YoureMyWorld

Make him your true live in all World!

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Shop for tiaras, bridal headpieces, bridal tiara, veils, wedding veils, bridal jewelry, bridal purses and bridesmaid gifts. Wedding jewelry at ShopStyle. Shop popular brands and stores to find wedding jewelry on sale - all in one place. Create and share looks based on all your A Collection of Original Vintage Wedding Jewelry & Bridal Jewelry that is not just ... "I'm thrilled to have found wonderful vintage wedding jewelry for my design and sell enchanting, high quality, natural jewelry and gemstones both retail securely online to individual ... Diamond Jewelry · Wedding Jewelry  Shop for wedding bands, wedding ring sets, diamond rings,men's gold titanium wedding rings and diamond stud earrings at Jewelry Vortex "You're My World" is a song by Italian songwriter Umberto Bindi, originally published under the title "Il Mio Mondo". It was recorded in 1964 by the British pop singer Cilla Black. George Martin, Black's producer, discovered the song and English lyrics were created by Carl Sigman for the singer to record at Abbey Road Studios. It reached number 1 in Britain and remains one of her biggest-selling recordings, remaining at the top spot for five weeks. The song was subsequently covered by Dionne Warwick, who was a little agitated that Black had recorded a cover version of her hit single "Anyone Who Had a Heart" and released it in the UK before Warwick had a chance to release it herself. Warwick and her producers Burt Bacharach and Hal David decided not to release Warwick's version of the song in the USA until 1968, allowing Black's version to reach 26 on the US pop charts. Australian teen idol Daryl Braithwaite, lead singer of the band Sherbet, scored a number one hit in Australia for three weeks in January 1975 with a cover of the song. Helen Reddy covered the song in 1977 and made the song into a global success once more. Reddy's version reached #18 on the Billboard charts in America, becoming her last major U.S. hit. The song has been covered by other artists such as Jane McDonald and Jade Adams who featured an R&B influenced arrangement of the song on her 2008 EP release Forever And A Day. The opening notes in the Cilla Black version are often said to be the sound of musicians tuning up. The sound matched what the producer wanted and was edited onto the start of the song. Fall 2008, the song was covered again for the Liverpool - The Number Ones Album Project, by Atomic Kitten singer Natasha Hamilton, featuring Kush.

MENJADI ratu sehari takkan lengkap tanpa kehadiran kilau perhiasan yang akan menambah sinar kecantikan. Namun, memilihnya pun mesti dilakukan secara cermat.

Seperti apa? Seperti halnya gaun pengantin, perhiasan yang akan dikenakan saat hari pernikahan pun harus tepat. Namun, bukan berarti serbamewah dan bertabur berlian. Tepat di sini, berarti selaras dengan tema pernikahan itu sendiri.
Baik dalam hal warna, bentuk, maupun ukuran perhiasan yang akan digunakan.

Misalnya, bila gaun pengantin yang Anda kenakan sudah memiliki detail yang glamor, perhiasan penyertanya haruslah simpel tapi elegan. Sebaliknya, bila gaunnya sederhana, kenakan saja kalung dengan liontin bertahtakan berlian. Efek glamor pun langsung terasa.

Nah, bila Anda ingin mengetahui cara yang tepat untuk memadukan perhiasan dengan gaun yang Anda gunakan, simak saja beberapa pilihan kami di bawah ini.

Kalung

Selain cincin, kalung memegang peranan yang penting bagi pengantin wanita. Namun, bila tidak dikenakan bersama garis leher yang tepat, perhiasan yang satu ini akan kehilangan sinarnya, tidak peduli seindah apa pun bentuknya. Karenanya, bila ingin kalung Anda bersinar di hari pernikahan, sesuaikan dulu dengan garis leher gaun pengantin Anda.

Bila Anda memilih gaun bergaya tubedress atau strapless, berbahagialah. Pasalnya, bentukan gaun yang mengekspos leher serta bahu Anda ini sesuai dengan berbagai jenis kalung, mulai choker hingga rantai. Peraturannya hanya satu, jangan mengenakan yang terlalu ramai sehingga memberatkan leher. Sama halnya bila gaun Anda memiliki garis leher berbentuk hati atau off shoulder.

Beberapa gaun pengantin memiliki garis leher yang tegas dan menyudut. Untuk tipe seperti itu, jenis kalung terbaik yang bisa Anda gunakan adalah yang bisa melingkari leher Anda secara pas, seperti halnya choker atau princess. Berbeda jika garis leher halter yang menjadi pilihan Anda, untuk jenis ini kalung dengan liontin unik akan menarik perhatian. Pilihan lain, gunakan jenis Y-drop atau lariant. Jenis kalung tersebut juga akan cocok dikenakan dengan gaun bergaris leher V atau daun.

Pernikahan dengan gaun ala putri biasanya memiliki garis leher klasik. Karenanya kalung bergaya choker menjadi pilihan yang paling tepat. Namun, bila yang menjadi pilihan Anda saat pernikahan adalah gaun dengan garis leher asimetris, kalung bukanlah pilihan yang tepat. Lebih baik kenakan perhiasan lain seperti anting, giwang, gelang, atau tiara yang akan memahkotai kepala Anda.

Tiara

Berbeda dengan kalung yang memeluk anggun leher penggunanya, tiara justru menegaskan pesona kecantikan para putri, terutama bagi mereka yang mendambakan pernikahan fantasi. Namun, tentu tidak semua jenis tiara cocok untuk acara sakral tersebut.

Beberapa pilihan yang banyak digunakan para pengantin di belahan dunia Barat justru bergaya sederhana, seperti tiara dengan motif hati berdetail kristal. Menurut para penggunanya, tiara jenis ini membawa aura romantis sekaligus manis.
Sementara, bila nuansa glamor yang menjadi pilihan Anda, sebaiknya kenakan tiara dengan hiasan kristal, baik swarovski maupun berlian. Kilaunya saat memantulkan cahaya akan menambah kecantikan Anda.

Lain halnya dengan tiara berdetail mutiara yang menimbulkan aura klasik pada sang pengantin wanita. Selain itu, pendar kilaunya yang lembut bisa menimbulkan kesan elegan pada pemakainya. Ingin tampil unik? Tidak ada salahnya menggunakan tiara berukir. Tanpa kilau kristal maupun mutiara, tiara ini justru terlihat simpel tapi memikat. Begitu juga dengan mahkota bunga yang menimbulkan efek vintage, terlebih bila Anda memutuskan untuk mengadakan pernikahan dengan gaya outdoor.

Anting

Bagi beberapa pengantin, anting bahkan bisa memberikan efek yang lebih dahsyat saat dikenakan di hari pernikahan, lebih dari perhiasan lain. Kendati demikian, umumnya anting disediakan secara berpasangan dengan kalung dan gelang.
Namun, bila ingin tampil berbeda, gunakan saja anting maupun giwang dengan detail batu berharga, berlian misalnya.
 

 Adsense has been around since 2003 in its current form, and for many users represented the best option for webmasters to make money from their websites. For a long time, though, blogs weren’t permitted to add Adsense. Eventually, Google relented and a boom followed in Adsense. There have been a number of stunning Adsense success stories, too. Now, though, after using Adsense for a number of years, I’m becoming rapidly disillusioned for a number of significant reasons. (As this story updates, and gets comments, I’ll be adding links throughout the story updating facts as far as I can). 1. Revenue per click is falling. While Adsense TOS prevents me from telling you what it is, I can tell you: From the first year to the third year, the revenue per click has dropped by more than 33% for my sites, AND IT IS STILL dropping. In the second year, it dropped by 10%, then in the third year, it dropped by nearly 27%. And since the beginning of the fourth year, it has dropped by a further 2% in only 3 months. 2. Adsense takes your advertisers and gives you pennies on the slot. For many websites, using Adsense allows advertisers to use your blog to reach your audiences rather than pay a lot more: in many cases, you can get your ad (albeit amonth others displayed for a few cents a click compared to purchasing a proper link or a larger ad block or image). It’s like a one-night stand, except in many cases, it doesn’t even last one night. It’s displayed and it’s gone. Many larger blogs now forgo Adsense because of these problems. 3. Their advertisers compete with YOU. If you are using your blog or website as a way to sell your own services or business or products, often you will find not just related products, but also directly competing products and competitors, who are paying you cents to steal customers who would pay you dollars. Does this make sense? 4. You don’t get paid when Adsense ads are not clicked, but the ads still get ‘viewed’ by individuals. In many cases, the ads are given prominent spots, but the reader doesn’t click. Does the reader see them or not? The readers have read many ads, but never clicked for a variety of reasons. But they have read the ads. You don’t get paid, usually. Occasionally, you will be paid for impressions, but not usually. 5. Clicking on Ads takes readers away from your blog. Do you want your readers to leave? Of course, you’d rather they didn’t, but if you place the adsense blocks in the ‘optimal’ positions, you are virtually guaranteeing that your readers will leave by clicking on an Adsense link. But usually readers won’t come back after viewing the linked site. They may, as I do, view the advertisers site, note the URL and either go to a search engine or close the window entirely. 6. For low-trafficked websites, Google Adsense just not generate anything more than peanuts for your traffic. With pageviews in the hundreds or low thousands per month, there is hardly enough traffic to earn more than a few tens of dollars per month. In fact, using the valuable advertising space for Adsense actually will not help to add value to your blog or generate much revenue. 7. Inappropriate ads often appear on your blog. On my ESL website, I’ve had links to all sorts of weird things; and on this blog, I still get weird links to websites completely unrelated to anything on the website page. I’m not talking pharma ads or adult ads, which Google prohibits. But still, the webmaster can’t choose what ads do appear on the website. This means that webmasters and site owners rarely have control of who is advertising. This is not a good thing. 8. Google is very strict on click fraud. To the point that one suspects they are even taking legitimate clicks and counting them as invalid. Of course, you aren’t able to monitor which clicks on your ads are invalid, or any statistical information, leaving you to guess about how many clicks are being discarded. 9. Google also bans Adsense publishers for instances of click fraud. Though many may deserve the banning, I’ve read of a few webmasters who would likely never commit click fraud, yet were banned for no apparent reason. Additionally, they weren’t notified of the particular infractions, discouraged from appealing, and the whole affair was conducted in secrecy, a secrecy that does not befit a major US corporation. Of course, when you are banned, you lose your account, your money, and your reputation is slighted. Google, of course, offers no proof. You are banned without a trial, or even a specific charge. And there are serious issues with the security of Publisher’s accounts. 10. It’s not smart to put all your eggs in one basket. Why? Because if you are serious about developing your blog as a separate income and business, you MUST develop multiple sources of revenue. Relying only on Adsense is perhaps the dumbest decision you can make, especially because you put your business at the mercy of just ONE supplier, Google. As many bloggers found out this week, this can have disastrous consequences when Google, who also provides search engine traffic, website rankings and a variety of other services, also provides a large percentage of your traffic. Many blogs were subsequently stung by Page Rank downgrades, resulting in lower earnings potential and possibly less traffic. In some cases, Google even deliberately removes websites from the rankings because they claim the website master is abusing the Google search engine.

