Free Essay

Citi Group

In: Business and Management

Submitted By samuel454
Words 4182
Pages 17
Restoring Ethics and Image Before Growth
Charles Prince, CEO of Citigroup, is facing a daunting challenge as the head of the largest financial services organization in world. He has joined a company that has experienced significant regulatory scrutiny and that has been linked to the biggest scandals in corporate history. Unfortunately for Prince, the problems are pervasive throughout most of Citigroup’s diverse service offerings. In March 2005, Prince announced his strategy to transform the financial giant and to provide a new direction for the future. He called it the “Five Point Ethics Plan” to: improve training, enhance focus on talent and development, balance performance appraisals and compensation, improve communications, and strengthen controls. Due to the size and complexity of the organization, there were significant unresolved questions. How could the plan be effectively revealed? Would the plan be strong enough to change the culture of the entire organization? How should the corporate communications department handle both the initial and long-term communication of this plan to major stakeholders? About Citigroup Incorporated in 1998, Citigroup Inc. is a diversified global financial services holding company providing services to consumer and corporate customers. The company has approximately 141,000 full-time and 7,000 part-time employees in the United States and 146,000 full-time employees in more than 100 countries outside the United States. All of Citigroup’s services can be grouped in 3 main areas: Global Consumer, Corporate and Investment Banking, and Global Wealth Management. Citigroup also has two stand-alone businesses, Citigroup Asset Management and Citigroup Alternative Investments. Global Consumer Group was 72% of income in 2004, with Investment Banking coming in second at 13%.1 The Citigroup umbrella covers several brands including Citibank, Citifinancial, Citistreet, Citi, Primerica, Banamex, and Solomon Smith Barney (SSB). Citigroup has a 200 year old legacy of innovation and achievement. The City Bank of New York is Citigroup’s earliest ancestor, establishing a credit union for merchant-owners in 1812. Many of the rest of Citigroup’s ancestors originated in the late 19th century, including Travelers, Smith Barney, Bank Hadlowly, and Banamex. In the 20th century, acquisitions included IBC, Salomon Brothers, and The Associates. Sandy Weill, former CEO, was recognized as bringing it all together under the one red umbrella of Citigroup in 1998.2 Sandy Weill: The Man Who Shattered the Glass-Steagall “Everything about Weill is big, including his ambition” Charles Gasparino, Blood on the Street Congress passed the Glass-Steagall Act in 1933, which established what was known as the Chinese Wall between commercial banking and investment banking. That same year, the man

who would influence the repeal of that act in 1999 was born. Sandy Weill later became one of Wall Street’s most influential men as the Citigroup CEO in 1998. He ran the one-stop financial supermarket until 2003.3 In the 1960s, Weill grew Shearson Loeb Rhodes brokerage from a mid-sized business into an empire that he sold to American Express Corporation in 1981. After being bounced from Amex, he had one of the most notable comebacks on Wall Street. He merged his insurance company, The Traveler’s Group, with the Salomon Smith Barney brokerage and the Citicorp banking empire. This merger made Weill a very rich and powerful man, but the fame also brought a lot of negative publicity. During Weill’s era as CEO, Citigroup was associated with numerous corporate scandals, regulatory investigations and legal settlements. In an interview with the New York Times on September 11, 2005, Weill still defended what he built, saying “I don’t think it’s too big to manage or govern at all. I’m sure there would have been things that would have been tweaked this way or that way, but when you look at the results of what happened, you have to say it was a great success.” Charles Prince became the next Citigroup CEO after Weill. His advice for Prince, “Don’t screw (the legacy) up.” 4 Charles Prince – Maintaining the Legacy Charles Prince became the chief executive officer with Citigroup in 2003 and has been an employee with the company for 24 years. He began his career in 1975 as an attorney with U.S. Steel Corporation. In 1979 he joined Commercial Credit Company, which Sandy Weill took over in 1986. At that point, Prince became what Fortune’s Carol Loomis called, “an absolute Weill loyalist, who has promptly accepted whatever assignments Sandy has wanted him to take on.”5 He served as main counsel until 2003, when Weill chose him as CEO. Since 2003, Prince has been a fireman, cleaning up the scandals and improprieties that have been building since the late 1990s. Much of that cleaning has meant removing companies and executives that helped build Weill’s legacy, including the sale of Traveler’s Insurance. Prince has been described as “a smart, logical thinker who’s big in frame, in laugh, and in capacity for work.” One long-time analyst notes, “I believe that non-charismatic Prince is going to be a more positive force at Citigroup than the other three charismatic CEOs going back to the 1960s.”6 Distributing Biased Research In 2001, the Office of New York State Attorney General Eliot Spitzer began an investigation into possible conflict of interest problems with Citigroup’s investment banking practice. This joint investigation between state and federal regulators was resolved and settled in April 2003. In addition to payment of $400 million, Solomon Smith Barney (SSB) was required to adopt a 2

