I Watched The Movie Hotel Rwanda - 797 Words

I watched the movie Hotel Rwanda. The film follows a hotel manager named Paul Rusesabagina. He managed to hide 1,268 Tutsi and Hutu refugees during the Rwandan genocide in 1994. The genocide killed possibly over a million Tutsis and moderate Hutus. The genocide was lead by the Hutu government and executed by militias composed of Hutu soldiers as well as Hutu citizens. While it is difficult to understand the reasons behind a slaughter like this, it is important to at least attempt to. As briefly mentioned in the opening of the movie, Tutsis were once in charge of the government and were the elites; they oppressed the Hutus. Through a Wikipedia search I found that there was a long history of conflict and separation between the groups. Tutsis primarily herded cattle while Hutus were crop farmers. Because the Tutsis herded cattle and cattle were valuable, they became a higher social class. This was most likely the beginning of the conflict. When Rwanda became a German colony, Germany nee ded a government set up that they could work with. Being taller, having slimmer facial features, and being lighter skinned, the Tutsis were seen as being â€Å"more Caucasian† and were seen as being more fit to run the government. This clear division of power only added to the conflict between the Tutsis and Hutus. Later, Rwanda became a territory of Belgium who continued running everything as Germany did. The Tutsis, however, gained more power under the rule of Belgium. The Hutus were forced toShow MoreRelatedMovie Report : On The Hotel Rwanda1237 Words   |  5 Pages For my movie report I watched the the film on the Hotel Rwanda (2004), which follows the true-life story of the war in Rwanda between the Hutu and Tutsi tribes. When the Hutu tribe wants redemption from the Tutsi rule which left them in repression by the Belgiums, the Hutu’s create violent militas, war gangs, and set out to murder almost a million people in the length of this awful genocide that the UN restrained from becoming involved in. Once the assassination of the President Habyarimana occursRead More Hotel Rwanda Essay example1565 Words   |  7 Pages I decided to surf the internet in search of inspiration, and I found it on the mediate.com website. Robert Benjamin’s article â€Å"Hotel Rwanda and the Guerrilla Negotiator† definitely caught my eye†¦particularly since I had checked the DVD out from the library last Friday but hadn’t yet watched it. Benjamin’s article piqued my interest enough to do some additional research on Rwanda, and passion was born. While a colony of Belgium, Rwanda was separated into two tribal groups which many say wasRead MoreThe Tutsi And Tutsi People843 Words   |  4 PagesThe Hutu and Tutsi people have been struggling to live together for many years. From 1959 to 1994 the Hutu and Tutsi people of Burundi and Rwanda have been bondaged together by major events that have let to the Burundi and Rwanda Genocides. But there’s more to just the Genocides than what meets the eye. In order to understand what happened in the Rwanda genocide I must talk about Burundi and the Belgian rule. Hutu and Tutsi have lived in the same area for centuries and share the same language, religionsRead MoreMovie Analysis of Hotel Rwanda2245 Words   |  9 PagesHotel Rwanda, released in December of 2004, is based on the true story on the life of Paul Rusesabagina, a hotel manager of Hotel des Mille Collines, who saved the lives of 1,268 people in the face of genocide. This movie is based on the true events of the Rwandan Genocide in 1994 that occurred in Kigali, the capital and largest city of Rwanda in Africa. It touches upon when the Hutu extremists of Rwanda initiated an act of genocide on thousands of the minority group, Tutsis. This movie was directed/writtenRead MoreRwanda s Divided History : Rwanda2233 Words   |  9 PagesRwanda’s Divided History Similar to the Apartheid in South Africa, the genocide in Rwanda was not a random event. It was instead the result of generations of discrimination and abuse based on ethnic groups. In the early 19th century during Rwanda’s colonial period, there already existed a divide between the elite Tutsi cattle herders and the majority of the population who were peasant farmers, known as Hutu.[i] In 1918, Rwanda came under Belgian control, â€Å"during which the ruling Belgians favored the minorityRead MoreAnalysis of We Were Soldiers Once and YOung: Ia Drang The Battle that Changed the War in Vietnam1968 Words   |  8 Pagesaccomplished. As a result of this book, in 2002, a We were Soldiers, the movie was and the story was retold to a greater audience grossing over US 144 million worldwide. Reviews of the book versus movie illustrated some differences and although there was some artistic license taken when creating the movie, many Vietnam veterans claimed that they â€Å"got it right†. Shake hands with the Devil- The Failure of Humanity in Rwanda was written and based on the personal experiences of Lt General Romeo DallaireRead MoreEssay on Fall of Asclepius95354 Words   |  382 PagesFall of Asclepius By Harm 1 and Icrick Prologue Where should I begin? The apocalypse happened so fast. In less than a month, monsters infested every part of this world. People panicked, people died. They clawed at each other just to get out of all the infested areas around the world. There was problem about fleeing from infested areas. Everywhere was infested. There was no where anyone could go without encountering the walking plague. You know that phrase War is Hell? Well... its deadRead MoreBhopal Gas Disaster84210 Words   |  337 Pageschalked out under the supervision of a Constitution Bench headed by then Chief Justice of India RS Pathak. The court will also decide on the question whether this application challenging the 3 25 Years After Bhopal Gas Disaster â€Å"After the accident I used to have fever. My babies inherited the same disease and they all died in their infancy,† said 40year-old Shanti Naidu, resident of Shankar Nagar in Bhopal. The fate of 60-year- old Tusi Bai is the same. While his son has been diagnosed with tuberculosis

Individualism vs Conformity Free Essays

Individualism vs. Conformity The lives of human beings are centered around the thin blue line that separates conformity and individuality. Many times one is confused and rushed, and this line is drawn too short or too long, thus being too much of a conformist or an individual. We will write a custom essay sample on Individualism vs Conformity or any similar topic only for you Order Now The â€Å"individual,† in the American conception, is an independent and inventive agent, relatively autonomous and morally responsible to him or herself. A widespread of specific propositions concerning â€Å"human nature† was derived from this ethnocentric premise. While these cultural propositions are still maintained, at least on the ideal level, in reality a considerable degree of dependency and conformity has developed. Conformity is, in a sense, the remedy for isolation. In the opinion of many Americans, this trend threatens standards of individualism by personal property and product, decisions amongst American youth, and conformity as a whole. First and foremost since the beginning of time, men and women were ideally allowed to voice disagreement with the decisions and practices of the authorities, they were expected to choose the occupation of their preference and be self-supporting, and encouraged to follow their own convictions and beliefs. A number of regulations have been introduced, presumably guaranteeing security and consistency of economic well-being for all Americans; these include, for example, Social Security, Medicare, and other similar measures. However, claims are made that freedom is no longer clearly tied to a social system of private property and passive government. Aside from human property there is human production. In the industrial realm, modern technology and its efficiency have resulted in establishing norms and standards for production as well as consumption. Efficiency and expediency has always been of fascination to outside observers. In the course of this growing industrial efficiency and expediency, individualistic and creative participation in the production process has become greatly reduced for the vast majority of employees. There is even a question whether the product itself meets standards of individuality and uniqueness, since it has been mass-produced and is designed to suit the tastes of thousands of people. Secondly, American youth, on one hand, are brought up in the knowledge of American history, which includes many well-known and glorified examples of individualism and are encouraged to practice this â€Å"truly American† trait. On the other hand, however, American youth are constantly challenged to conform to national and patriotic standards requiring high degrees of conformity to majority opinion. There is a widespread public opinion which perceives an expression of independent individual thinking and believing but as subversive and â€Å"un-American† conduct. One is inclined to conclude that the original individualism is now at war with a strong emphasis on conformity. It appears then that there is a serious discrepancy between the American ideal of â€Å"rugged individualism† and its actual implementation. A teenager has to learn carefully that this blueprint for American individualism is not generalizable and that there are definite areas of limitations and prohibitions. The fact of non-generalizability destroys the simplicity and predictability of always responding in identical or similar ways, thereby complicating the learning process and rendering the behavioral blueprint. Conformity is some sort of a psychological shelter. If one does not know what to do and are scared, it is natural to follow the steps of others so that eventually one can find a group to take shelter in. Conformity is essential to life. Humans, being complex animals, live in a society that functions as a whole. If there is a mistake, the entire system may crumble. So, they are obligated to pay taxes and respect the law so that they can stay together as a whole. Conformity is perfectly natural. Everyone naturally wants to belong to something bigger. They naturally want to be accepted by others. However, in modern terms this acceptance can only be obtained by going further than natural conformity and stepping into popular conformity. At that certain stage Americans tend to follow the same trends in style and personal taste, whether it is music, movies, or even morals. In conclusion, individuality, like conformity, is essential to life even though modern society may not appreciate its value. At one point Americans want to be different from all the rest in one way or another. So one might dress a bit differently and choose to do things that intrigue one another. And, for once, individuals might form our opinions based on what they really feel. However, sooner or later Americans are forced to curb their spontaneous desires so that society does not label everyone as eccentric or weird. Modern life is confusing, so sometimes the vision is blurred and the choices, made in the midst of confusion, may force people in extreme directions of either conformity or individuality. Many Americans may follow everyone in everything they do, or may so much of an individual that they become somewhat of a hermit. Yet the trends that threaten standards of individualism by personal property and product, decisions amongst American youth, and conformity as a whole may show a sign of weakness. However, conformity may dominate the lives of Americans, but there is always the chance to make a mark, to become more of an individual than a clone. How to cite Individualism vs Conformity, Essay examples

Ethical Issues in the Fashion Industry free essay sample

