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Securities

Securities Bond Stock Investment fund Derivative Structured finance Agency security

Markets Stock market Futures market Foreign exchange market Commodity market Spot market Over-the-counter market (OTC)

Bonds by coupon Fixed rate bond Floating rate note Zero-coupon bond Inflation-indexed bond Commercial paper Perpetual bond

Bonds by issuer Corporate bond Government bond Municipal bond Pfandbrief

Equities (stocks) Stock Share Initial public offering (IPO) Short selling

Investment funds Mutual fund Index fund Exchange-traded fund (ETF) Closed-end fund Segregated fund Hedge fund

Structured finance Securitization Asset-backed security Mortgage-backed security Commercial mortgage-backed security Residential mortgage-backed security Tranche Collateralized debt obligation Collateralized fund obligation Collateralized mortgage obligation Credit-linked note Unsecured debt Agency security

Derivatives Option Warrant Futures Forward contract Swap Credit derivative Hybrid security

v t e

A security is generally a fungible, negotiable financial instrument representing financial value.^[1] Securities are broadly categorized into:

• debt securities (such as banknotes, bonds and debentures),
• equity securities, e.g., common stocks; and,
• derivative contracts, such as forwards, futures, options and swaps.

The company or other entity issuing the security is called the issuer. A country's regulatory structure determines what qualifies as a security. For example, private investment pools may have some features of securities, but they may not be registered or regulated as such if they meet various restrictions.

Securities may be represented by a certificate or, more typically, "non-certificated", that is in electronic or "book entry" only form. Certificates may be bearer, meaning they entitle the holder to rights under the security merely by holding the security, or registered, meaning they entitle the holder to rights only if he appears on a security register maintained by the issuer or an intermediary. They include shares of corporate stock or mutual funds, bonds issued by corporations or governmental agencies, stock options or other options, limited partnership units, and various other formal investment instruments that are negotiable and fungible.

Classification[link]

Securities may be classified according to many categories or classification systems:

• Currency of denomination
• Ownership rights
• Term to maturity
• Degree of liquidity
• Income payments
• Tax treatment
• Credit rating
• Industrial sector or "industry". ("Sector" often refers to a higher level or broader category, such as Consumer Discretionary, whereas "industry" often refers to a lower level classification, such as Consumer Appliances. See Industry for a discussion of some classification systems.)
• Region or country (such as country of incorporation, country of principal sales/market of its products or services, or country in which the principal securities exchange where it trades is located)
• Market capitalization
• State (typically for municipal or "tax-free" bonds in the U.S.)

New capital[link]

Commercial enterprises have traditionally used securities as a means of raising new capital. Securities may be an attractive option relative to bank loans depending on their pricing and market demand for particular characteristics. Another disadvantage of bank loans as a source of financing is that the bank may seek a measure of protection against default by the borrower via extensive financial covenants. Through securities, capital is provided by investors who purchase the securities upon their initial issuance. In a similar way, a government may raise capital through the issuance of securities (see government debt).

Repackaging[link]

In recent decades, securities have been issued to repackage existing assets. In a traditional securitization, a financial institution may wish to remove assets from its balance sheet to achieve regulatory capital efficiencies (the informal ratio of output divided by capital expenditure) or to accelerate its receipt of cash flow from the original assets. Alternatively, an intermediary may wish to make a profit by acquiring financial assets and repackaging them in a way more attractive to investors. In other words, a basket of assets is typically contributed or placed into a separate legal entity such as a trust or SPV, which subsequently issues shares of equity interest to investors. This allows the sponsor entity to more easily raise capital for these assets as opposed to finding buyers to purchase directly such assets.

Type of holder[link]

Investors in securities may be retail, i.e. members of the public investing other than by way of business. The greatest part of investment, in terms of volume, is wholesale, i.e. by financial institutions acting on their own account, or on behalf of clients. Important institutional investors include investment banks, insurance companies, pension funds and other managed funds.

Investment[link]

The traditional economic function of the purchase of securities is investment, with the view to receiving income and/or achieving capital gain. Debt securities generally offer a higher rate of interest than bank deposits, and equities may offer the prospect of capital growth. Equity investment may also offer control of the business of the issuer. Debt holdings may also offer some measure of control to the investor if the company is a fledgling start-up or an old giant undergoing 'restructuring'. In these cases, if interest payments are missed, the creditors may take control of the company and liquidate it to recover some of their investment.

Collateral[link]

The last decade has seen an enormous growth in the use of securities as collateral. Purchasing securities with borrowed money secured by other securities or cash itself is called "buying on margin". Where A is owed a debt or other obligation by B, A may require B to deliver property rights in securities to A, either at inception (transfer of title) or only in default (non-transfer-of-title institutional). For institutional loans, property rights are not transferred but nevertheless enable A to satisfy its claims in the event that B fails to make good on its obligations to A or otherwise becomes insolvent. Collateral arrangements are divided into two broad categories, namely security interests and outright collateral transfers. Commonly, commercial banks, investment banks, government agencies and other institutional investors such as mutual funds are significant collateral takers as well as providers. In addition, private parties may utilize stocks or other securities as collateral for portfolio loans in securities lending scenarios.

On the consumer level, loans against securities have grown into three distinct groups over the last decade: 1) Standard Institutional Loans, generally offering low loan-to-value with very strict call and coverage regimens, akin to standard margin loans; 2) Transfer-of-Title (ToT) Loans, typically provided by private parties where borrower ownership is completely extinguished save for the rights provided in the loan contract; and 3) Non-Transfer-of-Title Credit Line facilities where shares are not sold and they serve as assets in a standard lien-type line of cash credit. Of the three, transfer-of-title loans have fallen into the very high-risk category as the number of providers have dwindled as regulators have launched an industry-wide crackdown on transfer-of-title structures where the private lender may sell or sell short the securities to fund the loan. See sell short. Institutionally managed consumer securities-based loans, on the other hand, draw loan funds from the financial resources of the lending institution, not from the sale of the securities.

Debt and equity[link]

Securities are traditionally divided into debt securities and equities (see also derivatives).

Debt[link]

Debt securities may be called debentures, bonds, deposits, notes or commercial paper depending on their maturity and certain other characteristics. The holder of a debt security is typically entitled to the payment of principal and interest, together with other contractual rights under the terms of the issue, such as the right to receive certain information. Debt securities are generally issued for a fixed term and redeemable by the issuer at the end of that term. Debt securities may be protected by collateral or may be unsecured, and, if they are unsecured, may be contractually "senior" to other unsecured debt meaning their holders would have a priority in a bankruptcy of the issuer. Debt that is not senior is "subordinated".

Corporate bonds represent the debt of commercial or industrial entities. Debentures have a long maturity, typically at least ten years, whereas notes have a shorter maturity. Commercial paper is a simple form of debt security that essentially represents a post-dated check with a maturity of not more than 270 days.

Money market instruments are short term debt instruments that may have characteristics of deposit accounts, such as certificates of deposit, and certain bills of exchange. They are highly liquid and are sometimes referred to as "near cash". Commercial paper is also often highly liquid.

Euro debt securities are securities issued internationally outside their domestic market in a denomination different from that of the issuer's domicile. They include eurobonds and euronotes. Eurobonds are characteristically underwritten, and not secured, and interest is paid gross. A euronote may take the form of euro-commercial paper (ECP) or euro-certificates of deposit.

Government bonds are medium or long term debt securities issued by sovereign governments or their agencies. Typically they carry a lower rate of interest than corporate bonds, and serve as a source of finance for governments. U.S. federal government bonds are called treasuries. Because of their liquidity and perceived low risk, treasuries are used to manage the money supply in the open market operations of non-US central banks.

Sub-sovereign government bonds, known in the U.S. as municipal bonds, represent the debt of state, provincial, territorial, municipal or other governmental units other than sovereign governments.

Supranational bonds represent the debt of international organizations such as the World Bank, the International Monetary Fund, regional multilateral development banks and others.

Equity[link]

An equity security is a share of equity interest in an entity such as the capital stock of a company, trust or partnership. The most common form of equity interest is common stock, although preferred equity is also a form of capital stock. The holder of an equity is a shareholder, owning a share, or fractional part of the issuer. Unlike debt securities, which typically require regular payments (interest) to the holder, equity securities are not entitled to any payment. In bankruptcy, they share only in the residual interest of the issuer after all obligations have been paid out to creditors. However, equity generally entitles the holder to a pro rata portion of control of the company, meaning that a holder of a majority of the equity is usually entitled to control the issuer. Equity also enjoys the right to profits and capital gain, whereas holders of debt securities receive only interest and repayment of principal regardless of how well the issuer performs financially. Furthermore, debt securities do not have voting rights outside of bankruptcy. In other words, equity holders are entitled to the "upside" of the business and to control the business.

