Sunday, October 10, 2010

Steve Rattner on Sheila Bair

As I noted in my review of Overhaul, Steve Rattner absolutely savages Sheila Bair. I think Rattner treats Bair a little too harshly, but I agree that in this case, Bair was extremely unprofessional, and almost comically petty to boot. But I'm posting the full excerpt of Rattner's experience with Bair below the fold (it's long), so that you can make up your own mind.

The reason I think Rattner is a little too harsh on Bair is that, as head of the FDIC, she had the right to be concerned about the capital buffer at GMAC's bank (Ally), and to require higher capital levels. After all, it's the FDIC that would be on the hook if GMAC/Ally ever failed.

On the other hand, it's not at all clear that GMAC's capital level was her real concern (in fact, it's pretty clear that it wasn't her primary concern). Moreover, her stated cause for concern about GMAC — dealer floorplan loans — strongly suggests that her concern was less than genuine. Rattner is right that dealer floorplan loans are among the safest type of loans out there. Dealer floorplan ABS, which have a revolving structure similar to credit-card ABS, have miniscule historical loss rates (i.e., less than 1%), and have held up extremely well throughout the crisis. The fact that Bair cited dealer floorplan loans as her reason for requiring unusually high capital levels suggests that she either (a) didn't understand dealer floorplan loans (which would be bad in its own right), or (b) was being disingenuous.

I've always been surprised that Bair managed to become something of a hero among progressives. When Bair was the head of the CFTC in the 1990s, she fended off attempts to regulate OTC derivatives. And immediately after leaving the CFTC, she became a lobbyist for the New York Stock Exchange. Not exactly the profile of a progressive hero.

Anyway, here is Rattner's account of his experience with Bair:


From Overhaul: An Insider's Account of the Obama Administration's Emergency Rescue of the Auto Industry, by Steve Rattner (pp. 168–172, 236–237).

The new headache was Sheila Bair, the powerful chairwoman of the FDIC, which we needed to complete the GMAC and Chrysler Financial deal. Everything else in our charter depended on that. Without GMAC’s help, Chrysler would have no way to finance ongoing sales and the restructuring would fall through. General Motors’s survival would also be jeopardized.

I’d become aware of Bair’s central role gradually, while arranging for GMAC to take over Chrysler Financial’s lending activities. I had expected that obtaining the regulatory approvals would be easy. After all, didn’t we work for the same government? Didn’t we all want to save the economy from further shocks? That naiveté fell away quickly.

GMAC had three regulators: the Fed, the FDIC, and the state of Utah, where its Internet bank, Ally, was chartered. Since the Federal Reserve and the FDIC were independent agencies, for the first time in our “caper,” we could not use executive authority to direct the bureaucracy. No one—not the secretary of the Treasury, not even the President—could tell Ben Bernanke or Sheila Bair what to do. So the potential impediment at this point was not the recalcitrance of outside stakeholders but that of government colleagues.

We didn’t need much from the Fed, primarily just relief from something called Rule 23A, a Depression-era regulation prohibiting banks from lending money to “affiliated companies.” GM still had a significant stake in GMAC, but from our first meeting with Fed general counsel Scott Alvarez, we sensed a desire to help. Scott and his colleagues were diligent and careful—they made clear that they wouldn’t support a full merger of Chrysler Financial and GMAC. Yet they also signaled that they shared our desire to solve the auto crisis.

The FDIC, more directly and intimately involved with the bank subsidiary, had the authority to lift limits on deposits that GMAC had agreed to at the end of 2008 and controlled access to the TGLP. Its cooperation on both fronts was essential to GMAC’s plan for providing financing to GM and Chrysler customers. Our initial encounters were worrisome. Two Team Auto members, Brian Stern and Rob Fraser, had a Sunday session with the Fed also in attendance, where the FDIC was unyielding. A few days later, Deese and I accompanied Brian and Rob to FDIC headquarters to try to make some progress. But Bair’s lieutenant Chris Spoth and her deputy general counsel Roberta McInerney listened, gave away little, and promised no cooperation beyond checking with their boss.

