...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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...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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...they have encountered Marilyn Monroe in their favorite bookstore. The significance of Marilyn to the real plot was that she was something that the two girls could bond over. Marilyn was their “thing” and they did not not want anyone else in on it. Scattered along the path of stalking and helping Marilyn, the narrator speaks affectionately about her friend. She comments on her body shape and monkey nimbleness which before seemed like meaningless comments. There were other clues like the use of “enchanted” several times to properly set the mood for the story. The way the plot and ending came together helped understand these clues. The surprise ending in “Three Girls” tied the entire passage together. It helped me understand that the story was one of a first kiss. The flashback transformed from a celebrity encounter to a romantic experience. It was a cute memory but it made sense of the “persevering author and married with kids” line. It revealed that the narrator became a writer and her friend grew up to become married with kids which tells us that the romance did not last. This revelation helped me understand that this memory was that much more special since the relationship did not work out. Overall, the plot of “Three Girls” had twist ending that greatly helped me understand the passage as a...
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...the social classes the way Aladdin did. First of all, there is no surprise that Aladdin is treated very different from the beginning of the movie, to when he becomes a prince. One of the very first examples you can see this being displayed is during the song “One Jump Ahead”. In this scene Aladdin is chased around the city’s streets of Agrabah by guards because he can’t afford to pay for the food he stole. Based on the ragged clothes he wore, with patches in his pants, the town labels him as riffraff, a street rat, and a scoundrel, just like the lyrics in the song. However, when he is a prince, Aladdin gets a grand parade entering the city on the way to the palace. He was treated different by the Norman,2 people because of the way he was dressed and how he was presented. He no longer had on old ragged cloths, and now wore an expensive wardrobe fit for a prince. The crowed did not mock him nor call him names because he looked like he came from wealth and was high up in the social status. In the song “Prince Ali”, the harem girls sing “There's no question this Ali's alluring. Never ordinary, never boring. Everything about the man just plain impresses... He's a winner. He’s a whiz— a wonder! He's about to pull my heart asunder. And I absolutely love the way he dresses!”. However, in “One Jump...
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...“A man sets out on a journey, dreaming of a beautiful or magical place, in pursuit of some unknown treasure”. The Alchemist is about how Santiago is having a recurring dream of his personal legend. Then it talks about how he got there and what he went through. In the novel, The Alchemist by Paulo Coelho the hero's journey reveals that there are many steps and obstacles to pass or get through before reaching your personal legend. There are so many steps and obstacles, you need to prepare for before going to find your personal legend. One of the steps Santiago went through was to leave his home and prepare himself to find his personal legend. He also had to talk to talk to his father before leaving to see if he can get money for his journey....
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...World Mythology March 5th, 2012 Arabian Nights Essay Fantasy our Daily Determination The art of storytelling is the oldest and most captivating art form man has ever produced. Each and every one of us has been lead on a path by a story so unique that each path can only be traveled once with no chance of return or pause along the way. The reason these stories create a one-time offer is due to the mysterious element of fantasy that no man can ever lack or cease to exist. Fantasy is a genre of fiction that commonly uses magic and other supernatural phenomena as a primary element of plot, theme, or setting. Though formal in definition the fantasy defined above is only the tip of the iceberg because fantasy can be created in one’s mind at a moments notice. Kieran Egan an education professor at Simon Fraser University states that, “fantasy is the most valuable attribute of the human mind; it enriches children’s spiritual development, and is the most important tool for orienting ourselves to reality”(3). This quote pinpoints why fantasy stories have been with us since the start of man and why books like “The Arabian Nights” are so popular thousands of years after there first dictations. Each story read from “Arabian Nights” has different fantasy elements in it, these elements captivate us and bring us inside the stories and are exactly what we connect to, not as a form of “escapism” but to help fuel our own determination to fulfilling our own fantasies. Many of these stories...
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...young girl who ventures out into the real world only to realize that she has lost her way. She feels distant and broken inside and realizes that there is only one way to fix this emptiness. She then goes to visit her very first home where all her fondest memories were made only to find that it is now someone else’s home. She implores the current resident of the home to let her in and assure her that she comes with the purest of intentions. As she walks around the house she realizes where she came from, as well as the values and dreams she was raised with. The very first literary device used is one of personification, used in the verse “From the house that built me.” This line, if interpreted literally, states that the house physically built the speaker. However, if this same line is interpreted figuratively, is reads that the house is such a big part of her memory and childhood that it is the foundation of who she is today. Throughout the song, the artist speaks of a house that she is visiting. This house is a symbol used to represent her roots and all the thing life used to consist of that are now gone. This could be representative of family that passed, morals that were compromised, or perhaps a negative change in one’s own personality. There are very few rhymes throughout the lyrics of this song, therefore when one does exist, it emphasizes the meaning of that very verse in the song. Which in this case would be ““Plans were drawn and concrete poured’ and nail by nail and board...
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