Case 1.12:Madoff Securities

Case 1. 12: Madoff Securities Questions: 1. Research recent developments involving this case. Summarize these developments in a bullet format. 2. Suppose that a large investment firm had approximately 10 percent of its total assets invested in funds managed by Madoff securities. What audit procedures should the investment firm’s independent auditors has applied to those assets? 3. Describe the nature and purpose of a â€Å"peer review. † Would peer reviews of Friehling & Horowitz have likely resulted in the discovery of the Madoff fraud? Why or why not? 4.Professional auditing standards discuss the three key â€Å"conditions† that are typically present when a financial fraud occurs and identify a lengthy list of â€Å"fraud risk factors. † Briefly explain the difference between a fraud â€Å"condition† and a â€Å"fraud risk factors,† and provide examples of each. What fraud conditions and fraud risk factors were apparently present in the Mad off case? 5. In addition to the reforms mentioned in this case, recommend other financial reporting and auditing-related reforms that would likely be effective in preventing or detecting frauds similar to that perpetrated by Madoff. Answers: 1.Recent developments involving the case Madoff Securities: †¢Bernie Madoff’s son, Mark Madoff committed suicide on December 11, 2010. His suicide may have been influenced because there was an investigation on Mark’s children on grounds that Bernie transferred funds to their accounts. †¢Peter Madoff pleaded guilty to his involvement in the Ponzi scheme run by his brother. Peter Madoff served as the chief compliance officer. †¢Irving Picard, the trustee in charge of liquidating Madoff’s assets, has asked a New York court for approval to distribute an additional $1. 5 billion to investors who lost money in Madoff’s fraudulent investments.It is estimated that Picard has already recovered $9. 1 billion but has only been able to distribute $1. 1 billion so far. †¢In May 2010, about 720,000 Madoff investors outside the United States settled with their banks, receiving about $15. 5 billion in all, according to law firms representing them. †¢In June 2012, the Supreme Court said it would not take up a dispute over how the claims of victims of Mr. Madoff’s huge Ponzi scheme should be calculated. Without comment, the high court declined to hear an appeal from lawyers for investors who got back all the cash they had invested with Mr.Madoff before his December 2008 arrest. 2. If a large investment firm had approximately 10 percent of its total assets invested in funds managed by Madoff Securities, the audit procedures that the firm’s independent auditors should look very closely are some procedures that will help the auditor to identify inherent and control risks that contribute to misstatements in balance sheets. He/she should make sure that the detection risk is as lo w as possible and the key transactions are confirmed for its accuracy.By addressing issues of materiality, the auditor will eliminate misstatements to overstate the investment on the balance sheets. PCAOB AU Section 329A states that understanding financial relationships is essential in planning and evaluating results of analytical procedures and generally requires knowledge of the client industry. The auditor, by understanding the nature of the business can identify and categorize the types of risk that can be assessed. The auditor will have to do research about the business and how transactions are handled and processed.Knowing about the client’s business the auditor will better obtain sufficient, reliable, and relevant evidence to achieve his audit objectives. Analytical procedures are used as a substantive test where the auditor considers the level of assurance he/she wants from the substantive test for audit objective. The independent auditor main goal is to be able to es tablish the accuracy of major accounts and confirm that the assets the firm has recorded actually exist. For instance, the auditor should to take key transactions of the assets and make sure that those transactions are accurate and recorded properly.Also he may conduct bank reconciliations on pertinent accounts to make sure no discrepancies or misstatements are found. The auditor should also perform vertical and horizontal analysis for the income statements and balance sheets by the use of ratios. Moreover, the auditor should preform test for effectiveness of internal controls. He may interview management by asking questions on the process of the transactions and operational activities. He may discuss with management the process of some transactions from beginning to end and then test it by using sample testing.Also he/she should make sure that there is proper control of activities; policies and procedures for adequate segregation of duties are met. 3. A peer review is a process of subjecting research methods and findings to the study of others who are experts in the same field. The purpose is designed to prevent dissemination of irrelevant findings, unwarranted claims, unacceptable interpretations, and personal views. It relies on colleagues that review one another’s work and make an informed decision about whether it is legitimate, and adds to the large dialogue or findings in the field.A peer review of Frieshling & Horowitz would result in the discovery of the Madoff fraud because questions would have been raised about the resource capability of the firm to handle such a large account given that it only had one accountant. Moreover, the Standards for Performing and Reporting on Peer Reviews Section 1000 states that purpose is to provide standards for administrating, planning, preforming a good monitoring of the CPA firm’s accounting and auditing practice to promote good quality to serve the public interest. 4.The SAS 99 describes three conditi ons of fraud: incentives/pressures to commit fraud, opportunities that circumstances provide opportunities to commit, and attitudes/rationalizations which is an attitude, a character or set of ethical values exists that allows management or employees to commit dishonest act. Some of the fraud risk factors in Madoff Securities case include: Incentives/Pressures Greenness- Madoff always wanted more. He wanted to maintain a rich lifestyle for him and his family, as well as to stay as one of the top investment firm.Opportunities Madoff firm did not have proper monitoring controls as well as the ineffective accounting system, internal audit and information technology staff. Attitudes/Rationalizations No one understood his strategy; no one could communicate with him about investments SAS 99 requires the auditor to assess whether fraud risk factors exist. Fraud risk means that the likelihood of committing the fraud is high. For instance based on case some of fraud risk factors are: †¢ high degree of competition or market saturation, accompanied by declining margins. assets, liabilities, revenues, or expenses based on significant estimates 5. Other reforms recommended are for the victims of the fraud would be that the victims need to be more aware of whom they are investing their money with. The victims should perform more research the company in which they would like to invest their money. They should ask them self-questions if the business owner has a good reputation, is he/she have a criminal record, and if he/she has experience in operating a business. Also, today the economy is hard and if a return on an investment seems too good to be true probably here is something wrong going on (fraud class, prof. Edward Mann). Moreover, the other ways that would effectively prevent or detect fraud similar to Madoff are: †¢organizing the enforcement division that will monitoring unusual investment returns, †¢improving fraud detection procedures for examiners, â € ¢recruiting staff with specialized experience, †¢expanding and targeting training to improving internal controls procedures, †¢introduce firms with whistleblower program †¢increasing educational request for specific licenses †¢oversight management and employees

The Jade Peony

Thesis: one’s personal culture and sense of tradition will always be a strong part of the self, regardless of external factors which can have a profound influence on one’s life. Subtopic 1: one’s value, habits and loyalty to his culture and tradition are not easily changed. Example:â€Å" But we collect for the heart, Kiam-Kim,† Father said. â€Å"We help all the people of China. † I was puzzled. â€Å"Even those who kill other Chinese? † â€Å"Yes,† Father said. â€Å"Of course. † â€Å"But never help the Japanese? † â€Å"Never. †(Page 208) Explanation: This discussion is between Kiam-Kim and his father, which is a Chinese family in Canada for a long time. At that time, there is just a war between China and Japanese, and Kiam-Kim, who is the main character in the novel, is collecting money for the donation of Chinese soldiers. Kiam-Kim thinks this money is for blankets, medical supplies, food for orphans but not for bullets or guns. Because at that time, Kiam-Kim just 9 years old, his child’s mind wants everyone in peace but not in war. But in fact, there are so many wars in China. Not only between Chinese people but also between China and Japan. When he asks his father about what these denotation is for, his father tells him that is for all Chinese people including the people who is fighting with another Chinese people. Because of the hatred of Japan, his father never wants to give anything to Japan. That proves that he will never help his country’s enemy because of his loyalty of China . Subtopic 2: One’s culture can have a profound hold on one’s personality, gravity influencing a course of behavior. Example: â€Å"Teach Jung-sum how to kick and pass the ball,† Father said to me. â€Å"Canada never need soldiers. † â€Å"Need soldiers in China,† Poh-Poh said, slapping the last bandage on my arm. She poured her stinging homemade lotion on one of Jung’s battle wounds. â€Å"Fight the warlords!Fight the Japanese! †(Page 230 ) Explanation: Poh-Poh is an old lady from old China; she used to be in China for such a long time so the impression of China’s culture has a important part in her life. Although she is in Canada, but she still memorizes the Old China and cares about the things happening here. When the war between China and Japan is broken out, she is always worried about the Old China’s situation although there is not any war in Canada, so no soldiers are needed. But Kiam-Kim’s father said â€Å"Canada never needs soldiers†. Poh-Poh thinks about her country, the old China, which needs so many soldiers to attend to the war. So she said â€Å" Need soldiers in China! † because the culture of China has such a influence to her. Subtopic 3: We are all placed in a category and perceived in a certain way become of our background’s culture, and the human aspect of prejudgment will probably never changed. Example: Overnight, the news ran through Chinatown. Perfect Meiying had given herself to a Japanese boy. She had to do something and failed terribly. She had bled to death. Two ambulance arrived, and a crowd gathered to watch them take away the bundled body. Explanation: When the war between China and Japan becomes more and more intensely, every Chinese people including the aboard hate Japan because Japan invade their land and attack their compatriots. But Meiying, who is a wonderful girl in Chinatown, has a boyfriend as a Japanese people. In that time, it is such a terrible thing because the Chinese people believe that people who has communication with Japanese is a traitor. Meiying keeps the secret for such a long time but finally it is exposed so she can not be under this hard pressure and also don't want to Implicate her parents so she decides to kill herself. So at that time, people think all Japanese people are bad and harmful and attribute them into a category which is bad. So whether the people is good or bad, if he is a Japanese, he will be judged into a harmful people.

