Assingment 2 Essay Example | Topics and Well Written Essays - 2000 words

Assingment 2 - Essay Example These organisations are different in terms of their culture, design, structure and human performance (Lichtenstein and Alexander, 2004). This paper will provide insight into how two different cultures, structures and their designs will impact on individuals, groups and structures within the organisation and ultimately towards improving organisation’s effectiveness. A work team can bring differences in organisation through coordination. Team combined effort always results in greater effort compared to individual work. Teams can do complex tasks together. Through teams organisations can increase their work performance with less cost. This combined effort will always results in outstanding performance and goal achievement. They can provide new product ideas, provide customer services, make contracts, coordinate projects, offer valuable deals, and make decisions (Lichtenstein and Alexander, 2004). Teams within organisations have more independent approach and positive attitude towards changing environment than are traditional types of working conditions or other forms of permanent groupings. Teams are more beneficial if multiple skills are needed to perform a job. Teams can be made on urgent basis have ability to be disband on quick basis as well (Chan, 2002). Case 1 Biogenia plc have a cross-functional teams while Case 2 Sleepeasy Hotels have problem –solving teams. In Case 1 company has created teams made up of employees from four different functional areas Research and Development, Manufacturing, Sales and marketing and, finally, Support (covering financial services, human resources and legal services) to work on different projects. They are using cross-functional teams. Employees within teams are gathered from the same hierarchical level, but they belong to different departments to work together on company’s assigned project (Parker, 2003). Employees are from diverse backgrounds

Hydrocephalus Disease Essay Example for Free

Hydrocephalus Disease Essay There are many birth defects being discovered all around the world. However, the birth defect I found to be most interesting was hydrocephalus. Hydrocephalus is one of the single most common birth defects and most people have never heard of it. What happens is, the brain is producing cerebrospinal fluid (CSF) normally and fluid is drained from the brain into the spinal canal and is reabsorbed by the body, keeping the amount in the brain balanced. But when normal drainage doesn’t occur, the brain produces too much CSF fluid to be able to drain normally which leads to the build-up of fluid in the ventricles of the brain and causes pressure and enlarging of the head. Hydrocephalic skulls can be found in ancient Egyptian medical literature from 2500 BC to 500 AD but was described more clearly by the ancient Greek physician Hippocrates in the 4th century BC. Hydrocephalus may be caused by genetic defects or certain infections during pregnancy. If the mother has infections such as the chicken pox or mumps during pregnancy it makes the risk of the baby having hydrocephalus greater because the infection creates a blockage in the brain which doesn’t allow the CSF fluid to drain properly and when this happens it starts to put pressure on the brain causing the embryos head to enlarge. Some malformations of the brain may cause hydrocephalus such as spinal bifida and dandy-walker syndrome as well. Also it can occur when the ventricles produce too much CSF fluid or when the bloodstream cannot reabsorb the fluid that was produced. â€Å"Each year, 1 in 1,000 children are born and diagnosed with hydrocephalus.† This is fairly large number especially when the latest statistics reveal that a child is born in the U.S. every 8.1 seconds, meaning that a child is born with hydrocephalus every 135 minutes. Many cases of hydrocephalus are most likely detected in the utero or at birth as early as the first trimester. The doctors can somewhat tell whether or not the baby in the utero has hydrocephalus or not by doing multiple ultrasounds throughout the months but it may not show the obstruction precisely. There are limited studies available on the long-term prognosis of those with prenatal hydrocephalus. There aren’t any treatments to treat this birth defect while in the utero but there are some after birth. One of the treatments is called â€Å"Shunting†. Shunt procedures, involve surgically implanting one end of a catheter (flexible tube) into a ventricle of the brain and placing the other end in the abdominal cavity, chambers of the heart, or space around the lungs where fluid is drained and absorbed by the bloodstream. A valve in the shunt system regulates the flow to prevent over-draining and under-draining. This procedure can be quite dramatic because the head circumference can shrink as much a 7-8 centimeters in the first week. However, there are risks such as infection when performing this procedure. Infections occur in 5-10% of shunting operations. Hydrocephalic skulls can be found in ancient Egyptian medical literature from 2500 BC to 500 AD but was described more clearly by the ancient Greek physician Hippocrates in the 4th century BC. Hydrocephalus cases were originally described by Hippocrates who believed that this disease was cause by an extra cerebral accumulation of water. Hydrocephalus and its side effects can cause many common side effects such as confusion, loss of vision, headaches, problems driving a car, and diabetes. â€Å"Approximately one third of patients who are treated for hydrocephalus will attain a normal intelligence level (i.e., a mean score of between 80 and 100 points on an IQ test) or higher. These patients are more apt to be self-sufficient and capable of leading a normal life.† Some people have success with the outcome of hydrocephalus and some do not. â€Å"A thorough neuropsychological examination can cost up to $2,000, particularly if the findings are reviewed with you afterwards.† It cost a lot of money just for an examination to be done. But when they are examining you they can help you develop strategies to maximize performance of various tasks and to help make you more conscious about the conditions and its effects. The long-term outlook for a child born with hydrocephalus depends on how serious the problem is and other associated abnormalities. Doctors recommend that children receive follow up care and evaluations to prevent infection and monitor the functions of the shunt. Normal pressure hydrocephalus was found to be significantly more seen in males. It can occur at any age group. With good, early treatment, a normal lifespan with few limitations can be reached. After surgery, trained medicals professionals monitor the patient. Headaches may start to disappear because of the release of pressure on the brain. People may improve quickly or it might take weeks or months to improve and in some patients little or no improvement is possible. The length of time that a person will stay at hospital depends on how fast they recover. Hydrocephalus is a common disease not many people know about and should take time to learn about. It can have some serious side effects if you don’t have it treated right away. There are limited treatments today to cure hydrocephalus but it doesn’t mean people aren’t trying to find more.

