Housing Market in Australia Essay Example | Topics and Well Written Essays - 1500 words

Lodging Market in Australia - Essay Example Bourassa (1996) has expressed that the measures required for distinguishing the moderateness of lodging possession is fundamentally founded on the amassed information yet it is required to overlook the dissemination of riches and pay just as the scopes of lodging costs. For investigating the pattern of lodging design in Australia, Bourassa (1996) forms an examination dependent on the past research of Grigsby and Rosenburg. The investigation at that point, proposes a technique for Borrowing Constraint. The technique for Borrowing Constraint was applied from the year 1989 to 1990 for family overview information for Melbourne and Sydney, Australia. The outcomes presumed that there are speculative changes in loan fees and store prerequisites are kept least. Alongside these outcomes, besides, it had been reasoned that under some random situation, there is modest level of individuals who are living in leased family units to bear the cost of private proprietorship without placing themselves into the hover of destitution (Bourassa). Another examination led by Beer (1999) expressed that there have been numerous adjustments in the private rental part inside the lodging arrangement of Australia. It has moved itself from the residency of change that is fundamentally included sparing of youthful family unit. Increment in the costs of genuine houses, expanding loan costs, increment in the pace of passings of family through division and separations, changes in the pays of laborers and powerlessness to keep up the situation of the residency. Besides, Beer (1999) additionally expressed that there has been decrease in access to open lodging. Research directed by Beer (1999) had underscored on the changing elements of the private rental lodging inside Australia. The idea of speculators and the size of interest in the area of lodging stocks had additionally been analyzed. Besides, the effect of the venture techniques on the lodging segment market of Australia was likewise featured (Beer). Hayward (2008) led an examination to decide if the land owners in Australia are hesitant or not. The paper secured the historical backdrop of open lodging and land owner in Australia. The examination directed by Hayward (2008) uncovered that the brilliant time of open lodging in Australia was from 1945 to 1956. During this time, the Commonwealth State Housing Agreement (CSHA) established a framework for making open lodging framework progressively reasonable in Australia. From that point forward, the historical backdrop of open lodging began to disable in this nation. Accentuation on lodging arrangement moved from rentals to home proprietorship. In spite of review the improvement of State Housing Authorities, a few people guarantee that this decade was not as considerable nor it was that decade where it is good to return. In since quite a while ago run, the historical backdrop of Australia is where the Government has been best hesitant proprietors. The period from 1945 to 19 56 is considered as best comprehended in this general pattern (Hayward). The paper introduced by Wulff and Maher (2010) analyzed the lodging attributes of private leaseholders in Australia in since a long time ago run. The investigation contained an example of 4677 private tenants. The example had been drawn from ABS Survey of Rental Tenants 1994. The outcomes uncovered that 40% of the leaseholders were long haul tenants, having leased their property for over 10 years, which shows that there has been generous pattern of leased family in Australia. Long haul conditions were additionally partitioned into

My Dog Seeka Essay Example For Students

2008 1-year Top Performing Direct Plans Q4

Savingforcollege.com ranks the performance of Direct Sold 529 Plans. Direct sold plans are those that consumers can enroll in without using a broker. We have prepared 1-year, 3-year and 5-year performance tables. To prepare this ranking, we compared a subset of portfolios from each 529 savings plan, selecting portfolios based on their mix of stocks, bonds, and money-market funds, allowing for an apples-to-apples comparison in seven different asset-allocation categories. The lower the "percentile" the better the ranking. This ranking could be a useful tool for you when selecting which Direct 529 Plan might be right for you. 529 Performance Rankings as of December 31, 2008 Direct sold 529 Plans Ranked by 1 Yr performance Updated February 23, 2009 1-year Performance Ranking (click here for 3 Year Performance Table and 5 Year Performance Table) Rank State Plan Percentile 1 Florida Florida College Investment Plan 18.08 2 South Carolina Future Scholar 529 College Savings Plan (Direct-sold) 23.20 3 Utah Utah Educational Savings Plan (UESP) Trust 23.33 4 