Becky

The government, business, and consumers all have an important role a play in the field of environmental protection. The three components should form an interrelated system in which the government and consumers exert pressure upon businesses to act ethically in environmental matters, and business executives are committed to the issues of sustainable development that forms part of corporate social responsibility.Alan Larson in his remarks on corporate social responsibility addressing the National Policy Association Conference noted that although he believed in profit maximisation as the CEO’s primary objective, â€Å"in a global marketplace where reputation matters deeply, shareholder value depends more than ever on corporate values† (Larson 2001). Thus, corporations cannot be interested in profits as the only priority; instead, they should be interested in the situation on the planet in general.Just as â€Å"sustainable development† is an appropriate measure for s ocial progress, so â€Å"sustainable profits† should become part of the accounting vocabulary indicating that the corporation can â€Å"increase shareholder value by communicating to shareholders, employees, customers, regulators, and the general public how it is practicing environmental stewardship and social consciousness in its operations† (Larson 2001). Thus, business has an independent incentive to act ethically. However, Larson notes, the government can enhance this incentive by offering, for instance, the Award for Corporate Excellence only to environmentally conscious companies.Another way is to include the government regulations into guidelines of state structures, for instance, OECD Guidelines on Multinational Enterprises or guidelines of the World Bank and the International Finance Corporation (IFC). Consumers in the 1980s and later decades became aware of the influence of their purchasing choices upon the environment. Their responsibility to the environment , among other things, was included for discussion at the 1992 Earth Summit in Rio under Agenda 21 (Yu ). Their role in sustainable consumption has to be defined through a range of consumer initiatives.Thus, the three parties can cooperate in enhancing environmental protection. References Larson, A. (2001, June 11). Role of the U. S. Government in Promoting Global Corporate Responsibility. Remarks to the National Policy Association Conference. Retrieved November 25, 2005 from http://www. state. gov/e/rls/rm/2001/3526. htm. Yu, N. (n. d. ). The Green Consumption Movement: The Roles of Government, Business, Academia, NGOs and Consumers. Retrieved November 25, 2005 from http://www. apo-tokyo. org/gp/e_publi/gsc/0315RES_PAPERS. pdf.

Healthy Fast Food Chain Dissertation Example | Topics and Well Written Essays - 12000 words - 1

Healthy Fast Food Chain - Dissertation Example The answer to this question lies in the correct identification of the consumer behaviors along with their existing and future preferences along with the changing trends in the market. The consumer behavior is the concept refers to dealing with the demand for the consumption of any product or services. In other words, the consumer behavior is the patterns that individuals follow while making purchase decisions. The study of behaviors is also referred to as the social science, which plays one of the most important but complicated roles in designing the business strategy or developing a brand. The reason is that the behaviors of individuals are seasonal. Moreover, the behaviors can change at any point in time depending on the circumstances. This implies that for a successful business start-up and identification of most suitable business strategy, reading the minds of the target market or expected consumers is important. The phenomenon of dealing with the complications of consumer behavi or is important in almost all kinds of business. The importance is even higher in case of the food business. The research work is based on the identification of brand development strategy of a healthy fast food chain. The key determining elements which are studied in this research work for the establishment of the fast food brand are the marketing trends and the consumer behavior. â€Å"To identify the most successful branding strategy that can help the new entrants in the fast food business to establish healthy fast food chain. Moreover, the research work also served the purpose of guiding the entrepreneurs regarding how to identify the marketing and consumer behaviors along with the strategies of dealing with these complications â€Å"

To date human rights law has contributed little in terms of gender and Essay

To date human rights law has contributed little in terms of gender and sexuality related rights. Discuss - Essay Example Contextually, we must proceed to analyse the effects of human rights law in relation to gender and sexuality linked rights. This paper utilises a detailed review of academic and legal literature which is followed by a legal analysis. Next, case examples have been appended and the paper finally culminates at an appropriate conclusion. Evolution of the human rights law framework is one of the relatively recent developments. To understand the implications, backgrounds and characteristics of gender and sexuality related rights in relation to human rights, review of the literature related to feminism and feminist jurisprudence in particular becomes rather important. Hilaire Barnett has attempted to evaluate the relevance and implications of feminist jurisprudence from feminist, historical, socio-cultural and legal perspectives.1 Historical evidence of discrimination against women can be empirically testified by the practices like Chinese footbinding, female circumcision, Hindu suttee of India, European witch murders, wife sale in England, etc. A comparative analysis of these historic socio-cultural trends reveals the existence of certain tendencies in the society which give rise to gender-based violence against women. The legal developments too have been affected in efforts to curb these tendencies. For example, British colonial rulers in India had to pass a legislation that stopped the practice of Hindu suttee during the 19th century. Hence, gender inequalities and related violence have been intercultural and appropriate legal action in this regard must always be welcome.2 Further, analysis of gender based crime against women is extremely important in the context of criminal law as well. Law’s engagement with the female body is not only an ethical but also a technical issue in evaluating the existing criminal law framework.3 Addressing discrimination issues in regards of women is thus important in the context of UK. In fact, British women

Research Methods - Public Health Essay Example | Topics and Well Written Essays - 2250 words

Research Methods - Public Health - Essay Example Ohio is one of those places where we can find health disparities at a significant level. Studies indicate that the Appalachian adults in Ohio are more exposed to health disparity issues than their peers in other regions. Health disparities related to the environmental exposure pose a double injustice in terms of unequal exposure and unequal access to adequate health care. Health disparities, in general, mean that the burden of disease or environments that cause disease are mostly felt or experienced by some and not all populations. In the United States (US), health disparities are attributed to several factors including: lack of access to healthcare, socioeconomic status or educational background (Moeller, 2005). We look at health disparities from the angle of environmental health. Effects of health disparities are dismal because they include limited or no health insurance at all, which, in turn, prevents them from having access to adequate healthcare and related resources. This is a significant public health challenge which needs to be addressed by effective interventions. This  Abbreviated Quantitative Research Plan (AQRP) is aimed and directed at policy makers at local and federal levels; with the aim of addressing health issues related to industrial manufacturing sites located in residential areas. The plan is also directed towards health services, federal and local public health agencies, companies with polluting businesses and other interested stakeholders. The plan explores the study’s purposes, design, methodology and other aspects of a credible research (Creswell, 2006). According to Moeller (2005), The Pollution Prevention Act of 1990, â€Å"was made into national policy to assure that pollution is prevented or reduced at its source, recycled or treated in an environmentally safe manner, and disposed of or released into the environment only as a last resort† (p.362). Evidence of improvements on human health, especially to

Human Biological Systems, Co-ordination & Control Essay

Human Biological Systems, Co-ordination & Control - Essay Example Different Parts of the Nervous System The human nervous system includes three main parts. These are central nervous system, peripheral nervous system and the autonomic nervous system. The CNS consists of brain and spinal cord while the other two are formed by neurons clusters known as ganglia. The brain is comprised of three major parts. The cerebrum controlling the human senses of touch etc, the cerebellum which controls coordination and balance and the brain stem that provides the linkage between brain and spinal cord as well as controls breathing, heartbeat and digestion. Spinal Cord is a tube consisting of neurons that move up the spine and links to the brain stem. The signals from the body parts are first conveyed to the spinal cord, from where they are either responded in case of autonomic responses or else are conveyed to the brain. 2. Types of Neurons The neurons or nerve cells are classified on the basis of their function as motor neurons, sensory neurons and inter- neurons. Motor neurons dispatch signals from the CNS to the other body parts. Thus carries a message that has been send by the CNS to generate an appropriate response, sensory neurons convey the external stimuli that triggered the nerve impulse to the CNS. These stimuli may be sense of taste, hearing, sight, smell, touch and pain. While inter neurons relay information among groups of neurons or neurons for information processing to occur within the brain in a similar way as computer’s logic circuits. They also convey information within the CNS. 3. Nerve Impulse Initiation Animals have various kinds of mechanical stimuli receptors. Each receptor begins nerve impulses within the sensory neurons on going thru a physical deformation introduced by an external stimulus like pressure, touch, stretching, sound waves and motion. A nerve impulse starts within a living cell by receptor cells. These all possess exceptional voltage-gated sodium channels, but are gated instead by the suitable stim ulus either directly or indirectly. For instance: In tongue the sodium channels are chemical-gated which opens the taste receptors on coming in contact with a particular food chemical while sodium channels in the inner ear hair cells are mechanically-gated that are disturbed by sound vibrations. In either case the right stimulus leads to the opening of sodium channel, leading the flow of sodium ions into the cell, causing membrane potential depolarization and ultimately influences the voltage-gated channels of sodium located nearby and initiates an action potential. Nerve impulses transmission Electrical transmission Neurons receive and send messages from and to one another and the body. This communication takes place via

Ladybug Cell Phones Essay Example | Topics and Well Written Essays - 1250 words

Ladybug Cell Phones - Essay Example In this partnership strategy, the major idea will be persuading the distributors as well as the retailers to sell our product to the clients by giving various types of incentives to the customers. The push strategy will involve discounts, money back guarantee, and advertising items. The company will convince the distributors to help market the product and in the end sell it to the clients (Carroll, 2000). Â  Pull strategy, on the other hand, will require that we, the company, spend considerably on the customer in order to develop high demands by the customers for the product. This will ensure our customers get attracted simply from the promotion and then demand the product from our retailers, this will make the retailer request the wholesaler for the product and eventually, the wholesalers would put an order for the product to the manufacturing company. This will promote sales of Ladybug significantly. There is a significant difference between the two strategies of sales promotion. The push strategy will demand that we, the company, persuade the wholesalers and retailers to sell our products or put them on their shelves in order to create demand among customers. On the other hand, with the pull strategy, we, the company, will engage the customers directly and communicate to them in order to influence their demand for the product so that they can request for it (Eisenstadt, 2003). Â  Push-pull strategy, a combination of the push strategy and pull strategy, implies the use of both the strategies at once. In this case, both the customers and our distributors will take into account and consider the incentives that we, the company, offer such as discounts.