• Stock

Hybrid[link]

Hybrid securities combine some of the characteristics of both debt and equity securities.

Preference shares form an intermediate class of security between equities and debt. If the issuer is liquidated, they carry the right to receive interest and/or a return of capital in priority to ordinary shareholders. However, from a legal perspective, they are capital stock and therefore may entitle holders to some degree of control depending on whether they contain voting rights.

Convertibles are bonds or preferred stock that can be converted, at the election of the holder of the convertibles, into the common stock of the issuing company. The convertibility, however, may be forced if the convertible is a callable bond, and the issuer calls the bond. The bondholder has about 1 month to convert it, or the company will call the bond by giving the holder the call price, which may be less than the value of the converted stock. This is referred to as a forced conversion.

Equity warrants are options issued by the company that allow the holder of the warrant to purchase a specific number of shares at a specified price within a specified time. They are often issued together with bonds or existing equities, and are, sometimes, detachable from them and separately tradeable. When the holder of the warrant exercises it, he pays the money directly to the company, and the company issues new shares to the holder.

Warrants, like other convertible securities, increases the number of shares outstanding, and are always accounted for in financial reports as fully diluted earnings per share, which assumes that all warrants and convertibles will be exercised.

The securities markets[link]

Primary and secondary market[link]

In the U.S., the public securities markets can be divided into primary and secondary markets. The distinguishing difference between the two markets is that in the primary market, the money for the securities is received by the issuer of those securities from investors, typically in an initial public offering transaction, whereas in the secondary market, the securities are simply assets held by one investor selling them to another investor (money goes from one investor to the other). An initial public offering is when a company issues public stock newly to investors, called an "IPO" for short. A company can later issue more new shares, or issue shares that have been previously registered in a shelf registration. These later new issues are also sold in the primary market, but they are not considered to be an IPO but are often called a "secondary offering". Issuers usually retain investment banks to assist them in administering the IPO, obtaining SEC (or other regulatory body) approval of the offering filing, and selling the new issue. When the investment bank buys the entire new issue from the issuer at a discount to resell it at a markup, it is called a firm commitment underwriting. However, if the investment bank considers the risk too great for an underwriting, it may only assent to a best effort agreement, where the investment bank will simply do its best to sell the new issue.

For the primary market to thrive, there must be a secondary market, or aftermarket that provides liquidity for the investment security—where holders of securities can sell them to other investors for cash. Otherwise, few people would purchase primary issues, and, thus, companies and governments would be restricted in raising equity capital (money) for their operations. Organized exchanges constitute the main secondary markets. Many smaller issues and most debt securities trade in the decentralized, dealer-based over-the-counter markets.

In Europe, the principal trade organization for securities dealers is the International Capital Market Association.^[2] In the U.S., the principal trade organization for securities dealers is the Securities Industry and Financial Markets Association,^[3] which is the result of the merger of the Securities Industry Association and the Bond Market Association. The Financial Information Services Division of the Software and Information Industry Association (FISD/SIIA)^[4] represents a round-table of market data industry firms, referring to them as Consumers, Exchanges, and Vendors.

Public offer and private placement[link]

In the primary markets, securities may be offered to the public in a public offer. Alternatively, they may be offered privately to a limited number of qualified persons in a private placement. Sometimes a combination of the two is used. The distinction between the two is important to securities regulation and company law. Privately placed securities are not publicly tradable and may only be bought and sold by sophisticated qualified investors. As a result, the secondary market is not nearly as liquid as it is for public (registered) securities.

Another category, sovereign bonds, is generally sold by auction to a specialized class of dealers.

Listing and OTC dealing[link]

Securities are often listed in a stock exchange, an organized and officially recognized market on which securities can be bought and sold. Issuers may seek listings for their securities to attract investors, by ensuring there is a liquid and regulated market that investors can buy and sell securities in.

Growth in informal electronic trading systems has challenged the traditional business of stock exchanges. Large volumes of securities are also bought and sold "over the counter" (OTC). OTC dealing involves buyers and sellers dealing with each other by telephone or electronically on the basis of prices that are displayed electronically, usually by commercial information vendors such as Reuters and Bloomberg.

There are also eurosecurities, which are securities that are issued outside their domestic market into more than one jurisdiction. They are generally listed on the Luxembourg Stock Exchange or admitted to listing in London. The reasons for listing eurobonds include regulatory and tax considerations, as well as the investment restrictions.

Market[link]

London is the centre of the eurosecurities markets. There was a huge rise in the eurosecurities market in London in the early 1980s. Settlement of trades in eurosecurities is currently effected through two European computerized clearing/depositories called Euroclear (in Belgium) and Clearstream (formerly Cedelbank) in Luxembourg.

The main market for Eurobonds is the EuroMTS, owned by Borsa Italiana and Euronext. There are ramp up market in Emergent countries, but it is growing slowly.

Physical nature of securities[link]

Certificated securities[link]

Securities that are represented in paper (physical) form are called certificated securities. They may be bearer or registered.

DRS securities[link]

Securities may also be held in DRS. Direct Registration System (DRS) is a method of recording shares of stock in book-entry form. Book-entry means the company's transfer agent maintains your shares on your behalf without the need for physical share certificates. Shares held in un-certificated book-entry form have the same rights and privileges as shares held in certificated form.

Bearer securities[link]

Bearer securities are completely negotiable and entitle the holder to the rights under the security (e.g. to payment if it is a debt security, and voting if it is an equity security). They are transferred by delivering the instrument from person to person. In some cases, transfer is by endorsement, or signing the back of the instrument, and delivery.

Regulatory and fiscal authorities sometimes regard bearer securities negatively, as they may be used to facilitate the evasion of regulatory restrictions and tax. In the United Kingdom, for example, the issue of bearer securities was heavily restricted firstly by the Exchange Control Act 1947 until 1953. Bearer securities are very rare in the United States because of the negative tax implications they may have to the issuer and holder.

Registered securities[link]

In the case of registered securities, certificates bearing the name of the holder are issued, but these merely represent the securities. A person does not automatically acquire legal ownership by having possession of the certificate. Instead, the issuer (or its appointed agent) maintains a register in which details of the holder of the securities are entered and updated as appropriate. A transfer of registered securities is effected by amending the register.

Non-certificated securities and global certificates[link]

Modern practice has developed to eliminate both the need for certificates and maintenance of a complete security register by the issuer. There are two general ways this has been accomplished.

Non-certificated securities[link]

In some jurisdictions, such as France, it is possible for issuers of that jurisdiction to maintain a legal record of their securities electronically.

In the United States, the current "official" version of Article 8 of the Uniform Commercial Code permits non-certificated securities. However, the "official" UCC is a mere draft that must be enacted individually by each of the U.S. states. Though all 50 states (as well as the District of Columbia and the U.S. Virgin Islands) have enacted some form of Article 8, many of them still appear to use older versions of Article 8, including some that did not permit non-certificated securities.^[5]

Global certificates, book entry interests, depositories[link]

To facilitate the electronic transfer of interests in securities without dealing with inconsistent versions of Article 8, a system has developed whereby issuers deposit a single global certificate representing all the outstanding securities of a class or series with a universal depository. This depository is called The Depository Trust Company, or DTC. DTC's parent, Depository Trust & Clearing Corporation (DTCC), is a non-profit cooperative owned by approximately thirty of the largest Wall Street players that typically act as brokers or dealers in securities. These thirty banks are called the DTC participants. DTC, through a legal nominee, owns each of the global securities on behalf of all the DTC participants.

All securities traded through DTC are in fact held, in electronic form, on the books of various intermediaries between the ultimate owner, e.g. a retail investor, and the DTC participants. For example, Mr. Smith may hold 100 shares of Coca Cola, Inc. in his brokerage account at local broker Jones & Co. brokers. In turn, Jones & Co. may hold 1000 shares of Coca Cola on behalf of Mr. Smith and nine other customers. These 1000 shares are held by Jones & Co. in an account with Goldman Sachs, a DTC participant, or in an account at another DTC participant. Goldman Sachs in turn may hold millions of Coca Cola shares on its books on behalf of hundreds of brokers similar to Jones & Co. Each day, the DTC participants settle their accounts with the other DTC participants and adjust the number of shares held on their books for the benefit of customers like Jones & Co. Ownership of securities in this fashion is called beneficial ownership. Each intermediary holds on behalf of someone beneath him in the chain. The ultimate owner is called the beneficial owner. This is also referred to as owning in "Street name".

