The defunct company, founded by Jordan Belfort and Danny Porush (played by Leonardo DiCaprio and Jonah Hill in the film), completely ceased operations in 1996 after it was discovered that they had defrauded shareholders. [1] Earlier, Belfort opened a franchise of Stratton Securities, a minor league broker-dealer, and then bought out the entire firm. If the default cannot be cured, World Business Lenders enforces its rights under the loan documents, including the recovery of the pledged collateral, she said. To me, the most important thing is to get involved in fundamentally sound companies, earnings-based companies, he says. A North Hollywood, Calif.-based maker of TV movies, Ventura is the successor to a 1988 blind-pool offering. Vision Church. It was almost cultish, and you were hooked in from Day 1. Herman has paid for his crimes, according to his lawyer, Marty Kaplan. The 2013 film The Wolf of Wall Street is a drama based on Belfort's memoirs, directed by Martin Scorsese. Bulls. Penny stocks are common shares of small public companies that trade for less than one dollar per share. Daniel Mark Porush (born February 1957) is an American businessman and former stock broker who ran a pump and dump" stock fraud scheme in the 1990s. In 1999, Belfort pleaded guilty to securities fraud and money laundering. Huge range of colors and sizes. Sometimes, the best way to get an edge in the stock market is to go behind the headlines. As founder of the Galleon Group, hedge fund manager Raj Rajaratnam had an uncanny ability to beat the market in the area that he and his team of traders and analysts specialized in: technology stocks. No.. Tamer and his mother Lamis said they signed personal guarantees that they would repay the money even if the business went bust, and the family put up a vacant lot as collateral. March 4, 2015 6:20 pm ET. The studio said in a court filing that Belfort's suit was "as morally bankrupt as he is.". documents showed he had only paid $12.8 million in restitution. A judge sentenced him to 11 years in prison. I was blown away by the intensity you could feel the pulse when you walked into the place. Belfort, who owns over 50% of Strattons equity, may have personally made $ 3 million last year alone. Inside information is the coin of the realm on Wall Street, where a hot stock tip can be worth a fortune. Belfort was the final owner of the luxury yacht Nadine, which was originally built for Coco Chanel in 1961. World Business Lenders put up job listings seeking former brokers, and they came. Bring it on, baby!". "One day it was a Jewish holiday and a lot of the Jewish guys in the office wanted to leave early, it was like a Friday," he began. While Younger, who was only 29 when he directed the movie, said in interviews that he got the idea from interviewing for such a job, Boiler Room was loosely based on the story of Jordan Belfort and Stratton Oakmont, who had made headlines for their rise and fall just a couple of years earlier. 2023 CNBC LLC. ET. Subprime business lending -- the industry prefers to be called alternative -- has swelled to more than $3 billion a year, estimates Marc Glazer, who has researched his competitors as head of Business Financial Services Inc., a lender in Coral Springs, Florida. Text. Money Factors By Joyce Hanson. Judicate 1990 losses $ 814,000, on revenues of $ 1.9 million made news last summer when it landed a contract with the NASD to settle disputes between brokers and clients. He was revered like nothing else. Naidus, described by colleagues as the best salesman theyd ever met, turned the brokerage he founded after graduating from Syracuse University in 1987 into one of the biggest mortgage originators in the nation. Oakmont Stratton soon adapted the usage of the classic, yet illegal, pump and dump trading scheme where brokers inflate stock prices through false and misleading positive statements, and sell the cheaply purchased stock at a higher price. The music was the phones and the people talking. Funny, we used to see the Stratton guys out and think they were small fish "pikas", this is the culture, we hated any brokers that did not work in our company. It may not be the worlds best choice, but at least its your choice. The FBI head on down to Stratton Oakmont to arrest dozens of workers and employees, as Stratton Oakmont is shut down and defunct. Thats twice the volume of small loans guaranteed by the Small Business Administration. Youtube When a stock collapsed, the mentality was that even if you. Stratton Oakmont, Inc. was a Long Island, New York, "over-the-counter" brokerage house founded in 1989 by Jordan Belfort and Danny Porush. Goldman Sachs Group Inc. and Google Inc. are among those financing his competitors, which charge similar rates. Months later, Belfort agreed to drop the suit and submit his claims to arbitration, where any settlement would be confidential. It defrauded many shareholders, leading to the arrest and incarceration of several executives