Global Supply Chain Managment (Evaluating the supply chain Essay

Global Supply Chain Managment (Evaluating the supply chain implications for an organisation) - Essay Example Along with fulfilling the demand there must be the management of inventory where the inventory level is not that much as compare to the cost of holding the inventory rises. The business cycles are determined where there are booms and slumps and the ways that are integrated strategically to smoothen the business cycle. The implications of getting green chain and the strategies how the green chain can be followed are kept in mind. The benefits and the disadvantages of having a green chain along with the challenges faced in getting a green supply chain are discussed. The risks associated with the supply chain are elaborated and the sufficient measures along with strategies that can be followed to minimize the risks. The time associated with some of the factors that are applied in the supply chain in order to get benefit from it and how the benefit can be utilized is discussed. 1) The Beer Game For the better understanding of the supply chain where the phenomenon of buying and selling is elaborated, a game is observed. A beer company is made and the supply chain is created. The different factors of the supply chain are understood better when they were applied and the inventory level changed accordingly. It is basically about elaboration of demand and supply for the product creating the cause for change in the inventory level in the company. The inventory level was managed by the management of the company in such a way that they do not run out of stock. The proper management of the inventory and handling of the demand and supply shall impact the management of the inventory. The risks of not been able to fulfill the demand are associated with the inventory level where the company runs out of stock and the customers’ orders cannot be satisfied (Simon, et al., 2000). On the other hand where the demand of the product is not appropriately ascertained and the company holds much more inventories then needed and incurs a holding cost. The difficulties faced included the poor management of the inventory as a result of late orders and delays along with the poor estimate of the demand of the product. Supply Chain Behavior Theory The theory of supply management consists of three elements which are description, prescription and the identification of alleged trends which were completely ignored in the beer game hence causing issues to rise (John, et al., 2006). Supply chain management and purchasing are often termed as similar which is ambiguous. Supply chain management is a much wider term including the operation management and logistics that the company uses in order to rotate a complete business cycle from purchasing to selling. When the company shifts from descriptive to prescriptive, problems rise. The prescriptive is more like a prescription which involves the working characteristics of the supply chain management. The trends analyst considers co operations rather than competitions. The trend identification is better observed in measuring the p erformance of the various factors of the su

Financial Management assignment 2 Essay Example | Topics and Well Written Essays - 3000 words

Financial Management assignment 2 - Essay Example The company does not seem to be cash-rich as it currently has an overdraft facility. Although the company has been operating successfully, taking on the project will put the company in an unfavourable cash flow position. The Internal Rate of Return in which the Net Present Value is zero is undefined as there is no discount rate that is small enough to make the Net Present Value zero. The company has already incurred a considerable sum of GBP 750,000 on research and development of this new range. Perhaps, the company can consider alternative ways of manufacturing this product, such as outsourcing or negotiating for better material costs without compromising on its quality. The initial research cost of the project has already been incurred by the company and is considered as sunk cost. This is because whether Paddle Your Own Canoe Plc takes up the project, or not, the initial research cost will still be considered as being spent. In analysing the cash flow that will be generated from the project, sunk costs must be ignored. As such, the treatment of the initial research cost is to exclude from the cash flow calculation. Likewise, depreciation of the plant and machinery is not included in the calculation of the cash flow because this is a non cash flow item, while the investment appraisal focuses on cash flows. Depreciation is an accounting method of recognising the reduction of the company's fixed assets in its income statement over time and does not affect cash at all. Thus, this item has also been excluded. The additional working capital that the company needs to invest in is meant for other purposes at the end of the project. In fact, this will only be released for use at the end of the project. Although the company has to commit to this much earlier, the item has also been excluded in the calculations. This is because the working capital is not related to the project and will not affect the investment at all. However, in the event that the working capital is sought for the purpose of the project, then this will have to be considered in determining the feasibility of the project. Question 1c The payback period calculation looks at the shortest number of years to recover the cost of the project. Although the calculation is easy to understand and simple, it still has its limitations. It ignores the benefits that occur after the payback period and more importantly, the method ignores the time value of money. The Net Present Value is an indicator of how much value an investment or project adds to the company. The Net Present Value is a more reliable method of calculating the returns expected from investments as the method considers the time value of money. The Net Present Value compares the value of a dollar today to the value of that same dollar in the future, taking both inflation and returns into account. A positive Net Present Value generated from a prospective project is a good sign and should be accepted On the contrary, a negative Net Present Value resulting from projects should be rejected because the cash flows will also be negative. The Internal Rate of Return is the discount rate that delivers a Net

Computer Network Mangment Essay Example | Topics and Well Written Essays - 3500 words

Computer Network Mangment - Essay Example SANTA CLARA, Calif. -- While Wi-Fi networks are often seen as simple and inexpensive to deploy, there are plenty of hidden costs and complexities lurking under the surface. Now, a number of new vendors are poised to remedy those problems. Panelists at the Pulver.com Wireless Internet Summit said that problems with radio frequency interference and site surveys often plague enterprises deploying wireless local area networks. Wireless LAN deployments are often expensive for companies because RF surveys, which help ensure proper network coverage, can cost as much as $1,000 per access point, said Albert Lew, director of product management for Burlington, Mass.-based wireless LAN vendor Legra Systems Inc. IT departments usually lack the expertise to do these surveys themselves, he said. Interference is also becoming a problem for many businesses, said Tyler Burns, product marketing manager with Ottawa-based wireless products manufacturer IceFyre Semiconductor Inc. He noted that the growing popularity of Wi-Fi, and the numerous technologies that compete with it, are taking up much of the space in the 2.4 GHz RF band. Having high quality of service over Wi-Fi networks will be increasingly important, particularly when it comes to voice and eventually video data, because that technology was not intended for those uses, said Warren Sly, director of marketing for Bellevue, Wash.-based in-building wireless infrastructure company RadioFrame Networks Inc. Third-party vendors, such as San Francisco-based Sputnik Inc., are developing products that can help IT managers both configure access points and control them, ensuring better coverage. Dave Sifry, CTO and co-founder of Sputnik, said that his company's products enable IT managers... This paper approves that training library users becomes more intensive and extended when IT is accessible. Coping with budget allocations and increasing demands from staff and the public becomes a skill that demands accurate knowledge of constituencies including accurate information on the enrollment figures, number of teachers, degrees held, conferred degrees, information seeking patterns, library use patterns, and substantial knowledge about their clout in the organization. Using rules set up by the Network Administrator, the firewall either permits or denies access. This essay makes a conclusion that IT implementation generally has special staff needs. Levels of required IT expertise will vary according to the innovation. Managers will have to identify staff members with expertise and allow time for these to pursue further training, or resort to hiring trained people. Even this requires considerable effort in assessing the need and building a need for new hiring to upper management. Clearly, the issues, problems and implications of developing and implementing a LAN, or any innovation are far from simple and straight forward. The ones mentioned in this paper are just a summary of those perceived as critical. Many other issues must be taken in consideration depending on the library, the staff and the environment in each organization. The management must be versed on the necessary techniques to assess the needs and determine the feasibility of any innovation in the workplace and its impact on staff and the users combined with political savy.

Arthurian and Grail Poetry Essay Example for Free

Arthurian and Grail Poetry Essay In 1871, Swinburne produced a new collection of poems which he entitled â€Å"Songs Before Sunrise†, which echoed a whole generation’s sentiments about Italy’s struggle for freedom. The poet’s stellar piece, â€Å"Hertha†, was yet another offering to the pagan altar upon which he worshipped. Hertha, the goddess of fertility, is written as the speaker of a dramatic monologue that aims to declare her superiority and immortality over the Christian God, a tactic Swinburne used to get the attention of the Victorian audience. He emphasizes, through Hertha, the significance and importance of Mother Nature over God, and provides line after line of physical representations of a â€Å"mother† that gives life and nourishment to her offspring, compared to a God who, in Swinburne’s logic, false and provisional. Also, by centering on the â€Å"body† of Hertha, Swinburne stays true to his established tradition of sensuality and passion. He ends the poem with Hertha saying â€Å"I am man†Ã¢â‚¬â€completing the ultimate pagan principle of man’s harmony and unity with nature. Swinburne’s most celebrated work, among his legendary pieces, is 1882’s â€Å"Tristram of Lyonesse†. A veritable triumph in the technical sense, the poem was skillfully written to feature long romantic couplets punctuated with a brilliant arrangement of vowel sounds, rhythm, and alliteration. Swinburne exposes his concept of passion masterfully in this tale of lovers who care for nothing else but their love, and would go to any length to keep the fire burning. Often referred to as Swinburne’s ode to the English dramatists, â€Å"Tristram† is, to this day, the most exemplary rendition of the English couplet. IV. Other Literary Accomplishments As much as Swinburne was known as an exceptional poet was his reputation as an excellent critic. From 1868, he managed to produce a number of volumes of literary criticism, with the best contained in Miscellanies and Essays and Studies. In this series, the genius and poetics of Swinburne are satisfyingly revealed and explored. He also published A Study of Shakespeare, in which he expressed his own great technical competencies and proficiencies in the areas of music and rhythm in poetry, by praising the iconic master of story, song, and technical excellence. It is quite apparent that Swinburne had intentionally limited his paganistic and atheistic principles to his poetry—the literary criticism that bears his name almost always stays firmly on the positive side, with nary a mention of technical or thematic shortcomings of the authors he discusses. With Swinburne’s passing in 1909, the Victorian society of England lost one of its greatest masters in lyric poetry, whose genius and brilliance were quite overflowing that he found it necessary to go against the tide, and stand by the least accepted constructs of society. V. Conclusion The question regarding Swinburne’s religious influences in his poetry has been clearly answered, and has validated the original logic proposed. There are indeed references to Christianity and traditional beliefs in almost all his poetry, which he strategically decided to use to disprove many of the paradigms established by the Church. With his declared propensity to explore the ideals of physical pain and pleasure, sexual passion, and excessive living, through a great deal of wit, sarcasm, and morbidity, the reading audience is left shocked and astonished way beyond their accepted levels. However, it takes one as talented as Swinburne to effectively realize the relationship between two opposing poles—Christianity and immorality—and use the commonalities to create an ideology that is all at once controversial and unacceptable, but also incredible and brilliant. Bibliography Apiryon, T. ‘Algernon Charles Swinburne’, The Hermetic Library, 1995, retrieved 12 July 2008 from http://www. hermetic. com/sabazius/swinburne. htm Bartleby, ‘The Rossettis, William Morries, Swinburne, and Others’. Bartleby. com, retrieved on 12 July 2008 from http://www. bartleby. com/223/0508. html Cymru, Gordd. ‘Arthurian and Grail Poetry’, Celtic Twilight, 2000, retireved 12 July 2008 from http://celtic-twilight. com/camelot/poetry/swinburne/index. htm Representative Poetry Online, ‘Selected Poetry of Algernon Charles Swinburne (1837- 1909), retrieved on 12 July 2008 from http://rpo. library. utoronto. ca/poet/319. html Sawhney, Paramvir, ‘Gestalt Paganism in AC Swinburne’s Hertha’ The Victorian Web, 2006, retrieved on 12 July 2008 from http://victorianweb. org/authors/swinburne/sawhney9. html Thomas, Edward, ‘A Modern Bacchant’, The New York Times, 29 December 1912.

