Now, in the words of a Vedemosti source, a reduction, an extension in schedule, or a simply cancellation of several weapons programs (with the exception of strategic nuclear forces) are being considered, as are staff reductions in the Ministry of Defense and the Ministry of Internal Affairs (though without any cuts to salaries or social programs).

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That leaves the charges made by mortgage lenders as a source for a real reduction in borrowing costs.

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But Apollo has two other strikes against it: It relies heavily on stock options to compensate employees, and it enjoyed a reduction in its tax rate in 2001, a source of earnings growth that is unlikely to last forever.

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