Economic Considerations Should be the Basis of Tort Law Essay

Economic Considerations Should be the Basis of Tort Law - Essay Example Intentional torts on the other hand refer to harm or injury caused to a person or persons by the intentional misconduct of another or others. Theft, assault, arson and fraud are good examples of causes of intentional torts. Liability torts tend to focus on the damages resulting from a person's act rather than the intention. This means that if an action causes harm, the performer of the same is liable regardless of whether they exercised the expected degree of care or not or whether the action was maliciously done or was a result of an accident. The economic framework states that each society has laws, institutions, policies which lead to inequitable distributions of economic resources and burdens among members of any given society. These economic frameworks because human political processes which eventually lead to change, both across and within societies with time. Structurally these frameworks are beneficial as the economic distributions arising from them usually affect human live. The tort law has over time evolved in many jurisdictions to consider the legal and economical implications since these are the two most important aspects of the tort laws.One theory that has developed is the deterrence theory. This theory is most applicable in accident prevention. Essential the theory aims at reducing the occurrence of accidents by making those responsible for the accident bear heavy financial cost for their unsafe conduct. General and specific deterrence are handled quite differently in tort law. The tort law admonitory effect largely dictates on how specific deterrence goes. Insurance services, however, cushion the defendant from feeling the adverse effects of this approach to tort law. In traffic accidents for instance, the motorist who causes the accident hardly feels a pinch from the monetary damages they are required to pay as the same is catered for by insurance services. The deterrence is completely lost. Deterrence theory has been said to change the primar y focus of the tort law. The crafter of the tort law intended to reduce injury through deterring behavior likely to cause harm. a careful and critical analysis of the tort law however proves that the approach of deterring through burdening those who cause harm financially may not have the desired effect due to several factors. The approach assumes that in the normal conditions, people tend hold maximization of wealth as their primary goal. This may not be strictly true in all societies. The theory further makes the assumption that there exists a large psychological relationship between safer conduct and tort law as people will tend to behave more safely to avoid being subjected to tort fines. This assumption tends to suggest that people behave rationally and are guided by projected consequences of their actions. This is not the case on the ground. Studies have shown that a driver is more likely to commit an accident if they have been fined for an earlier accident. Human nature has b een described by many classical philosophers as being rebellious. Once a driver has caused an accident and has gotten away with just a fine, they do not improve their driving since their minds are unconsciously programmed that all they will have to do is to pay a fine if they cause an accident.2 The most fundamental question that ought to be asked when analyzing the deterrence theory is: Does tort law really deter? Economic analysis largely dominates legal discussion on tort law. This is in order because the economic aspect of the same cannot be

HRIS Essay Example | Topics and Well Written Essays - 750 words

HRIS - Essay Example This problem could potentially affect all areas of business for many companies. 2. The reason why so many organizations found themselves vulnerable to the Y2K bug is because they were not disciplined when it came to phase containment. The problem was not only a result of initial legacy systems; many replacement custom systems simply replicated or converted the old programming logic without fixing them. Along with a company's unwillingness to research to find a true fix to the problem, many waited too long and were left rushing to find a solution. The warnings of experts and futurists only added fire to the alarm felt by already panicked companies as many turned to extremely expensive quick fixes. Many of these quick fixes ended up costing billions more than if companies had simply stayed disciplined to phase containment from the beginning. 3. Phase containment can be maintained by acting immediately to any kind of problem as soon as it presents itself. The term "pay a little now, or a lot later" should be applied to every aspect of business along with the realization that even if a maintenance cost may seem expensive at the time, it will end up saving money in the long run. Keeping in close contact with employees and everyone who uses the HRIS software can help keep everyone aware of problems as they present themselves. Part B. 1. Based on the out of date process detailed in figure 4.5 many changes can be made. There are many manual processes required for this HR model and as research has proven manual processes often contain large amounts of human error. By analyzing the current system, businesses can evaluate "where they are now" and what can be done to improve their system. For example a business may use interviews, focus groups, or surveys to help assess their system to see what aspects can be streamlines or eliminated. Looking at Figure 4.5 it may be seen that instead of manually filling out a time card each day, employees could clock in and out with a computer or their hours could be paid through a salary system to avoid any miscalculations, unreadable written information, or typos. The company could download a kind of fact checking system to make sure that the hours employees clocked in and out for were properly documented, eliminating the need for a payroll assistant. By setting up a salary system, there would be no need to hire anyone to calculate payroll, because it would be the same amount of money every time. Then, if an employee notifies payroll of a mistake there will be no need to have to go in and manually recheck what was entered because it would all be electronically calculated. 2. Based on the Hacket Best Practices Benchmark Study of Human Resources' estimate that $17 is wasted in every manual HR transaction this new process can save a company a fortune. If every step in the 6 step model represents a transaction then the company could potentially be wasting $102 for each employee whose payroll they process. With the new improved system the company could save all of this money by eliminating unnecessary transaction steps. If a company pays 10,000 employees once a month, they would save 1,020,000 per month and 12,240,000 per year. 3. Overall, based upon my analysis of this