The only specific objection raised by Spoth was GMAC’s financing of dealer inventories, which he viewed as excessively risky. The irony was that of all the possible reasons to worry about GMAC, “floor plan” was the least of them. In theory, GMAC can lose money on floor plan if a dealer won’t or can’t pay, but the deck is stacked in favor of GMAC. If a dealer defaults, GMAC has the right to seize the unsold cars and return them to GM for full value. What’s more, most dealers are personally liable for floor-plan loans, a tremendous incentive to make good on the debts. The historical loss rates on floor plan had been close to zero. The new risk, or course, was that GM itself might no longer be around to honor its repurchase agreement. But the President of the United States had just stood up to tell the world that a GM liquidation was unthinkable. What was the FDIC so worried about? We couldn’t figure it out.

It took me a while to understand that we were caught in the web of Sheila Bair’s own agenda. She was a lawyer from Kansas who, like Ben Bernanke, was a Bush administration appointee. Like Bernanke, she had also been an academic, though of lesser distinction. Unlike Bernanke, she was a politician too—in the 1990s she’d lost a Republican congressional primary in her home state.

Bair made her mark at the FDIC as an articulate early advocate of forceful action in the subprime mortgage crisis. At a time when the Bush administration was still wedded to its free-market, noninterventionist stance, she stood her ground. In 2008 Forbes named her the second most powerful woman in the world after Germany Chancellor Angela Merkel. A few pundits even touted her as a possible Treasury secretary for President Obama. But inside the bureaucracy she had a reputation for being a sharp-elbowed, sometimes disingenuous self-promoter. My colleagues who dealt with Bair during the banking crisis found the experience frustrating.

Bair’s concern was the safety and soundness of GMAC. We had told the regulators that we intended to recapitalize the company based on the results of the stress tests then under way. The goal of the stress testing, orchestrated by Tim for the nation’s nineteen largest bank holding companies, including GMAC, was the restoration of confidence in the banking system. If a company’s capitalization was found wanting, it would be required to raise enough additional money to weather a full range of economic storms. Ideally, investors would put up the funds, but implicit was the assurance that Washington would provide capital if the private market wouldn’t. GMAC was in such weak shape that its only possible source of capital would be TARP.

Based on the stress test results—not yet public but available to us—we had budgeted $13.1 billion of new capital for GMAC. Of that, $4 billion was to support the lending it would take over from Chrysler Financial. Bair didn’t believe those sums were enough. She suspected GMAC to be weaker than the stress test revealed, and didn’t trust de Molina’s ability to deliver what he promised. She also shared the FDIC members’ antipathy toward GMAC for its aggressiveness in Internet banking.

So the FDIC withheld its approvals, muttering about more capital. Making things worse, Spoth hinted at but would not spell out his boss’s demands. We made so little progress with him that I finally asked Tim to intercede. A summit meeting was booked for April 28, just two days before the President was to speak on television. It was in Tim’s small conference room, in the early evening of another unseasonably warm day, that I first came face-to-face with Sheila Bair—a small, trim woman about my age with brown hair, brown eyes, and an unsmiling, sour demeanor. According to Washington protocol, this was a “principals plus one” meeting. Sheila brought Spoth. Tim and I represented Treasury, leaving me without my finco experts Brian and Rob. Bernanke and Alvarez participated by phone.

One could hear bemusement in Bernanke’s soft voice coming through the speaker. His tone suggested that he was wondering, “Why are we even here?” The Fed was already prepared to meet a key demand by Bair, that GMAC be able to use dealer loans as collateral to borrow at the Fed’s “discount window.” But this meeting was about Bair’s needs. An effort was under way in Congress to increase from $30 billion to $100 billion the credit line at Treasury used by the FDIC to backstop its deposit-insurance fund. Bair made it clear that in exchange for helping GMAC, she expected Treasury’s support for the legislation. Such horse-trading is routine, and I didn’t question it. I just wished that she or Spoth had been more straightforward and had brought it up weeks earlier. But Tim readily acquiesced.

Next came a recital of grievances about GMAC. Weirdly, Bair attacked dealer financing anew, making it sound as if floor-plan lending were the reincarnation of subprime. It was as though we had not, just days before, explained to Spoth why floor-plan financing is about the least risky activity an auto finance company undertakes. He remained silent, and though I was incensed, so did I. As a “plus one,” I didn’t think it was my place to take on Bair in the presence of Bernanke and Geithner. The moment the meeting ended, I rushed down to see Brian Stern and Rob Fraser, wondering if I had somehow misunderstood everything I had heard about floor plan. They assured me that I hadn’t.