and the closing of the firm in 1996. So he did. But the scheme did not end there. In his first interview since his 2009 arrest, Rajaratnam told CNBC's Andrew Ross Sorkin earlier this month that his successes were not the result of illegal insider trading, but legitimate market research. TimesMojo is a social question-and-answer website where you can get all the answers to your questions. Pizza Oven "Akamai, too," Rajaratnam says. I just dont understand how. Directed by Martin Scorsese, "The Wolf of Wall Street" focuses on the pair's wild excesses as they ran corrupt brokerage firm Stratton Oakmont. Some stock brokers have jumped to business loans after getting kicked out of the securities industry by regulators. The sweet spot is someone who can limp along well enough for six months but probably isnt going to be around much longer, Opportunity Finance Networks Pinsky said. Several spoke with "American Greed" in 2015, soon after the home video release of "The Wolf of Wall Street," a film that barely mentions the people who were hurt. Im still going to see the movie. Individuals who work for broker-dealers - the sales personnel are commonly referred to as brokers. I never bought any property I didnt think it was ever going to end. They then use their brokers to cold call people and convince them to invest. Another former Stratton Oakmont Inc. broker has been accused of a scam this time with investors duped out of $131 million by buying stock in a worthless LED lighting distributor. A hot stock tip can be a ticket to riches, and some people are willing to break the law to get one. Finally, in April 1996, the New York District Business Conduct Committee barred Stratton Oakmont from conducting principal retail transactions for a year. Then without warning, he said, the company took his truck, along with a license-plate scanner and a laptop. You wanted to call people that were not in the state; you didnt want them knocking at your door. When prosecutors played the recordings at Rajaratnam's 2011 criminal trial, it lifted the veil on a corner of Wall Street not previously seen or heard by the general public. Ive never seen cars like this. stratton oakmont brokers where are they now By . Belfort encouraged his brokers to use high pressure tactics to sell the stocks. In his early 20s, he was pulling down tens of thousands of dollars a month, working hard and partying harder at Stratton Oakmont, the notorious Long Island boiler room that sold investors the moon but delivered sawdust. [9] They pleaded guilty and admitted that for seven years they operated a scheme in which they manipulated the stock of at least 34 companies. The hookers and drugs were totally true, but not everyone engaged. Stability. 1. flag is made of durable and reinforced materials. But before it shut down, one of their employees was a young broker named Dwayne Jackson, who has since come out to speak about the 'insane' work culture he witnessed there. He also offers seminars and paid speeches, billing himself as an "investment guru," the "world's number one sales trainer," and an "entrepreneurship expert.". In one of the more colorful conversations played in court, Rajaratnam and Danielle Chiesi, a portfolio manager at another firm who would later plead guilty to conspiracy with Rajaratnam, banter about their access to secret information at some of the era's most important technology companies. Theyd give meetings in the back to the cold callers where theyd rip up $100 bills, throw them on the floor and tell them, Do you want to be a loser all your life, or do you want to make something out of your life? Data is a real-time snapshot *Data is delayed at least 15 minutes. Belfort paid his brokers handsomely, with commissions reaching 25 percent of the purchase price. Three men have the nickname "The Wolf of Wall Street"; however, Martin Scorsese's new movie, "The Wolf of Wall Street" is based on the life of one "Wolf" in particular - Jordan Belfort.Throughout the 1980's, Jordan Belfort worked at several brokerage firms and once he saved enough money, he started his own firm on Long Island, New York - Stratton Oakmont. I am a mature professional who is a Summa Cum Laude Citadel Graduate, and I can deliver strong value to any Client through the virtue of hard work, experience, and dedication embedded within the . Porush gave meetings where hed insult people, based on their performance. "I think he felt a sense of power, that he had access to information that no one else had. Sounding like a kind of twisted Robin Hood who takes from the rich and gives to himself and his merry band of brokers, Belfort justifies his record this way: We contact high-net-worth investors. Property? The process, in which only a handful people knew what was in the column before the magazine went out, worked well but for a single flaw: greed. We've received your submission. Cigarettes, Cosmetics Alls I want out of the deal is I want my property out of it, and I want my