Missouri MOST - Missouri's 529 College Savings Plan (Direct-sold) 26.09 5 Georgia Path2College 529 Plan 26.31 6 Kansas Schwab 529 College Savings Plan 26.39 7 New York New York's 529 College Savings Program - Direct Plan 26.48 8 Iowa College Savings Iowa 27.84 9 Pennsylvania Pennsylvania 529 Investment Plan 28.36 10 Connecticut Connecticut Higher Education Trust (CHET) 28.55 11 Arkansas GIFT College Investing Plan 28.77 12 West Virginia SMART529 Select 28.83 13 Wisconsin EdVest (Direct-sold) 30.25 14 Louisiana START Saving Program 30.28 15 Nevada The Upromise College Fund 30.51 16 Kansas Learning Quest 529 Education Savings Program (Direct-sold) 30.58 17 Hawaii Hawaii's College Savings Program 31.98 18 Michigan Michigan Education Savings Program 32.24 19 Nevada The Vanguard 529 Savings Plan 32.28 20 Kentucky Kentucky Education Savings Plan Trust 32.98 21 Colorado Direct Portfolio College Savings Plan 34.28 22 Oklahoma Oklahoma College Savings Plan 34.98 23 North Dakota College SAVE 35.46 24 Idaho Idaho College Savings Program (IDeal) 36.25 25 Mississippi Mississippi Affordable College Savings (MACS) Program 36.34 26 Nebraska College Savings Plan of Nebraska (Direct-sold) 37.48 27 Minnesota Minnesota College Savings Plan 39.43 28 Nebraska TD Ameritrade 529 College Savings Plan 39.87 29 Massachusetts U.Fund College Investing Plan 40.80 30 California The ScholarShare College Savings Plan 41.02 31 Arizona Fidelity Arizona College Savings Plan 41.11 32 Delaware Delaware College Investment Plan 41.26 33 New Hampshire UNIQUE College Investing Plan 41.39 34 Vermont Vermont Higher Education Investment Plan 43.04 35 District of Columbia DC 529 College Savings Program (Direct-sold) 45.96 36 New Jersey NJBEST 529 College Savings Plan 46.03 37 Illinois Bright Start College Savings Program - Direct-sold-Plan 48.52 38 Nevada USAA College Savings Plan 51.40 39 Virginia Virginia Education Savings Trust (VEST) 52.32 40 West Virginia SMART529 WV Direct 55.51 41 Montana Pacific Life Funds 529 College Savings Plan (Direct-sold) MT 56.08 32 Maine NextGen College Investing Plan - Client Direct Series 56.10 43 Ohio Ohio CollegeAdvantage 529 Savings Plan 58.32 44 Alaska University of Alaska College Savings Plan 58.85 45 Maryland College Savings Plans of Maryland - College Investment Plan 61.44 46 Alaska T. Rowe Price College Savings Plan 61.93 47 South Dakota CollegeAccess 529 (Direct-sold) 64.42 48 Rhode Island CollegeBoundfund (Direct-sold Alternative R) 67.55 49 Oregon Oregon College Savings Plan 68.83 50 Alabama Higher Education 529 Fund (Direct-sold) 72.97 51 Texas Texas College Savings Plan 73.11 52 North Carolina National College Savings Program 74.49 53 New Mexico The Education Plan's College Savings Program (Direct-sold) 84.73 - Indiana CollegeChoice 529 Investment Plan (Direct-sold) NA NA = Not Applicable = Program does not have at least 3 portfolios with sufficiently-long performance under our ranking model. The Savingforcollege.com Plan Composite Rankings are derived using the plans relevant portfolio performance in seven unique asset allocation categories. The asset allocation categories used are 100% Equity, 80% Equity, 60% Equity, 40% Equity, 20% Equity, 100% Fixed, and 100% Short Term. The plan composite ranking is determined by the average of its percentile ranking in the seven categories. The performance data underlying these rankings represents past performance and is not a guarantee of future performance. Current performance may be lower or higher than the performance data used. A plan portfolio's investment return and principal value will fluctuate so that an investor's shares or units when redeemed may be worth more or less than their original cost. Investors should carefully consider plan investment goals, risks, charges and expenses, by obtaining and reading the plan's official program description before investing. Investors should also consider whether their of their beneficiary's home state offers any tax or other benefits that are available for investments only in such state's 529 plan. Brokers please note: For internal use only and not for use with or to be shown to the investing public. Disclaimer: Bankrate, Inc. shall not be liable for any errors or omissions in this report. Users should rely on official program disclosures. For Broker Sold plan rankings, click here. Savingforcollege.com ranks the performance of Direct Sold 529 Plans. Direct sold plans are those that consumers can enroll in without using a broker. We have prepared 1-year, 3-year and 5-year performance tables. To prepare this ranking, we compared a subset of portfolios from each 529 savings plan, selecting portfolios based on their mix of stocks, bonds, and money-market funds, allowing for an apples-to-apples comparison in seven different asset-allocation categories. The lower the "percentile" the better the ranking. This ranking could be a useful tool for you when selecting which Direct 529 Plan might be right for you. 529 Performance Rankings as of December 31, 2008 Direct sold 529 Plans Ranked by 1 Yr performance Updated February 23, 2009 1-year Performance Ranking (click here for 3 Year Performance Table and 5 Year Performance Table) Rank State Plan Percentile 1 Florida Florida College Investment Plan 18.08 2 South Carolina Future Scholar 529 College Savings Plan (Direct-sold) 23.20 3 Utah Utah Educational Savings Plan (UESP) Trust 23.33 4 Missouri MOST - Missouri's 529 College Savings Plan (Direct-sold) 26.09 5 Georgia Path2College 529 Plan 26.31 6 Kansas Schwab 529 College Savings Plan 26.39 7 New York New York's 529 College Savings Program - Direct Plan 26.48 8 Iowa College Savings Iowa 27.84 9 Pennsylvania Pennsylvania 529 Investment Plan 28.36 10 Connecticut Connecticut Higher Education Trust (CHET) 28.55 11 Arkansas GIFT College Investing Plan 28.77 12 West Virginia SMART529 Select 28.83 13 Wisconsin EdVest (Direct-sold) 30.25 14 Louisiana START Saving Program 30.28 15 Nevada The Upromise College Fund 30.51 16 Kansas Learning Quest 529 Education Savings Program (Direct-sold) 30.58 17 Hawaii Hawaii's College Savings Program 31.98 18 Michigan Michigan Education Savings Program 32.24 19 Nevada The Vanguard 529 Savings Plan 32.28 20 Kentucky Kentucky Education Savings Plan Trust 32.98 21 Colorado Direct Portfolio College Savings Plan 34.28 22 Oklahoma Oklahoma College Savings Plan 34.98 23 North Dakota College SAVE 35.46 24 Idaho Idaho College Savings Program (IDeal) 36.25 25 Mississippi Mississippi Affordable College Savings (MACS) Program 36.34 26 Nebraska College Savings Plan of Nebraska (Direct-sold) 37.48 27 Minnesota Minnesota College Savings Plan 39.43 28 Nebraska TD Ameritrade 529 College Savings Plan 39.87 29 Massachusetts U.Fund College Investing Plan 40.80 30 California The ScholarShare College Savings Plan 41.02 31 Arizona Fidelity Arizona College Savings Plan 41.11 32 Delaware Delaware College Investment Plan 41.26 33 New Hampshire UNIQUE College Investing Plan 41.39 34 Vermont Vermont Higher Education Investment Plan 43.04 35 District of Columbia DC 529 College Savings Program (Direct-sold) 45.96 36 New Jersey NJBEST 529 College Savings Plan 46.03 37 Illinois Bright Start College Savings Program - Direct-sold-Plan 48.52 38 Nevada USAA College Savings Plan 51.40 39 Virginia Virginia Education Savings Trust (VEST) 52.32 40 West Virginia SMART529 WV Direct 55.51 41 Montana Pacific Life Funds 529 College Savings Plan (Direct-sold) MT 56.08 32 Maine NextGen College Investing Plan - Client Direct Series 56.10 43 Ohio Ohio CollegeAdvantage 529 Savings Plan 58.32 44 Alaska University of Alaska College Savings Plan 58.85 45 Maryland College Savings Plans of Maryland - College Investment Plan 61.44 46 Alaska T. Rowe Price College Savings Plan 61.93 47 South Dakota CollegeAccess 529 (Direct-sold) 64.42 48 Rhode Island CollegeBoundfund (Direct-sold Alternative R) 67.55 49 Oregon Oregon College Savings Plan 68.83 50 Alabama Higher Education 529 Fund (Direct-sold) 72.97 51 Texas Texas College Savings Plan 73.11 52 North Carolina National College Savings Program 74.49 53 New Mexico The Education Plan's College Savings Program (Direct-sold) 84.73 - Indiana CollegeChoice 529 Investment Plan (Direct-sold) NA NA = Not Applicable = Program does not have at least 3 portfolios with sufficiently-long performance under our ranking model. The Savingforcollege.com Plan Composite Rankings are derived using the plans relevant portfolio performance in seven unique asset allocation categories. The asset allocation categories used are 100% Equity, 80% Equity, 60% Equity, 40% Equity, 20% Equity, 100% Fixed, and 100% Short Term. The plan composite ranking is determined by the average of its percentile ranking in the seven categories. The performance data underlying these rankings represents past performance and is not a guarantee of future performance. Current performance may be lower or higher than the performance data used. A plan portfolio's investment return and principal value will fluctuate so that an investor's shares or units when redeemed may be worth more or less than their original cost. Investors should carefully consider plan investment goals, risks, charges and expenses, by obtaining and reading the plan's official program description before investing. Investors should also consider whether their of their beneficiary's home state offers any tax or other benefits that are available for investments only in such state's 529 plan. Brokers please note: For internal use only and not for use with or to be shown to the investing public. Disclaimer: Bankrate, Inc. shall not be liable for any errors or omissions in this report. Users should rely on official program disclosures. For Broker Sold plan rankings, click here.

The Internet Impact On Children And Teenagers - 1380 Words

The Internet Impact For most children and teenagers, are open to the Internet. People have different opinions about it. Older adults grew up without electronics, but nowadays all kids have electronics. Depending on which electronics the kids have, it changes how the kids learn. If it’s a smart calculator or if it is just a game. Adults and children are moving into life that surrounds them with electronics. â€Å"In fact, 87 percent of 12 to 17-year-olds are now online† (Packard). Studies say, that children who used the internet more had higher scores on standardized reading tests from three-six months, and higher grade point averages one year and 16 months after the start of the study than did children who used it less. More time spent reading, given the heavily text-based nature of Web pages, may account for the improvement. Not all kids that use the Internet is for gaming and texting. Kids can use the electronics to read off and do studies. Research and tests have been completed by Linda Jackson, a researcher with Michigan State University. â€Å"She has been researching 140 urban children from HomeNetToo, a longitudinal field study designed to assess the effects of the Internet on children who come from high-income to low-income households. The children were all around the age of 13 and African American.† The children were also underperforming in school, scoring in the 30% range before the readers’ tests began. They found out, that kids who used internet had a higher score onShow MoreRelatedEffects of The Internet On Teenagers Essays783 Words   |  4 Pagescomputer and maybe do their homework. Internet is one of the most recent changes in the last two decays. Not surprisingly, this new phenomenon is perhaps one of the greatest inventions of the last century, but unfortunately this occurrence has made some negative impact on our society and children. Teenagers are the most common group of society who can get artificial by the internet. As a matter of fact, internet addiction is a common habit for teenagers which will affects their future, also canRead MoreNegative Effects Of Social Media1743 Words   |  7 Pagessocial media accounts. According to Brooke Lusk, the database and media manager for the Prevention Researcher, social media can be defined as, â€Å"an aspect of the internet which allows individuals and groups to create and publish online content, share the content, and interact about it.† These days, people are very involved with the internet and social media. Some think this is a benefit while others think this is a detriment for many reasons. Social media allows people to stay connected and exploreRead MoreSocial Media Sites Impacting Children and Teens Essay1358 Words   |  6 PagesTarget Population The target population are children from the ages 6-12 yrs and teenagers 13-18 yrs. To be eligible the participants must impose the interest of social media. Both male and females are wanted to participate in the research. Limitations My inquiry had various limitations. The quantity of participants would have been more evenly distributed across gender and year in school. Limits also depended on parental guidance and/or permission in allowing kids to take part in the surveyRead MoreHow The Internet Affects Us?866 Words   |  4 Pages How the Internet affect us? For decades, people have lived without a phone, a computer or a tablet in their hands. But, in these days, surviving without any kind of technology connected to the Internet is so difficult to overcome. Moreover, the youngest individuals are learning to live in a world completely dependent on the Internet. Moreover, it you want to learn about how to use computers and the Internet, go to ask your grandchildren to teach you. Anyone cannot imagine how to live withoutRead MoreImpact of Technologies on Teenagers1700 Words   |  7 PagesThe Impact of Technologies on Teenagers An Assignment Submitted by Name of Student Name of Establishment Class XXXX, Section XXXX, Spring 2013 Nowadays, information technologies play a significant role in the modern world. Information technologies have a long history. Some technologies were created a few years ago, while some technologies are comparatively new. Technologies have penetrated all spheres of human activities: education, politics, trade, medicine, and this list canRead MoreEffects of Social Media on the Youth1556 Words   |  7 Pagesnotably, the internet, have impacted heavily on the youth. The media not only serves as a source of information but also provides a source of entertainment. Media sources have relentlessly worked on creating appealing images that entice the youth to their content. Although these may be informative, the youths have been coerced into consuming more time reading or browsing for such information. Recent advancements in computers and mobile phones have led to ease of access of the internet via advancedRead MoreThe Effects Of Social Media On Society1359 Words   |  6 Pagesas the wor king class, adolescents, children, and the elderly. In addition, it will address some shortcomings that social media has, and then propose the means by which these shortcomings may be addressed. Social Media Influence on and Benefits to the Society Benefits and Influence on Children Children have benefitted tremendously on various applications that social media facilitates. The most significant contributions that social media has offered to the children regards educational and security purposesRead MoreSocial Medias : A New Capital Way Of Communication1443 Words   |  6 PagesNowadays, social medias on Internet seem to be a new capital way of communication. First of all, a social network is a user s association on Internet, who exchanges information. Each member shares information with â€Å"friends†, who themselves have their own â€Å"friends†. all the members of the social network are indirectly connected. There exists any kind of social networks and they all have different goals. Indeed, some give the opportunity of communicating with friends, colleagues or family, by sharingRead MoreBehind the Internet Addiction Essay968 Words   |  4 Pagesâ€Å"Study Finds Teenagers Internet Socializing Isnt Such a Bad Thing† demonstrates the support that the writer states towards the amount of time