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   PastimesTriffin's Market Diary


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To: Triffin who wrote (534)3/7/2019 3:08:42 PM
From: Triffin
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BC: TIDAL CHART
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To: Triffin who wrote (535)3/24/2019 10:00:23 PM
From: Triffin
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BC: THE OPPOSITE
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I had an epiphany ( of sorts ) recently with regards
to how I've allowed the 24/7/365 ankle biting liberal
lying MSM's anti-Trump anti-USA spin to negatively affect me ..

So, rather than continue to "rise" to their biased "bait" ..
It occurred to me that their "coverage" of any liberal agenda item ..
is in actuality the perfect "contrary indicator" ..
In other words .. If the MSM is promoting a particular "agenda"
be it global warming, the new green deal, the rise of socialism in America,
promoting idiots in Congress like AOC and the Somali traitor etc etc etc ..
Then "by definition" their "view" has to be WRONG !!
The mere fact that the MSM is "spinning" ANY story ..
Self identifies it ( for the rest of us ) as to WHAT NEEDS TO BE OPPOSED..

Rather than be constantly annoyed by the MSM
I'm actually grateful that they unerringly illuminate and
promote on a daily basis that which is inherently FALSE and WRONG ..

MSM says Open Borders = Build a Wall
MSM says let illegals in = Immigration Reform
MSM hates Kavanaugh = He must be an excellent appointment
MSM says Trump/Russian Collusion = Clinton/Obama/Russian Collusion more probable
MSM says Green New Deal = Build GEN III and GEN IV Fission Reactors
MSM says Global Warming = Expect Global Cooling

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To: Triffin who wrote (536)4/7/2019 1:29:49 PM
From: Triffin
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BC: MAKING BANK
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What does Donald Trump really own?

By Katherine Clarke | July 01, 2013



In the peach- and white-veined marble lobby of Trump Tower on Fifth Avenue, tourists can shop for items from Donald Trump’s clothing line and buy his best-selling book, “Trump: the Art of the Deal.” In the Trump Organization’s offices on the 26th floor, the walls are decorated with images of “The Apprentice” star on the covers of magazines, from Esquire to Playboy. And at the top of the building lies Trump’s personal residence, a gold- and marble-clad Louis XIV–style penthouse spread over three floors, where the 67-year-old real estate developer lives with his wife Melania, a former model, and their seven-year-old son, Barron (a child who is reportedly swabbed with caviar-enhanced moisturizer each night before bed).

It’s easy to see how life behind those gold-plated doors could lead to an inflated sense of self, and even in an industry full of billionaires, the outspoken Trump is known for his ego.

An example of his trademark bravado: In an interview at Trump Tower last month, Trump told The Real Deal that he’s only interested in acquiring one-of-a-kind, über-luxury properties.

“Unless it’s going to be iconic, I have no interest,” he said. “The word ‘trophy’ is not even good enough.”

In addition, he said: “I would not be surprised if my cash position was stronger than anyone in the [real estate] industry.”

But many are skeptical of such claims of grandiose wealth, and over the years, the question of Trump’s actual net worth has become a controversial one. Trump has accused both Forbes magazine and “Trump Nation” author Timothy O’Brien of under-estimating his wealth. (He filed a defamation suit in 2006 against O’Brien, who had estimated Trump’s net worth at between $150 and $250 million, claiming that the assertions in his book were inaccurate and had cost the Trump Organization deals. The suit was eventually dismissed.)

Among the most outspoken skeptics of Trump’s claims are those in the New York City real estate industry, who note that he no longer owns many property assets here. Trump is well known for building Trump Tower, of course, and for developing a number of residential high-rises, such as Trump Park Avenue at 502 Park Avenue and Trump World Tower at 845 United Nations Plaza, from the late 1980s to the early 2000s. But most of those properties have long since been sold to individual unit owners. And Trump hasn’t bought or developed any New York City buildings in recent years.

Meanwhile, a Trump Organization spokesperson confirmed that Trump also no longer owns the properties he inherited from his late father, Fred, who started the family real estate business in outer-borough neighborhoods like Coney Island, Sheepshead Bay and Flushing. The Trump Organization sold most of those buildings in 2004, according to a spokesperson.

“Donald Trump is not a major player in New York City real estate,” said Jordan Barowitz, director of external affairs at the Durst Organization. “My guess is [that he owns] about 1.5 million square feet total. For comparison, the Durst Organization owns 13 million square feet in Manhattan.” (In fact, Trump owns more than 2 million square feet of commercial space in New York City.) Or as Michael T. Cohen, president of the tri-state region at Colliers International, put it: “Trump casts a very large image on the real estate scene considering that he only has [a few large] assets.”

But others noted that Trump has an asset most developers don’t: fame.

“Consumers know his name,” said fellow billionaire and New York real estate titan Richard LeFrak. “That’s what sets him apart.”

And Trump has an uncanny knack for parlaying that fame into various money-making opportunities.

Trump “understands people,” said Steve Roth, chairman of real estate giant Vornado Realty Trust. “He understands what they want to buy, and what they don’t want to buy.”

The Trump Organization concedes that there’s an air of mystery surrounding its portfolio, which includes core real estate assets in New York and internationally as well as an array of unrelated enterprises, such as the Miss Universe pageant and “The Apprentice” television franchise. Much of the confusion stems from the fact that Trump frequently licenses his name to products — and buildings — he has not developed and does not own, such as the hotel and condominium Trump Soho in Manhattan and the Trump International Hotel & Tower in Dubai.

Forbes’ most recent assessment put Trump’s total net worth at $3.2 billion, but the Trump Organization said the true figure, including the value of the Trump brand, is around $8.6 billion. In an attempt to prove it, the company provided TRD with a 2012 financial report prepared for Trump by his accountant, WeiserMazars, a major national firm. The report puts Trump’s total net worth at approximately $4.56 billion, including $1.38 billion worth of New York City commercial real estate; $351.55 million in New York residential properties; $1.57 billion in golf courses, resorts and related facilities across the world; and $823 million in interests in joint ventures. He also has some $451.7 million in debt and other commitments, plus personal cash and marketable securities in the amount of $169.7 million, according to WeiserMazars. In addition, and most controversially, the company said it believes the Trump brand is worth some $4 billion.

Using the WeiserMazars report and public records, as well as information provided by industry sources, TRD has inventoried Trump’s most significant real estate assets. The Trump Organization declined to provide the net operating income or the estimated dollar value of any of its individual properties to The Real Deal. The WeiserMazars report didn’t provide values for each individual asset, but instead grouped assets into categories and then provided figures for those categories. (As a sidenote, several assets straddled different categories.) Finally, we also asked industry insiders to estimate what individual assets are worth. Read on for a closer look.

The Trump Brand
Trump’s estimated value: $4 billion



In the Trump Organization’s eyes, its most valuable asset is the Trump name itself. For decades, Donald Trump has diligently cultivated his brand, and he’s now a TV star in his own right due to the ongoing success of “The Apprentice,” which is now in its 13th season.

It’s not all theoretical. Trump has found numerous ways to monetize his brand. Most notably, he’s licensed his name to no less than 17 different kinds of products, from clothing and perfume to vodka and mattresses, as well as glassy high-rise towers as far afield as Istanbul and the Philippines.

At projects such as the Trump Soho hotel/condominium at 246 Spring Street (developed by a partnership between the Bayrock Group and New York City developer Tamir Sapir) Trump is paid for the use of his name, but does not invest any of his own capital. Trump sometimes manages these projects, as he did in the case of Trump Soho, and always takes a licensing fee of $5 to $10 million, according to news reports. In some cases, he also takes a portion of potential future sales at the building.

Trump’s most recent licensing deal, announced last month, is for a hotel and condo tower in downtown Vancouver.

Terms of the agreements made with the developers of Trump-branded properties vary, and the Trump Organization declined to provide details of all the specific arrangements. But the company did say it has some $74.14 million worth of real estate licensing deals. And publicly available court records reveal that Trump pocketed more than $3.2 million in royalties for his clothing line, which is sold at Macy’s, between 2005 and 2007.

Sources agreed that these licensing deals are likely very profitable.

“If you can make licensing deals work, it’s a beautiful thing,” said developer Izak Senbahar of New York–based Alexico Group, which is currently developing the condo 56 Leonard, which will be the tallest building in Tribeca. “You’re not taking the risk, you’re only giving your name and taking a fee plus upside.”

He added: “You have to give credit for creating such a brand. Who else can go to Panama City or Istanbul and license their name that way?”

LeFrak compared the licensing deals to “going to the box office and taking [a share of] the gross.”

“He’s using something he has to his best advantage,” LeFrak said. “It’s very clever what he’s been able to do.”

But Trump has faced criticism for these licensing deals, which have occasionally landed him in legal trouble with buyers. In 2011, for instance, buyers at three separate Trump-branded properties, including the Trump International Hotel and Tower Fort Lauderdale, sued the mogul for allegedly misleading them into believing he was the developer and later pulling his name from the projects once they went belly-up. The Trump Organizations denies those claims. Some of those lawsuits, however, are still ongoing.

And Trump has not put his name on a U.S. property since his Soho project began construction in 2007, leading some branding experts to speculate that it no longer holds the same weight it once did in the U.S.

James Fox, CEO of the strategy firm Red Peak Branding, which does work for large companies such as Intel and American Express, said the Trump Organization’s brand estimate of $4 billion “seems like a very high number given that, certainly in the U.S., his brand has been in pretty steady decline.”

The Trump brand likely had the most cachet in the 1980s and 1990s, he said, when “American capitalism was on the rise, and he was its poster boy. He acted kind of like a rock star, with beautiful women and beautiful cars. People aspired towards that, because all of culture was moving in that direction.”

Since the recession, however, American consumers are gravitating towards more humble, “authentic” brands, Fox said. In part, he said, that’s why Trump has started targeting consumers in other markets, which are more susceptible to what he called “the Trump idea of materialistic success.”

“All developing markets go through a period of conspicuous consumption,” Fox said. “There’s an emerging middle class, and people want to show and wear the wealth.” In response, Trump told The Real Deal that while he was “hot” in the 1980s, he was only “hotter” now, thanks in part to “The Apprentice.” The reason he does not do so many licensing deals in the U.S., he said, is because the economy is weak here and he’s focused on buying assets rather than licensing his name.

And the Trump Organization stands by its estimate of $4 billion for the brand, which came from a valuation the company commissioned six years ago from the brand strategy firm Predictiv. Predictiv pegged the value of Trump’s brand at $3 billion, and the Trump Organization estimated that it has increased to $4 billion since then.

Jon Low, a partner at Predictiv, said his analysis found that Trump-branded projects generally commanded prices and rents between 9 and 17 percent above the average for the areas in which they’re located.

“There are people who will pay a premium to stay at a Trump-branded property, even when other accommodations are available at a lower price,” Low said.

Office buildings and residential real estate
Trump’s estimated value: $2.9 billion

Donald Trump started out as a real estate developer, and property holdings do make up the lion’s share of his holdings (aside from his brand). The Trump Organization said it has a total of $2.9 billion worth of commercial and residential real estate. In addition to more than $74 million in real estate licensing deals, that includes $1.38 billion in New York City commercial buildings, $351.55 million in New York residential buildings and $823.3 million worth of real estate in joint ventures.

According to TRD’s research, however, these estimates may be slightly high. For example, while the Trump Organization values its combined interests in Trump Tower, Niketown, 40 Wall Street, 1290 Sixth Avenue and 555 California Street, located in San Francisco, at some $2.13 billion, industry experts said the total is likely closer to $1.86 billion.

