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General Electric Reg Jones and Jack Welch

Introduction

Wall Street Journal proclaimed Reg Jones as a management legend. Jones was well known for the creation of sectors that managed the strategic business units exclusively designed to support strategic planning activities, key characteristic on GEs management process. Jones entered to the CEO position with a challenging, decentralized organization (10 departments) changed at the time from 10 departments to 4 SBU, nevertheless, the new structure was still shaky. He successfully managed through the change and as a result, Jones was very pleased with the accomplishments and continued pushing the strategic planning approach. By 180’s, Jones vision was to positioned the company to a sustained earnings growth faster that the growth of the US economy at the time. This is when he started preparing the road for his successor, at the time one of his Sector Business head, Jack Welch. As described by the Wall Street Journal, GE “replaced a legend with a live wire”. Full of ideas, energy and extremely aggressive he took over the CEO position with the idea of making GE #1 Or # in any arena where they were competing, as well structure and diversified company. Every business needed to be evaluated under the following criteria Fix, sell or close. On the other hand Welch believed in a lean and agile organization, eliminating all those positions that were not adding direct value to the processes in placed. Jack Welch was also very radical in chipping away bureaucracy eliminating the sector organization previously established by Jones, serious reductions of personnel took place.

Contributions




REG JONES CONTRIBUTIONS JACK WELCH CONTRIBUTIONS

He made the SBU structure and planning processes inherited to work At first he created two additional sectors Technical Systems, Services and Materials

He hired strategic planners during the transition period Introduce a new planning approach oriented to key issues.

Exited from businesses that were not providing the expected returns. A total of 7 product lines. Introduce the plan being better than the best, targeting computer-aided design and manufacturing, medical systems and financial / information services.

The planning system implemented helped identify flat businesses Automated most of its core businesses

Jones was able to assign resources to those businesses that were growing or expected to grow based on GE Business Mix Exited those business were GE was not #1 or #

First time management performance measurements (planned vs delivered) Included restricted stocks and special bonuses for meeting their goals

Created incentive compensation based on performance Added additional benefits for the employees’ individual contributions.

Strategic Planning became ingrained to 80% of GE employees, it helped justify resources and gain confidence at the top level. Strategies were approved on a yearly basis, streamline the processes and ensure that staff acted as a consultant rather than a police force.

Created the Sector concept, six major categories Sectors were finally reduced to four, with some business reporting directly to CEO

Introduction of corporate planning challenges Created the Three-Circle concept, which required one of the following fix, sell or close

Sectors facilitated the Board review process Focused on establishing a lean and agile structure, serious destaffing took place.

Jones corporate planning staff identified GE greatest potential areas energy, communication / info / sensing, energy applications / productivity, materials / resources, transportation/propulsion and services

The Sector creation helped him identify his successor

Reg Jones had very good relationship with the government

Sales growth at rate of 185% from 170-80 and Operating profit by 08% Sales growth at a rate of 111% from 180-0 and Operating profit by 15%

Employees were reduced by 7.7% from 170-80 Employees were reduced by 18.6% from 180-0 (6% from 181-10)

Conclusion

At the time when Reg Jones took over the CEO position and even though the changes were drastic, it still required a lot of efforts from the Head office to evaluate and fully understand 4 in depth analysis and strategic plans. At first Jones hired the necessary individuals and trained others in strategic planning, however eventually he realized that a new layer was required. Jones divided the evaluation process within six (6) sectors, paying particular attention to business development opportunities. He exerted a tremendous amount of pressure in order to make sure that everyone was on board the companys philosophy at the time, and that precisely is one of the reason why employees, years after, were surveyed and it surfaced that 80% of the employees had engrained the strategic thinking and planning approach. Having said that, it facilitated the path to Jack Welch to eliminate layers in the organization, since the mindset was already established. Nevertheless, Welchs approach was more aggressive and specific to staff and bureaucracy reduction. Welch also believed that line managers, who had the capacity to execute, are the ones who have to develop their own strategies and that they should focus on key issues rather than theoretical strategy, which I happen to fully agree. However, we have to bear in mind that the changes proposed by Welch would not have been successful if the foundation was there, foundation created by Reg Jones vision. Under Jack Welch management financial forecast were also amended, giving more flexibility to the line managers to change it when the market conditions changed or competitive situation deviated from the original one. This proposed change is somehow difficult to accept since the numbers can be easily manipulated, even though what Welch wanted to create was a more responsive management style. It also gives room to the manipulation of the final results to the convenience of the line manager.

Today

In summary, Reg Jones set the foundation to the empire the Jack Welch as GEs CEO built. Jones wisely recognized the opportunity of strategic plans, but more so the need to measure and compensate based on performance (results vs plan). Jones recognized the necessity to expand on the International arena as well as the importance of the Service industry, which as of 000 it represented 75% of GEs revenues in comparison to GE products.

In the late 188 GE employees were submitted to what is called work out sessions, which sole intentions was to get rid of unnecessary bureaucracy while providing a forum where employees and their supervisors could work out new ways in dealing with each other. Also, GE started looking into developing effective processes rather than controlling individual activities, increasing customer satisfaction, treating suppliers as partners and constantly striving for high quality levels. Welch did not try to impose a corporate global strategy, he let each business take responsibility for implementing the appropriate plans, but always monitoring their performance and making sure they comply with GE philosophy. Welchs commitment for employee development is shown through the 60-degree feedback session, which helps identify training needs, coaching opportunities, and career planning (in or out the company). But his latest contribution to the quality of the company is what he called the A players with Four Es, which established the you have to rank your employees in five categories, which are top 10% as 1, strong 15% as , highly valued 50% as , borderline 15% as 4 and least effective 10% as 5. Meaning that anyone rank 5 had to leave the company. Jack Welch called this initiative a contribution to the quality of the company, however in my opinion, this philosophy is the beginning of a major future problem, creating high levels of uncertainty among employees, which leads to dissatisfaction, which leads to lack of commitment or loyalty and ends up in high turnover levels, not without mentioning strikes and problems with unions, as we are currently witnessing.



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At the core of successful marketing is a professional approach to segmentation, targeting, and positioning.

Describe using examples how this process might be undertaken. What are the characteristics of a successful market segment? What are the keys to effective positioning?

In virtually any market, if different segments can be clearly identified, specific products with specific marketing programs can be developed to meet both the physical needs of customers and also the emotional needs that customers attach to products and services. Effective marketing programs are built on a platform provided by the marketer’s tools of market segmentation, target marketing, and product positioning; the three decision processes are closely linked, having strong interdependence, and all must be implemented if a firm is to be successful in managing a product-market relationship.

