title: Red Summer

text: Beginning on July 19, Washington, D.C. had four days of mob violence against black individuals and businesses perpetrated by white men—many of whom in the military and in uniforms of all three services—in response to the rumored arrest of a black man for rape of a white woman. The men rioted, randomly beat black people on the street, and pulled others off streetcars for attacks.


title: Red Summer

text: When police refused to intervene, the black population fought back. The city closed saloons and theaters to discourage assemblies. Meanwhile, the four white-owned local papers, including the "Washington Post", "ginned up...weeks of hysteria", fanning the violence with incendiary headlines, calling in at least one instance for a mobilization of a "clean-up" operation. After four days of police inaction, President Woodrow Wilson mobilized the National Guard to restore order. When the violence ended, a total of 15 people had died: 10 white people, including two police officers; and 5 black people. Fifty people were seriously wounded, and another 100 less severely wounded. It is one of the few times in 20th-century white-on-black riots that white fatalities outnumbered those of black people.


title: Red Summer

text: On July 21, in Norfolk, Virginia, a white mob attacked a homecoming celebration for African-American veterans of World War I. At least 6 people were shot, and the local police called in Marines and Navy personnel to restore order.


title: Red Summer

text: Beginning on July 27, the Chicago race riot marked the greatest massacre of Red Summer. Chicago's beaches along Lake Michigan were segregated by custom. When Eugene Williams, a black youth, swam into an area on the South Side customarily used by whites, he was stoned and drowned. Chicago police refused to take action against the attackers, thus young black men responded with violence, lasting for 13 days, with the white mobs led by the ethnic Irish.


title: Red Summer

text: White mobs destroyed hundreds of mostly black homes and businesses on the South Side of Chicago. The State of Illinois called in a militia force of 7 regiments: several thousand men, to restore order. The resulting casualties of the riots include: 38 fatalities (23 blacks and 15 whites); 527 injured; and 1,000 black families left homeless. Other accounts reported 50 people were killed, with unofficial numbers and rumors reporting even more.


title: Red Summer

text: On August 12, at its annual convention, the Northeastern Federation of Colored Women's Clubs (NFCWC) denounced the rioting and burning of Negroes' homes, asking President Wilson "to use every means within your power to stop the rioting in Chicago and the propaganda used to incite such."


title: Red Summer

text: At the end of August, the NAACP protested again to the White House, noting the attack on the organization's secretary in Austin, Texas the previous week. Their telegram read: "The National Association for the Advancement of Colored People respectfully enquires how long the Federal Government under your administration intends to tolerate anarchy in the United States?"


title: Red Summer

text: August 30–31, the Knoxville Riot in Tennessee started after the arrest of a black suspect on suspicion of murdering a white woman. Searching for the prisoner, a lynch mob stormed the county jail, where they liberated 16 white prisoners, including suspected murderers. The mob attacked the African-American business district, where they fought against the district's black business owners, leaving at least 7 dead and more than 20 wounded.


title: Red Summer

text: From September 28–29, the race riot of Omaha, Nebraska erupted after a mob of over 10,000 ethnic whites from South Omaha attacked and burned the county courthouse to force the release of a black prisoner accused of raping a white woman. The mob lynched the suspect, Will Brown, hanging him and burning his body. The group then spread out, attacking black neighborhoods and stores on the north side, destroying property valued at more than a million dollars.


title: Red Summer

text: Once the mayor and governor appealed for help, the federal government sent U.S. Army troops from nearby forts, who were commanded by Major General Leonard Wood, a friend of Theodore Roosevelt, and a leading candidate for the Republican nomination for president in 1920.


title: Red Summer

text: On September 30, a massacre occurred against blacks in Elaine, Phillips County, Arkansas, being distinct for having occurred in the rural South rather than a city.


title: Red Summer

text: The event erupted from the resistance of the white minority against the organization of labor by black sharecroppers, along with the fear of socialism. Planters opposed such efforts to organize and thus tried to disrupt their meetings in the local chapter of the Progressive Farmers and Household Union of America. In a confrontation, a white man was fatally shot and another wounded. The planters formed a militia to arrest the African-American farmers, and hundreds of whites came from the region. They acted as a mob, attacking black people over two days at random. During the riot, the mob killed an estimated 100 to 237 black people, while 5 whites also died in the violence.


title: Red Summer

text: Arkansas Governor Charles Hillman Brough appointed a Committee of Seven, composed of prominent local white businessmen, to investigate. The committee would conclude that the Sharecroppers' Union was a Socialist enterprise and "established for the purpose of banding negroes together for the killing of white people." The report generated such headlines as the following in the "Dallas Morning News": "Negroes Seized in Arkansas Riots Confess to Widespread Plot; Planned Massacre of Whites Today." Several agents of the Justice Department's Bureau of Investigation spent a week interviewing participants, though speaking to no sharecroppers. The Bureau also reviewed documents, filing a total of nine reports stating there was no evidence of a conspiracy of the sharecroppers to murder anyone.


title: Red Summer

text: The local government tried 79 black people, who were all convicted by all-white juries, and 12 were sentenced to death for murder. As Arkansas and other southern states had disenfranchised most black people at the turn of the 20th century, they could not vote, run for political office, or serve on juries. The remainder of the defendants were sentenced to prison terms of up to 21 years. Appeals of the convictions of 6 of the defendants went to the U.S. Supreme Court, which reversed the verdicts due to failure of the court to provide due process. This was a precedent for heightened Federal oversight of defendants' rights in the conduct of state criminal cases.


title: Red Summer

text: On November 13, the Wilmington race riot was violence between white and black residents of Wilmington, Delaware.


title: Red Summer

text: This list is primarily, but not exclusively, based on George Edmund Haynes's report, as summarized in the "New York Times" (1919).


title: Red Summer

text: In September 1919, in response to the Red Summer, the African Blood Brotherhood formed in northern cities to serve as an "armed resistance" movement. Protests and appeals to the federal government continued for weeks. A letter from the National Equal Rights League, dated November 25, appealed to Wilson's international advocacy for human rights: "We appeal to you to have your country undertake for its racial minority that which you forced Poland and Austria to undertake for their racial minorities."


title: Red Summer

text: The October 1919 report by Dr. George Edmund Haynes is a call to national action, and was published in "The New York Times" and other major newspapers. Haynes noted that lynchings were a national problem. As President Wilson had noted in a 1918 speech: from 1889 to 1918, more than 3,000 people had been lynched; 2,472 were black men, and 50 were black women. Haynes said that states had shown themselves "unable or unwilling" to put a stop to lynchings, and seldom prosecuted the murderers. The fact that white men had also been lynched in the North, he argued, demonstrated the national nature of the overall problem: "It is idle to suppose that murder can be confined to one section of the country or to one race." He connected the lynchings to the widespread racial riots against blacks in 1919:


title: Red Summer

text: The Joint Legislative Committee to Investigate Seditious Activities, popularly known as the Lusk Committee, was formed in 1919 by the New York State Legislature to investigate individuals and organizations in New York State suspected of sedition. The committee was chaired by freshman State Senator Clayton R. Lusk of Cortland County, who had a background in business and conservative political values, referring to radicals as "alien enemies." Only 10% of the four-volume work constituted a report, while the rest reprinted materials seized in raids or supplied by witnesses, much of it detailing European activities, or surveyed efforts to counteract radicalism in every state, including citizenship programs and other patriotic educational activities. Other raids targeted the left-wing of the Socialist Party and the Industrial Workers of the World (IWW). When they analyzed the materials it hauled away, it made much of attempts to organize "American Negroes" and calls for revolutions in foreign-language magazines.


title: Red Summer

text: In mid-summer, in the middle of the Chicago racial violence against blacks, a federal official told "The New York Times" that the violence resulted from "an agitation, which involves the I.W.W., Bolshevism and the worst features of other extreme radical movements." He supported that claim with copies of Negro publications that called for alliances with leftist groups, praised the Soviet regime, and contrasted the courage of jailed Socialist Eugene V. Debs with the "school boy rhetoric" of traditional black leaders. The "Times" characterized the publications as "vicious and apparently well financed," mentioned "certain factions of the radical Socialist elements," and reported it all under the headline: "Reds Try to Stir Negroes to Revolt". In late 1919, Oklahoma's "Daily Ardmoreite" published a piece with a headline describing "Evidence Found Of Negro Society That Brought On Rioting""."


title: Red Summer

text: In response, some black leaders such as Bishop Charles Henry Phillips of the Colored Methodist Episcopal Church asked black people to shun violence in favor of "patience" and "moral suasion." Phillips opposed propaganda favoring violence, and he noted the grounds of injustice to the black people: Phillips was based in Nashville, Tennessee.


title: Red Summer

text: The connection between black people and Bolshevism was widely repeated. In August 1919, "The Wall Street Journal" wrote: "Race riots seem to have for their genesis a Bolshevist, a Negro, and a gun." The National Security League repeated that reading of events. In presenting the Haynes report in early October, "The New York Times" provided a context which his report did not mention. Haynes documented violence and inaction on the state level.


title: Red Summer

text: The "Times" saw "bloodshed on a scale amounting to local insurrection" as evidence of "a new negro problem" because of "influences that are now working to drive a wedge of bitterness and hatred between the two races." Until recently, the "Times" said, black leaders showed "a sense of appreciation" for what whites had suffered on their behalf in fighting a civil war that "bestowed on the black man opportunities far in advance of those he had in any other part of the white man's world". Now militants were supplanting Booker T. Washington, who had "steadily argued conciliatory methods." The "Times" continued:


title: Red Summer

text: As evidence of militancy and Bolshevism, the "Times" named W. E. B. Du Bois and quoted his editorial in "The Crisis", which he edited:


title: Red Summer

text: Today we raise the terrible weapon of self-defense ... When the armed lynchers gather, we too must gather armed." When the "Times" endorsed Haynes' call for a bi-racial conference to establish "some plan to guarantee greater protection, justice, and opportunity to Negroes that will gain the support of law-abiding citizens of both races", it endorsed discussion with "those negro leaders who are opposed to militant methods.