Commercial real estate

Trump’s best-known — and likely most valuable — commercial real estate asset is his headquarters, Trump Tower, a 68-story mixed-use tower at 725 Fifth Avenue. The building, which is now 100 percent leased, was developed by a partnership of Trump and the Equitable Life Assurance Society of the United States in 1983, but Trump now has full control of the commercial and retail components of the tower, records show.

Robert Von Ancken, chairman of Landauer Appraisal Services, a division of Newmark Grubb Knight Frank, estimated the total value of Trump Tower’s commercial and retail spaces at $460 million. The Trump Organization said the building was refinanced for $100 million in August 2012, allowing Trump to take a cash distribution of over $73 million. The loan, with an interest rate of 4.2 percent, matures in 2022.

Another one of Trump’s major commercial assets is 40 Wall Street, a 1.3 million-square-foot office building where Trump has had the leasehold since 1995. Michael Cohen, in-house counsel at the Trump Organization, said the mogul had paid $1 million for the leasehold; other reports say $10 million.

Either way, the value of the leasehold has increased exponentially since Trump bought it; experts said it’s now worth $350 to $400 million. And the pre-tax net operating income at the building as of 2011 was $20.89 million, according to the Department of Finance, while expenses totaled $14.4 million. However, Trump has a $160 million mortgage attached to the property with an interest rate of 5.71 percent, according to WeiserMazars.

Tenants in the building include Countrywide Insurance, Walgreens/Duane Reade and the American Precious Metals Exchange. Industry insiders said that due to generous tenant incentives, some tenants are paying as little as $30 per square foot, despite official asking rents of roughly $50 a foot. Trump’s son Donald Trump, Jr., who heads commercial leasing at the property, told TRD that some tenants in the lower portions of the building are paying in the $30s per square foot but the overall average for the building is between $40 and $60 a foot.

Trump also has the leasehold at the Niketown building at 6 East 57th Street. The eight-story retail building, which abuts Trump tower, is the national flagship of sports brand Nike.

Von Ancken said Trump’s leasehold is likely worth some $200 million, taking into consideration the fact that Nike’s lease in the building expires in 2017. While there does not appear to be a mortgage on the property, the building serves as collateral for bonds held by Trump to the tune of $46.4 million, according to WeiserMazars.

Trump acquired the last two significant pieces of his commercial real estate holdings, 1290 Sixth Avenue and San Francisco’s 555 California Street, in an unusual way: through a property swap.

It all started in 1994, when Trump was facing foreclosure on the Riverside South residential high-rises he’d developed on Manhattan’s far West Side. He sold a majority interest in the buildings to a consortium of Hong Kong investors, who then made a deal to swap the properties with Extell Development and the Carlyle Group in exchange for 1290 Sixth Avenue and 555 California Street. Trump objected to the exchange, thinking it undervalued the Riverside South properties, but as a minority owner, he had no legal way to stop it. His name still adorns many of the Riverside South properties, for which he also has a management contract.

Today, Trump owns a 30 percent stake in both 1290 Sixth Avenue and 555 California Street. A 43-story trophy office tower, 1290 Sixth is worth $1.5 billion, Von Ancken said, with Trump’s stake worth around $450 million (without considering taxes or liabilities).

And 555 California Street, a 2 million-square-foot building with tenants such as Microsoft and AXA Equitable, would likely sell for around $800 per foot, or $1.36 billion, San Francisco brokers said. That makes Trump’s interest worth in excess of $400 million.

Residential real estate

The Trump Organization values its holdings in New York City residential properties at more than $350 million, according to WeiserMazars. But just as in commercial real estate, industry experts said that figure may be too high.

For example, Trump in 1995 paid $7.5 million for a 213-acre estate just outside the town of Bedford in Westchester County. Called Seven Springs, the property features a 13-bedroom mansion, but is also zoned to allow for the construction of 13 additional homes at the site.

Local brokers put the property’s value at around $40 million, noting that Westchester County’s highest-ever home price was the December sale of the 100-acre Devonshire estate for $21 million. The Trump Organization declined to give a specific figure but it said it believes the estate is worth more than seven times that, based on the projected cash flow it would derive from the sale of the 13 properties on the site.

Trump originally planned to build a golf club on the site, but revised those plans in the face of opposition from local authorities. The company has no immediate plans to build the houses, the company said, but may bring in a third party to develop them eventually. A mortgage on the property has an outstanding balance of $7.52 million, according to WeiserMazars.

Another significant part of Trump’s residential portfolio is the plethora of New York residential high-rises with the Trump name. There’s Trump Park Avenue, Trump World Tower, Trump Palace on East 69th Street, Trump Parc at 106 Central Park South, Trump Parc East at 100 Central Park South, Trump Plaza on 61st Street and Trump International Hotel & Tower at 1 Central Park West.

Upon seeing these buildings, passersby could be forgiven for thinking that Trump owns a huge swath of New York City. But most of the apartments in the properties are no longer owned by Trump: The majority are co-ops and condos that have long since sold out.

Trump does still own 23 apartments at Trump Park Avenue, which he rents for rates as high as $100,000 per month, and 19 units at Trump Parc.

And he also maintains ownership of most of the commercial and retail spaces in the buildings bearing his name. At Trump International, for example, Trump manages the hotel and condo portions of the building and owns the commercial elements of the property, including a garage facility and retail space, which currently houses the restaurant Jean Georges. Trump also retains rights to the rooftops of most of his buildings and leases the spaces to cell network providers such as Verizon for a fee.

The Trump Organization does have some debt on these properties, including a $22.2 million loan on the developer’s interest in Trump Park Avenue and an $8.3 million loan related to the commercial and retained residential portions of Trump Plaza.

Another major contributor to Trump’s wealth are his sprawling personal homes, each worth millions. Most significant of these is his personal apartment at Trump Tower. Occupying the 66th to 68th floors of the building, the triplex penthouse is decorated in diamond, 24-carat gold and marble, and features an interior fountain and a massive Italianate-style painting on the ceilings. Asked by The Real Deal what the apartment might be worth, Trump said only that if he were to put the property up for sale, it would most certainly be the priciest apartment on the market in New York City.

Douglas Elliman Chairman Howard Lorber estimated that the unit could sell for upwards of $100 million if it came on the market today, thanks to its location on Fifth Avenue and its likely appeal to foreign investors.

Trump’s other homes include a Beverly Hills mansion on Rodeo Drive. Lee Ziff, a Beverly Hills broker with Keller Williams, told TRD that the house is likely worth $8.5 to $10 million, though he said he has not seen the inside.

But the mogul also owns residential properties as investments rather than vacation spots. For example, he owns two private houses in Palm Beach, Fla., adjacent to his Mar-a-Lago country club. The houses, which are 4,643 square feet and 1,950 square feet, according to real estate website Zillow.com, are worth around $6.5 million and $3 million, estimated Jonathan Harris, an agent at Valore Group Real Estate in Palm Beach.

And a slick business maneuver recently allowed him to nab a major residential asset for a major discount: the 2,000-acre Kluge estate in Charlottesville, Va.

Formerly owned by media billionaire John Kluge and his wife, Patricia, the property features a 23,000-square-foot mansion but is also a functioning commercial winery and vineyard.

Facing default following her husband’s death, Patricia Kluge put the estate on the market for $100 million about four years ago. Her lender, Bank of America, seized the property before she could unload it.

Trump bought the property out of foreclosure in 2011, paying only $7.9 million for the vineyard, winery and its equipment, and the land surrounding the house; those assets alone were valued by the bank at $60 million.

The 45-room mansion, meanwhile, was on the market for $16 million. In a bid to get it for far less, Trump let the property’s grounds become overgrown so they’d be unappealing to buyers. Eventually, he convinced the bank to sell him the house — for just $6.5 million. Ultimately, Trump paid a total $14.4 million for the entire property, now known as Trump Vineyard Estates and managed by Eric Trump.

Resorts, country clubs and golf courses
Trump’s estimated value: $1.57 billion

In recent years, Trump has invested heavily in “lifestyle properties” such as golf courses, resorts and country clubs. He owns at least 13 golf courses across the globe, including the 1,200-acre Trump International Golf Links in Scotland.

Putting a dollar figure on the value of these assets is tricky, however, because many of them come with development rights or the potential for other uses. The Trump Organization values its combined interests in these club facilities and related lifestyle properties at roughly $1.57 billion, according to WeiserMazars.

Among the most valuable of these assets is the Doral Resort & Spa in South Florida, which Trump bought out of bankruptcy for $150 million last year in another fire sale acquisition. The 800-acre property includes five golf courses, 700 hotel rooms, meeting and conference space, a 50,000-square-foot spa and an extensive retail component. Based on current prices in the Miami area, where land has been trading at close to $20 per square foot, real estate experts said the current value of the land alone at Doral could exceed $1 billion. Trump has a $125 million loan on the property, according to WeiserMazars.

Another significant holding is the oceanfront Trump National Golf Club in Los Angeles at Palos Verdes, where Trump has development rights to build 75 homes adjacent to the course. Trump told The Real Deal that he’d already sold five of the lots for up to $5 million apiece but was not actively looking to sell more.

At Trump National Golf Club Westchester in Briarcliff Manor, Trump has rights to develop 87 luxury condos. Sixteen of those have already sold for $1.5 million to $2.45 million, according to the Trump Organization, which said it has no immediate plans to build the remaining properties.

While golf courses seem to be one of Trump’s primary interests right now, he also has interests in other kinds of lifestyle properties. For example, in Florida he owns the Mar-a-Lago country club, a 17-acre property with a 20,000-square-foot ballroom, which has played host to celebrities such as Michael Jackson, Celine Dion and Oprah. Commercial real estate brokers said it was difficult to determine a value for such an idiosyncratic asset, for which there are few comparables. Taking a stab, Harris said the property could ask as much as $250 million if it came on the market today.

Some of the properties in this category haven’t always been positive additions to Trump’s balance sheet.

In Nevada, Trump owns a 50 percent interest in Trump International Hotel Las Vegas, which he developed alongside real estate and casino mogul Phil Ruffin. Originally designed as a condominium, the property now operates primarily as a hotel; when it opened in 2008, the units sold rapidly but buyers couldn’t close once the crisis hit. Trump and Ruffin ended up high and dry with 900 units they couldn’t sell, Ruffin told The Real Deal.

“It was negative for a while,” Ruffin said in a phone interview last month. “Without the brand, we probably would have let it go.”

Trump and Ruffin are close to closing a deal for 300 of the building’s units with a division of Hilton, which will use them as timeshare properties, Ruffin said. Hilton will pay around $100 million, he said. Ruffin said the deal would eradicate most of the partnership’s debt on the building, and that he and Trump will then be left with between 500 and 600 units, which will continue to be operated as a hotel.

And in Atlantic City, a portfolio of properties along the boardwalk that bear the Trump name are the source of the widespread misconception that Trump at one point went personally bankrupt.

Trump bought the portfolio, now known as Trump Taj Mahal Hotel & Casino, in 1987. The property’s ownership entity, Trump Entertainment Resorts, filed for bankruptcy four times between 1991 and 2009. After the first bankruptcy, the company went public and Trump began reducing his stake in it, from 36.6 percent in 1991 to just 5 percent today, the Trump Organization said. He is also no longer chairman of the company’s board.