Earth Studies Essay Example for Free

Earth Studies Essay Sheenagh Pugh gives us a very depressing view of the future in her trilogy of poems known as the Earth Studies. She gives us these views by writing very descriptive and atmospheric poems subtly conveying her opinion on world pollution. All her poems tell stories at different times of earths extinction for example: The Craft I left in was called Esau was set just when the survivors left the now extinct earth, And Geography 1 and Do you think well ever get to see Earth, Sir were set when the survivors are in a different place, probably a planet.   In Sheenagh Pughs poems, the mood and atmosphere are very important as it helps her convey her opinion to her readers. And also it makes her poems interesting to read. The first poem that I am going to analyse is The Craft I left in was called Esau which is the first in the Earth Studies trilogy. This poem tells the story of human survivors leaving Earth because they destroyed it. The poems title refers to the parable of Esau, who swapped his inheritance for a bowel of potage. This is suggesting that humans made a bad barging as Esau did.  My first example of Sheenagh Pugh creating good atmosphere from The Craft I left in was called Esau is lines 10-11 when she says No bother, No big deal. I can t recall feeling sad I think this creates good atmosphere because it seems to be said very hollowly, conveying a large sense of falseness among the readers, it is as if the writer is saying something to try and hide emotion, which tells me that the writer really means the opposite. My second example from The Craft I left in was called Esau is in line 6-7 when she says People joked nervously; just like a plane flight. I think this creates a good atmosphere with good use of the simile just like a plane flight because it is something that the readers can relate to. Also the phrase nervously joked conveys the general mood of the survivors, who are on the flight, which is uncertainty and fear. My third example is from line 8 which says they found seats and wondered if their bags would fit I think this phrase discreetly shows atmosphere as the survivors are worrying over the most trivial things such as whether their bags fit after they just left their home planet because they misused its resources which caused it to be destroyed. I think that they are doing this to try and blank the past from their minds. The second poem is called Do you think well ever get to see Earth, Sir. It is about two people talking about visiting Earth on excursion trips. I think this is set in around 20 years after The craft I left in was called Esau as it states that the writer used to live on Earth. The poem starts with in a very sad atmosphere, the poem is very sad and pessimistic, an example of this is you wont see what it once was. This shows that the writer is still very sad because of earth being destroyed; it conveys the writers opinion and sensitivity very well. From line 11 the poem does not create much atmosphere but it does use very beautiful descriptive language to create an overall happy mood. The start of this is But if you see some beautiful thing But signals that there is going to be a change to the mood of the poem. It also starts using very uncommon words such as damascened (which means: something is decorated by inlaying or encrusting a pattern) and iridescence (which means: spectrum of luminous or shimmering colours). One of the best examples of description I have ever read in a poem is look at it as if you were made of eyes, as if you were nothing but an eye, lidless and tender. To be probed and scorched by extreme light. I think that the aforementioned description is an amazing way of personification because it is totally original, A completely different way of describing something. Also the ending is very nicely phrased to make it sound soppy and could bring tears to some peoples eyes. The third poem is called Geography one and is about a futuristic geography class where none of the children had ever seen Earth before. This is the last in the Earth Studies trilogy and is a very similar the first 2 poems because some of it is very descriptive and is very emotional. In this story the teacher is showing her class slides of a volcanic region called Surtsey, which she briefly saw while she was on Earth. This helps her remember her experiences. Also this poem carries the moral of cherish the moment.  My first example of discretion and mood is from line 6 Now here you see the terrific spray, the water heaved aside as the rock was thrown up. The first part of this describes the water as a terrific spray, which is usually seen when waves crash against something, i.e. when it hits a boat. Also the waves must have been quite big as it managed to throw up a rock. My second example is from line 22-25 The man here is a warden, guarding his little world from any interference, letting it grow as it was meant to I think this phrase shows that the writer appreciates this mans view otherwise she would not have brought him up. I also think that she envies him for having his own little world, which is his and his alone. My last example is from line 28 until the end. I saw it one day in passing; it was a few years old. Just an offshore island, a stony outline softened with lichen. Someone said thats Surtsey, and I said fancy that, but I hadnt time to look properly Conclusion I think that Sheenagh Pugh is a very effective writer, but I do not think that she is that good a poet because I usually associate poetry with Rhyming words. I personally think that she should think of becoming a proper author and that she should convert her poems into short stories. I think that she is very effective at describing things and adding her own feelings. I think that in her fist poem The craft I left in was called Esau that she was very good at creating atmosphere and tension. In the other two poems, she was great at describing images.  I agree with her that we are careless with resources and that someone will have to come up with an answer soon. I think that the second poem Do you think we will ever get to see earth, sir was my favourite poem as it had lots of description.

