Manulife Financial Corp. expects to report a $1.5-billion loss for the fourth quarter, the first time it has ever failed to book a profit since going public, and plans to issue new common shares to bolster its capital position.
The global insurance and financial-services group (TSX: MFC) said today it will issue $2.1 billion in new common shares to bolster its capital position.
The new stock is priced at $19.40 per share, and shares in the company were trading at $19.57 – down 89 cents – in the morning. Manulife shares have 52-week high and low of $42.14 and $16.28.
The firm said that eight institutional investors will buy $1.125 billion worth of shares in a private placement, and $1 billion worth of stock will be issued to the public through a bought deal with an underwriting syndicate.
Manulife is scheduled to report fourth-quarter results on Feb. 12, and it will be the first quarterly loss since its initial public offering in 1999.
Manulife also said that, assuming no further massive stock-market carnage, it expects to report net income of $900 million for 2008 – a "poor performance," CEO Dominic D'Alessandro characterized it, and far below analyst expectations of more than $3 billion.
"It is primarily due to the unprecedented decline in worldwide equity markets," he added.
"However, our business fundamentals continue to be very solid, as evidenced by our strong insurance sales and new business embedded value growth."
The early disclosure of expected losses was likely done as part of the requirements for the share offering memorandum, suggested Chris Blumas of Morningstar.
Even with the latest disclosure, there's still another month left in the current quarter, which means that projected losses could potentially deepen.
"Things have just gotten worse and worse over the last year and a half" on the markets, Blumas said. "When it'll stop, nobody knows."
"In the end it's still a great company with a strong core franchise, it's just that this decline in the equity markets was a risk they were willing to accept that they didn't hedge, and that's kind of bit them in the butt," he added credit report.
At the same time, Manulife said it will reduce a credit facility arranged last month with Canadian banks to $2 billion from $3 billion.
"This issue of common shares along with the renegotiated credit facilities will noticeably bolster our already strong capital position" stated D'Alessandro.
"These transactions provide us with the flexibility to absorb the accounting impact of future volatility in financial markets and, as importantly, will allow us to take advantage of acquisition opportunities that are emerging out of the current industry environment."
Reserves for variable annuity guarantees are expected to total $5 billion at year-end, up from $526 million at the beginning of the year. These reserves cover possible payments seven to 30 years in the future, but setting aside the money now is largely blamed for the anticipated fourth-quarter loss.
"It is important to note that the increase in reserves represents a non-cash charge which has been estimated as if the equity market deterioration was permanent," D'Alessandro stated.
"Should markets recover, as one would normally expect, these reserves would be released into income."
Meanwhile, Manulife said, the stock sales are expected to close Dec. 11 and will raise its consolidated capital ratio – assets relative to regulatory risk-weighted requirements – to 235 per cent, “one of the highest in the company's history."
The underwriters have an overallotment option on $150 million of additional stock at the same $19.40-per-share price.
FRANKFURT–Chemical company BASF SE said Wednesday it is temporarily closing 80 plants worldwide due to slumping demand and cutting production at 100 more, including facilities in Texas and Louisiana. Some 20,000 workers are affected.
It also abandoned its goal to match last year's profit, citing slowing demand for its products, particularly from automotive customers.
BASF shares plunged 14.7 per cent to euro21.68 ($27.39) in Frankfurt after the announcement.
BASF spokesman Gareth Rees said the shutdowns and slowdown have already begun and will extend into January. Workers were being encouraged to take vacation time and reduce their overtime.
In a statement, the Ludwigshafen-based maker of everything from fertilizers and paints to glues and ingredients for cosmetics said it was trying to stem any overcapacity at its operations "as a result of a massive decline" in demand.
The measures will affect major plants in Freeport, Texas; Geismar, Louisiana; Ludwigshafen, Germany; Antwerp, Belgium; Nanjing, China; and Kuantan, Malaysia.
"BASF already drew attention to the difficult economic situation at the end of October," Chief Executive Juergen Hambrecht said in a statement. "Since then, customer demand in key markets has declined significantly. In particular, customers in the automotive industry have canceled orders at short notice.''
Last year, the company's pretax profit was euro7 cash advance in one hour.6 billion on sales of euro57.9 billion. For 2008, BASF said it doesn't expect to achieve that figure.
Hambrecht said "it was difficult to foresee how the coming year would develop and said that BASF was preparing for tough times.''