Entertainment and other assets
Trump’s estimated value: $317.6 million

Trump also owns a wide variety of other enterprises outside the realm of real estate. For example, the real estate magnate owns the Miss Universe, Miss USA and Miss Teen USA pageants, which the Trump Organization said are collectively worth a total of $15 million.

In addition, he owns a talent and modeling agency, Trump Model Management, and 50 percent of the value of the rights to “The Apprentice,” which he shares with producer Mark Burnett and on which he’s been focusing much of his time and attention of late. He also owns several airplanes, including a Boeing 757 and a Cessna Citation X.

But regardless of how many planes or buildings he has, Trump has made one thing clear over the years, which accounts for a significant portion of his wealth: he knows how to stay in the spotlight.





Donald Trump is running for president (Susan Watts/New York Daily News)

He may be eyeing a place in the White House but Donald Trump has no shortage of other houses to fall back on should his bid for POTUS not work out.

The real estate mogul, who's been showboating about his alleged $10 billion net worth for weeks, has a string of private mansions, both in New York and across the country, that could give the White House a run for its money.



Trump's most famous home is his three-story penthouse high atop the Trump Tower in New York City



1. Trump's personal penthouse

Trump spends most of his time at Trump Tower, the massive Fifth Ave. building that's home to both the offices of his business empire and his own personal residence, a three-level penthouse designed to look like the Palace of Versailles. The huge pad, which has almost unparalleled views of Central Park, is decked out in typical Trump style, with 24-carat cold and diamond accents, hoards of marble and detailed, hand-painted ceiling murals.

The opulent residence, at 725 Fifth Ave., is one of the most valuable in New York City and would likely sell for up to $100 million if it were to come on the market today, experts said.



Trump Parc East at 100 Central Park South (Noonan Jeanne Freelance NYDN)

2. Trump Parc and Trump Park Ave.

As if one palatial Manhattan penthouse wasn't enough, Trump has close to 40 other Manhattan apartments to call his own.

Back when he was still known for building properties from scratch, the property titan built a string of high-end Manhattan condo buildings, including Trump Parc at 106 Central Park South and Trump Park Avenue at 502 Park Ave.

Most of the units in those buildings sold long ago but Trump did have the good sense to hang on to a few — about 40, in fact, across the two buildings. He's since rented them out, some for as much as $100,000 a month. Daughter Ivanka has a pad at Trump Park Ave., which she shares with hubbie Jared Kushner and children Arabella and Joseph.

The bet paid off.

Trump just sold one of the penthouses at Trump Park Avenue for $21 million, according to recent reports.



Aerial view of Mar-a-Lago, the estate of Donald Trump, in Palm Beach, Fla.

3. Mar-A-Lago

It's the ultimate Palm Beach palace.

One of Trump's most prized assets is perhaps the Mar-a-Lago country club, a 17-acre property with a 20,000-square-foot ballroom, that was formerly used as a private mansion but is now used as a hotel.

The property, where celebrities such as Oprah, Michael Jackson and Celine Dion have all stayed, also played host to multiple Trump weddings, including Eric Trump and Lara Yunask's 2014 nuptials.

It's said to be worth in excess of $250 million, just short of the $317 million valuation of the White House.



An airial view of Seven Springs

4. Seven Springs

Trump also owns a grand private summer retreat in Bedford, N.Y., with 60 rooms, two servants wings, 15 bedrooms, three pools including one cased in Italian marble, a bowling alley and 230 acres of land.

He originally purchased the property, known as Seven Springs, for $7.5 million in 1996 with a view to transforming it into another Trump-branded golf course but ultimately dropped the plans. There are currently approvals to build 14 other homes on the estate, but Trump has not made use of them so far.

Instead, the Trump family uses the property as a retreat from the city, riding ATVs, going on hikes and fishing. Trump also reportedly allowed Libya's Muammar Gaddafi to stay in a tent there while attending the UN Summit, when no hotels would have him.

The main house, which was built by late Federal Reserve Chairman Eugene Meyer, dates back to 1919.



Trump owns onetime socialite Patricia Kluge's former estate in rural Virginia (AP)

5. The Kluge Estate

Should Trump feel the urge to head south, he can stay at Trump Vineyard Estates, a 2,000-acre property he owns in Charlottesville, Va.

The huge property, which comprises a 23,000-square-foot mansion and a working winery and vineyard, was formerly owned by German-born entrepreneur John Kluge, formerly the richest person in America.

Trump snagged the property for a bargain $14.4 million after Kluge's widow, Patricia Kluge, defaulted on her loans and Bank of America took control of the home.

Trump first acquired the front and back yards that then held the bank over a barrel in order to get the best price for the house itself. He let the yards become overgrown and then erected "No Trespassing" signs all over the lawns in order to deter other would-be buyers and get the best price from the bank.



Donald Trump has been known to spend time on the west coast

6. Beverly Hills abode

When he's out west, Trump can head to his six-bedroom, five-bathroom Colonial-style mansion on Rodeo Drive in Beverly Hills. It has a flood-lit tennis court, a pool, a spa, a library and media room, marble floors, original moldings and a dramatic curving staircase fit for a movie-star entrance.

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To: Triffin who wrote (537)4/20/2019 6:11:59 PM
From: Triffin
   of 633
 
BC: STAY THE COURSE
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One of the hardest things for investors to learn is just how unpredictable the stock market can be.

It’s easy to see what’s happening now, compare that with what has happened recently, decide you see a trend and conclude that the trend will continue.

When you do that, you’re sometimes correct. And you’re sometimes wrong. Oh, so very wrong.

One major thing investors should expect is to be surprised. Sometimes really surprised.

I’ll give you a handful of examples to make that point and — more important — show you what I think is the best way to cope with the unknown.

To keep things simple, I’ll focus on the history of the S&P 500 index SPX, +0.16%the most widely used proxy for the U.S. stock market, from 1970 through 2018.

So let’s imagine a young person just starting out in 1970 with a plan to invest $1,000 a year, putting in $83.33 a month, and to increase that amount by 3% every year as her income went up.

In the first five years, 1970 through 1974, her savings would total $5,310 and but her portfolio would have been worth only $4,127.

She would have seen the S&P 500 go up in three years and then suddenly lose 14.8% in 1973 and another 26.5% in 1974.

It’s hard to know what she might have expected from the next five years, but she certainly could be forgiven for being less than enthusiastic about the market. At that point she could have bailed out of the stock market, and many people would have agreed that was the right thing to do.

But in fact, when you have a good long-term plan, as she certainly did, the right thing to do is stick with it, even when it’s uncomfortable and your friends think you should change course.

Let’s assume our investor did that by adding another $6,155 in 1975 through 1979. She would have been glad she did:

The S&P 500 rose 37.2% in 1975 and another 23.8% in 1976, with another gain of 18.4% in 1979.

By the end of 1979, her portfolio was worth $16,270, nearly four times what it was worth in those dark, discouraging days of 1974.

In the middle of the decade, few people would have predicted that outcome.

Let’s recap the 1970s in this table:

The ‘70s at a glance
Average annual return7.4%
Best annual return37.1%
Worst annual return-26.5%
Her cumulative investments$11,465
Ending portfolio value$16,270
While her gains over those 10 years were far from spectacular, she did wind up with more than $16,000 that she would not have if she had spent the money instead of saved it. About 30% of her portfolio came from stock market gains, and the rest was what she had put in.

The 1980s were a quite different story — one with a happy ending she could not possibly have predicted. Assume she continued with her plan, adding another $14,064 over those 10 years.

Here’s the result:

The ‘80s at a glance
Average annual return18.1%
Best annual return32.3%
Worst annual return-5.0%
Her cumulative investments$25,529
Ending portfolio value$120,320
By any historical standards, that average return of 18.1% is terrific for a 10-year period. In that decade, the market had three years of returns over 30% and another two with returns over 20%.

At the end of 1989, her portfolio was worth nearly five times the total of her savings and more than seven times what it was worth 10 years earlier.

All this resulted from a plan with modest monthly savings that continued, no matter what.

Do you think our imaginary investor would have been optimistic about the 90s? Most likely!

In the 90s, she would have added another $20,706.

The ‘90s at a glance
Average annual return19.0%
Best annual return37.4%
Worst annual return-3.2%
Her cumulative investments$46,235
Ending portfolio value$689,226
Now her portfolio was worth nearly 15 times the value of her own contributions, and nearly six times its value at the end of the 80s.

By 1999, our not-quite-so-young-any-more investor would likely have concluded the stock market was a gold mine of easy money. Most investors would have agreed, and millions of them eagerly looked forward to the next 10 years.

I started the article by noting how easy it is to notice a market trend and expect it to continue.

When you do that, as I wrote: “you’re sometimes wrong. Oh, so very wrong.”

Starting in 2000 and continuing through 2009, our investor would have learned this lesson the hard way.

After dutifully adding another $27,825 in those years, here’s the result:

2000-2009 at a glance
Average annual return1.1%
Best annual return28.7%
Worst annual return-37.1%
Her cumulative investments$74,060
Ending portfolio value$649,360
If you compare those figures with those of 10 years earlier, you can see what a shock this decade was for investors. In fact, many people bailed out of the market after the 37.1% decline in 2008.

Mistake!

The market rebounded by 26.3% in 2009 (otherwise, the figures in the table above would be much worse), and that turned out to be the start of the longest bull market on record.

But who would have seen that at the start of 2010?

In the nine years from 2010 through 2018, our theoretical investor bravely kept contributing month after month, adding another $33,140 to her savings.

2010-2018 at a glance
Average annual return12.1%
Best annual return32.3%
Worst annual return-4.5%
Her cumulative investments$107,200
Ending portfolio value$1,798,679
Those nine years added more than $1 million to her portfolio.

Here are some lessons I take away from this.

ONE: This outcome would not have happened if our investor hadn’t stuck to her plan through thick and thin. At times, doing that must have been hard. At other times, it must have seemed exhilarating.

TWO: The recent past is unlikely to be a good predictor of the future.

•The early 70s were a lousy guide to the late 70s.

•The decade of the 1970s didn’t begin to predict the success of the 80s.

•The 80s were in fact a pretty good predictor of the 90s.

•The 90s were a terrible predictor of the first decade of the 21st century.

•That awful decade gave no clue to the great bull market of 2010-2018.

THREE: Sticking with a plan is much easier on paper than in real life. Three times in the period 1970-2018, the S&P 500 lost more than 50%.

FOUR: Without warning, the stock market can take off like a rocket. Remember the 1980s.

FIVE: But also without warning, the market can go into a tailspin. In just one day in 1987, the S&P 500 lost more than 22%.

SIX: You never know when the good times are going to roll.

After the fact, the experts will explain it all and make it look obvious. But at the time, most people will scratch their heads in wonder.

The bottom line: Have a good long-term plan and stick to it.

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To: Triffin who wrote (538)4/24/2019 2:33:01 PM
From: Triffin
   of 633
 
BC: CALL IT A DAY
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No government can function effectively when there is a crisis of trust in the presidency.

by BILL WELD

APRIL 24, 2019 6:03 AM

If Donald Trump is an American patriot, he should resign from office.

In the 2016 campaign, Senator Ted Cruz described Trump as a “pathological liar.” The Mueller report carefully documents the truth of Senator Cruz’s description. The relationship between a democratic government and its citizens is based on mutual trust and respect. How can a president function if he instinctively lies to not only the public but to his own staff? There is one essential truth that leaps from the pages of the Mueller report: No one can trust Donald Trump.