Among brokerages and mutual fund companies, a large amount of mutual fund share transactions take place among intermediaries as opposed to shares being sold and redeemed directly with the transfer agent of the fund. Most of these intermediaries such as brokerage firms clear the shares electronically through the National Securities Clearing Corp. or "NSCC", a subsidiary of DTCC.

Other depositories: Euroclear and Clearstream[link]

Besides DTC, two other large securities depositories exist, both in Europe: Euroclear and Clearstream.

Divided and undivided security[link]

The terms "divided" and "undivided" relate to the proprietary nature of a security.

Each divided security constitutes a separate asset, which is legally distinct from each other security in the same issue. Pre-electronic bearer securities were divided. Each instrument constitutes the separate covenant of the issuer and is a separate debt.

With undivided securities, the entire issue makes up one single asset, with each of the securities being a fractional part of this undivided whole. Shares in the secondary markets are always undivided. The issuer owes only one set of obligations to shareholders under its memorandum, articles of association and company law. A share represents an undivided fractional part of the issuing company. Registered debt securities also have this undivided nature.

Fungible and non-fungible security[link]

The terms "fungible" and "non-fungible" are a feature of assets.

If an asset is fungible, this means that if such an asset is lent, or placed with a custodian, it is customary for the borrower or custodian to be obliged at the end of the loan or custody arrangement to return assets equivalent to the original asset, rather than the specific identical asset. In other words, the redelivery of fungibles is equivalent and not in specie. In other words, if an owner of 100 shares of IBM transfers custody of those shares to another party to hold for a purpose, at the end of the arrangement, the holder need simply provide the owner with 100 shares of IBM identical to those received. Cash is also an example of a fungible asset. The exact currency notes received need not be segregated and returned to the owner.

Undivided securities are always fungible by logical necessity. Divided securities may or may not be fungible, depending on market practice. The clear trend is towards fungible arrangements.

Regulation[link]

In the United States, the public offer and sale of securities must be either registered pursuant to a registration statement that is filed with the U.S. Securities and Exchange Commission (SEC) or are offered and sold pursuant to an exemption therefrom. Dealing in securities is regulated by both federal authorities (SEC) and state securities departments. In addition, the brokerage industry is supposedly self policed by Self Regulatory Organizations (SROs), such as the Financial Industry Regulatory Authority (FINRA), formerly the National Association of Securities Dealers (or NASD) or the MSRB.

With respect to investment schemes that do not fall within the traditional categories of securities listed in the definition of a security (Sec. 2(a)(1) of the 33 act and Sec. 3(a)(10) of the 34 act) the US Courts have developed a broad definition for securities that must then be registered with the SEC. When determining if there a is an "investment contract" that must be registered the courts look for an investment of money, a common enterprise and expectation of profits to come primarily from the efforts of others. See SEC v. W.J. Howey Co. and SEC v. Glenn W. Turner Enterprises, Inc.

See also[link]

Notes[link]

This article needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. (March 2011)

The Tomb of the Unknown Soldier refers to a grave in which the remains of an unidentified soldier are interred, dedicated to the common memories of all soldiers killed in any war. Such tombs can be found in many nations and are usually high-profile national monuments. Throughout history, many soldiers have died in wars without their remains being identified. Following the First World War, a movement arose to commemorate these soldiers with a single tomb, containing the body of one such unidentified soldier.

During the First World War, the British and French armies jointly decided to bury soldiers themselves in the form normally associated with religion.^[vague] In Britain, under the Imperial War Graves Commission, Reverend David Railton had seen a grave marked by a rough cross while serving in the British Army as a chaplain on the Western Front, which bore the pencil-written legend "An Unknown British Soldier". He suggested (together with the French in their own country) the creation at a national level of a symbolic funeral and burial of an "Unknown Warrior", proposing that the grave should in Britain include a national monument in the form of what is usually, but not in this particular case, a headstone. The idea received the support of the Dean of Westminster and later from King George V, responding to a wave of public support.^{[citation needed]} At the same time, there was a similar undertaking in France, where the idea was debated and agreed upon in Parliament.

The United Kingdom and France conducted services connected with their 'monumental' graves (as presumably newly conceived, and in any case approved, by their respective armies) on Armistice Day 1920 (the burial itself taking place later in January of the following year in France). In Britain, the Tomb of the Unknown Warrior was created at Westminster Abbey, while in France La tombe du soldat inconnu was placed in the Arc de Triomphe. The idea of a symbolic Tomb of the Unknown Soldier then spread to other countries. In 1921, tombs were unveiled in the United States, Portugal and Italy. Since then, other nations have followed the practice and installed their own tombs. In the United States, further tombs have subsequently been created in order to represent different wars seen as key in its history. In Ukraine, a second tomb was unveiled to commemorate The Unknown Sailor.

The tombs typically contain the remains of a dead soldier who is unidentified (or "known but to God" as the stone is sometimes inscribed)^[1] and thought to be impossible ever to identify, so that he might serve as a symbol for all of the unknown dead wherever they fell. The anonymity of the entombed soldier is key to the symbolism of the monument: since his or her identity is unknown, it could theoretically be the tomb of anyone who fell in service of the nation in question, and therefore serves as a monument to all of their sacrifices. Much work goes into trying to find a certain soldier, and to verify that it is indeed one of the relevant nation's soldiers.