Ethical Issues in the Fashion Industry Introduction This essay reflects on the lecture titled Creative Economy by Martin Bouette. I found this lecture relevant to my final project. My topic is the changing trends in the apparel industry. How Corporate Social Responsibility affects the supply chain, going local from global, vertical from horizontal. The lecture is relevant in many aspects, for example the knowledge societys changes and ethical issues and responsibility within the apparel industry. The first part of the essay briefly speaks about the lecture Creative Economy and also introduces my final project. The second part explains in more detail the difference between horizontal and vertical integration. It also overviews the different kind of ethical problems in the industry in the last 10-15 years and specifies the problems through examples fashion retailers as well as how these problems affect the consumers. After as an answer from the companies for these ethical problems the essay introduces Corporate Social Responsibility (CSR) and gives an example of a well developed CSR policy within the apparel industry. The essay finishes with a summery and speculating about different solutions. The Creative Economy The Lecture Creative Economy by Martin Bouette analyses the relationship between the market and creativity. It has four parts: A short historical overview, a section highlighting its turning points, followed by introducing political factors, and finishes with contemporary issues like: technology, ethics, the environment and the aging population. The first two parts are about the historical background of the creative economy and how these historical trades reflect todays practice. It gives examples like the Asian Silk Road and Sutton Hoo Treasure (7th Century AD, England). It argues that Asia had well skilled creative people working in manufacturing who produced quality goods. It also states that competitive development was as rife in the 7th century as it is now. It shows the turning points like the Great Exhibition (1851), the craft revival by Morris (1865) and the Bauhaus ( 1919-1933). After the beginning of the industrial revolution, the Great Exhibition showed the advantages and disadvantages of mass manufacturing. The United Kingdoms arts and crafts revival lead by Morris versus mass production in the 19th Century was idealistic and elitist but protested for the skills and knowledge in design and manufacturing. And finally the Bauhaus as the last major turning point in the history of the creative industry worked for mass production but quality objects (though they hand made all of there pieces) which are well designed, stylish and functional. The third part is about political factors. In this part of Martins lecture we got a definition of the so called Creative Industry: ‘The creative industries are those industries that are based on individual creativity, skill and talent. They are also those that have the potential to create wealth and jobs through developing intellectual property’ DCMS 2010. The thirteen main fields of the creative industry are: advertising, architecture, art and antiques, computer games, crafts, design, designer fashion, film and video, music, performing arts, publishing, software, TV and radio. It also argues that creativity is about flaw and constant changing and that the UK is the last centurys knowledge society which gives opportunity for creative development, but it is about to change right now, so provides some examples from other (Asian) countries like: Taiwan and South Korea. These countries are developing rapidly. They spend a lot of money to support their own creative industry (Taiwan has a Creative Industry Development Policy made in 2010). The last, fourth part discusses contemporary issues. The four major points of this part are: Technology, Environment, Aging population, and Ethics. Technology: It is about the revolutionary introduction of the the touch screen interface for electronic devices such as the iPhone, and the future of health care with smart fabrics, or about CAD to develop craft. The Environment: This part argues that who is responsible for the environmental damages, how much concern the designer has for our environment. Aging Generation: says that older generations are a strong market for quality design, because they have time to enjoy all its benefits and they can afford it. And finally Ethical issues, which is the most important from my point of view. This is the part were my project could connect to Martins lecture. It gives data about child labour in different countries in different industries. It argues that our society should educate consumers better to know more about the true cost of products they buy. The lecture says that the commercial success depends on these four factors I explained before. My Project In my original project proposal I was intended to research trends in manufacturing such as going local from global and going vertical from horizontal integration. However I realized since that such trends are mostly triggered by Corporate Social Responsibility (CSR) policies responding to customer demands. I would like to narrow down my project to focus on the affects of CSR on the apparel industry’s supply chain. Therefor my research project aims to examine how CSR as a global trend affects vertically and horizontally integrated manufacturing in the fashion/apparel industry. A company won’t integrate vertically its production if it against its business interest. There are some vertically integrated businesses in the industry because the global imbalance is disappearing both in terms of consumer demands and production and labor costs. In order to meet public demand for ethical issues companies would rather use Corporate Social Responsibility Policies than truly integrate vertically their business models. True vertically integration only comes into play if it is essential to the bottom line.

