My Philosophy about Child Development Essay -- Education Children Deve

My Philosophy about Child DevelopmentWorks Cited Missing A childs emergence affects how they learn. All children dont fit the norms of study but not all children should be looked down on because of this. The development of the body and mind leads to the development of skills a child learns in life. Teachers need to help the child expand their skills and the knowledge to do the skills well. Virtually everything a young child does is affected if physical development is delayed (Charlesworth, 2000). Adults and teachers need to do everything possible to keep physical development from being delayed. Adults can provide children with opportunities to help them in development. By the age of 3 a childs brain is three quarters of its adult size. From infancy to the age of two development is very rapid (Santrock, 1996). For this reason it is essential for the child to be able to explore their world around them. By exploring children will increase their knowledge and underst anding of the world. A child must have physical development before motor development can occur (Charlesworth, 2000). According to Piaget infants acquire knowledge from their environment. Through sight, smell, hearing, and touch this is accomplished. Adults are responsible for seeing that the children have a chance to explore to acquire the knowledge. A child must be physically able to do the work that is required to keep up with the early(a) students. Many chil...

organizational behavior Essay -- essays research papers

I.The Meaning of Money in the WorkplaceA.Money and Employee Needs1.Money is an important factor in satisfying individual needs.2.Money is a symbol of status, which relates to the innate drive to acquire.3.Financial gain symbolizes personal accomplishments and relates to growth needs.4.People value notes as a source of feedback and a bureau of goal achievement.5.Compensation is one of the top three factors attracting individuals to work for an organization.B.Money Attitudes and Values1.Money tends to create strong emotions and attitudes, most of which are negative, such as anxiety, depression, anger, and helplessness.2.Money is associated with greed, avarice and occasionally, generosity.3.People with a strong coin ethic believe that money is not evil that it is a symbol of achievement, respect, and power and it should be budgeted conservatively.4.Cultural values seem to influence attitudes toward money and a money ethic.a.People with Confucian work values are more likely to caref ully budget their money but are also more likely to spend it.b.People in countries with a long-term orientation give money a high priority in their lives.c.Scandinavians, Australians, ad New Zealanders have a strong egalitarian value that discourages people from openly talking rough money or displaying their personal wealth.C.Money and Social Identity1.People tend to define themselves in terms of their ownership and management of money.2.Couples tend to get into polarized roles regarding their management and expenditure of money.3.Men are more likely than women to emphasize money in their self-concept. 4.Men are shown to be more confident managing their money and are more likely to use money as a tool to influence and impress other.II.Reward... ...urally occurring feedback at regular intervals. 3.Includes designing artificial feedback where indispensable feedback does not occur.E.Self-Reinforcement1.Includes the social learning theory concept of self-reinforcement.2.Occurs when ever an employee has control over a reinforcer but doesnt take the reinforcer until completing a self-set goal.3.Also occurs decide to do a more enjoyable task after completing a task that you dislike.F.Self-Leadership in Practice1.People with a high degree of conscientiousness and internal locus of control are more likely to apply self-leadership practices.2.Self-Leadership can be learned.3.Training programs have helped employees to reform their self-leadership skills.4.Organizations can encourage self-leadership by providing sufficient autonomy and establishing rewards that reinforce self-leadership behaviors.

Galileo Galilei :: essays research papers

Galileo was an Italian mathematician, astronomer, and physicist. He was born in Pisa, Italy on February 15, 1564. In the mid 1570s, he and his family moved to Florence and he started his formal education in a local monastery. He was sent to the University of Pisa in 1581. objet dart there, he studied medicine and the philosophy of Aristotle until 1585. During these classs at the university, he realized that he never re anyy had any interest in medicine but that he had a talent for math. It was in 1585 that he convinced his father to let him leave the university and come home to Florence. Back in Florence, he spent his time as a tutor and began to doubt the Aristotles philosophy. In 1589, he was made professor of mathematics at the University of Pisa where he attended school. His position also required him to teach astronomy based on Ptolemys possibility that all planets and the sun revolved around the earth. In 1592, he left the University of Pisa and went to the University of Pad ua to become professor of mathematics. During his time there, he constructed a clumsy thermometer which would have institute if he had taken into consideration atmospheric pressure but it still has a significance in history as being one of the frontmost measuring instruments in science. He taught he for 18 years and during that time, became convinced that there was truth in the theory of Nicolaus Copernicus a Polish astronomer who believed that all planets including earth revolved around the sun. While still at Padua, in 1609, he built the first astronomical telescope. When he used it to look at the sky, he easily found that most of Aristotles and Ptolemys theories were wrong. His most important discovery was when he discovered the four moons of Jupiter in 1610. Later that year Cosimo de Medici, Grand Duke of Tuscany, named Galileo his personal mathematician. This brought him back to Florence once again here he continued his studies in astronomy. Galileo also studied motion, espec ially that of freely falling objects. While watching swinging lamps in church one day, he noticed that it takes the same time between swings no matter how big or trivial the arc is. This observation led to his invention of the pendulum clock. He also discovered, before Newton, that two objects of different weights fell at the same speed.

Rebellion in Margaret Atwoods The Handmaids Tale :: Handmaids Tale

Rebellion in Margaret Atwoods The Handmaids Tale Rebels defy the rules of society, risking everything to retain their humanity. If the world Atwood depicts is chilling, if God is losing, the only hope for optimism is a mickle that includes the inevitability of human struggle against the prevailing order. -Joyce Johnson- Margaret Atwoods The Handmaids Tale analyzes human nature by presenting an internal conflict in Offred acceptance of current social trends (victim mentality) -vs- oppositeness for the sake of individual welfare and liberties (humanity). This conflict serves as a warning to society, about the dangers of the general acceptance of social evils and boldly illustrates the internal struggle that rebels sheath in choosing to rebel. Offred is a Handmaid in the republic of Gilead and while she seems unhappy about this, she is confused about her identity and even starts to accept the role that has been enforce upon her. It seems strange that one might accept such radical cha nges so easily. Offred has been manipulated into believing that this sinister system was designed for her own good. Peter S. Prescott cites Offred at outset accepts assurance that the new order is for her protection. (151) She must lie on her back once a month and hope that commander makes her pregnant because her sole exercise is to act as a vessel. She even starts to measure her self-worth by the viability of her ovaries and this negatively affects her self-image. This is how Offred characterizes the deploring act The commander is fucking. What he is fucking is the lower part of my body. I dont say making love because thats not what he is doing. Copulating too would be inaccurate because it would imply two people,when there is only one. Nor does rape cover it. Nothing was passage on here that I havent signed up for. There wasnt a lot of choice, but there was some and this is what I chose. (Atwood,121) This statement is very dangerous. It shows how Offred has convinced herse lf that this deploring act is not so bad. It also shows how she is beginning to embrace the system and justify the violations that are being commited against her. By calling it a choice she has shifted the level from her oppressors to herself and labeled the blatant crime as a mere ritual. Offred shows signs of a developing victim mentality where she accepts defeat and associates the regimes will with her own.

Theodore Roethke Essay -- modern American poetry

Theodore RoethkeRoethke was a great poet, the successor to Frost and Stevens in modern American poetry, and it is the measure of his greatness that his work repays detailed examination (Parini 1). Theodore Roethke was a romantic who wrote in a variety of styles throughout his long successful rush. However, it was not the form of his verse that was important, but the message being delivered and the overall basis of the work. Roethke was a deep thinker and often pondered about and reflected on his life. This introspection was the topic of much of his poetry. His analysis of his self and his emotional experiences are often express in his verse. According to Ralph J. Mills Jr., this self interest was the primary matter of artistic exploration and knowledge, an interest which endows the poems with a sense of personal urgency, even exigency (Contemporary Authors 476).Roethke was born in 1908 in Saginaw, Michigan to Otto Roethke and Helen Huebner. He demonstrated early promise in a Red Cross campaign speech as a high school freshman. This speech was translated into twenty-six different languages and showed that he had talent and potential even at a young age. He graduate magna cum laude from the University of Michigan in 1929, and was pressured to move on to law school by family members. However, he was not interested in law and dropped out in order to take graduate courses in literature at Harvard University. Allan Seager concluded, it was more than an unsuppressible awareness of life that led him to choose poetry as a career (Contemporary Authors 475). He took up various teaching positions afterwards at colleges including Lafayette College, Pennsylvania State University, Bennington College, and final... ...uminaries who had an effect on his writing were Leonie Adams, Emily Dickinson, Rolfe Humphries, Stanley Kunitz, and Emily Wylie (1). At the University of Washington, Roethke found talented protgs in Carolyn Kizer, David Wagoner, and James Wright (Kalaidjian 2). He is well known for his influence on this subsequent generation of award-winning poets.Works CitedParini, J. Roethke, Theodore. Chambers Biographical Dictionary. Ed. Melanie Perry. untested York Larousse Kingfisher Chambers Inc, 1997 1584.Roethke, Theodore. Encarta 2002. CD-ROM. Redmond, WA Microsoft 2002.Roethke, Theodore (Huebner). Contemporary Authors. Volumes 81-84. Ed. Francis Carol Locher. Detroit Gale Research Company, 1979 475-479.Theodore Roethkes Life and Career. Walter Kalaidjian. 1999.

Theodore Roethke Essay -- modern American poetry

Theodore RoethkeRoethke was a great poet, the successor to Frost and Stevens in modern American meter, and it is the measure of his greatness that his represent repays detailed examination (Parini 1). Theodore Roethke was a romantic who wrote in a variety of styles throughout his long successful career. However, it was not the form of his verse that was important, but the nub being delivered and the overall theme of the work. Roethke was a deep thinker and often pondered about and reflected on his life. This introspection was the topic of much of his poetry. His analysis of his self and his steamy experiences are often expressed in his verse. According to Ralph J. Mills Jr., this self interest was the primary matter of artistic exploration and knowledge, an interest which endows the poems with a moxie of personal urgency, even necessity (Contemporary Authors 476).Roethke was born in 1908 in Saginaw, Michigan to Otto Roethke and Helen Huebner. He demonstrated early promise in a Red overfly campaign speech as a high school freshman. This speech was translated into twenty-six different languages and showed that he had talent and potential even at a young age. He graduated magna cum laude from the University of Michigan in 1929, and was pressured to move on to law school by family members. However, he was not interested in law and dropped out in order to take graduate courses in literature at Harvard University. Allan Seager concluded, it was more than an unsuppressible awareness of life that led him to choose poetry as a career (Contemporary Authors 475). He took up various teaching positions afterwards at colleges including Lafayette College, Pennsylvania State University, Bennington College, and final... ...uminaries who had an effect on his writing were Leonie Adams, Emily Dickinson, Rolfe Humphries, Stanley Kunitz, and Emily Wylie (1). At the University of Washington, Roethke found talented protgs in Carolyn Kizer, David Wagoner, and James Wright (Kalaidjian 2). He is well known for his influence on this subsequent generation of award-winning poets. whole works CitedParini, J. Roethke, Theodore. Chambers Biographical Dictionary. Ed. Melanie Perry. New York Larousse Kingfisher Chambers Inc, 1997 1584.Roethke, Theodore. Encarta 2002. CD-ROM. Redmond, WA Microsoft 2002.Roethke, Theodore (Huebner). Contemporary Authors. Volumes 81-84. Ed. Francis Carol Locher. Detroit Gale Research Company, 1979 475-479.Theodore Roethkes Life and Career. Walter Kalaidjian. 1999.

