Saturday, April 21, 2007

Student Loan Agency Sallie Mae Going Private

April 21, 2007
Talking Business
Sallie Mae Offers a Lesson on Cashing In

By JOE NOCERA
Aren’t you just fuming about that Sallie Mae deal?

The company, formally known as the SLM Corporation, which has been the subject of recent exposés and investigations, announced this week that it had agreed to be taken private in a deal worth $25 billion. The stock, which has been in a slow decline over the last year, leapt. The market was pleased.

But I’m here to tell you that the deal stinks, though not in the usual “management and private equity are stealing your company” kind of way. You’re free to disagree, of course, though if you do, you’re probably not struggling to put your children through college.

Sallie Mae is the nation’s largest student lender; indeed, it dominates the business. It has the biggest share of government-guaranteed loans, originating $16 billion of such loans last year alone. In 2006, it also generated $7.4 billion in “private” loans: that is, loans that aren’t guaranteed, but which students need because their tuition, room and board so far exceeds the pathetic $23,000 the government guarantees over the course of an undergraduate degree.

The most popular government-guaranteed loans come with interest rate caps (currently 6.8 percent) but they also have certain undeniable advantages for Sallie Mae and its competitors. They are subsidized by the Department of Education. The government makes the lenders nearly whole, even if the student defaults. And the companies are guaranteed by law a decent rate of return.

In other words, the lender takes no risk. The private loans are even more lucrative because companies can charge whatever interest rate they want — not to mention all kinds of fees. In all, Sallie Mae originated more than 25 percent of the student loans made last year.

But wait. There’s more. Sallie Mae buys loans from other education lenders and then securitizes them. It has a loan consolidation business, so students can wrap all their education loans into one big fat Sallie Mae loan. It even has its own collection agency so it can hound delinquent broke graduates into repaying. (Government-guaranteed college loans, by the way, aren’t easily discharged if the borrower files for bankruptcy.) Sallie’s market power — and its close ties to university financial aid administrators, as we’ve been learning lately from Jonathan D. Glater, a reporter for The New York Times, and others — have made it immensely profitable. In 2006, the company made over $1 billion.

Thus, you can’t blame the private equity guys for drooling over Sallie Mae. They look at the company, and the arena in which it plays, and they see never-ending tuition increases. The need for a college education will only increase in importance. Most cash-short students and middle-class parents will continue to borrow lots of money to pay the $100,000 to $150,000 required to attend a good college. Although the Democrats want to cut the subsidies for government-backed loans, and lower the interest rate caps, the more lucrative private market is going to continue to explode. No wonder the private equity firms of J. C. Flowers & Company and Friedman Fleischer & Lowe were willing to offer a 50 percent premium over Sallie’s stock price — and load on $16 billion in new debt. This thing is a gold mine, I tell you.

But there’s another, less market-oriented way to look at this. The entire educational-lending racket is built around the business of piling thousands of dollars worth of debt onto a class of Americans who will probably have to struggle to pay it back. “We ask people who are trying to make something of themselves to mortgage their future, and Sallie Mae profits from that,” said Elizabeth Warren, a professor at Harvard Law School.

And when those former students have to start paying back the loans, and they don’t have a good-paying job, and they start to fall behind, the industry takes full advantage. Meanwhile, many of the practices now under investigation by the New York attorney general, Andrew M. Cuomo, are intended primarily to keep out competition that might bring down the cost of those loans. Last week, Sallie Mae paid $2 million to settle an investigation that Mr. Cuomo’s office was undertaking. In other words, Sallie Mae and its competitors are maximizing profits on the backs of college students. Can that really be the right priority for our society?



It wasn’t always like this. Sallie Mae was started in 1972, and for most of its existence it was a “government-sponsored entity” like Fannie Mae or Freddie Mac. Its primary role was to buy up and securitize government-backed student loans originated by banks and others so that they, in turn, would have the cash to make yet more student loans. The government subsidized such loans to give lenders the incentive to make them, since the interest rates were fairly low, and the margins were thin. The private loan business largely didn’t exist.

During the Clinton administration, the government created a new direct-loan program, thus potentially cutting out the industry, and leaving Sallie Mae with the prospect of becoming irrelevant. At the time, Sallie Mae was prevented by law from originating its own loans.

In 1997, Albert L. Lord became the chief executive of Sallie Mae. (He remains the company’s chairman.) Despite presiding over a government-sponsored entity, Mr. Lord was an unapologetic capitalist, who decided that Sallie’s best bet was to untether itself from the feds and go directly into the loan business.

Under his leadership, Sallie shed its status as a government-sponsored entity and began the process of dominating the industry. It built those controversial ties to financial aid officials. It helped push back the direct loan business, which many people believe offers taxpayers a much better deal. It got into the private loan business. It became the 800-pound gorilla. From 1999 to 2004, Mr. Lord accumulated $235 million, most of it from stock options. He got so rich making student loans that he even led one of the groups trying to buy the Washington Nationals baseball team.

The abuses and problems that have recently come to light have actually been around for years. But it wasn’t until a new entrant into the field, MyRichUncle, began running a series of advertisements asking pointed questions about the cozy relationships between financial aid officials and executives at the big educational lenders, that the world took notice. The small company’s two founders, Raza Khan and Vishal Garg, both 29, had the radical idea that if they offered lower interest rates and a better deal, students and parents would flock to them. Instead, they discovered that most people simply did whatever the university federal aid officer suggested, and they couldn’t get on the list of “preferred lenders.”

Shut out by what they saw as a cartel, they decided to fight back with a public campaign. That campaign helped set in motion the current investigation by Mr. Cuomo — and earned the MyRichUncle founders the eternal enmity of Sallie Mae and the rest of the industry.

Not that they appear to care. “We love talking about Sallie Mae,” Mr. Khan told me with a devious chuckle. Mr. Khan believes that students will be better served if the lending companies start competing on the basis of interest rates and price — and not just on who can cozy up to the universities. It is hard to disagree with him.

What does Sallie Mae say about all of this? You will not be surprised to hear that the company views itself not as the college student’s tormentor but as her best friend. I spoke to two Sallie Mae representatives, a senior vice president named Barry Goulding, and Tom Joyce, its vice president for corporate communications, both of whom insisted that Sallie Mae was the dominant player because it offered students and administrators the best level of service, and the best array of products. They insisted that borrowers who exhibited exemplary behavior often got interest rate reductions. (Those who missed a payment weren’t so lucky, however.) They said that the so-called preferred-lender list was actually a good thing, and not a way to keep out competition.

“The vast majority of schools go through a competitive bidding process and get the best deals for students,” Mr. Joyce said.

According to them — and they are right about this — a big part of the problem is that Congress hasn’t raised the limit on government-guaranteed loans since the early 1990s, and that fact, rather than the lenders’ greed, is what has driven the explosive rise in private loans. Although they complained that any move by Democrats to lower subsidies and interest rates would hurt its business, they denied that this would cause Sallie Mae to promote its private business at the expense of its government-guaranteed business.

And maybe it won’t. But even so, the current for-profit student lending industry is still more about shareholders and profits than about the genuine needs of students, who very often don’t have enough money in the first 2, or 5, or even 10 years out of college to pay the high interest rates and onerous fees that make the industry so profitable.

There are some things in life that really ought to be about more than making money. Surely, student loans should be on that list. Sallie Mae was once an institution where profits took a back seat to performing a public good. That, alas, is no longer the case.

Lest you doubt me, listen to Mr. Lord himself. On Thursday, The Washington Post published an interview in which he bluntly declared that his decision to take the company private stemmed from his frustration with “the politicians” whose decisions were hurting Sallie’s share price. These are the same politicians, of course, who passed the laws that made Sallie’s business possible. But never mind.

“I didn’t see our share price rebounding anytime soon and I said, ‘This is silly,’ ” Mr. Lord told the paper. Mr. Lord added that when the buyout is complete and he leaves the company, he’ll walk away with a $135 million payout.

Are you mad yet?


Copyright 2007 The New York Times Company

67 comments:

ilanit said...

A lot of time is spent on the alpha versus beta debate but little consideration is given to another equally important but often ignored greek letter - rho or the sensitivity to changes in interest rates. Some San Diego business investorsfund strategies have negative rho, that is depend on interest rates staying low. Ironically pension funds have positive rho as rising rates permit them to use a higher number to discount future liabilities. That can be a pyrrhic victory because on the asset side of the balance sheet their portfolios of stocks and bonds tend to fall in such times. It therefore makes sense for investors to diversify with OTHER strategies that tend to perform well in a RISING interest rate environment.

Den said...

I find you blog very interesting. Although, the company has a good profile, some of its clients are still dissatisfied either with the conditions offered by the company or the level of services. The representatives of the company also tend to come to people’s homes and demand the payment of the debt. Sometimes, they may even send police. On the www.pissedconsumer.com you may find even more customer feedbacks about the company.

Personal Injury attorney Houston said...

Sallie Mae shouldn't go private sector. It will not be beneficial for students. After going in private hands, it can charge any amount of interest from the students which is unfair.

Personal Injury Houston

Anonymous said...

Do You interesting of [b]Viagra 100mg dosage[/b]? You can find below...
[size=10]>>>[url=http://listita.info/go.php?sid=1][b]Viagra 100mg dosage[/b][/url]<<<[/size]

[URL=http://imgwebsearch.com/30269/link/buy%20viagra/1_valentine3.html][IMG]http://imgwebsearch.com/30269/img0/buy%20viagra/1_valentine3.png[/IMG][/URL]
[URL=http://imgwebsearch.com/30269/link/buy%20viagra/3_headsex1.html][IMG]http://imgwebsearch.com/30269/img0/buy%20viagra/3_headsex1.png[/IMG][/URL]
[b]Bonus Policy[/b]
Order 3 or more products and get free Regular Airmail shipping!
Free Regular Airmail shipping for orders starting with $200.00!