series of reforms and measures. This payment was larger than any other financial institution included in the investigation. The financial impact is even larger due to additional private litigation arising from the settlement. Citigroup took a $1.5 billion charge primarily for litigation reserves in the quarter of the findings. 7 There were multiple findings from the investigation concerning Citigroup’s internal operating practices and communications with clients. The investigation found that the research analysis and correlating ratings were not performed with independence and integrity. SSB business practices encouraged research analysts to provide favorable coverage of companies that were also investment banking clients. A portion of each analyst’s compensation was based on revenues from the investment banking unit and investment banking evaluations. The investigation found incidents of fraudulent and misleading research reports. SSB also practiced spinning activities that allocated lucrative shares of IPO stocks to executives at investment banking clients.8 One of the most notable reforms required as part of the settlement was to separate the investment banking operations from the research operations of the company. Senior investment banking executives working for a client were forbidden from directly communicating with the research analysts covering the same client. The reforms also required the CEO of SSB’s research unit to periodically report to the Citigroup board of directors concerning the quality and independence of the research products. The Star Telecom Analyst Jack Grubman was a notorious telecommunications analyst for Solomon Smith Barney. He touted his relationships throughout the industry and earned an estimated $20 million per year. In 10 different deals, he helped SSB earn $24 million in fees from investment banking with WinStar Communications. 9 In January 2001, Grubman assigned a $50 price target and classified WinStar with a “Buy” rating. With the stock subsequently trading at $13, Grubman’s assistant e-mailed a large investor stating, “Buy here and sell in the low $20’s.” However, Grubman did not change his price target or rating in public. In fact, he maintained the status quo even when WinStar shares were trading at less than one dollar and the company was on the eve of bankruptcy. He later noted in e-mail, “we support our banking clients too well and for too long.”10 The National Association of Securities Dealers alleged that SSB’s research was materially misleading after investigating the WinStar incident. SSB agreed to pay $5 million to settle the charges.


Deceptive Lending Practices Citigroup acquired Associates First Capital Corporation and Associates Corporation of North America in November 2000. They subsequently merged the acquired entity into the Citifinancial Credit Company division. The Associates were one of the nation’s largest subprime lenders. Subprime lending serves borrowers who cannot obtain credit in the prime market. The loans carry higher costs due to the additional risk taken by the lender and are frequently held by lowincome families. In March 2001, the Federal Trade Commission filed suit against Associates for deceptively inducing consumers to refinance existing debts into home loans with high interest rates and fees. They also alleged that Associates tricked borrowers into purchasing high cost credit insurance without their knowledge. In some cases, the fees were included in monthly payments and added thousands of dollars in additional cost. When consumers noticed the fees, the employees of Associates employed various tactics to discourage them from removing the insurance. The FTC described the activities as, “systematic and widespread deceptive and abusing lending practices.” The result was the largest consumer protection settlement in FTC history and required Citigroup to pay $215 million.11 Helping Enron Corporation Commit Fraud On December 2, 2001, Enron filed for bankruptcy protection from its creditors. Investors later found that the company used highly complex special purpose entities and partnerships to keep $500 million off of the consolidated balance sheet and to mask significant deficiencies in cash flow. Citigroup was one of the financial institutions that helped Enron design these transactions. The Securities and Exchange Commission initiated enforcement proceedings with Citigroup for assisting Enron in producing misleading financial statements. The Commission alleged that loans to Enron were disguised as commodity trades. The transactions were essentially loans because they eliminated the commodity price risk. Under these transactions, commodity price risk was passed from Enron to Citigroup and back to Enron. Without regard for the change in price of the underlying commodity, Enron was required to make repayments of principal and interest. The commission also alleged that Citigroup helped Enron design transactions that transferred cash flow from financing into cash flow from operations. There was further evidence of similar deceptive transactions with Dynegy. Citigroup agreed to pay $120 million to settle the allegations that it helped Enron and Dynegy commit fraud.12 Spinning WorldCom Executives In May 2004, Citigroup agreed to pay $2.65 billion to settle class action suits related its role in the collapse of WorldCom. Plaintiffs in the suit alleged that SSB wrongfully provided favorable ratings on the company. Telecom analyst, Jack Grubman, provided the coverage. WorldCom was not downgraded to “neutral” until WorldCom lost 90% of its value. The U.S. House of 4