The other places that have tombs of the unknown soldiers

Countries	Location	Image	Description
Argentina	Metropolitan Cathedral in Buenos Aires		Tomb of the Unknown Soldier of the Independence
Australia	Australian War Memorial in Canberra		The tomb of the Unknown Australian Soldier at the Australian War Memorial in Canberra.
Austria	Heldenplatz in Vienna		[citation needed]
Belgium	Colonnade of the Congress in Brussels		The Tomb of the Unknown Soldier at the base of the location.
Bolivia	Monumento al Soldado Desconocido in La Paz		The Tomb of the Unknown Soldier, center piece of the location.[citation needed]
Brazil	Monument to the Pracinhas in Rio de Janeiro		The Tomb of the Unknown Soldier at the platform of the location.
Bulgaria	Monument to the Unknown Soldier in Sofia
	Monument to the Unknown Soldier in Haskovo[citation needed]
Canada	Tomb of the Unknown Soldier at the National War Memorial, Confederation Square in Ottawa		[2]
Chile	General Manuel Baquedano Square in Santiago		Contains the remains of a soldier who died in 1881 during the War of the Pacific.[citation needed]
	Plaza de la Cuidadanía (Citizenship Square), Santiago de Chile		Contains the remains of a soldier found in Zig Zag, Perú.[citation needed] Died in 1881 during the War of the Pacific.
	Cripta del Morro de Arica (Rock of Arica Crypt), Arica		Contains the remains of a soldier found in 1998.[citation needed] Died during the War of the Pacific.
Czech Republic	National Memorial on Vítkov Hill in Prague		contains remains of a soldier fallen at the Battle of Zborov as a part of a larger memorial to all Czechoslovak soldiers
Egypt	Unknown Soldier Memorial in Cairo		Also includes the tomb of President Anwar Sadat.
Estonia	Cemetery of the Estonian Defence Forces in Tallinn
Finland	Hietaniemi cemetery in Helsinki		In the centre of the military cemetery are the tombs of the unknown soldier and Marshal C.G.E. Mannerheim.
France	Tomb of the Unknown Soldier beneath the Arc de Triomphe in Paris
Germany	Unter den Linden, Berlin		Within a 19th century guardhouse, the Neue Wache
Greece	Monument of the Unknown Soldier on Syntagma Square in Athens		Two quotations by Thucydides, from Pericles' Funeral Oration, are inscribed on the retaining wall: Μία κλίνη κενὴ φέρεται ἐστρωμένη τῶν ἀφανῶν ("... and one bed is carried empty, made for the unknown ones"), and Ἀνδρῶν ἐπιφανῶν πᾶσα γῆ τάφος ("For eminent men, every place is (worthy) burial ground"). The inscriptions flank a central sculpture in low relief, depicting a dying hoplite. The monument is guarded round the clock by the Evzones of the Presidential Guard.
Hungary	Heroes' Square in Budapest
India	India Gate, New Delhi		Burning in a shrine under the arch of India Gate since 1971 is the Amar Jawan Jyoti (the flame of the immortal soldier) which marks the Tomb of the Unknown Soldier. The shrine itself is a black marble cenotaph with a rifle placed on its barrel, crested by a soldier's helmet. Each face of the cenotaph has inscribed in gold the words "Amar Jawan" (Immortal Warrior) in the Hindi language.[3] The Prime Minister of India pays homage to the country's fallen soldiers along with the Chiefs of Staff of each arm of the Armed Forces on each Republic Day of India.
Indonesia	The Pandu war cemetery at Bandung		The Field of Honor is a memorial to the unknown soldier. There is also the Tomb of the Unknown (Dutch) Sailor in Kembang Kuning war cemetery in Surabaya.[4]
Iraq	The Monument to the Unknown Soldier, Baghdad
Israel	Garden of the Missing Soldiers in Mount Herzl, Jerusalem		initially called "Unknown Soldier Monument" that became section of IDF soldiers whose place of burial is unknown. before 2004 the garden was a ceremonies plaza for the Israeli unknown soldiers. a new memorial to the Unknown Soldier planned to open in the National Memorial Hall that will be open in 2013 nearby.
Italy	Piazza Venezia in Rome	100px	The Tomb of the Milite Ignoto in the Altare della Patria (Vittoriano)
Japan	Chidorigafuchi National Cemetery in Tokyo
	Ryozen Kannon in Kyoto
	Tomb of the Unknown Soldier of the World in Ogose, Saitama
	Dai Heiwa Kinen Tō in Tondabayashi, Osaka
Lithuania	Vienybės Square in Kaunas		Tomb of Nežinomas kareivis, with remains of soldier who died in fights against Bolsheviks in 1919.
Malaysia	Tugu Negara in Kuala Lumpur	100px	Completed in 1966 to commemorate combatants who fought against Japanese occupation of pre-independence Malaysia in World War II and the Malayan National Liberation Army insurgency during the Malayan Emergency. Also includes a pre-independence cenotaph, which was shifted from its original location closer to the old town of Kuala Lumpur, commemorating the war dead of World War I, World War II and the Malayan Emergency.
Namibia	Heroes' Acre in Windhoek		The Tomb of the Unknown Soldier contains soil from Cassinga and Oshatotwa from the Namibian War of Independence.
New Zealand	Tomb of the Unknown Warrior, National War Memorial in Wellington
Peru	Plaza Bolivar in Lima		Contains the remains of a soldier who died in 1881 during the War of the Pacific.
Philippines	Libingan ng mga Bayani (Cemetery of Heroes) in Manila		Contains the remains of the Philippine soldiers who have joined the military and some in the war.
	Shrine of Valour in Bataan
Poland	Tomb of the Unknown Soldier, Marshall Józef Piłsudski Square in Warsaw		Constructed as the arcade of Saxon Palace, which was destroyed in 1944. Contains the remains of a soldier who died between 1918 and 1920.
Portugal	Tomb of the Unknown Soldier in the Monastery of Batalha
Romania	Tomb of the Unknown Soldier, Carol Park in Bucharest
Russia	Tomb of the Unknown Soldier, Alexander Garden in Moscow
Serbia	Monument to the Unknown Hero on Mt. Avala near Belgrade	100px
Slovenia	Monument to the Unknown French Soldier, French Revolution Square in Ljubljana
Somalia	Tomb of the Unknown Soldier, Mogadishu City Centre.		A monument erected in honour of the Somali men and women who died in defense of the Somali Republic. It's popularly known as Daljirka Dahsoon, and its an important landmark in Mogadishu.
Spain	Monumento a los Caídos por España, Plaza de la Lealtad in Madrid		Popularly known as the Obelisco ("Obelisk"), it is built on the same place where General Joachim Murat ordered the execution of numerous Spaniards after the Dos de Mayo Uprising of 1808. Originally inaugurated on May 2, 1840, it was re-inaugurated on November 22, 1985, by King Juan Carlos I as a remembrance to all those who gave their life for Spain. An eternal flame fuelled by gas has been constantly burning on the front of the monument.
Syria	Tomb of the Unknown Soldier in Damascus	100px
Turkey	Çanakkale Martyrs' Memorial on Gallipoli		Erected for the unknown martyrs of the Çanakkale Front, which was the arena for the Battle of Gallipoli during World War I. Opened on 20 August 1960. Another monument at the same site is for the foreign soldiers (mostly Australian and New Zealand Army Corps) lost in the same clash.
Ukraine	Tomb of the Unknown Soldier, Dnieper Park in Kiev[citation needed]
	Monument to the Unknown Sailor, Shevchenko Park in Odessa
United Kingdom	Tomb of the Unknown Warrior, Westminster Abbey in London	100px
United States	Tomb of the Unknowns, Arlington National Cemetery in Arlington, Virginia
	Tomb of the Unknown Revolutionary War Soldier, Washington Square in Philadelphia
	Civil War Unknowns Monument, Arlington National Cemetery in Arlington, Virginia
	Tomb of the Unknown Confederate Soldier at Beauvoir in Biloxi, Mississippi
Venezuela	Tomb of the Unknown Soldier on Carabobo Field, Carabobo		[citation needed]

See also[link]

• World War I memorials

References[link]

External links[link]

• Copernicus Organization, World Veterans Federation, "Tombs of the Unknown Soldier in Central and Eastern Europe" by Prof. Michał Chilczuk, Chairman, Working Group on Central and Eastern Europe, SCEA
• Vivaboo.com, "Tomb Of The Unknown Soldier Around The World (History)"

Wikimedia Commons has media related to: Unknown Soldier

Aaron Patzer

Aaron Patzer is an internet entrepreneur and the founder of Mint.com.

Patzer graduated from Duke University in 2002 with a BSEE. He also has an MSEE from Princeton University.^[1] Patzer got his first work experience in the Internet boom years of 1998-2000, working for Getawebsite.com and Miadora.com (an online jewelry store). After a number of engineering positions and internet startups, Patzer founded Mint.com in March 2006.^[2] According to Patzer, he got the inspiration for Mint.com in late 2005 after being frustrated with how difficult it was to use the Intuit Quicken product.^[3]

Patzer developed the full alpha version of Mint.com (in Java J2EE and mySQL) in 2006 before he met Josh Kopelman (founder of half.com) and Rob Hayes at a STIRR dinner in the fall of 2006.^[4] The meeting led to funding, and Patzer launched Mint.com at the TechCrunch40 conference a year later, in September 2007, winning the $50K first prize.^[5]

In September 2008, Patzer was listed in Inc. magazines Top 30 Under 30.^[6]

On September 14, 2009, Intuit announced that it would buy Mint.com for $170M.^[7] At the time of the announced sale, Mint.com had an estimated 1.5 million users.^[8] Patzer joined Intuit as VP Product Innovation and is also working on a new personal transportation systems.^[9]

As of March 2012, Mint.com claimed to have over 7 million users.^[10]

References[link]

Glenn Beck
Beck speaking at the Values Voter Summit in 2011
Born	Glenn Edward Lee Beck[1] (1964-02-10) February 10, 1964 (age 48) Everett, Washington, U.S.
Residence	Fort Worth, Texas[2]
Nationality	American
Education	Sehome High School
Occupation	Radio host, vlogger, author, entrepreneur, political commentator and former television host
Home town	Mount Vernon, Washington, U.S.
Salary	US$32 million (2009–10)[3][4]
Net worth	US$65 million (2011)
Religion	The Church of Jesus Christ of Latter-day Saints (Mormon)[5][6][7][8]
Spouse	Claire (1983–1994) Tania (m. 1999); 4 children total
Awards	Defender of Israel Award, Zionist Organization of America 2011[9]
Website
Glenn Beck's Official Website

Glenn Edward Lee Beck (born February 10, 1964) is an American conservative radio host, vlogger, author, entrepreneur, political commentator and former television host. He hosts the Glenn Beck Program, a nationally syndicated talk-radio show that airs throughout the United States on Premiere Radio Networks. He formerly hosted the Glenn Beck television program, which ran from January 2006 to October 2008 on HLN and from January 2009 to June 2011 on the Fox News Channel. Beck has authored six New York Times–bestselling books.^[3] Beck is the founder and CEO of Mercury Radio Arts, a multimedia production company through which he produces content for radio, television, publishing, the stage, and the Internet. It was announced on April 6, 2011, that Beck would "transition off of his daily program" on Fox News later in the year but would team with Fox to "produce a slate of projects for FOX News Channel and FOX News' digital properties".^[10] Beck's last daily show on the network was June 30, 2011.^[11] In 2012, The Hollywood Reporter named Beck on its Digital Power Fifty list.^[12]

Beck's supporters praise him as a constitutional stalwart defending traditional American values,^[13] while his critics contend he promotes conspiracy theories and employs incendiary rhetoric for ratings.^[14]

Personal life[link]

Early years[link]

Glenn Edward Lee Beck was born in Everett, Washington, to William and Mary Beck, who lived in Mountlake Terrace, Washington at the time of their son's birth.^[15] The family later moved to Mount Vernon, Washington,^[16] where they owned and operated City Bakery in the downtown area.^[17] He is descended from German immigrants who came to the United States in the 19th century.^[18] Beck was raised as a Roman Catholic and attended Immaculate Conception Catholic School in Mount Vernon.