teens spend on the Internet. The essay caught my attention because it’s incredible to read about something clearly bizarre coming from a person that is not well informed about what the teens do exactly while on the Internet and what can be interpreted from the extra attention and usage of the Internet. Lewin states that the usage of Internet by teens doesRead MoreDiscussion of a Patents Desire to Protect Their Children on the Internet in The Undercover Parent741 Words   |  3 PagesToday, the Internet has an important impact on our daily lives. We use it for communication, research, etc. Unfortunately sometimes the Internet can be a dangerous place and we have to be cautious when using it. We do not have as much privacy as we used to have 30 or 40 years ago. The article â€Å"The Undercover Parent†, discusses the issue of whether or not parents should put spyware on their child’s computer to monitor everything that they are doing. Some parents believe that they should put spyware

Personnel Economics Application Paper - 1033 Words

Personnel Economics Application Paper Tournament is a kind of reward system where fixed rewards are used for a fixed group of people and the â€Å"distribution of rewards is based on the order of the participants’ performance† (Lazear amp; Oyer, 2009, p. 9). In this particular situation, four agents in one of Mitch amp; Murray’s offices are given a strong incentive to succeed in a sales tournament. Mitch amp; Murray uses a set of prizes that diminish in value as a person’s relative performance gets lower. The top seller will win himself a Cadillac, the second will win himself a set of steak knives, and the others will be out of job (Glengarry Glen Ross, n.d.). In response to the given prizes, four agents react in different ways. For Ricky†¦show more content†¦The good leads are locked in the office managers room and they will not be distributed until the end of the contest. (Glengarry Glen Ross, n.d.). After he realizes that no matter how hard he work, his sales performance will barely improve, he becomes desperate. At that point, the cost of effort for him is too high which makes the prize unachievable, and thus provides no incentive for him to exert effort anymore. With those old leads, luck becomes relatively more important to the final success and effort relatively less important. In such case, workers will try less hard to win because effort has a smaller effect on whether or not they win (Lazear amp; Oyer, 2009, p. 10). This is why he soon gives up working on the old leads but to flatter, threaten, and bribe the office manager to get good leads which can reduce the cost of his effort and diminish the importance of luck. However, the result is quite unexpected – His attempt to get good l eads does not work out so he finally helps Dave to steal and sell the good leads to another company. This result may not be explained by tournament theory but can be explained by economic theories – Homo economicus all want to maximize their own profit or utility at the lowest cost (Homo economicus, n.d.). Stealing and selling the leads may be a risky move but the profit it brings to Shelly exceeds the risk plus the profit he may gain from working on the old leads, and thatShow MoreRelatedThe Concept of Comparative Advantage1459 Words   |  6 Pagesinternational market place, for items for the production of which they do not possess a comparative advantage (Pullen, 2006). Today, the application of the comparative advantage is revealed mostly at the level of the leading economic powers in the world, who seek to create advantages in terms of exports, and as such maximize their gains (Acharya, 2008). The concept and application of the comparative advantage theory has raised vast interest throughout the past century, and this interest is revealed at bothRead MoreFacebook New Job Portal Production Needs1423 Words   |  6 Pageswebpage and submit information, but the time that customer spend filling application form, is left at their discretion. Process Bottlenecks Some of the bottlenecks that may adversely affect cycle time of the job portal include technical issues experienced by the company and the clients. According to Thomas, T. (2012), â€Å"76% of the performance bottlenecks appear in the application and database servers where most of the application code resides and this code causes most of the issues† (para. 7). PerformanceRead MoreE Logistics Warehouse Management System1320 Words   |  6 Pages†¢ E-logistics warehouse management system A warehouse management system (WMS) is a software application that supports the day-to-day operations in a warehouse. WMS programs enable centralized management of tasks such as tracking inventory levels and stock locations. There are different types of modules that are an important part of the warehouse system management. Modules: ïÆ'Ëœ Customer details and Administration model. ïÆ'Ëœ Sales Orders ïÆ'Ëœ Warehouse Management ïÆ'Ëœ Automated Billing from Order ïÆ'Ëœ ReportsRead MoreManagerial Applications of Information Technology1623 Words   |  7 PagesInformation Technology Management: Unification of the actual and future information systems used by Incodepf and the new global innovations in technology Karen Lorena Ospina Hidalgo Managerial Applications of Information Technology DeVry University, Keller Graduate School of Management April 13, 2014 Subject of Course Project: Information Technology Management: Unification of the actual and future information systems used by Incodepf and the new global innovations in technology. TableRead MoreSecurity And Privacy Issues Of Iots1652 Words   |  7 Pagescollecting rich amount of data. This paper is a general survey of all the security issues existing in the Internet of Things (IoT) along with an analysis of the privacy issues that an end-user may face as a consequence of the spread of IoT. The survey is mostly focused on the security loopholes arising out of the information exchange technologies used in Internet of Things. Countermeasures are discussed for only some of these security drawbacks in this paper. Keywords: Internet of Things; Security;Read MoreQuality Improvement Practices Within Organizations1678 Words   |  7 PagesThus, it necessitates the consistent application of the appropriate human and technical processes, tools and techniques. A strategic quality strategy will be effective only through long-term commitment and dedicated application by executive management and all employees (Gharakhani, 2013). 