1.
Ticker symbol
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A ticker symbol or stock symbol is an abbreviation used to uniquely identify publicly traded shares of a particular stock on a particular stock market. A stock symbol may consist of letters, numbers or a combination of both, ticker symbol refers to the symbols that were printed on the ticker tape of a ticker tape machine. Stock symbols are unique identifiers assigned to each security traded on a particular market, for example, AAPL is for Apple Inc. OODH is for Orion DHC, Inc. and HD is for Home Depot, a stock symbol can consist of letters, numbers, or a combination of both, and is a way to uniquely identify that stock. The symbols were kept as short as possible to reduce the number of characters that had to be printed on the ticker tape, the allocation of symbols and formatting convention is specific to each stock exchange. In the US, for example, stock tickers are typically between 1 and 4 letters and represent the name where possible. In Europe, most exchanges use three-letter codes, for example Dutch consumer goods company Unilever traded on the Amsterdam Euronext exchange has the symbol UNA, while in Asia, numbers are often used as stock tickers to avoid issues for international investors when using non-Latin scripts. For example, the bank HSBCs stock traded on the Hong Kong Stock Exchange has the ticker symbol 0005, symbols sometimes change to reflect mergers. Prior to the 1999 merger with Mobil Oil, Exxon used a spelling of the company XON as its ticker symbol. The symbol of the firm after the merger was XOM, symbols are sometimes reused, in the US the single-letter symbols are particularly sought after as vanity symbols. For example, since Mar 2008 Visa Inc. has used the symbol V that had previously used by Vivendi which had delisted. To fully qualify a stock, both the ticker and the exchange or country of listing needs to be known, on many systems both must be specified to uniquely identify the security. This is often done by appending the location or exchange code to the ticker, although stock tickers identify a security, they are exchange dependent, generally limited to stocks and can change. These limitations have led to the development of other codes in financial markets to identify securities for settlement purposes, the most prevalent of these is the International Securities Identifying Number. An ISIN uniquely identifies a security and its structure is defined in ISO6166, Securities for which ISINs are issued include bonds, commercial paper, stocks, and warrants. The ISIN identifies the security, not the exchange on which it trades, for instance, Daimler AG stock trades on twenty-two different stock exchanges worldwide, and is priced in five different currencies, it has the same ISIN on each, though not the same ticker symbol. ISIN cannot specify a particular trade in this case, and another identifier, following the introduction of the Sequence trading platform in 1996, EPICs were renamed Tradable Instrument Display Mnemonics, but they are still widely referred to as EPICs. Stocks can also be identified using their SEDOL number or their ISIN, in the United States, modern letter-only ticker symbols were developed by Standard & Poors to bring a national standard to investing
2.
New York Stock Exchange
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The New York Stock Exchange, is an American stock exchange located at 11 Wall Street, Lower Manhattan, New York City, New York. It is by far the worlds largest stock exchange by market capitalization of its companies at US$19.3 trillion as of June 2016. The average daily trading value was approximately US$169 billion in 2013, the NYSE trading floor is located at 11 Wall Street and is composed of 21 rooms used for the facilitation of trading. A fifth trading room, located at 30 Broad Street, was closed in February 2007, the main building and the 11 Wall Street building were designated National Historic Landmarks in 1978. The NYSE is owned by Intercontinental Exchange, an American holding company that it also lists, previously, it was part of NYSE Euronext, which was formed by the NYSEs 2007 merger with Euronext. NYSE and Euronext now operate as divisions of Intercontinental Exchange, the NYSE has been the subject of several lawsuits regarding fraud or breach of duty and in 2004 was sued by its former CEO for breach of contract and defamation. The earliest recorded organization of securities trading in New York among brokers directly dealing with each other can be traced to the Buttonwood Agreement, previously securities exchange had been intermediated by the auctioneers who also conducted more mundane auctions of commodities such as wheat and tobacco. In 1817 the stockbrokers of New York operating under the Buttonwood Agreement instituted new reforms, after sending a delegation to Philadelphia to observe the organization of their board of brokers, restrictions on manipulative trading were adopted as well as formal organs of governance. Several locations were used between 1817 and 1865, when the present location was adopted, the invention of the electrical telegraph consolidated markets, and New Yorks market rose to dominance over Philadelphia after weathering some market panics better than other alternatives. The Civil War greatly stimulated speculative securities trading in New York, by 1869 membership had to be capped, and has been sporadically increased since. The latter half of the century saw rapid growth in securities trading. Securities trade in the nineteenth and early twentieth centuries was prone to panics. The Stock Exchange Luncheon Club was situated on the floor from 1898 until its closure in 2006. The main building, located at 18 Broad Street, between the corners of Wall Street and Exchange Place, was designated a National Historic Landmark in 1978, as was the 11 Wall Street building. The NYSE announced its plans to merge with Archipelago on April 21,2005, NYSEs governing board voted to merge with rival Archipelago on December 6,2005, and became a for-profit, public company. It began trading under the name NYSE Group on March 8,2006, Wall Street is the leading US money center for international financial activities and the foremost US location for the conduct of wholesale financial services. It comprises a matrix of wholesale financial sectors, financial markets, financial institutions, the principal sectors are securities industry, commercial banking, asset management, and insurance. Prior to the acquisition of NYSE Euronext by the ICE in 2013, Marsh Carter was the Chairman of the NYSE, presently, the chairman is Jeffrey Sprecher
3.
S&P 500 Index
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The S&P500 index components and their weightings are determined by S&P Dow Jones Indices. It differs from other U. S. stock market indices, such as the Dow Jones Industrial Average or the Nasdaq Composite index, because of its diverse constituency and weighting methodology. It is one of the most commonly followed equity indices, and many consider it one of the best representations of the U. S. stock market, the National Bureau of Economic Research has classified common stocks as a leading indicator of business cycles. The S&P500 was developed and continued to be maintained by S&P Dow Jones Indices, S&P Dow Jones Indices publishes many stock market indices such as the Dow Jones Industrial Average, S&P MidCap 400, the S&P SmallCap 600, and the S&P Composite 1500. It is a free-float capitalization-weighted index, and has many symbols, such as, ^GSPC, INX. The Composite Index, as the S&P500 was first called when it introduced its first stock index in 1923, three years later in 1926, the Composite Index expanded to 90 stocks and then in 1957 it expanded to its current 500. Standard & Poors, a company that doles out financial information, in 1941 Poors Publishing merged with Standard Statistics and therein assumed the name Standard and Poors Corporation. The S&P500 index in its present form began on March 4,1957, technology has allowed the index to be calculated and disseminated in real time. The S&P500 is widely used as a measure of the level of stock prices. In September 1962, Ultronic Systems Corp. entered into an agreement with Standard, under the terms of this agreement, Ultronics computed the S&P500 Stock Composite Index, the 425 Stock Industrial Index, the 50 Stock Utility Index, and the 25 Stock Rail Index. Throughout the market day these statistics were furnished to Standard & Poors, in addition, Ultronics also computed and reported the 94 S&P sub-indexes. On August 12,1982, the index closed at 102.42, the index reached a relative intraday high—which was not exceeded for over seven years—of 1,552.87, on March 24,2000, during the dot-com bubble. The index then declined by approximately 50%, to 768.63, on October 10,2002, on May 30,2007, the S&P500 closed at 1,530.23, to set its first all-time closing high in more than seven years. Less than a later, it dropped to 1,400. In mid-2007, the mortgage crisis spread to the wider U. S. financial sector. On November 20,2008, the index closed at 752.44, a modest recovery the following day still left the index down 45. 5% for the year. This year-to-date loss was the greatest since 1931, when the market declined more than 50%. The index closed the year at 903.25, for a loss of 38. 5%, the market continued to decline in early 2009, surrounding the financial crisis of 2008
4.
MasterCard International Global Headquarters
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The MasterCard International Global Headquarters is an office building located at 2000 Purchase Street in the town of Purchase, New York. It was constructed in the early 1980s as part of a movement of large corporations onto suburban estate settings, the building is part of the Purchase Centre complex and originally was constructed by the Nestlé company and occupied by IBM for several years. It was designed by I. M. Pei of Pei Cobb Freed & Partners and has won awards over the years for its architectural style. In 1977 the United States-based component of Nestlé announced that it intended to move from its headquarters in White Plains, New York to a new site in Purchase, New York. Nestlé had been one of the first companies to move to a suburban environment 25 years early and was part of a general relocation movement at the time of companies headquarters to estate settings. Nestlé stated that if the town did not grant a zoning amendment for the parcel it had selected, then-governor of New York, Hugh Carey, intervened on behalf of Nestlé, but in June 1977 the town board rejected the request for the zoning amendment. Nestlé then approached Manhattanville College, which had announced plans to sell 135 acres of surplus land from its 250-acre campus. With subsequent state modifications to the I-684 highway to the site, by 1980 Nestlé had commissioned renowned architect I. M. Pei to design the building, which would be composed of a central saw-toothed parallelogram and two quarter-circle wings. Then in 1982, Nestlé announced that it had sold the building to IBM as a result of changing financial projections. Later in 1986 Nestlé constructed a new building across the road from the 2000 Purchase Street facility that would serve as its headquarters until it moved again to Glendale, California in 1992. IBM would use the facility to centralize activities in the Westchester area from 1985 to 1992 when it began moving employees to other facilities as part of cost containment efforts, by 1994 the facility was purchased by MasterCard to serve as its global headquarters. MasterCard moved into 2000 Purchase Street in October 1995 and in December 2001 acquired the 100 Manhattanville Road facility to serve as its North American Region headquarters, the facility is a three-story building that incorporates travertine stone and architectural concrete to maximize the effectiveness of natural resources. Also on-site is a cafeteria, a store, and other employee amenities. An 1,100 car parking facility is built into a hillside on the site,1988 Building Stone Institute, Annual Tucker Award 1986 American Institute of Architects, National Honor Award 1986 Concrete Industry Board, Annual Award
5.
Purchase, New York
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Purchase, New York is a wealthy hamlet in the town of Harrison, in Westchester County. One myth explains that its name is derived from Harrisons purchase, Purchase is home to State University of New York at Purchase and Manhattanville College. In 1967,200 residents stated support for a plan to incorporate Purchase so corporations could not build in the community. In response, officials from the Town of Harrison put forward plans to try to become a city in an attempt to stop Purchase from seceding from the Town of Harrison, there are many historic sites located in Purchase. The grave of Revolutionary War General Thomas Thomas is located on the grounds of SUNY Purchase, the grounds that SUNY Purchase now occupies was once Strathglass Farms, a dairy farm. The Quaker Friends Meeting house was founded in the 18th century, the original building fell victim to fire years ago and the present one is an accurate reconstruction. Before the headquarters of Pepsi was built, the Blind Brook Polo Club was located on that site, amelia Earhart would fly her plane from the polo grounds. Many colonial era homes and unspoiled natural woodlands have decreased in the last 30 years due to residential development. The Old Oaks Country Club, originally named Hill Crest, is a mansion house built in the late 1880s by millionaire Trenor Luther Park. Trenor Luther was a Harvard Graduate, who studied law, and his father, Trenor William Park, funded the Panama Railway, ran for Vice President of the United States in 1864 and was involved with the California Gold Mines. Purchase is also known for being one of the richest areas in the country, the Reid Hall, Manhattanville College was added to the National Register of Historic Places in 1974. MasterCards headquarters, MasterCard International Global Headquarters, PepsiCo, Atlas Air and its subsidiary Polar Air Cargo, pernod Ricard has offices in Purchase. Previously Lenovo had its U. S. headquarters in Purchase, in 2006 the company announced it was moving to Morrisville, North Carolina. The average household income in Purchase, NY is estimated to be approximately $352,000, Purchase School is the local K–5 elementary school, which is part of the Harrison Central School District. Harrison High School is the high school, which offers the IB Diploma Programme. Harrison High School also serves the area of the Town of Harrison, including the Village of Harrison. In 2010, Superintendent of the Harrison Central School District, Louis N. Wool was named Superintendent of the Year in New York State, Keio Academy of New York, a Japanese international boarding school, is in Purchase. Purchase is home to the State University of New York at Purchase and Manhattanville College, as well as the Westchester Campus of Fordham University, Keio University also operates a high school named Keio Academy of New York
6.
New York (state)
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New York is a state in the northeastern United States, and is the 27th-most extensive, fourth-most populous, and seventh-most densely populated U. S. state. New York is bordered by New Jersey and Pennsylvania to the south and Connecticut, Massachusetts, and Vermont to the east. With an estimated population of 8.55 million in 2015, New York City is the most populous city in the United States, the New York Metropolitan Area is one of the most populous urban agglomerations in the world. New York City makes up over 40% of the population of New York State, two-thirds of the states population lives in the New York City Metropolitan Area, and nearly 40% lives on Long Island. Both the state and New York City were named for the 17th-century Duke of York, the next four most populous cities in the state are Buffalo, Rochester, Yonkers, and Syracuse, while the state capital is Albany. New York has a diverse geography and these more mountainous regions are bisected by two major river valleys—the north-south Hudson River Valley and the east-west Mohawk River Valley, which forms the core of the Erie Canal. Western New York is considered part of the Great Lakes Region and straddles Lake Ontario, between the two lakes lies Niagara Falls. The central part of the state is dominated by the Finger Lakes, New York had been inhabited by tribes of Algonquian and Iroquoian-speaking Native Americans for several hundred years by the time the earliest Europeans came to New York. The first Europeans to arrive were French colonists and Jesuit missionaries who arrived southward from settlements at Montreal for trade, the British annexed the colony from the Dutch in 1664. The borders of the British colony, the Province of New York, were similar to those of the present-day state, New York is home to the Statue of Liberty, a symbol of the United States and its ideals of freedom, democracy, and opportunity. In the 21st century, New York has emerged as a node of creativity and entrepreneurship, social tolerance. On April 17,1524 Verrazanno entered New York Bay, by way of the now called the Narrows into the northern bay which he named Santa Margherita. Verrazzano described it as a vast coastline with a delta in which every kind of ship could pass and he adds. This vast sheet of water swarmed with native boats and he landed on the tip of Manhattan and possibly on the furthest point of Long Island. Verrazannos stay was interrupted by a storm which pushed him north towards Marthas Vineyard, in 1540 French traders from New France built a chateau on Castle Island, within present-day Albany, due to flooding, it was abandoned the next year. In 1614, the Dutch under the command of Hendrick Corstiaensen, rebuilt the French chateau, Fort Nassau was the first Dutch settlement in North America, and was located along the Hudson River, also within present-day Albany. The small fort served as a trading post and warehouse, located on the Hudson River flood plain, the rudimentary fort was washed away by flooding in 1617, and abandoned for good after Fort Orange was built nearby in 1623. Henry Hudsons 1609 voyage marked the beginning of European involvement with the area, sailing for the Dutch East India Company and looking for a passage to Asia, he entered the Upper New York Bay on September 11 of that year
7.
United States
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Forty-eight of the fifty states and the federal district are contiguous and located in North America between Canada and Mexico. The state of Alaska is in the northwest corner of North America, bordered by Canada to the east, the state of Hawaii is an archipelago in the mid-Pacific Ocean. The U. S. territories are scattered about the Pacific Ocean, the geography, climate and wildlife of the country are extremely diverse. At 3.8 million square miles and with over 324 million people, the United States is the worlds third- or fourth-largest country by area, third-largest by land area. It is one of the worlds most ethnically diverse and multicultural nations, paleo-Indians migrated from Asia to the North American mainland at least 15,000 years ago. European colonization began in the 16th century, the United States emerged from 13 British colonies along the East Coast. Numerous disputes between Great Britain and the following the Seven Years War led to the American Revolution. On July 4,1776, during the course of the American Revolutionary War, the war ended in 1783 with recognition of the independence of the United States by Great Britain, representing the first successful war of independence against a European power. The current constitution was adopted in 1788, after the Articles of Confederation, the first ten amendments, collectively named the Bill of Rights, were ratified in 1791 and designed to guarantee many fundamental civil liberties. During the second half of the 19th century, the American Civil War led to the end of slavery in the country. By the end of century, the United States extended into the Pacific Ocean. The Spanish–American War and World War I confirmed the status as a global military power. The end of the Cold War and the dissolution of the Soviet Union in 1991 left the United States as the sole superpower. The U. S. is a member of the United Nations, World Bank, International Monetary Fund, Organization of American States. The United States is a developed country, with the worlds largest economy by nominal GDP. It ranks highly in several measures of performance, including average wage, human development, per capita GDP. While the U. S. economy is considered post-industrial, characterized by the dominance of services and knowledge economy, the United States is a prominent political and cultural force internationally, and a leader in scientific research and technological innovations. In 1507, the German cartographer Martin Waldseemüller produced a map on which he named the lands of the Western Hemisphere America after the Italian explorer and cartographer Amerigo Vespucci
8.
President (corporate title)
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The President is a leader of an organization, company, community, club, trade union, university or other group. In many organizations, it is the legally recognized highest titled corporate officer, the president may also be the chairman. The relationship between the president and the Chief Executive Officer varies, depending on the structure of the specific organization, in a similar vein to the Chief Operating Officer, the title of corporate President as a separate position is also loosely defined. The powers of the president vary widely across organizations and such powers come from specific authorization in the bylaws, originally, the term president was used to designate someone who presided over a meeting, and was used in the same way that foreman or overseer is used now. It has now come to mean chief officer in terms of administrative or executive duties. In addition to the administrative or executive duties in organizations, the president has the duties of presiding over meetings, in committees or small boards, the president votes along with the other members. However, in assemblies or larger boards, the president should vote only when it can affect the result, at a meeting, the president only has one vote. The powers of the president vary widely across organizations, the amount of power given to the president depends on the type of organization, its structure, and the rules it has created for itself. If the president exceeds the given authority, engages in misconduct, or fails to perform the duties, such procedures may include censure, suspension, or removal from office. The rules of the organization would provide details on who can perform these disciplinary procedures. Usually, whoever appointed or elected the president has the power to discipline this officer, some organizations may have a position of President-Elect in addition to the position of President. Generally the membership of the organization elects a President-Elect and when the term of the President-Elect is complete, some organizations may have a position of Immediate Past President in addition to the position of President. In those organizations, when the term of the President is complete, the organization can have such a position only if the bylaws provide it. The duties of such a position would also have to be provided in the bylaws, riding Shotgun, The Role of the COO. National Association of Parliamentarians®, Education Committee, independence, MO, National Association of Parliamentarians®
9.
Chairman
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The chairman is the highest officer of an organized group such as a board, a committee, or a deliberative assembly. The person holding the office is elected or appointed by the members of the group. The chair presides over meetings of the group and conducts its business in an orderly fashion. When the group is not in session, the officers duties include acting as its head, its representative to the outside world. In some organizations, this position is called president, in others, where a board appoints a president. Other terms sometimes used for the office and its holder include chair, chairperson, chairwoman, presiding officer, president, moderator, facilitator, the chairman of a parliamentary chamber is often called the speaker. The term chair is used in lieu of chairman, in response to criticisms that using chairman is sexist. In his 1992 State of the Union address, then-U. S, president George H. W. Bush used chairman for men and chair for women. A1994 Canadian study found the Toronto Star newspaper referring to most presiding men as chairman, the Chronicle of Higher Education uses chairman for men and chairperson for women. An analysis of the British National Corpus found chairman used 1,142 times, chairperson 130 times, the National Association of Parliamentarians does not approve using chairperson. In World Schools Style debating, male chairs are called Mr. Chairman, the FranklinCovey Style Guide for Business and Technical Communication, as well as the American Psychological Association style guide, advocate using chair or chairperson, rather than chairman. The Oxford Dictionary of American Usage and Style suggests that the forms are gaining ground. It advocates using chair to refer both to men and to women, the word chair can refer to the place from which the holder of the office presides, whether on a chair, at a lectern, or elsewhere. During meetings, the person presiding is said to be in the chair and is referred to as the chair. Major dictionaries state that the word derives from chair and man, some authorities, however, including Riddicks Rules of Procedure, suggest that the second part of chairman derives from the Latin manus, and thus claim gender-neutrality for the word. Vladimir Lenin, for example, officially functioned as the head of Soviet Russia not as tsar or as president, note in particular the popular standard method for referring to Mao Zedong, Chairman Mao. In the absence of the chairman and vice chairman, groups sometimes elect a chairman pro tempore to fill the role for a single meeting. In some organizations that have titles, deputy chairman ranks higher than vice chairman, as there are often multiple vice chairs
10.
Credit card
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The card issuer creates a revolving account and grants a line of credit to the cardholder, from which the cardholder can borrow money for payment to a merchant or as a cash advance. A credit card is different from a card, where it requires the balance to be repaid in full each month. In contrast, credit cards allow the consumers a continuing balance of debt, a credit card also differs from a cash card, which can be used like currency by the owner of the card. Credit cards have a printed or embossed bank card number complying with the ISO/IEC7812 numbering standard, the card numbers prefix, called the Bank Identification Number, is the sequence of digits at the beginning of the number that determine the bank to which a credit card number belongs. This is the first six digits for MasterCard and Visa cards, the next nine digits are the individual account number, and the final digit is a validity check code. Both of these standards are maintained and further developed by ISO/IEC JTC 1/SC 17/WG1, Credit cards have a magnetic stripe conforming to the ISO/IEC7813. Many modern credit cards have a chip embedded in them as a security feature. In addition to the credit card number, credit cards also carry issue and expiration dates, as well as extra codes such as issue numbers. Not all credit cards have the sets of extra codes nor do they use the same number of digits. The concept of using a card for purchases was described in 1887 by Edward Bellamy in his utopian novel Looking Backward. Bellamy used the credit card eleven times in this novel, although this referred to a card for spending a citizens dividend from the government. Charge coins and other items were used from the late 19th century to the 1930s. They came in various shapes and sizes, with materials made out of celluloid, copper, aluminum, steel, each charge coin usually had a little hole, enabling it to be put in a key ring, like a key. These charge coins were given to customers who had charge accounts in department stores, hotels. A charge coin usually had the account number along with the merchants name. The charge coin offered a simple and fast way to copy a charge account number to the sales slip and this sped the process of copying, previously done by handwriting. It also reduced the number of errors, by having a form of numbers on the sales slip. Because the customers name was not on the coin, almost anyone could use it
11.
Cirrus (interbank network)
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Cirrus is a worldwide ATM network based in Purchase, New York, it is a subsidiary of Mastercard Incorporated. Founded in 1982, it links Mastercard and Maestro credit, debit and prepaid cards, prior to its acquisition by Mastercard in the 1980s, Cirrus System, LLC was owned by Bank of Montreal, BayBanks Inc. First Interstate Bancorp, Mellon Bank, NBD Bancorp Inc. by default, Mastercard and Maestro cards are linked to the Cirrus network, but very often all three logotypes of the Mastercard family, Mastercard, Maestro and Cirrus, will be shown. In locations such as India and Bangladesh, the Cirrus network also serves as a local interbank network as well as an international network Gifford, David, Spector, Alfred
12.
Maestro (debit card)
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Maestro is a multi-national debit card service owned by Mastercard that was founded in 1992. Maestro cards are obtained from banks and can be linked to the card holders current account. Maestro often requires on-line electronic authorization for every transaction, although Mastercards rules permit the establishment of floor limits on Maestro EMV chip transactions only. This is different from most other debit and credit cards, where the information can be entered manually into the terminal and still be approved by the issuer or stand-in processor. In most countries, other than specified in Mastercards rules. Maestro is accepted at around fifteen million point of sale outlets, in Germany and Austria, Maestro replaced the Eurocheque system. Austrian Maestro cards are always pure Maestro cards. German Maestro cards, however, are in most cases co-branded with the German Girocard logo, in Belgium, Maestro cards are co-branded with the Belgian Bancontact logo. In the United Kingdom, the former Switch debit card system was re-branded as Maestro, underneath the branding, however, the system was still the old Switch one and the cards were still fundamentally Switch. In 2011, MasterCard aligned UK Domestic Maestro with the standard international Maestro proposition and this change also led to the discontinuation of the Solo. In January 2009 First Direct and HSBC discontinued the use of Maestro card, issuing Visa Debit cards to new customers, likewise, in the same month the Royal Bank of Scotland Group switched from Maestro to Visa Debit, a process that took two years to complete. This effectively meant that only a few smaller UK banks would be issuing Maestro cards, in 2015, Bank of Ireland UK replaced its Maestro debit cards with Visa Debit cards. In Ireland, Laser, which was co-branded with Maestro, has replaced by Visa Debit and Debit MasterCard. The Laser debit card has been phased out by all banks, Irish Laser cards carried Maestro co-branding from 2008 onwards. They were intended to be used with chip and PIN POS systems, the chip on the card was programmed with two applications, one for Laser and one for Maestro. POS transactions were processed over the Laser network in Ireland. Some POS terminals prompted users to manually select Laser or Maestro before completing the transaction, Laser cards could be processed as Maestro in most POS terminals worldwide for chip and PIN or swipe and sign transactions. Internet and telephone-based retailers, however, needed to be set up specifically to accept Irish Laser/Maestro cards, transactions made with these cards were often secured by MasterCards SecureCode system to verify the cardholders identity
13.
United States dollar
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The United States dollar is the official currency of the United States and its insular territories per the United States Constitution. It is divided into 100 smaller cent units, the circulating paper money consists of Federal Reserve Notes that are denominated in United States dollars. The U. S. dollar was originally commodity money of silver as enacted by the Coinage Act of 1792 which determined the dollar to be 371 4/16 grain pure or 416 grain standard silver, the currency most used in international transactions, it is the worlds primary reserve currency. Several countries use it as their currency, and in many others it is the de facto currency. Besides the United States, it is used as the sole currency in two British Overseas Territories in the Caribbean, the British Virgin Islands and Turks and Caicos Islands. A few countries use the Federal Reserve Notes for paper money, while the country mints its own coins, or also accepts U. S. coins that can be used as payment in U. S. dollars. After Nixon shock of 1971, USD became fiat currency, Article I, Section 8 of the U. S. Constitution provides that the Congress has the power To coin money, laws implementing this power are currently codified at 31 U. S. C. Section 5112 prescribes the forms in which the United States dollars should be issued and these coins are both designated in Section 5112 as legal tender in payment of debts. The Sacagawea dollar is one example of the copper alloy dollar, the pure silver dollar is known as the American Silver Eagle. Section 5112 also provides for the minting and issuance of other coins and these other coins are more fully described in Coins of the United States dollar. The Constitution provides that a regular Statement and Account of the Receipts and that provision of the Constitution is made specific by Section 331 of Title 31 of the United States Code. The sums of money reported in the Statements are currently being expressed in U. S. dollars, the U. S. dollar may therefore be described as the unit of account of the United States. The word dollar is one of the words in the first paragraph of Section 9 of Article I of the Constitution, there, dollars is a reference to the Spanish milled dollar, a coin that had a monetary value of 8 Spanish units of currency, or reales. In 1792 the U. S. Congress passed a Coinage Act, Section 20 of the act provided, That the money of account of the United States shall be expressed in dollars, or units. And that all accounts in the offices and all proceedings in the courts of the United States shall be kept and had in conformity to this regulation. In other words, this act designated the United States dollar as the unit of currency of the United States, unlike the Spanish milled dollar the U. S. dollar is based upon a decimal system of values. Both one-dollar coins and notes are produced today, although the form is significantly more common
14.
Earnings before interest and taxes
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In accounting and finance, earnings before interest and taxes, is a measure of a firms profit that includes all expenses except interest and income tax expenses. It is the difference between operating revenues and operating expenses, when a firm does not have non-operating income, then operating income is sometimes used as a synonym for EBIT and operating profit. To calculate EBIT, expenses are subtracted from revenues, net income is later obtained by subtracting interest and taxes from the result
15.
Net income
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In business, net income is an entitys income minus cost of goods sold, expenses and taxes for an accounting period. In the context of the presentation of financial statements, the IFRS Foundation defines net income as synonymous with profit, net income is a distinct accounting concept from profit but the same as net profit. Net income can also be calculated by adding a companys operating income to non-operating income, net income can be distributed among holders of common stock as a dividend or held by the firm as an addition to retained earnings. As profit and earnings are used synonymously for income, net earnings, often, the term income is substituted for net income, yet this is not preferred due to the possible ambiguity. Net income is called the bottom line because it is typically found on the last line of a companys income statement. The items deducted will typically include tax expense, financing expense, likewise, preferred stock dividends will be subtracted too, though they are not an expense. For a merchandising company, subtracted costs may be the cost of goods sold, sales discounts, for a product company advertising, manufacturing, and design and development costs are included
16.
Asset
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In financial accounting, an asset is an economic resource. Anything tangible or intangible that can be owned or controlled to produce value, simply stated, assets represent value of ownership that can be converted into cash. The balance sheet of a firm records the value of the assets owned by that firm. It covers money and other valuables belonging to an individual or to a business, one can classify assets into two major asset classes, tangible assets and intangible assets. Tangible assets contain various subclasses, including current assets and fixed assets, current assets include inventory, while fixed assets include such items as buildings and equipment. Intangible assets are resources and rights that have a value to the firm because they give the firm some kind of advantage in the marketplace. Examples of intangible assets include goodwill, copyrights, trademarks, patents and computer programs, an asset is a resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity. One of the most widely accepted accounting definitions of asset is the one used by the International Accounting Standards Board, employees are not considered assets like machinery is, even though they can generate future economic benefits. This is because an entity does not have sufficient control over its employees to satisfy the Frameworks definition of an asset, similarly, in economics an asset is any form in which wealth can be held. The accounting equation is the structure of the balance sheet. It relates assets, liabilities, and owners equity, Assets = Liabilities + Capital Liabilities = Assets − Capital Equity = Assets − Liabilities Assets are listed on the balance sheet. On a companys balance sheet certain divisions are required by generally accepted accounting principles, Assets can be divided into e. g. current assets and fixed assets, often with further subdivisions such as cash, receivables and inventory. Assets are formally controlled and managed within larger organizations via the use of asset tracking tools and these monitor the purchasing, upgrading, servicing, licensing, disposal etc. of both physical and non-physical assets. Current assets are cash and other assets expected to be converted to cash or consumed either in a year or in the operating cycle and these assets are continually turned over in the course of a business during normal business activity. There are 5 major items included into current assets, Cash and cash equivalents – it is the most liquid asset, which includes currency, deposit accounts, short-term investments – include securities bought and held for sale in the near future to generate income on short-term price differences. Receivables – usually reported as net of allowance for non-collectable accounts, inventory – trading these assets is a normal business of a company. The inventory value reported on the sheet is usually the historical cost or fair market value. This is known as the lower of cost or market rule, prepaid expenses – these are expenses paid in cash and recorded as assets before they are used or consumed
17.
Equity (finance)
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In accounting, equity is the difference between the value of the assets and the value of the liabilities of something owed. Equity can be negative if liabilities exceeds assets, shareholders equity represents the equity of a company as divided among shareholders of common or preferred stock. Negative shareholders equity is often referred to as a shareholders deficit, alternatively, equity can also refer to the capital stock of a corporation. The value of the stock depends on the future economic prospects. For a company in liquidation proceedings, the equity is that which remains after all liabilities have been paid, when starting a business, the owners fund the business to finance various operations. Throughout the businesss existence, the equity of the business will be the difference between its assets and debt liabilities, this is the accounting equation, when a business liquidates during bankruptcy, the proceeds from the assets are used to reimburse creditors. The creditors are ranked by priority, with secured creditors being paid first, other creditors being paid next, owners equity is this remaining or residual claim against assets, which is paid only after all other creditors are paid. In such cases where even creditors could not get money to pay their bills. In financial accounting, owners equity consists of the net assets of an entity, net assets is the difference between the total assets and total liabilities. Equity appears on the sheet, one of the four primary financial statements. The assets of an entity can be tangible and intangible items. Intangible assets include such as brand names, copyrights or goodwill. Tangible assets include land, equipment, and cash, issue of new equity in which the firm obtains new capital increases the total shareholders equity. Share repurchases, in which a firm returns money to investors, reducing on the side its financial assets. For practical purposes, share repurchasing is similar to a dividend payment, rather than giving money to all shareholders immediately in the form of a dividend payment, a share repurchase reduces the number of shares outstanding. Dividends paid out to preferred stock owners are considered an expense to be subtracted from net income, sometimes assets bought and held in other countries get translated back into the reporting currency at different exchange rates, resulting in a changed value. When the owners are shareholders, the interest can be called shareholders equity, the remains the same. If all shareholders are in one and the class, they share equally in ownership equity from all perspectives
18.
O'Fallon, Missouri
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OFallon /oʊˈfælən/ is a city along Interstate 70 and Interstate 64 between Lake St. Louis and St. Peters in St. Charles County, Missouri. It is part of the St. Louis Metropolitan Statistical Area, as of the 2010 census OFallon had a population of 79,329, making it the largest municipality in St. Charles County and seventh largest in the state of Missouri. In 2006 Money Magazine named OFallon 39th in its Best 100 Places to Live, Money Magazine also ranked OFallon 68th out of 100 in 2008 and 26th out of 100 in 2010. OFallons namesake in St. Clair County, Illinois is also part of the St. Louis Metropolitan Statistical Area, the two OFallons are one of the few pairs of same-named municipalities to be part of the same MSA. The community has the name of John OFallon, a railroad official, a post office called OFallon has been in operation since 1859. The St. Marys Institute of OFallon was listed on the National Register of Historic Places in 2007. According to the United States Census Bureau, the city has an area of 29.20 square miles. As of the census of 2010, there were 79,329 people,28,234 households, the population density was 2,717.7 inhabitants per square mile. There were 29,376 housing units at a density of 1,006.4 per square mile. The racial makeup of the city was 89. 9% White,4. 0% African American,0. 2% Native American,3. 2% Asian,0. 1% Pacific Islander,0. 8% from other races, and 1. 8% from two or more races. Hispanic or Latino of any race were 2. 7% of the population,19. 3% of all households were made up of individuals and 6. 2% had someone living alone who was 65 years of age or older. The average household size was 2.80 and the family size was 3.23. The median age in the city was 34.3 years. 30% of residents were under the age of 18,7. 1% were between the ages of 18 and 24,30. 8% were from 25 to 44,23. 1% were from 45 to 64, and 8. 9% were 65 years of age or older. The gender makeup of the city was 48. 8% male and 51. 2% female, venture Stores was headquartered and maintained a distribution center in OFallon, until its dissolution. The buildings are now occupied by True Manufacturing, shell Oil Company announced on February 27,2012 it will close its regional distribution center here by the end of 2012, costing more than a dozen jobs. Lou Fusz Automotive Dealership in OFallon, won the 2012 State of Missouri Bid Contract for Police vehicles for the year in a row. OFallon is the home of the River City Rascals independent Frontier League baseball team, the Rascals play at CarShield Field in OFallon, which was built in 1999
19.
St. Louis
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St. Louis is an independent city and major U. S. port in the state of Missouri, built along the western bank of the Mississippi River, on the border with Illinois. Prior to European settlement, the area was a regional center of Native American Mississippian culture. The city of St. Louis was founded in 1764 by French fur traders Pierre Laclède and Auguste Chouteau, in 1764, following Frances defeat in the Seven Years War, the area was ceded to Spain and retroceded back to France in 1800. In 1803, the United States acquired the territory as part of the Louisiana Purchase, during the 19th century, St. Louis developed as a major port on the Mississippi River. In the 1870 Census, St. Louis was ranked as the 4th-largest city in the United States and it separated from St. Louis County in 1877, becoming an independent city and limiting its own political boundaries. In 1904, it hosted the Louisiana Purchase Exposition and the Summer Olympics, the economy of metro St. Louis relies on service, manufacturing, trade, transportation of goods, and tourism. This city has become known for its growing medical, pharmaceutical. St. Louis has 2 professional sports teams, the St. Louis Cardinals of Major League Baseball, the city is commonly identified with the 630-foot tall Gateway Arch in Downtown St. Louis. The area that would become St. Louis was a center of the Native American Mississippian culture and their major regional center was at Cahokia Mounds, active from 900 AD to 1500 AD. Due to numerous major earthworks within St. Louis boundaries, the city was nicknamed as the Mound City and these mounds were mostly demolished during the citys development. Historic Native American tribes in the area included the Siouan-speaking Osage people, whose territory extended west, European exploration of the area was first recorded in 1673, when French explorers Louis Jolliet and Jacques Marquette traveled through the Mississippi River valley. Five years later, La Salle claimed the region for France as part of La Louisiane. The earliest European settlements in the area were built in Illinois Country on the east side of the Mississippi River during the 1690s and early 1700s at Cahokia, Kaskaskia, migrants from the French villages on the opposite side of the Mississippi River founded Ste. In early 1764, after France lost the 7 Years War, Pierre Laclède, the early French families built the citys economy on the fur trade with the Osage, as well as with more distant tribes along the Missouri River. The Chouteau brothers gained a monopoly from Spain on the fur trade with Santa Fe, French colonists used African slaves as domestic servants and workers in the city. In 1780 during the American Revolutionary War, St. Louis was attacked by British forces, mostly Native American allies, the founding of St. Louis began in 1763. Pierre Laclede led an expedition to set up a fur-trading post farther up the Mississippi River, before then, Laclede had been a very successful merchant. For this reason, he and his trading partner Gilbert Antoine de St. Maxent were offered monopolies for six years of the fur trading in that area
20.
Debit card
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A debit card is a plastic payment card that can be used instead of cash when making purchases. It is similar to a card, but unlike a credit card. Some cards may bear a stored value with which a payment is made, in some cases, the primary account number is assigned exclusively for use on the Internet and there is no physical card. In many countries, the use of cards has become so widespread that their volume has overtaken or entirely replaced cheques and, in some instances. The development of debit cards, unlike credit cards and charge cards, has generally been country specific resulting in a number of different systems around the world, which were often incompatible. Since the mid-2000s, a number of initiatives have allowed debit cards issued in one country to be used in countries and allowed their use for internet. Unlike credit and charge cards, payments using a card are immediately transferred from the cardholders designated bank account. Debit cards usually also allow for instant withdrawal of cash, acting as the ATM card for withdrawing cash, merchants may also offer cashback facilities to customers, where a customer can withdraw cash along with their purchase. There are currently three ways that debit card transactions are processed, EFTPOS, offline debit and the Electronic Purse Card System, One physical card can include the functions of all three types, so that it can be used in a number of different circumstances. Some debit cards are branded with the logo of the national card as well as Maestro. The use of a card system allows operators to package their product more effectively while monitoring customer spending. Online debit cards require electronic authorization of every transaction and the debits are reflected in the user’s account immediately, some on-line debit systems are using the normal authentication processes of Internet banking to provide real-time on-line debit transactions. Offline debit cards have the logos of major credit cards or major debit cards and are used at the point of sale like a credit card. This type of debit card may be subject to a daily limit, transactions conducted with offline debit cards require 2–3 days to be reflected on users’ account balances. Smart-card-based electronic purse systems are in use throughout Europe since the mid-1990s, most notably in Germany, Austria, in Austria and Germany, almost all current bank cards now include electronic purses, whereas the electronic purse has been recently phased out in the Netherlands. Those prepaid debit cards that can be reloaded are also called reloadable debit cards, the primary market for prepaid debit cards has traditionally been unbanked people, that is, people who do not use banks or credit unions for their financial transactions. But prepaid cards also appeal to other users attracted by their advantages, and if a user has doubts about online security, using a prepaid debit card for online purchases protects their normal credit card from risk. If the card provider offers a website for letting you check the cards balance
21.
Initial public offering
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Through this process, a privately held company transforms into a public company. Initial public offerings are used by companies to raise the expansion of capital, possibly to monetize the investments of early private investors. A company selling shares is never required to repay the capital to its public investors, after the IPO, when shares trade freely in the open market, money passes between public investors. The IPO process is known as going public. Details of the offering are disclosed to potential purchasers in the form of a lengthy document known as a prospectus. Most companies undertake an IPO with the assistance of an investment banking firm acting in the capacity of an underwriter, underwriters provide several services, including help with correctly assessing the value of shares and establishing a public market for shares. Alternative methods such as the dutch auction have also been explored, in terms of size and public participation, the two most notable examples of this method is the Google IPO and Snapchats parent company Snap Inc. China has recently emerged as a major IPO market, with several of the largest IPOs taking place in that country, the earliest form of a company which issued public shares was the case of the publicani during the Roman Republic. Like modern joint-stock companies, the publicani were legal bodies independent of their members whose ownership was divided into shares, there is evidence that these shares were sold to public investors and traded in a type of over-the-counter market in the Forum, near the Temple of Castor and Pollux. The shares fluctuated in value, encouraging the activity of speculators, mere evidence remains of the prices for which partes were sold, the nature of initial public offerings, or a description of stock market behavior. Publicanis lost favor with the fall of the Republic and the rise of the Empire, the first modern IPO occurred in March 1602 when the Dutch East India Company offered shares of the company to the public in order to raise capital. All the shares were tradable, and the shareholders received receipts for the purchase, a share certificate documenting payment and ownership such as we know today was not issued but ownership was instead entered in the companys share register. In the United States, the first IPO was the offering of Bank of North America around 1783. An IPO, therefore, allows a company to tap into a pool of potential investors to provide itself with capital for future growth, repayment of debt. A company selling shares is never required to repay the capital to its public investors. Those investors must endure the unpredictable nature of the market to price. After the IPO, when shares trade freely in the open market, for early private investors who choose to sell shares as part of the IPO process, the IPO represents an opportunity to monetize their investment. This type of offering is not dilutive, since no new shares are being created, once a company is listed, it is able to issue additional common shares in a number of different ways, one of which is the follow-on offering
22.
Cooperative
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Cooperatives frequently have social goals which they aim to accomplish by investing a proportion of trading profits back into their communities. As an example of this, in 2013, retail co-operatives in the UK invested 6. 9% of their profits in the communities in which they trade as compared with 2. 4% for other rival supermarkets. The International Co-operative Alliance was the first international association formed by the cooperative movement and it includes the World Council of Credit Unions. A second organization was formed later in Germany, the International Raiffeisen Union, in the United States, the National Cooperative Business Association serves as the sectors oldest national membership association. It is dedicated to ensuring that cooperative businesses have the same opportunities as other businesses operating in the country, a U. S. National Cooperative Bank was formed in the 1970s. By 2004, a new association focused on worker co-ops was founded, since 2002 cooperatives and credit unions could be distinguished on the Internet by use of a. coop domain. Since 2014, following International Cooperative Alliances introduction of the Cooperative Marque, ICA cooperatives, cooperation dates back as far as human beings have been organizing for mutual benefit. Tribes were organized as cooperative structures, allocating jobs and resources among each other, in alpine environments, trade could only be maintained in organized cooperatives to achieve a useful condition of artificial roads such as Viamala in 1472. Pre-industrial Europe is home to the first cooperatives from an industrial context, in 1761, the Fenwick Weavers Society was formed in Fenwick, East Ayrshire, Scotland to sell discounted oatmeal to local workers. Its services expanded to include assistance with savings and loans, emigration and education, owen left New Lanark to pursue other forms of cooperative organization and develop coop ideas through writing and lecture. Cooperative communities were set up in Glasgow, Indiana and Hampshire, in 1828, William King set up a newspaper, The Cooperator, to promote Owens thinking, having already set up a cooperative store in Brighton. The Rochdale Society of Equitable Pioneers, founded in 1844, is considered the first successful cooperative enterprise, used as a model for modern coops. A group of 28 weavers and other artisans in Rochdale, England set up the society to open their own store selling food items they could not otherwise afford, within ten years there were over a thousand cooperative societies in the United Kingdom. Other events such as the founding of a society by the Tolpuddle Martyrs in 1832 were key occasions in the creation of organized labor. Cooperatives traditionally combine social benefit interests with capitalistic property-right interests, Cooperatives achieve a mix of social and capital purposes by democratically governing distribution questions by and between equal by not controlling members. Democratic oversight of decisions to equitably distribute assets and other benefits means capital ownership is arranged in a way for social benefit inside the organization, external societal benefit is also encouraged by incorporating the operating-principle of cooperation between co-operatives. In the final year of the 20th century, cooperatives banded together to establish a number of social enterprise agencies which have moved to adopt the cooperative model. In the years 1994–2009 the EU and its member nations gradually revised national accounting systems to make visible the increasing contribution of social economy organizations, the roots of the cooperative movement can be traced to multiple influences and extend worldwide
23.
Visa Inc.
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Visa Inc. is an American multinational financial services corporation headquartered in Foster City, California, United States. It facilitates electronic funds transfers throughout the world, most commonly through Visa-branded credit cards, in 2015, the Nilson Report, a publication that tracks the credit card industry, found that Visa’s global network processed 100 billion transactions with a total volume of US$6.8 trillion. Visa has operations across all continents worldwide with the exception of Antarctica, every transaction is checked past 500 variables including 100 fraud-detection parameters—such as the location and spending habits of the customer and the merchants location - before being accepted. Visa is the second largest card payment organization, after being surpassed by China UnionPay in 2015, based on annual value of card payments transacted. Because UnionPays size is based primarily on the size of its market, Visa is dominant in the rest of the world outside of China. In mid-September 1958, Bank of America launched its BankAmericard credit card program in Fresno, California, the original idea was the brainchild of BofAs in-house product development think tank, the Customer Services Research Group, and its leader, Joseph P. Williams. Williams convinced senior BofA executives in 1956 to let him pursue what became the worlds first successful mass mailing of unsolicited credit cards to a large population. Williams pioneering accomplishment was that he brought about the implementation of the all-purpose credit card. The need for a financial instrument was already evident to the American financial services industry. There were already charge cards like Diners Club, and by the mid-1950s, however, these prior attempts had been carried out by small banks which lacked the resources to make them work. Fresno was selected for its population of 250,000, BofAs market share of that population, the 1958 test at first went smoothly, but then BofA panicked when it confirmed rumors that another bank was about to initiate its own drop in San Francisco, BofAs home market. However, the program was riddled with problems, as Williams had been too earnest and trusting in his belief in the goodness of the banks customers. 22% of accounts were delinquent, not the 4% expected, BofA officially lost over $8.8 million on the launch of BankAmericard, but when the full cost of advertising and overhead was included, the banks actual loss was probably around $20 million. However, after Williams and some of his closest associates left, BofA itself could not expand directly into other states due to federal restrictions not repealed until 1994. Over the following 11 years, various banks licensed the system from Bank of America. During the late 1960s, BofA also licensed the BankAmericard program to banks in other countries. For example, In Canada, an alliance of banks issued credit cards under the Chargex name from 1968 to 1977, in France, it was known as Carte Bleue. The logo still appears on many French-issued Visa cards today, in Japan, The Sumitomo Bank issued BankAmericards through the Sumitomo Credit Service
24.
Bank of America
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Bank of America is a multinational banking and financial services corporation headquartered in Charlotte, North Carolina. It is ranked 2nd on the list of largest banks in the United States by assets, as of 2016, Bank of America was the 26th largest company in the United States by total revenue. In 2016, it was ranked #11 on the Forbes Magazine Global 2000 list of largest companies in the world and its acquisition of Merrill Lynch in 2008 made it the worlds largest wealth management corporation and a major player in the investment banking market. As of December 31,2016, it had US$886.148 billion in assets under management, as of December 31,2016, the company held 10. 73% of all bank deposits in the United States. It is one of the Big Four banks in the United States, along with Citigroup, JPMorgan Chase, Bank of America operates—but does not necessarily maintain retail branches—in all 50 states of the United States, the District of Columbia and more than 40 other countries. It has a retail banking footprint that serves approximately 46 million consumer, Bank of America provides its products and services through 4,600 retail financial centers, approximately 15,900 automated teller machines, call centers, and online and mobile banking platforms. The history of Bank of America dates back to October 17,1904, Giannini was raised by his mother and stepfather Lorenzo Scatena, as his father was fatally shot over a pay dispute with an employee. When the 1906 San Francisco earthquake struck, Giannini was able to all deposits out of the bank building. Because San Franciscos banks were in smoldering ruins and unable to open their vaults, from a makeshift desk consisting of a few planks over two barrels, he lent money to those who wished to rebuild. In 1922, Giannini established Bank of America and Italy, in 1918 another corporation, Bancitaly Corporation, was organized by A. P. Giannini, the largest stockholder of which was Stockholders Auxiliary Corporation. Monnette and consolidated it with other holdings to create what would become the largest banking institution in the country. Bank of Italy was renamed on November 3,1930 to Bank of America National Trust and Savings Association, Giannini and Monnette headed the resulting company, serving as co-chairs. Branch banking was introduced by Giannini shortly after 1909 legislation in California that allowed for branch banking in the state and its first branch outside San Francisco was established in 1909 in San Jose. By 1929, the bank had 453 banking offices in California with aggregate resources of over US$1.4 billion. There is a replica of the 1909 Bank of Italy branch bank in History Park in San Jose, and the 1925 Bank of Italy Building is an important downtown landmark. Giannini sought to build a bank, expanding into most of the western states as well as into the insurance industry, under the aegis of his holding company. In 1953, regulators succeeded in forcing the separation of Transamerica Corporation, the passage of the Bank Holding Company Act of 1956 prohibited banks from owning non-banking subsidiaries such as insurance companies. Bank of America and Transamerica were separated, with the company continuing in the insurance business
25.
First Interstate Bancorp
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First Interstate Bancorp was a bank holding company based in the United States that was taken over in 1996 by Wells Fargo. Headquartered in Los Angeles, it was the eighth largest banking company. In 1953, regulators succeeded in forcing the separation of Transamerica Corporation, §21, to enforce compliance with Section 7 of the Act,15 U. S. C. A. The Bank Holding Company Act of 1956 placed new restrictions on such as Transamerica. Therefore, in 1957, Transamericas banking operations, which included 23 banks in 11 western states, were spun off as Firstamerica Corporation, Transamerica continued to pursue its insurance and other operations. Firstamerica changed its name to Western Bancorporation in 1961, Western expanded steadily in the 1960s, both domestically and overseas, ending the decade with assets of more than $10 billion. The banks financial services network grew through the 1974 founding of the Western Bancorporation Mortgage Company, during the 1960s, 1970s, and 1980s the bank operated under the name United California Bank. In 1972, their bank, United California Bank of Basel, Switzerland collapsed after unauthorized trades in cocoa. Several of the officers, including President Paul Erdman spent time in jail on fraud charges. In June 1981 the company changed its name to First Interstate Bancorp, the First Interstate name became a systemwide brand for most of the companys banks, thus promoting greater public recognition of the company and internal consistency. During the 1980s, in addition to acquiring more banks, First Interstate jumped into new areas of services as the deregulation of the banking industry progressed. In 1983 the First Interstate Discount Brokerage was set up to bank customers with securities and commodities support. In 1986 and 1987, First Interstate attempted a bold $3.2 billion hostile takeover of the ailing Bank of America, First Interstate ran into its own troubles in the late 1980s and early 1990s stemming from bad real estate loans and the severe recession in California. The bank posted losses in the hundreds of millions for 1987,1989, consequently, First Interstate concentrated on rebuilding and rejuvenating its existing operations rather than acquiring new ones. A number of noncore unprofitable subsidiaries were jettisoned, including the equipment leasing unit, a government securities operation, rumors of a takeover of First Interstate were rife in the early 1990s before the bank recovered fully by mid-decade under the leadership of Chairman and CEO Edward M. Carson. Other banks came forward as potential white knights, including Norwest Corporation, Bank One Corporation, the latter made a serious bid for First Interstate, with the two banks reaching a formal merger agreement in November valued initially at $10.3 billion. But First Bank ran into difficulties with the way it had structured its offer and was forced to bow out of the takeover battle in mid-January 1996. Talks between Wells Fargo and First Interstate then led within days to a merger agreement, in 1984, First Interstate BancSystem of Montana entered into a franchise agreement with First Interstate Bancorp of California to use the First Interstate Bank name and logo
26.
First Interstate BancSystem
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For the Los Angeles-based bank that operated until 1996, see First Interstate Bancorp. First Interstate BancSystem, Inc. is a holding company both the company and its primary banking subsidiary First Interstate Bank are based in Billings, Montana. The bank originated in 1968 as a bank in Sheridan, Wyoming. One of the banks that is now part of the system was the First National Bank of Casper which traces its roots to the C. H, King and Company Bankers founded in 1889 by Charles Henry King, grandfather of President Gerald Ford. The Montana organization successfully negotiated to retain the well known First Interstate name, as of 2006, the bank had expanded to 49 branches with 130 ATMs in Montana and Wyoming. In November 2016, it acquired Cascade Bancorp of Oregon for $589 million, at that time, First Interstate had $7.3 billion in deposits and $9 billion in assets. First Interstate Bank is a fifty-percent owner and primary tenant of the First Interstate Center, completed in 1985 the 272 foot structure is the tallest building in the state of Montana
27.
Wells Fargo
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Wells Fargo & Company is an American international banking and financial services holding company headquartered in San Francisco, California, with hubquarters throughout the country. It is the worlds second-largest bank by market capitalization and the third largest bank in the U. S. by assets, Wells Fargo surpassed Citigroup Inc. to become the third-largest U. S. bank by assets at the end of 2015. Wells Fargo is the second-largest bank in deposits, home mortgage servicing, the firms primary U. S. operating subsidiary is national bank Wells Fargo Bank, N. A. which designates its main office as Sioux Falls, South Dakota. In 2016, Wells Fargo ranked 7th on the Forbes Magazine Global 2000 list of largest public companies in the world, in 2015, the company was ranked the 22nd most admired company in the world, and the 7th most respected company in the world. As of October 2015, the company had a rating of AA−. However, for a period in 2007, the company was the only AAA-rated bank. Along with JPMorgan Chase, Bank of America, and Citigroup, as of December 31,2015, it had 8,700 retail branches and 13,000 automated teller machines. The company operates across 35 countries and has over 70 million customers globally, in February 2014, Wells Fargo was named the worlds most valuable bank brand for the second year running in The Banker and Brand Finance study of the top 500 banking brands. In December 2016, following the scandal, the company amended its by-laws to separate the roles of chairman, in January 2017, it emerged that Wells Fargo had kept its talks with the U. S. Consumer Financial Protection Bureau about the fake account investigation silent from shareholders for up to six months beginning as early as March 2016. A regulatory filing by Wells Fargo revealed in November 2016 that it was under investigation by the U. S. Securities and Exchange Commission in relation to its accounts sales practices. Also in November 2016, three U. S. senators alleged that Wells Fargos sales scandal had extended from retail bankers to its employees. Wells Fargo delineates three different business segments when reporting results, Community Banking, Wholesale Banking, and Wealth, Brokerage, the Community Banking segment includes Regional Banking, Diversified Products, and the Consumer Deposits groups, as well as Wells Fargo Customer Connection. Wells Fargo also has around 2,000 stand-alone mortgage branches throughout the country, in March 2017, Wells Fargo announced a plan to offer smartphone-based transactions with mobile wallets including Wells Fargo Wallet, Android Pay and Samsung Pay. Wells Fargo Home Mortgage is the largest retail mortgage lender in the United States, as of Q32011, originating one out of every four home loans. Wells Fargo services $1.8 trillion in home mortgages, the 2nd largest servicing portfolio in the U. S. Now, in 2013 its share is closer to 22%, of which eight percentage points is aggregation. Wells Fargo private student loans are available to students to pay for college expenses, such as, tuition, books, computers. Loans are available for undergraduate, career and community colleges, graduate school, law school, Wells Fargo also provides private student loan consolidation and student loans for parents
28.
Crocker National Bank
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Crocker National Bank was a United States bank headquartered in San Francisco, California. It was acquired by and merged into Wells Fargo Bank in 1986, the bank traces its history to the Woolworth National Bank in San Francisco. The bank was renamed Crocker Woolworth National Bank, later Crocker-Anglo Bank, Crocker-Citizens National Bank, then Crocker First National Bank and it had many branches, mostly in the northern half of California. In 1963, Crocker-Anglo Bank later merged with Los Angeles Citizens National Bank, in the 1970s and early 1980s, Crocker cultivated a reputation for customer service and convenience, including expanded hours. Crocker National Bank was purchased by the British financial institution Midland Bank in 1981, crockers president and over eighty vice presidents left the bank after the merger. In the early 1970s Crocker ran a series of commercials produced by Hal Riney, featuring a commissioned song Weve Only Just Begun, written by Paul Williams. This was later re-recorded by The Carpenters and sold as a single, the ads showed three pivotal moments in a young couples life, their wedding, a husbands first day at a new job, and the first home move for a family with a small boy. The commercials ended with the tag line Youve got a way to go. Wed like to help you get there, scott Adams worked at Crocker during his first years in the business world. It is said to have inspired the evil Bank of Ethel in Adams Dilbert comic strip,4 Former Radicals Are Charged In 1975 Killing in Bank Robbery
29.
Bank of California
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The Bank of California was opened in San Francisco, California, on July 4,1864, by William Chapman Ralston. It was the first commercial bank in the Western United States, the second-richest bank in the nation, and considered instrumental in developing the American Old West. The ancestor of the bank was the firm of Garrison, Morgan, Fretz & Ralston, established in San Francisco in January 1856 by a group that included Ralston, Cornelius K. Garrison. Ralston established the Bank of California in 1864 when he sold shares to 22 of the leading businessmen for $100 a share. The bank opened on July 4,1864, with Darius Ogden Mills as president and Ralston as cashier, a branch was opened in Gold Hill, Nevada, near Virginia City, on September 4,1864. William Sharon was long the banks Nevada agent, however, Ralston sometimes lent money to mine owners in circumstances that would inevitably lead to default and repossession. At the height of their power, Ralston and his Ring were able to exert influence over sections of commerce and industry in San Francisco. In July 1869, Ralston averted a run on the bank by exchanging nearly $1 million worth of bars for an equivalent value in gold coin from the United States Sub-Treasury in San Francisco. The transfer was carried out in the middle of the night by two of Ralstons associates, Asbury Harpending and Maurice Dore. When the bank opened in the morning, the sight of tray after tray of gold coin at the tellers windows quashed any thought by depositors of mounting a run on the bank. Mills retired as president of the Bank of California in October 1873 and was succeeded by Ralston, at a time of volatile trading of Nevada mining stocks, a run on the Bank of California occurred on Thursday, August 26,1875. The bank failed, and Ralston was ruined, the next morning he executed a deed of trust, turning over everything he owned to Sharon, and the deed was notarized. Ralston then admitted irregularities in banking practices to the board of directors and was ousted as president and he walked to the North Beach to get away from the angry crowds and went to the Neptune Bath House, where he was accustomed to swim in the ocean on summer days. He swam out as far as he could go, and did not return, when his body was recovered, it was found he had died of a stroke. The bank reopened on October 2,1875, with $2 million in gold coin on hand, during the economic slump of 1878 the banks capital was reduced by $2 million. Upon the retirement of Mills in 1878, William Alvord, a prominent merchant, was elected president of the bank, under his leadership the Bank of California became one of the chief centers of exchange between European money markets and those of Japan and China. It was Alvord who, in 1887, warned James C, Flood of signs of irregularities at the Nevada Bank, enabling Flood to avert the collapse of the Nevada Bank following the speculation of its cashier in the wheat market. Alvord was president of the Bank of California until his death in San Francisco on December 21,1904, in January 1905, Homer S. King left Wells Fargo & Company to assume the presidency of the Bank of California
30.
MUFG Union Bank
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MUFG Union Bank is an American full-service bank with 398 branches in California, Washington and Oregon which is wholly owned by The Bank of Tokyo-Mitsubishi UFJ. Headquartered in New York City, MUFG Union Bank, N. A. is a subsidiary of holding company MUFG Americas Holdings Corporation and a member of the Mitsubishi UFJ Financial Group. As of December 31,2014, MUFG Americas Holdings Corporation had $113.7 billion in assets and its foundation is built on five lineages, three originate in California and two in Japan. In May 1996, Mitsubishi Bank and the Bank of Tokyo merged in Japan, in San Francisco, the Bank of California and Union Bank consolidated into UnionBanCal Corporation, a bank holding company, and its primary subsidiary Union Bank of California, N. A. With the merger, Union Bank could now trace its history back to the founding of the Bank of California 132 years before, in 1999, UnionBanCal Corporation became a publicly traded company listed on the New York Stock Exchange. On October 19,2004, the Federal Reserve Board announced that Union Bank had entered into an agreement to avoid criminal prosecution for money-laundering. In August 2008, Mitsubishi UFJ offered to buy the 35 percent of Union Bank it did not already own, which Union Bank accepted. In 2014, MUFG integrated the U. S. operations of its subsidiary The Bank of Tokyo-Mitsubishi UFJ, Ltd. with those of San Francisco-based Union Bank, twelve officers and corporate directors of Frontier Bank are facing a $46 million damage lawsuit filed by the FDIC. Also in April, Union Bank acquired the assets of Tamalpais Bank in Marin County, Federal regulators sold Tamalpais assets to Union Bank, which rebranded all the acquired branches. In 2012, Union Bank announced its acquisition of Pacific Capital Bancorp, in 2013, Union Bank completed the acquisition of First Bank Association Bank Services, which provides a full range of banking services to homeowners associations and community management companies. The acquisition brought to Union Bank approximately $550 million in deposits, pure Point Financial is savings only division of MUFG Union Bank offers very high interest rate on a savings account and certificate of deposit. Union Banks Board of Directors approves the banks Community Service Action Plan, which is used to ensure the banks compliance with Community Reinvestment Act requirements
31.
Marine Midland Bank
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Marine Midland Bank was a bank formerly headquartered in Buffalo, New York, with several hundred branches throughout the state of New York. It was acquired by HSBC in 1980, and changed its name to HSBC Bank USA in 1999, Marine Midland was founded as Marine Bank, a state-chartered bank, on July 10,1850, with capital of $170,000. Both Palmer and Wadsworth had railroad connections, the two had financial interests in and served as directors of the Attica and Hornell Railroad, while Palmer had links also with the Buffalo and State Line Railroad. Palmer was elected president and Ganson was named cashier, the new institution was called Marine Bank because much of its early business depended on the economic vitality of Buffalos lakefronts and riverfronts. Indeed, it was intended to finance the new shipping trade on the Great Lakes, from the first day it opened its doors on August 27 at 79 Main Street, Marine was the prominent bank for the thriving grain and milling industry on the waterfront. However, the geographic base of the banks eight founders indicated that they intended to expand across New York. By the start of the 20th century, Marine Bank began to expand through merger, in 1897 it absorbed the American Exchange Bank, and in 1902 it acquired the Buffalo Commercial Bank. That same year it became a bank and changed its name to Marine National Bank of Buffalo. The next acquisition came in 1913 when Marine absorbed Columbia National Bank and that same year, the bank built a new 17-story office building in Buffalo known as the Marine Midland Trust Company Building. Six years later, Bankers Trust was acquired, Marine chose to become a state bank again as Marine Trust Company of Buffalo. By the mid-1930s, Marine had acquired eight other banks, Marine had also taken the lead in the formation of Marine Midland Corporation, a holding company for 17 affiliated banks throughout New York. That first multibank holding company in the state was formed October 4,1929,20 days later would be the Wall Street Crash of 1929. As a result of 11 mergers throughout Western New York, Marine Trust Company became Marine Midland Trust Company of Western New York in the 1950s. The name was changed again in the 1960s to Marine Midland Trust Company of Western New York, in 1972, the bank moved its headquarters to a new 38-story tower, Marine Midland Center. On January 1,1976, Marine Midland merged all of its affiliated banks under the charter of Marine Midland Bank. The new bank was divided into regions, with Marine Midland Bank-Western Region based in Buffalo, Marine Midland Bank became a national bank once again in early 1980. As it entered the 1980s, assets were close to $20 billion, in 1980, The Hongkong and Shanghai Banking Corporation acquired a 51 percent controlling interest in Marine Midland Corporation. By then, it was the 13th largest commercial bank in the United States, with about 300 banking offices across New York, HSBC acquired full ownership in 1987
32.
HSBC Bank USA
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HSBC Bank USA, National Association, an American subsidiary of UK-based HSBC, is a bank with its operational head office in New York City and its nominal head office in McLean, Virginia. HSBC Bank USA, N. A. is a national bank chartered under the National Bank Act, and thus is regulated by the Office of the Comptroller of the Currency, the company has 230 branch locations. In 1980, The Hongkong and Shanghai Banking Corporation acquired a 51% shareholding in Marine Midland Bank of New York State, headquartered in Buffalo, New York, the banks continued to operate under the Marine Midland name until 1998, when the offices were re-branded as HSBC Bank. In 1994, Marine Midland acquired Spectrum Home Mortgage, which operated in eight states, in 1995, Marine Midland acquired United Northern Federal Savings Bank, with branches in Watertown and Lowville, New York. Marine Midland also acquired The HSBCs 6 New York City retail branches, and that same year, Marine Midland acquired 11 branches from the East River Savings Bank in the New York Metropolitan area. Marine also acquired the US dollar clearing business of JPMorgan Chase, at the same time, HSBC transferred 2 branches in the northwestern United States to HSBC Bank Canada. The next year, Marine completed its acquisition of First Federal Savings and Loan from Toronto-based Canada Trust, for $620 million. First Federal Savings, headquartered in Rochester, had $7.2 billion in assets,1,600 employees,79 retail branches in New York State and 15 mortgage origination offices in 9 states.75 million. In 1999, the company acquired Republic New York for $10.3 billion and moved its office from One HSBC Center in Buffalo to what is now the HSBC Tower. In 2004, HSBC USA sold two upstate New York branches to Gloversville-based City National Bank & Trust Co, HSBC did not have enough nearby branches to give it economies of scale. In July 2011, the company sold its branches in upstate New York to First Niagara Financial Group for $1 billion. In December 2012, HSBC paid a record $1.9 billion fine for laundering in excess of $881,000,000 in drug cartel money, in 2015, the company paid $30 million to settle a lawsuit regarding overdraft fees. In 2016, the Office of the Comptroller of the Currency imposed a $35 million fine on the company for deceptive billing practices, in 2010, HSBC was rated the worst in customer advocacy by Forrester Research, which asked bank customers to rank their banks. HSBC Bank USA website Senate report criticizes HSBC for inadequate internal controls by Brady Dennis, The Washington Post, July 16,2012
33.
Citibank
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Citibank is the consumer division of financial services multinational Citigroup. Citibank was founded in 1812 as the City Bank of New York, Citibank provides credit cards, mortgages, personal loans, commercial loans, and lines of credit. The bank has a total of 2,649 branches in 19 countries, the U. S. branches are concentrated in six metropolitan areas, New York City, Chicago, Los Angeles, San Francisco, Washington, D. C. and Miami. In 2016, the United States accounted for 70% of revenues, aside from the U. S. and Mexico, most of the companys branches are in Poland, Russia, India and the United Arab Emirates. As a result of the crisis of 2007–2008 and huge losses in the value of its subprime mortgage assets, Citigroup. On November 23,2008, in addition to an investment of $25 billion. By 2010, Citibank had repaid the loans from the Treasury in full, including interest, the City Bank of New York was founded on June 16,1812. The first president of the City Bank was the statesman and retired Colonel, Samuel Osgood, during Taylors ascendancy, the bank functioned largely as a treasury and finance center for Taylors own extensive business empire. In 1865, the joined the U. S. s new national banking system. By 1868, it was one of the largest banks in the United States, by 1893 it was the largest bank in New York, which was forbidden to U. S. national banks. In 1918, IBC became a wholly owned subsidiary and was merged into the bank. The same year, the bank evacuated all of its employees from Moscow and Petrograd as the Russian Civil War had begun, by 1919, the bank had become the first U. S. bank to have $1 billion in assets. Charles E. Mitchell, also called Sunshine Charlie Mitchell, was elected president in 1921 and in 1929 was made chairman, under Mitchell the bank expanded rapidly and by 1930 had 100 branches in 23 countries outside the United States. In 1933 a Senate committee, the Pecora Commission, investigated Mitchell for his part in tens of millions of dollars in losses, excessive pay, senator Carter Glass said of him, Mitchell, more than any 50 men, is responsible for this stock crash. In following years, branches in Germany and Japan closed, with the handling, in 1945, $5.6 billion in Treasury securities for War. In 1960, his cousin, David Rockefeller, became president of Chase Manhattan Bank. Following its merger with the First National Bank in 1955, the changed its name to The First National City Bank of New York. Later to become part of MasterCard, the bank introduced its First National City Charge Service credit card – popularly known as the Everything Card – in 1967, in 1976, under the leadership of CEO Walter B
34.
Eurocard (payment card)
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Eurocard was a credit card, introduced in 1964 by a Swedish banker in the Wallenberg family as an alternative to American Express. Its operations were relocated to Belgium in the late 1960s and the became the dominant brand in North. It was eventually replaced by the Mastercard brand in most locations, in 1965, Eurocard International N. V. was established, based in Brussels, as a not-for-profit membership association of European banks. Its operational entity was established as European Payment System Services, in 1968, Eurocard International and the Interbank Card Association entered into a strategic alliance, in which both issuers cards would be accepted on either network. This allowed the ICA to get an instant European acceptance network, Eurocard International got the sole license to issue the ICAs Master Charge cards in Europe. This location also housed the Europe, Middle-East and Africa region of MasterCard International, in 2002, Europay International and MasterCard International merged. The name Europay disappeared, and the new organisation was later renamed MasterCard Worldwide, in 2008 Eurocard was taken over by the Swedish Skandinaviska Enskilda Banken. Eurocard has always been the dominant brand in Central European countries, more specifically in Germany and it lagged behind Visa in Southern European countries, such as Spain and France. Today, the Eurocard name exists in combination with the MasterCard acceptance mark as a product name and this means that the Eurocard name is still used on a card, although only the MasterCard logo is displayed at locations which accept MasterCard cards. The Eurocard logo is not used any more, as the mark is discontinued and merged into MasterCard. However, the use of Eurocard as a brand for MasterCard credit cards is limited to Scandinavian countries, in other former Eurocard markets, such as the German-speaking countries, this brand was fully replaced by the MasterCard brand. Swedish Eurocard website Danish Eurocard website Norwegian Eurocard website Finnish Eurocard website MasterCard global website
35.
Access (credit card)
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Access was a British and Irish credit card brand used by three of the big four UK banks plus a couple of other banks between 1972 and 1996. It was established by a consortium of banks in the UK to rival the already-established Barclaycard and it became defunct in 1996 when it was taken over by MasterCard. The card scheme was run from offices in Southend-on-Sea in Essex, England, by the Joint Credit Card Company with the main site being located at Priory Crescent. It participated in the Eurocard/MasterCard systems, europay International has since been taken over by MasterCard International. The site was sold on to the Royal Bank of Scotland before being demolished to make way for housing development. A take on the slogan was featured in the episode of Mr. Bean when the main character is referring to his own credit card. Another slogan which featured in an advertisement was Does you does. Yet another slogan was It takes the waiting out of wanting, Access were shirt sponsors of Southend United Football Club in the early 1980s. The Access brand name is in limited use on some MasterCard branded products, most notably the Access Prepaid Worldwide card, History of Plastic Cards The UK Cards Association The History of the Access Credit Card AccessCreditCard. info
36.
Venn diagram
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A Venn diagram is a diagram that shows all possible logical relations between a finite collection of different sets. These diagrams depict elements as points in the plane, and sets as regions inside closed curves, a Venn diagram consists of multiple overlapping closed curves, usually circles, each representing a set. In Venn diagrams the curves are overlapped in every possible way and they are thus a special case of Euler diagrams, which do not necessarily show all relations. Venn diagrams were conceived around 1880 by John Venn and they are used to teach elementary set theory, as well as illustrate simple set relationships in probability, logic, statistics, linguistics and computer science. A Venn diagram in which in addition the area of each shape is proportional to the number of elements it contains is called an area-proportional or scaled Venn diagram and this example involves two sets, A and B, represented here as coloured circles. The orange circle, set A, represents all living creatures that are two-legged, the blue circle, set B, represents the living creatures that can fly. Each separate type of creature can be imagined as a point somewhere in the diagram, living creatures that both can fly and have two legs—for example, parrots—are then in both sets, so they correspond to points in the region where the blue and orange circles overlap. That region contains all such and only living creatures. Humans and penguins are bipedal, and so are then in the circle, but since they cannot fly they appear in the left part of the orange circle. Mosquitoes have six legs, and fly, so the point for mosquitoes is in the part of the circle that does not overlap with the orange one. Creatures that are not two-legged and cannot fly would all be represented by points outside both circles, the combined region of sets A and B is called the union of A and B, denoted by A ∪ B. The union in this case contains all living creatures that are either two-legged or that can fly, the region in both A and B, where the two sets overlap, is called the intersection of A and B, denoted by A ∩ B. For example, the intersection of the two sets is not empty, because there are points that represent creatures that are in both the orange and blue circles. They are rightly associated with Venn, however, because he comprehensively surveyed and formalized their usage, Venn himself did not use the term Venn diagram and referred to his invention as Eulerian Circles. Of these schemes one only, viz. that commonly called Eulerian circles, has met with any general acceptance, the first to use the term Venn diagram was Clarence Irving Lewis in 1918, in his book A Survey of Symbolic Logic. Venn diagrams are similar to Euler diagrams, which were invented by Leonhard Euler in the 18th century. Baron has noted that Leibniz in the 17th century produced similar diagrams before Euler and she also observes even earlier Euler-like diagrams by Ramon Lull in the 13th Century. In the 20th century, Venn diagrams were further developed, D. W. Henderson showed in 1963 that the existence of an n-Venn diagram with n-fold rotational symmetry implied that n was a prime number
37.
Apple Inc.
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Apple is an American multinational technology company headquartered in Cupertino, California that designs, develops, and sells consumer electronics, computer software, and online services. Apples consumer software includes the macOS and iOS operating systems, the media player, the Safari web browser. Its online services include the iTunes Store, the iOS App Store and Mac App Store, Apple Music, Apple was founded by Steve Jobs, Steve Wozniak, and Ronald Wayne in April 1976 to develop and sell personal computers. It was incorporated as Apple Computer, Inc. in January 1977, Apple joined the Dow Jones Industrial Average in March 2015. In November 2014, Apple became the first U. S. company to be valued at over US$700 billion in addition to being the largest publicly traded corporation in the world by market capitalization. The company employs 115,000 full-time employees as of July 2015 and it operates the online Apple Store and iTunes Store, the latter of which is the worlds largest music retailer. Consumers use more than one billion Apple products worldwide as of March 2016, Apples worldwide annual revenue totaled $233 billion for the fiscal year ending in September 2015. This revenue accounts for approximately 1. 25% of the total United States GDP.1 billion, the corporation receives significant criticism regarding the labor practices of its contractors and its environmental and business practices, including the origins of source materials. Apple was founded on April 1,1976, by Steve Jobs, Steve Wozniak, the Apple I kits were computers single-handedly designed and hand-built by Wozniak and first shown to the public at the Homebrew Computer Club. The Apple I was sold as a motherboard, which was less than what is now considered a personal computer. The Apple I went on sale in July 1976 and was market-priced at $666.66, Apple was incorporated January 3,1977, without Wayne, who sold his share of the company back to Jobs and Wozniak for $800. Multimillionaire Mike Markkula provided essential business expertise and funding of $250,000 during the incorporation of Apple, during the first five years of operations revenues grew exponentially, doubling about every four months. Between September 1977 and September 1980 yearly sales grew from $775,000 to $118m, the Apple II, also invented by Wozniak, was introduced on April 16,1977, at the first West Coast Computer Faire. It differed from its rivals, the TRS-80 and Commodore PET, because of its character cell-based color graphics. While early Apple II models used ordinary cassette tapes as storage devices, they were superseded by the introduction of a 5 1/4 inch floppy disk drive and interface called the Disk II. The Apple II was chosen to be the platform for the first killer app of the business world, VisiCalc. VisiCalc created a market for the Apple II and gave home users an additional reason to buy an Apple II. Before VisiCalc, Apple had been a distant third place competitor to Commodore, by the end of the 1970s, Apple had a staff of computer designers and a production line
38.
Delaware General Corporation Law
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The Delaware General Corporation Law is the statute governing corporate law in the U. S. state of Delaware. It has been the most important jurisdiction in United States corporate law since the early 20th century, over 50% of publicly traded corporations in the United States and 60% of the Fortune 500 are incorporated in the state. Delaware acquired its status as a haven in the early 20th century. The group that pushed for legislation intended to establish a corporation that would sell services to other businesses incorporating in Delaware. Before the rise of general incorporation acts, forming a corporation required an act of the state legislature. General incorporation allowed anyone to form a corporation by simply raising money, §102 shareholders are not liable for corporate debts. §106 A corporation is considered to be in existence after its certificate of incorporation is filed with the secretary of state, §109 shareholders have the right to change the bylaws. §126 Corporations cannot act as banks, §132 Every corporation must maintain a registered agent in the state. So there is a requirement for a board of directors or a comparable organ, §141 the boards quorum for director meetings cannot be under one-third. §141 committees of the board cannot be given authority to amend the certificate of incorporation, merge, or recommend dissolution or sale to shareholders, if the board is classified, then directors cannot be removed unless there is gross misconduct. §202, restrictions on transferability of stock cannot be imposed on shares previously issued without the shareholders consent, §211, there must be an annual meeting of shareholders for election of directors and shareholder meetings can only be called if the constitution allows for it. §216, the quorum for shareholder meetings cannot be less than one-third of those entitled to vote, §218, a voting trust cannot last longer than ten years. §219, shareholders have the right to inspect the register within ten days of a meeting. §220, right to inspect corporations books and record for a purpose at any time. §226, right of the court to appoint one or more persons to be custodians, §242 any constitutional amendment requires a resolution by the directors, and then a majority vote of shareholders, and the affected classes. §271, sale of all the corporation requires majority shareholder approval. §275, dissolution of the corporation requires majority shareholder approval, §262, shareholders dissenting from a merger have the right to be bought out at a fair value. §327, shareholders have the right to a claim for a breach of duties of care or loyalty
US$12.497 billion (2017)[1]
US$3.915 billion (2017)[1]
