Citadel Securities Case Summary

Target Corporation uses an interesting capital-budgeting system. Projects are proposed using Capital Project Requests (CPRs) and must be approved before money can be spent. The level of approval needed depends on the amount being requested. For projects requiring less than $100K, lower management can approve, but anything above this amount goes to the Capital Expenditure Committee (CEC) which is comprised of 5 executive officers. For projects requiring greater than $50 million, the Board of Directors must approve.

The oil producing nations in the Mideast currently are meeting to discuss increasing production so that crude prices will decline from its current price of more than $30 a barrel to the region of $25 (Georgy, 2000).

“The considerations of practicality and principle discussed … above appear to support the respondents ' case, namely that a bribe or secret commission accepted by an agent is held on trust for his principal. The position is perhaps rather less clear when one examines the decided cases … However, to put it at its lowest, the authorities do not preclude us adopting the respondents ' case in that they do not represent a clear and consistent line of authority to the contrary effect. Indeed, we consider that, taken as a whole, the authorities favour the respondents ' case.” (per Lord Neuberger in FHR European Ventures LLP and others v Cedar Capital Partners LLC [2014] UKSC 45 at [46].

Loans at the time were nonamortizing and required a balloon payment at the expiration of the term. Mortgages were available to a limited client base, with home ownership representing about 40 percent of U.S. households. Many of these short-term mortgages went into default during the Great Depression as homeowners became unable to make regular payments or find new financing to pay off balloon payments that became due. The United States government intervened in the housing market in 1932 with the creation of the Federal Home Loan Bank (FHLB). The FHLB provided short-term lending to financial institutions (primarily Savings and Loans) to create additional funds for home mortgages. Congress passed the National Housing Act of 1934 to further promote homeownership by providing a system of insured loans that protected lenders against default by borrowers. The mortgage insurance program established by the National Housing Act and administered by the Federal Housing Administration (FHA) reimbursed lenders for any loss associated with a foreclosure up to 80 percent of the appraised value of the home. With the risk associated with default on FHA-backed mortgage loans reduced, lenders extended mortgage loan terms to as long as 20 years and LTVs of 80 percent. In 1938, Federal National Mortgage Association (FNMA) was established

The Trump administration is closely monitoring the roles of independent regulatory agencies since the president signed the executive order to reduce the regulatory burdens created by Dodd-Frank. Since many people consider the CFPB an independent agency, several student loan debt holders are left to wonder if a federal agency will exist to help protect them from predatory lending practices.

They formed the Organization of the Petroleum Exporting Countries, or OPEC. Since the OPEC was instated to protect the interests of oil producers, it could be seen as an example of regional integration. The OPEC is widely considered, throughout the world, as a cartel. This would be an intellectual misconception. The concept of cartel would consider oligarchies limiting competition and monopolies increasing prices. Oppositely, many international oil producers are not members of the OPEC. These non-members saw a fourfold increase in the oil prices, during the 1973 oil embargo. In A history of the modern Middle East, William L. Cleveland and Martin Bunton stated that the immediate objective of the OPEC was “to utilize the collective bargaining power of its member states to pressure the Western oil companies to increase oil prices.”. However, the birth of the OPEC did not occur, overnight. In 1947, the Venezuelan and Iranian delegations held talks in Washington, to coordinate their oil policies. In OPEC: Past and Present, Abdul Amir Q. Kubbah stated that the Arab league had a project of creating an “association of Arab oil-producing countries.”, since 1945. The first OPEC-type grouping occurred in 1953, when Iraqi and Saudi delegates joined forces. The agreement between these two states was the first to involve cooperation from both governments. The Arab League held a summit in Cairo, in 1959. During that summit, “views have been exchanged concerning the

Q1. What are the built-in tensions with a public private equity firm? How does Blackstone 's structure attempt to reconcile them?

By Duke Energy selecting the off-the-shelf software for Oconee rather than writing custom software has its pros and cons. Some of the pros of writing custom software is that it would fit the specific needs of the company. It allows the creation to have an exact fit for the company. This would be because there would be direct contact between the software team and the people that would be using the system. Duke energy would have full ownership of the final product, they would have full control over the software, it differentiates from your competitors, and you have a greater competitive than a bought solution. Some of the cons would include having high switching costs, time consuming, it could be costly to maintain and improve the software

If the firm remains a partnership could the firm continue to compete on an equal footing with its competitors, would they be able to retain key employees? How would tangible as well as intangible assets be valued in its stock price as a public firm?

Rule based accounting standards are difference from principle based standards in that rule based standards are just that – rules. For instance, the Internal Revenue code is rule based. There are things you can do and things you can’t. When rules are broken,

OPEC is an international organization that formed in September of 1960. OPEC headquarters reside in Vienna, Austria, however they are a collective representation of 13 different oil-exporting nations. Over its lifetime, it has conjured many different interpretations of its effect in the oil world. Some views determine that OPEC does not have a significant effect on oil prices or market dynamics but instead the worldwide competitive market. Another view concludes that OPEC uses their power to monopolize the market. The Organization of the Petroleum Exporting Countries (OPEC) has currently thirteen member countries. OPEC is an international organization that unifies petroleum policies of its member in order to keep a stable oil markets, so that consumers have efficient supply, producers have a consistent income, and investors have a reasonable return on capital. OPEC supplies a large amount of the world demand for crude oil. This can affect the crude oil prices in the world market.

Before really understanding OPEC and the oil field, it is important to understand how they both began and what is currently occurring in the oil market. The production of oil has been around since the mid 1800’s here in the United States. In the late 1850’s, the first drilling rig made specifically for oil drilling was created by George Bissel and Edwin L. Drake. It was named the Drake well. Keep in mind that although this was the first oil drilling rig made, this is not the first time that someone had hit oil while drilling. In the other instances, the persons drilling were in search of salt or drinking water, and hit oil pockets as a side effect. After this significant event in history, the oil field has experienced many ups and

OPEC stands for Organization of the petroleum Exporting countries. It is an intergovernmental organization of fourteen nation. It coordinates petroleum policies and stabilize the oil market. This will help them secure regular supply of petroleum in order to keep a study income and growth. Petroleum have become one of the most powerful asset or natural resource that any nation could have. And because it’s so Important it has changed the world for the good and worst. Petroleum has lead into wars and it has also tightened international relationships. One of the reason, that there are some kayos in some part of the middle east is because of Petroleum. OPEC is founded in Bagdad its head quarter is in Vienna. Two third of OPEC population is founded in the middle east countries that surround the Persian Gulf. The most Important goal for OPEC is to make profit for the members. Because there is no real substitute for oil, OPEC reduces production and then increases Price for oil. Because it’s hard to control all countries production, especially the countries that are not a member of OPEC , it has been hard for OPEC to have firm a control over the Petroleum market. Because the Petroleum Industries are Oligopoly this relates to chapter 13 which is Oligopoly and Strategic Behavior. OPEC is a cartel which mean one of its main goal is to control the production and aim for profit

In order to coordinate the oil production policies the ministers of the organization meet twice in a year. They discuss about the methods to balance the supply and demand in the future. It is not necessary that the member countries alter the production during the delegation of the meeting. There are 1,199,707 million barrels of crude oil barrels by the end of 2011, representing nearly 81 percent of the total reserves. (www.opec.org).

The Organisation of the Petroleum Exporting Countries (OPEC) aims to coordinate and unify the petroleum policies of its Member Countries and ensure the