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The other technology applied in the healthcare sector is that ofRead MoreCja 394 Court Managment Executive Summary Essay853 Words   |  4 Pagesdisputes between governments, entities, corporations, businesses, partnerships, and individuals. †¢ Courts are also responsible for resolving regulatory, jurisdiction, environmental, and constitutional issues through the unbiased and objective application and interpretation of the law. †¢ Ideally, it is the responsibility of the courts to weed out the facts as it applies to the law to acquit the innocent and convict the guilty. †¢ The importance of court strategic planning is significantRead MoreHuman Resource Information System Application868 Words   |  3 Pagesï » ¿HRIS Application People play an important role in every organization. Therefore, in order to manage their attendance, activities and performance along with the companys recruitment, hiring process and other function, there is a human resource management system present which is more of a software application to carry on such tasks. To be more precise, a human resource information system (HRIS) is an application which is based on the computer. The purpose of HRIS is not only to gather but also processRead MoreAn Effective Method For Integrating Enterprise Applications1328 Words   |  6 PagesAbstract Today there is a new data management challenge that is an effective method for integrating enterprise applications. To learn from history and predict the future, plenty of companies are using Business Intelligence (BI) systems. Corporations have understood the significance of intensifying achievements of the objectives defined by their business strategies through business intelligence ideas. Business Intelligence is gaining popularity in many organizations and companies. Business Intelligence

Issue in Corporate Failure of Bank free essay sample

It also raised millions of revenue by accounting techniques to show false profits and hided their losses which occur in trading and bad debt. The biggest bank fraud in history According to Manhattan District Attorney Robert M. Morgenthau, the BCCI scandal that came to light in 1991 was the largest bank fraud in world history. Perhaps no other criminal enterprise has involved or at least embarrassed so many prominent people, from billionaire Arab sheikhs to Third World dictators to present and former leading figures in the U. S. and British governments. Certainly none could match the international web of financial chicanery, political intrigue, and unsavoury figures with which BCCI was said to be associated. (Source: Encyclopaedia Encarta 2007) BCCI was engaged in four major frauds. One was a cover-up of $633m of losses on treasury trading. The second was the illegal acquisition through nominees of several banks in the US, in which it spend 6m. We will write a custom essay sample on Issue in Corporate Failure of Bank or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The third was a complex manipulation of accounts to prop up its largest borrower, the gulf shipping group of Pakistan, to which it lent more than $725m, which was over the limit set by banking regulations. The fourth was fundamental fraud by which BCCI allegedly acquire secret control of 56% of its own shares at a cost of over $500m. BCCI was a serpent eating its own tail. These sums add up to more than $2bn. But this is a minimum: it omits the enormous cost to BCCI of financing its secret losses. The manipulation to cover up the fraud involved another $2bn, bringing the grand total to well over $4bn. BCCI frauds were the main reasons for its corporate failure. The scale the fraud is breathtaking enough. But while most frauds involve the disappearance of real money, BCCI did the exact opposite. It manufactured billions of dollars out of nothing to conceal gaping holes in its balance sheet, like a giant game of ‘Double Your Money’. This involved extraordinary financial gymnastics and illegal loans on a huge scale. When BCCI finally came crashing down, it was not with a thud, but in a shower of paper. (Behind Closed Door: FT Publication) BCCI initiated every single route to excel its growth. In a first place its corporate structure was so complicated which involved uses of shell corporations frequently termed as satellites, bank confidentiality and secrecy. BCCI’s top management including nominees which also includes some famous personalities in politics were involved in corruption and made it a supreme atmosphere for crime. BCCI’s criminalities included, †¢Fraud by BCCI and BCCI customers involving billions of dollars; money laundering in Europe, Africa, Asia, and the Americas; †¢BCCIs bribery of officials in most of those locations, †¢Support of terrorism, arms trafficking, and the sale of nuclear technologies; †¢Management of prostitution; †¢The commission and facilitation of income tax evasion, smuggling, and illegal immigration; †¢Illicit purchases of banks and real estate. Source: Walker, L. 2001) Abdul Basir, head of BCCI Pakistan operation, says: â€Å"We looked after clients in the most efficient, personalised manner. † The diamond market which is home to Lahore’s famous dancing girls, Prostitutes, who for centuries have provided entertainment for emperors and their cour tiers – and latterly for politicians, Arab Sheikhs and bankers. BCCI used these girls to treat Arabs rich businessmen and major shareholders. BCCI’s Zafar Iqbal, former chief executive, was in charge of managing prostitutes. Corporate Failure of BCCI There were two main reasons of BCCI’s corporate failure apart from their criminal activities. These were high risk loans and trading. A bank’s treasury plays a key role in managing its financial affairs by trading large amounts of money and currencies. Some if this dealing is done on behalf of clients. But bank treasuries also speculate on whether currencies will rise or fall, using their own money. BCCI was no exception. According to Price Waterhouse, the bank combined these two activities by trading huge amounts of clients’ money – but in its own name, and without their knowledge.

War and Humanism

Humanity knows what a war is. It is impossible to find a part in the world where people live and who have never been involved into war relationships. War has always been considered as the final stage of solving conflicts when nothing used in negotiations helped. People understand that wars have never led to anything good, however, weapon conflicts are still used for making sure that people have done absolutely everything.Advertising We will write a custom essay sample on War and Humanism specifically for you for only $16.05 $11/page Learn More A weapon conflict which leads to the war is usually used for achieving humanistic goals. One of the main ideas of the war is to maintain justice when one country acts inappropriately. Therefore, the humanistic goals in war conflicts cannot be rejected. However, World War II was traumatizing for mankind with having an idea to break humanity into pieces rather than achieve humanistic goals. Speaking about humanism as a theory, it should be stated that it was invented by Carl Roger and Abraham Maslow. According to the humanistic theory the have developed â€Å"all people have the potential for creativity, positive outlook, and the pursuit of higher values† (Comer and Gould 19). Applying this theory to the war, it is essential to speak about the better future for those who were involved into the war conflict. Therefore, it is necessary to speak about the reasons of the World War II. Which were much complicated that those of the First World War. Different countries entered the World War II to satisfy their own needs. Therefore, it is difficult to speak about humanism as humanistic goals are similar for all countries and when it goes about various purposes there is no place for humanism. What is meant? For example, the reason of Japan to attack China or USA, and the reasons of Great Britain to declare war to Germany do not coincide. Each of these countries pursued their personal goals (Ross 8). Is not it a desire to break humanity into pieces? Following personal goals and trying to pursue individual needs government of the countries as well as the leaders of the wars never think about people, their families, etc. It is important to remember the partisan war when the family members appeared on different sides. Is this humanism? Is it possible to call the actions where people are killed a humanism? Such problem formulation is considered as the covert reason for the war in general and the World War II in particular. However, there are still some reasons which were similar for all counties. Many scholars divide the reasons of the World War II on three major groups, social, economic and political. Each of these groups has several particular causes which lead to the beginning of the war.Advertising Looking for essay on history? Let's see if we can help you! Get your first paper with 15% OFF Learn More Thus, social reasons are absence of the enforcement of the i nternational community of the demands of the treaty after the World War I, Germany appeared as the main responsible party for the World War I. Considering these social reasons from the humanistic point of view, it is possible to say that they shaped society and created the particular aspects which could make the gaps in humanistic reasons of the wars. Germany was blamed for everything, it was considered as the worst in its actions which is not what may be appreciated by others. German citizens wanted to assure that they are not worse than others, therefore, the war was inevitable. The political problems were centered on Hitler and German aggression. The problems after the World War II were not decided, therefore, there was no place for the humanistic considerations. Finally, economical problems were the largest, as the society was divided into the successfully developing reasons and those whose economy was shaken by the World War I (Harrison 28). Considering these causes of the Worl d War II as the most effective and reasonable, the logical considerations do not allow to call them humanistic. Returning to the discussion of humanism as the main possible reason of the war, it should be stated that humanism â€Å"in the general sense entails the replacement of despotic capitalism with democratic socialism† (Parsons 79). However, it is impossible to agree with this statement, as fighting for general good, it is impossible to be that firm and categorical about â€Å"despotic capitalism† and â€Å"democratic socialism† (Parsons 79). Hitler wanted to be the headmaster of the whole world, therefore, he needed to divide it into pieces to be able to ruin it and impose his empire. Therefore, refusing the humanistic theory as the central reason for the war, many scholars agree that the World War II â€Å"shaped the world in which we live now† (Ross 9). Considering the problem of the effects of the World War II in the long term period it is also possible to find the remnants of the humanistic effect, if it was, or to come across the signs of the social breaking into pieces. Hormats and Ratner speak about the following long-term effects of the war, the emergence of women, the emergence of the global economic and financial system, the re-emergence of state-owned and state-supported enterprises, the internet and the free flow of information, the diffusion of opportunity and innovation, and globalization (Hormats and Ratner 144). However, speaking about these reasons as a result of the humanistic war, it is impossible to refer to all of them as to the equal consequences of the war. There are a lot of countries which were involved in the World War II, but which economic situation is not that good as in other countries.Advertising We will write a custom essay