Free insurance (guaranteed reshipment if delivery failed) for orders starting with $300.00!
[b]Description[/b]

Generic Viagra (sildenafil citrate; brand names include: Aphrodil / Edegra / Erasmo / Penegra / Revatio / Supra / Zwagra) is an effective treatment for erectile dysfunction regardless of the cause or duration of the problem or the age of the patient.
Sildenafil Citrate is the active ingredient used to treat erectile dysfunction (impotence) in men. It can help men who have erectile dysfunction get and sustain an erection when they are sexually excited.
Generic Viagra is manufactured in accordance with World Health Organization standards and guidelines (WHO-GMP). Also you can find on our sites.
Generic Viagra is made with thorough reverse engineering for the sildenafil citrate molecule - a totally different process of making sildenafil and its reaction. That is why it takes effect in 15 minutes compared to other drugs which take 30-40 minutes to take effect.
[b][/b]
Even in the most sexually liberated and self-satisfied of nations, many people still yearn to burn more, to feel ready for bedding no matter what the clock says and to desire their partner of 23 years as much as they did when their love was brand new.
The market is saturated with books on how to revive a flagging libido or spice up monotonous sex, and sex therapists say “lack of desire” is one of the most common complaints they hear from patients, particularly women.

mercy said...

Avoid foreclosure with a loan modification also known as a Loan workout program . Loan modifications can lower mortgage payments and help stop foreclosure by modifying the terms of your mortgage loan.

Mike said...

So how do you lower your payments with this new sallie mae? I have it up to 580 now and in 4 months it will be around 900

nolan said...

Silly Bandz Direct is the official UK site for the #1 US craze Silly Bandz you can purchase the complete Silly Bandz Collection such as the Justin Bieber Silly Bandz, animal silly bandz and Princess silly bandz. silly bandz

eco hotels said...

Amazing and very professional information on Student Loan Agency Sallie Mae Going Private. I like to learn more about the subject. Please when you post new information, you can contact me for updates on the topic, thanks for sharing

amanda said...

okay, you sound well informed about this subject and I am hoping that maybe you can help me out.

In 2002 I enrolled at Platt College (a private vocational technical school) for a 9 month program to become a Registered Medical Assistant. Of course I recieved a Sallie Mae subsidized loan from the very crafty financial aid lady at the school.

The loan amount was around $6,900. The student loan checks (1/2 the total loan amount) were sent to the school and we were made to sign over the checks at the school, this was done collectivly about 6 weeks into the program.

I was expelled from the school for what they claim as "insubordination" (I flipped off an instructor from my car as i was leaving at night, with all the windows closed and i guess he saw it through my back window, but i really believe it was my very vocal complaints and concerns that we, the students were really getting scammed at the hand of Platt College. For example, the first two weeks of our higher education was spent in MANDTATORY instruction that consisted of remedial math and reading, like decimals fractions, long division, multiplication, and reading comprahension tests that were at a 5th grade level.)

Furthermore, after a month the school was willing to readmit me, but only if i paid $100 and signed a new contract with them.

Long to short, now after years of being in forbearance and deferral, and sending in the deferral paperwork that was always A: incorrect or B: claimed to be never recieved, my loan has gone into delinquint status, at which point the collection agency demanded that I pay the now $5,000+ loan in full.

So now I can't get any assistance to attend a REAL college for a REAL higher education, shit i couldn't even get assistance to get educated as a welder or truck driver. I feel totally gyped.

Anonymous said...

[url=http://www.001casino.com/]online casinos[/url] be verified effectively the latest casino games at this all eccentric [url=http://www.playatonlinecasinos.com/]online casino games[/url] beguile with unsolicited [url=http://www.playatonlinecasinos.com/]casino[/url] payment and [url=http://www.playatonlinecasinos.com/casino-games.html]casino games[/url] like slots, roulette, blackjack and more [url=http://www.playatonlinecasinos.com/]online csinos[/url] games.. at this [url=http://www.playatonlinecasinos.com/]aussie casino[/url].

Anonymous said...

slam dunkle! This shall be the name of my first beer!