Glenn and his older sister moved with their mother to Sumner, Washington, attending a Jesuit school^[19] in Puyallup. On May 15, 1979, while out on a small boat with a male companion, Beck's mother drowned just west of Tacoma, Washington, in the Puget Sound. The man who had taken her out in the boat also drowned. A Tacoma police report stated that Mary Beck "appeared to be a classic drowning victim", but a Coast Guard investigator speculated that she could have intentionally jumped overboard.^[19] Beck has described his mother's death as a suicide in interviews during television and radio broadcasts.^[19][20]

After their mother's death, Beck and his older sister moved to their father's home in Bellingham, Washington,^[21] where Beck graduated from Sehome High School in June 1982.^[22] Beck also regularly vacationed with his maternal grandparents, Ed and Clara Janssen, in Iowa.^[23] In the aftermath of his mother's death and subsequent suicide of his stepbrother, Beck has said he used "Dr. Jack Daniel's" to cope. At 18, following his high school graduation, Beck relocated to Provo, Utah, and worked at radio station KAYK. Feeling he "didn't fit in", Beck left Utah after six months,^[24] taking a job at Washington D.C.'s WPGC in February 1983.^[21]

Adulthood[link]

While working at WPGC, Beck met his first wife, Claire.^[26] In 1983, the couple married and had two daughters, Mary and Hannah. Mary developed cerebral palsy as a result of a series of strokes at birth in 1988.^[26] The couple divorced in 1994 amid Beck's struggles with substance abuse. A recovering alcoholic and drug addict,^[27] Beck has been diagnosed with Attention Deficit Hyperactivity Disorder.^[28][29]

By 1994, Beck was suicidal, and imagined shooting himself to the music of Kurt Cobain.^[28] He credits Alcoholics Anonymous (AA) with helping him achieve sobriety. He said he stopped drinking alcohol and smoking cannabis in November 1994, the same month he attended his first AA meeting.^[28] Beck later said that he had gotten high every day for the previous 15 years, since the age of 16.^[21]

In 1996, while working for a New Haven area radio station, Beck took a theology class at Yale University, with a written recommendation from Senator Joe Lieberman, a Yale alumnus who was a fan of Beck's show at the time.^[30] Beck enrolled in an "Early Christology" course, but soon withdrew, marking the extent of his post-secondary education.^[28][31]

Beck then began a "spiritual quest" in which he "sought out answers in churches and bookstores".^[28] As he later recounted in his books and stage performances, Beck's first attempt at self-education involved six wide-ranging authors, comprising what Beck jokingly calls "the library of a serial killer": Alan Dershowitz, Pope John Paul II, Adolf Hitler, Billy Graham, Carl Sagan, and Friedrich Nietzsche.^[28][30] During this time, Beck's Mormon friend and former radio partner Pat Gray argued in favor of the "comprehensive worldview" offered by the Church of Jesus Christ of Latter-day Saints, an offer that Beck rejected until a few years later.^[28]

In 1999, Beck married his second wife, Tania.^[28] After they went looking for a faith on a church tour together, they^[28] joined The Church of Jesus Christ of Latter-day Saints in October 1999, partly at the urging of his daughter Mary.^[32][33] Beck was baptized by his old friend, and current-day co-worker Pat Gray.^[28] Beck and his current wife have had two children together, Raphe (who is adopted) and Cheyenne. Until April 2011, the couple live in New Canaan, Connecticut, with the four children.^[34][35]

Beck announced in July 2010 that he had been diagnosed with macular dystrophy, saying "A couple of weeks ago I went to the doctor because of my eyes, I can't focus my eyes. He did all kinds of tests and he said, 'you have macular dystrophy ... you could go blind in the next year. Or, you might not.'" The disorder can make it difficult to read, drive or recognize faces.^[36]

In July 2011, Beck leased a house in the Fort Worth suburb of Westlake, Texas.^[2]

Career[link]

In 2002 Beck created the media platform Mercury Radio Arts^[30][37] as the umbrella over various broadcast, publishing, Internet, and live show entities.

Radio[link]

In 1983 he moved to Corpus Christi, Texas, to work at radio station KZFM.^[26] In mid-1985, Beck was hired away from KZFM to be the lead DJ for the morning-drive radio broadcast by WRKA in Louisville, Kentucky.^[26] His four-hour weekday show was called Captain Beck and the A-Team.^[38] Beck had a reputation as a "young up-and-comer". The show was not political and included the usual off-color antics of the genre: juvenile jokes, pranks, and impersonations.^[30] The show slipped to third in the market and Beck left abruptly in 1987 amid a dispute with WRKA management.^{[citation needed]}

Months later, Beck was hired by Phoenix Top-40 station KOY-FM, then known as Y-95. Beck was partnered with Arizona native Tim Hattrick to co-host a local "morning zoo" program.^[28] During his time at Y-95, Beck cultivated a rivalry with local pop radio station KZZP and that station's morning host Bruce Kelly. Through practical jokes and publicity stunts, Beck drew criticism from the staff at Y-95 when the rivalry culminated in Beck telephoning Kelly's wife on-the-air, mocking her recent miscarriage.^[26] In 1989, Beck resigned from Y-95 to accept a job in Houston at KRBE, known as Power 104. Beck was subsequently fired in 1990 due to poor ratings.^[26]

Beck then moved on to Baltimore, Maryland and the city's leading Top-40 station, WBSB, known as B104. There, he partnered with Pat Gray, a morning DJ. During his tenure at B104, Beck was arrested and jailed for speeding in his DeLorean.^[28] According to a former associate, Beck was "completely out of it" when a station manager went to bail him out.^[28] When Gray, then Beck were fired, the two men spent six months in Baltimore, planning their next move. In early 1992, Beck and Gray both moved to WKCI-FM (KC101), a Top-40 radio station in Hamden, Connecticut.^[28] In 1995, WKCI apologized after Beck and Gray mocked a Chinese-American caller on air who felt offended by a comedy segment by playing a gong sound effect and having executive producer Alf Gagineau mock a Chinese accent. That incident led to protests by activist groups.^[39] When Gray left the show to move to Salt Lake City, Beck continued with co-host Vinnie Penn. At the end of 1998, Beck was informed that his contract would not be renewed at the end of 1999.^[28]

The Glenn Beck Program first aired in 2000 on WFLA (AM) in Tampa, Florida, and took their afternoon time slot from eighteenth to first place within a year.^[40][41] In January 2002, Premiere Radio Networks launched the show nationwide on 47 stations. The show then moved to Philadelphia, Pennsylvania, broadcasting from new flagship station WPHT. On November 5, 2007, The New York Times reported that Premiere Radio Networks was extending Beck's contract. By May 2008, it had reached over 280 terrestrial stations as well as XM Satellite. It was ranked 4th in the nation with over six and a half million listeners.^[42] Glenn Beck is number three in the ratings behind Rush Limbaugh and Sean Hannity.^[43]

Television[link]

In January 2006, CNN's Headline News announced that Beck would host a nightly news-commentary show in their new prime-time block Headline Prime. The show, simply called Glenn Beck, aired weeknights. CNN Headline News described the show as "an unconventional look at the news of the day featuring his often amusing perspective".^[44] At the end of his tenure at CNN-HLN, Beck had the second largest audience behind Nancy Grace.^[45] In 2008, Beck won the Marconi Radio Award for Network Syndicated Personality of the Year.^[46]

In October 2008, it was announced that Beck would join the Fox News Channel, leaving CNN Headline News.^[47] After moving to the Fox News Channel, Beck hosted Glenn Beck, beginning in January 2009, as well as a weekend version.^[48] One of his first guests was Alaska Governor Sarah Palin^[49] He also has a regular segment every Friday on the Fox News Channel program The O'Reilly Factor titled "At Your Beck and Call".^[50] As of September 2009^[update] Beck's program drew more viewers than all three of the competing time-slot shows combined on CNN, MSNBC and HLN.^[51][52]