Veristic Roman Portraits

Veristic Roman Portraits Roman works of art, from both Republic and Empire, are deeply influenced by traditions and aesthetic elements of other cultures. Many art historians have interpreted that much of visual arts produced in ancient Rome are derivative of Classical and Hellenistic Greek styles. Other interpretations have shown that Roman art also draws on Etruscan and even Egyptian visual cultures. While such analyses are valid, it should be noted that Roman artists did not merely emulate the styles of earlier cultures, but they synthesized the diverse elements and manipulated them to create a uniquely Roman style. This distinctive and syncretic Roman attitude led to the emergence of verism in Roman Republican portraitures in the beginning of first century B.C.E. Veristic portaitures had striking individualistic features that showed human interiority. They demanded intellectual engagement of the viewers because Roman portraitures were a complex system of conventions that sought to convey a message. This p aper analyzes verism in Roman portraitures and discusses how a set of formal elements are dictated to serve a communicative purpose. Before embarking on our discussion of veristic Roman portraitures, we should first question what the definition of verism is. It is a term that describes hyperrealism that departs from idealizing tendencies. Veristic portraitures were popular during the Republican period, and they served to commemorate civil virtue. Veristic portraits emphasize individualistic and often unattractive features of the subject. They portray mature men, and marks of age were acutely depicted, such as wrinkles, moles, scars and other imperfections. The emphasis on seniority was highly placed because old men who have dedicated their lives to the civic good attained noble positions in public office. It is also because signs of aging skin, such as furrows and creases, were loyal souvenirs of having tolerated the psychological strains of a society at times of chaos and civil war. These were desirable characteristics of a civic ruler because they were associated with wisdom, responsibility, and loyalty to the s tate. Perhaps, the best way to define verism is by contrasting it with idealism, a style that is primarily associated with Hellenistic Greek period. Idealism is the opposite of verism, and it tends to idealize the subject by exaggerating the characteristics as it seeks to relate the subject to a divine figure. Although Romans borrowed the concept of portraiture from Greek Hellenistic art, Roman portraitures per se are visibly different from Greek portaits. In contrast to Roman tradition of depicting men in their later life, Hellenistic tradition leaned toward representing rulers as being youthful. This is primarily because youthful if not god-like images of kings free of any imperfections were the sources of admiration and adoration to the populace. A famous example is the marble portraiture of Alexander the Great (fig. 1). Alexander the Great (reigned 336-323 B.C.E.) wanted to immortalize his power by making a permanent visual image of himself. He commissioned artists, especially Lysippos, to sculpt his portraits out of marble, a medium probably chosen for its durability. The Marble Portrait of Alexander the Great is about 37 cm in height. It was created between 2nd-1st century B.C.E. during the Hellenistic period. It was believed to be found in Alexandria, the capital city of the Hellenistic dynasty. The portrait head has a curly hair that falls on both sides of the face. Its surface is very smooth and the softness of the skin is alm ost tangible. It has a slight hint of eyebrows, and its eyes are directed upwards and are intently gazing at something. It has a relatively sharp nose and its lips are depicted with precision. The curved lines of both the upper and lower lips are acutely portrayed. It has a smooth jaw line that makes an elegant U shape that is offset by a solid neck. Its head is slightly tilted upwards. Overall, the sculptor depicted Alexander the Great as a youthful king without any physical blemishes. Unlike Roman Republican sculptors who were veristic in style and were humble in depicting the subject, the Hellenistic sculptor glorified and idealized the subject in an attempt to liken the subject to a god. Arguably, one of the most noticeable differences between veristic works and works of other styles are their treatment of the subject. Artists from different cultures employed different styles to communicate a distinct set of messages. The portraiture of Vespasian is a good example of a veristic style portraiture that conveyed a political message (fig. 2). It is a marble head of Vespasian, the Roman Emperor who ruled from 69 C.E to 78 C.E., who was also the founder of the Flavian dynasty. It was created between 69-79 C.E. during the Imperial Roman period, and came from Ostia, Italy. The sculptor clearly depicted Vespasian as an old man, with palpable signs of aging. The portrait head has a balding or a receding hairline, with wrinkles on the forehead. The eyebrows are meticulously carved with detail given to each individual strand of hair. The eyes have soft almond shapes with crows feet in the ends. There are marks of sagging under the eyes, and wrinkles are all over the face. The ti p of the nose is round and big, and its lips are very thin and are tightly closed. Further individualistic features are accurately recorded, such as Vespasians slightly protruding chin. Like the Hellenistic portrait head of Alexander the Great, this marble head also has a solid neck, although it is marked with deep wrinkles. Vespasian is represented as a man in his later life with unflattering marks that are clearly depicted rather than being fixed up and perfected. This is because Romans valued individualism over idealism, and departure from idealisitic qualities meant absence of pretense and deception. Vespasians veristic portrait is full of conventions that celebrate the humble, wise, and responsible characteristics of a well-qualified ruler. Borrowing the words from Nodelman, this veristic portrait is a system of signs that is carefully condensed into the image of a human face. Conceptually, Vespasians marble portrait head can be seen as a mosaic, in which desirable physical fea tures are juxtaposed and carefully fitted together to create an image of a noble ruler. The Primaporta Augustus departs from the veristic style, and falls back on the Hellenistic style of idealizing and perfecting tendencies. It is a 6 feet 8 inch tall marble statue depicting Augustus Caesar, the first emperor of the Roman Empire (fig. 3). It was created during early 1st century C.E., and it was found in the Villa of Livia at Prima Porta, Italy. Augustus (reigned 25 B.C.E. to 17 C.E.) deliberately avoided the veristic style that Republic so adored and celebrated, because the humble and honest manner of veristic portraiture would not effectively communicate the youthful energy of Augustus to the audience. Augustus did not want to be seen as a weak, aging man or as a ruthless dictator, but rather as a young and energetic emperor who is about to bring change to the Roman Empire at the time of unstability. The statue has a short, curly hair and its face is void of any marks; its skin is smooth and radiant. Its right arm is raised, which is a gesture of address. This gesture depicts Augustus as a powerful public figure who has the charisma to lead the public. The statue is wearing a battle dress that presents Augustus not only as a civic ruler but also as a military commander. It is standing in contapposto pose, in which the weight of the body is shifted to one foot while the relaxed other rests. The particular stance, short hair, and smooth face strongly evoke Polykleitos Doryphoros (fig. 4). Doryphoros is rendered in Classical Greek style and Augustus intentionally chose to echo the Classical style in a calculated attempt to portray himself as the conqueror. On the bottom of Augustus right leg is Cupid riding on a dolphin. The presence of Cupid, the son of Venus, is important because it serves both a functional and symbolic role. It functions to provide support to Augustus right leg, but also serves as a visual reminder of Augustus divine lineage. Lastly, Augustus is shown barefoot. This was done to link Augustus to a god. Ultimately, these various elements come into play to shape Primaporta Augustus as an effective political propaganda to send a message that Augustus rise to power will bring stability to the Empire at the time of civil war and chaos. The desire of both the commissioners and the sculptors to condense various meanings into a portrait is clearly reflected by the distinct styles and manners in which the subject is treated. Roman sculptors, as well as artists of other cultures, clearly had a range of styles to choose from, and they artfully, effectively and quite beautifully utilized the chosen styles to convey certain messages to the viewers. Through such efforts, portraits become a complex system of signs and symbols that form a language in which the history of a whole society can be read. A Hellenistic style with an idealizing tendency was chosen to glorify the subject and to demand imperial and divine exaltation from the populace. On the other hand, a Roman veristic style with emphasis on physical imperfections and marks of aging was chosen to denote a conscious departure from illusions and vanity. It was chosen either to gain public votes to win a noble position in a society or to reflect noble virtues of an empe ror, such as responsibility, wisdom, faithfulness, and selfless devotion. Ultimately, veristic Roman portraits were visual and symbolic expressions of the subjects interiority. Various conventions were orchestrated by motives to put across political messages. The portraits were not merely well crafted works of art to be passively enjoyed, but were montages of meanings to be actively interpreted. Both intellectual and psychological engagement of viewers were demanded to understand the messages that Roman artists so passionately celebrated.

Model Of Web Of Causation Health And Social Care Essay

Model Of Web Of Causation Health And Social Care Essay The model of web of causation dates back to 1960, when it was developed to represent different pathways that point on a genesis of a health problem or a disease, giving rise to defined causative risk factors. The model has been used in community health and nursing to explain diseases and disabilities caused by multiple factors and identify possible points for preventive interventions in community health problems. This research paper introduces the conceptual nursing model of the web of causation and uses a community aggregate of children below 18 years diagnosed with type 1 and type 2 diabetes to discuss conceptual nursing web of causation. Introduction Medicineamigo (2007) defines web of causation as a medical term used to represent a complex group of subjects and relationships that can contribute to occurrence and spread of a disease. The model of web of causation shows that diseases are not distributed randomly in any group but isolation of how they are distributed requires one to study several factors. This implies that there are multiple and heterogeneous causes of any disease, symptom or health condition, collectively forming a web of causation. Clark (2008) argues that the model of the web of causation represents pathway factors that point to a genesis of a health problem and gives rise to or mitigate more precisely defined causative risk factors. Based on this model, one can increase the chances of controlling a disease or a health condition by breaking more links within the web of potential factors in the model. The model offers a solution in conceptualizing health problems that have multi- factoral etiologies such as diabe tes. Historical Development of Model of Web of Causation MacMahon, Pugh, and Ipsen (1960) came up with the model of web of causation; whereby it was used explain the occurrence of icterus for a group of patients who were receiving treatment for syphilis. This was followed by a more sophisticated but generalized web of causation that Stallones came up with in 1966. The purpose of his web of causation was to to describe the interrelationships among the 3 main types of cardiovascular disease. After some further research, Friedman developed a web of causation that was more detailed in 1980. His model was based on causation for the classic heart attack. This development marked the beginning for mapping what is today known concerning the etiology of heart diseases. The model of web of causation has continued to gain popularity since its discovery in 1960 and has proved useful in identifying possible factors for preventive interventions in community health. How Concepts Relate Within the Model of Web of Causation Duncan (2007) points out how the model of web of causation emphasizes on agents in explaining causes of diseases, while providing multifactoral causes that traverse various pathways, mirroring reality. In this model, the disease or a health condition is not only seen to be having different causes, but each one of these individual causes is viewed as a consequence that came from the multiple causes, of which each is an effect resultanting to multiple causes. This web is built using arrows of causation, with each arrow of causation implying that the element at the arrow source is somehow an individual cause of the element at that particular point of the arrow. Using type 1 and type 2 diabetes in children under 18 as an example, the disease can be as a result of new potential risk factor within the neighborhood or a variable in the web of causation representing a toxic environment that leads to diabetes or a variable representing lack of health care for possible underlying causes of dia betes such as high blood pressure or obesity, or having genetic predisposition that leads to diabetes (At Health 2005). Model Application to Nursing Process The model of web of causation can be used in nursing process to explain diseases and disabilities caused by multiple factors such as hepatitis and diabetes, which can be explained using complex relationship in the disease agent, host and environment; integrating factors such as genetic factors, environmental factors and race among others (At Health, 2005). American Diabetes Association (2000) highlights the importance of the model of web of causation in monitoring of diabetes in children and adolescents to avoid further complications resulting from the disease. This can be achieved when families work together with health care providers to help set a childà ¢Ã¢â€š ¬Ã¢â€ž ¢s target for blood glucose levels and develop a personal diabetes plan for healthy meals, regular exercise and oral medication. Duncan (2007) explains how the model can be applied in nursing to address health related threats and conditions such as the problem of teenage pregnancy, which is attributed to complex interaction between several causative and contributing factors such as ignorance, peer pressure and lack of contraceptives among others. Applications Model of Web of Causation to Community Health Problems According to Clark (2008), the model of web of causation is applied in enhancing the understanding of non-communicable diseases. The model has further been used in identifying possible points for preventive interventions in community health problems. Based on this model, prevention of obesity can be used as an intervention measure to protect the target population from being infected with type 2 diabetes. Duncan (2007) explains the importance of the model of web of causation in summarizing community health information for presentation, communication and analysis. He points out the importance of the model in study of distribution of health outcomes in a given population through interpretation of epidemiological relationships. Importance Of Community Partnership In Community Health Projects Community partnership in community health projects brings collaborative efforts to improve health through sharing of resources, combining talents and enhancing opportunities to achieve positive health outcomes (World Health Organization, 2002). According to World Health Organization (2002), involving communities in community health projects is a sign of giving up control and concern about who contributes to success of the partnership. This empowers people to creatively develop skills and build competencies and capacities because better and more sustainable decisions are made by involving communities in decision making. Furthermore, community participation in health projects is a way of extending the democratic process by opening up governance and redressing inequality in power for organizations involved. This offers new opportunities for creative thinking and innovative planning of health projects. Partnership with community in community health project implementation creates dedicated staff in project implementation as communities positively identify with the projects. This ensures ownership and sustainability of the projects, provides a source of information, knowledge as well as experience and eliminates deficiencies in the society, while empowering members to put emphasis on problem solving (WHO, 2002). Conclusion The model of web of causation is an important model that has been used in community health to represent different pathways that point on a genesis of a health problem or a disease, giving rise to defined causative risk factors. It has proved to be a viable model in addressing health problems that have multifactoral causes like the type 1 and type 2 diabetes. Lasting solutions in addressing community health problems can be achieved by involving people at community level in decision making and participation in community health projects.

The Debate over Same Sex Marriage Essay -- Politics Political Essays

The Debate over Same Sex Marriage Legislation is deeply entrenched in language and the continual process of interpretation. Laws are created as a response to cultural and societal needs, wants and norms and are restructured and interpreted as these desires and standards change over time. The importance of the words chosen and the syntax used in order to translate society's standards into legislation are amplified over time because they are continuously deconstructed, examined, and analyzed. As these laws are applied to and challenged by society, policymakers must examine them and then change them through discourse and dialogue. As current sentiments towards marriage are changing and shifting, policymakers must begin to examine our nation's legislation that dictates how marriage works in our country. They must attempt to create a policy that is ethical and constitutional which at the same time accurately represents the majority's opinions. The issue of same-sex marriage became relevant in the recent election due to the actions of courts and local officials in both California and Massachusetts. President Bush proposed an Amendment that would limit marriage rights to only heterosexual couples in all states. Many government officials felt that this was unnecessary due to the success of the 1996 Defense of Marriage Act, which John Kerry, who would come to run against George W. Bush in 2004, spoke out against. The Act passed through both the House and Senate with resounding majorities. Because of the media attention of the same-sex marriage debate in this election year, constituents of both parties have examined the arguments that both Bush and Kerry have made for and against legislation which limits marriage rights. By examini... ... human element of the marriage debate, liberals like John Kerry can appeal to the section of the American population which is concerned with the preservation and expansion of a citizen's rights but the conservative approach of playing into the weaknesses and fears of conservative heterosexual faction of American population, they can offer a scapegoat. Many people believe this issue was brought into the spotlight in order to distract people from the deplorable condition of Bush's war in Iraq. It provided the conservative base an enemy against whom it could rally. It provided a cohesion to conservatives everywhere that was lost due to the state of the war. By examining the ways in which each candidate structured there argument considering same-sex marriage legislation, one can gain insight into the interplay between the two parties on a national and a personal level.

Research Project Encryption :: Encryption Writing Code Privacy Essays

Research Project Encryption Should the US government limit the strength of encryption products to eavesdrop on people’s everyday life? I remember exchanging secret letters with my friends in Japan as a child. We developed a code in which each letter of the Japanese alphabet was replaced by the one that follows it. For example, if we had used English, "Z" would have been replaced by "A". Each of us had the key to understanding this code but outsiders didn’t, so we didn’t have to worry if one of our brothers intercepted our letters. We loved our secret communications. These letters actually used a simple kind of encryption, not so different from the one Julius Caesar used for the secret messages he sent his Roman generals throughout Europe. He, also, didn’t worry if his enemies stole the messages because without the key, they couldn’t read them. Today, as well, encryption is used to hide sensitive information. It is used not only by spies but also for common telecommunications, such as faxes and e-mails. Encryption is also important for many everyday uses like Personal Identification Numbers (PINs) for bank account, credit card security and access to controlled areas in buildings. Encryption ensures privacy by keeping things behind a locked door of sorts. But what happens if there is something dangerous, very dangerous behind that locked door? What if the information that is being kept private and secure is a potential threat to the safety of others? What if my friends and I had been plotting to blow up our school or to plan a way to hurt our brothers? Shouldn’t our parents have had a way to know what we were conspiring? In other words, how private should private be? This is the question central to a brewing controversy between privacy advocates and the U.S. Federal government. Legal, professional, and ethical issues are being debated as are the limits that can or should be placed on developing encryption technologies. At stake are personal freedoms, the privacy of financial and medical records, as well as the fate of entire, nascent industries in the high-tech world. The system of encryption To start off the examination of this complex topic, let’s start with the definition of encryption: a process of disguising a message so that only its legitimate recipient can understand it. There are two steps to the encryption process, the first of which is also called encryption, and the second which is decryption.