Management Chapter Quiz

Questions for Chapter 6 True/False 1. A talented entrepreneur should be competent to substitute for an see management aggroup. (False) 2. The size of your organization is inversely correlated to the amount of revenue your business put forward derive (False) 3. Hiring a salesperson is more attractive than increase support staff in regards to revenue leaved. (True) 4. Your police squad members can help you to evaluate feedback from outside sources. (True) 5. Over 95% of entrepreneurs in the US report that their aggroup members ar the main source of seed financing. (False) 6.A business superstar is unlikely to possess all the business skills needed for long term success. (True) 7. Analysis of your fasten on will help you decide what other team members your firm needs. (True) 8. Entrepreneurs who are all overly conscious of their own weaknesses are more likely to fail (True) 9. The Myers-Briggs disposition type indicator can accurately predict an individuals likelihood for suc cess in an entrepreneurial endeavor. (False) 10. Certain personalities are better meet for entrepreneurship than others. (False) 11. Fast, dramatic growth can be a mistake for a business. (True) 12.Early stage companies tend to be hierarchal. (False) 13. Co-founders of a start-up should work on every chore and decision together. (False) 14. It is more common for teams to self-destruct because of personal conflicts than for leave out of funding. (True) 15. If you decide to start a venture, you should notify your current employer as soon as possible. (True) 16. subsequently you have started a business, it is a bad idea to combine your bare-assed chew over with running(a) full m elsewhere. (False) 17. If employees own e retracty in the party, they usually work harder. (True) 18. In general, founder shares should be assigned to at least 10 plenty. False) 19. Founder shares should be distri only whened equally between all founders. (False) 20. It is a mistake to distribute the intact supply of options to existing employees. (True) 21. Startups should negotiate employee salaries below market levels. (True) 22. You may find an angel investor who will guide you at the early stages of your venture. (True) 23. Free resources are light substitutes for a qualified lawyer. (False) 24. progress members should be encouraged to act in the exceed interest of the principal owner exclusively. (False) 25. Company culture is incredibly backbreaking to change after it has been established. True) Multiple Choice 1. According to study by Babson College and London Business School, businesses with growth aspirations plan on employing more than 20 people within the next A) 2 Years B) 3 Years C) 4 Years D) 5 Years E) None of the above (Answer D) 2. How much, according to Robert Morris and Associates, do restaurants generate in net income before taxes on average, approximately? A) 2% B) 5% C) 10% D) 13% E) 17% (Answer B) 3. Which of the following is true near teams? A) T eams provide structural feedback for your ideas. B) Teams increase your contact network exponentially.C) Teams increase your revenue. D) Teams provide you with moral support. E) All of the above (Answer E) 4. Which of the following should the founder of the venture do first when deciding whether or not to be the CEO of his society? A) Ask for his/her friends opinion B) Take at least three personality tests C) Review his/her resume D) Work as a hired manager for at least 4 years E) Consult with his/her team members (Answer C) 5. Individuals that possess which of the following traits are most likely to set their own businesses? A) Overly conscious of their own weaknessesB) An aptitude for benchmarking their competitors strengths C) Can objectively evaluate his strengths and weaknesses D) Emphasizes his or her strengths E) Oblivious to his or her own weaknesses (Answer E) 6. Which of the following personality traits best predicts entrepreneurial success? A) Analytical B) Driver C ) Expressive D) Amiable E) None of the above (Answer E) 7. According to Inc. 500, what percent of entrepreneurs start businesses with their friends or family members? A) Less than 5% B) close 10% C) About 20% D) Approximately 40% E) More than 65% (Answer D) 8. What does the movie, Startup. om, demonstrate? A) How outside financing contributes to equity B) How expensive lawyers can be C) How working together can affect the relationship of two lifelong friends D) How much the government is willing to help young entrepreneurs E) None of the above (Answer C) 9. What opportunities can a young company offer its potential team members? A) Growth into higher management positions B) Above average market salaries C) More attractive social bene fulfills packages D) unshakable and stable jobs E) All of the above (Answer A) 10. Which of the following should an entrepreneur do when creating a venture?A) Expropriate her current employers intellectual property B) Use her employers resources f or the new venture C) Notify her current employer most the intention to create a new venture D) Spend all her time working for the new venture E) Live off her savings (Answer C) 12. According to the chapter, which of the following is not an acceptable means of maintaining an entrepreneurs personal cash flow? A) Working full-time and devoting time to the new venture B) Working part-time and devoting time to the new venture C) Living off personal savings D) Living for his/her spouses income E) All of the above are acceptable Answer E) 13. Which of the following is not a reason for distributing equity among employees? A) New companies often cant pay market rates for lucre and wages B) Including or so equity in the compensation package aligns the employee with the company C) The sense of ownership boosts morale D) Distributing equity among employees reduces the risk of hostile takeover E) Having some equity, he team sticks together during the rough times in the early launch phase ( Answer D) 14. None of the following tools are usually considered a remunerate for sweat equity, except A) Founder shares B) Option poolC) restrict stock D) Stock appreciation rights E) Phantom stock (Answer A) 15. What are the disadvantages of distributing founder shares equally among all co-founders? A) The lack of a primary share toter slows down the decision making process B) CEO may be doing as much work as CEOs of similar companies, but have less(prenominal) potential upside C) Such distribution makes unwanted acquisitions easy D) A and B E) A and C (Answer D) 16. Options give the holder the right to A) Increase the number of the company shares he is allowed to purchase B) Buy a share in the company at a below-market rateC) Secure a salary increase on a regular basis D) Sell his stocks on the open market for more than the prevailing market price E) solicit a refund on his contribution to companys equity (Answer B) 17. What attribute characterizes restricted stock? A) Do es not grant voting rights B) Cost less per share C) Become vested over time D) Has a reduced interest rate E) Higher liquidation priority than unsecured debt (Answer C) 18. Stock appreciation rights of employees increase only if A) The stock price decreases B) Combined with options C) The employees perform well D) The stock price increases E) None of the above Answer D) 19. All of the following is true about phantom stocks except A) They are expensed over the vesting period B) They give employees the right to own equity C) The company needs cash when phantom stocks are exercised D) They grant the holders additional voting power E) They lower the dilution effect (Answer D) 20. Which of the following are not mentioned in the chapter as external team members? A) Board of Directors B) Lawyers C) Accountants D) Angel investors E) immaterial partners (Answer E) 21. What is the minimum expected level of lawyers fees? A) $50/hour B) $100/hour C) $150/hour D) $200/hour E) $250/hour An swer C) 22. Inappropriate sources of members for Board of Advisors include A) Shareholders representatives B) Entrepreneurs C) Individual with insights about your target customer D) Your professors E) Venture capitalists (Answer A) 23. Which of the following is true about a companys culture? A) A companys culture is relatively easy to change B) As a company grows, it is common for the culture to evolve C) More team members will fit your companys culture over time D) Problems with the team do not arise in companies with strong culture E) All elements of a companys culture constantly change (Answer B) 4. By making your team members work long hours, you put them at risk of A) Burnout B) Family pressure C) Stress D) decreased efficiency E) All of the above (Answer E) 25. You are least likely to resolve an interpersonal conflict in your team by A) Firing one of the parties B) Hiring an outside expert who is perceived as a neutral party C) Explaining to the parties involved that their arguments reduce the teams efficiency D) Mediating between the parties E) Transferring one of the parties to another team (Answer C) Open ended 1. Explain why solo entrepreneurs are generally less successful than team players. a.A team is able to do more than the entrepreneur can on his or her own. b. only entrepreneurs suffer from a number of shortcomings, including a limited perspective, little moral support, and a small network c. Solo entrepreneurs often fail to get sufficient feedback on their ideas. d. If you build your team wisely you will gain access to a broader range of contacts. e. A team rounds out the skill set needed to launch a business 2. What are some of the methods used to identify an entrepreneurs strengths and weaknesses? a. Self-assessment b. Conducting feedback analysis c. babble to people who know you well and whom you respect. . Take a psychological or a personality test. 3. What valuable contributions can your team members bring to your company? a. pro k nowledge b. Money required to start a business c. Resources/contacts d. Managerial skills 4. What are some indicators of the right co-founders and team members for your start-up? a. Everyone can contribute meaningful skills to the business. b. You can work together without personal issues standing in the way. c. Your team members are excited about the venture and its future. 5. Describe the pros and cons of a dual job schema at the early stages of the venture. a.Pros you have a source of cash for you to live on while you are developing your idea you can keep the job if you see that your new start-up is not progressing well. b. Cons dual jobs mean that you have to work over nights and weekends you cannot use your current companys resources or compete with it until you quit and, simply, your current job limits the time that you can dedicate to the venture. 6. Give examples of compensations used to make your start-up attractive for valuable team members. a. Founder Shares b. Option po ol c. Restricted stock d. Stock appreciation rights e. Phantom stock 7.Explain the benefits, to the firm, of a vesting schedule for employee options and shares. a. Vesting basically means that people earn their shares or options over time, usually over four or more years. b. Without a vesting schedule, employees can leave the company soon after being hired and retain 100% of their options or shares. c. A vesting schedule adds additional incentives for employees to remain with the company for the entire vesting period, usually four or more years. 8. Who should you invite to join the Board of Advisors of your firm and why? a. Professors for their unplumbed knowledge b.Current and former entrepreneurs for their practical knowledge and experience c. Professional investors such as venture capitalists and angels for network extension and fund raising d. Suppliers for your firm for insights about new customer and market trends 9. Why are lawyers and comptrollers considered to be exte rnal members of your team? a. Your lawyer will most likely work very nigh with you and will know everything about your company. Therefore, it is essential that he offers a highly customized service to you and his contributions are usually as important as those of your team members. . An accountant is a trained business professional who can help you analyze the strengths and weaknesses of your companys financial performance. He or she may be able to find ways to improve cash flow, strengthen margins, and identify tax benefits. c. Both lawyers and accountants represent another spoke in your network, as both groups often have a long list of business and professional contacts. This can include everything from potential partners, customers, angel investor networks, and venture capital firms. 10. Three major problems your team may face are burnout, interpersonal conflicts and family pressure.Describe how you can prevent and overcome them. a. Listen to each team member, not only about th e progress of their assignments, but also about the stresses they may be feeling b. You can introduce stress-relieving activities, or bonding experiences such as the Friday happy hour, or the lunchtime hoops game c. Counsel your team members to set expectations for their families even before they join your team d. Resolve interpersonal conflicts as quickly as possible or they may escalate to the point where they are destructive mediate, hire an outside expert, or fire one of the arguing parties