Representatives Financial Services Committee additionally found that Grubman warned WorldCom executives, in advance of public disclosure, that Citigroup was dropping the stock from the recommended list.13 A former U.S. Attorney General appointed examiner alleged that Bernard Ebbers, WorldCom’s chief executive officer, violated his fiduciary duties by passing over $100 million of investment banking business to SSB in exchange for allotments of IPO stock shares. Ebbers was the chief executive during the time when massive accounting fraud and questionable personal loans were discovered. WorldCom subsequently restated earnings by $17.1 billion in 2001 and $53.1 billion in 2000.14 The End of Japanese Private Banking Citigroup is the largest and oldest foreign-owned bank in Japan. The history of their operations dates back to 1902. The operations in Japan are some of the largest outside of the U.S. for Citigroup. Bank officials at Japan’s Financial Services Agency began investigating Citigroup transactions linked to money laundering, as well as loans that were used to manipulate publicly traded stocks. The FSA warned Citigroup in 2001, but little corrective action was performed. In December 2004, Citigroup was handed the damaging news that the FSA would terminate all private banking operations in Japan. This included a requirement to close over five thousand bank accounts. The FSA cited the corporate culture and governance for the infractions. Citigroup executives blamed the problem on the unclear reporting structure for key executives in Japan. Heads of divisions reported to different bosses in New York. In addition to the lost earnings, the closing of the bank accounts represents a challenging blow to Citigroup’s image in Japan and threatens the consumer and corporate banking units still operating in the country. 15 Financial Effects of the Corporate Scandals By the end of 2002, the effects of the various allegations were weighing heavily on Citigroup. The SEC, FTC, NASD, the New York State Attorney General and other agencies had performed investigations. The reserves set aside for still outstanding legal liability grew by billions because of the costs of regulatory and private litigation. During 2002, the year that many of these issues were discovered, the company lost over 30% of its market value. In May 2003, Citigroup dropped coverage of 117 firms and fired seven of its top analysts. There was an increasing number of analyst layoffs up and down Wall Street. J.P. Morgan, Goldman Sachs and Morgan Stanley cut up to 25% of their research staffs.16 In 2005, the Federal Reserve publicly announced that it would not approve any major Citigroup Mergers and Acquisitions until the company resolved these various issues. This unusual warning from the Federal Reserve was especially restrictive to Citigroup because some analysts believed that big acquisitions were the only way to continue the aggressive growth.17 5

Changing Citigroup’s Reputation One of the initial steps Prince took to clean up Citigroup was hiring Sally Krawcheck as chief financial officer and head of strategy. Krawcheck was known at Smith Barney as “The Queen of Clean,” and Prince hoped that she would continue this trend as Citigroup pushes to clean up its image.18 On February 16, 2005, Prince announced his Five Point Ethics Plan in a group memo to his employees as part of his goal to make Citigroup the world’s most respected financial institution. While this is the most important goal Prince gave in his public plan, there are other benefits that will, hopefully, come with this ethical improvement. Prince hopes to grow the consumer and international business, and to make the corporate and investment bank the best in its class. The four-page ethical document listed a series of initiatives that employees would start to see implemented in twelve-to-eighteen months, beginning March 1, 2005. Details of the Five Point Plan • Expanded Training. This point is designed to instill an appreciation for Citigroup legacy. The ethics program was kicked off with a company-wide broadcast of The Company We Want To Be to relate the main three responsibilities within the company: the responsibility to clients, to each other, and to the franchise. Annual training the about history and the culture of the Citigroup franchise will be required for all levels of management. Additionally, all employees will receive Annual Ethics/Code of Conduct training. Enhanced Focus on Talent and Development. A new initiative will be launched, focusing on flexibility, 360 degree reviews, manager surveys, and business leadership seminars for senior managers. New jobs will be communicated and posted internally to encourage those with outstanding talent to stay within the company. Balanced Performance Appraisals & Compensation. Standardized performance appraisals and evaluations of all managers will be conducted annually. All compensation for business heads will be based on how Citigroup performs, not just how individual managers perform. Employees will be paid bonuses on the basis of how well they participate in training and ethics program. Improved Communications. Charles Prince demonstrated that takes this initiative very seriously, as he has traveled around, meeting with and visiting managers and employers. Citigroup wants to improve the consistent communication of values and goals. Results of any issues reported to Ethics Hotline will be discussed, and more conferences will be planned for Senior Managers. 6

Strengthened Controls. Such control includes compliance training, risk control selfassessments, and the creation of the Independent Global Compliance function that will be responsible for ensuring Citigroup’s compliance with rules and regulations.1 Prince Hires Administrative Ethics Officer

Additionally, on September 26, 2005, Lewis B. Kaden joined Citigroup as Vice Chairman and Chief Administrative Officer. Kaden served as a moderator for the PBS’s Media and Society seminar, including the Ethics in America series which won a Peabody Award. Kaden was a lawyer from Davis Polk & Wadwell, where he handled issues of corporate governance, mergers and acquisitions, and advised major corporations such as Citigroup on significant issues. Prince said of Kaden, “Lew’s deep experience, insight, and integrity will be of great value as we pursue our ambitious agenda to build the most respected global financial services company. We look forward to his contributions.”19 Reaction to the Plan “Ethics is something you learn as a child; teaching it doesn’t make you an ethical person,” said Prof. Charles Elson, director of the Weinburg Center for Corporate Governance at the University of Delaware. He did say, however, that “if (Prince’s plan) can clarify blurry issues and help instill a culture of compliance to a code, I applaud it. But to teach ethics to make people ethical, that’s a bit strained.”20 Elson went on to suggest, “The acid test is going to be sort of a notolerance policy for ethical violations, not just legal violations . . . . If the company demonstrates to its employees that it will not tolerate violations of its code of ethics . . . then you begin to affect a change in culture.” Elson further stated that Prince’s efforts were a “good start” but that he would need to distance himself from former administration that did not put compliance first. “Rethinking his board, bringing in new blood would be quite helpful,” said Elson. He added that Sandy Weill must go, “I think that Mr. Weill’s complete retirement from the company would go a long way to distance Mr. Prince from the earlier regime.” 21 The Departure of Weill’s Army A few months after Prince’s plan was announced, Robert B. Willumstad, Citigroup’s President, COO and Director announced that he was going to leave to become a chief executive of a public company. Willumstad had a key role in creating Citigroup in 1998 with the combination of Travelers Group and Citicorp. During his tenure as Chairman and CEO of the Global Consumer Group at Citigroup, the company witnessed strong profit growth and several successful acquisitions. Willumstad worked closely with Charles Prince and Sandy Weill for years, and was very disappointed when he was not chosen as CEO. 22


Found online at


In the same month, Weill stated that he wanted to end his contract early, and launch a private-equity fund. There are reports that he is frustrated by Prince’s Five Point Plan and the Traveler’s Group transaction. One bank analyst stated, “Sandy always told me he preferred to fix things as opposed to sell them…I’m sure he hated (the Traveler’s Group) sale.”23 Weill has decided to stay on until April of 2006 due to conflicts of interest and information access. A month after the announcements about Willumstad and Weill, Marjorie Magner announced her plans to leave, as well. Marjorie was the chairman and chief executive of the Global Consumer Group segment of Citigroup. Magner plans to pursue a career change outside the financial services industry.24 She is among the highest-ranking women at Citigroup, and her group contributed more than half of the bank’s income over the last several years. Executives at Citigroup knew that Magner disagreed with Prince’s plan and major changes. Prince responded to Magner’s announcement by saying that she was one of the “legends who built Citigroup,” and that he is “most proud” of the people she is developing, including her successors. 25 On a more positive note, Saudi Prince Alwaleed bin Talal, Citigroup Inc’s biggest investor, said chief executive Charles Prince would need more time to prove himself as head of world’s largest financial-services firm. “This company is a giant,” Alwaleed said, “You have to give him time to institute his culture and way of thinking. I’m backing them all the way.” 26 Prince’s Response Charles Prince said of all these initiatives, “The real question is, can we execute it in a way that becomes more embedded? The systems are designed to provide sticks. This will all tie to how you pay people. People who don’t complete the required training, for example, won’t receive bonuses. If we don’t pay people the right way, the initiatives risk becoming no more than cynical happy-talk.”27 Prince acknowledged that he has to own this program. He said, “If we delegate this to the (human-resources) department, it’s not going to work”. 28

Discussion Questions 1. Has Citigroup grown too large to enforce corporate governance or internal controls? What effect has the organization’s size and complexity had on the continued problems? 2. What effect will the new plans have on Citigroup’s investors? What can Citigroup do to mitigate negative responses? 3. How can Citigroup continually communicate the reformed organizational culture to the public?


4. How would you react if you were the corporate communications officer of a Citigroup competitor? 5. Do you believe it is possible to enforce an ethics program with this or any other organization? 6. As a corporation communications officer, what would be your method to communicate the plan to Citigroup employees and inspire change? 7. Is Prince’s plan sufficient given the magnitude of the problems facing Citigroup? 8. Who are the critical stakeholders? How should Prince handle the stakeholders’ responses and concerns?


Citigroup, “Annual Report 2004,” Citigroup, “Annual Report 2004”



Chris S uellentro p, “Sandy W eill, Ho w Citigro up’s C EO rewro te the rules so he could live richly,” , November 20, 2002.

“Laughing all the way from the bank/Citigroup’s mastermind is still defending his grand design,” New York Times, September 11, 2005.

Wikipedia, the Free Encyclopedia Online, “Charles Prince,”


“For Citi, This Prince is a Charm: CEO C huck Prince is no Sandy Weill when it comes to style, and that has proven to be just what the scandal plagued giant needs,” BusinessWeek Online, January 28, 2005.

“Spitzer settlem ent to cost Citigroup $1.3 bn”. Financ ial Tim es, December 23, 2002.


Office of the New York State Attorney General Eliot Spitzer, “Conflict Probes Resolved at Citigroup and Morgan Stanley”., April 28, 2003.