His show's high ratings have not come without controversy.^[47] The Washington Post's Howard Kurtz reported that Beck's use of "distorted or inflammatory rhetoric" has complicated the channel's and their journalist's efforts to neutralize White House criticism that Fox is not really a news organization.^[47] Television analyst Andrew Tyndall echoed these sentiments, saying that Beck's incendiary style had created "a real crossroads for Fox News", stating "they're right on the cusp of losing their image as a news organization."^[47]

In April 2011, Fox News and Mercury Radio Arts, Beck's production company, announced that Beck would "transition off of his daily program" on Fox News in 2011.^[53] His last day at Fox was later announced as June 30.^[54][55] FNC and Beck announced that he would be teaming with Fox to produce a slate of projects for Fox News and its digital properties.^[10] Fox News head Roger Ailes later referenced Beck's entrepreneurialism and political movement activism, saying, "His [Beck's] goals were different from our goals ... I need people focused on a daily television show."^[56] Beck hosted his last daily show on Fox on June 30, 2011, where he recounted the accomplishments of the show and said, "This show has become a movement. It's not a TV show, and that's why it doesn’t belong on television anymore. It belongs in your homes. It belongs in your neighborhoods."^[11] In response to critics who said he was fired, Beck pointed out that his final show was airing live.^[11] Immediately after the show he did an interview on his new GBTV internet channel.^[11]

GBTV[link]

Glenn Beck's Fox News one-hour show ended June 30, 2011,^[57] and a new two-hour show began streaming his subscription-based internet TV network, GBTV, on September 12, 2011.^[58][59] Using a subscription model, it was estimated Beck is on track to generate $27 million in his first year of operation.^[60] This was later upgraded to $40 million by the Wall Street Journal when subscriptions topped 300,000. ^[61]

Books[link]

Beck has reached #1 on the New York Times Bestseller List in four separate categories as of 2010^[update]: Hardcover Non-Fiction,^[63][64] Paperback Non-Fiction,^[63] Hardcover Fiction,^[65] and Children's Picture Books.^[66]

Non-fiction

• The Real America: Messages from the Heart and Heartland. Simon and Schuster. 2003. ISBN 978-0-7434-9696-4. http://www.amazon.com/dp/0743496965. ^[67]
• An Inconvenient Book: Real Solutions to the World's Biggest Problems. Simon and Schuster. 2007. ISBN 978-1-4391-6857-8. 
• America's March to Socialism: Why We're One Step Closer to Giant Missile Parades. 2008. http://www.amazon.com/dp/0743598547.  (Audiobook)
• An Unlikely Mormon: The Conversion Story of Glenn Beck, Deseret Book 2008 (Audiobook). ISBN 978-1-59038-944-7^[68]
• America's March to Socialism: Why We're One Step Closer to Giant Missile Parades, Simon & Schuster Audio 2009 (Audio CD). ISBN 978-0-7435-9854-5
• Glenn Beck's Common Sense: The Case Against an Out-of-Control Government, Simon & Schuster 2009. ISBN 978-1-4391-6857-8^[69][70][71]
• Arguing with Idiots: How to Stop Small Minds and Big Government, Simon & Schuster 2009. ISBN 978-1-4165-9501-4
• Idiots Unplugged, Simon & Schuster 2010 (Audio CD). ISBN 1-4423-3396-0
• Idiots Unplugged, 2010 (Audiobook)^[72]
• Broke: The Plan to Restore Our Trust, Truth, and Treasure, Simon & Schuster 2010. ISBN 1-4423-3457-6.^[73]
• The 7: Seven Wonders That Will Change Your Life, Keith Ablow, co-author; Threshold Editions, 2011; ISBN 978-1-4516-2551-6.
• The Original Argument: The Federalists' Case for the Constitution, Adapted for the 21st Century, with Joshua Charles; Threshold Editions, 2011; ISBN 978-1-4516-5061-7.
• Being George Washington: The Indispensable Man, As You've Never Seen Him. Simon and Schuster. 2011. ISBN 978-1-4516-5931-3. http://books.google.com/books?id=WCHGmGTdnk8C&dq. 
• Cowards: What Politicians, Radicals, and the Media Refuse to Say. Simon and Schuster. 2012. ISBN 978-1-4516-9347-8. http://books.simonandschuster.com/Coward/Glenn-Beck/9781451693478. 

Fiction

• The Christmas Sweater, Simon & Schuster 2008. ISBN 978-1-4165-9485-7
• The Overton Window. Threshold Editions. June 2010. ISBN 978-1-4391-8430-1. http://www.amazon.com/dp/1439184305. ^[74][75]
• Beck, Glenn; Baart, Nicole (2011). The Snow Angel. Threshold Editions. ISBN 978-1-4391-8720-3. 

Children's

• The Christmas Sweater: A Picture Book, Simon & Schuster Children's Publishing 2009. ISBN 978-1-4169-9543-2
• Beck, Glenn; Schoebinger, Chris; Dorman, Brandon (illustrator) (2011). The Snow Angel. Aladdin Books. ISBN 978-1-4424-4448-5. 

Beck also authorized a comic book:

• Political Power: Glenn Beck, by Jerome Maida, Mark Sparacio (illus.); Bluewater Productions, 2011; ISN B004VGB4FO^[76]

Stage shows and speeches[link]

Since 2005, Beck has toured American cities twice a year, presenting a one-man stage show. His stage productions are a mix of stand-up comedy and inspirational speaking. In a critique of his live act, Salon Magazine's Steve Almond describes Beck as a "wildly imaginative performer, a man who weds the operatic impulses of the demagogue to the grim mutterings of the conspiracy theorist".^[77] A show from the Beck `08 Unelectable Tour was shown in around 350 movie theaters around the country.^[78]

In Beck's hometown of Mt. Vernon, Washington, supporters and detractors hold handmade signs on the day Beck was honored by the mayor.

The finale of 2009's Common Sense Comedy Tour was simulcast in over 440 theaters.^[79] The events have drawn 200,000 fans in recent years.^[80]

In March 2003, Beck ran a series of rallies, which he called Glenn Beck's Rally for America, in support of troops deployed for the upcoming Iraq War. On July 4, 2007, Beck served as host of the 2007 Toyota Tundra "Stadium of Fire" in Provo, Utah. The annual event at LaVell Edwards Stadium on the Brigham Young University campus is presented by America's Freedom Foundation.^[81] In May 2008, Beck gave the keynote speech at the NRA convention in Louisville, Kentucky.^[82]

In late August 2009, the mayor of Beck's hometown, Mount Vernon, Washington, announced that he would award Beck the Key to the City, designating September 26, 2009, as "Glenn Beck Day". Due to local opposition, the city council voted unanimously to disassociate itself from the award.^[83] The key presentation ceremony sold-out the 850 seat McIntyre Hall and an estimated 800 detractors and supporters demonstrated outside the building. Earlier that day, approximately 7,000 people attended the Evergreen Freedom Foundation's "Take the Field with Glenn Beck" at Seattle's Safeco Field.^[84]

In December 2009, Beck produced a one-night special film titled "The Christmas Sweater: A Return to Redemption".^[85] In January and February 2010, Beck teamed with fellow Fox News host Bill O'Reilly to tour several cities in a live stage show called "The Bold and Fresh Tour 2010". The January 29 show was recorded and broadcast to movie theaters throughout the country.^[86]

Philanthropy[link]

In 2011, Beck founded the non-profit organization Mercury One, designed to sustain itself through its entreneurship and without grants or donations.^[87] In early 2011, Beck began work toward developing a clothing line to be sold to benefit the charity and October 2011, Mercury One began selling the minuscule, upscale clothing line labeled 1791 exclusively at its website 1791.com. The line's maiden offering was manufactured by American Mojo of Lowell, Massachusetts.^[88]

Projects and rallies[link]

9-12 Project and Tea Party protests[link]

In March 2009 Beck put together a campaign, the 9-12 Project, that is named for nine principles and twelve values that he says embody the spirit of the American people on the day after the September 11 attacks.^[89] The Colorado 9-12 Project hosted a "Patriot Camp" for kids in grades 1–5, featuring programs on "our Constitution, the Founding Fathers, and the values and principles that are the cornerstones of our nation".