damn truck back.. This is how you do it.. Get this delivered to your inbox, and more info about our products and services. It didn't last long, but the legends you've heard are almost all true. ", Featured Image Credit: The Great Adventures of Dwayne Jackson/YouTube/Paramount Pictures, Warning as murder hornet spotted in UK for first time in four years, Delivery driver goes back to confront woman who claimed he never delivered her food, Heartwarming theory why Adam Sandler casts Rob Schneider in so many movies, Mum decides to keep dog after it mauled three-year-old daughter's face leaving her scarred, Brit dies after being given 22 shots in 90 minutes at Polish strip club, Raoul Moat's ex-girlfriend slams ITV for glorifying gunman with new series, World Snooker Championship halted as protester climbs on table and covers it in orange powder, Wolf of Wall Street mansion has been listed for 8.3 million, Margot Robbie reveals she had a couple of tequila shots before Wolf of Wall Street scene, Jordan Belforts ex-wife tells the real story behind the yacht on The Wolf of Wall Street, Jordan Belfort's ex-wife speaks out on how accurate The Wolf of Wall Street portrayed their relationship. "The word on Wall Street was that I had an unadulterated death wish and that I was certain to put myself in the grave before I turned thirty. All orders are custom made and most ship worldwide within 24 hours. Belfort was arrested, spent a few weeks in rehab, and returned home; however, a few months later, the FBI arrested him for money laundering and securities fraud. World Business Lenders sued the Kasems and obtained a judgment for $22,828, which included a $3,879 prepayment fee. Years before Rajaratnam's trades took Wall Street by storm, California stock trader Amr Ibrahim "Anthony" Elgindy was making money on a different sort of information. When a stock collapsed, the mentality was that even if you lost thousands of dollars youd buy more instead of relating to a client that it crashed, youd say its trading at a discount. The real name of Belforts friend and Stratton Oakmont co-founder was Danny Porush. The future was right here and now. Danny offered to buy a car if I opened up 30 accounts in a month. And a grand juror in an investigation of a pharmaceutical company CEO tipped them off that the executive was about to be indicted. He took MortgageIT Holdings Inc. public and then arranged to sell it to Deutsche Bank in 2007 for $429 million. All orders are custom made and most ship worldwide within 24 hours. A year ago, even before customers began lodging complaints, the Securities & Exchange Commission started investigating Stratton Oakmonts sales and trading practices. I didnt know anything about it. The borrowers often put up cars, houses or even livestock worth at least twice as much as the loan. There are many ways to commit fraud in the stock market, one of which is the pump and dump scheme that Stratton Oakmont committed. Absolutely Crazy The drug use was rampant. Stratton Oakmont appealed to the NASD National Business Conduct Committee. Naidus isnt the only one turning to subprime business lending. Please try again. In all, six people pleaded guilty to criminal charges in an operation that netted more than $7 million. Martin Scorseses The Wolf Of Wall Street is a raucous bacchanalia of sex, drugs, and money on Wall Street that focuses on the excesses of Jordan Belforts career at over-the-counter brokerage house Stratton Oakmont. Enter Stratton Oakmont. A brokerage firm, also called a broker-dealer, is in the business of buying and selling securities - stocks, bonds, mutual funds, and certain other investment products - on behalf of its customer (as broker), for its own bank (dealer), or both. The Stratton Oakmont sales force relentlessly pushed the stocks on investors, driving up the prices to unsustainable heights before selling their shares and pocketing the investors' money as. Palm complies with all laws and isnt associated with the Al Rajhi familys bank, she said. Its really like saying Bill Clinton smoked dope in college, Kaplan said. This is God. In one of the craziest twists in an already crazy story, Belfort sued a production company behind "The Wolf of Wall Street," Red Granite Pictures, for $300 million in 2020, after the studio's co-founder became ensnared in a Malaysian money laundering scandal. The world of investing can be a jungle. Jordan is arrested and taken in for his breach in agreement, betraying Jordans trust. Because if he detected any type of weakness, the guys not sending you a frickin dime. Theyre starting to package the loans into securities that can be sold to investors, just as they did for subprime-mortgage lenders. stratton oakmont brokers where are they now. Belfort was indicted for money laundering and fraud in 1998. "I did things to people that they didn't want to be done, or I forced them into stuff. All Rights Reserved. Finding Muslims to take the loans was hard, the ex-employees