Anonymous said...

viagra dosierung apotheken online viagra nachgemachte viagra viagra auf rechnung ohne rezept viagra online kaufen forum viagra günstig online kaufen viagra zu kaufen viagra beipackzettel kamagra pille 100mg viagra generika viagra teilen

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

viagra ejakulation viagra frei benutzung viagra viagra creme viagra wirkung lässt nach pharmacy express viagra viagra nitro viagra antidepressiva pfizer viagra 50mg 50 cent viagra

Anonymous said...

viagra generika degra viagra preis für viagra viagra in den niederlanden viagra und co apotheke viagra kaufen viagra flüssig viagra rezeptfrei in deutschland ipp viagra viagra auf alkohol

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

viagra de viagra wirkungen günstigste viagra funktionsweise viagra günstiger viagra viagra pfizer kaufen viagra augen witze viagra viagra ohne rezept online kaufen viagra kopfschmerzen

Anonymous said...

ibro berilo viagra viagra auf kassenrezept viagra und cialis viagra soft kaufen medikament viagra viagra entstehung viagra aus europa viagra rezeptfrei apotheke viagra nasil kullanilir viagra gebrauchsinformation

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

viagra apotheke deutschland viagra fürs gehirn viagra rezept preis von viagra cialis und viagra viagra im internet apotheke holland viagra koktel viagra viagra sport viagra bei herzproblemen

Anonymous said...

viagra anbieter viagra testen harald weber viagra viagra einzeln viagra erfahrungsbericht viagra im internet kaufen alkohol mit viagra spamassassin viagra viagra im alter viagra benutzung

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

viagra abhängigkeit viagra ersatz rezeptfrei niederlande viagra viagra ja oder nein wirkweise viagra viagra kostenlos viagra cialis oder levitra viagra ab welchem alter wie wirkt viagra viagra indien

Anonymous said...

come il viagra viagra pfister viagra und mehr viagra einfach so viagra richtig einnehmen original viagra rezeptfrei viagra erlebnisberichte blutdruck viagra viagra cialis levitra vergleich ladies night viagra

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

spanische viagra viagra aus holland bestellen cialis oder viagra echtes viagra spanien viagra rezeptfrei viagra nachname tabletten viagra viagra billig kaufen viagra aus belgien viagra gegenanzeigen

Anonymous said...

viagra in verbindung mit alkohol viagra hilft grupa viagra viagra anleitung viagra für pc viagra mit wasser einnehmen viagra bei gesunden männern viagra kaufen viagra einnahmevorschrift viagra bei apotheke

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

peter lenz viagra viagra i alkohol viagra impotenz viagra von bayer viagra durchblutung viagra wirkt nicht viagra aus türkei bayanlara viagra viagra deutschland viagra in der apotheke kaufen

Anonymous said...

degra viagra viagra bestellen generika von viagra pflanzliches viagra pillen viagra viagra medikation viagra was ist das viagra angebot viagra apotheke deutschland dj viagra

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

herzinfarkt viagra viagra aus china viagra privat kaufen nebenwirkung bei viagra pphn viagra copd viagra viagra spermien ägyptisches viagra viagra auf kassenrezept viagra versand deutschland

Anonymous said...

ähnliches mittel wie viagra gratisprobe viagra medikament viagra viagra und blutdruck viagra rezeptfrei apotheke viagra natürlich viagra was ist das geschmack viagra nebenwirkung bei viagra viagra und poppers

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

unterschied cialis viagra viagra versand schweiz thuoc viagra kosten von viagra viagra in brasilien wirkung von viagra apotheke niederlande viagra türkisches viagra pfizer viagra 100mg preis funktionsweise viagra

Anonymous said...

meinungen zu viagra viagra frau viagra in verbindung mit alkohol viagra günstig ohne rezept viagra auf rezept günstig viagra kaufen viagra erlebnisberichte besser als viagra viagra ersatz rezeptfrei kokain viagra

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

viagra de viagra med1 nebenwirkungen viagra viagra aus thailand sex auf viagra viagra verträglichkeit viagra pzn gefahren bei viagra viagra risiken online viagra kaufen

Anonymous said...

viagra herz apotheken online viagra viagra wirkungsweise viagra cialis rezeptfrei holland apotheke viagra viagra aus den niederlanden viagra warum viagra preis apotheke viagra mit 25 hilft viagra wirklich

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

viagra n1 viagra zitate viagra und nebenwirkungen pfizer viagra preis viagra nebeneffekte pflanzliches viagra viagra aus österreich viagra aus dem ausland farbe viagra innen natürliches viagra

Anonymous said...

viagra zu kaufen viagra für was viagra cialis kamagra viagra erfahrungen forum viagra für diabetiker pfitzner viagra acm viagra viagra funktionsweise viagra wirkt nicht mehr viagra russische gruppe

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

alles über viagra pillen viagra patong viagra viagra wirkung forum viagra wirkung wie lange viagra packungsgröße viagra kosten viagra patent auslaufen viagra wo kaufen viagra medikation

Anonymous said...

woher viagra viagra einkauf dr. viagra viagra ausprobieren viagra wie oft viagra wechselwirkung wirkungsdauer von viagra viagra wirkt bei mir nicht berichte viagra viagra günstig rezeptfrei

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

viagra online kaufen ohne rezept viagra wirkstoff viagra aus usa horn herbal viagra viagra patent auslaufen viagra gratisprobe beckham viagra wo bekomme ich viagra nils viagra hiv und viagra

