Are banks too big to fail in the economy - Free Essay Example

Sample details Pages: 15 Words: 4370 Downloads: 2 Date added: 2017/06/26 Category Economics Essay Type Research paper Did you like this example? In October 2008, as the impact of the global financial crisis, three largest commercial banks in Iceland, namely Glitnir, Landsbanki and Kaupthing successively placed into receivership by the government (Lyall, 2008), and forced to seek the International Monetary Fund bailout. However, the three banks represented 85% of total assets in the countrys banking system, along with the overseas assets, that was too big to rescue. As the consequences, the whole nation economic were sucked with banks into the whirlpool and the government has declared national bankruptcy later on. Don’t waste time! Our writers will create an original "Are banks too big to fail in the economy?" essay for you Create order However, it does not end; the citizens blamed government in the way of handling the crisis, followed by unprecedented wave of public protest. As the result, in January 2009 the government was forced to resign (Stringer, 2009). Up until the banking crisis, the three banks combined debt is six times the nations GDP of  £35billion which the amount is equal to  £116,000 owed to every single citizen in Iceland (Dailymail, 2008). It would be the one of the worse collapse in financial history. With the population of 300,000, the banks deeply involved in global financial activities before downturn, it brings the nation into bankruptcy. After the bankruptcy was announced, it has affected 420,000 British and Dutch customers, and bank assets which are frozen held by hospitals, police station, council and universities (Brogger, 2008). The bank collapse seems unreal. Everybody panicked when the Kroner dropped 58% by the end of November 2008 and inflation hit 19% by January 2009 (Onaran, 20 11). The failure has bought down the government and ruined the jobs opportunity. 1.1.1 OVERVIEW OF ICELANDIC BANKING SECTOR Iceland is said to be the smallest economy in the world that have its own currency and an adjustable exchange rate (Articlesbase, 2007). Icelanders were one of the citizens that enjoy a very high standard of living in the world. Its capita income, education, health care and life expectancy was rated as third highest in the world. (Lesova, Telegraph, 2008). GDP per capita was ranked 5th in the world in 2006 (go-to-iceland.com, 2006). The nation main activities are fishery and metals exports besides banking sector. In 1990s, Iceland decided to follow other small countries such as Switzerland and Luxembourg to develop their economic future in banking sector. Due to the government policies and deregulation in banking sector, in 2001, the banking mushroomed as a result of low interest rates and cheap money pumped by US Federal Reserve. Iceland expands their banks financial position almost eleven times their GDP amounted to $209billion (Onaran, 2011). Oddsson (cited in Onaran, 2011) n oted the countrys top three largest banks had created thousands of well-paid workers and handling most of the highest trade individuals and companies. 1.2 RESEARCH OBJECTIVES The fall of Icelandic three major banks in October 2008 was very rare, first time indeed, in financial history. Jensen (cited in Mail Online, 2008) pointed the effect of banking collapsed in Iceland has been way different than other country where it further cause the whole nation suffered in the crisis. This study investigated the perceived causes that led to the bankruptcy of Icelandic banks by setting the objectives as follow. To investigate whether the failure of Icelandic banks due to rapid expansion. To investigate whether the failure of Icelandic banks due to highly leveraged. To investigate whether the failure of Icelandic banks due to fraud. 1.3 RESEARCH QUESTIONS 1. Did rapid expansion cause Icelandic banks to fail? 2. Did leverage cause Icelandic banks to fail? 3. Did fraud cause Icelandic banks to fail? 1.4 SCOPE OF STUDY The study target on the three largest banks in Iceland, Kaupthing, Landsbanki, and Glitnir, which represent 85% of total assets in the countrys banking sector. Also focus on the factors that cause them failed. They are rapid expansion, leverage, and fraud. Besides, the recent global financial crisis was part of the study as well, which believed has bring significant impact on Iceland banking system. 1.5 SIGNIFICANCE OF STUDY Bank failure has a huge adverse effect on the economy and so the stability of banks is very significant. The collapse of the Icelandic banking system is the single biggest mistakes suffered by any country and the most comprehensive in the banking crisis history apart from the Lehman Brothers, in the recent financial crisis (Waibel, 2010). The total debts of the Icelandic banks are way too huge for the government to repay. The collapse of the three major banks in Iceland is the main driver which led to the nation bankrupts. This study is beneficial to identify the factors that can be avoided in assisting financial sector, academic sector and public for a better economy. Learning what went wrong is vital to strengthen the stability of economy. It can be realized that, Iceland case has greatly reported by newspapers and articles all around the world. Hence made many countries concern the possibility of their nation going bankrupt, they started to put more afford into banking sector in order to avoid such incident replay in their country. 