Public Service Loan Forgiveness ( Pslf ) Essay - 1553 Words

As of today Americans are facing a outstanding debt of 1.3 trillion dollars in student loans alone and it s up to 43 billion students to pay all of that back in full. Our most recent graduating Class of 2016 student is coming out of college owing an average of $37, 172 in loans, making an increase of 6% since 2015. Which is significant amount of growth to have within such a short period of time. Many of these students are unable to make their monthly payments whether it be because of the tremendously high interest rates or because they simply don t have the sufficient funds to pay their monthly quotas. But many student are also not aware of different options that are available to them that help eliminate their student loans in full or to repay their loans in a very doable and manageable manner. In this paper I will be discussing and focusing on the three most beneficial and commonly known options which are, public service loan forgiveness (PSLF) , the four different type of income based repayment (IBR), and refinancing your loans. Public Service Loan Forgiveness also known as PSLF is a program designed for federal student loans borrowers who enter a full-time in public-service jobs. The PSLF forgives the remaining balance on the students loans only if the first 120 monthly payments have been made while employed full time by a qualified employer. This means you are working for any non-profit organization, federal government position, or are serving full time for theShow MoreRelatedPublic Service Student Loan Forgiveness805 Words   |  4 PagesArticle Topic: Public Service Student Loan Forgiveness In our September 2016 blog post, we highlighted the various options for funding college education, including student loans. If you have already graduated from college and have outstanding student loan debt, you may be wondering what your options are for reducing what can sometimes be a significant burden. For individuals working in the public service sector, there is a student loan forgiveness program that may help. The Public Service Loan ForgivenessRead MoreEducation Is Crucial If One Were To Be Successful In Life.1309 Words   |  6 Pagesto pay their student loans. Students who try to further their education have had this issue for ongoing years. Not only does a student try to acquire as much knowledge as one can, but it is not a guarantee that once a student graduates from college, that he or she will have an occupation. This all factors into how it has become strenuous for students to pay their student loans when tuition fees are excessive instead of being affordable for each student. Therefore, student loans should be forgiven.Read MoreWhy Is Not Student Loan Forgiveness?1161 Words   |  5 PagesStudent loan forgiveness remains such a vital topic to many individuals because the exorbitant costs of post-secondary education require a majority of students to take on debt in order to simply improve themselves and advance intellectually. Thousands of students are graduating college every year, each with several thousands of dollars in debt. This area is important to research because it will provide insight into the futures of all college students immersed in the deep debt that appears to consistentlyRead MoreThe Debt And Interest Of Student Loans1164 Words   |  5 Pages The amount of student loans that one accumulates throughout post-secondary education can become a heavy burden. In addition, the study conducted by Scheresberg, Lusardi, and Yakoboski (2014) show that a surprising amount of students are not aware of the financial burden that they have acquired until they are deep in debt and interest. They summarize that: Overall, there is a notable mismatch among college-educated Millennials between their perceived and demonstrated levels of financial literacyRead More Financial Aid: Old Methods May Not Be the Best Methods Essay1752 Words   |  8 Pagesrepaying student loans. Scrutiny regarding misuse of governmental loan subsidy funds by lending institutions and for-profit colleges was occurring. Student debt loads were at an all-time high. High unemployment meant students could not make payments on the loans and were defaulting at record rates. The Student Aid and Fiscal Responsibility Act (SAFRA) proposed in 2008 and passed in 2009 rewrote student financial aid rules in a positive way and outmoded the ineffective old student loan system. LendingRead MorePursuing A Career As A Speech Language Pathologist1628 Words   |  7 Pagesneeded to even become competitive in the job market, which means young people have to attend college whether or not they have the finances to go. For those that donâ⠂¬â„¢t have the finances to attend college will have to take out some form of student loan. Student loan debt has become one of the worst financial nightmares for many young people, and at the same time, the education they receive is mediocre in comparison to the rest of the world. Unfortunately, this is true of every educational system in theRead MoreStudent Debt Is The Cost Of An Education3402 Words   |  14 Pagesincluding one of the most common, student loans. A student loan is defined as â€Å"a common way to fund education, specifically college and graduate school, and they provide educational opportunities that you otherwise may not be able to afford† (Barr). Student debt is at an all-time high in America. Over half of all lower income students pay for college with loans (Friedline). On top of the federal loans, students also end up using credit cards and payday loans to pay for other basic necessities whileRead MoreThe Career Path Of Forensic Science2368 Words   |   10 Pageshas worked before so I know it will work for me. Loans will be the only way to go in this situation. I may take some of my loans to the grave with me but there is still hope. As stated by Federal Student Aid, â€Å"The Public Service Loan Forgiveness (PSLF) Program forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer† (Public). This would be a huge help. Obviously there are

Juvenile Offender’s Right to a Jury Trial Free Essays

This paper intends to answer the following questions: 1) Should juvenile offenders have a constitutional right to a jury trial? and 2) Should each state make that determination? The legal decision (Amendment 6 and 14th) which addressed the issue will be briefly discussed as well as part of the answers to the aforementioned questions. Should juvenile offenders have a constitutional right to a jury trial? Yes, juvenile offenders should be given a right to a jury trial (FindLaw, 2008, n. p. We will write a custom essay sample on Juvenile Offender’s Right to a Jury Trial or any similar topic only for you Order Now ). Doing otherwise will be considered unlawful since this is a violation of â€Å"the Sixth Amendment† which covers the â€Å"Rights of Accused in Criminal Prosecutions† (FindLaw, 2008, n. p. ). The â€Å"Sixth Amendment† holds that an individual who undergoes criminal trial should be given a right to â€Å"an impartial jury of the State and district wherein the crime shall have been committed† (FindLaw, 2008, n. p. ). In addition to that, juvenile offenders should be given a right to a jury trial because anybody who deprives them of this violates the â€Å"Fourteenth Amendment† which involves the â€Å"Rights Guaranteed Privileges and Immunities of Citizenship, Due Process and Equal Protection† (FindLaw, 2008, n. p. ). Explaining further a jury trial is part of what is technically referred to as â€Å"due process† (FindLaw, 2008, n. p. ). Also, â€Å"equal protection† is provided if a â€Å"jury trial† is given to the juvenile offender (FindLaw, 2008, n. . ). Should each state make that determination? There is really no need for each state to make such a decision because this is already covered the â€Å"Fourteenth Amendment† which involves the â€Å"Rights Guaranteed Privileges and Immunities of Citizenship, Due Process and Equal Protection† (FindLaw, 2008, n. p. ). Here, it is clearly stated that â€Å"No state shall make or enforce any law which shall abridge the privilege or immunities of citizens of the US† (FindLaw, 2008, n. . ). This means that people are protected by the constitution and even their States cannot do anything to take this right away from them (FindLaw, 2008, n. p. ). The same is true with â€Å"a right to jury trial†, it is not necessary that each State determines what their law will be about this since whether States make a move or not, citizens are still protected by the constitution (FindLaw, 2008, n. p. ). References FindLaw. (2008). Sixth Amendment. Retrieved November 7, 2008 from  http://caselaw.lp.findlaw.com/data/constitution/amendment06/ FindLaw. (2008). Fourteenth Amendment. Retrieved November 7, 2008 from  http://caselaw.lp.findlaw.com/data/constitution/amendment14/ How to cite Juvenile Offender’s Right to a Jury Trial, Papers

Blockbuster Inc a Strategy and Competitive Analysis free essay sample

Blockbuster Video is facing many challenges in trying to remain competitive in the video rental industry. Besides strong competition from Hollywood Video and Netflix, consumers are migrating to new choices, including video-on-demand and DIVX (Digital Video Express), an alternative rental option that allows consumers to eventually own the movie. This report will describe Blockbuster’s strategy and will compare Blockbuster to its main competitors, Hollywood Video and Netflix (see exhibit 2). The research and analysis will attempt to answer the question of whether Blockbuster can survive in the fast changing video rental industry. A competitive comparison will be done between Blockbuster Video, Hollywood Video and Netflix, with regards to the state of the rental industry, strategy to remain competitive, economic factors, innovation and development strategies, the supply chain strategy and the sales, service and promotion strategy. Blockbuster History The first Blockbuster Video store opened on October 19, 1985 in Dallas, Texas. David P. Cook, the founder, with the help of CEO, Wayne Huizenga, grew the business from a $7 million business with 19 stores to a $4 billion global enterprise with more than 3,700 stores in 11 countries. In 1994, Blockbuster sold to Viacom for $8. 4 billion in stock. Following the deal, Huizenga left the company. Over the next few years, Blockbuster experienced poor business decisions and executive departures, starting with Steven Berrard (CEO after Viacoms 1994 takeover), who resigned in 1996 to head Huizengas used-car operations. Wal-Mart’s Bill Fields replaced him and started promoting the retailer as a neighborhood entertainment center, selling videotapes (in addition to renting them), books, CDs, gift items, and music. In 1997, Fields resigned and current chairman and CEO John Antioco replaced him. By the time Antioco took over, Blockbuster was widely described as a mess. Cash flow was down, and major marketing initiatives such as selling magazines and candy in the stores had flopped. Its performance was dragging down Viacoms stock. Antioco immediately started unraveling many of Fields efforts, especially his focus on non-rental operations. Then in 1997, with the help of Blockbusters large market share he forced the movie studios into a revenue-sharing agreement that replaced the standard practice of buying rental copies for as much as $120 each. It not only saved money, but it allowed Blockbuster to stock more copies for less. By 1999 Viacom spun off a minority stake in Blockbuster and the company split into three new operating units that oversee its retail outlets, e-commerce operations, and database and brand marketing. Viacom later sold off the rest of Blockbuster in 2004. In 2001 Blockbuster announced that it would decrease its VHS and video game inventory by 25% to make room for more DVDs. In 2004, Blockbuster eliminated late fees on all of its in-store rentals at locations in the US and Canada. This was in response to competitor Netflix policy of not charging late fees for returned DVD’s. Later in 2004, Blockbuster launched a $700 million takeover bid for Hollywood Video, a move that the FTC was very concerned about and attempted to block. Hollywood Video refused to consider the offer and eventually agreed to a purchase by its smaller competitor, Movie Gallery, in 2005, creating a strong #2 in the industry. Blockbuster has lost significant amounts of money in recent years: $1. 6 billion in 2002, almost $1. 0 billion in 2003, and $1. 2 billion in 2004. The past few years, Blockbuster has been busy reinventing itself for a future in which video rentals may be on the way out. Competition and the State of the Rental Industry Technological and market evolution is finally catching up with the brick and mortar movie rental business. With all the new sources of competition available, Internet subscription services (Netflix), cheap DVDs at Wal-Mart, online movie download services, cable and satellite movie channels plus video-on-demand, Telco entry into the video business, it’s no wonder that Blockbuster and Hollywood Video are struggling. In 2005, Joe Flint and Kate Kelly reported in the Wall Street Journal that â€Å"Blockbuster Inc. is facing new pressures as signs increase that a sharp decline in the video-rental market is putting a strain on the company’s finances. † The company’s stock prices fell by 9. 7% in late 2005, hitting a low of $4. 60 per share. Then Hollywood Video (Movie Gallery Inc. ) reported that sales at many of its stores dropped 10% the same quarter in 2005. Meanwhile, Netflix was gaining momentum and a customer base of almost six million subscribers (see exhibit 2). Antioco admitted to the Wall Street Journal that the â€Å"rental industry is in the tank† and the firm’s SEC filing in 2005 said that it anticipates a â€Å"faster than expected decline† in the store-based video rental market. According to Adam Thierer , â€Å"This is what makes the FTC’s efforts to stop the Blockbuster-Hollywood Video merger so troubling. Clearly, this is a sector in the midst of rapid decline; perhaps even the beginning of a death spiral. This has been forecast by some industry analysts and techno-pundits for years, but now it is really happening thanks to all the new competition and innovation in the media sector. Without this merger, both these firms are likely dead. Of course, they might have been dead even if they had been allowed to merge. But now we’ll never know. † The Strategy to Remain Competitive As the SWOT analysis shows (see Exhibit 1), Blockbuster faces competitive battles on a number of fronts. It appears as though Blockbuster understands the need to expand into other fast-growing services and technologies. Antioco is determined to â€Å"deliver entertainment to consumers homes almost every way but down the chimney†. He has called his plan the ultimate bricks, clicks and flicks strategy. He cut deals with major studios to share revenue from rentals, which lowered the companys acquisition costs for tapes and ensured it would have more copies available for rental. And he spent heavily on getting the message out to customers that Blockbuster had cleaned up its act. Of the approximately 88 million U. S. households, about 45 million are an active Blockbuster account, which means its rental business still has room for growth. And Antioco said the retail stores and its strong brand, as well as the data that it has gathered about consumer preferences in movies and other entertainment, are assets Blockbuster can leverage as it moves into new areas. Antioco has put the company into the satellite business with DirecTV Inc. Customers can buy satellite TV systems in Blockbuster stores, and the company offers Blockbuster movies on a pay-per-view basis. In 2003 Blockbuster acquired Movie Trading Co. , a used DVD trading retailer with 18 stores, in order to study the used DVD business. In 2004, Blockbuster acquired American Satellite and Video, operator of 40 southeastern Rhino Video Games stores that buy, sell, and trade video games. This was a late effort to combat rival Hollywood Video’s venture into the gaming industry, which started in 1999 with the creation of its successful â€Å"Game Crazy† brand. Blockbuster is also on the Internet. Theres the company Web site, Blockbuster. com, where new movies on video and company promotions are listed. Blockbuster also has an alliance with America Online Inc. Blockbuster promotes AOL products and services in Blockbuster stores. `The new management team has done a great job of taking their current assets and ensuring that they have a role no matter what technology develops in the future, said David Reidel, president of equity research for Salomon Smith Barney. If satellite develops more rapidly than broadband, they have access to that. As the Internet becomes more important, they have exposure through AOL. But they also have a very strong base of retail. Blockbuster entered into Internet subscription service with â€Å"Total Access† to compete with the success Netflix was having. Antioco had initially been skeptical of consumer demand for the mail-order concept, but after Netflix signed up millions of customers, Antioco changed course. Carl Icahn, Blockbusters top shareholder, criticized Antiocos slowness to act. While Blockbusters service, which allows customers to return mail-delivered movies to their local store, has proved popular, it still has fewer than half the number of customers Netflix has . What is surprising is that Hollywood Video didn’t jump into this fast-growing market as well. And that might be because Internet subscription services have their drawbacks. The customer is never assured of getting the exact movie they are interested in. They are sent a movie from a list that they set up online. New movies that are usually attainable at the local video store require the Internet customer to be very patient. But it seems that Blockbuster has a clear advantage over Hollywood Video by entering the Internet subscription market first for rental stores (but after Netflix) and providing the advantage of in-store drop- off. This added convenience to the customer can be looked at as a first to market strategy. Hollywood Video introduced a program called the Movie Value Pass which allows customers to rent unlimited amounts of movies. The pass allows customers to have up to three movies checked out for free at any one time. The major restrictions on the pass are that customers must wait an average of four to eight weeks for new releases to be added to the list of MVP available titles. Customers are also still limited to five day rentals and will pay late fees on their free rentals if they are not returned on time. MVP Premium was started in November 2005 and allows customers to rent any movie in the store for a maximum of fifty days. The difference between the two MVPs is that Premium costs either $24. 99/month or $29. 99/month in order to have either two or three free movies out at a time, respectively. Antioco said he doesnt believe the basic rental business will completely go away. It will continue to grow, but it will be slow growth driven over the next couple of years by DVD. Even if it were to shrink, with sales of $10 billion a year, its a long way from extinction. And he added â€Å"Opening new channels for delivering entertainment just increases the public appetite, home video didnt kill the movies, and pay-per-view hasnt killed rentals. The market for movies viewed at home through rentals and other methods has grown to $20 billion-plus over the past 20 years, and we believe it can grow to $30 billion over the next five years. â€Å" Economic Factors The early 2000’s were a boon for the video rental industry. â€Å"By 2001, VCR’s had become an entertainment staple, with over 96% of U. S. TV households equipped with at least one VCR†, according to Peter Coughlan (Exhibit 3). An unbelievable 74% of these households rented videos each year and 63% purchased videos in any given year. Clearly, Blockbuster was a winner with these statistics and one can understand how their revenue climbed to over $5 billion in 2001. That was then and the situation now is a sharp decline in video rentals throughout the industry. Innovation Development Strategies Blockbuster is striving to innovate to remain competitive. They are trying to get ahead of the curve with video downloads. The proposed system will enable consumers to pick a film and download it onto a memory stick or card, meaning it can then be viewed on a portable mobile device or laptop. Blockbuster is also looking at online downloads and video-on-demand services. Competition is causing a lot of innovation in the DVD rental industry. Netflix has launched a new feature called Watch Now that will enable subscribers, at no additional cost, to watch movies immediately on Netflix. com. The new service does not limit the number of movies a customer can watch, instead it gives users 1 hour of video for every $1 they spend monthly (18 hours of online video is free with the $17. 99 plan). Customers can watch 5 minutes of a movie, decide that they dont like it, and switch to another without penalty (many online movie rental options require atching a movie within a certain time period, such as 24 hours or 14 days, or the movie will have to be re-rented at additional cost). Blockbuster has a history of innovation but not all its ventures have worked out. Former Wal-Mart executive Bill Fields took over the chain in the mid-1990s and was gone soon after when his idea to sell more general merchandise in stores flopped. The chains Blockbuster Music venture du ring that same period suffered an early demise, as did its short-lived video-on-demand venture in 2000 with Enron (yes, that Enron! ). Supply Chain Strategy In the early days of video, the release process was fairly straightforward. A movie would play in theaters for six months or more. Eventually, after a stint on cable or airplanes, it would show up on videotape in stores and rental outlets. The initial purchase price would be too high for most consumers to afford, so the tape would be geared largely toward the rental market. When the demand for rentals subsided, the distributor would drop the price and offer the movie for sale. That gave rental stores like Blockbuster a window of near-exclusive access to customers. With the advent of movies on DVD, everything changed. Today, rental and retail DVDs are released simultaneously, so Blockbuster and Hollywood Video must compete with a growing ownership market. And the retail side has a simpler supply chain. DVDs for sale go through a standard pick, pack and ship process before reaching store shelves. Rentals, however, involve several additional steps, including the printing of a store-specific insert, placement of the insert into the outer sleeve of a separately produced, lockable case, and transfer of the DVD from its original packaging into the new case. The whole process must be tightly scheduled, to make sure that each of Blockbuster’s U. S. stores gets product in time to meet release dates. Demand volatility gives Blockbuster additional challenges. Depending on the number and popularity of new DVD titles in a given month, the company’s labor needs at its distribution center can vary sharply. Up to now, it has solved that problem with temporary workers, who are expensive to train on short notice. Blockbuster is responding to these problems with a new approach to DVD packaging. Beginning in 2006, the company got rid of its familiar blue-and-white rental boxes and replaced them with lockable cases that look just like rental units, complete with factory artwork. A plastic backer card remains on the shelf when all units of a particular DVD are rented. Extra work is still required to place the disks into these new cases, but Blockbuster has turned to technology to cut costs. Five high-speed machines, located at the company’s sole distribution center near Dallas, automate the process of opening an empty case, inserting the disk, printing and applying store-specific labels to the cover, inserting additional coupons or disks, and placing each order into totes on conveyors. As a result, work at the distribution channel can be completed in less than half the time, with 75 percent less labor. That adds up to savings in excess of several million dollars a year for Blockbuster. The project’s success relies upon cooperation with suppliers. Blockbuster convinced its distributors to ship DVDs without cases, on spindles in stacks of 100. That eliminated the need to remove them from retail packaging. Artwork, which must be cured for two days to prevent warping, is shipped separately as well. Tight collaboration with vendors was also required to determine the right kind of plastic mold for the cases, and sticker for the cover. To keep distribution costs down, Blockbuster divided the U. S. and its surrounding territories into 50 regions, or pool points. The distribution center keeps a close watch on pickup schedules, so that it can expedite shipments if a movie is in danger of missing an in-store date. All of these measures have helped the company to stay competitive in an industry that is constantly changing, with an ever-growing number of options for consumers. Sales, Service and Promotion Strategy Rentals are still the key revenue source for Blockbuster, but theyre no longer the only category Blockbuster has to rely on. During the past few years, the chain has been working to reinvent itself as a true retailer instead of a rentailer. That process began in early 2002 when the chain began selling video game consoles and video games in stores for the first time. Later that year, Blockbuster introduced new signs to promote DVD sales, marking its first concerted effort to sell new video releases in stores. The results of that strategy showed in the first quarter of 2004, when Blockbuster posted $119 million in DVD sales, a 74% increase from $69 million the same period the previous year. During a recent conference call with analysts, John Antioco made a point of highlighting those numbers. We sold 5. 2 million DVDs in the first quarter alone and were clearly on our way to becoming a destination for DVD buyers, said Antioco. Video game sales also skyrocketed during the first quarter of 2002 with $62. 5 million in sales compared to just $9. 7 million the first quarter of 2002. Overall, merchandise sales accounted for 19. 7% of the chains total revenue for the quarter compared to just 14. 6% in the same period last year. Antioco said the results were the start of Blockbusters long-range goal to become both a retail and rental destination. The rapid adoption of DVD altered the buying habits of consumers and the industry in general. Analyst Tom Adams said Blockbusters strategy is a sound one given the state of the industry. The rental market has been relatively flat the past 10 or 12 years, so during that time Blockbuster has been growing by adding more stores and gaining market share, said Adams, president of Adams Media Research in Carmel, Calif. But now theres only a limited amount of space left and they have to look for growth elsewhere. Adams said using merchandise sales to spur growth is a great idea that takes Blockbuster back to the halcyon days of video. Back in the early 1980s, most video stores were consumer electronics stores that got into renting videos on the side, so they were the place to go to check out new technology, said Adams. Thats where video started so I think its a great way to go. Blockbuster has floated several new ideas designed to increase its market share. In June 2003, the chain introduced its Freedom Pass program that allows unlimited video game rentals with no late fees for $19. 99 per month. The chain also opened new video game stores-within-in-stores in the United Kingdom and is testing the same concept in some U. S. outlets. Besides Hollywood Video’s Movie Value Pass program, mentioned earlier, they began accepting Trade-Ins to be sold as Previously Viewed in June of 2005. To trade in a movie, a valid membership is required. In addition, only titles and editions carried by Hollywood Video are acceptable for trade-in, therefore most Full-Screen DVDs were not accepted. In June of 2006, Hollywood Video started carrying both full and widescreen copies of major titles to offer customers a choice, so now most DVDs can be traded in regardless of format. In August of 2006 Hollywood Video began a new program called Play Guard which is essentially an insurance policy for your rentals. For a fee of twenty five cents per individual rental (DVD, VHS, Game) guests can purchase Play Guard to protect them from paying charges for a broken or cracked item. In the past if a guest rented an item and they broke it, the guest was responsible for paying for the item at its previously viewed price. Now if they purchase Play Guard any item that is broken while in their possession may be returned without any obligation to pay for it. For its inaugural month all proceeds went directly to the Starlight Starbright Foundation, since then and from now on 10% of the proceeds will go to the foundation. Conclusion Since I began working on this report, Blockbuster CEO John Antioco has announced that he is leaving the company. Apparently he was at odds with the top shareholder of Blockbuster for some time. Appendix Exhibit 1

What Happened in Enron Essay Example

What Happened in Enron Paper What happened In Enron and Arthur Andersen? United States seventh largest company Enron, with the slogan Ask Why was admired for Its innovation, but it all ended up In bankruptcy and criminal matters. The company filed for bankruptcy in December 2001. This was one of the worlds biggest corporate scandals In history. Aquas seventh largest firm had In over sixteen years increased its assets from 10 billion to 70 billion US. Dollars, and was by the stock market analysts from Wall Street hailed as the new economy model. Five years in a row, readers of Fortune magazine appointed Enron as The most innovative company in America. The companys director and founder (in 1985) was Kenneth Lay, who was the future business Idol. In his holidays, he played golf with former President Clinton while he made Enron the largest contributor to George W. Bushs career as Texas governor, and not least as U. S. President. As a former employee of the now defunct U. S. Deader energy commission, Acting Deputy Minister of Energy compared the Interior and economist for the Pentagon during the Vietnam War had Lay conditions for developing Its business In light of a lattice concept: aggressive deregulation, the removal of all regulatory and legal obstacles for appropriation and monopoly profits. Enron was dealing with natural gas. As oil prices fell during the ass, and natural gas (which had flourished in the wake of the oil crisis) was again threatened by falling oil prices, Lay found out that deregulation was the answer. We will write a custom essay sample on What Happened in Enron specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on What Happened in Enron specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on What Happened in Enron specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Large customers would no longer be bound by agreements with local, often public energy facilities, but could buy directly from producers, which in turn should have access to the pipe and conduit systems. Public monopolies were broken. Lay went directly to the Federal Energy Regulatory Commission (FARCE) and got the rules repealed. The result was more volatile energy prices. Now, Lay got his most innovative idea: to make natural gas and energy commodities in line with all other mass production. Natural gas was now controlled by electricity supply and the electricity market was deregulated to a large wholesale market. Lay went directly to the U. S. Congress, and Congress changed the rules. In 1994 Enron began trading with electricity next to the natural gas, where It became the largest supplier in the U. S. And in England. In 1997 it was also Americas largest electricity trading, as did the rear of public electricity companies, as the federal SPA. The U. S. Energy deregulation model became a global model. In country after country it was being Introduced. In 2001 , ten company only Ana 24 cays to go Dandruff Ana turned out to consist AT hot air. Investors lost everything. 20,000 employees lost their Jobs, health insurance and retirement savings, while managers such as Ken Lay and Jeffrey Killing walked out with nearly one billion U. S. Dollars. The senior people in the company had earned nearly 1 billion U. S. Dollars from the sale of company shares over the last two years. The founder and leader of the firm, Kenneth Lay, earned 123 million U. S. Lars in 2000 and 25 million in 2001 and then sold his Enron shares before the collapse and had a great profit out of it. At the same time he urged employees to buy shares, which would soon prove to be worthless, while he told them third quarter looks to be super, and predicted that its value would increase by 800% or more in Over the next decade. Employees would not touch the shares they had in the company, and many whose retirement savings we re ever $ 1 million worth in August 2001, were left with a life savings of only $ 4000 at Christmas 2,001 the. Many companies are working hard to develop a corporate culture and employee loyalty. This was obviously not the case with Enron. Thousands of workers ended up with an empty bank account and an uncertain future, this was the only reward for believing that they were part of a team. It is these experiences that will clearly show that the working class and the ruling class do not have common interests, no matter what the capitalists say otherwise! Unfortunately, the loss of Jobs in Enron will not be he last in the current economic crisis. Many other traditional companies such as Ford and Boeing have already announced major layoffs. Thats life under a system that puts profits before people. Enrons biggest mistake was their pride. In addition arrogance, intolerance and greed. People were blinded by greed. They could not see the dangers, said the former staff lawyer, Amanda Martin. Arrogance, intolerance and greed does not necessarily lead to fraud and embezzlement. But it did with Enrons management, and this lack of morality and common decency filtered down through the organization. The story of Enron started in 1985 in the U. S. IL capital, Houston, as director Kenneth Lay leaves the local Houston Natural Gas merged with a Nebraska-based company International North in the new company Enron to include to do business with 60,000 kilometers of natural gas pipelines in the U. S.. In record time, Enron is with wealth of buying U. S. Largest supplier of natural gas and power and from its impassions headquarters in a skyscra per in Houston a model around the world for how we should privative energy. Quarter after quarter, Enron comes with impressive cords, and the already gilded shareholders can only smile when the IT bubble burst in 2000. They are in tomorrows safest money machine But there are already starting to get cracks in the glass buildings glistening facade. T Tanat Enron should sell bandwidth in line with other groceries. Enron entered into a collaboration with video rental company Blockbuster to supply video on demand. The stock exchange cheered, and Enrons price rose 34 percent in two days. The problem was that the technology was never developed, and the agreement fell to the floor after a few months. But with the mark-to-market principle, one could record 53 million U. S. Dollars on a contract that had not brought a crown. The same was true for many of Enrons other activities around the world. Most gave either no profits or even losses, but the presumed earnings were already booked. And Enrons price rose and rose. As it turns out not to be enough, in 1999, Kenneth Lay gives COOP Fast authorization, at its own expense, with a stripe of Americas most respected financial houses to create a pair of funds. The task is to do business with Enron, so the turnover and the counting earnings can be kept up, and Fast also creates yet more sinister foundations and companies, where he parked Enrons worst deals. There is rejoicing at management of Enron, as power-hungry California the same year opened a vigorous appropriation of its energy market. It offers new opportunities for creative outlets, because Enron peoples better than the officials are able to maneuver at the intricate set of rules. Enron also begins massive online trading speculation in future energy prices to be sold free bandwidth on the internet and here is even a market for speculation in the weather. One of the few areas where Enron really made any money was in California. In 1997, Enron acquired Portland General, and gained access to Californians deregulated electricity market. The recipe for enormous profit was simple. The price of a commodity rises if demand exceeds supply. Enron reduced supply of electricity. This made the price of electricity rise, some days with 3-400 percent. The result of this attempt at a free energy market was that California was hit by power cut in the middle of winter, when electricity demand is lowest. Energy crisis cost the California taxpayers 30 billion dollars, while the electricity cuts earned two billion U. S. Dollars to Enron. But even this golden egg in length could not save Enron. Stock market analysts on Wall Street believed in everything Enron executives told them about Enrons huge profits now and in the future, until the reporter Bethink McLean in an article in Fortune in March 2001 questioned Enrons economic status with the simple question that no one could really answer How does Enron make money? Less than a year after, the house of cards fell together and pulled Americas oldest counting Tell Arthur Andersen Ana Its employees In ten Tall. President Bush said he would be entrepreneurial president. It surely was, but the company was Enron. He created the same alternate reality, the same bubble of hot air. But ultimately dotted the real reality bubble. As commentator Harold Emerson put it: When historians at a time, looking back at the Bush administration, it will give them headaches trying to figure out how a president could do so consistently fail out of so many cases especially considering that many of the cases was his own initiative. Ironically, Enron had the slogan Ask Why, but it did not seem serious until February 2001 when a Journalist at the business magazine Fortune, Bethink McLean, full of wonder analyzed where the glossy annual reports information on Enrons alleged revenue came from. The article was met with attempts at ridicule from Enron, but suddenly a woolly explanation of the company was released, and then finally began a barrage of questions. In October, Enron submitted an accounting of one billion deficit, and in November the company added that there had been an accounting fraud for billions in five years t took only 24 days before the bankruptcy was a fact. There was wealth of reports on how senior management staff in the last few months had sold Enron shares for astronomical sums to avoid personal losses. In the meanwhile, they recommended others to buy. So bankruptcy was also a criminal, and dozens of people began to talk about how they had long wondered what they really even contributed to, but not dared to ask why, because they had been afraid of the answers. In 2004, Fast, who had cooperated with the authorities on the investigation of the case, was sentenced to 10 years imprisonment and a fine of 140 million. R The others were Lay and Killing, who both declared their innocence to the very end, convicted of fraud. What happened in Arthur Andersen? Auditing firm Arthur Andersen was sued and convicted in 2002 for destruction of evidence concerning the fraud-hit energy firm Enron. Andersen shredded Enron documents, and prosecutors said it was to hide complicity in fraud. Arthur Andersen defended themselves by saying that the documents were irrelevant material of a type which were routinely destroyed. The head of Andersens Enron team, David Duncan, pleaded guilty and cooperated let attenuators In ten case galls t Nils 010 Tell. U. S. Supreme Court this week cited with regard to the Jury not sufficiently had taken a position on whether the document was scrapping with criminal intent. Andersen was Enrons auditor general, while other firms revised parts of the company. Among other things, was not Andersen auditor on the so-called partnerships that Enron used to hide its debt and how much of the fraud took place. When the Arthur Andersen fraud was revealed, it led to the break-up of the firm and to the following assessment by the Powers Committee: The evidence available to us suggests that Andersen did not fulfill its professional responsibilities in connection with its audits of Enrons financial statements, or its obligation to bring to the attention of Enrons Board (or the Audit and Compliance Committee) concerns about Enrons internal contracts over the related-party transactions. The deception was initially made possible by a grip that by the rest of the financial world was regarded as brilliant. Enron was permitted to use the accounting principle of mark-to-market, which means you can book future profits on the same day a trade s concluded, regardless of how little there since comes in. Externally, Enrons profits could then be what Enron said it was. It gave great opportunities for manipulation of accounts. Lessons from the rise and fall of Arthur Andersen and Enron Even if many have tried, capitalism is not so easy to keep under control. The Enron collapse is not the only scandal we have seen so far in capitalism and it is most likely not be the last one. Enron has given $1. 9 million to the national political parties, more than three quarters of it to the Republicans. It has spent additional millions on political antedates, so that two-thirds of our national legislators have benefited from Enron largesse to their campaigns. These same millions have given Enron access to the most respected politicians in America. Kenneth Lay had private meetings with Cheney to tell him what the nations energy policy should be. He submitted a list of names of who should be appointed to the Federal Energy Regulatory Commission. This is Just one of the lobbying example of many. We must take the big money influence out of politics. We also have the investors, who, like many other investors, were too mesmerisms by he promise of free money to actually examine Enrons cash flow statements before handing over their hard-earned cash. The stock market has a way of giving investors exactly want teeny deserve, anon when get-roll-quickly Investors Tallow ten palace AT so- called financial analysts who give BUY ratings on companies they dont even understand, what they might get is bankruptcy. Too many investors think the stock market is a giant take-away table of money. They underestimate risk and overestimate the potential for gain. Another lesson would be that the governments cannot deregulate everything. Most likely, businessmen will act in their own interest instead of listening to the public and what they want. The most important lesson would be that the relentless pursuit for profit is a major issue in our economic model. It can easily get out of control and people will get hurt. Additionally, regulations concerning subsidiaries and corporate spin-offs should be amended so that they the relations between parent and subsidiary are transparent and reflect the actual ownership position of the parent company. These are only few of the lessons learned from Enron, but with such a big disaster eke Enron, there are endless lessons to be learned.

Argument Evaluation Essay Example

Argument Evaluation Essay Example Argument Evaluation Essay Argument Evaluation Essay Argument Evaluation University of Phoenix CRT/205 Argument Evaluation First Argument: Since it is the very nature of terrorism not only to cause immediate damage but also to strike fear in the hearts of the population under attack, one might say that the terrorists were extraordinarily successful, not just as a result of their own efforts but also in consequence of the reaction. In other words, we could have reacted more rationally and as a result produced less disruption in the lives of our citizens. (Mooreaâ„ ¢Parker,?   2007, p.?  ). The premise is, Since it is the very nature of terrorism not only to cause immediate damage but also to strike fear in the hearts of the population under attack, one might say that the terrorists wee extraordinarily successful, not just as a result of their own efforts but also in consequence of the Americans reaction. The conclusion is, In other words we could have reacted more rationally and as a result produced less disruption in the lives of our citizens. I find that the premises do support the conclusion, because it is a fact that Americans all over the world were struck with fear. It is also a fact that the terrorists were extraordinarily successful in their efforts and in the way that these actions affected Americans. Still to this day if a person is asked how they felt that day they will tell you they were scared, shocked, and in fear and disbelieve. I find that the argument is deductively valid because the premise and the conclusion support each other. I believe that the premises are true because they are easy to prove. You can research videos of that day and see plenty of people in shock, disbelieve, and fear of the events that took place and of what else might happen in the future. Second Argument: It is unlikely, for example, that many Americans remember that, earlier in 2001, an earthquake in Gujarat, India killed approximately 20,000 people. One might explain the difference in reaction by saying that we naturally respond more strongly to the deaths of Americans closer to home than to those of others halfway around the world (Mooreaâ„ ¢Parker,?   2007, p.?  ). The premises is, It is unlikely, for example, that many Americans remember that, earlier in 2001, an earthquake in Gujarat, India killed approximately 20,000 people. The conclusion is, One might explain the difference in reaction by saying that we naturally respond more strongly to the deaths of Americans closer to home than to those of others halfway around the world. I do not find that the premises support the conclusion because he is basing his conclusion on his assumption instead of on facts. He has no hard evidence that shows that Americans were not affected by the events of the earthquakes, so his conclusion canâ„ ¢t be proved. I find that the argument was weak because although he provided facts about how many people died in the earthquake and it could prove that more people died in the earthquake than in the events of the terrorist attacks, he did not provided prove about how Americans felt for the people that suffered in the earthquake event. I feel that the argument is plausibly true because he did give us facts about the earthquake and the approximate number of deaths, he lacked the supporting evident he needed to get me to believe how Americans felt seeing what happen to the people of India. Reference Mooreaâ„ ¢Parker. (2007). Critical Thinking, Eighth Edition (8th ed.). New York, NY: The McGrawaâ„ ¢Hill Companies.

History of Pearl Diving in Qatar

History of Pearl Diving in Qatar Pearl diving was one of Qatar’s main industries until the early 1940s when oil replaced it.  After being the major industry of the area for thousands of years, pearl diving was a decaying profession by the 1930s, after the introduction of Japanese cultured pearls and the Great Depression made pearl diving unprofitable. Even though pearling is no longer a thriving industry, it remains a beloved part of Qatari culture. History and Decline of the Pearling Industry Pearls were treasured in the ancient world, especially by Arabs, Romans, and Egyptians. These areas were largely supplied by the pearling industry in the Persian Gulf, with pearl divers working hard to keep up with the high demand from trading partners in Europe, Africa, and the Middle East. Pearl diving was risky and physically taxing. The lack of oxygen, the fast change in water pressure, and the sharks and other marine predators made pearl diving a very dangerous profession. Despite the danger, however, the high value of the pearls made pearl diving a profitable profession. When Japan created oyster farms in the mid-1920s to generate cultured pearls, the pearl market became glutted. In addition, the advent of the Great Depression in the 1930s devastated the pearl market as people no longer had extra money for luxury items such as pearls. With the market for pearls drying up, it was a miraculous event for the Qatari people when oil was discovered in 1939, changing their entire way of life. How Pearls Are Formed Pearls are formed when a foreign object enters the shell of an oyster, mussel, or other mollusk and becomes trapped. This object can be a parasite, grain of sand, or small piece of shell, but more commonly it is a food particle. To protect itself from the particle, the mollusk releases layers of aragonite (the mineral calcium carbonate) and conchiolin (a protein). Over a period of two to five years, these layers build up and form a pearl. In oysters and freshwater mussels, nacre (mother of pearl) gives pearls their natural luster. Pearls from other mollusks have a porcelain-like texture and don’t shine like pearls with nacre do. Qatar is a perfect place to find such beautiful, shiny pearls.  Because of its abundant freshwater springs, the water there is part salty and part fresh, an ideal environment for nacre formation. (Most of the fresh water comes from the Shatt al Arab River.) Cultured pearls follow the same essential formation process as natural pearls, but they are created under carefully controlled conditions on a pearl farm. Pearling Voyages Traditionally, Qatar’s pearl fishers made two annual boat voyages during the June-September fishing season. There was a long trip (two months) and a shorter trip (40 days). Most pearling boats (often called a â€Å"dhow†) contained 18-20 men. Without modern technology, pearl diving was extremely dangerous. The men didn’t use oxygen tanks; instead, they pinched their noses with pieces of wood and held their breaths for up to two minutes. They would also often wear a sheath made of leather on their hands and feet to protect them from the rocky surfaces found below. Then they would throw a rope with a rock tied at the end into the water and jump in. These divers would often swim over 100 feet below, quickly use their knife or a rock to pry oysters and other mollusks off of rocks or the sea floor and place the oysters in a rope bag that they had hung around their necks. When they could hold their breath no more, the diver would pull on the rope and be pulled back up to the boat. Their load of mollusks would then be dumped on the deck of the ship and they would dive again for more. Divers would continue this process throughout the day. At nighttime, the dives would stop and they would all open the oysters to look for the valuable pearls. They could go through thousands of oysters before finding even one pearl. Not all dives went smoothly, however. Diving that deep meant that rapid changes in pressure could cause serious medical problems, including bends and shallow water blackout. Also, the divers were not always alone down there. Sharks, snakes, barracudas, and other aquatic predators were rampant in the waters near Qatar, and would sometimes attack divers. The pearl diving industry got even more complicated when colonial tycoons got involved. They would sponsor pearling voyages but require half of the divers’ profits. If it was a good voyage, then all could become wealthy; if it was not, then the divers could become indebted to the sponsor. Between this exploitation and the health risks involved with pearling, divers lived strenuous lives with little reward. Pearl Diving Culture in Qatar Today While pearl fishing is no longer vital to Qatar’s economy, it is celebrated as a part of Qatari culture. Annual pearl diving competitions and cultural celebrations are held. The four-day Senyar pearl diving and fishing competition recently boasted more than 350 participants, navigating between Fasht and Katara Beach on traditional ships. The annual Qatar Marine Festival is a free event that hosts not only pearl diving demonstrations but also a seal show, dancing waters, food, an elaborate musical play, and miniature golf. It is a fun event for families to learn about their culture and have some fun too.

What do the sounds in White Noise foreshadow Essay

What do the sounds in White Noise foreshadow - Essay Example This may mean his work has enhanced his art to, a significant level, or his work has accomplished larger commercial achievement than his previous works. This paper analyzes the significance of sounds in White Noise. White Noise made tremendous sales and got terrific reviews all through the career of Don DeLillo. It is straightforward to understand the reasons that made it one of the best fictional works of the time. A number of factors contributed to its superior position over other similar works. They include its crafty satire of academia, advertising, and television, its letter-perfect illustration of the sights and sounds of malls and supermarkets, its ironically humorous structure of the post nuclear household, and expression of events that strongly relate with contemporary Americans. In addition, Don DeLillo has focused more on the need for association between the world, the national communities and the self, survival and the subtle, and culture, than with character. People are technologically oriented, and elements of nature entangled in the riddle of history, therefore, the superhero, the outlaw and the notion of man against other elements exist as fiction in the contemporary world (DeLillo 6). DeLillo’s work illustrates a form of intelligence and suspense, a feeling of the tight-drawn net and widening gyre. White Noise is a story based on a professor of Hitler studies, Jack Gladney, in an institution, in America. The life of the professor with his family is pervaded by the ubiquitous complain of technological advancements. The radio and television offer constant commercials and commentary. This helps unite Jack’s family with the other parts of America in a significant cover of consumerism. The professor is enjoying his life, only indistinctly traumatized by the concern of his ultimate death (DeLillo 8). This changes when a chemical discharge emits a dark cloud of insecticide elements. The in the air poisonous condition makes the professor and his family leave their home. John and his family’s peaceful life are interrupted, in spite, the permission to return to their home one week after the toxic event. His contact with the toxic event makes him concentrate on the probability of his looming death. In addition, her fourth wife is also affected by her concern over death. A possible solution for their fear of death is in the form of medicine that guarantees to deal with the fear of death, Dylar. Jack turns to tremendous solutions to lessen his pain when the medication is unsuccessful. The hum of technology continues to engross Jack all through his troubles. The book is more than a deliberation on death. White Noise is a reflection of the impact of commercialism and technological activities on an individual’s everyday life. The professor is not afraid of his natural demise. It is only after Jack has contact with a manmade disastrous event that he is worried of his unnatural death. The toxic activities seem t o remove excitement about life. The author shows that the white noise engrossing Jack had started to demean his survival. The toxic events make jack conscious of demeaned existence (DeLillo 117). The professor’s associations are characterized by technologically related activities. The ease and comfort provided by all the gadgets encircling John and his family is attractive but dulling in the long run. It conceals the line between projected situations and

European history Essay Example | Topics and Well Written Essays - 750 words - 1

European history - Essay Example While the revolution swept all corners of the European nation, it is important to note that each nation had its own unique mix of issues and concerns about the traditional authority. The earlier uprisings patterns in 1820s and the 1830s were very instrumental for the final explosion of revolution in 1848. However the authorities by then worked very hard and thought that they had crushed the uprisings. However, most of the uprisings were only suppressed and went underground. The revolutions would come again and hence there were periods of peak and off peak with regard to revolutions. In this context, some were successful and resulted to one or two revolution reforms while others were completely suppressed. The major waves of uprisings that resulted into major reforms were witnessed in the year 1820s and 1830s before the eruption (Korner, 215). The 1830s uprisings mainly begun in France and spread to other places like Germany, Belgium, Poland and Italy. Unfortunately all the uprisings were crushed by the ruling authority in almost all these nations except those uprising in France survived. As a result of this however Belgium, Britain and France Won freedom, liberal reforms and constitutional monarchy respectively (Korner, 216). These uprisings were very important as they paved the way for wave opf uprisings that followed after a decade in the year 1848. This wave swept across many nations including those regions that had not experienced uprisings. By this time French had gone ahead to establish a republic while other fifty uprisings were witnessed in the different parts of Europe. However, France was neither lucky, it was taken over by a dictator, Napoleon III turning it into a second emperor. During this time, the French had made a republic and the Frenchmen could now vote for delegate with regard to the new constitution. This was a major development in France as partial freedom in choosing the leaders. The

Prison Nursing Essay Example for Free

Prison Nursing Essay I had been a nurse for 1 yr, and only worked in long term care. I craved a change in my career that was exciting, yet challenging; I decided to become a correctional nurse. I had no idea what was in store for me when I applied for a position with UTMB . I spoke with family and friends who thought I was crazy for wanting to work in such a hostile environment. Needless to say, I didn’t listen and followed my own instinct. When I was hired, I had not taken a tour of the facility; day one was the first time I walked into a prison. As I walked in the gate house, I was saying to myself â€Å"this isn’t so bad! I kept telling myself those same words the whole time I was taking my shoes off , letting my hair down to be searched, and getting frisked while checking for contraband. After the most violating pat down I had ever received was over, my heart began to pound. â€Å"What am I getting myself into? † Once in the infirmary I was given a brief description of job duties. By now my heart was in my throat, but I kept up the brave front . I learned that I would be working in our clinic with convicts that required inpatient medical care. My role was to provide nursing care only. A few things I had to take into consideration; they were convicts. They could be quite manipulative and they tried to test me every time I turned around. They asked questions about my personal life and they asked for favors. They would also ask me to bring in things from the â€Å"real world† or deliver items or letters. This behavior could be grounds for termination so any and every time I was asked to do any of the things I listed or anytime an inmate tried to get to personal it had to be reported. The inmate would then have to face disciplinary action. It was very hard to remember all the dos and don’ts while maintaing professionalism, as well as maintain safety and sanity. In the Texas prison system the inmates endure grueling conditions. In the winter its freezing cold, old boilers are all they have to keep warm. In the summer its smoldering hot, old noisy fans are all they have to keep cool. Being tender hearted as I am, I couldn’t help but feel sorry for them. I was raised to see the good in every body. I was also raised to believe in an eye for an eye. It was really hard to provide unbiased care when I knew I was dealing with a child molester or a rapist. I know we were trained to put all our emotions aside, but in reality my emotions would sometimes get the best of me. I only worked as a correctional nurse for a yr. I enjoyed working with other members of the medical staff as well as correctional officers. I actually enjoyed working with the inmates, providing medical care. I have had my share of inmates cursing and yelling at me and have witnessed situations I will never forget. I learned very quickly to be thick-skinned. I learned to be tough in order to do the job and survive. I still reminisce about the adrenalin rush I would get every time and emergency would arise. I’m glad I made the choice to work at the Wynne Unit it was definitely a life changing experience.