Clearly, the issue of the auto finance companies—which two months earlier we had viewed as the rail of the dog—was now a Great Dane of a problem. Soon to come was the news that Bair did not merely want Tim’s support for expanding her credit line; she wanted the legislation passed by Congress before she would agree to help GMAC. That wasn’t going to happen in the next forty-eight hours.

We agonized. It seemed insane to let Chrysler go down over her agenda. But Chrysler could not stay in business unless its dealers and customers got financing, and without FDIC approval, there was no way to provide it. We had fallen short on a key condition for not pulling the plug.

In close consultation with Larry and Tim, we decided the rescue was worth another gamble. We committed $7.5 billion of TARP funding to GMAC without waiting for the FDIC’s cooperation. In exchange, de Molina agreed to take on Chrysler Financial’s lending for two weeks so that the automaker could continue to sell cars. Two weeks would be long enough, we hoped, for the FDIC’s legislation to pass or for Bair to come around.

I reckoned the odds were on our side. For one thing, we’d held back $5.6 billion of the $13.1 billion earmarked for GMAC—additional capital that both de Molina and Bair wanted to see invested in the auto lender. Even if the GMAC arrangements fell through and we had to liquidate Chrysler in another two weeks, the consequences of having waited would not be severe. Keeping Chrysler on the dole for the extra days would cost taxpayers perhaps $500 million — a mere rounding error in the context of TARP’s $700 billion. And the people who bought Chryslers in the interim would be protected—we had a warranty guarantee program already in place.

Above all, I was banking on Bair’s self-interest. Being obstructionist had worked for her up to now. But as soon as she realized she was in danger of becoming the visible face of GMAC’s paralysis and Chrysler’s demise—as well as of the potential collapse of GM because it, too, depended on GMAC—I hoped that the hostages would be released. (pp. 168–172)

...

GMAC hung over me as a huge piece of unfinished business that could torpedo everything we were accomplishing. I spent days with Brian Stern and Rob Fraser figuring out how to structure and value the capital infusion that GMAC was going to need. Even more frustrating was continuing to do battle with the FDIC. As a way to keep the pressure on, we had proposed that GMAC take on the Chrysler financing business for only two weeks, seemingly plenty of time to tie up loose ends with the FDIC.

But the FDIC kept retrading and piling on new asks. Sheila Bair’s designated negotiator was Chris Spoth, the rather meek career FDIC official whom we had previously encountered. He seemed to have no authority whatsoever. More than once, we would come to an understanding on a point that we would confirm by e-mail, only to receive an e-mail back the next morning denying that an understanding had been reached. At another juncture, the FDIC asked for a letter saying that Treasury would stand behind GMAC no matter what, and then kept changing the language. Tim thought the new language would make the FDIC look weak and tried, unsuccessfully, to reach Bair. “I’ll write whatever you guys want, but I really think this is counter to your objective,” he told Spoth. Of course Spoth needed to check with Bair. “You’re right, let’s go back to the other language,” he responded a few minutes later. (Bair would duck even Tim when she wanted to; once her office said she was on a plane when in fact she wasn’t.) Bair also wanted a letter from Tim thanking her for assisting our effort; we took to calling this the “great American letter.”

Most frustrating was that after agreeing to provide the help we were seeking, the FDIC came back and increased the amount of capital that it wanted GMAC’s bank (Ally) to maintain to far beyond that required of any other bank. The excessive capital requirement would have many negative repercussions. It would reduce GMAC’s liquidity at the holding company and therefore its financial flexibility. Perhaps most importantly, it lowered the bank’s lending capacity, the opposite of what we were trying to achieve. And it reduced GMAC’s profitability and therefore the value of the $13.1 billion of new TARP money that we were preparing to invest. So the FDIC’s unreasonable requirement would cost U.S. taxpayers significant money. Whose side was the FDIC on, I wondered. We whittled back the duration of the higher capital requirement a bit but ultimately had to swallow and agree. We had no alternative. (pp. 236–237)

28 comments:

Blue said...

What did Blair (not Bair) want? I didn't see anything in the extract that claimed to know. Is Rattner really claiming that Blair was being difficult just to be difficult? The story doesn't hang together. Blair may not be the most pleasant person to deal with, but it doesn't make sense to describe her as uncooperative without at least hypothesizing why she was behaving that way.

Economics of Contempt said...

Blue,

From the excerpt:

"An effort was under way in Congress to increase from $30 billion to $100 billion the credit line at Treasury used by the FDIC to backstop its deposit-insurance fund. Bair made it clear that in exchange for helping GMAC, she expected Treasury’s support for the legislation."

And:

"At another juncture, the FDIC asked for a letter saying that Treasury would stand behind GMAC no matter what."

And:

"Most frustrating was that after agreeing to provide the help we were seeking, the FDIC came back and increased the amount of capital that it wanted GMAC’s bank (Ally) to maintain to far beyond that required of any other bank."

Plus the "Great American letter" from Geithner.

Anonymous said...

haven't read the book, but looking forward to it. it will be interesting to hear what went on behind the scenes with wamu as well; i hope that story comes out before i die. imho that seizure made the crisis much worse, because it spooked private capital.

Blue said...
This comment has been removed by the author.
Blue said...

But Rattner's claim was that Blair's professed needs were cover for something else. What was that something else?

Calton said...

Where does Rattner say that, Blue? And why do you keep calling her "Blair"?

Anonymous said...

I'm somewhat perplexed that you didn't acknowledge that Rattner, a buddy of 'Tim' (i.e. Geithner), has some less than above-board reasons to lambaste Bair. Geithner HATES Bair, just as Geithner HATES Elizabeth Warren. That personal dynamic seems relevant here. Rattner makes clear that he's Geithner's agent; more disturbingly, he makes clear that he's Geithner's friend and considers 'Tim' a good-guy and a visionary.

Anonymous said...

As far as I can tell, Bair's motivation was to have a stable and sound financial industry which wouldn't wreck the country.

GMAC, with a history of making bad loans, got caught in that? Not sorry.

Anonymous said...

Now i'm considerably confused that you decided not to admit which Rattner,cheap diablo 3 Gold a friend regarding 'Tim' (my partner and i.elizabeth. Geithner), provides some below above-board top reasons to lambaste Bair. Geithner Cannot stand Bair, equally Geithner HATES Customer advocates. That will particular dynamic appears pertinent below. Rattner helps make obvious which he is Geithner's agent; much more disturbingly, he tends to make clear which he Billig Guild Wars 2 Goldis Geithner's pal and also considers 'Tim' a new good-guy and also a visionary.

murs dask said...

yemek tarifleri
ekol hoca
android market
twitter aç

Cahaya Mandiri said...

Great Post. I have not been visiting the site recently. Took a visit again and there were some great comments on the site. Excellent post. Keep up the good work.
tips cara agar cepat hamil l CARA BELAJAR BAHASA INGGRIS l the best acne treatment l how to lose weight fast easy
margahayuland l BISNIS ONLINE l tips cepat hamil l how to get rid of acne home remedies l
home remedies for acne l how to cure acne fast l
baju batik modern l toko sepatu online l grosir jam tangan online l
jual jam tangan l toko jam tangan murah peluang usaha online l is acne no more for you l how to get rid of acne naturally
how to clear acne l cure acne naturally
best natural remedies for acne l acne no more l tempat belajar bisnis online
peluang usaha rumahan l cara mendapatkan uang dari internet
makanan sehat agar cepat hamil l penyebab tidak bisa hamil lcara agar cepat hamil


PENNY STOCK INVESTMENTS said...

Blue skys

blognya fariz said...

obat dari penis mengeluarkan nanah | obat kemaluan keluar nanah | menghilangkan kutil di penis | nama obat sipilis | nanah keluar dari kemaluan lelaki | obat kutil di kemaluan pria | obat kutil kelamin tradisional | obat untuk menghilangkan kutil di kelamin | obat kutil di kemaluan pria | obat kutil kelamin tradisional | obat untuk menghilangkan kutil di kelamin | obat kutil di kemaluan pria | obat kutil kelamin tradisional

Trần Duy Thuận said...

Trần Duy Thuận Blog đang cần nhận gia công tại nhà. Ai có cần người nhận gia công tại nhà tphcm liên hệ mình nhé. Truy cập vào đặt vé máy bay giá rẻ vietjet để có thêm kinh nghiệm khi đi máy bay nhé.

manhkha said...

Kênh thông tin mua bán nhà đất tại Việt Nam , nếu bạn muốn mua hay bán nhà đất thì chỉ cần vào đây , chúng tôi sẽ cho mọi người biết về tin của bạn, mua bán nhà đất, nhà đất hcm, nhà đất gò vấp, nhà đất thủ đức, nhà đất tân phú, nha dat quan 9 . Còn chần chờ gì nữa , hãy đăng tin mua bán nhà đất nhanh nhanh .

chăm sóc sức khỏe said...