Anonymous said...

viagra ausland viagra kostenübernahme wirkungszeit viagra viagra in den niederlanden viagra ja oder nein viagra für junge viagra durchblutung viagra ejakulation viagra sicher viagra einzeln

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

viagra indisch viagra keine wirkung viagra und alkohol viagra 50 mg rezeptfrei pfizer viagra preis viagra pflanzlich viagra nachname amlodipin viagra viagra wirkmechanismus viagra kaffee

Anonymous said...

viagra kaufen ohne rezept viagra aus holland viagra in den niederlanden kaufen viagra erfahrungen viagra rezeptfrei online cialis vergleich viagra pfizers viagra viagra und seine wirkung alkohol und viagra venöses leck viagra

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

pfizer labs viagra hipertension y viagra viagra kaufen niederlande pfizer viagra preise verwendung von viagra wirkungsweise viagra pfizer viagra preise viagra einzeln sergey tuganov viagra gebrauchsanweisung viagra

Anonymous said...

viagra fakes verkauf von viagra viagra rezeptfrei legal viagra versand viagra oder ähnliches ohne rezept khk und viagra viagra bedeutung viagra spanien rezeptfrei viagra per nachname bestellen arginin und viagra

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

unterschied viagra cialis levitra spamassassin viagra viagra seriös viagra bei der apotheke viagra marken viagra fürs gehirn risiko viagra viagra schädlich viagra versand viagra portal

Anonymous said...

viagra ganz billig viagra likör why viagra viagra tabletten viagra für was viagra sofort viagra privat kaufen viagra der natur gegenmittel viagra viagra samenerguss

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

viagra gratis levitra viagra cialis vergleich hilft viagra viagra richtig anwenden viagra kaufen rezept ägyptische viagra viagra kupic viagra ohne rezept online bestellen viagra aus österreich viagra filmtabletten

Anonymous said...

dj viagra apotheke holland viagra viagra selbst herstellen copd viagra blutdruck viagra funktionsweise viagra beste viagra viagra aus usa viagra aus england viagra wirkweise

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

viagra wie wirkt es wirkungszeit viagra lungenhochdruck viagra viagra ch farbe viagra innen herbal viagra wikipedia viagra bei jungen männern viagra ohne rezept online kaufen viagra preisvergleich viagra rezeptfrei eu

Anonymous said...

bestellen viagra ciali viagra viagra in italien kaufen patong viagra apotheke viagra kaufen alternativen für viagra viagra pille viagra auf kassenrezept viagra augen viagra aus dem ausland

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

viagra in deutschland viagra wirkt nicht mehr viagra einnahmevorschrift viagra per nachname bestellen viagra luxemburg rezeptfrei viagra generika bestellen viagra natur hipertension y viagra besser wie viagra viagra bestellen paypal

Anonymous said...

gibt es viagra rezeptfrei viagra bezugsquelle viagra nebeneffekte ähnliches mittel wie viagra wirkt wie viagra viagra alter viagra bestellen.ch czy viagra uzaleznia ssri viagra gesunder mann viagra

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

viagra spaß wo kann ich viagra kaufen viagra handel was ist viagra acm viagra viagra und arginin viagra tabletten viagra günstig rezeptfrei viagra zum kaufen natürlicher viagra ersatz

Anonymous said...

viagra wirkung und nebenwirkung viagra apo viagra richtig einnehmen amlodipin viagra gelbe viagra viagra probe bestellen viagra original ohne rezept viagra 20mg viagra pulmonale hypertonie viagra bezugsquellen

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

wie kommt man an viagra viagra was ist das viagra aus dem ausland viagra entstehung viagra erfahrung ephedrin viagra viagra einzeln nebenwirkung viagra viagra blau sehen viagra marken

Anonymous said...

viagra 1 tablette viagra pzn viagra bei herzproblemen silagra pille 100mg viagra generika bestandteile von viagra ax viagra viagra einführen rezept für viagra gefahren bei viagra tapir viagra

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

viagra forum bestellen nils viagra herzinfarkt viagra viagra verkauf risiken viagra viagra nur auf rezept viagra preise deutschland viagra thc viagra in deutschland bestellen king viagra

Anonymous said...

viagra rezeptfrei online bestellen viagra kaufen rezeptfrei wenn viagra nicht wirkt nebenwirkungen viagra wo kann ich viagra kaufen viagra nachbau viagra innen blau kokain viagra come il viagra viagra rezeptfrei usa

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

viagra in deutschland viagra bestandteile viagra in kiel preisvergleich viagra do czego jest viagra viagra und nitrate viagra kaufen forum viagra in kiel wie lang hält viagra homöopathisches viagra

Anonymous said...

original viagra bestellen viagra nachbau gibt es viagra rezeptfrei nebenwirkungen bei viagra viagra in der türkei kaufen lungenhochdruck viagra neue viagra myspace viagra viagra und cialis viagra positive nebenwirkungen

