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64-481: The institute was founded in 1991 by Michael Milken , a former Drexel Burnham Lambert banker who gained notoriety for significant financial success as a pioneer of " junk bonds " as well as his subsequent felony conviction and prison sentence for U.S. securities law violations . The institute has published studies relating to human capital , access to capital, financial structures and innovations, regional economics, healthcare economics and medical research . It hosts

128-804: A B.S. with highest honors. He was elected to Phi Beta Kappa and was a member of the Sigma Alpha Mu fraternity. He received his MBA from the Wharton School of the University of Pennsylvania . While at Berkeley, Milken was influenced by credit studies authored by W. Braddock Hickman , a former president of the Federal Reserve Bank of Cleveland , who noted that a portfolio of non-investment grade bonds offered "risk-adjusted" returns greater than that of an investment-grade portfolio. Through his Wharton professors, Milken landed

192-553: A junk bond salesman for Milken, managing an account with which Drexel had an illegal arrangement that included insider trading and phony tax losses. Peizer provided material evidence to prosecutors against Milken. At Milken's pre-sentencing hearing for securities fraud in 1990, Peizer testified against Milken in exchange for immunity from both criminal prosecution and SEC sanctions. On April 24, 1990, Milken pleaded guilty to six counts of securities and tax violations. Three of them involved dealings with Boesky to conceal

256-475: A plea bargain , he pleaded guilty to securities and reporting violations but not to racketeering or insider trading. Milken was sentenced to ten years in prison, fined $ 600 million (although his personal website claims $ 200 million) and permanently barred from the securities industry by the U.S. Securities and Exchange Commission . His sentence was later reduced to two years for cooperating with testimony against his former colleagues and for good behavior. Milken

320-434: A 17-year old student was stabbed twice in the back from a gang-related fight. He was immediately treated and sent to Northridge Hospital Medical Center for non-life threatening wounds. By 2006, the student demographics became majority Latino and Hispanic. The same year, Marsha Coates, the principal, established "small learning communities" and a ninth-grade academy in order to cater to incoming students. On July 1, 2009,

384-530: A Birmingham diploma today is more difficult to obtain than it was a generation ago." In 2009 the school had 2,700 students. That year, Mitchell Landsberg of the Los Angeles Times wrote that "Birmingham is in some ways the quintessential Los Angeles school, with demographics and student performance that come close to mirroring the city as a whole." In September 2001 there were 1,100 9th graders entering Birmingham High School; this class would become

448-515: A degree of contempt, feeling they hindered the free flow of trade. However, Stone said that while Milken condoned questionable and illegal acts by his colleagues, Milken himself personally followed the rules. Milken often contacted Fred Joseph , Drexel's president and CEO, with ethical questions; Joseph was known for his strict view of the securities laws. On the other hand, several of the sources James B. Stewart used for Den of Thieves told him that Milken often tried to get as much as five times

512-410: A full pardon to Milken. However, his previous trading license which he lost following his conviction still remained void, and he would still have to reapply and obtain a new trading license in order to return to trading securities. According to Forbes , Milken has given away between 5–10% of his fortune, earning a philanthropy score of 3 out of 5. Upon his release from prison in 1993, Milken founded

576-474: A guilty plea on felony charges for violating U.S. securities laws. Milken's compensation while head of the high-yield bond department at Drexel Burnham Lambert in the late 1980s exceeded $ 1 billion over a four-year period, a record for U.S. income at that time. With a net worth of US$ 6 billion as of 2022, he is among the richest people in the world . Milken was indicted for racketeering and securities fraud in 1989 in an insider trading investigation. In

640-549: A high-yield bond trading department—an operation that soon earned a 100 percent return on investment. By 1976, Milken's income at the firm, which had become Drexel Burnham Lambert , was estimated at $ 5 million a year. In 1978, Milken moved the high-yield bond operation to Century City in Los Angeles. By the mid-1980s, Milken's network of high-yield bond buyers (notably Fred Carr's Executive Life Insurance Company and Tom Spiegel 's Columbia Savings & Loan) had reached

