...As it has been discussed in the case the main issue for Banc One is the tremendous drop of its stock price in the market. The fair value for the stock price is to reflect the earning of Banc One’ earnings but this was not the case for Banc One and here was the issue. Given, the fact that the Banc One earnings were increasing from one year to year, it was expected for it’s the stock price to accordingly not to fall. It is also mentioned in the case that Banc One had very well defined, three-pronged strategy: 1. Concentrate on retail and middle-market commercial customers 2. Use technology to enhance customer service and to assist in the management of Banking facilities. 3. Grow up rapidly by acquiring profitable Banks. In the 1990s Banc One was considered to be one of the top ten acquires in the country. Usually, when one corporation wants to acquire another corporation, there will be comparison of price to earnings ratios (P/E) of the firms involved. If the target firm's P/E ratio is higher than the acquirer's P/E, then the transaction is dilutive because the acquire firm would have to pay more for the acquisition. As mentioned earlier the stock price of Banc One falling in the market, and this drop in the price will be an obstacle in there way whenever they want to acquire another firm. Since price to earnings ratio of Banc One would be lower than the targeted firm, the acquisition deal will be dilutive; hence, Banc One would have to pay more to acquire...
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...Financial Institution Case One Banc One Corporation: Asset and Liability Management Arash Ostad Ebrahim Vesaghi (Individual) Winter 2013 In 1993 the stock price of Banc One Corporation had dropped from about $45 at the beginning of the year to approximately $35 at the end of the year: roughly a 20% fall. This sharp decline in stock price greatly bothered John B. McCoy, chairman and CEO of Banc One Corporation. A high stock price was essential for Bank One’s strategic goal of continued acquisition by tendering its own stocks in each acquisition. The fall in stock prices put a damper on this drive for acquiring banks with potential for earnings and growth (it had 10 pending acquisitions worth $9 billion in November 1993). The lower their stock price drops, the more difficult it becomes for them to acquire other banks, thus threatening a major portion of the business and growth plans. They will need to either overhaul their asset and liability management or attempt to rapidly educate the public on the prudence of their business practices. Banc One used Interest Rate Swaps, the most common type of derivative instrument, to manage interest rate sensitivity. At these presentations, Richard Lodge, the chief investment officer, made clear that Banc One was not a dealer but an end-user of swaps. Lodge emphasized that the bank’s position was one of hedging and not of speculating. They first started using swaps in 1983, and subsequently, when the tax reform act of 1986 eliminated...
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...Banc One --- 1993 Case Study Bus 6611 Dr. Diane Eppler By April 2000 Banc One’s Mission, Objective and Strategies Mission – Banc One’s mission is to build shareholders value by sticking to the nuts and bolts. Banc One believed in the basics. The major objective was to create a perception of value and to focus on customer service. Strategies: Overall – The general strategies of Banc One is to be different than its peers; different in a good way. Banc One worked hard to develop a straightforward and simple strategy for continued success of their company. The Banc One overall target is being the best at managing opportunities, making affiliations work for everyone involved, create a perception of vale, and the development of human and financial capital. Marketing: _Product _- BancOne is in the business of Retail Banking. The bulk of Banc Ones business is providing loans to consumers and small-companies. Place – Banc One is headquartered in Columbus, Ohio. Banc One has over 1000 conveniently located branches throughout the U.S. States, currently located in 13 States. _Price _– Banc One pricing is slightly higher than it’scompetitors. Customer service is considered scarce in this industry and customers are willing to pay for superior service. Promotion – In the early 1960s Banc One hired a former disc jockey, John Fisher, todevelop Ad Campaigns for new retail products. John Fisher hired a then local comedienne, Phyllis Diller,...
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...Case Study: State Bank of India, World's Largest Centralized Core Processing Implementation Analyst Author: Robert Hunt Senior Research Director, Retail Banking Feb 2009 Reference # V58:06R TowerGroup Take-Aways • The State Bank of India (SBI), the largest and oldest bank in India, had computerized its branches in the 1990s, but it was losing market share to private-sector banks that had implemented more modern centralized core processing systems. • To remain competitive with its private-sector counterparts, in 2002, SBI began the largest implementation of a centralized core system ever undertaken in the banking industry. • The State Bank of India selected Tata Consultancy Services to customize the software, implement the new core system, and provide ongoing operational support for its centralized information technology. • Although SBI initially planned to convert only 3,300 of its branches, it was so successful that it expanded the project to include all of the more than 14,600 SBI and affiliate bank branches. • The State Bank of India has achieved its goal of offering its full range of products and services to all its branches and customers, spreading economic growth to rural areas and providing financial inclusion for all of India's citizens. Report Coverage The implementation of the Tata Consultancy Services (TCS) BaNCS Core Banking at the State Bank of India (SBI) and its affiliate banks represents the largest centralized core system implementaion ever undertaken...