1.6 THE ORGANISATION OF RESEARCH Chapter 1 is the introductory chapter where the objectives and importance of this study were raised to form a rationale behind the study. This chapter includes the background of three Icelandic banks, research questions, scope and significance of study. Chapter 2 analyzes on factors and analyzes on various theories on some of the factors that caused banks collapse. Factors will consist of rapid expansion, leverage and fraud. Chapter 3 is the research methodology which stated the methods that were used to carry out this study. This chapter included data collection, research design and theoretical framework. Chapter 4 is where empirical findings and case studies were gathered. Chapter 5 is where conclusions of this study were made. Besides, limitations of study and recommendations were also included in this chapter. CHAPTER 2 LITERATURE REVIEW 2.1 RAPID EXPANSION CAUSES BANK FAILURE Rapid expansion interprets as unusual growing rate, usually found in frequent transaction and excessive trading volumes in short period. In reality, business expansion is seen favourable in layman, as it likely to bring more profits into the business. However, looking back to history, it has shown that many companies filed bankruptcy as a result of uncontrolled growing rate. Financial journalists advice dont go aggressive, otherwise the business would expose to liquidity risk which leads to insolvency. In fact, dont we know the principle of too much water drowned the miller? The answer probably will be yes, we do know it well, most of the people are aware of the latency risk, but the reality is people always gone mad with the attractive outcome. Adams (2001) stressed its good to grow the business, but never ever set growth as the main objective of the business, as it can lead to failure. Generally, business expansion can be classified into two fields, namely internal growing and external growing. It is important to distinguish them especially in banking system. The internal growth of banks mainly refer to the organic growth itself, also the bank intention to issues more loans and thereby increases its loan portfolio. On the other hand, external growth comes from the form of buying assets, or acquisitions, joint venture, often within the same industry which has similar characteristic. Bank is passionate in increasing its lending portfolio. Lending is said to be the effective way for bank to expand its business. By lending out money, bank can earn higher interests through loan issued, thereby generate more income. Agricultural Bank of China (ABC) has reported high profit growth, backed by rapid lending expansion that has driven them into stock market listing. Its net profit has boom 13% to $49.7billion in 2009. Besides, its total assets amounted to 8.6trillion Yuan, evolved into the nation top bank. (cited in Wang, 2009). In addition, a research did in Lebanese banking sector shows its lending activity posting 23.1% growth to $34.9billion in 2010. It was said that the nations banking sector displayed a favourable performance with strong bank lending that can boost the declining inflows. (The Daily Star, 2011). A research conducted by Jayaratne and Strahan (1996) has proved that the bank lending in the United States contributes to the economic growth. Nevertheless, they pointed out that banks must be responsible to the loans issued. Blindly increased the volume of bank lending will bring negative impacts such as bankruptcy and should be discouraged. Regarding to this, some researchers has pointed out the fuse of recent recession was linked back to the banking deregulation since 1980s. The banking sector in the United States has gone through substantial deregulation. Most of the restrictions have been loosen, such as qualification for getting bank loans, limits of the bank transaction have been almost ignored and etc (Strahan, 2 003). In fact, there are many researches has been carried out as regard to the banking sector deregulation issue. The researchers often argue whether deregulation in the banking sector, especially those fast growing bank has affected the quality of the lending. As a result for banking deregulation, it created more competition in the sector. Keeley (cited in Carletti, 2005) found out the low margins of banks is the reason that encourage them to put themselves into higher risk in order to improve the profitability. However, higher risk will exposed them to higher chance of failure. Excessive internal growth will lead to lack of management and supervision; hence deteriorate the quality of the loans. A bad loan will make default to be easier (Report of the Special Investigation Commission, 2010). Generally, a loan that is not making income anymore to the lender is classified as non-performing loan in banking term. It is a default loan and can be defined as bad debts in the business ( Charles, 2010). Non-performing loan is recorded as a loss in banks income statement, and normally will cause the bank to distress when there is a large amount incurred, especially encounter crisis. For instance, before the US housing bubble burst in 2006, prices went up drastically which prompted a lot people, especially household and growing firms to borrow money from bank into real estate investment purpose. Due to the high demand, bank see it as an opportunity of earning more profits, it induced them to borrowed more money from outsiders and depositors, in turn issue loans to the people. Bank earns higher interest in this process. In practice, depositors are the banks creditors (Daily Champion, 2001). However, the large amounts of lending is likely to cause non-performing loan outburst during crisis, which cause the bank unable to collect back its debt and refinance to its creditor. The situation gets worse when the banks suffer bank run (sudden withdrawal by depositors). In t his case, the banks have to declared insolvency. An empirical study by Hou (n.d) has showed high level of non-performing loan that caused by over lending is the root that cause of bank collapse. He added non-performing loans caused by over lending can cause the economic bogged down. Furthermore, an investigation on loan growth and the riskiness conducted by Norden and Weber (2010) on 16,000 banks over 16 countries in year 1997 to 2007 has shown loan growth is an important factor of the banks risks. In China, the government punished some banks for their over lending transactions (Dealbook, 2010). On the other hand, the contributions of external growth shall be highlighted. In fact, the structure of external growth is much obvious and simple than internal growth, which is in the form of merger and acquisition. Yet, it is widely adopted and deemed as more efficient in achieving the business objectives than the former (Highbeam, 1997). One of the advantages is that it can help the business to realize maximum growth potential at the right pace, given that the internal growth pattern is limited or meet other constraints. However, it was said that the external growth has to be monitor closely to ensure the objectives of the banks is followed (Maughan, 2011). Hunger and Wheelen (cited in Grashaw, 2010) noted that most of the research concluded that the company growing through external growth does not perform financially well. Instead, company which depend on internal growth tend to present better financial position. This is due to mistimed or misjudged created during the takeover process. Generally, the risk associated with acquisitions is that too high a price is paid for the acquired asset. The situation gets worse when the crisis hits. For instance, the bank is paying big amount to acquire others assets during housing bubble period, this eventually cause them suffer a big losses when the price level has drops. This can be explained in the way that the inco me generated from its new assets is not equivalent to what had paid. In other word too high the price paid (Ngfl, 2007). In addition, the business has to find more sources to finance its new assets operations during this critical moment, which is seen as the main driver of running off the working capital. This is significant especially in the banking sector as it can cause chain effect which will eventually lead to liquidity distress. Recent studies have established that if merger and acquisitions in banks if allowed in a controlled manner would significantly reduce the bankruptcy risk of the merged entity (Scribd, n.d.). 2.2 LEVERAGE CAUSES BANK FAILURE Leverages root word lever is the French word which means to raise or to enhance. In finance term, it is an action or technique of raising capital to the existing business by borrowing. An entity that is engaged in borrowing money to finance the business is said to be leveraged. Typically, there are two ways of financing sources for a business to form its capital structure, through debt financing or equity financing. Most often, leveraging involves the issuances of financial instruments such as bonds, notes, debentures and preference shares. In exchange for lending money, the buyer (bonds holder) becomes the creditors to that particular entity (Raymond, 2011). They are entitled to receive interest until their loan redeemed. According to McLaney (2006), short term debt financing usually used to meet operating or regulatory requirements, the repayment due within five years time. While long term debt usually used by company to finance its long term project, due after five years. On the other hand, equity financing refer to the exchange of money to the business ownership particular in ordinary shares. This type of financing does not involve debt, the buyer (shareholders) will received dividend as the return when the business is making profits. However, this financing method is not likely to be used by most of the business entity, consider the issuance of new shares to new investors may dilute the ownership interest and reduction of controlling on the business ownership (Toolkit, 2011; Finance Website, 2009). Whats more, it is a demanding procedure for an entity to issue shares, time and the expenses incurred are relatively high. Therefore most of the companies nowadays prefer debt financing source rather than equity financing. Baker and Powell (2005) said managers prefer issuing debt securities rather than new shares when seeking for external financing sources. This is because debt financing leads to the increase of company value, while equity financing on t he contrary, will cause the company value drops. Traditionally, debt is a liability and deemed as something that is unfavourable to an entity which should be avoided. However, debt is seen favourable when being used properly. This was supported by CPA Thomas Emmerling, he said debt is always better than any other form of financing when comes to the cost of capital (cited in Franczyk, 2005). Rao (1989) in his book pointed out various advantages of debt financing to the business particular in: Interest payment on borrowing is regards as tax deductible Undilution of shareholding control Relatively low cost to issue debt than equity Function as business catalyst, boost business income Besides that, it benefits the entity by leverage little amount of debt which could eventually bring them more income (Rich Credit Debt Loan, 2011). Hence, the objective of the leverage is met, and that we call it positive leverage. Waggoner (2008) argues that the impact of leverage has to be understood. Leverage can provide an incentive to generate income. Therefore leverage, more specifically debts that applied is not necessarily bringing harm to the business. Besides of generating more income, debt leverage can also used to increase the entity net worth or cash flow. John Waskin, CEO of American Credit Counsellors said Good debt produces cash flow, and bad debt doesnt. He stressed on the using of debt leverage facility could create a lot of benefits to the business (Billion Dollar Income, 2010; Getlen, 2008). Hutchinson (2008) said leverage financing method become widespread in the banking sector. He explains the more assets they control, the more return they can earn. In banking sector, debt leverage is a common technique when they engage in daily activities. For example, In order to multiply the income and capacity of lending, they will issue bonds to raise its capital by borrow more money from other financial institutions and lend it to other parties by c harging at higher interest rate (EMAC Committee Members, 2010). Debt leverage is a favourable tool presuming there is no default exists in the whole process, and bank has collected back all loan issued, along with the interest imposed. Leverage contains high risk when the obligation is default. When bank is unable to collect back the money and they have to suffer the loss thereby no payment will be made to its creditors, especially when the bonds are due. For instance, this situation has reflected in recent housing bubble in US where the bank used depositors fund to lend it out to parties in real estate investment. When the housing price drops (biggest drop was 32.7% in year 2008) (Mantell, 2008) and the debtor does not payback the debt, the bank will lost all of its deposits and declare insolvency (Kalid, 2008). Apart from that, Murray (2011), argue that appropriate volume of leverage is allowable and can be use to increase the rate of return. However, if the business has exc essive amount of borrowing (overleveraged), it may has difficulties to finance the debts when it is due. A bank will be vulnerable when the level of borrowing hits certain level. Besides that, Peavler (2011) emphasized that the firm is running the risk of filling into bankruptcy each time they use debt financing. The higher level of debt financing, the higher chance the firm will bankrupt. Glantz (2003) proposed the use of debt to equity ratio (leverage ratio) to identify the risk of a company. The formula is given as follow. Leverage ratio = Debts Equity The definition of leverage ratio is that, the higher the leverage ratio means the company is using more debt financing source, vice versa. For example, if an institution has $10million in debt and $2million in equity, it is said to have a leverage ratio of 5.0. Thus, leverage ratio tends to indicate the level of the debt financing in a company. Fisher suggests the 2-to-1 of assets to liabilities ratio rule should be imp osed by company when come to financing decision, more than that could bring the company to fail (cited in Franczyk, 2005). However, this was objected by Franczyk, claiming that there is no fixed rule on the leverage amount; it has to depend on the nature of the company (Franczyk, 2005; Yahoo Finance, 2011). His statement was supported by other researcher, complex entity such as financial institutions and bank doesnt have standard ratio in leverage. Maudlin (2009) illustrated with some of the Europe banks especially in Greece, Italy, Spain, Portugal, Ireland and Britain were reportedly hit leverage ratio at 50:1 and yet they still surviving. He further pointed out these banks were heavily involved into Eastern European projects which currently faced financial difficulties and plummeted local currencies. EU Commission has growing concern on the ability of these banks to payback the debt. Generally speaking, debt leverage is favourable to business, but it is advised do not overlever aged. It is essential for business to use a balance between the combination of debt and equity financing (Biztrademarket, 2009). Regarding to this, McLaney (2006), proposed the traditional view of capital structure, where it indicates the effect of borrowing on Weighted Average Cost of Capital (WACC). WACC is an expression of a cost which is used to see whether the intended investment is worthwhile to undertake or not. The lower the WACC, the lesser risk the company bear (Chryanthou, 2008). Figure A: Traditional view of the effect of borrowing on WACC The traditional view of capital structure states that at the initial stage of company borrowing (gearing (UK) or leverage (US)), the advantages of cheap cost of debt and tax advantage will cause WACC to fall (Favourable). However, as the gearing increases, shareholder will demand for higher return for higher risk they bear (i.e., cost of equity rises). At the same time cost of debt also rises because the chances of company defaul ting on debt are higher. Therefore, WACC will increase (Unfavourable) and a U curve is created. Based on Figure A, the result is that, a minimum WACC is identified and that is the point of optimal gearing/leveraging level. The design of this structure tends to give the indication on how much leveraging level should be taken, also, in the attempt to reduce the business risk to the lowest possible point. 2.3 FRAUD CAUSES BANK FAILURE A series of financial fraud in the past has shaken the confidence in financial market. Fraud had been remains high and is one the leading cause of bank failures. How could fraud unnoticed at the first place? Appearances can be deceiving until its too late to reverse the situation. Some financial fraud contains signs yet investors and shareholders fail to observe the warning shown. Good judgement derive from experience, experience derive from poor judgement. An understanding on financial fraud is to look back at the history of fraud incident and successfully overcome the mistakes done. Financial fraud is a crime. The National Criminal Intelligence Service (NCIS) says more than 70 percent of doubtful transactions reported are contributed by banks (Murray-West, 2004). Those convicted with fraud will always walk away richer even though fraud has failed in the bank. Wilson (1999) noted financial scandal could happen again due to its temptation of attractive rewards to people. There is a n increase of financial fraud in US, UK and Asia. If fraud comes to rule the system, it will ruin the business. Ade and Wole (cited in Socyberty, 2008) stated that fraud is a virus spread from banking that might harm other sector. However, it received little attention they said. Investigation on fraud activities is important as the lesson of the consequences from dishonest actions can make aware to businessman, politician and regulators. Recognizing on types of fraud in the bank is important to sustain them in the long run. The few common type of fraud is insider lending, asset misappropriation, false accounting, bribery and corruption. Growing complexity of the bank has made way for fraud to be committed by any groups in the bank. For example, companys management, companys employees, third parties and customers may have involved on it. Insider fraudster is a serious threat to the bank in the words of a representative from Serious Fraud Office (Murray-West, 2004). Furthermore, Cull (2011) argues that lending to bank insiders is the main cause that leads to non-performing loan occurred. She pointed out bank prefer to make loans to their close associated or own shareholder which easier for them to monitor. But on the other hand, this allow insider borrower to transfer out money illegally when the credit crisis take place. At this point, the insiders have taken the opportunity to made loans and default it later on in order to sustain their own business organization. Many cases of financial fraud have involved individuals that outstanding perform in job. They are capable to transfer out large sums of amount from the bank. Ironically, the outstanding performing staffs that bring the most profit to the bank required the most observation. Palmer (cited in Murray-West, 2004) stated individual that has engaged in fraudulent transaction are those who greatly preferred due to higher ability to earn money for bank. Black (cited in Galbrait, 2010) stated financial fraud is likely to happen when you can be in charge of the bank. Given the authority to manage the bank, it is always easy to involve their self in fraud. Heineman (cited in Brigham and Linssen, 2008) stated CEOs are the individual that are responsible that contributed the fraud in Enron and WorldCom. Someone that is performing great will less likely to be question by public, other executives in the bank or shareholders. The management is clueless on how are those CEOs control the entity. They failed on handling accounting, finance, risk, legal, human resources, operational and boards. Other than CEO, individual such as Nick Leeson has brought down Barings Bank with fraudulent activities when top management did not question his activities in the bank (Pressman, 1988). Nick Leeson hides errors and losses in the hopes that luck may reverse while speculate the fake account to earn money with foreign currency. Asset misappropriation is the common and easiest to occur. An asset misap propriation includes payroll fraud, check forgery, theft of money and services. Statistics show that asset misappropriation made up to 91% but the least expensive fraud (Coenen, 2008). The founder of Independent Insurance and two of its executives has bought down Britains largest insurance companies. They were involved in off-balance sheet accounting which is keeping information on contracts away from the main system. False accounting has been very common that cause institution failures over the years. False accounting is often done by overstating or understating profit or liabilities to show a stable balance sheet. This is done to attract customers and investors. Palmer (2004) noted banks uncover questionable transactions in order to maintain their reputation on outsiders view. There is no incentive for bank to reveal the real information to customers and investors. The manipulation of financial statement can enhance the banks earning by making it more appealing and create more financial opportunities. Sarbanes (cited in Brigham Linssen, 2008) said public companies with good reputation are convicted into fraudulent practice to exaggerate profit and rise up stock prices with their auditors. However, the cost of false accounting is large and widespread. Matthew Piper lost  £60million in Morgan Stanley, one the largest investment bank when he overstated the profit. (Power, Edwards and Bloxham, 2008). Bribery and corruption include investment scheme fraud, bribes to influence decision-making, and manipulation of contracts. It is reported that bribery and corruption is cost more than asset manipulation. Two SFO were bribed  £800,000 to ensure loans of  £13m are successfully deal the owner of Facia (Murray-West, 2004).

Analysis Of The Poem Yeats - 873 Words

Yeats has composed an effectively concise poem of only twelve lines in iambic pentameter. Iambic pentameter is harnessed to replicate human speech patterns; as if the four rhetorical questions are being posed to the reader from the speaker. The romantic and personal content of this poem creates a certain level of intimacy the reader will feel with Yeats. With a simple ABABCDCDEFEF rhyming structure there is a crucial lack of rhyming couplets (often used to accentuate a couple s closeness). Therefore a distance is already established between the speaker and their subject. Additionally, Yeats creates the emotional response to this poem by exploring historical, personal, political and classical mythological elements. Yet, at the very foreground this is a love poem, and the underlying focus on love makes this poem a typical lyric. It is important to consider the historical context of this poem. Rather, whom Yeats intended it to be aimed at. 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The First Amendment Essay - 1002 Words

Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people to assemble peacefully, and to petition the Government for e redress of grievances. nbsp;nbsp;nbsp;nbsp;nbsp;The first and inargueably the most significant of the amendments to our Constitution is the First Amendment. The amendment that established our freedoms as citizens of our new confederation. The First Amendment insured, among other things, freedom of speech and of the press. Since the establishment of these rights, they have often been in question. People have debated over, quot;What is too much freedom?quot;, and quot;When is this†¦show more content†¦Our freedoms are a subject of ridicule and we must make an effort to censor certain critical information. We must also abridge the freedom of speech when it takes away from other rights that each citizen is guaranteed, like the right to privacy, or to a fair judicial process. There must also be laws that prevent false information from being released, intentionally or unintentionally. It is easy to take advantage of a person, by offering a fantastic new product that promises to do what no other product could do. It is the responsibility of the government to make sure that the people arent being lied to, and that this new product is not just a way to cheat people. nbsp;nbsp;nbsp;nbsp;nbsp;When considering situations where censorship is necessary, it is important to analyze who might need protection. Often, children need to have the material they watch censored, because they themselves cannot distinguish how raw the material they are watching is. We need to protect our youth, as well as people of all other ages from that kind of raw material. It is possible that the material could be something of the hating nature. I believe that even though hate speech is not a possitive use of free speech, it is a right that is everyones to practice. It is only when that speech begins to flirt with the idea of doing something about that hate, and possibly putting people in risk, when it should be controlled. There areShow MoreRelatedThe First Amendment : The Second Amendment1738 