Introduction
In this paper I have selected and
researched two (2) tech stock companies, Kabul bank and Bank of America that
attempted to make profits from rising consumer demand after the crash and I
have analyzed how they attempted to make a profit after the crash and discussed
some unethical practices. After that I have evaluated the change in consumer
demand trends after the crash for each of the tech stock companies I researched
and have provided examples with my evaluation and used graphics such as charts
and lastly I have discussed at least two (2) strategies that multinational
corporations (MNCs) can undertake in order to make profit by leveraging the
growing consumer demand.
Select
two (2) tech stock companies that attempted to make profits from rising
consumer demand after the crash. Analyze how they attempted to make a profit after
the crash and discuss any unethical practices.
Banks have a critical role to play in
the economy of a country. These institutes are known for bringing money into
circulation by supporting the micro to macro level businesses to grow through
its various functions. Banks facilitate the government functions and help
individuals securely deposit or invest their monies. (2011)
One of the Afghanistan’s stock
companies that was attempting to make profits from consumer demand it involved
in a major financial scandal in 2010, and lead to crash, when its Chairman Sherkhan Farnood
and other insiders were spending the bank's $1 billion for their own personal
lavish style living as well as lending money under the table to family,
relatives and friends.
This company that went winning the
hearts of its clients was the Kabul Bank. It was the greatest private bank of
Afghanistan that had contemporary banking system equivalent to or even better
than the banks in our neighboring and countries in the region. It was possible
for the Kabul Bank to be successful in with the lowest level of security and it
set its branches in unstable areas of Afghanistan.
One of the western papers published a
report about the the financial losses of Kabul Bank and the bank was faced with
a serious crisis. People started to withdraw all their money from their
accounts and this lack of trend and distrust lead to a complete crash of Kabul
Bank. Kabul Bank does not exits any more. Da Afghanistan Bank (DAB) – central
bank of Afghanistan has renamed it to New Kabul and issue new license. Kabul
Bank has been changed to New Kabul Bank that is functioning under government.
The DAB handed over the license of New Kabul Bank to the Ministry of Finance.
The New Kabul Bank will be operating with new structure but will use the
systems of the Kabul Bank. (2011)
Concerns regarding the deletion of
Kabul Bank and formation of New Kabul Bank existed, as it is believed that the
matter has been fully politicized. And a major reason behind the fall of Kabul
is conceived presence of people relating to political figures in its
management. Family members of Afghanistan President Hamid Karzai and his Vice
President were the influential shareholders of Kabul Bank.
The formation of New Kabul Bank somehow
means regaining the trust of people and making this bank stand on its feet.
Also, the issue of Kabul Bank has apparently been resolved.
The fall of Kabul
Bank has serious negative impacts on the credibility of other private banks.
But at the same time it is a lesson for the government of Afghanistan. The
government now needs to tighten its control and improve its oversight,
monitoring and audit functions not only for the banks but also other
institutions. (2011)
New Kabul Bank planned to invest
millions of US dollars in different sectors of economy in Afghanistan including
trade and production sectors.
All logistic companies and firms, who have supply
contracts with national and international government and private sectors,
organizations, firms, companies and projects. Who need financing are encouraged
to come and register themselves with Islamic Banking. Also here in all those
companies, importers, stores, producers and factories who want to sale their
goods and products are requested to register themselves in Islamic Banking
Vendors ("New kabul bank," )
Shannon Stapleton/Reuters
Now let’s talk about the second tech stock company (Bank of America) that
attempted to make profits from rising consumer demand after the crash and then
let’s evaluate that how they attempted to make a profit after the crash and
discuss some of their unethical practices.
Bank of America Corporation (Bank of
America) is a bank holding company, and a financial holding company. Bank of
America is a financial institution, serving individual consumers, small and
middle market businesses, corporations and Governments with a range of banking,
investing, asset management and other financial and risk management products
and services. Through its banking and various nonbanking subsidiaries
throughout the United States and in international markets, the Company provides
a range of banking and nonbanking financial services and products through six
business segments: Deposits, Card Services, Consumer Real Estate Services (CRES),
Global Commercial Banking, Global Banking & Markets (GBAM) and Global
Wealth & Investment Management (GWIM), with the remaining operations
recorded in All Other. ("Business > companies," 2012)
Bank of America, once the nation’s
largest bank by assets, has been steadily shrinking its balance sheet. It now
ranks second to JPMorgan Chase, and continues to be more troubled than the
nation’s other large banks. ("Business > companies," 2012)
Bank of America went from being a
regional player to a national giant through an aggressive campaign of
acquisitions — a pattern that has since come back to haunt it. In 1998,
NationsBank, a North Carolina bank led by Kenneth D. Lewis,
bought the much larger Bank of America and took its name. In 2003, it took over
FleetBoston Financial for $48 billion, widening its branch base, and it snapped
up MBNA two years later to create the largest American credit card business. ("Business
> companies," 2012)
The bank made its two most
consequential deals in 2008. In January, it announced a $4 billion takeover of
Countrywide Financial, the troubled lender that became a symbol of the excesses
of the subprime crisis. In September, in the midst of of the Wall Street
meltdown that triggered the global financial crisis, Mr. Lewis paid $50 billion
for Merrill Lynch,
the venerable investment bank, which was teetering from its own bad mortgage
bets. ("Business > companies," 2012)
Countrywide has produced more than $30
billion in losses, and the bank has paid both investors and the Justice
Department more than $300 million each to settle lawsuits related to its
mortgages.
Merrill has proved a profitable new
division for the company, but has produced its own string of scandal and
litigation. In December 2008, days before shareholders approved the deal, top
Bank of American executives learned that Merrill’s losses were far greater than
they had expected. But shareholders were not told about the looming losses,
which would prompt a second taxpayer bailout of $20 billion in early 2009, on
top of $20 billion in late 2008. After news of the losses emerged, the bank’s
shares lost half their value in a matter of days. ("Business >
companies," 2012)
In June 2012, a court filing in a
shareholder lawsuit included sworn
testimony from Mr. Lewis in which he concedes that before Bank
of America stockholders voted to approve the deal, he had received loss
estimates relating to the Merrill deal that were far greater than reflected in
the figures that had appeared in the proxy documents filed with regulators.
("Business > companies," 2012)
Credit Rating Cut
Moody’s Investors Service in June 2012 slashed the credit ratings of 15
large financial firms, including Bank of America, in a move
that could do lasting damage to their bottom lines and unsettle the markets.
Bank of America is now rated only two notches above junk.
The downgrades were a serious blow for
the banking industry, which was already dealing with the European sovereign
debt crisis, a weak American economy and new regulations.
Banks are particularly sensitive to
downgrades because they rely on the confidence of creditors and big customers.
Moody’s downgrades are part of a broad
effort to make its analysis more rigorous. The financial crisis stained the
reputation of credit rating agencies.
The threat of the downgrade had rippled
through the markets for months. ("Business > companies," 2012)
2012 Earnings: First Quarter
Despite a drop in revenue and one-time
accounting charges, in mid-April Bank of America
reported a better-than-expected operating profit in
the first quarter, as lower credit losses among consumers and strength on Wall
Street offset continuing weakness in its mortgage business.
Still, its revenue decline stands in
contrast to the results at other banks like JPMorgan Chase
and Wells Fargo,
which reported increases in revenue and profit.
The company’s global markets unit swung
to a profit of $798 million, compared with a loss of $768 million in the fourth
quarter. Revenue at the division, which includes Bank of America Merrill Lynch,
more than doubled from the fourth quarter but was down from the first quarter a
year ago. ("Business > companies," 2012)
One bright spot both for the bank and
the broader economy were signs that consumers are doing better. At Bank of
America, provisions for credit losses fell to $2.4 billion from $3.8 billion in
the first quarter of 2011, as fewer commercial loans soured and consumers kept
current on everything from auto loans
to credit cards. ("Business > companies," 2012)
Evaluate
the change in consumer demand trends after the crash for each of the tech stock
companies you researched. Provide examples with your evaluation and use
graphics such as charts, when applicable.
Since the name of Kabul bank changed to
the New Kabul Bank and the government took over the control and as well IMF
agreement has risen the consumer demand after the crash which happened. In
spite of a distrust created between the banks and consumers, the bank is
gaining its trust and people gradually trend to trust this bank and do
business. Here are some examples that why and how the company starts to gain
the trust of consumer demand trends once again after the crash.
KABUL — Afghanistan's parliament
approved a $51m payment to the central bank recently this year as part of a
planned compensation package over its multi-million-dollar bailout of the
scandal-hit Kabul Bank.
The payment is part of a package of
government measures agreed with the International Monetary Fund (IMF) to secure
a new loan for Afghanistan. The IMF stalled renewal of its assistance program
in the wake of the scandal, which highlighted endemic corruption among Kabul's
elite.
It comes as planned NATO troop
withdrawals and waning donor support are expected to challenge economic growth
in the heavily aid-dependent nation.
The central bank bailed out Kabul Bank,
the war-torn country's biggest commercial lender, to the tune of $825 million
last year, after it collapsed in a scandal, which saw hundreds of millions of
dollars stolen.
"The $51m approved by the
parliament is from the national budget of Afghanistan, and it is transferred...
to compensate the central bank asset," finance minister Omar Zakhilwal
told a press conference.
The finance ministry in a statement
said that the payment had been agreed by the lower house of parliament, and was
passed with two dissenting votes cast.
"This will be strong encouragement
to the teams working hard to restructure the new bank, recover the assets and
investigate any criminal activity," said Zakhilwal in a statement.
Kabul Bank was put into receivership
following the scandal and a new bank set up, but only $70 million of fraudulent
loans it granted have so far been recovered, with criminal investigations
ongoing.
The ministry's statement said that work
would now begin on wide-ranging financial sector reform, to include improved
banking regulation, reform and privatization of New Kabul Bank, and the
recovery of misappropriated assets.
Afghanistan has been without an IMF
programme since the Kabul Bank failure in September 2010. A new three-year
extended credit facility was held back pending a cleanup of the banking system.
But later on the IMF announced that it
is moving ahead on a new $129 million loan in the wake of the government's
reform promises, with a new programme expected to be submitted to the IMF
executive board for approval in November.
New Kabul Bank started its banking
activities by having received its license as a commercial bank as a result of
high authorities’ decisions adhering to all prevailing banking rules and
regulations under banking system of the country.
Ministry of Finance is the
only shareholder of New Kabul Bank and it (NKB) has four kinds of activity
license:
1. Banking license
2. AISA License
3. 3131 Network License
4 . 2266
Services License
Our ruling elite considers national
coffers as its own treasury and whenever it want to misuse wealth of the
nation, no one is there to restrain its hands. The bad news is that
Afghanistan’s largest private sector bank is being up for auction and sale. It
is when $ 34.9 million of its loan mark-ups have been written off. It speaks
volumes of the financial scams in the ranks of our ruling and thinking class.
(Joe, 2011)
The New Kabul Bank, which is the
successor of the Kabul Bank, has now to be auctioned. This is the bank, which
the government took over after it had come to the verge of liquidation and
collapse. The government took it over two years back as a result of issuing
unauthorized loans. Within the span of two years, it is yet another jolt and
blow, the bank received. The bank’s outstanding loans work out at $937.7
million. (Joe, 2011)
The Central Bank Governor, Noorullah
Delawari while addressing a press conference informed media men that bids for
the New Kabul Bank’s bidding would be called in this year but it would be in line
with a Cabinet decision. Khan Afzal Hadwal, Da Afghanistan Bank’s Deputy Chief,
has come up with an odd notion. He said that waiving off interest on loans has
been a common practice in other countries of the world, which is why he linked
the waiver to the borrowers’ inability to pay the mark-ups. (Joe, 2011)
Therefore, nearly $410 million credit
remained unaccounted for.
The matter is so stark that a high
level meeting, chaired by the President Hamid Karzai, decided earlier this
month to refer the Kabul Bank loan case to court. The blunder that caused a
serious blow to the bank is that nearly $850 million were taken from the bank
in off-book loans in December. Off-book here means that were not recorded in
the official financial records. Who authorized the bank officials to give such
a huge amount in off-book? It comes under criminal negligence or blunder.
Moreover see the borrowers. Since they
are not men in the streets rather they are too influential because they belong
to ruling class of the society that’s why it is not easy to belch out the
devoured amount. Among the big-time borrowers are Mehmood Karzai, the brother
of Hamid Karzai, Sher Khan Farnood, Mohammad Hussain Fahim, the First Vice
President, Ghulam Daud Nasib, Tahir Zahir, Shukrullah Shakran, Sufi Nisar, Haji
Khalil, the owner of Istiqlal Township, and Kabul Bank Director Khalilullah
Ferozi. Now that the borrowers are from ruling elite, then where does stand the
claim of Khan Afzal Hadwal? For, he has linked the waiver to the borrowers’
inability to pay the mark-ups. (Joe, 2011)
The entire affair, from the beginning
to the end, shows failure of ruling elite to run the state-affairs smoothly and
in a poor-friendly manner. Corruption is so widespread that even the President
of Afghanistan himself has confessed it as a major challenge before the
government to baffle with. Instead of pondering over ways and means how to take
the nation out of the whirl of challenges, our elite’s appetite for power and
money has gone wild. Their tomfooleries have reached the bank to this extent
and if a tight rein is not kept on the unbridled avarice of the ruling elite
the day is not so far that the entire country would be up for sale. (Dexter ,
2011)
Evaluate
the change in consumer demand trends after the crash for each of the tech stock
companies you researched. Provide examples with your evaluation and use
graphics such as charts, when applicable.
When bank of America’s business was
almost to crash, lots of changes happened in the consumer demand trends and
they are like the following.
Job Cuts and Big Overhaul
The billionaire Warren E. Buffett
invested $5 billion in the company in August 2011 by buying preferred shares.
That deal was widely seen as a crucial endorsement of Brian Moynihan, who had
succeeded Mr. Lewis, amid growing doubts among investors.
On Sept. 12, 2011, Bank of America said that it planned
to cut 30,000 jobs, or about 10 percent of its work force.
The bank said the cuts would come over
the next few years.
Before the announcement Mr. Moynihan
had discussed plans for an overhaul that would produce $5 billion in cost
savings. But he did not make any reference to job cuts. He said the savings would
come primarily from merging legacy data centers, deposit systems and other
assets the bank had acquired through acquisitions. ("Bank of
america," )
Debit Card Debacle
In November 2011, Bank of America abandoned its plan
to charge its customers a $5 fee to use their debit cards, just a month
after announcing the new fee. ("Bank of america," )
The reversal followed a huge backlash
from customers, one of whom collected more than 200,000 signatures urging the
bank to rethink its plan. ("Bank of america," )
The bank listened, but only after other
large banks
had indicated that they would not impose similar fees. Wells Fargo, JPMorgan
Chase, SunTrust and Regions Financial have all pulled back on their plans.
In October, a new rule went into effect
that limits the fees banks can levy on merchants every time a consumer uses a
debit card to make a purchase, a change that could cost banks $6 billion in
2012.
But Bank of America took the brunt of
the criticism, which came from all corners, including Capitol Hill and the
White House. Days after the bank announced that it would charge the fee,
President Obama said customers should not be “mistreated” in pursuit of profit,
while Vice President Joseph R. Biden Jr. called the move “incredibly tone
deaf.” ("Bank of america," )
Settlements on Countrywide, Merrill
Lynch
In December 2011, officials at the
Justice Department announced that the bank had agreed to pay
$335 million to settle allegations that Countrywide
had discriminated against black and Hispanic borrowers during the housing boom.
It was the largest residential fair-lending settlement in
history. ("Bank of america," )
A department investigation concluded
that Countrywide had charged higher fees and rates to more than 200,000
minority borrowers across the country than to white borrowers who posed the
same credit risk. It also steered more than 10,000 minority borrowers into
costly subprime mortgages when white borrowers with similar credit profiles
received prime loans, the department said. ("Bank of america," )
Earlier in the month, the bank agreed
to pay $315 million to settle claims by investors that they were misled about
mortgage-backed investments sold by its Merrill Lynch unit.
Merrill Lynch Lawsuit Challenged
In April 2012, lawyers leading a
class-action lawsuit in federal court in Manhattan against the directors of
Bank of America over its purchase of Merrill Lynch agreed to settle the matter
for $20 million even though damages in the case could reach $5 billion, according
to plaintiffs in a parallel suit against the bank’s board in Delaware.
("Bank of america," )
Calling the
settlement grossly inadequate and the result of collusion,
the lawyers in the Delaware case have asked the judge overseeing the New York
matter to order the parties agreeing to the deal to justify its terms.
If the Manhattan court approves the
settlement, all damage claims made in the Delaware suit would be extinguished.
That matter is scheduled to go to trial in October. Lawyers representing two
public employee pension funds that had sued the directors of Bank of America
for breach of fiduciary duty struck the settlement privately on April 12.
("Bank of america," )
At issue in both the federal and state
suits is whether Bank of America’s board breached its duty to shareholders in
approving the 2008 acquisition of Merrill Lynch for $50 billion and whether it
misled investors about the brokerage firm’s weakening financial condition
leading up to the purchase. ("Bank of america," )
Struck during the depths of the
financial crisis by Kenneth D. Lewis, then Bank of America’s chief executive,
the Merrill deal generated billions of dollars in losses at the bank. Those
losses led to Bank of America’s second request for bailout money under the
government’s Troubled Asset
Relief Program.
According to the lawyers in the
Delaware case, the $20 million deal is inadequate in several ways. First, the
amount does not come close to the $150 million fine
paid by the bank in 2010 to settle a Securities and Exchange
Commission suit over the Merrill deal. Second, it would not require the
directors to dig into their own pockets. The bank’s insurance policies extend
well beyond the $20 million cost, the lawyers said, although the exact coverage
was redacted in the filing. In addition, the court filing contended, the
settlement deal is the result of collusion between the lawyers for the bank’s
directors and those representing the pension funds. ("Bank of america,"
)
In June, the plaintiffs in the
Manhattan lawsuit filed documents that
included several damaging disclosures by Mr. Lewis and other bank officials.
The suit, filed on behalf of Bank of
America shareholders, asserts that the bank’s executives misled them by not
disclosing Merrill’s mounting mortgage losses in proxy documents recommending
approval of the deal. ("Bank of america," )
For example, the proxy statement
estimated that the purchase of Merrill Lynch would reduce earnings by only 3
percent in 2009, would not hurt the bank’s profits in 2010 and might actually
add a bit to them.
Mr. Lewis echoed this view at the
meeting where shareholders voted on the deal. When asked whether the
transaction would dilute Bank of America’s earnings in coming years or add to
its income, he referred the questioner to the proxy statement. ("Bank of
america," )
But in sworn testimony taken in the
case, Mr. Lewis testified that by the time shareholders voted, the merger’s
effect on Bank of America’s profit outlook had changed. According to the court
filing, Mr. Lewis confirmed that the bank “expected the merger to be more than
13 percent dilutive in 2009 and 2.8 percent dilutive in 2010.” ("Bank of
america," )
Asked by Steven B. Singer, a lawyer at
Bernstein Litowitz Berger & Grossmann who represents the plaintiffs,
whether the figures shareholders had received in the proxy statement were no
longer accurate on the date of the merger vote, Mr. Lewis said: “They were not
those numbers, no.” ("Bank of america," )
In response to consumer demand for a
card that offers the convenience of credit with simplified rates and terms,
Bank of America is introducing the BankAmericard® Basic™ Visa® card. The new
card features one basic rate for all types of transactions, including balance
transfers and cash advances. That rate, which is tied to the U.S. Prime Rate,
will not change over the life of the account.
"Today, consumers are telling us
more than ever that they need products that offer simple and straightforward
solutions," said Bank of America Global Card Services President Ric
Struthers. "For those consumers who just want the basics, our goal is to
offer products with features that are predictable, easy to understand and help
them manage their finances responsibly."
Key features of the BankAmericard Basic
Visa card include:
The interest rate is the same for all
transactions, including purchases and cash advances, making it easy for
customers to keep track of their interest rate at any given time.
One interest rate -- U.S. Prime plus a
margin of 14 percent -- that never changes for the life of the account. Rate
increases and decreases will only occur if the Prime Rate changes.
No over-the-limit fee.
Easy- to-understand, single-page
disclosure explains terms and conditions.
One flat fee of $39 for late payments. ("Bank
of america," )
The new card will be available online
at bankofamerica.com in October.
The Basic card is one of four new cards
in a simplified suite of cards offered under the BankAmericard brand. Other
cards in the suite include:
BankAmericard Power Rewards Visa, a
robust choice of rewards options
BankAmericard Cash Rewards Visa for
customers looking exclusively for cash back; and the
BankAmericard Visa, which includes an
introductory promotional rate.
All cards in the suite feature Total
Security Protection®, Bank of America's award-winning security and fraud
protection services and access to the bank's free Online Banking service, which
gives customers the ability to receive e-statements, view current account
activity and receive e-mail alerts when a payment is due.
In addition, all four cards offer
customers the ability to earn up to 20 percent cash back on purchases through
the Add It Up™ program -- a secure online shopping Web site that provides Bank
of America customers who have a credit card or check card relationship with
access to more than 270 online retailers.
"Our intention is to offer
customers the product that best meets their individual needs and help them get
the most out of their relationship with us," said Struthers. "We
recently introduced our clarity commitment -- a one-page summary disclosure --
to our mortgage customers. The Basic card is another step in responding to
consumers who are looking for greater simplicity in their financial
products." ("Get more cash," )
Discuss
at least two (2) strategies that multinational corporations (MNCs) can
undertake in order to make profit by leveraging the growing consumer demand.
There are many different strategies
that multinational corporations can undertake in order to make profit by
leveraging consumer demand and those business strategies can be global profit
maximization, some are home country oriented, others are host country oriented,
successful firms world oriented but they must be adapt to local market.
According to Franklin Root (1994), an
MNC is a parent company that
(i) engages in foreign production
through its affiliates located in several countries, (ii) exercises direct
control over the policies of its affiliates, and (iii) implements business
strategies in production, marketing, finance and staffing that transcend
national boundaries. ("Multinational corporations," )
In other words, MNCs exhibit no loyalty
to the country in which they are incorporated. ("Multinational
corporations," )
Taking a more practical orientation
than other researchers within regional studies provide five different tangible
types of regional strategies that incorporate and balance both global
integration and local responsiveness as well upstream and downstream
activities, thus facilitating the dimensions that were identified in the
previous section. Expanding the strategic importance of regional strategies as
a way of bridging global integration The strategies identified are (1) home
base strategy (2) The portfolio strategy (3) The hub strategy (4) Mandate
strategy (5) The platform strategy. (Oscar , 2010)
We discuss about two of the five
strategies in this paper within Bank of America.
The home base strategy
The strategy of
the home base strategy resembles very much a normal export or service strategy
and it is difficult to tell the difference as the main point of is that the
company develop and produce in their home country and export it to suitable
markets. Companies usually start by serving the home-, and near markets from
their home base. I think this would explain Bank of America initial
international strategy of deriving most of their international services. Bank
of America spend decades using this strategy, which exemplifies the long-term
reliance on the home base strategy. Some companies even return to a home-base
strategy as it can reduce, time-to market for products, services, reduce costs
associated to services, to create a nimble organization. (Oscar , 2010)
The portfolio strategy
By acquiring or
setting up organizations outside the home region that reports directly to the
home base companies engage in the portfolio strategy. This is usually the first
type of strategy that is used by companies that seek to establish a market
outside their home base. I would illustrate a successful portfolio strategy
with Bank of America services and manufacturing set-up in the US. Arguably this
investment in manufacturing overseas may be successful in the Europe in the
future. If implemented properly the portfolio strategy has the potential of
providing the companies with faster growth in non-home regions, home positions
that generate large amount of cash and an opportunity to average out economic
shocks and cycles across region. (Oscar , 2010)
Conclusion
At the end I would like to say that
banks plays a crucial and critical role in the economy of a country or people.
Banks are known for brining money in to circulation by boosting micro and macro
businesses in order to grow through its many different performances. Banks
facilitate the government functions and help individuals securely deposit or
invest their monies. The companies in which I chose and have discussed in this
paper was about one bank in Afghanistan and one bank in USA that attempted to
make profits from rising consumer demands after the crash. The fall of Banks
have serious negative impacts on the credibility of other private banks. But at
the same time it is a lesson for CEOs of the companies to well manage the
financial system of the banks and feel very responsible, and responsive to the
people of nations and either establish a good management system with great
banking plans and strategies in all affairs of the company in order to enhance
the consumer demands and always attempt to make profit.
References
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