Last-modified: 2010-05-11 (火) 23:03:31

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Caldari Funds Unlimited

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Caldari Funds Unlimited is the largest financial institution in the Caldari State, forming the foundation for much of the State's banking and investment infrastructure. The corporation has two primary functions: it is the State's largest provider of pension management services and also provides the State's largest pool of ISK available to the megacorporations for short and long term loans. It also performs a variety of other services and has holdings in a variety of other powerful corporations, giving it far more influence than its sub-megacorporate size might indicate.

The corporation dates back to the years preceding the Caldari's secession from the Federation. The same trend of consolidation which led to the rise of the megacorporations also led to the rise of large financial conglomerates on Caldari Prime; Caldari Funds Unlimited spent years acquiring smaller banks and financial service providers during the decades before the Gallente-Caldari War, eventually becoming the dominant financial institution among the Caldari and vying for the top spot in the entire Federation itself.

While the investment banks the megacorporations had coalesced around were arguably larger, their assets were far less liquid, and the vast majority of consumer banking was done through CFU or one of its competitors. Most of the megacorporations had outsourced their retirement programs to CFU or one of the companies it had gobbled up, and Gallente-owned competitors were soon quietly complaining to the Federation Senate about the undue influence the Caldari bank was able to exert on the market.

Their most powerful argument centered on an incident that took place four years prior to secession, where CFU had sold off its entire stake in Shield Aerospace, a minor Federation defense contractor. The resulting fallout on the Federation stock exchange nearly drove the company to bankruptcy and forced the Federal government to bail them out. The most startling aspect of the entire incident was the reason for the move: the CEO of Shield Aerospace had been involved in an affair with the husband of CFU's CEO, and the sale was made out of spite. Despite the fact that CFU's board fired her after the incident (and that Shield Aerospace did survive), it raised many questions about how powerful the Federation should allow any financial institution to become – especially a Caldari one.

When the megacorporations began planning their secession from the Federation, Caldari Funds Unlimited became a key part of their strategy, necessary for both financial reasons and public support. Its coffers would be essential in paying for the war effort and backing the corporations' scrip, and making sure the bank was secure would also help convince the populace that the corporations would provide for their future. Unlike the anti-secession megacorporations, CFU could not simply be decapitated and dismantled; it would need to be preserved, for symbolic reasons as well as practical ones.

As Federation investigators began to get closer and closer to discovering the secret Caldari colonies, the six secessionist megacorporations colluded to launch a multi-pronged financial assault on Caldari Funds Unlimited. In the several months prior to secession, the stock market activity tripled as the megacorporations manipulated share prices, spread rumors, and used corporate espionage to buy up millions of CFU shares at bargain prices. The collateral damage was immense, with dozens of other companies in the Federation collapsing as part of the megacorporations' scheme. As an example, the megacorporations sabotaged two of the largest pyroxeres mines in the Federation – leading to explosions that killed nearly 20,000 workers – for no greater reason than to force their mines' owner into bankruptcy so he would default on a loan from CFU, triggering a drop in its stock price. The scale of the megacorporate campaign was unprecedented, and remains unrivaled in history. By its end, the secessionist megacorporations had taken nearly complete control of Caldari Funds Unlimited.

What emerged after the megacorporate buyout was a new corporation that combined its old role as a pension fund manager and investment bank with a new role as a pseudo-central bank for the emerging Caldari State and a neutral party to facilitate megacorporate agreements. With the end of most other non-megacorporate banks in the State, and the lack of a standard currency after secession, it was necessary for the megacorporations to establish a neutral party which could handle the high-level investment banking they required. CFU's strong reputation, both as a bastion of the banking industry and a pension provider, made it the perfect middleman. In addition, leaving the pension funds for most Caldari citizens in the hands of such an institution helped to reassure them that their future was still secure after the financial turbulence that followed the actual secession.

Today, Caldari Funds Unlimited has many roles in the Caldari State, but perhaps its most important role still remains as a symbol of financial stability in an often uncertain world.