Giảm cân hiệu quả bằng thuốc giảm cân nhanh an toàn, bệnh mất ngủ, thuốc làm trắng da, thuốc collagen, đông trùng hạ thảo, thuốc trị sẹo, thuốc mọc tóc, kem chống nắng, thuốc bổ mắtCách giải độc gan hiệu quả bằng thuốc giải độc gan vừa an toàn vừa nhanh.

Thach Nguyen said...

thuốc điều trị xương khớp cho mọi lứa tuổi, thích hợp với những người già đang bị loãng xương, có thể dùng thêm thuốc hỗ trợ tim mạch bổ trợ thêm, làm tăng tuổi thọ, sức khỏe.
Bạn đang tự ti về vòng 1 khiêm tốn của mình ? Đừng lo hiện nay đã có rất nhiều sản phẩm thuốc nở ngực an toàn đem lại hiệu quả tốt nhất cho các bạn
Bạn có thể xem them qua những sản phẩm: thuoc chong ung thu hieu qua
thuốc hỗ trợ điều trị sỏi thận
thuốc chống lão hóa
kẹo bỏ thuốc lá
kem trị rạn da

Jambi X-Ride Club said...

PASARPOKER.COM AGEN JUDI POKER DAN DOMINO ONLINE TANPA ROBOT 77Dewa SITUS JUDI POKER dan DOMINO ONLINE INDONESIA TERPERCAYA
PASARPOKER.COM AGEN JUDI POKER DAN DOMINO ONLINE TANPA ROBOT 77Dewa SITUS JUDI POKER dan DOMINO ONLINE INDONESIA TERPERCAYA
PASARPOKER.COM AGEN JUDI POKER DAN DOMINO ONLINE TANPA ROBOT 77Dewa SITUS JUDI POKER dan DOMINO ONLINE INDONESIA TERPERCAYA
PASARPOKER.COM AGEN JUDI POKER DAN DOMINO ONLINE TANPA ROBOT 77Dewa SITUS JUDI POKER dan DOMINO ONLINE INDONESIA TERPERCAYA
PASARPOKER.COM AGEN JUDI POKER DAN DOMINO ONLINE TANPA ROBOT 77Dewa SITUS JUDI POKER dan DOMINO ONLINE INDONESIA TERPERCAYA
PASARPOKER.COM AGEN JUDI POKER DAN DOMINO ONLINE TANPA ROBOT 77Dewa SITUS JUDI POKER dan DOMINO ONLINE INDONESIA TERPERCAYA
agen sbobet agen ibcbet cara bermain sbobet
sbobet ibcbet agen bola online agen bola terpercaya
bola tangkas casino sbobet bola tangkas agen bola cara bermain poker agen poker online Wahana303.com Agen SBOBET IBCBET 368BET Casino 338A Bola Tangkas Togel SINGAPURA HONGKONG Online Indonesia Terpercaya Wahana303.com Agen SBOBET IBCBET 368BET Casino 338A Bola Tangkas Togel SINGAPURA HONGKONG Online Indonesia Terpercaya Wahana303.com Agen SBOBET IBCBET 368BET Casino 338A Bola Tangkas Togel SINGAPURA HONGKONG Online Indonesia Terpercaya Wahana303.com Agen SBOBET IBCBET 368BET Casino 338A Bola Tangkas Togel SINGAPURA HONGKONG Online Indonesia Terpercaya Wahana303.com Agen SBOBET IBCBET 368BET Casino 338A Bola Tangkas Togel SINGAPURA HONGKONG Online Indonesia Terpercaya Wahana303.com Agen SBOBET IBCBET 368BET Casino 338A Bola Tangkas Togel SINGAPURA HONGKONG Online Indonesia Terpercaya Wahana303.com Agen SBOBET IBCBET 368BET Casino 338A Bola Tangkas Togel SINGAPURA HONGKONG Online Indonesia Terpercaya Wahana303.com Agen SBOBET IBCBET 368BET Casino 338A Bola Tangkas Togel SINGAPURA HONGKONG Online Indonesia Terpercaya

Rita Vianty said...

