...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 Corporation's CIO, Dick Lodge, had been using interest rate swaps to manage interest rate sensitivity since 1983. Later, when the tax reform act of 1986 eliminated the advantages offered by municipal bonds, Banc One's reliance on interest rate swaps increased. And by 1993, the notional value of Banc One's derivative portfolio had grown to $31.5 billion or more than 40% of Banc One's assets ($76.5 billion). Banc One had a strategic goal of acquiring other banks without being dilutive. The current problem facing Banc One is that its stock had fallen from $48.75 in April 1993 to $36.75 in November 1993 and was trading near the ‘walkaway' price of $34.55 in a deal to acquire Liberty National ($4.7 billion in assets). Banc One's stock price was approaching the point where the Liberty National deal could be dilutive. Equity analysts commented that the sizeable use of interest rate swaps had distorted earnings, earning assets, margins, and return on assets. All of this data is used to value the firm. In an effort to make investors feel more comfortable and to become more transparent to the market, Banc One should reduce the amount of risk it assumes, which at the same time will require less reliance on interest rate swaps. Like many regional banks, Banc One's balance sheet was asset sensitive. As a result, earnings were directly correlated with the rise and fall in interest rates. If Banc One wanted to manage its interest rate exposure without using swaps it could invest...
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...Hey friends, We know there is a lot of excitement in the community surrounding the Lollipop updates for the One, and for good reason. We are just as excited as you are. We never intended to keep you waiting. Unfortunately, we ran into some unexpected roadblocks. First, there was an unforeseen OS signing issue, which has recently been resolved. Our camera module had stability issues on Lollipop, and we had to rebuild it for compatibility. Several other crucial drivers, including our Wi-Fi drivers, also needed to be updated to work flawlessly with the upgrade. Admittedly, it took a little more time than we had planned, but we only release updates that we are proud of; that means refusing to take shortcuts or deliver sub-par experiences. With all of that in mind, here are the official release dates for Android Lollipop on the OnePlus One: CM 12S: The official OTA update for the OnePlus One will be released on or before March 30, 2015 OxygenOS: The official release of our own Lollipop-based ROM will be available for download on or before March 27, 2015 To show you how serious we are about this commitment to our community, we are prepared to put our money where our mouth is. If we miss either one of these deadlines, we will give away five (5) 64GB OnePlus One devices to our fans. Reply to this thread to be eligible. It’s our little way of saying thank you for being patient and for joining us on our journey to create amazing, user-driven experiences. Never...
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...Essay om krimiens popularitet _______________________________ A crime is in many ways one of the most important genres. It's usually about a man or woman who is on quest to find the truth of an event or an issue. In the thriller it will be good almost always lined up against evil.In the beginning when the first crime novels were written around the beginning of 1800, they were mostly written for sheer entertainment without having put special types of criticism up, or a particular message. There is and has always been a kind of crime to be solved by the given detective. This criminal is, thus committing the crime, is almost always first get to know who is towards the end of the thriller. It is one of the elements that appear in a crime, like tightening torque, which helps to build a mood for the reader.In crime fiction is typically a lot of social criticism involved. It may be because the author clean'd like to build a social explanatory framework. All this because the perpetrator often breach the rules. There are the novels used a lot of different investigators, for example, an anti-bureaucratic detective who themselves often and often break the law to solve a case. Some crime genre looks and you experience the story from the detective's point of view, which one follows his investigation of the crime. However, there are a few crime novels, which instead follows the perpetrator's point of view, and thus it is an entirely different view of history you...
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...productions until now! I was pleasantly surprised by both plays and did thoroughly enjoy them, as I was a theatre student myself in middle and high school. In The Next Room was the first play I ever saw by FIU theatre and I really believe that the director did a great job executing the play. I was happy to see one of my own sorority sisters up on stage, Michelle Antelo as Mrs. Givings. She was able to project herself very well and kept me engaged with the play throughout the entire show. Antelo greatly contributed to the success of the show. Her acting made it easy for me to suspend my disbelief in order to successfully get involved with the given circumstances of the play. It was clearly noticeable the extra time she put into her character and there was much evidence of preparation. The blocking the actors used on stage was very well thought out and it was also noticeable that all involved equally did their part to make the show a success. Antelo’s character, Mrs. Givings was an emotional one in the play. Antelo’s fascinating was of embodying these emotions are what kept me engaged throughout. I bring up her projection again because to me, it was powerful and it was one of the main things that stood out about her as an actress. She made her character believable and the chemistry her and her husband, Dr. Givings, had on set was a recipe for success in this production. Antelo’s beats were clearly evident and her changes were effective. Again, it was her vocal tension that kept...
