...Merrill Lynch and Co. was formed back in 1914 as a small investment firm on Wall Street, but over time grew into one of the largest firms in the world. In 1971 the company went public and at the time they were managing over 1.7 trillion dollars in assets. However come 2007 and the financial crisis Merrill Lynch and Co found themselves only days away from declaring bankruptcy. Bank of America Corporation is an American multinational banking and financial services corporation, is the largest bank holding company in the United States by assets, and the second largest bank by market capitalization (Top 50 bank, 2011). At the same time Merrill Lynch and Co was having trouble with consecutive multi-billion dollar loss quarters, Bank of America was in talks with Lehman Brothers about a possible acquisition. However the government could not make any guarantees to Bank of America for funding so talks died down in the last hours. Thus setting up what many professionals in the financial sector deem as the “Deal from Hell”. The exact cause of the downfall of one of the largest financial institutions in the world is up for debate among professionals from that field. According to some the collapse of Merrill Lynch started earlier in the years of 2006-2007 and can be widely attributed to then CEO Stanley O’Neal. According to Barry Grey, “The 93-year-old firm announced it had lost over $2.2 billion in the third quarter and written off $8.4 billion in failed investments, of which $7.9 was...
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...significant move on the part of BoA shareholders? 6 How could Thain justify spending $1.2 million on his office when Merrill Lynch was on the verge of bankruptcy? 7 What did Ken Lewis hope to gain by claiming that he was “pressured” into completing the Merrill Lynch deal? 9 Of all decisions made by Ken Lewis in this case study, which one do you think did the most damage to his reputation? And why? 10 What should Lewis have done? 12 Conclusion 13 References 14 Case Summary Bank of America (BoA), founded in 1998 is an American multinational banking and financial services corporation. They were notably a key player in the global financial crisis that struck in 2008. Ken Lewis, a former CEO acquired Countrywide Financial and Merrill Lynch. To his dismay, the acquisitions turned out to be disastrous as the first week of January 2009 enlightened the problems that existed within Countrywide Financial and Merrill Lynch; they were bankrupt with assets in their balance sheet that set a new mark for toxicity in the financial market. This required attention and direct aid from the Federal Government itself. However, following this month BoA fell by 65 percent. Just a month after the first quarter of 2009, Ken Lewis was made CEO and stripped off chairmanship by the shareholders’ consent. (Tanoh, 2013) The aftermath of the two acquisitions of Countrywide and Merrill Lynch allowed BoA to become a dominant mortgage provider as well as the biggest financial services company in the world...
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...| | www.bizbangladesh.com - |- My Business Zone -| | | | | | Square Toiletries Ltd | | Bizbangladesh.com | | | | - | Home | | - | Company Info | | - | Products/Services | | - | Contact us | | | | | | | | - | Our Trade Leads (0) | | - | Mail to Us | | | | | | | | About Us ~ | Square toiletries limited (stl) started in 1988 as a division an iso 9001 certified company. in 1994 square toiletries limited began its journey as a private limited company. now stl is the country’s leading manufacture of international quality cosmetics and toiletries products. | | | Year of Establishment : | 2007 | ~ Contact Info ~ | | Company Address: | 72, Mohakhali, Dhaka-1212 | City / Province: | | Country: | Bangladesh | Phone Number: | + (+880-2) 8861531-40 | Fax Number: | + | Contact Person: | Md. Shamsuzzan | Position: | Executive, Commercial | Email | Email to this company | HomePage: | Click to visit | | | | No Product info found ~ | | | | About us | Advertise with us | Contact us | Site map | | | | Home | Copyright © www.bizbangladesh.com | | | | | | * * * Sign Up * Sign In Top of Form Bottom of Form * Research documents * Book Notes * AP Notes StudyMode - Premium and Free Essays, Term Papers & Book Notes 1. Home » 2. Miscellaneous » 3. Recreation & Sports Merril Shop By blackroots |...