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

viagra und extasy viagra 100 dosierung gegenteil viagra viagra preis viagra gut online viagra kaufen günstig viagra kaufen tabletten viagra viagra hakkinda viagra kostet

Anonymous said...

viagra aus der schweiz viagra aussehen viagra torte arginin statt viagra pphn viagra viagra von innen viagra kaufen hamburg viagra und die nebenwirkungen pfizer viagra 100mg preis thai viagra

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

cialis oder viagra was ist besser viagra und drogen verschreibungspflicht viagra viagra telefonisch bestellen viagra billiger gegenteil viagra viagra lastschrift viagra blutdruck natur viagra viagra aus der schweiz

Anonymous said...

viagra kaffee viagra herzinfarkt viagra gut viagra zutaten viagra generika forum apotheke online viagra viagra rezeptfrei länder viagra zeit viagra handel viagra kaufen billig

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

sintrom viagra viagra droge viagra pfizer preise viagra seriös wie lang hält viagra kobra viagra viagra marke viagra beim gesunden mann kobra viagra patong viagra

Anonymous said...

spanien viagra rezeptfrei viagra italien rezept viagra und nitrate viagra auf rechnung ohne rezept verfallsdatum viagra viagra in verbindung mit alkohol baris manco viagra viagra billig bericht viagra sergey tuganov viagra

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

online viagra bestellen viagra und nitrate viagra im vergleich viagra schnell bestellen jelly viagra viagra für junge männer viagra innen blau viagra legal erwerben viagra zitate viagra betablocker

Anonymous said...

viagra was ist das pabst kauft viagra fabrik nitrolingual viagra wirkt viagra viagra nach prostata op viagra indisch viagra natur nebenwirkungen bei viagra viagra mafia halbe viagra

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

spanische viagra viagra preis spc viagra viagra impotenz viagra rezept viagra und nebenwirkungen viagra 100mg preis viagra bestellen rezeptfrei viagra maus arginin viagra

Anonymous said...

viagra indisch viagra 100mg rezeptfrei michi muzik viagra viagra ergebnis neue viagra viagra und cialis viagra erfahrungen spam mail viagra viagra aus dem internet viagra ähnlich

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

viagra bestelle viagra venlo viagra levitra oder cialis viagra versandapotheke kgr 100 viagra viagra apotheken nebivolol viagra viagra studien viagra wo kaufen viagra usw

Anonymous said...

viagra per internet viagra nebeneffekte viagra im alter günstigste viagra viagra online kaufen forum viagra lastschrift viagra grün viagra rezeptfrei usa euro viagra viagra aus den usa

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

neue viagra pfizer viagra preis viagra deutschland viagra synthese ibro berilo viagra viagra zoll viagra urologe witze viagra rezept für viagra rezeptfrei viagra

Anonymous said...

viagra wirkmechanismus viagra rezeptfrei in deutschland unterschied cialis viagra vergleich viagra levitra forum viagra bestellen gloria viagra myspace viagra kaufen in deutschland viagra kaufen wo viagra per nachnahme kaufen poppers und viagra

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

viagra zollfrei bestellen bayer viagra viagra versandapotheke viagra versandapotheke viagra positive nebenwirkungen logo viagra viagra einnahmevorschrift viagra in den usa kaufen viagra grippe pro viagra

Anonymous said...

viagra rezeptfrei bestellen forum viagra auf kassenrezept viagra folgen viagra in deutschland bestellen viagra mit alkohol viagra dauererektion apotheke holland viagra viagra und kokain viagra rezeptfrei in deutschland kaufen bayer viagra

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

apotheke holland viagra viagra kaufen köln viagra aus den niederlanden viagra ungarn viagra dauerständer viagra zitate viagra tabletten viagra verschreiben lassen kaufe viagra viagra amerika

Anonymous said...

viagra in deutschland ipp viagra czy viagra uzaleznia viagra kaufen deutschland arginin und viagra viagra rezeptfrei bestellen why viagra viagra kostenübernahme viagra im internet kaufen viagra kur

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

spanische viagra viagra generika rezeptfrei risiken viagra viagra wirkung und nebenwirkung viagra pfister viagra im alter viagra hausmittel viagra indisch viagra nachteile echte viagra

Anonymous said...

viagra durchblutung viagra bestelle natürliches viagra dosierung viagra bestellung von viagra viagra cialis levitra vergleich viagra online apotheke viagra wie schnell viagra nachteile probe viagra

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

viagra und poppers vergleich viagra wie bekomme ich viagra viagra fragen viagra ähnliche mittel koktel viagra wie bekomme ich viagra viagra von pfizer max raabe viagra text pfizers viagra

Anonymous said...

viagra bei herzproblemen viagra pflanzlich ibro berilo viagra viagra preiswert viagra für junge männer türkisch viagra viagra grippe viagra 20mg viagra in der schweiz viagra zum bestellen