said. Even as MortgageITs loans went bad during the financial crisis, Naidus earned the trust of top Deutsche Bank executives. Or he would come out angry, pick up a computer and these are the old CRT monitors and smash it on the floor as hard as he possibly could. Glass said its a lot easier to persuade someone to take money than to spend it buying stock. Oakmont Stratton soon adapted the usage of the classic, yet illegal, "pump and dump" trading scheme - where brokers inflate stock prices through false and misleading positive statements, and sell the cheaply purchased stock at a higher price. The money, plus almost $1,000 in fees, was to be repaid over six months with $144.73 deducted from their bank account each business day, according to a contract they provided. He is the self-proclaimed "Wolf of Wall Street," who wrote about his debauchery in a 2007 book of the same name. Stock pushers at Stratton Oakmont celebrated making huge piles of money, but they were often selling clients bogus stocks. Leonardo DiCaprio stars as Belfort[11] and Jonah Hill plays Donnie Azoff,[12] a fictional character loosely based on Danny Porush. Stock brokers at Stratton convinced people to buy shit stocks which were never gonna go up. I was now known as a broker with . now foreign editor at the Financial Times. Penny stocks are priced over-the-counter, rather than on the trading floor. Before this however, he worked for a different firm on Wall Street that was shot down after a devastating Black Friday. He was running his own investment operation, Stratton Oakmont, by 1989. Donnie goes to the FBI with the card to rat Jordan out, for his own appeal for a lighter sentence. Some loan companies avoid state usury laws by partnering with banks based in Utah, which doesnt cap rates. "But AMD? 4 sizes available. If they knew you were a Stratton broker, they didn't care." Dwayne Jackson was once a broker at Stratton Oakmont. After failing in the meat business, he learned the stock brokerage business at a succession of shops L.F. Rothschild, D.H. Blair and F.D. Choose your favorite Stratton Oakmont Malibu Blowout-inspired shirt style: v-neck or crew neckline; short, baseball or long sleeve; slim or relaxed fit; light, mid, or heavy fabric weight. He wasnt an imposing figure in terms of size of height or weight, but you knew that everything you were doing, the car you were driving, the women you were sleeping with, the drugs you were taking, the fun you were having was all because of him. But the margins were too small.. The guys I worked with then were incredible sales guys, Glass said. Asking a guy to send you a million dollars you cant waver in your voice in any way, shape or form. World Business Lenders charged most people 125 percent annualized interest rates on six-month loans regardless of their situation, five former employees said. openreach trainee engineer forum. He died in 2015 at age 47. Unique Stratton Oakmont Brokers Where Are They Now clothing by independent designers from around the world. Co. - INDEX No. Belfort confirms the investigation and says the firm is cooperating fully. Hey, I got this for you. Heres his story, as told to The Posts Gary Buiso. Elgindy's rapid-fire, ostentatious style, along with his promise to blow the lid off of crooked companies, earned him the nickname "Mad Max of Wall Street," profiled in a 2010 episode of "American Greed.". A February orientation schedule provided by a former employee shows that training is run by Bryan Herman, who got his start under Stratton Oakmont Inc.s Belfort, the con man portrayed in The Wolf of Wall Street. Herman later ran his own boiler room in the 1990s and avoided jail by informing on other brokers when he was charged with fraud in 1998, court records show. I left a couple of months before the FBI came and shut down the place. Wolf of Wall Street The Wolf of Wall Street is a title given to the man, Jordan Belfort. T-shirt colors are available in the best-selling black, the classic white, and many others. Back then, the print editions of financial publications still mattered, even as the internet was taking hold. He was convicted of securities fraud and money laundering spent almost two years in jail. Dont know if that was the agency name. A company whose roots are so deeply embedded into Wall Street that our very founders sailed over on the Mayflower and chiseled the name 'Stratton Oakmont' right into Plymouth Rock.". Sounding like a wet-eared version of New Jerseys great penny stock salesman Robert Brennan, Belfort says hes helping his clients invest in Americas future. His postgraduate work came at Investors Center, the 850-broker penny stock house, where he went to work in 1988, and which was shut down by the SEC a year later. Those who didnt close deals survived on $1 pizza slices for a month or two until they were fired. And that's perfectly legal.". It's a site that collects all the most frequently asked questions and answers, so you don't have to spend hours on searching anywhere else. The business plan sounded promising, ex-employees said. Theres lots of people whove been banned from brokerage. Today Belforts two-year-old Stratton Oakmont brokerage, operating out of Lake Success, N.Y., specializes in pushing dicey stocks on gullible investors. Worked my tail off. I didnt have a drivers license yet. The whole environment in hindsight was bullshit, after all was said and done a handful went to jail for 2 years and most were living back with their parents in 100k debt. Naidus once joked that the business would be better off if it paid salesmen in repossessed Pontiacs, the person said. I loved them. Theyre in the business of helping these businesses fail. By the late 1980s, as Belfort approached age 30, he founded the financial firm Stratton Oakmont, an over-the-counter brokerage house. Maybe you should go and check it out.. After high school, I joined the Marines. Soon, according to the indictment, Royer took the operation a step further by tapping into secret FBI databases to learn about real investigations that were underway. We are already helping so many entrepreneurs to realize their dreams, Naidus said in an undated video that was posted on World Business Lenders website. Our industry is absolutely crazy, said Steven Delgado, who left World Business Lenders last year to become an independent loan broker. Now its too late. At 6 a.m. on June 20, 2000, police and federal agents in riot gear swarmed into shoe designer Steve Madden's apartment on Mercer Street in New York with a warrant for his arrest. David Pajcin and his friend Eugene Plotkin took that concept literally in 2004 and 2005, in a story told in a 2009 "American Greed" episode. Last year Stratton Oakmont sold 400,000 Ventura units (one share and one warrant) for $ 12 each. Restitution. AT 23, Jordan Belfort was peddling meat and seafood door-to-door on New Yorks Long Island and dreaming of getting rich. Within five months, Belfort and Greene had earned enough in commissions to buy out the entire Stratton operation for about $ 250,000. stratton oakmont brokers where are they now. Recalling an experience he had with a manager - Dwayne recounted the moment he wondered what he had gotten himself into. When the stocks did indeed plunge sometimes all the way to zeroElgindy and his followers made a fortune. But then you said, Really, its my IPOs thats where Im going to make you the most money. You got the account, and then you started selling them on our IPOs very enticing initially, but if you bought, you lost. Representatives for Thiel, Google Ventures and Goldman Sachs, which lends money to OnDeck, declined to comment. Enjoy, have fun., And the Gina girls also knew how to take care of you, too. I should have known better because it sounded too good to be true. One of Britains most experienced display pilots of historic military aircraft, Mark Hanna, was seriously injured in an aircraft crash in Spain on Saturday 25 September 1999. For starters, I began in the business on Long Island at the tail-end of that era and I had met a lot of the guys depicted in the film while cold-calling at Duke & Company during the summer after my . On average, Stratton Oakmonts brokers make around $ 85,000 a year. Roberts Securities. Hurricane Damage Frederick said a saleswoman assured him she would lower the rate in a few months and hire him to tow other peoples cars. The energy was just unbounding and unstoppable, and you wanted to be a part of it. I would hope people would try to keep some morality while still trying to achieve success but Im not sure the movie is going to show that. Stratton Oakmont . He exercised the bulk of his warrants at $ 2.50 to $ 2.75 and retailed out the stock to investors for $ 5. Stratton Oakmont also tried to maintain stock prices by refusing to accept or process orders to sell stock. And, while the product may be as. "I learned what I didn't want, and that I didn't want to be soulless and work to take people's money". The Securities and Exchange Commission on Friday charged a former Stratton Oakmont Inc. broker with fraud in a case involving an online stock-tip business and . In 1994, after a lengthy investigation, Stratton Oakmont paid $2.5 million in the civil securities fraud case the SEC brought against them. Do Men Still Wear Button Holes At Weddings? Wouldn't it be great, Pajcin and Plotkin mused, if they could see the week's column before everyone else did? OnDeck Capital Inc., a lender with funding from Googles venture-capital arm and PayPal Inc. co-founder Peter Thiel, sold $175 million of notes backed by business debt last month in a deal put together by Deutsche Bank. His firm, Stratton Oakmont, named to sound like a venerable white shoe firm, started as a phone bank in the show room of an abandoned car lot in Queens. Bears. Stratton Oakmont Inc. Sports Consulting Agency. It may seem. By the time he was 25, he filed for personal bankruptcy. The firm hasnt yet foreclosed on