Your blog is very cool. I am very lucky to be able to come to your weblog agen ibcbet and I will bookmark this web page in order that I could come back another time.Keep up the good work. I have never read more interesting articles than yours before. You make me so easy to understand, agen sbobet and I will contiune to share this site. Thank you very much! Thank you so much for the post you do. I like your post and all you share with us is up to date and quite informative. i would like to bookmark the page ibcbet so i can come here again to read you, as you have done a wonderful job.

Anonymous said...

Anda ingin tau tentang kesehatan wanita? kesehatan reproduksi wanita? kesehatan organ intim wanita? Ingin Tahu Lebih Rinci Tentang Keaslian Crystal X?. Anda dapat mencari tentang kesehatan di situs ini, anda juga mendapat informasi tentang CRYSTAL X ASLI Murah! Hanya Rp 65.000,- Ayo Buruan!. Selain tentang kesehatan organ wanita, anda juga dapat menemukan tentang bahayanya bagi kesehatan yakni 5 Efek Samping Crystal X. Agar tetap sehat dalam memakainya, pastikan membaca Tanya Jawab Tentang Crystal X. Jangan abaikan kesehatan organ intim, dapatkan info melalui Tentang Crystal X Asli NASA. Fakta-fakta yang membuat anda sehat juga dierlukan Fakta Tentang Crystal X Asli NASA . Jangan lupakan efek samping agar miss V tetap sehat dan bersih, baca 5 Efek Samping Pemakaian Crystal X. Lalu jika produk ini terjatuh Crystal X Asli NASA Terjatuh dan Patah. Pastika juga demi kesehatan anda, anda memastikan bahwa itu adalah Crystal X Asli NASA. Anda juga bisa membaca tentang 5 Ciri-Ciri Keputihan Karena Penyakit Berbahaya. Lalu caramengobatinya juga tersedia Cara Mengobati Keputihan Secara Cepat dan Praktis. Masalahnya adalah apa dampaknya untuk kesehatan Crystal X, Dampaknya Bagi Kesehatan?. Apa tanggapan mereka, Mereka Yang Sudah Pakai Crystal X. Jadi makanan yang harus diperhatikan bisa dibaca disini Makanan Yang Harus Dihindari Penderita Keputihan. Jangan lewatkan juga testimoninya Manfaat dan Testimoni Crystal X Asli. Apalagi yang satu ini Crystal X Asli dari PT. Natural Nusantara (NASA). Untuk mengetahui manfaatnya bagi kesehatan Apa sih Manfaat dan Fungsi CRYSTAL X ASLI?. Pokoknya ada di situs kesehatan organ intim/miss V bagi wanita disini crystal x. Kalau sudah, cara ordernya disini Cara Order crystal X. Tambahan info untuk Anda semua, Cara Mencegah Kanker Serviks.

Khang Minh said...

Có làn da trắng là mong ước của mọi cô gái , sản phẩm thuoc uong trang da giúp trắng da toàn thân hiệu quả ngoài ra bạn cũng có thể sử dụng các loại loai kem chong nang tot nhat. Ngoài ra nếu bạn muốn làn da luôn tươi trẻ thì nên dùng my pham sakura nhat ban như kem duong da chong lao hoa sakura giúp làn da luôn trẻ đẹp xóa các nếp nhăn. Cách thuoc herba vixmen an toàn và hiệu quả bằng herba vixmen , vậy thuoc herba vixmen mua o dau , có an toàn không và mua ở đâu sẽ được cho biết sau đây. Sản phẩm giúp bà bầu và thai nhi như nature made prenatal sẽ bổ sung chất dinh dưỡng cho cả bà bầu và thai nhi.

Georgia Aguilar said...

Nice information, you can get these information from another source

Stock Finance Services South Africa

jaring pengaman said...

Nice article, thanks for the information. It's very complete information. I will bookmark for next reference
jaring futsal | jaring golf | jaring pengaman proyek |
jaring pengaman bangunan | jaring pengaman gedung
http://www.jual-jaring.blogspot.com/
http://www.agen-jaring.blogspot.com/
http://www.pancasamudera-safetynet.blogspot.com/
http://www.toko-jaring.blogspot.com/
http://www.pusat-jaring.blogspot.com/
http://jualjaringpengaman.blogspot.com/
https://pancasamudera.wordpress.com/
https://pasangjaringfutsal.wordpress.com/
https://jualtambangmurah.wordpress.com/
https://tokojaring.wordpress.com/
https://jualjaringfutsal.wordpress.com/
https://jaringfutsal.wordpress.com/


herbal isme said...