title: Red Summer

text: In mid-October government sources provided the "Times" with evidence of Bolshevist propaganda appealing to America's black communities. This account set Red propaganda in the black community into a broader context, since it was "paralleling the agitation that is being carried on in industrial centres of the North and West, where there are many alien laborers". The Times described newspapers, magazines, and "so-called 'negro betterment' organizations" as the way propaganda about the "doctrines of Lenin and Trotzky" was distributed to black people. It cited quotes from such publications, which contrasted the recent violence in Chicago and Washington, D.C. with:


title: Red Summer

text: The "Times" noted a call for unionization: "Negroes must form cotton workers' unions. Southern white capitalists know that the negroes can bring the white bourbon South to its knees. So go to it." Coverage of the root causes of the riot against black people in Elaine, Arkansas evolved as the violence stretched over several days. A dispatch from Helena, Arkansas, to the "New York Times" datelined October 1 said: "Returning members of the [white] posse brought numerous stories and rumors, through all of which ran the belief that the rioting was due to propaganda distributed among the negroes by white men." The next day's report added detail: "Additional evidence has been obtained of the activities of propagandists among the negroes, and it is thought that a plot existed for a general uprising against the whites." A white man had been arrested and was "alleged to have been preaching social equality among the negroes". Part of the headline was: "Trouble Traced to Socialist Agitators". A few days later a Western Newspaper Union dispatch captioned a photo using the words "Captive Negro Insurrectionists."


title: Red Summer

text: During the Chicago racial violence against blacks, the press learned from Department of Justice officials that the IWW and Bolsheviks were "spreading propaganda to breed race hatred". FBI agents filed reports that leftist views were winning converts in the black community. One cited the work of the NAACP "urging the colored people to insist upon equality with white people and to resort to force, if necessary. J. Edgar Hoover, at the start of his career in government, analyzed the riots for the Attorney General. He blamed the July Washington, D.C., riots on "numerous assaults committed by Negroes upon white women". For the October events in Arkansas, he blamed "certain local agitation in a Negro lodge". A more general cause he cited was "propaganda of a radical nature". He charged that socialists were feeding propaganda to black-owned magazines such as "The Messenger", which in turn aroused their black readers. He did not note the white perpetrators of violence, whose activities local authorities documented. As chief of the Radical Division within the U.S. Department of Justice, Hoover began an investigation of "negro activities" and targeted Marcus Garvey because he thought his newspaper "Negro World" preached Bolshevism. He authorized the hiring of black undercover agents to spy on black organizations and publications in Harlem.


title: Red Summer

text: On November 17, Attorney General A. Mitchell Palmer reported to Congress on the threat that anarchists and Bolsheviks posed to the government. More than half the report documented radicalism in the black community and the "open defiance" black leaders advocated in response to racial violence and the summer's rioting. It faulted the leadership of the black community for an "ill-governed reaction toward race rioting.… In all discussions of the recent racial riots against blacks there is reflected the note of pride that the Negro has found himself. That he has 'fought back,' that never again will he tamely submit to violence and intimidation." It described "the dangerous spirit of defiance and vengeance at work among the Negro leaders."


title: Webster (TV series)

text: Webster is an American sitcom television series that aired on ABC from September 16, 1983, to May 8, 1987, and in first-run syndication from September 21, 1987, to March 10, 1989. The series was created by Stu Silver.


title: Webster (TV series)

text: The show stars Emmanuel Lewis in the title role as a young boy who, after losing his parents, is adopted by his NFL-pro godfather, portrayed by Alex Karras, and his new socialite wife, played by Susan Clark. The focus was largely on how this impulsively married couple had to adjust to their new lives and sudden parenthood, but it was the congenial Webster himself who drove much of the plot. The series was produced by Georgian Bay Ltd., Emmanuel Lewis Entertainment Enterprises, Inc. (1986–1989) and Paramount Television (Network 1983–1987, Domestic 1987–1989).


title: Webster (TV series)

text: The show, set in Chicago, revolves around Webster Long (Emmanuel Lewis), a 5-year-old African American orphan whose biological parents, Travis and Gert Long, were recently killed in a car accident. He is taken in by his godfather, retired football star George Papadopolis (Alex Karras), with whom Travis had played professional football in the 1970s, and his wife Katherine (Susan Clark), an upper crust socialite with zero housekeeping skills. George and Katherine's new married life was part of the premise, but it was Webster who was the main focus of the show. The Papadopolises lived in a luxurious high-rise apartment in Chicago, with burly George now working as a sportscaster at local station WBJX-TV, and Katherine working as a consumer advocate, later becoming a family psychologist.


title: Webster (TV series)

text: Although the series is set in Chicago, the apartment complex shown in exterior shots of the first two seasons is actually The Mirabella condominium building, located at 10430 Wilshire Blvd, in the Westwood district of Los Angeles, California.


title: Webster (TV series)

text: Sarcastic social climber Jerry Silver (Henry Polic II) was Katherine's secretary, as well as her professional and personal confidant. Webster also had an uncle, Phillip Long (Ben Vereen) who first appeared near the end of the first season. Phillip had issues with Webster living with a white couple (creating acrimony between him and George) and sought to adopt him and take him to live in Chicago's South Side. After his numerous attempts at this during the second season, Phillip moved to Hollywood to launch an acting career. In the later seasons, Phillip would return in a few guest appearances.


title: Webster (TV series)

text: Shortly after being adopted, Webster starting calling George by his first name but calling Katherine "Ma'am." In one episode Katherine asked Webster why he used such a formal name, and he explained that he was calling her as close to "Mom" as he could without disrespecting his birth mother. George often called Webster "Web."


title: Webster (TV series)

text: Shortly into the second season, Webster accidentally burned down the family's apartment with a science kit, and the Papadopolises had to leave the high-rise. In the next episode, the family moved to a large Victorian house located at 1432 North State Parkway in Chicago's Gold Coast (). Bill and Cassie Parker (Eugene Roche and Cathryn Damon) were the gregarious middle-aged couple who leased the house to the Papadopolises while they moved into a basement apartment below. Bill, a craftsman/shop teacher, and Cassie, an editor of high-profile romantic and crime novels, were taking in rent in order to complete the numerous additions they were making to the property. George and Bill, despite the competitiveness that occurred between them, became good buddies; Cassie and Katherine became each other's confidants; and Webster easily became the apple of the Parkers' eye, often retreating to the basement for special quality time with them.


title: Webster (TV series)

text: Later in the second season, a thread of drama was added when the Parkers' estranged daughter Maggie Parker (guest star Jennifer Holmes) appeared for a tearful-reunion episode, complete with a son. Bill and Cassie also had a son named Regis, who was referred to but never seen.


title: Webster (TV series)

text: Many more of Webster's friends and classmates passed through, including Rob Whitaker (Chad Allen). A recent "divorce kid" living with his mother, Rob was kidnapped by his father in one episode, and the Papadopolises and the community rallied to help Rob's mother find him. When he returned, it was Katherine who successfully intervened with his father. Later in the third season, Rob's last name inexplicably became Joiner.


title: Webster (TV series)

text: Bill and Cassie disappeared after the third season; Cathryn Damon had left the series upon having been diagnosed with ovarian cancer (which ultimately took her life in May 1987), and instead of recasting her role, Eugene Roche was dropped as well so that their characters would not have to be used. Damon and Roche were no longer credited on the show beginning with the season four premiere, nor were their characters evident in that episode; in the second episode of the season ("The Landlords", aired September 26, 1986), it was finally explained that the Parkers had moved to Florida, resulting in George and Katherine buying their house outright.


title: Webster (TV series)

text: Jerry, who was a more prominent member of the show in the first season (receiving the "co-starring" heading in the opening credits after the show's three leads), had since become an occasional character, but would continue for the entire series. George's jovial aging father, George Sr. (Jack Kruschen), known to all as "Papa" Papadopolis, first showed up in a couple of guest appearances in the second season, before joining as a recurring cast member in the fall of 1985. The following season, three more of Webster's friends/classmates had recurring roles—Roger (Carl Steven), Timmy (Danny McMurphy) and Tommy (Gabe Witcher). Benny (Nick DeMauro) was the proprietor of Benny's, a malt shop in downtown Chicago where many of the series regulars started frequenting midway through the fourth season. This setting was in many respects a revival of The Trocadero, an earlier malt shop featured in a few second-season episodes, whose owner, Maurice, was played in guest appearances by Richard Karron.


title: Webster (TV series)

text: When Alex Karras and Susan Clark married in real life, they started their own production company, Georgian Bay Ltd. ABC approached the couple about a sitcom development deal which resulted in a proposed romantic-comedy series, "Another Ballgame", to star Karras as an ex-NFL player who quickly found true love with a socialite consumer advocate (Clark) on a cruise. ABC picked it up for the fall 1983 schedule, with Paramount Television as packager, but major changes would occur before the premiere.


title: Webster (TV series)

text: After seeing Emmanuel Lewis in a Burger King commercial, ABC's programming chief, Lew Erlicht, wanted to give the actor his own series. At this time, "Another Ballgame" creator Stu Silver desired to develop an original show based on the lead characters portrayed by Katharine Hepburn and Spencer Tracy in the film "Woman of the Year" and saw Alex Karras and Susan Clark's on-screen chemistry as being strikingly reminiscent of this.


title: Webster (TV series)

text: The network felt the need to cast Lewis in a project quickly, before he grew another inch (like child actor Gary Coleman, who was also small for his age, Lewis would end up at ). With the number of comedy pilots ABC had greenlit for that fall's schedule, it was likely that Lewis would not be able to secure his own series and timeslot unless he was worked into already-existing comedy projects. So, among others shows, co-producers on "Another Ballgame" were approached about working Lewis into the show. Stars Karras and Clark liked the idea of the sudden marriage and instant adoption of a young black boy, and the Webster character was thus created.


title: Webster (TV series)

text: The premise of Webster's parents' death, and his inclusion into the Papadopoulos household, originated with the second phase of the pilot, which had the show's title changed to "Then Came You". Executives soon made it clear that the show's major focus would be on the Webster character, instead of it being a split romantic/family comedy. The character of George Papadopolis' buddy and broadcasting colleague, played by Art LaFleur, was summarily dropped from the regular cast; once getting to air, LaFleur only appeared in the pilot.


