Money 2010

In this era of economic anxiety, the question of how your paycheck stacks up looms larger than ever. A shameless accounting of who's making what — and how they're spending it.

Photo illustration by Stephen Webster

Photo illustration by Stephen Webster

Being the Proper New Englander that you are, you have no interest in talking about money. None. But admit it: You’re still awfully curious about your neighbor’s paycheck. With that in mind, we scoured IRS and SEC filings, plundered public databases, checked job listings, searched news archives, and made plenty of uncomfortable phone calls, all to bring you an unabashed look at what Bostonians are earning these days — from titans of industry to the guy at Dunkin’ Donuts.*

The Salary Survey
A definitive list of who is making what around this city.

What It Costs to Live in Boston
From healthcare to taxes to electricity.

A Brief History of Money in Boston
Starting at year 1638.

So…Is It Cool to Complain Yet?
The case for acrimony as an economic indicator.
By Joe Keohane

Can We Keep This Recession from Killing Our Lives?
In this age of anxiety, the financial therapist has never been busier.
By Alyssa Giacobbe

Could I Be Suffering from a Case of Layoff Envy?
Maybe those who got the ax were the lucky ones. How to stay sane in a workplace gone mad.
By Alyssa Giacobbe

Nice Work if You Can Get It
Boston’s most overpaid workers.

The Richest Bostonians
And how they’ve fared in the downturn.


*We included bonus pay and stock rewards in the salary total when they contributed heavily to an individual’s annual compensation. Otherwise, only the annual salary is listed.

The Salary Survey


William H. Swanson, chairman and CEO, Raytheon: $23.2 million

First-year associate, management consulting firm: $60,000

Carol Meyrowitz, president and CEO, TJX: $6.6 million

Executive assistant, downtown firm: $55,000–$65,000

Ronald L. Sargent, chairman and CEO, Staples: $19.2 million

Joseph M. Tucci, chairman, president, and CEO, EMC: $6.3 million

Colin Angle, chairman and CEO, iRobot: $642,757

Paul Sagan, president and CEO, Akamai: $4.6 million

Richard M. Feldt, chairman, president,and CEO, Evergreen Solar: $1.9 million

Paul Gaynor, CEO, First Wind Energy: $1.5 million

David Vieau, president and CEO, A123 Systems: $710,312

Ronald Logue, chairman and CEO,State Street Corporation: $7.7 million

James Koch, chairman, Boston Beer Company: $409,475

Accounting manager, financial services firm: $75,000–$95,000

Trudy F. Sullivan, president and CEO, Talbots: $5.7 million



Bartender, Sunset Grill: $45,000

Server, Toro: $60,000

Driver, American Taxi: $25,000–$30,000

Bike messenger, City Express: $32,000

Mechanic,Hogan Tire & Auto Service Center: $45,000–$55,000

Store manager, 7-Eleven: $35,000–$40,000

Bouncer: $12/hour

Dog walker: $24,000

Counter worker, Dunkin’ Donuts: $8.25/hour

Barista, Starbucks: $8.25/hour

Ice cream scooper, J. P. Licks: $8/hour

Assistant store manager, Modell’s Sporting Goods: $35,000–$40,000

General manager, Finagle a Bagel: $35,000–$45,000

Personal trainer, FitCorp: $40,000

Masseuse: $48,000

Manicurist: $40,000

Hairdresser: $65,000–$85,000



Billy Starr, executive director, Pan-Mass Challenge: $543,592

Ophelia Dahl, president and executive director, Partners in Health: $74,127

Catherine D’Amato, president and CEO, Greater Boston Food Bank: $298,259

Joseph Raviele, director of warehouse operations, Greater Boston Food Bank: $82,355

Barry Shrage, president, Combined Jewish Philanthropies: $408,413

Michael Brown, CEO, City Year: $245,000

Paul Grogan, president and CEO, the Boston Foundation: $401,454

Joseph P. Kennedy II, chairman and president, Citizens Energy Corporation: $596,988


