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  "documentTitle": "The Bank of New York Mellon (BK)",
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  "authorName": "Marcato Capital Management",
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      "kind": "callout",
      "text": "~70% of fee waivers (pretax) recovered if rates rise by 50 bps",
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      "text": "Fee Waiver Recovery vs Increase in Interest Rates",
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      "text": "Fee Waiver Recovery: 70%",
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      "text": "Source: 4/8/14 Analyst Day, 9/4/14 Barclays Global Financial Services Conference",
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      "text": "Higher interest rates will also recover significant money market fee waivers",
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      "evidence": "The document presents a series of logical arguments and data points to support its critique of BNY Mellon's current leadership and performance.",
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