title: Webster (TV series)

text: Karras and Clark did not approve this round of changes, as creative control was still in their hands with Georgian Bay. However, Clark originally prevented their co-producers and ABC from changing the series' title to "Webster", since she wanted to maintain the ensemble aspect of the series. While early promotions for the sitcom carried the title "Then Came You", network politics would end up violating Clark's request; ABC executives ultimately settled on "Webster" just before its fall premiere.


title: Webster (TV series)

text: "Webster" premiered in September 1983 and was an instant hit. From the start, the final product was drawing close comparisons to NBC's popular "Diff'rent Strokes", which featured the diminutive Gary Coleman as a young black boy adopted by a white family. The main differences, however, were that Lewis' character of Webster Long had an adoptive mother and father from the start who had no children, whereas Coleman's character Arnold Jackson and his older brother Willis (Todd Bridges) were adopted by a widower with a daughter Kimberly (Dana Plato). Also, Coleman's short stature was due to a congenital kidney condition, whereas Lewis was completely healthy and had no pre-existing condition to explain his height. Eventually, in the fall of 1985, "Webster" would be joined on ABC's Friday night lineup by "Diff'rent Strokes", when the latter moved to ABC for what turned out to be its eighth and final season.


title: Webster (TV series)

text: Despite the early success, the show that made it to the air as "Webster" was not what Karras and Clark foresaw as their ideal starring vehicle. The first season was fraught with tension, between the couple's disagreements and their protests with Paramount and ABC. After the initial episodes that set up the show's premise (George and Katherine's wedding, Webster's arrival, and the resulting adjustments) were shot, most of the plots became exclusively Webster-driven, even though it was the writers' intention to include story elements that focused on George and Katherine as much as possible. The show's married stars won many of the early script disputes, and several first-season episodes did focus on the new marriage and lives of the adult leads. The in-fighting on set continued, and especially had an effect on Lewis. Reportedly, Lewis was often whisked away from the set whenever Karras and Clark argued and demanded rewrites. It became so severe that Lewis blamed the trouble on himself.


title: Webster (TV series)

text: After the first season ended, ABC stopped pushing hard for "all Webster, all the time". Paramount eventually came to an agreement with Karras and Clark that they would continue to receive prominent storylines for their characters. In the long run, the series did become part romantic and part family-oriented, as Clark and Karras wanted it to be; the series was also regarded for handling Webster's childhood stories in a more sophisticated, intelligent fashion than other comedies of the time that relied on preachy, heavy-handed morals to tell a story. The only condition that Paramount laid out for Clark and Karras was that Lewis, who ABC saw as a money maker above all else, would get production credit alongside them. As a result, "Emmanuel Lewis Entertainment Enterprises, Inc." was launched in 1986, acting as another production company for "Webster" starting in its fourth season.


title: Webster (TV series)

text: By season three at the latest, the stormy relations of the first season disappeared on set. The main cast bonded well from then on, with Karras becoming a surrogate father figure to Lewis. "Webster" director Joel Zwick, in his interview for the 2003 "E! True Hollywood Story" on Lewis, remarked that, "As far as TV sitcom families go, it took them longer than most to acclimate to each other."


title: Webster (TV series)

text: Over the course of the fourth season, ratings dropped sharply. The show, which had been a Nielsen top 30 series, ranked 46th by the end of the season. Although ABC still saw Lewis especially as a bankable star, having recently featured him in his first self-headlined prime-time special ("Emmanuel Lewis: My Very Own Show", which aired in February 1987 and featured Lewis performing alongside Sammy Davis, Jr., Bob Hope and other big-name celebrities), the network felt that "Webster" was past its peak in terms of ratings, and was unsure that it would ever regain the higher numbers it had during the early seasons. Having been the Friday night 8 p.m. anchor since March 1985, "Webster" moved back to the "protected" time slot of 8:30/7:30 on Fridays in March 1987. ABC announced the series' cancellation in May.


title: Webster (TV series)

text: Even though "Webster" had seen its overall ratings decline leading into its cancellation, the series had always drawn a large audience of younger viewers; in fact, "Webster"'s largest audience was children.


title: Webster (TV series)

text: At the time of the cancellation of "Webster" by ABC, there was a trend in syndication of seeing various television series that had been cancelled by the three major networks find new life as weekly syndicated series (examples of the time including "Too Close for Comfort", "Mama's Family", "Charles in Charge", "Fame", "9 to 5", "It's a Living", and "Punky Brewster"). Even before "Webster" fell out of the Nielsen top 30 on ABC, Paramount had signed an exclusive deal with the show's producers to continue the show in first-run syndication if the network eventually had reason to cancel it before it reached its 100th episode. (This package deal also gave the same option to the Paramount-produced "Cheers" and "Family Ties", if either of them were to see an early demise on NBC, but both series enjoyed long runs on that network.)


title: Webster (TV series)

text: Although "Webster" managed to hit its hundredth episode at the end of its final season on ABC, Paramount decided to exercise their option to keep the show in production. By doing this Paramount was no longer bound by network standards and could easily target the young audience that made up the majority of its "Webster" viewer base. Paramount's syndication arm began a drive to sell the series to local stations, and enough bought the series to enable a fifth season to be produced.


title: Webster (TV series)

text: "Webster"'s fifth season premiered in syndication on September 21, 1987, with a three-episode story arc which saw Webster, George, and Katherine head to San Francisco. Beginning with the fourth episode of the season, the Papadopolis household gained a new member in George's nephew Nicky (Corin Nemec), who moved in when his parents went off to work in Nigeria on assignment for the United Nations. Nicky provided Webster with a sort of "brother figure", and the two got along famously. However, Nicky was gone from the show at the start of season six (Nemec would later reach greater fame as the star of Fox's "Parker Lewis Can't Lose"). Although no longer a regular when the series moved to first-run syndication, Papa Papadopolis continued to make a few guest appearances during the fifth and sixth seasons, as did Webster's friend Tommy and malt shop owner Benny.


title: Webster (TV series)

text: While the lead character's plots continued to mature somewhat with Webster's onset of pre-teendom, the same "cutesy factor" remained, thanks in part to Lewis' timing and portrayal. However, this was something Lewis was slowly tiring of, despite the fact that he had more creative control over "Webster" at this point. Now 17 years old and about to complete his high school education (which was followed by his enrollment at Clark Atlanta University in 1989), Lewis did not have the desire to continue portraying a character roughly half his age. Ultimately, due to Lewis' height, the character of Webster Long was only depicted between the ages of 6 and 12 years old over the show's six seasons. Early in the 1988–89 season, with Lewis clearly outgrowing the title role, Karras and Clark also decided that the time was right to move on. "Webster"'s sixth season was announced to be its last, with the finale airing on March 10, 1989. Instead of a typical series finale, the last episode—titled "Webtrek"—saw Webster go on an adventure aboard the Starship "Enterprise" from the series' Paramount-produced sibling, "". There, he interacts with Lt. Worf (Michael Dorn) from "TNG", whom Webster attempts to humanize, while a series of "Webster" flashbacks are shown that depict the concept of feelings.


title: Webster (TV series)

text: The season three episode "Almost Home" (February 21, 1986) served as a backdoor pilot for a proposed spinoff of "Webster". In it, Webster flies out to visit "Uncle" Jake Tyler (country music star Mac Davis), a former college classmate of George Papadapolis and Travis Long and country music recording artist who was now caring for several foster children. Jake's background was promptly explained, in which the death of his young son and subsequent divorce from his wife prompted him to start working in a foster home. During Webster's stay with him, the young mother of one of Jake's foster sons (Faith Ford) arrives to regain custody of her child, and Jake endures a lot of pain as a result of his emotional attachment to the boy. The foster children, who ranged from preschool age to teenage, were played by Edan Gross, Billy Lombardo (also known for starring in the "Punky Brewster" backdoor pilot "Fenster Hall" in 1985), Shannon and Robin Lynch, Larry O. Williams, Jr. (who had previously guest starred as different characters on "Webster", both in the first season and earlier in the third), and Ben Ryan Ganger. There were also appearances by Norman Fell and Allyn Ann McLerie, who could have been part of the spinoff cast as well if the concept had made it to series.


title: Webster (TV series)

text: In addition to its continuation as a weekly series in syndication for 1987, and since "Webster" reached the so-called "magic number" of 100 episodes before ABC's cancellation decision, Paramount began distributing reruns of the four previous seasons to local stations alongside the new episodes produced for syndication. When the series ended in 1989, the syndicated "Webster" episodes were added to the rerun package.


title: Webster (TV series)

text: USA Network aired reruns of the show from September 22, 1997, to March 13, 1998. It also aired on Superstation WGN from September 21, 1998, to September 2, 1999 (which was, until 2016, the last time that "Webster" appeared on national television).


title: Webster (TV series)

text: "Webster" also aired on Chicago's local station MeTV and WMEU-CA (now known as MeTV's sister station MeToo since March 2008) from 2006 to 2009. It aired on Antenna TV on weekend afternoons from June 4, 2016, as the leadoff program of its "Saturday Summerthons" marathon programming stunt when it first began, to December 27, 2020.


title: Webster (TV series)

text: On September 10, 2021, Pluto TV announced that they would stream classic CBS shows (which involves "Webster"), including The Brady Bunch, The Odd Couple, etc. In October 2021, the show was added to Pluto TV.


title: Webster (TV series)

text: Shout! Factory (under license from CBS Home Entertainment) has released the first four seasons on DVD in Region 1.


title: Webster (TV series)

text: On October 9, 2012, Shout! Factory released a 20 episode best-of set entitled "Webster- 20 Timeless Episodes".


title: Taiko

text: The origin of the and its variants is unclear, though there have been many suggestions. Historical accounts, of which the earliest date from 588 CE, note that young Japanese men traveled to Korea to study the , a drum that originated in South China. This study and appropriation of Chinese instruments may have influenced the emergence of . Certain court music styles, especially and , arrived in Japan through both China and Korea. In both traditions, dancers were accompanied by several instruments that included drums similar to . Certain percussive patterns and terminology in , an early dance and music style in Japan, in addition to physical features of the , also reflect influence from both China and India on drum use in performance.


title: Taiko

text: Archaeological evidence shows that were used in Japan as early as the 6th century CE, during the latter part of the Kofun period, and were likely used for communication, in festivals, and in other rituals. This evidence was substantiated by the discovery of haniwa statues in the Sawa District of Gunma Prefecture. Two of these figures are depicted playing drums; one of them, wearing skins, is equipped with a barrel-shaped drum hung from his shoulder and uses a stick to play the drum at hip height. This statue is titled "Man Beating the " and is considered the oldest evidence of performance in Japan. Similarities between the playing style demonstrated by this and known music traditions in China and Korea further suggest influences from these regions.


title: Taiko

text: The , the second-oldest book of Japanese classical history, contains a mythological story describing the origin of . The myth tells how Amaterasu, who had sealed herself inside a cave in anger, was beckoned out by an elder goddess Ame-no-Uzume when others had failed. Ame-no-Uzume accomplished this by emptying out a barrel of sake and dancing furiously on top of it. Historians regard her performance as the mythological creation of music.


title: Taiko

text: In feudal Japan, were often used to motivate troops, call out orders or announcements, and set a marching pace; marches were usually set to six paces per beat of the drum. During the 16th-century Warring States period, specific drum calls were used to communicate orders for retreating and advancing. Other rhythms and techniques were detailed in period texts. According to the war chronicle , nine sets of five beats would summon an ally to battle, while nine sets of three beats, sped up three or four times, was the call to advance and pursue an enemy. Folklore from the 16th century on the legendary 6th-century Emperor Keitai offers a story that he obtained a large drum from China, which he named . The Emperor was thought to have used it to both encourage his own army and intimidate his enemies.


title: Taiko

text: have been incorporated in Japanese theatre for rhythmic needs, general atmosphere, and in certain settings decoration. In the kabuki play "The Tale of Shiroishi and the Taihei Chronicles", scenes in the pleasure quarters are accompanied by to create dramatic tension. Noh theatre also features music, where performance consists of highly specific rhythmic patterns. The school of drumming, for example, contains 65 basic patterns in addition to 25 special patterns; these patterns are categorized in several classes. Differences between these patterns include changes in tempo, accent, dynamics, pitch, and function in the theatrical performance. Patterns are also often connected together in progressions.


title: Taiko

text: In addition to the instruments, the term also refers to the performance itself, and commonly to one style called , or ensemble-style playing (as opposed to festival performances, rituals, or theatrical use of the drums). was developed by Daihachi Oguchi in 1951. He is considered a master performer and helped transform performance from its roots in traditional settings in festivals and shrines. Oguchi was trained as a jazz musician in Nagano, and at one point, a relative gave him an old piece of written music. Unable to read the traditional and esoteric notation, Oguchi found help to transcribe the piece, and on his own added rhythms and transformed the work to accommodate multiple taiko players on different-sized instruments. Each instrument served a specific purpose that established present-day conventions in performance.


title: Taiko

text: Oguchi's ensemble, Osuwa Daiko, incorporated these alterations and other drums into their performances. They also devised novel pieces that were intended for non-religious performances. Several other groups emerged in Japan through the 1950s and 1960s. Oedo Sukeroku Daiko was formed in Tokyo in 1959 under Seidō Kobayashi, and has been referred to as the first group who toured professionally. Globally, performance became more visible during the 1964 Summer Olympics in Tokyo, when it was featured during the Festival of Arts event.


title: Taiko

text: Estimates of the number of groups in Japan vary to up to 5,000 active groups in Japan, but more conservative assessments place the number closer to 800 based on membership in the Nippon Taiko Foundation, the largest national organization of groups. Some pieces that have emerged from early groups that continue to be performed include Yatai-bayashi from Ondekoza, from Osuwa Daiko, and from Kodo.


title: Taiko

text: Taiko have been developed into a broad range of percussion instruments that are used in both Japanese folk and classical musical traditions. An early classification system based on shape and tension was advanced by Francis Taylor Piggott in 1909. Taiko are generally classified based on the construction process, or the specific context in which the drum is used, but some are not classified, such as the toy den-den daiko.


title: Taiko

text: With few exceptions, taiko have a drum shell with heads on both sides of the body, and a sealed resonating cavity. The head may be fastened to the shell using a number of different systems, such as using ropes. Taiko may be either tunable or non-tunable depending on the system used.


title: Taiko

text: Taiko are categorized into three types based on construction process. "Byō-uchi-daiko" are constructed with the drumhead nailed to the body. "Shime-daiko" are classically constructed with the skin placed over iron or steel rings, which are then tightened with ropes. Contemporary "shime-daiko" are tensioned using bolts or turnbuckles systems attached to the drum body. "Tsuzumi" are also rope-tensioned drums, but have a distinct hourglass shape and their skins are made using deerskin.


title: Taiko

text: "Byō-uchi-daiko" were historically made only using a single piece of wood; they continue to be made in this manner, but are also constructed from staves of wood. Larger drums can be made using a single piece of wood, but at a much greater cost due to the difficulty in finding appropriate trees. The preferred wood is the Japanese zelkova or "keyaki", but a number of other woods, and even wine barrels, have been used to create taiko. "Byō-uchi-daiko" cannot be tuned.


title: Taiko

text: The typical "byō-uchi-daiko" is the "nagadō-daiko", an elongated drum that is roughly shaped like a wine barrel. "Nagadō-daiko" are available in a variety of sizes, and their head diameter is traditionally measured in shaku (units of roughly 30 cm). Head diameters range from . are the smallest of these drums and are usually about in diameter. The is a medium-sized "nagadō-daiko" ranging from , and weighing about . vary in size, and are often as large as in diameter. Some "ō-daiko" are difficult to move due to their size, and therefore permanently remain inside the performance space, such as temple or shrine. "Ō-daiko" means "large drum" and for a given ensemble, the term refers to their largest drum. The other type of "byō-uchi-daiko" is called a and can be any drum constructed such that the head diameter is greater than the length of the body.


title: Taiko

text: "Shime-daiko" are a set of smaller, roughly snare drum-sized instrument that are tunable. The tensioning system usually consists of hemp cords or rope, but bolt or turnbuckle systems have been used as well. , sometimes referred to as "taiko" in the context of theater, have thinner heads than other kinds of shime-daiko. The head includes a patch of deerskin placed in the center, and in performance, drum strokes are generally restricted to this area. The is a heavier type of "shime-daiko". They are available in sizes 1–5, and are named according to their number: "namitsuke" (1), "nichō-gakke" (2), "sanchō-gakke" (3), "yonchō-gakke" (4), and "gochō-gakke" (5). The "namitsuke" has the thinnest skins and the shortest body in terms of height; thickness and tension of skins, as well as body height, increase toward the "gochō-gakke". The head diameters of all "shime-daiko" sizes are around .


title: Taiko

text: "Okedō-daiko" or simply "okedō", are a type of "shime-daiko" that are stave-constructed using narrower strips of wood, have a tube-shaped frame. Like other "shime-daiko", drum heads are attached by metal hoops and fastened by rope or cords. "Okedō" can be played using the same drumsticks (called "bachi") as "shime-daiko", but can also be hand-played. "Okedō" come in short- and long-bodied types.


title: Taiko

text: "Tsuzumi" are a class of hourglass-shaped drums. The drum body is shaped on a spool and the inner body carved by hand. Their skins can be made from cowhide, horsehide, or deerskin. While the "ō-tsuzumi" skins are made from cowhide, "ko-tsuzumi" are made from horsehide. While some classify "tsuzumi" as a type of taiko, others have described them as a drum entirely separate from taiko.


title: Taiko

text: Taiko can also be categorized by the context in which they are used. The "miya-daiko", for instance, is constructed in the same manner as other "byō-uchi-daiko", but is distinguished by an ornamental stand and is used for ceremonial purposes at Buddhist temples. The (a "ko-daiko") and (a "nagadō-daiko" with a cigar-shaped body) are used in sumo and festivals respectively.


title: Taiko

text: Several drums, categorized as "gagakki", are used in the Japanese theatrical form, gagaku. The lead instrument of the ensemble is the kakko, which is a smaller "shime-daiko" with heads made of deerskin, and is placed horizontally on a stand during performance. A "tsuzumi", called the "san-no-tsuzumi" is another small drum in gagaku that is placed horizontally and struck with a thin stick. are the largest drums of the ensemble, and have heads that are about in diameter. During performance, the drum is placed on a tall pedestals and surrounded by a rim decoratively painted with flames and adorned with mystical figures such as wyverns. "Dadaiko" are played while standing, and are usually only played on the downbeat of the music. The is a smaller drum that produces a lower sound, its head measuring about in diameter. It is used in ensembles that accompany bugaku, a traditional dance performed at the Tokyo Imperial Palace and in religious contexts. "Tsuri-daiko" are suspended on a small stand, and are played sitting down. "Tsuri-daiko" performers typically use shorter mallets covered in leather knobs instead of bachi. They can be played simultaneously by two performers; while one performer plays on the head, another performer uses bachi on the body of the drum.


title: Taiko

text: The larger "ō-tsuzumi" and smaller "ko-tsuzumi" are used in the opening and dances of Noh theater. Both drums are struck using the fingers; players can also adjust pitch by manually applying pressure to the ropes on the drum. The color of the cords of these drums also indicates the skill of the musician: Orange and red for amateur players, light blue for performers with expertise, and lilac for masters of the instrument. "Nagauta-shime daiko" or "uta daiko" are also featured in Noh performance.


title: Taiko

text: Many taiko in Noh are also featured in kabuki performance and are used in a similar manner. In addition to the "ō-tsuzumi", "ko-tsuzumi", and "nagauta-shime daiko", Kabuki performances make use of the larger "ō-daiko" offstage to help set the atmosphere for different scenes.