Following the release of the Mueller report, Trump claimed with his usual arrogance and ignorance that he has been vindicated. In truth, the Mueller report revealed that Trump is a one-man crime wave.

Time and again, Trump tried to use the power of the Oval Office to protect himself and his associates from the consequences of their actions. The only defense Trump has to obstruction of justice is that he was too incompetent to carry it off. Over the past two years, several Trump aides derailed his criminal conspiracies by distracting the president, or simply ignoring him. Trump’s failure to stop Bob Mueller does not negate how hard he tried.

The Mueller report lifted up the rock and left Trump’s minions scurrying for cover. Already, five Trump associates have been convicted of serious crimes, including his former campaign manager, his longtime personal attorney, and his former national security advisor. And we don’t yet know the extent of criminality within the Trump campaign or the Trump White House because he Mueller report includes 12 criminal referrals that have been redacted to protect ongoing cases.

Trump pressured then-FBI Director James Comey to go easy on National Security Advisor Michael Flynn, hoping Comey could “see your way clear to letting this go, to letting Flynn go.” When Comey refused to put Trump and his inner circle above the law, Trump fired him. Flynn pleaded guilty to lying to the FBI about his contacts with Russia.

When Mike Pompeo was running the CIA, Trump pushed him to tell the public that Trump had had nothing to do with Russia’s interference with the 2016 election. He bragged to Russian diplomats that firing Comey had taken off “great pressure because of Russia.”

Fortunately, Bob Mueller was able to do his job despite Trump’s constant interference. But it is worth noting that those aides who pushed back against Trump’s worst instincts have since been pushed out of the White House. Who is left to stop Trump from abusing his authority to benefit himself and his cronies now?

For two years, Trump tried repeatedly to derail Mueller’s investigation and repeatedly lied to the public about his own words and actions. He even dangled pardons for witnesses who were telling Mueller exactly what Trump had been doing in the Oval Office. In total, the special counsel found ten instances of possible obstruction of justice.

Whether this clear pattern of obstruction warrants impeachment is the purview of the House of Representatives. But regardless of what they decide, the facts revealed in the Mueller report confirm that Donald Trump is not to be trusted. There is no reason to believe a word he says about anything, and the American people deserve better.

Just as concerning, the report reveals his tenuous grasp on government and the chaos within his administration. No one in his administration trusts him, they feel free to ignore his orders, and they are as dishonest with him as he is with them. No government can function effectively this way. There is a crisis of trust in this presidency. It cannot stand.

Donald Trump lies to his own staff. He lies to the American people. He lies to our allies. Strangely, the only time Trump seems capable of telling the truth is when he’s in the company of dictators and tyrants. He seems to envy their approach to power.

As the damning truths of the Mueller report became public, Trump went on a Twitter rant against those former aides who told the truth. Trump’s rampant dishonesty and paranoia render him incapable of serving as president. For once, he should put the good of the United States ahead of his own ego and resign.

Just as concerning, the report reveals his tenuous grasp on government and the chaos within his administration. No one in his administration trusts him, they feel free to ignore his orders, and they are as dishonest with him as he is with them. No government can function effectively this way. There is a crisis of trust in this presidency. It cannot stand.

The American public, our international allies, the very rule of law itself would all be better served with a President Mike Pence.

So, the question is a basic one: Is Donald Trump truly an American patriot?

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To: Triffin who wrote (539)5/3/2019 11:58:14 AM
From: Triffin
   of 633
 
BC: IN THE ARMS OF AN ANGEL
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"Bentley" May 2nd 2019

Every where I go ..
There's always something to remind me ..
Of another place and time ..
Where Love traveled far and found me ..



You're in the arms of an angel ..
May you find some comfort there ..

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To: Triffin who wrote (540)5/9/2019 9:41:14 AM
From: Triffin
   of 633
 
BC: ANALOGIES AND PUZZLES
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Trump, the billion-dollar loser
I was his ghostwriter and saw it happen

by Charles Leerhsen



Donald Trump signs copies of his book "Surviving at the Top," written with Charles Leerhsen, in 1990.

On Tuesday, the New York Times scooped the world on the news that from 1985 to 1994, Donald Trump incurred the biggest business losses of any single taxpayer in American history. What was it like for him to lose more than $1 billion in a decade? Was he perpetually ashen-faced with fear? Or smirking at the thought of outwitting the IRS “for sport,” as he said in a Wednesday morning tweet?

I happen to know, because from late 1988 to 1990, I was his ghostwriter, working on a book that would be called “Surviving at the Top.” Right in the middle of this period, I can tell you that the answer is that he was neither. Except for an occasional passing look of queasiness, or anger, when someone came into his Trump Tower office and whispered the daily win/loss numbers at his Atlantic City casinos, he seemed to be bored out of his mind.

I tend to see my time with him — the first part of it, anyway, before things started going bad in a hurry — as his “King Midas” period. I never said this to him; if I had, he probably would have thought I was suggesting he enter the muffler business. But there was a stretch of months when everything he touched turned into a deal. The banks seemed to accept the version of him depicted in his first book, “The Art of the Deal,” which we now know from his previous ghostwriter, Tony Schwartz, was entirely invented. They believed it over what they saw on his balance sheets or heard coming out of his mouth, and they never said no to his requests for more money. Often they came up with things he could say yes to before he could think of them himself. As a result, a failing real estate developer who had little idea of what he was doing and less interest in doing it once he’d held the all-important press conference wound up owning three New Jersey hotel-casinos, the Plaza Hotel, the Eastern Airlines Shuttle and a 281-foot yacht.

A real go-getter, right? But Trump’s portfolio did not jibe with what I saw each day — which to a surprisingly large extent was him looking at fabric swatches. Indeed, flipping through fabric swatches seemed at times to be his main occupation. Some days he would do it for hours, then take me in what he always called his “French military helicopter” to Atlantic City — where he looked at more fabric swatches or sometimes small samples of wood paneling. It was true that the carpets and drapes at his properties needed to be refreshed frequently, and the seats on the renamed Trump Shuttle required occasional reupholstering. But the main thing about fabric swatches was that they were within his comfort zone — whereas, for example, the management of hotels and airlines clearly wasn’t. One of his aides once told me that every room at the Plaza could be filled at the “rack rate” (list price) every night, and the revenue still wouldn’t cover the monthly payment of the loan he’d taken out to buy the place. In other words, he’d made a ridiculous deal. Neither he nor the banks had done the math beforehand. Or perhaps Trump knew it because someone had told him, but didn’t want to think about it. The one thing he is above-average at is compartmentalization.



Donald Trump with his then wife, Ivana, July 4, 1988.

On days when there were no broadlooms or chenilles to ponder, we would sit around his office and shoot the breeze while (as we now know) out there someplace in the real world, his businesses were hemorrhaging cash. He’d talk about the Yankees, show me pictures of Marla Maples (whom he was then romancing while still married to Ivana) and tell me obviously made-up stories, such as how he had just the other day seen a beautiful, completely naked woman on the street. “Put that in the book!” he’d say, and I’d pretend to write it down.

Occasionally famous people like Bob Hope or America’s Cup captain Dennis Conner came by for no obvious purpose, except that they were holding court and it helped Trump pass the time. Once during a lull I told him a story I thought he’d like to hear about how I had just taken the Trump Shuttle to Washington, and as we flew through a storm the plane had been struck by lightning. I commended the pilot for the way he handled the incident; he had gotten on the loudspeaker to tell the passengers what had happened and to reassure them.

But instead of being pleased to hear that, Trump, using the general number, immediately dialed the shuttle to demand to know why he hadn’t been informed about what had happened. Unfortunately it took about 10 rings before it was answered by a woman who said, “Good morning, Trump Shuttle.” By then he was purple with rage. “This ... is ... Donald ... Trump!” he growled. For the poor woman, it must have been like working at Popeye’s and getting a call from the sailor man himself. “Why did it take so long to answer this phone?” Trump demanded. Then, after bawling her out for a minute or two, he hung up abruptly, forgetting why he had called in the first place.

Each day was a string of such nonsensical moments. Once, trying to steer the conversation toward something we could actually use in our book, I asked him about his father. “We haven’t touched on him yet,” I said. “What can you tell me?”

He stared into the middle distance and began to speak. “My father...”

A long pause followed. Then he said, “Charles, put something there. I’ll look at it later.”



The Trump Princess arriving in New York City, July 4, 1988.

Trump’s King Midas period ended in early 1990, when news broke about his looming bankruptcy. At around the same time, Ivana said she was leaving him, and Mike Tyson, who had drawn so many people into Trump’s Atlantic City hotels, got knocked out by Buster Douglas in Japan. Everything was going to hell. Of course, everything had been going to hell for a a couple of years by then, but now his failure, for the first time, was public, and that made it 100 times worse. That made it real.

In the final weeks of working on the book, we attempted to explain away his disasters, such as the forced sale of his yacht. “As much as I’ve enjoyed it until now,” he (I) wrote, “and as impressive as it’s been to my casino customers, I think I’m giving up the game of who’s got the best boat. ... I don’t need it anymore, I don’t want it anymore, and, frankly, I can find better things to do with the money.”

Translation: I’m broke.

He seemed unusually subdued during this period, understandably. One day he told me a sobering story about seeing a homeless person on the street and realizing that man was better off than he was because the homeless man had nothing while he, Trump, had less than zero. Because Trump doesn’t ever walk down the street, would never notice a homeless person if he did and the story involved a degree of introspection, I knew it couldn’t be true and that he was probably parroting something he’d heard someone else say. Still, I included it in the revised introduction.

Let’s just say he didn’t like it. The harsh phone call I got began: “This ... is ... Donald ... Trump.” That’s how I knew he’d built a nicely carpeted compartment around his colossal failures, and moved on.

=====

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To: Triffin who wrote (541)5/15/2019 10:16:17 PM
From: Triffin
   of 633
 
BC: INVESTMENT GAME PLAN
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1. Understand compound interest

With compound interest, you make money on your money. The amount of money you make gets larger as time goes by, and the amount of money you make gets larger with even small differences in returns. The difference between a $6,000 annual investment at a 6% annual return and a $6,000 annual investment at an 8% annual return over 20 years is enormous: at 6%, you have $239,956, at 8 percent, you have $302,537. Don't leave money on the table by waiting to invest your money.

2. Keep costs low

High fees, costs and expenses can eat into your investment profits. It's fine to pay for advice and services but don't pay more than you need to. There's a big difference between fees and costs of one percent a year, and fees and costs of two percent a year. That one percent difference can make a considerable difference in your profits when taken over many years.

3. Keep it simple

You don't need to own 50 different investments . You should be able to explain what you own on the back of an envelope and you should consider investing in what you know. If you are using mutual funds or ETFs, you can cover the world with six to 10 investments.

4. Don't time the market .. Be consistent

Put the same amount of money in the markets every month. You buy when the markets are up, but you are also buying when the markets are down. The vast majority of professional traders do not outperform the markets because they cannot get timing right — when to get in and out. Investing in the S&P over the last 20 years produced an annualized return of 7.2%, but missing just the top 10 days in those 20 years cuts the return in half, to 3.5%. Use dollar cost averaging instead, which is putting the same amount in the markets every month.

5. Invest the maximum amount you can

Invest as much as you can personally and try to do it on a pre-tax basis. Take advantage of any 401(k) plan and invest at least until the maximum match the company provides. Many companies offer 401 (k) plans that match your investment from anywhere from three to six percent. Free money! Whether you invest more than the company match depends on your ability to save as well as your investment options, like the number of funds available to invest and what the fees are.