American News Media

Being two of the top newspaper publications in United States, New York Times and the Washington Post have been maintaining such competition through the years that evermore raises the quality of American journalism. Raising the bar can have fatal consequences as this requires an even greater pressure, and involves politicking among themselves and their contenders not to mention maintaining its integrity as institutions.This is a fact that the major media companies are aware of, and therefore take such precautions to avoid them damage and at the same time bring them profits and glory. Being representatives of the most powerful country in the whole world, they can easily become prey to the critics as they are constantly being examined under the microscope. And this is when the media’s generals take their positions in the field, taking whatever risks to gain them the lead. The Washington Post’s story on the Watergate Scandal is probably one of the best investigative stories in the recent decades.It was the story that would have not been published without the blessing of its executive editor Benjamin Bradlee who chose to oversee the investigations being run by his writers Bob Woodward and Carl Bernstein rather than stay away from the dangers and pressure brought about by the frenzied situation. His trust on the amount of impact of the story won him the gamble. The evidences dug in the story later on contributed to President Nixon’s eventual resignation.After three more decades came the tragedy that shook the world- and the moment the New York Time’s executive editor Howell Raines had been waiting for, successfully commandeering his team of journalist amid the chaos of the September 11 bombing. The stirring portraits and stories of the publication delivered a powerful emotional blow to its readers across the country and helped shape the people’s minds in supporting Bush’s war against terror as they believe that it will bring justice to the dreadful acts of the country’s enemies.His aggressive leadership has brought many changes in the organization despite the criticisms he had received. These are only two of the cases of media’s great battles won, two of the battles that will not have been won without the fortitude and confidence of Bradlee and Raines, for otherwise America will have been seeing a different picture. Today, there has been a growing number of critics since Bush’s failing war on terror with accusations that the media is being used by Bush to spread his propaganda.The public watches and waits for the media’s next move as it enters a new stage. It has also been very influential in the last few decades since the advent of cable television and the internet which allowed them to serve a wider range of audiences and sequentially earn them more profits. It involves itself with war, controversies, scandals, clashes in political beliefs, religion and all the other things vital to people just to be able to deliver what the people need to know that journalists are sometimes even dubbed ‘muckrakers’.The Watergate scandal is probably one of the most unforgettable triumphs of American news media when the investigative reportage from Washington Post’s Woodward and Bernstein triggered public outbursts which largely contributed to President Nixon’s resignation. It proudly displayed its power and steadfastness to America and to the rest of the world. And it is these media’s capabilities that make it one of the most successful industries in America, earning billions of dollars per annum from advertisements alone.But their prominence nonetheless comes with a price. And such sentiments are a lot common nowadays since Bush failed to capture Osama Bin Laden in Al Qaeda followed by his unpopular war in Iraq. Although media has played a large part in both these wars, people still remain skeptical on its real agenda. Most people be lieve that the media is only being used for propaganda.First, it should have been able to expose the truth and determine if Iraq was indeed capable of manufacturing weapons of mass destruction. It is quite arguable if media should even be blamed for it, for the people might simply be too disillusioned to even consider media’s side. American media is being put under more pressure as Bush also struggles to answer every question on why he failed, why he continues to fail and what he will do to avoid future mishaps.

Impact Of Global Crisis On Indian Economy Essay

Abstract: The Indian economy has shown considerable resilience to the global economic crisis by maintaining one of the highest growth rates in the world. The intensity of present economic meltdown is so high that it is being compared with the global economic recession in 1873, Great Depression of 1930’s and East Asian crisis of 1990’s. Global Financial Crisis is among the greatest financial challenges to the world economy which is originated in United States of America. The global economic slowdown is unprecedented in scale and has severe implications on policy formulation among emerging market. Currently India has one of the largest developing countries in the world. Its growth was interrupted by the global financial turbulence that was started in 2008 with the bankruptcy of Lehman Brothers. Industries such as Information Technology, Pharmaceuticals, BPO, ITES, Textiles, Automobile and Banking & Financial Services Sector in India suffered setbacks due to shrinking patronage and demand from western markets. Strong economic growth in the last decade combined with a population of over a billion makes it one of the potentially largest markets in the future. This paper provides an overview of global financial crisis and its impact on the Indian Economy. Keywords: Global Economic crisis, Indian Economy, Gross Domestic Product, Foreign Direct Investment, Balance of Payment. Introduction: Every day the main headline of all newspapers is about our falling share markets, decreasing industrial growth and the overall negative mood of the economy. It is due to the world financial system is now undergoing a global economic crisis of staggering proportions. The global financial crisis impacted India significantly, notwithstanding the sound banking system, negligible exposure of Indian banks to sub-prime assets and relatively well-functioning financial markets. The impact was mainly on account of India’s growing trade and financial integration with the global economy. What is Global Economic Crisis? Global economic crisis refers to an economic scenario where the economies of countries all over the world have taken a beating. Whenever there is a global economic crisis, some companies will remove the employees for short span or for a long run. In that case along with recession, they will feel depression as well. An Economic Recession is a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real gross domestic product, real income, employment, industrial production, and wholesale-retail sales. An Economic Depression is a sustained, long-term downturn in economic activity in one or more economy. Methodology: Literature review and secondary research has been used to support the aim of the paper. The information related to the study was collected from the various books, magazines, periodicals, especially from the research reports and articles available over the internet, government websites etc. The study covers the thoughts and writings of various authors in the stream of industry, academician, and research. Objective of the Study: The present study focused on the origin of the Global Economic Crisis and to analyze the reasons and its impact on Indian Economy which examines the trends of GDP growth rates, Foreign Direct Investment, Financial Sector, and overall Balance of Payment etc. Causes of Global Economic Crisis: There are several underlying causes of the current global economic crisis. Most people believe that the major causes of the crisis include the following: fraud and weak underwriting practices, uncontrolled population growth, unscrupulous lending practices, prolonged boom in house prices, massive borrowing binge in the United States and European countries, growing culture of weak regulation etc. Impact on Indian Economy: (a) Impact on Indian GDP growth rate: Economic growth is the increase in value of the goods and services produced by an economy. With the help of a structural quarterly macro econometric model, this paper concludes that significant part of the fall in GDP growth by 2.8 per cent in 2008-2009 due to global economic recession and  depression. It is expected to show up growth about 1.5 per cent in 2009–2010 and now slowly is on the recovery side. Among the major developing countries, growth in India is expected to remain ‘robust’. India’s economy is expected to expand between 7.7 percent and 7.9 percent in 2012-2013, down from 8.5 percent in 2010. (b) Impact on Indian FDI inflows: During the period subsequent to dotcom burst, there has been an unprecedented rise in the cross-border flows and this exuberance was sustained until the occurrence of global financial crisis in the year 2008-09. When there was a significant deceleration in global FDI flows during 2009-10, the decline in FDI flows to India was relatively moderate reflecting robust equity flows on the back of strong rebound in domestic growth ahead of global recovery and steady reinvested earnings reflecting better profitability of foreign companies in India. However, when there had been some recovery in global FDI flows, during 2010-11. The report anticipates that foreign investments in India could increase by over 20 per cent in 2012-13. (c) Impact on Indian Balance of Payments: Fiscal 2009-10 has witnessed a global recovery after a crisis of severe worldwide proportions. The risks of economic crisis however remain, with need for caution in dealing with high public debt and unwinding of fiscal and monetary stimuli. The Indian economy also saw a turnaround, registering 7 % growth during 2009-10, after touching a low of 5.8 per cent in the third and fourth quarters of 2008-09. The balance-of-payments situation improved on the back of a surge in capital flows and rise in foreign exchange reserves, which have been accompanied by rupee appreciation. (d) Impact on Indian Financial Sector: Until the emergence of global crisis, the Indian economy was going through a phase of growing domestic investment financed mostly by domestic savings and sustained consumption demand. This overall improvement in macroeconomic performance in India was attributed to calibrated financial sector reforms that resulted in an efficient system of financial intermediation, albeit bank-based; the rule based fiscal policy that reduced the drag on private savings; and forward-looking monetary policy that balanced the short term trade-off between growth and inflation on a continuous basis. India, though initially somewhat insulated to the global developments, eventually was impacted significantly by the global shocks through all the channels – trade, finance and expectations channels. This raised the issue that whether  India is more globalised than what is perceived in terms of conventional trade openness indicators. Takeaways from the Global Crisis: No doubt, India has been hit by the global economic crisis; it is clearly due to India’s rapid and growing integration into the global economy. The Global economic crisis and the current sovereign debt crisis offer, many regulatory and policy lessons that have come to the fore and are under various stages of implementation, I would flag some takeaways: too much of anything is bad like leverage, liquidity, finance etc. models do not fully reflect the realities of life and excessive reliance on quantitative models is fraught with risk and Finance should serve the real sector and not the converse. Conclusion: While the developed world, including the U.S, the Euro Zone and Japan, has plunged into recession, the Indian Economy is being affected by the spill-over effects of the global financial crisis, the strategy to counter these effects of the global crisis on the Indian economy and prevent the latter from any further collapse would require an effective departure from the dominant economic philosophy of the neo-liberalism. It needs to be emphasized that implementation holds the key to bail out the Indian economy from the economic crisis. Our President Mr. Pranab Mukherjee has suggested that to reduce the pain of economic crisis, employers should cut wages all along the line to reduce costs, rather than retrenching workers and thus add to job losses. RBI needs to neutralize the outflow of FII money by unwinding the market stabilization securities that it had used to sterilize the inflows when they happened. Taxes including excise duty and custom duty should be reduced to lighten the adverse effect of economic crunch on various industries. Also, the government should try and improve liquidity, while CRR and SLR must be cut further. Perhaps growth will bounce back. And the success of Indian companies in 2012 will depend more than ever on their ability to tap into these new opportunities in emerging markets, especially as they look to counter depressed demand at home and increased risk in developed markets. References: Gotmare, Dr. Dilip and Deshmukh, Dr. Panjabrao . (June 2011). Global Economic Recession: It’s Impact on Indian Economy. Available: http://www.isrj.net/june/2011/Economic_GLOBAL_ECONOMIC_RECESSION.html. Prabhudesai, Arun. (August, 2011). Indian Economic Outlook 2011-12–GDP growth at 8.2%. Available: http://trak.in/tags/business/2011/08/01/indian-economic-growth-2011-12/. Sinha, Anand. (March, 2012). Impact on Indian economy from global crisis. Available: http://www.indiainfoline.com/Markets/News/Impact-on-Indian-economy-from-global-crisis-Anand-Sinha/5381116279. (May, 2012). India’s economy – A Bric hits the wall. Available: http://www.economist.com/blogs/newsbook/2012/05/indias-economy. (2011-2012). Foreign Direct Investment Flows to India. Available: http://www.rbi.org.in/scripts/bs_viewcontent.aspx?Id=2513.