Violent Video Games and Aggressive Behavior :: Violent Video Games Youth Violence

Violent Video Games and Aggressive Behavior Statistics have shown that the violence among young people is increasing every year. Many people blame musicians and other types of artists who portray negative actions as something positive. Others might blame the parents for not watching over their children. But many people fail to bring up technology as an issue. With the new DVD that shows sex and violence or computers that gives kids access to unauthorized sites, technology is something that many parents need to look out for. Violent video games can also have a major impact on a child's thinking and actions. In many ways video games have had a negative impact on young children in today's society.   Ã‚  Ã‚  Ã‚  Ã‚  New game systems like Game Cube, X Box, or Sony Play station 2 are the new hype of the 21st century. The games for these systems can affect children as well as adults. These video games have caused many problems in our society regarding issues such as addiction to games, and depression among adult. According to Grossman, many children starting from their early teenage years found that almost a third played video games on a daily basis and 10% played for at least 25 hours a week. Street Fighter, Grand Theft Auto and Halo are very interactive in the violence of slaughtering the opponent that children find very exciting. Even though the video game industries put signs like "Rated 18 or older and state violence level that are not recommended for children under age of 12 on the game boxes parents ignore the signs and still continue to purchase these items. In the modern popular game the bad guys don't just disappear after they die like they used to, they act out real l ife actions. For example, someone who gets shot in the neck normally falls to his knees while holding his face in the old games. Now when the characters get shot, blood squirts all over the place, covering the whole scene while the other opponent just laughs or does a victory dance. Even when some video games have explosives, the character’s body parts explode everywhere.   Ã‚  Ã‚  Ã‚  Ã‚  A perfect example of how violent video games have had a negative impact on young people is the Columbine High School shooting which took place on April 20, 1999. There were two students, Eric Harris and Dylan Klebold who turned an average high school day into a massacre in Littleton, Colorado.

Bernard Madoff Fraud

Abstract This report allows the facts to be known concerning the still mysterious case of Bernard L. Madoff and his longtime investment securities activities, which eventually turned into an enormous fraud of incomparable size. In this report, you will begin to understand how Bernard Madoff was able to execute such an elaborate fraud. The illegal business behavior found in this case is too numerous to count however, quite a few will be identified. In addition, the roles of the perpetrators, accomplices, and their involvement in this scheme will be made known.This fraud had such an enormous impact on the victims, we will examine several implementations that the private investors could have implemented to protect themselves. An assessment of the perpetrators motives and the identity of some internal controls that could have deterred or prevented the fraud from occurring will be explored also. We will discover the action of the SEC and document how the fraud was discovered and investiga ted, including what should have been identified as â€Å"red flags†. And finally, a variety of legal actions arose when the Madoff fraud was uncovered, which is leading to more litigation currently and in the future.The Bernard Madoff’s Fraud Introduction Bernard L. Madoff was the mastermind and the admitted operator of the biggest Ponzi scheme in American History. His Ponzi scheme is considered to be the largest financial fraud in U. S. history. He stole millions maybe billions of dollars from unsuspecting clients. Lives were shattered and fortunes ruined. He was a very savvy business man and trader until his investment scandals were revealed at the end of 2008. Bernard Madoff is a former American businessman, stockbroker, investment advisor, and financier. He is a former non-executive chairman of NASDAQ stock market.As the former chairman of the NASDAQ, Bernard Madoff had built a reputable business domain that continuously paid admirable dividends to investors; howev er, during the investigations by several federal government agencies, devastating facts against Bernard Madoff proved that he was running an elaborate ponzi scheme in order to attract a large number of investors from all over the world. (NBC, 2009) (â€Å"Bernard Madoff Fraud,† 2012) Bernard Madoff managed and controlled his ponzi scheme by using an Investment Securities Limited Liability Company he founded in 1960.He was chairman of this company and continued to operate his scheme until he was discovered in 2008. The fraud concerning Bernard Madoff was and still is the being covered by the media and it is suspected that the United States Securities and Exchange Commission (SEC) was notified and made aware on more than one occasion about this matter but they chose to ignore the information given to them. Perhaps there are more charges that can be filed, although Madoff’s numerous offenses may already be enough to keep him in prison for the rest of his life. Markopolos, 2010) (â€Å"Bernard Madoff Fraud,† 2012) How Madoff Executed the Fraud Madoff’s scheme to defraud his clients at Bernard Lawrence Madoff Investment Securities (BLMIS) began as