- Sallie Mae reported net income of $526 million for full year 2008 and $65 million for Q4 2008 according to generally accepted accounting principles (GAAP). However, using the non-GAAP measure of "Core Earnings", Sallie Mae had net income of $526 million for 2008 and $8 million for Q4 2008.
- Sallie Mae originated $17.9 billion in FFELP loans in 2008, a 67% increase from Q4 2007, with 90% of originations coming directly from Sallie Mae.
- As of December 31, 2008, Sallie Mae had $16.6 billion in primary and standby liquidity, including $5 billion
FINEX Wealth Management Inc. exclusive "Combined Qualified Pension Plan" designed to include IRC §401h “PRIME”: a separate pooled trust fund of a pension plan used exclusively for retiree health benefits. This unique plan consists of five (5) contribution components: 401(k), Profit Sharing, Cash Balance Defined Benefit, Aggregated “PRIME” Benefit, and Tax Reserve. The key to this design is combining plan attributes in a non-discriminatory manner, cross-testing, and satisfying the concurrent offset rules which allow business owner’s to create a targeted employees only plan.
FINEX Wealth Management Inc. exclusive "Combined Qualified Pension Plan" designed to include IRC §401h “PRIME”: a separate pooled trust fund of a pension plan used exclusively for retiree health benefits. This unique plan consists of five (5) contribution components: 401(k), Profit Sharing, Cash Balance Defined Benefit, Aggregated “PRIME” Benefit, and Tax Reserve. The key to this design is combining plan attributes in a non-discriminatory manner, cross-testing, and satisfying the concurrent offset rules which allow business owner’s to create a targeted employees only plan.
InKnowVision October 2012 HNW Technical Webinar w/ Guest Presenter Bob ScarlataInKnowVision
As an investment banker for some 26 years who has sold dozens of middle market privately held companies to private equity groups throughout the U.S. and Canada, Bob Scarlata will describe for us how private equity groups make their money and how private business owners can benefit and profit from their professional management strategies.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
1. 2008 4th Q
Quarter and Full Year Review
t d F ll Y R i
January 22, 2009
2. Forward-Looking Statements
This Presentation contains forward-looking statements and information based on management’s current expectations as of the date of this
presentation. Statements that are not historical facts, including statements about our beliefs or expectations and statements that assume or
are dependent upon future events, are forward-looking statements. Forward-looking statements are subject to risks, uncertainties,
assumptions and other factors that may cause actual results to be materially different from those reflected in such forward-looking statements.
These factors include, among others, the occurrence of any event, change or other circumstances that could give rise to our ability to cost-
effectively refinance asset backed financing facilities due February 2009 (collectively the “2008 Asset Backed Financing Facilities”) including
asset-backed 2009, (collectively, 2008 Asset-Backed Facilities ),
any potential foreclosure on the student loans under those facilities following their termination; increased financing costs; limited liquidity; any
adverse outcomes in any significant litigation to which we are a party; our derivative counterparties terminating their positions with the
Company if permitted by their contracts and the Company substantially incurring additional costs to replace any terminated positions; changes
in the terms of student loans and the educational credit marketplace (including changes resulting from new laws and regulations and from the
implementation of applicable laws and regulations) which, among other things, may change the volume, average term and yields on student
p pp g ) , g g , y g , g y
loans under the Federal Family Education Loan Program (“FFELP”), may result in loans being originated or refinanced under non-FFELP
programs, or may affect the terms upon which banks and others agree to sell FFELP loans to the Company. The Company could also be
affected by: various liquidity programs being implemented by the federal government, changes in the demand for educational financing or in
financing preferences of lenders, educational institutions, students and their families; incorrect estimates or assumptions by management in
connection with the preparation of our consolidated financial statements; changes in the composition of our Managed FFELP and Private
Education Loan portfolios; changes in the general interest rate environment, including the rate relationships among relevant money market
instruments, and in the securitization markets for education loans, which may increase the costs or limit the availability of financings necessary
to initiate, purchase or carry education loans; changes in projections of losses from loan defaults; changes in general economic conditions;
changes in prepayment rates and credit spreads; and changes in the demand for debt management services and new laws or changes in
existing laws that govern debt management services. All forward-looking statements contained in the Presentation are qualified by these
cautionary statements and are made only as of the date of this Presentation The Company does not undertake any obligation to update or
Presentation.
revise these forward-looking statements to conform the statement to actual results or changes in the Company’s expectations.
2
3. FY08 and Q408 “Core Earnings” Summary
($ millions), except per share amounts 2008 2007 Q408 Q407
EPS (Reported) $0.89 $1.23 $0.08 ($0.36)
Net Income (Loss) $526 $560 $65 ($139)
Net Interest Income $2,419 $2,555 $553 $612
Net Interest Margin 1.30% 1.49% 1.15% 1.32%
Loan Loss Provision $1,029 $1,395 $392 $750
Asset-Backed Financing Facilities Fees $357 N.A. $83 N.A.
Fee Income $777 $1,173
$1 173 $200 $306
Operating Expenses $1,264 $1,417 $270 $364
Tangible Capital Ratio 1.8% 2.0%
Average Managed Student Loans $174,244 $154,130 $180,990 $161,769
EPS Breakdown 2008 2007 Q408 Q407
Reported quot;Core Earningsquot; $0.89 $1.23 $0.08 ($0.36)
Impacted by:
Restructuring Charges ($0.12) ($0.03) ($0.01) ($0.03)
Purchased Paper Business ($0.43) $0.10 ($0.05) $0.03
Non-Recurring Accounting Assumption Adjustments $0.05 ($0.06) - -
Merger Related Fees - ($0.08) - ($0.02)
3
4. Lending Segment Earnings Detail
($ millions) 2008 2007 Q408 Q407
FFELP Originations $17,907 $17,262 $3,926 $3,137
Private Originations $6,336 $7,915 $851 $1,584
Total Originations $24,243 $25,177 $4,777 $4,721
(1) 1.63% 1.67% 1.49% 1.56%
Net Stude t Loan Spread
et Student oa Sp ead
(2) $589 $690 $129 $172
Operating Expenses
(2) 0.34% 0.45% 0.29% 0.43%
OpEx Annualized as a % Average Managed Student Loans
Floor Income
Fl I $171 $169 $44 $50
FFELP Third Party Serviced Loans Originated $2,675 $889 $448 $394
(1) “Core Earnings” basis before 2008 Asset-Backed Financing Facilities Fees
(2) “Core Earnings” basis before reorganization-related asset impairments
4
5. FFELP Loan Originations
$6.0
$4.0
($ in billions)
$2.0
$2 0
$0.0
$0 0
Sallie Mae Lender Partners
• Sallie Mae FFELP originations increased 67% representing 90% of total FFELP originations
• Originated $448 million of loans for third party servicing clients in the quarter
5
6. Liquidity Position Update
($ in billions) 12/31/2008 9/30/2008 12/31/2007
Sources of Primary Liquidity:
ED Purchase and Participation Program Unlimited Unlimited -
Unrestricted Cash & Liquid Investments
U t i t d C h Li id I t t $5.0
$5 0 $4.7
$4 7 $10.3
$10 3
(1)
Unused Commercial Paper and Bank Lines of Credit 5.2 6.2 6.5
2008 FFELP ABCP Facilities 0.8 1.2 -
2008 Private ABCP Facilities 0.3 0.1 -
ABCP Borrowing Capacity - - 5.9
Interim ABCP Facility Borrowing Capacity - - 4.0
Total Sources of Primary Liquidity 11.3 12.1 26.7
Stand-by Liquidity:
Unencumbered FFELP Loans 5.2 9.0 18.7
(2)
Total Primary and Stand-by Liquidity $16.6 $21.2 $45.5
(1) At December 31, 2008 and September 30, 2008, excludes $308 and $328 million, respectively, commitment from Lehman
Brothers Bank, FSB, a subsidiary of Lehman Brothers Holdings, Inc. which declared bankruptcy on September 15, 2008. The
Company’s line of credit commitments decreased by $1.0 billion effective October 23, 2008.
6
(2) Numbers may not add due to rounding
7. Liquidity Position Detail
($ in millions) Gross Principal
Unencumbered FFELP Stafford & Other $3,706
Unencumbered FFELP Consolidation $1,516
Unencumbered Total FFELP loans $5,222
Unencumbered Private Education Loans $17,205
Total U
T t l Unencumbered Loans
b dL $22,427
$22 427
Unrestricted cash and liquid investments Available Capacity
Cash and cash equivalents $4,070
U.S. Treasury-backed securities
S -
Commercial paper (CP) and asset-backed CP $801
Certificates of Deposit -
(1)
Other $133
(2)
Total unrestricted cash and liquid investments
q $5,004
SLM has $5.5 bn in unsecured revolving credit facilities. The Company has never drawn on these facilities. The
facilities include a $1.5 bn revolving credit facility maturing in October 2009, $2.0 bn maturing in Oct. 2010 and
$2.0 bn maturing in Oct. 2011.
(1) Includes $97 million due from The Reserve Primary Fund
7
(2) Includes $1.6 billion of cash collateral pledged by derivative counterparties and held by the Company in Unrestricted cash
8. Funding Sources
$180 Billion Managed Student Loan Portfolio
Term
Fixed Spread Funded*,
Liabilities 70%
with Average
Life of 4.3
years, 12%
ABCP
Conduit, 18%
• Employ conservative long-term funding model
* Term Funded includes 4% or $7.6 Billion of advances outstanding under the ED Purchase and Participation Program
8
9. Unsecured Debt Maturities
As f December 31 2008
A of D b 31,
(par value, $ in billions)
15.0
11.7
10.0
7.1 7.1
5.0
2.9 3.0
2.2 2.3
1.1
0.5
0.0
00
• Bought back $1.2 Bn of 2009 debt in 2008
Note: Does not include SLM Bank or Subsidiary funding 9
10. Private Education Loan Portfolio Performance
Q408 Q3 08 Q2 08 Q1 08 Q407
(1) 2.5% 2.0% 2.0% 1.7% 1.5%
Net Charge-offs - Traditional Portfolio
(1) 16.1% 12.9% 15.0% 12.9% 11.9%
Net Charge-offs - Non-Traditional Portfolio
90+ Day Delinq as a % of Repay - Traditional Portfolio 2.6% 2.3% 1.6% 1.8% 1.7%
90+ Day Delinq as a % of Repay - Non-Traditional Portfolio
y q p y 12.7% 11.9% 9.8% 10.7% 11.1%
Forb as a % of Forb & Repay - Traditional Portfolio 6.7% 11.0% 12.0% 15.5% 12.8%
Forb as a % of Forb & Repay - Non-Traditional Portfolio 9.0% 14.4% 18.5% 21.4% 21.4%
Allowance as a % of Loans in Repay - Traditional Portfolio 4.0%
4 0% 3.9%
3 9% 3.3%
3 3% 3.7%
3 7% 3.5%
3 5%
Allowance as a % of Loans in Repay - Non-Traditional Portfolio 26.4% 29.8% 33.4% 36.6% 36.3%
(1) Net charge-offs as a percentage of average loans in repayment annualized for the quarters presented
10
11. Government Update
• Extension of the Participation and Purchase Programs on identical
terms for the 2009- 2010 academic year.
• Announced terms and conditions of the FFELP loan ABCP Conduit
Program. The conduit has been named “Straight A funding”.
• Continued conversations with the Federal Reserve regarding the
TALF program. A ti i ti
Anticipating announcement of details in February.
t f d t il i F b
11
12. Loan Limits
Loan Limits For Dependent Students attending 4 Year Schools Including Sub and Unsub loans
Proposed
07/08 AY 08/09 AY % Change 09/10 AY %Change
Freshman $3,500 $5,500 57% $7,500 36%
Sophmore $4,500 $6,500 44% $8,500 31%
Junior $5,500 $7,500 36% $9,500 27%
Senior $5,500 $7,500 36% $9,500 27%
Aggregate Limit $23,000 $31,000 35% $39,000 26%
Loan Limits For Independent Students Attending 4 Year Schools Including Sub and Unsub loans
07/08 AY 08/09 AY % Change 09/10 AY %Change
Freshman $7,500 $9,500 27% $11,500 21%
Sophmore $8,500 $10,500 24% $12,500 19%
Junior $10,500 $12,500 19% $14,500 16%
Senior $10,500 $12,500 19% $14,500 16%
Aggregate Limit $46,000 $57,500 25% $65,500 14%
Graduate No Limit* No Limit* ∞ No Limit* ∞
A student whose parents cannot borrow under the PLUS program is deemed to be an independent student
*Graduate students have limited Stafford eligibility, but can borrow up to the full cost of attendance with PLUS
13. GAAP to “Core Earnings” EPS Reconciliation
($ in thousands, except per share amounts) Years Ended
December 31, 2008 December 31, 2007
Dollars Diluted EPS Dollars Diluted EPS
GAAP net income (loss) $ (212,626) $ (0.69) $ (896,394) $ (2.26)
Adjustment from GAAP to quot;Core Earningsquot;
Net impact of securitization accounting 442,190 (246,817)
Net impact of derivative accounting 560,381 1,340,792
Net impact of Floor Income 102,056 168,501
Net impact of acquired intangibles 91,384 112,397
Total quot;Core Earningsquot; Adjustments before income taxes
and minority interest in net earnings of
subsidiaries 1,196,011 1,374,873
Net tax effect (457,435) 81,845
Total quot;Core Earningsquot; Adjustments 738,576 1,456,718
quot;Core Earningsquot; net income 525,950 0.89 560,324 1.23
quot;Core Earningquot; net income adjusted for non-recurring items
Merger related
Merger-related financing fees - 27,463
27 463
Merger-related professional fees and other costs - 35,456
Restructuring Expenses 52,778 14,178
Other reorganization-related asset impairments 4,136 -
Impact to FFELP provision for loan losses due to legislative changes - 27,726
Deceleration of premium amortization expense on loans (74,138) -
Acceleration of premium amortization expense on loans 51,777
51 777 -
Total after tax non-recurring items 34,553 0.07 104,823 0.24
13