Speech Outline How to Prepare for Finals :: essays research papers

Outline: Purpose my demonstration speech: I want to demonstrate how to prepare for final exams Central Demonstration speech Topic Idea: It is important to be stress free during final exams and this demo is the best way to do that. Introduction: What you are going to teach: 1) I am going tell few parameters that determine your final exam result. 2) Few things that keeps things simple 3) Productive ways 4) Smart work Why this demo: The reason I choose this topic is I personally have experienced few times.9p=-/I felt good during some exams and some not. I used to see my brother going through this and few of my friends. So I came up with some thoughts which will make that process easy Why listeners should know: How many of believe that you are a student all your life. And you often come up with exams of different kinds all your life. These principles can be applied to any kind of contest/exam/game/job to name some every walk of life Once after this demo you pretty much can apply these instructions immediately and you will see the best results. Demo Speech Outline: 1) Smart Work: a) Reviews: Go through the mistakes you have done in the previous exams (mids) b) Get help. Ask a teacher or try comparing notes with a classmate. That way, if you didn't get the information from the lecture, you can get it from each other during participation. 2) Parameters: a) Stress free : How relaxed are you b) Preparation: How good are you prepared, Being proactive How many of believe that preparation is the separation. Health. How is your health condition (right food, ill free) 3) Productive ways: a) It's important not to cram. Cramming isn't a productive way to study because it's hard to learn so much information in a short time. Study ahead of time, because you can put only so much more in your brain. b) Have a note-taking system that works for you. Take notes as if you had to rely on them to pass the course. c) Start making a pre-test. Collect questions, problems, essay topics, etc. from past exams and homework assignments. Take the test a week or two before the final exam to see where you need to focus your studies. Decide where the test questions come from -- the textbook, the lecture or both. I believe in Preparation -----> demo/exam ------> review/changes------> exam What I mean by this is I prepare for the exams and put myself in an exam environment and do it. Then I come up with the personal review of my performance.

Downfall from Arrogance

Downfall from Arrogance The Crucible Is a peculiar name to put for a play. In literal meaning, a crucible Is a special pot In which you put materials In. The pot then goes In the fire, and you end up melting the contents, but not the pot itself. The way Miller named his play as The Crucible is what literary experts call symbolism. Arthur Miller's basic purpose of writing this play was to signify that people react to situations in many dfferent ways. In that same way, he symbolizes the attributes of each character as well.In this play, The Crucible, the character Reverend Parris's consistent arrogance conveys the uthor's message that before anything else, people will always tend to care for themselves. Reverend Parris's personality trait can be examined through chronological order † from Act 1 to Act 4. Who was Reverend Parris? As described in Act 1, Parris is the head of the church of the town, and he is considered a respectable person. In his mid-forties, he has already lost h is wife, and has a daughter named Betty. In Act 1, Reverend Parris plays a dominant role, along with his arrogance and pride.At the beginning of this act, when Betty is on the bed lying what seems to be nconscious, Reverend Parris tells Thomas Putnam, â€Å"leap not to The people wanted to call In Reverend Hale, the towns expert on witchcraft, to examine Betty and find out what had been going on. Parris, through his arrogance, decided that it would not be a good idea to call in Hale because if Betty were to be announced as a witch, it could ruin his name, since she was his daughter. Just to save his name of being the head preacher of the town, he persisted on not calling in Reverend Hale.Parr's, along with his undermining arrogance, created a saddening effect on the the town. He Is the main pastor, and so when people hear things from him, they tend to believe him. All that he did was not to keep the people of the ton away from evil. He did what he did so he would hear what he wante d to hear. He wanted to hear that he would not lose his position. Eventually, he did give in and towards the end of Act 1, they do call in Hale. Parris was not at all present in Act 2 directly, although he was in fact mentioned once when they talked about a book in which he kept a record of all the people present on Sabbath Day.Throughout the whole act, however, there was ot a single Instance where his arrogance took an effect on any of the people. In Act 3, however, his arrogance plays a crucial role. When Danforth is talking to John Proctor and Abigail, he decides to step in and say to Danforth that â€Å"this is a trick to blind the court! † (107). He does this again to protect his own name because he does not want Danforth to believe what Mary Warren is saying. During the trial, he asks Mary Warren to faint in front of all the people, falsely. The reason for his demand is because he Is grasping for evidence to prove that Abigail and the girls are not guilty.Parris has a c onvincing effect on Danforth throughout the whole of the trial because he is trying to protect Abigail, and Danforth has come to a point where he cannot go back. Danforth's own arrogant nature wont let him reconsider his decisions. Since Abigail has already been proven innocent, Danforth literally won't listen to new evidence unless some creative logic occurs. Once Elizabeth comes to the trial, Parris Is even more Olstraugnt He tnlnKs tnat EllzaDetn wlll agree wit n Proctor aoout tne adultery he committed, and thus ruin his name for sheltering an adulterer. Ironically, that does not happen.Elizabeth, who Just wanted to save her husband's name, said that Proctor did not commit adultery. All this while, she knew that he did. At the end of Act 3, we can see that Parris's arrogance and prideful nature is helping him to get through another round of impulsive evidence put indirectly against him, that could have again hurt his position in Salem. Act 4 is the last act of the play, and in th is act, everything changes. Parris comes running to the Jail, where he tells Danforth that Abigail has vanished, along with all of his money. He asked Betty, who told him that they girls were talking about some ships.Within the lines, we can interpret that Abigail disappeared by riding off on a boat. Parris's view of the whole situation changes, because he then realizes that he made a grave mistake by blaming innocents. He pleads to Danforth to postpone execution and to free the accused, but Danforth, again with his pride that he never failed to make the right decision, decides that he will not reconsider his decision. When Proctor tears up the paper that could have saved his life, Parris looks unto him in utter astonishment. If Parris was in such a situation, he would probably live with the shame, although his arrogance might ake him suffer.That happens when he realized that people are turning against him. He â€Å"fear[s] that there will be riot here† (127). He completely b reaks down in front of Danforth after he recounts the knife incident. In conclusion, Parris signifies many different characteristics, but his most important trait being his arrogance, and it affected him negatively. This essay analyzed this trait through the chronological order of acts, from Act 1 to Act 4. He may have gotten through with his arrogance by directing people to love him and keep him in his position, but when the people

Externalities in Economics Essay

Externality is yet another significant source of market failure. It is owing to the lack of property rights that externality arises. According to Jaen (2005), by externality we mean the situation when the cost or benefits related to a transaction not only affects the transactors but also the other parties which is called party effect. Non-inclusion of such effect in decision making causes externality and hence market failure. Jaen added that an example of this is pollution from factories which adversely affects the health of the people in the neighborhood. But such a cost is not included in the estimation of cost of production; accordingly there is increase supply. This is called negative or harmful externality. Jaen (2005) added that externality could be beneficial as well and he cited an example, the painting of house by individual A may lead in its market value and also that of the other properties in the neighborhood. Thus the benefit accrues to the third party; this is an example of positive externality. Before explaining externality further, we must make a distinction between private cost or benefit and social cost or benefit. In a given society, the resources are said to be optimally allocated when the social marginal cost is equal to the social marginal benefit. Free markets would optimally allocate the resources when private costs are equal to social costs and private benefits are the same as social benefits (Jaen, 2005). There would be negative externality when social cost exceeds private costs and positive or beneficial externality when social benefits exceed private benefits. _________________________ Jaen, T. R. & Ohri, V. K. (2005). Principles of Microeconomics. Page 324 – 332 Externalities arise when one economic agent does not compensate others for his actions which may directly affect their consumption or production possibilities. Smokers, who do not, for example, pay for increasing others’ risk of cancer, or for the discomfort they may cause, produce externalities. According to Miyao & Kanemoto (1987), urban life is filled with examples of externalities: manufacturing producers may cause air and water pollution which negatively affects residence and other producer; some individuals may have racial prejudice against certain ethnic groups; a household may benefit from beautiful gardens of its neighbors; firms often prefer to locate in larger cities because of proximity to other firms; and an additional traveler in a congested road imposes external cost on other travelers by slowing them down. According to the Fundamental Theorem of Welfare Economics, a competitive equilibrium is efficient in the Pareto optimal sense if all goods are private goods and no externalities exist. This result, however, breaks down if there are externalities. An individual decision maker who generates externalities does not take into account actual external cost or benefits imposed on others; his decision must therefore be corrected to account for external effects. Externalities, thus present a case of potential market failure where go government intervention may be called for to guide a decentralized market system toward a point where resource allocation is efficient (Miyao & Kanemoto, 1987). It is however, too early to jump to the conclusion that government action are always justified when there are externalities; for example, individual who suffer from water pollution have an incentive to get together and bribe firms to reduce pollution. The reason why this may not happen is that the transaction cost to set up a market for pollution may be too high. ___________________________ Miyao, T. & Kanemoto, Y. (1987). Urban Dynamics and Urban Externalities. Page 100 According to Miyao & Kanemoto (1987), if the government has to incur the same transactions cost as private individuals, then government intervention cannot improve resource allocation. Even if government intervention is justifiable, the government has to choose an appropriate policy among alternative policy measures. For example, introducing a Pigouvian tax/subsidy system is one way of modifying individuals’ action to achieve an efficient allocation (Miyao & Kanemoto, 1987). A tax` placed on pollution will ten to reduce the amount of externality. If a corrective tax is set equal to the marginal externality cost suffered by others, an efficient allocation is achieved. One problem with the Pigouvian tax/subsidy, however, is that it usually requires high administrative cost. As Miyao & Kanemoto (1987) stated, in some cases, direct regulation of private activities such as ceiling on pollution emissions and a control of land use may be less costly; moreover the government might also have to resort to cruder measures. For example, a Pigouvian tax/subsidy system for traffic congestion requires congestion tolls whose levels are different for different roads depending on the severity of congestion. External effects have been studied by economist ever since the days of Marshall & Pigou; along with development of the field environmental economics, the theory of externalities has remained of great and growing importance in economic science (Jeroen 1999). As Jeroen (1999) quoted, â€Å"indeed it is fair to say that, starting from the traditional neoclassical economic framework, the most logical way to look at problems of environmental pollution is from the perspective of external cost†. It was also added that â€Å"however, although economist have been investigating the concept of externalities for a long time, both theoretically and empirically, ______________________________ Miyao, T. & Kanemoto, Y. (1987). Urban Dynamics and Urban Externalities. Page 100 Jeroen, C. & van den Bergh, J. M. (1999). Handbook of Environmental and Resource Economics. New York: Edward Elgar Publishing. externalities still prove to be an area of slippery ice†. Frequently, one finds fuzzy discussions on the discussions on the policy implications of external cost. According to Jeroen (1999), this may often result from, for instance, mixing up equity and allocative efficiencies arguments , from mistaking pecuniary externalities for true or technological externalities from some sense of compassion with the victims of externalities on equity ground, leading to pleas for ‘compensation’ which may often be unwarranted from the perspective of allocative efficiency The Concept of Environmental Externalities in Economics In recent years, economist have reluctantly added new variable in their economic thinking to account for the side-effects induced by the production of goods (Hokikian, 2002). They have labeled the parameter â€Å"externalities† (normally used in plural due to its multiple effects) because it usually affects, costwise, people other than who are directly buying, selling, or using the goods in question. When nuclear reactors produce electricity, we are gratified because we put electricity to such uses as washing and drying dishes and clothes. But when the nuclear generate highly reactive by-products, we are annoyed because the nuclear wastes are dangerous to our health. Economist call these unwanted nuclear waste externalities, because most of the cost associated with storing, regulating, and transporting them are not added directly into the cost of electricity. Pollution from economic point of view is the production of waste, dirt, noise, and other things we do not want. As Hokikian (2002) illustrated, for example, we do want steel and cement, but we do not want the smoke produced by the output processes; we do want mechanical energy from heat engines, but we do not want the released heat, which we call thermal pollution. _____________________________ Hokikian, J. (2002). The Science of Disorder: Understanding the Complexity, Uncertainty, and Pollution in our World. page 161 Economists’ externalities are nature’s entropy. Since the middle of nineteenth century, we have known that all processes increase in entropy; yet only recently have humans become a highly entropic creature, generating massive amounts of entropy. Externalities have become a major variable in industrial societies; as humans advanced technologically, we became a major producers of waste products that through the years have gradually accumulated to the point when we can no longer ignore their existence (Hokikian, 2002). Paretian Welfare Criteria and Market Failures Mainstream neoclassical micro and welfare economics theories suggest that governments should in principle be reserved in intervening directly in the economic process (Jeroen, 1999). According to Jeroen (1999), it is broadly accepted that economic science should aim at providing value free descriptions and analyses of human choice, and the associated social processes, under conditions of scarcity. As it is not possible to construct a value-free social welfare function according to some ethically objective criterion, welfare economics has an inherent tendency to rely on quite humble criteria for the evaluation of different possible outcomes of economic processes, for instance under different forms of government interventions. As Jeroen (1999) stated, although the concept of external effects is widely used in economics, there seems to be some confusion about its exact definition and interpretation. He added that, it is commonly recognized that externalities are an important form of market failure. ______________________________ Hokikian, J. (2002). The Science of Disorder: Understanding the Complexity, Uncertainty, and Pollution in our World. page 161. Jeroen, C. & van den Bergh, J. M. (1999). Handbook of Environmental and Resource Economics. page 197. their existence leads to a deviation from the first-best neoclassical world, in which the price mechanism takes care of an efficient resource allocation (Pareto Efficiency). According to Jeroen (1999), in the presence of ext3ernalities, market prices do not reflect full social costs or benefits, and, for instance, regulatory taxes or subsidies are called for to restore the efficient workings for the market mechanism. Furthermore, it is generally accepted that the source of externalities is typically to be found in the absence of well defined property rights (qtd. in Jeroen, 1999). Consequently, the theory of is often applied in environmental economics: environmental quality is a typical good from which property rights are not defined and hence no market exists. These commonplaces may clearly indicate the causes and consequences of external effects, but still leave the definition unclear; such a definition can be as follows: an external effect exists when an actor’s utility function contains a real variable whose actual value depends on the behavior of another actor, who does not take this effect of his behavior into account in his decision making process. According to Jeroen (1999), the above definition concerns technological externalities as opposed to pecuniary externalities. These latter which are ruled out by considering real variables only (that is, excluding monetary variables), do not lead to shifts of production and utility functions, but merely to movements along these functions. Consequently, externalities as defined above are potentially ‘Pareto relevant’ (if costs of correcting for the market failure do not exceed the welfare gains to be obtained), whereas pecuniary externalities are not, because they do not reflect a failing market. As Jeroen stated, the final condition in the __________________________ Jeroen, C. & van den Bergh, J. M. (1999). Handbook of Environmental and Resource Economics. page 197. definition distinguishes externalities from other types of unpriced interactions, such as barter, violence, jealousy, altruism or good-will promoting activities (for instance , handing out samples as products as part of a commercial campaign). Such phenomena differ fundamentally from external effects, both in a theoretical and in a policy-relevance sense. There have always been economist interested in positive or negative externalities; however, they largely been marginalized within the profession as externalities were seen as market failure that needs to be corrected or avoided (Maiser & Sedlacek, 2004). The consequences that recent literature has demonstrated also made economist shy away for along time from accepting externalities as integral part of the economic system. If economist want to understand the growth of an economy over time, they need t allow for externalities. Based on Maiser & Sedlacek (2004), these externalities lead to imperfect competition and tend to agglomerate production at certain locations in the economy. They added that, the resulting spatial structure leads to specialization, transportation and further externalities. This moves the spatial perspective closer to the core of economics. â€Å"As it turns out, if we can explain geographical concentration, then we can go along way toward explaining important aspects of international trade and economic growth (qtd. in Maiser & Sedlacek, 2004). The Influence of Government Policy on the Choice of Production Practices and Chemical Use Government influence on the choice agricultural production practices and the attendant use of chemicals has a variety of forms. Before exploring these alternatives, it is important to __________________________ Maiser, G. & Sedlacek, S. (2004). Spillovers and Innovations: Space, Environment, and the Economy. page 11. understand the rational for government intervention: externalities arising from the interaction between the agricultural sector and the rest of society. Externalities exist in situations where the activities of an economic agent (qtd. in Uri, 2005). As what Uri (2005) stated, consider the application by the farmer of pesticides that runoff into surface drinking water supplies and are ingested by individuals. Drinking water with high concentrations of pesticides has suspected risk and associated cost to human health; this is an example of a negative externality because the action of the farmer adversely affects the welfare of consumers. The absence of externalities is one of the conditions required for competitive markets to achieve an efficient allocation of resources. This is not meant to imply, however, that the presence of an externality requires government intervention. According to Uri (2005), in many situations, the involved parties may negotiate a solution that will address the externality problem and result in an efficient resource allocation. For example, restricting pesticide spaying during certain times to minimize community exposure to drifting pesticides can be the result of voluntary agreement between a farmer and the residents surrounding the farmer’s cropland. There are, however, externalities where the interaction between private parties does not lead to an efficient allocation of resources. Government intervention may be consider in these instances even though there is no guarantee that the intervention will lead to an enhance efficiency; such situations are referred to as externality problem or market failure (Uri, 2005). Uri, N. D. (2005). Agriculture and the Environment. New York: page 60. Government intervention can take a variety of forms including, taxes, subsidies, subsidies, and educational, and technical assistance, as Uri (2005) stated. There are other situations where intervention is justified on the basis of distributional equity considerations. Even if an efficient resource allocation could be obtained through private and public approaches, the solution could be sub-optimal from society’s perspective if it results from equities in terms of income distribution or the burden of regulation (Uri, 2005). Because distributional inequity is so highly subjective, however, little discussion will be devoted to it in what follows. As previously noted externalities play a central role in the economics of the interaction between the agricultural sector and the stock of natural resources. According to Uri (2005), to mitigate the impact of externalities, a number of policy options are available to the government; these policy options in general have the potential to impact the production practices adopted by farmers and the use of agricultural chemicals.

On the Use of Nemesis

On the Use of Nemesis On the Use of Nemesis On the Use of Nemesis By Maeve Maddox Chris Mentzer asks: What is the difference between enemy and nemesis?   What is the purpose of using the word Arch before each? Nemesis is a stronger word than enemy. Enemy is an unfriendly or hostile person. Nemesis is an avenging force. In classical mythology Nemesis was the goddess of retribution. She punished both hubris (false pride) and wrongdoing. The goddess represents the idea that one cannot escape divine retribution. Lowercase nemesis came into the language in 1597 with the meaning â€Å"retributive justice.† One of my favorite Agatha Christie mysteries has the title Nemesis. In it Miss Marple is portrayed as Nemesis, tracking down a murderer many years after the crime was committed. Conan Doyle called Professor Moriarty â€Å"the nemesis of Sherlock Holmes.† If it hadn’t been for the insistence of outraged readers, â€Å"The Final Problem† would have been the final Holmes story. It ends with Holmes and Moriarty plunging to their (presumed) deaths from the top of the Reichenbach Falls. Each was the other’s nemesis. The prefix arch- is from Greek arkhos, â€Å"chief.† It is added to many words to indicate primacy. In the word archangel the prefix is pronounced [ark]. In other words the pronunciation is [arch]. archangel [rkÄ njÉ™l] archdiocese [rch-dÄ «Ã‰â„¢-sÄ ­s] archenemy [rch-Ä•nÉ™-mÄ“] archdeacon [rch-dÄ“kÉ™n] archduke [rch-dÃ… «k, -dyÃ… «k] To place the prefix arch- in front of enemy is to strengthen the word. An archenemy is the most significant among several enemies. Placing the prefix arch- in front of nemesis is to weaken what is a powerful word in no need of intensification. Both Nemesis and nemesis carry the connotation of implacability. One can defeat one’s enemies. Rarely can one escape one’s nemesis. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Misused Words category, check our popular posts, or choose a related post below:30 Synonyms for â€Å"Meeting†"Confused With" and "Confused About""To Tide You Over"