Moody’s Credit Ratings and the Subprime Mortgage Meltdown Essay Example

Moody’s Credit Ratings and the Subprime Mortgage Meltdown Essay In the early-2000s, Moody’s, one of the leading credit rating agencies in the world, evaluated thousands of bonds backed by so-called â€Å"subprime† residential mortgages—home loans made to those with both low incomes and poor credit scores. When housing prices began to fall in 2006, the value of these bonds disintegrated, and Moody’s was compelled to downgrade them significantly. In late 2008, several commercial banks, investment banks, and mortgage lenders that had been profoundly involved in the subprime market failed. In the wake of these implosions, credit stagnated, consumer confidence plummeted, and job losses increased across the globe. Although the financial crisis had many roots, some analysts felt that Moody’s and other credit rating agencies had played a large role by underscoring the inherent risks in mortgage-backed securities. The actions taken by Moody’s and other credit rating agencies broke no financial laws, posing the question, is what is legal necessarily ethical? This case study will draw historical information, including documents released by Moody’s in connection with a Congressional hearing in October 2008, to search for the causes of the financial crisis and Moody’s role in it. It will then ultimately explain how corporations, governments, and society can improve the integrity and efficiency of the credit rating industry to decrease the risk of financial crises in the future. Moody’s had been founded in 1909 by John Moody, who got his start as an errand boy at a Wall Street bank. After oticing the growing popularity of corporate bonds, Moody realized that investors longed for a source of trustworthy information about their issuers’ creditworthiness. By 1918, Moody and his first were rating every bond issued in the United States. By 2008, Moody’s had become the undisputed â€Å"aristocrat of the ratings business†. (Lawrence, p. 455) The company was made up of two business units. The largest was Moo dy’s Investors Service, which provided credit ratings. It earned 93% of the company’s revenue, while Moody’s KMV, which sold software and analytic tools, made up the other 7%. We will write a custom essay sample on Moody’s Credit Ratings and the Subprime Mortgage Meltdown specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Moody’s Credit Ratings and the Subprime Mortgage Meltdown specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Moody’s Credit Ratings and the Subprime Mortgage Meltdown specifically for you FOR ONLY $16.38 $13.9/page Hire Writer In 2007, Moody’s reported revenue of $2. 3 billion and employed 3,600 people in offices in 29 countries around the world. (Lawrence, p. 455) Moody’s main business was rating the safety of bonds—debt issued by companies, governments, and public agencies. Moody’s would rate bonds according to a scale from Aaa, known as â€Å"triple A†, with a very low chance of default, to C, already in default, with roughly 19 steps in between. Moody’s ratings and those of other credit rating agencies allowed buyers to evaluate the risks of various fixed-income investments. (Lawrence. P. 455) Over the year, Moody’s saw its business model shift in a different direction. Moody’s had charged investors for its ratings through the sales of publications and advisory services for decades. A Moody’s vice president was quoted saying in 1957, â€Å"We obviously cannot ask payment from the issuer for rating a bond. To do so would attach a price to the process and we could not escape the charge, which would undoubtedly come, that our ratings were for sale. † (Lawrence, p. 455) In 1975, however, the Securities and Exchange Commission (SEC) altered the rules. The SEC selected three companies—Moody’s, Standard amp; Poor’s, and Fitch—as Nationally Recognized Statistical Rating Organizations, or NRSROs. The government officially sanctioned these three rating agencies and gave them a trusted regulatory role. It was at this time that Moody’s and the other NRSROs began charging bond issuers for their product ratings. (Lawrence, p. 456) The new SEC rules altered the relationship between the bond issuers and the three ratings agencies. Ratings strongly influenced the market value of the bond, creating a large incentive to ship for the best possible ratings. Rating agencies also had a strong motivation to compete for market share by catering to their clients. In 2000, Moody’s became an independent, publicly owned firm after being released by its parent company, Dun amp; Bradstreet. This placed even more pressure on Moody’s managers to increase revenues and improve their shareholder’s returns. (Lawrence, p. 456) From this point on, we begin to see the credit rating agencies drastically underestimate the risks of mortgage-backed securities in a selfish attempt to further their own bottom lines. The birth of structured finance came from new techniques of quantitative analysis used by Wall Street investment banks, and suddenly, Moody’s was not just evaluating corporate, municipal, state and federal government bonds. Structured finance consisted of combining income-producing assets—everything from conventional corporate bonds to credit card debt, home mortgages, franchise payments, and auto loans—into pools and selling shares in the pool to investors. (Lawrence, p. 456) A structured finance product that became popular in the early 2000s was the residential mortgage-backed security (RMBS). An RMBS started with a lender—a bank like Washington Mutual or a mortgage