 Which is better: Yahoo! Publisher Network Or Google Adsense? I’m asking for some community help. Yahoo! Publisher Network Or Google Adsense? If you’ve used them both, Which do you prefer? Why? Thank you for your input. Add to Del.icio.us | Digg it | Add to Slashdot | Add to Y! Related Posts Google Pay Per Action Ads - Fooled me! I was just at a website where I saw an ad that blended in so well, that it appeared to be a nav bar.It... Search Engine Results Scraper Sites Earlier today I was showing someone a bunch of new sites (1 week to 3 months old) and we were analyzing backlinks using Yahoo's... Tony Hill’s blog kicks ass! I've been enjoying Tony Hill's blog for several months now....but I've got to say that the past 2 months Tony's been kicking ass with... This entry was posted on Wednesday, January 10th, 2007 at 6:06 pm and is filed under SEO Research. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site. 24 Responses to “Which is better: Yahoo! Publisher Network Or Google Adsense?” Brett Says: January 10th, 2007 at 7:19 pm Jim… I have been using Both YPN and Adsense plus Chitika, Kontera, BidVertiser and a few other contextual services that I won’t give away here… But from my experience overall… AdSense is the best solution. When YPN was in Beta they paid VERY well and it was super awesome for a while and then it seemed that when it was released to the public the payout went way down. Today… YPN will most likely pay more per click then AdSense (depending on category) but the biggest issue with YPN is that the ads (so far) are not very relevant to the page so your CTR will be lower then normal. You can have a page about Mortgage Refinancing and it will show ads for cell phone ring tones… I have never had a problem getting paid from AdSense or YPN but AdSense has a feature that I do really like a lot… I can have them put a hold on my check for as long as I want and then when I am ready I can get a FAT check mailed to me. One thing that I will point out that I tested last year is that Google would hit my site with a ranking penalty and stop crawling it as much when I ran YPN on my sites. This was a MAJOR issue for me and I almost flipped out after verifying this from multiple tests I did… I don’t know if this is still the case today but I would suggest you test it yourself and see. A few months back AdSense started displaying Video Ads on sites that it felt were of good enough quality and I know for some people it has really helped to boost their income. A benefit to YPN is they are not very strict with the quality of your page or what you do with your ads. AdSense recently publicly said that you can NOT have images next to your ads. Putting images next to the ads was the #1 way to boost your CTR and now we can’t do that?? So AdSense is much more strict and will ban accounts faster then you can tell what happened… I have made a lot with both services but both have their strengths and weaknesses… A lot of this depends on what market you are going after and what you are doing with your pages… I am waiting for Microsoft to release their contextual publishing service… Well… that is my two-cents worth Brett Matt McGee Says: January 10th, 2007 at 8:34 pm I have only toyed around with each, both on a sports-related blog and on my SBS blog. In each case, I found the ads from Google to be much more relevant to my site. Jim Boykin Says: January 10th, 2007 at 8:39 pm Brett - thanks for the knowledge filled reply! 2 votes for Google so far. C’mon folks, I’d really love everyones 2 cents on this….here I am asking everyone to give some thoughts and advice back on something really important for me and for many others…why is it so quiet in here…I hope this post doesn’t die out…Brett did a great start, and Matt chimed in…..I’m all ears for you. Katinka Hesselink Says: January 11th, 2007 at 5:03 am The general consensus (on the forums) really is that google adsense is better. People generally go on to YPN when they’ve been banned from adsense. For me only adsense works because I live outside the US - so I can’t tell you about YPN personally. Andrey Says: January 11th, 2007 at 5:19 am I tried both AdSense and YPN. For my experience AdSense is better in terms of CTR and as Brett already mentioned - Adsence is much more relevant, but frankly speaking Google frightens me as they’re becoming stricter every day. Comparing Google AdSense And Yahoo! Publisher Network » Unofficial SEO Blog - Search Engine Information, much before it's official. Says: January 11th, 2007 at 7:31 am [...] Jim Boykin raised the question and user experiences have started coming in. Google AdSense and Yahoo! Publisher Network are both industry leading services by their respective companies. However, both YPN and Google AdSense come with various disadvantages and advantages which we will compare today. The time when YPN was in the beta they were paying very well and was a great service. But the payout started decreasing when it was released to the public. Although YPN has a plus point over AdSense as it pays more per click than Google. But at the same time your click through rate or CTR will be less than the general as in YPN, ads are often not absolutely related to the page. [...] other jim Says: January 11th, 2007 at 8:29 am I’ve used both and my experience has mirror Brett’s. Adsense’s targeting is far superior to YPN however I wouldn’t even say that YPN’s clicks pay better because you aren’t comparing apples to apples in terms of the ads displayed. And here’s the funny thing, I took YPN off all my sites, because they were targeting poorly and seeing an abysmal CTR, and about a month later they kicked me out claiming I was scraping/stealing content. When I emailed them back and asked them for an example (I was concerned google would come to the same conclusion so I wanted to remedy whatever yahoo saw) but they ignored me. And Google has never contacted me about violations (which leads me to believe the YPN claim was BS). So, put down another vote for Adsense. Peter Askew Says: January 11th, 2007 at 11:22 am I test these two extensively, and found that if you have a site revolving around one central topic - and a topic that has a wide advertising base (ie. law schools), Yahoo *will* make you more money (in terms of higher CTR and much higher CPC share). I’ve also found that Yahoo advertisers are a llittle less savvy than Google advertisers, and tend to opt in for Content (intentionally or mistakenly - probably more the latter) and raise their CPC bids for broad terms (which tend to appear in content network sites). plugim.com Says: January 11th, 2007 at 2:13 pm Yahoo Publisher Network (YPN) vs. Google Adsense… Jim Boykins asked the question “Which is better: Yahoo! Publisher Network Or Google Adsense?”