Health & Medicine

Elaine Ullian, president and CEO, Boston Medical Center: $1.5 million

Registered nurse, Massachusetts Department of Public Health: $64,795

James Mandell,CEO, Children’s Hospital: $1.4 million

Paul Levy, president, Beth Israel Deaconess Medical Center: $946,535

Sales rep, biotech company: $120,000–$140,000

Gary Gottlieb, president, Brighamand Women’s Hospital: $1.2 million

Physical therapist, Core Medical Group: $60,000–$100,000

Edward Benz, president and CEO, Dana-Farber Cancer Institute: $848,802

Ellen Zane, president and CEO, Tufts Medical Center: $1.9 million

Anthony Whittemore, chief medical officer, Brigham and Women’s Hospital: $721,095

Russell Phillips, chief, division of general internal medicine and primary care, Beth Israel Deaconess Medical Center: $288,423

David DeMaso, chief, department of psychiatry, Children’s Hospital: $317,746

Richard Meelia, chairman, president, and CEO, Covidien: $1.1 million

Gregory Antoine, chief, department of plastic and reconstructive surgery, Boston Medical Center: $471,078

Lab tech, Cambridge biotechcompany: $47,000


Arts & Culture

James Levine, music director, Boston Symphony Orchestra: $1.7 million

Sound engineer, music club: $16/hour

Keith Lockhart, conductor,Boston Pops: $752,036

Timothy Genis, timpanist, Boston Symphony Orchestra: $225,303

Booking agent, music club: $32,000–$35,000

Mikko P. Nissinen, artistic director, Boston Ballet: $321,623

Gisele Bündchen, model: $25 million

Malcolm A. Rogers, director, Museum of Fine Arts: $591,592

Jill Medvedow, director, Institute of Contemporary Art: $350,000

John Dayton, director of animalhusbandry, New England Aquarium: $104,647

Ioannis N. Miaoulis, president and director, Museum of Science: $377,744

Doris Drummond, CFO, Kennedy Library Foundation: $141,047

Steve Anderson, director of operations, Rose Fitzgerald Kennedy Greenway Conservancy: $96,000

Reporter, Boston Herald (five years’ experience): $58,248

Reporter, Boston Globe (five years’ experience): $64,912



Drew Gilpin Faust, president, Harvard University: $775,043

Susan Hockfield, president, Massachusetts Institute of Technology: $808,698

Margaret Bledsoe, headmaster, Charlestown High School: $122,261

Lawrence S. Bacow, president, Tufts University: $572,571

William P. Leahy, president, Boston College: $0

Hassan Tehranian, chairman of the Carroll School Finance Department, Boston College: $351,172

Robert Brown, president, Boston University: $901,692

Joseph Aoun, president, Northeastern University: $589,663

Seth Alexander, president, MIT Investment Management Company: $795,960

Jack Wilson, president, University of Massachusetts: $425,000

Janitor, University of Massachusetts: $31,262

Patricia Meservey, president, Salem State: $200,000

Kerry Brennan, headmaster, Roxbury Latin: $201,000

Swimming instructor, Marshall Elementary: $79,873

Donald Lessard, professor of management, MIT: $597,154

Teacher, Boston Latin: $77,063

Cafeteria manager, Brighton High School: $41,636

Librarian, English High School: $80,846


Sports & Recreation

J. D. Drew, right fielder, Boston Red Sox: $14 million

High school baseball umpire: $75/game

Paul Pierce, forward, Boston Celtics: $20 million

Derek Kellogg, head basketball coach, University of Massachusetts: $215,000

Zdeno Chara, defenseman, Boston Bruins: $7.5 million

Tom Brady, quarterback,New England Patriots: $8 million

Ticket broker, Ace Ticket: $55,000

Shalrie Joseph, midfielder, New EnglandRevolution: $450,000

Jeff Larentowicz, midfielder, New England Revolution: $34,650

Guy Morse, executive director, Boston Athletic Association: $220,844

Walter Sullivan, chairman, Massachusetts Racing Commission: $120,000

Golf starter, Massachusetts Department of Conservation and Recreation: $16,763

Game biologist, Massachusetts Department of Fish and Game: $54,554



Margaret Marshall, chief justice, Massachusetts Supreme Judicial Court: $151,239

Daniel Ryan, chief probation officer, Massachusetts Trial Court: $102,947

Law clerk, Massachusetts Supreme Judicial Court: $55,446

Trial attorney, Massachusetts Committee for Public Counsel: $98,957

Daniel Conley, district attorney, Suffolk County: $148,843

First-year associate, Ropes & Gray: $160,000

Paralegal downtown Boston firm: $50,000–$65,000

Professor, Harvard Law School: $252,450 (average salary)