title: Taiko

text: Taiko construction has several stages, including making and shaping of the drum body (or shell), preparing the drum skin, and tuning the skin to the drumhead. Variations in the construction process often occur in the latter two parts of this process. Historically, "byō-uchi-daiko" were crafted from trunks of the Japanese zelkova tree that were dried out over years, using techniques to prevent splitting. A master carpenter then carved out the rough shape of the drum body with a chisel; the texture of the wood after carving softened the tone of the drum. In contemporary times, taiko are carved out on a large lathe using wood staves or logs that can be shaped to fit drum bodies of various sizes. Drumheads can be left to air-dry over a period of years, but some companies use large, smoke-filled warehouses to hasten the drying process. After drying is complete, the inside of the drum is worked with a deep-grooved chisel and sanded. Lastly, handles are placed onto the drum. These are used to carry smaller drums and they serve an ornamental purpose for larger drums.


title: Taiko

text: The skins or heads of taiko are generally made from cowhide from Holstein cows aged about three or four years. Skins also come from horses, and bull skin is preferred for larger drums. Thinner skins are preferred for smaller taiko, and thicker skins are used for larger ones. On some drumheads, a patch of deer skin placed in the center serves as the target for many strokes during performance. Before fitting it to the drum body the hair is removed from the hide by soaking it in a river or stream for about a month; winter months are preferred as colder temperatures better facilitate hair removal. To stretch the skin over the drum properly, one process requires the body to be held on a platform with several hydraulic jacks underneath it. The edges of the cowhide are secured to an apparatus below the jacks, and the jacks stretch the skin incrementally to precisely apply tension across the drumhead. Other forms of stretching use rope or cords with wooden dowels or an iron wheel to create appropriate tension. Small tension adjustments can be made during this process using small pieces of bamboo that twist around the ropes. Particularly large drumheads are sometimes stretched by having several workers, clad in stockings, hop rhythmically atop it, forming a circle along the edge. After the skin has dried, tacks, called "byō", are added to the appropriate drums to secure it; "chū-daiko" require about 300 of them for each side. After the body and skin have been finished, excess hide is cut off and the drum can be stained as needed.


title: Taiko

text: Several companies specialize in the production of taiko. One such company that created drums exclusively for the Emperor of Japan, Miyamoto Unosuke Shoten in Tokyo, has been making taiko since 1861. The Asano Taiko Corporation is another major taiko-producing organization, and has been producing taiko for over 400 years. The family-owned business started in Mattō, Ishikawa, and, aside from military equipment, made taiko for Noh theater and later expanded to creating instruments for festivals during the Meiji period. Asano currently maintains an entire complex of large buildings referred to as Asano Taiko Village, and the company reports producing up to 8000 drums each year. As of 2012, there is approximately one major taiko production company in each prefecture of Japan, with some regions having several companies. Of the manufacturers in Naniwa, Taikoya Matabē is one of the most successful and is thought to have brought considerable recognition to the community and attracted many drum makers there. Umetsu Daiko, a company that operates in Hakata, has been producing taiko since 1821.


title: Taiko

text: Taiko performance styles vary widely across groups in terms of the number of performers, repertoire, instrument choices, and stage techniques. Nevertheless, a number of early groups have had broad influence on the tradition. For instance, many pieces developed by Ondekoza and Kodo are considered standard in many taiko groups.


title: Taiko

text: Kata is the posture and movement associated with taiko performance. The notion is similar to that of kata in martial arts: for example, both traditions include the idea that the hara is the center of being. Author Shawn Bender argues that kata is the primary feature that distinguishes different taiko groups from one another and is a key factor in judging the quality of performance. For this reason, many practice rooms intended for taiko contain mirrors to provide visual feedback to players. An important part of kata in taiko is keeping the body stabilized while performing and can be accomplished by keeping a wide, low stance with the legs, with the left knee bent over the toes and keeping the right leg straight. It is important that the hips face the drum and the shoulders are relaxed. Some teachers note a tendency to rely on the upper body while playing and emphasize the importance of the holistic use of the body during performance.


title: Taiko

text: Some groups in Japan, particularly those active in Tokyo, also emphasize the importance of the lively and spirited "iki" aesthetic. In taiko, it refers to very specific kinds of movement while performing that evoke the sophistication stemming from the mercantile and artisan classes active during the Edo period (1603–1868).


title: Taiko

text: The sticks for playing taiko are called "bachi", and are made in various sizes and from different kinds of wood such as white oak, bamboo, and Japanese magnolia. "Bachi" are also held in a number of different styles. In "kumi-daiko", it is common for a player to hold their sticks in a relaxed manner between the V-shape of the index finger and thumb, which points to the player. There are other grips that allow performers to play much more technically difficult rhythms, such as the "shime" grip, which is similar to a matched grip: the "bachi" are gripped at the back end, and the fulcrum rests between the performer's index finger and thumb, while the other fingers remain relaxed and slightly curled around the stick.


title: Taiko

text: Performance in some groups is also guided by principles based on Zen Buddhism. For instance, among other concepts, the San Francisco Taiko Dojo is guided by emphasizing communication, respect, and harmony. The way the "bachi" are held can also be significant; for some groups, "bachi" represent a spiritual link between the body and the sky. Some physical parts of taiko, like the drum body, its skin, and the tacks also hold symbolic significance in Buddhism.


title: Taiko

text: "Kumi-daiko" groups consist primarily of percussive instruments where each of the drums plays a specific role. Of the different kinds of taiko, the most common in groups is the "nagadō-daiko". "Chū-daiko" are common in taiko groups and represent the main rhythm of the group, whereas "shime-daiko" set and change tempo. A "shime-daiko" often plays the Jiuchi, a base rhythm holding together the ensemble. "Ō-daiko" provide a steady, underlying pulse and serve as a counter-rhythm to the other parts. It is common for performances to begin with a single stroke roll called an "". The player starts slowly, leaving considerable space between strikes, gradually shortening the interval between hits, until the drummer is playing a rapid roll of hits. Oroshi are also played as a part of theatrical performance, such as in Noh theater.


title: Taiko

text: Drums are not the only instruments played in the ensemble; other Japanese instruments are also used. Other kinds of percussion instruments include the , a hand-sized gong played with a small mallet. In kabuki, the shamisen, a plucked string instrument, often accompanies taiko during the theatrical performance. "Kumi-daiko" performances can also feature woodwinds such as the shakuhachi and the shinobue.


title: Taiko

text: Voiced calls or shouts called kakegoe and kiai are also common in taiko performance. They are used as encouragement to other players or cues for transition or change in dynamics such as an increase in tempo. In contrast, the philosophical concept of ma, or the space between drum strikes, is also important in shaping rhythmic phrases and creating appropriate contrast.


title: Taiko

text: There is a wide variety of traditional clothing that players wear during taiko performance. Common in many "kumi-daiko" groups is the use of the happi, a decorative, thin-fabric coat, and traditional headbands called hachimaki. Tabi, , and are also typical. During his time with the group Ondekoza, Eitetsu Hayashi suggested that a loincloth called a fundoshi be worn when performing for French fashion designer Pierre Cardin, who saw Ondekoza perform for him in 1975. The Japanese group Kodo has sometimes worn fundoshi for its performances.


title: Taiko

text: Taiko performance is generally taught orally and through demonstration. Historically, general patterns for taiko were written down, such as in the 1512 encyclopedia called the "Taigensho", but written scores for taiko pieces are generally unavailable. One reason for the adherence to an oral tradition is that, from group to group, the rhythmic patterns in a given piece are often performed differently. Furthermore, ethnomusicologist William P. Malm observed that Japanese players within a group could not usefully predict one another using written notation, and instead did so through listening. In Japan, printed parts are not used during lessons.


title: Taiko

text: Orally, patterns of onomatopoeia called kuchi shōga are taught from teacher to student that convey the rhythm and timbre of drum strikes for a particular piece. For example, represents a single strike to the center of the drum, where as represents two successive strikes, first by the right and then the left, and lasts the same amount of time as one "don" strike. Some taiko pieces, such as "Yatai-bayashi", include patterns that are difficult to represent in Western musical notation. The exact words used can also differ from region to region.


title: Taiko

text: More recently, Japanese publications have emerged in an attempt to standardize taiko performance. The Nippon Taiko Foundation was formed in 1979; its primary goals were to foster good relations among taiko groups in Japan and to both publicize and teach how to perform taiko. Daihachi Oguchi, the leader of the Foundation, wrote "Japan Taiko" with other teachers in 1994 out of concern that correct form in performance would degrade over time. The instructional publication described the different drums used in "kumi-daiko" performance, methods of gripping, correct form, and suggestions on instrumentation. The book also contains practice exercises and transcribed pieces from Oguchi's group, Osuwa Daiko. While there were similar textbooks published before 1994, this publication had much more visibility due to the Foundation's scope.


title: Taiko

text: The system of fundamentals "Japan Taiko" put forward was not widely adopted because taiko performance varied substantially across Japan. An updated 2001 publication from the Foundation, called the , describes regional variations that depart from the main techniques taught in the textbook. The creators of the text maintained that mastering a set of prescribed basics should be compatible with learning local traditions.


title: Taiko

text: Aside from "kumi-daiko" performance, a number of folk traditions that use taiko have been recognized in different regions in Japan. Some of these include from Sado Island, ' from the town of Kokura, and ' from Iwate Prefecture.


title: Taiko

text: A variety of folk dances originating from Okinawa, known collectively as eisa, often make use of the taiko. Some performers use drums while dancing, and generally speaking, perform in one of two styles: groups on the Yokatsu Peninsula and on Hamahiga Island use small, single-sided drums called whereas groups near the city of Okinawa generally use "shime-daiko". Use of "shime-daiko" over "pāranku" has spread throughout the island, and is considered the dominant style. Small "nagadō-daiko", referred to as "ō-daiko" within the tradition, are also used and are worn in front of the performer. These drum dances are not limited to Okinawa and have appeared in places containing Okinawan communities such as in São Paulo, Hawaii, and large cities on the Japanese mainland.