Words   |  7 PagesThe First Amendment The first amendment is one of the most used amendments today. Everyone in the world uses it and sometimes takes advantage of it and most times uses it when needed to. The Bill Of Rights was created on December 15th of 1779 and was created to make some rules in the future because no one had the freedom to do anything. Most were punished if they spoke their opinion, they did not even have the right to choose their own religion. But that all changed when James Madison wrote the BillRead MoreThe First Amendment2227 Words   |  9 Pages101 May 10, 2016 PAPER 4 What I think that the first amendment is that The federal government will do nothing to prevent the expression of thoughts to the ones which are interested in listening to or studying approximately them, nor will it do anything to promote or stifle the exercise of any spiritual religion. Nor will it save you the residents from peacefully protesting or expressing dissent. Which can also suggest by way of the first amendment guarantees freedom of faith, however, there areRead MoreAnalysis of the First Amendment1687 Words   |  7 Pages1. In the First Amendment, the clause that states â€Å"Congress shall make no law respecting the establishment of religion† is based on the Establishment Clauses that is incorporated in the amendment. This clauses prohibits the government to establish a state religion and then enforce it on its citizens to believe it. 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HoweverRead MoreThe Argument Of The First Amendment878 Words   |  4 PagesThe purpose of the First Amendment is to â€Å"ensure against government intrusions on personal freedoms such as freedom of religion, freedom of the press, free expression, freedom of association, and freedom of assembly (Michigan State University)†. So with the first amendment preventing against government intrusions on religion could a football coach at a public high school lead the players in prayer before a game? Well the answer is no, it is against the law for schools to sponsor or endorse speechRead More The First Amendment Essay1544 Words   |  7 Pageswant within that of the law. America’s law has been designed to protect and preserve these freedoms. The First Amendment guarantees freedom of religion, speech, press, assembly, and petition. It assures citizens that the federal government shall not restrict freedom of worship. 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Sure the Patriot Act is killing everyones privacy in secrecy all over the US, but journalists and reporters are being put in jail right and left. The government has infringed on their rights in a way that should not be with the first amendment. It seems like the more people let the government do, the more steps the government takes to take first amendment rights from people. ForRead MoreThe First Amendment Essay1175 Words   |  5 Pagespetition the Government for a redress of grievances. The first and the most significant of the amendments to our Constitution is the First Amendment. The amendment that established our freedoms as citizens of our new confederation. The First Amendment insures freedom of speech and of the press. The First Amendment ratification was completed on December 15, 1791. This happened when the eleventh State, which is Virginia, approved this amendment. At that time there were fourteen States in the UnionRead MoreThe Violation Of The First Amendment Essay1644 Words   |  7 PagesISSUE: Does having members who opt out of a union continue to pay agency fees violate the First Amendment to the Constitution? Friedrichs v. California Teachers Association 136 S. Ct. 1083, 194 L. Ed. 2d 255 The issue at hand is whether or not it is a violation of the First Amendment to the Constitution to require non-union members to pay agency fees. Agency fees are used to pay for representing employees and negotiating contracts, in addition to lobbying activities to support collective bargaining

A Brief Biography of Alexander Graham Bell Essay example

91% of adults use cellphones, and without his invention of the telephone, there would never be cellphones, and the way we communicate with the world would be entirely different. (Pewresarch) Michael Hart’s book The 100: A Ranking of the Most Influential Persons in History ranks Alexander Graham Bell as the forty second most influential person in history and he is one of the most influential persons in history. Alexander Graham Bell’s influences of his father and grandfather caused him to take interest in the human voice and imitating its sounds. Although he is known for his invention of the telephone, he also invented numerous other things, such as air conditioning. He also received many awards and was placed in charge of various†¦show more content†¦His talking machine shows that he did enjoy inventing things, and it foreshadows the telephone. Alexander Graham Bell had some good mentors when it came to his inventing. â€Å"Bell also spent much of his time inventing. Along with many other innovators of the 1870s, including Thomas Edison, he worked om the multiplex telegraph- a machine that would send and receive more than one signal over an electrical wire at the same time† (Streissguth). The fact that he worked with Thomas Edison, who is one of the greatest inventors in history, shows that people had faith in him and believed that he could accomplish great things. He had some excellent role models to look up to. He had some amazing influences that helped lead him to the invention of the telephone. Alexander Graham Bell has many different achievements, such as the Volta prize, President of the National Geographic Society, and a regent of the Smithsonian Institution. He also invented things such as, the air conditioning system, the hydrofoil speedboat and aerial transportation. â€Å"In 1880 the French government awarded Bell the Volta prize of 50,000 francs for inventing the telephone.