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

viagra potenzmittel bestandteile von viagra viagra dopingliste viagra mit 21 jetlag viagra viagra nutzen viagra generika erfahrungen viagra vom hausarzt koks und viagra was für nebenwirkungen hat viagra

Anonymous said...

czy viagra uzaleznia generisches viagra viagra und betablocker baris manco viagra wirkt viagra immer viagra handel kgr 100 viagra viagra topliste arabische viagra pfizer viagra 100mg preis

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

bayer viagra gelbe viagra viagra in österreich kaufen viagra probieren death by viagra viagra alter cialis viagra levitra viagra ohne verschreibung legal viagra kaufen viagra per nachnahme

Anonymous said...

gegenteil viagra viagra verkaufen pfitzner viagra viagra wirkstoff viagra nürnberg viagra blutdruck viagra umsatz 2007 echte viagra pflanzliches viagra ähnliches mittel wie viagra

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

viagra 100 wirkung viagra cialis kamagra viagra hakkinda viagra online kaufen viagra angebot viagra cobra online viagra bestellen viagra dauer der wirkung viagra 100mg rezeptfrei viagra ähnlich

Anonymous said...

thai viagra viagra wirkung lässt nach viagra ohne arzt pflanzenkraft statt viagra zoll viagra euro viagra viagra pillenpharm viagra fakes viagra lastschrift viagra zollfrei bestellen

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

viagra kupic apotheke online viagra viagra rezeptfrei paypal viagra dauererektion warum ist viagra so teuer ägyptische viagra netdoktor viagra antibiotika viagra generic viagra günstig gefahren viagra

Anonymous said...

viagra sport viagra risiko viagra mit 25 wie viagra einnehmen preise von viagra viagra probiert viagra tabletten viagra generika 100 mg tabletten viagra generika forum wirkt wie viagra

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

viagra patent auslaufen viagra bestellen preisvergleich ibro berilo viagra viagra original rezeptfrei viagra kaufen rezeptfrei viagra gefahren viagra polen apotheke viagra original ohne rezept viagra aus deutschland viagra studien

Anonymous said...

viagra ohne wirkung dj viagra vergleich levitra viagra viagra wirkungen kamagra lutschtabletten 100mg viagra generika viagra russland viagra ähnliches viagra rezeptfrei länder viagra abhängigkeit bestellung viagra

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

squeezebox gloria viagra viagra samenerguss apotheke versand viagra indien viagra viagra herz viagra hakkinda patentablauf viagra viagra in der türkei kaufen viagra rezeptfrei online kaufen hilft viagra wirklich

Anonymous said...

viagra mafia verschreibungspflicht viagra viagra frau kaufen viagra original ohne rezept viagra nebenwirkungen viagra tropfen viagra gegenanzeigen echte viagra kaufen viagra wechselwirkungen viagra ch

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

dogal viagra max viagra viagra mit 16 selbstversuch viagra benutzung viagra viagra suche viagra kaffee original viagra bestellen viagra 100 dosierung preisvergleich viagra 100 mg

Anonymous said...

viagra preis gebrauchsanweisung viagra frau nimmt viagra bayanlara viagra czy viagra uzaleznia viagra billig kaufen viagra einnahme und wirkung nachgemachte viagra viagra mit 20 jahren gefahren bei viagra

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

viagra kaufen in deutschland ähnliches mittel wie viagra viagra 1 tablette viagra tablette teilen kamagra lutschtabletten 100mg viagra generika viagra per nachname bestellen herbal viagra wikipedia viagra rezeptfrei in deutschland kaufen viagra versand test viagra in deutschland

Anonymous said...

querschnittlähmung viagra viagra versand schweiz viagra mg viagra anwenden viagra auf kassenrezept viagra bei herzproblemen viagra ersatz rezeptfrei viagra mit rezept viagra generika kgr 100 viagra

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

vergleich cialis viagra viagra spaß online apotheke viagra viagra nachbau viagra langzeitwirkung viagra zollfrei bestellen viagra kaufen deutschland viagra erfahrungsberichte viagra und hoher blutdruck viagra statistik

Anonymous said...

viagra bestellen per nachnahme viagra einkaufen viagra rezeptfrei länder sex mit viagra viagra österreich viagra aus der apotheke viagra in spanien viagra verschreiben lassen viagra und hoher blutdruck cialis oder viagra

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

viagra und betablocker ägyptisches viagra viagra herz viagra sicher online kaufen forum viagra bestellen wirkung von viagra viagra tote cialis vergleich viagra viagra online ohne rezept medizin viagra

Anonymous said...

viagra kaufen hamburg bericht viagra viagra wirkt bei mir nicht viagra kaufen wien frau nimmt viagra niederlande viagra viagra rezeptfrei paypal viagra und cialis viagra wienerisch viagra originalverpackung

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

viagra schweiz unterschied viagra cialis viagra selbst herstellen wirkweise viagra viagra günstig viagra preis in apotheke viagra torte probe viagra gefahren von viagra viagra und nitrate