title: Taiko

text: is a taiko tradition originating on the island of Hachijō-jima. Two styles of "Hachijō-daiko" emerged and have been popularized among residents: an older tradition based on a historical account, and a newer tradition influenced by mainland groups and practiced by the majority of the islanders.


title: Taiko

text: The "Hachijō-daiko" tradition was documented as early as 1849 based on a journal kept by an exile named Kakuso Kizan. He mentioned some of its unique features, such as "a taiko is suspended from a tree while women and children gathered around", and observed that a player used either side of the drum while performing. Illustrations from Kizan's journal show features of "Hachijō-daiko". These illustrations also featured women performing, which is unusual as taiko performance elsewhere during this period was typically reserved for men. Teachers of the tradition have noted that the majority of its performers were women; one estimate asserts that female performers outnumbered males by three to one.


title: Taiko

text: The first style of Hachijō-daiko is thought to descend directly from the style reported by Kizan. This style is called "Kumaoji-daiko", named after its creator Okuyama Kumaoji, a central performer of the style. "Kumaoji-daiko" has two players on a single drum, one of whom, called the , provides the underlying beat. The other player, called the , builds on this rhythmical foundation with unique and typically improvised rhythms. While there are specific types of underlying rhythms, the accompanying player is free to express an original musical beat. "Kumaoji-daiko" also features an unusual positioning for taiko: the drums are sometimes suspended from ropes, and historically, sometimes drums were suspended from trees.


title: Taiko

text: The contemporary style of "Hachijō-daiko" is called , which differs from "Kumaoji-daiko" in multiple ways. For instance, while the lead and accompanying roles are still present, "shin-daiko" performances use larger drums exclusively on stands. "Shin-daiko" emphasizes a more powerful sound, and consequently, performers use larger bachi made out of stronger wood. Looser clothing is worn by "shin-daiko" performers compared to kimono worn by "Kumaoji-daiko" performers; the looser clothing in "shin-daiko" allow performers to adopt more open stances and larger movements with the legs and arms. Rhythms used for the accompanying "shita-byōshi" role can also differ. One type of rhythm, called "yūkichi", consists of the following:


title: Taiko

text: This rhythm is found in both styles, but is always played faster in "shin-daiko". Another type of rhythm, called "honbadaki", is unique to "shin-daiko" and also contains a song which is performed in standard Japanese.


title: Taiko

text: is a style that has spread amongst groups through Kodo, and is formally known as . The word "miyake" comes from Miyake-jima, part of the Izu Islands, and the word "Kamitsuki" refers to the village where the tradition came from. Miyake-style taiko came out of performances for — a traditional festival held annually in July on Miyake Island since 1820 honoring the deity Gozu Tennō. In this festival, players perform on taiko while portable shrines are carried around town. The style itself is characterized in a number of ways. A "nagadō-daiko" is typically set low to the ground and played by two performers, one on each side; instead of sitting, performers stand and hold a stance that is also very low to the ground, almost to the point of kneeling.


title: Taiko

text: Taiko groups in Australia began forming in the 1990s. The first group, called Ataru Taru Taiko, was formed in 1995 by Paulene Thomas, Harold Gent, and Kaomori Kamei. TaikOz was later formed by percussionist Ian Cleworth and Riley Lee, a former Ondekoza member, and has been performing in Australia since 1997. They are known for their work in generating interest in performing taiko among Australian audiences, such as by developing a complete education program with both formal and informal classes, and have a strong fan base. Cleworth and other members of the group have developed several original pieces.


title: Taiko

text: The introduction of "kumi-daiko" performance in Brazil can be traced back to the 1970s and 1980s in São Paulo. Tangue Setsuko founded an eponymous taiko dojo and was Brazil's first taiko group; Setsuo Kinoshita later formed the group Wadaiko Sho. Brazilian groups have combined native and African drumming techniques with taiko performance. One such piece developed by Kinoshita is called "Taiko de Samba", which emphasizes both Brazilian and Japanese aesthetics in percussion traditions. Taiko was also popularized in Brazil from 2002 through the work of Yukihisa Oda, a Japanese native who visited Brazil several times through the Japan International Cooperation Agency.


title: Taiko

text: The Brazilian Association of Taiko (ABT) suggests that there are about 150 taiko groups in Brazil and that about 10–15% of players are non-Japanese; Izumo Honda, coordinator of a large annual festival in São Paulo, estimated that about 60% of all taiko performers in Brazil are women.


title: Taiko

text: Taiko emerged in the United States in the late 1960s. The first group, San Francisco Taiko Dojo, was formed in 1968 by Seiichi Tanaka, a postwar immigrant who studied taiko in Japan and brought the styles and teachings to the US. A year later, a few members of Senshin Buddhist Temple in Los Angeles led by its minister Masao Kodani initiated another group called Kinnara Taiko. San Jose Taiko later formed in 1973 in Japantown, San Jose, under Roy and PJ Hirabayashi. Taiko started to branch out to the eastern US in the late 1970s. This included formation of Denver Taiko in 1976, and Soh Daiko in New York City in 1979. Many of these early groups lacked the resources to equip each member with a drum and resorted to makeshift percussion materials such as rubber tires or creating taiko out of wine barrels.


title: Taiko

text: Japanese-Canadian taiko began in 1979 with Katari Taiko, and was inspired by the San Jose Taiko group. Its early membership was predominantly female. Katari Taiko and future groups were thought to represent an opportunity for younger, third-generation Japanese Canadians to explore their roots, redevelop a sense of ethnic community, and expand taiko into other musical traditions.


title: Taiko

text: There are no official counts or estimates of the number of active taiko groups in the United States or Canada, as there is no governing body for taiko groups in either country. Unofficial estimates have been made. In 1989, there were as many as 30 groups in the US and Canada, seven of which were in California. One estimate suggested that around 120 groups were active in the US and Canada as of 2001, many of which could be traced to the San Francisco Taiko Dojo; later estimates in 2005 and 2006 suggested there were about 200 groups in the United States alone.


title: Taiko

text: The Cirque du Soleil shows "Mystère" in Las Vegas and "Dralion" have featured taiko performance. Taiko performance has also been featured in commercial productions such as the 2005 Mitsubishi Eclipse ad campaign, and in events such as the 2009 Academy Awards and 2011 Grammy Awards.


title: Taiko

text: From 2005 to 2006, the Japanese American National Museum held an exhibition called "Big Drum: Taiko in the United States". The exhibition covered several topics related to taiko in the United States, such as the formation of performance groups, their construction using available materials, and social movements. Visitors were able to play smaller drums.


title: Taiko

text: The first group, called Quelli del Taiko, was formed in 2000 by Pietro Notarnicola. They played in World Premiere - 2017 - "On Western Terror 8" - Concerto for Taiko Ensemble and Orchestra of the Italian composed Luigi Morleo


title: Taiko

text: Certain peoples have used taiko to advance social or cultural movements, both within Japan and elsewhere in the world.


title: Taiko

text: Taiko performance has frequently been viewed as an art form dominated by men. Historians of taiko argue that its performance comes from masculine traditions. Those who developed ensemble-style taiko in Japan were men, and through the influence of Ondekoza, the ideal taiko player was epitomized in images of the masculine peasant class, particularly through the character Muhōmatsu in the 1958 film "Rickshaw Man". Masculine roots have also been attributed to perceived capacity for "spectacular bodily performance" where women's bodies are sometimes judged as unable to meet the physical demands of playing.


title: Taiko

text: Before the 1980s, it was uncommon for Japanese women to perform on traditional instruments, including taiko, as their participation had been systematically restricted; an exception was the San Francisco Taiko Dojo under the guidance of Grand master Seiichi Tanaka, who was the first to admit females to the art form. In Ondekoza and in the early performances of Kodo, women performed only dance routines either during or between taiko performances. Thereafter, female participation in "kumi-daiko" started to rise dramatically, and by the 1990s, women equaled and possibly exceeded representation by men. While the proportion of women in taiko has become substantial, some have expressed concern that women still do not perform in the same roles as their male counterparts and that taiko performance continues to be a male-dominated profession. For instance, a member of Kodo was informed by the director of the group's apprentice program that women were permitted to play, but could only play "as women". Other women in the apprentice program recognized a gender disparity in performance roles, such as what pieces they were allowed to perform, or in physical terms based on a male standard.


title: Taiko

text: Female taiko performance has also served as a response to gendered stereotypes of Japanese women as being quiet, subservient, or a femme fatale. Through performance, some groups believe they are helping to redefine not only the role of women in taiko, but how women are perceived more generally.


title: Taiko

text: Those involved in the construction of taiko are usually considered part of the burakumin, a marginalized minority class in Japanese society, particularly those working with leather or animal skins. Prejudice against this class dates back to the Tokugawa period in terms of legal discrimination and treatment as social outcasts. Although official discrimination ended with the Tokugawa era, the burakumin have continued to face social discrimination, such as scrutiny by employers or in marriage arrangements. Drum makers have used their trade and success as a means to advocate for an end to discriminatory practices against their class.


title: Taiko

text: The , representing the contributions of burakumin, is found in Naniwa Ward in Osaka, home to a large proportion of burakumin. Among other features, the road contains taiko-shaped benches representing their traditions in taiko manufacturing and leatherworking, and their influence on national culture. The road ends at the Osaka Human Rights Museum, which exhibits the history of systematic discrimination against the burakumin. The road and museum were developed in part due an advocacy campaign led by the Buraku Liberation League and a taiko group of younger performers called .


title: Taiko

text: Taiko performance was an important part of cultural development by third-generation Japanese residents in North America, who are called "sansei". During World War II, second-generation Japanese residents, called "nisei" faced internment in the United States and in Canada on the basis of their race. During and after the war, Japanese residents were discouraged from activities such as speaking Japanese or forming ethnic communities. Subsequently, sansei could not engage in Japanese culture and instead were raised to assimilate into more normative activities. There were also prevailing stereotypes of Japanese people, which sansei sought to escape or subvert. During the 1960s in the United States, the civil rights movement influenced sansei to reexamine their heritage by engaging in Japanese culture in their communities; one such approach was through taiko performance. Groups such as San Jose Taiko were organized to fulfill a need for solidarity and to have a medium to express their experiences as Japanese-Americans. Later generations have adopted taiko in programs or workshops established by sansei; social scientist Hideyo Konagaya remarks that this attraction to taiko among other Japanese art forms may be due to its accessibility and energetic nature. Konagaya has also argued that the resurgence of taiko in the United States and Japan are differently motivated: in Japan, performance was meant to represent the need to recapture sacred traditions, while in the United States it was meant to be an explicit representation of masculinity and power in Japanese-American men.


