centre, N.Y.Joshua M. Rosenblum, 28, Hoboken, N.J. Joshua A. Rosenthal, 44, New York, N.Y.Richard David Rosenthal, 50, Fair Lawn, N.J. Daniel Rossetti, 32, Bloomfield, N.J.Norman Rossinow, 39, Cedar Grove, N.J. Nicholas P. Rossomando, 35, New York, N.Y.Michael Craig Rothberg, 39, Greenwich, Conn. Donna Marie Rothenberg, 53, New York, N.Y.Nick Rowe, 29, Hoboken, N.J.Timothy A. Roy, 36, Massapequa Park, N.Y.Paul G. Ruback, 50, Newburgh, N.Y.Ronald J. Ruben, 36, Hoboken, N.J.Joanne Rubino, 45, New York, N.Y.David Michael Ruddle, 31, New York, N.Y. Bart Joseph Ruggiere, 32, New York, N.Y.Susan Ann Ruggiero, 30, Plainview, N.Y. Adam K. Ruhalter, 40, Plainview, N.Y.Gilbert Ruiz, 57, New York, N.Y.Stephen P. Russell, 40, Rockaway Beach, N.Y.Steven Harris Russin, 32, Mendham, N.J.Lt. Michael Thomas Russo, 44, Nesconset, N.Y.Wayne Alan Russo, 37, Union, N.J.John J. Ryan, 45, West Windsor, N.J.Edward Ryan, 42, Scarsdale, N.Y.Jonathan Stephan Ryan, 32, Bayville, N.Y.Matthew Lancelot Ryan, 54, Seaford, N.Y.Kristin A. Irvine Ryan, 30, New York, N.Y. Tatiana Ryjova, 36, South Salem, N.Y.Christina Sunga Ryook, 25, New York,N.Y.Thierry Saada, 27, New York, N.Y.Jason E. Sabbag, 26, New York, N.Y.Thomas E. Sabella, 44, New York, N.Y.Scott Saber, 36, New York, N.Y.Joseph Sacerdote, 48, Freehold, N.J. Mohammad Ali Sadeque, 62, New York, N.Y.Francis J. Sadocha, 41, Huntington, N.Y. Jude Elias Safi, 24, New York, N.Y.Brock Joel Safronoff, 26, New York, N.Y.Edward Saiya, 49, New York, N.Y.John Patrick Salamone, 37, North Caldwell, N.J.Hernando R. Salas, 71, New York, N.Y.Juan Salas, 35, New York, N.Y.Esmerlin Salcedo, 36, New York, N.Y.John Salvatore Salerno, 31, Westfield, N.J.Richard L. Salinardi, 32, Hoboken, N.J. Wayne John Saloman, 43, Seaford, N.Y.Nolbert Salomon, 33, New York, N.Y.Catherine Patricia Salter, 37, New York, N.Y.Frank Salvaterra, 41, Manhasset, N.Y.Paul R. Salvio, 27, New York, N.Y.Samuel R. Salvo, 59, Yonkers, N.Y.Carlos Samaniego, 29, New York, N.Y.Rena Sam-Dinnoo, 28, New York, N.Y.James Kenneth Samuel, 29, Hoboken, N.J.Hugo Sanay-Perafiel, 41, New York, N.Y.Alva Jeffries Sanchez, 41, Hempstead, N.Y.Jacquelyn P. Sanchez, 23, New York, N.Y.Erick Sanchez, 43, New York, N.Y.Eric Sand, 36, Westchester, N.Y.Stacey Leigh Sanders, 25, New York, N.Y.Herman Sandler, 57, New York, N.Y.James Sands, 39, Bricktown, N.J.Ayleen J. Santiago, 40, New York, N.Y. Kirsten Santiago, 26, New York, N.Y.Maria Theresa Santillan, 27, Morris Plains, N.J. Susan G. Santo, 24, New York, N.Y.Christopher Santora, 23, New York, N.Y.John Santore, 49, New York, N.Y.Mario L. Santoro, 28, New York, N.Y.Rafael Humberto Santos, 42, New York, N.Y.Rufino Conrado F. (Roy) Santos, 37, New York, N.Y.Kalyan K. Sarkar, 53, Westwood, N.J.Chapelle Sarker, 37, New York, N.Y.Paul F. Sarle, 38, Babylon, N.Y. Deepika Kumar Sattaluri, 33, Edison, N.J.Gregory Thomas Saucedo, 31, New York, N.Y. Susan Sauer, 48, Chicago, Ill.Anthony Savas, 72, New York, N.Y. Vladimir Savinkin, 21, New York, N.Y.John Sbarbaro, 45, New York, N.Y.Robert L. Scandole, 36, Pelham Manor, N.Y.Michelle Scarpitta, 26, New York, N.Y.Dennis Scauso, 46, Dix Hills, N.Y.John A. Schardt, 34, New York, N.Y.John G. Scharf, 29, Manorville, N.Y.Fred Claude Scheffold, 57, Piermont, N.Y.Angela Susan Scheinberg, 46, New York, N.Y.Scott M. Schertzer, 28, Edison, N.J.Sean Schielke, 27, New York, N.Y.Steven Francis Schlag, 41, Franklin Lakes, N.J.Jon S. Schlissel, 51, Jersey City, N.J.Karen Helene Schmidt, 42, Bellmore, N.Y. Ian Schneider, 45, Short Hills, N.J.Thomas G. Schoales, 27, Stony Point, N.Y.Marisa Di Nardo Schorpp, 38, White Plains, N.Y.Frank G. Schott, 39, Massapequa Park, N.Y.Gerard P. Schrang, 45, Holbrook, N.Y.Jeffrey Schreier, 48, New York, N.Y.John T. Schroeder, 31, Hoboken, N.J.Susan Lee Kennedy Schuler, 55, Allentown, N.J.Edward W. Schunk, 54, Baldwin, N.Y.Mark E. Schurmeier, 44, McLean, Va.Clarin Shellie Schwartz, 51, New York, N.Y.John Schwartz, 49, Goshen, Conn.Mark Schwartz, 50, West Hempstead, N.Y.Adriane Victoria Scibetta, 31, New York, N.Y.Raphael Scorca, 61, Beachwood, N.J.Randolph Scott, 48, Stamford, Conn.Christopher J. Scudder, 34, Monsey, N.Y.Arthur Warren Scullin, 57, New York, N.Y.Michael Seaman, 41, Manhasset, N.Y.Margaret Seeliger, 34, New York, N.Y. Carlos Segarra, 54, New York, N.Y.Anthony Segarra, 52, New York, N.Y.Jason Sekzer, 31, New York, N.Y.Matthew Carmen Sellitto, 23, Morristown, N.J.Howard Selwyn, 47, Hewlett, N.Y.Larry John Senko, 34, Yardley, Pa.Arturo Angelo Sereno, 29, New York, N.Y. Frankie Serrano, 23, Elizabeth, N.J.Alena Sesinova, 57, New York, N.Y.Adele Sessa, 36, New York, N.Y.Sita Nermalla Sewnarine, 37, New York, N.Y.Karen Lynn Seymour-Dietrich, 40, Millington, N.J.Davis (Deeg) Sezna, 22, New York, N.Y.Thomas Joseph Sgroi, 45, New York, N.Y.Jayesh Shah, 38, Edgewater, N.J.Khalid M. Shahid, 25, Union, N.J.Mohammed Shajahan, 41, Spring Valley, N.Y.Gary Shamay, 23, New York, N.Y.Earl Richard Shanahan, 50, New York, N.Y.Shiv Shankar, New York, N.Y.Neil G. Shastri, 25, New York, N.Y. Kathryn Anne Shatzoff, 37, New York, N.Y.Barbara A. Shaw, 57, Morris Township, N.J. Jeffrey J. Shaw, 42, Levittown, N.Y.Robert J. Shay, 27, New York, N.Y.Daniel James Shea, 37, Pelham Manor, N.Y.Joseph Patrick Shea, 47, Pelham, N.Y.Linda Sheehan, 40, New York, N.Y.Hagay Shefi, 34, Tenafly, N.J.John Anthony Sherry, 34, Rockville Centre, N.Y. Atsushi Shiratori, 36, New York, N.Y.Thomas Shubert, 43, New York, N.Y.Mark Shulman, 47, Old Bridge, N.J.See-Wong Shum, 44, Westfield, N.J.Allan Shwartzstein, 37, Chappaqua, N.Y.Johanna Sigmund, 25, Wyndmoor, Pa.Dianne T. Signer, 32, New York, N.Y. Gregory Sikorsky, 34, Spring Valley, N.Y.Stephen Gerard Siller, 34, West Brighton, N.Y. David Silver, 35, New Rochelle, N.Y.Craig A. Silverstein, 41, Wyckoff, N.J.Nasima H. Simjee, 38, New York, N.Y.Bruce Edward Simmons, 41, Ridgewood, N.J.Arthur Simon, 57, Thiells, N.Y.Kenneth Alan Simon, 34, Secaucus, N.J.Michael John Simon, 40, Harrington Park, N.J.Paul Joseph Simon, 54, New York, N.Y.Marianne Simone, 62, New York, N.Y. Barry Simowitz, 64, New York, N.Y.Jeff Simpson, 38, Lake Ridge, Va.Roshan R. (Sean) Singh, 21, New York, N.Y.Khamladai K. (Khami) Singh, 25, New York, N.Y.Thomas E. Sinton, 