†(Monkeyshines on America). His wining this award was helpful with his career. He used his prize money to help further his career and his inventions. He was appreciated for his accomplishments by a country that he was not really affiliated with, which proves that his invention of the telephone really did mean something to other people. He wasShow MoreRelatedMaria Montessori Essay780 Words   |  4 Pagesof education developed there. Everything Maria developed was based upon her observations of the children and how they do things naturally without help from adults. Maria made a total of two trips to the U.S. where she had supporters such as Alexander Graham Bell, Thomas Edison, and Helen Keller. She was renowned world wide for her glass house schoolroom exhibit at the Panama-Pacific International Exhibition in San Francisco. Maria opened many research facilities and t raining centers and was nominatedRead MoreThe Story of My Life2883 Words   |  12 Pagestwenty-two years of her life, from the events of the illness in her early childhood that left her blind and deaf through her second year at Radcliffe College. Prominent historical figures wander among the pages of The Story of My Life: She meets Alexander Graham Bell when she is only six and remains friends with him for years; she visits the acclaimed American poet John Greenleaf Whittier; and she exchanges correspondence with people like Oliver Wendell Holmes and Mrs. Grover Cleveland. II. CONTENT ARead MoreBiography Maria Montessori2366 Words   |  10 PagesChiaravalle, Italy on August 31, 1870. Though most of the information on Marias childhood seems to be uncertain, with disagreeing dates, contradictions and omissions, I found a majority of the information about her childhood in Maria Montessori: A Biography by Rita Kramer (1976). Her father was Alessandro Montessori who was an old fashioned gentleman of conservative temper and military habits. (Kramer, 1976, p. 22). He was a soldier in his youth and a civil servant later in life. Her mother was aRead MoreMaria Montessori Her Life and Work5375 Words   |  22 Pagesmade her eligible to study medicine. ïÆ'Ëœ There was still the small matter of her being a woman that was standing in her way (there is not much recorded information on how she did it) but Maria persisted until she was accepted into the school. In the biography by Kramer it is mentioned that Pope Leo XIII helped her somehow. ïÆ'Ëœ Montessori stood out not just because of her gender, but because she was actually intent on mastering the subject matter. She won a series of scholarships at medical school whichRead MoreTheories of Organizational Behavior10512 Words   |  43 Pagesbroader set of relationships, some inside the organization and some across the organization’s borders. A diverse set of modern management theories pays homage to Follett on this point. Chester Barnard Chester Barnard, who was president of New Jersey Bell Telephone Company, introduced the idea of the informal organization — cliques (exclusive groups of people) that naturally form within a company. He felt that these informal organizations provided necessary and vital communication functions for theRead MoreOrganisational Theory230255 Words   |  922 PagesTitle. HM786.M33 2007 302.3’5—dc22 2006022347 10 9 8 7 6 5 4 3 2 1 10 09 08 07 06 Typeset in 10/12.5 pt sabon by 72 Printed by Ashford Colour Press Ltd., Gosport The publisher’s policy is to use paper manufactured from sustainable forests. . Brief Contents Preface List of figures List of tables Acknowledgements xiii xvii xix xx 1 2 3 4 5 6 7 8 9 10 Introducing organization theory: what is it, and why does it matter? Modernist organization theory: back to the future? 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Chapter 1 reviewsRead MoreContemporary Issues in Management Accounting211377 Words   |  846 Pagessubjective measure of the Wrst task into an implicit contract, he or she could reduce the distortionary eVect of the explicit contract and improve the eYciency of the agent’s actions. 38 BAIMAN 2.4 Conclusion In this chapter I have given a brief explanation of the contract theory model and a few examples of how it has been applied to managerial accounting issues. The examples indicate that contract theory analysis is well suited to analysing managerial accounting issues. The Wt comes fromRead MoreOne Significant Change That Has Occurred in the World Between 1900 and 2005. Explain the Impact This Change Has Made on Our Lives and Why It Is an Important Change.163893 Words   |  656 Pagesrequired—interaction between the colonial rulers and the local, colonized people in offices, shops, industries, and schools, although not as much in recreation. The results of this interaction were unpredictable. In addition to the social science literature, biographies, autobiographies, fiction, drama, and films are filled with the stories of indigenous people and colonial rulers who were transformed in one way or another through their interactions with the diverse residents and the institutions of the EuropeanRead MoreStephen P. Robbins Timothy A. Judge (2011) Organizational Behaviour 15th Edition New Jersey: Prentice Hall393164 Words   |  1573 Pagesed. p. cm. Includes indexes. ISBN-13: 978-0-13-283487-2 ISBN-10: 0-13-283487-1 1. Organizational behavior. I. Judge, Tim. II. Title. HD58.7.R62 2012 658.3—dc23 2011038674 10 9 8 7 6 5 4 3 2 1 ISBN 10: 0-13-283487-1 ISBN 13: 978-0-13-283487-2 Brief Contents Preface xxii 1 2 Introduction 1 What Is Organizational Behavior? 3 The Individual 2 3 4 5 6 7 8 Diversity in Organizations 39 Attitudes and Job Satisfaction 69 Emotions and Moods 97 Personality and Values 131 Perception and

Debut Albums and Cold Stone Bench free essay sample