title: Taiko

text: A number of performers and groups, including several early leaders, have been recognized for their contributions to taiko performance. Daihachi Oguchi was best known for developing "kumi-daiko" performance. Oguchi founded the first "kumi-daiko" group called Osuwa Daiko in 1951, and facilitated the popularization of taiko performance groups in Japan.


title: Taiko

text: Seidō Kobayashi is the leader of the Tokyo-based taiko group Oedo Sukeroku Taiko as of December 2014. Kobayashi founded the group in 1959 and was the first group to tour professionally. Kobayashi is considered a master performer of taiko. He is also known for asserting intellectual control of the group's performance style, which has influenced performance for many groups, particularly in North America.


title: Taiko

text: In 1968, Seiichi Tanaka founded the San Francisco Taiko Dojo and is regarded as the Grandfather of Taiko and primary developer of taiko performance in the United States. He was a recipient of a 2001 National Heritage Fellowship awarded by the National Endowment for the Arts and since 2013 is the only taiko professional presented with the Order of the Rising Sun 5th Order: Gold and Silver Rays by Emperor Akihito of Japan, in recognition of Grandmaster Seiichi Tanaka's contributions to the fostering of US-Japan relations as well as the promotion of Japanese cultural understanding in the United States.


title: Taiko

text: In 1969, founded Ondekoza, a group well known for making taiko performance internationally visible and for its artistic contributions to the tradition. Den was also known for developing a communal living and training facility for Ondekoza on Sado Island in Japan, which had a reputation for its intensity and broad education programs in folklore and music.


title: Taiko

text: Performers and groups beyond the early practitioners have also been noted. Eitetsu Hayashi is best known for his solo performance work. When he was 19, Hayashi joined Ondekoza, a group later expanded and re-founded as Kodo, one of the best known and most influential taiko performance groups in the world. Hayashi soon left the group to begin a solo career and has performed in venues such as Carnegie Hall in 1984, the first featured taiko performer there. He was awarded the 47th Education Minister's Art Encouragement Prize, a national award, in 1997 as well as the 8th Award for the Promotion of Traditional Japanese Culture from the Japan Arts Foundation in 2001.


title: Repurchase agreement

text: A repurchase agreement, also known as a repo, RP, or sale and repurchase agreement, is a form of short-term borrowing, mainly in government securities. The dealer sells the underlying security to investors and, by agreement between the two parties, buys them back shortly afterwards, usually the following day, at a slightly higher price.


title: Repurchase agreement

text: The repo market is an important source of funds for large financial institutions in the non-depository banking sector, which has grown to rival the traditional depository banking sector in size. Large institutional investors such as money market mutual funds lend money to financial institutions such as investment banks, either in exchange for (or secured by) collateral, such as Treasury bonds and mortgage-backed securities held by the borrower financial institutions. An estimated $1 trillion per day in collateral value is transacted in the U.S. repo markets.


title: Repurchase agreement

text: In 2007–2008, a run on the repo market, in which funding for investment banks was either unavailable or at very high interest rates, was a key aspect of the subprime mortgage crisis that led to the Great Recession. During September 2019, the U.S. Federal Reserve intervened in the role of investor to provide funds in the repo markets, when overnight lending rates jumped due to a series of technical factors that had limited the supply of funds available.


title: Repurchase agreement

text: In a repo, the investor/lender provides cash to a borrower, with the loan secured by the collateral of the borrower, typically bonds. In the event the borrower defaults, the investor/lender gets the collateral. Investors are typically financial entities such as money market mutual funds, while borrowers are non-depository financial institutions such as investment banks and hedge funds. The investor/lender charges an interest rate called the "repo rate," lending $X and receiving back a greater amount $Y. Further, the investor/lender may demand collateral of greater value than the amount that they lend. This difference is the "haircut." These concepts are illustrated in the diagram and in the equations section. When investors perceive greater risks, they may charge higher repo rates and demand greater haircuts. A third party may be involved to facilitate the transaction; in this case, the transaction is referred to as a "tri-party repo."


title: Repurchase agreement

text: Specifically, in a repo the security-buying party "B" acts as a lender of cash, whereas the seller "A" is acting as a borrower of cash, using the security as collateral; in a reverse repo, security purchaser ("A") is the lender of cash and ("B") is the borrower of cash. A repo is economically similar to a secured loan, with the buyer (effectively the lender or investor) receiving securities for collateral to protect himself against default by the seller. The party who initially sells the securities is effectively the borrower. Many types of institutional investors engage in repo transactions, including mutual funds and hedge funds. Almost any security may be employed in a repo, though highly liquid securities are preferred as they are more easily disposed of in the event of a default and, more importantly, they can be easily obtained in the open market where the buyer has created a short position in the repo security by a reverse repo and market sale; by the same token, non liquid securities are discouraged.


title: Repurchase agreement

text: Treasury or Government bills, corporate and Treasury/Government bonds, and stocks may all be used as "collateral" in a repo transaction. Unlike a secured loan, however, legal title to the securities passes from the seller to the buyer. Coupons (interest payable to the owner of the securities) falling due while the repo buyer owns the securities are, in fact, usually passed directly onto the repo seller. This might seem counter-intuitive, as the legal ownership of the collateral rests with the buyer during the repo agreement. The agreement might instead provide that the buyer receives the coupon, with the cash payable on repurchase being adjusted to compensate, though this is more typical of sell/buybacks.


title: Repurchase agreement

text: Although the transaction is similar to a loan, and its economic effect is similar to a loan, the terminology differs from that applying to loans: the seller legally repurchases the securities from the buyer at the end of the loan term. However, a key aspect of repos is that they are legally recognised as a single transaction (important in the event of counterparty insolvency) and not as a disposal and a repurchase for tax purposes. By structuring the transaction as a sale, a repo provides significant protections to lenders from the normal operation of U.S. bankruptcy laws, such as the automatic stay and avoidance provisions.


title: Repurchase agreement

text: In the United States, repos have been used from as early as 1917 when wartime taxes made older forms of lending less attractive. At first, repos were used just by the Federal Reserve to lend to other banks, but the practice soon spread to other market participants. The use of repos expanded in the 1920s, fell away through the Great Depression and WWII, then expanded once again in the 1950s, enjoying rapid growth in the 1970s and 1980s in part due to computer technology.


title: Repurchase agreement

text: According to Yale economist Gary Gorton, repo evolved to provide large non-depository financial institutions with a method of secured lending analogous to the depository insurance provided by the government in traditional banking, with the collateral acting as the guarantee for the investor.


title: Repurchase agreement

text: In 1982, the failure of Drysdale Government Securities led to a loss of $285 million for Chase Manhattan Bank. This resulted in a change in how accrued interest is used in calculating the value of the repo securities. In the same year, the failure of Lombard-Wall, Inc. resulted in a change in the federal bankruptcy laws pertaining to repos. The failure of ESM Government Securities in 1985 led to the closing of Home State Savings Bank in Ohio and a run on other banks insured by the private-insurance Ohio Deposit Guarantee Fund. The failure of these and other firms led to the enactment of the Government Securities Act of 1986.


title: Repurchase agreement

text: In 2007–2008, a run on the repo market, in which funding for investment banks was either unavailable or at very high interest rates, was a key aspect of the subprime mortgage crisis that led to the Great Recession.


title: Repurchase agreement

text: In July 2011, concerns arose among bankers and the financial press that if the 2011 U.S. debt ceiling crisis led to a default, it could cause considerable disruption to the repo market. This was because treasuries are the most commonly used collateral in the US repo market, and as a default would have downgraded the value of treasuries, it could have resulted in repo borrowers having to post far more collateral.


title: Repurchase agreement

text: During September 2019, the U.S. Federal Reserve intervened in the role of investor to provide funds in the repo markets, when overnight lending rates jumped due to a series of technical factors that had limited the supply of funds available.


title: Repurchase agreement

text: "The New York Times" reported in September 2019 that an estimated $1 trillion per day in collateral value is transacted in the U.S. repo markets. The Federal Reserve Bank of New York reports daily repo collateral volume for different types of repo arrangements. As of 24 October 2019, volumes were: secured overnight financing rate (SOFR) $1,086 billion; broad general collateral rate (BGCR) $453 billion, and tri-party general collateral rate (TGCR) $425 billion. These figures however, are not additive, as the latter 2 are merely components of the former, SOFR.


title: Repurchase agreement

text: The Federal Reserve and the European Repo and Collateral Council (a body of the International Capital Market Association) have tried to estimate the size of their respective repo markets. At the end of 2004, the US repo market reached US$5 trillion. Especially in the US and to a lesser degree in Europe, the repo market contracted in 2008 as a result of the financial crisis. But, by mid-2010, the market had largely recovered and, at least in Europe, had grown to exceed its pre-crisis peak.


title: Repurchase agreement

text: A repurchase agreement is a transaction concluded on a "deal date t" between two parties "A" and "B":


title: Repurchase agreement

text: If positive interest rates are assumed, the repurchase price P can be expected to be greater than the original sale price P.


title: Repurchase agreement

text: The (time-adjusted) difference formula_2 is called the "repo rate", which is the annualized interest rate of the transaction. formula_3 can be interpreted as the interest rate for the period between "near date" and "far date".


title: Repurchase agreement

text: The term "repo" has given rise to a lot of misunderstanding: there are two types of transactions with identical cash flows:


title: Repurchase agreement

text: The sole difference is that in (i) the asset is sold (and later re-purchased), whereas in (ii) the asset is instead pledged as a collateral for a loan: in the "sell-and-buy-back transaction", the ownership and possession of "S" are transferred at t from a "A" to "B" and in t transferred back from "B" to "A"; conversely, in the collateralized borrowing, only the possession is temporarily transferred to "B" whereas the ownership remains with "A".