44, Croton-on-hudson, N.Y.Peter A. Siracuse, 29, New York, N.Y.Muriel F. Siskopoulos, 60, New York, N.Y.Joseph M. Sisolak, 35, New York, N.Y.John P. Skala, 31, Clifton, N.J.Francis J. Skidmore, 58, Mendham, N.J.Toyena Corliss Skinner, 27, Kingston, N.J.Paul A. Skrzypek, 37, New York, N.Y.Christopher Paul Slattery, 31, New York, N.Y.Vincent R. Slavin, 41, Belle Harbor, N.Y.Robert Sliwak, 42, Wantagh, N.Y. Paul K. Sloan, 26, New York, N.Y.Stanley S. Smagala, 36, Holbrook, N.Y.Wendy L. Small, 26, New York, N.Y.Catherine T. Smith, 44, West Haverstraw, N.Y.Daniel Laurence Smith, 47, Northport, N.Y.George Eric Smith, 38, West Chester, Pa.James G. Smith, 43, Garden City, N.Y.Joyce Smith, 55, New York, N.Y.Karl Trumbull Smith, 44, Little Silver, N.J. Kevin Smith, 47, Mastic, N.Y.Leon Smith, 48, New York, N.Y.Moira Smith, 38, New York, N.Y.Rosemary A. Smith, 61, New York, N.Y.N.Y.Sandra Fajardo Smith, 37, New York, N.Y. Jeffrey Randall Smith, 36, New York, N.Y.Bonnie S. Smithwick, 54, Quogue, N.Y. Rochelle Monique Snell, 24, Mount Vernon, N.Y.Leonard J. Snyder, 35, Cranford, N.J. Astrid Elizabeth Sohan, 32, Freehold, N.J.Sushil Solanki, 35, New York, N.Y.Ruben Solares, 51, New York, N.Y.Naomi Leah Solomon, 52, New York, N.Y.Daniel W. Song, 34, New York, N.Y.Michael C. Sorresse, 34, Morris Plains, N.J.Fabian Soto, 31, Harrison, N.J.Timothy P. Soulas, 35, Basking Ridge, N.J.Gregory T. Spagnoletti, 32, New York, N.Y.Donald F. Spampinato, 39, Manhasset, N.Y.Thomas Sparacio, 35, New York, N.Y. John Anthony Spataro, 32, Mineola, N.Y.Robert W. Spear, 30, Valley Cottage, N.Y. Maynard S. Spence, 42, Douglasville, Ga.George E. Spencer, 50, West Norwalk, Conn. Robert Andrew Spencer, 35, Red Bank, N.J.Mary Rubina Sperando, 39, New York, N.Y. Frank J. Spinelli, 44, Short Hills, N.J.William E. Spitz, 49, Oceanside, N.Y.Joseph P. Spor, 35, Yorktown Heights, N.Y.Klaus Johannes Sprockamp, 42, Muhltal, Germany Saranya Srinuan, 23, New York, N.Y.Michael F. Stabile, 50, New York, N.Y.Lawrence T. Stack, 58, Lake Ronkonkoma, N.Y.Capt. Timothy Stackpole, 42, New York, N.Y.Richard James Stadelberger, 55, Middletown, N.J.Eric A. Stahlman, 43, Holmdel Township, N.J.Gregory M. Stajk, 46, Long Beach, N.Y.Corina Stan, 31, Middle Village, N.Y.Alexandru Liviu Stan, 34, New York, N.Y.Mary D. Stanley, 53, New York, N.Y.Joyce Stanton Patricia Stanton Anthony M. Starita, 35, Westfield, N.J.Jeffrey Stark, 30, New York, N.Y.Derek James Statkevicus, 30, Norwalk, Conn.Craig William Staub, 30, Basking Ridge, N.J. William V. Steckman, 56, West Hempstead, N.Y.Eric Thomas Steen, 32, New York, N.Y. William R. Steiner, 56, New Hope, Pa.Alexander Robbins Steinman, 32, Hoboken, N.J. Andrew Stergiopoulos, 23, New York, N.Y.Andrew Stern, 41, Bellmore, N.Y.Martha Jane Stevens, 55, New York, N.Y.Richard H. Stewart, 35, New York, N.Y.Michael James Stewart, 42, New York, N.Y.Sanford M. Stoller, 54, New York, N.Y.Lonny J. Stone, 43, Bellmore, N.Y.Jimmy Nevill Storey, 58, Katy, Texas Timothy Stout, 42, Dobbs Ferry, N.Y.Thomas S. Strada, 41, Chatham, N.J.James J. Straine, 36, Oceanport, N.J.Edward W. Straub, 48, Morris Township, N.J.George Strauch, 53, Avon-by-the-Sea, N.J.Edward T. Strauss, 44, Edison, N.J.Steven R. Strauss, 51, Fresh Meadows, N.Y.Steven F. Strobert, 33, Ridgewood, N.J.Walwyn W. Stuart, 28, Valley Stream, N.Y.Benjamin Suarez, 36, New York, N.Y.David S. Suarez, 24, Princeton, N.J.Ramon Suarez, 45, New York, N.Y.Yoichi Sugiyama, 34, Fort Lee, N.J.William Christopher Sugra, 30, New York, N.Y.Daniel Suhr, 37, Nesconset, N.Y.David Marc Sullins, 30, New York, N.Y.Lt. Christopher P. Sullivan, 38, Massapequa, N.Y.Patrick Sullivan, 32, New York, N.Y.Thomas Sullivan, 38, Kearney, N.J.Hilario Soriano (Larry) Sumaya, 42, New York, N.Y.James Joseph Suozzo, 47, Hauppauge, N.Y.Colleen Supinski, 27, New York, N.Y.Robert Sutcliffe, 39, Huntington, N.Y.Selina Sutter, 63, New York, N.Y.Claudia Suzette Sutton, 34, New York, N.Y. John F. Swaine, 36, Larchmont, N.Y.Kristine M. Swearson, 34, New York, N.Y.Brian Edward Sweeney, 29, Merrick, N.Y.Kenneth J. Swensen, 40, Chatham, N.J.Thomas F. Swift, 30, Jersey City, N.J.Derek O. Sword, 29, New York, N.Y.Kevin T. Szocik, 27, Garden City, N.Y.Gina Sztejnberg, 52, Ridgewood, N.J.Norbert P. Szurkowski, 31, New York, N.Y. Harry Taback, 56, New York, N.Y.Joann Tabeek, 41, New York, N.Y.Norma C. Taddei, 64, New York, N.Y.Michael Taddonio, 39, Huntington, N.Y.Keiji Takahashi, 42, Tenafly, N.J. Keiichiro Takahashi, 53, Port Washington, N.Y.Phyllis Gail Talbot, 53, New York, N.Y. Robert R. Talhami, 40, Shrewsbury, N.J.Sean Patrick Tallon, 26, Yonkers, N.Y.Paul Talty, 40, Wantagh, N.Y.Maurita Tam, 22, New York, N.Y.Rachel Tamares, 30, New York, N.Y.Hector Tamayo, 51, New York, N.Y.Michael Andrew Tamuccio, 37, Pelham Manor, N.Y. Kenichiro Tanaka, 52, Rye Brook, N.Y.Rhondelle Cherie Tankard, 31, Devonshire, Bermuda Michael Anthony Tanner, 44, Secaucus, N.J.Dennis Gerard Taormina, 36, Montville, N.J. Kenneth Joseph Tarantino, 39, Bayonne, N.J.Allan Tarasiewicz, 45, New York, N.Y. Ronald Tartaro, 39, Bridgewater, N.J.Darryl Taylor, 52, New York, N.Y.Donnie Brooks Taylor, 40, New York, N.Y.Lorisa Ceylon Taylor, 31, New York, N.Y.Michael M. Taylor, 42, New York, N.Y.Paul A. Tegtmeier, 41, Hyde Park, N.Y.Yeshavant Moreshwar Tembe, 59, Piscataway, N.J.Anthony Tempesta, 38, Elizabeth, N.J.Dorothy Temple, 52, New York, N.Y. Stanley L. Temple, 77, New York, N.Y.David Tengelin, 25, New York, N.Y.Brian J. Terrenzi, 29, Hicksville, N.Y.Lisa Marie Terry, 42, Rochester, Mich.Goumatie T. Thackurdeen, 35, New York, N.Y.Harshad Sham Thatte, 30, Norcross, Ga.Thomas F. Theurkauf, 44, Stamford, Conn.Lesley Anne Thomas, 40, Hoboken, N.J.Brian T. Thompson, 49, Dix Hills, N.Y.Clive Thompson, 43, Summit, N.J.Glenn Thompson, 44, New York, N.Y. Perry Anthony Thompson, 36, Mount Laurel, N.J.Vanavah Alexi Thompson, 26, New York, N.Y.Capt. William Harry Thompson, 51, New York, N.Y.Nigel Bruce Thompson, 33, New York, N.Y.Eric Raymond Thorpe, 35, New York, N.Y.Nichola A. Thorpe, 22, New York, N.Y. Sal Tieri, 40, Shrewsbury, N.J.John Patrick Tierney, 27, New York, N.Y.Mary Ellen Tiesi, 38, Jersey City, N.J.William R. Tieste, 54, Basking Ridge, N.J.Kenneth F. Tietjen, 31, Matawan, N.J.Stephen Edward Tighe, 41, Rockville Centre, N.Y.Scott C. Timmes, 28, Ridgewood, N.Y.Michael E. Tinley, 56, Dallas, Texas Jennifer M. Tino, 29, Livingston, N.J.Robert Frank Tipaldi, 25, New York, N.Y.John J. Tipping, 33, Port Jefferson, N.Y.David Tirado, 26, New York, N.Y.Hector Luis Tirado, 30, New York, N.Y. Michelle Titolo, 34, Copiague, N.Y.John J. Tobin, 47, Kenilworth, N.J.Richard J. Todisco, 61, Wyckoff, N.J.Vladimir Tomasevic, 36, Etobicoke, Ontario, Canada Stephen K. Tompsett, 39, Garden City, N.Y.Thomas Tong, 31, New York, N.Y.Azucena de la Torre, 50, New York, N.Y.Doris Torres, 32, New York, N.Y.Luis Eduardo Torres, 31, New York, N.Y.Amy E. Toyen, 24, Newton, Mass.Christopher M. Traina, 25, Bricktown, N.J. Daniel Patrick Trant, 40, Northport, N.Y.Abdoul Karim Traore, 41, New York, N.Y. Glenn J. Travers, 53, Tenafly, N.J.Walter (Wally) P. Travers, 44, Upper Saddle River, N.J.Felicia Traylor-Bass, 38, New York, N.Y.Lisa L. Trerotola, 38, Hazlet, N.J. Karamo Trerra, 40, New York, N.Y.Michael Trinidad, 33, New York, N.Y.Francis Joseph Trombino, 68, Clifton, N.J.Gregory J. Trost, 26, New York, N.Y.William Tselepis, 33, New Providence, N.J.Zhanetta Tsoy, 32, Jersey City, N.J.Michael Patrick Tucker, 40, Rumson, N.J.Lance Richard Tumulty, 32, Bridgewater, N.J.Ching Ping Tung, 44, New York, N.Y.Simon James Turner, 39, London, England Donald Joseph Tuzio, 51, Goshen, N.Y. Robert T. Twomey, 48, New York, N.Y.Jennifer Tzemis, 26, New York, N.Y.John G. Ueltzhoeffer, 36, Roselle Park, N.J.Tyler V. Ugolyn, 23, New York, N.Y.Michael A. Uliano, 42, Aberdeen, N.J.Jonathan J. Uman, 33, Westport, Conn.Anil Shivhari Umarkar, 34, Hackensack, N.J.Allen V. Upton, 44, New York, N.Y.Diane Maria Urban, 50, Malverne, N.Y.John Damien Vaccacio, 30, New York, N.Y.Bradley H. Vadas, 37, Westport, Conn. William Valcarcel, 54, New York, N.Y.Mayra Valdes-Rodriguez, 39, New York, N.Y. Felix Antonio Vale, 29, New York, N.Y.Ivan Vale, 27, New York, N.Y.Santos Valentin, 39, New York, N.Y.Benito Valentin, 33, New York, N.Y.Manuel Del Valle, 32, New York, N.Y. Carlton Francis Valvo, 38, New York, N.Y.Edward Raymond Vanacore, 29, Jersey City, N.J.Jon C. Vandevander, 44, Ridgewood, N.J.Frederick T. Varacchi, 35, Greenwich, Conn. Gopalakrishnan Varadhan, 32, New York, N.Y.David Vargas, 46, New York, N.Y.Scott C. Vasel, 32, Park Ridge, N.J.Santos Vasquez, 55, New York, N.Y.Azael Ismael Vasquez, 21, New York, N.Y.Arcangel Vazquez, 47, New York, N.Y.Peter Anthony Vega, 36, New York, N.Y.Sankara S. Velamuri, 63, Avenel, N.J.Jorge Velazquez, 47, Passaic, N.J.Lawrence Veling, 44, New York, N.Y.Anthony M. Ventura, 41, Middletown, N.J.David Vera, 41, New York, N.Y.Loretta A, Vero, 51, Nanuet, N.Y.Christopher Vialonga, 30, Demarest, N.J. Matthew Gilbert Vianna, 23, Manhasset, N.Y.Robert A. Vicario, 40, Weehawken, N.J. Celeste Torres Victoria, 41, New York, N.Y.Joanna Vidal, 26, Yonkers, N.Y.John T. Vigiano, 36, West Islip, N.Y.Joseph Vincent Vigiano, 34, Medford, N.Y.Frank J. Vignola, 44, Merrick, N.Y.Joseph B. Vilardo, 44, Stanhope, N.J.Sergio Villanueva, 33, New York, N.Y.Chantal Vincelli, 38, New York, N.Y.Melissa Vincent, 28, Hoboken, N.J.Francine A. Virgilio, 48, New York, N.Y.Lawrence Virgilio, 38 Joseph G. Visciano, 22, New York, N.Y.Joshua S. Vitale, 28, Great Neck, N.Y.Maria Percoco Vola, 37, New York, N.Y. Lynette D. Vosges, 48, New York, N.Y.Garo H. Voskerijian, 43, Valley Stream, N.Y. Alfred Vukosa, 37, New York, N.Y.Gregory Wachtler, 25, Ramsey, N.J.Gabriela Waisman, 33, New York, N.Y.Wendy Alice Rosario Wakeford, 40, Freehold, N.J.Courtney Wainsworth Walcott, 37, New York, N.Y.Victor Wald, 49, New York, N.Y.Benjamin Walker, 41, Suffern, N.Y.Glen J. Wall, 38, Rumson, N.J.Mitchel Scott Wallace, 34, Mineola, N.Y.Lt. Robert F. Wallace, 43, New York, N.Y.Roy Michael Wallace, 42, Wyckoff, N.J.Peter G. Wallace, 66, Lincoln Park, N.J.Jean Marie Wallendorf, 23, New York, N.Y.Matthew Blake Wallens, 31, New York, N.Y.John Wallice, 43, Huntington, N.Y.Barbara P. Walsh, 59, New York, N.Y. James Walsh, 37, Scotch Plains, N.J.Jeffrey Patrick Walz, 37, Tuckahoe, N.Y.Ching H. Wang, 59, New York, N.Y. Weibin Wang, 41, Orangeburg, N.Y.Lt. Michael Warchola, 51, Middle Village, N.Y.Stephen Gordon Ward, 33, Gorham, Maine James A. Waring, 49, New York, N.Y.Brian G. Warner, 32, Morganville, N.J.Derrick Washington, 33, Calverton, N.Y. Charles Waters, 44, New York, N.Y.James Thomas (Muddy) Waters, 39, New York, N.Y. Capt. Patrick J. Waters, 44, New York, N.Y.Kenneth Watson, 39, Smithtown, N.Y.Michael . Waye, 38, Morganville, N.J.Walter E. Weaver, 30, Centereach, N.Y.Todd C. Weaver, 30, New York, N.Y.Nathaniel Webb, 56, Jersey City, N.J.Dinah Webster, 50, Port Washington, N.Y.Joanne Flora Weil, 39, New York, N.Y.Michael Weinberg, 34, New York, N.Y.Steven Weinberg, 41, New City, N.Y.Scott Jeffrey Weingard, 29, New York, N.Y.Steven Weinstein, 50, New York, N.Y.Simon Weiser, 65, New York, N.Y.David T. Weiss, 50, New York, N.Y. David M. Weiss, 41, Maybrook, N.Y.Vincent Michael Wells, 22, Redbridge, England Timothy Matthew Welty, 34, Yonkers, N.Y.Christian Hans Rudolf Wemmers, 43, San Francisco, Calif.Ssu-Hui (Vanessa) Wen, 23, New York, N.Y.Oleh D. Wengerchuk, 56, Centerport, N.Y.Peter M. West, 54, Pottersville, N.J.Whitfield West, 41, New York, N.Y. Meredith Lynn Whalen, 23, Hoboken, N.J.Eugene Whelan, 31, Rockaway Beach, N.Y.John S. White, 48, New York, N.Y.Edward James White, 30, New York, N.Y.James Patrick White, 34, Hoboken, N.J.Kenneth W. White, 50, New York, N.Y.Leonard Anthony White, 57, New York, N.Y.Malissa White, 37, New York, N.Y.Wayne White, 38, New York, N.Y.Adam S. White, 26, New York, N.Y.Leanne Marie Whiteside, 31, New York, N.Y.Mark Whitford, 31, Salisbury Mills, N.Y.Michael T. Wholey, 34, Westwood, N.J.Mary Lenz Wieman, 43, Rockville Centre, N.Y.Jeffrey David Wiener, 33, New York, N.Y.William J. Wik, 44, Crestwood, N.Y,Alison Marie Wildman, 30, New York, N.Y.Lt. Glenn Wilkinson, 46, Bayport, N.Y.John C. Willett, 29, Jersey City, N.J.Brian Patrick Williams, 29, New York, N.Y.Crossley Williams, 28, Uniondale, N.Y.David Williams, 34, New York, N.Y.Deborah Lynn Williams, 35, Hoboken, N.J.Kevin Michael Williams, 24, New York, N.Y.Louis Calvin Williams, 53, Mandeville, La.Louie Anthony Williams, 44, New York, N.Y.Lt. John Williamson, 46, Warwick, N.Y. Donna Wilson, 48, Williston Park, N.Y.William E. Wilson, 58, New York, N.Y.Cynthia Wilson, 52, New York, N.Y.David H. Winton, 29, New York, N.Y.Glenn J. Winuk, 40, New York, N.Y.Thomas Francis Wise, 43, New York, N.Y.Alan L. Wisniewski, 47, Howell, N.J. Frank T. Wisniewski, 54, Basking Ridge, N.J.David Wiswall, 54, North Massapequa, N.Y. Sigrid Charlotte Wiswe, 41, New York, N.Y.Michael R. Wittenstein, 34, Hoboken, N.J. Christopher W. Wodenshek, 35, Ridgewood, N.J.Martin P. Wohlforth, 47, Greenwich, Conn. Katherine S. Wolf, 40, New York, N.Y.Jenny Seu Kueng Low Wong, 25, New York, N.Y. Jennifer Y. Wong, 26, New York, N.Y.Siu Cheung Wong, 34, Jersey City, N.J.Yin Ping (Steven) Wong, 34, New York, N.Y.Yuk Ping Wong, 47, New York, N.Y.Brent James Woodall, 31, Oradell, N.J.James J. Woods, 26, New York, N.Y.Patrick Woods, 36, New York, N.Y. Richard Herron Woodwell, 44, Ho-Ho-Kus, N.J.Capt. David Terence Wooley, 54, Nanuet, N.Y.John Bentley Works, 36, Darien, Conn.Martin Michael Wortley, 29, Park Ridge, N.J. Rodney James Wotton, 36, Middletown, N.J.William Wren, 61, Lynbrook, N.Y.John Wright, 33, Rockville Centre, N.Y.Neil R. Wright, 30, Asbury, N.J.Sandra Wright, 57, Langhorne, Pa.Jupiter Yambem, 41, Beacon, N.Y.Suresh Yanamadala, 33, Plainsboro, N.J.Matthew David Yarnell, 26, Jersey City, N.J.Myrna Yaskulka, 59, New York, N.Y.Shakila Yasmin, 26, New York, N.Y.Olabisi L. Yee, 38, New York, N.Y.Edward P. York, 45, Wilton, Conn.Kevin Patrick York, 41, Princeton, N.J.Raymond York, 45, Valley Stream, N.Y.Suzanne Youmans, 60, New York, N.Y.Jacqueline (Jakki) Young, 37, New York, N.Y.Barrington L. Young, 35, New York, N.Y.Elkin Yuen, 32, New York, N.Y.Joseph Zaccoli, 39, Valley Stream, N.Y. Adel Agayby Zakhary, 50, North Arlington, N.J.Arkady Zaltsman, 45, New York, N.Y. Edwin J. Zambrana, 24, New York, N.Y.Robert Alan Zampieri, 30, Saddle River, N.J. Mark Zangrilli, 36, Pompton Plains, N.J.Ira Zaslow, 55, North Woodmere, N.Y.Kenneth Albert Zelman, 37, Succasunna, N.J.Abraham J. Zelmanowitz, 55, New York, N.Y.Martin Morales Zempoaltecatl, 22, New York, N.Y.Zhe (Zack) Zeng, 28, New York, N.Y.Marc Scott Zeplin, 33, Harrison, N.Y.Jie Yao Justin Zhao, 27, New York, N.Y.Ivelin Ziminski, 40, Tarrytown, N.Y.Michael Joseph Zinzi, 37, Newfoundland, N.J.Charles A. Zion, 54, Greenwich, Conn.Julie Lynne Zipper, 44, Paramus, N.J.Salvatore J. Zisa, 45, Hawthorne, N.J.Prokopios Paul Zois, 46, Lynbrook, N.Y.Joseph J. Zuccala, 54, Croton-on-Hudson, N.Y.Andrew Steven Zucker, 27, New York, N.Y.Igor Zukelman, 29, New York, N.Y.Barbara Arestegui, 38, Marstons Mills, Massachusetts Jeffrey Collman, 41, Novato, Calif. Sara Low, 28, Batesville, Arkansas Karen A. Martin, 40, Danvers, Mass.First Officer Thomas McGuinness, 42, Portsmouth, New Hampshire Kathleen Nicosia, 54, Winthrop, Mass. John Ogonowski, 52, Dracut, Massachusetts Betty Ong, 45, Andover, Massachusetts Jean Roger, 24, Longmeadow, Massachusetts Dianne Snyder, 42, Westport, Massachusetts Madeline Sweeney, 35, Acton, Massachusetts Anna Williams Allison, 48, Stoneham, Massachusetts David Angell, 54, Pasadena, California Lynn Angell, 45, Pasadena, California Seima Aoyama, 48, Culver City, Calif. Myra Aronson, 52, Charlestown, Massachusetts Christine Barbuto, 32, Brookline, Massachusetts Carolyn Beug, 48, Los Angeles, California Kelly Ann Booms, 24, Brookline, Mass.Carol Bouchard, 43, Warwick, Rhode Island Neilie Anne Heffernan Casey, 32, Wellesley, Massachusetts Jeffrey Coombs, 42, Abington, Massachusetts Tara Creamer, 30, Worcester, Massachusetts Thelma Cuccinello, 71, Wilmot, New Hampshire Patrick Currivan, 52, Winchester, Mass.Brian Dale, 43, Warren, New Jersey David DiMeglio, 22, Wakefield, Mass.Donald Americo DiTullio, 49, Peabody, Mass.Albert Dominguez, 66, Sydney, Australia Paige Farley-Hackel, 46, Newton, Mass.Alex Filipov, 70, Concord, Massachusetts Carol Flyzik, 40, Plaistow, N.H.Paul Friedman, 45, Belmont, Massachusetts Karleton D.B. Fyfe, 31, Brookline, Massachusetts,Peter Gay, 54, Tewksbury, Massachusetts Linda George, 27, Westboro, Massachusetts Edmund Glazer, 41, Los Angeles, California Lisa Fenn Gordenstein, 41, Needham, Massachusetts Andrew Peter Charles Curry Green, 34, Santa Monica, Calif. Peter Hashem, 40, Tewksbury, Massachusetts Robert Hayes, 37, from Amesbury, Massachusetts Edward (Ted) R. Hennessy, 35, Belmont, Mass.John A. Hofer, 45, Los Angeles, Calif.Cora Hidalgo Holland, 52, of Sudbury, Massachusetts Nicholas Humber, 60, of Newton, Massachusetts,Waleed Iskandar, 34, London, England John Charles Jenkins, 45, Cambridge, Mass.Charles Edward Jones, 48, Bedford, Mass.Robin Kaplan, 33, Westboro, Massachusetts Barbara Keating, 72, Palm Springs, Calif.David P. Kovalcin, 42, Hudson, New Hampshire Judy Larocque, 50, Framingham, Mass.Natalie Janis Lasden, 46, Peabody, Mass.Daniel John Lee, 34, Van Nuys, Calif.Daniel C. Lewin, 31, Charlestown, Mass. Susan A. MacKay, 44, Westford, Massachusetts Christopher D. Mello, 25, Boston, Mass. Jeff Mladenik, 43, Hinsdale, Illinois Antonio Jesus Montoya Valdes, 46, East Boston, Mass.Carlos Alberto Montoya, 36, Bellmont, Mass.Laura Lee Morabito, 34, Framingham, Massachusetts Mildred Rose Naiman, 81, Andover, Mass.Laurie Ann Neira, 48, Los Angeles, Calif.Renee Newell, 37, of Cranston, Rhode Island Jacqueline J. Norton, 61, Lubec, Maine Robert Grant Norton, 85, Lubec, Maine Jane M. Orth, 49, Haverhill, Mass. Thomas Pecorelli, 31, of Los Angeles, California Berinthia Berenson Perkins, 53, Los Angeles, Calif.Sonia Morales Puopolo, 58, of Dover, Massachusetts David E. Retik, 33, Needham, Mass.Philip M. Rosenzweig, 47, Acton, Mass.Richard Ross, 58, Newton, Massachusetts Jessica Sachs, 22, Billerica, Massachusetts Rahma Salie, 28, Boston, Mass.Heather Lee Smith, 30, Boston, Mass.Douglas J. Stone, 54, Dover, N.H Xavier Suarez, 41, Chino Hills, Calif.Michael Theodoridis, 32, Boston, Mass.James Trentini, 65, Everett, Massachusetts Mary Trentini, 67, Everett, Massachusetts Pendyala Vamsikrishna, 30, Los Angeles, Calif.Mary Wahlstrom, 78, Kaysville, Utah Kenneth Waldie, 46, Methuen, Massachusetts John Wenckus, 46, Torrance, Calif.Candace Lee Williams, 20, Danbury, Conn.Christopher Zarba, 47, Hopkinton, Massachusetts Charles Burlingame, 51, Herndon, Va.David M. Charlebois, 39, Washington, D.C Michele Heidenberger, 57, Chevy Chase, Md.Jennifer Lewis, 38, Culpeper, Virginia Kenneth Lewis, 49, Culpeper, Virginia Renee A. May, 39, Baltimore, Md Paul Ambrose, 32, Washington, D.C.Yeneneh Betru, 35, Burbank, Calif Mary Jane (MJ) Booth, 64, Falls Church, Va. Bernard Curtis Brown, 11, Washington, D.C.Suzanne Calley, 42, San Martin, Calif. William Caswell, 54, Silver Spring, Md.Sarah Clark, 65, Columbia, Md.Zandra Cooper, Annandale, Va.Asia Cottom, 11, Washington, D.C.James Debeuneure, 58, Upper Marlboro, Md.Rodney Dickens, 11, Washington, D.C.Eddie Dillard, Alexandria, Va.Charles Droz, 52, Springfield, Va.Barbara G. Edwards, 58, Las Vegas, Nev.Charles S. Falkenberg, 45, University Park, Md.Zoe Falkenberg, 8, University Park, Md.Dana Falkenberg, 3, of University Park, Md.James Joe Ferguson, 39, Washington, D.C.Wilson "Bud" Flagg, 63, Millwood, Va.Darlene Flagg, 63, Millwood, Va.Richard Gabriel, 54, Great Falls, Va. Ian J. Gray, 55, Columbia, Md.Stanley Hall, 68, Rancho Palos Verdes, Calif. Bryan Jack, 48, Alexandria, Va.Steven D. Jacoby, 43, Alexandria, Va.Ann Judge, 49, Great Falls, Va.Chandler Keller, 29, El Segundo, Calif.Yvonne Kennedy, 62, Sydney, New South Wales, Australia Norma Khan, 45, Reston, Va.Karen A. Kincaid, 40, Washington, D.C.Dong Lee, 48, Leesburg, Va.Dora Menchaca, 45, of Santa Monica, Calif.Christopher Newton, 38, Anaheim, Calif.Barbara Olson, 45, Great Falls, Va Ruben Ornedo, 39, Los Angeles, Calif.Robert Penniger, 63, of Poway, Calif.Robert R. Ploger, 59, Annandale, Va.Lisa J. Raines, 42, Great Falls, Va.Todd Reuben, 40, Potomac, Maryland John Sammartino, 37, Annandale, Va.Diane Simmons, Great Falls, Va.George Simmons, Great Falls, Va.Mari-Rae Sopper, 35, Santa Barbara, Calif.Robert Speisman, 47, Irvington, N.YNorma Lang Steuerle, 54, Alexandria, Va.Hilda E. Taylor, 62, Forestville, Md Leonard Taylor, 44, Reston, Va.Sandra Teague, 31, Fairfax, Va.Leslie A. Whittington, 45, University Park, Maryland.John D. Yamnicky, 71, Waldorf, Md.Vicki Yancey, 43, Springfield, Va.Shuyin Yang, 61, Beijing, China Yuguag Zheng, 65, Beijing, China Robert Fangman, 33, Claymont, Del.Michael R. Horrocks, 38, Glen Mills, Pa.Amy N. Jarret, 28, North Smithfield, R.I.Amy R. King, 29, Stafford Springs, Conn.Kathryn L. LaBorie, 44, Providence, R.I.Alfred Gilles Padre Joseph Marchand, 44, Alamogordo, N.M. Capt. Victor Saracini, 51, Lower Makefield Township, Pa.Michael C. Tarrou, 38, Stafford Springs, Conn.Alicia Nicole Titus, 28, San Francisco, Calif.Alona Avraham, 30, Asdod, Israel.Garnet Edward (Ace) Bailey, 54, Lynnfield, Mass.Mark Bavis, 31, West Newton, Mass.Graham Andrew Berkeley, 37, Boston, Mass.Touri Bolourchi, 69, Beverly Hills, Calif.Klaus Bothe, 31, Linkenheim, Baden-Wurttemberg, Germany Daniel R. Brandhorst, 41, Los Angeles, Calif David Reed Gamboa Brandhorst, 3, Los Angeles, Calif.John Brett Cahill, 56, Wellesley, Mass.Christoffer Carstanjen, 33, Turner Falls, Mass.John (Jay) J. Corcoran, 43, Norwell, Mass Dorothy Alma DeAraujo, 80, Long Beach, Calif.Ana Gloria Pocasangre de Barrera, 49, San Salvador, El Salvador Lisa Frost, 22, Rancho Santa Margarita, Calif.Ronald Gamboa, 33, Los Angeles, Calif.Lynn Catherine Goodchild, 25, Attleboro, Mass.Peter Morgan Goodrich, 33, Sudbury, Mass.Douglas A. Gowell, 52, Methuen, Mass.The Rev. Francis E. Grogan, 76, of Easton, Mass.Carl Max Hammond, 37, Derry, N.H.Peter Hanson, 32, Groton, Mass.Sue Kim Hanson, 35, Groton, Mass.Christine Lee Hanson, 2, Groton, Mass.Gerald F. Hardacre, 61, Carlsbad, Calif.Eric Samadikan Hartono, 20, Boston, Mass.James E. Hayden, 47, Westford, Mass.Herbert W. Homer, 48, Milford, Mass.Robert Adrien Jalbert, 61, Swampscott, Mass.Ralph Francis Kershaw, 52, Manchester-by-the-Sea, Mass.Heinrich Kimmig, 43, Willstaett, Germany Brian Kinney, 29, Lowell, Mass.Robert George LeBlanc, 70, Lee, N.H.Maclovio Lopez, Jr., 41, Norwalk, Calif.Marianne MacFarlane, MacFarlane, 34, Revere, Mass.Louis Neil Mariani, 59, Derry, N.H.Juliana Valentine McCourt, 4, New London, Conn.Ruth Magdaline McCourt, 45, New London, Conn.Wolfgang Peter Menzel, 59, Wilhelmshaven, Germany Shawn M. Nassaney, 25, Pawtucket, R.I.Marie Pappalardo, 53, Paramount, Calif.Patrick Quigley, 40, of Wellesley, Mass.Frederick Charles Rimmele, 32, Marblehead, Mass.James M. Roux, 43, Portland, Maine Jesus Sanchez, 45, Hudson, Mass.Mary Kathleen Shearer, 61, Dover, N.H. Robert Michael Shearer, 63, Dover, N.H.Jane Louise Simpkin, 36, Wayland, Mass. Brian D. Sweeney, 38, Barnstable, Mass. Timothy Ward, 38, San Diego, Calif.William M. Weems, 46, Marblehead, Mass.Lorraine G. Bay, 58, East Windsor, N.J.Sandra W. Bradshaw, 38, Greensboro, N.C.Jason Dahl, 43, Denver, Colo.Wanda Anita Green, 49, Linden, N.J. Leroy Homer, 36, Marlton, N.J.CeeCee Lyles, 33, Fort Myers, Fla.Deborah Welsh, 49, New York, N.Y.Christian Adams, 37, Biebelsheim, GermanyTodd Beamer, 32, Cranbury, N.J. Alan Beaven, 48, Oakland, CA Mark K. Bingham, 31, San Francisco, Calif.Deora Frances Bodley, 20, San Diego, Calif.Marion Britton, 53, New York, N.Y.Thomas E. Burnett Jr., 38, San Ramon, Calif.William Cashman, 57, North Bergen, N.J.Georgine Rose Corrigan, 56, Honolulu, Hawaii Patricia Cushing, 69, Bayonne, N.J.Joseph Deluca, 52, Ledgewood, N.J.Patrick Joseph Driscoll, 70, Manalapan, N.J.Edward P. Felt, 41, Matawan, N.J.Jane C. Folger, 73, Bayonne, N.J.Colleen Laura Fraser, 51, Elizabeth, N.J.Andrew Garcia, 62, Portola Valley, Calif.Jeremy Glick, 31, Hewlett, N.J.Lauren Grandcolas, 38, San Rafael, Calif.Donald F. Greene, 52, Greenwich, Conn.Linda Gronlund, 46, Warwick, N.Y.Richard Guadagno, 38, of Eureka, Calif.Toshiya Kuge, 20, Nishimidoriguoska, Japan Hilda Marcin, 79, Budd Lake, N.J.Nicole Miller, 21, San Jose, Calif.Louis J. Nacke, 42, New Hope, Pa.Donald Arthur Peterson, 66, Spring Lake, N.J.Jean Hoadley Peterson, 55, Spring Lake, N.J.Waleska Martinez Rivera, 37, Jersey City, N.J.Mark Rothenberg, 52, Scotch Plains, N.J.Christine Snyder, 32, Kailua, Hawaii John Talignani, 72, New York, N.Y.Honor Elizabeth Wainio, 27, Watchung, N.J. Olga Kristin.