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...A Comparison of the tale of “Aladdin and the Enchanted Lamp” and the Disney Movie Aladdin: A Cultural Study According to N. J. Dawood, the translator of The Thousand and One Nights, “Aladdin has been retold or presented to so many different generations all over the world that it can perhaps be rightly described as the most renowned story invented by man”. Interestingly enough, “Aladdin and the Enchanted Lamp” was not part of the original collection of stories that composed The Arabian Nights. No one knows exactly when a given story is originated, but it is obvious that some stories circulated orally for centuries before they actually were collected or written down. The story of Aladdin appeared for the first time in Antoine Galland’s (1646-1715) translation of the Thousand and One Nights, the first major European version. Before Galland, there was no known Arabic version of Aladdin and his lamp. The first Arabic version showed up after Galland’s version and very well could have been translations of Galland’s French version. One of the more recent and most popular versions of “Aladdin” was an animated feature produced in 1992 by Walt Disney Pictures. Aladdin made over $217 million in revenue in the United States, and over $504 million worldwide. Even though the American film and the medieval Arabian tale share common elements and are both plotted around a young impoverished boy named Aladdin, the moral lessons they offer differ in ways that can be described through the values...
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...herself from the rest of her village after her father’s death, the narrator of The Yellow Wallpaper having to spend all her time in the a room she hates because of her disease, or the narrator of Acquainted with the Night strolling through the nightly city all by herself in solitude. All of these stories contain the very popular theme of loneliness and isolation,which are shown using various literary devices of each author’s choosing. Throughout the whole story of A Rose for Emily, the setting seemed to be very eerie and unnatural; the author gave the readers a feeling that made them almost sense the loneliness emanating from the protagonist, Miss Emily:“That was two years after her father’s death and a short time after her sweetheart-the one we believed would marry her-had deserted her. After her father’s death she went out very little; after her sweetheart went away, people hardly saw her at all” (53 Faulkner). This made it known right...
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...John Green and David Levithan use foreshadowing to give away portions of the plot in Will Grayson, Will Grayson. In the text, two boys by the name of Will Grayson - One going by Will solely while the other prefers Grayson - meet under unfortunate circumstances. Will had been tricked into a relationship under false pretenses. He was dating a boy online by the name of Isaac only to have it revealed on the day of their planned face-to-face date that it had been Will’s friend Maura all along. She had used the name Isaac and had orchestrated the entire thing, puppeteering with Will’s emotions, to out him as gay. Green and Levithan foreshadow this exchange through Maura's speech. During the high point in Isaac's and and Will’s relationship, Maura comes in several times confronting him on topics that, originally, seem odd for her to even...
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...the thieves find him there, and kill him. When his brother does not come back, Ali Baba goes to the cave to look for him, and finds the body, bringing it home. With the help of Morgiana, a clever slave-girl in Kasim's household, they are able to give Kasim a proper burial without arousing any suspicions about his death. The thieves, finding the body gone, realize that somebody else must know their secret, and set out to track him down. The first several times they are foiled by Morgiana, who is now a member of Ali Baba's household, but eventually they are able to ascertain the location of Ali Baba's house. The lead thief pretends to be an oil merchant in need of Ali Baba's hospitality, bringing with him mules loaded with 40 oil jars, one filled with oil, the other 39 with the other thieves. Once Ali Baba is asleep, the thieves plan to kill him. Again, Morgiana discovers and foils the plan, killing the 39 thieves in their oil jars by pouring boiling oil on them. When their leader comes to rouse his men, he discovers that they are dead, and escapes. The lead thief, disguised as a merchant, befriends Ali Baba's nephew (who is now in charge of the late Kasim's business), and is invited to dinner at Ali...
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...when it comes to stealing. They start to think things through instead of just going at it. The striking thing about that scene is that it shows the children enjoying the scene and having fun, while Antoine and his friend are in the corner plotting with evil thoughts, not enjoying the show. 2) One street scene that I found that interested me was at 24 minutes into the movie, after Antoine had left the carnival. While walking with his friend through the streets, he saw the once beautiful place of what was known as Paris (it’s still beautiful, just not as much as before), as well as his mother, while she was making out with a man who wasn’t her husband. Just this scene alone portrays that in the 1950s, Paris wasn’t the best place to be. Although it was pretty, it was also very busy and crowded on the streets. Anything could happen. 3) One scene I found visually stunning was the carnival scene where he was in the spinning ride. Although I may be wrong, but I feel as if the director included that scene to give an insight of how Antoine’s mind is and he's foreshadowing the rest of the film. The spinning of the ride refers to how Antoine is a confused kid just trying to get through. At one point of the ride, he is completely upside down. That is when his life turns for the worse when he’s sent off to boot camp/military school. The end of the ride is him banging on the door with excitement and walking out with a huge smile on his face. That’s foreshadowing how he escapes the camp...
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...Core Huamnities 201 Arabian Nights Universal Themes Images and Techniques Used Arabian Nights, also known as One Thousand and One Nights is a story which revolves around a Persian king who just married a new bride. However, he discovers that his wife was unfaithful and has her executed. As a result, all the women in the kingdom are declared unfaithful. Shahryar (the king) begins to marry a sequence of virgins from the kingdom and has them executed the next morning. In due course, the vizier, who is entitled with the responsibility of providing the virgins, can no longer find any more virgins in the kingdom other than his daughter Scheherazade. She offers herself to be a bride to the king despite objections from her father. On the night of their consummation Scheherazade starts to tell the king a story but does not get to finish it. The king is therefore forced to delay her execution in order to hear the conclusion. On the next night, she tells the king another story and this turns into a series of stories that go on for one thousand and one nights (Haddawy 16). Universal Theme Immortality The Arabian Nights comprises of a sequence of stories which do not have an ending. The passing on of the tales is universally seen as a means of preservation. Scheherazade used the narration of stories as a way to preserve her life she further interwove the endings of the stories with the beginnings of the new stories thus giving them a sense of infinity. She told the stories night after...
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...personify this idea. To better understand the close relationship between his characters, also his major ideas or a theme which appears throughout his stories is Bradbury's imagery. One example of literary devices is personification, which gives non-human things human-like qualities. An example of this is in Bradbury's story The Veldt when Bradbury writes , "Until this day, how well the house had kept its peace. How carefully it had inquired, "who goes there?...
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...Thummim, which represent yes, or no. The old king explains to Santiago that these stones will help guide him along his journey During this conversation, the king tells Santiago, “when you want something, the entire universe conspires to help you achieve it” (Coelho 22). This idea will follow Santiago on his journey and be his inspiration for carrying on. This idea of following your treasure, whatever it is, can be found in all of our lives. It is the story of us, we are the protagonist of our own journey. When Santiago takes off, he is faced with the decision to sell his sheep (everything he owns) and have 100% faith of the unknown. He is faced with changes and decisions that will ultimately shape his entire life forward, much like every one of us. Much like Santiago, we have to have faith that we will reach that treasure, believing in our own fate. The old king explains to Santiago that if he really wants this, the entire universe will conspire to help you achieve it. The universe wants you to find your treasure, it wants you to be happy, that’s what it feeds off it; which is why it is fighting for you. This relates to our lives when we want something with such a deep desire; when you work towards that desire, do you notice that you start to get lucky? The old king describes that as beginner's luck, “Every search begins with beginner’s luck. And every search ends with the victors being severely tested.” This started to occur during Santiago's journey, the universe started to...
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...Aladdin is one of the tales in the book One Thousand and One Arabian Nights. There are several moral lessons in the story. The main moral lesson on Aladdin is that its best to be yourself. Greatness and strength comes from within, not from without. Its not whats on the outside that' count; what is important is what's on the inside. The moral of the original Middle-Eastern tale 'Arabian Nights' is that greatness and strength comes from within, not from without. This is demonstrated by Aladdin's bravery and intelligence despite his humble upbringing. In Disney's animated musical version of the story, the writers updated this theme to a single phrase, calling Aladdin a 'diamond in the rough'. There are many differences between the movie and the original tale of Aladdin, because the filmmakers believed that the original had an inappropriate moral message. And I have to agree with this for at least two reasons. First, Aladdin never tells the princess who he really is; he becomes a prince thanks to the jinni, but he never considers telling his wife about who he was before that. The original story doesn’t even mention this. Lying and pretending to be someone else is, indeed, something that should not be promoted in a children’s movie.Then, in the original story I really couldn’t stand the princess, Badr al-Budur. She is naïve, has no personality and no opinion, she does what she is told to, and never asks questions. She is so easily tricked, that she almost gets Aladdin killed...
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... Literary elements refers to aspects or characteristics of a whole text. They are not “used,” per se, by authors; we derive what they are from reading the text. Most literary elements can be derived from any and all texts; for example, every story has a theme, every story has a setting, every story has a conflict, every story is written from a particular point-of-view, etc. In order to be discussed legitimately, literary elements must be specifically identified for that text. Literary techniques refers to any specific, deliberate constructions of language which an author uses to convey meaning. An author’s use of a literary technique usually occurs with a single word or phrase, or a particular group of words or phrases, at one single point in a text. Unlike literary elements, literary techniques are not necessarily present in every text. Literary terms refers to the words themselves with which we identify and describe literary elements and techniques. They are not found in literature and they are not “used” by authors. Allegory: Where every aspect of a story is representative, usually symbolic, of something else, usually a larger abstract concept or important historical/geopolitical event. Lord of the Flies provides a compelling allegory of human nature, illustrating the three sides of the psyche through its sharply-defined main characters. Antagonist: Counterpart to the main character...
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