early as 1980 and lasted until its exposure in 2008. Bernard carried out this scheme by soliciting billions of dollars under false pretenses, failing to invest investors’ funds as promised, and misappropriating and converting investors’ funds to benefit Madoff, himself, and others without the knowledge or authority of the investors.To execute the scheme, Madoff solicited and caused others to solicit potential clients to open trading accounts with Bernard Lawrence Madoff Investment Securities (BLMIS) on the basis of a promise from him. He promised to use investor funds to purchase shares of common stock, options and other securities of large, well-known corporations, and representations that he would accomplish high rates of return for client, with limited risk. (â€Å"United stat es of,† 2009) Among other things, MADOFF marketed to clients and prospective clients an investment strategy referred to as a â€Å"split strike conversion† strategy.Clients were promised that Bernard Lawrence Madoff Investment Securities (BLMIS) would invest their funds in a basket of approximately 35-50 common stocks within the Standard & Poor's 100 Index (the â€Å"S&P l00†), a collection of the 100 largest publicly traded companies in terms of their market capitalization. MADOFF claimed that he would select a basket of stocks that would closely mimic the price movements of the S;P 100. MADOFF urther claimed that he would opportunistically time those purchases, and would be â€Å"out of the market intermittently, investing clients' funds in these periods in United States Government issued securities such as United States Treasury bills. MADOFF also claimed that he would hedge the investments that he made in the basket of common stocks by using investor funds t o buy and sell option contracts related to those stocks, thereby limiting potential losses caused by unpredictable changes in stock prices. â€Å"United states of,† 2009) Madoff’s Illegal Business Behaviors Exposure Federal prosecutors filed a total of eleven charges against Bernard Madoff. The first of those charges was for securities fraud. The crime of securities fraud involves false claims of investment security holdings, and misinformation regarding stocks and brokerage advice. Sensational insider information is also considered a component of this criminal activity. Another major charge involved three counts of money laundering, both domestically and through international accounts.Money laundering is the funneling of revenue acquired illegally into new monetary arrangements, with the intent of concealing this revenue’s original origins. Plus, in connection with both his securities and investment adviser businesses, prosecutors also charged Madoff with mail and wire fraud. These offenses involve initiating schemes using either the United States Postal Service or telephone systems toward obtaining money and/or property in a false or unlawful manner. (Tomaszewshi, 2010) Perpetrators Involved in Bernard Madoff’s FraudIt’s certainly not uncommon for one’s son or daughter to enter into an identical business relationship as a successful family member such as a parent. However, in Bernie Madoff’s case this approach was taken to extreme levels of nepotism. Peter Madoff entered his brother’s firm in 1967, and as business prospered he began to accumulate several executive titles: Senior Managing Director, Head of Trading, and even Chief Compliance Officer for both the broker-dealer and more secretive investment advisor business models.Bernie’s sons Mark and Andrew joined the firm in the mid-to-late 1980s, and eventually were made co-directors of Madoff Securities International in London, England. Bernieà ¢â‚¬â„¢s nephew Charles joined up in 1978, and became the Director of Administration for the investment firm. And Peter’s daughter Shana was hired on in 1995, and served as in-house Legal Counsel and Rules Compliance attorney for the broker-dealer business. Other parties greatly impacted by Bernie Madoff’s activities were his business associates and their many clients over the decades.For example, Frank Avellino and Michael Bienes themselves funneled over three thousand clients to Madoff’s investment advisory business. Madoff had consistently advised the pair to remain unregistered in their dealings. But when the SEC accused the duo of illegally selling securities, Madoff pretended ignorance of their activities, even though he had secretly instructed them all along. For their trouble, Avellino and Bienes were forced to pay a fine of three hundred and fifty thousand dollars and shut their business down.Other notable business partners eventually left in the lurch by Madoff’s growing fraud would go on to include Jeffrey Tucker and Walter Noel of Fairfield Greenwich Group. Non-related people who had worked under Bernie Madoff also became tainted from the association following his arrest. This employee group includes those who may have had indirect dealings through Madoff subsidiaries like Cohmad Securities Corporation. However, the idea also applies to those employed directly, such as former executive assistants Elaine Solomon and Eleanor Squillari.Jeffry Picower was in industrialist and philanthropist who seemed to be a favored Madoff beneficiary, and made outlandish profits from his investments with Madoff. From 1996-2007 there were 14 instances of greater than 100% yearly returns and 25 of greater than 50%. From 1996-1999 his regular trading account made from 120-550% a year. Some evidence of backdating trades, instituted by Picower, has been presented by trustee Irving Picard. In December, 2010, his estate returned $7. 