Recession - Market Indicators?

We all have certain things that we look at in the market place on which to base our opinions. We gather the evidence and the numbers and write it up in our presentations to investors or management.

I do, however, have a tendency to look at different market indicators, let me give you an example. No I am not going to bore you with Fibonacci, Head and Shoulders, RSI or other charting terms (but I do reserve the right to do so in the future), I am going to share with you an experience to prove a point.

In the late nineties I was traveling to my humble desk in the City, looking forward to my usual healthy breakfast of a cup of hot chocolate and a chocolate croissant from a well known, and hideously expensive, eatery.

Now it is important for me to point out that a few days before, the Asian Crisis was reaching fever pitch, but was yet to really affect the London markets significantly.

Imagine my horror, as I walked into my breakfast stop off, to find that all… not some… all of my favorite chocolate delight had disappeared off the shelves. I panicked… was I late? Had my watch stopped? Or worse! Had they actually discontinued this particular speciality off the menu. After much frantic questioning it appeared that all had been bought and, sadly, consumed in an “early rush”.

I settled at my desk with inferior fare and had a eureka moment.

Clearly all the brokers from the buildings surrounding me had got in early. Either they had been told to do so or had been compelled to do so. Now brokers being brokers, they get in early because they can make a killing, or they can avoid been killed.

Thus I wrote my report on how the Asian Crisis was going to hit….big.

When I was proved to be correct my bosses had no idea that the humble chocolate croissant had saved the day.

I tell this particular story because today I had a similar experience but not, sadly, involving a tasty chocolate morsel. Today it was my French teacher. Before you go and get hot and bothered imagining a skimpily dressed waif with a French accent I can tell you the reality is, shall we say, not that.

My French teacher is a suburban mum married, two kids and is, I would guess, middle income. It was interesting therefore that today she came out and told me she had watched the news and we were all going into a recession, and could I explain to her, in French, why this was the case.

Now I paid little attention at French in school and have been studying for approximately six months, so trying to explain that "the sub prime mortgage market has had troubles which has had a knock on affect in world markets which, coupled with recent US unemployment data, may force the Federal Reserve bank to cut interest rates which, I hope, may stave off a full blown recession" was a little difficult.

I just said "Les gens ne peuvent pas rembourser leurs prêts et intérêt en Amérique" Which, roughly translated (as it was roughly formulated) means 'People cannot pay their loans and interest in America'.

Looking unimpressed with my grasp of both French and Economics she said 'OK, Bien'.

Putting aside my poor French, what is interesting as a market indicator is the perception of my French teacher that the culmination of all the news out there at the moment is that she believes we are going into a recession. Bare in mind we are in Switzerland, one of the richest nations on the planet with more mechanisms to halt internal recession through cutting taxes etc than anywhere else. But this lady still thinks we are going into recession. "Are you going to tighten your belt" I asked. "oh yes we have cancelled a second holiday and have decided to put more away in savings than we would have before this all came about" she responded.

That to me says a lot of things. Whatever commentators are saying about the recovery of the markets and that this is a correction, it would only take others in the middle income bracket to be thinking and doing the same things and we could bang in trouble.

The press could be issuing a self fulfilling prophecy. It's like the old saying "Give a dog a bad name and sooner or later he will live up to it". The press have a lot to answer for here and should be managed like no other time in history by market players. Information moves fast, and so does reaction to it.

I am not suggesting that we all sing a happy song and tell everyone that it will be OK, but if a middle income French teacher in Switzerland can watch and listen to the press and conclude that it is recession time, so can many, many others..

The Google Factor in Valuing a Business.

I am devastated. I suppose it had to come in the end, if you cheat on your partner you are going to get found out and the consequences can be bad. We really got to know each other about a month or so ago having had fleeting meetings some times before that, but really, really started to get on in July.

Problem is I started playing around with someone else at the same time and it looks as though I have blown it. This weekend was the last straw, I think, I did not hear from them at all. I have to say I am heartbroken. I am going to keep doing things that I hope they will like and maybe, just maybe the trust will come back. The thing is, as a friend my new partner is good to me also, but I just don't think my true love understands that we are just friends and nothing more. I just don't know what to do.

But I guess that is just how Google is. Having had unique visitors to the site increase 5 fold in July and August I installed Kontera (the ads that come up in the text, just to see what the fuss was all about, and they appear to be popular), all appeared to be going swimmingly but this weekend I got virtually no hits from Google at all. The party maybe over, it's sad.

This got me to thinking about how Google are just the giants of marketing these days. Our site was never intended to be anything other than a good resource for clients and potential clients and a way of letting those who deal with us (and those that don't yet) know what our philosophy is on various aspects of the market. We have since been picked up by the Wall Street Journal, the excellent http://www.eubankers.net/ and other sites. This is great but it doesn't necessarily drive our business. But what if it did?

The reason we got to thinking about it is that we look at, amongst other things, Web based businesses to invest in on behalf of clients. But the Google issue is such a huge factor these days it is difficult to calculate in your research.

For example, if you have an online business that is extremely popular on Google, which drives the revenue in ads and sales and you are making £5mn a year, that would be excellent. However, if Google changes their algorithm and you now don't appear on the front page for your chosen search, to replace that traffic would be expensive, with ads etc and this would have a material affect on the valuation of a business.

It strikes me that there is a fundamental piece of analysis that could be done on the basis of the sector your business is in, the keywords, the popularity of those keywords (the search frequency) and the cost of acquisition of clients in that industry as a whole.

I would do it, but I believe that the guys at 'Freakonomics' would be a better bet. (Have you read that yet? Please do it is an excellent read).

I had a quick look on Google for figures for the 'cost of acquisition' figures of clients but couldn't find any (I guess Google is having a real sulk at me). But what I do know is the cost of acquisition figures for mailing campaigns, at least in the stock broking business.

Basically if you mailed 50,000 people this would cost, in the UK, about £25,000. Approximately 1% would respond giving 500 prospects and of that 20% would do business over a six month period.

This gives a cost of acquisition of those clients at around £250 per client. It seems to me therefore that there is a 'Google Factor' in there somewhere. For example, if you were to spend £25,000 on search engine optimisation, would your cost of acquisition be the same? Also a well optimised site, with that amount of money spent on it would be longer lasting than a one off mail, so there would be a time factor in there also. This would, obviously, bring down the cost of acquisition considerably.

Also, how would this compare to spending 25,000 in online ads? I guess it would produce faster results, but again not as long lasting.

If anyone can point to some kind of research like this on the web I would be most grateful, as it is definitely a factor in the evaluation of on and offline businesses these days, whether we like it or not.

Me, I am just going to write some more posts and do all I can to rekindle my relationship with Google. If I am successful, someone may actually read this!

US Employment Numbers Fall Unexpectedly

After an unexpected reduction of Jobs in the US in August markets in the US opened significantly lower. The bleak report of 4000 job losses was contrary to the expectation that hiring would continue to rise.

The last time the monthly figure was negative was in August 2003 when 42,000 jobs were cut. Also adding to the concern of a stalling economy was the revision of previous numbers by the US Labor Department. It revised its figures downwards by a total of 81,000 in June and July.

The number is significant because of how economists have got it wrong, a poll last week by Reuters had forecast that 110,000 jobs would be created in August.

Commentators are mixed on the significance of the number. Henry Paulson said during a TV interview last night that growth would pay a "penalty" because of the financial market disruptions.

Many see this latest development as a sure sign that the Fed will cut interest rates with commentators on CNBC stating today that the Fed should look at making cuts as soon as possible and making it very clear to the markets that this would be a "pre-cursor to a series of cuts".

A potential rate cut by the fed was seen in some quarters as 'bailing out' struggling financial institutions, with commentators saying that a cut should not be made so that the banks could be helped out of a hole they had got themselves into. Now those critics seem to have faded into the background and believe that a rate cut is now immanent with the Fed being able to justify it for economic reasons and not be perceived to be helping out the banks.

Our take on the situation at the moment is that there seems to be a split in the camp of opinions on where we go from here. In affect the Dow is only 5% of its highs so one would expect a pull back and profit taking of sorts, but there are those who believe the market will test the 12,800 lows. Comments from a trader on Wall Street were mirrored by one of our contacts in the spread betting market who suggested "if the Dow goes down to the previous lows of 12,800, I believe we will go significantly lower than that, things could unravel very quickly".

The more bullish position seems to be that there is still money around to stimulate the markets and we are better equipped to bounce back. There are more aggressive managers of funds around these days, hedge funds are prowling any undervalued asset and snapping it up. Don't forget the estimated $300bn that is still in private equity funds looking for a home and we have room in the interest rates to make significant cuts to stimulate the economy once more.

The Dow plummeted 150 points 10 minutes after opening (as I write) although the FTSE held steady at 75 points down, with 2 hours to play in the UK we could see this deepen.

Today will have to be looked at in context as to what happens in the coming hours and days, but it is not a good sign, that is for sure.

Hedge Funds - Confidence Trick or Genuis?

The White Tip Catfish is a scavenger. It roams the the bottom of backwaters looking for uneaten food and dead and dying fish. It is an excellent cleaner of the seas and is also an excellent analogy for what is going on the markets at the moment. Turning quickly from predator to scavenger some hedge funds are licking their lips at the prospect of picking up dead and dying funds assets at deep discounts and they are even taking advantage of the banks squeeze on credit by going into the loan business.

It is a testament to the shape shifting ways of hedge funds that in market turmoil they just change the focus and it's business as usual. Financial News Online reported that hedge funds and private equity groups are raising billions of dollars to buy leveraged loans in the belief that the banks will have to sell $250bn of debt on the cheap. Don't you just love the concept of that? Spend a few years leveraging the investments you make through the banks and then borrow or get investment from the banks to buy bad loans on the cheap from the banks. Genius!

Imagine if you were merely an equity player and not some high falutin' hedge fund and you could borrow stock from a company to sell short its own shares and then buy them back at a discount with money borrowed from that company. Unfortunately the pesky regulators would see that as market abuse and you would be acquainted with Mr Big in the showers for a while, but what a Utopian existence such freedom of the markets would be..at least for hedge fund managers.