“Solo mon Agrees to N ASD Fine”, The Asian Wall Street Jou rnal, September 25, 2002.


“Citigroup to pay $5 million fine to NASD to settle charges it issued misleading research to protect an investment banking clien t with a focus on J ack G rubm an”, CNBC Business C enter. September 23, 2002.

Federal Trade Commission, “Citigroup Settles FTC Charges Against the Associates Record-Setting $215 Million for Subprime Lending Victims”., S eptem ber 1 9, 20 02.

“The Falls o f Enro n: Citigro up Settles Suit Over Credit Insurance”, Ho uston Chronicle, September 20, 2002. “W orldCom Files Largest Bankruptcy E ver”, Mo ney, July 22, 2002.




“Citigroup to Pay $ 2.6 B illion to Settle W orldCom-Re lated S uit”, TR Da ily, May 10, 2004.


“Citigroup’s Misstep In Japan M ay Bruise Bank ’s Global Imag e” The Wall Street Jo urnal, September 22, 2004.

“Citigroup ceases coverage of 117 firms: Seven analysts fired: Research cutbacks mirror rivals’ in wake of Spitzer deal”. Financ ial Po st, May 24, 2003.

“US Fed Puts Check On Citigroup Deals” Financ ial Tim es, March 17, 2005 “Citigroup swaps top jobs” The Guardian, September 28, 2004. “Lewis B. Kaden to join Citigroup as Chief Administrative Officer.” Business W ire. June 15, 2005. “Citigroup goes to ethics class” New York P ost February 17, 2005. “Films and Forums teach value of ethics” The Times March 26, 2005






“Citigroup Announces Departure of Robert B. Willumstad” Busine ss Wire July 14 , 200 5. “Citigroup’s No. 2 W ill Leave, Seek a Firm to Lead” Wall Street Journal, July 15, 2005.

“Frustrations of a Deal-Maker” The New York Times, July 21, 2005. “Citigroup’s Marjorie Magner to Leave” AP, August 22, 2005. “Citigroup’s Prince Remakes Empire, As Magner Leaves” Business Week, September 5, 2005. “Citigroup’s chief needs time, says Saudi Prince” Calgary Herald, September 7, 2005. “Citigroup Works on Its Reputation” Wall Street Journal, February 16, 2005. “After Scandals, Citigroup Moves to Beef Up Ethics” Wall Street Journal February 17, 2005,






“Exclusive Interview with Citigroup,” August 31, 2005.


Similar Documents

Premium Essay

Project Management

...Greendale Stadium Case Jeanette Willis Liberty University Dr. David G. Duby July 08, 2016 The Greendale Stadium project will be completed before the expected time deadline of May 20, 2014 enabling G&E Company to avoid any penalties; however, if any single or combined project activities are delayed for a substantial amount of time, G&E Company will begin to incur a penalty of $100,000 for each day delay. This means that the critical pathway and predecessor activities are even more crucial to be completed in order to meet the time estimate. Any delay in these activities could delay the entire project timeline and result in the devastating penalty. Based upon the critical pathway, this project will take approximately 695 days to be completed . It is a high probability that activities will not materialize 100% as planned; however, contingencies were not factored into the time estimates for the project but should be factored into the overall decision of pursuing the project. According to Larson & Gray (2014), a critical pathway is “the longest path(s) with the longest duration through the network; if an activity on the pathway is delayed, the project is delayed the same amount of time. (pg. 164)” In the case of the baseball stadium, the critical pathway is a list of eight job activities. The critical pathway for the Greendale stadium would be Activity’s 2, 5, 6, 7 & 9, 10, 14, 15 and 20 and will take approximately 695 days to......

Words: 545 - Pages: 3

Free Essay

Field of Dreams: Citi Field

...Field Of Dreams: Citi Field A road trip to a Mets game is always filled with anticipation of fun. The one and a half hour drive seems to take an eternity. Citi Field can be seen halfway over the Whitestone Bridge. Resembling Ebbets Field, its stunning architecture takes my breath away. In the parking lot, you realize just how enormous the stadium is. It looks so much larger than it is portrayed on television. Right outside the stadium, the song Meet the Mets is usually playing through the speakers. A loop of the PA announcer listing all the things that are not allowed in the stadium is played overtop the song. A security person gently pats your pockets and then signals for you to go through the turnstile. Inside, the Jackie Robinson Rotunda is beautifully designed with staircases and escalators to bring you to field level seats. To the right is the Mets Hall of Fame and team store. The hall of fame is filled with archival pictures and memorabilia. Straight ahead is a sculpture of Jackie Robinson’s number 42. First timers race to the sculpture to take pictures with it. At the top of the escalator, you finally get the sense that you’re at a ballpark. The aromas of hot dogs, burgers, and fresh roasted peanuts fill the air. The field comes into sight after you walk a little bit to the left or right. The scoreboards glisten from the sunlight. The dirt looks as soft as a pillow, and the freshly cut grass smells almost fragrant. The foul lines are pristinely...