2 billion in profits to the government. Picower died before the settlement. (Tomaszewshi, 2010) Motives of the PerpetratorsThe various perpetrators who were involved in Bernard Madoff’s Ponzi scheme had different kinds of motives that were completely against the provisions evident in federal laws. Jeffry Picower had over twenty four different accounts with Investment Securities LLC and he operated them closely with Barbara who was also his wife. The motive of Jeffry Picower and his wife in Investment Securities LLC was to benefit from the cash windfall generated from devious deals according to reports; his investment into Madoff’s company was once worth over one billion dollars. Kirchner, 2010) Annette Bongiorno was a senior employee at Bernard Madoff’s illegal company and among her roles at the firm she was to brief investors concerning their returns which were all fictitious. Ezra Merkin was an investment expert who assisted Bernard Madoff to drain off extraordinary amount s of money from clients’ accounts and it later emerged that he had a conflict of interest in the Madoff company. With its headquarters in Connecticut, Fairfield Greenwich Company misled investors into buying stakes at Madoff‘s illegal firm and in return, the company received huge amounts of cash from Bernard Madoff. NBC, 2009) Frank DiPascali was also another essential figure in Bernard Madoff’s illegal investment scheme. One of the frauds committed by Frank is that he engaged in countless number of international money laundering activities to benefit Madoff’s scheme. In addition to this, DiPascali also gave Mr. Madoff expert advice on how to go about his illegal businesses without being caught or detected by the federal authorities. (Arvedlund, 2010) (â€Å"Bernard Madoff fraud,† 2012) Controls That Could Have Deterred the Fraud from OccurringDespite the fact that Bernard Madoff’s investment fraud was one of the largest to ever rock the Unit ed States of America, there are various strategies that might have prevented or deterred the fraud from occurring. To begin with, the United States Securities and Exchange Commission (SEC) should have without delay acted on the numerous signals that it received from different quarters. As the main regulatory authority of American investment activities, it would have been easy to identify weaknesses in Bernard Madoff’s shady deals.A major loophole in the federal laws of the United States of America also had a significant input towards enabling Bernard Madoff’s illegal activities to spread at a very rapid rate; for instance, there is a provision that stipulates private companies in the United States should only pay 5% of their annual revenues. (NBC, 2009) (â€Å"Bernard Madoff fraud,† 2012) Implementations That Investors Should Have Used to Protect Themselves While some investors may yet believe they were tricked into believing Bernie Madoff’s elaborate con fidence game, it is also arguable that there were means to protect themselves at their disposal.One method would be to practice due diligence whenever one is presented with new financial opportunities. Many investors were led astray on the poor advice of their won friends and family, which isn’t a fiscally sound means of verification. Independent research needs to be done on the workings of any financial organization, even those that are supposedly reputable on the surface. One should investigate third-party custodial relationships at investment firms, and review their auditing practices. (Tomaszewski, 2010) Another way to avoid fraud is to actively request documentation.Hand written notes from intermediaries are highly suspicious evidence that revenue is being transacted in a professional manner. Getting activity in writing must be joined to verifiable account numbers for auditing. Finally, a forceful amount of skepticism will often prevent one from falling into schemes whic h seem on the surface to be easy money generators. For instance, one should never believe the speculators on television. An unlicensed financial consultant is about as reliable an agent as allowing unreformed gambling addict free access to one’s personal treasury.Investors should not assume that overseers are actually doing their jobs, as even they might be in on the take. (Tomaszewski, 2010) The United States Securities and Exchange Commission (SEC) Involvement Critics and popular journalists from prominent media houses in the United States of America have called into question the manner in which the Securities and Exchange Commission handled the fraud case involving Bernard Madoff. This is due to the fact that even the commission itself has acknowledged that it should have detected Madoff’s illegal activities as soon as they began.The first major mandate or responsibility of the Securities and Exchange Commission is to interpret the laws pertaining to federal securit ies; such as, the commission should have detected the fundamental flaws in Bernard Madoff’s investment activities at an earlier stage. The second major responsibility of the Securities and Exchange Commission is to work closely with international state and federal authorities towards ensuring that investment securities are controlled and channeled in the right paths. Arvedlund, 2010) Most notably the Securities and Exchange Commission failed to fulfill its mandate of evaluating the conduct of privately owned companies like Investment Securities LLC for a very lengthy time. The commission should have also been at the forefront of investigating the investment advisors who collaborated with Bernard Madoff to divert huge amounts of money from unsuspecting investors into their accounts. However, the Securities and Exchange Commission published a detailed report in the year of 2009 that documents how Bernard Madoff’s scam escaped their attention for all those years. (Strober , 2009) (Millstone, 2010)How Madoff’s Fraud was Discovered and Identifiable Red Flags His business came to be under the doubts of various financial analysts as early as 1999. They believed that the returns claimed by the company were only theoretically impossible. But organizations such as the Securities and Exchange Commission (SEC) completely ignored the doubts and Madoff continued with his overtures for almost another 10 years. He finally got caught in December 2008. He was trapped after he confessed about his dishonesty to his very own sons. He confessed to his sons of his investment business being nothing but a big Ponzi scheme.His sons now reported his father’s fraud to the Federal Bureau of Investigation. Though Bernie confessed to have had started his Ponzi scheme in the 1990’s, investigators think otherwise. They believe the Ponzi scheme and defrauding of investors had begun in the 1980’s itself. Now what actually happened was that in the very fi rst week of December 2008, Bernie Madoff discussed his dilemma over having to pay his clients an amount of almost $7 billion as he didn’t have that much funds. Now within the very next two days Bernie told his sons that he made a huge profit and had decided to give away an early bonus, amounting up to $173 million.This confused the sons and they called for an explanation from their father. This is when their father confessed that his whole company worked through a â€Å"giant Ponzi scheme†. On December 11th 2008, Bernie Madoff was taken into house arrest. Had the stock market not had been in a sharp decline in 2008, who knows how much longer the fraud could have continued. (Degrace, 2011) After writing that Madoff offers the biggest due diligence lesson for investors, some argued that the red flags are only obvious in hindsight and wouldn’t have been so clear if one had to make the decision before Bernard’s admission of running a Ponzi scheme.So letâ€⠄¢s count the red flags to see if they were numerous enough and obvious enough to be easily recognized. (1) Madoff Investment Securities was both the broker dealer and investment advisor. (2) Madoff traded in the same securities that he recommended to advisory clients. (3) Madoff not only was the broker dealer, creating a conflict of interest where his firm was trading in the same securities as he was trading for clients, but he actually had custody of the assets. (4) They got into some hot water over some small compliance issues. Madoff’s firm was censured and fined a small amount $7,000.This meant they did have a blot on their records. (5) Jim Vos, head of Aksia – a hedge fund advisory firm, noticed that although Madoff’s firm was supposedly highly advanced and automated, they sent paper copies of their trading records to clients instead of providing electronic access to the firm’s trading platform. (6) Madoff Investment Securities’ auditors were Friehling & Horowita, a 3 person team which consisted of one lone CPA with a small 13’ by 18’ office in New York. It hardly had adequate room to monitor a firm that traded a good chunk of NYSE and NASDAQ volume. 7) Shockingly enough, Madoff didn’t take the usual 2/20 fees most hedge funds do. Instead he only profited from the trades that his firm was doing for the â€Å"investment fund†, claiming that this was enough. Given this form of compensation, it is very possible most â€Å"sophisticated investors† assumed that Madoff was involved in some sort of shenanigans but turned a blind eye for those stable returns. (8) Madoff Investment Securities was a family business, with Madoff’s brother, sons and daughter as well as his niece (married to a previous compliance officer) all worked at the firm. â€Å"The madoff red,† 2008) The Case Resolution Bernie was charged of federal offences like securities fraud, mail fraud, wire fraud, perjur y, and money laundering, false statement making only to name a few. He pleaded guilty and was banned from security investment business for a lifetime. He was sentenced to the highest degree of punishment possible under this act; an imprisonment of 150 years. He was sent to the Federal Prisons of North Carolina where he is registered as inmate number #61727-054 and his release from prison is dated November 14, 2134, a day he shall never see keeping in mind that he is now aged 71 years. Degrace, 2011) Conclusion Investment portfolios are one of the most recommended ways to enhance economic development not only at a personal level but also at a national level. However, Bernard Madoff chose to follow the short-cut to success by defrauding billions of dollars from investors. He begun very humbly by establishing a company called Investment Securities Limited Liability Company; he had begun with a figure of $5,000 as a penny stock broker but apparently, he had accrued this money from his p revious job where he worked as an installer of water sprinklers and also a guard.This took place in 1960 but little did investors know that it would grow to become the largest Ponzi scheme in the history of the United of America. Bernard Madoff drew assistance from all kinds of corners; various perpetrators who were involved in Bernard Madoff’s Ponzi scheme had different kinds of motives that were completely against the provisions evident in federal laws. However, all this culminated in the arrest and sentence of 150 years in prison on the 29th of Junes 