704-424: A lifetime ban from any involvement in the securities industry. In a related civil lawsuit against Drexel, he agreed to pay $ 500 million to Drexel's investors. Critics of the government charge that the government indicted Milken's brother Lowell to pressure Milken to settle, a tactic some legal scholars condemn as unethical. "I am troubled by – and other scholars are troubled by – the notion of putting relatives on

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768-510: A long list of misconduct, including insider trading, stock parking (concealing the real owner of a stock), tax evasion , and numerous instances of repayment of illicit profits. One charge was that Boesky paid Drexel $ 5.3 million in 1986 for Milken's share of profits from illegal trading. This payment was represented as a consulting fee to Drexel. Shortly afterward, Milken resigned from Drexel and formed his own firm, International Capital Access Group. Milken's protege Terren Peizer had worked as

832-494: A man of your power in the financial world   ... repeatedly conspires to violate, and violates, securities and tax business in order to achieve more power and wealth for himself   ... a significant prison term is required. In statements to a parole board in 1991, Judge Wood estimated that the "total loss from Milken's crimes" was $ 318,000, less than the government's estimate of $ 4.7 million, and she recommended that he be eligible for parole in three years. Milken's sentence

896-520: A more comprehensive high school experience. Pearl moved into its own facility next to Birmingham in 2010. In 2012, LAUSD officials accused the school of failing to adequately respond to allegations of racial discrimination and mishandling disabled student services and expulsion, and the LAUSD officials attempted to return Birmingham to direct district control. Birmingham officials stated that they were unaware of serious problems at their school. The school

960-513: A nighttime meeting with parents. In a period prior to 2006 students zoned to overcrowded high schools were bused to Birmingham. 102 students who were zoned to Belmont High School were instead a part of the Birmingham Class of 2005. As of 2006 there were almost 4,000 students attending the school. Landsberg wrote that there had been ethnic conflicts between Latino and African-American students and between Latino and Armenian students

1024-508: A series of conferences including two annual conferences, a variety of financial innovation labs and a series of forums and private events. The Milken Institute Global Conference, first held in 1998, is an annual forum focused on economic and social issues. Speakers include figures from business, finance, government, education and sports. The institute also hosts an annual State of the State Conference, which examines major issues facing

1088-412: A size that enabled him to raise large amounts of money quickly. This money-raising ability also facilitated the activities of leveraged buyout (LBO) firms such as Kohlberg Kravis Roberts and of the so-called " greenmailers ". Most of them were armed with a " highly confident letter " from Drexel, a tool Drexel's corporate finance wing crafted that promised to raise the necessary debt in time to fulfill

1152-402: A summer job at Drexel Harriman Ripley , an old-line investment bank , in 1969. After completing his MBA, he joined Drexel (by then known as Drexel Firestone) as director of low-grade bond research. He was also given control of some capital and permitted to trade. Over the next 17 years, he had only four down months. Drexel merged with Burnham and Company in 1973 to form Drexel Burnham. Despite

1216-661: Is a charter high school in the neighborhood/district of Lake Balboa in the San Fernando Valley section of Los Angeles, California , United States. It was founded in 1953 as a 7–12 grade combined high school and became solely a senior high school in 1963. The school has a Van Nuys address and serves Lake Balboa, parts of Encino , and Amestoy Estates. It is within the Los Angeles Unified School District but operates as an internal charter school . The land of Birmingham High School

1280-463: Is located in the Lake Balboa area, which was previously a part of Van Nuys . The site was previously a military hospital. As of 2009, Birmingham has the largest high school campus in the LAUSD, at 53 acres. The campus is in proximity to Reseda . Its attendance boundary includes Lake Balboa , and portions of Van Nuys , Encino , Tarzana , and Reseda . In 2006 Mitchell Landsberg of

1344-444: Is married to Lori Anne Hackel, whom he had dated in high school. The couple have three children. He reportedly follows a vegetarian-like diet rich in fruits and vegetables for its health benefits and has co-authored a vegan cookbook with Beth Ginsberg. [REDACTED] Media related to Michael Milken at Wikimedia Commons Birmingham High School Birmingham Community Charter High School (formerly Birmingham High School )