Market segmentation is the process by which a market is divided into subsets of customers with similar needs and characteristics that lead them to respond in similar ways to a particular product offering and marketing program. It is important as most markets are heterogeneous in terms of benefits anted, purchase rates, and process & promotion elasticities so the response rates to products and marketing programs will differ. The critical issue is to find an appropriate segmentation scheme that will facilitate target marketing and product positioning.




Markets can be segmented on the basis of demographic factors (who the target customers are) including age, sex, household lifecycle, income, occupation, education, and race/ethnic origin. Geographic factors (where the customers are) including region, city, population densities, and climate can also be used. Furthermore behavioural factors (what the customers do) can be used in the segmentation process where the benefits sought and the choice criteria used are evaluated. Thus the market segmentation procedure involves surveys on customer motivations, attitudes, and behaviour, followed by an analysis of the appropriate factors that should give a profile of consumers and the level of attractiveness of the market. Ideally the segmentation process should work from the bottom-up.

For the segmentation process to be successful it must be able to identify one or more relatively homogeneous groups with regard to their wants and needs where;

1. the size of each segment is large or profitable enough to serve,

. the size, purchasing power, and profiles of each segment can be measured,

. each segment will respond differently to different product offerings and marketing programs,

4. the segments represent markets that can be reached and served effectively, and

5. one or more of the segments represent markets that the company can attract and serve.

Target marketing involves an evaluation of the relative attractiveness of various segments (in terms of factors like market potential, growth rate, and competitive intensity), and the firm’s mission and capabilities to deliver what each segment wants. This enables the firm to decide on which segment(s) to serve; this is a strategic decision and should fit in with the overall business goals.

As most firms no longer aim a single product and marketing program at the mass market they must develop a market-attractiveness and competitive-position matrix to evaluate the segments as potential target markets. The targeting of markets involves a five step process

1. the selection of factors which can measure market attractiveness and competitive position,

. the weighing of each factor to reflect their relative importance,

. assessing the current position of each segment relative to each weighted factor,

4. projecting the future position of each segment based on expected environmental, customer, and competition trends, and

5. choosing which segments to target based on the data generated.

While most successful entrepreneurial ventures target narrowly defined market segments as this policy increases the odds in their favour by concentrating on the most suitable market segments and by conserving their limited resources, this is not always the best strategy, particularly for established firms having substantial resources. In general there are five patterns of target market selection

1. single segment concentration where only the most suitable product and market is chosen,

. selective specialisation where certain products are targeted in specific segments,

. product specialisation where one product is targeted at all the relevant segments,

4. market specialisation where a full range of products is targeted at a particular segment, and

5. full market coverage where the full range of products is targeted to all relevant segments.

Product positioning entails designing product offerings and market programs that collectively establish an enduring competitive advantage in the target market by creating a unique image, or position, in the customers mind. The success of any product offered to a given target market depends on how well it is positioned within that market segment, i.e. how well it performs relative to competitive offerings and to the needs of the target audience. Thus positioning is basically concerned with differentiation as it refers to both the place the product occupies in customers minds relative to their needs and competing products, and also to the process that companies use to create this position. The positioning process involves

1. the design of the offering and the image so that it occupies a distinctive place in the mind of the target market,

. the creation of a customer focussed value proposition which looks to answer the question as to why should customers buy the product, and

. aligning internal resources to achieve positioning objectives in recognition of the fact that the positioning decision is a strategic one for the whole firm.

The whole process is designed to establish competitive advantage, and the difference that a firm want to establish is usually in both physical and perceptual terms; the latter is also important as customers often evaluate products and services in terms of what they do (as opposed to what they are) in a rather subjective manner.

There are typically seven steps in the positioning process

1. identify a relevant set of competitive products serving a target market,

. identify the set of determinant attributes that define the “product space” in which position of current offerings are located,

. collect data about customers perceptions for products in the competitive set to determine the attributes and score these products on them,

4. analyse the current position of products in the competitive set using a positioning grid, i.e. a product-positioning analysis,

5. determine customers most preferred combination of attributes, i.e. a market-positioning analysis,

6. consider fit of possible positions with customer needs and segment attractiveness, and

7. write a positioning statement or value proposition to guide the development of a marketing strategy.

Most successful products are positioned based on one, or at most, two determinant attributes; the use of more than this is likely to be confusing to customers. For a positioning process to be successful other pitfalls must also be avoided including underpositioning (vague presentation of the brand by trying to be too many things to too many people), overpositioning (being too closely inked to one segment of the market, e.g. Horlicks), confused positioning (where too many claims are made for the offering), and doubtful positioning (where there are doubts that the product can deliver on the claims made). The determinant attributes are then transformed by companies into value strategies, which include performance leadership, operational excellence, and customer responsiveness. Most firms aim to be the best at one of these values, which are closely linked to the customer aspiration observed in the market-positioning analysis, and adequate at the other two; this means that continuous improvement must be maintained in the key attribute while some resources will be allocated to try and improve the adequacy demonstrated by the firm in the other attributes. Attribute (value) leaders are easily recognised by customers where firms with organisational excellence known for “a great deal” or “trouble free basic service”, firms with performance leadership known for being “always at the cutting edge” or having “a high price, but being worth it”, and firms with customer responsiveness known for “really understanding the business” or being a “close business partner”. The value strategy that a company chooses will affect all aspects of the business including how the organisation operates (top down versus autonomy), how core processes are carried out (standardised versus market sensing), and the economic driver behind the business (scale versus speed). Firms using the operational excellence strategy include Ryanair, while IT firms are typical examples of those following the performance superiority approach.

Thus the characteristics of a successful market segment is that it provides access to growth opportunities, while the keys to effective positioning is to create differentiation and optimise resources behind a successful launch.



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Alfaris 1

The Catcher in the Rye

J.D. Salinger’s book, The Catcher in the Rye exhibits a boy struggling with many adolescent problems. These problems cause much controversy, confusion, and hate. Many of these problems are personal, while some are that of an average teenager. However, the difference between an average teenager and Holden Caulfield is that Holden has let the problems take over his life. By letting all the confusion and hate become so much of whom he is, Holden has become irrational, incapable, and insane.

One may say that all his problems and irrationality is due to his brother, Allies death. That it is perfectly normal to act differently after losing someone close to you. However, when these problems start to take over, it is time to get help, but Holden did not. His irrational mind prevents him from making decisions he either should have, or maybe should not have. Leaving school to move to New York is not an ideal choice for boy of Holden’s age. New York is much too hostile an environment for a boy of that age to handle on his own. By making this quick and irrational decision, it shows how insane Holden can be.




Holden’s incapability is also a foreshadowing of how he will handle himself in life, although it is exploited when he is in New York. When Holden “purchased” the prostitute, being but sixteen, he had no idea what he was doing. He did nothing with the prostitute and when she left, she was not very pleased. Her manager, for lack of a better term, was also unhappy with what had happened. Holden, being incapable to handle the situation was beat up. This proves Holden’s incapability and insanity in the sense that any

Alfaris

capable person would be able to handle the situation, and any sane person would know not to get himself into that situation.

Lastly, Holden had allowed himself to keep everything inside, letting all his problems and struggles take him over, driving him insane. When Holden is complaining to his sister Pheobe, his natural tendencies prevent him from realizing that he is swearing. Pheobe surprises him by telling him to “grow up”, to stop acting so immaturely. This shows that Holden does not have the mind set of a normal sixteen year old boy; that Holden still thinks like a kid when he should be thinking like an adult. In this case, Holden has shown that he is not entirely sane.

Holden’s irrationality, incapability, and insanity is exploited tremendously throughout this novel. He shows us what can happen if we choose not to talk to people; he shows us what can happen if choose to keep everything inside. Therefore, Holden has shown us how we can become insane, by driving himself insane.



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Karma kicks asses.

Oh my, impregnated at such a young age - well aint that a bitch. Even still, its funny to think just how insane things work out. Youre suffering the exact same emotions of what you hoped i would suffer myself. (IE heartbreak, anger, regret, PAIN). Proving, irony is only for bitches and fucks - take this as a lesson. On second thought, I take that back - dont take this as a lesson. I hope you suffer like this again. Itd be far more sweeter than kissing my ass, wouldnt you agree? Not to say Id actually allow you such satisfaction . . but you get the picture.

So you would you like to explain yourself, now. Coincidently, after the fact that every aspect of your plan failed miserably. You thought you had me right where to wanted me. Thought everything was running along smoothy, running straight in the bag. Hahaha, I laugh at that mess! I guess youre proven wrong. Shows you that actions, such as that of which you took, go unrewarded. Punished even, for that matter. You should have left things as they were, kept your mouth shut then maybe I would have stopped to listen for at least a second as you came on your knees to grovel.

But then again, leaving you on your ass seems like pay enough for my work. Have a nice life baring the offspring of a dirty one-night stand. Maybe you dont deserve it, but who am i to even give a shit about what you do (or who you do, or what you did). I sure as FUCK aint you, right?




I wonder why those words sound so familiar.



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Table of Contents

1 Introduction Australian Economy

1.1 Real Gross Domestic Product

1. Inflation




1. Employment

1.4 Current Account

1.5 Exchange Rate

Monetary Policy 5

.1 Objectives of Monetary Policies 6

. Demand for Money 8

. Supply of Money 10

.4 Money Equilibrium 11

.5 Effects of Money Supply (Demand) 11

.6 Keynesians Vs Monetarists 1

Monetary Policy Framework 16

4 Monetary Policy Implementation 18

5 Open Market Operations 1

6 Fractional Reserves

References 5



1 Introduction Australian Economy

The Australian economy strengthened as 001 progressed, in sharp contrast to the weakening seen in most of the rest of the world. Gross Domestic Product (GDP) grew by 4. percent through the year to the December quarter 001. Unemployment remained low and signs of improvement were visible in the December quarter 001, while ongoing inflation remained within the Reserve Bank of Australia’s target range over 001. (Asia-Pacific Economic Cooperation, 00)

1.1 Real Gross Domestic Product

Real GDP increased .6 percent in 001 (in year average terms) following growth of .1 percent in 000. The slowing in the rate of growth in the first half of 001 reflected the abatement of transitory factors such as the Sydney Olympics stimulus and the introduction of The New Tax System (TNTS). In the second half of 001 Australia’s growth rebounded strongly, despite weakness in the world economy. Nonetheless, over 001 Australia was one of the strongest developed economies. (Asia-Pacific Economic Cooperation, 00)

1. Inflation

The Australian Consumer Price Index (CPI) increased by .1 percent through the year to the December quarter 001. Various one-off factors added to inflation over that period. The price of meat, seafood, fruit and vegetables increased substantially through the year. In addition, some price effects have resulted from the events of September 11, the collapse of a major Australian insurance firm (HIH) and the second largest Australian airline (Ansett). These upwards price movements were offset somewhat by a significant decline in petrol prices over the year due to a fall in global oil prices. (Asia-Pacific Economic Cooperation, 00)

1. Employment

Employment grew by 1.0 percent in 001, while the unemployment rate increased steadily over most of the year to peak at 7.0 per cent in October 001, before declining slightly to 6.7 percent in December 001.

Wages, as measured by average weekly ordinary-time earnings for full-time working adults and average weekly earnings (all employees), rose 5.7 percent through the year to the December quarter 001. In contrast, the wage cost index rose by .4 percent through the year to the December quarter 001. (Asia-Pacific Economic Cooperation, 00)

1.4 Current Account

The current account deficit fell to A$17.7 billion or .6 percent of GDP in 001, down from A$6. billion or 4.0 percent of GDP in 000.

Exports at current prices increased 8.5 percent in 001, while export volumes increased 0.76 percent in 001. Imports increased 1. percent at current prices in 001, while import volumes fell 4.6 percent in 001. The terms of trade increased 1.6 percent in 001, following a 5.4 percent rise in 000. The trade balance improved by A$10. billion in 001 to record a trade surplus of A$. billion. (Asia-Pacific Economic Cooperation, 00)

1.5 Exchange Rate

Since 18, Australia has had a floating exchange rate. The Reserve Bank of Australia may undertake foreign exchange market operations when the market threatens to become excessively volatile or when the exchange rate is clearly inconsistent with underlying economic fundamentals. These operations are invariably aimed at stabilizing market conditions rather than meeting exchange rate targets.

During 001, the Australian dollar appreciated (in nominal terms) 4. percent against the Japanese yen. It depreciated 8.5 percent against the US dollar and . percent against the euro. The Australian dollar also fell against the currencies of Australia’s other major trading partners, which contributed to a .1 percent fall in the trade-weighted index. The exchange rate depreciation in 001 improved Australia’s international price competitiveness, cushioning the adverse effect of the global downturn on economic activity. (Asia-Pacific Economic Cooperation, 00)



Monetary Policy

The Reserve Bank of Australia (RBA) is responsible for formulating and implementing monetary policy. The Boards obligations with respect to monetary policy are laid out in the Reserve Bank Act. Section 10() of the Act, which is often referred to as the Banks charter, says

It is the duty of the Reserve Bank Board, within the limits of its powers, to ensure that the monetary and banking policy of the Bank is directed to the greatest advantage of the people of Australia and that the powers of the Bank ... are exercised in such a manner as, in the opinion of the Reserve Bank Board, will best contribute to

(a) the stability of the currency of Australia;

(b) the maintenance of full employment in Australia; and

(c) the economic prosperity and welfare of the people of Australia.

Since 1, these objectives have found practical expression in a target for consumer price inflation, of - per cent per annum. Monetary policy aims to achieve this over the medium term and, subject to that, to encourage the strong and sustainable growth in the economy. Controlling inflation preserves the value of money. In the long run, this is the principal way in which monetary policy can help to form a sound basis for long-term growth in the economy.

Monetary policy decisions involve setting the interest rate on overnight loans in the money market. Other interest rates in the economy are influenced by this interest rate to varying degrees, so that the behavior of borrowers and lenders in the financial markets is affected by monetary policy (though not only by monetary policy). Through these channels, monetary policy affects the economy in pursuit of the goals outlined above. (http//www.rba.gov.au/MonetaryPolicy/about_monetary_policy.html, 00)

.1 Objectives of Monetary Policies

In Australia, the objectives of monetary policy are formally established in the Reserve Bank Act (15). This sets out three objectives

· The stability of the currency of Australia;

· Maintenance of full employment in Australia; and

· The economic prosperity and welfare of the people of Australia.

The first of these, the stability of the currency, is generally interpreted to mean price stability; that is, a stable value of the Australian dollar in terms of its purchasing power over goods and services. An important development in recent years is that this objective, and its relationship to the other two, has been made more explicit with the adoption of the Banks inflation target. This has been included in the Banks public statements for a number of years and was formally set out in the Statement on the Conduct of Monetary Policy, issued by the Treasurer and Reserve Bank Governor in August 16 and updated in July 00.

There are a couple of important points to note about the operational meaning of the inflation target and its relation to the other objectives. First, unlike the specifications in some other countries, Australias inflation target is not thought of as a hard-edged band within which the inflation rate is to be confined in every period. The edges of the band are not like an electric fence that triggers sudden dramatic action only when the edges are reached. Rather, the target band is an expression of the average to be achieved over a period of years. As such, there is sufficient flexibility for policy to take account of short-run developments in employment and economic growth. In other words, there is some scope for policy to play a role in stabilizing short-run business cycle fluctuations. In the longer run, as the statement sets out, the main contribution that monetary policy can make to growth and prosperity is to keep inflation low.

The second point concerns the measurement and definition of inflation. The initial formulation referred to underlying inflation, but following changes to the construction of the CPI in 18 it was agreed between the Bank and the Treasurer to focus on the headline CPI. This did not entail any change in the practical operation of policy, but was designed to make the inflation objective clearer to the public. Over time, measures of underlying inflation and the CPI move closely together, though the headline CPI is more volatile (Graph 1) as it is more affected by temporary factors, such as changes in petrol prices. The medium-term focus of the inflation target provides the Bank with the flexibility to look through temporary fluctuations in the CPI.



. Demand for Money

The demand for money refers to the desire to hold money to keep wealth in the form of money, rather than spending it on goods and services. It is usually to distinguish three reasons why people want to hold their assets in form of money. (J. Sloman, 000)

· Transaction Motive � Money is the medium of exchange required for conducting transactions and people are required to hold balances of money in cash or in sight accounts.

· Precautionary Motive � Individuals will hold additional money as a precaution to unforeseen circumstances.

· Speculative or Assets Motive � Certain firms and individual who speculate in bonds and shares will hold idle money in expectation that the prices of bonds and shares may fall. Money when used for this purpose is a means of temporarily storing wealth.

The transactions plus precautionary demand for money is termed L1, in graph . ‘L’ stands for liquidity preference, which is the desire to hold assets in liquid form. Money balances held for these two purposes are called active balances. The frequency people are paid, effects L1, the less frequent they are paid, the greater level of money balances they will hold.

The rate of interest also affects L1. At high interest rates, people will spend less and save more of their income. The effect is likely to be bigger on the precautionary demand where high interest rates may encourage people to risk tying up their money. The elasticity of L1 with respect to changes in the interest rates will also depend on how money is defined. A rise in the interest rates may encourage people to switch from holding cash to keeping more money in interest bearing accounts. (J. Sloman, 000)

The speculative demand for money is termed, L, in graph . Money balances held fro these purposes are called idle balances. The major determinant of L is expectations of changes in the earning potential of securities and other assets. The greater the earning potential for non-money assets, the less will be the demand for money. (J. Sloman, 000)

Graph 4 shows the total demand for money balances, L, plotted against the rate of interest. The curve is known as the liquidity preferences curve. Any factor, other than the change in interest rates, that causes the demand for money to rise will shift the L curve to the right. (J. Sloman, 000)

. Supply of Money

In graph 5, the money supply is exogenous. It is assume to be determined by the government by its choice of the level and method of financing the PSBR. Keynesians assumes that higher interest rates will lead to higher levels of money supply as shown in graph 6. The reasoning is that

· Increase in supply may occur as a result of banks expanding credit in response to the demand for credit. Higher demand fro credit will drive up interest rates, making it more profitable fro banks to supply more credit.

· Higher interest rates may encourage depositors to switch their deposits from low interest accounts to higher interest paid accounts. Money is less likely to be redrawn and banks may hold less liquidity and decide to increase credit, thus increasing the money supply.

· Foreign investors may be attracted by high interest rates thus increasing the supply.

.4 Money Equilibrium

Equilibrium in the money market will be where the demand fro money, L, is equal to the supply of money, Ms. This equilibrium will be achieved through changes in the rate of interest and exchange rate. In graph 7, equilibrium is achieved with a rate of interest, re, and quantity of money, Me. If the rate of interest were above re, people would have money balances surplus to their needs. (J. Sloman, 000)

A shift in either Ms or L, will lead to a new equilibrium quantity of money and interest rates at a new intersection of the curves. In practice, there is no one single rate of interest. Different assets have different interest rates. Equilibrium in the money market therefore will be first where the total demand and supply of money are equal. This is achieved by adjusting the average interest rate. (J. Sloman, 000)

.5 Effects of Money Supply (Demand)

Changes in money supply or demand will affect national income via changes in interest rates in a three-stage process. In graph 8, a rise in money supply (Ms) will lead to a fall in interest rate, (r) This is necessary to restore equilibrium in the money market.

In graph , the fall in r, will lead to a rise in investment and other forms of burrowing, (I). Since burrowing money will be cheaper and investments will costs less.

In graph 10, the rise in investment will lead to a multiplied rise in national income (Y) and aggregate demand. (J. Sloman, 000)

Equilibrium in the money market is where the supply and demand for money is equal. It can be achieved by changes in the interest rates. The interest rates transmission mechanism works by Rise in money supply causes money supply to exceed demand, interests will fall, and investments will increase and in turn will cause a multiplied rise in national income. However as national income rises, the transactions demand for money will rise and preventing large fall in interest rates. (J. Sloman, 000)

.6 Keynesians Vs Monetarists

In Australia, with floating exchange rates, for which policy is guided by domestic economic objectives, monetary policy could be described as the management of short-term interest rates by central banks in pursuit of the domestic policy objectives, usually defined in terms of inflation and economic growth.

There are certainly some differences in the way the objectives are formulated, but these are more variations on a theme than fundamental differences of approach. (http//www.rba.gov.au/Education/monetary_policy.html, 00)

Monetary policy is the subject of a lively controversy between two schools of economics, monetarist and Keynesian. Although they agree on goals, they disagree sharply on priorities, strategies, targets, and tactics.

The goals of monetary policy as agreed by both monetarist and Keynesian are

First, no business cycles, instead, production�as measured by real (inflation-corrected) gross national product�would grow steadily, in step with the capacity of the economy and its labor force.

Second, a stable and low rate of price inflation, preferably zero.

Third, the highest rates of capacity utilization and employment that is consistent with a stable trend of prices.

Fourth, high trend growth of productivity and real GNP per worker.

Monetary policies are demand-side macroeconomic policies. They work by stimulating or discouraging spending on goods and services. Economy-wide recessions and booms reflect fluctuations in aggregate demand rather than in the economys productive capacity. Monetary policy tries to damp, perhaps even eliminate, those fluctuations. It is not a supply-side instrument. Central banks have no handle on productivity and real economic growth.

The second and third goals frequently conflict. Should policymakers give priority to price stability or to full employment? American and European monetary policies differed dramatically after the deep 181-8 recessions. The Fed fine-tuned a six-year recovery and recouped the employment and production lost in the 17-8 downturns. Keeping a watchful eye on employment and output, and on wages and prices, the Fed stepped on the gas when the economic engine faltered and on the brakes when it threatened to overheat. During this catch-up recovery the economy grew at a faster rate than it could sustain thereafter. The Fed sought to slow its growth to a sustainable pace as full employment was restored.

Expansionary monetary policy, both agree, increases aggregate spending on goods and services�by consumers, businesses, governments, and foreigners. However, will these new demands raise output and employment? Or will they just raise prices and speed up inflation?

Keynesians say the answers depend on circumstances. Full employment means that everyone (allowing for persons between jobs) who is productive enough to be worth the prevailing real wage and wants a job at that wage is employed. In these circumstances more spending just brings inflation. Frequently, however, qualified willing workers are involuntarily unemployed; there is no demand for the products they would produce. More spending will put them to work. Competition from firms with excess capacity and from idle workers will keep extra spending from igniting inflation. (Tobin, 00)

Monetarists answer that natures remedy for excess supply in any market is price reduction. If wages do not adjust to unemployment, either government and union regulations are keeping them artificially high or the jobless prefer leisure and/or unemployment compensation to work at prevailing wages. Either way, the problem is not remediable by monetary policy. Injections of new spending would be futile and inflationary. (Tobin, 00)

Keynesian Monetarist

Money stored as wealth. Financial institution is not a good substitute.

Speculative demand for money is dominant. Speculative demand for money is insignificant.

By changing supply of money, interest rates do not change much. By reducing small supply of money, interest rates will change drastically.



Monetary Policy Framework

The Governor and the Treasurer of Australia agreed that the appropriate target for monetary policy is to achieve an inflation rate of - per cent on average, over the cycle, a rate sufficiently low that it does not materially distort economic decisions in the community. The inflation target is thus the centerpiece of the monetary policy framework. It provides discipline for monetary policy decision-making, and serves as an anchor for private sector inflation expectations.



The inflation target is defined as a medium-term average rather than as a hard-edged target band within which inflation is to be held at all times. This formulation allows for the inevitable uncertainties that are involved in forecasting, and lags in the effects of monetary policy on the economy. Experience in Australia and elsewhere has shown that inflation is not amenable to fine-tuning within a narrow band. The inflation target is, necessarily, forward-looking, as evidenced by the operation of monetary policy since its introduction. This approach allows a role for monetary policy in dampening the fluctuations in output over the course of the business cycle. When aggregate demand in the economy is weak, for example, inflationary pressures are likely to be diminishing and monetary policy can be eased, which will give a short-term stimulus to economic activity. (http//www.rba.gov.au/MonetaryPolicy/about_monetary_policy.html, 00)



4 Monetary Policy Implementation

Banks Domestic Markets Department has the task of maintaining conditions in the money market so as to keep the cash rate at or near an operating target decided by the Board. The cash rate is the rate charged on overnight loans between financial intermediaries. It has a powerful influence on other interest rates and forms the base on which the structure of interest rates in the economy is built. The close relationship between the cash rate and other money market interest rates can be seen in Diagram . Changes in monetary policy mean a change in the operating target for the cash rate, and hence a shift in the interest rate structure prevailing in the financial system.

The Reserve Bank Boards decision to change interest rates is announced in a media release, which states the new target for the cash rate, together with the reasons why the Board has taken the decision to change it.



The Reserve Bank uses its domestic market operations (sometimes called open market operations) to influence the cash rate. On the days when monetary policy is being changed, market operations are aimed at moving the cash rate to the new target level. Between changes in policy, the focus of market operations is on keeping the cash rate close to the target, by managing the supply of funds available to banks in the money market.



The cash rate is determined in the money market as a result of the interaction of demand for and supply of overnight funds. The Reserve Banks ability to pursue successfully a target for the cash rate stems from its control over the supply of funds which banks use to settle transactions among themselves. These are called exchange settlement funds, after the accounts at the Reserve Bank in which banks hold these funds.

If the Reserve Bank supplies more exchange settlement funds than the commercial banks wish to hold, the banks will try to shed funds by lending more in the cash market, resulting in a tendency for the cash rate to fall. Conversely, if the Reserve Bank supplies less than banks wish to hold, they will respond by trying to borrow more in the cash market to build up their holdings of exchange settlement funds; in the process, they will bid up the cash rate. The actual level of the cash rate, which results from the Reserve Banks market operations, as well as the target rate are shown in Diagram .

(http//www.rba.gov.au/MonetaryPolicy/about_monetary_policy.html, 00)



5 Open Market Operations

The RBAs open market operations are designed to ensure that the actual cash rate remains close to the target rate. On a day-to-day basis, deviations in the cash rate around the target are determined by the supply and demand for exchange settlement (ES) funds. These funds are held in accounts at the RBA by banks as well as a number of other institutions, and are used by these account holders to meet their settlement obligations to each other and to the RBA. The daily aggregate net settlement obligation between ESA holders and the RBA can be very large. This is mostly because the RBA acts as banker to the Commonwealth. Expenditure by the Commonwealth results in funds flowing into ES accounts, while the payment of federal taxes has the opposite effect. Similarly, purchases of Commonwealth Government Securities (CGS) from the Government by investors reduce ES balances while redemptions of such securities increase ES balances. The daily aggregate net settlement obligation between ESA holders and the RBA also reflects transactions by the RBAs other customers (mostly other official institutions) and by the RBA itself. The latter include the purchase of currency notes by banks from the RBA (which reduce ES balances) and transactions undertaken by the RBA with market participants (including the unwind of repurchase agreements � see below � arising from previous operations).

The RBAs domestic market operations determine the aggregate supply of ES funds and are designed to ensure that supply equals demand at the target cash rate. If the supply is too high, holders of ES funds will wish to lend their excess funds in the overnight market, putting downward pressure on the cash rate. If the supply is too low, they will wish to borrow, putting upward pressure on the rate. The RBAs open market operations, together with other elements of the framework used for the implementation of monetary policy in Australia, have proved very effective when measured by the stability of the cash rate around the target. Over the 00/0, the average absolute deviation of the cash rate from its target was less than one basis point.



Despite the broadening of the range of domestic securities in which the RBA is willing to deal, the strong growth in the RBAs balance sheet coupled with greater seasonal concentration of flows between the RBA and the private sector has meant that the RBA has had to augment its open market operations with foreign exchange swaps. Such transactions may be unwound within a very short period or rolled forward on a short-term basis.



6 Fractional Reserves

Commercial banks are required to keep a proportion of their deposits as reserves. The RBA has the power to change reserve requirements on bank deposits within legislatively set bounds. Superficially, reserves are required for safety, to meet emergency cash needs. However, safety is not the motivation for reserve requirements. Requires commercial bank reserves on deposit at the RBA, allows RBA to control the money supply and related monetary conditions by changing reserve requirements.

If reserve requirements were to be reduced, the excess in commercial banks would most likely be lent out and will reduce interest rates, supply of money will also increase and level of economy can be stimulated. A curious aspect of fractional reserves system is that every dollar of excess reserves can create more the 1 dollar change in the money supply.



Any interjection of reserves into the banking system has a multiple impact upon the money supply. The RBA must factor this multiple into its calculations when implementing monetary policies. Estimating this multiple is imprecise because of the unknowns and will add to the difficulty of implementing policies. (M. Livingston, 1)





References

1 Asia-Pacific Economic Cooperation, “Economic Report Australia”, Economic Outlook, 00, http//apecsun.apecsec.org.sg/member/memberecreport/aus.html

00, http//www.rba.gov.au/MonetaryPolicy/about_monetary_policy.html

Tobin, J. “The Concise Encyclopedia of Economics”, The Library of Economics and Liberty, 00, http//www.econlib.org/library/Enc/MonetaryPolicy.html

4 Sloman, John. “Economics”, 4th Edition, Prentice Hall, 000

5 Livingston, Miles. “Money and Capital Market”, nd. Edition. Kolb Publishing Company, 1.



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EXECUTIVE SUMMARY

Company TCM Healthcare Corporation wants to be a very unique healthcare provider who can improve people’s health and well being by marketing efficacy-proved Traditional Chinese Herbal Medicine (TCM)/dietary supplements in the US market and the rest of the world in response to the increasing demand for complementary and alternative therapy. The market is huge and expanding because the fact of conventional medicine has no and never has all answers to all diseases! Patients need to have alternatives.

Launching Products TCM Healthcare enters into the market by providing a series of Traditional Chinese Medicine as herbal supplements. The first product will be launched is related to the conventional post-menopause therapy which is proved having more risks (harmful side effects) than benefits by the National Institution of Health since August 00. By searching in Traditional Chinese Medicine in China market, consulting TCM doctors, and collaborating with TCM manufacturers, we have found at least three products having promised efficacy. The products are very effective in alleviating symptoms of post-menopause with no side effects. They all have gone through clinical trials in China and components are all originated from ancient formula with enhancement. The ingredients are extracted from natural herbs without any chemical residues.




The Market In the United Sates, more than six million women use Hormone Replacement Therapy (HRT) for post-menopause and related symptoms. Many women have been alarmed by the result of the study conducted by the NIH 41 percent increase in risk of stroke; percent increase in risk of heart attack; 6 percent increase in breast cancer. Women who suffer menopausal symptoms are seeking alternatives to hormone replacement therapy. Since a new drug discovery and development is a long-term and less certain process, the post-menopause therapy currently opens a huge potential market to enter.

Profit Projection Most women at age of 45-60 may experience the post-menopause symptoms from months to years (average 4 years) and the therapy is needed daily. This could generate a high profit from the right products (Wyeth pharmaceutical HRT drug Premarin and family has reached annual sale billion dollars). TCM Healthcare expects more than 10,000 women will take our products after they are launched in the first year, which will generate annual sales of $6 million. The growth rate expected could be 10% thereafter. The return on the investment is expected to be ___%.

Finance TCM Healthcare is seeking $_____equity investment. The fund will be used to fund the web site design and development, business operation, marketing research, product distribution and promotions, etc. Payback period to the investment is projected to be ___ years.

Exit strategy Since the demand for complementary and alternative medicine (CAM) is increasing, the trend will attract investor’s interest. We are confident in building up our product pipelines by continually finding series unique TCM products with special efficacy and less side effect for various diseases because there are thousands of research projects undergoing each year in China and a great of patient base offering an absolute advantage for clinical trials. We whole-heartily look for visionary business builders to be our partners in making people live healthier and longer life. To realize this goal, we are willing to accept any exit strategy available.

The Company’s Mission/Vision

The mission of TCM Healthcare is to improve people’s health and well being by introducing quality alternative medicine products from China to the US. and the rest of world. These alternative medicine products would include traditional Chinese Herbal medicines and other therapeutic products sold in the US as dietary supplements, which do not require FDA approval. Our vision is to be recognized as a very unique health care company offering high quality products and premier customer services.

Products

Based on the theory of Traditional Chinese Medicine, the symptoms of post menopause can be overcome by gaining rebalance of body’s function. Chinese doctors have successfully treated millions of the suffered women without any knowledge of hormones. During a long history of experience consolidation, several products have been formulated to alleviate symptoms and bring up energy of those women. Although the selected products are all used for alleviating the same symptoms, each product has been formulated specifically for certain profiles of body’s condition, as the similar concept in conventional medicine, there are genetic, structural and functional variations of each person, this variation makes each person’s response to the same medicine differently. In considering the variations, we have selected three products. The strategy that gives consumers more options to choose the best suitable treatment for them and help to overcome the resistance differentiating our products and service from our competitors in addition to competitive advantages of these products. Another important feature of our products is that they do not contain any ingredients that have been warned by FDA for possible toxicity and they do not have side effects. The product quality will be guaranteed by our close inspection of manufacturing process and compliance with FDA regulations.

Market Demand

Of millions population in the US, women at age 45 to 60 (population of 7 million) may experience some sort of uneasy symptoms during their menopause transition and post menopause period (last average 4 years) (1). These symptoms affect their mood, sleep, function and energy, as a result, reducing their work efficiency and quality of life. That is the reason that the conventional treatment “Hormone Replacement Therapy (HRT)” had generated a high profit for the manufacturers. Wyeth pharmaceuticals, the leading supplier of Estrogen and the combination of Estrogen/Progestin sold $ billion in 00, in addition to more than 0 similar products in the market. In contrast to the year 00, under the shock of the study result reported lby National Institute of Health in August 00 and continued unfavorable news for HRT, Wyeth lost its sales of 50% (67. million vs. 1,1. million) in 00 (). We believe that such a market would be very receptive to unique Chinese alternative medicines that can be sold as herbal supplements.

Our Competitive Advantages (SWOT Analysis)

Strength

· We have unique and truly effective products. There are many advantages to the use of Traditional Chinese Medicine during menopause and for a variety of other women’s health complaints. First, it is one of the most holistic medical systems available today. Second, it has not side effects. Third, it’s emphasis is on prevention. Fourth, it has a lone history of successful treatment for gynecological disorders. Fifth, it offers self-empowerment. So far there is no such an IDENTICAL herbal supplements in the US market. Especially our proprietary treatment schedule that has been uniquely invented for postmenopausal relief. We can say that we’re the first to present in the market;

· Technology know-how Our organization structure enables us to evaluate products from different viewpoints that include our knowledge in conventional medicine, Traditional Chinese Medicine, drug manufacturing, drug evaluation, research, clinical trial and marketing.

· Prepared for FDA regulations We have studied through all related FDA regulations for dietary supplement and possible opportunity for Over-the-Counter or prescription drug application of botanical products in order to pursue our long- term goals.

· A board range of product pipeline China has more than a thousand TCM pharmaceutical companies and institutes that research and develop TCM products, which offer us a lot to choose in expanding our product pipeline.

· Easy access and communicate with suppliers Most of our staff comes from mainland of China in which the traditional Chinese Medicine is originated and best developed. To understand both cultures, business environments, and languages compose of our unique skill in developing good buyer and supplier relationship.

· Sound marketing strategies differentiate us from competitors.

Weaknesses

· We are new in the market and have less experience in marketing botanical products (no company has tried mass marketing Chinese herbal medicine. In this sense, we will be the market leader).

· Available products may need to improve for adapting to the US consumer’s taste.

· Weak financial support.

Opportunities

· Huge market and high product demands

· Strong market developmental potential from regional to national

· Product development Introduce more effective and unique products for other diseases, such as cancer, hypertension, diabetes, nephritis and mental disorders.

· Forward integration development our own manufacture facility in China or in the US.

· Global expansion from the US to North America and worldwide.

Threats

· So far there is no direct threat in the market from any competitors to our products, however, possible product copy or imitations do exist because the formulas are not patent protected, although they could be treated as trade secrets.

· FDA regulations FDA continually updates its regulations on dietary supplement which could make the market entry difficult and may need more investment.

· Potential entry to the market is relatively easy. Therefore, marketing strategies, scope and first-in will be critical factors for obtaining competitive advantages

Industry and Competitions

Market Positioning

Under the Dietary Supplement Health and Education Act of 14, botanicals are categorized into dietary supplements in the US. Therefore, Chinese herbal medicine currently can only be marketed as dietary supplement. However, FDA has allowed botanicals to apply for over-the-counter drugs or prescription drugs if they have been proven with superior efficacy or less toxicity than marketed drugs ().

Industry

Surveys (4) find that the dietary supplement industry generates billions of dollars in sales annually, making it one of the most dynamic sectors of the U.S. economy. According to the Natural Marketing Institute (NMI), which monitors consumer trends in the marketplace, demand for dietary supplements corresponds with a strategic shift in how consumers view health and wellness, more than ever before, consumers feel empowered to manage their health and are either actively using supplements or are searching information about them. For this reason, new survey research conducted for the Dietary Supplement Information Bureau finds that dietary supplements have become an American standard. Today, three in five consumers -- 5 percent -- take supplements on a regular basis. The Nutrition Business Journal, a publication of New Hope Natural Media/Penton Media, Inc. reported (5) that supplement sales exceeded $16.8 billion in 000. Of this total, the sales of herbal supplement exceeded $4.1 billion, or 5 percent of the dietary supplement market in 000. In 00 World Health Organization proposed its first global WHO Traditional Medicine Strategy (6) to respond the increasing demand and practice of Traditional Medicine. In the proposal, it has mentioned “ In many developed countries popular use of complementary and alternative medicine (CAM) is furled by concern about the adverse effects of chemical drugs, questioning of the approaches and assumptions of allopathic medicine, and greater public to health information. At the same time, longer life expectancy has brought with its increased risks of developing chronic, debilitating diseases such as heart disease, cancer, diabetes and mental disorders. For many patients, CAM appears to offer gentler means of managing such diseases than does allopathic medicine.” Figure 1 shows the percentage of population that has used CAM at least once in selected developed countries.



Fig. 1, Source World Health Organization. WHO Traditional Medicine Strategy 00-005

Competitions

Unprepared pharmaceutical companies run out of product pipeline for this particular market (they still try to play with hormones). Since the development of a new drug needs at least 10 years, which gives alternative remedy an excellent opportunity. Rapidly responding to the market demand, some dietary supplement manufacturers have produced several products within a short period. These products produced are based on home remedy experience from ethnic minorities, research results, observation on racial difference among menopause women, chemical structure similarity from plants to animal hormone. There are several products such as Soy Isoflavones, Estrohealth, Menopause Support, Estroven sold in the COSCO and Wal-Mart. Due to the lack of data regarding to the efficacy of these products and their sales information, it is difficult to make an accurate evaluation. However, they are manufactured in the US. We believe that by providing authentic Chinese products and backing our claims with research studies proving effectiveness that we will increase our competitive advantages. It is worth to mention here is that the major difference of Traditional Chinese Medicine from the rest of botanic supplement. TCM products have been generated according to its systemic theory and aim at turning disturbance into balance. It does not treat only one but all possible related problems at same time, so that a comprehensive benefit would be the result.

Other competitors we face distribute their herbal products for menopausal symptoms primarily through local Chinese Stores in the Chinese communities of New York and California. These products include Fe-Mon-, Green Dragon, Calm Women, Zizhu Pill, Mid-Life Formula, which are made of different combination of Chinese herbs with a higher price. They reach only a tiny portion of the several million potential customers for menopausal products. We feel that these local Chinese community competitors do not pose a competitive challenge to our products, because their business goal is only the sales and their consumer segment target in only in Chinese population. Most important, they do not have courage, or intention, or knowledge, or competent management team to shift their vision to mainstream of medical field, and provide health related services besides the sale.

Our Marketing Strategy

Product

Name of the products Paus-Relief, ___, ___, are the names for three products respectively. This name will be immediately recognized by women as a product that will provide relief to them from the annoying and troublesome symptoms of manopause.

Packaging The products are capsules and packaged in bottle or pack with 14 days supply, because most of users will see the benefit in one to two weeks and this package provides consumer an option to try our product with a low cost.

Product protection The methods that we will use to protect the products include 1) sign a trade secret contract with suppliers; ) rename the products (they all have Chinese names in China market); ) apply trade marker in the US; 4) label partial ingredients on package plus a propriety blend, this method has been used in the US market universally.

Price Price is determined based on the cost plus mark up. The prices for three products separately are range from $8.50 to $16.50.

Marketing and Promotion

· Initial Market / Distribution We will have a three prong strategy for the distribution of our products. Our marketing strategy will be national-wide and our products will be distributed through 1) Natural food and supplement stores, ) Large retail chains, and ) On-line.

· Our marketing theme” Only Effective!”.

· Advertising in specialty magazines that middle age and older women frequently read, such as Modern Maturity, Good Housekeeping, and Women & Home would be primary tool.

· Website marketing will be used as a major information provider for consumers and physicians.

· Attending professional association activities, such as women health events, and any events that are held for middle age or older women.

· Money-back guarantee The products will be offered on an unconditional, money back guarantee of satisfaction. Most people don’t bother returning things, even if they are not satisfied, but they like the though when they are buying that they can return it. They feel like there is no risk.

· Discount approach may not suitable for healthcare products, especially drugs. Some other promotion could be introduced, such as referral reward, group buy discount and commission for doctors. Referral reward will be used for on-line sales. People purchase products online or register with the TCM Healthcare will be given referral reward � a bottle of Paus-Relief for free if she refer the products for 5 people. Namely, if one of her friends purchase the product because of her referral, she will get one point for the reward. Five points can be used for change for a free bottle of Paus-Relief.

Financial Analyses



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American Bancorporation/Wheeling National Bank.

Written Analysis

American Bancorporation was established over 5 years ago in 166 for the purpose of providing an association of community oriented banks and companies with a concentration in commercial banking. American Bancorporation is a registered bank holding company with its headquarters residing in Wheeling, West Virginia.




As of December 1, 18, the company owned one affiliate bank, Wheeling National Bank, which provided full service to all of its customers by offering services at twenty full service offices located in Hancock County, Wetzel County, Ohio County, West Virginia, and Belmont County, Harrison County, Guernsey County, Jefferson County, and Franklin County, Ohio. Not only does American Bancorporation have twenty full service offices, but also operates four non-bank subsidiaries including American Mortgages Inc. which deals directly with mortgage loans. American Bancdata Corporation which provides electronic data processing services to the company and Wheeling National Bank, American Bancservices, Inc., which provides the companyfs transfer agent services, and American Bancorpration Capital Trust I, a Delaware statutory business trust.

The research collected by our dual partner team was from the years of 14-1, covering a 5-year period. After analyzing the data, Jeff and I determined that the bank has proven to be efficient, productive, profitable, and a sound investment. From 14 to 18, we saw Net Income drastically increase from (#fs in thousands) $1,66, to $5,0 which is a positive sign for the corporation, because not only is it showing growth, but well management and use of its assets. We also determined that the book value per share increased $.5 from $8.7 in 14 to $11.65 in 18. Not only did the stock value increase attractively, but also, Earnings Per Share almost tripled in the past 5 years from $0.56 in 14 to $1.66 in 18. Positive increases in earnings per share is always an attractive advertisement tool for future investors. With deposits continuously growing over the 5-year period from (#fs in thousands) $,41 in 14 to $41,40 in 1, we can easily assume that customers are confident with the bankfs performance and are willing to trust AMBC with their financial securities. After performing as many operations as our books and mind allowed us to, we determined that this bank has performed well over the past 5 years and shows minimal signs of weakness.

In conclusion, American Bancorporation or Wheeling National Bank is a sound bank that has operated efficiently and effectively from 14-1. After reviewing many of the financial statements, I would suggest that this bank is a high quality investment.



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