Journalism Errors: Double Check The Spelling of Names and Other Facts

When Emilie Davis, a newspaper journalism professor at the S.I. Newhouse School of Public Communications at Syracuse University, picks up her nametag at an event, she often stares down at the more common spelling of her name, â€Å"Emily.† She is used to people misspelling her name, so she usually leaves it the way it’s written to not make it a big deal. As Steve Davis, Emilie Davis’s husband, explained his wife’s silent frustration when people misspell her name, he said, â€Å"it never hurts to just double check.† Steve Davis, also a newspaper journalism professor, as well as chair of the newspaper department at the Newhouse School, is very familiar with spelling mistakes and factual errors when it comes to news writing. Before coming to Newhouse, Davis had been the executive editor for the Public Opinion, the Chambersburg, Pa., community newspaper, and both national editor and Washington editor at USA Today. â€Å"It’s a miracle how few mistakes there are when you consider the hundreds and thousands of articles published every day,† Davis said. But even though he knows about all the hard work put toward error-free articles, he has still come to understand how unforgiving people can be when a journalist does make a mistake. When a person’s name is spelled wrong an article, â€Å"the reaction can be deadly,† Davis said. In a business where one must present his work to people who will examine it, and after one mistake deem it â€Å"crap,† Davis said, â€Å"it takes bravery to do that every day.† This harsh reality of the news writing industry provoked the thought process behind the Newhouse School’s spelling/grammatical/factual error grading policy in news writing and editing classes. In the first half of the introductory news ... ...licy that reveals itself during the second half of the semester. Students no longer receive an F for one error, but rather one letter-grade less than they would have received for an article with no mistakes. Students who have gotten two or three F’s on articles have still ended up getting an A in the course, Davis said, since the second half of the semester counts more than the first. â€Å"It’s all about learning,† Davis said. â€Å"If they show improvement, often the F’s from the beginning will get thrown out.† Sometimes the professors come together and say, â€Å"Should we change the policy?† Davis said. But in the end, they always agree it’s for the best. Since they won’t be changing the policy any time soon, Davis gives out a warning to students using someone’s name in an article. â€Å"Don’t take nametags for granted,† Davis said. â€Å"Remember, it never hurts to just double check.†

Lamb: The Gospel According to Biff, Christ’s Childhood Pal Chapter 27

Chapter 27 The angel and I watched Star Wars for the second time on television last night, and I just had to ask. â€Å"You've been in God's presence, right, Raziel?† â€Å"Of course.† â€Å"Do you think he sounds like James Earl Jones?† â€Å"Who's that?† â€Å"Darth Vader.† Raziel listened for a moment while Darth Vader threatened someone. â€Å"Sure, a little. He doesn't breathe that heavy though.† â€Å"And you've seen God's face.† â€Å"Yes.† â€Å"Is he black?† â€Å"I'm not allowed to say.† â€Å"He is, isn't he? If he wasn't you'd just say he wasn't.† â€Å"I'm not allowed to say.† â€Å"He is.† â€Å"He doesn't wear a hat like that,† said Raziel. â€Å"Ah-ha!† â€Å"All I'm saying is no hat. That's all I'm saying.† â€Å"I knew it.† â€Å"I don't want to watch this anymore.† Raziel switched the channel. God (or someone who sounded like him) said, â€Å"This is CNN.† We came up to Jerusalem, in the gate at Bethsaida called the Eye of the Needle, where you had to duck down to pass through, out the Golden Gate, through the Kidron Valley, and over the Mount of Olives into Bethany. We had left the brothers and Matthew behind because they had jobs, and Bartholomew because he stank. His lack of cleanliness had started to draw attention lately from the local Pharisees in Capernaum and we didn't want to push the issue since we were walking into the lair of the enemy. Philip and Nathaniel joined us on our journey, but stayed behind on the Mount of Olives at a clearing called Gethsemane, where there was a small cave and an olive press. Joshua tried to convince me to stay with them, but I insisted. â€Å"I'll be fine,† Joshua said. â€Å"It's not my time. Jakan won't try anything, it's just dinner.† â€Å"I'm not worried about your safety, Josh, I just want to see Maggie.† I did want to see Maggie, but I was worried about Joshua's safety as well. Either way, I wasn't staying behind. Jakan met us at the gate wearing a new white tunic belted with a blue sash. He was stocky, but not as fat as I expected him to be, and almost exactly my height. His beard was black and long, but had been cut straight across about the level of his collarbone. He wore the pointed linen cap worn by many of the Pharisees, so I couldn't tell if he'd lost any of his hair. The fringe that hung down was dark brown, as were his eyes. The most frightening and perhaps the most surprising thing about him was that there was a spark of intelligence in his eyes. That hadn't been there when we were children. Perhaps seventeen years with Maggie had rubbed off on him. â€Å"Come in, fellow Nazarenes. Welcome to my home. There are some friends inside who wanted to meet you.† He led us through the door into a large great room, large enough in fact to fit any two of the houses we shared at Capernaum. The floor was paved in tile with turquoise and red mosaic spirals in the corners of the room (no pictures, of course). There was a long Roman-style table at which five other men, all dressed like Jakan, sat. (In Jewish households the tables were close to the ground and diners reclined on cushions or on the floor around them.) I didn't see Maggie anywhere, but a serving girl brought in large pitchers of water and bowls for us to wash our hands in. â€Å"Let this water stay water, will you, Joshua?† Jakan said, smiling. â€Å"We can't wash in wine.† Jakan introduced us to each of the men, adding some sort of elaborate title to each of their names that I didn't catch, but which indicated, I'm sure, that they were all members of the Sanhedrin as well as the Council of Pharisees. Ambush. They received us curtly, then made their way to the water bowls to wash their hands before dinner, all of them watching as Joshua and I washed and offered prayer. This, after all, was part of the test. We sat. The water pitchers and bowls were taken away by the serving girl, who then brought pitchers of wine. â€Å"So,† said the eldest of the Pharisees, â€Å"I hear you have been casting demons out of the afflicted in Galilee.† â€Å"Yes, we're having a lovely Passover week,† I said. â€Å"And you?† Joshua kicked me under the table. â€Å"Yes,† he said. â€Å"By the power of my father I have relieved the suffering of some who were plagued by demons.† When Joshua said â€Å"my father† every one of them squirmed. I noticed movement in one of the doorways to Jakan's back. It was Maggie, making signals and signs like a madwoman, but then Jakan spoke. Attention turned to him and Maggie ducked out of sight. Jakan leaned forward. â€Å"Some have said that you banish these demons by the power of Beelzebub.† â€Å"And how could I do that?† Joshua said, getting a little angry. â€Å"How could I turn Beelzebub against himself? How can I battle Satan with Satan? A house divided can't stand.† â€Å"Boy, I'm starving,† I said. â€Å"Bring on the eats.