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  "documentTitle": "Target Corporation (TGT)",
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  "authorName": "William Ackman",
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  "presentationDate": "2009-05-11 00:00:00",
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  "notes": "Uses a direct quote from a CFO to validate the activist's claim of poor underwriting.",
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      "text": "Doug Scovanner, CFO Q3'07 conference call, 11/20/2007",
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      "text": "In the summer of 2007, Target converted a large portion of its private label Target card accounts (typically lower FICO score customers with lower credit limits) to Target VISA accounts, thereby giving lower quality credit customers significantly higher credit limits and lower rates. We believe this was a mistake",
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      "text": "Average receivables grew 19.6% over last year, faster than our pace of sales primarily due to changing the product features for yet another group of our higher credit quality Target card accounts to become higher limit Target Visa accounts.",
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      "text": "Average receivables grew 19.6% over last year, faster than our pace of sales primarily due to changing the product features for yet another group of our higher credit quality Target card accounts to become higher limit Target Visa accounts. — Doug Scovanner, CFO, Q3'07 conference call, 11/20/2007",
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      "text": "We Believe Target Made Poor Underwriting Decisions",
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