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...PROPOSED MBA RESEARCH TOPICS SOFTWARE ANALYSIS BUSINESS DECISION IMPACT ON PEAK FINANCIAL PERFORMANCE CONTAC T INFORMATION Primary Contact: Dawn Simon Director, Co-Manager Equity Technology Team Merrill Lynch Investment Managers 800 Scudders Mill Road Plainsboro, NJ 08536 Phone: 609-282-0328 Fax: 609-282-6597 Secondary Contact: Martin Seyffert Research Associate Equity Technology Team Merrill Lynch Investment Managers 800 Scudders Mill Road Plainsboro, NJ 08536 Phone: 609-282-6632 Fax: 609-282-6597 UNDERLYING ASSUMPTION We specialize in technology equity portfolio management. As a subset of this work, we also examine the timing and relationships within software companies of the following variables: 1) R&D cycle; 2) product deployment period; 3) sales cycle; 4) contract duration; and 5) "disposable life" of software. Our assumptions may, or may not, be valid. Our assumptions are as follows: The technology industry is in a state of flux with the duration of the above listed items completely mismatched within companies. The mismatched time horizons are causing more volatile stocks, stemming in part from, less stable financial performance for software companies. We believe that faster development cycles and Internet-based distribution channels have accelerated parts of the business, while R&D cycles and contract duration have not yet been adjusted - or even recognized as an issue within many companies. Below are the specific areas we...
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...individuals and business units. Organizational architecture is the framework of company departments such as managerial chain of command, the duty description and responsibility of each position. Corporate culture includes the ways work and authority are organized, the way people are rewarded and controlled for their work, as well as taboos, customers, heroes, slogans, and social rituals. The three elements of architecture help form the existence of how a culture is developed. A prime example is Merrill Lynch. Merrill is a well know investment company that manages the portfolio of investors. It suggested to its client to buy Info Space though, internally, analyst knew the stock had tanked in price. They were never upfront about selling the stock. Their ethical violations caused shockwaves in the investment community forcing other to ensure measures were in place to prevent a disaster. Merrill Lynch had developed a culture of deceit and mistrust amongst it clients. It would seem to me the Merrill Lynch lacked the leg of the architecture; the structure of systems to evaluate the performance of both individuals and business units, which created this type of culture. 2. (10 pts.) Billy Riggan is in charge of all technical developments at Always Round Tire. He makes all the choices concerning...
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...Ken Lewis, the former CEO of Bank of America, was confronted with an enormous predicament when Ben Bernanke and Henry Paulson requested that his company immediately acquire Merrill Lynch to save them from declaring bankruptcy. With the financial system of the United States on the verge of collapsing, how do you say no to the Federal Reserve Chairman and the Secretary of the U.S. Treasury? Thus, Lewis agreed. Now fast forward one year later to September 2009. At this time, Lewis has agreed to step down as CEO. He has also been indicted for fraud for “deliberately misleading his shareholders about the ballooning losses at Merrill Lynch” before the bank bought the firm, which includes failing to disclose the year-end bonuses that were paid out to Merrill executives (Fitzpatrick and Eckblad). Furthermore, this begs two questions: what ethical dilemma was Lewis facing during this crisis and how could he have better handled the request from Bernanke and Paulson? Assuming I was Ken Lewis when Bernanke and Paulson requested me to acquire Merrill Lynch, I believe I would have gone through with the acquisition as well. According to House Republican staffers in a memo obtained by Bloomberg, “the Federal Reserve and U.S. Treasury overstepped their authority and pressured Bank of America to complete its Merrill Lynch purchase” (Lanman and Torres). The memo also stated that: “a gun was placed to the head of Bank of America [Lewis] to go through with the merger. Government officials crossed...
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...are effective in increasing job performance, it sometimes has negative consequences. For example, the authors states in the article that “Ken O'Brien was an NFL quarterback in the 1980s and 1990s. Early in his career, he threw a lot of interceptions, so one clever team lawyer wrote a clause into O'Brien's contract penalizing him for each one he threw. The incentive worked as intended: His interceptions plummeted, but that's because he stopped throwing the ball.”(Heath & Heath 2009) Another example this article describes is Paul Stiles experience as a new trader at the venerable investment bank. “Merrill Lynch wanted Paul to trade complex international bonds in volatile markets. He tried asking advice of the seasoned traders, but they ignored him, a minute spent helping Stiles was a minute spent not adding to their monthly bonuses. It surely never dawned on the person who set up Merrill Lynch's incentive system that the traders bonuses would make training new employees impossible.” (Heath & Heath 2009). Prior to reading this article, it never occurred to me that incentive pay can have negative implications and this article does a good job of showing you pro’s and cons. Article: http://www.fastcompany.com/1140924/why-incentives-are-irresistible-effective-and-likely-backfire Reference: Heath, D. & Heath, C. (2009, February 1st). Why Incentives are Irresistible, Effective and likely to Backfire. Retreived from...
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...When Dennis Kozlowski became CEO of Tyco International he reincorporated the aggressive management style and lavish lifestyle of mentor and former CEO Joseph Gaziano. During his tenure as CEO, Kozlowski seemed to have a lot of control over what the company did. He acquired many acquisitions, one of which was to expand the company into noncyclical industries since cyclical industries were one of the company’s weak points. He did this by acquiring and reviving Kendall Company from bankruptcy and rebuilt the company to be the core of the “new Tyco Healthcare Group.” This double earnings, which pleased the board of directors, who gave Kozlowski a salary increase. Kozlowski also acquired ADT Security Services, which happened to be a British-owned company located in Bermuda. This allowed Tyco to create offshore subsidiaries to shelter their foreign income from U.S. tax. Sheltering foreign income from U.S. tax is not illegal, but it can certainly be considered unethical. Under U.S law, there are two provisions that allow companies certain benefits with regard to foreign income. One of these benefits is the foreign tax credit, which allows a company to reduce the U.S. marginal tax rate by the foreign marginal tax rate, so the company is not double taxed. The other provision allows companies to delay paying taxes on foreign income indefinitely unless the profits are brought onto the parent company’s books. So, while Tyco sheltering its foreign income is not illegal, it is...
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...1. The high-profile person who I have selected for the ‘Google Gotcha’ Activity was Martha Stewart. 2. The internet generally has positive things to say about Martha Stewart, while there are articles that do talk about her insider trading scandal most of the articles that I found after quite a lot of searching showed her in a positive light for all the positive things that she has done in the past and currently. 3. The information that has been collected and shared about Martha Stewart include: her birthdate (August 3rd 1941); a plethora of pictures; a fan mail address; the website that I found dealing with Martha Stewart was http://www.marthastewart.com/; a blog I found was http://www.themarthablog.com/; some social media accounts that I found dealing with Martha Stewart were her Twitter, Instagram, Facebook, Pinterest, and her LinkedIn. 4. The information I collected about Martha Stewart and her online presence mainly benefits her because while there are the articles that deal with her scandal dealing with insider trading. However, most the things that are online are dealing with the good that she and her magazine (Martha Stewart Living) are doing. It feels like Martha Stewart uses an ‘Online Reputation Firm’ because some of her tweets to promote a positive image are very robotic and seem a little too good for a single person to create. One example of this would-be Martha’s tweet that stated: “A great article from @wsjlife on some of my favorite high-tech gear for use around...
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...small. Life’s a journey. Enjoy the ride. Because I’m worth it. Maybe she’s born with it… Feel like a woman. Dangerously entertaining. Oh, the possibilities. It’s something to do with your brain. Live in your world, play in ours. I don’t want to grow up… We keep your promise. Be absolutely sure. Neither rain, nor snow, nor gloom of night stays these couriers from the swift completion of their appointed rounds. Be bullish. We make money the old fashioned way…we earn it. Turning dreams into reality. Membership has its privileges. Don’t leave home without it. There are some things money can’t buy. For everything else, there’s Mastercard. You’re in good hands. Like a good neighbor… See what you’re missing. Think different. Think random. Merrill Lynch Smith Barney Citibank American Express Mastercard Allstate State Farm Insurance Epson printers Mac iPod Shuffle Commercial Slogans List US Army US Air Force McDonald’s Be all that you can be. The Sky’s the limit. - I’m lovin’ it. - We love to see you smile. - You deserve a break today. - Do you believe in magic? Eat Fresh. What you crave. - Have it your way. - Sometimes you have to break the rules. - Think outside the bun. - Yo quiero… - Head for the border It’s better here. Obey your thirst. Melts in your mouth not in your hands. Is it in you? Life’s...
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...latest move by the bank was ignited because of the pressure from shareholders who believe that bankers are overcompensated. In order to increase shareholder returns, jobs need to be cut and this is because compared to the revenue of the banks compensation is too high. The pay/revenue ratio needs to be lowered and Deutsche Bank has acted on it by paying the top 150 managers the deferred part of its bonus only after five years. Right now, the total compensation for many bankers does not reflect their contribution to the company. Profits declined sharply in 2011 by 51% but bonuses did not drop relative to the profits instead it dropped by only 13%. During the financial crisis, many banks were being bailed out with taxpayer dollars but Merrill Lynch and other banks still paid out handsome bonuses to its employees. There is no accountability in the banking industry and bank executives are getting compensated the...
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...uk/careers Accounting & Finance Cyber-duck: https://www.cyber-duck.co.uk/insights/this-week-at-cyber-duck-22/ Information Tech Mott-macdonald : https://www.mottmac.com/careers/graduate/ Civil and structural engineering, construction and building service Prop Studios: http://www.propstudios.co.uk/#!newsletter-mailing-list/c1i3r architecture and Design Tk maxx: http://www.tkmaxx.com/content/ebiz/tkmaxx/resources/careers/graduate-scheme/index.htm retail Space property group: http://spacesproperty.com/jobs/intern/ property management North rose bulbright: http://www.nortonrosefulbrightgraduates.com/en/united-kingdom/apply law Redgate: https://www.red-gate.com/our-company/careers/current-opportunities internet Bank of America Merrill lynch Mckinsey Madgex ltd Lloyds banking Barnes roffe Ocado Plymouth university Citi Sky EDF Energy RBS Qube Global...
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...Career Paper Gabriel Jackson ACC121 Baker College of Flint This world we live in operates with money, without accounting, money isn’t used properly. Everyone who wants to live successfully, needs accounting. Accounting is the process of keeping financial accounts. Unless someone wants to keep their life savings in their home where it could be stolen or destroyed, your money can be managed through accounting; and if you don’t want to do it, get an accountant. I believe accounting is the most convenient way to keep track of your money. It can help you figure out how much money you’re spending, how much your making, how much you need to make, and how to make it at a certain time. You can have an accountant or even be an accountant. Businesses need accountants to make sure they are getting revenue; businesses hire for different accounting jobs such as plant controllers and accounting managers. Businesses like Atlas, Six flags, Cedar Point, and Grain Systems Inc. (GSI) hire a team of accountants because it is a lot to handle in accounting and they don’t want anyone making mistakes and misreading important information. Accountants can be the most important job in a business, without an accountant, the business won’t know if they have gone bankrupt or not. Many people need accountants because they don’t have time to sit and look at net income, expenses, cash flow, etc. You can be an accountant for Auditors, CIA agents, FBI agents, and Tax Lawyers. These type of people make...
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...business savvy people who worked closely with their portfolio companies to bothmonitor and guide them to a point where they have turned a business idea into a well-managedfully functional company that could stand on its own and nurture the companies until they reacheda point where they were ready to face the scrutiny of the public capital markets after an IPO.Examples include Axiom Ventures, Seqoia Captial, Bain Capital Ventures. 2. Investment Bank Underwriters: Investment banks provide their expertise to companies to go publicor make subsequent public offerings and introduce them to investors. They provide advisoryfinancial services, help companies price their offerings and also underwrite the shares. Examplesinclude Goldman Sachs, Merrill Lynch and Morgan Stanley.3. Sell-Side Analysts: Sell side analysts publish research on public companies. They provide their ideasto buy side analysts, portfolio managers and money management companies by talking to themanagements of the companies, following trends in the industry and making buy or sellrecommendations on the stocks.4. Buy-Side Analysts: A buy-side analyst performs industry research, talks to the companies'management teams, provides earnings estimates, does valuation analysis and rates the stock prices of the companies as ‘sells’ or ‘buys’. Buy-side research is not published but a buy-side analyst has toconvince portfolio managers in the company to follow his recommendations.5. Portfolio Managers: A portfolio...
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...Corruption in International Business-Caselets 1. McDonald's in China * I think Mcdonal's should not pay the fees. It was subject for 31 fees which do not have any connection with McDonald's and its business. This is the example of petty corupption, where private actors interact with low lever buraucrats. If this was legal, city bureaucrats would not appear to be within discrection to impose the fees. 2. Enterprise Investors in Warsaw, 1990 * I think they should pay the fee if they want to open its Warsaw office at this period of time, because they can not do business without telephones. But I think they should consider other countries as well to see if they can open immediatly without paying HOOKUP FEE. Because this paying is just a loss for their company at very beginning. This is example of petty corruption. 3. Alpha Media in Budapest, 1994 * This is example of petty corupption because if the firm pays $45000 for local accountat which clearly works with local tax inspection he will straighten the firms books. Even though this is corruption, for the firms well beign they should hire the consultat because if inspection goes over books for longer period the company will have to pay more compliance fines.. So, he will be good for this period and also he will be good for the firms future too. 4. Gulf oil in Korea, 1966 -If the Gulf will not make the contribution, I suppose this party would do everything to ruin their sucessful business...
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