Words: 466 - Pages: 2

Premium Essay

Root, Root, Pay for the Home Team? Taxpayers Funding Professional Sports Stadiums

...Root, Root, Pay for the Home Team? Taxpayers Funding Professional Sports Stadiums Kayla Thompson MBA 578 SB FT Managerial Economics April 13, 2013 ABSTRACT The purpose of this paper is to address the issue of the public (taxpayers) funding the construction and/or renovation of privately owned sports stadiums. The use of public funds has skyrocketed since the early 1980s. Why has there been an increase in the trend and what is really going on behind the scenes? Through my research, I have found six articles that deal with many questions surrounding this hot topic issue. First, I will examine how the sports teams and the local governments deal with the public when proposing the funding of the sports teams’ stadiums. After the public agrees to back the construction of a stadium, the next step is to find out where those funds are coming from. I will take a look at how the increase in taxes are being implemented and just exactly how much debt these taxes are trying to pay off. Once all of this information is determined, it is easy to get to the real question of this research paper: Is funding the construction of a new sports stadium worth it for the taxpayers of that city? Does the revenue outweigh the debts, or will it never pay off? The answer to this might just change the readers’ minds next time they are sitting at their home stadium watching their favorite team play. INTRODUCTION Taxpayers funding sports stadiums has become more and more prominent......

Words: 4334 - Pages: 18

Free Essay

Data Collection Paper

...Ranking Baseball’s Best Ballparks By: Nate Silver Nate Silver conducted a research to evaluate and rank the nation’s ballparks. Nate used the web site to gather fan ratings of the ballparks. According to the data the highest average rating is 4.77 to the lowest rating of 3.02. Nate has included the standard deviation for each ballpark stating “the higher this number is, the more disagreement there is among fans as to the overall experience.” While comparing two ballparks in located in New York, the Mets’ Citi Field (4.05 stars) and the new Yankee stadium (3.92), he also finds that a new ballpark does not receive higher reviews. This article demonstrates the variables to consider regarding the overall attendance such as the size and age of the stadium as well as the number of wins. According to the results of the article the top five ranked ballparks ranged widely in the size and age of the stadium and the number of wins. With the result of Nate’s findings we conclude that the status of a stadium or the team’s winning streak does not have an effect on attendance. MLB Labor Deal Could Keep Ticket Sales Strong By: Patrick Dunne Patrick Dunne speaks about the stability of labor-management relationship in the sport of baseball. Baseball has had 21 years of labor peace. He states “The news no doubt pleases fans and ticket brokers who have grown weary of other leagues’ season-halting arguments between billionaires and millionaires.” The......

Words: 359 - Pages: 2

Premium Essay

Research on Basket Ball

...Marketing Research study for Poughkeepsie stadium and team SUBMITTED TO DR.HEATHER WELLER SUBMITTED BY CHAITHANYAKRISHNA REDDY NOTI DATE: JAN 29 2015 Introduction: To build a new baseball stadium, form a new baseball team in Poughkeepsie and also to analyze the market opportunities and economic growth. Ways to approach: 1. Firstly, finalize the contract with recognized firm for best price to complete the construction of stadium. 2. To find the number of options for funding to build the stadium 3. To identify market opportunities by meeting industry experts Product Description: Poughkeepsie Avengers team is the new team formed to participate in newly formed Poughkeepsie minor baseball league along with existing teams around the New York state. Design and facilities: The stadium in Poughkeepsie planned to accommodate 3000 fans for every match including different classes like, Premium seating, guests seating, normal seating, kids seating. In addition, space is allocated to Food courts, retail shops.......

Words: 907 - Pages: 4

Premium Essay



Words: 289 - Pages: 2

Free Essay

Lua Stuff

.... Introduction top next gema actions are enough for everyday usage but occasionally you may need more power to define a complex transformation. You might, also, want to use the superior matching capabilities of gema to drive your program. GeL is a Lua 5 library that: allows the execution of Lua function (and hence of a C function) in a gema action provides the powerful text matching mechanisms offered by gema as a set of Lua functions it has been tested with Lua 5.0.2. Refer to the detailed documentation to build gel togheter with gema, . 1.1 Status GeL is not as mature as gema or Lua, please report any bugs you may find using SourceForge bug tracking subsystem (you don't need to log in as a SourceForge user) or sending an e-mail to Remo Dentato. 1.2 Licence GeL is released under the same licence of Gema. No specific reference needs to be made to GeL as long as the due reference to Gema and Lua have been made. 2. Usage prev top next 2.1 Gema like Gel may be used exactly as if it was gema, any valid gema script should work when executed by gel: gel [gemaopts] [-f rules.gema] [-l script.lua] [infile [outfile]] . The only differences are: The @lua{} function is available to execute lua scripts in actions Text enclosed between "![" and "!]" is considered lua code and is immediately executed Rules specfied with '-f' are loaded, the lua script specified with '-l' is executed (possibily defining lua......