. The responses in his comments section are quite useful. Contribute to the discussion if you have some insight in this area. Many webmasters are very curiou… Michael Martinez Says: January 11th, 2007 at 3:23 pm ISPs who use the spam blacklists that don’t give you reasonable options for validating your email should themselves be blacklisted. Block their users from seeing your sites but redirect them to a Web page that explains that their ISPs are being irresponsible and harmful. Block all emails from those ISPs, too. The reason some spam blacklists are so unforgiving is that their maintainers practice economic blackmail directed at hosting services the list maintainers believe are unresponsive to their demands. It is the oft-stated goal of these blacklist maintainers to drive away the innocent customers of the ISPs who don’t cave ni to the blacklisters’ demands. The ISPs who subscribe to those blacklists are supporting that economic blackmail. Hence, what’s sauce for the goose is sauce for the gander. We should just ignore all traffic and email from ISPs who choose to support unethical Internet practices. phil Says: January 11th, 2007 at 5:06 pm Adsense: better relevance which in turn = higher CTR, but lower revenue per click YPN: higher revenue per click but lower relevance and CTR. Winner: Adsense. Robert Paulson Says: January 12th, 2007 at 9:51 pm Maybe it’s just me, but I still am only able to apply for the YPN beta program. I don’t believe it has been released to the general population yet. The YPN blog appears to corroborate that. Been a helluva long time in Beta, too. So I’d have to say I’m not wild about what seems to be lower earnings per click over the years I’ve run Adsense, I still like it 100% better than something I’ve never been able to use. jasmine batra Says: January 13th, 2007 at 3:21 am you should use google adsense because it gives you more flexibilty in choosing the advertisments. Matthew Shuff Says: January 13th, 2007 at 10:00 am I have just started using Google AdSense. So far the ads are very relevant, and the revenue per click is much more than I expected. I’m focusing on slowly building valuable sites…not cookie cutter crap with dupe content. I have a friend/colleague who got banned from Google, so he has been using YPN for several months. He makes a lot of money with several sites that are dynamically generated for the most part. The ads look good and seem relevant. His CTR is about 0.5%…but I wouldn’t expect high CTR using templates and content generating scripts. His success seems to be more about high volume traffic. I plan to test YPN and Microsoft AdCenter. Truman Hedding Says: January 15th, 2007 at 9:11 pm Jim, Well put by Phil… Peter also made a valid point which I agree with but the CTR on YPN tends to be low from my experience. You know what would be great? If either of the two would provide more info on the ads that were clicked on from my sites and the payout…. It’s great that I am making money but tell me what is working in detail so I can do more of it… Logging into the Adsense interface reminds me of crap proposals bad seo companies use for thier clients that look like invoices. Imagine what it would be like if Goog & YPN provided reporting like you do for your clients. T AndrewRedfern Says: January 16th, 2007 at 7:29 am Google - Good relevance (although very peculiar results sometimes) but low CPC Yahoo Publisher Network - Decent CTR but the inability to turn off sites/ sectors that are not performing for you. David Saunders Says: January 16th, 2007 at 11:45 am YPN very rarely seem to be relevant to my content Google is - even more so with added Great topic David Saunders Says: January 16th, 2007 at 11:46 am h3 tags - added sorry Manish Pandey Says: January 16th, 2007 at 4:00 pm Thanks Jim… Well for me it is always google adsense… Clean and clear… Manish Pandey aka SAM kiviniar Says: January 18th, 2007 at 4:28 pm Well, haven’t got a chance to lay my hand on YPN, as residing in India, but then for us Indian Gsense is the best and i presume the only profitable option. Do we have any ??? And also, have read a lot of complaints of Yahoo showing a lot of irreverent contextual ads but people also have been bragging about the payout.. For now, Gsense rules…at least in India - Got a free 20$ adwords voucher with my monthly magazine subscription MP Says: February 6th, 2007 at 8:10 pm Good stuff. I am using Adsense and my sites it seems to be most relevant except on one blog which is all over the map. MP seo expert - ash mehta Says: June 10th, 2007 at 6:19 am It depends on your budget… Majority of people use Google you can easily get some stats on which is more popular…. You may also want to try both the mediums to see which medium works for you better. Michael Says: June 14th, 2007 at 5:46 pm I was banned from Google Adsense, I asked Google why and they gave me no relivant information and stated I had Invalid clicks… which everything I was tracking showed all legitmate people. So then I went to try YPN but they are still in BETA and I guess that since my sites don’t get more then 3000-5000 page views per month they never accepted me. Just 2 days ago, signed up for MIVA monitization. It takes a few days to get relivant ads on all your pages but you get to pick the keyword you use when you set it up. Then you also don’t have to worry about people copying you ads and placing them on there own sites, since they wont show up. Since I have an Article Site sometimes people post there Adsense Ads on my page. Which I didn’t know they could do since I have been band but it is something I have to look out for, which is quite agravating and those people should be banned from Adsense. Mike Says: August 17th, 2007 at 8:36 am For me its google adsense, its gives you more choices than any other advertisement services out there. The Church The Dutch Reformed Church of Bushkill was built in 1874 replacing an earlier structure. The church grew from missionary work done in 1737 in which year Rev. George Mancius of Kingston organized Dutch Reformed Churches in the Minisink area. The first church building, which was begun in 1832 on a lot donated by Henry Peters, cost about two thousand dollars. The present structure, built in 1874, cost $5,300. The church is now occupied by Bushkill Outreach and the congregation built a new church on Rte. 209. The Community House Another interesting building, once served as the Old Pine Ridge Church located on Bushkill Falls Road. It was moved to the Village of Bushkill where it functioned as a library and a schoolhouse. Later, the Riedmiller Brothers constructed a stone foundation under the building, at which time it became the Bushkill Firehouse. The property is currently owned by the Federal Park System. Schools The first school, according to Simeone Schoonover, was on top of Hog Back Hill. It was made of logs and one side had tumbled down. Sheep often came in and had to be chased out by the children. In 1886 the listed schools in Lehman Township were Hemlock Grove, Brodhead, Schuyler's Meadow Brook, Pine Ridge Barn Timber and Bushkill. The last one room school in the township, the Pigeon Roost School, still stands at the intersection of the Briscoe Mountain Road and Factory Road. Post Office Toward the end of the 18th Century growth began in the area. John Heller opened a log tavern with a brown jug for a sign and Henry Peters, a merchant, was appointed the first postmaster in 1812. The Township Lehman Township has been an established community since 1829. It is a residential community with beautiful scenery, surrounded by the Delaware National Park Service. The Township lies between Porter, Middle Smithfield and Delaware Townships. It is the home of the famous Bushkill Falls. Listed on the tax rolls for Upper Smithfield Township in 1815 was Joseph Leighman, paying 55 cents on 442 acres. In 1824 his name was spelled Leaman and by 1832 it was Lehman. The Township is approximately 48.9 square miles or approximately 31,296 acres. The Township has a nice park with a beautiful play area. The ballfield can be reserved for fun and recreation during normal business hours by filling out a form with the Township office. The Pavilion can be reserved by registering with the Township office. Freaking Out About Lehman Posted by David Gaffen The vise continues to tighten on Lehman Brothers Holdings Inc., as shares are down by 30% and the cost of insuring against default has risen sharply. Larded up with bad positions in subprime mortgages, the brokerage is facing the very real scenario of selling lots of assets before the investors are comfortable with the stock again. Earlier today it was reported that the Korea Development Bank ended talks with Lehman; the state-owned bank was flirting with an acquisition of some of the firm’s assets. Several analysts have cut earnings estimates on the company in the last 24 hours, and there are concerns that the company will find itself out on an island after the Treasury has already bailed out the more-important institutions of Fannie Mae and Freddie Mac. “My guess is Lehman is stuck being Lehman, rather than a domino [the Fed and Treasury] have to prevent from falling,” says George Feiger, president of Contango Capital Advisors, the wealth management arm of Zions Bancorporation. Equity shares of the other brokerages are getting hit, but none so much as Lehman. And the company’s credit-default swaps, a measure of the cost of insurance against default on debt, have widened to $450,000 from $320,000 Monday, according to Phoenix Partners Group. However, five-year Treasury CDS have risen to $18,000, a record, and the CDR Counterparty Risk Index has widened to $162,900, suggesting real concerns across the credit spectrum. Now, the speculation centers around when Lehman will sell its Neuberger Berman asset management unit, which Sanford Bernstein analysts estimate to be worth $7 billion to $8 billion (a pre-tax gain of $4 billion to $5 billion for Lehman). Brad Hintz, analyst at Sanford Bernstein, lays out a scenario that would value Lehman’s shares at around $15 each, with current leverage taken into account. This would involve a sale of Neuberger Berman, another write-down on mortgage positions, and a sale of commercial real estate assets. “We believe that LEH will be able to avoid a forced ’shotgun marriage,’ like the one Bear Stearns and its stockholders endured,” he writes. “In the meantime, investors will have a difficult period ahead.” Michael Schwartz, options strategist at Oppenheimer & Co., says the activity reflects a re-pricing of Lehman’s shares without Neuberger. The activity is heavily weighted in favor of put buying, even out-of-the-money September put options that expire on the 19th. More than 16,000 September put options at a $7.50 strike price have changed hands, and there’s also significant action in the $10 call options (the option to buy a stock at a later date). However, the price of those calls is falling, down $2.43 lately to $2.27 each. In such a scenario, an investor could sell the calls and collect a $2.27 premium, while buying the $7.50 puts at $1.33 each, and still have the possibility of making money as the stock deteriorates. The Counterparty Index has risen as a result of the Lehman concerns. (Source: Credit Derivatives Research) Permalink | Trackback URL: http://blogs.wsj.com/marketbeat/2008/09/09/freaking-out-about-lehman/trackback/ Save & Share: Yahoo! Buzz| Share on Facebook | Del.icio.us | Digg this | Email This | Print Read more: Banks/Brokerages, Stocks, Financials Comments Report offensive comments to marketbeat@wsj.com The trencher is idling and I’n smiling, come to me darling it’s over in an instant! (the torment though, that’s another thing) Comment by The Undertaker - September 9, 2008 at 12:27 pm “Dead Company Walking”, I wonder if Useless Paulson and Uncle Ben will leave them on Wall Streetless when their stock falls below (A) $1, or will (JPMonney)(The Fed) or (GS)(The Treasuary) will bail them out also… hum! Comment by The OZ - September 9, 2008 at 12:30 pm Dont worry we will just add it to the bill, whats a few billion here or there! Comment by Uncle Ben and Uncle Pauly - September 9, 2008 at 12:32 pm never fear, the uncle ben will come to the rescue. Comment by Nate - September 9, 2008 at 12:37 pm Oh yeah Fuld. This is getting to be a joke. Do the market, your shareholders and yourself a break and sell the firm whole to anyone willing to take it above $5. If it wasn’t for the Fed opening its doors this firm would have gone the way of Bear Stearns in the spring. Comment by Who is in charge here - September 9, 2008 at 12:39 pm Lehman freak, illuminati tweak! Comment by Bilderberg partygoers - September 9, 2008 at 12:43 pm eveyone posting thoughts to help their books? LEH worth $5? Really? Hey Hedgies, if you short the brokers out of biz, youll have to do all your trading with JPM. That what you want little hedgies? hmmm? Comment by joey bag o' donuts - September 9, 2008 at 12:51 pm The value of the whole company is now less than $8b (yes, eight billion dollars) which is about the value of the money management arm of the company, so I cant figure out why one of the big guns doesnt just take it over and get rid either of the bad parts of the balance sheet for $0, and has the rest of the firm for the price of the money management part of the firm - am I missing something here? Comment by Kay - September 9, 2008 at 12:53 pm I believe Kay is correct if the money management part of the firm is worth $8b someone will grab the business quickly, only that any buyer is scared that tommorrow they could get it for even cheaper!! Total market value of LEH at this time is $6.3b (yes, a little over 6 billion) at this time, so it would seem that either the Lehman balance sheet is so toxic that no-one once to touch it even at this price and is laiden with heavy losses, or the money management business is not worth even $6b …Developing .. Comment by Lee - September 9, 2008 at 12:59 pm Yes, the rest of the firm has a negative value. Comment by Anonymous - September 9, 2008 at 1:00 pm Lehman is toast. Comment by Bomma - September 9, 2008 at 1:05 pm When taking over a company the acquirer is also responsible for the debt. Use the enterprise value not market cap. Take into account the rapidly declining value of Lehman’s assets and there is negative equity. The asset management business would be worth $6 billion if you didn’t have to take into account Lehman’s liabilities. Unfortunately an acquirer has to account for the liabilities and this leaves Lehman with very few options if they can’t get a decent price for Neuberger Berman. Comment by forgot about the debt - September 9, 2008 at 1:15 pm Fuld alone is responsible. Among the highest paid CEOs, arrogant and solely to blame for Lehman’s binge in fixed income and real estate. he shd go, as he is ala bear stearns. a change is imminent but wont be enough to save the proud house of lehman. Comment by Bomma - September 9, 2008 at 1:17 pm Maybe LEH would like some FNM/FRE style help in being put out their misery. Better yet, maybe Barrons will print an article to aid in the disaster waiting to happen. If FNM/FRE was the steak dinner, LEH is just the tip. Put it on my tab. Comment by Taxpayer - September 9, 2008 at 1:27 pm Even with a negative book value, and lets say the market value of LEh is equal to the money management business, there must be some value to the company? (In the article they metion a $15 a share value, even after all the write-downs) I am buying LEH at this price. In the long run, it will be worth alot more. Comment by Kay - September 9, 2008 at 1:36 pm Kay, You’re my kind of woman! Comment by P.T. Barnum - September 9, 2008 at 1:46 pm The investment bank and asset management divisions certainly have value. The problem is if you are buying equity, is can the entire company stay solvent long enough for those businesses to recover and deliver a stable stream of earnings. Investment banks need constant access to capital and Lehman is going to have trouble getting it because of the weakness of its balance sheet. Merrill is a better play since they have rid themselves of the most toxic assets, have better and more liquid assets, are much larger, have a huge retail brokerage force which delivers stable earnings and a 50% stake in a liquid stock in Blackrock. Otherwise play the senior secured debt of Lehman which is yielding between 10-20%. Comment by forgot about the debt - September 9, 2008 at 1:50 pm If you’re buying equity, you’re buying equity in the entire thing - and thus risk a wipe out. Stay away, stay away (from the equity or equity-like shares). This baby’s about to collapse. Comment by El Cid - September 9, 2008 at 2:09 pm The “genius” running Leh wants top dollar for 1/4. The wolves want it for a song. Until Leh lowers its price the stock will continue to sink Comment by Jackson - September 9, 2008 at 2:19 pm On Sep 7, the lockup expired for the 143mm shares sold in the June secondary. Maybe someone is getting out? Comment by NT - September 9, 2008 at 2:21 pm Lehman must die! It is amazing how it is fighting to survive. One more day in the life of a dead duck. Remember, the paper they hold is mostly trash. Comment by Ricardo - September 9, 2008 at 2:45 pm There are plenty of buyers for Lehman. Unfortunately, not at the price (book value) its management want. On the bright side (this is the financial industry, there is always a silver lining), they will make a lot of money this quarter on the gains derived from the declining market value of their liabilities. Comment by Anonymous - September 9, 2008 at 3:00 pm Fuld needs to be put in front of a firing squad. Japanese executives used to kill themselves (hari kari) when they led their company to ruin. Instead, Fuld is going to leave with a gigantic golden parachute. Comment by me - September 9, 2008 at 3:11 pm How is it that this is news MONTHS after the Oz and Undertaker started taking funeral reservations? Comment by herbert Guthrie - September 9, 2008 at 3:31 pm I think it was the cronic cough each qtr. when the had their medical… (IT hurt a lot)… you think! Comment by Busted Balls...! - September 9, 2008 at 3:36 pm I can’t believe that shareholders are clamouring for fuld’s removal. He shd be fired and his golden parachute sued to hell. A catastrophe of these proportions and he maintains silence? How can shareholders allow that? Emerging mkt companies have been trashed and sullied for much less! Comment by bomma - September 9, 2008 at 3:38 pm Too much speculation going on about LEH. They are not going to sell Neuberger Berman. Duh! its what’s keeping them afloat and they know its worth more than anyone wants to pay for it. LEH will get through this, just you wait and see! Comment by Gowiththeflow - September 9, 2008 at 3:40 pm To 3:40, sorry to let the air out of your water wings but the flow from here on out is downhill… you think! Comment by Off Camber Down Hill Racer... - September 9, 2008 at 3:42 pm Gowiththeflow, Youe seem like a smart fellow. I have some very nice swamp land available near the everglades. Great investing opportunity. My friend P.T. Barnum also has a business investment opportunity for you. that is the cats meow. Comment by Florida realtor - September 9, 2008 at 3:47 pm If leh is smart enuf to “get thru this”, it shd raise 6bn at 15pc to buyback all shares outstanding and go private. Restructure and rebalance the portfolio and go public in two years at ten times the price. Problem is my friend, leh isn’t that smart. And fuld can’t think straight Comment by bomma - September 9, 2008 at 3:48 pm Lehman common stock closed 45% down for today. Almost half of company’s equity has been wiped out in just one day! Looks like catastrophe to me, are LEH bosses going to say/do anything at all???? Comment by Realist - September 9, 2008 at 4:32 pm Lehman’s legacy will be gone. (At one time it was the preeminent bond shop attracting the best and brigtest). Now it will be a mere footnote about the travesties of being too being too clever with finding spread and getting burnt. Comment by These are historical times - September 9, 2008 at 4:48 pm Who’s next after Lehman? Merill? Comment by Paul - September 9, 2008 at 4:51 pm Who is going to save tax payers? Comment by Swap Neil - September 9, 2008 at 4:53 pm Lehman, Merill, Citi, they’re all my babies! Comment by The Undertaker - September 9, 2008 at 5:00 pm To 4:53… “The Tax Payers will save themselves… you see they don’t have any cashola’ left to pay the taxes”… HUM? Comment by Ohhhhhh... what a day in the life of... "Riley"? - September 9, 2008 at 5:01 pm Value of LEH?: its headquarters. Look at the Bear Stearns price guys, duh!! Once again real estate will save the ones that went down because of… real estate (i.e. subprime). So yes, LEH has value. Comment by The Solution Man - September 9, 2008 at 5:17 pm As a laid-off LEH employee, I was still rooting for The Firm..The tipping point for me was the Erin Callan situation..I saw Callan with a front page Weekend FEATURE in the WSJ. Three weeks later (really!) she was singled out and demoted as the reason for declining market value….Let’s see, Fuld let’s the “highest ranking woman on Wall St” take the hit after he takes a bow…Can anyone say: La-uuuz-zer! Comment by Whatever goes around..... - September 9, 2008 at 5:38 pm i have a job offer from lehman…i’m thinking i should decline. any advice? Comment by college senior - September 9, 2008 at 6:45 pm need advise college senior? ask lehman if they could pay you bi-weekly in advance rather than in arrears. and remember, cash is king. Comment by Anonymous - September 9, 2008 at 7:14 pm What does the emminent senior senator from New York, the “honorable’ Charles Schumer, have to say about Lehman? Maybe nothing since it is associated more with his state vs. IndyMac or others, and he won’t want to spread his usual dirt on a local favorite. Comment by John Holland - September 9, 2008 at 8:01 pm Lehman is preannouncing tomorrow, right? That can only mean good news, since bad news would now be fully baked into the price and they could wait. The stock could rally 40% from here and still be on life support. Yet, what Fuld says tomorrow will be worth listening to, especially if you’re negative the financial complex. Comment by HalfFull - September 9, 2008 at 8:15 pm On Wall Street, any 22 year old should of course take the high risk job offer. Lehman is laying off so many people. If they survive, in a few years, you will be a senior MD there. If they fail, well, you’re still just a kid, go see Thailand. It’s a free option! Comment by College Advisor - September 9, 2008 at 8:16 pm I hereby apply to be a professional journalist employed by the WSJ. I believe in the fundamental and irreplaceable necessity of FACTS, TRUTH, ACCOUNTABILITY, INTEGRITY AND JUSTICE. Guess what - the WSJ is not interested. Surprised? Comment by 2bitsworth - September 9, 2008 at 8:18 pm Take the Lehman job offer, kid. Don’t worry, Uncle Ben and the Fed will bail them out too with our tax dollars. Comment by Geoff - September 9, 2008 at 9:04 pm You nay-sayers are wrong. By the end of the week, Lehman will be up by at least 25%. Now is not the time to lose heart. Comment by CC - September 9, 2008 at 10:32 pm no more corporate welfare. If the geniuses running the shop can’t figure out how to fix it, let it rot. Someone else will quickly step in and pick up the business/clients. Comment by ruben - September 9, 2008 at 11:21 pm Lehman is a hard fighter it has fought many battles for survival since its inception. I think the stock had at one time fallen to 50 cents. it went from there to high 60’s in 6 yrs… I am waiting for a sub $3 price to buy into the stock. Regarding someones comment on the realestate value owned by Lehman. My understanding as an accountant is that value of assets and property is already included in the balance sheet. anyone differ on this accounting principal?. Bears sterns was a different case, JPMC was trying to shop in a flea market, the value was not based on the balance sheet but rather on the desparation of the borrower and on protest from shareholder had to be revised upwards from$300 mn to $1.5 billion. Thats where JPMC lost its honor and goodwill on the street. Freddie Mac, a publicly traded company that operates under a federal charter, is the nation’s second-largest mortgage buyer. Along with its larger rival, Fannie Mae, Freddie Mac was taken over by the federal government on Sept. 8, 2008, as it faced steepening losses, new questions about its accounting and a flight by investors. Freddie Mac and Fannie Mae buy mortgages from lending institutions and then either holds them in investment portfolios or resells them as mortgage-backed securities to investors. The two companies play a vital role in providing financing for the housing markets. As the housing market soured, both companiesreported steep losses. But the mortgage meltdown also made the companies more important. When the credit markets seized up, Fannie and Freddie regained their central role in mortgage finance after losing significant market share to investment banks during the housing boom. They issued most of mortgage securities sold in the first half of 2008, after investors lost confidence in deals put together by big investment banks. Read More... In February 2008, federal regulators announced that they were easing some restrictions on lending by Fannie and Freddie. Then on March 19, the federal government announced that it was easing those restrictions in an effort to calm the turmoil afflicting the mortgage markets. Officials said the change could allow the two companies to invest $200 billion more in mortgages. But on July 13, even as top officials continued to insist that the companies had adequate cash to weather the current financial storm, the Bush administration asked Congress to approve a sweeping rescue package that would empower officials to inject billions of federal dollars into the companies through investments and loans. And the government did just that in early September, when the Treasury secretary, Henry M. Paulson Jr., announced the takeover of Fannie and Freddie after advisers poring over the companies’ books concluded that Freddie’s accounting methods had overstated its capital cushion. The move to place the companies into a conservatorship also grew out of concern among foreign investors that the companies’ debt might not be repaid. The rescue represented an extraordinary federal intervention in private enterprise and could become one of the most expensive in history. The plan commits the government to provide as much as $100 billion to each company to backstop any shortfalls in capital. It enables the Treasury to ultimately buy the companies outright at little cost. It also eliminates dividend payments while protecting the principal and interest payments on the debt, now held by foreign central banks, financial institutions, pension funds and others. Eventually, under the plan, both companies will shrink their portfolios. In addition, the government plans to buy significant amounts of their mortgage-backed securities on the open market. Hide Related: Fannie Mae | Mortgages and the MarketsHighlights From the Archives In Rescue to Stabilize Lending, U.S. Takes Over Mortgage Finance Titans By STEPHEN LABATON and EDMUND L. ANDREWS The bailout plan for Fannie Mae and Freddie Mac places them in a conservatorship of the government and replaces the management. September 8, 2008BusinessNews Company Information Freddie Mac is a stockholder-owned corporation established to support homeownership and rental housing. Freddie Mac purchases residential mortgages and mortgage-related securities in the secondary mortgage market, and securitizes them into mortgage-related securities that can be sold to investors. The Company purchases single-family and multi-family residential mortgages and mortgage-related securities, which it finances primarily by issuing mortgage-related securities and debt instruments in the capital markets. Freddie Mac finances its purchases primarily by issuing a range of debt instruments in the capital markets. The Company operates in three segments: Investments, Single-family Guarantee and Multifamily. Freddie Mac Foundation Family Home Provides Housing and Support Services 'Doorways' Unveils Freddie Mac Foundation Family Home Through one of its main areas of focus, Stable Homes/Stable Families, the Freddie Mac Foundation helps families in crisis secure vital services, such as emergency shelter and transitional housing, to meet their immediate needs. By further investing in housing with services, the Foundation helps families become self-sufficient and build a better future. The Freddie Mac Foundation's $500K grant given in 2007 to Doorways for Women and Families made possible a new shelter and support services for women and families. The Freddie Mac Foundation Family Home in Arlington, VA will provide safe, temporary housing and intensive support services to homeless women and families within Arlington County and the DC region. Family homelessness continues to be a serious and growing issue throughout the DC region. Nearly half of the area's homeless are families and a quarter of the homeless population are children. Also, a majority of the Washington, DC region's homeless families live in the suburbs. Doorways serves an even greater proportion of children as approximately 52% of their clients are children. Although many families do not remain homeless for long, the experience can be devastating, increasing the likelihood that families will dissolve. Homeless children are also more likely to be placed in foster care, are less healthy, experience disruptions in schooling, and are more likely to have developmental delays than poor, housed children. Doorways provides a broad range of services for women and families experiencing homelessness and domestic violence. In addition to the new home, Doorways operates a domestic violence safehouse, a two-year supportive housing program, children's services, financial literacy training, court companionship and advocacy, and community outreach. The Freddie Mac Foundation Family House opened its doors in December 2007, providing a lifesaving continuum of care, hope and safety for up to 21 individuals or four to seven families at any given time