The company saw its third-quarter earnings fall 38 percent to euro758 million ($959.1 million) from euro1.2 billion a year earlier.
In Ludwigshafen, it signed an agreement with its employee council to take advantage of flex time and vacation there, moves that will affect 5,000 workers.
"We are responding flexibly to market developments and are acting quickly," Hambrecht said. "BASF will now focus even more closely on cost and budget discipline, and will use opportunities arising from the crisis.''
He said the moves would not affect its planned 6.1 billion Swiss franc (euro4 billion; $5 billion) acquisition of Switzerland's specialty chemicals firm Ciba, which it hopes to complete by the first quarter of 2009.
"We will also proceed swiftly with the planned acquisition and integration of Ciba to further optimize our business," Hambrecht said.
The number of Americans filing new claims for unemployment insurance did not change from last week, remaining at an elevated level that indicates weakness in the nation’s economy.
The U.S. Department of Labor reported Thursday that initial filings for state jobless benefits rested at a seasonally adjusted 479,000 for the week ended Oct. 25.
Economists surveyed by Briefing.com expected the number to fall to 473,000 from the initially reported 478,000. Last year, there were 332,000 Americans filing new unemployment claims.
The Labor Department reported that there were 7,400 unemployment claims related to the effects of Hurricane Ike in Texas, down from the 12,000 such claims last week.
Ian Shepherdson, economist at High Frequency Economics, had hoped the fading of the impact of Ike would allow unemployment claims to fall.
Shepherdson said the fact that claims held steady shows a labor market in decline.
"There can be no question that the labor market is deteriorating; the only issue is the speed of the decline and the eventual peak in unemployment," he wrote in a note creditreports.
He said the national unemployment rate could reach 8.5%. It currently stands at 6.1%.
The four-week average of jobless claims, which smoothes out fluctuations fell to 475,500 from the week before. Last year, the average stood at 329,750.
A level of more than 400,000 was present throughout the last two recessions.
The number of American workers continuing to collect benefits for more than one week decreased by 12,000 to 3,715,000 for the week ended Oct. 18, the most recent data available. A year ago, there were 2,598,000 Americans continuing to collect benefits.
Four weeks prior, unemployment claims spiked to 499,000, the highest level recorded since the 517,000 claims filed in the wake of the Sept. 11 terrorist attacks.
Earlier this month, Labor Department reported net payroll nationwide declined by 159,000 in September, the ninth straight month the economy lost jobs.
Gas prices continued their decline one day after falling below $3 a gallon for the first time in nearly nine months, according to a daily survey of credit card swipes released Sunday.
The average price of unleaded regular fell to $2.95 a gallon, down 3.7 cents, according to the Daily Fuel Gauge Report issued by motorist group AAA. Prices have fallen more than 30 cents a gallon in the last week and 90 cents, or 23%, in the last 32 days.
The current national average is $1.16, or 28%, off the record high price of $4.11 that AAA reported July 17.
The last time the average price for a gallon of regular unleaded gasoline dropped below $3 a gallon was Jan. 25, when it reached $2.99.
Alaska has the most expensive gas, with prices averaging $3.90. The cheapest gas is found in Oklahoma, with prices averaging $2.54.
The decline comes as hurricane season winds down and oil prices drop over concerns that a prolonged economic slump would curb demand for energy savings account payday advance.
Oil prices rose above $74 a barrel in premarket trading Monday after settling Friday at $71.85 a barrel in New York. The rebound comes ahead of an expected production cut by the Organization of Petroleum Exporting Countries.
The cartel, which controls two-thirds of the world’s oil supplies, is set to hold an emergency meeting that begins Oct. 24 in Vienna.
OPEC ministers have expressed concern over the rapidly declining price of oil. Chakib Khelil, OPEC’s president, said Sunday that members are considering a "substantial" cut and that the oil market is oversupplied by about 2 million barrels a day.
A barrel of crude has lost roughly half its value since hitting an all-time high above $147 a barrel in July.
Alitalia (AZPIa.MI: Quote, Profile, Research, Stock Buzz) remained airborne on Saturday but Prime Minister Silvio Berlusconi ruled out any last-minute rescue by a foreign airline and said Italy’s flag carrier could be headed for bankruptcy.