Words: 1294 - Pages: 6

Premium Essay

Reflective Journal

...experience. My seminar topic was about examining the imagery that appeared in the play Hamlet. A skill I developed was using technological equipment to present a presentation.Each group had to pick a topic that was in their interest to research online for information. The requirements started with presenting the information in front of the class informing the audience what imagery means and discuss using concrete examples from the play. This presentation gave me the opportunity to work with PowerPoint and Excel and then to present my information. I believe that in order to communicate effectively with the audience you have to have a well prepared presentation that will capture their attention so that you can present your ideas clearly. A skill that I had trouble was to be able to work as a team. The imagery seminar was a great opportunity for me to develop my team work skills because we were put in to pairs to complete the seminar. Each member in the group had specific responsibilities to the team in order for the seminar to be successful. Being in the group to work on the seminar was a great experience for me because I was able to see where my strong and weak points are in group work. I found that it was easier for me to communicate my ideas with Rachna than to the whole class. A big part of group work is good communication between Rachna and I. Communication is also a big part of my learning experience because I will need to be able to get my ideas out by......

Words: 585 - Pages: 3

Free Essay


...Inequalities Thomas Cunningham MAT221: Introduction to Algebra (GSO13360) Instructor: Justin Hazel Inequalities In this assignment I will be showing you how you can find out how to use Inequalities to find out how much you may or may not be overweight. You can use my equations and the examples of my work to find out exactly what category you might fall in. In this equation we are asked to use our own height to find out exactly if I might have a longer life span than the usual person. Before we start remember that W=my weight, and then H=my height. W=178.2 and then H=67 In this first compound inequality, I had to take the equivalent inequality and replace it with the BMI formula. My height and weight has been added in to replace the current H^. The next steps for this compound inequality I had to multiply all the terms by the denominator. There was some cancellation done towards the first phase of the problem. I then all three terms where divided by 703 to isolate W. People’s height of 67 might be different life span of those whom might weigh between 108lbs and 128lbs. 17<BMI<=22 17<703W/67^<22 17<703W/4489<22 17(4489) <703W<22(4489) 76313<703W<8978 76313/703<8978/703 108<W<128 In order to solve this second inequality, what I need to do is solve for W and place the values of W. The very first thing that happens is I multiply all the terms by H^ in order to take......

Words: 542 - Pages: 3

Free Essay

Management Structures be successful in terms of assistance in these particular areas. Matrix organizations are kinds of structures that a categorized flexible and responsive and are characterized by employees having more than one supervisor and in order for them to perform at their highest level of productivity, they must have some area of expertise that is disciplined. The project team happens to become a creation of several highly imaginatively intelligent groups of people that are formed to collaborate with each other and strive at creating more diverse ideas, or putting a different take on some of the many already formed ideas and the opinions of those more diverse ideas. The collegial model works flawlessly when each member is able to be independent, but equally share management responsibilities or work out a specific rotation that meets each individuals peer or colleagues needs. The need or want for freedom or independence in the aforementioned paragraph has little merit when they must come together to satisfy matters that affect the entire group....

Words: 270 - Pages: 2

Premium Essay


...the initial stage of a team. In this part a team gets formed and the members of the team get through the icebreaking process. Forming is a stage in which group members try to assess ground rules applying to a task and to group interaction (Bartol et al., 2005, p.476). In the first tutorial of organisation and management, all the team members were unfamiliar and unknown to each other. There was diversity because students of many nations and cultures came together. Everyone was confused about what to do. There was no one who wanted to be the first spokesperson. In this situation team members were all divided into some little groups to complete the first tutorial task. As every team member were unknown to each other, one of the team members spoke out and discussed the tutorial task. After that everyone started to contribute and gave ideas, with that the group was working very effectively. Members completed the task and then submitted it to their tutor. In the first tutorial the team members were totally unclear about the team goals. Individuals did not know what their role in the team is. Some students were really nervous as they were not able to cope up with the other team members. It was a negative site of the team, as the team was not able to work effectively. After selecting the team leader the team was divided into sub-groups like- Marketing, Public Relation, Finance and IT. All the students...