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...extra-judicial; a judicial opinion is one which is given on a matter which is legally brought before the judge for his decision; an extra-judicial opinion, is one which although given in court, is not necessary to the judgment ( http://www.lectlaw.com/def2). A dissenting opinion disagrees with the majority opinion because of the reasoning and/or the principles of law on which the decision is based. A concurring opinion agrees with the decision of the court but offers further comment (http://www.lectlaw.com). In law, a majority opinion is a judicial opinion agreed to by more than half of the members of a court. A majority opinion sets forth the decision of the court and an explanation of the rationale behind the court's decision. Not all cases have a majority opinion. At times, the justices voting for a majority decision (e.g., to affirm or reverse the lower court's decision) may have drastically different reasons for their votes, and cannot agree on the same set of reasons. In that situation, several concurring opinions may be written, none of which is actually the view of a majority of the members of the court. Therefore, the concurring opinion joined by the greatest number of judges is referred to as the plurality opinion ( http://www.lectlaw.com). En banc, in banc, in banco or in bank is a French term (meaning "on a bench") used to refer to the hearing of a legal case where all judges of a court will hear the case (an entire "bench"), rather than a...
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...Republic of the Philippines SUPREME COURT Manila FIRST DIVISION G.R. No. 126749 August 21, 1997 ERIBERTO M. SUSON, petitioner, vs. HON. COURT OF APPEALS and DAVID S. ODILAO, JR., respondents. PADILLA, J.: The issue in this case is whether or not a party litigant, whose complaint has been dismissed by a Regional Trial Court due to improper venue, can seek an authorization from the Supreme Court thru the Deputy Court Administrator to re-file his complaint in the court of proper venue without payment of the prescribed docket fee. This is a petition for review on certiorari under Rule 45 of the Rules of Court to review the decision 1 of the Court of Appeals in CA-G.R. SP No. 37311 which dismissed petitioner's petition for certiorari assailing the order of the Regional Trial Court (Branch 6) Cebu City which denied his motion to dismiss for lack of merit. The facts are not in dispute. On 15 November 1993, private respondent Odilao filed a P5.15 million civil suit for damages against petitioner Suson before the Regional Trial Court of San Juan (Branch 26), Southern Leyte. Private respondent claimed that petitioner made false and groundless accusations of graft and corruption against him before the Office of the Ombudsman, and thereafter caused their publication in a Cebu-based local daily under the headline "ODILAO SUED FOR GRAFT." According to private respondent, Suson's machinations had cast dishonor, discredit and contempt upon his person which besmirched his reputation...
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...EQUITABLE DEFENSE ............ 2! LACHES IN AN AGE OF STATUTES OF LIMITATION ................... 8! A MIDDLE COURSE IN PETRELLA ......................................... 17! CONCLUSION ....................................................................... 18! I. INTRODUCTION The famous Martin Scorsese movie Raging Bull and an ancient doctrine of equity will make a joint appearance later this month at the U.S. Supreme Court. On January 21, 2014, the Court will hear arguments in Petrella v. Metro:Goldwyn:Mayer, Inc.1 The case involves copyright infringement claims about the movie, and about the extent to which those claims are barred by the doctrine of laches. Laches is a defense that was developed by courts of equity, and it is typically raised in cases where a plaintiff has delayed her suit without good reason. Petrella raises two big questions about how laches fits into contemporary American law. One is whether it applies to all claims or only to equitable ones.2 The other is how it is affected by a federal statute of limitations. Is laches displaced, on the theory that Congress has spoken by enacting the statute of limitations, so that it would violate the separation of powers for a court to substitute its own equitable doctrines? Or does laches remain and coexist with the statute of limitations on the theory that Congress legislates against the background of traditional equitable principles? * Assistant Professor, UCLA School of Law. Thanks for comments are due to William Baude...
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...Hawaii and then to Guam. -- 28 full time judges and several more retired judges who help out part time. --Hears over 5000 cases a year. -In 1990 the U.S. Senate considered a bill to split the 9th circuit into 2 circuits. California, Arizona and Nevada would make up one circuit while the other states and territories would make up a second circuit. -to some this division made sense since the circuit was considered too large to handle business efficiently. However, this seemingly routine matter of administration met intense opposition. --The bill was sponsored by Senators from the northwestern states and was opposed by senators from California. Interest groups were also involved: The Sierra Club and other environmental groups argued fiercely against the proposal. --Why would the division of a judicial circuit into two parts stir up such political controversy? -->The 9th Circuit had a majority of judges from California which gave broad interpretations to environmental protection laws. --People from the Northwest saw these decisions as damaging to their timber industries. --So splitting the circuit would prevent California judges from ruling on environmental cases in the Northwest, while judges who came from the Northwest would be more sympathetic to the industries that were important to the region's economy. --According to the bill's sponsor one 9th circuit was unacceptable as "Northwestern states are dominated by California judges and California attitudes." --According...