title: Repurchase agreement

text: "Term" refers to a repo with a specified end date: although repos are typically short-term (a few days), it is not unusual to see repos with a maturity as long as two years.


title: Repurchase agreement

text: Depending on the contract, the maturity is either set until the next business day and the repo matures unless one party renews it for a variable number of business days. Alternatively it has no maturity date – but one or both parties have the option to terminate the transaction within a pre-agreed time frame.


title: Repurchase agreement

text: Repo transactions occur in three forms: specified delivery, tri-party, and held in custody (wherein the "selling" party holds the security during the term of the repo). The third form (hold-in-custody) is quite rare, particularly in developing markets, primarily due to the risk that the seller will become insolvent prior to maturation of the repo and the buyer will be unable to recover the securities that were posted as collateral to secure the transaction. The first form—specified delivery—requires the delivery of a prespecified bond at the onset, and at maturity of the contractual period. Tri-party is essentially a basket form of transaction and allows for a wider range of instruments in the basket or pool. In a tri-party repo transaction, a third party clearing agent or bank is interposed between the "seller" and the "buyer". The third party maintains control of the securities that are the subject of the agreement and processes the payments from the "seller" to the "buyer."


title: Repurchase agreement

text: In a due bill repo, the collateral pledged by the (cash) borrower is not actually delivered to the cash lender. Rather, it is placed in an internal account ("held in custody") by the borrower, for the lender, throughout the duration of the trade. This has become less common as the repo market has grown, particularly owing to the creation of centralized counterparties. Due to the high risk to the cash lender, these are generally only transacted with large, financially stable institutions.


title: Repurchase agreement

text: The distinguishing feature of a tri-party repo is that a custodian bank or international clearing organization, the tri-party agent, acts as an intermediary between the two parties to the repo. The tri-party agent is responsible for the administration of the transaction, including collateral allocation, marking to market, and substitution of collateral. In the US, the two principal tri-party agents are The Bank of New York Mellon and JP Morgan Chase, whilst in Europe the principal tri-party agents are Euroclear and Clearstream with SIX offering services in the Swiss market. The size of the US tri-party repo market peaked in 2008 before the worst effects of the crisis at approximately $2.8 trillion and by mid-2010 was about $1.6 trillion.


title: Repurchase agreement

text: As tri-party agents administer the equivalent of hundreds of billions of USD of global collateral, they have the scale to subscribe to multiple data feeds to maximise the universe of coverage. As part of a tri-party agreement the three parties to the agreement, the tri-party agent, the repo buyer (the Collateral Taker/Cash Provider, "CAP") and the repo seller (Cash Borrower/Collateral Provider, "COP") agree to a collateral management service agreement which includes an "eligible collateral profile".


title: Repurchase agreement

text: It is this "eligible collateral profile" that enables the repo buyer to define their risk appetite in respect of the collateral that they are prepared to hold against their cash. For example, a more risk averse repo buyer may wish to only hold "on-the-run" government bonds as collateral. In the event of a liquidation event of the repo seller the collateral is highly liquid thus enabling the repo buyer to sell the collateral quickly. A less risk averse repo buyer may be prepared to take non investment grade bonds or equities as collateral, which may be less liquid and may suffer a higher price volatility in the event of a repo seller default, making it more difficult for the repo buyer to sell the collateral and recover their cash. The tri-party agents are able to offer sophisticated collateral eligibility filters which allow the repo buyer to create these "eligible collateral profiles" which can systemically generate collateral pools which reflect the buyer's risk appetite.


title: Repurchase agreement

text: Collateral eligibility criteria could include asset type, issuer, currency, domicile, credit rating, maturity, index, issue size, average daily traded volume, etc. Both the lender (repo buyer) and borrower (repo seller) of cash enter into these transactions to avoid the administrative burden of bi-lateral repos. In addition, because the collateral is being held by an agent, counterparty risk is reduced. A tri-party repo may be seen as the outgrowth of the "'due bill repo". A due bill repo is a repo in which the collateral is retained by the Cash borrower and not delivered to the cash provider. There is an increased element of risk when compared to the tri-party repo as collateral on a due bill repo is held within a client custody account at the Cash Borrower rather than a collateral account at a neutral third party.


title: Repurchase agreement

text: A whole loan repo is a form of repo where the transaction is collateralized by a loan or other form of obligation (e.g., mortgage receivables) rather than a security.


title: Repurchase agreement

text: The underlying security for many repo transactions is in the form of government or corporate bonds. Equity repos are simply repos on equity securities such as common (or ordinary) shares. Some complications can arise because of greater complexity in the tax rules for dividends as opposed to coupons.


title: Repurchase agreement

text: A sell/buyback is the spot sale and a forward repurchase of a security. It is two distinct outright cash market trades, one for forward settlement. The forward price is set relative to the spot price to yield a market rate of return. The basic motivation of sell/buybacks is generally the same as for a classic repo (i.e., attempting to benefit from the lower financing rates generally available for collateralized as opposed to non-secured borrowing). The economics of the transaction are also similar, with the interest on the cash borrowed through the sell/buyback being implicit in the difference between the sale price and the purchase price.


title: Repurchase agreement

text: There are a number of differences between the two structures. A repo is technically a single transaction whereas a sell/buyback is a pair of transactions (a sell and a buy).


title: Repurchase agreement

text: A sell/buyback does not require any special legal documentation while a repo generally requires a master agreement to be in place between the buyer and seller (typically the SIFMA/ICMA commissioned Global Master Repo Agreement (GMRA)). For this reason, there is an associated increase in risk compared to repo. Should the counterparty default, the lack of agreement may lessen legal standing in retrieving collateral. Any coupon payment on the underlying security during the life of the sell/buyback will generally be passed back to the buyer of the security by adjusting the cash paid at the termination of the sell/buyback. In a repo, the coupon will be passed on immediately to the seller of the security.


title: Repurchase agreement

text: In securities lending, the purpose is to temporarily obtain the security for other purposes, such as covering short positions or for use in complex financial structures. Securities are generally lent out for a fee and securities lending trades are governed by different types of legal agreements than repos.


title: Repurchase agreement

text: Repos have traditionally been used as a form of collateralized loan and have been treated as such for tax purposes. Modern Repo agreements, however, often allow the cash lender to sell the security provided as collateral and substitute an identical security at repurchase.


title: Repurchase agreement

text: A reverse repo is simply the same repurchase agreement from the buyer's viewpoint, not the seller's. Hence, the seller executing the transaction would describe it as a "repo", while the buyer in the same transaction would describe it a "reverse repo". So "repo" and "reverse repo" are exactly the same kind of transaction, just being described from opposite viewpoints. The term "reverse repo and sale" is commonly used to describe the creation of a short position in a debt instrument where the buyer in the repo transaction immediately sells the security provided by the seller on the open market. On the settlement date of the repo, the buyer acquires the relevant security on the open market and delivers it to the seller. In such a short transaction, the buyer is wagering that the relevant security will decline in value between the date of the repo and the settlement date.


title: Repurchase agreement

text: For the buyer, a repo is an opportunity to invest cash for a customized period of time (other investments typically limit tenures). It is short-term and safer as a secured investment since the investor receives collateral. Market liquidity for repos is good, and rates are competitive for investors. Money Funds are large buyers of Repurchase Agreements.


title: Repurchase agreement

text: For traders in trading firms, repos are used to finance long positions (in the securities they post as collateral), obtain access to cheaper funding costs for long positions in other speculative investments, and cover short positions in securities (via a "reverse repo and sale").


title: Repurchase agreement

text: When transacted by the Federal Open Market Committee of the Federal Reserve in open market operations, repurchase agreements add reserves to the banking system and then after a specified period of time withdraw them; reverse repos initially drain reserves and later add them back. This tool can also be used to stabilize interest rates, and the Federal Reserve has used it to adjust the federal funds rate to match the target rate.


title: Repurchase agreement

text: Under a repurchase agreement, the Federal Reserve (Fed) buys U.S. Treasury securities, U.S. agency securities, or mortgage-backed securities from a primary dealer who agrees to buy them back within typically one to seven days; a reverse repo is the opposite. Thus, the Fed describes these transactions from the counterparty's viewpoint rather than from their own viewpoint.


title: Repurchase agreement

text: If the Federal Reserve is one of the transacting parties, the RP is called a "system repo", but if they are trading on behalf of a customer (e.g., a foreign central bank), it is called a "customer repo". Until 2003, the Fed did not use the term "reverse repo"—which it believed implied that it was borrowing money (counter to its charter)—but used the term "matched sale" instead.


title: Repurchase agreement

text: In India, the Reserve Bank of India (RBI) uses repo and reverse repo to increase or decrease money supply in the economy. The rate at which the RBI lends to commercial banks is called the repo rate. In case of inflation, the RBI may increase the repo rate, thus discouraging banks to borrow and reducing the money supply in the economy. As of September 2020, the RBI repo rate is set at 4.00% and the reverse repo rate at 3.35%.


title: Repurchase agreement

text: The investment bank Lehman Brothers used repos nicknamed "repo 105" and "repo 108" as a creative accounting strategy to bolster their profitability reports for a few days during reporting season, and mis-classified the repos as true sales. New York attorney general Andrew Cuomo alleged that this practice was fraudulent and happened under the watch of accounting firm Ernst & Young. Charges have been filed against E&Y, with the allegations stating that the firm approved the practice of using repos for "the surreptitious removal of tens of billions of dollars of securities from Lehman’s balance sheet in order to create a false impression of Lehman’s liquidity, thereby defrauding the investing public".


title: Repurchase agreement

text: In the Lehman Brothers case, repos were used as Tobashi schemes to temporarily conceal significant losses by intentionally timed, half-completed trades during the reporting season. This mis-use of repos is similar to the swaps by Goldman Sachs in the "Greek Debt Mask" which were used as a Tobashi scheme to legally circumvent the Maastricht Treaty deficit rules for active European Union members and allowed Greece to "hide" more than 2.3 billion Euros of debt.