Pearl Harbor and September Attacks Essay Example for Free

Pearl Harbor and September Attacks Essay The Pearl Harbor and the September 11 attack are two events that changed the United States to a great deal. December 7th 1941 and September 11th 2001 are two dark days that will never be forgotten in the history of the United States. They are the two major attacks against the United States that have occurred in history. Although the intentions of the enemy in both cases were to tear the United States apart, the responses by the administration have resulted into the opposite. Although many innocent lives were lost in both attacks, it is important to note that the attacks left the people of America more united and more prepared for future attacks. However, the most important issue that has come into the picture as a result of the two attacks is the effectiveness of the United States intelligence. Immediately after the infamous 9/11 attack, many commentators linked the attack to the Pearl Harbor attack. There have been arguments that there are similarities in intelligence failures when the two attacks are compared. Commentators have claimed that just as the United States was not prepared for the Pearl Harbor attack in the Second World War, it failed to defend itself against attack by terrorists leading to the infamous September 11 attack (Griffin, 2004). It is not a surprise that the two events are similar in many ways. They were both surprise attacks which had far reaching national and international implications in relation to the United States intelligence community. This is despite the fact that the happening of the two events took place over half a century apart. However, the actors in the surprise attack, the motives, sequence of events and the consequences of the two attacks are different. In both attacks, the United States intelligent community has been accused of ignoring signs prior to the attack that could have been essential in protecting the Americans against the attacks. Despite there being visible warning signs, the intelligence has maintained that the two events were unanticipated. There is no doubt that before the Pearl Harbor attack, the relationship between Japan and the United States had gone sour. President Roosevelt’s administration had placed embargos against Japan and had supported China against the Japanese. The economic sanctions had affected the Japanese economy and they had no option but to destroy the American fleets. The Japanese intention was to seize American lands in the Far East which would force Roosevelt’s administration to negotiate a settlement. Although the American administration recognized the magnitude of the crisis with the Asian power, they did not anticipate any danger of attack until it was too late. The intelligence made a wrong assumption that the Japanese did not have military ability or economic power to attack the United States. Unfortunately, the Japanese proved them wrong by attacking Pearl Harbor and shattered the United States plans in the pacific (Borch, 2003). In the September 11 attack, the warning signs were even clearer. There were various studies that had concluded that the war against terrorism by the United States towards the end of the 20th century made it clear that it was certain the United States would have a major terrorist attack. In the 1990s, the United States was involved in war against terrorist groups such as al Qaeda and retaliation was not unexpected. The 1995 and 1996 attacks in Riyadh and Dhahran respectively and the august 1998 attacks on American embassies in East Africa by the al Qaeda were clear signs that the continental America would certainly suffer terrorists attack. The American response to the attack by bombing suspected al Qaeda bases in Afghanistan and Sudan should have also been carried out with necessary caution. Moreover, the al Qaeda leader Osama bin Laden had declared his commitment to launching an attack against the Americans in 1998 while Bush’s administration had published the political agendas of Taliban in Afghanistan, its alliance with al Qaeda and their terror campaign against the United States in 1999 (Tobias Foxman, 2003). When the intelligence pertaining to the attacks is considered, technological advancement comes into the picture. In both incidences of attack, the technology used by the enemy surprised the United States intelligence community. The enemies in both attacks maximized the use of technology against the Americans to the surprise of the intelligence. The technological surprise in this case is the manner in which the enemy used a hardware that made it difficult or impossible for quick counter attack by the efficient United States military. In this case, the United States intelligent community was beaten in their own game. In the Pearl Harbor attack, the Japanese efficiently demonstrated the full abilities of aerial attacks by integrating new aviation in their military attack. They were able to contract the torpedo that could operate in the shallow waters very efficiently. Although aviation technology was not a secret in the Second World War, the Americans were surprised by the ability of the Japanese to incorporate the technology so efficiently and perfect their military powers. This made it