Business Risk of HIH Insurance Limited Free-Samples for Students

The imperfect record of the financial report is responsible for the breakdown of the company which can be a threat to the business. The non-accurate accounting report can be a major reason for the failure of the business deals. When the company becomes able to submit the proper finance report, then that will define the improvement of the business, and the development of the annual finance report can descry the decreasing material quality which can be the cause of the business risk of HIH insurance limited. According to the auditor's lack of professionals can be a cause of the business risk. The infrastructure and the policies which are responsible for the poor and unreasonable decision can be a reason of great loss and the collapse of the HIH Insurance Company that can push the business to a pick of risk. Through the explanation of the factors, it is clear that this matter is responsible for the business risks. If the development of the money power can be demonstrated correctly, then it can be noticed that the implement of the credit is highly responsible for the business failure and the sales of the assets also a reason of the business risks (Bragg, 2013). The presence of unprofessional and inefficient staffs can be a reason of great loss for the business. Often the staffs were unable to find proper clients for investment or sometimes they engulfed all the money and did not submit the amount of money to the company which is truly harmful to any company.   When the premium is collected from the clients by companies for a long time, then it required a number of efficient workers which produce the shortage of money for the company the can be a reason of the business risks. When the company faced various kinds of risks, then the collapse situation arrived. Due to the lack of proper ethical guidelines and the absence of appropriate insurance policies, the increasing budgets become fall which can be a major risk factor that is affecting the HIH at finance report level. The risks occurring in the annual finance report level is one of the factors influencing the growth of the HIH Insurance and caused business risks. To identify the investment tolerance, it is necessary to clearly describe the implementation of the factors affecting the business risks. The proper protocol of the work and the individual investment shows a stability of the accounting theory of the business. The removal of the risk factors of the HIH Insurance Company it is necessary to separate the person based licensed investment which can be critical for the growth of the business finance report (Britton and Waterston, 2013). The replacement of the assets or the sale of the properties can be a factor affecting HIH Insurance annual report level. Many legal issues between the creditors and the clients can also be changing factor oh the business risks. The company needs to recruit dedicated employees because most of the times the lack of efficient and well-experienced members can also be a significant problem for the company which affecting the annual financial report level (Christensen, Cottrell and Budd, 2016). If suddenly any client denies continuing giving their premium then that will be very much affecting the development of the enterprise. The HIH Insurance annual report level is also influenced or affected by this factor. Insufficient responses to the high pressure and management rising inadequately in the international insurance market were the primary cause of the danger of the company that is the HIH insurance. The interest of many stakeholders that affected the misguiding or false statements was in print. The financial report of the perspective company depicted significant money owing leverage and cover liabilities, the money owing means solution risk of the particular company (Weil, 2017). Now the matter is why this so much irresponsible in such a manner, the directors of act boards are the main responsible for these unjust representations of the financial statements of the company. Only they are not the responsible accountants and auditors are the same responsibility for these false tasks of the monetary declarations of the enterprise (Dauber, 2005). Responsible for this breakdown of these management companies was presented as an evil financial system, the people or group was the same responsibi lity of this initial failure of the company. The clients were facing an enormous problems or losses for this inadequate responsibility. The company was paid responsible accountable to customers for losing their inadequate amount of money.   Not only that if clients think that they can take measures responsibility for the board of directors of the management and cover their insufficient loss of amount. The management's liability to the credit pay was due to the creditors lend money to the company. The company is answerable or pays the due amounts to the suppliers and other creditors. Defendant owes the applicant on the duty of care then the negligence or careless occurs, when the defeated breaches the duty of attention when the candidate suffers an injury or damage when it occurs when the damage or injury causation by the outcome of the violation of the duty of care. In a state of affairs where a specific person owes another obligation of care, causes several damages, injury, loss to each and the particular person. The action of negligence conducted by the accountants or some auditors was responsible for the collapse of the HIH insurance company as per reports. Determination by the court signifies that the breach of the duty of care by reviewing the standard of care, to avoid some causing injuries or harm is the duty of attention is the legal compulsion (Hill, 2012). The boards of directors were the main responsibility for the failure of the company, and it can be stated as breaching the trust duty of care. Therefore, the regulatory framework is not appropriately followed by the organization HIH due to which company had to make this harsh situation. According to the law, which regulates the business system all across Australia, it is instated that this kind of act is considered as a breach in the regime of an organization and is capable of punishment (Waterston, 2006). The company is liable to answer all its customers for the negligence in their behavioral aspect and this maybe another reason for the loss of trust in this organization of the people. Legislative system of the company needed to exhume for the augmentation of the business system. That is why The HIH wants to re-hire its former members of the external audit team. The abnormal development of the organization can be justified by its time of failure. The organization faced the situation due to the enhancement of work since the structuring of a project and reforms are illogically enhanced. It is very clear from this event that the company The HIH did not abide by the regulatory framework approved by the government of Australia and for this reason the organization had to take such harsh a decision (Horngren, 2013). Quite naturally, due to such disorientations in the construction of work, the auditor has blamed for unsuitable performances regarding his duties towards the company altogether. In such a condition, where the regulatory of the government was being challenged, the company was bound to be in the worst of situations (Shim, Siegel and Shim, 2012). It was only beca use of this, that the company needs to hire its ex-employees from the audit team to make a better performance out of them, and proper construction of work can be depicted which shows the enhancement of the works done together by the company so far. In this particular matter, the primary thing that had occurred due to the alteration of the auditing team in the HIH organization is an actual detailed depiction of the amount of work done so far had been reported. The amount of work done and the exact amount of work features can be easily illustrated due to the alteration of the entire auditing team and revamp it with a new team comprising of the ex-employees (Schroeder, Clark and Cathey, 2011). Thus, this new plan of action helps in the improvement of performance and allows proper planning of the research for the further benefit of the company. This had led to the development of profits of the organization in a massive way (Horngren, 2014). Also, the gap that had occurred in the balance of the company was dissolving, and the company was emerging more like a stable structure in the work ethics. The equilibrium that was necessary to maintain as an organization was once again in the process of restoration due to this strategy. Previou sly, the old auditors had breached many of the laws in presenting the financial accounts to the legislative authorities as they have presented many faulty records that had shown incorrect profit and loss, income, expenditure and balance in the finance system of the company (Horngren, 2013). However, the introduction of the new team of auditors who were previously appointed had a fresh start and new and legalized outlook in the business strategy and financial accounting department. The government of Australia has some standard laws regarding the practical ethics of an organization. It was reported by case studies that the HIH Company had desecrated these ethical standards (Schroeder, Clark and Cathey, 2011). The Board of Directors along with the auditors had been found guilty of producing unfair financial statements. According to the government of Australia, business ethics deals with the fair and inequitable means in an organization and any illegal or discriminatory conduct regarding the financial accounting of an organization is punishable as it is a vital aspect of an organization (Jones, 2013). It is considered that any illicit means adopted to represent a faulty financial accounting is the open gate in unlawful inflow or outflow of cash, illegal representation of income, expenditure, profit and loss, assets and liabilities. The guidelines regarding running a business organization are strict and breaching any one of them is liable to be punished for an offe nse. This behavior only represented a lack of integrity and negligence in carrying out the respective duties of the Board of Directors as well as the auditors. This only led to the downfall of the HIH Company. Since the rules and regulations are only meant for the well-being of the company (Libby, Libby and Short, 2012). Hence, it was very clear that the proper image of the company was tarnished and this affected the interest of many people in the organization.   CLERP 9 and Ramsay Report provide government approved guidelines on the proper preparation of a company’s financial statements and corporate ascendancy. The CLERP 9 is responsible for providing the information on the appropriate standards in the liabilities that occurs due to breaches in the system, the independence of an auditor, compliance controls, and the accounting standards (Oppermann, 2009). The auditors are to bridge the gap between the perspective and expectation of a user on the financial statement of an organization because an accountant prepares the financial declarations of the company and gives it a real standardization. Legislation will always provide clear concepts of representing the account practices of a company, and in no ways, these can be breached. As per the government authorized rules, both the internal and external auditors are equally responsible for maintaining the proper financial statements and the correct valuation of the company, but if these lin e of action is breached in any way, then they are to be blamed for failing in eliminating the misstatements found within the financial accounting (Powers and Needles, 2012). Bragg, S. (2013).  Accounting best practices, seventh edition. Hoboken, N.J.: John Wiley & Sons. Britton, A. and Waterston, C. (2013).  Financial accounting. Harlow: Financial Times Prentice Hall. Christensen, T., Cottrell, D. and Budd, C. (2016).  Advanced financial accounting. New York, NY: McGraw-Hill Education. Dauber, N. (2005).  Generally accepted auditing standards. Mason, OH: Texere. Hill, J. (2012).  Colloidal Silver Medical Uses, Toxicology & Manufacture. Horngren, C. (2013).  Accounting. Frenchs Forest, N.S.W.: Pearson Australia. Horngren, C. (2013).  Financial accounting. Frenchs Forest, N.S.W.: Pearson Australia Group. Horngren, C. (2014).  Accounting. Toronto: Pearson Canada. Jones, M. (2013).  Accounting. Chichester: Wiley. Libby, R., Libby, P. and Short, D. (2012).  Financial accounting. Oppermann, H. (2009).  Accounting standards. Lansdowne: Juta. Powers, M. and Needles, B. (2012).  Financial accounting. [Mason]: South-Western, Cengage Learning. Schroeder, R., Clark, M. and Cathey, J. (2011).  Financial accounting theory and analysis. Hoboken, NJ: Wiley. Schroeder, R., Clark, M. and Cathey, J. (2011).  Financial accounting theory and analysis. Hoboken, NJ: Wiley. Shim, J., Siegel, J. and Shim, J. (2012).  Financial accounting. New York: McGraw-Hill. Waterston, C. (2006).  Financial Accounting. Pearson Education UK. Weil, R. (2017).  Financial accounting. [Place of publication not identified]: Cengage Learning.