Capital One, paid $520 million in cash and stock, has received a $3.56 billion investment from the Treasury Department as part of the government's effort to stabilize the banking industry. Capital One, a McLean firm, got Chevy Chase's 250 branches -- the wealthy region's largest branch network. Capital One has pursued a strategy in recent years of buying regional banks to get access to their deposits, which the company uses as a cheap source of funding for its credit card operations. Chevy Chase brought with it $11 billion in deposits, increasing Capital One's deposit base by about 10 percent. Sources said Capital One was attracted to Chevy Chase by the quality of its local banking operation and planned to wind down its national mortgage lending business.
According to McCarthy, Mueller, and Wrenn (2009), “since 1945, Kaiser Permanente has become the largest not-for-profit, integrated health care delivery system in the United States, serving 8.6 million members in eight regions: Northern and Southern California, Colorado, Georgia, Hawaii, the Mid-Atlantic States, Ohio, and the Northwest (p.2). The mission of Kaiser Permanente is to provide affordable, high-quality health care services to improve the health of members and the communities it serve. Kaiser Permanente of Ohio provide services throughout northeastern Ohio and is the health plan for more than 138, 000 members (Kaiser Permanente, 2011). In addition, Kaiser Permanente is committed to improving the health, wellness of the members, patients,
Citigroup was ranked 20th by Fortune 500 ranking of America largest corporations. In 2012 the company has profits of over $11 billion, which was up from $10.6 billion in 2010 (Citigroup, n.d.). The company is traded on the NYSE (New York Stock Exchange) under the symbol C and in 2012 celebrated its 200th anniversary (Citigroup, n.d.). Citigroup is a the world leader when it comes to financial services and has over 260,000 employees, 16,000 offices worldwide and does business in over 140 countries (Citigroup, n.d.). The company is still recovering from the hit it took during the financial
4 points A more recent issue that is causing major problems in the business community is Answer a. the privatization of ownership. b. short-term versus long-term financial goals of management. c. ethical problems d. environmental concerns. Corporate ethics policies typically apply to ________ in dealing with ________. Answer a. employee actions; customers and creditors b. employee actions; customers, vendors, and regulators c. management actions; all corporate constituents d. employee actions; all corporate constituents On its 2010 balance sheet, Barngrover Books showed $510 million of retained earnings, and exactly that same amount was shown the following year.
Deloitte – Trueblood Case Study Case 10-9 Institutional Investor Company (IIC) (Investment Existence & Valuation) I. Statement on Facts: Case 10-9 * Institutional Investor Company (IIC) is a for-profit conglomerate consisting of multiple business lines operating in a variety of industries throughout the United States and is currently being audited under the audit standards established by the AICPA. * Highly profitable * Manages an investment portfolio of approximately $500 million (15% of IIC’s consolidated total assets) that is used to fund operations as needed. * Management, unsatisfied with the historical returns on IIC’s investment portfolio is looking to diversify by investing in alternative investments, which seem to promise higher returns (i.e. Hedge funds, real estate funds, private equity funds, etc.).
Mandatory attendance for all employees will be required. The annual meeting will provide employees with literature and a presentation given by the Ethics and Compliance Officer on the ethics program as well as an opportunity to give feedback. This feedback will be discussed amongst the three executive level employees and the Ethics and Compliance Officer and if necessary changes or updates are needed then they will be announced the following year during the annual meeting. Patient Privacy and HIPAA All employees will abide by the laws and regulations regarding The Health Insurance Portability & Accountability Act of 1996 (HIPAA) and The Texas Medical Privacy Act of 2001. The APA: RA International, Inc. Code of Business Ethics and Conduct.
The Sarbanes-Oxley Act is mandatory and all companies must comply, size does not matter. The main purpose of the legislation is to make financial records more accurate and reliable for investors. It addresses issues like the establishment of a public company, creation of an accounting oversight board, auditor independence, corporate responsibility, and enhanced financial disclosure (Parks, 2006). The Act requires new auditing for internal controls; auditors will check the internal controls of companies’ procedures and present its findings in an annual audit report. The audit report must show report that management has established and maintained internal controls for financial reporting.
The book Dumb Money, written by Daniel Gross describes the era of “Dumb Money” and even “Dumber Money” causing the credit bubble that occurred prior to the 2008 financial crisis. Gross explains that it wasn’t “skeezy money managers” that caused the recent financial tsunami, but rather Ph.D. economists, central bankers, CEO’s and investment bankers. Gross reveals that the four factors that precipitated the Dumb Money era were low decreasing interest rates, increasing asset prices (real estate in particular), plentiful borrowers, and a strong debt market. He explains that due to the “shadow banking system” American financial culture was too fixated on short-term gains rather than long-term gains and encouraged excessive borrowing, lending, and trading. Gross criticizes
Blue Cross now serves 85 % of the Fortune 100 companies and around 76 % of Fortune 500 companies. Blue Cross has and still is covering more than 50 % of federal workers while making the Federal Employee Program (FEP) the major private health plan in the world. ("Blue Cross Blue Shield Association", 2014). These statistics are higher than any other insurance company or agency, and it proves Blue Cross has a solid and strong organizational structure to soar so high. Blue Cross offers health insurance to large groups and small group’s employers as well as individual coverage for those that have
Wells Fargo is a corporation that employs over several hundred thousand associates that supply financial services to customers in the United States. Choosing the most qualified individual may seem like a daunting task. Wells Fargo's policies and procedures for employing candidates present a basis for attaining the finest talent. Schifrin (2012) suggested that Wells Fargo has more than just a down to earth approach with its customers. Wells Fargo Home Mortgage merged with Wachovia Mortgage Corporation on December 31, 2008.