“There is no possibility of another rescue bid so it could be that our Alitalia is heading towards bankruptcy procedures,” said Berlusconi, whose attempt to rally an Italian consortium to salvage the airline tripped this week on trade union opposition.
Alitalia flights were operating normally but may be grounded in a matter of days, and the airline liquidated, if there is no last-minute reprieve for talks between trade unions and the CAI consortium, which withdrew its offer on Thursday after pilots and flight attendants refused to accept its conditions.
Suffering from high fuel prices and an economic downturn that has hit airlines globally, Alitalia has been on the brink of collapse for years as political interference and labor unrest bled it of cash and caused it to pile up debt.
The government rules out further state aid or, as some leftists propose, the denationalization of Alitalia paydayloans. Italy is already in trouble with the European Commission over a 300 million euro ($435.2 million) loan to keep the airline flying.
Berlusconi returned to power in May promising to rescue the airline, in which the state owns a 49.9 percent stake, and keep it in Italian hands. He had opposed an offer for Alitalia by Air France-KLM (AIRF.PA: Quote, Profile, Research, Stock Buzz) under the previous centre-left government.
Union chief Guglielmo Epifani suggesting Alitalia should now be “sold to a big international airline”.
NO FOREIGN INTEREST
Shoppers have come to expect significant discounts these days as retailers struggle to attract customers in a sluggish economy. And while customers can count on big promotions this holiday season, there might be less merchandise to choose from.
The reason: Many retailers are reducing their inventories to avoid the staggering markdowns they were forced to make last year when shoppers cut back on purchases. Retailers are hurting from reduced sales so far this year, and those big discounts will further slam their margins and profitability.
"Everybody is on the same page. It will be a difficult holiday for retailers. And it won’t be good for consumers, either," said Erin Armendinger, managing director of the Jay H. Baker Retailing Initiative at the Wharton School of the University of Pennsylvania. "Smart retailers are trying to control their inventory so there won’t be massive markdowns."
Shoppers would be wise to buy items when they first see them, Armendinger said, because that merchandise might not be around if they wait for deeper discounts.
Armendinger’s advice follows disappointing back-to-school sales figures, a bad omen for holiday shopping. August retail sales fell 0.3 percent, following a drop of 0.5 percent in July, the Commerce Department said Friday. Excluding cars, purchases were down 0.7 percent, the most this year. The figures showed a drop of 1.5 percent in purchases at department stores, the biggest decline since April 2007.
The Commerce Department also said business inventories rose in July at the sharpest rate in four years, another sign that consumers are reluctant to spend.
Meanwhile, the International Council of Shopping Centers predicts that back-to-school purchases made from July through September — the biggest retailing season after Christmas — may climb only 1 percent, to $38.5 billion. That would be the slowest growth since 2001.
"Back-to-school was a total bust," said Armendinger.
Although Wal-Mart Stores Inc.’s August sales exceeded expectations, many other retailers, including midpriced merchants, saw declines in same-store sales. Kohl’s Corp., for example, reported August same-store sales fell 5.8 percent, and J.C. Penney Co. said they fell 4.9 percent.
In a statement, Penney said, "The company continues to expect that total inventory will be below last year’s level at the end of the back-to-school shopping season."
Although retailers already had been reducing inventory ahead of the back-to-school season, they still had to mark down merchandise, experts said.
Discounts were 10 percent deeper at mall-based apparel stores than a year ago, despite a drop of 10 percent to 15 percent in inventories, according to Dan Hess, founder and chief executive of the New York research firm Merchant Forecast.
That means consumers can expect to see less merchandise for the holiday season, said Tom Krause, director of strategic consulting for Fenton-based Maritz Research’s retail group.
"Last year retailers got burned with excessive inventory," Krause said cash til payday loan. "They know they will lose customers if they don’t have the selection, but retailers say it’s better than getting stuck with inventory."
However, Scott Krugman, a spokesman for the Washington-based National Retail Federation, said retailers are doing a good job of managing inventories. He didn’t anticipate any merchandise shortages.
"Reductions in inventories will affect last-minute shoppers the most," he said. "We’re conditioned to wait … most people wait, because we’re a nation of procrastinators."
Macy’s also believes there will be ample merchandise, said Ellen Fruchtman, a Macy’s spokeswoman in Atlanta. "Macy’s stores will be fully stocked, but the inventories will be managed," she said. "We’re working very hard to have an assortment that’s compelling enough that when a shopper sees just the right item, she won’t want to wait."