Consolidation also seems to be a word that is being banded around when it comes to hedge funds buying other hedge funds or their assets. I think we all know that 'consolidation' is just market speak, in this instance, for 'cannibalism'. It is the survival of the fittest at the moment. I recall the words of Gordon Gecko in Wall Street the movie when he said "..you either get it right or you get eliminated". This is certainly what is happening at the moment.

But it all could have been so different, oh yes!. Having graduated from the University of Life with a First Class Honours Degree in Hindsight, I am not averse to the odd "I told you so" as you may see from some of the wildey contradictory statements I make as my mood changes from bull to bear and vice versa, however, in a 'salt rubbing in' exercise of marvellous proportions Lipper published a report saying that investors shouldn't have redeemed their money in the recent volatility.

The Lipper study suggests that volatility is actually a good thing, so rather than pulling their money when the markets made its manic moves, hedge fund investors should have kept it in, and today perhaps a number of them and their hedge funds would have been better off.

“People assume that during periods of volatility, the overall hedge fund index is going to go down,” Lipper senior hedge fund analyst Ferenc Sanderson told Reuters. “But we’ve had lots of periods of volatility, and in more instances than not, the overall index has been up.” Apparently, according to Lipper, in volatile times, the spread between the best performers and the worst widens. According to Lipper, since 1994, in one-third of the months, volatility has been at its highest levels, meaning greater than 10%, while the hedge fund index fell only 11% of the time – an indication that for the most part, aggregate returns actually rose in those months.

“In more cases than not,” Sanderson noted, “performance is actually up” -- which means investors may have erred by pushing the redemption button too quickly. In an interview with Reuters, Sanderson surmised that a few fallen funds, albeit big ones, may have led to a rush to judgment that the entire hedge fund industry was in trouble.

The worst of volatility times, says Lipper, was during the Asian currency crisis in August 1998, when the spread between the winning and losing funds was 45.7%, and the Credit Suisse/Tremont Hedge Fund Index slumped 7.55%. On the other hand, in another volatile month, December 1999, when the performance spread increased to 21.9%, the HF index actually soared 8.53%. HSBC’s Private Bank Alternative FundInvest Group has published its list of current winners and losers, indicating dramatic spreads: The top performer through July 31 was 788 Asset Management’s 788 China Fund, recording gains of 61.43%, while at the opposite end is Tontine Associates’ TFP Overseas Fund Lt-Class A Fund,which lost -41.90% during the same period.

So there you have it, hedge fund redemptions probably exacerbated the situation in the market with TrimTabs Charles Biderman saying the redemptions "likely sparked the dislocation in the equity markets in the summer" and now Lipper is saying that the volatility created could turn out to be a good thing for the performance of funds... does any one else find this a little confusing?

Investors get jitters, redeem funds, causing hedge funds to sell position to fund redemptions, market falls further, some hedge funds can't afford redemptions and sell assets at a discount to those that can, banks panic and reign in credit and put scary loans up for sales at a deep discount, hedge funds lap them up, and make more money anyway...

Ever watched the TV show 'Lost'. I understand the basic premise, plan crash people survive, but other people living on the island as part of a long lost experiment, invisible creatures, flash backs trying to explain the unexplainable? I am getting the same confused feeling here...

It seems like some large confidence trick, like 'find the lady'. You know you should be able to spot the queen, but never seem to win.

This, to me, is as confusing, a little misdirection here, a few statistics there and someone walks away with a ton of money, while the majority of people are wondering where their portfolio value went.

I need to lie down.....

Hedge Funds Aren't `Piranhas' in Japan's Pond, Regulator Says

By Mariko Yasu and Komaki Ito

Sept. 6 (Bloomberg) -- Japan doesn't want to deter hedge and buyout funds when it introduces new legislation this month that puts them on the regulator's radar screen, its chief said.

``Japan needs an ecosystem with plenty of bait, not a pond full of distilled water'' to attract global money, said Yoshimi Watanabe, who was named head of Japan's Financial Services Agency last week. Hedge funds ``aren't piranhas in the pond'', Watanabe said at a Tokyo conference yesterday.

Watanabe's comments come as Japan prepares to implement rules that require hedge and buyout funds sold in Japan to make filings on their composition and managers to regulators. Banks and other financial firms in Japan boosted investments in hedge funds by 22 percent to 7.4 trillion yen in the year ended March 2006, according to the Financial Services Agency.

Japan passed the Financial Instruments and Exchange Law last year to reform its rules on stocks, bonds and other securities to cover a wider range of investment products including credit derivatives, weather derivatives and privately sold funds.

Under new rules starting Sept. 30, managers of funds that were sold to Japanese investors without using banks will have to be registered at regulators by the end of the year. Funds sold to institutional investors will need to file profiles including the name of the fund, representatives and locations to the government.

Japan's markets watchdog, the Securities and Exchange Surveillance Commission, will also be able to conduct on-site inspections if needed.

Exemptions

Under new rules disclosed in July, exemptions were made to exclude some foreign funds. If a foreign fund has fewer than 10 Japanese investors or if investment from Japanese is no more than a third of total capital, it will be exempted from registration and government filings.

The exemptions diluted the law's expected impact on a growing hedge fund and buyout presence in Japan, said Norifusa Hashimoto, a Tokyo-based attorney at Paul Hastings. ``In most cases of foreign funds sold privately in Japan, there're only two or three qualified, institutional investors.''

Clients of hedge funds typically pay fees equaling 2 percent of assets and 20 percent of investment profits. The loosely regulated investment pools can bet on falling as well as rising asset prices, and managers gain substantially from profits on money invested.

Short Selling Hedge Funds Priority

The reputation of global hedge funds may have taken a knock after the subprime mess in the US, but as far as India is concerned, there seems to be no such problems for India-focused hedge funds.

Hedge fund managers across Asia are converging in Hong Kong next week for a four-day conference, of which one session will discuss the prospects and potential for the hedge fund industry in the Indian equity and debt markets.

The inaugural Hedge Funds World India 2007, to be held on September 14, is being held in conjuction with the 10th annual Hedge Funds World Asia 2007,

The meeting, which comes after the Securities and Exchange Board of India (Sebi) taking a stand that hedge funds be allowed to enter the Indian equity markets directly by registering as a foreign institutional investor, will discuss among other things the possible strategy to be adopted by hedge funds when short selling is introduced.

The Sebi board, about a couple of months back, approved short selling of securities by institutional investors, including foreign funds.

G Anantharaman, wholetime director of Sebi, will be a key speaker for the event. The Sebi executive will chair a session will discuss short-selling by foreign investors (including hedge funds) and concretising the policy on hedge funds, both offshore and domestic.

“You always associate hedge funds with risk and destabilisation. But, actually, most India-specific hedge funds are long-only players. They don’t enter and exit fast,” said an advisor for one of the hedge funds in India.

“There are hedge funds that adopt short-selling strategies. Once short selling is introduced, it opens up opportunity for a completely new strategy for hedge funds,” he said.

Hedge fund tracking firms reckon there could be anywhere between 12 and 15 India-focused hedge funds (onshore and offshore). They could be handling about $ 1.5 billion to $ 2 billion in assets, they say.

Some of the names are Kuvera Capital, Avatar Investment Management, Monsoon Capital, Amoeba Capital Partners, Helios, India Capital Fund, Atyant Capital India Fund, Boyer Allan India Fund, Baer Capital Partners, among others.

At least half-a-dozen foreign funds, which are renowned for their hedge fund strategies, are operating directly in India by registering themselves with the Securities and Exchange Board of India.

They include Italy-based Aletti Gestielle Societa, Toronto-based DGAM Emerging Markets Equity Fund, Karma Capital Management and Blackrock Advisors.

The meeting will feature Ajay Bagga, CEO of Lotus India AMC, Ved Prakash Chaturvedi, managing director of Tata MF, Gautam A Prakash, managing director and founder of Monsoon Capital, Harpreet Singh, head of branch banking & wealth management services of Centurion Bank of Punjab, Anish Modi, CEO of India Debt Management and Rahul Saraogi, principal of Atyant Capital Partners.

Business Standard

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$55bn Run On Hedge Funds In July

As the markets took a battering, July saw the biggest withdrawals from hedge funds in seven years. In total $55bn was withdrawn with inflows in the same period of $23bn. The figures based on data from TrimTabs and Barclayhedge reports show how jittery some investors were becoming during this period.

General reports in the market suggest that these redemptions will pale into insignificance when the results of redemptions are issued for August, in early October. It will be interesting to see which funds are the worst affected but the general consensus is that it is likely to be the computer driven or 'quant' funds that took quite a hit in August, however, commentators are saying that these funds have made up some of the losses which would make those who blinked first by withdrawing funds a little sore.

One of the interesting comments to come out of the report was from Charles Biderman, of TrimTabs. He believes the fall in investment in July could actually have been to blame for the significant stock market falls that were the hallmark of August. Mr Biderman said the drop "likely sparked the dislocation in the equity markets in the summer". He also believes, however, that the worst could now be over. "Assuming market volatility does not spike again this month, the worst of the selling in the hedge fund world is probably finished," he said. - Src - The Telegraph

Redemptions for July would have been made in May or June so this theory would make sense, If you knew that you were having large redemptions coming within the next 30 - 60 days it would make sense to sell off some positions which could have exacerbated an already jittery market that was waking up to the sub-prime situation.