Professor, Northeastern Law School: $162,775 (average salary)

Peter St. Amand, superintendent, MCI Cedar Junction: $107,707

James DiPaola, sheriff, Middlesex County: $123,209


Public Service

John Kerry, U.S. senator: $174,000

Michael Capuano, U.S. Congressman: $174,000

Deval Patrick, governor: $140,535

Timothy P. Cahill, state treasurer: $130,916

Robert DeLeo, MassachusettsSpeaker of the House: $61,440

Toll collector, Massachusetts Turnpike: $64,060

Thomas Menino, mayor of Boston: $175,000

Michael Kineavy, chief of policy and planning, mayor’s office: $147,903

Edward Davis, commissioner,Boston PoliceDepartment: $179,096

Roderick Fraser, commissioner,Boston Fire Department: $179,096

John C. Lewis, chief operating officer, MBTA: $111,000

State trooper, Massachusetts Turnpike: $149,666

Police lieutenant, Boston Police Department: $148,293

Gravedigger, City of Boston: $39,545

What It Costs to Live in Boston


What We Pay vs. the National Average:
+12 percent. When figures from the Kaiser Family Foundation’s most recent study (2008) are adjusted for today, the average Massachusetts family shells out almost $15,000 in healthcare costs; nationally, it’s $13,375.

Why the Difference:
We’re blessed with great hospitals in these parts, but paying for the expertise and technology to pull off pricey procedures in fancy institutions drives up costs on mundane services, too.


What We Pay vs. the National Average:
+21 percent. According to the U.S. Bureau of Labor Statistics, the average Boston household, making $75,000, spends $20,677 per year on housing, compared with the national average of $17,109.

Why the Difference:
The Boston area (median home price $365,000) has always been a hot housing market. The city itself is packed with oh-so-appealing historic neighborhoods, while its affluent suburbs ooze with big earners paying their share into excellent public schools.


What We Pay vs. the National Average:
-0.1 percent. Based on numbers from an annual study of large cities’ taxes — and adjusting them to reflect recent sales and property tax hikes here — a family of three in Boston, making $150,000, pays $12,455 (or 8.3 percent) in annual taxes. The national big-city median is about $150 higher.

Why the Difference:

Despite that “Taxachusetts” moniker, our tax burden is actually comparatively light, even after last year’s increases. The same family of three in places like Wichita, Kansas; Jackson, Mississippi; and Burlington, Vermont, for instance, would bear a heavier burden. Property taxes have always been on the low side here, and, unlike our friends in New York and Philadelphia, we don’t have to pony up for a city income tax.


What We Pay vs. the National Average:
+49 percent. According to the U.S. Energy Information Administration, residential electricity rates in Massachusetts, which on average ring in at 17.4 cents per kilowatt hour, are almost 50 percent above the national average. (Go ahead — put down the magazine and unplug some appliances.)

Why the Difference:
Electricity costs across the Northeast are steeper for a variety of reasons, but the biggest is that, more so than in the rest of the country, much of our energy is generated from oil or natural gas (as opposed to, say, coal). That means that when global oil and gas markets are volatile—as they have been lately—we feel the pinch.


What We Pay vs. the National Average:
+20 percent. That’s for those using natural gas. Bostonians warming their homes with heating oil pay 2 percent more than the national average, says the U.S. Energy Information Administration. And remember: On top of higher prices, we also have higher usage here.

Why the Difference:
Natural gas prices are high because the pipelines bringing the stuff into our homes are designed to carry an average (or a bit above average) load. In a city like Boston, winter’s bitterly cold days can spike demand, which strains the system’s capacity and makes prices skyrocket. Oil prices are more in line with those in the rest of the country because petroleum is typically delivered here by truck, not pipeline.


What We Pay vs. the National Average:
+8 percent. According to the most recent study by the U.S. Bureau of Economic Analysis, clothes typically are more expensive here, even when compared only to prices in other big cities.

Why the Difference:
Retail analysts say the story here is our relative lack of big-box retailers like Walmart and Target, which tend to drive down prices in other cities. The behemoth national chains we do have also arrived later, explaining why Bostonians remain comparatively loyal to independent (and more expensive) “Main Street” retailers.