† â€Å"With the spirit of God I cast out demons, that's how you know the kingdom has come.† They didn't want to hear that. Hell, I didn't want to hear that, not here. If Joshua claimed to bring the kingdom, then he was claiming to be the Messiah, which by their way of thinking could be blasphemy, a crime punishable by death. It was one thing for them to hear it secondhand, it was quite another to have Joshua say it to their faces. But he, as usual, was unafraid. â€Å"Some say John the Baptist is the Messiah,† said Jakan. â€Å"There's nobody better than John,† Joshua said. â€Å"But John doesn't baptize with the Holy Ghost. I do.† They all looked at each other. They had no idea what he was talking about. Joshua had been preaching the Divine Spark – the Holy Ghost – for two years, but it was a new way of looking at God and the kingdom: it was a change. These legalists had worked hard to find their place of power; they weren't interested in change. Food was put on the table and prayers offered again, then we ate in silence for a while. Maggie was in the doorway behind Jakan again, gesturing with one hand walking over the other, mouthing words that I was supposed to understand. I had something I wanted to give her, but I had to see her in private. It was obvious that Jakan had forbidden her to enter the room. â€Å"Your disciples do not wash their hands before they eat!† said one of the Pharisees, a fat man with a scar over his eye. Bart, I thought. â€Å"It's not what goes into a man that defiles him,† Joshua said, â€Å"it's what comes out.† He broke off some of the flatbread and dipped it into a bowl of oil. â€Å"He means lies,† I said. â€Å"I know,† said the old Pharisee. â€Å"You were thinking something disgusting, don't lie.† The Pharisees passed the â€Å"no, your turn, no, it's your turn† look around the room. Joshua chewed his bread slowly, then said, â€Å"Why wash the outside of the urn, if there's decay on the inside?† â€Å"Yeah, like you rotting hypocrites!† I added, with more enthusiasm than was probably called for. â€Å"Quit helping!† Josh said. â€Å"Sorry. Nice wine. Manischewitz?† My shouting evidently stirred them out of their malaise. The old Pharisee said, â€Å"You consort with demons, Joshua of Nazareth. This Levi was seen to cause blood to come from a Pharisee's nose and a knife to break of its own, and no one even saw him move.† Joshua looked at me, then at them, then at me again. â€Å"You forget to tell me something?† â€Å"He was being an emrod, so I popped him.† (â€Å"Emrod† is the biblical term for hemorrhoid.) I heard Maggie's giggling from the other room. Joshua turned back to the creeps. â€Å"Levi who is called Biff has studied the art of the soldier in the East,† Joshua said. â€Å"He can move swiftly, but he is not a demon.† I stood up. â€Å"The invitation was for dinner, not a trial.† â€Å"This is no trial,† said Jakan, calmly. â€Å"We have heard of Joshua's miracles, and we have heard that he breaks the Law. We simply want to ask him by whose authority he does these things. This is dinner, otherwise, why would you be here?† I was wondering that myself, but Joshua answered me by pushing me down in my seat and proceeding to answer their accusations for another two hours, crafting parables and throwing their own piety back in their faces. While Joshua spoke the word of God, I did sleight-of-hand tricks with the bread and the vegetables, just to mess with them. Maggie came to the doorway and signaled me, pointing frantically to the front door and making threatening, head-bashing gestures which I took to be the consequences for my not understanding her this time. â€Å"Well, I've got to go see a man about a camel, if you'll excuse me.† I stepped out the front door. As soon as I closed it behind me I was hit with the spraying girl-spit of a violently whispering woman. â€Å"YoustupidsonofabitchwhatthefuckdidyouthinkIwastryingtosaytoyou?† She punched me in the arm. Hard. â€Å"No kiss?† I whispered. â€Å"Where can I meet you, after?† â€Å"You can't. Here, take this.† I handed her a small leather pouch. â€Å"There's a parchment inside to tell you what to do.† â€Å"I want to see you two.† â€Å"You will. Do what the note says. I have to go back in.† â€Å"You bastard.† Punch in the arm. Hard. I forgot what I was doing and entered the house still rubbing my bruised shoulder. â€Å"Levi, have you injured yourself?† â€Å"No, Jakan, but sometimes I strain a shoulder muscle just shaking this monster off.† The Pharisees hated that one. I realized that they were waiting for me to request water so I could go through the whole hand-washing ritual before I sat down to the table again. I stood there, thinking about it, rubbing my shoulder, waiting. How long could it possibly take to read a note? It seemed like a long time, with them staring at me, but I'm sure it was only a few minutes. Then it came, the scream. Maggie let go from the next room, long and high and loud, a virtuoso scream of terror and panic and madness. I bent over and whispered into Joshua's ear, â€Å"Just follow my lead. No, just don't do anything. Nothing.† â€Å"But – â€Å" The Pharisees all looked like someone had dropped hot coals into their laps as the scream went on, and on. Maggie had great sustain. Before Jakan could get up to investigate, there came my girl – still shrieking, I might add – a lovely green foam running out of her mouth, her dress torn and hanging in shreds on her blood-streaked body and blood running from the corners of her eyes. She screamed in Jakan's face and rolled her eyes, then leapt onto the table and growled as she kicked every piece of crockery off onto the floor where it shattered. The servant girl ran through screaming, â€Å"Demons have taken her, demons have taken her!† then bolted out the front door. Maggie started screeching again, then ran up and down the length of the table, urinating as she went. (Nice touch, I would never have thought of that.) The Pharisees had backed up against the wall, including Jakan, as Maggie fell on her back on the table, thrashing and growling and screaming obscenities while splattering the front of their white cloaks with green foam, urine, and blood. â€Å"Devils! She's been possessed by devils. Lots of them,† I shouted. â€Å"Seven,† Maggie said between growls. â€Å"Looks like seven,† I said. â€Å"Doesn't it, Josh?† I grabbed the back of Joshua's hair and sort of made him nod in agreement. No one was really watching him anyway, as Maggie was now spouting impressive fountains of green foam both out of her mouth and from between her legs. (Again, a nice touch I wouldn't have thought of.) She settled into a vibrating fit rhythm, with barking and obscenities for counterpoint. â€Å"Well, Jakan,† I said politely, â€Å"thank you for dinner. It's been lovely but we have to be going.† I pulled Joshua to his feet by his collar. He was a little perplexed himself. Not terrified like our host, but perplexed. â€Å"Wait,† Jakan said. â€Å"Festering dog penis!† Maggie snarled to no one in particular, but I think everyone knew who she meant. â€Å"Oh, all right, we'll try to help her,† I said. â€Å"Joshua, grab an arm.† I pushed him forward and Maggie grabbed his wrist. I went around to the other side of the table and got hold of her other arm. â€Å"We have to get her out of this house of defilement.† Maggie's fingernails bit into my arm as I lifted her up and she pulled herself along on Josh's wrist, pretending to thrash and fight. I dragged her out the front door and into the courtyard. â€Å"Make an effort, Joshua, would you,† Maggie whispered. Jakan and the Pharisees bunched at the door. â€Å"We need to take her into the wilderness to safely cast out the devils,† I shouted. I dragged her, and Joshua for that matter, into the street and kicked the heavy gate closed. Maggie relaxed and stood up. A mound of green foam cascaded off of her chest. â€Å"Don't relax yet, Maggie. When we're farther away.† â€Å"Pork-eating goat fucker!† â€Å"That's the spirit.† â€Å"Hi, Maggie,† Joshua said, taking her arm and finally helping me drag. â€Å"I think it went really well for short notice,† I said. â€Å"You know, Pharisees make the best witnesses.† â€Å"Let's go to my brother's house,† she whispered. â€Å"We can send word that I'm incurable from there. â€Å"Rat molester!† â€Å"It's okay, Maggie, we're out of range now.† â€Å"I know. I was talking to you. Why'd you take seventeen years to get me out of there?† â€Å"You're beautiful in green, did I ever tell you that?† â€Å"I've got to think that that was unethical,† Joshua said. â€Å"Josh, faking demonic possession is like a mustard seed.† â€Å"How is it like a mustard seed?† â€Å"You don't know, do you? Doesn't seem at all like a mustard seed, does it? Now you see how we all feel when you liken things unto a mustard seed? Huh?† At Simon the Leper's house Joshua went to the door first by himself so Maggie's appearance didn't scare the humus out of her brother and sister. Martha answered the door. â€Å"Shalom, Martha. I'm Joshua bar Joseph, of Nazareth. Remember me from the wedding in Cana? I've brought your sister Maggie.† â€Å"Let me see.† Martha tapped her fingernail on her chin while she searched her memory in the night sky. â€Å"Were you the one who changed the water into wine? Son of God, was it?† â€Å"There's no need to be that way,† Joshua said. I popped my head around Josh's shoulder. â€Å"I gave your sister a powder that sort of foamed her up all red and green. She's a bit nasty-looking right now.† â€Å"I'm sure that becomes her,† said Martha, with an exasperated sigh. â€Å"Come in.† She led us inside. I stood by the door while Joshua sat on the floor by the table. Martha took Maggie to the back of the house to help her clean up. It was a large house by our country standards, but not nearly as big as Jakan's. Still, Simon had done well for the son of a blacksmith. I didn't see Simon anywhere. â€Å"Come sit at the table,† Joshua said. â€Å"Nope, I'm fine by the door here.† â€Å"What's the matter?† â€Å"Do you know whose house this is?† â€Å"Of course, Maggie's brother Simon's.† I lowered my voice. â€Å"imon-Say the eper-Lay.† â€Å"Come sit down. I'll watch over you.† â€Å"Nope. I'm fine here.† Just then Simon came in from the other room carrying a pitcher of wine and a tray of cups in his rag-wrapped hands. White linen covered his face except for his eyes, which were as clear and blue as Maggie's. â€Å"Welcome, Joshua, Levi – it's been a long time.† We'd known Simon as boys, spending as much time as we did hanging around Maggie's father's shop, but he had been older, learning his father's craft then, and far too serious to be associating with boys. In my memory he was strong and tall, but now the leprosy had bent him over like an old woman. Simon set the cups down and poured for the three of us. I remained against the wall by the door. â€Å"Martha doesn't take well to serving,† Simon said, by way of apologizing for doing the serving himself. â€Å"She tells me that you turned water into wine at the wedding in Cana.† â€Å"Simon,† Joshua said, â€Å"I can heal your affliction, if you'll allow me.† â€Å"What affliction?† He lay down at the table across from Joshua. â€Å"Biff, come sit with us.† He patted a cushion next to him and I ducked in the event that fingers started flying. â€Å"I understand that Jakan used my sister as bait for a trap for you two.† â€Å"Not much of a trap,† Joshua said. â€Å"You expected that?† I asked. â€Å"I thought there would be more, the whole Pharisee council perhaps. I wanted to answer them directly, not have my words passed through a dozen spies and rumormongers. I also wanted to see if there would be any Sadducees there.† Just then I realized what Joshua had already figured out: the Sadducees, the priests, weren't involved in Jakan's little surprise inquisition. They had been born to their power, and were not as easily threatened as the working-class Pharisees. And the Sadducees were the more powerful half of the Sanhedrin, the ones who commanded the soldiers of the Temple guard. Without the priests, the Pharisees were vipers without fangs, for now anyway. â€Å"I hope we haven't brought the judgment of the Pharisees down on your head, Simon,† Joshua said. Simon waved a hand in dismissal. â€Å"Not to worry. There'll be no Pharisees coming here. Jakan is terrified of me, and if he really believes that Maggie is possessed, and if his friends believe it, well, I'd bet he's divorced her already.† â€Å"She can come back to Galilee with us,† I said, looking at Joshua, who looked at Simon, as if to ask permission. â€Å"She may do as she wishes.† â€Å"What I wish is to get out of Bethany before Jakan comes to his senses,† Maggie said, coming from the other room. She wore a simple woolen dress and her hair was still dripping. There was still green goo on her sandals. She came across the room, knelt down, and gave her brother a huge hug, then a kiss on the eyebrow. â€Å"If he comes by or sends word, you'll tell him I'm still here.† I sensed Simon was smiling under the veil. â€Å"You don't think he'll want to come in and look around?† â€Å"The coward,† Maggie spat. â€Å"Amen,† I said. â€Å"How did you stay with a creep like that all of these years?† â€Å"After the first year he didn't want to be anywhere near me. Unclean, don't you know? I told him I was bleeding.† â€Å"For all those years?† â€Å"Sure. Do you think he would embarrass himself among the members of the Pharisee council by asking them about their own wives?† Joshua said, â€Å"I can heal you of that affliction, if you'll allow me, Maggie.† â€Å"What affliction?† â€Å"You should go,† Simon said. â€Å"I'll send word about what Jakan has done as soon as I know. If he hasn't done it already, I have a friend who will plant the idea that if he doesn't divorce Maggie his place on the Sanhedrin might be questioned.† Simon and Martha waved to us from the doorway, Martha looking like a compact ghost of her older sister and Simon just looking like a ghost. And thus did we become eleven. There was a full moon and a sky full of stars thrown over us as we walked back to Gethsemane. From the top of the Mount of Olives we could see across the Kidron Valley to the Temple. Black smoke streamed into the sky from the sacrificial fires which the priests tended day and night. I held Maggie's hand as we walked through the grove of ancient olive trees and out into the clearing near the oil press where we camped. Philip and Nathaniel had built a fire and there were two strangers sitting by it with them. They all stood up as we approached. Philip glared at me, which baffled me until I remembered that he'd been with us at Cana, and seen Joshua and Maggie dancing at the wedding. He thought I was trying to steal Joshua's girl. I let her hand go. â€Å"Master,† said Nathaniel, tossing his yellow hair, â€Å"new disciples. These are Thaddeus and Thomas the Twins.† Thaddaeus stepped up to Joshua. He was about my height and age, and wore a tattered woolen tunic and looked especially gaunt, as if he might be starving. His hair was cut short like a Roman's, but it looked as if someone had cut it with a dull piece of flint. Somehow he looked familiar. â€Å"Rabbi, I heard you preach when you were with John. I have been with him for two years.