all of disney's otc derivatives are entered into under bilateral intracranial between disney and financial counterparties. and we include collateral posting requirements for each party, which are based on each party's respective credit risk. our derivative site dignities are fully disclosed in our quarterly financial statements. as an active participant in the otc derivatives market or risk mitigation purposes, we have spent and will continue to be closely monitoring the investor labor to the completion of this rulemaking process prior to the implementation of the legislation. will also continue to evaluate both the direct and indirect impacts of this new legislation that will have on our ability to hedge disney's financial risk in a cost effective manner. thank you. >> tammy. >> thank you. this'll be an echo virtue party heard. ibm likewise is primarily involved in the foreign exchange derivatives and interest rate market. ibm operates in over 170 countries and therefore we have a substantial exposure to foreign currencies. and so that is the biggest part of our portfolio. in fact, it's a

when i was a boy, i met wall disney. he bent down ask me how i was enjoying my experience and his theme park. my dad and some other dolls were there. i recognize that this was a i love taking care of little kids and entertaining them and sparking their imaginations. you go to disneyland or does the world today, is like the physical legacy of walt disney himself. it is still the imagination that he once brought to it. it reflects what disney. there are other examples. think about burgeoned atlantic region virgin -- virgin atlantic airways, it is edgy and irreverent just like its founder. they tend to reflect the people who founded them and build them. it is also true of countries. who we are as a nation pplex the character of the people who founded this nation. and you go back and think about -- the very first columnist. imagine what kind of person was said, i'm going to put behind my family, my friends, homes, and the security of my life in europe, and i'm going to get on the lip -- a little ship, uncertain whether there

i can remember it as a child, what the disney in hit -- walt disney in his weekly show said he would share his plans for the monorail with any city. what city took him up on it? seattle. it is still running very effectively. their current monorail can reach speeds of 80 miles an hour. i am certain with an upgrade they can go even faster. they would be american made. all the talk today about high- speed intercity rail involves purchasing equipment from japan or france or some other third country. do you have any comment on this? guest: yes, i do. monorail is one of several technologies that has always been right on the edge of being implemented but for whatever reason does not seem to be implemented. it is a technology that dates back i believe to germany in the 18 eighties -- 1880's. very limited applications in areas like amusement parks or places where you have kind of point to point trips that have to be taken. principally, it doesn't provide -- it has not been able to provide any significant advantage that other forms of transit can't provide. and it is usually, as indicated, an

it reflects walt disney. virgin airways is edgy and irreverent just like the founder . when i recognize it, businesses reflect their founder, and that's also true of colleges, schools, even churches, tend to reflect the people who founded them and built them. it is also true of countries. who we are as a nation reflects the character of the people who founded this nation. you go back and think about the very first colonists, imagine what kind of person would have said i'm going to put behind my family, my friends, my homes, and put behind my security in europe, put behind everything uncertain if there will be food, uncertain if the natives will be hostile or not. that kind of person had to love liberty and pioneering and inknow vating. -- innovatin. then the founders of the constitution, they made the same kind of trade. they could have followed a path of security and confidence. following the crown or perhaps establishing a government here that would be so large it would tell us what to do and how to do it and how to get paid and who would get what. instead they said,

i can remember it as a child, what the disney in hit -- walt disney in his weekly show said he would share his plans for the monorail with any city. what city took him up on it? seattle. it is still running very effectively. their current monorail can reach speeds of 80 miles an hour. i am certain with an upgrade they can go even faster. they would be american made. all the talk today about high- speed intercity rail involves purchasing equipment from japan or france or some other third country. do you have any comment on this? guest: yes, i do. monorail is one of several technologies that has always been right on the edge of being implemented but for whatever reason does not seem to be implemented. it is a technology that dates back i believe to germany in the 18 eighties -- 1880's. very limited applications in areas like amusement parks or places where you have kind of point to point trips that have to be taken. principally, it doesn't provide -- it has not been able to provide any significant advantage that other forms of transit can't provide. and it is usually, as indicated, an

in some ways disneyland is like the physical embodiment of all disney. -- walt disney himself. imaginative, creative, whimsical. virgin airlines is as edgy and irreverent as its founder richard branson. [laughter] it's not just business is saved -- businesses saved by their founders. institutions of all kinds. schools, universities, charities, churches. it is also true of countries. countries are shaped by their founders and by those who have led them often for many centuries after they are gone. been like for the people who first left europe to come to this country, the first immigrants. they left behind homes and families and stability in exchange for the possibility of a hostile and indigenous people, uncertain shelter and climate. some found fortune and others found the right to practice their religion according to the dictates of their conscience. in almost every heart there was the strain -- the ideal of liberty that drew them here. freedom from oppression. the thirst for freedom of the american colonists. it has been a quintessential american value from the very beginnin