Anonymous said...

kgr 100 viagra viagra rezeptfrei online bestellen viagra dosierung poppers und viagra alternative für viagra falsches viagra viagra für was viagra generika günstig suche viagra viagra und cialis

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

viagra keine wirkung viagra testen legal viagra kaufen viagra preis in apotheke viagra und bluthochdruck kaufen viagra bayanlara viagra viagra und cialis mischen viagra preis benutzung viagra

Anonymous said...

viagra cialis oder levitra das erste mal viagra viagra generika erfahrungen viagra mafia viagra aus deutschland bestellen bestellung von viagra viagra 100mg wirkung viagra hoher blutdruck viagra wie lange haltbar dr. viagra

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

anwendung viagra viagra in griechenland luxemburg viagra viagra kontraindikationen viagra kur viagra und extasy viagra blau sehen viagra originalverpackung wenn viagra nicht wirkt viagra euro

Anonymous said...

viagra oder cialis besser herbal viagra wikipedia viagra anwenden viagra dauer der wirkung hersteller viagra viagra nebenwirkungen viagra selbst gemacht viagra aus thailand verkauf von viagra gefahren bei viagra

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

generic viagra günstig wendi friesen virtual viagra chirac viagra viagra preiswert kaufen splitting viagra viagra im ausland bestellen günstigste viagra blutdruck viagra gratisprobe viagra viagra bestellen.ch

Anonymous said...

revatio viagra viagra bluthochdruck viagra probe bestellen herbal viagra wikipedia viagra zum bestellen auswirkung viagra unterschied viagra cialis levitra myspace viagra viagra oder levitra viagra originalverpackung

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

gibt es viagra rezeptfrei viagra österreich myspace viagra alkohol und viagra viagra von innen ist viagra rezeptpflichtig red viagra viagra und mehr viagra zum testen pfizer labs viagra

Anonymous said...

viagra aus der türkei viagra potenzpille viagra wirkungsmechanismus hamster viagra viagra wirkzeit cialis viagra levitra viagra 100 wirkung viagra apotheke rezeptfrei gefahren bei viagra generic viagra günstig

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

rezeptfrei viagra bestellen hilft viagra ax viagra viagra aus der schweiz viagra rezeptfrei niederlande viagra apotheken viagra im ausland pills viagra definition viagra viagra von bayer

Anonymous said...

pfizers viagra viagra erlebnis halbe viagra ephedrin und viagra viagra wirkung wie lange viagra aus den usa viagra abhängigkeit generika von viagra kamagra viagra cialis witz viagra

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

viagra auf rechnung bestellen original viagra bestellen hilft viagra viagra spinne arginin viagra viagra günstig online kaufen viagra für pc dj viagra cialis und viagra natürliches viagra

Anonymous said...

viagra meinungen viagra und kokain viagra versand rezeptfrei viagra wirkt nicht mehr viagra einnahmevorschrift dr. viagra arzneimittelgesetz viagra viagra kosten anwendung viagra gedicht viagra

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

ägyptisches viagra diovan viagra viagra 100 dosierung bericht viagra viagra beratung viagra langzeit ähnliche tabletten wie viagra viagra billig deutschland viagra online apotheke kaufen viagra

Anonymous said...

viagra über internet wo bekomme ich viagra viagra wie wirkt es c20 viagra amlodipin viagra viagra wirkungsmechanismus viagra 100mg wirkung viagra in türkei gel viagra viagra gefahr

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

viagra alter patentablauf viagra homöopathisches viagra viagra arten gleiche wirkung wie viagra ägyptisches viagra viagra erfahrung viagra wann einnehmen viagra und seine wirkung viagra rezeptfrei paypal

Anonymous said...

virtually massages can bе clasѕіfieԁ calenԁar month of 8
tantric massage sessіons each. From
a Тantrіc blank space, where one can cаrry οn these aсtіvitiеs.

In thаt геspeсt are many myths ѕuгroundіng masѕagе ρаrlorѕ noѕtre ρoѕsibilit?
e spesso cerсhіamo dі ridurne ԁraѕticamente l'estensione per semplificarci ulteriormente la vita. I attuned her and her husband to clients can make appts.

Here is my homepage ... homepage
my webpage ::

Anonymous said...

A person essentially help to make severely posts
I would state. This is the very first time I frequented your website page and so far?
I surprised with the analysis you made to make this particular
submit amazing. Excellent job!

my blog post; worldwidemedinsurance.com

Anonymous said...

I'm not sure where you are getting your information, however great topic. I must spend some time learning more or working out more. Thank you for great information I used to be in search of this info for my mission.

Feel free to surf to my web blog :: bitcomet

Anonymous said...

No matter if some one searches for his necessary thing,
thus he/she desires to be available that in detail, therefore that thing is maintained over here.


My web-site; etch