6. Stick to your plan

The biggest mistake I see investors make is they do not have a plan, or they have a plan and they do not stick to it because the markets drop and they come to doubt their strategy. The strongest and most sound plan is to be a long-term investor, do not time the markets and just stay put. Have a smartly diversified portfolio of global stocks and bonds and a little cash. Most importantly, figure out how much you need to save each year to get to your retirement goal and assume about a 6% return for a diversified portfolio.

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To: Triffin who wrote (542)5/28/2019 7:58:19 PM
From: Triffin
   of 633
 
BC: HOLTEC SMR-160
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Q1: What is SMR-160?

Response: SMR-160 is a small modular pressurized water nuclear reactor power plantthat does not rely on any pumps or motors to remove heat from the nuclear fuel, for all normal and accident scenarios. (Reactors that produce less than 300 Megawatts of electricity are classified as “small”. Modular reactors are manufactured at a plant and assembled at the site. Modular also refers to the combining of multiple power units into a single power plant.)

Q2: What are the main benefits of SMR-160?

Response: The principal strengths of SMR-160 are its inherent safety, robust security, simple and reliable operation, flexible application, rapid constructability and competitive economics.

The SMR-160 design is driven by the principal criterion that all safety significant systems must be powered by natural circulation under all performance modes. For safety and security all engineered safety features of the plant are inside containment protected further by the concrete enclosure structure.

Simplicity of design begets lower operating and maintenance burden and dispenses with the need for a large pool of nuclear scientists and engineers, making SMR-160 a viable source of energy for developing economies. The small footprint of the SMR-160, along with the optional air-cooled condenser, along with a right-size 160 MWe yield a design that is highly flexible for location and utility. Because SMR-160 is walk away safe, it can be sited next to population centers without any threat to the local environment or populace. Placing SMR-160 close to cities and towns will reduce transmission losses and enable the plant’s workers to live in the local community.

Q3: What is SMR-160’s land area requirement?

Response: An SMR-160 installation takes up less than 4.5 acres of land; this is a fraction of the land area required by other types of power plants on a per megawatt basis. A tractor-trailer at the plant’s truck bay shown in the view below gives a sense of the plant’s size. The nuclear island portion of the SMR-160 would easily fit on a conventional soccer field (see line drawing below).



Q4: Is SMR-160 an “advanced” reactor?

Response: No. The term “advanced” reactor is used to denote futuristic reactor designs that use molten salts, liquid metals or gasses as coolants to remove energy from their nuclear cores. SMR-160 is a conventional fission reactor, using water as the cooling medium, and is designed with six decades of world-wide industrial operating experience with pressurized water reactors. The SMR-160 is advanced only in the sense that it exploits gravity to drive passive plant cooling to levels of safety unattainable by large conventional nuclear power plants.

Q5: How tall is SMR-160?

Response: The tallest SMR-160 plant structure is similar in height to a small city water tower. A significant portion of the SMR-160 power plant lies below grade to improve security and safety aspects of the plant.



Q6: How safe is SMR-160?

Response: Informed by over six decades of lessons learned from reactor operations, SMR-160 is designed to be an extremely safe power plant. Every conceivable catastrophic event – severe cyclones (hurricanes or typhoons), tsunamis, flood, earthquakes, fire and crashing aircraft – has been considered in SMR-160’s design basis, and appropriate features incorporated to ensure that it will withstand these events without damage to itself, nor impose any risk to public health and safety.

All systems that are important-to-safety – to ensure that the plant’s nuclear fuel is always cooled – are run purely by gravity. Unlike large nuclear power plants, no electrically-powered pumps or heat exchangers are needed to ensure that the plant remains safely cooled and contained. The SMR-160 is walk-away safe!

Q7: Why is the SMR-160 described as “walk away” safe?

Response: Because the nuclear plant can look after itself and keep all its nuclear fuel safe, cool and undamaged within the reactor, fuel pool and integrated UMAX fuel storage canisters, in the case of any unforeseen and unforeseeable cataclysmic event. The plant operators are not required to take action to ensure absolute and certain indefinite cooling occurs. This is possible because SMR-160 does not depend on any man made machine or electrically-powered pumps or motors for its safety function; relying exclusively on Mother Nature’s gravity instead. Under extreme environmental events – like the one that befell Fukushima – SMR-160 behaves like a simple, large passively cooled heat exchanger, relying on Holtec International spent fuel storage technology – proven, licensed and employed at over 100 operating nuclear power plants around the world today.

Q8: How difficult would it be for an owner to obtain nuclear fuel to burn in SMR-160?

Response: SMR-160 uses commonly available nuclear fuel pellets in zircaloy tubes (fuel rods) manufactured by many qualified suppliers around the world. The SMR-160 fuel design incorporates currently available parts and materials, making it easy for a supplier to tool up to manufacture. Geographically diverse source of supply eliminates owner’s reliance on any one country, for security of supply and competitive pricing.

Q9: How will the plant handle its used fuel?

Response: Unlike currently operating nuclear reactors, SMR-160 has been designed to store the used fuel produced over the entire operating lifetime of the plant in subterranean cavities (formally known as Holtec’s HI-STORM UMAX system licensed by the USNRC), occupying a small parcel of land in the plant’s backyard. The storage cavities contain the irradiated fuel bundles in welded multi-purpose canisters, with over-packs and hardened against extenuating threats such as a crashing aircraft or an incident missile.



Q10: Can SMR-160 be operated in a water-challenged region?

Response: Unlike typical power plants, SMR-160 does not need to be sited next to a river, a lake or a sea. It is engineered to optionally reject its waste heat directly to the atmosphere using air-cooled condensers. Indeed, an SMR-160 plant can be sited in a corn field or a desert. Water scarcity is a huge emerging problem for the world, and we must operate power plants without water cooling to preserve and create this precious resource. According to a recent report, one-third of Earth’s largest groundwater basins are under threat because humans are draining so much water from them.

Recent studies have found that 8 of the world’s 37 largest aquifers are “overstressed,” meaning insufficient water is replenished to offset usage. Topping the list of overstressed aquifers is the Arabian Aquifer System, located beneath Yemen and Saudi Arabia, from which 60 million people draw their water. The situation in the Indian subcontinent is even more severe.

Q11: Why does Holtec assert that SMR-160 will be secure against threats of all kinds?

Response: SMR-160 is engineered to be an extremely secure modern industrial installation. Consider the following:

SMR-160 protects its important equipment – needed for safe operation and cooling – with a monolithic steel and concrete shield, impregnable to natural disasters, or to a crashing fighter plane or commercial airliner.SMR-160’s nuclear commodities lie deep below the ground; making them inaccessible to direct assault by drones or missiles (underground portion of the plant shown in the cutaway view below). SMR-160’s small land area requirement and simple plant perimeter design lends itself to full monitoring & surveillance using a small security force.

During operation, SMR-160 containment enclosure structure is closed and secure to prevent entry, securing the reactor core and spent fuel pool.SMR-160 control room is underground with multiple layers of security for personnel entry.
Q12: What is the benefit of distributed power provided by SMR-160?

Response: SMR-160 is designed to produce 160 megawatts of electricity. It is intended to serve as a distributed energy source, dispensing with the need for expensive high capacity transmission lines over long distances. This makes multiple-unit based SMR-160 electricity supply more resistant to natural disasters or acts of sabotage, and eliminates the need and cost of building traditional grid infrastructures. Distributed power provided by a string of SMR-160s will promote grid stability and render a nation’s power supply very resistant to disruption.

The above said, there is no limit to the number of SMR-160 reactors that can be arrayed side-by-side at a site. A cluster of ten SMR-160s, producing a total of 1600 MWe is preferable from a power output sustainability standpoint than a single 1600 MWe large reactor. Shutting down or refueling the large plant takes 1600 MWe off the grid at one time, while incremental service and refueling to one SMR-160 in a ten unit cluster eliminates that large single-shaft dilemma, assuring sustainable stable power to the local grid and dependent users.

Q13: Why would SMR-160 cost less than a large modern nuclear plant on a per kilowatt basis?

Response: The data on the capital cost of nuclear plants shows the counter-intuitive fact that the per-kilowatt capital cost of plants has risen as they have become larger. The driver for this monotonic increase in per kW capital cost with increasing plant power output is the use and dependence on redundant active safety system, which increase as plants become bigger, with increased complexity and cost. In short, increased complexity overwhelmed the benefit of largeness of large reactors.

Small modular reactors, in general, eschew complexity and size, seeking to return the economics of nuclear power to its early days before the arrival of the behemoths.

Q14: What is the service life of SMR-160?

Response: Eighty years minimum. With proper pro-active maintenance, a one hundred year service life should be achievable.

Q15: What is the basis for claiming 80 year minimum service life for SMR-160?

Response: Eighty year service life is supported by several sound technical facts, viz.:

Moving machinery such as pumps are amongst the first to wear out in a plant; SMR-160 uses no pump at all in any safety function. Instead it relies on gravity to run the plant.The gravity driven flow in SMR-160 is quite gentle, mitigating the incidence of internal maladies such as wear, erosion and flow induced vibration.Although SMR-160 is a pressurized water reactor, it does not use boric acid in its reactor coolant system. Thus the corrosive effect of boric acid on the plant’s internals will not afflict SMR-160.Many PWRs that use multiple forced flow from pumps and that utilize boric acid are licensed for 60 years. Supported by reliable performance, several are planning license extensions to 80 years. In light of the above industry experience, it is reasonable to expect that SMR-160 should provide an active service life of at least 80 years.

Q16: What underlies Holtec’s belief that the O&M cost of SMR-160 will be lower than the current generation of plants?

Response: In designing SMR-160, Holtec has carefully analyzed operating plant data from the nuclear power industry in order to identify the underlying reasons for current O&M costs. The major contributors to the maintenance burden were thus identified and rooted out from SMR-160’s design. Furthermore, it stands to reason that a plant that is essentially composed of passive components and systems should be a low maintenance facility.

Operating cost, on the other hand, is largely influenced by regulation and industry procedures. The number of control room operators, sharing of operators amongst multiple co-sited units, size of the security staff, etc. for SMRs are matters of ongoing policy enunciation in the United States. The operating cost of SMRs in the United States will largely depend on NRC’s position in such matters. We believe that the evolving regulatory position in such areas in the U.S. will be risk informed and thus less onerous than those applied to large reactors.

Security force staffing requirements are a significant operating cost in many regulated markets. In foreign countries, where a plant’s security may be provided by national armed forces, staff sizing and operating cost is apt to be substantially improved.

Q17: Can SMR-160 follow the electric power demand?

Response: Yes, SMR-160 can be configured to load-follow; however, fuel utilization efficiency will decline and maintenance cost will rise. SMR-160’s ability to load-follow without excessive internal metal fatigue is, in a manner, another bonus of the gravity driven design. The nature of density driven flow is such that as the heat generation from the core is throttled, the reactor coolant temperature profile changes but the mean coolant temperature remains substantially constant.

Q18: How will SMR-160 meet the federal dose limit at its site boundary despite the small size of its site?