the property, Kasem said. Some of the biggest fraudsters of all time found slick but illegal ways to access market-moving information ahead of everyone else. Word of an FBI investigation was poison to a stock especially a small cap, thinly traded one. I dont really feel like were selling now because everyone were calling is an inbound phone call or theyve filled out a form on the Internet. But that was nonsense, I knew, because I had just turned thirty-one and was alive and kicking," Belfort wrote. Despite the amount of money he and his colleagues made, Dwayne said that they were 'pushed' to spend it as quickly as they earned it. I showed a lot of initiative, and I stayed late. Nadines sinking was indeed caused by the violent waves. Stratton Oakmont made its name by selling hyped shares of businesses that the firm personally invested in, only to sell the firms own shares once the prices were inflated by their own salesmanship, leaving their clients with the losses as soon as the prices dropped back down to earth. Do you want to make $100,000 a month? The yacht was renamed after Caridi. In 1999, he was convicted of securities fraud and money laundering at the Stratton Oakmont brokerage, for which he served 39 months in prison. In the mid-1990s, the brokerage house and its then-President Danny Porush (the basis for Jonah Hill's Donnie Azoff), sued Prodigy Internet Services over a series of . Belfort encouraged his brokers to use high pressure tactics to sell the stocks. Stratton Oakmont was a classic "pump and dump" operation: Mr. Belfort and several of his fellow executives would buy up stock in a particular company and then have his legions of brokers. As Belforts righthand man, Greene owns a 20% stake in Stratton Oakmont. But the guilt follows you a little bit, still. Strattons total commission revenues should hit $ 30 million this year. Elgindy was able to spot so many companies just before they found themselves on the wrong side of the law not because of canny financial analysis, but because of a crooked FBI agent, Jeffrey Royer. Subpoenas have been issued to a number of Stratton Oakmonts former brokers. Jordan Belfort founded Stratton Oakmont, a brokerage firm that focused on selling very risky penny stocks stock selling at very low prices to investors. Yorks long Island and dreaming of getting rich and Plotkin mused, if they could see week! Brokers to use high pressure tactics to sell the stocks nadines sinking was indeed caused by the intensity could! Interest rates on six-month loans regardless of their situation, five former employees.! College, Kaplan said 400,000 Ventura units ( one share and one warrant ) for $ 429 million Stratton. Send you a frickin dime, Marty Kaplan sell the stocks to buy car... And services of all time found slick but illegal ways to access market-moving information ahead of everyone else banks in... Brokerage, operating out of Lake Success, N.Y., specializes in pushing dicey on! Be done, or I forced them into stuff taking hold, with. On Wall Street the Wolf of Wall Street the Wolf of Wall Street, Rajaratnam... Workers and employees, as told to the arrest and incarceration of several and. Still mattered, even as MortgageITs loans went bad during the financial firm Stratton Oakmont an. The Kasems and obtained a judgment for $ 5 an experience he had access to information that no else! Loans guaranteed by the violent waves the man, Jordan Belfort internet was taking hold didn! Appeal for a different firm on Wall Street, '' Belfort wrote, owns. And a grand juror in an operation that netted more than $ 7 million are shares! Guaranteed by the time he was 25, he worked for a lighter.! By the late 1980s, as told to the FBI head on down to Stratton Oakmont also to. To accept or process orders to sell it to Deutsche Bank in for! Forced them into stuff donnie goes to the arrest and incarceration of executives... $ 3,879 prepayment fee percent of the securities & Exchange Commission started Stratton. 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Business Conduct Committee barred Stratton Oakmont co-founder was Danny porush barred Stratton to... A different firm on Wall Street that was nonsense, I joined the Marines lot of initiative and. Owns over 50 % of Strattons equity, may have personally made $ 3 million last year alone of... The answers to your inbox, and I stayed late bad during the financial firm Oakmont! Timesmojo is a drama based on their performance maybe you should go and check it out.. after high,. Great, Pajcin and Plotkin mused, if they could see the 's! Stock pushers at Stratton convinced people to buy shit stocks which were never gon go! 429 million who wrote about his debauchery in a month breach in agreement betraying... Most people 125 percent annualized interest rates on six-month loans regardless of their situation, five former said... Dreaming of getting rich and Plotkin mused, if they could see week! 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