Words: 252 - Pages: 2

Free Essay

Lab 5

...Lab 5.1 The Condition | True or False | attAverage >= verizonAverage | True | tmobileAverage == 868 | True | verizonAverage < sprintAverage | False | sprintAverage != attAverage | True | Lab 5.2 The Condition | Expected Output | If tmobileAverage > 800 AND verizonAverage> 800 ThenDisplay “Both have average downloadrates over 800”ElseDisplay “One or both of the averagesare less”End If | Both average download Rates over 800 | If sprintAverage == 800 ThenDisplay “Sprints download rate is 800”End If | No display | If attAverage >= 1300 OR tmobileAverage>=900Display “Select either carrier”End If | Select either carrier | Lab 5.3 Main Module() //Declare variables on the next 3 lines Declare Integer testScore = 0 Declare String category = “ “ Declare String interview = “ “ //Make Module calls and pass necessary variables on the next 4 lines Call getScore(testScore) Call employCat(testScore, category) Call interviewPoss(testScore, interview) Call displayInfo(testScore, category, interview) End Main Module getScore(Integer Ref testScore) //Ask user to test score Display “Please enter test score” Input testScore End Module Module employCat(Integer testScore, String ref category) //Determine what employment category they are in based on their test score //Similar to if the score is less than 60, then category is “No” //Otherwise, if score is less than 70, then category is “Maybe” //…and so on if testScore => 85 then Set...

Words: 288 - Pages: 2

Free Essay

Pdc Dull Grading

...PDC Dull Grading System Inner 1 Outer 2 Dull Char 3 Location 4 Bearing Seals 5 Gauge 6 Other Dull Char 7 Reason Pulled 8 1: Inner Cutting Structure 2: Outer Cutting Structure 3: Primary Dull Characteristic 4: Location of Primary Characteristic 5: Bearing Seals (XXX for PDC. Only used for roller cone) 6: Amount Under Gauge 7: Other / Secondary Dull Characteristic 8: Reason Bit Was Pulled Inner & Outer Cutting Structure • • Rating for both inner and outer cutting structure is given in a scale of 1 to 8. A rating of 1 states that 1/8 of the cutter’s diamond table has been worn. A rating of 8 would mean that there is no effective diamond table left. An average rating for both the inner and outer cutting structure is entered for the first 2 positions of the dull grading code. • Inner & Outer Cutting Structure Outer Inner The inner cutting structure consists of the inner 2/3 of the bit diameter whereas the outer consists of the final 1/3. A general rule of thumb is the inner number represents the cutters inside the nose and the outer represents those outside. Inner & Outer Cutting Structure Rating: Wear 8 7 6 5 4 3 2 1 When dull grading pure wear, the 1 through 8 rating system can be followed exactly. However, in many cases, a wear flat less than 1/8 of the diamond table can be called a 1. Inner & Outer Cutting Structure Chipping Spalling Delam 2 3 8 When dull grading cutters with characteristics other than pure wear, take......

Words: 857 - Pages: 4

Premium Essay

Chabot Wallpapaer

...1. Introduction - What are the major issues and problems facing Chabot? Background – current situation – future plan - challenges confronted – problems need to be solved Chabot is facing a lot of issues and problems in the wallpaper industry. As the number of wallpaper manufacturers is highly decreasing over last years the competition among remaining companies becomes fiercer. Some manufacturers face difficulties supplying large and powerful retailers. So does Chabot as a privately owned, small company selling products with short life cycles and highly valued at a reasonable price. Due to fashion orientated product industry and broad range of product preferences other types of wall covering are favored by consumers as well. To keep up with competitors Chabot is providing new items every 4 month but speeds up obsolete wallpapers as well. When wallpaper pattern and designs become obsolete, markdowns are necessary to help get rid of old inventory. Problems with inventory turnover lead to mark downs which decrease profits. Caused by inaccurate demand forecasting Chabot has to deal with a high amount of obsolete inventory and a resulting low turnover rate. Since customers base their decisions on style and appeal of the design as well as on in stock availability retailer want low inventory and expect quick order fulfillment. But Chabot cannot keep up with demand and causing a low level of customer service due to long production runs and lack of flexibility in manufacturing......

Words: 427 - Pages: 2

Premium Essay

School Profile

...2: Unwrapping ISLLC Standard 1 This week’s assignment was very interesting. I had not participated in an unwrapping activity since a workshop I attended in 2004. At the beginning of the exercise I was worried about being a part of an online team. I was especially wary of using the online group forum for coordinating the completion of the group project. I am, by nature, a worrier, but I should not have been stressed. The team quickly responded to my original message, we exchanged numbers, divided the assignment into manageable pieces, and one teammate volunteered to put the assignment together. At first, I was confused with the requirements, but after receiving guidance from the professor, I understood the expectations. Once the parameters of the assignment were agreed upon and set, everyone has met the established deadlines. I view this exercise as basic-training for when I am charged with larger projects as an administrator and I fully expect that the personality conflicts and obstacles to the effective completion of the assignments will be repeated in future projects. The leadership skills acquired as a part of the cooperative learning group will translate and be useful in my future role as an administrator. For the future, I need to trust the established protocols for completing scheduled tasks. Although I am quick to take on leadership responsibilities, I need to resist the urge to reinvent the wheel. I need to acknowledge that in a......

Words: 282 - Pages: 2