...Financial Institutions Hong Kong Disneyland Finance Ron Shell Jiang Jiang Zhaojie Wang On August 10th 1999, Disney awarded the sole mandate to Chase Manhattan Bank for the Hong Kong Disneyland financing of HK $3.3 Billion. We believe this decision was beneficial for both parties. For Chase, the rewards included underwriting fee, interest payments, being a part of a big loan-financing project in Asia and developing networks and relationships with Asian governments and companies. This outweighed the risks of underwriting risk, credit risk and long-term collateral risk. In addition, we believe it was the correct decision to initially bid to lose and then change this approach once there was concrete support from the HK government. From Disney’s perspective, despite Chase’s standard commitment letter leaving them slightly vulnerable, choosing Chase as sole mandate made the most sense. Due to the unique nature of the loan (extreme long term, Disney’s desire to use operating cash flow for expansion and the principal collateral being non-existent for first 2 years), it made sense for Disney to choose a company that has a strong relationship with and one that was extremely flexible on the structuring of the loan. Finally, we believe the most suitable syndication strategy is to be Chase as the sole mandate with a two-stage syndication process and sub-underwriting (exhibit 8a) Chase Manhattan Bank made a smart initial decision by attempting to bid to lose. This strategy was ideal because...
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...Case Study: Chase’s Strategy for Syndicating the Hong Kong Disneyland Loan (A) Q1. How should Chase have bid in the first round competition to lead the HK$3.3 billion Disneyland financing? 1.Three ways to approach this deal 1) bid to win, 2) bid to lose and3) no bid. Chase chose to bid to lose on the first round, but just enough to make it to the short list. Also, since Chase is one of Disney's relationship banks, Chase would not want to ruin this relationship by not bidding on their project. If Chase wanted to lead the competition from the first round, they should have made a bid that was more aggressive and aimed to win. This bid would have been closer to the desires of Disney, making them more appealing and increasing their probabilities of leading the financing. However, they chose to bid to lose, with just enough terms to get into the second round to "protect their reputation", but not to lead. The deal started to become more attractive with the possibility of Disney awarding a sole lead arranger mandate and with the increased potential for a successful syndication. At this point, after Chase made it through the first round, they decided on a more aggressive final proposal where they would be very close to meeting most of Disney’s demands in order to win the deal. 2. Standard Commitment Letter The standard commitment letter established by Chase for the Disneyland project would have the following terms: 1. HK$300 million loan. 2. 15-year maturity...
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...a multinational banking and financial service provider company, JP Morgan Chase, which was enlisted as the 2nd most profitable company in 2015. According to Fortune 500 list, JP Morgan Chase & CO managed to become the largest bank in the U.S, the title that was previously owned by Bank of America. In addition to Chase's expansion, the corporation surpassed Wells Fargo in yearly earnings and was named as the nation's most profitable bank (Shi, 2016). Chase's recent expansion and success go hand in hand with the initiatives that the corporation is upholding. Some of the strengths of the financial services company include strong brand name, good financial position, and visibility. As the industry statistics confirm Chase remains to be the only bank along with Discover to maintain the good financial position, showing highest sales, market value and assets especially after recovering from the financial recession....
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...Strategy Learning Team Reflection: Chase Strategy Carla Brown, Christine Denson, Shacorra Hall, Danielle McGregor, Donnie Phillips OPS 571 October 1, 2015 Dr. Deborah Jones Learning Team Reflection: Chase Strategy Chase Strategy: Introduction Learning Tea A will discuss the Chase strategy. The examination of two companies that may benefit from the utilization of the Chase strategy will take place. Challenges a company may face implementing the Chase strategy within their organization is researched. Advantages and disadvantages of the Chase strategy are identified. Whether intentionally or unintentionally all companies depend on a form of demand generation strategy. The Chase strategy is best recognized when production meets demand from one period to the next. The strategy is most effective when demand is unpredictable and there is no inventory. According to "Chase Strategy Basics: A Lead Generation How-To" (2014), "The basic principle of the Chase Strategy is to identify the market you want to target with your marketing, and create a profile of potential buyers” (Chase Strategy Basics). Companies create a database of potential customers, and then take steps to get leads and turn leads to sales. The chase strategy concentrates selectively targeted accounts. The chase strategy is not for every business. As with all tactics, there are pros and cons with the Chase strategy. Some advantages when applying the Chase strategy are aggregating planning; inventory is allowed...
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...Amanda Preston Tracy Tenson Comp 105 February 10, 2014 The Chase At a first look Annie Dillard’s, “The Chase” is an ordinary tale of children being children. It tells an incident from Dillard’s childhood when she was chased by a man after hitting his car with a snowball. Dillard’s purpose is to convey that even though it is fast paced, the exciting moments in life can be remembered ages after. Dillard begins her story of the day she was chased by studying the details that led to the day of the chase. Dillard describes the strategies that she has learned by playing football. These strategies toughened her up both physically and mentally. Dillard says all or nothing, to signify the skills required to play football. She continues to use diction such as wholeheartedly, body and soul, fearlessly, fate, to stress the seriousness of her actions. Dillard’s use of vivid details allows her to illustrate the sport in her mind. She says you would get kicked in the face while the kid got away, which makes the readers think of such pain. Dillard continues to give the reader imagery and details. She describes the setting with the six inches of snow. The author continues to describe her friends- the Fahey brothers, Chickie McBride, Billy Paul, and Mackie Kean are described as dark and furious, grew up skinny, knowing and skilled. These descriptions allow the reader to identify and imagine the characters. Also, Dillard describes the setting using descriptions. “The tracks left by the...
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...The chase strategy is a tool used throughout many companies to meet the demand for their products. In this paper it will define what the chase strategy is. This paper will also identify 2-3 companies that might use the chase strategy. Finally this paper will list some of the challenges associated with using the chase strategy and why. The chase strategy is a tool used throughout many companies to meet the demand for their products. In this paper it will define what the chase strategy is. This paper will also identify 2-3 companies that might use the chase strategy. Finally this paper will list some of the challenges associated with using the chase strategy and why. The chase strategy is a tool used throughout many companies to meet the demand for their products. In this paper it will define what the chase strategy is. This paper will also identify 2-3 companies that might use the chase strategy. Finally this paper will list some of the challenges associated with using the chase strategy and why. The chase strategy is a tool used throughout many companies to meet the demand for their products. In this paper it will define what the chase strategy is. This paper will also identify 2-3 companies that might use the chase strategy. Finally this paper will list some of the challenges associated with using the chase strategy and why. The chase strategy is a tool used throughout many companies to meet the demand for their products. In this paper it will define what the chase strategy...
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...autobiographies about an experience when both writers were being chased.Both writers include cultural influences on the setting to make it more clear what life was reallylike for them in their autobiographies. They also both dramatize the chase to make the story moreexciting. Yet, the two writers differ in what cultural setting their autobiographies are in and whatstyle they use to dramatize the chase.While these two autobiographies are rooted in culture, they both differ in what exactcultures the autobiographies nestle in. Rodriguez writes about life in a prominently poor Mexicanneighborhood. He describes many of its various aspects such as the “people … on the metalchairs … and beer” (paragraph 1), the “stucco and wood-frame homes” (paragraph 2), and the“neighborhood consisting mostly of Mexicans” (Paragraph 2). This poverty enriched land is sucha clash when viewed against the presumably middle class white community that Dillarddescribes. Her description of the suburbs in Pittsburgh seem less poverty stricken such as withthem leaving from houses (paragraph 4) and the clothes that the man that chases them wears(paragraph 10). She attaches no greatness or inadequacy about the homes which makes them justregular homes. She also addresses the man’s clothes that’s chases them as city clothes consistingof a suit and tire, which would stick out in Rodriguez’s...
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...On Monday, March 20, 2017, I, Officer B. McMillon, #135, of the Mansfield ISD Police Department while assigned to Legacy High School located at 1263 N. Main in Mansfield, Texas 76063. At Approximately 1:00 pm LHS student Kroner, Karlee W/F, d.o.b 01/27/2000 who said that on 02/23/2017 that her vehicle was struck from behind by another vehicle in the west student parking lot. Kroner said that on 02/23/2017 at about 3:00 pm she was leaving the school West parking lot when she was struck by another vehicle. Kroner said that she was sitting still waiting on her turn to turn onto the main road of travel when she was struck from behind. Kroner said that the driver of the car identified herself as Perciado, Vanessa H/F d.o.b 12/13/1993. Kroner said...
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...HISTORY: JP Morgan Chase & Co is one of the oldest, largest and best known financial institutions in the world. It is a result of a combination of several large US banking companies and over 1200 predecessors. It dates back to 1799. Chase bank is a subsidiary of JpMorgan Chase & Co that specializes in?. The Chase brand is used for credit card services in the United States and Canada, the bank's retail banking activities in the United States, and commercial banking. It is a national bank that constitutes the consumer and commercial banking subsidiary of financial services firm JPMorgan Chase. The history of Chase Bank dates back to September 1st, 1799 when the Manhattan Company was founded by Aaron Burr as a water carrier company. Burr’s goal was to bring clean water to New York City and put a stop to the monopoly that the Bank of New York and the federal bank had on the state. Alexander Hamilton started Bank of New York in 1784. The Mannhattan Company received its charter in an unusual way, through Burrs’ political connections in New York. Being a former congress man and vice president as well as other prominent positions, he sponsored abill through the New York assembly that established the water company which in turn allowed the creation of a bank. A clause in the bill allowed the company to invest surplus capital in any lawful enterprise. The Bank of Mannhattan started paying dividends in June 1800. The water carrier/bank was off and running. In 1804 Burr was...
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...Company Research JPMorgan Chase was founded by Aaron Burr. It was built on the foundation of more than 1,000 predecessor institutions that have merged to form the company. The well- known heritage banks include JPMorgan and Co., The Chase Manhattan Bank, Bank One, Manufactures Hanover Trust Co., Chemical Bank, and The First National Bank of Detroit (JPMorgan.com). JPMorgan predecessors were the introducers of the first automated teller machine (ATM). The ATM revolutionized banking by allowing customers to conduct transactions from almost any ATM in the world. The Chemical Bank was the first bank in the country to allow customers to withdraw cash 24 hours a day. The Chase Manhattan Bank introduced the Chase Money Card, the first Visa debit card offered by a bank in New York. The predecessors were also the first to develop one of the earliest online home banking services. Today, JPMorgan Chase is one of the largest bank holding companies in the United States. JPMorgan is a leader in asset management, investment banking, private banking, treasury and securities services, and commercial banking. The company services large franchises, corporations, institutional investors, hedge funds, governments, health care organizations, educational institutions, and individuals. JPMorgan has over two trillion dollars in assets and has over five thousand branches in several states. JPMorgan Chase is also one of the top lenders and credit card issuers. The company operates globally in over...
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...[pic] BB&T BANK ANALYSIS REPORT FINA 280 FINANCIAL INSTITUTION MANAGEMENT & MODELING William C. Handorf, Ph.D. June 28, 2008 Washington, DC Content 1. INTRODUCTION ………………………………………………..…………………3 2. BB&T ……………………….……………………………………………………….4 3. US ECONOMIC OVERVIEW ……………………………………………………12 4. BB&T Bank …………...……………………………………………………………14 5. Conclusion…………………………………………………………………………..41 6. Questions to Management………………………………………………………….42 1. INTRODUCTION The purpose of this report is to analyze the financial operations and financial conditions of BB&T Bank by evaluating financial, economic and market information available for the period from 2000 to 2008. This paper attempts to address key strengths and weaknesses of the bank from a regulatory, financial, and credit market perspective. In order to make assessments and calculate required ratios, statistics and correlations, we mainly review the Uniform Bank Performance Report (UBPR) of the bank and publicly available financial data. Besides BB&T Bank the paper also attempts to analyze the performance of the holding company, BB&T Corporation (NYSE: BBT). Section 2 briefly overviews the holding company - BBT - and its financial analysis. Section 3 provides an overview of the US economy as a backdrop to the financial performance of the bank. Section 4 uses the CAMELS methodology (Capital, Asset Quality, Management, Earnings, Liquidity and Sensitivity) to identify the key strengths and weaknesses...