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...COURT OF APPEALS FOR THE THIRD CIRCUIT No. 07-4465 JUSTIN LAYSHOCK, a minor, by and through his parents; DONALD LAYSHOCK; CHERYL LAYSHOCK, individually and on behalf of their son v. HERMITAGE SCHOOL DISTRICT KAREN IONTA, District Superintendent; ERIC W. TROSCH, Principal Hickory High School, CHRIS GILL, Co-Principal Hickory High School, all in their official and individual capacity Hermitage School District, Appellant Appeal from the United States District Court for the Western District of Pennsylvania (Civ. No. 06-cv-00116) District Judge: Hon. Terrence F. McVerry Argued on December 10, 2008 Opinion Filed on February 4, 2010 1 Opinion Vacated and Petition for Rehearing En Banc Granted on April 9, 2010 Rehearing En Banc Ordered for June 3, 2010 Argued En Banc on June 3, 2010 Before: McKEE, Chief Judge, SLOVITER, SCIRICA, RENDELL, BARRY, AMBRO, FUENTES, SMITH, FISHER, CHAGARES, JORDAN, GREENAWAY, VANASKIE and ROTH, Circuit Judges. (Opinion filed: June 13, 2011) ANTHONY G. SANCHEZ, ESQ. (Argued) CHRISTINA LANE, ESQ. Andrews & Price 1500 Ardmore Boulevard, Suite 506 Pittsburgh, PA 15221 Attorneys for Appellant, Hermitage School District SEAN A. FIELDS, ESQ. Associate Counsel Pennsylvania School Boards Association 400 Bent Creek Boulevard P.O. Box 2042 Mechanicsburg, PA 17055 Attorney for Amicus Curiae, Pennsylvania School Board Association, filed in support of Appellant, Hermitage School District KIM M. WATTERSON, ESQ. 2 RICHARD...
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...parts amidst trial and appellate courts: purpose, evidence, juries, and judges (Ehow.com, 2012). Purpose Trial court focuses on finding the facts in determining the best decision for the case brought forth. The focus for appellate court is quite different since the facts in the proceeding came from trial court level. Appellate court consists of two considerably uncommon aspects. One aspect determines if either group was granted an unbiased hearing. The other aspect establishes if law was properly used in the case and to determine if for any reason to alter the law (Ehow.com, 2012). Evidence In trial court, the two groups show proof in convincing juries or judges that each statement given is convincing enough to take into consideration as the truth. Forms of evidence offered may come as an eye witness as well as an illustration. Additionally, since the establishment of the facts was decided in trial court, no other evidence may enter in the appellate court level. As an alternative, disputing lawyers in appellate court formulate a strategy on the basis of laws and procedure matters (Ehow.com, 2012). Juries Juries consist of a collection of residents brought together to form a decision on a case. Seating arrangements are either in a criminal or civil case, in which the assessment of evidence is present and decisions made are from facts provided. Juries aid solely at trial court level, and because they are truth locators, there is no position in appellate...
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...UnitedHealth Group is a diversified health care company, and a worldwide leader in helping people live healthier lives and taking the necessary steps in making the health system work better for everyone. The UnitedHealth group serves more than 85 million individuals worldwide with health benefits and services. In 2012, they produced revenues of $110.6 billion and were ranked number 17 in the Fortune 500. The economic and political segments would rank the highest in influencing the UnitedHealth Group. The economic segment includes factors such as interest rates, inflation, trade factors, personal, and business savings. These factors affect the income received by individuals, business, and the company in question in this discussion. Inflation is a very critical factor in the operation of UnitedHealth Group organization because inflation rates affect the level of premiums that are determined by the company’s underwriters. When the inflation rate is high, the decision to raise the insurance premiums may be affected as the general prices of goods and service are also high. The economic segment also influences the profitability of the corporation at the great extent. When the economic conditions are favorable, the corporation may attract large customer base. Taxes imposed on a company, is another factor to consider when looking at the economic segment. When there is a budget deficit, the government has to tax the corporation more to fill the deficit. This will affect the corporation...
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...Carolina Supreme Court decides the case of Toy Co. v. Umbrella Corp. The court issues an opinion that does not indicate which justice authored it. This opinion is a. a concurring opinion. | | | b. a dissenting opinion. | | | c. a per curiam opinion. | | | d. an en banc decision. | | | 2.) Leona enters into a contract with Munchie Bakery to cater a sales conference. When the conference is postponed indefinitely, Leona asks a court to cancel the contract. This request involves a. a type of harm. | | | b. an equitable remedy. | | | c. an unenforceable demand. | | | d. a remedy at law. | | | 3.) If a provision in the Florida state constitution conflicts with a provision in the U.S. Constitution a. the U.S. Constitution takes precedence. | | | b. the state constitution takes precedence. | | | c. neither provision applies. | | | d. the provisions are balanced to reach a compromise. | | 4.) As a judge, Nina decides cases that involve principles of various sources of law. Common law is a. case law. | | | b. civil law. | | | c. statutory law. | | | d. administrative law. | | | 5.) Brian's pick-up truck collides with Miranda's semi-trailer on a county highway. Weighing Brian's liability for the collision, Rachel, a judge, reasons by analogy. To reason by analogy is to a. compare the facts in previous cases and apply the same rule of law. |...
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...BU 301 Walmart Stores, Inc v. Dukes On March 29, 2011, a case was brought to the United States Supreme Court. The case was Walmart Stores, Inc. v. Betty Dukes. This case was an appeal from the Ninth Circuit’s, which that court ultimately by narrow 5-4 decision, affirmed the district court’s decision to certify a class action lawsuit. The plaintiff class included 1.6 million women who currently work or previously worked for Walmart stores, which included Betty Dukes as the lead plaintiff. Dukes and the other employees claimed gender discrimination in pay and in promotion policies and practices in Walmart stores. Walmart is the nation’s largest private employer. The company operates more than 3,500 stores and more than one million employees at their stores. Pay and promotion decisions at Walmart are generally delegated to local mangers’ broad discretion alike any other company. In every Walmart there is a policy against discrimination in making employment decisions. Betty Dukes, a 54 year old woman at the time, was a current employee at Walmart in California. In 2000, she alleged sex discrimination. Betty Dukes had worked there for six years and had positive performance reviews. She was denied in training that she needed for advancement to a higher salaried position. Walmart and Dukes quarreled with a female Walmart supervisor and was restraint for returning late from lunch breaks in the past. Three individual plaintiffs, who were employees of Walmart joined together...
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...Manuscript: Debt Instruments and Markets MBA Course B40.3333 David Backus Stern School of Business New York University New York NY 10012-1126 Working Draft: No Guarantees August 27, 1998 Home page: http: www.stern.nyu.edu ~dbackus Contents Preface 1 Debt Instruments 1.1 Overview : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : 1.2 The Instruments : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : v 1 1 2 I Instruments with Fixed Payments 2 Bond Arithmetic 2.1 Prices and Yields in the US Treasury Market : : : : : : : : : : : : : : : : : 2.2 Replication and Arbitrage : : : : : : : : : : : : : : : : : : : : : : : : : : : : 2.3 Day Counts and Accrued Interest : : : : : : : : : : : : : : : : : : : : : : : : 2.4 Other Conventions : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : 2.5 Implementation Issues : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : 2.6 Common Yield Fallacies : : : : : : : : : : : : : : : : : : : : : : : : : : : : : 2.7 Forward Rates optional : : : : : : : : : : : : : : : : : : : : : : : : : : : : 8 9 9 14 17 19 23 24 26 3 Macrofoundations of Interest Rates 39 CONTENTS i 4 Quantifying Interest Rate Risk 4.1 Price and Yield : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : 4.2 More on Duration : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : 4.3 Immunization : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : :...
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...prosecution and the lawyer provide all the evidence that will presented in the case. This would be a list of all the witnesses that will be call by either party or from one party. Both the prosecution and lawyer also have the chance to motion for the use of a way of referencing something that they think might help the case. * * * * * * A pretrial conference is a meeting of the parties to a case conducted prior to trial. The conference is held before the trial judge or a magistrate, a judicial officer who possesses fewer judicial powers than a judge. [ A pretrial conference may be held prior to trial in both civil and criminal cases. A pretrial conference may be requested by a party to a case, or it may be ordered by the court. Generally, the term pretrial conference is used interchangeably with the term pretrial hearing.Pretrial conferences are conducted in criminal cases to decide matters that do not inquire into the defendant's guilt or innocence. Under rule 17.1 of the Federal Rules of Criminal Procedure, pretrial conferences for criminal cases may be conducted to promote a fair and expeditious trial. In practice, federal and state courts use the pretrial conference in criminal cases to decide such preliminary matters as what evidence will be excluded from trial and what witnesses will be allowed to testify. legal- * * * The court may set any criminal case for a pre-trial hearing before it is set for trial. A pre-trial is a meeting with...
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