Caldari Funds Unlimited(CFU)はCaldari Stateの中で最大の金融機関で、国の銀行業の大部分と、投資の下部構造の土台を形作っています。CFUは主に2つの部門から成っており、その一つが国で最大の年金の管理サービスで、同時に、行政企業が長期、および短期のローンを組むために利用できる国で最大のISKベースの基金でもあります。ほかにもさまざまなサービスを提供していますし、加えてさまざまな強力な会社の株式を保有しており、平均的な大企業がもてうる以上の影響力を提供しています。

会社の起源はCaldariが連邦から離脱するより以前の時代にさかのぼります。巨大企業としての始まりをもたらした合併、統合の波はまた、CFUをCaldari Primeにおける大型の金融コングロマリットへと成長させました。そのためにCFUはGallente-Caldari戦争以前数十年にわたって小さな銀行や、金融サービス提供者を吸収し続けたのです、その結果、Caldariにおける支配的な金融機関へと成長し、さらには連邦全土におけるトップの地位を狙うまでになったのです。


最も力強く議論されたのが、連邦離脱の4年前に起きた事件についてでした、CFUが連邦の防御を請け負っている小企業、Shield Aerospaceの所有権をすべて売り払ったのです。このことは、連邦の株式市場に会社を破産に追い込むほどの悪影響を与え、連邦政府によって会社の建て直しが必要となる事態になりました。この事件の最も驚くべき点はその行動を起こした理由です、Shield AerospaceのCEOは、CFUのCEOの夫と事件に巻き込まれていたのです、つまり、その”売り”は怨恨によるものでした。その事実にもかかわらず、CFUの委員会は事件の後、彼女を解雇したのです(Shield Aerospaceは生き延びました)、このことは連邦政府が金融機関、特にCaldariのものに、どこまで大きくなることを許すのかについて沢山の問題を浮上させました。



この巨大企業による買占めの後に出現したのが、CFUの古い役割である年金の積み立て管理にその新しい役割、拡大しつつあるCaldari Stateの暫定的な中央銀行としての役割が加わったものと、行政企業の定めた協定に中立的な立場をとっていた派閥が合わさってできた一つの新しい企業でした。Caldariにおいて、行政企業に属していないほとんどの銀行がなくなり、離脱後通貨が欠落していた時、行政企業たちにとって、巨額の投資が可能で、しかも中立的な立場にある銀行が作られることが必要だったのです。CFUの銀行業における砦、そして助成金サービスの提供者としての高い名声のおかげで、CFUは完璧な仲介者となっていたのです。さらに、Caldari市民のための助成ファンドをそういった金融機関の手に残しておくことは、離脱後に訪れた金融的に不安定な状態の後でも、安全な未来が保障されているという安心を彼らに与える上でも重要でした。


Retirement Fund Management and Financial Instruments

Caldari Funds Unlimited is most familiar to people as a management entity for retirement funds. Nearly three-quarters of such funds, by total assets, are managed by CFU, with the lion's share of the rest managed by one of the other two major “independent” Caldari financial institutions, Modern Finances and the State and Region Bank. This is a legacy from before Caldari secession, when the relationship between corporate leadership and the workers was not nearly as dictatorial or adversarial. Corporate pensions were placed in the hands of neutral managers, like CFU and the other companies it absorbed, in order to ensure the protection of workers against corporate instability.

Today, this arrangement is maintained largely out of tradition and because it is what the workers have come to expect, rather than out of any particular sense of duty on the part of corporate leadership. However, even the hint of trouble at CFU can have widespread repercussions throughout Caldari society as a result. Rumors of malfeasance by CFU executives in YC 27 triggered a massive investigation by the Caldari Business Tribunal, as well as a steep decline in the bank's fortunes. Two years later, the Tribunal investigation determined it had been a propaganda campaign from an up-and-coming corporation that hoped to attain megacorporate status by taking CFU's business, Seaguard Financial. Before this was revealed, concerns about CFU's stability triggered panic in many parts of the State, especially on poorer worlds. Riots broke out as people demanded their money out of retirement funds, leading to thousands of deaths as they clashed with corporate security.

The reaction from the Chief Executive Panel was swift and merciless. Seaguard Financial, which had started the rumors and inserted its agents inside CFU to fan the flames, was placed under “extreme sanction” by the Panel. The megacorporations went to war against the upstart, and within a year, every asset of the company had been absorbed by the Big Eight. It's worth noting that similar propaganda campaigns against other corporations – even members of the CEP – have happened many times in the past, and have never provoked such a vicious response. The Seaguard Incident remains a cautionary tale of the limits that exist to the State's regularly occurring corporate warfare.

CFU's fund management strategy, and the financial instruments it sells on the market, are generally geared towards conservative, long-term gains. Its largest funds focus on conservative financial instruments, such as low-interest, low-risk corporate bonds, funds with broad-based stock portfolios to minimize exposure to trouble in any one industry or market (also known as index funds), and stocks focused on returning a strong annual dividend rather than a rapid increase in price.

However, in order to reduce its vulnerability and pursue slightly more aggressive growth, over the last century it has offered more diverse investments, such as funds focusing on Caldari ventures in the Khanid Kingdom and Amarr Empire, treasury bonds from the Kingdom, Empire, and even the Federation, and even growth-based funds focusing on foreign stocks. Clients can adjust their asset allocation, and therefore risk exposure, through the company's NeoCom portal. Despite this, most Caldari, especially at the lower end of the economic spectrum, take a hands-off approach.