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...The Logic of JPMorgan Chase Whale Trades The main purpose of this report is to expose the findings and misconduct of disclosing important information of the JPMorgan Chase Whale Trades. This report explicitly details the negligence by the Chief Investment Office in misleading the Office of the Comptroller of Currency of their Synthetic Credit Portfolio. The author’s intention is to inform what went wrong with the trading in the derivatives market by JPMorgan Chase. The key question the author is addressing is why the CIO deviated from their standard midpoint markings to later assigning more favorable prices. Also, the author is addressing why the OCC was unaware of the losses and the risk associated with the SCP. The most important information in this article is the deceptive actions committed by the CIO in the London Whale Trades. It became apparent that senior managers downplayed the problems of the SCP and kept describing the portfolio as a risk-reducing hedge, when in actuality it was a massive portfolio losing billions of dollars and had stopped providing credit loss protection to the bank. The whale trades shows how financial institutions engage in high risk trading activities with federally insure deposits and attempted to divert attention from these synthetic derivatives. The main conclusion s in this article is a combination of poorly executed hedging decisions by the CIO of JPMorgan Chase in their SCP. The CIO failed to alert its regulators of their actions...
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...Marketing The slogan "More saving. More doing." was introduced by The Home Depot in the March 18, 2009 circular, replacing "You can do it. We can help." which had been used since 2003. Other slogans used in the past 25 years include "The Home Depot, Low prices are just the beginning" in the early 1990s and "When you're at the Home Depot, You'll feel right at home" in the late 1990s and "The Home Depot: First In Home Improvement!" from 1999-2003 RISK FACTORS BEHIND CORPORATE FAILURE 1 LACK OF BOARD EFFECTIVENESS Ineffective boards suffered from limitations on skills and competence, as well as on the nonexecutive directors’ (NED) ability to monitor and control senior executives effectively. For instance, the board director who was responsible for refining at BP at the time of the Texas City refinery explosion had no refining experience. Independent Insurance’s NEDs did not have insurance industry expertise. 2 BOARDS' RISK BLINDNESS This is characterised by a board’s failure to engage with important risks, such as risks to reputation and “licence to operate”, to the same degree that they engage with reward and opportunity. For example, Railtrack’s licence to operate depended on the UK government, but the company outsourced track maintenance, despite the fact that this was one of its core responsibilities to its customers. 3 POOR LEADERSHIP ON ETHOS AND CULTURE Double standards were perceived in cases such as Maclaren’s dealing with its US and UK push-chair (baby stroller)...
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...IRAC Brief: JP Morgan Chase Settles the London Whale This is a case study analysis of a current legal case regarding the governance principles of regulatory compliance and the methods used to manage risk arising. The briefing of this case will utilize the IRAC method of case analysis to give a breakdown on the case of JP Morgan Chase on regulatory violations and risk management. The IRAC method will address I - Issue, R - Rule, A - Analysis, and C - Conclusion which will provide a researched assessment of the trading loss violations on this case. Please read and review this analysis of the case utilizing IRAC method of case analysis. Issue JP Morgan Chase permitted traders in its London office to allocate magnified values to transactions and cover up huge losses as they continued to explode. Two traders could face criminal charges for fabricating records to cover up losses. JP Morgan’s charge to the $6 billion oversight in trading loss is the first for a main company since the Securities and Exchange Commission revised its practice of letting firms pay fines without admitting fault. An admission by JPMorgan could provide a pattern for pursuing other admissions in Wall Street cases. The Justice Department is aggressive in getting JPMorgan to admit that from 2005 to 2007, it sold mortgage securities to investors without fully warning of the risks. By wanting the bank to admit some responsibility, officials hope it will caution other corporations to double check before taking...
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...General Environment Forces The financial crisis and the way that the American people viewed the nation’s financial institutions are two major indirect forces that that Chase bank had to deal with. The financial crisis the US has been dealing with for the past 3 years and is still currently trying to overcome today was triggered in part by the United States banking system (Whitney, 2010); because of this there was a tremendous collapse of some of our major financial institutions, the bailout of banks by national governments, and a stock markets plummeting everywhere around us (Whitney, 2010) In many areas, the number of evictions, and foreclosures rose to insane heights; the housing market experienced a huge hit (Whitney, 2010). The financial crisis in 2007 is considered by many economists to be the worst since the Great Depression of 1930 (Pendery, 2009). It has contributed to the failure of many key businesses, the decline in consumer wealth, substantial financial assistances by the United States governments, and a significant decline in economic activity. (Baily, & Elliot, 2009) The cry out for assistance was heard, “President Bush, in a televised address Friday morning, said the nation's economy is at risk, adding he believed that Congress will move quickly on a bailout proposal.” "We've got a big problem," he said. (Ellis & Sahadi, 2008) Henry Paulson, Treasury Secretary, proposed an act which he believed would help alleviate some of the issues during this financial fallout...
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