company like Countrywide Financial—that made home loans to individual borrowers. The lender would then bundle several thousand of these loans and sell them to a Wall Street investment bank such as Lehman Brothers or Merril Lynch. The Wall Street firm would then create a special kind of bond, based on a pool of underlying mortgage loans. Buyers of this bond would receive a share of the income flowing from the homeowner’s monthly payments. (Lawrence, p. 56) In an attempt to make RMBS more desirable to investors, the investment banks typically divided them into separated â€Å"tranches†, with varying degrees of risk. If any homeowners defaulted on their loans, the lowest tranches would absorb the losses first, and so on, up to the highest tranches. It was here that credit rating agencies such as Moody’s were asked to rate the creditworthiness of various tranches of the mortgage-b acked securities. Moody’s charged more for rating structured financial products, considering their higher complexity. Credit ratings were extremely important to investors in mortgage-backed securities because these products were so difficult to understand. Investors had nearly no way to judge the safety of these structured financial products, so they trusted the credit agencies’ judgment. (Lawrence, p. 457) Moody’s began to increase their revenue significantly since they began rating structured financial products. Revenue from structured finance grew as a proportion of Moody’s overall revenue throughout 1999 to 2007, peaking at 43% in 2006, contributing to the company’s impressive profitability. Operating margins during this period ranged from 48% to 62%, an extremely high level. Moody’s had the highest profit margin of any company in the Samp;P 500 for five years in a row, beating out companies like Microsoft and Exxon. (Lawrence, p. 458) The enormous financial results rewarded Moody’s shareholders with an impressive return in the early 2000s. Moody’s top executives were also well compensated, with the chairman and CEO Raymond McDaniel earning a total of $7. 4 million in 2007. (Lawrence, p. 59) In the 2000s, the total global volume of financial assets—money available worldwide to purchase stocks and bonds, as well as more complex structured financial products created by Wall Street—grew by leaps and bounds. Global financial assets grew from $94 trillion in 2000 to $196 trillion in 2007. (Lawrence, p. 459) Until the credit crisis, private bonds were one of the fastest-growing asset classes, growing 10% a year between 2000 and 2007, when the ir global value stood at $51 trillion. Several factors contributed to the growth of a large increase in the total global volume of financial assets. Big pension plans, private hedge funds, individuals saving for retirement, and foreign governments all sought safe investments with good returns. Emerging economies, including China, India, United Arab Emirates, and Saudi Arabia, built up substantial reserves selling oil and manufactured goods to the United States and other developed nations. At the same time that the volume of financial assets was increasing, many classes of assets were becoming less attractive to investors. (Lawrence, p. 459) In the early 2000s, the stock market was struggling after the high-tech bubble and collapses of Enron and WorldCom. Low interest rates, driven down by the U. S. Federal Reserve, fell to historic lows reaching 1% in 2004. This caused RMBS’s, which paid well above the federal funds rate, to be increasingly attractive when compared to rates of return on U. S. Treasuries. The growing demand for asset-backed securities put significant pressure on investment banks to create more of them. Investment banks began to put pressure on mortgage originators to produce more loans. This then led to lenders lowering their standards they used to qualify borrowers. Typically, when a person applies for a home loan, they would need to have good credit, money for a down payment, and proof of income and assets. However, in the rush to make loans, lenders began overlooking these requirements, resulting in borrowers with poor credit, low-paying jobs, few assets, and no money to put down. These borrows—and the loans made to them—were known as subprime. (Lawrence, p. 460) The weakened standards by lenders appeared to be mirrored by public policy towards homeownership by both the Clinton and Bush administrations. The government had helped first-time buyers with down payments and closing costs and allowed borrowers to qualify for federally insured mortgages with no money down. They also encouraged Freddie Mac and Fannie Mae, two government-sponsored mortgage lenders, to buy RMBSs that included loans to low-income borrowers. (Lawrence, p. 460) The industry also began to write more nontraditional mortgages. Instead of traditional fixed-rate loans, under which a borrower made a stable payment every month for many years, the industry developed products with lower monthly payments to allow less qualified buyers to get into the market. From 2003 to 2005, the subprime and low-documentation share of mortgage originations tripled from 11% to 33%. These loans were very popular in states where housing prices were going up the fastest, such as Nevada, California, Arizona, and Florida. (Lawrence, p. 461) Some banks and mortgage companies became very aggressive in pushing loans on poorly qualified borrowers. A report from The New York Times examined the practices of Washington Mutual, where employees were under extreme pressure to generate loan volume. The report cited that Washington Mutual pressured their sales agents to generate loans while completely disregarding borrowers’ incomes and assets. The bank had set up a system that enabled real estate agents to collect fees of more than $10,000 for bringing borrowers, making agents more beholden to Washington Mutual then they were to their own clients. Washington Mutual gave mortgage brokers large commissions for selling the riskiest loans, which carried higher fees, increasing profits and the compensation of the bank’s executives. They also pressured appraisers to give inflated property values that made loans appear less risky, causing Wall Street to bundle them more easily for sales to investors. (Lawrence, p. 461) Due to these practices, the quality of mortgage loans disintegrated. In 2005, the Office of the Comptroller of the Currency (OCC), considered new regulations that would have limited risky mortgages and required better explanations to borrowers and warning to buyers of RMBSs. However, mortgage lenders and investment banks lobbied against these rule changes, and federal regulators backed off. Officials in North Carolina, Iowa, Michigan, Georgia, and other states attempted to rein in lenders, but were overruled by federal officials who argued that federal regulation preempted state regulation. The OCC brought merely one enforcement action related to subprime lending between 2000 and 2006. (Lawrence, p 462) In 2006, the market for residential mortgage-backed securities began to unravel. Interest rates began to rise, and housing prices began to drop. As loans began to reset, homeowners found that they were unable to make the new, higher payments—or to refinance or sell their property. Increasing numbers of homeowners realized they owed more than their home was worth. As people began to walk away from their homes, mortgages became worthless—and the value of securities based on them fell. In July 2008, Ben Bernanke, chairman of the Federal Reserve, testified in the Senate that he anticipated as much as $100 bullion in losses in the market for subprime-backed securities. By the following summer, Moody’s had downgraded more than 5,000 mortgage-backed securities, with a value in the hundreds of billions of dollars, including 90% of all asset-backed securities it had rates in 2006 and 2007. United States Senate Permanent Subcommittee on Investigations) As Moody’s began downgrading bonds, many institutional investors—whose holdings of mortgage-backed securities were suddenly worth much less—became irate. As criticism began to pour in, downgrades continued, and Moody’s own stock dropped in value, the company’s executives be gan a reevaluation process of Moody’s own practices. (The Financial Crisis Inquiry Report: Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States) On September 10, 2007, McDaniel convened a town hall meeting with his managing directors. He was quoted as saying, â€Å"Looking at the subprime crisis speci? cally . . . We had historically low [interest] rates. We had very easy credit conditions for a number of years. We had of? cial and market-based support for adjustable-rate mortgages. It created what I think is an overdone condition for the U. S. housing [market]. This was a condition that was supported by U. S. public policy in favor of home ownership. And as I once said, once housing prices started to fall, we got into a condition in which people can’t re? nance, can’t sell, can’t afford their current mortgage. While McDaniel was dodging any personal responsibility that Moody’s should have for the mortgage meltdown, some of his fellow employees were more forthright. One was quoted as saying, â€Å"†¦these errors make us look either incompetent at credit analysis, or like we sold our soul to the devil for revenue, or a little bit of both. † The failure of Moody’s to a ccurately rate the inherent risks are due to the conflicts of interest that are in the issuer-pay business model and rating shopping by issuers of structured securities. Moody’s desire to expand their market share made them willing participants in this mortgage-backed securities scandal. It is also far too simple for major banks to pressure lenders or credit agencies to get what they want. The business model prevented analysts from doing their job by putting investors first, and instead put their own company’s bottom line ahead of everything. The credit rating agencies need increased scrutiny and internal controls so that the market can be assured that their ratings are adequate, elimination of the NRSRO designations, and decreasing the conflicts that are created by the issuer-pays model. While Moody’s may not have been practicing any illegal activities, they ultimately failed at delivering their customers accurate information and committed a grave injustice by continuing to intentionally underestimate the risk of mortgage-backed securities for their own profits. The Financial Crisis Inquiry Commission’s investigations have revealed a â€Å"shadow† banking system, where the operations of financial entities are legal solely because the markets and the forces of capitalism have moved faster than the government can pass laws. This allows them to escape conviction and legal action from participating in economically destructive activities. The financial crisis that followed the unethical practices by Moody’s and others led to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Bill Summary amp; Status – 111th Congress (2009–2010) – H. R. 4173) which addresses the vulnerabilities of the financial services industry by strengthening regulatory authority, specifically in the areas that were most abused prior to the financial systems’ collapse. The â€Å"revolving door† between government officials and corporations may always pose problems for regulators, and lobbyists may succeed in influencing regulators to back off. These concerns mean that regulators must be well paid in order to ensure that they will not give in to bribery or any other unethical action and that there must be a wider separation between government officials and people on Wall Street. The 2008 crisis started when thousands of US homeowners stopped paying interest on their mortgages. The crisis spread because thousands of bankers and fund-managers had ignorantly backed those mortgages, and eventually lost a lot of money. The did this partly because of their own lack of familiarity with RMBSs and also because of the failure of Moody’s and other credit ratings agencies to warn them of the risks involved. Up to 2008, a large proportion of mortgage-based debts were rated AAA, when in reality they were junk. Just days before the bubble burst, Moody’s still rated these failing investments as safe. The problem of conflicts of interest within the credit rating industry must be adequately dealt with, but an even larger problem may be that rating creditworthiness is difficult to begin with. Moody’s will never be able to predict the unpredictable, or anything that cannot be included within a statistic. In order for investments to be healthy, Moody’s must rate what it can accurately judge and dismiss the rest as a warning sign to investors that they should beware to place their finances into a bubble that will eventually burst on bring down the entire global economy with it. References Lawrence, A. Weber, J. (2011) Business and Society, Stakeholders, Ethics, Public Policy, 13th Edition. New York: McGraw-Hill/Irwin The Financial Crisis Inquiry Report: Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States. Washington, DC: U. S. Government Printing Office. January 2011. pp. xxv; 221–222, 226. Becker, Bo; Milbourn, Todd (2011). How did increased competition affect credit ratings? . Journal of Financial Economics 101 (3): 493–514. Ratings in structured finance: what went wrong and what can be done to address shortcomings? . CGFS Papers (Committee on the Global Financial System) United States Senate Permanent Subcommittee on Investigations (13 April 2011). Wall Street and the Financial Crisis: Anatomy of a Financial Collapse. Majority and Minority Staff Report. Committee on Homeland Security and Governmental Affairs. pp. 6, 57. Financial Crisis Inquiry Commission, Testimony of Raymond W. McDaniel, 7

6 Signs Your Job Opportunity Might Be a Scam

6 Signs Your Job Opportunity Might Be a Scam Ever wondered if a job posting seems too good to be true? Chances are, if you feel like you see a tiny  warning flag, it’s probably there. Protect your identity, your money, your time, and your dignity by being on the lookout for the following signs of scam. 1. They contacted you.Always verify if the job posting finds you, rather than the other way around- particularly if the pay seems far too good to be true. Try to avoid searching on job sites that don’t have a privacy mechanism. You’ll be much less vulnerable to scammers.2. All details seem vague.Beware if the job requirements are very vague, as is the position description, like if there’s no mention of education or experience, just a few incredibly basic â€Å"requirements† to make it look more real- age, perhaps, or â€Å"access to the internet.† Real jobs will ask for very specific things.3. Their emails are unprofessional.If you receive correspondence from a potential job, and there are typos, misspellings, or other errors in style, don’t bother writing back. Capitalization should be standardized and professional. Punctuation and grammar should be utterly correct. Anything short of the highest standard of professionalism and you’re probably looking at a scam.4. Interviews are done via Yahoo or nonprofessional  chat.You can interview via Yahoo Instant Messenger? No thank you. In person or on the phone, or perhaps on Skype, is the preferred method. Yahoo IM should be a very clear red flag. If you are at all inclined to go through with the interview, make sure to research the organization vigorously beforehand to make sure it really exists.5. There’s no contact info.You get an email without any contact information, or from a personal address, there’s an issue. Most professionals will conduct all of their work and recruitment correspondence from their work email. If they don’t have one, be worried. Be worried also if you arenâ⠂¬â„¢t provided a phone number or a business address or web address- and extra worried if you Google them and turn up no results. If you do find a real company, but still feel sketched out about the contact, you’re well within your rights to call the company and verify that the person in question is an actual employee.6. They ask you for something out of the ordinary.Just run away the minute someone asks you for any sensitive personal information. Don’t ever give out your bank account- even if someone offers to send you jewels or funds from a foreign bank. And RUN  if they ask you for money. Never agree to pay for a credit report, or a background check, or software. Real jobs supply all this for you. And they review your resume and application gratis.Remember fake jobs can be lurking on social media, legitimate job sites, even under the name of legitimate companies. Your best defense is to keep your wits about you, and listen to your gut. If you get a funny feeling a bout a company, chances are you have some reason to.