What We Pay vs. the National Average:
+48 percent. Since seeing our teams play is, of course, an essential for any Bostonian, we calculated this figure by combining average ticket prices for our four pro teams and comparing that with the leagues’ combined averages. The Patriots (average: $118) and Red Sox ($50) have the second-most-expensive tickets in their respective leagues, and the Celtics ($69) and Bruins ($61) have the third-priciest.

Why the Difference:
Six titles in one decade ain’t cheap! The Celtics were one of seven NBA teams last year to pay a luxury tax (for exceeding a salary threshold), and the Red Sox routinely rack up payrolls north of $120 million. That cost gets passed on to us, but it hasn’t led to many empty seats at Fenway, Gillette, and the Garden, for Celtics games. (The Bruins’ prices? Well, that’s just baffling.)


Boston vs. the National Average
+15 percent. And now for some good news: According to analysts at Needham-based, Boston employers are among the highest-paying in the country. Those same analysts say that only workers in California’s Bay Area, the New York City metro area, and — go figure — Anchorage, Alaska, get a bigger bump.

Why the Difference:
Because of Boston’s aforementioned high costs of living, employers typically pay people more to work here. On top of that, the city’s populace is highly educated and, in large proportion, white collar, which drives up our earnings.

A Brief History of Money in Boston

A Charlestown minister named John Harvard dies and—in an act of philanthropic genius — leaves a wad of cash and some books to the new college down the road.

1784: The Massachusetts Bank is founded, setting off an orgy of name changes and consolidation that continues to this day, variously involving the Bank of Boston, BayBank, Fleet, Shawmut Bank, and Bank of America.

1809: Con-man banker Andrew Dexter triggers the first U.S. bank collapse when he finances Boston’s biggest building with dubious loans and worthless bank notes.

Francis Cabot Lowell founds a textile mill on the Charles River and finances its construction by selling shares in the company, giving birth to the American stock system.

1872: A quirk of city tax law encourages merchants to stuff their timber-framed store attics with surplus goods. The Financial District goes up in flames.

1881: Edward Filene opens his eponymous store, going on to invent the bargain outlet as well as create the first-ever U.S. credit union.

1919: Boston bookie Joseph “Sport” Sullivan meets with Chicago White Sox first baseman Chick Gandil at the Hotel Buckminster. Gandil offers to fix the World Series for $80,000.

1920: Boston’s Charles Ponzi is revealed to be a fraud when a newspaper series details how he pays his investors using the money of newer investors. The so-called Ponzi scheme takes in $20 million and leads to the demise of six banks.

1924: The Massachusetts Investors Trust is established as the nation’s first mutual fund. It’s a boon to the professional stock manager and allows investors to own stakes in many different companies. The fund grows that year from $50K to nearly $400K.

1946: Harvard Business School professor Georges Doriot and ex–Boston Federal Reserve president Ralph E. Flanders start the world’s first venture capital firm, ARD, which invests in a slew of technologies being invented at MIT.

1950: Masked gunmen swipe $2.7 million in cash and checks from the Brinks Building. Then the country’s biggest theft, it’s billed as the “crime of the century” — until the crooks are caught six years later.

1966: After serving as a caddy to Fidelity’s president at the Brae Burn Country Club, Peter Lynch lands an internship at the investment firm, where he later becomes history’s greatest stock-picker.

1980s: The Massachusetts Miracle blossoms, turning Route 128 into a multibillion-dollar innovation epicenter, home to early tech giants Wang Laboratories, Digital Equipment Corporation, and Apollo Computer.

2000: Boston investment analyst Harry Markopolos starts deconstructing the work of hedge-fund king Bernie Madoff, concluding he’s a fraud. Regulators ignore Markopolos’s repeated warnings, and Madoff bilks investors out of some $65 billion.

2008: Ofer Nemirovsky begins work combining two Back Bay townhouses to create the city’s biggest home. The two-year, $23 million project will give the private-equity exec 15 bathrooms and 24,000 square feet of living space.

2008: Harvard’s endowment hits nearly $37 billion — before losing a spectacular $11 billion over the next two years.

So…Is It Cool to Complain Yet?

The case for acrimony as an economic indicator.
By Joe Keohane

“Well, at least you have a job.”

“Yeah, but I’m working 18 hours a day for a third less money.”