† A follower of John, that's where I knew him from, although I didn't remember meeting him. That explained the hungry look as well. â€Å"Welcome, Thaddaeus,† Joshua said. â€Å"These are Biff and Mary Magdalene, disciples and friends.† â€Å"Call me Maggie,† Maggie said. Joshua stepped over to Thomas the Twins, who was only one guy, younger, perhaps twenty, his beard still like soft down in places, his clothes finer than any of ours. â€Å"And Thomas.† â€Å"Don't, you're standing on Thomas Two,† Thomas squealed. Nathaniel pushed Joshua aside and whispered in his ear a little too loudly. â€Å"He sees his twin but no one else can. You said to show mercy, so I haven't told him that he's mad.† â€Å"And so you shall be shown mercy, Nathaniel,† Joshua said. â€Å"So we won't tell you that you're a ninny,† I added. â€Å"Welcome, Thomas,† Joshua said, embracing the boy. â€Å"And Thomas Two,† Thomas said. â€Å"Forgive me. Welcome, Thomas Two, as well,† said Joshua to a perfectly empty spot in space. â€Å"Come to Galilee and help us spread the good news.† â€Å"He's over there,† said Thomas, pointing to a different spot, equally empty. And thus did we become thirteen. On the trip back to Capernaum Maggie told us about her life, about the dreams she had set aside, and about a child that had died in the first year of her marriage. I could see Joshua was shaken when he heard of the child, and I knew he was thinking that if we hadn't taken off to the East, he would have been there to save it. â€Å"After that,† Maggie said, â€Å"Jakan didn't come near me. There was bleeding right after the baby died, and as far as he knew it never stopped. He's always been afraid that someone might think that there's a curse on his house, so my duties as a wife were public only. It's a double-edged sword for him. In order to appear dutiful I had to go to the synagogue and to the women's court in the Temple, but if they thought I was going there while I was bleeding I would have been driven out, maybe stoned, and Jakan would have been shamed. Who knows what he'll do now.† â€Å"He'll divorce you,† I said. â€Å"He'll have to if he wants to save face with the Pharisees and the Sanhedrin.† Strangely enough, it was Joshua who I had trouble consoling about Maggie's lost child. She'd lived with the loss for years, cried over it, allowed it to heal as much as it would, but the wound was fresh for Joshua. He walked far behind us, shunning the new disciples who pranced around him like excited puppies. I could tell that he was talking to his father, and it didn't seem to be going well. â€Å"Go talk to him,† Maggie said. â€Å"It wasn't his fault. It was God's will.† â€Å"That's why he feels responsible,† I said. We hadn't explained to Maggie about the Holy Ghost, the kingdom, all the changes that Joshua wanted to bring to mankind, and how those were at odds, at times, with the Torah. â€Å"Go talk to him,† she said. I fell back in our column, past Philip and Thaddaeus, who were trying to explain to Nathaniel that it was his own voice he heard when he put his fingers in his ears and spoke, and not the voice of God, and past Thomas, who was having an animated discussion with empty air. I walked along beside Joshua for a while before I spoke, and then I tried to sound matter-of-fact. â€Å"You had to go to the East, Joshua. You know that now.† â€Å"I didn't have to go right then. That was cowardly. Would it have been so bad to watch her marry Jakan? To see her child born?† â€Å"Yes, it would have. You can't save everyone.† â€Å"Have you been asleep these last twenty years?† â€Å"Have you? Unless you can change the past, you're wasting the present on this guilt. If you don't use what you learned in the East then maybe we shouldn't have gone. Maybe leaving Israel was cowardly.† I felt my face go numb as if the blood had drained from it. Had I said that? So, we walked along for a while in silence, not looking at each other. I counted birds, listened to the murmur of the disciples' voices ahead, watched Maggie's ass move under her dress as she walked, not really enjoying the elegance of it. â€Å"Well, I, for one, feel better,† said Joshua finally. â€Å"Thanks for cheering me up.† â€Å"Glad to help,† I said. We arrived in Capernaum on the morning of the fifth day after leaving Bethany. Peter and the others had been preaching the good news to the people on the shore of Galilee and there was a crowd of perhaps five hundred people waiting for us. The tension had passed between Joshua and me and the rest of the journey had been pleasant, if for no other reason than we got to hear Maggie laugh and tease us. My jealousy of Joshua returned, but somehow it wasn't bitter. It was more like familiar grief for a distant loss, not the sword-in-the-heart, rending-of-flesh agony of a heartbreak. I could actually leave the two of them alone and talk to other people – think of other things. Maggie loved Joshua, that was assured, but she loved me as well, and there was no way to divine how that might manifest. By following Joshua we had already divorced ourselves of the expectations of normal existence. Marriage, home, family: they were not part of the life we had chosen, Joshua made that clear to all of his disciples. Yes, some of them were married, and some even preached with their wives at their sides, but what set them apart from the multitudes who would follow Joshua was that they had stepped off the path of their own lives to spread the Word. It was to the Word that I lost Maggie, not to Joshua. As exhausted as he was, as hungry, Joshua preached to them. They had been waiting for us and he wouldn't disappoint them. He climbed into one of Peter's boats, rowed out from the shore far enough for the crowd to be able to see him, and he preached to them about the kingdom for two hours. When he had finished, and had sent the crowd on their way, two newcomers waited among the disciples. They were both compact, strong-looking men in their mid-twenties. One was clean-shaven and wore his hair cut short, so that it formed a helmet of ringlets on his head; the other had long hair with his beard plaited and curled in the style I had seen on some Greeks. Although they wore no jewelry, and their clothes were no more fancy than my own, there was an air of wealth about them both. I thought it might have been power, but if it was, it wasn't the self-conscious power of the Pharisees. If nothing else, they were self-assured. The one with the long hair approached Joshua and kneeled before him. â€Å"Rabbi, we've heard you speak of the coming of the kingdom and we want to join you. We want to help spread the Word.† Joshua looked at the man for a long time, smiling to himself, before he spoke. He took the man by the shoulders and lifted him. â€Å"Stand up. You are welcome, friends.† The stranger seemed baffled. He looked back at his friend, then at me, as if I had some answer to his confusion. â€Å"This is Simon,† he said, nodding toward his friend. â€Å"My name is Judas Iscariot.† â€Å"I know who you are,† Joshua said. â€Å"I've been waiting for you.† And so we became fifteen: Joshua, Maggie, and me; Bartholomew, the Cynic; Peter and Andrew, John and James, the fishermen; Matthew, the tax collector; Nathaniel of Cana, the young nitwit; Philip and Thaddeus, who had been followers of John the Baptist; Thomas the twin, who was a loony; and the Zealots, Simon the Canaanite and Judas Iscariot. Fifteen went out into Galilee to preach the Holy Ghost, the coming of the kingdom, and the good news that the Son of God had arrived.