we have the shareholders of the walt disney company. ultimately, if we are going to be successful, our main stakeholders is our audience. if we can give our audience something valuable that other people are not giving them, then we will be fine. it will be tough sledding, but we will be fine. the reverse is also true. if we do not give them something that is of value, -- it is a sensible decision as well as the right decision to say, "if we know there is a problem with toyota braking systems, we need to report that even f. there are economic cost -- even if there are economic consequences from toyota. >> we were talking about the end of history. the president was telling people that he was still relevant. all of the action had moved sort of off-stage. it was a quiet time. we had two wars and an economic crisis and an environmental crisis -- and then -- and an economic crisis. --so curious about the war's i am curious about the war's end about how you decide who to send it to cover a danger story. particularly the risk and benefits of em

they dreamed of a fairy tale wedding at disney world. on the way, they stopped at a traffic light. eight tractor truck driver plowed into the back of their car. it set off a chain reaction that left other and another woman dead. the driver was texting behind the wheel. these people came from all parts of the country. they have bright futures. they are the kind of kids that every parent hopes for. they are the kind of parent that every child the doors, and in inherit too short lives how many people need to die on our watch, not because of evil or malice, but because of carelessness and very dangerous behavior? during this last year, many of you have been part of a rising chorus shouting enough. today we gather and we will take measure as to how far we have come. and the distance we have yet to travel. share with you are doing, share with you have learned, ask questions, listen to new ideas, come up with some new ideas of your own, but no this -- we are in this together. we will solve this together. we will not let up till distracted driving is the behavior of the past. i am very gra

2008 their 26-year-old daughter and her fiance left their florida home to meet their families at a disney world planner's -- wedding planner's office. heather and patrick, both worked at the park, and dreamed of a fairy tale ceremony at the magic kingdom. on the way they stopped at a traffic light when a truck driver plowed his tractor-trailer into the back of their car. it set off a chain reaction, left heather and another woman dead. that driver was texting behind the wheel. eric, ashley, heather they and thousands like them came from all parts of the country. they had bright futures. they are the kind of kids that every parent hopes for. they are the kind of parent that every child adores. and their too short lives were punctuated with a question mark. how many people need to die on american's roadways? how many people need to die on our watch not because of evil or mall list but -- mallice but because of carelessness and very dangerous behavior. during this last year many of you have been a part of a rising chorus which is shouting enough. today we gather and we will take measure of h

they dreamed of a fairy tale wedding at disney world. on the way, they stopped at a traffic light. eight tractor truck driver plowed into the back of their car. it set off a chain reaction that left other and another woman dead. the driver was texting behind the wheel. these people came from all parts of the country. they have bright futures. they are the kind of kids that every parent hopes for. they are the kind of parent that every child the doors, and in inherit too short lives how many people need to die on our watch, not because of evil or malice, but because of carelessness and very dangerous behavior? during this last year, many of you have been part of a rising chorus shouting enough. today we gather and we will take measure as to how far we have come. and the distance we have yet to travel. share with you are doing, share with you have learned, ask questions, listen to new ideas, come up with some new ideas of your own, but no this -- we are in this together. we will solve this together. we will not let up till distracted driving is the behavior of the past. i am very gra

in some ways disneyland is like the physical embodiment of all disney. imaginative, creative, whimsical. virgin airlines is as edgy and irreverent as its founder richard branson. [laughter] it's not just business is saved by their founders. institutions of all kinds. schools, universities, charities, churches. it is also true of countries. countries are shaped by their founders and by those who have led them often for many centuries after they are gone. i wonder what that must have been like for the people who first left europe to come to this country, the first immigrants. they left behind homes and families and stability in exchange for the possibility of a hostile and indigenous people, uncertain shelter and climate. some found fortune and others found the right to practice their religion according to the dictates of their conscience. in almost every heart there was the strain -- the ideal of liberty that drew them here. freedom from oppression. the thirst for freedom of the american colonists. it has been a quintessential american value from the very

they dreamed of a fairy tale wedding at disney world. on the way, they stopped at a traffic light. eight tractor truck driver plowed into the back of their car. it set off a chain reaction that left other and another woman dead. the driver was texting behind the wheel. these people came from all parts of the country. they have bright futures. they are the kind of kids that every parent hopes for. they are the kind of parent that every child the doors, and in inherit too short lives how many people need to die on our watch, not because of evil or malice, but because of carelessness and very dangerous behavior? during this last year, many of you have been part of a rising chorus shouting enough. today we gather and we will take measure as to how far we have come. and the distance we have yet to travel. share with you are doing, share with you have learned, ask questions, listen to new ideas, come up with some new ideas of your own, but no this -- we are in this together. we will solve this together. we will not let up till distracted driving is the behavior of the past. i am very gra