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1408-499: Is the largest EMO in terms of enrollment. Dan Stone, a former Drexel executive, wrote in his book April Fools that Milken was under nearly constant scrutiny from the Securities and Exchange Commission from 1979 onward due to unethical and sometimes illegal behavior in the high-yield department. Milken's role in such behavior has been much debated. Stone claims that Milken viewed the securities laws, rules, and regulations with

1472-498: The Los Angeles Times wrote that "It would be easy to see Birmingham as just another bad public school. But for many students, it's not." He cited the Daniel Pearl Journalism Magnet , the "dedicated core of teachers" and the "variety of honors and Advanced Placement classes." Landsberg stated that despite the demographic changes that came before 2006, "academic standards have not suffered; if anything,

1536-612: The Los Angeles Times wrote that "Many students thrived at Birmingham", but "many others struggled, or gave up and quit." As of that year, he stated that the school "sent its share of students to good colleges -- Cal State and UC campuses , even the Ivy League ." In the Class of 2005, about 75% had intentions to partake in higher education. Over 60 students from that class went to the University of California campuses. In 2006

1600-413: The Los Angeles Unified School District (LAUSD) voted to allow the high school to become a charter school under the name Birmingham Community Charter High School. Prior to the approval, the school officials had fought over whether the school should become a charter for months. Some school officials had advocated creating an alternate school sponsored by the teachers' union on the same campus. About 66% of

1664-639: The Tax Cuts and Jobs Act of 2017 . In May 2018, Treasury Secretary Steven Mnuchin instructed his staff to accept a non-low-income tract in Storey County, Nevada as an Opportunity Zone shortly after attending an Institute event in Beverly Hills with Michael Milken. Milken was already an investor in the Nevada tract. In August 2018, Mnuchin attended an Institute conference on opportunity zones in

1728-821: The World War I US Army Medical Corps. The school opened in 1953, during the immediate post- World War II era. Originally it served children grades seven to 12 from families newly settled in the San Fernando Valley . As of the 1960s the families were middle-class, and many of them had settled in the San Fernando Valley from the East Coast and the Midwest . It was in the Los Angeles City High School District until 1961, when it merged into LAUSD. On November 13, 1992,

1792-472: The Class of 2005. Over 350 of the students in this class, over the course of the years, switched to other schools to study. About half of the switching students remained at traditional high schools and the other half went to independent study, vocational school, or other alternative educational settings. In June 2005 there were 521 graduating students of the Class of 2005, fewer than half of the starting number. Media attention to this rate of graduation resulted in

1856-547: The Hamptons with Milken and later accepted a flight to Los Angeles with Milken on his private jet. Treasury later issued a regulatory guidance at the institute's request that allows prior investors to benefit from newly designated opportunity zones. Michael Milken Michael Robert Milken (born July 4, 1946) is an American financier. He is known for his role in the development of the market for high-yield bonds ("junk bonds"), and his conviction and sentence following

1920-829: The LAUSD gave the official four-year graduation rate of Birmingham High as being almost 80%, with an official dropout rate of 3.5%. A Civil Rights Project at Harvard University / University of California, Los Angeles published a report in the northern hemisphere Spring of 2005 that stated that the four year graduation rate at Birmingham was 50%. In 2009, 9% of students were rated as proficient or higher in mathematics and 34% were rated as proficient or higher in English. In 2008 9% received this rating in mathematics and 36% received this rating in English. In 2006, principal Marsha Coates stated, "We have 20, 30 kids or so who are constantly out of class. They're on campus, they're not dropouts and they haven't disappeared. They just roam." Despite

1984-585: The Limit ," Eminem 's " No Love ", Lil Wayne 's " Prom Queen ", and Charli XCX 's " Break the Rules ". In 2007 an episode of America's Next Top Model was filmed there, also two more episodes were filmed there, one in 2008, and later in 2013. Other shows filmed at Birmingham High School include Nip/Tuck , NCIS , Cold Case , Scrubs , The Office , Ghost Whisperer and Monk . The movie “The Boy Next Door” with Jennifer Lopez The school's football field

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2048-579: The Prostate Cancer Foundation for prostate cancer research, which by 2010 was "the largest philanthropic source of funds for research into prostate cancer". Milken himself was diagnosed with advanced prostate cancer in the same month he was released. His cancer is currently in remission. The Prostate Cancer Foundation works closely with Major League Baseball through its Home Run Challenge program to promote awareness of prostate cancer and raise money for medical research. Each season in

2112-573: The San Fernando Valley had campaigned against the use of the "Braves" mascot at Birmingham High, as part of a national movement to remove Native American mascots. They met with the Los Angeles School Board because, according to Paul Kivel, author of Uprooting Racism: How White People Can Work for Racial Justice Ð 3rd Edition , they "met with so much intransigence at the high school". The LAUSD school board voted to remove Native American mascots and logos from all schools. The school

2176-468: The Southern District of New York . Although both investigations were almost entirely focused on Milken's department, Milken refused to talk with Drexel (which launched its own internal investigation) except through his lawyers. It turned out that Milken's legal team believed Drexel would be forced to cooperate with the government at some point, believing that a securities firm would not survive

2240-649: The bad publicity of a long criminal and SEC probe. For two years, Drexel insisted that nothing illegal had occurred, even when the SEC sued Drexel in 1988. Later that year, Giuliani began considering an indictment of Drexel under the powerful Racketeer Influenced and Corrupt Organizations (RICO) Act . Drexel management, concluding that a financial institution could not possibly survive a RICO indictment, immediately began plea bargain talks. However, talks collapsed on December 19, when Giuliani made several demands that went beyond even what those who believed an indictment would destroy

2304-437: The bargaining table," said Vivian Berger, a professor at Columbia University Law School , in a 1990 interview with The New York Times . As part of the deal, the case against Lowell was dropped. Federal investigators also questioned some of Milken's relatives about their investments. At Milken's sentencing, Judge Kimba Wood told him: You were willing to commit only crimes that were unlikely to be detected.   ... When

2368-477: The board. On December 21, 1988, Drexel entered an Alford plea to six counts of stock parking and stock manipulation. It allowed Drexel to maintain its innocence while conceding that it "was not in a position to dispute" the allegations made by the government. As part of the deal, Drexel agreed that Milken had to leave the firm if indicted. In March 1989, a federal grand jury indicted Milken on 98 counts of racketeering and fraud. The indictment accused Milken of

2432-564: The bond trading scandals of the 1980s, is partly based on Milken's "fall from grace". Milken is the inspiration for the main character in the play. Milken is referenced by Hank Scorpio in The Simpsons episode “You Only Move Twice”. Milken is referenced by Chris Stevens in Northern Exposure Season 6, Ep. 5 – The Robe (31:29). “Trust and honesty. The age-old quest of Diogenes in a post-Milken universe.” Milken

2496-431: The buyer's obligations. It carried no legal status, but by that time Milken had a reputation for being able to make markets for any bonds that he underwrote. For this reason, "highly confident letters" were considered to reliably demonstrate capacity to pay. Supporters, like George Gilder in his book Telecosm (2000), state that Milken was "a key source of the organizational changes that have impelled economic growth over

2560-446: The dance studio to practice before they go on tour. In June 2009 Los Angeles Schools superintendent Ramon C. Cortines objected to photographs of the school's football team posing with comedian Sacha Baron Cohen in his guise as Brüno that appeared in GQ magazine. Although Cortines gave discipline against principal Marcia Coates and athletic director Rick Prizant, Cortines stated that

2624-531: The discipline could not be enforced, because, since Birmingham was becoming a charter school, Coates and Prizant would no longer be LAUSD employees. Miranda Cosgrove's music video for " Dancing Crazy " was filmed on the football field. The hit show on MTV , Awkward , has also been filmed at Birmingham. The school's athletic nickname is the Patriots. Originally the nickname was the Braves. Native Americans in

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2688-456: The disease. Milken was born into a middle-class Jewish family in Encino, California . He graduated from Birmingham High School where he was the head cheerleader and worked while in school at a diner. His classmates included future Disney president Michael Ovitz and actresses Sally Field and Cindy Williams . In 1968, he graduated from the University of California, Berkeley with

2752-555: The faculty members of the school supported the charter change. After the charter was approved, 91 teachers continued to teach at Birmingham while 34 decided to leave to work at other LAUSD schools. This meant the Spanish, science, and history departments had a high level of turnover. Because of the divisions within teachers and other staff members, the faculty and staff of the magnet program received permission from LAUSD to split from Birmingham. In 2009, Daniel Pearl Magnet High School

2816-402: The firm were willing to accept. For example, Giuliani demanded that Milken leave the firm if indicted. Only a day later, Drexel lawyers discovered suspicious activity in one of the limited partnerships Milken set up to allow members of his department to make their own investments. That entity, MacPherson Partners, had acquired several warrants for the stock of Storer Broadcasting in 1985. At

2880-511: The firm's name, Burnham was the nominal survivor; the Drexel name came first only at the insistence of the more powerful investment banks, whose blessing was necessary for the merged firm to inherit Drexel's position as a "major" firm. Milken was one of the few prominent holdovers from the Drexel side of the merger, and he became the merged firm's head of convertibles . He persuaded his new boss, fellow Wharton alumnus Tubby Burnham, to let him start

2944-475: The investigation phase until 1986, when arbitrageur Ivan Boesky pleaded guilty to securities fraud as part of a larger insider trading investigation. As part of his plea, Boesky implicated Milken in several illegal transactions, including insider trading, stock manipulation , fraud, and stock parking (buying stocks for the benefit of another). This led to an SEC probe of Drexel, as well as a separate criminal probe by Rudy Giuliani , then United States Attorney for

3008-589: The last twenty years. Most striking was the productivity surge in capital, as Milken   ... and others took the vast sums trapped in old-line businesses and put them back into the markets." Despite his influence in the financial world during the 1980s, (at least one source called him the most powerful American financier since J. P. Morgan ), Milken is an intensely private man who shuns publicity; he reportedly owned almost all photographs taken of him. Milken and his brother Lowell founded Knowledge Universe in 1996, as well as Knowledge Learning Corporation (KLC),

3072-494: The maximum markup on trades that was permitted at the time. Harvey A. Silverglate , a defense attorney who represented Milken during the appellate process, disputes that view in his book Three Felonies a Day : "Milken's biggest problem was that some of his most ingenious but entirely lawful maneuvers were viewed, by those who initially did not understand them, as felonious, precisely because they were novel – and often extremely profitable." The SEC inquiries never advanced beyond

3136-428: The money managers had breached their fiduciary duty to their clients. At worst, the warrants could have been construed as bribes to the money managers, to influence decisions they made for their funds. Indeed, several money managers were eventually convicted on bribery charges. The discovery of MacPherson Partners—whose existence had not been known to the public at the time—seriously eroded Milken's credibility with

3200-457: The parent company of KinderCare Learning Centers , the largest for-profit child care provider in the country. Michael Milken was chairman of Knowledge Universe until it was sold in 2015. He invested in K12 Inc. , a publicly traded education management organization (EMO) that provides online schooling, including to charter school students, for whom services are paid by tax dollars, which

3264-427: The past. It appeared that the money managers bought the warrants for themselves and did not offer the same opportunity to the funds they managed. Some of Milken's children also received warrants, according to Stewart, raising the appearance of Milken self-dealing. The warrants to money managers were especially problematic. At the very least, Milken's actions were a serious breach of Drexel's internal regulations, and

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3328-453: The real owner of a stock: Two other counts were related to tax evasion in transactions Milken carried out for a client of the firm, David Solomon, a fund manager The last count was for conspiracy to commit these five violations. As part of his plea, Milken agreed to pay $ 200 million in fines. At the same time, he agreed to a settlement with the SEC in which he paid $ 400 million to investors who had been hurt by his actions. He also accepted

3392-739: The same year. From 2016 to 2017, about 3,145 students enrolled at Birmingham High School, making it a large school. Birmingham is ranked one of the top 10 largest schools in California. The school offers their students college course classes known as AP courses to prepare students for college. These courses include: Art History, Calculus AB, Calculus BC, Chemistry, Environmental Science, Human Geography, Psychology, United States Government and Politics, English Language and Composition, European History, Human Geography, Spanish Literature and Culture, Statistics, Studio Art: 2-D Design, Studio Art: Drawing, and United States History. In 2006 Mitchell Landsberg of

3456-548: The school giving out tickets to truants and a new attendance system implemented on November 6, 2005, as of 2006 there were still truant students walking in the halls of the school. Birmingham High School has been used as the backdrop for numerous music videos, commercials, and television shows, such as the music video for Simple Plan's song " Can't Keep My Hands off You ", Missy Elliott 's song "Gossip Folks", Gwen Stefani 's song " Hollaback Girl ", Corbin Bleu 's song " Push It to

3520-598: The state of California. The institute operates a series of centers focused on particular economic and health related topics. The centers are the: Asia Center, Center for Advancing the American Dream, Center for Regional Economics, FasterCures, Center for Financial Markets, Center for the Future of Aging, Center for Public Health, and Center for Strategic Philanthropy. Notable reports include: The institute has held several events regarding opportunity zones created by

3584-487: The time, Kohlberg Kravis Roberts was in the midst of a leveraged buyout of Storer, and Drexel was lead underwriter for the bonds being issued. One of Drexel's other clients bought several Storer warrants and sold them back to the high-yield bond department. The department in turn sold them to MacPherson. This partnership included Milken, other Drexel executives, and a few Drexel customers. It also included several managers of money market funds who had worked with Milken in

3648-681: The university was renaming its public health school after Milken as a result of a total of $ 80 million in gifts, $ 50 million from the Milken Institute and the Milken Family Foundation and $ 30 million gift from Viacom chairman Sumner Redstone . The gifts were designated for research and scholarship on public health issues. Milken became the first recipient of the Ig Nobel Economics Prize in 1991. Ayad Akhtar's 2016 play Junk , set during

3712-635: The weeks leading up to Father's Day, Milken visits many ballparks and appears on TV and radio broadcasts during the games. In 2003, Milken launched a Washington, D.C.-based think tank called FasterCures , which seeks greater efficiency in researching all serious diseases. Initiatives of FasterCures include TRAIN, Partnering for Cures, and the Philanthropy Advisory Service. On March 11, 2014, President Steven Knapp of George Washington University in Washington, D.C. announced

3776-675: Was a US Army hospital called Birmingham General Hospital from August 24, 1943, until March 31, 1946. From 1946 to 1950 the hospital was named the Birmingham Veterans Administration Hospital when it was turned over to the Veterans Administration . In 1952, the hospital was sold to the Los Angeles City Schools for $ 1.00. The hospital was named after Brigadier General Henry Patrick Birmingham (1854–1932), with

3840-554: Was formed as an independent high school within the Birmingham campus. Connie Llanos of the Los Angeles Daily News said that Pearl "got off to a rocky start." During the first year as a standalone school, one third of the students left. Some left due to conflicts with Birmingham staff and students; some Birmingham students and staff members tormented Pearl students. Some left because Pearl was so small; they wanted

3904-410: Was later reduced to two years from ten; he served 22 months. In February 2013, the SEC announced that they were investigating whether Milken violated his lifetime ban from the securities industry. The investigation concerned Milken's allegedly providing investment advice through Guggenheim Partners . Since 2011, the SEC had been investigating Guggenheim's relationship with Milken. In June 2018, it

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3968-502: Was pardoned by President Donald Trump on February 18, 2020. Since his release from prison, he has become known for his charitable donations. He is co-founder of the Milken Family Foundation, chairman of the Milken Institute , and founder of medical philanthropies funding research into melanoma , cancer, and other life-threatening diseases. A prostate cancer survivor, Milken has devoted significant resources to research on

4032-489: Was reported that some of president Donald Trump 's supporters and friends, including Kevin McCarthy , Rupert Murdoch , Sheldon Adelson , Elaine Chao , and Rudy Giuliani , the onetime federal prosecutor whose criminal investigation led to Milken's conviction, were urging the president to pardon Milken. Milken's attempts to secure a presidential pardon spanned multiple administrations. On February 18, 2020, Trump granted

4096-490: Was used as a set for the shoot of the music video for Angels & Airwaves ' song "Everything's Magic". The track surrounding the football field served as the location for the relay race scene starring Kirk Cameron in Like Father Like Son . An episode of Full House was filmed there, with Danny, Jessy, and Joey running a race around the track. In addition, Fanny Pak of America's Best Dance Crew comes to

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