Macy’s Atlanta-based division oversees the St. Louis region.
A big question, according to some experts, is whether retailers can come up with merchandise that will be compelling enough to get people to open their wallets.
"There is no ‘it’ product this year. There is no ‘have-to-have,’" said Armendinger. "No one is looking for a shift in fashion. We’re past that point now, the economy is so bad."
But some retailers expect to have a good holiday season, particularly those that offer hard-to-find, sought-after items.
Among them is Jeff Glik, chief executive and president of Glik’s, the Granite City-based apparel specialty chain that has 52 stores primarily in rural and small-town locations. He said the chain expects holiday comparable-store sales to rise 1.1 percent.
The chain sticks to national brands, particularly those with limited distribution that can’t be found at retailers like Penney’s or Macy’s. Glik’s engages in very little promotional activity, so its margins are higher.
"People are staying closer to home," Glik said, "and we are reaping the benefit of that."
At the other end of the retail spectrum, Drea Ranek, one of the owners of Clayton’s upscale Lusso at 165 Carondelet Plaza, also expects strong end-of-the-year sales. The store’s unique merchandise is the key to its success, she said.
"We haven’t felt anything adverse," Ranek said about the store, which sells designer and one-of-a-kind clothing, home accessories and jewelry.
"Keeping it special is keeping us going," she said. "People are pickier about what they’re buying, but luckily, they’re still buying."
gappleson@post-dispatch.com | 314-340-8331
Lehman Brothers put itself on the block Wednesday as part of a last-ditch effort to rescue the investment bank from bad bets on real estate-related holdings that have already laid low other storied Wall Street firms.
The 158-year-old company’s chief executive Dick Fuld, known as "the gorilla" for his bloody-minded approach to investment banking, outlined a plan to sell off Lehman’s well-respected investment management unit and spin off its commercial real estate assets after it reported an almost $4 billion third-quarter loss.
"If anybody came with an attractive proposition that was compelling for shareholder value, it would be brought to the board, discussed with the board, and evaluated," Fuld said on a conference call. "We remain committed to examining all strategic alternatives to maximize shareholder value."
For investors, the strategy Fuld presented seemed long on hope and short on details, and raised questions about timing and execution, analysts said. Investors had hoped to see a solid plan in place to offset nearly $6.5 billion of losses during the past two quarters.
"This is agonizing for shareholders," said Mark Williams, a professor of finance at Boston University School of Management. "Fuld was supposed to have a war room started in March, when Bear Stearns nearly collapsed, to solve these problems, and at this point he has failed miserably."
The nation’s fourth-largest investment bank plans to sell a 55 percent stake in its investment management division, which includes its prized Neuberger Berman asset management unit. Lehman said it is in advanced talks with several bidders, but refused to give a timeline about when a deal would take place.
Investors were discouraged that no buyer had been named. Lehman began pitching a deal to private-equity firms two months ago. Analysts believe the sale could fetch about $3 billion.
Further, the firm is also taking a big bet that a spinoff of its commercial real estate assets will get a strong market reception early next year payday loans. The new entity will be called Real Estate Investments Global and will be run by an independent management.
Global banks have lost more than $300 billion from write-downs since the housing slump evolved into a full-blown credit crunch. Many on Wall Street believe another major bank failure is probable.
Compounding anxiety is that Lehman, unlike smaller rival Bear Stearns, might not be able to count on a lifeline from the government. Any Fed intervention on behalf of Lehman would heighten concern about the central bank’s role in encouraging so-called "moral hazard," where financial firms would be inclined to take extra risks because they believe the government will bail them out of their messes.
Lehman Brothers’ current crisis came to a head on Tuesday, when its shares plunged almost 50 percent after reports that the head of South Korea’s financial regulator said talks about a possible investment had ended. Fuld had been in negotiations with state-owned Korea Development Bank for several weeks about a capital infusion.
There are some who think Fuld will live up to his nickname and muscle through the firm’s rescue, although Lehman could be a much smaller firm than it is now.
Brad Hintz, an analyst with Sanford C. Bernstein and a former Lehman chief financial officer, said he is confident the company has enough capital, or that Fuld "would be selling his office furniture on eBay if he had to." He said his former boss has no intention of giving up the helm, and that the plan will keep Lehman in business.
"They are getting rid of the risk positions and keeping the company together because Dick Fuld knows his franchise is good," Hintz said.
Russian manufacturing contracted in August for the first time in almost four years as businesses won fewer new orders and companies cut jobs.
VTB Bank Europe's Purchasing Managers' Index fell to 49.4 from 50.4 in July, the fifth consecutive monthly decline and the first contraction since November 2004, the bank said in an e- mailed statement today. A figure above 50 indicates growth. The bank surveyed 300 purchasing executives.
“The major factor underpinning the weakening in activity has been a decrease in new orders, which fell for the first time in almost 10 years,'' Dmitri Fedotkin, an economist at VTB Bank Europe Research, said in the statement.
Growth this year may miss the Economy Ministry's forecast of 7.8 percent as foreign investors pull money out and corporate borrowing costs rise as a result of international tension over Georgia, Alexander Morozov, chief economist at HSBC Bank in Moscow, said on Aug. 29. Industrial output rose an annual 3.2 percent in July, a slower pace than economists expected.
“With output requirements set to fall in light of the drop in new work received during the month, Russian manufacturers shed staff on average in August,'' the report said without giving details. The workforce shrank for the fourth consecutive month, it said.
Affecting Demand
New orders placed in August could have fallen because of a drop in the pace of wage growth and high inflation, at an annual rate of 14.7 in July.
“It may have got to the point where this is affecting demand,'' Fedotkin said by telephone from Moscow.
OAO GMK Norilsk Nickel, the world's largest producer of the metal, has said it may halve the 11,400 member workforce at one of its two largest Russian units to cut costs. Russia's biggest steelmaker, OAO Severstal, has also said it will eliminate as many as 3,000 jobs after costs climbed 23 percent last year.
“This could be a very negative indictor of the future trend,'' said Vladimir Tikhomirov, chief economist at UralSib Financial Corp. While there is a “broad consensus between government and the market'' that economic growth will slow this year, “new factors'' have emerged, he said.
“We've seen a correction on global energy and raw- materials markets, and we've also seen political problems, which have led to an outflow of short-term investment,'' Tikhomirov said cash advance loans. “This has put some investment projects on hold.''
GDP Contribution
Manufacturing accounted for 16.2 percent of gross domestic production in the first quarter, he said, compared with 18.3 percent for retail and wholesale trade, the largest contributor. The natural resources industry directly contributes 9.4 percent, though the industry indirectly drives 30 percent of the country's economic activity, Tikhomirov said.
Finance Minister Alexei Kudrin said on Aug. 17 that investors pulled $7 billion out the country between Aug. 8 and Aug. 11 after Russia's military incursion into Georgia.
The war was sparked by Georgian attempts to retake its breakaway province of South Ossetia, where most citizens have Russian passports. Russia sent troops, tanks and warplanes into the former Soviet republic before President Dmitry Medvedev ended military operations on Aug. 12. He subsequently recognized the independence of South Ossetia and Abkhazia, another separatist region, a step that angered the U.S. and Europe.
EU Summit
EU leaders are holding an emergency summit in Brussels today to consider a joint response to Russia's recognition of the two regions. Their options are limited, as Europe gets a quarter of its natural gas from Russia, and some leaders have played down the threat of sanctions.
Still, businesses in the PMI survey said costs eased in August even as transport, energy and metals prices rose.
“Input price inflation slowed more sharply than in any period in the 11-year survey history,'' the report said.
The cost of goods leaving factories and mines surged an annual 33.7 percent in July, the fastest pace in 3 1/2 years, led by fuel and coking coal prices, the Federal Statistics Service said on Aug. 21.
The PMI is derived from indexes which measure changes in output, orders, employment, suppliers' delivery times and stocks, according to VTB.
Democrats shaped a set of principles Saturday that commits the party to guaranteed health care for all, heading off a potentially divisive debate and edging the party closer to the position of Barack Obama’s defeated rival, Hillary Rodham Clinton.
The party’s platform committee moved smoothly through a range of issues for the fall campaign and approved a document that will go to the Democratic convention in Denver later this month for adoption.
There was little dissent — or room for it — in the day’s meeting and a compromise on health policy took one flash-point off the table.
Obama, soon to be the Democratic nominee, has stopped short of proposing to mandate health coverage for all. He aims to achieve something close to universal coverage by making insurance more affordable and helping struggling families pay for it.
