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  "documentTitle": "Target Corporation (TGT)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2009-05-11 00:00:00",
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  "notes": "The slide uses a narrative structure to highlight a strategic failure by the target company's management.",
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      "kind": "callout",
      "text": "We believe this decision was ill-advised, and shareholders have suffered as a result",
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      "text": "Target elected, however, to retain substantially all of the credit risk and more than half of the funding risks associated with this business segment because of its insistence on retaining underwriting control",
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      "text": "In May, 2008, Target sold a 47% interest in its credit card receivables to JPMorgan Chase",
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      "text": "From August through December 2007, in multiple calls and meetings, Pershing Square endeavored to convince Target to transfer the credit and funding risks associated with its credit card operation to a partnering financial institution",
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      "kind": "title",
      "text": "Pershing Square Urged Target to Transfer Credit Risk",
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