Titration Lab

Lab Report: Titration Lab Prepare a solution of a given concentration; understand titration including acid-base reactions, pH, stoichiometry and molar equivalence. Chemicals and equipment: NaOH pellets close to purity, HCl 3M, phenolphtalein Beckers, flasks, burette, magnetic or manual stir pHmeter Waste management: The waste disposal will be handled through neutralization of your excess reactant to a pH between 4. 0 and 10. 0 and disposal with abundant rinsing. As a preparation for the lab you may want to practice with The experiment: We will do a titration in which the reaction type is acid-base.The equivalence point is characterized by a sharp change of pH which can be followed with a pHmeter. A graph of pH versus concentration will indicate the molar equivalence at the inflexion point of the curve. The point observed experimentally is never exactly the molar equivalence but a â€Å"best estimate† and is given the name â€Å"end point†. It is easier and cheaper to id entify the end point with an indicator instead a pHmeter. Some chemicals such as phenolphthalein will change color when the pH changes sharply between two given values called the indicator’s range.The range of phenolphthalein is 8. 3 to 10. 0. The shape of a pH curve varies widely with the type of reactants and needs to be taken into account when choosing an indicator. We will titrate a strong base (NaOH) of unknown concentration with a strong acid (HCl). The objective is to find the purity of NaOH pellets. The pellets are close to purity but not 100 % because NaOH is very hydrophilic and the pellets are likely to be slightly hydrated. The procedure: The first part of the laboratory experiment will be the preparation of the reactants and the choice of an indicator.You will need to prepare the analyte, a solution of NaOH, of a chosen concentration and volume and prepare a solution of HCl, the titrant, accordingly. Accordingly means that the end point should be reached after th e delivery of manageable volume. If a 50. ml burette is used the volume to be delivered should be between 15. ml and 40 ml. The chosen concentration of NaOH means the concentration of NaOH that you would obtain if the tablets were pure, with the understanding the objective of the titration is to give you a more accurate measurement that you will use to calculate the purity of the tablet.Acid-base chemistry tells us that the reaction between the hydronium and hydroxide ions is extensive and that the pH of the equivalence point should be close to 7. You will design a titration procedure indicating the reactants, the equipment, the data to be collected and the calculations. You will then proceed with two or three measurements depending on the precision of the first two. Your report will review the chemical background, present the data and the result and justify in your error analysis the number of significant figures of your reported concentration.Trial 2| | Initial Volume of HCL in bu rret 0. 1M| 50. 00 ml| Drops of phenolphtalein| 2| Volume of NaOh in beaker 0. 1M| 15. 0 ml| Final measurement after titration| 24. 4| Initial PH| 12. 8| Final PH| 6. 8| Data: Trial 1| | Initial Volume of HCL in burret 0. 1M| 50. 0ml| Drops of phenolphtalein| 2| Volume of NaOh in beaker 0. 1M| 15. 0ml| Final measurement after titration| 24. 3| Initial PH| 12. 9| Final PH| 6. 5| Calculations HCl + NaOH > NaCl + H2O moles HCl = moles NaOH MHCl  x volumeHCl  = MNaOH  x volumeNaOHMHCl  = MNaOH  x volumeNaOH  / volumeHCl MHCl  = 25. 00 ml x 1. 00 M / 50. 00 ml MHCl  = 0. 50 M HCl Conclusion A titration was performed using 50ml of 0. 1M HCl and appropriate amount of NaOH solution. Titration was repeated 2 times to find the amount of NaOH used to achieve endpoint. 24. 2 And 24. 5 is final measurement. The average of the trial is 24. 3 mL. The molarity of NaOH was found by using the M1V1 = M2V2 equation, resulting in 1. 1 M of NaOH. Discussion In the Titrations Lab, 50. 0 mL of 0. M HCl and appropriate amount of NaOH were titrated to find  the molarity of NaOH and the pH of the solution after x mL of NaOH has been added. The lab discussed the difference between equivalence point, the point at which the reaction between titrant and unknown is complete, and the endpoint, the point where the indicator turns color. The color change occurs when the concentration of more dominant form is ten times as great as the less dominant. However, color changes in a solution does not necessarily equal to the equivalence point.Equivalence point can be found by observing the indicator, or using a pH meter and finding midpoint of vertical line in the titration curve. Endpoints can be found by observing the color change of the indicator. The titration lab also involved indicators. Indicators are substances which undergoes a color change in the pH interval of the equivalence point, allowing physical observation of pH change. Most indicators are weak acids, so protons shif t from acid to conjugate base. The concentrations of indicators in a solution do not change molarity value.

Being a member of a social group Essay

People become a member of a social group because of their very nature, that is, not to feel lonely, to feel secure, and to satisfy some needs such as social and self-esteem needs. Being part of a group has both positive and negative outcomes for an individual. Positive outcomes can be listed as enjoying group work, gaining new perspectives and making friends, and being more creative. On the other hand, there are some negative outcomes such as disagreements between the members of the group and losing time. One of the positive outcomes is enjoying group work. In a group work people perform their tasks quicker and in a more effective way. In a group, each person seems to be more capable. Working together provides a perfect information flow. People share their knowledge and skills with one another. By that way, people can feel themselves like a team because they are acting as a single body and are having responsibilities. Such kind of a group work provides each member with new perspectives which is a result of the exchange of ideas between group members. Therefore, they start to look from a different and a more brooder window. Involving in a social group provide opportunities for making friends. This is another positive aspect of social groups. People feel themselves better when they have more friends and worse when they do not. On this issue, (1991, p110) Goleman stated that patients who suffer from cancer and have no friends need more medical care than those who have friends. That proves the importance of the social groups in people’s lives. Only through this way they can become social and enjoy lives more. Besides its positive outcomes, being part of a group has some negative outcomes as well. These are disagreements between members and wasting the valuable time. Disagreements usually exist when individuals have conflicts with the ideas of others. They want to be free-riders which means acting as a single person and do not participate in or not contribute to the common work. That creates disagreements between group members. The group work can bring inefficiency. For instance, it can continue longer and can waste the time present. The disagreements between the members of the group can also cause losing time. To sum up, all it’s negative and positive outcomes considered, groups play an important role in our lives even though it cause conflicts between group members and losing time. A group is a good shelter that satisfies some of the basic needs of the people involved such as social and self-esteem needs. Further more it helps people to gain new perspectives, to be more creative, and to find new friends. Overall, a group is a social institute which combines various kinds of people who are different in mind, appearance, age and gender.

Case Analysis: Mcdonald’s and the Hindu Culture

Case Analysis: McDonald’s and Hindu Culture Julia Evans Misericordia University Case Analysis: McDonald’s and Hindu Culture The case study discusses the struggles that McDonalds faced when it began to do business in India. The Hindu culture prohibits the consumption of beef because they look at the cow as being a sacred animal. In addition, India has a large Muslim population whose religion prohibits the consumption of pork products. These limitations completely contradict the traditional menu that McDonald’s has perfected.McDonalds had to find a way to accommodate these limitations and still be appealing to the Indian consumers. McDonalds created a version of the Big Mac that was made with chicken. McDonalds also created an extensive vegetarian menu. Just when they thought they perfected this they were sued for using beef products in their french fries. Concentrating on the other parts of their menu they overlooked a beef additive to their French fries. This pro ved to be a large mistake by McDonalds.It is surprising that McDonalds was as well received as it was. The Indian consumers could have boycotted the fast food chain because of the use of beef in their restaurants in countries other than India. McDonalds took a large gamble trying to accommodate Indian palates. Localization of products is the key strategy that international firms should do to maintain a customer base in other countries. Foreign ventures are very expensive and included in this cost is the cost of streamlining products and services to the local tastes and traditions.Without this streamlining the products may not be successful. Sometimes the people of other areas of the world may not even know what to do with a product unless it is customized to their way of life. McDonalds was lucky that their mistake of not eliminating beef products in their French fries didn’t taint their standing in India forever. They had their popularity in other parts of their world to kee p them afloat. Indian parents enjoyed taking their children to have an American experience and heir efforts to eliminate beef and pork kept their restaurants appealing to Indian consumers. If McDonalds could have avoided the mistake of leaving the beef in their French fries maybe Indian consumers would have considered not going a day without having a McDonald’s chicken burger. Works Cited Hill, C. W. (2009). McDonalds and Hindu Culture. In C. W. Hill, International Business (p. 103). New York: McGraw-Hill Company.