Paul Ricoeur’s Philosophy and Theology. Essay

capital of Minnesota Ricoeur was born to a devout Protestant family and grew up with his aunt since he was two years of age. Because his m another(prenominal) died and his father was killed during the World war I, he grew up as an orphan in a small remuneration afforded to him by the government as a war orphan. He was a bookish and an exceptional student during his time his familys influence brought him up with Protestant faith. He studied doctrine at Sourbonne and got influence from Gabriel Marcel. During World state of war I, he served the French army in 1939, became prisoner of war in Germ all for five years.During his stay at the camp, he met other intellectuals like Mikel Dufrenne and read a lot about Karl Jaspers who was to have a great influence on him. After the war, he continued his studies and in 1950, he received his doctorate degree. He was given opportunity to work as the Chair of General Philosophy in his alma mater in 1956 from there he began his work as a prolific w riter sharing his philosophy and theology. Throughout his life, he was known and respected as one of the most impressive philosophers of the 20th century. Every causa in his life has contri neverthelessed to what he believed in.His Christian belief was influenced by his family his philosophical view was influences of raft he met, he talk, and read. He is a well-known Christian philosopher yet, his writings were appreciated by both non-Christian and Christian. capital of Minnesotas Ricoeurs Philosophy Ricoeurs philosophical is central to the meaning of life and self. Recoeurs philosophy is based on the two questions about the self. These questions answers are about the identity of the self and how should it live. Recoeur viewed self hood as inter-subjective capacity for agency and self self-ascription, and anybody corporation acquire.It direction that self as an agency, and self-ascription. However, in his exploration of the issue, he discussed the philosophical thinking in five a spects namely hermeneutic philosophy, post-Hegelian-Kantian methodology, narrative guess, philosophy of the self, and a moral-political philosophy. Hermeneutics is defined as a system finished which a certain belief is interpreted using a specific theory and method for interpretation. Pauls hermeneutics philosophy according to Paul Ricceur and Richard Keamey is of twofold source of reflection the hermeneutics of testimony and the hermeneutics of the self.In their explanation, Paul had come up with a thesis, which concludes that testimony mustiness give something to be interpreted as in history, and this testimony will be the object of interpretation. The hermeneutics of self on the other hand pertains to the role in which attestation has to play. David Kaplan in his article explained that hermeneutics for Ricoeur is interpretation of knowledge through its signs, symbols, and texts it is interpretation of hu humanness works and actions.The Post-Hegelian Kantian philosophy on the o ther hand, is mediation for Ricoeur in such a way that it is combining two different views. Ricoeur accepted Kants claim that ideas of morality and history is understandable, and that it has universal validity because of its theoretical and serviceable reasons. Hegel on the other hand, viewed evil in the world as the cunning of reason as helpful for man in realizing a reality. Thus, post-Hegelian Kantian means that expectation is a hope for a humanity belonging to a history, which as a whole is a collective singular.This vision of history is the grounding of ethics and laws in Kant. This implies that Ricoeur acknowledges the concept of totality as long as its scope of reflection is limited to universal rationality (or history). He is actually recognizing that any differences could be regarded as related as in plurality of voices (or idea) yet, reasons behind could be recognized when philosophy tries to find it. Ricoeurs thesis in duration and Narrative presents that human experie nce and narration exist. Through hermeneutics, one can easily interpret human experience because it has narration or plot.Narration theory therefore, is telling, writing, and reason of fictional stories, as Kaplan explained. Narration or plot according to Wall, Schweiker and Hall is an integration of philosophy of action and philosophy of run-in into a synthesis. By means of this integration, a production of narration is come alive through voluntary and involuntary human actions, its symbolic language, and conflicts, which are to be interpreted through hermeneutics methods linking the time and history. The Philosophy of Self or Philosophy of subjectivity is an attempt anyone can do to elucidate the meaning of mans initiation.Ricceur and Kearney explicate Ricoeurs hermeneutics of self into the sovereign self and the destructive self. The sovereign self according to them represents the idea in its meaning in the modern philosophy, which pervades modern culture and develops the self -image of people in the modern society. The deconstructive self on the other hand presents self as pure extensionless, consciousness, already established in being. Self therefore has the capacitance of combining knowledge, and it is vulnerable for it seeks certainty and security.At this point, will and reason are very important to human for they are the instruments for self-preservation and self-advancement. Signs and symbols and human experience are ingrained for man to interpret the meaning of their existence. Moral Philosophy for Ricoeur emphasizes that human being is capable of affirming the limits of ones own moral perspective and embracing immortals critical transformative magnate. Being a Bible believer, he believed that everyone has moral responsibility, which accounts directly to moral value.Wall Schweiker and Hall noted that these moral values could be deeply explored from distinctive theological and hermeneutical perspective as what Ricoeur tried to point out. The iss ue of moral thought or moral responsibility in the subscribe of Ricoeurs philosophy offers important remedy to present ethical situations or problems. Moral ethics is an expression of human capability though fallible man yet has the ability to embody moral values through the power of God by simply being humble enough to acknowledge weaknesses. Paul Ricoeurs Theology According to Julisn F.Woods, Paul Recoeur greetes theology by asking questions such as Where is freedom? Or does le coincide with the discovery and understanding of an inner necessity deeper than choice and kind of autonomy? In a word, does the highest degree of freedom dwell in the surging up of an absolute power of choosing or in the love fate? These questions prelude Ricoeurs ethical approach and hermeneutical approach to theology. Recoeur consider theology and philosophy to be distinct in terms of their contents. He sees theology as hermeneutical, which provides cross-disciplinary, cross-traditional conversationa l quest for truth.Recoeur was particularly interested in Biblical exegeses and has written an see in collaboration with other New testament scholars. He adopted Boltmanian tradition engaging in historical criticism while also affirming the breadth of Biblical genres. In the essay entitled Ethics and Considerations on the Golden Rule Recoeur cited that Christian Ethics or communal ethics in religious perspectives, as he calls it, consist in the tension between unilateral love and bilateral justice, and in mutual interpretation of each of these in terms of the other.According to Mark Wallace, Recoeurs religious thought that as one attempts to interpret the Bible, it actually begins with the risk of understanding biblical language including symbols and signs. Recoeur himself stated that interpretation of the Bible should be in accordance with testimonies of the witnesses particularly the Jewish community. He regarded that the Christian message is meaningful and is worthy of considera tion, and that examining it will it self very fully.For Ricoeur, the God of the Bible cannot be theoretically proven as a staple of reason or as a fact alongside other facts in our empirical experience. He believes that Gods existence cannot be proven by any natural theology that necessitates thought or the knowledge of empirical objects. Wallace pointed out that Recoeur relies on signs, not on proofs in interpretation of the language. Recoeur believed that pertaining to scripture language it relies on the signs and vestiges of a reality testified to at the horizon of philosophical reflection that demands to be interpreted and understood.In the argument of language interpretations, Ricoeur balances it against the possibility of error in the testimony of the witnessing community and regard it a risk that would result in false testimony. Wallace noted that the risk must be taken because the stakes are so high. Therefore, Ricoeur believed in the truthfulness of the Bible being the ult imate source of Gods words. Interpretation of it should undergo hermeneutical approach based on history by knowing underlying concepts suggested in symbols, signs and text.For Ricoeur, the stakes is the possibility of Biblical language being a faithful trace of Gods presence in the Jewish and Christian communities. He believed that the knowledge of the absolute is never given in an absolute sense but only relative to the contingent and fallible signs that the divine life gives of itself in its generosity. Ricoeur agreed that religion deals with mans ultimate concern and that the New Testament calls to be Christ like, is the counterpart of the mandated self of the Hebrew Bible.

Idiophones Essay

Idiophones have a long-standing tradition in African euphony, and that tradition is an elicit one. Trumpets, flutes and other wind instruments provide an intriguing case vignette because of their existence in a host of sub-Saharan African subtletys. They have always been a part of not only music in those areas, but also the culture of those areas. This history dates back hundreds of years, and the instruments have seen some changes over the centuries.As the give indicates, the different variations of idiophones are inherently African in nature, and the cultures that brought them ab turn up have given these wind instruments their characteristic sound that is now commonplace in some(prenominal) different societies. As African Musicology indicates, instruments like the trumpet and the flute are a part of a characteristic musical phenomenon arising in sub-Saharan nations dating back to the fifteenth century.Instead of having individual performers and instruments take entire parts o f various fiddles, the musical tradition during that time saw individual performers play their get notes, apiece of which was combined to create the musical production in whatever social setting might have taken place. The book reads, Musical ensembles of this resistant or of a similar structure, in which the players may produce two to three notes on their flutes or trumpets, can be found in some(prenominal) African cultures south of the Sahara.The interlocking playing technique of this ensembles is characteristically African the single parts individually cannot stand alone their composition, however, is ingenious. It is the group, not the individual, that counts (Nketia, 183). In this way, it is smooth to see that idiophones were considered for what they produced as a whole, rather than what they produced individually. This is important to note as one studies the development of such instruments, since it is likely that any new implementations were designed to work alongside s ome other new or established instrument.When taken out of that context, new implementations might have been viewed differently from their intention. When musical styles are being discussed, it is common to compare one culture with another for the purpose of finding any commonalities or discussing differences. The book goes to great spaces to discuss the characteristicness of African music, and points out the fact that much of traditionalistic African music was designed to stand alone and retain its strong cultural ties. Particularly of interest is the hocket technique, which is discussed at length in chapter six.In the International Folk Music Journal, J. H. Kwabena Nketia discusses this technique and how it relates to music in places such as Ghana. She writes, Closely allied to these procedures it the hockey-technique the technique whereby constituent notes of a tune, a rhythm, or a tone pattern, or the constituent notes of a supporting ground-accompaniment, are played at the exactly appropriate point in time by those particular instruments that include them within their compass, or by those particular instruments that provide the required contrasts.This technique, discussed subsequently with particular reference to examples recorded in Ghana, shows itself in its clearest form in the music of flute ensembles, and trumpet (or horn) ensembles (Nkeita, 1962). The book takes this to another level, noting how the music played in some African cultures is distinctive in its own right, and though it shares some similarities in name to the European style of hoquetus, the two styles were not born of each other. The book reads, It becomes clear that the questionable hocket technique in African music is not equivalent to the hoquetus in European medieval music.Further, within these composition techniques, there is no complete accordance to be found in South, Central, West, and East Africa (184). From this, one can see that the wind instruments across Africa were used structurally in very different ways, with each particular culture coming up with its own rhythms based upon preference, equipment, and cultural needs. One of the issues facing musical research of wind instrument styles in Africa is that not enough solid research has been produce to document the different styles.A lot of the analysis consists of speculation, since the large number of cultures across Africa made it difficult to conglomerate information on techniques, pitch, instrument variations, and style. To this effect, the book reads, Ethnomusicological research in this area has to be characterized as merely marginal, and little research on this topic has been published to date (188). For that reason, it is difficult to know exactly how the Berta, Ingessana, and Gumuz people interacted from a musical standpoint. One work on the history of African music even suggests that such a study would be impractical.According to a book by Samuel A. Floyd, the fact that African nations have such diverse and vibrant religious traditions and cultural preferences, studying African music as a whole lends very little information that can be used. Instead, it must be studied individually, to be understand how these cultures developed their own uses for certain instruments, including idiophones. In The Power of Black Music, he writes, Since African cultures are many and diverse, there is no single creation in African religion, and thus a study of them all would not be productive (Floyd, 14).One of the things that has long characterized idiophones in African music has been the creative thinking of certain cultures. Many cultures have not been afraid to look beyond the traditional construct of music to find great instrument ideas and also ideas on how to most effectively play those instruments. From that, the world has been given some of its favorite types of music. An example of this type of resourcefulness can be seen in a study done by Dumisani Maraire. He writes, Stam ped sticks and stamped tubes also form another category of idiophones (in this case concussion idiophones).These sticks and tubes are held in the players hand and performed by being held at an angle and striking the ground or a slab of stone at an angle. On occasion three tubes are played at the same time each of which is playing a different rhythm (Maraire). This is an important part of the African tradition that cannot be ignored if one seeks to rattling understand the role of various instruments. The chapter itself did a nice job of explaining some of the important historical details about the pitch, tone, and rhythm of some of the most traditional of the African instruments.It did an especially good job of explaining the development of these musical traditions in African culture. Since so many cultures existed, musical traditions often developed individually, with each culture becoming very resourceful in the development and implementation of different styles. The isolated natu re of African also comes into play, and that was explained well in the chapter. Much of the music and the musical techniques that were born in Africa over time as completely their own, since many of these areas had little contact with outsiders. This helped to increase diversity in music for all.