Recovery signs are there in the market with most still beating the drum about corporate earnings and economic outlook being OK, however, the credit squeeze could begin to have an affect with the next few months. If the banks are tightening their belts for corporates with good credit ratings, because of a bearish attitude to lending, then there are many companies who may feel the pinch lower down the pecking order. The problem here is, however, that this tightening of the belts may turn into a self fulfilling prophecy.

Its a little like saying you are not going to pay the milkman because you think he is not going to deliver your milk. You will be right in your assumption sooner or later, but right for the wrong reasons, you didn't pay so he didn't deliver. This is what the bank needs to be careful of; cutting off credit becoming the route of the problems they fear most.

Virtual Hedge Funds - Virtual Millionaires

I was fascinated to read an article about 'Anshe Chung' the webs first virtual millionaire. My son would argue the point as he plays an online game where he regularly spends a billion dollars but it translates into a new space ship or a new planet or something along those lines. The difference being, unfortunately for me and my son, that Anshe Chungs virtual dollars translate into real world dollars, of the folding variety, and my sons don't .

Anshe Chung is a resident in the virtual world Second Life. Developed by Linden Labs, Second Life has a virtual currency known as 'Linden Dollars' which are convertible into US Dollars. The basis of Chungs fortune has been calculated from assessing the value of her virtual real estate for which there is a liquid market in the 'game'.

The remarkable thing about the fortune that Chung has amassed is that it is reported she did it from an investment of $9.95 paid by Chung's creator Ailin Graef. Her wealth was created by buying virtual land in Second Life and then sub dividing it and developing it with landscaping and themed architectural buildings for rent and resale. Along with her land holdings she has several million Linden Dollars in cash and significant investments in the Linden Stock Market.

According to reports the valuation of $1mn could be a conservative one based only on the holdings in Second life. On the basis that this is seen as a business, the brand value, future earnings etc would have to be taken into account if a true valuation is to be made. Chung also has holdings in other virtual worlds such as IMVU, There or Entropia Universe.

Unfortunately Second Life has had its problems, stories of harassment and fraud have blighted the game and one would imagine, will only increase as SL becomes more popular.

Reading the article got me to thinking that if Second Life is just a accelerated version of the real world then these things are bound to happen and it is only a matter of time before we see a 'virtual hedge fund'. There are, apparently, already virtual prostitutes.... (I kid you not...take a look here..).

But before you reach for the virtual telephone to call the virtual BVI to set up your virtual fund you may be too late. As with anything that can be analysed some have tagged potential problems ahead for the virtual economy (allegedly - don't want to be virtually sued!- Compl).

The problem, it seems, is the currency issue (isn't it always). The Wiki on 'Linden Dollars' says:

"Residents may purchase L$ directly through the client, or convert between Linden currency and U.S. currency through either Linden Lab's currency brokerage, the LindeX Currency Exchange, or other third-party currency exchanges. The ratio of USD to L$ fluctuates daily as Residents set the buy and sell price of L$ offered on the exchange, and fluctuated between L$240/USD and L$350/USD between October 2005 and September 2006."

It seems that Linden Labs have created a virtual nightmare (ok, I will stop that now). They have effectively got themselves into a situation where the exchange rate, and therefore the flow of $L in and out of SL must be managed with the skills of the Fed Chairman. The stated aim is to keep the exchange rate at between $L250/USD $L300/USD but it would seem from research here that the rapidly growing numbers of users in SL will begin to have a dilutive affect on the strength of the $L.

Seriously, you should read the research that some people have done on this. They are talking about 'virtual fiscal levers' and sinks etc..

It is only a matter of time before we have a virtual Jim Cramer having a go at Linden Labs to 'cut the rate' to save the sub prime mortgage market in SL. I can see CNBC now.. "What happened is Linden Labs got people into the game on 'teaser rates' and now with stability being difficult to maintain for the $L the exchange rate it is crucifying renters. People begin to panic sell their properties, Jim Cramer is tearing his virtual hair out (his avatar would have to have hair..right?), vitual hedge funds are exploding everywhere and the virtual private equity funds come in to hoover up the debris. Even the virtual hookers are complaining."

If I were Linden Labs, I would create a virtual Ben Bernanke right now... At least there will be someone to blame....virtually..

The Money Machine Keeps On Rolling

I am convinced Man Investments could raise any money, anytime for anything. While the markets suffer turmoil all over the place Man get $382mn for their China Methane Recovery Fund. The fund invests in technology to extract methane gas from coal mines in China for use in generating power.

Taking advantage of the Kyoto protocol, which encourages investment to cut greenhouse gas emissions, Man has taken on Chinese partners to develop projects. MTM Capital Partners who specialise in environmental projects and are majority owned by Man will be managing the fund and will be seeking a further $164mn in the final round of the fund. (Would anyone like to take any bets against them getting it?)

'We are backing this fund because MTM's strategy shows very good return potential,' says Nick Wood, Chief Executive of the group developing environmental projects at Man. 'But equally important is its capacity to significantly benefit the environment by reducing harmful greenhouse gas emissions, and to contribute to China's economic growth through installing much-needed additional electricity generating capacity.

MTM was founded in 1989 as an independent investment bank with special interest in China. ED&F Man, the predecessor of Man Group, bought a minority stake in 1990 and sold out in 1999. MTM Capital Partners, the fund management arm, was founded in 2003 when MTM saw a big opportunity in methane capture projects in China. Rikky Hassan and Geoffrey Isaac are co-founders and key principals of the business, which employs eight people in London and four in Beijing.

Man Investments is one of the world's largest hedge fund providers, with USD67bn under management at the end of June, and has investment centres in London and Pfäffikon in Switzerland as well as offices in Chicago, Hong Kong, Dubai, Montevideo, Nassau, New York, Singapore, Sydney, Tokyo and Toronto. Established in 1783, the Man Group has evolved from a global commodities trader to a financial services employing about 1,500 people in 13 countries.

You have to take your hat off to them, the Man Investments money machine just keeps on rolling.

Hedge Funds - Everyone Able to Invest?.. Why Not?

Earlier today I was reading www.bloggingstock.com (a good resource, take a moment to visit) and I was interested in their question 'Should unsophisticated investors be allowed to invest in hedge funds?'.

This, as you may have seen from some of our posts is a subject which can get our heckles up fairly quickly. The blog has some valid points about protecting mom and pop from being burnt by unscrupulous managers, but I think the issue is deeper than just the question...if you know what I mean..

OK, let me explain. "Should unsophisticated investors be allowed to invest in hedge funds?"..

No.

and Yes.

But mainly No.

Difficult question. Lets take three examples:

Johny Smart-Pants is a a 22 year old tech wizard who makes $200,000 a year. He has saved $100,000 and decides he wants to take a risk and fancies this hedge fund malarkey. He knows nothing about investments but likes the idea of the risk/reward. If he loses it, he will be mad but not broke.

Should he be allowed to invest? Why not?

Have him sign a waiver saying that he has read all the risks warnings, knows he can lose his money but still wants to do it anyway. Free country right?

Another example, Mrs Daisy Dotes and Mr Dosey Dotes want to invest some money for there little amsey diveys, but are happy to risk some of the funds. They are 65 both retired. He was a stockbroker, she was a housewife who dabbled in the markets and is of intermediate knowledge, he has followed hedge funds, knows the risks and decides he would like to invest.

Should he be allowed to? Probably not... but then again why not if he is happy to take the risk?


Third example.

Mr T.R. Uck-Driver made $10mn from his trucking business. One of his golf club pals told him about hedge funds and he wants to invest $1mn. He knows nothing whatsoever about the stock market..

Should he be allowed to invest?... wait a minute... he can, with nothing more than an accredited investors form...

It's madness.

We believe solidly that freedom for individuals to invest in whatever they want whenever they want is a paramount pillar of being in a free society, however, there needs to be protections in place, but that is not only the regulators job. It is the fund manager that accepts the money.

A very easy situation to implement would be one where the regulators laid down rules for investment into hedge funds where the sophistication and the circumstances of the client were taken into consideration by the fund before they invest (much like the 'know your client' for every other investment). A decision is made by the compliance department of that firm as to whether they take on the client or not. This would be based on many factors, the ability to replace funds lost, age, sophistication, percentage of net worth, etc etc.

Simply saying that someone with over $2mn is OK to invest is just..well...silly at best, dangerous at worst.

I understand that you will get managers whose compliance department is not all it should be and will accept anyone, however, if a client looses money in such a fund then he/she should have the right to recover that money from the fund for negligence. Surely this method would level the playing field for all investors to consider all investments.

Many people don't know about and don't care about hedge funds, but are being excluded from accessing funds because they are not rich enough. Why on earth is the principal of this not being discussed? Think about it.

If you want to jump of a cliff with a parachute attached (or not), go bungy jumping off a dam somewhere, or, in Switzerland, legally have an assisted suicide, you can, no problem. But because some bureaucrat says you are not rich enough, you can't invest in a hedge fund..

In our opinion, whether you want to or not, there should be a right for anyone to 'apply' and the fund manager should consider your application and be allowed to accept or deny it on his or her terms. Anything else is as elitist as the the secret fraternities and the London gentleman's clubs and for countries that claim to have a democracy, it is not very democratic, is it?