Advisers to Obama and Clinton both told the party’s platform meeting they were happy with the compromise, adopted without opposition or without explanation as to how health care would be guaranteed.
In return for the guarantee, activists dropped a tougher platform amendment seeking a government-run, single-payer system and another amendment explicitly holding out Clinton’s plan as the one to follow.
The party now declares itself "united behind a commitment that every American man, woman and child be guaranteed to have affordable, comprehensive health care."
Under any system in play, most people would still put out money for health insurance as they do now, but they would get help when needed.
That was a common feature of the plans put forward by Obama and Clinton in the primaries. But she would have required everyone to get insurance while his plan makes it mandatory only for children.
Democratic Party Chairman Howard Dean praised "the spirit of this compromise." Judith McHale, a Clinton supporter who helped to lead the platform meeting, said Obama and Clinton advisers worked collegially throughout the process.
For the 186-member platform committee, one imperative Saturday was to satisfy Clinton loyalists still sore from the often acrimonious primary fight while keeping policy firmly in sync with Obama’s campaign.
Democrats made mostly cosmetic changes to a platform draft prepared for the meeting, a process designed to showcase unity more than to air differences in the party at large on hot-button issues such as the Iraq war, abortion and health care.
Party platforms are a statement of principles that are not binding on the candidates or the next president and they are typically given little attention after they are adopted.
Even so, the party’s decision to embrace guaranteed health care is bound to become a leading yardstick by which Obama’s presidency will be measured if he wins in November.
On Iraq, the platform states that Democrats "expect to complete redeployment within 16 months," reflecting Obama’s time frame but not the tone of certainty he brought to it when he was running in the primaries.
The 51-page platform draft showed the influence of Clinton’s supporters not only in the extensive section on health care but in its assertions about the treatment of women cash advance. Some of her backers believed sexism dogged her campaign for the nomination.
An extensive section on women’s rights is included and the votes she received in the primaries are described as "18 million cracks in the highest glass ceiling."
Even so, the platform is thoroughly tuned to Obama’s proposals.
It reasserts his promise of energy rebates to struggling families, pension subsidies, a crackdown on predatory lenders, higher taxes for families earning over $250,000, tax breaks for others, billions for economic stimulus and "direct high-level diplomacy, without preconditions," in the case of Iran.
On trade, it promises a multilateral approach to improving the North American Free Trade Agreement, without saying specifically what those changes should be. Obama criticized NAFTA when campaigning in states that felt disadvantaged by it, but the platform offers no suggestion he would take unilateral action against the deal.
Instead, it says: "We will work with Canada and Mexico to amend the North American Free Trade Agreement so that it works better for all three North American countries."
Democrats typically have a strong plank in favor of abortion rights; this year’s version is stronger than usual. "The Democratic Party strongly and unequivocally supports Roe v. Wade and a woman’s right to choose a safe and legal abortion, regardless of ability to pay, and we oppose any and all efforts to weaken or undermine that right," it says.
Gone is the phrase from the past that abortions should be safe, legal and "rare."
The party also pledges to ensure access to adoption programs, prenatal and postnatal care and income support programs for expectant mothers who need the help.
The party also:
–Promises "tough, practical, and humane immigration reform in the first year of the next administration."
–Favors restoration of the ban on assault-type weapons and other "reasonable regulation" that recognizes the constitutional right to own and use firearms.
–Favors helping religious groups provide social services as long as "public funds are not used to proselytize or discriminate."
–Promises to close the Guantanamo detention center.
–Promises to double the Peace Corps.
Pittsburgh Steelers chairman Dan Rooney and his son, team president Art Rooney II, want to buy Dan Rooney’s brother’s shares in the team.
The Steelers report that some of Dan Rooney’s four brothers want to focus their business efforts elsewhere.
The Rooney family owns racetracks in New York and Florida and they’ve added forms of gaming that are inconsistent with NFL gambling policy.
The team says the NFL is working with the Rooneys on an agreement concerning separation of gambling interests and on restructuring the ownership if part of the team is sold.
Dan Rooney says he’ll work to keep the team in the Rooney family and in Pittsburgh free credit report.com. Art Rooney II says the discussions should have no affect on the team or its fans.
Powered by WordPress -- XHTML 1.0