The downturn in the State which manifested itself during YC 108-110 and the upswing in the fortunes of the Federation and Republic during that time has raised the profile of more aggressive managers at CFU, and as a result many funds at the company have become somewhat less risk-averse in an attempt to duplicate their success. The Caldari Business Tribunal, which is charged with maintaining the stability of CFU due to the bank's integral importance to the State's economy, has expressed some concerns over this shift. So far, however, the Tribunal has been hesitant to step in, concerned with triggering a panic that would only exacerbate the problem.


CFUは人々にとって、年金積み立ての管理者として最も身近な存在です。そのような積立金の資産の合計うち、約4分の3がCFUによって管理されており、そのおこぼれに預かっているのが、ほかの2つのメジャーな”独立”したCaldariの金融機関である、Modern FinancesとState and Region Bankの片方なのです。この構図は、経営者と労働者の関係が今ほど支配的、もしくは険悪でなかったCaldariの離脱以前から受け継がれています。企業の不安定性から従業員を守るために、企業への助成金はCFUや合併されたほかの会社のように中立の立場の者によって管理されているのです。

今日、この体制は労働者が経営陣の一部としての義務感などよりも強く望んでいる事であるため、広く採用されています。しかしながら、CFUに問題が起きていることを少しでもほのめかすような事があると、それだけでCaldari社会に大きな影響を与える結果となるのです。YC27年のCFU幹部陣による不正行為のうわさは、銀行の財政を急激に悪化させただけでなく、Caldari商業裁判所(Caldari Business Tribunal)による大規模な調査が行われるという事態を招きました。その2年後、裁判所の調査により、そのうわさはCFUのシェアを横取りすることで行政企業への成長を目論む新参企業、SeaguardFinancialが流したデマであったことが発覚しました。しかしこの事実が判明する以前、CFUの地位の揺らぎは低所得層を中心として、国のいたるところで混乱を招きました。それによって、年金基金からの支払いを求める人々によって暴動が起き、会社の警備との衝突で千人を超える死者が出る惨状となったのです。

これに対する最高経営責任者陣(CEP)の反応は迅速かつ無慈悲なものでした。うわさを流し、火に油を注ぐためCFUにスパイを送り込んだSeaguardFinancialに対し、非常に厳しい制裁を加えたのです。行政企業たちはその成金企業に戦争を仕掛け、一年もたたないうちにその会社の全資産は8巨頭に吸収されました。以前に何度も起こったことのある他の会社(CEPに属しているものも含め)に対する似たようなプロパガンダが今回のような激しい報復を引き起こしたことはありませんでした。Seagauard 事件は日常的に起こっている会社間の抗争の限界を示すものとして、今も語り継がれています。


一方で、弱点を少なくしたりもっと積極的な成長を進めるために、この一世紀の間CFUはKhanid KingdomやAmarr Empireに進出しているCaldariのベンチャー企業への投資、KingdomやEmpire、果ては連邦が発行する国債、外国株のための成長ベースの基金など、さまざまな投資を行ってきています。顧客は会社のNeoComポータルを通じて資産の投資先を参照し調整することが出来るため、リスキーな資産の運用が顧客に発見される可能性が出てきてしまいます。それにもかかわらず、Caldari人の多く、特に経済の下の方に位置する人々はそれらについてあまり関心がありません。

YC108~110年に続いたCaldari Stateにおける景気の低迷と、同時期に起こった連邦と共和国の好景気はCFU内の積極派の管理者の地位を向上させ、結果として、利益を倍増するためCFU内の基金のうち多数が保守的なリスク回避型からの転向を促されました。国の経済におけるCFUの重要性からCFUの安定性を保持しようとしたことで非難を受けていたCaldari商業裁判所は、この変化に対する懸念を訴えました。しかしこれまでのところ裁判所は、混乱を引き起こし問題を悪化させてしまうかもしれないという恐れから、事態への介入を踏みとどまっています。

Corporate Banking

Caldari Funds Unlimited's other major line of business is acting as a “banker's bank” or reserve bank for the State's megacorporations. While the megacorporations have vast amounts of assets (including entire planets or star systems), their liquid cash is often considerably more limited, which is where CFU comes in.

CFU keeps a large treasury full of ISK and various corporate scrips in order to fund its day-to-day activities and secure itself from the risk of a run on the bank or temporary market fluctuations. These funds are also used to provide the megacorporations liquid capital for financial maneuvers through short-term loans. This is one of the reasons the megacorporations found it necessary to take control of CFU during secession, as a lack of liquid capital would have paralyzed their ability to effectively pursue the war against the Federation. Usually, these loans are secured by some sort of hard asset, but the unique position of the megacorporations has often allowed them to acquire large unsecured loans, especially when four or more megacorporations are working together on a project. Much of the development of Black Rise was financed this way, as was a great deal of the investment the megacorporations have put into the Caldari-occupied territories of the Federation. This is risky behavior, but objections within CFU and from the Tribunal have usually been quieted by political pressure.

CFU's cash reserve also allows it to handle currency exchanges for the megacorporations. Although technically allowed to do so for individuals, it does not deal in amounts smaller than a million ISK, which limits its utility for the vast majority of people. Corporations wishing to exchange megacorporate scrip for another megacorporation's scrip, ISK, or foreign currency must use CFU to handle such transactions, for which it charges an extremely small fee. This is most often used by corporations when trying to make significant investments in foreign markets or as a hedge against fluctuations in the value of their own currency; however, corporations also keep reserves of other corporate scrips and foreign currency to pay contractors, foreign workers, and “extralegal” assets.



CFUは常に巨大な金庫いっぱいのISKと、日々の業務への資金提供と銀行への取り付けや一時的な市場の変動から守る目的で、さまざまな会社の株式を保有しています。これらの基金は、行政企業らが財政的な工作を行うための流動資本を短期のローンを通して提供するためにも使われます。このことは、流動資本の不足は連邦との戦争を効果的に進めていく能力を麻痺させてしまうことから、連邦からの離脱戦争中CFUを支配下に置いておく理由の一つでもありました。大抵これらのローンは何らかの有価資産を担保としていましたが、行政企業という特殊な立場が、特に4つかそれ以上の行政企業による共同作戦が行われる時などに、担保なしのローンを組むことを許してしまう事も少なからずありました。実際にBlack Rise帯の開発のための資金は、行政企業が連邦内のCaldari占領下の地域へ行った投資が膨大だったためほとんどがこのやり方で調達されました。これは危険なやり方なのですが、CFUや裁判所からの反対はそのほとんどが政治的な圧力によってねじ伏せられました。


Relations With the Big Eight

Though not technically a megacorporate subsidiary or a megacorporation in its own right, the status Caldari Funds Unlimited enjoys in the State is considerably higher than that of any other independent corporation. Despite the push and pull of the various political blocs, CFU itself is allowed to operate independently for the most part so long as the business runs smoothly. Board meetings are considerably more sedate than might be expected considering the company's shareholders. This is mostly due to the focus CFU has on simply providing the best return for its clients, whereas issues discussed in similarly divided venues (such as the CEP) tend to be considerably more political in nature.

The Patriots have long held the strongest position on the CFU board, and as a result most operations that need to be outsourced, such as security, tend to go to Patriot firms of one stripe or another. Kaalakiota and its allies have exerted political pressure on the firm, especially since the rise of the Heth regime, to allow them a considerably greater number of concessions than the other state factions (as evidenced by the Black Rise development loans, for one). CFU also uses Kaalakiota's Home Guard as its preferred security provider, and CFU employees who have given public objection to some of these politically sensitive moves have recently been fired and/or arrested. While the reasons for their fates were never clearly stated, the fact that the Home Guard or Provists seem to pay very close attention to 'troublemakers' of that nature has led to a pervasive aura of fear among the company's executives, consequently keeping vocal dissent to a minimum.

While other corporations have been wary of Kaalakiota and the Patriots' growing influence over CFU, so long as things continue to run smoothly they appear to have little interest in making waves. With a company of CFU's reputation, not to mention the pensions of billions of Caldari, playing political football is a very dangerous game, and one that even the CEOs of the megacorporations are not willing to play unless they have little choice.



CFU内において、長い間愛国派が最も強い位置を占めていました、その結果警備などのように外注に出さなければいけない事柄のほとんどが、愛国派の企業のどれかに発注される傾向にありました。Kaalakiotaとその同盟企業が、特にヘス(Heth)政権が始まってから、それらの企業がほかの派閥の企業を大きく上回る数の営業許可を得られるよう政治的圧力を行使するようになりました(その事実を裏付ける事柄の一つとしてBlack Rise帯の開発ローンがあります。)CFUはKaalakiotaの国防軍(Home Guard)を推奨警備提供者として使用しており、さらに政治的に微妙な行動に対し、異議を唱えられている従業員を解雇か逮捕、もしくはその両方の処分としました。彼らの末路に対する明確な理由は公開されていない一方で、国防軍や愛国派たちはそういった種類の”厄介者”にかなりの注意を払っていると見られ、それが会社の役員たちの間に恐れのオーラを浸透させたため、彼らは反対の声を最小限に抑えることになりました。