sample on War and Humanism specifically for you for only $16.05 $11/page Learn More There are also many particular countries where the relation to women cannot be called as equal. Globalization has also affected various countries differently. Therefore, looking at the world after the World War II in the long term period, it is possible to say that it did not follow humanistic goals but is was rather directed at shaping and break humanity into pieces. Many movies have been shot and many books have been written as the supportive ones for the ruining nature of wars. Reading Kurt Vonnegut’s Slaughterhouse-Five or watching the movie based on the book, it is possible to see how war can be traumatizing and ruining to a person. Thanks to the particular presentation of the events which flow in unstable order without time frames, a reader has an opportunity to see how specific events of the war affect a person. Comparing and contrasting the beginning of the trip of the main character in time and its end, the shade of meaning in the text may be compared and contrasted. â€Å"Billy is spastic in time, has no control over where he is going next, and the trips aren’t necessarily fun. He is in a constant state of stage fright, he says, because he never knows what part of his life he is going to have to act in next† (Vonnegut 23), this is how the trips of the main character begin. â€Å"Billy and the rest wandered out onto the shady street. The trees were leafing out. There was nothing going on out there, no traffic of any kind. There was only one vehicle, an abandoned wagon drawn by two horses. The wagon was green and coffin shaped. Birds were talking. One bird said to Billy Pilgrim. ‘Poo-tee-weet’?† (Vonnegut 215). This is the end of the trip. In the first sentence the curiosity may be seen, while the last phrase shows indifference to the surrounding world which is anyway empty. Considering the life of those who came through the war, it is important to state about their mental problems. Dementia is considered one of the main problems of the post war period. Additionally, ma ny scholars point to the fact that veterans required help when they were 20, but not when more than 60 years has passed. Although research has not been carried out on Second World War veterans it is fair to assume that a lot of the dementia we have here in that age group is a result of the war† says Rosemary Black, a correspondent of Daily News. The problem of dementia and other types of traumatic stress disorders have been considered by different scientists. Erica Weir says that â€Å"It is normal to want to avoid painful memories, but if the avoidance is accompanied by hyper arousal, flashbacks, nightmares and a restricted range of emotions, the syndrome of post-traumatic stress disorder (PTSD) may be present† (Weir 1187).Advertising Looking for essay on history? Let's see if we can help you! Get your first paper with 15% OFF Learn More Dwelling upon the traumatism of the war, it is logical to conclude that the World War II had nothing in common with humanism. Langer said that the intention to kill and the intention to destroy ruin human understanding of morality. Morality is the â€Å"foundation of all other values† (Langer 56), therefore, being destroyed at war people cannot get used to new principles when they are at home. Before the war people usually lead their normal lives, they experience the desire of intimacy and love, they value beauty and pleasure. However, after the â€Å"humanizing† war as many scholars try to assure us, these people return absolutely different with ruined understanding of previous moral and ethical norms. Therefore, where the World War II was humanistic and directed at common good? Looking at the reasons of the war and its consequences, not even a word about humanistic nature of the war should be said. The World War II was traumatizing for people, it broke humanity into pieces and even after some many years passed after the end of the World War II people still unable to gather these pieces. In conclusion, it should be stated that having tried to consider the main aspects of the World War II from the point of view of humanism, the reasons and consequences are to be considered. Neither causes nor the effect of the war have humanistic nature, therefore, the World War II may be considered as purely traumatizing with the purpose to break humanity into pieces. People are too lucky as their natural tension to beauty and good leaves its imprint and the World War II ended with the victory of the good. Works Cited Black, Rosemary. â€Å"Traumatic experiences during World War II may be source of dementia for veterans: study.† Daily News 16 Sept. 2009. Web. Comer, Ronald and Elizabeth Gould. Psychology around Us, New York: John Wiley Sons, 2012. Print. Harrison, Mark. The economics of World War II: an overview, 1998. Web. Hormats, Robert and Ariel M. R atner. â€Å"World War II to 2011: Changes and Challenges in the Global Economy.† Business Economics 46.3 (2011): 144-153. Print. Langer, Ron. â€Å"Combat Trauma, Memory, and the World War II Veteran.† War, Literature the Arts: An International Journal of the Humanities 23.1 (2001): 50-59. Print. Parsons, Howard L. Man Today: Problems, Values and Fulfillment, New York: John Benjamins Publishing, 1979. Print. Ross, Stewart. The Second World War, New York: Evans Brothers, 1995. Print. Vonnegut, Kurt. Slaughterhouse-Five, New York: RosettaBooks, 2010. Print. Weir, Erica. â€Å"Veterans and post-traumatic stress disorder.† CMAJ: Canadian Medical Association Journal 163.9 (2000): 1187. Print. This essay on War and Humanism was written and submitted by user Phoenix Vazquez to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.