Crsp,2.4 CnpnarBeruc ConpoRATroN ln 1975, Carlos Cordova and several other investors founded Capital National Bank (CNB) in Bronx, New York.r Cordova was appointed the bank 's chief executive officer and chairman of the board. Over the next several years, the bank opened five branch offices in the New York City metropolitan area. CNB catered primarily to the banking needs of Hispanic-American and immigrant communities in New York City. In 1986, Cordova and the other owners of CNB formed CapitalBanc Corporation, a publicly owned bank holding company registered with the Securities and Exchange Comrnission (SEC).Throughout its entire existence,the principal operating entity controlled by CapitalBancwas CNB. Cordova assumed the titl.ps …show more content…
Cordova openedthe locked cabinetin the main vault in the presence the of staff auditors. The auditors then oroceededto count the $2.7million that had not been counted on December 29,1987. All of the cash was present.None of the other cash funds of the 177thStreetBranch or other CNB brancheswas counted by the Arthur Andersen auditors on January14, 1983. After counting the segregated cash,the staff auditors asked Cordova n 'hy he kept those funds in the locked cabinet. Cordova replied that a customer who casheda large certificateof deposit insistedon having the funds availableon demand at all times.According to Cordova,the customerintended to use the funds to buy foreign currencieswhen market conditions becamefavorable.The volatility of the foreign currencymarket dictated that the customerhave immediateaccessto the funds on a daily basis. Near the completion of the 1987 CapitalBancaudit, Lukenda reviewed the workpaper that documentedCordova 's explanationfor the $2.7million of segre- 2. Securities and Exchnnge Commission,Accounli g ond Audiling Enfolcemutt Relcas? 458, No. 28 June 1993. CASE2.4 CAP]TALBANC CORPOFATIOI{ 195 gated cash. Lukenda then discussedthat
Secondly, out of the twenty-five stockholders of the Bank, five of these were government owned. Thus showing support of the Bank by subscribing to one-fifth of its $35 million (Schlesinger 74). In addition, among the Bank’s functions was to hold all government money, sell all government bonds, and make commercial loans. However, no voters could dictate its policies or reign in its power, due to its privately owned status (Roughshod 2). Finally, the government also allowed bank notes to be used as payment for taxes.
In response to this panic, a committee was established to find the flaws of the current banking system. This committee, the National Monetary Commission, found there were two main flaws dominating the system. First, the currency was not responsive to changes in demand. (Born...13). This meant that the bank had a fixed amount of currency, regardless of the
ACTG 350 – Case2 Due: Required: Tuesday, November 26th (at the beginning of class). Complete the requirements outlined in the following case developed by the Deloitte Foundation. Your memo should carefully develop arguments supporting your conclusions based on your interpretation of ASC 330-10.Your memo should not exceed 2 pages and be formatted in a professional manner. Please submit one case per group.
E17-7 (Trading Securities Entries) On December 21, 2010, Zurich Company provided you with the following information regarding its trading securities.
Week 7 Chapter 6: Investors in the Share Market True/False QUESTIONS 1. Investing in shares of publicly listed corporations should, on average, over time provide a higher return than investing in fixed-interest securities. a. True b. False 2. Investments through a stock exchange are limited to ordinary shares issued by listed corporations. a. True b. False 3. Portfolio theory contends that a diversified share portfolio enables an investor to significantly reduce the portfolio’s exposure to systematic risk. a. True b. False 4. A share that has a beta of one is twice as risky as an average share listed on a stock market. a. True b. False 5. Shares that typically demonstrate a negative price correlation will usually move in the same direction
Welcome to TOP Education and TLAW201 COMPANY LAW. This document provides you with information relevant to successful completion of this unit; including schedule of lecture topics, prescribed texts, assessment policies, assessment tasks, examinations, academic and administrative contacts and online learning support facilities.
"The Information." Esquire, vol. 135, no. 3, Mar. 2001, p. 101. EBSCOhost, search. Accessed 5 March
Which classification system is available with EQS as a criteria for your screen of equities?
Capital One is a financial services company based in Mclean, VA. The company operates primarily as a banking network with over one thousand branches throughout the United States. Its more than 30,000 employees also serve customers in Canada and the United Kingdom, as they are one of the largest issuers Visa and MasterCard credit cards, auto financing, home loans, and online and direct banking through subsidiary ING Direct ("Capital One," 2012). Since its inception in 1993, this company has grown into one of the largest financial institutions in the world, providing commercial and consumer loans, as well as treasury management and depository services. Capital One has over $15 billion in revenue and a market cap of over $35 billion ("Key Statistics," 2012). That is enough revenue to qualify it as the 148th largest company according to Fortune's listing of the top 500 companies in 2012 ("Capital One," 2012).
Costco Wholesale Corporation (NASDAQ:COST) is a membership wholesaler retail club that provides a diversified selection of consumer goods. Mainly under the "Costco Wholesale" name, the company is known for carrying top quality products at substantially lower prices than what is typically found at conventional wholesale or retail sources, with 100% satisfaction guaranteed in the products and membership (Costco, n.d.). Products offered at Costco includes, but not limited to, groceries, paper goods, electronics, health and beauty products, hardware, and garden and patio, jewelry and vacation packages and others.
In relation to approving the ASX Announcements, the CEO breached section 180(1) of the Act by failing to ensure that the ASX Announcements were not misleading or deceptive. JHIL had also breached sections
Absolutely amazing, that 's all I can say about the corporate structure of GNC. As with any jumping on fads there are always going to be someone to try to take advantage of consumers; welcome to the wonderful world of GNC. This company is no different than any other company, low paying part-time employees, medium range pay for managers, and large pay for regional sales directors and so on. First of all let me explain my background: I am a part-time sales associate, I have been lifting for about 4 years, have taken three nutritional classes in college, along with two personal trainer classes and four types of chemistry classes. I have since switched my major from nutrition so no I do not have a degree in dietetics?.
Certain proclamations in this press discharge may be advance looking in nature or "forward looking articulations" as characterized in the Private Securities Litigation Reform Act of 1995. The forward looking comments held in this press discharge are liable to various dangers, patterns and questionable matters that could cause true execution to contrast tangibly from these forward looking articulations. Various those dangers, patterns and questionable matters are talked over in every organization's Sec
MRC, Inc. is a Cleveland based manufacturing company specialized in power brake systems for trucks, buses, and automobiles; industrial furnaces and heat treating equipment; and automobile, truck and bus frames. As till 1957 most of MRC's sales were made to less than a dozen large companies in the automotive industry, it was exposed to the risk inherent in selling to a few customers in a very cyclical and competitive market. To minimize the risk and to explore new business opportunity MRC's management decided to diversify their business operation. After their fifth successful acquisition, the CEO of MRC Archibald Brinton faced with a dilemma of whether to buy American Rayon, Inc.
Davidson decided to use a direct sales approach in which CCC will engage with its customers by directly marketing and selling to them. Using a direct approach rather than a business to customer approach is more realistic for CCC. With a business to customer approach, the company will retain all ownership of its products. CCC would be responsible for distributing, servicing, and collecting payments for the canoes that they sell. A business-to-customer approach would be too costly.