2009. References 1. Arvedlund, E. (2010). Too good to be true: the rise and fall of Bernie Madoff. Penguin Group. . Bernard madoff’s fraud. (2012, June 07). Retrieved from http://www. customwritingtips. com/component/k2/item/8295-bernard-madoff’s-fraud. html 3. Degrace, T. (2011, April 14). Bernie madoff fraud the history of the $50b Ponzi scheme scam. Retrieved from http://www. stockpickssystem. com/bernie-madof f/ 4. Kirchner, B. (2010). The Bernard Madoff Investment Scam. NJ: Pearson education, Inc. 5. Markopolos, H. & Casey, F. (2010). No one would listen: A true financial thriller. NJ: John Wiley & Sons. 6. Millstone, K. (2010, March 09). How madoff pulled it off.Retrieved from http://www. cbsnews. com/2100-500395 162-4862910. html 7. NBC (2009). How Madoff got away with fraud. Accessed on 8th December 2011 from http://www. theprosandthecons. com/videos/fraud/bm-how-madoff-got-away-w-fraud. htm 8. Strober, D. H. (2009). Catastrophe: The Story of Bernard L. Madoff, the Man Who Swindled the World. Phoenix Books. 9. The madoff red flags, let's count them. (2008, December 17). Retrieved from http://www. tradersnarrative. com/the-madoff-red-flags-lets-count-them-2154. html 10. Tomaszewski, K. (2010, November 21). Bernard lawrence

The Differences of Teenagers in the 1940s Compared to Teenagers Today

The Differences of Teenagers in the 1940s Compared to Teenagers Today Elizabeth Ann Murphy Keller Regional Gifted Center, Chicago Teacher: Sandra Cap â€Å"Teenager† was not even a word until the late 1940s. Zoot suits, bobby-soxers, soda shops, do not sound familiar. These were all things 1940 teenagers know. A teenager's life in the 1940s and today is extremely different in the areas of high school life and home life. If you stepped into a classroom in the 1940s, you might see girls making dresses and boys training hard in physical education.At Crane Technical High School, physical education was very important because the principal wanted to keep all of the boys in tiptop shape for war. At Lucy Flower High School for girls, the students studied hat making, laundering, and beauty culture. Also, schools that had sewing classes, had a fashion show at the end of the year where the boys and girls alike would fashion what they had made. According to the Chicago Teen Exhibit at the Chicago Historical Society, the reason these classes are so different from today is â€Å"many poor and immigrant families saw little value in studying subjects like Latin and Botany.Educators knew that young people and their parents would choose school over work only if it served a practical purpose. In response, schools offered vocational and commercial courses from dressmaking to bookkeeping. Growing numbers of young people soon filled technical schools†. Schools taught lessons in family life, hygiene, and health. According to Joel Spring this was because â€Å"What do we do with sixty percent of students who aren't gaining anything from a college-prep curriculum? We will give them â€Å"life adjustment education†.In 1940, eight out ten boys who graduated from school went to war and more than half of the population of the United States had completed no more than eighth grade. In 1945 fifty-one percent of 17 year olds were high school graduates. Today, more than 13 million teenagers report to public high school classes across the United States. The Scholastics Aptitude Tests (SAT) began in 1941. They were used as a screening device for college admission and originally as an Army intelligence test. The SATs are a major part of today's teenager's life. To get into a good college, you eed to do well on the SAT, considering 60% of today' s jobs require training beyond high school compared to just 20% in the 1940s. Today's high school students take classes much different than the classes in the 1940s. They take classes such as English, Mathematics, Science (one Biology and one Physical Science), U. S. History, Civics, Economics, Physical Education, Health Education, and Elective, Art or Music or Vocational courses, Career and Technical Education, and a Foreign Language. At Illinois Mathematics and Science Academy (IMSA), an advanced high school, students take math classes such as Mathematics Investigation I to MI IV.They study in-depth mathematics , and some students even work into the Calculus series of mathematics. IMSA has numerous classrooms, an auditorium, and a swimming pool. In the 1940s, St. Michaels High School had a dark room, a gymnasium, a swimming pool, horses (for horse back riding lessons), and a bowling alley. At St. Michaels, on the first floor, there was the gymnasium and the music room, on the second floor the cafeteria, and on the third floor, the library and the chemistry labs. This school is much like today’s high school except the horses. After school, in the 1940s, a teenager might go home, change clothes, and go to work.If your family was poor, you would work very hard after school or you did not even go to school, but worked all day, and all of your earnings would go to your family. There were not a lot of high-paying jobs available in Chicago during the 1940s. Bill Flanagan, a teenage boy during the 1940s, claims â€Å"My first official job, I got when I was 14. I was a bus boy at the restau rant on the South Side. I got $0. 25 an hour. Good money. I got $5 a week. Of course, you could take a girl out on a date for $5. Believe me, $5 was a lot of money. † Eva Kelley, a teenager in the 1940s, was a YMCA locker room attendant for $0. 6 an hour. Yvett Moloney, a young teenager during the late 940s, had a rare job working in a mail order house for $3. 50 a day, and she worked at a telephone company. Other jobs did in the 1940s include working at the YMCA and teaching swimming, working at a pizza place, and working at a warehouse. Anna Tyler, an African-American teenager during the 1940s, worked at the men's club as a waitress, the office university club, Wiebolt's as a clerk, and an elevator operator. Jerry Warshaw, a teenager in the 1940s, had numerous jobs: delivery boy at the fish market, a soda jerk, at the TreasuryDepartment, and the post office. His most memorable job was an usher captain. He had 17 men under him and got paid $0. 45 an hour. Today we still have ushers, only they work in performance theaters and at sporting venues. Many teens today work at fast food restaurants and stores such as Jewel Osco and Walgreens. Today, most restaurants and grocery stores let teenagers work there as long as they are 16 or older. Many high school students today volunteer as well as have a job because service hours are required to graduate from high school. Because of World War II, there was rationing and victory gardens on the home front.There were scrap drives, war bond drives, and every sort of stamp for food or shoes. â€Å"The average gasoline ration was three gallons a week; the yearly butter ration twelve pounds per person, 26 percent less than normal; the yearly limit for canned goods thirty-three pounds, thirteen pounds under usual consumption levels; and people could buy only three new pairs of shoes a year†, according to historian Michael Uschan. Compare that to today. Today you can buy almost anything. â€Å"When traditionalists t alk about the Family, they mean an employed Father, a stay at home mother, and two school-aged children.This profile only fits 5% of United States families today,† according to historian Letty Pogrebin. During the 1940s, teenagers and there parents were usually very close. Some parents who supported the war effort left there teenagers unattended. This caused â€Å"renewed social alarm about juvenile delinquency. To answer the crisis, social guidance films shown in the classroom presented scenarios meant to shape teen behavior into more acceptable forms†, according to a history of American education. From Zoot suits to baggy pants; from sewing classes to biology; from radios to television, a teenager’s life in the 1940s is very different from today. From Susan Ansell â€Å"High School. Education Week: High School Reform†edweek. org/context/topics;/ issuespage cfm? id+cfm? id+15>, (Oct. 4, 2004); Stephen Feinstein â€Å"Decades of the 20th Century: the 1940 s, from World War II to Jackie Robinson, Chicago Historical Society, â€Å"Teen Chicago†; Eva Kelley interview, no date. (www. teenchicago. com); Yvett Mohony interview, (Nov 23, 2002); (www. teenchicago. com), Student Historian’s interview with Meghan Murphy, (Oct. 2, 2004); High School,‘‘ECS IssueSite: High School†, ecs. org/html/issue. asp? issueID=108 (Sept. 5, 2004); High School Curriculum Introduction, www. u46. k12. il. us/high_school_curriculum_introdu. html> (Oct. 10, 2004); Sara Mondale and Sara B. Patton, School: The Story of American Public Education; Letty C. Pogrebin, Family politics, Love and Power on an Intimate Frontier; Sammy Skobel interview Nov. 22, 2003. (www. teenchicago. com); Tom Snyder, â€Å"Educational Attainment: Literacy From 1870 to 1979†, www. nces. ed. gov/naal/historicaldata/edattain. asap (Oct. 4, 2004); Michael V. Uschan; A Cultural History of the United States: Through the Decades the 1940s. ]

Major sources of discord between the bolshevik and european states essays

Major sources of discord between the bolshevik and european states essays Major Sources of Discord between the Bolsheviks and European States: 1917 to 1921 There were several major sources that created discord between the Bolsheviks and western states in Europe from 1917 to 1921. Conflicting ideologies that each attacked the very fabric of the other's respective society led to the notion that capitalism and communism could not coexist. The attempts of both actors to hold control of their own political system and to expand their political ideas internationally led to major conflicts between them. Also, the lack of respect for the upstart Bolshevik government by the west led to misperceptions concerning the actions of the Soviets. Russia's unsatisfactory involvement in World War I and their abrupt departure from the war which affected the western Allies war effort created much disenchantment between the two sides. The imperial and expansionist nature of both groups of actors led to conflict as the creation of both communist and non-communist blocs began with the independence of Poland as a free state in 1919. By using the Communist part y as a vehicle to inject Communism into societies abroad, the Bolsheviks began to make free countries take notice of the threat that the "worker's party" presented and began to act in strong opposition of Communism. The actions of both sides began a race for an expansion of two different ideologies which created conflict so strong that in due time another World War seemed inevitable. The "Cold War" had begun. The fundamental difference between Russia and Europe was extremely contrasting views in ideology. The modernization of politics in the late 1800's and early 1900's had created similar political movements in both Europe and Russia meant to increase the authority of the masses over their own government. These movements replaced authoritarian regimes with political systems that were created to better the lives of the common people (Harris). Leading states of Europe such...