impossible for the US’s intelligence to estimate the magnitude of the threat by the Japanese because they were unaware of their technological abilities (Borch, 2003). Similarly, although the use of passenger plane for suicidal missions was not a new phenomenon, the September 11 terrorist attack also achieved technological surprise. It is interesting to note how the al Qaeda utilized modern technology and globalization of the world to plan and execute their attack. They were able to easily launch their attack without the use of conventional hardware and expertise that could have been used for intercontinental attack. The al Qaeda had operatives in all parts of the world including the United States with well established communication networks to the surprise of the US intelligence. They used the internet, satellite telephones and international money transfer in the United States and other parts of the world without attracting any attention (Griffin, 2004). There is no doubt therefore, technology played an important role in the Pearl Harbor and September 11 attack. However, there are two surprising aspects of technology use in the two attacks. First, the technology used in the Pearl Harbor as well as the September 11 attack was not new or a secret. The technology was actually well known if not used by the United States security systems prior to the attack. Secondly, the United States had been the greatest beneficiary of technological advancement in the 20th century and had the leading experts in the development and harnessing technological development. However, they were unaware of the desperation of their enemies which prompted creativity. Thus they underestimated the capability and determinations of the enemy to circumvent their technological superiority and launch a technological surprise (Hulnick, 2004). It is also surprising to note how the enemy exploited the structural vulnerability of the United States defense and intelligence to launch their attack. The confusion between the US Army and the US Navy created by the war warning to the military in Hawaii from Washington prior to Pearl Harbor attack exposed the vulnerability of the United States military intelligence giving the enemy a room for surprise attack. The army concentrated on guarding the aircrafts and ammunitions against possibility of sabotage while the navy thought that the alert had prompted vigilance in air patrols by the army. While the army was guarding the aircrafts and ammunitions, they thought that the naval intelligence was monitoring the Japanese fleets. The army did not realize that the US Navy had lost track of the enemy leading to the surprise attack. The structural vulnerability was evident when the army and the navy operating on Oahu did to clear the air on the responsibility of each group. Even if both the Naval and Army officials cooperated to guard the island, there were no efficient structures to disseminate the intelligence information collected to the respective commanders. Although there is no evidence of the Japanese knowledge on the structural weaknesses of the United States military, there is no doubt that the structural and organizational vulnerability is an important lesson from the Pearl Harbor attack (Borch, 2003). Though at a different level, the organization weaknesses in the United States intelligent service and security systems prior to the September 11 attack may have increased the vulnerability of the United States, the military had a unified command outside the United States such as in the gulf war, but that was not the case in the continental America. The department of defense and the CIA concentrated on external threat while the FBI focused on crimes within the United States. The terrorists could have realized the structural weakness in the intelligence service. Moreover, security in the international airports all over the United States was under the responsibility of the airport management and airline companies who hired private security firms. In other words, other than concentrating on the structural and organizational solutions to the current problems, the United States intelligence concentrated on technological solutions which possibly resulted into the two attacks (Hufschmid, 2002). There is no doubt that the September 11 terrorist attack and the Pearl Harbor attack had numerous effects on the United States intelligence and society. More importantly, the two events changed the United States interests in the world affairs. The isolationism policies of the United States were abandoned after the Pearl Harbor attacks while the Bush administration took punitive measures against terrorists. Although after every attack, there was an improvement in the United States intelligence, it is important to put in proper mechanisms that would not result into a repeat of yesteryears mistakes. The US intelligence should be aware of the desperation of their enemies irrespective of their economic and military abilities. This will enable the integration of the intelligent community in the United States into an effective organizational structure that aid collaboration. This will go a long way in eliminating the mentality of technological solutions to the security threats facing the continental America and the world.