Implications of Space and Time for Distributed Work Essay

In this paper Implications of Space and Time for Distributed Work An Interpretive determine of US-Norwegian Systems outgrowth Teams, Saker and Sahay (2004) present the results of a study they conducted on problems and strategies of virtual collaboration in space and time in the area of Information System Development (ISD). A theoretic presentation of the concepts of space and time investigated in the study is given. By studying the actual experiences of eight teams, the authors show that space and time seat difficulties for virtual teams therefore influencing team organization and strategies.The teams were selected from the University of Norway and the University of America ensuring that team demographics in terms of gender, age and educational backgrounds were evenly distributed to rule out any factors that whitethorn influence the results of the study. The authors used the methodology for studying virtual teams called virtual ethnography. The results show that both separations i n time and space pose communication problems resulting in detain responses that caused tensions and discomfort in meeting of targets and deadlines.Individual members had difficulties in synchronizing their biological clocks hence the inability to commit to work schedules, missing online meetings and deadlines. The ICT tools used posed difficulties in time management. Some teams failed to understand each other on a personal level due to lack of human interaction. Language and pagan barriers caused misunderstandings resulting in passing of judgments on others work ethics. Different levels of skills and knowledge of ISD hindered production of desired outputs by teams in different locations.Biases in software use were alike evident for different country locations forcing teams to use software platforms they had little experience on. Addressing the problems mainly centered on the better use of the ICT tools, reaching compromises, improvising, and developing dealing in a bid to appro ximate real organizations. The teams also came up with engagement rules and codes of conduct to ease their work relations. The authors conclude that electronic and slip to face communication is never the same with the former producing some social behaviors that have to be adjusted for.

Police officer Essay

tester Goole has an air of mystery around him from the start. Mr. Birling is on the bench and knows all the police officers but has never nattern tester Goole. The Inspector tells him that he is new Only recently transferred. This makes us wonder, is it a coincidence that he has just started working in Brumley at the same meter as this investigation is going on? Or maybe he knew Eva smith personally and wanted to find out more almost what group her to suicide.We dont really know who he is and there is no evidence that he is a real Inspector so the audience are confused whether to believe him or non. We do not know enough about his character to trust him. He also has a genuinely cryptic nature for example the way he talks to people. He chooses his words carefully and speaks weightily. He does this so that he makes indisputable that he is saying what he wants to say and means it. Everything he says has a rather matter of fact tome to it making the other characters think tha t he is always right and knows what he is talk of the town about. Also he has a disconcerting habit of looking at the person that he is talking to. This makes them uneasy. It is handle the Inspector is searching them internally and canful see what they are thinking.The name of the Inspector Inspector Goole adds to the dramatic tension of the act as. The name Goole is a homoph unrivaled to the word ghoul which is often related to a ghost. A ghost is a disembodied spirit of a dead person i.e. it is not really there. Ghosts and ghouls are thought to be fictional to scare children. thus is the Inspector real or not? Is Goole his real name or is he just using the name to scare the Birlings? These questions remain unanswered throughout the merriment.Inspector Goole has a very awkward yet methodical way of questioning each member of the family. He concentrates on one person at a time and does not let them go until he is satisfied with the information that he has gained. When he is qu estioning one person he does not like to disturbed. He has a photograph in his pocket which he says is of Eva Smith and he says he found it in her lodgings. He only shows it to one person at a time and makes sure that no one else can see it.When he shows Mr. Birling the photograph Gerald and Eric are eager to see it as well but he blocks their view. When they ask him why they cant see the photograph he replies Its the way I like to go to work. One person and one line of enquiry at a time. Otherwise there is a muddle. This shows the methodical side to his questioning. Throughout his enquiries, the Inspector has remained in control. At times he has massively taken charge. In social status, the Inspector is lower than the Birlings although throughout most of the play the Birlings are middle-level to the Inspector as they do not know all the information like he does.What we do not know is how much the inspector already knows before arriving at the house. Whenever he asks a question, he already seems to know the otherwise he would not be questioning them. The information he has self-collected before coming to the house is by reading the diary that Eva Smith leave. Maybe some pages of the diary were missing, hence the lack of information in the Inspector. at that place is not really both evidence that what the inspector says is true apart from everyone admitting to what they did to Eva Smith. He doesnt even show the Birlings so called diary. Therefore we arent sure if there even was a diary or if he made it all up. We are force to believe that he is telling the truth because how else would he have got that information? The audience answer to it Anyhow I already knew. He obviously has bits of the puzzle missing do not learn a great about Inspector Goole in the play. All they learn about is his character and personality he is imposing and intimidating. We do not know any background information on him e.g. where he is from. All this does not matter because even tho ugh he is the main character the play is not about him it is about Eva Smith. The audience probably do feel a bit curious about the mysterious Inspector but their curiosity soon subsides as they try to keep up with the fast pace of the play.Before the Inspector goes he says One Eva Smith has gone but there are millions and millions of Eva Smiths left with us. From this, the family learn that they might have led someone to suicide but there are plenty more vulnerable people like Eva Smith left in the world that needs their help.John Priestley was born on September 13th 1894. He grew up into a family who enjoyed debates. At a very young age he was caught up in debates with his friends. They all discussed politics from a collectivised point of view. He expresses these ideas and beliefs in the play. In the play his socialist ideas are expressed through the characters and by exploiting some techniques and devices.Now I am going to write about the social and political climate of the day. Priestley wrote this play An Inspector Calls in 1944, but the play was set in 1912. Priestley took into account the political and social climate of not just 1944 but also when the play was set in 1912. Because of the time in between the two periods Priestley could use historical events and facts for his own use in the play. An example of this is when Birling says, Im talking as a hard headed, practical man of business.And I say there isnt a chance of war. And in the Inspectors final lecture when he talks about everyone being responsible for each others actions and the world is a whole and people shouldnt be split up up into classes and social groups. I tell you that the time will come when, if men will not learn that lesson, then they will be taught in fire and blood and anguish. In both these quotes Priestley touches on the subject of war. This would have attracted the audience to what Birling was saying and they would have started to dislike him and his ideas, since the Second realism struggle would have just finished the audience would have been upset about their lost ones and would have been interested in peoples opinions and views leading up to the start of World War One.

Koss management Case Essay

1. why might Koss management vex placed so ofttimes trust in Sachdeva, on with minimal supervision and observe?Koss management might direct placed so much trust in Sachdeva because she was is such a high position. She worked in the company as iniquity President, when you are that high on the totem pole, you are given trust that you know what you are doing and that you want what is best for the company. Companies dont hand out positions to concourse that gull no clue as to what they are doing as well as some peerless that they believe will ruin the company. The same thing goes along with having minimal supervision and monitoring. She was a sin President, someone that was supposed to be trusted, someone who was a leader, someone who was supposed to set an example. It just goes to show you that it is non always the person on the bottom of chain that needs to be watched. It is easier for higher up management and owners to sneak money away than the one who catch minimal access to records and bank statements.2. What was Grant Thorntons obligation to uncover the fraud?Grant Thornton was Kosss internal auditor. An internal auditor is defined as An independent, objective assurance and consulting activity designed to add value and improve an organizations operations. It helps an organization accomplish its objectives by bringing a systematic, train approach to evaluate and improve the effectiveness of risk management, control and governance processes. (p. 23-24) As the auditor for this stage business, Grant was supposed to make sure that e genuinely install of monetary information was in its right place as well as wrote and calculated right. Clearly Thornton did non do his job the right way. By looking at the numbers provided, any auditor could see that something is not right in the company. After seeing it, the auditor would address the issue and freshet with it the proper way. I have a feeling he knew all along what was going on but was too afraid to o pen his mouth.3. Why should Sachdevas full lifestyle have raised suspicions? Why might it have been ignored or explained away by her professional colleagues?Sachdevas lavish lifestyle should have raised red flags soon after it started to happen. It shouldbecause most people that work in a company roughly know how much each person makes. After seeing her spend the money she was someone should have investigated a little much. I mean it is possible for a Vice President of a company to be rich, but for a life style to go to the extreme as spending $1.4 million on a shopping spree is questionable. One of the number one ways to detect fraud is by a change in lifestyles. Her new lifestyle could have been ignored because of her job title. No one wants to question their boss, let alone someone higher up in management. By doing that, all you are petition for is to get fired. In the book it says that people assumed she used family money or her husbands, but not one person questioned her abo ut it. (p. 116) No one wanted to be the one that was questioning the boss. It is much easier to turn and look the other way than stand up in what you believe.4. How could management, the audit committee, and the auditors have been more professionally skeptical in this situation?The audit committee and the auditors could have checked financial more often than what they did. When they noticed that the in happen was dropping quite a bit each year, they should have started looking at documents more closely as well as more often. The audit committee is supposed to intercommunicate with management on their findings. Well instead of talking to the President and Vice President, they should have only talked to the President. There was really no communication in this business when it came blast to financials. It was basically whatever Sachdeva said was right. No one stepped up to double check her work and no one questioned it. Being a bigger company, more than one person should have defiant ly doubled checked the financial statement.5. What was the audit committees responsibility to notice that something looked amiss in the financial statements?The audit committees responsibility was to look over the accounting and financial reporting process as well as the financial statement audits appoint, compensate and oversee the external auditor and to ensure that the company has a whistleblower program. (p. 52) At first glance the committee could notice that something was not right with the companys financial records. But nothing was done and nothing was said.6. Sachdeva paid for her purchases using corporate credit wags. What internal controls could the company have used to prevent inappropriate use of the credit cards?One thing internal controls could have done was make Sachdeva turn in receipts along with a credit card statement at the end of eachmonth. By doing this, every dollar spent on company card can be accounted for. You can see not only where the money is going but what the money is spent on as well as the date and time it was spent. This is just one simple way to keep fraud down. Many companies require this every month with their employees. For every transaction where a receipt cannot be present is deducted from their pay check. Another thing the company could have done is set a limit on the card. By circumstance a limit, you can make sure amounts are not being spent that shouldnt be.7. Some reports have described Sachdeva as having a very dominating personality, and revelations were made about the fact that she would often be verbally abusive of her subordinates in front of top level managers at Koss. How should top-level managers have responded to this port? What actions could the subordinates have taken to respond to this behavior?Top-level management should have put a stop to it right at the start. By allowing it to happen, shows her that it was ok. If they would have stated something in writing and verbally, she may have either stoppe d or possibly could have be let go. Also by allowing this to happen, shows other employees that it is completely ok to act the way to other employees as well as people above her. Some actions that defiantly should have been taken would be to sit her down and just talk to her and let her know that it is not acceptable in the company, especially to her bosses. The next action would be like I said to have something in writing and have her sign it. Not only does this cover the companys butt, but you have the proof that you said something to her. By doing this, she cannot come back and say that she wasnt aware she was verbally abusing anyone and that nothing was brought up to her.ReferencesRittenburg, Larry. Johnstone, Karla. Gramling, Audrey. (2012) Auditing A Business Risk Approach 8e. Mason South-Western, Cengage Learning.

Robyn Matthers

robin redbreast Matters was an extraordinary young person a young woman who is physically short and nuggets, barely graceful and well balanced, who is normally calm and quiet and loves to win and who is at her best in the toughest of situations . She saves Lees life when he is shot and keeps Elli going when they fasten on to rescue Lee. She is a leader, and not Just when the going is tough. When Elli or Homer are active, she will let them run the show, but when leadership is needed, she will provide, up to now in normal situations.She is also compassionate and caring, sometimes in a big way. But often Just little things that make a big difference. At the beginning of the novel we are introduced to Robin as a responsible, reliable teenager who wasnt able to commit to the camp appear with knocked out(p) the conformation and permission from her hard-and-fast parents. Elli finds Robins parents trust issues in their daughter quite amusing, The funny thing about it was that if paren ts ever had a daughter they could trust it was the Matters and Robin, but they didnt seem to have worked it out yet.The biggest problem she was ever identically to give them was being late to church. And thatd probably be because she was helping a boy scout across the road. Robin was fair quiet and serious. She got effort certificates at school every year, and she was heavily religious. Though underneath the coax of this surface, Robin was an extremely determined, strong minded person, who could be highly competitive at times. Throughout the novel we see Robin progress and slowly, bit by bit and she cracks the shell of the quiet obedient good girl she used to be, before the invasion.Robins major character traits stay pretty much the same and she is still content to keep her morality throughout the war but we do notice small changes and impacts the war has ad on Robin. For one, Robin emerges as a leader. She was able to rise above the others when they were all having emotional bre akdowns as their world was crumbling around them, trying to comprehend the idea of an invasion on their own soil. She was no longer the small quiet girl who always carried out good deeds and lived a typical Wireman life.The invasion had created a certain strength within Robin that only really shed flicker in her past life when she was intently competing in sport. This strength allowed her to undertake tasks without a moments hesitation in times of life or death situations. Robin skipped over the next bit pretty quickly but its one of the reasons for writing all this down, because I want people to know stuff like this, how brave Robin was that night.She picked up the photocopier that sits on a stand near the lottery desk and chucked the whole thing through the door. Then she ran to Lee, heaved him onto her back, across her shoulders, and carried him through the bust door, kicking out bits of glass as she went. Robins bravery saved Lee that night of the patrol raid. She turned into a heroin over the course of a night and as well as her commendable bravery and strength in arraying Lee to safety, Robin was able to overcome her fitful fear of business line and needles. Ive given him two injections today. It was cool fun. Robin I nearly passed out myself, in amazement. You faint when people even mention injections Yes, I know, she said, with her head on one side as though she were a botanist studying herself. Its funny, isnt it? Overall, I think the drastic effects of the war had flicked a newly set up switch within Robins kind heart. The changes within had shaped her to be resilient in tough situations and had consequently saved the lives of friends.

Standards of Mgss

STANDARDS FOR THE MDGs I TABLE OF CONTENTS Cover PageI Table of ContentsII BodyIII ReferencesIV II THE MILLENIUM DEVELOPMENT GOALS What be MDGs? Fol clinical depressioning the adoption of the unify Nations Millenium Declaration, the Millenium Development lasts was established in 2000. Because of its extensive goals, the MDGs argon existence assisted by government organizations in trying to achieve those goals, among them are the following the United Nations Millenium Campaign, the Millenium Promise Alliance Inc. the spherical Poverty Project, the Micah Ch onlyenge, the jejuneness in Action EU Programme, C cheatoons in Action video project, and the 8 Visions of Hope spheric art project. The main goal of the MDGs is to effect development by improving social and economic conditions in the homos poorest countries. These are derived from earlier planetary development targets, which were officially established after the Millenium Summit in 2000, where the United Nations Millenium Declaration was adopted.These MDGs were developed from the eight chapters of millennium Declaration, which was signed in September, 2000. The effect was that developing nations were non seen as left to achieve the MDG goals by themselves, hardly rather as a partner in the developing-developed compact to reduce world poverty. There are eight goals with 21 targets, and a series of mensural health indicators and economic indicators for to each one target. However, there are still drawbacks in the MDGs which includes shortsightedness where analytical government agency is concerned and the justification behind the chosen objectives.Because of the joint responsibility of developing and developed countries for achieving the MDGs, the possibility of it neat a success continuously increases and is still reinforced by their 189-country support. At present, there is no union as far as progress towards reaching the goals is concerned. The goal of empowering women has progressed towards the MDGs, and there is a strong encouragement to increase emphasis on gended mainstreaming debelopment policies and collecting data based on gender.As a result, a major conference was held at the UN headquarters in New York on 20-22 September 2010 to review progress, with five old age left to the 2015 deadline. There were new commitments on womens and childrens health, and major new initiatives in the ecumenic battle against poverty, hunger and disease. It is obvious that developed countries continuously provide aid for the achievement of the MDGs which have been arise over the recent years, and has shown that more than than half is towards debt relief owed by poor countries.The Australian government itself committed to providing 0. 5% of GNI in International Development Assistance by 2015-2016. One of the improvements provided by the MDGs is the provision of more health services to the developing countries. Researchers suggest that developed countries should treat global hea lth inequalities and humanitarian mercantile establishment being a part of national strategy. During the 2010 Summit, member states initiated steps towards advancing the Post-2015 Development Agenda and are now developing a process of open, inclusive consultations on the post-2015 agenda.Secretary-General Ban Ki Moon name 26 civil society, private sector, and government go baders from all regions to a high-level panel to revalue on the global development agenda beyond 2015. An organization which aims to increase support to achieve the Millennium Development Goals and seek coalition for partners of action is the role of the United Nations Millennium Campaign. UN Goals is dedicated to spreading experience of the millennium goals through many different means by means of various internet and offline sense campaigns. Ethical Bases for the Establishment of MDGsThe Following are the eight goals of the MDGs * reverse extreme poverty and hunger * secure universal primary education * Promote gender equality and empower women * sheer child fatality rate * Improve maternal health * Combat HIV/AIDS, malaria and other diseases * stop up environmental sustainability and * Develop a global partnership for development UNDP assists people at all levels of society in helping to construct nations that can withstand crisis, and work for, and sustain the kind of growth for the improvement of the quality of life for everyone.The instruction is to help countries to build and share solutions to achieve Poverty Reduction and the Millenium Development Goals, Democratic governance, Crisis Prevention and Recovery, surround and Energy for Sustainable Development. In Uruguay for example, an extensive childrens health program has reduced rates of malnutrition, prematurity, low birth weight and other markers in the department of Canelones. In Darfur, Sudan, a rule-of-law programme is helping get along and improve equal access to justice. In China, farmers are being trained to a dapt farming techniques to international trading standard, providing them with greater profits.In Brazil, eco-stoves that retain heat longer and are easier to oversee, provide indigenous people to lead healthier lives. According to the 2013 Human Development Report, there is a profound shift in global dynamics driven by the fast-rising new powers of the developing world and its long-term implications for human development. UNDP can be felt in more than 170 countries and territories and decades of concrete development experience in countries ranging from fragile States to middle-income countries analogous Brazil and Indonesia.These and other developments qualify the MDGs to answer the call for a better and more sustainable future. * Eradicate Extreme Poverty and Hunger There is always the realization that in the midst of our comfort zones, the destitute reality exists where in some parts of the world, people are living in extreme poverty. such(prenominal) to the desire of those wh o have more, like the developed countries, still, it lowers the morale to see this extreme poverty manifested in different forms, like the number of displaced refugees that remain high, despite the repatriation in 2011. Achieve Universal Primary Education We cannot do away with the reality that young adolescents from poor and rural households are more likely to be come on of school. Everyone has that moral obligation to solve the problem of others, even if we think they can also be confident of helping themselves. * Promote Gender Equality and Empower Women We know that there are already women representations in the governments of nations but it is a fact that the pace is slow. This MDG effort aims to answer the ethical question of gender equality. Reduce child Mortality Every child has a right to be born, nurtured and nourished until maturity. However, the fact carcass that in some parts of the world, the rate of child mortality is alarmingly high. We are compelled to do our su rmount to address this problem through the ethical basis of concern. We do exist not only for ourselves but for the less fortunate others as well. * Improve Maternal Health Women are the strength of society. Their health are most important so much so that they are the determinants of the rise and fall of any society.Their roles as mothers entail that they should be in their best of health. Thus, an ethical calling for maternal concern is likewise being answere by the MDGs. * Combat HIV/AIDS, Malaria, and Other Diseases Universal concern suggests that humans should continue to sustain on earth. Thus, there is a need to improve advancements in medicine, health and technology. This is not a matter of public necessity, but one of humanitarian consideration that should be inherent in each one of us. * Ensure Environmental SustainabilityThis is likewise another moral obligation that needs regular attention. * Develop a Global Partnership for Development Efforts to sustain development is not the job of a single organization. People of all ages from all walks of life must understand they should treat themselves as stewards of wealth and nature and thus, it is pertinent that each person must regard mimself or herself as a contributing partner to the goals of the MDG. REFERENCES * http//www. undp. org/content/undp/en/ situation/mdgoverview/mdg_goals/mdg3/ * http//www. undp. rg/content/undp/en/home/mdgoverview/mdg_goals/mdg2/ * http//www. undp. org/content/undp/en/home/mdgoverview/mdg_goals/mdg1/ * http//www. undp. org/content/undp/en/home/mdgoverview. html * Halve by 2015 the proportion of people without sustainable access to safe drinking water United Nations Millennium Development Goals website, retrieved 16 June 2009. * http//www. oecd. org/dac/theoecdandthemillenniumdevelopmentgoals. htm * MDGs. YouTube. Retrieved 2012-10-14. Welcome to the Development Education online Depository . Developmenteducation. nfo. * Subramanian, Savitha Joseph Naimoli, Toru Matsubayashi , David Peters (2011). Do We get under ones skin the Right Models for Scaling Up Health serve to Achieve the Millennium Development Goals? . BMC Health Services Research11(336). * Goal Improve Maternal Health. Mdg Monitor. 2012-10-18. * United Nations Millennium Development Goals. Un. org. 2008-05-20. 2012-10-18 * Goal Develop a Global Partnership for Development. Mdg Monitor. 2012-10-18 * Goal Tracking the Millennium Development Goals. MDG Monitor. 1 November 2007. 2012-10-14. IV

Madoff Scandal

Con xts Introduction2 Early C atomic number 18er2 The tighten3 Sales Strategy4 enthr hotshotment Strategy5 The Scandal7 He was non al integrity9 The Markopolos whistling11 The collapse13 Charges and Sentence13 The Victims14 2009 Ponzi schemas16 The sulphur calamity17 due(p)(p) south post- Madoff19 Hedge Fund Transp arency20 Conclusion21 Bibliography25 accedes Table 1 List of Madoff Clients ( sop upn from the The raw York Times, outlast updated June 24, 2009)15 Table 2 2009 Ponzi Scheme SEC Charges17 Figures Figure 1 Fairfield observatory vs Gateway6Figure 2 Madoff Investor property (taken from http//orgnet. com/madoff. html)7 Introduction Operating from central Manhattan, Bernie Madoff developed the first gear and biggest global Ponzi end, an level(p)t of greed and dish angiotensin converting enzymesty that lasted for to a greater extent than 20 historic period, in which $65 meg dollars vanished from the pockets of just some of the worlds richest people, charit ies and ordinary gradeors alike. This evasion lasted longer than whatsoever some separate white collar crime in history and along the way sunk count slight individuals and organizations. The Madoff Ponzi fascinate has changed the rules of trust that governed the bullion game. Unlike different similar schemes, Madoffs Ponzi scheme too scammed wealthy and investing stemmas savvy individuals that Madoff associated with. Bernard Madoff is a former operate, American hedgerow- gillyflower investiture manager, chairman of the NASDAQ ( field Association of Securities Dealers machine-controlled Quotations) nervous strain exchange, and chairman of the household Bernard L. Madoff Investment Securities LLC. He is the main conspirator of the historys largest investor faker committed by a star person.As a result of his act, Madoff was sentenced on June 29th, 2009 to 150 days in prison for crimes that the judge c exclusivelyed extraordinarily evil3 and imposed a sentence that was ternion beats as long as the federal probation office suggested and more than 10 times as long as defense lawyers had requested. Early Career Bernard Lawrence Madoff was born in New York City on April 29, 1938 and grew up in a p blushing(a)ominantly Jewish neighborhood. He earned a degree in political science from New Yorks Hofstra University in 1960 and showed the hem in Street squiffy Bernard L.Madoff Investment Securities LLC the homogeneous year. 1 He was a pillar of finance and charity. As an outstanding philanthropist he served on boards of nonprofit organizations around the world such as businesses, charities and foundations, many of which were entrusted by his endowments. The firm started as a penny stock trader with $5,000 dollars he saved from working as a sprinkler system marketer and lifeguard. In the beginning the firm started trading common stock over the counter (OTC) through the National Quotation Bureau using Pink sheets.It after challenged the New York Stock transmute (NYSE) old brokers by using powerful marketing proficiencys to win clients and promoting electronic trading using innovative computer education technology. His firm grew with help from people around him such as his father-in-law, who referred him to friends and family. Madoff helped created NYSE rival, NASDAQ, where he later became the chairman. The self-colored Bernard L. Madoff Investment Securities LLC functi peerlessd as a securities broker and/or dealer in The United States and internationally. Headquartered in New York City, it provided executions for dealers, brokers and financial institutions.The firm had been one of the top market makers on Wall Street with Madoff as the hint face. In plain terms, a market maker is an institution (brokerage company or bank) that is ready to flow stock trades ( procureing and change) at both second of the trading day and charges a small fee for every trade via the use of a spread in the ask or bid price. It functioned as a third-maker provider by directly implementing commands from retail brokers. At one point, Madoff Securities was the largest market maker at the NASDAQ and in 2008 was the sixth largest market maker on Wall Street.Sales Strategy Around the 1970s, Madoff began administrating bills for investors, some on them he knew personally and several others who belonged to clubs he was member of. He attracted billions of dollars and several large hedge gillyflowers also invested in the firm because he did non charge usual fees and only alleviate fees for processing trades. Madoff offered modest and steady productions to exclusive clients instead of offering in high spirits returns to all clients, giving the manner of his firm to be exclusive. The firms annual returns were abnormally consistent, a key factor in achieving the pseud. Most business men believed the story that a single person could generate returns of 12 to 13 percent a year trading the stock market no matter what happen s without a single d confess quarter. 7 nigh of these people applied for membership to the clubs that Madoff was a member of, in regularize to meet and be accepted by him. In addition, he never hustled anyone for investing with him instead he let them come to him. Thus, he created this aura of exclusivity around him and everyone valued to be a part of his club. sensation of the groups targeted by Madoff was the Jewish circuit. Being Jewish, Madoff attracted many wealthy Jewish people he met at region clubs on Long Island and Palm Beach. This was an Affinity Ponzi Scheme, as it was called by Newsweek article. 7 Affinity craft includes investiture frauds that prey upon members of identifiable groups, such as religious or ethnic communities, language minorities, and the elderly or professional groups. Around 1995, some of the roughly prominent Jewish individuals in finance and exertion began to invest with Madoff. 1 His most effective recruiter, JacobEzra Merkin, was presiden t of the Fifth Avenue Synagogue, member of Yeshiva University, Carnegie Hall and other nonprofit organizations. Mr. Merkin started the investment firm named Gabriel Capital Group. Embraced by philanthropies and installed in a superior position of trust, Merkin seemed to be a Wall Street wise and trusted person to manage other peoples capital. 1 Investment Strategy His investment system consisted of purchasing blue-chip stock, from well established companies like Coca Cola, Intel and cosmopolitan Electric, having constant earnings and no extensive liabilities, and taking option contracts on them. Typically, a position go forth consist of the ownership of 30-35 S&P blow stocks, most correlated to that top executive, the sale of out-of-the-money calls on the index and the purchase of out-of-the-money puts on the index. When done correctly, this strategy creates boundaries in the stock and protects them against a quick decline in the share price. The investment strategy used in Madoffs tri andary breed, Fairfield Sentry, is called the split-strike conversion strategy and involves a combination of stocks and options. In plain terms, Madoff bought 40-50 stocks from the S&P 100 index.He then bought put options on the index at strike prices below the markets accepted level and sold call options above the indexs current price. It is similar to using collars, an options strategy that limits losses along with the gains for a particular stock. The following chart outlines the returns of the Madoff feeder fund against Gateway, a fund running the same split strike strategy. A feeder fund is a fund that conducts virtually all of its investing through a nonher fund. Madoff used such feeder gold to mask the fact that hes acting like a hedge fund in order to avoid SEC investigation.Figure 1 Fairfield Sentry vs. Gateway After the stock market crash of 2001, Gateway follows a downward path for a period of almost 3 eld, before it starts to gain positive traction tha t will last until middle 2007, just in time for the owe meltdown that ignited one of the worst recessions in history. Interestingly liberal, Madoffs returns shows no signs of irritability and draw out to gain positive traction with only minor fluctuations. Apparently he worked with multiple feeders and the lucre of individuals and pecuniary resource were set up to pass money to him.Most of the investors did not know that all of their money was going to the same organise Madoffs firm. The next diagram depicts the depth and interconnections of Madoffs funds. The counselings of the arrows represent the direction of the money flow. Figure 2 Madoff Investor Funds The Scandal The investment malicious gossip was unveiled with Madoffs confession. He account statementedly confessed to his two sons during the first week of December 2008 that his business was giant Ponzi scheme. Madoff sons, Mark and Andrew, turned him in to U. S governance on the day after his confession.On Decem ber 11, 2008 he was arrested and charged with securities fraud also known as stock fraud and investment fraud, securities fraud comprehends a wide tend of nefarious activities, all of which involve the deception of investors or the manipulation of financial markets. He state to the agents that at that place was no innocent description to the fraud that cost clients $65 billion dollars. He traded and missed money and paid investors with money that was not at that place. How did Bernard Madoff set the most audacious fraud in history? Madoff said that had absolutely nothing, everything was just a big lie and it was essentially a giant Ponzi scheme. No one ever questioned the investment strategy and resources of the firm. No verification of the accounting was ever made. 7 A Ponzi scheme is a type of illegal pyramid scheme. It is named after Charles Ponzi who became infamous throughout the United States for using the technique in the early 1920s. The Ponzi scheme operation lucres returns to investors from their own money or from money paid by new investors, rather than from actual return earned. This type of schemes attracts many investors because it offers high and consistent returns that other investments cannot provide. at last the system is destined to collapse under its own weight because earnings are normally less than the payments. The business had been insolvent for many long time. Madoff was lying to his clients when he said he was investing their money and generating stable returns. 3 The money of new clients was used to pay clients who wanted to cash out. Some whitethorn button up ask the question of why he started the scheme in the first place. A manageable explanation of his actions could be that he incurred some trading losses and in order to recoup them quickly, put a quick plan together where he would shuffle money between new and old accounts. ab initio he may make had the intention of paying all the investors back, that since his real investing strategy did not work fast enough, he stuck to the scheme. His initial intentions were believably not to carry on indefinitely to its present point. However, once his real trading strategies were not producing enough returns to cover his advertised returns (when the market was performing well), he continued until he lost control. If the economy were not in a recession, he would most likely keep going. The only reason he gave up is because investors started withdrawing money and he could not cover the up flood tide withdrawals.If the economy kept going strong, Madoff would have been able to attract new money and continue living his double life as usual. He was not alone Few people knew that Bernard Madoff had a highly structured second life for more than 20 years. Bernard Madoff confession and the afterward fraud scandal triggered the investigation to scupper Madoffs mysteries. He initially claimed that he committed the crimes all by himself, but because it extended trou gh decades and continents a fog of suspicion immediately engulfed Madoff family members who worked at the firm, as well as employees and business associates. There were some small clues on how he pulled off the massive fraud, for instance, the 1980s horde that Madoff refused to replace even though some data had to be typed by hand. When government investigated the machine it observe that it was the heart of the fraud. The statements printed out from this old IBM machine showed trades that were never made. 15 First, the investigators turned to the accounting department. Madoffs control David Friehling was also charged with securities fraud, investment adviser fraud and false filings made to the SEC.Unlike any other professional who protects the interests of his clients, accountants have the commitment to protect the public by ensuring accurate financial reporting. They are the first line of defense against fraud. Friehlings duty at the investment firm was to ensure clients securit ies and money were they when they wanted to withdraw it. In addition, the SEC filed a civil enforcement action against him alleging that he did not perform his duties as an auditor. David Friehling was the auditor and the bookkeeper, which means that he audited his own work. Its no great surprise that he found nothing wrong with any of his own work. 18 Next, they turned wariness to the person second in command at Madoffs firm. Frank DiPascali was Madoffs right hand man for 33 years and his unofficial title was director or of options trading and chief financial officer. Nobody was sure what he did or what his official title was, but everyone knew he was a big deal. DiPascali rose to the position of chief financial officer despite his inadequacy of education and financial experience industry.On August 11, 2009, he pled guilty to ten counts of fraud related to the Madoff investment scandal and he is currently trying to negotiate his sentence (to be set on whitethorn 2010) in exchange of information of additional people involved in the scheme. Madoff trusted DiPascali completely to keep the secret of the scam operations. DiPascali manipulated fake returns on some key investors and if one of these clients had large gains, he would fabricate a loss to reduce the tax bill. 15 This means, if true, that these investors knew their returns were suspicious. JP Morgan succeed was the original bank Madoff used to make his Ponzi deposits.According to one estimate, his deposits totaled $5. 5 billion sometime in 2008, and the after-tax profits grew to $483 one cardinal meg million over a period of sixteen years. The bank withdrew a total of $250 million in the summer of 2009, due to suspicions arising from due diligence in Madoffs investment- informative business. According to a pending lawsuit against the bank Upon acquiring this knowledge, Chase entered into a conspiracy with Madoff and BMIS in violation of the federal conduct Influenced and Corrupt Organizations Act (RICO), 18 U. S. C. 1961 et seq. 19Depending on the outcome of the lawsuit, along with many more to come, JP Morgan Chase may have to shell out hundreds of millions of dollars in settlement. Madoffs family was also the center of attention to mystify clues of Bernard Madoffs fraud, although none of them have been charged or accused so far. During the plea hearing Madoff took all the responsibility of the fraud most likely to cover up his family. Peter Madoff, Bernard Madoffs brother, was the chief meekness officer of the firm. He was in charge of ensuring adequate internal control and that the client funds and securities were mightily protected.Even though Madoff sons, Mark and Andrew, did not have any position with the investments firm, they were involved in other areas within the firm. They are the ones that turned Madoff in. The family must have known almost the long running scheme and should be indirectly responsible for some of the investor losses incurred, as the scheme h ad supported their lavish lifestyles. Irving Picard, the flirt appointed trustee in charge of liquidating Madoffs firm, sued some of the Madoff family members (two sons, brother, niece) for $198. 7 million seeking defrauded investor damages. The Markopolos Whistle Bernard L.Madoff Investment Securities LLC firm was inspected at least 8 times and he was personally interviewed twice in a period of 16 years by the SEC and other regulators before being uncovered. For years, he avoided regular reviews by saying that he was managing accounts for hedge funds instead of running an investment advisory business. During the years of 1999 and 2000 the SEC was worried that the firm was violating a trading rule and sent examiners to investigate but in response Madoff summarized new procedures to deal with the obtainings. 12 In 2001 some outsiders were becoming suspicious of Madoffs firm activities.Harry Markopolos, Barrons, a Dow Jones & Co. publication and Marhegdge, a hedge fund trade publica tion, raised concerns about Madoffs steady returns. 12 In 2005 Mr. Markopolos met with SEC investigators in New York and prepared a 21-page report entitled The Worlds Largest Hedge Fund is a Fraud summarizing his concerns. The memo specified 29 red flags and in part concluded that Bernie Madoff is running the worlds largest unregistered hedge fund and provided since Bernie Madoff is not registered as a hedge fund but acting as one via third party shields, the chances of Madoff escaping SEC scrutiny are very high. 12 The SEC examined Madoff and did not find any violations. He failed for 8 years to get SEC to step in until the scam collapsed and prompted Madoff to confess. In his report, Markopolos clearly outlines some pretty obvious (by now) facts that the regulatory authorities omitted. Here is a short sum-up of some points that stood out If the Madoff returns are legitimate, theyre due to insider trading (unlikely scenario). If theyre illegitimate, theyre due to the apparatus b eing a Ponzi scheme (likely scenario). The secrecy around the funds assets doesnt make finger as a typical hedge fund would brag about such returns.The secrecy is probably due to the fact that Madoff doesnt want the regulatory authorities to know he exists as a secret hedge fund. Since Madoff is a broker-dealer, he can generate any trade tickets he wants, so generate false information. The Madoff family has held important leadership positions in NASD, NASDAQ and other prominent industry bodies that would not be inclined to lead an investigation. Out of 174 months, only 7 months (4%) saw negative returns in Madoffs Fairfield Sentry fund. No MLB hitter bats . 60, no NFL team has ever had a 96-4 record out of 100 games, and no money manager is up 96% of the months. Since Madoff is not registered as a hedge fund but acting as one via third party shields, his chances of escaping SEC investigations have remained high. The collapse The final exam weeks of the biggest scheme in history b egan on December 2008 when the market continued to fall. Madoff struggled to keep the scheme afloat(predicate) when investors tried to withdraw $7 billion from the firm. In typical Ponzi scheme fashion, Madoff desperately needed money from new investors to pay off existing investors.Ten days before his arrest, he received $250 million dollars from Carl Shapiro, a 95 year old philanthropist and entrepreneur, and one of Madoff oldest friends. Mr. Shapiro helped Madoff launch his investing career by giving him money to invest in 1960. He also asked others to invest including Wall Street financier Kenneth Langone. Madoff said he was raising money, between $500 million and $1 billion, for a new investment vehicle for exclusive clients. Mr. Langone declined to invest. 13 Mr. Langones denial could have been based on quantitative compend that most of Madoffs investors failed to undertake.In addition, by the time Madoff proposed the new investment vehicle to Mr. Langone, rumors of his ques tionable returns had increase considerably. Charges and Sentence On March 10, 2009, a Criminal Information was filed in Manhattan federal court charging Bernard L. Madoff with football team felony charges including securities fraud, investment adviser fraud, mail fraud, wire fraud, three counts of money laundering, false statements, perjury, false filings with the United States Securities and Exchange Commission (SEC), and theft from an employee benefit plan. The case is United States v.Bernard L. Madoff, 09 Cr. 213 (DC). The criminal information or tutelage declared that Madoff had defrauded his clients for $65 billion. On March 12, 2009 he pleaded guilty to all eleven counts and on June 29, 2009 he was sentenced to 150 years of imprisonment at the Metropolitan Correctional Center in New York (he was later moved to a prison in Butner, North Carolina) and $170 billion in restitution. A sectionalization of his sentencing is given below19 40 years for two counts of international mo ney laundering 20 years for securities fraud 20 years for mail fraud 20 years for wire fraud 20 years for false filing with the S. E. C. 10 years for money laundering 5 years for investment adviser fraud 5 years for false statements 5 years for perjury 5 years for theft from an employee benefit plan The Victims Some of Madoffs clients included hedge funds, banks, charities, universities, astute financiers, hospitals, cinema producers and many others. According to the latest Trustee Interim Report assigned for fund recuperation, as of June 30, 2009 the recovery of funds from Bernard Madoff has been $1,088,507,818 with an additional $13. billion in incoming recovery requests. A short careen of the investors with the largest losses follows CLIENTTYPE OF CLIENTEXPOSURE Fairfield Greenwich Group Financial Firm$7. 5 Billion Kingate ManagementFinancial Firm$3. 5 Billion Tremont Group HoldingsFinancial Firm$3. 3 Billion Banco SantanderFinancial Firm$3. 1 Billion of client exposure Bank M ediciFinancial Firm$2. 1 Billion Ascot Partners, run by Jacob Ezra Merkin, GMACs chairmanFinancial FirmMost of the firms $1. 8 billion in assets Access International AdvisorsFinancial firm$1. 4 billion Fortis Bank NetherlandsFinancial firm$1. billion Union Bancaire PriveeFinancial firmunder $1. 08 billion HSBC HoldingsFinancial firm$1 billion Picower FoundationCharity$958 million Carl ShapiroIndividual$545 million Carl & Ruth Shapiro Family FoundationCharity$145 million Yeshiva UniversityCharity$100 to $125 million Hadassah, the Womens Zionist Organization of AmericaCharity$90 million Korea Life InsuranceInsurer$50 million Fairfield, Conn. pension fundPension fund$42 million Madoff Family FoundationCharity$19 million Jewish Community Foundation of Los AngelesCharity$18 million Alicia KoplowitzIndividual$14 millionTable 1 List of Madoff Clients (taken from the The New York Times, last updated June 24, 2009) As if the loss of fortunes were not tragic enough, on that point were also 2 suicides that stemmed from the scandal. Rene-Thierry Magon de la Villehuchet, 65, who lost more than $1 billion of his own and his investors money, took his own life on December 23, 2008 after realizing that he would not be able to recoup his investment. The Magon de la Villehuchet family was one of the most prominent families in France, building its fortune in the shipping industry during the seventeenth century.William Foxton, 65, was the second suicide victim of the scandal, but unlike the first victim, he had never heard of Madoff and lost his investment through one of Madoffs feeder funds. 2009 Ponzi Schemes The now infamous Ponzi scheme may have been popularized by Bernie Madoff during the present year, but the SEC has been uncovering such schemes at a rapid whole tone since the Madoff scandal. The following is a inclination of an orbit of all the Ponzi schemes charges the SEC has issued in 2009 so far DATEDEFENDANTSPONZI AMOUNT (In millions) 1/08/09Joseph Forte, Joseph For te LP$50 1/15/09James G. Osie, CRE Capital$25 /19/09Robert Allen Standford$8,000 2/19/09Marvin Cooper, BCI Inc$4. 4 3/11/09Anthony Vassalo, Kenneth Kenitzer$40 3/26/09Millenium Bank$68 4/01/09Edward T. Stein$55 4/06/09Weizhen Tang$50-75 4/08/09Shawn Merriman$17-20 4/09/09Robert P. Copeland$35 4/13/09Clelia Flores, MRI Inc$23 6/09/09Peter Son, Jin Chung$80 6/10/09Gregory Bell & Lancelot Mgmt$2,000 6/15/09David J. Hernandez$11 6/24/09Michael C. Regan, Regan & Co$15. 9 6/24/09Moises Pacheco, AMM, BD&C$14. 7 6/28/09John Bravata, Richard Trabulsy$50 9/08/09Philip Barry, leverage Group$40 9/28/09Frank Bluestein$250 10/16/09Homepals14. 3 Table 2 2009 Ponzi Scheme SEC ChargesAccording to the SEC website, 2008 SEC Ponzi charges totaled $470 million (excluding Madoff charged on December 11), compared to 2009s approximate amount of $11 billion YTD. The earliest Ponzi scheme on SEC recent records dating back to 1997 is reported on July 4, 2001 for $67. 5 million. There is no mention of another such scheme until June 9, 2005 for $6 million, art object the next such scheme is reported on July 24, 2007 for $41. 9 million. The SEC Failure Bernie Madoff was so above suspicion that he even got his name informally applied an SEC rule. The Madoff elision allowed market makers such as Mr.Madoff to sell stock short to facilitate a customer buy order, even if the stock in question was ticking downward. Under a rule that was in place until 2007, short sales on a downward-ticking stock were normally prohibited. In a short sale, investors buy out stock and sell it, hoping to repay with shares bought at a lower price. Madoff was frequently and unsuccessfully investigated by the SEC. His firms first contact with the SEC was in the early 90s when he leased two accountants, Frank Avellino and Michael Bienes, for his first small investment advisory business. The accountants helped him recruit more than 3,000 clients.They were violating the law selling unregistered securities however the y were not accused of securities fraud. The SEC shut down the Avellino & Bienes operation and forced Madoff to return more than $400 million to investors. 13 In 2000, the SEC Boston office is contacted by Markopoulos where he outlines his first concerns about Madoff. Unable to persuade an investigation, Markopoulos is told to contact the SEC New York office. 13 However, no save investigation is conducted partly because the information presented to the SEC is not understood by its investigators due to its highly labyrinthine nature.Since then many other letters from concerned outsiders are being sent to the SEC about Madoff. No action is taken from the SEC until January 2006 when it launches an investigation prompted by the Markopolos memo. After an interview with Madoff in May 2006 in its case-closing recommendation, the SEC said it found no evidence of fraud. 13 After the uncovering of the investment fraud, the SEC conducted an internal investigation entitled Investigation of Fai lure of the SEC to Uncover Bernard Madoffs Ponzi scheme. A 477-page report was released in September 2009 were the SEC Office of Inspector General (OIG) analyzes the SEC failure to uncover Madoffs Ponzi scheme, how it missed all the red flags and identifies recurring opportunities to find the fraud and how unsuccessful their efforts were. In a recent PBS interview with Henry Pitt, former SEC commissioner from 2001-2003, Mr. Pitt indirectly pointed out some SEC flaws31 The SECs examination program was put in place in the mid 90s is fatally imperfect.The total staff of the SEC is 3,500 people (not all of them do examinations) and there are 11,000 registered investment advisers subject to the SECs jurisdiction. There will never be enough money, enough people and enough sophistication to conduct examinations the way they needed to be conducted. The law for broker-dealers was setup in 1934 and in 1940 for investment advisers. The relationship between the two entities is treated separate ly. In todays marketplace, this viewpoint needs to change. This is one of the reasons why Madoff continued to be in business after the Avellino and Bienes scandal. The SEC was heavily focused on legal analysis, while not paying too much attention to economic and financial analysis. There needs to be more hedge fund transparency, something the SEC has failed to change the courts to do so up to now. Arthur Levitt Jr, former SEC chairman from 1993-2001, maintains a view that supports a more focused approach on risk-assessment within the SEC. Mr. Levitt has been drawing criticism lately regarding his personal and business relationships with Madoff. When asked about SEC resources, he raises a valid point Since 2002, the number of investment advisers such as Madoff Securities has change magnitude by 50%.Yet enforcement resources have been flat or even reduced. The number of SEC enforcement cleavage personnel was cut by 146, to 1,192 in 2007 from 1,338 in 2005. 37 SEC post- Madoff Si nce the Madoff scandal, the SEC has been taking epoch-making steps to reduce the probability that such frauds will occur in the future. A summary of the post-Madoff Reforms are included on the following list Safeguarding Investors Assets Revitalizing the Enforcement Division Revamping the Handling of Complaint and Tips Advocating for a whistle-blower Program Conducting Risk-Based Examinations of Financial Firms Increasing Focus on Agency-Wide Risk Assessment Improving Fraud detecting Techniques for Examiners Recruiting Staff with Specialized Experience Expanding and Targeting Training Seeking more Resources Integrating Broker-Dealer and Investment Adviser Enhancing Licensing, fostering and Oversight Regime for Back-Office Personnel In summary, the changes focus where the SEC had previously failed enhancing investigator financial education, providing incentives for whistle blower tips, allocating additional resources. Hedge Fund TransparencyOne of the SECs attempts towards hedge fund transparency came in 2003 where the entity unsuccessfully tried to enforce the registration of a majority of hedge fund managers by re-interpreting the definition of client to an investment-adviser. This rule would have required hedge funds to register as investment advisers. This attempt was dismissed by the U. S. Court of Appeals for the District of Columbia on June 23, 2006. The hedge fund industry as a whole is against regulation in part because such regulations would reveal the trading strategies use internally to the competition.This is a viable argument in favor of the hedge fund industry, however not viable enough to prevent further regulation, at least in the US markets. A possible suggestion could be to create a quasi-government committee made up of various former heads of finance-related industries that are given the power to review and approve hedge funds. The information they have on their hands is completely between them and certain high level members of the SEC , with secrecy comparable to that of the likes of the Department of Defense. In this way, hedge funds avoid public disclosure of their strategies, while theSEC accomplishes the regulation they have always been pursuing. There could be different levels of approval according to the market value of a hedge fund. While this suggestion may not be the most viable, it is serves an option for both the SEC and hedge fund managers. Conclusion prone its impact on the financial world, it would seem that this scandal could have been prevented much earlier. Why did FINRA (Financial Industry regulatory Authority), SIFMA (Securities Industry and Financial Markets Association), SEC, and other regulatory bodies not act quicker? Below follows a list of possible concluding points for such long inaction. The world to which the securities laws apply laws now 70 and 75 years old is light years away from the world we have today. 34 Point 1 Bernie Madoff was a legend on Wall Street. He and his family wer e among the elite of the Street and, due to his long career and connections, he obtained a God-like status on the Street and as someone who could do no wrong. As any religious individual, they do not question Gods actions, they just believe. Furthermore, individuals who commit fraud usually do not have Madoffs impressive background, connections and reputation.Madoff used his status on the Street as an advantage to raise more money and fly under the radar for as long as he did. A scheme is the last thing one would expect from someone whose resume includes a time as former chairman of NASDAQ. In addition, Harry Markopolos admits that he did not contact FINRA due to his familys connections with the regulatory authority. In particular, Andrew Madoff served as an incoming District 10 member of FINRA in 2003 while his brother Mark served on FINRAs Mutual Fund Task Force in 2004. Also, Bernie Madoffs brother Peter served on the board of directors of SIFMA.Point 2 Madoff was not using any i llegal trading strategies. The split-strike option is a legitimate strategy that has been employed for years by a hardly a(prenominal) experienced industry professionals, such as Harry Markopolos. It is a highly complex strategy that even Markopolos in his SEC paper admits that few really understand, hence many of Madoffs experienced investors failed to quantitatively analyze, yet they rather based their assumptions on word of mouth. In the same token, the SEC did not pay attention to something that they could not completely understand and did not put as much emphasis as they should have.Point 3 Red flags were not raised initially due to the overall economys performance. When the market was performing well, a 12% return was within reasonable lines of S&P returns. Some flags came up when the market started producing negative returns, yet Madoffs returns kept their usual steady, profitable path. If the market were still performing neutral to slightly above neutral levels, chances are that the scandal would still lie at a lower place fake returns. Point 4 The SEC did not act any sooner possibly due to the psychological structure of its own investigators.A typical SEC investigator is young, non- combative, and wants enough resources to fully take on such a case single-handedly. The aggressive and talented individuals get absorbed by Wall Street due to obvious lucrative reasons. This is not to say that the SEC does not employ talented, aggressive individuals all that is being conveyed here is that probably some of the investigators psychological and character structure coupled with the lack of resources was a key mixture of ingredients the organization was missing.Plus, in order to raise such a high stakes complaint an SEC investigator would have to go through the usual bureaucratic red tape inherent in government process. Point 5 The SEC is made up of lawyers, thus lack the experience and knowledge of financial markets. The institution is not a financial entity that relies on fit shareholder returns it is a regulatory authority that interprets and applies the law. Lawyers are not fund managers, thus are not familiar with the complexities and headaches that come with such territory.Point 6 The SEC failure in the Madoff case is yet another example of a failure of the invisible hand to regulate capitalisms procession of self-interests. While de-regulation of capital markets was very instrumental to transform the US economy into a global powerhouse, lack of de-regulation brought upon the Madoff scandal along with one of the worst recessions in US history. If the markets were more heavily regulated from the beginning, one can only speculate on how far the US economy could have reached.In his tribute to Congress, Allan Greenspan admitted that his political theory of free market capitalism has a major flaw I made a mistake in presuming that the self-interest of organizations, specifically banks, is such that they were best capable of protect ing shareholders and equity in the firms. In short, Greenspans flaw was a variable he never considered as part of his ideology of free market capitalism human greed. Not surprisingly, Greenspans flaw has influenced many areas of free markets from credit-default swaps and mortgage lending tactics, to unregistered hedge fund management practices.Bernard Madoff has left his imprint on Wall Streets dis pardond list and his case will be used as an example to further regulate hedge funds and transparency needed in the financial industry. His life story of rising to the top and falling from grace highlights the double-edged sword of capitalisms laissez faire attitude. It will be very interesting to see how effectively the regulatory authorities will tackle this issue, as Madoffs case moves from the public eye to university case study in the coming years. Bibliography