Their last breathe I take a seat on the cold stone bench of the arena. The rumble of the crowd fades into my head; the thick July air makes it hard to breathe. It is not my fight but my nerves acts as if it is, shaking in anticipation and fear. The competitors take their places on opposing ends of the field. Im too far away to see their faces behind their masks but I can feel the adrenaline flow through my body and know that It doesnt compare to what they must be feeling; knowing that this could be their last minutes alive. I wonder what they did to deserve this.Was It a crime of vengeance that earned hem a spot In this place; or were they Just an Innocent slave that Isnt entitled to this harsh of sentence? One gladiator charges forward to begin this blood bath. We will write a custom essay sample on Debut Albums and Cold Stone Bench or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page HIS challenger shelters himself with his shield, knowing that he has to strike back or be killed. I watch In amazement of the sheer strength that these men have derived from the thought that failure was not an option. The sight of the crimson liquid spewing from one of the competitors makes me nauseous; this is undoubtedly the cruelest thing Ive ever witnessed: yet it steals my attention. I need to know what happens next. I need to see who comes out alive, but a sudden blare or a horn bring me back to reality and I realize is now 1956 years later and I am actually standing in Rome, holding a ticket for the famed coliseum. There is so much that has happened there that it is so intriguing. My feet have blisters from what seems like miles that we have walked, its about 3:30 p. M. But I feel much more tired from the jet lag. It hasnt quite set in that Im in Rome, Italy. It Just doesnt seem real yet. We are headed to the coliseum; I cant wait to take pictures of it because its such a famous landmark.We already have tickets so we skip the massive amount of tourist that have the same plan as we do. We are following our guide that I stopped listening to 10 minutes ago because of her strong Italian accent and speed of talking. The stonewalls are chipped and are as coarse as sandpaper. Time and Mother Nature has spotted the stones. Instantly, I am intrigued by the stories the walls have to tell. What has this place held? It smells of heavy summer heat and of must. The smell reminds me of my grandmas old basement. The entrance into the theater is grand.The high archways aka feel as if all eyes are in me as I walk In, even though everyone seems to be lost In their own thoughts. The sound of my camera clicking Just reminded me that I forgot to turn my headset back on. Her voice seems slower now, Do you see that cross directly across the floor from us? she seems to be asking with a heavy heart, her voice Is deeper and her eyes are filled with sadness. I look and see a cross that almost blends In with the column behind It, but now Is extremely obvious that the cross was put up to remind us of all the Christians that were killed by Nero here. She Is talking about were the slaves were held, the middle of the grounds. Half of It Is covered with looks like wood that was recently put there, that doesnt fit the decaying walls around it. But the other half is lower than that. It has rows of walls with doors in them, in between the cells is grass that seems too bright of green to go with the dark shades of brown that are all around it. The walls are a maze of crumbling doorways and ruble. Now it feels real. I am in Rome, Italy. I am standing in the breath. It is remarkable to think of this place in its prime.The architecture to this day astounds me, even with section of wall that has been lost over time. There are segments of it that are being preserved, most likely to keep tourist safe, but the shiny scaffolding doesnt fit the feel of history that arises off the dull sandstone walls. I cant stop thinking of this place filled with people cheering on gladiators. The seats are made of an off-white marble that has specs of gold, time has taken a toll on it but it is still a spectacular sight like a fine wine that gets better with time.The air is hot but he seats are still cold, the seating is what is best preserved with only small portions of them missing. I see a bright yellow umbrella held in the air, which is our tour guides signal that we have to go to the next place. We might have to leave now but this place now but the thoughts of all the gladiators that triumphed and all of those who have fallen will never leave my mind. The place is so filled with history that it is amazing to be able to say that I have been here. I wont be able to forget the feel of the dirt beneath my feet and the feeling of the coolest place Ive ever been.

Relationship between Brutus and Cassius free essay sample

Relationship between Brutus and Cassius The personalities of Brutus and Cassius differ significantly, which causes them to have a corrupt relationship. Brutus is an honest, truthful man. He is also shown to be naive when he allows Antony to speak at Caesar’s funeral. He has a passion for the prosperity of Rome, and believes that Caesar will not be a fit ruler. He debates joining the conspiracy, but doesn’t want to murder Caesar. Cassius is a deceiving, selfish man. He knows that the conspirators need Brutus to be successful, so he sends him anonymous letters. Brutus receives the letters and decides to join the conspirators in the murdering of Caesar. Brutus and Cassius are both part of the conspiracy, but their motives are quite different. Brutus truly believes that Caesar’s death is necessary to the success of Rome. If he is not killed, Brutus fears that he will be crowned king and Rome will no longer be a democracy. We will write a custom essay sample on Relationship between Brutus and Cassius or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Cassius’ motives are not for the good of Rome, but instead, they are very selfish. Cassius hates Caesar, and is very power-thirsty. He worries that the conspiracy will be defeated by Mark Antony, and suggests that they kill him too. Brutus resists, saying, â€Å"Let’s be sacrificers, but not butchers† (Act II Scene I line 167). Because of their differences, Brutus and Cassius rarely agree on matters. They argue constantly, and both have strong opinions. Cassius is furious at Brutus for publicly disgracing a friend of his for taking bribes from the Sardinians. Brutus is equally furious that Cassius would defend someone who takes bribes, arguing that Caesar was killed for that exact behavior. As the upcoming battle puts stress on the two men, they grow farther and farther apart. Before the battle, the two men are able to put their differences behind themselves and forgive each other. After struggling for so long to get along, their relationship is left in good terms. Cassius says a final goodbye to Brutus in Act V Scene I lines 119-121, by stating, â€Å"Forever, and forever, farewell, Brutus! If we do meet again, we’ll smile indeed; If not, ‘tis true this parting was well made. †