Capital One Case Study Essay

In consumer lending, every product is evolving in the same direction as credit cards-toward large, national-scale consolidators replacing local, face-to-face lending. That evolution has happened in credit cards. It’s well under way in auto finance, mortgages, and home equity. Its coming more slowly in installment lending. So consumer lending, a major part of the asset side of banking, is all flowing toward national consolidators like Capital One. -RICHARD D. FAIRBANK, CEO AND CHAIRMAN, CAPITAL ONE FINANCIAL CORPORATION’ United Kingdom, the Hfs Group, to strengthen its Global Financial services (GFS) subsidiary in the British market. As of April 2005, it possessed sufficient liquidity ($21 billion) and capital ($9.2 billion)4 to enable its famous brand to expand into new markets and seize the right opportunities for profitable growth. Although the company’s acquisition of Hibernia in March 2005 provided it an opportunity to enter the fast-developing Texas markets of Houston and Dallas, it might face stiff competition from other large credit companies, such as Citigroup and J.P. Morgan. Capital One Financial Corporation is a diversified bank holding company, with a 2005 market value of $18.92 billion. It provides a gamut of financial services through its main subsidiaries-Capital One Bank, Capital One FS.B. (which offers consumer and commercial lending and consumer deposit products), and Capital One Auto Finance Inc (COAF). From a small local bankcard issuer in 1995, the company has transformed itself into one of the largest financial institutions in the United States by continually  introducing a steady stream of products. It features one of the most recognized brands in the industry, which it leverages along with its strategies of direct marketing, risk analysis, and information technology to grow and diversify into other businesses. Ranked 206th in the Fortune 500 list in 2005,2 the company has been gradually transforming itself from a credit card company to an institution that provides banking and other financial services to consumers. By January 2005, it was the 31st largest deposit institution in the United States with $25.6 billion3 in interest-bearing deposits. Capital One has been on the path of diversification from the late 1990s and has made three acquisitions between 2004 and 2005: Onyx Acceptance Corporation, eSmartloan, and Hibernia National Bank. It has also acquired a home equity brokerage company in the  Capital One is the fifth largest credit card provider in the United States5 and one of the largest issuers of MasterCard and Visa credit cards. It was founded as a wholly owned subsidiary of Virginia-based Signet Bank when Richard D. Fairbank, CEO and chairman of Capital One, was invited by the bank to head its bankcard division. It began its operations in 1953, the same year MasterCard International was formed. Fairbank and the former vice chairman of Capital One, Nigel Morris, realized that traditional banks offered loans without focusing on the customers-like analyzing their risk characteristics. They decided that by using technology and data mining techniques in the decision- making process of providing credit, the bank could charge the appropriate interest rates more accurately and earn greater profits. In 1994, Capital One was spun off from Signet as a public credit card company and established itself in McLean, Virginia. It had an initial public offering of 7,125,000 shares of common stock in the United States and Canada, at a price of $16 per share,6 which was managed by J.P. Morgan Securities Ine., Goldman, Sachs & Co. and Barney Ine. It is a part of the S&P 500 index, and also trades on the New York Stock Exchange with the symbol COF ~ This case was written by Susmita Nandi, under the direction of Sumit Kumar Chaudhuri, ICFAI Business School Case Development Centre. It is intended to be :;: used as the basis for class discussion rather than to illustrate  either effective or ineffective handling of a management situation. The case was compiled from 25 published sources.  © 2005, ICFAI Business School Case Development Centre. No part of this publication may be copied, stored, transmitted, reproduced, or  © distributed in any form or medium whatsoever without the permission of the copyright owner. Between 1994 and 2004, the company grew at an annual compound rate of 29 percent/ both in terms of its EPS and the number of customers. In 2004, its earnings were $1.5 billion, and the EPS was at $6.21.8 At the end of 2004, the company and its subsidiaries held 48.6 million accounts and $79.9 billion9 in managed loans outstanding, which grew by 12 percent ($8.6 billion) over the previous year (see Exhibit 1). It had 17,760 employees in March 2005. The bank offers 7,00010variations of its MasterCard and Visa cards, each one is customized to appeal to different customer preferences and needs by combining product features such as different backgrounds and colors, along with varied annual percentage rates, credit limits, fees, and rewards programs. Capital One’s pricing strategy is based on the risk level of its customers. It offers platinum and gold cards to its preferred customers with excellent credit history and a wide range of secured and unsecured cards to customers with limited or poor credit history. The company also provides a range of consumer products like auto finanCing, mortgage services, credit insurance, and home-equity loans. Customizations of credit cards at Capital One are made with the support of its Information-Based Strategy (IBS), which uses sophisticated data-mining techniques to match its credit cards (its combination of interest rates, fees, rewards, and other conditions) with targeted customers based on their credit scores, credit uses, and other parameters. IBS is the fusion of one of the world’s largest databases, information systems, a well-trained team of analysts and statisticians, and advanced scoring models. The company’s decision-making process is made efficient by bringing together marketing, credit, risk, and information technology. It selects its most profitable customers and the appropriate rate by using the rigorous testing of econometric and time series models. The credit ratings of customers is based on the Fair Isaac Corporation (FICO) scores, which are used to predict payment risk by looking at several variables, including credit history. The  IBS system uses FICO scores to divide its customers into three groups of super-prime (with excellent credit history), prime (average credit history), and sub-prime (with poor or very little credit history). Through the use of IBS, the company has been able to locate a group of students who were not included in the mailing lists of other credit card companies because these students, mostly unemployed and little or no credit histories, were considered high risk. Capital One’s strategy of sending credit card applications, which were tailored to the needs of these students, proved effective, as 70 percent of the applications were filled and mailed back, thus creating a new market for the company. IBS has also helped Capital One avoid customers who do not pay interest charges on loans. The charge-off rate (for bad debt) of Capital One is the industry’s lowest, and for 2004 was at 4.37 percent, compared to 5.32 percent in the previous year. Capital One’s GFS segment offers a portfolio of diverse products to both domestic and international consumers. In the domestic market, the GFS segment includes installment lending, health care finance, mortgage lending services, and small business lending services. GFS has been on a growth curve and in 2004, it accounted for 27 percent of Capital One’s total managed loans, which are comprised of reported loans and off-balance sheet securitized loans. It also accounts for 14 percent of its earnings. Its international portfolio primarily consists of credit card business in the United Kingdom and Canada, valued at $8.2 billion and $2.4 billion,12 respectively. Capital One is the United Kingdom’s seventh largest credit card issuer, and among the top ten of the same in Canada. In January 2005, the company completed the formalities to acquire a British equity brokerage firm called Hfs Group to strengthen its position in the United Kingdom. Although Capital One had hold ings in France and South Africa, it exited these markets due to lack of growth opportunities. Capital One generated strong earnings and loan growth again in 2004, as it has each year since its initial public offering ten years ago. The company is well positioned for continued success in 2005 in both our Us. credit card and our growing and profitable diversification businesses. -RICHARD D. FAIRBANK, CHAIRMAN CAPITAL AND CEO, CORPORATION† ONE FINANCIAL Capital One grew at 30 percent14 (see Exhibit 2, on page 68) between 1994 and 2004 by issuing credit cards at attractive interest rates. Most of its business is conducted via direct mail (junk-mail solicitations), although it also markets its products through television and Internet (http://www .capitalone.com). It expanded its credit card operations in Canada, Europe, and South Africa in the late 1990s. At the same time, the company also made strategic moves toward diversifying its portfolio by entering into financing of automobiles and other motor vehicles, mortgage and home equity loans, insurance, and other consumer lending products. Although 60 percent of its total managed loans is in its credit cards business (see Exhibit 3, on page 68), the company is gradually increasing its operations in other business segments. In 1998, Capital One bought Amerifee, a company that provided financing for elective surgeries such as orthodontic, vision, and cosmetic procedures. It became a wholly owned subsidiary of Capital One in May 2001. Amerifee is a market leader known for introducing Orthodontists Fee and Dental Fee plans in 1993 and 1998, respectively. These fee plans are the largest patient payment plans in  (dollars in millions, except per-share data) Reproductive Endocrinologists and infertility clinics. IS The subsidiary formally became Capital One Healthcare Finance in April 2005. Capital One soon realized that the auto financing market is double that of the credit  card market, and therefore it has a strong growth potential in that segment. This market is highly fragmented and no company holds more than 20 percent16 of the market share. It provided an opportunity to Capital One Auto Finance Ine. (COAF) to introduce innovative offers and increase its market share. COAF added $163.8 millionl? to the company’s earnings in 2004, and has continued to be on a high growth curve. To strengthen its market position in the automobile finance segment, the company acquired ONYXAcceptance Corporation (Onyx) for $191 millionl8 (in an all cash transaction) on January 11, 2005. It also acquired InsLogic, an insurance brokerage firm, from Onyx’s management team. The purchase strengthened the Auto Finance subsidiary of Capital One and enhanced its dealer relationships, coastto-coast market penetration in the United States, and its product line among the prime borrowers. Onyx is based in Foothills, California, and provides automobile loans to certain independent and franchise dealerships all over the United States. Onyx claims to have purchased and securitized $10 billionl9 in auto loans since its inception in 1993, and will add 12,000 new dealerships to Capital One’s list. According to David R. Lawson, Capital One’s executive vice president, and president of COAF, â€Å"This transaction combines two strong franchises with complementary strengths. Onyx’s significant and long-standing presence with California dealerships coupled with its strong prime product offering fills out both COAF’s product line and geographic footprint. Together, we expect to realize significant revenue and cost synergies:’20 This acquisition may make COAF the second largest auto lender in the United States. COAF has announced that it has raised its car loan limit to $100,00021 (previously $75,000) for direct-toconsumer vehicle loans that have originated from its Web  site (http://capitaloneautofinance.com) in February 2005. This move was made in response to the growing demand for luxury cars such as Corvette by Chevrolet, so that the company can get more business from this customer segment. This extension is limited to only those with excellent credit histories (super-prime customers). The vice president of COAF, Brian Reed, said, â€Å"Car buyers have more choices than ever today at the higher end of the  car spectrum, so weà ¢â‚¬â„¢ve adjusted our limit to offer consumers greater flexibilit/’22 The competitive advantage of COAF is that the loan process takes place on the Internet and requires no legacy fees. Also, its IBS system allows it to charge varying interest rates depending on the customer’s risk levels. In February 2005, Capital One purchased eSmartloans .com for $155 million,23 one of the largest online providers of home equity loans mortgages in the United States. Headquartered in Overland Park, Kansas, the company offers a variety of products that are marketed and delivered directly to homeowners. The purchase is meant to broaden Capital One’s offering of consumer loans and deepen its position in the growing US. home equity market. Larry Klane, Capital One’s executive vice president of Global Financial Services, said, â€Å"eSmartloan has succeeded in building a scalable technology platform, a highly skilled sales team, and an outstanding reputation for customer service and speed to close. By combining these strengths with Capital One’s powerful national brand, access to 47 million accounts, and expertise in direct marketing, we will enhance the growth of our home equity lending business:’24 In early March 2005, Capital One announced its decision to purchase Hibernia National Bank. Hibernia is the largest bank in Louisiana,2s with 316 branches in Louisiana and Texas, and $17.4 billion26 in deposits. It provides a wide assortment of financial products and services through its banking and non-banking subsidiaries that ranges from deposit products, small business, commercial, mortgage, private and international banking, to trust and investment management, brokerage, investment banking, and insurance. Capital One paid a 24 percent premium over Hibernia’s closing stock price of $26.57 as on March 4, or $33 per share,27and a total of$5.3 billion for the purchase. The merger is expected to cost $175 million in restructuring expenses and result in near-term synergies of$135 million.28 According to Fairbank, â€Å"This acquisition is a natural extension of the diversification strategy we have been pursuing for some time. The transaction brings together two financial companies with complementary strengths and represents a compelling long-term value proposition for shareholders of both companies. Hibernia’s leading market share in Louisiana and its promising Texas branch expansion create not only a solid growth platform as we continue to expand, but also an additional source oflower cost funding. Additionally, we believe our national brand, 48 million accounts, broad product offerings, asset generation capabilities, and market expertise will drive profitable growth in branch banking:’ 29 Capital One wanted to purchase a commercial bank with a strong management team and a large local market share. Hibernia has both these qualities as well as the potential to expand extensively into Texas markets. Currently it has only 109 branches in Texas, but the cities of Dallas and Houston are number 2 and 3 in terms of fastest growing markets in the metro cities, a seemingly untapped potential for capturing market share in that region.30 The main advantage of purchasing Hibernia is that Capital One gains access to a lower cost of funding at 1.38 percent against a rate of 4.24 percent.3l One third of Capital One’s funding is obtained from the deposits in its fully owned Internet bank at 4 percent, which is higher than that paid by any of its rivals. The rest of it comes from securitization, which is risky as well as costlier than its other avenues of sourcing funds. It can increase ratio of funding from deposits from the previous 30 percent to 40 percent,32 to support its lending operations in the areas of credit cards, auto finance and mortgages. Acquiring Hibernia is also expected to increase its profit margins due to decreased interest expenses and bring stability to its businesses of consumer lending and other financial products. It now has the ability to use Hibernia’s brick -and- mortar branches as a launching pad to market its range of offerings in combination with its IBS techniques. The deal also provides Capital One with the opportunity to enter the debit -card market and also introduce its own home equity credit line. Early in the twenty-first century, the US. credit card industry witnessed a high level of competition and was also going through a phase of consolidation. For example, J.P. Morgan merged with Chase in 2000, and the combined group merged with Bank One in July 2004 to form the second largest US. bank holding company with a combined asset base of $1 trillion33 and 19.1 percent of the total credit card market share. The US. consumer debt amount of $2.1 trillion (Federal Reserve Bank data) in January 2005 was mostly due to the top ten credit card companies, which held 85 percent of the market share.34 Market share of Capital One in the credit card segment  fell from 7.2 percent in 200Ys to 6.8 percent (see Exhibit 4) in 2004. Capital One was left with no innovative ideas such as being the first bank to offer automatic balance transfers, which could grab business from other banks. The rise in personal bankruptcies and the economic recession between 2001 and 2004, coupled with the saturation of the credit card market diminished growth opportunities for Capital One in that market. This  necessitated its diversification into other consumer lending operations through different distribution channels such as Hibernia. Capital One has been bombarding the Internet, radio, and television with its advertisement, â€Å"What’s in your wallet?† with one of the versions featuring the famous Hollywood comedian David Spade (Appendix 1). It spent $285 million on advertisements, a total marketing  expense of $1.3 billion36 in 2004 and $5.4 million in January 2005,37 which was more than competitors such as American Express. In a consumer survey conducted by USA Today’s weekly poll, 30 percent of the people â€Å"disliked† the advertisement, while 12 percent liked it â€Å"a lot;’ suggesting that it did not receive the popularity it wanted. It was opined that the advertisement expense has been eating into Capital One’s profits. Another potential hurdle for Capital One is its potentially risky source of funding from securitization. It pools together the loans it originates and invests pieces from that collection in different securities. Because the investment is dependent on the stock market price fluctuations, this source of funding involves a great deal of uncertainty and risks of monetary loss. It has also amassed a large portfolio of sub-prime customers as it relies on its IBS system to guide it toward greater profit margins (related to greater risk), without incurring heavy losses. Due to federal regulations and a great many of its customers defaulting on their loans, Capital One had to shift away from subprime to a greater proportion of prime and super-prime customers. This change led to smaller margins as the company offered an introductory rate of 9.9 percent to its super-prime customers vis-a-vis a rate of25.9 percent3s charged to sub-prime customers who are associated with  high probability of delinquency. In July 2002, the company disclosed its decision to tighten controls over its loan disbursements (mainly to sub-prime lenders) to meet the banking regulators’ demands, leading to a 40 percent decline39 in its shares in one day (Appendix 2). Management of Hibernia’s branch banking and its non-consumer lending operations, after the merger is complete, might pose a challenge for Capital One because it lacks experience in those fields. The non-consumer lending portfolio consists of commercial and industrial loans (C&I) and commercial real-estate (CRE) loans. Hibernia’s combined portfolio of C&I and CRE is worth $4 billion,40 and its small business portfolio is valued at $3.2 billion. The challenge will be to efficiently integrate Hibernia into its system and strategy, which includes incorporation of its retail branch banking, and review of its business and asset integration plans. For the short term, it might need to rely on Hibernia’s management team in making any strategic decisions. Part of the strategic long-term vision, as announced by the company is to expand  further into the state of Texas, especially in Dallas and Houston, and establish  new branches there. In expanding in that direction, Capital One is likely to face stiff competition from several major players in the credit card and banking industry such as JP Morgan, Citigroup, Bank of America, and American Express. It may be difficult for Capital One to steal any business away from these giants, even with its innovative ideas and products, because the bigger players have strong presence in that region. Analyst and credit rating agencies like Fitch have warned that Capital One’s growth depends on its ability to aggreSSively defend and maintain market positions in the states of Louisiana and Texas. Fairbanks said, â€Å"We’re well positioned to continue our profitable growth. Financially, we’ve never been stronger. Our flagship credit card business is thriving. We’re successfully taking IBS, the strategy that made Capital One a winner in credit cards and auto finance, to new businesses. And, we have a powerful brand and huge customer base to fuel our growth and diversification. Our people have pulled together to make Capital One the strong, diversified company it is today. And I am confident that they will sustain our momentum as we enter our second decade as a public company: M. McNamee, 2005, Capital One’s concrete step, http://www .businessweek.com, March 11. http://wwwfortune.com. http://wwwcapitalone.com. Ibid. N. Slaughter, 2005, Capital One shells out http://wwwfoolcom, March 7 1994, Capital One financial corporation completes initial public offering, http://wwwbusinesswire.com. http://wwwfortune.com. Ibid. 2005, Capital One to acquire Hibernia Corporation for $5.3 billion in stock and cash, http://biz.yahoo.com, March 6. M. McNamee, 1999, Capital One: Isn’t there more to life than plastic?† http://wwwbusinessweek.com. http://wwwcapitalone.com. Ibid. http://wwwcapitalone.com. 2005, A capital idea, http://wwweconomist.eom, http://wwwcapitalonehealthcarefinance.com. Ibid. http://wwwcapitalone.com. Ibid. http://wwwonyxacceptance.com. http://wwwcapitalone.com. 2005, Capital One announces new online auto loan limit of $100,000, http://wwwpwrebdireCl.com. February 25. Ibid. March 10. November 22. November 15. http://wwwmccollpartners.com . http://wwwcapitalone.com. Louisiana is one of the southern-most located between Texas and Mississippi. A capital idea, op. cil. states in the U.S. and is 2005, Capital One buying Hibernia for $5.3B, http://wwwcnnmoney. com, March 7 http://wwwCapitalone.com. Capital One to acquire Hibernia Corporation for $5.3 billion in stock and cash, op. cil. Capital One’s concrete step, op. cil. A capital idea, op. cil. Ibid. 1 Locke, 2005, Bank One, JPMorgan merger ups the ante in Colorado banking game, http://wwwbizjournals.com. A capital idea, op. cil. March 25 K. Maguire, 2005, Capital One rolls with the punches, http://news.yahoo.com, March 21 http://wwwcapitalone.com. M. McCarthy, 2005, Capital One’s ‘What’s in your wallet?’ ads filling airwaves, http://wwwusatoday.com. March 13. S. Maranjian, 2005, How to owe $40,000 by doing nothing, http://wwwfoolcom, February 11. R. Barker, 2003, Who’s minding the store at Capital One? http://wwwbusinessweek.com. March 24. 2005, Fitch places Capital One on rating watch positive; Hibernia on watch negative, http://wwwbloomberg.com. March 7 http://wwwcapitalone.com.