“That’s better than working no hours a day for 100 percent less money.”

“But they slashed my benefits and my new office is full of rats.”

“That’s nothing. I know a guy with no job, 10 kids, and a sick dog. He’d love rats. Be grateful.”

For 18 months, employed Bostonians have had to routinely endure these sorts of unpleasant but-there-are-children-starving-in-China-style reprimands. If you wanted to bitch about work in this economy, either you had to be sure there weren’t any unemployed people within earshot, or you had to be confident that your company had made so many cuts that you were now suddenly indispensable.

Those who talk about the Great Recession nearing a close usually point to a handful of key economic indicators. Unemployment in Massachusetts fell in November, to 8.8 percent, compared with 10 percent nationwide. And jobs are returning to the critical healthcare, education, and tech sectors that kept us from tanking as badly as some other states during the darkest days of the downturn. That’s all well and good, but I would argue that the local economy can’t be considered fully stable until the willingness to vent — a pastime Bostonians regard as something of an inalienable right — is restored in the workplace. You’ve heard of green shoots; let’s call these yellow shoots.

Consider Harvard. The World’s Greatest University’s endowment buckled this year, forcing the Ivy to lay off an estimated 275 workers, and yet a few yellow shoots have been spotted recently. When things were bad, says an IT manager there, “even serial complainers were quiet, and there was a slight increase in hustle.” But as it became clear that no more layoffs were in the offing, “chatter quickly trended back to routine grousing.” This realization, he says, “coincided with the perception of economic stabilization.”

This is good. If things continue to improve and jobs return, God willing, by summertime the air will once more be filled with the sound of workplaces being denounced as nests of waste and dysfunction, and tales of villainous bosses and coworkers possessing the intelligence of doorknobs and vegetables. Bostonians will again freely spew their exasperation at squandering their lives working at jobs that numb their souls, sap their strength, and waste their time. This will be done without fear of giving offense. And when it does, all will be right in the city.

Can We Keep This Recession from Killing Our Lives?

In this age of anxiety, the financial therapist has never been busier.
By Alyssa Giacobbe

Before my fiancé and I decided to buy a house together, we spent a few months hashing out our financial differences — of which there are many. While by nature and occupation a detail-oriented guy, Bob does not pay attention to his cash outflow. He can’t quite account for his debt, even after I point out his graphic-novel habit and the 83 pairs of Chuck Taylors in his closet. I, on the other hand — a seasoned micromanager — am debt-free, though I regularly lie about how much I spend on clothes, shoes, and the cat.

We were off to a great start.

It’s a well-documented fact that the primary cause of relationship drama is money (a recent survey says almost one-third of people lie to their partner about the cost of purchases or about spending habits in general). And as rampant as money worries are these days, a whole new breed of psychoanalysts is rising up in our overspent, overanxious, overanalyzed town: the financial therapist, a truly brilliant mashup.

Part shrink, part money planner, a financial therapist looks at the psychological and emotional causes and effects of our spending. Is Bob’s inability to get out of debt, for example, related to a fear of commitment? A fear of connection? A rebellion against my financial stability and — oh, fine — controlling nature? And why am I so controlling anyway? Is it really about the new dress, or something more?

“Money is heavily burdened with emotion,” says Kim Corwin, founder of New Leaf Financial Counseling in Northborough, who counsels couples and individuals on the psychological roots of things like overspending, underspending, serial borrowing, and underearning. Most financial therapists are licensed psychologists or psychotherapists, though some are social workers and life coaches. All specialize in figuring out, and then addressing, the causes of financial dysfunction. Obviously, the market is only getting bigger: Over the past year, Corwin’s business has grown by 25 percent. “These days,” she says, “who isn’t emotional about money?”

Of course, therapy’s never cheap. Corwin charges up to $200 per session, and says most clients need 10 to 15 sessions in order to change their behavior. Can’t decide whether that’s money wisely spent, or 1.5 Balenciaga handbags? Well, there’s help for that.

Could I Be Suffering from a Case of Layoff Envy?

Maybe those who got the ax were the lucky ones. How to stay sane in a workplace gone mad.
By Alyssa Giacobbe

When 37-year-old Kerry Epstein was laid off from IBM last winter, she was crushed.

For about a minute.

The Back Bay resident had been at it for more than a decade, but pushing software was never really her thing. Shopping, however, was. And so, with a small amount of effort, Epstein transformed what had previously been a side gig as a wardrobe stylist into a shiny new career that has left her “completely fulfilled,” both professionally and financially.

Here in the Hub, about 50,000 of our coworkers got canned last year, and we all know a Kerry Epstein or two: chipper go-getters who made lemonade out of their occupational lemons. For a while there, when things looked truly bleak, their job loss was our solace: At least we weren’t them. But oh, to be them! Armed with a powerful combination of severance cash and free time, a good many of those fallen colleagues finally followed their dreams and entrepreneurial instincts. All those lukewarm platitudes dispensed a year ago — Things always work out for the best! You’ll land on your feet! — came true. Our friends landed on their feet. Damn them.

Those of us “lucky” enough not to get sacked were left to watch our work life slowly crumble: First it’s the paper cups and free hot chocolate, then it’s the vision plan. That 401(k) matching is now a relic. Doing the work of half a department is the new norm. Raises? That’s cute.

“At first, it’s depressing and guilt-inducing to see coworkers go. Then comes the resentment and envy,” says Susan Lewis, a clinical psychologist in Brookline. Those of us left in the cubicles end up bearing the weight of greater responsibility, which leads us to feel trapped. If this is you, Lewis says, don’t spend a lot of time telling yourself that you really don’t mind working on Sundays, or that instant coffee is the greatest. Accepting that you don’t like your situation will set you up for more success once the job market improves. Don’t let these feelings permeate your personal life. Rebel a little; skip a meeting. Just for the hell of it, call in sick. Because once ambivalence and depression set in, you’re a goner.

Nice Work if You Can Get It

Boston’s most overpaid workers.

Henri A. Termeer, Genzyme chairman, president, and CEO

$13.8 million
A wiser investment for Genzyme might have been some janitors to avoid a few headaches last year, including a viral contamination and the discovery of steel and rubber in some medications.

David Sargent, Suffolk University president

$2.8 million
A longevity bonus, performance bonus, some deferred pay, and big retirement payouts means Sargent’s package tops the combined salaries of the presidents of MIT, Harvard, and Tufts.

Brian Moynihan, Bank of America president and CEO
$10 million
This is what Moynihan was earning before his recent promotion to CEO — a tidy sum from a bank that had a rough year (taking $45 billion in TARP funds, getting blasted by the president, allegedly fooling investors in a takeover of Merrill Lynch, etc.). His new gig? It pays about $20 million.

Brian Scalabrine, Celtics forward
$3.4 million
Look, we love Scal when he gets in the game. But as he wraps up the last season of his five-year, $15 million deal with the C’s, it’s tough to imagine how the pudgy redhead got this kind of contract.

Dan Grabauskas, former MBTA general manager
This is what Grabauskas is being paid to not work for the state. Which means the ousted T chief has officially replaced the Mass. Pike toll taker as our most extravagantly paid doer-of-nothing.

The Richest Bostonians

And how they’ve fared in the downturn.

1. Abigail Johnson
Worth: $11.5 billion
Johnson lost about $3.5 billion last year as her family’s firm, Fidelity, struggled. She also replaced her father, Ned, in overseeing 161 funds — a move that may clear the way for her to succeed him as CEO one day.

2. Ned Johnson
Worth: $8 billion
A year ago, the Fidelity CEO (who turns 80 this summer) was worth $11 billion. Last year the company finished trimming about 3,000 jobs, closing out what’s been a rather crummy decade for the Hub’s flagship firm.

3. Amos Hostetter
Worth: $2 billion
Reportedly, Hostetter lost only $800 million in 2009. There seems to be one bright spot for the former cable TV wizard: GlobalPost, the online foreign-news startup he helped fund, aims to be in the black by 2012.

4. Jim Davis
Worth: $1.7 billion
Like Hostetter, the former New Balance CEO is reported to have lost $800 million this past year. He’s a founder of the struggling Major League Lacrosse, which shed four teams after the ’08 season. (Fear not, your Boston Cannons soldier on.)

5. Robert Kraft
Worth: $1.5 billion
Insiders believe the Pats owner’s worth held steady in ’09, as he continued to sit atop one of the most valuable properties in sports. It’s been a great investment: In 1994 Kraft paid $172 million for a team worth $1.4 billion today.

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