Rollo the Walker - Scandinavian Founder of Normandy

Rollo the Walker - Scandinavian Founder of Normandy Rollo of Normandy was also known as Rolf, Hrolf or Rou; in French, Rollon. He was sometimes called Robert and was also known as Rollo the Viking.  It was said Rollo was too tall to ride a horse without his feet reaching the ground, and it was for this reason he was known as Rollo the Walker or Rollo the Gangler or Ganger.   What Was Rollo of Normandy Known for? Founding the duchy of Normandy in France. Although Rollo is sometimes called the first Duke of Normandy, this is somewhat misleading; he never held the title of duke during his lifetime. Occupations RulerMilitary Leader Places of Residence and Influence FranceScandinavia Important Dates Born: c.  860Died:  c. 932 About Rollo of Normandy Leaving Norway to embark on pirating expeditions and raid England, Scotland, and Flanders, Rollo headed into France around 911 and settled along the Seine, besieging Paris. Charles III (the Simple) of France was able to hold Rollo off for a while, but he eventually negotiated a treaty to stop him. The treaty of Saint-Clair-sur-Epte gave Rollo part of Nuestria in return for his agreement that he and his fellow Vikings would stop pillaging any further in France. It is believed that he and his men may have converted to Christianity, and it is recorded that he was baptized in 912; however, the available sources conflict and one states that Rollo died a pagan. Because the region was settled by Northmen or Normans, the territory took on the name Normandy, and Rouen became its capital. Before Rollo died he turned over the governance of the duchy to his son, William I (Longsword). A rather questionable biography of Rollo and other dukes of Normandy was written in the eleventh century by Dudo of St. Quentin. Three Sources on the Ravages of the Northmen in Frankland, c. 843 - 912includes information on Rollo from the Chronicle of St. Denis; at Paul Halsalls Medieval Sourcebook.

Research paper Essay Example | Topics and Well Written Essays - 2500 words - 8

Research paper - Essay Example It is assumed ‘A training program for newly hired employees will increase their ability to learn job-related skills’. Employee training is significant to the study of leadership because it is associated with the employee-oriented type of leadership. An employee-oriented leader concentrates on motivating individual staff in their jobs and involves them in decision-making. This style of leadership permits leaders to be worried about the wants of their staff and pay close attention to their interests and attitudes. In addition, a leader endeavor to increase productivity through improved work environment and conditions. Moreover, a leader utilizing this style, increases production by resolving the difficulties encountered by employees in the course of their job implementation (Palestini, 2009). The research design formulated for this research focus on finding out how employee training of new workers will increase their job-related skills. The research design uses a qualitative interview method that utilizes research questions. The qualitative interview includes a description of the research questions. Likewise, the qualitative interview will use an interview guide to collect information from the participants. In addition, it will comprise of a short explanations of the research participants and the techniques of data collection.â€Æ' The importance of this research is to prove the validity of the assumption that a training program for newly hired workers will expand their ability to learn job-related skills. There is no person who is perfect at the time he or she is hired, and hence some form of training is necessary. From the r of an organization, there is no alternative on whether to empower staff or not. This is because the success and existence of a company in a dynamic environment depend in a persistence state of expansion of its resources. Employees are part and parcel of an