Synthesis of nickel complexes

Synthesis of nickel complexes Abstract The purpose of this experiment was to investigate the Ligand exchange that occurs when different Nickel complexes and reacted with Triphenylphosphine. Introduction Triphenylphosphine was first prepared by Pfeiffer and Sauvage in 1904 Experimental Triphenylphosphine (1.408g) was dissolved under reflux with Propan-2-ol (15cm3) forming a colourless solution to which 5 boiling chips were added. Nickel chloride hexahydrate (0.603g) was dissolved in absolute Ethanol (10cm3) and heated until a green/yellow solution formed. This solution was poured into the reaction mixture through the condenser. Immediately the solution turned dark green, the solution was refluxed for a further 6mins. The reaction was removed from the heat and allow to cool for 4mins, a dark precipitate was visible in the flask. The warm solution was filtered under suction to collect the dark blue/green crystals which were washed with ice cooled absolute ethanol (1x10cm3 + 1x3cm3). Once dry the boiling chips were removed with a spatula and the crystals were transferred to a n open sample vial and dried in the desiccator for a week. A further solution of Triphenylphosphine (1.410g) and Propan-2-ol (15cm3) was made and set to reflux as before. Sodium thiocyanate (0.601g) was dissolved in Ethanol (11cm3), to this nickel nitrate hexahydrate (0.773g) was added. The flask was warmed until all the green solid has dissolved and a white solid has formed. Once cooled the solution was filtered under suction and the Filtrate (aqua blue liquid in Buchner flask) was added to the refluxing Triphenylphosphine through the condenser. Immediately the solution turned blood red/brown. The solution was refluxed for a further 7mins and then cooled for 5 mins. The warm solution was filtered under suction and the orange/ red crystals washed with ice cooled Ethanol ( 1x10cm3 + 1x8cm3). Once dry the boiling chips were removed as before and the crystals were transferred to the desiccator for a week. Results and discussion Triphenylphosphine + Propan-2-ol+ Nickle Chloride hexahydrate + Ethanol à   Bis(triphenylphosphine)nickel(II)chloride P(C6H5)3 + C3H7OH + NICl2.6H2O + C2H5OH à   C36H30Cl2NiP2 Triphenylphosphine + Propan-2-ol+ Nickle Chloride hexahydrate + Ethanol à   Bis(triphenylphosphine)nickel(II)chloride P(C6H5)3 + C3H7OH + NaSCN + C2H5OH + Ni(H2O)6](NO3)2 à   [Ni(PPh3)2](NCS)2 Equations XM = Molar magnetic susceptibility (cgs units) C= Calibration constant = 1.044 L= Length of sample (cm units) R= Balance reading with FULL samples tube Ro= Balance reading with EMPTY sample tube M= Relative molecular weight of sample m= Mass of samples (units grams) XM = XM- (diamagnetic correction) XM = Corrected Molar susceptibility XM = Molar magnetic susceptibility (cgs units) Diamagnetic correction = Calculated from literature table of diamagnetic corrections (Xd)  µeff= Magnetic moment (units Bohr Magneton (BM)) XM = Corrected Molar susceptibility T= Temperature (units Kelvin (K)) Calculations XM = 294.0798111 x10-6 Diamagnetic correction (data obtained from Inorganic Chemistry CMB004 d-block Chemistry Laboratory course 2009-10 page 14) Compound: [Ni(PPh3)2Cl2] Diamagnetic correction = (-13 x10-6) + (-46 x10-6) + (-400 x10-6) = -459 x10-6 XM = XM- (diamagnetic correction) XM = 294.07981110-6 -(- 459) x10-6 = 753.07981110-6  µeff =1.33 BM Complex B showed a magnetic moment decrease of -055 to -073 on the first measurement so I re ran the measurement.

Isolation as the Root of Hamlets Torment Essay -- Essays on Shakespear

Isolation as the Root of Hamlet's Torment Does Hamlet stand alone? Does this magnate of English literature hold any bond of fellowship with those around him, or does he forge through his quandaries of indecision, inaction and retribution in solitude? Though the young Dane interacts with Shakespeare's entire slate of characters, most of his discourse lies beneath a cloud of sarcasm, double meaning and contempt. As each member of Claudius' royal court offers their thickly veiled and highly motivated speech Hamlet retreats further and further into the muddled depths of his conflict-stricken mind. Death by a father, betrayal by a mother, scorn by a lover and abhorrence by an uncle leave the hero with no place to turn, perhaps creating a sense of isolation painful enough to push him towards the brink of madness.   Ã‚  Ã‚   With the supporting cast of detractors circled around him, Claudius clearly constitutes the core of Hamlet's opposition. The king's animosity towards Hamlet spreads to the rest of his entourage in the same way that his refusal to mourn his brother's passing left only the prince in black attire and dark-eyed grief. Claudius and the others each make weakly shrouded attempts to gain Hamlet's support, but the deafening falsity of their gestures leaves little doubt about their true sentiments. The first appearance of King and nephew together begins with the disingenuous greeting, "But now, my cousin Hamlet, and my son-" (1.2, 64) to which Hamlet sardonically retorts, "A little more than kin, and less than kind!" (1.2, 65).   Ã‚  Ã‚   This initial encounter between the two men reveals a sea of mutual hostilities and as a broker of the king's will, Polonius parallels such an antagonism. The advisor's first meeting with Haml... ...is inaction. The tragic hero walks a very lonely role, and this seclusion probably deserves a mention in literature's eternal search for the roots of his torment. With words more sage than he realizes, Polonius condenses Hamlet's entire struggle into a single poignant idea: "The origin and commencement of his grief / Sprung from neglected love" (3.1, 180-181). Polonius and Laertes derail Ophelia's tenderness, and Claudius' persuasion steals the heart of Gertrude. A unanimous lack of mourning scoffs at Hamlet's deep esteem for his fallen father and even the companionship of his childhood friends succumbs to Claudius' menacing demands. The end result is a huge gulf between ally and adversary, a gulf that ultimately plummeted Hamlet to the depths of psychological torment. Works Cited: Shakespeare, William. Hamlet. Ed. David Bevington. New York: Longman,1997.

New Institutional Economics and the Philippines Essay -- Economy Econo

New Institutional Economics and the Philippines New Institutional Economics offers a way to examine the dynamics of growth -particularly with an eye toward explaining the problems of slow growth in developing economies, where market systems may be presumed to be weak or incomplete. I will review these concepts within the framework of the Philippines, a sizable country with a rich and diverse set of resources, which however is not achieving significant growth. At present the Philippines is in a depressed albeit not grim state. It remains firmly enmeshed in the World Banks lower middle income category of nations with a GDP per capita of $1,050 (U.S. 1998 Atlas method). 38% of the Philippines population is below the national poverty line. And it has one of the higher population growth rates in the region at 2.7% which will double the population within 30 years if continued1. Growth rate of GDP per capita in the period 1988 to 1998 was only 1.3%. Its total debt in 1998 was 73% of Gross Domestic Product and this is a growing percentage through the last decade. The overall story on exports is not clear, but traditional export products and categories (sugar, coconut oil /related products, rice, and timber) are not growing. Perhaps the most notable element is the degree to which it has not shared in regional growth. As noted by Yoshihara Kunio, relative per capita GNP between the Philippines and Thailand has reversed in the last 40 to 50 years (Y oshihara, 2). One reason for this is the tremendously damaging twenty year government of Ferdinand Marcos which among many other things left the county in an extremely indebted state at the onset of a world wide recession in the late 1980’s. A period of relative political instability follo... ...ent of the New Institutional Economics.† Harriss 27-48. -Toye, John â€Å" the NIE and its Implications for Development Theory.† Harriss 49-70. -Harriss-White, Barbara. â€Å"Maps & Lndscps: Grain Markets in S. Asia.† Harriss 87-108. Kelly, Philip F. Landscapes of Globalization: Human Geographies of Economic Change in the Philippines. London/New York Routledge, 2000. U.S. State Department. Background notes: Philippines, August 1999. Washington DC . http://www.state.gov/www/background_notes/Philippines -1999 Country Reports on Economic Policy and Trade Practice U. S. Dept. of State March 2000 (Philippines PDF ,obtained from internal link previous cite). World Bank. Philippines at a glance (PDF). Washington D.C . http://worldbank.org/. Yoshihara, Kunio. the Nation and Economic Growth: the Philippines and Thailand. Kuala Lumpur/Oxford: Oxford Univ Press, 1994.

mind vs machine :: essays research papers

In 1792 Mary Wollstonecraft in her work A Vindication of the Rights of Woman posed the question, "In what does man's pre-eminence over the brute creation consist?" She answers, "In reason and virtue by which mankind can attain a degree of knowledge." Today, no one would argue that man and woman are not intellectually equal, or that humans have a superior intellectual capacity over the brute creation, but what would they say about humankind versus the machine? We have always felt ourselves superior to animals by our ability to reason -- "to form conclusions, judgments, or inferences from facts or premises"(Random House Dictionary). Philosophers have argued for centuries about what defines reason, now on the dawn of the 21st century this age old question must be revisited. Since the ENIAC, the first mainframe, hummed to life in 1946, the chasm between humankind and machine has appeared to dwindle. Computers have insinuated themselves into the lives of millions of people, taking over the performance of mundane and repetitive tasks. With the constant improvement of computer technology, today's super-computers can outperform the combined brain power of thousands of humans. These machines are so powerful that they can store an essay sixteen billion times longer than this one in active memory. With the development of artificial intelligence software, computers can not only perform tasks at remarkable speed, but can "learn" to respond to situations based on various input. Can these machines ever procure "reason and virtue," or are they simply calculators on steroids? We have now reached the point where we must redefine what constitutes reason in the 21st century. On the intellectual battlefield, in February 1996, thirty-two chess pieces, represented the most recent challenge to the belief that thought is exclusive to humans. Kasparov, the world chess champion, faced off against one of IBM's finest supercomputers, Deep Blue. Chess, a game of logic and reason, would be a perfect test of a computer's ability to "think." In the Information Age battle of David vs. Goliath, the machine clearly had the advantage. Deep Blue is capable of playing out 50- 100 billion positions in the three minutes allotted per turn. Nonetheless, the silicon brain was no match for the cunning intellect of the human mind. Deep Blue lacked the ability to anticipate the moves that Kasparov would make. In preparation for the game, Kasparov adapted a strategy of play unique to the computer.

Learning Team Deliverable Essay

Credibility is the most important part of the group’s discussion last week. The members of the team agreed that credible sources must have a backup make a valid argument otherwise an argument or claims could become an opinion or an invalid argument. One disadvantage of not having credible information is it could tarnish one’s reputation and mistrust from audiences. Once the information has been put out to the public, the receiver or audience could verify the information to ensure that it comes from credible and reliable information. The speaker builds trust among the audiences when a claim or an argument presented are credible information and comes from a trustworthy source. The group also discussed the process of a claim becoming a belief using critical thinking. When a claim occurs, active listeners will analyze the total image of the message. The message image includes the words they heard, the emotion they felt and all the nonverbal cues they saw. They evaluate all the information they received against what they know to be true, to verify the credibility with the claims content and source. When fallacies in the claim get uncovered, they must be further dissected taking out the rhetoric and emotive instigators thus, leaving the contents of a valid argument and a response to the claim formulated. If the response shared, the communication cycle has a chance to circle back to the sender to further argue their claim. The message is successful when a claim is found favorable. Since the internet is where we get most of our information, it is important  to examine the source of the information and ensure factual evidence and not the author’s point of view. In evaluating the credibility of internet sources, one must examine whether information is a fact or the author’s opinion. Does it contain original information or simply just links? Is the information accurate? The information needs to be validated against other reliable resources for comparison and evaluate the author of the information. The author should come from a reputable and known organization in his field of expertise. The website must have a list of biographical information of the author to include his position, education, affiliation, and address. Judging the reliability of sources and site on the internet is crucial since there are no regulating body that monitors its reliability and authenticity. The lists of criteria to consider are as follows; the author or sponsor of the webpage should be identified and have apparent qualifications, must contain a copyright symbol and no obvious reason for biases. Reference Moore, B.N. & Parker, R. (2009). Critical thinking. (9th ed.). McGraw-Hill Higher Education. Retrieved from the University of Oklahoma website: http://www.ou.edu/deptcomm/dodjcc/groups/02A/

Polaroid Corporations Essay

In late March 1996, Ralph Norwood was faced with the task of restructuring Polaroid’s capital structure. In the past, Polaroid had a monopoly in the instant-photography segment. However, with upcoming threats in the emerging digital photography industry and Polaroid experiencing recent losses in their market share due to Kodak’s competition, Gary T. DiCamillo, recently appointed CEO of Polaroid, headed a restructuring plan to stimulate the firm’s performance. The firm’s new plan has goals such as to aggressively exploit the existing Polaroid brand, introduce product extensions, and enter new emerging markets such as Russia in order to secure Polaroid’s future. In addition to the plan, DiCamillo has included certain core objectives that Norwood would need to consider in his recommendation. These values include goals of value creation, financing flexibility, and staying with the â€Å"investment-grade† rating for bonds. His plan would have to afford Polaroid low costs and continued access to capital under alternative debt policies. Norwood would need to access the right optimal strategy with these restrictions; that is to say that even if the most optimal capital structure was to force Polaroid’s bond rating under BBB-rated, Norwood would need to settle for some middle ground. Financing Requirements: Polaroid faces several business risks in March of 1996 that will affect its financial policy. The company must consider foreign risk exposure, demand variability, and the ability to develop new products in time and compete in a developing, innovative market. Polaroid is still essentially a one-product line company, deriving 90% of its revenues from photographic products. Polaroid must also consider the threat that digital imaging technologies pose towards the company’s future. With the start up development of these new technologies, it is clear that Polaroid will not have a monopoly in these markets. In addition, Polaroid experiences business risk with their increasing revenues coming from developing countries. Approximately 9% of Polaroid’s sales in 1995 came from Russia. Exhibit 2 (Information on International Revenues) shows the percent of total international sales is on the rise, while U. S sales are on the decline. Even though, Polaroid does have international lines of credit and probably other strategies to reduce currency risk, their business in these developing international markets does pose increasing market risk. The business risk from competitors and international markets does signify that Polaroid will need additional funding to keep up. The company must maintain a strong and flexible balance sheet to accommodate for future financing needs. Another area of concern is Polaroid’s earnings coverage ratios. While Polaroid has a relatively low debt ratios that are comfortably in the AA-BBB range, the company is struggling to maintain safe earnings coverage multiples on its interest payments. The issue is magnified in the future as market equity grows thus increasing WACC. Without better earnings, Polaroid will not be able make interest payments on the additional debt required to balance the company’s optimal capital structure. The use of debt and the resulting additional financial risk is a decision that Norwood must ultimately make. Norwood is also concerned with developing a long term financial strategy for Polaroid that will enable the company to grow according to DiCamillo’s plan. Virtually all of Polaroid’s debt is maturing within the next six years. The major components are listed below. – $150 million in notes at 7. 25%. which mature on January 15, 1997 – $200 million in notes at 8%, which mature on March 15, 1997. Employee Stock Option Plan Loan with scheduled semiannual principal payments through 1997. Interest rate has varied over time, but is very low due to tax benefits to ESOP lenders. – $140 million in convertible subordinated debentures at 8%, which mature in 2001. They are convertible to common stock at $32. 50 per share. They are not redeemable until September 30, 1998 unless the stock price exceeds $48. 75 for 20 of 30 consecutive trading days. Norwood wants to restructure Polaroid’s debt and equity to maximize the company’s future potential. During this restructuring, Norwood wants to keep the cost of capital low, create value, and preserve Polaroid’s investment grade in order to allow for future borrowing at investment grade status. Polaroid’s Current Position The current capital structure is not appropriate for Polaroid, and it will inhibit the company’s ability to meet future financial demands. After analyzing Polaroid’s current debt maturity structure, the group concluded an eventual downgrade of the company’s BBB bond rating by the end of 1996 according to the coverage ratios. The cost of debt drastically increases when a company enters the non-investment-grade status, while the switch amongst investment-grade ratings is relatively marginal. Exhibit 1 shows the maximum amount of debt Polaroid could have for each credit rating. Polaroid’s current investment-grade rating must be maintained to keep costs low and protect the Polaroid brand name. To maintain this rating, Polaroid needs to stop repurchasing stock and have an issuance of equity in 1996 to avoid a downgrade to junk status. Polaroid needs to make these changes to its capital structure to have flexibility and preserve its bond rating. Any persisting needs can be funded through debt financing. Our Recommendation We recommend issuing $200 million in equity initially to pay off the $150M and $37. 7M debts. This will not only allow the firm access to much needed capital, but will also decrease the leverage ratio and minimize financing risk. Also, the ESOP program will be temporarily suspended to reduce leverage. Currently, Polaroid’s D/E is far too high at . 4. This additional equity brings it to a more manageable . 22. By analyzing the coverage ratios, we predicted that if equity was not issued by 1996, the company would lose its BBB rating. Our recommendation first and foremost considers the preservation of Polaroid’s BBB status. The advantage to a new equity issuance is that it will provide needed capital without damaging the company’s financial statements. This will provide flexibili ty for further borrowing in the future and make it easier for Polaroid to maintain its debt rating. Furthermore, when capital is needed in 1998, we will issue $425M in 5-year bonds. This gives Polaroid the lowest WACC and maximum leverage while maintaining BBB status. At this point the ESOP program will resume with the company re-levering. With a somewhat flat yield curve, longer term bonds are not significantly cheaper to outweigh the flexibility that 5-year bonds offer. If earnings improve in 5 years, a capital structure with more leverage may be preferable. Having 5-year bonds gives Polaroid this flexibility. Exhibits 2 and 3 show that a capital structure with a D/E between . 22 and . 26 is optimal. Given the consistent growth in market equity capital, additional borrowing and possible share repurchases will be necessary in the future to stay in this range. This strategy would open the door for Polaroid to find the optimal capital structure while still adhering to the values of the new CEO. The objective would be to choose the option with the lowest weighted average cost of capital, thus creating the most value, maintaining a minimum of a BBB rating, and also allowing flexibility.