Restoring Honor rally[link]

The Restoring Honor rally was promoted by Beck and held at the Lincoln Memorial in Washington, D.C. on August 28, 2010. The rally — which purported to embrace religious faith and patriotism — was co-sponsored by the Special Operations Warrior Foundation, promoted by FreedomWorks, and supported by the Tea Party movement.^[90]

[edit] America's First Christmas

In December 2010, Beck went to Wilmington, Ohio, a town devastated by the late-2000s recession, to host live events to encourage his fans to go to the town to boost the local economy in a project called "America's First Christmas".^[91] He hosted an event and his radio and television shows from the local theater.^[92]

2011 international tour[link]

Beck headlined his "Restoring Courage" events in Jerusalem, Israel, in August 2011 in a campaign Beck said was designed to encourage people worldwide "to stand with the Jewish people".^[93][94] After Jerusalem, Beck visited Cape Town, South Africa, and was scheduled to visit Venezuela.^[95]

Political views[link]

Beck has described himself as a conservative with libertarian leanings.^[96] Among his core values Beck lists personal responsibility, private charity, the right to life, freedom of religion, limited government, and family as the cornerstone of society.^[97] Beck believes in low national debt, and has said "A conservative believes that debt creates unhealthy relationships. Everyone, from the government on down, should live within their means and strive for financial independence."^[98] He supports individual gun ownership rights and is against gun control legislation.^[99]

In an O'Reilly Factor interview in August 2010, when Beck was asked if he "believe(s) that gay marriage is a threat to [this] country in any way", he stated, "No I don't…I believe that Thomas Jefferson said: 'If it neither breaks my leg nor picks my pocket what difference is it to me?'"^[100]

Beck believes that there is a lack of evidence that human activity is the main cause of global warming.^[101] He holds that there is a legitimate case that global warming has, at least in part, been caused by mankind, and has tried to do his part by buying a home with a "green" design.^[102] He also views the American Clean Energy and Security Act as a form of wealth redistribution, and has promoted a petition rejecting the Kyoto Protocol.^[103]

Opposition to progressivism[link]

During his 2010 keynote speech to Conservative Political Action Conference (CPAC), Beck wrote the word "progressivism" on a chalkboard and declared, "This is the disease. This is the disease in America", adding "progressivism is the cancer in America and it is eating our Constitution!"^[104][105] According to Beck, the progressive ideas of men such as John Dewey, Herbert Croly, and Walter Lippmann, influenced the Presidencies of Theodore Roosevelt and Woodrow Wilson; eventually becoming the foundation for President Franklin D. Roosevelt’s New Deal.^[104] Beck has said that such progressivism infects both main political parties and threatens to "destroy America as it was originally conceived".^[104] In Beck’s book Common Sense, he argues that "progressivism has less to do with the parties and more to do with individuals who seek to redefine, reshape, and rebuild America into a country where individual liberties and personal property mean nothing if they conflict with the plans and goals of the State."^[104]

A collection of progressives, whom Beck has referred to as "Crime Inc.", comprise what Beck contends is a clandestine conspiracy to take over and transform America.^{[107][108][109]} Some of these individuals include Cass Sunstein, Van Jones, Andy Stern, John Podesta, Wade Rathke, Joel Rogers and Francis Fox Piven.^[107][110] Other figures tied to Beck's "Crime Inc." accusation include Al Gore, Franklin Raines,^[111] Maurice Strong, George Soros,^[112] John Holdren and President Barack Obama.^[108] According to Beck, these individuals already have or are surreptitiously working in unison with an array of organizations and corporations such as Goldman Sachs, Fannie Mae, ACORN, Apollo Alliance, Tides Center, Chicago Climate Exchange, Generation Investment Management, Enterprise Community Partners, Petrobras, Center for American Progress, and the SEIU; to fulfill their progressive agenda.^[108][112] In his quest to root out these "progressives", Beck has compared himself to Israeli Nazi hunters, vowing on his radio show that "to the day I die I am going to be a progressive-hunter. I’m going to find these people that have done this to our country and expose them. I don’t care if they’re in nursing homes."^[30]

Liberal historian Sean Wilentz has denounced what he describes as Beck's progressive-themed conspiracy theories and "gross historical inaccuracies", countering that Beck is merely echoing the decades-old "right-wing extremism" of the John Birch Society.^[113] According to Wilentz, Beck's "version of history" places him in a long line of figures who have challenged mainstream political historians and presented an inaccurate opposing view as the truth, stating:

Glenn Beck is trying to give viewers a version of American history that is supposedly hidden. Supposedly, all we historians — left, right and center — have been doing for the past 100 years is to keep true American history from you. And that true American history is what Glenn Beck is teaching. It's a version of history that is beyond skewed. But of course, that's what Beck expects us to say. He lives in a kind of Alice in Wonderland world, where if people who actually know the history say what he's teaching is junk, he says, 'That's because you're trying to hide the truth.'^[113]

Conservative David Frum, the former speechwriter for President George W. Bush, has also alleged Beck's propensity for negationism, remarking that "Beck offers a story about the American past for people who are feeling right now very angry and alienated. It is different enough from the usual story in that he makes them feel like they’ve got access to secret knowledge."^[30]

Influences[link]

Political and historical[link]

An author with ideological influence on Beck is W. Cleon Skousen (1913–2006), a prolific conservative political writer, American Constitutionalist and faith-based political theorist.^[114][115] As an anti-communist supporter of the John Birch Society,^[116] and limited-government activist,^[117] Skousen, who was Mormon, wrote on a wide range of subjects: the Six-Day War, Mormon eschatology, New World Order conspiracies, even parenting.^[117] Skousen believed that American political, social, and economic elites were working with Communists to foist a world government on the United States.^[104] Beck praised Skousen's "words of wisdom" as "divinely inspired", referencing Skousen's The Naked Communist^[118] and especially The 5,000 Year Leap (originally published in 1981),^[117] which Beck said in 2007 had "changed his life".^[117] According to Skousen's nephew, Mark Skousen, Leap reflects Skousen's "passion for the United States Constitution", which he "felt was inspired by God and the reason behind America's success as a nation".^[119] The book is touted by Beck as "required reading" to understand the current American political landscape and become a "September twelfth person".^[117] Beck authored a foreword for the 2008 edition of Leap and Beck's on-air recommendations in 2009 propelled the book to number one in the government category on Amazon for several months.^[117] In 2010, Matthew Continetti of the conservative Weekly Standard criticized Beck's conspiratorial bent, terming him "a Skousenite".^[104] Additionally, Alexander Zaitchik, author of the 2010 book Common Nonsense: Glenn Beck and the Triumph of Ignorance, which features an entire chapter on "The Ghost of Cleon Skousen",^[120] refers to Skousen as "Beck's favorite author and biggest influence", while noting that he authored four of the 10 books on Beck's 9-12 Project required-reading list.^[121]

In his discussion of Beck and Skousen, Continetti said that one of Skousen's works "draws on Carroll Quigley’s Tragedy and Hope (1966), which argues that the history of the 20th century is the product of secret societies in conflict",^[104] noting that in Beck's novel The Overton Window, which Beck describes as "faction" (fiction based on fact), one of his characters states "Carroll Quigley laid open the plan in Tragedy and Hope, the only hope to avoid the tragedy of war was to bind together the economies of the world to foster global stability and peace."^[104]

Princeton University historian Sean Wilentz says that alongside Skousen, Robert W. Welch, Jr., founder of the John Birch Society, is a key ideological foundation of Beck's worldview.^[122] According to Wilentz: "[Beck] has brought neo-Birchite ideas to an audience beyond any that Welch or Skousen might have dreamed of."^[122]

Other books that Beck regularly cites on his programs are Amity Shlaes's The Forgotten Man, Jonah Goldberg's Liberal Fascism, Larry Schweikart and Michael Allen's A Patriot's History of the United States, and Burton W. Folsom, Jr.'s New Deal or Raw Deal.^[104] Beck has also urged his listeners to read The Coming Insurrection, a book by a French Marxist group^[104] discussing what they see as the imminent collapse of capitalist culture,^[123] and The Creature from Jekyll Island, which argues that aspects of the U.S. Federal Reserve system assault economic civil liberties, by G. Edward Griffin.^[124]

On June 4, 2010, Beck endorsed Elizabeth Dilling's 1936 work The Red Network: A Who's Who and Handbook of Radicalism for Patriots, remarking "this is a book, The Red Network, this came in from 1936. People — [Joseph] McCarthy was absolutely right ... This is, who were the communists in America."^[125] Beck was criticized by an array of people, including Menachem Z. Rosensaft and Joe Conason, who stated that Dilling was an outspoken anti-Semite and a Nazi sympathizer.^{[126][127][128]}

Religious[link]

Beck during his religiously-themed speech at the Restoring Honor rally on August 28, 2010.

Beck has credited God for saving him from drug and alcohol abuse, professional obscurity, and friendlessness.^[129] In 2006, Beck performed a short inspirational monologue in Salt Lake City, Utah,^[130] detailing how he was transformed by the "healing power of Jesus Christ", which was released as a CD two years later by Deseret Book, a publishing company owned by the LDS Church, entitled An Unlikely Mormon: The Conversion Story of Glenn Beck.^[131]

Writer Joanna Brooks contends that Beck developed his "amalgation of anti-communism" and "connect-the-dots conspiracy theorizing" only after his entry into the "deeply insular world of Mormon thought and culture".^[114] Brooks theorizes that Beck's calls to fasting and prayer are rooted in Mormon collective fasts to address spiritual challenges, while Beck's "overt sentimentality" and penchant for weeping represent the hallmark of a "distinctly Mormon mode of masculinity" where "appropriately-timed displays of tender emotion are displays of power" and spirituality.^[114] Philip Barlow, the Arrington chair of Mormon history and culture at Utah State University, has said that Beck's belief that the U.S. Constitution was an "inspired document", his calls for limited government and for not exiling God from the public sphere, "have considerable sympathy in Mormonism".^[132] Beck has acknowledged that the Mormon "doctrine is different" from traditional Christianity, but said that this was what attracted him to it, stating that "for me some of the things in traditional doctrine just doesn't work."^[133]

Public reception[link]

In 2009, the Glenn Beck show was one of the highest rated news commentary programs on cable TV.^{[135][136][137][138]} For a Barbara Walters ABC special, Beck was selected as one of America’s "Top 10 Most Fascinating People" of 2009.^[139] In 2010, Beck was selected for the Times top 100 most influential people under the "Leaders" category.^[140]

Beck has referred to himself as an entertainer,^[141] a commentator rather than a reporter,^[142] and a "rodeo clown".^[141] He has said that he identifies with Howard Beale, a character portrayed by Peter Finch in the film Network: "When he came out of the rain and he was like, none of this makes any sense. I am that guy."^[143]

Beck at the Time 100 Gala, 2010

Time Magazine described Beck as "[t]he new populist superstar of Fox News" saying it is easier to see a set of attitudes rather than a specific ideology, noting his criticism of Wall Street, yet defending bonuses to AIG, as well as denouncing conspiracy theories about the Federal Emergency Management Agency (FEMA) but warning against indoctrination of children by the AmeriCorps program.^[144] (Paul Krugman^[145] and Mark Potok,^[146] on the other hand, have been among those asserting that Beck helps spread "hate" by covering issues that stir up extremists.) What seems to unite Beck's disparate themes, Time argued, is a sense of siege.^[144] An earlier cover story in Time described Beck as "a gifted storyteller with a knack for stitching seemingly unrelated data points into possible conspiracies", proclaiming that he has "emerged as a virtuoso on the strings" of conservative discontent by mining "the timeless theme of the corrupt Them thwarting a virtuous Us".^[80]

Beck's shows have been described as a "mix of moral lessons, outrage and an apocalyptic view of the future ... capturing the feelings of an alienated class of Americans".^[141] One of Beck's Fox News Channel colleagues Shepard Smith, has jokingly called Beck's studio the "fear chamber", with Beck countering that he preferred the term "doom room".^[80]

Republican South Carolina U.S. Senator Lindsey Graham criticized Beck as a "cynic" whose show was antithetical to "American values" at The Atlantic's 2009 First Draft of History conference, remarking "Only in America can you make that much money crying."^[147] The progressive watchdog group Fairness and Accuracy in Reporting's (FAIR) Activism Director Peter Hart argues that Beck red-baits political adversaries as well as promotes a paranoid view of progressive politics.^[148] Howard Kurtz of The Washington Post has remarked that "Love him or hate him, Beck is a talented, often funny broadcaster, a recovering alcoholic with an unabashedly emotional style."^[47]

Glenn Beck was honored by Liberty University during their 2010 Commencement exercises with an honorary Doctoral Degree. During his keynote address to the students, he stated "As a man who was never able to go to college — I’m the first in my family that went; I went for one semester; I couldn’t afford more than that — I am humbly honored."^[149] In June 2011, Beck announced he was to be the honored with the Zionist Organization of America's 2011 Defender of Israel Award.^[150]

Laura Miller writes in Salon.com that Beck is a contemporary example of "the paranoid style in American politics" described by historian Richard Hofstader:

"The Paranoid Style in American Politics" reads like a playbook for the career of Glenn Beck, right down to the paranoid's "quality of pedantry" and "heroic strivings for 'evidence'", embodied in Beck's chalkboard and piles of books. But Beck lacks an archenemy commensurate with his stratospheric ambitions, which makes him appear even more absurd to outsiders.^[151]

Particularly as a consequence of Beck's Restoring Honor rally in 2010, the fact that Beck is Mormon caused concern amongst some politically sympathetic Christian Evangelicals on theological grounds.^{[152][153][154][155]} Tom Tradup, vice president at Salem Radio Network, which serves more than 2,000 Christian-themed stations, expressed this sentiment after the rally, stating "Politically, everyone is with it, but theologically, when he says the country should turn back to God, the question is: Which God?"^[129] Subsequently, a September 2010 survey conducted by the Public Religion Research Institute (PRRI) and Religion News Service (RNS) found that of those Americans who hold a favorable opinion of Beck, only 45% believe he is the right person to lead a religious movement, with that number further declining to 37% when people are informed he is Mormon.^[156][157] Daniel Cox, Director of Research for PRRI, summed up this position by stating:

The disparity between Glenn Beck's favorability ratings and how people feel about him as a religious leader suggests that people are more drawn to him for political reasons than religious ones. Many of Beck's strongest supporters, such as Republicans and white Evangelicals, perceive real differences between their own faith and Beck's Mormon faith, and this may become a liability in his efforts to lead as a religious figure.^[156]

Pete Peterson of Pepperdine's Davenport Institute said that Beck's speech at the rally belonged to an American tradition of calls to personal renewal. Peterson wrote: "A Mormon surrounded onstage by priests, pastors, rabbis, and imams, Beck [gave] one of the more ecumenical jeremiads in history."^[158] Evangelical pastor Tony Campolo said in 2010 that conservative evangelicals respond to Beck's framing of conservative economic principles, saying that Beck's and ideological fellow travelers' "marriage between evangelicalism and patriotic nationalism is so strong that anybody who is raising questions about loyalty to the old, lassez-faire capitalist system is ex post facto unpatriotic, un-American, and by association non-Christian.” Newsweek religion reporter Lisa Miller, after quoting Campolo, opined, "It's ironic that Beck, a Mormon, would gain acceptance as a leader of a new Christian coalition. ... Beck's gift ... is to articulate God's special plan for America in such broad strokes that they trample no single creed or doctrine while they move millions with their message."^[159]

Critical biographies[link]

In June 2010, investigative reporter Alexander Zaitchik released a critical biography titled Common Nonsense: Glenn Beck and the Triumph of Ignorance, with a title mocking Beck's work, Common Sense.^[160] In an interview about the book, Zaitchik theorized that "Beck’s politics and his insatiable hunger for money and fame are not mutually exclusive", while stating: "Beck’s true religion is not Patriotism, Mormonism, or Conservatism. His true religion is cross-platform self-marketing ... According to Beck’s worldview, there’s no inherent contradiction between his sophisticated instinct for self-promotion, his propagandist rodeo clown act, his self-image as a media mogul, and his professed belief system. I think he actually believes that God wants him to make a ton of money and become this huge celebrity by fear mongering and generally doing whatever it takes in the media to promote right-wing causes."^[161]

In September 2010, Philadelphia Daily News reporter Will Bunch released The Backlash: Right-Wing Radicals, High-Def Hucksters, and Paranoid Politics in the Age of Obama.^[162] One of Bunch's theses is that Beck is nothing more than a morning zoo deejay playing a fictional character as a money-making stunt.^[162] Writer Bob Cesca, in a review of Bunch's book, compares Beck to Steve Martin's faith-healer character in the 1992 film Leap of Faith, before describing the "derivative grab bag of other tried and tested personalities" that Bunch contends comprises Beck's persona: