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Let's Talk Target

Pershing Square Capital Management to Host Town Hall Meeting On May 11, 2009 for All Target Shareholders and Interested Parties
Advanced Registration is Required

NEW YORK, May 6 - Pershing Square Capital Management, L.P., announced today that it will host a Town Hall Meeting to provide all shareholders of Target Corporation and other interested parties the opportunity to meet each of its nominees for the Target Board of Directors. As seating is limited, in-person attendees must register in advance. Attendees via the web must also register. Registration is available at
When: 11:00 a.m. (Eastern), Monday, May 11, 2009
Where: AXA Equitable Auditorium,
787 Seventh Avenue (between 51st and 52nd Streets)
New York, New York
A live webcast will be available at A replay of the webcast will be available until May 28, 2009, the date of Target's 2009 Annual Meeting of Shareholders.
Biographical information for nominees and proxy materials are available at


Let's Talk About: Basel III

The Fed last night unleashed eight zillion pages of Basel III implementation on the universe and I'm tempted to be like "open thread, tell us about your hopes and fears for capital regulation." So do that! Or don't because it is super boring, that is also a valid approach. Still I guess we should discuss. Starting slow though. Banks have to have capital, meaning that they have to fund some of their assets with things that are long-lived and loss-absorbing, like common equity, rather than with things that have to be paid back soon and at face value. The reason for this is that the rest of banks' assets are funded with things that we really do want to be paid back soon and at face value, like deposits, and if the value of those assets declines you don't want those deposits to be wiped out. The rules say that you need capital equal to a percentage of your assets. The game is deciding (1) what that percentage is, (2) what is capital (proceeds from selling common stock, and actual earnings, yes, but, like, deferred tax assets?), and (3) how you count assets (you might want more capital to shield you from losses in, say, social media stocks than you would to shield you from losses in Treasury bonds, so regulators use "risk-weighted assets," so that $1 of corporate bonds counts as $1 of assets, $1 of Treasuries counts as $0 of assets, and $1 of Facebook stock counts as $3 of assets*). Anyway, here are the required capital levels: