Advancement Of Women Essay -- essays research papers

Throughout the international community, women have been a primary focus of the United Nations due to their importance to the economic and social balance in a country. The advancement of women is a vital issue concerning the world as the new millenium begins. Although the international community views women with high regard and of the utmost respect, ancient traditions, one sided beliefs, and false stereotypical propaganda, which demean and belittle women are existent in the world today. Historically, women have been victims of inequality and abusive practices, and due to this, many women never reach their full potential in the economic world. First, the primary root that hinders the progress of women is the inferiority complex at an early age. In document UN/ CRC/ 531, analyzed through UNICEF, an estimated 25% of the world’s children (developing world) are in the web of child labor. To add to this, nearly 70% of all girl/female laborers go unregistered, often performing acts of prostitution and strenuous domestic housework. This form of unregistered work is dangerous to young girls because the employers often abuse their employees sexually and physically, as well as psychologically scarring them for years. This alarming fact can be attributed to the inequality of education given to young girls. At an early age, many girls are taught to be inferior to their male counterparts, both mentally and physically. Currently, 75% of all the world’s illiterates are wom... Advancement Of Women Essay -- essays research papers Throughout the international community, women have been a primary focus of the United Nations due to their importance to the economic and social balance in a country. The advancement of women is a vital issue concerning the world as the new millenium begins. Although the international community views women with high regard and of the utmost respect, ancient traditions, one sided beliefs, and false stereotypical propaganda, which demean and belittle women are existent in the world today. Historically, women have been victims of inequality and abusive practices, and due to this, many women never reach their full potential in the economic world. First, the primary root that hinders the progress of women is the inferiority complex at an early age. In document UN/ CRC/ 531, analyzed through UNICEF, an estimated 25% of the world’s children (developing world) are in the web of child labor. To add to this, nearly 70% of all girl/female laborers go unregistered, often performing acts of prostitution and strenuous domestic housework. This form of unregistered work is dangerous to young girls because the employers often abuse their employees sexually and physically, as well as psychologically scarring them for years. This alarming fact can be attributed to the inequality of education given to young girls. At an early age, many girls are taught to be inferior to their male counterparts, both mentally and physically. Currently, 75% of all the world’s illiterates are wom...

Panasonic and Japan’s Changing Culture

Case #2; Panasonic and Japan’s Changing Culture 1. Some of the drivers of the cultural changes in the 1990’s with Panasonic were that Japan’s generation of workers, starting with the generation born in the 1960’s, did not wholly believe in being a â€Å"salaryman† and working for a company from when they start until when they retire. After many years, in the 1990’s Japan entered an economic slump that lasted the majority of the 1990’s.Only a few companies at first started to lay off employees and go back on their promises of employment until retirement because the older their workers, although they worked hard, also were less efficient than younger workers were. As the younger generations saw this happening they concluded that loyalty to both the company and workers would not be reciprocated anymore and became less harder working than previous. This undermined the traditional culture in Japan of the central bargains of housing and reti rement packages for an employees hard work and loyalty. 2.Japan’s businesses in the future have to operate with more than one plan when they hire workers to effectively. In 1999 Panasonic gave recruits three different choices when they were signed on in employment. They could continue with being given housing, go free to company social events, and buy cheaper services from banks, while also receiving a two year salary bonus when they retired. They could choose to forgo the retirement bonus, while keeping the company housing and be given a higher salary, or they could forgo the retirement bonus and any subsidized services but would be given an even higher salary.In addition to the changes in hiring, companies needed employees to be more risk taking and needed to encourage individuality which is something that was not very prevalent in Japan. Without employees taking risks, companies would suffer and that is what happened to Panasonic as they were forced to close thirty factori es, and cut 13,000 jobs while selling â€Å"huge amounts of assets†. 3. Japanese culture in the 1950’s-1980’s benefited Panasonic greatly because of how after the World War II defeat, Japan was humiliated and it seemed fair that they would be taken care of if they worked hard for their company.For Panasonic this was a great thing because employees worked extremely hard for the greater good of Panasonic and Panasonic responded by giving the employees â€Å"blessings† of company housing, and free social events. 4. With Panasonic cutting 15,000 employees and closing another additional 27 plants, Panasonic is trying to achieve a lower overhead cost in operation and also is trying to find out who their best workers are so that they are not kept down when they should be promoted.By quickly responding to the recession, it showed a change in Panasonic’s company policies and shows that they might be moving even further away from company subsidized housing a nd to make employees become harder workers not because they know that they cannot be fired, but that they can be fired, at any time. If Panasonic implements these changes quickly, they will receive a lot of backlash from all those displaced employees and if they did it like this it would truly symbolize how Panasonic has changed into a company that is becoming westernized and is only concerned with how the company does and not their employees.If the changes take years to implement, although it would greatly affect the profitability of the company, it would give employees chances to adapt to changes of no longer being employed and give them chances to be hired in another company. By making changes slowly, Panasonic would be able to claim that it still wished to use the old way of never cutting jobs but it could not do it in this economy and had to do so to survive. 5.The Panasonic case teaches me that there is a fine line between societal culture and business success and sometimes yo u have to be able to choose between the two to realize which is more important to you. To some companies, such as Panasonic, trying hard to keep with the societal culture becomes too much of a strain for a company to bear so they are forced to adapt and realize that business success is more important that having all your workers love you. It may not be the type of business practice that gives you the best reputation but it will give you the greatest profit margins.

Did Rapid Expansion Cause Icelandic Banks To Fail - Free Essay Example

Sample details Pages: 15 Words: 4397 Downloads: 6 Date added: 2017/06/26 Category Statistics Essay Did you like this example? Are banks just too big to fail? In October 2008, as the impact of the global financial crisis, three largest commercial banks in Iceland, namely Glitnir, Landsbanki and Kaupthing successively placed into receivership by the government (Lyall, 2008), and forced to seek the International Monetary Fund bailout. However, the three banks represented 85% of total assets in the countryà ¢Ã¢â€š ¬Ã¢â€ž ¢s banking system, along with the overseas assets, that was too big to rescue. As the consequences, the whole nation economic were sucked with banks into the whirlpool and the government has declared national bankruptcy later on. Don’t waste time! Our writers will create an original "Did Rapid Expansion Cause Icelandic Banks To Fail" essay for you Create order However, it does not end; the citizens blamed government in the way of handling the crisis, followed by unprecedented wave of public protest. As the result, in January 2009 the government was forced to resign (Stringer, 2009). Up until the banking crisis, the three banks combined debt is six times the nationà ¢Ã¢â€š ¬Ã¢â€ž ¢s GDP of  £35billion which the amount is equal to  £116,000 owed to every single citizen in Iceland (Dailymail, 2008). It would be the one of the worse collapse in financial history. With the population of 300,000, the banks deeply involved in global financial activities before downturn, it brings the nation into bankruptcy. After the bankruptcy was announced, it has affected 420,000 British and Dutch customers, and bank assets which are frozen held by hospitals, police station, council and universities (Brogger, 2008). The bank collapse seems unreal. Everybody panicked when the Kroner dropped 58% by the end of November 2008 and inflation hit 19% by January 2009 (Onaran, 2011). The failure has bought down the government and ruined the jobs opportunity. 1.1.1 OVERVIEW OF ICELANDIC BANKING SECTOR Iceland is said to be the smallest economy in the world that have its own currency and an adjustable exchange rate (Articlesbase, 2007). Icelanders were one of the citizens that enjoy a very high standard of living in the world. Its capita income, education, health care and life expectancy was rated as third highest in the world. (Lesova, Telegraph, 2008). GDP per capita was ranked 5th in the world in 2006 (go-to-iceland.com, 2006). The nation main activities are fishery and metals exports besides banking sector. In 1990à ¢Ã¢â€š ¬Ã¢â€ž ¢s, Iceland decided to follow other small countries such as Switzerland and Luxembourg to develop their economic future in banking sector. Due to the government policies and deregulation in banking sector, in 2001, the banking mushroomed as a result of low interest rates and cheap money pumped by US Federal Reserve. Iceland expands their banks financial position almost eleven times their GDP amounted to $209billion (Onaran, 2011). Oddsson (cited in Onaran, 2011) noted the countryà ¢Ã¢â€š ¬Ã¢â€ž ¢s top three largest banks had created thousands of well-paid workers and handling most of the highest trade individuals and companies. 1.2 RESEARCH OBJECTIVES The fall of Icelandic three major banks in October 2008 was very rare, first time indeed, in financial history. Jensen (cited in Mail Online, 2008) pointed the effect of banking collapsed in Iceland has been way different than other country where it further cause the whole nation suffered in the crisis. This study investigated the perceived causes that led to the bankruptcy of Icelandic banks by setting the objectives as follow. To investigate whether the failure of Icelandic banks due to rapid expansion. To investigate whether the failure of Icelandic banks due to highly leveraged. To investigate whether the failure of Icelandic banks due to fraud. 1.3 RESEARCH QUESTIONS 1. Did rapid expansion cause Icelandic banks to fail? 2. Did leverage cause Icelandic banks to fail? 3. Did fraud cause Icelandic banks to fail? 1.4 SCOPE OF STUDY The study target on the three largest banks in Iceland, Kaupthing, Landsbanki, and Glitnir, which represent 85% of total assets in the countryà ¢Ã¢â€š ¬Ã¢â€ž ¢s banking sector. Also focus on the factors that cause them failed. They are rapid expansion, leverage, and fraud. Besides, the recent global financial crisis was part of the study as well, which believed has bring significant impact on Iceland banking system. 1.5 SIGNIFICANCE OF STUDY Bank failure has a huge adverse effect on the economy and so the stability of banks is very significant. The collapse of the Icelandic banking system is the single biggest mistakes suffered by any country and the most comprehensive in the banking crisis history apart from the Lehman Brothers, in the recent financial crisis (Waibel, 2010). The total debts of the Icelandic banks are way too huge for the government to repay. The collapse of the three major banks in Iceland is the main driver which led to the nation bankrupts. This study is beneficial to identify the factors that can be avoided in assisting financial sector, academic sector and public for a better economy. Learning what went wrong is vital to strengthen the stability of economy. It can be realized that, Iceland case has greatly reported by newspapers and articles all around the world. Hence made many countries concern the possibility of their nation going bankrupt, they started to put more afford into banking sector in o rder to avoid such incident replay in their country. 1.6 THE ORGANISATION OF RESEARCH Chapter 1 is the introductory chapter where the objectives and importance of this study were raised to form a rationale behind the study. This chapter includes the background of three Icelandic banks, research questions, scope and significance of study. Chapter 2 analyzes on factors and analyzes on various theories on some of the factors that caused banks collapse. Factors will consist of rapid expansion, leverage and fraud. Chapter 3 is the research methodology which stated the methods that were used to carry out this study. This chapter included data collection, research design and theoretical framework. Chapter 4 is where empirical findings and case studies were gathered. Chapter 5 is where conclusions of this study were made. Besides, limitations of study and recommendations were also included in this chapter. CHAPTER 2 LITERATURE REVIEW 2.1 RAPID EXPANSION CAUSES BANK FAILURE Rapid expansion interprets as unusual growing rate, usually found in frequent transaction and excessive trading volumes in short period. In reality, business expansion is seen favourable in layman, as it likely to bring more profits into the business. However, looking back to history, it has shown that many companies filed bankruptcy as a result of uncontrolled growing rate. Financial journalists advice donà ¢Ã¢â€š ¬Ã¢â€ž ¢t go aggressive, otherwise the business would expose to liquidity risk which leads to insolvency. In fact, donà ¢Ã¢â€š ¬Ã¢â€ž ¢t we know the principle of too much water drowned the miller? The answer probably will be yes, we do know it well, most of the people are aware of the latency risk, but the reality is people always gone mad with the attractive outcome. Adams (2001) stressed ità ¢Ã¢â€š ¬Ã¢â€ž ¢s good to grow the business, but never ever set growth as the main objective of the business, as it can lead to failure. Generally, business expansion can be classified into two fields, namely internal growing and external growing. It is important to distinguish them especially in banking system. The internal growth of banks mainly refer to the organic growth itself, also the bank intention to issues more loans and thereby increases its loan portfolio. On the other hand, external growth comes from the form of buying assets, or acquisitions, joint venture, often within the same industry which has similar characteristic. Bank is passionate in increasing its lending portfolio. Lending is said to be the effective way for bank to expand its business. By lending out money, bank can earn higher interests through loan issued, thereby generate more income. Agricultural Bank of China (ABC) has reported high profit growth, backed by rapid lending expansion that has driven them into stock market listing. Its net profit has boom 13% to $49.7billion in 2009. Besides, its total assets amounted to 8.6trillion Yuan, evolved into the nation top bank. (cited in Wang, 2009). In addition, a research did in Lebanese banking sector shows its lending activity posting 23.1% growth to $34.9billion in 2010. It was said that the nationà ¢Ã¢â€š ¬Ã¢â€ž ¢s banking sector displayed a favourable performance with strong bank lending that can boost the declining inflows. (The Daily Star, 2011). A research conducted by Jayaratne and Strahan (1996) has proved that the bank lending in the United States contributes to the economic growth. Nevertheless, they pointed out that banks must be responsible to the loans issued. Blindly increased the volume of bank lending will bring negative impacts such as bankruptcy and should be discouraged. Regarding to this, some researchers has pointed out the fuse of recent recession was linked back to the banking deregulation since 1980à ¢Ã¢â€š ¬Ã¢â€ž ¢s. The banking sector in the United States has gone through substantial deregulation. Most of the restrictions have been loosen, such as qualification for getting bank loans, limits of the bank transaction have been almost ignored and etc (Strahan, 2003). In fact, there are many researches has been carried out as regard to the banking sector deregulation issue. The researchers often argue whether deregulation in the banking sector, especially those fast growing bank has affected the quality of the lending. As a result for banking deregulation, it created more competition in the sector. Keeley (cited in Carletti, 2005) found out the low margins of banks is the reason that encourage them to put themselves into higher risk in order to improve the profitability. However, higher risk will exposed them to higher chance of failure. Excessiv e internal growth will lead to lack of management and supervision; hence deteriorate the quality of the loans. A bad loan will make default to be easier (Report of the Special Investigation Commission, 2010). Generally, a loan that is not making income anymore to the lender is classified as non-performing loan in banking term. It is a default loan and can be defined as bad debts in the business (Charles, 2010). Non-performing loan is recorded as a loss in bankà ¢Ã¢â€š ¬Ã¢â€ž ¢s income statement, and normally will cause the bank to distress when there is a large amount incurred, especially encounter crisis. For instance, before the US housing bubble burst in 2006, prices went up drastically which prompted a lot people, especially household and growing firms to borrow money from bank into real estate investment purpose. Due to the high demand, bank see it as an opportunity of earning more profits, it induced them to borrowed more money from outsiders and depositors, in turn issue loans to the people. Bank earns higher interest in this process. In practice, depositors are the bankà ¢Ã¢â€š ¬Ã¢â€ž ¢s creditors (Daily Champion, 2001). However, the large amounts of lending is likely to cause non-performing loan outburst during crisis, which cause the bank unable to collect back its debt and refinance to its creditor. The situation gets worse when the banks suffer bank run (sudden withdrawal by depositors). In this case, the banks have to declared insolvency. An empirical study by Hou (n.d) has showed high level of non-performing loan that caused by over lending is the root that cause of bank collapse. He added non-performing loans caused by over lending can cause the economic bogged down. Furthermore, an investigation on loan growth and the riskiness conducted by Norden and Weber (2010) on 16,000 banks over 16 countries in year 1997 to 2007 has shown loan growth is an important factor of the banks risks. In China, the government punished some banks for their over lending transactions (Dealbook, 2010). On the other hand, the contributions of external growth shall be highlighted. In fact, the structure of external growth is much obvious and simple than internal growth, which is in the form of merger and acquisition. Yet, it is widely adopted and deemed as more efficient in achieving the business objectives than the former (Highbeam, 1997). One of the advantages is that it can help the business to realize maximum growth potential at the right pace, given that the internal growth pattern is limited or meet other constraints. However, it was said that the external growth has to be monitor closely to ensure the objectives of the banks is followed (Maughan, 2011). Hunger and Wheelen (cited in Grashaw, 2010) noted that most of the research concluded that the company growing through external growth does not perform financially well. Instead, company which depend on internal growth tend to present better financial position. This is due to mistimed or misjudged created during the takeover process. Generally, the risk associated with acquisitions is that too high a price is paid for the acquired asset. The situation gets worse when the crisis hits. For instance, the bank is paying big amount to acquire others assets during housing bubble period, this eventually cause them suffer a big losses when the price level has drops. This can be explained in the way that the income generated from its new assets is not equivalent to what had paid. In other word too high the price paid (Ngfl, 2007). In addition, the business has to find more sources to finance its new assets operations during this critical moment, which is seen as the main driver of running off the working capital. This is significant especially in the banking sector as it can cause chain effect which will eventually lead to liquidity distress. Recent studies have established that if merger and acquisitions in banks if allowed in a controlled manner would significantly reduce the bankruptcy risk of the merged entity (Scribd, n.d.). 2.2 LEVERAGE CAUSES BANK FAILURE Leverageà ¢Ã¢â€š ¬Ã¢â€ž ¢s root word à ¢Ã¢â€š ¬Ã…“leverà ¢Ã¢â€š ¬? is the French word which means to raise or to enhance. In finance term, it is an action or technique of raising capital to the existing business by borrowing. An entity that is engaged in borrowing money to finance the business is said to be leveraged. Typically, there are two ways of financing sources for a business to form its capital structure, through debt financing or equity financing. Most often, leveraging involves the issuances of financial instruments such as bonds, notes, debentures and preference shares. In exchange for lending money, the buyer (bonds holder) becomes the creditors to that particular entity (Raymond, 2011). They are entitled to receive interest until their loan redeemed. According to McLaney (2006), short term debt financing usually used to meet operating or regulatory requirements, the repayment due within five years time. While long term debt usually used by company to finance its long term project, due after five years. On the other hand, equity financing refer to the exchange of money to the business ownership particular in ordinary shares. This type of financing does not involve debt, the buyer (shareholders) will received dividend as the return when the business is making profits. However, this financing method is not likely to be used by most of the business entity, consider the issuance of new shares to new investors may dilute the ownership interest and reduction of controlling on the business ownership (Toolkit, 2011; Finance Website, 2009). Whatà ¢Ã¢â€š ¬Ã¢â€ž ¢s more, it is a demanding procedure for an entity to issue shares, time and the expenses incurred are relatively high. Therefore most of the companies nowadays prefer debt financing source rather than equity financing. Baker and Powell (2005) said managers prefer issuing debt securities rather than new shares when seeking for external financing sources. This is because debt financing leads to the increase of company value, while equi ty financing on the contrary, will cause the company value drops. Traditionally, debt is a liability and deemed as something that is unfavourable to an entity which should be avoided. However, debt is seen favourable when being used properly. This was supported by CPA Thomas Emmerling, he said debt is always better than any other form of financing when comes to the cost of capital (cited in Franczyk, 2005). Rao (1989) in his book pointed out various advantages of debt financing to the business particular in: Interest payment on borrowing is regards as tax deductible Undilution of shareholding control Relatively low cost to issue debt than equity Function as business catalyst, boost business income Besides that, it benefits the entity by leverage little amount of debt which could eventually bring them more income (Rich Credit Debt Loan, 2011). Hence, the objective of the leverage is met, and that we call it positive leverage. Waggoner (2008) argues that the impact of leverage has to be understood. Leverage can provide an incentive to generate income. Therefore leverage, more specifically debts that applied is not necessarily bringing harm to the business. Besides of generating more income, debt leverage can also used to increase the entity net worth or cash flow. John Waskin, CEO of American Credit Counsellors said Good debt produces cash flow, and bad debt doesnt. He stressed on the using of debt leverage facility could create a lot of benefits to the business (Billion Dollar Income, 2010; Getlen, 2008). Hutchinson (2008) said leverage financing method become widespread in the banking sector. He explains the more assets they control, the more return they can earn. In banking sector, debt leverage is a common technique when they engage in daily activities. For example, In order to multiply the income and capacity of lending, they will issue bonds to raise its capital by borrow more money from other financial institutions and lend it to other parties by charging at higher interest rate (EMAC Committee Members, 2010). Debt leverage is a favourable tool presuming there is no default exists in the whole process, and bank has collected back all loan issued, along with the interest imposed. Leverage contains high risk when the obligation is default. When bank is unable to collect back the money and they have to suffer the loss thereby no payment will be made to its creditors, especially when the bonds are due. For instance, this situation has reflected in recent housing bubble in US where the bank used depositors fund to lend it out to parties in real estate investment. When the housing price drops (biggest drop was 32.7% in year 2008) (Mantell, 2008) and the debtor does not payback the debt, the bank will lost all of its deposits and declare insolvency (Kalid, 2008). Apart from that, Murray (2011), argue that appropriate volume of leverage is allowable and can be use to increase the rate of return. However, if the business has excessive amount of borrowing (overleveraged), it may has difficulties to finance the debts when it is due. A bank will be vulnerable when the level of borrowing hits certain level. Besides that, Peavler (2011) emphasized that the firm is running the risk of filling into bankruptcy each time they use debt financing. The higher level of debt financing, the higher chance the firm will bankrupt. Glantz (2003) proposed the use of debt to equity ratio (leverage ratio) to identify the risk of a company. The formula is given as follow. Leverage ratio = Debts Equity The definition of leverage ratio is that, the higher the leverage ratio means the company is using more debt financing source, vice versa. For example, if an institution has $10million in debt and $2million in equity, it is said to have a leverage ratio of 5.0. Thus, leverage ratio tends to indicate the level of the debt financing in a company. Fisher suggests the 2-to-1 of assets to liabilities ratio rule should be imposed by company when come to financing decision, more than that could bring the company to fail (cited in Franczyk, 2005). However, this was objected by Franczyk, claiming that there is no fixed rule on the leverage amount; it has to depend on the nature of the company (Franczyk, 2005; Yahoo Finance, 2011). His statement was supported by other researcher, complex entity such as financial institutions and bank doesnà ¢Ã¢â€š ¬Ã¢â€ž ¢t have standard ratio in leverage. Maudlin (2009) illustrated with some of the Europe banks especially in Greece, Italy, Spain, Portugal, Ireland and Britain were reportedly hit leverage ratio at 50:1 and yet they still surviving. He further pointed out these banks were heavily involved into Eastern European projects which currently faced financial difficulties and plummeted local currencies. EU Commission has growing concern on the ability of these banks to payback the debt. Generally speaking, debt leverage is favourable to business, but it is advised do not overleveraged. It is essential for business to use a balance between the combination of debt and equity financing (Biztrademarket, 2009). Regarding to this, McLaney (2006), proposed the traditional view of capital structure, where it indicates the effect of borrowing on Weighted Average Cost of Capital (WACC). WACC is an expression of a cost which is used to see whether the intended investment is worthwhile to undertake or not. The lower the WACC, the lesser risk the company bear (Chryanthou, 2008). Figure A: Traditional view of the effect of borrowing on WACC The traditional view of capital structure states that at the initial stage of company borrowing (gearing (UK) or leverage (US)), the advantages of cheap cost of debt and tax advantage will cause WACC to fall (Favourable). However, as the gearing increases, shareholder will demand for higher return for higher risk they bear (i.e., cost of equity rises). At the same time cost of debt also rises because the chances of company defaulting on debt are higher. Therefore, WACC will increase (Unfavourable) and a U curve is created. Based on Figure A, the result is that, a minimum WACC is identified and that is the point of optimal gearing/leveraging level. The design of this structure tends to give the indication on how much leveraging level should be taken, also, in the attempt to reduce the business risk to the lowest possible point. 2.3 FRAUD CAUSES BANK FAILURE A series of financial fraud in the past has shaken the confidence in financial market. Fraud had been remains high and is one the leading cause of bank failures. How could fraud unnoticed at the first place? Appearances can be deceiving until ità ¢Ã¢â€š ¬Ã¢â€ž ¢s too late to reverse the situation. Some financial fraud contains signs yet investors and shareholders fail to observe the warning shown. Good judgement derive from experience, experience derive from poor judgement. An understanding on financial fraud is to look back at the history of fraud incident and successfully overcome the mistakes done. Financial fraud is a crime. The National Criminal Intelligence Service (NCIS) says more than 70 percent of doubtful transactions reported are contributed by banks (Murray-West, 2004). Those convicted with fraud will always walk away richer even though fraud has failed in the bank. Wilson (1999) noted financial scandal could happen again due to its temptation of attractive rewards to pe ople. There is an increase of financial fraud in US, UK and Asia. If fraud comes to rule the system, it will ruin the business. Ade and Wole (cited in Socyberty, 2008) stated that fraud is a virus spread from banking that might harm other sector. However, it received little attention they said. Investigation on fraud activities is important as the lesson of the consequences from dishonest actions can make aware to businessman, politician and regulators. Recognizing on types of fraud in the bank is important to sustain them in the long run. The few common type of fraud is insider lending, asset misappropriation, false accounting, bribery and corruption. Growing complexity of the bank has made way for fraud to be committed by any groups in the bank. For example, companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s management, companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s employees, third parties and customers may have involved on it. Insider fraudster is a serious threat to the bank in the words of a representative from Serious Fraud Office (Murray-West, 2004). Furthermore, Cull (2011) argues that lending to bank insiders is the main cause that leads to non-performing loan occurred. She pointed out bank prefer to make loans to their close associated or own shareholder which easier for them to monitor. But on the other hand, this allow insider borrower to transfer out money illegally when the credit crisis take place. At this point, the insiders have taken the opportunity to made loans and default it later on in order to sustain their own business organization. Many cases of financial fraud have involved individuals that outstanding perform in job. They are capable to transfer out large sums of amount from the bank. Ironically, the outstanding performing staffs that bring the most profit to the bank required the most observation. Palmer (cited in Murray-West, 2004) stated individual that has engaged in fraudulent transaction are those who greatly preferred due to higher ability to earn money for bank. Black (cited in Galbrait, 2010) stated financial fraud is likely to happen when you can be in charge of the bank. Given the authority to manage the bank, it is always easy to involve their self in fraud. Heineman (cited in Brigham and Linssen, 2008) stated CEOs are the individual that are responsible that contributed the fraud in Enron and WorldCom. Someone that is performing great will less likely to be question by public, other executives in the bank or shareholders. The management is clueless on how are those CEOs control the entity. They f ailed on handling accounting, finance, risk, legal, human resources, operational and boards. Other than CEO, individual such as Nick Leeson has brought down Barings Bank with fraudulent activities when top management did not question his activities in the bank (Pressman, 1988). Nick Leeson hides errors and losses in the hopes that luck may reverse while speculate the fake account to earn money with foreign currency. Asset misappropriation is the common and easiest to occur. An asset misappropriation includes payroll fraud, check forgery, theft of money and services. Statistics show that asset misappropriation made up to 91% but the least expensive fraud (Coenen, 2008). The founder of Independent Insurance and two of its executives has bought down Britainà ¢Ã¢â€š ¬Ã¢â€ž ¢s largest insurance companies. They were involved in off-balance sheet accounting which is keeping information on contracts away from the main system. False accounting has been very common that cause institution failures over the years. False accounting is often done by overstating or understating profit or liabilities to show a stable balance sheet. This is done to attract customers and investors. Palmer (2004) noted banks uncover questionable transactions in order to maintain their reputation on outsiders view. There is no incentive for bank to reveal the real information to customers and investors. The manipulation of financial statement can enhance the bankà ¢Ã¢â€š ¬Ã¢â€ž ¢s earning by making it more appealing and create more financial opportunities. Sarbanes (cited in Brigham Linssen, 2008) said public companies with good reputation are convicted into fraudulent practice to exaggerate profit and rise up stock prices with their auditors. However, the cost of false accounting is large and widespread. Matthew Piper lost  £60million in Morgan Stanley, one the largest investment bank when he overstated the profit. (Power, Edwards and Bloxham, 2008). Bribery and corruption include investment scheme fraud, bribes to influence decision-making, and manipulation of contracts. It is reported that bribery and corruption is cost more than asset manipulation. Two SFO were bribed  £800,000 to ensure loans of  £13m are successfully deal the owner of Facia (Murray-West, 2004).

Essay about Analysis of Psychology Through the Eyes of Faith

Analysis of Psychology Through the Eyes of Faith After reading a few of the chapters in Psychology Through the Eyes of Faith, I feel as if I have learned more in one sitting than many in years of my life. The chapters were not life altering, but simply stated things that I have overlooked. The topics that affected me most were on living with the mysteries of faith, benefits of true rest, and the emotion of happiness. Yes, they are really in no way related, but each of these topics impacted me in a different way, and made me think about what was being presented. The whole chapter entitled, On Living Peaceably With the Mysteries of Faith was really interesting. The one line that hit me the hardest was, Some issues#8230;are†¦show more content†¦Reflecting on the above quote helped me to realize that we are completely different than God in everyway. God, being sovereign and all knowing, thinks in a way we cant comprehend. After thinking through this, it has become easier for me to have faith and depend on Christ knowing that even if I tried to worry about my life, there is no way for me to understand what God has planned for my life. Its easier to just sit back and follow Gods lead instead of trying to figure him out. The second section that made me think was the chapter entitled, The Day of Rest. This chapter talked a lot about how dependent we, as humans, are on other people. I see that aspect in myself a lot in that I am a social person. I feel most comfortable with a large group of people, and I love to talk to people about what they or myself are going through. For a while now, Ive thought that that situation is where I thrive, and a place where I get a lot out of discussion and interaction with others. After reading the chapter on resting, Ive learned that while fellowship is an important and intricate part of a growing faith, so is a time for just God and I. Times spent in solitude cannot only help my relationship with Christ grow and flourish, but it is a time that I can focus on my own well-being. If I were to constantly try to talk to others and help them with their problems, I would be too busy or stressed to deal with my own issues or struggles. I now realize that to trulyShow MoreRelated Rene Descartes Essay1271 Words   |  6 Pageshimself, an intellectual who contributed to the field of psychology. Born in the 16th century, Descartes grew up in a society where ideas, thoughts and perceptions were not questioned but were supposed to be understood and supported. While growing up and through his studies, Descartes began to make strides in the fields of philosophy, mathematics and science. Descartes was a man who challenged accepted ideas and aided the field of psychology through his contributions to reflex theory, helping describeRead MoreA Cluster Criticism Analysis : Where Is The Love, By The Black Eye Peas1248 Words   |  5 PagesA Cluster Criticism Analysis of â€Å"Where is the Love† By the Black Eye Peas†¨Michael A. Giron, AA of Commu nications, AA of Psychology†¨San Francisco State University†¨Author Note†¨1600 Holloway Ave.San Francisco CA 94132†¨WHERE IS THE LOVE CLUSTER CRITICISM 2†¨A Cluster Criticism Analysis of â€Å"Where is the Love† By the Black Eye Peas†¨Literature Review†¨Kenneth Burke is a specialist in symbol-systems and symbolic action, he defines rhetoric†¨as: the use of words by human agents to form attitudes or to induceRead More Comparing Symbols and Symbolism in Blue Hotel, Black Cat, Night, Alfred Prufrock, Red Wheelbarrow1620 Words   |  7 Pagesmodes of psychology, interpretations of various colors, with emphasis to dream psychology, an analysis of the colors themselves and then their applications to literature can be readily addressed.    Colour is one of the areas in daily life in which symbolism is most readily apparent. (Fontana 66) The use of color as a source of symbolism is widespread and amidst the most traditional of sources which still possess symbolic qualities. Psychologically, colors derive such impact through relationsRead MoreAnalysis Of The Novel Young Goodman Brown By Nathaniel Hawthorne Essay1679 Words   |  7 Pagesperceived from his piece of literature. Through evidence obtained throughout the course of the story, it will provide evidence that will give support to my original analysis as well as those who oppose my view and strike their argument on what their meaning of the story is. Nathaniel Hawthorne begins the story with the departure of a newly wedded couple, a young man named Brown and his wife, Faith. From the beginning it is easy to infer that Brown’s wife, Faith was something full of innocence for MrRead MoreDr. Young s Thy Word Is Truth, We Travel1810 Words   |  8 PagesIn Dr. Young’s Thy Word is Truth, we travel by faith along Scriptural reasoning exposing the true nature of God’s Word, inerrant, infallible, standing alone in its identity and ability to save our souls. It is this very essential quality of Scripture purely divine, being breathed from God that Young helps us to wrestle with. Modern criticism, philosophical attacks, proof texting, accusing the Word of not being complete by attempting to add to it have all been addressed in a scholarly manner by YoungRead MoreWilliam Shakespeare s All The World s A Stage 1540 Words   |  7 Pagesbig statement about the importance and timelessness of Shakespeare s plays that Rome o and Juliet is essentially used to justify a call for reform of modern laws (241). In the psychology literature the theme of the play Romeo and Juliet is used to show what is called the Romeo and Juliet effect (Driscoll 1). The psychology is that when there is outside influence on young love, the effect is to strengthen it. Over four hundred years later, Shakespeare’s plays provide the name for effects which areRead More Waste Land Essay: Journey Through The Waste Land1542 Words   |  7 PagesEliot’s depiction of a spiritually empty and lost society is a reflection of his inner search for a life-defining spiritual faith. Eliot’s message is that modern man leads a very hollow and disconnected existence because he has abandoned his spiritual values in pursuit of material wealth. Eliot begins The Waste Land by bemoaning the fact that spring exudes false hope through its evidence of new growth and destroys the numbness and warmth acquired during winter’s hibernation from life or feelingRead MoreReligion : Science And Religion1273 Words   |  6 PagesScience and religion were based back in modern days to be the answer to everyone, and society as a whole to handle their issues through the church majority of the time, until science came along and changed the perspective of everyone’s outlook on how they were to solve their conflicts. Within the world today they both still exist and are still being put to use for its main purpose which is to create answers to things we face that need a solution. I believe Religion started inRead MoreBetter For One s Self1727 Words   |  7 PagesNorth America but from all over the world, reason why is because a lot of people think that this is important in life. But it can be better to find one’s self and know what they would want to do instead of thinking what is right in their higher powers eyes or beliefs and can help clear the mind better. This study from mental Health, Religion culture. Vol. 17 gives a brief idea of what people think being religious is. â€Å"The relationship between religiosity and mental health is a relatively well-researchedRead MoreThe Pastoral Clinic Book By Angela Garcia Takes Place On1511 Words   |  7 Pagesmanifestation of the human desire to be released from them. Lyrically evoking the Espaà ±ola Valley and its residents through conversations, encounters, and recollections, The Pastoral Clinic is at once a devastating portrait of addiction, a rich ethnography of place, and an eloquent call for a new ethics of care. As an outsider to the drug culture, Garcia relays observations, stories, and analysis of Nuevo Dia and its patients to convey aspects of the problem. In describing her relationship with heroin addiction

The Marriage Act ( 1949 ) - 859 Words

According to the Marriage Act (1949), it provides for the restrictions on marriage, stating thus: â€Å"A marriage solemnized between persons either of whom is under the age of sixteen shall be void † Section 6 of the Marriage Act (1970) also requires that the marriage of any person under the age of eighteen must be with full consent . Section 11 of the Matrimonial Causes Act states thus: Nullity (11) Grounds on which a marriage is void. A marriage celebrated after 31st July 1971 shall be void on the following grounds only, that is to say: (a) that it is not a valid marriage under the provisions of [F11the [F12Marriage Acts 1949 to 1986]] (that is to say where: †¦ (ii) either party is under the age of sixteen †¦ It can be said that the lack of capacities and defective formalities which are known to the parties, makes the marriage incurably void and not appealable (as in the case of a voidable marriage which can be appealed) . The Children’s Act (2004) provides thus: The Children’s Commissioner is to be concerned in particular under this section with the views and interests of children so far as relating to the following aspects of their well-being-(a)physical and mental health and emotional well-being; (b)protection from harm and neglect; (c)education, training and recreation; (d)the contribution made by them to society; (e)social and economic well-being . The Children and young Persons Act (2008) also makes similar provisions for the wellbeing of a child to be the duty ofShow MoreRelatedEssay on Criminally Colored1234 Words   |  5 PagesHowever, this stance does not take into account the reality faced by Colored individuals. In 1949, a law was passed prohibiting mixed marriages, meaning that individuals of different racial designations could not be romantically or physically intimate. With this law in mind, being colored is a detriment because as such people were walk proof of a crime long ago committed. Looking deeper at the mixed marriage act as well as the relationships and attitudes between racial classes, in Zoe Wicomb’s shortRead MoreThe Goals Of Love And Romantic Relationships989 Words   |  4 Pagesclarifies, An act should not be written off as selfish or self-motivated simply because it includes some inevitable element of self-interest [or reward]. The act can still be counted as altruistic if the ‘selfish’ element is accidental; or, if not accidental, then secondary; or, if neither accidental nor secondary, then undetermining†¦ [This is the] very heart of ancient virtue, which can be defined as the perfection of our nature through the triumph of reason over passion. The truly altruistic act is theRead MoreWomen’s Treatment in Death of a Salesman1463 Words   |  6 Pages Happy demonstrated this several times through the play. For example, he called the first woman he had sex with a ‘pig’ (Miller, 1949, Pg 21). This behavior is very abusive and takes advantage of women to gain sexual pleasure. While Happy was talking to his brother Biff, he mentions that he’s sleeping with a soon to be married woman named Charlotte (Miller, 1949, Pg 25). Miller uses a very crude way of symbolizing adultery to show how people viewed women of this time period. Once again thisRead MoreSociety s Influence On The Practice Of Neolocal Residence And How It Differs Dependent On Place Of Origin1376 Words   |  6 Pagesto day life Sociology is constantly influencing us in many ways whether it is guiding us how to think, act, or even dress. Although our culture has these impacts on us, no two cultures are the same. Each one has its own specific set of morals and values and directly that influence the people. As we think about events in our lives, there a re many major milestones that shape who we are. Marriage is one of the largest events we will experience in our lives. As this is a large event, society greatlyRead MoreMarital Breakdown and Divorce Essay1094 Words   |  5 Pages Marital Breakdown and Divorce Over the last 40 years, sociological research has provided statistics suggesting a significant increase in the number of marriages ending in divorce. In this essay I aim to justify this increase and explain why statistics may give a misleading picture. The way I have decided to structure this essay is firstly to look at a brief history of the laws governing divorce over the last century, then to discuss the statistics and finally to concludeRead MoreHistory of Apartheid in South Africa730 Words   |  3 Pagespeople of African descent as inferior despite them being the majority. During the 19th century, British settlers tried to restrict the movement of black people in and around areas occupied by whites and controlled by the British. The South Africa Act of 1910 gave whites complete political control over all races. During World War II, Jan Smut led the United Party and began to loosen up on the segregation laws but the Sauer Commission was established in 1947 to focus on the relocation of blacks intoRead MoreDiscuss Changing Family Structures in the Uk and Give Examples of Sociological Theories That Provide Explanations as to Why and How Families Have Changed.1123 Words   |  5 Pagesthis society as families were a ‘unit of production’ so they needed as many workers as they could get. Michael Anderson (1971) argued that in ‘critical life situations’ there was a dependence on the extended family for help and support. Then Parsons (1949) said large families were economically beneficial, so the extended family was the most suited structure. However, during in the industrial revolution family life changed. It was no longer seen as a ‘unit of production’ but now a ‘unit of consumption’Read MoreThe Effect of Law Changes on the Growth of Divorce Rate Essay731 Words   |  3 PagesThe Effect of Law Changes on the Growth of Divorce Rate Divorce is the legal termination of a marriage. There is no doubt that divorce is much more common, becoming a norm almost. If present trends continue, it is estimated that 1 in 3 marriages will end in divorce, but is it the alteration in the legal grounds that is causing this trend? In this essay I will look at the other aspects that could be the foundation for the growth of divorce and state which I think is Read MoreHistorical Background Of The Era Essay1481 Words   |  6 PagesOne of the first acts passed was the Prohibition of Mixed Marriages Act, in 1949, which outlawed marriage between Europeans and non- Europeans. The following year new legislation banned sexual intercourse between Europeans and non- Europeans. Additionally, in 1950, the Malan government passed the population Registration Act, which categorized every South African by race, and subsequently required people to carry with them at all times a card stating their racial identity. This Act was later modifiedRead More John Wayne as an American Icon Essay1322 Words   |  6 Pagescareer as an actor, John Wayne won a variety of different awards, achievements and accomplishments. In 1950, at the Photoplay Awards, John Wayne won his first award when he received the award for the Most Popular Male Star because of his work in the 1949 film, Sands of Iwo Jima. Also in 1950, â€Å"The Duke† was nominated for Best Actor at the Academy Awards for Sands of Iwo Jima. In 1953, Wayne was named the World Film Favorite male actor at the Golden Globe Awards. Seven years later, John Wayne made a

Is Othello a Tragic Play Free Essays

Othello is a character displaying all the classic traits of a tragic hero. Linguistically he is eloquent in style; â€Å"Rude am I in my speech and little blessed with the soft phrase of speech† (1.3. We will write a custom essay sample on Is Othello a Tragic Play? or any similar topic only for you Order Now 82-3). This also implies his modest side although he generally acts as an epic hero as opposed to a Christian leader and this too is reflected in his highly courageous and endearingly care-free speech: â€Å"he that stir next, to carve for his own rage, holds his soul light: he dies upon his motion† (2.3.169-170). His peers also recognize him as heroic; Montano calls him ‘brave Othello’ (2.1.37) and a ‘worthy governor’ (2.1.30). This case relies on the assumption of Iago’s completely evil nature and indeed he is generally scene as one of Shakespeare’s most despicable characters. He has a multitude of motives. Resentment and jealously of Cassio’s promotion: he wishes ‘to get his place’- (1.3.391-2) and once demoted says, ‘how do you now, lieutenant?’ Hatred of Othello: ‘doth like a poisonous mineral gnaw my inwards and when Iago goes on to taunt Othello with degrading sexual images of Desdemona (3.3.205) is this hatred not perfectly visible? These accusations have little just cause and it is Othello we empathise with. Othello deals gracefully with the crude racism that was common for the time and concurrently treats his peers with equality and respect and is the model gentlemen when his wife is concerned. In the very first act there is a distinct theme of racism as Iago and Roderigo let their true feelings be known as they discuss Othello: â€Å"And I – God bless the mark, His moorship’s ancient!† This is clearly sarcastic with the deliberate intent of mocking he of the ‘thick lips’ and Roderigo responds, â€Å"By heaven, I rather would have been his hangman†. He also displays his naivety, which could be perceived as a fatal flaw, as he insists on calling Iago ‘honest ‘ persistently throughout the play How to cite Is Othello a Tragic Play?, Papers

My Native Land Essay Example For Students

My Native Land Essay To India – My native land is a poem by Henry Louis Vivian Derozio. Derozio lived during the early 19th century. He was a teacher, a scholar, a poet and an academician of Eurasian and Portuguese descent. He considered himself to be an Indian and encouraged free thinking among his students. He oversaw the publication of a journal in which his student wrote against the British rule in India, orthodox Hindu practices and favored emancipation of women. The journal was banned and Derozio lost his job due to his unorthodox views. His opposition to the British and the orthodox Hindu practices alienated him from both the society as well as the government. He spent his last days in penury, starvation and died of cholera at the age of 22. It’s sad to know such a great thinker and poet had a sad end. Derozio was one of the few people who used to think much ahead of their times and is remembered as an intellectual anarchists of his times. To India – My Native land My country! In thy day of glory past A beauteous halo circled round thy brow, And worshipped as a deity thou wast. Where is that glory, where that reverence now? Thy eagle pinion is chained down at last, And groveling in the lowly dust art thou: Thy minstrel hath no wreath to weave for thee Save the sad story of thy misery! Well let me dive into the depths of time, And bring from out the ages that have rolled A few small fragments of those wrecks sublime, Which human eyes may never more behold; And let the guerdon of my labour be My fallen country! One kind wish from thee! Henry Louis Vivian Derozio Brief explanation In this poem, Derozio personifies India and talks to her in a monologue. Derozio talks about the glorious past of India, is evidently unhappy with the British rule in India and refers to the same in the line â€Å"The eagle pinion is chained down at lastâ€Å"? , where eagle refers to India (It is said that in early days of British rule foreigners referred to India as the Golden Eagle or Golden bird as it was very rich and one of the largest producer of gold and diamonds). Derozio wishes to bring back the glorious past of India by â€Å"diving into the depths of timeâ€Å"? and bringing back â€Å"small fragments of those wrecks sublimeâ€Å".