Obat Sipilis Paling Manjur Yang Terbaik
Obat Kanker Serviks Stadium 1, 2, 3, 4
obat kutil kelamin yang manjur
MENGOBATI KANKER SERVIKS DENGAN OBAT HERBAL
Obat Alami Ampuh Sipilis Paling Manjur
Obat sipilis dari bahan alami yang paling manjur aman tanpa efek samping
cara alami mengobati kencing nanah
Obat Penyakit Gonore (kencing Nanah)
Cara Alami Mengobati Penyakit Kencing Nanah
Obat sipilis ampuh
Obat herbal penyakit sipilis
obat herbal buat kanker rahim
obat herbal penyakit kencing keluar nanah pada pria
obat gonore kencing nanah
Pengobatan Kanker Payudara Alternative
Obat Herbal Untuk Kanker Paru-Paru

kartu esia said...

obat kanker payudara herbal
obat herbal untuk kanker payudara yang manjur
obat herbal untuk kanker paru-paru
obat herbal untuk kanker prostat
obat herbal yang manjur untuk kanker serviks/rahim
obat kanker serviks yang ampuh

Greenwood Jonny said...

OBAT KANKER SEVIKS HERBAL YANG MANJUR
OBAT HERBAL UNTUK KANKER PAYUDARA
MENGOBATI AMBEIEN SECARA HERBAL
OBAT JENGGER AYAM HERBAL
OBAT HERBAL UNTUK WASIR ATAU AMBEIEN
CARA MENGOBATI KANKER SERVIKS/RAHIM
OBAT UNTUK PENYAKIT SIPILIS RAJA SINGA
SIPILIS BISA DIOBATI DENGAN OBAT HERBAL
OBAT UNTUK KENCING KELUAR NANAH
OBAT KUTIL KELAMIN YANG PALING AMPUH
KAMI MENJUAL OBAT HERBAL UNTUK PENYAKIT KUTIL KELAMIN
OBAT KANKER PAYUDARA YANG PALING AMPUH
KUTIL KELAMIN BISA DISEMBUHKAN DENGAN SALEP DAN KAPSUL HERBAL
CARA TRADISIONAL UNTUK MENGOBATI KUTIL DI KEMALUAN
OBAT GONORE, KENCING NANAH

wasirdenature said...

nanah keluar dari kemaluan cairan nanah keluar dari kemaluan obat cairan nanah keluar dari kemaluan obat untuk cairan nanah yang keluar dari kemaluan obat ujung kemaluan keluar cairan nanah obat ujung kemaluan keluar cairan nanah cara mengobati ujung kemaluan keluar nanah ujung kemaluan keluar nanah di sertai perih saat kencing penyebab penis keluar nanah penyebab penis keluar nanah cara mengobati penis keluar nanah kelamin pria keluar nanah obat kelamin pria keluar nanah obat kelamin pria keluar cairan nanah mengapa alat kelamin keluar nanah kemaluan laki laki keluar nanah kemaluan keluar nanah kemaluan keluar cairan nanah mengapa kemaluan keluar nanahcairan nanah keluar dari kemaluan kencing perih dan keluar cairan nanah cairan nanah keluar dari kemaluan pria mengapa cairan nanah keluar dari kemaluan kemaluan pria keluar nanah

lionelmessi10 said...

nanah keluar dari kemaluan cairan nanah keluar dari kemaluan obat cairan nanah keluar dari kemaluan obat untuk cairan nanah yang keluar dari kemaluan obat ujung kemaluan keluar cairan nanah obat ujung kemaluan keluar cairan nanah cara mengobati ujung kemaluan keluar nanah ujung kemaluan keluar nanah di sertai perih saat kencing penyebab penis keluar nanah penyebab penis keluar nanah cara mengobati penis keluar nanah kelamin pria keluar nanah obat kelamin pria keluar nanah obat kelamin pria keluar cairan nanah mengapa alat kelamin keluar nanah kemaluan laki laki keluar nanah kemaluan keluar nanah kemaluan keluar cairan nanah mengapa kemaluan keluar nanahcairan nanah keluar dari kemaluan kencing perih dan keluar cairan nanah cairan nanah keluar dari kemaluan pria mengapa cairan nanah keluar dari kemaluan kemaluan pria keluar nanah