Traditional and Contemporary Architecture. Conflict, coexistence or Essay

Traditional and Contemporary Architecture. Conflict, coexistence or indignation - Essay Example Simard and Mercier studied the procedure of community building in Quebec City and found that ‘the city produced by post modernity (2) stands out at two different but interdependent levels: as regards changes to the urban form and in the area of planning practices and policies. Respecting the issue of urban form, the contemporary city is beset by a series of social, economic and geographical transformations’. As examples the following facts are referred: ‘the rise of information technologies, the increase in social divisions and the relocating of central activities’. Overall, ‘it appears that the post-modern city is undergoing a process of atomization which, in turn, leads to a crystallizing of differences and enclaves. Seen from a historical perspective, the city becomes a highly complex environment which is constantly being reconstituted’. (Simard, Mercier, 2001, 25). According to the Sear (1998) in ancient Rome the structure of the public authority the responsible for the state’s architecture was as follows: ‘Roman architects worked for the army, the civil service or were in private practice. We possess a good deal of background evidence about them as well as an entire treatise on the subject, written by Vitruvius in about 23 BC. Amongst other things it is explained how a Roman architect drew up plans, elevations and shaded perspective drawings of his buildings. A skilled draughtsman, he says, ought to be able to produce coloured drawings to convey an impression of the work which he proposes’. He also found that ‘Geometry is a great help in architecture. It teaches us the use of the rule and compasses, and facilitates the layout and planning of buildings by the use of the set-squares, the level and the plumbline. Moreover by means of optics the light in buildings can be correctly drawn from fixed quarters of the sky. Also it is by

Emily Dickinson Essay Example | Topics and Well Written Essays - 750 words - 1

Emily Dickinson - Essay Example She spent much of her childhood and on writing letters to her friends and numerous poems. When Emily was only fourteen, she witnessed the death of her second cousin and close friend, Sophia Holland, and became traumatized. Her parents sent her away to live with family in Boston, where she was able to get proper treatment and recover from the horrific event. After she returned home to Amherst, she also returned to school, where she made numerous friends and correspondences, and found solace in her church. When she completed her time at the Academy, she briefly attended Mount Holyoke Female Seminary, which was short lived due to a mixture of Emily’s failing health and her distaste for the evangelical fervor of the school. She returned home and became, more or less, domesticated, cleaning and cooking for her family. At eighteen, Emily was introduced to Benjamin Franklin Newton, who, according to letters written by Emily herself, was believed to play a large role in the majority o f Emily’s writing as she grew older. He encouraged her writing, sharing with her his belief that she had what it took to be an accomplished, published poet. It was Newton that introduced her to other famous writers and poets, such as William Wordsworth, Ralph Waldo Emerson, and Lydia Maria Child. Unfortunately, Newton died not too long after from tuberculosis, and Emily’s brother took on the role of ensuring that his sister got all the books she could possibly want, including many works by William Shakespeare. In 1850, Emily’s emotional and mental states took a turn for the worst. In a span of just a few years, Emily lost a handful of close friends to various illnesses. As a result of these deaths, Emily withdrew into herself, keeping out of sight and sound of society. Emily continued to write her poems, though they focused greatly on the subject of death, which came as no surprise. However, the first half of the 1860s, the years following these deaths, â€Å"p roved to be Dickinson’s most productive writing period (Habegger 405).† In the later half of the 1860s, though, Emily became even more withdrawn, never leaving the house unless she absolutely needed to; even her poems became few and far between. In the mid-1870s, Emily lost both of her parents, as well as a few more close friends, plunging her into an even greater depression, where she remained until she died on May 15, 1886, from Bright’s disease. Emily was considered to be an intelligent poet due to the unique ways in which she wrote her poetry. They contained short lines, slant rhythm, unconventional capitalization and punctation, and they seldom had titles (McNeil 2). Emily often rejected pentameter, preferring to use trimeter, tetrameter, and dimeter, the use of all of these is considered to be irregular. She was also used dashes in the place of periods or commas, which would often increase the moods of her poems. The majority of her poems dealt with death a nd immortality; Emily viewed the latter as something attainable through her writing, which was also a thought she conceived during her brief friendship with Newton. Common themes include the use of flowers and gardens, morbidity, and gospel. Many of Emily’s poems were also peppered with psalms and riddles, as well as hymns and song-forms. When

DIY Behavior interviews Assignment Example | Topics and Well Written Essays - 750 words

DIY Behavior interviews - Assignment Example In connection to this, the college students are no exception. First interviewee felt that most of the employers are interested to candidates who are able to provide quality production and are easy to work with. In connection to this, any college student willing to get chance need to be creative enough while going through the interview question (Herrero 13). Second interviewee; the DIY has nothing more than an elaborate and unique mechanism that is used by most employers to identify candidates who have some social advantages. Third interviewee; the practical of carrying out the DIY by most of the employers provides them with appropriate employees who are well social, committed and ready for quality and quantity production within their various points of work (â€Å"The Complete Outdoor Builder† Web). Fourth interviewee; There is a need for a student to work hard in school to achieve the desired goals in life. Having the DIY in mind to the college, the student will be in a position of being reasonable and essential in education matters. Fifth interviewee; the students will be in a position of working extra hard to beat up the challenges that they may face in future life while they are alone. We managed to carry out a project of College Care Package. First interviewee; the project made us know some of the requirements an individual joining grand school should have. In first place we realised that one should stay caffeinated to fifth sleep off in order to get straight A’s by studying smart (Speed, Mark & Jenny Web). Second interviewee; though, some students still adore minor needs that play no significance role in their studies such as fun food and tricks. Third interviewee; We managed to buy some for our five friends who really became happy with us simply because we wanted to be sure to what extend college students loves minor things. Fourth interviewee;

Reflection on reading and writing case study Coursework

Reflection on reading and writing case study - Coursework Example It is necessary to review the progress made after implementation of a strategy in order to know whether to continue with it or develop a new one. While some strategies work on some students, they are not successful in other students because of differences as in academics and cognition. Discussing the student’s knowledge strategies helped my student in reading skills. The voice of a student is indispensible in the whole process because they made me aware of the available skills that were necessary. Failure to do that may have caused a repetitive process and poor choice of a teaching strategy. For the word, I believe the practice with my student helped him to improve his phonics. He was able to improve his word reading skills with prefixes and correctly pronounce prefixes with Vowel Consonant Words (VC). It is essential to choose a task-specific strategy that identifies the immediate requirement of a student, and is compatible with his needs. My strengths as a teacher include the modification of a teaching strategy in lieu with the changing demands of a student. I am able to understand the right time to change a student and move to the next step. My experience with Chris was beneficial as we created a good bond and everything else fell into place. A good working relationship creates an environment in which everybody interacts comfortably and with ease. My weaknesses as a teacher include impatience. There were times when I moved slightly fast than was required and I realized Chris was lagging behind. This was especially true when he failed to complete tasks that I thought were quite simple. For instance, after reading â€Å"fire fire†, I realized that he does not understand some words, which I thought were simple. Although Chris knew the meaning of the word ‘extinguisher’, he did not know the pronunciation. However, I learn the need for awareness and patience in the implementation of intervention strategies.

Do the question 1 write a report how to get the number and analysis Coursework

Do the question 1 write a report how to get the number and analysis it, - Coursework Example d contractual right to obtain residual payments of 12.5% of the profits on the sale for such items as phonographic recordings that were sold to the public. Ms. Lee did not receive the whole $ 9 million nevertheless she settled the case with Disney and received a milestone settlement of almost $ 2.3 million that represented a portion of her part of the returns made from the sale of the videocassette on the film Lady and the Tramp. Ms. Peggy Lee received nearly $ 3,500 for working on a film that may have earned millions of dollars. Therefore, the calculation of damages, according to Ms. Peggy Lee and her attorneys for the breach of contract that resulted in Disneys offer of a comparatively trivial amount of $ 381,000 involved the point that her interpretation of the contract with Disney was that she was eligible to 12.5% of the profits made from the sales of the movie on DVD and videocassettes. Ms. Peggy Lee had to convince the jury that the DVDs and video cassettes were not covered in her original contract with Disney for her to be entitled to far more money than the $ 381,000 that was calculated by Disney. The glitch for Ms. Peggy Lee and Disney was due to the fact that videocassette technology was not something that either party anticipated back in 1952 and the main concern in the case is whether the utilization of Ms. Peggy Lees songs and her voice on the videocassettes was not ratified in the language contained in the initial

To what extent is the incorporation of state owned commercial banks Essay

To what extent is the incorporation of state owned commercial banks improved the efficiency of the Chinese banking system - Essay Example Since China gets more structured with the globe, because of these measures banking system of China now has turn out to be high-ranking in the global financial markets, corroborated by the rapid development of economy of China. The banking system of China is viewed as successful during the situation of financial crisis in 2008. Now, 3 drifted banks of China namely Bank of China (BOC), Industrial and Commercial Bank of China (ICBC) and China Construction Bank (CCB) are the biggest banks in terms of market value following the financial crisis which ruined many European and American banks. During 1990, many experimental and theoretical studies have analysed the chances and challenges that banking sector of China face (Chapman & Marshall, 2012). An important study regarding the Chinese Banking industry in the broader perspective of agreement of China with World Trade Organization (WTO) and economic transformation is extremely important (Chapman & Marshall, 2012). Discussion In 1980s, vari ous banks of Latin American countries face crises. Lots of nations carry out a many steps to restructuring their misfunctioned banking industry, including fiscal relaxation and strengthened dictatorial regimes. Mostly these transformations were productive in strengthening banking industry and avoiding banking crisis. Transparent and imprudent authoritarian and administrative models played a significant role in the successful states (Wang, 2009). In 1978, in Chinese banking system the process of reformation was began with the establishment of the BOC and CCB. During last 3 decades, different measures of restructuring have been beginning piecemeal in order to strengthen the competitiveness and effectiveness of the domestic banks in China, particularly the state-owned commercial banks. Even so, the steps that have been carried out don’t give the required results. In 2004, official figures shows that the ratio of non-performing loans in the Chinese big four state-owned commercial banks that remained at 2.5 trillion Yuan (equal to three trillion US dollars at recent rate of exchange), was fifteen percent of the entire bank loans (Wang, 2009). This official estimation is viewed as to be undervaluing due to the oblique system of rating system. The ineffective operational mechanism, distribution system, and personnel management system result in failure of several significant restructuring steps. Therefore Chinese banking system requires a complete shakeup. Size and Structure of the Chinese Banking System During the last decade, the banking sector of China is greater in size comparative to the economy of China and has expanded drastically. Entire assets of Chinese banking system (as well as assets that are present in the international subsidiaries and branches of Chinese banks) were approximately equal to two hundred and forty percent of GDP at the end of 2011 which increase from two hundred percent that were in early period of 2000, however, from GDP domestic c redit is estimated to be equal to one hundred and forty five percent (Chapman & Marshall, 2012). This ratio of credit-to- GDP is high comparative to states in which the per capita income is at equal levels. Intermediated credits are much developed