Response: Despite the small land area of the plant, SMR-160 will accrete a small fraction of the dose of a large contemporary reactor at its site boundary because of the many dose mitigation features built into its design, viz:

The size of the reactor’s nuclear core is a fraction of those of large conventional nuclear power plants, with an attendant small radioactive source term.The most significant dose emitting commodities (core and spent fuel) lie deep underground, their upwards radiation blocked by greater than 20 feet of water and shielded closure heads.The slow upward flow of water insures that the short lived radioactive gases produced by fission die off before the reactor coolant reaches the above-ground portion of the plant (another bonus of gravity driven flow!).The slow up-flow of water in the reactor vessel insures that little radioactive crud produced from long term operation carries to the above-ground portion of the reactor coolant system.Absence of boric acid in the reactor coolant helps reduce crud generation in the core.
Q19: Is the SMR-160 design decommissioning friendly?

Response: Yes, SMR-160 has been designed with the aim to minimize decommissioning costs. Among the features that will help an efficient and economical decommissioning of SMR-160 are:

The SMR-160 is designed to simply remove all major equipment out of the containment building through its removal and flanged lids.The severe activation of metal is limited to the bottom 20 feet of the reactor vessel which lies deep underground encased by a thick concrete enclosure. The upper region of the reactor will experience minimal activation.Other major equipment such as the steam generator and the pressurizer will experience minimal irradiation (because of the attenuation of radioactive gases and lack of crud carry-over mentioned above) making them (likely) eligible for “free release”.Except for the reactor coolant system and the fuel pool, the balance of the SMR-160 plant is essentially sequestered from radiation.
Q20: What is Holtec’s secret for achieving the highly competitive capital economics despite the small size of SMR-160?

Response: Our best cost estimate indicates that a SMR-160 plant can be installed turnkey by Holtec for less than half of the projected cost of the large nuclear plants on per kilowatt basis (being built in the US, France, and Finland today). Constructed in one third of the time needed to build current large nuclear power plants, the time value of capital is a significant contributor to the low capital cost.

Simple gravity driven passive fluid flow systems not only hardens the plant against disasters, but also leads to huge reductions in the plant overnight capital cost.

Q21: What is SMR-160’s best opportunities for application?

Response: SMR-160 can be sited at the center of an industrial cluster to provide safe, dependable, carbon-free electrical energy or industrial steam to power a variety of industries such as desalination and hydrogen generation.

The relatively low capital cost of SMR-160 and high availability (over 95% capacity factor) makes it an ideal source of economical and reliable power to promote industrial growth.

The expected service life of 80 years makes SMR-160 a sound long-term infrastructure investment to sustain industrial growth & to promote economic well-being.

Q22: How does SMR-160’s design deal with aging issues?

Response: The SMR-160 plant is configured to mitigate the contributing causes that are known to induce aging through:

Minimized cumulative radiation (fluence) on load bearing parts and welds.Reduced Generation of crud with its high corrosive species.Use of demineralized (rather than corrosive borated) water.Minimization of mechanical aging effects such as flow induced vibration, metal fatigue and the like.Maintaining material temperatures well below the limit at which deleterious effects such as stress corrosion cracking may occur.
Q23: How is Holtec’s intellectual property related to SMR-160 protected?

Response: The SMR-160 technical innovations that underlie the heretofore unattainable level of safety are documented in an array of patent filings which provide intellectual property protection to the Company.

Q24: What is Holtec’s experience in designing gravity-driven systems for nuclear plants?

Response: The intellectual core of the SMR-160 is gravity-actuated flow (passive flow) which is an area in which Holtec is a world leader. Holtec’s gravity–driven fuel storage equipment is in use at over 120 nuclear plants, world-wide, many for nearly three decades.

Q25: What is Holtec’s experience in designing nuclear systems that can withstand severe environmental phenomena or terrorist acts?

Response: Holtec is also an industry leader in designing nuclear systems to withstand cataclysmic natural events such as severe flood, hyper-wind, tornado, tsunami, fire, earthquake, and human mendacity such as a crashing aircraft or missiles, providing absolute and certain safety to the surrounding communities and environment. The company has produced hundreds of technical reports using its proprietary computer codes for operating nuclear plants, and has performed numerous tests to validate its computer codes.

Q26: What does Holtec aim to accomplish by developing SMR-160?

Response: We believe that lack of reliable electrical energy stunts human enterprise, and is a root cause of poverty for much of the world. Our ultimate mission is to light up energy starved (ill-lit areas, see satellite photo below) areas of the world with safe, secure, affordable pollution-free energy, through hundreds of SMR-160s operating around the world.

To a developing world, SMR-160 will provide grid stability and surety of energy supply to nation’s critical infrastructures in this age of rising domestic terror.



Q27: Wouldn’t the cost of an SMR-160 power plant be more than that for a large (1000+ MWe) nuclear power plant (on a $/kwe basis) because of the latter’s size advantage?

Response: No. On a dollar per unit of electricity produced basis, SMR-160’s cost is reckoned to be much less than the large nuclear plants. This is because of SMR-160’s complete reliance on gravity to run the reactor and all safety systems. Gravity, with natural circulation flow, underpins all aspects of SMR-160’s operation, and as such, SMR-160 plants contain less than 60% of the active safety system equipment and machinery needed by large nuclear power stations. Furthermore, the SMR-160 incorporates a dramatically simplified balance-of-plant and steam cycle solution (as compared to traditional large plants), with associated substantial savings in BOP equipment capital and maintenance costs. Additionally, SMR-160s will be substantially factory built and site assembled. To facilitate shop manufacturing (typified by lower cost & better quality assurance), all SMR components are limited to 12 feet in diameter and practical maximum weights to facilitate flexible shipping options to destinations around the world. Minimizing shipping limitations for massive large power plant components introduces significant cost savings.

Q28: How will the used fuel produced by the plant be handled?

Response: Unlike currently operating nuclear reactors, SMR-160 has been designed to store the used fuel produced over the entire operating lifetime of the plant in subterranean cavities (formally known as Holtec’s HI-STORM UMAX system licensed by the USNRC), occupying a small parcel of land in the plant’s backyard. The storage cavities contain the irradiated fuel bundles in welded multi-purpose canisters, with over-packs and hardened against extenuating threats such as a crashing aircraft or an incident missile.

Q29: How does the integrated fuel storage system contribute to the safety of the local community around an SMR-160 facility?

Response: The storage facility, which is located below ground, contains most of the irradiated fuel rods at an SMR-160 plant site. The amount of fuel within the SMR-160 buildings is less than 10 % of that stored at a typical present day nuclear plant. Furthermore, the fuel inside the power plant facility is maintained within the plants large metal containment structure, and is constantly protected and cooled by passive safety features. SMR-160 is the only nuclear power plant in the world – operating or proposed – to both limit the spent fuel volume to such a small inventory and protect it with the containment, while assuring unlimited cooling. Incorporating an interim fuel storage system (HI-STORM UMAX) into the base SMR-160 plant offering is a first-of-a-kind feature for any nuclear power plant, and will eliminate the need for major subsequent plant modifications and upgrades later in plant life, typically in excess of $100M.

Q30: How will an SMR-160 perform in the face of a Fukushima-type earthquake and tsunami?

Response: The Fukushima accident happened when flooding of power plant safety systems caused by the tsunami prevented operation of pumps needed to cool the nuclear fuel within the reactor and the fuel storage pools, causing that irradiated fuel to overheat. In the SMR-160 power plant, the inventory of fuel in both the pool and the reactor is a fraction of that in large reactors, and that entire fuel inventory is kept cool without any reliance on pumps and motors. Furthermore, no credible event has been identified that would uncover the nuclear fuel in the reactor vessel or the spent fuel pool. Therefore, SMR-160 will withstand a Fukushima-type earthquake and tsunami without any risk to public health and safety.

Q31: Why is SMR-160 called “walk-away” safe?

Response: Because the nuclear plant can look after itself and keep all its nuclear fuel safe, cool and undamaged within the reactor, fuel pool and integrated UMAX fuel storage canisters, in the case of any unforeseen and unforeseeable cataclysmic event. The plant operators are not required to take action to ensure absolute and certain indefinite cooling occurs. This is possible because SMR-160 does not depend on any man made machine or electrically-powered pumps or motors for its safety function; relying exclusively on Mother Nature’s gravity instead. Under extreme environmental events – like the one that befell Fukushima – SMR-160 behaves like a simple, large passively cooled heat exchanger, relying on Holtec International spent fuel storage technology – proven, licensed and employed at over 100 operating nuclear power plants around the world today.

Q32: What is “grid stability” and how does SMR-160 promote it?

Response: The voltage on a power grid is held in equilibrium by insuring that the electricity produced equals the electricity demanded at every instant. A large power plant coming either on line or going offline causes a substantial swing in the power produced within that grid system, and can cause large fluctuations in the systems voltage, affecting the grid’s stability and reliability. A single SMR-160 out of a group of five (in lieu of a single 800 MW plant), for example, is far less impactful in affecting the grid’s voltage (i.e., its stability). A cluster of SMR-160s, therefore, is more congenial to a power grid’s stability than an equivalent single reactor unit. Furthermore, in order to ensure that grid stability is maintained, grid systems must have standby or replacement power supplies immediately available when large power plants go offline. SMR-160s greatly reduce the susceptibility of those systems to instability by alleviating the large single-shaft power dilemma that large reactor plants introduce.

Q33: What would be the clean water output of a single SMR-160 if it is exclusively used for desalination?

Response: An SMR-160 produces 1.55 x 106 lbm of steam per hour. Using a quadruple-effect evaporator, this pressurized steam can be used to produce 6.2 x 106 lbm of demineralized water per hour, or 3100 tons per day. A quadruple-effect evaporator, by definition, will produce four pounds of condensate (essentially salt-free water) for each pound of steam yield.

Q34: Can SMR-160 be used to produce both electricity and process steam for, say, desalination?

Response: Yes; an owner may decide what portion of the energy output of the plant will be used to produce electricity and what fraction will be directed for other purposes, such as desalination. The use of the energy from SMR-160 is entirely up to the owner.

Q35: What is the basis for the claim that SMR-160 will operate for 120 years or more, if maintained properly?

Response: We expect SMR-160 to produce power for 120 years because all failure modes that have felled reactors in the past have been rooted out from its design. For example:

The reactor vessel is subject to cumulative neutron fluence in 120 years of operation that is less than that has been experienced by presently operating reactors.The number of pressure boundary welds in SMR-160 reactor cooling system is less than half of that in a large reactor and even more important, every weld is accessible for in-service inspection making the monitoring of their integrity an easily executed process.The SMR-160 reactor employs no material that is vulnerable to degradation in its applicable environment. By eliminating boron and other corrosive material typically used in large nuclear plants and other SMRs, the propensity for fouling and reactor components stress corrosion cracking has been dramatically reduced.With its unique flanged containment head and equipment layout, all major equipment (e.g. steam generator) is easily and affordably replaceable, dramatically extending the plant operating lifetime.
Q36: Can SMR-160 be used to load follow?

Response: Yes. All practical commercial power reactors must be capable of quickly adapting to the changing demand on the electric grid, more important today with increased grid contributions from unsteady (e.g., non-constant) solar and wind sources, and SMR-160 ideally suits that need. SMR-160 is designed to change its power output quickly, up or down, with power ascension capability from 30% to full power at a rate of 2.5% per minute. That rate facilitates a change from low to full power in less than 30 minutes, ideal for today’s changing demand and grid makeup. The gravity driven reactor cooling system adapts naturally to changing power demand. However, to maximize service life, it is recommended to run this reactor as a base load facility, not as a “peaking” unit.

Q37: How close to the SMR-160 plant can people live?

Response: The so-called Exclusion Zone around any nuclear power plant is a mandated buffer space, dictated by the plant’s regulator. The competent Authority (viz., the USNRC) decides on the size of the Exclusion Zone, based on the characteristics and safety performance of the plant in question. Guided by the minuscule radiological matter release that can occur in the wake of the most severe disruptive event at an SMR-160 site, the regulator is expected to demand a small buffer zone. That said, while significant progress is being made the position to technically substantiate the need for very small Exclusion Zones for plants like SMR-60, no final determination of this matter has yet been made by any of the world’s national regulators.

Q38: How safe is an SMR-160 if it were to be struck by a crashing aircraft?

Response: The nuclear material in an SMR-160 plant (both the reactor vessel and the fuel pool) is located deep in the ground. In addition, the containment vessel is surrounded by a 6 foot thick steel & concrete structure known as the Containment Enclosure Structure. This extremely robust shield structure is designed to remain operational if struck by a crashing Boeing 757. In summary, there is no pathway for an incident missile or aircraft to access or expose the nuclear material in an SMR-160 power plant.

Q39: How and when will factory manufactured SMR-160s be available for deployment and use?

Response: Holtec International is completing construction of the world’s first dedicated SMR manufacturing facility, today. That factory, sited on the Delaware River in NJ, USA, has the lifting, cutting, welding, cladding, drilling, machining, inspection, and shipping capacities necessary for all of the SMR-160’s capital nuclear equipment fabrication needs. This state-of-the-art facility, scheduled for commercial operation by the beginning of 2018, is expected to be the first of multiple such facilities, both in the United States and around the world. As America’s largest capital nuclear equipment exporter, Holtec International has significant experience with massive nuclear equipment manufacturing and localization issues and opportunities.

Q40: Why is SMR-160 friendlier to the environment in terms of tritium release than other commercial reactors?

Response: Unlike most all PWRs and light water SMRs, SMR-160 does not rely on boron as a reactivity control agent or shim. Tritium is produced primarily from neutron capture by B-10 in PWRs; that B-10 (in the form of boric acid) is added to reactor coolant systems as a soluble reactivity agent. SMR-160’s tiny tritium inventory results from that lack of boric acid in the system. For context, 90% of the total tritium produced in PWRs and light water SMRs is produced by B-10 neutron capture. For those reactor plants, the tritium builds up in their Spent Fuel Pools during refueling operations. Resulting large tritium inventories require ventilation and filtration systems to prevent environmental consequences from atmospheric and ground water releases and leaks. Designed without the need for boric acid control, SMR-160 is uniquely safe and environmentally friendly amongst all SMR offerings in the marketplace today.

Q41: How was 160 MWe electric output chosen as the basis for sizing the SMR-160?

Response: Ideally, SMRs should be readily able to slot into brownfield sites in place of decommissioned coal-fired plants, the units of which are seldom very large. More than 90% operating in the word today are under 500 MWe, and some are under 50 MWe. In the USA coal-fired units retired over 2010-12 averaged 97 MWe, and those expected to retire over 2015-25 average 145 MWe. A 160 MWe SMR-160 was identified as a near-optimum size to back-fit existing grids and brownfield sites for retiring fossil units, to suit the power needs of communities and industrial complexes not proximate to major grid infrastructure and city-centers, and to facilitate simple passive rejection of a limited decay waste heat.

Q42: What are some high-level features of SMR-160 which make it amenable to emerging industrial economies and societies?

Response: A short list of compelling features includes:

Small power, compact architecture, and complete reliance on passive safety to ensure certain safety for the public and plant personnel.The compact architecture enables modularity of fabrication, facilitating localization of manufacture for industrial development, along with implementation of higher quality standards than stick-built traditional plants.Lower power than LLWRs and lacking boric acid shim, leading to a significant reduction of the source term as well as smaller radioactive inventory in the reactor and spent fuel pool.Underground location of the reactor unit, providing incredible protection from natural (e.g. seismic or tsunami according to the location) or man-made (e.g. aircraft impact) hazards.The modular design and small size lends itself ideally to having multiple units on the same site.Lower requirement for access to cooling water – therefore suitable for remote regions, or those with little or no access to precious or external water sources, and for specific applications such as mining or desalination.Ability to easily remove the reactor and steam generator module for simple and/or in-situ decommissioning at the end of the lifetime.

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To: Triffin who wrote (543)6/6/2019 10:53:03 AM
From: Triffin
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BC: D DAY 75th ANNIVERSARY
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The following photo essay is offered in their honor and in honor of the men and women of our Greatest Generation.

In March 1944, General Dwight D. Eisenhower, center, as Commander of the invasion of Europe. At center right is British Air Chief Marshal Sir Arthur W. Tedder and left is British Field Marshal Bernard Montgomery. (AP Photo, File)

British Prime Minister Winston Churchill, left, reviews American troops at a base in England on the eve of D-Day, June 1944, during World War II. The initials AAAO on the steel helmets with a line across the As stands for “Anywhere, Anytime, Anyhow, Bar Nothing.” The identification shoulder patches of the G.I.s are blotted out by the censor. (AP Photo)

6th June 1944: Members of an American armoured unit seen here being lined up for a briefing from their commanding officer prior to receiving their D-Day assignments. (Photo by Keystone/Getty Images)

With a U.S. tank unit in England getting ready for D-Day in 1944, left to right are: Captain Leonard Brusky, Milwaukee, Wisconsin, Sergeant Wilfred F. Thomas, Wisconsin, Sergeant Frank L. Niner, Louisville, Kentucky, Pfc Harry H. Smith, Louisville, Kentucky, and Private Louis W. Louisville Kentucky. (AP Photo)

Lieutenant Harrie W. James, USNR, of New York, N.Y., briefs officers and men who participated in landing operations during the invasion of Southern France June 5, 1944 on the day before D-Day. (AP Photo)

Lt. William V. Patten, centre of group, wearing overseas cap, briefs his crew at a port in England before the invasion of France began June 6, 1944. Patten and his ship are veterans of Tunisia, Salerno, Anzio and Licata. (AP Photo)

6th June 1944: Allied commander in chief General Dwight D. Eisenhower (1890 – 1969) talks to paratroopers of the 101st Airborne Division about to take off for the D-Day landings in France. (Photo by MPI/Getty Images)

6th June 1944: General Dwight D. Eisenhower (1890-1969) smiles while speaking with the men of the US 101st Airborne Division, ‘The Screaming Eagles’, as they prepare for the D-Day invasion, England, World War II. (Photo by Hulton Archive/Getty Images)

These members of the first groups of assault troops to take part in the Allied invasion of Northern France receive benediction from an Army chaplain before leaving England on June 6, 1944, for the European continent. Their assault craft are in the background. (AP Photo)

The following is the audio of General Eisenhower’s broadcast to the Allied troops on the eve of the battle:

2nd Lt. Ray A. Karcy, of 31 Haddon Ave., Atlantic City, N.J., Army chaplain, conducts a Catholic service aboard a landing craft in an English port before the Americans set off for the invasion of Northern France. (AP Photo)

Allied aircrews work around C-47 transport planes at an unidentified English base in this photo taken shortly before the D-Day landings in Normandy, France. The C-47’s dropped parachutists from the US 82nd and 101st Airborne Divisions behind Utah Beach near Saint-Mere-Eglise 06 June 1944, during the first hours of Operation Overlord. (AFP/Getty Images)

American paratroopers, heavily armed, sit inside a military plane as they soar over the English Channel en route to the Normandy French coast for the Allied D-Day invasion of the German stronghold during World War II, June 6, 1944. (AP Photo)

In this photo provided by the U.S. Army Signal Corps, U.S. paratroopers fix their static lines before a jump before dawn over Normandy on D-Day June 6, 1944, in France. The decision to launch the airborne attack in darkness instead of waiting for first light was probably one of the few Allied missteps on June 6, and there was much to criticize both in the training and equipment given to paratroopers and glider-borne troops of the 82nd and 101st airborne divisions. Improvements were called for after the invasion; the hard-won knowledge would be used to advantage later. (AP Photo/U.S. Army Signal Corps)

Picture released on June 5, 1944 of the British troops embarking at Southsea, Portsmouth in England, before a landing craft on June 6, 1944 while Allied forces storm the Normandy beaches on D-Day. (AFP/Getty Images)

6th June 1944: US Army troops seen marching through the streets of an embarkation port on the coast of England on their way over to Normandy, France. (Keystone/Hulton Archive/Getty Images)

British soldiers of the RAMC (Royal Army Medical Corps) during the Normandy Landings, June 1944. (Keystone/Hulton Archive/Getty Images)

Armored vehicles arriving at a British Port for transportation to France on June 6, 1944. (AP Photo)

As the Allied invasion of the Normandy gets underway, American troops are shown as they embark in landing crafts at a British port, on June 6, 1944. (AP Photo/Peter Carroll)

6th June 1944: US soldiers in full battle-dress boarding an LCVP or Landing Craft Vehicle-Personnel, ready for the Invasion of Europe. (Photo by Keystone/Getty Images)

6th June 1944: US Army troops crowd into a navy landing craft infantry ship during the D-Day Invasion of Normandy, France, World War II. (Photo by US Navy/Getty Images)

Fully equipped, and each carrying large amounts of ammunition, American troops climb aboard a landing craft somewhere in England on June 6, 1944 for the cross-channel invasion of France. Other landing craft are seeing in background. (AP Photo)

Bouncing about on the rough waters of the Channel, these landing craft loaded with assault troops head for the shore of the French coast early in the dawn of D-Day, June 6, 1944. In the surprise invasion attack, the allies suffered a minimum loss and have succeeded in cutting a 29-mile wedge in the Cherbourg Penninsula. (AP Photo)

A U.S. Coast Guard LCI, heavily listing to port, moves alongside a transport ship to evacuate her troops, during the initial Normandy landing operations in France, on June 6, 1944. Moments later the craft will capsize and sink. Note that helmeted infantrymen, with full packs, are all standing to starboard side of the ship. (AP Photo)

Men and assault vehicles storm the beach as Allied landing craft reach their destination during the initial Normandy landing operations in France, on June 6, 1944. (AP Photo)

June 1944: Members of the 9th Air Force watch a long line of landing craft carrying barrage balloons, on their way over to Normandy. (Photo by Keystone/Getty Images)

A convoy of Allied landing craft, protected by barrage balloons, crosses the English Channel on its way to France during the Normandy Landings, World War II, 6th June 1944. The craft are carrying ground support personnel and equipment of the US 9th Air Force. (Photo by Keystone/Hulton Archive/Getty Images)

1944: A B-24 Liberator flying over the invasion Armada, heading towards the French coast. (Photo by Keystone/Getty Images)

Destroyers and small naval craft patrol the Channel and protect ships carrying reinforcements in men and materials against the enemy in Normandy in June 1944. (AP Photo)

The 15-inch guns shelling German batteries on the Normandy coast on June 6, 1944. (AP Photo)

Landing craft loaded with American troops pass other landing craft lining the dock side while in foreground, other craft take on equipment on June 6, 1944. (AP Photo)

6th June 1944: In the distance American Infantrymen are wading towards the beach on the Northern Coast of France during the D-Day Landings. (Photo by Keystone/Getty Images)

American assault troops in a landing craft near a beachhead in northern France. The landing is supported by naval gunfire. (Photo by MPI/Getty Images)

A view from inside one of the landing craft after US troops hit the water during the Allied D-Day invasion of Normandy, France. The US troops on the shore are lying flat under German machine gun resistance. (Photo by Robert F Sargent/Getty Images)

6th June 1944: American assault troops land at Omaha Beach in Normandy supported by Naval gunfire. (Photo by Wall/MPI/Getty Images)

Barrage balloons and shipping at Omaha Beach during the Allied amphibious assault, before the installation of Mulberry Harbour. (Photo by Three Lions/Getty Images)

Canadian soldiers land on Courseulles beach in Normandy, 06 June 1944 as Allied forces storm the Normandy beaches on D-Day. D-Day, 06 June 1944 is still one of the world’s most gut-wrenching and consequential battles, as the Allied landing in Normandy led to the liberation of France which marked the turning point in the Western theater of World War II. (AFP/Getty Images)

Survivors of a sunken LCVP (landing craft, vehicle, personnel, also known as a Higgins boat) arrive safely ashore in a rubber life raft at Omaha Beach on June 6, 1944 during the Normandy landing, France. (AFP/Getty Images)

American troops landed on Normandy beaches (north-west of France), to come as reinforcements during the historic D-Day, 06 June 1944, during WW2. American troops supporting those already on the coast of Northern France, plunge into the surf and wade shoreward carrying equipment, on Utah Beach, Les Dunes de Madeleine, France. Bulldozers and other engineer equipment prepare the beach for the landing parties. (STF/AFP/Getty Images)

6th June 1944: Injured members of an American landing party whose landing craft was sunk off the coast of France reach Utah Beach near Cherbourg on a life-raft. (Photo by Weintraub/MPI/Getty Images)

6th June 1944: Allied soldiers, tanks and ships take part in the D-Day landings at Arromanches beach in Normandy, Northern France. (Photo by Steck/MPI/Getty Images)

Soldiers of the 2nd Canadian Flotilla are seen as they establish a beachhead code-named Juno Beach, near Bernieres-sur-mer, on the northern coast of France, on June 6, 1944, during the Allied invasion of the Normandy. (AP Photo)

In this photo provided by the British Navy, wounded British troops from the South Lancashire and Middlesex regiments are being helped ashore at Sword Beach, June 6, 1944, during the D-Day invasion of German occupied France during World War II. (AP Photo/British Navy)

A first wave beach battalion Ducks lays low under the fire of Nazi guns on the beach of southern France on D-Day, June 6, 1944 during World War II. One invader operates a walkie talkie radio directing other landing craft to the safest spots for unloading their parties of fighting men. (AP Photo)

After landing at the shore, these British troops wait for the signal to move forward, during the initial Allied landing operations in Normandy, France, June 6, 1944. (AP Photo)

Sitting in the cover of their foxholes, American soldiers of the Allied Expeditionary Force secure a beachhead during initial landing operations at Normandy, France, June 6, 1944. In the background amphibious tanks and other equipment crowd the beach, while landing craft bring more troops and material ashore. (AP Photo/Weston Haynes)

6th June 1944: American medics administer first aid to wounded soldiers on Utah beach in Normandy, France, whilst in the background other troops “dig-in” in the soft sand. (Photo by Hulton Archive/Getty Images)

US troops landing in northern France on D-Day, 6th June 1944. (Photo by Hulton Archive/Getty Images)

U.S. Army Rangers show off the ladders they used to storm the cliffs at Pointe du Hoc on D-Day. (Official U.S. Navy Photograph, now in the collections of the National Archives)

American troops advance over the crest of a concrete sea wall after the successful landings on Utah Beach in Normandy, France. (Photo by Keystone/Hulton Archive/Getty Images)

US soldiers surround a burning German tank in a Normandy village in June 1944 after Allied forces stormed the Normandy beaches during D-Day. D-Day, 06 June 1944 is still one of the world’s most gut-wrenching and consequential battles, as the Allied landing in Normandy led to the liberation of France which marked the turning point in the Western theater of World War II. (AFP/Getty Images)

6th June 1944: American paratroopers having made successful landings at Utah Beach, advance cautiously through a French cemetery at St Marcouf. (Photo by MPI/Getty Images)

7th June 1944: Soldiers try to flush out a German sniper located in a church in the centre of Sainte Mere Eglise, after the Normandy town’s liberation. (Photo by Bob Landry/Keystone/Hulton Archive/Getty Images)

US soldiers gather around trucks disembarking from crafts shortly after D-Day 06 June 1944 after Allied forces stormed the Normandy beaches. D-Day, 06 June 1944 is still one of the world’s most gut-wrenching and consequential battles, as the Allied landing in Normandy led to the liberation of France which marked the turning point in the Western theater of World War II. (AFP/Getty Images)

Supreme Commander of the Allied Forces, General Dwight D. Eisenhower (L) shows the strain of his command as he and Britain’s Field Marshal Bernard Montgomery (R), his deputy commander, confer on the invasion plans of Normandy in an unknown location in June 1944 after Allied forces stormed the Normandy beaches on D-Day. (AFP/Getty Images)

June 1944: German soldiers are seen here being marched through the streets of Cherbourg, France, after the city was liberated by the Americans. (Three Lions/Getty Images)

Joseph Vaghi (C), a US Navy ensign, chats with residents of Colleville-Sur-Mer in June 1944 after Allied forces stormed the Normandy beaches during D-Day. (AFP/Getty Images)

June 1944: A happy crowd of American soldiers receive a warm welcome from the inhabitants of Cherbourg, after its liberation. (Photo by Keystone/Getty Images)

7th June 1944: Bomber crews of the US Ninth Airforce leave their B26 Marauder aircraft after returning from a mission to support the D-Day landings in Normandy by disrupting German lines of communication and supply. (Photo by Fred Ramage/Keystone/Hulton Archive/Getty Images)

6th June 1944: People in the City of London rush to buy the first newspapers giving news of the Allied D-Day landings in Normandy. (Photo by Fred Morley/Fox Photos/Getty Images)

In Piccadilly Circus crowds of Londoners read the first news of the invasion in the editions of the evening papers, June 6, 1944. (AP Photo)

U.S. President Franklin D. Roosevelt wears an expression of confidence and determination as he receives visitors in his White House office on this long-awaited D-Day of the start of the western European invasion in Washington on June 6, 1944. (AP Photo)

On the evening of June 6, 1944, President Franklin Roosevelt delivered a radio address informing the American people that the liberation of Europe was under way.

The president then asked his fellow Americans to join him in prayer as he beseeched Almighty God’s protection for “our sons, the pride of our nation” who were engaged that day “upon a mighty endeavor, a struggle to preserve our Republic, our religion, and our civilization, and to set free a suffering humanity.”

The following is the audio of President Roosevelt’s D-Day prayer broadcast to the nation that night:

Observing D-Day in a big fashion, Lord & Taylor department store displays a 27 by 40 foot American flag down the front of its building in New York, June 7, 1944. The store closed its doors from 11 a.m. on. (AP Photo/RM)

6th June 1944: Wounded US soldiers of the 3rd Battery, 16th Infantry Regiment, 1st US Infantry Division, lean against chalk cliffs while eating and smoking after storming Omaha Beach in Normandy, Colleville-Sur-Mer, France during World War II. Some of the men wear head bandages. (Photo by Taylor/US Army/Getty Images)

June 1944: The bodies of American soldiers lie on the ground in Normandy, France, awaiting burial, following the D-Day Allied invasion. (Photo by Fox Photos/Getty Images)

June 1944: Medical orderlieswith the dead ready for burial in one of the first invasion graveyards in France. (Photo by Keystone/Getty Images)

As old glory is held in final salute a memorial service to the men who fell in the allied invasion of France is held at the first American cemetery to be laid out in Normandy on June 15, 1944. (AP Photo)

17th June 1944: A wooden cross, a soldier’s helmet, and flowers mark the grave of an American soldier who was killed in battle during the invasion of Normandy, Carentan, France. A sign posted by French civilians reads ‘Mort pour la France’, or ‘Died for France.’ (Photo by Himes/US Army/Getty Images)

Row after row of white crosses mark the U.S. Military Cemetery No. 2 at Ste. Mere Eglise in Normandy, France on May 15, 1946. In the background is the town, which was taken by American troops driving to cut off the Cotentin peninsula during the early days of the invasion. (AP Photo/Max Nash)

The American War cemetery of Colleville sur Mer is pictured Tuesday, April 8, 2014, Normandy, France. The cemetery overlooks Omaha Beach, one of the landing beaches of the Normandy Invasion, and contains the remains of 9,387 American military dead, most of whom were killed during the invasion of Normandy and ensuing military operations in World War II. (AP Photo/David Vincent)

Flowers on a grave at the US cemetery in Colleville-sur-Mer. (JOEL SAGET/AFP/Getty Images)

COLLEVILLE-SUR-MER, FRANCE: Soldiers of the U.S. Army pose for a photo with U.S. D-Day veteran Leonard Jindra, 98, following a small ceremony at Normandy American Cemetery on June 02, 2019 near Colleville-sur-Mer, France. Jindra served in the U.S. 115th Infantry Regiment of the 29th Infantry Division and landed at Omaha Beach on June 6, 1944 in the Allied D-Day invasion. (Photo by Sean Gallup/Getty Images)

COLLEVILLE-MONTGOMERY, FRANCE – JUNE 08: Normandy veterans Joe Cattini, 95, who was in the Hertfordshire Yeomanry (L) and landed on Gold Beach on D-Day and Roy Maxwell, 96, (R) who was in 4 Commando and landed Sword Beach on D-Day, salute as they attend at a memorial ceremony at the Bill Millin memorial near Sword Beach at Colleville-Montgomery, on June 8, 2018 near Caen, France. (Photo by Matt Cardy/Getty Images)

The statue of Bill Millin, best known as “Piper Bill,” in Ouistreham, northern France. Bill Millin was Scotland Lord Lovat’s personal piper and played bagpipes during D-Day on June 6, 1944 on Sword beach. (JOEL SAGET/AFP/Getty Images)

World War II veteran Charles Norman Shay, a Penobscot Native American, who took part in the Operation Overlord on June 6, 1944, poses on May 4, 2019 in Omaha Beach, western France. (LOIC VENANCE/AFP/Getty Images)

US veterans Jack Gutman (C), Georges Ciampa (2R) and James Forlking (R), who all landed on “Omaha Beach” on June 6, 1944, salute as they listen to the US national anthem during a ceremony at the American Cemetery in Colleville-sur-Mer, north-western France, on June 5, 2019, in memory of fallen American soldiers who took part in the World War II Allied landings in Normandy. (GUILLAUME SOUVANT/AFP/Getty Images)

REVIERS, FRANCE – JUNE 05: Lise Belanger, 18, wipes an eye as she kneels at the gravestone of her great-uncle, Roger “Sonny” Firman, at the Commonwealth War Graves Commission’s Beny-sur-Mer Canadian War Cemetery in Normandy on June 05, 2019 near Reviers, France. Sonny, a 21-year-old serving in the Canadian Royal Winnipeg Rifles, landed on June 6, 1944, at Juno Beach in the Allied D-Day invasion during World War II. He was captured by the Germans and on June 8, together with other Canadian prisoners of war, was executed by a unit of the Waffen SS. (Sean Gallup/Getty Images)

A little girl looks at grave crosses at the Normandy American Cemetery and Memorial on September 24, 2018, in Colleville-sur-Mer, overlooking Omaha Beach. (DAMIEN MEYER/AFP/Getty Images)

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